Federal Reserve Bulletin, 2002-05

Volume 88 • Number 5 • May 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 235 U.S. INTERNATIONAL TRANSACTIONS Publication of consumer guide on electronic IN 2001 check conversion transactions. The U.S. current account deficit narrowed Release of minutes of Board discount rate noticeably in 2001. Both imports and exports meetings. of goods and services fell during the year in response to a global weakening of economic 251 LEGAL DEVELOPMENTS activity. The decline in the deficit followed a Various bank holding company, bank service substantial widening during most of the past corporation, and bank merger orders; and penddecade. For 2001, a smaller merchandise trade ing cases. deficit and a slightly larger surplus in trade in services offset a continued widening of the deficit on investment income. The U.S. current AI FINANCIAL AND BUSINESS STATISTICS account deficit is the counterpart of a net inflow These tables reflect data available as of of foreign capital that represents a source of March 27, 2002. saving (of more than $400 billion) to help finance U.S. domestic investment. To finance the U.S. current account deficit, net private capital A3 GUIDE TO TABLES flowed in at a record pace in 2001 and included A4 Domestic Financial Statistics unprecedented net inflows through private secu- A42 Domestic Nonfinancial Statistics rities transactions. A50 International Statistics If economic activity grows faster in the United States than abroad in 2002, as most A63 GUIDE TO SPECIAL TABLES AND forecasters expect, the U.S. external deficit will STATISTICAL RELEASES widen, as U.S. imports of goods and services are likely to expand more rapidly than U.S. exports A76 INDEX TO STATISTICAL TABLES of goods and services. The degree to which the deficit widens will depend largely on the A78 BOARD OF GOVERNORS AND STAFF strength of the economic recovery in our principal trading partners and on the financial effects of that recovery and of the past appreciation of A80 FEDERAL OPEN MARKET COMMITTEE AND the dollar. STAFF; ADVISORY COUNCILS 248 ANNOUNCEMENTS A82 FEDERAL RESERVE BOARD PUBLICATIONS Final rule on risk weighting for claims on securities firms. A84 MAPS OF THE FEDERAL RESERVE SYSTEM Revisions to staff commentary on Regulation Z A86 FEDERAL RESERVE BANKS, BRANCHES, (Truth in Lending). AND OFFICES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. International Transactions in 2001 William L. Helkie, of the Board's Division of Interna- developments was a $28 billion narrowing in the tional Finance, prepared this article. Sara B. Holland goods and services deficit for 2001 (table 1). provided research assistance. The deficit in investment income widened slightly. Higher net payments on the growing net portfolio The U.S. current account deficit narrowed noticeably liability position were nearly offset by higher net in 2001. Both imports and exports of goods and receipts from direct investment. Weak growth abroad services fell during the year in response to a global and the effect of lower oil prices on the profitability weakening of economic activity. The decline in the of U.S. energy companies lowered the return on U.S. deficit followed a substantial widening during most foreign direct investment assets; slower growth in the of the past decade. For 2001, a smaller merchandise United States reduced the return on foreign direct trade deficit and a slightly larger surplus in trade in investment assets in the United States by an even services offset a continued widening of the deficit on greater amount. The deficit on unilateral transfers investment income. narrowed slightly. Meager foreign economic growth and the contin- Although smaller than the deficit in 2000, the U.S. ued real appreciation of the dollar throughout the current account deficit in 2001 was still large relative year induced a $61 billion decline in the value of U.S. to U.S. historical experience (chart 1). The U.S. curexports of goods and services. The slowing in the rent account deficit is the counterpart of a net inflow U.S. economy caused imports of goods and services of foreign capital that represents a source of saving to fall even more—$89 billion. In the third quarter (of more than $400 billion) to help finance U.S. the deficit declined further, but only temporarily, domestic investment. To finance the U.S. current because payments for imported services were reduced account deficit, net private capital flowed in at a by a one-time large estimated insurance payment record pace in 2001 and included unprecedented net from foreign insurers (reported on an accrual basis) inflows through private securities transactions. Net related to the destruction caused by the terrorist official capital outflows were slight. The statistical attacks of September 11. The net effect of these discrepancy in the U.S. international accounts was 1. U.S. international transactions, 1997-2001 Billions of dollars except as noted Trade in goods and services, net Goods Services Investment income, net Compensation of employees, net Unilateral current transfers, net ... Hi Current account balance 140 -217 L. mm Official capital, net 18 -27 Q Private capital, net 254 172 IjSjtlSSSJ Financial account balance 272 145 377 443 ^jgg Capital account balance 0 1 -3 1 Statistical discrepancy -132 72 -49 j4 •IMl t balance as percent of GDP .... -2.5 -3.5 -4.5 -4.1 NOTE. Here and in the following tables, components may not sum to totals SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis because of rounding. (BEA), U.S. international transactions accounts. 1. Percentage point change. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 Federal Reserve Bulletin • May 2002 1. U.S. external balances, 1970-2001 losses were especially large following the terrorist attacks of September 11, which had extremely adverse effects on certain sectors of the economy— most notably the air transportation and hospitality industries. Growth of household spending slowed last year but remained sufficiently strong to provide an important source of support to overall final demand. Consumption spending was stimulated last year by lower interest rates, cuts in federal taxes, declining energy prices, and, in the autumn, higher spending on motor vehicles arising from automaker's aggressive marketing of financial incentives to consumers. After September 11, spending declined in certain travel- and tourism-related categories including air transportation, hotels and motels, and recreation services. NOTE. The data are annual. SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis Favorable mortgage interest rates helped sustain real (BEA). expenditures on housing. In all, however, the slowing of household spending, combined with the sharp drop negative, indicating either small unrecorded net in business spending, led to a decline in real imports capital outflows or an underreporting of the current in 2001. account deficit. Foreign Economic Activity MAJOR ECONOMIC INFLUENCES ON U.S. INTERNATIONAL TRANSACTIONS A substantial weakening of economic growth in foreign economies in 2001 contributed to a decline in Several factors had a significant influence on U.S. U.S. exports. Early in the year, activity abroad was international transactions in 2001: cyclical movedepressed by high oil prices, the global slump in the ments in U.S. and foreign economic activity, a decline high-tech sector, and spillover from the U.S. ecoin primary commodity prices, movements in U.S. nomic slowdown. The September terrorist attacks international price competitiveness, swings in the further heightened economic uncertainty. The weakrates of return on real and financial assets at home ening in economic activity abroad prompted some and abroad, and the terrorist attacks of September 11. foreign central banks to reduce interest rates and some foreign governments to take stimulative fiscal U.S. Economic Activity measures. Despite these actions, growth in foreign economies was near zero on average over the year In 2001 the U.S. economy turned in its weakest (table 2). performance in a decade, and the slowing pace of Among the major foreign industrial economies, the activity contributed to a decline in U.S. imports. Real weakest performer was Japan, where output declined gross domestic product increased at an annual rate of nearly 2 percent and unemployment rose. The dete- 3A percent in the first half of the year and remained rioration continued a decade-long pattern of poor virtually stagnant in the second half (table 2). economic performance. Private investment slumped Although the effects of the weakening economy were as firms slashed capital spending amid a worsened broadly felt, the manufacturing sector was especially outlook for profits. In addition, exports fell sharply; hard hit. Faced with slumping demand both in the the drop in sales of high-tech products was particu- United States and abroad, manufacturers cut produc- larly steep. Private consumption remained sluggish tion aggressively to limit excessive buildups of inven- because of declines in household incomes. The tories relative to sales. In addition, businesses sharply scaling-back of the large public works programs of reduced their investment spending with particularly recent years more than offset the effect on growth dramatic cuts in outlays for high-technology equip- from the additional spending contained in several ment. Firms trimmed payrolls through most of the supplemental budgets. year, and by year-end the unemployment rate moved The Canadian economy, which had been growing up 13A percentage points, to around 53A percent. Job at a rapid pace, slowed abruptly. Real GDP in Canada Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. International Transactions in 2001 237 rose less than 1 percent last year after growth of more supported by ongoing fiscal stimulus and record than 3 percent in 2000. A key factor in the slowing inflows of foreign direct investment. was the sharp drop-off in Canadian exports to the Economic activity in the major Latin American United States. An inventory correction depressed out- economies weakened significantly in 2001. Real GDP put, while consumption was buoyed by continued in Mexico contracted steadily, with a sharp reduction employment growth, tax cuts, and a housing boom. in export demand from the United States contributing The euro area eked out an increase in real GDP to a decline in confidence and a marked weakening of of less than 1 percent, a sharp slowing from the domestic demand. Accordingly, the drop in Mexico's 3 percent increase in 2000. Activity was restrained exports was matched by an almost identical drop in by declines in fixed investment and inventory its imports. The situation in Argentina, already diffiinvestment and a continuation of sluggish growth in cult when the year began, deteriorated further; the consumption. country eventually defaulted on its debt and, in early Growth in most emerging market economies in 2002, abandoned its fixed exchange rate regime. By Asia and Latin America slowed sharply last year. the end of the year, the Argentine economy was Asian developing economies were particularly hard essentially in free fall, and real GDP declined nearly hit by the falloff in demand for their high-tech exports 10 percent for 2001. In Brazil, real activity also and by the slowing of activity among their industrial- contracted; performance there was constrained by a country trading partners. High-tech exports from the severe drought and by spillovers from the crisis in region began to decline late in 2000. The emerging Argentina that triggered a rapid tightening of mone- Asian economies particularly dependent on such tary policy in an effort to defend the currency. exports—Korea, Taiwan, Malaysia, and Singapore— were among the first to slow in the recent global downturn, and real GDP growth in these economies turned negative in the latter part of 2000 or early Primary Commodity Prices in 2001. However, as 2001 neared conclusion, global high-tech demand appeared to stabilize, and mount- Oil prices declined significantly during 2001 from ing evidence suggested that the region was moving the unusually high levels that prevailed in 2000. The toward recovery. In China, the available data indicate spot price of West Texas intermediate (WTI) crude that growth remained strong last year, notwithstand- decreased about $10 per barrel during the year, with ing some slowing of export growth; activity was much of the decline occurring after September 11 2. Change in real GDP in the United States and abroad, 1998-2001 Percent, annual rate 1999 2000 2001 Area 1998 1999 2000 2001 H2 HI H2 HI H2 United S,ta te*s KM 4.8 4.4 2.8 .5 6.5 4.0 1.6 .8 .1 Total foreign 1.6 4.8 4.0 .1 5.4 5.4 2.6 .0 .0 Asian emerging markets1 -2.0 8.7 6.3 .7 8.0 8.0 4.6 -1.6 3.0 China 9.5 4.1 8.0 7.5 7.4 9.7 6.3 7.9 7.1 Indonesia -18.0 6.0 7.3 1.2 .4 9.1 5.7 1.2 1.0 Korea -5.2 13.8 5.1 4.4 12.5 7.7 2.6 3.0 5.8 Malaysia -10.9 11.5 6.4 -.9 9.6 6.1 6.7 -5.8 4.3 Philippines -2.3 5.1 3.9 3.8 3.4 5.0 2.9 3.5 4.0 Taiwan 3.4 6.5 3.9 -1.8 3.9 6.4 1.5 -5.8 2.3 SiSs^. x *' . 'i Latin America2 1.3 4.3 4.5 -1.6 5.6 6.9 2.2 -1.2 -2.0 Argentina -.5 -.9 -1.9 -9.9 2.8 -4.2 .4 -1.7 -17.4 Brazil -1.1 4.2 4.1 -2.3 4.5 4.2 4.1 .4 -5.0 Mexico 2.9 5.4 4.9 -1.5 6.7 8.0 1.8 -1.6 -1.3 Venezuela -4.6 -4.1 5.7 1.6 -3.0 8.4 2.9 2.1 1.1 Canada 4.2 5.1 3.5 .9 5.6 4.0 3.1 .7 European Union 2.3 4.4 3.3 .6 5.2 3.8 2.8 .9 .2 Japan -1.3 .6 2.3 -1.9 -.8 5.6 -1.0 -.4 -3.3 ''•Psi'-'- NOTE. Aggregate measures are weighted by moving bilateral shares in U.S. 2. Weighted average of Argentina, Brazil, Chile, Colombia, Mexico, and exports of merchandise. Annual data are four-quarter changes. Half-yearly data Venezuela. are calculated as Q4/Q2 or Q2/Q4 changes at an annual rate. SOURCE. Various national sources. 1. Weighted average of China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 Federal Reserve Bulletin • May 2002 2. Oil prices, 1986-2001 and Russia) in which OPEC agreed to reduce its production targets an additional 1.5 million barrels per day, and the other producers agreed to reduce oil supplies a total of 462,500 barrels per day. Prices of non-oil primary commodities, which fell steadily through most of 2001, reached a fourteenyear low in October (chart 3). Prices stabilized near year-end as the prospect of improving global economic conditions led to a slight uptick in prices, especially in the cyclically sensitive categories of agricultural raw materials and metals. Prices of nonoil primary commodities had fallen from the onset of the Asian crisis, in 1997, through the first half of 1999, a period of weak global demand for these commodities and large increases in supply that emanated from the high prices of the mid-1990s (espe- NOTE. The data are monthly. SOURCE. Wall Street Journal and BEA. cially for agricultural products). Prices rebounded slightly in the second half of 1999 with the pickup in global economic growth, but they subsequently fell through most of 2000 as the dollar climbed and (chart 2). During the first eight months of 2001, global economic activity decelerated. weakened demand for oil and increased non-OPEC supply were largely offset by OPEC production restraint, and the spot price of WTI averaged $28 per barrel. After a brief, sharp uptick in oil prices in U.S. Price Competitiveness the wake of the terrorist attacks, oil prices dropped sharply in response to a decline in jet fuel consump- Changes in the price competitiveness of U.S. exporttion, weaker economic activity, and reassurances and import-competing industries depend on the relafrom Saudi Arabia that supply would be forthcoming. tive movements of inflation rates here and abroad During the fourth quarter, some members of OPEC and on changes in the foreign exchange value of the appeared unwilling to continue sacrificing market dollar. In the United States, a sharp drop in energy share to defend higher oil prices, and oil prices con- prices reduced the inflation rate during 2001 (chart 4). tinued to drift lower. In late December, however, Inflation of core consumer prices (consumer prices OPEC worked out an arrangement with several non- less food and energy items) leveled off and, by some OPEC producers (Angola, Mexico, Norway, Oman, measures, moved lower last year. Also helping to 4. Change in U.S. and foreign consumer price indexes, 3. Prices of world non-oil primary commodities, 1986-2001 1998-2001 NOTE. The data are monthly. NOTE. Fourth quarter to fourth quarter. The index for foreign countries is a SOURCE. International Monetary Fund, International Financial Statistics, weighted average of foreign G-7 countries. The weights are shares in foreign index of non-oil commodity prices in dollars. GDP. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. International Transactions in 2001 239 keep a lid on core consumer prices were weakening amount, against an index of the currencies of the economic activity, the indirect effects of falling most important developing-country trading partners energy prices on firm's costs, the sustained vigorous of the United States. productivity performance by U.S. workers, and con- The magnitude of the dollar's appreciation differed tinued strong competitive pressures. across the major currencies. The dollar showed par- Foreign inflation also fell in 2001. Inflation rates in ticular strength against the Japanese yen, appreciating the foreign Group of Seven (G-7) countries were, on 15 percent. The weakness of the yen reflected ongoaverage, lower than U.S. rates (chart 4). The easing ing structural problems in the Japanese economy and of average inflation abroad, as in the United States, its relapse into recession. Relative to the euro, the reflected the weakness of activity and the net decline dollar appreciated more than 5 percent, on balance, in global oil prices over the year. In addition, all over the course of last year. The dollar's movements major foreign industrial countries operated below against the euro appear to have been mainly influtheir estimated potential rates of output (some consid- enced by market perceptions of the strength of ecoerably so). Passthrough effects from the depreciation nomic activity in the United States relative to that in of exchange rates in Canada, the United Kingdom, the euro area. In the early part of the year, the euro and the euro area were barely perceptible. weakened as evidence mounted that the economic The dollar's average foreign exchange value grew slowdown that was already apparent in the United stronger through most of the year, appreciating States as the year began was also taking hold in 3LA percent on a real trade-weighted basis in terms of Europe. During the summer, the euro rose against the an index of a broad group of U.S. trading partners dollar as market participants appeared to revise (chart 5). The dollar continued to rise despite mount- downward their expectation of an early U.S. recoving evidence of weakening U.S. economic activity ery. The euro declined later in the year on signs of a and a significant easing of monetary policy by the further weakening of activity in Europe. Relative to Federal Open Market Committee. Market partici- the Canadian dollar, the dollar appreciated 6 percent pants may have felt that the falloff in economic in 2001, a move reflecting the depressed level of growth in foreign economies and expectations that primary commodity prices. the United States offered stronger prospects for eco- Against a weighted average of the currencies of nomic growth in the future outweighed disappoint- developing-country trading partners, the dollar appreing U.S. economic performance in the near term. The ciated more than 2 percent in real terms. The dollar dollar's average foreign exchange value against appreciated 3Vz percent against a weighted average the currencies of other major industrial countries of Asian developing countries, whose economies recorded a net increase of 8 percent over the year as were particularly depressed. The dollar appreciated a whole. The dollar also strengthened, but by a lesser 1 percent on a trade-weighted average basis against the currencies of Latin American trading partners, but it depreciated 5V2 percent against the Mexican peso. The contrary move against the peso apparently 5. Foreign exchange value of the U.S. dollar, 1990-2001 reflected a view in the market that Mexico's recent success in significantly reducing inflation would persist. DEVELOPMENTS IN U.S. TRADE IN GOODS AND SERVICES The U.S. trade deficit in goods and services was noticeably smaller in 2001 than in 2000 (table 3). The narrowing of the external balance primarily reflected the retarding effect on imports of the sharp slowdown in economic growth in the United States; that effect exceeded the drag on exports arising from slower economic growth abroad and the increasing price NOTE. Foreign currency units per dollar. The broad index covers a large group of important U.S. trading partners. For data before January 1999, the competitiveness of foreign goods as the dollar continrestated German mark is used for the euro exchange rate. The data are monthly. ued to appreciate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 Federal Reserve Bulletin • May 2002 Exports also decreased as industrial production declined in most of the U.S. principal trading partners. Although The value of exports of goods and services fell exports of automotive products fell during 2001 as $61 billion in 2001 after a rather large increase in well, shipments of automotive products rose during 2000 (table 3). Service receipts declined 3 percent the second and third quarters (especially for parts to after a rise of 1XU percent in 2000; much of the Canada destined ultimately to be used in U.S. markets decline was in receipts from foreign travelers in the and for vehicles to Canada), an increase reflecting United States because travel and tourism plunged the resilience of the North American consumer. Two after the terrorist attacks of September 11. Receipts categories of exports rose during 2001—aircraft; and from foreigners for other services changed little, on foods, feeds, and beverages. The increase in aircraft balance, over the year. exports reflected continued strong deliveries to devel- The value of goods exports declined 6^2 percent oping countries, especially Singapore, China, and after having expanded 13 percent in 2000. The falloff Brazil. Deliveries to Canada rose, while exports to affected almost all major categories of goods; the Western Europe and Japan fell. The increase in largest moves by far, however, were in high-tech exports of foods, feeds, and beverages was primarily capital goods and other machinery, a slump reflecting driven by higher shipments to Latin America, espethe effect of the global slowdown on investment in cially Mexico. general and especially in spending on high-tech prod- The widespread nature of the economic slowdown ucts. The decline in exported industrial supplies was caused the value of exported goods to decline for all mostly accounted for by a fall in prices, but quantities major market destinations (table 4). The bursting of 3. U.S. international trade in goods and services, 1998-2001 Billions of dollars except as noted Change PPeerrcceenntt IItteemm 11999988 11999999 22000000 22000011 cchhaannggee,, 1998-99 1999-2000 2000-01 22000000--0011 Balance (exports less imports) -167 -262 -376 -348 -95 -114 28 Exports 933 957 1,066 1,005 25 108 -61 -6 Services 262 273 293 284 11 21 -10 -3 Goods 670 685 772 721 14 88 -51 -7 Capital equipment 300 311 357 322 11 46 -35 -10 Aircraft and parts 54 53 48 53 -1 -5 5 10 Computer equipment1 45 47 56 48 1 9 -8 -14 Semiconductors 38 47 60 45 9 13 -15 -25 Telecommunications equipment .... 24 25 31 28 1 6 -3 -11 Other machinery and equipment ... 140 139 162 149 0 23 -13 -8 Industrial supplies 148 147 172 160 -1 25 -12 -7 Automotive vehicles and parts 72 75 80 75 3 5 -6 -7 Consumer goods 80 82 91 90 2 9 -1 -1 Foods, feeds, and beverages 46 46 47 49 -1 2 2 3 Other 23 24 25 25 0 1 0 0 Imports 1,100 1,219 1,441 1,352 120 222 -89 -6 Services 182 189 217 205 7 28 -12 -6 Goods 917 1,030 1,224 1,147 113 194 -77 -6 Oil 51 68 120 104 17 52 -16 -14 Non-oil 866 962 1,104 1,044 96 142 -61 -5 Capital equipment 269 295 347 298 26 51 -49 -14 Aircraft and parts 22 24 26 31 2 3 5 18 Computer equipment1 72 81 90 74 9 8 -16 -18 Semiconductors 33 38 48 30 4 ll«f -18 -37 Telecommunications equipment 16 21 32 24 5 11 -8 -25 Other machinery and equipment 126 131 150 138 5 19 -12 -8 Industrial supplies 152 157 183 174 5 26 -8 -5 Automotive vehicles and parts 149 179 196 190 30 17 -6 -3 Consumer goods 217 242 282 284 25 40 2 1 Foods, feeds, and beverages 41 44 46 47 2 2 1 2 Other 38 46 51 51 8 6 0 0 1. Computers, peripherals, and parts. SOURCE. BEA, U.S. international transactions accounts. . . . Not applicable. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. International Transactions in 2001 241 4. Distribution of U.S. exports of goods, (excluding Japan) account for 16 percent of U.S. by selected regions and countries, 1998-2001 goods exports. Exports of goods to Canada (22 per- Billions of dollars cent of all U.S. goods exports), also fell noticeably, Change, primarily in the capital goods and automotive prod- Destination 1998 1999 2000 2001 2000-01 ucts categories. The decline to Mexico (14 percent of All 670 685 772 721 -51 U.S. exported goods) was primarily in industrial sup- Western Europe 159 163 179 172 -7 plies and capital goods and reflected the fall in Mexican industrial production. In contrast, exports of auto- Canada 157 167 179 164 -15 motive parts to Mexico (mostly shipped back to the Latin America 142 142 170 159 -11 Mexico 79 87 111 101 -10 United States as part of assembled vehicles) declined Other 64 55 59 58 -1 ,. only marginally as U.S. demand for motor vehicles Asia 153 160 192 172 -20 held up and exports of vehicles rose slightly. Japan 56 56 64 56 -8 Emerging markets1 97 104 128 116 -12 In Western Europe, the economic downturn, although steep, was less severe than in East Asia and Other 59 53 52 54 t the Western Hemisphere; hence, exports to Western 1. China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. Europe were somewhat less affected last year and fell SOURCE. BEA, U.S. international transactions accounts. less than 4 percent. The decline, which was entirely in capital goods and industrial supplies, was driven the high-tech bubble concentrated the largest decline by declines in industrial production. Increases were in total goods exports in those countries in Asia recorded in U.S. exports of consumer goods, automo- (excluding Japan) that are most heavily invested in tive products and foods. high-tech manufacturing. Exports to these countries The quantity of exports fell 11 percent in 2001 (Q4 to Q4) after having posted increases the previous 5. Change in the quantity of U.S. exports and imports three years (table 5). All major categories of exports of goods and services, 1998-2001 Percent 6. Change in the prices of U.S. exports and imports Item 1998 1999 2000 2001 of goods and services, 1998-2001 Exports 2 5 7 -11 Percent Services 3 2 4 -7 Item 1998 1999 2000 2001 Goods 2 6 8 -13 Capital equipment1 4 7 13 -20 -3 1 2 -1 Aircraft and parts 47 -17 -14 -3 Computer equipment2 8 14 23 -23 0 2 4 0 Semiconductors 9 35 27 -35 -4 0 l| -2 Other machinery and equipment ... -8 8 14 -19 Capital equipment -3 I -1 j 0 -1 Industrial supplies -2 6 7 -7 Aircraft and parts 1 3 5 5 Automotive vehicles and parts -3 2 0 -6 Computer equipment -13 -7 -4 -5 Consumer goods 3 6 6 -6 Semiconductors -6 -5 -5 Foods, feeds, and beverages —3 3 2 5 Other machinery and equipment ... 0 0 1 0 Other 15 1 6 ^-13 Industrial supplies -7 4 4 -7 Imports 11 11 11 j -9 Automotive vehicles and parts 0 1 1 0 Consumer goods 0 0 0 0 Services 8 3 12 -15 Foods, feeds, and beverages -9 -4 0 0 Goods 11 13 11 -7 Other I -3 1 1 -1 Oil 4 -3 12 0 -5 4 3 -6 Non-oil 12 15 11 -8 0 3 0 1 Capital equipment1 11 18 17 -21 -6 4 3 -7 Aircraft and parts 31 -2 22 2 Computer equipment2 26 25 14 -14 Oil -36 94 32 -36 Semiconductors -9 34 22 -51 -4 -1 1 -4 Other machinery and equipment 6 15 17 -20 Capital equipment -6 -4 -2 -4 Aircraft and parts 2 2 4 3 Industrial supplies 9 8 1 I -3 Computer equipment -16 : -11 -5 -12 Automotive vehicles and parts 16 15 2 -2 Semiconductors -8 -3 -2 -3 Consumer goods 10 17 16 -5 Other machinery and Foods, feeds, and beverages 6 11 6 4 equipment -1 -1 -1 -i : Other 25 9 16 0 Industrial supplies -7 4 11 -14 Automotive vehicles and parts 0 1 1 0 NOTE. Quantities are measured in chained (1996) dollars and change is from Consumer goods -1 -1 -1 -1 fourth quarter to fourth quarter. Foods, feeds, and beverages -3 -3 -2 -2 1. Data for telecommunications equipment not separately calculated. Other 0 0 1 -IB 2. Computers, peripherals, and parts. SOURCE. BEA, national income and product accounts; and the Federal NOTE. Change is from fourth quarter to fourth quarter; price indexes are Reserve Board. chain-weighted. See also notes to table 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 Federal Reserve Bulletin • May 2002 declined except that of foods, feeds, and beverages, ters of 2001 and 14 percent on a year-over-year basis which increased. (table 3). Oil import prices fell sharply; the quantity Export prices fell 1 Vi percent last year (table 6). of imported oil was little changed during the year The price declines accelerated over the course of the (tables 5 and 6). A number of factors combined to year as economic growth slowed both at home and cut U.S. domestic demand for oil, which declined abroad. The price of total merchandise exports fell more than 3 percent: weakness in economic activity, about 2 percent, including a drop of about 4V2 per- reduced airline schedules, the substitution back to cent in the prices of exports of computers and semi- natural gas as gas prices retracted from record high conductors. A particularly sharp fall (about 7 percent) levels, and unusually warm weather late in the year. was recorded in the industrial supplies category. The stability of both imports and domestic pro- Prices of aircraft and parts rose 5 percent; prices duction, in conjunction with lower domestic fuel in other major categories were unchanged over the demand, allowed a recovery of oil inventories from course of the year. Prices of services fell a small the historically low levels that prevailed in 2000 and amount, particularly at the end of the year, as demand early 2001. for travel fell off in the wake of the events of September 11. Non-Oil Imports Imports The quantity of non-oil imports fell 8 percent in 2001 (Q4 to Q4, table 5). A sharp decline of 21 percent in The value of imports fell 6 percent in 2001 after a real expenditures on imported capital equipment rise of 18 percent in 2000; declines were recorded in nearly all major categories (table 3). The nominal value of service payments dropped 5x/i percent last year.1 The plunge in payments for travel and passen- 6. Change in industrial production, 1977-2001 ger fares after September 11 held down total real service payments, bringing their level in the fourth Percem quarter 15 percent below that in the second quarter.2 CRH The value of imported goods fell 6 percent last year; Manufacturing, chain-weighted by non-oil imports much of the decrease in capital goods (computers, semiconductors, telecommunications equipment, and other machinery) reflected the central role played by the fall in investment in the U.S. economic slowdown. Imports of automotive products and industrial supplies declined as well. Imports of consumer goods and foods were little changed, as U.S. household spending was reasonably well maintained. Oil Imports Manufacturing, chain-weighted by non-oil imports The value of U.S. imports of crude oil and petroleum excluding computer equipment a•nd semiconductors' products fell more than one-third over the four quar- 1. The "insurance payment" component of imported services is calculated as the value of premiums paid to foreign companies less the amount of losses recovered from foreign companies. In the third quarter, the recorded insurance payment was negative because the estimated size of losses to be recovered from the attacks of September 11 far exceeded the amount paid for insurance premiums. Under the accounting standards for the balance of payments and the national income and product accounts (NIPA), the entire amount of an insur- I I I I I I I I 1 I 1 I I I I I I ance payment is recorded in the quarter in which the incident occurred. 1977 1985 1989 1993 1997 2001 2. According to NIPA accounting, the value of the one-time insurance payments by foreign insurers is not reflected in NIPA real NOTE. Change is for four quarters. imports of services. The deflator for service imports was adjusted 1. Computer equipment consists of computers, peripherals, and parts. down for the third quarter to offset the lower value of service imports; 2. High-tech goods consist of computers and office equipment, semithe deflator returned to its usual value in the fourth quarter. conductors, and communications equipment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. International Transactions in 2001 243 reflected the fall in U.S. investment expenditures. In than reversed the previous year's increase. Prices the wake of last year's depression in the semiconduc- of service imports rose 1 percent on average over tor industry, imports of semiconductor products fell the course of the year. The weakness in import 51 percent after having registered double-digit gains prices largely reflected the strength of the dollar, in the previous two years. Similarly, in line with the which rose about 3 percent on average on an importfall of U.S. domestic expenditures on high-tech prod- weighted basis in 2001; dollar appreciation more than ucts in 2001, imports of computer equipment, which offset a moderate increase in foreign prices. Sharp had registered strong gains the previous three years, declines in commodity prices in the face of sluggish declined 14 percent. U.S. consumer expenditures held global economic demand also contributed to the up reasonably well during the economic slowdown reduction in the price of imported goods. last year. Real expenditures on imports of consumer goods fell a relatively mild 5 percent, mostly because of a draw-down in retail inventories. U.S. non-oil imports, and tradeable goods in gen- DEVELOPMENTS IN THE NONTRADE CURRENT eral, are particularly cyclically sensitive. This cycli- ACCOUNT cal sensitivity appears to reflect the nature of demand for importable goods, including import-competing The major components of the current account other goods produced domestically. One way to quantify than trade in goods and services are investment this sensitivity is to aggregate the components of the income and unilateral transfers. industrial production index for manufacturing using non-oil import weights rather than the index with the customary domestic value added weights. The value Investment Income of the index calculated using non-oil import weights rises more rapidly during booms and falls more Net investment income is the difference between the steeply during downturns than does the index com- amount that U.S. residents earn on their direct and puted using value added weights (chart 6, top panel). portfolio investments abroad (receipts) and the This relationship persists even if one excludes the amount that foreigners earn on their direct and porthigh-tech products believed to have played a key role folio investments in the United States (payments). in the most recent economic slump (chart 6, bottom Payments and receipts are determined by both the panel). The same factors behind the sharp drop in size of the investments held and the rates of return demand for domestically produced tradeable goods earned on these investments. Foreign investments evident last year are almost certainly responsible for in the United States greatly exceed U.S. investments the corresponding drop in imports. abroad, and since 1998, payments have exceeded The average price of non-oil goods imports was receipts. Last year, slower economic growth and down about 4 percent, as prices of high-tech equip- lower interest rates reduced the rates of return on ment (computers and semiconductors) continued to both direct and portfolio investments. As a result, trend down, while prices of other goods generally payments and receipts both declined (table 7). On fell by smaller amounts (table 6). The largest price balance, however, payments fell less than receipts as decline among the major categories was in industrial new foreign investment in the United States greatly supplies, whose price drop of about 14 percent more exceeded new U.S. investment abroad (chart 7). 7. U.S. international investment: Receipts and payments, 1997-2001 Billions of dollars 1997 1998 1999 2000 14 -9 raglllli - Direct investment Net income 72 67 Receipts 115 124 Payments 43 57 Portfolio investment Net income -59 -67 -76 Receipts : $ 153 159 Payments 221 235 Wk SOURCE. BEA, U.S. international transactions accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 Federal Reserve Bulletin • May 2002 7. U.S. net international investment: 8. U.S. direct investment abroad: Position and income, 1980-2001 Position and receipts, 1980-2001 Billions of dollars Billions of dollars 1.50(| — 150 Receipts 1,200 — 120 1900 — 90 1,000 Position 600 — 60 1,500 - 300 — 30 1980 1983 1986 1989 1992 1995 1998 2001 1980 1983 1986 1989 1992 1995 1998 2001 NOTE. The data are annual. The net position data are averages of the NOTE. The data are annual. The net position data are averages using the end-of-year positions for the current and previous years. The year-end current-cost measures as of year-end for the current and previous years. The position for 2001 was constructed by adding the recorded portfolio invest- year-end position for 2001 was constructed by adding the recorded direct ment flows during 2001 to the recorded year-end position for 2000. The net investment capital flows and current-cost adjustment during 2001 to the position excludes U.S. holdings of gold and foreign holdings of U.S. recorded year-end position for 2000. currency. SOURCE. BEA and the Federal Reserve Board. SOURCE. BEA and the Federal Reserve Board. in the United States rose, the effect on payments was more than offset by the effect of the depressed level Direct Investment Income of U.S. economic activity on profits and the effect of the decline in oil prices on the profits of international Net direct investment income—receipts from U.S. energy companies. The profits of every industry sufdirect investment abroad less payments on foreign fered, but manufacturing and finance were hardest direct investment in the United States—increased hit, while payments from banking and retail trade $14 billion in 2001 (table 7). Both direct investment were almost flat. The recession almost halved the rate receipts (from abroad) and earnings on direct investof return on the direct investment position between ment in the United States declined last year. 2000 and 2001—from 5.5 percent to 2.6 percent The $17 billion decline in receipts reflected the (chart 9). slowdown in economic growth abroad and the appre- In addition to the cyclical factors that in 2001 ciation of the dollar. The weakness in growth abroad lowered direct investment payments more than reduced profits, and the appreciation of the dollar receipts, the large positive balance on direct investdepressed the dollar value of profits earned in foreign currencies. These two forces offset the effect of a rising stock of direct investment assets. The decline 9. Foreign direct investment in the United States: in receipts was geographically widespread but was Position and payments, 1980-2001 greatest in Europe, particularly in the United King- Billions of dollars Billions of dollars dom. Most industries were affected adversely, but the earnings of affiliates in manufacturing and finance (excluding banks) were particularly hard hit. In addition, the decline in oil prices during the second half of last year held down the profitability of U.S.based international energy corporations. The falloff in receipts reduced the rate of return on the direct investment position abroad to 8.7 percent for the year—considerably below the robust 10.8 percent rate of 2000 (chart 8). The recession in the U.S. economy cut payments $31 billion—a decline that in both absolute and rela- 1 II I I I I 1 1 I I I II 1 II I 11 I I tive terms was much larger than that for receipts. 1980 1983 1986 1989 1992 1995 1998 2001 Although the stock of foreign direct investment assets NOTE. See notes to chart 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. International Transactions in 2001 245 ment income was also attributable to the long- Although portfolio income is affected by changes standing lower rate of return on foreign direct invest- in interest rates and the composition of the assets ment in the United States. The rate of return on held, the primary determinant of net portfolio payforeign direct investment in the United States is lower ments is the net portfolio asset position (chart 10) than that on U.S. direct investment abroad or on U.S. because the rates of return on portfolio investments resident assets of U.S.-owned firms. A number of here and abroad are roughly similar (chart 11). Net factors explain the differences between the rate of portfolio income turned negative in 1985 when the return earned on foreign direct investment and that net portfolio asset position turned negative. The on U.S. resident assets of U.S.-owned firms: higher marked decline in interest rates last year tended to debt-equity ratios and depreciation rates, the indus- reduce both payments and receipts and to narrow the trial composition of foreign direct investment in the investment income balance. This interest rate effect United States, and the relatively lower level of royal- was more than offset, however, by a significant ties and dividends received by foreign direct invest- decline in the net portfolio position. The negative net ment in the United States.3 income balance widened $18 billion, to $109 billion (table 7). Portfolio Investment Income Unilateral Transfers U.S. residents earn income in the form of interest and dividends on their financial assets abroad. Similarly, Unilateral transfers include government grant and foreigners earn income on their holdings of U.S. pension payments as well as private transfers to and financial assets. These earnings are calculated by the from foreigners. In 2001, net unilateral transfers Bureau of Economic Analysis (BEA) of the Depart- recorded a deficit of $50.5 billion, nearly $4 billion ment of Commerce on the basis of estimates of less than in 2000. A decline of $5 billion in governholdings, dividend-payout ratios, and interest rates. ment grants offset the $1 billion increase in private Investment income does not include capital gains remittances. associated with changes in securities prices. FINANCIAL AND CAPITAL ACCOUNT 3. See Harry Grubert, "Another Look at the Low Taxable Income TRANSACTIONS of Foreign-Controlled Companies in the United States," OTA Paper 74, U.S. Department of the Treasury, October 1997. The counterpart of the deficit on the U.S. current account in 2001 was a net financial inflow of foreign 10. Net portfolio investment: saving. The slowing of U.S. and foreign economic Position and income, 1980-2001 growth over the course of last year had noticeable effects on the composition of U.S. capital flows, 11. Rate of return on U.S. portfolio investments, 1980-2001 1980 1983 1986 1989 1992 1995 1998 2001 NOTE. The data are annual. The net position data are Federal Reserve Board estimates of the average position during the year. Through 2000 these are based on quarterly financial flows and year-end position estimates published by the BEA. For 2001, the average is based on year-end 2000 position data and quarterly financial flows during 2001. The net position excludes U.S. gold holdings and foreign holdings of U.S. currency. SOURCE. BEA and the Federal Reserve Board. NOTE. The data are annual. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 Federal Reserve Bulletin • May 2002 especially when the extent of the slowing became investors appeared to recoil from foreign markets: more apparent in the second half of the year. On The modest but steady acquisition of foreign securibalance, the inflows of net private capital were at the ties over the past few years almost turned to net sales unprecedented pace of $455 billion (table 8). in the second half of the year, when small purchases For private securities transactions, the first half of foreign equities ($28 billion) were substantially of the year was, for the most part, a continuation offset by sales of foreign bonds ($13 billion). At the of 2000. U.S. investors increased their demand for same time, foreign portfolio investment in the second foreign equities, buying a net of $82 billion, but half of the year seemed driven in part by flight-tocontinued to shun foreign bonds. Foreign investors quality considerations. Highly rated U.S. securities purchased a record $281 billion of U.S. securities. benefited from these considerations, as the latter half U.S. corporate bonds attracted record high inflows on of the year saw strong net purchases of Treasuries the heels of record issuance. Strong demand for U.S. and agency securities. Foreigners paused in their agency debt continued, as Fannie Mae and Freddie acquisition of U.S. corporate stocks and bonds in the Mac continued to pursue active issuance calendars third quarter but resumed strongly in the fourth quarwhile developing their benchmark programs. ter, perhaps because they believed that the U.S. econ- Although the weight of sagging U.S. equity prices omy would recover before major foreign economies slowed acquisition of U.S. equities, the amount pur- would. chased was still robust. The one noticeable difference The changing economic climate also affected direct between the first half of last year and 2000 was a investment capital flows. During 2000, foreign direct slowing of foreigners' net sales of Treasuries, from investment in the United States averaged more than $53 billion to $8 billion. $70 billion per quarter. These flows slowed to about The pattern changed in the second half of the year $60 billion per quarter in the first half of last year and as the slowdown in U.S. and foreign economic growth then dropped to only $20 billion per quarter in the became apparent and as the events of September second half. The decline resulted in part from a caused global investors to rethink strategies. U.S. deterioration in the outlook for corporate profits and Composition of U.S. capital flows, 1997-2001 Billions of dollars SSssjjjjjj 2001 IItteemm 11999977 11999988 11999999 22000000 Year HI H2 j M M Mj . 11 | Current account balance -140 -217 445 -417 -220 -197 Capital account balance 1 1 0 0 Financial account balance 377 443 456 258 198 Official capital, net |p 55 36 1 -18 19 Foreign official assets in the United States 44 38 6 -16 22 U.S. official reserve assets 9 0 -5 -1 -4 Other U.S. government assets 3 -1 -1 -1 0 Private capital, net .J 322 407 455 276 179 Net inflows reported by U.S. banking offices -22 -51 -9 -59 50 Securities transactions, net 192 308 417 199 218 Private foreign net purchases (+) of U.S. securities . 323 433 514 281 233 Treasury securities -20 -53 16 -8 24 Corporate and other bonds jp. 231 293 371 208 164 Corporate stocks .^w,,..... 113 193 127 82 46 U.S. net purchases (-) of foreign securities -131 -125 -98 -83 -15 Bonds -17 -25 13 0 13 Stocks -114 -100 -110 -82 -28 Stock swaps -123 -80 -43 -37 -6 Direct investment, net 146 135 2 36 -34 Foreign direct investment in the United States 301 288 158 118 40 U.S. direct investment abroad -155 -152 -156 -82 -74 Foreign holdings of U.S. currency 22 1 24 5 19 & > • -fi Other -17 13 22 95 -73 Statistical discrepancy -49 1 -39 -39 -1 SOURCE. BEA, U.S. international transactions accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. International Transactions in 2001 247 from a significant reduction in general merger and with immigration, netted to $1 billion last year, the acquisition activity. By contrast, despite the down- same amount as in 2000. turn in direct investment receipts, U.S. direct investment abroad actually increased modestly in 2001, to PROSPECTS FOR 2002 $156 billion. Merger activity remained robust, and retained earnings by foreign affiliates of U.S. firms The projection of a consensus of forecasters is for held up. economic activity to grow faster in the United States Capital inflows from foreign official sources were than in the major U.S. industrial trading partners in slight in 2001, totaling only $6 billion. To put the 2002. If this consensus forecast is borne out, then the amount in perspective, inflows in 2000 were $38 bil- U.S. external deficit will widen, as U.S. imports of lion, roughly what would arise if foreign officials goods and services are likely to expand more rapidly reinvested their interest earnings on dollar positions. than U.S. exports of goods and services. The degree For most countries, changes in official positions in to which the deficit widens will depend largely on the the United States were modest. Some of the larger strength of the economic recovery in our principal changes were in Latin America, where a sizable trading partners, on the lagged effects of the past reduction in Argentina's holdings was offset by appreciation of the weighted average value of the increases by Mexico and Brazil. dollar on U.S. price competitiveness, and on the Capital account transactions, which consist mainly effects of the world economic recovery on relative of debt forgiveness and wealth transfers associated rates of return on assets, including interest rates. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 Announcements FINAL RULE ON RISK WEIGHTING FOR CLAIMS • The qualifying securities firm's parent company ON SECURITIES FIRMS satisfies the rating requirement and guarantees the claim • The claim on the qualifying securities firm arises The federal banking agencies issued on April 9, from a repurchase/reverse repurchase agreement or 2002, a final rule amending their risk-based capital securities lending/borrowing transaction and satisfies standards for banks, bank holding companies, and certain collateral and other requirements. savings associations (institutions) to reduce the risk weight applied to claims on, or guaranteed by, quali- Consistent with the existing rules of the Board and fying securities firms. the OCC, the FDIC and the OTS are also amending The Board of Governors of the Federal Reserve their risk-based capital standards to permit a zero System (Board), the Federal Deposit Insurance Corpercent risk weight for certain claims on qualifying poration (FDIC), the Office of the Comptroller of the securities firms that are collateralized by cash or by Currency (OCC), and the Office of Thrift Supervision securities issued or guaranteed by the U.S. or OECD (OTS) published the final rule in the Federal Register central governments. on April 9, 2002. The rule will become effective on July 1, 2002. The final rule lowers the risk weight applied to However, institutions may choose to immediately certain claims on qualifying securities firms from apply the provisions of the final rule, including in 100 percent to 20 percent. This change is consistent the risk-based capital calculations for the March 31, with the treatment of claims on securities firms under 2002, Reports of Condition and Income (Call an April 1998 amendment to the Basel Accord. The Reports) filed by banks; the March 2002 Thrift Finan- Accord is an international framework for assessing cial Reports filed by savings associations; and the the capital adequacy of depository institutions by March 31, 2002, Consolidated Financial Statements risk weighting their assets and off-balance-sheet for Bank Holding Companies (FR Y-9C) filed by exposures and serves as a basis for the banking bank holding companies. agencies' risk-based capital standards. Under the final rule, qualifying securities firms include the following: REVISIONS TO STAFF COMMENTARY • Securities firms incorporated in the United States ON REGULATION Z that are broker-dealers registered with the Securities (TRUTH IN LENDING) and Exchange Commission (SEC) and are in compliance with the SEC's net capital requirements The Federal Reserve Board issued on April 3, 2002, • Securities firms incorporated in other member revisions to its Regulation Z (Truth in Lending) officountries of the Organization for Economic Coopera- cial staff commentary, which applies and interprets tion and Development (OECD) that are subject to the requirements of the regulation. supervisory and regulatory arrangements, including The commentary revisions clarify how creditors risk-based capital requirements, comparable to those that place Truth in Lending Act disclosures on the imposed on banks in OECD countries. same document with the credit contract may satisfy the requirement for providing the disclosures, in a The following are the three ways in which a 20 per- form the consumer may keep, before consummation. cent risk weight on a claim against a qualifying In addition, the revisions provide guidance on dissecurities firm may apply: closing costs for certain credit insurance policies and on the definition of "business day" for purposes of • The qualifying securities firm has a long-term the right to rescind certain home-secured loans. credit rating in one of the three highest investment- The Board is also publishing technical changes grade credit rating categories used by a nationally to the regulation and commentary. The revisions are recognized statistical rating organization effective immediately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

249 PUBLICATION OF CONSUMER GUIDE ON The guide also provides a checklist for consumers ELECTRONIC CHECK CONVERSION to use before and after an electronic check conversion TRANSACTIONS transaction, and items to review when they receive their account statements from financial institutions. The Federal Reserve Board announced on March 21, Print copies of the guide are available from Publi- 2002, the publication of a guide to help consumers cations Services, Mail Stop 127, Board of Governors better understand their rights and responsibilities with of the Federal Reserve System, Washington, DC regard to electronic check conversion transactions. 20551. The first 100 copies are free of charge. The guide, When is Your Check Not a Check? The guide is also available on the Board's web site Electronic Check Conversion, discusses what elec- at http://www.federalreserve.gov/pubs/checkconv/. A tronic check conversion is, how consumers can tell if PDF (Portable Document Format) version is protheir check will be electronically converted, some of vided on the web site so that consumer groups, finanthe differences between a regular check transaction cial institutions, and retailers can download and print and electronic check conversion, consumers' rights in copies for distribution to their clients and customers. an electronic check conversion transaction, and what It includes a space on the back panel for organizaconsumers can do if they have problems with such tions to provide their own contact information. transactions. In an electronic check conversion transaction, a consumer authorizes the use of a check to obtain MINUTES OF BOARD DISCOUNT RATE information for initiating an electronic debit from MEETINGS the consumer's account. When Is Your Check Not a Check? covers electronic check conversion at the The Federal Reserve Board released on March 29, point of sale as well as when the consumer has 2002, the minutes of its discount rate meetings from mailed a check to a company that uses electronic December 17, 2001, to January 28, 2002. • check conversion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

