Federal Reserve Bulletin, 2002-06
Volume 88 • Number 6 • June 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 259 PROFITS AND BALANCE SHEET Discontinuance of ten statistical tables in the DEVELOPMENTS AT U.S. COMMERCIAL Federal Reserve Bulletin. BANKS IN 2001 Enforcement action. Despite the economic slowdown, the profitability of the U.S. commercial banking industry 293 LEGAL DEVELOPMENTS remained high in 2001. Although the weak econ- Various bank holding company, bank service omy contributed to a sharp rise in provisions for corporation, and bank merger orders; and pendloan and lease losses, those losses were offset ing cases. in large part by an advance in realized gains on investment account securities as banks' portfolios benefited from declining short- and AI FINANCIAL AND BUSINESS STATISTICS intermediate-term market interest rates. Profits These tables reflect data available as of were also supported by reductions in noninterest April 25, 2002. expense, as large merger-related charges in 2000 were not repeated last year. Lower short-term A3 GUIDE TO TABLES interest rates also spurred a rapid increase in core deposits, which provided banks with plenti- A4 Domestic Financial Statistics ful, low-interest-rate funding. The expansion of A42 Domestic Nonfinancial Statistics bank balance sheets was slower in 2001 than in A50 International Statistics the preceding year, as weaker economic activity held down growth in loans to businesses. Loans A63 GUIDE TO SPECIAL TABLES AND to households advanced relatively rapidly, STATISTICAL RELEASES though at a somewhat slower pace than in 2000. An increase in the share of banks' portfolios A64 INDEX TO STATISTICAL TABLES consisting of mortgage-backed securities issued by government agencies, which have lower risk A66 BOARD OF GOVERNORS AND STAFF weights than loans, together with continued strong earnings, contributed to an increase in A68 FEDERAL OPEN MARKET COMMITTEE AND risk-based capital ratios. STAFF; ADVISORY COUNCILS 289 ANNOUNCEMENTS A70 FEDERAL RESERVE BOARD PUBLICATIONS Postponement of recent amendments to Regulation C (Home Mortgage Disclosure Act). A72 SCHEDULE OF RELEASE DATES FOR PERIODIC RELEASES Interagency guidance on risks of parallel-owned banking organizations. A74 MAPS OF THE FEDERAL RESERVE SYSTEM Availability of the Board's 88th Annual Report, 2001 and the Annual Report, Budget Review, A76 FEDERAL RESERVE BANKS, BRANCHES, 2002. AND OFFICES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 William F. Bassett and Mark Carlson, of the Board's term interest rates moved down considerably. During Division of Monetary Affairs, prepared this article. the first half of 2001, interest rates on residential Thomas C. Allard assisted in developing the database mortgages remained well below the average for 2000, used in this article and was responsible for maintain- and their further decline during the third quarter of ing it. Mark Gibson provided research assistance. last year significantly boosted an already high level of refinancing activity in that market. Investment- Despite the economic slowdown in 2001, the profit- grade corporate bond yields also fell well below their ability of the U.S. commercial banking industry average level in 2000 and prompted an increased remained high (chart 1). The weak economy contrib- volume of corporate bond issuance. Favorable condiuted to a sharp rise in provisions for loan and lease tions in the corporate bond market led to a substantial losses, as did, in the fourth quarter, the collapse of paydown of commercial paper last year; however, a Enron and the economic turmoil in Argentina. How- considerable number of corporate debt downgrades ever, the rise in provisioning was offset in large part and investors' increased aversion to risk also conby realized gains on investment account securities; tributed to the runoff. The terrorist attacks and revethese gains developed as banks' portfolios benefited lations of corporate accounting irregularities also from declining short- and intermediate-term market heightened investors' perceptions of risk last year, interest rates (chart 2). Profitability was also sup- and yields on below-investment-grade corporate ported by reductions in noninterest costs and by a bonds rose throughout much of the year and were small rise in net interest income. somewhat volatile. In response to the slowing economy, the Federal Aside from loan losses, the economic slowdown Reserve eased policy eleven times last year and short- and changes in market interest rates had a number of other effects on banks' balance sheets last year. Lower short-term interest rates spurred a sharp NOTE. Except where otherwise indicated, data in this article are from the quarterly Reports of Condition and Income (Call Reports) for increase in core deposits, which provided banks with insured domestic commercial banks and nondeposit trust companies plentiful, low-interest-rate funding, even as their asset (hereafter, banks); the most recent data are from the December 2001 growth slowed between 2000 and 2001. Loan growth Call Reports. The data consolidate information from foreign and domestic offices and have been adjusted to take account of mergers. was restrained, largely because of reduced demand For additional information on the adjustments to the data, see the for commercial and industrial loans associated with appendix in William B. English and William R. Nelson, "Profits and Balance Sheet Developments at U.S. Commercial Banks in 1997," Federal Reserve Bulletin, vol. 84 (June 1998), p. 408. Size categories, based on assets at the start of each quarter, are as follows: the 10 1. Measures of bank profitability, 1985-2001 largest banks, large banks (those ranked 11 through 100), mediumsized banks (those ranked 101 through 1,000), and small banks. At the start of the fourth quarter of 2001, the approximate asset sizes of the banks in those groups were as follows: the 10 largest banks, more than $87 billion; large banks, $7 billion to $85 billion; medium-sized banks, $352 million to $6.9 billion; and small banks, less than $352 million. Many of the data series reported here begin in 1985 because the Call Reports were significantly revised in 1984. Data for 1984 and earlier years are taken from Federal Deposit Insurance Corporation, Statistics on Banking (FDIC, 1999). The data reported here are also available on the Internet at http://www.fdic.gov/bank/statistical/ statistics/index.html. Data shown in this article may not match data published in earlier years because of revisions and corrections. In the tables, components may not sum to totals because of rounding. Appendix table A.1, A-E, reports portfolio composition, income, and expense items, all as a percentage of average net consolidated costs. Appendix table A.2 reports income statement data for all banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
260 Federal Reserve Bulletin • June 2002 2. Selected interest rates, 1999-2002:Q 1 3. Number of banks and share of assets at the largest banks, 1985-2001 Percent 8 Number Ten-year Treasury security 7 6 5 Intended federal funds rate 4 3 2 High-yield bonds NOTE. For definition of bank size, see text note 1. Moody's Baa corporate bond number of commercial banks operating in the United States, to 8,129 as of December 31, 2001 (chart 3).1 Mergers between Chase Manhattan and Morgan Guaranty and between U.S. Bank and Firstar Bank enlarged the share of bank assets held by the 10 SOURCE. For intended federal funds rate. Federal Reserve Board largest commercial banks from 38 percent in 2000 to (www.federalreserve.gov/fomc/fundsrate.htm); for Treasury security rates, 40 percent in 2001. However, the share of assets held mortgage rate, and Moody's bond rates, Federal Reserve Board, Statistical Release H.15, "Selected Interest Rates" (www.federalreserve.gov/ by the 100 largest banks edged up only slightly, to releases/hl5); for high-yield bond rates, Merrill Lynch Master II index. 73 percent. The number of mergers between bank holding the sluggish economy and a paydown of such obli- companies (BHCs) declined from 180 in 2000 to 155 gations with the proceeds of bond issuance. However, in 2001, and the share of banking and nonbanking a strong residential real estate sector continued to assets held by the top 50 BHCs ticked up, to almost generate substantial credit demands, which banks 78 percent last year. However, newly created BHCs helped meet both by direct lending and by accelerat- pushed up the total number of BHCs by 11 over the ing acquisitions of mortgage-backed securities. Sub- year, to 5,943. Finally, the number of BHCs that have stantial retained earnings and the increased share of acquired financial holding company status, which government agency securities (which have lower increases the scope of their allowed activities under capital charges than loans) in banks' portfolios con- the Gramm-Leach-Bliley Act, rose to 672 in 2001 tributed to an increase in risk-based capital ratios. from 552 at the end of 2000. According to the FDIC, four banks failed and required government assistance to dispose of their insured deposits and assets last year, down from BALANCE SHEET DEVELOPMENTS seven in 2000. Although the amount of assets held at the time of failure, $1.8 billion, was a tiny percentage Total bank assets grew 5.2 percent in 2001, down of total industry assets, it was more than four times from 8.7 percent in 2000 but about equal to the pace greater than the previous year. The number of com- in 1999 (table 1). The slowdown was caused entirely mercial banks that merged, were bought outright, or otherwise changed their charters fell from 475 in 1. This count of commercial banks, derived from Call Report data, 2000 to 376 in 2001. Meanwhile, 149 new banks may vary slightly from measures, such as those in the Federal were created in 2001, down from 217 in 2000 and the Reserve's Annual Report, that are based on the definition of a bank given in the Bank Holding Company Act and implemented in the fewest since 1995. The result was a reduction in the Federal Reserve's Regulation Y. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 261 1. Annual rates of growth of balance sheet items, 1992-2001 Percent MEMO: Dec. 2001 Item 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 (billions of dollars) Assets 2.19 5.68 8.06 7.55 6.10 9.23 8.25 5.43 8.74 5.22 6,492 Interest-earning assets 2.56 6.43 5.29 7.77 5.79 8.67 8.29 5.83 8.72 4.03 5,582 Loans and leases (net) -1.04 6.05 9.83 10.53 8.12 5.33 8.90 8.03 9.34 1.79 3,778 Commercial and industrial -1.10 .52 9.33 12.26 7.24 12.02 12.94 7.88 8.44 -6.63 975 Real estate 1.94 6.13 7.90 8.32 5.45 9.30 7.99 12.22 10.71 7.77 1,787 Booked in domestic offices 2.57 6.17 7.64 8.47 5.51 9.52 7.97 12.36 10.99 7.85 1,754 One- to four-family residential 7.53 11.08 10.09 10.05 4.66 9.67 6.36 9.70 9.24 5.56 959 Other -2.86 .22 4.35 6.24 6.75 9.32 10.29 16.06 13.28 10.75 795 Booked in foreign offices -17.80 4.67 18.35 2.81 3.18 .34 8.79 6.28 -1.62 3.94 33 Consumer -1.66 9.06 16.01 9.50 4.90 -2.19 .99 -1.47 8.06 4.39 611 Other loans and leases -1.24 9.98 5.29 14.23 22.28 -7.91 14.06 6.69 8.06 -2.18 479 Loan-loss reserves and unearned income -1.85 -5.82 -2.21 .25 -.06 -.49 3.47 2.35 8.02 12.60 74 Securities 12.29 12.26 -4.14 .57 .86 8.85 8.40 5.11 6.35 7.64 1,312 Investment account 11.44 8.11 -1.73 -1.58 -1.10 8.66 12.06 6.68 2.85 9.32 1,157 U.S. Treasury n.a. n.a. n.a. -19.21 14.28 -8.86 -25.17 -1.89 -32.72 -40.50 44 U.S. government agency and corporation obligations n.a. n.a. n.a. 6.43 3.63 14.18 17.00 1.83 3.75 13.39 701 Other n.a. n.a. n.a. 4.20 1.83 11.20 26.99 20.90 13.37 12.58 412 Trading account 21.01 51.84 -20.46 18.51 14.44 10.00 -13.32 -6.93 37.16 -3.48 155 Other 1.89 -8.10 3.30 8.60 1.04 38.55 3.80 -8.37 10.29 13.03 492 Non-interest-earning assets -.65 -.30 31.61 6.06 8.28 13.04 7.98 2.81 8.87 13.16 910 Liabilities 1.35 5.12 8.31 7.17 5.96 9.12 8.13 5.57 8.58 4.52 5,904 Core deposits 5.09 1.49 -.17 3.96 4.13 4.52 7.05 .23 7.53 10.74 3,186 Transaction deposits 14.62 5.47 -.32 -3.09 -3.44 -4.55 -1.41 -8.97 -1.31 10.16 739 Savings and small time deposits .18 -.85 -.07 8.37 8.35 9.03 10.73 3.80 10.53 10.92 2,448 Managed liabilities' -6.07 12.30 17.58 10.44 9.66 13.83 9.60 15.50 8.79 -2.82 2,302 Deposits booked in foreign offices -5.85 15.06 30.89 5.13 4.27 11.13 8.71 14.60 7.84 -10.97 629 Large time -26.20 -9.21 8.72 19.61 21.17 20.14 9.09 14.19 19.35 -3.75 542 Subordinated notes and debentures 34.90 10.82 9.23 6.61 17.74 21.05 17.00 5.07 13.98 9.57 95 Other managed liabilities 6.94 22.18 12.91 11.24 8.21 12.23 9.88 17.69 3.91 2.33 1,036 Other -1.02 15.30 79.17 20.46 2.60 23.79 8.58 -6.41 15.40 3.24 416 Equity capital 13.75 12.58 5.24 12.00 7.73 10.45 9.61 3.94 10.48 12.80 588 MEMO Commercial real estate loans2 -4.03 -.60 4.01 6.34 7.67 10.12 11.37 15.42 12.14 12.66 880088 Mortgage-backed securities n.a. n.a. n.a. .67 2.06 14.15 22.12 -3.34 3.28 30.17 604 NOTE. Data are from year-end to year-end. 2. Measured as the sum of construction and land development loans secured 1. Measured as the sum of deposits in foreign offices, large time deposits in by real estate; real estate loans secured by nonfarm nonresidential properties; domestic offices, federal funds purchased and securities sold under repurchase real estate loans secured by multifamily residential properties; and loans to agreements, demand notes issued to the U.S. Treasury, subordinated notes and finance commercial real estate, construction, and land development activities debentures, and other borrowed money. not secured by real estate. by a deceleration in the growth of total loans and Growth of bank liabilities slowed to 4.5 percent leases to 1.8 percent, a level well below the average in 2001. The 10.7 percent surge in core deposits of 8.7 percent over the past two years. Acquisitions (transaction, savings, and small time deposits) of mortgage-backed securities boosted growth in reflected the sharp drop in short-term interest rates securities held, even as U.S. Treasury securities on last year and the resulting dramatic reduction in bank balance sheets continued to run off. the opportunity cost of holding liquid deposits. The expansion of total loans and leases was not These inflows allowed banks to pay down manspread evenly across types of loans. Commercial and aged liabilities, which declined for the first time in industrial lending contracted over the course of several years. The ratio of capital to risk-weighted the year, as banks' lending standards tightened and assets rose steadily over the course of the year. This demand for short-term credit declined. Real estate advance was due to an 8.5 percent increase in tier 1 lending, both commercial and residential, continued capital (primarily common equity) and a reduction to grow smartly with the support of falling interest in the average capital charge on banks' assets resultrates. Some slowing in consumer borrowing and an ing from an increase in the share of agency securiincrease in securitizations held down growth of con- ties and a drop in the share of loans in banks' sumer loans on banks' balance sheets. portfolios. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
262 Federal Reserve Bulletin • June 2002 Loans to Businesses banks (see box "Effect of Lending Standards on Business Loan Growth"). The share of BLPS respon- Commercial and industrial (C&I) loans declined dents that reported tightening their business lending 6.6 percent in 2001. The contraction accelerated over standards for C&I loans was elevated relative to the course of the year, from a 2 percent annual rate historical levels (chart 5, middle panel). Indeed, more in the first quarter to an 11 percent annual rate in the than 80 percent of banks reported that they had fourth quarter. The runoff in C&I loans occurred tightened standards at least once during 2001 and no against a backdrop of both tightened loan standards banks reported that they had eased standards. The by banks and decreased loan demand by firms. (Infor- share of banks reporting having tightened standards mation on standards and demand is from the Federal peaked in the January 2001 survey and, except for a Reserve's Senior Loan Officer Opinion Survey of jump in the October survey, generally declined there- Bank Lending Practices—informally, the bank lend- after. The October bump likely reflected the financial ing practices survey, or BLPS—which covers about turmoil and economic uncertainty surrounding the sixty large domestic banks.) September 11 terrorist attack (see box "Effects of To some extent, the decline in demand for bank September 11"). Loan terms were also tightened credit was part of an overall ebbing of demand by last year, most frequently by increasing premiums nonfinancial firms for outside financing. Inventories charged on riskier loans and raising spreads of loan declined substantially, and the financing gap nar- rates over the banks' cost of funds. The most comrowed as firms reduced capital spending relative to mon reason banks gave for tightening terms and their internally generated funds (chart 4). Demand for standards was a less favorable economic outlook, C&I loans was also trimmed by paydowns from the proceeds of bond issues as firms took advantage of low long-term rates to lock in funding. Accordingly, 5. C&I loan demand and terms at selected banks, large and medium-sized borrowers, 1999-2002:Q1 the decline in C&I lending was concentrated at larger banks, which provide loans to firms more likely to Percent have access to bond markets. C&I loans decreased Net percentage of banks reporting increases in demand 9.6 percent at the top 100 banks but rose 6.2 percent at other banks. At the smallest banks, those not ranked in the top 1,000, C&I lending grew 14.6 percent, only a slightly smaller increase than in 2000. The contraction of C&I lending last year also reflected more conservative lending practices by that tightened standards 4. Financing gap at nonfarm nonfinancial corporations, 1991-2001 that increased spreads over cost of funds premiums for riskier loans — 100 Increased premiums — 80 — 60 40 — 20 _J 2000 2001 2002 NOTE. Net percentage is the percentage of banks reporting an increase in demand, a tightening of standards, or an increase in spreads or premiums NOTE. The data are four-quarter moving averages. The financing gap is the less, in each case, the percentage reporting the opposite. The definition for difference between capital expenditures and internally generated funds. firm size suggested for, and generally used by, survey respondents is that SOURCE. Federal Reserve Board, Statistical Release Z.l, "Flow of Funds large and medium-sized firms have sales greater than $50 million. Accounts of the United States," table L. 101 (www.federalreserve.gov/ SOURCE. Federal Reserve Board, "Senior Loan Officer Opinion Survey on releases/zl). Bank Lending Practices." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 263 followed by worsening industry-specific problems 6. C&I loan rate spreads at banks, by risk, and reduced tolerance for risk. 1997:Q2-2002:Q1 Evidence from special questions in the BLPS sheds Basis points more light on how changes in the cost of credit depended on risk and industry. In May, banks were asked how terms on commercial paper backup lines had changed over the preceding year. They indicated that firms with an A2/P2 rating were more likely to have faced higher spreads, higher fees, and a reduction in the size of their credit lines than firms with an Al/Pl rating. In the August survey, more than half of the respondents indicated that, during the previous twelve months, they had tightened lending standards more for firms in the high-tech sectors than for firms in other industries. In response to a question on changes to the banks' internal ratings for C&I loans 1997 1998 1999 2000 2001 2002 in the October survey, banks indicated that loans to NOTE. Lower-risk loans are rated 1 or 2. Higher-risk loans are rated from 3 certain industries, such as commercial airlines and to 5. Loans shown were not made under commitment. Spreads are over the market interest rate on an instrument of comparable maturity. For definitions nondefense aerospace, were more likely to have been of risk ratings, see text note 2. downgraded than loans to firms in other industries. SOURCE. Results for domestic banks in "Survey of Terms of Business Lending," Federal Reserve Board. Banks also tightened terms to high-risk borrowers, according to the Federal Reserve's quarterly Survey of Terms of Business Lending (STBL). For loans not growth fell below 5 percent. Indeed, large banks made under commitment, the terms of which are reported that they had tightened standards and faced more likely to reflect the banks' current outlook than weaker demand (chart 7). On net, about 78 percent of those for loans made under previously committed banks responding to the BLPS indicated that they had credit lines, the average spread on low-risk loans tightened standards on commercial real estate loans remained within a range typical of the past five years, at some point in 2001. Although a handful of banks while the average spread on high-risk loans conin each survey reported facing stronger demand, an tinued to trend up, reaching the highest point since average of 35 percent of banks, on net, indicated that the risk ratings were added to the survey in 1997 (chart 6).2 demand had weakened over the preceding quarter. In particular, respondents to a special question in the In contrast to C&I lending, commercial real estate lending was fairly strong last year, although down from 2000. Nonfarm nonresidential loans, which constitute about two-thirds of total commercial real 7. Net percentage of selected banks that tightened standards estate lending, grew nearly 9 percent during 2001, for commercial real estate loans, 1999-2002:Q1 down from about 12 percent in 2000, while construc- Percent tion and land development lending expanded 19 percent, about the same rate as in 2000. However, growth of construction lending declined over the year as vacancy rates rose and office construction waned. Growth of lending for multifamily structures, the smallest component of commercial lending, declined to half of its rate of expansion the previous year. Most of the slowing in commercial real estate lending was at the top 100 banks by assets, where 2. Loans in the STBL receive risk ratings ranging from 1 to 5, which correspond, respectively, to minimal risk, low risk, moderate risk, acceptable risk, and classified. For more information on loan rating categories in the STBL, see Thomas F. Brady, William B. NOTE. Net percentage is the percentage of banks that reported a tightening English, and William R. Nelson, "Recent Changes to the Federal of standards less the percentage that reported an easing. Reserve's Survey of Terms of Business Lending," Federal Reserve SOURCE. Federal Reserve Board, "Senior Loan Officer Opinion Survey on Bulletin, vol. 84 (August 1998), pp. 604-15. Bank Lending Practices." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
264 Federal Reserve Bulletin • June 2002 Effect of Lending Standards on Business Loan Growth The recent weakness in C&I loans has been mirrored in the A. Distribution of banks, and growth of lending facilities, contraction of a broader measure, total committed business by number of tightenings of credit standards, 2000-01 lending facilities, which is defined as the sum of C&I loans Percent and unused C&I loan commitments at commercial banks Item 0-1 2-3 4 or more (chart A). Using data from the Federal Reserve's Senior Loan Officer Opinion Survey on Bank Lending Practices Banks 29.3 24.4 46.3 (BLPS), we can identify the sources of this slowdown at the Lending facilities 2000 6.4 5.5 4.7 individual bank level. Other researchers have linked move- 2001 3.8 -1.3 -4.0 ments in aggregated survey responses to the growth of total NOTE. Banks are those that responded to all surveys in 2000-01. bank business lending.1 Here we use individual bank SOURCE. Federal Reserve Senior Loan Officer Opinion Survey on Bank responses in an attempt to parse the change in committed Lending Practices; Call Report. lending facilities into changes in supply and demand. the survey were generally among those that tightened their Of the banks that responded to every one of the BLPS business lending standards at least four times. during the past two years, 29 percent reported that they had As shown in the table, reported changes in standards tightened C&I lending standards no more than once, 24 perappear to be reflected in changes in the growth rate of cent reported tightening two or three times, and 46 percent lending facilities. Business lending facilities at banks that tightened four or more times (table A). The largest banks in tightened two or more times during the past two years shrank in 2001 after posting moderate growth in 2000. The 1. Cara S. Lown, Donald P. Morgan, and Sonali Rohatgi, "Listening to Loan Officers: The Impact of Commercial Credit Standards on Lending and continued growth of business lending facilities in 2001 at Output," Federal Reserve Bank of New York, Economic Policy Review, the least restrictive banks, albeit at a slower pace than in vol. 6 (July 2000), pp. 1-16. 2000, suggests that some borrowers had shifted from more restrictive to less restrictive banks. A. Growth of committed lending facilities, 1990-2001 To examine more formally the relationship between supply conditions and the growth of committed lines and to Percent, annual rate account as well for changes in reported demand, we used a regression model. We constructed a sample of all banks that participated in the BLPS for at least twelve consecutive quarters from 1991 :Q3 to 2001 :Q4, a selection that yielded a sample of 79 different commercial banks and almost 2,200 bank-quarter observations. We then analyzed the annualized quarterly growth rate of business lending facilities at each bank using four indicator variables for supply and demand. The two demand variables indicated whether the bank reported stronger or weaker demand for C&I loans and credit lines during the quarter. The two supply variables correspond to whether a bank reported that it had tightened or eased credit standards 1991 1993 1995 1997 1999 2001 during the quarter. The coefficient on each of the four variables had the expected sign, and the coefficients were NOTE. Committed lending facilities is the sum of C&I loans and unused statistically significant at conventional levels (table B). C&I loan commitments. May BLPS reported weaker demand for commercial Loans to Households real estate loans in sectors such as office buildings, hotels, and retail establishments and slightly stronger With the economy weakening, the growth of residendemand for loans for multifamily dwellings. tial mortgage loans slowed in 2001 from the very Growth in commercial real estate loans at banks rapid pace of the preceding two years but remained other than the top 100, which are not included in the brisk at 5.6 percent. Residential mortgage lending BLPS, was 18 percent. The high growth at smaller was supported by historically low mortgage interest banks continues a five-year trend that increased the rates and a surge in refinancing activity. The refinancshare of commercial real estate loans in total assets of ing index of the Mortgage Bankers Association such banks to 21 percent at the end of 2001. reached its highest level in more than a decade Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 265 Effect of Lending Standards on Business Loan Growth—Continued B. Regression analysis only to changes in bank lending standards and observed demand, not to the underlying levels of credit standards and Variable Coefficient Standard error demand. For example, banks likely had already tightened credit standards significantly before the survey question on Stronger demand 2.2 1.0 changes in credit standards began appearing regularly in Weaker demand -6.2 1.1 Tightened standards -7.1 1.3 1990:Q3. Eased standards 4.1 1.6 NOTE. Sample included 79 banks with at least 12 consecutive quarters of B. Contribution of reported changes in demand and survey data from 1991 :Q3 to 2001 :Q4. The dependent variable is the supply to growth of committed lending facilities, annualized growth of committed lending facilities. 1990-2001 Using these estimates of the bank-level effects, we con- Percent, annual rate structed estimates of the aggregate quarterly effect of Demand reported changes in supply and demand conditions on the • Stronger growth rate of business lending facilities at banks in the • Weaker panel. For example, in any given quarter, the aggregate effect of banks reporting stronger demand was calculated as H M JI the share of total business lending facilities at banks that LH ii 11j i! j ; j i hj H-Hl ' H-i I r reported stronger demand multiplied by the coefficient on I the corresponding indicator variable. This value is shown i I by the shaded bars in the top panel of chart B, and the open i bars show the aggregate effect on the growth of business ffi-r lending facilities of banks reporting weaker demand. As shown, reported weakness in demand is estimated to I I I I I I I I I I I I I I I II I I M I I M I I I I I I I I I I I I I I I I I II I I I I I I I I have reduced the growth rate of business credit facilities at surveyed banks since the end of 2000 an average of about Supply 3.5 percentage points per quarter at an annual rate. The • Eased estimated contribution of supply factors is shown in the — • Tightened — bottom panel of chart B. The results suggest that more restrictive supply conditions could account for a reduction of growth at surveyed banks of about 4.5 percentage points per quarter at an annual rate on average since the beginning of 2001. The growth of lending facilities also is affected by the availability of creditworthy borrowers. Thus, to the extent that banks tightened standards in response to a worsening of corporate balance sheets, these results will overstate the I i I i i i I i M I i i i h i i I i i i I i i i I i i i I i i i I i i i h i i I i i H i ri I amount of credit stringency that has originated in the bank- 1992 1995 1998 2001 ing sector because some firms that had wanted to borrow would no longer be creditworthy even if standards had NOTE. Changes in supply have been reported since 1990:Q3, whereas banks were not consistently asked to report changes in demand until remained unchanged. Also, the responses to the BLPS refer 1991:Q3. (chart 8). BLPS respondents indicated that many repayment was the most common use of funds of their customers drew on the equity value of their obtained from mortgage refinancing. According to homes by increasing the size of the loan when they the BLPS, banks kept their standards for residential refinanced, contributing to the growth in mortgage mortgages essentially unchanged last year. debt last year and supporting consumer spending. Although the growth of home equity loans was Half of the survey respondents said that more than not as exceptional as in 2000, it reached 21 percent 20 percent of their mortgage customers increased the during 2001. Indeed, expanding at more than a size of their mortgage loan by an amount typically 30 percent annual rate in the third quarter, home ranging between 5 percent and 15 percent of the equity lending picked up even as other residential outstanding loan amount. Banks indicated that debt housing lending was slowing. Households tapped Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
266 Federal Reserve Bulletin • June 2002 Index of home mortgage refinancing activity, 1991-2001 9. Net percentage of selected banks that tightened standards and terms on consumer loans, 1998-2002:Q1 January 4, 1991 = 1 Percent Credit card loans Standards Terms SOURCE. Mortgage Bankers Association. Other their home equity lines in volume at the same time that they were using some of the proceeds of the heavy mortgage refinancing to consolidate debt. This high rate of growth led the ratio of outstanding home equity loans to total loans to exceed 4 percent for the first time. Information on banks' securitization of residential loans became available on the Call Report last year. At year-end, the outstanding principal balance of single-family first-lien residential loans that banks had sold or securitized was about equal to the value NOTE. Net percentage is the percentage of banks that reported a tightening of such assets that remained on their books. A much of standards or terms less the percentage that reported an easing. Tightening or easing of terms represented by increase or decrease respectively in spread smaller share of home equity loans is securitized— of loan yield over bank's cost of funds. only 12 percent of the value of home equity loans SOURCE. Federal Reserve Board, "Senior Loan Officer Opinion Survey on Bank Lending Practices." held by banks at the end of 2001. Total consumer loans originated by banks that were either held or securitized grew 7.6 percent over the lending terms was to increase the minimum required course of the year, a pace down only slightly from credit scores and to increase spreads on loans over that in 2000 despite the reported debt consolidation the bank's cost of funds. associated with mortgage refinancing noted earlier. The growth in consumer lending was propelled largely by the origination of credit card loans, which Other Loans and Leases expanded 10.1 percent for the year. The share of consumer loans that was securitized, most of which Other loans and leases contracted 2 percent during are credit card loans, climbed to a record 35 percent 2001. Leases grew at a 2 percent annual rate, a of all consumer loans in the second half of the year. further deceleration from their historically slow rate Consumer loans held by banks increased 4.4 percent of growth in 2000. As many leases are made to in 2001. businesses, the deceleration may be a result of the In contrast to commercial loans, relatively few general economic slowdown and the reduction in banks acted to restrain consumer lending last year. business spending. The slow growth of leases may The net share of BLPS respondents that reported also be part of a move by some banks to reduce or tightening standards for approving credit card appli- discontinue their automobile leasing activities, as cations or for approving other consumer loans gener- they have found that profit margins were below ally remained between 10 percent and 20 percent for expectations. Lending to other depository institueach type of loan during each quarter of 2001 tions, the second largest item in this category after (chart 9). The most common method for tightening leases, declined over the year, as did agricultural Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 267 Effects of September 11 The terrorist attacks of September 11 significantly disrupted $68 billion in that week but remained slightly elevated for the payments system and caused temporary distortions to another few weeks. Transaction deposits declined $113 bilbank balance sheets. Banks had the flexibility to absorb lion between September 12 and September 19. Borrowing these shocks, however, and their effects dissipated quickly. from banks completely reversed the previous week's The effects on the secondary markets for loans and on increase, while the volume of borrowing from others banks' perceptions of risk were longer lasting, but these, returned about one-third of the way back to its level on too, had diminished by the end of the year. September 5. Weekly data for the domestic offices of large domesti- In late September, the Board informally contacted several cally chartered banks show that, between September 5 and banks that participate in the Federal Reserve's Senior Loan September 12, the disruption of the payment system caused Officer Opinion Survey on Bank Lending Practices (BLPS) bank balance sheets to balloon. On the asset side, lending to assess changes in their outlook regarding the business in the form of federal funds and repurchase agreements climate in the wake of the attacks. The impression emerging with other commercial banks rose from $87 billion to from these consultations was that the banks generally had $190 billion, and "other loans," mainly unplanned over- not changed lending standards, although they had tightened drafts, increased from $79 billion to $162 billion. Cash loan covenants somewhat. Several banks noted a decrease assets, which include balances due from other depository in loan demand following the attacks, even as they noted institutions and deposits at Federal Reserve Banks, rose a tendency for riskier firms to increase the use of their from $165 billion to $223 billion, in large part because of credit lines. Banks reported that internal ratings were being the massive provision of reserves by the Federal Reserve assessed case by case, although no ratings had been changed following the attacks. Loans to purchase or carry securities as of that date. In the next regularly scheduled BLPS, rose from $13 billion to $47 billion. C&I loans went up conducted in October, the percentage of banks reporting $15 billion as the temporary closing of the commercial tightening terms and standards for C&I loans, which had paper market forced some issuers to tap backup lines of been declining, moved up. Banks primarily cited deterioracredit. On the liability side, transaction deposits soared tion in economic conditions as a reason for tightening. $164 billion, while borrowing from banks and borrowing The October BLPS also asked banks whether they saw from others each increased about $50 billion.1 any persistent effect on the secondary market for loans from These changes were rapidly reversed. Cash assets, "other the events of September 11. Sixty-four percent of banks, on loans," and C&I loans returned to normal levels by Septem- net, indicated that trading volume in the secondary loan ber 19. Federal funds and repurchase agreements decreased market had declined, and 62 percent, on net, indicated that bid-asked spreads had increased. However, bid-asked spreads in the secondary market had largely returned to 1. See also "Monetary Policy Report to the Congress," Federal Reserve late-August levels by January 2002, according to trade Bulletin, vol. 88 (March 2002), pp. 141-72, especially the box "Monetary Policy after the Terrorist Attacks" (p. 142). association reports. lending and lending for the purchase or carrying of climbed as a share of investment account securities securities. from 44 percent in the fourth quarter of 2000 to 52 percent in the fourth quarter of 2001. Treasury securities, by contrast, fell 40 percent, to only 4 per- Securities cent of investment securities holdings at year-end, down from 29 percent in 1991. Banks' holdings of securities expanded 7.6 percent The strength of the residential mortgage market in last year, 1.3 percentage points more than in 2000. 2001 boosted volume in the mortgage-backed securi- The growth was entirely in banks' investment ties market. At the same time, the paydown of the accounts, as security holdings in trading accounts ran federal debt last year reduced relative rates of return off last year after a rapid expansion in 2000. At available on Treasury securities. The shift in the year-end, 22.8 percent of banks' assets consisted of relative return likely provided some of the motivation securities, a share in line with historical norms but for the shift in banks' security holdings from Treathe highest proportion since the fourth quarter of sury securities to mortgage-backed securities. 1999 (chart 10). A large share of the investment portfolio (that Banks' investment accounts grew 9.3 percent dur- designated "available for sale") must be marked to ing 2001. Most of this increase was due to mortgage- market; declines in intermediate and longer-term backed securities, which expanded 30 percent and interest rates during the second half of 2000 raised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
268 Federal Reserve Bulletin • June 2002 10. Bank holdings of securities as a share of total bank Selected domestic liabilities at banks as a share of their assets, 1991-2001 total domestic liabilities, 1996-2001 Percent the market value of securities held in investment most, 11 percent. Domestic large time deposits eked accounts to above book value in the first quarter of out weak growth in the first two quarters before 2001. With short- and intermediate-term rates falling, declining in the second half of the year; the declines the rise in the ratio of market value to book value were at the largest 100 banks, where managed liabilicontinued during the course of the year and accounted ties fell 5 percent over the year. At banks not in the for about 1.6 percentage points of reported growth top 100, managed liabilities rose 8 percent, which of the value in investment account securities in 2001. was still a deceleration from the 20 percent increase These unrealized gains contributed to the rise in posted in 2000. equity capital last year (see below). Capital Liabilities Equity capital advanced nearly $67 billion, or Deposit rates moved down last year, but in the case of 12.8 percent, in 2001, the fastest growth since 1992. liquid deposits, by less than the substantial decline in Net income, after taxes, increased $5.7 billion, to shorter-term market rates induced by the policy eas- $75 billion, allowing banks to boost retained income ings. As the opportunity cost of holding these depos- $3 billion, to $20 billion, even after dividends were its declined, the growth of core deposits accelerated increased. Paid-in capital increased $41 billion, of from 7.5 percent in 2000 to 10.7 percent in 2001, the which about $25 billion was attributable to new capifastest pace since 1986. The pickup in transaction tal. Capital infusions by the banks' parent holding deposits was almost entirely in the fourth quarter, companies contributed $17 billion to new capital, the when these accounts grew at a stunning 59 percent largest dollar increase in over a decade. The remainannual rate, possibly as part of an effort by businesses ing expansion in paid-in capital was due to an to increase their liquidity. Savings deposits increased increase in value attributed to goodwill. Unrealized rapidly over the course of the year, while small time gains on available-for-sale securities accounted for deposits declined (chart 11). Core deposits at year- $4 billion of last year's increase in equity capital. end represented 54 percent of bank liabilities, the Virtually all assets in the commercial banking syshighest share since the financial market disruptions tem were at well-capitalized banks (chart 12, top during the fourth quarter of 1998. panel), and the average margin by which domes- Given the strong inflows of core deposits, banks tic commercial banks remained well capitalized reduced their managed liabilities 2.8 percent, thereby increased after a slight decline in 2000 (chart 12, partly unwinding an 8.8 percent jump in 2000. Much bottom panel).3 Tier 1 capital grew 8.4 percent of the runoff was in the fourth quarter, when transaction deposits surged. Most of the components of 3. Well-capitalized banks are those with a total capital ratio greater than 10; a tier 1 ratio greater than 6; a leverage ratio greater managed liabilities followed a similar pattern. Forthan 5; and a composite CAMELS rating of 1 or 2. Each letter in the eign deposits, the largest component, declined the CAMELS stands for a key element of bank financial condition— Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 269 12. Assets and regulatory capital at well-capitalized banks, 13. Regulatory capital ratios, 1991-2001 1991-2001 Percent Percent Share of industry assets at well-capitalized banks — 14 — Total (tier 1 + tier 2) ratio — ^^ 12 Tier 1 ratio 40 — 10 _J I Percentage points Leverage ratio — 8 Average margin by which banks were well capitalized 3.0 1 1 1 1 1 1 1 1 1 1 1 1 1991 1993 1995 1997 1999 2001 NOTE. For the definition of capital ratios, see text note 4. Derivatives The use of off-balance-sheet derivatives contracts NOTE. For the definition of well capitalized and of the margin by which at banks has continued to increase. The fair value, or banks remain well capitalized, see text note 3. replacement price, of banks' derivatives contracts that had positive value was $643 billion at the end of over the past year, while tier 2 capital expanded last year, which is equivalent to about 10 percent 8.1 percent. of bank assets. Banks also had derivatives contracts Banks shifted their asset portfolios away from with a negative fair value of $612 billion. The resultloans and leases, most of which have full risk ing net fair value of $31 billion is a marked increase weights, and toward government and agency securi- from $2 billion in 2000 and was the largest amount ties, which have lower risk weights. This shift caused since information became available on the fair value risk-weighted assets to grow 2 percentage points less of derivatives contracts in 1995. than total assets and caused the ratio of tier 1 capital The notional value of the derivatives contracts— to risk-weighted assets to grow steadily over the year the value of the underlying assets used to compute (chart 13). The ratio of total capital to risk-weighted the stream of payments that the derivatives contract assets increased 60 basis points between the fourth is expected to produce—was about $45.5 trillion, or quarter of 2000 and the fourth quarter of 2001. The about seven times the value of bank assets in 2001. leverage ratio, which does not take account of the By comparison, in 1997 the notional value was about shifting mix of bank assets, increased just 8 basis $25.5 trillion, or five times the value of bank assets. points.4 Use of derivatives contracts remains highly concentrated, with the ten largest banks holding 97 percent of derivatives contracts by either notional value or capital adequacy, asset quality, management, earnings, liquidity, and gross fair value. sensitivity to market risks. The average margin by which banks The three most common types of derivatives conremained well capitalized was computed as follows. First, among the leverage, tier 1, and total capital ratios of each well-capitalized bank, tracts are forwards, options, and swaps. Forwards are the institution's tightest capital ratio is defined as the one closest to the agreements to buy or sell something for a designated regulatory standard for being well capitalized. The bank's margin is then defined as the percentage-point difference between its tightest capital ratio and the corresponding regulatory standard. The average margin among all well-capitalized banks—the measure referred to in capital consists primarily of subordinated debt, preferred stock not the text—is the weighted average of all the individual margins, with included in tier 1 capital, and loan-loss reserves. Risk-weighted assets the weights being each bank's share of the total assets of well- are calculated by multiplying the amount of assets and the creditcapitalized banks. equivalent amount of off-balance-sheet items (an estimate of the 4. The tier 1 ratio is the ratio of tier 1 capital to risk-weighted potential credit exposure posed by the item) by the risk weight for assets, and the total ratio is the ratio of the sum of tier 1 and tier 2 each category. The risk weights rise from zero to 1 as the credit risk of capital to risk-weighted assets. Tier 1 capital consists primarily of the assets increases. The leverage ratio is the ratio of tier 1 capital to common equity (excluding intangible assets such as goodwill and average tangible assets. Tangible assets are equal to total assets less excluding net unrealized gains on investment account securities classi- assets excluded from common equity in the calculation of tier 1 fied as available for sale) and certain perpetual preferred stock. Tier 2 capital. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
270 Federal Reserve Bulletin • June 2002 price at a particular future date. Options give the 2001) exceeded the notional value of their contracts holder the opportunity to buy or sell an asset for a as beneficiaries (which fell). The gross value of these designated price by a particular future date. Swaps contracts was down slightly for the year.5 can be viewed as a combination of several forward contracts generally involving the exchange of the streams of payments from two underlying assets. TRENDS IN PROFITABILITY Swaps accounted for 56 percent of all bank derivatives contracts by notional value. Total net income of commercial banks rose 8 per- Banks employ derivatives contracts in several cent in 2001, to $75.3 billion. A notable share of the areas. Interest rate contracts are by far the most increase reflected the markedly improved profitabilcommon and comprised about 84 percent of the ity of banks that had booked substantial one-time notional value of all bank derivatives contracts in charges in 2000. Despite the economic slowdown 2001. This share has been rising steadily over the and associated asset quality problems, the number of past decade. Swaps are the most common type of banks that had negative net income remained about interest rate contract. Foreign exchange contracts unchanged from 2000, at 624. Moreover, the banks continue to be the second most important category of that lost money held only 1.3 percent of industry derivatives contract, although the notional value of assets last year, a sharp drop from 4.7 percent in the contracts held by the banks has plateaued over the 2000, and the smallest share since 1997. last several years. Sixty-eight percent of foreign Industrywide return on assets (ROA) edged up exchange contracts held by banks are forward con- 1 basis point in 2001, to 1.19 percent (table 2). ROA tracts. Equity and commodity contracts had been was bolstered by realized gains on investment increasing rapidly in importance at banks until last account securities generated by lower interest rates year, when their value fell, likely because of the and by a decline in noninterest expense, the latter decline in the value of equities and commodities. mostly reflecting the relative absence of restructuring The least common category of derivatives held by costs at the largest banks. These developments were banks, credit derivatives, are usually structured so just large enough to offset soaring provisions for loan that the seller (guarantor) pays the buyer (benefi- losses that were necessitated by the deterioration in ciary) in the event that an asset held by the benefi- asset quality. In contrast to 2000, when small banks ciary goes into default. Banks act as guarantors on were the only size group to show profit gains, the some contracts and beneficiaries on others. In the role increase in net income was concentrated at the largest of beneficiary for these derivatives, banks reduce the banks last year. risk associated with their loans while maintaining a Although dividends grew 5 percent in 2001, these relationship with their borrowers. When acting as the payments, made primarily to parent holding comguarantor for these contracts, banks use their credit evaluation skills to diversify risks without making new loans. Currently these contracts are less than 5. For more information on derivatives contracts at banks, see 1 percent of the total notional value of banks' deriva- English and Nelson, "Profits and Balance Sheet Development at U.S. tive contracts. Last year was the first since 1996 Commercial Banks in 1997"; and Gerald A. Edwards, Jr., and Gregory E. Eller, "Derivatives Disclosures by Major U.S. Banks, (when data became available) in which the notional 1995," Federal Reserve Bulletin, vol. 82 (September 1996), value of banks' contracts as guarantors (which rose in pp. 791-801. 2. Selected income and expense items as a proportion of assets, 1992-2001 Percent Item Net interest income Noninterest income Noninterest expense Loss provisioning Realized gains on investment account securities Income before taxes and extraordinary items mm Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 271 14. Indexes of bank stock prices and the S&P 500, 15. Net interest margin, by size of bank, 1985-2001 1999-March 2002 Percent January 2001 = 100 Other banks Top 225 — 3.5 S&P 500 NOTE. Net interest margin is net interest income divided by average NOTE. Banks are ranked by market value, and stock prices are weighted by interest-earning assets. For definition of bank size, see text note 1. market value. SOURCE. Standard and Poor's and American Banker. panies, decreased 2 basis points as a percentage of 19 basis points, to 3.57 percent (chart 15). Much of assets after having declined 7 basis points in 2000. the increase at the ten largest banks, however, can be Because dividend growth trailed that of net income, explained by changes in the lineup of banks in the retained income rose from 0.29 percent of assets in group as a result of mergers during the year and a 2000, the lowest level in a decade, to 0.32 percent very large increase at one other bank that was in the last year. A significant advance in equity capital at group in both years. NIM also rose slightly at both banks last year outstripped profit growth, and return large and medium-sized banks. By contrast, weakon equity fell about 40 basis points, to 13.6 percent. ness during the first half of the year caused NIM to In part as a result of their strong earnings perfor- fall 15 basis points, to 4.41 percent, at small banks mance relative to some other sectors of the economy, last year. the stocks of the top 50 BHCs (by market value) Although NIM edged up over the first three quaroutperformed the S&P 500 in 2001 (chart 14). How- ters of last year, on net, the bulk of the increase in ever, concerns about credit quality plagued these NIM occurred in the fourth quarter. The sharp and companies all year, and the exposure of several of the unexpected drop in short-term interest rates after the largest BHCs to Enron and Argentina somewhat terrorist attack of September 11 may have benefited damped investor optimism late in the year. A broader banks by temporarily trimming liability costs more index of bank stocks, encompassing the top 225 rapidly than asset returns. Moreover, the surge in BHCs, substantially outperformed the top 50 BHC demand for core deposits that resulted from lower index last year. interest rates and heightened demand for safe and liquid assets allowed banks to substitute this relatively low-interest-rate funding for their higher- Interest Income and Expense yielding managed liabilities. NIM may also have been boosted by more restric- Gross interest expense dropped 14 percent relative to tive lending practices. During the past several years, 2000, while gross interest income fell only 3.8 per- a substantial majority of the largest commercial banks cent, a differential resulting in an 8 percent increase has reported in the BLPS that they were widening in net interest income. Interest-earning assets grew the spreads of business loan rates over their cost only half that rate; as a result, the nearly decade-long of funds; in 2001, smaller fractions of banks also decline in industrywide net interest margins (NIM)— indicated that they were increasing spreads on the ratio of net interest income to average interest- consumer loans. On the other hand, the same banks earning assets—was arrested, with the measure rising have also been tightening lending standards, which 5 basis points, to 3.98 percent (chart 15). would tend to lower the average interest rate spread The increase in NIM was almost entirely attribut- because higher-quality borrowers generally merit better terms. able to the ten largest banks, where it climbed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
272 Federal Reserve Bulletin • June 2002 Noninterest Income and Expense 16. Noninterest income and its components as a share of total revenue, 1985-2001 The 5.4 percent growth of noninterest income at commercial banks is slightly below that of the previ- Total ous year and a marked slowdown from the doubledigit gains of the late 1990s. The ratio of noninterest income to total revenue, which had been trending up for most of the past decade, flattened out in 2000 and slipped somewhat in 2001 (chart 16, top panel). The slowdown in the growth of noninterest income in 2001 reflects a decline in fiduciary income, primarily I I I I J I I L fees received for services rendered by bank trust Selected components departments (chart 16, middle panel). In addition, trading revenue inched up just 1 percent after two years of double-digit growth. By contrast, deposit fees rose 14 percent as banks' reported efforts to increase fee income from these accounts appear to have borne fruit. Revenue from the sale and servicing of mutual funds also grew significantly, but that activity accounts for less than 5 percent of total Other noninterest income. Other noninterest income, which accounts for more than 60 percent of total noninterest income, grew 5.2 percent in 2001, a pace about double that of 2000. As of 2001, the Call Report contains much greater detail on several components of revenue previously J I I I I L J I J I L aggregated in this category, as shown here. 1986 1991 1996 2001 Distribution of other noninterest income as a share and commissions from investment banking, advisory, of total revenue, 2001 brokerage, and underwriting activities accounted for just 2.5 percent of total commercial bank revenue in Item Percent 2001, as opposed to about 15 percent of revenue at Securitization income 4.3 the top 50 BHCs. Venture capital activity, which has Loan servicing fees 3.0 Capital market fees 2.5 been highly publicized in recent years, accounted for Gains from loan sales 1.2 .8 a tiny loss at commercial banks last year. Commer- Gains from sales of other assets .6 cial banks generated just 0.8 percent of their total Venture capital gains -.2 Residual other noninterest income 13.9 revenue from commissions and fees on insurance Total 2266..11 products. The residual category, which includes income from professional services, fees earned on credit cards, and ATM surcharges, accounted for The itemization reveals that a significant portion of about 14 percent of total revenue and one-third of noninterest income last year resulted from activities total noninterest income. that are closely linked to banks' traditional business The long-term downward trend in the ratio of of making loans. Income derived from loan securiti- noninterest expense to total revenue had stalled in zations accounted for about 4 percent of banks' total recent years as a string of mergers and subsequent revenue, and an additional 3 percent of their revenue restructuring at several large banks boosted costs. came from loan servicing fees. Profits on the sales Last year, however, this effect was considerably of loans and other assets (not including securities) reduced, and the ratio declined nearly a full percentaccounted for almost another 2 percent of total reve- age point, to 59.9 percent (chart 17, top panel). A rise nue in 2001. in industry employment of about 2 percent helped Most of the revenue generated by capital markets push up total salary and wage costs 6.3 percent, a rate business conducted by BHCs remains outside the slightly less than the growth of revenue (chart 17, purview of their commercial bank subsidiaries. Fees bottom panel). Similarly, the ratio of the cost of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 273 17. Noninterest expense as a proportion of revenue, 18. Debt burdens of businesses and households, 1985-2001 1985-2001 Percent Total Nonfinancial corporations Households Components NOTE. The debt burden for nonfinancial corporations is calculated as interest payments as a percentage of cash flow. The debt burden for households is an estimate of the ratio of debt payments to disposable personal income; debt payments consist of the estimated required payments on outstanding mortgage and consumer debt. SOURCE. National income and product accounts and the Federal Reserve System. year. The increases were exacerbated by a further rise in the ratio of household debt-service payments to Premises and fixed assets disposable income, which reached its highest level in — 10 fifteen years. In addition, the personal bankruptcy rate surged last year, probably because of efforts by 1986 1991 1996 2001 debtors to file in advance of legislation that they viewed as making bankruptcy less attractive. By contrast, delinquency rates on residential mortgages premises and fixed assets to total revenue edged remained at a relatively low level. down again last year. Other components of noninterest expense grew but still fell to 27.5 percent of revenue. C&I Loans The delinquency rate on C&I loans, which has been Loan Performance and Loss Provisioning increasing since 1998, jumped more than 1 percentage point in 2001, reaching 3.50 percent (chart 19, The credit quality of banks' loan portfolios, already top panel). Moreover, banks aggressively charged off worsening because of the economic slowdown, came loans during the fourth quarter of last year, thereby under further pressure over the final third of the year keeping the delinquency rate from rising even further from the dislocations in the economy caused by the (chart 19, bottom panel). Indeed, the charge-off rate terrorist attacks on September 11, as well as the on C&I loans during the fourth quarter exceeded the highly publicized problems at Enron and in Argen- previous peak reached in the fourth quarter of 1991. tina. The deterioration was most pronounced in the The high ratio of charge-offs to delinquencies last business sector, where delinquency and net charge- year may reflect, in part, banks' sales of troubled off rates increased substantially for the second con- loans in the secondary loan market because banks secutive year, particularly in the fourth quarter. Pres- must charge off the difference between the book sures on businesses were reflected in an increase in value and fair market value of the loan when it is their debt-service burden as lower interest rates and transferred to the held-for-sale account. While most associated refinancing were more than offset by the of the deterioration in commercial credit quality last decline in profits last year (chart 18). year occurred at the largest banks, delinquency and On the household side, delinquency rates on credit charge-off rates on business loans at smaller banks cards and other consumer loans rose, on balance, last also increased somewhat. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
