Federal Reserve Bulletin, 2002-04

Volume 88 • Number 4 • April 2002 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

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

Table of Contents 201 CONSUMERS AND CREDIT DISCLOSURES: Discontinuation of special table in the Federal CREDIT CARDS AND CREDIT INSURANCE Reserve Bulletin. Under the Truth in Lending Act, the Federal Publication of the Statistical Digest, 1996- Reserve has the responsibility for writing the 2000. implementing rules, which it has carried out Changes in Board staff. with its Regulation Z. Because this law is so critical for federal consumer protection policy in Revisions to the money stock data. the credit area and because it imposes significant compliance costs on creditors, questions have 221 LEGAL DEVELOPMENTS been raised about consumers' use of the protec- Various bank holding company, bank service tions inherent in Truth in Lending. corporation, and bank merger orders; and pend- Even though measurement of the precise ing cases. effect of particular disclosure requirements on credit-use behavior or competition is problematic, one can study consumers' reports of their AI FINANCIAL AND BUSINESS STATISTICS views about marketplace information conditions These tables reflect data available as of and their uses of required disclosures. To this February 25, 2002. end, the Federal Reserve Board and others have periodically sponsored and analyzed consumer A3 GUIDE TO TABLES surveys on disclosure matters since 1969, when the original act was implemented. In this article, A4 Domestic Financial Statistics the results of two surveys undertaken in 2001 A42 Domestic Nonfinancial Statistics of consumers' opinions about information avail- A50 International Statistics ability are examined in the context of the earlier survey findings. The new data focus on consum- A63 GUIDE TO SPECIAL TABLES AND ers who use two, sometimes controversial, finan- STATISTICAL RELEASES cial products—credit cards and credit insurance. A64 INDEX TO STATISTICAL TABLES 214 ANNOUNCEMENTS A66 BOARD OF GOVERNORS AND STAFF Federal Open Market Committee directive. Equity hedges for state member banks. A68 FEDERAL OPEN MARKET COMMITTEE AND STAFF; ADVISORY COUNCILS Interagency statement on Arthur Andersen. Interagency effort to standardize electronic loan A70 FEDERAL RESERVE BOARD PUBLICATIONS information. A72 MAPS OF THE FEDERAL RESERVE SYSTEM New security procedures for meeting of the Consumer Advisory Council. A74 FEDERAL RESERVE BANKS, BRANCHES, Enforcement actions. AND OFFICES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumers and Credit Disclosures: Credit Cards and Credit Insurance Thomas A. Durkin, of the Board's Division of and the information conditions prevailing when the Research and Statistics, prepared this article. disclosure rules are implemented. The Congress well understood the difficulty of Over the past three decades, much of the federal predicting specific outcomes when it passed Truth in consumer-protection legislation for credit has Lending. Rather than suggesting that the purpose of required that certain items of information be dis- the act was to change markets or consumer behavior closed to consumers in mandatory formats at speci- in some precise manner, the Congress instead stated fied times. The most prominent legislation in this less specifically that the act's intent was to improve area is the Truth in Lending Act. Provisions of the information conditions generally so that consumers original Truth in Lending Act, enacted as Title I of could avoid being "uninformed." Section 102 of the Consumer Credit Protection Act in 1968, were the act states, "It is the purpose of this title to assure extensive and detailed. Since then the act has been a meaningful disclosure of credit terms so that the amended and expanded many times as markets and consumer will be able to compare more readily the needs have changed. various credit terms available to him and avoid the Under the original act, the Federal Reserve has uninformed use of credit. . . ." Presumably, informed the responsibility for writing the implementing rules, consumers could then make choices that are most which it has carried out with its Regulation Z. appropriate to their individual circumstances. Because this law is so critical for federal consumer- Even though measurement of the precise effect protection policy in the credit area and because it of particular disclosure requirements on credit-use imposes significant compliance costs on creditors, behavior or competition is problematic, one can study questions have been raised about its effects on con- consumers' reports of their views about marketplace sumers' understanding and behavior. information conditions and their uses of required Assessing the direct effects of disclosure legisla- disclosures. To this end, the Federal Reserve Board tion in these areas is difficult. For example, an appar- and others have periodically sponsored and analyzed ent increase in consumers' understanding of credit consumer surveys on disclosure matters since 1969, matters might be explained by improved disclosure when the original act was implemented.1 Over laws, but it might also be explained by advances the years, survey questions have covered consumers' in education, more widespread and frequent use of experiences with a variety of credit and related prodcredit, or by more-effective solicitations for credit, ucts, including mortgages, home equity loans, installadvertisements, and publications that are not specifi- ment credit, credit cards, and credit insurance. In this cally tied to disclosure requirements. article, the results of two surveys undertaken in 2001 Regarding consumer behavior, some consumers of consumers' opinions about information availabilmay use less credit after the introduction of expanded disclosures if the required information persuades 1. See Board of Governors of the Federal Reserve System, Annual them that credit is expensive. Others may not change Report on Truth in Lending for the Year 1970 (Washington: Board of their use of credit at all or might even increase their Governors of the Federal Reserve System, 1971); National Commiscredit use if the required disclosures either confirm sion on Consumer Finance, Consumer Credit in the United States: The Report of the National Commission on Consumer Finance (Washingtheir previous view that credit is affordable or ton: Government Printing Office, 1972); Thomas A. Durkin and increase their confidence that using credit is a desir- Gregory Elliehausen, The 1977 Consumer Credit Survey (Washington: able option. Board of Governors of the Federal Reserve System, 1978); Glenn B. Canner, Thomas A. Durkin, and Charles A. Luckett, "Home Equity In terms of competition, knowing what conditions Lending: Evidence from Recent Surveys," Federal Reserve Bulletin, might otherwise have prevailed in the marketplace in vol. 80 (July 1994), pp. 571-83; Glenn B. Canner, Thomas A. Durkin, the absence of required disclosures is not possible. and Charles A. Luckett, "Recent Developments in Home Equity Lending," Federal Reserve Bulletin, vol. 84 (April 1998), pp. 241-56; And many other factors affect competition, including and Thomas A. Durkin, "Credit Cards: Use and Consumer Attitudes," the number and size of competitors, production costs, Federal Reserve Bulletin, vol. 86 (September 2000), pp. 623-34. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 Federal Reserve Bulletin • April 2002 ity are examined in the context of the earlier survey Frequencies of behaviors concerning credit card use, findings. The new data focus on consumers who use within groups of respondents, 2001 two, sometimes controversial, financial products— Percent credit cards and credit insurance. When relevant, Percent consumers' attitudes toward and experiences with these products are compared with earlier survey findings regarding these and other credit products.2 SURVEYS OF CREDIT CARD USERS i account in past year bank-type card id bank-type card Consumer surveys have shown that from 1970 to or more bank-type card date, growth in the number of credit card accounts I from a solicitation >r information about card accounts and their use has been substantial.3 By 1995 about three-fourths of American families held at least one credit card and about two-thirds of families held a general-purpose card with a revolving feature ("bank-type" cards like Discover, MasterCard, or Visa). Much of the growth of consumer credit in recent years has been in the form of revolving credit, of which credit card credit is the largest component.4 Card holding has grown within all income segments of the population, and by 1995, about 95 percent of households in the highest income quintile held banktype cards.5 The January 2001 survey on credit cards shows 2. The surveys in 2000 and 2001 that are cited in this article were that the proportion of families that hold bank-type undertaken by the Survey Research Center of the University of credit cards appears to have continued to grow since Michigan for the Credit Research Center of the McDonough School of Business, Georgetown University, and used questionnaires designed 1995 and has risen to about 72 percent of families in by the author. In the January 2001 survey on credit cards, 506 the contiguous forty-eight states (table l).6 There is interviews were conducted; in the September-October 2001 survey on also turnover in the cards held as current holders credit insurance, 1,006 interviews were conducted. The other surveys cited in this article were undertaken by the University of Michigan acquire both replacement accounts and additional Survey Research Center for the Federal Reserve Board, except the card accounts. About 20 percent of consumers with 1995 and 1998 Surveys of Consumer Finances that were undertaken bank-type cards in January 2001 reported that they by the National Opinion Research Center of the University of Chihad obtained one or more new accounts during the cago for the Federal Reserve Board and the 1969 and 1970 Truth in Lending Surveys undertaken for the Federal Reserve Board by Chil- previous year. A small proportion of the new ton Research Corp. accounts were the first such accounts for those who 3. Durkin, "Credit Cards: Use and Consumer Attitudes," pp. 623previously did not have any bank-type cards, but 26. 4. Consumer credit covers most short- and intermediate-term credit most were additional or replacement accounts for extended to individuals. It includes revolving credit (credit card credit those already possessing similar cards. The survey and balances outstanding on unsecured lines of credit) and nonrevolvfound that among those with any bank-type cards, ing credit (such as secured and unsecured credit for automobiles, mobile homes, trailers, durable goods, vacations, and other purposes). about 41 percent held three or more such accounts. Consumer credit excludes loans secured by real estate (such as mortgage loans, home equity loans, and home equity lines of credit). Revolving consumer credit is often referred to as "open-end" consumer credit, and nonrevolving consumer credit is often referred to as Desired Information "closed-end" consumer credit. Open-end and closed-end credit are the terms used in Regulation Z (Truth in Lending) to describe revolving and nonrevolving consumer The ready availability of new card accounts often credit. The regulation carefully defines open-end credit as "consumer raises questions about the usefulness of the informacredit extended under a plan in which (i) the creditor reasonably tion on credit terms provided through required disclocontemplates repeated transactions; (ii) the creditor may impose a finance charge from time to time on an outstanding unpaid balance; and (iii) the amount of credit that may be extended to the consumer during the term of the plan (up to any limit set by the creditor) is 5. Durkin, "Credit Cards: Use and Consumer Attitudes," table 2, generally made available to the extent that the outstanding balance p. 626. is repaid" (Regulation Z 226.2(a)(10)). Closed-end consumer credit 6. There is a confidence interval around all statistics from surveys. is then defined as "other than open-end credit" (Regulation Z For example, with 95 percent confidence the population value would 226.2(a)(20)). be within ±4.6 percentage points of this proportion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumers and Credit Disclosures: Credit Cards and Credit Insurance 203 2. Desired information on new credit card accounts, and respondents were permitted to give up to two within groups of respondents, 2001 responses. Consumers giving more than one answer Percent were also asked which item they considered most Those with no k • Those with important. bank-type cards bank-type card Although respondents offered a variety of answers Desired information Most concerning important credit terms, cost items Important important predominated—notably percentage rates and finance Rates/finance charges charges, which are the main focus of the required Annual/membership fee .. disclosures. About two-thirds of those who did not have a bank-type credit card indicated that interest p Late/penalty fee . rates or finance charges were important terms, and Grace period three-fifths said that these were the most important Fixed/variable rate terms they would want to know (table 2). Minimum payment Among those currently holding such cards, the None proportion indicating that interest rates and finance Other responses2 charges were important was also about two-thirds. Only slightly more than half (54 percent), however, Do not know ... cited these measures as the most important terms Total to consider if they were seeking a new card account. MEMO: Do not want another card In opening a new or replacement account, those who (excluded from already have one or more general-purpose credit other percentage calculations) . cards assign a higher level of importance to annual 1. Adds to more than 100 percent because respondents could give up to two fees, fixed versus variable rates, and even frequent answers. flier miles than those who do not have such cards. 2. Examples include information on the credit limit, on credit insurance, on product insurance, and on frequent flyer benefits. Finally, 10 percent of consumers with bank-type * Less than 0.5 percent. cards said that they did not know which term was . . . Not applicable. SOURCE. Surveys of Consumers. most important, likely because, for some of them, two or more terms were equally important. Among sures (some of which creditors might have disclosed those without any bank-type card accounts, the proanyway). To ascertain opinions about information portion indicating that they did not know which term considered useful, the 2001 survey first asked con- was most important to them reached 17 percent. sumers about information they would like to have if To ascertain a relative ranking of the importance of they were opening a new credit card account. Specifi- various credit terms, including primary cost terms, all cally, consumers both with and without bank-type respondents with bank-type credit cards were asked a card accounts were asked what they would like to further series of questions about the terms they conknow about the credit terms if they were shopping for sidered most important. The questions did not require a general-purpose credit card like Visa or Master- consumers specifically to rank terms in order of Card. The question was asked in an open-end form importance, largely because of the difficulty in a so as not to produce any preconceived response, telephone interview for respondents to recall the 3. Importance of credit terms among holders of bank-type credit cards, 2001 Percent Credit term Very important Somewhat important Not too important Not at all important Do not know Amount of the annual fee 76 19 3 2 * Annual percentage rate of interest Length of grace period Amount of the credit limit Length of time to pay off account 52 Jlp 18 15 14 1 if making minimum payment Amount of minimum payment Rewaorrd sf reliqkuee cnat sfhl ybear cmk,i lems erchandise, 25 31 20 24 1 aBM^^^^^^BWBIilllWIBHlMB^MBreaB * Less than 0.5 percent. SOURCE. Surveys of Consumers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 Federal Reserve Bulletin • April 2002 complete list to be ranked. Instead, the survey asked also sought additional information is necessarily respondents how important various terms were to small (in this case, only eighteen respondents on an them, and their responses about importance provided unweighted basis) in a survey of limited sample size, the underpinnings for a constructed ranking. and so findings are not precisely estimated and are, at Ordering credit terms according to the proportion best, only indicative. Nonetheless, the proportion of of respondents who reported that a certain term was this small group who sought information and focused either "very important" or "somewhat important" on percentage rates or fees and charges is very simishows that annual fees and annual percentage rates lar to survey findings from larger surveys in past took the top two spots (table 3). These cost terms years concerning the kinds of information looked for were followed in order by other credit terms such in closed-end credit disclosures. Likewise, the high as length of grace period, amount of the credit line, proportion of information seekers saying that they length of time to repay if making the minimum were able to find the information sought, 91 percent, payment, and amount of the minimum payment itself. also closely matches the results of the earlier, larger (The order changes slightly if ranked only according surveys of users of closed-end credit. to terms judged "very important.") Rewards like frequent flier miles fell into last place among the terms explored. Perceptions of Information Availability Following the credit-shopping question, a series of New Accounts questions queried all respondents with bank-type card accounts about their perceptions of information avail- The survey also asked those opening new card ability for such accounts. The first question asked accounts in the year before January 2001 whether the about the degree of difficulty in obtaining useful new account was established through a solicitation information about credit terms. This question and from a card issuer or through action initiated by some further questions made a distinction between the consumer. Interview results indicate that most respondents' views of their own experiences with of the new accounts opened during that year—more information and their conception of the experiences than four-fifths of the relatively small sample of of others. The questioning specified this differentianew account holders—were established through a tion because a previous survey of credit card holders solicitation (table 1). indicated that reports about consumers' own experi- The consumers with new accounts were also asked ences might well differ from their views of the expewhether they had attempted to obtain any information riences of unknown others, a finding dubbed the about other credit card companies or card accounts "other-guy effect."7 before opening the new account—in effect whether Almost two-thirds (65 percent) of holders of bankthey had engaged in any credit-shopping activities. type card accounts in the 2001 survey reported In response, 25 percent of the small sample of new believing that useful information on credit terms was account holders replied that they had sought some additional information (table 4). The number of 7. See Durkin, "Credit Cards: Use and Consumer Attitudes," holders of new bank-type credit card accounts who p. 628. 4. Consumers who engaged in search for credit information, selected years, 1977-2001 Percent Item 1977 1981 1994 1997 2001 r -••>' - , ^ U H H B I K m ii Tried to obtain information1 26 26 37 33 25 Kind of information sought (percentage of those who sought information) Interest rates Fees and charges Able to obtain information sought (percentage of those who sought information) 91 96 95 88 91 1. For 1977, percentage of families with closed-end installment debt out- SOURCE. 1977 Consumer Credit Survey; Surveys of Consumers. standing; for 1981, 1994, and 1997, percentage of families that had incurred closed-end installment debt in the past year; for 2001, percentage of holders of bank-type credit cards who had acquired a new card in the previous year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumers and Credit Disclosures: Credit Cards and Credit Insurance 205 5. Opinions of consumer credit users concerning ease of obtaining information on credit terms and on adequacy of information provided, selected years, 1977-2001 Percent1 Ease of obtaining useful information on credit terms Very easy 21 n Somewhat easy 44 32 Somewhat difficult 26 p i ll 36 Very difficult 6 11 Do not know 3 9 Total 100 100 -!V Creditors provide enough information Yes 65 * - 49 Some do/Some do not 2 »f$M§f 4 NoBBBlH 31 43 Do not know 1 4 NOTE. Components may not sum to 100 because of rounding. * Less than 0.5 percent. 1. For 1977, percentage of families with closed-end installment debt out- SOURCE. 1977 Consumer Credit Survey; Surveys of Consumers. standing; for 1981, 1994, and 1997, percentage of families that had incurred closed-end installment debt in the past year; for 2001, percentage of holders of bank-type credit cards. either "very easy" or "somewhat easy" to obtain for Another question explored further the distinction themselves (first panel of table 5). In contrast, only between views about personal experience with credit 6 percent believed that obtaining this information cards and that of others. This question asked whether was "very difficult." This finding is comparable to "your general purpose credit card(s) with a revolving the results of the same question asked about per- feature that give(s) you the option of paying part of ceived difficulties in obtaining information on closed- the balance made managing your finances easier or end credit accounts in earlier surveys, but it differs more difficult?" Almost 90 percent of respondents substantially from current respondents' views of replied that such cards made managing finances either the experiences of others with credit card accounts. easier or that there was no difference; only about Fewer than half of holders of bank-type cards 10 percent indicated that managing finances was believed that it was easy for others to acquire useful more difficult (table 6). information on credit terms. When asked further why credit cards have made A related follow-up question produced a similar managing finances easier, the majority of respondents outcome. When queried about whether credit card stressed aspects of flexibility, especially the smoothcompanies usually provide enough information to ing of expenditure and repayment that credit cards enable them to use credit cards wisely, about two- permit. The smaller proportion who did not find that thirds of respondents answered affirmatively; when credit cards made managing finances easier most the same question was asked about their perception of the experience of others, slightly less than half 6. Opinions of credit users concerning the effects of credit answered affirmatively (second panel of table 5). The cards on personal financial management, 2001 question was asked in this manner not with the expec- Percent tation of learning something about respondents' view 2001 of what was "wise," but rather with the goal of Opinion jags'^tm^mmtSm1 comparing the results with those for the same ques- For self H For others Kg*;tion asked in the past of users of closed-end install- •0 Credit cards make ment credit. Again, current responses are quite simi- ! managing finances H Easier 73 53 lar to previous experience with questioning about No different 16 2 closed-end credit, at least after 1977 when responses More difficult 10 40 Do not know 2 5 were different, possibly reflecting the relative new- Total 100 100 ness of Truth in Lending disclosures at that time and consumers' lack of experience with them. NOTE. Components may not sum to 100 because of rounding. SOURCE. Surveys of Consumers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 Federal Reserve Bulletin • April 2002 7. Overall satisfaction of consumers with credit, by type of credit, selected years, 1981-2001 Percent1 NOTE. Components may not sum to 100 because of rounding. (second column for each year); in 2001, percentage of holders of bank-type 1. For 1977, percentage of families with closed-end installment debt out- credit cards. standing; in 1994 and 1997, percentage of families with open home equity lines * Less than 0.5 percent. of credit (HELC, with or without an outstanding balance, first column for each SOURCE. 1977 Consumer Credit Survey; Surveys of Consumers. year) or with closed-end installment debt outstanding incurred in the past year often noted the possibility of overspending and over- about 1 percent of respondents indicated that they extending financial resources through credit card use. were very dissatisfied. The pattern of responses to The generally favorable view concerning the effect this question is much like earlier findings concerning of credit cards on their personal financial manage- installment credit and home equity credit lines, espement contrasts sharply with consumers' perceptions cially if the very satisfied and those who are someof the experiences of other people. Just over half what satisfied are lumped together. The number who (55 percent) of respondents indicated that, in their are dissatisfied remains quite small across the years view, credit cards made finances of the "other guy" and across credit types. easier or no different. In contrast, 40 percent said that the finances of others were made more difficult by Truth in Lending and Information credit cards—four times the proportion with a negative view of the effect of credit cards on their own An intriguing question about Truth in Lending is finances. The most common reasons for this con- whether it has had a long-term effect on consumer tention were concerns about overspending, too awareness, understanding, and behavior. A question much debt, and a continuing cycle of debt among the in the survey of credit card users in 2000 indicated unknown other consumers. that consumer awareness of annual percentage rates The generally favorable view of respondents about associated with credit card accounts, using the proinformation availability and their own circumstances cedure for measuring awareness established by the is heartening in that it seems to suggest directly and National Commission on Consumer Finance in 1972, indirectly that many people are relatively satisfied had increased dramatically in the three decades since with their ability to obtain and use the information implementation of the law.8 Awareness, according to currently disclosed. This generally favorable attitude the National Commission's approach, had increased contrasts with respondents' perspectives on the expe- from 27 percent of credit card holders before Truth riences of others, whom they appear to regard as in Lending, to 63 percent in 1970 (fifteen months more vulnerable. Unknown others are considered less after implementation), to 71 percent in 1977, and in able to obtain and use information or to manage their finances well when using credit cards. 8. Because in an interview study the researcher typically does not have access to the actual contract for verification of stated annual The generally favorable attitude toward personal percentage rates (APRs), researchers associated with the National experience with credit cards is supported by results of Commission on Consumer Finance devised the concept of "awareness a later segment of the interview concerning overall zones" to measure knowledge of APRs in interviews. If a respondent reported an APR within a range deemed to be reasonable on the basis satisfaction with credit cards. The final question of a survey of current market practices, then the respondent was asked, "Overall, how satisfied are you [emphasis characterized as "aware." If the respondent gave a response outside stressed by interviewer] with your general-purpose the range or answered "do not know," then the individual was listed as "unaware." Although this procedure obviously is somewhat credit card(s)?" The question requested a response inexact for measuring actual awareness of APR charges on actual on a five-point scale ranging from "very satisfied" to credit transactions, it does permit a broad look at the phenomenon, "very dissatisfied." About nine in ten indicated they and it allows comparisons over time. For further discussion of the awareness zones used by the National Commission and to make were "very" or "somewhat" satisfied and only about comparisons with survey findings in 2000, see Durkin, "Credit Cards: one in twenty reported dissatisfaction (table 7). Only Use and Consumer Attitudes," pp. 630-31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumers and Credit Disclosures: Credit Cards and Credit Insurance 207 Opinions of credit users concerning helpfulness of Truth in Lending statements, by type of credit, selected years, 1981-2001 Percent1 Helpful Not helpful2 .. Do not know .. Total NOTE. Components may not sum to 100 because of rounding. standing balance; in 2001, percentage of holders of bank-type credit 1. For 1981, 1994, and 1997, percentage of families that had incurred closed- cards. end installment debt in the past year; in 1994 and 1997, percentage of families 2. Includes respondents who did not recall receiving statement. with open home equity lines of credit (HELC), with or without an out- SOURCE. Surveys of Consumers. 2000 to 85 percent and 91 percent, respectively, for cent said that it provided a good reference document the "narrow" and "broad" definitions of awareness if problems arose. employed in the 2000 survey. The 2001 survey con- Another follow-up question in 2001 asked both firmed the long-term rise in the awareness level to those who felt the statement was useful and those year 2000, with awareness recorded in 2001 under who did not how the Truth in Lending statement the same definitions at 82 percent and 88 percent (not could be made more helpful. Slightly more than shown in table), a result within the normal range for two-fifths of those indicating that it was already statistical variation. The 2001 survey also asked sev- helpful said that they did not know how it could be eral additional questions related to Truth in Lending, made more helpful (not in table). Another 15 percent specifically about consumers' understanding and use said that it could not be made more helpful, but about of Truth in Lending information on bank-type credit 28 percent of these favorable responses mentioned cards. Again, the questions were the same ones issues of format and clarity: It could be clearer, employed in the past to study information use for simpler, easier to understand, written in lay terms, or closed-end credit. have larger print. The first question stated that the "federal Truth in Among the three-tenths of respondents who indi- Lending Law requires that credit card companies cated that the Truth in Lending statement was not provide consumers with written statements of credit helpful, again about two-fifths said that they did not costs when a new account is opened and as part of know how it could be more helpful, but almost half the monthly bill." Then the interviewer asked "Is the of the group contending that the statement was not Truth in Lending statement helpful in any way?" helpful mentioned various format and clarity issues. Sixty percent of consumers with bank-type credit A number of consumers responded with a variety of cards indicated in 2001 that the Truth in Lending other things they considered potentially useful. These statement was helpful, whereas 29 percent responded answers ranged from sending a representative to conthat it was not (table 8). These results are broadly sumers' homes to explain account terms to enforcing similar to past findings, although the proportion that the laws and making the Truth in Lending Act manfound it helpful is a bit higher, and the proportion that datory reading for all consumers entering into credit did not find it helpful a bit lower, than responses contracts. about Truth in Lending statements on various forms The survey next asked respondents directly about of closed-end credit in most past measurements. whether the Truth in Lending statement had affected About 11 percent of respondents maintained that they their decision to use credit cards in any way. About did not know whether the statement was helpful or 18 percent of respondents indicated that the statement not, a percentage that was a bit higher than on earlier had affected their decisions, whereas 77 percent said surveys. it had not (not in table). About 5 percent said they did When quizzed further, "In what way is it helpful?" not know. Among the minority of consumers who almost half of those indicating in 2001 that the state- reported that the Truth in Lending statement had ment was helpful responded with a generic response affected their credit decision, about half said that it that it provided general information on terms and helped in deciding whether to obtain a card and in conditions (figures not in table). Thirteen percent choosing which card. A bit more than one-fourth of specifically mentioned that it provided information this group said that it made them more cautious in on interest rates or finance charges, and about 10 per- using credit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 Federal Reserve Bulletin • April 2002 9. Consumers' agreement with observations about Truth in Lending statements, selected years, 1977-2001 Percent1 Statement and opinion 1977 1981 1994 1997 2001 Truth in Lending statements are complicated tegSm Agree strongly 38 31 41 49 45 Agree somewhat 35 37 36 32 30 Disagree somewhat .. 11 18 13 11 9 Disagree strongly .. 5 8 5 5 Do not know 12 6 5 2 Total 100 100 100 100 100 Some information on Truth in Lending statements is not very helpful Agree strongly 16 21 23 28 Agree somewhat 41 43 42 38 Disagree somewhat 23 19 21 18 Disagree strongly 6 9 10 7 Do not know 14 3 9 Total 100 100 100 100 100 Truth in Lending makes people more confident when dealing with creditors Agree strongly 31 24 26 26 Agree somewhat 42 46 43 41 Disagree somewhat 12 17 19 15 Disagree strongly M-. g&f..|S«...., 5 8 10 11 Do not know gi^mnrnfra* 1 11 5 2 7 Total 100 100 100 100 Most people read their Truth in Lending statements carefully2 Agree strongly 9 7 19 Agree somewhat 19 26 22 30 Disagree somewhat 33 34 35 22 Disagree strongly 31 27 34 24 Do not know 9 4 1 5 Total 100 100 100 100 100 NOTE. Components may not sum to 100 because of rounding. 2. In 2001, this question was asked about the individual respondent: "I read 1. For 1977, percentage of families with closed-end installment debt out- the Truth in Lending statement carefully." standing; for 1981, 1994, and 1997, percentage of families that had incurred SOURCE. 1977 Consumer Credit Survey; Surveys of Consumers. closed-end installment debt in the past year; for 2001, percentage of holders of bank-type credit cards. Over the years, consumer surveys have also asked tenths of respondents to earlier surveys have agreed about general perceptions of Truth in Lending state- with the view that most consumers read their Truth in ments. It is clear from the responses to this line of Lending statements carefully. After a change in wordquestioning that typical credit users consider Truth in ing in 2001 to focus this question on the individual, Lending statements to be complicated: Consistently rather than on consumers in general, about half of about two-thirds to three-fourths of consumers some- the respondents reported that they read the statements what or strongly agree with the statement that Truth carefully themselves. This result likely reflects a in Lending statements are complicated (table 9). degree of "yea saying" by respondents to give the Likewise, about three-fifths to two-thirds of consum- interviewer what might be perceived as an answer ers somewhat or strongly agree that some informa- that is in some sense correct. It probably also mirrors, tion on the statements is not very helpful. however, a degree of belief among consumers that On the positive side, approximately seven-tenths they exercise reasonable care themselves but that of respondents affirm the view that Truth in Lending others may be less inclined to do so. makes people more confident when dealing with creditors, a result that may be an additional benefit of the law. Consumers may feel that the statements are SURVEYS OF CREDIT INSURANCE USERS complicated and that not every element is always useful, but they appear to like knowing that the Credit life insurance repays a debt upon the death of behavior of creditors is being monitored. The only the insured debtor, while credit disability insurance striking difference in the responses of consumers (sometimes called credit accident and health insurover time to this sequence of questions again appears ance) and credit involuntary unemployment insurrelated to the "other-guy" effect: Only about three- ance make the periodic payments on a debt if any Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumers and Credit Disclosures: Credit Cards and Credit Insurance 209 of the insured events occur. The products have long sive in selling credit insurance, despite the separately been controversial because some observers see such signed disclosure that purchase is voluntary. In large insurance as involving a high and unnecessary cost part because of this contention, surveys sponsored by for sometimes beleaguered credit users. They believe the Federal Reserve and others over the years have that creditors are often too aggressive in selling credit examined consumers' views about various aspects insurance, both because it earns sales commissions of the purchase of credit insurance, including their from the insurance companies, which may be affili- acceptance of the product and their views of the sales ates, and because it mostly protects the creditors process.10 by guaranteeing repayment of debts upon death, disability, or involuntary unemployment of a debtor. A frequent complaint is that the price is too high, mak- Sales-Penetration Rate ing the loss ratio—which is the proportion of total premiums returned to consumers who suffer an The survey in September-October 2001 of consumer insured loss—too low. In this view, the insurance attitudes toward credit insurance shows that the company simply keeps too much of the premium frequency of purchase of credit insurance on closeddollars. end consumer installment credit, generally referred Others see the product as safeguarding not credi- to as the sales-penetration rate, has declined sharply tors, but rather underinsured individuals and their in recent years. (Closed-end installment credit is families who could otherwise face financial uncer- the only kind of credit for which comparison of tainty and distress from an unpaid debt in the event consumer-survey findings over time is possible of an uninsured personal disaster. In this view, con- because past surveys of credit insurance users did not sumers buy the insurance because they want it, not look at insurance on other types of credit.) From sales because it is sold overly aggressively. Furthermore, penetration exceeding three-fifths of borrowers in in this view, loss ratios are reasonable because states 1977 and 1985, the ratio fell to only slightly more set the rates at a level that provides sufficient benefits than one-fifth in 2001 (table 10). This decline mirrors to the insured without jeopardizing the financial the falloff in the proportion of life insurance in force viability of the insurance companies.9 represented by credit-related insurance over approxi- Because of the controversial nature of this product, mately the same time period.11 In 2001 the penetrathe original Truth in Lending Act in 1968 contained a tion rate on junior-lien mortgage and credit card special disclosure for credit insurance that remains credit is similar to the rate on installment credit, with unchanged today. In order for the credit insurance the rate on first-lien mortgage credit a bit higher.12 premium to be excluded from the finance charge and the annual percentage rate, the creditor must provide 10. Earlier survey results are found in the following sources: a written disclosure of the cost and notification that Charles L. Hubbard, ed., Consumer Credit Life and Disability Insurance (Athens, Ohio: College of Business Administration, Ohio Unithe purchase is voluntary (not a factor in the decision versity, 1973); Thomas A. Durkin and Gregory E. Elliehausen, The to extend credit). After receiving these disclosures, 1977 Consumer Credit Survey (Washington: Board of Governors of the consumer must specifically affirm the purchase in the Federal Reserve System, 1978); Robert A. Eisenbeis and Paul R. writing. Schweitzer, Tie Ins Between the Granting of Credit and Sales of Insurance By Bank Holding Companies and Other Lenders, Staff This approach makes Truth in Lending treatment Studies 101 (Board of Governors of the Federal Reserve System, of the purchase of credit insurance unlike any other 1979); Anthony W. Cyrnak and Glenn B. Canner, "Consumer Expericomponent of a credit transaction, but it has not ences with Credit Insurance: Some New Evidence," Federal Reserve Bank of San Francisco, Economic Review (Summer 1986), pp. 5-20; eliminated concerns about sales of this product. and John M. Barron and Michael E. Staten, Consumer Attitudes Detractors argue that creditors are still overly aggres- Toward Credit Insurance (Norwell, Massachusetts: Kluwer Academic Publishers, 1996). 11. According to the Life Insurers Fact Book 2000 (Washington: 9. Ultimately, the dispute over the appropriate loss ratio on credit American Council of Life Insurers, 2000), at year-end 1999 there insurance is a pricing issue that is beyond the scope of this article, was $213 billion of credit life insurance in force, about 1 percent of which deals only with surveys concerning consumer acceptance of the total of life insurance in force in the United States. The volume of credit insurance and attitudes toward it. The maximum permitted rate credit life insurance in force peaked in 1989 at $260 billion, which in a state, called the prima facie rate, is governed by state law or represented about 3 percent of life insurance in force at that time. regulation with the intent of producing a loss ratio that provides 12. Some of the credit insurance reported on first-lien mortgage sufficient benefits to consumers while protecting the solvency of credit may possibly be other kinds of term life insurance purchased at insurance companies operating in the state. Those who favor a higher or near the time of mortgage origination that meets the description of loss ratio for credit insurance believe either that the benefits to credit-related insurance in the minds of consumer respondents. This consumers are insufficient under the state's regulation or that the loss possibility would be less likely with junior-lien credit and especially ratio in the state does not meet the state's own requirement; conse- with insurance on installment credit because the typical amounts of quently, they want states to require credit insurance companies to credit are smaller and less likely to generate a search for an alternative lower prices sufficiently to raise the loss ratio to a preferred level. or separate life insurance plan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 Federal Reserve Bulletin • April 2002 10. Distribution of sales penetration rates for credit insurance, by type of credit, selected years, 1977-2001 Percent 1977 1985 2001 2001 Ownership First Second Credit Installment credit mortgage mortgage/HELC card Have 63.9 64.7 22.7 32.1 22.9 20.1 Do not have 30.1 33.1 74.4 60.5 65.1 73.9 Do not know/Decline to answer 6.0 2.2 2.9 'V 1A 12.0 6.0 Total 100.0 100.0 100.0 100.0 100.0 100.0 SOURCE. 1977 Consumer Credit Survey; Surveys of Consumers. Some consumers do not purchase credit insurance sumers who have felt pressured to purchase appears apparently because creditors do not always offer it, or to have declined over the years. In 1977 about twoat least not vigorously enough for consumers to be fifths of purchasers indicated that the creditor had aware of any sales effort. In the 1977, 1985, and 2001 strongly recommended or even required purchase. By surveys, about half of nonpurchasers of credit insur- 2001 this proportion had declined to less than oneance on installment credit indicated that the product fifth, and only about one purchaser in twenty among was never offered to them (first panel of table 11). a smaller number of purchasers felt that they were led Only a small (and declining) proportion of non- to believe that purchase was required. purchasers said that the creditor recommended the A relatively small but rising proportion of consumproduct. ers who said the creditor never mentioned the product Not surprisingly, a higher proportion of those pur- also said they had purchased it. This finding probably chasing insurance said that the creditor had offered or represents the rising prevalence of post-purchase recommended the product, but the proportion of con- telemarketing and mail solicitation in recent years. 11. Distribution of recommendation to purchase credit insurance and opinions of credit insurance by users of installment credit, selected years, 1977-2001 Percent - : S1I9S7 7 1985 2001 IItteemm Insurance No insurance Insurance | No insurance Insurance No insurance Recommendation Never mentioned 7.1 51.6 14.8 45.2 15.4 53.3 Offered 15.0 22.6 44.7 35.5 53.2 33.9 Recommended 33.1 17.0 16.4 12.H 12.2 4.1 Strongly recommended 13.2 2.3 6.3 2.6 11.5 3.4 Required 26.1 13.8 5.1 # Other (includes self initiated) 3.5 .6 * Do not know/Decline to answer 2.1 5.9 3.9 3.9 5.3 2.6 Total 100.0 9.0 100.0 100.0 100.0 100.0 MEMO: Insurance purchase irrelevant to creditor's decision to grant credit1 . 80.3 91.0 94.2 96.2 86.5 97.0 Opinion l ^ f l ^f s Good 86.7 59.8 89.9 56.4 88.5 32.3 Good with qualifications 8.6 18.9 2.9 8.3 3.8 6.1 Neither good nor bad ... 2.1 9.1 1.9 6.4 gj3 .*2 13.9 Bad with qualifications . 2.7 2.6 1.6 Bad 2.2 9.5 -5.2 26.3 4.5 46.0 Total 100.0 100.0 100.0 100.0 100.0 100.0 I- > J1 Purchase again ? Yes n.a. 94.3 94.2 No n.a. 5.7 5.8 * Do not know/Decline to answer n.a. Total 100.0 100.0 NOTE. Components may not sum to 100 because of rounding. n.a. Not available. 1. Excludes those who said insurance was required. . . . Not applicable. * Less than 0.5 percent. SOURCE. 