251 Legal Developments FINAL RULE—REMOVAL OF RESERVE BANK ments has expired, and the Board has considered the pro- DIRECTORS-ACTIONS AND RESPONSIBILITIES posal and all the facts of record in light of the factors set forth in section 3 of the BHC Act. The Board of Governors is removing 12 C.F.R. Part 264a First York, the tenth largest banking organization in (Reserve Bank Directors-Actions and Responsibilities). Nebraska, controls four subsidiary banks with total depos- The regulation has been superceded by a regulation of the its of $406.1 million,2 representing 1.4 percent of total Office of Government Ethics (Interpretation, Exemptions deposits in depository institutions in the state ("state deand Waiver Guidance Concerning 18 U.S.C. 208 (Acts posits").3 KLDM, the 242nd largest banking organization Affecting A Personal Financial Interest)). This regulation in Nebraska, controls one subsidiary bank with total deposcan be found at 5 C.F.R. 2640. its of $8.9 million, representing less than 1 percent of state Effective April 1, 2002, the Board is removing 12 C.F.R. deposits. On consummation of the proposal, First York Part 264a. would remain the tenth largest banking organization in Nebraska, controlling deposits of $415 million, represent- Part 264a—Reserve Bank Directors-Actions and ing 1.4 percent of state deposits. Responsibilities [Removed and Reserved] Competitive Considerations For the reasons set forth in the preamble, under the authority of 18 U.S.C. 208, the Board is removing and reserving Section 3 of the BHC Act prohibits the Board from approv- Part 264a in chapter II of title 12 of the Code of Federal ing a proposal that would result in a monopoly or would be Regulations. in furtherance of any attempt to monopolize the business of banking. Section 3 also prohibits the Board from approving a proposed bank acquisition that would substantially lessen ORDERS ISSUED UNDER BANK HOLDING COMPANY competition or tend to create a monopoly in any relevant ACT market, unless the Board finds that the anticompetitive effects of the proposed transaction are clearly outweighed Orders Issued Under Section 3 of the Bank Holding in the public interest by the probable effects of the transac- Company Act tion in meeting the convenience and needs of the community to be served.4 First York Ban Corp. First York and Bank compete directly in the York, York, Nebraska Nebraska, banking market ("York banking market").5 In evaluating the competitive issues raised by this proposal, Order Approving the Acquisition of a Bank Holding the Board has considered the contention by First York that Company and Bank the definition of the York banking market should be expanded to include part of Polk County, including the towns First York Ban Corp. ("First York"), a financial holding of Polk and Stromsburg, all in Nebraska. company within the meaning of the Bank Holding Com- The Board believes that the relevant banking market pany Act ("BHC Act"), has requested the Board's ap- must reflect commercial and banking realities and should proval under section 3(a)(3) of the BHC Act (12 U.S.C. consist of the local area where the banks involved offer § 1842(a)(3)) to acquire all the voting shares of their services and where local customers can practicably K.L. & D.M., Inc. ("KLDM"), and thereby acquire turn for alternatives. The key question to be considered in 87 percent of the outstanding voting shares of Citizens making this selection is "where, within the area of compet- State Bank, both in Polk, Nebraska ("Bank").1 itive overlap, the effect of the merger on competition will Notice of the proposal, affording interested persons an opportunity to submit comments, has been published 2. The subsidiary banks of First York are Cornerstone; City State (67 Federal Register 81 (2002)). The time for filing com- Bank, Sutton; NebraskaLand National Bank, North Platte; and The Albion National Bank, Albion, all in Nebraska. 3. Deposit and ranking data are as of June 30, 2001. In this context, 1. Under the proposal, First York's lead bank, Cornerstone Bank, depository institutions include commercial banks, savings banks, and National Association, also in York ("Cornerstone"), would acquire all savings associations. the voting shares of KLDM and immediately thereafter merge with 4. 12 U.S.C. § 1842(c)(1). Bank. Cornerstone would be the surviving entity and KLDM would 5. The York banking market currently is defined as York and be dissolved. Fillmore Counties, Nebraska. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 Federal Reserve Bulletin • May 2002 be direct or immediate."6 In determining the relevant geo- Merger Guidelines ("DOJ Guidelines"),10 and other chargraphic market, the Board reviews a number of factors that acteristics of the market. First York is the largest banking identify the geographic area in which competitive forces organization in the York banking market, controlling deact to affect the pricing and availability of banking prod- posits of approximately $222.5 million, representing ucts and services. These include data on worker commut- 40.7 percent of market deposits. Bank is the ninth largest ing patterns, as indicated by census data; population den- of eleven depository institutions in the market, controlling sity; degree of economic integration; the availability and deposits of approximately $8.9 million, representing geographic reach of various modes of advertising; the 1.6 percent of market deposits. On consummation of the presence of shopping, employment, health care, and other proposal, First York would remain the largest depository necessities; the availability of transportation systems and institution in the York banking market, controlling deposits routes; branch banking patterns; deposit and loan activity; of approximately $231.4 million, representing 42.3 percent and other similar factors that indicate the geographic scope of market deposits. The HHI would increase 133 points to of competition.7 2589. The transaction is consistent with the DOJ Guide- In this case, the Board considered that a significant lines and Board precedent in the York banking market. number of Polk County residents commute to York County Moreover, ten depository institutions, including three that for employment. Local government officials in Polk and would each control more than 15 percent of market depos- Stromsburg report that residents of southern Polk County its, would compete in the market after consummation. travel to York at least once a week, due, in part, to the fact The Department of Justice has reviewed the proposal that a broader array of goods and services are available in and advised the Board that consummation of the proposal York than in the smaller towns of Polk and Stromsburg.8 is not likely to have a significantly adverse effect on There are high subscription rates for the York daily news- competition in any relevant banking market. The other paper among households in Polk and Stromsburg, and a federal banking agencies also have been afforded an opporweekly shopping circular published by the York daily tunity to comment and have not objected to consummation newspaper is distributed to every household in Polk and of the proposal. Stromsburg. The circular includes advertisements by York After carefully reviewing all the facts of record, and for banks and other businesses as well as employment listings. the reasons discussed above, the Board concludes that In addition, local roads provide direct and easy access to consummation of the proposal is not likely to result in a York for the residents of southern Polk County. The dis- significantly adverse effect on competition or on the contance from Stromsburg to York is 15 miles and the travel centration of banking resources in any relevant banking time is approximately 20 minutes. Based on these and all market and that competitive factors are consistent with the facts of record, the Board concludes that the York approval of the proposal. banking market should be defined as Fillmore and York Counties and the southern part of Polk County, including Other Factors the towns of Polk and Stromsburg. The Board has carefully reviewed the competitive effects The BHC Act requires that the Board, in acting on an of the proposal in the redefined York banking market in application, consider the financial and managerial resources light of all the facts of record, including the characteristics and future prospects of the companies and banks involved, of the market and the projected increase in the concentra- the convenience and needs of the communities to be tion of total deposits in depository institutions in the mar- served, and certain other supervisory factors. The Board ket ("market deposits"),9 as measured by the Herfindahl- has reviewed these factors in light of all the facts of record, Hirschman Index ("HHI") under the Department of Justice including supervisory reports of examination assessing the financial and managerial resources of the organizations, and financial information provided by First York. The 6. St. Joseph Valley Bank, 68 Federal Reserve Bulletin 673 (1982) subsidiary banks of First York and KLDM are and would (quoting United States v. Philadelphia National Bank, 374 U.S. 321, 357 (1963). remain well capitalized. Based on all the facts of record, 7. See Crestar Bank, 81 Federal Reserve Bulletin 200, 201 n.5 the Board concludes that the financial and managerial (1995); Pennbancorp, 69 Federal Reser\>e Bulletin 548 (1983); resources and future prospects of First York, KLDM, and St. Joseph Valley Bank, 68 Federal Reserve Bulletin 673 (1982); and US. Bancorp, 67 Federal Reserve Bulletin 60, 61 n.2 (1981). 8. According to data provided by the 2002 Rand McNally Road Atlas, the population of Stromsburg, the largest city in Polk County, is weighted basis. See, e.g., First Hawaiian, Inc., 11 Federal Reserve 1,202; the population of Polk is 296; and the population of York is Bulletin 52 (1991). approximately 8,000. 10. Under the DOJ Guidelines, 49 Federal Register 26,823 (1984), 9. Unless otherwise noted, market share data are as of June 30, a market is considered highly concentrated if the post-merger HHI is 2001, and are based on calculations in which the deposits of thrift more than 1800. The Department of Justice has informed the Board institutions, which include savings banks and savings associations, are that a bank merger or acquisition generally will not be challenged (in weighted at 50 percent. The Board has previously indicated that thrift the absence of other factors indicating anticompetitive effects) unless institutions have become, or have the potential to become, significant the post-merger HHI is at least 1800 and the merger increases the HHI competitors of commercial banks. See, e.g., Midwest Financial Group, by more than 200 points. The Department of Justice has stated that the 75 Federal Resen'e Bulletin 386 (1989); National City Corporation, higher than normal HHI thresholds for screening bank mergers for 70 Federal Reserve Bulletin 743 (1984). Thus, the Board regularly has anticompetitive effects implicitly recognize the competitive effects of included thrift deposits in the market share calculation on a 50-percent limited-purpose lenders and other nondepository financial institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 253 their subsidiary banks are consistent with approval, as are ORDERS ISSUED UNDER INTERNATIONAL BANKING the other supervisory factors the Board must consider ACT under the BHC Act. In considering the convenience and needs of the commu- Artesia Banking Corporation S.A. nities to be served, the Board has reviewed the records of Brussels, Belgium performance of the subsidiary banks of First York and KLDM under the Community Reinvestment Act Order Approving Establishment of a Branch ("CRA").11 Based on all the facts of record, the Board concludes that convenience and needs considerations, in- Artesia Banking Corporation S.A. ("Bank"), Brussels, cluding the CRA performance records of the relevant insti- Belgium, a foreign bank within the meaning of the Internatutions, are consistent with approval of the proposal. tional Banking Act ("IBA"), has applied under section 7(d) of the IBA (12 U.S.C. § 3105(d)) to establish a branch in New York, New York. The Foreign Bank Supervision Conclusion Enhancement Act of 1991, which amended the IBA, provides that a foreign bank must obtain the approval of the Board to establish a branch in the United States. Notice of Based on the foregoing and the facts of record, the Board the application, affording interested persons an opportunity has determined that the application should be, and hereby to comment, has been published in a newspaper of general is, approved. The Board's approval is specifically condi- circulation New York, New York (New York Post, Janutioned on compliance by First York with all the commit- ary 28, 2002). The time for filing comments has expired, ments made in connection with the proposal. For purposes and all comments have been considered. of this action, the commitments and conditions referred to Bank, with assets of $85 billion, is a wholly owned in this order are deemed to be conditions imposed in subsidiary of Dexia S.A. ("Dexia"), Brussels, Belgium.1 writing by the Board in connection with its findings and Bank was acquired by Dexia in July 2001. Under a prodecision and, as such, may be enforced in proceedings posed internal merger effective April 1, 2002, Dexia's under applicable law. other Belgian bank subsidiary, Dexia Bank Belgium S.A. The acquisition of Bank may not be consummated be- ("DBB"), Brussels, Belgium, would contribute its assets fore the fifteenth calendar day after the effective date of and liabilities, including those related to DBB's New York this order, and the proposal may not be consummated later branch, to Bank. Bank would be the surviving entity and than three months after the effective date of this order, would change its name to Dexia Bank Belgium SA unless such period is extended for good cause by the Board ("New DBB"). Bank is engaged in investment banking, or the Federal Reserve Bank of Kansas City, acting pursu- retail banking, and insurance activities primarily in Belant to delegated authority. gium and other European countries (Denmark, France, By order of the Board of Governors, effective March 11, Austria, Ireland, Luxembourg, and the Netherlands). Bank 2002. has four U.S. subsidiaries engaged in funding and mortgage-related actvities. Bank currently has no banking Voting for this action: Chairman Greenspan, Vice Chairman Fergu- operations in the United States. son, and Governors Gramlich and Bies. Abstaining from this action: Dexia and its subsidiaries and affiliates (the "Dexia Governor Olson. Group"), with consolidated assets of approximately $329 billion, is the second largest financial services organi- ROBERT DEV. FRIERSON zation in Belgium. The Dexia Group has global operations Deputy Secretary of the Board in a broad range of financial services, including banking, public finance, investment management, and insurance. The two largest shareholders of Dexia are Arcofin CVBA (15.3 percent), a financial cooperative holding company, and Holding Communal (15 percent), a limited liability company owned by 599 Belgian municipalities and provinces. No other shareholder owns more than 10 percent of Dexia's shares. DBB, with assets of $135 billion, is a Belgian bank with an extensive network of European oper- 11. 12 U.S.C. § 2901 et seq. First York's subsidiary banks received ations. Its principal lines of business include retail banking, "satisfactory" or better ratings at their most recent examinations for commercial lending, public and project financing, invest- CRA performance by their primary federal supervisor: Cornerstone ment management services, and capital market activities. received a "satisfactory" rating from the Office of the Comptroller of the Currency ("OCC"), as of January 24, 2000; City State Bank Bank is, and New DBB will be on consummation of the received an "outstanding" rating from the Federal Deposit Insurance merger, a qualifying foreign banking organization within Corporation ("FDIC"), as of June 1, 1997; NebraskaLand National the meaning of Regulation K (12 C.F.R. 211.23(b)). Bank received a "satisfactory" rating from the OCC, as of May 10, 1999; and The Albion National Bank received a "satisfactory" rating from the OCC, as of March 9, 1998. Bank received a "satisfactory" rating from the FDIC, as of August 27, 2001. 1. All financial data as of September 30, 2001. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 Federal Reserve Bulletin • May 2002 The proposed branch would continue the operations and Belgium is a member of the Financial Action Task Force activities of the existing DBB New York branch, which and subscribes to its recommendations regarding measures engages in corporate lending activities, foreign exchange to combat money laundering. In accordance with these and money market transactions, and derivative products recommendations, Belgium has enacted laws and created transactions. legislative and regulatory standards to deter money laun- In order to approve an application by a foreign bank to dering. Money laundering is a criminal offense in Belgium establish a branch in the United States, the IBA and Regu- and financial institutions are required to establish internal lation K require the Board to determine that the foreign policies, procedures, and systems for the detection and bank applicant engages directly in the business of banking prevention of money laundering throughout their worldoutside of the United States, and has furnished to the Board wide operations. The Federal Reserve has previously conthe information it needs to assess the application ade- sidered the anti-money laundering regime of DBB; this quately. The Board also shall take into account whether the regime would be continued by New DBB after the merger. foreign bank and any foreign bank parent is subject to Belgium's risk-based capital standards are consistent with comprehensive supervision or regulation on a consolidated those established by the Basel Capital Accord. Bank's capital basis by their home country supervisor (12 U.S.C. is in excess of the minimum levels that would be required by § 3105(d)(2); 12 C.F.R. 211.24).2 The Board may also take the Basel Capital Accord and is considered equivalent to into account additional standards as set forth in the IBA capital that would be required of a U.S. banking organization. and Regulation K (12 U.S.C. § 3105(d)(3)-(4); 12 C.F.R. Managerial and other financial resources of Bank also are 211.24(c)(2)-(3)). considered consistent with approval, and Bank appears to As noted above, Bank engages directly in the business of have the experience and capacity to support the proposed banking outside the United States. Bank also has provided branch. In addition, Bank has established controls and procethe Board with information necessary to assess the applica- dures for the proposed branch to ensure compliance with U.S. tion through submissions that address the relevant issues. law, as well as controls and procedures for its worldwide With respect to supervision by home country authorities, operations generally. the Board previously has determined, in connection with With respect to access to information about Bank's applications involving banks in Belgium, including DBB, that operations, the restrictions on disclosure in relevant juristhose banks were subject to home country supervision on a dictions in which Bank and Dexia operate have been consolidated basis.3 Bank is supervised, and New DBB reviewed and the relevant government authorities have would be supervised, by the Belgian Commission Bancaire been communicated with regarding access to information. et Financiere ("CBF") on substantially the same terms and Bank and Dexia have committed to make available to the conditions as those other banks. Based on all the facts of Board such information on the operations of Bank and any record, it has been determined that Bank is, and New DBB of its affiliates that the Board deems necessary to determine would be, subject to comprehensive supervision on a con- and enforce compliance with the IBA, the Bank Holding solidated basis by its home country supervisor. Company Act, and other applicable federal law. To the The additional standards set forth in section 7 of the IBA extent that the provision of such information to the Board and Regulation K (see 12 U.S.C. § 3105(d)(3)-(4); may be prohibited by law or otherwise, Bank and Dexia 12 C.F.R. 211.24(C)(2)-(3)) have also been taken into ac- have committed to cooperate with the Board to obtain any count. The CBF has no objection to the establishment of necessary consents or waivers that might be required from the proposed branch. third parties for disclosure of such information. In addition, subject to certain conditions, the CBF may share information on Bank's operations with other supervisors, including the Board. In light of these commitments and other facts of 2. In assessing this standard, the Board considers, among other record, and subject to the condition described below, it has factors, the extent to which the home country supervisors: been determined that Bank has provided adequate assur- (i) Ensure that the bank has adequate procedures for monitoring and controlling its activities worldwide; ances of access to any necessary information that the (ii) Obtain information on the condition of the bank and its subsidiar- Board may request. ies and offices through regular examination reports, audit reports, On the basis of all the facts of record, and subject to the or otherwise; commitments made by Bank and Dexia, as well as the (iii) Obtain information on the dealings with and relationship between terms and conditions set forth in this order, Bank's applicathe bank and its affiliates, both foreign and domestic; (iv) Receive from the bank financial reports that are consolidated on a tion to establish a branch is hereby approved.4 Should any worldwide basis or comparable information that permits analysis restrictions on access to information on the operations or of the bank's financial condition on a worldwide consolidated activities of Bank and its affiliates subsequently interfere basis; with the Board's ability to obtain information to determine (v) Evaluate prudential standards, such as capital adequacy and risk and enforce compliance by Bank or its affiliates with asset exposure, on a worldwide basis. These are indicia of comprehensive, consolidated supervision. No single factor is essential, and other elements may inform the Board's determination. 3. See Dexia Project and Public Finance International Bank, 86 Federal Reserve Bulletin 289 (2000); KBC Bank, N.V., 85 Federal 4. Approved by the Director of the Division of Banking Supervision Reserve Bulletin 832 (1999); Credit Communal de Belgique, 82 Fed- and Regulation, with the concurrence of the General Counsel, pursueral Reserve Bulletin 104 (1996). ant to authority delegated by the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 255 applicable federal statutes, the Board may require or rec- commitments and conditions referred to above are condiommend termination of any of Bank's direct or indirect tions imposed in writing by the Board in connection with activities in the United States. Approval of this application this decision and may be enforced in proceedings under also is specifically conditioned on compliance by Bank and 12 U.S.C. § 1818 against Bank and its affiliates. Dexia with the commitments made in connection with this By order, approved pursuant to authority delegated by application and with the conditions in this order.5 The the Board, effective March 29, 2002. ROBERT DEV. FRIERSON 5. The authority to approve the establishment of the proposed Deputy Secretary of the Board branch parallels the continuing authority of the State of New York to license offices of a foreign bank. The approval of this application does not supplant the authority of the State of New York, or its agent, the proposed office of Bank in accordance with any terms or conditions New York State Banking Department ("Department"), to license the that the Department may impose. 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 Wells Fargo & Company, Tejas Bancshares, Inc., March 20, 2002 San Francisco, California Amarillo, Texas Tejas Force, Inc., Wilmington, Delaware The First National Bank of Amarillo, Amarillo, Texas Section 4 Applicant(s) Bank(s) Effective Date Guaranty Bancorp, Inc., Community Financial Services Partners, Inc., March 29, 2002 Woodsville, New Hampshire Derby, Vermont Community Financial Services, Group, LLC., Newport, Vermont Mercantile Bankshares Corporation, Mercantile Mortgage LLC, March 7, 2002 Baltimore, Maryland Baltimore, Maryland The Royal Bank of Scotland Group pic, Digital Signature Trust Company, March 19, 2002 Edinburgh, Scotland Salt Lake City, Utah Identrus, LLC, New York, New York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 257 Section 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date Allegiant Bancorp, Inc., Allegiant Community Development St. Louis March 19, 2002 St. Louis, Missouri Corporation, Clayton, Missouri Bayerishe Landesbank Girozentrale, Kommanditgesellschaft Allgemeine New York March 19, 2002 Munich, Germany Leasing GmbH & Co., Grunwald, Germany Colony Bankcorp, Inc., Quitman Bancorp, Inc., Atlanta February 28, 2002 Fitzgerald, Georgia Quitman, Georgia Quitman Federal Savings Bank, Quitman, Georgia Concord EFS, Inc., Logix Companies, LLC, St. Louis February 28, 2002 Memphis, Tennessee Longmont, Colorado Exchange Bankshares Corporation, To engage de novo in extending credit Kansas City March 4, 2002 Atchison, Kansas and servicing loans National Bancshares Corporation, Peoples Financial Corporation, Cleveland March 5, 2002 Orrville, Ohio Massillon, Ohio APPLICATIONS APPROVED UNDER BANK MERGER ACT By the Secretary of the Board Recent applications have been approved by the Secretary of the Board as listed below. Copies are available upon request to the Freedom of Information Office, Office of the Secretary, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Applicant(s) Bank(s) Effective Date RBC Centura Bank, SFNB (Georgia) Bank, March 19, 2002 Rocky Mount, North Carolina Atlanta, Georgia 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 American Heritage Bank, First Bank of Cleveland, Kansas City March 20, 2002 Sapulpa, Oklahoma Cleveland, Oklahoma Arvest Bank, WestStar Bank, St. Louis March 22, 2002 Fayetteville, Arkansas Bartlesville, Oklahoma Arvest Bank, Shawnee, Oklahoma Arvest Bank, Duncan, Oklahoma Arvest Bank, Norman, Oklahoma The Industrial Bank of Japan Trust IBJ Whitehall Bank & Trust Company, New York March 8, 2002 Company, New York, New York New York, New York Johnson Bank, Johnson Bank Hay ward, Chicago March 11,2002 Racine, Wisconsin Hayward, Wisconsin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 Federal Reserve Bulletin • May 2002 By Federal Reserve Banks—Continued Applicant(s) Bank(s) Reserve Bank Effective Date M&I Marshall & Ilsley Bank, Century Bank, National Association, Chicago March 15, 2002 Milwaukee, Wisconsin Eden Prairie, Minnesota M&I Marshall & Ilsley Bank, Richfield Bank & Trust Company, Chicago March 15, 2002 Milwaukee, Wisconsin Richfield, Minnesota PENDING CASES INVOLVING THE BOARD OF GOVERNORS This list of pending cases does not include suits against the On August 15, 2001, the district court consolidated the Federal Reserve Banks in which the Board of Governors is not action with Artis v. Greenspan, No. 99-CV-2073 (EGS) named a party. (D.D.C., filed August 3, 1999), also an employment discrimination action. Caesar v. United States, No. 02-0612 (EGS) (D.D.C.), re- Howe v. Bank for International Settlements, No. 00CV12485 moved on April 1, 2002 from No. 02-1502 (D.C. Superior RCL (D. Mass., filed December 7, 2000). Action seeking Court, originally filed March 1, 2002). Action seeking dam- damages in connection with gold market activities and the ages for personal injury. repurchase by the Bank for International Settlements of its Community Bank & Trust v. United States, No. 01-571C privately-owned shares. On March 26, 2002, the district (Ct. Fed. CL, filed October 3, 2001). Action challenging on court dismissed the action against all defendants. constitutional grounds the failure to pay interest on reserve Trans Union LLC v. Federal Trade Commission, et ai, accounts held at Federal Reserve Banks. No. 01-5202 (D.C. Cir., filed June 4, 2001). Appeal of Laredo National Bancshares, Inc. v. Whalen v. Board of Gov- district court order entered April 30, 2001, upholding chalernors, No. 01-CV-134 (S.D. Tex.), removed on Septem- lenged provisions of an interagency rule regarding Privacy ber 5, 2001, from No. 99CVQ00940-D3 (District Court, of Consumer Finance Information. 341st Judicial District, Webb County, Texas, originally filed Albrecht v. Board of Governors, No. 00-CV-317 (CKK) July 26, 2001). Third-party petition seeking indemnification (D.D.C., filed February 18, 2000). Action challenging the or contribution from the Board in connection with a claim method of funding of the retirement plan for certain Board asserted against defendant Whalen alleging tortious interfer- employees. On March 30, 2001, the district court granted in ence with a contract. part and denied in part the Board's motion to dismiss. Radfar v. United States, No. 1:01CV1292 (PLF) (D.D.C., Fraternal Order of Police v. Board of Governors, complaint filed June 11, 2001). Action under the Federal No. 1:98CV03116 (WBB)(D.D.C., filed December 22, Tort Claims Act for injury on Board premises. 1998). Declaratory judgment action challenging Board la- Artis v. Greenspan, No. 01-CV-0400(ESG) (D.D.C., complaint bor practices. On February 26, 1999, the Board filed a filed February 22, 2001. Employment discrimination action. 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 All Gross public debt of U.S. Treasury— DOMESTIC FINANCIAL STATISTICS Types and ownership A28 U.S. government securities Money Stock and Bank Credit dealers—Transactions A4 Reserves, money stock, and debt measures A29 U.S. government securities dealers— A5 Reserves of depository institutions and Reserve Bank Positions and financing credit A30 Federal and federally sponsored credit A6 Reserves and borrowings—Depository agencies—Debt outstanding institutions Securities Markets and Corporate Finance Policy Instruments A31 New security issues—Tax-exempt state and local A7 Federal Reserve Bank interest rates governments and corporations A8 Reserve requirements of depository institutions A32 Open-end investment companies—Net sales A9 Federal Reserve open market transactions and assets A32 Corporate profits and their distribution Federal Reserve Banks A32 Domestic finance companies—Assets and liabilities A3 3 Domestic finance companies—Owned and managed A10 Condition and Federal Reserve note statements receivables All Maturity distribution of loan and security holding Real Estate Monetary and Credit Aggregates A34 Mortgage markets—New homes A3 5 Mortgage debt outstanding A12 Aggregate reserves of depository institutions and monetary base Consumer Credit A13 Money stock and debt measures A36 Total outstanding Commercial Banking Institutions— A36 Terms Assets and Liabilities A15 All commercial banks in the United States Flow of Funds A16 Domestically chartered commercial banks 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