274 Federal Reserve Bulletin • June 2002 reduced maximum loan-to-value ratios in 2001, up 19. Delinquency and charge-off rates for loans to businesses, by type of loan, 1991-2001 from 10 percent that reported having done so a year earlier. Moreover, 52 percent, on net, reported that Percent they required higher debt-service-coverage ratios Delinquencies in 2001, up from 37 percent in the previous year's survey. Commercial real estate Loans to Households The delinquency and net charge-off rates on credit card loans drifted upward through the third quarter of 2001 as the slumping economy took its toll on indebted consumers (chart 20). During the fourth quarter, credit card loan charge-offs jumped to the highest rate on record—and by enough to account for Net the entire decline in the credit card delinquency rate during that quarter. On balance, the delinquency rate on credit card loans increased 19 basis points, to 4.80 percent, over the year. Some of the increase in the delinquency and charge-off rates on credit card loans probably stems from the jump in the personal bankruptcy rate. In 20. Delinquency and charge-off rates for loans to households, by type of loan, 1991-2001 Percent NOTE. The data are seasonally adjusted. Delinquent loans are loans that are not accruing interest and those that are accruing interest but are more than Delinquencies thirty days past due. The delinquency rate is the end-of-period level of delinquent loans divided by the end-of-period level of outstanding loans. The net charge-off rate is the annualized amount of charge-offs over the period, net of recoveries, divided by the average level of outstanding loans over the period. Credit card Other consumer Commercial Real Estate Loans Vacancy rates for commercial office space increased Residential real estate sharply last year, while commercial rents and property values stagnated. However, these indicators of the health of the commercial real estate sector have not deteriorated to the extent that they did during the last recession in the early 1990s, and commercial real estate loans continued to perform relatively well last year. Although their delinquency rate picked up somewhat in 2001, it remained at historically low levels of less than 2 percent, and net charge-off rates edged up only slightly. The resilience of credit quality in the commercial real estate market may also reflect the tightening of credit standards in this sector that was reported in the BLPS as early as 1998. The tightening has continued this year: In the January 2002 survey, 43 percent of domestic banks, on net, indicated that they had NOTE. See note to chart 19. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 275 addition, the increase likely reflects deterioration in respondents reported that large fractions of housethe quality of loans to so-called subprime borrowers, holds that took cash out against existing home equity among whom delinquency rates skyrocketed last year when they refinanced used the proceeds to repay (chart 21).6 However, according to the January 2002 other debt. Indeed, the proportion of households that BLPS, only a few of the respondent banks make was reported to have used the proceeds from refisubprime credit card loans, and these loans represent nancing to repay other debt was much larger than that only a small percentage of total loans at those banks. for any other single purpose. Nonetheless, a majority of the surveyed banks that The delinquency rate on residential mortgage loans are active in this market also reported that the perfor- declined 4 basis points in 2001, to 2.26 percent. In mance of loans to these borrowers was worse than addition, the net charge-off rate on residential mortthey had expected even after accounting for the con- gages remained very low in 2001, despite a blip in dition of the economy. Moreover, a small number of the third quarter of the year that reflected the sale of institutions specialize in subprime credit card borrow- impaired subprime loans by one large bank. The ing, and charge-off rates at some of those banks rose continuation of robust existing home sales and solid substantially last year. gains in median home prices has undoubtedly helped The delinquency rate on consumer installment sustain this performance by making it easier for disloans rose 12 basis points, to 3.19 percent, near the tressed borrowers or foreclosing banks to sell homes top of the range of this series over the past decade. As quickly at prices that cover the outstanding mortgage in the credit card sector, part of this increase reflects a amount. Also, the strong flow of new mortgages rise in the delinquency rate on subprime loans, pre- helped hold down the delinquency rate because new sumably for automobiles. In the May 2001 BLPS, mortgages are less likely to be delinquent than mortbanks that reported having tightened credit standards gages that have been outstanding for several years. for loans to households indicated that realized and However, the delinquency rate on securitized residenexpected increases in consumer delinquency rates tial mortgages, data on which became available in the were an important reason for changing consumer- Call Report only this year, was just under 5 percent, lending policies. more than double the delinquency rate for mortgages The breakneck pace of mortgage refinancing last remaining on banks' books. year also may have helped hold down delinquency rates on consumer loans. As noted earlier, BLPS Loss Provisioning 6. No single definition of "subprime" may cover all markets or In response to actual and anticipated loan losses, institutions. A description of "subprime" is presented in the Federal commercial banks aggressively stepped up loan-loss Reserve Supervision and Regulation letter dated January 31, 2001 provisioning in 2001 (chart 22). Loss provisioning, (SR 01-4). which increased 45 percent in 2001 on the heels of a 41 percent jump in 2000, amounted to 11.4 percent of 21. Delinquency rates for subprime loans, by type of loan, 1998-2001 22. Provisioning for loan and lease losses as a percentage of total revenue, 1985-2001 Percent 1998 1999 2000 2001 SOURCE. For auto loans, Federal Reserve staff estimates based on data from Moody's Investors Service; for mortgages, Mortgage Information Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
276 Federal Reserve Bulletin • June 2002 1995, and the ratio is now very near its early 1990s 23. Reserves for loan and lease losses, 1985-2001 lows (chart 23, bottom panel). INTERNATIONAL OPERATIONS OF U.S. COMMERCIAL BANKS Sluggish growth in the world economy crimped banks' foreign operations in 2001, particularly in the 1 I I 1 t I I I I I I I -f/'fv; I I I I fourth quarter, when increased loss provisioning in light of economic difficulties in Argentina led to losses on foreign operations at two of the largest banks. Revenue attributable to foreign operations fell to less than 9 percent of total revenue, the smallest share since 1998, when world markets were disrupted by the Russian debt default and several banks posted large losses in their foreign operations. The decline in revenue from foreign operations was especially noticeable at the ten largest banks, and most of the decrease resulted from a sharp fall in noninterest income and a jump in loan-loss provisions. The share of U.S. bank assets booked at foreign offices fell for the fourth consecutive year, to 11.8 percent. However, a major U.S. bank's acquisition of a large Mexican bank added substantially to the exposure of the U.S. banking sector to that country (table 3). The acquisition was also almost entirely responsible for the climb in the industry's exposure chart 19. to selected economies in Asia, Latin America, and Eastern Europe, which climbed from 55 percent of total revenue, the highest percentage since 1992. The tier 1 capital at the end of 2000 to 70 percent at the increase in the ratio of provisioning to total revenue end of 2001. U.S. banks increased their exposure to was particularly acute at the 100 largest banks, while Brazil for the second year in a row, and they held the increase in provisioning at smaller banks was their exposure to Russia and the rest of Eastern much less pronounced. The sharp rise in loss provi- Europe fairly constant last year. By contrast, banks sioning exceeded the jump in net charge-offs, result- significantly reduced their exposure to Argentina and ing in a 12.8 percent advance in loan-loss reserves. also continued to pare back their exposure to emerg- That increase easily outstripped the growth of total ing Asia. loans and leases, and the ratio of loan-loss reserves to total loans and leases increased 18 basis points, to 1.85 percent in the fourth quarter—the first year-over- RECENT DEVELOPMENTS year increase in that ratio since 1992 (chart 23, top panel). GDP growth picked up substantially during the first Although the current high levels of capital and quarter of 2001, but the consensus forecast showed profitability provide important additional buffers growth slowing down again in the second quarter. against further increases in loan losses, some mea- Monetary policy entered a holding pattern as the sures of the adequacy of loan-loss reserves fell Federal Reserve left the federal funds rate unchanged sharply last year. The ratio of loan-loss reserves to at the first three meetings of 2002. Longer-term interdelinquent loans dropped 10 percentage points, to est rates on government bonds, home mortgages, and 68 percent, although it remained substantially above investment-grade corporate debt edged up, but the the levels posted in the late 1980s and early 1990s apparently improved economic prospects led to some (chart 23, middle panel). The significant decline in decline in interest rates on high-yield bonds. the ratio of loan-loss reserves to net charge-offs con- BHC stock prices continued to outperform the tinued a fairly sharp downward trend evident since S&P 500 index, and the broader index of the top Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 277 3. Exposure of banks to selected economies at year-end relative to tier 1 capital, by bank size, 1998-2001 Percent SSeelleecctteedd Eastern Europe Latin America BBaannkk aanndd yyeeaarr AAssiiaann TToottaall ccoouunnttrriieess11 All Russia All Mexico Argentina Brazil All 1998 15.49 3.49 .43 42.93 9.88 9.66 11.27 61.90 1999 14.37 2.85 .37 39.00 9.50 9.40 10.49 56.22 2000 13.17 4.35 .49 37.88 9.08 8.41 11.15 55.40 2001 12.09 4.29 .60 54.06 25.97 6.61 12.99 70.44 Money center and other large banks 1998 24.02 5.61 .68 64.20 14.10 15.19 17.04 93.83 1999 20.73 4.25 .55 53.90 12.62 13.63 14.53 78.88 2000 19.98 6.83 .77 54.98 12.69 12.68 16.40 81.79 2001 17.88 6.47 .91 79.08 38.54 9.79 18.74 103.43 Other 1998 2.08 .16 .00 9.51 3.24 .97 .00 11.75 1999 1.75 .08 .01 9.41 3.31 1.01 2.47 11.24 2000 1.41 .08 .00 8.35 2.84 1.04 2.08 9.84 2001 1.07 .14 .00 6.45 2.04 .57 2.05 7.66 MEMO Total exposure (billions of dollars) 1998 37.87 8.53 1.05 104.96 24.15 23.62 27.55 151.36 1999 37.45 7.43 .95 101.63 24.77 24.51 27.34 146.51 2000 37.30 12.33 1.39 107.31 25.71 23.82 31.59 156.94 2001 36.32 12.88 1.80 162.39 78.00 19.87 39.01 211.59 NOTE. For definition of tier 1 capital, see text note 4. Exposures consist of (5 money center banks and 5 other large banks) with $197 billion in tier 1 lending and derivatives exposures for cross-border and local-office operations. capital, and the remaining 69 were "other" banks with $104 billion in tier 1 Respondents may file information on one bank or on the bank holding com- capital. The average "other" bank at year-end 2001 had $20 billion in assets. pany as a whole. 1. Indonesia, Korea, Malaysia, Philippines, and Thailand. At year-end 2001, "all reporting" banks consisted of 79 institutions with a SOURCE. Federal Financial Institutions Examination Council Statistical total of $300 billion in tier 1 capital; of these institutions, 10 were "large" banks Release E.16, "Country Exposure Survey," available at www.lfiec.gov/E16.htm/ in the fourth quarter of last year. Noninterest income 225 BHCs continued to outperform the index of rose substantially, reportedly buoyed by continued the top 50. Return on assets at commercial banks mortgage refinancing activity. Loss provisioning increased to 1,29 percent in the first quarter, up remained very elevated; although it declined some- 10 basis points from the average for 2001. Net inter- what relative to 2001 :Q4, it was well above yearest margins remained higher than their average for all earlier levels. • of 2001 but fell back a tad after having jumped Table A.l begins on page 278. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
278 Federal Reserve Bulletin • June 2002 A. 1. Portfolio composition, interest rates, and income and expense, all U.S. banks, 1992-2001 A. All banks Item 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Balance sheet items as a percentage of average net consolidated assets mgm Interest-earning assets 88.94 89.06 87.11 86.97 87.38 87.15 86.77 87.05 87.17 86.53 Loans and leases, net 57.30 56.25 56.07 58.37 59.89 58.69 58.33 59.36 60.52 58.98 Commercial and industrial 15.78 14.88 14.51 15.20 15.60 15.78 16.37 17.07 17.16 16.07 U.S. addressees 13.54 12.72 12.35 12.87 13.07 13.18 13.62 14.43 14.67 13.68 Foreign addressees 2.24 2.16 2.16 2.33 2.53 2.60 2.75 2.64 MM 2.49 2.39 Consumer 11.00 11.00 11.43 12.08 12.21 11.44 10.36 9.71 9.38 9.24 Credit card 3.80 3.88 4.21 4.69 4.87 4.55 3.96 3.51 3.52 3.62 Installment and other 7.20 7.11 7.22 7.39 7.34 6.89 6.39 6.20 5.87 5.62 Real estate 24.87 24.80 24.43 25.01 25.06 25.02 24.87 25.44 27.04 27.10 In domestic offices 24.18 24.18 23.80 24.36 24.43 24.41 24.30 24.87 I"-"' 26.50 26.60 Construction and land development 2.64 1.99 1.65 1.59 1.63 1.73 1.86 2.18 2.51 2.84 Farmland .56 .57 .56 .56 .56 .55 .55 .56 .56 .55 One- to four-family residential 12.91 13.49 13.74 14.42 14.43 14.42 14.26 14.10 14.96 14.66 Home equity 2.09 2.07 1.91 1.88 1.85 1.94 1.89 1.76 M Ig M ji i 1.96 2.18 Other 10.83 11.42 11.84 12.54 12.57 12.48 12.37 12.34 13.00 12.49 Multifamily residential .75 .79 .79 .81 .85 .83 .82 .88 .99 .97 Nonfarm nonresidential 7.32 7.33 7.07 6.97 6.96 6.88 6.81 7.15 7.48 7.57 In foreign offices .69 .62 .63 .65 .63 .61 .57 .57 .54 .50 To depository institutions and acceptances of other banks 1.29 1.13 1.47 1.92 2.33 1.93 1.91 1.97 1.87 1.84 Foreign governments .73 .67 .41 .30 .26 .18 .15 .16 .12 .10 Agricultural production 1.02 .99 1.00 .96 .92 .90 .89 .83 .78 .75 Other loans 3.45 3.50 3.29 3.11 3.32 2.80 2.78 2.75 2.58 2.35 Lease-financing receivables 1.03 .99 1.03 1.19 1.51 1.87 2.14 2.53 |1 2.65 2.62 LESS: Unearned income on loans -.28 -.21 -.16 -.14 -.12 -.09 -.07 -.06 -.05 -.04 LESS: LOSS reserves1 -1.60 -1.51 -1.36 -1.26 -1.21 -1.13 -1.07 -1.04 -1.02 -1.04 Securities 23.52 25.37 24.32 21.94 21.01 20.41 20.38 m 20.40 20.02 I 19.55 Investment account 21.18 22.50 21.60 19.39 18.20 17.25 17.49 18.34 TV 17.59 16.83 Debt 21.18 22.50 21.21 18.98 17.75 16.75 16.94 17.73 fr-V16 .93 16.50 U.S. Treasury n.a. n.a. 6.71 5.25 4.20 3.38 2.71 1 214 1.66 .85 U.S. government agency and corporation obligations n.a. n.a. 10.26 9.81 9.75 9.74 10.28 10.85 10.31 10.08 Government-backed mortgage pools ... n.a. n.a. 4.70 4.47 4.80 4.94 5.17 5.24 gat 4.75 5.13 Collateralized mortgage obligations n.a. n.a. 3.19 2.67 2.11 1.94 2.13 2.15 1.92 1.96 Other n.a. n.a. 2.36 2.68 2.83 2.86 2.99 3.46 3.63 2.99 State and local government n.a. n.a. 2.01 1.80 1.68 1.59 1.57 1.62 1.52 1.49 Private mortgage-backed securities n.a. n.a. .64 .62 .61 .50 .67 .88 .95 1.09 Other n.a. n.a. 1.56 1.49 1.51 1.54 1.71 2.24 2.48 2.98 Equity2 n.a. n.a. .39 .41 .45 .50 .55 .61 .66 .34 Trading account 2.34 2.87 2.71 2.55 2.81 3.16 2.90 2.06 2.43 2.72 Gross federal funds sold and reverse RPs 4.54 4.27 3.82 3.93 3.82 5.18 5.37 4.61 4.12 5.11 Interest-bearing balances at depositories 3.58 3.18 2.90 2.73 2.66 2.86 2.69 2.68 2.52 2.90 Non-interest-earning assets 11.06 10.94 12.89 13.03 12.62 12.85 13.23 12.95 12.83 13.47 Revaluation gains held in trading accounts3 n.a. n.a. 2.95 2.90 2.25 2.59 2.95 2.57 2.29 2.37 Other 11.06 10.94 9.94 10.12 10.38 10.26 10.28 10.38 10.54 11.10 Liabilities 92.82 92.15 92.12 91.99 91.73 91.57 91.51 91.51 91.58 91.24 Interest-bearing liabilities 75.32 73.92 71.86 71.86 71.62 71.36 71.32 72.51 73.30 72.46 Deposits 62.94 60.26 57.34 56.30 55.87 55.01 54.66 54.79 54.67 54.61 In foreign offices 8.37 8.32 9.39 10.28 10.01 10.02 10.15 10.46 10.92 10.18 In domestic offices 54.56 51.94 47.96 46.03 45.86 44.99 44.51 44.33 43.75 44.43 Other checkable deposits 7.65 8.24 7.80 6.63 4.75 3.62 3.11 2.81 2.46 2.37 Savings (including MMDAs) 20.28 20.91 19.60 17.48 18.71 19.12 19.91 21.00 20.64 22.29 Small-denomination time deposits 19.21 16.98 15.33 16.14 15.97 15.17 14.15 13.10 12.49 11.60 Large-denomination time deposits 7.42 5.81 5.23 5.77 6.42 7.08 7.33 7.42 8.16 8.17 Gross federal funds purchased and RPs 7.02 7.47 7.60 7.71 7.18 8.13 7.99 7.97 7.83 7.95 Other 5.36 6.19 6.92 7.85 8.56 8.21 8.68 9.75 10.79 9.90 Non-interest-bearing liabilities 17.50 18.23 20.26 20.13 20.11 20.21 20.18 19.00 18.28 18.78 Demand deposits in domestic offices 13.24 13.86 13.49 12.68 12.82 12.16 11.00 9.78 8.62 8.00 Revaluation losses held in trading accounts3 .. n.a. n.a. 2.69 2.88 2.14 2.64 2.97 2.52 2.29 2.21 Other 4.27 4.37 4.55 4.57 5.14 5.42 6.21 6.70 7.37 8.58 Capital account 7.18 7.85 7.88 8.01 8.27 8.43 8.49 8.49 8.42 8.76 5Sh&".. •xi MEMO Commercial real estate loans ... 11.34 10.63 9.94 9.83 9.92 9.99 10.12 10.87 11.58 12.09 Other real estate owned .82 .63 .36 .19 .14 .11 .08 .06 .05 .05 Managed liabilities 28.70 28.28 29.61 32.08 32.73 34.09 34.94 36.58 38.82 37.39 Average net consolidated assets (billions of dollars) 3,442 3,566 3,863 4,376 4,733 5,144 5,439 5,905 6,334 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 279 A.l.—Continued A. All banks Item 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Effective interest rate (percent)4 Rates earned Interest-earning assets 8.27 7.61 7.61 8.33 8.14 8.15 7.99 7.70 8.23 7.43 Taxable equivalent 8.37 7.71 7.70 8.40 8.21 8.22 8.06 7.76 8.27 7.51 Loans and leases, gross 9.20 8.69 8.62 9.25 8.99 9.01 8.84 8.48 9.01 8.24 Net of loss provisions 7.87 7.87 8.12 8.74 8.39 8.34 8.15 7.83 8.19 7.10 Securities 7.04 6.08 5.96 6.51 6.42 6.50 6.37 6.25 6.53 6.02 Taxable equivalent 7.34 6.36 6.20 6.73 6.66 6.73 6.63 6.46 6.65 6.31 Investment account 7.11 6.07 5.79 6.35 6.35 6.45 6.29 6.23 6.52 5.98 U.S. Treasury securities and U.S. government agency obligations (excluding MBS) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5.73 Mortgage-backed securities n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.22 Other n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5.74 Trading account 6.40 6.16 7.41 7.73 6.86 6.75 6.85 6.47 6.63 6.35 Gross federal funds sold and reverse RPs .. 3.58 3.04 4.26 5.63 5.21 5.45 5.29 4.78 5.56 3.90 Interest-bearing balances at depositories — 7.31 6.61 5.71 6.84 6.20 6.23 6.32 5.95 6.48 4.03 Rates paid Interest-bearing liabilities 4.75 4.01 4.01 4.99 4.82 4.92 4.88 4.47 5.17 4.18 Interest-bearing deposits 4.51 3.65 3.53 4.47 4.33 4.39 4.31 3.87 4.45 3.64 In foreign offices 7.32 6.82 5.59 6.12 5.54 5.44 5.66 4.91 5.61 3.95 In domestic offices 4.07 3.14 3.14 4.11 4.07 4.16 4.01 3.63 4.18 3.57 Other checkable deposits 2.70 1.99 1.85 2.06 2.04 2.25 2.29 2.08 2.34 1.96 Savings (including MMDAs) 3.25 2.50 2.58 3.19 2.99 2.93 2.79 2.49 2.86 2.21 Large time deposits5 4.90 4.00 4.09 5.47 5.39 5.45 5.22 4.92 5.78 5.08 Other time deposits5 5.15 4.19 4.17 5.44 5.40 5.54 5.48 5.09 5.69 5.48 Gross federal funds purchased and RPs — 3.64 3.07 4.18 5.65 5.12 5.17 5.19 4.73 5.77 3.85 Other interest-bearing liabilities 7.87 8.02 7.25 7.47 6.93 6.95 6.89 6.48 6.97 5.99 Income and expense as a percentage of average net consolidated assets Gross interest income 7.45 6.86 6.65 7.29 7.16 7.15 6.98 6.73 7.19 6.45 Taxable equivalent 7.54 6.94 6.73 7.35 7.21 7.20 7.03 6.78 7.23 6.49 Loans 5.40 5.00 4.91 5.48 5.47 5.40 5.27 5.12 5.54 4.97 Securities 1.51 1.37 1.25 1.23 1.16 1.11 1.10 1.14 1.15 1.01 Gross federal funds sold and reverse RPs .. .17 .13 .17 .23 .21 .29 .29 .23 .23 .20 Other .37 .36 .33 .35 .32 .35 .32 .24 .27 .24 Gross interest expense 3.56 2.96 2.87 3.57 3.43 3.48 3.46 3.22 3.76 3.00 Deposits 2.87 2.23 2.05 2.54 2.46 2.48 2.43 2.20 2.56 2.10 Gross federal funds purchased and RPs — .27 .24 .32 .44 .38 .43 .43 .39 .45 .31 Other .42 .50 .50 .58 .59 .56 .59 .63 .75 .59 Net interest income 3.89 3.90 3.78 3.72 3.73 3.67 3.52 3.52 3.43 3.45 Taxable equivalent 3.98 3.98 3.86 3.79 3.78 3.72 3.57 3.57 3.47 3.49 Loss provisioning6 .78 .47 .28 .30 .37 .41 .41 .39 .50 .68 Noninterest income 1.95 2.13 2.00 2.02 2.18 2.23 2.40 2.65 2.58 2.54 Service charges on deposits .41 .42 .40 .39 .39 .39 .38 .40 .40 .43 Fiduciary activities .30 .31 .31 .31 .33 .35 .37 .38 .38 .35 Trading revenue .18 .26 .16 .15 .17 .17 .15 .19 .21 .20 Interest rate exposures n.a. n.a. n.a. n.a. .09 .08 .05 .07 .08 .10 Foreign exchange rate exposures n.a. n.a. n.a. n.a. .06 .08 .09 .09 .09 .07 Other commodity and equity exposures .. n.a. n.a. n.a. n.a. .02 * .01 .03 .04 .03 Other 1.05 1.14 1.13 1.17 1.29 1.32 1.49 1.69 1.59 1.56 Noninterest expense 3.86 3.94 3.75 3.64 3.71 3.61 3.77 3.76 3.65 3.58 Salaries, wages, and employee benefits 1.61 1.64 1.58 1.54 1.55 1.53 1.55 1.58 1.51 1.49 Occupancy .53 .52 .49 .48 .48 .47 .47 .48 .45 .44 Other 1.72 1.78 1.68 1.62 1.69 1.62 1.75 1.70 1.69 1.64 Net noninterest expense 1.91 1.81 1.75 1.62 1.53 1.38 1.36 1.11 1.07 1.05 Gains on investment account securities .11 .09 -.01 .01 .03 .04 .06 * -.04 .07 Income before taxes and extraordinary items .. 1.32 1.70 1.73 1.81 1.85 1.93 1.80 2.03 1.81 1.79 Taxes .42 .56 .58 .63 .65 .68 .62 .72 .63 .60 Extraordinary items, net of income taxes ... .01 .06 * * * * .01 * * -.01 Net income .91 1.20 1.15 1.18 1.20 1.25 1.19 1.31 1.18 1.19 Cash dividends declared .41 .62 .73 .75 .90 .90 .80 .96 .89 .87 Retained income .49 .58 .42 .43 .30 .35 .39 .35 .29 .32 MEMO: Return on equity 12.64 15.32 14.63 14.69 14.52 14.84 14.06 15.41 13.98 13.57 * In absolute value, less than 0.005 percent. n.a. Not available. MMDA Money market deposit account. RP Repurchase agreement. CD Certificate of deposit. 1. Includes allocated transfer risk reserves. 2. As in the Call Report, equity securities are combined with "other debt securities" before 1989. 3. Before 1994, the netted value of off-balance-sheet items appeared in "trading account securities" if a gain and "other non-interest-bearing liabilities" if a loss. 4. When possible, based on the average of quarterly balance sheet data reported on schedule RC-K of the quarterly Call Reports. 5. Prior to 1997, large time open accounts included in other time deposits. 6. Includes provisions for allocated transfer risk. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
280 Federal Reserve Bulletin • June 2002 A.l. Portfolio composition, interest rates, and income and expense, all U.S. banks, 1992-2001 B. Ten largest banks by assets Item 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Balance sheet items as a percentage of average net consolidated assets Interest-earning assets 85.32 84.90 77.26 77.12 80.12 81.84 81.25 81.49 82.23 81.74 Loans and leases, net 58.34 55.57 49.91 50.05 53.51 50.91 50.76 53.37 55.22 53.86 Commercial and industrial 20.32 18.65 16.43 16.16 17.17 16.90 18.07 19.20 19.86 18.81 U.S. addressees 12.00 10.75 9.16 8.66 9.59 10.24 11.76 13.14 13.95 13.41 Foreign addressees 8.32 7.90 7.27 7.50 7.59 6.66 6.31 6.06 5.92 5.41 Consumer 7.31 7.33 6.59 6.60 6.22 6.40 6.04 5.94 5.43 6.17 Credit card 2.61 2.50 2.28 1.96 1.23 1.34 1.30 1.36 1.34 1.60 Installment and other 4.70 4.83 4.31 4.65 4.99 5.06 4.74 4.58 4.09 4.56 Real estate 19.93 18.54 16.21 15.82 16.53 17.42 16.51 16.96 19.82 19.23 In domestic offices 17.07 15.99 13.80 13.48 14.44 15.69 15.08 15.55 18.48 18.05 Construction and land development 2.48 1.59 .84 .58 .51 .68 .77 .90 .98 1.27 Farmland .07 .07 .06 .06 .06 .09 .09 .10 .11 .11 One- to four-family residential 10.08 10.29 9.69 9.62 10.43 11.02 10.33 10.77 13.37 12.40 Home equity 1.63 1.60 1.40 1.40 1.53 1.70 1.72 1.54 1.60 1.78 Other 8.46 8.68 8.29 8.22 8.90 9.31 8.61 9.22 11.76 10.63 Multifamily residential .58 .53 .41 .38 .38 .39 .38 .43 .60 .51 Nonfarm nonresidential 3.86 3.51 2.79 2.83 3.05 3.52 3.51 3.35 3.42 3.76 In foreign offices 2.85 2.55 2.41 2.35 2.09 1.73 1.43 1.41 1.34 1.18 To depository institutions and acceptances of other banks 2.64 2.47 3.49 5.04 6.14 4.20 4.05 4.34 3.78 3.24 Foreign governments 2.75 2.46 1.27 .90 .69 .45 .35 .38 .28 .20 Agricultural production .28 .27 .25 .21 .23 .31 .28 .26 .23 .28 Other loans 5.97 6.71 6.32 5.76 6.34 4.15 3.74 3.96 3.76 3.51 Lease-financing receivables 1.51 1.30 1.14 1.14 1.59 2.24 2.81 3.40 3.07 3.43 LESS: Unearned income on loans -.27 -.21 -.16 -.14 -.11 -.07 -.06 -.05 -.04 -.04 LESS: LOSS reserves1 -2.08 -1.94 -1.63 -1.45 -1.30 -1.08 -1.01 -1.03 -.97 -.97 Securities 19.13 22.74 20.61 19.53 19.83 20.00 19.72 18.34 18.98 17.81 Investment account 10.70 12.45 11.68 10.65 10.60 10.97 12.12 13.08 13.71 12.14 Debt 10.70 12.45 10.10 9.03 8.94 9.42 10.58 11.38 11.97 11.30 U.S. Treasury n.a. n.a. 2.06 2.03 1.93 1.56 1.70 1.98 1.96 .68 U.S. government agency and corporation obligations n.a. n.a. 5.08 4.46 4.59 5.34 6.31 6.35 6.59 6.84 Government-backed mortgage pools ... n.a. n.a. 2.79 2.89 3.58 4.26 5.13 5.03 4.88 4.99 Collateralized mortgage obligations n.a. n.a. 2.22 1.50 .95 .93 .93 .79 .93 1.11 Other n.a. n.a. .06 .08 .06 .15 .26 .52 .78 .74 State and local government n.a. n.a. .61 .49 .39 .51 .47 .45 .51 .55 Private mortgage-backed securities n.a. n.a. .43 .32 .30 .32 .60 .57 .51 .58 Other n.a. n.a. 3.03 2.97 3.01 2.81 2.57 3.22 3.47 3.22 Equity2 n.a. n.a. .39 .38 .38 .42 .47 .51 .68 .26 Trading account 8.43 10.30 8.93 8.88 9.23 9.03 7.60 5.25 5.26 5.67 Gross federal funds sold and reverse RPs 3.23 2.71 2.68 3.20 3.10 7.56 7.81 6.64 5.02 6.38 Interest-bearing balances at depositories 4.61 3.88 4.05 4.34 3.68 3.37 2.96 3.14 3.01 3.69 Non-interest-earning assets 14.68 15.10 22.74 22.88 19.88 18.16 18.75 18.51 17.77 18.26 Revaluation gains held in trading accounts3 n.a. n.a. 11.23 10.77 7.63 7.36 7.62 6.66 5.66 5.47 Other 14.68 15.10 11.51 12.11 12.25 10.80 11.13 11.85 12.10 12.78 Liabilities 94.44 93.24 93.42 93.59 93.04 92.61 92.58 92.28 92.36 92.14 Interest-bearing liabilities 73.08 71.56 64.33 63.37 64.45 65.83 65.81 66.87 67.81 66.76 Deposits 55.73 52.91 48.20 47.49 47.87 47.36 47.65 48.79 49.27 49.09 In foreign offices 27.16 25.51 26.10 28.36 26.41 22.18 20.17 21.04 21.62 19.22 In domestic offices 28.56 27.41 22.10 19.12 21.46 25.18 27.48 27.76 27.66 29.88 Other checkable deposits 3.38 3.45 2.91 2.30 1.61 1.21 .99 .72 .74 .90 Savings (including MMDAs) 14.91 15.33 12.70 10.56 12.31 14.26 15.83 16.84 16.73 19.23 Small-denomination time deposits 5.72 5.09 3.98 4.04 4.68 5.82 6.03 5.66 5.38 5.13 Large-denomination time deposits 4.56 3.53 2.51 2.23 2.86 3.89 4.62 4.54 4.80 4.61 Gross federal funds purchased and RPs 6.19 6.70 5.83 6.17 5.88 10.26 9.78 8.84 8.89 9.04 Other 11.16 11.94 10.29 9.71 10.69 8.20 8.37 9.24 9.65 8.62 Non-interest-bearing liabilities 21.36 21.68 29.09 30.22 28.59 26.78 26.77 25.41 24.56 25.38 Demand deposits in domestic offices 11.05 11.27 10.15 8.88 9.73 8.98 8.46 7.83 7.28 7.50 Revaluation losses held in trading accounts3 .. n.a. n.a. 10.22 10.68 7.27 7.53 7.67 6.51 5.69 5.10 Other 10.30 10.41 10.51 10.66 11.59 10.27 10.65 11.06 11.59 12.79 Capital account 5.56 6.76 6.58 6.41 6.96 7.39 7.42 7.72 7.64 7.86 MEMO Commercial real estate loans 8.01 6.46 4.65 4.40 4.65 5.45 5.61 5.69 5.87 6.68 Other real estate owned 1.13 1.02 .58 .27 .18 .13 .09 .06 .04 .04 Managed liabilities 50.82 49.23 46.21 47.94 47.39 46.02 44.42 45.49 46.84 43.38 Average net consolidated assets (billions of dollars) 775 818 949 1,051 1,189 1,514 1,820 1,935 2,234 2,527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 281 A.l.—Continued B. Ten largest banks by assets Item 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Effective interest rate (percent)4 Rates earned Interest-earning assets 8.67 8.16 8.15 8.20 7.72 7.55 7.54 7.35 7.77 6.91 Taxable equivalent 8.72 8.20 8.18 8.22 7.74 7.60 7.57 7.39 7.78 6.98 Loans and leases, gross 9.36 9.07 8.89 8.84 8.32 8.25 8.21 7.99 8.46 7.62 Net of loss provisions 7.51 7.95 8.38 8.62 8.11 7.93 7.62 7.50 7.79 6.53 Securities 7.38 6.69 7.09 7.41 6.80 6.70 6.79 6.52 6.52 6.25 Taxable equivalent 7.54 6.77 7.19 7.47 6.85 6.85 6.89 6.65 6.55 6.53 Investment account 7.96 6.90 6.57 7.06 6.71 6.61 6.71 6.50 6.45 6.08 U.S. Treasury securities and U.S. government agency obligations (excluding MBS) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 44..9922 Mortgage-backed securities n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.07 Other n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.52 Trading account 6.69 6.45 7.79 7.83 6.90 6.81 6.92 6.56 6.70 6.66 Gross federal funds sold and reverse RPs 3.65 3.02 4.52 5.20 4.92 5.45 5.20 4.52 4.93 3.91 Interest-bearing balances at depositories 9.29 8.34 7.27 7.15 6.71 6.91 7.16 7.22 7.43 3.75 Rates paid Interest-bearing liabilities 6.17 5.60 5.43 5.88 5.44 5.41 5.29 4.79 5.37 4.14 Interest-bearing deposits 5.33 4.50 4.32 4.99 4.57 4.54 4.40 3.82 4.40 3.30 In foreign offices 7.55 6.87 6.04 6.07 5.62 5.52 5.83 4.99 5.67 4.02 In domestic offices 3.25 2.36 2.35 3.42 3.32 3.69 3.39 3.04 3.51 2.90 Other checkable deposits 1.97 1.28 1.10 1.29 1.32 1.97 1.67 1.44 1.61 1.68 Savings (including MMDAs) 2.95 2.14 2.35 3.11 2.76 2.68 2.45 2.11 2.43 1.95 Large time deposits5 4.66 3.55 3.12 3.73 4.62 5.17 4.53 4.36 5.32 4.45 Other time deposits5 3.81 3.01 2.80 5.08 4.58 5.45 5.21 4.95 5.53 5.25 Gross federal funds purchased and RPs 4.04 3.26 4.05 5.22 4.93 5.02 5.18 4.53 5.47 3.82 Other interest-bearing liabilities 10.40 11.16 10.87 9.80 8.86 9.13 8.85 8.61 8.15 7.15 Income and expense as a percentage of average net consolidated assets Gross interest income 7.69 7.22 6.37 6.42 6.26 6.31 6.21 6.01 6.39 5.63 Taxable equivalent 7.72 7.25 6.40 6.43 6.27 6.33 6.22 6.03 6.41 5.65 Loans 5.65 5.22 4.49 4.44 4.48 4.31 4.27 4.35 4.74 4.20 Securities .85 .86 .77 .75 .71 .73 .81 .85 .88 .74 Gross federal funds sold and reverse RPs .14 .11 .15 .21 .18 .45 .42 .30 .25 .26 Other 1.05 1.04 .97 1.00 .88 .82 .70 .51 .51 .43 Gross interest expense 4.54 4.06 3.52 3.74 3.52 3.55 3.48 3.16 3.61 2.72 Deposits 3.09 2.48 2.15 2.43 2.26 2.26 2.20 1.97 2.33 1.76 Gross federal funds purchased and RPs .28 .24 .24 .35 .31 .54 .54 .40 .49 .35 Other 1.17 1.35 1.13 .95 .95 .75 .74 .79 .78 .61 Net interest income 3.15 3.16 2.86 2.68 2.73 2.76 2.73 2.84 2.78 2.92 Taxable equivalent 3.18 3.19 2.88 2.70 2.75 2.79 2.75 2.86 2.80 2.94 Loss provisioning6 1.12 .64 .26 .11 .11 .16 .31 .26 .38 .60 Noninterest income 2.59 2.99 2.33 2.16 2.34 2.12 2.15 2.55 2.54 2.26 Service charges on deposits .30 .30 .26 .25 .28 .32 .33 .37 .40 .45 Fiduciary activities .37 .39 .36 .30 .31 .34 .32 .31 .27 .29 Trading revenue .66 .91 .53 .46 .52 .43 .33 .46 .48 .43 Interest rate exposures n.a. n.a. n.a. n.a. .30 .23 .10 .17 .20 .21 Foreign exchange rate exposures n.a. n.a. n.a. n.a. .17 .20 .20 .19 .18 .14 Other commodity and equity exposures n.a. n.a. n.a. n.a. .05 * .03 .09 .11 .08 Other 1.27 1.38 1.18 1.15 1.23 1.04 1.17 1.41 1.39 1.09 Noninterest expense 3.86 4.13 3.56 3.32 3.57 3.24 3.47 3.45 3.31 3.17 Salaries, wages, and employee benefits 1.78 1.88 1.65 1.58 1.57 1.45 1.45 1.57 1.46 1.38 Occupancy .65 .66 .55 .50 .50 .47 .47 .50 .47 .45 Other 1.43 1.59 1.36 1.24 1.50 1.33 1.54 1.38 1.39 1.34 Net noninterest expense 1.27 1.14 1.23 1.16 1.23 1.12 1.32 .90 .77 .90 Gains on investment account securities .11 .13 .02 .03 .04 .08 .11 .03 -.03 .08 Income before taxes and extraordinary items .87 1.50 1.39 1.44 1.44 1.56 1.22 1.71 1.60 1.49 Taxes .26 .53 .48 .55 .52 .58 .44 .66 .60 .49 Extraordinary items, net of income taxes * .16 * * * * * * * -.01 Net income .61 1.13 .91 .88 .92 .98 .78 1.05 1.00 .99 Cash dividends declared .18 .28 .58 .57 .70 .82 .53 .79 .86 .67 Retained income .43 .85 .33 .31 .21 .15 .25 .26 .13 .32 MEMO: Return on equity 10.91 16.75 13.86 13.78 13.21 13.22 10.53 13.58 13.04 12.61 * In absolute value, less than 0.005 percent. n.a. Not available. MMDA Money market deposit account. RP Repurchase agreement. CD Certificate of deposit. 1. Includes allocated transfer risk reserves. 2. As in the Call Report, equity securities are combined with "other debt securities" before 1989. 3. Before 1994, the netted value of off-balance-sheet items appeared in "trading account securities" if a gain and "other non-interest-bearing liabilities" if a loss. 4. When possible, based on the average of quarterly balance sheet data reported on schedule RC-K of the quarterly Call Reports. 5. Prior to 1997, large time open accounts included in other time deposits. 6. Includes provisions for allocated transfer risk. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
282 Federal Reserve Bulletin • June 2002 A.l. Portfolio composition, interest rates, and income and expense, all U.S. banks, 1992-2001 C. Banks ranked 11 through 100 by assets Item 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Balance sheet items as a percentage of average net consolidated assets Interest-earning assets 88.43 88.81 88.58 88.71 88.26 87.50 87.91 88.47 88.78 88.23 Loans and leases, net 58.30 57.33 58.56 62.68 64.24 63.89 64.42 64.28 64.97 62.27 Commercial and industrial 18.83 18.03 18.03 19.26 18.95 19.01 18.92 19.40 18.20 15.81 U.S. addressees 17.78 17.05 16.99 18.10 17.71 17.78 17.59 18.18 17.66 15.33 Foreign addressees 1.05 .98 1.04 1.16 1.24 1.22 1.33 1.22 .55 .48 Consumer 11.72 11.47 12.62 14.23 15.67 15.62 14.53 13.57 13.80 13.21 Credit card 5.16 5.23 5.99 7.34 8.26 8.50 7.67 6.78 6.98 6.98 Installment and other 6.56 6.24 6.63 6.89 7.40 7.12 6.86 6.79 6.82 6.23 Real estate 21.89 22.11 22.26 23.25 23.26 22.99 24.60 24.81 26.23 27.32 In domestic offices 21.78 22.01 22.17 23.10 23.10 22.85 24.42 24.63 26.13 27.24 Construction and land development 3.02 2.08 1.63 1.50 1.55 1.69 2.03 2.43 3.00 3.31 Farmland .14 .13 .14 .13 .13 .14 .17 .19 .22 .23 One- to four-family residential 11.36 12.30 12.98 14.16 14.15 13.88 14.86 14.15 14.52 15.50 Home equity 2.50 2.54 2.33 2.19 2.08 2.22 2.17 2.08 2.49 2.90 Other 8.85 9.76 10.65 11.97 12.07 11.65 12.69 12.07 12.03 12.61 Multifamily residential 0.66 .71 .71 .77 .89 .93 1.00 1.02 1.11 1.16 Nonfarm nonresidential 6.61 6.79 6.72 6.54 6.37 6.21 6.36 6.82 7.28 7.03 In foreign offices .11 .10 .09 .15 .16 .15 .18 .19 .09 .09 To depository institutions and acceptances of other banks 1.47 1.34 1.52 1.61 1.53 1.30 1.09 .93 1.05 1.42 Foreign governments .33 .30 .28 .20 .20 .09 .06 .06 .03 .03 Agricultural production .31 .29 .29 .26 .28 .29 .33 .33 .37 .31 Other loans 4.24 4.01 3.45 3.29 3.27 3.18 3.35 2.99 2.57 2.04 Lease-financing receivables 1.49 1.47 1.60 1.96 2.41 2.70 2.75 3.32 3.87 3.28 LESS: Unearned income on loans -.17 -.11 -.07 -.07 -.06 -.05 -.04 -.04 -.03 -.02 LESS: LOSS reserves1 -1.79 -1.60 -1.41 -1.32 -1.27 -1.24 -1.16 -1.11 -1.12 -1.13 Securities 20.38 21.97 21.19 18.64 16.87 15.80 16.67 17.80 17.33 19.01 Investment account 19.24 20.60 19.82 17.88 16.06 15.07 16.13 17.29 16.11 17.71 Debt 19.24 20.60 18.57 16.60 14.70 13.61 14.52 15.53 14.19 16.72 U.S. Treasury n.a. n.a. 6.86 4.82 3.34 2.81 2.25 1.70 1.12 .67 U.S. government agency and corporation obligations n.a. n.a. 9.38 9.40 9.12 8.98 9.93 10.58 9.71 10.09 Government-backed mortgage pools ... n.a. n.a. 5.40 5.06 5.42 5.17 4.98 5.12 4.31 5.19 Collateralized mortgage obligations n.a. n.a. 3.04 2.82 2.16 2.13 2.83 2.89 2.55 2.42 Other n.a. n.a. .94 1.51 1.54 1.68 2.12 2.56 2.84 2.48 State and local government n.a. n.a. 1.20 1.11 .99 .88 .92 .99 .96 .99 Private mortgage-backed securities n.a. n.a. .95 1.02 .96 .73 .96 1.35 1.66 2.01 Other n.a. n.a. 1.22 1.16 1.21 1.18 1.53 2.02 2.06 3.56 Equity2 n.a. n.a. .32 .37 .44 .49 .55 .65 .60 .39 Trading account 1.14 1.37 1.38 .76 .80 .73 .54 .51 1.22 1.30 Gross federal funds sold and reverse RPs 4.78 4.98 5.11 4.52 4.26 4.38 3.57 3.34 3.77 4.07 Interest-bearing balances at depositories 4.98 4.53 3.72 2.87 2.89 3.43 3.24 3.06 2.71 2.88 Non-interest-earning assets 11.57 11.19 11.42 11.29 11.74 12.50 12.09 11.53 11.22 11.77 Revaluation gains held in trading accounts3 n.a. n.a. .60 .50 .51 .69 .75 .57 .41 .56 Other 11.57 11.19 10.81 10.78 11.23 11.81 11.34 10.96 10.80 11.22 Liabilities 93.13 92.56 92.47 92.23 92.02 91.85 91.63 91.65 91.57 91.14 Interest-bearing liabilities 74.66 73.38 72.86 74.05 73.14 72.60 73.40 74.95 76.44 75.97 Deposits 56.99 54.22 53.03 52.32 51.81 51.45 51.51 51.51 51.61 51.97 In foreign offices 6.20 6.78 8.05 8.12 7.52 7.85 8.15 7.97 7.35 6.87 In domestic offices 50.79 47.43 44.98 44.20 44.30 43.60 43.36 43.55 44.26 45.10 Other checkable deposits 6.26 7.21 6.91 5.62 3.06 1.95 1.75 1.60 1.32 1.20 Savings (including MMDAs) 20.21 20.60 20.13 18.78 20.76 21.08 21.41 22.47 22.35 24.38 Small-denomination time deposits 15.98 14.19 13.26 14.24 14.09 13.43 12.84 11.86 11.80 10.66 Large-denomination time deposits 8.34 5.44 4.68 5.55 6.39 7.15 7.36 7.62 8.78 8.87 Gross federal funds purchased and RPs 11.45 11.93 11.48 11.37 10.00 9.36 9.48 9.78 9.28 9.73 Other 6.22 7.23 8.34 10.36 11.32 11.79 12.41 13.67 15.56 14.27 Non-interest-bearing liabilities 18.47 19.18 19.62 18.18 18.89 19.24 18.23 16.70 15.12 15.17 Demand deposits in domestic offices 14.52 15.38 15.27 14.26 14.47 14.17 12.40 10.52 8.62 7.16 Revaluation losses held in trading accounts3 .. n.a. n.a. .57 .49 .49 .68 .76 .58 .41 .51 Other 3.95 3.80 3.89 3.43 3.93 4.39 5.07 5.59 6.09 7.50 Capital account 6.87 7.44 7.53 7.77 7.98 8.15 8.37 8.35 8.43 8.86 MEMO Commercial real estate loans 11.09 10.29 9.69 9.42 9.38 9.44 10.11 11.00 12.07 12.08 Other real estate owned 0.70 .47 .25 .13 .08 .06 .04 .03 .03 .04 Managed liabilities 32.59 31.76 32.89 35.68 35.60 36.60 38.09 39.81 41.94 40.78 Average net consolidated assets (billions of dollars) 1,003 1,082 1,204 1,338 1,450 1,604 1,745 1,880 2,029 2,128 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 283 A.l.—Continued C. Banks ranked 11 through 100 by assets Item 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Effective interest rate (percent)4 Rates earned Interest-earning assets 7.97 7.35 7.29 8.31 8.16 8.31 8.10 7.84 8.47 7.60 Taxable equivalent 8.07 7.45 7.37 8.37 8.23 8.36 8.17 7.88 8.49 7.65 Loans and leases, gross 8.75 8.25 8.22 9.10 8.87 9.03 8.82 8.50 9.15 8.34 Net of loss provisions 7.45 7.46 7.68 8.49 8.05 8.11 8.01 7.68 8.13 6.91 Securities 7.00 6.05 5.70 6.38 6.42 6.50 6.21 6.34 6.71 5.92 Taxable equivalent 7.30 6.32 5.92 6.56 6.66 6.70 6.46 6.46 6.77 6.11 Investment account 7.12 6.14 5.70 6.34 6.41 6.52 6.22 6.36 6.74 6.00 U.S. Treasury securities and U.S. government agency obligations (excluding MBS) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 55..9922 Mortgage-backed securities n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.37 Other n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5.29 Trading account 4.73 4.74 5.75 7.27 6.53 6.05 5.86 5.58 6.25 4.85 Gross federal funds sold and reverse RPs 3.70 3.11 4.31 5.91 5.31 5.45 5.46 5.12 6.06 3.89 Interest-bearing balances at depositories 6.76 6.50 4.69 6.78 5.82 5.76 5.67 4.81 5.49 4.38 Rates paid Interest-bearing liabilities 4.43 3.76 3.72 4.94 4.70 4.79 4.76 4.38 5.22 4.18 Interest-bearing deposits 4.30 3.51 3.25 4.35 4.15 4.22 4.15 3.76 4.42 3.63 In foreign offices 7.26 7.37 4.60 6.30 5.29 5.23 5.22 4.70 5.38 3.67 In domestic offices 3.96 2.98 3.03 4.01 3.96 4.04 3.96 3.60 4.26 3.63 Other checkable deposits 2.43 1.70 1.62 1.89 1.78 2.01 2.41 2.03 2.57 2.34 Savings (including MMDAs) 3.07 2.33 2.46 3.10 2.91 2.84 2.76 2.49 2.94 2.31 Large time deposits5 5.10 4.30 4.21 5.70 5.50 5.47 5.32 4.96 5.88 5.16 Other time deposits 5 5.07 4.06 4.18 5.35 5.26 5.43 5.35 5.03 5.73 5.48 Gross federal funds purchased and RPs 3.57 3.04 4.28 5.86 5.19 5.29 5.22 4.87 6.02 3.87 Other interest-bearing liabilities 5.77 5.97 5.24 6.43 5.95 5.85 5.81 5.41 6.36 5.32 Income and expense as a percentage of average net consolidated assets Gross interest income 7.12 6.58 6.46 7.40 7.24 7.26 7.16 6.99 7.56 6.77 Taxable equivalent 7.19 6.64 6.51 7.45 7.28 7.30 7.20 7.02 7.59 6.80 Loans 5.23 4.84 4.91 5.79 5.80 5.87 5.79 5.57 6.07 5.34 Securities 1.37 1.26 1.13 1.13 1.03 .98 1.00 1.10 1.09 1.06 Gross federal funds sold and reverse RPs .18 .15 .21 .27 .23 .22 .19 .18 .22 .16 Other .34 .32 .21 .21 .18 .19 .18 .14 .18 .15 Gross interest expense 3.26 2.74 2.67 3.62 3.39 3.41 3.45 3.26 3.96 3.16 Deposits 2.48 1.93 1.73 2.29 2.18 2.23 2.23 2.02 2.41 2.02 Gross federal funds purchased and RPs .43 .38 .51 .67 .55 .51 .51 .51 .56 .38 Other .35 .43 .43 .66 .66 .68 .71 .73 .98 .76 Net interest income 3.86 3.84 3.79 3.78 3.84 3.85 3.71 3.72 3.60 3.61 Taxable equivalent 3.93 3.91 3.85 3.84 3.89 3.89 3.75 3.76 3.63 3.64 Loss provisioning6 .78 .47 .32 .39 .54 .60 .53 .54 .68 .92 Noninterest income 2.25 2.29 2.25 2.38 2.61 2.76 3.07 3.35 3.14 3.31 Service charges on deposits .44 .46 .45 .44 .44 .44 .42 .42 .42 .42 Fiduciary activities .38 .38 .39 .40 .43 .44 .49 .48 .52 .42 Trading income .09 .14 .08 .09 .08 .08 .09 .08 .08 .08 Interest rate exposures n.a. n.a. n.a. n.a. .03 .02 .03 .02 .02 .04 Foreign exchange rate exposures n.a. n.a. n.a. n.a. .04 .05 .06 .06 .05 .03 Other commodity and equity exposures n.a. n.a. n.a. n.a. .01 * * * • Other 1.33 1.32 1.33 1.45 1.67 1.79 2.07 2.37 2.13 2.39 Noninterest expense 3.98 3.95 3.86 3.79 3.85 3.85 4.03 4.11 3.96 3.93 Salaries, wages, and employee benefits 1.53 1.52 1.50 1.47 1.51 1.51 1.53 1.53 1.44 1.48 Occupancy .49 .47 .47 .47 .48 .46 .46 .45 .43 .42 Other 1.95 1.95 1.89 1.85 1.86 1.88 2.04 2.13 2.10 2.04 Net noninterest expense 1.73 1.65 1.61 1.41 1.24 1.10 .96 .76 .83 .62 Gains on investment account securities .15 .09 -.01 .02 .02 .02 .03 -.01 -.05 .09 Income before taxes and extraordinary items 1.50 1.81 1.85 2.01 2.09 2.18 2.24 2.41 2.04 2.16 Taxes .48 .56 .63 .70 .75 .77 .79 .87 .70 .75 Extraordinary items, net of income taxes .03 • * # • • * • * * Net income 1.04 1.25 1.22 1.31 1.34 1.42 1.46 1.54 1.33 1.41 Cash dividends declared .46 .76 .86 .85 1.07 .93 .96 1.16 .94 .96 Retained income .58 .49 .36 .46 .26 .48 .50 .38 .39 .45 MEMO: Return on equity 15.16 16.86 16.27 16.84 16.78 17.36 17.38 18.48 15.82 15.89 * In absolute value, less than 0.005 percent. n.a. Not available. MMDA Money market deposit account. RP Repurchase agreement. CD Certificate of deposit. 1. Includes allocated transfer risk reserves. 2. As in the Call Report, equity securities are combined with "other debt securities" before 1989. 3. Before 1994, the netted value of off-balance-sheet items appeared in "trading account securities" if a gain and "other non-interest-bearing liabilities" if a loss. 4. When possible, based on the average of quarterly balance sheet data reported on schedule RC-K of the quarterly Call Reports. 5. Prior to 1997, large time open accounts included in other time deposits. 6. Includes provisions for allocated transfer risk. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
284 Federal Reserve Bulletin • June 2002 A.l. Portfolio composition, interest rates, and income and expense, all U.S. banks, 1992-2001 D. Banks ranked 101 through 1,000 by assets Item 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Balance sheet items as a percentage of average net consolidated assets Interest-earning assets 90.02 90.45 90.90 90.97 91.10 91.32 91.36 91.68 91.49 91.15 Loans and leases, net 58.49 57.93 59.75 62.19 62.63 62.22 61.13 61.48 62.14 62.48 Commercial and industrial 13.34 12.19 12.07 12.70 12.80 12.43 12.48 12.64 12.95 13.03 U.S. addressees 13.16 12.03 11.91 12.54 12.61 12.19 12.16 12.32 12.60 12.65 Foreign addressees 0.18 .16 .16 .16 .18 .23 .32 .32 .36 .38 Consumer 14.18 14.82 15.84 16.27 15.88 14.03 12.28 10.79 10.19 9.76 Credit card 5.38 5.63 6.05 6.32 6.66 5.52 4.48 3.37 3.27 3.62 Installment and other 8.80 9.19 9.79 9.95 9.22 8.52 7.80 7.41 6.92 6.14 Real estate 28.11 28.61 29.42 30.81 31.36 33.23 33.94 35.90 36.93 37.65 In domestic offices 28.07 28.58 29.39 30.79 31.34 33.21 33.92 35.88 36.91 37.63 Construction and land development 2.86 2.26 2.08 2.21 2.38 2.69 2.88 3.49 4.15 4.91 Farmland .32 .34 .36 .40 .46 .53 .56 .58 .65 .67 One- to four-family residential 14.25 15.16 16.25 17.49 17.34 18.14 18.19 18.26 17.16 16.19 Home equity 2.56 2.51 2.33 2.36 2.30 2.30 2.15 1.99 2.10 2.20 Other 11.69 12.66 13.92 15.13 15.03 15.84 16.05 16.27 15.06 13.98 Multifamily residential .95 1.07 1.13 1.21 1.29 1.29 1.26 1.44 1.58 1.69 Nonfarm nonresidential 9.68 9.75 9.57 9.48 9.87 10.56 11.03 12.12 13.36 14.18 In foreign offices .04 .02 .03 .02 .02 .02 .02 .02 .02 .02 To depository institutions and acceptances of other banks .83 .47 .42 .36 .50 .59 .53 .46 .37 .38 Foreign governments .05 .03 .02 .02 .02 .02 .03 .03 .03 .03 Agricultural production .54 .56 .62 .69 .71 .74 .80 .78 .82 .85 Other loans 2.45 2.13 1.98 1.78 1.68 1.47 1.30 1.25 1.22 1.22 Lease-financing receivables .78 .77 .83 .90 1.01 .99 .99 .78 .75 .74 LESS: Unearned income on loans -.30 -.21 -.15 -.12 -.10 -.10 -.09 -.08 -.08 -.07 LESS: Loss reserves1 -1.49 -1.44 -1.30 -1.22 -1.22 -1.18 -1.13 -1.06 -1.04 -1.12 Securities 24.13 25.92 25.72 23.08 22.67 23.45 24.26 25.17 24.34 22.79 Investment account 23.78 25.63 25.40 22.88 22.55 23.35 24.15 25.09 24.25 22.68 Debt 23.78 25.63 23.94 21.32 20.71 20.92 21.15 21.70 20.30 20.56 U.S. Treasury n.a. n.a. 8.17 6.48 5.61 4.96 3.92 2.53 1.81 1.32 U.S. government agency and corporation obligations n.a. n.a. 12.76 12.23 12.66 13.97 15.13 16.29 15.56 14.69 Government-backed mortgage pools ... n.a. n.a. 5.64 5.42 5.69 6.22 6.46 6.72 6.22 6.27 Collateralized mortgage obligations n.a. n.a. 4.34 3.56 3.12 3.01 3.22 3.52 3.04 3.08 Other n.a. n.a. 2.79 3.25 3.85 4.73 5.44 6.05 6.30 5.35 State and local government n.a. n.a. 2.29 2.13 2.24 2.44 2.70 2.91 2.91 2.90 Private mortgage-backed securities n.a. n.a. .73 .68 .76 .59 .65 LOO .99 .93 Other n.a. n.a. .99 .89 .77 .78 1.06 1.60 2.19 2.41 Equity2 n.a. n.a. .43 .47 .52 .61 .69 .77 .79 .43 Trading account .35 .28 .31 .20 .12 .10 .11 .08 .09 .11 Gross federal funds sold and reverse RPs 4.92 4.49 3.64 3.92 3.87 3.60 4.17 3.35 3.40 4.19 Interest-bearing balances at depositories 2.47 2.11 1.79 1.78 1.93 2.05 1.80 1.68 1.60 1.68 Non-interest-earning assets 9.98 9.55 9.10 9.03 8.90 8.68 8.64 8.32 8.51 8.85 Revaluation gains held in trading accounts3 n.a. n.a. .02 .05 .02 * * .01 .02 .01 Other 9.98 9.55 9.08 8.99 8.88 8.68 8.64 8.31 8.49 8.85 Liabilities 92.47 91.85 91.62 91.36 91.06 90.78 90.55 90.90 90.95 90.31 Interest-bearing liabilities 75.98 74.42 74.77 75.00 75.06 75.19 75.42 76.76 77.43 77.00 Deposits 65.65 63.05 60.38 59.67 59.99 61.47 62.39 61.94 62.68 63.10 In foreign offices 1.56 1.43 1.69 1.71 1.33 1.23 1.31 1.20 1.28 1.24 In domestic offices 64.09 61.62 58.69 57.96 58.66 60.25 61.09 60.74 61.40 61.86 Other checkable deposits 9.14 9.94 9.70 8.54 6.20 4.96 4.23 3.75 3.32 3.27 Savings (including MMDAs) 23.34 24.06 22.92 20.75 22.50 23.59 25.65 27.35 27.03 27.65 Small-denomination time deposits 23.56 20.78 19.29 21.11 21.61 22.03 21.22 19.61 19.44 18.80 Large-denomination time deposits 8.06 6.84 6.78 7.56 8.34 9.66 9.99 10.03 11.61 12.14 Gross federal funds purchased and RPs 7.18 7.43 8.45 8.31 8.19 7.09 6.16 6.90 6.30 5.76 Other 3.15 3.94 5.94 7.02 6.88 6.62 6.86 7.92 8.45 8.14 Non-interest-bearing liabilities 16.49 17.43 16.85 16.36 16.00 15.60 15.13 14.15 13.52 13.31 Demand deposits in domestic offices 14.39 15.07 14.58 14.07 13.84 13.15 11.90 10.19 8.97 8.23 Revaluation losses held in trading accounts3 .. n.a. n.a. .02 .05 .02 .01 .01 .01 * .01 Other 2.10 2.36 2.26 2.24 2.14 2.44 3.22 3.95 4.54 5.07 Capital account 7.53 8.15 8.38 8.64 8.94 9.22 9.45 9.10 9.05 9.69 MEMO Commercial real estate loans 13.91 13.37 13.05 13.19 13.83 14.77 15.38 17.28 19.32 21.03 Other real estate owned .80 .57 .28 .17 .13 .11 .09 .08 .07 .08 Managed liabilities 20.00 19.68 22.89 24.62 24.78 24.66 24.46 26.32 28.01 27.75 Average net consolidated assets (billions of dollars) 967 978 1,031 1,092 1,076 968 935 972 986 1,001 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 285 A.l.—Continued D. Banks ranked 101 through 1,000 by assets Item 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Effective interest rate (percent)4 Rates earned Interest-earning assets 8.15 7.43 7.58 8.44 8.41 8.49 8.32 7.83 8.51 7.84 Taxable equivalent 8.26 7.55 7.68 8.53 8.50 8.59 8.44 7.92 8.58 7.96 Loans and leases, gross 9.12 8.57 8.64 9.45 9.39 9.48 9.37 8.74 9.44 8.78 Net of loss provisions 7.83 7.77 8.11 8.77 8.60 8.60 8.61 8.12 8.60 7.80 Securities 6.89 5.78 5.69 6.23 6.32 6.42 6.22 6.02 6.50 5.87 Taxable equivalent 7.19 6.10 5.93 6.50 6.60 6.69 6.57 6.29 6.71 6.26 Investment account 6.90 5.79 5.69 6.24 6.32 6.42 6.21 6.01 6.50 5.87 U.S. Treasury securities and U.S. government agency obligations (excluding MBS) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 55..7733 Mortgage-backed securities n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.16 Other n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5.43 Trading account 5.62 4.74 5.29 5.55 5.94 6.37 6.84 7.33 9.30 6.51 Gross federal funds sold and reverse RPs 3.48 3.02 4.05 5.45 5.29 5.42 5.31 4.98 6.16 3.93 Interest-bearing balances at depositories 4.62 3.52 4.28 6.07 5.69 5.44 5.76 5.07 5.72 3.96 Rates paid Interest-bearing liabilities 4.20 3.33 3.57 4.65 4.58 4.66 4.60 4.19 4.93 4.12 Interest-bearing deposits 4.17 3.26 3.31 4.26 4.27 4.34 4.28 3.84 4.46 3.82 In foreign offices 4.25 3.35 4.31 5.94 5.72 5.42 5.55 5.07 6.13 4.45 In domestic offices 4.17 3.26 3.28 4.21 4.24 4.32 4.25 3.82 4.43 3.81 Other checkable deposits 2.67 2.02 1.86 2.02 1.97 2.16 2.15 1.99 2.27 1.78 Savings (including MMDAs) 3.34 2.58 2.64 3.24 3.11 3.08 2.97 2.65 3.07 2.22 Large time deposits5 4.78 3.90 4.23 5.62 5.48 5.56 5.51 5.17 6.01 5.26 Other time deposits5 5.35 4.40 4.40 5.53 5.57 5.57 5.64 5.11 5.74 5.53 Gross federal funds purchased and RPs 3.46 2.95 4.12 5.61 5.16 5.21 5.14 4.83 5.95 3.85 Other interest-bearing liabilities 5.28 4.44 4.93 6.32 5.89 6.09 6.00 5.36 6.45 5.42 Income and expense as a percentage of average net consolidated assets Gross interest income 7.36 6.74 6.90 7.69 7.68 7.75 7.63 7.19 7.80 7.16 Taxable equivalent 7.46 6.84 6.99 7.78 7.76 7.83 7.71 7.27 7.88 7.24 Loans 5.46 5.06 5.26 5.99 5.99 6.00 5.85 5.47 5.97 5.59 Securities 1.64 1.48 1.45 1.43 1.42 1.50 1.50 1.51 1.58 1.33 Gross federal funds sold and reverse RPs .17 .14 .14 .21 .20 .19 .22 .17 .21 .16 Other .08 .06 .06 .07 .06 .06 .06 .04 .04 .04 Gross interest expense 3.17 2.46 2.65 3.46 3.41 3.47 3.44 3.20 3.79 3.14 Deposits 2.75 2.07 2.01 2.56 2.58 2.70 2.71 2.44 2.87 2.48 Gross federal funds purchased and RPs .25 .22 .35 .46 .43 .37 .32 .34 .38 .22 Other .17 .17 .29 .44 .40 .40 .41 .42 .54 .44 Net interest income 4.20 4.28 4.25 4.24 4.28 4.28 4.19 3.99 4.01 4.02 Taxable equivalent 4.30 4.37 4.34 4.32 4.35 4.36 4.27 4.07 4.08 4.10 Loss provisioning6 .77 .47 .32 .43 .50 .56 .48 .39 .53 .62 Noninterest income 1.69 1.84 1.86 1.84 1.88 2.08 2.25 2.32 2.36 2.37 Service charges on deposits .44 .45 .42 .42 .41 .40 .39 .38 .36 .39 Fiduciary activities .28 .29 .28 .27 .29 .32 .37 .38 .44 .40 Trading income .02 .03 .02 .03 .02 .01 .02 .02 .01 * Interest rate exposures n.a. n.a. n.a. n.a. .01 .01 .01 .01 .01 -.01 Foreign exchange rate exposures n.a. n.a. n.a. n.a. .01 * * * * * Other commodity and equity exposures n.a. n.a. n.a. n.a. * * * * * * Other .95 1.08 1.14 1.12 1.16 1.34 1.48 1.54 1.56 1.59 Noninterest expense 3.88 3.92 3.78 3.68 3.69 3.73 3.86 3.70 3.84 3.88 Salaries, wages, and employee benefits 1.51 1.51 1.49 1.44 1.44 1.50 1.57 1.56 1.59 1.61 Occupancy .49 .48 .46 .45 .45 .46 .47 .47 .47 .46 Other 1.88 1.92 1.83 1.79 1.80 1.76 1.83 1.68 1.79 1.81 Net noninterest expense 2.18 2.08 1.92 1.84 1.81 1.65 1.61 1.38 1.48 1.51 Gains on investment account securities .10 .06 -.05 -.01 .02 .02 .04 -.01 -.04 .05 Income before taxes and extraordinary items 1.34 1.78 1.96 1.96 1.98 2.10 2.14 2.20 1.96 1.94 Taxes .44 .61 .67 .67 .69 .73 .73 .75 .68 .67 Extraordinary items, net of income taxes * .04 • * * * .06 .01 * .01 Net income .90 1.21 1.29 1.28 1.29 1.37 1.47 1.47 1.28 1.28 Cash dividends declared .48 .79 .81 .87 1.04 1.09 1.01 1.06 .91 1.32 Retained income .42 .43 .48 .41 .25 .28 .45 .41 .37 -.04 MEMO: Return on equity 12.01 14.91 15.40 14.82 14.47 14.90 15.52 16.16 14.19 13.17 * In absolute value, less than 0.005 percent. n.a. Not available. MMDA Money market deposit account. RP Repurchase agreement. CD Certificate of deposit. 1. Includes allocated transfer risk reserves. 2. As in the Call Report, equity securities are combined with "other debt securities" before 1989. 3. Before 1994, the netted value of off-balance-sheet items appeared in "trading account securities" if a gain and "other non-interest-bearing liabilities" if a loss. 4. When possible, based on the average of quarterly balance sheet data reported on schedule RC-K of the quarterly Call Reports. 5. Prior to 1997, large time open accounts included in other time deposits. 6. Includes provisions for allocated transfer risk. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