1977 Consumer Credit Survey; Surveys of Consumers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumers and Credit Disclosures: Credit Cards and Credit Insurance 211 Another possibility is "insurance packing," that is, those who do not purchase the product. Nonpurchasincluding insurance in the loan without notifying ers reporting that the product is good or good with the consumer, but this seems unlikely in most cases. some qualification fell from more than three-fourths Respondents were not asked directly about insurance in 1977 to only about three-eighths of respondents in packing, but they were asked whether they believed 2001, while unfavorable attitudes among nonpurchasthat purchase of the insurance made any difference in ers jumped sharply. The unfavorable attitude toward whether the creditor was willing to grant the credit. credit insurance among nonpurchasers likely is an In each year, a few respondents answered affirma- important reason for their not purchasing the product. tively. In each of the three surveys, a large majority Results of the 2001 survey also show that favorof both insurance purchasers and nonpurchasers able attitudes among purchasers of credit-related believed that purchasing credit insurance was irrel- insurance apparently are not limited to those who evant to this decision by installment lenders. purchased it on installment credit. About threefourths of first-mortgage credit users with creditrelated insurance also held a favorable attitude toward Consumer Attitudes toward Credit Insurance the insurance product, a proportion reaching 90 per- Although sales penetration has fallen in recent cent among junior-lien credit users (table 12). In decades, it seems that the favorable attitudes toward each case, those with the same kinds of credit outthe product among those who purchase credit insur- standing but without credit insurance held much ance on installment credit have not changed over different views, likely a cause of their decision not to time. In 2001, more than 90 percent of installment purchase insurance. The most unfavorable attitudes credit users with credit insurance indicated a favor- overall were held by those with no closed-end credit able attitude toward the insurance (the product is of any type outstanding (middle column, lower panel "good" or "good" with some qualification)—almost of table 12). the same proportion as in 1977 and 1985 (second In addition to requesting an expression of attitudes, panel of table 11). Furthermore, about nineteen in as a follow-up question the survey asked, "Why do twenty purchasers of credit insurance on installment you say that?" to ascertain the reason for the favorcredit in 2001 say that they would purchase it again— able or unfavorable attitude. The survey recorded up the same proportion as in 1985, the only other obser- to two responses to this question. As might be vation date available (third panel of table 11). expected, criteria for the viewpoint expressed dif- The consistently favorable attitudes among insur- fered sharply between those who had favorable and ance purchasers contrast sharply with the views of those who had unfavorable perceptions of credit 12. Distribution of consumer opinions of credit insurance, by type of credit and ownership of insurance, 2001 Percent —— Mortgage Junior mortgage/HELC Installment credit1 Insurance No insurance Insurance No insurance Insurance No insurance Good 74.7 34.8 88.5 Good with qualifications 2.1 8.0 3.8 Neither good nor bad 4.5 9.4 3.2 * Bad with qualifications .8 2.9 111! Bad 9.9 44.9 4.5 Do not know/Decline to answer ... 8.0 Total 100.0 100.0 100.0 100.0 100.0 Any closed-end credit No closed-end credit Credit card Insurance No insurance No insurance Insurance No insurance Good 77.6 37.0 30.0 56.6 35.4 Good with qualifications 2.4 3.7 .9 1.9 2.4 Neither good nor bad 5.0 9.7 3.2 5.6 6.3 Bad with qualifications .6 1.0 .4 * .9 Bad 8.4 45.5 48.1 30.4 46.6 Do not know/Decline to answer 5.9 3.0 17.3 5.6 8.5 Total 100.0 100.0 100.0 100.0 100.0 NOTE. Components may not sum to 100 because of rounding. * Less than 0.5 percent. 1. Attitudes about credit insurance among installment credit users in 2001 SOURCE. Surveys of Consumers. reported in table 11 are repeated here for completeness and ease of comparison. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 Federal Reserve Bulletin • April 2002 13. Reasons cited for opinions of credit insurance, within groups of respondents, 2001 Percent Any closed-end credit No closed-end credit RReeaassoonn11 Insurance No insurance No insurance Most frequently cited reasons for saying credit insurance is good 74.0 77.0 75.6 Good for individuals at risk because of age, health, and so on 9.7 7.5 9.4 6.7 8.9 9.4 * * Provides sense of security 4.1 4.5 * * 4.2 ' * "i 4'Kt ' ' Most frequently cited reasons for saying credit insurance is bad *# Too expensive 40.3 46.7 Risk of insured event is low ** 21.6 27.7 Overlaps with other insurance ** 3.1 4.3 Too profitable for insurer ** 4.7 3.7 Debt is a bad idea ** 21.8 9.5 Insurance is a bad idea (not further specified why) * * * * 6 * . 7 * Not needed if there are no survivors ** 4.3 Survivors would be better off selling property instead * 3.9 1. Respondents could supply up to two reasons. ** Not enough cases for distribution. * Less than 3 percent. SOURCE. Surveys of Consumers. insurance. Those who had favorable perceptions of it offered at the time of the credit application; most of tended to focus on the security or sense of security the rest said that it was offered after the credit was it provides, while those who had unfavorable per- approved, and a few respondents did not recall the ceptions tended to focus more on the cost and the time of offer (first panel of table 14). The correspondabsence of any need, on their part, for more insurance (table 13). The survey also asked respondents for their opin- 14. Distribution of timing of credit insurance transactions ions concerning the usefulness of the Truth in Lend- and satisfaction with credit insurance, ing disclosure they received at loan closing. The by type of credit, 2001 introductory question regarding this topic asked, Percent "The federal Truth in Lending Act now requires that Junior Question and Installment lenders and creditors give consumers a written state- response Mortgage mortgage/ credit <• HELC ment of credit costs, including costs of credit insurance. Did you receive such a statement on this loan?" When offered? At application 45.3 61.9 42.3 All those recalling such a statement (about 58 percent After approval 23.0 30.9 37.2 After loan documents of those with credit insurance) were then asked signed 24.3 3.1 11.5 whether they kept the statement and whether the S D e o l f n i o n t i t k ia n t o ed w /Decline 1.0 * * information about credit insurance was helpful in any to answer 6.4 4.1 9.0 way. 100.0 100.0 100.0 Among those recalling that they received the Truth Satisfied? V 50.0 26.9 in Lending statement, 86 percent said they saved it, •S Somewhat ftiMi. ^pStes-' 33.3 63.5 and 61 percent said it was helpful. About 27 percent raMyrjwftifal nor dissatisfied 11.3 11.1 3.8 said the statement was not helpful, and 12 percent Somewhat dissatisfied US 5.6 2.6 were not sure (percentages not in a table). Among V D e o r y n o d t i s k s n a o ti w sf / i D ed e cline * • * those who said that the statement was helpful, to answer 4.8 3.2 the reasons indicated most frequently were that it Total 100.0 100.0 100.0 explained the coverages in more detail (mentioned by Purchase again?1 39 percent) or that it served as a useful reference Yes 71.0 77.8 IK 94.2 No 24.2 22.2 iP 5.8 (mentioned by about 18 percent). Do not know/Decline M to Answer 4.8 * It * Some final questions in the 2001 survey reveal a 100.0 100.0 100.0 few more details about the purchase of credit-related insurance and the viewpoints of purchasers of insur- NOTE. Components may not sum to 100 because of rounding. 1. Opinions concerning whether users of installment credit would purchase ance on the various credit products. About 45 percent credit insurance again, reported in table 11, are repeated here for completeof purchasers of insurance on either first-mortgage ness and ease of comparison. * Less than 0.5 percent. or installment credit indicated that the product was SOURCE. Surveys of Consumers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumers and Credit Disclosures: Credit Cards and Credit Insurance 213 ing proportions among the smaller number of junior- tions in consumer credit markets, they do not appear lien credit users were a bit different: A somewhat to have widespread complaints either. They seem higher proportion recalled that the offer was made mostly satisfied with recent credit experiences, and at the application. Regardless of when the insurance they believe that Truth in Lending makes people was offered, more than 80 percent of each group of more confident when dealing with creditors. This is credit users reported current satisfaction with the not to say that required disclosures could not be specific credit-insurance product purchased, with the improved. Aside from whether disclosures might help fraction reaching 90 percent among installment credit consumers more by focusing on some different conusers (second panel of table 14). cept of credit cost, an issue not discussed in this Finally, the proportion that indicated a willingness article, some changes in timing of the disclosures to purchase credit insurance again was also high might benefit consumers. Consumers also report in among current purchasers in each group of credit the surveys that disclosures might be clearer. The users, although it was lower among mortgage credit survey results suggest that much of consumers' disusers than among those with installment credit (third satisfaction with credit information is based more panel of table 14). As with the other attitude mea- on a desire for clarity and simplification than on a sures, the willingness of users of credit insurance to demand for more information. Views about the situarepurchase it seems to indicate that they feel consid- tion of other consumers, however, are less favorable; erably better about the product than its critics. many respondents seem to think that other consumers do need more information. There are, of course, some remaining problems in CONCLUSION consumer credit markets. The surveys seem to indi- Conclusively evaluating the direct effects of disclo- cate that most consumers have benefited from the sure legislation like Truth in Lending on either con- ready availability of credit cost disclosures, but anecsumer behavior or the functioning of the credit mar- dotal reports that abusive practices still affect some ketplace is never a simple matter because there are consumers suggest the need for improvements in always competing explanations for observed phe- financial literacy and for appropriate enforcement nomena. From consumer surveys over time, however, efforts against remaining illegal practices. it seems likely that disclosures required by Truth in The relative consistency of responses to the lines Lending have had a favorable effect on the ready of questioning in these surveys is heartening in that availability of information on credit transactions. there does not seem to be evidence of a view that the There are no corresponding measurements for the credit information situation has worsened over time, years before Truth in Lending, but it is difficult to despite more complicated consumer credit products imagine that two-thirds or more of credit users would and more widespread credit use. With respect to have reported in those years that obtaining credit credit insurance, because the views of users and information was "somewhat easy" or "very easy." nonusers seem so divergent, it seems important that Furthermore, the pricing information that consumers the views of users be given sufficient weight in most often report they want is precisely the items the considering public policies in this area. According required disclosures emphasize. to the views expressed by many users of credit insur- Although it seems unlikely that consumers spend a ance, eliminating this product by regulation could be great deal of time thinking about information condi- disadvantageous to them. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 Announcements FEDERAL OPEN MARKET COMMITTEE Any state member bank that seeks to acquire equity DIRECTIVE securities to hedge the bank's equity derivative transactions must receive the prior approval of the Board's The Federal Open Market Committee decided on Director of Banking Supervision and Regulation. In March 19, 2002, to keep its target for the federal addition, a state member bank may engage in equity funds rate unchanged at PA percent. hedging activities only to the extent permitted by The information that has become available since state law, and the bank must comply with any applithe last meeting of the Committee indicates that the cable state notice or approval requirements. economy, bolstered by a marked swing in inventory investment, is expanding at a significant pace. Nonetheless, the degree of the strengthening in final INTERAGENCY STATEMENT REGARDING demand over coming quarters, an essential element in ARTHUR ANDERSEN sustained economic expansion, is still uncertain. In these circumstances, although the stance of The federal financial institutions supervisory agenmonetary policy is currently accommodative, the cies announced on March 19, 2002, that the financial Committee believes that, for the foreseeable future, institutions they supervise should follow the guidagainst the background of its long-run goals of price ance issued by the U.S. Securities and Exchange stability and sustainable economic growth and of Commission (SEC) with respect to auditing and the information currently available, the risks are balaccounting work performed by Arthur Andersen LLR anced with respect to the prospects for both goals. The SEC announced on March 14 and 18 that it The Committee decided to include in its announce- would continue to accept financial statements audited ments following its meetings the roll call of the vote by Andersen, provided the companies filing the stateon the federal funds rate target, including the pre- ments obtain from Andersen certain representations ferred policy choice of any dissenters. This action concerning audit quality and controls and generally accelerates the release of this information, currently set forth those representations in their filings. The available in the Minutes with a lag. To conform SEC's statements are available on its web site at the to this new practice, the Board of Governors also following: decided to report in the written announcement the roll call of any vote on the discount rate, also including • http ://w w w. sec .go v/ne ws/press/2002-37. txt the preferred policy choice of any dissenters. • http://www.sec.gov/news/headlines/ Voting for the FOMC monetary policy action were andersenreqs .htm Alan Greenspan, Chairman; William J. McDonough, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; Edward M. Gramlich; Jerry L. Jordan; Robert D. McTeer, Jr.; Mark W. Olson; Anthony M. Santomero; Depository Institutions and Gary H. Stern. The following depository institutions, although they are not subject to SEC oversight, should follow the EQUITY HEDGES FOR STATE MEMBER BANKS SEC guidance when they file their required audited financial statements, attestations, or other reports The Federal Reserve Board announced on Febru- with the federal financial institutions supervisory ary 21, 2002, that it would not apply section 9 of the agencies: Federal Reserve Act to prohibit a state member bank from acquiring equity securities to hedge the bank's 1. Publicly held depository institutions that have customer-driven equity derivative transactions if such securities registered with the Board of Governors of purchases are made in accordance with the conditions the Federal Reserve System, Office of the Comptroland restrictions applicable to national banks. ler of the Currency, Federal Deposit Insurance Corpo- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

215 ration, or Office of Thrift Supervision under the fed- subject to SEC oversight, should follow the SEC eral securities laws and regulations guidance with respect to filings with the Office of 2. Depository institutions that are subject to the Thrift Supervision. annual audit, attestation, and other reporting requirements of section 36 of the Federal Deposit Insurance Act, which generally covers institutions with Questions $500 million or more in total assets 3. Savings associations that are subject to the A financial institution should contact its primary fedannual audit, attestation, and other reporting requireeral financial institution supervisory agency with any ments of the Office of Thrift Supervision pursuant to questions regarding the application of the guidance 12 CFR 562.4 issued by the SEC. 4. Credit unions that are subject to the annual audit, attestation, and other reporting requirements of the National Credit Union Administration pursuant to 12 CFR 715.4. INTERAGENCY EFFORT TO STANDARDIZE ELECTRONIC LOAN INFORMATION The depository institutions above that cease their audit relationship with Andersen may submit their The federal bank supervisory agencies and the Confilings by the original due date with unaudited finanference of State Bank Supervisors announced on cial statements, so long as they file amended filings March 11, 2002, an interagency effort to improve the containing audited financial statements within the efficiency of the examination process by standardizdeadline prescribed by the SEC (currently sixty days). ing the request for electronic loan information. This information is used primarily to conduct community and mid-size bank safety-and-soundness examina- Bank Holding Companies tions and is currently provided in a variety of formats that can be time consuming and costly for regulators, Bank holding companies that have securities regisbanks, and service providers to administer. tered with the SEC are required to file their SEC The new standard provides improved data defini- Form 10-K as part of the FR Y-6 annual report filing tions and prescribes a standard format for the presenwith the Federal Reserve. Bank holding companies tation of loan information. The new data format will that cease their audit relationship with Andersen may improve the efficiency of the bank examination profile their FR Y-6 by the original due date with unaucess and reduce the burden on banks, service providdited financial statements, so long as they file with ers, and vendors. the Federal Reserve audited financial statements Participation is voluntary, but the agencies encourwithin the deadline prescribed by the SEC (currently age all institutions to participate when contacted as sixty days). part of the pre-examination planning process. Exam- Bank holding companies that are not registered iners will begin asking for the new file in the second with the SEC but are still subject to the annual audit quarter of 2002. requirements as specified in the FR Y-6 report—and The initiative is a cooperative effort among the who are either unable to receive services from Anderbank regulatory agencies and a number of service sen to complete their audits or who choose not to providers and software vendors. The agencies will have Andersen complete audits that are currently in host meetings in April to acquaint additional vendors process—should have their audited financial statewith the new format. ments on file and readily available to their District Federal Reserve Bank within a reasonable period after the end of their fiscal year. NEW SECURITY PROCEDURES FOR CONSUMER ADVISORY COUNCIL MEETING Thrift Holding Companies The Federal Reserve Board announced on March 1, Thrift holding companies that are subject to the 2002, new security procedures for the meeting of the annual audit, other attestation, and reporting require- Consumer Advisory Council on March 14. ments of the Office of Thrift Supervision pursuant The Council's function is to advise the Board on to 12 CFR 562.4 and 584.1, including those not the exercise of its responsibilities under the various Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 Federal Reserve Bulletin • April 2002 consumer financial services laws and on other mat- Copies of the Digest at $25 each are available from ters on which the Board seeks its advice. Publications Services, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC 20551. ENFORCEMENT ACTIONS The Federal Reserve Board announced on Febru- BOARD STAFF CHANGES ary 15, 2002, the execution of a written agreement by and among MSB Shares, Inc., the MidSouth Bank, The Board of Governors appointed on March 7, both of Jonesboro, Arkansas, the Federal Reserve 2002, Raymond Romero as Assistant Director, Divi- Bank of St. Louis, and the Arkansas State Bank sion of Information Technology, with oversight Department. responsibilities for the Systems, Security, and Data Center Branch. The Federal Reserve Board announced on March 8, Mr. Romero joined the Board in 1990 in the Divi- 2002, the issuance of a prompt corrective action sion of Reserve Bank Operations and Payment Sysdirective against the New Century Bank, Shelby tems. He transferred to the Division of Information Township, Michigan. Technology in 1999 as manager of the data center. He holds a bachelors degree from California Polytechnic State University. DISCONTINUATION OF SPECIAL TABLE IN THE FEDERAL RESERVE BULLETIN MONEY STOCK DATA REVISIONS The pro forma financial statements for Federal Reserve priced services, tables 4.31 A and B, will Measures of the money stock data and components no longer be published in the Bulletin after the have been revised in February of this year to incorpo- January 2002 issue (on pages A64 and A65). rate the results of the annual seasonal factor review. Year-end figures for 2001 will be available in the Data in table 1.10 and table 1.21 in the statistical Board's 88th Annual Report to the Congress appendix to the Federal Reserve Bulletin reflect these (http://www.federalreserve.gov/boarddocs/rptcongress), changes beginning with this issue. forthcoming. Seasonally adjusted measures of the monetary stock and components incorporate revised seasonal factors produced from not seasonally adjusted data PUBLICATION OF THE through December 2001. Monthly seasonal factors STATISTICAL DIGEST, 1996-2000 were estimated using the X-12 ARIMA procedure. The monthly and weekly seasonal factors were The Statistical Digest, 1996-2000 is now available. derived after excluding the estimated effects on the The five-year Digest is designed as a compact source components of the monetary aggregates of the Sepof economic—and, especially, financial—data. The tember 11, 2001, terrorist attacks. The revisions to Digest provides a single source of historical continu- seasonal factors lowered M2 and M3 growth rates in ations of the statistics carried regularly in the Fed- the first half of 2001 while raising them in the second eral Reserve Bulletin. The next issue of the Digest is half of the year. scheduled to be published in 2006 and will cover the Revised historical data are available in printed years 2001 through 2005. form from the Monetary and Reserve Analysis Sec- This issue of the Digest covers the years 1996 tion, Mail Stop 72, Board of Governors of the Fedthrough 2000. It serves to maintain the historical eral Reserve System, Washington, DC 20551. Phone: series first published in Banking and Monetary Statis- 202-452-3062. Complete historical data are available tics, 1941-1970, and the Digests for 1970-79, for each week through the Federal Reserve's web site 1980-89, and for 1990-95. A Concordance of Statis- (http://www.federalreserve.gov/releases/) with the tics will be included with all orders. The Concor- H.6 statistical release. Current and historical data are dance provides a guide to tables that covers the same also on the Economic Bulletin Board of the U.S. material in the current five-year Digest, the previous Department of Commerce. For paid electronic access six-year Digest, the single-year issue for 1994, and to the Economic Bulletin Board, call STAT-USA at the Bulletin. 1-800-782-8872 or 202-482-1986. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 217 1. Monthly seasonal factors used to construct Ml, January 2001-March 2003 Other checkable deposits1 NNoonnbbaannkk ttrraavveelleerrss YYeeaarr aanndd mmoonntthh CCuurrrreennccyy cchheecckkss DDeemmaanndd ddeeppoossiittss Total At banks 2001—January .9975 1.0163 1.0096 1.0078 1.0401 February .9990 1.0213 .9767 .9843 .9946 March 1.0006 1.0181 .9916 1.0087 1.0122 April 1.0006 1.0241 1.0054 1.0431 1.0523 May .9995 1.0136 .9804 1.0025 1.0038 June .9991 .9803 .9902 1.0044 1.0022 July 1.0006 .9543 1.0019 .9904 .9720 August .9984 .9633 .9947 .9901 .9679 September .9975 .9824 .9893 .9871 .9640 October .9970 .9961 .9984 .9869 .9830 November 1.0007 1.0170 1.0094 .9896 .9831 December 1.0085 1.0169 1.0537 1.0053 1.0246 2002—January .9976 1.0168 1.0076 1.0066 1.0412 February .9992 1.0215 .9759 .9825 .9945 March 1.0016 1.0196 .9960 1.0085 1.0124 April 1.0003 1.0241 1.0017 1.0442 1.0525 May 1.0002 1.0160 .9813 1.0031 1.0038 June .9988 .9782 .9905 1.0055 1.0021 July 1.0004 .9535 1.0007 .9909 .9723 August .9985 .9634 .9958 .9912 .9655 September .9969 .9817 .9895 .9870 .9630 October .9969 .9964 .9970 .9881 .9835 November 1.0013 1.0176 1.0113 .9887 .9831 December 1.0083 1.0187 1.0517 1.0045 1.0256 2003—January .9983 1.0159 1.0097 1.0053 1.0419 February .9993 1.0218 .9754 .9813 .9948 March 1.0006 1.0206 .9967 1.0083 1.0129 1. Seasonally adjusted other checkable deposits at thrifts are derived as the difference between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks. 2. Monthly seasonal factors used to construct M2 and M3, January 2001-March 2003 SSaavviinnggss aanndd SSmmaallll-- LLaarrggee-- Money market mutual funds YYeeaarr aanndd mmoonntthh MMMMDDAA ddeennoommiinnaattiioonn ddeennoommiinnaattiioonn RRPPss EEuurrooddoollllaarrss ddeeppoossiittss11 ttiimmee ddeeppoossiittss'' ttiimmee ddeeppoossiittss11 In M2 In M3 only 2001—January .9955 1.0035 .9892 1.0068 1.0274 1.0004 1.0072 February .9947 1.0032 .9977 1.0148 1.0323 1.0064 1.0125 March 1.0048 1.0008 1.0036 1.0292 1.0258 1.0051 1.0100 April 1.0141 .9992 1.0029 1.0305 1.0085 .9972 1.0122 May .9987 .9965 1.0084 .9928 .9974 1.0148 1.0147 June 1.0025 .9950 1.0070 .9886 .9879 1.0137 1.0018 July .9991 .9967 .9996 .9830 .9795 1.0011 .9894 August .9967 .9985 .9954 .9897 .9831 .9971 .9862 September .9994 1.0006 .9960 .9900 .9723 .9846 .9869 October .9928 1.0025 .9975 .9902 .9803 .9813 .9816 November .9983 1.0027 1.0026 .9886 .9946 .9981 .9954 December 1.0025 1.0011 1.0001 .9939 1.0093 1.0020 1.0057 2002—January .9960 1.0033 .9891 1.0069 1.0271 1.0000 1.0048 February .9944 1.0030 .9976 1.0147 1.0325 1.0043 1.0109 March 1.0059 1.0007 1.0035 1.0300 1.0261 1.0024 1.0099 April 1.0146 .9991 1.0018 1.0323 1.0085 .9996 1.0119 May .9991 .9965 1.0087 .9931 .9975 1.0135 1.0108 June 1.0026 .9952 1.0074 .9887 .9881 1.0137 .9999 July .9980 .9968 .9996 .9838 .9812 1.0032 .9918 August .9967 .9987 .9963 .9890 .9831 .9980 .9876 September .9979 1.0009 .9966 .9889 .9724 .9844 .9898 October .9924 1.0027 .9984 .9902 .9808 .9830 .9853 November .9994 1.0026 1.0020 .9886 .9946 .9977 .9975 December 1.0032 1.0008 .9995 .9934 1.0093 1.0015 1.0043 2003—January .9968 1.0030 .9885 1.0064 1.0263 1.0002 1.0044 February .9940 1.0027 .9975 1.0147 1.0333 1.0025 1.0095 March 1.0056 1.0005 1.0036 1.0303 1.0248 1.0007 1.0082 1. Seasonal factors are applied to deposit data at both commercial banks and thrift institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ll ] • April 2002 :asi used to construct Ml, December 3, 2001-March 31, 2003 Other checkable deposits1 NNoonnbbaannkk ttrraavveelleerrss ;ndi CCuurrrreennccyy DDeemmaanndd ddeeppoossiittss cchheecckkss Total At banks 3 .9997 1.0268 1.0596 1.0142 1.0197 10 1.0041 1.0224 .9894 .9777 .9639 17 1.0054 1.0180 1.0363 .9799 .9863 24 1.0153 1.0136 1.0546 1.0160 1.0570 31 1.0118 1.0092 1.1288 1.0444 1.1018 7 1.0067 1.0120 1.0285 1.0183 1.0301 14 .9993 1.0147 .9934 1.0026 1.0264 21 .9957 1.0175 1.0031 1.0054 1.0500 28 .9924 1.0203 .9974 .9981 1.0525 4 .9958 1.0231 .9997 1.0028 1.0223 11 1.0000 1.0223 .9467 .9705 .9681 18 1.0013 1.0214 .9642 .9683 .9811 25 .9979 1.0206 .9905 .9858 1.0130 4 .9999 1.0197 1.0048 1.0083 1.0078 11 1.0029 1.0196 .9644 .9898 .9751 18 1.0011 1.0196 .9931 .9946 .9956 25 .9995 1.0195 .9835 1.0149 1.0367 1 1.0013 1.0194 1.0544 1.0415 1.0547 8 1.0051 1.0213 .9682 1.0298 1.0095 15 1.0020 1.0232 1.0075 1.0351 1.0290 22 .9985 1.0250 1.0105 1.0674 1.0945 29 .9962 1.0269 1.0130 1.0480 1.0843 6 1.0017 1.0288 .9691 1.0141 .9959 13 1.0012 1.0219 .9605 .9892 .9763 20 .9984 1.0152 .9893 .9979 1.0031 27 1.0013 1.0085 .9889 1.0005 1.0263 3 .9983 1.0018 1.0231 1.0279 1.0258 10 1.0015 .9909 .9490 .9988 .9689 17 .9984 .9803 .9904 .9969 .9900 24 .9966 .9698 .9707 1.0036 1.0213 1 .9971 .9596 1.0413 1.0133 1.0208 8 1.0057 .9572 .9818 .9967 .9543 15 1.0007 .9548 .9859 .9804 .9516 22 .9996 .9525 .9975 .9882 .9842 29 .9977 .9501 1.0225 .9916 .9970 5 1.0009 .9478 1.0029 .9929 .9427 12 1.0009 .9555 .9708 .9707 .9191 19 .9976 .9634 .9930 .9845 .9580 26 .9946 .9714 1.0001 .9948 .9982 2 .9975 .9795 1.0351 1.0271 1.0216 9 1.0002 .9805 .9601 .9867 .9421 16 .9974 .9814 .9824 .9770 .9362 23 .9952 .9823 .9816 .9776 .9657 30 .9936 .9833 1.0211 .9959 .9939 7 1.0005 .9880 .9805 .9817 .9506 14 .9988 .9928 .9658 .9678 .9573 21 .9961 .9976 1.0048 .9878 .9905 28 .9945 1.0025 1.0143 1.0009 1.0222 4 .9975 1.0074 1.0246 1.0145 1.0013 11 1.0024 1.0123 .9636 .9688 .9394 18 1.0002 1.0172 1.0027 .9743 .9678 25 1.0019 1.0222 1.0276 .9916 1.0047 2 1.0010 1.0273 1.0705 1.0151 1.0253 9 1.0030 1.0237 .9755 .9803 .9638 16 1.0045 1.0201 1.0319 .9737 .9771 23 1.0134 1.0166 1.0544 1.0125 1.0513 30 1.0135 1.0131 1.1317 1.0433 1.1062 6 1.0074 1.0096 1.0570 1.0333 1.0561 13 1.0006 1.0130 .9982 1.0002 1.0256 20 .9970 1.0164 1.0005 1.0015 1.0431 27 .9936 1.0198 .9981 .9935 1.0503 3 .9946 1.0232 1.0110 1.0029 1.0331 10 1.0002 1.0225 .9500 .9737 .9738 17 1.0018 1.0219 .9550 .9644 .9777 24 .9983 1.0212 .9872 .9822 1.0075 dju: deposits at thrifts are derived as the difference between total other checkable deposits, d, a: d other checkable deposits at commercial banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 219 3. Weekly seasonal factors used to construct Ml, December 3, 2001-March 31, 2003—Continued Other checkable deposits1 NNoonnbbaannkk ttrraavveelleerrss WWeeeekk eennddiinngg CCuurrrreennccyy DDeemmaanndd ddeeppoossiittss cchheecckkss Total At banks March 3 .9983 1.0205 1.0078 1.0064 1.0104 10 1.0031 1.0205 .9613 .9900 .9710 17 1.0009 1.0206 .9932 .9893 .9838 24 .9994 1.0206 .9821 1.0115 1.0287 31 .9983 1.0206 1.0434 1.0432 1.0710 1. Seasonally adjusted other checkable deposits at thrifts are derived as the difference between total other checkable deposits, seasonally adjusted, and seasonally adjusted other checkable deposits at commercial banks. 4. Weekly seasonal factors used to construct M2 and M3, December 3, 2001-March 31, 2003 SSaavviinnggss aanndd SSmmaallll-- LLaarrggee-- Money market mutual funds WWeeeekk eennddiinngg MMMMDDAA ddeennoommiinnaattiioonn ddeennoommiinnaattiioonn RRPPss EEuurrooddoollllaarrss ddeeppoossiittss11 ttiimmee ddeeppoossiittss11 ttiimmee ddeeppoossiittss11 In M2 In M3 only 2001—December 3 .9921 1.0022 .9962 .9922 1.0019 .9974 1.0028 10 1.0150 1.0016 1.0008 .9968 1.0135 1.0102 .9978 17 1.0117 1.0010 1.0060 .9963 1.0197 1.0018 1.0016 24 .9945 1.0005 .9999 .9950 1.0132 1.0028 1.0030 31 .9881 1.0009 .9952 .9882 .9942 .9953 1.0215 2002—January 7 1.0223 1.0009 1.0055 .9876 .9790 .9853 1.0136 14 1.0107 1.0034 1.0012 1.0103 1.0342 1.0040 .9993 21 .9952 1.0042 .9840 1.0161 1.0417 .9995 1.0036 28 .9706 1.0042 .9760 1.0099 1.0446 1.0065 1.0075 FFeebbrruuaarryy 44 .9937 1.0042 .9835 1.0087 1.0253 1.0080 1.0004 1111 1.0017 1.0036 .9931 1.0148 1.0366 1.0159 1.0015 18 .9960 1.0031 1.0024 1.0131 1.0328 1.0020 1.0157 25 .9832 1.0022 1.0024 1.0182 1.0359 .9947 1.0220 March 4 1.0016 1.0017 1.0048 1.0182 1.0239 .9998 1.0096 11 1.0139 1.0010 1.0062 1.0278 1.0323 1.0064 1.0000 18 1.0062 1.0008 1.0024 1.0291 1.0216 1.0038 1.0069 25 .9953 1.0003 .9985 1.0355 1.0289 1.0067 1.0147 AApprriill 11 .9992 .9999 1.0067 1.0351 1.0222 .9930 1.0195 88 1.0301 1.0005 1.0087 1.0414 1.0123 .9915 1.0070 15 1.0331 .9997 1.0008 1.0446 1.0252 1.0012 1.0066 22 1.0146 .9987 .9990 1.0348 .9988 .9959 1.0065 29 .9849 .9978 .9986 1.0139 .9981 1.0089 1.0266 May 6 1.0100 .9977 .9988 .9919 .9932 1.0112 1.0092 13 1.0067 .9971 1.0031 .9950 .9982 1.0192 1.0008 20 .9999 .9962 1.0107 .9925 .9999 1.0067 1.0106 27 .9844 .9958 1.0166 .9933 1.0011 1.0136 1.0213 June 3 .9995 .9955 1.0156 .9923 .9922 1.0186 1.0130 10 1.0180 .9954 1.0106 .9940 .9995 1.0200 1.0003 17 1.0102 .9951 1.0073 .9908 .9907 1.0186 .9960 24 .9887 .9948 1.0048 .9876 .9816 1.0078 .9914 JJuullyy 11 .9886 .9954 1.0026 .9795 .9775 1.0050 1.0074 88 1.0170 .9966 1.0025 .9800 .9721 .9990 .9928 15 1.0086 .9966 1.0013 .9864 .9890 1.0028 .9877 22 .9929 .9969 .9976 .9866 .9859 1.0042 .9928 29 .9798 .9970 .9969 .9836 .9808 1.0058 .9929 August 5 1.0075 .9976 .9981 .9813 .9714 1.0061 .9879 12 1.0077 .9982 .9994 .9897 .9858 1.0122 .9788 19 .9982 .9988 .9935 .9895 .9798 .9931 .9794 26 .9814 .9991 .9922 .9918 .9904 .9878 .9930 September 2 .9845 .9998 .9998 .9907 .9856 .9913 1.0032 9 1.0146 1.0006 1.0017 .9908 .9740 .9870 .9785 16 1.0114 1.0006 .9972 .9930 .9733 .9888 .9925 23 .9857 1.0009 .9906 .9880 .9718 .9868 .9890 30 .9773 1.0016 .9957 .9834 .9666 .9731 .9955 October 7 1.0108 1.0032 1.0051 .9836 .9636 .9713 .9807 14 1.0043 1.0029 1.0032 .9932 .9871 .9810 .9854 21 .9919 1.0026 .9958 .9953 .9827 .9826 .9783 28 .9749 1.0023 .9914 .9903 .9905 .9905 .9939 1. Seasonal factors are applied to deposit data at both commercial banks and thrift institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 Federal Reserve Bulletin • April 2002 4. Weekly seasonal factors used to construct M2 and M3, December 3, 2001-March 31, 2003—Continued SSaavviinnggss aanndd SSmmaallll-- LLaarrggee-- Money market mutual funds WWeeeekk eennddiinngg MMMMDDAA ddeennoommiinnaattiioonn ddeennoommiinnaattiioonn RRPPss EEuurrooddoollllaarrss ddeeppoossiittss11 ttiimmee ddeeppoossiittss11 ttiimmee ddeeppoossiittss'' In M2 In M3 only November 4 .9973 1.0024 .9939 .9863 .9786 .9981 .9922 11 1.0071 1.0029 1.0029 .9890 .9952 1.0055 .9916 18 1.0021 1.0027 1.0074 .9857 .9925 .9947 .9976 25 .9875 1.0025 1.0042 .9900 1.0003 .9943 1.0009 December 2 .9929 1.0021 .9966 .9917 1.0015 .9954 1.0052 9 1.0143 1.0016 1.0004 .9939 1.0059 1.0086 .9959 16 1.0150 1.0009 1.0075 .9954 1.0187 1.0029 1.0011 23 .9956 1.0002 1.0003 .9948 1.0139 1.0011 1.0001 30 .9866 1.0001 .9917 .9907 1.0044 .9973 1.0190 2003—January 6 1.0197 1.0020 .9924 .9871 .9854 .9866 1.0109 13 1.0108 1.0032 1.0006 1.0070 1.0285 1.0042 .9977 20 .9985 1.0034 .9874 1.0159 1.0401 .9996 1.0035 27 .9724 1.0031 .9769 1.0106 1.0443 1.0047 1.0074 February 3 .9833 1.0033 .9832 1.0104 1.0271 1.0063 1.0025 10 1.0020 1.0032 .9915 1.0149 1.0364 1.0141 .9981 17 .9988 1.0030 1.0014 1.0126 1.0334 1.0031 1.0138 24 .9859 1.0023 1.0021 1.0167 1.0377 .9921 1.0178 March 3 .9940 1.0017 1.0041 1.0175 1.0249 .9962 1.0129 10 1.0170 1.0010 1.0065 1.0264 1.0294 1.0027 .9950 17 1.0109 1.0006 1.0037 1.0284 1.0214 1.0015 1.0063 24 .9981 1.0003 .9987 1.0353 1.0241 1.0046 1.0087 31 .9940 .9997 1.0052 1.0365 1.0241 .9959 1.0207 1. Seasonal factors are applied to deposit data at both commercial banks and thrift institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

221 Legal Developments ORDERS ISSUED UNDER BANK HOLDING COMPANY deposits").3 Bank of the West also operates branches in ACT Oregon, New Mexico, Nevada, Washington, and Idaho. First Hawaiian, with total assets of $7.5 billion, controls Orders Issued Under Section 3 of the Bank Holding deposits of $5.6 billion in Hawaii, representing approxi- Company Act mately 30.3 percent of state deposits. UCB is controlled by UFJ Holdings, Inc., Osaka, Japan BNP Paribas ("UFJ").4 UCB, with total assets of $10.8 billion, controls Paris, France deposits of $8 billion in California, representing approximately 1.6 percent of state deposits. BancWest Corporation On consummation of the proposal, BancWest would Honolulu, Hawaii become the 29th largest banking organization in the United States, with total consolidated assets of $30.6 billion, repre- Order Approving the Acquisition of a Bank senting less than 1 percent of total banking assets of insured commercial banks in the United States. The subsid- BNP Paribas ("BNPP") and BancWest Corporation iary depository institutions of BancWest would control ("BancWest") have requested the Board's approval under deposits of $14.9 billion in California, representing approxsection 3 of the Bank Holding Company Act (12U.S.C. imately 3 percent of state deposits.5 § 1842) ("BHC Act") to acquire all the voting shares of United California Bank, Los Angeles, California ("UCB"). Competitive Considerations Notice of the proposal, affording interested persons an opportunity to submit comments, has been published in the Section 3 of the BHC Act prohibits the Board from approv- Federal Register (67 Federal Register 81 (2002)). The ing any proposal that would result in a monopoly or would time for filing comments has expired, and the Board has be in furtherance of any attempt to monopolize the busiconsidered the proposal and all comments received in light ness of banking in any relevant banking market. The BHC of the factors set forth in section 3 of the BHC Act. Act also prohibits the Board from approving a proposed BNPP, with total consolidated assets of $709.2 billion, is bank acquisition that would substantially lessen competithe largest banking organization in France.1 BNPP operates tion in any relevant banking market, unless the Board finds branches in Chicago, Los Angeles, New York, and that the anticompetitive elfects of the proposal clearly are San Francisco, agencies in Houston and Miami, and repre- outweighed in the public interest by the probable effect of sentative offices in Dallas and Atlanta. BNPP controls all the proposal in meeting the convenience and needs of the of BancWest's outstanding shares, and thereby indirectly community to be served.6 controls BancWest's subsidiary banks, Bank of the West, San Francisco, California ("Bank of the West"), and First Hawaiian Bank, Honolulu, Hawaii ("First Hawaiian"). 3. Asset and deposit data for Bank of the West, First Hawaiian, and UCB are as of September 30, 2001. State deposit and ranking data are BNPP also engages in a broad range of permissible as of June 30, 2001. In this context, depository institutions include nonbanking activities in the United States through its commercial banks, savings banks, and savings associations. subsidiaries. 4. UCB was formed by the merger on July 2, 2001, of two U.S. BancWest, with total consolidated assets of $19.8 bil- subsidiary banks of UFJ, Sanwa Bank California, San Francisco, lion, is the 35th largest banking organization in the United ("Sanwa CA"), and Tokai Bank of California, Los Angeles ("Tokai CA"), both in California. UFJ was formed in connection with the States, controlling less than 1 percent of total banking integration of The Sanwa Bank, Limited, Osaka; The Tokai Bank, assets in insured commercial banks in the United States.2 Limited, Nagoya; and The Toyo Trust and Banking Company, As noted, BancWest operates Bank of the West and First Limited, Tokyo; all in Japan, under a single holding company. See Hawaiian. Bank of the West, with total assets of UFJ Holdings, Inc., 87 Federal Reserve Bulletin 270 (2001). $12.8 billion, controls deposits of $6.9 billion in Califor- 5. Section 3(d) of the BHC Act allows the Board to approve an application by a bank holding company to acquire control of a bank nia, representing approximately 1.4 percent of total deposlocated in a state other than the bank holding company's home state if its of insured depository institutions in the state ("state certain conditions are met. BNPP, a California bank holding company, proposes to acquire UCB, a California bank, through a bank holding company whose home state is Hawaii for purposes of the BHC Act. 1. Asset and ranking data for BNPP are as of September 30, 2001, All conditions for an interstate acquisition enumerated in section 3(d) and are based on the exchange rate then applicable. are met in this case. See 12 U.S.C. §§ 1842(d)(1)(A) and (B) and 2. Asset and ranking data for BancWest are as of September 30, 1842(d)(2). 2001. 6. 12 U.S.C. § 1842(c)(1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 Federal Reserve Bulletin • April 2002 The Board has reviewed carefully the competitive effects a significantly adverse effect on competition or on the of the proposal in the relevant banking markets in light of concentration of banking resources in any of the eight comments received and all the facts of record. In particular, banking markets in which BNPP and UCB directly comthe Board has considered the number of competitors that pete or in any other relevant banking market. Accordingly, would remain in the markets, the relative shares of total based on all the facts of record, the Board has determined deposits in depository institutions in the markets ("market that competitive factors are consistent with approval. deposits") controlled by the companies involved in this transaction,7 the concentration levels of market deposits Convenience and Needs Considerations and the increase in these levels as measured by the Herfindahl-Hirschman Index ("HHI") under the Depart- In acting on proposals under section 3 of the BHC Act, the ment of Justice Merger Guidelines ("DOJ Guidelines"), Board is required to consider the effects of the proposal on and other characteristics of the market.8 the convenience and needs of the communities to be served BNPP and BancWest compete directly with UCB in and take into account the records of the relevant depository eight California banking markets. Consummation of the institutions under the Community Reinvestment Act proposal without divestitures would be consistent with ("CRA").10 The CRA requires the federal financial super- Board precedent and the DOJ Guidelines in all these mar- visory agencies to encourage financial institutions to help kets.9 On consummation, one market would remain uncon- meet the credit needs of local communities in which they centrated, six markets would remain moderately concen- operate, consistent with safe and sound operation, and trated, and one market would remain highly concentrated requires the appropriate federal supervisory agency to take as measured by the DOJ Guidelines. Numerous banking into account an institution's record of meeting the credit competitors would remain in each of these markets. needs of its entire community, including low- and The Department of Justice also has conducted a detailed moderate-income ("LMI") neighborhoods, in evaluating review of the expected competitive effects of the proposal. bank expansion proposals. The Board has carefully consid- The Department has advised the Board that it believes that ered the convenience and needs factor and the CRA perforconsummation of the proposal is not likely to have a mance records of the subsidiary depository institutions of significantly adverse effect on competition in any relevant BNPP and BancWest and of UCB in light of all the facts of banking market. The Federal Deposit Insurance Corpora- record, including a public comment received on the propostion ("FDIC") has been afforded an opportunity to com- al.11 ment and has not objected to consummation of the proposal. A. CRA Performance Evaluations After carefully reviewing all the facts of record, and for reasons discussed in this order, the Board has concluded As provided in the CRA, the Board has evaluated the that consummation of the proposal is not likely to result in convenience and needs factor in light of examinations by the appropriate federal supervisors of the CRA performance records of the relevant insured depository institu- 7. Deposit and market share data are as of June 30, 2001, and are tions. An institution's most recent CRA performance evalbased on calculations in which the deposits of thrift institutions, which uation is a particularly important consideration in the include savings banks and savings associations, are weighted at applications process because it represents a detailed, on- 50 percent, unless otherwise noted. The Board previously has indisite evaluation of the institution's overall record of perforcated that thrift institutions have become, or have the potential to mance under the CRA by its appropriate federal supervibecome, significant competitors of commercial banks. See, e.g., Midwest Financial Group, 75 Federal Reserve Bulletin 386 (1989); sor.12 National City Corporation, 70 Federal Reserve Bulletin 743 (1984). All the subsidiary banks of BNPP received ratings of Thus, the Board regularly has included thrift deposits in the market "outstanding" or "satisfactory" at their most recent CRA share calculation on a 50-percent weighted basis. See, e.g., First evaluations. Bank of the West received a "satisfactory" Hawaiian, Inc., 11 Federal Reserve Bulletin 52 (1991). 8. Under the DOJ Guidelines, 49 Federal Register 26,823 (1984), a rating from its primary federal supervisor, the FDIC, at its market is considered unconcentrated if the post-merger HHI is under most recent CRA evaluation, as of November 15, 1999. 1000, moderately concentrated if the post-merger HHI is between First Hawaiian received an "outstanding" rating from the 1000 and 1800, and highly concentrated if the post-merger HHI is FDIC at its most recent CRA evaluation, as of May 31, more than 1800. The Department of Justice has informed the Board 2000. UCB was formed by the merger in July 2001 of that a bank merger or acquisition generally will not be challenged (in the absence of other factors indicating anticompetitive effects) Sanwa CA and Tokai CA and has not yet been evaluated unless the post-merger HHI is at least 1800 and the merger increases for CRA performance. Sanwa CA, whose former assets the HHI by more than 200 points. The Department of Justice has account for more than 84 percent of UCB's total banking stated that the higher than normal HHI thresholds for screening bank assets, received an "outstanding" rating from the FDIC at mergers for anticompetitive effects implicitly recognize the competitive effects of limited-purpose lenders and other nondepository financial institutions. 9. These markets are the Fairfield-Vacaville, Fresno, Hanford, 10. 12 U.S.C. § 2901 etseq. Modesto, Sacramento, San Francisco-Oakland-San Jose, Stockton, 11. The commenter expressed opposition to the proposal and conand Visalia banking markets in California. Definitions of these bank- cern over its impact on California communities. ing markets and the effects of the proposal on the concentration of 12. See Interagency Questions and Answers Regarding Community banking resources in each market are described in the Appendix. Reinvestment, 66 Federal Register 36,639 (2001). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 223 its last CRA evaluation, as of May 15, 2000. Tokai CA excellent level of lending to LMI borrowers. In Hawaii, received an "outstanding" rating from the FDIC at its last where its primary assessment areas are located, over CRA evaluation, as of July 10, 2000. 