27 Federal Reserve Bulletin • May 2002 INTERNATIONAL STATISTICS Securities Holdings and Transactions A60 Foreign transactions in securities Summary Statistics A61 Marketable U.S. Treasury bonds and A50 U.S. international transactions notes—Foreign transactions A51 U.S. foreign trade A51 U.S. reserve assets Interest and Exchange Rates A51 Foreign official assets held at Federal Reserve A62 Foreign exchange rates Banks A52 Selected U.S. liabilities to foreign official A63 GUIDE TO SPECIAL TABLES AND institutions STATISTICAL RELEASES Reported by Banks in the United States SPECIAL TABLES A52 Liabilities to, and claims on, foreigners A53 Liabilities to foreigners A64 Assets and liabilities of commercial banks, A55 Banks' own claims on foreigners December 31, 2001 A56 Banks' own and domestic customers' claims on A66 Terms of lending at commercial banks, foreigners February 2002 A56 Banks' own claims on unaffiliated foreigners A72 Assets and liabilities of U.S. branches and A57 Claims on foreign countries—Combined agencies of foreign banks, December 31, 2001 domestic offices and foreign branches A76 INDEX TO STATISTICAL TABLES Reported by Nonbanking Business Enterprises in the United States A58 Liabilities to unaffiliated foreigners A59 Claims on unaffiliated foreigners Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A3 Guide to 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 Nonflnancial Statistics • May 2002 1.10 RESERVES, MONEY STOCK, AND DEBT MEASURES Percent annual rate of change, seasonally adjusted1 2001 2001 2002 MMoonneettaarryy oorr ccrreeddiitt aaggggrreeggaattee Ql Q2 Q3 Q4' Oct.' Nov.' Dec.' Jan.' Feb. Reserves of depository institutions2 1 Total -8.1r 4.0' 76.3' -30.2 -258.9 -124.9 5.7 12.0 ^t.4 2 Required -9.8' 6.4' 14.8' 23.2 157.3 -133.1 1.3 19.6 -3.6 3 Nonborrowed -5.6' 2.9' 65.0' -20.4 -203.6 -124.1 6.2 12.5 -3.8 4 Monetary base3 5.5' 6.2' 14.8' 6.6 -17.3 -1.7 9.4 12.0 9.6 Concepts of money and debt4 5 Ml 2.7 6.0 16.5 1.5 —42.8 2.3 15.0 3.1 1.3 6 M2 9.7 9.3 11.3 9.5 -2.3 9.8 9.3 2.2 6.6 7 M3 12.6' 13.5 10.3 12.4 7.3 13.4 10.4 .0 6.3 8 Debt 4.7r 5.7' 5.7 6.9 5.8 7.2 6.6 3.2 n.a. Nontransaction components y In M25 11.7 10.2 9.8' 11.7 9.4 11.9 7.7 2.0 8.0 10 In M3 only6 19.3' 23.1' 8.1 18.8 28.4 21.4 12.8 -4.7 5.8 Time and savings deposits Commercial banks n Savings, including MMDAs 17.9 20.1 19.7 23.3 12.4 28.4 23.0 18.8 21.9 12 Small time7 2.8' -7.6 -10.4 -12.1 -11.0 -16.1 -18.7 -17.3 -14.7 13 Large time8-9 -1.9' -1.1' -8.2' -7.9 -6.9 -10.3 7.2 34.2 6.6 Thrift institutions 14 Savings, including MMDAs 6.9 22.0 25.2 27.1 34.3 26.1 14.1 24.2 41.7 15 Small time7 6.8 4.1 -5.1' -11.8 -14.6 -14.4 -13.2 -19.8 -12.8 16 Large time8 13.4 11.5 14.9' 3.3 4.1 -15.5 -7.3 11.6 -6.3 Money market mutual funds 17 Retail 13.0 4.5 6.2 9.1 12.9 3.9 2.2 -19.9 -15.2 18 Institution-only 47.2 49.7 27.2 49.2 76.1 33.0 26.2 -30.2 -.8 Repurchase agreements and eurodollars 19 Repurchase agreements10 -5.4 18.9 -8.1 -.8 -13.3 56.0 2.9 2.6 11.2 20 Eurodollars10 34.6 7.0 -1.0 -1.7 -15.6 22.1 -14.5 -6.2 36.8 Debt components4 21 Federal -5.2 -7.0 3.1 3.9 .0 -.1 3.1 -.5 n.a. 22 Nonfederal 7.0' 8.6' 6.3 7.5 7.1 8.7 7.3 4.0 n.a. 1. Unless otherwise noted, rates of change are calculated from average amounts outstand- depository institutions, and (4) eurodollars (overnight and term) held by U.S. residents at ing during preceding month or quarter. foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regula- and Canada. Excludes amounts held by depository institutions, the U.S. government, money tory changes in reserve requirements (See also table 1.20.) market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally by summing large time deposits, institutional money fund balances, RP liabilities, and adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted component of the money stock, plus (3) (for all quarterly reporters on the "Report of M2. Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinanvault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference cial sectors—the federal sector (U.S. government, not including government-sponsored between current vault cash and the amount applied to satisfy current reserve requirements. enterprises or federally related mortgage pools) and the nonfederal sectors (state and local 4. Composition of the money stock measures and debt is as follows: governments, households and nonprofit organizations, nonfinancial corporate and nonfarm Ml: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, commercial banks other than those owed to depository institutions, the U.S. government, and which are derived from the Federal Reserve Board's flow of funds accounts, are breakforeign banks and official institutions, less cash items in the process of collection and Federal adjusted (that is, discontinuities in the data have been smoothed into the series) and Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of month-averaged (that is, the data have been derived by averaging adjacent month-end levels). withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail credit union share draft accounts, and demand deposits at thrift institutions. Seasonally money fund balances, each seasonally adjusted separately. adjusted Ml is computed by summing currency, travelers checks, demand deposits, and 6. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities OCDs, each seasonally adjusted separately. (overnight and term) issued by depository institutions, and (4) eurodollars (overnight and M2: Ml plus (1) savings (including MMDAs), (2) small-denomination time deposits (time term) of U.S. addressees, each seasonally adjusted separately. deposits—including retail RPs—in amounts of less than $100,000), and (3) balances in retail 7. Small time deposits—including retail RPs—are those issued in amounts of less than money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions balances at depository institutions and money market funds. Seasonally adjusted M2 is are subtracted from small time deposits. calculated by summing savings deposits, small-denomination time deposits, and retail money 8. Large time deposits are those issued in amounts of $100,000 or more, excluding those fund balances, each seasonally adjusted separately, and adding this result to seasonally booked at international banking facilities. adjusted Ml. 9. Large time deposits at commercial banks less those held by money market funds, M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2) depository institutions, the 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 Dec. Jan. Feb. Jan. 16 Jan. 23 Jan. 30 Feb. 6 Feb. 13 Feb. 20 Feb. 27 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 628,846 631,094 631,364 629,102 631,915 627,668 629,759 627,817 636,437 631,999 U.S. government securities2 2 Bought outright—System account3 553,365 558,206 564,721 558,463 557,929 561,041 562,126 556622,,664466 565,884 556677,,333322 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 1100 10 1100 1100 1100 5 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 6 Repurchase agreeements—triparty4 38,552 34,752 29,562 32,971 35,929 28,464 28,607 26,464 34,750 28,856 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 23 45 13 8 21 11 6 31 2 5 9 Seasonal credit 35 15 17 10 17 19 16 24 16 12 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 1? Float 701 384 74 -83 96 25 1,011 9 -58 33 13 Other Federal Reserve assets 36,160 37,683 36,967 37,723 37,913 38,098 37,983 38,633 35,833 35,752 14 Gold stock 11,045 11,045 11,044 11,045 11,045 11,045 11,045 11,044 11,044 11,044 IS Special drawing rights certificate account 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 16 Treasury currency outstanding 32,997r 33,05 lr 33,110 33,045' 33,059r 33,073' 33,087 33,101 33,115 33,129 ABSORBING RESERVE FUNDS 17 Currency in circulation 632,657r 633,897' 635,747 632,566r 631,787' 630,101' 631,459 634,627 638,445 637,436 18 Reverse repurchase agreements—triparty4 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 434 425 410 432 417 422 414 408 407 410 Deposits, other than reserve balances, with Federal Reserve Banks 70 Treasury 5,274 6,999 4,906 5,712 7,099 9,170 6,196 4,976 4,892 4,696 21 Foreign 253 185 189 271 135 263 190 314 136 127 22 Service-related balances and adjustments 8,901 8,980 9,226 8,892 9,206 8,927 9,017 9,376 9,445 9,061 73 Other 247 241 229 232 223 237 262 222 219 218 74 Other Federal Reserve liabilities and capital 17,841 17,527 17,748 17,693 17,594 17,501 17,539 17,715 17,791 17,887 25 Reserve balances with Federal Reserve Banks5 .... 9,480 9,135 9,262 9,594 11,758 7,364 11,014 6,525 11,461 8,537 End-of-month figures Wednesday figures Dec. Jan. Feb. Jan. 16 Jan. 23 Jan. 30 Feb. 6 Feb. 13 Feb. 20 Feb. 27 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 638,778 640,289 636,381 627,757 658,288 635,350 631,768 628,252 640,357 635,346 U.S. government securities2 2 Bought outright—System account3 551,675 561,376 567,634 559,730 560,195 562,933 563,520 564,317 556666,,882222 556688,,770022 3 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 Federal agency obligations 4 Bought outright 10 10 10 1100 10 1100 10 1100 1100 1100 5 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 6 Repurchase agreeements—triparty4 50,250 37,500 34,499 30,900 56,500 32,250 29,500 25,500 35,749 31,999 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 4 10 61 2 42 12 5 2 11 1100 9 Seasonal credit 30 9 7 12 20 14 25 19 1144 12 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 1? Float -23 3,656 -1,232 -645 3,411 1,751 398 -497 2,244 -1,341 13 Other Federal Reserve assets 36,832 37,728 35,402 37,748 38,110 38,380 38,309 38,901 35,517 35,954 14 Gold stock 11,045 11,045 11,044 11,045 11,045 11,045 11,044 11,044 11,044 11,044 15 Special drawing rights certificate account 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 16 Treasury currency outstanding 33,017r 33,087r 33,143 33,045r 33,059' 33,073' 33,087 33,101 33,115 33,129 ABSORBING RESERVE FUNDS 17 Currency in circulation 643,30 lr 630,757' 637,919 632,062' 632,166' 631,142' 633,954 637,018 639,397 638,493 18 Reverse repurchase agreements—triparty4 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 425 415 414 416 423 415 408 407 409 414 Deposits, other than reserve balances, with Federal Reserve Banks 20 Treasury 6,645 13,688 5,752 6,719 9,850 13,340 5,376 4,108 4,946 4,908 71 Foreign 61 162 89 88 284 434 594 356 81 79 22 Service-related balances and adjustments 9,061 9,017 9,048 8,892 9,206 8,927 9,017 9,376 9,445 9,061 73 Other 820 286 254 238 220 228 253 212 241 212 74 Other Federal Reserve liabilities and capital 17,083 17,385 17,792 17,464 17,402 17,427 17,460 17,602 17,501 17,654 25 Reserve balances with Federal Reserve Banks5 .... 7,643 14,909 11,499 8,166 35,039 9,754 11,036 5,519 14,695 10,898 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 Nonflnancial Statistics • May 2002 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages RRReeessseeerrrvvveee ccclllaaassssssiiifffiiicccaaatttiiiooonnn 1999 2000 2001 2001 2002 Dec. Dec. Dec. Aug. Sept. Oct. Nov. Dec. Jan. Feb. 11111 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss22222 5,262 7,022 9,059 7,578 25,633 12,552 8,944 9,059 10,009r 9,277 22222 TTTTToooootttttaaaaalllll vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh33333 60,620r 45,245 43,918 44,007 43,436 45,021 43,065 43,918 45,731 45,699 33333 AAAAAppppppppppllllliiiiieeeeeddddd vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh44444 36,392 31,451 31,896 32,090 31,934 32,509 31,214 31,896 33,465 33,115 44444 SSSSSuuuuurrrrrpppppllllluuuuusssss vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh55555 24,228r 13,794 12,023 11,917 11,502 12,512 11,851 12,023 12,266 12,584 55555 TTTTToooootttttaaaaalllll rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss66666 41,654 38,473 40,955 39,668 57,567 45,061 40,158 40,955 43,474r 42,392 66666 RRRRReeeeeqqqqquuuuuiiiiirrrrreeeeeddddd rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 40,357 37,046 39,315 38,459 38,549 43,739 38,672 39,315 42,069r 41,018 77777 EEEEExxxxxccccceeeeessssssssss rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss77777 1,297 1,427 1,641 1,209 19,019 1,321 1,487 1,641 1,405 1,374 88888 TTTTToooootttttaaaaalllll bbbbbooooorrrrrrrrrrooooowwwwwiiiiinnnnnggggg aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 320 210 67 183 3,385 127 84 67 50 30 99999 AAAAAdddddjjjjjuuuuussssstttttmmmmmeeeeennnnnttttt 179 99 34 19 3,292 60 51 34 33 12 1111100000 SSSSSeeeeeaaaaasssssooooonnnnnaaaaalllll 67 111 33 164 93 67 33 33 17 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. 31 Nov. 14 Nov. 28 Dec. 12 Dec. 26 Jan. 9 Jan. 23 Feb. 6 Feb. 20 Mar. 6 11111 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss22222 11,863 8,314 9.626 8,587 9,219 9,747 10,646 9,191' 8,984 9,855 22222 TTTTToooootttttaaaaalllll vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh33333 44,469 43,504 42,766 42,081 45,197 44,748 43,724 50,352 45,422 42,696 33333 AAAAAppppppppppllllliiiiieeeeeddddd vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh44444 32,390 30,969 31,528 30,727 32,659 32,566 32,569r 36,044 32,615 31,794 44444 SSSSSuuuuurrrrrpppppllllluuuuusssss vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh33333 12,079 12,535 11,238 11,355 12,539 12,182 1 l,155r 14,308 12,807 10,901 55555 TTTTToooootttttaaaaalllll rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss66666 44,253 39,283 41,154 39,314 41,878 42,313 43,215r 45,235r 41,599 41,649 66666 RRRRReeeeeqqqqquuuuuiiiiirrrrreeeeeddddd rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 42,913 37,741 39,707 37,938 40,018 40,651 41,971r 43,837r 40,184 40,365 77777 EEEEExxxxxccccceeeeessssssssss rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss77777 1,340 1,542 1,447 1,375 1,860 1,662 l,243r l,398r 1,415 1,284 88888 TTTTToooootttttaaaaalllll bbbbbooooorrrrrrrrrrooooowwwwwiiiiinnnnnggggg aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 69 119 53 60 60 105 28 26 37 22 99999 AAAAAdddddjjjjjuuuuussssstttttmmmmmeeeeennnnnttttt 10 84 22 26 24 83 15 8 17 9 1111100000 SSSSSeeeeeaaaaasssssooooonnnnnaaaaalllll 59 35 32 34 36 22 14 18 20 13 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 credit' Seasonal credit2 Extended credit1 FFeeddeerraall RReesseerrvvee BBaannkk 4/1 O 2 n /0 2 Effective date Previous rate 4/1 O 2 n /0 2 Effective date Previous rate 4/1 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 Effective date 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 3.5-4.5 3.5 Aug. 21 3.00-3.25 3.00 3 11 11 24 3.5 3.5 23 3.00 3.00 16 10.5 10.5 Sept. 17 2.50-3.00 2.50 27 10-10.5 10 1992—July 2 3-3.5 3 18 2.50 2.50 30 10 10 7 3 3 Oct. 2 2.00-2.50 2.00 Oct. 12 9.5-10 9.5 4 2.00 2.00 13 9.5 9.5 1994—May 17 3-3.5 3.5 Nov. 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 4-4.75 4.75 17 8.5 8.5 17 4.75 4.75 In effect Apr. 12, 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. 31 5.00-5.25 5.00 Dec. 24 8 8 Feb. 3 5.00 5.00 1985—May 20 7.5-8 7.5 1998—Oct. 15 4.75-5.00 4.75 24 7.5 7.5 16 4.75 4.75 Nov. 17 4.50-4.75 4.50 1986—Mar. 7 7-7.5 7 19 4.50 4.50 10 7 7 Apr. 21 6.5-7 6.5 1999—Aug. 24 4.50-4.75 4.75 23 6.5 6.5 26 4.75 4.75 July 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/reIeases/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 Nonflnancial Statistics • May 2002 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Requirement Type of deposit Net transaction accounts2 1 $0million-$41.3 million3 12/27/01 2 More than $41.3 million4 . 12/27/01 3 Nonpersonal time deposits; 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 2002 TTyyppee ooff ttrraannssaaccttiioonn aanndd mmaattuurriittyy 11999999 22000000 22000011 July Aug. Sept. Oct. Nov. Dec. Jan. U.S. TREASURY SECURITIES2 Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 0 8,676 15,503 718 2,899 348 772 3,075 812 2,772 2 Gross sales 0 0 0 0 0 0 0 0 0 0 Exchanges 464,218 477,904 542,736 42,001 55,231 42,268 44,132 59,292 43,771 55,521 4 For new bills 464,218 477,904 542,736 42,001 55,231 42,268 44,132 59,292 43,771 55,521 5 Redemptions 0 24,522 10,095 0 0 1,543 0 0 0 0 Others within one year 6 Gross purchases 11,895 8,809 15,663 235 1,385 0 1,411 1,408 2,942 0 7 Gross sales 0 0 0 0 0 0 0 0 0 0 8 Maturity shifts 50,590 62,025 70,336 7,088 9,379 0 6,535 5,873 5,235 0 9 Exchanges -53,315 -54,656 -72,004 -7,667 -6,873 0 -11,809 -9,559 -6,666 0 10 Redemptions 1,429 3,779 16,802 4,668 1,055 0 473 0 0 0 One to five years 11 Gross purchases 19,731 14,482 22,814 4,193 810 851 22 1,920 634 2,872 12 Gross sales 0 0 0 0 0 0 0 0 0 0 13 Maturity shifts ^4,032 -52,068 -45,211 1,838 -9,379 0 -2,164 -3,073 -5,235 0 14 Exchanges 42,604 46,177 64,519 7,667 5,290 0 11,809 7,967 6,666 0 Five to ten years 15 Gross purchases 4,303 5,871 6,003 756 935 0 422 459 101 0 16 Gross sales 0 0 0 0 0 0 0 0 0 0 17 Maturity shifts -5,841 -6,801 -21,063 -8,926 1,043 0 —4,372 -1,824 0 0 18 Exchanges 7,583 6,585 6,063 0 1,043 0 0 1,592 0 0 More than ten years 19 Gross purchases 9,428 5,833 8,531 815 720 0 1,184 0 448 582 20 Gross sales 0 0 0 0 0 0 0 0 0 0 21 Maturity shifts -717 -3,155 -4,062 0 -1,043 0 0 -975 0 0 22 Exchanges 3,139 1,894 1,423 0 540 0 0 0 0 0 All maturities 23 Gross purchases 45,357 43,670 68,513 6,716 6,749 1,199 3,811 6,862 4,937 6,226 24 Gross sales 0 0 0 0 0 0 0 0 0 0 25 Redemptions 1,429 28,301 26,897 4,668 1,055 1,543 473 0 0 0 Matched transactions 26 Gross purchases 4,413,430 4,415,905 4,722,667 392,721 406,143 508,129 431,887 377,247 387,033 407,791 27 Gross sales 4,431,685 4,397,835 4,724,743 394,381 405,627 515,429 425,110 378,129 390,617 404,296 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 39,540 388 6,211 -7,645 10,114 5,980 1,354 9,720 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 1,497,713 106,355 105,000 406,930 110,885 121,530 117,650 118,550 40 Gross sales 164,349 987,501 1,490,838 103,255 101,595 388,805 113,715 130,080 103,900 131,300 41 Net change in triparty obligations 140,640 -97,265 6,875 3,100 3,405 18,125 -2,830 -8,550 13,750 -12,750 42 Total net change in System Open Market Account ,. 135,780 -63,877 46,295 3,488 9,616 10,480 7,284 -2,570 15,104 -3,030 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 Nonflnancial Statistics • May 2002 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday End of month AAAccccccooouuunnnttt 2002 2001 2002 Jan. 30 Feb. 6 Feb. 13 Feb. 20 Feb. 27 Dec. Jan. Feb. Consolidated condition statement ASSETS 1 Gold certificate account 11,045 11,044 11,044 11,044 11,044 11,045 11,045 11,044 2 Special drawing rights certificate account 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 3 Coin 1,151 1,162 1,169 1,149 1,125 1,047 1,166 1,132 Loans 4 To depository institutions 25 30 21 15 22 34 19 68 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 32,250 29.500 25,500 35,749 31,999 50,250 37,500 34,499 Federal agency obligations3 8 Bought outright 10 10 10 10 10 10 10 10 9 Held under repurchase agreements 0 0 0 0 0 0 0 0 10 Total U.S. Treasury securities3 562,933 563,520 564,317 566,822 568,702 551,675 561,376 567,634 11 Bought outright4 562,933 563,520 564,317 566,822 568,702 551,675 561,376 567,634 12 Bills 189,897 189,785 189,130 189,632 190,295 182,074 188,341 189,229 13 Notes 268,568 269,172 270,629 273,665 274,269 265,941 268,568 274,268 14 Bonds 104,468 104,563 104,558 103,524 104,138 103,660 104,467 104,137 15 Held under repurchase agreements 0 0 0 0 0 0 0 0 16 Total loans and securities 595,219 593,061 589,848 602,596 600,733 601,969 598,905 602,211 17 Items in process of collection 9,685 9,584 7,034 13,987 7,037 3,188 11,046 5,270 18 Bank premises 1,509 1.510 1,511 1,511 1,509 1,512 1,509 1,509 Other assets 19 Denominated in foreign currencies5 14,274 14,269 14,330 14,286 14,193 14,559 14,165 14,242 20 All other* 22,586 22,544 23,029 19,711 20,262 20,814 22,070 19,653 21 Total assets 657,669 655,374 650,167 666,485 658,103 656,334 662,105 657,262 LIABILITIES 22 Federal Reserve notes 599,636 602,438 605,493 607,842 606,904 611,757 599,252 606,322 23 Reverse repurchase agreements—triparty2 0 0 0 0 0 0 0 0 24 Total deposits 32,594 26,979 19,680 29,856 26,014 25,004 38,695 26,965 25 Depository institutions 18,592 20,757 15,004 24,588 20,815 17,478 24,559 20,869 26 U.S. Treasury—General account 13,340 5,376 4,108 4,946 4,908 6,645 13,688 5,752 27 Foreign—Official accounts 434 594 356 81 79 61 162 89 28 Other 228 253 212 241 212 820 286 254 29 Deferred credit items 8,012 8,496 7,392 11,287 7,531 2,490 6,773 6,183 30 Other liabilities and accrued dividends7 2,322 2,300 2,338 2,336 2.361 2,399 2,363 2,420 31 Total liabilities 642,563 640,214 634,903 651,319 642,810 641,650 647,084 641,890 CAPITAL ACCOUNTS 32 Capital paid in 7,433 7,437 7,442 7,440 7,635 7.373 7,433 7,636 33 Surplus 7,271 7,269 7,270 7,269 7,266 7,311 7,250 7,266 34 Other capital accounts 402 454 552 457 392 0 338 469 35 Total liabilities and capital accounts 657,669 655,374 650,167 666,485 658,103 656,334 662,105 657,262 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) 750,240 750,175 750,407 751,211 750,901 751,540 750,502 750,608 38 LESS: Held by Federal Reserve Banks 150,604 147,737 144,913 143,369 143,997 139,783 151,250 144,285 39 Federal Reserve notes, net 599,636 602,438 605,493 607,842 606,904 611,757 599,252 606,322 Collateral held against notes, net 40 Gold certificate account 11.045 11,044 11,044 11,044 11,044 11,045 11,045 11,044 41 Special drawing rights certificate account 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 42 Other eligible assets 0 0 2,422 0 0 0 0 0 43 U.S. Treasury and agency securities 586,391 589,194 589,827 594,597 593,659 598,512 586,007 593,078 44 Total collateral 599,636 602,438 605,493 607,842 606,904 611,757 599,252 606,322 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. 30 Feb. 6 Feb. 13 Feb. 20 Feb. 27 Dec. Jan. Feb. 1 Total loans 25 30 21 15 22 34 19 68 2 Within fifteen days1 25 18 16 15 22 33 17 64 3 Sixteen days to ninety days 1 13 4 0 0 1 2 4 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Total U.S. Treasury securities2 562,933 563,520 564,317 566,822 568,702 551,675 561,376 567,634 6 Within fifteen days1 24,757 21,530 31,101 29,453 28,483 10,685 7,322 4,223 7 Sixteen days to ninety days 122,892 120,531 112,412 115,927 117,816 124,547 122,862 121,710 8 Ninety-one days to one year 126,032 131,590 130,946 133,146 132,889 130,627 142,024 152,122 9 One year to five years 157,732 158,021 158,020 156,384 157,109 153,158 157,648 157,174 10 Five years to ten years 51,627 51,958 51,954 51,450 51,446 53,338 51,627 51,446 11 More than ten years 79,894 79,890 79,885 80,462 80,959 79,320 79,894 80,958 12 Total federal agency obligations 10 10 10 10 10 10 10 10 13 Within fifteen days1 0 0 0 0 0 0 0 0 14 Sixteen days to ninety days 0 0 0 0 0 0 0 0 15 Ninety-one days to one year 0 0 0 0 0 0 0 0 16 One year to five years 10 10 10 10 10 10 10 10 17 Five years to ten years 0 0 0 0 0 0 0 0 18 More than ten years 0 0 0 0 0 0 0 0 1. Holdings under repurchase agreements are classified as maturing within fifteen days in 2. Includes compensation that adjusts for the effects of inflation on the principal of accordance with maximum maturity of the agreements. inflation-indexed securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A12 Domestic Nonflnancial Statistics • May 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.' Julyr Aug.r Sept.1" Oct.r Nov.r Dec.' Jan.r Feb. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 45.14R 41.82' 38.54' 41.10 39.79 40.08 58.21 45.66 40.90 41.10 41.51 41.36 2 Nonborrowed reserves4 45.02R 41.50' 38.33' 41.03 39.50 39.90 54.83 45.53 40.82 41.03 41.46 41.33 3 Nonborrowed reserves plus extended credit5 45.02' 41.50' 38.33' 41.03 39.50 39.90 54.83 45.53 40.82 41.03 41.46 41.33 4 Required reserves 43.62' 40.53' 37.11' 39.46 38.38 38.87 39.20 44.33 39.42 39.46 40.11 39.98 5 Monetary base6 513.55' 593.12' 584.04' 634.55 608.11 616.03 639.72 630.51 629.60 634.55 640.88 646.02 Not seasonally adjusted 6 Total reserves7 45.31 41.89 38.53 41.07 39.42 39.76 57.68 45.19 40.29 41.07 43.46 42.37 7 Nonborrowed reserves 45.19 41.57 38.32 41.01 39.14 39.58 54.29 45.06 40.20 41.01 43.41 42.34 8 Nonborrowed reserves plus extended credit5 45.19 41.57 38.32 41.01 39.14 39.58 54.29 45.06 40.20 41.01 43.41 42.34 9 Required reserves8 43.80 40.59 37.10 39.43 38.01 38.55 38.66 43.87 38.80 39.43 42.06 41.00 10 Monetary base9 518.27 600.72 590.06 640.06 608.24 614.55 638.00 628.34 629.90 640.06 644.30 645.51 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS10 11 Total reserves" 45.21 41.65 38.47 40.96 39.34 39.67 57.57 45.06 40.16 40.96 43.47 42.39 12 Nonborrowed reserves 45.09 41.33 38.26 40.89 39.05 39.48 54.18 44.93 40.07 40.89 43.42 42.36 13 Nonborrowed reserves plus extended credit5 45.09 41.33 38.26 40.89 39.05 39.48 54.18 44.93 40.07 40.89 43.42 42.36 14 Required reserves 43.70 40.36 37.05 39.32 37.93 38.46 38.55 43.74 38.67 39.32 42.07 41.02 15 Monetary base12 525.06 608.02 596.98 648.89 615.58 622.04 645.75 636.45 637.87 648.89 653.31 654.73 16 Excess reserves'3 1.51 1.30 1.43 1.64 1.41 1.21 19.02 1.32 1.49 1.64 1.41 1.37 17 Borrowings from the Federal Reserve .12 .32 .21 .07 .28 .18 3.39 .13 .08 .07 .05 .03 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 IItteemm Dec. Dec. Dec. Dec.' Nov.' Dec.' Jan.' Feb. Seasonally adjusted Measures2 1 Ml 1,096.5 1,124.4 1,088.9 1,178.3 1,163.8 1,178.3 1,181.3 1,182.6 2 M2 4,386.3 4,655.0r 4,942.3r 5,458.9 5,417.0 5,458.9 5,469.1 5,499.0 M3 6,042. lr 6,541.7r 7,116.0' 8,029.6 7,960.4 8,029.6 8,029.7 8,072.0 4 Debt 16,277.3r 17,360.8' 18,277.9' 19,373.2 19,267.7 19,373.2 19.425.5 n.a. Mi components 5 Currency3 459.3 516.9 530.1 580.1 575.1 580.1 558855..88 559900..88 6 Travelers checks4 8.2 8.3 8.0 7.8 7.8 7.8 7.8 7.8 7 Demand deposits5 378.4 354.5 309.9 329.3 326.2 329.3 326.5 324.1 8 Other checkable deposits6 250.5 244.7 240.9 261.1 254.7 261.1 261.1 259.9 Nontransaction components 9 In M27 3,289.8r 3,530.7 3,853.5 4,280.6 4,253.2 4,280.6 4,287.8 4,316.4 10 In M3 only8 l,655.8r l,886.7r 2,173.6' 2,570.7 2,543.5 2,570.7 2,560.6 2,572.9 Commercial banks 11 Savings deposits, including MMDAs 1,187.5 1,289.1 1,423.7 1,746.0 1,713.2 1,746.0 1,773.3 1,805.6 12 Small time deposits9 626.1 635.0 699.1' 638.8 648.9 638.8 629.6 621.9 13 Large time deposits1011 583.2r 652.0' 717.9' 672.8 668.8 672.8 692.0 695.8 Thrift institutions 14 Savings deposits, including MMDAs 414.7 449.7 452.1 561.4 554.9 561.4 572.7 592.6 15 Small time deposits9 325.6 320.4 344.5 333.7 337.4 333.7 328.2 324.7 16 Large time deposits10 88.6 91.1 102.9 113.9 114.6 113.9 115.0 114.4 Money market mutual funds 17 Retail 736.0 836.6 934.0 1,000.7 998.9 1,000.7 984.1 971.6 18 Institution-only 538.2 633.6 792.5 1,197.2 1,171.6 1,197.2 1,167.1 1,166.3 Repurchase agreements and eurodollars 19 Repurchase agreements12 293.4 336.0 364.0 373.5 372.6 373.5 374.3 377.8 20 Eurodollars12 152.5 174.0 196.4 213.3 215.9 213.3 212.2 218.7 Debt components 21 Federal debt 3,751.1 3,660.1 3,400.4 3,381.4 3,372.8 3,381.4 3,380.1 n.a. 22 Nonfederal debt 12,526.3r 13,700.7r 14,877.5' 15,991.8 15,894.8 15,991.8 16,045.4 n.a. Not seasonally adjusted Measures2 33 Ml 1.120.4 1,148.3 1,112.3 1,202.5 1,164.7 1,202.5 1,184.3 1,169.9 74 M2 4,406.4 4,675.8r 4,966.0 5,483.8 5,405.4 5,483.8 5,472.6 5,490.1 25 M3 6,070.9r 6,573.3r 7,151.1' 8,067.7 7,942.9 8,067.7 8,057.1 8,103.0 26 Debt 16,264.9r 17,352.9r 18,269.7' 19,361.5 19,229.4 19,361.5 19,420.0 n.a. Ml components 77 Currency3 463.3 521.5 535.2 585.0 575.5 585.0 584.4 590.3 78 Travelers checks4 8.4 8.4 8.1 7.9 7.9 7.9 8.0 8.0 29 Demand deposits5 395.9 371.8 326.5 347.0 329.2 347.0 329.0 316.3 30 Other checkable deposits6 252.8 246.6 242.5 262.5 252.1 262.5 262.9 255.4 Nontransaction components 31 In M27 3,286.0 3,527.6 3,853.7 4,281.3 4,240.7 4,281.3 4,288.3 4,320.2 32 In M3 only8 l,664.5r l,897.5r 2,185.1' 2,583.9 2,537.5 2,583.9 2,584.5 2,612.9 Commercial banks 33 Savings deposits, including MMDAs 1,186.0 1,288.8 1,426.9 1,750.4 1,710.3 1,750.4 1,766.2 1,795.5 34 Small time deposits9 626.5 635.7 700.0 639.5 650.7 639.5 631.6 623.8 35 Large time deposits10 " 583.5r 652.4' 718.4' 672.9 670.5 672.9 684.4 694.1 Thrift institutions 36 Savings deposits, including MMDAs 414.2 449.6 453.1 562.8 554.0 562.8 570.4 589.3 37 Small time deposits0 325.8 320.8' 345.0 334.0 338.3 334.0 329.3 325.7 38 Large time deposits10 88.6 91.2 103.0 113.9 114.9 113.9 113.8 114.1 Money market mutual funds 39 Retail 733.5 832.8 928.7 994.5 987.5 994.5 990.8 985.9 40 Institution-only 547.5 643.2 801.4 1,208.3 1,165.2 1,208.3 1,198.8 1,204.2 Repurchase agreements and eurodollars 41 Repurchase agreements'2 290.4 334.7 364.2 374.3 371.9 374.3 374.3 379.4 42 Eurodollars12 154.5 176.0 198.2 214.5 214.9 214.5 213.2 221.1 Debt components 43 Federal debt 3,754.9 3,663.2 3,403.5 3,384.0 3,352.4 3,384.0 3,372.0 n.a. 44 Nonfederal debt 12,510.0r 13,689.8' 14,866.2' 15,977.5 15,877.0 15,977.5 16,048.1 n.a. Footnotes appear on following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic Nonflnancial Statistics • May 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 U.S. dollar-denominated travelers checks of nonbank issuers. withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, Travelers checks issued by depository institutions are included in demand deposits. credit union share draft accounts, and demand deposits at thrift institutions. Seasonally 5. Demand deposits at commercial banks and foreign-related institutions other than those adjusted Ml is computed by summing currency, travelers checks, demand deposits, and owed to depository institutions, the U.S. government, and foreign banks and official institu- OCDs, each seasonally adjusted separately. tions, less cash items in the process of collection and Federal Reserve float. M2: Ml plus (1) savings deposits (including MMDAs), (2) small-denomination time 6. Consists of NOW and ATS account balances at all depository institutions, credit union deposits (time deposits—including retail RPs—in amounts of less than $100,000), and (3) share draft account balances, and demand deposits at thrift institutions. balances in retail money market mutual funds. Excludes individual retirement accounts 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally money fund balances. adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, 8. Sum of (1) large time deposits, (2) institutional money fund balances. (3) RP liabilities and retail money fund balances, each seasonally adjusted separately, and adding this result to (overnight and term) issued by depository institutions, and (4) eurodollars (overnight and seasonally adjusted M1. 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 Feb. Aug. Sept.' Oct.' Nov.' Dec.' Jan.' Feb. Feb. 6 Feb. 13 Feb. 20 Feb. 27 Seasonally adjusted Assets 1 Bank credit 5,285.0 5,349.8' 5,425.6 5,400.6 5,427.6 5,405.5 5,395.1 5,407.9 5,408.8 5,403.1 5,412.2 5,410.2 ?. Securities in bank credit 1,353.6 1,420.5' 1,440.2 1,464.6 1,478.1 1,471.5 1,470.2 1,469.6 1,468.5 1,465.3 1,467.7 1,476.9 U.S. government securities 776.2 768.4 779.2 797.8 807.5 823.4 809.8 807.9 808.8 805.5 806.1 810.2 4 Other securities 577.4 652.0' 661.0 666.9 670.6 648.1 660.4 661.8 659.6 659.8 661.6 666.7 Loans and leases in bank credit2 .... 3,931.4 3,929.3 3,985.5 3,936.0 3,949.4 3,934.0 3,924.9 3,938.3 3,940.3 3,937.8 3,944.6 3,933.3 6 Commercial and industrial 1,107.0 1,065.1 1,068.2 1,048.5 1,037.2 1,022.9 1,013.9 1,022.9 1,019.6 1,019.6 1,027.3 1,025.0 7 Real estate 1,677.1 1,716.6 1,724.6 1,737.9 1,754.0 1,763.9 1,762.3 1,770.4 1,773.3 1,773.8 1,771.2 1,764.5 8 Revolving home equity 130.8 139.4 142.1 147.3 149.5 152.9 157.2 161.0 159.6 160.5 161.4 162.0 9 Other 1,546.3 1,577.2 1,582.5 1,590.6 1,604.5 1,611.0 1,605.1 1,609.4 1,613.7 1,613.3 1,609.8 1,602.5 10 Consumer 546.6 548.5' 549.0 551.1 559.3 559.7 562.6 563.3 566.4 558.9 564.3 564.2 11 Security3 169.3 171.1 181.7 149.9 150.7 141.3 147.6 149.3 147.0 149.7 150.1 149.8 1? Other loans and leases 431.4 427.9 461.9 448.7 448.3 446.2 438.4 432.4 434.0 435.8 431.6 429.8 13 Interbank loans 265.7 287.9 354.0 303.1 282.4 290.3 290.8 274.5 273.1 275.0 277.9 273.5 14 Cash assets4 283.5 283.4' 328.8 302.8 294.5 292.1 291.5 290.7 293.8 276.5 302.4 289.5 15 Other assets5 402.4 433.6' 469.7 487.4 485.8 475.6 481.8 484.1 493.2 497.4 480.9 469.3 16 Total assets6 6,171.4 6,287.4r 6,510.2 6,424.0 6,419.6 6,391.4 6,384.7 6,382.6 6,394.0 6,377.2 6,399.0 6,368.2 Liabilities 17 Deposits 3,896.6 4,083.8 4,210.1 4,168.4 4,184.5 4,219.7 4,241.4 4,241.5 4,247.3 4,240.3 4,246.2 4,231.5 18 Transaction 607.2 611.1 689.6 638.2 631.1 632.3 629.9 621.6 603.3 610.9 635.8 636.9 19 Nontransaction 3,289.3 3,472.7 3,520.6 3,530.2 3,553.4 3,587.4 3,611.5 3,619.9 3,643.9 3,629.4 3,610.3 3,594.6 ?0 Large time 939.8 965.1 964.6 977.0 976.9 973.4 984.4 994.7 1,001.7 995.1 988.6 994.9 ?l Other 2,349.5 2,507.7 2,556.0 2,553.2 2.576.5 2,614.0 2,627.0 2,625.2 2,642.2 2,634.3 2,621.8 2,599.7 22 Borrowings 1,251.6 1,233.0' 1,287.7 1,265.7 1,237.8 1,233.4 1,219.7 1,218.4 1,223.9 1,219.3 1,216.5 1,218.1 From banks in the U.S 396.3 404.3' 450.6 429.4 407.8 411.4 406.8 402.2 402.9 410.9 397.4 398.9 24 From others 855.3 828.8' 837.1 836.3 830.0 822.0 813.0 816.2 821.0 808.4 819.1 819.2 25 Net due to related foreign offices 219.5 192.9 169.5 176.9 161.2 147.6 128.8 107.3 103.6 97.2 119.7 108.0 26 Other liabilities 353.7 347.8 399.4 370.5 406.3 361.0 347.3 339.5 342.1 345.3 334.8 339.8 27 Total liabilities 5,721.4r 5,857.5r 6,066.7 5,981.4 5,989.8 5,961.6 5,937.2 5,906.8 5,916.8 5,902.0 5,917.2 5,897.4 28 Residual (assets less liabilities)7 450.0 429.9 443.5 442.6 429.8 429.8 447.5 475.8 477.1 475.1 481.8 470.8 Not seasonally adjusted Assets 29 Bank credit 5,280.0 5,332.4' 5,420.0 5,408.6 5,448.2 5,442.2 5,408.7 5,401.6 5,408.9 5,398.8 5,398.1 5,403.2 30 Securities in bank credit 1,355.4 1,413.6' 1,436.4 1,462.4 1,482.1 1,477.5 1,475.7 1.471.2 1,471.9 1,465.8 1,468.5 1,477.7 31 U.S. government securities 778.0 763.8 776.2 792.9 807.9 822.8 812.0 809.4 811.5 806.4 806.6 811.8 3? Other securities 577.4 649.8' 660.2 669.6 674.1 654.7 663.7 661.7 660.4 659.4 661.9 665.9 33 Loans and leases in bank credit2 .... 3,924.6 3,918.7' 3,983.6 3,946.1 3,966.2 3,964.7 3,932.9 3,930.4 3,937.0 3,933.0 3,929.6 3,925.5 34 Commercial and industrial 1,106.3 1,058.9 1,064.9 1,048.0 1,038.3 1,025.3 1,011.3 1,022.0 1,017.6 1,018.7 1,026.0 1,025.2 35 Real estate 1,670.5 1,719.8 1,728.3 1,741.6 1,760.0 1,769.1 1,760.8 1,763.1 1,768.2 1,768.8 1,761.6 1,755.2 36 Revolving home equity 129.7 140.2 143.4 148.5 150.3 153.0 156.2 159.6 158.2 159.3 159.9 160.5 37 Other 1,540.9 1,579.6 1,584.8 1,593.1 1,609.7 1,616.1 1,604.6 1,603.5 1,609.9 1,609.5 1,601.6 1,594.7 38 Consumer 547.3 549.6 551.3 550.8 559.7 565.5 566.9 564.1 568.3 560.4 565.2 564.1 39 Credit cards and related plans . . 212.7 218.3' 217.4 216.5 225.6 232.3 229.3 225.3 227.7 220.4 226.5 227.3 40 Other 334.6 331.3' 333.9 334.3 334.1 333.2 337.6 338.8 340.6 340.0 338.6 336.9 41 Security3 172.1 162.6 175.5 156.2 157.3 152.1 154.3 151.6 151.1 152.2 148.5 154.3 42 Other loans and leases 428.4 427.8 463.7 449.5 450.9 452.8 439.7 429.6 431.8 433.0 428.3 426.6 43 Interbank loans 267.5 276.6 342.1 297.1 290.7 300.3 293.1 276.9 276.6 279.0 276.6 275.0 44 Cash assets4 284.4 271.6' 324.1 303.1 303.2 312.7 307.3 291.9 286.0 273.5 317.9 289.6 45 Other assets5 401.5 430.7' 469.6 482.9 485.3 482.7 484.1 483.2 494.5 497.7 476.8 468.0 46 Total assets6 6,168.1 6,243.8r 6,487.8 6,422.0 6,456.7 6,465.6 6,418.9 6,378.8 6,390.9 6,374.0 6,395.0 6,361.4 Liabilities 47 Deposits 3,913.6 4,043.1 4,184.6 4,155.8 4,207.8 4,271.4 4,259.9 4,263.1 4,266.5 4,264.1 4,269.4 4,249.4 48 Transaction 599.1 597.2 683.5 632.3 637.3 662.7 641.9 613.2 590.0 599.5 633.5 629.0 49 Nontransaction 3,314.5 3,445.9 3,501.1 3,523.4 3,570.6 3,608.7 3,618.0 3,649.9 3,676.6 3,664.6 3,635.8 3,620.4 50 Large time 951.5 951.5 953.2 970.8 984.8 989.8 1,000.1 1,007.9 1,017.4 1,010.2 999.4 1,007.2 51 Other 2,363.0 2,494.4 2,547.9 2,552.6 2,585.8 2,618.9 2,617.9 2,641.9 2,659.2 2,654.3 2,636.4 2,613.2 52 Borrowings 1,255.2 1,211.3' 1,282.1 1,263.1 1,246.0 1,235.5 1,236.0 1,221.7 1,231.5 1,222.9 1,221.1 1,215.9 53 From banks in the U.S 400.7 395.8' 440.6 424.0 408.6 412.9 412.9 406.7 407.9 415.7 402.3 402.1 54 From others 854.5 815.5' 841.5 839.1 837.4 822.6 823.0 815.0 823.6 807.2 818.8 813.8 55 Net due to related foreign offices 225.6 192.0 171.4 177.4 163.1 152.9 132.8 112.6 108.2 101.7 127.0 112.6 56 Other liabilities 357.8 347.6 399.8 370.7 408.8 363.6 349.4 343.1 344.8 348.1 339.7 344.0 57 Total liabilities 5,752.2 5,794.1r 6,037.9 5,967.0 6,025.8 6,023.4 5,978.1 5,940.5 5,951.0 5,936.7 5,957.1 5,922.0 58 Residual (assets less liabilities)7 415.9' 449.6 449.9 455.1 431.0 442.2 440.9 438.3 439.9 437.3 437.9 439.5 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 Domestic Financial Statistics • May 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 Feb. Aug. Sept.' Oct.' Nov.' Dec.' Jan.' Feb. Feb. 6 Feb. 13 Feb. 20 Feb. 27 Seasonally adjusted Assets 1 Bank credit 4,670.9 4,750.8r 4,830.5 4,813.7 4,833.9 4,820.5 4,817.9 4,828.3 4,837.0 4,827.0 4,828.1 4,824.7 2 Securities in bank credit 1,148.5 l,196.6r 1,214.9 1,236.4 1,247.5 1,242.7 1,247.6 1,250.4 1,249.7 1,246.7 1,250.5 1,254.4 U.S. government securities 713.2 719.3 727.5 741.5 748.1 765.9 756.3 759.1 760.3 756.8 758.6 760.1 4 Other securities 435.3 477.3' 487.4 494.9 499.4 476.8 491.3 491.3 489.3 489.9 491.8 494.3 5 Loans and leases in bank credit2 .... 3,522.4 3,554.1r 3,615.6 3,577.2 3,586.4 3,577.8 3,570.4 3,577.9 3,587.4 3,580.3 3,577.7 3,570.3 6 Commercial and industrial 890.3 860.3 863.3 848.9 837.5 827.6 821.5 825.8 824.2 825.0 828.5 825.6 7 Real estate 1,658.9 1,698.2 1,705.9 1,719.2 1,735.1 1,744.9 1,743.3 1,751.7 1,754.6 1,755.1 1,752.5 1,745.7 8 Revolving home equity 130.8 139.4 142.1 147.3 149.5 152.9 157.2 161.0 159.6 160.5 161.4 162.0 y Other 1,528.1 1,558.8 1,563.8 1,571.9 1,585.6 1,592.0 1,586.1 1,590.7 1,595.0 1,594.5 1,591.1 1,583.7 10 Consumer 546.6 548.5r 549.0 551.1 559.3 559.7 562.6 563.3 566.4 558.9 564.3 564.2 11 Security3 62.9 86.4 102.7 77.6 74.1 67.6 73.1 75.4 77.3 75.7 72.1 76.8 12 Other loans and leases 363.7 360.6 394.6 380.5 380.4 378.0 369.9 361.7 364.8 365.7 360.2 358.1 13 Interbank loans 237.9 267.7 328.0 279.2 257.0 269.2 264.3 253.5 246.7 254.5 259.5 254.9 14 Cash assets4 242.2 246.6 284.0 264.3 257.6 255.7 255.2 253.3 256.3 240.4 264.3 251.6 15 Other assets5 366.8 403.5' 436.2 455.1 451.6 444.7 449.3 452.7 460.4 465.3 450.7 438.2 16 Total assets6 5,452.8 5,601.7 5,811.2 5,742.7 5,729.9 5,718.4 5,712.7 5,713.5 5,725.9 5,712.7 5,728.6 5,695.4 Liabilities 17 Deposits 3,514.2 3,676.8 3,800.7 3,746.6 3,756.1 3,784.3 3,787.2 3,784.8 3,781.9 3,781.2 3,794.5 3,779.1 18 Transaction 596.8 601.5 677.3 627.4 620.4 621.2 618.9 610.8 593.0 599.8 625.4 625.8 19 Nontransaction 2,917.5 3,075.3 3,123.5 3,119.2 3,135.7 3,163.0 3,168.3 3,174.0 3,188.9 3,181.3 3,169.1 3,153.3 20 Large time 570.1 570.1 569.9 568.7 561.5 551.4 543.6 551.1 549.0 549.4 549.7 556.0 21 Other 2,347.3 2,505.2 2,553.5 2,550.5 2,574.2 2,611.6 2,624.7 2,622.9 2,639.9 2,631.9 2,619.4 2,597.3 22 Borrowings 1,013.6 1,022.4' 1,065.9 1,057.3 1,024.8 1,030.8 1,032.8 1,029.3 1,042.8 1,025.9 1,027.7 1,027.2 23 From banks in the U.S 372.9 383.7' 420.1 405.5 383.6 387.0 384.8 379.5 383.9 381.8 377.7 376.9 24 From others 640.7 638.7' 645.8 651.8 641.2 643.8 647.9 649.8 658.9 644.1 650.1 650.3 25 Net due to related foreign offices 214.7 205.7 188.6 194.1 191.9 197.3 186.8 174.5 174.3 175.2 181.0 167.9 26 Other liabilities 272.5 271.8 321.0 296.1 329.4 286.4 271.3 264.8 263.9 269.0 262.4 266.3 27 Total liabilities 5,015.0 5,176.7r 5,376.2 5,294.1 5,302.2 5,298.7 5,278.1 5,253.5 5,263.0 5,251.2 5,265.5 5,240.4 28 Residual (assets less liabilities)7 437.8 424.9' 435.0 448.7 427.7 419.7 434.6 460.0 462.9 461.4 463.0 454.9 Not seasonally adjusted Assets 29 Bank credit 4,662.6 4,739.8' 4.826.6 4,818.7 4,851.8 4,847.5 4,825.1 4,819.7 4,832.8 4,818.9 4,815.2 4,815.1 30 Securities in bank credit 1,150.3 1,189.8' 1,211.1 1,234.2 1,251.5 1,248.7 1,253.1 1,251.9 1,253.1 1,247.2 1,251.3 1,255.2 31 U.S. government securities 715.0 714.7 724.5 736.6 748.5 765.3 758.5 760.7 763.0 757.7 759.2 761.7 32 Other securities 435.3 475.1' 486.7 497.6 502.9 483.4 494.6 491.2 490.1 489.5 492.1 493.5 33 Loans and leases in bank credit2 .... 3,512.4 3,550.0' 3,615.5 3,584.4 3,600.3 3,598.8 3,572.0 3,567.8 3,579.7 3,571.8 3,564.0 3,559.8 34 Commercial and industrial 887.4 855.5 860.4 848.1 837.8 827.7 817.4 822.9 821.0 821.6 825.1 823.8 35 Real estate 1,652.3 1,701.4 1,709.5 1,722.9 1,741.1 1,750.0 1,741.7 1,744.4 1,749.5 1,750.0 1,742.8 1,736.4 36 Revolving home equity 129.7 140.2 143.4 148.5 150.3 153.0 156.2 159.6 158.2 159.3 159.9 160.5 37 Other 1,522.7 1,561.2 1,566.1 1,574.4 1,590.8 1,597.1 1,585.6 1,584.7 1,591.2 1,590.8 1,582.9 1,575.9 38 Consumer 547.3 549.6 551.3 550.8 559.7 565.5 566.9 564.1 568.3 560.4 565.2 564.1 39 Credit cards and related plans . . 212.7 218.3' 217.4 216.5 225.6 232.3 229.3 225.3 227.7 220.4 226.5 227.3 40 Other 334.6 331.3' 333.9 334.3 334.1 333.2 337.6 338.8 340.6 340.0 338.6 336.9 41 Security3 64.7 81.8 97.6 80.8 79.3 73.7 76.0 77.5 78.8 77.1 73.4 80.3 42 Other loans and leases 360.6 361.7 396.6 381.8 382.4 381.9 370.0 358.9 362.1 362.6 357.4 355.2 43 Interbank loans 239.7 256.4 316.1 273.2 265.3 279.3 266.6 255.9 250.2 258.5 258.2 256.4 44 Cash assets4 242.9 236.0 280.3 263.9 264.4 273.7 268.6 254.1 247.4 236.5 279.6 252.0 45 Other assets5 364.9 400.8' 436.4 451.1 451.1 450.3 450.4 450.9 460.4 464.5 446.3 436.2 46 Total assets6 5,445.3 5,565.9 5,791.8 5,737.6 5,762.1 5,779.0 5,736.9 5,706.4 5,716.2 5,704.0 5,725.3 5,685.7 Liabilities 47 Deposits 3,523.0 3,648.0 3,783.2 3,741.5 3,776.1 3,822.9 3,793.1 3,796.3 3,789.4 3,794.3 3,809.5 3,786.5 48 Transaction 588.8 587.7 670.8 621.4 626.4 650.9 630.7 602.7 579.8 588.7 623.2 618.3 49 Nontransaction 2,934.2 3,060.3 3,112.4 3,120.0 3,149.8 3,172.0 3,162.4 3,193.6 3,209.6 3,205.6 3,186.3 3,168.3 50 Large time 573.5 568.3 566.8 570.0 566.3 555.5 546.9 554.1 552.8 553.7 552.3 557.5 51 Other 2,360.7 2,492.0 2,545.6 2,550.0 2,583.4 2,616.5 2,615.5 2,639.5 2,656.8 2,651.9 2,634.0 2,610.8 52 Borrowings 1,017.3 1,000.7' 1,060.3 1,054.7 1,033.1 1,032.9 1,049.0 1,032.6 1,050.5 1,029.5 1,032.3 1,024.9 53 From banks in the U.S 377.3 375.2' 410.1 400.1 384.4 388.4 391.0 384.0 388.9 386.6 382.6 380.0 54 From others 640.0 625.5' 650.2 654.7 648.6 644.5 658.0 648.6 661.5 643.0 649.7 644.9 55 Net due to related foreign offices 217.4 206.1 188.0 194.2 193.8 197.6 187.4 176.6 175.4 176.4 184.2 171.1 56 Other liabilities 275.1 272.2 320.3 296.2 331.7 286.9 272.0 267.1 265.0 270.4 265.6 269.9 57 Total liabilities 5,032.8 5,126.9' 5,351.8 5,286.6 5,334.7 5,340.4 5,301.5 5,272.7 5,280.3 5,270.6 5,291.6 5,252.4 58 Residual (assets less liabilities)7 412.4 439.0' 440.0 451.0 427.4 438.6 435.5 433.7 435.9 433.3 433.7 433.2 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities A17 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued C. Large domestically chartered commercial banks Billions of dollars Monthly averages Wednesday figures AAAccccccooouuunnnttt 2001 2001 2002 2002 Feb. Aug.' Sept. Oct.' Nov.' Dec.' Jan. Feb. Feb. 6 Feb. 13 Feb. 20 Feb. 27 Seasonally adjusted Assets 1 Bank credit 2,598.8' 2,624.0 2,690.9' 2,632.1 2,633.5 2,599.2 2,574.2' 2,579.3 2,588.7 2,582.2 2,574.2 2,576.1 ? Securities in bank credit 597.6' 629.5 640.7' 648.2 652.9 635.8 636.2' 636.0 635.7 630.9 635.6 641.9 U.S. government securities 354.8 359.5 362.6' 363.2 366.0 377.2 363.9 360.8 362.9 358.2 360.1 362.3 4 Trading account 37.5 36.3 37.9 35.8 40.4 34.1 32.7 33.8 34.7 34.1 34.7 31.9 Investment account 317.4' 323.3 324.6 327.5 325.7 343.1 331.2 327.0 328.2 324.0 325.4 330.3 6 Other securities 242.8 269.9 278.1' 285.0 286.8 258.6 272.4' 275.2 272.8 272.7 275.4 279.6 7 Trading account 129.3 153.1 161.0 165.8 165.1 128.0 128.2 130.2 127.2 126.7 130.1 136.3 8 Investment account 113.5 116.8 117.1' 119.1 121.7 130.6 144.1' 145.0 145.6 146.0 145.3 143.3 9 State and local government . . 27.6 27.6 27.5 26.8 27.1 26.9 27.5 28.1 27.9 28.1 28.1 28.3 10 Other 85.9 89.2 89.7' 92.3 94.6 103.7 116.6' 116.9 117.7 118.0 117.2 115.0 11 Loans and leases in bank credit2 .... 2,001.2' 1,994.5 2,050.2' 1,983.9 1,980.6 1,963.4 1,938.0' 1,943.2 1,953.0 1,951.3 1,938.6 1,934.2 1?. Commercial and industrial 596.1' 557.3 561.2 545.6 535.0 523.8 517.2 519.4 519.0 519.0 520.9 518.9 n Bankers acceptances .8 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 14 Other 595.3 557.3 561.2 545.6 535.0 523.8 517.2 519.4 519.0 519.0 520.9 518.9 15 Real estate 835.6r 846.3 846.1' 843.0 853.1 856.0 846.4' 848.5 853.2 853.1 847.7 841.7 16 Revolving home equity 83.7' 87.7 89.4 92.3 94.0 95.9 98.8 101.3 100.4 101.1 101.4 101.8 17 Other 751.9' 758.6 756.7' 750.7 759.1 760.1 747.6' 747.3 752.8 752.0 746.3 739.9 18 Consumer 247.5 251.5 253.2 242.8 245.2 245.7 238.5 245.7 245.4 245.3 246.2 246.0 19 Security3 55.5 78.1 94.0 69.8 66.3 59.6 65.4 67.5 69.6 67.8 64.1 68.6 20 Federal funds sold to and repurchase agreements with broker-dealers 39.5 63.5 66.2 56.4 52.3 45.6 52.5 55.1 57.4 55.5 52.1 5555..55 ?! Other 16.0 14.5 27.8 13.4 14.0 14.0 12.8 12.4 12.2 12.3 11.9 13.2 22 State and local government 12.9 14.2 14.4 15.3 15.7 14.9 14.6 14.6 14.5 14.6 14.6 14.6 23 Agricultural 10.3 9.5 9.2 9.2 9.4 9.3 9.4 9.5 9.3 9.6 9.6 9.5 24 Federal funds sold to and repurchase agreements with others 26.4 31.9 32.6 28.8 30.6 29.3 27.9 24.0 25.2 24.9 22.5 2244..00 75 All other loans 85.8 75.6 109.1 104.3 100.4 94.1 85.6 81.4 83.6 84.0 80.7 78.4 76 Lease-financing receivables 130.9 130.3 130.2 125.0 125.0 130.5 132.9 132.7 133.1 133.1 132.3 132.5 27 Interbank loans 143.8 150.9 207.3 175.8 152.8 165.8 165.9 151.9 150.5 154.1 156.2 148.6 28 Federal funds sold to and repurchase agreements with commercial banks 73.0 80.5 131.5 94.3 90.1 96.3 90.7' 79.0 75.3 80.9 84.5 7766..44 ?9 Other 70.8 70.4 75.8 81.5 62.7 69.5 75.2 72.9 75.2 73.1 71.7 72.2 30 Cash assets4 139.1' 140.7 174.8 155.3 151.2 146.9 144.2' 141.8 144.0 131.2 149.5 141.7 31 Other assets5 271.1 283.3 308.8' 324.2 322.1 311.6 313.9' 310.1 318.8 319.8 308.7 297.4 32 Total assets6 3,114.8r 3,160.7 3,343.7r 3,248.0 3,219.9 3,182.0 3,154.9r 3,139.2 3,157.9 3,143.0 3,144.9 3,120.2 Liabilities 33 Deposits 1,693.5' 1,755.1 1,860.5' 1,792.7 1,793.0 1,798.8 1,788.6' 1,786.7 1,787.0 1,784.1 1,791.4 1,783.2 34 Transaction 301.0' 304.5 376.2' 323.6 321.0 321.6 315.1' 307.5 299.8 303.2 315.2 312.7 35 Nontransaction 1,392.5' 1,450.6 1,484.2' 1,469.1 1,472.0 1,477.2 1,473.5' 1,479.2 1,487.2 1,480.9 1,476.2 1,470.5 36 Large time 266.7' 265.0 265.0' 260.8 251.9 247.0 241.1' 248.5 246.2 245.2 248.0 254.4 37 Other 1,125.8' 1,185.6 1,219.3' 1,208.4 1,220.1 1,230.2 1,232.5' 1,230.6 1,241.1 1,235.8 1,228.2 1,216.2 38 Borrowings 676.2' 678.5 710.6' 692.6 658.3 657.6 652.3 655.2 668.2 651.1 654.3 652.3 39 From banks in the U.S 216.6 232.2 264.0' 239.5 217.9 220.5 213.9' 210.5 216.2 213.5 206.8 207.5 40 From others 459.6' 446.3 446.6' 453.1 440.4 437.2 438.4' 444.7 452.0 437.6 447.5 444.8 41 Net due to related foreign offices 198.0 190.3 178.0 184.6 181.7 187.3 177.9 163.6 164.5 165.6 168.2 156.7 42 Other liabilities 222.1 211.3 258.6 231.9 264.1 220.5 201.2 193.1 191.8 198.1 190.1 194.4 43 Total liabilities 2,19,9.1' 2,835.2 3,007.7r 2,901.8 2,897.0 2,864.1 2,820.1r 2,798.6 2,811.6 2,798.9 2,803.9 2,786.6 44 Residual (assets less liabilities)7 325.1 325.5 336.0' 346.2 322.8 317.9 334.8r 340.5 346.3 344.1 341.0 333.6 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 DomesticN onflnancial Statistics • May 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 Feb. Aug.' Sept. Oct. Nov.' Dec.' Jan.' Feb. Feb. 6 Feb. 13 Feb. 20 Feb. 27 Not seasonally adjusted Assets 45 Bank credit 2,601.7r 2,609.8 2,681.4' 2,635.3' 2,650.2 2,621.6 2,585.7 2,582.1 2,594.4 2,585.3 2,575.3 2,577.2 46 Securities in bank credit 601.3 623.3 637.1' 648.4' 658.6 642.7 642.4 639.6 640.9 633.5 639.3 644.5 47 U.S. government securities 358.5 355.6 359.7 360.7 368.3 377.5 366.8 364.5 367.3 361.1. 363.5 365.6 48 Trading account 37.9 35.9 37.7 35.5 40.6 34.1 32.9 34.1 35.1 34.4 35.0 32.2 49 Investment account 320.7r 319.7 322.1' 325.2' 327.7 343.4 333.8 330.3 332.2 326.7 328.6 333.4 50 Mortgage-backed securities . 221.8r 241.8 247.3 257.9 256.1 269.4 259.7 245.9 251.9 244.8 243.7 243.8 51 Other 98.9 77.9 74.8 67.3 71.5 74.0 74.1 84.4 80.3 81.9 84.9 89.6 52 One year or less 32.1 20.1 20.1 18.3' 27.0 26.5 24.7 30.0 26.5 27.5 30.4 34.2 53 One to five years 37.5 33.8 34.6 31.9 30.3 35.2 36.6 42.9 42.2 42.9 43.3 43.5 54 More than five years .... 29.4' 24.0 20.1 17.1 14.2 12.3 12.8 11.6 11.6 11.6 11.2 11.9 55 Other securities 242.8 267.7 277.4' 287.7' 290.4 265.2 275.6 275.2 273.6 272.3 275.8 278.9 56 Trading account 129.3 151.9 160.5 167.4 167.1 131.2 129.8 130.2 127.5 126.5 130.3 136.0 57 Investment account 113.5 115.8 116.8' 120.3' 123.2 134.0 145.9 145.0 146.0 145.8 145.5 142.9 58 State and local government . 27.6 27.3 27.4 27.1 27.4 27.6 27.8 28.1 28.0 28.0 28.1 28.2 59 Other 85.9 88.5 89.4' 93.2r 95.8 106.4 118.1 116.9 118.0 117.8 117.4 114.7 60 Loans and leases in bank credit2 . . . 2,000.3' 1,986.5 2,044.4' 1,986.9' 1,991.5 1.978.9 1,943.3 1,942.5 1,953.5 1,951.8 1,936.0 1,932.7 61 Commercial and industrial 595.0r 554.1 559.8' 545.2 536.1 523.1 514.1 518.4 517.6 517.6 519.7 518.6 62 Bankers acceptances .8 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 63 Other 594.2' 554.1 559.8' 545.2 536.1 523.1 514.1 518.4 517.6 517.6 519.7 518.6 64 Real estate 832.4' 847.6 848.0' 845.6' 858.6 861.1 846.5 844.7 851.4 851.3 842.5 835.5 65 Revolving home equity 82.7 88.7 90.6' 93.3' 94.5 95.8 97.8 100.0 99.1 100.0 100.2 100.5 66 Other 451.3' 457.7 454.9' 440.8 451.5 453.7 440.0 436.0 443.6 442.4 433.8 426.5 67 Commercial 298.4' 301.2 302.5' 311.5' 312.7 311.6 308.7 308.6 308.6 309.0 308.4 308.6 68 Consumer 249.7 250.3 251.9 240.4 243.6 247.7 241.9 248.0 248.3 248.0 248.7 247.8 69 Credit cards and related plans . 83.1 85.1 84.6 74.3 76.5 80.1 71.5 76.6 76.4 76.3 76.8 76.9 70 Other 166.6 165.1 167.3 166.1 167.1 167.6 170.4 171.4 171.8 171.7 171.8 170.8 71 Security3 57.3 73.6 89.1 72.9 71.0 65.5 68.4 69.6 71.0 69.2 65.5 72.2 72 Federal funds sold to and repurchase agreements with broker-dealers 40.8 59.9 62.8 58.9 56.0 50.0 54.9 56.8 58.5 56.7 53.3 58.4 73 Other 16.5 13.7 26.3 14.0 15.0 15.4 13.4 12.8 12.5 12.5 12.2 13.8 74 State and local government 12.9 14.2 14.4 15.3 15.7 14.9 14.6 14.6 14.5 14.6 14.6 14.6 75 Agricultural 10.2 9.6 9.3 9.3 9.4 9.3 9.5 9.4 9.3 9.5 9.4 9.4 76 Federal funds sold to and repurchase agreements with others 26.4 31.9 32.6 28.8 30.6 29.3 27.9 24.0 25.2 24.9 22.5 24.0 77 All other loans 84.1 75.7 110.3 104.6 101.7 97.1 85.5 79.8 81.5 82.1 79.6 76.9 78 Lease-financing receivables 132.3 129.5 128.9 124.8 124.8 130.8 134.9 134.1 134.7 134.5 133.7 133.7 79 Interbank loans 142.7' 145.4 199.5 168.7 153.8 170.2 167.5 151.1 149.1 154.2 154.0 148.0 80 Federal funds sold to and repurchase agreements with commercial banks 72.5' 77.6 126.5 90.5 90.7 98.8 91.6 78.6 74.6 81.0 83.3 76.1 81 Other 70.2 67.8 73.0 78.2 63.1 71.3 75.9 72.5 74.5 73.2 70.7 71.9 82 Cash assets4 140.9 133.0 170.5 154.2 152.6 158.3 154.4 143.9 139.3 131.2 161.6 142.8 83 Other assets5 269.3 280.6 309.0' 320.2' 321.6 317.2 314.9 308.3 318.8 319.1 304.2 295.4 84 Total assets6 3,116.6r 3,130.4 3,322.1' 3,239.2' 3,238.3 3,225.8 3,179.6 3,141.5 3,157.3 3,145.4 3,151.5 3,119.8 Liabilities 85 Deposits 1,701.3' 1,739.2 1,849.3' 1,786.2' 1,800.2 1,817.9 1,794.8 1,795.2 1,791.6 1,795.3 1,803.6 1,788.3 86 Transaction 297.9' 293.5 369.8' 317.9' 323.4 340.6 324.3 304.4 291.4 298.9 317.4 310.0 87 Nontransaction 1,403.4' 1,445.7 1,479.4' 1,468.2' 1,476.7 1,477.3 1,470.5 1,490.8 1,500.2 1,496.4 1,486.2 1,478.3 88 Large time 270.0' 263.2 261.9' 262.1' 256.7 251.1 244.3 251.5 249.9 249.4 250.6 255.9 89 Other 1,133.4' 1,182.5 1,217.5 1,206.1' 1,220.0 1,226.2 1,226.1 1,239.3 1,250.2 1,247.0 1,235.6 1,222.4 90 Borrowings 679.8' 656.8 705.0' 690.0' 666.5 659.8 668.5 658.5 675.8 654.7 658.8 650.0 91 From banks in the U.S 221.0 223.8 254.0' 234.1' 218.8 221.9 220.1 215.0 221.2 218.2 211.6 210.6 92 From nonbanks in the U.S 458.8 433.0 451.0' 455.9' 447.8 437.8 448.4 443.4 454.6 436.5 447.2 439.4 93 Net due to related foreign offices 200.8 190.6 177.5 184.8 183.5 187.6 178.5 165.8 165.6 166.9 171.4 159.9 94 Other liabilities 224.7 211.7 257.9 231.9' 266.5 221.0 201.9 195.4 193.0 199.5 193.3 198.1 95 Total liabilities 2,806.6r 2,798.3 2,989.6r 2,892.9r 2,916.7 2,886.3 2,843.7 2,814.9 2,826.0 2,816.4 2,827.1 2,796.3 96 Residual (assets less liabilities)7 310.1' 332.1 332.4' 346.3' 321.6 339.5 335.9 326.6 331.4 329.0 324.4 323.5 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 Feb/ Aug/ Sept.r Oct.r Nov.1" Dec.' Jan.' Feb. Feb. 6 Feb. 13 Feb. 20 Feb. 27 Seasonally adjusted Assets 1 Bank credit 2,072.0 2,126.8 2,139.6 2,181.5 2,200.4 2,221.3 2,243.7 2,249.0 2,248.4 2,244.8 2,254.0 2,248.6 7 Securities in bank credit 550.9 567.2 574.2 588.3 594.7 607.0 611.3 614.4 614.0 615.7 614.9 612.5 U.S. government securities 358.4 359.8 364.9 378.3 382.1 388.8 392.4 398.3 397.4 398.6 398.5 397.8 4 Other securities 192.5 207.4 209.3 209.9 212.6 218.2 218.9 216.1 216.5 217.2 216.4 214.7 Loans and leases in bank credit2 .... 