286 Federal Reserve Bulletin • June 2002 A. 1. Portfolio composition, interest rates, and income and expense, all U.S. banks, 1992-2001 E. Banks not ranked among the 1,000 largest by assets Item 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Balance sheet items as a percentage of average net consolidated assets Interest-earning assets 92.20 92.43 92.48 92.48 92.45 92.44 92.64 92.55 92.52 92.23 Loans and leases, net 53.03 52.95 54.64 56.61 57.38 58.75 59.11 59.75 62.31 62.56 Commercial and industrial 9.74 9.24 9.31 9.65 9.97 10.16 10.33 10.64 11.09 11.10 U.S. addressees 9.69 9.20 9.26 9.59 9.90 10.08 10.25 10.55 11.02 11.02 Foreign addressees .04 .04 .05 .06 .07 .08 .08 .08 .07 .08 Consumer 9.68 9.18 9.38 9.54 9.42 8.98 8.46 8.15 7.97 7.42 Credit card 1.00 .92 .96 1.01 1.03 .85 .70 .68 .58 .56 Installment and other 8.68 8.26 8.42 8.53 8.38 8.14 7.76 7.47 7.39 6.86 Real estate 30.16 31.10 32.19 33.55 34.11 35.55 36.04 36.84 39.30 40.20 In domestic offices 30.15 31.09 32.19 33.55 34.10 35.54 36.04 36.84 39.30 40.20 Construction and land development 1.97 1.93 2.14 2.39 2.61 2.82 3.02 3.28 3.70 4.22 Farmland 2.06 2.20 2.34 2.48 2.55 2.69 2.83 2.95 3.06 3.03 One- to four-family residential 16.44 16.82 16.94 17.45 17.48 18.16 18.04 17.66 18.43 18.21 Home equity 1.34 1.27 1.21 1.20 1.20 1.24 1.21 1.17 1.28 1.37 Other 15.10 15.56 15.73 16.26 16.28 16.92 16.84 16.49 17.15 16.83 Multifamily residential .77 .84 .93 .95 .92 .95 .93 .98 1.04 1.06 Nonfarm nonresidential 8.91 9.30 9.83 10.28 10.54 10.92 11.21 11.97 13.06 13.68 In foreign offices * * • * * * * * * * To depository institutions and acceptances of other banks .20 .16 .17 .19 .21 .20 .14 .14 .12 .12 Foreign governments .01 .02 .01 * * * * .01 .01 * Agricultural production 3.55 3.58 3.89 3.95 3.93 4.05 4.28 4.06 3.85 3.74 Other loans .92 .82 .77 .72 .69 .67 .67 .67 .69 .67 Lease-financing receivables .17 .18 .20 .22 .23 .25 .24 .26 .27 .27 LESS: Unearned income on loans -.43 -.36 -.31 -.30 -.27 -.24 -.20 -.15 -.11 -.08 LESS: Loss reserves1 -.96 -.97 -.95 -.93 -.90 -.87 -.86 -.87 -.88 -.88 Securities 32.10 33.08 32.90 30.51 29.53 28.25 26.70 26.92 25.40 22.91 Investment account 32.04 33.01 32.86 30.48 29.50 28.21 26.66 26.88 25.38 22.90 Debt 32.04 33.01 30.64 27.92 26.51 24.58 22.30 21.82 19.43 19.76 U.S. Treasury n.a. n.a. 10.75 9.19 7.85 6.70 5.05 3.34 2.12 1.33 U.S. government agency and corporation obligations n.a. n.a. 15.24 15.13 15.67 15.58 15.43 16.89 16.95 15.33 Government-backed mortgage pools ... n.a. n.a. 4.73 4.19 4.21 4.01 3.90 3.95 3.47 3.83 Collateralized mortgage obligations n.a. n.a. 3.05 2.76 2.46 2.19 2.02 2.00 1.70 1.98 Other n.a. n.a. 7.46 8.18 9.00 9.38 9.51 10.94 11.78 9.53 State and local government n.a. n.a. 5.00 4.69 4.62 4.60 4.80 4.96 4.64 4.50 Private mortgage-backed securities n.a. n.a. .26 .20 .18 .19 .16 .26 .23 .31 Other n.a. n.a. .96 .81 .68 .61 .68 .89 .88 1.12 Equity2 n.a. n.a. .43 .45 .49 .52 .54 .53 .56 .30 Trading account .05 .07 .04 .03 .03 .03 .04 .03 .02 .01 Gross federal funds sold and reverse RPs 5.10 4.67 3.42 3.91 4.04 3.95 5.13 4.17 3.22 4.99 Interest-bearing balances at depositories 1.97 1.74 1.52 1.45 1.51 1.49 1.72 1.71 1.59 1.78 Non-interest-earning assets 7.80 7.57 7.52 7.52 7.55 7.56 7.36 7.45 7.48 7.77 Revaluation gains held in trading accounts3 n.a. n.a. • * * » * * * * Other 7.80 7.57 7.52 7.52 7.55 7.56 7.36 7.45 7.48 7.77 Liabilities 91.07 90.63 90.43 90.04 89.81 89.63 89.54 89.75 89.89 89.57 Interest-bearing liabilities 77.83 76.88 76.19 75.74 75.59 75.47 75.35 75.90 76.05 75.97 Deposits 75.75 74.54 73.14 72.70 72.47 72.05 71.77 71.41 70.54 70.90 In foreign offices 0.07 .08 .09 .11 .10 .09 .07 .07 .05 .06 In domestic offices 75.68 74.45 73.05 72.59 72.37 71.96 71.70 71.34 70.48 70.85 Other checkable deposits 12.33 13.16 13.31 12.37 11.75 11.39 11.18 11.07 10.57 10.16 Savings (including MMDAs) 22.10 23.55 23.23 20.41 19.57 18.98 19.01 19.69 19.03 19.23 Small-denomination time deposits 32.85 30.09 28.83 30.92 31.29 31.09 30.42 29.07 28.42 28.02 Large-denomination time deposits 8.40 7.66 7.68 8.89 9.77 10.50 11.10 11.50 12.47 13.44 Gross federal funds purchased and RPs 1.36 1.44 1.89 1.78 1.70 1.67 1.49 1.79 2.06 1.56 Other .72 .90 1.16 1.25 1.41 1.74 2.09 2.70 3.45 3.51 Non-interest-bearing liabilities 13.24 13.74 14.24 14.30 14.23 14.16 14.19 13.86 13.84 13.60 Demand deposits in domestic offices 12.23 12.82 13.34 13.23 13.12 13.09 13.09 12.81 12.65 12.14 Revaluation losses held in trading accounts3 .. n.a. n.a. * * * * * * * * Other 1.01 .93 .90 1.07 1.10 1.06 1.10 1.05 1.19 1.46 Capital account 8.93 9.37 9.57 9.97 10.19 10.37 10.46 10.25 10.11 10.43 MEMO Commercial real estate loans 11.85 12.21 13.02 13.72 14.18 14.80 15.26 16.33 17.92 19.10 Other real estate owned .65 .52 .35 .25 .20 .16 .13 .11 .11 .12 Managed liabilities 10.56 10.09 10.83 12.05 12.99 14.02 14.76 16.08 18.07 18.63 Average net consolidated assets (billions of dollars) 697 687 679 666 661 647 644 651 655 677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Profits and Balance Sheet Developments at U.S. Commercial Banks in 2001 287 A. 1.—Continued E. Banks not ranked among the 1,000 largest by assets Item 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Effective interest rate (percent)4 Rates earned Interest-earning assets 8.42 7.62 7.57 8.38 8.33 8.49 8.33 8.05 8.49 7.99 Taxable equivalent 8.58 7.78 7.72 8.53 8.48 8.63 8.49 8.18 8.59 8.12 Loans and leases, gross 9.81 9.13 9.00 9.80 9.72 9.80 9.69 9.28 9.56 9.11 Net of loss provisions 9.05 8.62 8.65 9.39 9.29 9.35 9.21 8.77 9.00 8.55 Securities 6.99 5.93 5.61 6.09 6.09 6.25 5.98 5.89 6.21 5.87 Taxable equivalent 7.40 6.33 5.99 6.49 6.51 6.65 6.46 6.29 6.55 6.34 Investment account 6.99 5.93 5.61 6.09 6.09 6.25 5.98 5.89 6.21 5.87 U.S. Treasury securities and U.S. government agency obligations (excluding MBS) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 55..9955 Mortgage-backed securities n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.23 Other n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5.35 Trading account 7.12 4.83 6.03 6.12 6.48 6.33 5.26 3.60 4.01 6.43 Gross federal funds sold and reverse RPs 3.50 2.95 4.08 5.95 5.32 5.51 5.35 4.96 6.26 3.85 Interest-bearing balances at depositories 5.59 4.53 4.64 5.88 5.63 5.64 5.67 5.69 6.40 4.58 Rates paid Interest-bearing liabilities 4.43 3.54 3.49 4.46 4.48 4.60 4.60 4.28 4.80 4.42 Interest-bearing deposits 4.43 3.53 3.44 4.39 4.43 4.53 4.53 4.22 4.68 4.33 In foreign offices 3.97 2.91 3.92 5.73 5.34 4.77 5.08 4.34 5.13 3.82 In domestic offices 4.43 3.53 3.44 4.39 4.43 4.53 4.53 4.22 4.67 4.33 Other checkable deposits 3.13 2.42 2.29 2.50 2.41 2.46 2.45 2.28 2.47 1.98 Savings (including MMDAs) 3.61 2.91 2.83 3.32 3.24 3.36 3.39 3.21 3.56 2.82 Large time deposits 5 4.88 3.96 4.12 5.55 5.48 5.53 5.53 5.21 5.92 5.57 Other time deposits5 5.35 4.39 4.28 5.51 5.59 5.66 5.63 5.25 5.70 5.61 Gross federal funds purchased and RPs 3.72 3.17 4.12 5.61 5.08 5.23 4.99 4.73 5.70 4.11 Other interest-bearing liabilities 5.00 4.68 4.98 6.46 5.78 6.31 6.45 5.63 6.22 5.86 Income and expense as a percentage of average net consolidated assets Gross interest income 7.78 7.06 7.01 7.78 7.74 7.90 7.75 7.48 7.86 7.43 Taxable equivalent 7.93 7.20 7.15 7.91 7.86 8.02 7.87 7.61 7.98 7.54 Loans 5.29 4.92 4.99 5.63 5.66 5.86 5.80 5.62 6.02 5.80 Securities 2.24 1.96 1.84 1.86 1.80 1.76 1.59 1.58 1.58 1.34 Gross federal funds sold and reverse RPs .18 .14 .15 .25 .24 .24 .29 .22 .21 .20 Other .07 .05 .04 .04 .04 .04 .06 .06 .05 .05 Gross interest expense 3.45 2.72 2.65 3.37 3.38 3.48 3.46 3.26 3.64 3.36 Deposits 3.36 2.64 2.52 3.19 3.21 3.28 3.25 3.03 3.31 3.09 Gross federal funds purchased and RPs .05 .04 .07 .10 .08 .08 .07 .08 .12 .06 Other .04 .04 .06 .08 .08 .11 .13 .15 .21 .21 Net interest income 4.34 4.34 4.36 4.41 4.36 4.42 4.29 4.22 4.22 4.07 Taxable equivalent 4.48 4.48 4.50 4.54 4.49 4.54 4.41 4.35 4.33 4.17 Loss provisioning6 .41 .27 .19 .24 .25 .27 .29 .31 .35 .36 Noninterest income 1.16 1.25 1.30 1.38 1.42 1.44 1.52 1.44 1.32 1.36 Service charges on deposits .45 .45 .44 .44 .44 .44 .42 .42 .43 .44 Fiduciary activities .16 .16 .17 .22 .19 .20 .23 .26 .21 .26 Trading income .01 .01 * .01 * * * * .01 * Interest rate exposures n.a. n.a. n.a. n.a. * * * * * * Foreign exchange rate exposures n.a. n.a. n.a. n.a. * * * * * * Other commodity and equity exposures n.a. n.a. n.a. n.a. » * * * # * Other .55 .64 .69 .71 .78 .79 .86 .75 .68 .65 Noninterest expense 3.66 3.74 3.78 3.80 3.69 3.71 3.74 3.73 3.59 3.58 Salaries, wages, and employee benefits 1.69 1.73 1.75 1.79 1.11 1.80 1.82 1.82 1.78 1.80 Occupancy .49 .49 .49 .50 .49 .49 .49 .49 .47 .48 Other 1.49 1.53 1.55 1.51 1.44 1.41 1.43 1.42 1.33 1.31 Net noninterest expense 2.51 2.49 2.48 2.42 2.28 2.27 2.23 2.29 2.27 2.23 Gains on investment account securities .09 .07 -.03 * .01 .01 .02 * -.01 .04 Income before taxes and extraordinary items 1.51 1.65 1.66 1.75 1.84 1.89 1.79 1.62 1.59 1.52 Taxes .47 .51 .51 .55 .59 .59 .53 .47 .45 .41 Extraordinary items, net of income taxes .02 .05 * * * * * * * * Net income 1.05 1.19 1.15 1.20 1.25 1.30 1.26 1.15 1.15 1.11 Cash dividends declared .51 .56 .57 .62 .64 .74 .82 .68 .79 .67 Retained income .54 .63 .58 .58 .62 .57 .44 .48 .36 .44 MEMO: Return on equity 11.78 12.67 12.03 12.06 12.31 12.56 12.02 11.26 11.38 10.61 * In absolute value, less than 0.005 percent. n.a. Not available. MMDA Money market deposit account. RP Repurchase agreement. CD Certificate of deposit. 1. Includes allocated transfer risk reserves. 2. As in the Call Report, equity securities are combined with "other debt securities" before 1989. 3. Before 1994, the netted value of off-balance-sheet items appeared in "trading account securities" if a gain and "other non-interest-bearing liabilities" if a loss. 4. When possible, based on the average of quarterly balance sheet data reported on schedule RC-K of the quarterly Call Reports. 5. Prior to 1997, large time open accounts included in other time deposits. 6. Includes provisions for allocated transfer risk. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
288 Federal Reserve Bulletin • June 2002 A.2. Report of income, all U.S. banks, 1992-2001 Millions of dollars Item 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Gross interest income 256,415 244,742 257,065 302,376 313,120 338,224 359,179 366,177 424,461 408,363 Taxable equivalent 259,394 247,620 259,822 305,010 315,579 340,657 361,643 368,804 427,099 411,070 Loans 185,938 178,425 189,764 227,218 239,310 255,498 270,945 278,577 327,399 314,811 Securities 51,825 48,678 48,299 51,030 50,603 52,661 56,597 62,116 67,684 63,699 Gross federal funds sold and reverse repurchase agreements 5,913 4,796 6,415 9,744 9,265 13,658 14,999 12,327 13,549 12,765 Other 12,739 12,843 12,587 14,382 13,944 16,407 16,637 13,155 15,831 17,089 Gross interest expense 122,517 105,615 110,850 147,958 150,047 164,514 178,000 174,903 222,120 190,086 Deposits 98,809 79,503 79,106 105,329 107,467 117,350 125,217 119,666 151,185 133,261 Gross federal funds purchased and repurchase agreements 9,263 8,442 12,476 18,424 16,775 20,440 22,182 21,130 26,867 19,660 Other 14,441 17,669 19,269 24,204 25,806 26,724 30,600 34,106 44,069 37,165 Net interest income 133,898 139,127 146,215 154,418 163,073 173,710 181,179 191,274 202,341 218,277 Taxable equivalent 136,877 142,005 148,972 157,052 165,532 176,143 183,643 193,901 204,979 220,984 Loss provisioning1 26,813 16,841 10,991 12,631 16,206 19,176 21,222 21,121 29,753 43,263 Noninterest income 67,044 75,847 77,224 83,851 95,278 105,765 123,487 144,198 152,415 160,600 Service charges on deposits 14,126 14,898 15,281 16,057 17,043 18,558 19,769 21,497 23,720 27,129 Fiduciary activities 10,452 11,199 12,124 12,890 14,288 16,604 19,269 20,502 22,220 22,025 Trading revenue 6,273 9,238 6,249 6,337 7,523 8,019 7,705 10,478 12,446 12,566 Other 36,193 40,513 43,572 48,567 56,424 62,587 76,743 91,720 94,028 98,882 Noninterest expense 132,815 140,523 144,905 151,137 162,401 170,988 193,702 204,400 215,756 226,944 Salaries, wages, and employee benefits .. 55,484 58,507 60,904 64,013 67,776 72,342 79,506 86,151 89,044 94,671 Occupancy 18,152 18,578 18,978 19,760 20,883 22,082 24,161 25,864 26,766 28,091 Other 59,181 63,439 65,023 67,363 73,742 76,563 90,036 92,385 99,946 104,181 Net noninterest expense 65,771 64,676 67,681 67,286 67,123 65,223 70,215 60,202 63,341 66,344 Gains on investment account securities 3,957 3,054 -568 481 1,123 1,825 3,090 250 -2,298 4,647 Income before taxes 45,273 60,662 66,974 74,980 80,866 91,137 92,833 110,201 106,947 113,317 Taxes 14,450 19,861 22,429 26,222 28,431 31,986 31,892 39,263 37,383 37,739 Extraordinary items, net of income taxes . 401 2,085 -17 28 88 56 506 169 -32 -322 Net income 31,224 42,886 44,528 48,785 52,522 59,206 61,447 71,108 69,532 75,258 Cash dividends declared 14,226 22,068 28,165 31,105 39,391 42,752 41,206 51,956 52,533 55,201 Retained income 16,997 20,816 16,362 17,681 13,132 16,454 20,241 19,152 16,999 20,056 1. Includes provisions for loan and lease losses and for allocated transfer risk. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
289 Announcements POSTPONEMENT OF RECENT AMENDMENTS parallel-owned banking organizations. The guidance TO REGULATION C (HOME MORTGAGE sets forth an approach for supervising those risks. DISCLOSURE ACT) A parallel-owned banking organization consists of a U.S. depository institution and a foreign bank that The Federal Reserve Board approved on May 2, are both controlled directly or indirectly by one per- 2002, a final rule that postpones the effective date of son or group of persons who are closely associated the recent amendments to Regulation C (Home Mort- in their business dealings or act in concert. It does gage Disclosure Act) from January 1, 2003, to Janu- not include an organization controlled by a company ary 1, 2004. subject to the Bank Holding Company Act or the On February 15, 2002, the Board published in the Savings and Loan Holding Company Act or where Federal Register amendments to Regulation C effec- one institution is a subsidiary of the other. Control tive for data collected beginning January 1, 2003, and may exist if a person or group of persons controls solicited comment on several related issues with a 10 percent or more of any class of voting shares of comment period that closed on April 12. Financial the depository institutions. institutions and their trade associations requested a The guidance describes various risks that may be postponement of the effective date until January 1, increased because of the structure of parallel-owned 2004, on the grounds that a 2003 deadline does not banking organizations, including engaging in transafford institutions adequate time to take the steps actions that prefer the foreign bank member of the necessary to ensure full compliance with the new group over the U.S. depository institution. The agenrules. Consumer and community organizations gener- cies will address these risks by coordinating their ally opposed postponement of the effective date. supervision of the U.S. operations of parallel-owned The Board has weighed the financial institutions' banking organizations. Enhanced communication and claims and underlying assumptions against public cooperation with foreign bank supervisors is also policy benefits of collecting the new data as soon as important to this process. possible. The Board believes that some Home Mort- When an applicant proposes to acquire or establish gage Disclosure Act (HMDA) reporters, especially a U.S. depository institution that will be part of a the largest ones, will not be able to fully implement parallel-owned banking organization, the application the new rules by January 1, 2003, without jeopardiz- will be reviewed on a case-by-case basis. In approing the quality and usefulness of the data and incur- priate circumstances, special conditions may be ring substantial additional implementation costs that imposed in a regulatory decision, including restriccould be avoided by a postponement. tions on the ability of the U.S. depository institution The Board is, however, adopting an interim amend- to engage in transactions with its foreign affiliates. In ment to Regulation C, effective January 1, 2003, cases where a parallel-owned banking organization is mandating the use of 2000 census data in HMDA formed in a way that does not require review by the reporting. Given the many changes that have banking agencies, the guidance recommends that a occurred since the 1990 census, use of 2000 census U.S. depository institution inform the appropriate fedtracts and demographics will produce more accurate eral banking agency prior to becoming part of a and useful data in the HMDA disclosure statements parallel-owned banking organization. and aggregate reports. PUBLICATION OF THE ANNUAL REPORT AND INTERAGENCY GUIDANCE ON RISKS OF BUDGET REVIEW PARALLEL-OWNED BANKING ORGANIZATIONS The 88th Annual Report, 2001, of the Board of Gov- The federal bank and thrift regulatory agencies issued ernors of the Federal Reserve System, covering on April 23, 2002, guidance that reviews the risks of operations for the calendar year 2001, is now avail- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
290 Federal Reserve Bulletin • June 2002 able from Publications Services, Mail Stop 127, tin, tables 2.13 (lines 1-8) and 2.12 (line 9). Current Board of Governors of the Federal Reserve System, data are available in the Board's monthly statistical Washington, DC 20551, or phone 202-452-3244 or release G.17 "Industrial Production and Capacity 3245. Also available from Publications Services is Utilization" at www.federalreserve.gov/releases/ a separately printed companion document, Annual G17/. Historical data are also available on the Report, Budget Review, 2002, which describes the Board's web site: www.federalreserve.gov/releases/ budget expenses of the Federal Reserve Banks G17/download.htm. Data for the remaining lines of for 2002, the 2002 phase of the Board's cur- the table are available from the following sources: rent two-year (2002-03) budget, and income and • Line 10, McGraw-Hill Construction Informaexpenses for 2000 and 2001. Both reports are also tion Group: http://dodge.construction.com/Analytics/ available on the Federal Reserve Board's web site: defaultl.jsp or telephone (800) 591-4462. www.federalreserve.gov. • Lines 11-15, data are from Employment and Earnings. The U.S. Bureau of Labor Statistics, National Employment, Hours, and Earnings, Current Employment Statistics (CES): www.bls.gov/ces/ or DISCONTINUANCE OF TEN STATISTICAL TABLES telephone (202) 691-6555. For CES data questions, IN THE FEDERAL RESERVE BULLETIN e-mail cesinfo@bls.gov. • Lines 16-19, data are from the Survey of Cur- After this issue (June 2002), the Federal Reserve rent Business. Bureau of Economic Analysis: Bulletin will no longer publish ten statistical tables www.bea.gov/bea/pubs.htm or telephone: (202) 606that have run in its "Financial and Business Statis- 5304. tics" section. Each table, plus information on where • Line 20, data are from the Advance Monthly to obtain the data presented in that table, is listed Sales release. The U.S. Department of Commerce, below. Bureau of the Census: www.census.gov/svsd/www/ advtable.html. 1.38: Federal Fiscal and Financing Operations. • Line 21, data are from Employment and Earn- Monthly totals are from Monthly Treasury Stateings. The U.S. Bureau of Labor Statistics, Division of ments, which are available on the web site of the U.S. Consumer Prices and Price Indexes: www.bls.gov/ Department of the Treasury at www.fms.treas.gov/ CPI or telephone (202) 691-7000. For CPI data quesmts/index.html or telephone (202) 874-9880. Fiscal tions, e-mail cpi_info@bls.gov. year totals are from The Budget of the U.S. Gov- • Line 22, data are from Employment and Earnernment, which can be found on the web site of ings. The U.S. Bureau of Labor Statistics, Prothe U.S. Office of Management and Budget, at ducer Price Index: www.bls.gov/PPI or telephone www.whitehouse.gov/omb/budget/index.html or tele- (202) 691-7705. For PPI data questions, e-mail phone (202) 395-3080. ppi-info@bls.gov. 1.39: U.S. Budget Receipts and Outlays. Fiscal year totals are from The Budget of the U.S. Govern- 2.11: Labor Force, Employment, and Unemployment, which is available on the web site of the Office ment. Data are from Employment and Earnings and of Management and Budget, at www.whitehouse.gov/ are available on the web site of the The U.S. Bureau omb/budget/index.html or telephone (202) 395-3080. of Labor Statistics: Monthly and half-year totals are from the Monthly • Lines 1-5, www.bls.gov/cps or telephone Labor Treasury Statements, www.fms.treas.gov/mts/ Force Statistics, Current Population Survey (CPS): index.html or telephone (202) 874-9880. (202) 691-6378. For CPS data questions, e-mail cpsinfo@bls.gov. 1.48: Corporate Profits and Their Distribution. • Lines 6-14, www.bls.gov/ces or telephone Data are from the Survey of Current Business, which National Employment, Hours, and Earnings, Current is available on the web site of the U.S. Department Employment Statistics (CES): (202) 691-6555. For of Commerce, Bureau of Economic Analysis, at CES data questions, e-mail cesinfo@bls.gov. www.bea.gov/bea/pubs.htm or telephone (202) 606- 5304. 2.14: Housing and Construction. Data are available 2.10: Nonfinancial Business Activity. Data for from the U.S. Bureau of the Census and the National lines 1-9 are available in the Federal Reserve Bulle- Association of Realtors, as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements 291 • Lines 1-13, new residential construction, Print copies of several publications in which source www .census. go v/ftp/pub/const/w w w/ data appear are available from the Government Printnewresconstindex.html. ing Office at (202) 512-1800 or toll free (866) 512- • Lines 14-17, new residential sales, www.census. 1800. Orders may also be made on line at bookgov/ftp/pub/const/www/newressalesindex.html. store.gpo.gov. The publications that may be ordered For further information, contact the Residential through GPO are the following: Construction Branch, telephone (301) 763-5160. • Lines 18-20, existing home sales, • The Budget of the U.S. Government www.REALTOR.org/Research.nsf/Pages/EHSdata. • Monthly Treasury Statements Telephone (202) 383-7518 or e-mail • Survey of Current Business eresearch @ realtors .org • Construction Reports (Housing Starts, New Resi- • Lines 21-33, www.census.gov/ftp/pub/const/ dential Construction, and Value of Construction Put www/c30index.html or telephone (301) 763-4673. in Place) 2.15: Consumer and Producer Prices. Data are In addition, print copies or Excel files of history available on the web site of the U.S. Bureau of Labor tables of new residential construction and sales data Statistics: from the U.S. Bureau of the Census may be ordered. Subscriptions to monthly news releases for many • Lines 1-6, consumer price index, www.bls.gov/ series from the Bureau of Labor Statistics may be CPI or telephone the Bureau of Labor Statistics, requested from the offices listed for specific table Division of Consumer Prices and Price Indexes data. (202) 691-7000. For CPI data questions, e-mail cpi_info @ bis. go v. • Lines 7-16, producer price index, www.bls.gov/ ENFORCEMENT ACTION PPI or telephone the Bureau of Labor Statistics, Producer Price Index (202) 691-7705. For PPI data The Federal Reserve Board announced on April 26, questions, e-mail ppi-info@bls.gov. 2002, the issuance of a consent order of assessment of a civil money penalty against the Community Bank of Granbury, Granbury, Texas, a state member 2.16: Gross Domestic Product and Income. Data bank. are from the Survey of Current Business, which is available on the web site of the Bureau of Economic The Community Bank of Granbury, without admit- Analysis at www.bea.gov/bea/pubs.htm or telephone ting to any allegations, consented to the issuance of (202) 606-5304. the order in connection with its alleged violations of the Board's regulations implementing the National Flood Insurance Act. 2.17: Personal Income and Saving. Data are from The order requires the Community Bank of Granthe Survey of Current Business, which is available on bury to pay a civil money penalty of $10,000, which the web site of the Bureau of Economic Analysis at will be remitted to the Federal Emergency Managewww.bea.gov/bea/pubs.htm or telephone (202) 606ment Agency for deposit into the National Flood 5304. Mitigation Fund. • 3.11: U.S. Foreign Trade. Data are available in the FT900 release on the web site of the U.S. Bureau of the Census, Foreign Trade Division, at www.census.gov/foreign-trade/Press-Release/ current_press_release/exhl .txt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
293 Legal Developments FINAL RULE—AMENDMENT TO RISK-BASED CAPITAL 78w; 31 U.S.C. 5318; 42 U.S.C. 4012a, 4104a, 4104b, STANDARDS: CLAIMS ON SECURITIES FIRMS 4106, and 4128. 2. In Appendix A to Part 208, the following amendments The Office of the Comptroller of the Currency, Treasury are made: (OCC); Board of Governors of the Federal Reserve System a. In sections III. and IV., footnotes 38 through 54 are (Board); Federal Deposit Insurance Corporation (FDIC); redesignated as footnotes 41 through 57; and Office of Thrift Supervision, Treasury (OTS), (collecb. In section III.C.2. under the title Category 2: 20 tively, the Agencies) are amending their respective riskpercent, the three existing paragraphs are desigbased capital standards for banks, bank holding companies, nated as 2.a. through 2.c., and a new paragraph 2.d. and savings associations (collectively, institutions or bankis added with new footnotes 38, 39, and 40; ing organizations) with regard to the risk weighting of c. In section III.C.4.b., a new sentence is added at the claims on, and claims guaranteed by, qualifying securities end of the paragraph; and firms. This rule reduces the risk weight applied to certain d. In Attachment III, under Category 2, new paraclaims on, and claims guaranteed by, qualifying securities graphs 12 and 13 are added. firms incorporated in the United States and in other countries that are members of the Organization for Economic The revision and additions read as follows: Cooperation and Development (OECD) from 100 percent to 20 percent under the Agencies' risk-based capital rules. Appendix A to Part 208—Capital Adequacy In addition, consistent with the existing rules of the FRB Guidelines for State Member Banks: Risk-Based and the OCC, the FDIC and OTS are amending their Measure risk-based capital standards to permit a zero percent risk weight for certain claims on qualifying securities firms that are collateralized by cash on deposit in the lending institu- JJJ * * * tion or by securities issued or guaranteed by the United C * * * States or other OECD central governments. 2 * * * The text of the other Agencies' final rules can be found d. This category also includes claims38 on, or guaranin 12 C.F.R. Parts 3, 325, and 567, and was published in teed by, a qualifying securities firm incorporated in the Federal Register on April 9, 2002 (67 Federal Register the United States or other member of the OECD- 16971-16980 (2002)). The Board adopted the amendment based group of countries39 provided that: the qualito Regulation H, Membership of State Banking Institutions fying securities firm has a long-term issuer credit in the Federal Reserve System, and Regulation Y, Bank rating, or a rating on at least one issue of long-term Holding Companies and Change in Bank Control, debt, in one of the three highest investment grade 12 C.F.R. Parts 208 and 225, on March 27, 2002. rating categories from a nationally recognized sta- Effective July 1, 2002, 12 C.F.R. Parts 208 and 225 are tistical rating organization; or the claim is guaranamended as follows. The Agencies will not object if an teed by the firm's parent company and the parent institution wishes to apply the provisions of this final rule beginning on April 9, 2002. 38. Claims on a qualifying securities firm that are instruments the Part 208—Membership of State Banking firm, or its parent company, uses to satisfy its applicable capital requirements are not eligible for this risk weight. Institutions in the Federal Reserve System 39. With regard to securities firms incorporated in the United States, (Regulation H) qualifying securities firms are those securities firms that are brokerdealers registered with the Securities and Exchange Commission 1. The authority citation for Part 208 continues to read as (SEC) and are in compliance with the SEC's net capital rule, 17 C.F.R. 240.15c3-l. With regard to securities firms incorporated in any other follows: country in the OECD-based group of countries, qualifying securities firms are those securities firms that a bank is able to demonstrate are Authority: 12 U.S.C. 24, 36, 92a, 93a, 248(a), 248(c), 321- subject to consolidated supervision and regulation (covering their 338a, 37 Id, 461, 481-486, 601, 611, 1814, 1816, 1818, direct and indirect subsidiaries, but not necessarily their parent organi- 1820(d)(9), 1823(j), 1828(o), 1831, 1831o, 1831p-l, zations) comparable to that imposed on banks in OECD countries. Such regulation must include risk-based capital requirements compa- 1831r-l, 1835(a), 1882, 2901-2907, 3105, 3310, 3331rable to those applied to banks under the Accord on International 3351, and 3906-3909; 15 U.S.C. 78b, 15 U.S.C. Convergence of Capital Measurement and Capital Standards (1988, as 715 U.S.C.(b), 781(g), 781(i), 78o-4(c)(5), 78q, 78q-l, and amended in 1998) (Basel Accord). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
294 Federal Reserve Bulletin • June 2002 company has such a rating. If ratings are available a. Is a reverse repurchase/repurchase agreement or from more than one rating agency, the lowest rating securities lending/borrowing transaction executed will be used to determine whether the rating re- using standard industry documentation; quirement has been met. This category also in- b. Is collateralized by liquid and readily marketable cludes a collateralized claim on a qualifying securi- debt or equity securities; ties firm in such a country, without regard to c. Is marked to market daily; satisfaction of the rating standard, provided that the d. Is subject to a daily margin maintenance requirement claim arises under a contract that: under the standard industry documentation; and (1) Is a reverse repurchase/repurchase agreement e. Can be liquidated, terminated, or accelerated immeor securities lending/borrowing transaction ex- diately in bankruptcy or similar proceeding, and the ecuted using standard industry documentation; security or collateral agreement will not be stayed (2) Is collateralized by debt or equity securities or avoided, under applicable law of the relevant that are liquid and readily marketable; jurisdiction. (3) Is marked-to-market daily; (4) Is subject to a daily margin maintenance requirement under the standard industry documentation; and Part 225—Bank Holding Companies and Change in (5) Can be liquidated, terminated, or accelerated Bank Control (Regulation Y) immediately in bankruptcy or similar proceeding, and the security or collateral agreement will not be stayed or avoided, under applicable 1. The authority citation for Part 225 continues to read as law of the relevant jurisdiction.40 follows: ^ ^ ^ Authority. 12 U.S.C. 1817(j)(13), 1818, 1828(o), 1831i, ^ * * =1= 183 lp-1, 1843(c)(8), 1844(b), 1972(1), 3106, 3108, 3310, b. * * * This category also includes claims represent- 3331-3351, 3907, and 3909. ing capital of a qualifying securities firm. 2. In Appendix A to Part 225, the following amendments are made: a. In sections III. and IV., footnotes 42 through 58 are Attachment III—Summary of Risk Weights and redesignated as footnotes 45 through 61; Risk Categories for State Member Banks b. In section III.C.2. under the title Category 2: 20 Jj< 2fc 5}: jfc percent, the three existing paragraphs are designated as 2.a. through 2.c., and a new paragraph 2.d. Category 2: 20 Percent * * * is added with new footnotes 42, 43, and 44; c. In section III.C.4.b., a new sentence is added at the 12. Claims on, and claims guaranteed by, qualifying securiend of the paragraph; and ties firms incorporated in the United States or other memd. In Attachment III, under Category 2, new paraber of the OECD-based group of countries provided that: graphs 12 and 13 are added. a. The qualifying securities firm has a rating in one of the top three investment grade rating categories The revision and additions read as follows: from a nationally recognized statistical rating organization; or Appendix A to Part 225—Capital Adequacy b. The claim is guaranteed by a qualifying securities Guidelines for Bank Holding Companies: firm's parent company with such a rating. Risk-Based Measure 13. Certain collateralized claims on qualifying securities firms in the United States or other member of the OECDbased group of countries, without regard to satisfaction of jU * * * the rating standard, provided that the claim arises under a £ * * * contract that: 2 * * * d. This category also includes claims42 on, or guaran- 40. For example, a claim is exempt from the automatic stay in teed by, a qualifying securities firm43 incorporated bankruptcy in the United States if it arises under a securities contract or a repurchase agreement subject to section 555 or 559 of the Bankruptcy Code, respectively (11 U.S.C. 555 or 559), a qualified financial contract under section 11(e)(8) of the Federal Deposit Insur- 42. Claims on a qualifying securities firm that are instruments the ance Act (12 U.S.C. 1821(e)(8)), or a netting contract between finan- firm, or its parent company, uses to satisfy its applicable capital cial institutions under sections 401^-07 of the Federal Deposit Insur- requirement are not eligible for this risk weight. ance Corporation Improvement Act of 1991 (12 U.S.C. 4401-4407), or 43. With regard to securities firms incorporated in the United States, the Board's Regulation EE (12 C.F.R. Part 231). qualifying securities firms are those securities firms that are broker- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Legal Developments 295 in the United States or other member of the OECD- Attachment III—Summary of Risk Weights and based group of countries provided that: the qualify- Risk Categories for Bank Holding Companies ing securities firm has a long-term issuer credit rating, or a rating on at least one issue of long-term debt, in one of the three highest investment grade rating categories from a nationally recognized sta- Categotry 2: 20 Percent * * * tistical rating organization; or the claim is guaran- 12. Claims on, and claims guaranteed by, qualifying secuteed by the firm's parent company and the parent rities firms incorporated in the United States or other company has such a rating. If ratings are available member of the OECD-based group of countries profrom more than one rating agency, the lowest rating vided that: will be used to determine whether the rating rea. The qualifying securities firm has a rating in one of quirement has been met. This category also inthe top three investment grade rating categories cludes collateralized claims on, or guaranteed by, a from a nationally recognized statistical rating orgaqualifying securities firm in such a country, without nization; or regard to satisfaction of the rating standard, prob. The claim is guaranteed by a qualifying securities vided the claim arises under a contract that: firm's parent company with such a rating. (1) Is a reverse repurchase/repurchase agreement or securities lending/borrowing transaction ex- 13. Certain collateralized claims on qualifying securities ecuted under standard industry documentation; firms in the United States or other member of the (2) Is collateralized by debt or equity securities OECD-based group of countries, without regard to that are liquid and readily marketable; satisfaction of the rating standard, provided that the (3) Is marked-to-market daily; claim arises under a contract that: (4) Is subject to a daily margin maintenance re- a. Is a reverse repurchase/repurchase agreement or quirement under the standard industry docu- securities lending/borrowing transaction executed mentation; and under standard industry documentation; (5) Can be liquidated, terminated, or accelerated b. Is collateralized by liquid and readily marketable immediately in bankruptcy or similar proceed- debt or equity securities; ing, and the security or collateral agreement c. Is marked to market daily; will not be stayed or avoided, under applicable d. Is subject to a daily margin maintenance requirelaw of the relevant jurisdiction.44 ment under the standard industry documentation; and e. Can be liquidated, terminated, or accelerated immediately in bankruptcy or similar proceeding, and the 4 * * * security or collateral agreement will not be stayed b. * * * This category also includes claims represent- or avoided, under applicable law of the relevant ing capital of a qualifying securities firm. jurisdiction. 4 * * * b. * * * This category also includes claims representing capital of a qualifying securities firm. dealers registered with the Securities and Exchange Commission and are in compliance with the SEC's net capital rule, 17 C.F.R. 240.15c3-l. With regard to securities firms incorporated in other countries in the OECD-based group of countries, qualifying securities FINAL RULE—AMENDMENT TO REGULATION Z firms are those securities firms that a banking organization is able to demonstrate are subject to consolidated supervision and regulation The Board of Governors is amending 12 C.F.R. Part 226, (covering their direct and indirect subsidiaries, but not necessarily its Regulation Z (Truth in Lending). The Board is publishtheir parent organizations) comparable to that imposed on banks in ing revisions to the official staff commentary to Regula- OECD countries. Such regulation must include risk-based capital requirements comparable to those applied to banks under the Accord tion Z, which implements the Truth in Lending Act. The on International Convergence of Capital Measurement and Capital commentary applies and interprets the requirements of Standards (1988, as amended in 1998) (Basel Accord). Regulation Z. The revisions clarify how creditors that 44. For example, a claim is exempt from the automatic stay in place Truth in Lending Act disclosures on the same docubankruptcy in the United States if it arises under a securities contract or repurchase agreement subject to section 555 or 559 of the Bank- ment with the credit contract may satisfy the requirement ruptcy Code, respectively (11 U.S.C. 555 or 559), a qualified financial for providing the disclosures, in a form the consumer may contract under section 11(e)(8) of the Federal Deposit Insurance Act keep, before consummation. In addition, the revisions pro- (12 U.S.C. 1821(e)(8)), or a netting contract between financial instituvide guidance on disclosing costs for certain credit insurtions under sections 401-407 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 4401-4407), or the ance policies and on the definition of "business day" for Board's Regulation EE (12 C.F.R. Part 231). purposes of the right to rescind certain home-secured loans. 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296 Federal Reserve Bulletin • June 2002 The Board is also publishing technical corrections to the the federal legal holidays listed in 5 U.S.C. 6103(a)) commentary and regulation. applies when the right of rescission or mortgages Effective April 9, 2002, 12 C.F.R. Part 226 is amended subject to section 226.32 are involved. (See also comas follows: ment 31(c)(l)-l.) Four federal legal holidays are identified in 5 U.S.C. 6103(a) by a specific date: New Part 226—Truth in Lending (Regulation Z) Year's Day, January 1; Independence Day, July 4; Veterans Day, November 11; and Christmas Day, December 25. When one of these holidays (July 4, for 1. The authority citation for Part 226 continues to read as example) falls on a Saturday, federal offices and other follows: entities might observe the holiday on the preceding Friday (July 3). The observed holiday (in the example, Authority: 12U.S.C. 3806; 15 U.S.C. 1604 and 1637(c)(5). July 3) is a business day for purposes of rescission or the delivery of disclosures for certain high-cost mort- Section 226.17—[Amended] gages covered by Section 226.32. 2. Section 226.17, in paragraph (a)(1), footnote 38, is amended by removing " § 226.18(f)(4)" and adding " § 226.18(f)(l)(iv)" in its place. 3. In Supplement I to Part 226: Section 226.4—Finance Charge a. Under Section 226.2—Definitions and Rules of Construction, under 2(a)(6) Business Day, paragraph 2. is revised. b. Under Section 226.4—Finance Charge, under 4(d) 4(d) Insurance and debt cancellation coverage. Insurance and Debt Cancellation Coverage, paragraph 12. is revised. c. Under Section 226.6—Initial Disclosure Requirements, under Paragraph 6(b), paragraph l.vi. is 12. Initial term; alternative, i. General. A creditor has the amended by removing "comment 4(a)-5" and addoption of providing cost disclosures on the basis ing "comment 4(a)-4" in its place. of an assumed initial term of one year of insurd. Under Section 226.17—General Disclosure Reance or debt- cancellation coverage instead of a quirements, under 17(b) Time of Disclosures, a new longer initial term (provided the premium or fee paragraph 3. is added. is clearly labeled as being for one year) if: e. Under Section 226.32—Requirements for Certain A. The initial term is indefinite or not clear, or Closed-End Home Mortgages, under Paragraph 32(c)(3), paragraph 1. is revised; and under B. The consumer has agreed to pay a premium Paragraph 32(c)(4), paragraph 1. is amended by or fee that is assessed periodically but the removing " § 226.19(b)(2)(x)" and adding consumer is under no obligation to con- " § 226.19(b)(2)(viii)(B)'' in its place. tinue the coverage, whether or not the consumer has made an initial payment. Supplement I to Part 226—Official Staff ii. Open-end plans. For open-end plans, a creditor Interpretations also has the option of providing unit-cost disclosure on the basis of a period that is less than one year if the consumer has agreed to pay a premium or fee that is assessed periodically, Subpart A—General for example monthly, but the consumer is under no obligation to continue the coverage. iii. Examples. To illustrate: A. A credit life insurance policy providing coverage for a 30-year Section 226.2—Definition and Rules of mortgage loan has an initial term of 30 years, Construction even though premiums are paid monthly and the consumer is not required to continue the 2(a)(6) Business day. coverage. Disclosures may be based on the initial term, but the creditor also has the option of making disclosures on the basis of coverage for an assumed initial term of one year. 2. Rescission rule. A more precise rule for what is a business day (all calendar days except Sundays and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Legal Developments 297 Subpart C—Closed-End Credit creditors may rely on the rules set forth in section 226.18(g); however, the amounts for voluntary items, such as credit life insurance, may be included in the regular payment disclosure only if the consumer has Section 226.17—General Disclosure Requirements previously agreed to the amounts. i. If the loan has more than one payment level, the regular payment for each level must be disclosed. For example: 17(b) Time of disclosu res. A. In a 30-year graduated payment mortgage where there will be payments of $300 for the first 120 months, $400 for the next 120 months, and $500 for the last 120 months, 3. Disclosures provided on credit contracts. Creditors must each payment amount must be disclosed, give the required disclosures to the consumer in writing, in along with the length of time that the paya form that the consumer may keep, before consummation ment will be in effect. of the transaction. See section 226.17(a)(1) and (b). Some- B. If interest and principal are paid at different times the disclosures are placed on the same document times, the regular amount for each must be with the credit contract. Creditors are not required to give disclosed. the consumer two separate copies of the document before C. In discounted or premium variable-rate consummation, one for the consumer to keep and a second transactions where the creditor sets the inicopy for the consumer to execute. The disclosure requiretial interest rate and later rate adjustments ment is satisfied if the creditor gives a copy of the docuare determined by an index or formula, the ment containing the unexecuted credit contract and disclocreditor must disclose both the initial paysures to the consumer to read and sign; and the consumer ment based on the discount or premium and receives a copy to keep at the time the consumer becomes the payment that will be in effect thereafter. obligated. It is not sufficient for the creditor merely to show Additional explanatory material which does the consumer the document containing the disclosures benot detract from the required disclosures fore the consumer signs and becomes obligated. The conmay accompany the disclosed amounts. For sumer must be free to take possession of and review the example, if a monthly payment is $250 for document in its entirety before signing, the first six months and then increases i. Example. To illustrate: based on an index and margin, the creditor A. A creditor gives a consumer a multiple-copy could use language such as the following: form containing a credit agreement and TILA ' 'Your regular monthly payment will be $250 disclosures. The consumer reviews and signs for six months. After six months your regular the form and returns it to the creditor, who monthly payment will be based on an index separates the copies and gives one copy to the and margin, which currently would make consumer to keep. The creditor has satisfied your payment $350. Your actual payment at the disclosure requirement. that time may be higher or lower." Subpart E—Special Rules for Certain Home Mortgage Transactions ORDERS ISSUED UNDER BANK HOLDING COMPANY ACT Orders Issued Under Section 3 of the Bank Holding Section 226.32—Requirements for Certain Company Act Closed-End Home Mortgages Charter One Financial, Inc. Cleveland, Ohio Paragraph 32(c)(3) Regular payment; balloon payment. Charter-Michigan Bancorp, Inc. Dearborn, Michigan 1. General. The regular payment is the amount due from the borrower at regular intervals, such as monthly, Order Approving the Acquisition of a Bank and the bimonthly, quarterly, or annually. There must be at Formation of a Bank Holding Company least two payments, and the payments must be in an amount and at such intervals that they fully amortize Charter One Financial, Inc. ("Charter One Financial"), a the amount owed. In disclosing the regular payment, bank holding company within the meaning of the Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
298 Federal Reserve Bulletin • June 2002 Holding Company Act ("BHC Act"), has requested the Convenience Needs Considerations Board's approval under section 3 of the BHC Act (12 U.S.C. § 1842) for several applications related to the In acting on proposals under section 3 of the BHC Act, the conversion of Charter One Bank, F.S.B., Cleveland, Ohio Board is required to consider the effects of the proposal on ("Charter One FSB"), a thrift institution, to a national the convenience and needs of the communities to be served bank charter. On its conversion, Charter One FSB would and take into account the records of the relevant depository become Charter One Bank, N.A., Cleveland, Ohio institutions under the Community Reinvestment Act ("National Bank"); and Charter-Michigan Bancorp, Inc. ("CRA").5 The CRA requires the federal financial supervi- ("Charter-Michigan"), a wholly owned subsidiary of Char- sory agencies to encourage financial institutions to help ter One Financial, would become a bank holding company. meet the credit needs of local communities in which they Notice of the proposal, affording interested persons an operate, consistent with safe and sound operation, and opportunity to submit comments, has been published requires the appropriate federal supervisory agency to take (67 Federal Register 1979 (2002)). The time for filing into account an institution's record of meeting the credit comments has expired, and the Board has considered the needs of its entire community, including low- and proposal and all comments received in light of the factors moderate-income ("LMI") neighborhoods, in evaluating set forth in section 3 of the BHC Act. bank expansion proposals. The Board has carefully consid- Charter One Financial, with total consolidated assets of ered the convenience and needs factor and the CRA perfor- $38.2 billion, is the 28th largest commercial banking orga- mance records of the subsidiary depository institutions of nization in the United States, controlling less than 1 per- Charter One Financial in light of all the facts of record, cent of total assets of insured depository institutions in including public comments received on the effect of the the United States.1 Charter One Financial operates deposi- proposal. tory institutions in Illinois, Massachusetts, Michigan, New York, Ohio, and Vermont. Charter One Financial is A. Summary of Public Comments headquartered in Ohio, where it is the ninth largest banking organization, controlling deposits of $5.7 billion in the The Board received comments from three commenters who state, representing approximately 3.2 percent of total de- opposed the proposal and expressed concerns about the posits in insured depository institutions in the state.2 CRA performance record of Charter One Financial and Charter One FSB. Commenters generally criticized Charter Competitive Considerations One FSB's record of home mortgage lending to LMI and minority residents and in LMI communities and communi- The BHC Act prohibits the Board from approving an ties with predominantly minority populations ("minority application under section 3 of the BHC Act if the proposal communities") in the Chicago and Cleveland areas. The would result in a monopoly or would be in furtherance of commenters alleged or expressed concern that data submitany attempt to monopolize the business of banking. The ted under the Home Mortgage Disclosure Act ("HMDA")6 BHC Act also prohibits the Board from approving a pro- demonstrated that Charter One FSB engaged in disparate posed combination that would substantially lessen compe- treatment of LMI or minority individuals in Chicago and tition or tend to create a monopoly in any relevant banking Cleveland. One commenter expressed concern about the market, unless the Board finds that the anticompetitive level of Charter One FSB's community development and effects of the proposal are clearly outweighed in the public outreach activity in the Cleveland area.7 interest by the probable effects of the proposal in meeting the convenience and needs of the community to be served.3 The proposal represents the conversion of Charter One Financial's subsidiary savings association into a national cantly adverse competitive effects in any relevant markets. The Office of the Comptroller of the Currency ("OCC") and the Federal Deposit bank and does not involve the acquisition of any deposi- Insurance Corporation ("FDIC") have been afforded an opportunity tory institution not already controlled by Charter One to comment and have not objected to consummation of the proposal. Financial. Accordingly, and based on all the facts of record, 5. 12 U.S.C. § 2901 etseq. the Board concludes that consummation of the proposal 6. 12 U.S.C. § 2801 et seq. 7. This commenter also criticized Charter One FSB's management would not have a significantly adverse effect on competifor not reaching an agreement with some local community groups and tion or on the concentration of banking resources in any for management's waning responsiveness to requests for meetings relevant banking market and that competitive consider- with these community groups. The Board notes that the CRA requires ations are consistent with approval.4 that in considering an acquisition proposal, the Board carefully reviews the actual performance records of the relevant depository institutions in helping to meet the credit needs of the communities. Neither the CRA nor the federal banking agencies' CRA regulations require 1. Asset and ranking data are as of December 31, 2001. depository institutions to make pledges concerning future perfor- 2. Deposit data are as of June 30, 2001. In this context, depository mance under the CRA, confer authority on the agencies to enforce institutions include commercial banks, savings banks, and savings pledges made to third parties, or require depository institutions to associations. meet with particular persons. The Board also notes that future activi- 3. 12 U.S.C. § 1842(c). ties of Charter One's subsidiary depository institutions will be consid- 4. The Department of Justice has reviewed the proposal and advised ered by the Board in any subsequent applications by Charter One the Board that its consummation would not likely have any signifi- Financial to acquire a depository institution. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Legal Developments 299 B. CRA Performance Evaluations loans by Charter One FSB reflected a poor distribution in large assessment areas, including the Cleveland-Akron, As provided in the CRA, the Board has evaluated the Ohio; Detroit-Ann Arbor, Michigan; Rochester, New York; convenience and needs factor in light of examinations of and Buffalo, New York MSAs. Examiners noted that the the CRA performance records by the appropriate federal geographic distribution of loans by Charter One FSB was supervisors of the relevant insured depository institutions. adequate in non-MSA areas of Ohio, Michigan, and Ver- An institution's most recent CRA performance evaluation mont and excellent in New York non-MSA areas. is a particularly important consideration in the applications Examiners reported that Charter One FSB offered a process because it represents a detailed, on-site evaluation variety of products and programs to assist in meeting the of the institution's overall record of performance under the housing-related credit needs of LMI individuals and com- CRA by its appropriate federal supervisor.8 munities, including government-sponsored home mortgage Charter One Financial's two subsidiary depository insti- loan programs, such as those sponsored by the Federal tutions received "satisfactory" ratings at their most recent Housing Authority ("FHA") and the Veterans Administra- CRA evaluations. Charter One FSB, which currently ac- tion ("VA"). Charter One FSB has also created a "core city counts for almost all of Charter One Financial's total delivery channel" for its affordable housing loan products consolidated assets, received a "satisfactory" rating from through community-based loan originators. The loan origiits primary federal supervisor, the Office of Thrift Supervi- nators operate primarily out of branches in central cities sion ("OTS"), at its most recent CRA evaluation, as of and/or LMI neighborhoods and provide expanded services, May 14, 2001 (the "Charter One FSB Examination"). including loan counseling, free mortgage loan preapprov- Charter One Commercial, Albany, New York ("Charter als and prequalifications, confidential credit counseling One Commercial"), received a "satisfactory" rating services, and workshops for first-time home buyers. Examfrom the FDIC at its most recent CRA evaluation, as of iners also noted a flexible home loan program developed March 27, 2001.9 by Charter One FSB, the Central City Home Ownership Examiners found no evidence of prohibited discrimina- Programs ("CCHAP").11 tion or other illegal credit practices at either of Charter One Examiners commended Charter One FSB for its high Financial's insured depository institutions and no viola- level of community development lending. Examiners also tions of substantive provisions of the fair lending laws. determined that Charter One FSB had a significant level of Examiners also reviewed the assessment areas delineated qualified community development investments, including a by Charter One Financial's subsidiary depository institu- significant volume of investments qualifying for lowtions and did not report that these assessment areas were income housing tax credits. unreasonable or arbitrarily excluded LMI areas. Examiners found that Charter One FSB provided a good level of banking services in many of its assessment areas. C. Charter One's CRA Performance Record For example, examiners noted that Charter One FSB was a leader in providing community development services in the Overview. Examiners rated the thrift "satisfactory" overall Cleveland-Akron and Detroit-Ann Arbor assessment areas. based on its total performance in community lending, Examiners found that Charter One FSB's services did not investment, and services throughout its assessment areas. vary in a way that inconvenienced any portion of its In particular, examiners reported that Charter One FSB's assessment areas. responsiveness to the credit needs in its assessment areas Chicago. Examiners noted that Charter One FSB did not was generally good, noting that lending activity levels have a significant presence in the Chicago Primary Metrowere excellent in four out of Charter One FSB's six assess- politan Statistical Area ("PMSA") before its merger with ment areas in Ohio, and good or better in most of Charter St. Paul Bancorp, Inc. in October 1999. Examiners also One FSB's assessment areas in Michigan and New York.10 noted that the Chicago assessment area of Charter One Examiners noted that the distribution of loans by Charter FSB was a highly competitive market and although Charter One FSB among borrowers at all income levels was ade- One FSB had increased its market share of deposits since quate or better in all major Metropolitan Statistical Area October 1999, it remained a relatively small market partic- ("MSA") markets in which Charter One FSB operated. ipant with 1.9 percent of total deposits in the Chicago According to the Charter One FSB Examination, the thrift assessment area, as of June 30, 2000. Examiners reported had certain weaknesses in its geographic distribution of that in view of these facts, Charter One FSB demonstrated loans. Examiners stated that geographic distribution of an adequate responsiveness to the credit needs of the assessment area. 8. See Interagency Questions and Answers Regarding Community Reinvestment, 66 Federal Register 36,639 (2001) 9. Charter One Commercial is a limited purpose bank offering 11. Examiners noted that the CCHAP program permits down paycommercial loan products in the Albany, New York, banking market. ments as low as 5 percent. Points are not required and, depending on See 12 C.F.R. 345.25. the program selected, borrowers benefit from reduced closing costs, 10. The Charter One FSB Examination focused primarily on Char- higher permitted debt ratios, and interest rates as low as 5 percent less ter One FSB's performance in Michigan, New York, and Ohio be- than Charter One FSB's conventional loan programs. CCHAP procause the majority of Charter One FSB's resources and business grams are available for one- or two-family home loans, and borrower activity is in those states. income cannot exceed 115 percent of the MSA median family income. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