57 percent of all consumer loans originated by the bank in 1999 were to LMI borrowers. Moreover, approximately B. CRA Performance Record of BNPP 22 percent of the Home Mortgage Disclosure Act loans originated by First Hawaiian in Hawaii during the review Bank of the West. Bank of the West received a ("high- period were extended to LMI borrowers.15 Examiners resatisfactory" rating under the lending test in its most recent ported that the bank's community development lending for CRA performance evaluation. Examiners reported that all assessment areas demonstrated an excellent responsive- Bank of the West's lending record during the period cov- ness to identified credit needs and totaled approximately ered by its most recent CRA evaluation (the "review $49.6 million at the conclusion of the review period. Examperiod") demonstrated good penetration in LMI communi- iners noted First Hawaiian's use of flexible lending proties and among LMI borrowers in its assessment areas.13 grams, including its role as an SBA Preferred Lender and Furthermore, examiners stated that Bank of the West had participation in federal programs to provide business and an adequate record of serving the credit needs of the most agricultural loans in rural areas. economically disadvantaged areas of its assessment areas, First Hawaiian received an "outstanding" rating for low-income individuals, and very small businesses. Exam- investment activities in its last CRA performance evaluainers also found that the bank had a strong record of small tion. From January 1998 through December 1999, the bank business lending.14 made qualified investments, grants, and donations totaling In addition, examiners noted several of Bank of the $35.2 million. The bank's qualified investments supported West's proprietary programs designed for individuals and the development of community organizations providing businesses who might not qualify for more traditional services benefiting LMI individuals, constructing 590 units lending products. Bank of the West is a certified Small of low-income housing, and financing for affordable hous- Business Administration ("SBA") Preferred Lender and ing projects. offers a complete line of SBA loan products. As a Preferred First Hawaiian received an "outstanding" rating for Lender, Bank of the West can approve SBA loans, thus retail banking services in its last CRA performance evaluaexpediting the loan underwriting process. tion. Examiners reported that the bank's delivery systems Bank of the West received a "high satisfactory" rating were readily accessible to essentially all portions of its for investment activities in its last CRA performance eval- community, including LMI areas and individuals. Examinuation. Examiners cited the bank's significant level of ers favorably noted First Hawaiian's alternative delivery qualified community development investments and grants systems including automated teller machines ("ATMs"), in California and throughout its assessment area. At the night-deposit facilities, 24-hour telephone banking, and close of the review period, Bank of the West's qualified Internet banking. investments totaled approximately $24.4 million. Examiners noted that the bank had made a significant contribution C. CRA Performance Record of UCB to the affordable housing market, especially through investments in community development corporations and low- As noted above, UCB resulted from the merger of Sanwa income housing pools. CA and Tokai CA, and it has not been examined under the Bank of the West also received a "high satisfactory" CRA since its formation in July 2001. Accordingly, the rating for retail banking services in its last CRA perfor- Board has considered the CRA performance record of mance evaluation. Examiners reported that its banking Sanwa CA and Tokai CA. services were accessible to essentially all portions of its Sanwa CA. At its last CRA evaluation, examiners stated assessment areas. In addition, examiners reported that all that Sanwa CA's overall performance reflected a dedicated branches of Bank of the West offered products and services effort by its directorate, management, and personnel to and maintained branch hours that reflected the needs and meet fully the requirements of the CRA. Examiners also demands of the communities they served. Examiners also noted that Sanwa CA demonstrated a commitment to meetnoted that the bank maintained alternative delivery sys- ing the credit needs of its communities, including LMI tems, including 24-hour telephone banking and Internet communities. Sanwa CA received an "outstanding" rating banking. under the lending test at its last CRA evaluation. Examin- First Hawaiian. First Hawaiian received an "outstand- ers stated that the bank's lending levels reflected a susing" rating under the lending test in its most recent CRA tained superior responsiveness to the credit needs of the evaluation. Examiners noted that the bank had achieved an communities it served, especially in small business lending. Examiners reported that Sanwa CA made excellent use 13. Bank of the West's last CRA evaluation period was from of flexible lending practices and offered a wide variety of January 1, 1998, to September 30, 1999, and the assessment areas included California, Idaho, Nevada, Oregon, Washington, and the Portland-Salem Multistate Consolidated Metropolitan Statistical Area. 14. In this context, "small business lending" includes loans of less 15. First Hawaiian's last CRA evaluation period was from Januthan $1 million to businesses. ary 1, 1998, to December 31, 1999. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 Federal Reserve Bulletin • April 2002 innovative loan products to serve consumers and busi- iners also cited the bank's alternative delivery systems, nesses in its assessment areas. Examiners favorably noted including the use of ATMs and 24-hour telephone banking. Sanwa CA's first-time LMI home buyer program, which offered first-time home buyers low-down-payment mort- D. Conclusion on Convenience and Needs gages with no points and no origination costs for properties Considerations in LMI geographies. Sanwa CA received an "outstanding" rating for invest- In reviewing the effects of the proposal on the convenience ment activities at its last CRA evaluation. Examiners char- and needs of the communities to be served, the Board has acterized Sanwa CA's level of qualified community devel- carefully considered the entire record, all the information opment investments and grants as excellent, noting that the provided by the commenter and BNPP and BancWest, bank had taken a leadership role in providing investments evaluations of the CRA performance of UCB and the not routinely provided by the private sector, such as direct subsidiary banks of BNPP and BancWest, and confidential equity investments in affordable housing projects and in- supervisory information.17 Based on all the facts of record vestments in low income housing eligible for tax credits. and for reasons discussed above, the Board concludes that As of March 2000, Sanwa CA's qualified investments and considerations relating to the convenience and needs facgrants totaled $23.2 million and supported LMI housing tor, including the CRA performance records of the relevant programs, small business community development corpo- depository institutions, are consistent with approval. rations, and neighborhood revitalization projects. Sanwa CA received an "outstanding" rating for retail Financial, Managerial, and Supervisory Considerations banking services at its last CRA evaluation. Examiners reported that Sanwa CA's services and business hours were The BHC Act requires the Board to consider the financial excellent and accessible to essentially all portions of the and managerial resources and future prospects of the combank's community, including LMI areas and individuals. panies and banks involved in a proposal and certain other Examiners favorably noted Sanwa CA's alternative deliv- supervisory factors. BNPP's capital levels exceed the minery systems, including ATMs and 24-hour telephone bank- imum levels that would be required under the Basel Capital ing with services available in Spanish and Chinese. Accord, and its capital levels are considered equivalent to Tokai CA. Tokai CA received an "outstanding" rating the capital levels that would be required of a U.S. banking for lending activities at its last CRA evaluation. During the organization. BNPP will finance the acquisition of UCB review period, approximately 79 percent of all loans origi- with internally available funds, and neither BNPP nor nated by the bank were extended in LMI census tracts.16 BancWest will acquire any external debt in connection Examiners noted that Tokai CA was a leader in community with this transaction. In assessing the financial and manadevelopment lending. During the review period, the bank gerial strength of BNPP and BancWest and their subsidiarextended more than $219 million in community develop- ies, the Board has reviewed information provided by BNPP ment loans, supporting projects such as supermarket con- and BancWest, confidential supervisory and examination struction in LMI neighborhoods and the development of information, and publicly reported and other financial inaffordable multi-family housing. Examiners reported that formation. In addition, the Board has consulted with relevant supervisory authorities, including those in France. Tokai CA made good use of flexible lending practices and Based on all the facts of record, the Board concludes that offered a wide variety of innovative loan products to serve the financial and managerial resources and future prospects the community development needs in its assessment areas. of the organizations involved in the proposal are consistent Tokai CA received a "high satisfactory" rating for inwith approval. vestment activities at its last CRA evaluation. As of May 2000, the bank's qualified investments and donations Section 3 of the BHC Act also provides that the Board totaled approximately $8.5 million. The bank's invest- may not approve an application involving a foreign bankments and donations supported low-income housing funds, ing organization unless it is "subject to comprehensive first-time home buyer programs, and small business com- supervision or regulation on a consolidated basis by the munity development corporations. Tokai CA received a "high satisfactory" rating for retail banking services at its last CRA evaluation. Examiners reported that Tokai CA's banking services were accessible 17. Commenter also expressed concerns about a potential CRA to essentially all portions of its assessment areas. In addi- commitment by Bank of the West. The Board notes that the CRA tion, examiners reported that Tokai CA's branches offered a requires it, in considering an acquisition proposal, to carefully review full array of bank products and services and maintained the actual performance records of the relevant depository institutions in helping to meet the credit needs of their communities. Neither the branch hours that did not inconvenience any portion of the CRA nor the federal banking agencies' CRA regulations require bank's assessment area or any group of individuals. Exam- depository institutions to make pledges concerning future performance under the CRA. The Board also notes that future activities of BNPP's subsidiary banks, including Bank of the West, will be reviewed by the appropriate federal supervisors in future performance 16. Tokai CA's last CRA evaluation was from January 1, 1999, to evaluations, and that their CRA performance records will be consid- May 31, 2000. Examiner's evaluated community development loans ered by the Board in any subsequent applications by BNPP to acquire extended by Tokai CA from July 1, 1998, to June 30, 2000. a depository institution. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 225 appropriate authorities in the bank's home country."18 The be, and hereby is, approved.21 In reaching its conclusion, home country supervisor of BNPP is the French Banking the Board has considered all the facts of record in light of Commission ("FBC"), which is responsible for the super- the factors that it is required to consider under the BHC vision and regulation of French financial institutions. Act and other applicable statutes. In approving applications under the BHC Act, the Board The Board's approval is specifically conditioned on compreviously has determined that French banks, including pliance by BNPP and Banc West with all commitments BNPP, are subject to comprehensive consolidated supervi- made in connection with the application. The Board's sion by the FBC.19 In this case, the Board finds that the approval also is conditioned specifically on BNPP's com- FBC continues to supervise BNPP in substantially the pliance with its previous commitments on access to inforsame manner as it supervised French banks at the time of mation, and on the Board's receiving access to information those previous determinations. Based on this finding and on the operations or activities of BNPP and any of its all the facts of record, the Board concludes that BNPP affiliates that the Board determines to be appropriate to continues to be subject to comprehensive supervision on a determine and enforce compliance by BNPP and its affiliconsolidated basis by its home country supervisor. ates with applicable federal statutes. If any restrictions on In addition, section 3 of the BHC Act requires the Board access to information on the operations or activities of to determine that a foreign bank has provided adequate BNPP and its affiliates subsequently interfere with the assurances that it will make available to the Board such Board's ability to obtain information to determine and information on its operations and activities and those of its enforce compliance by BNPP or its affiliates with applicaaffiliates that the Board deems appropriate to determine ble federal statutes, the Board may require termination of and enforce compliance with the BHC Act.20 The Board any of BNPP's direct or indirect activities in the United has reviewed the restrictions on disclosure in relevant States. All the commitments and conditions on which the jurisdictions in which BNPP operates and has communi- Board has relied in granting its approval, including the cated with relevant government authorities concerning ac- commitments and conditions specifically described above, cess to information. In addition, BNPP previously has are deemed to be conditions imposed in writing by the committed to make available to the Board such informa- Board in connection with its findings and decision and, as tion on the operations of BNPP and its affiliates that the such, may be enforced in proceedings under applicable Board deems necessary to determine and enforce compli- law. ance with the BHC Act and other applicable federal law. The acquisition of UCB may not be consummated be- BNPP also previously has committed to cooperate with the fore the fifteenth calendar day after the effective date of Board to obtain any waivers or exemptions that may be this order, and the proposal may not be consummated later necessary to enable BNPP and its affiliates to make such than three months after the effective date of this order, information available to the Board. In light of these com- unless such period is extended for good cause by the Board mitments, the Board concludes that BNPP has provided or the Federal Reserve Bank of San Francisco, acting adequate assurances of access to any appropriate informa- pursuant to delegated authority. tion that the Board may request. Based on these and all the By order of the Board of Governors, effective Februfacts of record, the Board concludes that the supervisory ary 20, 2002. factors it is required to consider are consistent with approval. Conclusion 21. The commenter requested that the Board hold a public hearing Based on the foregoing and all the facts of record, the or meeting on the proposal. Section 3(b) of the BHC Act does not Board has determined that the proposed transaction should require the Board to hold a public hearing on an application unless the appropriate supervisory authority for the bank to be acquired makes a timely written recommendation of denial of the application. The Board has not received such a recommendation from the appropriate supervisory authority. Under its rules, the Board also may, in its discretion, hold a public 18. 12 U.S.C. § 1842(c)(3)(B). Under Regulation Y, the Board uses hearing or meeting on an application to acquire a bank if a meeting or the standard enumerated in Regulation K to determine whether a hearing is necessary or appropriate to clarify factual issues related to foreign bank that has applied under section 3 of the BHC Act is the application and to provide an opportunity for testimony. 12 C.F.R. subject to consolidated home country supervision. See 12 C.F.R. 225.16(e). The Board has considered carefully the commenter's re- 225.13(a)(4). Regulation K provides that a foreign bank will be quest in light of all the facts of record. In the Board's view, commentconsidered to be subject to comprehensive supervision or regulation ers have had ample opportunity to submit their views, and the comon a consolidated basis if the Board determines that the bank is menter has submitted written comments that have been considered supervised and regulated in such a manner that its home country carefully by the Board in acting on the proposal. The commenter's supervisor receives sufficient information on the worldwide operations request fails to demonstrate why its written comments do not present of the bank, including its relationship to affiliates, to assess the bank's its evidence adequately and fails to identify disputed issues of fact that overall financial conditions and its compliance with laws and regula- are material to the Board's decision that would be clarified by a public tions. See 12 C.F.R. 211.24(c)(1). meeting or hearing. For these reasons, and based on all the facts of 19. See BNP Paribus, 88 Federal Reserve Bulletin 97 (2002); record, the Board has determined that a public meeting or hearing is Banque Nationale de Paris, 81 Federal Reserve Bulletin 515 (1995). not required or warranted in this case. Accordingly, the request for a 20. See 12 U.S.C. § 1842(c)(3)(A). public meeting or hearing on the proposal is denied. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 Federal Reserve Bulletin • April 2002 Voting for this action: Chairman Greenspan, Vice Chairman Fergu- ling deposits of approximately $156.6 million, representing son, and Governors Gramlich, Bies, and Olson. approximately 4.1 percent of market deposits. On consummation of the proposal, BNPP would operate the third ROBERT DEV. FRIERSON largest depository institution in the market, controlling Deputy Secretary of the Board deposits of approximately $334.1 million, representing approximately 8.8 percent of market deposits. The HHI Appendix would increase 39 points to 946. Sacramento. The Sacramento banking market is defined Banking Markets in which BNPP and UCB Directly as the Sacramento RMA and the town of Cool. BNPP Compete operates the fifth largest depository institution in the market, controlling deposits of approximately $688.6 million, Fairfield-Vacaville. The Fairfield-Vacaville banking mar- representing approximately 5.1 percent of market deposits. ket is defined as the Fairfield-Vacaville Ranally Metro UCB is the 15th largest depository institution in the mar- Area ("RMA") and the town of Winters. BNPP operates ket, controlling deposits of approximately $216.5 million, the fifth largest depository institution in the market, con- representing approximately 1.6 percent of market deposits. trolling deposits of approximately $125.4 million, repre- On consummation of the proposal, BNPP would operate senting approximately 9.5 percent of market deposits. UCB the fourth largest depository institution in the market, is the eighth largest depository institution in the market, controlling deposits of approximately $905.2 million, repcontrolling deposits of approximately $39.6 million, repre- resenting approximately 6.7 percent of market deposits. senting approximately 3 percent of market deposits. On The HHI would increase 16 points to 1220. consummation of the proposal, BNPP would operate the San Francisco-Oakland-San Jose. The San Franciscofourth largest depository institution in the market, control- Oakland-San Jose banking market is defined as the San ling deposits of approximately $165.1 million, representing Francisco-Oakland-San Jose RMA and the towns of Hollisapproximately 12.5 percent of market deposits. The HHI ter, Pescadero, Point Reyes Station, and San Juan Bautista. would increase 58 points to 1438. BNPP operates the sixth largest depository institution in the Fresno. The Fresno banking market is defined as the market, controlling deposits of approximately $4.6 billion, Fresno RMA and the towns of Chowchilla, Dinuba, Or- representing approximately 3.4 percent of market deposits. ange Cove, Parlier, and Reedley. BNPP operates the eighth UCB is the 14th largest depository institution in the market, largest depository institution in the market, controlling controlling deposits of approximately $1.5 billion, repredeposits of approximately $207.1 million, representing ap- senting approximately 1.1 percent of market deposits. On proximately 3.9 percent of market deposits. UCB is the consummation of the proposal, BNPP would operate the ninth largest depository institution in the market, control- fourth largest depository institution in the market, controlling deposits of approximately $185.7 million, representing ling deposits of approximately $6.1 billion, representing approximately 3.5 percent of market deposits. On consum- approximately 4.5 percent of market deposits. The HHI mation of the proposal, BNPP would operate the third would increase 7 points to 1476. largest depository institution in the market, controlling Stockton. The Stockton banking market is defined as the deposits of approximately $392.7 million, representing ap- Stockton RMA and the towns of Gait, Lockeford, Manteca, proximately 7.4 percent of market deposits. The HHI and Walnut Grove. BNPP operates the ninth largest deposiwould increase 27 points to 1470. tory institution in the market, controlling deposits of approxi- Hanford. The Hanford banking market is defined as the mately $127.4 million, representing approximately 1.9 percity of Hanford and the towns of Lemoore, Corcoran, and cent of market deposits. UCB is the 26th largest depository Riverdale. BNPP operates the sixth largest depository insti- institution in the market, controlling deposits of approxitution in the market, controlling deposits of approximately mately $7.7 million, representing less than 1 percent of $20.8 million, representing approximately 3.9 percent of market deposits. On consummation of the proposal, BNPP market deposits. UCB is the third largest depository institu- would operate the ninth largest depository institution in the tion in the market, controlling deposits of approximately market, controlling deposits of approximately $135.1 mil- $93.8 million, representing approximately 17.5 percent of lion, representing approximately 2 percent of market demarket deposits. On consummation of the proposal, BNPP posits. The HHI would remain unchanged at 1875. would operate the second largest depository institution Visalia. The Visalia banking market is defined as the in the market, controlling deposits of approximately Visalia RMA and the towns of Lindsay, Three Rivers, $114.6 million, representing approximately 21.4 percent of Tipton, and Orosi. BNPP operates the seventh largest demarket deposits. The HHI would increase 135 points to 1554. pository institution in the market, controlling deposits of Modesto. The Modesto banking market is defined as the approximately $65.7 million, representing approximately Modesto RMA and the towns of Crows Landing, Gustine, 4.3 percent of market deposits. UCB is the ninth largest Hilmar, Newman, Patterson, and Ripon. BNPP operates the depository institution in the market, controlling deposits of eighth largest depository institution in the market, control- approximately $56.9 million, representing approximately ling deposits of approximately $177.6 million, representing 3.7 percent of market deposits. On consummation of the approximately 4.7 percent of market deposits. UCB is the proposal, BNPP would operate the fourth largest depositenth largest depository institution in the market, control- tory institution in the market, controlling deposits of ap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 30 proximately $122.6 million, representing approximately In acting on an application to establish a representative 8.1 percent of market deposits. The HHI would increase office, the IBA and Regulation K provide that the Board 32 points to 1473. shall take into account whether the foreign bank engages directly in the business of banking outside the United States and has furnished to the Board the information it ORDERS ISSUED UNDER INTERNATIONAL BANKING needs to assess the application adequately. The Board also ACT shall take into account whether the foreign bank and any foreign bank parent is subject to comprehensive supervi- ICICI Bank Limited sion or regulation on a consolidated basis by its home country Mumbai, India supervisor.4 The Board may take into account additional standards set forth in the IBA and Regulation K.5 Order Approving Establishment of a Representative As noted above, Bank engages directly in the business of Office banking outside the United States through its banking operations in India. Bank also has provided the Board with ICICI Bank Limited ("Bank"), Mumbai, India, a foreign the information necessary to assess the application through bank within the meaning of the International Banking Act submissions that address the relevant issues. ("IBA"), has applied under section 10(a) of the IBA With respect to home country supervision of Bank, the (12 U.S.C. § 3107(a)) to establish a representative office in Board has considered the following information. The RBI New York, New York. The Foreign Bank Supervision is the principal supervisory authority of Bank.6 The RBI Enhancement Act of 1991, which amended the IBA, pro- supervises and regulates Bank through a combination of vides that a foreign bank must obtain the approval of the regular on-site reviews and off-site monitoring. On-site Board to establish a representative office in the United examinations cover the major areas of operation, capital States. adequacy, management (including risk management strate- Notice of the application, affording interested persons an gies), asset quality (including detailed loan portfolio analyopportunity to submit comments, has been published in a sis), earnings, liquidity, and internal controls and procenewspaper of general circulation in New York (The New dures. OflF-site monitoring is conducted through the review York Post, May 21, 2001). The time for filing comments of required quarterly reports on asset quality, earnings, has expired, and all comments have been considered. liquidity, capital adequacy, loans, and on- and off-balance- Bank, with total consolidated assets of $4.7 billion,1 is sheet exposures. The RBI monitors the foreign activities of the 24th largest bank in India. ICICI Limited, Mumbai, Indian banks using guidelines designed to ensure that banks India, owns approximately 46 percent of the voting stock identify, control, and minimize risk in the bank and any of of Bank;2 the remaining shares of Bank are widely held. A its joint ventures and subsidiaries. The RBI also periodiprivate sector bank, Bank engages primarily in corporate cally audits Indian banks' foreign operations. and retail banking and foreign exchange operations. Bank Bank is required to be audited on an annual basis by a operates 389 branches in India, but currently has no foreign firm of chartered accountants approved by the RBI, and the offices. ICICI Limited engages in a broad range of banking audit report is submitted to the RBI. The scope of the and financial activities.3 ICICI Limited is scheduled to required audit includes a review of financial statements, merge with and into Bank on March 26, 2002, pending asset quality, internal controls, and anti-money laundering approval of the merger by the Reserve Bank of India procedures. Bank also prepares financial statements accord- ("RBI"). The merged entity would be the second largest bank in India. The proposed representative office is intended to facili- 4. See 12 U.S.C. § 3107(a)(2); 12CFR 211.24(d)(2). In assessing tate Bank's business in cross-border loans and increase its this standard, the Board considers, among other factors, the extent to which the home country supervisors: share of nonresident Indian deposits by promoting Bank's (i) Ensure that the bank has adequate procedures for monitoring products and services to existing and potential customers and controlling its activities worldwide; in the United States. The proposed office will engage in (ii) Obtain information on the condition of the bank and its soliciting loans and executing loan documents, soliciting subsidiaries and offices through regular examination reports, purchasers of loans and parties to contract for the servicing audit reports, or otherwise; (iii) Obtain information on the dealings with and relationship of loans, conducting research, and acting as a liaison with between the bank and its affiliates, both foreign and domestic; Bank's customers and correspondents. (iv) Receive from the bank financial reports that are consolidated on a worldwide basis, or comparable information that permits analysis of the bank's financial condition on a worldwide consolidated basis; (v) Evaluate prudential standards, such as capital adequacy and 1. Data are as of March 31, 2001. risk asset exposure, on a worldwide basis. These are indicia of 2. Life Insurance Corporation of India and General Insurance Cor- comprehensive, consolidated supervision. No single factor is poration of India own approximately 12 percent and 11 percent, essential and other elements may inform the Board's determirespectively, of ICICI Limited's shares. nation. 3. A subsidiary of ICICI Limited, ICICI Infotech Inc., has opera- 5. See 12 U.S.C. § 3105(d)(3) and (4); 12 CFR 211.24(c)(2). tions in the United States. ICICI Infotech Inc. engages in information 6. The RBI also supervises and regulates ICICI Limited as a technology consulting and outsourcing and software design activities. nonbank financial institution. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 Federal Reserve Bulletin • April 2002 ing to U.S. generally accepted accounting principles in of Bank and any affiliate of Bank that the Board deems connection with its listing of American Depository Shares necessary to determine and enforce compliance with the on the New York Stock Exchange; the statements are IBA, the Bank Holding Company Act, and other applicable subject to annual external audit. In addition, Bank conducts federal law. To the extent that the provision of such inforinternal audits of its offices and operations based on an mation may be prohibited or impeded by law or otherwise, annual schedule. The proposed representative office would Bank has committed to cooperate with the Board to obtain be subject to annual internal audits to determine compli- any necessary consents or waivers that might be required ance with internal controls and RBI guidelines. from third parties in connection with disclosure of certain Although India does not currently have a law that specif- information. In addition, subject to certain conditions, the ically criminalizes money laundering, the RBI has issued RBI may share information on Bank's operations with guidelines relating to money laundering, including "know other supervisors, including the Board. In light of these your customer" and record retention requirements.7 Bank commitments and other facts of record, and subject to the has established policies and procedures to comply with the condition described below, the Board has concluded that RBI's regulations. Bank has also taken additional steps on Bank has provided adequate assurances of access to any its own initiative to combat money laundering and other necessary information the Board may request. illegal activities. Bank has adopted suspicious activity On the basis of all the facts of record, and subject to the reporting procedures, including a detailed checklist of ac- commitments made by Bank, as well as the terms and tivities deemed suspicious and explicit steps to follow in conditions set forth in this order, Bank's application to monitoring unusual or suspicious transactions. Bank has establish a representative office in New York is hereby indicated that it follows the financial-institution-specific approved.9 If any restrictions on access to information on recommendations of the Financial Action Task Force. the operations or activities of Bank or any of its affiliates Based on all of the facts of record, it has been deter- subsequently interfere with the Board's ability to determined that factors relating to the supervision of Bank by its mine and enforce compliance by Bank or its affiliates with home country supervisor are consistent with approval of applicable federal statutes, the Board may require or recthe proposed representative office. ommend termination of any of Bank's direct or indirect The Board has taken into account the additional stan- activities in the United States. Approval of this application dards set forth in the IBA and in Regulation K.8 The RBI also is specifically conditioned on compliance by Bank and has granted Bank approval to establish the proposed office. ICICI Limited with the commitments made in connection With respect to the financial and managerial resources of with this application and with the conditions in this order.10 Bank, taking into consideration Bank's record of opera- The commitments and conditions referred to above are tions in its home country, its overall financial resources, conditions imposed in writing by the Board in connection and its standing with its home country supervisor, the with its decision and may be enforced in proceedings Board has determined that financial and managerial consid- against Bank, its offices, and its affiliates under applicable erations are consistent with approval. In addition, Bank law. appears to have the experience and capacity to support the By order, approved pursuant to authority delegated by proposed office and has established controls and proce- the Board, effective February 25, 2002. dures in the office to ensure compliance with applicable U.S. law, as well as controls and procedures for its world- ROBERT DEV. FRIERSON wide operations generally. Deputy Secretary of the Board With respect to access to information, the Board has reviewed the restrictions on disclosure in relevant jurisdictions in which Bank operates and has communicated with 9. Approved by the Director of the Division of Banking Supervision and Regulation, with the concurrence of the General Counsel, pursurelevant government authorities about access to informaant to authority delegated by the Board. tion. Bank and ICICI Limited have committed to make 10. The Board's authority to approve the establishment of the available to the Board such information on the operations proposed office parallels the continuing authority of the State of New York to license offices of a foreign bank. The Board's approval of this application does not supplant the authority of the State of New York 7. There are also currently restrictions on foreign exchange transac- or its agent, the New York State Banking Department ("Departtions in India. ment"), to license the proposed office of Bank in accordance with any 8. See 12 U.S.C. § 3105(d)(3) and (4); 12C.F.R. 211.24(c)(2). terms or conditions that the Department may impose. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 229 INDEX OF ORDERS ISSUED OR ACTIONS TAKEN BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (OCTOBER 1, 2001 - DECEMBER 31, 2001) Bulletin Volume Applicant Merged or Acquired Bank of Activity Date of Approval and Page The Annapolis Banking and Trust To operate a mobile branch by providing December 26, 2002 131 Company, a courier service to collect noncash Annapolis, Maryland deposits from business customers in Annapolis and Anne Arundel County, Maryland BNP Paribas, BancWest Corporation, December 4, 2001 97 Paris, France Honolulu, Hawaii Bank of the West, San Francisco, California First Hawaiian Bank, Honolulu, Hawaii Caixa de Aforros de Vigo, Ourense e To establish an agency in Miami, Florida December 20, 2001 88, 132 Pontevedra, Vigo, Spain Caja de Ahorros y Monte de Piedad de To establish an agency in Miami, Florida October 31, 2001 87, 785 Madrid, Madrid, Spain Chickasaw Banc Holding Company, First Bancorp in Davidson, Inc., December 14, 2001 88, 99 Yukon, Oklahoma Davidson, Oklahoma First State Bank Inc., Davidson, Oklahoma First National Bank of Oklahoma, Ponca City, Oklahoma Independence Bancshares, Inc., Fairbank Bancshares Corporation, December 21, 2001 88, 101 Independence, Iowa Fairbank, Iowa Fairbank State Bank, Fairbank, Iowa International Bancshares Corporation, National Bancshares Corporation of October 26, 2001 87, 111 Laredo, Texas Texas, San Antonio, Texas NBC Bank, N.A., Eagle Pass, Texas Jamaica National Building Society, To establish a representative office in November 6, 2001 88, 59 Kingston, Jamaica Fort Lauderdale, Florida Kookmin Bank, To establish branches in New York, October 31, 2001 87, 786 Seoul, Korea New York Housing & Commercial Bank, Seoul, Korea Mcllroy Bank & Trust, Central Bank and Trust, October 31, 2001 87, 783 Fayetteville, Arkansas Little Rock, Arkansas The Farmers & Merchant Bank, Prairie Grove, Arkansas Springdale Bank & Trust, Springdale, Arkansas North Fork Bancorporation, Inc., Commercial Bank of New York, October 24, 2001 87, 779 Melville, New York New York, New York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 Federal Reserve Bulletin • April 2002 Index of Orders Issued—Continued Bulletin Volume Applicant Merged or Acquired Bank of Activity Date of Approval and Page The Royal Bank of Scotland Group pic, Citizens Bank of Pennsylvania, November 9, 2001 88, 51 Edinburgh, Scotland Philadelphia, Pennsylvania The Royal Bank of Scotland pic, Citizens Bank, Edinburgh, Scotland Wilmington, Delaware RBSG International Holdings Ltd., Mellon Financial Corporation, Edinburgh, Scotland Pittsburgh, Pennsylvania Citizens Financial Group, Inc., Providence, Rhode Island SunTrust Bank, The Hunington National Bank, December 17, 2001 88, 122 Atlanta, Georgia Columbus, Ohio SunTrust Banks, Inc., Atlanta, Georgia Wells Fargo & Company, Texas Financial Bancorporation, Inc., December 20, 2001 88, 103 San Francisco, California Minneapolis, Minnesota First State Bank of Texas, Denton, Texas First National Bank of Texas, Decatur, Texas Bank of Santa Fe, Santa Fe, New Mexico Marquette Bank of Monmouth, Monmouth, Illinois Marquette Bank, National Association, Rogers, Minnesota Marquette Bank of Morrison, Morrison, Illinois Marquette Capital Bank, N.A., Wayzata, Minnesota Meridian Capital Bank, Milwaukee, Wisconsin The First National Bank & Trust Co. of Baraboo, Baraboo, Wisconsin APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT By the Secretary of the Board Recent applications have been approved by the Secretary of the Board as listed below. Copies are available upon request to the Freedom of Information Office, Office of the Secretary, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Section 3 Applicant(s) Bank(s) Effective Date TrustCo Bank Corp NY, Troy Financial Corporation, January 11, 2002 Glenville, New York Troy, New York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 231 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 Central Bancshares, Inc., Marquette Bank Illinois, Chicago February 13, 2002 Muscatine, Iowa Galesburg, Illinois Chittenden Corporation, Ocean National Corporation, Boston February 13, 2002 Burlington, Vermont Kennebunk, Maine Ocean National Bank, Kennebunk, Maine Citizens Bancshares Employee Citizens Bancshares, Inc., Kansas City February 11, 2002 Stock Ownership Plan, Edmond, Oklahoma Edmond, Oklahoma Dakota Bancshares, Inc., The Midway National Bank of St. Paul, Minneapolis February 6, 2002 Mendota Heights, Minnesota St. Paul, Minnesota First Merchants Corporation, Lafayette Bancorporation, Chicago February 22, 2002 Muncie, Indiana Lafayette, Indiana Lafayette Bank and Trust Company, Lafayette, Indiana First Reliance Bancshares, Inc., First Reliance Bank, Richmond February 25, 2002 Florence, South Carolina Florence, South Carolina First Service Financial Company, FirstService Bank, St. Louis February 1, 2002 Crestwood, Missouri Crestwood, Missouri Folkston Investors, LLC, First National Corporation, Atlanta February 25, 2002 Savannah, Georgia Folkston, Georgia Grant County State Bancshares, Inc. Grant County State Bancshares, Chicago February 28, 2002 Employees Stock Ownership Swayzee, Indiana Plan, Swayzee, Indiana Lauritzen Corporation, First National of Nebraska, Inc., Kansas City February 15, 2002 Omaha, Nebraska Omaha, Nebraska Macatawa Bank Corporation, Grand Bank Financial Corporation, Chicago January 25, 2002 Holland, Michigan Grand Rapids, Michigan Grand Bank, Grand Rapids, Michigan Marshall & Ilsley Corporation, Century Bancshares, Inc., Chicago February 11, 2002 Milwaukee, Wisconsin Eden Prairie, Minnesota Century Bank, N.A., Eden Prairie, Minnesota Marshall & Ilsley Corporation, Richfield State Agency, Inc., Chicago February 11, 2002 Milwaukee, Wisconsin Richfield, Minnesota Richfield Bank & Trust Company, Richfield, Minnesota Maunesha Bancshares, Inc., Farmers & Merchants State Bank, Chicago February 12, 2002 Waterloo, Wisconsin Waterloo, Wisconsin New Frontier Bancorp, New Frontier Bank, Kansas City February 1, 2002 Greeley, Colorado Greeley, Colorado Odin Bancshares, Inc., Odin State Bank, Minneapolis January 24, 2002 Odin, Minnesota Odin, Minnesota Riverdale Bancshares, Inc., State Bank of Riverdale, Kansas City February 15, 2002 Riverdale, Nebraska Riverdale, Nebraska Signature Bancorp, Inc., Signature Bank, National Association, Cleveland February 8, 2002 Toledo, Ohio Toledo, Ohio Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 Federal Reserve Bulletin • April 2002 Section 3—Continued Applicant(s) Bank(s) Reserve Bank Effective Date TCSB Bancorp, Traverse City State Bank, Chicago February 8, 2002 Traverse City, Michigan Traverse City, Michigan Tennessee Valley Financial TNBANK, Atlanta February 21, 2002 Holdings, Inc., Oak Ridge, Tennessee Oak Ridge, Tennessee Washington Trust Bancorp, Inc. First Financial Corp., Boston February 4, 2002 Westerly, Rhode Island Providence, Rhode Island First Bank and Trust Company, Providence, Rhode Island Section 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date The Banc Corporation, CF Bancshares, Inc., Atlanta January 31, 2002 Birmingham, Alabama Port St. Joe, Florida Citizens Federal Savings Bank of Port St. Joe, Port St. Joe, Florida SouthTrust Corporation, Landmark Bancshares, Inc., Atlanta February 14, 2002 Birmingham, Alabama Euless, Texas SouthTrust of Alabama, Inc. Landmark Bank, Birmingham, Alabama Euless, Texas Wausa Bancshares, Inc., Anderson Insurance, Kansas City February 27, 2002 Wausa, Nebraska Bloomfield, Nebraska APPLICATIONS APPROVED UNDER BANK MERGER ACT By Federal Reserve Banks Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to the Reserve Banks. Applicant(s) Bank(s) Reserve Bank Effective Date The Bank, Citizens Federal Savings Bank, Atlanta January 31, 2002 Birmingham, Alabama Port St. Joe, Florida Bank of Mulberry, Bank of Mansfield, St. Louis January 28, 2002 Mulberry, Arkansas Mansfield, Arkansas Pacific State Bank, California Bank & Trust, San Francisco February 6, 2002 Stockton, California San Diego, California Regions Bank, First Bank of Texas, Atlanta February 21, 2002 Birmingham, Alabama Tomball, Texas Regions Bank, Park Meridian Bank, Atlanta February 21, 2002 Birmingham, Alabama Charlotte, North Carolina SouthTrust Bank, Landmark Bank, Atlanta February 14, 2002 Birmingham, Alabama Euless, Texas The State Bank & Trust Company, The Oakwood Deposit Bank Company, Cleveland February 2, 2002 Defiance, Ohio Oakwood, Ohio Town & Country Bank of Bank of Palmyra, Chicago February 25, 2002 Springfield, Palmyra, Illinois Springfield, Illinois Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 233 PENDING CASES INVOLVING THE BOARD OF GOVERNORS This list of pending cases does not include suits against the (D.D.C., filed August 3, 1999), also an employment dis- Federal Reserve Banks in which the Board of Governors is not crimination action. named a party. Howe v. Bank for International Settlements, No. 00CV12485 RCL (D. Mass., filed December 7, 2000). Action seeking Community Bank & Trust v. United States, No. 01-571C damages in connection with gold market activities and the (Ct. Fed. CI., filed October 3, 2001). Action challenging on repurchase by the Bank for International Settlements of its constitutional grounds the failure to pay interest on reserve privately-owned shares. accounts held at Federal Reserve Bank. Trans Union LLC v. Federal Trade Commission, et al., Laredo National Bancshares, Inc. v. Whalen v. Board of Gov- No. 01-5202 (D.C. Cir., filed June 4, 2001). Appeal of ernors, No. 01-CV-134 (S.D. Tex., removed on Septemdistrict court order entered April 30, 2001, upholding chalber 5, 2001, from No. 99CVQ00940-D3 (District Court, lenged provisions of an interagency rule regarding Privacy 341st Judicial District, Webb County, Texas, originally filed of Consumer Finance Information. July 26, 2001). Third-party petition seeking indemnification or contribution from the Board in connection with a claim Albrecht v. Board of Governors, No. 00-CV-317 (CKK) asserted against defendant Whalen alleging tortious interfer- (D.D.C., filed February 18, 2000). Action challenging the ence with a contract. method of funding of the retirement plan for certain Board Radfar v. United States, No. 1:01CV1292 (PLF) (D.D.C., employees. On March 30, 2001, the district court granted in complaint filed June 11, 2001). Action under the Federal part and denied in part the Board's motion to dismiss. Tort Claims Act for injury on Board premises. Fraternal Order of Police v. Board of Governors, Artis v. Greenspan, No. 01-CV-0400(ESG) (D.D.C., complaint No. 1:98CV03116 (WBB)(D.D.C., filed December 22, filed February 22, 2001). Employment discrimination ac- 1998). Declaratory judgment action challenging Board lation. On August 15, 2001, the district court consolidated the bor practices. On February 26, 1999, the Board filed a action with Artis v. Greenspan, No. 99-CV-2073 (EGS) 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 TABLES Federal Finance—Continued A27 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 A32 Domestic finance companies—Assets and liabilities Federal Reserve Banks A33 Domestic finance companies—Owned and managed A10 Condition and Federal Reserve note statements receivables All Maturity distribution of loan and security holding Real Estate A34 Mortgage markets—New homes Monetary and Credit Aggregates A3 5 Mortgage debt outstanding A12 Aggregate reserves of depository institutions and monetary base A13 Money stock and debt measures Consumer Credit A36 Total outstanding Commercial Banking Institutions— A3 6 Terms Assets and Liabilities A15 All commercial banks in the United States Flow of Funds A16 Domestically chartered commercial banks A37 Funds raised in U.S. credit markets A17 Large domestically chartered commercial banks A39 Summary of financial transactions A19 Small domestically chartered commercial banks A40 Summary of credit market debt outstanding A20 Foreign-related institutions A41 Summary of financial assets and liabilities Financial Markets DOMESTIC NONFINANCIAL STATISTICS A22 Commercial paper 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