1,521.2 1,559.6 1,565.3 1,593.3 1,605.8 1,614.4 1,632.4 1,634.6 1,634.4 1,629.0 1,639.1 1,636.2 6 Commercial and industrial 294.1 303.1 302.1 303.3 302.5 303.8 304.2 306.4 305.2 306.0 307.6 306.7 7 Real estate 823.2 852.0 859.8 876.2 882.0 888.9 897.0 903.1 901.5 902.0 904.8 904.0 8 Revolving home equity 47.1 51.7 52.7 54.9 55.5 57.0 58.4 59.8 59.3 59.4 60.0 60.2 9 Other 776.1 800.2 807.1 821.2 826.5 831.9 838.6 843.4 842.2 842.6 844.7 843.8 in Consumer 299.1 297.1 295.8 308.2 314.1 314.0 324.1 317.6 321.0 313.6 318.1 318.3 11 Security3 7.4 8.4 8.7 7.8 7.8 8.0 7.7 7.9 7.7 7.9 8.0 8.1 i? Other loans and leases 97.4 99.1 99.0 97.8 99.4 99.8 99.4 99.5 99.0 99.5 100.5 99.1 n Interbank loans 94.1 116.8 120.7 103.4 104.2 103.4 98.4 101.6 96.1 100.5 103.3 106.3 14 Cash assets4 103.1 105.9 109.2 109.0 106.4 108.8 111.0 111.5 112.3 109.1 114.8 109.9 15 Other assets5 95.6 120.2 127.4 130.9 129.5 133.2 135.5 142.6 141.6 145.5 142.0 140.8 16 Total assets6 2,338.0 2,441.0 2,467.4 2,494.8 2,510.0 2,536.4 2,557.8 2,574.3 2,568.0 2,569.6 2,583.6 2,575.2 Liabilities 17 Deposits 1,820.7 1,921.7 1,940.3 1,953.9 1,963.1 1,985.5 1,998.6 1,998.1 1,994.9 1,997.1 2,003.1 1,995.9 18 Transaction 295.8 297.0 301.0 303.8 299.4 299.6 303.8 303.3 293.3 296.7 310.2 313.1 19 Nontransaction 1,525.0 1,624.7 1,639.2 1,650.1 1,663.7 1,685.9 1,694.8 1,694.8 1,701.6 1,700.4 1,692.9 1,682.8 70 Large time 303.5 305.1 304.9 307.9 309.6 304.4 302.6 302.6 302.8 304.3 301.6 301.6 71 Other 1,221.5 1,319.6 1,334.3 1,342.2 1,354.1 1,381.5 1,392.2 1,392.2 1,398.8 1,396.2 1,391.2 1,381.2 77 Borrowings 337.4 343.9 355.3 364.7 366.5 373.2 380.4 374.1 374.7 374.8 373.5 374.9 73 From banks in the U.S 156.3 151.4 156.1 166.0 165.7 166.5 170.9 169.0 167.7 168.3 170.9 169.4 74 From others 181.1 192.4 199.2 198.7 200.9 206.7 209.6 205.1 206.9 206.5 202.6 205.5 75 Net due to related foreign offices 16.7 15.5 10.5 9.5 10.2 10.0 8.9 10.8 9.8 9.6 12.8 11.2 26 Other liabilities 50.4 60.5 62.4 64.2 65.2 65.9 70.1 71.7 72.0 70.8 72.3 71.9 27 Total liabilities 2,225.3 2,341.5 2,368.4 2,392.3 2,405.1 2,434.6 2,458.0 2,454.8 2,451.4 2,452.3 2,461.6 2,453.8 28 Residual (assets less liabilities)7 112.7 99.4 99.0 102.5 104.9 101.8 99.8 119.5 116.7 117.3 122.0 121.3 Not seasonally adjusted Assets 79 Bank credit 2,061.0 2,130.1 2,145.2 2,183.4 2,201.6 2,225.9 2,239.4 2,237.6 2,238.4 2,233.7 2,239.9 2,237.9 30 Securities in bank credit 548.9 566.5 574.1 585.9 592.8 606.0 610.7 612.3 612.2 613.7 612.0 610.8 31 U.S. government securities 356.4 359.1 364.8 375.9 380.3 387.8 391.8 396.2 395.7 396.6 395.6 396.1 37 Other securities 192.5 207.4 209.3 209.9 212.6 218.2 218.9 216.1 216.5 217.2 216.4 214.7 33 Loans and leases in bank credit2 .... 1,512.0 1,563.6 1,571.1 1,597.5 1,608.8 1,619.9 1,628.7 1,625.3 1,626.2 1,620.0 1,628.0 1,627.1 M Commercial and industrial 292.4 301.4 300.6 302.9 301.8 304.6 303.3 304.5 303.4 304.0 305.5 305.1 35 Real estate 819.9 853.7 861.5 877.3 882.4 888.9 895.2 899.6 898.1 898.7 900.4 900.9 36 Revolving home equity 46.9 51.5 52.9 55.2 55.8 57.2 58.4 59.6 59.1 59.3 59.7 60.0 37 Other 773.0 802.3 808.7 822.1 826.6 831.8 836.8 840.1 839.0 839.4 840.7 840.9 38 Consumer 297.5 299.4 299.4 310.4 316.2 317.7 325.0 316.1 320.0 312.4 316.5 316.4 39 Credit cards and related plans . . 129.6 133.2 132.8 142.3 149.2 152.2 157.8 148.7 151.3 144.1 149.7 150.3 40 Other 168.0 166.2 166.6 168.1 167.0 165.6 167.2 167.4 168.7 168.3 166.8 166.0 41 Security3 7.4 8.2 8.5 7.9 8.2 8.2 7.6 7.9 7.8 7.9 7.9 8.1 47 Other loans and leases 94.7 100.9 101.1 99.1 100.2 100.4 97.5 97.1 96.8 97.0 97.7 96.7 43 Interbank loans 97.0 111.0 116.6 104.5 111.5 109.1 99.1 104.8 101.1 104.3 104.2 108.4 44 Cash assets4 102.0 103.1 109.9 109.7 111.7 115.4 114.2 110.2 108.2 105.4 118.1 109.2 45 Other assets5 95.6 120.2 127.4 130.9 129.5 133.2 135.5 142.6 141.6 145.5 142.0 140.8 46 Total assets6 2,328.6 2,435.5 2,469.7 2,498.4 2,523.8 2,553.2 2,557.3 2,564.9 2,558.9 2,558.6 2,573.8 2,565.9 Liabilities 47 Deposits 1,821.7 1,908.8 1,934.0 1,955.3 1,976.0 2,005.0 1,998.3 2,001.1 1,997.8 1,999.0 2,005.9 1,998.2 48 Transaction 290.9 294.2 301.0 303.5 303.0 310.3 306.4 298.3 288.4 289.8 305.8 308.3 49 Nontransaction 1,530.8 1,614.6 1,633.0 1,651.8 1,673.0 1,694.8 1,691.9 1,702.8 1,709.4 1,709.2 1,700.1 1,690.0 50 Large time 303.5 305.1 304.9 307.9 309.6 304.4 302.6 302.6 302.8 304.3 301.6 301.6 51 Other 1,227.4 1,309.5 1,328.0 1,343.9 1,363.4 1,390.4 1,389.3 1,400.2 1,406.6 1,405.0 1,398.4 1,388.4 57 Borrowings 337.4 343.9 355.3 364.7 366.5 373.2 380.4 374.1 374.7 374.8 373.5 374.9 53 From banks in the U.S 156.3 151.4 156.1 166.0 165.7 166.5 170.9 169.0 167.7 168.3 170.9 169.4 54 From others 181.1 192.4 199.2 198.7 200.9 206.7 209.6 205.1 206.9 206.5 202.6 205.5 55 Net due to related foreign offices 16.7 15.5 10.5 9.5 10.2 10.0 8.9 10.8 9.8 9.6 12.8 11.2 56 Other liabilities 50.4 60.5 62.4 64.2 65.2 65.9 70.1 71.7 72.0 70.8 72.3 71.9 57 Total liabilities 2,226.3 2,328.7 2,362.1 2,393.7 2,418.0 2,454.1 2,457.8 2,457.8 2,454.3 2,454.3 2,464.5 2,456.2 58 Residual (assets less liabilities)7 102.4 106.9 107.6 104.8 105.8 99.1 99.6 107.1 104.6 104.4 109.3 109.7 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 Domestic Nonflnancial Statistics • May 2002 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued E. Foreign-related institutions Billions of dollars Monthly averages Wednesday figures Account 2001 2001 2002 2002 Feb. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Feb. 6 Feb. 13 Feb. 20 Feb. 27 Seasonally adjusted Assets 1 Bank credit 614.1 599.0r 595.2' 587.0' 593.6' 585.0 577.1 579.6 571.8 576.1 584.1 585.5 2 Securities in bank credit 205.1 223.8' 225.3' 228.2' 230.6' 228.8 222.6 219.2 218.8 218.6 217.2 222.5 3 U.S. government securities 63.0 49.1 51.7 56.2 59.4 57.5 53.5 48.8 48.5 48.8 47.4 50.1 4 Other securities 142.1 174.7r 173.6' 172.0' 171.2' 171.3 169.1 170.5 170.3 169.9 169.8 172.4 5 Loans and leases in bank credit2 .... 409.0 375.2 369.9 358.8' 363.0' 356.2 354.5 360.4 353.0 357.5 366.9 363.0 6 Commercial and industrial 216.7 204.8 204.9 199.6 199.7 195.3 192.4 197.1 195.4 194.6 198.8 199.4 7 Real estate 18.2 18.4 18.7 18.7 18.9 19.0 19.0 18.7 18.7 18.7 18.7 18.8 8 Security3 106.4 84.7 79.0 72.3 76.5 73.7 74.5 73.9 69.7 74.1 78.0 73.1 9 Other loans and leases 67.7 67.3 67.3 68.2 67.9 68.3 68.6 70.6 69.2 70.0 71.3 71.7 10 Interbank loans 27.8 20.2 26.0 23.9 25.4 21.0 26.5 21.0 26.4 20.5 18.5 18.6 11 Cash assets4 41.4 36.8' 44.8' 38.5' 36.8' 36.4 36.3 37.4 37.5 36.2 38.1 37.9 12 Other assets5 35.6 30.1 33.5 32.3 34.2 30.9 32.5 31.4 32.8 32.2 30.2 31.2 13 Total assets6 718.5 685.7r 699.0r 681.3r 689.7r 673.0 672.0 669.1 668.1 664.5 670.4 672.8 Liabilities 14 Deposits 382.3 407.0 409.4 421.7 428.4 435.4 454.2 456.7 465.3 459.1 451.7 452.4 15 Transaction 10.5 9.5 12.3 10.8 10.7 11.1 11.0 10.7 10.3 11.1 10.4 11.1 16 Nontransaction 371.9 397.4 397.1 411.0 417.7 424.4' 443.2 446.0 455.0 448.0 441.2 441.3 17 Borrowings 238.0 210.6 221.8 208.4 213.0 202.6 187.0 189.1 181.0 193.4 188.8 191.0 18 From banks in the U.S 23.4 20.6 30.5 23.9 24.2 24.5 21.9' 22.6 18.9 29.1 19.7 22.1 19 From others 214.6 190.0 191.2 184.5 188.7' 178.1 165.0 166.4 162.1 164.3 169.0 168.9 20 Net due to related foreign offices 4.9 -12.8 -19.1 -17.2 -30.7 -49.1 -58.1 -67.2 -70.7 -78.0 -61.2 -59.9 21 Other liabilities 81.2 76.0 78.4 74.3 77.0 74.6 76.0 74.7 78.3 76.3 72.4 73.5 22 Total liabilities 706.3 680.8 690.5 687.3 687.7 662.9 659.0 653.3 653.9 650.8 651.6 657.0 23 Residual (assets less liabilities)7 12.2 4.9' 8.5' -6.0' 2.0 10.1 12.9 15.8 14.2 13.7 18.8 15.8 Not seasonally adjusted Assets 24 Bank credit 617.3 592.6' 593.4' 589.9' 596.5' 594.6 583.6' 581.8 576.1 579.9 582.8 588.1 25 Securities in bank credit 205.1 223.8' 225.3' 228.2' 230.6' 228.8 222.6 219.2 218.8 218.6 217.2 222.5 26 U.S. government securities 63.0 49.1 51.7 56.2 59.4 57.5 53.5 48.8 48.5 48.8 47.4 50.1 27 Trading account 10.0 11.7 13.1 14.3 13.4 12.4 11.5 10.9 11.2 11.5 10.6 10.5 28 Investment account 53.0 37.4 38.6 41.9 46.0 45.1 42.0 37.8 37.3 37.3 36.8 39.6 29 Other securities 142.1 174.7' 173.6' 172.0' 171.2' 171.3 169.1 170.5 170.3 169.9 169.8 172.4 30 Trading account 95.6 109.4 108.5 107.4' 108.1 108.1 103.4 100.9 100.6 99.7 100.3 103.5 31 Investment account 46.4 65.4' 65.1' 64.5' 63.1' 63.2 65.8 69.5 69.7 70.2 69.5 68.9 32 Loans and leases in bank credit2 .... 412.2 368.7 368.2 361.7' 365.9 365.9 360.9 362.6 357.3 361.2 365.6 365.6 33 Commercial and industrial 218.9 203.5 204.5 199.8' 200.4 197.6 194.0 199.1 196.5 197.2 200.9 201.4 34 Real estate 18.2 18.4 18.7 18.7 18.9 19.0 19.0 18.7 18.7 18.7 18.7 18.8 35 Security3 107.4 80.8 77.8 75.5 78.1 78.4 78.3 74.1 72.3 75.0 75.2 73.9 36 Other loans and leases 67.8 66.0 67.1 67.7 68.5 70.8 69.7 70.7 69.8 70.3 70.9 71.4 37 Interbank loans 27.8 20.2 26.0 23.9 25.4 21.0 26.5 21.0 26.4 20.5 18.5 18.6 38 Cash assets4 41.5 35.6' 43.8' 39.2' 38.9' 39.0 38.7 37.7 38.5 36.9 38.2 37.5 39 Other assets5 36.6 29.8 33.2 31.8 34.2' 32.4 33.7 32.2 34.1 33.2 30.5 31.8 40 Total assets6 722.8 677.8r 696.0r 684.4 694.6 686.7r 682.0 672.5 674.7 670.0 669.7 675.7 Liabilities 41 Deposits 390.5 395.1 401.4 414.3 431.7 448.5 466.8 466.7 477.1 469.7 459.9 462.9 42 Transaction 10.2 9.5 12.6 10.9 10.9 11.8 11.2 10.5 10.1 10.8 10.4 10.8 43 Nontransaction 380.3 385.6 388.7 403.4 420.8 436.7 455.6 456.2 467.0 458.9 449.5 452.1 44 Borrowings 238.0 210.6 221.8 208.4 213.0 202.6 187.0 189.1 181.0 193.4 188.8 191.0 45 From banks in the U.S 23.4 20.6 30.5 23.9 24.2 24.5 21.9' 22.6 18.9 29.1 19.7 22.1 46 From others 214.6 190.0 191.2 184.5 188.7' 178.1 165.0 166.4 162.1 164.3 169.0 168.9 47 Net due to related foreign offices 8.1 -14.1 -16.6 -16.8' -30.6 —44.6' -54.6 -64.0 -67.2 -74.7 -57.2 -58.5 48 Other liabilities 82.7 75.5 79.5 74.5 77.0 76.6 77.4 76.0 79.8 77.7 74.0 74.1 49 Total liabilities 719.3 667.2 686.1 680.4 691.1 683.1r 676.6 667.8 670.8 666.1 665.5 669.5 50 Residual (assets less liabilities)7 3.5 10.7' 9.9' 4.1' 3.5 3.6 5.4 4.6 4.0 4.0 4.2 6.2 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 Feb. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Feb. 6 Feb. 13 Feb. 20 Feb. 27 Not seasonally adjusted MEMO Large domestically chartered banks, adjusted for mergers 1 Revaluation gains on off-balance-sheet items8 77.8 89.8 98.0 100.8 104.3 80.6 86.3 81.7 81.9 77.3 81.7 85.9 2 Revaluation losses on off-balancesheet items8 81.0 78.4 84.8 86.0 86.5 68.4 66.5 59.4 59.9 56.0 58.8 63.2 3 Mortgage-backed securities9 244.3 266.6 272.2 281.7 282.2 303.4 300.9 285.1 292.2 285.0 283.9 280.6 4 Pass-through 176.6 203.2 208.8 212.9 196.9 200.8 202.1' 189.3 194.3 188.8 188.3 186.5 5 CMO, REMIC, and other 67.7 63.4 63.4 68.9 85.4' 102.6 98.9 95.9 97.9 96.3 95.6 94.1 6 Net unrealized gains (losses) on available-for-sale securities10 5.6 5.1 7.2' 9.0' 9.6' 4.6' 2.9' 4.4 4.1 3.9 4.5 4.9 7 Off-shore credit to U.S. residents" .... 22.7 19.6 20.2 20.0 19.2 19.1 19.4 19.7 19.3 19.7 19.7 19.9 8 Securitized consumer loans12 78.3 96.3 97.1 97.8 99.3 99.4 94.7 92.8 93.0 92.9 92.8 92.6 1 9 0 O Cr t e h d e i r t cards and related plans 68 9 . . 6 8 8 1 6 0 . . 2 2 8 1 7 0 . . 2 0 87 9. . 9 8 8181..30 8 1 8 0 . . 7 7 8 1 4 0 . . 3 4 8 1 2 0 . . 6 3 8 1 2 0 . . 7 3 8 1 2 0 . . 7 2 8 1 2 0 . . 7 2 8 1 2 0 . . 4 1 11 Securitized business loans12 13.7 20.8 20.9 21.1 20.6 19.7 19.4 19.4 19.7 19.8 19.2 18.8 Small domestically chartered commercial banks, adjusted for mergers 12 Mortgage-backed securities'* 211.1 245.5 251.4 256.7' 262.2' 267.1' 268.7' 271.3 271.0 272.5 271.0 270.4 13 Securitized consumer loans12 233.8 228.0' 231.1' 234.7' 237.5' 243.0' 250.5' 245.1 245.8 246.4 243.7 244.7 14 Credit cards and related plans 225.6' 220.4' 223.6' 227.4' 229.9r 235.6' 243.3' 238.0 238.8 239.3 236.6 237.6 15 Other 8.2' 7.6' 7.5' 7.3' 7.6' 7.4' 7.3' 7.1 7.0 7.2 7.1 7.1 Foreign-related institutions 16 Revaluation gains on off-balancesheet items8 53.8 55.1 54.9 56.4 55.6 55.3 52.6 53.0 54.0 53.2 52.3 53.2 17 Revaluation losses on off-balancesheet items8 51.4 51.1 50.5 48.8 48.7 49.4 49.5 49.3 50.8 49.6 48.7 49.0 18 Securitized business loans12 35.7 26.6 26.6' 27.1' 26.4' 25.1' 25.2' 24.8 25.4 25.4 24.3 24.2 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 Nonflnancial Statistics • May 2002 1.32 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2001 2002 IItteemm 1997 1998 1999 2000 2001 Aug. Sept. Oct. Nov. Dec. Jan. 1 All issuers 966,699 1,163,303 1,403,023 1,615,341 1,438,764 1,434,238 1,423,004 1,436,254 1,435,808 1,438,764 1,428,494 Financial companies1 2 Dealer-placed paper, total2 513,307 614,142 786,643 973,060 989,364 957,792 950,346 984,996 993,491 989,364 984,251 3 Directly placed paper, total3 252,536 322,030 337,240 298,848 224,553 248,974 255,122 232,407 227,422 224,553 224,595 4 Nonfinancial companies4 200,857 227,132 279,140 343,433 224,847 227,473 217,537 218,851 214,894 224,847 219,648 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 Rate Period Av r e a r te a ge PPeerriioodd Av r e a r t a e ge Av r e a r t a e ge 1999—Jan. 1 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 Mar. 4.75 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 2002, week ending IItteemm 11999999 22000000 22000011 Nov. Dec. Jan. Feb. Jan. 25 Feb. 1 Feb. 8 Feb. 15 Feb. 22 MONEY MARKET INSTRUMENTS 1 Federal funds12'3 4.97 6.24 3.88 2.09 1.82 1.73 1.74 1.74 1.78 1.74 1.72 1.75 2 Discount window borrowing2 4 4.62 5.73 3.40 1.58 1.33 1.25 1.25 1.25 1.25 1.25 1.25 1.25 Commercial paper'* 6 Nonfinancial 3 1 -month 5.09 6.27 3.78 2.03 1.84 1.70 1.76 1.70 1.76 1.76 1.75 1.74 4 2-month 5.14 6.29 3.68 2.00 1.79 1.69 1.76 1.70 1.75 1.76 1.76 1.77 5 3-month 5.18 6.31 3.65 1.97 1.78 1.70 1.79 1.71 1.76 1.80 1.79 1.81 Financial 6 1-month 5.11 6.28 3.80 2.04 1.83 1.72 1.77 1.71 1.77 1.77 1.76 1.77 7 2-month 5.16 6.30 3.71 2.02 1.81 1.71 1.78 1.72 1.76 1.78 1.78 1.79 8 3-month 5.22 6.33 3.65 2.00 1.81 1.72 1.80 1.73 1.79 1.79 1.80 1.81 Certificates of deposit, secondary market3 7 9 1-month 5.19 6.35 3.84 2.08 1.90 1.75 1.81 1.76 1.80 1.81 1.80 1.81 10 3-month 5.33 6.46 3.71 2.03 1.83 1.74 1.82 1.76 1.81 1.81 1.82 1.82 11 6-month 5.46 6.59 3.66 2.03 1.90 1.85 1.95 1.88 1.95 1.93 1.94 1.96 12 Eurodollar deposits, 3-month3 8 5.31 6.45 3.70 2.03 1.84 1.75 1.82 1.75 1.80 1.81 1.81 1.82 U.S. Treasury bills Secondary market3,5 13 3-month 4.64 5.82 3.40 1.87 1.69 1.65 1.73 1.68 1.72 1.72 1.72 1.73 14 6-month 4.75 5.90 3.34 1.88 1.78 1.73 1.82 1.76 1.83 1.80 1.82 1.83 15 1-year 4.81 5.78 3.84 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. U.S. TREASURY NOTES AND BONDS Constant maturities9 16 1-year 5.08 6.11 3.49 2.18 2.22 2.16 2.23 2.18 2.25 2.19 2.24 2.24 17 2-year 5.43 6.26 3.83 2.78 3.11 3.03 3.02 3.09 3.11 2.98 3.02 2.99 18 3-year 5.49 6.22 4.09 3.22 3.62 3.56 3.55 3.61 3.65 3.52 3.56 3.51 19 5-year 5.55 6.16 4.56 3.97 4.39 4.34 4.30 4.37 4.40 4.30 4.33 4.27 20 7-year 5.79 6.20 4.88 4.42 4.86 4.79 4.71 4.80 4.80 4.70 4.74 4.70 21 10-year 5.65 6.03 5.02 4.65 5.09 5.04 4.91 5.05 5.05 4.92 4.94 4.87 22 20-year 6.20 6.23 5.63 5.33 5.76 5.69 5.61 5.70 5.66 5.60 5.65 5.59 23 30-year 5.87 5.94 5.49 5.12 5.48 5.45 5.40 5.45 5.42 5.38 5.42 n.a. STATE AND LOCAL NOTES AND BONDS Moody's series10 24 5.28 5.58 4.99 4.85 5.18 5.05 4.93 5.01 5.02 4.92 4.93 4.96 25 Baa 5.70 6.19 5.75 5.53 5.81 5.64 5.71 5.72 5.75 5.70 5.70 5.73 26 Bond Buyer series11 5.43 5.71 5.15 5.04 5.25 5.16 5.11 5.17 5.15 5.13 5.13 5.10 CORPORATE BONDS 27 Seasoned issues, all industries12 7.45 7.98 7.49 7.32 7.43 7.24 7.18 7.24 7.21 7.19 7.20 7.16 Rating group 28 Aaa13 7.05 7.62 7.08 6.97 6.77 6.55 6.51 6.54 6.52 6.49 6.54 6.50 29 Aa 7.36 7.83 7.26 7.01 7.19 7.03 6.95 7.04 7.02 6.96 6.96 6.93 30 A 7.53 8.11 7.67 7.49 7.70 7.50 7.37 7.47 7.43 7.40 7.39 7.35 31 Baa 7.88 8.37 7.95 7.81 8.05 7.87 7.89 7.89 7.89 7.92 7.91 7.86 MEMO Dividend-price ratio'4 32 Common stocks 1.25 1.15 1.32 1.38 1.36 1.38 1.43 1.39 1.41 1.45 1.41 1.44 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 Nonflnancial Statistics • May 2002 1.36 STOCK MARKET Selected Statistics 2001 2002 IInnddiiccaattoorr 11999999 22000000 22000011 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Prices and trading volume (averages of daily figures) CCCCCCCooooooommmmmmmmmmmmmmooooooonnnnnnn ssssssstttttttoooooooccccccckkkkkkk ppppppprrrrrrriiiiiiiccccccceeeeeeesssssss (((((((iiiiiiinnnnnnndddddddeeeeeeexxxxxxxeeeeeeesssssss))))))) 1111111 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((DDDDDDDeeeeeeeccccccc....... 33333331111111,,,,,,, 1111111999999966666665555555 ======= 55555550000000))))))) 619.52 643.71 606.03 630.86 613.36 604.52 544.39 556.04 575.31 582.82 581.74 569.55 2222222 IIIIIIInnnnnnnddddddduuuuuuussssssstttttttrrrrrrriiiiiiiaaaaaaalllllll 775.29 809.40 749.46 782.73 756.04 748.65 672.89 688.35 715.98 727.67 723.56 715.80 3333333 TTTTTTTrrrrrrraaaaaaannnnnnnssssssspppppppooooooorrrrrrrtttttttaaaaaaatttttttiiiiiiiooooooonnnnnnn 491.62 414.73 444.45 458.60 469.80 458.35 382.68 371.56 410.05 433.70 446.13 453.51 4444444 UUUUUUUtttttttiiiiiiillllllliiiiiiitttttttyyyyyyy 284.82 478.99 377.72 382.98 374.11 357.76 339.72 341.51 330.78 325.33 322.92 301.32 5555555 FFFFFFFiiiiiiinnnnnnnaaaaaaannnnnnnccccccceeeeeee 530.97 552.48 596.61 622.17 614.54 605.59 538.01 553.16 577.85 585.47 591.94 570.18 6666666 SSSSSSStttttttaaaaaaannnnnnndddddddaaaaaaarrrrrrrddddddd &&&&&&& PPPPPPPoooooooooooooorrrrrrr'''''''sssssss CCCCCCCooooooorrrrrrrpppppppooooooorrrrrrraaaaaaatttttttiiiiiiiooooooonnnnnnn (((((((1111111999999944444441111111———————44444443333333 ======= 11111110000000)))))))''''''' 1,327.33 1,427.22 1,194.18 1,238.71 1,204.45 1,178.51 1,044.64 1,076.59 1,129.68 1,144.93 1,140.21 1,100.67 7777777 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((AAAAAAAuuuuuuuggggggg....... 33333331111111,,,,,,, 1111111999999977777773333333 ======= 55555550000000)))))))2222222 770.90 922.22 879.08 923.06 892.74 883.01 823.78 825.91 814.78 828.19 835.02 845.81 VVVVVVVooooooollllllluuuuuuummmmmmmeeeeeee ooooooofffffff tttttttrrrrrrraaaaaaadddddddiiiiiiinnnnnnnggggggg (((((((ttttttthhhhhhhooooooouuuuuuusssssssaaaaaaannnnnnndddddddsssssss ooooooofffffff ssssssshhhhhhhaaaaaaarrrrrrreeeeeeesssssss))))))) 8888888 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 799,554 1,026,867 1,216,529 1,152,193 1,120,074 1,012,907 1,666,980 1,293,019 1,242,965 1,240,245 1,401,913 1,362,830 9999999 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 32,629 51,437 68,074 62,395 56,735 48,304 72,319 66,765 88,694 53,337 55,151 55,657 Customer financing (millions of dollars, end-of-period balances) 11111110000000 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrr-------dddddddeeeeeeeaaaaaaallllllleeeeeeerrrrrrrsssssss3333333 228,530 198,790 150,450r 170,000 165,250 161,130 144,670 144,010 148,650 150,450 150,390 147,030 FFFFFFFrrrrrrreeeeeeeeeeeeee cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt bbbbbbbaaaaaaalllllllaaaaaaannnnnnnccccccceeeeeeesssssss aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrrsssssss4444444 11111111111111 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss5555555 55,130 100,680 101,640' 98,430 97,950 103,990 115,450 101,850 98,330 101,640 97,330 99.350 11111112222222 CCCCCCCaaaaaaassssssshhhhhhh aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss 79,070 84,400 78,040' 75,270 73,490 73,710 74,220 69,550 72,090 78,040 75,110 72,730 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 Sept. Oct. Nov. Dec. Jan. Feb. U.S. budget1 1 Receipts, total 1,827,454 2,025,218 1,991,030 158,611 157,163 121,233 187,914 203,452 97,962 2 On-budget 1,382,986 1,544,634 1,483,511 116,713 122,004 83,375 150,941 153,541 57,087 3 Off-budget 444,468 480,584 507,519 41,898 35,159 37,858 36,973 49,911 40,875 4 Outlays, total 1,701,932 1,788,826 1,863,926 123,341 166,548 175,500 161,347 159,726 174,018 5 On-budget 1,381,154 1,458,061 1,516,933 111,345 134,014 140,388 162,916 127,001 137,713 6 Off-budget 320,778 330,765 346,993 11,996 32,534 35,112 -1,569 32,726 36,304 7 Surplus or deficit (-), total 125,522 236,392 127,104 35,270 -9,385 -54,267 26,567 43,726 -76,056 8 On-budget 1,832 86,573 -33,422 5,368 -12,010 -57,013 -11,975 26,540 -80,626 9 Off-budget 123,690 149,819 160,526 29,902 2,625 2,746 38,542 17,185 4,571 Source of financing (total) 10 Borrowing from the public -88,674 -222,807 -90,118 1,996 -3,695 72,036 -8,813 -15,240 63,882 11 Operating cash (decrease, or increase [-]) -17,580 3,799 8,440 -37,890 16,612 -2,908 -21,837 -23,016 30,729 12 Other2 -19,268 -17,384 -45,426 624 -3,532 -14,861 4,083 -5,470 -18,555 MEMO 13 Treasury operating balance (level, end of period) 56,458 52,659 44,219 44,219 27,607 30,515 52,352 75,368 44,639 14 Federal Reserve Banks 6,641 8,459 9,796 9,796 5,112 6,219 6,645 13,688 5,752 15 Tax and loan accounts 49,817 44,199 34,423 34,423 22,495 24,295 45,707 61,680 38,887 1. Since 1990, off-budget items have been the social security trust funds (Federal Old-Age, net gain or loss for U.S. currency valuation adjustment; net gain or loss for IMF loan- Survivors, and Disability Insurance) and the U.S. Postal Service. valuation adjustment; and profit on sale of gold. 2. Includes special drawing rights (SDRs); reserve position on the U.S. quota in the SOURCE. Monthly totals; U.S. Department of the Treasury, Monthly Treasury Statement of International Monetary Fund (IMF); loans to the IMF; other cash and monetary assets; Receipts and Outlays of the U.S. Government; and fiscal year totals: U.S. Office of Manageaccrued interest payable to the public; allocations of SDRs; deposit funds; miscellaneous ment and Budget. Budget of the U.S. Government when available. liability (including checks outstanding) and asset accounts; seigniorage; increment on gold; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A26 Domestic Nonflnancial Statistics • May 2002 1.39 U.S. BUDGET RECEIPTS AND OUTLAYS1 Millions of dollars Fiscal year Calendar year SSSooouuurrrccceee ooorrr tttyyypppeee 2000 2001 2001 2002 22000000 22000011 HI H2 HI H2 Dec. Jan. Feb. RECEIPTS 1 All sources 2,025,218 1,991,030 1,089,763 953,667 1,120,040 875,322 187,914 203,452 97,962 2 Individual income taxes, net 1,004,462 994,339 550,208 458,679 580,632 420,105 92,036 112,095 35,745 3 Withheld 780,397 793,386 388,526 395,572 402,417 398,365 86,889 64,403 62,002 4 Nonwithheld 358,049 383,146 281,103 77,732 308,418 76,199 6,472 49,132 3,341 5 Refunds 134,046 182,251 119,477 14,628 130,256 54,461 1,325 1,442 29,607 Corporation income taxes 6 Gross receipts 235,655 186,732 119,166 123,962 102,947 90,970 38,238 12,321 2,995 7 Refunds 28,367 35,657 13,781 15,776 20,262 21,945 2,247 3,071 4,935 8 Social insurance taxes and contributions, net .... 652,852 693,967 353,514 310,122 379,878 314,678 50,628 66,164 54,617 9 Employment taxes and contributions2 620,451 661.442 333,584 297,665 359,648 302,518 50,058 64,593 52,243 10 Unemployment insurance 27,640 27,812 17,562 10,097 17,842 9.880 224 1,223 2,016 11 Other net receipts3 4,761 4,713 2,368 2,360 2,387 2,281 346 348 358 12 Excise taxes 68,865 66,068 33,532 35,501 32,490 29,124 3,011 9,162 3,834 13 Customs deposits 19,914 19,369 9,218 10,676 9.370 10,032 1,297 1,562 1,351 14 Estate and gift taxes 29.010 28,400 15,073 13,216 15,471 12,643 1,895 2,389 1,881 15 Miscellaneous receipts4 42,826 37,812 22,831 17,286 19,517 19,595 3,056 2,831 2,473 OUTLAYS 16 All types 1,788,826 1,863,926 892,947 895,630 948,750 954,307 161,347 159,726 174,018 17 National defense 294,494 308,533 143,476 147,651 153,154 160,877 26,988 24,693 27,391 18 International affairs 17,216 16,601 7.250 11,902 6,522 9,072 1,924 4,833 2,036 19 General science, space, and technology 18,637 19,896 9,601 10,389 10,073 10,868 1,738 1,523 1,689 20 Energy -1,060 89 -893 130 -244 494 192 -409 -289 21 Natural resources and environment 25,031 26.335 10,814 12,907 11,059 13,310 2,179 2,067 1,916 22 Agriculture 36,641 26,553 11,164 20,977 10,832 19,954 4,773 2,727 1,856 23 Commerce and housing credit 3,211 6,030 -2,497 4,408 -1,539 6,941 -1,123 1,411 -1,638 24 Transportation 46,854 55,220 21,054 25,841 23,810 33,006 4,580 4,539 4,387 25 Community and regional development 10.629 11,977 5,050 5,962 5,265 8,450 1,436 579 948 26 Education, training, employment, and social services 59,201 57,302 31,234 29,263 35,698 28,290 5,838 7,398 6,699 27 Health 154,534 172,634 75,871 81,413 87.427 92,411 16,045 16,718 14,699 28 Social security and Medicare 606,549 650,593 306,966 307,473 328,072 331,522 54,914 53,838 56,542 29 Income security 247,895 269,770 133,915 113,212 146,913 124,312 21,322 23,150 38,398 30 Veterans benefits and services 47,083 45,828 23.174 22,615 23,171 24,769 4,062 2,390 4,340 31 Administration of justice 27,820 30,443 13,981 14,635 14,694 16,209 2,868 2,451 2,503 32 General government 13,454 15.153 6,198 6,461 8,887 8,688 3,123 424 2,149 33 Net interest5 223,218 206,199 115,545 104,685 107,824 89,692 13,781 15,095 14,282 34 Undistributed offsetting receipts6 -42,581 -55,230 -19,346 -24,070 -22,865 -24,516 -3,294 -3,700 -3,891 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 All 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 Q1 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 By 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 holder5 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 Nonflnancial Statistics • May 2002 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions' Millions of dollars, daily averages 2001 2002 2002, week ending Nov. Dec. Jan. Jan. 2 Jan. 9 Jan. 16 Jan. 23 Jan. 30 Feb. 6 Feb. 13 Feb. 20 Feb. 27 By type of security 1 U.S. Treasury bills 42,441 37,927 37,522 39,811 40,275 33,810 35,079 40,004 37,395 41,228 42,734 46,041 Treasury coupon securities by maturity 2 Three years or less 133,582 97,643 137,139 79,478 135,182 129,024 158,900 145,437 116,619 108,801 94,762 154,118 3 More than three but less than or equal to six years 111,681 74,502 80,482 34,373 68,449 86,468 70,130 101.788 91,706 80,396 70,507 82,332 4 More than six but less than or equal to eleven years 79,622 57,308 72,361 33,032 70,700 88,871 55,307 77,416 80,380 71,579 63,140 64,496 5 More than eleven 30.303 18,470 18,413 11,297 17,260 21,426 14,064 21,583 17,776 15,597 13,833 15,490 6 Inflation-indexed2 2,282 1,228 2,153 740 3,988 2,677 1,074 977 1,977 1,306 1,798 1,981 Federal agency and governmentsponsored enterprises 7 Discount notes 60.945 59,418 56,379 67,106 54,401 58,322 56,276 54,037 57,942 49,799 58,498 50,547 Coupon securities by maturity 8 Three years or less 13,099 9,412 11,890 5,958 14,253 13,516 10,758 10,019 11,759 10,542 7,320 1111,,999933 9 More than three years but less than or equal to six years 9,457 8,016 9,585 2,742 8,098 9,607 9,050 13,170 7,978 10,972 8,197 14,042 10 More than six years but less than or equal to eleven years .... 11,006 7.031 10,687 3,539 6,394 19,351 8,689 9,957 7,625 5,737 4,893 5,698 11 More than eleven years 1,758 1,435 980 865 1,187 786 861 995 1,421 1,049 2,755 930 12 Mortgage-backed 144,605 113,262 140,307' 56,907 190,800 151,727 108,840 120,841 137,347 172,382 123,213 105,130 Corporate securities 13 One year or less 76,651 71,082 74,039 51,724 68,176 74,770 80,060 78,578 75,241 69,444 106,007 96,351 14 More than one year 22.319 15,326 20,305 6,583 21,589 19,833 17,314 25,238 17,272 20,399 17,147 19,117 By type of counterparty With interdealer broker 15 U.S. Treasury 180,416 127,310 155,689 79.034 149.253 165,002 151,214 171,019 159,212 151,247 133,799 170,629 16 Federal agency and governmentsponsored enterprises 13,155 9,762 12,346 4.972 11,808 15,481 10,550 12,860 11,346 10,773 9,698 11,518 17 Mortgage-backed 36,048 29,886 37,059' 18,369 48,735 42,337 29,407 31,044 31,671 44,779 31,651 28,067 18 Corporate 588 382 568 161 559 549 671 607 517 511 500 592 With other 19 U.S. Treasury 219,495 159,770 192,381 119,696 186.601 197,274 183,341 216,186 186,642 167,660 152,975 193,829 20 Federal agency and governmentsponsored enterprises 83,110 75,549 77,175 75,237 72,525 86,101 75,084 75,318 75,379 67,326 71,966 71,692 21 Mortgage-backed 108,557 83,376 103,248 38,538 142,065 109,390 79,433 89,797 105,676 127,602 91,562 77,063 22 Corporate 98,382 86,026 93,776 58.146 89,206 94,054 96,702 103,209 91,997 89,332 122,655 114,876 1. The figures represent purchases and sales in the market by the primary U.S. government 2. Outright Treasury inflation-indexed securities (TIIS) transactions are reported at princisecurities dealers reporting to the Federal Reserve Bank of New York. Outright transactions pal value, excluding accrued interest, where principal value reflects the original issuance par include all U.S. government, federal agency, government-sponsored enterprise, mortgage- amount (unadjusted for inflation) times the price times the index ratio. backed, and corporate securities scheduled for immediate and forward delivery, as well as all NOTE. Major changes in the report form filed by primary dealers induced a break in the U.S. government securities traded on a when-issued basis between the announcement and dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the issue date. Data do not include transactions under repurchase and reverse repurchase (resale) Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics) agreements. Averages are based on the number of trading days in the week. under the Primary Dealer heading. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A29 1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing1 Millions of dollars 2001 2002 2002, week ending Item, by type ot security Nov. Dec. Jan. Jan. 2 Jan. 9 Jan. 16 Jan. 23 Jan. 30 Feb. 6 Feb. 13 Feb. 20 Net Outright Positions2 1 U.S. Treasury bills 19,504 39,006 28,500 42,620 33,249 27,423 25,519 24,799 21,321 21,238 33,513 Treasury coupon securities by maturity 2 Three years or less -28,331 -26,923 -27,102 -24,867 -28,418 -28.803 -22,397 -29,185 -28,808 -29,054 -29,903 3 More than three years but less than or equal to six years -23,842 -23,893 -23,434 -21,015 -21.873 -22,270 -20,862 -29,186 -25,085 -24,584 -20,171 4 More than six but less than or equal to eleven years -10,659 -16,503 -17,847 -16,950 -16,529 -20,199 -17,707 -17,922 -12,857 -14,206 -13,088 5 More than eleven 10,806 4,361 9,521 6,180 6,520 9,183 10,806 12,145 12,228 12,804 12,277 6 Inflation-indexed 4,378 2,940 3,415 2,518 3,821 3,587 3,201 3,284 3,568 3,432 3,491 Federal agency and governmentsponsored enterprises 7 Discount notes 49,711 48,745 46,497 52,164 45,193 45,664 45,975 47,310 48,092 49,430 50,726 Coupon securities, by maturity 8 Three years or less 11,372 10,803 13,976 8,846 14,693 15,520 12,523 14,926 11,943 12,148 12,102 9 More than three years but less than or equal to six years 583 -1,037 707 -1,315 251 1,230 950 1,037 283 1,810 686 10 More than six but less than or equal to eleven years 1,932 1,788 472 906 647 369 -522 1,181 1,108 1,410 711 11 More than eleven 4,482 3,373 3,443 2,858 3,139 3,655 3,566 3,635 3,065 3,411 3,855 12 Mortgage-backed 24,212 19,169 13,742 22,623 14,450 13,794 10,463 13,827 13,005 7,461 6.415 Corporate securities 13 One year or less 21,057 17,586 18,398 15,359 15,163 22,149 22,170 15,140 17,265 15,803 16,330 14 More than one year 35,111 39,165 39,681 36,655 40,489 42,801 39,050 38,054 34,047 35,251 35,836 Financing1 Securities in, U.S. Treasury 15 Overnight and continuing 558,495 537,442 535,446 521,715 533,660 547,103 532,426 531,735 540,922 523,105 558,369 16 Term 733,782 714,984 647,354 536,383 613,991 639,951 668,633 688,944 714,566 715,048 586,616 Federal agency and governmentsponsored enterprises 17 Overnight and continuing 132,478 127,437 129,702 128.562 130,699 131,050 127,697 128,639 137,039 141,845 145,829 18 Term 217,708 241,111 225,861 192,786 214,405 219,175 241,483 236,887 232,479 228.523 213,966 Mortgage-backed securities 19 Overnight and continuing 29,959 31,406 30,053 27,110 35,054 26,307 30,088 29,214 32.797 32,697 37.700 20 Term 226,356 224,217 214,370 198,381 211,031 215,456 212,886 221,669 221,415 222.147 216,347 Corporate securities 21 Overnight and continuing 39,512 37,508 38,652 37,509 37,394 38,368 38,743 40,377 39,006 41,358 41,700 22 Term 15,880 18,653 18,926 19,011 18,843 19,628 19,373 17,879 18,637 22,074 22,562 MEMO Reverse repurchase agreements 23 Overnight and continuing 367,220 350,965 351,182 336,153 354,006 357,784 340,866 354,943 361,142 350,895 393.304 24 Term 1,066,871 1,072,648 973,287 821,078 923,572 957,215 1,009,434 1,033,089 1,066,578 1,066,793 919,194 Securities out, U.S. Treasury 25 Overnight and continuing 547,900 528,953 534,249 527,017 539,455 551,760 533,853 512,610 543,931 507,440 565,251 26 Term 670,462 662,681 575,817 479,886 539,045 560,825 594,606 627,386 637,512 647,568 505,379 Federal agency and governmentsponsored enterprises 27 Overnight and continuing 221,623 219,344 234,069 212,444 229,625 238,539 230,484 241,921 247,259 249,698 253,204 28 Term 172,805 194,382 168,381 143,929 161,819 164,897 181,284 172,473 168,655 174,082 160,571 Mortgage-backed securities 29 Overnight and continuing 277,885 280,666 291,480 280,426 284,172 300,138 300,597 285,391 282,950 289,354 294.026 30 Term 147,287 130,237 122,269 99,663 117,515 122,735 130,739 124,565 122,136 134,011 125,271 Corporate securities 31 Overnight and continuing 95,909 95,841 96,593 91,086 92,361 98,700 103,303 94,070 93,162 98,645 102,059 32 Term 10,853 10,774 13,607 11,784 13,087 13,737 13,380 14,705 13,898 16,365 19,887 MEMO Repurchase agreements 33 Overnight and continuing 1,000,031 980,434 1,008,135 965,979 987,879 1,042,695 1,020,694 991.196 1,022,986 1,003,818 1,072,141 34 Term 981,393 976,295 857,614 714,957 809,152 838,524 896,765 917,280 924,058 949,954 790,127 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 (T1IS) 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 Nonflnancial Statistics • May 2002 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 2001 AAggeennccyy 11999988 11999999 22000000 22000011 Aug. Sept. Oct. Nov. Dec. 1 Federal and federally sponsored agencies 1,296,477 1,616,492 1,851,632 n.a. 2,028,562 2,071,164 26,781 n.a. n.a. 2 Federal agencies 26,502 26,376 25,666 276 26,623 27,017 6 275 276 3 Defense Department1 6 6 6 6 6 6 n.a. 6 6 4 Export-Import Bank2,3 n.a. n.a. n.a. n.a. n.a. n.a. 252 n.a. n.a. 5 Federal Housing Administration4 205 126 255 26,828 224 231 n.a. 26,655 26,828 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. 26,775 n.a. n.a. 8 Tennessee Valley Authority 26,496 26,370 25,660 270 26,617 27,011 n.a. 269 270 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 1,269,975 1,590,116 1,825,966 n.a. 2,001,939 2,044,147 n.a. n.a. n.a. 11 Federal Home Loan Banks 382,131 529,005 594,404 623,740 599,070 614,325 618,071 617,146 623,740 12 Federal Home Loan Mortgage Corporation 287,396 360,711 426.899 565,071 515,671 534,434 540,371 546,566 565,071 13 Federal National Mortgage Association 460,291 547,619 642,700 763,500 718,000 727,000 726,200 737,500 763,500 14 Farm Credit Banks8 63,488 68,883 74,181 76,673 76,264 76,385 76,339 75,815 76,673 15 Student Loan Marketing Association1' 35,399 41,988 45,375 48,350 50,356 49,404 50,075 51,494 48,350 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 44,129 42,152 40,575 39,096 37,789 42,825 40,574 40,485 39,096 Lending to federal and federally sponsored agencies 20 Export-Import Bank3 n.a. 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 9,500 6,665 5,275 n.a. 5,155 4,375 n.a. n.a. n.a. 26 Rural Electrification Administration 14.091 14,085 13,126 13,876 13,602 13,599 13,698 13,822 13,876 27 Other 20,538 21,402 22,174 25,220 19,032 30,851 26,876 26,663 25,220 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 iissssuuee oorr iissssuueerr,, 11999999 22000000 22000011 oorr uussee July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 1 AH issues, new and refunding1 215,427 180,403 270,566 19,232 21,152 13,159 30,446 30,105 28,363 20,523 20,175 By type of issue 2 General obligation 73,308 64,475 100,519 5,836 8,796 3,926 14,302 10,163 9,218 8,157 8,652 3 Revenue 142,120 115,928 170,047 13,396 12,356 9,233 16,144 19,942 19,146 12,366 11,523 By type of issuer 4 State 16,376 19,944 30,099 2,029 2,713 1,504 6,008 2,271 746 1,826 3,238 5 Special district or statutory authority2 152,418 111,695 281,427 11,784 12,351 9,137 17,382 21,601 22,525 14,369 11,950 6 Municipality, county, or township 46,634 39,273 61,040 5,419 6,088 2,518 7,056 6,233 5,093 4,329 4,987 7 Issues for new capital 161,065 154,257 192,161 15,015 13,550 10,110 21,249 21,009 21,389 14,631 13,248 By use of proceeds 8 Education 36,563 38,665 50,054 3,379 2,950 3,017 4,279 4,475 4,818 4,138 3,961 9 Transportation 17,394 19,730 21,411 3,160 1,669 1,195 1,587 2,882 1,349 1,079 613 10 Utilities and conservation 15,098 11,917 21,917 1,055 1,228 1,025 2,324 2,429 2,560 1,711 1,606 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 6,607 508 708 663 688 359 1,642 539 125 13 Other purposes 47,896 47,309 55,733 3,803 4,524 1,732 9,158 5,281 6,319 4,639 4,897 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 2002 TTyyppee ooff iissssuuee,, ooffffeerriinngg,, 11999999 22000000 22000011 oorr iissssuueerr June July Aug. Sept. Oct. Nov. Dec. Jan. 1 All issues' 1,072,866 942,198 1,382,003 122,773 93,451 97,944 89,855 139,181 123,517 96,576 102,688 2 Bonds2 941,298 807,281 1,253,449 102,476 84,872 89,990 84,509 123,346 110,888 81,339 88,241 By type of offering 3 Sold in the United States 818,683 684,484 1,197,060 96,382 79,508 86,759 80,223 120,162 106,563 79,636 79,472 4 Sold abroad 122,615 122,798 56,389 6,094 5,364 3,231 4,286 3,185 4,326 1,703 8,770 MEMO 5 Private placements, domestic 24,703 18,370 8,734 3,146 12 48 0 224 4,936 2,880 0 By industry group 6 Nonfinancial 293,963 242,207 445,930 34,996 18,904 28,546 31,920 43,830 42,189 21,647 18,894 7 Financial 647,335 565,074 807,519 67,480 65,968 61,443 52,589 79,517 68,699 59,692 69,348 8 Stocks3 223,968 283,717 128,554 20,297 8,579 7,954 5,346 15,835 12,629 15,237 14,447 By type of offering 9 Public 131,568 134,917 128,554 20,297 8,579 7,954 5,346 15,835 12,629 15,237 14,447 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 16,630 4,237 5,487 81 7,611 7,592 7,771 9,579 12 Financial 21,284 16,548 50,977 3,667 4,342 2,467 5,265 8,224 5,037 7,466 4,868 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 Nonflnancial Statistics • May 2002 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2001 2002 IItteemm 22000000 22000011 July Aug. Sept. Oct. Nov. Dec. Jan.' Feb. 1 Sales of own shares2 2,279,315 1,806,474 138,428 142,577 105,038 153,827 147,192 151,779 171,499 140,747 2 Redemptions of own shares 2,057,277 1,677,266 129,021 131,408 127,995 137,837 124,060 149,705 138,773 123,044 3 Net sales3 222,038 129,208 9,407 11,169 -22,957 15,990 23,132 2,074 32,726 17,703 4 Assets4 5,123,747 4,689,624 4,825,144 4,635,477 4,253,850 4,376,923 4,625,601 4,689,624 4,667,688 4,618,955 5 Cash5 277,386 219,620 240,392 240,329 223,077 229,576 239,671 219,620 240,141 234,575 6 Other 4,846,361 4,470,004 4,584,752 4,395,148 4,030,773 4,147,347 4,385,930 4,470,004 4,427,547 4,384,380 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Profits with inventory valuation and capital consumption adjustment 825.2 876.4 767.1 870.3 892.8 895.0 847.6 789.8 759.8 697.0 822.0 2 Profits before taxes 776.3 845.4 698.5 844.9 862.0 858.3 816.5 755.7 738.3 680.6 619.4 3 Profits-tax liability 253.0 271.5 216.0 277.0 280.4 274.9 253.5 236.8 228.0 204.9 194.1 4 Profits after tax 523.3 573.9 482.5 567.8 581.6 583.4 563.0 518.9 510.3 475.6 425.2 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 65.9 206.3 207.9 197.2 165.9 113.7 98.0 55.2 -3.5 7 Inventory valuation -2.9 -12.4 2,2 -23.8 -14.8 -3.6 -7.3 -1.9 -8.8 3.1 16.6 8 Capital consumption adjustment 51.7 43.4 66.4' 49.2 45.5 40.4 38.4 36.0 30.3 13.4 186.1' SOURCE. U.S. Department of Commerce, Sur\>ey of Current Business. 1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 2000 2001 AAccccoouunntt 11999999 22000000 22000011 Q2 Q3 Q4 QI Q2 Q3 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 A33 1.52 DOMESTIC FINANCE COMPANIES Owned and Managed Receivables1 Billions of dollars, amounts outstanding 2001 2002 TTyyppee ooff ccrreeddiitt Aug. Sept. Oct. Nov. Dec.' Jan. Seasonally adjusted 1 Total l,031.2r l,186.9r 1,251.6 l,243.7r l,246.7r l,255.3r l,262.0r 1,251.6 1,241.7 7 Consumer 410.2r 465.2' 513.9 496. r 496.0r 499.4' 511.0' 513.9 517.1 3 Real estate 174.0 198.9 211.6 214.9 213.1 219.7 213.1 211.6 205.3 4 Business 446.9r 522.8r 526.2 532.6' 537.6' 536.1' 537.9' 526.2 519.2 Not seasonally adjusted 5 Total 1,036.4 1,192.1 1,256.9 1,235.7 1,239.5 1,250.1 1,256.3 1,256.9 1,245.7 6 Consumer 412.7 468.3 517.4 498.2 498.0 501.1 514.2 517.4 517.9 7 Motor vehicle loans 129.2 141.6 174.1 153.5 151.6 164.6 177.4 174.1 174.3 8 Motor vehicle leases 102.9 108.2 103.5 110.3 108.3 107.3 105.5 103.5 102.8 9 Revolving2 32.5 37.6 31.5 36.0 35.9 28.5 30.2 31.5 29.9 10 Other3 39.8 40.7 31.1 33.6 33.4 31.2 31.4 31.1 31.3 Securitized assets4 11 Motor vehicle loans 73.1 97.1 131.7 113.5 117.5 124.3 124.8 131.7 135.0 12 Motor vehicle leases 9.7 6.6 6.8 7.2 7.0 6.9 7.0 6.8 6.7 13 Revolving 6.7 19.6 24.3 28.9 29.3 23.5 23.4 24.3 23.9 14 Other 18.8 17.1 14.3 15.2 15.0 14.8 14.5 14.3 13.8 15 Real estate 174.0 198.9 211.6 214.9 213.1 219.7 213.1 211.6 205.3 16 One- to four-family 108.2 130.6 142.5 146.9 144.8 150.1 142.9 142.5 118.3 17 Other 37.6 41.7 41.2 42.2 42.6 44.1 44.9 41.2 41.0 Securitized real estate assets4 18 One- to four-family 28.0 24.7 22.2 23.0 22.8 22.7 22.4 22.2 40.3 19 Other .2 1.9 5.7 2.8 2.9 2.9 2.9 5.7 5.7 20 Business 449.6 525.0 527.9 522.6 528.4 529.3 529.0 527.9 522.5 21 Motor vehicles 69.4 75.5 54.0 56.9 57.8 52.7 52.9 54.0 51.9 22 Retail loans 21.1 18.3 16.1 16.7 16.7 16.8 16.2 16.1 16.4 73 Wholesale loans5 34.8 39.7 20.3 22.2 23.6 18.7 19.5 20.3 17.9 74 Leases 13.6 17.6 17.6 18.0 17.5 17.2 17.2 17.6 17.6 25 Equipment 238.7 283.5 289.4 288.4 288.2 294.4 291.8 289.4 287.4 76 Loans 64.5 70.2 77.8 76.1 76.8 80.2 76.7 77.8 75.9 71 Leases 174.2 213.3 211.6 212.3 211.4 214.1 215.1 211.6 211.5 28 Other business receivables6 87.0 99.4 103.5 103.2 105.1 108.3 110.8 103.5 103.8 Securitized assets4 2.9 Motor vehicles 31.5 37.8 50.1 45.2 48.0 45.3 43.9 50.1 49.1 30 Retail loans 2.9 3.2 5.1 2.8 2.6 2.4 3.0 5.1 4.7 31 Wholesale loans 26.4 32.5 42.5 39.8 42.8 40.3 38.3 42.5 41.9 37 Leases 2.1 2.2 2.5 2.6 2.7 2.7 2.7 2.5 2.5 33 Equipment 14.6 23.1 23.2 22.7 23.1 22.5 23.4 23.2 22.7 34 Loans 7.9 15.5 16.4 14.8 15.1 14.5 15.5 16.4 15.9 35 Leases 6.7 7.6 6.8 7.9 8.0 8.0 7.9 6.8 6.8 36 Other business receivables6 8.4 5.6 7.7 6.2 6.1 6.1 6.2 7.7 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 Nonflnancial Statistics • May 2002 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2001 2002 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Terms and yields in primary and secondary markets PRIMARY MARKETS Terms1 1 Purchase price (thousands of dollars) 210.7 234.5 245.0 241.5 246.6 242.9 252.2 253.0 245.8 250.6 2 Amount of loan (thousands of dollars) 161.7 177.0 184.2 181.3 184.3 181.2 189.1 190.0 186.7 190.1 3 Loan-to-price ratio (percent) 78.7 77.4 77.3 76.6 77.1 76.9 77.2 77.2 78.1 78.2 4 Maturity (years) 28.8 29.2 28.8 28.7 29.0 28.5 28.6 28.9 28.8 28.8 5 Fees and charges (percent of loan amount)2 .77 .70 .67 .61 .61 .67 .63 .69 .66 .62 Yield (percent per vear) 6 Contract rate1 6.94 7.41 6.90 7.06 6.80 6.63 6.54 6.68 6.77 6.72 7 Effective rate1-3 7.06 7.52 7.00 7.15 6.89 6.73 6.63 6.79 6.87 6.82 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)5 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 6.29 6.03 5.86 5.96 6.43 6.32 6.13 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 22,111 16,016 20,020 25,389 36,769 36,392 33,249 Mortgage commitments (during period) 15 Issued7 187,948 163,689 304,084 18,893 16,650 35,275 49,909 19,867 n.a. n.a. 16 To sell8 5,900 11,786 7,586 36 261 1,676 807 2,083 n.a. n.a. FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period f 17 Total 324,443 385.693 491,719 465,553 470,850 477,588 483,911 491,719 508,238 522,886 18 FHA/VA insured 1,836 3,332 3,506 2,643 2,597 2,553 3,562 3,506 3,447 3,387 19 Conventional 322,607 382,361 488,213 462,910 468,253 475,035 480,349 488,213 504,791 519,499 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 33,933 32,666 31,646 38,958 50,532 49,031 47,473 22 Mortgage commitments contracted (during period)9 228,432 169,231 417,434 34,087 31,140 41,346 42,619 51,456 47,076 41,442 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 A3 5 1.54 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period 2000 2001 TTyyppee ooff hhoollddeerr aanndd pprrooppeerrttyy 11999988 11999999 22000000 Q4 Ql Q2 Q3 Q4 1 All holders 5,722,564 6,360,244 6,934,256 6,934,256 7,056,489 7,266,508 7,465,623 7,658,000 By type of property 7 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 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 in 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 70 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 7.9 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 124,035 158,754 191,193 191,193 195,166 214,103 229,810 254,522 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 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 Nonflnancial Statistics • May 2002 1.55 CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2001 2002 11999999 22000000 22000011'' Aug.' Sept.' Oct.' Nov.' Dec.' Jan. Seasonally adjusted 1 Total 1,416,316' 1,560,571' 1,651,870 1,616,228 1,620,752 1,633,515 1,653,474 1,651,870 1,668,133 2 Revolving 597,669r 666,544' 691,242 690,144 691,122 690,749 698,049 691,242 693,597 3 Nonrevolving2 818,647r 894,027' 960,628 926,084 929,630 942,765 955,426 960,628 974,537 Not seasonally adjusted 4 Total 1,446,127 1,593,051 1,685,409 1,617,759 1,619,109 1,633,430 1,661,001 1,685,409 1,681,190 By major holder Commercial banks 499,758 541,470 553,662 537,723 535,254 540,498 550,072 553,662 556,714 6 Finance companies 201,549 219,783 236,699 223,079 220,884 224,260 239,057 236,699 235,566 / Credit unions 167.921 184,434 186,286 186,274 185,732 185,523 186,070 186,286 185,058 8 Savings institutions 61,527 64,557 68,028 67,470 68,535 68,364 68,199 68,028 68,729 9 Nonfinancial business 80,311 82,662 67,891 63,304 60,204 58,763 60,383 67,891 63,148 10 Pools of securitized assets3 435,061 500,145 572,843 539,909 548,499 556,023 557,220 572,843 571,976 By major type of credit4 11 Revolving 621,914 692,955 718,326 687,004 686,173 684,685 697,677 718.326 704,998 12 Commercial banks 189,352 218,063 223,272 206,145 202,924 209,697 219,555 223.272 218,099 13 Finance companies 32,483 37,561 31,484 35,979 35,901 28,489 30,245 31,484 29,932 14 Credit unions 20,641 22,226 22,819 22,195 21,879 21,666 22,044 22,819 22,256 15 Savings institutions 15,838 16,560 16,979 16,740 16,915 16,936 16,957 16,979 16,970 lb Nonfinancial business 42,783 42,430 29,790 27,603 25,207 23,709 24,463 29,790 26,280 17 Pools of securitized assets3 320,817 356,114 393,983 378,343 383,346 384,187 384,413 393,983 391,461 18 Nonrevolving 824.213 900,095 967,084 930,756 932,936 948,745 963,324 967,084 976,193 19 Commercial banks 310,406 323,407 330,391 331,579 332,330 330,800 330,517 330,391 338,616 20 Finance companies 169,066 182,221 205,216 187,100 184,983 195,771 208,812 205,216 205,634 21 Credit unions 147,280 162,208 163,467 164,079 163,853 163,857 164,026 163,467 162,802 22 Savings institutions 45,689 47,997 51,049 50,730 51,620 51,428 51,242 51,049 51,759 23 Nonfinancial business 37,528 40,232 38,100 35,702 34,997 35,054 35,921 38,100 36,868 24 Pools of securitized assets3 114,244 144,031 178,861 161,566 165,153 171,836 172,808 178,861 180,515 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 2002 IItteemm 11999999 22000000 22000011 July Aug. Sept. Oct. Nov. Dec. Jan. INTEREST RATES Commercial banks2 1 48-month new car 8.44 9.34 8.50 n.a. 8.31 n.a. n.a. 7.86 n.a. n.a. 2 24-month personal 13.39 13.90 13.22 n.a. 13.25 n.a. n.a. 12.62 n.a. n.a. Credit card plan 3 All accounts 15.21 15.71 14.89 n.a. 14.60 n.a. n.a. 14.22 n.a. n.a. 4 Accounts assessed interest 14.81 14.91 14.44 n.a. 14.64 n.a. n.a. 13.88 n.a. n.a. Auto finance companies 5 New car 6.66 6.61 5.65 6.20 6.41 5.42 2.71 2.89 3.31 4.02 6 Used car 12.60 13.55 12.18 11.79 12.06 12.01 11.41 10.96 10.89 10.84 OTHER TERMS3 Maturity (months) 1 New car 52.7 54.9 55.1 57.3 57.7 57.2 53.7 51.0 48.6 48.8 8 Used car 55.9 57.0 57.5 57.6 57.6 57.6 57.2 56.7 56.5 57.3 Loan-to-value ratio 9 New car 92 92 91 91 91 92 94 92 91 90 10 Used car 99 99 100 100 100 101 100 100 100 100 Amount financed (dollars) 11 New car 19,880 20,923 22,822 22,687 22,591 23,049 24,443 24,934 24,812 24,137 12 Used car 13,642 14,058 14,416 14,571 14,321 14,408 14,627 14,669 14,653 14,355 1. The Board's series on amounts of credit covers most short- and intermediate-term credit 2. Data are available for only the second month of each quarter, extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly 3. At auto finance companies, statistical release. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A37 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates 2000 2001 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999966 Q2 Q3 Q4 Ql Q2 Q3 Q4 Nonflnancial sectors 1 Total net borrowing by domestic nonflnancial sectors . . 733.7 804.7 1,046.9 1,100.6 871.6 976.1 815.1 766.1 991.9 981.3 1,297.4 1,141.4 By sector and instrument ? 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 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 588.6 781.6 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 6 Commercial paper -.9 13.7 24.4 37.4 48.1 110.4 56.1 ^1.0 -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 in 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 i I Mortgages 280.4 322.5 494.4 597.1 569.4 655.9 568.2 550.5 559.8 798.2 768.3 758.3 l? Home 245.7 258.3 388.7 435.0 422.2 490.1 441.6 395.6 434.0 613.1 555.8 528.3 n Multifamily residential 9.4 7.5 23.5 40.5 36.1 47.6 26.8 40.9 35.4 41.2 55.6 54.0 14 Commercial 22.6 53.5 75.6 115.8 104.6 108.1 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 343.8 332.7 466.0 516.8 554.6 625.6 579.9 508.8 538.3 663.4 629.7 609.9 18 Nonflnancial business 251.6 392.8 553.2 602.6 585.7 741.0 437.8 535.0 354.1 465.3 369.0 377.5 19 Corporate 179.4 291.9 405.5 441.7 429.1 546.7 301.5 388.0 226.7 324.9 257.1 262.7 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 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 3.9 75 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 822.0 876.5 1,090.2 1,128.5 938.5 968.1 903.8 832.9 983.9 928.4 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 -4.8 107.8 -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 59.0 25.6 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 .1 2.7 -.3 1.0 .7 .6 .8 .6 49 Real estate investment trusts (REITs) 11.9 39.6 62.7 6.3 2.7 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