300 Federal Reserve Bulletin • June 2002 From January 1, 2000, to March 21, 2001 (the "Chicago inconvenienced portions of the assessment area. Examiners review period"), Charter One FSB originated or purchased also noted that Charter One FSB maintained alternative 6,329 HMDA-reportable loans, totaling $1.2 billion, com- delivery systems, including 24-hour telephone banking, pared with approximately $3.7 billion in deposits that internet banking, and automated teller machines ("ATMs") Charter One FSB held in the Chicago assessment area, as with bilingual instructions. In addition, bilingual employof June 30, 2001. Approximately 11.7 percent of Charter ees and brochures were available to assist customers. One FSB's HMDA-reportable loans were originated to Cleveland. Charter One FSB received a "High Satisfacborrowers in LMI census tracts, compared with 16.7 per- tory" for its lending activities in Ohio, based primarily on cent of the HMDA-reportable loans by Chicago- its performance in the Cleveland-Akron assessment area.13 assessment-area lenders in the aggregate in 1999. Although Examiners found that Charter One FSB's high overall examiners noted that Charter One FSB's penetration in volume of home lending in the Cleveland-Akron assess- LMI census tracts lagged the percentage achieved by all ment area reflected an excellent responsiveness to the areas HMDA reporters in 1999, examiners considered Charter credit needs and noted that Charter One FSB was a market One FSB's lending to borrowers of different income levels leader in providing home purchase and refinance loans in to be good. During the Chicago review period, Charter One the area. Based on 1999 aggregate HMDA data, Charter FSB made 26.3 percent of its HMDA-reportable loans to One FSB ranked second with a 5.3 percent market share of LMI borrowers, compared with 27.5 percent of the the number of HMDA-reportable loans made in the HMDA-reportable loans by lenders in the aggregate in Cleveland-Akron CMSA. 1999. From April 1, 1998, to March 31, 2001 (the "Cleveland Examiners noted that Charter One FSB made good use review period"), Charter One FSB originated or purchased of flexible lending practices to help meet the Chicago 17,678 HMDA-reportable loans, totaling $2 billion. During assessment area's credit needs. In addition to the FHA, VA, the Cleveland review period, 8.9 percent of its HMDAand CCHAP flexible lending programs that the thrift offers reportable loans were to borrowers residing in LMI census in all its assessment areas, Charter One FSB offers five tracts, compared with 20.1 percent of the HMDAother programs in Illinois.12 In 2000, Charter One FSB reportable loans by lenders in the aggregate in 1999. Aloriginated 212 loans in the Chicago PMSA under its vari- though examiners noted that Charter One FSB's level of ous flexible lending programs, totaling almost $22 million. penetration in LMI census tracts was poor compared with Examiners also noted that, during the Chicago review the level achieved by all HMDA reporters in 1999 (it period, Charter One FSB made three community develop- ranked fifth in market share in LMI census tracts), examinment loans, totaling more than $1.9 million, to nonprofit ers considered Charter One FSB's lending to borrowers of organizations that provided LMI housing in the Chicago different income levels to be good. During the Cleveland assessment area. review period, Charter One FSB made 27.3 percent of its Charter One FSB received a "High Satisfactory" for its HMDA-reportable loans to LMI borrowers, compared with investment activities in Illinois. Examiners noted that Char- 29.8 percent of the HMDA-reportable loans by lenders in ter One FSB had a significant level of innovative complex the aggregate in 1999. qualified investments, totaling more than $2.8 million dur- Examiners noted that Charter One FSB made good use ing the Chicago review period, and noted that Charter One of flexible lending practices to help meet the Cleveland- FSB made grants and donations totaling $337,475 to orga- Akron assessment area's credit needs. From April 1, 1998, nizations that provided community development services to December 31, 2000, Charter One FSB originated 761 in the Chicago assessment area. loans in the Cleveland-Akron assessment area under its Examiners reported that Charter One FSB's banking FHA, VA, and CCHAP flexible lending programs, totaling services were reasonably accessible to all residents of the more than $51.5 million. In addition to the FHA, VA, and assessment area and that services did not vary in a way that CCHAP flexible lending programs, Charter One FSB offers two other flexible lending programs in the Cleveland- Akron assessment area: the Cleveland Down Payment 12. These programs are: Match Program, in which Charter One FSB provides (1) The City of Chicago Department of Housing Programs, a matching down-payment grants of up to $2,000 applied to partnership between Charter One FSB and the City of Chia 5-percent down payment for home purchases in LMI cago to assist LMI first-time home buyers; census tracts in Cleveland; and the City of Akron (2) The Assist Program, which provides closing costs and downpayment funding to LMI borrowers who occupy their home Refinance/Rehabilitation Program, a program coordinated as a primary residence; with the City of Akron in which Charter One FSB provides (3) The Chicago Public Schools Program, a program for LMI financing for home rehabilitation for homes in neighboremployees of the Chicago Public Schools that provides a hoods that the City of Akron has identified as LMI neighcredit toward closing costs and a .25-percent discount off borhoods in Akron's inner city. market rates; (4) The New Cities Program, which provides LMI borrowers with counseling and financial assistance in the purchase of a primary residence; and (5) The Illinois Housing Development Authority Program, which 13. Charter One FSB's Cleveland-Akron assessment area includes helps LMI residents become homeowners through education, most of the Cleveland-Akron Consolidated Metropolitan Statistical below-market interest rates, and down-payment grants. Area ("CMSA"). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Legal Developments 301 Examiners also noted favorably that during the Cleve- in several projects to construct new homes and rental units land review period, Charter One FSB made twelve commu- in LMI areas of Cleveland. nity development loans in the Cleveland-Akron assessment area, totaling $32.7 million. Examiners reported that these D. HMDA Data loans funded twelve projects that primarily benefited LMI residents, including six multifamily housing projects and The Board has considered Charter One FSB's record in six projects that provided multiple-site, single-family home light of comments received relating to the HMDA data financing. reported by the thrift and its subsidiaries.14 In its Chicago Charter One FSB also received a "High Satisfactory" assessment area, Charter One FSB's percentage of HMDArating for its investment activities in Ohio. Examiners reportable loans to African-American and Hispanic applinoted that Charter One FSB had a significant level of cants, as well as to borrowers in predominantly minority innovative complex qualified investments in the Cleveland- census tracts, lagged the percentage for lenders in the Akron assessment area, totaling more than $603 million aggregate from 1999 to 2000. Charter One FSB's denial during the Cleveland review period. Examiners noted that disparity ratios for African-American and Hispanic individthese qualified investments included low-income housing uals were higher than the denial disparity ratios of lenders tax credits, such as National Equity Fund Limited Partner- in the aggregate in its Chicago assessment area in 1999 and ships, which channeled corporate equity investments into 2000.15 low-income housing developments, and Enterprise Social The Board also notes that Charter One FSB only re- Investment Corporation Limited Partnerships, which pro- cently entered the Chicago market with the acquisition of vided funds to develop inner city affordable housing St. Paul Bancorp, Inc. in October 1999. Data for 1999 projects. In addition to these investments, examiners noted through 2000 indicate that Charter One FSB's HMDA that Charter One FSB and its affiliates maintained $650,000 lending volume increased significantly in its Chicago asin deposits with a community development financial insti- sessment area from 1999 to 2000. By comparison, lending tution that specialized in urban revitalization loan pro- volume for lenders in the aggregate decreased in Chicago grams in LMI neighborhoods in Cleveland. During the in 2000. Moreover, Charter One FSB's origination rates to Cleveland review period, Charter One FSB made grants African-American and Hispanic applicants in its Chicago and donations totaling $265,475 to organizations that pro- assessment area significantly exceeded the levels for lendvided community development services in the Cleveland- ers in the aggregate.16 Akron assessment area. In its Cleveland-Akron assessment area, the HMDA data Charter One FSB also received a "High Satisfactory" show that Charter One FSB's denial disparity ratios for rating for its retail banking services in Ohio. As of May 14, African-American and Hispanic individuals were higher 2001, Charter One FSB operated 72 full-service retail than the denial disparity ratios for lenders in the aggregate offices in the Cleveland-Akron assessment area. Examiners in its Cleveland-Akron assessment area in 1999 and 2000. reported that 15.2 percent of these offices were in LMI Data for 1998 through 2000 indicate that Charter One's census tracts. Although examiners noted that the percent- percentage of HMDA-reportable loans to Africanage of offices in LMI census tracts was lower than the American applicants and to borrowers in predominantly percentage of LMI census tracts in the assessment area, minority census tracts lagged the corresponding percentand that individuals in LMI census tracts had limited ages for lenders in the aggregate, while Charter One FSB's access to Charter One FSB's offices in Cleveland, examin- lending percentage to Hispanic applicants approximated ers reported that individuals residing in LMI census tracts the aggregate during the same period. Charter One FSB's had good access to Charter One FSB offices in Akron. origination rate to Hispanic applicants slightly lagged the Examiners noted that Charter One FSB's Cleveland-Akron area's aggregate levels, but its origination rate to Africanassessment area branches offered a full array of bank American applicants and to borrowers residing in predomiproducts and services and maintained branch hours that did nantly minority census tracts significantly exceeded the not inconvenience any portion of Charter One FSB's area's aggregate levels.17 Cleveland-Akron assessment area or any group of individuals. In addition, examiners cited the bank's alternative 14. Commenters criticized Charter One FSB's record of home delivery systems, including ATMs with bilingual instrucmortgage lending to LMI and minority individuals or in LMI and tions on some machines, 24-hour telephone banking, and predominantly minority communities in the Chicago and Cleveland free internet banking. MSAs. Examiners commended Charter One FSB for its leader- 15. The denial disparity ratio compares the denial rate for minority ship in providing community development services to its loan applicants with the denial rate for nonminority applicants. 16. In 2000, 52.2 percent of the HMDA-reportable loan applications Cleveland-Akron assessment area. Charter One FSB pro- Charter One FSB received from African-American applicants and vided support through employee involvement with organi- 68.2 percent from Hispanic applicants in its Chicago assessment area zations that promoted affordable housing for LMI individu- resulted in originations, while the aggregate origination rate in the als, provided community services targeted to LMI Chicago assessment area for the same period was 39.2 percent African-American applicants and 57.3 percent for Hispanic appliindividuals, or conducted activities that revitalized or stabicants. lized LMI areas. For instance, Charter One FSB provided 17. In 2000, 50 percent of the HMDA-reportable loan applications community development services through its participation Charter One FSB received from African-American applicants, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
302 Federal Reserve Bulletin • June 2002 The Board is concerned when the record of an institution audit department,20 and annual training on applicable fair indicates disparities in lending and believes that all banks lending laws and regulations.21 are obligated to ensure that their lending practices are The Board also has considered the HMDA data in light based on criteria that ensure not only safe and sound of Charter One Financial's overall lending record, which lending, but also equal access to credit by creditworthy show that its subsidiary depository institutions significantly applicants regardless of their race or income level. The assist in helping to meet the credit needs of the communi- Board recognizes, however, that HMDA data alone provide ties served, including LMI areas. an incomplete measure of an institution's lending in its community because these data cover only a few categories E. Conclusion on Convenience and Needs of housing-related lending. HMDA data, moreover, provide only limited information about the covered loans.18 In reviewing the effects of the proposal on the convenience HMDA data, therefore, have limitations that make them an and needs of the communities to be served, the Board has inadequate basis, absent other information, for concluding carefully considered the entire record, including all the that an institution has not assisted adequately in meeting its information provided by commenters and Charter One community's credit needs or has engaged in illegal lending Financial, evaluations of the CRA performance of each of discrimination. Charter One Financial's insured depository institution sub- Because of the limitations of HMDA data, the Board has sidiaries, and confidential supervisory information. As considered these data carefully in light of other informa- noted above, the CRA examination of Charter One FSB tion. As a result of the disparities noted in Charter One found some weaknesses in its lending performance. How- FSB's HMDA data, examiners specifically conducted a ever, examiners also noted a number of strengths in Charter thorough on-site fair lending exam and found no evidence One FSB's lending, investment, and service activities and of prohibited discrimination or other illegal credit practices determined that the overall CRA performance record of at Charter One FSB or any of its affiliates or subsidiaries. Charter One FSB was "satisfactory." The Board also notes In addition, the OCC conducted a preconversion examina- that Charter One has instituted steps to address weaknesses tion of Charter One FSB in late February 2002 in connec- in its performance and has shown some improvement in its tion with its application to convert to a national bank lending. The Board expects that Charter One will continue charter. The preconversion examination also included a fair these efforts. Based on a review of all the facts of record, lending review, which found no evidence of prohibited and for the reasons discussed above, the Board concludes discrimination or other illegal credit practices.19 The record that considerations relating to the convenience and needs also indicates that Charter One FSB has taken a number of factor, including the CRA performance records of Charter affirmative steps to ensure compliance with fair lending One FSB and Charter One Commercial, are consistent with laws. Charter One FSB has instituted monthly reviews of approval of the proposal. denied, withdrawn, and approved loan application files, a second-review process for denied applications, regularly Financial, Managerial, and Other Supervisory Factors scheduled self-assessments, annual audits by its internal The BHC Act also requires the Board, in acting on an application, to consider the financial and managerial resources and future prospects of the companies and banks involved in a proposal, and certain other supervisory factors. The Board has carefully considered the financial and 20. The annual audits review compliance with applicable fair lend- 44.3 percent from Hispanic applicants, and 44.1 percent from borrow- ing laws and regulations in each lending area of Charter One FSB. ers in predominantly minority census tracts in its Cleveland- Akron They also review the self-assessment programs and related procedures assessment area resulted in originations, while the aggregate origina- of the lending areas. tion rate in the Cleveland-Akron assessment area for the same period 21. One commenter contended, based in part on HMDA data, that for loan applications received from African American applicants was Charter One FSB, through its subsidiary, Charter One Credit Corp. 36.2 percent for African-American applicants, 50.2 percent for His- ("Charter One Credit"), improperly markets higher-cost subprime panic applicants, and 27.1 percent for borrowers in predominantly loan products to LMI and predominantly minority communities in its minority census tracts. Cleveland-Akron assessment area, while marketing lower-cost prime 18. For example, the data do not account for the possibility that an loan products to nonminority and more affluent communities. institution's outreach efforts may attract a larger proportion of margin- The Board notes that subprime lending is a permissible activity and ally qualified applicants than other institutions attract and do not provides needed credit to consumers who have difficulty meeting provide a basis for an independent assessment of whether an applicant conventional underwriting criteria. As discussed above, Charter One who was denied credit was, in fact, creditworthy. Credit history FSB has taken a number of affirmative steps to ensure compliance problems and excessive debt levels relative to income (reasons most with fair lending laws, and examiners found no evidence of prohibited frequently cited for a credit denial) are not available from HMDA discrimination or other illegal credit practices at Charter One FSB or data. HMDA data also may be incomplete and may not identify all any of its affiliates or subsidiaries, including Charter One Credit. In applicants with regard to income level, ethnicity, or other demo- addition, Charter One Credit has implemented a procedure for refergraphic factors. ring borrowers that appear to qualify for traditional "prime" home 19. The OCC approved the proposed conversion on March 13, mortgage loans to Charter One Financial's prime lenders, Charter One 2002. FSB and Charter One Mortgage Company. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Legal Developments 303 managerial resources and future prospects of Charter One By order of the Board of Governors, effective April 22, Financial and its subsidiary depository institutions, and 2002. other supervisory factors in light of all the facts of record. As part of this consideration, the Board has reviewed Voting for this action: Chairman Greenspan, Vice Chairman Fergurelevant reports of examination and other supervisory in- son, and Governors Gramlich, Bies, and Olson. formation. Charter One Financial, Charter-Michigan, and ROBERT DEV. FRIERSON their subsidiary depository institutions are well capitalized Deputy Secretary of the Board and are expected to remain so after consummation of the proposal. The Board also notes that this proposal repre- Chinatrust Financial Holding Company, Ltd. sents a corporate reorganization and does not involve the Taipei, Taiwan acquisition of an additional institution. Based on all the facts of record, the Board concludes that Order Approving the Formation of a Bank Holding considerations relating to the financial and managerial re- Company sources and future prospects of Charter One Financial, Charter-Michigan, and their respective subsidiaries are con- Chinatrust Financial Holding Company, Ltd. (In Formasistent with approval of the proposal, as are the other tion) ("CFHC") has requested the Board's approval under supervisory factors that the Board must consider under section 3 of the Bank Holding Company Act section 3 of the BHC Act. (12 U.S.C. § 1842(a)(1)) ("BHC Act") to become a bank holding company by indirectly acquiring Chinatrust Bank Conclusion (U.S.A.), Torrance, California ("Chinatrust USA"), as a result of acquiring all the voting shares of Chinatrust Based on the foregoing, and in light of all the facts of Commercial Bank, Ltd., also in Taipei ("CCB"), a regisrecord, the Board has determined that the applications should be, and hereby are, approved.22 In reaching its tered bank holding company under the BHC Act and a foreign bank within the meaning of the International Bankconclusion, the Board has considered all the facts of record ing Act ("IBA").1 CFHC would be formed under the laws in light of the factors that it is required to consider under of Taiwan for the purpose of acquiring CCB.2 the BHC Act and all other applicable statutes. The Board's Notice of the proposal, affording interested persons an approval is specifically conditioned on compliance by opportunity to submit comments, has been published Charter One Financial and Charter-Michigan with all the (67 Federal Register 2662 (2002)). The time for filing commitments made in connection with the proposal and comments has expired, and the Board has considered the with the conditions discussed in this order. These represenproposal and all comments received in light of the factors tations, commitments, and conditions are deemed to be set forth in section 3 of the BHC Act. conditions imposed in writing by the Board in connection CCB, with total consolidated assets of $26 billion, is the with its findings and decision and, as such, may be enninth largest bank in Taiwan. In the United States, CCB forced in proceedings under applicable law. operates Chinatrust USA, which has branches in Califor- The transaction shall not be consummated before the nia, Maryland, New Jersey, and New York, and a loan fifteenth calendar day after the effective date of this order, production office in the State of Washington. CCB also of this, unless such period is extended for good cause by maintains a state-licensed branch in New York, New York. the Board or by the Federal Reserve Bank of Cleveland, Chinatrust USA is the 58th largest banking organization in acting pursuant to delegated authority. California, controlling total deposits of $780.9 million, representing less than 1 percent of total deposits in depository institutions in the state.3 After consummation of the 22. Two commenters requested that the Board hold a public meeting proposal, CFHC's only assets and operations would consist or hearing on the proposal. Section 3(b) of the BHC Act does not of CCB's assets and operations. require the Board to hold a public hearing on an application unless the appropriate supervisory authority for the bank to be acquired makes a timely written recommendation of denial of the application. The Board has not received such a recommendation from the appropriate supervisory authorities. Under its rules, the Board in its discretion also 1. CCB indirectly owns all the shares of Chinatrust USA through a may hold a public meeting or hearing on an application to acquire a wholly owned subsidiary, China Trust Holdings Corp., New York, bank if a meeting or hearing is necessary or appropriate to clarify New York ("Holdings"). Holdings is a registered bank holding comfactual issues related to the application and to provide an opportunity pany. for testimony. 12 C.F.R. 225.16(e). The Board has considered care- 2. CFHC would be formed under the Financial Holding Company fully the commenters' requests in light of all the facts of record. In the Law of Taiwan ("FHCL"), which was promulgated July 9, 2001, and Board's view, commenters have had ample opportunity to submit their became elfective November 1, 2001. The formation would be effected views, and commenters have submitted written comments that have through an exchange of shares with CCB. CFHC's corporate existence been considered carefully by the Board in acting on the proposal. The would begin on consummation of the exchange of shares, and CCB commenters' requests fail to demonstrate why their written comments would be a direct, wholly owned subsidiary of CFHC. The transaction do not present their views adequately. For these reasons, and based on would not affect CCB's U.S. operations. all the facts of record, the Board has determined that a public meeting 3. Deposit and ranking data are as of June 30, 2001. In this context, or hearing is not required or warranted in this case. Accordingly, the depository institutions include commercial banks, savings banks, and requests for a public meeting or hearing on the proposal are denied. savings associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
304 Federal Reserve Bulletin • June 2002 Competitive Considerations ered equivalent to the capital levels that would be required of a U.S. banking organization under similar circum- The BHC Act prohibits the Board from approving any stances. Based on all the facts of record, the Board conproposal under section 3 that would result in a monopoly cludes that the financial and managerial resources and or would be in furtherance of any attempt to monopolize future prospects of the organization involved are consistent the business of banking in any relevant banking market. with approval. The BHC Act also prohibits the Board from approving a Under section 3 of the BHC Act, the Board may not proposed bank acquisition that would substantially lessen approve an application involving a foreign bank unless the competition in any relevant banking market, unless the bank is "subject to comprehensive supervision or regula- Board finds that the anticompetitive effects of the proposal tion on a consolidated basis by the appropriate authorities clearly are outweighed in the public interest by the proba- in the bank's home country."6 The Board previously has ble effect of the proposal in meeting the convenience and determined that CCB is subject to comprehensive consolineeds of the community to be served.4 dated supervision by its home country supervisors.7 No The proposal involves only the formation of a top-tier material changes have occurred in the manner of CCB's holding company under Taiwan law and does not involve supervision that would alter the Board's previous determithe acquisition of a second bank in the United States. nation. Based on all the facts of record, the Board has Accordingly, based on all the facts of record, the Board concluded that CCB continues to be subject to comprehenconcludes that consummation of the proposal would not sive supervision and regulation on a consolidated basis by have any significantly adverse effects on competition or on its home country supervisors.8 the concentration of banking resources in any relevant The BHC Act also requires the Board to determine that banking market, and that competitive considerations are CFHC has provided adequate assurances that it will make consistent with approval. available to the Board such information on its operations and activities and those of its affiliates that the Board Financial, Managerial, and Supervisory Considerations deems appropriate to determine and enforce compliance with the BHC Act.9 The Board has reviewed the restric- The BHC Act requires that the Board, in acting on an tions on disclosure in jurisdictions where CFHC would application, consider the financial and managerial resources have material operations and has communicated with releand future prospects of the companies and banks involved vant government authorities concerning access to informain a bank acquisition proposal, the effect the proposed tion. CCB has committed that it will make available to the transaction would have on such resources, and other super- Board such information on its operations and the operavisory factors. In assessing the financial and managerial tions of any of its affiliates that the Board deems necessary strength of CFHC and its affiliates, the Board has reviewed to determine and enforce compliance with the BHC Act, information from the home country authority responsible for supervising CCB and CFHC concerning the proposal and the condition of the parties; confidential financial infor- 6. 12 U.S.C. § 1842(c)(3)(B). As provided in Regulation Y, the mation from CCB and CFHC; reports of examination from Board determines whether a foreign bank is subject to consolidated the appropriate federal and state supervisors of CCB's home country supervision under the standards set forth in Regulabranch office and Chinatrust USA assessing the financial tion K. See 12 C.F.R. 225.13(a)(4). Regulation K provides that a and managerial resources of the organization's U.S. opera- foreign bank may be considered subject to consolidated supervision if the Board determines that the bank is supervised or regulated in such a tions; and publicly reported and other financial informamanner that its home country supervisor receives sufficient information, as well as public comments received on the proposal.5 tion on the worldwide operations of the foreign bank, including the The proposal is a corporate reorganization that involves relationships of the bank to its affiliates, to assess the foreign bank's only an exchange of shares. On consummation, CCB's overall financial condition and compliance with law and regulation. See 12 C.F.R. 211.24(c)(1)(h). capital levels would exceed the minimum levels that would 7. See Chinatrust Commercial Bank, Ltd., 84 Federal Reserve be required under the Basel Capital Accord and are consid- Bulletin 1121 (1998). Pursuant to delegated authority, the Federal Reserve Bank of New York ("Reserve Bank") approved CCB's application to acquire Chinatrust USA. See letter dated April 18, 2001, 4. 12 U.S.C. § 1842(c). from the Reserve Bank to Barbara Mendelson, Esq. 5. The Board received one comment on the proposal that cited press 8. Regarding the supervision of the new parent company of CCB, reports about the activities of CCB, its affiliates, and companies the Board has considered that the parent, CFHC, would be subject to owned or controlled by officers or directors of CCB or their relatives. supervision by the Ministry of Finance ("Ministry"). Under the The issues raised in these press reports included investments in FHCL, the supervisor of a financial holding company in Taiwan is the offshore companies made to avoid taxes in Taiwan or to engage in competent authority designated in the Taiwan Banking Law, which at stock speculation outside Taiwan, and other financial and nonfinancial present is the Ministry. The FHCL contains prudential restrictions on issues concerning the entities previously noted. In addition, the press transactions with affiliates and imposes capital adequacy requirements reports described a credit rating agency's decision in August 2001 to on financial holding companies. The Ministry may order a financial downgrade the outlook on CCB's counterparty credit ratings. The holding company and its subsidiaries to provide financial statements, press reports also noted allegations of underreporting of nonperform- transaction information, or other related data for inspection, and may ing loans by financial institutions generally in Taiwan. The Board has send internal or outside independent auditors to audit and inspect the considered this information in the context of the supervisory and other operations and the financial records of the financial holding company information noted above, including information from the relevant or any of its subsidiaries. home country authorities. 9. See 12 U.S.C. § 1842(c)(3)(A). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Legal Developments 305 the IBA, and other applicable federal law. CCB also has overall record of performance under the CRA by its approcommitted to cooperate with the Board to obtain any priate federal supervisor.12 waivers or exemptions that may be necessary to enable it to Chinatrust USA received a "satisfactory" overall rating make such information available to the Board. CFHC, in the most recent examination of Chinatrust USA's CRA CCB's ultimate parent under the terms of the proposal, is performance by the Federal Deposit Insurance Corporation in formation and, consequently, has not yet provided assur- ("FDIC"), as of May 29, 2001 ("2001 examination").13 ances of access to information. The Board's action on this Examiners found no substantive violations of antidiscrimiproposal is subject to the condition that, immediately on its nation laws and, in general, commended Chinatrust USA formation, CFHC will provide the Board with commit- for originating a high percentage of loans in its assessment ments as prescribed by the Board with respect to access to areas. Examiners also reviewed the assessment areas delininformation and consent to jurisdiction. In light of the eated by Chinatrust USA, including in New York, and commitments provided by CCB, the condition stated concluded that the assessment areas consist of whole cenabove, and other facts of record, the Board has concluded sus tracts, do not arbitrarily exclude any LMI census tracts, that CFHC has provided adequate assurances of access to and reflect no illegal discrimination. any appropriate information the Board may request. For these reasons, and based on all the facts of record, the A. Lending Board has concluded that the supervisory factors it is required to consider under section 3(c)(3) of the BHC Act Chinatrust USA received a "high satisfactory" rating unare consistent with approval. der the lending test in the 2001 examination, which covered the period from May 1999 through May 2001 ("exam- Convenience and Needs Considerations ination period").14 Examiners concluded that Chinatrust USA's lending record during the examination period re- In acting on a proposal under section 3 of the BHC Act, the flected a good response to community credit needs in light Board is required to consider the effects of the proposal on of Chinatrust USA's strategy, lending volume, and compethe convenience and needs of the communities to be served tition.15 Examiners noted that the geographic distribution and take into account the records of the relevant insured of loans originated by Chinatrust USA reflected a good depository institutions under the Community Reinvestment penetration throughout its assessment areas, and that Chi- Act ("CRA").10 The CRA requires the federal financial natrust USA's lending performance in LMI areas in 1999 supervisory agencies to encourage financial institutions to was favorable compared with the aggregate data of all help meet the credit needs of local communities in which lenders in Chinatrust USA's delineated communities (the they operate, consistent with safe and sound operation, and "aggregate").16 requires the appropriate federal supervisory agency to take Examiners reported that Chinatrust USA originated 60 into account an institution's record of meeting the credit small business loans, totaling approximately $22.9 million, needs of its entire community, including low- and in LMI census tracts in its assessment areas during the moderate-income ("LMI") neighborhoods, in evaluating examination period.17 These small business loans reprebank expansion proposals. The Board has considered care- sented more than 33 percent of Chinatrust USA's overall fully the convenience and needs factor and the CRA performance record of Chinatrust USA in light of all the facts of record, including the public comment noted above.11 12. See Interagency Questions and Answers Regarding Community As provided in the CRA, the Board has evaluated the Reinvestment, 66 Federal Register 36,639 (2001). convenience and needs factor in light of examinations by 13. The New York State Banking Department also rated Chinatrust the appropriate federal supervisor of the CRA performance USA "satisfactory" in its most recent assessment of Chinatrust USA's record of the relevant institution. An institution's most record of helping to meet the credit needs of its entire community, as of April 4, 1998, pursuant to section 28-b of New York Banking Law. recent CRA performance evaluation is a particularly impor- See N.Y. Banking Law § 28-b (McKinney 2002). tant consideration in the applications process because it 14. The small business lending data reviewed in the 2001 examinarepresents a detailed, on-site evaluation of the institution's tion included all small business loans originated by Chinatrust USA during 1999 and 2000. 15. Examiners noted that in 1999 Chinatrust USA discontinued offering all types of consumer loan products except as accommodations to existing customers but did not criticize this decision. 10. 12 U.S.C. §2901 etseq. 16. Based on information in the 2001 examination, the commenter 11. The commenter criticized Chinatrust USA's 1999 decision to argued that Chinatrust USA makes only limited use of innovative and discontinue its consumer loan products in favor of focusing on origi- flexible lending practices throughout its assessment areas and critinating commercial loans; its omission of Bronx County, New York, cized Chinatrust USA's record for lending in LMI census tracts in its from its New York/New Jersey assessment area; and its record of New York/New Jersey assessment area. However, examiners noted lending to small businesses, including in Kings and Bronx Counties, that Chinatrust USA offered flexible lending programs that benefited New York. The commenter also criticized Chinatrust USA's foreclo- LMI individuals and small businesses throughout its assessment areas sure policies in connection with a newspaper report suggesting that and concluded that Chinatrust USA's geographic distribution of loans Chinatrust USA was considering foreclosing on property subject to a in its New York/New Jersey assessment area reflected good penetraconstruction loan to a developer who is now in bankruptcy. This tion throughout the assessment area. matter would be subject to applicable bankruptcy statutes and proceed- 17. In this context, "small business loans" refers to loans of less ings. than $1 million to businesses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
306 Federal Reserve Bulletin • June 2002 volume of business loans. Examiners observed that Chi- concluded that Chinatrust USA's banking services and natrust USA's level of penetration of small business loans delivery systems, including alternative delivery systems, in its assessment areas increased in 2000, and examiners are accessible to essentially all portions of Chinatrust commended Chinatrust USA's efforts to respond to small USA's community, including LMI areas and individuals, business credit needs in LMI areas. Examiners also com- and that Chinatrust USA's business hours are reasonable. mended Chinatrust USA's dispersion of its business loans among businesses of different sizes, noting that the number D. Montgomery County Assessment Area and dollar amount of loans to small businesses18 by Chinatrust USA during 1999 compared favorably with the Although Chinatrust USA received a "satisfactory" overaggregate in both its Los Angeles, California, and New all CRA rating, the commenter criticized Chinatrust USA's York/New Jersey assessment areas.19 Examiners also noted CRA performance, noting that examiners rated the bank that Chinatrust USA originated 18 community develop- "needs to improve" for Maryland in the 2001 examination. ment loans, totaling $13.3 million, which examiners found This rating was based on a review of Chinatrust USA's to represent an adequate level of community development CRA activities in its Montgomery County, Maryland, asloans. sessment area. Since the completion of the examination, Chinatrust B. Investment USA has prepared an action plan to increase its lending in the assessment area. Chinatrust USA made a draft of this Chinatrust USA also received a "high satisfactory" rating plan available for public comment in late 2001 but reunder the investment test in the 2001 examination. Examin- ceived no comments. The FDIC, the primary federal reguers stated that Chinatrust USA made a significant level of lator of Chinatrust USA, has reviewed and approved the qualified community development investments and grants plan. The Board expects Chinatrust USA to implement its during the examination period. Examiners observed that action plan, and has considered its activities in Maryland in the 39 qualified investments by Chinatrust USA, totaling the context of its overall CRA rating and the views of the $6.5 million, approximately doubled the number and vol- FDIC on the adequacy of the plan for strengthening Chiume of qualified investments made by Chinatrust USA natrust USA's CRA performance in Maryland. during its previous examination period. Examiners concluded that Chinatrust USA's community development in- E. Conclusion on Convenience and Needs vestments were responsive to the needs of the communities in its assessment areas, including LMI census tracts. In reviewing the effects of the proposal on the convenience In the 2001 examination, Chinatrust USA's investment and needs of the communities to be served, the Board has performance in its New York/New Jersey assessment area carefully considered the entire record, including the inforwas considered adequate. Examiners noted that Chinatrust mation provided by the commenter and CFHC, evaluations USA made 20 community development investments or of the CRA performance of Chinatrust USA, and confidengrants in the assessment area, totaling approximately $1.8 tial supervisory information. Based on all the facts of million, including a $700,000 investment commitment to record and for the reasons discussed above, the Board the Community Preservation Corporation ("CPC").20 Ac- concludes that considerations relating to the convenience cording to CFHC, these investments by Chinatrust USA and needs factor, including the CRA performance record of included a purchase of almost $480,000 in mortgage- Chinatrust USA, are consistent with approval. backed securities guaranteed by government-sponsored entities, with underlying collateral primarily consisting of Conclusion loans to individuals earning 80 percent or less of the median income in their respective communities. Based on the foregoing and all facts of record, the Board has determined that the application should be, and hereby C. Service is, approved, subject to all the terms and conditions in this order. In reaching its conclusion, the Board has considered Chinatrust USA received a "high satisfactory" rating un- all the facts of record in light of the factors that it is der the service test in the 2001 examination. Examiners required to consider under the BHC Act and other applicable statutes.21 18. In this context, "loans to small businesses" refers to commercial loans to businesses with gross annual revenues of $1 million or 21. The commenter also requested that the Board hold a public less. hearing on the proposal. Section 3(b) of the BHC Act does not require 19. Examiners noted that Chinatrust USA's levels of lending to the Board to hold a public hearing on an application unless the small businesses declined in 2000, but attributed the decline to Chi- appropriate supervisory authority for the bank to be acquired makes a natrust USA's decision to focus its lending strategy primarily on timely written recommendation of denial of the application. The middle-sized businesses. Board has not received such a recommendation from the appropriate 20. CPC is a mortgage lender specializing in the financing of supervisory authority. housing for LMI families. CFHC has indicated that since the examina- Under its rules, the Board also may, in its discretion, hold a public tion, Chinatrust USA has funded more than 23 percent of its commit- meeting or hearing on an application to acquire a bank if a meeting or ment to CPC. hearing is necessary or appropriate to clarify factual issues related to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Legal Developments 307 The Board's approval is specifically conditioned on com- foreign bank within the meaning of the International Bankpliance by CCB and CFHC with all the conditions set forth ing Act ("IBA").1 The proposal involves the affiliation of in this order and on all the representations and commit- Bank SinoPac with an unaffiliated nonbanking company in ments made in connection with this application. The Taiwan and the creation under Taiwan law of SPH as the Board's approval also is conditioned specifically on the top-tier holding company of the newly combined organiza- Board's receiving access to information on the operations tion.2 or activities of CFHC and any of its affiliates that the Board Notice of the proposal, affording interested persons an determines to be appropriate to determine and enforce opportunity to submit comments, has been published compliance by CFHC and its affiliates with applicable (67 Federal Register 2662 (2002)). The time for filing federal statutes.22 These representations, commitments, and comments has expired, and the Board has considered the conditions are deemed to be conditions imposed in writing proposal and all comments received in light of the factors by the Board in connection with its finding and decision set forth in section 3 of the BHC Act. and, as such, may be enforced in proceedings under appli- On consummation of the proposal, SPH would become cable law. the 14th largest banking organization in Taiwan, with total The proposal may not be consummated before the fif- consolidated assets equivalent to approximately $10.6 bilteenth calendar day after the effective date of this order, lion.3 Bank SinoPac operates a branch in Los Angeles. and the proposal may not be consummated later than three FENB is the 45th largest banking organization in Califormonths after the effective date of this order, unless such nia, controlling total deposits of $946.5 million, representperiod is extended for good cause by the Board or the ing less than 1 percent of total deposits in depository Reserve Bank, acting pursuant to delegated authority. institutions in the state.4 By order of the Board of Governors, effective April 19, 2002. Competitive and Convenience and Needs Considerations Voting for this action: Chairman Greenspan, Vice Chairman Fergu- The BHC Act prohibits the Board from approving an son, and Governors Gramlich, Bies, and Olson. application under section 3 of the BHC Act if the proposal would result in a monopoly or would substantially lessen ROBERT DEV. FRIERSON competition in any relevant banking market, unless the Deputy Secretary of the Board. Board finds that the anticompetitive effects of the proposal are clearly outweighed in the public interest by the proba- SinoPac Holdings ble effects of the proposal in meeting the convenience and Taipei, Taiwan needs of the community to be served.5 The proposal involves the formation of a new top-tier holding company for Order Approving the Formation of a Bank Holding the combined organization under Taiwan law and does not Company involve the acquisition of a second bank in the United States. Based on all the facts of record, the Board has SinoPac Holdings (In Formation) ("SPH") has requested the Board's approval under section 3 of the Bank Holding Company Act (12 U.S.C. § 1842) ("BHC Act") to be- 1. Bank SinoPac indirectly owns all the voting shares of FENB come a bank holding company by indirectly acquiring Far through a wholly owned subsidiary, SinoPac Bancorp, also in Los East National Bank (U.S.A.), Los Angeles, California Angeles ("Bancorp"). Bancorp is a registered bank holding company. ("FENB"), as a result of acquiring all the voting shares of 2. SPH would be formed under the Financial Holding Company Law ("FHCL") of Taiwan, which was promulgated July 9, 2001, and Bank SinoPac, also in Taipei ("Bank SinoPac"), a regisbecame effective November 1, 2001. The formation would occur tered bank holding company under the BHC Act and a through an exchange of shares with Bank SinoPac; SinoPac Securities, Inc. ("SSI"), a majority-owned nonbanking subsidiary of Bank SinoPac that primarily engages in securities activities; and National the application and to provide an opportunity for testimony. 12 C.F.R. Securities Corporation ("NSC"), an unaffiliated nonbanking company 225.16(e). The Board has considered carefully the commenter's re- that also engages primarily in securities activities, all in Taipei. In the quest in light of all the facts of record. In the Board's view, the public United States, NSC engages in minimal activities permissible under has had ample opportunity to submit comments on the proposal, and section 211.23(f) of Regulation K. 12 C.F.R. 211.23(f). SPH's corpoin fact, the commenter has submitted written comments that the Board rate existence would begin on consummation of the exchange of has considered carefully in acting on the proposal. The commenter's shares, and Bank SinoPac, SSI, and NSC would be direct, wholly request fails to demonstrate why its written comments do not present owned subsidiaries of SPH. After consummation of the transaction, its evidence adequately and fails to identify disputed issues of fact that SPH would merge SSI into NSC. The transaction would not affect are material to the Board's decision that would be clarified by a public Bank SinoPac's U.S. operations. FENB would be a wholly owned meeting or hearing. For these reasons, and based on all the facts of subsidiary of Bancorp directly and Bank SinoPac indirectly. record, the Board has determined that a public meeting or hearing is 3. Asset data are as of December 31, 2001, and are based on not required or warranted in this case. Accordingly, the request for a exchange rates then in effect. Currently, Bank SinoPac is the 16th public meeting or hearing on the proposal is denied. largest banking organization in Taiwan, with total consolidated assets 22. In addition, the Board's action on this proposal is subject to the equivalent to approximately $9.3 billion. condition that there be no change in the ownership structure of CFHC 4. Deposit and ranking data are as of June 30, 2001. In this context, or its subsidiaries that would result in Chinatrust USA no longer being depository institutions include commercial banks, savings banks, and supervised as a subsidiary of CCB by the appropriate supervisory savings associations. authority in Taiwan without the prior approval of the Board. 5. 12 U.S.C. § 1842(c). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
308 Federal Reserve Bulletin • June 2002 concluded that consummation of the proposal would not ously has determined that Bank SinoPac is subject to have a significantly adverse elfect on competition or on the comprehensive consolidated supervision by its home counconcentration of banking resources in any relevant banking try authorities.8 No material changes have occurred in the market, and that competitive considerations are consistent manner of Bank SinoPac's supervision that would alter the with approval. Board's previous determination. Based on all the facts of The Board also has considered the effect of the transac- record, the Board has concluded that Bank SinoPac contintion on the convenience and needs of the communities to ues to be subject to comprehensive supervision and regulabe served, including the performance record of FENB tion on a consolidated basis by its home country superviunder the Community Reinvestment Act ("CRA").6 In sors.9 light of all the facts of record, the Board also has con- The BHC Act also requires the Board to determine that cluded that considerations related to the convenience and the applicant has provided adequate assurances that it will needs of the communities to be served are consistent with make available to the Board such information on its operaapproval of this proposal. tions and activities and those of their affiliates that the Board deems appropriate to determine and enforce compli- Financial, Managerial, and Certain Supervisory ance with the BHC Act.10 The Board has reviewed the Considerations restrictions on disclosures in jurisdictions where SPH would have material operations and has communicated The BHC Act requires the Board to consider the financial with relevant government authorities concerning access to and managerial resources and future prospects of the com- information. Bank SinoPac previously has committed that panies and banks involved in a bank acquisition proposal. it will make available to the Board such information on its In assessing the financial and managerial strength of SPH operations and the operations of any of its affiliates that the and its affiliates, the Board has reviewed information from Board deems necessary to determine and enforce complithe home country authority responsible for supervising ance with the BHC Act, the IBA, and other applicable Bank SinoPac and SPH concerning the proposal and the federal law. Bank SinoPac also has committed to cooperate condition of the parties; confidential financial information with the Board to obtain any waivers or exemptions that from SPH, NSC, Bank SinoPac and FENB; and reports of may be necessary to enable it to make such information examination from the appropriate federal and state supervi- available to the Board. SPH, Bank SinoPac's ultimate sors of the affected organizations assessing the financial parent under the terms of the proposal, is in formation and, and managerial resources of the organizations' U.S. opera- consequently, has not yet provided assurances of access to tions. The Board notes that the proposal is intended to information. The Board's action on this proposal is subject enhance the overall financial strength and future prospects to the condition that, immediately on its formation, SPH of the combined organization. Bank SinoPac's capital lev- will provide the Board with commitments as prescribed by els exceed the minimum levels that would be required the Board with respect to access to information and conunder the Basel Capital Accord, and are considered equiv- sent to jurisdiction. In light of the commitments provided alent to the capital levels that would be required of a by Bank SinoPac, the condition stated above, and other United States banking organization under similar circum- facts of record, the Board has concluded that SPH has stances. Based on all the facts of record, the Board con- provided adequate assurances of access to any necessary cludes that the financial and managerial resources and information the Board may request. For these reasons, and future prospects of the organizations involved are consis- based on all the facts of record, the Board has concluded tent with approval. that the supervisory factors it is required to consider under Section 3 of the BHC Act also provides that the Board section 3(c)(3) of the BHC Act are consistent with apmay not approve an application involving a foreign bank proval. unless the bank is "subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities in the bank's home country."7 The Board previ- 8. See Bank SinoPac, 83 Federal Reserve Bulletin 669 (1997). 6. 12 U.S.C. § 2901 et seq. FENB received a "satisfactory" CRA 9. Regarding the supervision of the new parent company of Bank performance rating from the Office of the Comptroller of the Currency SinoPac, the Board has considered that the parent, SPH, would be at its most recent examination in January 2001. subject to supervision by the Ministry of Finance of Taiwan ("MOF"). 7. 12 U.S.C. § 1842(c)(3)(B). As provided in Regulation Y, the Under the FHCL, the supervisor of a financial holding company in Board determines whether a foreign bank is subject to consolidated Taiwan is the competent authority designated in the Taiwan Banking home country supervision under the standards set forth in Regula- Law, which at present is the MOF. The FHCL contains prudential tion K. 12 C.F.R. 225.13(a)(4). Regulation K provides that a foreign restrictions on transactions with affiliates and imposes capital adebank may be considered subject to consolidated supervision if the quacy requirements on financial holding companies. The MOF may Board determines that the bank is supervised in such a manner that its order a financial holding company and its subsidiaries to provide home country supervisor receives sufficient information on the world- financial statements, transaction information, or other related data for wide operations of the foreign bank, including the relationships of the inspection and may send internal or outside independent auditors to bank to its affiliates, to assess the foreign bank's overall financial audit and inspect the operations and the financial records of the condition and compliance with law and regulation. 12 C.F.R. financial holding company or any of its subsidiaries. 211.24(c)(l)(ii). 10. See 12 U.S.C. § 1842(c)(3)(A). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Legal Developments 309 Conclusion commitments, and conditions are deemed to be conditions imposed in writing by the Board in connection with its Based on the foregoing, the Board has determined that this findings and decision and, as such, may be enforced in application should be, and hereby is, approved, subject to proceedings under applicable law. all the terms and conditions in this order. In reaching its The transaction shall not be consummated before the conclusion, the Board considered all the facts of record in fifteenth calendar day after the effective date of this order light of the factors that it is required to consider under the or later than three months after the effective date of this BHC Act and other applicable statutes. order, unless such period is extended for good cause by the The Board's approval is specifically conditioned on com- Board, or by the Federal Reserve Bank of San Francisco, pliance by SPH and Bank SinoPac with all the conditions acting pursuant to delegated authority. set forth in this order and on all the representations and By order of the Board of Governors, effective April 11, commitments made or relied on in connection with this 2002. application. In addition, the Board's order is specifically conditioned on the Board's receiving access to information Voting for this action: Chairman Greenspan, Vice Chairman Ferguon the operations or activities of SPH and any of its son, and Governors Gramlich, Bies, and Olson. affiliates that the Board determines to be appropriate to determine and enforce compliance by SPH or its affiliates ROBERT DEV. FRIERSON with applicable federal statutes.11 These representations, Deputy Secretary of the Board SPH and its subsidiaries that would result in FENB no longer being 11. The Board's action on this proposal also is subject to the supervised as a subsidiary of Bank SinoPac by the appropriate supercondition that there will be no change in the ownership structure of visory authority in Taiwan without the prior approval of the Board. APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT By Federal Reserve Banks Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to the Reserve Banks. Section 3 Applicant(s) Bank(s) Reserve Bank Effective Date Banknorth Group, Inc., Ipswich Bancshares, Inc., Boston April 10, 2002 Portland, Maine Ipswich, Massachusetts Ipswich Savings Bank, Ipswich, Massachusetts The Baraboo Bancorporation, Inc., The Bancorp, Inc., Chicago April 5, 2002 Baraboo, Wisconsin Cedarburg, Wisconsin Northwoods State Bank, Elcho, Wisconsin Century Bancshares, Inc., Century Bank of Kentucky, Inc., St. Louis March 27, 2002 Lawrenceburg, Kentucky Lawrenceburg, Kentucky Commercial Bancshares, Inc., Commercial Bank, St. Louis April 5, 2002 Maryland Heights, Missouri Maryland Heights, Missouri CRSB Bancorp, Inc., Crow River State Bank, Minneapolis April 3, 2002 Delano, Minnesota Delano, Minnesota Docking Bancshares, Inc., Union State Bank, Kansas City April 5, 2002 Arkansas City, Kansas Arkansas City, Kansas EuroBancshares, Inc., Eurobank, New York April 5, 2002 Hato Rey, Puerto Rico Hato Rey, Puerto Rico First Citizens Bancorporation of Bank of Wilmington, Richmond April 11, 2002 South Carolina, Inc., Wilmington, North Carolina Columbia, South Carolina Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
310 Federal Reserve Bulletin • June 2002 Section 3—Continued Applicant(s) Bank(s) Reserve Bank Effective Date First Financial Corporation, Omega City Holding Company, Minneapolis April 5, 2002 Arthur, North Dakota LaMoure, North Dakota First State Bank of LaMoure, LaMoure, North Dakota Florida Community Banks, Inc., Florida Community Bank, Atlanta April 5, 2002 Immokalee, Florida Immokalee, Florida Gilford Bancorp, Inc. Employee Gilford Bancorp, Inc., Chicago April 3, 2002 Stock Ownership Plan, Gilford, Illinois Gilford, Illinois The Gifford State Bank, Gilford, Illinois Hoosac Financial Services, Inc., Williamstown Mutual Holding Boston April 15, 2002 North Adams, Massachusetts Company, Williamstown, Massachusetts Williamstown Savings Bank, Williamstown, Massachusetts MountainOne Financial Partners, Inc., North Adams, Massachusetts Legends Financial Holdings, Inc., Legends Bank, Atlanta April 5, 2002 Clarksville, Tennessee Clarksville, Tennessee Liberty Bancshares, Inc., Bank of Jonesboro, St. Louis April 9, 2002 Jonesboro, Arkansas Jonesboro, Arkansas THE BANKshares, Inc., The Bank Brevard, Atlanta April 22, 2002 Melbourne, Florida Melbourne, Florida Section 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date Bayerische Hypo- und Vereinsbank Digital Signature Trust Company, New York April 16, 2002 AG, Salt Lake City, Utah Munich, Germany Allianz AG, Munich, Germany Munchener Ruckverischerungs- Gesellschaft Aktiengesellschaft In Munchen, Munich, Germany Identrus, LLC, New York, New York First Financial Bancorp, First Financial Capital Advisors, LLC, Cleveland April 8, 2002 Hamilton, Ohio Hamilton, Ohio Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Legal Developments 311 Sections 3 and 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date Outsource Holdings, Inc., First Citizens Bank, National Dallas April 15, 2002 Lubbock, Texas Association, Outsource Delaware Holdings, Inc. Dallas, Texas Dover, Delaware Jefferson Mortgage Services, Inc. Dallas, Texas Orr Lease, Inc., Dallas, Texas Savanna-Thomson Investment, Inc. Thomson Investment, Inc., Chicago April 2, 2002 Fulton, Illinois Savanna, Illinois Savanna State Bank, Savanna, Illinois Thomson State Bank, Thomson, Illinois Thomson LLC, Thomson, Illinois APPLICATIONS APPROVED UNDER BANK MERGER ACT By Federal Reserve Banks Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to the Reserve Banks. Applicant(s) Bank(s) Reserve Bank Effective Date Community Banks of Southern Rocky Ford Federal Savings and Loan Kansas City April 22, 2002 Colorado, Association, Rocky Ford, Colorado Rocky Ford, Colorado State Bank of Howards Grove, Citizens Bank of Pennsylvania, Chicago April 16, 2002 Howards Grove, Wisconsin Philadelphia, Pennsylvania PENDING CASES INVOLVING THE BOARD OF GOVERNORS This list of pending cases does not include suits against the or contribution from the Board in connection with a claim Federal Reserve Banks in which the Board of Governors is not asserted against defendant Whalen alleging tortious interfernamed a party. ence with a contract. Radfar v. United States, No. 1:01CV1292 (PLF) (D.D.C., complaint filed June 11, 2001). Action under the Federal Caesar v. United States, No. 02-0612 (EGS) (D.D.C.), re- Tort Claims Act for injury on Board premises. moved on April 1, 2002, from No. 02-1502 (D.C. Superior Artis v. Greenspan, No. 01-CV-0400(ESG) (D.D.C., complaint Court, originally filed March 1, 2002). Action seeking damfiled February 22, 2001. Employment discrimination action. ages for personal injury. On August 15, 2001, the district court consolidated the Community Bank & Trust v. United States, No. 01-571C action with Artis v. Greenspan, No. 99-CV-2073 (EGS) (Ct. Fed. Cl„ filed October 3, 2001). Action challenging on (D.D.C., filed August 3, 1999), also an employment disconstitutional grounds the failure to pay interest on reserve crimination action. accounts held at Federal Reserve Banks. Howe v. Bank for International Settlements, No. 00CV12485 Laredo National Bancshares, Inc. v. Whalen v. Board of Gov- RCL (D. Mass., filed December 7, 2000). Action seeking ernors, No. 01-CV-134 (S.D. Tex.), removed on Septem- damages in connection with gold market activities and the ber 5, 2001, from No. 99CVQ00940-D3 (District Court, repurchase by the Bank for International Settlements of its 341st Judicial District, Webb County, Texas, originally filed privately-owned shares. On March 26, 2002, the district July 26, 2001). Third-party petition seeking indemnification court dismissed the action against all defendants. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