38 Federal Reserve Bulletin • April 2002 INTERNATIONAL STATISTICS Reported by Nonbanking Business Enterprises in the United States Summary Statistics A58 Liabilities to unaffiliated foreigners A50 U.S. international transactions A59 Claims on unaffiliated foreigners A51 U.S. foreign trade A51 U.S. reserve assets Securities Holdings and Transactions A51 Foreign official assets held at Federal Reserve A60 Foreign transactions in securities Banks A61 Marketable U.S. Treasury bonds and A52 Selected U.S. liabilities to foreign official notes—Foreign transactions institutions Interest and Exchange Rates Reported by Banks in the United States A62 Foreign exchange rates A52 Liabilities to, and claims on, foreigners A53 Liabilities to foreigners A55 Banks' own claims on foreigners A63 GUIDE TO SPECIAL TABLES AND A56 Banks' own and domestic customers' claims on STATISTICAL RELEASES foreigners A56 Banks' own claims on unaffiliated foreigners A64 INDEX TO STATISTICAL TABLES A57 Claims on foreign countries—Combined domestic offices and foreign branches Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A3 Guide to Tables 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 in column heading Development when about half the figures in the column have IMF International Monetary Fund been revised from the most recently published IOs Interest only, stripped, mortgage-backed securities table.) IPCs Individuals, partnerships, and corporations * Amount insignificant in terms of the last decimal IRA Individual retirement account place shown in the table (for example, less than MMDA Money market deposit account 500,000 when the smallest unit given is in millions) MSA Metropolitan statistical area 0 Calculated to be zero NAICS North American Industry Classification System Cell not applicable NOW Negotiable order of withdrawal ABS Asset-backed security OCDs Other checkable deposits ATS Automatic transfer service OPEC Organization of Petroleum Exporting Countries BIF Bank insurance fund OTS Office of Thrift Supervision CD Certificate of deposit PMI Private mortgage insurance CMO Collateralized mortgage obligation POs Principal only, stripped, mortgage-backed securities CRA Community Reinvestment Act of 1977 REIT Real estate investment trust FAMC Federal Agriculture Mortgage Corporation REMICs Real estate mortgage investment conduits FFB Federal Financing Bank RHS Rural Housing Service FHA Federal Housing Administration RP Repurchase agreement FHLBB Federal Home Loan Bank Board RTC Resolution Trust Corporation FHLMC Federal Home Loan Mortgage Corporation SCO Securitized credit obligation FmHA Farmers Home Administration SDR Special drawing right FNMA Federal National Mortgage Association SIC Standard Industrial Classification FSA Farm Service Agency TIIS Treasury inflation-indexed securities FSLIC Federal Savings and Loan Insurance Corporation VA Department of Veterans Affairs G-7 Group of Seven 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 U.S. 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 NonfinancialS tatistics • April 2002 1.10 RESERVES, MONEY STOCK, AND DEBT MEASURES Percent annual rate of change, seasonally adjusted1 2001 2001 2002 MMoonneettaarryy oorr ccrreeddiitt aaggggrreeggaattee Qlr Q2r Q3r Q4' Sept.r Oct/ Nov/ Dec/ Jan. Reserves of depository institutions2 1 Total -2.1 1.9 72.3 -30.4 539.2 -257.6 -130.1 14.7 40.6 2 Required -3.6 4.3 10.9 23.3 4.2 162.8 -138.5 10.4 49.4 3 Nonborrowed .4 .9 61.0 -20.6 445.1 -201.8 -129.3 15.2 41.1 4 Monetary base3 5.8 6.3 14.4 6.6 46.7 -17.8 -1.4 9.9 13.8 Concepts of money and debt4 5 Ml 2.7 6.0 16.5 1.6 60.0 -42.7 2.3 15.2 3.3 6 M2 9.7 9.3 11.3 9.3 27.0 -2.5 9.4 8.9 2.2 7 M3 12.9 13.5 10.3 12.4 24.6 7.2 13.3 10.3 .0 8 Debt 4.8 5.9 5.7 7.0 8.0 5.8 7.6 7.0 n.a. Nontransaction components 9 In M25 11.7 10.2 9.9 11.4 17.8 9.0 11.3 7.2 1.9 10 In M3 only6 20.2 23.0 8.1 19.1 19.5 28.7 21.8 13.3 -4.5 Time and savings deposits Commercial banks 11 Savings, including MMDAs 17.9 20.1 19.7 23.3 32.6 12.4 28.3 23.0 18.8 12 Small time7 2.9 -7.6 -10.4 -12.7 -9.3 -11.8 -17.2 -20.0 -17.7 13 Large time8'9 .7 -1.0 -8.0 -5.9 -4.9 -4.9 -7.7 9.9 34.8 Thrift institutions 14 Savings, including MMDAs 6.9 22.0 25.2 26.6 22.9 33.6 25.2 13.4 24.0 15 Small time7 6.8 4.1 -4.9 -12.9 -5.5 -15.6 -17.2 -15.7 -21.0 16 Large time8 13.4 11.5 15.1 .4 11.5 1.0 -20.7 -12.7 8.5 Money market mutual funds 17 Retail 13.0 4.5 6.2 9.1 17.7 12.9 3.9 2.2 -19.9 18 Institution-only 47.2 49.7 27.2 49.2 58.3 76.1 33.0 26.2 -30.2 Repurchase agreements and eurodollars 19 Repurchase agreements10 -5.4 18.9 -8.1 -.8 -34.6 -13.3 56.0 2.9 2.6 20 Eurodollars10 34.6 7.0 -1.0 -1.7 10.1 -15.6 22.1 -14.5 -6.8 Debt components4 21 Federal -5.2 -7.0 3.1 3.9 12.3 .0 -.1 3.1 n.a. 22 Nonfederal 7.1 8.8 6.3 7.6 7.1 7.0 9.3 7.8 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 (7) 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 U.S. 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 2002 2001 2002 Nov. Dec. Jan. Dec. 19 Dec. 26 Jan. 2 Jan. 9 Jan. 16 Jan. 23 Jan. 30 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 616,947 628,846 631,094 627,354 633,773 642,794 631,589 629,102 631,915 627,668 U.S. government securities2 2 Bought outright—System account3 547,415 553,365 558,206 554,231 555,865 553,844 556,350 558,463 557,929 561,041 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 32,049 38.552 34,752 36,593 41,743 50,714 36,929 32,971 35,929 28,464 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 50 23 45 12 36 10 155 8 21 11 9 Seasonal credit 33 35 15 35 36 31 12 10 17 19 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 479 701 384 730 169 1,119 921 -83 96 25 13 Other Federal Reserve assets 36,911 36,160 37,683 35,742 35,915 37,065 37,213 37,723 37,913 38,098 14 Gold stock 11,045 11,045 11,045 11,045 11,045 11,045 11,045 11,045 11,045 11,045 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 33,104 33,167 33,229 33,167 33,181 33,195 33,209 33,223 33,237 33,251 ABSORBING RESERVE FUNDS 17 Currency in circulation 622,206 632,828 634,076 630,596 638,670 643,222 639,058 632,744 631,965 630,280 18 Reverse repurchase agreements—triparty4 .. . 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 435 434 425 440 425 426 428 432 417 422 Deposits, other than reserve balances, with Federal Reserve Banks 20 Treasury 5,131 5,274 6,999 5,864 4,645 5,982 5,053 5,712 7,099 9,170 21 Foreign 213 253 185 290 344 130 104 271 135 263 22 Service-related balances and adjustments . . 8,012 8,901 8,980 9,134 8,972 9,061 8,867 8,892 9,206 8,927 23 Other 267 247 241 221 207 402 187 232 223 237 24 Other Federal Reserve liabilities and capital . . 17,910 17,841 17,527 17,966 17,756 17,410 17,446 17,693 17,594 17,501 25 Reserve balances with Federal Reserve Banks5 9,123 9,480 9,135 9,254 9,180 12,601 6,900 9,594 11,758 7,364 End-of-month figures Wednesday figures Nov. Dec. Jan. Dec. 19 Dec. 26 Jan. 2 Jan. 9 Jan. 16 Jan. 23 Jan. 30 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 624,228 638,778 640,289 629,355 643,505 642,213 633,422 627,757 658,288 635,350 U.S. government securities2 2 Bought outright—System account3 550,314 551,675 561,376 555,584 555,997 554,845 557,614 559,730 560,195 562,933 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 36,500 50,250 37,500 37,700 50,250 49,500 37,500 30,900 56,500 32,250 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 3 4 10 10 13 5 1,005 2 42 12 9 Seasonal credit 35 30 9 34 32 27 8 12 20 14 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 1,523 -23 3,656 24 1,166 848 -92 -645 3,411 1,751 13 Other Federal Reserve assets 35,842 36,832 37,728 35,993 36,038 36,979 37,376 37,748 38,110 38,380 14 Gold stock 11,045 11,045 11,045 11,045 11,045 11,045 11,045 11,045 11,045 11,045 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 33,139 33,195 33,265 33,167 33,181 33,195 33,209 33,223 33,237 33,251 ABSORBING RESERVE FUNDS 17 Currency in circulation 624,672 643,479 630,936 634,598 642,191 643,611 636,394 632,241 632,344 631,321 18 Reverse repurchase agreements—triparty4 .. . 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 434 425 415 425 425 427 435 416 423 415 Deposits, other than reserve balances, with Federal Reserve Banks 20 Treasury 6,219 6,645 13,688 7,174 4,856 7,400 5,107 6,719 9,850 13,340 21 Foreign 528 61 162 622 233 96 81 88 284 434 22 Service-related balances and adjustments . . 8,525 9,061 9,017 9,134 8,972 9,061 8,867 8,892 9,206 8,927 23 Other 236 820 286 208 223 225 184 238 220 228 24 Other Federal Reserve liabilities and capital . . 18,101 17,083 17,385 17,698 17,429 17,219 17,409 17,464 17,402 17,427 25 Reserve balances with Federal Reserve Banks5 11,896 7,643 14,909 5,907 15,602 10,612 11,400 8,166 35,039 9,754 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 • April 2002 1.12 RESERVES AND BORROWINGS Depository Institutions' Millions of dollars Prorated monthly averages of biweekly averages RRReeessseeerrrvvveee ccclllaaassssssiiifffiiicccaaatttiiiooonnn 1999 2000 2001 2001 2002 Dec. Dec. Dec. July Aug. Sept. Oct. Nov. Dec. Jan. 11111 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss22222 5,262 7,022 9,059r 7,693 7,578 25,633 12,552 8,944 9,059r 10,010 22222 TTTTToooootttttaaaaalllll vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh33333 60,619 45,245 43,918 43,910 44,007 43,436 45,021 43,065 43,918 45,731 33333 AAAAAppppppppppllllliiiiieeeeeddddd vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh44444 36,392 31,451 31,896 31,644 32,090 31,934 32,509 31,214 31,896 33,465 44444 SSSSSuuuuurrrrrpppppllllluuuuusssss vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh55555 24,227 13,794 12,023r 12,266 11,917 11,502 12,512 11,851 12,023r 12,266 55555 TTTTToooootttttaaaaalllll rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss66666 41,654 38,473 40,955r 39,337 39,668 57,567 45,061 40,158 40,955r 43,476 66666 RRRRReeeeeqqqqquuuuuiiiiirrrrreeeeeddddd rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 40,357 37,046 39,315r 37,929 38,459 38,549 43,739 38,672 39,315r 42,070 77777 EEEEExxxxxccccceeeeessssssssss rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss77777 1,297 1,427 1,641 1,408 1,209 19,019 1,321 1,487 1,641 1,405 88888 TTTTToooootttttaaaaalllll bbbbbooooorrrrrrrrrrooooowwwwwiiiiinnnnnggggg aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 320 210 67 283 183 3,385 127 84 67 50 99999 AAAAAdddddjjjjjuuuuussssstttttmmmmmeeeeennnnnttttt 179 99 34 109 19 3,292 60 51 34 33 1111100000 SSSSSeeeeeaaaaasssssooooonnnnnaaaaalllll 67 111 33 174 164 93 67 33 33 17 1111111111 SSSSSpppppeeeeeccccciiiiiaaaaalllll LLLLLiiiiiqqqqquuuuuiiiiidddddiiiiitttttyyyyy FFFFFaaaaaccccciiiiillllliiiiitttttyyyyy88888 74 0 1111122222 EEEEExxxxxttttteeeeennnnndddddeeeeeddddd cccccrrrrreeeeedddddiiiiittttt''''' 0 0 0 0 ' 0 0 0 ' 0 0 0 Biweekly averages of daily figures for two-week periods ending on dates indicated 2001 2002 Oct. 3 Oct. 17 Oct. 31 Nov. 14 Nov. 28 Dec. 12 Dec. 26 Jan. 9 Jan. 23 Feb. 6 11111 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss22222 9,514 13,892 11,863 8,314 9,626 8,587 9,219 9,747r 10,646 9,196 22222 TTTTToooootttttaaaaalllll vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh33333 44,254 45,739 44,469 43,504 42,766 42,081 45,197 44,748 43,724 50,352 33333 AAAAAppppppppppllllliiiiieeeeeddddd vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh44444 33,254 32,469 32,390 30,969 31,528 30,727 32,659r 32,566r 32,570 36,044 44444 SSSSSuuuuurrrrrpppppllllluuuuusssss vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh55555 11,000 13,270 12,079 12,535 11,238 11,355 12,539' 12,182r 11,153 14,308 55555 TTTTToooootttttaaaaalllll rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss66666 42,768 46,361 44,253 39,283 41,154 39,314 41,878r 42,313r 43,216 45,240 66666 RRRRReeeeeqqqqquuuuuiiiiirrrrreeeeeddddd rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 40,022 45,363 42,913 37,741 39,707 37,938 40,018 40,65 lr 41,972 43,840 77777 EEEEExxxxxccccceeeeessssssssss rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss77777 2,745 997 1,340 1,542 1,447 1,375 1,860 1,662 1,244 1,399 88888 TTTTToooootttttaaaaalllll bbbbbooooorrrrrrrrrrooooowwwwwiiiiinnnnnggggg aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 613 82 69 119 53 60 60 105 28 26 99999 AAAAAdddddjjjjjuuuuussssstttttmmmmmeeeeennnnnttttt 538 8 10 84 22 26 24 83 15 8 1111100000 SSSSSeeeeeaaaaasssssooooonnnnnaaaaalllll 75 74 59 35 32 34 36 22 14 18 1111111111 SSSSSpppppeeeeeccccciiiiiaaaaalllll LLLLLiiiiiqqqqquuuuuiiiiidddddiiiiitttttyyyyy FFFFFaaaaaccccciiiiillllliiiiitttttyyyyy88888 1111122222 EEEEExxxxxttttteeeeennnnndddddeeeeeddddd cccccrrrrreeeeedddddiiiiittttt 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 3/2 O 2 n / 02 Effective date Previous rate 3/2 O 2 n /0 2 Effective date Previous rate 3/2 O 2 n /0 2 Effective date Previous rate Boston 1.25 12/11/01 1.50 1.85 3/21/02 1.80 2.35 3/21/02 2.30 New York 12/11/01 Philadelphia 12/11/01 Cleveland 12/13/01 Richmond 12/13/01 Atlanta 12/13/01 Chicago 12/11/01 St. Louis 12/12/01 Minneapolis 12/13/01 Kansas City 12/13/01 Dallas 12/13/01 San Francisco 1.25 12/11/01 1.50 1.85 3/21/02 1.80 2.35 3/21/02 2.30 Range of rates for adjustment credit in recent years4 Range (or F.R. Bank Range(or F.R. Bank Range (or F.R. Bank level)—All of level)—All of Effective date level)—All of F.R. Banks N.Y. F.R. Banks N.Y. F.R. Banks N.Y. 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 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 3-3.5 3 18 2.50 2.50 30 10 10 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. 6 1.50-2.00 1.50 Nov. 22 9-9.5 9 18 3.5 3.5 8 1.50 1.50 26 9 9 Aug. 16 3.5-4 4 Dec. 11 1.25-1.50 1.25 Dec. 14 8.5-9 9 18 4 4 13 1.25 1.25 15 8.5-9 8.5 Nov. 15 4^1.75 4.75 17 8.5 8.5 17 4.75 4.75 In effect Mar. 22, 2002 1.25 1.25 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. 5.00-5.25 5.00 Dec. 24 8 8 Feb. 5.00 5.00 1985—May 20 7.5-8 7.5 1998—Oct. 15 4.75-5.00 4.75 2 4 7.5 7.5 16 4.75 4.75 Nov. 17 4.50-4.75 4.50 1986—Mar. 7 7-7.5 7 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 11 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://www.federalreserve.gov/releases/H15/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 Nonfinancial Statistics • April 2002 t.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Requirement Type of deposit Net transaction accounts- 1 $0 million-$41.3 million3 12/27/01 2 More than $41.3 million4 . 12/27/01 3 Nonpersonal time deposits5 12/27/90 4 Eurocurrency liabilities6 . 12/27/90 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. Effective with the reserve Bulletin. Under the Monetary Control Act of 1980, depository institutions include commercial maintenance period beginning December 27, 2001, 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 17, 2002, for institutions that report quarterly, foreign banks, and Edge Act corporations. the exemption was raised from $5.5 million to $5.7 million. 2. Transaction accounts include all deposits against which the account holder is permitted 4. The reserve requirement was reduced from 12 percent to 10 percent on April 2, 1992, to make withdrawals by negotiable or transferable instruments, payment orders of with- for institutions that report weekly, and on April 16, 1992, for institutions that report quarterly. drawal, or telephone or preauthorized transfers for the purpose of making payments to third 5. For institutions 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 from 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 December 13, 1990, and to zero for the maintenance by check, draft, debit card, or similar order payable directly to third parties) are savings period that began December 27, 1990. For institutions that report quarterly, the reserve deposits, not transaction accounts. requirement on nonpersonal time deposits with an original maturity of less than 1.5 years was 3. The Monetary Control Act of 1980 requires that the amount of transaction accounts reduced from 3 percent to zero on January 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, determined years or more has been zero since October 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 27, 2001. 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 17, 2002, for institutions that report quarterly, the amount was decreased deposits with an original maturity of less than 1.5 years (see note 5). from $42.8 million to $41.3 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 11999999 22000000 22000011 aanndd mmaattuurriittyy June July Aug. Sept. Oct. Nov. Dec. U.S. TREASURY SECURITIES2 Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 0 8,676 15,503 2,165 718 2,899 348 772 3,075 812 2 Gross sales 0 0 0 0 0 0 0 0 0 0 3 Exchanges 464,218 477,904 542,736 40,363 42,001 55,231 42,268 44,132 59,292 43,771 4 For new bills 464,218 477,904 542,736 40,363 42,001 55,231 42,268 44,132 59,292 43,771 5 Redemptions 0 24,522 10,095 0 0 0 1,543 0 0 0 Others within one year 6 Gross purchases 11,895 8,809 15,663 1,410 235 1,385 0 1,411 1,408 2,942 7 Gross sales 0 0 0 0 0 0 0 0 0 0 8 Maturity shifts 50,590 62,025 70,336 0 7,088 9,379 0 6,535 5,873 5,235 9 Exchanges -53,315 -54,656 -72,004 0 -7,667 -6,873 0 -11,809 -9,559 -6,666 10 Redemptions 1,429 3,779 16,802 0 4,668 1,055 0 473 0 0 One to five years 11 Gross purchases 19,731 14,482 22,814 1,428 4,193 810 851 22 1,920 634 12 Gross sales 0 0 0 0 0 0 0 0 0 0 13 Maturity shifts ^14,032 -52,068 -45,211 0 1,838 -9,379 0 -2,164 -3,073 -5,235 14 Exchanges 42,604 46,177 64,519 0 7,667 5,290 0 11,809 7,967 6,666 Five to ten years 15 Gross purchases 4,303 5,871 6,003 0 756 935 0 422 459 101 16 Gross sales 0 0 0 0 0 0 0 0 0 0 17 Maturity shifts -5,841 -6,801 -21,063 0 -8,926 1,043 0 ^t,372 -1,824 0 18 Exchanges 7,583 6,585 6,063 0 0 1,043 0 0 1,592 0 More than ten years 19 Gross purchases 9,428 5,833 8,531 1,419 815 720 0 1,184 0 448 20 Gross sales 0 0 0 0 0 0 0 0 0 0 21 Maturity shifts -717 -3,155 -4,062 0 0 -1,043 0 0 -975 0 22 Exchanges 3,139 1,894 1,423 0 0 540 0 0 0 0 All maturities 23 Gross purchases 45,357 43,670 68,513 6,422 6,716 6,749 1,199 3,811 6,862 4,937 24 Gross sales 0 0 0 0 0 0 0 0 0 0 25 Redemptions 1,429 28,301 26,897 0 4,668 1,055 1,543 473 0 0 Matched transactions 26 Gross purchases 4,413,430 4,415,905 4,722,667 367,462 392,721 406,143 508,129 431,887 377,247 387,033 27 Gross sales 4,431,685 4,397,835 4,724,743 366,411 394,381 405,627 515,429 425,110 378,129 390,617 Repurchase agreements 28 Gross purchases 281,599 0 0 0 0 0 0 0 0 0 29 Gross sales 301,273 0 0 0 0 0 0 0 0 0 30 Net change in U.S. Treasury securities 5,999 33,439 39,540 7,472 388 6,211 -7,645 10,114 5,980 1,354 FEDERAL AGENCY OBLIGATIONS Outright transactions 31 Gross purchases 0 0 0 0 0 0 0 0 0 0 32 Gross sales 0 0 0 0 0 0 0 0 0 0 33 Redemptions 157 51 120 0 0 0 0 0 0 0 Repurchase agreements 34 Gross purchases 360,069 0 0 0 0 0 0 0 0 0 35 Gross sales 370,772 0 0 0 0 0 0 0 0 0 36 Net change in federal agency obligations -10,859 -51 -120 0 0 0 0 0 0 0 Reverse repurchase agreements 37 Gross purchases 0 0 0 0 0 0 0 0 0 0 38 Gross sales 0 0 0 0 0 0 0 0 0 0 Repurchase agreements 39 Gross purchases 304,989 890,236 1,497,713 65,005 106,355 105,000r 406,930 110,885 121,530 117,650 40 Gross sales 164,349 987,501 1,490,838 72,065 103,255 101,595r 388,805 113,715 130,080 103,900 41 Net change in triparty obligations 140,640 -97,265 6,875 -7,060 3,100 3,405 18,125 -2,830 -8,550 13,750 42 Total net change in System Open Market Account .. 135,780 -63,877 46,295 412 3,488 9,616 10,480 7,284 -2,570 15,104 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 • April 2002 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday End of month AAAccccccooouuunnnttt 2002 2001 2002 Jan. 2 Jan. 9 Jan. 16 Jan. 23 Jan. 30 Nov. Dec. Jan. Consolidated condition statement ASSETS I Gold certificate account 11.045 11,045 11,045 11,045 11,045 11,045 11,045 11,045 2 Special drawing rights certificate account 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 3 Coin 1.036 1,053 1,094 1,120 1,151 1,064 1,047 1,166 Loans 4 To depository institutions 32 1,013 14 62 25 38 34 19 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 49,500 37,500 30,900 56,500 32,250 36,500 50,250 37,500 Federal agency obligations3 X 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 U.S. Treasury securities3 554,845 557,614 559,730 560,195 562,933 550,314 551,675 561,376 11 Bought outright4 554,845 557,614 559,730 560,195 562,933 550,314 551,675 561,376 P Bills 185.246 186,221 187,759 187,154 189,897 184,845 182,074 188,341 13 Notes 265,940 267,736 267,733 268,571 268,568 262,378 265,941 268,568 14 103,660 103,658 104.238 104,470 104,468 103,091 103,660 104,467 15 Held under repurchase agreements 0 0 0 0 0 0 0 0 16 Total loans and securities 604,387 596,138 590,654 616,766 595,219 586,862 601,969 598,905 17 Items in process of collection 7,463 9.080 8,657 14,733 9,685 7,168 3.188 11,046 18 Bank premises 1,511 1,511 1,512 1,513 1,509 1,517 1,512 1,509 Other assets 19 Denominated in foreign currencies5 14,615 14,465 14.476 14,350 14,274 15,042 14,559 14,165 20 All other6 20,885 21,508 21,647 22,167 22,586 19,267 20,814 22,070 21 Total assets 663,141 657,000 651,285 683,894 657,669 644,165 656,334 662,105 LIABILITIES ??. Federal Reserve notes 611,879 604,673 600,528 600,651 599,636 593,031 611,757 599,252 23 Reverse repurchase agreements—triparty2 0 0 0 0 0 0 0 0 24 Total deposits 28,122 26,943 24,915 54,811 32,594 27,342 25,004 38,695 25 Depository institutions 20,400 21,572 17,869 44,456 18,592 20,359 17,478 24,559 26 U.S. Treasury—General account 7,400 5,107 6,719 9,850 13,340 6,219 6,645 13,688 27 Foreign—Official accounts 96 81 88 284 434 528 61 162 28 Other 225 184 238 220 228 236 820 286 79 Deferred credit items 5,921 7,975 8,378 11,030 8,012 5.690 2,490 6,773 30 Other liabilities and accrued dividends7 2,376 2,362 2,353 2,309 2,322 2,745 2.399 2,363 31 Total liabilities 648,298 641,953 636,174 668,801 642,563 628,809 641,650 647,084 CAPITAL ACCOUNTS 3? Capital paid in 7,374 7,419 7,419 7,420 7,433 7,354 7,373 7,433 33 Surplus 7.283 7,272 7,277 7,272 7,271 6,732 7,311 7,250 34 Other capital accounts 186 356 414 401 402 1,270 0 338 35 Total liabilities and capital accounts 663,141 657,000 651,285 683,894 657,669 644,165 656,334 662,105 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) 751.220 750,317 750,973 750,161 750,240 746,821 751,540 750,502 38 LESS: Held by Federal Reserve Banks 139.341 145,644 150,445 149,510 150,604 153,790 139,783 151,250 39 Federal Reserve notes, net 611.879 604,673 600,528 600,651 599,636 593,031 611,757 599,252 Collateral held against notes, net 40 Gold certificate account 11.045 11,045 11,045 11,045 11,045 11,045 11,045 11,045 41 Special drawing rights certificate account 2.200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 4? Other elieible assets 0 0 0 0 0 0 0 0 43 U.S. Treasury and agency securities 598,634 591,428 587,283 587,406 586,391 579,786 598,512 586,007 44 Total collateral 611,879 604,673 600,528 600,651 599,636 593,031 611,757 599,252 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 2002 2001 2002 Jan. 2 Jan. 9 Jan. 16 Jan. 23 Jan. 30 Nov. Dec. Jan. 1 Total loans 32 1,013 14 62 25 38 34 19 2 Within fifteen days' 19 1,008 5 60 25 32 33 17 3 Sixteen days to ninety days 12 5 9 2 1 7 1 2 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Total U.S. Treasury securities2 554,845 557,614 559,730 560,195 562,933 550,314 551,675 561,376 6 Within fifteen days' 14,681 16,267 22,622 24,147 24,757 4,477 10,685 7,322 7 Sixteen days to ninety days 123,723 122,280 116,887 114,976 122,892 135,090 124,547 122,862 8 Ninety-one days to one year 130,627 131,458 132,034 131,815 126,032 127,556 130,627 142,024 9 One year to five years 153,158 154,956 156,660 157,733 157,732 151,093 153,158 157,648 10 Five years to ten years 53,338 53,336 51,630 51,628 51,627 53,252 53,338 51,627 11 More than ten years 79,319 79,317 79,897 79,896 79,894 78,846 79,320 79,894 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 I. 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 • April 2002 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2001 2002 IItteemm 1998 1999 2000 2001 Dec. Dec. Dec. Dec. June July Aug. Sept. Oct. Nov. Dec. Jan. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 45.18 41.78 38.44 41.03 38.76 39.64 39.94 57.89 45.46 40.53 41.03 42.42 2 Nonborrowed reserves4 45.07 41.46 38.23 40.96 38.53 39.36 39.76 54.50 45.34 40.45 40.96 42.37 3 Nonborrowed reserves plus extended credit5 45.07 41.46 38.23 40.96 38.53 39.36 39.76 54.50 45.34 40.45 40.96 42.37 4 Required reserves 43.67 40.48 37.01 39.39 37.40 38.23 38.73 38.87 44.14 39.05 39.39 41.01 5 Monetary base6 513.62' 593.25r 584.0 lr 634.53r 602.74r 608.19r 615.59r 639.53r 630.06r 629.34r 634.53r 641.85 Not seasonally adjusted 6 Total reserves7 45.31 41.89 38.53 41.12 38.32 39.45 39.80 57.73 45.24 40.34 41.12 43.46 7 Nonborrowed reserves 45.19 41.57 38.32 41.05 38.09 39.17 39.62 54.34 45.12 40.26 41.05 43.41 8 Nonborrowed reserves plus extended credit5 45.19 41.57 38.32 41.05 38.09 39.17 39.62 54.34 45.12 40.26 41.05 43.41 9 Required reserves8 43.80 40.59 37.10 39.48 36.95 38.05 38.59 38.71 43.92 38.85 39.48 42.06 10 Monetary base9 518.27 600.72 590.06 640.06 601.68 608.24 614.56 638.01 628.35 629.90 640.06 644.29 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS10 11 Total reserves" 45.21 41.65 38.47 40.96 38.22 39.34 39.67 57.57 45.06 40.16 40.96 43.48 12 Nonborrowed reserves 45.09 41.33 38.26 40.89 37.99 39.05 39.48 54.18 44.93 40.07 40.89 43.43 13 Nonborrowed reserves plus extended credit5 45.09 41.33 38.26 40.89 37.99 39.05 39.48 54.18 44.93 40.07 40.89 43.43 14 Required reserves 43.70 40.36 37.05 39.32 36.86 37.93 38.46 38.55 43.74 38.67 39.32 42.07 15 Monetary base12 525.06 608.02 596.98 648.89 608.81 615.58 622.04 645.75 636.45 637.87 648.89 653.31 16 Excess reserves13 1.51 1.30 1.43 1.64 1.36 1.41 1.21 19.02 1.32 1.49 1.64 1.41 17 Borrowings from the Federal Reserve .12 .32 .21 .07 .23 .28 .18 3.39 .13 .08 .07 .05 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 borrowing promptly as with traditional short-term adjustment credit, the money market effect requirements. of extended credit is similar to that of nonborrowed 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 2002 1998 1999 2000 2001 Dec. Dec. Dec. Dec.' Oct.' Nov.' Dec.' Jan. Seasonally adjusted Measures1 1 Ml l,096.5r 1,124.4' 1,088.9' 1,178.6 1,161.7 1,163.9 1,178.6 1,181.8 2 M2 4,386.3r 4,655.1' 4,942.4' 5,454.8 5,372.5 5,414.5 5,454.8 5,464.6 3 M3 6,033.2r 6,537.1' 7,123.2' 8,036.8 7,880.8 7,968.3 8,036.8 8,036.9 4 Debt 16,280.0 17,363.5 18,282.4 19,399.8 19,165.1 19,287.1 19,399.8 n.a. Ml components 5 Currency3 459.3r 516.9' 530.1' 580.6 571.6 575.4 580.6 586.5 6 Travelers checks4 8.2 8.3' 8.0 7.8 8.2 7.8 7.8 7.8 7 Demand deposits5 378.4' 354.5' 309.9' 329.5 328.7 326.3 329.5 326.8 8 Other checkable deposits6 250.5' 244.7' 240.9' 260.7 253.2 254.4 260.7 260.7 Nontransaction components 9 In M2 3,289.9' 3,530.7' 3,853.5' 4,276.2 4,210.8 4,250.6 4,276.2 4,282.8 10 In M3 only8 1,646.8' 1,882.0' 2,180.9' 2,582.0 2,508.3 2,553.8 2,582.0 2,572.3 Commercial banks 11 Savings deposits, including MMDAs 1,187.5' 1,289.1' 1,423.7' 1,745.8 1,673.6 1,713.0 1,745.8 1,773.1 12 Small time deposits9 626.1' 635.0' 699.2' 637.1 657.3 647.9 637.1 627.7 13 Large time deposits10'" 574.2' 647.3' 725.2' 685.5 684.3 679.9 685.5 705.4 Thrift institutions 14 Savings deposits, including MMDAs 414.7' 449.7' 452.1' 560.4 542.8 554.2 560.4 571.6 15 Small time deposits9 325.6' 320.4' 344.5' 332.2 341.5 336.6 332.2 326.4 16 Large time deposits10 88.6' 91.1' 102.9' 112.6 115.8 113.8 112.6 113.4 Money market mutual funds 17 Retail 736.0' 836.6' 934.0' 1,000.7 995.7 998.9 1,000.7 984.1 18 Institution-only 538.2' 633.6' 792.5' 1,197.2 1,140.2 1,171.6 1,197.2 1,167.1 Repurchase agreements and eurodollars 19 Repurchase agreements12 293.4' 336.0' 364.0' 373.5 356.0 372.6 373.5 374.3 20 Eurodollars12 152.5' 174.0' 196.4' 213.3 212.0 215.9 213.3 212.1 Debt components 21 Federal debt 3,751.1 3,660.1 3,400.4 3,381.4 3,373.2 33,,337722..88 3,381.4 n.a. 22 Nonfederal debt 12,528.9 13,703.4 14,882.1 16,018.4 15,791.9 15,914.3 16,018.4 n.a. Not seasonally adjusted Measures2 23 Ml 1,120.4 1,148.3 1,112.3 1,202.8 1,156.1 1,164.9 1,202.8 1,184.7 24 M2 4,406.4 4,675.9 4,966.0 5,479.7 5,343.9 5,402.9 5,479.7 5,468.1 25 M3 6,061.9 6,568.6 7,158.4' 8,075.0 7,817.2 7,950.8 8,075.0 8,064.1 26 Debt 16,267.5 17,355.0 18,273.5 19,328.1 19,086.7 19,199.6 ! 9,328.1 n.a. Ml components 27 Currency3 463.3 521.5 535.2 585.6 569.9 575.8 585.6 585.1 28 Travelers checks4 8.4 8.4 8.1 7.9 8.1 7.9 7.9 8.0 29 Demand deposits5 395.9 371.8 326.5 347.2 328.1 329.3 347.2 329.2 30 Other checkable deposits6 252.8 246.6 242.5 262.1 249.9 251.8 262.1 262.4 Nontransaction components 31 In M27 3,286.0 3,527.6 3,853.7 4,277.0 4,187.8 4,238.1 4,277.0 4,283.3 32 In M3 only8 1,655.5 1,892.8 2,192.4' 2,595.2 2,473.3 2,547.8 2,595.2 2,596.1 Commercial banks 33 Savings deposits, including MMDAs 1,186.0 1,288.8 1,426.9 1,750.2 1,661.6 1,710.2 1,750.2 1,766.0 34 Small time deposits9 626.5 635.7 700.0 637.8 658.9 649.6 637.8 629.8 35 Large time deposits10 " 574.5 647.7 725.6 685.6 682.6 681.7 685.6 697.7 Thrift institutions 36 Savings deposits, including MMDAs 414.2 449.6 453.1 561.8 538.9 553.3 561.8 569.3 37 Small time deposits9 325.8 320.7 345.0 332.5 342.3 337.5 332.5 327.5 38 Large time deposits10 88.6 91.2 103.0 112.6 115.5 114.1 112.6 112.2 Money market mutual funds 39 Retail 733.5 832.8 928.7 994.5 986.0 987.5 994.5 990.8 40 Institution-only 547.5 643.2 801.4 1,208.3 1,117.8 1,165.2 1,208.3 1,198.8 Repurchase agreements and eurodollars 41 Repurchase agreements12 290.4 334.7 364.2 374.3 349.4 371.9 374.3 374.3 42 Eurodollars12 154.5 176.0 198.2' 214.5 208.1 214.9 214.5 213.2 Debt components 43 Federal debt 3,754.9 3,663.2 3,403.5 3,384.0 3,318.2 3,352.4 3,384.0 n.a. 44 Nonfederal debt 12,512.5 13,691.8 14,870.0 15,944.1 15,768.5 15,847.2 15,944.1 n.a. Footnotes appear on following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic Nonfinancial Statistics • April 2002 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 US. 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 worldwide 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 Liabilities1 A. All commercial banks Billions of dollars Monthly averages Wednesday figures Account 2001 2001 2002 2002 Jan.r July' Aug.' Sept.' Oct.' Nov.' Dec.' Jan. Jan. 9 Jan. 16 Jan. 23 Jan. 30 Seasonally adjusted Assets 1 Bank credit 5,270.8 5,333.3 5,349.2 5,425.0 5,400.2 5,427.2 5,406.0 5,396.2 5,395.5 5,401.2 5,399.2 5,394.5 7 Securities in bank credit 1,358.5 1,389.9 1,419.8 1,439.5 1,464.2 1,477.7 1,471.9 1,471.1 1,467.6 1,477.0 1,468.2 1,472.2 U.S. government securities 786.7 755.2 768.4 779.1 797.2 806.9 822.8 809.5 814.6 808.9 808.9 800.3 4 Other securities 571.8 634.7 651.4 660.3 667.0 670.8 649.0 661.6 653.1 668.1 659.3 671.9 5 Loans and leases in bank credit2 .... 3,912.3 3,943.4 3,929.3 3,985.5 3,936.1 3,949.5 3,934.1 3,925.1 3,927.8 3,924.2 3,931.0 3,922.3 6 Commercial and industrial 1,102.0 1,071.3 1,065.1 1,068.3 1,048.6 1,037.3 1,023.0 1,014.1 1,015.0 1,014.4 1,015.3 1,011.5 7 Real estate 1,663.7 1,718.3 1,716.6 1,724.6 1,737.2 1,753.4 1,763.4 1,761.8 1,762.0 1,763.0 1,763.1 1,759.8 8 Revolving home equity 129.0 137.6 139.4 142.1 147.3 149.5 152.9 157.2 156.1 156.8 157.6 158.6 9 Other 1,534.7 1.580.7 1,577.2 1,582.5 1,589.9 1,603.8 1,610.4 1,604.6 1,605.9 1,606.2 1,605.4 1,601.3 10 Consumer 546.2 550.3 548.6 549.2 551.7 560.0 560.4 563.3 562.1 563.9 564.9 562.8 11 Security3 170.9 170.2 171.1 181.7 150.0 150.7 141.3 147.6 145.2 147.4 150.0 151.5 17. Other loans and leases 429.5 433.3 427.9 461.8 448.6 448.2 446.2 438.3 443.4 435.4 437.7 436.7 n Interbank loans 269.7 273.2 287.9 354.0 303.1 282.3 290.1 290.7 303.9 281.4 293.5 286.8 14 Cash assets4 291.7 288.8 284.1 329.5 303.5 295.0 292.2 291.3 294.9 262.9 324.8 284.3 15 Other assets5 398.2 419.9 433.4 469.5 487.0 485.8 475.4 479.9 484.2 473.8 482.3 477.3 16 Total assets6 6,165.7 6,248.6 6,287.3 6,510.0 6,424.0 6,419.6 6,391.5 6,383.6 6,403.9 6,344.5 6,425.4 6,368.2 Liabilities 17 Deposits 3,895.1 4,071.5 4,083.8 4,209.2 4,161.4 4,177.9 4,213.2 4,234.7 4,240.2 4,223.4 4,248.5 4,225.8 18 Transaction 608.1 606.2 611.1 689.6 638.1 631.0 632.3 629.7 616.0 603.1 653.8 656.0 19 Nontransaction 3,287.0 3,465.3 3,472.7 3,519.6 3,523.4 3,546.9 3,580.9 3,605.0 3,624.2 3,620.4 3,594.6 3,569.8 70 Large time 943.3 975.1 965.1 964.4 976.5 976.4 973.0 984.0 975.5 982.1 986.0 993.8 21 Other 2,343.7 2,490.2 2,507.7 2,555.2 2,546.9 2,570.5 2,607.9 2,621.0 2,648.6 2,638.3 2,608.7 2,576.0 22 Borrowings 1,257.4 1,222.0 1,232.9 1,286.7 1,265.3 1,237.8 1,233.6 1,219.6 1,216.6 1,208.9 1,225.8 1,228.7 From banks in the U.S 397.0 390.5 398.6 444.2 423.8 402.8 406.5 402.0 418.4 396.2 392.9 398.2 24 From others 860.4 831.4 834.3 842.5 841.5 835.0 827.1 817.6 798.2 812.7 832.8 830.5 25 Net due to related foreign offices 221.3 190.7 192.9 169.5 176.9 161.2 147.5 128.7 152.3 117.4 146.4 102.4 26 Other liabilities 374.1 336.1 347.8 399.4 370.5 406.4 360.9 347.1 345.7 354.4 341.6 343.5 27 Total liabilities 5,747.9 5,820.3 5,857.3 6,064.8 5,974.1 5,983.3 5,955.3 5,930.2 5,954.8 5,904.2 5,962.2 5,900.3 28 Residual (assets less liabilities)7 417.8 428.3 429.9 445.3 449.9 436.3 436.2 453.4 449.1 440.3 463.2 467.9 Not seasonally adjusted Assets 79 Bank credit 5,285.7 5,312.6 5,331.8 5,419.4 5,408.2 5,447.9 5,442.7 5,409.8 5,414.0 5,423.7 5,400.9 5,398.5 30 Securities in bank credit 1,363.7 1,380.9 1,413.0 1,435.7 1,462.0 1,481.6 1,477.9 1,476.7 1,477.2 1,482.9 1,471.8 1,474.7 31 U.S. government securities 788.9 751.1 763.8 776.1 792.3 807.3 822.2 811.8 816.9 811.8 811.0 802.8 3? Other securities 574.8 629.8 649.2 659.6 669.7 674.4 655.7 664.9 660.3 671.2 660.8 671.9 33 Loans and leases in bank credit2 .... 3,922.1 3,931.7 3,918.8 3,983.7 3,946.2 3,966.3 3,964.8 3,933.1 3,936.9 3,940.8 3,929.1 3,923.9 34 Commercial and industrial 1,099.2 1,070.4 1,058.9 1,065.0 1,048.1 1,038.3 1,025.4 1,011.5 1,012.9 1,011.7 1,010.2 1,008.2 35 Real estate 1,662.7 1,717.3 1,719.8 1,728.2 1,740.9 1,759.3 1,768.5 1,760.2 1,761.0 1,764.0 1,760.0 1,756.0 36 Revolving home equity 128.2 137.9 140.2 143.5 148.5 150.3 153.0 156.2 155.3 155.8 156.4 157.3 37 Other 1,534.6 1,579.3 1,579.6 1,584.7 1,592.4 1,609.0 1,615.5 1,604.1 1,605.6 1,608.2 1,603.6 1,598.7 38 Consumer 550.6 547.8 549.6 551.4 551.4 560.4 566.2 567.6 566.4 568.5 569.0 566.9 39 Credit cards and related plans .. 217.6 216.9 218.1 217.2 216.7 226.0 232.6 229.5 229.6 230.5 230.5 227.2 40 Other 333.0 330.8 331.5 334.2 334.7 334.5 333.6 338.1 336.8 338.0 338.5 339.7 41 Security3 178.8 162.5 162.6 175.5 156.2 157.3 152.1 154.3 150.2 158.2 154.5 157.7 47, Other loans and leases 430.7 433.7 427.8 463.6 449.5 450.8 452.7 439.5 446.4 438.5 435.4 435.1 43 Interbank loans 271.8 265.4 276.6 342.1 297.2 290.6 300.1 293.0 308.7 289.1 287.7 286.0 44 Cash assets4 308.3 279.7 272.3 324.8 303.8 303.8 312.7 307.1 301.2 295.0 338.5 287.1 45 Other assets5 400.0 418.4 430.5 469.5 482.5 485.3 482.5 482.1 489.7 478.0 478.7 477.3 46 Total assets6 6,201.3 6,209.8 6,243.6 6,487.6 6,422.0 6,456.8 6,465.8 6,417.8 6,439.3 6,411.4 6,431.8 6,374.5 Liabilities 47 Deposits 3,909.9 4,039.8 4,043.1 4,183.6 4,148.8 4,201.2 4,264.9 4,253.3 4,269.5 4,264.0 4,235.8 4,223.2 48 Transaction 619.9 599.9 597.2 683.4 632.2 637.2 662.7 641.7 627.2 635.2 649.2 651.8 49 Nontransaction 3,290.0 3,440.0 3,445.9 3,500.2 3,516.6 3,564.0 3,602.2 3,611.6 3,642.4 3,628.8 3,586.6 3,571.4 50 Large time 956.3 961.3 951.5 953.0 970.3 984.3 989.4 999.7 991.4 997.1 1,001.8 1,010.0 51 Other 2,333.7 2,478.7 2,494.4 2,547.2 2,546.3 2,579.7 2,612.8 2,611.9 2,651.0 2,631.6 2,584.7 2,561.4 52 Borrowings 1,274.5 1,212.7 1,211.2 1,281.4 1,262.9 1,246.1 1,235.8 1,235.8 1,224.8 1,230.0 1,248.3 1,244.8 53 From banks in the U.S 403.2 387.3 390.3 434.5 418.5 403.6 408.0 408.0 422.9 403.8 400.0 403.8 54 From others 871.3 825.4 820.8 847.0 844.4 842.5 827.8 827.8 802.0 826.2 848.3 841.1 55 Net due to related foreign offices 225.4 184.4 192.0 171.4 177.4 163.1 152.9 132.8 155.8 119.9 148.5 109.7 56 Other liabilities 376.6 331.6 347.6 399.8 370.7 408.8 363.5 349.2 346.1 355.6 343.6 348.1 57 Total liabilities 5,786.5 5,768.5 5,794.0 6,036.3 5,959.8 6,019.3 6,017.1 5,971.1 5,996.2 5,969.5 5,976.2 5,925.8 58 Residual (assets less liabilities)7 414.8 441.3 449.6 451.4 462.2 437.5 448.7 446.8 443.1 441.9 455.6 448.7 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 Domestic Financial Statistics • April 2002 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued B. Domestically chartered commercial banks Billions of dollars Monthly averages Wednesday figures Account 2001 2001 2002 2002 Jan.' Julyr Aug.' Sept.' Oct.' Nov.' Dec.' Jan. Jan. 9 Jan. 16 Jan. 23 Jan. 30 Seasonally adjusted Assets 1 Bank credit 4,651.4 4,732.4 4,751.0 4,830.6 4,814.0 4,834.1 4,821.0 4,819.1 4,814.1 4,829.5 4,820.2 4,815.8 2 Securities in bank credit 1,145.5 1,165.7 1,196.8 1,215.0 1,236.8 1,247.7 1,243.1 1,248.5 1,243.1 1,256.5 1,246.1 1,250.3 3 U.S. government securities 720.6 705.4 719.3 727.4 741.0 747.5 765.4 756.1 758.3 755.5 755.1 751.3 4 Other securities 424.8 460.3 477.5 487.6 495.8 500.2 477.7 492.5 484.8 501.0 491.0 499.0 5 Loans and leases in bank credit2 .... 3,505.9 3,566.7 3,554.2 3,615.6 3,577.2 3,586.4 3,577.9 3,570.6 3,571.0 3,573.0 3,574.1 3,565.5 6 Commercial and industrial 887.1 865.4 860.3 863.3 849.0 837.6 827.7 821.7 821.5 821.2 822.5 820.8 7 Real estate 1,645.6 1,700.0 1,698.2 1,705.9 1,718.5 1,734.4 1,744.3 1,742.8 1,743.2 1,743.9 1,743.9 1,740.9 8 Revolving home equity 129.0 137.6 139.4 142.1 147.3 149.5 152.9 157.2 156.1 156.8 157.6 158.6 9 Other 1,516.6 1,562.5 1,558.8 1,563.8 1,571.2 1,584.9 1,591.4 1,585.6 1,587.0 1,587.1 1,586.2 1,582.4 10 Consumer 546.2 550.3 548.6 549.2 551.7 560.0 560.4 563.3 562.1 563.9 564.9 562.8 11 Security3 64.8 83.5 86.4 102.7 77.6 74.1 67.6 73.1 69.7 76.5 74.2 72.4 12 Other loans and leases 362.1 367.5 360.6 394.5 380.4 380.3 377.9 369.7 374.5 367.4 368.6 368.6 13 Interbank loans 240.7 251.9 267.7 328.0 279.2 256.8 269.0 264.3 283.0 259.8 260.9 253.4 14 Cash assets4 250.2 252.0 246.6 284.0 264.3 257.7 255.7 255.0 259.0 227.5 286.1 249.3 15 Other assets5 362.0 389.5 403.3 436.0 454.7 451.6 444.5 447.4 452.2 440.5 449.9 444.6 16 Total assets6 5,439.9 5,559.6 5,601.7 5,811.2 5,742.7 5,730.0 5,718.5 5,711.6 5,734.1 5,683.0 5,743.1 5,688.8 Liabilities 17 Deposits 3,507.4 3,657.8 3,676.8 3,799.8 3,739.7 3,749.5 3,777.8 3,780.6 3,799.5 3,771.4 3,787.1 3,758.7 18 Transaction 597.9 597.0 601.5 677.3 627.3 620.3 621.2 618.7 604.7 591.9 642.5 645.6 19 Nontransaction 2,909.5 3,060.8 3,075.3 3,122.5 3,112.4 3,129.1 3,156.6 3,161.8 3,194.8 3,179.5 3,144.6 3,113.1 20 Large time 568.0 572.9 570.1 569.8 568.2 561.0 551.0 543.2 548.4 543.5 538.5 539.4 21 Other 2,341.5 2,487.8 2,505.2 2,552.8 2,544.2 2,568.1 2,605.6 2,618.6 2,646.3 2,635.9 2,606.1 2,573.7 22 Borrowings 1,013.0 1,010.8 1,022.2 1,064.9 1,056.9 1,024.8 1,031.0 1,032.6 1,028.3 1,023.3 1,047.8 1,035.4 23 From banks in the U.S 371.3 368.3 378.0 413.7 399.9 378.6 382.0 380.0 395.8 374.6 375.7 374.2 24 From others 641.8 642.5 644.2 651.3 657.0 646.3 649.0 652.6 632.5 648.6 672.1 661.2 25 Net due to related foreign offices 217.7 207.1 205.7 188.6 194.1 191.9 197.3 186.8 200.0 175.3 196.8 176.9 26 Other liabilities 291.3 257.7 271.8 321.0 296.2 329.4 286.3 271.1 270.7 277.9 265.3 266.4 27 Total liabilities 5,029.4 5,133.4 5,176.6 5,374.3 5,286.8 5,295.6 5,292.4 5,271.1 5,298.5 5,247.8 5,297.0 5,237.4 28 Residual (assets less liabilities)7 410.5 426.2 425.1 436.9 456.0 434.4 426.1 440.5 435.6 435.2 446.1 451.4 Not seasonally adjusted Assets 29 Bank credit 4,658.2 4,716.3 4,740.1 4,826.8 4,819.0 4,852.0 4,848.0 4,826.3 4,827.6 4,842.9 4.817.1 4,814.9 30 Securities in bank credit 1,150.6 1,156.7 1,190.0 1,211.3 1,234.6 1,251.6 1,249.1 1,254.1 1,252.6 1,262.4 1.249.7 1,252.8 31 U.S. government securities 722.8 701.3 714.7 724.4 736.1 747.9 764.8 758.3 760.7 758.3 757.2 753.9 32 Other securities 427.8 455.4 475.3 486.9 498.5 503.8 484.3 495.8 491.9 504.1 492.5 499.0 33 Loans and leases in bank credit2 .... 3,507.6 3,559.6 3,550.1 3,615.5 3,584.4 3,600.4 3,598.9 3,572.2 3,575.0 3,580.5 3,567.4 3,562.1 34 Commercial and industrial 882.7 865.3 855.5 860.4 848.3 837.9 827.8 817.6 817.4 816.9 816.6 816.6 35 Real estate 1,644.7 1,699.1 1,701.4 1,709.5 1,722.2 1,740.4 1,749.5 1,741.2 1,742.1 1,744.8 1,740.8 1,737.1 36 Revolving home equity 128.2 137.9 140.2 143.5 148.5 150.3 153.0 156.2 155.3 155.8 156.4 157.3 37 Other 1,516.5 1,561.1 1,561.2 1,566.0 1,573.7 1,590.1 1,596.5 1,585.1 1,586.8 1,589.0 1,584.4 1,579.8 38 Consumer 550.6 547.8 549.6 551.4 551.4 560.4 566.2 567.6 566.4 568.5 569.0 566.9 39 Credit cards and related plans . . 217.6 216.9 218.1 217.2 216.7 226.0 232.6 229.5 229.6 230.5 230.5 227.2 40 Other 333.0 330.8 331.5 334.2 334.7 334.5 333.6 338.1 336.8 338.0 338.5 339.7 41 Security3 67.4 78.6 81.8 97.6 80.8 79.3 73.7 76.0 73.1 81.1 75.2 75.2 42 Other loans and leases 362.2 368.9 361.7 396.5 381.7 382.3 381.8 369.8 376.0 369.1 365.9 366.3 43 Interbank loans 242.7 244.2 256.4 316.2 273.2 265.1 279.1 266.6 287.7 267.5 255.2 252.6 44 Cash assets4 264.1 244.2 236.0 280.3 263.9 264.4 273.7 268.4 262.9 256.9 297.3 250.3 45 Other assets5 362.7 388.8 400.6 436.2 450.7 451.1 450.1 448.5 456.1 443.4 445.4 443.5 46 Total assets6 5,463.6 5,527.4 5,565.9 5,791.8 5,737.6 5,762.2 5,779.1 5,735.8 5,760.4 5,736.6 5,741.4 5,687.3 Liabilities 47 Deposits 3,512.3 3,636.3 3,648.0 3,782.3 3,734.5 3,769.5 3,816.4 3,786.5 3,816.6 3,800.2 3,761.4 3,742.5 48 Transaction 609.5 590.6 587.7 670.8 621.3 626.3 650.9 630.5 615.6 623.6 637.9 641.4 49 Nontransaction 2,902.8 3,045.7 3,060.3 3,111.5 3,113.2 3,143.2 3,165.5 3,156.0 3,201.0 3,176.6 3,123.5 3,101.1 50 Large time 571.3 569.3 568.3 566.7 569.5 565.8 555.1 546.5 552.4 547.3 541.4 542.1 51 Other 2,331.5 2,476.4 2,492.0 2,544.8 2,543.7 2,577.3 2,610.4 2,609.5 2,648.6 2,629.2 2,582.1 2,559.0 52 Borrowings 1,030.1 1,001.5 1,000.5 1,059.6 1,054.5 1,033.2 1,033.1 1,048.8 1,036.6 1,044.3 1,070.3 1,051.5 53 From banks in the U.S 377.5 365.0 369.7 403.9 394.6 379.4 383.4 386.0 400.3 382.1 382.8 379.7 54 From others 652.7 636.5 630.8 655.7 659.9 653.8 649.7 662.8 636.3 662.2 687.5 671.8 55 Net due to related foreign offices 218.6 204.0 206.1 188.0 194.2 193.8 197.6 187.4 198.2 175.3 199.0 179.3 56 Other liabilities 292.3 254.7 272.2 320.3 296.2 331.8 286.9 271.8 269.0 278.1 267.3 269.1 57 Total liabilities 5,053.3 5,096.5 5,126.8 5,350.1 5,279.5 5,328.2 5,334.0 5,294.5 5,320.4 5,298.0 5,298.0 5,242.4 58 Residual (assets less liabilities)7 410.2 430.9 439.1 441.6 458.2 434.0 445.1 441.4 440.1 438.6 443.4 444.9 Footnotes appear on p. A2 i. 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 Liabilities1—Continued C. Large domestically chartered commercial banks Billions of dollars Monthly averages Wednesday figures AAAccccccooouuunnnttt 2001 2001 2002 2002 Jan. July Aug. Sept. Oct. Nov. Dec. Jan. Jan. 9 Jan. 16 Jan. 23 Jan. 30 Seasonally adjusted Assets 1 Bank credit 2,588.9' 2,623.6' 2,623.7' 2,690.7' 2,631.9' 2,633.3' 2,599.0' 2,574.0 2,565.6 2,584.7 2,577.3 2,569.0 ?. Securities in bank credit 594.7 608.4' 629.6' 640.8' 648.3' 653.0' 635.9' 636.4 630.2 644.3 637.1 636.5 3 U.S. government securities 358.8 352.1 359.5 362.5 363.2 366.0 377.1 363.9 366.4 365.1 364.7 356.2 4 Trading account 34.2 38.3 36.3 37.9 35.8 40.4 34.1 32.7 30.2 33.5 34.9 32.5 Investment account 324.6 313.8 323.2 324.6 327.4 325.6 343.0 331.2 336.2 331.6 329.8 323.7 6 Other securities 235.9 256.3' 270.1' 278.3' 285.2' 287.0' 258.8' 272.5 263.8 279.2 272.3 280.3 7 Trading account 126.0 140.8 153.1 161.0 165.8 165.1 128.0 128.2 122.7 135.8 126.4 132.6 8 Investment account 109.9 115.5' 117.0' 117.3' 119.3' 121.9' 130.8' 144.3 141.1 143.3 145.9 147.8 9 State and local government .. 27.1 27.8 27.6 27.5 26.8 27.1 26.9 27.5 26.9 27.4 27.7 28.1 in Other 82.7' 87.7' 89.4' 89.8' 92.5' 94.8' 103.9' 116.8 114.2 115.9 118.2 119.7 u Loans and leases in bank credit2 .... 1,994.2' 2,015.2' 1,994.1' 2,049.8' 1,983.5' 1,980.2' 1,963.0' 1,937.6 1,935.3 1,940.4 1,940.2 1,932.5 12 Commercial and industrial 595.7 562.3 557.2 561.2 545.5' 534.9' 523.8' 517.2 515.8 517.1 518.7 517.2 13 Bankers acceptances .8 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 14 Other 594.9 562.3 557.2 561.2 545.5' 534.9' 523.8' 517.2 515.8 517.1 518.7 517.2 15 Real estate 829.2 855.7 846.0 845.9 842.8' 852.8' 855.8' 846.1 845.5 848.0 848.2 842.7 16 Revolving home equity 82.4 87.1 87.6 89.4 92.3' 93.9' 95.9' 98.8 97.9 98.5 99.2 99.7 17 Other 746.8 768.7 758.4 756.5 750.5' 758.9' 759.9' 747.3 747.6 749.5 749.0 743.0 18 Consumer 245.1 254.2 251.4 253.2 242.8 245.2' 245.7 238.5 237.3 238.2 238.3 237.6 19 Security3 57.9 75.2 78.1 94.0 69.8 66.3 59.6 65.4 62.0 68.7 66.4 64.8 20 Federal funds sold to and with broker-dealers 41.8 59.6 63.5 66.2 56.4 52.3 45.6 52.5 48.7 56.4 53.9 52.1 ?1 Other 16.1 15.5 14.5 27.8 13.4 14.0 14.0 12.8 13.3 12.3 12.5 12.7 22 State and local government 12.8 14.2 14.2 14.4 15.3 15.7' 14.9 14.6 14.6 14.6 14.6 14.6 23 Agricultural 10.2 10.1 9.5 9.2 9.2 9.4 9.3 9.4 9.5 9.5 9.4 9.4 24 Federal funds sold to and repurchase agreements with others 26.0 31.0 31.9 32.6 28.8 30.6 29.3 27.9 25.1 28.6 2288..66 2299..55 25 All other loans 86.8 81.6 75.6 109.1 104.3' 100.4' 94.1' 85.6 92.9 82.8 83.1 83.7 26 Lease-financing receivables 130.6' 131.0' 130.3' 130.2' 125.0' 125.0' 130.5' 132.9 132.7 132.8 133.0 133.0 27 Interbank loans 156.8 136.5 150.9 207.3 175.8 152.8 165.8 165.9 184.5 161.1 160.6 156.9 28 Federal funds sold to and repurchase agreements with commercial banks 81.9 71.6 80.5 131.5 94.3 90.1 96.3 90.6 110055..88 88.0 8833..88 8833..33 29 Other 74.9 64.9 70.4 75.8 81.5 62.7 69.5 75.2 78.7 73.1 76.8 73.6 30 Cash assets4 147.9 146.8 140.7 174.8 155.3 151.2 146.8 143.9 147.7 125.4 167.6 135.8 31 Other assets5 267.8 271.1' 283.1' 308.6' 323.9' 321.8' 311.3' 313.6 315.8 309.8 318.3 310.9 32 Total assets6 3,123.9r 3,140.0r 3,160.2r 3,343.2r 3,247.5r 3,219.4r 3,181.5r 3,154.1 3,170.4 3,137.5 3,180.5 3,129.1 Liabilities 33 Deposits 1,699.7 1,752.4 1,754.8 1,860.1 1,792.3 1,792.5 1,798.3 1,787.9 1,803.9 1,781.9 1,789.5 1,771.8 34 Transaction 303.2 306.8 304.4 376.1 323.5 320.8 321.5 314.6 312.6 297.9 327.4 324.9 35 Nontransaction 1,396.6 1,445.6 1,450.3 1,483.9 1,468.8 1,471.7 1,476.9 1,473.2 1,491.3 1,484.0 1,462.1 1,446.9 36 Large time 271.2 271.6 264.9 264.7 260.3 251.4 246.6 240.7 244.6 241.1 235.9 238.1 37 Other 1,125.4 1,174.0 1,185.5 1,219.2 1,208.6 1,220.3 1,230.3 1,232.6 1,246.7 1,242.9 1,226.3 1,208.7 38 Borrowings 673.5 672.9 678.3 709.6 692.1 658.2 657.5' 652.3 652.2 647.4 661.3 650.6 39 From banks in the U.S 214.9 218.9 226.5 257.6 233.6 212.6 215.0 208.7 225.0 205.3 200.8 202.1 40 From others 458.6 454.0 451.7 452.0 458.5 445.7 442.4' 443.7 427.2 442.1 460.5 448.5 41 Net due to related foreign offices 200.9 192.4 190.3 178.0 184.6 181.7 187.3 177.9 189.1 166.0 189.5 168.6 42 Other liabilities 241.8' 198.6' 211.3' 258.6' 231.9' 264.1' 220.5' 201.2 200.3 208.6 195.6 195.5 43 Total liabilities 2,815.8r 2,816.4r 2,834.6r 3,006.3r 2,901.0r 2,896.6r 2,863.6r 2,819.4 2,845.5 2,803.9 2,835.9 2,786.5 44 Residual (assets less liabilities)7 308.0' 323.6' 325.6' 336.9' 346.5' 322.8' 318.0' 334.7 324.9 333.6 344.6 342.6 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 Domestic Nonfinancial Statistics • April 2002 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 2001 2001 2002 2002 Jan. July Aug. Sept. Oct. Nov. Dec. Jan. Jan. 9 Jan. 16 Jan. 23 Jan. 30 Not seasonally adjusted Assets 45 Bank credit 2,600.0r 2,607.3r 2,609.5' 2,681.2' 2,635.1' 2,650.0' 2,621.4' 2,585.5 2,583.5 2,600.0 2,579.7 2,574.5 46 Securities in bank credit 600.4 599.5r 623.4' 637.2' 648.5' 658.8' 642.9' 642.6 640.2 650.1 641.0 640.4 47 U.S. government securities 361.6 348.2 355.5 359.7 360.7 368.2 377.5 366.7 369.2 367.8 367.2 360.1 48 Trading account 34.5 37.9 35.9 37.7 35.5 40.6 34.1 32.9 30.5 33.8 35.1 32.9 49 Investment account 327.1 310.3 319.7 322.0 325.1 327.6 343.3 333.8 338.8 334.1 332.1 327.2 50 Mortgage-backed securities . 225.9 229.1 241.8 247.3 257.9 256.1 269.3 259.6 266.7 260.0 258.7 250.7 51 Other 101.2 81.3 77.9 74.8 67.3 71.5 74.0 74.2 72.0 74.1 73.4 76.5 52 One year or less 29.9 21.1 20.1 20.1 18.2 27.0 26.4 24.7 25.3 24.3 23.7 25.0 53 One to five years 38.9 34.3 33.8 34.6 31.9 30.3 35.2 36.7 34.3 36.2 36.7 39.0 54 More than five years .... 32.4 25.9 24.0 20.1 17.1 14.2 12.3 12.8 12.4 13.6 13.0 12.6 55 Other securities 238.8 251.3' 267.9' 277.5' 287.9' 290.6' 265.4' 275.8 271.0 282.3 273.8 280.3 56 Trading account 127.6 138.1 151.9 160.5 167.4 167.1 131.2 129.8 126.0 137.3 127.1 132.6 57 Investment account 111.2 113.3' 116.0' in.a 120.5' 123.5' 134.2' 146.1 145.0 144.9 146.7 147.7 58 State and local government . 27.5 27.3 27.3 27.4 27.1 27.4 27.6 27.8 27.6 27.7 27.9 28.0 59 Other 83.8 86.0' 88.7' 89.6' 93.4' 96.0' 106.6' 118.2 117.3 117.2 118.8 119.7 60 Loans and leases in bank credit2 . . . l,999.6r 2,007.8' 1,986.1' 2,044.0' 1,986.5' 1,991.2' 1,978.5' 1,942.9 1,943.3 1,949.9 1,938.7 1,934.1 61 Commercial and industrial 592.2 562.3 554.0 559.7 545.2' 536.0' 523.0' 514.0 512.3 513.7 514.0 514.5 62 Bankers acceptances .8 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 63 Other 591.4 562.3 554.0 559.7 545.2' 536.0' 523.0' 514.0 512.3 513.7 514.0 514.5 64 Real estate 829.8 854.3 847.4 847.8 845.4' 858.4' 860.8' 846.2 847.7 849.9 846.4 840.3 65 Revolving home equity 81.6 87.7 88.7 90.5 93.2' 94.4' 95.7' 97.7 97.3 97.4 97.9 98.4 66 Other 451.7 465.0 457.7 454.8 440.8' 451.5' 453.7' 440.0 441.1 444.3 440.3 433.8 67 Commercial 296.6 301.5 301.0 302.4 311.3' 312.5' 311.4' 308.6 309.3 308.2 308.2 308.2 68 Consumer 248.6 252.4 250.2 251.9 240.4 243.5' 247.7' 241.9 241.0 241.5 241.4 240.8 69 Credit cards and related plans . 