A63 Domestic Nonflnancial Statistics • May 2002 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS '—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 Qi Q2 Q3 Q4 All sectors 5522 TToottaall nneett bboorrrroowwiinngg,, aallll sseeccttoorrss 1,372.1 1,538.7 2,177.4 2,212.9 1,754.1 1,865.3 1,697.8 1,796.0 1,848.1 1,714.6 2,279.5 2,065.9 5533 OOppeenn mmaarrkkeett ppaappeerr 102.6 184.1 193.1 229.9 207.5 259.1 169.7 199.3 -360.2 -225.5 -179.3 107.6 5544 UU..SS.. ggoovveerrnnmmeenntt sseeccuurriittiieess 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 5555 MMuunniicciippaall sseeccuurriittiieess 2.6 71.4 96.8 68.2 35.3 30.1 31.0 60.1 110.7 112.4 56.0 203.2 5566 CCoorrppoorraattee aanndd ffoorreeiiggnn bboonnddss 361.3 430.8 563.7 465.0 402.2 369.8 445.2 388.3 855.5 590.5 400.5 600.1 5577 BBaannkk llooaannss nn..ee..cc 92.1 128.2 145.0 68.9 114.1 179.2 52.2 67.1 34.1 -170.0 -13.6 -184.3 5588 OOtthheerr llooaannss aanndd aaddvvaanncceess 57.7 93.2 166.3 158.5 142.7 245.1 -16.8 115.8 83.6 107.9 139.2 -123.8 5599 MMoorrttggaaggeess 288.2 337.4 519.2 602.2 575.6 665.9 574.2 552.4 552.2 814.4 766.4 759.8 6600 CCoonnssuummeerr ccrreeddiitt 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 coiporate equities 61 Total net issues 232.9 185.2 113.7 156.6 189.7 181.0 221.1 -38.7 234.4 415.0 83.4 344.5 62 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 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 237.6 265.1 279.5 191.2 235.0 203.6 275.1 149.5 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 A3 9 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 QI Q2 Q3 Q4 NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets 1,372.1 1,538.7 2,177.4 2,212.9 1,754.1 1,865.3 1,697.8 1,796.0 1,848.1 1,714.6 2,279.5 2,065.9 ^ Domestic nonfederal nonfinancial sectors 74.0 -22.2 177.2 216.2 -154.9 111.8 -250.5 -232.9 -198.8 -242.6 -36.9 -214.0 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 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 Financial sectors 890.9 1,244.5 1,732.5 1,782.0 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 N 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 -4.7 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 20 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 21 Private pension funds -4.1 47.6 -22.8 25.4 39.9 20.6 56.8 26.1 23.1 25.7 -16.7 39.9 ??. 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 Money market mutual funds 88.8 87.5 244.0 182.0 143.0 -118.2 256.1 272.7 326.7 166.2 379.1 112.2 74 Mutual funds 48.9 80.9 127.3 48.4 21.0 39.4 50.2 57.8 78.1 165.7 103.7 156.8 25 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 27 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 -42.0 -17.9 30 Mortgage companies 8.2 -9.1 3.2 .3 .2 5.5 -.5 2.0 1.4 11..11 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 11..11 7.8 29.0 3? 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 -15.8 133.0 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 1,538.7 2,177.4 2,212.9 1,754.1 1,865.3 1,697.8 1,796.0 1,848.1 1,714.6 2,279.5 2,065.9 Other financial sources 35 Official foreign exchange -6.3 .7 6.6 -8.7 -.4 -8.8 .7 44..99 -1.5 4.7 1199..11 --33..44 36 Special drawing rights certificates -.5 -.5 .0 -3.0 -4.0 -8.0 -4.0 ^t.O .0 .0 .0 .0 37 Treasury currency .5 .5 .6 1.0 2.4 3.2 4.2 .0 -1.1 11..11 .0 .0 38 Foreign deposits 85.9 107.7 6.5 61.0 120.8 3.4 -40.8 207.4 235.5 --117700..22 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 Mutual fund shares 237.6 265.1 279.5 191.2 235.0 203.6 275.1 149.5 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 148.3 201.4 227.6 196.1 217.2 266.2 220.7 151.8 257.2 165.6 205.4 189.9 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 52 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 5.8 -40.2 -52.3 -15.5 12.8 13.8 32.2 11.6 5.2 29.5 -9.7 18.7 54 Miscellaneous 526.1 493.6 949.1 719.3 1,016.6 893.6 1,478.3 713.5 485.4 890.3 940.8 717.1 55 Total financial sources 2,961.4 3,287.5 4,307.3 4,476.6 4,259.5 4,058.7 4,809.2 3,532.9 3,917.6 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 -.7 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 57.7 36.1 115.8 58.2 170.3 -300.3 -265.7 189.5 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 -184.5 -239.6 -154.6 -420.0 -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 7.3 -58.5 63 Other checkable deposits ^t.O -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 3,093.9 3,385.5 4,441.6 4,770.7 4,346.2 4,484.7 4,737.7 3,839.1 4,067.2 4,335.1 5,177.2 4,395.9 1. Data in this table also appear in the Board's Z. 1 (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 Nonflnancial Statistics • May 2002 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period 2000 2001 11999977 11999988 11999999 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 15,244.3 16,291.1 17,426.4 18,317.0 17,837.0 18,034.7 18,317.0 18,557.9 18,729.4 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 3 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 11,439.4 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 Bv 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 9 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 11 Mortgages 5,155.4 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 15 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 17 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 4,763.0 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 19 Corporate 3,383.1 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 608.0 651.5 679.6 746.7 702.5 731.0 746.7 743.4 729.2 706.1 704.8 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 Bonds 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 15,852.3 16,942.7 18,106.0 19,063.7 18,539.5 18,765.7 19,063.7 19,301.3 19,458.5 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 8,853.8 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 37 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. 21,310.3 23,487.8 25,735.6 27,520.8 26,533.0 26,956.5 27,520.8 27,958.6 28,312.4 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 5,202.2 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 A41 1.60 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period 2000 2001 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999977 11999988 11999999 Q2 Q3 Q4 Ql Q2 Q3 Q4 CREDIT MARKET DEBT OUTSTANDING2 1 21,310.3 23,487.8 25,735.6 27,520.8 26,533.0 26,956.5 27,520.8 27,958.6 28,312.4 28,860.8 29,495.8 7 Domestic nonfederal nonfinancial sectors 2,945.7 3,094.6 3,380.9 3,188.9 3,309.3 3,239.4 3,188.9 3,113.5 3,033.7 3,014.3 3,015.0 Household 2,030.4 2,044.5 2,281.3 2,069.6 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 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 19,420.5 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 1? 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 n 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 70 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 71 Private pension funds 674.6 651.8 677.2 717.1 696.3 710.5 717.1 722.8 729.3 725.1 735.0 77 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 73 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 74 Mutual funds 901.1 1,028.4 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 75 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 76 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 77 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 78 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 79 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 37 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 166.7 152.3 285.0 324.4 337.0 313.0 324.4 291.0 230.2 173.8 193.1 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt 21,310.3 23,487.8 25,735.6 27,520.8 26,533.0 26,956.5 27,520.8 27,958.6 28,312.4 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 219.4 189.0 205.3 222.6 194.7 206.0 222.6 156.0 163.9 177.7 232.5 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 47 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 3,613.1 4,538.5 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 8,209.0 9,080.2 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 7,653.4 8,195.4 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 55,433.2 61,374.6 64,853.4 63,376.2 64,777.1 64,853.4 64,949.6 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 4,394.4 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 -21 a -25.5 -4.3 -11.6 -17.6 -43 1.7 5.5 6.0 11.5 60 Security repurchase agreements 172.9 230.6 266.7 382.5 419.6 453.5 382.5 339.2 368.7 369.5 330.8 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 -1,571.2 -2,372.7 -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 —4.8 -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 67,830.0 76,840.3 87,352.8 89323.1 89,396.8 90,452.8 89,323.1 87,163.8 89,372.6 86,894.9 90,580.2 1. Data in this table also appear in the Board's Z. 1 (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 Nonflnancial Statistics • May 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 June July Aug. Sept. Oct. Nov. Dec. Jan.' Feb.!1 1 Industrial production1 139.4 145.7 140.1 140.3 140.4 140.0 138.5 137.7 137.2r 136.8r 137.1 137.6 Market groups 2 Products, total 129.6 133.5 129.4 130.0 130.3 129.4 127.7 126.8 126.7 126.6 126.4 126.7 3 Final, total 131.8 135.8 132.1 132.9 133.2 132.0 130.0 129.2 129.4' 129.2 129.0 129.1 4 Consumer goods 119.9 121.9 120.7 121.1 122.2 121.4 119.9 119.6 120.0' 120.8 120.4 120.8 5 Equipment 153.5 161.8 152.3 154.1 152.7 150.5 147.1 145.4 145.0' 142.6 142.8 142.2 6 Intermediate 123.2 126.4 121.4' 121.4 121.4 121.6 120.7 119.6 118.9' 118.7' 118.6 119.5 7 Materials 155.6 166.4 158.1' 157.4 157.2 157.6 156.5 155.9 154.8' 153.8' 155.0 156.0 Industry groups 8 Manufacturing 144.7 151.6 144.8 145.0 145.2 144.5 142.9 142.1 142.0' 141.5' 141.9 142.3 9 Capacity utilization, manufacturing (percent)2 . . 80.6 80.7 75.1 75.0 75.1 74.6 73.7 73.3 73.2' 72.9' 73.0 73.2 10 Construction contracts3 135.5r 142.8r 148.1' 152.0 144.0 145.0' 155.0' 152.0' 147.0' 146.0' 153.0 154.0 11 Nonagricultural employment, total4 118.7 121.3 121.8 122.0 122.0 121.9 121.8 121.4 121.0 120.9 120.8 120.9 12 Goods-producing, total 109.8 110.7 108.1 108.4 108.1 107.5 107.1 106.5 105.8 105.3' 104.5 104.4 13 Manufacturing, total 102.5 102.0 97.7 98.1 97.7 96.8 96.4 95.7 94.8 94.1 93.5 93.2 14 Manufacturing, production workers 103.7 102.8 97.0 97.3 96.8 95.9 95.3 94.6 93.6 92.8 92.2 91.9 15 Service-producing 121.1 124.2 125.5 125.6 125.7 125.9 125.8 125.4 125.2 125.2 125.3 125.4 16 Personal income, total 144.3 154.3 161.8 162.1 162.7 162.8 162.7 162.5 162.5 163.0 163.8 164.7 17 Wages and salary disbursements 149.9 162.2 170.9 171.5 171.8 171.8 171.7 171.3' 171.4 172.2 172.2 172.8 18 Manufacturing 134.0 142.3 144.3 144.9 144.9 144.1 143.4 142.1 140.9 140.7 140.3 140.2 19 Disposable personal income5 139.2 147.9 156.0 155.2 157.9 161.0 159.1 156.2 156.3 156.6 159.5 160.6 20 Retail sales5 155.1 167.0 172.6 172.3 172.6 172.9 169.2 180.8 174.9 174.5' 174.3 174.6 Prices6 21 Consumer (1982-84-100) 166.6 172.2 177.1 178.0 177.5 177.5 178.3 177.7 177.4 176.7 177.1 177.8 22 Producer finished goods (1982=100) 133.0 138.0 140.7 142.2 140.5 140.9 141.6 139.7' 138.4 137.2 137.5 137.7 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 July Aug. Sept. Oct. Nov. Dec.' Jan.' Feb. HOUSEHOLD SURVEY DATA1 1 Civilian labor force2 139,368 140,863 141,815 141.651 141,380 142,068 142,280 114422,,227799 114422,,331144 114411,,339900 114422,,221111 Employment 2 Nonagricultural industries3 130,207 131,903 131,929 132.051 131.282 131,823 131,412 131,099 130,809 130,195 131,073 3 Agriculture 3,281 3,305 3,144 3.055 3,126 3,181 3,203 3.154 3,246 3,273 3,246 Unemployment 4 Number 5,880 5,655 6,742 6,545 6.972 7,064 7,665 8,026 8,259 7,922 7,891 5 Rate (percent of civilian labor force) 4.2 4.0 4.8 4.6 4.9 5.0 5.4 5.6 5.8 5.6 5.5 ESTABLISHMENT SURVEY DATA 6 Nonagricultural payroll employment4 128,916 131,759 132,213r 132,449 132,395 132,230 131,782 131,427 131,321 131,195 131,261 7 Manufacturing 18,552 18,469 17,698' 17,688 17,533 17,448 17,325 17,159 17,039 16,929 16,879 8 Mining 539 543 563 567 569 569 569 567 564 562 556 9 Contract construction 6,415 6,698 6,861 6,867 6,861 6,871 6,852 6,851 6,850 6,787 6,812 10 Transportation and public utilities 6,834 7,019 7,070' 7,108 7,082 7,070 7,016 6,952 6,915 6,897 6,901 11 Trade 29,758 30,331 30,502' 30,623 30,593 30,524 30,393 30,365 30,303 30,340 30,383 12 Finance 7,555 7,560 7,624 7,618 7,623 7,633 7,634 7,638 7,632 7,636 7,626 13 Service 39,055 40,460 41,024 41.046 41.129 41,134 40,995 40,889 40,957 40,981 41,021 14 Government 20,206 20,681 20,873' 20.932 21,005 20,981 20,998 21,006 21,061 21,063 21,083 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 SSeerriieess Q1 Q2 Q3 Q4' Ql Q2 Q3 Q4 Ql Q2 Q3 Q4r Output (1992=100) Capacity (percent of 1992 output) Capacity utilization rate (percent)2 1 Total industry 143.5 141.3 139.6 137.2 181.8 182.6 183.2 183.6 78.9 77.4 76.2 74.7 2 Manufacturing 148.4 146.0 144.2 141.9 192.3 193.2 193.6 194.0 77.2 75.6 74.5 73.1 3 Primary processing3 172.0 168.9 167.1 164.4 221.4 223.0 223.8 224.5 77.7 75.8 74.7 73.2 4 Advanced processing4 135.3 133.3 131.5 129.3 176.2 176.6 176.9 177.2 76.8 75.5 74.3 73.0 Durable goods 185.0 181.9 178.3 174.0 244.4 246.3 247.5 248.5 75.7 73.8 72.0 70.0 6 Lumber and products 110.2 113.2 115.5 112.8 148.2 148.5 148.8 149.1 74.4 76.2 77.6 75.7 7 Primary metals 120.8 120.5 117.8 108.9 151.0 150.8 150.6 150.4 80.0 79.9 78.2 72.4 8 Iron and steel 113.7 117.3 115.7 104.0 147.9 147.4 146.8 146.2 76.9 79.6 78.8 71.1 9 Nonferrous 129.5 124.6 120.6 115.0 155.1 155.3 155.6 155.8 83.5 80.2 77.5 73.8 10 Industrial machinery and equipment 226.9 217.0 208.8 202.3 295.3 297.3 298.8 299.8 76.8 73.0 69.9 67.5 11 Electrical machinery 544.2 509.2 485.3 485.8 716.8 735.6 745.4 752.5 75.9 69.2 65.1 64.6 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 113.2 111.5 111.0 110.2 143.1 143.0 142.9 142.9 79.1 77.9 77.7 77.1 15 Textile mill products 91.4 88.0 85.3 82.6 118.4 117.4 116.4 115.4 77.2 74.9 73.3 71.6 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 121.6 119.6 121.1 122.3 158.1 158.3 158.5 158.6 76.9 75.6 76.4 77.1 18 Plastics materials 121.0 116.4 117.4 115.6 152.0 152.5 153.0 153.4 79.6 76.3 76.7 75.4 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 98.6 111.9 112.0 112.2 112.6 91.1 91.8 90.7 87.5 71 Utilities 123.5 120.0 119.1 117.6 134.6 136.2 138.1 139.9 91.8 88.1 86.3 84.1 22 Electric 125.6 123.6 122.2 122.0 133.1 135.1 137.4 139.8 94.4 91.5 88.9 87.3 1973 1975 Previous cycle5 Latest cycle6 2001 2001 2002 High Low High Low High Low Feb. Sept. Oct. Nov.r Dec/ Jan.r Feb.P Capacity utilization rate (percent)2 1 Total industry 89.2 72.6 87.3 71.1 85.4 78.1 78.9 75.5 75.0 74.7 74.4 74.5 74.8 2 Manufacturing 88.5 70.5 86.9 69.0 85.7 76.6 77.2 73.7 73.3 73.2 72.9 73.0 73.2 3 Primary processing3 91.8 67.3 88.6 65.7 88.3 76.7 77.9 74.4 73.9 73.2 72.7 73.4 73.9 4 Advanced processing4 86.5 72.5 86.3 71.0 84.2 76.6 76.7 73.3 72.9 73.1 73.0 72.8 72.7 Durable goods 89.2 68.9 87.7 63.9 84.6 73.1 75.5 71.0 70.1 70.1 69.9 70.1 70.3 6 Lumber and products 88.7 61.2 87.9 60.8 93.6 75.5 73.9 78.2 75.7 75.4 75.9 75.8 76.2 7 Primary metals 100.2 65.9 94.2 45.1 92.7 73.7 80.1 77.4 75.5 73.3 68.5 73.1 74.3 8 Iron and steel 105.8 66.6 95.8 37.0 95.2 71.8 77.4 76.9 75.4 73.3 64.7 74.2 76.4 9 Nonferrous 90.8 59.8 91.1 60.1 89.3 74.2 83.1 77.8 75.5 73.3 72.6 71.9 72.0 10 Industrial machinery and 11 Electr e i q c u a i l p m m a e c n h t inery 9 8 6 9 . . 0 2 6 7 4 4 . . 7 3 9 8 3 9. . 4 2 7 6 1 4 . . 6 0 8 8 4 5 . . 0 4 7 7 2 5 . . 3 0 7 76 5 . . 9 8 6 68 4 . . 6 8 6 6 7 4 . . 7 6 6 6 4 7 . . 5 9 6 6 4 6 . . 6 9 6 6 4 7 . . 6 6 6 67 4 . . 4 7 12 Motor vehicles and parts 93.4 51.3 95.0 45.5 89.1 55.9 70.9 74.0 70.7 74.4 77.0 76.8 77.1 13 Aerospace and miscellaneous transportation equipment . . . 78.4 67.6 81.9 66.6 87.3 79.2 73.5 70.3 69.4 67.3 65.6 64.0 63.2 14 Nondurable goods 87.8 71.7 87.5 76.4 87.3 80.7 79.3 77.3 77.5 77.1 76.8 76.9 77.0 15 Textile mill products 91.4 60.0 91.2 72.3 90.4 77.7 76.8 74.1 71.7 71.0 72.0 72.0 72.3 16 Paper and products 97.1 69.2 96.1 80.6 93.5 85.0 80.0 78.9 77.8 76.4 74.2 74.4 75.2 17 Chemicals and products 87.6 69.7 84.6 69.9 86.2 79.3 77.3 76.3 77.7 77.2 76.5 77.1 77.3 18 Plastics materials 102.0 50.6 90.9 63.4 97.0 74.8 82.3 75.8 77.7 75.6 72.9 74.5 74.0 19 Petroleum products 96.7 81.1 90.0 66.8 88.5 85.1 94.5 91.5 93.7 93.0 91.4 93.0 93.0 20 Mining 94.3 88.2 96.0 80.3 88.0 87.0 91.3 90.9 88.4 87.9 86.2 86.0 85.4 21 Utilities 96.2 82.9 89.1 75.9 92.6 83.4 91.7 85.1 85.7 83.0 83.5 82.9 84.8 22 Electric 99.0 82.7 88.2 78.9 95.0 87.1 94.0 87.5 88.0 87.1 86.8 86.7 87.5 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 Nonflnancial Statistics • May 2002 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted „ up p 1 p 9 r o o 9 r - - 2 2 a 0 v 0 g 1 . 2001 2002 tion Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec.r Jan.' Feb.? Index (1992= 100) MAJOR MARKETS 1 Total index 100.0 140.1 143.5 142.9 142.0 141.6 140.3 140.4 140.0 138.5 137.7 137.2 136.8 137.1 137.6 2 Products 60.8 129.4 132.2 132.1 131.0 130.9 130.0 130.3 129.4 127.7 126.8 126.7 126.6 126.4 126.7 3 Final products 46.3 132.1 134.7 135.1 134.0 133.9 132.9 133.2 132.0 130.0 129.2 129.4 129.2 129.0 129.1 4 Consumer goods, total 29.0 120.7 121.2 121.8 121.3 121.4 121.1 122.2 121.4 119.9 119.6 120.0 120.8 120.4 120.8 5 Durable consumer goods 5.8 151.3 149.1 152.9 152.2 154.2 153.2 157.0 154.1 151.8 146.2 152.1 155.9 153.8 154.4 6 Automotive products 2.5 149.9 141.8 149.8 149.6 152.8 152.3 161.1 155.6 152.5 145.4 155.4 160.3 157.7 157.4 7 Autos and trucks 1.6 160.5 147.8 159.6 160.1 165.7 163.4 178.3 169.1 163.9 154.5 170.7 177.8 175.3 173.8 8 Autos, consumer 0.9 94.0 93.3 97.0 96.0 97.9 97.2 97.5 90.6 92.7 86.9 94.8 101.1 101.2 110.5 y Trucks, consumer 0.7 231.4 206.0 226.3 228.4 237.9 234.0 264.3 252.6 239.8 226.5 251.5 259.5 254.3 241.5 10 Auto parts and allied goods 0.9 133.4 132.8 134.7 133.5 132.5 135.1 133.9 134.5 134.8 131.3 131.3 132.6 129.8 131.4 li Other 3.3 151.5 156.1 155.1 153.9 154.5 152.9 151.0 151.0 149.8 145.9 146.9 149.4 148.0 149.6 12 Appliances, televisions, and air conditioners 0.9 283.2 284.4 284.0 284.0 292.1 285.0 271.7 289.5 288.2 271.9 280.1 298.1 291.2 292.9 13 Carpeting and furniture 0.8 119.1 124.7 123.1 119.9 117.7 118.6 116.2 117.6 118.5 116.4 119.2 119.1 118.0 119.3 14 Miscellaneous home goods 1.6 114.2 118.3 117.7 117.4 117.7 116.2 117.7 112.7 110.5 109.2 107.5 107.4 107.4 108.7 15 Nondurable consumer goods 23.2 113.3 114.4 114.3 113.9 113.6 113.4 113.9 113.6 112.3 113.1 112.3 112.5 112.5 112.8 16 Foods and tobacco 10.4 108.9 109.5 109.3 108.9 108.6 108.9 109.3 108.7 107.7 108.2 108.6 109.3 109.6 110.1 17 Clothing 2.4 78.2 82.6 82.8 82.0 80.6 78.2 79.0 76.4 74.8 74.4 73.2 74.3 74.9 74.5 18 Chemical products 4.6 145.0 141.7 143.8 143.4 145.2 145.7 147.5 146.7 145.9 148.5 148.0 147.7 148.0 148.3 19 Paper products 2.9 105.5 107.3 106.9 107.4 106.7 106.6 106.0 105.7 105.1 103.9 102.1 100.1 98.4 96.0 20 Energy 3.0 117.6 122.1 119.8 118.7 116.9 115.8 U6.0 117.8 114.8 116.9 113.4 113.8 113.7 116.4 21 Fuels 0.8 114.2 114.2 113.9 114.6 115.6 115.2 114.3 112.2 113.9 116.1 115.2 112.6 115.8 114.6 22 Residential utilities 2.1 119.4 126.2 122.8 120.7 117.2 115.8 116.5 120.5 115.0 117.0 112.0 114.0 112.2 117.1 23 Equipment 17.3 152.3 159.8 159.6 157.3 156.5 154.1 152.7 150.5 147.1 145.4 145.0 142.6 142.8 142.2 24 Business equipment 13.2 175.9 186.1 185.4 182.1 181.3 177.8 176.1 173.3 168.4 166.9 167.2 164.2 164.5 163.9 25 Information processing 5.4 279.6 297.5 294.1 288.4 286.8 279.6 275.2 271.9 266.0 267.9 269.1 265.8 267.9 269.3 26 Computer and office equipment 1.1 948.2 1,012.6 996.5 970.9 950.6 948.7 934.2 925.5 903.0 913.2 927.8 941.2 951.5 965.8 27 Industrial 4.0 125.1 132.4 132.6 129.1 129.0 125.2 123.1 122.2 119.6 119.4 118.3 114.6 115.7 114.9 28 Transit 2.5 127.6 131.6 135.6 133.8 134.5 133.1 133.8 128.7 124.6 119.2 118.6 118.1 114.7 113.4 29 Autos and trucks 1.2 145.8 142.5 151.1 148.0 152.5 150.5 157.1 149.6 143.6 136.2 143.6 151.4 150.6 153.7 30 Other 1.3 139.1 151.6 143.3 143.1 139.1 140.7 140.8 139.8 131.7 129.2 134.2 130.2 132.6 130.9 31 Defense and space equipment 3.4 74.1 74.1 74.5 74.4 73.5 73.4 73.6 73.5 73.8 74.2 74.3 74.6 75.0 75.2 32 Oil and gas well drilling 0.6 140.2 147.7 151.0 152.2 151.9 150.4 147.1 143.1 140.4 127.2 114.4 107.8 107.3 104.4 33 Manufactured homes 0.2 93.7 87.1 87.3 88.6 91.7 96.0 95.4 97.9 102.9 100.2 99.5 97.7 93.1 91.7 34 Intermediate products, total 14.5 121.4 124.4 123.4 122.2 122.2 121.4 121.4 121.6 120.7 119.6 118.9 118.7 118.6 119.5 35 Construction supplies 5.4 137.5 138.6 139.4 139.0 138.7 138.0 137.3 138.8 138.1 134.6 134.0 135.3 135.2 136.4 36 Business supplies 9.1 111.9 116.0 113.8 112.2 112.4 111.6 112.0 111.3 110.4 110.7 109.8 108.9 108.7 109.5 37 Materials 39.2 158.1 162.5 160.9 160.3 159.4 157.4 157.2 157.6 156.5 155.9 154.8 153.8 155.0 156.0 38 Durable goods materials 20.7 212.7 219.7 218.0 216.4 216.2 212.9 212.6 212.0 209.4 207.9 206.5 205.8 207.8 209.2 39 Durable consumer parts 4.0 155.8 154.6 155.0 155.1 159.6 157.7 160.2 160.8 155.3 152.3 155.0 157.1 159.0 160.0 40 Equipment parts 7.5 441.9 470.1 464.3 452.9 446.5 436.1 429.9 429.6 430.4 431.7 427.9 427.7 432.7 434.6 41 Other 9.2 125.2 128.2 127.2 127.9 127.5 126.2 126.4 125.4 123.8 122.5 120.5 118.8 119.6 120.6 42 Basic metal materials 3.1 113.6 118.1 114.5 117.6 116.7 115.5 115.7 113.6 113.3 111.0 106.7 101.2 105.8 106.7 43 Nondurable goods materials 8.9 104.2 107.9 104.9 104.7 103.0 102.2 102.7 104.0 104.2 104.7 103.1 101.4 102.6 103.2 44 Textile materials 1.1 90.8 95.8 95.3 95.0 90.9 90.8 87.6 90.1 89.0 87.2 84.7 85.1 84.5 84.9 45 Paper materials 1.8 108.6 112.1 106.0 110.2 108.3 104.8 107.7 109.5 110.5 112.4 106.9 103.1 105.7 106.1 46 Chemical materials 4.0 102.8 108.0 104.8 101.8 100.5 100.3 100.9 102.2 102.1 103.5 102.2 99.9 101.5 102.0 47 Other 2.1 109.8 109.9 108.7 110.6 109.4 109.3 109.7 109.8 110.2 108.8 110.4 111.1 110.9 112.2 48 Energy materials 9.6 103.3 104.6 104.5 104.9 103.8 103.1 102.3 103.0 103.1 102.6 102.6 101.9 102.0 102.5 49 Primary energy 6.2 98.8 98.9 99.1 99.5 99.0 99.5 98.5 98.4 99.4 98.2 98.8 97.7 97.4 97.3 50 Converted fuel materials 3.4 111.9 116.1 115.5 115.7 113.1 109.1 109.0 111.4 109.3 110.9 109.1 109.6 110.6 112.4 SPECIAL AGGREGATES 51 Total excluding autos and trucks 97.3 139.8 143.6 142.6 141.7 141.1 139.9 139.5 139.4 138.0 137.5 136.6 135.9 136.3 136.8 52 Total excluding motor vehicles and parts 95.3 139.1 143.1 142.0 141.0 140.2 139.0 138.7 138.5 137.2 136.8 135.8 135.0 135.3 135.8 53 Total excluding computer and office equipment 98.4 134.3 137.4 136.9 136.0 135.7 134.4 134.6 134.1 132.8 132.0 131.5 131.0 131.3 131.8 54 Consumer goods excluding autos and trucks . . 27.5 118.6 119.9 119.8 119.3 119.0 118.8 119.1 118.8 117.6 117.8 117.2 117.6 117.4 117.8 55 Consumer goods excluding energy 26.1 121.1 121.0 122.0 121.6 122.0 121.8 122.9 121.8 120.6 119.9 120.8 121.6 121.3 121.3 56 Business equipment excluding autos and trucks 12.0 179.7 191.8 189.8 186.4 184.9 181.3 178.4 176.2 171.5 170.8 170.1 165.6 166.0 164.9 57 Business equipment excluding computer and office equipment 12.0 146.8 155.1 154.7 152.1 151.7 148.5 147.2 144.7 140.6 139.0 139.1 136.2 136.3 135.5 58 Materials excluding energy 29.6 175.8 181.6 179.3 178.2 177.4 175.0 175.0 175.2 173.7 173.0 171.5 170.3 172.0 173.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A45 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1—Continued Monthly data seasonally adjusted 1992 2001 2002 GGrroouupp c S o I d C e ^ 2 p p o ro r- - 2 a 0 v 0 g 1 . tion Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.1" Dec.' Jan.' Feb.P Index(1992= 100) MAJOR INDUSTRIES 59 Total index 100.0 140.1 143.5 142.9 142.0 141.6 140.3 140.4 140.0 138.5 137.7 137.2 136.8 137.1 137.6 60 Manufacturing 85.4 144.8 148.4 147.9 146.7 146.4 145.0 145.2 144.5 142.9 142.1 142.0 141.5 141.9 142.3 61 Primary processing 31.0 167.9 172.4 170.7 170.1 169.4 167.3 167.4 167.3 166.6 165.6 164.4 163.3 165.3 166.6 62 Advanced processing 54.4 132.0 135.1 135.1 133.7 133.6 132.5 132.9 131.7 129.8 129.1 129.5 129.3 129.0 128.9 63 Durable goods 44.8 179.3 184.6 184.7 182.9 182.7 180.1 180.0 178.9 176.1 173.9 174.3 173.9 174.6 175.3 64 Lumber and products ' ' 24 2.1 113.0 109.5 111.8 111.8 113.7 114.2 114.0 116.2 116.4 112.8 112.4 113.3 113.1 113.8 65 Furniture and fixtures 25 1.4 138.7 144.4 142.5 141.8 140.4 138.3 138.4 138.7 135.1 133.5 134.8 135.5 134.0 136.7 66 Stone, clay, and glass products 32 2.1 130.7 132.4 132.9 133.1 133.0 130.0 130.0 130.8 129.9 130.3 128.8 125.2 124.5 127.0 67 Primary metals 33 3.1 116.9 121.0 117.5 121.2 120.8 119.5 119.5 117.5 116.4 113.6 110.2 103.0 109.6 111.0 68 Iron and steel 331,2 1.8 112.6 114.4 111.3 115.8 118.4 117.7 118.8 115.7 112.7 110.4 107.1 94.5 107.7 110.4 69 Raw steel 331PT 0.1 102.8 106.9 107.0 99.2 106.2 107.8 108.3 106.2 105.8 99.5 95.1 85.5 100.0 102.1 70 Nonferrous 333-6,9 1.4 122.2 128.9 125.1 127.8 124.0 122.0 120.8 119.9 121.2 117.6 114.1 113.1 112.1 112.2 71 Fabricated metal products . . 34 5.0 130.4 133.2 132.2 131.0 131.0 129.5 131.1 131.0 128.7 127.5 127.2 128.7 128.0 128.6 72 Industrial machinery and equipment 35 7.8 213.3 227.0 225.5 220.2 217.0 213.8 210.2 211.0 205.1 202.8 203.4 200.7 203.0 202.3 73 Computer and office equipment 357 1.6 1,088.0 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 1,116.0 74 Electrical machinery 36 7.1 504.2 543.6 533.6 518.8 511.4 497.6 485.9 485.5 484.6 484.8 485.1 487.6 490.1 493.4 75 Transportation equipment . . 37 9.4 128.5 126.4 131.0 130.5 133.2 131.9 134.6 131.6 128.5 124.6 127.2 128.9 127.8 127.6 76 Motor vehicles and parts . 371 4.7 162.9 154.9 163.7 163.2 169.7 167.7 174.6 169.9 164.2 157.3 165.9 172.1 171.9 172.8 77 Autos and light trucks . 371PT 2.5 154.1 143.5 154.2 154.4 159.5 157.2 170.2 160.9 156.6 147.4 162.7 169.6 167.4 167.3 78 Aerospace and miscellaneous transportation equipment 372-6,9 4.7 96.3 99.5 100.4 99.9 98.9 98.3 97.1 95.7 95.0 93.8 91.0 88.6 86.5 85.4 79 Instruments 38 5.4 115.3 118.4 117.7 117.2 116.8 114.5 115.0 113.9 112.8 113.6 113.7 112.9 114.0 113.6 80 Miscellaneous 39 1.3 117.5 120.2 119.9 120.4 119.0 119.8 120.7 116.7 114.5 113.6 110.7 113.8 113.9 115.4 81 Nondurable goods 40.6 111.4 113.5 112.5 111.8 111.5 111.1 111.5 111.1 110.5 110.8 110.2 109.7 110.0 110.1 82 Foods ' ' 20 9.6 112.9 113.5 113.6 112.6 112.8 112.9 113.1 113.0 111.7 112.2 113.0 114.3 114.2 114.2 83 Tobacco products 21 1.6 93.8 94.8 93.3 94.8 92.9 93.8 95.0 93.2 92.7 92.8 92.7 90.8 93.1 94.8 84 Textile mill products 22 1.8 86.8 90.9 91.0 90.4 86.7 86.8 84.3 85.8 85.9 83.0 81.9 82.8 82.6 82.6 85 Apparel products 23 2.2 93.0 97.6 97.4 97.0 96.5 94.0 95.1 91.2 89.4 87.8 87.3 88.3 88.4 88.6 86 Paper and products 26 3.5 108.1 110.8 106.0 110.6 108.8 107.1 108.1 107.7 109.7 108.1 106.2 103.1 104.4 105.3 87 Printing and publishing .... 27 6.8 101.6 105.9 104.3 102.5 102.3 101.3 101.1 100.7 99.7 99.8 98.9 97.4 96.1 94.9 88 Chemicals and products .... 28 10.0 121.1 122.2 121.4 119.5 119.9 119.5 121.2 121.2 121.0 123.2 122.4 121.3 122.3 122.8 89 Petroleum products 29 1.4 114.3 115.3 114.7 115.4 115.6 115.5 114.6 112.9 112.1 114.9 114.0 112.2 114.2 114.3 90 Rubber and plastics 30 3.5 136.8 139.5 138.8 137.9 137.1 137.7 138.0 137.3 136.5 134.4 133.4 134.6 133.8 134.5 91 Leather and products 31 0.3 63.0 67.9 67.5 65.7 63.6 62.2 62.1 62.8 61.4 60.0 59.2 57.7 59.7 58.5 92 Mining 6.8 101.3 102.2 102.5 103.1 103.0 102.5 101.9 101.4 102.1 99.5 99.0 97.3 97.0 96.4 93 Metal 10 0.4 88.3 91.6 87.9 92.1 91.3 88.6 88.8 87.9 91.2 85.6 80.0 78.5 78.3 78.3 94 Coal 12 1.0 111.7 113.4 115.5 114.9 113.9 115.9 111.9 111.7 111.7 106.5 106.6 105.8 104.5 107.0 95 Oil and gas extraction 13 4.8 96.1 96.6 97.1 97.6 97.4 97.0 97.0 96.3 97.0 94.8 94.5 92.5 92.2 91.1 96 Stone and earth minerals 14 0.6 132.5 135.0 133.0 134.3 137.1 133.7 130.6 132.2 131.2 129.6 129.5 129.1 130.3 129.7 97 Utilities 7.8 119.9 123.4 121.8 121.3 119.7 119.1 118.2 121.1 118.1 119.4 116.2 117.3 116.9 120.1 98 Electric 491,3PT 6.2 123.4 125.0 124.7 125.2 122.8 122.9 121.0 124.5 121.0 122.3 121.8 122.0 122.4 124.2 99 Gas 492,3PT 1.6 109.0 116.2 110.3 107.1 107.8 105.2 107.4 108.1 106.9 108.0 96.2 100.2 97.2 105.2 SPECIAL AGGREGATES 100 Manufacturing excluding motor vehicles and parts 80.7 143.9 148.2 147.0 145.8 145.1 143.7 143.5 143.0 141.7 141.3 140.6 139.7 140.1 140.5 101 Manufacturing excluding computers and office equipment 83.8 138.0 141.3 140.8 139.8 139.5 138.1 138.4 137.7 136.2 135.4 135.3 134.8 135.2 135.5 102 Computers, communications equipment, and semiconductors 5.6 1,048.6 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 1,002.5 1,005.3 1,022.3 1,034.9 103 Manufacturing excluding computers and semiconductors 81.3 121.2 123.7 123.3 122.6 122.6 121.5 122.0 121.3 119.9 119.1 118.9 118.4 118.6 118.8 104 Manufacturing excluding computers, communications equipment, and semiconductors 79.8 118.2 120.4 120.0 119.4 119.4 118.5 119.0 118.4 117.0 116.3 116.1 115.7 115.9 116.2 Gross value (billions of 1996 dollars, annual rates) MAJOR MARKETS 105 Products, total 100.0 2,720.3 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 2,679.2 2,685.2 2,678.9 2,687.1 106 Final 77.2 2,101.6 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 2,070.6 2,076.5 2,070.0 2,072.0 107 Consumer goods 51.9 1,303.9 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 1,301.9 1,315.4 1,308.8 1,312.0 108 Equipment 25.3 797.4 837.7 839.5 825.8 823.3 811.6 806.5 793.3 773.1 761.0 763.5 752.9 753.8 752.0 109 Intermediate 22.8 619.0 634.5 630.8 625.7 626.3 623.7 623.5 625.0 619.4 612.9 608.8 608.9 609.1 615.2 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 Nonflnancial Statistics • May 2002 2.14 HOUSING AND CONSTRUCTION Monthly figures at seasonally adjusted annual rates except as noted 2001 2002 IItteemm 11999999 22000000 220000 llrr Apr. May June July Aug. Sept. Oct. Nov.1" Dec.r Jan. Private residential real estate activity (thousands of units except as noted) NEW UNITS 1 Permits authorized 1,664 1,592 1,611 1,587 1,621 1,587 1,571 1,571 1,528 1,485 1,595 1,654 1,721 2 One-family 1,247 1,198 1,221 1,218 1,205 1,225 1,211 1.210 1,164 1,140 1,211 1,247 1,335 3 Two-family or more 417 394 390 369 416 362 360 361 364 345 384 407 386 4 Started 1,641 1,569 1,603 1,626 1,610 1,634 1,660 1,559 1,585 1,518 1,616 1,602 1,721 One-family 1,302 1,231 1,273 1,295 1,285 1,292 1,290 1,271 1,265 1,225 1,244 1,312 1,357 6 Two-family or more 339 338 329 331 325 342 370 288 320 293 372 290 364 7 Under construction at end of period1 .... 953 934 959 1,006 1,016 1,012 1,019 1,009 1,015 1,009 1,008 998 1,003 8 One-family 648 623 638 682 688 688 693 691 691 682 680 673 676 9 Two-family or more 305 310 321 324 328 324 326 318 324 327 328 325 327 10 Completed 1,605 1,574 1,571 1,569 1,499 1,643 1,583 1,620 1,543 1,577 1,574 1,703 1,599 11 One-family 1,270 1,242 1,256 1,232 1,225 1,275 1,269 1,276 1,258 1,317 1,262 1,361 1,296 17 Two-family or more 335 332 315 337 274 368 314 344 285 260 312 342 303 13 Mobile homes shipped 348 250 193 184 186 198 193 199 206 207 203 206 195 Merchant builder activity in one-family units 14 Number sold 880 877 906 899 882 889 877 871 854 860 937 987 831 15 Number for sale at end of period1 315 301 309 293 296 301 307 309 310 308 309 308 310 Price of units sold (thousands of dollars)2 16 Median 161.0 169.0 174.1 175.2 175.3 179.4 175.0 173.7 166.4 171.3 168.1 178.1 184.1 17 Average 195.8 207.2 211.9 205.5 211.4 211.7 209.3 207.5 203.3 207.1 206.9 228.3 224.1 EXISTING UNITS (one-family) 18 Number sold 5,205 5,152 5,296 5,290 5,400 5,300 5,300 5,490 5,010 5,270 5,250 5,200 6,050 Price of units sold (thousands of dollars)2 19 Median 133.3 139.0 147.8 143.1 145.0 152.2 151.7 153.7 147.4 145.4 147.1 153.1 115500..33 20 Average 168.3 176.2 185.3 179.9 183.6 191.1 190.6 193.5 185.2 181.8 182.9 192.2 190.6 Value of new construction (millions of dollars)3 CONSTRUCTION 21 Total put in place 763,914 817,130 862,261 870,826 869,574 861,571 863,742 856,629 851,883 856,097r 855,952 862,567 869,653 7.7 Private 595,667 641,269 667,012 677,429 670,838 665,322 667,765 663,108 660,249 656,913r 651,509 654,297 649,853 73 Residential 349,560 375,268 395,608 392,160 394,330 391,508 395,668 399,558 398,136 400,147' 396,518 399,241 402,828 24 Nonresidential 246,107 266,001 271,404 285,269 276,508 273,814 272,097 263,550 262,113 256,766r 254,991 255,056 247,025 25 Industrial buildings 32,794 31,984 31,286 34,662 31,943 32,966 34,645 31,884 31,291 26.126' 23,934 23,888 22,776 76 Commercial buildings 104,531 116,988 117,050 124,935 118,601 116,842 115,894 110,860 111,249 111,744' 109,015 106,692 104,730 27 Other buildings 40,906 44,505 46,088 46,080 46,643 46,020 45,549 44,851 44,829 45,998' 46,012 47,121 47,657 28 Public utilities and other 67,876 72,523 76,982 79,592 79,321 77,986 76,009 75,955 74,744 72,898' 76,030 77,355 71,862 29 Public 168.247 175,861 195,249 193,397 198,736 196,249 195,977 193,521 191,635 199,184' 204,443 208,270 219,800 30 Military 2.142 2,334 2,346 2,530 2,274 2,477 2,375 2,539 2,362 2,343' 2,353 2,152 2,213 31 Highway 52,024 52,851 57,743 57,717 60.437 61,534 60,470 55,667 53,534 55,982' 58,717 59,840 68,301 37 Conservation and development 5,995 6,043 7,169 6,332 7,216 6.592 6,063 7,265 7,344 7,489' 7,392 7,548 8,571 33 Other 108,086 114,634 127,991 126,818 128,809 125,646 127,069 128,050 128,395 133,370' 135,981 138,730 140,715 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 FFFeeebbb... 22000011 22000022 222000000222111 FFeebb.. FFeebb.. Mar. June Sept. Dec. Oct. Nov. Dec. Jan. Feb. CONSUMER PRICES2 (1982-84=100) 1 AH items 3.5 1.1 3.5 3.9 .7 -1.8 -.3 -.1 -.1 .2 .2 177.8 ? 3.0 2.7 3.8 3.1 2.8 1.4 .4 -.1 .0 .3 .2 117151..90 4 A En ll e r it g e y m i s t e l m es s s food and energy 1 2 3 . . 7 1 -15 2 . . 9 6 4 3 . . 7 3 20 2 . . 3 4 -19 2 . . 1 6 -43 2 . . 4 6 -6. . 0 2 -4. . 9 4 -3..01 . . 2 9 -. . 8 3 189.2 5 Commodities .9 -.9 1.4 -1.6 .6 -1.4 -.1 .2 -.4 -.3 .0 144.2 6 Services 3.6 4.0 4.0 4.3 3.5 4.0 .2 .5 .3 .4 .4 215.1 PRODUCER PRICES (1982=100) 7 Finished goods 4.0 -2.6 4.9 .0 -1.7 -9.6 -1.3' -.6 .1 .2 137.7 8 Consumer foods 2.9 1.9 10.5 .6 1.7 -4.2 -R -1.0' .0 .8 1.0 142.7 9 Consumer energy 17.4 -20.4 9.5 -6.9 -17.1 -43.4 -6.7' -3.2' -3.9 .1 .4 81.8 1W1 O Ca th p e it r a c l o e n q s u u i m pm er e n g t o ods 1 . . 8 6 . . 0 7 2. . 6 3 2. . 6 3 1 1 . . 2 0 -2 - . . 0 8 - - . . 4 4 ' ' .2' . . 0 0 - - . . 1 1 -. . 1 1 1 1 3 5 9 7 . . 6 2 Intermediate materials 12 Excluding foods and feeds 3.5 ^t.6 1.5 -1.5 -5.6 -10.1 -1.3' -.5 -.8 -.1 --..11 112266..22 13 Excluding energy 1.3 -1.8 1.5 -.9 -3.5 -3.5 -.4 -.2 -.2 .0 ..00 134.8 Crude materials 14 Foods 6.9 -1.9 13.1 -4.0 3.8 -34.7 -3.5' -5.0' -1.9 4.0 2.3 102.3 15 Energy 65.0 -54.2 -A2A -52.0 -63.7 -51.3 -17.9' 28.0' -20.5 5.6 -6.5 75.7 16 Other -9.6 -6.9 -11.3 -15.3 -2.4 -9.0 -1.5 -.6 -.3 -.5 1.5 127.4 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 Nonflnancial Statistics • May 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 220000 rr Q4 Q1 Q2 Q3 Q4' GROSS DOMESTIC PRODUCT 1 Total 9,268.6 9,872.9 10,208.1 10,027.9 10,141.7 10,202.6 10,224.9 10,263.3 By source 2 Persona! consumption expenditures 6,250.2 6,728.4 7,064.5 6,871.4 6,977.6 7,044.6 7,057.6 7,178.2 3 Durable goods 760.9 819.6 858.3 818.7 838.1 844.7 840.6 909.8 4 Nondurable goods 1,831.3 1,989.6 2,055.1 2,025.1 2,047.1 2,062.3 2,057.5 2,053.5 5 Services 3,658.0 3,919.2 4,151.1 4,027.5 4,092.4 4,137.6 4,159.4 4,214.9 6 Gross private domestic investment 1,636.7 1,767.5 1,633.9 1,780.3 1,722.8 1,669.9 1,624.8 1,518.2 7 Fixed investment 1,578.2 1,718.1 1,692.4 1,741.6 1,748.3 1,706.5 1,682.6 1,632.1 8 Nonresidential 1,174.6 1,293.1 1,246.0 1,318.2 1,311.2 1,260.2 1,231.0 1,181.6 y Structures 283.5 313.6 330.3 330.9 345.8 338.6 334.3 302.5 10 Producers' durable equipment 891.1 979.5 915.8 987.3 965.4 921.7 896.8 879.1 11 Residential structures 403.5 425.1 446.3 423.4 437.0 446.2 451.6 450.4 12 Change in business inventories 58.6 49.4 -58.4 38.7 -25.5 -36.6 -57.8 -113.9 13 Nonfarm 60.1 51.1 -56.8 37.8 -26.2 -35.3 -55.9 -109.7 14 Net exports of goods and services -250.9 -364.0 -329.8 -390.6 -363.8 -347.4 -294.4 -313.5 15 Exports 989.8 1,102.9 1,050.4 1,121.0 1,117.4 1,079.6 1,020.6 983.8 16 1,240.6 1,466.9 1,380.1 1,511.6 1,481.2 1,427.0 1,315.0 1,297.3 17 Government consumption expenditures and gross investment 1,632.5 1,741.0 1,839.5 1,766.8 1,805.2 1,835.4 1,836.9 1,880.4 18 Federal 564.0 590.2 615.7 594.2 605.3 609.9 615.7 631.7 19 State and local 1,068.5 1,150.8 1,223.8 1,172.6 1,199.8 1,225.5 1,221.2 1,248.7 By major type of product 20 Final sales, total 9,210.0 9,823.6 10,266.6 9,989.2 10,167.2 10,239.1 10,282.7 10,377.2 21 Goods 3,418.6 3,644.8 3,719.6 3,670.6 3,718.8 3,715.0 3,690.3 3,754.1 22 Durable 1,618.8 1,735.2 1,735.4 1,740.7 1,755.8 1,737.2 1,704.9 1,743.8 23 Nondurable 1,799.8 1,909.7 1,984.2 1,929.9 1,963.1 1,977.8 1,985.4 2,010.3 24 Services 4,939.1 5,268.5 5,580.3 5,393.0 5,482.8 5,545.7 5,626.5 5,666.2 25 Structures 852.4 910.3 966.7 925.6 965.6 978.4 965.9 956.9 26 Change in business inventories 58.6 49.4 -58.4 38.7 -25.5 -36.6 -57.8 -113.9 27 Durable goods 35.3 34.7 -54.8 31.5 -31.0 -42.3 -55.3 -90.5 28 Nondurable goods 23.3 14.7 -3.7 7.2 5.5 5.8 -2.5 -23.4 MEMO 29 Total GDP in chained 1996 dollars 8,856.5 9,224.0 9,333.8 9,303.9 9,334.5 9,341.7 9,310.4 9,348.6 NATIONAL INCOME 30 Total 7,462.1 7,980.9 8,217.5 8,124.0 8,169.7 8,207.9 8,189.6 8,302.6 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 6,035.7 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 5,120.0 33 Government and government enterprises 724.3 768.4 806.0 776.6 788.8 799.6 812.5 823.2 34 Other 3,753.1 4,068.8 4,292.2 4,196.6 4,260.6 4,300.2 4,311.0 4,296.9 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 323.6 343.8 358.0 350.8 357.1 358.8 358.8 357.2 37 Other labor income 509.7 534.2 553.8 544.9 549.3 552.2 555.4 558.5 38 Proprietors' income1 672.0 715.0 743.5 725.2 735.2 745.3 752.7 740.8 39 Business and professional1 645.4 684.4 715.9 693.5 705.4 716.6 720.5 721.2 40 Farm1 26.6 30.6 27.6 31.7 29.8 28.7 32.3 19.6 41 Rental income of persons2 147.7 141.6 142.6 141.7 139.6 139.0 144.0 147.7 42 Corporate profits' 825.2 876.4 767.1 847.6 789.8 759.8 697.0 822.0 43 Profits before tax-1 776.3 845.4 698.5 816.5 755.7 738.3 680.6 619.4 44 Inventory valuation adjustment -2.9 -12.4 2.2 -7.3 -1.9 -8.8 3.1 16.6 45 Capital consumption adjustment 51.7 43.4 66.4 38.4 36.0 30.3 13.4 186.1 46 Net interest 506.5 532.7 554.3 540.6 549.4 553.0 558.3 556.4 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 Q4R PERSONAL INCOME AND SAVING 1 Total personal income 7,777.3 8,319.2 8,723.5r 8,519.6 8,640.2 8,714.6 8,771.8 8,767.2 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 5,120.0 Commodity-producing industries 1,088.7 1,163.7 1,197.3 1,195.5 1,206.3 1,204.4 1,197.5 1,181.1 4 Manufacturing 782.0 830.1 842.1' 852.2 853.3 850.2 841.1 823.9 Distributive industries 1,021.0 1,095.6 1,145.5' 1,125.9 1,140.3 1,148.2 1,148.1 1,145.2 6 Service industries 1,638.2 1,809.5 1,949.4 1,875.2 1,914.0 1,947.6 1,965.4 1,970.6 7 Government and government enterprises 724.3 768.4 806.0' 776.6 788.8 799.6 812.5 823.2 8 Other labor income 509.7 534.2 553.8' 544.9 549.3 552.2 555.4 558.5 9 Proprietors' income1 672.0 715.0 743.5 725.2 735.2 745.3 752.7 740.8 in Business and professional1 645.4 684.4 715.9 693.5 705.4 716.6 720.5 721.2 11 Farm1 26.6 30.6 27.6 31.7 29.8 28.7 32.3 19.6 1? Rental income of persons2 147.7 141.6 142.6' 141.7 139.6 139.0 144.0 147.7 n 343.1 379.2 416.3 396.6 404.8 411.9 420.0 428.4 14 Personal interest income 950.0 1,000.6 993.6' 1,013.1 1,010.9 1,001.0 991.5 970.9 15 Transfer payments 1,019.6 1,069.1 1,148.8' 1,089.0 1,123.1 1,139.4 1,159.0 1,173.8 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 8,723.5r 8,519.6 8,640.2 8,714.6 8,771.8 8,767.2 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 1,332.7 20 EQUALS: Disposable personal income 6,618.0 7,031.0 7,417.3' 7,189.8 7,295.0 7,363.2 7,576.4 7,434.5 21 LESS: Personal outlays 6,457.2 6,963.3 7,298.9' 7,115.1 7,216.2 7,281.7 7,291.0 7,406.6 22 EQUALS: Personal saving 160.9 67.7 118.4' 74.7 78.8 81.5 285.3 27.9 MEMO Per capita (chained 1996 dollars) 73 Gross domestic product 32,441.9 32,652.6 32,646.2' 32,779.0 32,800.6 32,730.0 3322,,551122..99 3322,,554422..77 24 Personal consumption expenditures 21,862.6 22,152.4 22,560.8' 22,340.5 22,448.7 22,522.8 22,502.6 22,766.8 25 Disposable personal income 23,150.0 23,148.0 23,687.0' 23,376.0 23,470.0 23,541.0 24,157.0 23,580.0 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 1,706.7 28 Gross private saving 1,348.0 1,323.0 n.a. 1,332.7 1,307.9 1,321.2 1,534.4 1,358.4 79 Personal saving 160.9 67.7 118.4' 74.7 78.8 81.5 285.3 27.9 30 Undistributed corporate profits' 228.7 225.3 134.5 197.0 147.8 119.5 71.7 199.1 31 Corporate inventory valuation adjustment -2.9 -12.4 2.2 -7.3 -1.9 -8.8 3.1 16.6 Capital consumption allowances 3? Corporate 669.2 727.1 798.6 749.7 763.8 785.6 847.0 779988..00 33 Noncorporate 284.1 302.8 328.9 311.3 317.5 334.6 330.4 333.3 34 Gross government saving 359.4 462.8 360.3 467.1 446.1 429.3 217.6 348.3 35 Federal 210.9 315.0 218.6 320.5 303.7 286.2 86.2 198.3 36 Consumption of fixed capital 91.7 96.4 99.6 97.9 98.4 99.4 99.8 100.9 37 Current surplus or deficit (-), national accounts 119.2 218.6 119.0 222.5 .0' .0' .0' .0 38 State and local 148.5 147.8 141.8 146.6 142.5 143.2 131.4 150.0 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 17.6 28.6 22.3 21.3 1.9 24.8 41 Gross investment 1,634.7 1,655.3 n.a. 1,649.7 1,633.5 1,607.3 1,602.3 1,520.7 47 Gross private domestic investment 1,636.7 1,767.5 1,633.9' 1,780.3 1,722.8 1,669.9 1,624.8 1,518.2 43 Gross government investment 304.6 318.3 341.1' 322.8 330.9 344.0 331.9 357.7 44 Net foreign investment -306.6 -430.5 -384.1 -453.4 -420.2 -406.6 -354.5 -355.3 45 Statistical discrepancy -72.7 -130.4 -149.8 -150.0 -120.5 -143.2 -149.7 -186.0 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 • May 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 Q4 1 Balance on current account -324,364 —444,667 -417,429 -116,324 -112,129 -107,932 -98,531 -98,835 2 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, -) ^148,565 -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 -44,5] 4 -61,011 22,232 ^10,361 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 assets' 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 -4,911 -1,410 190 -1,343 -3,559 --119999 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. nonflnancial 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 2002 IItteemm 11999999 22000000 22000011 July Aug. Sept. Oct. Nov. Dec. Jan.P 1 Goods and services, balance -261,838 -375,739 -347,461 -30,675 -28,390 -19,388 -29,627 -28,514 -24,713 -28,518 2 Merchandise -345,434 -452,201 -426,266 -35,872 -34,107 -35,566 -35,080 -34,271 -30,983 -34,080 3 Services 83,596 76,468 78,805 5,197 5,717 16,178 5,453 5,757 6,270 5,562 4 Goods and services, exports 957,353 1,065,702 1,004,609 82,352 83,835 76,957 77,878 78,099 78,043 77,968 5 Merchandise 684,553 772,210 720,851 58,555 59,400 55,464 56,457 56,015 54,954 54,836 6 Services 272,800 293,492 283,758 23,797 24,435 21,493 21,421 22,084 23,089 23,132 7 Goods and services, imports -1,219,191 -1,441,441 -1,352,070 -113,027 -112,225 -96,345 -107,505 -106,613 -102,756 -106,486 8 Merchandise -1,029,987 -1,224,417 -1,147,117 -94,427 -93,507 -91,030 -91,537 -90,286 -85,937 -88,916 9 Services -189,204 -217,024 -204,953 -18,600 -18,718 -5,315 -15,968 -16,327 -16,819 -17,570 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.P 1 Total 81,761 71,516 67,647 67,852 70,963 69,707 69,158 68,654 67,532 67,357 67,574 2 Gold stock1 11,046 11,048 11,046 11,044 11,045 11,045 11,045 11,045 11,044 11,044 11,044 3 Special drawing rights2,3 10,603 10,336 10,539 10,913 10,919 10,827 10,864 10,774 10,657 10,763 10,809 4 Reserve position in International Monetary Fund2 24,111 17,950 14,824 15,297 18,404 17,787 17,293 17,854 17,602 17,169 17,078 5 Foreign currencies4 36,001 32,182 31,238 30,598 30,595 30,048 29,956 28,981 28,229 28,381 28,643 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.P 1 Deposits 167 71 215 80 608 75 528 61 162 89 255 Held in custody 2 U.S. Treasury securities2 607,574 632,482 594,094 590,820 587,566 599,043 600,129 592,630 592,031 591,202r 593,865 3 Earmarked gold3 10,343 9,933 9,451 9,100 9,100 9,099 9,099 9,099 9,098 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 • May 2002 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2001 2002 IItteemm 11999999 22000000 July Aug. Sept. Oct. Nov. Dec. Jan.P 1 Total1 806318 845,869 845,155 839,457 852,175 860,460 867,527 857,801 863,362 By type 2 Liabilities reported by banks in the United States2 138,847 144,593 151,858 137,621 143,597 140,003 130,661 123,125 124,020 3 U.S. Treasury bills and certificates3 156,177 153,010 143,288 151,850 153,899 161,081 167,562 161,719 166,640 U.S. Treasury bonds and notes 4 Marketable 422,266 415,964 406,995 407,338 409,887 412,126 418,392 419,453 416,453 5 Nonmarketable4 6,111 5,348 4,846 4,805 4,036 3,520 3,398 3,411 3,433 6 U.S. securities other than U.S. Treasury securities5 82,917 126,954 138,168 137,843 140,756 143,730 147,514 150,093 152,816 By area 7 Europe1 244,805 253,592 262,830 260,593 262,568 263,765 262,134 256,419 262.588 8 Canada 12,503 12,394 11,727 12,033 11,299 11,780 12,589 12,107 12,421 9 Latin America and Caribbean 73,518 76,753 79,359 76,251 75,751 77,555 77,244 77,374 74,931 10 Asia 463,703 488,170 475,475 474,650 488,358 490,897 498,815 497,333' 496,864 11 Africa 7,523 9,165 10,574 9,864 10,249 10,337 9,560 9,646 10,901 12 Other countries 4,266 5,795 5,190 6,066 3,950 6,126 7,185 4,922' 5,657 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 2001 IItteemm 11999988 11999999 22000000 Mar. June Sept.' Dec. 1 Banks' liabilities 101,125 88,537 77,779 89,394 108,418 93,513 90,532 2 Banks' claims 78,162 67,365 56,912 73,179 77,400 69,068 75,846 3 Deposits 45,985 34,426 23,315 29,902 32,765 36,574 45,382 4 Other claims 32,177 32,939 33,597 43,277 44,635 32,494 30,464 5 Claims of banks' domestic customers2 20,718 20,826 24,411 21,105 21,144 20,885 17,631 1. Data on claims exclude foreign currencies held by U.S. monetary authorities. 2. Assets owned by customers of the reporting bank located in the United States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank-Reported Data A53 3.18 BANKS' OWN C L A I MS ON FOREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period 2001 2002 IItteemm 11999999 22000000 22000011 July Aug. Sept. Oct. Nov. Dec. Jan.P BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners 1,408,740 1,511,410 1,640,040 1,519,999 1,509,166 1,489,196 1,563,326 l,670,617r 1,640,040 1,583,681 2 Banks' own liabilities 971,536 1,077,636 1,174,735 1,098,902 1,077,597 1,056,582 1,110,907 l,197,054r 1,174,735 1,110,179 3 Demand deposits 42,884 33,365 33,582 29,949 33,668 34,258 29,730 34,709 33,582 31,690 4 Time deposits2 163,620 187,883 155,151 174,456 174,196 178,502 167,665 156,47 lr 155,151 147,397 5 Other3 155,853 171,401 201,093 225,276 206,037 196,294 207,758 220,824 201,093 215,773 6 Own foreign offices4 609,179 684,987 784,909 669,221 663,696 647,528 705,754 785,050r 784,909 715,319 7 Banks' custodial liabilities5 437,204 433,774 465,305 421,097 431,569 432,614 452,419 473,563 465,305 473,502 8 U.S. Treasury bills and certificates6 185,676 177,846 185,925 160,932 170,724 173,237 182,927 191,048 185,925 190,033 9 Short-term agency securities7 n.a. n.a. 59,781 61,475 62,805 62,117 65,652 59,723 59,781 52,588 10 Other negotiable and readily transferable instruments8 132,617 145,840 80,026 77,199 77,350 75,344 77,465 79,074 80,026 80,197 11 Other 118,911 110,088 139,573 121,491 120,690 121,916 126,375 143,718 139,573 150,684 12 Nonmonetary international and regional organizations9 15,276 12,542 10,804 11,255 13,214 13,309 10,136 11,168r 10,804 17,155 13 Banks' own liabilities 14,357 12,140 10,166 11,020 12,983 13,075 9,573 10,332r 10,166 16,227 14 Demand deposits 98 41 34 50 21 36 40 21 34 35 15 Time deposits2 10,349 6,246 3,755 2,896 2,738 2,299 2,627 3,133r 3,755 3,689 16 Other3 3,910 5,853 6,377 8,074 10,224 10,740 6,906 7,178 6,377 12,503 17 Banks' custodial liabilities5 919 402 638 235 231 234 563 836 638 928 18 U.S. Treasury bills and certificates6 680 252 577 78 92 118 521 779 577 883 19 Short-term agency securities7 n.a. n.a. 40 132 117 102 18 36 40 24 20 Other negotiable and readily transferable instruments8 233 149 21 25 21 13 13 17 21 21 21 Other 6 1 0 0 1 1 11 4 0 0 22 Official institutions10 295,024 297,603 284,844 295,146 289,471 297,496 301,084 298,223 284,844 290,660 23 Banks' own liabilities 97,615 96,989 83,524 108,991 94,150 101,385 96,143 92,346 83,524 89,185 24 Demand deposits 3,341 3,952 2,988 2,169 2,934 3,042 2,496 3,336 2,988 2,877 25 Time deposits2 28,942 35,573 19,471 28,121 26,441 31,971 24,275 18,348 19,471 15,141 26 Other3 65,332 57,464 61,065 78,701 64,775 66,372 69,372 70,662 61,065 71,167 27 Banks' custodial liabilities5 197,409 200,614 201,320 186,155 195,321 196,111 204,941 205,877 201,320 201,475 28 U.S. Treasury bills and certificates6 156,177 153,010 161,719 143,288 151,850 153,899 161,081 167,562 161,719 166,640 29 Short-term agency securities7 n.a. n.a. 36,351 39,971 40,727 39,961 41,078 35,037 36,351 31,445 30 Other negotiable and readily transferable instruments8 41,182 47,366 2,180 2,686 2,558 2,230 1,946 1,715 2,180 2,191 31 Other 50 238 1,070 210 186 21 836 1,563 1,070 1,199 .32 Banks11 900,379 972,932 1,065,961 957,962 955,810 928,746 989,260 1,084,114' 1,065,961 1,003,214 33 Banks' own liabilities 728,492 821,306 907,865 811,203 809,865 786,741 841,959 921,782r 907,865 834,724 34 Unaffiliated foreign banks 119,313 136,319 122,956 141,982 146,169 139,213 136,205 136,732' 122,956 119,405 35 Demand deposits 17,583 15,522 13,089 12,548 14,585 14,928 11,166 13,149 13,089 10,376 .36 Time deposits2 48,140 66,904 53,392 62,794 64,252 64,816 61,245 56,606' 53,392 50,477 37 Other3 53,590 53,893 56,475 66,640 67,332 59,469 63,794 66,977 56,475 58,552 38 Own foreign offices4 609,179 684,987 784,909 669,221 663,696 647,528 705,754 785,050' 784,909 715,319 39 Banks' custodial liabilities5 171,887 151,626 158,096 146,759 145,945 142,005 147,301 162,332 158,096 168,490 40 U.S. Treasury bills and certificates6 16,796 16,023 11,499 9,097 9,584 8,784 10,288 10,907 11,499 10,181 41 Short-term agency securities7 n.a. n.a. 2,078 2,537 2,423 2,629 2,868 2,470 2,078 2,598 42 Other negotiable and readily transferable instruments8 45,695 36,036 21,981 27,327 27,274 24,188 23,900 23,384 21,981 22,886 43 Other 109,396 99,567 122,538 107,798 106,664 106,404 110,245 125,571 122,538 132,825 44 Other foreigners 198,061 228,333 278,431 255,636 250,671 249,645 262,846 277,112 278,431 272,652 45 Banks' own liabilities 131,072 147,201 173,180 167,688 160,599 155,381 163,232 172,594 173,180 170,043 46 Demand deposits 21,862 13,850 17,471 15,182 16,128 16,252 16,028 18,203 17,471 18,402 47 Time deposits2 76,189 79,160 78,533 80,645 80,765 79,416 79,518 78,384 78,533 78,090 48 Other3 33,021 54,191 77,176 71,861 63,706 59,713 67,686 76,007 77,176 73,551 49 Banks' custodial liabilities5 66,989 81,132 105,251 87,948 90,072 94,264 99,614 104,518 105,251 102,609 50 U.S. Treasury bills and certificates6 12,023 8,561 12,130 8,469 9,198 10,436 11,037 11,800 12,130 12,329 51 Short-term agency securities7 n.a. n.a. 21,312 18,835 19,538 19,425 21,688 22,180 21,312 18,521 52 Other negotiable and readily transferable instruments8 45,507 62,289 55,844 47,161 47,497 48,913 51,606 53,958 55,844 55,099 53 Other 9,459 10,282 15,965 13,483 13,839 15,490 15,283 16,580 15,965 16,660 MEMO 54 Negotiable time certificates of deposits in custody for foreigners 30,345 34,217 20,440 22,640 24,442 23,228 22,646 22,778 20,440 22,022 55 Repurchase agreements7 n.a. n.a. 152,681 138,328 132,705 111,109 127,516 136,459 152,681 130,178 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 • May 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 2002 IItteemm 11999999 22000000 22000011 July Aug. Sept. Oct. Nov. Dec. Jan.P AREA OR COUNTRY 56 Total, all foreigners 1,408,740 1,511,410 1,640,040 1,519,999 1,509,166 1,489,196 1,563,326 l,670,617r l,640,040r 1,583,681 57 Foreign countries 1,393,464 1,498,867 1,629,236 1,508,743 1,495,952 1,475,887 1,553,189 l,659,449r l,629,236r 1,566,526 58 Europe 441,810 446,788 523,356 449,794 431,373 414,241 435,308 522,657r 523,356r 506,548 59 Austria 2,789 2,692 2,919 2,040 2,370 2,398 2,117 2,944 2,919 3,200 60 Belgium12 44,692 33,399 6,548 7,058 6,624 6,424 6,960 6,640 6,548 6,363 61 Denmark 2,196 3,000 3,625 2,596 3,294 3,243 3,752 4,248 3,625 3,148 62 Finland 1,658 1,411 1,445 1,574 1,003 1,267 1,223 1,135 1,445 1,371 63 France 49,790 37,833 49,034 42,709 39,661 38,263 49,059 49,692 49,034 45,553 64 Germany 24,753 35,519 22,342 32,363 27,830 20,426 23,707 23,111 22,342 23,753 65 Greece 3,748 2,011 2,303 2,288 2,607 2,440 2,409 2,081 2,303 2,702 66 Italy 6,775 5,072 6,343 5,877 4,761 5,803 5,445 5,913 6,343 5,587 67 Luxembourg12 n.a. n.a. 16,875 14,578 14,427 15,065 14,612 16,536 16,875 15,100 68 Netherlands 8,143 7,047 12,404 11,388 11,553 11,149 12,286 13,079 12,404 13,350 69 Norway 1,327 2,305 3,725 3,540 3,961 3,565 3,145 3,056 3,725 4,975 70 Portugal 2,228 2,403 4,029 2,700 2,534 2,626 3,787 3,924 4,029 4,366 71 Russia 5,475 19,018 20,782 23,968 22,689 22,944 23,431 21,243 20,782 19,758 72 Spain 10,426 7,787 8,793 6,974 7,286 8,927 9,785 10,595 8,793 12,597 73 Sweden 4,652 6,497 3,371 4,111 3,233 3,760 3,461 3,705 3,371 3,101 74 Switzerland 63,485 74,635 66,380 65,942 53,148 39,576 39,706 81,128 66,380 80,804 75 Turkey 7,842 7,548 7,472 6,194 7,068 6,203 6,749 6,822 7,472 8,087 76 United Kingdom 172,687 167,757 206,641 137,279 138,192 139,289 143,156 186,351r 206,64 LR 172,450 77 Channel Islands and Isle of Man13 n.a. n.a. 36,057 35,018 35,745 36,072 36,392 36,161 36,057r 36,472 78 Yugoslavia14 286 276 309 395 297 321 313 310 309 298 79 Other Europe and other former U.S.S.R." 28,858 30,578 41,959 41,202 43,090 44,480 43,813 43,983 41,959' 43,513 80 Canada 34,214 30,982 27,099 26,437 28,149 26,148 25,522 27,920 27,099 27,986 81 Latin America 117,495 120,041 117,484 118,808 120,930 119,457 122,103 120,259r 117,484' 115,226 82 Argentina 18,633 19,451 10,637 13,296 11,260 15,139 12,997 10,772 10,637r 9,843 83 Brazil 12,865 10,852 14,133 14,369 16,142 16,979 16,400 14,289 14,133r 13,095 84 Chile 7,008 5,892 4,929 5,443 5,322 5,740 5,415 5,297 4,929r 5,268 85 Colombia 5,669 4,542 4,666 4,397 4,582 4,449 4,589 4,643 4,666' 4,482 86 Ecuador 1,956 2,112 2,372 2,145 2,170 2,117 2,101 2,004 2,372 2,214 87 Guatemala 1,626 1,601 1,878 1,531 1,469 1,443 1,851 1,934 1,878 1,854 88 Mexico 30,717 32,166 39,629 34,766 37,990 37,424 40,367 40,243 39,629r 40,118 89 Panama 4,415 4,240 3,587 3,701 3,679 3,769 3,741 3,523r 3,587r 3,511 90 Peru 1,142 1,427 1,352 1,599 1,526 1,466 1,509 1,585 1,352 1,335 91 Uruguay 2,386 3,003 3,160 2,980 2,993 2,684 3,121 3,299r 3,160r 2,643 92 Venezuela 20,192 24,730 24,905 27,666 26,983 21,869 23,584 26,100 24,905r 24,205 93 Other Latin America16 10,886 10,025 6,236 6,915 6,814 6,378 6,428 6,570 6,236' 6,658 94 Caribbean 461,200 573,337 649,742 608,639 613,815 596,097 649,565 669,870' 649,742' 615,975 95 Bahamas 135,811 189,298 179,189 183,844 184,769 178,265 212,415 201,674r 179,189' 166,576 96 Bermuda 7,874 9,636 10,423 8,235 7,424 7,538 9,611 9,209r 10,423' 9,568 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 Islands'7 n.a. n.a. 442,452 400,562 406,077 392,289 406,402 439,303r 442,452' 423,065 99 Cuba 75 90 88 88 45 154 86 85 88 88 100 Jamaica 520 794 1,179 975 967 958 880 930 1,179' 1,103 101 Netherlands Antilles 4,047 5,428 3,165 3,285 3,341 4,584 6,094 4,070 3,165' 3,465 102 Trinidad and Tobago 595 894 1,266 1,253 1,428 1,410 1,509 1,768 1,266 1,977 103 Other Caribbean16 n.a. n.a. 11,980 10,397 9,764 10.899 12,568 12,831 11,980' 10,133 104 319,489 305,554 293,969 283,786 279,217 300,657 301,064 299,103r 293,969' 280,285 China 105 Mainland 12,325 16,531 10,472 15,587 16,024 16,886 17,891 12,378 10,472 8,470 106 Taiwan 13,603 17,352 17,562 23,066 22,759 22,236 19,194 21,116 17,562 16,931 107 Hong Kong 27,701 26,462 26,494 26,841 23,837 24,585 23,158 26,305 26,494 25,212 108 India 7,367 4,530 3,703 4,413 4,076 4,024 3,891 3,916 3,703 3,761 109 Indonesia 6,567 8,514 12,381 11,629 11,987 11,926 12,351 11,758 12,381 11,890 110 Israel 7,488 8,053 7,826 8,710 7,715 8,818 7,343 7,742 7,826 10,710 111 Japan 159,075 150,415 155,260 134,254 132,307 149,612 160,015 157,763 155,260 146,906 112 Korea (South) 12,988 7,955 9.014 7,366 7,046 7,723 7,747 8,098r 9,014' 6,712 113 Philippines 3,268 2,316 1,764 1,657 1,791 1,884 1,756 2,109 1,764 1,901 114 Thailand 6,050 3,117 4,742 3,469 3,850 3,445 3,666 4,792 4,742 4,649 115 Middle Eastern oil-exporting countries'8 21,314 23,763 20,022 19,221 20,573 20,875 18,443 18,620 20,022 17,838 116 Other 41.743 36,546 24,729 27,573 27,252 28,643 25,609 24,506 24,729' 25,305 117 Africa 9,468 10,824 11,345 12,178 12,194 11,609 12,088 11,222 11,345 12,969 118 Egypt 2,022 2,621 2,774 3,526 3,647 3,014 2,910 3,110 2,774 4,267 119 Morocco 179 139 273 118 165 235 331 344 273' 242 120 South Africa 1,495 1,010 833 839 1,324 810 886 1,018 833 1,131 121 Congo (formerly Zaire) 14 4 4 5 5 2 4 1 4 6 122 Oil-exporting countries19 2,914 4,052 4,372 4,349 3,839 4,431 4,980 3,967 4,372 4,160 123 Other 2,844 2,998 3,089 3,341 3,214 3,117 2,977 2,782 3,089' 3,163 124 Other countries 9,788 11,341 6,241 9,101 10,274 7,678 7,539 8,418 6,241' 7,537 125 Australia 8,377 10,070 5,590 8,058 9,290 6,822 6,584 7,799 5,590' 6,752 126 New Zealand20 n.a. n.a. 239 501 517 437 506 218 239' 372 127 All other 1,411 1,271 412 542 467 419 449 401 412 413 128 Nonmonetary international and regional organizations 15,276 12,543 10,804 11,256 13,214 13,309 10,137 11,168r 10,804' 17,155 129 International2' 12,876 11,270 9,305 10,241 12,090 12,224 8,784 9,410' 9,305 15,481 130 Latin American regional22 1,150 740 480 441 509 569 480 462 480 443 131 Other regional23 1,250 533 935 502 558 476 822 1,234 935' 1,153 12. Before January 2001, data for Belgium-Luxembourg were combined. 18. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 13. Before January 2001, these data were included in data reported for the United Emirates (Trucial States). Kingdom. 19. Comprises Algeria, Gabon, Libya, and Nigeria. 14. Since December 1992, has excluded Bosnia, Croatia, and Slovenia. 20. Before January 2001, these data were included in "All other." 15. Includes the Bank for International Settlements and the European Central Bank. Since 21. Principally the International Bank for Reconstruction and Development. Excludes December 1992, has included all parts of the former U.S.S.R. (except Russia), and Bosnia, "holdings of dollars" of the International Monetary Fund. Croatia, and Slovenia. 22. Principally the Inter-American Development Bank. 16. Before January 2001, data for "Other Latin America" and "Other Caribbean" were 23. Asian, African, Middle Eastern, and European regional organizations, except the Bank combined in "Other Latin America and Caribbean." for International Settlements, which is included in "Other Europe." 17. Beginning January 2001, data for the Cayman Islands replaced data for the British West Indies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank-Reported Data A55 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period 2001 2002 AArreeaa oorr ccoouunnttrryy 11999999 22000000 22000011 July Aug. Sept. Oct. Nov. Dec. Jan.p 1 Total, all foreigners 793,139 904,642 1,039,252 975,314 948,790 956,986 993,102 l,052,016r 1,039,252 1,000,651 2 Foreign countries 788,576 899,956 1,034,325 970,460 944,239 952,510 988,207 l,046,758r 1,034,325 996,801 3 Europe 311,686 378,115 461,541 441,780 413,717 406,726 413.853 498,286' 461,541 464,229 4 Austria 2,643 2,926 5,006 2,714 3,130 3,116 3,848 3,412 5,006 4,063 5 Belgium2 10,193 5,399 6,339 9,184 4,451 4,780 6,424 7,994 6,339 6,426 6 Denmark 1,669 3,272 1,105 1,345 1,570 1,672 933 2,507 1,105 1,649 7 Finland 2,020 7,382 10,350 8,666 8,350 10,917 12,065 11,010 10,350 14,431 8 France 29,142 40,035 60,670 56,997 56,342 51,709 60,732 58,769 60,670 56,285 9 Germany 29,205 36,834 29,902 47,378 47,744 37,802 39,565 36,295' 29,902 31,189 10 Greece 806 646 330 369 278 288 333 327 330 327 11 Italy 8,496 7,629 4,205 5,466 6,227 6,639 7,750 6,321 4,205 4,453 17 Luxembourg2 n.a. n.a. 1,267 914 1,010 910 1,088 1,392 1,267 1,601 13 Netherlands 11,810 17,043 15,927 16,875 16,309 18,408 17,256 17,173 15,927 13,879 14 Norway 1,000 5,012 6,249 4,379 3,851 4,835 3,617 4,603 6,249 4,779 15 Portugal 1,571 1,382 1,603 1,050 1,232 1,285 1,164 1,709 1,603 1,969 16 Russia 713 517 594 589 877 676 863 680 594 687 17 Spain 3,796 2,603 3,231 3,955 3,431 4,662 3,713 5,398 3,231 5,363 18 Sweden 3,264 9,226 12,544 11,507 11,651 12,216 11,800 12,897 12,544 11,924 19 Switzerland 79.158 82,085 87,363 96,036 79,942 72,545 71,968 121,798 87,363 95,331 7.0 Turkey 2,617 3,059 2,124 2,499 2,407 2,307 2.324 2,243 2,124 2,147 71 United Kingdom 115,971 144,938 201,494 161,232 157,531 163,164 158.423 194,372' 201,494 196,387 22 Channel Islands and Isle of Man' n.a. n.a. 4,478 3,417 3,162 3,900 3,783 3,819 4,478 3,747 23 Yugoslavia4 50 50 n.a. 4 4 4 4 n.a. n.a. n.a. 24 Other Europe and other former U.S.S.R.5 7,562 8,077 6,760 7,204 4,218 4,891 6,200 5,567 6,760 7,592 25 Canada 37,206 39,837 54,411 43,293 42,832 50,279 48,773 50,792 54,411 49,946 26 Latin America 74,040 76,561 69,762 73,405 76,349 74,667 74,177 72,924' 69,762 69,419 77 Argentina 10,894 11,519 10,763 12,317 13,076 12,093 11,603 11,350' 10,763 10,437 ?8 Brazil 16,987 20,567 19,434 20,941 22,152 22,481 21,427 20,453 19,434 19,700 79 Chile 6,607 5,815 5,317 5,217 5,379 5,240 5,423 5,522 5,317 5,200 30 Colombia 4,524 4,370 3,602 3,625 3,720 3,604 3,564 3,598 3,602 3,563 31 Ecuador 760 635 495 515 505 508 507 504 495 465 32 Guatemala 1,135 1,244 1,495 1,148 1,276 1,262 1,568 1,522 1,495 1,417 33 Mexico 17,899 17,415 16,522 17,476 17,582 16,947 17,272 16,996 16,522 17,034 34 Panama 3,387 2,933 3,066 3,190 3,199 3,212 3,426 3,415 3,066 2,765 35 Peru 2,529 2,807 2,185 2,516 2,422 2,440 2,435 2,369 2,185 2,125 36 Uruguay 801 673 447 410 453 459 492 540 447 437 37 Venezuela 3,494 3,518 3,077 2,913 3,417 3,225 3,221 3,306 3,077 3,181 38 Other Latin America6 5,023 5,065 3,359 3,137 3,168 3,196 3,239 3,349 3,359 3,095 39 Caribbean 281,128 319,403 354,819 317,628 326,661 333,330 356,456 325,937 354,819 324,579 40 Bahamas 99,066 114,090 97,372 100,133 99,046 114,763 124,546 97,916 97,372 87,527 41 Bermuda 8,007 9,260 7,900 7,236 6,803 6,974 11,440 6,015 7,900 7,016 42 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. 237,912 198,911 204,753 197,100 207,916 207.864 237,912 217,996 44 Cuba 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 45 Jamaica 295 355 418 326 367 369 380 406 418 383 46 Netherlands Antilles 5,982 5,801 6,729 5,617 10,228 9,818 7,647 9,583 6,729 7,594 47 Trinidad and Tobago 589 608 931 989 1,086 959 858 880 931 940 48 Other Caribbean6 n.a. n.a. 3,557 4,416 4,378 3,347 3,669 3,273 3,557 3,123 49 Asia 75,143 77,829 85,816 86,714 77,445 80,734 87,331 91,337 85,816 80,607 China 50 Mainland 2,110 1,606 2,073 3,785 2,191 3,462 4,118 4,427 2,073 3,515 51 Taiwan 1,390 2,247 4,407 2,906 2,780 3,276 4,244 3,897 4,407 3,422 52 Hong Kong 5.903 6,669 9,955 7,488 5,743 6,432 5,161 7,984 9,955 7,657 53 India 1,738 2,178 1,348 1,576 1,622 1,576 1,561 1,609 1,348 1,167 54 Indonesia 1,776 1,914 1,752 2,011 1,975 1,944 1,965 1,935 1,752 1,768 55 Israel 1,875 2,729 4,396 4,483 3,621 3,622 3,980 4,592 4.396 4,211 56 Japan 28,641 34,974 34,125 36,953 34,922 32,349 39,940 34,665 34,125 30,973 57 Korea (South) 9,426 7,776 10,622 12,803 10,701 11,788 11,137 14,742 10,622 12,681 58 Philippines 1,410 1,784 2,587 2,333 1,740 2,151 1,505 2,021 2,587 1,951 59 Thailand 1,515 1,381 2,499 1,119 1,440 1,172 1,470 1,283 2.499 1,743 60 Middle Eastern oil-exporting countries8 14,267 9,346 7,882 8,531 8,267 7,953 8,290 10,088 7,882 7,559 61 Other 5,092 5,225 4,170 2,726 2,443 5,009 3,960 4,094 4,170 3,960 6? Africa 2,268 2,094 2,135 2,038 2,052 1,872 1,878 2,108 2,135 2,043 63 Egypt 258 201 416 391 389 397 381 477 416 324 64 Morocco 352 204 106 173 151 154 148 116 106 100 65 South Africa 622 309 710 608 661 493 443 571 710 700 66 Congo (formerly Zaire) 24 0 n.a. n.a. 2 n.a. n.a. 1 n.a. n.a. 67 Oil-exporting countries9 276 471 167 130 128 148 169 179 167 195 68 Other 736 909 736 736 721 680 737 764 736 724 69 Other countries 7,105 6,117 5,841 5,602 5,183 4,902 5,739 5,374 5,841 5,978 70 Australia 6,824 5,868 5,454 5,143 4,807 3,982 5,402 4,964 5,454 5,334 71 New Zealand10 n.a. n.a. 349 360 264 329 275 330 349 603 72 All other 281 249 38 99 112 591 62 80 38 41 73 Nonmonetary international and regional organizations" . . 4,563 4,686 4,927 4,854 4,551 4,476 4,904 5,258 4,927 3,850 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 • May 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 2002 July Aug. Sept. Oct. Nov.' Dec.' Jan.? 1 Total 944,937 1,095,869 1,241,631 l,129,766r 1,241,631 2 Banks' claims 793,139 904,642 1,039,252 975,314 948,790 956,986 993,102 1,052,016 1,039,252 1,000,651 3 Foreign public borrowers 35,090 37,907 48,999 55,767 47,161 45,782 49,327 56,590 48,999 52,817 4 Own foreign offices2 529,682 630,137 733,274 660,538 652,434 657,672 678,931 721,783 733,274 694,877 5 Unaffiliated foreign banks 97,186 95,243 100,323 94,593 84,545 92,177 92,517 100,274 100,323 97,752 6 Deposits 34,538 23,886 25,942 24,399 15,590 19,803 22,533 29,664 25,942 26,347 7 Other 62,648 71,357 74,381 70,194 68,955 72,374 69,984 70,610 74,381 71,405 8 All other foreigners 131,181 141,355 156,656 164,416 164,650 161,355 172,327 173,369 156,656 155,205 9 Claims of banks' domestic customers3 151,798 191,227 202,379 172,780r 202,379 10 Deposits 88,006 100,352 92,546 71,537' 92,546 11 Negotiable and readily transferable instruments4 51,161 78,147 94,016 91,408' 94,016 12 Outstanding collections and other claims 12,631 12,728 15,817 9,835' 15,817 MEMO 13 Customer liability on acceptances 4,553 4,257 2,588 2,468 2,588 14 Banks' loans under resale agreements5 n.a. n.a. 137,984 131,731 117,224 111,844 144,250 144,901 137,984 118,856 15 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States6 31,125 53,153 60,711 60,152 60,299 54,932 57,698 66,930 60,711 54,563 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 States' Payable in U.S. dollars Millions of dollars, end of period 2001 MMaattuurriittyy,, bbyy bboorrrroowweerr aanndd aarreeaa22 11999988 11999999 22000000 Mar. June Sept. Dec.f 1 Total 250,418 267,082 274,009 307,564r 302,060r 298,514 304,595 By borrower ?, Maturity of one year or less 186,526 187,894 186,103 194,943' 191,738' 178,185 199,825 3 Foreign public borrowers 13,671 22,811 21,399 23,701' 26,621' 19,994 27,274 4 All other foreigners 172,855 165,083 164,704 171,242' 165,117' 158,191 172,551 5 Maturity of more than one year 63,892 79,188 87,906 112,621' 110,322' 120,329 104,770 6 Foreign public borrowers 9,839 12,013 15,838 24,991' 25,018' 24,903 21,064 7 All other foreigners 54,053 67,175 72,068 87,630 85,304 95,426 83,706 By area Maturity of one year or less X Europe 68,679 80,842 142,464 89,553 80,682 70,700 83,087 9 Canada 10,968 7,859 8,323 7,050' 8,624' 7,897 10,062 10 Latin America and Caribbean 81,766 69,498 151,840 72,242' 72,848' 75,289 70,419 11 Asia 18,007 21,802 43,371 20,730 24,124 19,381 29,642 12 Africa 1,835 1,122 2,263 970 971 707 1,144 13 All other3 5,271 6,771 11,717 4,398 4,489 4,211 5,471 Maturity of more than one year 14 Europe 14,923 22,951 57,770 38,259 39,944 41,594 34,064 15 Canada 3,140 3,192 3,174 3,252 3,995 4,292 3,633 16 Latin America and Caribbean 33,442 39,051 82,684 50,151' 47,068' 52,517 47,237 17 Asia 10,018 11,257 19,536 17,187 15,240 17,491 15,185 18 Africa 1,232 1,065 1,567 763 774 798 769 19 All other3 1,137 1,672 5,954 3,009 3,301 3,637 3,882 1. Reporting banks include all types of depository institutions as well as some brokers and 2. Maturity is time remaining until maturity, dealers. 3. Includes nonmonetary international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank-Reported Data A57 3.21 CLAIMS ON FOREIGN COUNTRIES Held by U.S. and Foreign Offices of U.S. Banks1 Billions of dollars, end of period 1999 2000 2001 AArreeaa oorr ccoouunnttrryy 11999977 11999988 Dec. Mar. June Sept. Dec. Mar. June Sept. Dec.e 1 Total 721.8 1,051.6 945.5 955.0 991.0 954.4 1,027.3 i,i44.r 1,139.9' l,279.4r 971.5 2 G-10 countries and Switzerland 242.8 217.7 243.4 272.4 313.6 280.3 300.7 336.5' 338.9' 294.9' 466.6 3 Belgium and Luxembourg 11.0 10.7 14.3 14.2 13.9 13.0 14.2 15.3 13.0 14.3 18.6 4 France 15.4 18.4 29.0 27.1 32.6 29.0 29.6 30.0 35.9 34.4 39.1 5 Germany 28.6 30.9 38.7 37.3 31.5 37.6 45.1 45.2 51.6 41.0 42.9 6 Italy 15.5 11.5 18.1 19.9 20.5 18.6 21.3 20.4 23.7 22.8 21.0 7 Netherlands 6.2 7.8 12.3 17.0 16.0 17.5 18.4 22.3' 18.7' 20.7' 19.3 8 Sweden 3.3 2.3 3.0 3.9 3.5 4.3 3.6 4.7 4.7 5.3 5.4 9 Switzerland 7.2 8.5 10.3 10.1 13.8 10.9 13.2 13.9 13.5 13.0 12.6 10 United Kingdom 113.4 85.4 79.3 101.9 138.2 112.8 115.6 141.5' 128.0' 96.1 255.5 11 Canada 13.7 16.8 16.3 17.3 18.2 18.5 16.7 15.4 21.3 20.3 19.1 12 Japan 28.6 25.4 22.1 23.5 25.4 18.1 23.0 28.0 28.3 26.8 33.1 13 Other industrialized countries 65.5 69.0 68.4 62.7 75.3 73.7 74.5 75.7 70.2 70.2 70.2 14 Austria 1.5 1.4 3.5 2.6 2.8 3.5 4.1 3.8 3.6 4.4 4.8 15 Denmark 2.4 2.2 2.6 1.5 1.2 1.8 1.9 3.1 2.7 2.6 2.6 16 Finland 1.3 1.4 .9 .8 1.2 2.8 1.5 1.4 1.2 1.3 1.1 17 Greece 5.1 5.9 6.0 5.7 6.7 6.4 8.3 4.1 3.6 3.6 3.2 18 Norway 3.6 3.2 3.3 3.0 4.6 8.5 8.3 10.2 7.9 6.1 8.1 19 Portugal .9 1.4 1.0 1.0 2.0 1.5 2.0 1.9 1.4 1.4 1.6 20 Spain 12.6 13.7 12.1 11.3 12.2 10.5 10.3 12.6 12.4 13.9 12.1 21 Turkey 4.5 4.8 4.8 5.1 5.6 5.6 5.9 5.1 4.5 4.1 3.9 22 Other Western Europe 8.3 10.4 6.8 8.4 7.9 8.3 6.5 7.3 6.9 6.8 8.4 23 South Africa 2.2 4.4 3.8 4.8 4.6 4.2 3.6 4.1 3.8 4.4 3.9 24 Australia 23.1 20.3 23.5 18.6 26.3 20.5 22.1 21.9 22.1 21.6 20.6 25 OPEC2 26.0 27.1 31.4 28.9 32.1 31.4 28.9 28.2 27.0 27.5 27.3 26 Ecuador 1.3 1.3 .8 .7 .7 .6 .6 .6 .6 .6 .6 27 Venezuela 2.5 3.2 2.8 3.0 2.9 2.9 2.5 2.7 2.6 2.6 2.4 28 Indonesia 6.7 4.7 4.2 3.9 4.1 4.4 4.6 4.4 4.1 3.9 3.7 29 Middle East countries 14.4 17.0 23.1 21.1 23.8 22.4 20.3 20.1 19.3 20.0 20.3 30 African countries 1.2 1.0 .5 .2 .7 1.2 .8 .5 .4 .4 .3 31 Non-OPEC developing countries 139.2 143.4 149.4 154.6 158.1 149.5 145.5 149.8 157.3 199.9 191.0 Latin America 32 Argentina 18.4 23.1 23.2 22.4 21.6 21.4 21.4 20.9 19.7 19.2 19.2 33 Brazil 28.6 24.7 27.7 28.1 28.3 28.5 28.8 29.3 30.8 30.9 28.0 34 Chile 8.7 8.3 7.4 8.2 8.1 7.3 7.6 7.3 7.0 6.4 7.0 35 Colombia 3.4 3.2 2.5 2.5 2.4 2.4 2.4 2.4 2.4 2.5 2.5 36 Mexico 17.4 18.9 18.7 18.3 20.4 17.5 15.7 16.7 16.3 58.3 56.0 37 Peru 2.0 2.2 1.7 1.9 2.1 2.1 2.0 2.0 2.0 1.9 1.8 38 Other 4.1 5.4 5.9 6.5 6.7 6.2 6.3 8.5 8.2 8.0 8.8 Asia China 39 Mainland 3.2 3.0 3.6 4.6 3.8 3.4 2.9 3.2 6.7 5.9 5.0 40 Taiwan 9.5 13.3 12.0 12.6 12.6 12.8 10.8 11.1 10.7 10.8 12.2 41 4.9 5.5 7.7 7.9 8.2 5.8 9.1 6.5 11.8 14.1 6.9 42 Israel .7 1.1 1.8 3.3 1.5 1.1 2.7 2.2 2.0 3.2 3.7 43 Korea (South) 15.6 13.7 15.2 17.7 21.7 21.4 15.5 19.8 19.2 19.4 18.6 44 Malaysia 5.1 5.6 6.1 6.5 6.8 6.9 7.1 6.5 6.7 6.1 6.7 45 Philippines 5.7 5.1 6.2 5.3 5.3 4.7 5.1 5.2 5.4 5.3 5.6 46 Thailand 5.4 4.7 4.1 4.3 4.0 3.9 4.0 4.2 4.2 3.9 5.1 47 Other Asia 4.3 2.9 2.9 2.0 1.9 1.7 1.9 1.7 1.8 1.6 1.9 Africa 48 Egypt .9 1.3 1.4 1.4 1.3 1.1 1.1 1.2 1.2 1.4 1.2 49 Morocco .6 .5 .4 .3 .3 .4 .3 .3 .3 .3 .1 50 Zaire .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 51 Other Africa' .8 1.0 1.0 .9 .9 .8 .7 .7 .7 .7 .7 52 Eastern Europe 9.1 5.5 5.2 6.3 9.4 9.0 10.1 9.5 9.5 9.8 10.1 53 Russia4 5.1 2.2 1.6 1.7 1.5 1.4 1.0 1.5 1.5 1.4 1.6 54 Other 4.0 3.3 3.6 4.7 7.9 7.6 9.1 8.0 8.0 8.5 8.5 55 Offshore banking centers 140.2 93.9 59.9 53.9 60.6 59.4 76.3 72.0 58.8 69.1 72.2 56 Bahamas 24.2 35.4 13.7 14.4 8.8 9.3 13.5 7.0 .0 1.0 7.4 57 Bermuda 9.8 4.6 8.0 7.3 6.3 6.3 9.0 7.9 5.7 7.6 7.6 58 Cayman Islands and other British West Indies 43.4 12.8 1.3 .0 5.1 5.9 14.6 14.3 12.6 18.1 16.8 59 Netherlands Antilles 14.6 2.6 1.7 2.5 2.6 1.9 1.9 2.9 1.7 5.8 2.8 60 Panama5 3.1 3.9 3.9 3.4 3.3 2.5 3.2 3.8 3.4 3.4 3.2 61 Lebanon .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 62 Hong Kong, China 32.2 23.3 21.0 22.2 20.7 20.6 18.7 21.5 22.3 17.9 18.8 63 Singapore 12.7 11.1 10.1 4.1 13.6 12.6 15.2 14.5 12.9 15.2 15.4 64 Other" .1 .2 .1 .1 .1 .1 .2 .1 .1 .0 .1 65 Miscellaneous and unallocated7 99.1 495.1 387.9 376.1 342.1 351.1 391.2 472.4 478.4 608.0 133.9 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 • May 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 73,655r 68,113' 53,526 2 Payable in dollars 41,543 36,668 37,605 47,864 51,451 48,931 46,526' 41,819' 35,347 3 Payable in foreign currencies 15.839 9,902 15,415 22,670 25,193 24,973 27,129 26,294 18,179 By type 4 Financial liabilities 26,877 19,255 27,980 44,068 49,895 47,419 47,808' 41,908' 27,502 5 Payable in dollars 12,630 10.371 13,883 22,803 26,159 25,246 23,201' 17,655' 11,415 6 Payable in foreign currencies 14,247 8,884 14.097 21.265 23,736 22,173 24,607 24,253 16,087 7 Commercial liabilities 30,505 27,315 25,064 26,466 26,749 26,485 25,847 26,205 26,024 8 Trade payables 10.904 10.978 12,857 13,764 13.918 14,293 12,481 13,213 11,740 9 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 23,932 11 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 37.422' 32,785' 22,083 13 Belgium and Luxembourg 186 79 31 163 169 147 112 98 76 14 France 1,425 1,097 1,659 1,702 1,299 1,480 1,553 1,222 1,538 15 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 28,812' 25,363' 14,819 19 Canada 2,374 693 284 714 249 411 718 628 436 20 Latin America and Caribbean 1.386 1,495 892 2,874 3,447 4,125 3,632 2,100 414 21 Bahamas 141 7 1 78 105 6 18 40 5 22 Bermuda 229 101 5 1,016 1,182 1,739 1,837 461 47 23 Brazil 143 152 126 146 132 148 26 21 22 24 British West Indies 604 957 492 463 501 406 1,657 1,508 243 25 Mexico 26 59 25 26 35 26 31 20 24 26 Venezuela 1 2 0 0 0 2 1 1 3 27 Asia 4,387 3,785 3,437 9,453 9,320 7,965 5,324 5,639 3,869 28 Japan 4.102 3,612 3,142 6,024 4,782 6,216 4,757 3,297 3,442 29 Middle Eastern oil-exporting countries' 27 0 4 5 7 11 15 8 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 other1 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 35 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 1,569 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 Type of claim, and area or country 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 97,946r 94,076r 2 Payable in dollars 62,173 72,171 69,170 72,300 82,872 79,558 94,932 88,166r 83,292' 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 61,891r 60,015' 5 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 36,510r 37,624' 9 Payable in dollars 11,806 14,049 18,593 22,384 20,541 25,142 41,417 32,038r 32,076' 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 36,055r 34,061' 12 Trade receivables 27,536 27,202 32,629 31,283 31,530 33,104 28,958 31,107r 29,328' 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 32,954r 31,328' 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 23,069' 17 Belgium and Luxembourg 406 661 529 317 304 296 430 262 372' 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 20 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 15,670' 23 Canada 3,313 2,503 2,553 5,799 7,517 4,576 4,847 4,787 4,254r 24 Latin America and Caribbean 15,543 27,714 18,206 14,874 21,691 19,317 28,791 24,403r 26,099' 25 Bahamas 2,308 403 1,593 655 1,358 1,353 561 818 649' 26 Bermuda 108 39 11 34 22 19 1,729 426 80' 27 Brazil 1,313 835 1,476 1,666 1,568 1,827 1,648 1,877 2,065' 28 British West Indies 10,462 24,388 12,099 7,751 15,722 12,596 21,227 17,505r 19,234' 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 5,274' 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 12,120 13,246 16,389 15,935 16,486 15,938 13,775 14,582r 14,381' 37 Europe 328 238 316 425 393 452 395 404r 354' 38 Belgium and Luxembourg 1,796 2,171 2,236 2,693 2,921 3,095 3,479 3,192r 3,062' 39 France 1,614 1,822 1,960 1,905 2,159 1,982 1,586 1,993r 1,977' 40 Germany 597 467 1,429 1,242 1,310 1,729 757 863r 844' 41 Netherlands 554 483 610 562 684 763 634 472 514 42 Switzerland 3,660 4,769 5,827 4,937 5,193 4,502 3,562 3,819r 3,571' 43 United Kingdom 44 Canada 2,660 2,617 2,757 3,250 2,953 3,502 3,392 3,496' 3,116' 45 Latin America and Caribbean 5,750 6,296 5,959 5,792 5,788 5,851 5,144 6,107r 5,590r 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 1,364' 1,183' 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 1,416' 1,442' 51 Venezuela 576 401 439 466 379 328 292 321 301' 52 Asia 8,713 7,192 9,165 9,172 8,986 9,630 8,985 9,692' 8,704' 53 Japan 1,976 1,681 2,074 1,881 2,074 2,796 2,560 3,154' 2,438' 54 Middle Eastern oil-exporting countries 1,107 1,135 1,625 1,241 1,199 1,024 966 1,051' 919' 55 Africa 680 711 631 766 895 672 773 669' 838' 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 • May 2002 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 2002 2001 2002 TTrraannssaaccttiioonn,, aanndd aarreeaa oorr ccoouunnttrryy 22000000 22000011 Jan- Jan. July Aug. Sept. Oct. Nov/ Dec/ Jan.P U.S. corporate securities STOCKS 1 Foreign purchases 3,605,196 3,051,276 255,755 244,887 247,288 193,466 255,670 241,286 239,289 255,755 2 Foreign sales 3,430,306 2,934,869 247,136 233,412 239,580 204,981 248,425 228,104 226,004 247,136 3 Net purchases, or sales (-) 174,890 116,407 8,619 11,475 7,708 -11,515 7,245 13,182 13,285 8,619 4 Foreign countries 174,903 116,204 8,744 11,460 7,709 -11,504 7,222 13,173 13,266 8,744 5 Europe 164,656 88,122 8,734 6,700 9,203 -7,310 7,470 8,503 6,740 8,734 6 France 5,727 5,915 1,301 35 624 -2,609 1,969 -845 101 1,301 / Germany 31,752 8,432 482 1,048 463 -418 825 698 688 482 8 Netherlands 4,915 10,920 406 654 595 358 552 1,096 1,271 406 9 Switzerland 11,960 3,455 470 -228 -127 -688 351 326 854 470 10 United Kingdom 58,736 38,502 3,975 3,744 6,165 -564 3,311 3,259 2,033 3,975 11 Channel Islands and Isle of Man1 n.a. -698 -83 -40 24 -73 -23 -198 20 -83 12 Canada 5,956 10,985 613 948 -225 1,137 193 938 1,250 613 13 Latin America and Caribbean -17,812 -5,162 -1,478 65 -2,935 -4,780 -1,508 1,833 3,931 --11,,447788 14 Middle East2 9,189 1,789 98 515 826 664 -514 -105 249 9988 15 Other Asia 12,494 20,728 577 3,222 620 -879 1,551 1,811 600 577 16 Japan 2,070 6,788 -209 1,958 54 -806 1,148 414 65 -209 17 415 -366 32 -20 72 -37 -31 -9 -7 32 18 Other countries 5 108 168 30 148 -299 61 202 503 168 19 Nonmonetary international and regional organizations -11 203 -125 15 -1 -11 23 9 19 -125 BONDS3 20 Foreign purchases 1,208,386 1,943,098 181,422 139,401 157,635 156,458 192,442 187,115 177,711 181,422 21 Foreign sales 871,416 1,549,376 161,953 111,998 132,936 137,848 144,773 156,019 155,238 161,953 22 Net purchases, or sales (-) 336,970 393,722 19,469 27,403 24,699 18,610 47,669 31,096 22,473 19,469 23 Foreign countries 337,074 393,157 19,560 27,511 24,501 18,455 47,841 30,853 22,442 19,560 24 Europe 180,917 202,577 7,874 12,464 9,625 9,659 22,352 16,172 8,067 77,,887744 25 France 2,216 5,028 68 1,154 -1,035 -573 601 270 330 6688 26 Germany 4,067 12,362 91 -185 472 454 1,666 2,001 -12 91 27 Netherlands 1,130 1,538 -1,495 -210 -297 457 83 -154 -637 -1,495 28 Switzerland 3,973 5,721 143 291 628 -51 292 417 75 143 29 United Kingdom 141,223 159,937 7,603 10,067 8,759 9,672 17,261 12,928 5,975 7,603 30 Channel Islands and Isle of Man1 n.a. 2,000 131 203 106 93 355 69 404 131 31 Canada 13,287 4,595 318 485 -1,434 -644 1,335 25 892 318 32 Latin America and Caribbean 59,444 77,217 4,644 6,222 8,961 22,,551199 2,270 7,838 5,765 4,644 33 Middle East' 2,076 2,338 420 -345 -22 88 307 432 455 420 34 Other Asia 78,794 106,813 6,789 8,815 7,569 7,281 21,044 6,593 7,721 6,789 35 Japan 39,356 34,099 -717 3,452 1,641 1,066 15,243 1,104 -810 -717 36 938 761 -30 79 136 -6 272 71 -45 -30 37 Other countries 1,618 -1,144 -455 -209 -334 -362 261 -278 -113 -455 38 Nonmonetary international and regional organizations -70 566 -91 -108 198 155 -172 243 31 -91 Foreign securities 39 Stocks, net purchases, or sales (-) -13,088 -50,514 3,743 -6,345 -2,106 2,331 -3,096 2,792 -8,933 3,743 40 Foreign purchases 1,802,185 1,397,127 103,231 114,276 96,409 99,580 105,784 108,033 88,025 103,231 41 Foreign sales 1,815,273 1,447,641 99,488 120,621 98,515 97,249 108,880 105,241 96,958 99,488 42 Bonds, net purchases, or sales (-) -4,054 30,323 -5,576 5,629 9,405 10,324 308 -1,214 -945 -5,576 43 Foreign purchases 958,932 1,157,821 94,146 91,585 87,584 87,081 94,389 95,672 69,504 94,146 44 Foreign sales 962,986 1,127,498 99,722 85,956 78,179 76,757 94,081 96,886 70,449 99,722 45 Net purchases, or sales (-), of stocks and bonds -17,142 -20,191 -1,833 -716 7,299 12,655 -2,788 1,578 -9,878 -1,833 46 Foreign countries -17,278 -19,603 -1,813 -684 7,159 12,657 -2,594 1,584 -9,810 -1,813 47 Europe -25,386 -11,229 -2,485 1,368 6,267 5,993 -3,639 2,203 -9,809 -2,485 48 Canada -3.888 2,543 1,373 299 -1,786 1,295 -804 -470 1,010 1,373 49 Latin America and Caribbean -15,688 3,730 2,638 -444 711 2,663 -571 1,973 118 2,638 50 24,488 -12,248 -3,486 -1,587 1,608 2,534 3,070 -2,138 -1,494 -3,486 51 Japan 20,970 -20,116 400 -1,535 616 -391 1,441 -3,575 -1,924 400 52 943 -557 72 -111 -25 -34 -565 191 134 72 53 Other countries 2,253 -1,842 75 -209 384 206 -85 -175 231 75 54 Nonmonetary international and regional organizations 150 -587 -20 -32 140 -2 -194 -6 -68 -20 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 2002 2001 2002 AArreeaa oorr ccoouunnttrryy 22000000 22000011 Jan.- July Aug. Sept. Oct. Nov. Dec. Jan.P Jan. 1 Total estimated -54,032 18,472 -16,779 -11,494 4,410 -1,990 14,969 12,676 10,497 -16,779 2 Foreign countries -53,571 19,158 -17,045 -11,668 4,590 -2,138 14,884 12,902 10,531 -17,045 3 Europe -50,704 -20,510 -6,694 -8,223 321 -782 2,339 -5,850 278 -6,694 4 Belgium2 73 -598 -108 -343 42 174 -146 -9 202 -108 Germany -7,304 -1,668 -3,467 -970 67 -113 -392 54 1,075 -3,467 <S Luxembourg2 n.a. 462 -514 168 -64 -348 285 -5 -34 -514 7 2,140 -6,728 -2,098 1,263 2,437 -2,653 -1,336 -701 -948 -2,098 8 1,082 -1,190 -337 -114 593 1,037 -109 268 -197 -337 9 -10,326 1,413 312 270 —44 979 -339 215 335 312 10 United Kingdom -33,669 -7,186 -89 -7,844 -4,610 1,992 7,359 -7,374 2,007 -89 11 Channel Islands and Isle of Man3 n.a. -179 -3 -64 11 -1 -34 7 -136 -3 17 Other Europe and former U.S.S.R -2,700 -4,836 -390 -589 1,889 -1,849 -2,949 1,695 -2,026 -390 13 Canada -550 -4,135 -3,451 -1,653 -356 -947 -3,091 -430 2,978 -3,451 14 Latin America and Caribbean -4,914 5,046 2,581 1,893 3,711 -541 3,998 6,266 -6,368 2,581 15 Venezuela 1,288 290 33 248 -128 39 -129 103 3 33 16 Other Latin America and Caribbean -11,581 15,500 1,613 -880 67 -524 4,065 8,393 -3,984 1,613 17 Netherlands Antilles 5,379 -10,744 935 2,525 3,772 -56 62 -2,230 -2,387 935 18 1,639 37,991 -9,229 -3,940 576 -150 11,755 11,820 14,423 -9,229 19 Japan 10,580 17,774 -6,649 -2,126 324 -3,329 16,640 1,737 4,379 -6,649 70 -414 -880 -67 -65 -120 47 -396 53 -293 -67 21 Other 1,372 1,646 -185 320 458 235 279 1,043 —487 -185 22 Nonmonetary international and regional organizations -461 -686 266 174 -180 148 85 -226 -34 266 73 International -483 -290 139 -90 103 -65 8 63 43 139 24 Latin American Caribbean regional 76 41 -1 -1 -3 0 1 43 -25 -1 MEMO 75 Foreign countries -53,571 19,158 -17,045 -11,668 4,590 -2,138 14,884 12,902 10,531 -17,045 76 Official institutions -6,302 3,489 -3,000 -741 343 2,549 2,239 6,266 1,061 -3,000 27 Other foreign -47,269 15,669 -14,045 -10,927 4,247 -4,687 12,645 6,636 9,470 -14,045 Oil-exporting countries 78 Middle Easr 3,483 865 784 -590 -308 -586 12 2,442 22,,221177 778844 29 Africa5 0 -2 0 2 -2 -2 0 0 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 • May 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 Oct. Nov. Dec. Jan. Feb. Mar. Exchange rates COUNTRY/CURRENCY UNIT 1 Australia/dollar2 64.54 58.15 51.69 50.42 51.65 51.38 51.70 51.28 52.56 2 Brazil/real 1.8207 1.8301 2.3527 2.7408 2.5481 2.3635 2.3799 2.4242 2.3450 3 Canada/dollar 1.4858 1.4855 1.5487 1.5717 1.5922 1.5788 1.5997 1.5964 1.5877 4 China, P.R./yuan 8.2783 8.2784 8.2770 8.2768 8.2769 8.2761 8.2771 8.2767 8.2773 5 Denmark/krone 6.9900 8.0953 8.3323 8.2186 8.3832 8.3526 8.4183 8.5343 8.4795 6 European Monetary Union/euro3 1.0653 0.9232 0.8952 0.9050 0.8883 0.8912 0.8832 0.8707 0.8766 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 7.7999 7.7996 7.7989 7.7989 7.7996 7.7997 9 India/rupee 43.13 45.00 47.22 48.05 48.04 47.93 48.35 48.72 48.77 10 Japan/yen 113.73 107.80 121.57 121.45 122.41 127.59 132.68 133.64 131.06 11 Malaysia/ringgit 3.8000 3.8000 3.8000 3.8001 3.8000 3.8000 3.8000 3.8002 3.8000 12 Mexico/peso 9.553 9.459 9.337 9.339 9.225 9.157 9.164 9.105 9.064 13 New Zealand/dollar2 52.94 45.68 42.02 41.39 41.58 41.57 42.45 41.87 43.33 14 Norway/krone 7.8071 8.8131 8.9964 8.8329 8.9296 8.9713 8.9684 8.9492 8.8072 15 Singapore/dollar 1.6951 1.7250 1.7930 1.8113 1.8295 1.8382 1.8394 1.8312 1.8295 16 South Africa/rand 6.1191 6.9468 8.6093 9.2804 9.7388 11.6761 11.6258 11.4923 11.4863 17 South Korea/won 1,189.84 1,130.90 1,292.01 1,302.36 1,282.10 1,292.29 1,316.34 1,320.55 1,322.90 18 Sri Lanka/rupee 70.868 76.964 89.602 90.954 92.670 93.194 93.473 93.650 94.903 19 Sweden/krona 8.2740 9.1735 10.3425 10.5661 10.6117 10.5753 10.4561 10.5501 10.3324 20 Switzerland/franc 1.5045 1.6904 1.6891 1.6357 1.6509 1.6566 1.6709 1.6970 1.6743 21 Taiwan/dollar 32.322 31.260 33.824 34.583 34.498 34.682 35.027 35.073 35.020 21 Thailand/baht 37.887 40.210 44.532 44.750 44.411 43.952 44.036 43.854 43.415 23 United Kingdom/pound2 161.72 151.56 143.96 145.01 143.56 144.13 143.22 142.27 142.30 24 Venezuela/bolivar 606.82 680.52 724.10 743.22 745.10 753.64 762.40 898.51 922.66 Indexes4 NOMINAL 25 Broad (January 1997-100)5 116.87 119.67 126.09 126.86 127.33 127.52 129.26' 130.03' 129.27 26 Major currencies (March 1973=100)6 94.07 98.32 104.32 104.37 105.64 106.30 108.10 108.82 107.76 27 Other important trading partners (January 1997—100)7 129.94 130.33 136.34 138.08 137.19 136.62 137.95' 138.64' 138.49 REAL 28 Broad (March 1973-100)5 100.78r 104.32r 110.41' 110.80' 111.18' 111.05' 112.52' 113.09' 112.55 29 Major currencies (March 1973=100)6 97.06r 103.17' 110.73' 110.83' 112.47' 112.66' 114.65' 115.63' 114.57 30 Other important trading partners (March 1973-100)7 114.25r 114.53r 119.20' 119.99' 118.77' 118.23' 119.15' 119.26' 119.33 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 March 31,2001 August 2001 A64 June 30, 2001 November 2001 A64 September 30, 2001 February 2002 A64 December 31, 2001 May 2002 A64 Terms of lending at commercial banks May 2001 August 2001 A66 August 2001 November 2001 A66 November 2001 February 2002 A66 February 2002 May 2002 A66 Assets and liabilities of U.S. branches and agencies of foreign banks March 31,2001 August 2001 A72 June 30, 2001 February 2002 A72 September 30,2001 March 2002 A65 December 31, 2001 May 2002 A72 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