312 Federal Reserve Bulletin • June 2002 Trans Union LLC v. Federal Trade Commission, et al., employees. On March 30, 2001, the district court granted in No. 01-5202 (D.C. Cir., filed June 4, 2001). Appeal of part and denied in part the Board's motion to dismiss. district court order entered April 30, 2001, upholding challenged provisions of an interagency rule regarding Privacy Fraternal Order of Police v. Board of Governors, of Consumer Finance Information No. 1:98CV03116 (WBB)(D.D.C., filed December 22, Albrecht v. Board of Governors, No. 00-CV-317 (CKK) 1998). Declaratory judgment action challenging Board la- (D.D.C., filed February 18, 2000). Action challenging the bor practices. On February 26, 1999, the Board filed a method of funding of the retirement plan for certain Board 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 A32 Domestic finance companies—Assets and liabilities Federal Reserve Banks 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 A13 Money stock and debt measures Consumer Credit A3 6 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
A2 Federal Reserve Bulletin • June 2002 INTERNATIONAL STATISTICS Reported by Nonbanking Business Enterprises in the United States Summary Statistics A58 Liabilities to unaffiliated foreigners A50 U.S. international transactions A59 Claims on unaffiliated foreigners A51 U.S. foreign trade A51 U.S. reserve assets Securities Holdings and Transactions A51 Foreign official assets held at Federal Reserve A60 Foreign transactions in securities Banks A61 Marketable U.S. Treasury bonds and A52 Selected U.S. liabilities to foreign official notes—Foreign transactions institutions Interest and Exchange Rates Reported by Banks in the United States A62 Foreign exchange rates A52 Liabilities to, and claims on, foreigners A53 Liabilities to foreigners A55 Banks' own claims on foreigners A63 GUIDE TO SPECIAL TABLES AND A56 Banks' own and domestic customers' claims on STATISTICAL RELEASES foreigners A56 Banks' own claims on unaffiliated foreigners A64 INDEX TO STATISTICAL TABLES A57 Claims on foreign countries—Combined domestic offices and foreign branches Discontinuation of Certain Statistical Tables in the Federal Reserve Bulletin The following ten tables will be discontinued in the Financial and Business Statistics section of the Federal Reserve Bulletin after this issue (June 2002). Information on the sources of data in these tables appears in the Announcements section on page 290. Discontinued tables and their page numbers in this issue: 1.38 (A25) 1.39 (A26) 1.48 (A32) 2.10 (A42) 2.11 (A42) 2.14 (A46) 2.15 (A47) 2.16 (A48) 2.17 (A49) 3.11 (A51) Page numbers of the tables in the Financial and Business Statistics section will be revised in the July issue. 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 Financial Statistics • June 2002 1.10 RESERVES, MONEY STOCK, AND DEBT MEASURES Percent annual rate of change, seasonally adjusted1 2001 2002 2001 2002 MMoonneettaarryy oorr ccrreeddiitt aaggggrreeggaattee Q2 Q3 Q4 Qi Nov. Dec. Jan. Feb.' Mar. Reserves of depository institutions2 1 Total 4.0 76.3 -30.2 -11.9 -124.9 5.7 12.0 -4.3 -11.3 2 Required 6.4 14.8 23.2 -11.5 -133.1 1.3 19.6 -3.5 -12.5 3 Nonborrowed 2.9 65.0 -20.4 -11.6 -124.1 6.2 12.5 -3.7 -12.7 4 Monetary base3 6.2 14.8 6.5' 8.8 -1.8' 9.4 12.0 9.6 6.3 Concepts of money and debt4 5 Ml 6.0 16.5 1.5 5.1 2.2' 15.0 3.1 1.3 2.1 6 M2 9.5r 11.5r 9.4' 5.2 9.8 9.3 2.2 6.5 -1.4 7 M3 13.7r 10.3 12.3' 4.9 13.4 10.4 -1.1' 6.2 .6 8 Debt 5.7 5.7 7.0' n.a. 7.3' 6.3' 2.1' 5.1 n.a. Nontransaction components 9 In M25 10.5r 10.0r 11.7 5.2 11.8' 7.7 2.0 8.0 -2.4 10 In M3 only6 23.1 1.9 18.7r 4.1 21.3' 12.7' -8.4' 5.5 5.1 Time and savings deposits Commercial banks 11 Savings, including MMDAs 20.1 19.7 23.3 20.2 28.3' 23.0 18.8 21.9 5.1 12 Smalltime7 -7.6 -10.4 -12.1 -16.1 -16.1 -18.7 -17.3 -14.5 -12.7 13 Large time8-9 -1.1 -8.2 -7.9 10.4 -10.3 7.2 20.9' 4.6 17.6 Thrift institutions 14 Savings, including MMDAs 22.0 25.2 27.1 27.3 26.1 14.1 24.2 41.7 30.0 15 Smalltime7 4.1 -5.1 -11.8 -14.7 -14.4 -13.2 -19.8 -12.8 -8.1 16 Large time8 11.5 14.9 3.3 -1.7 -15.5 -7.3 11.6 -6.3 -7.3 Money market mutual funds 17 Retail 5.7' 7.1' 8.9' -12.1 3.7' 2.2 -19.8' -15.3 -27.5 18 Institution-only 49.7 27.2 49.2 -.9 33.0 26.2 -30.2 -.8 1.6 Repurchase agreements and eurodollars 19 Repurchase agreements10 18.9 -9.0r -1.5' 9.4 55.5' 3.2' 2.3' 12.2 -7.3 20 Eurodollars10 7.0 -1.0 -1.9' 5.8 22.1 -16.7' -7.3' 37.4 11.5 Debt components4 21 Federal -7.0 3.1 3.9 n.a. -.1 3.1 -.5 7.5 n.a. 22 Nonfederal 8.6 6.3 7.6' n.a. 8.9' Iff 2.7' 4.6 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 M1. 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 Factor 2002 2002 Jan. Feb. Mar. Feb. 13 Feb. 20 Feb. 27 Mar. 6 Mar. 13 Mar. 20 Mar. 27 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 631,094 631,364 636,572 627,817 636,437 631,999 636,235 634,241 637,270 635,201 U.S. government securities2 2 Bought outright—System account3 558,206 564,721 573,087 562,646 565,884 567,332 568,510 557711,,991144 557744,,009988 557755,,774400 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 1100 1100 1100 1100 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 6 Repurchase agreeements—triparty4 34,752 29,562 26,689 26,464 34,750 28,856 32,392 25,043 26,614 22,214 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 45 13 6 31 2 5 13 33 6 1144 9 Seasonal credit 15 17 19 24 16 12 14 20 20 20 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 17 Float 384 74 -38 9 -58 33 -374 727 -376 -171 13 Other Federal Reserve assets 37,683 36,967 36,799 38,633 35,833 35,752 35,671 36,524 36,897 37,374 14 Gold stock 11,045 11,044 11,044 11,044 11,044 11,044 11,044 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 33,237' 33,503R 33,575 33,490' 33,510' 33,529' 33,549 33,563 33,577 33,591 ABSORBING RESERVE FUNDS 17 Currency in circulation 634,083' 636,140R 640,031 635,017R 638,840R 637,836' 638,543 639,608 640,009 640,588 18 Reverse repurchase agreements—triparty4 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 425 410 421 408 407 410 415 421 429 422 Deposits, other than reserve balances, ? ? . o i F T o re r w e a i i s t g u h n r y F ederal Reserve Banks 6,9 1 9 8 9 5 4,9 1 0 8 6 9 5,5 1 5 2 1 6 4, 3 9 1 7 4 6 4,8 1 9 3 2 6 4,6 1 9 2 6 7 5,4 1 7 2 3 4 4,8 1 0 2 1 4 6,51 9 1 5 5,19 8 8 6 ???3 O Se t r h v e i r c e-related balances and adjustments 8, 2 9 4 8 1 0 9,2 2 2 2 6 9 9,5 2 4 1 9 8 9,3 2 7 2 6 2 9,4 2 4 1 5 9 9, 2 06 1 1 8 9,0 2 4 4 8 8 9, 2 4 2 7 9 9 9,2 2 3 0 4 7 10, 2 18 0 1 5 74 Other Federal Reserve liabilities and capital 17,527 17,748 18,244 17,715 17,791 17,887 18,007 18,596 18,276 18,096 25 Reserve balances with Federal Reserve Banks5 .... 9,135 9,262 9,250 6,525 11,461 8,537 11,171 7,789 9,330 7,258 End-of-month figures Wednesday figures Jan. Feb. Mar. Feb. 13 Feb. 20 Feb. 27 Mar. 6 Mar. 13 Mar. 20 Mar. 27 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 640,289 636,381 642,186 628,252 640,357 635,346 641,428 633,336 640,563 637,341 U.S. government securities2 2 Bought outright—System account5 561,376 567,634 575,356 564,317 566,822 568,702 570,091 572,728 557733,,884444 557766,,009933 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 1100 1100 1100 1100 1100 1100 5 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 6 Repurchase agreeements—triparty4 37,500 34,499 29,500 25,500 35,749 31,999 35,249 24,000 28,550 24,000 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 10 61 0 2 1 10 10 00 3 11 9 Seasonal credit 9 7 19 19 14 12 18 22 22 2211 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 P Float 3,656 -1,232 -476 -497 2,244 -1,341 -58 -103 1,093 -343 13 Other Federal Reserve assets 37,728 35,402 37,776 38,901 35,517 35,954 36,108 36,679 37,041 37,559 14 Gold stock 11,045 11,044 11,044 11,044 11,044 11,044 11,044 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 33,47 lr 33,549R 33,605 33,490' 33,5101 33,529' 33,549 33,563 33,577 33,591 ABSORBING RESERVE FUNDS 17 Currency in circulation 631,14 LR 638,325R 641,848 637,408' 639,792' 638,893' 640,379 640,617 641,199 642,639 18 Reverse repurchase agreements—triparty4 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 415 414 412 407 409 414 419 430 424 412 Deposits, other than reserve balances, with Federal Reserve Banks 70 Treasury 13,688 5,752 5,692 4,108 4,946 4,908 5,410 4,997 5,600 5,009 7 771 3 7 F S o er r v ei ic gn e -related balances and adjustments 9,0 1 1 6 7 2 9,04 8 8 9 9, 2 8 5 7 6 0 9,3 3 7 5 6 6 9,44 8 5 1 9,06 7 1 9 9,0 7 4 5 8 9, 3 47 1 9 6 9,2 7 3 4 4 10,1 7 8 1 1 Other 286 254 181 212 241 212 241 205 219 203 74 Other Federal Reserve liabilities and capital 17,385 17,792 18,163 17,602 17,501 17,654 18,252 18,114 17,949 17,913 25 Reserve balances with Federal Reserve Banks5 .... 14,909 11,499 12,614 5,519 14,695 10,898 14,396 5,985 12,684 7,747 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 Financial Statistics • June 2002 1.12 RESERVES AND BORROWINGS Depository Institutions' Millions of dollars Prorated monthly averages of biweekly averages RRReeessseeerrrvvveee ccclllaaassssssiiifffiiicccaaatttiiiooonnn 1999 2000 2001 2001 2002 Dec. Dec. Dec. Sept. Oct. Nov. Dec. Jan. Feb.' Mar. 11111 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss22222 5,262 7,022 9,059 25,633 12,552 8,944 9,059 10,009 9,277 9,134 22222 TTTTToooootttttaaaaalllll vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh33333 60,620 45,245 43,918 43,436 45,021 43,065 43,918 45,730' 45,697 42,634 33333 AAAAAppppppppppllllliiiiieeeeeddddd vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh44444 36,392 31,451 31,896 31,934 32,509 31,214 31,896 33,465 33,119 31,124 44444 SSSSSuuuuurrrrrpppppllllluuuuusssss vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh55555 24,228 13,794 12,023 11,502 12,512 11,851 12,023 12,266 12,578 11,510 55555 TTTTToooootttttaaaaalllll rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss66666 41,654 38,473 40,955 57,567 45,061 40,158 40,955 43,474 42,396 40,257 66666 RRRRReeeeeqqqqquuuuuiiiiirrrrreeeeeddddd rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 40,357 37,046 39,315 38,549 43,739 38,672 39,315 42,069 41,023 38,857 77777 EEEEExxxxxccccceeeeessssssssss rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss77777 1,297 1,427 1,641 19,019 1,321 1,487 1,641 1,405 1,373 1,401 88888 TTTTToooootttttaaaaalllll bbbbbooooorrrrrrrrrrooooowwwwwiiiiinnnnnggggg aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 320 210 67 3,385 127 84 67 50 30 79 99999 AAAAAdddddjjjjjuuuuussssstttttmmmmmeeeeennnnnttttt 179 99 34 3,292 60 51 34 33 12 59 1111100000 SSSSSeeeeeaaaaasssssooooonnnnnaaaaalllll 67 111 33 93 67 33 33 17 17 20 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 Nov. 28 Dec. 12 Dec. 26 Jan. 9 Jan. 23 Feb. 6 Feb. 20 Mar. 6' Mar. 20 Apr. 3 11111 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss22222 9,626 8,587 9,219 9,747 10,646 9,191 8,984 9,854 8,571 9,457 22222 TTTTToooootttttaaaaalllll vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh33333 42,766 42,081 45,197 44,748 43,723' 50,350' 45,420' 42,694 42,270 43,065 33333 AAAAAppppppppppllllliiiiieeeeeddddd vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh44444 31,528 30,727 32,659 32,566 32,569 36,044 32,614' 31,809 30,564 31,462 44444 SSSSSuuuuurrrrrpppppllllluuuuusssss vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh55555 11,238 11,355 12,539 12,182 11,154' 14,306' 12,806' 10,885 11,706 11,602 55555 TTTTToooootttttaaaaalllll rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss66666 41,154 39,314 41,878 42,313 43,215 45,235 41,598' 41,663 39,135 40,919 66666 RRRRReeeeeqqqqquuuuuiiiiirrrrreeeeeddddd rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 39,707 37,938 40,018 40,651 41,971 43,837 40,184 40,382 37,846 39,310 77777 EEEEExxxxxccccceeeeessssssssss rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss77777 1,447 1,375 1,860 1,662 1,243 1,398 1,414' 1,281 1,289 1,609 88888 TTTTToooootttttaaaaalllll bbbbbooooorrrrrrrrrrooooowwwwwiiiiinnnnnggggg aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 53 60 60 105 28 26 37 22 24 180 99999 AAAAAdddddjjjjjuuuuussssstttttmmmmmeeeeennnnnttttt 22 26 24 83 15 8 17 9 4 157 1111100000 SSSSSeeeeeaaaaasssssooooonnnnnaaaaalllll 32 34 36 22 14 18 20 13 20 23 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 credit3 On On On 5/10/02 5/10/02 5/10/02 12/11/01 12/11/01 12/11/01 12/13/01 12/13/01 12/13/01 12/11/01 12/12/01 12/13/01 12/13/01 12/13/01 12/11/01 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 13 6 11 11 24 3.5 3.5 23 3.00 3.00 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-^t 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 May 10, 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/releases/H 15/data.htm). access to money market funds, or sudden deterioration in loan repayment performance) or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A8 Domestic NonfinancialS tatistics • June 2002 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Requirement TTyyppee ooff ddeeppoossiitt Percentage of deposits Effective date Net transaction accounts2 1 $0million-$41.3 million3 33333 1111122222/////2222277777/////0000011111 2 More than $41.3 million4 1111100000 1111122222/////2222277777/////0000011111 00000 1111122222/////2222277777/////9999900000 00000 1111122222/////2222277777/////9999900000 1. Required reserves must be held in the form of deposits with Federal Reserve Banks or succeeding calendar year by 80 percent of the percentage increase in the total reservable vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve liabilities of all depository institutions, measured on an annual basis as of June 30. No Bank indirectly, on a pass-through basis, with certain approved institutions. For previous corresponding adjustment is made in the event of a decrease. The exemption applies only to reserve requirements, see earlier editions of the Annual Report or the Federal Resen'e 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 11999999 22000000 22000011 aanndd mmaattuurriittyy Aug. Sept. Oct. Nov. Dec. Jan. Feb. U.S. TREASURY SECURITIES2 Outright transactions (excluding matched transactions) Treasury bills f Gross purchases 0 8,676 15,503 2,899 348 772 3,075 812 22,,777722 11,,004422 7 Gross sales 0 0 0 0 0 0 0 0 0 0 3 Exchanges 464,218 477,904 542,736 55,231 42,268 44,132 59,292 43,771 55,521 54,619 4 For new bills 464,218 477,904 542,736 55,231 42,268 44,132 59,292 43,771 55,521 54,619 5 Redemptions 0 24,522 10,095 0 1,543 0 0 0 0 0 Others within one year 6 Gross purchases 11,895 8,809 15,663 1,385 0 1.411 1,408 2,942 0 22,,889944 7 Gross sales 0 0 0 0 0 0 0 0 0 0 8 Maturity shifts 50,590 62,025 70,336 9,379 0 6.535 5,873 5,235 0 0 9 Exchanges -53,315 -54,656 -72,004 -6,873 0 -11.809 -9,559 -6,666 0 0 10 Redemptions 1,429 3,779 16,802 1,055 0 473 0 0 0 0 One to five years 11 Gross purchases 19,731 14,482 22,814 810 851 22 1,920 634 2,872 1,101 12 Gross sales 0 0 0 0 0 0 0 0 0 0 N Maturity shifts -44,032 -52,068 -45,211 -9,379 0 -2,164 -3,073 -5,235 0 0 14 Exchanges 42,604 46,177 64,519 5,290 0 11,809 7,967 6,666 0 0 Five to ten years 15 Gross purchases 4,303 5,871 6,003 935 0 422 459 101 0 334 16 Gross sales 0 0 0 0 0 0 0 0 0 0 17 Maturity shifts -5,841 -6,801 -21,063 1,043 0 -4,372 -1,824 0 0 0 18 Exchanges 7,583 6,585 6,063 1,043 0 0 1,592 0 0 0 More than ten years 19 Gross purchases 9,428 5,833 8,531 720 0 1,184 0 448 582 1,054 20 Gross sales 0 0 0 0 0 0 0 0 0 0 71 Maturity shifts -717 -3,155 -4,062 -1,043 0 0 -975 0 0 0 22 Exchanges 3,139 1,894 1,423 540 0 0 0 0 0 0 All maturities 23 Gross purchases 45,357 43,670 68,513 6,749 1,199 3.811 6,862 4,937 6,226 6,425 74 Gross sales 0 0 0 0 0 0 0 0 0 0 25 Redemptions 1,429 28,301 26,897 1,055 1,543 473 0 0 0 0 Matched transactions 76 Gross purchases 4,413,430 4,415,905 4,722,667 406,143 508,129 431,887 377,247 387,033 407,791 367,906 27 Gross sales 4,431,685 4,397,835 4,724,743 405,627 515,429 425,110 378,129 390,617 404,296 368,060 Repurchase agreements 28 Gross purchases 281,599 0 0 0 0 00 00 00 00 00 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 6,211 -7,645 10,114 5,980 1,354 9,720 6,271 FEDERAL AGENCY OBLIGATIONS Outright transactions 31 Gross purchases 0 0 0 0 0 00 00 0 00 00 3? 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 00 00 00 00 00 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 00 00 00 00 00 38 Gross sales 0 0 0 0 0 0 0 0 0 0 Repurchase agreements 39 Gross purchases 304,989 890,236 1,497,713 105,000 406,930 110,885 121,530 117,650 111188,,555500 110011,,774499 40 Gross sales 164,349 987,501 1,490,838 101,595 388,805 113,715 130,080 103,900 131,300 104,750 41 Net change in triparty obligations 140,640 -97,265 6,875 3,405 18,125 -2,830 -8,550 13,750 -12,750 -3,001 42 Total net change in System Open Market Account . . 135,780 -63,877 46,295 9,616 10,480 7,284 -2,570 15,104 -3,030 3,270 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 NonfinancialS tatistics • June 2002 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday End of month AAAccccccooouuunnnttt 2002 2002 Feb. 27 Mar. 6 Mar. 13 Mar. 20 Mar. 27 Jan. Feb. Mar. Consolidated condition statement ASSETS 1 Gold certificate account 11,044 11,044 11,044 11,044 11,044 11.045 11,044 11,044 2 Special drawing rights certificate account 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 3 Coin 1,125 1,111 1.094 1,085 1,078 1,166 1,132 1,094 Loans 4 To depository institutions 22 28 22 24 22 19 68 20 5 Other 0 0 0 0 0 0 0 0 6 Acceptances held under repurchase agreements 0 0 0 0 0 0 0 0 Tripartv obligations 1 Repurchase agreements—triparty2 31,999 35,249 24,000 28,550 24,000 37,500 34,499 29,500 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 568,702 570,091 572,728 573,844 576,093 561,376 567,634 575,356 11 Bought outright4 568,702 570,091 572,728 573,844 576,093 561,376 567,634 575.356 12 Bills 190,295 190,971 191,062 191,443 193.104 188,341 189,229 192,364 13 Notes 274.269 274,981 277,510 278,167 278,461 268,568 274,268 278,463 14 Bonds 104,138 104,138 104,156 104,235 104,528 104,467 104,137 104,530 15 Held under repurchase agreements 0 0 0 0 0 0 0 0 16 Total loans and securities 600,733 605,378 596,761 602,429 600,125 598,905 602,211 604,886 17 Items in process of collection 7,037 8,626 7,506 8,916 7,292 11,046 5,270 5,306 18 Bank premises 1,509 1,509 1,510 1,511 1,511 1,509 1,509 1,511 Other assets 19 Denominated in foreign currencies5 14.193 14,508 14,591 14,530 14,388 14,165 14,242 14,379 20 All other6 20,262 20,103 20,576 21,003 21,453 22,070 19,653 21,681 21 Total assets 658,103 664,480 655,281 662,718 659,092 662,105 657,262 662,100 LIABILITIES 22 Federal Reserve notes 606,904 608,361 608,578 609,132 610,539 599,252 606,322 609,749 23 Reverse repurchase agreements—triparty2 0 0 0 0 0 0 0 0 24 Total deposits 26,014 29,562 20,819 28,039 23,382 38,695 26,965 28,544 25 Depository institutions 20,815 23,837 15,301 22,146 18,099 24,559 20,869 22,415 26 U.S. Treasury—General account 4,908 5,410 4,997 5,600 5,009 13,688 5,752 5,692 27 Foreign—Official accounts 79 75 316 74 71 162 89 256 28 Other 212 241 205 219 203 286 254 181 29 Deferred credit items 7,531 8,305 7.770 7,597 7,259 6,773 6,183 5,645 30 Other liabilities and accrued dividends7 2,361 2,373 2,417 2,381 2,440 2,363 2,420 2,436 31 Total liabilities 642,810 648,601 639,584 647,149 643,619 647,084 641,890 646,373 CAPITAL ACCOUNTS 32 Capital paid in 7,635 7,636 7,650 7,646 7,650 7.433 7,636 7,648 33 Surplus 7.266 7,273 7.274 7,273 7,270 7,250 7,266 7,270 34 Other capital accounts 392 970 772 649 552 338 469 809 35 Total liabilities and capital accounts 658,103 664,480 655,281 662,718 659,092 662,105 657,262 662,100 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) 750,901 750,375 750.373 749,676 748,344 750,502 750,608 747,765 38 LESS: Held by Federal Reserve Banks 143,997 142,014 141,795 140,545 137,806 151,250 144,285 138,016 39 Federal Reserve notes, net 606,904 608,361 608.578 609,132 610,539 599,252 606,322 609,749 Collateral held against notes, net 40 Gold certificate account 11,044 11,044 11,044 11,044 11,044 11,045 11,044 11,044 41 Special drawing rights certificate account 2,200 2,200 2.200 2,200 2,200 2,200 2,200 2,200 4? Other eligible assets 0 0 0 0 0 0 0 0 43 U.S. Treasury and agency securities 593,659 595.117 595,334 595,888 597,294 586,007 593,078 596,505 44 Total collateral 606,904 608,361 608,578 609,132 610,539 599,252 606,322 609,749 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 2002 Feb. 27 Mar. 6 Mar. 13 Mar. 20 Mar. 27 Jan. Feb. Mar. 1 Total loans 22 28 22 24 22 19 68 20 2 Within fifteen days' 22 15 7 24 22 17 64 18 3 Sixteen days to ninety days 0 14 16 0 0 2 4 1 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Total U.S. Treasury securities2 568,702 570,091 572,728 573,844 576,093 561,376 567,634 575,355 Within fifteen days' 28,483 16,853 17,402 25,007 23,545 7,322 4,223 9,609 7 Sixteen days to ninety days 117.816 129,529 130,581 124,213 126,066 122,862 121,710 139,985 8 Ninety-one days to one year 132,889 133,416 133,362 132,506 133,777 142,024 152,122 133,054 9 One year to five years 157,109 157,379 158,466 159,197 159,198 157,648 157,174 159,198 10 Five years to ten years 51,446 51,953 51,955 51,957 52,249 51,627 51,446 52,250 11 More than ten years 80,959 80,960 80,962 80,965 81,259 79,894 80,958 81,259 12 Total federal agency obligations 10 10 10 10 10 10 10 10 13 Within fifteen days' 0 0 0 0 0 0 0 0 14 Sixteen days to ninety days 0 0 0 0 0 0 0 0 15 Ninety-one days to one year 0 0 0 0 0 0 0 0 lb 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 Nonfinancial Statistics • June 2002 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2001 2002 1998 1999 2000 2001 IItteemm Dec. Dec. Dec. Dec. Aug. Sept. Oct. Nov. Dec. Jan. Feb.' Mar. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 45.14 41.82 38.54 41.10 40.08 58.21 45.66 40.90 41.10 41.51 41.36 40.97 2 Nonborrowed reserves4 45.02 41.50 38.33 41.03 39.90 54.83 45.53 40.82 41.03 41.46 41.33 40.90 3 Nonborrowed reserves plus extended credit5 45.02 41.50 38.33 41.03 39.90 54.83 45.53 40.82 41.03 41.46 41.33 40.90 4 Required reserves 43.62 40.53 37.11 39.46 38.87 39.20 44.33 39.42 39.46 40.11 39.99 39.57 5 Monetary base6 513.55 593.12 584.04 634.38r 616.03 639.69' 630.44' 629.47' 634.38' 640.70' 645.84 649.24 Not seasonally adjusted 6 Total reserves7 45.31 41.89 38.53 41.07 39.76 57.68 45.19 40.29 41.07 43.46 42.38 40.23 7 Nonborrowed reserves 45.19 41.57 38.32 41.01 39.58 54.29 45.06 40.20 41.01 43.41 42.35 40.15 8 Nonborrowed reserves plus extended credit5 45.19 41.57 38.32 41.01 39.58 54.29 45.06 40.20 41.01 43.41 42.35 40.15 9 Required reserves8 43.80 40.59 37.10 39.43 38.55 38.66 43.87 38.80 39.43 42.06 41.00 38.83 10 Monetary base9 518.27 600.72 590.06 639.89' 614.55 637.97' 628.27' 629.77' 639.89' 644.12' 645.33 648.80 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS10 11 Total reserves" 45.21 41.65 38.47 40.96 39.67 57.57 45.06 40.16 40.96 43.47 42.40 40.26 12 Nonborrowed reserves 45.09 41.33 38.26 40.89 39.48 54.18 44.93 40.07 40.89 43.42 42.37 40.18 13 Nonborrowed reserves plus extended credit5 45.09 41.33 38.26 40.89 39.48 54.18 44.93 40.07 40.89 43.42 42.37 40.18 14 Required reserves 43.70 40.36 37.05 39.32 38.46 38.55 43.74 38.67 39.32 42.07 41.02 38.86 15 Monetary base12 525.06 608.02 596.98 648.72' 622.04 645.73' 636.37' 637.74' 648.72' 653.13' 654.55 658.35 16 Excess reserves13 1.51 1.30 1.43 1.64 1.21 19.02 1.32 1.49 1.64 1.41 1.37 1.40 17 Borrowings from the Federal Reserve .12 .32 .21 .07 .18 3.39 .13 .08 .07 .05 .03 .08 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.r Dec.r Jan.r Feb.' Mar. Seasonally adjusted Measures1 1 Ml 1,096.5 1,124.4 1,088.9 1,178.1 1,178.1 1,181.1 1,182.4 1,184.5 2 M2 4,386.3 4,655.0 4,942.3 5,463.2 5,463.2 5,473.4 5,503.2 5,496.6 3 M3 6,042.1 6,541.7 7,116.0 8,031.9 8,031.9 8,024.3 8,065.8 8,069.9 4 Debt 16,277.3 17,360.8 18,278.3' 19,375.5 19,375.5 19,410.0 19,493.1 n.a. Ml 5 Currency3 459.3 516.9 530.1 579.9 579.9 585.7 590.6 594.0 6 Travelers checks4 8.2 8.3 8.0 7.8 7.8 7.8 7.8 7.7 7 Demand deposits5 378.4 354.5 309.9 329.3 329.3 326.5 324.1 323.0 8 Other checkable deposits6 250.5 244.7 240.9 261.2 261.2 261.1 259.9 259.8 Nontransaction components 9 In M27 3,289.8 3,530.7 3,853.5 4,285.0 4,285.0 4,292.2 4,320.8 4,312.0 10 In M3 only8 1,655.8 1,886.7 2,173.6 2,568.8 2,568.8 2,550.9 2,562.5 2,573.3 Commercial banks 11 Savings deposits, including MMDAs . . 1,187.5 1,289.1 1,423.7 1,746.0 1,746.0 1,773.3 1,805.6 1,813.2 12 Small time deposits9 626.1 635.0 699.1 638.8 638.8 629.6 622.0 615.4 13 Large time deposits1011 583.2 652.0 717.9 672.8 672.8 684.5 687.1 697.2 Thrift institutions 14 Savings deposits, including MMDAs .. 414.7 449.7 452.1 561.4 561.4 572.7 592.6 607.4 15 Small time deposits9 325.6 320.4 344.5 333.7 333.7 328.2 324.7 322.5 16 Large time deposits10 88.6 91.1 102.9 113.9 113.9 115.0 114.4 113.7 Money market mutual funds 17 Retail 736.0 836.6 934.0 1,005.1 1,005.1 988.5 975.9 953.5 18 Institution-only 538.2 633.6 792.5 1,197.2 1,197.2 1,167.1 1,166.3 1,167.9 Repurchase agreements and eurodollars 19 Repurchase agreements12 293.4 336.0 364.0 372.0 372.0 372.7 376.5 374.2 20 Eurodollars12 152.5 174.0 196.4 212.9 212.9 211.6 218.2 220.3 Debt components 21 Federal debt 3,751.1 3,660.1 3,400.4 3,381.4 3,381.4 3,380.1 3,401.2 n.a. 22 Nonfederal debt 12,526.3 13,700.7 14,877.9' 15,994.1 15,994.1 16,029.9 16,091.9 n.a. Not seasonally adjusted Measures2 23 Ml 1,120.4 1,148.3 1,112.3 1,202.3 1,202.3 1,184.1 1,169.7 1,186.5 74 M2 4,406.4 4,675.8 4,966.0 5,488.0 5,488.0 5,476.8 5,494.3 5,542.2 25 M3 6,070.9 6,573.3 7,151.1 8,070.0 8,070.0 8,051.7 8,096.8 8,151.8 26 Debt 16,264.9 17,352.9 18,270.1' 19,363.8 19,363.8 19,407.0 19,483.5 n.a. Ml components 27 Currency3 463.3 521.5 535.2 584.9 584.9 584.3 590.1 595.0 28 Travelers checks4 8.4 8.4 8.1 7.9 7.9 8.0 8.0 7.9 29 Demand deposits5 395.9 371.8 326.5 347.0 347.0 329.0 316.2 321.7 30 Other checkable deposits6 252.8 246.6 242.5 262.5 262.5 262.9 255.4 262.0 Nontransaction components 31 In M27 3,286.0 3,527.6 3,853.7 4,285.7 4,285.7 4,292.7 4,324.6 4,355.6 32 In M3 only8 1,664.5 1,897.5 2,185.1 2,582.0 2,582.0 2,574.9 2,602.5 2,609.7 Commercial banks 33 Savings deposits, including MMDAs 1,186.0 1,288.8 1,426.9 1,750.4 1,750.4 1,766.2 1,795.5 1,824.0 34 Small time deposits9 626.5 635.7 700.0 639.5 639.5 631.7 623.8 615.8 35 Large time deposits101' 583.5 652.4 718.4 672.9 672.9 677.0 685.5 699.7 Thrift institutions 36 Savings deposits, including MMDAs 414.2 449.6 453.1 562.8 562.8 570.4 589.3 611.0 37 Small time deposits9 325.8 320.8 345.0 334.0 334.0 329.3 325.7 322.7 38 Large time deposits10 88.6 91.2 103.0 113.9 113.9 113.8 114.1 114.1 Money market mutual funds 39 Retail 733.5 832.8 928.7 999.0 999.0 995.3 990.3 982.1 40 Institution-only 547.5 643.2 801.4 1,208.3 1,208.3 1,198.8 1,204.2 1,198.3 Repurchase agreements and eurodollars 41 Repurchase agreements12 290.4 334.7 364.2 372.7 372.7 372.7 378.1 375.1 42 Eurodollars12 154.5 176.0 198.2 214.1 214.1 212.6 220.6 222.5 Debt components 43 Federal debt 3,754.9 3,663.2 3,403.5 3,384.0 3,384.0 3,372.0 3,396.3 n.a. 44 Nonfederal debt 12,510.0 13,689.8 14,866.6' 15,979.8 15,979.8 16,035.1 16,087.2 n.a. Footnotes appear on following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A14 Domestic NonfinancialS tatistics • June 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 Ml. term) of U.S. addressees. M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more) 9. Small time deposits—including retail RPs—are those issued in amounts of less than issued by all depository institutions, (2) balances in institutional money funds, (3) RP $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are liabilities (overnight and term) issued by all depository institutions, and (4) eurodollars subtracted from small time deposits. (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and 10. Large time deposits are those issued in amounts of $100,000 or more, excluding those at all banking offices in the United Kingdom and Canada. Excludes amounts held by booked at international banking facilities. depository institutions, the U.S. government, money market funds, and foreign banks and 11. Large time deposits at commercial banks less those held by money market funds, official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, depository institutions, the U.S. government, and foreign banks and official institutions. institutional money fund balances, RP liabilities, and eurodollars, each seasonally adjusted 12. Includes both overnight and term. separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors—the federal sector (U.S. government, not including government-sponsored enter- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Commercial Banking Institutions—Assets and Liabilities A15 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1 A. All commercial banks Billions of dollars Monthly averages Wednesday figures Account 2001 2001 2002 2002 Mar.' Sept.' Oct.' Nov.' Dec.' Jan.' Feb/ Mar. Mar. 6 Mar. 13 Mar. 20 Mar. 27 Seasonally adjusted Assets 1 Bank credit 5,287.8 5,429.4 5,428.7 5,459.2 5,451.6 5,435.5 5,437.0 5,425.5 5,421.1 5,410.0 5,426.0 55,,444400..00 ? Securities in bank credit 1,345.6 1,443.6 1,472.1 1,488.2 1,491.2 1,491.3 1,484.5 1,481.1 1,484.9 1,470.1 1,488.2 1,480.9 U.S. government securities 756.3 776.5 807.5 815.5 832.1 821.0 813.2 829.8 819.7 817.7 833.1 840.4 4 Other securities 589.4 667.2 664.6 672.6 659.2 670.3 671.2 651.3 665.2 652.4 655.1 640.5 Loans and leases in bank credit2 .... 3,942.2 3,985.8 3,956.6 3,971.1 3,960.3 3,944.2 3,952.5 3,944.4 3,936.2 3,939.9 3,937.8 3,959.1 6 Commercial and industrial 1,102.2 1,064.6 1,053.4 1,042.4 1,033.4 1,024.8 1,032.1 1,029.6 1,030.1 1,028.3 1,032.2 1,030.6 7 Real estate 1,687.5 1,726.6 1,753.4 1,773.7 1,786.6 1,782.8 1,788.6 1,785.6 1,785.4 1,786.3 1,785.2 1,786.4 8 Revolving home equity 132.4 142.7 148.9 150.7 154.0 157.2 160.5 165.9 163.6 164.9 165.7 167.4 9 Other 1,555.1 1,583.9 1,604.5 1,622.9 1,632.7 1,625.6 1,628.1 1,619.7 1,621.8 1,621.4 1,619.5 1,619.0 in Consumer 544.0 551.8 552.1 559.6 558.4 561.2 563.8 561.7 561.3 558.6 563.0 563.7 ii Security3 175.7 177.0 154.2 154.1 145.6 150.2 149.8 155.8 150.3 153.5 148.3 164.6 i? Other loans and leases 432.8 465.9 443.5 441.4 436.3 425.2 418.2 411.7 409.0 413.1 409.2 413.8 n Interbank loans 275.3 346.6 301.9 286.1 292.6 292.4 276.4 268.3 265.5 266.8 264.8 277.8 14 Cash assets4 284.7 327.2 302.5 296.7 297.5 299.1 295.5 295.8 303.8 286.7 296.9 298.0 15 Other assets5 426.3 470.3 487.9 485.4 480.0 481.6 482.4 462.5 460.3 464.3 462.8 455.0 16 Total assets6 6,209.0 6,505.6 6,451.0 6,456.6 6,449.2 6,434.3 6,416.9 6,377.5 6,376.1 6,353.2 6,375.7 6,395.9 Liabilities 17 Deposits 3,950.8 4,219.6 4,181.6 4,200.2 4,242.6 4,254.1 4,266.8 4,302.3 4,284.6 4,291.4 4,291.3 44,,332244..88 18 Transaction 604.9 690.7 641.0 635.5 640.7 635.9 625.4 622.3 604.5 611.4 632.8 656.1 19 Nontransaction 3,345.9 3,528.9 3,540.6 3,564.7 3,601.9 3,618.1 3,641.4 3,680.0 3,680.1 3,680.0 3,658.5 3,668.6 ?n Large time 946.4 965.3 982.0 984.7 983.6 996.6 1,008.5 1,020.3 1,008.1 1,009.5 1.017.5 1,033.0 ?i Other 2,399.4 2,563.6 2,558.6 2,579.9 2,618.3 2,621.5 2,632.9 2,659.8 2,672.0 2,670.5 2,641.0 2,635.6 77. Borrowings 1,251.6 1,291.4 1,269.8 1,255.8 1,250.6 1,237.8 1,233.3 1,203.4 1,211.0 1,185.7 1,203.0 1,212.3 73 From banks in the U.S 395.3 450.8 425.4 413.8 416.0 413.4 407.2 394.5 398.7 391.6 391.9 394.0 74 From others 856.3 840.6 844.4 841.9 834.6 824.4 826.1 809.0 812.3 794.2 811.2 818.3 75 Net due to related foreign offices 214.4 172.8 178.1 160.0 146.5 125.6 106.4 108.7 112.8 107.4 123.7 98.1 26 Other liabilities 363.3 399.4 371.2 401.7 354.7 338.6 333.4 305.9 310.7 311.2 297.8 300.7 27 Totalliabilities 5,780.0 6,083.3 6,000.6 6,017.7 5,994.4 5,956.0 5,939.9 5,920.3 5,919.1 5,895.8 5,915.8 5,935.8 28 Residual (assets less liabilities)7 429.0 422.3 450.4 438.9 454.8 478.3 477.0 457.2 457.1 457.4 459.9 460.1 Not seasonally adjusted Assets 79 Bank credit 5,282.7 5,424.2 5,431.4 5,474.8 5,484.4 5,452.9 5,442.1 5,419.8 5,430.0 5,408.7 5,417.9 5,422.1 Securities in bank credit 1,350.7 1,440.4 1,471.8 1,491.9 1,498.6 1,499.3 1,492.0 1,486.8 1,495.3 1,479.5 1,491.2 1,482.3 31 U.S. government securities 761.9 773.5 804.3 816.2 836.9 826.1 820.3 836.1 829.3 825.2 838.0 843.8 37 Other securities 588.8 666.9 667.4 675.6 661.7 673.2 671.7 650.7 666.0 654.3 653.2 638.5 33 Loans and leases in bank credit2 .... 3,932.1 3,983.8 3,959.7 3,983.0 3,985.8 3,953.5 3,950.1 3,933.0 3,934.7 3,929.3 3,926.7 3,939.8 34 Commercial and industrial 1,103.8 1,062.4 1,054.9 1,043.9 1,033.2 1,020.3 1,031.0 1,031.0 1,031.4 1,027.3 1,035.2 1,031.8 35 Real estate 1,680.4 1,728.3 1,755.2 1,778.1 1,791.0 1,782.1 1,783.5 1,778.1 1,779.2 1,780.1 1,776.4 1,777.2 36 Revolving home equity 131.1 143.4 149.3 151.3 154.1 157.0 160.5 164.4 162.8 163.6 164.0 165.5 37 Other 1,549.3 1,584.9 1,605.9 1,626.8 1,636.9 1,625.0 1,623.0 1,613.7 1,616.4 1,616.4 1,612.4 1,611.8 38 Consumer 541.4 551.1 552.6 562.0 567.9 569.0 566.2 558.9 560.0 556.4 560.5 560.2 39 Credit cards and related plans . . 208.6 217.4 216.8 225.8 232.2 228.9 225.1 221.9 222.9 218.9 222.8 223.7 40 Other 332.7 333.7 335.7 336.2 335.7 340.0 341.0 337.0 337.0 337.6 337.7 336.5 41 Security3 172.9 175.8 156.3 157.3 152.0 154.1 151.3 153.6 153.6 154.0 146.7 158.5 47 Other loans and leases 433.6 466.2 440.7 441.6 441.8 428.0 418.1 411.4 410.5 411.4 407.9 412.0 43 Interbank loans 280.6 338.7 297.0 289.7 298.9 290.5 275.2 273.2 276.1 271.9 265.9 274.5 44 Cash assets4 275.2 323.8 304.4 306.0 317.3 312.0 296.7 286.0 295.5 278.2 284.0 283.7 45 Other assets5 425.9 472.8 486.6 486.6 483.1 483.2 481.4 461.9 462.8 463.6 461.4 449.9 46 Total assets6 6,199.2 6,491.4 6,449.6 6,486.1 6,511.0 6,464.5 6,420.7 6,366.3 6,389.4 6,347.6 6,354.3 6,355.5 Liabilities 47 Deposits 3,955.3 4,190.0 4,166.8 4,219.5 4,293.3 4,279.9 4,282.7 4,307.6 4,307.1 4,299.1 4,280.6 4,309.2 48 Transaction 600.3 683.7 635.3 641.6 669.3 649.0 620.2 617.4 602.2 606.7 620.8 644.4 49 Nontransaction 3,355.0 3,506.3 3,531.6 3,577.8 3,624.0 3,631.0 3,662.6 3,690.3 3,704.9 3,692.4 3,659.7 3,664.8 50 Large time 946.7 952.8 976.5 991.5 998.0 1,009.3 1,015.6 1,021.1 1,010.5 1,009.8 1,016.3 1,035.1 51 Other 2,408.3 2,553.5 2,555.1 2,586.3 2,625.9 2,621.6 2,646.9 2,669.2 2,694.4 2,682.6 2,643.5 2,629.7 57. Borrowings 1,250.1 1,286.5 1,271.4 1,258.5 1,250.6 1,251.3 1,236.6 1,201.9 1,214.4 1,183.4 1,207.2 1,203.5 53 From banks in the U.S 400.1 441.8 423.4 411.0 417.6 418.7 412.5 398.9 405.1 395.7 397.1 396.4 54 From others 849.9 844.6 848.0 847.6 832.9 832.6 824.1 803.0 809.3 787.7 810.1 807.1 55 Net due to related foreign offices 215.9 173.5 177.4 163.3 153.1 133.0 112.8 110.3 114.8 109.1 125.2 103.6 56 Other liabilities 362.8 399.5 371.5 407.4 360.3 344.3 338.5 305.6 311.8 311.3 296.9 302.2 57 Totalliabilities 5,784.1 6,049.5 5,987.2 6,048.7 6,057.3 6,008.5 5,970.7 5,925.4 5,948.1 5,902.9 5,910.0 5,918.4 58 Residual (assets less liabilities)7 415.2 441.9 462.4 437.4 453.7 456.0 450.1 440.9 441.3 444.7 444.3 437.1 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A16 Domestic Financial Statistics • June 2002 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities '—Continued B. Domestically chartered commercial banks Billions of dollars Monthly averages Wednesday figures Account 2001 2001 2002 2002 Mar.' Sept.' Oct.' Nov.' Dec.' Jan.' Feb.' Mar. Mar. 6 Mar. 13 Mar. 20 Mar. 27 Seasonally adjusted Assets 1 Bank credit 4,666.3 4,833.9 4,837.4 4,861.3 4,857.3 4,847.0 4,848.5 4,835.3 4,833.4 4,821.7 4,838.1 4,843.6 2 Securities in bank credit 1,134.3 1,217.6 1,242.3 1,252.7 1,254.1 1,257.2 1,253.5 1,255.1 1,255.9 1,242.9 1,263.9 1,256.3 i U.S. government securities 689.9 732.9 750.6 755.5 774.2 766.9 763.8 778.9 768.4 766.7 782.7 789.7 4 Other securities 444.4 484.7 491.7 497.2 479.9 490.3 489.7 476.1 487.6 476.2 481.1 466.6 5 Loans and leases in bank credit2 .... 3,532.0 3,616.3 3,595.1 3,608.6 3,603.1 3,589.8 3,595.1 3,580.3 3,577.5 3,578.8 3,574.3 3,587.3 6 Commercial and industrial 885.5 863.8 856.8 846.3 838.7 831.6 834.7 828.0 832.3 828.9 827.6 826.6 7 Real estate 1,669.6 1,707.9 1,734.7 1,754.7 1,767.6 1,763.9 1,770.0 1,766.8 1,766.9 1.768.1 1,766.2 1,767.2 8 Revolving home equity 132.4 142.7 148.9 150.7 154.0 157.2 160.5 165.9 163.6 164.9 165.7 167.4 y Other 1,537.3 1,565.2 1,585.8 1,604.0 1,613.6 1,606.6 1,609.5 1,600.9 1,603.3 1,603.1 1,600.5 1,599.8 to Consumer 544.0 551.8 552.1 559.6 558.4 561.2 563.8 561.7 561.3 558.6 563.0 563.7 11 Security3 68.7 97.0 78.8 77.1 71.4 76.3 78.4 82.2 78.0 79.5 78.6 86.9 12 Other loans and leases 364.2 395.8 372.7 370.9 367.1 356.8 348.1 341.5 338.9 343.7 338.9 342.9 13 Interbank loans 246.0 320.9 278.2 261.1 272.1 267.1 256.5 247.2 239.6 248.2 246.6 255.8 14 Cash assets4 245.4 283.5 263.5 258.6 258.5 259.7 255.9 255.8 264.1 247.7 255.5 258.2 15 Other assets5 390.0 436.6 455.4 451.3 449.5 450.3 452.4 435.7 433.4 437.7 435.8 428.7 16 Total assets6 5,482.9 5,807.4 5,764.9 5,761.9 5,765.3 5,750.2 5,739.2 5,699.8 5,696.2 5,681.0 5,701.6 5,711.8 Liabilities 17 Deposits 3,562.6 3,808.8 3,758.2 3,766.7 3,797.9 3,788.1 3,795.8 3,820.8 3,817.0 3,815.9 3,812.6 3,830.5 18 Transaction 595.3 678.2 630.1 624.7 629.5 624.8 614.8 611.8 593.9 601.4 622.6 644.9 19 Nontransaction 2,967.4 3,130.6 3,128.1 3,142.0 3,168.4 3,163.4 3,181.0 3,208.9 3,223.2 3,214.5 3,190.0 3,185.6 20 Large time 570.2 569.4 572.4 565.1 553.6 544.7 552.6 551.7 553.7 546.6 551.5 552.6 21 Other 2,397.1 2,561.2 2,555.7 2,576.9 2,614.9 2,618.6 2,628.4 2,657.2 2,669.5 2,667.9 2,638.5 2,633.0 22 Borrowings 1,012.3 1,071.2 1,061.5 1,042.7 1,047.6 1,050.0 1,043.4 1,018.0 1,013.9 1,002.5 1,020.1 1,031.3 23 From banks in the U.S 369.2 420.1 401.4 389.4 391.2 391.1 384.3 372.9 374.5 371.7 371.0 372.7 24 From others 643.1 651.0 660.1 653.2 656.4 658.9 659.2 645.1 639.4 630.8 649.1 658.6 25 Net due to related foreign offices 211.9 189.2 193.4 189.1 193.6 183.2 172.9 175.6 170.8 168.9 186.9 175.0 26 Other liabilities 277.8 317.8 295.4 323.9 279.2 262.9 259.0 240.6 243.4 245.3 233.8 236.7 27 Total liabilities 5,064.6 5,387.0 5,308.5 5,322.3 5,318.4 5,284.2 5,271.2 5,255.0 5,245.1 5,232.7 5,253.3 5,273.5 28 Residual (assets less liabilities)7 418.2 420.4 456.4 439.6 446.9 466.0 468.0 444.8 451.2 448.4 448.3 438.3 Not seasonally adjusted Assets 29 Bank credit 4,662.0 4,831.7 4,840.1 4,874.3 4,882.6 4,858.8 4,849.6 4,829.5 4,840.2 4,819.9 4,828.9 4,826.7 30 Securities in bank credit 1,139.4 1,214.4 1,242.0 1,256.4 1,261.5 1,265.3 1,260.9 1,260.8 1,266.3 1,252.3 1,266.9 1,257.8 31 U.S. government securities 695.6 730.0 747.4 756.2 779.1 772.1 770.8 785.2 777.9 774.2 787.7 793.2 32 Other securities 443.8 484.5 494.6 500.2 482.4 493.2 490.1 475.6 488.4 478.1 479.2 464.6 33 Loans and leases in bank credit2 .... 3,522.7 3,617.2 3,598.1 3,617.9 3,621.1 3,593.5 3,588.7 3,568.8 3,573.9 3,567.7 3,562.0 3,568.9 34 Commercial and industrial 885.7 861.8 857.6 846.2 836.8 826.4 832.0 828.1 832.0 827.0 828.5 826.6 35 Real estate 1,662.5 1,709.6 1,736.5 1,759.2 1,771.9 1,763.1 1,764.9 1,759.3 1,760.7 1,761.8 1,757.4 1,758.0 36 Revolving home equity 131.1 143.4 149.3 151.3 154.1 157.0 160.5 164.4 162.8 163.6 164.0 165.5 37 Other 1,531.4 1,566.2 1,587.1 1,607.9 1,617.8 1,606.1 1,604.4 1,594.9 1,597.9 1,598.2 1,593.4 1,592.5 38 Consumer 541.4 551.1 552.6 562.0 567.9 569.0 566.2 558.9 560.0 556.4 560.5 560.2 39 Credit cards and related plans . . 208.6 217.4 216.8 225.8 232.2 228.9 225.1 221.9 222.9 218.9 222.8 223.7 40 Other 332.7 333.7 335.7 336.2 335.7 340.0 341.0 337.0 337.0 337.6 337.7 336.5 41 Security3 68.9 98.2 80.8 79.3 73.8 76.2 77.7 82.2 81.7 81.0 78.8 84.1 42 Other loans and leases 364.2 396.5 370.7 371.1 370.7 358.9 348.0 340.3 339.5 341.5 336.8 340.0 43 Interbank loans 251.3 312.9 273.2 264.7 278.4 265.3 255.2 252.1 250.2 253.3 247.7 252.5 44 Cash assets4 236.9 280.2 264.5 265.5 275.9 270.5 256.3 247.1 256.2 240.3 243.9 245.0 45 Other assets5 388.6 438.6 454.7 452.7 451.8 451.1 450.8 434.3 434.6 435.5 433.8 423.2 46 Total assets6 5,473.9 5,795.5 5,763.2 5,786.6 5,816.4 5,771.9 5,737.7 5,688.7 5,706.6 5,674.5 5,679.8 5,673.2 Liabilities 47 Deposits 3,565.5 3,789.1 3,750.1 3,782.4 3,836.2 3,803.4 3,806.3 3,823.9 3,839.0 3,823.2 3,801.3 3,808.6 48 Transaction 590.8 671.0 624.3 630.6 657.3 637.5 609.4 607.1 591.7 597.0 610.9 633.3 49 Nontransaction 2,974.7 3,118.1 3,125.8 3,151.8 3,178.9 3,165.8 3,196.8 3,216.9 3,247.3 3,226.3 3,190.4 3,175.4 50 Large time 568.7 566.9 573.6 568.5 556.5 547.2 554.5 550.3 555.5 546.3 549.5 548.2 51 Other 2,406.0 2,551.1 2,552.2 2,583.3 2,622.4 2,618.7 2,642.3 2,666.6 2,691.8 2,680.0 2,640.9 2,627.1 52 Borrowings 1,010.8 1,066.2 1,063.1 1,045.4 1,047.6 1,063.5 1,046.7 1,016.5 1,017.2 1,000.2 1,024.3 1,022.5 53 From banks in the U.S 374.0 411.2 399.4 386.6 392.9 396.4 389.5 377.4 380.8 375.8 376.2 375.1 54 From others 636.8 655.0 663.7 658.9 654.7 667.1 657.2 639.1 636.4 624.3 648.1 647.4 55 Net due to related foreign offices 210.3 188.7 194.2 193.8 197.6 187.4 176.7 174.1 171.3 168.4 184.2 174.5 56 Other liabilities 275.9 317.4 296.3 330.2 283.7 267.4 263.0 239.2 244.0 244.6 231.4 236.0 57 Total liabilities 5,062.4 5,361.4 5,303.8 5,351.7 5,365.1 5,321.7 5,292.6 5,253.8 5,271.5 5,236.4 5,241.2 5,241.6 58 Residual (assets less liabilities)7 411.5 434.1 459.4 434.9 451.3 450.2 445.0 434.9 435.1 438.2 438.6 431.5 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Commercial Banking Institutions—Assets and Liabilities 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 Mar.r Sept.' Oct.1" Nov.r Dec.r Jan.' Feb.' Mar. Mar. 6 Mar. 13 Mar. 20 Mar. 27 Seasonally adjusted 1 Bank credit 2,601.7 2,690.9 2,640.8 2,641.6 2,608.6 2,576.4 2,574.9 2,556.2 2,552.8 2,544.3 2,557.6 2,564.2 •> Securities in bank credit 592.1 642.8 651.2 654.3 638.3 636.2 631.8 630.3 629.8 617.2 638.4 633.4 3 U.S. government securities 344.2 367.1 369.7 370.2 378.9 366.7 359.8 367.6 357.9 355.6 370.2 379.1 4 Trading account 35.4 37.9 35.8 40.5 33.9 32.6 33.6 32.7 32.1 29.6 32.1 34.6 Investment account 308.7 329.3 334.0 329.7 345.0 334.2 326.2 334.9 325.8 325.9 338.1 344.6 6 Other securities 247.9 275.6 281.5 284.1 259.5 269.5 272.0 262.7 271.9 261.6 268.1 254.2 7 Trading account 131.9 160.8 165.7 165.4 130.0 128.4 130.0 122.5 130.4 120.0 124.1 117.5 8 Investment account 116.0 114.9 115.8 118.7 129.5 141.1 142.0 140.3 141.5 141.6 144.0 136.8 9 State and local government . . 28.0 27.4 26.8 27.1 27.3 27.5 28.0 28.0 27.9 27.7 28.2 28.2 in Other 88.1 87.5 89.0 91.6 102.1 113.6 114.0 112.3 113.7 113.9 115.8 108.6 11 Loans and leases in bank credit2 .... 2,009.6 2,048.1 1,989.5 1,987.3 1,970.3 1,940.2 1,943.1 1,925.8 1,923.0 1,927.1 1,919.2 1,930.8 17 Commercial and industrial 590.5 561.9 553.8 544.8 535.0 528.4 529.6 524.0 527.0 524.4 524.2 523.3 n Bankers acceptances .8 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. nn..aa.. 14 Other 589.7 561.9 553.8 544.8 535.0 528.4 529.6 524.0 527.0 524.4 524.2 552233..33 15 Real estate 843.1 847.3 846.5 856.4 858.6 846.0 847.0 840.3 840.9 842.1 839.0 840.0 16 Revolving home equity 84.9 90.2 93.2 94.3 96.0 98.2 99.9 103.8 102.0 103.3 103.8 104.6 17 Other 758.3 757.1 753.3 762.2 762.6 747.9 747.1 736.5 738.9 738.8 735.3 735.4 18 Consumer 248.6 254.7 244.8 246.3 246.2 239.6 247.2 244.5 244.9 244.4 245.2 244.7 19 Security3 60.8 88.3 70.8 69.1 63.3 68.3 70.3 74.3 70.1 71.5 70.6 78.7 20 Federal funds sold to and repurchase agreements with broker-dealers 45.1 61.7 57.2 54.5 48.4 54.9 57.4 61.1 5588..22 5588..77 5566..22 6655..55 71 Other 15.8 26.6 13.6 14.6 14.9 13.4 12.9 13.1 11.9 12.9 14.4 13.2 ??. State and local government 13.1 14.4 15.3 15.7 15.0 14.6 14.6 14.6 14.6 14.7 14.6 14.5 23 Agricultural 10.4 9.5 9.6 9.6 9.5 9.6 9.6 9.6 9.6 9.6 9.7 9.6 24 Federal funds sold to and repurchase agreements with others 24.9 31.8 29.9 30.3 28.5 26.3 22.6 20.9 20.1 2211..11 2200..66 2211..33 ?5 All other loans 86.2 109.6 94.3 90.6 84.6 75.2 70.3 66.2 64.1 67.8 63.9 67.2 76 Lease-financing receivables 131.9 130.7 124.7 124.4 129.6 132.1 131.9 131.4 131.6 131.5 131.4 131.3 27 Interbank loans 141.2 201.8 173.1 152.4 166.6 168.3 153.0 145.8 140.2 146.5 143.1 150.9 28 Federal funds sold to and repurchase agreements with commercial banks 73.7 126.7 93.0 90.0 96.8 92.0 79.6 75.0 69.5 7766..55 7733..99 7777..77 79 Other 67.5 75.1 80.1 62.4 69.7 76.2 73.3 70.8 70.7 70.0 69.2 73.2 30 143.6 173.4 153.6 149.5 147.2 146.2 143.2 143.0 151.2 136.3 141.9 144.0 31 Other assets5 287.7 308.6 322.3 320.6 314.2 312.7 307.8 288.3 286.7 289.8 290.0 285.0 32 Total assets6 3,136.3 3,336.6 3,250.3 3,224.3 3,195.3 3,160.4 3,135.1 3,089.5 3,087.1 3,072.9 3,088.6 3,099.9 Liabilities 33 Deposits 1,721.1 1.858.8 1,790.4 1,791.7 1,800.7 1,790.4 1.788.5 1,800.1 1,796.1 1,795.4 1,793.9 1,808.4 34 Transaction 303.8 375.5 322.7 320.1 322.9 315.8 308.0 303.8 295.2 301.1 310.3 318.6 35 Nontransaction 1,417.3 1,483.3 1,467.7 1,471.6 1,477.8 1,474.5 1,480.5 1,496.3 1,500.9 1,494.3 1,483.6 1,489.9 36 Large time 269.2 264.4 261.0 253.4 248.3 242.0 249.7 248.7 250.4 243.3 249.2 249.8 37 Other 1,148.1 1,218.9 1,206.7 1,218.2 1,229.6 1,232.6 1,230.8 1,247.6 1.250.6 1,251.0 1,234.4 1,240.1 38 Borrowings 682.5 715.7 688.2 663.8 659.7 655.1 655.3 636.8 633.9 623.3 636.4 647.8 39 From banks in the U.S 220.0 264.3 233.5 219.7 218.8 213.7 209.1 202.9 202.9 202.1 198.9 203.0 40 From others 462.6 451.4 454.7 444.1 440.9 441.4 446.2 433.8 431.0 421.2 437.5 444.8 41 Net due to related foreign offices 196.5 178.7 184.0 178.8 183.6 174.3 162.1 166.6 161.2 161.0 176.7 166.1 42 Other liabilities 224.7 255.4 230.4 258.5 213.9 194.0 188.4 170.1 172.9 174.4 162.8 166.4 43 Total liabilities 2,824.8 3,008.6 2,892.9 2,892.9 2,857.9 2,813.8 2,794.2 2,773.6 2,764.1 2,754.1 2,769.9 2,788.8 44 Residual (assets less liabilities)7 311.5 328.0 357.4 331.4 337.4 346.6 340.9 315.9 323.0 318.8 318.8 311.1 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A18 Domestic Nonfinancial Statistics • June 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 Mar.' Sept.' Oct.' Nov.' Dec.' Jan.' Feb.' Mar. Mar. 6 Mar. 13 Mar. 20 Mar. 27 Not seasonally adjusted Assets 45 Bank credit 2,602.0 2,686.9 2,638.5 2,649.4 2,621.8 2,586.2 2,579.7 2,555.1 2,564.2 2,546.8 2,554.0 2,552.2 46 Securities in bank credit 595.2 640.5 651.9 658.2 643.2 643.2 637.6 633.8 638.8 624.0 639.3 631.8 47 U.S. government securities 347.9 365.1 367.5 371.1 381.3 370.8 365.1 371.6 366.1 360.6 373.1 379.6 48 Trading account 35.8 37.7 35.5 40.6 34.1 32.9 34.1 33.1 32.9 30.1 32.4 34.6 49 Investment account 312.0 327.4 332.0 330.5 347.1 337.9 331.0 338.5 333.2 330.5 340.7 345.0 50 Mortgage-backed securities . 220.1 252.3 272.6 270.7 284.6 274.5 259.6 264.2 260.8 257.6 265.4 269.4 51 Other 91.9 75.1 59.4 59.8 62.5 63.4 71.4 74.3 72.4 72.9 75.3 75.6 52 One year or less 31.9 19.0 10.3 15.2 14.8 13.8 16.8 19.7 19.9 19.8 20.1 19.2 53 One to five years 34.5 34.6 32.0 30.4 35.3 36.7 43.1 42.9 41.3 42.0 43.2 44.2 54 More than five years .... 25.6 21.4 17.1 14.2 12.3 12.8 11.6 11.7 11.2 11.1 12.0 12.2 55 Other securities 247.3 275.4 284.4 287.1 262.0 272.4 272.4 262.2 272.8 263.5 266.2 252.3 56 Trading account 131.6 160.6 167.4 167.1 131.2 129.8 130.2 122.2 130.8 120.8 123.2 116.5 57 Investment account 115.8 114.8 117.0 120.0 130.7 142.6 142.3 140.0 142.0 142.6 143.0 135.7 58 State and local government . 27.9 27.4 27.1 27.4 27.6 27.8 28.1 27.9 28.0 27.9 28.0 28.0 59 Other 87.9 87.4 89.9 92.5 103.2 114.8 114.2 112.1 114.0 114.8 115.0 107.7 60 Loans and leases in bank credit2 . . . 2,006.8 2,046.4 1,986.6 1,991.2 1,978.5 1,943.0 1.942.2 1,921.4 1,925.4 1,922.7 1,914.7 1,920.3 61 Commercial and industrial 591.0 561.5 554.6 545.7 532.9 524.1 528.4 524.4 527.7 523.3 525.1 523.0 62 Bankers acceptances .8 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 63 Other 590.2 561.5 554.6 545.7 532.9 524.1 528.4 524.4 527.7 523.3 525.1 523.0 64 Real estate 838.6 847.5 845.5 858.2 860.4 845.6 843.8 835.7 837.3 838.4 833.9 833.8 65 Revolving home equity 84.1 90.5 93.2 94.4 95.7 97.8 100.0 102.8 101.5 102.4 102.6 103.3 66 Other 455.9 455.1 440.8 451.6 453.8 440.1 436.2 425.9 428.6 429.0 424.3 423.4 67 Commercial 298.6 301.9 311.4 312.3 310.9 307.7 307.6 307.0 307.2 307.0 307.0 307.0 68 Consumer 248.7 252.1 241.9 245.1 249.3 243.5 249.7 244.7 246.0 244.7 245.3 244.5 69 Credit cards and related plans . 82.7 84.7 74.3 76.5 80.1 71.5 76.6 74.8 75.9 74.5 75.0 75.1 70 Other 166.0 167.5 167.7 168.6 169.2 172.1 173.0 169.9 170.1 170.2 170.3 169.4 71 Security' 60.8 89.7 72.9 71.0 65.5 68.4 69.6 74.0 73.3 72.7 70.7 76.0 72 Federal funds sold to and repurchase agreements with broker-dealers 45.1 62.6 58.9 56.0 50.0 55.0 56.8 60.9 60.9 59.6 56.3 63.3 73 Other 15.7 27.1 14.0 15.0 15.4 13.4 12.8 13.1 12.4 13.1 14.4 12.7 74 State and local government 13.1 14.4 15.3 15.7 15.0 14.6 14.6 14.6 14.6 14.7 14.6 14.5 /5 Agricultural 10.3 9.5 9.5 9.6 9.5 9.6 9.5 9.5 9.5 9.5 9.5 9.5 76 Federal funds sold to and repurchase agreements with others 26.3 32.6 28.8 30.6 29.3 28.0 24.0 20.9 20.6 21.2 20.4 21.0 77 All other loans 85.1 110.2 94.1 91.2 86.6 75.0 69.3 65.4 63.7 65.9 62.9 65.9 78 Lease-financing receivables 132.8 128.8 124.1 124.1 130.1 134.2 133.4 132.3 132.7 132.4 132.2 132.0 79 Interbank loans 141.4 196.3 168.9 154.0 170.4 167.7 151.2 146.0 141.6 146.4 142.6 148.4 80 Federal funds sold to and repurchase agreements with commercial banks 73.8 123.3 90.7 90.9 99.0 91.7 78.7 75.1 70.2 76.5 73.6 76.5 81 Other 67.6 73.0 78.2 63.1 71.3 75.9 72.5 70.9 71.4 69.9 69.0 72.0 82 Cash assets4 138.6 170.4 154.2 152.6 158.3 154.4 143.9 138.1 145.3 132.3 136.2 136.3 83 Other assets' 286.3 310.5 321.6 322.0 316.5 313.5 306.2 286.9 288.0 287.7 288.0 279.5 84 Total assets6 3,130-3 3,325.8 3,244.0 3,238.1 3,225.5 3,178.8 3,137.2 3,082.2 3,094.9 3,069.0 3,076.7 3,072.4 Liabilities 85 Deposits 1,719.7 1,849.5 1,786.6 1,800.7 1,818.4 1.795.3 1,795.0 1,798.7 1,807.7 1,797.9 1,785.0 1,789.9 86 Transaction 300.9 370.1 318.1 323.6 340.8 324.5 304.6 300.8 291.9 298.0 303.9 312.0 87 Nontransaction 1,418.8 1,479.4 1,468.5 1,477.0 1,477.6 1,470.8 1,490.4 1,497.9 1,515.8 1,499.9 1,481.1 1,477.9 88 Large time 267.7 261.9 262.2 256.8 251.2 244.4 251.6 247.3 252.2 243.0 247.2 245.5 89 Other 1,151.1 1,217.4 1,206.3 1,220.2 1,226.4 1,226.4 1,238.8 1,250.7 1,263.6 1,256.8 1,233.9 1,232.4 90 Borrowings 681.0 710.8 689.8 666.6 659.7 668.6 658.6 635.2 637.3 620.9 640.6 639.0 91 From banks in the U.S 224.8 255.4 231.5 216.9 220.4 219.0 214.3 207.4 209.3 206.2 204.2 205.4 92 From nonbanks in the U.S 456.2 455.4 458.3 449.7 439.2 449.6 444.3 427.8 428.0 414.8 436.5 433.6 93 Net due to related foreign offices 194.9 178.2 184.8 183.5 187.6 178.5 165.8 165.1 161.7 160.4 174.0 165.6 94 Other liabilities 222.8 254.9 231.3 264.8 218.3 198.5 192.3 168.7 173.4 173.7 160.5 165.7 95 Total liabilities 2,818.4 2,993.4 2,892.5 2,915.6 2,884.0 2,840.9 2,811.7 2,767.8 2,780.1 2,752.9 2,760.1 2,760.2 96 Residual (assets less liabilities)7 311.8 332.5 351.4 322.5 341.5 337.9 325.5 314.4 314.7 316.0 316.6 312.2 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Commercial Banking Institutions—Assets and Liabilities A19 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities'—Continued D. Small domestically chartered commercial banks Billions of dollars Monthly averages Wednesday figures Account 2001 2001 2002 2002 Mar.r Sept.r Oct/ Nov/ Dec/ Jan.' Feb/ Mar. Mar. 6 Mar. 13 Mar. 20 Mar. 27 Seasonally adjusted Assets 1 Bank credit 2,064.6 2,143.0 2,196.7 2,219.7 2,248.7 2,270.7 2,273.6 2,279.2 2,280.6 2,277.4 2,280.6 2,279.4 ? Securities in bank credit 542.2 574.9 591.1 598.4 615.8 621.0 621.7 624.7 626.1 625.7 625.5 622.9 3 U.S. government securities 345.7 365.8 380.9 385.3 395.4 400.2 404.0 411.3 410.5 411.1 412.5 410.6 4 Other securities 196.5 209.1 210.2 213.1 220.4 220.8 217.7 213.4 215.6 214.6 213.0 212.4 Loans and leases in bank credit2 .... 1,522.4 1.568.2 1,605.6 1,621.3 1,632.9 1,649.7 1,652.0 1,654.4 1,654.5 1,651.7 1,655.1 1,656.5 6 Commercial and industrial 295.0 301.9 303.1 301.5 303.7 303.2 305.1 304.0 305.3 304.5 303.4 303.4 7 Real estate 826.5 860.7 888.2 898.3 909.0 917.9 923.0 926.5 926.0 925.9 927.2 927.1 Revolving home equity 47.5 52.5 55.7 56.4 57.9 59.1 60.6 62.1 61.6 61.6 62.0 62.8 9 Other 779.0 808.1 832.5 841.8 851.0 858.8 862.4 864.4 864.4 864.3 865.2 864.3 in Consumer 295.4 297.1 307.4 313.2 312.2 321.6 316.6 317.2 316.4 314.2 317.8 319.0 ii Security3 7.8 8.7 8.0 7.9 8.1 8.0 8.2 7.9 7.9 7.9 7.9 8.1 i? Other loans and leases 97.7 99.8 99.0 100.3 99.9 99.0 99.1 98.8 98.9 99.1 98.7 98.9 n Interbank loans 104.8 119.1 105.1 108.7 105.5 98.9 103.5 101.4 99.5 101.7 103.5 104.8 14 Cash assets4 101.8 110.1 109.9 109.1 111.3 113.5 112.7 112.8 112.9 111.5 113.6 114.2 15 Other assets5 102.3 128.0 133.1 130.8 135.3 137.6 144.6 147.4 146.7 147.9 145.8 143.8 16 Total assets6 2,346.6 2,470.8 2,514.6 2,537.5 2,570.0 2,589.9 2,604.1 2,610.3 2,609.2 2,608.1 2,613.0 2,611.9 Liabilities 17 Deposits 1,841.6 1,950.0 1,967.8 1,975.0 1,997.2 1,997.8 2,007.3 2,020.6 2,020.9 2,020.5 2,018.7 2,022.1 18 Transaction 291.5 302.7 307.4 304.5 306.6 308.9 306.8 308.0 298.7 300.3 312.3 326.3 19 Nontransaction 1,550.1 1,647.3 1,660.4 1,670.4 1,690.6 1,688.8 1,700.4 1,712.6 1,722.2 1,720.1 1,706.4 1,695.7 20 Large time 301.0 305.0 311.4 311.7 305.3 302.8 302.9 303.0 303.3 303.3 302.3 302.8 21 Other 1,249.1 1,342.3 1,349.0 1,358.7 1,385.3 1,386.1 1,397.5 1,409.6 1,418.9 1,416.9 1,404.1 1,393.0 2? Borrowings 329.8 355.4 373.3 378.8 387.9 394.9 388.1 381.3 380.0 379.2 383.7 383.5 23 From banks in the U.S 149.3 155.8 167.9 169.7 172.4 177.5 175.2 170.0 171.5 169.7 172.1 169.7 24 From others 180.5 199.6 205.4 209.1 215.5 217.4 212.9 211.3 208.4 209.6 211.6 213.8 25 Net due to related foreign offices 15.4 10.5 9.5 10.2 10.0 8.9 10.9 9.0 9.6 7.9 10.2 8.9 26 Other liabilities 53.1 62.5 65.0 65.4 65.4 68.9 70.7 70.5 70.6 70.9 71.0 70.3 27 Totalliabilities 2,239.8 2,378.4 2,415.6 2,429.4 2,460.5 2,470.5 2,477.0 2,481.4 2,481.0 2,478.6 2,483.5 2,484.7 28 Residual (assets less liabilities)7 106.7 92.4 99.0 108.1 109.5 119.4 127.1 128.9 128.2 129.5 129.5 127.2 Not seasonally adjusted Assets 29 Bank credit 2,060.1 2,144.8 2,201.6 2,224.9 2,260.8 2,272.6 2,269.9 2,274.4 2,276.0 2,273.2 2,274.9 2,274.5 3n Securities in bank credit 544.2 574.0 590.1 598.2 618.3 622.1 623.4 627.0 627.5 628.2 627.6 625.9 31 U.S. government securities 347.7 364.9 379.9 385.2 397.8 401.3 405.7 413.6 411.9 413.7 414.6 413.6 32 Other securities 196.5 209.1 210.2 213.1 220.4 220.8 217.7 213.4 215.6 214.6 213.0 212.4 33 Loans and leases in bank credit2 .... 1,515.9 1,570.8 1,611.5 1,626.6 1,642.6 1,650.6 1,646.5 1,647.4 1,648.5 1,644.9 1,647.3 1,648.6 34 Commercial and industrial 294.7 300.2 302.9 300.5 303.8 302.3 303.6 303.7 304.3 303.6 303.4 303.6 35 Real estate 823.9 862.1 891.0 901.0 911.5 917.5 921.1 923.6 923.4 923.4 923.5 924.2 36 Revolving home equity 47.1 52.9 56.1 56.9 58.4 59.3 60.5 61.6 61.3 61.2 61.4 62.1 37 Other 776.8 809.2 834.9 844.1 853.2 858.3 860.7 862.0 862.1 862.2 862.1 862.1 38 Consumer 292.6 298.9 310.6 316.9 318.6 325.5 316.5 314.3 314.0 311.8 315.2 315.7 39 Credit cards and related plans . . 125.9 132.7 142.6 149.3 152.1 157.5 148.5 147.1 147.1 144.4 147.9 148.6 40 Other 166.7 166.2 168.1 167.5 166.5 168.0 168.0 167.1 166.9 167.4 167.4 167.1 41 Security3 8.1 8.5 7.9 8.3 8.3 7.8 8.1 8.2 8.4 8.2 8.1 8.1 42 Other loans and leases 96.6 101.0 99.0 99.9 100.2 97.5 97.2 97.6 98.4 97.9 97.1 97.0 43 Interbank loans 109.9 116.6 104.3 110.7 108.1 97.6 104.0 106.1 108.6 106.9 105.1 104.1 44 Cash assets4 98.4 109.7 110.3 112.9 117.6 116.1 112.3 109.0 110.9 107.9 107.8 108.8 45 Other assets5 102.3 128.0 133.1 130.8 135.3 137.6 144.6 147.4 146.7 147.9 145.8 143.8 46 Total assets6 2,343.6 2,469.7 2,519.2 2,548.5 2,591.0 2,593.1 2,600.5 2,606.5 2,611.8 2,605.6 2,603.1 2,600.7 Liabilities 47 Deposits 1,845.7 1,939.6 1,963.5 1,981.7 2,017.8 2,008.1 2,011.3 2,025.2 2,031.3 2,025.3 2,016.2 2,018.7 48 Transaction 289.9 300.9 306.2 307.0 316.5 313.0 304.8 306.3 299.8 298.9 307.0 321.2 49 Nontransaction 1,555.9 1,638.7 1,657.3 1,674.7 1,701.3 1,695.0 1,706.4 1,718.9 1,731.5 1,726.4 1,709.3 1,697.5 50 Large time 301.0 305.0 311.4 311.7 305.3 302.8 302.9 303.0 303.3 303.3 302.3 302.8 51 Other 1,254.9 1,333.7 1,345.9 1,363.0 1,396.0 1,392.3 1,403.5 1,415.9 1,428.2 1,423.1 1,407.0 1,394.7 52 Borrowings 329.8 355.4 373.3 378.8 387.9 394.9 388.1 381.3 380.0 379.2 383.7 383.5 53 From banks in the U.S 149.3 155.8 167.9 169.7 172.4 177.5 175.2 170.0 171.5 169.7 172.1 169.7 54 From others 180.5 199.6 205.4 209.1 215.5 217.4 212.9 211.3 208.4 209.6 211.6 213.8 55 Net due to related foreign offices 15.4 10.5 9.5 10.2 10.0 8.9 10.9 9.0 9.6 7.9 10.2 8.9 56 Other liabilities 53.1 62.5 65.0 65.4 65.4 68.9 70.7 70.5 70.6 70.9 71.0 70.3 57 Total liabilities 2,244.0 2,368.0 2,411.2 2,436.2 2,481.1 2,480.8 2,481.0 2,486.0 2,491.4 2,483.4 2,481.0 2,481.4 58 Residual (assets less liabilities)7 99.7 101.7 108.0 112.4 109.8 112.3 119.5 120.5 120.4 122.2 122.0 119.4 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A20 Domestic NonfinancialS tatistics • June 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 Mar.r Sept.' Oct.' Nov.' Dec.' Jan.' Feb.' Mar. Mar. 6 Mar. 13 Mar. 20 Mar. 27 Seasonally adjusted Assets 1 Bank credit 621.5 595.5 591.2 597.9 594.3 588.5 588.5 590.2 587.7 588.3 587.9 596.4 2 Securities in bank credit 211.3 226.0 229.8 235.5 237.1 234.1 231.0 226.1 229.0 227.2 224.3 224.6 3 U.S. government securities 66.4 43.5 56.9 60.0 57.8 54.0 49.5 50.9 51.3 51.0 50.3 50.7 4 Other securities 144.9 182.5 172.9 175.5 179.3 180.0 181.6 175.2 177.7 176.2 173.9 173.9 5 Loans and leases in bank credit2 .... 410.2 369.5 361.5 362.5 357.2 354.4 357.5 364.1 358.7 361.1 363.6 371.8 6 Commercial and industrial 216.7 200.7 196.6 196.1 194.7 193.2 197.5 201.5 197.8 199.4 204.6 204.0 7 Real estate 17.9 18.7 18.7 18.9 19.0 18.9 18.6 18.8 18.5 18.3 19.0 19.2 8 Security3 107.1 80.0 75.4 77.0 74.2 73.8 71.3 73.5 72.3 74.0 69.7 77.7 y Other loans and leases 68.6 70.1 70.8 70.4 69.3 68.4 70.1 70.3 70.1 69.4 70.3 70.9 10 Interbank loans 29.3 25.8 23.8 25.0 20.5 25.3 20.0 21.1 25.9 18.6 18.2 22.0 11 Cash assets4 39.3 43.6 39.0 38.1 39.0 39.4 39.6 40.0 39.8 39.0 41.4 39.8 12 Other assets5 36.3 33.6 32.4 34.1 30.5 31.3 30.0 26.8 26.9 26.7 27.0 26.3 13 Total assets6 726.1 698.2 686.1 694.8 683.9 684.1 677.7 677.7 679.9 672.2 674.1 684.1 Liabilities 14 Deposits 388.1 410.8 423.4 433.6 444.7 465.9 471.0 481.5 467.6 475.5 478.7 494.2 15 Transaction 9.7 12.5 10.9 10.9 11.2 11.2 10.6 10.4 10.7 10.0 10.1 11.2 16 Nontransaction 378.5 398.3 412.5 422.7 433.5 454.8 460.5 471.1 457.0 465.5 468.6 483.0 17 Borrowings 239.3 220.2 208.3 213.1 203.0 187.8 189.9 185.4 197.1 183.2 182.9 181.0 18 From banks in the U.S 26.1 30.6 24.0 24.4 24.8 22.2 22.9 21.6 24.2 19.9 20.8 21.3 19 From others 213.2 189.6 184.3 188.7 178.2 165.6 166.9 163.8 172.9 163.4 162.1 159.7 20 Net due to related foreign offices 2.5 -16.4 -15.3 -29.1 -A1.2 -57.5 -66.5 -66.9 -58.0 -61.5 -63.2 -77.0 21 Other liabilities 85.5 81.6 75.8 77.8 75.5 75.6 74.4 65.3 67.3 65.9 64.0 64.0 22 Total liabilities 715.4 696.3 692.1 695.4 676.0 671.8 668.7 665.3 674.0 663.1 662.5 662.3 23 Residual (assets less liabilities)7 10.7 1.9 -6.0 -.6 7.9 12.3 9.0 12.4 5.9 9.0 11.6 21.8 Not seasonally adjusted Assets 24 Bank credit 620.7 592.6 591.3 600.6 601.9 594.1 592.4 590.3 589.8 588.8 589.0 595.4 25 Securities in bank credit 211.3 226.0 229.8 235.5 237.1 234.1 231.0 226.1 229.0 227.2 224.3 224.6 26 U.S. government securities 66.4 43.5 56.9 60.0 57.8 54.0 49.5 50.9 51.3 51.0 50.3 50.7 27 Trading account 9.7 12.0 14.4 13.5 12.5 11.7 11.1 10.5 11.3 10.4 10.3 10.4 28 Investment account 56.6 31.5 42.5 46.5 45.3 42.4 38.4 40.4 40.0 40.6 40.1 40.2 29 Other securities 144.9 182.5 172.9 175.5 179.3 180.0 181.6 175.2 177.7 176.2 173.9 173.9 30 Trading account 98.8 108.1 107.0 107.5 107.5 103.8 101.3 95.0 97.9 95.6 94.3 93.6 31 Investment account 46.1 74.4 65.9 67.9 71.8 76.2 80.2 80.2 79.7 80.6 79.6 80.3 32 Loans and leases in bank credit2 .... 