83.5 87.3 85.1 84.6 74.3 76.5 80.1 71.5 71.4 71.1 70.8 69.5 70 Other 165.1 165.1 165.1 167.3 166.1 167.0' 167.6 170.4 169.6 170.4 170.7 171.3 71 Security3 60.5 70.5 73.6 89.1 72.9 71.0 65.5 68.4 65.2 73.3 67.7 67.8 72 Federal funds sold to and repurchase agreements with broker-dealers 43.7 55.9 59.9 62.8 58.9 56.0 50.0 54.9 51.2 60.2 55.0 54.5 73 Other 16.8 14.6 13.7 26.3 14.0 15.0' 15.4 13.4 14.0 13.1 12.7 13.3 74 State and local government 12.8 14.2 14.2 14.4 15.3 15.7' 14.9 14.6 14.6 14.6 14.6 14.6 75 Agricultural 10.2 10.2 9.6 9.3 9.3 9.4 9.3 9.5 9.6 9.5 9.4 9.3 76 Federal funds sold to and repurchase agreements with others 26.0 31.0 31.9 32.6 28.8 30.6 29.3 27.9 25.1 28.6 28.6 29.5 77 All other loans 86.7 82.4 75.7 110.3 104.6' 101.7' 97.1' 85.5 92.8 83.6 81.6 82.5 78 Lease-financing receivables 132.6r 130.5' 129.5' 128.9' 124.8' 124.8' 130.8' 134.9 135.0 135.0 134.9 134.7 79 Interbank loans 158.3 136.4 145.4 199.5 168.7 153.8 170.1' 167.5 183.0 165.7 159.9 159.2 80 Federal funds sold to and repurchase agreements with commercial banks 82.6 71.5 77.6 126.5 90.5 90.7 98.8 91.6 105.0 90.5 83.4 84.5 81 Other 75.7 64.8 67.8 73.0 78.2 63.1 71.3' 75.9 78.0 75.2 76.5 74.7 82 Cash assets4 158.8 140.4 132.9 170.5 154.2 152.6 158.3 154.1 150.6 146.3 177.4 138.7 83 Other assets5 268.4r 270.4' 280.4' 308.8' 320.0' 321.3' 316.9' 314.7 319.7 312.6 313.8 309.9 84 Total assets6 3,148.3r 3,116.5r 3,129.9r 3,321.5r 3,238.7r 3,237.8r 3,22S.3r 3,178.8 3,193.9 3,181.5 3,188.0 3,139.0 Liabilities 85 Deposits 1,705.9 1,744.2 1,738.8 1,848.8 1,785.7 1,799.8 1,817.5 1,794.1 1,813.3 1,804.3 1,776.9 1,765.9 86 Transaction 312.1 302.0 293.4 369.7 317.8 323.3 340.5 323.9 317.5 321.0 327.3 325.8 87 Nontransaction 1,393.8 1,442.2 1.445.4 1,479.1 1,467.9 1,476.5 1,477.0 1,470.2 1,495.8 1,483.3 1,449.6 1,440.2 88 Large time 274.5 267.9 263.1 261.7 261.7 256.2 250.7 243.9 248.6 244.9 238.8 240.8 89 Other 1,119.3 1,174.3 1.182.3 1,217.5 1,206.3 1,220.2 1,226.3 1,226.2 1,247.2 1,238.4 1,210.8 1,199.4 90 Borrowings 690.6 663.6 656.6 704.3 689.8 666.6 659.6' 668.5 660.5 668.5 683.9 666.8 91 From banks in the U.S 221.1 215.6 218.3 247.8 228.4 213.4 216.5 214.7 229.5 212.8 207.9 207.7 92 From nonbanks in the U.S 469.5 448.0 438.3 456.5 461.4 453.2 443.1' 453.8 430.9 455.7 475.9 459.1 93 Net due to related foreign offices 201.8 189.2 190.6 177.5 184.8 183.5 187.6 178.5 187.2 166.1 191.7 171.0 94 Other liabilities 242.8r 195.6' 211.6' 257.9' 232.0' 266.5' 221.0' 201.9 198.6 208.9 197.6 198.1 95 Total liabilities 2,841.1r 2,792.7r 2,797.7r 2,988.5r 2,892.2r 2,916.3r 2,885.7r 2,843.0 2,859.5 2,847.8 2,850.0 2,801.9 96 Residual (assets less liabilities)7 307.2r 323.8' 332.2' 333.1' 346.4' 321.5' 339.6' 335.8 334.4 333.8 338.0 337.1 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 2001 2001 2002 2002 Jan.r July' Aug.' Sept.' Oct.' Nov.' Dec.' Jan. Jan. 9 Jan. 16 Jan. 23 Jan. 30 Seasonally adjusted Assets 1 Bank credit 2,062.5 2,108.8 2,127.3 2,140.0 2,182.1 2,200.9 2,222.0 2,245.1 2,248.6 2,244.7 2,242.9 2,246.8 ? Securities in bank credit 550.8 557.3 567.2 574.2 588.4 594.7 607.2 612.1 612.9 612.2 609.1 613.8 U.S. government securities 361.8 353.3 359.9 364.9 377.8 381.5 388.3 392.2 391.9 390.3 390.3 395.1 4 Other securities 189.0 204.0 207.4 209.3 210.7 213.2 218.9 219.9 220.9 221.8 218.7 218.7 Loans and leases in bank credit2 .... 1,511.7 1,551.5 1,560.1 1,565.7 1,593.7 1,606.2 1,614.9 1,633.0 1,635.7 1.632.6 1.633.9 1,633.0 6 Commercial and industrial 291.5 303.1 303.1 302.2 303.5 302.6 303.9 304.5 305.7 304.1 303.9 303.6 7 Real estate 816.4 844.3 852.2 860.0 875.7 881.6 888.6 896.7 897.7 895.9 895.7 898.2 8 Revolving home equity 46.6 50.5 51.8 52.7 55.0 55.6 57.1 58.5 58.2 58.3 58.4 58.9 9 Other 769.9 793.8 800.4 807.3 820.7 826.0 831.5 838.3 839.5 837.6 837.3 839.3 10 Consumer 301.2 296.2 297.1 296.0 308.9 314.8 314.7 324.8 324.8 325.8 326.6 325.2 11 Security3 6.9 8.3 8.4 8.7 7.8 7.8 8.0 7.7 7.7 7.8 7.8 7.6 1? Other loans and leases 95.8 99.7 99.2 99.0 97.7 99.3 99.7 99.2 99.7 99.1 99.9 98.4 n Interbank loans 83.9 115.4 116.9 120.8 103.4 104.1 103.3 98.4 98.5 98.8 100.4 96.5 14 Cash assets4 102.3 105.1 105.9 109.2 109.0 106.5 108.9 111.1 111.3 102.1 118.6 113.5 15 Other assets5 94.2 118.4 120.2 127.5 130.8 129.7 133.2 133.8 136.4 130.8 131.6 133.7 16 Total assets6 2,316.0 2,419.6 2,441.5 2,468.0 2,495.3 2,510.6 2,537.0 2,557.5 2,563.7 2,545.5 2,562.6 2,559.7 Liabilities 17 Deposits 1,807.6 1,905.3 1,922.1 1,939.7 1,947.4 1,956.9 1,979.4 1,992.7 1,995.6 1,989.5 1,997.6 1,986.9 18 Transaction 294.7 290.2 297.1 301.1 303.8 299.5 299.8 304.1 292.1 294.0 315.1 320.6 19 Nontransaction 1,512.9 1,615.2 1,625.0 1,638.6 1,643.6 1,657.4 1,679.7 1,688.6 1,703.4 1,695.5 1,682.4 1,666.3 ?0 Large time 296.8 301.4 305.2 305.0 307.9 309.6 304.4 302.6 303.8 302.4 302.6 301.3 ?1 Other 1,216.1 1,313.8 1,319.8 1,333.6 1,335.7 1,347.8 1,375.3 1,386.0 1,399.6 1,393.0 1,379.8 1,365.0 ?.?. Borrowings 339.6 337.9 343.9 355.3 364.7 366.6 373.5 380.3 376.1 375.9 386.5 384.8 73 From banks in the U.S 156.4 149.4 151.5 156.1 166.3 166.0 167.0 171.3 170.8 169.3 174.9 172.1 ?4 From others 183.2 188.5 192.5 199.2 198.5 200.6 206.6 209.0 205.4 206.5 211.6 212.7 75 Net due to related foreign offices 16.8 14.7 15.5 10.5 9.5 10.2 10.0 8.9 10.9 9.2 7.3 8.2 26 Other liabilities 49.6 59.1 60.5 62.4 64.2 65.3 65.9 69.9 70.4 69.2 69.7 70.9 27 Total liabilities 2,213.5 2,317.0 2,342.0 2,368.0 2,385.8 2,399.1 2,428.8 2,451.7 2,453.0 2,443.9 2,461.1 2,450.9 28 Residual (assets less liabilities)7 102.5 102.6 99.5 100.0 109.5 111.6 108.2 105.8 110.7 101.6 101.5 108.9 Not seasonally adjusted Assets 29 Bank credit 2,058.2 2,108.9 2,130.5 2,145.6 2,183.9 2,202.1 2,226.7 2,240.8 2,244.1 2,242.9 2,237.4 2.240.4 ^0 Securities in bank credit 550.2 557.1 566.6 574.1 586.0 592.8 606.2 611.5 612.4 612.3 608.7 612.4 31 U.S. government securities 361.2 353.1 359.2 364.8 375.4 379.7 387.3 391.6 391.4 390.5 389.9 393.8 3? Other securities 189.0 204.0 207.4 209.3 210.7 213.2 218.9 219.9 220.9 221.8 218.7 218.7 33 Loans and leases in bank credit2 .... 1,508.0 1,551.8 1,564.0 1,571.5 1,597.9 1,609.2 1,620.5 1,629.3 1,631.7 1,630.6 1,628.8 1,628.0 34 Commercial and industrial 290.5 302.9 301.4 300.7 303.1 301.9 304.8 303.6 305.1 303.2 302.5 302.1 35 Real estate 814.8 844.8 854.0 861.7 876.9 882.0 888.7 895.0 894.4 894.9 894.4 896.8 36 Revolving home equity 46.6 50.2 51.5 52.9 55.3 55.9 57.3 58.5 58.1 58.4 58.5 58.9 37 Other 768.3 794.6 802.5 808.8 821.6 826.2 831.4 836.5 836.3 836.5 835.9 837.9 38 Consumer 302.0 295.4 299.4 299.5 311.1 316.9 318.5 325.7 325.4 327.0 327.6 326.0 39 Credit cards and related plans . . 134.1 129.6 133.0 132.6 142.5 149.5 152.5 158.0 158.2 159.4 159.8 157.7 40 Other 167.9 165.7 166.4 166.9 168.6 167.4 166.0 167.7 167.2 167.6 167.8 168.4 41 Security3 6.8 8.1 8.2 8.5 7.9 8.2 8.2 7.7 7.9 7.8 7.4 7.4 4? Other loans and leases 93.8 100.6 100.9 101.0 99.0 100.1 100.3 97.4 98.9 97.7 96.9 95.7 43 Interbank loans 84.4 107.8 111.0 116.7 104.6 111.4 108.9 99.1 104.7 101.7 95.3 93.4 44 Cash assets4 105.3 103.8 103.1 109.9 109.7 111.8 115.4 114.3 112.3 110.6 119.9 111.6 45 Other assets5 94.2 118.4 120.2 127.5 130.8 129.7 133.2 133.8 136.4 130.8 131.6 133.7 46 Total assets6 2,315.3 2,410.8 2,436.0 2,470.2 2,499.0 2,524.4 2,553.8 2,557.0 2,566.5 2,555.1 2,553.3 2,548.3 Liabilities 47 Deposits 1,806.3 1,892.1 1,909.2 1,933.4 1,948.8 1,969.7 1,999.0 1,992.4 2,003.3 1,995.9 1.984.5 1,976.6 48 Transaction 297.4 288.6 294.3 301.1 303.5 303.0 310.4 306.6 298.1 302.7 310.5 315.7 49 Nontransaction 1,509.0 1,603.5 1,614.9 1,632.3 1,645.3 1,666.7 1,688.5 1,685.8 1,705.2 1,693.2 1,673.9 1,660.9 50 Large time 296.8 301.4 305.2 305.0 307.9 309.6 304.4 302.6 303.8 302.4 302.6 301.3 51 Other 1,212.2 1,302.1 1,309.7 1,327.3 1,337.4 1,357.1 1,384.2 1,383.2 1,401.4 1,390.8 1,371.3 1,359.7 5? Borrowings 339.6 337.9 343.9 355.3 364.7 366.6 373.5 380.3 376.1 375.9 386.5 384.8 53 From banks in the U.S 156.4 149.4 151.5 156.1 166.3 166.0 167.0 171.3 170.8 169.3 174.9 172.1 54 From others 183.2 188.5 192.5 199.2 198.5 200.6 206.6 209.0 205.4 206.5 211.6 212.7 55 Net due to related foreign offices 16.8 14.7 15.5 10.5 9.5 10.2 10.0 8.9 10.9 9.2 7.3 8.2 56 Other liabilities 49.6 59.1 60.5 62.4 64.2 65.3 65.9 69.9 70.4 69.2 69.7 70.9 57 Total liabilities 2,212.2 2,303.8 2,329.1 2,361.7 2,387.2 2,411.9 2,448.3 2,451.5 2,460.8 2,450.3 2,447.9 2,440.5 58 Residual (assets less liabilities)7 103.1 107.1 106.9 108.6 111.7 112.5 105.5 105.6 105.7 104.8 105.4 107.8 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 Domestic Nonfinancial Statistics • April 2002 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities'—Continued E. Foreign-related institutions Billions of dollars Monthly averages Wednesday figures Account 2001 2001 2002 2002 Jan. July Aug. Sept. Oct.' Nov.' Dec.' Jan. Jan. 9 Jan. 16 Jan. 23 Jan. 30 Seasonally adjusted Assets 1 Bank credit 619.5 600.9r 598.2' 594.4' 586.3 593.1 585.0 577.1 581.4 571.7 579.0 578.6 2 Securities in bank credit 213.1 224.2r 223.0' 224.4' 227.4 230.0 228.8 222.6 224.5 220.6 222.1 221.9 3 U.S. government securities 66.1 49.8r 49.1' 51.7' 56.2 59.4 57.5 53.5 56.2 53.5 53.8 49.0 4 Other securities 147.0 174.4r 173.9' 172.7' 171.2 170.6 171.3 169.1 168.3 167.1 168.3 172.9 5 Loans and leases in bank credit2 .... 406.4 376.6 375.2 369.9' 358.9 363.1 356.2 354.5 356.8 351.2 356.9 356.8 6 Commercial and industrial 214.8 205.9 204.8 204.9' 199.6 199.7 195.3 192.4 193.5 193.1 192.8 190.7 7 Real estate 18.1 18.2 18.4 18.7 18.7 18.9 19.0 19.0 18.9 19.1 19.2 18.9 8 Security3 106.1 86.7 84.7 79.0 72.3 76.5 73.7 74.5 75.5 70.9 75.9 79.0 9 Other loans and leases 67.4 65.8 67.3 67.3 68.2 67.9 68.3 68.6 69.0 68.0 69.1 68.2 10 Interbank loans 29.0 21.2 20.2 26.0 23.9 25.4 21.0 26.5 20.9 21.6 32.5 33.4 11 Cash assets4 41.6 36.8 37.5 45.5 39.1 37.3 36.4 36.3 35.9 35.4 38.7 35.0 12 Other assets5 36.1 30.4 30.1 33.5 32.3 34.2 30.9 32.5 32.0 33.2 32.5 32.7 13 Total assets6 725.8 689.0r 685.6r 698.9r 681.2 689.6 673.0 672.0 669.8 661.5 682.3 679.4 Liabilities 14 Deposits 387.7 413.7 407.0 409.4 421.7 428.4 435.4 454.2 440.7 452.1 461.4 467.1 15 Transaction 10.2 9.2 9.5 12.3 10.8 10.7 11.1 11.0 11.3 11.1 11.3 10.4 16 Nontransaction 377.5 404.6 397.4 397.1 411.0 417.7 424.3 443.2 429.4 440.9 450.1 456.7 17 Borrowings 244.4 211.2 210.6 221.8 208.4 213.0 202.6 187.0 188.2 185.7 178.0 193.3 18 From banks in the U.S 25.8 22.3 20.6 30.5 23.9 24.2 24.5 22.0 22.6 21.6 17.2 24.0 19 From others 218.7 188.9 190.0 191.2 184.5 188.8 178.1 165.0 165.6 164.0 160.8 169.2 20 Net due to related foreign offices 3.6 -16.4 -12.8 -19.1 -17.2 -30.7 -A9.1 -58.1 -41.1 -57.8 -50.4 -74.5 21 Other liabilities 82.8 78.4 76.0 78.4 74.3 77.0 74.6 76.0 75.0 76.5 76.3 77.0 22 Total liabilities 718.5 686.9 680.8 690.5 687.3 687.7 662.9 659.0 656.2 656.5 665.2 662.9 23 Residual (assets less liabilities)7 7.3 2.1r 4.8r 8.4' -6.1 2.0 10.1 12.9 13.5 5.1 17.1 16.4 Not seasonally adjusted Assets 24 Bank credit 627.6 596.4r 591.7' 592.6' 589.2 595.9 594.6 583.5 586.4 580.8 583.8 583.7 25 Securities in bank credit 213.1 224.2' 223.0' 224.4' 227.4 230.0 228.8 222.6 224.5 220.6 222.1 221.9 26 U.S. government securities 66.1 49.8' 49.1' 51.7' 56.2 59.4 57.5 53.5 56.2 53.5 53.8 49.0 27 Trading account 11.4 12.4 11.7 13.1 14.3 13.4 12.4 11.5 13.0 10.6 11.7 10.5 28 Investment account 54.7 37.4' 37.4' 38.6' 41.9 46.0 45.1 42.0 43.2 42.8 42.1 38.5 29 Other securities 147.0 174.4' 173.9' 172.7' 171.2 170.6 171.3 169.1 168.3 167.1 168.3 172.9 30 Trading account 99.8 107.9 109.4 108.5 107.5 108.1 108.1 103.4 104.1 102.9 104.0 102.9 31 Investment account 47.2 66.6' 64.5' 64.3' 63.7 62.5 63.2 65.8 64.2 64.3 64.3 70.0 32 Loans and leases in bank credit2 .... 414.5 372.1 368.7 368.2' 361.8 365.9 365.9 360.9 361.9 360.3 361.7 361.8 33 Commercial and industrial 216.5 205.2 203.5 204.5' 199.9 200.4 197.6 194.0 195.4 194.8 193.7 191.6 34 Real estate 18.1 18.2 18.4 18.7 18.7 18.9 19.0 19.0 18.9 19.1 19.2 18.9 35 Security3 111.4 83.9 80.8 77.8' 75.5 78.1 78.4 78.3 77.1 77.1 79.3 82.5 36 Other loans and leases 68.5 64.8 66.0 67.1 67.7 68.5 70.8 69.7 70.4 69.3 69.5 68.8 37 Interbank loans 29.0 21.2 20.2 26.0 23.9 25.4 21.0 26.5 20.9 21.6 32.5 33.4 38 Cash assets4 44.2 35.5 36.3 44.5 39.9 39.4 39.0 38.7 38.3 38.1 41.3 36.8 39 Other assets5 37.4 29.6 29.8 33.2 31.8 34.3 32.4 33.7 33.6 34.6 33.2 33.7 40 Total assets6 737.8 682.4r 677.7r 695.9r 684.4 694.6 686.6 682.0 678.9 674.7 690.4 687.2 Liabilities 41 Deposits 397.7 403.5 395.1 401.4 414.3 431.7 448.5 466.8 452.9 463.7 474.4 480.7 42 Transaction 10.4 9.3 9.5 12.6 10.9 10.9 11.8 11.2 11.5 11.5 11.3 10.4 43 Nontransaction 387.3 394.3 385.6 388.7 403.4 420.8 436.7 455.6 441.4 452.2 463.0 470.3 44 Borrowings 244.4 211.2 210.6 221.8 208.4 213.0 202.6 187.0 188.2 185.7 178.0 193.3 45 From banks in the U.S 25.8 22.3 20.6 30.5 23.9 24.2 24.5 22.0 22.6 21.6 17.2 24.0 46 From others 218.7 188.9 190.0 191.2 184.5 188.8 178.1 165.0 165.6 164.0 160.8 169.2 47 Net due to related foreign offices 6.8 -19.6 -14.1 -16.6 -16.9 -30.6 -44.7 -54.6 —42.4 -55.4 -50.4 -69.6 48 Other liabilities 84.3 76.9 75.5 79.5 74.5 77.0 76.6 77.4 77.1 77.5 76.3 79.0 49 Total liabilities 733.2 672.0 667.2 686.1 680.4 691.1 683.0 676.6 675.9 671.5 678.2 683.4 50 Residual (assets less liabilities)7 4.6 10.4' 10.5' 9.7r 4.0 3.5 3.6 5.4 3.0 3.3 12.2 3.8 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 2001 2001 2002 2002 Jan. July Aug. Sept. Oct. Nov. Dec.' Jan. Jan. 9 Jan. 16 Jan. 23 Jan. 30 Not seasonally adjusted MEMO Large domestically chartered banks, adjusted for mergers 1 Revaluation gains on off-balance-sheet items8 79.6 79.8 89.8 98.0 100.8 104.3 80.6 86.3 80.8 93.9 86.4 89.0 2 Revaluation losses on off-balancesheet items8 82.5 71.8 78.4 84.8 86.0 86.5 68.4 66.5 60.4 73.8 66.4 68.1 3 Mortgage-backed securities9 247.9' 254.6' 266.6' 272.2' 281.7' 282.2' 303.4 300.9 308.7 301.6 299.7 290.8 4 Pass-through 179.9' 192.2' 203.2' 208.8' 212.9' 196.9' 200.8 202.0 207.8 203.3 202.1 193.3 5 CMO, REMIC, and other 68.0 62.3 63.4 63.4 68.9 85.3 102.6 98.9 100.9 98.4 97.6 97.5 6 Net unrealized gains (losses) on available-for-sale securities10 3.7 2.6 5.1 7.1 9.2 10.0 5.2 3.1 2.1 3.5 3.1 3.5 7 Off-shore credit to U.S. residents" .... 23.0 20.2 19.6 20.2 20.0 19.2 19.1 19.4 19.5 19.1 19.4 19.5 8 Securitized consumer loans12 79.8' 96.5' 96.3' 97.1' 97.8' 99.3' 99.4 94.7 94.2 94.1 94.1 95.0 9 Credit cards and related plans 69.7 86.7 86.2 87.2 87.8 88.3 88.7 84.3 83.7 83.7 83.7 84.7 10 Other 10.1' 9.8' 10.2' 10.0' 9.9' 11.0' 10.7 10.4 10.5 10.4 10.4 10.3 11 Securitized business loans12 13.5 20.6 20.8 20.9 21.1 20.6 19.7 19.4 19.3 19.4 19.3 19.8 Small domestically chartered commercial banks, adjusted for mergers 12 Mortgage-backed securities9 206.5' 240.4' 245.5' 251.4' 256.6' 262.0' 266.9 269.1 269.4 270.2 267.7 269.3 13 Securitized consumer loans12 229.9 225.3' 228.2' 231.3' 234.9' 237.8' 243.3 250.7 251.3 251.3 250.8 251.2 14 Credit cards and related plans 221.0 216.9 219.9 223.0 226.9 229.5 235.2 242.8 243.3 243.4 242.9 243.3 15 Other 8.9 8.5' 8.3' 8.2' 8.0' 8.3' 8.1 7.9 8.0 7.9 7.9 7.9 Foreign-related institutions 16 Revaluation gains on off-balancesheet items8 55.2 53.8 55.1 54.9 56.4' 55.6' 55.3 52.6 52.5 52.8 52.7 52.5 17 Revaluation losses on off-balancesheet items8 52.1 49.0 51.1 50.5 48.8 48.7 49.4 49.5 49.3 49.7 49.6 49.6 18 Securitized business loans12 36.5 27.4 26.6 26.5 26.6 25.2 24.0 23.3 23.4 23.5 23.3 22.9 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 Nonfinancial Statistics • April 2002 1.32 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2001 IItteemm 1997 1998 1999 2000 2001 July Aug. Sept. Oct. Nov. Dec. 1 All issuers 966,699 1,163,303 1,403,023 1,615,341 1,438,764 1,453,770 1,434,238 1,423,004 1,436,254 1,435,808 1,438,764 Financial companies1 2 Dealer-placed paper, total2 513,307 614,142 786.643 973,060 989,364 958,911 957,792 950,346 984,996 993,491 989,364 3 Directly placed paper, total3 252,536 322,030 337.240 298,848 224,553 265,824 248,974 255,122 232,407 227,422 224,553 4 Nonfinancial companies4 200,857 227,132 279.140 343,433 224,847 229,035 227,473 217,537 218,851 214,894 224,847 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. 1.33 PRIME RATE CHARGED BY BANKS Short-Term Business Loans1 Percent per year Date of change Period Average Average Average rate rate rate 1999—Jan. I 7.75 1999 .... 8.00 2000—Jan. 8.50 2001—Jan. 9.05 July 1 8.00 2000 .... 9.23 Feb. 8.73 Feb. 8.50 Aug. 25 8.25 2001 6.91 Mar. 8.83 Mar. 8.32 Nov. 17 8.50 Apr. 9.00 Apr. 7.80 1999—Jan. 7.75 May 9.24 May 7.24 2000—Feb. 3 8.75 Feb. 7.75 June 9.50 June 6.98 Mar. 22 9.00 Mar. 7.75 July 9.50 July 6.75 May 17 9.50 Apr. 7.75 Aug. 9.50 Aug. 6.67 May 7.75 Sept. 9.50 Sept. 6.28 2001—Jan. 4 9.00 June 7.75 Oct. 9.50 Oct. 5.53 Feb. 1 8.50 July 8.00 Nov. 9.50 Nov. 5.10 Mar. 21 8.00 Aug. 8.06 Dec. 9.50 Dec. 4.84 Apr. 19 7.50 Sept. 8.25 May 16 7.00 Oct. 8.25 2002—Jan. 4.75 June 28 6.75 Nov. 8.37 Feb. 4.75 Aug. 22 6.50 Dec. 8.50 Sept. 18 6.00 Oct. 3 5.50 Nov. 7 5.00 Dec. 12 4.75 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 2002 2001-2002, week ending IItteemm 11999999 22000000 22000011 Oct. Nov. Dec. Jan. Dec. 28 Jan. 4 Jan. 11 Jan. 18 Jan. 25 MONEY MARKET INSTRUMENTS 4.97 6.24 3.88 2.49 2.09 1.82 1.73 1.77 1.63 1.64 1.74 1.74 4.62 5.73 3.40 2.02 1.58 1.33 1.25 1.25 1.25 1.25 1.25 1.25 Commercial paperJ-5'6 Nonfinancial 5.09 6.27 3.78 2.40 2.03 1.84 1.70 1.89 1.74 1.71 1.62 1.70 5.14 6.29 3.68 2.30 2.00 1.79 1.69 1.79 1.73 1.71 1.61 1.70 5.18 6.31 3.65 2.28 1.97 1.78 1.70 1.80 1.78 1.72 1.60 1.71 Financial 5.11 6.28 3.80 2.42 2.04 1.83 1.72 1.85 1.77 1.73 1.64 1.71 5.16 6.30 3.71 2.31 2.02 1.81 1.71 1.82 1.77 1.73 1.63 1.72 5.22 6.33 3.65 2.29 2.00 1.81 1.72 1.81 1.77 1.73 1.62 1.73 Certificates of deposit, secondary market*1 5.19 6.35 3.84 2.43 2.08 1.90 1.75 1.90 1.81 1.77 1.67 1.76 5.33 6.46 3.71 2.31 2.03 1.83 1.74 1.84 1.80 1.75 1.65 1.76 5.46 6.59 3.66 2.26 2.03 1.90 1.85 1.93 1.91 1.86 1.73 1.88 5.31 6.45 3.70 2.31 2.03 1.84 1.75 1.82 1.80 1.76 1.66 1.75 U.S. Treasury bills Secondary market3 5 4.64 5.82 3.40 2.16 1.87 1.69 1.65 1.70 1.70 1.63 1.58 1.68 4.75 5.90 3.34 2.12 1.88 1.78 1.73 1.80 1.79 1.70 1.64 1.76 44..8811 55..7788 33..8844 nn..aa.. n.a. n.a. n.a. n.a. n.a. U.S. TREASURY NOTES AND BONDS Constant maturities9 5.08 6.11 3.49 2.33 2.18 2.22 2.16 2.28 2.24 2.13 2.03 2.18 17 2-year 5.43 6.26 3.83 2.73 2.78 3.11 3.03 3.21 3.17 2.98 2.86 3.09 5.49 6.22 4.09 3.14 3.22 3.62 3.56 3.74 3.69 3.50 3.38 3.61 5.55 6.16 4.56 3.91 3.97 4.39 4.34 4.49 4.47 4.31 4.19 4.37 5.79 6.20 4.88 4.31 4.42 4.86 4.79 4.95 4.93 4.79 4.66 4.80 21 10-year 5.65 6.03 5.02 4.57 4.65 5.09 5.04 5.17 5.15 5.04 4.92 5.05 22 20-year 6.20 6.23 5.63 5.34 5.33 5.76 5.69 5.81 5.83 5.71 5.60 5.70 23 30-year 55..8877 5.94 55..4499 55..3322 5.12 5.48 5.45 5.51 5.54 5.46 5.37 5.45 STATE AND LOCAL NOTES AND BONDS Moody's series'0 5.28 5.58 4.99 4.89 4.85 5.18 5.05 5.19 5.18 5.07 4.98 5.01 25 Baa 5.70 6.19 5.75 5.55 5.53 5.81 5.64 5.80 5.81 5.26 5.65 5.72 55..4433 55..7711 55..1155 55..0055 5.04 5.25 5.16 5.26 5.26 5.16 5.08 5.17 CORPORATE BONDS 7.45 7.98 7.49 7.41 7.32 7.43 7.24 7.39 7.36 7.25 7.16 7.24 Rating group 28 Aaa13 7.05 7.62 7.08 7.03 6.97 6.77 6.55 6.66 6.67 6.56 6.47 6.54 29 Aa 7.36 7.83 7.26 7.13 7.01 7.19 7.03 7.19 7.14 7.03 6.95 7.04 30 A 7.53 8.11 7.67 7.59 7.49 7.70 7.50 7.69 7.67 7.56 7.43 7.47 31 Baa 7.88 8.37 7.95 7.91 7.81 8.05 7.87 8.02 7.97 7.85 7.78 7.89 MEMO Dividend-price ratio14 11..2255 11..1155 11..3322 11..4455 1.38 1.36 1.38 1.36 1.36 1.36 1.39 1.39 NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly 8. Bid rates for eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for statistical release. For ordering address, see inside front cover. indication purposes only. 1. The daily effective federal funds rate is a weighted average of rates on trades through 9. Yields on actively traded issues adjusted to constant maturities. SOURCE: U.S. Depart- New York brokers. ment of the Treasury. 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the 10. General obligation bonds based on Thursday figures; Moody's Investors Service. current week; monthly figures include each calendar day in the month. 11. State and local government general obligation bonds maturing in twenty years are used 3. Annualized using a 360-day year or bank interest. in compiling this index. The twenty-bond index has a rating roughly equivalent to Moodys' 4. Rate for the Federal Reserve Bank of New York. A1 rating. Based on Thursday figures. 5. Quoted on a discount basis. 12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors 6. Interest rates interpolated from data on certain commercial paper trades settled by the Service. Based on yields to maturity on selected long-term bonds. Depository Trust Company. The trades represent sales of commercial paper by dealers or 13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial direct issuers to investors (that is, the offer side). See the Board's Commercial Paper web firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial. pages (http://www.federalreserve.gov/releases/cp) for more information. 14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in 7. An average of dealer offering rates on nationally traded certificates of deposit. the price index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A24 Domestic Nonfinancial Statistics • April 2002 1.36 STOCK MARKET Selected Statistics 2001 2002 IInnddiiccaattoorr 11999999 22000000 22000011 May June July Aug. Sept. Oct. Nov. Dec. Jan. Prices and trading volume (averages of daily figures) CCCCCCCooooooommmmmmmmmmmmmmooooooonnnnnnn ssssssstttttttoooooooccccccckkkkkkk ppppppprrrrrrriiiiiiiccccccceeeeeeesssssss (((((((iiiiiiinnnnnnndddddddeeeeeeexxxxxxxeeeeeeesssssss))))))) 1111111 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((DDDDDDDeeeeeeeccccccc....... 33333331111111,,,,,,, 1111111999999966666665555555 -------55555550000000))))))) 619.52 643.71 606.03 644.44 630.86 613.36 604.52 544.39 556.04 575.31 582.82 581.74 2222222 IIIIIIInnnnnnnddddddduuuuuuussssssstttttttrrrrrrriiiiiiiaaaaaaalllllll 775.29 809.40 749.46 798.94 782.73 756.04 748.65 672.89 688.35 715.98 727.67 723.56 3333333 TTTTTTTrrrrrrraaaaaaannnnnnnssssssspppppppooooooorrrrrrrtttttttaaaaaaatttttttiiiiiiiooooooonnnnnnn 491.62 414.73 444.45 477.21 458.60 469.80 458.35 382.68 371.56 410.05 433.70 446.13 4444444 UUUUUUUtttttttiiiiiiillllllliiiiiiitttttttyyyyyyy 284.82 478.99 377.72 414.69 382.98 374.11 357.76 339.72 341.51 330.78 325.33 322.92 5555555 FFFFFFFiiiiiiinnnnnnnaaaaaaannnnnnnccccccceeeeeee 530.97 552.48 596.61 618.74 622.17 614.54 605.59 538.01 553.16 577.85 585.47 591.94 6666666 SSSSSSStttttttaaaaaaannnnnnndddddddaaaaaaarrrrrrrddddddd &&&&&&& PPPPPPPoooooooooooooorrrrrrr'''''''sssssss CCCCCCCooooooorrrrrrrpppppppooooooorrrrrrraaaaaaatttttttiiiiiiiooooooonnnnnnn (((((((1111111999999944444441111111-------44444443333333 ------- 11111110000000)))))))''''''' 1,327.33 1,427.22 1,194.18 1,270.37 1,238.71 1,204.45 1,178.51 1,044.64 1,076.59 1,129.68 1,144.93 1,140.21 7777777 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((AAAAAAAuuuuuuuggggggg....... 33333331111111,,,,,,, 1111111999999977777773333333 ------- 55555550000000)))))))2222222 770.90 922.22 879.08 940.73 923.06 892.74 883.01 823.78 825.91 814.78 828.19 835.02 VVVVVVVooooooollllllluuuuuuummmmmmmeeeeeee ooooooofffffff tttttttrrrrrrraaaaaaadddddddiiiiiiinnnnnnnggggggg (((((((ttttttthhhhhhhooooooouuuuuuusssssssaaaaaaannnnnnndddddddsssssss ooooooofffffff ssssssshhhhhhhaaaaaaarrrrrrreeeeeeesssssss))))))) 8888888 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 799,554 1,026,867 1,216,529 1,091,366 1,152,193 1,120,074 1,012,907 1,666,980 1,293,019 1,242,965 1,240,245 1,401,913 9999999 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 32,629 51,437 68,074 66,103 62,395 56,735 48,304 72,319 66,765 88,694 53,337 55,151 Customer financing (millions of dollars, end-of-period balances) 11111110000000 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrr-------dddddddeeeeeeeaaaaaaallllllleeeeeeerrrrrrrsssssss''''''' 228,530 198,790 1,974,550 174,180 170,000 165,250 161,130 144,670 144,010 148,650 150,450 150,390 FFFFFFFrrrrrrreeeeeeeeeeeeee cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt bbbbbbbaaaaaaalllllllaaaaaaannnnnnnccccccceeeeeeesssssss aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrrsssssss4444444 11111111111111 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss5555555 55,130 100,680 1,203,170 91,990 98,430 97,950 103,990 115,450 101,850 98,330 101,640 97,330 11111112222222 CCCCCCCaaaaaaassssssshhhhhhh aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss 79,070 84,400 907,650 76,260 75,270 73,490 73,710 74,220 69,550 72,090 78,040 75,110 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 2002 11999999 22000000 22000011'' Aug. Sept. Oct. Nov. Dec. Jan. U.S. budget1 1 Receipts, total 1,827,454r 2,025,218 1,991,030 122,559 158,611' 157,163 121,233 187,914 203,452 2 On-budget 1,382,986 1,544,634 1,483,511 84,011 116,713' 122,004 83,375 150,941 153,541 3 Ofif-budget 444,468 480,584 507,519 38,548 41,898 35,159 37,858 36,973 49,911 4 Outlays, total l,701,932r 1,788,826 1,863,926 202,549 123,341' 166,548 175,500 161,347 159,726 5 On-budget l,381,154r 1,458,061 1,516,933 138,167 111,345' 134,014 140,388 162,916 127,001 6 Off-budget 320,778 330,765 346,993 64,382 11,996 32,534 35,112 -1,569 32,726 7 Surplus or deficit (-), total 125,522' 236,392 127,104 -79,990 35,270' -9,385 -54,267 26,567 43,726 8 On-budget 1,832' 86,573 -33,422 -54,156 5,368' -12,010 -57,013 -11,975 26,540 9 Off-budget 123,690 149,819 160,526 -25,834 29,902 2,625 2,746 38,542 17,185 Source of financing (total) 10 Borrowing from the public -88,674 -222,807 -90,118 74,101 1,996 -3,695 72,036 -8,813 -15,240 11 Operating cash (decrease, or increase [-]) -17,580 3,799 8,440 16,769 -37,890 16,612 -2,908 -21,837 -23,016 12 Other2 -19,268' -17,384 ^5,426 -10,880 624' -3,532 -14,861 4,083 -5,470 MEMO 13 Treasury operating balance (level, end of period) 56,458 52,659 44,219 6,329 44,219 27,607 30,515 52,352 75,368 14 Federal Reserve Banks 6,641 8,459 9,796 5,533 9,796 5,112 6,219 6,645 13,688 15 Tax and loan accounts 49,817 44,199 34,423 795 34,423 22,495 24,295 45,707 61,680 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 US. 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 NonfinancialS tatistics • April 2002 1.39 U.S. BUDGET RECEIPTS AND OUTLAYS1 Millions of dollars Fiscal year Calendar year SSSooouuurrrccceee ooorrr tttyyypppeee 2000 2001 2001 2002 22000000 220000 RR HI H2 HI H2 Nov. Dec. Jan. RECEIPTS 1 All sources 2,025,218 1,991,030 1,089,763 953,667 1,120,040 875,322r 121,233 187,914 203,452 2 Individual income taxes, net 1,004,462 994,339 550,208 458,679 580,632 420,105 56,534 9922,,003366 112,095 3 Withheld 780,397 793,386 388,526 395,572 402,417 398,365 59,818 8866,,888899 64,403 4 Nonwithheld 358,049 383,146 281,103 77,732 308,418 76,199 2,729 6,472 49,132 5 Refunds 134,046 182,251 119,477 14,628 130,256 5544,,446611 66,,001133 11,,332255 11,,444422 Corporation income taxes 6 Gross receipts 235,655 186,732 119,166 123,962 102,947 90,970 3,411 38,238 12,321 7 Refunds 28,367 35,657 13,781 15,776 20,262 21,945 3,450 2,247 3,071 8 Social insurance taxes and contributions, net .... 652,852 693,967 353,514 310,122 379,878 314,678 53,263 50,628 66,164 y Employment taxes and contributions2 620,451 661,442 333,584 297,665 359,648 302,518 50,494 50,058 64,593 1 1 1 0 U Ot n h e e m r p n l e o t y r m ec e e n i t p t i s n 3 s urance 2 4 7 , , 7 6 6 4 1 0 27 4, , 7 8 1 1 3 2 1 2 7 , , 3 5 6 6 8 2 1 2 0 , , 3 09 6 7 0 1 2 7 , , 3 8 8 4 7 2 9 2, , 2 8 8 8 1 0 2, 4 3 1 5 3 6 2 34 2 6 4 1, 3 2 4 2 8 3 12 Excise taxes 68,865 66.068 33,532 35,501 32,490 29,124 4,842 3,011 9,162 13 Customs deposits 19,914 19,369 9,218 10,676 9,370 10,032 1,571 1,297 1,562 1 IS 4 E M s i t s a c te e ll a a n n d e o g u if s t t r a e x c e e s ip ts4 4 2 2 9 , , 8 0 2 1 6 0 2 3 8 7 , . 4 8 0 1 0 2 2 1 2 5 , , 8 0 3 7 1 3 1 1 3 7 , , 2 2 1 8 6 6 1 1 5 9 , , 4 5 7 1 1 7 1 1 9 2 , , 5 6 9 4 5 3 2 2, , 8 2 5 0 7 4 3 1 , , 0 8 5 9 6 5 2 2, , 8 3 3 8 1 9 OUTLAYS 16 All types 1,788,826 1,863,926 892,947 895,630 948,750 954,307r 175,500 161,347 159,726 17 National defense 294,494 308,533 143,476 147,651 153,154 160,877 30,983 26,988 24,693 18 International affairs 17,216 16.601 7,250 11,902 6,522 9,072 2,606 1,924 4,833 19 General science, space, and technology 18,637 19,896 9,601 10,389 10,073 10,868 1,781 1,738 1,523 20 Energy -1,060 89 -893 130 -244 494 145 192 -M9 221 2N atural resources and environment 25,031 26,335 10,814 12,907 11,059 13,310 2,518 2,179 2,067 Agriculture 36,641 26,553 11,164 20,977 10,832 19,954 4,576 4,773 2,727 23 Commerce and housing credit 3,211 6,030 -2,497 4,408 -1,539 6,941 218 -1,123 1,411 24 Transportation 46,854 55,220 21,054 25,841 23,810 33,006 5,885 4,580 4,539 25 Community and regional development 10,629 11,977 5,050 5,962 5,265 8,450 1,110 1,436 579 26 Education, training, employment, and social services 59,201 57,302 31,234 29,263 35,698 28,290 5,370 5,838 7,398 27 Health 154,534 172,634 75,871 81,413 87,427 92,411 15,216 16,045 16,718 28 Social security and Medicare 606,549 650,593 306,966 307,473 328,072 331,522 58,302 54,914 53,838 29 Income security 247,895 269,770 133,915 113,212 146,913 124,312 24,281 21,322 23,150 30 Veterans benefits and services 47,083 45,828 23,174 22,615 23,171 24,769 5,941 4,062 2,390 31 Administration of justice 27,820 30,443 13,981 14,635 14,694 16,209 2,834 2,868 2,451 32 General government 13,454 15,153 6,198 6,461 8,887 8,688 1,365 3,123 424 33 Net interest5 223,218 206,199 115,545 104,685 107,824 89,692 15,928 13,781 15,095 34 Undistributed offsetting receipts6 -42,581 -55,230 -19,346 -24,070 -22,865 -24,516 -3,560 -3,294 -3,700 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 2003; 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 A25 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 1999 2000 2001 IItteemm Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 1 Federal debt outstanding 5,805.0 5,801.5 5,714.2 5,701.9 5,689.6 5,800.6 5,753.9 5,834.5 5,970.3 2 Public debt securities 5,776.1 5,773.4 5,685.9 5,674.2 5,662.2 5,773.7 5,726.8 5,807.5 5,943.4 3 Held by public 3,715.5 3,688.0 3,495.7 3,438.5 3,413.5 3,434.4 3,274.2 3,338.7 3,393.8 4 Held by agencies 2,060.6 2,085.4 2,190.2 2,235.7 2,248.7 2,339.4 2,452.6 2,468.8 2,549.7 5 Agency securities 28.9 28.1 28.3 27.7 27.4 26.8 27.1 27.0 26.8 6 Held by public 28.3 27.8 28.2 27.6 27.3 26.8 27.1 27.0 26.8 7 Held by agencies .6 .4 .1 .1 .1 .1 .0 .0 .0 8 Debt subject to statutory limit 5,686.9 5,686.5 5,600.6 5,591.6 5,580.5 5,692.5 5,645.0 5,732.6 5,871.4 9 Public debt securities 5,686.7 5,686.3 5,600.5 5,591.4 5,580.2 5,692.3 5,644.8 5,807.5 5,943.4 10 Other debt1 .1 .2 .2 .2 .2 .2 .2 .2 .3 MEMO 11 Statutory debt limit 5,950.0 5,950.0 5,950.0 5,950.0 5,950.0 5,950.0 5,950.0 5,950.0 5,950.0 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 Treasury Statement. bia stadium bonds. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership Billions of dollars, end of period 2001 TTyyppee aanndd hhoollddeerr 11999988 11999999 22000000 22000011 Qi Q2 Q3 Q4 1 Total gross public debt 5,614.2 5,776.1 5,662.2 5,943.4 5,773.7 5,726.8 5,807.5 5,943.4 Bv type 2 Interest-bearing 5,605.4 5,766.1 5,618.1 5,930.8 5,752.0 5,682.8 5,763.6 5,930.8 3 Marketable 3,355.5 3,281.0 2,966.9 2,982.9 2,981.9 2,822.3 2,897.3 2,982.9 4 Bills 691.0 737.1 646.9 811.3 712.0 620.1 734.9 811.3 5 Notes 1,960.7 1,784.5 1,557.3 1,413.9 1,499.0 1,441.0 1,399.6 1,413.9 6 Bonds 621.2 643.7 626.5 602.7 627.9 616.9 612.9 602.7 7 Inflation-indexed notes and bonds' 67.6 100.7 121.2 140.1 128.0 129.3 134.9 140.1 8 Nonmarketable2 2,249.9 2,485.1 2,651.2 2,947.9 2,770.0 2,860.5 2,866.4 2,947.9 9 State and local government series 165.3 165.7 151.0 146.3 152.9 153.3 146.4 146.3 10 Foreign issues3 34.3 31.3 27.2 15.4 24.7 24.0 18.3 15.4 11 Government 34.3 31.3 27.2 15.4 24.7 24.0 18.3 15.4 12 Public .0 .0 .0 .0 .0 .0 .0 .0 13 Savings bonds and notes 180.3 179.4 176.9 181.5 177.4 178.4 179.6 181.5 14 Government account series4 1,840.0 2,078.7 2,266.1 2,574.8 2,360.3 2,474.7 2,492.1 2,574.8 15 Non-interest-bearing 8.8 10.0 44.2 12.7 46.5 44.0 43.8 12.7 By holders 16 U.S. Treasury and other federal agencies and trust funds 1,828.1 2,064.2 2,249.0 2,572.2 2,357.0 2,469.1 2,493.7 2,572.2 17 Federal Reserve Banks6 452.1 478.0 511.7 551.7 523.9 535.1 534.1 551.7 18 Private investors 3,334.0 3,233.9 2,880.4 2,819.5 2,892.9 2,722.6 2,779.7 2,819.5 19 Depository institutions 237.3 246.5 199.2 182.2 187.9 190.1 189.5' 182.2 20 Mutual funds 343.3 335.4 312.6 258.5 222.6' 219.2' 231.6' 258.5 21 Insurance companies 141.7 123.4 110.2 85.7 101.9 94.8 88.5 85.7 22 State and local treasuries7 269.3 266.8 236.2 205.4 231.5' 224.0' 208.9' 205.4 Individuals 23 Savings bonds 186.6 186.4 184.8 190.3 184.8 185.5 186.4 190.3 24 Pension funds 356.9 349.7 333.4 288.4 302.6' 308.4' 287.3' 288.4 25 Private 139.1 138.5 137.7 102.4 107.3' 104.0' 99.6' 102.4 26 State and Local 217.7 211.2 195.7 186.0 195.3 204.4' 187.7' 186.0 27 Foreign and international8 1,278.7 1,268.7 1,201.3 1,218.1 1,196.8' 1,167.4' 1,170.1' 1,218.1 28 Other miscellaneous investors7-9 517.5 444.1 276.9 n.a. 348.2' 210.5' 279.4 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 Nonfinancial Statistics • April 2002 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2001 2001, week ending 2002, week ending IItteemm Oct. Nov. Dec. Dec. 5 Dec. 12 Dec. 19 Dec. 26 Jan. 2 Jan. 9 Jan. 16 Jan. 23 Jan. 30 By type of security 1 U.S. Treasury bills 28,935 42,441 37,927 44,621 40,085 36,596 30,462 39,811 40,275 33,810 35,079 40,004 Treasury coupon securities by maturity 2 Three years or less 106,558 133,582 97,643 134,961 117,836 100,532 54,426 79,478 135,182 129,024 115588,,990000 145,437 3 More than three but less than or equal to six years 83,732 111,681 74,502 105,445 96,935 87,243 37,426 34,373 68,449 86,468 70,130 101,788 4 More than six but less than or equal to eleven years 59,295 79,622 57,308 71,130 80,786 64,945 26,256 33,032 70,700 88,871 55,307 77,416 5 More than eleven 24,268 30,303 18,470 27,849 23,206 18,809 10,470 11,297 17,260 21,426 14,064 21,583 6 Inflation-indexed2 2,565 2,282 1,228 1,491 1,503 1,453 772 740 3,988 2,677 1,074 977 Federal agency and governmentsponsored enterprises 7 Discount notes 61,756 60,945 59,418 64,828 56,354 59,856 52,876 67,106 54,401 58,322 56,276 54,037 Coupon securities by maturity 8 Three years or less 11,551 13,099 9,412 11,358 11,510 12,941 3,511 5,958 14,253 13,516 10,758 10,019 9 More than three years but less than or equal to six years 11,860 9,457 8,016 9,510 8,104 8,565 10,054 2,742 8,098 9,607 9,050 13,170 10 More than six years but less than or equal to eleven years .... 8,487 11,006 7,031 9,241 10,741 6,878 3,546 3,539 6,394 19,351 8,689 9,957 11 More than eleven years 1,451 1,758 1,435 1,165 1,489 1,853 1,474 865 1,187 786 861 995 12 Mortgage-backed 130,025 144,605 113,262 131,685 170,741 136,978 40,216 56,907 190,800 151,798 108,840 120,841 Corporate securities 13 One year or less 79,349 76,651 71,082 72,261 75,478 91,035 54,280 51,724 68,176 74,770 80,060 78,578 14 More than one year 20,690 22,319 15,326 20,921 18,841 18,721 9,047 6,583 21,589 19,833 17,314 25,238 By type of counterparty With interdealer broker 15 U.S. Treasury 139,549 180,416 127,310 170.943 166,587 139,874 65,989 79,034 149,253 165,002 151,214 171,019 16 Federal agency and governmentsponsored enterprises 11,878 13,155 9,762 12,829 11,793 11,517 6,321 4,972 11,808 15,481 10,550 12,860 17 Mortgage-backed 36,435 36,048 29,886 34,270 41,039 37,960 11,200 18,369 48,735 42,408 29,407 31,044 18 Corporate 666 588 382 521 485 472 201 161 559 549 671 607 With other 19 U.S. Treasury 165,804 219,495 159,770 214,554 193,765 169,704 93,824 119,696 186,601 197,274 183,341 216,186 20 Federal agency and governmentsponsored enterprises 83,227 83,110 75,549 83,274 76,404 78,575 65,140 75,237 72,525 86,101 75,084 75,318 21 Mortgage-backed 93,590 108,557 83,376 97,415 129,702 99,018 29,016 38,538 142,065 109,390 79,433 89,797 22 Corporate 99,373 98,382 86,026 92,661 93,834 109,284 63,127 58,146 89,206 94,054 96,702 103,209 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 A25 1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing1 Millions of dollars 2001 2001 2002 Item, oy type or security Oct. Nov. Dec. Dec. 5 Dec. 12 Dec. 19 Dec. 26 Jan. 2 Jan. 9 Jan. 16 Jan. 23 Net Outright Positions2 1 U.S. Treasury bills 21,414 19,504 39,006 30,754 43,293 33,371 43,667 42,620 33,249 27,423 25,519 Treasury coupon securities by maturity 2 Three years or less -21,698 -28,331 -26,923 -25,500 -24,373 -29,358 -29,522 -24,867 -28,418 -28,803 -22,397 3 More than three years but less than or equal to six years -19,650 -23,842 -23,893 -24,234 -22,702 -25,922 -24,868 -21,015 -21,873 -22,270 -20,862 4 More than six but less than or equal to eleven years -8,478 -10,659 -16,503 -14,365 -17,183 -17,288 -16,245 -16,950 -16,529 -20,199 -17,707 5 More than eleven 10,868 10,806 4,361 3,821 4,001 3,971 4,198 6,180 6,520 9,183 10,806 6 Inflation-indexed 4,541 4,378 2,940 3,387 3,258 2,633 2,913 2,518 3,821 3,587 3,201 Federal agency and governmentsponsored enterprises 7 Discount notes 50,870 49,711 48,745 47,952 50,292 46,561 47,507 52,164 45,193 45,664 45,975 Coupon securities, by maturity 8 Three years or less 14,742 11,372 10,803 12,520 11,919 10,668 9,992 8,846 14,693 15,520 12,523 9 More than three years but less than or equal to six years 1,395 583 -1,037 -1,610 -603 -1,074 -827 -1,315 251 1,230 950 10 More than six but less than or equal to eleven years 1,889 1,932 1,788 2,967 2,431 1,755 968 906 647 369 -522 11 More than eleven 3,733 4,482 3,373 3,636 4,101 3,420 2,776 2,858 3,139 3,655 3,566 12 Mortgage-backed 12,233 24,212 19,169 20,033 16,283 20,774 17,364 22,623 14,450 13,794 10,463 Corporate securities 13 One year or less 18,969 21,057 17,586 15,653 22,309 18,128 15,293 15,359 15,163 22,149 22,170 14 More than one year 31,904 35,111 39,165 37,507 42,449 41,847 36,175 36,655 40,489 42,801 39,050 Financing3 Securities in, U.S. Treasury 15 Overnight and continuing 565,640 558,495 537,442 573,035 570,867 523,170 504,101 521,715 533,660 547,103 532,426 16 Term 660,095 733,782 714,984 729,714 735,721 765,042 761,241 536,383 613,991 639,951 668,633 Federal agency and governmentsponsored enterprises 17 Overnight and continuing 120,632 132,478 127,437 129,596 133,506 125,436 121,025 128,562 130,699 131,050 127,697 18 Term 176,742 217,708 241,111 236,941 247,270 255,285 258,274 192,786 214,405 219,175 241,483 Mortgage-backed securities 19 Overnight and continuing 26,548 29,959 31,406 37,505 37,285 33,549 22,094 27,110 35,054 26,307 30,088 20 Term 216,423 226,356 224,217 231,852 225,636 230,396 229,619 198,381 211,031 215,456 212,886 Corporate securities 21 Overnight and continuing 37,072 39,512 37,508 37,047 38,428 37,305 37,120 37,509 37,394 38,368 38,743 22 Term 14.101 15,880 18,653 19,119 18,300 18,880 18,192 19,011 18,843 19,628 19,373 MEMO Reverse repurchase agreements 23 Overnight and continuing 362,499 367,220 350,965 393,445 386,656 340,194 306,280 336,153 354,006 357,784 340,866 24 Term 936,892 1,066,871 1,072,648 1,086,627 1,107,733 1,140,661 1,139,257 821,078 923,572 957,215 1,009,434 Securities out, U.S. Treasury 25 Overnight and continuing 580,816 547,900 528,953 567,822 545,176 519,127 496,175 527,017 539,455 551,760 533,853 26 Term 589,529 670,462 662,681 663,869 694,389 701,100 722,274 479,886 539,045 560,825 594,606 Federal agency and governmentsponsored enterprises 27 Overnight and continuing 218,541 221,623 219,344 227,978 223,470 225,653 207,670 212,444 229,625 238,539 230,484 28 Term 130,511 172,805 194,382 185,175 198,983 212,762 214,015 143,929 161,819 164,897 181,284 Mortgage-backed securities 29 Overnight and continuing 271,700 277,885 280,666 271,418 267,683 287,375 293,717 280,426 284,172 300,138 300,597 30 Term 134,317 147,287 130,237 131,621 136,497 138,937 136,128 99,663 117,515 122,735 130,739 Corporate securities 31 Overnight and continuing 92,074 95,909 95,841 91,495 100,808 98,076 95,141 91,086 92,361 98,700 103,303 32 Term 10,158 10,853 10,774 10,225 9,869 10,881 11,242 11,784 13,087 13,737 13,380 MEMO Repurchase agreements 33 Overnight and continuing 1,019,698 1,000,031 980,434 1,014,709 996,637 983,641 946,867 965,979 987,879 1,042,695 1,020,694 34 Term 846,123 981,393 976,295 969,989 1,019,036 1,042,256 1,058,767 714,957 809,152 838,524 896,765 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 • April 2002 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 2001 AAggeennccyy 11999977 11999988 11999999 22000000 July Aug. Sept. Oct. Nov. 1 Federal and federally sponsored agencies 1,022,609 1,296,477 1,616,492 1,851,632 2,009,746 2,028,562 2,071,164 26,781 n.a. 2 Federal agencies 27,792 26,502 26,376 25,666 25,325 26,623 27,017 6 275 3 Defense Department1 6 6 6 6 6 6 6 n.a. 6 4 Export-Import Bank23 552 n.a. n.a. n.a. n.a. n.a. n.a. 252 n.a. 5 Federal Housing Administration4 102 205 126 255 210 224 231 n.a. 26,655 6 Government National Mortgage Association certificates of participation5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7 Postal Service6 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 26,775 n.a. 8 Tennessee Valley Authority 27,786 26,496 26,370 25,660 25,319 26,617 27,011 n.a. 269 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 1,984,421 2,001,939 2,044,147 n.a. n.a. 11 Federal Home Loan Banks 313,919 382,131 529,005 594,404 601,490 599,070 614,325 618,071 617,146 12 Federal Home Loan Mortgage Corporation 169,200 287,396 360,711 426,899 508,944 515,671 534,434 540,371 546,566 13 Federal National Mortgage Association 369,774 460,291 547,619 642,700 706,800 718,000 727,000 726,200 737,500 14 Farm Credit Banks8 63,517 63,488 68,883 74,181 76,307 76,264 76,385 76,339 75,815 15 Student Loan Marketing Association9 37,717 35,399 41,988 45,375 48,427 50,356 49,404 50,075 51,494 16 Financing Corporation1'' 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 37,510 37,789 42,825 40,574 40,485 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 lending14 25 Farmers Home Administration 13,530 9,500 6,665 5,275 5,155 5,155 4,375 n.a. n.a. 26 Rural Electrification Administration 14,898 14,091 14,085 13,126 13,483 13,602 13,599 13,698 13,822 27 Other 20,110 20,538 21,402 22,174 18,872 19,032 30,851 26,876 26,663 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 2002 TTyyppee ooff ii oo ss rr ss uu uu ee ss ee oo rr iissssuueerr,, 11999999 22000000 22000011 June July Aug. Sept. Oct. Nov. Dec. Jan. 1 All issues, new and refunding1 215,427 180,403 270,566 29,298 19,232 21,152 13,159 30,446 30,105 28,363 20,523 By type of issue 2 General obligation 73,308 64,475 100,519 9,691 5,836 8,796 3,926 14,302 10,163 9,218 8,157 3 Revenue 142,120 115,928 170,047 19,606 13,396 12,356 9,233 16,144 19,942 19,146 12,366 By type of issuer 4 State 16,376 19,944 30,099 2,905 2,029 2,713 1,504 6,008 2,271 746 1,826 5 Special district or statutory authority2 152,418 111,695 281,427 20,672 11,784 12,351 9,137 17,382 21,601 22,525 14,369 6 Municipality, county, or township 46,634 39,273 61,040 5,721 5,419 6,088 2,518 7,056 6,233 5,093 4,329 7 Issues for new capital 161,065 154,257 192,161 20,044 15,015 13,550 10,110 21,249 21,009 21,389 14,631 By use of proceeds 8 Education 36,563 38,665 50,054 6,460 3,379 2,950 3,017 4,279 4,475 4,818 4,138 9 Transportation 17,394 19,730 21,411 1,258 3,160 1,669 1,195 1,587 2,882 1,349 1,079 10 Utilities and conservation 15,098 11,917 21,917 3,191 1,055 1,228 1,025 2,324 2,429 2,560 1,711 11 Social welfare n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12 Industrial aid 9,099 7,122 6,607 443 508 708 663 688 359 1,642 539 13 Other purposes 47,896 47,309 55,733 5,047 3,803 4,524 1,732 9,158 5,281 6,319 4,639 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 2001 TTyyppee ooff iissssuuee,, ooffffeerriinngg,, 11999999 22000000 22000011 oorr iissssuueerr May June July Aug. Sept. Oct. Nov. Dec. 1 All issues' 1,072,866 942,198 1,382,003 164,563 122,773 93,451 97,944 89,855 139,181 123,517 96,576 2 Bonds2 941,298 807,281 1,253,449 154,623 102,476 84,872 89,990 84,509 123,346 110,888 81,339 By type of offering 3 Sold m the United States 818,683 684,484 1,197,060 146,164 96,382 79,508 86,759 80,223 120,162 106,563 79,636 4 Sold abroad 122,615 122,798 56,389 8,459 6,094 5,364 3,231 4,286 3,185 4,326 1,703 MEMO 5 Private placements, domestic 24,703 18,370 8,734 2,563 3,146 12 48 0 224 4,936 2,880 By industry group 6 Nonfinancial 293,963 242,207r 445,930 67,142 34,996 18,904 28,546 31,920 43,830 42,189 21,647 7 Financial 647,335 565,074r 807,519 87,481 67,480 65,968 61,443 52,589 79,517 68,699 59,692 8 Stocks3 223,968 283,717 128,554 9,940 20,297 8,579 7,954 5,346 15,835 12,629 15,237 By type of offering 9 Public 131,568 134,917 128,554 9,940 20,297 8,579 7,954 5,346 15,835 12,629 15,237 10 Private placement4 92,400 148,800 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. By industry group 11 Nonfinancial 110,284 118,369 77,577 6,809 16,630 4,237 5,487 81 7,611 7,592 7,771 12 Financial 21,284 16,548 50,977 3,131 3,667 4,342 2,467 5,265 8,224 5,037 7,466 1. 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 NonfinancialS tatistics • April 2002 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets' Millions of dollars 2001 2002 IItteemm 22000000 220000 rr June July Aug. Sept. Oct. Nov. Dec.r Jan. 1 Sales of own shares2 2,279,315 1,806,474 139,270 138,428 142,577 105,038 153,827 147,192 151,779 171,505 2 Redemptions of own shares 2,057,277 1,677.266 125,097 129,021 131,408 127,995 137,837 124,060 149,705 139,065 3 Net sales3 222,038 129,208 14,173 9,407 11,169 -22,957 15,990 23,132 2,074 32,440 4 Assets4 5,123,747 4,689,624 4,888,874 4,825,144 4,635,477 4,253,850 4,376,923 4,625,601 4,689,624 4,666,056 5 Cash5 277,386 219,620 240,199 240,392 240,329 223,077 229,576 239,671 219,620 240,694 6 Other 4,846,361 4,470,004 4,648,675 4,584,752 4,395,148 4,030,773 4,147,347 4,385,930 4,470,004 4,425,362 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 2000 2001 AAccccoouunntt 11999999 22000000 22000011 Qi Q2 Q3 Q4 Ql Q2 Q3 Q4 1 Profits with inventory valuation and capital consumption adjustment 825.2 876.4 n.a. 870.3 892.8 895.0 847.6 789.8 759.8 697.0 n.a. 2 Profits before taxes 776.3 845.4 n.a. 844.9 862.0 858.3 816.5 755.7 738.3 680.6 n.a. 3 Profits-tax liability 253.0 271.5 n.a. 277.0 280.4 274.9 253.5 236.8 228.0 204.9 n.a. 4 Profits after tax 523.3 573.9 n.a. 567.8 581.6 583.4 563.0 518.9 510.3 475.6 n.a. 5 Dividends 343.5 379.6 416.6 361.5 373.7 386.2 397.0 405.2 412.3 420.4 428.7 6 Undistributed profits 179.8 194.3 n.a. 206.3 207.9 197.2 165.9 113.7 98.0 55.2 n.a. 7 Inventory valuation -2.9 -12.4 n.a. -23.8 -14.8 -3.6 -7.3 -1.9 -8.8 3.1 n.a. 8 Capital consumption adjustment 51.7 43.4 29.8 49.2 45.5 40.4 38.4 36.0 30.3 13.4 39.7 SOURCE. U.S. Department of Commerce, Survey of Current Business. 1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities' Billions of dollars, end of period; not seasonally adjusted 2000 2001 AAccccoouunntt 11999999 22000000 22000011 Q2 Q3 Q4 Ql Q2 Q3R Q4 ASSETS 1 Accounts receivable, gross2 845.4 958.6 970.9 921.5 939.9 958.6 954.4 988.7 967.7 970.9 2 Consumer 304.4 327.9 340.2 321.8 331.5 327.9 319.2 324.5 329.2 340.2 3 Business 395.1 458.4 447.0 441.9 443.0 458.4 459.1 481.9 451.1 447.0 4 Real estate 145.8 172.3 183.7 157.7 165.4 172.3 176.1 182.3 187.4 183.7 5 LESS; Reserves for unearned income 61.4 69.7 60.7 66.1 68.3 69.7 69.9 61.5 60.8 60.7 6 Reserves for losses 14.7 16.7 20.2 15.7 15.6 16.7 17.2 17.4 18.0 20.2 7 Accounts receivable, net 769.3 872.2 890.1 839.6 856.1 872.2 867.3 909.7 888.9 890.1 8 All other 406.6 461.5 500.1 419.4 442.3 461.5 474.8 459.0 478.8 500.1 9 Total assets 1,175.9 1,333.7 1,390.1 1,259.0 1,298.4 1,333.7 1,342.1 1,368.7 1,367.7 1,390.1 LIABILITIES AND CAPITAL 10 Bank loans 35.4 35.9 49.4 32.8 35.7 35.9 41.6 45.3 44.5 49.4 11 Commercial paper 230.4 238.8 157.3 224.3 218.8 238.8 180.9 181.6 171.0 157.3 Debt 12 Owed to parent 87.8 102.5 99.5 95.1 100.0 102.5 97.2 93.4 91.7 99.5 13 Not elsewhere classified 429.9 502.2 564.1 483.7 507.3 502.2 533.8 542.1 555.8 564.1 14 All other liabilities 237.8 301.8 330.8 277.5 288.1 301.8 325.1 336.3 327.6 330.8 15 Capital, surplus, and undivided profits 154.5 152.5 189.1 145.7 148.5 152.5 163.5 170.0 177.2 189.1 16 Total liabilities and capital 1,175.9 1,333.7 1,390.1 1,259.0 1,298.4 1,333.7 1,342.1 1,368.7 1,367.7 1,390.1 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 A3 3 1.52 DOMESTIC FINANCE COMPANIES Owned and Managed Receivables1 Billions of dollars, amounts outstanding 2001 July Aug. Sept. Oct.r Nov.' Dec. Seasonally adjusted 1 Total 1,027.0 1,181.3 1,249.3 1,241.1 1,241.5 1,244.3 1,251.4 1,259.5 1,249.3 2 Consumer 409.0 464.0 513.6 491.0 496.7 496.0 498.1 510.7 513.6 3 Real estate 174.0 198.9 211.2 212.7 214.9 213.1 219.7 213.1 211.2 4 Business 444.0 518.4 524.4 537.4 529.9 535.2 533.6 535.7 524.4 Not seasonally adjusted 5 Total 1,036.4 1,192.1 1,254.4 1,236.0 1,235.7 1,239.5 1,250.1 1,256.3 1,254.4 6 Consumer 412.7r 468.3 516.0 493.0 498.2 498.0 501.1 514.2 516.0 7 Motor vehicle loans 129.2 141.6 172.7 146.0 153.5 151.6 164.6 177.4 172.7 8 Motor vehicle leases 102.9 108.2 103.5 110.0 110.3 108.3 107.3 105.5 103.5 9 Revolving2 32.5 37.6 30.3 36.4 36.0 35.9 28.5 30.2 30.3 10 Other3 39.8 40.7 30.8 33.2 33.6 33.4 31.2 31.4 30.8 Securitized assets4 11 Motor vehicle loans 73. r 97. lr 133.8 115.8 113.5 117.5 124.3 124.8 133.8 12 Motor vehicle leases 9.7 6.6 6.8 7.4 7.2 7.0 6.9 7.0 6.8 13 Revolving 6.7' 19.6 23.8 29.1 28.9 29.3 23.5 23.4 23.8 14 Other 18.8r 17.r 14.3 15.2 15.2 15.0 14.8 14.5 14.3 15 Real estate 174.0 198.9 211.2 212.7 214.9 213.1 219.7 213.1 211.2 16 One- to four-family 108.2 130.6 142.1 144.7 146.9 144.8 150.1 142.9 142.1 17 Other 37.6 41.7 41.2 42.0 42.2 42.6 44.1 44.9 41.2 Securitized real estate assets4 18 One- to four-family 28.0 24.7 22.3 23.2 23.0 22.8 22.7 22.4 22.3 19 Other .2 1.9 5.7 2.8 2.8 2.9 2.9 2.9 5.7 20 Business 449.6 525.0 527.2 530.3 522.6 528.4 529.3 529.0 527.2 21 Motor vehicles 69.4 75.5 54.0 79.6 56.9 57.8 52.7 52.9 54.0 22 Retail loans 21.1 18.3 16.1 16.6 16.7 16.7 16.8 16.2 16.1 23 Wholesale loans5 34.8 39.7 20.3 45.0 22.2 23.6 18.7 19.5 20.3 24 Leases 13.6 17.6 17.6 18.0 18.0 17.5 17.2 17.2 17.6 25 Equipment 238.7 283.5 289.4 287.3 288.4 288.2 294.4 291.8 289.4 26 Loans 64.5 70.2 77.8 74.5 76.1 76.8 80.2 76.7 77.8 27 Leases 174.2 213.3 211.6 212.8 212.3 211.4 214.1 215.1 211.6 28 Other business receivables6 87.0 99.4 103.6 103.8 103.2 105.1 108.3 110.8 103.6 Securitized assets4 29 Motor vehicles 31.5 37.8 49.3 30.6 45.2 48.0 45.3 43.9 49.3 30 Retail loans 2.9 3.2 5.1 2.9 2.8 2.6 2.4 3.0 5.1 31 Wholesale loans 26.4 32.5 41.8 25.1 39.8 42.8 40.3 38.3 41.8 32 Leases 2.1 2.2 2.5 2.6 2.6 2.7 2.7 2.7 2.5 33 Equipment 14.6 23.1 23.2 23.0 22.7 23.1 22.5 23.4 23.2 34 Loans 7.9 15.5 16.4 15.2 14.8 15.1 14.5 15.5 16.4 35 Leases 6.7 7.6 6.8 7.8 7.9 8.0 8.0 7.9 6.8 36 Other business receivables6 8.4 5.6 7.7 6.0 6.2 6.1 6.1 6.2 7.7 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 reclassification 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 Nonfinancial Statistics • April 2002 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2001 2002 July Aug. Sept. Oct. Nov. Dec. Jan. Terms and yields in primary and secondary markets PRIMARY MARKETS Terms1 1 Purchase price (thousands of dollars) 210.7 234.5 245.0 242.9 241.5 246.6 242.9 252.2 253.0 245.8 2 Amount of loan (thousands of dollars) 161.7 177.0 184.2 182.7 181.3 184.3 181.2 189.1 190.0 186.7 3 Loan-to-price ratio (percent) 78.7 77.4 77.3 77.3 76.6 77.1 76.9 77.2 77.2 78.1 4 Maturity (years) 28.8 29.2 28.8 28.8 28.7 29.0 28.5 28.6 28.9 28.8 5 Fees and charges (percent of loan amount)2 .77 .70 .67 .66 .61 .61 .67 .63 .69 .66 Yield (percent per year) 6 Contract rate1 6.94 7.41 6.90 7.01 7.06 6.80 6.63 6.54 6.68 6.77 7 Effective rate1'3 7.06 7.52 7.00 7.11 7.15 6.89 6.73 6.63 6.79 6.87 8 Contract rate (HUD series)4 7.45 n.a. 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)3 7.74 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10 GNMA securities6 7.03 7.57 6.36 6.49 6.29 6.03 5.86 5.96 6.43 6.32 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 523,941 610,122 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12 FHA/VA insured 55.318 61,539 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13 Conventional 468,623 548,583 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 14 Mortgage transactions purchased (during period) 195,210 154,231 270,384 26,082 22,111 16,016 20,020 25,389 36,769 36,392 Mortgage commitments (during period) 15 Issued7 187,948 163,689 304,084r 19,067 18,893 16,650 35,275 49,909 19,867 n.a. 16 To sell8 5,900 11,786 7,586r 234 36 261 1,676 807 2,083 n.a. FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period )8 17 Total 324,443 385,693 491,719 454,485 465,553 470,850 477,588 483,911 491,719 508,238 18 FHA/VA insured 1,836 3,332 3,506 2,689 2,643 2,597 2,553 3,562 3,506 3,447 19 Conventional 322.607 382,361 488,213 451,796 462,910 468,253 475,035 480,349 488,213 504,791 Mortgage transactions (during period) 20 Purchases 239,793 174,043 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 21 Sales 233,031 166,901 389,611 44,574 33,933 32,666 31,646 38,958 50,532 49,031 22 Mortgage commitments contracted (during period)9 228,432 169,231 417,434 43,788 34,087 31,140 41,346 42,619 51,456 47,076 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 U.S. 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 A35 1.54 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period 2000 2001 TTyyppee ooff hhoollddeerr aanndd pprrooppeerrttyy 11999988 11999999 22000000 Q4 Qi Q2 Q3 Q4P 1 All holders 5,722,564r 6,360,244r 6,934,256r 6,934,256r 7,056,489' 7,266,508' 7,465,623 7,658,000 By type of property 2 One- to four-family residences 4,368,902' 4,804,019' 5,224,846' 5,224,846' 5,318,138' 5,476,209' 5,622,701 5,757,906 3 Multifamily residences 333,969' 376,771' 413,358' 413,358' 421,532' 433,213' 446,925 460,605 4 Nonfarm, nonresidential 923,186' 1,076,492' 1,187,217' 1,187,217' 1,206,945' 1,244,035' 1,281,332 1,324,179 5 Farm 96,506 102,962 108,836 108,836 109,873 113,050 114,666 115,310 By type of holder 6 Major financial institutions 2,195,869 2,396,265 2,620,886 2,620,886 2,664,837 2,716,269 2,737,607 2,792,020 7 Commercial banks2 1,338,273 1,496,844 1,661,411 1,661,411 1,688,673 1,727,463 1,740,321 1,793,061 8 One- to four-family 798,009 880,208 966,502 966,502 978,144 999,396 989,081 1,024,842 9 Multifamily 54,174 67,666 77,821 77,821 79,890 80,542 84,051 84,981 10 Nonfarm, nonresidential 457,054 517,130 583,071 583,071 596,405 612,366 631,757 647,669 11 Farm 29,035 31,839 34,016 34,016 34,234 35,159 35,432 35,569 12 Savings institutions3 643,957 668,634 723,534 723,534 741,114 751,660 758,343 758,109 13 One- to four-family 533,895 549,046 595,053 595,053 608,289 616,506 620,882 620,975 14 Multifamily 56,847 59,168 61,094 61,094 62,666 63,193 64,193 64,323 15 Nonfarm, nonresidential 52,798 59,945 66,852 66,852 69,589 71,378 72,695 72,275 16 Farm 417 475 535 535 569 583 574 536 17 Life insurance companies 213,640 230,787 235,941 235,941 235,050 237,146 238,943 240,850 18 One- to four-family 6,590 5,934 4,903 4,903 4,877 5,003 5,085 5,187 19 Multifamily 31,522 32,818 33,681 33,681 33,557 33,842 33,842 33,947 20 Nonfarm, nonresidential 164,004 179,048 183,757 183,757 183,078 184,634 186,235 187,673 21 Farm 11,524 12,987 13,600 13,600 13,538 13,667 13,781 14,043 22 Federal and related agencies 293,602 322,132 343,962 343,962 346,276 355,218 360,906 373,050 23 Government National Mortgage Association 7 7 6 6 6 6 9 8 24 One- to four-family 7 7 6 6 6 6 9 8 25 Multifamily 0 0 0 0 0 0 0 0 26 Farmers Home Administration4 40,851 73,871 73,323 73,323 73,361 73,206 72,118 72,452 27 One- to four-family 16,895 16,506 16,372 16,372 16,297 16,153 15,916 15,824 28 Multifamily 11,739 11,741 11,733 11,733 11,725 11,720 11,710 11,712 29 Nonfarm, nonresidential 7,705 41,355 41,070 41,070 41,247 41,262 40,470 40,965 30 Farm 4,513 4,268 4,148 4,148 4,093 4,072 4,023 3,952 31 Federal Housing and Veterans' Administrations 3,674 3,712 3,507 3,507 2,873 2,918 3,155 3,290 32 One- to four-family 1,849 1,851 1,308 1,308 1,276 1,267 1,251 1,260 33 Multifamily 1,825 1,861 2,199 2,199 1,597 1,651 1,904 2,031 34 Resolution Trust Corporation 24 -10 -892 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 361 152 45 45 50 24 26 13 40 One- to four-family 58 25 7 7 8 4 4 2 41 Multifamily 70 29 9 9 10 5 5 3 42 Nonfarm, nonresidential 233 98 29 29 32 15 17 8 43 Farm 0 0 0 0 0 0 0 0 44 Federal National Mortgage Association 157,675 151,500 155,363 155,363 156,294 159,221 163,592 167,121 45 One- to four-family 147,594 141,195 144,150 144,150 145,014 147,730 151,786 155,060 46 Multifamily 10,081 10,305 11,213 11,213 11,280 11,491 11,806 12,061 47 Federal Land Banks 32,983 34,187 36,326 36,326 37,072 38,686 39,722 39,722 48 One- to four-family 1,941 2,012 2,137 2,137 2,181 2,276 2,337 2,337 49 Farm 0 0 0 0 0 0 0 0 50 Federal Home Loan Mortgage Corporation 57,085 56,676 59,240 59,240 60,110 61,542 59,638 62,793 51 One- to four-family 49,106 44,321 42,871 42,871 42,771 42,537 39,217 40,310 52 Multifamily 7,979 12,355 16,369 16,369 17,339 19,005 20,421 22,483 53 Mortgage pools or trusts5 2,581,395' 2,948,294' 3,231,426' 3,231,426' 3,301,680' 3,438,372' 3,593,772 3,717,398 54 Government National Mortgage Association 537,446 582,263 611,553 611,553 601,523 595,679' 603,798 589,458 55 One- to four-family 522,498 565,189 592,624 592,624 581,743 574,888' 582,408 567,550 56 Multifamily 14,948 17,074 18,929 18,929 19,780 20,792 21,391 21,908 57 Federal Home Loan Mortgage Corporation 646,459 749,081 822,310 822,310 833,616 873,750 927,490 948,409 58 One- to four-family 643,465 744,619 816,602 816,602 827,769 867,924 921,709 940,933 59 Multifamily 2,994 4,462 5,708 5,708 5,847 5,826 5,781 7,476 60 Federal National Mortgage Association 834,517 960,883 1,057,750 1,057,750 1,099,049 1,163,978 1,228,131 1,290,351 61 One- to four-family 804,204 924,941 1,016,398 1,016,398 1,055,412 1,116,534 1,177,995 1,238,125 62 Multifamily 30,313 35,942 41,352 41,352 43,637 47,444 50,136 52,226 63 Farmers Home Administration4 1 0 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 1 0 0 0 0 0 0 0 68 Private mortgage conduits 562,972' 656,067' 739,813' 739,813' 767,492' 804,965' 834,353 889,180 69 One- to four-family6 405,153 455,021 499,834 499,834 523,300 539,200 550,021 574,500 70 Multifamily 33,784' 42,293' 48,786' 48,786' 49,026' 51,662' 54.522 60,158 71 Nonfarm, nonresidential 124,035' 158,754' 191,193' 191,193r 195,166' . 214,103' 229,810 254,522 72 Farm 0 0 0 0 0 0 0 0 73 Individuals and others7 651,697' 693,553' 737,983' 737,983' 743,696' 756,649' 773,337 775,532 74 One- to four-family 436,684' 471,348' 510,148' 510,148' 514,759' 527,387' 542,568 543,553 75 Multifamily 77,684' 80,826' 84,243' 84,243' 84,961' 85,827' 86,950 87,087 76 Nonfarm, nonresidential 117,355' 120,162' 121,244' 121,244' 121,428' 120,276' 120,348 121,067 77 Farm 19,974 21,217 22,348 22,348 22,547 23,160 23,471 23,825 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 Financial Statistics • April 2002 1.55 CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2001 11999999 22000000 22000011 July Aug. Sept. Oct.' Nov.' Dec. Seasonally adjusted 1 Total 1,413464 1,557,931 1,645,093 l,612,431r l,615,949r 1,619,099' 1,630,218 1,650,491 1,645,093 2 Revolving 594,339 663,170 683,763 692,068r 690,160r 690,485' 686,896 692,907 683,763 3 Nonrevolving2 819,225 894,761 961,330 920,364r 925,789r 928,613' 943,322 957,584 961,330 Not seasonally adjusted 4 Total 1,446,127 1,593,051 1,680,743 l,604,857r l,618,317r l,620,316r 1,633,333 1,658,729 1,680,743 By major holder Commercial banks 499,758 541,470 551,142 535,459 537,724 535,255 539,758 547,823 551,142 6 Finance companies 201,549 219,783 233,722 215,566 223,079 220,884 224,260 239,057 233,722 / Credit unions 167,921 184,434 186,215 185,081 186,274 185,732 185,523 186,070 186,215 8 Savings institutions 61,527 64,557 66,680 66,584 67,828 69,072 68,275 67,477 66,680 9 Nonfinancial business 80,311 82,662 67,753 65,228 63,310 60,212 58,719 60,287 67,753 10 Pools of securitized assets3 435,061 500,145 575,231 536,941r 540,103r 549,160' 556,799 558,016 575,231 By major type of credit* 11 Revolving 621,914 692,955 713,823 684,750r 686,566r 686,279' 683,500 695,104 713,823 12 Commercial banks 189,352 218,063 220,746 208,852 206,279 203,126 208,591 217,140 220,746 13 Finance companies 32,483 37,561 30,281 36,397 35,979 35,901 28,489 30,245 30,281 14 Credit unions 20,641 22,226 22,806 21,799 22,195 21,879 21,666 22,044 22,806 15 Savings institutions 15,838 16,560 16,737 16,568 16,746 16,925 16,862 16,800 16,737 16 Nonfinancial business 42,783 42,430 29,761 29,314 27,603 25,207 23,709 24,463 29,761 17 Pools of securitized assets3 320,817 356,114 393,493 371,821r 377,764' 383,240' 384,183 384,413 393,493 18 Nonrevolving 824,213 900,095 966,920 920,107r 931,752r 934,038' 949,833 963,626 966,920 19 Commercial banks 310,406 323,407 330,396 326,607 331,445 332,129 331,168 330,683 330,396 20 Finance companies 169,066 182,221 203,441 179,169 187,100 184,983 195,771 208,812 203,441 21 Credit unions 147,280 162,208 163,409 163,282 164,079 163,853 163,857 164,026 163,409 22 Savings institutions 45,689 47,997 49,943 50,016 51,082 52,147 51,413 50,678 49,943 23 Nonfinancial business 37,528 40,232 37,992 35,914 35,707 35,005 35,010 35,824 37,992 24 Pools of securitized assets3 114,244 144,031 181,739 165,120* 162,339' 165,920' 172,616 173,603 181,739 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 11999999 22000000 22000011 June July Aug. Sept. Oct. Nov. Dec. INTEREST RATES Commercial banks2 1 48-month new car 8.44 9.34 8.50 n.a. n.a. 8.31 n.a. n.a. 7.86 2 24-month personal 13.39 13.90 13.22 n.a. n.a. 13.25 n.a. n.a. 12.62 n.a. Credit card plan 3 All accounts 15.21 15.71 14.89 n.a. n.a. 14.60 n.a. n.a. 14.22 n.a. 4 Accounts assessed interest 14.81 14.91 14.44 n.a. n.a. 14.64 n.a. n.a. 13.88 n.a. Auto finance companies 5 New car 6.66 6.61 5.65 6.15 6.20 6.41 5.42 2.71 2.89 3.31 6 Used car 12.60 13.55 12.18 12.05 11.79 12.06 12.01 11.41 10.96 10.89 OTHER TERMS3 Maturity (months) 1 New car 52.7 54.9 55.1 57.2 57.3 57.7 57.2 53.7 51.0 48.6 8 Used car 55.9 57.0 57.5 57.6 57.6 57.6 57.6 57.2 56.7 56.5 Loan-to-value ratio 9 New car 92 92 91 91 91 91 92 94 92 91 10 Used car 99 99 100 100 100 100 101 100 100 100 Amount financed (dollars) 11 New car 19,880 20,923 22,822 22,124 22,687 22,591 23,049 24,443 24,934 24,812 12 Used car 13,642 14,058 14,416 14,586 14,571 14,321 14,408 14,627 14,669 14,653 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 A31 1.57 FUNDS RAISED IN US. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates 2000 2001 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr tyys 2UUU Q2 Q3 Q4 Ql Q2 Q3' Q4 Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial sectors .. 733.7r 804.7r l,046.9r l,100.6r 871.6r 976.1r 815.1' 766.1r 991.9r 981.3' 1,297.4 1,141.4 By sector and instrument 2 Federal government 145.0 23.1 -52.6 -71.2 -295.9 -408.7 -226.2 -331.3 -4.3 -256.0 255.7 -17.6 3 Treasury securities 146.6 23.2 -54.6 -71.0 -294.9 -410.5 -223.8 -330.2 -2.1 -257.1 256.0 -16.9 4 Budget agency securities and mortgages -1.6 -.1 2.0 -.2 -1.0 1.8 -2.4 -1.2 -2.2 1.1 -.4 -.7 5 Nonfederal 588.6 781.6r 1,099.5' 1,171.8' 1,167.4' 1,384.8' 1,041.4' 1,097.5' 996.2' 1,237.3' 1,041.7 1,159.0 By instrument Commercial paper -.9 13.7 24.4 37.4 48.1 110.4 56.1 -4.0 -199.2' -133.4' -66.1 45.5 7 Municipal securities and loans 2.6 71.4 96.8 68.2 35.3 30.1 31.0 60.1 110.7 112.4 56.0 203.2 8 Corporate bonds 116.3 150.5 218.7 229.9 171.1 153.8 168.8 175.6 399.5' 419.5' 187.9 305.9 9 Bank loans n.e.c 70.4 106.4 108.1 82.6 103.1 166.5 47.0 59.3 -5.9 -153.2 -10.8 -180.2 10 Other loans and advances 28.7 59.5 82.1 57.1 101.5 124.2 16.5 125.2 -12.6' 118.2' 81.9 -110.7 11 Mortgages 280.4 322.5r 494,4r 597. lr 569.4' 655.9' 568.2' 550.5' 559.8' 798.2' 768.3 758.3 1? Home 245.7 258.3 388.7r 435.0r 422.2' 490.1' 441.6' 395.6' 434.0' 613.1' 555.8 528.3 13 Multifamily residential 9.4 7.5 23.5r 40.5 36.1' 47.6' 26.8' 40.9' 35.4' 41.2' 55.6 54.0 14 Commercial 22.6' 53.5r 75.6r 115.8r 104.6' 108.1' 93.3' 112.1' 86.2' 131.6' 150.1 169.8 15 Farm 2.7 3.1 6.5 5.8 6.5 10.1 6.5 2.0 4.2 12.4 6.8 6.1 16 Consumer credit 91.3 57.5 75.0 99.5 139.0 143.7' 153.8' 130.7' 144.0' 75.5' 24.4 137.0 By borrowing sector 17 Household 343.8 332.7 466.0r 516.8' 554.6' 625.6' 579.9' 508.8' 538.3' 666633..44'' 662299..77 660099..99 18 Nonfinancial business 251.6 392.8r 553.2r 602.6r 585.7' 741.0' 437.8' 535.0' 354.1' 465.3' 369.0 377.5 19 Corporate 179.4 291.9r 405.5r 441.7r 429.1' 546.7' 301.5' 388.0' 226.7' 324.9' 257.1 262.7 20 Nonfarm noncorporate 67.3 94.7 139.7 155.4 145.7 184.5 129.1 134.2 121.3 130.6 108.6 104.8 ?1 Farm 4.9 6.2 8.0 5.5 10.9 9.7 7.2 12.8 6.0 9.8 3.4 10.0 22 State and local government -6.8 56.1 80.3 52.3 27.2 18.2 23.8 53.7 103.9 108.7 43.0 171.5 23 Foreign net borrowing in United States 88.4 71.8 43.4 27.9 67.0 -7.9 88.6 66.8 -8.0' -52.8' -102.8 --44..11 24 Commercial paper 11.3 3.7 7.8 16.3 31.7 12.0 7.0 50.1 -26.5' -6.7' -27.6 33..99 ?5 Bonds 67.0 61.4 34.9 16.8 25.2 -27.3 71.4 9.0 17.1 -15.9 -78.8 6.1 26 Bank loans n.e.c 9.1 8.5 6.7 .5 11.3 5.7 11.9 12.2 13.0 -31.0 4.4 -16.3 27 Other loans and advances 1.0 -1.8 -6.0 -5.7 -1.3 1.7 -1.7 -4.6 -11.6 .7' -.8 2.1 28 Total domestic plus foreign 822.0 876.5r l,090.2r l,128.5r 938.5r 968.1' 903.8' 832.9r 983.9' 928.4' 1,194.6 1,137.3 Financial sectors 29 Total net borrowing by financial sectors 550.1 662.2 1,087.2 1,084.4 815.6 897.1 794.0 963.1 864.2 786.1' 1,084.8 928.7 By instrument 30 Federal government-related 231.4 212.9 470.9 592.0 433.5 381.1 514.8 613.6 432.6 665.2' 830.2 584.0 31 Government-sponsored enterprise securities 90.4 98.4 278.3 318.2 234.1 248.9 278.1 304.5 262.3 268.3 326.2 308.8 32 Mortgage pool securities 141.0 114.6 192.6 273.8 199.4 132.2 236.7 309.1 170.3 396.9' 504.0 275.2 33 Loans from U.S. government .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 34 Private 318.7 449.3 616.3 492.5 382.1 516.1 279.2 349.5 431.7 120.9 254.6 344.7 35 Open market paper 92.2 166.7 161.0 176.2 127.7 136.7 106.5 153.2 -134.6 -85.4 -85.6 58.2 36 Corporate bonds 178.1 218.9 310.1 218.2 205.9 243.3 205.0 203.7 438.9 186.8 291.4 288.1 37 Bank loans n.e.c 12.6 13.3 30.1 -14.2 -.3 6.9 -6.7 -4.4 27.1 14.3 -7.3 12.2 38 Other loans and advances 27.9 35.6 90.2 107.1 42.5 119.2 -31.6 ^1.8 107.8 -11.0 58.0 -15.3 39 Mortgages 7.9 14.9 24.8 5.1 6.2 10.0 6.0 1.8 -7.5 16.2 -1.9 1.5 By borrowing sector 40 Commercial banking 13.0 46.1 72.9 67.2 60.0 99.3 43.4 18.8 148.3 -15.8 5599..00 2255..66 41 Savings institutions 25.5 19.7 52.2 48.0 27.3 69.0 -37.9 20.4 62.5 16.1 19.2 -72.5 42 Credit unions .1 .1 .6 2.2 .0 .9 1.1 1.0 -.6 .8 1.5 4.4 43 Life insurance companies 1.1 .2 .7 .7 -.7 -1.1 -.3 -.7 -2.4 .1 3.5 1.4 44 Government-sponsored enterprises 90.4 98.4 278.3 318.2 234.1 248.9 278.1 304.5 262.3 268.3 326.2 308.8 45 Federally related mortgage pools 141.0 114.6 192.6 273.8 199.4 132.2 236.7 309.1 170.3 396.9' 504.0 275.2 46 Issuers of asset-backed securities (ABSs) 150.8 202.2 321.4 223.4 196.3 146.0 156.2 307.9 295.8 172.3 289.1 364.4 47 Finance companies 50.6 57.8 57.1 70.3 81.2 139.4 98.1 26.1 -72.8 64.1 21.5 -40.6 48 Mortgage companies 4.1 -4.6 1.6 .2 ..11 2.7 -.3 1.0 .7 .6 .8 .6 49 Real estate investment trusts (REITs) 11.9 39.6 62.7 6.3 22..77 9.8 -2.4 -8.1 -6.1 10.5 -2.4 9.1 50 Brokers and dealers -2.0 8.1 7.2 -17.2 15.6 -.7 25.4 -6.6 -23.9 35.7 12.6 -19.0 51 Funding corporations 63.8 79.9 40.0 91.5 -.4 50.6 —4.2 -10.4 30.1 -163.6 -150.2 71.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A74 DomesticN onfinancialS tatistics • April 2002 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates 2000 2001 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999966 11999977 11999988 11999999 22000000 Q2 Q3 Q4' Qlr Q2' Q3r Q4 All sectors 52 Total net borrowing, all sectors 1,372.1 l,538.7r 2,177.4r 2,212.9r l,754.1r l,865.3r l,697.8r 1,796.0 1,848.1 1,714.6 2,279.5 2,065.9 53 Open market paper 102.6 184.1 193.1 229.9 207.5 259.1 169.7 199.3 -360.2 -225.5 -179.3 107.6 54 U.S. government securities 376.4 236.0 418.3 520.7 137.6 -27.6 288.6 282.2 428.2 409.2 1,085.9 566.4 55 Municipal securities 2.6 71.4 96.8 68.2 35.3 30.1 31.0 60.1 110.7 112.4 56.0 203.2 56 Corporate and foreign bonds 361.3 430.8 563.7 465.0 402.2 369.8 445.2 388.3 855.5 590.5 400.5 600.1 57 Bank loans n.e.c 92.1 128.2 145.0 68.9 114.1 179.2 52.2 67.1 34.1 -170.0 -13.6 -184.3 58 Other loans and advances 57.7 93.2 166.3 158.5 142.7 245.1 -16.8 115.8 83.6 107.9 139.2 -123.8 59 Mortgages 288.2 337.4' 519.2r 602.2' 575.6' 665.9' 574.2' 552.4 552.2 814.4 766.4 759.8 60 Consumer credit 91.3 57.5 75.0 99.5 139.0 143.7' 153.8' 130.7 144.0 75.5 24.4 137.0 Funds raised through mutual funds and corporate equities 61 Total net issues 232.9 185.2 113.7r 156.6r 189.7r 181.0r 221.1r -38.7 234.4 415.0 83.4 344.5 62 Corporate equities —4.1 -79.9 -165.8 -34.6 -45.3' -22.7' -54.0' -188.2 137.6 132.1 -79.0 80.2 63 Nonfinancial corporations -69.5 -114.4 -267.0 -143.5 -159.7' -245.7' -87.8' -367.5 -25.3 -71.5 -120.8 -5.1 64 Foreign shares purchased by U.S. residents 82.8 57.6 101.3 114.4 99.7 185.9 61.1 89.4 109.2 220.3 23.0 36.9 65 Financial corporations -18.1 -23.1 -.1 -5.6 14.7 37.2 -27.3 89.9 53.7 -16.7 18.8 48.5 66 Mutual fund shares 237.6 265.1 279.5r 191.2r 235.0' 203.6' 275.1' 149.5 96.8 283.0 162.5 264.3 1. Data in this table also appear in the Board's Z.l (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 A31 1.58 SUMMARY OF FINANCIAL TRANSACTIONS1 Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates 2000 2001 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999966 11999977 11999988 11999999 22000000 Q2 Q3 Q4 Ql Q2' Q3' Q4 NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets 1,372.1 l,538.7r 2,177.4r 2,212.9r l,754.1r l,865.3r l,697.8r l,796.0r l,848.1r 1,714.6 2,279.5 2,065.9 7 Domestic nonfederal nonfinancial sectors 74.0 -22.2' 177.2r 216.2r -154.9r 111.8' -250.5' -232.9' -198.8' -242.6 -36.9 -214.0 3 Household 113.7 -12.6' 40.5' 168.5' -174.6' 9.5' -216.8' -209.7' -210.8' -224.0 -1.1 -261.4 4 Nonfinancial corporate business -10.2 -12.7 -16.0 -2.8 12.6' 62.0' -13.3' -32.6' -24.7' 11.3 -19.1 -2.0 5 Nonfarm noncorporate business 4.2 3.0 18.1 7.1 -2.1 .4 -4.0 -2.7 -4.8 -5.2 -6.2 -7.2 6 State and local governments -33.7 .1 134.5 43.4 9.2 39.9 -16.4 12.1 41.5' -24.8 -10.4 56.6 7 Federal government -7.2 5.1 13.5 5.8 7.3 7.7 4.5 10.6 4.6 9.4 3.6 12.0 8 Rest of the world 414.4 311.3 254.2 208.8 279.3 197.9 216.2 387.8 410.6' 349.2 387.5 556.8 9 890.9 1,244.5 l,732.5r l,782.0r 1,622.3' 1,547.8' 1,727.6' 1,630.5' 1,631.7' 1,598.6 1,925.3 1,711.1 10 Monetary authority 12.3 38.3 21.1 25.7 33.7 -5.4 39.1 -.9 53.7 26.4 8.7 70.5 11 Commercial banking 187.5 324.3 305.2 308.2 358.4 497.4 363.2 157.0 152.8 133.9 234.8 284.5 1? U.S.-chartered banks 119.6 274.9 312.0 317.6 339.8 510.9 324.8 75.3 107.9 179.7 215.4 246.5 13 Foreign banking offices in United States 63.3 40.2 -11.9 -20.1 24.0 -22.3 32.8 81.1 41.3 -48.6 16.5 6.2 14 Bank holding companies 3.9 5.4 -.9 6.2 -12.2 3.5 -6.7 -3.2 7.3 -2.8 -1.4 12.2 15 Banks in U.S.-affiliated areas .7 3.7 6.0 4.4 6.7 5.4 12.3 3.8 -3.6 5.6 4.2 19.6 16 Savings institutions 19.9 -M 36.1 68.6 56.5 65.0 62.7 42.5 52.5 57.3 -8.3 60.1 17 Credit unions 25.5 16.8 19.0 27.5 30.5 31.6 21.2 33.6 23.2 7.6 61.7 61.8 18 Bank personal trusts and estates -7.7 -25.0 -12.8 27.8 17.1 13.8 17.6 18.1 10.7 13.4 8.8 8.6 19 Life insurance companies 69.6 104.8 76.9 53.5 57.9 52.9 74.8 38.8 95.3 124.9 179.3 129.8 7.0 Other insurance companies 22.5 25.2 5.8 -3.0 -8.7 -18.1 6.2 -11.7 2.1 .1 5.1 12.9 7.1 Private pension funds -4.1 47.6 -22.8r 25.4r 39.9' 20.6' 56.8' 26. r 23.1' 25.7 -16.7 39.9 77 State and local government retirement funds 35.8 67.1 72.1 46.9 54.6 31.5 37.6 86.1 -70.7 77.0 -74.2 7.3 73 Money market mutual funds 88.8 87.5 244.0 182.0 143.a -118.2 256.1 272.7' 326.7' 166.2 379.1 112.2 74 Mutual funds 48.9 80.9 127.3r 48.4r 21.0' 39.4' 50.2' 57.8' 78.1' 165.7 103.7 156.8 75 Closed-end funds 4.6 -2.6 5.5 7.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 26 Government-sponsored enterprises 97.4 106.6 314.6 291.7 250.9' 250.9 228.6' 318.8 327.8' 316.2 265.9 275.1 77 Federally related mortgage pools 141.0 114.6 192.6 273.8 199.4 132.2 236.7 309.1 170.3 396.9 504.0 275.2 78 Asset-backed securities issuers (ABSs) 120.5 163.8 281.7 205.2 166.4 111.4 120.9 278.9 269.8 150.0 262.3 342.1 29 Finance companies 18.9 23.1 77.3 97.0 108.0 147.6 102.8 36.2 -.9 126.7 ^12.0 -17.9 30 Mortgage companies 8.2 -9.1 3.2 .3 .2 5.5 -.5 2.0 1.4 1.1 1.7 1.2 31 Real estate investment trusts (REITs) 4.4 20.2 -5.1 -2.6 -6.3 -2.5 -3.6 -2.8 4.0 1.1 7.8 29.0 37 Brokers and dealers -15.7 14.9 6.8 -34.7 68.9 89.8 152.1 -69.0 289.5 35.4 236.0 -170.4 33 Funding corporations 12.6 50.4 -15.8r 133.0r 39.4' 210.9' -86.5' 45.7' -169.5' -218.6 -184.0 40.9 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Net flows through credit markets 1,372.1 l,538.7r 2,177.4r 2,212.9' 1,754.1r l,865.3r l,697.8r l,796.0r l,848.1r 1,714.6 2,279.5 2,065.9 Other financial sources 35 Official foreign exchange -6.3 .7 6.6 -8.7 --..44 --88..88 ..77 44..99 --11..55 44..77 1199..11 --33..44 36 Special drawing rights certificates -.5 -.5 .0 -3.0 -4.0 --88..00 -4.0 -4.0 .0 .0 .0 .0 37 Treasury currency .5 .5 .6 1.0 2.4 3.2 4.2 .0 -1.1 1.1 .0 .0 38 Foreign deposits 85.9 107.7 6.5 61.0 120.8 3.4 -40.8 207.4 235.5 -170.2 83.5 100.0 39 Net interbank transactions -51.6 -19.7 -32.3 18.4' 13.6' 275.4' 24.4' 18.0' -181.0' 19.0 20.2 188.6 40 Checkable deposits and currency 15.7 41.2 47.4 151.4 -71.5 -33.8 5.0 -50.2 186.9' 90.7 235.0 287.5 41 Small time and savings deposits 97.2 97.1 152.4 44.7 190.7 123.0 224.5 310.8 288.3 194.2 229.1 328.4 47 Large time deposits 114.0 122.5 92.1 130.6 118.4 101.2 152.9 65.2 130.6 51.9 16.3 56.7 43 Money market fund shares 145.4 155.9 287.2 249.1 233.3 71.5 250.9 371.0' 621.5' 322.5 367.7 402.7 44 Security repurchase agreements 41.4 120.9 91.3 169.7 110.7 155.1 277.1 -265.4 -109.5' 187.9 242.3 -196.3 45 Corporate equities -4.7 -79.9 -165.8 -34.6 -45.3' -22.7' -54.0' -188.2' 137.6' 132.1 -79.0 80.2 46 237.6 265.1 279.5r 191.2' 235.0' 203.6' 275.1' 149.5' 96.8' 283.0 162.5 264.3 47 Trade payables 123.3 139.7 109.2 222.3 166.8' 212.9 138.8' 121.8' 25.1' -96.2 -13.4 -20.6 48 Security credit 52.4 111.0 103.3 104.3 146.1 -95.3 97.5 74.4 -140.9 -28.5 547.2 -412.2 49 Life insurance reserves 44.5 59.3 48.0 50.8 50.2 45.6 53.0 47.3 52.7 53.2 80.2 69.2 50 Pension fund reserves 148.3 201.4 221.& 196. lr 217.2r 266.2' 220.7' 151.8' 257.2' 165.6 205.4 189.9 51 Taxes payable 19.5 22.3 21.3 22.3 21.7 26.5 4.1' 25.4' 6.9' 17.1 95.4 -66.6 57 Investment in bank personal trusts -5.3 -49.9 -41.8 -6.5 -29.7 -33.1 -29.2 -28.0 -26.1 -22.7 -28.2 -28.2 53 Noncorporate proprietors' equity 5.8r -40.2' -52.3r -15.5r 12.8' 13.8' 32.2r 11.6' 5.2' 29.5 -9.7 18.7 54 Miscellaneous 526.1 493.6r 949. r 719.3r 1,016.6' 893.6' 1,478.3' 713.5' 485.4' 890.3 940.8 717.1 55 Total financial sources 2,961.4r 3,287.5r 4,307,3r 4,476.6r 4,259.5r 4,058.7r 4,809.2r 3,532.9r 3,917.6r 3,839.6 5,393.8 4,042.0 Liabilities not identified as assets (—) 56 Treasury currency -.4 -.2 -.1 -.7 -1.2 -.7 .9 -3.3 -3.6 -.5 -1.4 --..77 57 Foreign deposits 59.4 106.2 -8.5 45.8 70.9' -82.2 -90.8' 193.4' 180.8' -150.2 78.8 46.4 58 Net interbank liabilities -3.3 -19.9 3.4 3.5 17.4 5.4 -12.1 51.1 16.7 13.6 7.2 33.3 59 Security repurchase agreements 2.4 63.2 51.1' 36. lr 115.8' 58.2' 170.3' -300.3' -265.7r 189.5 25.7 -210.5 60 Taxes payable 23.1 28.0 19.7 6.5 14.1 4.8 -1.8' 44.1' 4.9' -12.0 -8.0 9.0 61 Miscellaneous -184.5r -239.6r -154.6r -120.0' -284.8' -394.3' 10.6' -312.9' -181.3' -526.8 125.0 -212.9 Floats not included in assets (—) 62 Federal government checkable deposits .5 -2.7 2.6 -7.4 9.0 16.3 3.0 -2.1 66.8' -.1 77..33 --5588..55 63 Other checkable deposits -4.0 -3.9 -3.1 -.8 1.7 1.4 1.9 2.4 3.8 3.9 5.1 5.5 64 Trade credit -25.4 -29.2 -51.3 42.9 -29.5' -34.9' -10.6' 21.5' 27.9' -12.7 -23.1 34.4 65 Total identified to sectors as assets 3,093.9r 3,385.5r 4,441.6r 4,770.7r 4,346.2r 4,484.7r 4,737.7r 3,839.1r 4,067.2r 4,335.1 5,177.2 4,395.9 1. 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.l 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 • April 2002 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period 2000 2001 Q2 Q3 Q4 Qi Q2 Q3' Q4 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 15,244.3r 16,291.1r 17,426.4r 18,317.0r 17,837.0r 18,034.7r 18,317.0r 18,557.9' 18,729.4r 19,036.4 19,420.6 By sector and instrument 2 Federal government 3,804.9 3,752.2 3,681.0 3,385.2 3,464.0 3,410.2 3,385.2 3,408.8 3,251.4 3,320.1 3,379.6 Treasury securities 3,778.3 3,723.7 3,652.8 3,357.8 3,435.7 3,382.6 3,357.8 3,382.1 3,224.4 3,293.1 3,352.8 4 Budget agency securities and mortgages 26.5 28.5 28.3 27.3 28.2 27.6 27.3 26.8 27.0 27.0 26.8 5 Nonfederal 1 l,439.4r 12,538.9' 13,745.3' 14,931.9' 14,373.0' 14,624.5' 14,931.9' 15,149.1' 15,477.9' 15.716.3 16,041.0 By instrument 6 Commercial paper 168.6 193.0 230.3 278.4 296.8 307.0 278.4 253.2 223.3 201.3 190.1 7 Municipal securities and loans 1,367.5 1,464.3 1,532.5 1,567.8 1,551.6 1,550.3 1,567.8 1,597.5 1,629.8 1,635.3 1,688.4 8 Corporate bonds 1,610.9 1,829.6 2,059.5 2,230.6 2,144.5 2,186.7 2,230.6 2,330.4' 2,435.3' 2,482.3 2,558.8 y Bank loans n.e.c 1,040.4 1,148.5 1,231.2 1,334.2 1,306.9 1,311.3 1,334.2 1,323.9 1,292.9 1,282.6 1,247.3 10 Other loans and advances 825.1 907.2 964.5 1,077.1 1,037.2 1,039.5 1,077.1 1,083.2' 1,110.6 1,116.8 1,096.4 n Mortgages 5,155.4r 5,649.8' 6,281.2' 6,850.6' 6,559.6' 6,710.3' 6,850.6' 6,975.6' 7,177.8' 7,378.9 7,571.8 12 Home 3,978.3 4,367.0' 4,802.0' 5,224.2' 5,003.5' 5,122.6' 5,224.2' 5,317.6' 5,473.6' 5,621.6 5,757.0 13 Multifamily residential 285.7 309.2' 350.0' 386.2' 369.2' 375.9' 386.2' 395.0' 405.3' 419.2 432.7 14 Commercial 801.4' 877.0' 1,026.9' 1,131.4' 1,080.1' 1,103.4' 1,131.4' 1,153.0' 1,185.9' 1,223.4 1,265.9 13 Farm 90.0 96.6 102.3 108.8 106.8 108.3 108.8 109.9 113.1 114.7 116.2 16 Consumer credit 1,271.6 1,346.6 1,446.1 1,593.1 1,476.5 1,519.6 1,593.1 1,585.3 1,608.1 1,619.1 1,688.3 By borrowing sector 1/ Households 5,556.9 6,022.9' 6,540.1' 7,113.7' 6,771.3' 6,937.2' 7,113.7' 7,184.5' 7,358.6' 7,526.3 7,724.1 18 Nonfinancial business 4,763.0r 5,316.2' 5,953.2' 6,538.8' 6,336.1' 6,424.3' 6,538.8' 6,657.1' 6,781.4' 6,849.4 6,930.9 iy Corporate 3,383. lr 3,788.6' 4,264.7' 4,693.8' 4,560.8' 4,616.0' 4,693.8' 4,782.0' 4,868.4' 4,909.6 4,962.2 20 Nonfarm noncorporate 1,224.0 1,363.7 1,519.1 1,664.8 1,599.1 1,630.3 1,664.8 1,695.5 1,727.9 1,753.9 1,781.1 21 Farm 155.9 163.9 169.4 180.2 176.2 177.9 180.2 179.7 185.2 185.8 187.5 22 State and local government 1,119.5 1,199.8 1,252.1 1,279.3 1,265.7 1,263.1 1,279.3 1,307.5 1,337.8 1,340.6 1,386.1 23 Foreign credit market debt held in United States 608.0 651.5 679.6 746.7 702.5 731.0 746.7 743.4 729.2r 706.1 704.8 24 Commercial paper 65.1 72.9 89.2 120.9 101.2 109.8 120.9 112.8 110.1 106.3 106.7 25 427.7 462.6 479.4 504.6 484.5 502.4 504.6 508.9 504.9 485.2 486.8 26 Bank loans n.e.c 52.1 58.9 59.4 70.7 64.7 67.7 70.7 73.9 66.2 67.3 63.2 27 Other loans and advances 63.0 57.2 51.7 50.5 52.1 51.2 50.5 47.7 47.9' 47.3 48.1 28 Total credit market debt owed by nonfinancial sectors, domestic and foreign 15,852.3r 16,942.7r 18,106.0r 19,063.7r 18,539.5r 18,765.7r 19,063.7r 19,301.3r 19,458.5r 19,742.5 20,125.3 Financial sectors 29 Total credit market debt owed by financial sectors 5,458.0 6,545.2 7,629.6 8,457.1 7,993.5 8,190.8 8,457.1 8,657.3 8,853.8r 9,118.3 9,370.4 By instrument 30 Federal government-related 2,821.1 3,292.0 3,884.0 4,317.4 4,035.3 4,164.0 4,317.4 4,422.9 4,589.2' 4,796.8 4,942.8 31 Government-sponsored enterprise securities .. . 995.3 1,273.6 1,591.7 1,825.8 1,680.2 1,749.7 1,825.8 1,888.7 1,955.8 2,037.4 2,114.5 32 Mortgage pool securities 1,825.8 2,018.4 2,292.2 2,491.6 2,355.2 2,414.3 2,491.6 2,534.2 2,633.4' 2,759.4 2,828.2 33 Loans from U.S. government .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 34 Private 2,636.9 3,253.2 3,745.6 4,139.7 3.958.2' 4,026.7 4,139.7 4,234.4 4,264.6 4,321.5 4,427.7 35 Open market paper 745.7 906.7 1,082.9 1,210.7 1,135.2 1,151.6 1,210.7 1,180.8 1,144.5 1,110.2 1,148.8 36 Corporate bonds 1,568.6 1,878.7 2,096.9 2,314.8 2,212.0 2,269.7 2,314.8 2,424.3 2,483.9 2,559.2 2,616.1 3/ Bank loans n.e.c 77.3 107.5 93.2 93.0 93.1 92.8 93.0 97.3 100.4 100.2 104.5 38 Other loans and advances 198.5 288.7 395.8 438.3 436.9 430.2 438.3 450.9 450.7 467.2 473.2 39 Mortgages 46.8 71.6 76.7 82.9 81.0 82.5 82.9 81.1 85.1 84.6 85.0 By borrowing sector 40 Commercial banks 140.6 188.6 230.0 266.7 265.4 265.2 266.7 273.8 274.7 281.4 297.1 41 Bank holding companies 168.6 193.5 219.3 242.5 229.3 236.9 242.5 266.5 269.0 272.7 266.4 42 Savings institutions 160.3 212.4 260.4 287.7 280.7 276.0 287.7 295.1 294.4 305.6 294.0 43 Credit unions .6 1.1 3.4 3.4 2.9 3.1 3.4 3.2 3.5 3.8 4.9 44 Life insurance companies 1.8 2.5 3.2 2.5 2.7 2.7 2.5 1.9 1.9 2.8 3.1 45 Government-sponsored enterprises 995.3 1,273.6 1,591.7 1,825.8 1,680.2 1,749.7 1,825.8 1,888.7 1,955.8 2,037.4 2,114.5 46 Federally related mortgage pools 1,825.8 2,018.4 2,292.2 2,491.6 2,355.2 2,414.3 2,491.6 2,534.2 2,633.4' 2,759.4 2,828.2 47 Issuers of asset-backed securities (ABSs) 1,076.6 1,398.0 1,621.4 1,829.6 1,697.0 1,742.3 1,829.6 1,893.7 1,942.4 2,016.7 2,110.0 48 Brokers and dealers 35.3 42.5 25.3 40.9 36.2 42.6 40.9 35.0 43.9 47.1 42.3 49 Finance companies 568.3 625.5 695.7 776.9 740.8 761.8 776.9 756.2 769.0 771.2 770.0 50 Mortgage companies 16.0 17.7 17.8 17.9 17.8 17.7 17.9 18.1 18.2 18.5 18.6 51 Real estate investment trusts (REITs) 96.1 158.8 165.1 167.8 170.4 169.8 167.8 166.2 168.9 168.3 170.5 52 Funding corporations 372.6 412.6 504.0 503.7 515.0 508.7 503.7 524.7 478.6 433.6 450.6 All sectors 53 Total credit market debt, domestic and foreign. 21,310.3r 23,487.8r 25,735.6r 27,520.8r 26,533.0r 26,956.5r 27,520.8r 27,958.6r 28,312.4r 28,860.8 29,495.8 54 Open market paper 979.4 1,172.6 1,402.4 1,610.0 1,533.3 1,568.3 1,610.0 1,546.8 1,477.9 1,417.8 1,445.6 55 U.S. government securities 6,626.0 7,044.3 7,565.0 7,702.6 7,499.3 7,574.2 7,702.6 7,831.7 7,840.6' 8,116.8 8,322.4 56 Municipal securities 1,367.5 1,464.3 1,532.5 1,567.8 1,551.6 1,550.3 1,567.8 1,597.5 1,629.8 1,635.3 1,688.4 57 Corporate and foreign bonds 3,607.2 4,170.8 4,635.8 5,050.0 4,841.0 4,958.7 5,050.0 5,263.7' 5,424.2' 5,526.7 5,661.6 58 Bank loans n.e.c 1,169.8 1,314.9 1,383.8 1,497.9 1,464.6 1,471.7 1,497.9 1,495.1 1,459.5 1,450.2 1,415.1 59 Other loans and advances 1,086.6 1,253.0 1,412.0 1,565.9 1,526.2 1,520.9 1,565.9 1,581.8' 1,609.2' 1,631.3 1,617.6 60 Mortgages 5,202.2r 5,721.4' 6,357.9' 6,933.6' 6,640.6' 6,792.8' 6,933.6' 7,056.6' 7,263.0' 7,463.5 7,656.8 61 Consumer credit 1,271.6 1,346.6 1,446.1 1,593.1 1,476.5 1,519.6 1,593.1 1,585.3 1,608.1 1,619.1 1,688.3 1. Data in this table appear in the Board's Z.l (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 A31 1.60 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period 2000 2001 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr Q2 Q3 Q4 Qi Q2' Q3' Q4 CREDIT MARKET DEBT OUTSTANDING2 21,3I0.3R 23,487.8R 25,735.6R 27,520.8R 26,533.0R 26,956.5R 27,520.8R 27,958.6R 28,312.4 28,860.8 29,495.8 2 Domestic nonfederal nonfinancial sectors 2,945.7r 3,094.6r 3,380.9r 3,188.9' 3,309.3' 3,239.4' 3,188.9' 3,113.5' 3,033.7 3,014.3 3,015.0 3 Household 2,030.4' 2,044.5r 2,281.3r 2,069.6r 2,189.7' 2,131.9' 2,069.6' 2,011.0' 1,931.7 1,924.2 1,894.4 4 Nonfinancial corporate business 257.5 241.5 238.7 251.4' 246.1 242.2' 251.4' 225.3' 229.4 225.0 242.8 5 Nonfarm noncorporate business 52.7 69.1 78.0 75.9 77.6 76.6 75.9 74.7 73.4 71.9 70.1 6 State and local governments 605.0 739.4 782.8 792.0 795.8 788.7 792.0 802.4' 799.1 793.3 807.8 7 Federal government 205.4 219.1 258.0 265.4 261.6 262.7 265.4 266.6 268.9 269.8 272.8 8 Rest of the world 2,257.3 2,539.8 2,676.2 3,004.6 2,809.9 2,861.7 3,004.6 3,112.9' 3,200.1 3,294.3 3,430.6 q 15,901.8 17,634.4' 19,420.5r 21,061.9' 20,152.3' 20,592.7' 21,061.9' 21,465.7' 21,809.6 22,282.3 22,777.4 10 Monetary authority 431.4 452.5 478.1 511.8 505.1 511.5 511.8 523.9 535.1 534.1 551.7 11 Commercial banking 4,031.9 4,335.7 4,643.9 5,002.3 4,847.4 4,931.0 5,002.3 5,015.7 5,044.4 5,096.4 5,202.8 12 U.S.-chartered banks 3,450.7 3,761.2 4,078.9 4,418.7 4,295.4 4,368.2 4,418.7 4,424.4 4,463.2 4,508.8 4,605.1 13 Foreign banking offices in United States 516.1 504.2 484.1 508.1 478.1 487.5 508.1 515.0 504.2 509.9 512.0 14 Bank holding companies 27.4 26.5 32.7 20.5 23.0 21.3 20.5 22.3 21.6 21.3 24.3 15 Banks in U.S.-affiliated areas 37.8 43.8 48.3 55.0 51.0 54.0 55.0 54.1 55.5 56.5 61.4 16 Savings institutions 928.5 964.6 1,033.2 1,089.7 1,062.5 1,082.2 1,089.7 1,101.6 1,116.4 1,118.4 1,130.1 17 Credit unions 305.3 324.2 351.7 382.2 370.1 376.0 382.2 386.5 391.8 407.8 420.8 18 Bank personal trusts and estates 207.0 194.1 222.0 239.1 230.2 234.6 239.1 241.8 245.1 247.3 249.5 19 Life insurance companies 1,751.1 1,828.0 1,886.0 1,943.9 1,914.1 1,935.1 1,943.9 1,967.2 1,996.9 2,044.2 2,076.2 2.0 Other insurance companies 515.3 521.1 518.2 509.4 510.8 512.4 509.4 510.0 510.0 511.3 514.5 21 Private pension funds 674.6 651.8r 677.2r 717.1' 696.3' 710.5' 717.1' 722.8' 729.3 725.1 735.0 ?? State and local government retirement funds 632.5 704.6 751.4 806.0 775.1 784.5 806.0 788.3 807.6 789.0 790.9 23 Money market mutual funds 721.9 965.9 1,147.8 1,290.9' 1,159.4 1,212.5 1,290.9' 1,403.8 1,414.6 1,498.0 1,536.9 24 Mutual funds 901.1 l,028.4r 1,076.8' 1,097.8' 1,072.5' 1,087.1' 1,097.8' 1,113.9' 1,160.3 1,188.2 1,223.9 25 Closed-end funds 98.3 103.7 111.1 102.7 106.9 104.8 102.7 100.6 98.5 96.4 94.2 26 Government-sponsored enterprises 939.4 1,253.9 1,545.6 1,803.7' 1,649.2 1,714.3' 1,803.7' 1,869.7' 1,951.1 2,019.1 2,098.1 27 Federally related mortgage pools 1,825.8 2,018.4 2,292.2 2,491.6 2,355.2 2,414.3 2,491.6 2,534.2 2,633.4 2,759.4 2,828.2 28 Asset-backed securities (ABSs) issuers 937.7 1,219.4 1,424.6 1,602.9 1,486.3 1,522.9 1,602.9 1,660.5 1,703.7 1,771.2 1,859.0 29 Finance companies 568.2 645.5 742.5 850.5 812.3 830.0 850.5 848.0 878.5 859.4 867.0 30 Mortgage companies 32.1 35.3 35.6 35.9 35.5 35.4 35.9 36.2 36.5 36.9 37.2 31 Real estate investment trusts (REITs) 50.6 45.5 42.9 36.6 38.2 37.3 36.6 37.6 37.9 39.8 47.1 3? Brokers and dealers 182.6 189.4 154.7 223.6 188.2 243.3 223.6 312.3 288.4 366.4 321.2 33 Funding corporations 166.7 152.3r 285.0' 324.4' 337.0' 313.0' 324.4' 291.0' 230.2 173.8 193.1 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt 21,310.3R 23,487.8R 25,735.6R 27,520.8R 26,533.0R 26,956.5R 27,520.8R 27,958.6R 28312.4 28,860.8 29,495.8 Other liabilities 35 Official foreign exchange 48.9 60.1 50.1 46.1 46.0 44.9 46.1 42.8 43.4 49.0 46.8 36 Special drawing rights certificates 9.2 9.2 6.2 2.2 4.2 3.2 2.2 2.2 2.2 2.2 2.2 37 Treasury currency 19.3 19.9 20.9 23.2 22.1 23.2 23.2 22.9 23.2 23.2 23.2 38 Foreign deposits 618.5 642.3 703.6 824.5 782.8 772.6 824.5 883.4 840.8 861.7 886.7 39 Net interbank liabilities 219.4 189.0 205.3r 222.6' 194.7' 206.0' 222.6' 156.0' 163.9 177.7 232.5 40 Checkable deposits and currency 1,286.1 1,333.4 1,484.8 1,413.3 1,409.7 1,385.7 1,413.3 1,405.7' 1,452.0 1,485.7 1,599.1 41 Small time and savings deposits 2,474.1 2,626.5 2,671.2 2,861.9 2,738.8 2,790.9 2,861.9 2,965.3 2,992.3 3,047.0 3,121.9 4? Large time deposits 713.4 805.5 936.1 1,054.5 987.4 1,025.9 1,054.5 1,078.0 1,087.1 1,090.7 1,118.4 43 Money market fund shares 1,042.5 1,329.7 1,578.8 1,812.1 1,627.1 1,697.8 1,812.1 1,994.7 2,014.8 2,116.1 2,240.7 44 Security repurchase agreements 822.4 913.7 1,083.4 1,194.1 1,185.2 1,238.6 1,194.1 1,179.3' 1,205.2 1,253.1 1,237.9 45 Mutual fund shares 2,989.4 3,613.1r 4,538.5r 4,434.6' 4,718.8' 4,781.6' 4,434.6' 3,990.4' 4,259.5 3,753.1 4,136.4 46 Security credit 469.1 572.3 676.6 822.7 780.3 805.8 822.7 785.4 781.5 920.0 814.1 47 Life insurance reserves 665.0 718.3 783.9 819.1 806.5 818.7 819.1 823.0 840.3 847.0 868.1 48 Pension fund reserves 7,323.4 8,209.0r 9,080.2r 9,091.4' 9,214.2' 9,355.5' 9,091.4' 8,616.3' 8,880.4 8,309.3 8,723.5 49 Trade payables 1,967.3 2,076.5 2,298.8 2,465.5' 2,371.6 2,418.3' 2,465.5' 2,447.3' 2,418.9 2,429.1 2,439.3 50 Taxes payable 151.1 172.4 194.7 216.4 211.4 214.9' 216.4 225.7' 225.1 251.3 229.6 51 Investment in bank personal trusts 942.5 1,001.0 1,130.4 1,019.4 1,114.4 1,106.7 1,019.4 929.1 964.4 859.6 912.0 52 Miscellaneous 6,731.6' 7,653.4r 8,195.4r 9,008.8' 8,627.9' 9,130.2' 9,008.8' 9,443.4' 9,702.3 10,110.2 10,078.3 53 Total liabilities 49,803.3 55,433.2R 61,374.6' 64,853.4R 63,376.2R 64,777. LR 64,853.4R 64,949.6R 66,209.6 66,446.7 68,206.6 Financial assets not included in liabilities (+) 54 Gold and special drawing rights 21.1 21.6 21.4 21.6 21.5 21.4 21.6 21.4 21.5 22.0 21.8 55 Corporate equities 13,301.7 15,577.3 19,581.2 17,566.4 19,396.1' 19,244.2' 17,566.4 15,311.0' 16,240.7 13,628.2 15,186.0 56 Household equity in noncorporate business 4,051.3' 4,394.4r 4,663.5' 4,956.3' 4,819.5' 4,873.0' 4,956.3' 5,009.1' 5,038.9 5,087.0 5,105.5 Liabilities not identified as assets (—) 57 Treasury currency -6.3 -6.4 -7.1 -8.5 -7.9 -7.6 -8.5 -9.4 -9.5 -9.8 -10.0 58 Foreign deposits 535.0 542.8 588.9 659.9' 634.2 611.5' 659.9' 705.1' 667.5 687.2 698.8 59 Net interbank transactions -32.2 -27.0 -25.5 —4.3 -11.6 -17.6 -4.3 1.7 5.5 6.0 11.5 60 Security repurchase agreements 172.9 230.6r 266.7' 382.5' 419.6' 453.5' 382.5' 339.2' 368.7 369.5 330.8 61 Taxes payable 104.2 122.9 122.7 128.5' 134.5 124.6' 128.5' 114.3' 134.4 148.5 99.7 62 Miscellaneous -l,57I.2r -2,372.7r -2,791.3' -3,201.2' -2,985.6' -2,719.1' -3,201.2' -3,096.0' -3,074.3 -2,942.8 -3,308.2 Floats not included in assets (—) 63 Federal government checkable deposits -8.1 -3.9 -9.9 -2.3 -5.6 -7.8 -2.3 -1.9' ^t.8 -5.9 -14.1 64 Other checkable deposits 26.2 23.1 22.3 24.0 22.5 15.5 24.0 21.1 25.5 19.2 28.6 65 Trade credit 126.8 76.6 120.9 96.1' 16.5 9.9' 96.1' 53.3' 25.0 17.2 102.7 66 Totals identified to sectors as assets 67,830.0R 76,840.3R 87,352.8R 89,323.1R 89,396.8R 90,452.8R 89,323.1R 87,163.8R 89,372.6 86,894.9 90,580.2 1. 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. L.l 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 • April 2002 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures Monthly data seasonally adjusted, and indexes 1992=100, except as noted 2001 2002 MMeeaassuurree 11999999 22000000 22000011 May June July Aug. Sept. Oct. Nov.' Dec.' Jan.P 1 Industrial production1 139.4 145.7 140.1 141.6 140.3 140.4 140.0 138.5 137.7' 137.1 136.7 136.5 Market groups 2 Products, total 129.6 133.5 129.4' 130.9 130.0 130.3 129.4 127.7 126.8' 126.7 126.6 126.2 3 Final, total 131.8 135.8 132.1' 133.9 132.9 133.2 132.0 130.0 129.2' 129.3 129.2 129.0 4 Consumer goods 119.9 121.9 120.7' 121.4 121.1 122.2 121.4 119.9 119.6' 119.9 120.8 120.3 5 Equipment 153.5 161.8 152.3 156.5 154.1 152.7 150.5 147.1 145.4' 145.1 142.6 143.1 6 Intermediate 123.2 126.4 121.5' 122.2 121.4 121.4 121.6 120.7 119.6' 119.0 118.6 117.7 / Materials 155.6 166.4 158.0 159.4 157.4 157.2 157.6 156.5 155.9' 154.3 153.4 153.8 Industry groups 8 Manufacturing 144.7 151.6 144.8 146.4 145.0 145.2 144.5 142.9 142.1' 141.8 141.3 141.3 9 Capacity utilization, manufacturing (percent)2 . . 80.6 80.7 75.1' 75.8 75.0 75.1 74.6 73.7 73.3' 73.1 72.8 72.7 10 Construction contracts' 135.3' 142.6' 147.6' 148.0' 152.0' 144.0' 144.0' 154.0' 149.0' 145.0 145.0 148.0 11 Nonagricultural employment, total4 118.7 121.3 121.8 122.0 122.0 122.0 121.9 121.8 121.4 121.0 120.9 120.8 12 Goods-producing, total 109.8 110.7 108.1 109.0 108.4 108.1 107.5 107.1 106.5 105.8 105.2 104.6 13 Manufacturing, total 102.5 102.0 97.7 98.7 98.1 97.7 96.8 96.4 95.7 94.8 94.1 93.6 14 Manufacturing, production workers 103.7 102.8 97.0 98.2 97.3 96.8 95.9 95.3 94.6 93.6 92.8 92.3 15 Service-producing 121.1 124.2 125.5 125.6 125.6 125.7 125.9 125.8 125.4 125.2 125.2 125.2 lb Personal income, total 144.3 154.3 161.8' 161.6 162.1 162.7 162.8 162.7 162.5 162.5 163.0 163.6 17 Wages and salary disbursements 149.9 162.2 170.9' 170.7 171.5 171.8 171.8 171.7 171.4 171.4 172.2 172.2 18 Manufacturing 134.0 142.3 144.3 145.4 144.9 144.9 144.1 143.4 142.1 140.9 140.7 140.4 19 Disposable personal income5 139.2 147.9 156.0 154.8 155.2 157.9 161.0 159.1 156.2 156.3 156.6 159.1 20 Retail sales5 155.1 167.0 172.6 172.4 172.3 172.6 172.9 169.2 180.8 174.9 174.4 174.3 Prices6 21 Consumer (1982-84-100) 166.6 172.2 177.1 177.7 178.0 177.5 177.5 178.3 177.7 177.4 176.7 177.1 22 Producer finished goods (1982-100) 133.0 138.0 140.7 142.7 142.2 140.5 140.9 141.6' 139.6 138.4 137.2 137.5 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 November 2001. The recent annual revision is described in the March 2002 4. Based on data from the U.S. Department of Labor, Employment and Earnings. Series issue of the Bulletin. For a description of the methods of estimating industrial production and covers employees only, excluding personnel in the armed forces. capacity utilization, see "Industrial Production and Capacity Utilization: Historical Revision 5. Based on data from U.S. Department of Commerce, Survey of Current Business. and Recent Developments," Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92, 6. Based on data not seasonally adjusted. Seasonally adjusted data for changes in the price and the references cited therein. For details about the construction of individual industrial indexes can be obtained from the U.S. Department of Labor, Bureau of Labor Statistics, production series, see "Industrial Production: 1989 Developments and Historical Revision," Monthly Labor Review. Federal 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 2002 CCaatteeggoorryy 11999999 22000000 22000011 June July Aug. Sept. Oct. Nov. Dec. Jan. HOUSEHOLD SURVEY DATA1 1 Civilian labor force2 139,368 140,863 141.815 141,468 141,651 141,380 114422,,006688 114422,,228800 114422,,227799 114422,,331144 114411,,339900 Employment 2 Nonagricultural industries1 130,207 131,903 131,929 131,959 132,051 131,282 131,823 131,412 131,099 130,809 130,195 3 Agriculture 3,281 3,305 3,144 3,044 3,055 3,126 3,181 3,203 3,154 3,246 33,,227733 Unemployment 4 Number 5,880 5,655 6,742 6,465 6,545 6,972 7,064 7,665 8,026 8,259 7,922 5 Rate (percent of civilian labor force) 4.2 4.0 4.8 4.6 4.6 4.9 5.0 5.4 5.6 5.8 5.6 ESTABLISHMENT SURVEY DATA 6 Nonagricultural payroll employment4 128,916 131,759 132,210 132,431 132,449 132,395 132,230 131,782 131,427 131,297 131,208 7 Manufacturing 18,552 18,469 17,697 17.757 17,688 17,533 17,448 17,325 17,159 17,037 16,948 8 Mining 539 543 563 565 567 569 569 569 567 564 562 9 Contract construction 6,415 6.698 6.861 6,864 6,867 6,861 6,871 6,852 6,851 6,847 6,793 10 Transportation and public utilities 6,834 7,019 7,069 7.118 7,108 7,082 7,070 7,016 6,952 6,919 6,919 11 Trade 29,758 30,331 30,498 30.583 30,623 30,593 30,524 30,393 30,365 30,298 30,352 12 Finance 7,555 7,560 7,624 7,631 7.618 7,623 7,633 7,634 7,638 7,627 7,636 13 Service 39,055 40,460 41,024 41,085 41,046 41,129 41,134 40,995 40,889 40,942 40,940 14 Government 20,206 20,681 20,874 20,828 20,932 21,005 20,981 20,998 21,006 21,063 21,058 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 2001 2001 2001 Q1 Q2 Q3 Q4r Qi Q2 Q3 Q4r Qi Q2 Q3 Q4' Output (1992=100) Capacity (percent of 1992 output) Capacity utilization rate (percent)2 1 Total industry 143.5 141.3 139.6 137.1 181.8 182.6 183.2 183.6 78.9 77.4 76.2 74.7 2 Manufacturing 148.4 146.0 144.2 141.8 192.3 193.2 193.6 194.0 77.2 75.6 74.5 73.1 3 Primary processing3 172.0 168.9 167.1 164.3 221.4 223.0 223.8 224.5 77.7 75.8 74.7 73.2 4 Advanced processing4 135.3 133.3 131.5 129.2 176.2 176.6 176.9 177.2 76.8 75.5 74.3 72.9 Durable goods 185.0 181.9 178.3 173.8 244.4 246.3 247.5 248.5 75.7 73.8 72.0 69.9 6 Lumber and products 110.2 113.2 115.5 113.4 148.2 148.5 148.8 149.1 74.4 76.2 77.6 76.0 7 Primary metals 120.8 120.5 117.8 108.4 151.0 150.8 150.6 150.4 80.0 79.9 78.2 72.1 8 Iron and steel 113.7 117.3 115.7 104.1 147.9 147.4 146.8 146.2 76.9 79.6 78.8 71.2 9 Nonferrous 129.5 124.6 120.6 113.8 155.1 155.3 155.6 155.8 83.5 80.2 77.5 73.0 10 Industrial machinery and equipment 226.9 217.0 208.8 201.7 295.3 297.3 298.8 299.8 76.8 73.0 69.9 67.3 11 Electrical machinery 544.2 509.2 485.3 483.7 716.8 735.6 745.4 752.5 75.9 69.2 65.1 64.3 12 Motor vehicles and parts 155.2 166.8 169.5 165.1 218.7 220.1 221.5 222.9 71.0 75.8 76.5 74.1 13 Aerospace and miscellaneous transportation equipment 100.2 99.0 95.9 91.2 135.4 135.3 135.2 135.1 74.0 73.2 71.0 67.5 14 Nondurable goods 113.2 111.5 111.0 110.3 143.1 143.0 142.9 142.9 79.1 77.9 77.7 77.2 15 Textile mill products 914 88.0 85.3 82.4 118.4 117.4 116.4 115.4 77.2 74.9 73.3 71.4 16 Paper and products 109.2 108.9 108.5 105.8 138.5 138.7 138.8 139.0 78.9 78.5 78.1 76.1 17 Chemicals and products 121.6 119.6 121.1 122.8 158.1 158.3 158.5 158.6 76.9 75.6 76.4 77.4 18 Plastics materials 121.0 116.4 117.4 116.3 152.0 152.5 153.0 153.4 79.6 76.3 76.7 75.8 19 Petroleum products 114.8 115.5 113.2 113.7 122.0 122.2 122.4 122.7 94.1 94.5 92.5 92.7 20 Mining 102.0 102.9 101.8 98.5 111.9 112.0 112.2 112.6 91.1 91.8 90.7 87.5 ?1 Utilities 123.5 120.0 119.1 117.5 134.6 136.2 138.1 139.9 91.8 88.1 86.3 84.0 22 Electric 125.6 123.6 122.2 121.3 133.1 135.1 137.4 139.8 94.4 91.5 88.9 86.8 1973 1975 Previous cycle5 Latest cycle6 2001 2001 2002 High Low High Low High Low Jan. Aug. Sept. Oct.' Nov.' Dec.' Jan.f Capacity utilization rate (percent)2 1 Total industry 89.2 72.6 87.3 71.1 85.4 78.1 79.3 76.4 75.5 75.0 74.7 74.4 74.2 2 Manufacturing 88.5 70.5 86.9 69.0 85.7 76.6 77.6 74.6 73.7 73.3 73.1 72.8 72.7 3 Primary processing3 91.8 67.3 88.6 65.7 88.3 76.7 78.4 74.8 74.4 73.9 73.1 72.6 72.9 4 Advanced processing4 86.5 72.5 86.3 71.0 84.2 76.6 77.0 74.5 73.3 72.9 73.0 72.9 72.6 5 Durable goods 89.2 68.9 87.7 63.9 84.6 73.1 76.2 72.3 71.0 70.1 70.0 69.7 69.7 6 Lumber and products 88.7 61.2 87.9 60.8 93.6 75.5 73.9 78.1 78.2 75.7 76.2 76.2 75.8 7 Primary metals 100.2 65.9 94.2 45.1 92.7 73.7 82.0 78.0 77.4 75.5 72.6 68.2 72.0 8 Iron and steel 105.8 66.6 95.8 37.0 95.2 71.8 77.9 78.8 76.9 75.4 73.2 65.0 72.9 9 Nonferrous 90.8 59.8 91.1 60.1 89.3 74.2 86.6 77.1 77.8 75.5 71.9 71.7 70.9 10 Industrial machinery and equipment 96.0 74.3 93.2 64.0 85.4 72.3 77.5 70.6 68.6 67.7 67.6 66.5 67.1 11 Electrical machinery 89.2 64.7 89.4 71.6 84.0 75.0 78.4 65.1 64.8 64.6 64.2 64.0 63.3 12 Motor vehicles and parts 93.4 51.3 95.0 45.5 89.1 55.9 67.3 76.7 74.0 70.7 74.4 77.1 76.1 13 Aerospace and miscellaneous transportation equipment . . . 