A64 Special Tables • May 2002 4.20 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities Consolidated Report of Condition, December 31, 2001 Millions of dollars except as noted Banks with Banks with foreign offices' domestic IItteemm TToottaall Do t m ot e a s l tic offices only2 Total Domestic Total 1 Total assets 6,487,509 5,749,452 4,349,567 3,611,510 2,137,943 2 Cash and balances due from depository institutions 384,584 279,868 286,296 181,580 98,288 3 Cash items in process of collection, unposted debits, and currency and coin n.a. n.a. 137,546 134,836 n.a. 4 Cash items in process of collection and unposted debits n.a. n.a. n.a. 105,658 n.a. 5 Currency and coin n.a. n.a. n.a. 29,179 n.a. 6 Balances due from depository institutions in the United States n.a. n.a. 46,587 30,657 n.a. 7 Balances due from banks in foreign countries and foreign central banks n.a. n.a. 91,998 6,008 n.a. 8 Balances due from Federal Reserve Banks n.a. n.a. 10,165 10,079 n.a. 9 Total securities, held to maturity (amortized cost) and available-for-sale (fair value) 1,156.848 n.a. 652,072 n.a. 504,775 10 U.S. Treasury securities 44,202 n.a. 22,639 n.a. 21,563 11 U.S. government agency and corporation obligations (excludes mortgage-backed securities) 184,971 n.a. 6633,,446688 n.a. 112211,,550033 12 Issued by U.S. government agencies 5,573 n.a. 2,720 n.a. 2,853 13 Issued by U.S. government sponsored agencies 179,398 n.a. 60,748 n.a. 118,650 14 Securities issued by states and political subdivisions in the United States 96,130 n.a. 32,876 n.a. 63,254 15 Mortgage-backed securities (MBS) 603,670 n.a. 404,558 n.a. 199,113 16 Pass through securities 377,413 n.a. 272,142 n.a. 105,270 17 Guaranteed by GNMA 98,673 n.a. 64,788 n.a. 33,885 18 Issued by FNMA and FHLMC 254,313 n.a. 184,514 n.a. 69,799 19 Other pass-through securities 24,426 n.a. 22,840 n.a. 1,586 20 Other mortgage-backed securities (includes CMOs, REMICs, and stripped MBS) 226,258 n.a. 132,415 n.a. 93,843 21 Issued or guaranteed by FNMA, FHLMC or GNMA 162,603 n.a. 101,163 n.a. 61,441 22 Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA 5,195 n.a. 3,534 n.a. 1,661 23 All other mortgage-backed securities 58,459 n.a. 27,718 n.a. 30,741 ?A Asset backed securities 108,069 n.a. 45,594 n.a. 62,475 75 Credit card receivables 39,013 n.a. 14,122 n.a. 24,891 26 Home equity lines 32,447 n.a. 17,696 n.a. 14,751 77 Automobile loans 15,275 n.a. 3,571 n.a. 11,704 28 Other consumer loans 1,290 n.a. 737 n.a. 553 ?9 Commercial and industrial loans 6,697 n.a. 3,886 n.a. 2,811 30 Other 13,348 n.a. 5,583 n.a. 7,764 31 Other debt securities 99,091 n.a. 69,148 n.a. 29,943 37 Other domestic debt securities 38,758 n.a. 12,992 n.a. 25,766 33 Foreign debt securities 60,333 n.a. 56,156 n.a. 4,177 34 Investments in mutual funds and other equity securities with readily determinable fair value 20,714 n.a. 13,790 n.a. 6,925 35 Federal funds sold and securities purchased under agreements to resell 317,091 256,903 241,770 181,583 75,321 36 Total loans and leases (gross) and lease-financing receivables (net) 3,851,822 3,565,048 2,503,711 2,216,937 1,348,111 37 LESS: Unearned income on loans 3,042 2,292 1,836 1,086 1,206 38 LESS: Loans and leases held for sale 180,799 n.a. 142,234 n.a. 38,565 39 Total loans and leases (net of unearned income) 3,667,981 n.a. 2,359,640 n.a. 1,308,340 40 LESS: Allowance for loan and lease losses 71,033 n.a. 48,298 n.a. 22,735 41 Loans and leases, net of unearned income and allowance 3,596,948 n.a. 2,311,342 n.a. 1,285,606 Total loans and leases, gross, by category 47 Loans secured by real estate 1,787,335 1,754,069 1,013,314 980,048 774,021 43 Construction and land development n.a. 191,329 n.a. 97,643 93,686 44 Farmland n.a. 35,566 n.a. 7,060 28,507 45 One to four family residential properties n.a. 959,269 n.a. 605,685 353,584 46 Revolving, open end loans, extended under lines of credit n.a. 154,272 n.a. 109,376 44,896 Closed-end loans secured by one- to four-family residential properties 47 Secured by first liens n.a. 700,638 n.a. 432,814 267,824 48 Secured by junior liens n.a. 104,358 n.a. 63,495 40,863 49 Multifamily (five or more) residential properties n.a. 63,935 n.a. 33,679 30,256 50 Nonfarm nonresidential properties n.a. 503,969 n.a. 235,981 267,988 51 Loans to depository institutions and acceptances of other banks 117,176 101,957 107,266 92,048 9,910 52 Commercial banks in the United States n.a. n.a. 77,109 76,691 n.a. 53 Other depository institutions in the United States n.a. n.a. 9,665 9,627 n.a. 54 Banks in foreign countries n.a. n.a. 20,493 5,729 n.a. 55 Loans to finance agricultural production and other loans to farmers 47,458 46,741 12,232 11,515 35,226 56 Commercial and industrial loans 975,059 822,695 739,891 587,527 235,167 57 U.S. addressees (domicile) n.a. n.a. 593,474 577,412 n.a. 58 Non-U.S. addressees (domicile) n.a. n.a. 146,417 10,115 n.a. 59 Loans to individuals for household, family, and other personal expenditures (includes purchased paper) 610,556 557,984 348,637 296,065 261,919 60 Credit cards 216,746 199,433 111,181 93,868 105,565 61 Other revolving credit plans 27,484 25,034 21,646 19,196 5,838 62 Other consumer loans (including single-payment, installment, and all student loans) 366,327 333,517 215,810 183,000 150,516 63 Obligations (other than securities) of states and political subdivisions in the United States (includes nonrated industrial development obligations) 2233,,225522 2233,,225522 1155,,338888 1155,,338888 77,,886633 64 All other loans 122,112 97,150 110,801 85,840 11,311 65 Loans to foreign governments and official institutions 7,457 2,392 7,447 2,382 10 66 Other loans 114,655 94,758 103,354 83,458 11,300 67 Loans for purchasing and carrying securities n.a. n.a. n.a. 15,662 n.a. 68 All other loans (excludes consumer loans) n.a. n.a. n.a. 67,795 n.a. 69 Lease-financing receivables 168,875 161,200 156,182 148,506 12,694 70 Trading assets 303,159 n.a. 293,921 n.a. 9,238 71 Premises and fixed assets (including capitalized leases) 76,035 n.a. 45,372 n.a. 30,663 72 Other real estate owned 3,789 n.a. 1,775 n.a. 2,014 73 Investments in unconsolidated subsidiaries and associated companies 9,399 n.a. 8,176 n.a. 1,224 74 Customers' liability on acceptances outstanding 5,691 n.a. 5,509 n.a. 182 75 Net due form own foreign offices. Edge Act and agreement subsidiaries, and IBFs n.a. n.a. n.a. 27,848 n.a. 76 Intangible assets 119,820 n.a. 98,708 n.a. 21,112 77 Goodwill 76,888 n.a. 62,409 n.a. 14,479 78 Other intangible assets 42,932 n.a. 36,299 n.a. 6,633 79 All other assets 333,346 n.a. 262,390 n.a. 70,956 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A65 4.20 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued Consolidated Report of Condition, December 31, 2001 Millions of dollars except as noted Banks with Banks with foreign offices1 domestic IItteemm TToottaall DDoo tt mm oott ee aa ss ll ttiicc offices only2 Total Domestic Total 80 Total liabilities, minority interest, and equity capital 6,487,509 n.a. 4,349,567 n.a. 2,137,942 81 Total liabilities 5,891,283 5,153,226 3,959,395 3,221,338 1,931,888 82 Total deposits 4,357,649 3,728,396 2,784,064 2,154,810 1,573,585 83 Individuals, partnerships, and corporations (include all certified and official checks) 3,964,458 3,485,142 2,507,132 2,027,816 1,457,326 84 U.S. government n.a. 12,291 n.a. 10,866 1,425 85 States and political subdivisions in the United States n.a. 172,908 n.a. 76,557 96,351 86 Commercial banks and other depository institutions in the United States 93,278 48,411 75,667 30,800 17,611 87 Banks in foreign countries 85,985 8,230 85,259 7,505 725 88 Foreign governments and official institutions (including foreign central banks) 28,204 1,414 28,057 1,267 147 89 Total transaction accounts n.a. 738,568 n.a. 419,271 319,297 90 Individuals, partnerships, and corporations (include all certified and official checks) n.a. 641,475 n.a. 360,883 280,592 91 US. government n.a. 1,753 n.a. 1,069 684 92 States and political subidivisions in the United States n.a. 53,152 n.a. 24,234 28,918 93 Commercial banks and other depository institutions in the United States n.a. 34,531 n.a. 25,792 8,739 94 Banks in foreign countries n.a. 7,008 n.a. 6,657 351 95 Foreign governments and official institutions (including foreign central banks) n.a. 650 n.a. 636 14 96 Total demand deposits n.a. 570,503 n.a. 368,871 201,632 97 Total nontransaction accounts n.a. 2,989,828 n.a. 1,735,539 1,254,289 98 Individuals, partnerships, and corporations (include all certified and official checks) n.a. 2,843,667 n.a. 1,666,932 1,176,735 99 U.S. government n.a. 10,538 n.a. 9,797 741 100 States and political subdivisions in the United States n.a. 119,756 n.a. 52,322 67,434 101 Commercial banks and other depository institutions in the United States n.a. 13,880 n.a. 5,009 8,871 102 Banks in foreign countries n.a. 1,222 n.a. 847 375 103 Foreign governments and official institutions (including foreign central banks) n.a. 764 n.a. 631 133 104 Federal funds purchased and securities sold under agreements to repurchase 491,368 453,190 379,333 341,155 112,035 105 Trading liabilities 183,295 n.a. 182,705 n.a. 590 106 Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) 543,989 507,887 344,306 308,204 199,683 107 Banks' liability on acceptances executed and outstanding 5,780 3,676 5,598 3,494 182 108 Subordinated notes and debentures to deposits 94,663 n.a. 85,436 n.a. 9,227 109 Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs n.a. n.a. n.a. 124,946 n.a. 110 All other liabilities 214,539 n.a. 177,954 n.a. 36,585 111 Minority interest in consolidated subsidiaries 9,626 n.a. 8,736 n.a. 889 112 Total equity capital 586,600 n.a. 381,435 n.a. 205,165 MEMO 113 Trading assets at large banks2 295,654 153,132 293,806 151,285 1,848 114 U.S. Treasury securities (domestic offices) n.a. 13,253 n.a. 13,219 35 115 U.S. government agency obligations (excluding MBS) n.a. 6,858 n.a. 6,227 631 1 16 Securities issued by states and political subdivisions in the United States n.a. 1,971 n.a. 1,616 355 117 Mortgage-backed securities n.a. 8,136 n.a. 7,808 329 118 Other debt securities n.a. 25,287 n.a. 25,228 59 119 Other trading assets n.a. 14,858 n.a. 14,759 98 120 Trading assets in foreign offices 77,090 0 77,090 0 0 121 Revaluation gains on interest rate, foreign exchange rate, and other commodity and equity contracts 148,200 82,769 147,860 82,428 341 122 Total individual retirement (IRA) and Keogh plan accounts n.a. 160,132 n.a. 74,539 85,593 123 Total brokered deposits n.a. 224,828 n.a. 97,313 127,515 124 Fully insured brokered deposits n.a. 170,273 n.a. 68,560 101,713 125 Issued in denominations of less than $100,000 n.a. 84,882 n.a. 27,411 57,471 126 Issued in denominations of $100,000, or in denominations greater than $100,000 and participated out by the broker in shares of $ 100,000 or less n.a. 85,391 n.a. 41,148 44,243 127 Money market deposit accounts (MMDAs) n.a. 1,226,016 n.a. 810,482 415,534 128 Other savings deposits (excluding MMDAs) n.a. 485,552 n.a. 295,995 189,557 129 Total time deposits of less than $100,000 n.a. 735,995 n.a. 328,359 407,637 130 Total time deposits of $ 100,000 or more n.a. 542,261 n.a. 300,703 241,558 131 Number of banks 8,056 8,056 137 n.a. 7,919 NOTE. The notation "n.a." indicates the lesser detail available from banks that do not have Foreign offices include branches in foreign countries, Puerto Rico, and US.-affiliated foreign offices, the inapplicability of certain items to banks that have only domestic offices, or insular areas; subsidiaries in foreign countries; all offices of Edge Act and agreement the absence of detail on a fully consolidated basis for banks that have foreign offices. corporations wherever located; and international banking facility (IBF). 1. All transactions between domestic and foreign offices of a bank are reported in "net due 2. Components of "Trading Assets at Large Banks" are reported only by banks that from" and "net due to" lines. All other lines represent transactions with parties other than the reported trading assets of $2 million or more any quarter of the preceding calendar year. domestic and foreign offices of each bank. Because these intra-office transactions are nullified by consolidation, total assets and total liabilities for the entire bank may not equal the sum of assets and liabilities respectively of the domestic and foreign offices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A66 Special Tables • May 2002 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, February 4-8, 2002 A. Commercial and industrial loans made by all commercial banks1 Weighted- Weighted- Amount of loans (percent) average Amount of Average loan average effective loans size maturity' ( l p o e a r n c e r n a t t ) e 2 o ( f m d il o l l i l o a n r s s ) (tho d u o s ll a a n r d s) s of Days S c e o c l u la re te d r a b l y p S re p u p e b a n je y a c m lt t y e t n o t c M om ad m e it u m nd e e n r t LOAN RISK5 1 All commercial and industrial loans 3.66 93,897 604 369 26.5 14.6 32.7 77.8 2 Minimal risk 2.10 7,082 1,989 228 6.2 37.2 53.8 62.1 3 Low risk 3.41 20,302 1,272 422 15.2 8.2 38.3 89.9 4 Moderate risk 3.90 34,845 669 471 27.2 18.8 28.9 81.3 5 Other 4.02 21,911 399 252 37.7 6.4 27.7 81.2 By maturity/repricing intenalb 6 Zero interval 4.70 14,536 249 438 47.2 11.3 85.6 7 8 M Lo i w ni m ri a s l k risk 4 3 . . 5 8 2 8 4,6 3 3 0 1 9 3 88 2 7 3 4 5 3 2 3 8 4 22 3 . .3 0 262..61 2 9 2 . . 5 0 8 9 0 7 . . 5 2 9 Moderate risk 4.78 4,705 211288 535 50.4 17.4 3.6 88.0 10 Other 5.31 3,213 476 70.5 14.6 8.6 88.2 11 Daily 3.09 36,981 817 260 18.0 13.4 38.9 66.6 12 Minimal risk 1.84 5,251 4,014 151 .8 41.1 57.5 59.0 13 Low risk 2.76 6,848 4,378 303 6.5 10.9 55.5 84.9 14 Moderate risk 3.19 10.554 776 429 22.4 10.8 31.6 63.5 15 Other 3.64 9,414 585 103 30.1 5.4 22.0 69.9 16 2 to 30 days 3.61 28,940 1,524 272 19.4 18.5 37.7 89.6 17 Minimal risk 2.70 747 2,102 137 7.1 34.7 32.3 61.6 18 Low risk 2.65 5,012 1,312 199 16.3 11.7 39.5 93.0 19 Moderate risk 3.99 15,315 2,469 356 17.5 27.5 35.4 93.6 20 Other 3.69 6,450 916 224 25.0 3.8 42.0 91.2 21 31 to 365 days 3.74 8,799 478 467 35.3 6.0 34.1 80.4 22 Minimal risk 2.23 716 1,031 108 21.1 18.9 65.7 75.6 23 Low risk 3.62 2.172 662 765 21.6 .7 15.0 78.6 24 Moderate risk 3.63 3,038 522 443 36.5 7.3 35.1 84.3 25 Other 4.24 2,220 714 430 48.9 2.8 40.3 88.2 26 More than 365 days 5.67 3.666 293 52 52.1 8.8 38.8 75.2 27 Minimal risk 7.11 57 241 283 99.2 ND 17.4 82.3 28 Low risk 5.10 1,614 806 20.2 12.3 76.0 95.1 28 Moderate risk . ., 6.14 1,145 279 78.8 7.5 5.5 45.0 30 Other 5.83 528 203 71.2 5.9 21.9 85.1 Weighted- Weighted- average average risk maturity/ rating5 repricing interval® Days SIZE OF LOAN (thousands of dollars) 31 1-99 5.89 2,810 3.4 160 83.9 27.3 4.6 82.7 32 100-999 5.04 9,654 3.4 149 69.4 18.5 8.3 87.3 33 1,000-9,999 3.67 24,279 3.2 72 31.1 9.4 35.0 80.6 34 10,000 or more 3.31 57,154 2.7 49 14.5 15.5 37.1 74.7 BASE RATE OF LOAN4 35 Prime7 5.13 26,051 3.0 43.6 26.4 2.2 91.6 36 Fed funds 2.53 20,970 3.0 10.4 5.3 44.0 69.7 37 Other domestic 2.68 10,064 2.0 7.5 42.5 46.8 31.3 38 Foreign 3.46 23,948 3.0 24.3 1.7 55.6 94.0 39 Other 3.66 12,864 3.2 37.2 7.8 22.0 69.1 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A67 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, February 4-8, 2002—Continued B. Commercial and industrial loans made by all domestic banks' Weighted- Weighted- Amount of loans (percent) ( e l p a o f e v a f r e e n c r c e a t r n i g a v t e t ) e e 2 A o ( f m m l d o o i o l u a l l i n n l o s a t n r s o s ) f ( A th v o d e u r o s a s l i g l a z a e n e r d s l s ) o a o n f m a a v D t e u a r r y a i s g t y e 3 S c e o c l u la re te d r a b l y p S re p u p e b a n je y a c m l t t y e t o n t c M om ad m e i u tm nd e e n r t LOAN RISK5 1 All commercial and industrial loans 3.97 53,563 362 558 36.6 17.9 22.5 81.4 2 Minimal risk 2.08 6,179 1,803 253 6.2 42.4 50.9 56.6 3 Low risk 3.60 12,878 855 518 19.4 12.9 36.2 87.8 4 Moderate risk 4.31 19,269 704 41.5 14.0 16.6 84.9 5 Other 4.91 9,676 526 63.9 12.4 10.5 88.4 By maturity/repricing interval* 6 Zero interval 4.82 10,662 187 470 52.8 15.1 8.5 90.0 7 Minimal risk 3.84 297 311 531 45.1 23.5 23.0 79.7 8 Low risk 4.40 3,355 656 443 26.0 2.9 12.9 96.1 9 Moderate risk 4.79 3,613 171 504 60.0 22.5 4.7 84.6 10 Other 5.30 2,893 118 466 74.1 15.7 8.3 11 Daily 3.32 21,333 489 449 25.9 23.3 32.5 77.3 12 Minimal risk 1.84 5,251 4,014 151 .8 41.1 57.5 59.0 13 Low risk 2.84 3,803 3,020 488 11.7 19.7 49.1 83.3 14 Moderate risk 3.70 6,379 485 725 37.1 17.9 29.2 82.1 15 Other 4.82 3,116 201 331 56.5 16.4 5.4 82.2 16 2 to 30 days 3.94 12,479 783 506 27.8 10.7 17.4 90.9 17 Minimal risk 3.05 348 1,297 278 15.3 74.6 12.2 17.4 18 Low risk 2.79 2,842 810 277 19.1 20.7 33.6 90.3 19 Moderate risk 4.47 6,421 1,287 623 25.3 5.6 13.1 96.4 20 Other 4.39 2,107 363 579 50.7 3.9 15.7 97.1 21 31 to 365 days 4.05 4,510 264 557 52.0 11.7 13.3 73.4 22 Minimal risk 2.46 225 345 159 44.2 60.2 23.9 23 Low risk 3.76 1,275 409 583 23.7 1.2 13.9 64.3 24 Moderate risk 3.76 1,628 296 577 54.6 13.7 16.2 79.5 25 Other 4.66 964 414 673 79.6 6.3 16.4 26 More than 365 days 5.63 3,624 290 52 52.7 39.2 74.9 27 Minimal risk 7.11 57 241 283 99.2 17.4 82.3 28 Low risk 5.01 1,578 790 35 20.6 12.6 77.7 95.0 28 Moderate risk . . 6.13 1,139 278 59 79.2 7.5 5.5 44.7 30 Other 5.83 528 203 45 71.2 5.9 21.9 85.1 Weighted- Weighted- average average risk maturity/ rating5 repricing interval® Days SIZE OF LOAN (thousands of dollars) 31 1-99 5.91 3.4 162 84.5 27.5 4.3 82.7 32 100-999 5.15 3.4 163 74.1 19.4 4.7 87.2 33 1,000-9,999 4.00 14,073 3.1 100 43.7 13.2 18.7 89.0 34 10,000 or more 3.39 28,042 2.3 16.6 18.9 31.7 75.7 BASE RATE OF LOAN4 35 Prime7 5.20 18,407 3.1 106 57.7 15.3 2.8 88.6 36 Fed funds 2.23 6,784 1.8 39 24.2 16.4 61.7 75.3 37 Other domestic 2.58 7,045 2.0 6 6.8 60.7 24.0 43.1 38 Foreign 4.02 11,095 2.9 31.3 3.6 29.1 96.5 39 Other 3.78 10,232 3.0 32.8 9.8 23.7 82.7 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A68 Special Tables • May 2002 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, February 4-8, 2002—Continued C. Commercial and industrial loans made by large domestic banks' W ( e l p a o f e e v a f i r e e n g c r c h e a t r n t i g a e v t t e d ) e e 2 - A o ( f m m l d o o i o l a u l l i n n l o s a t n r s o s ) f ( A th v o d e u r o s a s l i g l a z a e n e r d s l s ) o a o n f W m a e a v i t e g u r h r a i t g t e y e d 3 - S c e o c l u la re te d r a b l y Amount of loan p s S r ( e u p p b e a j r e y c c m e t n e t t n o ) t c M om ad m e i u tm nd e e n r t Days penalty LOAN RISK5 2 1 All M c i o n m im m a e l r r c i i s a k l and industrial loans 3 1 . . 7 9 4 2 47 5 , , 4 9 9 2 1 2 8, 6 50 0 1 7 41966 0 30 3 . . 9 1 41 1 3 6 1. . .4 7 0 2 5 4 2 . . 4 0 5 8 6 2 . . 1 4 3 Low risk 3.41 11,828 2,210 451 14.3 39.1 89.2 4 5 M Ot o h d e e r rate risk 4 4 . . 1 7 3 3 1 8 7 , , 2 0 9 9 9 6 6 2 5 5 0 7 4 6 9 5 1 7 3 5 6 9 . . 1 8 12.8 1171..10 9 8 0 6 . . 0 7 By maturity/repricing intervalIs 6 Zero interval 4.59 8,131 347 448 44.2 9.9 9.7 94.4 7 Minimal risk 3.62 199 645 602 45.8 10.4 28.6 79.2 8 Low risk 4.31 3,019 4,592 419 20.7 .8 13.9 99.6 9 Moderate risk 4.49 2,564 265 450 49.4 20.5 4.8 89.5 10 Other 5.15 2,246 184 474 71.7 10.0 8.3 94.0 11 Daily 3.26 20,723 527 428 24.0 22.7 33.2 77.2 12 Minimal risk 1.82 5,227 30,986 150 .3 41.2 57.8 58.8 13 Low risk 2.77 3,676 3,904 477 10.3 19.3 50.8 84.0 14 Moderate risk 3.63 6,123 519 675 34.6 17.9 29.9 81.7 15 Other 4.78 2,923 204 316 53.7 11.7 5.0 82.5 16 2 to 30 days 3.91 11,600 1,199 502 25.4 10.4 17.6 91.5 17 Minimal risk 2.52 299 2,869 41 1.5 86.7 .0 18.2 18 Low risk 2.72 2,745 999 258 17.8 20.0 34.8 90.2 19 Moderate risk 4.47 6,160 2,173 613 23.5 4.9 12.3 96.9 20 Other 4.27 1,908 548 584 3.3 17.3 97.0 21 31 to 365 days 3.50 3,615 1,428 559 45.2 10.8 14.3 73.1 22 Minimal risk 1.79 194 2,325 149 36.5 67.9 16.1 23 Low risk 3.28 1,084 1,638 492 13.9 .5 15.9 62.5 24 Moderate risk 3.37 1,406 1,535 610 52.8 14.7 14.1 80.6 25 Other 4.39 822 1,171 682 76.9 5.1 17.6 86.7 26 More than 365 days 4.99 2,489 1,364 33.4 54.0 82.2 27 Minimal risk .. . 3.73 2 85 76.7 16.0 89.9 28 Low risk 4.71 1,279 4,669 2.6 94.8 99.9 28 Moderate risk . . 5.51 111 1,387 72.5 2.9 46.6 30 Other 4.95 333 442 59.7 30.7 95.5 Weighted- Weighted- average average risk maturity/ rating5 repricing interval® Days SIZE OF LOAN (thousands of dollars) 31 1-99 5.19 1,476 3.6 83.4 27.5 2.4 90.6 32 100-999 4.77 5,957 3.5 69.1 16.1 3.9 94.1 33 1,000-9,999 3.83 12,146 3.2 38.5 10.3 19.9 91.4 34 10,000 or more 3.40 27,913 2.3 16.7 19.0 31.8 75.6 BASE RATE OF LOAN4 35 Prime7 5.05 14,556 3.1 74 50.4 10.8 1.8 91.3 36 Fed funds 2.18 6,710 1.8 13 23.5 16.5 62.2 75.0 37 Other domestic 2.51 6,921 2.0 3 5.3 61.1 24.5 42.4 38 Foreign 4.05 10,532 2.9 67 31.3 3.0 30.0 97.0 39 Other 3.33 8,772 3.0 171 24.0 7.8 26.1 87.4 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A69 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, February 4-8, 2002—Continued D. Commercial and industrial loans made by small domestic banks' W ( e l p a o f e e v a f i r e e n g c r c h e a t r n t i g a e v t e t d ) e e 2 - A o ( f m m l d o o il o a u l l i n n l o s a t n r s o s ) f ( A th v o d e u r o s a s l i g l a z a e n e r d s l ) s o a o n f W m a e v a D i t e g u a r h r y a i t s g t e y e d 1 - S c e o c l u la re te d r a b l y Amount of loan p s S r ( e u p p p e b e a n j r e y a c c m l e t t n y e t t n o ) t c M om ad m e i u tm nd e e n r t LOAN RISK5 1 All commercial and industrial loans 5.75 6,072 87 1,035 80.5 27.6 7.7 73.7 2 Minimal risk 5.75 256 94 2,579 77.7 20.9 24.6 68.4 3 Low risk 5.70 1,050 108 1,315 77.0 34.3 3.0 71.6 4 Moderate risk 5.77 2,173 93 1,078 83.9 23.7 12.4 70.1 5 Other 5.96 1,377 71 722 88.3 33.7 7.5 78.9 By maturity/repricing interval6 6 Zero interval 5.58 2,530 75 539 80.4 32.1 4.9 75.9 7 Minimal risk 4.29 97 151 350 43.7 50.3 11.4 80.7 8 Low risk 5.21 335 75 735 74.0 22.3 3.9 64.9 9 Moderate risk 5.52 1,049 92 633 86.0 27.4 4.4 72.5 10 Other 5.80 647 52 444 82.3 35.6 8.3 75.1 11 Daily 5.31 140 1,139 88.2 42.4 80.7 12 Minimal risk 6.12 25 21 318 100.0 3.2 95.1 13 Low risk 4.93 127 399 806 50.7 30.5 62.0 14 Moderate risk 5.31 256 187 1,851 97.3 17.6 13.8 91.6 15 Other 5.36 193 167 541 99.1 87.0 10.9 78.0 16 2 to 30 days 4.36 879 140 565 58.6 14.5 14.2 82.5 17 Minimal risk 6.26 49 297 1,697 100.0 .4 87.2 12.8 18 Low risk 5.03 97 128 752 54.8 39.2 .1 93.7 19 Moderate risk 4.40 261 121 863 68.2 22.3 31.4 83.9 20 Other 5.52 199 536 89.9 9.7 .3 97.2 21 31 to 365 days 6.27 895 546 79.8 15.3 9.5 74.5 22 Minimal risk 6.68 31 221 92.0 12.2 72.3 23 Low risk 6.43 191 1,100 79.2 5.5 2.3 74.5 24 Moderate risk 6.24 222 369 65.4 7.2 29.5 73.0 25 Other 6.22 142 617 95.3 13.0 9.5 87.2 26 More than 365 days 7.05 1,135 106 95.0 6.9 59.0 27 Minimal risk 7.22 55 257 291 100.0 17.5 82.0 28 Low risk 6.31 300 174 76 97.4 66.1 4.6 74.1 28 Moderate risk . . 7.46 362 102 75 93.6 23.4 11.1 40.8 30 Other 7.32 196 106 66 90.6 14.6 7.0 67.5 Weighted- Weighted- average average risk maturity/ rating5 repricing interval" Days SIZE OF LOAN (thousands of dollars) 31 1-99 6.73 1,293 305 85.7 27.5 6.4 73.7 32 100-999 5.98 2,722 392 85.0 26.5 6.5 72.1 33 1,000-9,999 5.02 1,928 369 76.1 31.1 10.9 74.2 34 10,000 or more BASE RATE OF LOAN4 35 Prime7 5.77 3,851 3.1 228 85.3 32.0 6.6 78.2 36 Fed funds 6.68 74 3.8 2,135 92.8 6.8 12.3 98.4 37 Other domestic 6.16 124 2.4 192 91.0 38.6 78.9 38 Foreign 3.43 563 2.7 96 30.7 14.3 11.9 86.9 39 Other 6.52 1,461 2.7 733 85.5 21.3 9.7 54.9 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • May 2002 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, February 4-8, 2002—Continued E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks' Weighted- Weighted- Amount of loans (percent) ( l e p a o f e v a f r e e n c r c e a r t n i g a v t t e ) e e 2 A o ( f m m l d o o i o l a u l l i n n l o s a t n r o s s ) f ( A th v o d e u r o s a s l i g l a z a e n e r d s l ) s o a o n f m av a D t e u a r r y a i s g t y e 3 S c e o c l u la re te d r a b l y p S re p u p e b a n je y a c m lt t y e t n o t c M om ad m e i u tm nd e e n r t LOAN RISK5 1 All commercial and industrial loans 3.25 40,334 5,522 105 13.2 10.1 46.2 72.9 2 Minimal risk 2.28 903 6,770 62 5.7 1.4 74.1 99.7 3 Low risk 3.10 7,424 8,279 254 7.9 .0 42.0 93.5 4 Moderate risk 3.38 15,576 6,452 104 9.5 24.7 44.1 76.9 5 Other 3.32 12,236 3,730 52 16.9 1.6 41.3 75.5 By maturity/repricing interval6 6 Zero interval 3,874 7 Minimal risk 8 Low risk 4.84 1,276 11,562 405 11.4 .0 .5 99.9 9 Moderate risk 4.77 1,092 2,581 633 18.5 .5 .2 99.5 10 Other 5.46 320 543 584 38.3 4.5 11.4 73.9 11 Daily 15,649 9,835 12 Minimal risk 13 Low risk 2.66 3,045 9,984 77 63.5 87.0 14 Moderate risk 2.42 4,175 9,392 21 .0 35.3 35.2 15 Other 3.06 6,298 10,455 17.0 30.2 63.8 16 2 to 30 days 3.37 16,461 5,405 51 53.1 88.6 17 Minimal risk 2.39 399 4,572 19 49.9 100.0 18 Low risk 2.47 2,170 6,939 107 12.6 47.3 96.5 19 Moderate risk 3.64 8,894 7,335 30 12.0 43.3 51.5 91.7 20 Other 3.35 4,344 3,503 50 12.5 3.8 54.8 88.4 21 31 to 365 days 3.*4 2 4,290 3,184 55.9 87.9 22 Minimal risk 23 Low risk 3.42 897 5,468 1,160 18.6 16.5 98.9 24 Moderate risk 3.47 1,409 4,276 285 15.6 57.1 89.9 25 Other 3.92 1,256 1,610 235 25.4 58.6 89.2 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk .. 30 Other Weighted- Weighted- average average risk maturity/ rating5 repricing interval" Days SIZE OF LOAN (thousands of dollars) 31 1-99 4.74 41 4.0 43.7 10.7 24.5 79.3 32 100-999 4.03 974 3.4 27.6 10.2 40.2 88.2 33 1,000-9,999 3.22 10,206 3.2 13.8 4.1 57.6 68.9 34 10,000 or more 3.23 29,112 3.2 12.5 12.2 42.4 73.8 BASE RATE OF LOAN4 35 Prime7 4.94 7,645 2.8 9.6 53.3 1.0 36 Fed funds 2.68 14,185 3.5 3.8 35.5 67.0 37 Other domestic 2.91 3,019 2.3 9.1 100.0 3.7 38 Foreign 2.98 12,853 3.0 18.3 .0 78.5 91.9 39 Other 3.17 2,632 4.1 54.4 15.1 15.9 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A71 NOTES TO TABLE 4.23 NOTE. The Survey of Terms of Business Lending collects data on gross loan extensions 5. A complete description of these risk categories is available from the Banking Analysis made during the first full business week in the mid-month of each quarter. The authorized Section, Mail Stop 81, Board of Governors of the Federal Reserve System, Washington, DC panel size for the survey is 348 domestically chartered commercial banks and 50 U.S. 20551. The category "Moderate risk" includes the average loan, under average economic branches and agencies of foreign banks. The sample data are used to estimate the terms of conditions, at the typical lender. The category "Other" includes loans rated "acceptable" as loans extended during that week at all domestic commercial banks and all U.S. branches and well as special mention or classified loans. The weighted-average risk rating published for agencies of foreign banks. Note that the terms on loans extended during the survey week may loans in rows 31-39 are calculated by assigning a value of "1" to minimal risk loans; "2" to differ from those extended during other weeks of the quarter. The estimates reported here are low risk loans; "3" to moderate risk loans, "4" to acceptable risk loans; and "5" to special not intended to measure the average terms on all business loans in bank portfolios. mention and classified loans. These values are weighted by loan amount and exclude loans 1. As of March 31, 2001, assets of the large banks were at least $4 billion. Median total with no risk rating. Some of the loans in lines 1,6, 11, 16, 21, 26, and 31-39 are not rated for assets for all insured banks were roughly $80 million. Assets at all U.S. branches and agencies risk. averaged $2.7 billion. 6. The maturity/repricing interval measures the period from the date the loan is made until 2. Effective (compounded) annual interest rates are calculated from the stated rate and it first may reprice or it matures. For floating-rate loans that are subject to repricing at any other terms of the loans and weighted by loan amount. The standard error of the loan rate for time—such as many prime-based loans—the maturity/repricing interval is zero. For floatingall commercial and industrial loans in the current survey (line 1, column 1) is 0.10 percentage rate loans that have a scheduled repricing interval, the maturity/repricing interval measures point. The chances are about two out of three that the average rate shown would differ by less the number of days between the date the loan is made and the date on which it is next than this amount from the average rate that would be found by a complete survey of the scheduled to reprice. For loans having rates that remain fixed until the loan matures universe of all banks. (fixed-rate loans), the matuirty/repricing interval measures the number of days between the 3. Average maturities are weighted by loan amount and exclude loans with no stated date the loan is made and the date on which it matures. Loans that reprice daily mature or maturities. reprice on the business day after they are made. Owing to weekends and holidays, such loans 4. The most common base pricing rate is that used to price the largest dollar volume of may have maturity/repricing intervals in excess of one day; such loans are not included in the loans. Base pricing rates include the prime rate (sometimes referred to as a bank's "base" or "2 to 30 day" category. "reference" rate); the federal funds rate; domestic money market rates other than the prime 7. For the current survey, the average reported prime rate, weighted by the amount of loans rate and the federal funds rate; foreign money market rates; and other base rates not included priced relative to a prime base rate, was 4.78 percent for all banks, 4.75 percent for large in the foregoing classifications. domestic banks, 4.94 percent for small domestic banks, and 4.75 percent for U.S. branches and agencies of foreign banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Special Tables • May 2002 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 20011 Millions of dollars except as noted All states2 New York California Illinois IItteemm in I c T B l o u F t d a s i l 1 n g o IB nl F y s 3 inc T I l B o u F t d a s i l n g I o B n F ly s inc T I l B o u F t d a s i l n g I o B n F ly s inc T I l B o u t F d a s i l n g I o B n F ly s 1 Total assets4 1,031,062 151,103 840,002 113,070 20,599 6,028 39,043 3,229 2 Claims on nonrelated parties 761,602 63,516 627,220 53,258 19,851 2,559 35,038 34 3 Cash and balances due from depository institutions 63,977 22,488 57,834 21,112 710 172 619 3 4 Cash items in process of collection and unposted debits 2,640 0 2,269 0 4 0 42 0 5 Currency and coin (U.S. and foreign) 14 n.a. 9 n.a. 1 n.a. 0 n.a. 6 Balances with depository institutions in United States 43,562 10,864 40,342 10,164 583 78 568 3 7 U.S. branches and agencies of other foreign banks (including their IBFs) 39,735 10,622 37,049 9,936 396 77 453 3 8 Other depository institutions in United States (including their IBFs) 3,826 242 3,293 228 187 1 115 0 9 Balances with banks in foreign countries and with foreign central banks 17,271 11,624 14,851 10,948 96 94 3 0 10 Foreign branches of U.S. banks 548 384 528 364 20 20 0 0 11 Banks in home country and home-country central banks 5,347 2,479 3,643 2,474 5 5 0 0 12 All other banks in foreign countries and foreign central banks 11,377 8,760 10,680 8,109 71 69 2 0 13 Balances with Federal Reserve Banks 490 n.a. 363 n.a. 25 n.a. 7 n.a. 14 Total securities and loans 451,340 34,049 344,854 25,346 18,637 2,322 25,929 30 15 Total securities, book value 129,700 5,763 108,597 5,333 1,387 390 3,794 13 16 U.S. Treasury 20,128 n.a. 19,208 n.a. 58 n.a. 277 n.a. 17 Obligations of U.S. government agencies and corporations 26,725 n.a. 22,350 n.a. 38 n.a. 1,309 n.a. 18 Other bonds, notes, debentures, and corporate stock (including state and local securities) 82,847 5,763 67,039 5,333 1,291 390 2,208 13 19 Securities of foreign governmental units 11,790 3,819 11,573 3,757 155 38 13 13 20 Mortgage-backed securities 19,631 116 15,750 100 210 0 0 0 71 Other asset-backed securities 16,579 18 9,326 18 0 0 0 0 22 All other 34,847 1,810 30,390 1,458 926 352 2,194 0 23 Federal funds sold and securities purchased under agreements to resell 101,065 5,285 98,812 5,226 220 54 244 0 74 Depository institutions in the United States 15,285 2,406 13,768 2,347 220 54 0 0 25 Other 85,780 2,879 85,044 2,879 0 0 244 0 76 Total loans, gross 321,999 28,313 236,552 20,034 17,273 1,932 22,142 16 77 LESS: Unearned income on loans 358 28 295 22 22 1 8 0 28 EQUALS: Loans, net 321,641 28,286 236,257 20,013 17,250 1,931 22,134 16 Total loans, gross, by category 79 Real estate loans 17,954 61 13,847 61 22,,666600 00 113333 00 30 Loans to depository institutions and acceptances of other banks 78,428 14,094 60,896 8,146 3,532 1,761 4,717 16 31 Commercial banks in United States (including their IBFs) 6,692 2,362 4,939 1,201 1,335 1,039 14 0 32 U.S. branches and agencies of other foreign banks 5,193 2,342 3,500 1,181 1,330 1,039 1 0 33 Other commercial banks in United States 1,499 20 1,439 20 5 0 13 0 34 Other depository institutions in United States (including their IBFs) . . . 14 0 0 0 0 0 0 0 35 Banks in foreign countries 17,170 11,158 10,536 6,478 783 722 608 16 36 Foreign branches of U.S. banks 621 477 555 416 21 20 0 0 37 Other banks in foreign countries 16,550 10,681 9,981 6,062 762 702 608 16 38 Loans to other financial institutions 54,551 574 45,421 468 1,413 0 4,095 0 39 Commercial and industrial loans 203,925 12,211 143,293 10,228 10,449 149 16,337 0 40 U.S. addressees (domicile) 167,309 47 118,913 46 9,714 0 14,094 0 41 Non-U.S. addressees (domicile) 36,617 12,164 24,380 10,182 735 149 2,243 0 42 Loans to foreign governments and official institutions (including foreign central banks) 3,774 1,860 2,516 11,,553355 331122 2222 221155 00 43 Loans for purchasing or carrying securities (secured and unsecured) .... 11,179 0 10,652 0 0 0 165 0 44 All other loans 6,180 87 5,140 64 320 0 221 0 45 Lease financing receivables (net of unearned income) 558 0 209 0 0 0 349 0 46 U.S. addressees (domicile) 504 0 209 0 0 0 295 0 47 Non-U.S. addressees (domicile) 54 0 0 0 0 0 54 0 48 Trading assets 112,099 838 96,390 837 59 0 6,707 0 49 All other assets 33,120 855 29,330 736 225 12 1,539 0 50 Customers' liabilities on acceptances outstanding 919 n.a. 667 n.a. 55 n.a. 157 n.a. 51 U.S. addressees (domicile) 414 n.a. 350 n.a. 51 n.a. 5 n.a. 57 Non-U.S. addressees (domicile) 505 n.a. 316 n.a. 4 n.a. 152 n.a. 53 Other assets including other claims on nonrelated parties 32,201 855 28,663 736 169 12 1,383 0 54 Net due from related depository institutions5 269,460 87,587 212,782 59,813 747 3,469 4,005 3,195 55 Net due from head office and other related depository institutions5 269,460 n.a. 212,782 n.a. 747 n.a. 4,005 n.a. 56 Net due from establishing entity, head office, and other related depository institutions5 n.a. 87,587 n.a. 59,813 n.a. 33,,446699 n.a. 33,,119955 57 Total liabilities4 1,031,062 151,103 840,002 113,070 20,599 6,028 39,043 3,229 58 Liabilities to nonrelated parties 880,619 140,421 734,237 103,409 10,362 5,919 34,444 3,206 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. Branches and Agencies A73 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 2001 '—Continued Millions of dollars except as noted All states2 New York California Illinois IItteemm ex I c T B l o u F t d a s i l 3 n g o IB nl F y s 3 exc T IB l o u F t d a s i l ng I o B n F ly s exc T IB l o u F t d a s i l n g I o B n F ly s ex T c IB l o u t F d a s i l ng I o B n F ly s 59 Total deposits and credit balances 448,418 95,880 371,844 75,115 3,129 933 16,102 1,599 60 Individuals, partnerships, and corporations (including certified and official checks) 352,692 9,843 282,467 44,,770088 22,,880011 111155 1144,,889955 55 61 U.S. addressees (domicile) 335,781 72 271,725 50 1,081 0 14,776 0 67. Non-U.S. addressees (domicile) 16,911 9,771 10,743 4,658 1,720 115 119 5 63 Commercial banks in United States (including their IBFs) 58,259 10,320 54,310 8,857 304 33 1,066 172 64 U.S. branches and agencies of other foreign banks 18,700 9,442 16,686 8,102 32 33 140 154 65 Other commercial banks in United States 39,559 878 37,624 755 272 0 926 18 66 Banks in foreign countries 9,334 49,098 8,723 40,272 16 112 0 612 67 Foreign branches of U.S. banks 1,444 1,790 1,441 1,364 0 0 0 77 68 Other banks in foreign countries 7,889 47,307 7,282 38,908 16 112 0 534 69 Foreign governments and official institutions (including foreign central banks) 8,114 26,616 7,782 21,275 7 667722 00 881111 70 All other deposits and credit balances 20,018 3 18,562 3 1 0 140 0 71 Transaction accounts and credit balances (excluding IBFs) 9,528 n.a. 6,828 n.a. 309 n.a. 718 n.a. 72 Individuals, partnerships, and corporations (including certified and official checks) 8,101 n.a. 5,662 n.a. 228899 n.a. 771177 n.a. 73 U.S. addressees (domicile) 5,769 n.a. 4,431 n.a. 130 n.a. 714 n.a. 74 Non-U.S. addressees (domicile) 2,332 n.a. 1,232 n.a. 159 n.a. 3 n.a. 75 Commercial banks in United States (including their IBFs) 108 n.a. 105 n.a. 1 n.a. 0 n.a. 76 U.S. branches and agencies of other foreign banks 3 n.a. 2 n.a. 0 n.a. 0 n.a. 77 Other commercial banks in United States 105 n.a. 102 n.a. 1 n.a. 0 n.a. 78 Banks in foreign countries 744 n.a. 548 n.a. 16 n.a. 0 n.a. 79 Foreign branches of U.S. banks 5 n.a. 5 n.a. 0 n.a. 0 n.a. 80 Other banks in foreign countries 739 n.a. 543 n.a. 16 n.a. 0 n.a. 81 Foreign governments and official institutions (including foreign central banks) 442244 n.a. 338822 n.a. 2 n.a. 00 n.a. 82 All other deposits and credit balances 151 n.a. 132 n.a. 1 n.a. 0 n.a. 83 Nontransaction accounts (including MMDAs, excluding IBFs) 438,889 n.a. 365,015 n.a. 2,821 n.a. 15,385 n.a. 84 Individuals, partnerships, and corporations (including certified and official checks) 344,591 n.a. 276,805 n.a. 2,512 n.a. 1144,,117788 n.a. 85 U.S. addressees (domicile) 330,012 n.a. 267,294 n.a. 951 n.a. 14,062 n.a. 86 Non-U.S. addressees (domicile) 14,578 n.a. 9,511 n.a. 1,561 n.a. 116 n.a. 87 Commercial banks in United States (including their IBFs) 58,151 n.a. 54,205 n.a. 303 n.a. 1,066 n.a. 88 U.S. branches and agencies of other foreign banks 18,697 n.a. 16,684 n.a. 32 n.a. 140 n.a. 89 Other commercial banks in United States 39,454 n.a. 37,521 n.a. 271 n.a. 926 n.a. 90 Banks in foreign countries 8,590 n.a. 8,175 n.a. 0 n.a. 0 n.a. 91 Foreign branches of U.S. banks 1,439 n.a. 1,436 n.a. 0 n.a. 0 n.a. 92 Other banks in foreign countries 7,151 n.a. 6,739 n.a. 0 n.a. 0 n.a. 93 Foreign governments and official institutions (including foreign central banks) 77,,669900 n.a. 77,,440000 n.a. 5 n.a. 00 n.a. 94 All other deposits and credit balances 19,867 n.a. 18,430 n.a. 0 n.a. 140 n.a. 95 IBF deposit liabilities n.a. 95,880 n.a. 75,115 n.a. 933 n.a. 1,599 96 Individuals, partnerships, and corporations (including certified and official checks) n.a. 9,843 n.a. 4,708 n.a. 111155 n.a. 5 97 U.S. addressees (domicile) n.a. 72 n.a. 50 n.a. 0 n.a. 0 98 Non U.S. addressees (domicile) n.a. 9,771 n.a. 4,658 n.a. 115 n.a. 5 99 Commercial banks in United States (including their IBFs) n.a. 10,320 n.a. 8,857 n.a. 33 n.a. 172 100 U.S. branches and agencies of other foreign banks n.a. 9,442 n.a. 8,102 n.a. 33 n.a. 154 101 Other commercial banks in United States n.a. 878 n.a. 755 n.a. 0 n.a. 18 102 Banks in foreign countries n.a. 49,098 n.a. 40,272 n.a. 112 n.a. 612 103 Foreign branches of U.S. banks n.a. 1,790 n.a. 1,364 n.a. 0 n.a. 77 104 Other banks in foreign countries n.a. 47,307 n.a. 38,908 n.a. 112 n.a. 534 105 Foreign governments and official institutions (including foreign central banks) n.a. 26,616 n.a. 21,275 n.a. 672 n.a. 881111 106 All other deposits and credit balances n.a. 3 n.a. 3 n.a. 0 n.a. 0 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A74 Special Tables • May 2002 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 2001'—Continued Millions of dollars except as noted All states2 New York California Illinois IItteemm in I c T B l o u F t d a s i l 3 n g o IB nl F y s 3 inc T I l B o u t F d a s i l n g I o B n F ly s inc T I l B o u t F d a s i l n g I o B n F ly s inc T I l B o u t F d a s i l n g I o B n F ly s 107 Federal funds purchased and securities sold under agreements to repurchase 167,617 23,984 148,318 13,677 1,105 313 4,700 1,385 108 Depository institutions in the United States 27,667 5,927 19,589 1,872 774 218 1,489 315 109 Other 139,949 18,057 128,728 11,804 330 95 3,211 1,070 110 Other borrowed money 77,567 19,381 62,319 13,656 5,003 4,646 5,258 209 111 Owed to nonrelated commercial banks in United States (including their IBFs) 11,556 3,370 9,567 2,527 802 744 562 25 112 Owed to U.S. offices of nonrelated U.S. banks 6,530 678 5,866 580 126 78 427 0 113 Owed to U.S. branches and agencies of nonrelated foreign banks 5,026 2,691 3,702 1,947 676 666 135 25 1 14 Owed to nonrelated banks in foreign countries 14,263 12,092 10,343 8,411 3,101 3,052 184 184 115 Owed to foreign branches of nonrelated U.S. banks 1,211 950 904 765 185 185 0 0 116 Owed to foreign offices of nonrelated foreign banks 13,052 11,142 9,439 7,645 2,917 2,867 184 184 117 Owed to others 51,748 3,919 42,408 2,719 1,100 850 4,513 0 118 All other liabilities 91,137 1,177 76,642 961 192 27 6,784 13 119 Branch or agency liability on acceptances executed and outstanding 1,023 n.a. 680 n.a. 56 n.a. 241 n.a. 120 Trading liabilities 59,319 100 48,524 98 19 0 5,292 2 121 Other liabilities to nonrelated parties 30,795 1,077 27,438 864 117 27 1,251 11 122 Net due to related depository institutions5 150,444 10,682 105,765 9,661 10,237 109 4,599 24 123 Net due to head office and other related depository institutions5 150,444 n.a. 105,765 n.a. 10,237 n.a. 4,599 n.a. 124 Net due to establishing entity, head office, and other related depository institutions5 n.a. 10,682 n.a. 9,661 n.a. 109 n.a. 24 MEMO 125 Holdings of own acceptances included in commercial and industrial loans 929 n.a. 500 n.a. 1 n.a. 150 n.a. 126 Commercial and industrial loans with remaining maturity of one year or less (excluding those in nonaccrual status) 95,279 n.a. 62,043 n.a. 5,682 n.a. 12,042 n.a. 127 Predetermined interest rates 45,850 n.a. 24,454 n.a. 3,216 n.a. 9,416 n.a. 128 Floating interest rates 49,429 n.a. 37,589 n.a. 2,465 n.a. 2,627 n.a. 129 Commercial and industrial loans with remaining maturity of more than one year (excluding those in nonaccrual status) 101,859 n.a. 76,531 n.a. 4,553 n.a. 4,051 n.a. 130 Predetermined interest rates 18,512 n.a. 13,975 n.a. 629 n.a. 605 n.a. 131 Floating interest rates 83,347 n.a. 62,556 n.a. 3,924 n.a. 3,446 n.a. Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. Branches and Agencies A75 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 2001 '—Continued Millions of dollars except as noted All states2 New York California Illinois IItteemm ex I c T B l o u F t d a s i l 3 n g o IB nl F y s 3 ex T c IB l o u F t d a s i l ng I o B n F ly s exc T IB l o u F t d a s i l ng I o B n F ly s exc T IB l o u F t d a s i l n g I o B n F ly s 111133332222 CCCCoooommmmppppoooonnnneeeennnnttttssss ooooffff ttttoooottttaaaallll nnnnoooonnnnttttrrrraaaannnnssssaaaaccccttttiiiioooonnnn aaaaccccccccoooouuuunnnnttttssss,,,, iiiinnnncccclllluuuuddddeeeedddd iiiinnnn ttttoooottttaaaallll ddddeeeeppppoooossssiiiittttssss aaaannnndddd ccccrrrreeeeddddiiiitttt bbbbaaaallllaaaannnncccceeeessss 437,190 n.a. 363,868 n.a. 2,608 n.a. 15,635 n.a. 111133333333 TTTTiiiimmmmeeee ddddeeeeppppoooossssiiiittttssss ooooffff $$$$ 111100000000,,,,000000000000 oooorrrr mmmmoooorrrreeee 430,313 n.a. 357,748 n.a. 2,599 n.a. 15,323 n.a. 111133334444 TTTTiiiimmmmeeee CCCCDDDDssss iiiinnnn ddddeeeennnnoooommmmiiiinnnnaaaattttiiiioooonnnnssss ooooffff $$$$111100000000,,,,000000000000 oooorrrr mmmmoooorrrreeee wwwwiiiitttthhhh rrrreeeemmmmaaaaiiiinnnniiiinnnngggg mmmmaaaattttuuuurrrriiiittttyyyy ooooffff mmmmoooorrrreeee tttthhhhaaaannnn 11112222 mmmmoooonnnntttthhhhssss 6,877 n.a. 6,120 n.a. 9 n.a. 312 n.a. All states2 New York California Illinois Total Total Total Total including IBFs including IBFs including IBFs including IBFs IBFs3 only3 IBFs only IBFs only IBFs only 111133335555 IIIImmmmmmmmeeeeddddiiiiaaaatttteeeellllyyyy aaaavvvvaaaaiiiillllaaaabbbblllleeee ffffuuuunnnnddddssss wwwwiiiitttthhhh aaaa mmmmaaaattttuuuurrrriiiittttyyyy ggggrrrreeeeaaaatttteeeerrrr tttthhhhaaaannnn oooonnnneeee ddddaaaayyyy iiiinnnncccclllluuuuddddeeeedddd iiiinnnn ooootttthhhheeeerrrr bbbboooorrrrrrrroooowwwweeeedddd mmmmoooonnnneeeeyyyy 32,698 n.a. 27,239 n.a. 2,772 n.a. 787 n.a. 111133336666 NNNNuuuummmmbbbbeeeerrrr ooooffff rrrreeeeppppoooorrrrttttssss ffffiiiilllleeeedddd6666 317 0 164 0 63 0 23 0 1. Data are aggregates of categories reported on the quarterly form FFIEC 002, "Report of either because the item is not an eligible IBF asset or liability or because that level of detail is Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks." The form was first not reported for IBFs. From December 1981 through September 1985, IBF data were used for reporting data as of June 30, 1980, and was revised as of December 31, 1985. From included in all applicable items reported. November 1972 through May 1980, U.S. branches and agencies of foreign banks had filed a 4. Total assets and total liabilities include net balances, if any, due from or owed to related monthly FR 886a report. Aggregate data from that report were available through the Federal banking institutions in the United States and in foreign countries (see note 5). On the former Reserve monthly statistical release G.l 1, last issued on July 10, 1980. Data in this table and in monthly branch and agency report, available through the G.ll monthly statistical release, the G. 11 tables are not strictly comparable because of differences in reporting panels and in gross balances were included in total assets and total liabilities. Therefore, total asset and total definitions of balance sheet items. liability figures in this table are not comparable to those in the G.l 1 tables. 2. Includes the District of Columbia. 5. Related depository institutions includes the foreign head office and other U.S. and 3. Effective December 1981, the Federal Reserve Board amended Regulations D and Q to foreign branches and agencies of a bank, a bank's parent holding company, and majoritypermit banking offices located in the United States to operate international banking facilities owned banking subsidiaries of the bank and of its parent holding company (including (IBFs). Since December 31, 1985, data for IBFs have been reported in a separate column. subsidiaries owned both directly and indirectly). These data are either included in or excluded from the total columns as indicated in the 6. In some cases, two or more offices of a foreign bank within the same metropolitan area headings. The notation "n.a." indicates that no IBF data have been reported for that item, file a consolidated report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