409.4 366.6 361.5 365.1 364.7 360.0 361.4 364.2 360.8 361.6 364.7 370.8 33 Commercial and industrial 218.2 200.6 197.3 197.7 196.4 194.0 199.0 202.9 199.4 200.4 206.6 205.2 34 Real estate 17.9 18.7 18.7 18.9 19.0 18.9 18.6 18.8 18.5 18.3 19.0 19.2 35 Security3 104.0 77.6 75.5 78.0 78.2 77.9 73.6 71.4 71.9 73.0 67.9 74.4 36 Other loans and leases 69.4 69.7 70.0 70.5 71.1 69.2 70.2 71.1 71.1 69.9 71.2 72.0 37 Interbank loans 29.3 25.8 23.8 25.0 20.5 25.3 20.0 21.1 25.9 18.6 18.2 22.0 38 Cash assets4 38.3 43.6 39.8 40.4 41.4 41.5 40.4 39.0 39.3 37.9 40.1 38.7 39 Other assets5 37.4 34.3 31.9 33.9 31.3 32.2 30.6 27.6 28.1 28.1 27.6 26.6 40 Total assets6 725.3 695.9 686.4 699.5 694.6 692.6 683.0 677.6 682.7 673.1 674.5 682.4 Liabilities 41 Deposits 389.8 400.9 416.7 437.1 457.1 476.6 476.5 483.7 468.0 475.9 479.3 500.5 42 Transaction 9.5 12.7 11.0 11.1 12.0 11.4 10.7 10.3 10.5 9.8 9.9 11.1 43 Nontransaction 380.3 388.2 405.7 426.1 445.1 465.1 465.7 473.4 457.6 466.1 469.4 489.4 44 Borrowings 239.3 220.2 208.3 213.1 203.0 187.8 189.9 185.4 197.1 183.2 182.9 181.0 45 From banks in the U.S 26.1 30.6 24.0 24.4 24.8 22.2 22.9 21.6 24.2 19.9 20.8 21.3 46 From others 213.2 189.6 184.3 188.7 178.2 165.6 166.9 163.8 172.9 163.4 162.1 159.7 47 Net due to related foreign offices 5.6 -15.2 -16.8 -30.5 ^14.5 -54.4 -63.8 -63.8 -56.4 -59.3 -59.0 -70.9 48 Other liabilities 86.9 82.2 75.2 77.3 76.7 76.9 75.5 66.4 67.9 66.7 65.5 66.2 49 Total liabilities 721.6 688.1 683.4 697.0 692.2 686.9 678.0 671.6 676.6 666.5 668.8 676.8 50 Residual (assets less liabilities)7 3.7 7.8 3.0 2.5 2.4 5.7 5.0 6.0 6.2 6.5 5.7 5.5 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Commercial Banking Institutions—Assets and Liabilities A21 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities'—Continued F. Memo items Billions of dollars Monthly averages Wednesday figures AAAccccccooouuunnnttt 2001 2001 2002 2002 Mar.r Sept.' Oct.' Nov.' Dec.' Jan.' Feb.' Mar. Mar. 6 Mar. 13 Mar. 20 Mar. 27 Not seasonally adjusted MEMO Large domestically chartered banks, adjusted for mergers 1 Revaluation gains on off-balance-sheet items8 80.8 98.1 100.8 104.3 80.6 86.3 81.7 73.2 81.7 74.5 73.0 68.6 2 Revaluation losses on off-balancesheet items8 79.8 84.9 86.0 86.5 68.4 66.5 59.4 52.5 57.8 53.5 51.3 49.1 3 Mortgage-backed securities9 242.0 275.7 299.6 298.8 320.3 318.0 301.1 301.9 300.5 298.5 306.4 301.3 4 Pass-through 176.7 212.4 230.9 213.7 217.9 219.3 205.4 205.3 203.5 201.2 210.3 205.6 5 CMO, REMIC, and other 65.3 63.3 68.7 85.1 102.4 98.7 95.7 96.6 97.0 97.3 96.1 95.8 6 Net unrealized gains (losses) on available-for-sale securities10 3.6 7.1 9.2 9.7 4.6 2.9 4.4 4.3 5.5 5.1 4.5 4.4 7 Off-shore credit to U.S. residents'1 .... 22.6 20.3 20.0 19.2 19.1 19.4 19.7 19.6 19.8 19.7 19.8 19.3 8 Securitized consumer loans'2 79.9 97.1 97.8 99.3 99.4 94.7 92.8 94.2 93.8 95.1 94.4 93.4 9 Credit cards and related plans 70.4 87.2 87.8 88.3 88.7 84.3 82.6 82.4 81.8 83.1 82.6 81.6 10 Other 9.5 10.0 9.9 11.0 10.7 10.4 10.3 11.9 12.0 11.9 11.8 11.8 11 Securitized business loans12 12.7 20.0 21.1 20.6 19.7 19.4 19.4 17.7 18.9 18.6 17.3 16.9 Small domestically chartered commercial banks, adjusted for mergers 12 Mortgage-backed securities9 216.8 251.3 261.4 268.9 280.9 281.5 283.9 286.5 286.3 287.3 286.9 285.6 13 Securitized consumer loans12 235.1 240.1 243.7 246.5 251.9 259.3 253.8 251.0 252.4 252.3 248.4 250.2 14 Credit cards and related plans 227.1 232.4 236.3 238.7 244.3 251.9 246.6 243.9 245.2 245.1 241.3 243.1 15 Other 8.1 7.7 7.5 7.8 7.6 7.4 7.2 7.1 7.2 7.1 7.1 7.0 Foreign-related institutions 16 Revaluation gains on off-balancesheet items8 56.0 54.8 56.8 55.5 55.1 52.3 52.8 47.0 49.5 47.9 45.9 45.9 17 Revaluation losses on off-balancesheet items8 54.2 50.5 49.1 48.7 49.3 49.3 49.2 41.7 43.8 42.3 41.0 40.8 18 Securitized business loans'2 34.8 26.6 27.1 26.4 25.2 25.5 25.1 24.1 24.7 24.3 24.1 23.8 NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a statistical release, "Assets and Liabilities of Commercial Banks in the United States." Table ratio procedure is used to adjust past levels. 1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28, 2. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks "Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer in the United States, all of which are included in "Interbank loans." being published in the Bulletin. Instead, abbreviated balance sheets for both large and small 3. Consists of reverse RPs with brokers and dealers and loans to purchase and carry domestically chartered banks have been included in table 1.26, parts C and D. Data are both securities. merger-adjusted and break-adjusted. In addition, data from large weekly reporting U.S. 4. Includes vault cash, cash items in process of collection, balances due from depository branches and agencies of foreign banks have been replaced by balance sheet estimates of all institutions, and balances due from Federal Reserve Banks. foreign-related institutions and are included in table 1.26, part E. These data are break- 5. Excludes the due-from position with related foreign offices, which is included in "Net adjusted. due to related foreign offices." The not-seasonally-adjusted data for all tables now contain additional balance sheet items, 6. Excludes unearned income, reserves for losses on loans and leases, and reserves for which were available as of October 2, 1996. transfer risk. Loans are reported gross of these items. 1. Covers the following types of institutions in the fifty states and the District of Columbia: 7. This balancing item is not intended as a measure of equity capital for use in capital domestically chartered commercial banks that submit a weekly report of condition (large adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the domestic); other domestically chartered commercial banks (small domestic); branches and seasonal patterns estimated for total assets and total liabilities. agencies of foreign banks, and Edge Act and agreement corporations (foreign-related institu- 8. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity tions). Excludes International Banking Facilities. Data are Wednesday values or pro rata and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39. averages of Wednesday values. Large domestic banks constitute a universe; data for small 9. Includes mortgage-backed securities issued by U.S. government agencies, U.S. domestic banks and foreign-related institutions are estimates based on weekly samples and on government-sponsored enterprises, and private entities. quarter-end condition reports. Data are adjusted for breaks caused by reclassifications of 10. Difference between fair value and historical cost for securities classified as availableassets and liabilities. for-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are The data for large and small domestic banks presented on pp. A17-19 are adjusted to restated to include an estimate of these tax effects. remove the estimated effects of mergers between these two groups. The adjustment for 11. Mainly commercial and industrial loans but also includes an unknown amount of credit mergers changes past levels to make them comparable with current levels. Estimated extended to other than nonfinancial businesses. quantities of balance sheet items acquired in mergers are removed from past data for the bank 12. Total amount outstanding. group that contained the acquired bank and put into past data for the group containing the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A22 Domestic Nonfinancial Statistics • June 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 Sept. Oct. Nov. Dec. Jan. Feb. 1 All issuers 966,699 1,163,303 1,403,023 1,615,341 1,438,764 1,423,004 1,436,254 1,435,808 1,438,764 1,428,494 1,402,875 Financial companies' 2 Dealer-placed paper, total2 513,307 614,142 786,643 973,060 989,364 950,346 984,996 993,491 989,364 984,251 984,441 3 Directly placed paper, total3 252,536 322,030 337,240 298,848 224,553 255,122 232,407 227,422 224,553 224,595 218,266 4 Nonfinancial companies4 200,857 227,132 279,140 343,433 224,847 217,537 218,851 214,894 224,847 219,648 200,168 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 Average Average Average rate rate rate 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 Apr. 4.75 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 Dec. Jan. Feb. Mar. Mar. 1 Mar. 8 Mar. 15 Mar. 22 Mar. 29 MONEY MARKET INSTRUMENTS 1 Federal funds 1,2,3 4.97 6.24 3.88 1.82 1.73 1.74 1.73 1.75 1.74 1.71 1.76 1.70 2 Discount window borrowing2,4 4.62 5.73 3.40 1.33 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 Commercial paper3,5,6 Nonfinancial 3 1 -month 5.09 6.27 3.78 1.84 1.70 1.76 1.78 1.75 1.78 1.78 1.78 1.79 4 2-month 5.14 6.29 3.68 1.79 1.69 1.76 1.82 1.77 1.80 1.83 1.83 1.84 5 3-month 5.18 6.31 3.65 1.78 1.70 1.79 1.86 1.78 1.80 1.87 1.88 1.91 Financial 6 1-month 5.11 6.28 3.80 1.83 1.72 1.77 1.80 1.77 1.79 1.81 1.80 1.79 7 2-month 5.16 6.30 3.71 1.81 1.71 1.78 1.82 1.79 1.80 1.83 1.83 1.82 8 3-month 5.22 6.33 3.65 1.81 1.72 1.80 1.87 1.80 1.84 1.88 1.89 1.90 Certificates of deposit, secondary market3,7 9 1-month 5.19 6.35 3.84 1.90 1.75 1.81 1.84 1.82 1.83 1.85 1.85 1.85 10 3-month 5.33 6.46 3.71 1.83 1.74 1.82 1.91 1.83 1.86 1.92 1.94 1.97 11 6-month 5.46 6.59 3.66 1.90 1.85 1.95 2.16 1.96 2.03 2.16 2.22 2.29 12 Eurodollar deposits, 3-month3-8 5.31 6.45 3.70 1.84 1.75 1.82 1.91 1.81 1.85 1.92 1.93 1.96 US. Treasury bills Secondary market3,5 13 3-month 4.64 5.82 3.40 1.69 1.65 1.73 1.79 1.74 1.76 1.81 1.82 1.79 14 6-month 4.75 5.90 3.34 1.78 1.73 1.82 2.01 1.85 1.91 2.01 2.07 2.07 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 2.22 2.16 2.23 2.57 2.28 2.41 2.58 2.66 2.70 17 2-year 5.43 6.26 3.83 3.11 3.03 3.02 3.56 3.08 3.34 3.58 3.70 3.71 18 3-year 5.49 6.22 4.09 3.62 3.56 3.55 4.14 3.61 3.89 4.16 4.32 4.31 19 5-year 5.55 6.16 4.56 4.39 4.34 4.30 4.74 4.30 4.55 4.77 4.84 4.88 70 7-year 5.79 6.20 4.88 4.86 4.79 4.71 5.14 4.73 4.97 5.18 5.23 5.26 21 10-year 5.65 6.03 5.02 5.09 5.04 4.91 5.28 4.90 5.13 5.34 5.37 5.38 77 20-year 6.20 6.23 5.63 5.76 5.69 5.61 5.93 5.61 5.80 5.98 6.00 6.00 23 30-year 5.87 5.94 5.49 5.48 5.45 5.40 n.a. n.a. n.a. n.a. n.a. n.a. STATE AND LOCAL NOTES AND BONDS Moody's series'0 74 Aaa 5.28 5.58 4.99 5.18 5.05 4.93 5.09 4.91 4.99 5.06 5.15 5.16 75 Baa 5.70 6.19 5.75 5.81 5.64 5.71 5.92 5.69 5.80 5.90 5.98 6.00 26 Bond Buyer series11 5.43 5.71 5.15 5.25 5.16 5.11 5.29 5.07 5.19 5.30 5.34 5.32 CORPORATE BONDS 27 Seasoned issues, all industries12 7.45 7.98 7.49 7.43 7.24 7.18 7.44 7.18 7.33 7.48 7.50 7.49 Rating group 78 Aaa13 7.05 7.62 7.08 6.77 6.55 6.51 6.81 6.53 6.69 6.85 6.88 6.87 70 Aa 7.36 7.83 7.26 7.19 7.03 6.95 7.22 6.96 7.12 7.26 7.28 7.26 30 A 7.53 8.11 7.67 7.70 7.50 7.37 7.62 7.35 7.51 7.67 7.67 7.66 31 Baa 7.88 8.37 7.95 8.05 7.87 7.89 8.11 7.88 8.00 8.13 8.17 8.16 MEMO Dividend-price ratio14 32 Common stocks 1.25 1.15 1.32 1.36 1.38 1.43 1.37 1.42 1.36 1.37 1.37 1.38 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 NonfinancialS tatistics • June 2002 1.36 STOCK MARKET Selected Statistics 2001 2002 IInnddiiccaattoorr 11999999 22000000 22000011 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Prices and trading volume (averages of daily figures) CCCCCCCooooooommmmmmmmmmmmmmooooooonnnnnnn ssssssstttttttoooooooccccccckkkkkkk ppppppprrrrrrriiiiiiiccccccceeeeeeesssssss (((((((iiiiiiinnnnnnndddddddeeeeeeexxxxxxxeeeeeeesssssss))))))) 1111111 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((DDDDDDDeeeeeeeccccccc....... 33333331111111,,,,,,, 1111111999999966666665555555-------55555550000000))))))) 619.52 643.71 606.03 613.36 604.52 544.39 556.04 575.31 582.82 581.74 569.55 600.74 2222222 IIIIIIInnnnnnnddddddduuuuuuussssssstttttttrrrrrrriiiiiiiaaaaaaalllllll 775.29 809.40 749.46 756.04 748.65 672.89 688.35 715.98 727.67 723.56 715.80 751.79 3333333 TTTTTTTrrrrrrraaaaaaannnnnnnssssssspppppppooooooorrrrrrrtttttttaaaaaaatttttttiiiiiiiooooooonnnnnnn 491.62 414.73 444.45 469.80 458.35 382.68 371.56 410.05 433.70 446.13 453.51 490.51 4444444 UUUUUUUtttttttiiiiiiillllllliiiiiiitttttttyyyyyyy 284.82 478.99 377.72 374.11 357.76 339.72 341.51 330.78 325.33 322.92 301.32 316.25 5555555 FFFFFFFiiiiiiinnnnnnnaaaaaaannnnnnnccccccceeeeeee 530.97 552.48 596.61 614.54 605.59 538.01 553.16 577.85 585.47 591.94 570.18 609.72 6666666 SSSSSSStttttttaaaaaaannnnnnndddddddaaaaaaarrrrrrrddddddd &&&&&&& PPPPPPPoooooooooooooorrrrrrr'''''''sssssss CCCCCCCooooooorrrrrrrpppppppooooooorrrrrrraaaaaaatttttttiiiiiiiooooooonnnnnnn (((((((1111111999999944444441111111———————44444443333333 ------- 11111110000000)))))))1111111 1,327.33 1,427.22 1,194.18 1,204.45 1,178.51 1,044.64 1,076.59 1,129.68 1,144.93 1,140.21 1,100.67 1,153.79 7777777 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((AAAAAAAuuuuuuuggggggg....... 33333331111111,,,,,,, 1111111999999977777773333333 ------- 55555550000000)))))))2222222 770.90 922.22 879.08 892.74 883.01 823.78 825.91 814.78 828.19 835.02 845.81 891.08 VVVVVVVooooooollllllluuuuuuummmmmmmeeeeeee ooooooofffffff tttttttrrrrrrraaaaaaadddddddiiiiiiinnnnnnnggggggg (((((((ttttttthhhhhhhooooooouuuuuuusssssssaaaaaaannnnnnndddddddsssssss ooooooofffffff ssssssshhhhhhhaaaaaaarrrrrrreeeeeeesssssss))))))) 8888888 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 799,554 1,026,867 1,216,529 1,120,074 1,012,907 1,666,980 1,293,019 1,242,965 1,240,245 1,401,913 1,362,830 1,321,351 9999999 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 32,629 51,437 68,074 56,735 48,304 72,319 66,765 88,694 53,337 55,151 55,657 56,375 Customer financing (millions of dollars, end-of-period balances) 11111110000000 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrr-------dddddddeeeeeeeaaaaaaallllllleeeeeeerrrrrrrsssssss3333333 228,530 198,790 150,450 165,250 161,130 144,670 144,010 148,650 150,450 150,390 147,030 149,370 FFFFFFFrrrrrrreeeeeeeeeeeeee cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt bbbbbbbaaaaaaalllllllaaaaaaannnnnnnccccccceeeeeeesssssss aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrrsssssss4444444 11111111111111 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss5555555 55,130 100,680 101,640 97,950 103,990 115,450 101,850 98,330 101,640 97,330 99,350 93,700 11111112222222 CCCCCCCaaaaaaassssssshhhhhhh aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss 79,070 84,400 78,040 73,490 73,710 74,220 69,550 72,090 78,040 75,110 72,730 69,790 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 Oct. Nov. Dec. Jan. Feb. Mar. U.S. budget1 1 Receipts, total 1,827,454 2,025,218 1,991,030 157,163 121,233 187,914 203,452 97,962 111,220 ? On-budget 1,382,986 1,544,634 1,483,511 122,004 83,375 150,941 153,541 57,087 65,624 3 Off-budget 444,468 480,584 507,519 35,159 37,858 36,973 49,911 40,875 45,596 4 Outlays, total 1,701,932 1,788,826 1,863,926 166,548 175,500 161,347 159,726 174,018 175,458 On-budget 1,381,154 1,458,061 1,516,933 134,014 140,388 162,916 127,001 137,713 138,167 6 Off-budget 320,778 330,765 346,993 32,534 35,112 -1,569 32,726 36,304 37,290 7 Surplus or deficit (-), total 125,522 236,392 127,104 -9,385 -54,267 26,567 43,726 -76,056 -64,238 8 On-budget 1,832 86,573 -33,422 -12,010 -57,013 -11,975 26,540 -80,626 -72,543 9 Off-budget 123,690 149,819 160,526 2,625 2,746 38,542 17,185 4,571 8,306 Source of financing (total) 10 Borrowing from the public -88,674 -222,807 -90,118 -3,695 72,036 -8,813 -15,240 63,882 2,128 11 Operating cash (decrease, or increase [-]) -17,580 3,799 8,440 16,612 -2,908 -21,837 -23,016 30,729 30,545 12 Other2 -19,268 -17,384 -45,426 -3,532 -14,861 4,083 -5,470 -18,555 31,565 MEMO 13 Treasury operating balance (level, end of period) 56,458 52,659 44,219 27,607 30,515 52,352 75,368 44,639 14,094 14 Federal Reserve Banks 6,641 8,459 9,796 5,112 6,219 6,645 13,688 5,752 5,692 15 Tax and loan accounts 49,817 44,199 34,423 22,495 24,295 45,707 61,680 38,887 8,403 1. Since 1990, off-budget items have been the social security trust funds (Federal Old-Age, net gain or loss for IMF loan-valuation adjustment; and profit on sale of gold. Survivors, and Disability Insurance) and the U.S. Postal Service. SOURCE. Monthly totals; U.S. Department of the Treasury, Monthly Treasury Statement of 2. Includes special drawing rights (SDRs); reserve position on the U.S. quota in the Receipts and Outlays of the U.S. Government; and fiscal year totals: U.S. Office of Manage- International Monetary Fund (IMF); loans to the IMF; other cash and monetary assets; ment and Budget, Budget of the U.S. Government when available. accrued interest payable to the public; allocations of SDRs; deposit funds; miscellaneous Table 1.38 will no longer be published in the Federal Reserve Bulletin after this issue (June liability (including checks outstanding) and asset accounts; seigniorage; increment on gold; 2002). For information on where to obtain the data presented in this table, please see the net gain or loss for U.S. currency valuation adjustment; "Announcements" section, pp. 290-91. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A26 Domestic Nonfinancial Statistics • June 2002 1.39 U.S. BUDGET RECEIPTS AND OUTLAYS1 Millions of dollars Fiscal year Calendar year SSSooouuurrrccceee ooorrr tttyyypppeee 2000 2001 2002 22000000 22000011 HI H2 HI H2 Jan. Feb. Mar. RECEIPTS 1 All sources 2,025,218 1,991,030 1,089,763 953,667 1,120,040 875,322 203,452 97,962 111,220 2 Individual income taxes, net 1,004,462 994.339 550,208 458,679 580,632 420,105 112,095 35,745 25,022 3 Withheld 780,397 793.386 388,526 395.572 402,417 398,365 64,403 62,002 65,528 4 Nonwithheld 358,049 383.146 281,103 77,732 308,418 76,199 49,132 3,341 6,256 5 Refunds 134,046 182.251 119.477 14,628 130,256 54,461 1,442 2299,,660077 46,778 Corporation income taxes 6 Gross receipts 235,655 186,732 119,166 123,962 102,947 90,970 12,321 2,995 23,444 7 Refunds 28,367 35.657 13.781 15,776 20,262 21,945 3,071 4,935 8,117 8 Social insurance taxes and contributions, net .... 652,852 693,967 353.514 310,122 379,878 314,678 66,164 54,617 59.044 9 Employment taxes and contributions2 620,451 661,442 333,584 297,665 359,648 302.518 64,593 52,243 58,335 10 Unemployment insurance 27.640 27.812 17,562 10,097 17,842 9,880 1,223 2,016 271 11 Other net receipts1 4,761 4,713 2,368 2,360 2,387 2,281 348 358 438 12 Excise taxes 68,865 66.068 33,532 35,501 32,490 29,124 9,162 3,834 6,063 13 Customs deposits 19,914 19.369 9,218 10,676 9,370 10,032 1,562 1,351 1,219 14 Estate and gift taxes 29,010 28,400 15,073 13,216 15.471 12,643 2,389 1.881 2,074 15 Miscellaneous receipts4 42,826 37,812 22,831 17,286 19,517 19,595 2,831 2,473 2,471 OUTLAYS 16 All types 1,788,826 1,863,926 892,947 895,630 948,750 954,307 159,723r 174,018 175,458 17 National defense 294.494 308,533 143,476 147,651 153,154 160,877 24,693 27,391 31,545 18 International affairs 17,216 16.601 7,250 11,902 6,522 9,072 4,833 2,036 868 19 General science, space, and technology 18,637 19,896 9,601 10,389 10,073 10,868 1,523 1,689 1,716 20 Energy -1,060 89 -893 130 -244 494 -409 -289 391 21 Natural resources and environment 25,031 26.335 10,814 12,907 11,059 13,310 2,067 1,916 2,288 22 Agriculture 36,641 26,553 11.164 20.977 10,832 19,954 2,727 1,856 2,291 23 Commerce and housing credit 3,211 6,030 -2.497 4,408 -1.539 6.941 1,411 -1,638 1,044 24 Transportation 46,854 55,220 21.054 25.841 23,810 33,006 4,539 4,387 4.399 25 Community and regional development 10,629 11.977 5.050 5,962 5,265 8,450 579 948 761 26 Education, training, employment, and social services 59,201 57,302 31,234 29,263 35,698 28.290 7,398 6,699 5,788 27 Health 154,534 172.634 75.871 81,413 87,427 92,411 16,718 14,699 15,768 28 Social security and Medicare 606,549 650,593 306.966 307,473 328,072 331,522 53,838 56,542 57,291 29 Income security 247,895 269.770 133,915 113,212 146,913 124,312 23,150 38,398 32,868 30 Veterans benefits and services 47,083 45.828 23,174 22,615 23.171 24,769 2,390 4,340 3,544 31 Administration of justice 27,820 30.443 13,981 14,635 14,694 16,209 2,451 2,503 2,977 32 General government 13,454 15.153 6,198 6,461 8,887 8,688 424 2,149 890 33 Net interest5 223,218 206.199 115,545 104,685 107,824 89,692 15,095 14,282 14,523 34 Undistributed offsetting receipts6 -42,581 -55.230 -19.346 -24,070 -22.865 -24.516 -3,700 -3,891 -3,494 1. Functional details do not sum to total outlays for calendar year data because revisions to 6. Rents and royalties for the outer continental shelf, U.S. government contributions for monthly totals have not been distributed among functions. Fiscal year total for receipts and employee retirement, and certain asset sales. outlays do not correspond to calendar year data because revisions from the Budget have not SOURCE. Fiscal year totals: US. Office of Management and Budget, Budget of the U.S. been fully distributed across months. Government, Fiscal Year 2003; monthly and half-year totals: U.S. Department of the Trea- 2. Old-age, disability, and hospital insurance and railroad retirement accounts. sury, Monthly Treasury Statement of Receipts and Outlays of the U.S. Government. 3. Federal employee retirement contributions and civil service retirement and disability Table 1.39 will no longer be published in the Federal Reserve Bulletin after this issue (June fund. 2002). For information on where to obtain the data presented in this table, please see the 4. Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts. "Announcements" section, pp. 290-91. 5. Includes interest received by trust funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Finance A27 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 2000 2001 2002 IItteemm Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 1 Federal debt outstanding 5,801.5 5,714.2 5,701.9 5,689.6 5,800.6 5,753.9 5,834.5 5,970.3 n.a. 2 Public debt securities 5,773.4 5,685.9 5.674.2 5,662.2 5,773.7 5,726.8 5,807.5 5,943.4 6,006.0' 3 Held by public 3,688.0 3,495.7 3,438.5 3,413.5 3,434.4 3,274.2 3,338.7 3,393.8 n.'a. 4 Held by agencies 2,085.4 2,190.2 2,235.7 2,248.7 2,339.4 2,452.6 2,468.8 2,549.7 n.'a. 5 Agency securities 28.1 28.3 27.7 27.4 26.8 27.1 27.0 26.8 n.'a. 6 Held by public 27.8 28.2 27.6 27.3 26.8 27.1 27.0 26.8 n.'a. 7 Held by agencies .4 .1 .1 .1 .1 .0 .0 .0 n.'a. 8 Debt subject to statutory limit 5,686.5 5,600.6 5,591.6 5,580.5 5,692.5 5,645.0 5,732.6 5,871.4 5,935.1r 9 Public debt securities 5.686.3 5,600.5 5,591.4 5,580.2 5,692.3 5,644.8 5,807.5 5,943.4 6,006.0' 10 Other debt1 .2 .2 .2 .2 .2 .2 .2 .3 .2' 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 2002 TTyyppee aanndd hhoollddeerr 11999988 11999999 22000000 22000011 Q2 Q3 Q4 Ql 1 Total gross public debt 5,614.2 5,776.1 5,662.2 5,943.4 5,726.8 5,807.5 5,943.4 6,006.0 By type 2 Interest-bearing 5,605.4 5,766.1 5,618.1 5,930.8 5,682.8 5,763.6 5,930.8 5,962.2 3 Marketable 3,355.5 3,281.0 2,966.9 2,982.9 2,822.3 2,897.3 2,982.9 3.003.3 4 Bills 691.0 737.1 646.9 811.3 620.1 734.9 811.3 834.4 5 Notes 1,960.7 1,784.5 1,557.3 1,413.9 1,441.0 1,399.6 1,413.9 1,411.7 6 Bonds 621.2 643.7 626.5 602.7 616.9 612.9 602.7 596.7 7 Inflation-indexed notes and bonds1 67.6 100.7 121.2 140.1 129.3 134.9 140.1 145.6 8 Nonmarketable2 2,249.9 2,485.1 2,651.2 2,947.9 2,860.5 2,866.4 2,947.9 2,958.9 9 State and local government series 165.3 165.7 151.0 146.3 153.3 146.4 146.3 141.1 10 Foreign issues3 34.3 31.3 27.2 15.4 24.0 18.3 15.4 14.6 11 Government 34.3 31.3 27.2 15.4 24.0 18.3 15.4 14.6 12 Public .0 .0 .0 .0 .0 .0 .0 .0 13 Savings bonds and notes 180.3 179.4 176.9 181.5 178.4 179.6 181.5 183.6 14 Government account series4 1,840.0 2.078.7 2,266.1 2,574.8 2,474.7 2,492.1 2,574.8 2,589.7 15 Non-interest-bearing 8.8 10.0 44.2 12.7 44.0 43.8 12.7 43.8 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 2,469.1 2,493.7 2,572.2 n.a. 17 Federal Reserve Banks6 452.1 478.0 511.7 551.7 535.1 534.1 551.7 575.4 18 Private investors 3,334.0 3,233.9 2,880.4 2,819.5 2,722.6 2,779.7 2,819.5 n.a. 19 Depository institutions 237.3 246.5 199.2 182.2 190.1 189.5 182.2 n.a. 20 Mutual funds 343.3 335.4 312.6 258.5 219.2 231.6 258.5 n.a. 21 Insurance companies 141.7 123.4 110.2 85.7 94.8 88.5 85.7 n.a. 22 State and local treasuries7 269.3 266.8 236.2 205.4 224.0 208.9 205.4 n.a. Individuals 23 Savings bonds 186.6 186.4 184.8 190.3 185.5 186.4 190.3 n.a. 24 Pension funds 356.9 349.7 333.4 288.4 308.4 287.3 288.4 n.a. 25 Private 139.1 138.5 137.7 102.4 104.0 99.6 102.4 n.a. 76 State and Local 217.7 211.2 195.7 186.0 204.4 187.7 186.0 n.a. 27 Foreign and international8 1,278.7 1,268.7 1,201.3 1,218.1 1,167.4 1,170.1 1,218.1 n.a. 28 Other miscellaneous investors7 9 517.5 444.1 276.9 n.a. 210.5 279.4 n.a. n.a. 1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of 8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds. 1997. Excludes Treasury securities held under repurchase agreements in custody accounts at the 2. Includes (not shown separately) securities issued to the Rural Electrification Administra- Federal Reserve Bank of New York. tion, depository bonds, retirement plan bonds, and individual retirement bonds. 9. Includes individuals, government-sponsored enterprises, brokers and dealers, bank 3. Nonmarketable series denominated in dollars, and series denominated in foreign cur- personal trusts and estates, corporate and noncorporate businesses, and other investors. rency held by foreigners. SOURCES. Data by type of security, U.S. Treasury Department, Monthly Statement of the 4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds. Public Debt of the United States', data by holder. Federal Reserve Board of Governors. Flow 5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual of Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin, holdings; data for other groups are Treasury estimates. unless otherwise noted. 6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table 1.18. 7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A28 Domestic NonfinancialS tatistics • June 2002 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions' Millions of dollars, daily averages 2001 2002 2002, week ending Dec. Jan. Feb. Jan. 30 Feb. 6 Feb. 13 Feb. 20 Feb. 27 Mar. 6 Mar. 13 Mar. 20 Mar. 27 By type of security 1 U.S. Treasury bills 37,927 37,522 42,233 40,004 37,395 41,228 42,734 46,041 45,570 40,283 44,145 45,143 Treasury coupon securities by maturity 2 Three years or less 97,643 137,139 122,427 145,437 116,619 108,801 94,762 154,118 165,986 126,245 133,712 176,569 3 More than three but less than or equal to six years 74,502 80,482 82,210 101,788 91,706 80,396 70,507 82,332 99,504 98,852 83,989 84,674 4 More than six but less than or equal to eleven years 57,308 72,361 69,912 77,416 80,380 71,579 63,140 64,496 73,869 80,437 87,647 68,496 5 More than eleven 18,470 18,413 15,747 21.583 17,776 15,597 13,833 15,490 17,318 23,711 24,174 20,340 6 Inflation-indexed2 1,228 2,153 1,735 977 1,977 1,306 1,798 1,981 1.433 1,876 1,618 2,073 Federal agency and governmentsponsored enterprises 7 Discount notes 59,418 56,379 54,029 54,037 57,942 49,799 58,498 50,547 59,060 48,300 45,465 46,347 Coupon securities by maturity 8 Three years or less 9.412 11,890 10,672 10,019 11,759 10,542 7,320 11,993 13,773 13,394 9,495 11,634 9 More than three years but less than or equal to six years 8,016 9,585 10,590 13,170 7,978 10,972 8,197 14,042 11,442 18,286 8,750 13,461 10 More than six years but less than or equal to eleven years .... 7,031 10,687 6,019 9,957 7,625 5,737 4,893 5,698 7,114 5,683 5,434 11,596 11 More than eleven years 1,435 980 1,473 995 1.421 1,049 2,755 930 1,384 1,116 1,543 886 12 Mortgage-backed 113,262 140.307 136,655 120,841 137,347 172,382 123,213 105,130 166,643 186,160 120,768 85,962 Corporate securities 13 One year or less 71,082 75.514r 102,218' 78,578 106,206' 101,309 106,007 96,351 104,988 103,347 119,179 111,132 14 More than one year 15,326 20,307r 18,835' 25,238 17,310' 20,437 17,147 19,117 22,264 25,585 23,063 26,930 By type of counterparty With interdealer broker 15 U.S. Treasury 127,310 155,689 156,162 171,019 159,212 151,247 133,799 170.629 185,646 163,503 165,508 187,493 16 Federal agency and governmentsponsored enterprises 9,762 12,346 10.972 12,860 11,346 10,773 9,698 11,518 12,834 13,593 10,109 13,361 17 Mortgage-backed 29,886 37,059 34,770 31,044 31.671 44,779 31,651 28,067 43,109 50,720 30,510 21,395 18 Corporate 382 568 536 607 517 511 500 592 608 638 635 634 With other 19 U.S. Treasury 159,770 192,381 178,102 216,186 186,642 167,660 152,975 193,829 218,032 207,901 209,777 209,801 20 Federal agency and governmentsponsored enterprises 75,549 77,175 71,811 75,318 75,379 67,326 71,966 71,692 79,940 73,186 60,578 70,562 21 Mortgage-backed 83,376 103,248 101,885 89,797 105,676 127,602 91,562 77,063 123,534 135,439 90,258 64,567 22 Corporate 86,026 95,252' 120,517' 103,209 122,999' 121,235 122,655 114,876 126,644 128,294 141,607 137,429 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, Dy type ot security Dec. Jan.' Feb. Jan. 30r Feb. 6 Feb. 13 Feb. 20 Feb. 27 Mar. 6 Mar. 13 Mar. 20 Net Outright Positions2 1 US. Treasury bills 39,006 28,500 28,170 24,799 21,321 21,238 33,513 35,459 29,365 28,240 24,139 Treasury coupon securities by maturity 2 Three years or less -26,923 -27,102 -28,348 -29,185 -28,808 -29,054 -29,903 -26,162 -25,054 -25,831 -21,968 3 More than three years but less than or equal to six years -23,893 -23,434 -23,482 -29,186 -25,085 -24,584 -20,171 -23,869 -26,630 -33,222 -34,689 4 More than six but less than or equal to eleven years -16,503 -17,847 -13,477 -17,922 -12,857 -14,206 -13,088 -13,353 -15,694 -19,007 -15,430 5 More than eleven 4,361 9,521 12,230 12,145 12,228 12,804 12,277 11,791 10,973 9,360 5,014 6 Inflation-indexed 2,940 3,415 3,450 3,284 3,568 3,432 3,491 3,358 3,235 3,980 4,292 Federal agency and governmentsponsored enterprises 7 Discount notes 48,745 46,497 49,069 47,310 48,092 49,430 50,726 49,300 39,201 48,806 46,367 Coupon securities, by maturity 8 Three years or less 10,803 13,976 11,856 14,926 11,943 12,148 12,102 11,775 8,144 9,985 8,167 9 More than three years but less than or equal to six years -1,037 707 1,318 1,037 283 1,810 686 2,817 -1,979 248 -555 10 More than six but less than or equal to eleven years 1,788 472 1,111 1,181 1,108 1,410 711 1,248 869 1,601 1,637 11 More than eleven 3,373 3,443 3,479 3,635 3,065 3,411 3,855 3,571 3,155 3,006 2,123 12 Mortgage-backed 19,169 13,742 6,195 13,827 13,005 7,461 6,415 202 -3,110 7,207 9,355 Corporate securities 13 One year or less 17,586 18,398 17,989 15,140 17,265 15,803 19,118 19,184 21,379 21,638 23,988 14 More than one year 39,165 39,681 36,235 38,054 34,047 35,251 37,845 37,172 38,416 41,053 43,072 Financing3 Securities in, U.S. Treasury 15 Overnight and continuing 537,442 539,785 547,472 548,749 556,347 523,105 558,369 551,470 560,526 569,429 565,327 16 Term 714,984 642,804 656,569 671,119 698,290 715,048 586,616 635,463 634,291 687,783 704,872 Federal agency and governmentsponsored enterprises 17 Overnight and continuing 127,437 131,213 140,693 134,466 143,080 141,845 145,829 131,699 145,325 139,231 145,875 18 Term 241,111 224,528 224,572 231,744 227,156 228,523 213,966 228,884 225,458 237,047 225,112 Mortgage-backed securities 19 Overnight and continuing 31,406 30,400 35,759 30,657 33,451 32,697 37,700 38,201 40,355 39,769 33,249 20 Term 224,217 212,612 217,733 214,710 215,615 222,147 216,347 216,524 217,717 220,960 217,599 Corporate securities 21 Overnight and continuing 37,508 38,733 41,282 40,732 39,034 41,358 41,700 42,354 43,808 44,549 44,718 22 Term 18,653 19,861 22,077 21,499 22,255 22,074 22,562 21,483 21,788 21,594 24,156 MEMO Reverse repurchase agreements 23 Overnight and continuing 350,965 356,539 381,084 375,740 381,637 350,895 393,304 395,633 401,710 404,460 399,789 24 Term 1,072,648 967,513 997,678 1,010,669 1,044,500 1,066,793 919,194 970,575 972,051 1,033,257 1,037,880 Securities out, U.S. Treasury 25 Overnight and continuing 528,953 537,222 551,187 524,470 553,071 507,440 565,251 578,501 556,471 552,577 541,628 26 Term 662,681 572,591 580,525 614,564 627,275 647,568 505,379 551,633 559,003 612,452 639,945 Federal agency and governmentsponsored enterprises 27 Overnight and continuing 219,344 234,669 248,413 244,198 249,943 249,698 253,204 242,416 238,684 230,978 235,062 28 Term 194,382 167,974 167,477 170,989 166,411 174,082 160,571 168,268 170,434 182,742 172,942 Mortgage-backed securities 29 Overnight and continuing 280,666 288,665 286,742 274,190 274,085 289,354 294,026 290,597 266,431 294,422 292,810 30 Term 130,237 122,101 127,225 123,855 121,904 134,011 125,271 126,382 131,224 133,294 134,162 Corporate securities 31 Overnight and continuing 95,841 97,931 100,801 99,232 98,515 98,645 102,059 103,742 100,217 105,171 116,128 32 Term 10,774 14,398 17,993 17,705 17,413 16,365 19,887 18,234 17,913 19,233 17,016 MEMO Repurchase agreements 33 Overnight and continuing 980,434 1,010,207 1,044,255 999,193 1,031,238 1,003,818 1,072,141 1,071,774 1,017,584 1,041,599 1,033,480 34 Term 976,295 854,628 872,476 905,362 914,919 949,954 790,127 843,039 857,963 926,003 944,365 1. Data for positions and financing are obtained from reports submitted to the Federal 3. Figures cover financing U.S. government, federal agency, government-sponsored enter- Reserve Bank of New York by the U.S. government securities dealers on its published list of prise, mortgage-backed, and corporate securities. Financing transactions for Treasury primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar inflation-indexed securities (TIIS) are reported in actual funds paid or received, except for days of the report week are assumed to be constant. Monthly averages are based on the pledged securities. TIIS that are issued as pledged securities are reported at par value, which number of calendar days in the month. is the value of the security at original issuance (unadjusted for inflation). 2. Net outright positions include all U.S. government, federal agency, government- NOTE. Major changes in the report form filed by primary dealers included a break in many sponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and series as of the week ending July 4, 2001. Current weekly data may be found at the Federal forward delivery, as well as U.S. government securities traded on a when-issued basis Reserve Bank of New York web site (http://www.newyorkfed.org/pihome/statistics) under the between the announcement and issue date. Primary Dealer heading. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A30 DomesticN onfinancialS tatistics • June 2002 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 2001 2002 AAggeennccyy 11999988 11999999 22000000 22000011 Sept. Oct. Nov. Dec. Jan. 1 Federal and federally sponsored agencies 1,296,477 1,616,492 1,851,632 n.a. 2,071,164 26,781 n.a. n.a. n.a. 2 Federal agencies 26,502 26,376 25,666 276 27,017 6 275 276 290 3 Defense Department1 6 6 6 6 6 n.a. 6 6 6 4 Export-Import Bank2 -1 n.a. n.a. n.a. n.a. n.a. 252 n.a. n.a. n.a. 5 Federal Housing Administration4 205 126 255 26,828 231 n.a. 26,655 26,828 26,741 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. 26,775 n.a. n.a. n.a. 8 Tennessee Valley Authority 26,496 26,370 25,660 270 27,011 n.a. 269 270 284 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 2,120,781 2,044,147 2,053,686 2,071,168 2,120,781 n.a. 11 Federal Home Loan Banks 382,131 529,005 594,404 623,740 614,325 618,071 617,146 623,740 623,990 12 Federal Home Loan Mortgage Corporation 287,396 360,711 426,899 565,071 534,434 540,371 546,566 565,071 571,867 13 Federal National Mortgage Association 460,291 547,619 642,700 763,500 727,000 726,200 737,500 763,500 760,500 14 Farm Credit Banks8 63,488 68,883 74,181 76,673 76,385 76,339 75,815 76,673 76,494 15 Student Loan Marketing Association9 35,399 41,988 45,375 48,350 49,404 50,075 51,494 48,350 n.a. 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 debt11 44,129 42,152 40,575 39,096 42,825 40,574 40,485 39,096 38,140 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. 4,375 n.a. n.a. n.a. n.a. 26 Rural Electrification Administration 14,091 14,085 13,126 13,876 13,599 13,698 13,822 13,876 13,982 27 Other 20,538 21,402 22,174 25,220 30,851 26,876 26,663 25,220 24,158 1. Consists of mortgages assumed by the Defense Department between 1957 and 1963 10. The Financing Corporation, established in August 1987 to recapitalize the Federal under family housing and homeowners assistance programs. Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. 2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976. 11. The Farm Credit Financial Assistance Corporation, established in January 1988 to 3. On-budget since Sept. 30, 1976. provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. 4. Consists of debentures issued in payment of Federal Housing Administration insurance 12. The Resolution Funding Corporation, established by the Financial Institutions claims. Once issued, these securities may be sold privately on the securities market. Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 5. Certificates of participation issued before fiscal year 1969 by the Government National 1989. Mortgage Association acting as trustee for the Farmers Home Administration; the Department 13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations of Health, Education, and Welfare; the Department of Housing and Urban Development; the issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the Small Business Administration; and the Veterans Administration. purpose of lending to other agencies, its debt is not included in the main portion of the table to 6. Off-budget. avoid double counting. 7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes 14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans Federal Agriculture Mortgage Corporation; therefore, details do not sum to total. Some data guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally are estimated. being small. The Farmers Home Administration entry consists exclusively of agency assets, 8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is whereas the Rural Electrification Administration entry consists of both agency assets and shown on line 17. guaranteed loans. 9. Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Securities Markets and Corporate Finance A31 1.45 NEW SECURITY ISSUES Tax-Exempt State and Local Governments Millions of dollars 2001 2002 TTyyppee ooff ii oo ss rr ss uu uu ee ss ee oo rr iissssuueerr,, 11999999 22000000 22000011 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 1 All issues, new and refunding' 215,427 180,403 270,566 21,152 13,159 30,446 30,105 28,363 20,523 20,175 23,842 By type of issue 2 General obligation 73,308 64,475 100,519 8,796 3,926 14,302 10,163 9,218 8,157 8,652 10,269 3 Revenue 142,120 115,928 170,047 12,356 9,233 16,144 19,942 19,146 12,366 11,523 13,574 By type of issuer 4 State 16,376 19,944 30,099 2,713 1,504 6,008 2,271 746 1,826 3,238 3,265 5 Special district or statutory authority2 152,418 111,695 281,427 12,351 9,137 17,382 21,601 22,525 14,369 11,950 15,479 6 Municipality, county, or township 46,634 39,273 61,040 6,088 2,518 7,056 6,233 5,093 4,329 4,987 5,098 7 Issues for new capital 161,065 154,257 192,161 13,550 10,110 21,249 21,009 21,389 14,631 13,248 16,856 By use of proceeds 8 Education 36,563 38,665 50,054 2,950 3,017 4,279 4,475 4,818 4,138 3,961 5,484 9 Transportation 17,394 19,730 21,411 1,669 1,195 1,587 2,882 1,349 1,079 613 1,633 10 Utilities and conservation 15,098 11,917 21,917 1,228 1,025 2,324 2,429 2,560 1,711 1,606 1,290 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 6,607 708 663 688 359 1,642 539 125 515 13 Other purposes 47,896 47,309 55,733 4,524 1,732 9,158 5,281 6,319 4,639 4,897 4,894 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 1 AI1 issues' 1,072,866 942,198 1,382,003 93,451 97,944 89,855 139,181 123,517 96,576 102,688 86,090 2 Bonds2 941,298 807,281 1,253,449 84,872 89,990 84,509 123,346 110,888 81,339 88,241 79,515 By type of offering 3 Sold in the United States 818,683 684,484 1,197,060 79,508 86,759 80,223 120,162 106,563 79,636 79,472 73,474 4 Sold abroad 122,615 122,798 56,389 5,364 3,231 4,286 3,185 4,326 1,703 8,770 6,041 MEMO 5 Private placements, domestic 24,703 18,370 8,734 12 48 0 224 4,936 2,880 0 0 By industry group 6 Nonfinancial 293,963 242,207 445,930 18,904 28,546 31,920 43,830 42,189 21,647 18,894 30,770 7 Financial 647,335 565,074 807,519 65,968 61,443 52,589 79,517 68,699 59,692 69,348 48,746 8 Stocks3 223,968 283,717 128,554 8,579 7,954 5346 15,835 12,629 15,237 14,447 6,575 By type of offering 9 Public 131,568 134,917 128,554 8,579 7,954 5,346 15,835 12,629 15,237 14,447 6,575 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 4,237 5,487 81 7,611 7,592 7,771 9,579 4,024 12 Financial 21,284 16,548 50,977 4,342 2,467 5,265 8,224 5,037 7,466 4,868 2,551 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 DomesticN onfinancial Statistics • June 2002 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2001 2002 IItteemm 22000000 22000011 Aug. Sept. Oct. Nov. Dec. Jan. Feb.r Mar. 1 Sales of own shares2 2,279,315 1,806,474 142,577 105,038 153,827 147,192 151,779 171,499 141,463 171,298 2 Redemptions of own shares 2,057,277 1,677,266 131,408 127,995 137,837 124,060 149,705 138,773 123,013 131,828 3 Net sales3 222,038 129,208 11,169 -22,957 15,990 23,132 2,074 32,726 18,450 39,470 4 Assets4 5,123,747 4,689,624 4,635,477 4,253,850 4,376,923 4,625,601 4,689,624 4,667,688 4,623,041 4,816,572 5 Cash5 277,386 219,620 240,329 223,077 229,576 239,671 219,620 240,141 234,510 241,236 6 Other 4,846,361 4,470,004 4,395,148 4,030,773 4,147,347 4,385,930 4,470,004 4,427,547 4,388,531 4,575,336 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 Ql 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, Survey of Current Business. For information on where to obtain the data presented in this table, please see the "Announce- Table 1.48 will no longer be published in the Federal Reserve Bulletin after this issue (June ments" section, pp. 290-91. 2002). 1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 2000 2001 2002 AAccccoouunntt 11999999 22000000 22000011 Q3 Q4 Ql Q2 Q3 Q4 Ql ASSETS 1 845.4 958.6 970.9 939.9 958.6 954.4 988.7 967.7 970.9 304.4 327.9 340.2 331.5 327.9 319.2 324.5 329.2 340.2 3 395.1 458.4 447.0 443.0 458.4 459.1 481.9 451.1 447.0 4 145.8 172.3 183.7 165.4 172.3 176.1 182.3 118877..44 183.7 ^ 61.4 69.7 60.7 68.3 69.7 69.9 61.5 6600..88 60.7 (S 14.7 16.7 2200..22 15.6 16.7 17.2 17.4 18.0 20.2 7 769.3 872.2 889900..11 856.1 872.2 867.3 909.7 888.9 890.1 8 406.6 461.5 500.1 442.3 461.5 474.8 459.0 478.8 500.1 P 11,,117755..99 11,,333333..77 11,,339900..11 11,,229988..44 11,,333333..77 11,,334422..11 11,,336688..77 11,,336677..77 11,,339900..11 n.a. LIABILITIES AND CAPITAL 10 35.4 35.9 49.4 35.7 35.9 41.6 45.3 44.5 49.4 11 230.4 238.8 157.3 218.8 238.8 180.9 181.6 171.0 157.3 n.a. Debt 1111122222 87.8 102.5 99.5 100.0 102.5 97.2 93.4 91.7 99.5 1111133333 429.9 502.2 564.1 507.3 502.2 533.8 542.1 555.8 564.1 1111144444 237.8 301.8 330.8 288.1 301.8 325.1 336.3 327.6 330.8 1111155555 115544..55 115522..55 189.1 148.5 152,5 163.5 170.0 177.2 189.1 n.a. 1166 11,,117755..99 11,,333333..77 11,,339900..11 11,,229988..44 11,,333333..77 11,,334422..11 11,,336688..77 11,,336677..77 11,,339900..11 n.a. 1. Includes finance company subsidiaries of bank holding companies but not of 2. Before deduction for unearned income and losses. Excludes pools of securitized retailers and banks. Data are amounts carried on the balance sheets of finance compa- assets, nies; 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 11999999 22000000 22000011 Sept. Oct. Nov. Dec. Jan. Feb. Seasonally adjusted 1 Total 1,031.2 1,186.9 1,251.6 1,246.7 1,255.3 1,262.0 1,251.6 l,236.2r 1,243.3 2 Consumer 410.2 465.2 513.9 496.0 499.4 511.0 513.9 511.5r 518.8 3 Real estate 174.0 198.9 211.6 213.1 219.7 213.1 211.6 205.3 205.6 4 Business . 446.9 522.8 526.2 537.6 536.1 537.9 526.2 519.4' 519.0 Not seasonally adjusted 5 Total 1,036.4 1,192.1 1,256.9 1,239.5 1,250.1 1,256.3 1,256.9 1,240.2' 1,244.5 6 Consumer 412.7 468.3 517.4 498.0 501.1 514.2 517.4 512.2' 517.1 7 Motor vehicle loans 129.2 141.6 173.9r 151.6 164.6 177.2' 173.9' 168.9' 172.6 8 Motor vehicle leases 102.9 108.2 103.5 108.3 107.3 105.5 103.5 102.4' 101.2 9 Revolving2 32.5 37.6 31.5 35.9 28.5 30.2 31.5 29.9' 29.2 10 Other3 39.8 40.7 31.1 33.4 31.2 31.4 31.1 31.3' 31.6 Securitized assets4 11 Motor vehicle loans 73.1 97.1 131.9' 117.5 124.3 125.0' 131.9' 135.1' 136.8 12 Motor vehicle leases 9.7 6.6 6.8 7.0 6.9 7.0 6.8 6.7' 6.6 13 Revolving 6.7 19.6 24.3 29.3 23.5 23.4 24.3 23.9 25.3 14 Other 18.8 17.1 14.3 15.0 14.8 14.5 14.3 13.8 13.9 15 Real estate 174.0 198.9 211.6 213.1 219.7 213.1 211.6 205.3 205.6 16 One- to four-family 108.2 130.6 142.5 144.8 150.1 142.9 142.5 118.3 118.7 17 Other 37.6 41.7 41.2 42.6 44.1 44.9 41.2 41.0 41.1 Securitized real estate assets4 18 One- to four-family 28.0 24.7 22.2 22.8 22.7 22.4 22.2 40.3 40.1 19 Other .2 1.9 5.7 2.9 2.9 2.9 5.7 5.7 5.7 20 Business 449.6 525.0 527.9 528.4 529.3 529.0 527.9 522.7' 521.8 21 Motor vehicles 69.4 75.5 54.0 57.8 52.7 52.9 54.0 52.0' 54.5 22 Retail loans 21.1 18.3 16.1 16.7 16.8 16.2 16.1 16.4 17.0 23 Wholesale loans5 34.8 39.7 20.3 23.6 18.7 19.5 20.3 18.0' 20.1 24 Leases 13.6 17.6 17.6 17.5 17.2 17.2 17.6 17.6 17.5 25 Equipment 238.7 283.5 289.4 288.2 294.4 291.8 289.4 287.4 285.7 26 Loans 64.5 70.2 77.8 76.8 80.2 76.7 77.8 75.9 74.8 27 Leases 174.2 213.3 211.6 211.4 214.1 215.1 211.6 211.5 210.9 28 Other business receivables6 87.0 99.4 103.5 105.1 108.3 110.8 103.5 103.8' 100.9 Securitized assets4 29 Motor vehicles 31.5 37.8 50.1 48.0 45.3 43.9 50.1 49.1 46.7 30 Retail loans 2.9 3.2 5.1 2.6 2.4 3.0 5.1 4.7 4.6 31 Wholesale loans 26.4 32.5 42.5 42.8 40.3 38.3 42.5 41.9 39.6 32 Leases 2.1 2.2 2.5 2.7 2.7 2.7 2.5 2.5 2.5 33 Equipment 14.6 23.1 23.2 23.1 22.5 23.4 23.2 22.7 26.2 34 Loans 7.9 15.5 16.4 15.1 14.5 15.5 16.4 15.9 19.4 35 Leases 6.7 7.6 6.8 8.0 8.0 7.9 6.8 6.8 6.7 36 Other business receivables6 8.4 5.6 7.7 6.1 6.1 6.2 7.7 7.7 7.8 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 DomesticN onfinancial Statistics • June 2002 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2001 2002 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Terms and yields in primary and secondary markets PRIMARY MARKETS Terms' 1 Purchase price (thousands of dollars) 210.7 234.5 245.0 246.6 242.9 252.2 253.0 245.8 250.6 255.6 2 Amount of loan (thousands of dollars) 161.7 177.0 184.2 184.3 181.2 189.1 190.0 186.7 190.1 193.3 3 Loan-to-price ratio (percent) 78.7 77.4 77.3 77.1 76.9 77.2 77.2 78.1 78.2 78.2 4 Maturity (years) 28.8 29.2 28.8 29.0 28.5 28.6 28.9 28.8 28.8 29.1 5 Fees and charges (percent of loan amount)2 .77 .70 .67 .61 .67 .63 .69 .66 .62 .62 Yield (percent per year) 6 Contract rate1 6.94 7.41 6.90 6.80 6.63 6.54 6.68 6.77 6.72 6.66 7 Effective rate1 J 7.06 7.52 7.00 6.89 6.73 6.63 6.79 6.87 6.82 6.76 8 Contract rate (HUD series)4 7.45 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. SECONDARY MARKETS Yield (percent per year) 9 FHA mortgages (section 203)3 7.74 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10 GNMA securities6 7.03 7.57 6.36 6.03 5.86 5.96 6.43 6.32 6.13 6.50 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 1 1 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 16,016 20,020 25,389 36,769 36,392 33,249 21,305 Mortgage commitments (during period) 15 Issued' 187,948 163,689 304.084 16,650 35,275 49,909 19,867 n.a. n.a. n.a. 16 To sell8 5,900 11,786 7,586 261 1,676 807 2,083 n.a. n.a. n.a. FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period f 17 Total 324,443 385,693 491,719 470.850 477,588 483,911 491,719 508,238 522,886 526,107 18 FHA/VA insured 1,836 3,332 3,506 2,597 2,553 3,562 3,506 3,447 3,387 3,332 19 Conventional 322.607 382,361 488.213 468.253 475,035 480,349 488,213 504,791 519,499 522,775 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 32,666 31,646 38,958 50,532 49,031 47,473 42,545 22 Mortgage commitments contracted (during period)9 228,432 169,231 417,434 31,140 41,346 42,619 51,456 47,076 41,442 41,561 1. Weighted averages based on sample surveys of mortgages originated by major institu- 6. Average net yields to investors on fully modified pass-through securities backed by tional lender groups for purchase of newly built homes; compiled by the Federal Housing mortgages and guaranteed by the Government National Mortgage Association (GNMA), Finance Board in cooperation with the Federal Deposit Insurance Corporation. assuming prepayment in twelve years on pools of thirty-year mortgages insured by the 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. seller) to obtain a loan. 7. Does not include standby commitments issued, but includes standby commitments 3. Average effective interest rate on loans closed for purchase of newly built homes, converted. assuming prepayment at the end of ten years. 8. Includes participation loans as well as whole loans. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Department of Housing and Urban Development (HUD). Based on transactions on the first Mortgage Corporation's mortgage commitments and mortgage transactions include activity day of the subsequent month. under mortgage securities swap programs, whereas the corresponding data for the Federal 5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by National Mortgage Association exclude swap activity. the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Real Estate A35 1.54 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period 2000 2001 TTyyppee ooff hhoollddeerr aanndd pprrooppeerrttyy 11999988 11999999 22000000 Q4 Qi Q2 Q3 Q4 1 AH 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 2 One- to four-family residences 4,368,902 4,804,019 5,224,846 5,224,846 5,318,138 5,476,209 5,622,701 5,757,906 3 Multifamily residences 333,969 376,771 413,358 413,358 421,532 433,213 446,925 460,605 4 Nonfarm, nonresidential 923,186 1,076,492 1,187,217 1,187,217 1,206,945 1,244,035 1,281,332 1,324,179 5 Farm 96,506 102,962 108,836 108,836 109,873 113,050 114,666 115,310 By type of holder 6 Major financial institutions 2,195.869 2,396,265 2,620,886 2,620,886 2,664,837 2,716,269 2,737,607 2,792,020 7 Commercial banks2 1,338,273 1,496,844 1,661,411 1,661,411 1,688.673 1,727,463 1,740,321 1,793,061 8 One- to four-family 798,009 880,208 966,502 966,502 978,144 999,396 989,081 1,024,842 9 Multifamily 54,174 67,666 77,821 77,821 79,890 80,542 84,051 84,981 10 Nonfarm, nonresidential 457,054 517,130 583,071 583,071 596,405 612,366 631,757 647,669 1 1 Farm 29,035 31,839 34,016 34,016 34,234 35,159 35,432 35,569 12 Savings institutions3 643,957 668,634 723,534 723,534 741,114 751,660 758,343 758,109 13 One- to four-family 533,895 549,046 595,053 595,053 608,289 616.506 620,882 620,975 14 Multifamily 56,847 59,168 61,094 61,094 62,666 63,193 64,193 64,323 15 Nonfarm, nonresidential 52,798 59,945 66,852 66,852 69,589 71.378 72,695 72,275 16 Farm 417 475 535 535 569 583 574 536 17 Life insurance companies 213,640 230,787 235,941 235,941 235,050 237,146 238,943 240,850 18 One- to four-family 6,590 5,934 4,903 4,903 4,877 5,003 5,085 5,187 19 Multifamily 31,522 32,818 33,681 33,681 33,557 33,842 33,842 33,947 20 Nonfarm, nonresidential 164,004 179,048 183,757 183,757 183,078 184,634 186,235 187,673 21 Farm 11,524 12,987 13,600 13,600 13,538 13,667 13,781 14,043 22 Federal and related agencies 293,602 322,132 343,962 343,962 346,276 355,218 360,906 373,050 23 Government National Mortgage Association 7 7 6 6 6 6 9 8 24 One- to four-family 7 7 6 6 6 6 9 8 25 Multifamily 0 0 0 0 0 0 0 0 26 Farmers Home Administration4 40,851 73,871 73,323 73,323 73,361 73,206 72,118 72,452 27 One- to four-family 16,895 16,506 16,372 16.372 16,297 16,153 15,916 15,824 28 Multifamily 11,739 11,741 11,733 11,733 11,725 11,720 11,710 11,712 29 Nonfarm, nonresidential 7,705 41,355 41,070 41,070 41,247 41,262 40,470 40,965 30 Farm 4,513 4,268 4,148 4,148 4,093 4,072 4,023 3,952 31 Federal Housing and Veterans' Administrations 3,674 3,712 3,507 3,507 2,873 2,918 3,155 3.290 32 One- to four-family 1,849 1,851 1,308 1,308 1,276 1,267 1,251 1.260 33 Multifamily 1,825 1,861 2,199 2,199 1,597 1,651 1,904 2,031 34 Resolution Trust Corporation 24 -10 -892 0 0 0 0 0 35 One- to four-family 0 0 0 0 0 0 0 0 36 Multifamily 0 0 0 0 0 0 0 0 37 Nonfarm, nonresidential 0 0 0 0 0 0 0 0 38 Farm 0 0 0 0 0 0 0 0 39 Federal Deposit Insurance Corporation 361 152 45 45 50 24 26 13 40 One- to four-family 58 25 7 7 8 4 4 2 41 Multifamily 70 29 9 9 10 5 5 3 42 Nonfarm, nonresidential 233 98 29 29 32 15 17 8 43 Farm 0 0 0 0 0 0 0 0 44 Federal National Mortgage Association 157,675 151,500 155,363 155,363 156,294 159,221 163,592 167,121 45 One- to four-family 147,594 141,195 144,150 144,150 145,014 147,730 151,786 155,060 46 Multifamily 10,081 10,305 11,213 11,213 11,280 11,491 11,806 12,061 47 Federal Land Banks 32,983 34,187 36,326 36,326 37,072 38,686 39,722 39,722 48 One- to four-family 1,941 2,012 2,137 2,137 2,181 2,276 2,337 2,337 49 Farm 0 0 0 0 0 0 0 0 50 Federal Home Loan Mortgage Corporation 57,085 56,676 59,240 59,240 60,110 61,542 59,638 62,793 51 One- to four-family 49,106 44,321 42,871 42,871 42,771 42,537 39,217 40,310 52 Multifamily 7,979 12,355 16,369 16,369 17,339 19,005 20,421 22,483 53 Mortgage pools or trusts5 2,581,395 2,948,294 3,231,426 3,231,426 3,301,680 3,438,372 3,593,772 3,717,398 54 Government National Mortgage Association 537,446 582,263 611,553 611,553 601,523 595,679 603,798 589,458 55 One- to four-family 522,498 565,189 592.624 592,624 581,743 574,888 582,408 567,550 56 Multifamily 14,948 17,074 18,929 18,929 19,780 20,792 21,391 21,908 57 Federal Home Loan Mortgage Corporation 646,459 749,081 822,310 822,310 833,616 873,750 927,490 948,409 58 One- to four-family 643,465 744,619 816,602 816,602 827,769 867,924 921,709 940,933 59 Multifamily 2,994 4,462 5,708 5,708 5,847 5,826 5,781 7,476 60 Federal National Mortgage Association 834,517 960,883 1,057,750 1,057,750 1,099,049 1,163,978 1,228,131 1,290,351 61 One- to four-family 804,204 924,941 1,016,398 1,016,398 1,055,412 1,116,534 1,177,995 1,238,125 62 Multifamily 30,313 35,942 41,352 41,352 43,637 47,444 50,136 52,226 63 Farmers Home Administration4 1 0 0 0 0 0 0 0 64 One- to four-family 0 0 0 0 0 0 0 0 65 Multifamily 0 0 0 0 0 0 0 0 66 Nonfarm, nonresidential 0 0 0 0 0 0 0 0 67 Farm 1 0 0 0 0 0 0 0 68 Private mortgage conduits 562,972 656,067 739,813 739,813 767,492 804,965 834,353 889,180 69 One- to four-family6 405,153 455,021 499,834 499,834 523,300 539,200 550,021 574,500 70 Multifamily 33,784 42,293 48,786 48,786 49,026 51,662 54,522 60,158 71 Nonfarm, nonresidential 124,035 158,754 191,193 191,193 195,166 214,103 229,810 254,522 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 /5 Multifamily 77,684 80,826 84,243 84,243 84,961 85,827 86,950 87,087 lb Nonfarm, nonresidential 117,355 120,162 121,244 121,244 121,428 120,276 120,348 121,067 11 Farm 19,974 21,217 22,348 22,348 22,547 23,160 23,471 23,825 1. Multifamily debt refers to loans on structures of five or more units. 6. Includes securitized home equity loans. 2. Includes loans held by nondeposit trust companies but not loans held by bank trust 7. Other holders include mortgage companies, real estate investment trusts, state and local departments. credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and 3. Includes savings banks and savings and loan associations. finance companies. 4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from SOURCE. Based on data from various institutional and government sources. Separation of FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting nonfarm mortgage debt by type of property, if not reported directly, and interpolations and changes by the Farmers Home Administration. extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. 5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by Line 69 from Inside Mortgage Securities and other sources. the agency indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A36 Domestic NonfinancialS tatistics • June 2002 1.55 CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2001 2002 HHoollddeerr aanndd ttyyppee ooff ccrreeddiitt 11999999 22000000 22000011'' Sept. Oct. Nov. Dec.' Jan.' Feb. Seasonally adjusted 1 Total 1,416,316 1,560,571 1,655,295 1,620,752 1,633,515 1,653,474 1,655,295 1,662,312 1,669,391 2 Revolving 597,669 666,544 692,395 691,122 690,749 698,049 692,395 693,758 694,509 3 Nonrevolving2 818,647 894,027 962,900 929,630 942,765 955,426 962,900 968,555 974,882 Not seasonally adjusted 4 Total 1,446,127 1,593,051 1,688,894 1,619,10 9 1,633,430 1,661,001 1,688,894 1,675,362 1,666,625 Bv major holder 5 Commercial banks 499,758 541,470 557,099 535,254 540,498 550,072 557,099 556,714 550,875 6 Finance companies 201,549 219,783 236,511 220,884 224,260 238,850' 236,511 230,180 233,404 7 Credit unions 167,921 184,434 186,286 185,732 185,523 186,070 186,286 184,836 183,287 8 Savings institutions 61,527 64,557 68,028 68,535 68,364 68,199 68,028 68,729 69,430 9 Nonfinancial business 80,311 82,662 67,939 60,204 58,763 60,383 67,939 63,148 58,974 10 Pools of securitized assets3 435,061 500,145 573,032 548,499 556,023 557,427' 573,032 571,755 570,656 By major type of credit4 11 Revolving 621,914 692,955 719,524 686,173 684,685 697,677 719,524 705,161 695,358 12 Commercial banks 189,352 218,063 224,470 202,924 209,697 219,555 224,470 218,099 215,987 13 Finance companies 32,483 37,561 31,484 35,901 28,489 30,245 31,484 29,932 29,168 14 Credit unions 20,641 22,226 22,819 21,879 21,666 22,044 22,819 22,051 21,656 15 Savings institutions 15,838 16,560 16,979 16,915 16,936 16,957 16,979 16,970 16,962 16 Nonfinancial business 42,783 42,430 29,790 25.207 23,709 24,463 29,790 26,280 23,016 17 Pools of securitized assets3 320,817 356,114 393,983 383,346 384,187 384,413 393,983 391,830 388,569 18 Nonrevolving 824,213 900,095 969.370 932.936 948,745 963,324 969.370 970,201 971,267 19 Commercial banks 310,406 323,407 332,629 332,330 330,800 330,517 332,629 338,616 334,888 20 Finance companies 169,066 182,221 205,027 184,983 195,771 208,605' 205,027 200,248 204,235 21 Credit unions 147,280 162,208 163,467 163,853 163,857 164,026 163,467 162,785 161,631 22 Savings institutions 45,689 47,997 51.049 51,620 51,428 51,242 51,049 51,759 52,468 23 Nonfinancial business 37,528 40,232 38,148 34,997 35,054 35,921 38,148 36,868 35,958 24 Pools of securitized assets3 114,244 144,031 179,049 165,153 171,836 173,014' 179,049 179,926 182,087 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. INTEREST RATES Commercial banks2 1 48-month new car 8.44 9.34 8.50 8.31 n.a. n.a. 7.86 n.a. n.a. 7.50 2 24-month personal 13.39 13.90 13.22 13.25 n.a. n.a. 12.62 n.a. n.a. 11.72 Credit card plan 3 All accounts 15.21 15.71 14.89 14.60 n.a. n.a. 14.22 n.a. n.a. 13.65 4 Accounts assessed interest 14.81 14.91 14.44 14.64 n.a. n.a. 13.88 n.a. n.a. 12.98 Auto finance companies 5 New car 6.66 6.61 5.65 6.41 5.42 2.71 2.89 3.31 4.02 n.a. 6 Used car 12.60 13.55 12.18 12.06 12.01 11.41 10.96 10.89 10.84 n.a. OTHER TERMS3 Maturity (months) 7 New car 52.7 54.9 55.1 57.7 57.2 53.7 51.0 48.6 48.8 56.4 8 Used car 55.9 57.0 57.5 57.6 57.6 57.2 56.7 56.5 57.3 57.8 Loan-to-value ratio 9 New car 92 92 91 91 92 94 92 91 90 89 10 Used car 99 99 100 100 101 100 100 100 100 100 Amount financed (dollars) 11 New car 19,880 20,923 22,822 22,591 23,049 24,443 24,934 24,812 24,137 22,741 12 Used car 13,642 14,058 14,416 14,321 14,408 14,627 14,669 14,653 14,355 14,049 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 A3 9 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 11999977 11999988 Q2 Q3 Q4 Ql Q2 Q3 Q4 Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial 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 2 Federal government 145.0 23.1 -52.6 -71.2 -295.9 -408.7 -226.2 -331.3 -4.3 -256.0 255.7 -17.6 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 Commercial paper -.9 13.7 24.4 37.4 48.1 110.4 56.1 -4.0 -199.2 -133.4 -66.1 45.5 7 Municipal securities and loans 2.6 71.4 96.8 68.2 35.3 30.1 31.0 60.1 110.7 112.4 56.0 203.2 S 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 n 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 662299..77 660099..99 18 Nonfinancial 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 ?0 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 71 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 -4.1 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 ?5 Bonds 67.0 61.4 34.9 16.8 25.2 -27.3 71.4 9.0 17.1 -15.9 -78.8 6.1 26 Bank loans n.e.c 9.1 8.5 6.7 .5 11.3 5.7 11.9 12.2 13.0 -31.0 4.4 -16.3 27 Other loans and advances 1.0 -1.8 -6.0 -5.7 -1.3 1.7 -1.7 -4.6 -11.6 .7 -.8 2.1 28 Total domestic plus foreign 822.0 876.5 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 -31.6 107.8 -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 ^10.6 48 Mortgage companies 4.1 -4.6 1.6 .2 .1 2.7 -.3 1.0 .7 ..66 ..88 .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 1100..55 --22..44 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
A38 DomesticN onfinancial Statistics • June 2002 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates 2000 2001 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999966 11999977 11999988 11999999 22000000 Q2 Q3 Q4 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 corporate 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 Ql 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 -5.2 -6.2 -7.2 A 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 IS 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 71 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 77 State and local government retirement funds 35.8 67.1 72.1 46.9 54.6 31.5 37.6 86.1 -70.7 77.0 -74.2 7.3 73 Money market mutual funds 88.8 87.5 244.0 182.0 143.0 -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 75 Closed-end funds 4.6 -2.6 5.5 7.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 -8.4 76 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 1.1 1.7 1.2 31 Real estate investment trusts (REITs) 4.4 20.2 -5.1 -2.6 -6.3 -2.5 -3.6 -2.8 4.0 1.1 7.8 29.0 37 Brokers and dealers -15.7 14.9 6.8 -34.7 68.9 89.8 152.1 -69.0 289.5 35.4 236.0 -170.4 33 Funding corporations 12.6 50.4 -15.8 133.0 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 4.9 -1.5 44..77 1199..11 --33..44 36 Special drawing rights certificates -.5 -.5 .0 -3.0 ^t.O -8.0 -4.0 -4.0 .0 .0 .0 .0 37 Treasury currency .5 .5 .6 1.0 2.4 3.2 4.2 .0 -1.1 1.1 .0 .0 38 Foreign deposits 85.9 107.7 6.5 61.0 120.8 3.4 ^10.8 207.4 235.5 -170.2 83.5 100.0 39 Net interbank transactions -51.6 -19.7 -32.3 18.4 13.6 275.4 24.4 18.0 -181.0 19.0 20.2 188.6 40 Checkable deposits and currency 15.7 41.2 47.4 151.4 -71.5 -33.8 5.0 -50.2 186.9 90.7 235.0 287.5 41 Small time and savings deposits 97.2 97.1 152.4 44.7 190.7 123.0 224.5 310.8 288.3 194.2 229.1 328.4 47 Large time deposits 114.0 122.5 92.1 130.6 118.4 101.2 152.9 65.2 130.6 51.9 16.3 56.7 43 Money market fund shares 145.4 155.9 287.2 249.1 233.3 71.5 250.9 371.0 621.5 322.5 367.7 402.7 44 Security repurchase agreements 41.4 120.9 91.3 169.7 110.7 155.1 277.1 -265.4 -109.5 187.9 242.3 -196.3 45 Corporate equities -4.7 -79.9 -165.8 -34.6 -45.3 -22.7 -54.0 -188.2 137.6 132.1 -79.0 80.2 46 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 57 Investment in bank personal trusts -5.3 -49.9 -41.8 -6.5 -29.7 -33.1 -29.2 -28.0 -26.1 -22.7 -28.2 -28.2 53 Noncorporate proprietors' equity 5.8 -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 ^120.0 -284.8 -394.3 10.6 -312.9 -181.3 -526.8 125.0 -212.9 Floats not included in assets (—) 62 Federal government checkable deposits .5 -2.7 2.6 -7.4 9.0 16.3 3.0 -2.1 66.8 -.1 7.3 -58.5 63 Other checkable deposits -4.0 -3.9 -3.1 -.8 1.7 1.4 1.9 2.4 3.8 3.9 5.1 5.5 64 Trade credit -25.4 -29.2 -51.3 42.9 -29.5 -34.9 -10.6 21.5 27.9 -12.7 -23.1 34.4 65 Total identified to sectors as assets 3,093.9 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. 1 and F.5. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A40 Domestic Nonfinancial Statistics • June 2002 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period 2000 2001 Q2 Q3 Q4 Ql 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 By instrument 6 Commercial paper 168.6 193.0 230.3 278.4 296.8 307.0 278.4 253.2 223.3 201.3 190.1 7 Municipal securities and loans 1,367.5 1,464.3 1,532.5 1,567.8 1,551.6 1,550.3 1,567.8 1,597.5 1,629.8 1,635.3 1,688.4 8 Corporate bonds 1,610.9 1,829.6 2,059.5 2,230.6 2,144.5 2,186.7 2,230.6 2,330.4 2,435.3 2,482.3 2,558.8 y Bank loans n.e.c 1,040.4 1,148.5 1,231.2 1,334.2 1,306.9 1,311.3 1,334.2 1,323.9 1,292.9 1,282.6 1,247.3 10 Other loans and advances 825.1 907.2 964.5 1,077.1 1,037.2 1,039.5 1,077.1 1,083.2 1,110.6 1,116.8 1,096.4 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 25 427.7 462.6 479.4 504.6 484.5 502.4 504.6 508.9 504.9 485.2 486.8 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 A3 9 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 22000000 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 2 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 3 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 5 Nonfarm noncorporate business 52.7 69.1 78.0 75.9 77.6 76.6 75.9 74.7 73.4 71.9 70.1 6 State and local governments 605.0 739.4 782.8 792.0 795.8 788.7 792.0 802.4 799.1 793.3 807.8 7 Federal government 205.4 219.1 258.0 265.4 261.6 262.7 265.4 266.6 268.9 269.8 272.8 8 Rest of the world 2,257.3 2,539.8 2,676.2 3,004.6 2,809.9 2,861.7 3,004.6 3,112.9 3,200.1 3,294.3 3,430.6 9 Financial sectors 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 II Commercial banking 4,031.9 4,335.7 4,643.9 5,002.3 4,847.4 4,931.0 5,002.3 5,015.7 5,044.4 5,096.4 5,202.8 12 U.S.-chartered banks 3,450.7 3,761.2 4,078.9 4,418.7 4,295.4 4,368.2 4,418.7 4,424.4 4,463.2 4,508.8 4,605.1 13 Foreign banking offices in United States 516.1 504.2 484.1 508.1 478.1 487.5 508.1 515.0 504.2 509.9 512.0 14 Bank holding companies 27.4 26.5 32.7 20.5 23.0 21.3 20.5 22.3 21.6 21.3 24.3 15 Banks in U.S.-affiliated areas 37.8 43.8 48.3 55.0 51.0 54.0 55.0 54.1 55.5 56.5 61.4 16 Savings institutions 928.5 964.6 1,033.2 1,089.7 1,062.5 1,082.2 1,089.7 1,101.6 1,116.4 1,118.4 1,130.1 17 Credit unions 305.3 324.2 351.7 382.2 370.1 376.0 382.2 386.5 391.8 407.8 420.8 18 Bank personal trusts and estates 207.0 194.1 222.0 239.1 230.2 234.6 239.1 241.8 245.1 247.3 249.5 19 Life insurance companies 1,751.1 1,828.0 1,886.0 1,943.9 1,914.1 1,935.1 1,943.9 1,967.2 1,996.9 2,044.2 2,076.2 20 Other insurance companies 515.3 521.1 518.2 509.4 510.8 512.4 509.4 510.0 510.0 511.3 514.5 21 Private pension funds 674.6 651.8 677.2 717.1 696.3 710.5 717.1 722.8 729.3 725.1 735.0 22 State and local government retirement funds 632.5 704.6 751.4 806.0 775.1 784.5 806.0 788.3 807.6 789.0 790.9 23 Money market mutual funds 721.9 965.9 1,147.8 1,290.9 1,159.4 1,212.5 1,290.9 1,403.8 1,414.6 1,498.0 1,536.9 24 Mutual funds 901.1 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 25 Closed-end funds 98.3 103.7 111.1 102.7 106.9 104.8 102.7 100.6 98.5 96.4 94.2 26 Government-sponsored enterprises 939.4 1,253.9 1,545.6 1,803.7 1,649.2 1,714.3 1,803.7 1,869.7 1,951.1 2,019.1 2,098.1 27 Federally related mortgage pools 1,825.8 2,018.4 2,292.2 2,491.6 2,355.2 2,414.3 2,491.6 2,534.2 2,633.4 2,759.4 2,828.2 28 Asset-backed securities (ABSs) issuers 937.7 1,219.4 1,424.6 1,602.9 1,486.3 1,522.9 1,602.9 1,660.5 1,703.7 1,771.2 1,859.0 29 Finance companies 568.2 645.5 742.5 850.5 812.3 830.0 850.5 848.0 878.5 859.4 867.0 30 Mortgage companies 32.1 35.3 35.6 35.9 35.5 35.4 35.9 36.2 36.5 36.9 37.2 31 Real estate investment trusts (REITs) 50.6 45.5 42.9 36.6 38.2 37.3 36.6 37.6 37.9 39.8 47.1 3? Brokers and dealers 182.6 189.4 154.7 223.6 188.2 243.3 223.6 312.3 288.4 366.4 321.2 33 Funding corporations 166.7 152.3 285.0 324.4 337.0 313.0 324.4 291.0 230.2 173.8 193.1 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 42 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 -27.0 -25.5 -4.3 -11.6 -17.6 -4.3 1.7 5.5 6.0 11.5 60 Security repurchase agreements 172.9 230.6 266.7 382.5 419.6 453.5 382.5 339.2 368.7 369.5 330.8 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 89,323.1 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.l (780) quarterly statistical release, tables 2. Excludes corporate equities and mutual fund shares. L.l and L.5. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A42 Domestic Nonfinancial Statistics • June 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 July Aug. Sept. Oct. Nov. Dec. Jan.' Feb.' Mar.f 1 Industrial production1 139.4 145.7 140.1 140.4 140.0 138.5 137.7 137.2 136.7r 137.4 137.9 138.8 Market groups 2 Products, total 129.6 133.5 129.4 130.3 129.4 127.7 126.8 126.7 126.5' 126.5 126.8 127.5 3 Final, total 131.8 135.8 132.0' 133.2 132.0 130.0 129.2 129.4 129.1' 129.1 129.2 129.8 4 Consumer goods 119.9 121.9 120.7 122.2 121.4 119.9 119.6 120.0 120.6' 120.5 121.0 121.7 5 Equipment 153.5 161.8 152.3 152.7 150.5 147.1 145.4 145.0 142.7' 142.9 142.0 142.3 6 Intermediate 123.2 126.4 121.4 121.4 121.6 120.7 119.6 118.9 118.6' 118.8 119.6 120.7 / Materials 155.6 166.4 158.0r 157.2 157.6 156.5 155.9 154.8 153.6' 155.7 156.5 157.9 Industry groups 8 Manufacturing 144.7 151.6 144.8 145.2 144.5 142.9 142.1 142.0 141.6' 142.5 142.7 143.9 9 Capacity utilization, manufacturing (percent)2 .. 80.6 80.7 75.1 75.1 74.6 73.7 73.3 73.2 72.9 73.3 73.4 73.9 10 Construction contracts3 114.9r 129.6r 138.1' 138.0' 134.0' 142.0' 136.0' 134.0' 150.0' 141.0 139.0 147.0 11 Nonagricultural employment, total4 118.7 121.3 121.8 122.0 121.9 121.8 121.4 121.0 120.9 120.8 120.8 120.9 12 Goods-producing, total 109.8 110.7 108.1 108.1 107.5 107.1 106.5 105.8 105.3 104.5 104.4 104.0 13 Manufacturing, total 102.5 102.0 97.7 97.7 96.8 96.4 95.7 94.8 94.1 93.5 93.2 93.0 14 Manufacturing, production workers 103.7 102.8 97.0 96.8 95.9 95.3 94.6 93.6 92.8 92.2 91.9 91.7 15 Service-producing 121.1 124.2 125.5 125.7 125.9 125.8 125.4 125.2 125.2 125.3 125.3 125.5 16 Personal income, total 144.3 154.3 161.8 162.7 162.8 162.7 162.5 162.5 163.0 163.8 164.7 n.a. 17 Wages and salary disbursements 149.9 162.2 170.9 171.8 171.8 171.7 171.3 171.4 172.2 172.2 172.8 n.a. 18 Manufacturing 134.0 142.3 144.3 144.9 144.1 143.4 142.1 140.9 140.7 140.3 140.2 n.a. 19 Disposable personal income5 139.2 147.9 156.0 157.9 161.0 159.1 156.2 156.3 156.6 159.5 160.6 n.a. 20 Retail sales5 155.1 167.0 172.6 172.6 172.9 169.2 180.8 174.9 174.5 174.7 175.0 175.5 Prices6 21 Consumer (1982-84-100) 166.6 172.2 177.1 177.5 177.5 178.3 177.7 177.4 176.7 177.1 177.8 178.8 22 Producer finished goods (1982=100) 133.0 138.0 140.7 140.5 140.9 141.6 139.7 138.3' 137.2 137,5 137.7 138.9 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 Info. Systems Co., F.W. Dodge Division. latest historical revision of the industrial production index and the capacity utilization rates 4. Based on data from the U.S. Department of Labor, Employment and Earnings. Series was released in November 2001. The recent annual revision is described in the March 2002 covers employees only, excluding personnel in the armed forces. issue of the Bulletin. For a description of the methods of estimating industrial production and 5. Based on data from U.S. Department of Commerce, Survey of Current Business. capacity utilization, see "Industrial Production and Capacity Utilization: Historical Revision 6. Based on data not seasonally adjusted. Seasonally adjusted data for changes in the price and Recent Developments," Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92, indexes can be obtained from the U.S. Department of Labor, Bureau of Labor Statistics, and the references cited therein. For details about the construction of individual industrial Monthly Labor Review. production series, see "Industrial Production: 1989 Developments and Historical Revision," NOTE. Basic data (not indexes) for series mentioned in notes 4 and 5, and indexes for Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204. series mentioned in notes 3 and 6, can also be found in the Survey of Current Business. 2. Ratio of index of production to index of capacity. Based on data from the Federal Table 2.10 will no longer be published in the Federal Reserve Bulletin after this issue (June Reserve, U.S. Department of Commerce, and other sources. 2002). For information on where to obtain the data presented in this table, please see the "Announcements" section, pp. 290-91. 2.11 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Thousands of persons; monthly data seasonally adjusted 2001 2002 CCaatteeggoorryy 11999999 22000000 22000011 Aug. Sept. Oct. Nov. Dec. Jan.' Feb.' Mar. HOUSEHOLD SURVEY DATA1 1 Civilian labor force2 139,368 140,863 141,815 141,380 142,068 142,280 114422,,227799 114422,,331144 141,390 114422,,221111 114422,,000055 Employment 2 Nonagricultural industries3 130,207 131,903 131,929 131,282 131,823 131,412 131,099 130,809 130,195 131,073 130,768 3 Agriculture 3,281 3,305 3,144 3,126 3,181 3,203 3,154 3,246 3,273 3,246 33,,112266 Unemployment 4 Number 5,880 5,655 6,742 6,972 7,064 7,665 8,026 8,259 7,922 7,891 8,111 5 Rate (percent of civilian labor force) 4.2 4.0 4.8 4.9 5.0 5.4 5.6 5.8 5.6 5.5 5.7 ESTABLISHMENT SURVEY DATA 6 Nonagricultural payroll employment4 128,916 131,759 132,213 132,395 132,230 131,782 131,427 131,321 131,212 131,210 131,268 7 Manufacturing 18,552 18,469 17,698 17,533 17,448 17,325 17,159 17,039 16,923 16,869 16,831 8 Mining 539 543 563 569 569 569 567 564 563 557 555 9 Contract construction 6,415 6,698 6,861 6,861 6,871 6,852 6,851 6,850 6,787 6,817 6,780 10 Transportation and public utilities 6,834 7,019 7,070 7,082 7,070 7,016 ' 6,952 6,915 6,898 6,898 6,892 11 Trade 29,758 30,331 30,502 30,593 30,524 30,393 30,365 30,303 30,341 30,377 30,369 12 Finance 7,555 7,560 7,624 7,623 7,633 7,634 7,638 7,632 7,638 7,624 7,618 13 Service 39,055 40,460 41,024 41,129 41,134 40,995 40,889 40,957 40,992 40,983 41,101 14 Government 20,206 20,681 20,873 21,005 20,981 20,998 21,006 21,061 21,070 21,085 21,122 1. Beginning January 1994, reflects redesign of current population survey and population pay period that includes the twelfth day of the month; excludes proprietors, self-employed controls from the 1990 census. persons, household and unpaid family workers, and members of the armed forces. Data are 2. Persons sixteen years of age and older, including Resident Armed Forces. Monthly adjusted to the March 1992 benchmark, and only seasonally adjusted data are available at this figures are based on sample data collected during the calendar week that contains the twelfth time. day; annual data are averages of monthly figures. By definition, seasonality does not exist in SOURCE. Based on data from U.S. Department of Labor, Employment and Earnings. population figures. Table 2.11 will no longer be published in the Federal Reserve Bulletin after this issue (June 3. Includes self-employed, unpaid family, and domestic service workers. 2002). For information on where to obtain the data presented in this table, please see the 4. Includes all full- and part-time employees who worked during, or received pay for, the "Announcements" section, pp. 290-91. 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 2002 2001 2002 2001 2002 Q2 Q3 Q4r Qi Q2 Q3 Q4 Ql Q2 Q3 Q4' Qi Output (1992=100) Capacity (percent of 1992 output) Capacity utilization rate (percent)2 1 Total industry 141.3 139.6 137.2 138.0 182.6 183.2 183.6 184.1 77.4 76.2 74.7 75.0 2 Manufacturing 146.0 144.2 141.9 143.0 193.2 193.6 194.0 194.4 75.6 74.5 73.1 73.6 3 Primary processing3 168.9 167.1 164.5 167.8 223.0 223.8 224.5 225.3 75.8 74.7 73.3 74.5 4 Advanced processing4 133.3 131.5 129.3 129.4 176.6 176.9 177.2 177.4 75.5 74.3 73.0 72.9 5 Durable goods 181.9 178.3 174.1 176.2 246.3 247.5 248.5 249.4 73.8 72.0 70.1 70.6 6 Lumber and products 113.2 115.5 112.7 114.3 148.5 148.8 149.1 149.2 76.2 77.6 75.6 76.6 7 Primary metals 120.5 117.8 109.1 112.7 150.8 150.6 150.4 149.4 79.9 78.2 72.6 75.5 8 Iron and steel 117.3 115.7 104.0 109.6 147.4 146.8 146.2 144.4 79.6 78.8 71.2 75.9 9 Nonferrous 124.6 120.6 115.3 116.8 155.3 155.6 155.8 155.9 80.2 77.5 74.0 74.9 10 Industrial machinery and equipment 217.0 208.8 202.2 204.1 297.3 298.8 299.8 300.3 73.0 69.9 67.5 67.9 11 Electrical machinery 509.2 485.3 485.7 498.9 735.6 745.4 752.5 763.3 69.2 65.1 64.6 65.4 12 Motor vehicles and parts 166.8 169.5 165.1 172.6 220.1 221.5 222.9 224.1 75.8 76.5 74.1 77.0 13 Aerospace and miscellaneous transportation equipment 99.0 95.9 91.2 86.1 135.3 135.2 135.1 135.1 73.2 71.0 67.5 63.7 14 Nondurable goods 111.5 111.0 110.2 110.6 143.0 142.9 142.9 142.9 77.9 77.7 77.1 77.4 15 Textile mill products 88.0 85.3 82.4 85.5 117.4 116.4 115.4 114.3 74.9 73.3 71.5 74.8 16 Paper and products 108.9 108.5 105.8 104.8 138.7 138.8 139.0 139.0 78.5 78.1 76.1 75.4 17 Chemicals and products 119.6 121.1 122.4 123.0 158.3 158.5 158.6 158.8 75.6 76.4 77.2 77.4 18 Plastics materials 116.4 117.4 115.6 113.7 152.5 153.0 153.4 153.8 76.3 76.7 75.4 73.9 19 Petroleum products 115.5 113.2 113.7 115.4 122.2 122.4 122.7 122.9 94.5 92.5 92.7 93.9 20 Mining 102.9 101.8 98.6 96.3 112.0 112.2 112.6 112.9 91.8 90.7 87.6 85.4 21 Utilities 120.0 119.1 116.9 117.8 136.2 138.1 139.9 141.6 88.1 86.3 83.6 83.2 22 Electric 123.6 122.2 121.1 122.1 135.1 137.4 139.8 141.9 91.5 88.9 86.7 86.0 1973 1975 Previous cycle5 Latest cycle6 2001 2001 2002 High Low High Low High Low Mar. Oct. Nov. Dec/ Jan.' Feb.' Mar.P Capacity utilization rate (percent)2 1 Total industry 89.2 72.6 87.3 71.1 85.4 78.1 78.5 75.0 74.7 74.4 74.7 74.9 75.4 2 Manufacturing 88.5 70.5 86.9 69.0 85.7 76.6 76.7 73.3 73.2 72.9 73.3 73.4 73.9 3 Primary processing3 91.8 67.3 88.6 65.7 88.3 76.7 76.8 73.9 73.2 72.7 73.9 74.4 75.1 4 Advanced processing4 86.5 72.5 86.3 71.0 84.2 76.6 76.6 72.9 73.1 73.0 72.9 72.8 73.1 5 Durable goods 89.2 68.9 87.7 63.9 84.6 73.1 75.3 70.1 70.1 70.0 70.4 70.5 71.1 6 Lumber and products 88.7 61.2 87.9 60.8 93.6 75.5 75.4 75.7 75.4 75.7 75.4 76.4 78.0 7 Primary metals 100.2 65.9 94.2 45.1 92.7 73.7 77.9 75.5 73.3 68.9 74.6 75.4 76.4 8 Iron and steel 105.8 66.6 95.8 37.0 95.2 71.8 75.3 75.4 73.3 64.8 74.1 76.4 77.1 9 Nonferrous 90.8 59.8 91.1 60.1 89.3 74.2 80.7 75.5 73.3 73.3 74.9 74.3 75.6 10 Industrial machinery and equipment 96.0 74.3 93.2 64.0 85.4 72.3 76.2 67.7 67.9 66.8 68.0 67.6 68.2 11 Electrical machinery 89.2 64.7 89.4 71.6 84.0 75.0 73.6 64.6 64.5 64.5 64.9 65.3 65.9 12 Motor vehicles and parts 93.4 51.3 95.0 45.5 89.1 55.9 74.7 70.7 74.4 77.0 76.8 77.1 77.1 13 Aerospace and miscellaneous transportation equipment. .. 78.4 67.6 81.9 66.6 87.3 79.2 74.1 69.4 67.3 65.8 64.6 63.8 62.8 14 Nondurable goods 87.8 71.7 87.5 76.4 87.3 80.7 78.6 77.5 77.1 76.8 77.2 77.3 77.7 15 Textile mill products 91.4 60.0 91.2 72.3 90.4 77.7 77.0 71.7 71.0 71.7 72.4 74.9 77.0 16 Paper and products 97.1 69.2 96.1 80.6 93.5 85.0 76.5 77.8 76.4 74.1 75.3 75.0 75.8 17 Chemicals and products 87.6 69.7 84.6 69.9 86.2 79.3 76.7 77.7 77.2 76.6 77.3 77.4 77.7 18 Plastics materials 102.0 50.6 90.9 63.4 97.0 74.8 78.9 77.7 75.6 72.9 72.8 73.5 75.5 19 Petroleum products 96.7 81.1 90.0 66.8 88.5 85.1 93.9 93.7 93.0 91.4 93.7 94.1 93.8 20 Mining 94.3 88.2 96.0 80.3 88.0 87.0 91.6 88.4 87.9 86.4 86.2 85.6 84.3 21 Utilities 96.2 82.9 89.1 75.9 92.6 83.4 90.2 85.7 83.0 82.0 81.4 83.6 84.6 22 Electric 99.0 82.7 88.2 78.9 95.0 87.1 93.3 88.0 87.1 84.8 84.8 85.9 87.4 1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The 3. Primary processing includes textiles; lumber; paper; industrial chemicals; synthetic data are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. materials; fertilizer materials; petroleum products; rubber and plastics; stone, clay, and glass; The latest historical revision of the industrial production index and the capacity utilization primary metals; fabricated metals; semiconductors and related electronic components; and rates was released in November 2001. The recent annual revision is described in the March motor vehicle parts. 2002 issue of the Bulletin. For a description of the methods of estimating industrial 4. Advanced processing includes foods, tobacco, apparel, furniture and fixtures, printing production and capacity utilization, see "Industrial Production and Capacity Utilization: and publishing, chemical products such as drugs and toiletries, agricultural chemicals, leather Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February and products, machinery except semiconductors and related electronic components, transpor- 1997), pp. 67-92, and the references cited therein. For details about the construction of tation equipment except motor vehicle parts, instruments, and miscellaneous manufacturing. individual industrial production series, see "Industrial Production: 1989 Developments and 5. Monthly highs, 1978-80; monthly lows, 1982. Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204. 6. Monthly highs, 1988-89; monthly lows, 1990-91. 2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A44 Domestic Nonfinancial Statistics • June 2002 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted 1992 2001 2002 pro- 2001 Group por- avg. tion Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.r Jan.r Feb.r Mar.P Index(1992= 100) MAJOR MARKETS 1 Total index xoo.o 140.1 142.9 142.0 141.6 140.3 140.4 140.0 138.5 137.7 137.2 136.7 137.4 137.9 138.8 2 Products 60.8 129.4 132.1 131.0 130.9 130.0 130.3 129.4 127.7 126.8 126.7 126.5 126.5 126.8 127.5 3 Final products 46.3 132.0 135.1 134.0 133.9 132.9 133.2 132.0 130.0 129.2 129.4 129.1 129.1 129.2 129.8 4 Consumer goods, total 29.0 120.7 121.8 121.3 121.4 121.1 122.2 121.4 119.9 119.6 120.0 120.6 120.5 121.0 121.7 5 Durable consumer goods 5.8 151.3 152.9 152.2 154.2 153.2 157.0 154.1 151.8 146.2 152.1 156.2 154.5 155.5 156.9 6 Automotive products 2.5 149.9 149.8 149.6 152.8 152.3 161.1 155.6 152.5 145.4 155.4 160.7 158.3 158.1 158.5 7 Autos and trucks 1.6 160.5 159.6 160.1 165.7 163.4 178.3 169.1 163.9 154.5 170.7 177.8 175.0 173.6 173.1 8 Autos, consumer 0.9 94.0 97.0 96.0 97.9 97.2 97.5 90.6 92.7 86.9 94.8 101.1 101.2 110.5 102.3 9 Trucks, consumer 0.7 231.4 226.3 228.4 237.9 234.0 264.3 252.6 239.8 226.5 251.5 259.5 253.6 240.9 248.6 10 Auto parts and allied goods 0.9 133.5 134.7 133.5 132.5 135.1 133.9 134.5 134.8 131.3 131.3 133.6 132.0 133.7 135.4 11 Other 3.3 151.5 155.1 153.9 154.5 152.9 151.0 151.0 149.8 145.9 146.9 149.7 148.7 151.3 153.9 12 Appliances, televisions, and air conditioners 0.9 283.2 284.0 284.0 292.1 285.0 271.7 289.5 288.2 271.9 280.1 297.9 292.6 300.9 303.1 13 Carpeting and furniture 0.8 119.1 123.1 119.9 117.7 118.6 116.2 117.6 118.5 116.4 119.2 118.8 118.3 119.5 121.3 14 Miscellaneous home goods 1.6 114.2 117.7 117.4 117.7 116.2 117.7 112.7 110.5 109.2 107.5 108.0 107.9 109.5 112.2 15 Nondurable consumer goods 23.2 113.3 114.3 113.9 113.6 113.4 113.9 113.6 112.3 113.1 112.3 112.2 112.4 112.9 113.4 16 Foods and tobacco 10.4 108.8 109.3 108.9 108.6 108.9 109.3 108.7 107.7 108.2 108.6 109.0 109.5 110.2 110.8 17 Clothing 2.4 78.3 82.8 82.0 80.6 78.2 79.0 76.4 74.8 74.4 73.2 74.7 75.5 75.6 77.1 18 Chemical products 4.6 145.0 143.8 143.4 145.2 145.7 147.5 146.7 145.9 148.5 148.0 148.5 148.8 148.1 149.0 19 Paper products 2.9 105.5 106.9 107.4 106.7 106.6 106.0 105.7 105.1 103.9 102.1 100.2 98.8 97.3 96.6 20 Energy 3.0 117.4 119.8 118.7 116.9 115.8 116.0 117.8 114.8 116.9 113.4 111.6 111.8 114.9 115.5 21 Fuels 0.8 114.2 113.9 114.6 115.6 115.2 114.3 112.2 113.9 116.1 115.2 112.6 117.4 116.3 114.8 22 Residential utilities 2.1 119.2 122.8 120.7 117.2 115.8 116.5 120.5 115.0 117.0 112.0 110.7 108.5 113.8 115.5 23 Equipment 17.3 152.3 159.6 157.3 156.5 154.1 152.7 150.5 147.1 145.4 145.0 142.7 142.9 142.0 142.3 24 Business equipment 13.2 175.9 185.4 182.1 181.3 177.8 176.1 173.3 168.4 166.9 167.2 164.3 164.7 163.5 163.7 25 Information processing 5.4 279.5 294.1 288.4 286.8 279.6 275.2 271.9 266.0 267.9 269.1 265.5 266.2 266.6 269.5 26 Computer and office equipment 1.1 948.2 996.5 970.9 950.6 948.7 934.2 925.5 903.0 913.2 927.8 941.2 953.3 967.6 979.2 27 Industrial 4.0 125.1 132.6 129.1 129.0 125.2 123.1 122.2 119.6 119.4 118.3 114.5 115.9 113.7 114.5 28 Transit 2.5 127.6 135.6 133.8 134.5 133.1 133.8 128.7 124.6 119.2 118.6 118.7 116.1 115.5 111.7 29 Autos and trucks 1.2 145.8 151.1 148.0 152.5 150.5 157.1 149.6 143.6 136.2 143.6 151.4 150.5 153.7 151.1 30 Other 1.3 139.1 143.3 143.1 139.1 140.7 140.8 139.8 131.7 129.2 134.2 130.2 133.1 131.7 134.6 31 Defense and space equipment 3.4 74.0 74.5 74.4 73.5 73.4 73.6 73.5 73.8 74.2 74.3 74.7 74.9 75.1 75.9 32 Oil and gas well drilling 0.6 140.2 151.0 152.2 151.9 150.4 147.1 143.1 140.4 127.2 114.4 107.8 107.3 105.3 103.7 33 Manufactured homes 0.2 93.7 87.3 88.6 91.7 96.0 95.4 97.9 102.9 100.2 99.5 97.7 93.1 93.5 93.5 34 Intermediate products, total 14.5 121.4 123.4 122.2 122.2 121.4 121.4 121.6 120.7 119.6 118.9 118.6 118.8 119.6 120.7 35 Construction supplies 5.4 137.6 139.4 139.0 138.7 138.0 137.3 138.8 138.1 134.6 134.0 135.6 135.7 137.5 139.2 36 Business supplies 9.1 111.9 113.8 112.2 112.4 111.6 112.0 111.3 110.4 110.7 109.8 108.6 108.8 108.9 109.7 37 Materials 39.2 158.0 160.9 160.3 159.4 157.4 157.2 157.6 156.5 155.9 154.8 153.6 155.7 156.5 157.9 38 Durable goods materials 20.7 212.7 218.0 216.4 216.2 212.9 212.6 212.0 209.4 207.9 206.5 206.0 209.6 210.4 213.1 39 Durable consumer parts 4.0 155.8 155.0 155.1 159.6 157.7 160.2 160.8 155.3 152.3 155.0 157.5 160.6 160.2 163.8 40 Equipment parts 7.5 441.8 464.3 452.9 446.5 436.1 429.9 429.6 430.4 431.7 427.9 426.7 434.4 438.0 441.5 41 Other 9.2 125.2 127.2 127.9 127.5 126.2 126.4 125.4 123.8 122.5 120.5 119.0 120.9 121.4 122.8 42 Basic metal materials 3.1 113.7 114.5 117.6 116.7 115.5 115.7 113.6 113.3 111.0 106.7 101.9 108.1 108.8 109.8 43 Nondurable goods materials 8.9 104.2 104.9 104.7 103.0 102.2 102.7 104.0 104.2 104.7 103.1 101.1 102.9 103.3 104.7 44 Textile materials 1.1 90.8 95.3 95.0 90.9 90.8 87.6 90.1 89.0 87.2 84.7 84.5 85.1 87.7 90.4 45 Paper materials 1.8 108.6 106.0 110.2 108.3 104.8 107.7 109.5 110.5 112.4 106.9 103.1 106.4 105.1 106.4 46 Chemical materials 4.0 102.8 104.8 101.8 100.5 100.3 100.9 102.2 102.1 103.5 102.2 99.3 101.9 102.7 103.7 47 Other 2.1 109.8 108.7 110.6 109.4 109.3 109.7 109.8 110.2 108.8 110.4 111.2 110.5 110.7 112.2 48 Energy materials 9.6 103.3 104.5 104.9 103.8 103.1 102.3 103.0 103.1 102.6 102.6 101.6 101.6 102.3 101.9 49 Primary energy 6.2 98.8 99.1 99.5 99.0 99.5 98.5 98.4 99.4 98.2 98.8 97.9 97.7 97.5 96.8 50 Converted fuel materials 3.4 111.7 115.5 115.7 113.1 109.1 109.0 111.4 109.3 110.9 109.1 107.9 108.5 111.0 111.5 SPECIAL AGGREGATES 51 Total excluding autos and trucks 97.3 139.8 142.6 141.7 141.1 139.9 139.5 139.4 138.0 137.5 136.6 135.8 136.6 137.0 138.1 52 Total excluding motor vehicles and parts 95.3 139.0 142.0 141.0 140.2 139.0 138.7 138.5 137.2 136.8 135.8 134.9 135.7 136.1 137.1 53 Total excluding computer and office equipment 98.4 134.2 136.9 136.0 135.7 134.4 134.6 134.1 132.8 132.0 131.5 130.9 131.6 132.0 132.9 54 Consumer goods excluding autos and trucks . . 27.5 118.5 119.8 119.3 119.0 118.8 119.1 118.8 117.6 117.8 117.2 117.4 117.5 118.1 118.9 55 Consumer goods excluding energy 26.1 121.1 122.0 121.6 122.0 121.8 122.9 121.8 120.6 119.9 120.8 121.7 121.6 121.8 122.5 56 Business equipment excluding autos and trucks 12.0 179.7 189.8 186.4 184.9 181.3 178.4 176.2 171.5 170.8 170.1 165.7 166.2 164.4 165.1 57 Business equipment excluding computer and office equipment 12.0 146.8 154.7 152.1 151.7 148.5 147.2 144.7 140.6 139.0 139.1 136.3 136.4 135.1 135.2 58 Materials excluding energy 29.6 175.7 179.3 178.2 177.4 175.0 175.0 175.2 173.7 173.0 171.5 170.3 173.2 174.0 176.2 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 SIC pro- 2001 GGrroouupp code2 por- aavvgg.. tion Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.' Jan.' Feb.' Mar.f Index(1992= 100) MAJOR INDUSTRIES 59 Total index 100.0 140.1 142.9 142.0 141.6 140.3 140.4 140.0 138.5 137.7 137.2 136.7 137.4 137.9 138.8 60 Manufacturing 85.4 144.8 147.9 146.7 146.4 145.0 145.2 144.5 142.9 142.1 142.0 141.6 142.5 142.7 143.9 61 Primary processing 31.0 167.9 170.7 170.1 169.4 167.3 167.4 167.3 166.6 165.6 164.4 163.5 166.2 167.6 169.6 62 Advanced processing 54.4 132.0 135.1 133.7 133.6 132.5 132.9 131.7 129.8 129.1 129.5 129.3 129.3 129.0 129.8 63 Durable goods 44.8 179.3 184.7 182.9 182.7 180.1 180.0 178.9 176.1 173.9 174.3 174.1 175.4 175.8 177.5 64 Lumber and products ' 24 2.1 113.0 111.8 111.8 113.7 114.2 114.0 116.2 116.4 112.8 112.4 113.0 112.6 114.0 116.4 65 Furniture and fixtures 25 1.4 138.7 142.5 141.8 140.4 138.3 138.4 138.7 135.1 133.5 134.8 135.4 134.3 136.4 139.2 66 Stone, clay, and glass products 32 2.1 130.8 132.9 133.1 133.0 130.0 130.0 130.8 129.9 130.3 128.8 126.3 127.0 127.3 129.9 67 Primary metals 33 3.1 116.9 117.5 121.2 120.8 119.5 119.5 117.5 116.4 113.6 110.2 103.6 111.7 112.7 113.8 68 Iron and steel 331,2 1.8 112.6 111.3 115.8 118.4 117.7 118.8 115.7 112.7 110.4 107.1 94.6 107.7 110.4 110.7 69 Raw steel 331PT 0.1 102.8 107.0 99.2 106.2 107.8 108.3 106.2 105.8 99.5 95.1 85.5 100.0 101.3 99.8 70 Nonferrous 333-6,9 1.4 122.3 125.1 127.8 124.0 122.0 120.8 119.9 121.2 117.6 114.1 114.2 116.8 115.8 117.8 71 Fabricated metal products . . 34 5.0 130.4 132.2 131.0 131.0 129.5 131.1 131.0 128.7 127.5 127.2 129.1 128.3 128.4 130.1 72 Industrial machinery and equipment 35 7.8 213.3 225.5 220.2 217.0 213.8 210.2 211.0 205.1 202.8 203.4 200.4 204.2 203.0 205.0 73 Computer and office equipment 357 1.6 1,088.0 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 1,087.0 1,101.3 1,117.8 1,131.2 74 Electrical machinery 36 7.1 504.2 533.6 518.8 511.4 497.6 485.9 485.5 484.6 484.8 485.1 487.3 492.4 498.1 506.1 75 Transportation equipment . . 37 9.4 128.5 131.0 130.5 133.2 131.9 134.6 131.6 128.5 124.6 127.2 129.1 128.2 128.0 127.5 76 Motor vehicles and parts . 371 4.7 162.9 163.7 163.2 169.7 167.7 174.6 169.9 164.2 157.3 165.9 172.1 171.8 172.7 173.1 77 Autos and light trucks . 371PT 2.5 154.1 154.2 154.4 159.5 157.2 170.2 160.9 156.6 147.4 162.7 169.6 167.1 167.1 165.6 78 Aerospace and miscellaneous transportation equipment 372-6,9 4.7 96.3 100.4 99.9 98.9 98.3 97.1 95.7 95.0 93.8 91.0 88.9 87.3 86.2 84.9 79 Instruments 38 5.4 115.3 117.7 117.2 116.8 114.5 115.0 113.9 112.8 113.6 113.7 112.8 113.4 112.7 113.8 80 Miscellaneous 39 1.3 117.5 119.9 120.4 119.0 119.8 120.7 116.7 114.5 113.6 110.7 114.1 114.4 115.5 119.0 81 Nondurable goods 40.6 111.4 112.5 111.8 111.5 111.1 111.5 111.1 110.5 110.8 110.2 109.7 110.3 110.4 111.0 82 Foods 20 9.6 112.9 113.6 112.6 112.8 112.9 113.1 113.0 111.7 112.2 113.0 114.0 114.0 114.3 114.9 83 Tobacco products 21 1.6 93.8 93.3 94.8 92.9 93.8 95.0 93.2 92.7 92.8 92.7 90.8 93.1 95.0 95.4 84 Textile mill products 22 1.8 86.7 91.0 90.4 86.7 86.8 84.3 85.8 85.9 83.0 81.9 82.5 83.0 85.7 87.7 85 Apparel products 23 2.2 93.1 97.4 97.0 96.5 94.0 95.1 91.2 89.4 87.8 87.3 88.8 89.2 89.3 91.6 86 Paper and products 26 3.5 108.1 106.0 110.6 108.8 107.1 108.1 107.7 109.7 108.1 106.2 103.1 104.7 104.3 105.4 87 Printing and publishing .... 27 6.8 101.6 104.3 102.5 102.3 101.3 101.1 100.7 99.7 99.8 98.9 97.3 96.7 95.3 95.1 88 Chemicals and products .... 28 10.0 121.1 121.4 119.5 119.9 119.5 121.2 121.2 121.0 123.2 122.4 121.4 122.6 122.9 123.5 89 Petroleum products 29 1.4 114.3 114.7 115.4 115.6 115.5 114.6 112.9 112.1 114.9 114.0 112.2 115.1 115.6 115.3 90 Rubber and plastics 30 3.5 136.8 138.8 137.9 137.1 137.7 138.0 137.3 136.5 134.4 133.4 134.8 134.6 135.3 136.1 91 Leather and products 31 0.3 63.1 67.5 65.7 63.6 62.2 62.1 62.8 61.4 60.0 59.2 58.4 60.2 59.3 59.9 92 Mining 6.8 101.3 102.5 103.1 103.0 102.5 101.9 101.4 102.1 99.5 99.0 97.4 97.3 96.6 95.1 93 Metal ' ' 10 0.4 88.4 87.9 92.1 91.3 88.6 88.8 87.9 91.2 85.6 80.0 80.1 81.6 80.8 79.9 94 Coal 12 1.0 111.7 115.5 114.9 113.9 115.9 111.9 111.7 111.7 106.5 106.6 105.8 104.5 107.0 99.0 95 Oil and gas extraction 13 4.8 96.1 97.1 97.6 97.4 97.0 97.0 96.3 97.0 94.8 94.5 92.6 92.1 91.1 90.5 96 Stone and earth minerals 14 0.6 132.6 133.0 134.3 137.1 133.7 130.6 132.2 131.2 129.6 129.5 129.8 133.6 131.9 130.3 97 Utilities 7.8 119.8 121.8 121.3 119.7 119.1 118.2 121.1 118.1 119.4 116.2 115.2 114.9 118.3 120.2 98 Electric 491,3PT 6.2 123.1 124.7 125.2 122.8 122.9 121.0 124.5 121.0 122.3 121.8 119.3 119.8 121.9 124.6 99 Gas 492,3PT 1.6 109.1 110.3 107.1 107.8 105.2 107.4 108.1 106.9 108.0 96.2 100.5 97.2 105.3 104.2 SPECIAL AGGREGATES 100 Manufacturing excluding motor vehicles and parts 80.7 143.9 147.0 145.8 145.1 143.7 143.5 143.0 141.7 141.3 140.6 139.7 140.7 140.9 142.1 101 Manufacturing excluding computers and office equipment 83.8 138.0 140.8 139.8 139.5 138.1 138.4 137.7 136.2 135.4 135.3 134.8 135.7 135.9 137.0 102 Computers, communications equipment, and semiconductors 5.6 1,048.5 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 1,006.0 1,026.0 1,045.1 1,060.0 103 Manufacturing excluding computers and semiconductors 81.3 121.2 123.3 122.6 122.6 121.5 122.0 121.3 119.9 119.1 118.9 118.4 119.0 119.1 120.0 104 Manufacturing excluding computers, communications equipment, and semiconductors 79.8 118.2 120.0 119.4 119.4 118.5 119.0 118.4 117.0 116.3 116.1 115.7 116.4 116.4 117.3 Gross value (billions of 1996 dollars, annual rates) MAJOR MARKETS 105 Products, total 100.0 2,720.1 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 2,683.2 2,682.7 2,690.9 2,704.7 106 Final 77.2 2,101.5 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 2,075.1 2,073.7 2,075.7 2,082.7 107 Consumer goods 51.9 1,303.7 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 1,313.7 1,311.4 1,316.2 1,322.5 108 Equipment 25.3 797.4 839.5 825.8 823.3 811.6 806.5 793.3 773.1 761.0 763.5 753.5 754.8 751.0 751.0 109 Intermediate 22.8 618.9 630.8 625.7 626.3 623.7 623.5 625.0 619.4 612.9 608.8 608.3 609.2 615.2 622.1 1. Data in this table appear in the Board's G.17 (419) monthly statistical release. The data Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February 1997), pp. are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. The 67-92, and the references cited therein. For details about the construction of individual latest historical revision of the industrial production index and the capacity utilization rates industrial production series, see "Industrial Production: 1989 Developments and Historical was released in November 2001. The recent annual revision is described in the March 2002 Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204. issue of the Bulletin. For a description of the methods of estimating industrial production and 2. Standard Industrial Classification. capacity utilization, see "Industrial Production and Capacity Utilization: Historical Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A46 Domestic Nonfinancial Statistics • June 2002 2.14 HOUSING AND CONSTRUCTION Monthly figures at seasonally adjusted annual rates except as noted 2001 2002 IItteemm 11999999 22000000 22000011 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Private residential real estate activity (thousands of units except as noted) NEW UNITS 1 Permits authorized 1,664 1,592 1,611 1,621 1,587 1,571 1,571 1,528 1,485 1,595 1,654 1,721 1,774 2 One-family 1,247 1,198 1,221 1,205 1,225 1,211 1,210 1,164 1,140 1,211 1,247 1,335 1,379 3 Two-family or more 417 394 390 416 362 360 361 364 345 384 407 386 395 4 Started 1,641 1,569 1,603 1,610 1,634 1,660 1,559 1,585 1,518 1,616 1,602 l,713r 1,785 5 One-family 1,302 1,231 1,273 1,285 1,292 1,290 1,271 1,265 1,225 1,244 1,312 l,346r 1,470 6 Two-family or more 339 338 329 325 342 370 288 320 293 372 290 367' 315 7 Under construction at end of period1 .... 953 934 959 1,016 1,012 1,019 1,009 1,015 1,009 1,008 998 1,005' 11,,001133 8 One-family 648 623 638 688 688 693 691 691 682 680 673 674' 668822 9 Two-family or more 305 310 321 328 324 326 318 324 327 328 325 331' 331 10 Completed 1,605 1,574 1,571 1,499 1,643 1,583 1,620 1,543 1,577 1,574 1,703 1,594' 1,667 11 One-family 1,270 1,242 1,256 1,225 1,275 1,269 1,276 1,258 1,317 1,262 1,361 1,290' 1,376 12 Two-family or more 335 332 315 274 368 314 344 285 260 312 342 304' 291 13 Mobile homes shipped 348 250 193 186 198 193 199 206 207 203 206 195 182 Merchant builder activity in one-family units 14 Number sold 880 877 908r 882 889 877 871 854 860 937 988r 853' 906 15 Number for sale at end of period' 315 301 310' 296 301 307 309 310 308 309 307r 310 310 Price of units sold (thousands of dollars)2 16 Median 161.0 169.0 174.1 175.3 179.4 175.0 173.7 166.4 171.3 168.1 180.2r 185.1' 182.9 17 Average 195.8 207.2 211.9 211.4 211.7 209.3 207.5 203.3 207.1 206.9 228.7' 226.1' 223.8 EXISTING UNITS (one-family) 18 Number sold 5,205 5,152 5,296 5,400 5,300 5,300 5,490 5,010 5,270 5,250 5,200 6,050 5,890 Price of units sold (thousands of dollars)1 19 Median 133.3 139.0 147.8 145.0 152.2 151.7 153.7 147.4 145.4 147.1 153.1 150.3 149.4 20 Average 168.3 176.2 185.3 183.6 191.1 190.6 193.5 185.2 181.8 182.9 192.2 190.6 189.6 Value of new construction (millions of dollars)3 CONSTRUCTION 21 Total put in place 763,914 817,130 862,261 869,574 861,571 863,742 856,629 851,883 856,097 855,952 862,567 869,653 879,427 22 Private 595,667 641,269 667,012 670,838 665,322 667,765 663,108 660,249 656,913 651,509 654,297 649,853 660,676 23 Residential 349,560 375,268 395,608 394,330 391,508 395,668 399,558 398,136 400,147 396,518 399,241 402,828 416,687 24 Nonresidential 246,107 266,001 271,404 276,508 273,814 272,097 263,550 262,113 256,766 254,991 255,056 247,025 243,989 25 Industrial buildings 32,794 31,984 31,286 31,943 32,966 34,645 31,884 31,291 26,126 23,934 23,888 22,776 21,147 26 Commercial buildings 104,531 116,988 117,050 118,601 116,842 115,894 110,860 111,249 111,744 109,015 106,692 104,730 101,508 27 Other buildings 40,906 44,505 46,088 46,643 46,020 45,549 44,851 44,829 45,998 46,012 47,121 47,657 47,187 28 Public utilities and other 67,876 72,523 76,982 79,321 77,986 76,009 75,955 74,744 72,898 76,030 77,355 71,862 74,147 29 Public 168,247 175,861 195,249 198,736 196,249 195,977 193,521 191,635 199,184 204,443 208,270 219,800 218,751 30 Military 2,142 2,334 2,346 2,274 2,477 2,375 2,539 2,362 2,343 2,353 2,152 2,213 2,307 31 Highway 52,024 52,851 57,743 60,437 61,534 60,470 55,667 53,534 55,982 58,717 59,840 68,301 65,733 32 Conservation and development 5,995 6,043 7,169 7,216 6,592 6,063 7,265 7,344 7,489 7,392 7,548 8,571 8,465 33 Other 108,086 114,634 127,991 128,809 125,646 127,069 128,050 128,395 133,370 135,981 138,730 140,715 142,246 1. Not at annual rates. published by the National Association of Realtors. All back and current figures are available 2. Not seasonally adjusted. from the originating agency. Permit authorizations are those reported to the Census Bureau 3. Recent data on value of new construction may not be strictly comparable with data for from 19,000 jurisdictions beginning in 1994. previous periods because of changes by the Bureau of the Census in its estimating techniques. Table 2.14 will no longer be published in the Federal Reserve Bulletin after this issue (June For a description of these changes, see Construction Reports (C-30-76-5), issued by the 2002). For information on where to obtain the data presented in this table, please see the Census Bureau in July 1976. "Announcements" section, pp. 290-91. SOURCE. Bureau of the Census estimates for all series except (1) mobile homes, which are private, domestic shipments as reported by the Manufactured Housing Institute and seasonally adjusted by the Census Bureau, and (2) sales and prices of existing units, which are 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 2002 2001 2002 MMMaaarrr... 22000011 22000022 222000000222''' MMaarr.. MMaarr.. June Sept. Dec. Mar. Nov. Dec. Jan. Feb. Mar. CONSUMER PRICES2 (1982-84=100) 1 All items 2.9 1.5 3.9 .7 -1.8 3.0 -.1 -.1 .2 .2 .3 178.8 2 Food 3.1 2.6 3.1 2.8 1.4 3.0 -.1 .0 .3 .2 .2 176.1 3 Energy items 6.0 -10.7 20.3 -19.1 16.5 -4.9 -3.0 .9 -.8 3.8 115.6 4 All items less food and energy 2.7 2.4 2.4 2.6 2.6 2.1 .4 .1 .2 .3 .1 189.8 5 Commodities .6 -1.1 -1.6 .6 -1.4 -1.9 .2 -.4 -.3 .0 -.1 144.6 6 Services 3.5 3.9 4.3 3.5 4.0 3.8 .5 .3 .4 .4 .1 215.9 PRODUCER PRICES (1982=100) 7 Finished goods 3.0 -1.4 .0 -1.7 -9.6 5.6 -.6 -,5r .1 .2 1.0 138.9 8 Consumer foods 3.7 1.8 .6 1.7 -4.2 10.0 -8r -R .8 1.0 .6 143.7 9 Consumer energy 8.9 -13.5 -6.9 -17.1 -43.4 26.3 -3.9r -3.3r .1 .4 5.5 85.6 10 Other consumer goods 1.8 .7 2.6 1.0 -.8 .0 .2 .0 -.1 -.1 .2 157.4 11 Capital equipment .9 -.1 .3 1.2 -2.0 .3 -.1 .0 -.1 .1 .1 139.5 Intermediate materials 12 Excluding foods and feeds 2.2 -3.4 -1.5 -5.6 -10.1 3.5 -.1' -6r -.1 -.1 1.0 127.1 13 Excluding energy 1.0 -1.7 -.9 -3.5 -3.5 1.2 -.2 -.2 .0 .0 .3 135.1 Crude materials 14 Foods 7.6 -5.7 ^t.O 3.8 -34.7 21.6 -4.9r -2.1r 4.0 2.3 -1.3 102.9 15 Energy 38.6 -38.6 -52.0 -63.7 -51.3 67.1 19.9' -15.2' 5.6 -6.5 15.2 87.2 16 Other -10.1 -6.6 -15.3 -2.4 -9.0 1.3 -3r -.6' -.5 1.5 -.7 126.7 1. Not seasonally adjusted. Table 2.15 will no longer be published in the Federal Reserve Bulletin after this issue (June 2. Figures for consumer prices are for all urban consumers and reflect a rental-equivalence 2002). For information on where to obtain the data presented in this table, please see the measure of homeownership. "Announcements" section, pp. 290-91. SOURCE. U.S. Department of Labor, Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A48 Domestic Nonfinancial Statistics • June 2002 2.16 GROSS DOMESTIC PRODUCT AND INCOME Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates Q4 Ql Q2 Q3 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 By source 2 Personal consumption expenditures 6.250.2 6.728.4 7,064.5 6.871.4 6,977.6 7,044.6 7,057.6 3 Durable goods 760.9 819.6 858.3 818.7 838.1 844.7 840.6 4 Nondurable goods 1.831.3 1,989.6 2,055.1 2.025.1 2.047.1 2.062.3 2.057.5 5 Services 3,658.0 3,919.2 4,151.1 4.027.5 4,092.4 4,137.6 4,159.4 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 Fixed investment 1,578.2 1,718.1 1,692.4 1.741.6 1.748.3 1.706.5 1.682.6 Nonresidential 1,174.6 1,293.1 1.246.0 1.318.2 1.311.2 1,260.2 1,231.0 Structures 283.5 313.6 330.3 330.9 345.8 338.6 334.3 Producers' durable equipment 891.1 979.5 915.8 987.3 965.4 921.7 896.8 Residential structures 403.5 425.1 446.3 423.4 437.0 446.2 451.6 12 Change in business inventories 58.6 49.4 -58.4 38.7 -25.5 -36.6 -57.8 13 Nonfarm 60.1 51.1 -56.8 37.8 -26.2 -35.3 -55.9 14 Net exports of goods and services -250.9 -364.0 -329.8 -390.6 -363.8 -347.4 -294.4 15 Exports 989.8 1,102.9 1.050.4 1,121.0 1.117.4 1.079.6 1,020.6 16 Imports 1,240.6 1,466.9 1.380.1 1,511.6 1,481.2 1,427.0 1,315.0 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 18 Federal 564.0 590.2 615.7 594.2 605.3 609.9 615.7 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 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 21 Goods 3,418.6 3,644.8 3,719.6 3.670.6 3,718.8 3,715.0 3.690.3 22 Durable 1,618.8 1,735.2 1,735.4 1.740.7 1,755.8 1,737.2 1,704.9 23 Nondurable 1,799.8 1.909.7 1.984.2 1,929.9 1,963.1 1,977.8 1.985.4 24 Services 4.939.1 5,268.5 5.580.3 5,393.0 5,482.8 5,545.7 5.626.5 25 Structures 852.4 910.3 966.7 925.6 965.6 978.4 965.9 26 Change in business inventories 58.6 49.4 -58.4 38.7 -25.5 -36.6 -57.8 27 Durable goods 35.3 34.7 -54.8 31.5 -31.0 -42.3 -55.3 28 Nondurable goods 23.3 14.7 -3.7 7.2 5.5 5.8 -2.5 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 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 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 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 33 Government and government enterprises . . 724.3 768.4 806.0 776.6 788.8 799.6 812.5 34 Other 3,753.1 4,068.8 4,292.2 4,196.6 4,260.6 4,300.2 4,311.0 35 Supplement to wages and salaries 833.4 878.0 911.8 895.7 906.3 911.0 914.2 36 Employer contributions for social insurance 323.6 343.8 358.0 350.8 357.1 358.8 358.8 37 Other labor income 509.7 534.2 553.8 544.9 549.3 552.2 555.4 38 Proprietors' income1 672.0 715.0 743.5 725.2 735.2 745.3 752.7 39 Business and professional1 645.4 684.4 715.9 693.5 705.4 716.6 720.5 40 Farm1 26.6 30.6 27.6 31.7 29.8 28.7 32.3 41 Rental income of persons2 147.7 141.6 142.6 141.7 139.6 139.0 144.0 42 Corporate profits1 825.2 876.4 767.1 847.6 789.8 759.8 697.0 43 Profits before tax3 776.3 845.4 698.5 816.5 755.7 738.3 680.6 44 Inventory valuation adjustment . -2.9 -12.4 2.2 -7.3 -1.9 -8.8 3.1 45 Capital consumption adjustment 51.7 43.4 66.4 38.4 36.0 30.3 13.4 46 Net interest . 506.5 532.7 554.3 540.6 549.4 553.0 558.3 1. With inventory valuation and capital consumption adjustments. Table 2.16 will no longer be published in the Federal Reserve Bulletin after this issue (June 2. With capital consumption adjustment. 2002). For information on where to obtain the data presented in this table, please see the 3. For after-tax profits, dividends, and the like, see table 1.48. "Announcements" section, pp. 290-91. SOURCE. U.S. Department of Commerce, Survey of Current Business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Selected Measures A49 2.17 PERSONAL INCOME AND SAVING Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates 2000 2001 AAccccoouunntt 11999999 22000000 22000011 Q4 Ql Q2 Q3 Q4 PERSONAL INCOME AND SAVING 1 Total personal income 7,777.3 8,319.2 8,723.5 8,519.6 8,640.2 8,714.6 8,771.8 8,767.2 2 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 3 Commodity-producing industries 1,088.7 1,163.7 1,197.3 1,195.5 1,206.3 1,204.4 1,197.5 1,181.1 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 10 Business and professional1 645.4 684.4 715.9 693.5 705.4 716.6 720.5 721.2 11 26.6 30.6 27.6 31.7 29.8 28.7 32.3 19.6 17 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 8,723.5 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 32,800.7' 32,729.9' 32,512.9 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 22,502.8' 22,766.9' 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 1,740.8 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 1,380.5 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 37 Corporate 669.2 727.1 798.6 774499..77 763.8 778855..66 884477..00 779988..00 33 Noncorporate 284.1 302.8 329.0r 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 119.2 218.6 119.0 222.5 205.3' 186.7' -13.6' 97.4' 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 1,590.9 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 ^130.5 -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. Table 2.17 will no longer be published in the Federal Reserve Bulletin after this issue (June 2. With capital consumption adjustment. 2002). For information on where to obtain the data presented in this table, please see the SOURCE. U.S. Department of Commerce, Survey of Current Business. "Announcements" section, pp. 290-91. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A50 International Statistics • June 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 Ql Q2 Q3 Q4 1 Balance on current account -324,364 -444,667 17,429 -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 -4,991 -4,961 -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 -48,913 -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 117711 12 Change in U.S. official reserve assets (increase, -) 8,747 -290 -4,911 -1,410 190 -1,343 -3,559 -199 13 Gold 0 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) 10 -722 -630 -180 -189 -156 -145 -140 15 Reserve position in International Monetary Fund 5,484 2,308 -3,600 -1,083 574 -1,015 -3,242 83 16 Foreign currencies 3,253 -1,876 -681 -147 -195 -172 -172 -142 17 Change in U.S. private assets abroad (increase, -) -448,565 -579,718 ^134,079 -179,779 -243,513 -70,228 -13,905 -106,432 18 Bank-reported claims2 -76,263 -138,500 -104,332 -71,574 -109,789 -105 59,116 -53,554 19 Nonbank-reported claims -85,700 -163,846 -76,067 —44,514 -61,011 22,232 -40,361 3,073 20 U.S. purchase of foreign securities, net -131,217 -124,935 -97,661 -24,621 -31,591 -51,109 10,564 -25,525 21 U.S. direct investments abroad, net -155,385 -152,437 -156,019 -39,070 -41,122 ^11,246 -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 US. 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 -429 26 Other U.S. liabilities reported by U.S. banks2 12,964 5,803 -28,825 980 2,594 -10,130 -817 -20,472 27 Other foreign official assets3 915 3,127 5,719 980 1,003 1,028 1,981 1,707 28 Change in foreign private assets in United States (increase, +) 770,193 986,599 889,367 298,894 342,108 247,806 40,841 258,610 29 U.S. bank-reported liabilities4 54,232 87,953 95,214 43,365 6,890 44,271 -59,350 103,403 30 U.S. nonbank-reported liabilities 69,075 177,010 98,222 48,344 130,624 3,375 -3,941 -31,836 31 Foreign private purchases of U.S. Treasury securities, net -20,490 -52,792 15,779 -10,395 656 -8,678 -9,459 33,260 32 U.S. currency flows 22,407 1,129 23,783 6,230 2,311 2,772 8,203 10,497 33 Foreign purchases of other U.S. securities, net 343,963 485,644 498,433 126,643 148,809 140,512 82,777 126,335 34 Foreign direct investments in United States, net 301,006 287,655 157,936 84,707 52,818 65,554 22,611 16,951 35 Capital account transactions, net5 -3,491 705 726 184 173 177 182 194 36 Discrepancy -48,822 696 -39,193 2,367 8,252 ^16,815 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 ^15,172 66,654 -59,919 MEMO Changes in official assets 39 U.S. official reserve assets (increase, -) 8,747 -290 -^4,91 1 -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 33,,334488 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41. 5. Consists of capital transfers (such as those of accompanying migrants entering or 2. Associated primarily with military sales contracts and other transactions arranged with leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced or through foreign official agencies. nonfinancial assets. 3. Consists of investments in U.S. corporate stocks and in debt securities of private SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current corporations and state and local governments. Business. 4. Reporting banks included all types of depository institutions as well as some brokers and dealers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Summary Statistics A51 3.11 U.S. FOREIGN TRADE1 Millions of dollars; monthly data seasonally adjusted 2001 2002 IItteemm 11999999 22000000 22000011 Aug. Sept. Oct. Nov. Dec. Jan.r Feb.P 1 Goods and services, balance -261,838 -375,739 -347,461 -28,390 -19,388 -29,627 -28,514 -24,713 -28,245 -31,512 2 Merchandise -345,434 -452,207 ^126,266 -34,107 -35,566 -35,080 -34,271 -30,983 -33,779 -36,935 3 Services 83,596 76,468 78,805 5,717 16,178 5,453 5,757 6,270 5,534 5,423 4 Goods and services, exports 957,353 1,065,702 1,004,609 83,835 76,957 77,878 78,099 78,043 78,239 79,189 5 Merchandise 684,553 772,210 720,851 59,400 55,464 56,457 56,015 54,954 55,003 55,118 6 Services 272,800 293,492 283,758 24,435 21,493 21,421 22,084 23,089 23,236 24,071 7 Goods and services, imports -1,219,191 -1,441,441 -1,352,070 -112,225 -96,345 -107,505 -106,613 -102,756 -106,484 -110,701 8 Merchandise -1,029,987 -1,224,417 -1,147,117 -93,507 -91,030 -91,537 -90,286 -85,937 -88,782 -92,053 9 Services -189,204 -217,024 -204,953 -18,718 -5,315 -15,968 -16,327 -16,819 -17,702 -18,648 1. Data show monthly values consistent with quarterly figures in the U.S. balance of Table 3.11 will no longer be published in the Federal Reserve Bulletin after this issue (June payments accounts. 2002). For information on where to obtain the data presented in this table, please see the SOURCE. FT900, U.S. Department of Commerce, Bureau of the Census and Bureau of "Announcements" section, pp. 290-91. Economic Analysis. 3.12 U.S. RESERVE ASSETS Millions of dollars, end of period 2001 2002 AAsssseett 11999988 11999999 22000000 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.P 1 Total 81,761 71,516 67,647 70,963 69,707 69,158 68,654 67,532 67,357 67,574 67,844 2 Gold stock1 11,046 11,048 11,046 11,045 11,045 11,045 11,045 11,044 11,044 11,044 11,044 3 Special drawing rights2-3 10,603 10,336 10,539 10,919 10,827 10,864 10,774 10,657 10,763 10,809 10,988 4 Reserve position in International Monetary Fund2 24,111 17,950 14,824 18,404 17,787 17,293 17,854 17,602 17,169 17,078 16,184 5 Foreign currencies4 36,001 32,182 31,238 30,595 30,048 29,956 28,981 28,229 28,381 28,643 29,628 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 Slates; 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.P 1 Deposits 167 71 215 608 75 528 61 162 89 256r 111 Held in custody 2 U.S. Treasury securities2 607,574 632,482 594,094 587,566 599,043 600,129 592,630 592,031 591,202 593,865 589,531 3 Earmarked gold3 10,343 9,933 9,451 9,100 9,099 9,099 9,099 9,098 9,098 9,098 9,091 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 • June 2002 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2001 2002 IItteemm 11999999 22000000 Aug.' Sept.' Oct. Nov. Dec. Jan. Feb.? 1 Total' 806318 845,869 842,400 852,195 860,445r 867,512r 857,786r 861,508r 869,045 By type 2 Liabilities reported by banks in the United States2 138,847 144,593 137,759 143,632 140,003 130,661 123,125 122,181' 133,846 3 U.S. Treasury bills and certificates3 156,177 153,010 154,670 153,899 161,081 167,562 161,719 166,640 164,076 U.S. Treasury bonds and notes 4 Marketable 422,266 415,964 407,323 409,872 412,111' 418,377' 419,438' 416,438' 414,261 5 Nonmarketable4 6,111 5,348 4,805 4,036 3,520 3,398 3,411 3,433 3,138 6 U.S. securities other than U.S. Treasury securities5 82,917 126,954 137,843 140,756 143,730 147,514 150,093 152,816 153,724 By area 7 Europe1 244,805 253,592 260,829 262,503 263,75(X 262,119' 256,404' 262,573' 256,502 8 Canada 12,503 12,394 12,037 11,299 11,780 12,589 12,107 12,421 13,126 9 Latin America and Caribbean 73,518 76,753 78,621 75,712 77,555 77,244 77,374 74,931 74,057 10 Asia 463,703 488,170 474,985 488,485 490,897 498,815 497,333 495,025' 509,800 11 Africa 7,523 9,165 9,862 10,246 10,337 9,560 9,646 10,901 10,208 12 Other countries 4,266 5,795 6,066 3,950 6,126 7,185 4,922 5,657 5,352 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
Nonbank-Reported Data A53 3.17 LIABILITIES TO 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 Aug.' Sept.' Oct. Nov. Dec. Jan. Feb.e BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners 1,408,740 1,511,410 l,640,042r 1,512,566 1,503,862 1,585,457' 1,670,617 1,640,042' 1,583,211' 1,621,750 ? Banks' own liabilities 971,536 1,077,636 l,174,737r 1,078,889 1,071,272 1,133,038' 1,197,054 1,174,737' 1,109,709' 1,140,850 3 Demand deposits 42,884 33,365 33,582 33,698 35,785 29,730 34,709 33,582 31,690 33,407 4 Time deposits2 163,620 187,883 154,667r 174,885 178,029 167,864' 155,997' 154,667' 152,661' 146,489 Other3 155,853 171,401 201,093 205,288 197,782 207,758 220,824 201,093 210,042' 216,208 6 Own foreign offices4 609,179 684,987 785,395r 665,018 659,676 727,686' 785,524' 785,395' 715,316' 744,746 7 Banks' custodial liabilities5 437,204 433,774 465,305 433,677 432,590 452,419 473,563 465,305 473,502 480,900 8 U.S. Treasury bills and certificates6 185,676 177,846 185,925 174,269 173,237 182,927 191,048 185,925 190,033 187,733 9 Short-term agency securities7 n.a. n.a. 59,781 63,592 62,117 65,652 59,723 59,781 52,515' 66,056 10 Other negotiable and readily transferable instruments8 132,617 145,840 80,026 75,309 75,332 77,465 79,074 80,026 80,270' 82,153 11 Other 118,911 110,088 139,573 120,507 121,904 126,375 143,718 139,573 150,684 144,958 12 Nonmonetary international and regional organizations9 15,276 12,542 10,804 13,214 13,309 10,336' 11,168 10,804 17,155 15,453 13 Banks' own liabilities 14,357 12,140 10,166 12,983 13,075 9,773' 10,332 10,166 16,227 14,553 14 Demand deposits 98 41 34 21 36 40 21 34 35 31 15 Time deposits2 10,349 6,246 3,755 2,738 2,299 2,827' 3,133 3,755 7,581' 5,482 16 Other3 3,910 5,853 6,377 10,224 10,740 6,906 7,178 6,377 8,611' 9,040 17 Banks' custodial liabilities5 919 402 638 231 234 563 836 638 928 900 18 U.S. Treasury bills and certificates6 680 252 577 92 118 521 779 577 883 859 19 Short-term agency securities7 n.a. n.a. 40 117 102 18 36 40 24 24 20 Other negotiable and readily transferable instruments8 233 149 21 21 13 13 17 21 21 17 21 Other 6 1 0 1 1 11 4 0 0 0 ?? Official institutions10 295,024 297,603 284,844 292,429 297,531 301,084 298,223 284,844 288,821' 297,922 ?3 Banks' own liabilities 97,615 96,989 83,524 94,056 101,420 96,143 92.346 83,524 87,346' 85,434 74 Demand deposits 3,341 3,952 2,988 2,934 3,038 2,496 3,336 2,988 2,877 2,442 25 Time deposits2 28,942 35,573 19,471 26,442 31,997 24,275 18,348 19,471 15,141 16,265 26 Other3 65,332 57,464 61,065 64,680 66,385 69,372 70,662 61,065 69,328' 66,727 71 Banks' custodial liabilities5 197,409 200,614 201,320 198,373 196,111 204,941 205,877 201,320 201,475 212,488 78 U.S. Treasury bills and certificates6 156,177 153,010 161,719 154,670 153,899 161,081 167,562 161,719 166,640 164,076 29 Short-term agency securities7 n.a. n.a. 36,351 41,133 39,961 41,078 35,037 36,351 31,445 45,085 30 Other negotiable and readily transferable instruments8 41,182 47,366 2,180 2,384 2,230 1,946 1,715 2,180 2,191 2,307 31 Other 50 238 1,070 186 21 836 1,563 1,070 1,199 1,020 3? Banks" 900,379 972,932 1,065,965' 954,545 942,612 1,011,191' 1,084,114 1,065,965' 1,004,583' 1,035,034 33 Banks' own liabilities 728,492 821,306 907,869' 810,631 800,631 863,890' 921,782 907,869' 836,093' 872,563 34 Unaffiliated foreign banks 119,313 136,319 122,474' 145,613 140,955 136,204' 136,258' 122,474' 120,777' 127,817 35 Demand deposits 17,583 15,522 13,089 14,586 15,675 11,166 13,149 13,089 10,376 12,812 36 Time deposits2 48,140 66,904 52,910' 64,347 64,335 61,244' 56,132' 52,910' 51,849' 47,784 37 Other3 53,590 53,893 56,475 66,680 60,945 63,794 66,977 56,475 58,552 67,221 38 Own foreign offices4 609,179 684,987 785,395' 665,018 659,676 727,686' 785,524' 785,395' 715,316' 744,746 39 Banks' custodial liabilities5 171,887 151,626 158,096 143,914 141,981 147,301 162,332 158,096 168,490 162.471 40 U.S. Treasury bills and certificates6 16,796 16,023 11,499 9,929 8,784 10,288 10,907 11,499 10,181 10,289 41 Short-term agency securities7 n.a. n.a. 2,078 2,328 2,629 2,868 2,470 2,078 2,525' 1,916 42 Other negotiable and readily transferable instruments8 45,695 36,036 21,981 25,176 24,176 23,900 23,384 21,981 22,959' 24,117 43 Other 109,396 99,567 122,538 106,481 106,392 110,245 125,571 122,538 132,825 126,149 44 Other foreigners 198,061 228,333 278,429' 252,378 250,410 262,846 277,112 278,429' 272,652 273,341 45 Banks' own liabilities 131,072 147,201 173,178' 161,219 156,146 163,232 172,594 173,178' 170,043 168,300 46 Demand deposits 21.862 13,850 17,471 16,157 17,036 16,028 18,203 17,471 18,402 18,122 47 Time deposits2 76,189 79,160 78,531' 81,358 79,398 79,518 78,384 78,531' 78,090 76,958 48 Other3 33,021 54,191 77.176 63,704 59,712 67,686 76,007 77,176 73,551 73.220 49 Banks' custodial liabilities5 66,989 81,132 105,251 91,159 94,264 99,614 104,518 105,251 102,609 105.041 50 U.S. Treasury bills and certificates6 12,023 8,561 12,130 9,578 10,436 11,037 11,800 12,130 12,329 12.509 51 Short-term agency securities7 n.a. n.a. 21,312 20,014 19,425 21,688 22,180 21,312 18,521 19.031 52 Other negotiable and readily transferable instruments8 45,507 62,289 55,844 47,728 48,913 51,606 53,958 55,844 55,099 55,712 53 Other 9,459 10,282 15,965 13,839 15,490 15,283 16,580 15,965 16,660 17,789 MEMO 54 Negotiable time certificates of deposits in custody for foreigners 30,345 34,217 20,440 23,266 23,228 22,646 22,778 20,440 22,095' 22,831 55 Repurchase agreements7 n.a. n.a. 152,681 127,455 111,109 128,392' 136,459 152,681 130,178 132,753 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 • June 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 Aug.' Sept.' Oct. Nov. Dec. Jan. Feb.? AREA OR COUNTRY 56 Total, all foreigners 1,408,740 1,511,410 l,640,042r 1,512,566 1,503,862 l,585,457r 1,670,617 l,640,042r l,583,211r 1,621,750 57 Foreign countries 1,393,464 1,498,867 l,629,238r 1,499,352 1,490,553 l,575,120r 1,659,449 l,629,238r l,566,056r 1,606,297 58 Europe 441,810 446,788 523,353r 432,586 416,536 456,816' 522,657 523,353' 506,078' 518,182 59 Austria 2,789 2,692 2,919 2,413 2,491 2,117 2,944 2,919 2,996' 3,047 60 Belgium12 44,692 33,399 6,548 6,510 7,119 6,960 6,640 6,548 6,567' 6,561 61 Denmark 2,196 3,000 3,625 3,551 3,213 3,752 4,248 3,625 3,148 2,969 62 Finland 1,658 1,411 1,445 1,040 1,276 1,223 1,135 1,445 1,371 1,158 63 France 49,790 37,833 49,034 39,663 38,447 49,059 49,692 49,034 45,083' 41,150 64 Germany 24,753 35,519 22,342 27,761 20,426 23,707 23,111 22,342 23,753 23,707 65 Greece 3,748 2,011 2,303 2,597 2,414 2,409 2,081 2,303 2,702 2,852 66 Italy 6,775 5,072 6,342r 4,739 5,794 5,445 5,913 6,342' 5,587 5,101 67 Luxembourg12 n.a. n.a. 16,875 14,432 15,123 14,612 16,536 16,875 15,100 14,727 68 Netherlands 8,143 7,047 12,404 11,686 11,164 12,286 13,079 12,404 13,350 13,875 69 Norway 1,327 2,305 3,725 3,967 3,606 3,145 3,056 3,725 4,975 4,870 70 Portugal 2,228 2,403 4,029 2,831 2,746 3,787 3,924 4,029 4,366 4,795 71 Russia 5,475 19,018 20,782 22,704 22,942 23,431 21,243 20,782 19,758 20,857 72 Spain 10,426 7,787 8,791r 7,309 8,994 9,785 10,595 8,791' 12,599' 10,214 73 Sweden 4,652 6,497 3,371 3,244 3,726 3,461 3,705 3,371 3,099' 3,695 74 Switzerland 63,485 74,635 66,380 53,159 39,735 39,706 81,128 66,380 80,804 94,693 7 5 Turkey 7,842 7,548 7,472 7,159 6,204 6,749 6,822 7,472 8,087 10,540 76 United Kingdom 172,687 167,757 206,641 137,795 139,769 164,664' 186,351 206,641 172,450 171,584 77 Channel Islands and Isle of Man13 n.a. n.a. 36,057 35,745 36,072 36,392 36,161 36,057 36,472 37,224 78 Yugoslavia14 286 276 309 290 313 313 310 309 298 318 79 Other Europe and other former U.S.S.R.15 28,858 30,578 41,959 43,991 44,962 43,813 43,983 41,959 43,513 44,245 80 Canada 34,214 30,982 27,099 28,026 26,251 25,522 27,920 27,099 27,986 27,341 81 Latin America 117,495 120,041 117,494' 123,238 119,664 122,518' 120,259 117,494' 115,223' 114,683 82 Argentina 18,633 19,451 10,640' 11,262 15,128 13,400' 10,772 10,640' 9,843 10,379 83 Brazil 12,865 10,852 14,132' 16,137 17,279 16,400 14,289 14,132' 13,095 12,879 84 Chile 7,008 5,892 4,929 5,319 5,746 5,415 5,297 4,929 5,265' 5,144 85 Colombia 5,669 4,542 4,667' 4,588 4,454 4,589 4,643 4,667' 4,482 4,568 86 Ecuador 1,956 2,112 2,373' 2,164 2,110 2,101 2,004 2,373' 2,214 2,353 87 Guatemala 1,626 1,601 1,876' 1,476 1,451 1,851 1,934 1,876' 1,854 1,815 88 Mexico 30,717 32,166 39,628' 40,341 37,343 40,367 40,243 39,628' 40,118 40,555 89 Panama 4,415 4,240 3,588' 3,628 3,761 3,741 3,523 3,588' 3,511 3,601 90 Peru 1,142 1,427 1,350' 1,534 1,450 1,509 1,585 1,350' 1,335 1,341 91 Uruguay 2,386 3,003 3,160 2,996 2,726 3,133' 3,299 3,160 2,643 2,535 92 Venezuela 20,192 24,730 24,915' 26,987 21,818 23,584 26,100 24,915' 24,205 22,904 93 Other Latin America16 10,886 10,025 6,236 6,806 6,398 6,428 6,570 6,236 6,658 6,609 94 Caribbean 461,200 573,337 649,739' 614,817 607,577 649,595' 669,870 649,739' 615,975 627,602 95 Bahamas 135,811 189,298 179,187' 184,768 178,270 212,415 201,674 179,187' 166,576 164,647 96 Bermuda 7,874 9,636 10,423 7,409 7,887 9,641' 9,209 10,423 9,568 11,825 97 British West Indies17 312,278 367,197 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 98 Cayman Islands17 n.a. n.a. 442,452 407,066 403,425 406,402 439,303 442,452 423,065 435,265 99 Cuba 75 90 88 45 154 86 85 88 88 89 100 Jamaica 520 794 1,179 975 971 880 930 1,179 1,103 1,101 101 Netherlands Antilles 4,047 5,428 3,168r 3,339 4,584 6,094 4,070 3,168' 3,465 3,112 102 Trinidad and Tobago 595 894 1,266 1,438 1,415 1,509 1,768 1,266 1,977 1,570 103 Other Caribbean16 n.a. n.a. 11,976' 9,777 10,871 12,568 12,831 11,976' 10,133 9,993 104 Asia 319,489 305,554 293,969 280,261 301,197 301,042' 299,103 229933,,996699 228800,,228888'' 229999,,116699 China 105 Mainland 12,325 16,531 10,472 15,989 16,902 17,891 12,378 10,472 8,473' 21,138 106 Taiwan 13,603 17,352 17,562 22,974 22,276 19,194 21,116 17,562 16,931 21,470 107 Hong Kong 27,701 26,462 26,494 23,856 24,591 23,158 26,305 26,494 25,212 23,705 108 India 7,367 4,530 3,703 4,062 4,017 3,891 3,916 3,703 3,761 4,162 109 Indonesia 6,567 8,514 12,381 11,988 11,903 12,351 11,758 12,381 11,890 11,575 110 Israel 7,488 8,053 7,826 7,752 8,995 7,343 7,742 7,826 10,710 9,416 111 Japan 159,075 150,415 155,260 132,914 149,724 160,015 157,763 155,260 146,906 151,675 112 Korea (South) 12,988 7,955 9,014 7,022 7,733 7,725' 8,098 9,014 6,712 6,526 113 Philippines 3,268 2,316 1,764 1,675 1,774 1,756 2,109 1,764 1,901 1,495 114 Thailand 6,050 3,117 4,742 3,803 3,379 3,666 4,792 4,742 4,649 5,037 115 Middle Eastern oil-exporting countries18 21,314 23,763 20,022 20,492 20,936 18,443 18,620 20,022 17,838 16,919 116 Other 41,743 36,546 24,729 27,734 28,967 25,609 24,506 24,729 25,305 26,051 117 Africa 9,468 10,824 11,343' 12,143 11,585 12,088 11,222 11,343' 12,969 12,125 118 Egypt 2,022 2,621 2,774 3,640 3,026 2,910 3,110 2,774 4,267 3,958 119 Morocco 179 139 273 168 233 331 344 273 242 196 120 South Africa 1,495 1,010 833 1,273 751 886 1,018 833 1,131 923 121 Congo (formerly Zaire) 14 4 4 5 2 4 1 4 6 2 122 Oil-exporting countries'9 2,914 4,052 4,372 3,842 4,456 4,980 3,967 4,372 4,160 3,918 123 Other 2,844 2,998 3,087' 3,215 3,117 2,977 2,782 3,087' 3,163 3,128 124 Other countries 9,788 11,341 6,241 8,281 7,743 7,539 8,418 6,241 7,537 7,195 125 Australia 8,377 10,070 5,590 7,290 6,815 6,584 7,799 5,590 6,752 6,371 126 New Zealand20 n.a. n.a. 239 522 437 506 218 239 370' 418 127 All other 1,411 1,271 412 469 491 449 401 412 415' 406 128 Nonmonetary international and regional organizations 15,276 12,543 10,804 13,214 13,309 10,337' 11,168 10,804 17,155 15,453 1 12 3 9 0 L In a t t e in rn A at m io e n r a i l c 2 a 1 n regional22 12 1 , , 8 1 7 50 6 11, 7 2 4 7 0 0 9, 4 3 8 0 0 5 12, 5 0 0 9 9 0 12, 5 2 6 2 9 4 8,678m4 9, 4 41 6 0 2 9, 4 3 8 0 0 5 15, 4 5 4 2 3 1 ' 13, 5 7 2 1 0 4 131 Other regional23 1,250 533 935 558 476 822 1,234 935 1,113' 1,140 12. Before January 2001, data for Belgium-Luxembourg were combined. 18. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 13. Before January 2001, these data were included in data reported for the United Emirates (Trucial States). Kingdom. 19. Comprises Algeria, Gabon, Libya, and Nigeria. 14. Since December 1992, has excluded Bosnia, Croatia, and Slovenia. 20. Before January 2001, these data were included in "All other." 15. Includes the Bank for International Settlements and the European Central Bank. Since 21. Principally the International Bank for Reconstruction and Development. Excludes December 1992, has included all parts of the former U.S.S.R. (except Russia), and Bosnia, "holdings of dollars" of the International Monetary Fund. Croatia, and Slovenia. 22. Principally the Inter-American Development Bank. 16. Before January 2001, data for "Other Latin America" and "Other Caribbean" were 23. Asian, African, Middle Eastern, and European regional organizations, except the Bank combined in "Other Latin America and Caribbean." for International Settlements, which is included in "Other Europe." 17. Beginning January 2001, data for the Cayman Islands replaced data for the British West Indies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Nonbank-Reported Data A55 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period 2001 2002 AArreeaa oorr ccoouunnttrryy 11999999 22000000 22000011 Aug.' Sept.' Oct.' Nov.' Dec.' Jan.' Feb.P 1 Total, all foreigners 793,139 904,642 1,052,652' 951,522 963,630 1,016,715 1,052,755 1,052,652 1,004,242 1,005,148 2 Foreign countries 788,576 899,956 l,047,725r 946,971 959,154 1,011,820 1,047,497 1,047,725 1,00032 1,001,340 3 Europe 311,686 378,115 461,605' 413,032 405,920 433,898 498,286 461,605 464,060 466,073 4 Austria 2,643 2,926 5,006 3,130 3,116 3,848 3,412 5,006 4,063 3,604 5 Belgium2 10,193 5,399 6,339 4,473 4,549 6,424 7,994 6,339 6,426 5,603 6 Denmark 1,669 3,272 1,105 1,569 1,804 933 2,507 1,105 1,649 1,024 7 Finland 2,020 7,382 10,350 8,350 10,917 12,065 11,010 10,350 14,431 14,410 8 France 29,142 40,035 60,670 56,434 51,670 60,732 58,769 60,670 56,285 54,467 9 Germany 29,205 36,834 29,902 47,732 37,770 39,605 36,295 29,902 31,189 29,134 10 Greece 806 646 330 276 302 333 327 330 327 348 11 Italy 8,496 7,629 4,205 6,177 6,598 7,750 6,321 4,205 4,453 4,329 12 Luxembourg2 n.a. n.a. 1,267 1,010 911 1,088 1,392 1,267 1,601 2,884 13 Netherlands 11,810 17,043 15,927 16,309 18,412 17,256 17,173 15,927 13,880 15,151 14 Norway 1,000 5,012 6,249 3,821 4,870 3,617 4,603 6,249 4,779 4,435 15 Portugal 1,571 1,382 1,603 1,227 1,286 1,164 1,709 1,603 1,969 1,998 16 Russia 713 517 594 875 942 863 680 594 687 612 17 Spain 3,796 2,603 3,231 3,432 4,470 3,713 5,398 3,231 5,363 4,987 18 Sweden 3,264 9,226 12,544 11,501 12,067 11,800 12,897 12,544 11,924 13,260 19 Switzerland 79,158 82,085 87,363 79,942 72,578 71,968 121,798 87,363 95,331 114,379 20 Turkey 2,617 3,059 2,124 2,410 2,323 2,324 2,243 2,124 2,147 2,183 2.1 United Kingdom 115,971 144,938 201,556r 157,042 162,534 178,428 194,372 201,556 196,217 181,818 22 Channel Islands and Isle of Man3 n.a. n.a. 4,478 3,162 3,900 3,783 3,819 4,478 3,747 3,986 23 Yugoslavia4 50 50 n.a. 4 4 4 n.a. n.a. n.a. n.a. 24 Other Europe and other former U.S.S.R.5 7,562 8,077 6,762r 4,156 4,897 6,200 5,567 6,762 7,592 7,461 25 Canada 37,206 39,837 54,844' 42,851 50,327 48,773 51,197 54,844 50,425 52,755 26 Latin America 74,040 76,561 69,762 76,369 74,649 74,177 72,924 69,762 69,420 68,764 2.7 Argentina 10,894 11,519 10,763 13,090 12,071 11,603 11,350 10,763 10,437 10,307 28 Brazil 16,987 20,567 19,434 22,128 22,449 21,427 20,453 19,434 19,700 19,353 79 Chile 6,607 5,815 5,317 5,407 5,283 5,423 5,522 5,317 5,200 5,166 30 Colombia 4,524 4,370 3,602 3,725 3,609 3,564 3,598 3,602 3,563 3,547 31 Ecuador 760 635 495 506 508 507 504 495 465 491 37 Guatemala 1,135 1,244 1,495 1,275 1,265 1,568 1,522 1,495 1,417 1,651 33 Mexico 17,899 17,415 16,522 17,535 16,896 17,272 16,996 16,522 17,035 16,561 34 Panama 3,387 2,933 3,066 3,198 3,223 3,426 3,415 3,066 2,765 2,788 35 Peru 2,529 2,807 2,185 2,418 2,437 2,435 2,369 2,185 2,125 2,090 36 Uruguay 801 673 447 456 461 492 540 447 437 471 37 Venezuela 3,494 3,518 3,077 3,417 3,222 3,221 3,306 3,077 3,181 3,288 38 Other Latin America6 5,023 5,065 3,359 3,214 3,225 3,239 3,349 3,359 3,095 3,051 39 Caribbean 281,128 319,403 367,655' 329,933 340,772 360,024 326,271 367,655 327,814 326,948 40 Bahamas 99,066 114,090 101,034' 99,066 114,744 124,546 97,916 101,034 91,440 90,050 41 Bermuda 8,007 9,260 7,900 6,803 7,005 11,440 6,015 7,900 7,018 6,449 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. 247,086' 207,997 204,541 211,484 208,198 247,086 217,311 220,013 44 Cuba 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 45 Jamaica 295 355 418 367 369 380 406 418 383 384 46 Netherlands Antilles 5,982 5,801 6,729 10,228 9,818 7,647 9,583 6,729 7,599 6,046 47 Trinidad and Tobago 589 608 931 1,086 940 858 880 931 940 955 48 Other Caribbean6 n.a. n.a. 3,557 4,386 3,355 3,669 3,273 3,557 3,123 3,051 49 75,143 77,829 85,882' 77,553 80,636 87,331 91,337 85,882 80,650 78,905 China 50 Mainland 2,110 1,606 2,073 2,207 3,478 4,118 4,427 2,073 3,526 2,418 51 Taiwan 1,390 2,247 4,407 2,754 3,195 4,244 3,897 4,407 3,422 4,101 52 Hong Kong 5,903 6,669 9,995' 5,776 6,400 5,161 7,984 9,995 7,670 7,319 53 India 1,738 2,178 1,348 1,625 1,600 1,561 1,609 1,348 1,167 1,217 54 Indonesia 1,776 1,914 1,752 1,975 1,944 1,965 1,935 1,752 1,768 1,644 55 Israel 1,875 2,729 4,396 3,621 3,621 3,980 4,592 4,396 4,211 4,195 56 Japan 28,641 34,974 34,125 34,934 32,301 39,940 34,665 34,125 30,973 30,722 57 Korea (South) 9,426 7,776 10,622 10,754 11,852 11,137 14,742 10,622 12,689 12,745 58 Philippines 1,410 1,784 2,587 1,740 2,092 1,505 2,021 2,587 1,951 1,681 59 Thailand 1,515 1,381 2,499 1,439 1,204 1,470 1,283 2,499 1,743 745 60 Middle Eastern oil-exporting countries8 14,267 9,346 7,882 8,262 7,943 8,290 10,088 7,882 7,559 7,341 61 Other 5,092 5,225 4,196' 2,466 5,006 3,960 4,094 4,196 3,971 4,777 67 Africa 2,268 2,094 2,135 2,050 1,877 1,878 2,108 2,135 2,043 1,937 63 Egypt 258 201 416 401 412 381 477 416 324 331 64 Morocco 352 204 106 149 152 148 116 106 100 97 65 South Africa 622 309 710 661 492 443 571 710 700 640 66 Congo (formerly Zaire) 24 0 n.a. 2 n.a. n.a. 1 n.a. n.a. n.a. 67 Oil-exporting countries9 276 471 167 128 151 169 179 167 195 201 68 Other 736 909 736 709 670 737 764 736 724 668 69 Other countries 7,105 6,117 5,842' 5,183 4,973 5,739 5,374 5,842 5,980 5,958 70 Australia 6,824 5,868 5,455' 4,807 3,980 5,402 4,964 5,455 5,336 5,207 71 New Zealand10 n.a. n.a. 349 264 329 275 330 349 603 732 72 All other 281 249 38 112 664 62 80 38 41 19 73 Nonmonetary international and regional organizations" .. 4,563 4,686 4,927 4,551 4,476 4,904 5,258 4,927 3,850 3,808 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 • June 2002 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the United States1 Payable in US. dollars Millions of dollars, end of period 2001 2002 Aug. Sept.' Oct.' Nov.' Dec.' Jan.' Feb.P I Total 944,937 1,095,869 l,255,031r 1,136,410 1,255,031 2 Banks' claims 793,139 904,642 1,052,652' 951,522' 963,630 1,016,715 1,052,755 1,052,652 1,004,242 1,005,148 3 Foreign public borrowers 35,090 37,907 48,999 47,159' 45,780 49,592 56,820 48,999 52,924 48,538 4 Own foreign offices2 529,682 630,137 745,834' 655,431' 663,840 699,281 721,650 745,834 697,236 716,045 5 Unaffiliated foreign banks 97,186 95,243 100,575' 84,348' 92,533 95,647 100,608 100,575 98,381 91,992 6 Deposits 34,538 23,886 26,189' 15,610' 20,022 25,663 29,998 26,189 26,926 25,841 7 Other 62,648 71,357 74,386' 68,738' 72,511 69,984 70,610 74,386 71,455 66,151 8 All other foreigners 131,181 141,355 157,244' 164,584' 161,477 172,195 173,677 157,244 155,701 148,573 9 Claims of banks' domestic customers1 151,798 191,227 202,379 172,780 202,379 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. 137,984 117,224 111,844 144,250 144,901 137,984 119,466 123,049 15 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States6 31,125 53,153 60,711 60,299 54,932 57,698 66,930 60,711 54,563 55,165 1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are principally of amounts due from the head office or parent foreign bank, and from foreign for quarter ending with month indicated. branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Reporting banks include all types of depository institution as well as some brokers and 3. Assets held by reporting banks in the accounts of their domestic customers. dealers. 4. Principally negotiable time certificates of deposit and bankers acceptances, and commer- 2. For U.S. banks, includes amounts due from own foreign branches and foreign subsidi- cial paper. aries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory 5. Data available beginning January 2001. agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists 6. Includes demand and time deposits and negotiable and nonnegotiable certificates of deposit denominated in U.S. dollars issued by banks abroad. 3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period 2001 MMaattuurriittyy,, bbyy bboorrrroowweerr aanndd aarreeaa22 11999988 11999999 22000000 Mar. June Sept. Dec. 1 Total 250,418 267,082 274,009 307,564 302,060 298,514 304,595 By borrower 2 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 8 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
Nonbank-Reported Data A57 3.21 CLAIMS ON FOREIGN COUNTRIES Held by U.S. and Foreign Offices of U.S. Banks1 Billions of dollars, end of period 1999 2000 2001 AArreeaa oorr ccoouunnttrryy 11999977 11999988 Dec. Mar. June Sept. Dec. Mar. June Sept.' Dec. 1 Total 721.8 1,051.6 945.5 955.0 991.0 954.4 1,027.3 l,149.3r l,154.9r 1,303.3 989.4 2 G-10 countries and Switzerland 242.8 217.7 243.4 272.4 313.6 280.3 300.7 340.7' 349.8' 306.8 479.9 3 Belgium and Luxembourg 11.0 10.7 14.3 14.2 13.9 13.0 14.2 15.3 13.3' 14.6 19.4 4 France 15.4 18.4 29.0 27.1 32.6 29.0 29.6 30.1' 36.3' 34.9 40.0 Germany 28.6 30.9 38.7 37.3 31.5 37.6 45.1 48.7' 54.5' 43.9 45.2 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 20.9 19.5 8 Sweden 3.3 2.3 3.0 3.9 3.5 4.3 3.6 4.7 4.7 5.2 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 79.3 101.9 138.2 112.8 115.6 142.0' 129.5' 98.7 257.8 11 Canada 13.7 16.8 16.3 17.3 18.2 18.5 16.7 15.4 22.0' 21.1 20.3 12 Japan 28.6 25.4 22.1 23.5 25.4 18.1 23.0 28.0 33.6' 31.8 38.7 13 Other industrialized countries 65.5 69.0 68.4 62.7 75.3 73.7 74.5 75.8' 70.4' 70.9 70.4 14 Austria 1.5 1.4 3.5 2.6 2.8 3.5 4.1 3.9' 3.6 4.5 4.8 15 Denmark 2.4 2.2 2.6 1.5 1.2 1.8 1.9 3.1 2.7 2.7 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 6.2 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 12.7' 12.5' 13.8 12.2 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 7.3 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 21.7 20.6 25 OPEC2 26.0 27.1 31.4 28.9 32.1 31.4 28.9 28.3' 27.2' 27.7 27.5 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 2.7' 2.7 2.5 28 Indonesia 6.7 4.7 4.2 3.9 4.1 4.4 4.6 4.4 4.2' 4.0 3.8 29 Middle East countries 14.4 17.0 23.1 21.1 23.8 22.4 20.3 20.1 19.3 20.1 20.3 30 African countries 1.2 1.0 .5 .2 .7 1.2 .8 .5 .4 .4 .3 31 Non-OPEC developing countries 139.2 143.4 149.4 154.6 158.1 149.5 145.5 150.5' 160.0' 204.0 193.7 Latin America 32 Argentina 18.4 23.1 23.2 22.4 21.6 21.4 21.4 20.9 20.1' 19.6 19.6 33 Brazil 28.6 24.7 27.7 28.1 28.3 28.5 28.8 29.4' 31.2' 31.3 28.5 34 Chile 8.7 8.3 7.4 8.2 8.1 7.3 7.6 7.3 7.4' 6.7 7.3 35 Colombia 3.4 3.2 2.5 2.5 2.4 2.4 2.4 2.4 2.6' 2.6 2.6 36 Mexico 17.4 18.9 18.7 18.3 20.4 17.5 15.7 16.7 16.8' 60.0 56.0 37 Peru 2.0 2.2 1.7 1.9 2.1 2.1 2.0 2.0 2.0 1.9 1.9 38 Other 4.1 5.4 5.9 6.5 6.7 6.2 6.3 8.7' 8.3' 8.2 9.0 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 11.2' 10.7 10.9 12.3 41 India 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 2.5' 2.6' 3.9 4.7 43 Korea (South) 15.6 13.7 15.2 17.7 21.7 21.4 15.5 19.9' 19.3' 19.5 18.7 44 Malaysia 5.1 5.6 6.1 6.5 6.8 6.9 7.1 6.5 6.8' 6.1 6.7 45 Philippines 5.7 5.1 6.2 5.3 5.3 4.7 5.1 5.2 5.4 5.2 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 Africa1 .8 1.0 1.0 .9 .9 .8 .7 .7 .7 .8 .7 52 Eastern Europe 9.1 5.5 5.2 6.3 9.4 9.0 10.1 9.5 9.5 10.2 10.1 53 Russia4 5.1 2.2 1.6 1.7 1.5 1.4 1.0 1.5 1.5 1.6 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 59.7' 75.7 73.7 56 Bahamas 24.2 35.4 13.7 14.4 8.8 9.3 13.5 7.0 .0 1.1 7.5 57 Bermuda 9.8 4.6 8.0 7.3 6.3 6.3 9.0 7.9 5.8' 7.6 7.7 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 23.4 16.9 59 Netherlands Antilles 14.6 2.6 1.7 2.5 2.6 1.9 1.9 2.9 1.7 5.8 3.0 60 Panama5 3.1 3.9 3.9 3.4 3.3 2.5 3.2 3.8 4.2' 4.4 4.1 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 22.4' 17.9 18.9 63 Singapore 12.7 11.1 10.1 4.1 13.6 12.6 15.2 14.6' 12.9 15.3 15.5 64 Other .1 .2 .1 .1 .1 .1 .2 .1 .1 .0 .1 65 Miscellaneous and unallocated7 99.1 495.1 387.9 376.1 342.1 351.1 391.2 472.4 478.4 608.1 133.9 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 • June 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 11999988 11999999 22000000 Sept. Dec. Mar. June Sept. Dec.p 1 Total 46,570 53,044 73,904 76,644 73,904 73,655 68,113 53,526 66,718 2 Payable in dollars 36,668 37,605 48,931 51,451 48,931 46,526 41,819 35,347 42,957 3 Payable in foreign currencies 9,902 15,415 24,973 25,193 24,973 27,129 26,294 18,179 23,761 By type 4 Financial liabilities 19,255 27,980 47,419 49,895 47,419 47,808 41,908 27,502 41,034 5 Payable in dollars 10,371 13,883 25,246 26,159 25,246 23,201 17,655 11,415 18,763 6 Payable in foreign currencies 8,884 14,097 22,173 23,736 22,173 24,607 24,253 16,087 22,271 7 Commercial liabilities 27,315 25,064 26,485 26,749 26,485 25,847 26,205 26,024 25,684 8 Trade payables 10,978 12,857 14,293 13,918 14,293 12,481 13,213 11,740 11,820 9 Advance receipts and other liabilities 16,337 12,207 12,192 12,831 12,192 13,366 12,992 14,284 13,864 10 Payable in dollars 26,297 23,722 23,685 25,292 23,685 23,325 24,164 23,932 24,194 11 Payable in foreign currencies 1,018 1,318 2,800 1,457 2,800 2,522 2,041 2,092 1,490 By area or country Financial liabilities 12 Europe 12,589 23,241 34,172 36,175 34,172 37,422 32,785 22,083 31,806 13 Belgium and Luxembourg 79 31 147 169 147 112 98 76 154 14 France 1,097 1,659 1,480 1,299 1,480 1,553 1,222 1,538 2,841 15 Germany 2,063 1,974 2,168 2,132 2,168 2,624 2,463 1,994 2,344 16 Netherlands 1,406 1,996 2,016 2,040 2,016 2,169 1,763 1,998 1,954 17 Switzerland 155 147 104 178 104 103 93 92 94 18 United Kingdom 5,980 16,521 26,362 28,601 26,362 28,812 25,363 14,819 22,852 19 Canada 693 284 411 249 411 718 628 436 955 20 Latin America and Caribbean 1,495 892 4,125 3,447 4,125 3,632 2,100 414 2,858 21 Bahamas 7 1 6 105 6 18 40 5 157 22 Bermuda 101 5 1,739 1,182 1,739 1,837 461 47 960 23 Brazil 152 126 148 132 148 26 21 22 35 24 British West Indies 957 492 406 501 406 1,657 1,508 243 1,627 25 Mexico 59 25 26 35 26 31 20 24 36 26 Venezuela 2 0 2 0 2 1 1 3 2 27 Asia 3,785 3,437 7,965 9,320 7,965 5,324 5,639 3,869 5,042 28 Japan 3,612 3,142 6,216 4,782 6,216 4,757 3,297 3,442 3,269 29 Middle Eastern oil-exporting countries1 0 4 11 7 11 15 8 9 10 30 Africa 28 28 52 48 52 38 61 59 53 31 Oil-exporting countries2 0 0 0 0 0 0 0 5 5 32 All other1 665 98 694 656 694 674 695 672 320 Commercial liabilities 33 Europe 10,030 9,262 9,629 9,411 9,629 8,792 8,723 8,855 9,230 34 Belgium and Luxembourg 278 140 293 201 293 251 297 160 99 35 France 920 672 979 716 979 689 665 892 735 36 Germany 1,392 1,131 1,047 1,023 1,047 982 1,017 966 908 37 Netherlands 429 507 300 424 300 349 343 343 1,163 38 Switzerland 499 626 502 647 502 623 697 683 790 39 United Kingdom 3,697 3,071 2,847 2,951 2,847 2,542 2,706 2,296 2,280 40 Canada 1,390 1,775 1,933 1,889 1,933 1,625 2,043 1,569 1,633 41 Latin America and Caribbean 1,618 2,310 2,381 2,443 2,381 2,166 2,292 2,879 2,729 42 Bahamas 14 22 31 15 31 5 31 44 52 43 Bermuda 198 152 281 377 281 280 367 570 591 44 Brazil 152 145 114 167 114 239 279 312 290 45 British West Indies 10 48 76 19 76 64 21 28 45 46 Mexico 347 887 841 1,079 841 792 762 884 901 47 Venezuela 202 305 284 124 284 243 218 242 166 48 Asia 12,342 9,886 10,983 11,133 10,983 11,542 11,384 11,114 10,532 49 Japan 3,827 2,609 2,757 1,998 2,757 2,431 2,377 2,421 2,592 50 Middle Eastern oil-exporting countries' 2,852 2,551 2,832 3,706 2,832 3,359 3,087 3,053 2,642 51 Africa 794 950 948 1,220 948 1,072 1,115 938 836 52 Oil-exporting countries2 393 499 483 663 483 566 539 471 436 53 Other3 1,141 881 614 653 614 650 648 669 724 1. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 2. Comprises Algeria, Gabon, Libya, and Nigeria. Emirates (Trucial States). 3. Includes nonmonetary international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Nonbank-Reported Data A59 3.23 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period 2000 2001 TTyyppee ooff ccllaaiimm,, aanndd aarreeaa oorr ccoouunnttrryy 11999988 11999999 22000000 Sept. Dec. Mar. June Sept. Dec.P 1 Total 77,462 76,669 90,157 94,803 90,157 107,705 97,946 94,076 113,155 2 Payable in dollars 72,171 69,170 79,558 82,872 79,558 94,932 88,166 83,292 103,937 3 Payable in foreign currencies 5,291 7,472 10,599 11,931 10,599 12,773 9,780 10,784 9,218 By type 4 Financial claims 46,260 40,231 53,031 58,303 53,031 74,255 61,891 60,015 81,287 5 Deposits 30,199 18,566 23,374 30,928 23,374 25,419 25,381 22,391 29,801 6 Payable in dollars 28,549 16,373 21,015 27,974 21,015 23,244 23,174 19,888 27,850 7 Payable in foreign currencies 1,650 2,193 2,359 2,954 2,359 2,175 2,207 2,503 1,951 8 Other financial claims 16,061 21,665 29,657 27,375 29,657 48,836 36,510 37,624 51,486 9 Payable in dollars 14,049 18,593 25,142 20,541 25,142 41,417 32,038 32,076 46,621 10 Payable in foreign currencies 2,012 3,072 4,515 6,834 4,515 7,419 4,472 5,548 4,865 11 Commercial claims 31,202 36,438 37,126 36,500 37,126 33,450 36,055 34,061 31,868 12 Trade receivables 27,202 32,629 33,104 31,530 33,104 28,958 31,107 29,328 27,586 13 Advance payments and other claims 4,000 3,809 4,022 4,970 4,022 4,492 4,948 4,733 4,282 14 Payable in dollars 29,573 34,204 33,401 34,357 33,401 30,271 32,954 31,328 29,466 15 Payable in foreign currencies 1,629 2,207 3,725 2,143 3,725 3,179 3,101 2,733 2,402 By area or country Financial claims 16 Europe 12,294 13,023 23,136 23,706 23,136 31,855 23,975 23,069 26,118 17 Belgium and Luxembourg 661 529 296 304 296 430 262 372 625 18 France 864 967 1,206 1,477 1,206 3,142 1,376 1,682 1,450 19 Germany 304 504 848 696 848 1,401 1,163 1,112 1,068 20 Netherlands 875 1,229 1,396 2,486 1,396 2,313 1,072 954 2,138 21 Switzerland 414 643 699 626 699 613 653 665 589 22 United Kingdom 7,766 7,561 15,900 16,191 15,900 20,938 15,913 15,670 16,510 23 Canada 2,503 2,553 4,576 7,517 4,576 4,847 4,787 4,254 6,193 24 Latin America and Caribbean 27,714 18,206 19,317 21,691 19,317 28,791 24,403 26,099 41,201 25 Bahamas 403 1,593 1,353 1,358 1,353 561 818 649 976 26 Bermuda 39 11 19 22 19 1,729 426 80 918 27 Brazil 835 1,476 1,827 1,568 1,827 1,648 1,877 2,065 2,127 28 British West Indies 24,388 12,099 12,596 15,722 12,596 21,227 17,505 19,234 32,965 29 Mexico 1,245 1,798 2,448 2,280 2,448 2,461 2,633 2,910 3,075 30 Venezuela 55 48 87 101 87 38 66 80 83 31 Asia 3,027 5,457 4,697 4,002 4,697 7,215 6,829 5,274 6,430 32 Japan 1,194 3,262 1,631 1,726 1,631 3,867 1,698 1,761 1,604 33 Middle Eastern oil-exporting countries1 9 23 80 85 80 86 76 100 135 34 Africa 159 286 411 284 411 430 476 456 414 35 Oil-exporting countries2 16 15 57 3 57 42 35 83 49 36 All other3 563 706 894 1,103 894 1,117 1,421 891 931 Commercial claims 37 Europe 13,246 16,389 15,938 16,486 15,938 13,775 14,582 14,381 14,036 38 Belgium and Luxembourg 238 316 452 393 452 395 404 354 268 39 France 2,171 2,236 3,095 2,921 3,095 3,479 3,192 3,062 2,922 40 Germany 1,822 1,960 1,982 2,159 1,982 1,586 1,993 1,977 1,662 41 Netherlands 467 1,429 1.729 1,310 1,729 757 863 844 529 42 Switzerland 483 610 763 684 763 634 472 514 611 43 United Kingdom 4,769 5,827 4,502 5,193 4,502 3,562 3,819 3,571 3,839 44 Canada 2,617 2,757 3,502 2,953 3,502 3,392 3,496 3,116 2,855 45 Latin America and Caribbean 6,296 5,959 5,851 5,788 5,851 5,144 6,107 5,590 4,874 46 Bahamas 24 20 37 75 37 20 39 35 42 47 Bermuda 536 390 376 387 376 407 650 526 369 48 Brazil 1,024 905 957 981 957 975 1,364 1,183 958 49 British West Indies 104 181 137 55 137 130 135 124 95 50 Mexico 1,545 1,678 1,507 1,612 1,507 1,350 1,416 1,442 1,401 51 Venezuela 401 439 328 379 328 292 321 301 288 52 Asia 7,192 9,165 9,630 8,986 9,630 8,985 9,692 8,704 7,855 53 Japan 1,681 2,074 2,796 2,074 2,796 2,560 3,154 2,438 2,007 54 Middle Eastern oil-exporting countries' 1,135 1,625 1,024 1,199 1,024 966 1,051 919 851 55 Africa 711 631 672 895 672 773 669 838 645 56 Oil-exporting countries2 165 171 180 392 180 165 154 170 88 57 Other3 1,140 1,537 1,572 1,392 1,572 1,381 1,509 1,432 1,603 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 • June 2002 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 2002 2001 2002 TTrraannssaaccttiioonn,, aanndd aarreeaa oorr ccoouunnttrryy 22000000 220000 llrr Jan.- Feb. Aug/ Sept.' Oct/ Nov/ Dec/ Jan/ Feb/ U.S. corporate securities STOCKS 1 Foreign purchases 3,605,196 3,051,355 515,676 247,297 193,492 255,682 241,318 239,289 255,725 259,951 2 Foreign sales 3,430,306 2,934,969 504,959 239,594 205,024 248,425 228,147 226,004 247,109 257,850 3 Net purchases, or sales (-) 174,890 116,386 10,717 7,703 -11,532 7,257 13,171 13,285 8,616 2,101 4 Foreign countries 174,903 116,183 10,840 7,704 -11,521 7,234 13,162 13,266 8,737 2,103 5 Europe 164,656 88,098 13,172 9,199 -7,327 7,478 8,492 6,740 8,730 4,442 6 France 5,727 5,914 1,606 623 -2,609 1,969 -845 101 1,302 304 / Germany 31.752 8,415 908 463 -435 825 698 688 479 429 8 Netherlands 4,915 10,919 506 594 358 552 1,096 1,271 406 100 9 Switzerland 11,960 3,456 1,036 -127 -688 352 326 854 470 566 10 United Kingdom 58,736 38,492 5,295 6,164 -564 3,313 3,248 2,033 3,972 1,323 11 Channel Islands and Isle of Man1 n.a. -698 -184 24 -73 -23 -198 20 -81 -103 12 Canada 5,956 10,984 1,048 -230 1,137 197 938 1,250 591 457 13 Latin America and Caribbean -17,812 -5,157 -5,942 -2,930 -4,780 -1,508 1,833 3,931 -1,447 ^t,495 14 Middle East2 9,189 1,789 -69 826 664 -514 -105 249 96 -165 15 Other Asia 12,494 20,727 2,207 619 -879 1,551 1,811 600 572 1,635 16 Japan 2,070 6,788 -15 54 -806 1,148 414 65 -209 194 1/ 415 -366 37 72 -37 -31 -9 -7 32 5 18 Other countries 5 108 387 148 -299 61 202 503 163 224 19 Nonmonetary international and regional organizations -11 203 -123 -1 -11 23 9 19 -121 -2 BONDS3 20 Foreign purchases 1,208,386 1,943,158 350,243 157,685 156,458 192,442 187,115 177,721 181,519 168,724 21 Foreign sales 871,416 1,556,217 317,222 132,938 137,848 151,612 156,019 155,238 161,985 155,237 22 Net purchases, or sales (-) 336,970 386,941 33,021 24,747 18,610 40,830 31,096 22,483 19,534 13,487 23 Foreign countries 337,074 386,376 32,841 24,549 18,455 41,002 30,853 22,452 19,624 13,217 24 Europe 180,917 195,798 12,509 9,675 9,659 15,513 16,172 8,077 7,890 4,619 25 France 2,216 5,028 82 -1,035 -573 601 270 330 68 14 26 Germany 4,067 12,362 -160 472 454 1,666 2,001 -12 93 -253 27 Netherlands 1,130 1,538 -945 -297 457 83 -154 -637 -1,495 550 28 Switzerland 3,973 5,721 969 628 -51 292 417 75 143 826 29 United Kingdom 141,223 153,158 9,359 8,809 9,672 10,422 12,928 5,985 7,619 1,740 30 Channel Islands and Isle of Man1 n.a. 2,000 144 106 93 355 69 404 130 14 31 Canada 13,287 4,595 95 -1,434 -644 1,335 25 892 338 -243 32 Latin America and Caribbean 59,444 77,217 10,732 8,961 2,519 2,270 7,838 5,765 4,655 6,077 33 Middle East' 2,076 2,338 762 -22 8 307 432 455 420 342 34 Other Asia 78,794 106,812 8,896 7,568 7,281 21,044 6,593 7,721 6,802 2,094 35 Japan 39,356 34,099 -1,674 1,641 1,066 15,243 1,104 -810 -717 -957 36 Africa 938 760 -8 135 -6 272 71 -45 -30 22 37 Other countries 1,618 -1,144 -145 -334 -362 261 -278 —413 -451 306 38 Nonmonetary international and regional organizations -70 566 180 198 155 -172 243 31 -90 270 Foreign securities 39 Stocks, net purchases, or sales (-) -13,088 -50,113 1,097 -2,105 2,331 -3,097 2,795 -8,955 3,817 -2,720 40 Foreign purchases 1,802,185 1,397,664 198,699 96,415 99,588 105,799 108,043 88,033 103,336 95,363 41 Foreign sales 1,815,273 1,447,777 197,602 98,520 97,257 108,896 105,248 96,988 99,519 98,083 42 Bonds, net purchases, or sales (-) -4,054 30,393 1,276 10,535 10,326 -754 -1,214 -945 -1,009 2,285 43 Foreign purchases 958,932 1,159,155 182,778 88,714 87,083 94.591 95,672 69,504 93,549 89,229 44 Foreign sales 962,986 1,128,762 181,502 78,179 76,757 95,345 96,886 70,449 94,558 86,944 45 Net purchases, or sales (-), of stocks and bonds -17,142 -19,720 2,373 8,430 12,657 -3,851 1,581 -9,900 2,808 -435 46 Foreign countries -17,278 -19,132 2,402 8,290 12,659 -3,657 1,587 -9,832 2,824 -422 47 Europe -25,386 -12,117 -1,849 6,243 5,993 -4,904 2,206 -9,831 -2,422 573 48 Canada -3,888 2,943 1,093 -1,516 1,297 -676 -470 1,010 1,381 -288 49 Latin America and Caribbean -15,688 4,245 1,173 1,226 2,663 -571 1,973 118 2,643 -1,470 50 24,488 -11,869 1,707 1,987 2,534 3,070 -2,138 -1,494 1,072 635 51 Japan 20,970 -20,116 -247 616 -391 1,441 -3,575 -1,924 400 -647 52 Africa 943 -557 134 -25 -34 -565 191 134 72 62 53 Other countries 2,253 -1,777 144 375 206 -11 -175 231 78 66 54 Nonmonetary international and regional organizations 150 -587 -29 140 -2 -194 -6 -68 -16 -13 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 Transactions' Millions of dollars; net purchases, or sales (-) during period Area or country J F a e n b . . - Aug. Sept. 1 Total estimated -54,032 18,472 -16,931 4,410 -1,990 14,969 12,676 10,497 -16,762 2 Foreign countries -53,571 19,158 -17,520 4,590 -2,138 14,884 12,902 10,531 -17,027 -493 3 Europe -50,704 -20,510 -6,767 321 -782 2,339 -5,850 278 -6,688 -79 4 Belgium2 73 -598 -371 42 174 -146 -9 202 -108 -263 5 Germany -7,304 -1,668 -3,743 67 -113 -392 54 1,075 -3,466 -277 6 Luxembourg2 n.a. 462 -640 -64 -348 285 -5 -34 -514 -126 7 Netherlands 2,140 -6,728 -1,286 2,437 -2,653 -1,336 -701 -948 -2,098 812 8 Sweden 1,082 -1,190 -567 593 1,037 -109 268 -197 -337 -230 9 Switzerland -10,326 l,412r 198 -45' 979 -339 215 335 313 -115 10 United Kingdom -33,669 -7,185r 1,852 ^t,609' 1,992 7,359 -7,374 2,007 -86 1,938 11 Channel Islands and Isle of Man3 n.a. -179 44 11 -1 -34 7 -136 -3 47 12 Other Europe and former U.S.S.R -2,700 -4,836 -2,254 1,889 -1,849 -2,949 1,695 -2,026 -389 -1,865 13 Canada -550 -4,136r -2,269 -357' -947 -3,091 —430 2,978 -3,473 1,204 14 Latin America and Caribbean -4,914 5,046 -3,591 3,711 -541 3,998 6,266 -6,368 2,603 -6,194 15 Venezuela 1,288 290 21 -128 39 -129 103 3 33 -12 16 Other Latin America and Caribbean -11,581 15,500 -1,437 67 -524 4,065 8,393 -3,984 1,635 -3,072 17 Netherlands Antilles 5,379 -10,744 -2,175 3,772 -56 62 -2,230 -2,387 935 -3,110 18 Asia 1,639 37,992' -5,359 577' -150 11,755 11,820 14,423 -9,221 3,862 19 Japan 10,580 17,774 -4,193 324 -3,329 16,640 1,737 4,379 -6,649 2,456 20 Africa -414 -880 69 -120 47 -396 53 -293 -65 134 21 Other 1,372 1,646 397 458 235 279 1,043 -487 -183 580 22 Nonmonetary international and regional organizations -461 -686 589 -180 148 85 -226 -34 265 324 23 International -483 -290 190 103 -65 8 63 43 138 52 24 Latin American Caribbean regional 76 41 14 -3 0 1 43 -25 -1 15 MEMO 25 Foreign countries -53,571 19,158 -17,520 4,590 -2,138 14,884 12,902 10,531 -17,027 -493 26 Official institutions -6,302 3,474' -5,177 343 2,549 2,239 6,266 1,061 -3,000 -2,177 27 Other foreign -47,269 15,684' -12,343 4,247 -4,687 12,645 6,636 9,470 -14,027 1,684 Oil-exporting countries 28 Middle East 3,483 865 834 -308 -586 2,442 2,217 784 29 Africa5 0 -2 -1 -2 -2 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 • June 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 Nov. Dec. Jan. Feb. Mar. Apr. Exchange rates COUNTRY/CURRENCY UNIT 1 Australia/dollar2 64.54 58.15 51.69 51.65 51.38 51.70 51.28 52.56 53.52 2 Brazil/real 1.8207 1.8301 2.3527 2.5481 2.3635 2.3799 2.4242 2.3450 2.3227 3 Canada/dollar 1.4858 1.4855 1.5487 1.5922 1.5788 1.5997 1.5964 1.5877 1.5815 4 China, P.R./yuan 8.2783 8.2784 8.2770 8.2769 8.2761 8.2771 8.2767 8.2773 8.2772 5 Denmark/krone 6.9900 8.0953 8.3323 8.3832 8.3526 8.4183 8.5343 8.4795 8.4397 6 European Monetary Union/euro3 1.0653 0.9232 0.8952 0.8883 0.8912 0.8832 0.8707 0.8766 0.8860 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 7.7996 7.7989 7.7989 7.7996 7.7997 7.8000 9 India/rupee 43.13 45.00 47.22 48.04 47.93 48.35 48.72 48.77 48.94 10 Japan/yen 113.73 107.80 121.57 122.41 127.59 132.68 133.64 131.06 130.77 11 Malaysia/ringgit 3.8000 3.8000 3.8000 3.8000 3.8000 3.8000 3.8002 3.8000 3.8000 12 Mexico/peso 9.553 9.459 9.337 9.225 9.157 9.164 9.105 9.064 9.165 13 New Zealand/dollar2 52.94 45.68 42.02 41.58 41.57 42.45 41.87 43.33 44.28 14 Norway/krone 7.8071 8.8131 8.9964 8.9296 8.9713 8.9684 8.9492 8.8072 8.6102 15 Singapore/dollar 1.6951 1.7250 1.7930 1.8295 1.8382 1.8394 1.8312 1.8295 1.8285 16 South Africa/rand 6.1191 6.9468 8.6093 9.7388 11.6761 11.6258 11.4923 11.4863 11.0832 17 South Korea/won 1,189.84 1,130.90 1,292.01 1,282.10 1,292.29 1,316.34 1,320.55 1,322.90 1,318.09 18 Sri Lanka/rupee 70.868 76.964 89.602 92.670 93.194 93.473 93.650 94.903 96.030 19 Sweden/krona 8.2740 9.1735 10.3425 10.6117 10.5753 10.4561 10.5501 10.3324 10.3070 7,0 Switzerland/franc 1.5045 1.6904 1.6891 1.6509 1.6566 1.6709 1.6970 1.6743 1.6542 21 Taiwan/dollar 32.322 31.260 33.824 34.498 34.682 35.027 35.073 35.020 34.917 71 Thailand/baht 37.887 40.210 44.532 44.411 43.952 44.036 43.854 43.415 43.442 23 United Kingdom/pound2 161.72 151.56 143.96 143.56 144.13 143.22 142.27 142.30 144.29 24 Venezuela/bolivar 606.82 680.52 724.10 745.10 753.64 762.40 898.51 922.66 871.38 Indexes4 NOMINAL 25 Broad (January 1997-100)5 116.87 119.67 126.09 127.33 127.52 129.26 130.03 129.27 128.95 26 Major currencies (March 1973=100)6 94.07 98.32 104.32 105.64 106.30 108.10 108.82 107.76 107.03 27 Other important trading partners (January 1997-100)7 129.94 130.33 136.34 137.19 136.62 137.95 138.64 138.49 138.86 REAL 28 Broad (March 1973-100)5 100.78 104.32 110.41' 111.18' 111.05' 112.52' 113.10' 112.79' 112.73 29 Major currencies (March 1973=100)6 97.06 103.17 110.73 112.47' 112.66' 114.66' 115.65' 114.60' 114.15 30 Other important trading partners (March 1973—100)7 114.25 114.53 119.20 118.77 118.23 119.15 119.26 119.86' 120.27 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 All 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 June 2002 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 are available in the Board's 88th Annual Report, 2001 (http://www.federalreserve.gov/boarddocs/rptcongress). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A64 Federal Reserve Bulletin • June 2002 Index to Statistical Tables References are to pages A3-A62, although the prefix 'A" is omitted in this index. ACCEPTANCES, bankers (See Bankers acceptances) Federal finance Assets and liabilities (See also Foreigners) Debt subject to statutory limitation, and types and ownership Commercial banks, 15-21 of gross debt, 27 Domestic finance companies, 32, 33 Receipts and outlays, 25, 26 Federal Reserve Banks, 10 Treasury financing of surplus, or deficit, 25 Foreign-related institutions, 20 Treasury operating balance, 25 Automobiles Federal Financing Bank, 30 Consumer credit, 36 Federal funds, 23, 25 Production, 44, 45 Federal Home Loan Banks, 30 Federal Home Loan Mortgage Corporation, 30, 34, 35 Federal Housing Administration, 30, 34, 35 BANKERS acceptances, 5, 10, 23 Federal Land Banks, 35 Bankers balances, 15-21 (See also Foreigners) Federal National Mortgage Association, 30, 34, 35 Bonds (See also U.S. government securities) Federal Reserve Banks New issues, 31 Condition statement, 10 Rates, 23 Discount rates (See Interest rates) Business activity, nonfinancial, 42 U.S. government securities held, 5, 10, 11, 27 Business loans (See Commercial and industrial loans) Federal Reserve credit, 5, 6, 10, 12 Federal Reserve notes, 10 CAPACITY utilization, 43 Federally sponsored credit agencies, 30 Capital accounts Finance companies Commercial banks, 15-21 Assets and liabilities, 32 Federal Reserve Banks, 10 Business credit, 33 Certificates of deposit, 23 Loans, 36 Commercial and industrial loans Paper, 22, 23 Commercial banks, 15-21 Float, 5 Weekly reporting banks, 17, 18 Flow of funds, 37-41 Commercial banks Foreign currency operations, 10 Assets and liabilities, 15-21 Foreign deposits in U.S. banks, 5 Commercial and industrial loans, 15-21 Foreign exchange rates, 62 Consumer loans held, by type and terms, 36 Foreign-related institutions, 20 Real estate mortgages held, by holder and property, 35 Foreign trade, 51 Time and savings deposits, 4 Foreigners Commercial paper, 22, 23, 32 Claims on, 52, 55-7, 59 Condition statements (See Assets and liabilities) Liabilities to, 51-4, 58, 60, 61 Construction, 42, 46 Consumer credit, 36 Consumer prices, 42 GOLD Consumption expenditures, 48, 49 Certificate account, 10 Corporations Stock, 5, 51 Government National Mortgage Association, 30, 34, 35 Profits and their distribution, 32 Gross domestic product, 48, 49 Security issues, 31, 61 Cost of living (See Consumer prices) Credit unions, 36 HOUSING, new and existing units, 46 Currency in circulation, 5, 13 Customer credit, stock market, 24 INCOME, personal and national, 42, 48, 49 Industrial production, 42, 44 DEBT (See specific types of debt or securities) Insurance companies, 27, 35 Demand deposits, 15-21 Interest rates Depository institutions Bonds, 23 Reserve requirements, 8 Consumer credit, 36 Reserves and related items, 4-6, 12 Federal Reserve Banks, 7 Deposits (See also specific types) Money and capital markets, 23 Commercial banks, 4, 15-21 Mortgages, 34 Federal Reserve Banks, 5, 10 Prime rate, 22 Discount rates at Reserve Banks and at foreign central banks and International capital transactions of United States, 50-61 foreign countries (See Interest rates) International organizations, 52, 53, 55, 58, 59 Discounts and advances by Reserve Banks (See Loans) Inventories, 48 Dividends, corporate, 32 Investment companies, issues and assets, 32 Investments (See also specific types) EMPLOYMENT, 42 Commercial banks, 4, 15-21 Euro, 62 Federal Reserve Banks, 10, 11 Financial institutions, 35 FARM mortgage loans, 35 Federal agency obligations, 5, 9-11, 28, 29 LABOR force, 42 Federal credit agencies, 30 Life insurance companies (See Insurance companies) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A65 Loans (See also specific types) Savings deposits (See Time and savings deposits) Commercial banks, 15—21 Savings institutions, 35, 36, 37-41 Federal Reserve Banks, 5-7, 10, 11 Securities (See also specific types) Financial institutions, 35 Federal and federally sponsored credit agencies, 30 Insured or guaranteed by United States, 34, 35 Foreign transactions, 60 New issues, 31 MANUFACTURING Prices, 24 Capacity utilization, 43 Special drawing rights, 5, 10, 50, 51 Production, 43, 45 State and local governments Margin requirements, 24 Holdings of US. government securities, 27 Member banks, reserve requirements, 8 New security issues, 31 Mining production, 45 Rates on securities, 23 Mobile homes shipped, 46 Stock market, selected statistics, 24 Monetary and credit aggregates, 4, 12 Stocks (See also Securities) Money and capital market rates, 23 New issues, 31 Money stock measures and components, 4, 13 Prices, 24 Mortgages (See Real estate loans) Mutual funds, 13, 32 Student Loan Marketing Association, 30 Mutual savings banks (See Thrift institutions) TAX receipts, federal, 26 NATIONAL defense outlays, 26 Thrift institutions, 4 (See also Credit unions and Savings National income, 48 institutions) Time and savings deposits, 4, 13, 15-21 OPEN market transactions, 9 Trade, foreign, 51 Treasury cash, Treasury currency, 5 PERSONAL income, 49 Treasury deposits, 5, 10, 25 Prices Treasury operating balance, 25 Consumer and producer, 42, 47 UNEMPLOYMENT, 42 Stock market, 24 U.S. government balances Prime rate, 22 Commercial bank holdings, 15-21 Producer prices, 42, 47 Treasury deposits at Reserve Banks, 5, 10, 25 Production, 42, 44 U.S. government securities Profits, corporate, 32 Bank holdings, 15-21, 27 Dealer transactions, positions, and financing, 29 REAL estate loans Federal Reserve Bank holdings, 5, 10, 11, 27 Banks, 15-21, 35 Foreign and international holdings and transactions, 10, 27, 61 Terms, yields, and activity, 34 Open market transactions, 9 Type and holder and property mortgaged, 35 Outstanding, by type and holder, 27, 28 Reserve requirements, 8 Rates, 23 Reserves U.S. international transactions, 50-62 Commercial banks, 15-21 Utilities, production, 45 Depository institutions, 4-6, 12 Federal Reserve Banks, 10 VETERANS Affairs, Department of, 34, 35 U.S. reserve assets, 51 Residential mortgage loans, 34, 35 WEEKLY reporting banks, 17, 18 Retail credit and retail sales, 36, 42 Wholesale (producer) prices, 42, 47 SAVING YIELDS (See Interest rates) Flow of funds, 37-41 National income accounts, 48 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A66 Federal Reserve Bulletin • June 2002 Federal Reserve Board of Governors and Official Staff ALAN GREENSPAN, Chairman EDWARD M. GRAMLICH ROGER W. FERGUSON, JR., Vice Chairman SUSAN SCHMIDT BIES OFFICE OF BOARD MEMBERS DIVISION OF BANKING SUPERVISION LYNN S. FOX, Assistant to the Board AND REGULATION—Continued MICHELLE A. SMITH, Assistant to the Board DAVID M. WRIGHT, Assistant Director DONALD J. WINN, Assistant to the Board WILLIAM C. SCHNEIDER, JR., Project Director, DONALD L. KOHN, Adviser to the Board National Information Center WINTHROP P. HAMBLEY, Deputy Congressional Liaison NORMAND R.V. BERNARD, Special Assistant to the Board DIVISION OF INTERNATIONAL FINANCE JOHN LOPEZ, Special Assistant to the Board KAREN H. JOHNSON, Director BOB STAHLY MOORE, Special Assistant to the Board DAVID H. HOWARD, Deputy Director ROSANNA PIANALTO-CAMERON, Special Assistant to the Board THOMAS A. CONNORS, Associate Director DAVID W. SKIDMORE, Special Assistant to the Board DALE W. HENDERSON, Associate Director RICHARD T. FREEMAN, Deputy Associate Director LEGAL DIVISION WILLIAM L. HELKIE, Deputy Associate Director J. VIRGIL MATTINGLY, JR., General Counsel STEVEN B. KAMIN, Deputy Associate Director SCOTT G. ALVAREZ, Associate General Counsel JON W. FAUST, Assistant Director RICHARD M. ASHTON, Associate General Counsel JOSEPH E. GAGNON, Assistant Director KATHLEEN M. O'DAY, Associate General Counsel MICHAEL P. LEAHY, Assistant Director STEPHANIE MARTIN, Assistant General Counsel D. NATHAN SHEETS, Assistant Director ANN E. MISBACK, Assistant General Counsel RALPH W. TRYON, Assistant Director STEPHEN L. SICILIANO, Assistant General Counsel KATHERINE H. WHEATLEY, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS CARY K. WILLIAMS, Assistant General Counsel DAVID J. STOCKTON, Director EDWARD C. ETTIN, Deputy Director OFFICE OF THE SECRETARY DAVID W. WILCOX, Deputy Director JENNIFER J. JOHNSON, Secretary MYRON L. KWAST, Associate Director ROBERT DEV. FRIERSON, Deputy Secretary STEPHEN D. OLINER, Associate Director MARGARET M. SHANKS, Assistant Secretary PATRICK M. PARKINSON, Associate Director SHARON L. MOWRY, Visiting Assistant Secretary LAWRENCE SLIFMAN, Associate Director CHARLES S. STRUCKMEYER, Associate Director DIVISION OF BANKING SUPERVISION JOYCE K. ZICKLER, Deputy Associate Director AND REGULATION J. NELLIE LIANG, Assistant Director RICHARD SPILLENKOTHEN, Director S. WAYNE PASSMORE, Assistant Director STEPHEN C. SCHEMERING, Deputy Director DAVID L. REIFSCHNEIDER, Assistant Director HERBERT A. BIERN, Senior Associate Director JANICE SHACK-MARQUEZ, Assistant Director ROGER T. COLE, Senior Associate Director WILLIAM L. WASCHER, Assistant Director WILLIAM A. RYBACK, Senior Associate Director GERALD A. EDWARDS, JR., Associate Director ALICE PATRICIA WHITE, Assistant Director GLENN B. CANNER, Senior Adviser STEPHEN M. HOFFMAN, JR., Associate Director DAVID S. JONES, Senior Adviser JAMES V. HOUPT, Associate Director THOMAS D. SIMPSON, Senior Adviser JACK P. JENNINGS, Associate Director MICHAEL G. MARTINSON, Associate Director MOLLY S. WASSOM, Associate Director DIVISION OF MONETARY AFFAIRS HOWARD A. AMER, Deputy Associate Director VINCENT R. REINHART, Director NORAH M. BARGER, Deputy Associate Director DAVID E. LINDSEY, Deputy Director BETSY CROSS, Deputy Associate Director BRIAN F. MADIGAN, Deputy Director DEBORAH P. BAILEY, Assistant Director WILLIAM C. WHITESELL, Deputy Associate Director BARBARA J. BOUCHARD, Assistant Director JAMES A. CLOUSE, Assistant Director ANGELA DESMOND, Assistant Director WILLIAM B. ENGLISH, Assistant Director JAMES A. EMBERSIT, Assistant Director RICHARD D. PORTER, Senior Adviser CHARLES H. HOLM, Assistant Director WILLIAM G. SPANIEL, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A67 MARK W. OLSON DIVISION OF CONSUMER DIVISION OF RESERVE BANK OPERATIONS AND COMMUNITY AFFAIRS AND PAYMENT SYSTEMS DOLORES S. SMITH, Director LOUISE L. ROSEMAN, Director GLENN E. LONEY, Deputy Director PAUL W. BETTGE, Associate Director SANDRA F. BRAUNSTEIN, Assistant Director JEFFREY C. MARQUARDT, Associate Director MAUREEN R ENGLISH, Assistant Director KENNETH D. BUCKLEY, Assistant Director ADRIENNE D. HURT, Assistant Director JOSEPH H. HAYES, JR., Assistant Director IRENE SHAWN MCNULTY, Assistant Director EDGAR A. MARTINDALE III, Assistant Director MARSHA W. REIDHILL, Assistant Director OFFICE OF JEFF J. STEHM, Assistant Director STAFF DIRECTOR FOR MANAGEMENT JACK K. WALTON, Assistant Director STEPHEN R. MALPHRUS, Staff Director OFFICE OF THE INSPECTOR GENERAL SHEILA CLARK, EEO Programs Director BARRY R. SNYDER, Inspector General MANAGEMENT DIVISION DONALD L. ROBINSON, Deputy Inspector General WILLIAM R. JONES, Director STEPHEN J. CLARK, Associate Director DARRELL R. PAULEY, Associate Director DAVID L. WILLIAMS, Associate Director CHRISTINE M. FIELDS, Assistant Director DIVISION OF INFORMATION TECHNOLOGY RICHARD C. STEVENS, Director MARIANNE M. EMERSON, Deputy Director MAUREEN T. HANNAN, Associate Director TILLENA G. CLARK, Assistant Director GEARY L. CUNNINGHAM, Assistant Director WAYNE A. EDMONDSON, Assistant Director Po KYUNG KIM, Assistant Director SUSAN F. MARYCZ, Assistant Director RAYMOND ROMERO, Assistant Director ROBERT F. TAYLOR, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A68 Federal Reserve Bulletin • June 2002 Federal Open Market Committee and Advisory Councils FEDERAL OPEN MARKET COMMITTEE MEMBERS ALAN GREENSPAN, Chairman WILLIAM J. MCDONOUGH, Vice Chairman SUSAN SCHMIDT BIES JERRY L. JORDAN ANTHONY M. SANTOMERO ROGER W. FERGUSON, JR. ROBERT D. MCTEER, JR. GARY H. STERN EDWARD M. GRAMLICH MARK W. OLSON ALTERNATE MEMBERS J. ALFRED BROADDUS, JR. MICHAEL H. MOSKOW JAMIE B. STEWART, JR. JACK GUYNN ROBERT T. PARRY STAFF DONALD L. KOHN, Secretary and Economist CHRISTINE M. CUMMING, Associate Economist NORMAND R.V. BERNARD, Deputy Secretary DAVID H. HOWARD, Associate Economist GARY P. GILLUM, Assistant Secretary DAVID E. LINDSEY, Associate Economist MICHELLE A. SMITH, Assistant Secretary LORETTA J. MESTER, Associate Economist J. VIRGIL MATTINGLY, JR., General Counsel STEPHEN D. OLINER, Associate Economist THOMAS C. BAXTER, JR., Deputy General Counsel ARTHUR J. ROLNICK, Associate Economist KAREN H. JOHNSON, Economist HARVEY ROSENBLUM, Associate Economist VINCENT R. REINHART, Economist MARK S. SNIDERMAN, Associate Economist DAVID J. STOCKTON, Economist DAVID W. WILCOX, Associate Economist THOMAS A. CONNORS, Associate Economist DINO KOS, Manager, System Open Market Account FEDERAL ADVISORY COUNCIL DAVID A. DABERKO, President L. M. BAKER, JR., Vice President DAVID A. SPINA, First District ALAN G. MCNALLY, Seventh District DAVID A. COULTER, Second District DAVID W. KEMPER, Eighth District RUFUS A. FULTON, JR., Third District R. SCOTT JONES, Ninth District DAVID A. DABERKO, Fourth District CAMDEN R. FINE, Tenth District L. M. BAKER, JR., Fifth District RICHARD W. EVANS, JR., Eleventh District L. PHILLIP HUMANN, Sixth District 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
A69 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 WM. 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
A70 Federal Reserve Bulletin • June 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, 2001. through October 1998. 723 pp. $20.00 each. ANNUAL REPORT: BUDGET REVIEW, 2001. THE U.S. ECONOMY IN AN INTERDEPENDENT WORLD: A MULTI- FEDERAL RESERVE BULLETIN. Monthly. $25.00 per year or $2.50 COUNTRY MODEL, May 1984. 590 pp. $14.50 each. each in the United States, its possessions, Canada, and INDUSTRIAL PRODUCTION—1986 EDITION. December 1986. Mexico. Elsewhere, $35.00 per year or $3.00 each. 440 pp. $9.00 each. ANNUAL STATISTICAL DIGEST: period covered, release date, num- FINANCIAL FUTURES AND OPTIONS IN THE U.S. ECONOMY. ber of pages, and price. December 1986. 264 pp. $10.00 each. 1981 October 1982 239 pp. $ 6.50 FINANCIAL SECTORS IN OPEN ECONOMIES: EMPIRICAL ANALY- 1982 December 1983 266 pp. $ 7.50 SIS AND POLICY ISSUES. August 1990. 608 pp. $25.00 each. 1983 October 1984 264 pp. $11.50 RISK MEASUREMENT AND SYSTEMIC RISK: PROCEEDINGS OF A 1984 October 1985 254 pp. $12.50 JOINT CENTRAL BANK RESEARCH CONFERENCE. 1996. 1985 October 1986 231 pp. $15.00 578 pp. $25.00 each. 1986 November 1987 288 pp. $15.00 1987 October 1988 272 pp. $15.00 1988 November 1989 256 pp. $25.00 EDUCATION PAMPHLETS 1980--89 March 1991 712 pp. $25.00 Short pamphlets suitable for classroom use. Multiple copies are 1990 November 1991 185 pp. $25.00 available without charge. 1991 November 1992 215 pp. $25.00 1992 December 1993 215 pp. $25.00 1993 December 1994 281 pp. $25.00 Consumer Handbook on Adjustable Rate Mortgages 1994 December 1995 190 pp. $25.00 Consumer Handbook to Credit Protection Laws 1990-95 November 1996 404 pp. $25.00 A Guide to Business Credit for Women, Minorities, and Small 1996--2000 March 2002 352 pp. $25.00 Businesses Series on the Structure of the Federal Reserve System The Board of Governors of the Federal Reserve System SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SERIES OF The Federal Open Market Committee CHARTS. Weekly. $30.00 per year or $.70 each in the United Federal Reserve Bank Board of Directors States, its possessions, Canada, and Mexico. Elsewhere, Federal Reserve Banks $35.00 per year or $.80 each. A Consumer's Guide to Mortgage Lock-Ins REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL A Consumer's Guide to Mortgage Settlement Costs RESERVE SYSTEM. A Consumer's Guide to Mortgage Refinancings ANNUAL PERCENTAGE RATE TABLES (Truth in Lending— Home Mortgages: Understanding the Process and Your Right Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp. to Fair Lending Vol. II (Irregular Transactions). 1969. 116 pp. Each volume How to File a Consumer Complaint about a Bank (also available $5.00. in Spanish) GUIDE TO THE FLOW OF FUNDS ACCOUNTS. January 2000. In Plain English: Making Sense of the Federal Reserve 1,186 pp. $20.00 each. Making Sense of Savings FEDERAL RESERVE REGULATORY SERVICE. Loose-leaf; updated Welcome to the Federal Reserve monthly. (Requests must be prepaid.) When Your Home is on the Line: What You Should Know Consumer and Community Affairs Handbook. $75.00 per year. About Home Equity Lines of Credit Monetary Policy and Reserve Requirements Handbook. $75.00 Keys to Vehicle Leasing (also available in Spanish) per year. Looking for the Best Mortgage (also available in Spanish) Securities Credit Transactions Handbook. $75.00 per year. Privacy Choices for Your Personal Financial Information The Payment System Handbook. $75.00 per year. When Is Your Check Not a Check? Federal Reserve Regulatory Service. Four vols. (Contains all four Handbooks plus substantial additional material.) $200.00 per year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A71 STAFF STUDIES: Only Summaries Printed in the 167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANK- BULLETIN ING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, Studies and papers on economic and financial subjects that are of by Stephen A. Rhoades. July 1994. 37 pp. general interest. Staff Studies 1—158, 161, 163, 165, 166, 168, and 170. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGU- 169 are out of print, but photocopies of them are available. Staff LATIONS: AN ANALYSIS OF EXPERIENCE WITH THE TRUTH Studies 165-174 are available on line at www.federalreserve.gov/ IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. pubs/staff,'studies. Requests to obtain single copies of any paper or Lowrey. December 1997. 17 pp. to be added to the mailing list for the series may be sent to 171. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- Publications Services. DENCE, by Gregory Elliehausen. April 1998. 35 pp. 172. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MAR- 159. NEW DATA ON THE PERFORMANCE OF NONBANK SUBSIDI- KET DISCIPLINE, by Study Group on Subordinated Notes ARIES OF BANK HOLDING COMPANIES, by Nellie Liang and and Debentures, Federal Reserve System. December 1999. Donald Savage. February 1990. 12 pp. 69 pp. 160. BANKING MARKETS AND THE USE OF FINANCIAL SER- 173. IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study VICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by Group on Disclosure, Federal Reserve System. March 2000. Gregory E. Elliehausen and John D. Wolken. September 35 pp. 1990. 35 pp. 174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITED 162. EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORT- STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp. GAGE LOAN RATES IN TWENTY CITIES, by Stephen A. Rhoades. February 1992. 11 pp. 164. THE 1989-92 CREDIT CRUNCH FOR REAL ESTATE, by James T. Fergus and John L. Goodman, Jr. July 1993. 20 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A72 Federal Reserve Bulletin • June 2002 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC RELEASES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (PAYMENT MUST ACCOMPANY REQUESTS) Annual Annual Approximate Corresponding Period or date to Release number and title mail fax release Bulletin which data refer rate rate days1 table numbers2 Weekly Releases H.2. Actions of the Board: $55.00 n.a. Friday Week ended Applications and Reports previous Received Saturday H.3. Aggregate Reserves of $20.00 n.a. Thursday Week ended 1.20 Depository Institutions and previous the Monetary Base3 Wednesday H.4.1. Factors Affecting Reserve Balances $20.00 n.a. Thursday Week ended 1.11, 1.18 of Depository Institutions and previous Condition Statement of Wednesday Federal Reserve Banks3 H.6. Money Stock and Debt $35.00 n.a. Thursday Week ended 1.21 Measures3 Monday of previous week H.8. Assets and Liabilities of $30.00 n.a. Friday Week ended 1.26A-F Commercial Banks in the previous United States3 Wednesday H.10. Foreign Exchange Rates3 $20.00 $20.00 Monday Week ended 3.28 previous Friday H.15. Selected Interest Rates3 $20.00 $20.00 Monday Week ended 1.35 previous Friday Monthly Releases G.5. Foreign Exchange Rates3 $ 5.00 $ 5.00 First of month Previous month 3.28 G.15. Research Library— No charge N/A First of month Previous month Recent Acquisitions G.17. Industrial Production and $15.00 n.a. Midmonth Previous month 2.12, 2.13 Capacity Utilization3 G.19. Consumer Credit3 $ 5.00 $ 5.00 Fifth working day Second month 1.55, 1.56 of month previous G.20. Finance Companies $ 5.00 n.a. End of month Second month 1.51, 1.52 previous Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A73 Annual Annual Approximate Corresponding Release number and title mail fax release Period or date to Bulletin which data refer rate rate days' table numbers2 Quarterly Releases E.2. Survey of Terms of Business Lending $ 5.00 n.a. Midmonth of February, May, 4.23 March, June, August, and September, and November December E.7. List of Foreign Margin Stocks No charge n.a. March and March and September September E. 11. Geographical Distribution of $ 5.00 n.a. 15th of March, Previous quarter Assets and Liabilities of June, Major Foreign Branches of September, and U.S. Banks December E. 15. Agricultural Finance Databook $ 5.00 n.a. End of March, January, April, June, July, and September, and October December E. 16. Country Exposure Lending $ 5.00 n.a. January, April, Previous quarter Survey July, and October Z. 1. Flow of Funds Accounts $25.00 n.a. Second week of Previous quarter 1.57, 1.58, of the United States: March, June, 1.59, 1.60 Flows and Outstandings3 September, and December 1. Please note that for some releases, there is normally a certain vari- 2. The data in some releases are also reported in the Bulletin statistical ability in the release date because of reporting or processing procedures. appendix. Moreover, for all series unusual circumstances may, from time to time, 3. These releases are also available on the Board's web site, result in a release date being later than anticipated. www.federalreserve.gov/releases. n.a. Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A74 Federal Reserve Bulletin • June 2002 Maps of the Federal Reserve System 1 Bos ION U 3 • NEW YORK CLEVELAND P R, X1)ELPHIA 10 SAN FRANCISCO KANSAS RICHMOND IBllPli* IINIMHI 11 ALASK\ 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
A75 1—A 2-B 3-C 4-D 5-E MF. Pittsburgh Baltimore MD / VT NC NH ""A 't • Cincinnati • Charlotte Buffalo MA ® / CT - R1 NJ BOSTON NEW YORK PHILADELPHIA CLEVELAND RICHMOND 6-F 7-G • Nashville TN — KY M, Ml Birmingha 111 W1 U. ) IN r Detroit® Louisville MS ( GA [A MO -A - TN "V AR LA Jaeksonx ille • Memphis Now Orleans >> L R i o t c t k le ( / M „ Sc MMiiaammii ATLANTA CHICAGO ST. LOUIS Nl> • Helena MINNEAPOLIS 10-J 12-L WY CO Omaha* MO KS Denver \L \M\ \ \VA Seattle Oklahoma Cits Portland OK OR ) KANSAS CITY ID s vj 11-K • • * ( -NM Salt Lake City IT •Los Angeles San Anionio" HAWAII AY. DALLAS SAN FRANCISCO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A76 Federal Reserve Bulletin • June 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 35242 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 Glenn Hansen1 ST. LOUIS 63166 Charles W. Mueller William Poole Walter L. Metcalfe, Jr. W. LeGrande Rives Little Rock 72203 A. Rogers Yarnell, II Robert A. Hopkins Louisville 40232 J. Stephen Barger Thomas A. Boone Memphis 38101 Russell Gwatney Martha Perine Beard MINNEAPOLIS 55480 Ronald N. Zwieg Gary H. Stern Linda Hall Whitman James M. Lyon Helena 59601 Thomas O. Markle Samuel H. Gane KANSAS CITY 64198 Terrence P. Dunn Thomas M. Hoenig Richard H. Bard Richard K. Rasdall Denver 80217 Robert M. Murphy Maryann Hunter1 Oklahoma City 73125 Patricia B. Fennell Dwayne E. Boggs Omaha 68102 Bob L. Gottsch Steven D. Evans DALLAS 75201 H. B. Zachry, Jr. Robert D. McTeer, Jr. Patricia M. Patterson Helen E. Holcomb El Paso 79999 Gail Darling Sammie C. Clay Houston 77252 Edward O. Gaylord Robert Smith III' 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 D.Kerry 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
A77 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
A78 Federal Reserve Bulletin • June 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
Cite this document
Federal Reserve (2002, May 31). Federal Reserve Bulletin, 2002-06. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_200206
@misc{wtfs_bulletin_200206,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 2002-06},
year = {2002},
month = {May},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_200206},
note = {Retrieved via When the Fed Speaks corpus}
}