78.4 67.6 81.9 66.6 87.3 79.2 74.4 70.8 70.3 69.4 67.4 65.5 65.1 14 Nondurable goods 87.8 71.7 87.5 76.4 87.3 80.7 79.3 77.7 77.3 77.5 77.2 76.8 76.7 15 Textile mill products 91.4 60.0 91.2 72.3 90.4 77.7 77.8 73.7 74.1 71.7 70.8 71.8 71.2 16 Paper and products 97.1 69.2 96.1 80.6 93.5 85.0 80.2 77.6 78.9 77.8 76.4 74.2 74.1 17 Chemicals and products 87.6 69.7 84.6 69.9 86.2 79.3 76.7 76.5 76.3 77.7 77.5 77.1 77.3 18 Plastics materials 102.0 50.6 90.9 63.4 97.0 74.8 77.6 77.6 75.8 77.7 75.6 74.2 74.5 19 Petroleum products 96.7 81.1 90.0 66.8 88.5 85.1 93.9 92.2 91.5 93.7 92.9 91.4 92.8 20 Mining 94.3 88.2 96.0 80.3 88.0 87.0 90.5 90.4 90.9 88.4 87.7 86.3 85.9 21 Utilities 96.2 82.9 89.1 75.9 92.6 83.4 93.4 87.7 85.1 85.7 82.9 83.4 82.6 22 Electric 99.0 82.7 88.2 78.9 95.0 87.1 96.0 90.6 87.5 88.0 86.3 86.0 85.9 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; fabricated metals; semiconductors and related electronic components; and rates was released in November 2001. The recent annual revision is described in the March motor vehicle parts. 2002 issue of the Bulletin. For a description of the methods of estimating industrial 4. Advanced processing includes foods, tobacco, apparel, furniture and fixtures, printing production and capacity utilization, see "Industrial Production and Capacity Utilization: and publishing, chemical products such as drugs and toiletries, agricultural chemicals, leather Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February and products, machinery except semiconductors and related electronic components, transpor- 1997), pp. 67-92, and the references cited therein. For details about the construction of tation equipment except motor vehicle parts, instruments, and miscellaneous manufacturing. individual industrial production series, see "Industrial Production: 1989 Developments and 5. Monthly highs, 1978-80; monthly lows, 1982. Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204. 6. Monthly highs, 1988-89; monthly lows, 1990-91. 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 • April 2002 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted 1992 2001 2002 pro- 2001 oup por- avg. tion Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.' Nov.' Dec.' Jan.P Index (1992= 100) MAJOR MARKETS 1 Total index 100.0 140.1 143.9 143.5 142.9 142.0 141.6 140.3 140.4 140.0 138.5 137.7 137.1 136.7 136.5 2 Products 60.8 129.4 132.7 132.2 132.1 131.0 130.9 130.0 130.3 129.4 127.7 126.8 126.7 126.6 126.2 3 Final products 46.3 132.1 135.2 134.7 135.1 134.0 133.9 132.9 133.2 132.0 130.0 129.2 129.3 129.2 129.0 4 Consumer goods, total 29.0 120.7 121.0 121.2 121.8 121.3 121.4 121.1 122.2 121.4 119.9 119.6 119.9 120.8 120.3 5 Durable consumer goods 5.8 151.3 147.3 149.1 152.9 152.2 154.2 153.2 157.0 154.1 151.8 146.2 152.1 155.5 154.4 6 Automotive products 2.5 149.9 138.5 141.8 149.8 149.6 152.8 152.3 161.1 155.6 152.5 145.4 155.4 160.9 158.9 7 Autos and trucks 1.6 160.5 142.2 147.8 159.6 160.1 165.7 163.4 178.3 169.1 163.9 154.5 170.7 177.8 175.2 8 Autos, consumer 0.9 94.0 93.4 93.3 97.0 96.0 97.9 97.2 97.5 90.6 92.7 86,9 94.8 101.1 101.2 9 Trucks, consumer 0.7 231.4 194.4 206.0 226.3 228.4 237.9 234.0 264.3 252.6 239.8 226.5 251.5 259.6 254.1 10 Auto parts and allied goods 0.9 133.5 133.3 132.8 134.7 133.5 132.5 135.1 133.9 134.5 134.8 131.3 131.3 134.1 133.0 11 Other 3.3 151.4 155.9 156.1 155.1 153.9 154.5 152.9 151.0 151.0 149.8 145.9 146.9 147.9 148.0 12 Appliances, televisions, and air conditioners 0.9 282.5 289.5 284.4 284.0 284.0 292.1 285.0 271.7 289.5 288.2 271.9 280.2 288.3 285.2 13 Carpeting and furniture 0.8 119.2 119.8 124.7 123.1 119.9 117.7 118.6 116.2 117.6 118.5 116.4 119.4 119.3 119.9 14 Miscellaneous home goods 1.6 114.2 119.5 118.3 117.7 117.4 117.7 116.2 117.7 112.7 110.5 109.2 107.3 107.0 107.5 15 Nondurable consumer goods 23.2 113.4 114.5 114.4 114.3 113.9 113.6 113.4 113.9 113.6 112.3 113.1 112.2 112.6 112.2 16 Foods and tobacco 10.4 108.8 109.4 109.5 109.3 108.9 108.6 108.9 109.3 108.7 107.7 108.2 108.5 109.0 108.5 17 Clothing 2.4 78.2 83.0 82.6 82.8 82.0 80.6 78.2 79.0 76.4 74.8 74.4 73.2 74.0 73.5 18 Chemical products 4.6 145.2 139.4 141.7 143.8 143.4 145.2 145.7 147.5 146.7 145.9 148.5 148.7 149.5 149.7 19 Paper products 2.9 105.6 109.2 107.3 106.9 107.4 106.7 106.6 106.0 105.7 105.1 103.9 102.1 100.5 99.4 20 Energy 3.0 117.5 124.0 122.1 119.8 118.7 116.9 115.8 116.0 117.8 114.8 116.9 112.4 113.2 113.1 21 Fuels 0.8 114.1 112.9 114.2 113.9 114.6 115.6 115.2 114.3 112.2 113.9 116.1 115.2 111.7 114.9 22 Residential utilities 2.1 119.4 130.0 126.2 122.8 120.7 117.2 115.8 116.5 120.5 115.0 117.0 110.5 113.7 111.9 23 Equipment 17.3 152.3 161.8 159.8 159.6 157.3 156.5 154.1 152.7 150.5 147.1 145.4 145.1 142.6 143.1 24 Business equipment 13.2 175.9 188.7 186.1 185.4 182.1 181.3 177.8 176.1 173.3 168.4 166.9 166.9 164.1 164.7 25 Information processing 5.4 279.4 304.1 297.5 294.1 288.4 286.8 279.6 275.2 271.9 266.0 267.9 267.9 264.7 264.9 26 Computer and office equipment 1.1 948.2 1,017.4 1,012.6 996.5 970.9 950.6 948.7 934.2 925.5 903.0 913.2 927.8 941.2 951.5 27 Industrial 4.0 125.1 137.2 132.4 132.6 129.1 129.0 125.2 123.1 122.2 119.6 119.4 117.9 114.2 115.3 28 Transit 2.5 127.6 131.0 131.6 135.6 133.8 134.5 133.1 133.8 128.7 124.6 119.2 118.8 118.5 117.0 29 Autos and trucks 1.2 145.8 140.0 142.5 151.1 148.0 152.5 150.5 157.1 149.6 143.6 136.2 143.6 151.4 150.8 30 Other 1.3 139.2 145.4 151.6 143.3 143.1 139.1 140.7 140.8 139.8 131.7 129.2 134.6 131.0 135.3 31 Defense and space equipment 3.4 74.0 75.5 74.1 74.5 74.4 73.5 73.4 73.6 73.5 73.8 74.2 74.3 74.4 75.3 32 Oil and gas well drilling 0.6 140.8 146.7 147.7 151.0 152.2 151.9 150.4 147.1 143.1 140.4 127.2 119.9 110.3 107.3 33 Manufactured homes 0.2 93.7 79.6 87.1 87.3 88.6 91.7 96.0 95.4 97.9 102.9 100.2 99.5 97.7 98.7 34 Intermediate products, total 14.5 121.5 125.0 124.4 123.4 122.2 122.2 121.4 121.4 121.6 120.7 119.6 119.0 118.6 117.7 35 Construction supplies 5.4 137.6 138.8 138.6 139.4 139.0 138.7 138.0 137.3 138.8 138.1 134.6 134.3 135.2 134.2 36 Business supplies 9.1 112.0 116.9 116.0 113.8 112.2 112.4 111.6 112.0 111.3 110.4 110.7 110.0 108.8 108.0 37 Materials 39.2 158.0 162.8 162.5 160.9 160.3 159.4 157.4 157.2 157.6 156.5 155.9 154.3 153.4 153.8 38 Durable goods materials 20.7 212.6 220.3 219.7 218.0 216.4 216.2 212.9 212.6 212.0 209.4 207.9 205.8 204.9 205.5 39 Durable consumer parts 4.0 155.8 149.0 154.6 155.0 155.1 159.6 157.7 160.2 160.8 155.3 152.3 155.0 156.9 156.0 40 Equipment parts 7.5 441.6 474.0 470.1 464.3 452.9 446.5 436.1 429.9 429.6 430.4 431.7 426.7 425.0 426.7 41 Other 9.2 125.1 130.3 128.2 127.2 127.9 127.5 126.2 126.4 125.4 123.8 122.5 119.8 118.2 118.9 42 Basic metal materials 3.1 113.5 121.4 118.1 114.5 117.6 116.7 115.5 115.7 113.6 113.3 111.0 105.6 100.8 104.3 43 Nondurable goods materials 8.9 104.2 108.4 107.9 104.9 104.7 103.0 102.2 102.7 104.0 104.2 104.7 103.0 101.5 101.8 44 Textile materials 1.1 90.8 99.3 95.8 95.3 95.0 90.9 90.8 87.6 90.1 89.0 87.2 84.4 85.1 84.6 45 Paper materials 1.8 108.6 112.2 112.1 106.0 110.2 108.3 104.8 107.7 109.5 110.5 112.4 106.9 103.1 102.3 46 Chemical materials 4.0 102.9 107.8 108.0 104.8 101.8 100.5 100.3 100.9 102.2 102.1 103.5 102.2 100.5 101.3 47 Other 2.1 109.7 110.5 109.9 108.7 110.6 109.4 109.3 109.7 109.8 110.2 108.8 110.4 110.4 110.9 48 Energy materials 9.6 103.3 104.3 104.6 104.5 104.9 103.8 103.1 102.3 103.0 103.1 102.6 102.1 102.0 102.1 49 Primary energy 6.2 98.7 99.4 98.9 99.1 99.5 99.0 99.5 98.5 98.4 99.4 98.2 98.3 97.6 97.7 50 Converted fuel materials 3.4 111.9 113.6 116.1 115.5 115.7 113.1 109.1 109.0 111.4 109.3 110.9 108.9 109.8 110.1 SPECIAL AGGREGATES 51 Total excluding autos and trucks 97.3 139.8 144.1 143.6 142.6 141.7 141.1 139.9 139.5 139.4 138.0 137.5 136.5 135.8 135.7 52 Total excluding motor vehicles and parts 95.3 139.0 144.0 143.1 142.0 141.0 140.2 139.0 138.7 138.5 137.2 136.8 135.7 134.9 134.8 53 Total excluding computer and office equipment 98.4 134.3 137.8 137.4 136.9 136.0 135.7 134.4 134.6 134.1 132.8 132.0 131.4 130.9 130.7 54 Consumer goods excluding autos and trucks . . 27.5 118.6 120.0 119.9 119.8 119.3 119.0 118.8 119.1 118.8 117.6 117.8 117.1 117.6 117.2 55 Consumer goods excluding energy 26.1 121.1 120.5 121.0 122.0 121.6 122.0 121.8 122.9 121.8 120.6 119.9 120.9 121.8 121.2 56 Business equipment excluding autos and trucks 12.0 179.7 195.0 191.8 189.8 186.4 184.9 181.3 178.4 176.2 171.5 170.8 169.8 165.4 166.2 57 Business equipment excluding computer and office equipment 12.0 146.8 157.4 155.1 154.7 152.1 151.7 148.5 147.2 144.7 140.6 139.0 138.8 136.0 136.5 58 Materials excluding energy 29.6 175.7 182.2 181.6 179.3 178.2 177.4 175.0 175.0 175.2 173.7 173.0 171.0 169.8 170.3 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 2001 2002 GGrroouupp c S o I d C e 2 p p r o o r - - 2 a 0 v 0 g 1 . tion Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct/ Nov/ Dec/ Jan.? Index (1992= 100) MAJOR INDUSTRIES 59 Total index 100.0 140.1 143.9 143.5 142.9 142.0 141.6 140.3 140.4 140.0 138.5 137.7 137.1 136.7 136.5 60 Manufacturing 85.4 144.8 148.9 148.4 147.9 146.7 146.4 145.0 145.2 144.5 142.9 142.1 141.8 141.3 141.3 61 Primary processing 31.0 167.9 172.9 172.4 170.7 170.1 169.4 167.3 167.4 167.3 166.6 165.6 164.2 163.1 164.0 62 Advanced processing 54.4 132.0 135.5 135.1 135.1 133.7 133.6 132.5 132.9 131.7 129.8 129.1 129.4 129.2 128.7 63 Durable goods 44.8 179.3 185.6 184.6 184.7 182.9 182.7 180.1 180.0 178.9 176.1 173.9 174.0 173.4 173.6 64 Lumber and products 24 2.1 113.1 109.3 109.5 111.8 111.8 113.7 114.2 114.0 116.2 116.4 112.8 113.6 113.7 113.1 65 Furniture and fixtures 25 1.4 138.9 143.1 144.4 142.5 141.8 140.4 138.3 138.4 138.7 135.1 133.5 135.4 136.5 137.7 66 Stone, clay, and glass products 32 2.1 130.7 132.5 132.4 132.9 133.1 133.0 130.0 130.0 130.8 129.9 130.3 128.3 125.7 126.8 67 Primary metals 33 3.1 116.8 123.9 121.0 117.5 121.2 120.8 119.5 119.5 117.5 116.4 113.6 109.2 102.5 107.9 68 Iron and steel 331,2 1.8 112.6 115.4 114.4 111.3 115.8 118.4 117.7 118.8 115.7 112.7 110.4 107.0 94.8 105.8 69 Raw steel 331PT 0.1 102.8 106.6 106.9 107.0 99.2 106.2 107.8 108.3 106.2 105.8 99.5 95.1 85.5 102.7 70 Nonferrous 333-6,9 1.4 121.9 134.3 128.9 125.1 127.8 124.0 122.0 120.8 119.9 121.2 117.6 112.1 111.8 110.6 71 Fabricated metal products . . 34 5.0 130.4 136.2 133.2 132.2 131.0 131.0 129.5 131.1 131.0 128.7 127.5 127.1 128.3 127.4 72 Industrial machinery and equipment 35 7.8 213.2 228.1 227.0 225.5 220.2 217.0 213.8 210.2 211.0 205.1 202.8 202.8 199.7 201.4 73 Computer and office equipment 357 1.6 1,088.0 1,163.4 1,153.5 1,137.1 1,112.9 1,095.1 1,095.4 1,074.6 1,064.8 1,035.7 1,049.1 1,067.2 1,087.1 1,099.5 74 Electrical machinery 36 7.1 503.8 555.4 543.6 533.6 518.8 511.4 497.6 485.9 485.5 484.6 484.8 483.3 483.0 480.0 75 Transportation equipment . . 37 9.4 128.5 123.1 126.4 131.0 130.5 133.2 131.9 134.6 131.6 128.5 124.6 127.3 128.9 127.7 76 Motor vehicles and parts . 371 4.7 162.9 146.9 154.9 163.7 163.2 169.7 167.7 174.6 169.9 164.2 157.3 165.9 172.2 170.2 77 Autos and light trucks . 371PT 2.5 154.1 138.8 143.5 154.2 154.4 159.5 157.2 170.2 160.9 156.6 147.4 162.7 169.7 167.3 78 Aerospace and miscellaneous transportation equipment 372-6,9 4.7 96.3 100.7 99.5 100.4 99.9 98.9 98.3 97.1 95.7 95.0 93.8 91.1 88.6 8888..00 79 Instruments 38 5.4 115.3 119.7 118.4 117.7 117.2 116.8 114.5 115.0 113.9 112.8 113.6 113.2 112.3 112.9 80 Miscellaneous 39 1.3 117.5 122.7 120.2 119.9 120.4 119.0 119.8 120.7 116.7 114.5 113.6 110.5 113.2 113.2 81 Nondurable goods 40.6 111.4 113.5 113.5 112.5 111.8 111.5 111.1 111.5 111.1 110.5 110.8 110.3 109.8 109.6 82 Foods ' ' 20 9.6 112.9 113.0 113.5 113.6 112.6 112.8 112.9 113.1 113.0 111.7 112.2 112.8 113.9 113.1 83 Tobacco products 21 1.6 93.8 96.2 94.8 93.3 94.8 92.9 93.8 95.0 93.2 92.7 92.8 92.7 90.8 91.5 84 Textile mill products 22 1.8 86.7 92.4 90.9 91.0 90.4 86.7 86.8 84.3 85.8 85.9 83.0 81.7 82.6 81.6 8 8 6 5 P A a p p p e a r r e a l n d p r p o r d o u d c u ts c ts 2 2 6 3 3 2 . . 5 2 1 9 0 3 8 . . 0 1 19171..70 1 9 1 7 0 . . 6 8 1 9 0 7 6 . . 4 0 1 9 1 7 0 . . 0 6 1 9 0 6 8 . . 5 8 1 9 0 4 7 . . 0 1 1 9 0 5 8 . . 1 1 1 9 0 1 7 . . 2 7 1 8 0 9 9 . . 4 7 1 8 0 7 8 . . 8 1 1 8 0 7 6 . . 2 2 1 8 0 7 3 . . 8 2 1 8 0 7 3 . . 9 1 87 Printing and publishing .... 27 6.8 101.6 106.9 105.9 104.3 102.5 102.3 101.3 101.1 100.7 99.7 99.8 98.8 97.4 96.3 88 Chemicals and products .... 28 10.0 121.2 121.2 122.2 121.4 119.5 119.9 119.5 121.2 121.2 121.0 123.2 122.9 122.2 122.7 89 Petroleum products 29 1.4 114.2 114.5 115.3 114.7 115.4 115.6 115.5 114.6 112.9 112.1 114.9 114.0 112.2 113.9 90 Rubber and plastics 30 3.5 136.8 140.4 139.5 138.8 137.9 137.1 137.7 138.0 137.3 136.5 134.4 133.3 134.5 134.0 91 Leather and products 31 0.3 63.0 67.8 67.9 67.5 65.7 63.6 62.2 62.1 62.8 61.4 60.0 58.7 58.4 60.0 92 Mining 6.8 101.3 101.3 102.2 102.5 103.1 103.0 102.5 101.9 101.4 102.1 99.5 98.8 97.4 96.9 93 Metal ' ' 10 0.4 88.3 96.5 91.6 87.9 92.1 91.3 88.6 88.8 87.9 91.2 85.6 80.2 79.3 79.1 94 Coal 12 1.0 111.7 113.8 113.4 115.5 114.9 113.9 115.9 111.9 111.7 111.7 106.5 106.6 105.8 104.8 95 Oil and gas extraction 13 4.8 96.1 95.7 96.6 97.1 97.6 97.4 97.0 97.0 96.3 97.0 94.8 94.3 92.6 92.3 96 Stone and earth minerals 14 0.6 132.5 130.0 135.0 133.0 134.3 137.1 133.7 130.6 132.2 131.2 129.6 128.7 129.0 127.9 97 Utilities 7.8 120.0 125.2 123.4 121.8 121.3 119.7 119.1 118.2 121.1 118.1 119.4 115.9 117.2 116.5 98 Electric 491.3PT 6.2 123.2 127.1 125.0 124.7 125.2 122.8 122.9 121.0 124.5 121.0 122.3 120.7 120.9 121.3 99 Gas 492,3PT 1.6 109.7 117.0 116.2 110.3 107.1 107.8 105.2 107.4 108.1 106.9 108.0 98.8 103.6 98.9 SPECIAL AGGREGATES 100 Manufacturing excluding motor vehicles and parts 80.7 143.8 149.3 148.2 147.0 145.8 145.1 143.7 143.5 143.0 141.7 141.3 140.4 139.5 139.5 101 Manufacturing excluding computers and office equipment 83.8 138.0 141.7 141.3 140.8 139.8 139.5 138.1 138.4 137.7 136.2 135.4 135.1 134.6 134.5 102 Computers, communications equipment, and semiconductors 5.6 1,048.0 1,166.2 1,146.7 1,127.5 1,089.4 1,065.4 1,036.7 1,006.7 999.5 994.8 1,002.4 999.1 999.5 1,005.4 103 Manufacturing excluding computers and semiconductors 81.3 121.2 124.0 123.7 123.3 122.6 122.6 121.5 122.0 121.3 119.9 119.1 118.8 118.3 118.1 104 Manufacturing excluding computers, communications equipment, and semiconductors 79.8 118.2 120.5 120.4 120.0 119.4 119.4 118.5 119.0 118.4 117.0 116.3 116.1 115.6 115.5 Gross value (billions of 1996 dollars, annual rates) MAJOR MARKETS 105 Products, total 100.0 2,720.2 2,771.7 2,768.2 2,776.5 2,754.8 2,759.1 2,741.6 2,753.0 2,732.0 2,694.5 2,669.6 2,680.1 2,683.8 2,673.3 106 Final 77.2 2,101.4 2,134.6 2,133.7 2,145.9 2,129.3 2,133.0 2,118.1 2,129.7 2,107.0 2,075.1 2,056.7 2,070.0 2,074.7 2,068.3 107 Consumer goods 51.9 1,303.7 1,296.7 1,301.7 1,311.5 1,307.1 1,312.4 1,307.9 1,322.5 1,312.1 1,298.5 1,291.1 1,301.3 1,314.2 1,305.5 108 Equipment 25.3 797.3 845.0 837.7 839.5 825.8 823.3 811.6 806.5 793.3 773.1 761.0 763.5 752.4 756.1 109 Intermediate 22.8 619.2 637.1 634.5 630.8 625.7 626.3 623.7 623.5 625.0 619.4 612.9 610.3 609.3 605.2 1. Data in this table appear in the Board's G.17 (419) monthly statistical release. The data Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February 1997), pp. are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. The 67-92, and the references cited therein. For details about the construction of individual latest historical revision of the industrial production index and the capacity utilization rates industrial production series, see "Industrial Production: 1989 Developments and Historical was released in November 2001. The recent annual revision is described in the March 2002 Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204. issue of the Bulletin. For a description of the methods of estimating industrial production and 2. Standard Industrial Classification. capacity utilization, see "Industrial Production and Capacity Utilization: Historical Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A46 Domestic Nonfinancial Statistics • April 2002 2.14 HOUSING AND CONSTRUCTION Monthly figures at seasonally adjusted annual rates except as noted 2001 IItteemm 11999999 22000000 22000011 Mar. Apr. May June July Aug. Sept. Oct. Nov.' Dec. Private residential real estate activity (thousands of units except as noted) NEW UNITS 1 Permits authorized 1,664 1,592 1,611 1,627 1,587 1,621 1,587 1,571 1,571 1,528 1,485 1.595 1,654 2 One-family 1,247 1,198 1,221 1,209 1,218 1,205 1,225 1,211 1,210 1,164 1,140 1,211 1,247 3 Two-family or more 417 394 390 418 369 416 362 360 361 364 345 384 407 4 Started 1,641 1,569 1,602 1,592 1,626 1,610 1,634 1,660 1,559 1,585 1,518 1,616 1,579 5 One-family 1,302 1,231 1,273 1,208 1,295 1,285 1,292 1,290 1,271 1,265 1,225 1,244 1,299 6 Two-family or more 339 338 329 384 331 325 342 370 288 320 293 372 280 7 Under construction at end of period1 .... 953 934 958 1,002 1,006 1,016 1,012 1,019 1,009 1,015 1,009 1,008 997 8 One-family 648 623 640 676 682 688 688 693 691 691 682 680 674 9 Two-family or more 305 310 319 326 324 328 324 326 318 324 327 328 323 10 Completed 1,605 1,574 1,570 1,478 1,569 1,499 1,643 1,583 1,620 1,543 1,577 1,574 1,699 11 One-family 1,270 1,242 1,256 1,207 1,232 1,225 1,275 1,269 1,276 1,258 1,317 1,262 1,361 12 Two-family or more 335 332 315 271 337 274 368 314 344 285 260 312 338 13 Mobile homes shipped 348 250 193 179 184 186 198 193 199 206 207 203 206 Merchant builder activity in one-family units 14 Number sold 880 877 906 953 899 882 889 877 871 854 860' 938 966 15 Number for sale at end of period' 315 301 308 289 293 296 301 307 309 310 308 308 307 Price of units sold (thousands of dollars)2 16 Median 161.0 169.0 174.1 166.3 175.2 175.3 179.4 175.0 173.7 166.4 171.3' 164.3 173.5 17 Average 195.8 207.2 211.9 210.2 205.5 211.4 211.7 209.3 207.5 203.3 207.1' 204.6 228.0 EXISTING UNITS (one-family) 18 Number sold 5,205 5,152 5,296 5,440* 5,290' 5,400' 5,300' s.soo' 5,490' 5,010' 5,270' 5,250 5,200 Price of units sold (thousands of dollars)2 19 Median 133.3 139.0 147.8 143.4 143.1 145.0 152.2 151.7 153.7 147.4 145.4 147.1 153.1 20 Average 168.3 176.2 185.3 179.5 179.9 183.6 191.1 190.6 193.5 185.2 181.8 182.9 192.2 Value of new construction (millions of dollars)3 CONSTRUCTION 21 Total put in place 763,914 817,130 862,944 869,140 870,826 869,574 861,571 863,742 856,629 851,883 858,928 859,850 864,033 22 Private 595,667 641,269 667,509 681,176 677,429 670,838 665,322 667,765 663,108 660,249 660,415 655,058 653,206 23 Residential 349,560 375,268 396,354 395,080 392,160 394,330 391.508 395,668 399,558 398,136 403,398 399,657 401,798 24 Nonresidential 246,107 266,001 271,155 286.096 285,269 276,508 273.814 272,097 263,550 262,113 257,017 255,401 251,408 25 Industrial buildings 32,794 31,984 31,229 34,823 34,662 31,943 32.966 34,645 31,884 31,291 26,174 23,957 23,134 26 Commercial buildings 104,531 116,988 116,961 128,792 124,935 118,601 116.842 115,894 110,860 111,249 111,993 109,274 105,123 27 Other buildings 40,906 44,505 46,026 47,117 46,080 46,643 46,020 45,549 44,851 44,829 45,969 46,076 46,344 28 Public utilities and other 67,876 72,523 76,940 75,364 79,592 79,321 77,986 76,009 75,955 74,744 72,881 76,094 76,807 29 Public 168,247 175,861 195,435 187.964 193,397 198,736 196,249 195,977 193,521 191,635 198,514 204,792 210,827 30 Military 2,142 2,334 2,346 2,131 2,530 2,274 2,477 2,375 2,539 2,362 2,337 2,358 2,158 31 Highway 52,024 52,851 57,836 57,443 57,717 60,437 61,534 60,470 55,667 53,534 55,504 58,953 61,197 32 Conservation and development 5,995 6,043 7,160 7,573 6,332 7,216 6,592 6,063 7,265 7,344 7,485 7,395 7,432 33 Other 108,086 114,634 128,094 120,817 126,818 128,809 125,646 127,069 128,050 128,395 133,188 136,086 140,040 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 Percent 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 2001 2001 2002 JJJaaannn... 22000011 22000022 222000000222111 JJaann.. JJaann.. Mar.r Juner Sept.r Dec.' Sept. Oct. Nov. Dec. Jan. CONSUMER PRICES2 (1982-84=100) 1 All items 3.7 1.1 3.5 3.9 .7 -1.8 .4 -.3 -R -LR .2 177.1 2 Food 2.9 2.9 3.8 3.1 2.8 1.4 .2 .4' -I .0' .3 175.8 Energy items 17.8 -15.7 4.7 20.3 -19.1 -43.4 2.8' -6.(y —4.9' -3.0' .9 111.7 4 All items less food and energy 2.6 2.6 3.3 2.4 2.6 2.6 .2 .2 .4 .1 .2 188.2 Commodities .8 -.8 1.4 -1.6 .6 -1.4 .3 -.1 .2 -.4' -.3 143.7 6 Services 3.4 3.9 4.0 4.3 3.5 4.0 .2' .2 .5 .3 .4 213.8 PRODUCER PRICES (1982=100) 7 Finished goods 4.8 -2.6 4.9 .0 -1.7 -9.6 .4' -1.4' -.5' -.6' .1 137.5 8 Consumer foods 2.7 1.8 10.5 .6 1.7 -4.2 .1' -.4 -.6' .0' .8 141.1 9 Consumer energy 22.0 -20.1 9.5 -6.9 -17.1 -43.4 1.5' -6.6' -3.4' -3.9' .1 81.7 10 Other consumer goods 2.4 .7 2.6 2.6 1.0 -.8 .2 -.3' .1' .0' -.1 157.5 11 Capital equipment 1.2 -.3 .3 .3 1.2 -2.0 .1 -.6' .1 .0' -.1 139.6 Intermediate materials 12 Excluding foods and feeds 4.6 -4.8 1.5 -1.5 -5.6 -10.1 .1' -1.4' -.5 --..88'' -.1 112266..33 13 Excluding energy 1.5 -1.8 1.5 -.9 -3.5 -3.5 -.1 -.4 -.2 --..22 .0 134.7 Crude materials 14 Foods 8.6 -5.1 13.1 -4.0 3.8 -34.7 .8' -2.9' -5.6' -1.9 4.0 9999..55 15 Energy 133.5 -62.3 -42.4 -52.0 -63.7 -51.3 -11.0' -18.1' 28.3 -20.5 5.6 81.0 16 Other -7.6 -9.4 -11.3 -15.3 -2.4 -9.0 .2' -1.5' -.6' -.3' -.5 125.4 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 • April 2002 2.16 GROSS DOMESTIC PRODUCT AND INCOME Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates 2000 2001 AAccccoouunntt 11999999 22000000 22000011 Q4 QL Q2 Q3 Q4 GROSS DOMESTIC PRODUCT 1 Total 9,268.6 9,872.9 10,205.6 10,027.9 10,141.7 10,202.6 10,224.9 10,253.2 By source 2 Personal consumption expenditures 6,250.2 6,728.4 7,063.5 6,871.4 6,977.6 7,044.6 7,057.6 7,174.0 3 Durable goods 760.9 819.6 858.2 818.7 838.1 844.7 840.6 909.5 4 Nondurable goods 1,831.3 1,989.6 2,055.0 2,025.1 2,047.1 2,062.3 2,057.5 2,053.1 5 Services 3,658.0 3,919.2 4,150.2 4,027.5 4,092.4 4,137.6 4,159.4 4,211.4 6 Gross private domestic investment 1,636.7 1,767.5 1,634.0 1,780.3 1,722.8 1,669.9 1,624.8 1,518.6 7 Fixed investment 1,578.2 1,718.1 1,692.7 1,741.6 1,748.3 1,706.5 1,682.6 1,633.3 8 Nonresidential 1,174.6 1,293.1 1,246.6 1,318.2 1,311.2 1,260.2 1,231.0 1,183.8 9 Structures 283.5 313.6 330.5 330.9 345.8 338.6 334.3 303.5 10 Producers' durable equipment 891.1 979.5 916.1 987.3 965.4 921.7 896.8 880.4 11 Residential structures 403.5 425.1 446.1 423.4 437.0 446.2 451.6 449.5 12 Change in business inventories 58.6 49.4 -58.6 38.7 -25.5 -36.6 -57.8 -114.7 13 Nonfarm 60.1 51.1 -57.0 37.8 -26.2 -35.3 -55.9 -110.5 14 Net exports of goods and services -250.9 -364.0 -331.2 -390.6 -363.8 -347.4 -294.4 -319.3 15 Exports 989.8 1,102.9 1,049.4 1,121.0 1,117.4 1,079.6 1,020.6 980.2 16 Imports 1,240.6 1,466.9 1,380.7 1,511.6 1,481.2 1,427.0 1,315.0 1,299.5 17 Government consumption expenditures and gross investment 1,632.5 1,741.0 1,839.3 1,766.8 1,805.2 1,835.4 1,836.9 1,879.9 18 Federal 564.0 590.2 615.7 594.2 605.3 609.9 615.7 631.9 19 State and local 1,068.5 1,150.8 1,223.6 1,172.6 1,199.8 1,225.5 1,221.2 1,248.0 By major type of product 20 Final sales, total 9,210.0 9,823.6 10,264.2 9,989.2 10,167.2 10,239.1 10,282.7 10,367.9 21 Goods 3,418.6 3,644.8 3,719.6 3,670.6 3,718.8 3,715.0 3,690.3 3,754.2 22 Durable 1,618.8 1,735.2 1,735.8 1,740.7 1,755.8 1,737.2 1,704.9 1,745.3 23 Nondurable 1,799.8 1,909.7 1,983.8 1,929.9 1,963.1 1,977.8 1,985.4 2,008.9 24 Services 4,939.1 5,268.5 5,578.2 5,393.0 5,482.8 5,545.7 5,626.5 5,657.7 25 Structures 852.4 910.3 966.5 925.6 965.6 978.4 965.9 956.1 26 Change in business inventories 58.6 49.4 -58.6 38.7 -25.5 -36.6 -57.8 -114.7 27 Durable goods 35.3 34.7 -54.7 31.5 -31.0 -42.3 -55.3 -90.1 28 Nondurable goods 23.3 14.7 -4.0 7.2 5.5 5.8 -2.5 -24.6 MEMO 29 Total GDP in chained 1996 dollars 8,856.5 9,224.0 9,332.3 9,303.9 9,334.5 9,341.7 9,310.4 9,342.7 NATIONAL INCOME 30 Total 7,462.1 7,980.9 n.a. 8,124.0 8,169.7 8,207.9 8,189.6 n.a. 31 Compensation of employees 5,310.7 5,715.2 6,010.0 5,868.9 5,955.7 6,010.8 6,037.7 6,035.8 32 Wages and salaries 4,477.4 4,837.2 5,098.2 4,973.2 5,049.4 5,099.8 5,123.4 5,120.2 33 Government and government enterprises 724.3 768.4 806.1 776.6 788.8 799.6 812.5 823.4 34 Other 3,753.1 4,068.8 4,292.1 4,196.6 4,260.6 4,300.2 4,311.0 4,296.8 35 Supplement to wages and salaries 833.4 878.0 911.8 895.7 906.3 911.0 914.2 915.6 36 Employer contributions for social insurance 323.6 343.8 357.9 350.8 357.1 358.8 358.8 357.1 37 Other labor income 509.7 534.2 553.9 544.9 549.3 552.2 555.4 558.5 38 Proprietors' income' 672.0 715.0 743.5 725.2 735.2 745.3 752.7 740.7 39 Business and professional1 645.4 684.4 715.9 693.5 705.4 716.6 720.5 721.0 40 Farm1 26.6 30.6 27.6 31.7 29.8 28.7 32.3 19.7 41 Rental income of persons2 147.7 141.6 142.7 141.7 139.6 139.0 144.0 148.3 42 Corporate profits1 825.2 876.4 n.a. 847.6 789.8 759.8 697.0 n.a. 43 Profits before tax3 776.3 845.4 n.a. 816.5 755.7 738.3 680.6 n.a. 44 Inventory valuation adjustment -2.9 -12.4 n.a. -7.3 -1.9 -8.8 3.1 n.a. 45 Capital consumption adjustment 51.7 43.4 29.8 38.4 36.0 30.3 13.4 39.7 46 Net interest 506.5 532.7 n.a. 540.6 549.4 553.0 558.3 n.a. 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 11999999 22000000 22000011 Q4 Ql Q2 Q3 Q4 PERSONAL INCOME AND SAVING 1 Total personal income 7,777.3 8,319.2 8,723.9 8,519.6 8,640.2 8,714.6 8,771.8 8,768.8 7 Wage and salary disbursements 4,472.2 4,837.2 5,098.2 4,973.2 5,049.4 5,099.8 5,123.4 5,120.2 3 Commodity-producing industries 1,088.7 1,163.7 1,197.3 1,195.5 1,206.3 1,204.4 1,197.5 1,181.2 4 Manufacturing 782.0 830.1 842.2 852.2 853.3 850.2 841.1 824.1 Distributive industries 1,021.0 1,095.6 1,145.4 1,125.9 1,140.3 1,148.2 1,148.1 1,145.1 6 Service industries 1,638.2 1,809.5 1,949.4 1,875.2 1,914.0 1,947.6 1,965.4 1,970.5 7 Government and government enterprises 724.3 768.4 806.1 776.6 788.8 799.6 812.5 823.4 8 Other labor income 509.7 534.2 553.9 544.9 549.3 552.2 555.4 558.5 9 Proprietors' income1 672.0 715.0 743.5 725.2 735.2 745.3 752.7 740.7 10 Business and professional1 645.4 684.4 715.9 693.5 705.4 716.6 720.5 721.0 11 26.6 30.6 27.6 31.7 29.8 28.7 32.3 19.7 17 Rental income of persons2 147.7 141.6 142.7 141.7 139.6 139.0 144.0 148.3 13 343.1 379.2 416.3 396.6 404.8 411.9 420.0 428.4 14 Personal interest income 950.0 1,000.6 993.9 1,013.1 1,010.9 1,001.0 991.5 972.1 15 Transfer payments 1,019.6 1,069.1 1,148.7 1,089.0 1,123.1 1,139.4 1,159.0 1,173.5 16 Old-age survivors, disability, and health insurance benefits 588.0 617.3 664.4 626.5 651.4 660.1 670.8 675.2 17 LESS: Personal contributions for social insurance 337.1 357.7 373.3 364.1 372.1 374.0 374.2 372.8 18 EQUALS: Personal income 7,777.3 8,319.2 8,723.9 8,519.6 8,640.2 8,714.6 8,771.8 8,768.8 19 LESS: Personal tax and nontax payments 1,159.2 1,288.2 1,306.2 1,329.8 1,345.2 1,351.4 1,195.5 1,332.8 20 EQUALS: Disposable personal income 6,618.0 7,031.0 7,417.6 7,189.8 7,295.0 7,363.2 7,576.4 7,436.0 21 LESS: Personal outlays 6,457.2 6,963.3 7,299.1 7,115.1 7,216.2 7,281.7 7,291.0 7,407.4 22 EQUALS: Personal saving 160.9 67.7 118.5 74.7 78.8 81.5 285.3 28.6 MEMO Per capita (chained 1996 dollars) 73 Gross domestic product 32,441.9 32,652.6 32,640.9 32,779.0 32,800.6 3322,,773300..00 3322,,551122..99 3322,,552222..11 74 Personal consumption expenditures 21,862.6 22,152.4 22,559.0 22,340.5 22,448.7 22,522.8 22,502.6 22,760.6 25 Disposable personal income 23,150.0 23,148.0 23,690.0 23,376.0 23,470.0 23,541.0 24,157.0 23,592.0 26 Saving rate (percent) 2.4 1.0 1.6 1.0 1.1 1.1 3.8 .4 GROSS SAVING 27 Gross saving 1,707.4 1,785.7 n.a. 1,799.7 1,754.0 1,750.5 1,751.9 n.a. 28 Gross private saving 1,348.0 1,323.0 n.a. 1,332.7 1,307.9 1,321.2 1,534.4 n.a. 79 Personal saving 160.9 67.7 118.5 74.7 78.8 81.5 285.3 28.6 30 Undistributed corporate profits' 228.7 225.3 n.a. 197.0 147.8 119.5 71.7 n.a. 31 Corporate inventory valuation adjustment -2.9 -12.4 n.a. -7.3 -1.9 -8.8 3.1 n.a. Capital consumption allowances 37 Corporate 669.2 727.1 798.6 749.7 763.8 778855..66 884477..00 779977..99 33 Noncorporate 284.1 302.8 328.9 311.3 317.5 334.6 330.4 333.1 34 Gross government saving 359.4 462.8 n.a. 467.1 446.1 429.3 217.6 n.a. 35 Federal 210.9 315.0 n.a. 320.5 303.7 286.2 86.2 n.a. 36 Consumption of fixed capital 91.7 96.4 99.6 97.9 98.4 99.4 99.8 100.8 37 Current surplus or deficit (-), national accounts 119.2 218.6 n.a. 222.5 205.3 186.7 -13.6 n.a. 38 State and local 148.5 147.8 n.a. 146.6 142.5 143.2 131.4 n.a. 39 Consumption of fixed capital 106.4 114.9 124.2 118.0 120.2 121.9 129.5 125.2 40 Current surplus or deficit (-), national accounts 42.1 32.8 n.a. 28.6 22.3 21.3 1.9 n.a. 41 Gross investment 1,634.7 1,655.3 n.a. 1,649.7 1,633.5 1,607.3 1,602.3 n.a. 47 Gross private domestic investment 1,636.7 1,767.5 1,634.0 1,780.3 1,722.8 1,669.9 1,624.8 1,518.6 43 Gross government investment 304.6 318.3 341.0 322.8 330.9 344.0 331.9 357.1 44 Net foreign investment -306.6 ^130.5 n.a. -453.4 -420.2 ^106.6 -354.5 n.a. 45 Statistical discrepancy -72.7 -130.4 n.a. -150.0 -120.5 -143.2 -149.7 n.a. 1. With inventory valuation and capital consumption adjustments. SOURCE. U.S. Department of Commerce, Survey of Current Business. 2. With capital consumption adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A50 International Statistics • April 2002 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 2000 2001 IItteemm ccrreeddiittss oorr ddeebbiittss 11999999 22000000 22000011 Q4 Q1 Q2 Q3' Q4P 1 Balance on current account -324,364 -444,667 -417,429 -116,324 -112,129' -107,932' -98,531 -98,835 ? Balance on goods and services -261,838 -375,739 -347,810 -100,293 -95,312' -90,835' -78,450 -83,215 3 Exports 957.353 1,065,702 1,004,589 270,131 268,614' 258,833' 243,143 234,000 4 Imports -1,219,191 -1,441,441 -1,352,399 -370,424 -363,926' -349,668' -321,593 -317,215 5 Income, net -13,613 -14,792 -19,118 642 ^1,991' -4,967' -7,412 -1,744 6 Investment, net -8.511 -9,621 -13,754 1,971 -3,639' -3,637' -6,095 -378 7 Direct 67,044 81,231 95,221 25,703 22,698' 23,451' 21,974 27,102 8 Portfolio -75,555 -90,852 -108,975 -23,732 -26,337' -27,088' -28,069 -27,480 9 Compensation of employees -5,102 -5,171 -5,364 -1,329 -1,352' -1,330' -1,317 -1,366 10 Unilateral current transfers, net ^18,913 -54,136 -50,501 -16,673 -11,826' -12,130' -12,669 -13,876 11 Change in U.S. government assets other than official reserve assets, net (increase, -) 2,751 -944 -573 -359 21 -786 21 171 12 Change in U.S. official reserve assets (increase, -) 8,747 -290 -4,911 -1,410 190 -1,343 -3,559 -199 13 Gold 0 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) 10 -722 -630 -180 -189 -156 -145 -140 15 Reserve position in International Monetary Fund 5,484 2,308 -3,600 -1,083 574 -1,015 -3,242 83 16 Foreign currencies 3,253 -1,876 -681 -147 -195 -172 -172 -142 17 Change in U.S. private assets abroad (increase, -) -448,565 -579,718 -434,079 -179,779 -243,513' -70,228' -13,905 -106,432 18 Bank-reported claims2 -76,263 -138,500 -104,332 -71,574 -109,789 -105 59,116 -53,554 19 Nonbank-reported claims -85,700 -163,846 -76,067 -44,514 -61,011 22,232 -40,361 3,073 20 U.S. purchase of foreign securities, net -131,217 -124,935 -97,661 -24,621 -31,591 -51,109 10,564 -25,525 21 U.S. direct investments abroad, net -155,385 -152,437 -156,019 -39,070 -41,122' -41,246' -43,224 -30,426 22 Change in foreign official assets in United States (increase, +) 43,551 37,619 6,092 -3,573 4,898 -20,879 16,877 5,196 23 U.S. Treasury securities 12,177 -10.233 10,760 -13,436 -1,027 -20,783 15,810 16,760 24 Other U.S. government obligations 20,350 40,909 20,920 8,196 3,574 9,932 -216 7,630 25 Other U.S. government liabilities2 -2,855 -1,987 -2,482 -293 -1,246 -926 119 ^129 26 Other U.S. liabilities reported by U.S. banks2 12,964 5,803 -28,825 980 2,594 -10,130 -817 -20,472 27 Other foreign official assets3 915 3,127 5,719 980 1,003 1,028 1,981 1,707 28 Change in foreign private assets in United States (increase, +) 770,193 986,599 889,367 298,894 342,108' 247,806' 40,841 258,610 29 U.S. bank reported liabilities4 54,232 87,953 95,214 43,365 6,890 44,271 -59,350 103,403 30 U.S. nonbank-reported liabilities 69,075 177,010 98,222 48,344 130,624 3,375 -3,941 -31,836 31 Foreign private purchases of U.S. Treasury securities, net -20,490 -52,792 15,779 -10,395 656 -8,678 -9,459 33,260 32 U.S. currency flows 22,407 1,129 23,783 6,230 2,311 2,772 8,203 10,497 33 Foreign purchases of other U.S. securities, net 343,963 485,644 498,433 126,643 148,809 140,512 82,777 126,335 34 Foreign direct investments in United States, net 301,006 287,655 157,936 84,707 52,818' 65,554' 22,611 16,951 35 Capital account transactions, net5 -3,491 705 726 184 173 177 182 194 36 Discrepancy -48,822 696 -39,193 2,367 8,252' -46,815' 58,074 -58,705 37 Due to seasonal adjustment 3,856 9,008' -1,643' -8,580 1,214 38 Before seasonal adjustment ^48,822 696 -39,193 -1,489 -756 -45,172 66,654 -59,919 MEMO Changes in official assets 39 U.S. official reserve assets (increase, -) 8,747 -290 —4,9 1 -1,410 190 -1,343 -3,559 -199 40 Foreign official assets in United States, excluding line 25 (increase, +) 46,406 39,606 8,574 -3,280 6,144 -19,953 16,758 5,625 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 1,621 11,582 -1,851 164 589 -1,743 -4,045 3,348 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 11999999 22000000 22000011 June' July' Aug.' Sept.' Oct.' Nov.' Dec.P 1 Goods and services, balance -261,838 -375,739 -347,461 -29,930 -30,675 -28,390 -19,388 -29,627 -28,514 -24,713 2 Merchandise -345,434 -452,207 -426,266 -35,588 -35,872 -34,107 -35,566 -35,080 -34,271 -30,983 3 Services 83,596 76,468 78,805 5,658 5,197 5,717 16,178 5,453 5,757 6,270 4 Goods and services, exports 957,353 1,065,702 1,004,609 85,150 82,352 83,835 76,957 77,878 78,099 78,043 5 Merchandise 684,553 772,210 720,851 60,715 58,555 59,400 55,464 56,457 56,015 54,954 6 Services 272,800 293,492 283,758 24,435 23,797 24,435 21,493 21,421 22,084 23,089 7 Goods and services, imports -1,219,191 -1,441,441 -1,352,070 -115,080 -113,027 -112,225 -96,345 -107,505 -106,613 -102,756 8 Merchandise -1,029,987 -1,224,417 -1,147,117 -96,303 -94,427 -93,507 -91,030 -91,537 -90,286 -85,937 9 Services -189,204 -217,024 -204,953 -18,777 -18,600 -18,718 -5,315 -15,968 -16,327 -16,819 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; on the web site at: http://www.census.gov/foreign-trade/Press-Release/ current_press_release/ft900.pdf 3.12 U.S. RESERVE ASSETS Millions of dollars, end of period 2001 2002 AAsssseett 11999988 11999999 22000000 July Aug. Sept. Oct. Nov. Dec. Jan. Feb.P 1 Total 81,761 71,516 67,647 65,736 67,852 70,963 69,707 69,158 68,654 67,532r 67,357 2 Gold stock1 11,046 11,048 11,046 11,044 11,044 11,045 11,045 11,045 11,045 11,044' 11,044 3 Special drawing rights2-3 10,603 10,336 10,539 10,518 10,913 10,919 10,827 10,864 10,774 10,657 10,763 4 Reserve position in International Monetary Fund2 24,111 17,950 14,824 14,965 15,297 18,404 17,787 17,293 17,854 17,602 17,169 5 Foreign currencies4 36,001 32,182 31,238 29,209 30,598 30,595 30,048 29,956 28,981 28,229 28,381 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 2002 AAsssseett 11999988 11999999 22000000 July Aug. Sept. Oct. Nov. Dec. Jan. Feb.P 1 Deposits 167 71 215 84 80 608 75 528 61 162 89 Held in custody 2 U.S. Treasury securities2 607,574 632,482 594,094 578,573 590,820 587,566 599,043 600,129 592,630 592.031 591,057 3 Earmarked gold3 10,343 9,933 9,451 9,100 9,100 9,100 9,099 9,099 9,099 9,098 9,098 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 • April 2002 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2001 IItteemm 11999999 22000000 June July Aug. Sept. Oct. Nov. Dec.P 1 Total' 806,318 845,869 835,417 845,155 839,457 852,175 860,460 867,527r 857,801 By type 2 Liabilities reported by banks in the United States2 138,847 144,593 144,414 151,858 137,621 143,597 140,003 130,661 123,125 3 U.S. Treasury bills and certificates3 156,177 153,010 139,195 143,288 151,850 153,899 161,081 167,562 161,719 U.S. Treasury bonds and notes 4 Marketable 422,266 415,964 407,736 406,995 407,338 409,887 412,126 418,392 419,453 5 Nonmarketable4 6,111 5,348 5,081 4,846 4,805 4,036 3,520 3,398r 3,411 6 U.S. securities other than U.S. Treasury securities5 82,917 126,954 138,991 138,168 137,843 140,756 143,730 147,514 150,093 By area 7 Europe1 244,805 253,592 252,391 262,830 260,593 262,568 263,765 262,134 256,419 8 Canada 12,503 12,394 11,573 11,727 12,033 11,299 11,780 12,589 12,107 9 Latin America and Caribbean 73,518 76,753 79,068 79,359 76,251 75,751 77,555 77,244' 77,374 10 Asia 463,703 488,170 478,253 475,475 474,650 488,358 490,897 498,815 497,337 11 Africa 7,523 9,165 9,054 10,574 9,864 10,249 10,337 9,560 9,646 12 Other countries 4,266 5,795 5,078 5,190 6,066 3,950 6,126 7,185 4,918 1. Includes the Bank for International Settlements. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, U.S. corporate stocks and bonds. negotiable time certificates of deposit, and borrowings under repurchase agreements. SOURCE. Based on U.S. Department of the Treasury data and on data reported to the 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official department by banks (including Federal Reserve Banks) and securities dealers in the United institutions of foreign countries. States, and on the 1994 benchmark survey of foreign portfolio investment in the United 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of States. zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Reported by Banks in the United States1 Payable in Foreign Currencies Millions of dollars, end of period 2000 2001 IItteemm 11999977 11999988 11999999 Dec. Mar. June Sept.' 1 Banks' liabilities 117,524 101,125 88,537 77,779 89,394 108,418 93,513 2 Banks' claims 83,038 78,162 67,365 56,912 73,179 77,400 69,068 3 Deposits 28,661 45,985 34,426 23,315 29,902 32,765 36,574 4 Other claims 54,377 32,177 32,939 33,597 43,277 44,635 32,494 5 Claims of banks' domestic customers2 8,191 20,718 20,826 24,411 21,105 21,144 20,885 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

Nonbank-Reported Data A53 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States1 Payable in US. dollars Millions of dollars, end of period 2001 IItteemm 11999999 22000000 22000011 June July Aug. Sept. Oct. Nov. Dec.P BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners 1,408,740 1,511,410 1,640,040 1,519,311 1,519,999 1,509,166 1,489,196 1,563,326 l,670,617r 1,640,040 2 Banks' own liabilities 971,536 1,077,636 1,174,735 1,095,034 1,098,902 1,077,597 1,056,582 1,110,907 l,197,054r 1,174,735 .3 Demand deposits 42,884 33,365 33,582 32,833 29,949 33,668 34,258 29,730 34,709 33,582 4 Time deposits2 163,620 187,883 155,151 179,380 174,456 174,196 178,502 167,665 156,47 lr 155,151 5 Other3 155,853 171,401 201,093 212,071 225,276 206,037 196,294 207,758 220,824 201,093 6 Own foreign offices4 609,179 684,987 784,909 670,750 669,221 663,696 647,528 705,754 785,050r 784,909 7 Banks' custodial liabilities' 437,204 433,774 465,305 424,277 421,097 431,569 432,614 452,419 473,563 465,305 8 U.S. Treasury bills and certificates6 185,676 177,846 185,925 156,601 160,932 170,724 173,237 182,927 191,048 185,925 9 Short-term agency securities7 n.a. n.a. 59,781 60,086 61,475 62,805 62,117 65,652 59,723 59,781 10 Other negotiable and readily transferable instruments8 132,617 145,840 80,026 79,431 77,199 77,350 75,344 77,465 79,074 80,026 11 Other 118,911 110,088 139,573 128,159 121,491 120,690 121,916 126,375 143,718 139,573 12 Nonmonetary international and regional organizations9 15,276 12,542 10,804 13,818 11,255 13,214 13,309 10,136 ll,168r 10,804 13 Banks' own liabilities 14,357 12,140 10,166 13,479 11,020 12,983 13,075 9,573 10,332r 10,166 14 Demand deposits 98 41 34 28 50 21 36 40 21 34 15 Time deposits2 10,349 6,246 3,755 4,228 2,896 2,738 2,299 2,627 3,133r 3,755 16 Other3 3,910 5,853 6,377 9,223 8,074 10,224 10,740 6,906 7,178 6,377 17 Banks' custodial liabilities5 919 402 638 339 235 231 234 563 836 638 18 U.S. Treasury bills and certificates6 680 252 577 68 78 92 118 521 779 577 19 Short-term agency securities7 n.a. n.a. 40 134 132 117 102 18 36 40 20 Other negotiable and readily transferable instruments8 233 149 21 137 25 21 13 13 17 21 21 Other 6 1 0 0 0 1 1 11 4 0 77 Official institutions10 295,024 297,603 284,844 283,609 295,146 289,471 297,496 301,084 298,223 284,844 23 Banks' own liabilities 97,615 96,989 83,524 99,996 108,991 94,150 101,385 96,143 92,346 83,524 24 Demand deposits 3,341 3,952 2,988 2,465 2,169 2,934 3,042 2,496 3,336 2,988 25 Time deposits2 28,942 35,573 19,471 32,752 28,121 26,441 31,971 24,275 18,348 19,471 26 Other3 65,332 57,464 61,065 64,779 78,701 64,775 66,372 69,372 70,662 61,065 27 Banks' custodial liabilities5 197,409 200,614 201,320 183,613 186,155 195,321 196,111 204,941 205,877 201,320 28 U.S. Treasury bills and certificates6 156,177 153,010 161,719 139,195 143,288 151,850 153,899 161,081 167,562 161,719 29 Short-term agency securities7 n.a. n.a. 36,351 40,301 39,971 40,727 39,961 41,078 35,037 36,351 30 Other negotiable and readily transferable instruments8 41,182 47,366 2,180 3,647 2,686 2,558 2,230 1,946 1,715 2,180 31 Other 50 238 1,070 470 210 186 21 836 1,563 1,070 32 Banks" 900,379 972,932 1,065,961 969,419 957,962 955,810 928,746 989,260 1,084,114r 1,065,961 33 Banks' own liabilities 728,492 821,306 907,865 815,981 811,203 809,865 786,741 841,959 921,782' 907,865 34 Unaffiliated foreign banks 119,313 136,319 122,956 145,231 141,982 146,169 139,213 136,205 136,732r 122,956 35 Demand deposits 17,583 15,522 13,089 15,211 12,548 14,585 14,928 11,166 13,149 13,089 36 Time deposits2 48,140 66,904 53,392 63,199 62,794 64,252 64,816 61,245 56,606r 53,392 37 Other3 53,590 53,893 56,475 66,821 66,640 67,332 59,469 63,794 66,977 56,475 38 Own foreign offices4 609,179 684,987 784,909 670,750 669,221 663,696 647,528 705,754 785,050r 784,909 39 Banks' custodial liabilities5 171,887 151,626 158,096 153,438 146,759 145,945 142,005 147,301 162,332 158,096 40 U.S. Treasury bills and certificates6 16,796 16,023 11,499 8,459 9,097 9,584 8,784 10,288 10,907 11,499 41 Short-term agency securities7 n.a. n.a. 2,078 3,172 2,537 2,423 2,629 2,868 2,470 2,078 42 Other negotiable and readily transferable instruments8 45,695 36,036 21,981 28,123 27,327 27,274 24,188 23,900 23,384 21,981 43 Other 109,396 99,567 122,538 113,684 107,798 106,664 106,404 110,245 125,571 122,538 44 Other foreigners 198,061 228,333 278,431 252,465 255,636 250,671 249,645 262,846 277,112 278,431 45 Banks' own liabilities 131,072 147,201 173,180 165,578 167,688 160,599 155,381 163,232 172,594 173,180 46 Demand deposits 21,862 13,850 17,471 15,129 15,182 16,128 16,252 16,028 18,203 17,471 47 Time deposits2 76,189 79,160 78,533 79,201 80,645 80,765 79,416 79,518 78,384 78,533 48 Other3 33,021 54,191 77,176 71,248 71,861 63,706 59,713 67,686 76,007 77,176 49 Banks' custodial liabilities5 66,989 81,132 105,251 86,887 87,948 90,072 94,264 99,614 104,518 105,251 50 U.S. Treasury bills and certificates6 12,023 8,561 12,130 8,879 8,469 9,198 10,436 11,037 11,800 12,130 51 Short-term agency securities7 n.a. n.a. 21,312 16,479 18,835 19,538 19,425 21,688 22,180 21,312 52 Other negotiable and readily transferable instruments8 45,507 62,289 55,844 47,524 47,161 47,497 48,913 51,606 53,958 55,844 53 Other 9,459 10,282 15,965 14,005 13,483 13,839 15,490 15,283 16,580 15,965 MEMO 54 Negotiable time certificates of deposits in custody for foreigners 30,345 34,217 20,440 24,884 22,640 24,442 23,228 22,646 22,778 20,440 55 Repurchase agreements7 n.a. n.a. 152,681 126,508 138,328 132,705 111,109 127,516 136,459 152,681 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 for foreign customers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A54 International Statistics • April 2002 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 11999999 22000000 22000011 June July Aug. Sept. Oct. Nov. Dec.P AREA OR COUNTRY 56 Total, all foreigners 1,408,740 1,511,410 1,640,040 1,519,311 1,519,999 1,509,166 1,489,196 1,563,326 l,670,617r 1,640,040 57 Foreign countries 1,393,464 1,498,867 1,629,236 1,505,492 1,508,743 1,495,952 1,475,887 1,553,189 l,659,449r 1,629,236 58 Europe 441,810 446,788 523,356 457,565 449,794 431,373 414,241 435,308 522,657r 523,356 59 Austria 2,789 2,692 2,919 2,026 2,040 2,370 2,398 2,117 2,944 2,919 60 Belgium12 44,692 33,399 6,548 6,270 7,058 6,624 6,424 6,960 6,640 6,548 61 Denmark 2,196 3,000 3,625 3,063 2,596 3,294 3,243 3,752 4,248 3,625 62 Finland 1,658 1,411 1,445 2,395 1,574 1,003 1,267 1,223 1,135 1,445 63 France 49,790 37,833 49,034 40,076 42,709 39,661 38,263 49,059 49,692 49,034 64 Germany 24,753 35,519 22,342 32,392 32,363 27,830 20,426 23,707 23,111 22,342 65 Greece 3,748 2.011 2,303 1,653 2,288 2,607 2,440 2,409 2,081 2,303 66 Italy 6,775 5,072 6,343 6,767 5.877 4,761 5,803 5,445 5,913 6,343 67 Luxembourg12 n.a. n.a. 16,875 14,876 14,578 14,427 15,065 14,612 16,536 16,875 68 Netherlands 8,143 7,047 12,404 9,637 11,388 11,553 11,149 12,286 13,079 12,404 69 Norway 1,327 2,305 3,725 4.584 3,540 3,961 3,565 3,145 3,056 3,725 70 Portugal 2,228 2,403 4,029 2,328 2,700 2,534 2,626 3,787 3,924 4,029 71 Russia 5,475 19,018 20,782 22,841 23,968 22,689 22,944 23,431 21,243 20,782 72 Spain 10,426 7,787 8,793 7,412 6,974 7,286 8,927 9,785 10,595 8,793 73 Sweden 4,652 6,497 3,371 5,507 4,111 3,233 3,760 3,461 3,705 3,371 74 Switzerland 63,485 74,635 66,380 73,078 65,942 53,148 39,576 39,706 81,128 66,380 75 Turkey 7,842 7,548 7,472 5,487 6,194 7,068 6,203 6,749 6,822 7,472 76 United Kingdom 172,687 167,757 206,641 145,734 137,279 138,192 139,289 143,156 186,35 lr 206,641 n Channel Islands and Isle of Man13 n.a. n.a. 36,057 34,994 35,018 35,745 36,072 36,392 36,161 36,057 78 Yugoslavia14 286 276 309 297 395 297 321 313 310 309 79 Other Europe and other former U.S.S.R.15 28,858 30,578 41,959 36,148 41,202 43,090 44,480 43,813 43,983 41,959 80 34,214 30,982 27,099 26,025 26,437 28,149 26,148 25,522 27,920 27,099 81 Latin America 117,495 120,041 117,484 117,646 118,808 120,930 119,457 122,103 120,259r 117,484 82 Argentina 18,633 19,451 10,637 16,458 13,296 11,260 15,139 12,997 10,772 10,637 83 Brazil 12,865 10,852 14,133 12,586 14,369 16,142 16,979 16,400 14,289 14,133 84 Chile 7,008 5,892 4,929 5,491 5,443 5,322 5,740 5,415 5,297 4,929 85 Colombia 5,669 4,542 4,666 4,631 4,397 4,582 4,449 4,589 4,643 4,666 86 Ecuador 1,956 2,112 2,372 1,981 2,145 2,170 2,117 2,101 2,004 2,372 87 Guatemala 1,626 1,601 1,878 1,518 1,531 1,469 1,443 1,851 1,934 1,878 88 Mexico 30,717 32,166 39,629 33,326 34,766 37,990 37,424 40,367 40,243 39,629 89 Panama 4,415 4,240 3,587 3,521 3,701 3,679 3,769 3,741 3,523r 3,587 90 Peru 1,142 1,427 1,352 1,614 1,599 1,526 1,466 1,509 1,585 1,352 91 Uruguay 2,386 3,003 3,160 3,026 2,980 2,993 2,684 3,121 3,299r 3,160 92 Venezuela 20,192 24,730 24,905 27,038 27,666 26,983 21,869 23,584 26,100 24,905 93 Other Latin America16 10,886 10,025 6,236 6,456 6,915 6,814 6,378 6,428 6,570 6,236 94 Caribbean 461,200 573,337 649,742 598,298 608,639 613,815 596,097 649,565 669,870' 649,742 95 Bahamas 135,811 189,298 179,189 187,469 183,844 184,769 178,265 212,415 201,674' 179,189 96 Bermuda 7,874 9,636 10,423 7,821 8,235 7,424 7,538 9,611 9,209' 10,423 97 British West Indies17 312,278 367,197 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 98 Cayman Islands17 n.a. n.a. 442,452 384,269 400,562 406,077 392,289 406,402 439,303' 442,452 99 Cuba 75 90 88 85 88 45 154 86 85 88 100 Jamaica 520 794 1,179 963 975 967 958 880 930 1,179 101 Netherlands Antilles 4,047 5,428 3,165 3,970 3,285 3,341 4,584 6,094 4,070 3,165 102 Trinidad and Tobago 595 894 1,266 1,272 1,253 1,428 1,410 1,509 1,768 1,266 103 Other Caribbean16 n.a. n.a. 11,980 12,449 10,397 9,764 10,899 12,568 12,831 11,980 104 Asia 319,489 305,554 293,969 284,154 283,786 279,217 300,657 330011,,006644 229999,,110033'' 229933,,996699 China 105 Mainland 12,325 16,531 10,472 15,391 15,587 16,024 16,886 17,891 12,378 10,472 106 Taiwan 13,603 17,352 17,562 19,847 23,066 22,759 22,236 19,194 21,116 17,562 107 Hong Kong 27,701 26,462 26,494 29,181 26,841 23,837 24,585 23,158 26,305 26,494 108 India 7,367 4,530 3,703 4,043 4,413 4,076 4,024 3,891 3,916 3,703 109 Indonesia 6,567 8,514 12,381 10,565 11,629 11,987 11,926 12,351 11,758 12,381 110 Israel 7,488 8,053 7,826 8,696 8,710 7,715 8,818 7,343 7,742 7,826 111 Japan 159,075 150,415 155,260 137,074 134,254 132,307 149,612 160,015 157,763 155,260 112 Korea (South) 12,988 7,955 9,014 6,746 7,366 7,046 7,723 7,747 8,098' 9,014 113 Philippines 3,268 2,316 1,764 1,478 1,657 1,791 1,884 1,756 2,109 1,764 114 Thailand 6,050 3,117 4.742 3,401 3,469 3,850 3,445 3,666 4,792 4,742 115 Middle Eastern oil-exporting countries18 21,314 23,763 20,022 20,551 19,221 20,573 20,875 18,443 18,620 20,022 116 Other 41,743 36,546 24,729 27,181 27,573 27,252 28,643 25,609 24,506 24,729 117 Africa 9,468 10,824 11,345 10,584 12,178 12,194 11,609 12,088 11,222 11,345 118 Egypt 2,022 2,621 2,774 2,267 3,526 3,647 3,014 2,910 3,110 2,774 119 Morocco 179 139 273 102 118 165 235 331 344 273 120 South Africa 1,495 1,010 833 693 839 1,324 810 886 11,,001188 833 121 Congo (formerly Zaire) 14 4 4 14 5 5 2 4 11 4 122 Oil-exporting countries'9 2,914 4,052 4,372 4,645 4,349 3,839 4,431 4,980 3,967 4,372 123 Other 2,844 2,998 3,089 2,863 3,341 3,214 3,117 2,977 2,782 3,089 124 Other countries 9,788 11,341 6,241 11,220 9,101 10,274 7,678 7,539 8,418 6,241 125 Australia 8,377 10,070 5,590 9,855 8,058 9,290 6,822 6,584 7,799 5,590 126 New Zealand20 n.a. n.a. 239 862 501 517 437 506 218 239 127 All other 1,411 1,271 412 503 542 467 419 449 401 412 128 Nonmonetary international and regional organizations 15,276 12,543 10,804 13,819 11,256 13,214 13,309 10,137 11,168' 10,804 129 International21 12,876 11,270 9,305 12,549 10,241 12,090 12,224 8,784 9,410' 9,305 130 Latin American regional22 1,150 740 480 705 441 509 569 480 462 480 131 Other regional23 1,250 533 935 523 502 558 476 822 1,234 935 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

Nonbank-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 11999999 22000000 22000011 June July Aug. Sept. Oct. Nov. Dec/ 1 Total, all foreigners 793,139 904,642 1,039,252 990,714 975,314 948,790 956,986 993,102 l,052,016r 1,039,252 2 Foreign countries 788,576 899,956 1,034,325 986,016 970,460 944,239 952,510 988,207 l,046,758r 1,034,325 3 Europe 311,686 378,115 461,541 452,076 441,780 413,717 406,726 413,853 498,286' 461,541 4 Austria 2,643 2,926 5,006 2,870 2,714 3,130 3,116 3,848 3,412 5,006 5 Belgium2 10,193 5,399 6,339 4,254 9,184 4,451 4,780 6,424 7,994 6,339 6 Denmark 1,669 3,272 1,105 2,268 1,345 1,570 1,672 933 2,507 1,105 7 Finland 2,020 7,382 10,350 8,460 8,666 8,350 10,917 12,065 11,010 10,350 8 29,142 40,035 60,670 48,835 56,997 56,342 51,709 60,732 58,769 60,670 9 Germany 29,205 36,834 29,902 51,242 47,378 47,744 37,802 39,565 36,295' 29,902 10 Greece 806 646 330 313 369 278 288 333 327 330 11 Italy 8,496 7,629 4,205 8,111 5,466 6,227 6,639 7,750 6,321 4,205 1? Luxembourg2 n.a. n.a. 1,267 1,285 914 1,010 910 1,088 1,392 1,267 13 Netherlands 11,810 17,043 15,927 16,993 16,875 16,309 18,408 17,256 17,173 15,927 14 Norway 1,000 5,012 6,249 6,502 4,379 3,851 4,835 3,617 4,603 6,249 15 Portugal 1,571 1,382 1,603 1,304 1,050 1,232 1,285 1,164 1,709 1,603 16 Russia 713 517 594 911 589 877 676 863 680 594 17 Spain 3,796 2,603 3,231 3,654 3,955 3,431 4,662 3,713 5,398 3,231 18 Sweden 3,264 9,226 12,544 11,049 11,507 11,651 12,216 11,800 12,897 12,544 19 Switzerland 79,158 82,085 87,363 111,492 96,036 79,942 72,545 71,968 121,798 87,363 70 Turkey 2,617 3,059 2,124 2,530 2,499 2,407 2,307 2,324 2,243 2,124 7.1 United Kingdom 115,971 144,938 201,494 161,720 161,232 157,531 163,164 158,423 194,372' 201,494 22 Channel Islands and Isle of Man3 n.a. n.a. 4,478 3,275 3,417 3,162 3,900 3,783 3,819 4,478 23 Yugoslavia4 50 50 n.a. 49 4 4 4 4 n.a. n.a. 24 Other Europe and other former U.S.S.R.5 7,562 8,077 6,760 4,959 7,204 4,218 4,891 6,200 5,567 6,760 25 Canada 37,206 39,837 54,411 50,138 43,293 42,832 50,279 48,773 50,792 54,411 ?6 Latin America 74,040 76,561 69,762 73,740 73,405 76,349 74,667 74,177 72,924' 69,762 77 Argentina 10,894 11,519 10,763 11,896 12,317 13,076 12,093 11,603 11,350' 10,763 78 16,987 20,567 19,434 21,538 20,941 22,152 22,481 21,427 20,453 19,434 ?9 Chile 6,607 5,815 5,317 5,451 5,217 5,379 5,240 5,423 5,522 5,317 30 Colombia 4,524 4,370 3,602 3,641 3,625 3,720 3,604 3,564 3,598 3,602 31 Ecuador 760 635 495 523 515 505 508 507 504 495 37 1,135 1,244 1,495 1,199 1,148 1,276 1,262 1,568 1,522 1,495 33 17,899 17,415 16,522 17,385 17,476 17,582 16,947 17,272 16,996 16,522 34 3,387 2,933 3,066 3,086 3,190 3,199 3,212 3,426 3,415 3,066 35 2,529 2,807 2,185 2,570 2,516 2,422 2,440 2,435 2,369 2,185 36 Uruguay 801 673 447 398 410 453 459 492 540 447 37 3,494 3,518 3,077 2,982 2,913 3,417 3,225 3,221 3,306 3,077 38 Other Latin America6 5,023 5,065 3,359 3,071 3,137 3,168 3,196 3,239 3,349 3,359 39 281,128 319,403 354,819 322,554 317,628 326,661 333,330 356,456 325,937 354,819 40 99,066 114,090 97,372 105,772 100,133 99,046 114,763 124,546 97,916 97,372 41 Bermuda 8,007 9,260 7,900 5,802 7,236 6,803 6,974 11,440 6,015 7,900 47 British West Indies7 167,189 189,289 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 43 Cayman Islands7 n.a. n.a. 237,912 200,144 198,911 204,753 197,100 207,916 207,864 237,912 44 Cuba 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 45 Jamaica 295 355 418 301 326 367 369 380 406 418 46 Netherlands Antilles 5,982 5,801 6,729 5,749 5,617 10,228 9,818 7,647 9,583 6,729 47 Trinidad and Tobago 589 608 931 946 989 1,086 959 858 880 931 48 Other Caribbean6 n.a. n.a. 3,557 3,840 4,416 4,378 3,347 3,669 3,273 3,557 49 75,143 77,829 85,816 80,927 86,714 77,445 80,734 87,331 91,337 85,816 China 50 Mainland 2,110 1,606 2,073 4,387 3,785 2,191 3,462 4,118 4,427 2,073 51 Taiwan 1,390 2,247 4,407 2,524 2,906 2,780 3,276 4,244 3,897 4,407 52 Hong Kong 5,903 6,669 9,955 9,249 7,488 5,743 6,432 5,161 7,984 9,955 53 India 1,738 2,178 1,348 1,634 1,576 1,622 1,576 1,561 1,609 1,348 54 Indonesia 1,776 1,914 1,752 1,932 2,011 1,975 1,944 1,965 1,935 1,752 Israel 1,875 2,729 4,396 2,417 4,483 3,621 3,622 3,980 4,592 4,396 56 28,641 34,974 34,125 32,338 36,953 34,922 32,349 39,940 34,665 34,125 57 Korea (South) 9,426 7,776 10,622 11,258 12,803 10,701 11,788 11,137 14,742 10,622 58 Philippines 1,410 1,784 2,587 1,831 2,333 1,740 2,151 1,505 2,021 2,587 59 Thailand 1,515 1,381 2,499 1,541 1,119 1,440 1,172 1,470 1,283 2,499 60 Middle Eastern oil-exporting countries8 14,267 9,346 7,882 8,621 8,531 8,267 7,953 8,290 10,088 7,882 61 Other 5,092 5,225 4,170 3,195 2,726 2,443 5,009 3,960 4,094 4,170 6? Africa 2,268 2,094 2,135 2,132 2,038 2,052 1,872 1,878 2,108 2,135 63 258 201 416 530 391 389 397 381 477 416 64 Morocco 352 204 106 175 173 151 154 148 116 106 65 South Africa 622 309 710 528 608 661 493 443 571 710 66 Congo (formerly Zaire) 24 0 n.a. n.a. n.a. 2 n.a. n.a. 11 n.a. 67 Oil-exporting countries9 276 471 167 142 130 128 148 169 117799 167 68 Other 736 909 736 757 736 721 680 737 764 736 69 Other countries 7,105 6,117 5,841 4,449 5,602 5,183 4,902 5,739 5,374 5,841 70 Australia 6,824 5,868 5,454 4,121 5,143 4,807 3,982 5,402 4,964 5,454 71 New Zealand10 n.a. n.a. 349 279 360 264 329 275 330 349 72 All other 281 249 38 49 99 112 591 62 80 38 73 Nonmonetary international and regional organizations'' .. 4,563 4,686 4,927 4,848 4,854 4,551 4,476 4,904 5,258 4,927 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 • April 2002 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 TTyyppee ooff ccllaaiimm June July Aug. Sept. Oct. Nov.' Dec.p 1 Total 944,937 1,095,869 1,241,631 1,181,652 1,359,766r 1,241,631 7 Banks' claims 793,139 904,642 1,039,252 990,714 975,314 948,790 956,986 993,102 1,052,016 1,039,252 3 Foreign public borrowers 35,090 37,907 48,999 52,198 55,767 47,161 45,782 49,327 56,590 48,999 4 Own foreign offices2 529,682 630,137 733,274 686,065 660,538 652,434 657,672 678,931 721,783 733,274 5 Unaffiliated foreign banks 97,186 95,243 100,323 91,447 94,593 84,545 92,177 92,517 100,274 100,323 6 Deposits 34,538 23,886 25,942 20,155 24,399 15,590 19,803 22,533 29,664 25,942 7 Other 62,648 71,357 74,381 71,292 70,194 68,955 72,374 69,984 70,610 74,381 8 All other foreigners 131,181 141,355 156,656 161,004 164,416 164,650 161,355 172,327 173,369 156,656 9 Claims of banks' domestic customers3 151,798 191,227 202,379 190,938 402,780' 202,379 10 Deposits 88,006 100,352 92,546 93,656 71,537' 92,546 11 Negotiable and readily transferable instruments4 51,161 78,147 94,016 81,034 321,408' 94,016 12 Outstanding collections and other claims 12,631 12,728 15,817 16,248 9,835' 15,817 MEMO 13 Customer liability on acceptances 4,553 4,257 2,588 3,054 2,468 2,588 14 Banks' loans under resale agreements5 n.a. n.a. 137,984 129,693 131,731 117,224 111,844 144,250 144,901 137,984 15 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States6 31,125 53,153 60,711 66,905 60,152 60,299 54,932 57,698 66,930 60,711 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 Dec. Mar. June Sept.' 1 Total 276,550 250,418 267,082 274,009 307,564r 302,060r 298,514 By borrower 2 Maturity of one year or less 205,781 186,526 187,894 186,103 194,943' 191,738' 178,185 3 Foreign public borrowers 12,081 13,671 22,811 21,399 23,701' 26,621' 19,994 4 All other foreigners 193,700 172,855 165,083 164,704 171,242' 165,117' 158,191 5 Maturity of more than one year 70,769 63,892 79,188 87,906 112,621' 110,322' 120,329 6 Foreign public borrowers 8,499 9,839 12,013 15,838 24,991' 25,018' 24,903 7 All other foreigners 62,270 54,053 67,175 72,068 87,630 85,304 95,426 By area Maturity of one year or less 8 Europe 58,294 68,679 80,842 142,464 89,553 80,682 70,700 9 Canada 9,917 10,968 7,859 8,323 7,050' 8,624' 7,897 10 Latin America and Caribbean 97,207 81,766 69,498 151,840 72,242' 72,848' 75,289 11 Asia 33,964 18,007 21,802 43,371 20,730 24,124 19,381 1? Africa 2.211 1,835 1,122 2,263 970 971 707 13 All other3 4,188 5,271 6,771 11,717 4,398 4,489 4,211 Maturity of more than one year 14 Europe 13.240 14,923 22,951 57,770 38,259 39,944 41,594 15 Canada 2,525 3,140 3,192 3,174 3,252 3,995 4,292 16 Latin America and Caribbean 42,049 33,442 39,051 82,684 50,151' 47,068' 52,517 17 Asia 10,235 10,018 11,257 19,536 17,187 15,240 17,491 18 Africa 1,236 1,232 1,065 1,567 763 774 798 19 All other3 1,484 1,137 1,672 5,954 3,009 3,301 3,637 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

Nonbank-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 Area or country 11999977 1998 Sept. Dec. Mar. June Sept. Dec. Mar. June Sept. 1 Total 721.8 1,051.6 941.6 945.5 955.0 991.0 954.4 1,027.3 1,140.5 1,135.8 1,275.4 2 G-10 countries and Switzerland 242.8 217.7 219.4 243.4 272.4 313.6 280.3 300.7 332.8 334.8 290.9 3 Belgium and Luxembourg 11.0 10.7 15.7 14.3 14.2 13.9 13.0 14.2 15.3 13.0 14.3 4 France 15.4 18.4 20.0 29.0 27.1 32.6 29.0 29.6 30.0 35.9 34.4 5 Germany 28.6 30.9 37.4 38.7 37.3 31.5 37.6 45.1 45.2 51.6 41.0 6 Italy 15.5 11.5 15.0 18.1 19.9 20.5 18.6 21.3 20.4 23.7 22.8 7 Netherlands 6.2 7.8 11.7 12.3 17.0 16.0 17.5 18.4 18.8 15.3 16.8 8 Sweden 3.3 2.3 3.6 3.0 3.9 3.5 4.3 3.6 4.7 4.7 5.3 9 Switzerland 7.2 8.5 8.8 10.3 10.1 13.8 10.9 13.2 13.9 13.5 13.0 10 United Kingdom 113.4 85.4 63.5 79.3 101.9 138.2 112.8 115.6 141.3 127.5 96.1 11 Canada 13.7 16.8 17.9 16.3 17.3 18.2 18.5 16.7 15.4 21.3 20.3 12 Japan 28.6 25.4 25.7 22.1 23.5 25.4 18.1 23.0 28.0 28.3 26.8 13 Other industrialized countries 65.5 69.0 71.7 68.4 62.7 75.3 73.7 74.5 75.7 70.2 70.2 14 Austria 1.5 1.4 3.0 3.5 2.6 2.8 3.5 4.1 3.8 3.6 4.4 15 Denmark 2.4 2.2 2.1 2.6 1.5 1.2 1.8 1.9 3.1 2.7 2.6 16 Finland 1.3 1.4 .9 .9 .8 1.2 2.8 1.5 1.4 1.2 1.3 17 Greece 5.1 5.9 6.6 6.0 5.7 6.7 6.4 8.3 4.1 3.6 3.6 18 Norway 3.6 3.2 3.8 3.3 3.0 4.6 8.5 8.3 10.2 7.9 6.1 19 Portugal .9 1.4 1.2 1.0 1.0 2.0 1.5 2.0 1.9 1.4 1.4 20 Spain 12.6 13.7 15.1 12.1 11.3 12.2 10.5 10.3 12.6 12.4 13.9 21 Turkey 4.5 4.8 4.7 4.8 5.1 5.6 5.6 5.9 5.1 4.5 4.1 22 Other Western Europe 8.3 10.4 9.2 6.8 8.4 7.9 8.3 6.5 7.3 6.9 6.8 23 South Africa 2.2 4.4 4.0 3.8 4.8 4.6 4.2 3.6 4.1 3.8 4.4 24 Australia 23.1 20.3 21.1 23.5 18.6 26.3 20.5 22.1 21.9 22.1 21.6 25 OPEC2 26.0 27.1 30.1 31.4 28.9 32.1 31.4 28.9 28.2 27.0 27.5 26 Ecuador 1.3 1.3 .9 .8 .7 .7 .6 .6 .6 .6 .6 27 Venezuela 2.5 3.2 3.0 2.8 3.0 2.9 2.9 2.5 2.7 2.6 2.6 28 Indonesia 6.7 4.7 4.4 4.2 3.9 4.1 4.4 4.6 4.4 4.1 3.9 29 Middle East countries 14.4 17.0 21.4 23.1 21.1 23.8 22.4 20.3 20.1 19.3 20.0 30 African countries 1.2 1.0 .5 .5 .2 .7 1.2 .8 .5 .4 .4 31 Non-OPEC developing countries 139.2 143.4 144.6 149.4 154.6 158.1 149.5 145.5 149.8 157.3 199.9 Latin America 32 Argentina 18.4 23.1 22.8 23.2 22.4 21.6 21.4 21.4 20.9 19.7 19.2 33 Brazil 28.6 24.7 23.5 27.7 28.1 28.3 28.5 28.8 29.3 30.8 30.9 34 Chile 8.7 8.3 7.7 7.4 8.2 8.1 7.3 7.6 7.3 7.0 6.4 35 Colombia 3.4 3.2 2.7 2.5 2.5 2.4 2.4 2.4 2.4 2.4 2.5 36 Mexico 17.4 18.9 19.4 18.7 18.3 20.4 17.5 15.7 16.7 16.3 58.3 37 Peru 2.0 2.2 1.8 1.7 1.9 2.1 2.1 2.0 2.0 2.0 1.9 38 Other 4.1 5.4 5.5 5.9 6.5 6.7 6.2 6.3 8.5 8.2 8.0 Asia China 39 Mainland 3.2 3.0 3.3 3.6 4.6 3.8 3.4 2.9 3.2 6.7 5.9 40 Taiwan 9.5 13.3 12.3 12.0 12.6 12.6 12.8 10.8 11.1 10.7 10.8 41 India 4.9 5.5 7.0 7.7 7.9 8.2 5.8 9.1 6.5 11.8 14.1 42 Israel .7 1.1 1.0 1.8 3.3 1.5 1.1 2.7 2.2 2.0 3.2 43 Korea (South) 15.6 13.7 16.0 15.2 17.7 21.7 21.4 15.5 19.8 19.2 19.4 44 Malaysia 5.1 5.6 6.1 6.1 6.5 6.8 6.9 7.1 6.5 6.7 6.1 45 Philippines 5.7 5.1 5.8 6.2 5.3 5.3 4.7 5.1 5.2 5.4 5.3 46 Thailand 5.4 4.7 4.0 4.1 4.3 4.0 3.9 4.0 4.2 4.2 3.9 47 Other Asia 4.3 2.9 2.9 2.9 2.0 1.9 1.7 1.9 1.7 1.8 1.6 Africa 48 Egypt .9 1.3 1.3 1.4 1.4 1.3 1.1 1.1 1.2 1.2 1.4 49 Morocco .6 .5 .5 .4 .3 .3 .4 .3 .3 .3 .3 50 Zaire .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 51 Other Africa3 .8 1.0 1.0 1.0 .9 .9 .8 .7 .7 .7 .7 52 Eastern Europe 9.1 5.5 5.4 5.2 6.3 9.4 9.0 10.1 9.5 9.5 9.8 53 Russia4 5.1 2.2 2.0 1.6 1.7 1.5 1.4 1.0 1.5 1.5 1.4 54 Other 4.0 3.3 3.4 3.6 4.7 7.9 7.6 9.1 8.0 8.0 8.5 55 Offshore banking centers 140.2 93.9 79.1 59.9 53.9 60.6 59.4 76.3 72.0 58.8 69.1 56 Bahamas 24.2 35.4 18.2 13.7 14.4 8.8 9.3 13.5 7.0 .0 1.0 57 Bermuda 9.8 4.6 8.2 8.0 7.3 6.3 6.3 9.0 7.9 5.7 7.6 58 Cayman Islands and other British West Indies 43.4 12.8 6.3 1.3 .0 5.1 5.9 14.6 14.3 12.6 18.1 59 Netherlands Antilles 14.6 2.6 9.1 1.7 2.5 2.6 1.9 1.9 2.9 1.7 5.8 60 Panama5 3.1 3.9 3.9 3.9 3.4 3.3 2.5 3.2 3.8 3.4 3.4 61 Lebanon .1 .1 62 Hong Kong, China 32.2 23.3 22^4 2L0 22.2 20.7 20^6 18/7 2K5 223 17^9 63 Singapore 12.7 11.1 10.6 10.1 4.1 13.6 12.6 15.2 14.5 12.9 15.2 64 Other" .1 .2 .2 .1 .1 .1 .1 .2 .1 .1 .0 65 Miscellaneous and unallocated7 99.1 495.1 391.2 387.9 376.1 342.1 351.1 391.2 472.4 478.4 608.0 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 • April 2002 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period 2000 2001 TTyyppee ooff lliiaabbiilliittyy,, aanndd aarreeaa oorr ccoouunnttrryy 11999977 11999988 11999999 June Sept. Dec. Mar. June Sept. 1 Total 57,382 46,570 53,044 70,534 76,644 73,904 73,805 68,501 65,560 2 Payable in dollars 41,543 36,668 37,605 47,864 51,451 48,931 46,676 42,207 41,816 3 Payable in foreign currencies 15,839 9,902 15,415 22,670 25,193 24,973 27,129 26,294 23,744 By type 4 Financial liabilities 26,877 19,255 27,980 44,068 49,895 47,419 47,958 42,296 39,455 Payable in dollars 12,630 10,371 13,883 22,803 26,159 25,246 23,351 18,043 17,803 6 Payable in foreign currencies 14,247 8,884 14,097 21,265 23,736 22,173 24,607 24,253 21,652 7 Commercial liabilities 30,505 27,315 25,064 26,466 26,749 26,485 25,847 26,205 26,105 8 Trade payables 10,904 10,978 12,857 13,764 13,918 14,293 12,481 13,213 11,821 y Advance receipts and other liabilities 19,601 16,337 12,207 12,702 12,831 12,192 13,366 12,992 14,284 10 Payable in dollars 28,913 26,297 23,722 25,061 25,292 23,685 23,325 24,164 24,013 ii Payable in foreign currencies 1,592 1,018 1,318 1,405 1,457 2,800 2,522 2,041 2,092 By area or country Financial liabilities 12 Europe 18,027 12,589 23,241 30,332 36,175 34,172 37,572 3333,,117733 28,992 13 Belgium and Luxembourg 186 79 31 163 169 147 112 9988 136 14 France 1,425 1,097 1,659 1,702 1,299 1,480 1,553 1,222 1,538 13 Germany 1,958 2,063 1,974 1,671 2,132 2,168 2,624 2,463 1,994 16 Netherlands 494 1,406 1,996 2,035 2,040 2,016 2,169 1,763 1,998 17 Switzerland 561 155 147 137 178 104 103 93 92 18 United Kingdom 11,667 5,980 16,521 21,463 28,601 26,362 28,962 25,751 21,390 19 Canada 2,374 693 284 714 249 411 718 628 793 20 Latin America and Caribbean 1,386 1,495 892 2,874 3,447 44,,112255 3,632 2,100 3,518 21 Bahamas 141 7 1 78 105 66 18 40 256 22 Bermuda 229 101 5 1,016 1,182 1,739 1,837 461 1,551 23 Brazil 143 152 126 146 132 148 26 21 40 24 British West Indies 604 957 492 463 501 406 1,657 1,508 1,561 25 Mexico 26 59 25 26 35 26 31 20 24 26 Venezuela 1 2 0 0 0 2 1 1 3 27 4,387 3,785 3,437 9,453 9,320 7,965 5,324 5,639 5,421 28 Japan 4,102 3,612 3,142 6,024 4,782 6,216 4,757 33,,229977 3,442 29 Middle Eastern oil-exporting countries' 27 0 4 5 7 11 15 88 9 30 Africa 60 28 28 33 48 52 38 61 59 31 Oil-exporting countries2 0 0 0 0 0 0 0 0 5 32 All other3 643 665 98 662 656 694 674 695 672 Commercial liabilities 33 Europe 10,228 10,030 9,262 9,293 9,411 9,629 8,792 8,723 8,855 34 Belgium and Luxembourg 666 278 140 178 201 293 251 297 160 33 France 764 920 672 711 716 979 689 665 892 36 Germany 1,274 1,392 1,131 948 1,023 1,047 982 1,017 966 37 Netherlands 439 429 507 562 424 300 349 343 343 38 Switzerland 375 499 626 565 647 502 623 697 683 39 United Kingdom 4,086 3,697 3,071 2,982 2,951 2,847 2,542 2,706 2,296 40 Canada 1,175 1,390 1,775 2,053 1,889 1,933 1,625 2,043 1,650 41 Latin America and Caribbean 2,176 1,618 2,310 2,607 2,443 2,381 2,166 2,292 2,879 42 Bahamas 16 14 22 10 15 31 5 31 44 43 Bermuda 203 198 152 300 377 281 280 367 570 44 Brazil 220 152 145 119 167 114 239 279 312 45 British West Indies 12 10 48 22 19 76 64 21 28 46 Mexico 565 347 887 1,073 1,079 841 792 762 884 47 Venezuela 261 202 305 239 124 284 243 218 242 48 Asia 14,966 12,342 9,886 10,965 11,133 10,983 11,542 11,384 11,114 49 Japan 4,500 3,827 2,609 2,200 1,998 2,757 2,431 2,377 2,421 50 Middle Eastern oil-exporting countries' 3,111 2,852 2,551 3,489 3,706 2,832 3,359 3,087 3,053 51 Africa 874 794 950 950 1,220 948 1,072 1,115 938 52 Oil-exporting countries2 408 393 499 575 663 483 566 539 471 53 Other3 1,086 1,141 881 598 653 614 650 648 669 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 2000 2001 TTyyppee ooff ccllaaiimm,, aanndd aarreeaa oorr ccoouunnttrryy 11999977 11999988 11999999 June Sept. Dec. Mar. June Sept. 1 Total 68,128 77,462 76,669 80,731 94,803 90,157 107,705 98,023 109,374 2 Payable in dollars 62,173 72,171 69,170 72,300 82,872 79,558 94,932 88,243 98.590 3 Payable in foreign currencies 5,955 5,291 7,472 8,431 11,931 10,599 12,773 9,780 10,784 By type 4 Financial claims 36,959 46,260 40,231 44,303 58,303 53,031 74,255 61,907 7755,,226600 Deposits 22,909 30,199 18,566 17,462 30,928 23,374 25,419 25,381 22,391 6 Payable in dollars 21,060 28,549 16,373 15,361 27,974 21,015 23,244 23,174 19,888 7 Payable in foreign currencies 1,849 1,650 2,193 2,101 2,954 2,359 2,175 2,207 2,503 8 Other financial claims 14,050 16,061 21,665 26,841 27,375 29,657 48,836 36,526 52,869 9 Payable in dollars 11,806 14,049 18,593 22,384 20,541 25,142 41,417 32,054 47,321 10 Payable in foreign currencies 2,244 2,012 3,072 4,457 6,834 4,515 7,419 4,472 5,548 11 Commercial claims 31,169 31,202 36,438 36,428 36,500 37,126 33,450 36,116 34,114 12 Trade receivables 27,536 27,202 32,629 31,283 31,530 33,104 28,958 31,168 29,381 13 Advance payments and other claims 3,633 4,000 3,809 5,145 4,970 4,022 4,492 4,948 4,733 14 Payable in dollars 29,307 29,573 34,204 34,555 34,357 33,401 30,271 33,015 31,381 15 Payable in foreign currencies 1,862 1,629 2,207 1,873 2,143 3,725 3,179 3,101 2,733 By area or country Financial claims 16 Europe 14,999 12,294 13,023 18,254 23,706 23,136 31,855 23,975 24,919 17 Belgium and Luxembourg 406 661 529 317 304 296 430 262 677 18 France 1,015 864 967 1,292 1,477 1,206 3,142 1,376 1,682 19 Germany 427 304 504 576 696 848 1,401 1,163 1,112 70 Netherlands 677 875 1,229 1,984 2,486 1,396 2,313 1,072 954 21 Switzerland 434 414 643 624 626 699 613 653 665 22 United Kingdom 10,337 7,766 7,561 11,668 16,191 15,900 20,938 15,913 16,960 23 Canada 3,313 2,503 2,553 5,799 7,517 4,576 4,847 4,787 4,580 24 Latin America and Caribbean 15,543 27,714 18,206 14,874 21,691 19,317 28,791 24,419 37,721 25 Bahamas 2,308 403 1,593 655 1,358 1,353 561 818 879 26 Bermuda 108 39 11 34 22 19 1,729 426 1,456 27 Brazil 1,313 835 1,476 1,666 1,568 1,827 1,648 1,877 2,081 28 British West Indies 10,462 24,388 12,099 7,751 15,722 12,596 21,227 16,515 29,222 29 Mexico 537 1,245 1,798 2,048 2,280 2,448 2,461 2,633 2,910 30 Venezuela 36 55 48 78 101 87 38 66 80 31 Asia 2,133 3,027 5,457 3,923 4,002 4,697 7,215 6,829 6,693 32 Japan 823 1,194 3,262 1,410 1,726 1,631 3.867 1,698 1,761 33 Middle Eastern oil-exporting countries' 11 9 23 42 85 80 86 76 100 34 Africa 319 159 286 320 284 411 430 476 456 35 Oil-exporting countries2 15 16 15 39 3 57 42 35 83 36 All other3 652 563 706 1,133 1,103 894 1,117 1,421 891 Commercial claims 37 Europe 12,120 13,246 16,389 15,935 16,486 15,938 13,775 14,602 14,401 38 Belgium and Luxembourg 328 238 316 425 393 452 395 408 360 39 France 1,796 2,171 2,236 2,693 2,921 3,095 3,479 3,194 3,063 40 Germany 1,614 1,822 1,960 1,905 2,159 1,982 1,586 1,995 1,979 41 Netherlands 597 467 1,429 1,242 1,310 1,729 757 864 845 42 Switzerland 554 483 610 562 684 763 634 472 514 43 United Kingdom 3,660 4,769 5,827 4,937 5,193 4,502 3,562 3,826 3,576 44 Canada 2,660 2,617 2,757 3,250 2,953 3,502 3,392 3,498 3,125 45 Latin America and Caribbean 5,750 6.296 5,959 5,792 5,788 5,851 5,144 6,127 5,604 46 Bahamas 27 24 20 48 75 37 20 39 35 47 Bermuda 244 536 390 381 387 376 407 650 526 48 Brazil 1,162 1,024 905 894 981 957 975 1,377 1,192 49 British West Indies 109 104 181 51 55 137 130 135 124 50 Mexico 1,392 1,545 1,678 1,565 1,612 1,507 1,350 1,421 1,446 51 Venezuela 576 401 439 466 379 328 292 321 305 52 Asia 8,713 7,192 9,165 9,172 8,986 9,630 8,985 9,707 8,710 53 Japan 1.976 1,681 2,074 1,881 2,074 2,796 2,560 3,157 2,437 54 Middle Eastern oil-exporting countries' 1,107 1,135 1,625 1,241 1,199 1,024 966 1,054 922 55 Africa 680 711 631 766 895 672 773 673 842 56 Oil-exporting countries2 119 165 171 160 392 180 165 154 170 57 Other3 1,246 1,140 1,537 1,513 1,392 1,572 1,381 1.509 1,432 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 • April 2002 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 2001 2001 TTrraannssaaccttiioonn,, aanndd aarreeaa oorr ccoouunnttrryy 22000000 22000011 J D a e n c .- . June July Aug. Sept. Oct. Nov.r Dec.P U.S. corporate securities STOCKS 1 Foreign purchases 3,605,196 3,051,276 3,051,276 259,622 244,887 247,288 193,466 255,670 241,286 239,289 2 Foreign sales 3,430,306 2,934,869 2,934,869 249,184 233,412 239,580 204,981 248,425 228,104 226,004 3 Net purchases, or sales (-) 174,890 116,407 116,407 10,438 11,475 7,708 -11,515 7,245 13,182 13,285 4 Foreign countries 174,903 116,204 116,204 10,417 11,460 7,709 -11,504 7,222 13,173 13,266 5 Europe 164,656 88,122 88,122 9,306 6,700 9,203 -7,310 7,470 8,503 6,740 6 France 5,727 5,915 5,915 3,044 35 624 -2,609 1,969 -845 101 7 Germany 31,752 8,432 8,432 133 1,048 463 -418 825 698 688 8 Netherlands 4,915 10,920 10,920 334 654 595 358 552 1,096 1,271 9 Switzerland 11,960 3,455 3,455 298 -228 -127 -688 351 326 854 10 United Kingdom 58,736 38,502 38,502 4,005 3,744 6,165 -564 3,311 3,259 2,033 11 Channel Islands and Isle of Man1 n.a. -698 -698 -168 24 -73 -23 -198 20 12 Canada 5,956 10,985 10,985 129 948 -225 1,137 193 938 1,250 13 Latin America and Caribbean -17,812 -5,162 -5,162 -1,038 65 -2,935 -4,780 -1,508 1,833 3,931 14 Middle East2 9,189 1,789 1,789 234 515 826 664 -514 -105 249 15 Other Asia 12,494 20,728 20,728 1,725 3,222 620 -879 1,551 1,811 600 16 Japan 2,070 6,788 6,788 1,001 1,958 54 -806 1,148 414 65 17 Africa 415 -366 -366 -82 -20 72 -37 -31 -9 -7 18 Other countries 5 108 108 143 30 148 -299 61 202 503 19 Nonmonetary international and regional organizations -11 203 203 21 15 -1 -11 23 9 19 BONDS3 20 Foreign purchases 1,208,386 1,943,098 1,943,098 158,157 139,401 157,635 156,458 192,442 187,115 177,711 21 Foreign sales 871,416 1,549,376 1,549,376 126,225 111,998 132,936 137,848 144,773 156,019 155,238 22 Net purchases, or sales (-) 336,970 393,722 393,722 31,932 27,403 24,699 18,610 47,669 31,096 22,473 23 Foreign countries 337,074 393,157 393,157 31,913 27,511 24,501 18,455 47,841 30,853 22,442 24 Europe 180,917 202,577 202,577 14,208 12,464 9,625 9,659 22,352 16,172 8,067 25 France 2,216 5,028 5,028 618 1,154 -1,035 -573 601 270 330 26 Germany 4,067 12,362 12,362 114 -185 472 454 1,666 2,001 -12 27 Netherlands 1,130 1,538 1,538 576 -210 -297 457 83 -154 -637 28 Switzerland 3,973 5,721 5,721 294 291 628 -51 292 417 75 29 United Kingdom 141,223 159,937 159,937 12,043 10,067 8,759 9,672 17,261 12,928 5,975 30 Channel Islands and Isle of Man1 n.a. 2,000 2,000 330 203 106 93 355 69 404 31 Canada 13,287 4,595 4,595 822 485 -1,434 -644 1,335 25 892 32 Latin America and Caribbean 59,444 77,217 77,217 7,387 6,222 8,961 2,519 2,270 7,838 5,765 33 Middle East1 2,076 2,338 2,338 -24 -345 -22 8 307 432 455 34 Other Asia 78,794 106,813 106,813 9,646 8,815 7,569 7,281 21,044 6,593 7,721 35 Japan 39,356 34,099 34,099 5,187 3,452 1,641 1,066 15,243 1,104 -810 36 Africa 938 761 761 160 79 136 -6 272 71 37 Other countries 1,618 -1,144 -1,144 -286 -209 -334 -362 261 -278 —413 38 Nonmonetary international and regional organizations -70 566 566 19 -108 198 155 -172 243 31 Foreign securities 39 Stocks, net purchases, or sales (-) -13,088 -50,514 -50,514 -6,551 -6,345 -2,106 2,331 -3,096 2,792 -8,933 40 Foreign purchases 1,802,185 1,397,127 1,397,127 119,750 114,276 96,409 99,580 105,784 108,033 88,025 41 Foreign sales 1,815,273 1,447,641 1,447,641 126,301 120,621 98,515 97,249 108,880 105,241 96,958 42 Bonds, net purchases, or sales (-) -4,054 30,323 30,323 1,048 5,629 9,405 10,324 308 -1,214 -945 43 Foreign purchases 958,932 1,157,821 1,157,821 101,950 91,585 87,584 87,081 94,389 95,672 69,504 44 Foreign sales 962,986 1,127,498 1,127,498 100,902 85,956 78,179 76,757 94,081 96,886 70,449 45 Net purchases, or sales (-), of stocks and bonds -17,142 -20,191 -20,191 -5,503 -716 7,299 12,655 -2,788 1,578 -9,878 46 Foreign countries -17,278 -19,603 -19,603 -5,500 -684 7,159 12,657 -2,594 1,584 -9,810 47 Europe -25,386 -11,229 -11,229 2,100 1,368 6,267 5,993 -3,639 2,203 -9,809 48 Canada -3,888 2,543 2,543 405 299 -1,786 1,295 -804 -470 1,010 49 Latin America and Caribbean -15,688 3,730 3,730 -6,662 -444 711 2,663 -571 1,973 118 50 24,488 -12,248 -12,248 ^51 -1,587 1,608 2,534 3,070 -2,138 -1,494 51 Japan 20,970 -20,116 -20,116 -10 -1,535 616 -391 1,441 -3,575 -1,924 52 943 -557 -557 —47 -111 -25 -34 -565 191 134 53 Other countries 2,253 -1.842 -1,842 -845 -209 384 206 -85 -175 231 54 Nonmonetary international and regional organizations 150 -587 -587 -3 -32 140 -2 -194 -6 -68 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 Area or country J D a e n c .- . July Aug. Sept. Oct. 1 Total estimated -54,032 18,472 18,472 -3,445 -11,494 4,410 -1,990 14,969 12,676 10,497 2 Foreign countries -53,571 19,158 19,158 -3,237 -11,668 4,590 -2,138 14,884 12,902 10,531 3 Europe -50,704 -20,510 -20,510 -2,522 -8,223 321 -782 2,339 -5,850 278 4 Belgium2 73 -598 -598 -25 -343 42 174 -146 -9 202 5 Germany -7,304 -1,668 -1,668 -1,517 -970 67 -113 -392 54 1,075 6 Luxembourg2 n.a. 462 462 145 168 -64 -348 285 -5 -34 7 Netherlands 2,140 -6,728 -6,728 1,117 1,263 2,437 -2,653 -1,336 -701 -948 8 Sweden 1,082 -1,190 -1,190 -663 -114 593 1,037 -109 -197 9 Switzerland -10,326 1,413 1,413 -3 270 —44 979 -339 215 335 10 United Kingdom -33,669 -7,186 -7,186 -3,180 -7,844 —4,610 1,992 7,359 -7,374 2,007 11 Channel Islands and Isle of Man3 -179 -179 22 -64 11 -1 -34 7 -136 12 Other Europe and former U.S.S.R -2,700 -4,836 -4,836 1,582 -589 1,889 -1,849 -2,949 1,695 -2,026 13 Canada -550 -4,135 —4,135 161 -1,653 -356 -947 -3,091 -430 2,978 14 Latin America and Caribbean -4,914 5,046 5,046 -3,812 1,893 3,711 -541 3,998 6,266 -6,368 15 Venezuela 1,288 290 290 -126 248 -128 39 -129 103 3 16 Other Latin America and Caribbean -11,581 15,500 15,500 -545 -880 67 -524 4,065 8,393 -3,984 17 Netherlands Antilles 5,379 -10,744 -10,744 -3,141 2,525 3,772 -56 62 -2,230 -2,387 18 Asia 1,639 37,991 37,991 3,464 -3,940 576 -150 11,755 11,820 14,423 19 Japan 10,580 17,774 17,774 -3,920 -2,126 324 -3,329 16,640 1,737 4,379 20 Africa -414 -880 -880 -12 -65 -120 47 -396 53 -293 21 Other 1,372 1,646 1,646 -516 320 458 235 279 1,043 -487 22 Nonmonetary international and regional organizations -461 -208 174 -180 148 85 -226 -34 23 International ^183 -290 -290 -52 -90 103 -65 63 43 24 Latin American Caribbean regional 76 41 41 -2 -1 -3 0 43 -25 MEMO 25 Foreign countries -53,571 19,158 19,158 -3,237 -11,668 4,590 -2,138 14,884 12,902 10,531 26 Official institutions -6,302 3,489 3,489 -3,243 -741 343 2,549 2,239 6,266 1,061 27 Other foreign —47,269 15,669 15,669 -10,927 4,247 -4,687 12,645 6,636 9.470 Oil-exporting countries 28 Middle East4 3,483 865 865 316 -590 -308 -586 2,442 2,217 29 Africa5 0 -2 -2 3 2 -2 -2 0 0 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 • April 2002 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 2002 Sept. Oct. Nov. Dec. Jan. Feb. Exchange rates COUNTRY/CURRENCY UNIT I Australia/dollar2 64.54 58.15 51.69 50.36 50.42 51.65 51.38 51.70 51.28 2 Brazil/real 1.8207 1.8301 2.3527 2.6767 2.7408 2.5481 2.3635 2.3799 2.4242 3 Canada/dollar 1.4858 1.4855 1.5487 1.5679 1.5717 1.5922 1.5788 1.5997 1.5964 4 China, P.R./yuan 8.2783 8.2784 8.2770 8.2768 8.2768 8.2769 8.2761 8.2771 8.2767 5 Denmark/krone 6.9900 8.0953 8.3323 8.1654 8.2186 8.3832 8.3526 8.4183 8.5343 6 European Monetary Union/euro3 1.0653 0.9232 0.8952 0.9114 0.9050 0.8883 0.8912 0.8832 0.8707 7 Greece/drachma 306.30 365.92 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8 Hong Kong/dollar 7.7594 7.7924 7.7997 7.7997 7.7999 7.7996 7.7989 7.7989 7.7996 9 India/rupee 43.13 45.00 47.22 47.75 48.05 48.04 47.93 48.35 48.72 10 Japan/yen 113.73 107.80 121.57 118.61 121.45 122.41 127.59 132.68 133.64 11 Malaysia/ringgit 3.8000 3.8000 3.8000 3.8000 3.8001 3.8000 3.8000 3.8000 3.8002 12 Mexico/peso 9.553 9.459 9.337 9.425 9.339 9.225 9.157 9.164 9.105 13 New Zealand/dollar2 52.94 45.68 42.02 41.73 41.39 41.58 41.57 42.45 41.87 14 Norway/krone 7.8071 8.8131 8.9964 8.7691 8.8329 8.9296 8.9713 8.9684 8.9492 15 Singapore/dollar 1.6951 1.7250 1.7930 1.7494 1.8113 1.8295 1.8382 1.8394 1.8312 16 South Africa/rand 6.1191 6.9468 8.6093 8.6756 9.2804 9.7388 11.6761 11.6258 11.4923 17 South Korea/won 1,189.84 1,130.90 1,292.01 1,293.83 1,302.36 1,282.10 1,292.29 1,316.34 1,320.55 18 Sri Lanka/rupee 70.868 76.964 89.602 90.157 90.954 92.670 93.194 93.473 93.650 19 Sweden/krona 8.2740 9.1735 10.3425 10.6353 10.5661 10.6117 10.5753 10.4561 10.5501 20 Switzerland/franc 1.5045 1.6904 1.6891 1.6338 1.6357 1.6509 1.6566 1.6709 1.6970 21 Taiwan/dollar 32.322 31.260 33.824 34.575 34.583 34.498 34.682 35.027 35.073 21 Thailand/baht 37.887 40.210 44.532 44.331 44.750 44.411 43.952 44.036 43.854 23 United Kingdom/pound2 161.72 151.56 143.96 146.38 145.01 143.56 144.13 143.22 142.27 24 Venezuela/bolivar 606.82 680.52 724.10 743.46 743.22 745.10 753.64 762.40 898.51 Indexes4 NOMINAL 25 Broad (January 1997=100)= 116.87 119.67 126.09 125.97 126.86 127.33 127.52 129.15 129.74 26 Major currencies (March 1973=100)6 94.07 98.32 104.32 103.40 104.37 105.64 106.30 108.10 108.82 27 Other important trading partners (January 1997=100)7 129.94 130.33 136.34 137.49 138.08 137.19 136.62 137.68 137.96 REAL 28 Broad (March 1973=100)' . . 99.45r 102.94' 108.95r 109.06' 109.33' 109.70' 109.58' 111.01' 111.75 29 Major currencies (March 1973=100)6 97.08r 103.19r 110.75' 110.00' 110.85' 112.50' 112.69' 114.88' 115.89 30 Other important trading partners (March 1973=100)7 109.84r 110.10' 114.59' 115.78' 115.34' 114.18' 113.65' 114.27' 114.74 1. Averages of certified noon buying rates in New York for cable transfers. Data in this 4. Starting with the February 2002 Bulletin, revised index values resulting from the table also appear in the Board's G.5 (405) monthly statistical release. For ordering address, periodic revision of data that underlie the calculated trade weights are reported. For more see inside front cover. information on the indexes of the foreign exchange value of the dollar, see Federal Reserve 2. U.S. cents per currency unit. Bulletin, vol. 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 1,936.27 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 Special Tables and Statistical Releases SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin Reference Title and Date Issue Page Assets and liabilities of commercial banks December 31, 2000 May 2001 A64 March 31,2001 August 2001 A64 June 30, 2001 November 2001 A64 September 30, 2001 February 2002 A64 Terms of lending at commercial banks February 2001 May 2001 A66 May 2001 August 2001 A66 August 2001 November 2001 A66 November 2001 February 2002 A66 Assets and liabilities of U.S. branches and agencies of foreign banks December 31, 2000 May 2001 A72 March 31,2001 August 2001 A72 June 30, 2001 February 2002 A72 September 30,2001 March 2002 A65 Pro forma financial statements for Federal Reserve priced services * March 31,2001 August 2001 A76 June 30, 2001 October 2001 A64 September 30,2001 January 2002 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 STATISTICAL RELEASES—A List of Statistical Releases Published by the Federal Reserve is Printed Semiannually in the Bulletin Issue Page Schedule of anticipated release dates for periodic releases December 2001 A72 NOTE. The pro forma financial statements for Federal Reserve priced services will no longer be published in the Bulletin after the January 2002 issue. Year-end figures for 2001 will be available in the Board's 88th Annual Report, 2001 (http://www.federalreserve.gov/boarddocs/rptcongress), forthcoming. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 Federal Reserve Bulletin • April 2002 Index to Statistical Tables References are to pages A3-A62, 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 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, 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 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 Float, 5 Weekly reporting banks, 17, 18 Flow of funds, 37-41 Commercial banks Foreign currency operations, 10 Assets and liabilities, 15-21 Foreign deposits in U.S. banks, 5 Commercial and industrial loans, 15-21 Foreign exchange rates, 62 Consumer loans held, by type and terms, 36 Foreign-related institutions, 20 Real estate mortgages held, by holder and property, 35 Foreign trade, 51 Time and savings deposits, 4 Foreigners Commercial paper, 22, 23, 32 Claims on, 52, 55-7, 59 Condition statements (See Assets and liabilities) Liabilities to, 51-4, 58, 60, 61 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) Credit unions, 36 HOUSING, new and existing units, 46 Currency in circulation, 5, 13 Customer credit, stock market, 24 INCOME, personal and national, 42, 48, 49 Industrial production, 42, 44 DEBT (See specific types of debt or securities) Insurance companies, 27, 35 Demand deposits, 15-21 Interest rates Depository institutions Bonds, 23 Reserve requirements, 8 Consumer credit, 36 Reserves and related items, 4-6, 12 Federal Reserve Banks, 7 Deposits (See also specific types) Money and capital markets, 23 Commercial banks, 4, 15-21 Mortgages, 34 Federal Reserve Banks, 5, 10 Prime rate, 22 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 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

A65 Loans (See also specific types) Savings deposits (See Time and savings deposits) Commercial banks, 15-21 Savings institutions, 35, 36, 37^-1 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 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 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

102 Federal Reserve Bulletin • April 2002 Federal Reserve Board of Governors and Official Staff ALAN GREENSPAN, Chairman EDWARD M. GRAMLICH ROGER W. FERGUSON, JR., Vice Chairman SUSAN SCHMIDT BIES 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 DAVID M. WRIGHT, Assistant Director DONALD J. WINN, Assistant to the Board WILLIAM C. SCHNEIDER, JR., Project Director, DONALD L. KOHN, Adviser to the Board National Information Center WINTHROP P. HAMBLEY, Deputy Congressional Liaison NORMAND R.V. BERNARD, Special Assistant to the Board DIVISION OF INTERNATIONAL FINANCE JOHN LOPEZ, Special Assistant to the Board KAREN H. JOHNSON, Director BOB STAHLY MOORE, Special Assistant to the Board DAVID H. HOWARD, Deputy Director ROSANNA PIANALTO-CAMERON, Special Assistant to the Board THOMAS A. CONNORS, Associate Director DAVID W. SKIDMORE, Special Assistant to the Board DALE W. HENDERSON, Associate Director RICHARD T. FREEMAN, Deputy Associate Director LEGAL DIVISION WILLIAM L. HELKIE, Deputy Associate Director J. VIRGIL MATTINGLY, JR., General Counsel STEVEN B. KAMIN, Deputy Associate Director SCOTT G. ALVAREZ, Associate General Counsel JON W. FAUST, Assistant Director RICHARD M. ASHTON, Associate General Counsel JOSEPH E. GAGNON, Assistant Director KATHLEEN M. O'DAY, Associate General Counsel MICHAEL P. LEAHY, Assistant Director STEPHANIE MARTIN, Assistant General Counsel D. NATHAN SHEETS, Assistant Director ANN E. MISBACK, Assistant General Counsel RALPH W. TRYON, Assistant Director STEPHEN L. SICILIANO, Assistant General Counsel KATHERINE H. WHEATLEY, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS CARY K. WILLIAMS, Assistant General Counsel DAVID J. STOCKTON, Director OFFICE OF THE SECRETARY EDWARD C. ETTIN, Deputy Director DAVID W. WILCOX, Deputy 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 SHARON L. MOWRY, Visiting Assistant Secretary LAWRENCE SLIFMAN, Associate Director CHARLES S. STRUCKMEYER, Associate Director DIVISION OF BANKING SUPERVISION JOYCE K. ZICKLER, Deputy Associate Director AND REGULATION J. NELLIE LIANG, Assistant Director RICHARD SPILLENKOTHEN, Director S. WAYNE PASSMORE, Assistant Director STEPHEN C. SCHEMERING, Deputy Director DAVID L. REIFSCHNEIDER, Assistant Director HERBERT A. BIERN, Senior Associate Director JANICE SHACK-MARQUEZ, Assistant Director ROGER T. COLE, Senior Associate Director WILLIAM L. WASCHER, Assistant Director WILLIAM A. RYBACK, Senior Associate Director GERALD A. EDWARDS, JR., Associate Director ALICE PATRICIA WHITE, Assistant Director GLENN B. CANNER, Senior Adviser STEPHEN M. HOFFMAN, JR., Associate Director DAVID S. JONES, Senior Adviser JAMES V. HOUPT, Associate Director THOMAS D. SIMPSON, Senior Adviser JACK P. JENNINGS, Associate Director MICHAEL G. MARTINSON, Associate Director MOLLY S. WASSOM, Associate Director DIVISION OF MONETARY AFFAIRS HOWARD A. AMER, Deputy Associate Director VINCENT R. REINHART, Director NORAH M. BARGER, Deputy Associate Director DAVID E. LINDSEY, Deputy Director BETSY CROSS, Deputy Associate Director BRIAN F. MADIGAN, Deputy Director DEBORAH P. BAILEY, Assistant Director WILLIAM C. WHITESELL, Deputy Associate Director BARBARA J. BOUCHARD, Assistant Director JAMES A. CLOUSE, Assistant Director ANGELA DESMOND, Assistant Director WILLIAM B. ENGLISH, Assistant Director JAMES A. EMBERSIT, Assistant Director RICHARD D. PORTER, Senior Adviser CHARLES H. HOLM, Assistant Director WILLIAM G. SPANIEL, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARK W. OLSON 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 JOSEPH H. HAYES, JR., Assistant Director IRENE SHAWN MCNULTY, Assistant Director EDGAR A. MARTINDALE III, Assistant Director MARSHA W. REIDHILL, Assistant Director OFFICE OF JEFF J. STEHM, Assistant Director STAFF DIRECTOR FOR MANAGEMENT JACK K. WALTON, Assistant Director STEPHEN R. MALPHRUS, Staff Director OFFICE OF THE INSPECTOR GENERAL SHEILA CLARK, EEO Programs Director BARRY R. SNYDER, Inspector General MANAGEMENT DIVISION DONALD L. ROBINSON, Deputy Inspector General WILLIAM R. JONES, Director STEPHEN J. CLARK, Associate Director DARRELL R. PAULEY, Associate Director DAVID L. WILLIAMS, Associate Director CHRISTINE M. FIELDS, Assistant Director DIVISION OF INFORMATION TECHNOLOGY RICHARD C. STEVENS, Director MARIANNE M. EMERSON, Deputy Director MAUREEN T. HANNAN, Associate Director TILLENA G. CLARK, Assistant Director GEARY L. CUNNINGHAM, Assistant Director WAYNE A. EDMONDSON, Assistant Director Po KYUNG KIM, Assistant Director SUSAN F. MARYCZ, Assistant Director RAYMOND ROMERO, Assistant Director ROBERT F. TAYLOR, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 Federal Reserve Bulletin • April 2002 Federal Open Market Committee and Advisory Councils FEDERAL OPEN MARKET COMMITTEE MEMBERS ALAN GREENSPAN, Chairman WILLIAM J. MCDONOUGH, Vice Chairman SUSAN SCHMIDT BIES JERRY L. JORDAN ANTHONY M. SANTOMERO ROGER W. FERGUSON, JR. ROBERT D. MCTEER, JR. GARY H. STERN EDWARD M. GRAMLICH MARK W. OLSON ALTERNATE MEMBERS J. ALFRED BROADDUS, JR. MICHAEL H. MOSKOW JAMIE B. STEWART, JR. JACK GUYNN ROBERT T. PARRY STAFF DONALD L. KOHN, Secretary and Economist CHRISTINE M. CUMMING, Associate Economist NORMAND R.V. BERNARD, Deputy Secretary DAVID H. HOWARD, Associate Economist GARY P. GILLUM, Assistant Secretary DAVID E. LINDSEY, Associate Economist MICHELLE A. SMITH, Assistant Secretary LORETTA J. MESTER, Associate Economist J. VIRGIL MATTINGLY, JR., General Counsel STEPHEN D. OLINER, Associate Economist THOMAS C. BAXTER, JR., Deputy General Counsel ARTHUR J. ROLNICK, Associate Economist KAREN H. JOHNSON, Economist HARVEY ROSENBLUM, Associate Economist VINCENT R. REINHART, Economist MARK S. SNIDERMAN, Associate Economist DAVID J. STOCKTON, Economist DAVID W. WILCOX, Associate Economist THOMAS A. CONNORS, Associate Economist DINO KOS, Manager, System Open Market Account FEDERAL ADVISORY COUNCIL DAVID A. DABERKO, President L. M. BAKER, JR., Vice President DAVID A. SPINA, First District ALAN G. MCNALLY, Seventh District DAVID A. COULTER, Second District DAVID W. KEMPER, Eighth District RUFUS A. FULTON, JR., 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 Vacancy, Twelfth District JAMES ANNABLE, Co-Secretary WILLIAM J. KORSVIK, Co-Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER ADVISORY COUNCIL DOROTHY BROADMAN, Falls Church, Virginia, Chairman RONALD A. REITER, San Francisco, California, Vice Chairman ANTHONY S. ABBATE, Saddlebrook, New Jersey PATRICK LIDDY, Cincinnati, Ohio JANIE BARRERA, San Antonio, Texas RUHI MAKER, Rochester, New York KENNETH BORDELON, Baton Rouge, Louisiana OSCAR MARQUIS, Park Ridge, Illinois TERESA A. BRYCE, St. Louis, Missouri PATRICIA MCCOY, Cleveland, Ohio MANUEL CASANOVA, JR., Brownsville, Texas JEREMY NOWAK, Philadelphia, Pennsylvania CONSTANCE K. CHAMBERLIN, Richmond, Virginia ELIZABETH RENUART, Boston, Massachusetts ROBERT M. CHEADLE, Ada, Oklahoma DEBRA REYES, Tampa, Florida ROBIN COFFEY, Chicago, Illinois BENSON ROBERTS, Washington, District of Columbia LESTER W. FIRSTENBERGER, Pittsfield, New Hampshire AGNES BUNDY SCANLAN, Boston, Massachusetts THOMAS FITZGIBBON, Chicago, Illinois RUSSELL W. SCHRADER, San Francisco, California LARRY HAWKINS, Houston, Texas FRANK TORRES, III, Washington, District of Columbia EARL JAROLIMEK, Fargo, North Dakota HUBERT VAN TOL, Sparta, Wisconsin THRIFT INSTITUTIONS ADVISORY COUNCIL MARK H. WRIGHT, San Antonio, Texas, President KAREN L. MCCORMICK, Port Angeles, Washington, Vice President JOHN B. DICUS, Topeka, Kansas KEVIN E. PIETRINI, Virginia, Minnesota RONALD S. ELIASON, Provo, Utah HERBERT M. SANDLER, Oakland, California D. R. GRIMES, Alpharetta, Georgia WILLIAM J. SMALL, Defiance, Ohio JAMES F. MCKENNA, Brookfield, Wisconsin EVERETT STILES, Franklin, North Carolina CHARLES C. PEARSON, JR., Harrisburg, Pennsylvania DAVID L. VIGREN, Rochester, New York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 Federal Reserve Bulletin • April 2002 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 1996--2000 March 2002 352 pp. $25.00 Businesses Series on the Structure of the Federal Reserve System The Board of Governors of the Federal Reserve System SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SERIES OF The Federal Open Market Committee CHARTS. Weekly. $30.00 per year or $.70 each in the United Federal Reserve Bank Board of Directors States, its possessions, Canada, and Mexico. Elsewhere, Federal Reserve Banks $35.00 per year or $.80 each. A Consumer's Guide to Mortgage Lock-Ins REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL A Consumer's Guide to Mortgage Settlement Costs RESERVE SYSTEM. A Consumer's Guide to Mortgage Refinancings ANNUAL PERCENTAGE RATE TABLES (Truth in Lending— Home Mortgages: Understanding the Process and Your Right Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp. to Fair Lending Vol. II (Irregular Transactions). 1969. 116 pp. Each volume How to File a Consumer Complaint about a Bank (also available $5.00. in Spanish) GUIDE TO THE FLOW OF FUNDS ACCOUNTS. January 2000. In Plain English: Making Sense of the Federal Reserve 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. Privacy Choices for Your Personal Financial Information The Payment System Handbook. $75.00 per year. When Is Your Check Not a Check? 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

A71 STAFF STUDIES: Only Summaries Printed in the 167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANK- ING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING BULLETIN PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, Studies and papers on economic and financial subjects that are of by Stephen A. Rhoades. July 1994. 37 pp. general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and 170. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGU- 169 are out of print, but photocopies of them are available. Staff LATIONS: AN ANALYSIS OF EXPERIENCE WITH THE TRUTH Studies 165-174 are available on line at www.federalreserve.gov/ 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

108 Federal Reserve Bulletin • April 2002 Maps of the Federal Reserve System 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

A73 1-A 2-B 3-C 4-D 5-E ,. Pittsburgh NBaltimore MD ME NY V T T/ , - Xr ' 1 / f, /C T # WV GFBTFTFI • Ciiu iniiati Buttalo DE •Charloiie MA CT " / NY KY BOSTON PHILADELPHIA CLEVELAND RICHMOND NEW YORK 6-F 8-H TN—»- • Nashville Birmingham^i ;•• ,:>*.« rJmtmmsville tfa . JjpjfUTTiT U • " ' v^"" t lacksom\ i 1 le #llemphis NEW Orlean s Little / ^ Rock ,<FLBH Miami AL TLANTA CHICAGO ST. LOUIS 9-1 MINNEAPOLIS 10-J 12-L WY NB Omaha* MO MM K£> Denver NM OklMahomMa CiHt\ OK KANSAS CITY 11-K NM DALLAS SAN FRANCISCO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 Federal Reserve Bulletin • April 2002 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 O. Taylor Cathy E. Minehan James J. Norton Paul M. Connolly NEW YORK* 10045 Peter G. Peterson William J. McDonough Gerald M. Levin Jamie B. Stewart, Jr. Buffalo 14240 Patrick P. Lee 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 V. Larkin Martin Lee C. Jones Jacksonville 32231 Marsha G. Rydberg Christopher L. Oakley Miami 33152 Rosa Sugranes James T. Curry III Nashville 37203 Beth Dortch Franklin Melvyn K. Purcell1 New Orleans 70161 R. Glenn Pumpelly Robert J. Musso1 CHICAGO* 60690 Robert J. Darnall Michael H. Moskow W. James Farrell 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 A. Rogers Yarnell, II Robert A. Hopkins Louisville 40232 J. Stephen Barger Thomas A. Boone Memphis 38101 Russell Gwatney Martha Perine Beard MINNEAPOLIS 55480 Ronald N. Zwieg Gary H. Stern Linda Hall Whitman James M. Lyon Helena 59601 Thomas O. Markle Samuel H. Gane KANSAS CITY 64198 Terrence P. Dunn Thomas M. Hoenig Richard H. Bard Richard K. Rasdall Denver 80217 Robert M. Murphy Maryann Hunter1 Oklahoma City 73125 Patricia B. Fennell Dwayne E. Boggs Omaha 68102 Bob L. Gottsch Steven D. Evans DALLAS 75201 H. B. Zachry, Jr. Robert D. McTeer, Jr. Patricia M. Patterson Helen E. Holcomb El Paso 79999 Gail Darling Sammie C. Clay Houston 77252 Edward O. Gaylord Robert Smith III1 San Antonio 78295 Ron Harris 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 Richard B. Hornsby Salt Lake City 84125 H. Roger Boyer Andrea P. Wolcott Seattle 98124 Boyd E. Givan 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