101 Federal Reserve Bulletin • May 2002 Index to Statistical Tables References are to pages A3-A75, although the prefix " " 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 of Commercial banks, 15-21, 64—65 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 banks, U.S. branches and agencies, 72-5 Treasury operating balance, 25 Foreign-related institutions, 20 Federal Financing Bank, 30 Automobiles Federal funds, 23, 25 Consumer credit, 36 Federal Home Loan Banks, 30 Production, 44, 45 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, 72-5 (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 Federally sponsored credit agencies, 30 CAPACITY utilization, 43 Finance companies Capital accounts Commercial banks, 15-21, 64-65 Assets and liabilities, 32 Federal Reserve Banks, 10 Business credit, 33 Certificates of deposit, 23 Loans, 36 Commercial and industrial loans Paper, 22, 23 Float, 5 Commercial banks, 15-21, 64-65, 66-71 Weekly reporting banks, 17, 18 Flow of funds, 37-41 Commercial banks Foreign banks, US. branches and agencies, 72-5 Assets and liabilities, 15-21, 64-65 Foreign currency operations, 10 Commercial and industrial loans, 15-21, 64-65, 66-71 Foreign deposits in U.S. banks, 5 Consumer loans held, by type and terms, 36, 66-71 Foreign exchange rates, 62 Real estate mortgages held, by holder and property, 35 Foreign-related institutions, 20 Terms of lending, 64-65 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) HOUSING, new and existing units, 46 Credit unions, 36 Currency in circulation, 5, 13 INCOME, personal and national, 42, 48, 49 Customer credit, stock market, 24 Industrial production, 42, 44 Insurance companies, 27, 35 DEBT (See specific types of debt or securities) Interest rates Demand deposits, 15—21 Bonds, 23 Depository institutions Commercial banks, 66-71 Reserve requirements, 8 Consumer credit, 36 Reserves and related items, 4-6, 12, 64-65 Federal Reserve Banks, 7 Deposits (See also specific types) Money and capital markets, 23 Commercial banks, 4, 15-21, 64-65 Mortgages, 34 Federal Reserve Banks, 5, 10 Prime rate, 22, 66-71 Discount rates at Reserve Banks and at foreign central banks and International capital transactions of United States, 50-61 foreign countries (See Interest rates) International organizations, 52, 53, 55, 58, 59 Discounts and advances by Reserve Banks (See Loans) Inventories, 48 Dividends, corporate, 32 Investment companies, issues and assets, 32 Investments (See also specific types) EMPLOYMENT, 42 Commercial banks, 4, 15-21, 66-71 Euro, 62 Federal Reserve Banks, 10, 11 Financial institutions, 35 FARM mortgage loans, 35 Federal agency obligations, 5, 9-11, 28, 29 LABOR force, 42 Federal credit agencies, 30 Life insurance companies (See Insurance companies) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A77 Loans (See also specific types) Savings deposits (See Time and savings deposits) Commercial banks, 15-21, 64-65, 66-71 Savings institutions, 35, 36, 37-41 Federal Reserve Banks, 5-7, 10, 11 Securities (See also specific types) Financial institutions, 35 Federal and federally sponsored credit agencies, 30 Foreign banks, U.S. branches and agencies, 72-5 Foreign transactions, 60 Insured or guaranteed by United States, 34, 35 New issues, 31 Prices, 24 MANUFACTURING Special drawing rights, 5, 10, 50, 51 Capacity utilization, 43 State and local governments Production, 43, 45 Holdings of U.S. government securities, 27 Margin requirements, 24 New security issues, 31 Member banks, reserve requirements, 8 Rates on securities, 23 Mining production, 45 Stock market, selected statistics, 24 Mobile homes shipped, 46 Stocks (See also Securities) Monetary and credit aggregates, 4, 12 New issues, 31 Money and capital market rates, 23 Prices, 24 Money stock measures and components, 4, 13 Mortgages (See Real estate loans) Student Loan Marketing Association, 30 Mutual funds, 13, 32 Mutual savings banks (See Thrift institutions) TAX receipts, federal, 26 Thrift institutions, 4 (See also Credit unions and Savings NATIONAL defense outlays, 26 institutions) National income, 48 Time and savings deposits, 4, 13, 15-21, 64—65 Trade, foreign, 51 OPEN market transactions, 9 Treasury cash, Treasury currency, 5 Treasury deposits, 5, 10, 25 PERSONAL income, 49 Treasury operating balance, 25 Prices UNEMPLOYMENT, 42 Consumer and producer, 42, 47 U.S. government balances Stock market, 24 Commercial bank holdings, 15-21 Prime rate, 22, 66-71 Treasury deposits at Reserve Banks, 5, 10, 25 Producer prices, 42, 47 U.S. government securities Production, 42, 44 Bank holdings, 15-21, 27 Profits, corporate, 32 Dealer transactions, positions, and financing, 29 Federal Reserve Bank holdings, 5, 10, 11, 27 REAL estate loans Foreign and international holdings and transactions, 10, 27, 61 Banks, 15-21, 35 Open market transactions, 9 Terms, yields, and activity, 34 Outstanding, by type and holder, 27, 28 Type and holder and property mortgaged, 35 Rates, 23 Reserve requirements, 8 U.S. international transactions, 50-62 Reserves Utilities, production, 45 Commercial banks, 15-21 Depository institutions, 4-6, 12 VETERANS Affairs, Department of, 34, 35 Federal Reserve Banks, 10 U.S. reserve assets, 51 WEEKLY reporting banks, 17, 18 Residential mortgage loans, 34, 35 Wholesale (producer) prices, 42, 47 Retail credit and retail sales, 36, 42 YIELDS (See Interest rates) SAVING Flow of funds, 37-41 National income accounts, 48 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

103 Federal Reserve Bulletin • May 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 AND REGULATION—Continued LYNN S. FOX, Assistant to the Board 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 ALICE PATRICIA WHITE, Assistant Director GERALD A. EDWARDS, JR., Associate 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 DIVISION OF MONETARY AFFAIRS MOLLY S. WASSOM, Associate Director 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

A79 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 P. 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

105 Federal Reserve Bulletin • May 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.Y. 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 MICHAEL E. O'NEILL, Twelfth District JAMES ANNABLE, Co-Secretary WILLIAM J. KORSVIK, Co-Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A81 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

107 Federal Reserve Bulletin • May 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

A83 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 Studies and papers on economic and financial subjects that are of PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, by Stephen A. Rhoades. July 1994. 37 pp. general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and 169 are out of print, but photocopies of them are available. Staff 170. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGU- Studies 165 174 are available on line at www.federalreserve.gov/ LATIONS: AN ANALYSIS OF EXPERIENCE WITH THE TRUTH pubs/staffstudies. Requests to obtain single copies of any paper or IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. to be added to the mailing list for the series may be sent to Publications Services. 171. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- 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

109 Federal Reserve Bulletin • May 2002 Maps of the Federal Reserve System EW YORK ^DELPHIA HAWAII LEGEND Both pages Facing page • Federal Reserve Bank city • Federal Reserve Branch city • Board of Governors of the Federal — Branch boundary Reserve System, Washington, D.C. NOTE The Federal Reserve officially identifies Districts by num- of Puerto Rico and the U.S. Virgin Islands; the San Franber and Reserve Bank city (shown on both pages) and by cisco Bank serves American Samoa, Guam, and the Comletter (shown on the facing page). monwealth of the Northern Mariana Islands. The Board of In the 12th District, the Seattle Branch serves Alaska, Governors revised the branch boundaries of the System and the San Francisco Bank serves Hawaii. most recently in February 1996. The System serves commonwealths and territories as follows: the New York Bank serves the Commonwealth Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A85 1—A 2-B 3-C 4-D 5-E Pittsburgh Bavltimtofrej rM D NY VAB / •J wv NC Buffalo cinnati •Chariot i e ^ NY sc BOSTON NEW YORK PHILADELPHIA CLEVELAND RICHMOND 7-G 8-H KY IZ4/ sville MO AR ^ ••Memphis Little Rock MMtS ATLANTA CHICAGO ST. LOUIS 9-1 MN V ^ V ^ Y l - . ' . V ^ i- • •HHfiat*. • M MINNEAPOLIS 10-J 12-L •vi.vf' - ••' a ••fS'^.B:' m •> \L \SK \ WA .IM-' . B rH : — Seattle P Oklahoma Cit> Portland OK KANSAS CITY 11-K * ' - ) Sail l ie City "-J L^. UT •Los Angeles * HAWAII V. A / DALLAS SAN FRANCISCO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

111 Federal Reserve Bulletin • May 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 JJaammeess MM.. LLyyoonn 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. Gay lord 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

A87 Publications of Interest FEDERAL RESERVE REGULATORY SERVICE To promote public understanding of its regulatory func- The Payment System Handbook deals with expedited tions, the Board publishes the Federal Reserve Regu- funds availability, check collection, wire transfers, and latory Service, a four-volume loose-leaf service con- risk-reduction policy. It includes Regulations CC, J, and taining all Board regulations as well as related statutes, EE, related statutes and commentaries, and policy interpretations, policy statements, rulings, and staff statements on risk reduction in the payment system. opinions. For those with a more specialized interest in For domestic subscribers, the annual rate is $200 for the Board's regulations, parts of this service are pub- the Federal Reserve Regulatory Service and $75 for lished separately as handbooks pertaining to monetary each handbook. For subscribers outside the United policy, securities credit, consumer affairs, and the pay- States, the price including additional air mail costs is ment system. $250 for the service and $90 for each handbook. These publications are designed to help those who The Federal Reserve Regulatory Service is also availmust frequently refer to the Board's regulatory materi- able on CD-ROM for use on personal computers. For a als. They are updated monthly, and each contains cita- standalone PC, the annual subscription fee is $300. For tion indexes and a subject index. network subscriptions, the annual fee is $300 for 1 con- The Monetary Policy and Reserve Requirements current user, $750 for a maximum of 10 concurrent Handbook contains Regulations A, D, and Q, plus users, $2,000 for a maximum of 50 concurrent users, related materials. and $3,000 for a maximum of 100 concurrent users. The Securities Credit Transactions Handbook con- Subscribers outside the United States should add $50 tains Regulations T, U, and X, dealing with exten- to cover additional airmail costs. For further informasions of credit for the purchase of securities, together tion, call (202) 452-3244. with related statutes, Board interpretations, rulings, All subscription requests must be accompanied by a and staff opinions. Also included is the Board's list of check or money order payable to the Board of Goverforeign margin stocks. nors of the Federal Reserve System. Orders should be The Consumer and Community Affairs Handbook addressed to Publications Services, mail stop 127, Board contains Regulations B, C, E, G, M, P, Z, AA, BB, and of Governors of the Federal Reserve System, Washing- DD, and associated materials. ton, DC 20551. GUIDE TO THE FLOW OF FUNDS ACCOUNTS A new edition of Guide to the Flow of Funds Accounts and describes how the series is derived from source is now available from the Board of Governors. The new data. The Guide also explains the relationship between edition incorporates changes to the accounts since the the flow of funds accounts and the national income and initial edition was published in 1993. Like the earlier product accounts and discusses the analytical uses of publication, it explains the principles underlying the flow of funds data. The publication can be purchased, flow of funds accounts and describes how the accounts for $20.00, from Publications Services, Mail Stop 127, are constructed. It lists each flow series in the Board's Board of Governors of the Federal Reserve System, flow of funds publication, "Flow of Funds Accounts of Washington, DC 20551. the United States" (the Z.l quarterly statistical release), Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

113 Federal Reserve Bulletin • May 2002 Federal Reserve Statistical Releases Available on the Commerce Department's Economic Bulletin Board The Board of Governors of the Federal Reserve Sys- For further information regarding a subscription to tem makes some of its statistical releases available to the economic bulletin board, please call (202) 482the public through the U.S. Department of Com- 1986. The releases transmitted to the economic bullemerce's economic bulletin board. Computer access tin board, on a regular basis, are the following: to the releases can be obtained by subscription. Reference Number Statistical release Frequency of release H.3 Aggregate Reserves Weekly/Thursday H.4.1 Factors Affecting Reserve Balances Weekly/Thursday H.6 Money Stock Weekly/Thursday H.8 Assets and Liabilities of Insured Domestically Chartered Weekly/Monday and Foreign Related Banking Institutions H.10 Foreign Exchange Rates Weekly/Monday H.15 Selected Interest Rates Weekly/Monday G.5 Foreign Exchange Rates Monthly/end of month G.17 Industrial Production and Capacity Utilization Monthly/midmonth G.19 Consumer Installment Credit Monthly/fifth business day Z. 1 Flow of Funds Quarterly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis