Federal Reserve Bulletin, 2002-07

Volume 88 • Number 7 • July 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 313 PROPOSED REVISION TO THE FEDERAL White paper on settlement of government RESERVE'S DISCOUNT WINDOW LENDING securities. PROGRAMS Minutes of Board discount rate meetings. The Board of Governors' Regulation A cur- Anthrax tests at the Board. rently authorizes the Federal Reserve Banks to operate three main discount window programs: Publication of May 2002 update to the Commeradjustment credit, extended credit, and seasonal cial Bank Examination Manual. credit. On May 17, 2002, the Board published Enforcement actions. for public comment a proposed amendment to Regulation A that would establish two new dis- Board staff change. count window programs called primary credit and secondary credit as replacements for adjust- 325 LEGAL DEVELOPMENTS ment and extended credit. Primary credit would be available for very short terms, ordinarily Various bank holding company, bank service overnight, to depository institutions that are in corporation, and bank merger orders; and pendgenerally sound financial condition. Secondary ing cases. credit would be available, subject to Reserve Bank approval and monitoring, for depository AI FINANCIAL AND BUSINESS STATISTICS institutions that did not qualify for primary These tables reflect data available as of credit. May 29, 2002. The interest rate on primary credit would usually be above short-term market interest rates, including the federal funds rate, as A3 GUIDE TO TABLES opposed to the current situation in which the A4 Domestic Financial Statistics discount rate (the interest rate for adjustment A42 Domestic Nonfinancial Statistics credit) is typically below money market interest A44 International Statistics rates. Because of the above-market rate, the restrictions currently employed to limit access A57 GUIDE TO SPECIAL TABLES AND to adjustment credit will be unnecessary for STATISTICAL RELEASES primary credit. The primary credit program would be broadly similar to mechanisms adopted by many other major central banks to A58 INDEX TO STATISTICAL TABLES provide credit at the margin at an above-market rate. A60 BOARD OF GOVERNORS AND STAFF 320 ANNOUNCEMENTS A62 FEDERAL OPEN MARKET COMMITTEE AND STAFF; ADVISORY COUNCILS Federal Open Market Committee directive. Letter from Chairman Greenspan on Federal A64 FEDERAL RESERVE BOARD PUBLICATIONS Trade Commission Act and unfair banking practices. A66 MAPS OF THE FEDERAL RESERVE SYSTEM Proposal to revise the discount window program. Advisory on fraud schemes involving financial A68 FEDERAL RESERVE BANKS, BRANCHES, instruments. AND OFFICES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Proposed Revision to the Federal Reserve's Discount Window Lending Programs Brian F. Madigan and William R. Nelson, of the improve the ability of the window to serve as a Board's Division of Monetary Affairs, prepared this marginal source of reserves for the overall bankarticle. The proposal discussed here incorporates ing system and a backup source of liquidity for contributions from many other Board and Reserve individual depository institutions. Secondary credit Bank staff members. would be available, subject to Reserve Bank approval and monitoring, for depository institutions that did The Board of Governors' Regulation A currently not qualify for primary credit. As required by law, all authorizes the Federal Reserve Banks to operate three types of discount window loans would have to be main discount window programs: adjustment credit, backed by adequate collateral. extended credit, and seasonal credit. On May 17, The primary credit program would be broadly simi- 2002, the Board published for public comment a lar to mechanisms adopted by many other major proposed amendment to Regulation A that would central banks to provide credit at the margin at an establish two new discount window programs called above-market interest rate. Adoption of the proposal primary credit and secondary credit as replacements would not entail a change in the stance of monetary for adjustment and extended credit.1 The proposed policy. It would not require a change in the Federal amendment is intended to improve the functioning of Open Market Committee's (FOMC) target for the the discount window and the money market more federal funds rate and would not affect the level of generally. The Board also requested comment on the market interest rates more generally. continued need for the seasonal program but did not propose any substantive changes to the program. According to the proposal, primary credit would be available for very short terms, ordinarily overnight, BACKGROUND to depository institutions that are in generally sound financial condition. The interest rate on primary credit Functions of the Discount Window would usually be above short-term market interest rates, including the federal funds rate, as opposed to In implementing monetary policy, the Federal the current situation in which the discount rate (the Reserve employs open market operations as the prininterest rate for adjustment credit) is typically below cipal source of reserves to the banking system and money market interest rates. currency to the public and as the principal means of Eliminating the existing incentive for depository effecting short-run adjustments in reserves. In this institutions to borrow from the window to exploit the context, discount window credit has two main roles. typically positive spread should substantially reduce First, it acts as a short-run safety valve for the overall the administration necessary for each discount win- banking system by making additional reserves availdow loan. In particular, borrowers of short-term pri- able when the aggregate supply of reserves provided mary credit would no longer be required to have through open market operations falls short of exhausted other sources of funds before turning to demand, thereby preventing an excessive tightening the window nor be prohibited from borrowing to fund of money market conditions. Second, it enables sales of federal funds. The reduction in administra- depository institutions that are financially sound but tive burden should help encourage depository institu- have experienced an unexpected shortage of reserves tions to turn to the discount window when money or funding to make payments while avoiding overmarkets tighten significantly and should thereby drafts on their accounts at Federal Reserve Banks or shortfalls in meeting their reserve requirements. 1. The proposed amendment to Regulation A and request for These discount window functions have been percomment can be found at www.federalreserve.gov/boarddocs/press/ formed primarily by the adjustment credit program. bcreg/2002/20020517/default.htm. The Federal Register notice, 67 Fed. Reg. 36,544, was published on May 24, 2002. Adjustment credit is extended at the basic discount Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 Federal Reserve Bulletin • July 2002 Effective federal funds rate and discount rate, 1955-2002 NOTE. The data are monthly and extend through May 2002. rate, which over the past decade has typically been 25 pricing differential not because administration by to 50 basis points below the usual level of overnight Federal Reserve Banks would limit the amount of market interest rates, as indexed by the federal funds borrowing. rate (chart).2 Despite the below-market discount rate, Besides serving as a marginal source of aggregate the volume of adjustment credit has usually been reserves to the market and a backup source of liquidrelatively small, in part because the Federal Reserve ity to sound depository institutions, the discount winhas sought to prevent an uncontrolled expansion of dow can also, at times, serve as a useful tool for the supply of reserves and a misallocation of credit promoting financial stability by providing temporary by requiring that depository institutions borrow only funding to depository institutions that are experiencto meet short-term needs and first exhaust other rea- ing significant financial difficulties. The provision of sonably available sources of funds. central bank credit can help guard against the sudden Under the proposed revision, the functions cur- collapse of depository institutions by addressing rently performed by adjustment credit would be per- liquidity strains while an institution is making a tranformed largely by primary credit. Primary credit sition to sounder footing. Discount window credit would be the principal backup source of reserves can also be used to facilitate an orderly closure of for the system and of liquidity for individual deposi- a failing institution when consistent with least-cost tory institutions that are in generally sound financial resolution of the failure. An institution obtaining condition. Under the proposed arrangements, deposi- credit in such situations must be monitored appropritory institutions would have the incentive to seek ately to ensure that it does not take excessive risks out lower-priced alternatives on their own initia- in an attempt to return to profitability or use central tive before requesting higher-priced primary credit. bank credit in a way that would increase costs to the Because the interest rate on primary credit would be deposit insurance fund of resolving the institution if a above the target federal funds rate and because the resolution ultimately became necessary.4 Historically, funds rate usually is close to its target, the aggregate the need for such loans to troubled banks has been volume of primary credit would be expected to be met by extended credit; under the proposed revision, low.3 But the volume would be low because of a it would be met by secondary credit. 2. Over the Federal Reserve's first fifty years, the discount rate was generally equal to or higher than short-term market interest rates. The tutes for Treasury securities in its portfolio that was discussed in the relationship changed in the mid-1960s, and the pattern established at FOMC minutes of January 30-31, 2001. The minutes of the meeting that time has continued over most of the nearly four decades since are available at www.federalreserve.gov/fomc/minutes/20010131.htm. then. The historical record indicates that the reversal at that time Because the volume of primary credit outstanding ordinarily would be reflected macroeconomic policy considerations rather than a judgment small, primary credit could not be a substitute for Treasuries as a that such a rate alignment was most suitable for operation of the major asset in the System portfolio. discount window. 4. Lending under such circumstances may be subject to the guide- 3. The proposal for a primary credit program is unrelated to the lines on lending to troubled institutions imposed by the Federal Federal Reserve System's consideration of alternative assets as substi- Deposit Insurance Corporation Improvement Act (FDICIA) of 1991. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Proposed Revision to the Federal Reserve's Discount Window Lending Programs 315 Shortcomings of Current Lending Programs arbitrage. Because such evaluations necessarily are Addressed by Proposal subjective, achieving consistency in credit administration across the System's twelve Reserve Banks is The below-market interest rate on adjustment credit difficult. Also, the process of obtaining information causes several significant problems. The incentive for on depository institutions' funding situations can be depository institutions to exploit the below-market somewhat burdensome to the institutions, likely makrate means that borrowing requests are subject to ing them reluctant to turn to the window. In addition, considerable administration. Such administration may the rules for the use of discount window credit necesinvolve a review of every prospective borrower's sitated by the below-market rate have proved difficult funding situation to establish at least a presumption to formulate and explain, and depository institutions that other reasonably available sources of funds have have often cited uncertainty about their borrowing been exhausted, that the purpose of the borrowing is privileges as a reason for their reluctance to borrow. appropriate, and that the credit will not be used for Depository institutions have been required first to Primary Credit: An Improved Safety Valve for Releasing Significant Market Pressures A key function of adjustment credit is to serve as a safety The willingness of institutions to use the window and the valve for the bank reserves market. On any given day, the associated effects of a shortfall in reserves on money market aggregate volume of reserves provided through open mar- interest rates have varied considerably over time. One gauge ket operations can fall short of the amount demanded as a of this willingness is the average level of adjustment credit result of fluctuations in various factors that affect the supply extended to large banks on days when the funds rate tightof or demand for reserves. Borrowing from the discount ens moderately, exceeding the FOMC's target by 25 to window creates additional reserves, so the willingness of 200 basis points at the close (chart). depository institutions to turn to the discount window when During the early 1990s, that average was quite low. At its such shortfalls occur governs the extent of the effects of the low point, reached in 1993, adjustment borrowing on modshortfalls on money market interest rates. If depository erately tight days averaged just $45 million. In those years, institutions are very reluctant to use the window, they bid a number of banking institutions experienced significant vigorously for funds in the market, pushing money market financial difficulties. As a result, many banks, even healthy rates, especially the overnight federal funds rate, up sharply. institutions, were concerned that their borrowing would be But if depository institutions are quite willing to use the viewed by other market participants as a sign of financial window, the increase in the funds rate may be much more weakness. Such perceptions could result in serious difficulmodest. ties for the institution (or exacerbate existing problems). Even though the Federal Reserve holds information about borrowing by individual banks in the strictest confidence, market participants have at times tried to infer which banks Average borrowing on days on which the might be borrowing through knowledge of which banks federal funds rate was high, 1989-2001 were bidding for funds in the market late in the day and from aggregate data published by the Federal Reserve. Millions of dollars In recent years, institutions have become somewhat more willing to use the window, with adjustment borrowing on — 600 moderately tight days exceeding $200 million on average in 2000 and 2001. The increased willingness has undoubtedly — 500 been largely due to the improved condition of the industry. Still, institutions have on occasion been willing to pay quite high rates in the market rather than turn to the discount window, suggesting that some institutions remain reluctant to borrow. Even if the proposed change in discount window structure does not completely eliminate that reluctance, it should still help damp late-day spikes in the federal funds rate. With no restrictions on the re-lending of funds obtained through the program, institutions that are willing to borrow at the window should have an incentive to borrow primary 1989 1991 1993 1995 1997 1999 2001 credit and lend in the funds market to other institutions that NOTE. Average adjustment credit borrowing by large banks on days on might have some residual reluctance to turn to the discount which the federal funds rate was 25 to 200 basis points above the targeted federal funds rate at the close. The data are annual. window. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 Federal Reserve Bulletin • July 2002 seek funds in the market before seeking discount administrative burden on the borrower. It would typiwindow credit. This requirement may make them cally be extended for very short terms (usually overreluctant to borrow because turning to the window night) but could be extended for up to a few weeks if after signaling their need for funds to the market the lending Reserve Bank determines that the institucould be seen as a sign of weakness, particularly tion is in generally sound condition and cannot obtain during episodes of financial stress. The reluctance to such credit in the market on reasonable terms (those use discount window credit stemming from these qualifying for longer-term loans would in most cases factors has limited the effectiveness of the discount be relatively small institutions that lack access to window in buffering shocks to money markets. (See national money markets). box "Primary Credit: an Improved Safety Valve for Releasing Significant Market Pressures.") Interest Rate The establishment of a lending program with an above-market rate would sharply reduce the need for Under the proposal, the primary discount rate would the administration of the window. Reduced adminis- be changed through the same discretionary procedure tration would encourage greater uniformity in the currently followed for setting the basic discount rate: administration of the discount window across Federal The boards of directors of the Federal Reserve Banks Reserve Districts. It should also mitigate institutions' would establish a primary discount rate, as well as reluctance to borrow when money markets tighten other discount rates, every two weeks subject to sharply by minimizing Reserve Bank questioning, review and determination by the Board of Governors, by significantly increasing the comprehensibility of as required by the Federal Reserve Act. The primary the rules regarding credit extension, and by eliminat- discount rate would not be set according to a formula ing the requirement that institutions first attempt to but would presumably move broadly in line with the secure funds elsewhere. Furthermore, the proposed target federal funds rate, much as the basic discount changes should appreciably reduce depository institu- rate does currently. tions' concern that borrowing will be perceived as a The proposal suggests that when the program sign of weakness, as only financially sound institu- begins, the boards of directors of the Federal Reserve tions will have access to primary credit. Banks would initially establish, subject to the statuto- The proposal to adopt a primary credit program is rily required review and determination by the Board also related to the Federal Reserve's ongoing plan- of Governors, the primary discount rate at a level ning for contingencies. Having a means of preventing 100 basis points above the FOMC's then-prevailing an undue tightening of money markets during a finan- target for the federal funds rate. That level would cial market crisis, such as that following the terrorist likely place the primary discount rate somewhat attacks on September 11, 2001, would be useful in above the cost of alternative short-term funds for the event that depository institutions' demands for eligible depository institutions, except in circumexcess reserves rise sharply; disruptions inhibit the stances of unusually tight money markets or funding flow of funds through the banking system, particu- needs arising very late in the day. (Such a spread larly late in the day; or the Federal Reserve's ability would also be similar to the spreads employed by to carry out open market operations is impaired. If, as other central banks. See box "Experience of Other is intended, the primary credit facility significantly Central Banks.") reduces the reluctance of depository institutions to A substantial spread would encourage depository use the discount window, the Federal Reserve should institutions to borrow only to meet short-term, be able to cap the federal funds rate near its target unforeseen needs. Too wide a spread, however, would during a crisis by reducing the primary discount rate mean that the federal funds rate could, at times, rise to a level close to the target. to undesirably high levels above the FOMC's target. Notably, if the primary discount rate were to fall close to or below the target federal funds rate, the Reserve Banks would again need to restrict the use SPECIFICATIONS OF THE PROPOSED NEW of discount window credit, eliminating the advan- TYPES OF CREDIT tages of primary credit relative to adjustment credit. Although the proposal tentatively recommends an Primary Credit initial spread of 100 basis points, public comment will help inform both the Federal Reserve's choice of As the replacement for adjustment credit, primary that initial spread and the subsequent establishment credit would be available only to generally sound of primary discount rates. An aspect of the proposal depository institutions, ordinarily with little or no Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Proposed Revision to the Federal Reserve's Discount Window Lending Programs 317 is that the primary discount rate could be lowered in Eligibility an emergency, thereby helping to ensure that the federal funds rate is capped at a level that would Only depository institutions judged by the lending facilitate the continued functioning of financial mar- Reserve Bank to be generally sound would be elikets during crises. gible for primary credit. At the inception of the new Experience of Other Central Banks The central banks of nearly all industrialized countries a Lombard facility. Other central banks that have employed have standing lending facilities that make collateralized Lombard facilities include those in Austria, Belgium, loans at an above-market rate.1 Such facilities are some- France, Italy, and Sweden. These facilities typically have times called "Lombard" facilities after Lombardkredit, extended short-term credit with few restrictions on the the German term for a collateralized loan and for the borrowing institution's funding situation or use of the proloans made at an above-market rate by the Swiss National ceeds. Lombard rates have varied from 25 to 200 basis Bank and, before the formation of the European Central points above the central bank's target policy rate or related Bank (ECB), by the Bundesbank (the central bank of money market rates. The ECB has generally set the mar- Germany).2 In 1999, the ECB was opened with a Lom- ginal lending rate (the rate on its Lombard facility) 100 bard facility; in 1996, the Bank of Canada restructured its basis points above the refinancing rate (its target policy facilities to include an overdraft facility that acts as a rate) (chart). Lombard facility; and in 2001, the Bank of Japan adopted Discussions with staff members of these central banks indicate that Lombard facilities that are a part of monetary policy operations similar to those of the Federal Reserve 1. The major exceptions are the Federal Reserve and the Bank of England. If liquidity is needed, the Bank of England instead conducts a have been very effective in setting an upper limit on market late-afternoon overnight repurchase agreement (repo) operation normally rates. For example, after the Bundesbank removed certain at 100 basis points above the prevailing official repo rate. It also has the option of opening a late lending facility for the clearing banks after the limits on Lombard loans and began to actively target the markets have closed. The applicable repo rate for the late lending facility overnight interest rate, overnight market rates never rose ranges between the official repo rate and 150 basis points above the repo above the ceiling. Similarly, since the inception of the ECB rate, depending on market conditions. 2. The Lombardy region of Northern Italy was an important center of in 1999, the daily average interbank rate in the euro area has finance in the Middle Ages. The word "Lombard" came to mean banker not risen above the ECB's marginal lending rate, while or moneylender (also pawnbroker)—hence such terms as lombardkredit, intraday data indicate that within-the-day highs of euro-area Lombard facility, and Lombard Street, the London address that in the nineteenth century was the center of English banking. In his 1873 book, interbank rates have only rarely exceeded the marginal Lombard Street: A Description of the English Money Market (New York: lending rate and by very little. The recent experience of the E.P. Dutton, 1910), Walter Bagehot famously recommends that in response to a financial panic, the central bank lend freely at a penalty rate Bank of Canada indicates that its lending arrangement has (chap. 7, p. 198 ff.). The application of the term "Lombard facility" to also been an effective ceiling for rates. It is too soon to that practice has to do, however, with the medieval origins of "Lombard" determine whether the Bank of Japan's Lombard facility rather than, as is sometimes thought, with the name of Bagehot's book or Lombard Street itself. wilt effectively cap overnight money market rates. European Central Bank benchmark interest rates, 1999-2002 Marginal lending rate -ft I RReeffiinnaann cing rate Deposit rate "^TTPp 1999 2000 2001 2002 NOTE. The data are daily and extend through June 14, 2002. 1. Euro overnight index average. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 Federal Reserve Bulletin • July 2002 program, the Reserve Banks would classify each be reviewed and monitored. Institutions rated depository institution with a borrowing agreement CAMELS 4 or SOSA 3 would not be eligible for already on file as either eligible or ineligible for primary credit except in rare circumstances, such as primary credit and would notify the institution of when an ongoing examination indicated a substantial its status. New applicants for Federal Reserve credit improvement in condition. Credit extensions to ineliwould be notified of their eligibility once they filed gible CAMELS 4 and SOSA 3 institutions as well as borrowing documents. Institutions would also be to CAMELS 5 institutions would be made under the notified promptly of any change in their eligibility. proposed secondary credit program, described later. The Federal Reserve would treat institutions' eligibil- Based on the proposed guidelines and the current ity or ineligibility as confidential. distribution of supervisory ratings, most depository The Reserve Banks would adopt uniform guide- institutions would be judged eligible for the primary lines for judging institutions' degree of financial credit program. soundness and thus their eligibility for primary credit. These criteria are consistent with the intent of the A general principle to be reflected in the guidelines guidelines for discount window lending contained in would be that primary credit should be viewed as an the Federal Deposit Insurance Corporation Improveattractive source of funds mainly when money mar- ment Act in that lending to troubled institutions kets tighten significantly, pushing overnight market would be closely monitored. The criteria are also interest rates at least to the level of the primary consistent with the guidelines used by Federal discount rate. That is, all eligible institutions should Reserve Banks to determine institutions' access to usually face a cost of overnight funds in the market- daylight credit as set forth in the Federal Reserve's place somewhat below the primary discount rate. Payments System Risk Policy. In general, depository Because only generally sound depository institutions institutions that qualify for access to daylight credit would be eligible to obtain primary credit, the estab- would be eligible for primary credit, and those that lishment of eligibility guidelines could also help do not would be restricted to secondary credit. reduce the concerns of depository institutions that borrowing at the discount window would be viewed No Requirement Regarding Exhaustion of Funds as a sign of weakness; as noted previously, such concerns have at times severely limited the willing- The requirement in Regulation A that depository ness of depository institutions to borrow, even when institutions exhaust reasonably available alternative money markets were extremely tight. sources of funds before obtaining adjustment credit The guidelines for determining eligibility would be would be dropped. The removal of this requirement based primarily on supervisory ratings, though is consistent with the overall reduction in discount supplementary information, including ratings issued window administration that the Federal Reserve by major rating agencies, market spreads on subordiwould be seeking under this program. As an impornated debt, information from supervisory exams in tant consequence, depository institutions would be progress, and other news since the last exam, would free to sell federal funds to others while obtaining also be considered. The Reserve Banks would iniprimary credit as long as those activities were consistially adopt guidelines along the following lines: tent with safe and sound banking practices. In addi- Domestically chartered depository institutions with tion, allowing depository institutions to resell the CAMELS ratings of 1 or 2 and branches and agencies proceeds of primary credit loans would enhance the of foreign banking organizations with Strength of ability of the primary credit rate to serve as a cap on Support Assessment (SOSA) of 1 would be eligible the federal funds rate when money markets tighten. for primary credit unless supplementary information For that reason, the Federal Reserve would welcome suggested that the institution's financial condition financially sound institutions' engagement in such had deteriorated since its last examination.5 Institutransactions if the institutions judge that the transactions rated CAMELS 3 or SOSA 2 would be eligible tions would be in their financial interest. for primary credit if supplementary information suggested that they were generally sound, but the funding situation of such institutions seeking credit would Collateral 5. CAMELS (Capital, Assets, Management, Earnings, Liquidity, Under the proposal, collateral policies would be and Sensitivity to market risk) ratings are set on a scale of 1 through 5, unchanged. As required by the Federal Reserve Act, with 5 representing the highest degree of supervisory concern. SOSA all borrowing would be collateralized to the satisfacrankings are set on a scale of 1 through 3, with 3 representing the highest degree of supervisory concern. tion of the lending Reserve Bank. Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Proposed Revision to the Federal Reserve's Discount Window Lending Programs 319 Banks would continue to accept a broad range of Seasonal Credit financial assets as collateral for discount window loans. The proposal recommends no substantive change to the seasonal credit program. Seasonal credit would remain available to small and medium-sized institu- Reserve Bank Discretion to Lend or Not Lend tions that experience significant seasonal swings in their loans and deposits. The rate on seasonal credit The main purpose of the proposed primary credit would continue to be the average of the effective program is to make short-term credit available as a federal funds rate and the secondary market interest backup source of liquidity to generally sound institurate on large ninety-day certificates of deposit for the tions. Reserve Banks would retain the discretion not previous reserve maintenance period. Because such a to lend in circumstances that they apprise are inconrate would almost always be less than the primary sistent with that purpose. discount rate, it would be necessary to remove from Regulation A the stipulation that the seasonal credit Secondary Credit rate be at least as high as the basic discount rate. The seasonal credit program was originally Secondary credit, the proposed replacement for designed to address the difficulties that relatively extended credit, would be designed for depository small banks experiencing substantial intra-yearly institutions that do not qualify for primary credit. swings in funding needs faced because of a lack Because some institutions currently eligible for of access to the national money markets. However, adjustment credit would not qualify for primary funding opportunities for smaller depository institucredit, secondary credit would potentially be used tions have expanded considerably over the past few more often than extended credit has been, particularly decades as a result of deposit deregulation and the in recent years, and the program would be designed general development of financial markets. These to recognize the somewhat broader class of borrow- changes call into question the continued need for the ing situations that would be covered under it. Specifi- seasonal program. The proposal seeks specific public cally, secondary credit might be extended to meet comment on whether small depository institutions temporary funding needs of an institution if, in the still lack reasonable access to funding markets, on the judgment of the Reserve Bank, such a credit exten- continued need for the seasonal lending program, and sion would be consistent with the institution's timely on the appropriate setting of the seasonal credit disreturn to reliance on private funding sources. Also, a count rate, particularly in view of the proposed estab- Reserve Bank may extend secondary credit if, in lishment of a primary credit program with an abovecooperation with the Federal Deposit Insurance Cor- market interest rate. poration and consistent with a least-cost resolution, the Reserve Bank determines that such credit would facilitate the orderly resolution of serious financial NEXT STEPS difficulties of the borrowing institution. The change in the name of the program is intended in part to The Board is seeking public comments on all aspects eliminate the focus on longer-term credit extensions of the proposal. The comment period, extending for implied by the term "extended credit." ninety days from date of publication, ends August 22, The interest rate on secondary credit would be set 2002. Following an analysis of the comments, the by formula at 50 basis points above the primary staff will present a revised proposal to the Board. If discount rate. The setting of the interest rate at a level the Board votes to revise the Federal Reserve's lendabove the rate on primary credit—and therefore even ing programs, the changes will take place once interfurther above the target federal funds rate—reflects nal procedures are modified, a process that could take the less-sound condition of borrowers of secondary several months, and depository institutions are made credit. familiar with the new procedures. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 Announcements FEDERAL OPEN MARKET COMMITTEE PROPOSAL TO REVISE DISCOUNT WINDOW DIRECTIVE PROGRAM The Federal Open Market Committee decided on The Board of Governors requested on May 17, 2002, May 7, 2002, to keep its target for the federal funds public comment on a proposal to revise the Federal rate unchanged at L3/4 percent. Reserve's discount window programs, which provide The information that has become available since credit to help depository institutions meet temporary the last meeting of the Committee confirms that liquidity needs. economic activity has been receiving considerable Adoption of the proposal would not entail a change upward impetus from a marked swing in inventory in the stance of monetary policy. The Federal Open investment. Nonetheless, the degree of the strength- Market Committee's target for the federal funds ening in final demand over coming quarters, an essen- rate would not change as a result of this proposal, and tial element in sustained economic expansion, is still the level of market rates more generally would be uncertain. unaffected. In these circumstances, although the stance of The Board is proposing the establishment of a new monetary policy is currently accommodative, the type of discount window credit, to be called primary Committee believes that, for the foreseeable future, credit. It would replace adjustment credit, which curagainst the background of its long run goals of rently is extended at a below-market rate. price stability and sustainable economic growth and Primary credit would be available for very short of the information currently available, the risks are terms as a backup source of liquidity to depository balanced with respect to the prospects for both institutions that are in generally sound financial congoals. dition. It would be extended at a rate that would be Voting for the FOMC monetary policy action were above the usual level of short-term market interest Alan Greenspan, Chairman; William J. McDonough, rates, including the federal funds rate. Vice Chairman; Susan S. Bies; Roger W. Ferguson, The primary credit program would be broadly simi- Jr.; Edward M. Gramlich; Jerry L. Jordan; Robert D. lar to mechanisms used by many other major central McTeer, Jr.; Mark W. Olson; Anthony M. Santomero; banks. and Gary H. Stern. Voting against the action: none. The interest rate for primary credit would be set through a procedure identical to that currently used for the basic discount rate. Under the proposal, the interest rate on primary credit would initially be set LETTER FROM CHAIRMAN GREENSPAN ON at 100 basis points above the target federal funds FEDERAL TRADE COMMISSION ACT AND rate. Thereafter, Reserve Banks would set the rate, UNFAIR BANKING PRACTICES subject to review and determination by the Board of Governors. The Federal Reserve Board released on May 30, By restricting eligibility to generally sound institu- 2002, a letter from Chairman Alan Greenspan to tions and by eliminating the incentive for institutions Representative John J. LaFalce confirming the appli- to borrow to exploit the positive spread of money cation to banks of the prohibition contained in sec- market rates over the discount rate, the primary credit tion 5 of the Federal Trade Commission Act against program should considerably reduce the need for the unfair or deceptive acts or practices. Federal Reserve to review the funding situations of The letter also confirms that the federal banking borrowers. agencies are legally authorized to use enforcement The Federal Reserve expects that, as a result of this powers under section 8 of the Federal Deposit Insur- reduced administration, institutions' willingness to ance Act against violations of this prohibition. use the window when money markets tighten should Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

321 increase, limiting potential volatility in the federal Federal and state law enforcement agencies, as funds rate. well as the Securities and Exchange Commission Another element of the proposal is the establish- (SEC), have investigated and prosecuted numerous ment of a secondary credit program to replace the individuals associated with "prime bank" or other existing extended credit program. Secondary credit investment schemes involving financial instruments. would be available in appropriate circumstances to Individuals, banking organizations, and other entidepository institutions that do not qualify for primary ties that have been invited to participate in transaccredit. Secondary credit would be extended at an tions with the characteristics described in the new interest rate 50 basis points above the primary dis- alert are encouraged to contact the local offices of count rate. federal law enforcement authorities as well as the The proposal also contains certain minor techni- SEC. cal changes to the Board's Regulation A that are independent of the primary and secondary credit WHITE PAPER ON SETTLEMENT OF proposals. GOVERNMENT SECURITIES Comments are due ninety days after publication in the Federal Register. The Federal Reserve Board and Securities and Exchange Commission announced on May 9, 2002, ADVISORY ON FRAUD SCHEMES INVOLVING the release of a "white paper" discussing possible FINANCIAL INSTRUMENTS structural changes in the settlement of government securities and requested public comment on the The Federal Reserve Board on May 20, 2002, alerted document. financial institutions and the public to the continued The paper, published May 13 in the Federal Regisproliferation of fraudulent schemes involving finanter, was developed with a goal of identifying issues cial instruments. and questions that need to be further explored. In In 1993 and again in 1996, the Federal Reserve releasing the paper, the staffs of the agencies emphaissued advisories concerning illegal activities claimsized they have not concluded that any of the ing to involve a financial instrument issued by a approaches discussed represent an improvement "prime bank." These questionable transactions promover current arrangements or that structural change is ise extremely high rates of return with little or no risk necessary. and often insinuate the involvement of a well-known Following the September 11, 2001, terrorist government agency, such as the Federal Reserve, the attacks, the agencies held discussions with market World Bank, or the International Monetary Fund. participants concerning vulnerabilities in the settle- The Federal Reserve knows of no legitimate use of ment of government securities. Market participants "prime bank" financial instruments and does not were interested in exploring structural changes in the license anyone to trade any type of financial instruprovision of settlement services for government secuments or to act as the Federal Reserve's agent to sell rities, including the concept of establishing a utility or redeem them. to conduct settlement. The paper identifies possible In an advisory letter to supervisory authorities at approaches for creating a utility and possible assessthe twelve regional Federal Reserve Banks and to ment criteria for evaluating the various approaches. banking organizations supervised by the Federal Reserve, the Board again stressed the dangers associated with investing or participating in these illicit MINUTES OF BOARD DISCOUNT RATE MEETINGS transactions and listed several hallmarks or "red flags" that have been associated with many fraudu- The Federal Reserve Board released on May 20, lent scams. 2002, the minutes of its discount rate meetings from The Federal Reserve also noted that, since the February 4, 2002, to March 18, 2002. issuance of the Board's 1993 and 1996 alerts concerning "prime bank" financial instruments, many wrongdoers have stopped referring to "prime bank" ANTHRAX TESTS AT THE BOARD instruments and begun to use the names of legitimate financial instruments in their scams, such as On May 9, 2002, mail processed in a secure facility "medium term notes" (often referred to as outside the Federal Reserve Board buildings tested "MTNs"). positive for traces of anthrax DNA. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 Federal Reserve Bulletin • July 2002 Routine preliminary tests, administered late Tues- requirements for equity investments in nonfinancial compaday and Wednesday by Board and contract employ- nies. The new capital requirements apply symmetrically to equity investments. The requirements impose a series of ees wearing protective environmental suits, detected marginal capital charges on such authorized covered equity anthrax spores in small batches of mail totaling about investments that increase with the level of a bank's overall twenty pieces. The affected mail was routine com- exposure to equity investments relative to its tier 1 capital. mercial and business mail and did not have any of the (See SR Letter 02-4.) characteristics identified by the FBI as suspicious. c. The risk-based capital treatment for forward equity transactions also is discussed. The Federal Reserve has The swabs that produced the positive readings will determined that any common stock that is covered by be sent to a laboratory for additional testing. forward equity transactions entered into after the issuance The source of the possible contamination is not of SR Letter 01-27 (November 9, 2001) will be excluded known. Subsequent tests of mailroom surfaces and from a state member bank's tier 1 capital, other than those mail-distribution points within the Board's buildings transactions specified for deferred compensation or other employee benefit plans. have all been negative. Board officials have notified, and are working with, 3. Management of Insurable Risks. Certain types of the FBI and with U.S. Postal Service inspectors. insurance that are available to the banking industry are An anthrax trace found at the Board last Decem- discussed. Bank management responsibilities for managing ber is believed to have been the result of cross- insurable risks are also discussed, including coordinating contamination. Extensive follow-up testing after that the management of the bank's various types of risk exposures in conjunction with an insurance program or making incident yielded no further positive results. a decision to selectively self-insure (alternative risk transfer) when permissible and appropriate. The examiners' responsibilities for reviewing a bank's risk management PUBLICATION OF THE MAY 2002 UPDATE and management of its insurance program are also dis- TO THE COMMERCIAL BANK EXAMINATION cussed. The examination objectives, examination proce- MANUAL dures, and internal control questionnaire are updated. The May 2002 update to the Commercial Bank 4. Payment Systems Risk and Electronic Funds Trans- Examination Manual, Supplement No. 16, has been fer. The update discusses the Board's December 11, 2001, revision of the policy statement on payments system risk published and is now available. The Manual com- (PSR policy). The PSR policy was revised to modify the prises the Federal Reserve System's regulatory, net debit cap calculation for U.S. branches and agencies of supervisory, and examination guidance for state foreign banks, as well as the time that electronic check member banks. The new supplement includes the presentments are posted to depository institutions' Federal following: Reserve accounts for purposes of measuring daylight overdrafts. The PSR policy incorporates, with minor modifications, the Board's interim policy that allows certain deposi- 1. Board's October 16, 2001, Approval of a Revision to tory institutions to pledge collateral to the Federal Reserve Regulation K. The Board authorized, effective Novemto access additional daylight-overdraft capacity above their ber 26, 2001, limited portfolio investments in foreign comnet debit caps. The examiners' responsibilities are dispanies without prior Board notice (sections 211.8 and cussed with regard to payment system risk and electronic 211.9) and limited investments in Edge and agreement funds transfer. The examination objectives, examination corporations (section 211.5) that may be permissible for procedures, and internal control questionnaire also have state member banks and other foreign banking or other been updated. bank-related organizations. (See Supervision and Regulation [SR] Letter 02-3.) 5. Examiners' Review of Regulatory Reports. Changes 2. Revisions to the Capital Adequacy Standard (Risk- in Federal Reserve reporting requirements are discussed Based Measure). for reports that are filed by banks and other banking a. The November 8, 2001, Regulation H change organizations. The changes include the new FR Y-10 (effective January 1, 2002) addressed the treatment of report, the revised FR Y-6 report, and the internal recordrecourse obligations, residual interests, and direct-credit keeping requirements for FR 2064. (See SR Letter 02-2 substitutes that expose banking organizations primarily to and its discussion of examiners' responsibilities in this credit risk. New standards are added for the treatment of regard.) residual interests, including a concentration limit for creditenhancing interest-only strips. Credit ratings from rating 6. Various Other Regulation H Revisions. agencies and certain limited alternative credit-rating a. The sections on the overall conclusions regarding approaches can be used by banks to match the risk-based the condition of the bank and on other types of examinacapital requirement more closely to their relative risk of tions have been revised to include the Federal Reserve's loss for certain positions in asset securitizations. (See SR notification requirements, whereby a state member bank is Letters 02-16, 02-15, 02-14, and 02-12.) to notify the Federal Reserve System regarding changes in b. The January 8, 2002, Regulation H change (effec- the general character of a bank's business or the scope of tive April 1, 2002) established special minimum capital its corporate powers. (See sections 208.3(d)(1) and (2) and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 323 SR Letter 02-9). Included is a discussion on individual or Edward DeRosa, a former employee and institutionmultiple-branch applications, expedited processing criteria, affiliated party of Rabobank Nederland, New York, and a bank's investment in premises for branches. Branch New York. closing requirements are discussed in relationship to sec- Mr. DeRosa, without admitting to any allegations, tion 42 of the Federal Deposit Insurance Act, section 208.6 of Regulation H, and the June 29, 1999, joint policy consented to the issuance of the order based on his statement regarding branch closings. Customers and the violations of law, unsafe and unsound practices, and Federal Reserve must be notified of branch closings. breaches of his fiduciary duty to Rabobank and its b. The bank premises and equipment section has been customers in connection with his embezzlement of revised to reflect previous changes to section 24 of the approximately $170,000 for his personal use. Federal Reserve Act and section 208.21(a) of Regulation H. For example, a state member bank that is well rated and well capitalized may invest in bank premises in an The Federal Reserve Board, the Maryland Comamount of 150 percent or less of its perpetual preferred missioner of Financial Regulation, and the Central stock and related surplus plus common stock plus surplus, Bank of Ireland jointly announced on May 16, 2002, if the bank gives at least a fifteen-day prior notice to the Reserve Bank. the execution of a written agreement by and among c. The definition of "capital stock and surplus" is Allied Irish Banks, p.l.c., Dublin, Ireland, Allfirst discussed as it pertains to the Board's authority to approve Financial Inc., Baltimore, Maryland, and Allfirst a state member bank's limited investment of up to 10 per- Bank, Baltimore, Maryland. cent of its capital and surplus in a community development corporation. (See Regulation H, section 208.2(d).) The investment limitations also are discussed for section 9 of The Federal Reserve Board announced on May 10, the Federal Reserve Act for public welfare or other such 2002, the issuance of a cease and desist order against investments. Pedro Cabrera, a former employee of Banco Mercantil, C.A., S.A.C.A., New York Agency, New York, A more detailed summary of changes is included New York. with the update package. The Manual and updates, including pricing information, are available from The Federal Reserve Board announced on May 10, Publications Services, Mail Stop 127, Board of Gov- 2002, the issuance of a cease and desist order against ernors of the Federal Reserve System, Washington, the Bank of the Orient, San Francisco, California. DC 20551 (or charge by facsimile: 202-728-5886). The Manual is also available on the Board's public web site: www.federalreserve.gov/boarddocs/ supmanual/. BOARD STAFF CHANGE The Federal Reserve Board announced on June 4, ENFORCEMENT ACTIONS 2002, that Richard (Dick) Stevens, Director of the Division of Information Technology, will retire on The Federal Reserve Board announced on May 16, June 28 after more than twenty-nine years at the 2002, the issuance of an order of prohibition against Board. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

325 Legal Developments ORDERS ISSUED UNDER FEDERAL RESERVE ACT of the local communities in which they operate, consistent with their safe and sound operation, and requires the appro- JPMorgan Chase Bank priate federal supervisory authority to assess the institu- New York, New York tion's record of meeting the credit needs of its entire community, including low- and moderate-income ("LMI") Order Approving Establishment of a Branch neighborhoods, in evaluating branch applications. J.P. Morgan Chase Bank, New York, New York ("Bank"), A. CRA Performance Examination a state member bank, has given notice under section 9 of the Federal Reserve Act ("Act") (12 U.S.C. § 321 et seq.) As provided in the CRA, the Board evaluates the perforof its intention to establish a branch at the Newport Center, mance of an institution in light of examinations by the 575 Washington Boulevard, Jersey City, New Jersey. appropriate federal supervisors of the CRA performance Notice of the proposal, affording interested persons an record of the institution. An institution's most recent CRA opportunity to submit comments, has been published in performance evaluation is a particularly important considaccordance with the Board's Rules of Procedure (12 C.F.R. eration in the applications process because it represents a 262.3(b)). The time for filing comments has expired, and detailed, on-site evaluation of the institution's overall the Board has considered the notice and all comments record of performance under the CRA by its appropriate received in light of the factors specified in the Act. federal supervisor.3 Bank received an overall "outstand- Bank is the 13th largest banking organization in ing" rating at its most recent CRA examination by the New Jersey, controlling deposits of approximately Federal Reserve Bank of New York, as of July 9, 2001. $2.6 billion, representing approximately 1.5 percent of commercial banking deposits in the state.1 Bank is a wholly B. CRA Performance Record owned subsidiary of J.P. Morgan Chase & Co., New York, New York. According to its most recent CRA examination, Bank's lending activity in the New York Metropolitan Area4 Considerations Under the Federal Reserve Act showed excellent responsiveness to retail credit needs.5 During the examination period, Bank and its affiliates were Section 9(4) of the Act (12 U.S.C. § 322) requires that the leading lender in the New York Metropolitan Area in when acting on a branch application, the Board consider originated and purchased home purchase, refinance, and the financial condition of the applying bank, the general small business loans. According to examiners, the overall character of its management, and whether its corporate geographic distribution of Bank's retail loans reflected powers are consistent with the purposes of Act. excellent loan penetration in LMI areas. The Board has carefully reviewed the factors it is required to consider for the establishment of a branch under section 9 of the Act in light of all facts of record. As part of its consideration, the Board has reviewed reports of 3. See Interagency Questions and Answers Regarding Community examination and other supervisory information. Based on Reinvestment, 66 Federal Register 36,620 and 36,639 (2001). all the facts of record, the Board has concluded that these 4. Examiners noted that performance in the New York Metropolitan statutory factors are consistent with approval of the notice. Area had the greatest weight on Bank's overall CRA rating because of the high concentration of deposits, lending, and population in that assessment area. The New York Metropolitan Area includes southern Community Reinvestment Act Considerations New York, western Connecticut, and northeastern New Jersey. Jersey City is part of the New York Metropolitan Area. In acting on an application to establish a branch, the Board 5. One commenter, a Jersey City community group, inquired about Bank's past and future involvement in the Jersey City community and is required to take into account a bank's record under the the extent of Bank's involvement in addressing local credit needs. Community Reinvestment Act ("CRA").2 The CRA Bank responded that even before its current decision to establish a requires the federal financial supervisory agencies to en- branch, it had provided support to organizations committed to increascourage financial institutions to help meet the credit needs ing the quality of life in Jersey City, primarily in the areas of aifordable housing, economic development, and the provision of social services. Since 1996, Bank has provided grants totaling more than $500,000 to Jersey City organizations engaged in community develop- 1. Deposit and state ranking data are as of June 30, 2001. ment activities. Bank stated that it intends to continue to support 2. 12 U.S.C. § 2901 et seq. community development activities in Jersey City in the future. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 Federal Reserve Bulletin • July 2002 Bank's record of lending to businesses in the New York delegated authority, and to approval of the proposal by the Metropolitan Area was excellent. Approximately 93 per- appropriate state authorities. cent of small loans to businesses originated in the assess- By order of the Board of Governors, effective May 30, ment area during the examination period were for amounts 2002. of $100,000 or less. The average size of such loans was $33,000, an amount that examiners concluded would meet Voting for this action: Chairman Greenspan, Vice Chairman Ferguthe credit needs of smaller businesses. Examiners also son, and Governors Bies and Olson. Absent and not voting: Governor Gramlich. rated Bank's community development lending performance in the New York Metropolitan Area as excellent.6 ROBERT DEV. FRIERSON Bank received an "outstanding" rating on the invest- Deputy Secretary of the Board ment portion of its CRA examination in the New York Metropolitan Area. Examiners characterized Bank's level of qualified community development investments and ORDERS ISSUED UNDER INTERNATIONAL BANKING grants as exhibiting strong responsiveness to credit and ACT community development needs through organizations involved in affordable housing, economic development, Banca Comerciala Romana S.A. community services, and revitalization and stabilization Bucharest, Romania activities.7 Examiners rated Bank's performance in the New York Order Approving Establishment of a Representative Metropolitan Area under the service test as outstanding. Office Examiners based this rating on what they characterized as excellent delivery of retail services and Bank's leadership Banca Comerciala Romana S.A. ("Bank"), Bucharest, Rorole in providing community development services. Overmania, a foreign bank within the meaning of the Internaall, examiners indicated that delivery systems were readily tional Banking Act ("IBA"), has applied under section accessible to all portions of Bank's assessment area, taking 10(a) of the IBA (12 U.S.C. § 3107(a)) to establish a repreinto consideration the percentage of the population residing sentative office in New York, New York. The Foreign Bank in LMI areas. Examiners also characterized Bank as a Supervision Enhancement Act of 1991, which amended the leader in providing community development services. IBA, provides that a foreign bank must obtain the approval of the Board to establish a representative office in the C. Conclusion on CRA Performance United States. Notice of the application, affording interested persons an The Board has considered carefully the entire record of opportunity to submit comments, has been published in a Bank's CRA performance, including Bank's most recent newspaper of general circulation in New York (The New CRA performance examination. Based on all the facts of York Post, August 1, 2001). The time for filing comments record, the Board concludes that CRA considerations are has expired, and all comments have been considered. consistent with approval of the proposal. Bank, with total consolidated assets of $3.6 billion,1 is the largest commercial bank in Romania. Seventy percent Conclusion of Bank's shares are owned by the Authority for Privatization and State Ownership Administration, a public legal Based on the foregoing and all the facts of record, the entity subordinated to the Romanian government that car- Board has determined that this notice should be, and hereby ries out the government's privatization strategy. The reis, approved. The Board's approval is specifically condimaining 30 percent of Bank's shares are owned by five tioned on Bank's compliance with all commitments made private, widely held, regionally based ownership funds in connection with the proposal. The commitments and established under Romania's 1991 privatization law. Bank conditions relied on by the Board are deemed to be condiprovides wholesale and retail banking services to corpotions imposed in writing in connection with its findings and rate, individual, and government customers. Bank has decision and, as such, may be enforced in proceedings branches throughout Romania, as well as in Cyprus and under applicable law. Moldova. Bank has subsidiary banks in Germany, France, Approval of this notice is subject to the establishment of and the United Kingdom. the proposed branch within one year of the date of this The proposed representative office would enable Bank to order, unless such period is extended by the Board or the provide assistance to existing and potential customers in Federal Reserve Bank of New York, acting pursuant to identifying and facilitating business and trade opportunities between Romania and the United States. Bank intends to engage in general marketing and promotional activities, development and enhancement of correspondent relation- 6. During the examination period, community development loan commitments benefiting this assessment area totaled $693 million. 7. Bank's level of community development investment in the assessment area totaled $750 million, with $433 million of additional unfunded investment commitments. 1. Data are as of December 31, 2001. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 327 ships, research and consulting services, and certain loan regulatory, and supervisory authority for all banking orgasolicitation activities. nizations in Romania. The Board has previously approved In acting on an application to establish a representative the establishment of a limited representative office in the office, the IBA and Regulation K provide that the Board United States by a Romanian bank.5 Bank is supervised by shall take into account whether the foreign bank engages the NBR on substantially the same terms and conditions as directly in the business of banking outside the United that bank. States and has furnished to the Board the information it Although Romania is not a member of the Financial needs to assess the application adequately. The Board also Action Task Force ("FATF"), Romania has enacted laws shall take into account whether the foreign bank and any based on the general recommendations of the FATF. Antiforeign bank parent is subject to comprehensive supervi- money laundering standards have been established and sion or regulation on a consolidated basis by its home programs to deter money laundering are being implecountry supervisor.2 With respect to establishment of repre- mented. Under Romanian law, money laundering is a crimsentative offices, the Board will consider that the standard inal offense and financial institutions are required to estabregarding supervision has been met where it determines lish internal policies, procedures, and systems for the that the applicant bank is subject to a supervisory frame- detection and prevention of money laundering throughout work that is consistent with the activities of the proposed their worldwide operations. Romania has also established representative office, taking into account the nature of such the National Office for Money Laundering Prevention and activities and the operating record of the applicant.3 The Fighting ("National Office"). Bank forwards suspicious Board may take into account additional standards set forth transaction reports to the National Office for further invesin the IBA and Regulation K.4 tigation. Bank has established specific policies and proce- In connection with this application, Bank has provided dures designed to prevent, detect, and report any money certain commitments that limit the activities of the repre- laundering activities. These policies include a "know your sentative office. It has committed that the representative customer" policy, parameters to identify suspicious transoffice would engage only in certain specified activities and actions, reporting and record retention for all suspicious would not make credit decisions on behalf of Bank, solicit transactions, and employee training. deposits on behalf of Bank, or engage in activities related Based on all the facts of record, including commitments to securities trading, foreign exchange, or money transmis- provided by Bank limiting the activities of the proposed sion. representative office, it has been determined that factors As noted above, Bank engages directly in the business of relating to the supervision of Bank by its home country banking outside the United States through its banking supervisor are consistent with approval of the proposed operations in Romania. Bank also has provided the Board representative office. with the information necessary to assess the application The Board has taken into account the additional stanthrough submissions that address the relevant issues. With dards set forth in the IBA and in Regulation K.6 The NBR respect to supervision by home country authorities, the has no objection to the establishment of the proposed National Bank of Romania ("NBR") is the principal super- office. With respect to the financial and managerial visory authority of Bank. The NBR is the sole licensing, resources of Bank, taking into consideration Bank's record of operations in its home country, its overall financial resources, and its standing with its home country supervisor, the Board has determined that financial and managerial 2. See 12 U.S.C. § 3107(a)(2); 12C.F.R. 211.24(d)(2). In assessing considerations are consistent with approval. In addition, this standard, the Board considers, among other factors, the extent to which the home country supervisors: Bank appears to have the experience and capacity to sup- (i) Ensure that the bank has adequate procedures for monitoring port the proposed office and has established controls and and controlling its activities worldwide; procedures for the proposed office to ensure compliance (ii) Obtain information on the condition of the bank and its with applicable U.S. law, as well as controls and procesubsidiaries and offices through regular examination reports, audit reports, or otherwise; dures for its worldwide operations generally. (iii) Obtain information on the dealings with and relationship With respect to access to information, the Board has between the bank and its affiliates, both foreign and domestic; reviewed the restrictions on disclosure in relevant jurisdic- (iv) Receive from the bank financial reports that are consolidated tions in which Bank operates and has communicated with on a worldwide basis, or comparable information that permits relevant government authorities about access to informaanalysis of the bank's financial condition on a worldwide consolidated basis; tion. Bank has committed to make available to the Board (v) Evaluate prudential standards, such as capital adequacy and such information on the operations of Bank and any affilirisk asset exposure, on a worldwide basis. ate of Bank that the Board deems necessary to determine These are indicia of comprehensive, consolidated supervision. No and enforce compliance with the IBA, the Bank Holding single factor is essential and other elements may inform the Board's determination. Company Act, and other applicable federal law. To the 3. See, e.g., RHEINHYP Rheinische Hypothekenbank AG, 87 Federal Reserve Bulletin 558 (2001); see also Promstroybank of Russia, 82 Federal Reserve Bulletin 599 (1996); Komercni Banka, a.s., 82 Federal Reserve Bulletin 597 (1996); Commercial Bank "Ion 5. Commercial Bank "Ion Tiriac", S.A., 82 Federal Reserve Bulletin Tiriac", S.A., 82 Federal Reserve Bulletin 592 (1996). 592 (1996). 4. See 12 U.S.C. § 3105(d)(3) and (4); 12 C.F.R. 211.24(c)(2). 6. See 12 U.S.C. § 3105(d)(3) and (4); 12 C.F.R. 211.24(c)(2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 Federal Reserve Bulletin • July 2002 extent that the provision of such information may be pro- mine and enforce compliance by Bank or its affiliates with hibited or impeded by law or otherwise, Bank has commit- applicable federal statutes, the Board may require or rected to cooperate with the Board to obtain any necessary ommend termination of any of Bank's direct or indirect consents or waivers that might be required from third activities in the United States. Approval of this application parties in connection with disclosure of certain informa- also is specifically conditioned on compliance by Bank tion. In addition, subject to certain conditions, the NBR with the commitments made in connection with this applimay share information on Bank's operations with other cation and with the conditions in this order.8 The commitsupervisors, including the Board. In light of these commit- ments and conditions referred to above are conditions ments and other facts of record, and subject to the condi- imposed in writing by the Board in connection with its tion described below, the Board has concluded that Bank decision and may be enforced in proceedings against Bank, has provided adequate assurances of access to any neces- its offices, and its affiliates under applicable law. sary information the Board may request. By order, approved pursuant to authority delegated by On the basis of all the facts of record, and subject to the the Board, effective May 21, 2002. commitments made by Bank, as well as the terms and conditions set forth in this order, Bank's application to ROBERT DEV. FRIERSON establish a representative office in New York is hereby Deputy Secretary of the Board approved.7 If any restrictions on access to information on the operations or activities of Bank or any of its affiliates 8. The Board's authority to approve the establishment of the prosubsequently interfere with the Board's ability to deter- posed office parallels the continuing authority of the State of New York to license offices of a foreign bank. The Board's approval of this application does not supplant the authority of the State of New York 7. Approved by the Director of the Division of Banking Supervision or its agent, the New York State Banking Department ("Departand Regulation, with the concurrence of the General Counsel, pursu- ment"), to license the proposed office of Bank in accordance with any ant to authority delegated by the Board. terms or conditions that the Department may impose. INDEX OF ORDERS ISSUED OR ACTIONS TAKEN BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (JANUARY 1, 2002 - MARCH 31, 2002) Bulletin Volume Applicant Merged or Acquired Bank of Activity Date of Approval and Page Allgemeine HypothekenBank To establish a representative office in January 8, 2002 88, 196 Rheinboden AG, New York, New York Frankfurt, Germany Artesia Banking Corporation, S.A., To establish a branch in New York, March 29, 2002 88, 253 Brussels, Belgium New York Banco Popular de Puerto Rico, Banco Bilbao Vizcaya Argentaria January 15, 2002 88, 194 Hato Rey, Puerto Rico Puerto Rico, San Juan, Puerto Rico BNP Paribas, United California Bank, February 20, 2002 88, 221 Paris, France Los Angeles, California BancWest Corporation, Honolulu, Hawaii First York Ban Corp., K.L. & D.M., Inc., March 11,2002 88,251 York, Nebraska Polk, Nebraska Citizens State Bank, Polk, Nebraska ICICI Bank Limited, To establish a representative office in February 25, 2002 88, 227 Mumbai, India New York, New York Wesbanco, Inc., American Bancorporation, January 7, 2002 88, 191 Wheeling, West Virginia Wheeling, West Virginia Wheeling National Bank, St. Clairsville, Ohio Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 329 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 Access National Corporation, Access National Bank, Richmond May 31, 2002 Chantilly, Virginia Chantilly, Virginia Ames National Corporation, United Bank & Trust N.A., Chicago May 9, 2002 Ames, Iowa Marshalltown, Iowa Carolina National Corporation, Carolina National Bank and Trust Richmond May 31, 2002 Columbia, South Carolina Company, Columbia, South Carolina Charter One Financial Inc., Charter National Bancorp, Cleveland May 1, 2002 Cleveland, Ohio Taylor, Michigan Charter-Michigan Bancorp, Dearborn, Michigan Citizens Bank Holding Company, Citizens Community Business Bank, San Francisco May 23, 2002 Pocatello, Idaho Pocatello, Idaho Community First Financial Community First Bank, Richmond May 6, 2002 Corporation, Lynchburg, Virginia Lynchburg, Virginia Community Valley Bancorp, Butte Community Bank, San Francisco May 1, 2002 Chico, California Chico, California CSB Financial Corporation, Community State Bank, New York May 3, 2002 Teaneck, New Jersey Teaneck, New Jersey FCB Florida Bancorporation, Inc, First Commercial Bank of Florida, Atlanta April 26, 2002 Orlando, Florida Orlando, Florida First Capital Investments, L.L.C., 1st Financial Bancshares, Inc., Kansas City May 30, 2002 Lee's Summit, Missouri Overland Park, Kansas First Citizens Bancshares, Inc., Metropolitan Bancshares, Inc., St. Louis May 1, 2002 Dyersburg, Tennessee Munford, Tennessee The Munford Union Bank, Munford, Tennessee First York BanCorp, NebraskaLand Financial Services, Inc. Kansas City May 8, 2002 York, Nebraska Lincoln, Nebraska J.R. Montgomery Bancorporation, The Fort Sill National Bank, Kansas City May 30, 2002 Inc., Fort Sill, Oklahoma Lawton, Oklahoma Marshall Bancorp, Inc., Norkitt Bancorp, Inc., Minneapolis April 30, 2002 Mineapolis, Minnesota Mineapolis, Minnesota Northwestern State Bank of Hallock, Hallock, Minnesota Metropolitan Bank Group, FirstCom Bancorp, Chicago May 7, 2002 Chicago, Illinois Chicago, Illinois Metropolitan Bancorp, Inc., First Commercial Bank, Chicago, Illinois Chicago, Illinois Plaza Bancorp, Inc., Norridge, Illinois MidCarolina Financial Corporation, MidCarolina Bank, Richmond April 24, 2002 Burlington, North Carolina Burlington, North Carolina Midwest Bankers' Bancorporation, Nebraska Bankers' Bank, National St. Louis May 30, 2002 Inc., Association, Jefferson City, Missouri Lincoln, Nebraska Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 Federal Reserve Bulletin • July 2002 Section 3—Continued Applicant(s) Bank(s) Reserve Bank Effective Date Nicolet Bankshares, Inc., Nicolet National Bank, Chicago May 1, 2002 Green Bay, Wisconsin Green Bay, Wisconsin NorCal Community Bancorp, Bank of Alameda, San Francisco May 23, 2002 Alameda, California Alameda, California North State Bancorp, North State Bank, Richmond May 23, 2002 Raleigh, North Carolina Raleigh, North Carolina Pacific State Bancorp, Pacific State Bank, San Francisco May 7, 2002 Stockton, California Stockton, California Peoples State Bancorp, Inc., Peoples State Bank of Munising, Mineapolis May 3, 2002 Munising, Michigan Munising, Michigan South Coastal Holdings MHC, Inc., South Coastal Bank, Boston May 2, 2002 Rockland, Massachusetts Rockland, Massachusetts State Bancshares of Ulen, Inc., K. Roberts, Inc., Mineapolis May 3, 2002 Dilworth, Minnesota Hendrum, Minnesota Viking Bank, Hendrum, Minnesota Section 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date Allegiant Bancorp, Inc., Allegiant Capital Corporation, St. Louis May 6, 2002 St. Louis, Missouri St. Louis, Missouri Black Diamond Financial Group, To engage de novo in investment Atlanta May 30, 2002 Inc., advisory activities Tampa, Florida Heritage Group, Inc., Heritage Reinsurance, Inc., Kansas City May 14, 2002 Aurora, Nebraska Aurora, Nebraska R&G Financial Corporation, The Crown Group, Inc., New York May 28, 2002 San Juan, Puerto Rico Casselberry, Florida Crown Bank, Casselberry, Florida Sunstate Bancshares, Inc., Sunstate Bancshares Mortgages, LLC San Francisco May 23, 2002 Casa Grande, Arizona Casa Grande, Arizona Axis Mortgages, Inc., Casa Grande, Arizona Sections 3 and 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date Peoples Bancorp., Peoples Bank, Chicago May 8, 2002 Rock Valley, Iowa Rock Valley, Iowa Peoples Financial, Inc., Rock Valley, Iowa Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 331 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 Arvest Bank, Arvest Bank, St. Louis May 13, 2002 Fayetteville, Arkansas Rogers, Arkansas First American Bank, To merge into one state-charter Chicago May 23, 2002 Fort Dodge, Iowa member bank First American Bank, Sioux City, Iowa Union State Bank, The State Bank, Kansas City May 30, 2002 Arkansas City, Kansas Winfield, Kansas Virginia Heartland Bank, Caroline Savings Bank, Richmond May 9, 2002 Fredericksburg, Virginia Bowling Green, Virginia PENDING CASES INVOLVING THE BOARD OF GOVERNORS This list of pending cases does not include suits against the On August 15, 2001, the district court consolidated the Federal Reserve Banks in which the Board of Governors is not action with Artis v. Greenspan, No. 99-CV-2073 (EGS) named a party. (D.D.C., filed August 3, 1999), also an employment discrimination action. Caesar v. United States, No. 02-0612 (EGS) (D.D.C.), re- Howe v. Bank for International Settlements, No. 00CV12485 moved on April 1, 2002 from No. 02-1502 (D.C. Superior RCL (D. Mass., filed December 7, 2000). Action seeking Court, originally filed March 1, 2002). Action seeking dam- damages in connection with gold market activities and the ages for personal injury. repurchase by the Bank for International Settlements of its Community Bank & Trust v. United States, No. 01-571C (Ct. privately-owned shares. On March 26, 2002, the district Fed. CI., filed October 3, 2001). Action challenging on court dismissed the action against all defendants. constitutional grounds the failure to pay interest on reserve Trans Union LLC v. Federal Trade Commission, et al., No. accounts held at Federal Reserve Banks. 01-5202 (D.C. Cir., filed June 4, 2001). Appeal of district Laredo National Bancshares, Inc. v. Whalen v. Board of Gov- court order entered April 30, 2001, upholding challenged ernors, No. 01-CV-134 (S.D. Tex.), removed on Septem- provisions of an interagency rule regarding Privacy of Conber 5, 2001, from No. 99CVQ00940-D3 (District Court, sumer Finance Information 341st Judicial District, Webb County, Texas, originally filed Albrecht v. Board of Governors, No. 00-CV-317 (CKK) July 26, 2001). Third-party petition seeking indemnification (D.D.C., filed February 18, 2000). Action challenging the or contribution from the Board in connection with a claim method of funding of the retirement plan for certain Board asserted against defendant Whalen alleging tortious interfer- employees. On March 30, 2001, the district court granted in ence with a contract. part and denied in part the Board's motion to dismiss. Radfar v. United States, No. 1:01CV1292 (PLF) (D.D.C., Fraternal Order of Police v. Board of Governors, No. complaint filed June 11, 2001). Action under the Federal 1:98CV03116 (WBB)(D.D.C„ filed December 22, 1998). Tort Claims Act for injury on Board premises. Declaratory judgment action challenging Board labor prac- Artis v. Greenspan, No. 01-CV-0400(ESG) (D.D.C., complaint tices. On February 26, 1999, the Board filed a motion to filed February 22, 2001. Employment discrimination action. 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 A25 Federal debt subject to statutory limitation DOMESTIC FINANCIAL STATISTICS A25 Gross public debt of U.S. Treasury— Types and ownership Money Stock and Bank Credit A26 U.S. government securities A4 Reserves and money stock measures dealers—Transactions A5 Reserves of depository institutions and Reserve Bank A27 U.S. government securities dealers— credit Positions and financing A6 Reserves and borrowings—Depository A28 Federal and federally sponsored credit institutions agencies—Debt outstanding Policy Instruments Securities Markets and Corporate Finance A7 Federal Reserve Bank interest rates A29 New security issues—Tax-exempt state and local A8 Reserve requirements of depository institutions governments and corporations A9 Federal Reserve open market transactions A30 Open-end investment companies—Net sales and assets Federal Reserve Banks A30 Domestic finance companies—Assets and liabilities A31 Domestic finance companies—Owned and managed A10 Condition and Federal Reserve note statements receivables A11 Maturity distribution of loan and security holding Real Estate Monetary and Credit Aggregates A32 Mortgage markets—New homes A3 3 Mortgage debt outstanding A12 Aggregate reserves of depository institutions and monetary base Consumer Credit A13 Money stock measures A34 Total outstanding Commercial Banking Institutions— A34 Terms Assets and Liabilities Flow of Funds A15 All commercial banks in the United States A16 Domestically chartered commercial banks A35 Funds raised in U.S. credit markets A17 Large domestically chartered commercial banks A37 Summary of financial transactions A19 Small domestically chartered commercial banks A3 8 Summary of credit market debt outstanding A20 Foreign-related institutions A39 Summary of financial assets and liabilities Financial Markets DOMESTIC NONFINANCIAL STATISTICS A22 Commercial paper outstanding ALL Prime rate charged by banks on short-term Selected Measures business loans A23 Interest rates—Money and capital markets A40 Output, capacity, and capacity utilization A24 Stock market—Selected statistics A42 Industrial production—Indexes and gross value Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

23 Federal Reserve Bulletin • July 2002 INTERNATIONAL STATISTICS Reported by Nonbanking Business Enterprises in the United States Summary Statistics A52 Liabilities to unaffiliated foreigners A44 U.S. international transactions A53 Claims on unaffiliated foreigners A45 U.S. reserve assets A45 Foreign official assets held at Federal Reserve Securities Holdings and Transactions Banks A54 Foreign transactions in securities A46 Selected U.S. liabilities to foreign official A55 Marketable U.S. Treasury bonds and institutions notes—Foreign transactions Reported by Banks in the United States Interest and Exchange Rates A46 Liabilities to, and claims on, foreigners A56 Foreign exchange rates A47 Liabilities to foreigners A49 Banks' own claims on foreigners A50 Banks' own and domestic customers' claims on A57 GUIDE TO SPECIAL TABLES AND foreigners STATISTICAL RELEASES A50 Banks' own claims on unaffiliated foreigners A51 Claims on foreign countries—Combined domestic offices and foreign branches A58 INDEX TO STATISTICAL TABLES Discontinuation of Certain Statistical Tables in the Federal Reserve Bulletin The following ten tables have been discontinued in the Financial and Business Statistics section of the Federal Reserve Bulletin. Information on the sources of data in these tables appears in the Announcements section of the June 2002 issue of the Bulletin, page 290. Discontinued tables: 1.38 1.39 1.48 2.10 2.11 2.14 2.15 2.16 2.17 3.11 Page numbers of the tables in the Financial and Business Statistics section have been revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A3 Guide to Tables SYMBOLS AND ABBREVIATIONS c Corrected G-10 Group of Ten e Estimated GDP Gross domestic product n.a. Not available GNMA Government National Mortgage Association n.e.c. Not elsewhere classified GSE Government-sponsored enterprise P Preliminary HUD Department of Housing and Urban r Revised (Notation appears in column heading Development when about half the figures in the column have IMF International Monetary Fund been revised from the most recently published IOs Interest only, stripped, mortgage-backed securities table.) IPCs Individuals, partnerships, and corporations * Amount insignificant in terms of the last decimal IRA Individual retirement account place shown in the table (for example, less than MMDA Money market deposit account 500,000 when the smallest unit given is in millions) MSA Metropolitan statistical area 0 Calculated to be zero NAICS North American Industry Classification System Cell not applicable NOW Negotiable order of withdrawal ABS Asset-backed security OCDs Other checkable deposits ATS Automatic transfer service OPEC Organization of Petroleum Exporting Countries BIF Bank insurance fund OTS Office of Thrift Supervision CD Certificate of deposit PMI Private mortgage insurance CMO Collateralized mortgage obligation POs Principal only, stripped, mortgage-backed securities CRA Community Reinvestment Act of 1977 REIT Real estate investment trust FAMC Federal Agriculture Mortgage Corporation REMICs Real estate mortgage investment conduits FFB Federal Financing Bank RHS Rural Housing Service FHA Federal Housing Administration RP Repurchase agreement FHLBB Federal Home Loan Bank Board RTC Resolution Trust Corporation FHLMC Federal Home Loan Mortgage Corporation SCO Securitized credit obligation FmHA Farmers Home Administration SDR Special drawing right FNMA Federal National Mortgage Association SIC Standard Industrial Classification FSA Farm Service Agency TIIS Treasury inflation-indexed securities FSLIC Federal Savings and Loan Insurance Corporation VA Department of Veterans Affairs G-7 Group of Seven GENERAL INFORMATION In many of the tables, components do not sum to totals because of include not fully guaranteed issues) as well as direct obligarounding. tions of the U.S. Treasury. Minus signs are used to indicate (1) a decrease, (2) a negative "State and local government" also includes municipalities, figure, or (3) an outflow. special districts, and other political subdivisions. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A4 Domestic NonfinancialS tatistics • July 2002 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 2001 2002 2001 2002 MMoonneettaarryy oorr ccrreeddiitt aaggggrreeggaattee Q2 Q3r Q4' Qir Dec.r Jan.r Feb.r Mar.r Apr. Reserves of depository institutions2 1 Total 4.0 76.3 -31.2 -9.7 10.4 15.3 -8.5 -12.7 -7.4 2 Required 6.4 14.8 22.1 -9.3 4.9 23.8 -8.2 -14.5 -1.4 3 Nonborrowed 2.9 65.0 -21.4 -9.4 10.9 15.9 -8.0 -14.1 -7.2 4 Monetary base3 6.2 14.8 6.4 9.1 9.6 12.2 10.0 6.4 7.9 Concepts of money4 5 Ml 6.0 16.0 2.1 5.8 16.1 3.3 1.9 2.9 -11.4 6 M2 9.5 11.4 9.7 5.3 9.5 2.1 6.8 -1.4 -4.1 7 M3 13.7 10.4 12.4 4.5 10.7 -1.6 5.5 -1.0 -2.7 Nontransaction components 8 In M25 10.5 10.2 11.8 5.2 7.8 1.7 8.1 -2.6 -2.1 9 In M3 only6 23.1 8.1 18.2 2.7 13.1 -9.3 2.7 -.1 .3 Time and savings deposits Commercial banks 10 Savings, including MMDAs 20.1 19.7 23.2 20.4 22.9 19.0 22.1 5.2 6.9 11 Small time7 -7.6 -10.3 -12.1 -15.3 -18.7 -16.2 -13.1 -11.4 -7.6 12 Large time8,9 -1.2r -7.4 -9.2 4.9 7.4 14.9 -2.5 2.3 16.6 Thrift institutions 13 Savings, including MMDAs 22.0 25.2 27.2 25.6 14.3 21.8 38.8 27.9 17.3 14 Small time7 4.1 -5.1 -11.2 -15.4 -13.5 -20.8 -13.9 -9.6 -10.1 15 Large time8 11.5 14.9 2.5 -.8 -5.2 13.7 -7.3 -7.3 6.3 Money market mutual funds 16 Retail 5.8' 7.5 9.4 -11.9 2.8 -20.6 -14.0 -27.6 -24.9 17 Institution-only 49.7 27.5 49.2 -.5 26.1 -27.8 -1.8 -.2 -2.0 Repurchase agreements and eurodollars 18 Repurchase agreements10 19.CF -9.0 -1.4 8.0 3.2 -1.6 11.9 -8.0 -22.2 19 Eurodollars10 7.0 -3.9 -3.6 6.1 -15.7 -6.3 35.5 10.0 -2.8 1. Unless otherwise noted, rates of change are calculated from average amounts outstand- time deposits, and retail money fund balances, each seasonally adjusted separately, and ing during preceding month or quarter. adding this result to seasonally adjusted Ml. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regula- M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2) tory changes in reserve requirements (See also table 1.20.) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally depository institutions, and (4) eurodollars (overnight and term) held by U.S. residents at adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom component of the money stock, plus (3) (for all quarterly reporters on the "Report of and Canada. Excludes amounts held by depository institutions, the U.S. government, money Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference by summing large time deposits, institutional money fund balances, RP liabilities, and between current vault cash and the amount applied to satisfy current reserve requirements. eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted 4. Composition of the money stock measures is as follows: M2. Ml: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all money fund balances, each seasonally adjusted separately. commercial banks other than those owed to depository institutions, the U.S. government, and 6. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities foreign banks and official institutions, less cash items in the process of collection and Federal (overnight and term) issued by depository institutions, and (4) eurodollars (overnight and Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of term) of U.S. addressees, each seasonally adjusted separately. withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, 7. Small time deposits—including retail RPs—are those issued in amounts of less than credit union share draft accounts, and demand deposits at thrift institutions. Seasonally $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions adjusted Ml is computed by summing currency, travelers checks, demand deposits, and are subtracted from small time deposits. OCDs, each seasonally adjusted separately. 8. Large time deposits are those issued in amounts of $100,000 or more, excluding those M2: Ml plus (1) savings (including MMDAs), (2) small-denomination time deposits (time booked at international banking facilities. deposits—including retail RPs—in amounts of less than $100,000), and (3) balances in retail 9. Large time deposits at commercial banks less those held by money market funds, money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh depository institutions, the U.S. government, and foreign banks and official institutions. balances at depository institutions and money market funds. 10. Includes both overnight and term. Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination 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 2002 2002 Feb. Mar. Apr. Mar. 13 Mar. 20 Mar. 27 Apr. 3 Apr. 10 Apr. 17 Apr. 24 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 631,364 636,572 642,176 634,241 637,270 635,201 642,133 638,805 644,014 640,393 U.S. government securities2 2 Bought outright—System account3 564,721 573,087 578,737 571,914 574,098 575,740 575,760 576,793 578,332 580,266 3 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 Federal agency obligations 4 Bought outright 10 10 10 10 10 10 10 10 10 10 5 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 6 Repurchase agreeements—triparty4 29,562 26,689 25,430 25,043 26,614 22,214 28,786 24,393 28,200 21,964 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 13 6 75 3 6 14 300 1 4 8 9 Seasonal credit 17 19 50 20 20 20 26 42 48 56 10 Special Liquidity Facility credit 0 0 0 0 0 0 0 0 0 0 11 Extended credit 0 0 0 0 0 0 0 0 0 0 12 Float 74 -38 -397 727 -376 -171 -285 -159 -698 -533 13 Other Federal Reserve assets 36,967 36,799 38,271 36,524 36,897 37,374 37,536 37,725 38,119 38,621 14 Gold stock 11,044 11,044 11,044 11,044 11,044 11,044 11,044 11,044 11,044 11,044 15 Special drawing rights certificate account 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 16 Treasury currency outstanding 33,503 33,575 33,635 33,563 33,577 33,591 33,605 33,619 33,633 33,647 ABSORBING RESERVE FUNDS 17 Currency in circulation 636,140 640,031 643,813 639,608 640,009 640,588 642,905 644,010 643,798 643,464 18 Reverse repurchase agreements—triparty4 ... 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 410 421 400 421 429 422 410 400 403 399 Deposits, other than reserve balances, with Federal Reserve Banks 20 Treasury 4,906 5,551 6,127 4,801 6,511 5,198 5,395 5,008 5,957 6,994 21 Foreign 189 126 98 124 95 86 187 102 116 82 22 Service-related balances and adjustments .. 9,226 9,549 10,049 9,479 9,234 10,181 9,869 10,072 10,053 10,130 23 Other 229 218 255 229 207 205 249 278 242 232 24 Other Federal Reserve liabilities and capital . . 17,748 18,244 18,813 18,596 18,276 18,096 18,312 18,732 18,736 18,858 25 Reserve balances with Federal Reserve Banks5 9,262 9,250 9,500 7,789 9,330 7,258 11,655 7,066 11,586 7,124 End-of-month figures Wednesday figures Feb. Mar. Apr. Mar. 13 Mar. 20 Mar. 27 Apr. 3 Apr. 10 Apr. 17 Apr. 24 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 636,381 642,186 651,320 633,336 640,563 637,341 643,952 638,729 645,066 641,475 U.S. government securities2 2 Bought outright—System account3 567,634 575,356 581,308 572,728 573,844 576,093 577,218 577,486 580,046 582,038 3 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 Federal agency obligations 4 Bought outright 10 10 10 10 10 10 10 10 10 10 5 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 6 Repurchase agreeements—triparty4 34,499 29,500 31,500 24,000 28,550 24,000 27,500 23,000 27,200 21,000 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 61 0 13 0 3 1 2,083 3 1 11 9 Seasonal credit 7 19 60 22 22 21 37 46 49 55 10 Special Liquidity Facility credit 0 0 0 0 0 0 0 0 0 0 11 Extended credit 0 0 0 0 0 0 0 0 0 0 12 Float -1,232 -476 -402 -103 1,093 -343 -308 203 -560 -574 13 Other Federal Reserve assets 35,402 37,776 38,832 36,679 37,041 37,559 37,413 37,982 38,320 38,935 14 Gold stock 11,044 11,044 11,044 11,044 11,044 11,044 11,044 11,044 11,044 11,044 15 Special drawing rights certificate account .... 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 16 Treasury currency outstanding 33,549 33,605 33,661 33,563 33,577 33,591 33,605 33,619 33,633 33,647 ABSORBING RESERVE FUNDS 17 Currency in circulation 638,325 641,848 645,445 640,617 641,199 642,639 644,930 644,887 644,684 644,691 18 Reverse repurchase agreements—triparty4 . .. 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 414 412 393 430 424 412 399 403 400 393 Deposits, other than reserve balances, with Federal Reserve Banks 20 Treasury 5,752 5,692 5,387 4,997 5,600 5,009 5,971 4,783 7,740 6,255 21 Foreign 89 256 111 316 74 71 123 269 76 76 22 Service-related balances and adjustments .. 9,048 9,869' 10,012 9,479 9,234 10,181 9,869 10,072 10,053 10,130 23 Other 254 181 287 205 219 203 297 267 231 231 24 Other Federal Reserve liabilities and capital .. 17,792 18,163 19,202 18,114 17,949 17,913 18,447 18,595 18,558 18,688 25 Reserve balances with Federal Reserve Banks5 11,499 12,614 17,388 5,985 12,684 7,747 10,764 6,316 10,200 7,901 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 NonfinancialS tatistics • July 2002 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages RRReeessseeerrrvvveee ccclllaaassssssiiifffiiicccaaatttiiiooonnn 1999 2000 2001 2001 2002 Dec. Dec. Dec. Oct. Nov. Dec. Jan. Feb. Mar/ Apr. 11111 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss22222 5,262 7,022 9,059 12,552 8,944 9,059 10,009 9,277 9,147 9,740 22222 TTTTToooootttttaaaaalllll vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh33333 60,620 45,245 43,918 45,021 43,065 43,918 45,730 45,697 42,634 42,014 33333 AAAAAppppppppppllllliiiiieeeeeddddd vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh44444 36,392 31,451 31,896 32,509 31,214 31,896 33,465 33,119 31,122 31,143 44444 SSSSSuuuuurrrrrpppppllllluuuuusssss vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh55555 24,228 13,794 12,023 12,512 11,851 12,023 12,266 12,578 11,512 10,871 55555 TTTTToooootttttaaaaalllll rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss66666 41,654 38,473 40,955 45,061 40,158 40,955 43,474 42,396 40,268 40,883 66666 RRRRReeeeeqqqqquuuuuiiiiirrrrreeeeeddddd rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 40,357 37,046 39,315 43,739 38,672 39,315 42,069 41,023 38,853 39,675 77777 EEEEExxxxxccccceeeeessssssssss rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss77777 1,297 1,427 1,641 1,321 1,487 1,641 1,405 1,373 1,415 1,208 88888 TTTTToooootttttaaaaalllll bbbbbooooorrrrrrrrrrooooowwwwwiiiiinnnnnggggg aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 320 210 67 127 84 67 50 30 79 71 99999 AAAAAdddddjjjjjuuuuussssstttttmmmmmeeeeennnnnttttt 179 99 34 60 51 34 33 12 59 21 1111100000 SSSSSeeeeeaaaaasssssooooonnnnnaaaaalllll 67 111 33 67 33 33 17 17 20 50 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 Dec. 26 Jan. 9 Jan. 23 Feb. 6 Feb. 20 Mar. 6 Mar. 20 Apr. 3r Apr. 17 May 1 11111 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss22222 9,219 9,747 10,646 9,191 8,984 9,854 8,571 9,494 9,326 10,243 22222 TTTTToooootttttaaaaalllll vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh33333 45,197 44,748 43,723 50,350 45,420 42,694 42,270 43,065 41,728 42,080 33333 AAAAAppppppppppllllliiiiieeeeeddddd vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh44444 32,659 32,566 32,569 36,044 32,614 31,809 30,562r 31,459 30,280 32,001 44444 SSSSSuuuuurrrrrpppppllllluuuuusssss vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh55555 12,539 12,182 11,154 14,306 12,806 10,885 11,708' 11,606 11,449 10,079 55555 TTTTToooootttttaaaaalllll rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss66666 41,878 42,313 43,215 45,235 41,598 41,663 39,133r 40,953 39,606 42,243 66666 RRRRReeeeeqqqqquuuuuiiiiirrrrreeeeeddddd rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 40,018 40,651 41,971 43,837 40,184 40,382 37,845r 39,304 38,481 41,047 77777 EEEEExxxxxccccceeeeessssssssss rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss77777 1,860 1,662 1,243 1,398 1,414 1,281 l,288r 1,649 1,124 1,196 88888 TTTTToooootttttaaaaalllll bbbbbooooorrrrrrrrrrooooowwwwwiiiiinnnnnggggg aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 60 105 28 26 37 22 24 180 47 71 99999 AAAAAdddddjjjjjuuuuussssstttttmmmmmeeeeennnnnttttt 24 83 15 8 17 9 4 157 2 10 1111100000 SSSSSeeeeeaaaaasssssooooonnnnnaaaaalllll 36 22 14 18 20 13 20 23 45 62 1111111111 SSSSSpppppeeeeeccccciiiiiaaaaalllll LLLLLiiiiiqqqqquuuuuiiiiidddddiiiiitttttyyyyy FFFFFaaaaaccccciiiiillllliiiiitttttyyyyy88888 1111122222 EEEEExxxxxttttteeeeennnnndddddeeeeeddddd cccccrrrrreeeeedddddiiiiittttt''''' 0 0 ' 0 ' ' 0 0 0 0 ' ' 0 ' ' 0 ' 0 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release. For 5. Total vault cash (line 2) less applied vault cash (line 3). ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted. 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 2. Excludes required clearing balances and adjustments to compensate for float and 7. Total reserves (line 5) less required reserves (line 6). includes other off-balance-sheet "as-of' adjustments. 8. Borrowing at the discount window under the terms and conditions established for the 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by Century Date Change Special Liquidity Facility in effect from October 1, 1999, through those banks and thrift institutions that are not exempt from reserve requirements. Dates refer April 7,2000. to the maintenance periods in which the vault cash can be used to satisfy reserve require- 9. Consists of borrowing at the discount window under the terms and conditions estabments. lished for the extended credit program to help depository institutions deal with sustained 4. All vault cash held during the lagged computation period by "bound" institutions (that liquidity pressures. Because there is not the same need to repay such borrowing promptly as is, those whose required reserves exceed their vault cash) plus the amount of vault cash with traditional short-term adjustment credit, the money market effect of extended credit is applied during the maintenance period by "nonbound" institutions (that is, those whose vault similar to that of nonborrowed reserves. cash exceeds their required reserves) to satisfy current reserve requirements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A7 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels Adjustment credit1 Seasonal credit2 Extended credit3 FFeeddeerraall RReesseerrvvee BBaannkk 6/1 O 4 n /0 2 Effective date Previous rate 6/1 O 4 n /0 2 Effective date Previous rate 6/1 O 4 n /0 2 Effective date Previous rate Boston 1.25 12/11/01 1.50 1.80 5/30/02 1.75 2.30 5/30/02 2.25 New York 12/11/01 Philadelphia 12/11/01 Cleveland 12/13/01 Richmond 12/13/01 Atlanta 12/13/01 Chicago 12/11/01 St. Louis 12/12/01 Minneapolis 12/13/01 Kansas City 12/13/01 Dallas 12/13/01 San Francisco 1.25 12/11/01 1.50 1.80 5/30/02 1.75 2.30 5/30/02 2.25 Range of rates for adjustment credit in recent years4 Range (or F.R. Bank Range (or F.R. Bank Range (or F.R. Bank level)—All of level)—All of Effective date level)—All of F.R. Banks N.Y. F.R. Banks N.Y. F.R. Banks N.Y. In effect Dec. 31, 1981 12 12 1991—Sept. 13 5-5.5 5 2001—May 15 3.50-4.00 3.50 17 5 5 17 3.50 3.50 1982—July 20 11.5-12 11.5 Nov. 6 4.5-5 4.5 June 27 3.25-3.50 3.25 2 3 11.5 11.5 7 4.5 4.5 29 3.25 3.25 Aug. 2 11-11.5 11 Dec. 20 3.5—4.5 3.5 Aug. 21 3.00-3.25 3.00 3 11 11 3.5 3.5 23 3.00 3.00 16 10.5 10.5 Sept. 17 2.50-3.00 2.50 27 10-10.5 10 1992—July 3-3.5 3 18 2.50 2.50 30 10 10 3 3 Oct. 2 2.00-2.50 2.00 Oct. 12 9.5-10 9.5 4 2.00 2.00 13 9.5 9.5 1994—May 17 3-3.5 3.5 Nov. 6 1.50-2.00 1.50 Nov. 22 9-9.5 9 18 3.5 3.5 8 1.50 1.50 26 9 9 Aug. 16 3.5—4 4 Dec. 11 1.25-1.50 1.25 Dec. 14 8.5-9 9 18 4 4 13 1.25 1.25 15 8.5-9 8.5 Nov. 15 4-4.75 4.75 17 8.5 8.5 17 4.75 4.75 In effect June 14, 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 -Oct. 15 4.75-5.00 4.75 2 4 7.5 7.5 16 4.75 4.75 Nov. 17 4.50-4.75 4.50 1986—Mar. 7 7-7.5 7 4.50 4.50 10 7 7 Apr. 21 6.5-7 6.5 1999—Aug. 24 4.50-4.75 4.75 23 6.5 6.5 26 4.75 4.75 July 11 6 6 Nov. 16 4.75-5.00 4.75 Aug. 21 5.5-6 5.5 18 5.00 5.00 22 5.5 5.5 2000—Feb. 2 5.00-5.25 5.25 1987—Sept. 4 5.5-6 6 4 5.25 5.25 11 6 6 Mar. 21 5.25-5.50 5.50 23 5.50 5.50 1988—Aug. 9 6-6.5 6.5 May 16 5.50-6.00 5.50 11 6.5 6.5 19 6.00 6.00 1989—Feb. 24 6.5-7 7 2001—Jan. 3 5.75-6.00 5.75 7 7 4 5.50-5.75 5.50 27 5 5.50 5.50 6.5 6.5 31 5.00-5.50 5.00 1990—Dec. 19 Feb. 1 5.00 5.00 6-6.5 6 Mar. 20 4.50-5.00 4.50 1991—Feb. 1 6 6 21 4.50 4.50 4 5.5-6 5.5 Apr. 18 4.00-4.50 4.00 Apr. 30 5.5 5.5 20 4.00 4.00 May 2 1. Available on a short-term basis to help depository institutions meet temporary needs for practices involve only a particular institution, or to meet the needs of institutions experiencing funds that cannot be met through reasonable alternative sources. The highest rate established difficulties adjusting to changing market conditions over a longer period (particularly at times for loans to depository institutions may be charged on adjustment credit loans of unusual size of deposit disintermediation). The discount rate applicable to adjustment credit ordinarily is that result from a major operating problem at the borrower's facility. charged on extended-credit loans outstanding less than thirty days; however, at the discretion 2. Available to help relatively small depository institutions meet regular seasonal needs for of the Federal Reserve Bank, this time period may be shortened. Beyond this initial period, a funds that arise from a clear pattern of intrayearly movements in their deposits and loans and flexible rate somewhat above rates charged on market sources of funds is charged. The rate that cannot be met through special industry lenders. The discount rate on seasonal credit takes ordinarily is reestablished on the first business day of each two-week reserve maintenance into account rates charged by market sources of funds and ordinarily is reestablished on the period, but it is never less than the discount rate applicable to adjustment credit plus 50 basis first business day of each two-week reserve maintenance period; however, it is never less than points. the discount rate applicable to adjustment credit. 4. For earlier data, see the following publications of the Board of Governors: Banking and 3. May be made available to depository institutions when similar assistance is not Monetary Statistics, 1914-1941, and 1941-1970- and the Annual Statistical Digest, 1970reasonably available from other sources, including special industry lenders. Such credit may 1979, and 1980-1989, and Statistical Digest, 1996-2000. See also the Board's Statistics: be provided when exceptional circumstances (including sustained deposit drains, impaired Releases and Historical Data web pages (http://www.federalreserve.gov/releases/H15/ access to money market funds, or sudden deterioration in loan repayment performance) or data.htm). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A8 Domestic Nonfinancial Statistics • July 2002 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Requirement TTyyppee ooff ddeeppoossiitt Percentage of Effective date deposits Net transaction accounts2 1 $0 million-$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 Reserve accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve Bulletin. Under the Monetary Control Act of 1980, depository institutions include commercial maintenance period beginning December 27, 2001, for depository institutions that report banks, savings banks, savings and loan associations, credit unions, agencies and branches of weekly, and with the period beginning January 17, 2002, for institutions that report quarterly, foreign banks, and Edge Act corporations. the exemption was raised from $5.5 million to $5.7 million. 2. Transaction accounts include all deposits against which the account holder is permitted 4. The reserve requirement was reduced from 12 percent to 10 percent on April 2, 1992, to make withdrawals by negotiable or transferable instruments, payment orders of with- for institutions that report weekly, and on April 16, 1992, for institutions that report quarterly. drawal, or telephone or preauthorized transfers for the purpose of making payments to third 5. For institutions that report weekly, the reserve requirement on nonpersonal time deposits persons or others. However, accounts subject to the rules that permit no more than six with an original maturity of less than 1.5 years was reduced from 3 percent to 1.5 percent for preauthorized, automatic, or other transfers per month (of which no more than three may be the maintenance period that began December 13, 1990, and to zero for the maintenance by check, draft, debit card, or similar order payable directly to third parties) are savings period that began December 27, 1990. For institutions that report quarterly, the reserve deposits, not transaction accounts. requirement on nonpersonal time deposits with an original maturity of less than 1.5 years was 3. The Monetary Control Act of 1980 requires that the amount of transaction accounts reduced from 3 percent to zero on January 17, 1991. against which the 3 percent reserve requirement applies be modified annually by 80 percent of The reserve requirement on nonpersonal time deposits with an original maturity of 1.5 the percentage change in transaction accounts held by all depository institutions, determined years or more has been zero since October 6, 1983. as of June 30 of each year. Effective with the reserve maintenance period beginning 6. The reserve requirement on eurocurrency liabilities was reduced from 3 percent to zero December 27, 2001, for depository institutions that report weekly, and with the period in the same manner and on the same dates as the reserve requirement on nonpersonal time beginning January 17, 2002, for institutions that report quarterly, the amount was decreased deposits with an original maturity of less than 1.5 years (see note 5). from $42.8 million to $41.3 million. Under the Garn-St Germain Depository Institutions Act of 1982, the Board adjusts the amount of reservable liabilities subject to a zero percent reserve requirement each year for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A9 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars 2001 2002 TTyyppee ooff ttrraannssaaccttiioonn aanndd mmaattuurriittyy 11999999 22000000 22000011 Sept. Oct. Nov. Dec. Jan. Feb. Mar. U.S. TREASURY SECURITIES2 Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 0 8,676 15,503 348 772 3,075 812 2,772 1,042 3,013 2 Gross sales 0 0 0 0 0 0 0 0 0 0 3 Exchanges 464,218 477,904 542,736 42,268 44,132 59,292 43,771 55,521 54,619 48,483 4 For new bills 464,218 477,904 542,736 42,268 44,132 59,292 43,771 55,521 54,619 48,483 5 Redemptions 0 24,522 10,095 1,543 0 0 0 0 0 0 Others within one year 6 Gross purchases 11,895 8,809 15,663 0 1,411 1,408 2,942 0 2,894 1,455 7 Gross sales 0 0 0 0 0 0 0 0 0 0 8 Maturity shifts 50,590 62,025 70,336 0 6,535 5,873 5,235 5,850 7,537 0 9 Exchanges -53,315 -54,656 -72,004 0 -11,809 -9,559 -6,666 -5,766 -8,432 0 10 Redemptions 1,429 3,779 16,802 0 473 0 0 0 0 0 One to five years 11 Gross purchases 19,731 14,482 22,814 851 22 1,920 634 2,872 1,101 2,181 12 Gross sales 0 0 0 0 0 0 0 0 0 0 13 Maturity shifts -44,032 -52,068 -45,211 0 -2,164 -3,073 -5,235 -5,850 -6,283 0 14 Exchanges 42,604 46,177 64,519 0 11,809 7,967 6,666 5,766 7,679 0 Five to ten years 15 Gross purchases 4,303 5,871 6,003 0 422 459 101 0 334 637 16 Gross sales 0 0 0 0 0 0 0 0 0 0 17 Maturity shifts -5,841 -6,801 -21,063 0 -4,372 -1,824 0 0 -501 0 18 Exchanges 7,583 6,585 6,063 0 0 1,592 0 0 753 0 More than ten years 19 Gross purchases 9,428 5,833 8,531 0 1,184 0 448 582 1,054 291 20 Gross sales 0 0 0 0 0 0 0 0 0 0 21 Maturity shifts -717 -3,155 -4,062 0 0 -975 0 0 -753 0 22 Exchanges 3,139 1,894 1,423 0 0 0 0 0 0 0 AM maturities 23 Gross purchases 45,357 43,670 68,513 1,199 3,811 6,862 4,937 6,226 6,425 7,577 24 Gross sales 0 0 0 0 0 0 0 0 0 0 25 Redemptions 1,429 28,301 26,897 1,543 473 0 0 0 0 0 Matched transactions 26 Gross purchases 4,413,430 4,415,905 4,722,667 508,129 431,887 377,247 387,033 407,791 367,906 393,273 27 Gross sales 4,431,685 4,397,835 4,724,743 515,429 425,110 378,129 390,617 404,296 368,060 393,151 Repurchase agreements 28 Gross purchases 281,599 0 0 0 0 0 0 0 0 0 29 Gross sales 301,273 0 0 0 0 0 0 0 0 0 30 Net change in U.S. Treasury securities 5,999 33,439 39,540 -7,645 10,114 5,980 1,354 9,720 6,271 7,699 FEDERAL AGENCY OBLIGATIONS Outright transactions 31 Gross purchases 0 0 0 0 0 0 0 0 0 0 32 Gross sales 0 0 0 0 0 0 0 0 0 0 33 Redemptions 157 51 120 0 0 0 0 0 0 0 Repurchase agreements 34 Gross purchases 360,069 0 0 0 0 0 0 0 0 0 35 Gross sales 370,772 0 0 0 0 0 0 0 0 0 36 Net change in federal agency obligations -10,859 -51 -120 0 0 0 0 0 0 0 Reverse repurchase agreements 37 Gross purchases 0 0 0 0 0 0 0 0 0 0 38 Gross sales 0 0 0 0 0 0 0 0 0 0 Repurchase agreements 39 Gross purchases 304,989 890,236 1,497,713 406,930 110,885 121,530 117,650 118,550 101,749 70,850 40 Gross sales 164,349 987,501 1,490,838 388,805 113,715 130,080 103,900 131,300 104,750 75,849 41 Net change in triparty obligations 140,640 -97,265 6,875 18,125 -2,830 -8,550 13,750 -12,750 -3,001 -4,999 42 Total net change in System Open Market Account . . 135,780 -63,877 46,295 10,480 7,284 -2,570 15,104 -3,030 3,270 2,700 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 • July 2002 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday End of month AAAccccccooouuunnnttt 2002 2002 Mar. 27 Apr. 3 Apr. 10 Apr. 17 Apr. 24 Feb. Mar. Apr. Consolidated condition statement ASSETS 1 Gold certificate account 11,044 11,044 11,044 11,044 11,044 11,044 11,044 11,044 2 Special drawing rights certificate account 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 3 Coin 1,078 1,063 1,036 1,018 999 1,132 1,094 989 Loans 4 To depository institutions 22 2,119 49 51 66 68 20 72 5 Other 0 0 0 0 0 0 0 0 6 Acceptances held under repurchase agreements 0 0 0 0 0 0 0 0 Triparty obligations 7 Repurchase agreements—triparty2 24,000 27,500 23,000 27,200 21,000 34,499 29,500 31,500 Federal agency obligations3 8 Bought outright 10 10 10 10 10 10 10 10 y Held under repurchase agreements 0 0 0 0 0 0 0 0 10 Total U.S. Treasury securities3 576,093 577,218 577,486 580,046 582,038 567,634 575,356 581,308 11 Bought outright4 576,093 577,218 577,486 580,046 582,038 567,634 575,356 581,308 12 Bills 193,104 192,821 193,077 193,801 193,713 189,229 192,364 192,466 13 Notes 278,461 279,575 279,581 281,085 283,086 274,268 278,463 283,535 14 Bonds 104,528 104,823 104,827 105,159 105,239 104,137 104,530 105,307 15 Held under repurchase agreements 0 0 0 0 0 0 0 0 16 Total loans and securities 600,125 606,848 600,544 607,306 603,114 602,211 604,886 612,891 17 Items in process of collection 7,292 8,189 7,988 7,865 7,393 5,270 5,306 9,541 18 Bank premises 1,511 1,511 1,513 1,514 1,515 1,509 1,511 1,512 Other assets 19 Denominated in foreign currencies5 14,388 14,456 14,556 14,639 14,721 14,242 14,379 14,872 20 All other6 21,453 21,240 21,681 21,942 22,471 19,653 21,681 22,220 21 Total assets 659,092 666,551 660,562 667,529 663,457 657,262 662,100 675,268 LIABILITIES 22 Federal Reserve notes 610,539 612,787 612,707 612,470 612,437 606,322 609,749 613,166 23 Reverse repurchase agreements—triparty2 0 0 0 0 0 0 0 0 24 Total deposits 23382 27,154 21,388 28,038 24,668 26,965 28,544 33,279 25 Depository institutions 18,099 20,763 16,069 19,991 18,106 20,869 22,415 27,495 26 U.S. Treasury—General account 5,009 5,971 4,783 7,740 6,255 5,752 5,692 5,387 27 Foreign—Official accounts 71 123 269 76 76 89 256 111 28 Other 203 297 267 231 231 254 181 287 29 Deferred credit items 7,259 8,162 7,872 8,463 7,664 6,183 5,645 9,621 30 Other liabilities and accrued dividends7 2,440 2,436 2,463 2,393 2,423 2,420 2,436 2,388 31 Total liabilities 643,619 650,540 644,430 651,364 647,191 641,890 646,373 658,455 CAPITAL ACCOUNTS 32 Capital paid in 7,650 8,003 8,007 8,005 8,056 7,636 7,648 8,056 33 Surplus 7,270 7,272 7,274 7,282 7,290 7,266 7,270 7,290 34 Other capital accounts 552 736 850 878 920 469 809 1,468 35 Total liabilities and capital accounts 659,092 666,551 660,562 667,529 663,457 657,262 662,100 675,268 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) 748,344 747,105 747,641 747,085 747,847 750,608 747,765 749,056 38 LESS: Held by Federal Reserve Banks 137,806 134,318 134,934 134,615 135,411 144,285 138,016 135,890 39 Federal Reserve notes, net 610,539 612,787 612,707 612,470 612,437 606,322 609,749 613,166 Collateral held against notes, net 40 Gold certificate account 11,044 11,044 11,044 11,044 11,044 11,044 11,044 11,044 41 Special drawing rights certificate account 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 42 Other eligible assets 0 0 0 0 0 0 0 0 43 U.S. Treasury and agency securities 597,294 599,543 599,463 599,226 599,193 593,078 596,505 599,923 44 Total collateral 610,539 612,787 612,707 612,470 612,437 606,322 609,749 613,166 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 Mar. 27 Apr. 3 Apr. 10 Apr. 17 Apr. 24 Feb. Mar. Apr. 1 Total loans 22 2,119 49 51 66 68 20 72 2 Within fifteen days' 22 2,087 10 43 66 64 18 66 3 Sixteen days to ninety days 0 32 39 7 0 4 1 6 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Total U.S. Treasury securities2 576,093 577,218 577,486 580,046 582,038 567,634 575,355 581,308 6 Within fifteen days' 23,545 13,110 14,857 25,010 27,661 4,223 9,609 16,152 7 Sixteen days to ninety days 126,066 135,840 135,462 128,461 126,543 121,710 139,985 129,556 8 Ninety-one days to one year 133,777 135,458 134,347 131,919 132,466 152,122 133,054 138,748 9 One year to five years 159,198 159,238 159,240 159,850 160,385 157,174 159,198 161,353 10 Five years to ten years 52,249 52,310 52,314 53,377 53,551 51,446 52,250 53,998 11 More than ten years 81,259 81,262 81,267 81,428 81,433 80,958 81,259 81,501 12 Total federal agency obligations 10 10 10 10 10 10 10 10 13 Within fifteen days' 0 0 0 0 0 0 0 0 14 Sixteen days to ninety days 0 0 0 0 0 0 0 0 15 Ninety-one days to one year 0 0 0 0 0 0 0 0 16 One year to five years 10 10 10 10 10 10 10 10 17 Five years to ten years 0 0 0 0 0 0 0 0 18 More than ten years 0 0 0 0 0 0 0 0 1. Holdings under repurchase agreements are classified as maturing within fifteen days in 2. Includes compensation that adjusts for the effects of inflation on the principal of accordance with maximum maturity of the agreements. inflation-indexed securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A12 Domestic NonfinancialS tatistics • July 2002 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE' Billions of dollars, averages of daily figures 2001 2002 IItteemm 1998 1999 2000 2001 Dec. Dec. Dec. Dec. Sept. Oct. Nov. Dec. Jan. Feb. Mar.r Apr. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 45.14 41.82 38.54 41.10 58.21 45.66 40.90 41.10 41.51 41.36 40.99 40.75 2 Nonborrowed reserves4 45.02 41.50 38.33 41.03 54.83 45.53 40.82 41.03 41.46 41.33 40.91 40.68 3 Nonborrowed reserves plus extended credit5 45.02 41.50 38.33 41.03 54.83 45.53 40.82 41.03 41.46 41.33 40.91 40.68 4 Required reserves 43.62 40.53 37.11 39.46 39.20 44.33 39.42 39.46 40.11 39.99 39.57 39.54 5 Monetary base6 513.55 593.12 584.04 634.39' 639.69 630.44 629.47 634.39' 640.87' 646.22' 649.66 653.96 Not seasonally adjusted 6 Total reserves7 45.31 41.89 38.53 41.07 57.68 45.19 40.29 41.07 43.46 42.38 40.24 40.84 7 Nonborrowed reserves 45.19 41.57 38.32 41.01 54.29 45.06 40.20 41.01 43.41 42.35 40.16 40.77 8 Nonborrowed reserves plus extended credit5 45.19 41.57 38.32 41.01 54.29 45.06 40.20 41.01 43.41 42.35 40.16 40.77 9 Required reserves8 43.80 40.59 37.10 39.43 38.66 43.87 38.80 39.43 42.06 41.00 38.82 39.63 10 Monetary base9 518.27 600.72 590.06 639.89 637.97 628.27 629.77 639.89 644.29' 645.71' 649.22 653.25 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS10 11 Total reserves" 45.21 41.65 38.47 40.96 57.57 45.06 40.16 40.96 43.47 42.40 40.27 40.88 12 Nonborrowed reserves 45.09 41.33 38.26 40.89 54.18 44.93 40.07 40.89 43.42 42.37 40.19 40.81 13 Nonborrowed reserves plus extended credit5 45.09 41.33 38.26 40.89 54.18 44.93 40.07 40.89 43.42 42.37 40.19 40.81 14 Required reserves 43.70 40.36 37.05 39.32 38.55 43.74 38.67 39.32 42.07 41.02 38.85 39.68 15 Monetary base12 525.06 608.02 596.98 648.73' 645.73 636.37 637.74 648.73' 653.30' 654.93' 658.77 663.34 16 Excess reserves13 1.51 1.30 1.43 1.64 19.02 1.32 1.49 1.64 1.41 1.37 1.42 1.21 17 Borrowings from the Federal Reserve .12 .32 .21 .07 3.39 .13 .08 .07 .05 .03 .08 .07 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 (I) 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 MEASURES1 Billions of dollars, averages of daily figures 2002 1998 1999 2000 2001 IItteemm Dec. Dec. Dec. Dec.' Jan.' Feb.' Mar.' Apr. Seasonally adjusted Measures2 1 Ml 1,096.5 1,124.4 1,088.9 1,179.3 1,182.5 1,184.4 1,187.3 1,176.0 7 M2 4,381.4' 4,651.4r 4,940.0' 5,465.4 5,474.8 5,505.8 5,499.3 5,480.6 3 M3 6,041.9r 6,543.0r 7,119.6' 8,039.8 8,029.2 8,066.0 8,059.3 8,041.2 Ml components 4 Currency1 459.3 516.9 530.1 579.9 586.1 591.4 559955..11 599.5 Travelers checks4 8.2 8.3 8.0 7.8 7.8 7.8 7.7 7.7 6 Demand deposits5 378.4 354.5 309.9 330.4 327.2 324.7 324.0 309.4 7 Other checkable deposits6 250.5 244.7 240.9 261.1 261.3 260.4 260.5 259.4 Nontransaction components X In M27 3,285.0r 3,527. lr 3,851.1' 4,286.2 4,292.3 4,321.4 4,312.0 4,304.6 9 In M3 only8 1,660.5' 1,891.6' 2,179.5' 2,574.4 2,554.4 2,560.2 2,560.0 2,560.6 Commercial banks 10 Savings deposits, including MMDAs 1,187.5 1,289.1 1,423.7 1,745.8 1,773.5 1,806.2 1,814.1 1,824.5 11 Small time deposits9 626.1 635.0 699.1 638.9 630.3 623.4 617.5 613.6 12 Large time deposits1011 582.9r 651.6' 717.2' 670.4 678.7 677.3 678.6 688.0 Thrift institutions 13 Savings deposits, including MMDAs 414.7 449.7 452.1 561.5 571.7 590.2 603.9 612.6 14 Small time deposits9 325.6 320.4 344.5 334.2 328.4 324.6 322.0 319.3 15 Large time deposits10 88.6 91.1 102.9 113.9 115.2 114.5 113.8 114.4 Money market mutual funds 16 Retail 731. Ir 833.0' 931.7' 1,005.8 988.5 977.0 954.5 934.7 17 Institution-only 543. lr 639.0' 799.1' 1,207.2 1,179.2 1,177.4 1,177.2 1,175.2 Repurchase agreements and eurodollars 18 Repurchase agreements12 293.4 336.0 364.0 372.1 371.6 375.3 372.8 365.9 19 Eurodollars12 152.5 174.0 196.4 210.7 209.6 215.8 217.6 217.1 Not seasonally adjusted Measures2 ?0 Ml 1,120.4 1,148.3 1,112.3 1,203.5 1,185.4 1,171.7 1,189.3 1,188.3 71 M2 4,401.6r 4,672.3' 4,963.7' 5,490.3 5,478.3 5,496.9 5,544.9 5,557.9 22 M3 6,070.8r 6,574.7' 7,154.8' 8,078.0 8,057.0 8,097.5 8,141.5 8,132.3 Ml components 23 Currency3 463.3 521.5 535.2 584.9 584.7 591.0 596.1 599.7 24 Travelers checks4 8.4 8.4 8.1 7.9 8.0 8.0 7.9 7.9 25 Demand deposits5 395.9 371.8 326.5 348.2 329.7 316.9 322.7 309.9 26 Other checkable deposits6 252.8 246.6 242.5 262.5 263.1 255.8 262.7 270.9 Nontransaction components 27 In M27 3,281.1r 3,524.0' 3,851.4' 4,286.9 4,292.9 4,325.2 4,355.6 4,369.6 28 In M3 only8 1,669.2r 1,902.4' 2,191.1' 2,587.7 2,578.7 2,600.6 2,596.6 2,574.4 Commercial banks 29 Savings deposits, including MMDAs 1,186.0 1,288.8 1,426.9 1,750.2 1,766.4 1,796.1 1,824.8 1,851.1 30 Small time deposits9 626.5 635.7 700.0 639.6 632.3 625.2 617.9 613.1 31 Large time deposits10 " 583.2r 652.(7 717.6' 670.5 671.4 675.7 681.0 689.3 Thrift institutions 32 Savings deposits, including MMDAs 414.2 449.6 453.1 562.9 569.4 586.9 607.4 621.5 33 Small time deposits9 325.8 320.8 345.0 334.5 329.5 325.6 322.3 319.0 34 Large time deposits10 88.6 91.2 103.0 114.0 114.0 114.2 114.2 114.6 Money market mutual funds 35 Retail 728.6' 829.2' 926.4' 999.6 995.3 991.4 983.1 964.9 36 Institution-only 552.6r 648.6r 808.1' 1,218.5 1,211.2 1,215.6 1,208.0 1,185.1 Repurchase agreements and eurodollars 37 Repurchase agreements12 290.4 334.7 364.2 372.9 371.6 376.9 373.7 365.7 38 Eurodollars12 154.5 176.0 198.2 211.9 210.6 218.2 219.8 219.7 Footnotes appear on following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic NonfinancialS tatistics • July 2002 NOTES TO TABLE 1.21 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly ory institutions, the U.S. government, money market funds, and foreign banks and official statistical release. Historical data starting in 1959 are available from the Money and Reserves institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institu- Projections Section, Division of Monetary Affairs, Board of Governors of the Federal tional money fund balances, RP liabilities, and eurodollars, each seasonally adjusted sepa- Reserve System, Washington, DC 20551. rately, and adding this result to seasonally adjusted M2. 2. Composition of the money stock measures is as follows: 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository Ml: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of institutions. depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all 4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. commercial banks other than those owed to depository institutions, the U.S. government, and Travelers checks issued by depository institutions are included in demand deposits. foreign banks and official institutions, less cash items in the process of collection and Federal 5. Demand deposits at commercial banks and foreign-related institutions other than those Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of owed to depository institutions, the U.S. government, and foreign banks and official instituwithdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, tions, less cash items in the process of collection and Federal Reserve float. credit union share draft accounts, and demand deposits at thrift institutions. Seasonally 6. Consists of NOW and ATS account balances at all depository institutions, credit union adjusted Ml is computed by summing currency, travelers checks, demand deposits, and share draft account balances, and demand deposits at thrift institutions. OCDs, each seasonally adjusted separately. 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail M2: Ml plus (1) savings deposits (including MMDAs), (2) small-denomination time money fund balances. deposits (time deposits—including retail RPs—in amounts of less than $100,000), and (3) 8. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities balances in retail money market mutual funds. Excludes individual retirement accounts (overnight and term) issued by depository institutions, and (4) eurodollars (overnight and (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally term) of U.S. addressees. adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, 9. Small time deposits—including retail RPs—are those issued in amounts of less than and retail money fund balances, each seasonally adjusted separately, and adding this result to $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are seasonally adjusted M1. subtracted from small time deposits. M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more) 10. Large time deposits are those issued in amounts of $100,000 or more, excluding those issued by all depository institutions, (2) balances in institutional money funds, (3) RP booked at international banking facilities. liabilities (overnight and term) issued by all depository institutions, and (4) eurodollars 11. Large time deposits at commercial banks less those held by money market funds, (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and depository institutions, the U.S. government, and foreign banks and official institutions. at all banking offices in the United Kingdom and Canada. Excludes amounts held by deposit- 12. Includes both overnight and term. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities A15 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' A. All commercial banks Billions of dollars Monthly averages Wednesday figures Account 2001 2001 2002 2002 Apr. Oct/ Nov.' Dec/ Jan/ Feb.' Mar.' Apr. Apr. 3 Apr. 10 Apr. 17 Apr. 24 Seasonally adjusted Assets 1 Bank credit 5,311.5' 5,428.8 5,459.1 5,451.2 5,433.7 5,434.8 5,424.7 5,442.3 5,429.9 5,449.0 5,426.9 5,455.5 7 Securities in bank credit 1,363.7' 1,472.7 1,488.3 1,491.4 1,490.7 1,483.4 1,480.0 1,496.3 1,479.7 1,492.5 1,490.8 1,502.1 U.S. government securities 764.1' 808.5 816.3 832.8 820.0 811.8 828.0 848.9 840.1 843.7 844.4 854.3 4 Other securities 599.6 664.2 672.0 658.6 670.7 671.6 651.9 647.4 639.6 648.9 646.4 647.8 Loans and leases in bank credit2 .... 3,947.8' 3,956.2 3,970.8 3,959.8 3,942.9 3,951.4 3,944.7 3,946.0 3,950.2 3,956.4 3,936.1 3,953.4 6 Commercial and industrial 1,097.9' 1,053.6 1,042.5 1,033.4 1,025.0 1,033.2 1,031.1 1,019.7 1,025.7 1,023.2 1,018.6 1,019.4 7 Real estate 1,693.8 1,753.3 1,773.6 1,786.3 1,781.8 1,787.4 1,785.9 1,788.2 1,786.0 1,793.9 1,785.8 1,788.6 8 Revolving home equity 133.6 149.2 151.1 154.1 157.3 160.6 166.0 170.7 168.7 169.6 170.5 171.2 9 Other 1,560.2' 1,604.0 1,622.5 1,632.3 1,624.5 1,626.7 1,619.9 1,617.5 1,617.4 1,624.3 1,615.3 1,617.5 in Consumer 549.0 552.1 559.6 558.4 561.2 563.8 561.6 565.5 561.6 562.2 569.2 569.1 11 Security3 174.7 154.2 154.1 145.6 150.1 149.7 155.7 162.3 165.6 167.6 153.5 165.8 17. Other loans and leases 432.5 443.0 441.1 436.1 424.8 417.3 410.5 410.3 411.2 409.6 409.1 410.6 n Interbank loans 285.1 301.9 286.1 292.6 292.5 276.4 268.3 268.5 264.7 261.6 268.3 265.7 14 Cash assets4 283.5 302.5 296.7 297.5 299.1 295.4 295.8 293.7 294.0 290.0 289.3 289.2 15 Other assets5 429.7 488.4 485.9 480.5 483.0 484.0 463.0 475.0 475.8 476.9 469.9 471.9 16 Total assets6 6,244.1r 6,451.6 6,456.9 6,449.4 6,434.0 6,416.2 6,377.2 6,405.5 6,390.7 6,403.8 6,380.4 6,408.4 Liabilities 17 Deposits 4,005.6 4,181.6 4,200.2 4,242.6 4,254.0 4,266.8 4,301.8 4,319.2 4,325.0 4,315.5 4,325.8 4,294.3 18 Transaction 607.1 641.0 635.5 640.7 635.9 625.4 621.8 603.8 587.9 586.6 605.6 633.0 19 Nontransaction 3,398.5 3,540.6 3,564.7 3,601.9 3,618.1 3,641.4 3,680.0 3,715.4 3,737.1 3,728.9 3,720.1 3,661.3 70 Large time 956.9 982.1 984.7 983.6 996.4 1,008.2 1,020.2 1,031.1 1,039.4 1,036.2 1,029.2 1,020.8 71 Other 2,441.6 2,558.5 2,579.9 2,618.4 2,621.7 2,633.2 2,659.8 2,684.4 2,697.7 2,692.7 2,691.0 2,640.4 77. Borrowings 1,278.8 1,269.8 1,255.8 1,250.7 1,236.9 1,232.1 1,202.2 1,217.7 1,207.3 1,224.5 1,199.8 1,214.8 73 From banks in the U.S 408.6 425.1 413.6 415.7 412.2 405.7 392.9 392.8 397.0 400.6 393.5 382.9 74 From others 870.2 844.6 842.3 835.0 824.8 826.4 809.3 824.8 810.3 823.9 806.4 832.0 75 Net due to related foreign offices 173.3 178.1 160.0 146.5 125.7 106.5 108.8 102.4 98.1 104.3 102.3 118.1 26 Other liabilities 365.9 371.2 401.7 354.7 338.6 333.4 305.8 318.9 312.9 310.8 326.4 323.8 27 Total liabilities 5,823.5 6,000.6 6,017.8 5,994.5 5,955.3 5,938.8 5,918.6 5,958.3 5,943.4 5,955.0 5,954.3 5,951.0 28 Residual (assets less liabilities)7 420.5' 451.0 439.2 454.8 478.7 477.4 458.6 447.3 447.3 448.8 426.1 457.4 Not seasonally adjusted Assets 79 Bank credit 5,308.8' 5,431.5 5,474.6 5,484.0 5,451.0 5,439.8 5,419.0 5,439.0 5,419.8 5,435.2 5,434.0 5,451.2 30 Securities in bank credit 1,362.9' 1,472.3 1,492.0 1,498.8 1,498.8 1,490.9 1,485.6 1,495.7 1,483.9 1,495.2 1,491.7 1,497.6 31 U.S. government securities 765.7' 805.2 817.0 837.6 825.1 818.8 834.3 850.7 846.5 849.8 847.3 852.8 37 Other securities 597.3 667.1 674.9 661.1 673.6 672.1 651.3 645.0 637.4 645.4 644.4 644.8 3S Loans and leases in bank credit2 .... 3,945.9' 3,959.2 3,982.6 3,985.3 3,952.2 3,948.9 3,933.3 3,943.4 3,935.9 3,940.0 3,942.3 3,953.6 34 Commercial and industrial 1,102.4' 1,055.0 1,044.1 1,033.1 1,020.5 1,032.1 1,032.6 1,023.9 1,029.5 1,023.4 1,024.2 1,024.1 35 Real estate 1,690.8 1,755.1 1,778.0 1,790.7 1,781.0 1,782.3 1,778.3 1,784.9 1,779.2 1,789.5 1,782.4 1,785.7 36 Revolving home equity 133.1 149.7 151.6 154.2 157.1 160.6 164.5 170.0 166.8 167.9 169.7 171.3 37 Other 1,557.7' 1,605.4 1,626.4 1,636.5 1,623.9 1,621.7 1,613.9 1,614.9 1,612.5 1,621.6 1,612.7 1,614.4 38 Consumer 545.8' 552.6 562.0 567.9 569.0 566.1 558.8 562.0 556.5 556.8 565.1 567.2 39 Credit cards and related plans . . 214.0 216.8 225.8 232.2 229.0 225.1 221.9 225.7 221.0 220.7 228.9 230.4 40 Other 331.8 335.7 336.1 335.7 340.0 341.0 336.9 336.2 335.5 336.1 336.3 336.7 41 Security3 174.0 156.3 157.3 152.0 154.0 151.3 153.5 161.4 156.2 159.9 159.3 166.8 47 Other loans and leases 432.9 440.2 441.2 441.6 427.7 417.2 410.1 411.2 414.4 410.4 411.2 409.8 43 Interbank loans 295.8 297.0 289.7 299.0 290.7 275.2 273.2 278.3 281.7 279.0 285.1 264.5 44 Cash assets4 283.2 304.4 306.0 317.3 312.0 296.6 286.0 293.1 293.3 281.7 296.0 282.9 45 Other assets5 430.0 487.1 487.1 483.5 484.6 483.0 462.4 475.5 480.2 478.3 470.6 469.0 46 Total assets6 6,252.3r 6,450.2 6,486.3 6,511.2 6,464.1 6,420.0 6,365.9 6,412.2 6,401.6 6,400.7 6,411.9 6,394.0 Liabilities 47 Deposits 4,028.2 4,166.8 4,219.5 4,293.3 4,279.9 4,282.7 4,307.1 4,343.2 4,364.9 4,358.5 4,371.0 4.286.6 48 Transaction 615.8 635.3 641.6 669.3 648.9 620.1 616.8 612.2 602.7 594.0 628.8 627.4 49 Nontransaction 3,412.4 3,531.6 3,577.8 3,624.0 3,631.0 3,662.6 3,690.3 3,731.0 3,762.3 3,764.5 3,742.2 3,659.2 50 Large time 958.4 976.5 991.5 998.0 1,009.2 1,015.3 1,021.0 1,033.5 1,040.3 1,036.0 1,030.9 1,024.7 51 Other 2,454.0 2,555.0 2,586.3 2,626.0 2,621.8 2,647.2 2,669.2 2,697.5 2,722.0 2,728.5 2,711.2 2,634.5 52 Borrowings 1,286.1 1,271.4 1,258.6 1,250.7 1,250.4 1,235.4 1,200.6 1,224.1 1,202.4 1,216.7 1,204.8 1,230.2 53 From banks in the U.S 414.6 423.1 410.7 417.3 417.4 410.9 397.3 398.1 401.4 403.5 399.0 389.2 54 From others 871.5 848.3 847.9 833.4 833.0 824.5 803.3 826.0 800.9 813.2 805.8 841.0 55 Net due to related foreign offices 164.3 177.4 163.3 153.1 133.1 113.0 110.4 93.9 92.4 90.5 88.2 112.9 56 Other liabilities 356.7 371.5 407.4 360.3 344.3 338.5 305.5 311.5 307.7 299.8 314.2 319.0 57 Total liabilities 5,835.3 5,987.2 6,048.8 6,057.5 6,007.7 5,969.6 5,923.7 5,972.8 5,967.4 5,965.5 5,978.1 5,948.8 58 Residual (assets less liabilities)7 417.0' 463.1 437.6 453.7 456.4 450.5 442.3 439.4 434.2 435.2 433.9 445.2 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 Domestic Financial Statistics • July 2002 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued B. Domestically chartered commercial banks Billions of dollars Monthly averages Wednesday figures Account 2001 2001 2002 2002 Apr. Oct.' Nov.' Dec.' Jan.' Feb.' Mar.' Apr. Apr. 3 Apr. 10 Apr. 17 Apr. 24 Seasonally adjusted Assets 1 Bank credit 4,694.9r 4,837.2 4,861.2 4,856.9 4,845.3 4,846.3 4,833.8 4,850.0 4,840.6 4,846.7 4,843.9 4,861.1 2 Securities in bank credit I,145.0r 1,242.6 1,252.8 1,254.3 1,256.4 1,252.0 1,252.8 1,273.9 1,256.1 1,269.2 1,269.9 1,279.7 3 U.S. government securities 694.5' 751.3 756.1 774.7 767.0 763.5 778.3 800.4 790.1 795.0 796.4 805.7 4 Other securities 450.4' 491.3 496.8 479.6 489.3 488.5 474.5 473.5 466.0 474.2 473.6 474.0 5 Loans and leases in bank credit2 .... 3,549.9r 3,594.7 3,608.3 3,602.6 3,588.9 3,594.3 3,581.0 3,576.1 3,584.5 3,577.6 3,573.9 3,581.4 6 Commercial and industrial 882.3' 857.0 846.4 838.7 831.7 835.0 828.8 817.3 823.4 819.8 816.7 816.1 7 Real estate 1,676.1 1,734.5 1,754.6 1,767.3 1,762.8 1,768.8 1,767.1 1,769.1 1,766.8 1,774.7 1,766.7 1,769.6 8 Revolving home equity 133.6 149.2 151.1 154.1 157.3 160.6 166.0 170.7 168.7 169.6 170.5 171.2 9 Other 1,542.5 1,585.3 1,603.6 1,613.2 1,605.5 1,608.1 1,601.1 1,598.4 1,598.1 1,605.1 1,596.2 1,598.4 10 Consumer 549.0 552.1 559.6 558.4 561.2 563.8 561.6 565.5 561.6 562.2 569.2 569.1 11 Security3 77.1 78.8 77.1 71.4 76.3 78.4 82.2 83.9 91.6 82.7 81.6 85.6 12 Other loans and leases 365.5 372.2 370.6 366.8 356.8 348.3 341.3 340.3 341.1 338.2 339.8 341.1 13 Interbank loans 257.9 278.2 261.1 272.2 267.3 256.5 247.2 246.2 243.1 240.6 246.6 245.8 14 Cash assets4 245.2 263.5 258.6 258.5 259.7 255.9 255.8 252.4 253.8 248.2 246.3 248.1 15 Other assets5 391.2 455.9 451.8 450.0 451.7 454.0 436.2 448.5 448.3 450.6 444.1 444.7 16 Total assets6 5,523.8r 5,765.2 5,762.2 5,765.5 5,750.0 5,738.6 5,698.8 5,723.5 5,712.5 5,712.8 5,707.3 5,726.3 Liabilities 17 Deposits 3,606.2 3,758.2 3,766.7 3,797.9 3,788.1 3,795.7 3,820.3 3,822.6 3,829.6 3,817.9 3,828.0 3,802.5 18 Transaction 596.3 630.1 624.7 629.5 624.7 614.8 611.3 592.8 577.7 575.8 594.0 621.8 19 Nontransaction 3,009.9 3,128.1 3,142.0 3,168.4 3,163.4 3,181.0 3,208.9 3,229.8 3,251.9 3,242.1 3,234.1 3,180.8 20 Large time 570.6 572.5 565.1 553.5 544.7 552.5 551.7 548.0 556.8 551.9 545.7 542.9 21 Other 2,439.3 2,555.6 2,576.9 2,614.9 2,618.7 2,628.5 2,657.3 2,681.8 2,695.1 2,690.1 2,688.4 2,637.9 22 Borrowings 1,035.2 1,061.5 1,042.7 1,047.8 1,049.4 1,042.5 1,017.0 1,029.1 1,023.7 1,038.5 1,015.7 1,025.3 23 From banks in the U.S 382.9 401.2 389.1 390.9 389.9 382.7 371.3 369.9 374.8 377.1 373.3 362.1 24 From others 652.3 660.3 653.6 656.9 659.5 659.8 645.7 659.2 648.9 661.4 642.4 663.2 25 Net due to related foreign offices 190.3 193.4 189.1 193.6 183.2 173.0 175.6 180.2 175.5 170.5 177.3 193.8 26 Other liabilities 277.1 295.4 323.9 279.2 262.9 259.0 240.6 251.9 247.6 244.0 258.7 255.7 27 Total liabilities 5,108.7 5,308.5 5,322.4 5,318.6 5,283.6 5,270.2 5,253.5 5,283.8 5,276.4 5,270.9 5,279.7 5,277.4 28 Residual (assets less liabilities)7 415.0r 456.7 439.8 447.0 466.4 468.4 445.3 439.7 436.1 441.9 427.5 448.9 Not seasonally adjusted Assets 29 Bank credit 4,692.3' 4,839.9 4,874.0 4,882.2 4,857.0 4,847.4 4,828.0 4,846.8 4,834.1 4,839.3 4,846.1 4,854.3 30 Securities in bank credit l,144.2r 1,242.2 1,256.5 1,261.7 1,264.4 1,259.5 1,258.5 1,273.3 1,260.3 1,271.8 1,270.8 1,275.1 31 U.S. government securities 696.1' 748.1 756.8 779.6 772.2 770.5 784.5 802.2 796.5 801.0 799.3 804.2 32 Other securities 448.1' 494.1 499.7 482.1 492.2 489.0 473.9 471.1 463.8 470.8 471.5 470.9 33 Loans and leases in bank credit2 .... 3,548.1' 3,597.7 3,617.5 3,620.5 3,592.6 3,587.9 3,569.5 3,573.5 3,573.9 3,567.5 3,575.3 3,579.2 34 Commercial and industrial 888.1' 857.8 846.4 836.7 826.5 832.3 828.9 822.7 826.4 821.7 823.0 822.5 35 Real estate 1,673.0' 1,736.3 1,759.1 1,771.7 1,762.1 1,763.7 1,759.5 1,765.8 1,760.0 1,770.3 1,763.3 1,766.7 36 Revolving home equity 133.1 149.7 151.6 154.2 157.1 160.6 164.5 170.0 166.8 167.9 169.7 171.3 37 Other 1,539.9' 1,586.7 1,607.5 1,617.4 1,605.0 1,603.1 1,595.1 1,595.8 1,593.3 1,602.4 1,593.6 1,595.4 38 Consumer 545.8' 552.6 562.0 567.9 569.0 566.1 558.8 562.0 556.5 556.8 565.1 567.2 39 Credit cards and related plans . . 214.0 216.8 225.8 232.2 229.0 225.1 221.9 225.7 221.0 220.7 228.9 230.4 40 Other 331.8 335.7 336.1 335.7 340.0 341.0 336.9 336.2 335.5 336.1 336.3 336.7 41 Security3 75.8 80.8 79.3 73.8 76.2 77.7 82.2 82.4 87.5 80.2 83.0 83.3 42 Other loans and leases 365.3 370.2 370.7 370.4 358.9 348.1 340.1 340.6 343.4 338.7 340.9 339.5 43 Interbank loans 268.5 273.2 264.7 278.5 265.4 255.2 252.1 256.0 260.1 257.9 263.5 244.6 44 Cash assets4 246.5 264.5 265.5 275.9 270.5 256.2 247.1 253.4 254.5 242.0 254.7 243.6 45 Other assets5 391.8 455.2 453.2 452.2 452.4 452.5 434.8 449.2 452.5 452.1 445.0 442.2 46 Total assets6 5,534.0r 5,763.4 5,786.8 5,816.6 5,771.6 5,737.1 5,687.8 5,732.1 5,728.2 5,718.3 5,735.9 5,711.5 Liabilities 47 Deposits 3,625.9 3,750.1 3,782.4 3,836.2 3,803.3 3,806.2 3,823.4 3,843.0 3,866.4 3,860.9 3,870.8 3,789.5 48 Transaction 605.5 624.3 630.6 657.3 637.5 609.4 606.6 601.8 592.6 583.8 617.8 616.9 49 Nontransaction 3,020.4 3,125.8 3,151.8 3,178.9 3,165.8 3,196.8 3,216.9 3,241.2 3,273.8 3,277.0 3,253.1 3,172.6 50 Large time 568.8 573.6 568.5 556.5 547.1 554.4 550.2 546.3 554.4 551.2 544.5 540.7 51 Other 2,451.7 2,552.2 2,583.3 2,622.4 2,618.7 2,642.4 2,666.7 2,694.9 2,719.4 2,725.9 2,708.6 2,631.9 52 Borrowings 1,042.5 1,063.1 1,045.5 1,047.8 1,062.9 1,045.8 1,015.5 1,035.5 1,018.7 1,030.7 1,020.6 1,040.7 53 From banks in the U.S 388.9 399.1 386.3 392.5 395.2 388.0 375.7 375.1 379.2 380.1 378.8 368.4 54 From others 653.6 664.0 659.2 655.2 667.7 657.8 639.7 660.3 639.5 650.7 641.8 672.2 55 Net due to related foreign offices 183.1 194.2 193.8 197.6 187.5 176.7 174.1 173.5 170.2 160.9 166.9 189.1 56 Other liabilities 268.8 296.3 330.2 283.7 267.3 262.9 239.2 245.2 242.5 234.5 247.8 251.2 57 Total liabilities 5,120.3 5,303.8 5,351.8 5,365.3 5321.0 5,291.7 5,252.3 5,297.1 5,297.9 5,287.1 5,306.2 5,270.4 58 Residual (assets less liabilities)7 413.6' 459.7 435.0 451.4 450.6 445.4 435.5 435.0 430.2 431.2 429.6 441.1 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities 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 Apr.' Oct.' Nov.' Dec.' Jan.' Feb.' Mar.' Apr. Apr. 3 Apr. 10 Apr. 17 Apr. 24 Seasonally adjusted Assets 1 Bank credit 2,623.3 2,641.3 2,642.2 2,609.1 2,576.6 2,574.8 2,555.7 2,559.6 2.562.9 2,563.5 2,551.4 2,562.8 7 Securities in bank credit 601.7 651.5 654.5 638.6 636.0 631.1 629.1 646.7 634.1 644.4 642.8 649.9 U.S. government securities 349.9 370.5 371.0 379.5 366.8 359.5 367.3 383.3 378.2 381.4 380.4 385.2 4 Trading account 33.9 35.8 40.5 33.9 32.6 33.6 32.7 38.1 36.9 39.8 37.6 39.8 5 Investment account 316.0 334.8 330.4 345.6 334.2 325.9 334.6 345.1 341.3 341.6 342.9 345.4 6 Other securities 251.8 281.0 283.6 259.1 269.2 271.6 261.8 263.4 256.0 263.1 262.3 264.7 7 Trading account 135.5 165.7 165.4 130.0 128.4 130.0 122.5 128.2 120.8 128.0 126.8 129.0 8 Investment account 116.3 115.3 118.2 129.1 140.8 141.6 139.3 135.3 135.2 135.1 135.5 135.7 9 State and local government . . 28.3 26.8 27.1 27.3 27.3 27.8 27.7 27.2 27.4 27.4 27.2 27.2 in Other 88.0 88.5 91.1 101.8 113.5 113.8 111.7 108.1 107.8 107.7 108.3 108.5 ii Loans and leases in bank credit2 .... 2,021.6 1,989.7 1,987.6 1,970.5 1,940.6 1,943.7 1,926.6 1,912.9 1,928.7 1,919.0 1,908.6 1,912.9 12 Commercial and industrial 587.1 554.3 545.3 535.4 528.6 529.9 524.8 514.5 519.9 516.9 514.3 513.3 13 Bankers acceptances .8 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 14 Other 586.2 554.3 545.3 535.4 528.6 529.9 524.8 514.5 519.9 516.9 514.3 513.3 1 *> Real estate 848.8 846.7 856.6 858.7 846.2 847.2 840.5 837.6 839.3 844.2 835.4 835.6 16 Revolving home equity 85.9 93.6 94.6 96.2 98.2 99.9 103.8 107.3 105.7 106.7 107.3 107.5 17 Other 762.9 753.1 762.0 762.5 748.1 747.3 736.8 730.3 733.6 737.5 728.2 728.1 18 Consumer 250.3 244.8 246.4 246.3 239.7 247.3 244.6 242.1 242.5 242.4 242.5 242.6 19 Security3 68.9 70.8 69.1 63.3 68.3 70.3 74.3 76.3 83.9 75.3 74.1 78.0 20 Federal funds sold to and repurchase agreements with broker-dealers 52.7 57.2 54.5 48.4 54.9 57.4 61.2 6633..33 70.8 62.6 6611..77 6633..77 7.1 Other 16.2 13.6 14.6 14.9 13.4 12.9 13.1 13.0 13.1 12.6 12.4 14.3 22 State and local government 13.0 15.3 15.7 15.0 14.6 14.6 14.6 14.6 14.6 14.5 14.6 14.7 23 Agricultural 10.4 9.6 9.6 9.5 9.6 9.7 9.6 9.6 9.6 9.5 9.5 9.6 24 Federal funds sold to and repurchase agreements with others 23.7 29.9 30.3 28.4 26.2 22.6 20.9 21.9 21.7 21.0 23.2 21.2 75 All other loans 86.8 82.2 78.7 79.9 75.3 70.3 65.9 65.3 66.4 64.2 64.1 66.8 26 Lease-financing receivables 132.6 136.3 135.9 134.1 132.1 131.9 131.4 131.0 131.0 131.0 130.8 131.1 27 Interbank loans 147.7 173.1 152.5 166.7 168.5 153.0 145.9 154.1 148.8 151.7 157.2 153.7 28 Federal funds sold to and repurchase agreements with commercial banks 84.4 93.0 90.0 96.9 92.1 79.7 75.0 81.5 77.6 78.8 8855..99 7799..11 79 Other 63.3 80.1 62.4 69.8 76.4 73.3 70.8 72.6 71.2 72.9 71.2 74.6 30 Cash assets4 143.9 153.7 149.5 147.3 146.2 143.2 143.1 140.6 143.0 136.9 136.4 137.3 31 Other assets5 285.0 323.0 321.2 314.7 312.9 307.9 288.3 296.3 291.2 294.4 294.7 297.8 32 Total assets6 3,161.9 3,251.5 3,225.6 3,196.4 3,161.0 3,135.3 3,089.1 3,107.8 3,102.9 3,103.5 3,096.8 3,109.1 Liabilities 33 Deposits 1,748.4 1,791.1 1,792.4 1,801.4 1,791.1 1,789.2 1,800.4 1,804.7 1,809.1 1,807.2 1,808.4 1,790.5 34 Transaction 304.4 322.9 320.4 323.1 316.1 308.2 303.6 286.9 282.0 279.0 289.9 301.3 35 Nontransaction 1,444.0 1,468.2 1,472.1 1,478.3 1,475.0 1,481.0 1,496.8 1,517.8 1,527.1 1,528.2 1,518.4 1,489.3 36 Large time 269.0 261.2 253.5 248.4 242.1 249.8 248.9 245.3 253.2 249.6 241.8 240.4 37 Other 1,175.0 1,207.0 1,218.6 1,229.9 1,232.9 1,231.2 1,247.9 1,272.5 1,274.0 1,278.6 1,276.7 1,248.8 38 Borrowings 702.3 688.2 663.8 659.7 654.3 654.2 635.6 645.1 644.7 656.9 636.1 634.9 39 From banks in the U S 233.8 233.5 219.7 218.8 212.9 207.9 201.7 203.0 210.1 212.5 207.4 190.0 40 From others 468.4 454.7 444.1 440.9 441.4 446.2 433.8 442.2 434.7 444.5 428.7 444.9 41 Net due to related foreign offices 177.5 184.0 178.8 183.6 174.3 162.1 166.6 170.6 167.3 162.3 167.5 182.4 42 Other liabilities 223.6 230.4 258.5 213.9 194.0 188.4 170.1 181.0 177.7 173.3 188.3 184.4 43 Total liabilities 2,851.7 2,893.6 2,893.6 2,858.6 2,813.7 2,793.8 2,772.6 2,801.4 2,798.8 2,799.8 2,800.3 2,792.3 44 Residual (assets less liabilities)7 310.2 357.9 332.0 337.8 347.2 341.5 316.4 306.4 304.1 303.7 296.5 316.8 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 Domestic Nonfinancial Statistics • July 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 Apr.' Oct.' Nov.' Dec.' Jan.' Feb.' Mar.' Apr. Apr. 3 Apr. 10 Apr. 17 Apr. 24 Not seasonally adjusted Assets 45 Bank credit 2,623.2 2,639.0 2,649.8 2,622.3 2,586.4 2,579.7 2,554.7 2,559.2 2,560.7 2,559.9 2,555.6 2,557.9 46 Securities in bank credit 599.8 652.2 658.4 643.5 643.0 636.9 632.5 644.8 636.1 645.3 642.2 644.0 47 U.S. government securities 350.4 368.3 371.8 381.9 370.9 364.9 371.3 383.8 382.4 385.6 381.9 382.4 48 Trading account 34.0 35.5 40.6 34.1 32.9 34.1 33.1 38.2 37.3 40.2 37.7 39.5 49 Investment account 316.4 332.8 331.2 347.8 337.9 330.7 338.2 345.6 345.1 345.4 344.2 342.9 50 Mortgage-backed securities . 227.6 272.6 270.8 284.7 273.9 258.8 263.3 271.0 268.9 268.6 269.9 269.0 51 Other 88.8 60.1 60.4 63.1 64.0 72.0 74.9 74.6 76.2 76.8 74.3 73.9 52 One year or less 30.3 10.3 15.2 14.8 13.9 16.8 19.7 18.3 19.2 18.8 18.5 18.1 53 One to five years 31.6 32.0 30.4 35.3 36.8 43.1 42.9 43.5 44.3 45.0 43.2 43.0 54 More than five years .... 26.9 17.8 14.8 12.9 13.4 12.1 12.2 12.7 12.8 13.0 12.6 12.7 55 Other securities 249.4 283.9 286.6 261.6 272.1 272.0 261.2 261.0 253.7 259.7 260.3 261.6 56 Trading account 134.2 167.4 167.1 131.2 129.8 130.2 122.2 127.0 119.7 126.3 125.8 127.5 57 Investment account 115.2 116.5 119.4 130.4 142.3 141.9 139.0 134.0 134.0 133.4 134.4 134.1 58 State and local government . 28.0 27.1 27.4 27.6 27.6 27.8 27.6 27.0 27.2 27.1 27.0 26.9 59 Other 87.2 89.4 92.0 102.8 114.7 114.0 111.4 107.1 106.8 106.3 107.4 107.2 60 Loans and leases in bank credit2 . . . 2,023.3 1.986.8 1,991.5 1,978.7 1,943.4 1,942.7 1,922.1 1,914.4 1,924.6 1,914.7 1,913.4 1,913.9 61 Commercial and industrial 591.0 555.1 546.2 533.3 524.4 528.7 525.2 518.0 522.7 517.9 518.4 516.8 62 Bankers acceptances .8 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 63 Other 590.1 555.1 546.2 533.3 524.4 528.7 525.2 518.0 522.7 517.9 518.4 516.8 64 Real estate 847.7 845.6 858.4 860.5 845.8 844.0 835.9 836.4 835.2 842.3 834.0 834.5 65 Revolving home equity 85.7 93.6 94.7 96.0 97.8 100.1 102.8 106.9 104.5 105.5 106.8 107.6 66 Other 462.7 440.6 451.3 453.6 440.2 436.3 426.0 421.6 423.6 429.0 418.9 418.9 67 Commercial 299.3 311.5 312.4 311.0 307.8 307.6 307.1 307.9 307.2 307.8 308.2 308.0 68 Consumer 250.7 241.9 245.1 249.3 243.6 249.7 244.7 242.4 242.0 242.0 242.9 243.4 69 Credit cards and related plans . 84.7 74.3 76.5 80.1 71.5 76.6 74.8 72.8 72.9 72.7 73.0 73.5 70 Other 166.0 167.7 168.6 169.2 172.1 173.1 169.9 169.6 169.1 169.4 169.8 170.0 71 Security3 67.5 72.9 71.0 65.5 68.4 69.6 74.0 74.6 79.3 72.0 75.1 76.0 72 Federal funds sold to and repurchase agreements with broker-dealers 51.6 58.9 56.0 50.0 55.0 56.8 60.9 61.8 66.9 59.9 62.5 62.1 73 Other 15.9 14.0 15.1 15.4 13.4 12.8 13.1 12.8 12.4 12.1 12.6 13.9 74 State and local government 13.0 15.3 15.7 15.0 14.6 14.6 14.6 14.6 14.6 14.5 14.6 14.7 75 Agricultural 10.3 9.5 9.6 9.5 9.6 9.5 9.5 9.5 9.5 9.5 9.5 9.6 76 Federal funds sold to and repurchase agreements with others 23.1 28.8 30.6 29.2 27.8 24.0 20.9 21.9 21.5 20.9 23.2 21.2 77 All other loans 86.9 82.0 79.2 81.9 75.0 69.3 65.1 65.4 68.1 63.7 64.4 66.1 78 Lease-financing receivables 133.2 135.6 135.6 134.6 134.2 133.4 132.3 131.6 131.9 131.7 131.4 131.4 79 Interbank loans 151.2 169.0 154.1 170.5 167.9 151.3 146.0 157.9 153.4 152.8 163.6 155.2 80 Federal funds sold to and repurchase agreements with commercial banks 86.3 90.8 91.0 99.1 91.8 78.8 75.1 83.6 80.0 79.4 89.5 79.9 81 Other 64.9 78.2 63.1 71.4 76.1 72.5 70.9 74.3 73.4 73.4 74.2 75.3 82 Cash assets4 146.6 154.2 152.7 158.3 154.5 144.0 138.1 143.3 143.8 133.4 144.5 137.7 83 Other assets5 285.6 322.2 322.6 316.9 313.7 306.4 286.9 297.0 295.3 295.9 295.7 295.4 84 Total assets6 3,168.8 3,245.2 3,239.2 3,226.6 3,179.4 3,137.3 3,081.8 3,114.7 3,110.7 3,099.3 3,116.7 3,103.8 Liabilities 85 Deposits 1,756.2 1,787.4 1,801.4 1,819.1 1,796.0 1,795.7 1,799.0 1,812.2 1,824.4 1,822.9 1,830.1 1,779.1 86 Transaction 312.0 318.4 323.9 341.1 324.8 304.9 300.6 294.2 291.5 282.6 306.6 301.4 87 Nontransaction 1,444.1 1,469.0 1,477.5 1,478.0 1,471.3 1,490.9 1,498.4 1,518.0 1,532.9 1,540.4 1,523.5 1,477.8 88 Large time 267.2 262.3 256.9 251.3 244.5 251.7 247.4 243.6 250.8 248.8 240.6 238.2 89 Other 1,177.0 1,206.6 1,220.6 1,226.7 1,226.8 1,239.1 1,251.0 1,274.4 1,282.1 1,291.5 1,282.9 1,239.5 90 Borrowings 709.6 689.8 666.6 659.7 667.8 657.4 634.0 651.5 639.8 649.1 641.0 650.3 91 From banks in the U.S 239.8 231.5 216.9 220.4 218.2 213.2 206.2 208.2 214.5 215.4 212.9 196.3 92 From nonbanks in the U.S 469.7 458.3 449.7 439.2 449.6 444.3 427.8 443.3 425.3 433.7 428.1 454.0 93 Net due to related foreign offices 170.3 184.8 183.5 187.6 178.5 165.8 165.1 163.9 162.0 152.7 157.1 177.8 94 Other liabilities 215.2 231.3 264.8 218.3 198.5 192.3 168.7 174.2 172.6 163.9 177.5 179.9 95 Total liabilities 2,851.3 2,893.3 2,916.3 2,884.7 2,840.8 2,811.2 2,766.8 2,801.8 2,798.8 2,788.7 2,805.7 2,787.1 96 Residual (assets less liabilities)7 317.5 351.9 322.9 341.9 338.6 326.1 315.0 312.9 311.9 310.6 311.0 316.8 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities A19 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued D. Small domestically chartered commercial banks Billions of dollars Monthly averages Wednesday figures Account 2001 2001 2002 2002 Apr.1" Oct.' Nov.r Dec.' Jan.' Feb.' Mar.' Apr. Apr. 3 Apr. 10 Apr. 17 Apr. 24 Seasonally adjusted Assets 1 Bank credit 2,071.6 2,196.0 2,219.0 2.247.8 2,268.7 2,271.5 2,278.1 2,290.4 2,277.7 2,283.3 2,292.5 2,298.3 2 Securities in bank credit 543.3 591.0 598.3 615.7 620.4 620.8 623.7 627.2 622.0 624.7 627.2 629.8 3 U.S. government securities 344.6 380.8 385.1 395.2 400.3 403.9 411.0 417.1 411.9 413.6 415.9 420.5 4 Other securities 198.7 210.2 213.2 220.4 220.1 216.9 212.7 210.1 210.0 211.1 211.2 209.3 5 Loans and leases in bank credit2 .... 1,528.3 1,604.9 1,620.7 1,632.2 1,648.3 1,650.6 1,654.4 1,663.2 1,655.8 1,658.6 1,665.3 1,668.5 6 Commercial and industrial 295.2 302.7 301.2 303.3 303.1 305.2 304.1 302.8 303.5 302.8 302.3 302.8 7 Real estate 827.2 887.9 898.0 908.6 916.6 921.6 926.6 931.5 927.6 930.4 931.3 934.0 8 Revolving home equity 47.6 55.7 56.4 57.8 59.1 60.7 62.2 63.4 63.0 62.9 63.3 63.7 9 Other 779.6 832.2 841.6 850.8 857.5 860.9 864.3 868.1 864.6 867.6 868.0 870.3 10 Consumer 298.7 307.3 313.2 312.1 321.6 316.5 317.0 323.4 319.1 319.9 326.7 326.5 11 Security3 8.2 8.0 7.9 8.1 8.0 8.2 7.9 7.6 7.6 7.4 7.5 7.6 12 Other loans and leases 99.0 99.0 100.4 99.9 99.1 99.2 98.9 97.9 98.0 98.0 97.6 97.7 13 Interbank loans 110.1 105.0 108.6 105.5 98.8 103.5 101.4 92.1 94.3 88.9 89.4 92.1 14 Cash assets4 101.3 109.8 109.1 111.3 113.5 112.6 112.7 111.7 110.8 111.3 110.0 110.8 15 Other assets5 106.1 132.9 130.6 135.3 138.8 146.1 147.9 152.2 157.1 156.2 149.4 146.8 16 Total assets6 2,361.8 2,513.7 2,536.6 2,569.1 2,589.1 2,603.3 2,609.8 2,615.7 2,609.6 2,609.3 2,610.5 2,617.2 Liabilities 17 Deposits 1,857.7 1,967.1 1,974.2 1,996.5 1,997.0 2,006.5 2,019.9 2,017.9 2,020.5 2,010.7 2,019.7 2,012.0 18 Transaction 291.9 307.2 304.3 306.3 308.6 306.6 307.7 305.9 295.8 296.8 304.0 320.5 19 Nontransaction 1,565.9 1,659.9 1,669.9 1,690.2 1,688.4 1,700.0 1,712.1 1,712.0 1,724.7 1,713.8 1,715.6 1,691.5 20 Large time 301.6 311.3 311.6 305.2 302.6 302.7 302.8 302.7 303.6 302.3 303.9 302.5 21 Other 1,264.3 1,348.6 1,358.3 1,385.0 1,385.8 1,397.3 1,409.3 1,409.3 1,421.1 1,411.5 1,411.7 1,389.0 22 Borrowings 332.9 373.3 378.9 388.1 395.1 388.4 381.5 383.9 379.0 381.6 379.6 390.4 23 From banks in the U.S 149.1 167.6 169.4 172.1 177.0 174.8 169.6 166.9 164.7 164.7 165.9 172.2 24 From others 183.8 205.7 209.5 216.0 218.0 213.6 211.9 217.0 214.3 216.9 213.7 218.2 25 Net due to related foreign offices 12.8 9.5 10.2 10.0 9.0 10.9 9.0 9.6 8.2 8.2 9.9 11.4 26 Other liabilities 53.6 65.0 65.4 65.3 68.8 70.6 70.5 70.9 69.9 70.6 70.4 71.3 27 Total liabilities 2,257.0 2,414.9 2,428.7 2,459.9 2,469.9 2,476.4 2,480.9 2,482.4 2,477.6 2,471.1 2,479.5 2,485.1 28 Residual (assets less liabilities)7 104.8 98.8 107.8 109.2 119.1 126.9 128.9 133.3 132.0 138.1 131.0 132.1 Not seasonally adjusted Assets 29 Bank credit 2,069.1 2,200.9 2,224.2 2,259.9 2,270.6 2,267.8 2,273.3 2,287.6 2,273.4 2,279.4 2,290.5 2,296.3 30 Securities in bank credit 544.4 590.0 598.2 618.1 621.5 622.6 625.9 628.5 624.1 626.5 628.6 631.1 31 U.S. government securities 345.7 379.8 385.0 397.7 401.3 405.6 413.2 418.4 414.1 415.4 417.4 421.8 32 Other securities 198.7 210.2 213.2 220.4 220.1 216.9 212.7 210.1 210.0 211.1 211.2 209.3 33 Loans and leases in bank credit2 .... 1,524.8 1,610.9 1,626.0 1,641.8 1,649.2 1,645.2 1,647.4 1,659.1 1,649.3 1,652.9 1,661.9 1,665.3 34 Commercial and industrial 297.2 302.6 300.1 303.4 302.1 303.7 303.8 304.8 303.8 303.7 304.5 305.6 35 Real estate 825.4 890.7 900.7 911.2 916.2 919.7 923.6 929.4 924.8 928.0 929.3 932.1 36 Revolving home equity 47.4 56.1 56.9 58.3 59.3 60.5 61.7 63.1 62.3 62.4 62.9 63.7 37 Other 777.9 834.6 843.8 852.9 857.0 859.1 862.0 866.3 862.6 865.6 866.4 868.5 38 Consumer 295.1 310.6 316.9 318.6 325.4 316.4 314.1 319.6 314.5 314.8 322.2 323.7 39 Credit cards and related plans . . 129.3 142.6 149.3 152.1 157.5 148.5 147.1 152.9 148.0 148.0 155.8 157.0 40 Other 165.8 168.0 167.5 166.5 167.9 167.9 167.0 166.7 166.5 166.7 166.4 166.8 41 Security3 8.4 7.9 8.3 8.3 7.8 8.1 8.2 7.8 8.2 8.2 7.9 7.3 42 Other loans and leases 98.7 99.1 100.0 100.3 97.6 97.3 97.7 97.6 98.0 98.3 97.8 96.5 43 Interbank loans 117.3 104.2 110.6 108.0 97.5 104.0 106.1 98.1 106.7 105.2 99.9 89.5 44 Cash assets4 99.9 110.3 112.9 117.6 116.0 112.3 109.0 110.2 110.7 108.6 110.2 106.0 45 Other assets5 106.1 132.9 130.6 135.3 138.8 146.1 147.9 152.2 157.1 156.2 149.4 146.8 46 Total assets6 2,365.1 2,518.3 2,547.6 2,590.0 2,592.3 2,599.8 2,606.0 2,617.4 2,617.5 2,618.9 2,619.1 2,607.7 Liabilities 47 Deposits 1,869.7 1,962.7 1,981.0 2,017.1 2,007.3 2,010.5 2,024.4 2,030.8 2,042.0 2,037.9 2,040.7 2,010.3 48 Transaction 293.5 305.9 306.7 316.2 312.7 304.6 306.0 307.6 301.2 301.3 311.1 315.5 49 Nontransaction 1,576.3 1,656.8 1,674.3 1,700.9 1,694.6 1,706.0 1,718.5 1,723.2 1,740.9 1,736.6 1,729.6 1,694.9 50 Large time 301.6 311.3 311.6 305.2 302.6 302.7 302.8 302.7 303.6 302.3 303.9 302.5 51 Other 1,274.7 1,345.5 1,362.7 1,395.7 1,392.0 1,403.3 1,415.6 1,420.5 1,437.3 1,434.3 1,425.7 1,392.4 52 Borrowings 332.9 373.3 378.9 388.1 395.1 388.4 381.5 383.9 379.0 381.6 379.6 390.4 53 From banks in the U.S 149.1 167.6 169.4 172.1 177.0 174.8 169.6 166.9 164.7 164.7 165.9 172.2 54 From others 183.8 205.7 209.5 216.0 218.0 213.6 211.9 217.0 214.3 216.9 213.7 218.2 55 Net due to related foreign offices 12.8 9.5 10.2 10.0 9.0 10.9 9.0 9.6 8.2 8.2 9.9 11.4 56 Other liabilities 53.6 65.0 65.4 65.3 68.8 70.6 70.5 70.9 69.9 70.6 70.4 71.3 57 Total liabilities 2,269.0 2,410.5 2,435.5 2,480.5 2,480.2 2,480.4 2,485.5 2,495.3 2,499.1 2,498.4 2,500.5 2,483.4 58 Residual (assets less liabilities)7 96.1 107.8 112.1 109.5 112.1 119.3 120.5 122.1 118.4 120.6 118.6 124.3 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 Domestic NonfinancialS tatistics • July 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 Apr. Oct. Nov. Dec. Jan.' Feb.' Mar.' Apr. Apr. 3 Apr. 10 Apr. 17 Apr. 24 Seasonally adjusted Assets 1 Bank credit 616.6 591.6' 597.9 594.3 588.4 588.5 590.9 592.3 589.3 602.2 583.1 594.4 2 Securities in bank credit 218.7r 230.1' 235.5 237.1 234.4 231.4 227.2 222.3 223.6 223.4 220.9 222.5 3 U.S. government securities 69.6 57.2' 60.3' 58.1' 52.9 48.3 49.8 48.5 50.0 48.7 48.0 48.6 4 Other securities 149. lr 173.0' 175.2' 179.0' 181.4 183.1 177.4 173.9 173.6 174.7 172.9 173.9 5 Loans and leases in bank credit2 .... 397.9r 361.5 362.5 357.2 354.0 357.1 363.7 369.9 365.7 378.9 362.2 371.9 6 Commercial and industrial 215.6' 196.6 196.1 194.7 193.3 198.2 202.3 202.4 202.4 203.4 201.9 203.3 7 Real estate 17.7 18.7 18.9 19.0 18.9 18.6 18.8 19.1 19.2 19.2 19.1 19.0 8 Security3 97.6 75.4 77.0 74.2 73.8 71.3 73.5 78.4 74.0 84.9 71.9 80.2 9 Other loans and leases 67.0 70.8 70.4 69.2' 68.0 69.0 69.2 70.0 70.1 71.4 69.3 69.4 10 Interbank loans 27.3 23.8 25.0 20.5 25.2 20.0 21.1 22.3 21.6 21.1 21.7 19.8 11 Cash assets4 38.3 39.0 38.1 39.0 39.4 39.5 40.0 41.3 40.2 41.8 43.0 41.1 12 Other assets5 38.5 32.4 34.1 30.5 31.3 30.0 26.8 26.5 27.5 26.3 25.8 27.2 13 Total assets6 720.3 686.4r 694.8 683.8' 684.0 677.6 678.4 682.0 678.2 691.0 673.1 682.1 Liabilities 14 Deposits 399.4 423.4 433.6 444.7 465.9 471.0 481.6 496.6 495.4 497.6 497.7 491.8 15 Transaction 10.8 10.9 10.9 11.2 11.2 10.6 10.4 11.0 10.2 10.7 11.7 11.3 16 Nontransaction 388.6 412.5 422.7 433.5 454.8 460.5 471.1 485.6 485.2 486.8 486.1 480.5 17 Borrowings 243.6 208.3 213.1 202.9' 187.5 189.6 185.1 188.6 183.6 186.0 184.2 189.5 18 From banks in the U.S 25.6 24.0 24.4 24.8 22.2 22.9 21.6 22.9 22.2 23.5 20.2 20.7 19 From others 218.0 184.3 188.7 178.1' 165.3 166.6 163.5 165.7 161.4 162.5 164.0 168.8 20 Net due to related foreign offices -17.0 -15.3 -29.1 -47.2 -57.5 -66.5 -66.7 -77.8 -77.4 -66.2 -75.1 -75.7 21 Other liabilities 88.8 75.8 77.8 75.5 75.7 74.5 65.2 67.0 65.3 66.8 67.8 68.1 22 Total liabilities 714.8 692.1 695.4 676.0 671.6 668.6 665.1 674.5 667.0 684.1 674.6 673.6 23 Residual (assets less liabilities)7 5.5 -5.7' -.6 7.9 12.3 9.0 13.3 7.6 11.3 7.0 -1.5 8.5 Not seasonally adjusted Assets 24 Bank credit 616.5 591.6' 600.6 601.8' 594.0 592.4 591.0 592.2 585.6 595.9 587.9 596.9 25 Securities in bank credit 218.7' 230.1' 235.5 237.1 234.4 231.4 227.2 222.3 223.6 223.4 220.9 222.5 26 U.S. government securities 69.6 57.2' 60.3' 58.1' 52.9 48.3 49.8 48.5 50.0 48.7 48.0 48.6 27 Trading account 14.6 14.4 13.5 12.5 11.4 10.7 10.1 8.2 8.6 8.4 8.1 8.3 28 Investment account 54.9 42.8' 46.8' 45.6' 41.6 37.6 39.7 40.2 41.4 40.3 40.0 40.2 29 Other securities 149.1' 173.0' 175.2' 179.0' 181.4 183.1 177.4 173.9 173.6 174.7 172.9 173.9 30 Trading account 100.0' 107.3' 107.5 107.5 104.0 101.6 95.6 93.0 93.5 93.1 92.3 93.4 31 Investment account 49.1 65.7' 67.7' 71.5' 77.4 81.5 81.8 80.9 80.1 81.6 80.6 80.5 32 Loans and leases in bank credit2 .... 397.7' 361.5 365.1 364.7 359.6 361.0 363.8 369.9 362.0 372.5 367.0 374.4 33 Commercial and industrial 214.2' 197.3 197.7 196.4 194.0 199.7 203.6 201.1 203.1 201.8 201.3 201.6 34 Real estate 17.7 18.7 18.9 19.0 18.9 18.6 18.8 19.1 19.2 19.2 19.1 19.0 35 Security3 98.2 75.5 78.0 78.2 77.9 73.6 71.4 79.0 68.8 79.8 76.3 83.5 36 Other loans and leases 67.6 70.0 70.5 71.1 68.8 69.1 70.0 70.6 70.9 71.7 70.3 70.3 37 Interbank loans 27.3 23.8 25.0 20.5 25.2 20.0 21.1 22.3 21.6 21.1 21.7 19.8 38 Cash assets4 36.7 39.8 40.4 41.4 41.5 40.4 38.9 39.6 38.9 39.7 41.3 39.3 39 Other assets5 38.3 31.9 33.9 31.3 32.1 30.6 27.6 26.3 27.7 26.2 25.6 26.8 40 Total assets6 718.3' 686.8' 699.5 694.6 692.5 682.9 678.2 680.1 673.4 682.5 676.1 682.5 Liabilities 41 Deposits 402.3 416.7 437.1 457.1 476.6 476.5 483.7 500.3 498.5 497.7 500.1 497.2 42 Transaction 10.3 11.0 11.1 12.0 11.4 10.7 10.3 10.5 10.0 10.2 11.1 10.6 43 Nontransaction 392.0 405.7 426.1 445.1 465.2 465.7 473.4 489.8 488.5 487.5 489.1 486.6 44 Borrowings 243.6 208.3 213.1 202.9' 187.5 189.6 185.1 188.6 183.6 186.0 184.2 189.5 45 From banks in the U.S 25.6 24.0 24.4 24.8 22.2 22.9 21.6 22.9 22.2 23.5 20.2 20.7 46 From others 218.0 184.3 188.7 178.1' 165.3 166.6 163.5 165.7 161.4 162.5 164.0 168.8 47 Net due to related foreign offices -18.8 -16.8 -30.5 -44.5 -54.4 -63.8 -63.7 -79.6 -77.8 -70.4 -78.8 -76.2 48 Other liabilities 87.9 75.2 77.3 76.7 77.0 75.6 66.3 66.4 65.2 65.3 66.3 67.9 49 Total liabilities 715.0 683.4 697.0 692.2 686.7 677.9 671.4 675.7 669.5 678.5 671.8 678.3 50 Residual (assets less liabilities)7 3.4 3.4' 2.5 2.4 5.7 5.1 6.8 4.5 3.9 4.0 4.2 4.1 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities 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 Apr. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Apr. 3 Apr. 10 Apr. 17 Apr. 24 Not seasonally adjusted MEMO Large domestically chartered banks. adjusted for mergers 1 Revaluation gains on off-balance-sheet items8 81.8r 100.9r 104.0r 80.6 86.3 81.7 73.2 73.3 66.8 71.1 71.9 77.2 2 Revaluation losses on off-balancesheet items8 74.9 86.0 86.5 68.4 66.5 59.4 52.5 57.5 51.3 54.8 54.9 62.7 3 Mortgage-backed securities' 249.8r 299.T 298.9r 320.4r 317.4' 300.8' 301.7' 306.4 304.2 303.6 305.1 304.7 4 Pass-through 186.0 231.0' 213.7 218.0r 219.1' 205.2' 205.1' 208.2 206.2 205.4 208.0 207.0 5 CMO, REMIC, and other 63.8 68.7 85.2r 102.4 98.3' 95.6' 96.6 98.2 98.0 98.2 97.1 97.7 6 Net unrealized gains (losses) on available-for-sale securities10 3.3 9.2 9.7 4.6 2.9 4.4 4.3 2.4 .8 1.6 1.5 1.9 7 Off-shore credit to U.S. residents'1 .... 21.7 20.0 19.2 19.1 19.4 19.7 19.6 19.5 19.4 19.3 19.2 20.1 8 Securitized consumer loans'2 82.3 97.8 99.3 99.4 94.7 92.8 94.2 94.6 94.6 94.5 94.3 94.2 9 Credit cards and related plans 73.1 87.8 88.3 88.7 84.3 82.6 82.4 82.7 82.9 82.5 82.4 82.4 10 Other 9.2 9.9 11.0 10.7 10.4 10.3 11.9 11.9 11.7 12.0 11.9 11.8 11 Securitized business loans12 12.6 21.1 20.6 19.7 19.4 19.4 17.7 17.1 16.8 17.0 17.2 17.2 Small domestically chartered commercial banks, adjusted for mergers 12 Mortgage-backed securities9 224.0r 260.6r 268.1' 279.7r 280.3' 282.7' 285.2' 288.0 285.1 285.6 287.4 289.7 13 Securitized consumer loans12 233.1 243.7 246.5 251.9 259.3 253.8 251.0 250.6 252.5 251.3 249.0 249.7 14 Credit cards and related plans 225.2r 235.8' 238.3r 243.8r 251.4' 246.2' 243.6' 243.4 245.2 244.0 241.8 242.6 15 Other 7.9' 1.9' 8.2' 8.0r 7.8' 7.6' 7.4' 7.2 7.3 7.2 7.2 7.2 Foreign-related institutions 16 Revaluation gains on off-balancesheet items8 57.2 57. r 55.5 55.1 52.3 52.8 46.9' 46.2 45.3 45.4 45.6 46.9 17 Revaluation losses on off-balancesheet items8 53.4 49.1 48.7 49.3 49.3 49.2 41.7 40.8 40.2 39.9 40.9 41.7 18 Securitized business loans12 32.7 27.1 26.4 25.2 25.5 25.1 24.1 23.8 23.9 24.0 23.9 23.7 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 US. Branches and Agencies of Foreign Banks," are no longer in the United States, all of which are included in "Interbank loans." being published in the Bulletin. Instead, abbreviated balance sheets for both large and small 3. Consists of reverse RPs with brokers and dealers and loans to purchase and carry domestically chartered banks have been included in table 1.26, parts C and D. Data are both securities. merger-adjusted and break-adjusted. In addition, data from large weekly reporting U.S. 4. Includes vault cash, cash items in process of collection, balances due from depository branches and agencies of foreign banks have been replaced by balance sheet estimates of all institutions, and balances due from Federal Reserve Banks. foreign-related institutions and are included in table 1.26, part E. These data are break- 5. Excludes the due-from position with related foreign offices, which is included in "Net adjusted. due to related foreign offices." The not-seasonally-adjusted data for all tables now contain additional balance sheet items, 6. Excludes unearned income, reserves for losses on loans and leases, and reserves for which were available as of October 2, 1996. transfer risk. Loans are reported gross of these items. 1. Covers the following types of institutions in the fifty states and the District of Columbia: 7. This balancing item is not intended as a measure of equity capital for use in capital domestically chartered commercial banks that submit a weekly report of condition (large adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the domestic); other domestically chartered commercial banks (small domestic); branches and seasonal patterns estimated for total assets and total liabilities. agencies of foreign banks, and Edge Act and agreement corporations (foreign-related institu- 8. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity tions). Excludes International Banking Facilities. Data are Wednesday values or pro rata and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39. averages of Wednesday values. Large domestic banks constitute a universe; data for small 9. includes mortgage-backed securities issued by U.S. government agencies, U.S. domestic banks and foreign-related institutions are estimates based on weekly samples and on government-sponsored enterprises, and private entities. quarter-end condition reports. Data are adjusted for breaks caused by reclassifications of 10. Difference between fair value and historical cost for securities classified as availableassets and liabilities. for-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are The data for large and small domestic banks presented on pp. A17-19 are adjusted to restated to include an estimate of these tax effects. remove the estimated effects of mergers between these two groups. The adjustment for 11. Mainly commercial and industrial loans but also includes an unknown amount of credit mergers changes past levels to make them comparable with current levels. Estimated extended to other than nonfinancial businesses. quantities of balance sheet items acquired in mergers are removed from past data for the bank 12. Total amount outstanding. group that contained the acquired bank and put into past data for the group containing the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A22 Domestic NonfinancialS tatistics • July 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 Oct. Nov. Dec. Jan. Feb. Mar. 1 All issuers 966,699 1,163,303 1,403,023 1,615,341 1,438,764 1,436,254 1,435,808 1,438,764 1,428,494 1,402,875 1,358,114 Financial companies' 2 Dealer-placed paper, total2 513,307 614,142 786,643 973,060 989,364 984,996 993,491 989,364 984,251 984,441 964,070 3 Directly placed paper, total3 252,536 322,030 337,240 298,848 224,553 232,407 227,422 224,553 224,595 218,266 205,292 4 Nonfinancial companies4 200,857 227,132 279,140 343,433 224,847 218,851 214,894 224,847 219,648 200,168 188,753 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 Average Average Average Date of change Rate Period 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 May 4.75 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 2002 2002, week ending IItteemm 11999999 22000000 22000011 Jan. Feb. Mar. Apr. Mar. 29 Apr. 5 Apr. 12 Apr. 19 Apr. 26 MONEY MARKET INSTRUMENTS 1 Federal funds '-2-3 4.97 6.24 3.88 1.73 1.74 1.73 1.75 1.70 1.77 1.71 1.78 1.70 2 Discount window borrowing2'4 4.62 5.73 3.40 1.25 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 1.70 1.76 1.78 1.76 1.79 1.78 1.77 1.74 1.74 4 2-month 5.14 6.29 3.68 1.69 1.76 1.82 1.77 1.84 1.80 1.78 1.77 1.75 5 3-month 5.18 6.31 3.65 1.70 1.79 1.86 1.81 1.91 1.88 1.82 1.81 1.76 Financial 6 1-month 5.11 6.28 3.80 1.72 1.77 1.80 1.76 1.79 1.79 1.77 1.76 1.75 7 2-month 5.16 6.30 3.71 1.71 1.78 1.82 1.79 1.82 1.82 1.79 1.79 1.76 8 3-month 5.22 6.33 3.65 1.72 1.80 1.87 1.83 1.90 1.89 1.84 1.83 1.79 Certificates of deposit, secondary market3-7 9 1-month 5.19 6.35 3.84 1.75 1.81 1.84 1.81 1.85 1.83 1.81 1.81 1.80 10 3-month 5.33 6.46 3.71 1.74 1.82 1.91 1.87 1.97 1.94 1.88 1.86 1.84 11 6-month 5.46 6.59 3.66 1.85 1.95 2.16 2.11 2.29 2.25 2.15 2.10 2.05 12 Eurodollar deposits, 3-month3-8 5.31 6.45 3.70 1.75 1.82 1.91 1.88 1.96 1.93 1.89 1.86 1.84 U.S. Treasury bills Secondary market3-5 13 4-week n.a. n.a. 2.43 1.65 1.71 1.76 1.69 1.75 1.75 1.70 1.67 11..6655 14 3-month 4.64 5.82 3.40 1.65 1.73 1.79 1.72 1.79 1.75 1.69 1.70 1.70 15 6-month 4.75 5.90 3.34 1.73 1.82 2.01 1.93 2.07 2.04 1.94 1.89 1.86 U.S. TREASURY NOTES AND BONDS Constant maturities9 16 1-year 5.08 6.11 3.49 2.16 2.23 2.57 2.48 2.70 2.64 2.53 2.42 2.36 17 2-year 5.43 6.26 3.83 3.03 3.02 3.56 3.42 3.71 3.60 3.47 3.39 3.30 18 3-year 5.49 6.22 4.09 3.56 3.55 4.14 4.01 4.31 4.18 4.05 3.99 3.88 19 5-year 5.55 6.16 4.56 4.34 4.30 4.74 4.65 4.88 4.79 4.66 4.62 4.56 20 7-year 5.79 6.20 4.88 4.79 4.71 5.14 5.02 5.26 5.16 5.03 5.00 4.92 71 10-year 5.65 6.03 5.02 5.04 4.91 5.28 5.21 5.38 5.32 5.22 5.21 5.13 22 20-year 6.20 6.23 5.63 5.69 5.61 5.93 5.85 6.00 5.93 5.85 5.85 5.79 Treasury long-term average10-" 23 25 years and above n.a. n.a. n.a. n.a. 5.56 5.88 5.82 5.95 5.89 5.83 5.83 55..7777 STATE AND LOCAL NOTES AND BONDS Moody's series12 74 Aaa 5.28 5.58 4.99 5.05 4.93 5.09 5.09 5.16 5.16 5.09 5.06 5.03 75 Baa 5.70 6.19 5.75 5.64 5.71 5.92 5.86 6.00 5.96 5.89 5.83 5.77 26 Bond Buyer series13 5.43 5.71 5.15 5.16 5.11 5.29 5.22 5.32 5.28 5.20 5.22 5.16 CORPORATE BONDS 27 Seasoned issues, all industries14 7.45 7.98 7.49 7.24 7.18 7.44 7.36 7.49 7.44 7.37 7.34 7.30 Rating group 78 Aaa15 7.05 7.62 7.08 6.55 6.51 6.81 6.76 6.87 6.83 6.75 6.74 6.74 79 Aa 7.36 7.83 7.26 7.03 6.95 7.22 7.16 7.26 7.21 7.16 7.15 7.11 30 A 7.53 8.11 7.67 7.50 7.37 7.62 7.49 7.66' 7.59' 7.51' 7.45 7.40 31 Baa 7.88 8.37 7.95 7.87 7.89 8.11 8.03 8.16' 8.14' 8.07' 8.02' 7.94 MEMO Dividend-price ratio16 32 Common stocks 1.25 1.15 1.32 1.38 1.43 1.37 1.42 1.38 1.41 1.40 1.41 1.45 NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly SOURCE: U.S. Department of the Treasury. statistical release. For ordering address, see inside front cover. 10. Based on the unweighted average of the bid yields for all Treasury fixed-coupon 1. The daily effective federal funds rate is a weighted average of rates on trades through securities with remaining terms to maturity of 25 years and over. New York brokers. 11. A factor for adjusting the daily long-term average in order to estaimate a 30-year rate 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the can be found at http://www.treas.gov/offices/domestic-finance/debt-management/interest-rate/ current week; monthly figures include each calendar day in the month. ltcompositeindex.html. 3. Annualized using a 360-day year or bank interest. 12. General obligation bonds based on Thursday figures; Moody's Investors Service. 4. Rate for the Federal Reserve Bank of New York. 13. State and local government general obligation bonds maturing in twenty years are used 5. Quoted on a discount basis. in compiling this index. The twenty-bond index has a rating roughly equivalent to Moodys' 6. Interest rates interpolated from data on certain commercial paper trades settled by the A1 rating. Based on Thursday figures. Depository Trust Company. The trades represent sales of commercial paper by dealers or 14. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors direct issuers to investors (that is, the offer side). See the Board's Commercial Paper web Service. Based on yields to maturity on selected long-term bonds. pages (http://www.federalreserve.gov/releases/cp) for more information. 15. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial 7. An average of dealer offering rates on nationally traded certificates of deposit. firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial. 8. Bid rates for eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for 16. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in indication purposes only. the price index. 9. Yields on actively traded issues adjusted to constant maturities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A24 Domestic NonfinancialS tatistics • July 2002 1.36 STOCK MARKET Selected Statistics 2001 2002 IInnddiiccaattoorr 11999999 22000000 22000011 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Prices and trading volume (averages of daily figures) CCCCCCCooooooommmmmmmmmmmmmmooooooonnnnnnn ssssssstttttttoooooooccccccckkkkkkk ppppppprrrrrrriiiiiiiccccccceeeeeeesssssss (((((((iiiiiiinnnnnnndddddddeeeeeeexxxxxxxeeeeeeesssssss))))))) 1111111 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((DDDDDDDeeeeeeeccccccc....... 33333331111111,,,,,,, 1111111999999966666665555555 ======= 55555550000000))))))) 619.52 643.71 606.03 604.52 544.39 556.04 575.31 582.82 581.74 569.55 600.74 587.58 2222222 IIIIIIInnnnnnnddddddduuuuuuussssssstttttttrrrrrrriiiiiiiaaaaaaalllllll 775.29 809.40 749.46 748.65 672.89 688.35 715.98 727.67 723.56 715.80 751.79 732.71 3333333 TTTTTTTrrrrrrraaaaaaannnnnnnssssssspppppppooooooorrrrrrrtttttttaaaaaaatttttttiiiiiiiooooooonnnnnnn 491.62 414.73 444.45 458.35 382.68 371.56 410.05 433.70 446.13 453.51 490.51 470.00 4444444 UUUUUUUtttttttiiiiiiillllllliiiiiiitttttttyyyyyyy 284.82 478.99 377.72 357.76 339.72 341.51 330.78 325.33 322.92 301.32 316.25 300.57 5555555 FFFFFFFiiiiiiinnnnnnnaaaaaaannnnnnnccccccceeeeeee 530.97 552.48 596.61 605.59 538.01 553.16 577.85 585.47 591.94 570.18 609.72 610.24 6666666 SSSSSSStttttttaaaaaaannnnnnndddddddaaaaaaarrrrrrrddddddd &&&&&&& PPPPPPPoooooooooooooorrrrrrr'''''''sssssss CCCCCCCooooooorrrrrrrpppppppooooooorrrrrrraaaaaaatttttttiiiiiiiooooooonnnnnnn (((((((1111111999999944444441111111-------44444443333333 ------- 11111110000000)))))))''''''' 1,327.33 1,427.22 1,194.18 1,178.51 1,044.64 1,076.59 1,129.68 1,144.93 1,140.21 1,100.67 1,153.79 1,112.03 7777777 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((AAAAAAAuuuuuuuggggggg....... 33333331111111,,,,,,, 1111111999999977777773333333 ======= 55555550000000)))))))3333333 770.90 922.22 879.08 883.01 823.78 825.91 814.78 828.19 835.02 845.81 891.08 915.09 VVVVVVVooooooollllllluuuuuuummmmmmmeeeeeee ooooooofffffff tttttttrrrrrrraaaaaaadddddddiiiiiiinnnnnnnggggggg (((((((ttttttthhhhhhhooooooouuuuuuusssssssaaaaaaannnnnnndddddddsssssss ooooooofffffff ssssssshhhhhhhaaaaaaarrrrrrreeeeeeesssssss))))))) 8888888 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 799,554 1,026,867 1,216,529 1,012,907 1,666,980 1,293,019 1,242,965 1,240,245 1,401,913 1,362,830 1,321,351 1,280,714 9999999 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 32,629 51,437 68,074 48,304 72,319 66,765 88,694 53,337 55,151 55,657 56,375 n.a. Customer financing (millions of dollars, end-of-period balances) 11111110000000 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrr-------dddddddeeeeeeeaaaaaaallllllleeeeeeerrrrrrrsssssss3333333 228,530 198,790 150,450 161,130 144,670 144,010 148,650 150,450 150,390 147,030 149,370 150,940 FFFFFFFrrrrrrreeeeeeeeeeeeee cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt bbbbbbbaaaaaaalllllllaaaaaaannnnnnnccccccceeeeeeesssssss aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrrsssssss'''''''''''''' 11111111111111 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss5555555 55,130 100,680 101,640 103,990 115,450 101,850 98,330 101,640 97,330 99,350 93,700 92,140 11111112222222 CCCCCCCaaaaaaassssssshhhhhhh aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss 79,070 84,400 78,040 73,710 74,220 69,550 72,090 78,040 75,110 72,730 69,790 68,540 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 1.40 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 5,935.1 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 bonds' 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 holder3 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. 26 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

A26 Domestic Nonfinancial Statistics • July 2002 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2002 2002, week ending item Jan. Feb. Mar. Feb. 27 Mar. 6 Mar. 13 Mar. 20 Mar. 27 Apr. 3 Apr. 10 Apr. 17 Apr. 24 By type of security 1 U.S. Treasury bills 37,522 42,233 44,546 46,041 45,570 40,283 44,145 45,143 60,775 46,932 40,435 32,157 Treasury coupon securities by maturity 2 Three years or less 137,139 122,427 148,829 154,118 165,986 126,245 133,712 176,569 130,006 111,450 120,773 153,801 3 More than three but less than or equal to six years 80,482 82,210 90,406 82,332 99,504 98,852 83,989 84,674 72,526 76,103 72,674 68,053 4 More than six but less than or equal to eleven years 72,361 69,912 76,902 64,496 73.869 80,437 87,647 68,496 59,665 59,192 63,474 59,420 5 More than eleven 18,413 15,747 21,396 15,490 17,318 23,711 24,174 20,340 17,524 14,443 16,631 18,561 6 Inflation-indexed2 2,153 1,735 1,794 1,981 1,433 1,876 1,618 2,073 2,303 1,948 2,739 1,900 Federal agency and governmentsponsored enterprises 7 Discount notes 56,379 54,029 49,852 50,547 59,060 48,300 45,465 46,347 60,244 47,009 49,187 47,084 Coupon securities by maturity 8 Three years or less 11,890 10,672 11,871 11,993 13,773 13,394 9,495 11,634 9,713 11,640 11,261 15,775 9 More than three years but less than or equal to six years 9,585 10,590 12,763 14,042 11,442 18,286 8,750 13,461 7,014 6,767 6,321 7,245 10 More than six years but less than or equal to eleven years .... 10,687 6,019 7,350 5,698 7,114 5,683 5,434 11,596 4,978 8,947 8,699 7,027 11 More than eleven years 980 1,473 1,201 930 1,384 1,116 1,543 886 761 782 506 1,283 12 Mortgage-backed 140,307 136,655 138,204 105,130 166,643 186,160 120,768 85,962 133,050 177,968 116,019 92,334 Corporate securities 13 One year or less 75,514 102,218 110,024 96,351 104,988 103,347 119,179 111,132 112,243 98,667 106,891 99,259 14 More than one year 20,307 18,835 24,309 19,117 22,264 25,585 23,063 26,930 19,224 19,337 18,384 19,235 By type of counterparty With interdealer broker 15 U.S. Treasury 155,689 156,162 174,400r 170,629 185,646 164,355 166,522 188,401 149,028 148,214 148,245 159,863 16 Federal agency and governmentsponsored enterprises 12,346 10,972 12,303r 11,518 12,834 13,624 10,166 13,383 8,864 12,274 10,228 13,062 17 Mortgage-backed 37,059 34,770 36,404r 28,067 43,109 50,720 30,510 21,395 42,528 48,421 36,459 29,504 18 Corporate 568 536 620 592 608 638 635 634 436 628 559 527 With other 19 U.S. Treasury 192,381 178,102 209,47 V 193,829 218,032 207,049 208,763 208,894 193,771 161,855 168,480 174,029 20 Federal agency and governmentsponsored enterprises 77,175 71,811 70,734' 71,692 79,940 73,154 60,521 70,540 73,847 62,871 65,745 65,353 21 Mortgage-backed 103,248 101,885 101,799r 77,063 123,534 135,439 90,258 64,567 90,521 129,547 79,560 62,830 22 Corporate 95,252 120,517 133,713 114,876 126,644 128,294 141,607 137,429 131,032 117,376 124,715 117,968 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 A27 1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing1 Millions of dollars 2002 2002, week ending item, uy type ot security Jan. Feb. Mar. Feb. 27 Mar. 6 Mar. 13 Mar. 20 Mar. 27 Apr. 3 Apr. 10 Apr. 17 Net Outright Positions2 1 U.S. Treasury bills 28,500 28,170 27,972 35,459 29,365 28,240 24,139 18,274 49,095 50,904 35,473 Treasury coupon securities by maturity 2 Three years or less -27,102 -28,348 -24,485 -26,162 -25,054 -25,831 -21,968 -25,092 -24,615 -25,689 -23,849 3 More than three years but less than or equal to six years -23,434 -23,482 -32,811 -23,869 -26,630 -33,222 -34,689 -34,535 -35,061 -34,418 -32,028 4 More than six but less than or equal to eleven years -17,847 -13,477 -16,734 -13,353 -15,694 -19,007 -15,430 -16,278 -17,398 -16,414 -19,356 5 More than eleven 9,521 12,230 7,431 11,791 10,973 9,360 5,014 5,348 6,615 7,531 8,237 6 Inflation-indexed 3,415 3,450 3,654 3,358 3,235 3,980 4,292 3,560 2,761 2,516 3,633 Federal agency and governmentsponsored enterprises 7 Discount notes 46,497 49,069 44,291 49,300 39,201 48,806 46,367 42,397 43,709 41,901 41,761 Coupon securities, by maturity 8 Three years or less 13,976 11,856 8,783 11,775 8,144 9,985 8,167 7,840 10,368 13,112 10,950 9 More than three years but less than or equal to six years 707 1,318 -41 2,817 -1,979 248 -555 1,524 524 3,817 3,770 10 More than six but less than or equal to eleven years 472 1,111 2,503 1,248 869 1,601 1,637 4,756 4,107 2,879 4,170 11 More than eleven 3,443 3,479 2,421 3,571 3,155 3,006 2,123 1,930 1,679 2,028 1,895 12 Mortgage-backed 13,742 6,195 7,596 202 -3,110 7,207 9,355 13,369 11,154 9,598 9,101 Corporate securities 13 One year or less 18,398 17,989 22,486 19,184 21,379 21,638 23,988 21,021 25,566 24,110 24,391 14 More than one year 39,681 36,235 42,634 37,172 38,416 41,053 43,072 46,209 44,704 48,692 44,164 Financing3 Securities in, U.S. Treasury 15 Overnight and continuing 539,785 547,472 561,103 551,470 560,526 569,429 565,327 547,750 563,375 542,945 556,094 16 Term 642,804 656,569 684,041 635,463 634,291 687,783 704,872 719,354 653,865 709,499 737,230 Federal agency and governmentsponsored enterprises 17 Overnight and continuing 131,213 140,693 143,017 131,699 145,325 139,231 145,875 139,946 146,552 158,010 156,175 18 Term 224,528 224,572 231,817 228,884 225,478 237,047 225,162 231,595 244,205 252,620 257,406 Mortgage-backed securities 19 Overnight and continuing 30,400 35,759 34,190 38,201 40,355 39,769 33,249 27,560 28,429 32,354 33,285 20 Term 212,612 217,733 217,741 216,524 217,717 220,960 217,599 214,309 218,400 227,691 222,742 Corporate securities 21 Overnight and continuing 38,733 41,282 44,546 42,354 43,808 44,549 44,718 44,613 45,226 45,693 46,193 22 Term 19,861 22,076r 22,000 21,483 21,768 21,594 22,106 22,181 22,553 22,643 22,288 MEMO Reverse repurchase agreements 23 Overnight and continuing 356,539 381,084 396,888 395,633 401,710 404,460 399,789 390,382 382,713 372,588 383,924 24 Term 967,513 997,678 1,022,616 970,575 972,051 1,033,257 1,037,880 1,045,210 1,013,590 1,085,830 1,111,235 Securities out, U.S. Treasury 25 Overnight and continuing 537,222 551,187 541,747 578,501 556,471 552,577 541,628 525,884 528,676 532,861 529,215 26 Term 572,591 580,525 617,458 551,633 559,003 612,452 639,945 656,622 606,014 653,758 682,354 Federal agency and governmentsponsored enterprises 27 Overnight and continuing 234,669 248,413 236,666 242,416 238,684 230,978 235,112 236,720 246,218 259,862 266,751 28 Term 167,974 167,477 177,049 168,268 170,434 182,742 172,942 171,138 194,537 207,408 213,399 Mortgage-backed securities 29 Overnight and continuing 288,665 286,742 285,270 290,597 266,431 294,422 292,810 288,682 278,345 270,840 314,099 30 Term 122,101 127,225 131,364 126,382 131,224 133,294 134,162 127,550 129,977 146,433 139,321 Corporate securities 31 Overnight and continuing 97,931 100,801 109,269 103,742 100,217 105,171 116,078 109,750 117,261 115,882 119,754 32 Term 14,398 17,993 17,912 18,234 17,913 19,233 17,016 17,563 17,780 17,528 18,975 MEMO Repurchase agreements 33 Overnight and continuing 1,010,207 1,044,255 1,024,379 1,071,774 1,017,584 1,041,599 1,033,480 1,009,422 1,014,688 1,023,015 1,071,491 34 Term 854,628 872,476 922,916 843,039 857,963 926,003 944,365 951,094 928,093 1,004,041 1,031,826 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

A28 Domestic NonfinancialS tatistics • July 2002 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 2001 2002 AAggeennccyy 11999988 11999999 22000000 22000011 Oct. Nov. Dec. Jan. Feb. 1 Federal and federally sponsored agencies 1,296,477 1,616,492 1,851,632 n.a. 26,781 n.a. n.a. n.a. n.a. 2 Federal agencies 26,502 26,376 25,666 276 6 275 276 290 169 3 Defense Department1 6 6 6 6 n.a. 6 6 6 6 4 Export-Import Bank2-3 n.a. n.a. n.a. n.a. 252 n.a. n.a. n.a. n.a. 5 Federal Housing Administration4 205 126 255 26,828 n.a. 26,655 26,828 26,741 26,431 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. 26,775 n.a. n.a. n.a. n.a. 8 Tennessee Valley Authority 26,496 26,370 25,660 270 n.a. 269 270 284 163 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 2,053,686 2,071,168 2,120,781 n.a. n.a. 11 Federal Home Loan Banks 382,131 529,005 594,404 623,740 618,071 617,146 623,740 623,990 619,541 12 Federal Home Loan Mortgage Corporation 287,396 360,711 426,899 565,071 540,371 546,566 565,071 571,867 584,476 13 Federal National Mortgage Association 460,291 547,619 642,700 763,500 726,200 737,500 763,500 760,500 765,200 14 Farm Credit Banks8 63,488 68,883 74,181 76,673 76,339 75,815 76,673 76,494 76,929 15 Student Loan Marketing Association9 35,399 41,988 45,375 48,350 50,075 51,494 48,350 49,400 50,500 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 1,261 1,261 1,261 1,261 1,261 1,261 1,261 1,261 1,261 18 Resolution Funding Corporation12 29,996 29,996 29,996 29,996 29,996 29,996 29,996 29,996 29,996 MEMO 19 Federal Financing Bank debt13 44,129 42,152 40,575 39,096 40,574 40,485 39,096 38,140 39,144 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. n.a. n.a. n.a. n.a. n.a. 26 Rural Electrification Administration 14,091 14,085 13,126 13,876 13,698 13,822 13,876 13,982 14,015 27 Other 20,538 21,402 22,174 25,220 26,876 26,663 25,220 24,158 25,129 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 A29 1.45 NEW SECURITY ISSUES Tax-Exempt State and Local Governments Millions of dollars 2001 2002 TTyyppee ooff iissssuuee oorr iissssuueerr,, oorr uussee 11999999 22000000 22000011 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 1 All issues, new and refunding1 215,427 180,403 270,566 13,159 30,446 30,105 28,363 20,523 20,175 23,842 23,261 By type of issue 2 General obligation 73,308 64,475 100,519 3,926 14,302 10,163 9,218 8,157 8,652 10,269 8,559 3 Revenue 142,120 115,928 170,047 9,233 16,144 19,942 19,146 12,366 11,523 13,574 14,702 By type of issuer 4 State 16,376 19,944 30,099 1,504 6,008 2,271 746 1,826 3,238 3,265 3,057 5 Special district or statutory authority2 152,418 111,695 281,427 9,137 17,382 21,601 22,525 14,369 11,950 15,479 15,520 6 Municipality, county, or township 46,634 39,273 61,040 2,518 7,056 6,233 5,093 4,329 4,987 5,098 4,683 7 Issues for new capital 161,065 154,257 192,161 10,110 21,249 21,009 21,389 14,631 13,248 16,856 17,115 By use of proceeds 8 Education 36,563 38,665 50,054 3,017 4,279 4,475 4,818 4,138 3,961 5,484 5,279 9 Transportation 17,394 19,730 21,411 1,195 1,587 2,882 1,349 1,079 613 1,633 773 10 Utilities and conservation 15,098 11,917 21,917 1,025 2,324 2,429 2,560 1,711 1,606 1,290 2,091 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 6,607 663 688 359 1,642 539 125 515 344 13 Other purposes 47,896 47,309 55,733 1,732 9,158 5,281 6,319 4,639 4,897 4,894 6,784 1. Par amounts of long-term issues based on date of sale. SOURCE. Securities Data Company beginning January 1990Investment 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,, oorr iissssuueerr 11999999 22000000 22000011 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 1 All issues' 1,072,866 942,198 1,382,003 97,944 89,855 139,181 123,517 96,576 102,688 86,090 158,904 2 Bonds2 941,298 807,281 1,253,449 89,990 84,509 123,346 110,888 81,339 88,241 79,515 145,984 By type of offering 3 Sold in the United States 818.683 684,484 1,197.060 86,759 80,223 120,162 106,563 79,636 79,472 73,474 128,026 4 Sold abroad 122,615 122,798 56,389 3,231 4,286 3,185 4,326 1,703 8,770 6,041 17,958 MEMO 5 Private placements, domestic 24,703 18,370 8,734 48 0 224 4,936 2,880 0 0 0 By industry group 6 Nonfinancial 293,963 242,207 445,930 28.546 31,920 43,830 42,189 21,647 18,894 30,770 43,231 7 Financial 647,335 565,074 807,519 61,443 52,589 79,517 68,699 59,692 69,348 48,746 102,753 8 Stocks3 244,308r 320,357r 228,554r 16,287r 13,679r 24,168r 20,962r 23,570r 14,447 6,575 12,920 By type of offering 9 Public 131,568 134,917 128,554 7,954 5,346 15,835 12,629 15,237 14,447 6,575 12,920 10 Private placement4 112,740r 185,440' 100,000 8,333 8,333 8,333 8,333 8,333 n.a. n.a. n.a. By industry group 11 Nonfinancial 110,284 118,369 77,577 5,487 81 7,611 7,592 7,771 9,579 4,024 4,893 12 Financial 21,284 16,548 50,977 2,467 5,265 8,224 5,037 7,466 4,868 2,551 8,027 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

A30 Domestic NonfinancialS tatistics • July 2002 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2001 2002 IItteemm 22000000 22000011 Sept. Oct. Nov. Dec. Jan. Feb. Mar.r Apr. 1 Sales of own shares2 2,279,315 1,806,474 105,038 153,827 147,192 151,779 171,499 141,463 170,326 163,387 2 Redemptions of own shares 2,057,277 1,677,266 127,995 137,837 124,060 149,705 138,773 123.013 130,661 140,658 3 Net sales3 222,038 129,208 -22,957 15,990 23,132 2,074 32,726 18,450 39,665 22,729 4 Assets4 5,123,747 4,689,624 4,253,850 4,376,923 4,625,601 4,689,624 4,667,688 4,623,041 4,814,961 4,703,614 5 Cash5 277,386 219,620 223,077 229,576 239,671 219,620 240,141 234,510 241,078 248,173 6 Other 4,846,361 4,470,004 4,030,773 4,147,347 4,385,930 4,470,004 4,427,547 4,388,531 4,573,883 4,455,441 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. 1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 2000 2001 2002 AAccccoouunntt 11999999 22000000 220000rr Q3 Q4 Ql Q2 Q3 Q4' Ql ASSETS 1 Accounts receivable, gross2 845.4 958.6 970.7 939.9 958.6 954.4 988.7 967.7 970.7 926.5 2 Consumer 304.4 327.9 340.0 331.5 327.9 319.2 324.5 329.2 340.0 329.8 3 Business 395.1 458.4 447.0 443.0 458.4 459.1 481.9 451.1 447.0 443.0 4 Real estate 145.8 172.3 183.7 165.4 172.3 176.1 182.3 187.4 183.7 153.8 5 LESS: Reserves for unearned income 61.4 69.7 60.4 68.3 69.7 69.9 61.5 60.8 60.4 59.1 6 Reserves for losses 14.7 16.7 20.9 15.6 16.7 17.2 17.4 18.0 20.9 21.3 7 Accounts receivable, net 769.3 872.2 889.4 856.1 872.2 867.3 909.7 888.9 889.4 846.0 8 All other 406.6 461.5 501.2 442.3 461.5 474.8 459.0 478.8 501.2 520.6 9 Total assets 1,175.9 1,333.7 1,390.6 1,298.4 1,333.7 1,342.1 1,368.7 1,367.7 1,390.6 1,366.6 LIABILITIES AND CAPITAL 10 Bank loans 35.4 35.9 50.8 35.7 35.9 41.6 45.3 44.5 50.8 49.4 11 Commercial paper 230.4 238.8 158.6 218.8 238.8 180.9 181.6 171.0 158.6 137.0 Debt 17 Owed to parent 87.8 102.5 99.3 100.0 102.5 97.2 93.4 91.7 99.3 82.6 13 Not elsewhere classified 429.9 502.2 567.6 507.3 502.2 533.8 542.1 555.8 567.6 572.8 14 All other liabilities 237.8 301.8 325.7 288.1 301.8 325.1 336.3 327.6 325.7 327.9 15 Capital, surplus, and undivided profits 154.5 152.5 188.7 148.5 152.5 163.5 170.0 177.2 188.7 197.0 16 Total liabilities and capital 1,175.9 1,333.7 1,390.6 1,298.4 1,333.7 1,342.1 1,368.7 1,367.7 1,390.6 1,366.6 1. Includes finance company subsidiaries of bank holding companies but not of retailers 2. Before deduction for unearned income and losses. Excludes pools of securitized assets, and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Securities Markets and Corporate Finance A31 1.52 DOMESTIC FINANCE COMPANIES Owned and Managed Receivables1 Billions of dollars, amounts outstanding 2001 2002 Oct. Nov. Dec. Jan.' Feb.' Mar. Seasonally adjusted 1 Total 1,031.2 1,186.9 l,252.3r l,256.2r l,263.9r l,252.3r 1,237.2 1,243.9 1,235.5 2 Consumer 410.2 465.2 514.6' 499.4 511.0 514.6' 512.1 519.3 517.8 3 Real estate 174.0 198.9 211.6 220.7' 215.0' 211.6 203.1 200.4 195.0 4 Business 446.9 522.8 526.2 536.1 537.9 526.2 522.0 524.1 522.7 Not seasonally adjusted 5 Total 1,036.4 1,192.1 l,257.6r l,251.0r l,258.2r l,257.6r 1,241.1 1,245.1 1,240.2 6 Consumer 412.7 468.3 518.1' 501.1 514.2 518.1' 512.8 517.6 513.4 7 Motor vehicle loans 129.2 141.6 173.9 164.6 177.2 173.9 168.9 172.5 171.9 8 Motor vehicle leases 102.9 108.2 103.5 107.3 105.5 103.5 102.4 101.2 97.5 9 Revolving2 32.5 37.6 31.5 28.5 30.2 31.5 29.8 28.8 27.9 10 Other3 39.8 40.7 31.1 31.2 31.4 31.1 31.4 31.8 32.4 Securitized assets4 11 Motor vehicle loans 73.1 97.1 131.9 124.3 125.0 131.9 135.1 136.8 137.8 12 Motor vehicle leases 9.7 6.6 6.8 6.9 7.0 6.8 6.7 6.6 6.5 13 Revolving 6.7 19.6 25.0r 23.5 23.4 25.0' 24.6 26.0 25.8 14 Other 18.8 17.1 14.3 14.8 14.5 14.3 13.8 13.9 13.6 15 Real estate 174.0 198.9 211.6 220.7' 215.0' 211.6 203.1 200.4 195.0 16 One- to four-family 108.2 130.6 142.5 150.1 142.9 142.5 118.3 118.7 117.0 17 Other 37.6 41.7 41.2 44.1 44.9 41.2 40.2 38.8 36.8 Securitized real estate assets4 18 One- to four-family 28.0 24.7 22.2 22.7 22.4 22.2 40.3 40.1 39.8 19 Other .2 1.9 5.7 3.8' 4.8' 5.7 4.3 2.8 1.4 20 Business 449.6 525.0 527.9 529.3 529.0 527.9 525.2 527.0 531.9 21 Motor vehicles 69.4 75.5 54.0 52.7 52.9 54.0 51.9 54.3 58.0 22 Retail loans 21.1 18.3 16.1 16.8 16.2 16.1 16.3 16.7 17.1 23 Wholesale loans5 34.8 39.7 20.3 18.7 19.5 20.3 18.0 20.1 22.8 24 Leases 13.6 17.6 17.6 17.2 17.2 17.6 17.6 17.5 18.0 25 Equipment 238.7 283.5 289.4 294.4 291.8 289.4 287.3 285.5 284.2 26 Loans 64.5 70.2 77.8 80.2 76.7 77.8 78.0 78.7 81.5 27 Leases 174.2 213.3 211.6 214.1 215.1 211.6 209.3 206.7 202.7 28 Other business receivables6 87.0 99.4 103.5 108.3 110.8 103.5 103.7 100.8 100.8 Securitized assets4 29 Motor vehicles 31.5 37.8 50.1 45.3 43.9 50.1 48.4 45.4 44.0 30 Retail loans 2.9 3.2 5.1 2.4 3.0 5.1 4.0 3.1 2.3 31 Wholesale loans 26.4 32.5 42.5 40.3 38.3 42.5 41.9 39.6 39.0 32 Leases 2.1 2.2 2.5 2.7 2.7 2.5 2.6 2.7 2.7 33 Equipment 14.6 23.1 23.2 22.5 23.4 23.2 22.3 25.5 25.4 34 Loans 7.9 15.5 16.4 14.5 15.5 16.4 15.5 18.6 18.5 35 Leases 6.7 7.6 6.8 8.0 7.9 6.8 6.8 6.8 6.9 36 Other business receivables6 8.4 5.6 7.7 6.1 6.2 7.7 11.6 15.6 19.5 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

A32 DomesticN onfinancialS tatistics • July 2002 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2001 2002 Oct. Nov. Dec. Jan. Feb. Mar. Apr. Terms and yields in primary and secondary markets PRIMARY MARKETS Terms' 1 Purchase price (thousands of dollars) 210.7 234.5 245.0 242.9 252.2 253.0 245.8 250.6 255.6 262.9 2 Amount of loan (thousands of dollars) 161.7 177.0 184.2 181.2 189.1 190.0 186.7 190.1 193.3 198.9 3 Loan-to-price ratio (percent) 78.7 77.4 77.3 76.9 77.2 77.2 78.1 78.2 78.2 77.7 4 Maturity (years) 28.8 29.2 28.8 28.5 28.6 28.9 28.8 28.8 29.1 28.8 5 Fees and charges (percent of loan amount)2 .77 .70 .67 .67 .63 .69 .66 .62 .62 .64 Yield (percent per year) 6 Contract rate' 6.94 7.41 6.90 6.63 6.54 6.68 6.77 6.72 6.66 6.65 7 Effective rate1,3 7.06 7.52 7.00 6.73 6.63 6.79 6.87 6.82 6.76 6.74 8 Contract rate (HUD series)4 7.45 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. SECONDARY MARKETS Yield (percent per year) 9 FHA mortgages (section 203)5 7.74 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10 GNMA securities6 7.03 7.57 6.36 5.86 5.96 6.43 6.32 6.13 6.50 6.33 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 523,941 610,122 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12 FHA/VA insured 55,318 61,539 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13 Conventional 468,623 548,583 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 14 Mortgage transactions purchased (during period) 195,210 154,231 270,384 20,020 25,389 36,769 36,392 33,249 21,305 23,175 Mortgage commitments (during period) 15 Issued7 187,948 163.689 304,084 35,275 49,909 19,867 21,544 19,321 13,340 n.a. 16 To sell8 5,900 11,786 7,586 1,676 807 2,083 255 1,419 1,748 n.a. FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of periodf 17 Total 324,443 385,693 491,719 477,588 483,911 491,719 508,238 522,886 526,107 521,611 18 FHA/VA insured 1.836 3,332 3,506 2,553 3,562 3,506 3,447 3,387 3,332 3,267 19 Conventional 322.607 382,361 488,213 475,035 480,349 488,213 504,791 519,499 522,775 518,344 Mortgage transactions (during period) 20 239,793 174,043 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 21 Sales 233,031 166,901 389,611 31,646 38,958 50,532 49,031 47,473 42,545 40,704 22 Mortgage commitments contracted (during period)9 228,432 169,231 417,434 41,346 42,619 51,456 47,076 41,442 41,561 36,368 1. Weighted averages based on sample surveys of mortgages originated by major institu- 6. Average net yields to investors on fully modified pass-through securities backed by tional lender groups for purchase of newly built homes; compiled by the Federal Housing mortgages and guaranteed by the Government National Mortgage Association (GNMA), Finance Board in cooperation with the Federal Deposit Insurance Corporation. assuming prepayment in twelve years on pools of thirty-year mortgages insured by the 2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. seller) to obtain a loan. 7. Does not include standby commitments issued, but includes standby commitments 3. Average effective interest rate on loans closed for purchase of newly built homes, converted. assuming prepayment at the end of ten years. 8. Includes participation loans as well as whole loans. 4. Average contract rate on new commitments for conventional first mortgages; from U.S. 9. Includes conventional and government-underwritten loans. The Federal Home Loan Department of Housing and Urban Development (HUD). Based on transactions on the first Mortgage Corporation's mortgage commitments and mortgage transactions include activity day of the subsequent month. under mortgage securities swap programs, whereas the corresponding data for the Federal 5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by National Mortgage Association exclude swap activity. the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Real Estate A3 3 1.54 MORTGAGE DEBT OUTSTANDING1 Millions of dollars, end of period 2001 2002 TTyyppee ooff hhoollddeerr aanndd pprrooppeerrttyy 11999988 11999999 22000000 Qi Q2 Q3 Q4 Ql» 1 All holders 5,718,477r 6,325,012r 6,887,458' 7,011,255' 7,217,523' 7,410,814' 7,596,130' 7,752,769 By type of property 2 One- to four-family residences 4,367,356r 4,792,280' 5,205,588' 5,300,170' 5,460,014' 5,602,177' 5,740,121' 5,871,807 3 Multifamily residences 332,605r 371,242' 406,189' 415.235' 426,896' 440,658' 453,424' 461.574 4 Nonfarm, nonresidential 922,009' 1,058,528' 1,166,846' 1,185,977' 1,217,562' 1,253.314' 1,286,358' 1,301,486 5 Farm 96,506 102,962 108,836 109,873 113,050 114,665' 116,227' 117,902 By type of holder 6 Major financial institutions 2,195,869 2,396,265 2,620,886 2.664,837 2,716,269 2,737,607 2,792,907' 2,789,210 7 Commercial banks2 1,338,273 1,496,844 1,661,411 1,688,673 1,727,463 1,740.321 1,793.061 1,802,265 8 One- to four-family 798,009 880,208 966,502 978,144 999,396 989,081 1,024,842 1,019,408 9 Multifamily 54,174 67.666 77.821 79,890 80,542 84,051 84,981 86,826 10 Nonfarm, nonresidential 457,054 517,130 583,071 596,405 612,366 631.757 647,669 660,052 11 Farm 29,035 31,839 34,016 34,234 35,159 35.432 35,569 35,978 12 Savings institutions3 643,957 668,634 723,534 741,114 751,660 758,343 758,109 745,915 13 One- to four-family 533,895 549,046 595,053 608,289 616,506 620,882 620,975 605,494 14 Multifamily 56,847 59,168 61,094 62,666 63,193 64.193 64,323 65,002 15 Nonfarm, nonresidential 52,798 59,945 66,852 69,589 71,378 72,695 72,275 74,863 16 Farm 417 475 535 569 583 574 536 557 17 Life insurance companies 213,640 230,787 235.941 235,050 237,146 238,943 241,737' 241,030 18 One- to four-family 6,590 5,934 4,903 4,877 5,003 5,085 5,144' 5,129 19 Multifamily 31,522 32,818 33.681 33,557 33,842 33,842 34,488' 34,387 20 Nonfarm, nonresidential 164,004 179,048 183,757 183,078 184,634 186,235 188,165' 187,615 21 Farm 11,524 12,987 13,600 13,538 13,667 13,781 13,940' 13,899 22 Federal and related agencies 293,602 322,132 343,962 347.463' 356,817' 363,001' 376,969' 385,027 23 Government National Mortgage Association 7 7 6 6 6 9 8 8 24 One- to four-family 7 7 6 6 6 9 8 8 25 Multifamily 0 0 0 0 0 0 0 0 26 Farmers Home Administration4 40,851 73,871 73,323 73,361 73,206 72,118 72,452 72,362 27 One- to four-family 16,895 16,506 16,372 16,297 16,153 15,916 15,824 15,665 28 Multifamily 11,739 11,741 11,733 11,725 11,720 11,710 11,712 11,707 29 Nonfarm, nonresidential 7,705 41,355 41.070 41,247 41,262 40,470 40.965 41,134 30 Farm 4,513 4,268 4,148 4,093 4,072 4,023 3,952 3,855 31 Federal Housing Admin, and Department of Veterans Affairs 3,674 3,712 3,507 2,873 2,918 3,155 3,290 3.361 32 One- to four-family 1,849 1,851 1,308 1.276 1,267 1,251 1,260 1,255 33 Multifamily 1,825 1,861 2,199 1,597 1,651 1,904 2,031 2,105 34 Resolution Trust Corporation 0 0 0 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 50 24 26 13 7 40 One- to four-family 58 25 7 8 4 4 2 1 41 Multifamily 70 29 9 10 5 5 3 1 42 Nonfarm, nonresidential 233 98 29 32 15 17 8 43 Farm 0 0 0 0 0 0 0 0 44 Federal National Mortgage Association 157,675 151,500 155,363 157,481' 160,820' 165,687' 169,908' 176,051 45 One- to four-family 147,594 141,195 144,150 145,014 147,730 151,786 155,060 160,300 46 Multifamily 10,081 10,305 11,213 12,467' 13,090' 13.901' 14,848' 15,751 47 Federal Land Banks 32,983 34,187 36,326 37,072 38,686 39.722 40,855' 41,981 48 One- to four-family 1,941 2,012 2,137 2,181 2,276 2,337 2,404' 2,470 49 Farm 0 0 0 0 0 0 0 0 50 Federal Home Loan Mortgage Corporation 57,085 56,676 59,240 60,110 61,542 59,638 62,792' 59,624 51 One- to four-family 49,106 44,321 42,871 42,771 42,537 39,217 40,309' 35,955 52 Multifamily 7,979 12,355 16,369 17,339 19,005 20,421 22,483 23,669 53 Mortgage pools or trusts5 2,581,297' 2,948,245' 3,231,415' 3,300,561' 3,432,654' 3,583,079' 3,697,560' 3,871,461 54 Government National Mortgage Association 537,446 582.263 611,553 601,523 598,019' 603,186' 591,368' 587,631 55 One- to four-family 522,498 565,189 592,624 581,743 577,228' 581,796' 569,460' 564,535 56 Multifamily 14,948 17,074 18,929 19,780 20,792 21,391 21,908 23,096 57 Federal Home Loan Mortgage Corporation 646,459 749,081 822,310 833,616 873,750 927,490 948,409 1,012,478 58 One- to four-family 643,465 744,619 816,602 827,769 867,924 921,709 940,933 1,005,136 59 Multifamily 2,994 4,462 5,708 5,847 5,826 5,781 7,476 7,342 60 Federal National Mortgage Association 834,517 960,883 1,057,750 1,099,049 1,163,978 1,228,131 1,290,351 1,355,404 61 One- to four-family 804,204 924,941 1,016,398 1,055,412 1,116.534 1,177,995 1,238,125 1,301,374 62 Multifamily 30,313 35,942 41,352 43,637 47,444 50,136 52,226 54,030 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 562,874r 656,018' 739,802' 766,373' 796.907' 824,272' 867,432' 915,948 69 One- to four-family6 405,153 455,021 499,834 523,300 539.200 550,039' 574,500 618,400 70 Multifamily 33,784 42,293 48,786 49,007' 50,836' 53,627' 56,910' 57.808 71 Nonfarm, nonresidential 123,937r 158,704' 191,182' 194,066' 206,871' 220,606' 236,022' 239,740 72 Farm 0 0 0 0 0 0 0 0 73 Individuals and others7 647,709r 658,371' 691,196' 698,394' 711,784' 727,126' 728,693' 707,071 74 One- to four-family 435,138r 459,609' 490,890' 496,778' 508,826' 522,597' 523,781' 505,183 75 Multifamily 76,320r 75,297' 77,074' 77,509' 78,764' 79,524' 79,880' 79,709 76 Nonfarm, nonresidential 116,277' 102,248' 100,884' 101,559' 101,035' 101,534' 101,254' 98,078 77 19,974 21,217 22,348 22,547 23,160 23,471 23,779' 24,102 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

A34 Domestic NonfinancialS tatistics • July 2002 1.55 CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2001 2002 Oct.' Nov.' Dec/ Jan.' Feb.' Mar. Seasonally adjusted 1 Total 1,416,316 1,560,571 1,669,283 1,644,735 1,665,354 1,669,283 1,675,493 1,682,482 1,689,252 2 Revolving 597,669 666,544 702,073 700,062 707,332 702,073 703,639 704,950 707,336 3 Nonrevolving2 818,647 894,027 967,210 944,673 958,022 967,210 971,854 977,531 981,916 Not seasonally adjusted 4 Total 1,446,127 1,593,051 1,703,291 1,644,581 1,672,897 1,703,291 1,688,710 1,679,719 1,678,071 By major holder 5 Commercial banks 499,758 541,470 558,023 540,503 550,083 558,023 557,190 552,066 550,809 6 Finance companies 201,549 219,783 236,511 224,260 238,850 236,511 230,055 233,166 232,264 7 Credit unions 167,921 184,434 189,570 187,671 188,730 189,570 188,126 186,509 186,476 8 Savings institutions 61,527 64,557 69,070 68,715 68,890 69,070 68,906 68,758 68,595 9 Nonfinancial business 80,311 82,662 67,939 58,763 60,384 67,939 63,183 59,073 58,102 10 Pools of securitized assets3 435,061 500,145 582,178 564,669 565,961 582,178 581,250 580,147 581,825 By major type of credit4 11 Revolving 621,914 692,955 729,581 693,916 706,955 729,581 715,205 705,813 701,107 12 Commercial banks 189,352 218,063 224,486 209,703 219,566 224,486 218,979 217,513 216,291 13 Finance companies 32,483 37,561 31.484 28,489 30,245 31,484 29,762 28,844 27,918 14 Credit unions 20,641 22,226 22,265 21,314 21,597 22,265 21,516 21,250 20,813 15 Savings institutions 15,838 16,560 17,767 17,202 17,480 17,767 17,498 17,256 16,988 16 Nonfinancial business 42,783 42,430 29,790 23,709 24,463 29,790 26,280 23,041 22,402 17 Pools of securitized assets3 320,817 356,114 403,789 393,499 393,605 403,789 401,170 397,909 396,695 18 Nonrevolving 824,213 900,095 973,710 950,665 965,942 973,710 973,506 973,906 976,964 19 Commercial banks 310.406 323,407 333,537 330,800 330,517 333,537 338,212 334,553 334,518 20 Finance companies 169.066 182,221 205,027 195,771 208,605 205,027 200,294 204,322 204,346 21 Credit unions 147.280 162,208 167,305 166,357 167,133 167,305 166,610 165,259 165,663 22 Savings institutions 45.689 47,997 51,303 51,513 51,410 51,303 51,408 51,502 51,607 23 Nonfinancial business 37,528 40,232 38,149 35,054 35,921 38,149 36,903 36,031 35,699 24 Pools of securitized assets3 114,244 144,031 178,389 171,170 172,356 178,389 180,080 182,238 185,131 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. INTEREST RATES Commercial banks2 1 48-month new car 8.44 9.34 8.50 n.a. n.a. 7.86 n.a. n.a. 7.50 n.a. 2 24-month personal 13.39 13.90 13.22 n.a. n.a. 12.62 n.a. n.a. 11.72 n.a. Credit card plan 3 All accounts 15.21 15.71 14.89 n.a. n.a. 14.22 n.a. n.a. 13.65 n.a. 4 Accounts assessed interest 14.81 14.91 14.44 n.a. n.a. 13.88 n.a. n.a. 12.98 n.a. Auto finance companies 5 New car 6.66 6.61 5.65 5.42 2.71 2.89 3.31 4.02 n.a. n.a. 6 Used car 12.60 13.55 12.18 12.01 11.41 10.96 10.89 10.84 n.a. n.a. OTHER TERMS3 Maturity (months) 7 New car 52.7 54.9 55.1 57.2 53.7 51.0 48.6 48.8 56.4 56.4 8 Used car 55.9 57.0 57.5 57.6 57.2 56.7 56.5 57.3 57.8 57.7 Loan-to-value ratio 9 New car 92 92 91 92 94 92 91 90 89 90 10 Used car 99 99 100 101 100 100 100 100 100 100 Amount financed (dollars) 11 New car 19,880 20,923 22,822 23,049 24,443 24,934 24,812 24,137 22,741 23,065 12 Used car 13,642 14,058 14,416 14,408 14,627 14,669 14,653 14,355 14,049 14,149 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 7 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates 2000 2001 2002 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999966 11999977 11999988 11999999 Q3 Q4 Ql Q2r Q3 Q4' Ql Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial sectors .. 733.6r 804.7 l,042.9r l,069.4r 861.8r 810.8r 758.0r 974. lr 985.4 l,328.5r 1,127.0 999.4 By sector and instrument 7 Federal government 144.9' 23.1 -52.6 -71.2 -295.9 -226.2 -331.3 -4.3 -256.0 255.7 -17.6 112.0 3 Treasury securities 146.6 23.2 -54.6 -71.0 -294.9 -223.8 -330.2 -2.1 -257.1 256.0 -16.9 113.8 4 Budget agency securities and mortgages -1.6 -.1 2.0 -.2 -1.0 -2.4 -1.2 -2.2 1.1 -.4 -.7 -1.8 5 Nonfederal 588.6 781.6 1,095.5' 1,140.6' 1,157.6' 1,037.0' 1,089.3' 978.4' 1,241.4 1,072.8' 1,144.6 887.4 By instrument Commercial paper -.9 13.7 24.4 37.4 48.1 56.1 ^t.O -199.2 -133.4 -66.1 4455..55 -155.7 7 Municipal securities and loans 2.6 71.4 96.8 68.2 35.3 31.0 60.1 110.7 112.4 56.0 191.1 78.7 8 Corporate bonds 116.3 150.5 218.7 229.9 171.1 168.8 175.6 399.5 419.5 187.9 323.5 233.8 9 Bank loans n.e.c 7n.4 106.4 108.1 82.6 103.1 47.0 59.3 -16.0' -144.1 -5.4' -183.8 -15.4 in Other loans and advances 28.7 59.5 82.1 57.1 101.5 16.5 125.2 -12.6 118.2 81.9 -108.9 -25.6 11 Mortgages 280.4 322.5 490.4' 565.9' 559.6' 563.8' 542.4' 551.5' 792.8 747.8' 727.2 691.7 l? Home 245.7 258.3 387.2' 424.8' 416.5' 438.0' 390.5' 429.9' 623.1 538.9' 541.5 593.6 13 Multifamily residential 9.4 7.5 22.2' 36.4' 34.5' 27.0' 39.8' 34.3' 45.3 56.3r 51.9 30.3 14 22.6 53.5 74.5' 98.9' 102.1' 92.3' 110.1' 83.0' 112.0 146.0' 127.8 61.2 15 2.7 3.1 6.5 5.8 6.5 6.5 2.0 4.3' 12.3 6.7' 6.1 6.6 16 Consumer credit 91.3 57.5 75.0 99.5 139.0 153.8 130.7 144.5' 76.0 70.6' 149.9 79.9 By borrowing sector 17 343.8 332.7 454.4' 501.6' 545.9' 573.2' 500.7' 520.4' 667.6 664488..66'' 662222..00 669955..88 18 Nonfinancial business 251.6 392.8 560.8' 586.6' 584.6' 440.0' 534.9' 354.2' 465.2 381.2' 365.2 127.4 19 Corporate 179.4 291.9 393.1' 398.7' 403.0r 278.8' 362.9' 186.6' 284.4 223.9' 214.2 12.6 ?n Nonfarm noncorporate 67.3 94.7 159.7' 182.4' 170.7' 154.1' 159.2' 161.6' 170.9 153.9' 140.8 109.6 71 4.9 6.2 8.0 5.5 10.9 7.2 12.8 5.9' 9.9 3.4 10.2 5.2 22 State and local government -6.8 56.1 80.3 52.3 27.2 23.8 53.7 103.9 108.7 43.0 157.5 64.2 23 Foreign net borrowing in United States 88.4 71.8 43.4 27.9 67.0 88.6 66.8 8.7' -53.4 -102.8 12.1 49.4 74 Commercial paper 11.3 3.7 7.8 16.3 31.7 7.0 50.1 -26.5 -6.7 -27.6 3.9 66.6 95 67.0 61.4 34.9 16.8 25.2 71.4 9.0 33.3' -15.9 -78.8 27.4 -16.1 ?6 Bank loans n.e.c 9.1 8.5 6.7 .5 11.3 11.9 12.2 13.6' -31.6 4.4 -16.3 14.1 27 Other loans and advances 1.0 -1.8 -6.0 -5.7 -1.3 -1.7 -4.6 -11.6 .7 -.8 -2.9 -15.2 28 Total domestic plus foreign 822.0 876.5 l,086.3r l,097.3r 928.7r 899.4r 824.8r 982.8r 932.0 l,225.7r 1,139.1 1,048.8 Financial sectors 29 Total net borrowing by financial sectors 550.1 662.2 1,087.2 1,084.4 815.6 794.0 963.1 862.7r 796.9 l,108.5r 949.4 933.3 By instrument 3n Federal government-related 231.4 212.9 470.9 592.0 433.5 514.8 613.6 432.6 674.6 818.4' 591.8 692.8 31 Government-sponsored enterprise securities 90.4 98.4 278.3 318.2 234.1 278.1 304.5 262.3 268.3 326.2 306.5 191.3 32 Mortgage pool securities 141.0 114.6 192.6 273.8 199.4 236.7 309.1 170.3 406.2 492.2r 285.3 501.5 33 Loans from U.S. government .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 34 Private 318.7 449.3 616.3 492.5 382.1 279.2 349.5 430.1' 122.3 290.1' 357.6 240.5 35 Open market paper 92.2 166.7 161.0 176.2 127.7 106.5 153.2 -134.6 -85.4 -85.6 58.2 -244.4 36 Corporate bonds 178.1 218.9 310.1 218.2 205.9 205.0 203.7 437.4' 188.3 326.7' 295.3 457.9 37 Bank loans n.e.c 12.6 13.3 30.1 -14.2 -.3 -6.7 27.0' 14.2 -7.1' 21.0 3.1 38 Other loans and advances 27.9 35.6 90.2 107.1 42.5 -31.6 -4.8 107.8 -11.0 58.0 -15.3 17.3 39 Mortgages 7.9 14.9 24.8 5.1 6.2 6.0 1.8 -7.5 16.2 -1.9 -1.6 6.6 By borrowing sector 4n Commercial banking 13.0 46.1 72.9 67.2 60.0 43.4 18.8 148.3 -15.8 59.0 1199..99 3399..11 41 Savings institutions 25.5 19.7 52.2 48.0 27.3 -37.9 20.4 62.4' 16.0 19.4' -68.1 -25.7 47 Credit unions .1 .1 .6 2.2 .0 1.1 1.0 -.6 .8 1.5 4.4 2.4 43 Life insurance companies 1.1 .2 .7 .7 -.7 -.3 -.7 -2.4 .1 3.5 1.4 2.4 44 Government sponsored enterprises 90.4 98.4 278.3 318.2 234.1 278.1 304.5 262.3 268.3 326.2 306.5 191.3 45 Federally related mortgage pools 141.0 114.6 192.6 273.8 199.4 236.7 309.1 170.3 406.2 492.2' 285.3 501.5 46 Issuers of asset-backed securities (ABSs) 150.8 202.2 321.4 223.4 196.3 156.2 307.9 295.8 172.3 324.3' 360.1 370.0 47 Finance companies 50.6 57.8 57.1 70.3 81.2 98.1 26.1 -72.8 64.1 21.5 -12.6 -61.3 48 Mortgage companies 4.1 -A.6 1.6 .2 ..11 -.3 1.0 .7 .6 ..88 .6 ..88 49 Real estate investment trusts (REITs) 11.9 39.6 62.7 6.3 22..77 -2.4 -8.1 -6.1 10.5 --22..44 7.8 77..44 50 Brokers and dealers -2.0 8.1 7.2 -17.2 15.6 25.4 -6.6 -23.7' 35.6 12.6 -19.0 -10.4 51 Funding corporations 63.8 79.9 40.0 91.5 -.4 -4.2 -10.4 28.6' -162.0 -150.2 62.9 -84.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A36 Domestic NonfinancialS tatistics • July 2002 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates 2000 2001 2002 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999966 11999977 11999988 11999999 22000000 Q3 Q4 Qlr Q2' Q3' Q4' Ql All sectors 52 Total net borrowing, all sectors l,372.0r 1,538.7 2,173.4r 2,181.7r l,744.3r 1,693.4' l,787.8r 1,845.5 1,728.8 2,334.2 2,088.5 1,982.1 53 Open market paper 102.6 184.1 193.1 229.9 207.5 169.7 199.3 -360.2 -225.5 -179.3 107.6 -333.5 54 U.S. government securities 376.3' 236.0 418.3 520.7 137.6 288.6 282.2 428.2 418.5 1,074.1 574.2 804.8 55 Municipal securities 2.6 71.4 96.8 68.2 35.3 31.0 60.1 110.7 112.4 56.0 191.1 78.7 56 Corporate and foreign bonds 361.3 430.8 563.7 465.0 402.2 445.2 388.3 870.2 591.9 435.8 646.2 675.6 57 Bank loans n.e.c 92.1 128.2 145.0 68.9 114.1 52.2 67.1 24.6 -161.5 -8.0 -179.0 1.7 58 Other loans and advances 57.7 93.2 166.3 158.5 142.7 -16.8 115.8 83.6 107.9 139.2 -127.1 -23.4 59 Mortgages 288.2 337.4 515.2' 571.0' 565.8' 569.8' 544.2' 544.0 809.0 745.9 725.6 698.3 60 Consumer credit 91.3 57.5 75.0 99.5 139.0 153.8 130.7 144.5 76.0 70.6 149.9 79.9 Funds raised through mutual funds and corporate equities 61 Total net issues 232.9 185.3' 113.7 156.6 193.3' 224.7r -35. R 240.0 411.7 94.6 395.2 389.8 62 Corporate equities -4.7 -79.9 -165.8 -34.6 -41.7' -50.4' -184.6' 143.2 128.7 -67.9 131.7 31.5 63 Nonfinancial corporations -69.5 -114.4 -267.0 -143.5 -159.7 -87.8 -367.5 -25.2 -70.9 -126.4 -7.3 20.2 64 Foreign shares purchased by U.S. residents 82.8 57.6 101.3 114.4 99.7 61.1 89.4 109.2 220.3 36.6 74.7 -26.6 65 Financial corporations -18.1 -23.0' -.1 -5.5' 18.3' -23.7' 93.4' 59.1 -20.7 22.0 64.3 37.9 66 Mutual fund shares 237.6 265.1 279.5 191.2 235.0 275.1 149.5 96.8 283.0 162.5 263.6 358.3 1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables F.2 through F4. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A3 7 1.58 SUMMARY OF FINANCIAL TRANSACTIONS1 Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates 2000 2001 2002 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999966 11999977 11999988 11999999 22000000 Q3 Q4 Ql' Q2' Q3' Q4' QL NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets l,372.0r 1,538.7 2,173.4r 2,181.7' l,744.3r 1,693.4' 1,787.8' 1,845.5 1,728.8 2,334.2 2,088.5 1,982.1 7 Domestic nonfederal nonfinancial sectors 13.9' -22.2 173.2' 208.6' -160.2' -240.8' -251.4' -193.3 -268.6 -85.7 -255.0 304.8 3 Household 113.9r -12.2' 41.4' 198.8' -175.7' -211.2' -176.2' -269.6 -261.5 -53.3 -257.3 227.6 4 Nonfinancial corporate business -10.2 -12.7 -16.0 -15.6' 17.5' -5.4' -77.1' 31.6 17.4 -25.3 -50.7 32.4 Nonfarm noncorporate business 4.0r 2.6' 13.3' -3.0' -1.2' 2.2' -.2' 3.2 .3 3.3 2.0 3.3 6 State and local governments -33.7 .1 134.5 28.4' -.8' -26.4' 2.V 41.5 -24.8 -10.4 51.0 41.4 7 Federal government -7.2 5.1 13.5 5.8 7.3 4.5 10.6 4.6 9.4 3.6 6.9 -7.5 8 Rest of the world 414.4 311.3 254.2 208.8 279.3 216.2 387.8 410.6 349.2 389.0 563.2 271.4 9 Financial sectors 890.9 1,244.5 1,732.5 1,758.5' 1,617.8' 1,713.5' 1,640.8' 1,623.6 1,638.9 2,027.3 1,773.4 1,413.5 10 Monetary authority 12.3 38.3 21.1 25.7 33.7 39.1 -.9 53.7 26.4 8.7 70.5 98.7 11 Commercial banking 187.5 324.3 305.2 308.2 358.4 363.2 157.0 138.4 148.8 253.3 282.8 182.9 17 U.S.-chartered banks 119.6 274.9 312.0 317.6 339.8 324.8 75.3 93.5 194.5 233.9 246.2 163.4 N Foreign banking offices in United States 63.3 40.2 -11.9 -20.1 24.0 32.8 81.1 41.3 -48.6 16.5 3.4 1.2 14 Bank holding companies 3.9 5.4 -.9 6.2 -12.2 -6.7 -3.2 7.3 -2.8 -1.4 13.6 12.0 IS Banks in U.S.-affiliated areas .7 3.7 6.0 4.4 6.7 12.3 3.8 -3.6 5.6 4.2 19.6 6.3 16 Savings institutions 19.9 -4.7 36.1 68.6 56.5 62.7 42.5 52.5 57.3 -8.3 66.3 17.6 17 Credit unions 25.5 16.8 19.0 27.5 30.5 21.2 33.6 23.2 7.6 61.7 61.8 54.7 18 Bank personal trusts and estates -7.7 -25.0 -12.8 27.8 17.1 17.6 18.1 10.7 13.4 8.8 8.6 6.1 19 Life insurance companies 69.6 104.8 76.9 53.5 57.9 74.8 38.8 95.3 124.9 179.3 107.1 152.4 70 Other insurance companies 22.5 25.2 5.8 -3.0 -8.7 6.2 -11.7 2.1 .1 5.1 32.8 36.3 71 Private pension funds -4.1 47.6 -22.8 10.8' 39.2' 56.1' 26.0' 24.5 50.8 30.2 18.7 -40.8 77 State and local government retirement funds 35.8 67.1 72.1 46.9 54.6 37.6 86.1 -70.7 77.0 -74.2 7.3 76.8 73 Money market mutual funds 88.8 87.5 244.0 182.0 143.0 256.1 272.7 328.2 164.7 379.1 112.2 -294.3 74 Mutual funds 48.9 80.9 127.3 48.4 21.0 50.2 57.8 78.1 165.7 103.7 156.6 262.2 75 Closed end funds 4.6 -2.5' 5.5 7.4 -4.7' -4.7' -4.7' -1.7 -1.7 -1.7 -1.7 -1.7 7.6 Government sponsored enterprises 97.4 106.6 314.6 291.7 250.9 228.6 318.8 311.8 321.3 264.6 314.5 283.7 77 Federally related mortgage pools 141.0 114.6 192.6 273.8 199.4 236.7 309.1 170.3 406.2 492.2 285.3 501.5 78 Asset-backed securities issuers (ABSs) 120.5 163.8 281.7 205.2 166.4 120.9 278.9 269.8 150.0 297.6 337.8 345.2 79 Finance companies 18.9 23.1 77.3 97.0 108.0 102.8 36.2 -.9 126.7 -42.0 -17.0 -143.2 30 Mortgage companies 8.2 -9.1 3.2 .3 .2 -.5 2.0 1.4 1.1 1.7 1.2 11..66 31 Real estate investment trusts (REITs) 4.4 20.2 -5.1 -2.6 -6.3 -3.6 -2.8 4.0 1.1 7.8 14.0 1166..55 37 Brokers and dealers -15.7 14.9 6.8 -34.7 68.9 152.1 -69.0 310.9 14.0 236.0 -94.9 -248.7 33 Funding corporations 12.6 50.4 -15.8 124.1' 31.8' -103.5' 52.3' -178.1 -216.6 -176.2 9.6 105.9 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Net flows through credit markets l,372.0r 1,538.7 2,173.4r 2,181.7r 1,744.3' l,693.4r 1,787.8' 1,845.5 1,728.8 2,334.2 2,088.5 1,982.1 Other financial sources 35 Official foreign exchange -6.3 .7 6.6 -8.7 -.4 ..77 44..99 --11..55 44..77 1133..77 .2 -1.8 36 Special drawing rights certificates -.5 -.5 .0 -3.0 -4.0 -4.0 -4.0 .0 .0 .0 .0 .0 37 Treasury currency .5 .5 .6 1.0 2.4 4.2 .0 -1.1 11..11 .0 .0 .0 38 Foreign deposits 85.9 107.7 6.5 61.0 120.8 -W.8 207.4 235.5 --117700..22 140.1 132.2 -25.0 39 Net interbank transactions -51.6 -19.7 -32.3 18.4 13.6 24.4 18.0 -162.9 -4.9 56.6 87.4 -18.9 40 Checkable deposits and currency 15.7 41.2 47.4 151.4 -71.5 5.0 -50.2 184.2 82.8 244.9 288.6 28.6 41 Small time and savings deposits 97.2 97.1 152.4 44.7 190.7 224.5 310.8 280.2 202.6 231.4 338.0 277.8 47 Large time deposits 114.0 122.5 92.1 130.6 118.4 152.9 65.2 128.1 53.9 29.4 46.0 274.1 43 Money market fund shares 145.4 155.9 287.2 249.1 233.3 250.9 371.0 621.6 322.3 367.7 402.7 -260.8 44 Security repurchase agreements 41.4 120.9 91.3 169.7 110.7 277.1 -265.4 -86.6 168.7 240.7 -156.8 -127.8 45 Corporate equities -4.7 -79.9 -165.8 -34.6 -41.7' -50.4' -184.6' 143.2 128.7 -67.9 131.7 31.5 46 Mutual fund shares 237.6 265.1 279.5 191.2 235.0 275.1 149.5 96.8 283.0 162.5 263.6 358.3 47 Trade payables 123.3 139.7 107.8' 270.5' 169.1' 137,1' 116.5' 74.7 -89.4 -16.9 -111.2 87.2 48 Security credit 52.4 111.0 103.3 104.3 146.1 97.5 74.4 -85.4 -83.3 546.9 -388.3 -234.8 49 Life insurance reserves 44.5 59.3 48.0 50.8 50.2 53.0 47.3 52.7 53.2 80.2 72.6 57.4 50 Pension fund reserves 148.3 201.4 217.1' 181.4' 215.6' 219.9' 147.9' 244.8 169.0 235.2 176.2 169.6 51 Taxes payable 19.5 22.3 19.6' 23.2' 21.7 4.1 25.4 .5 16.2 106.4 -66.1 26.1 52 Investment in bank personal trusts -5.3 -49.9 —41.8 -6.5 -29.7 -29.2 -28.0 -26.1 -22.7 -28.2 -28.2 -31.0 53 Noncorporate proprietors' equity 5.5' -40.7' -57.8' -38.1' -2.5' 26.6' -6.7' -20.8 -3.5 -26.3 4.4 -.1 54 Miscellaneous 526.1 493.6 978.7' 997.0' 1,139.1' 1,507.0' 832.2' 1,069.2 1,048.9 908.8 -102.4 520.0 55 Total financial sources 2,961.1' 3,287.1r 4,313.7r 4,735.1r 4,361.1' 4,829.1' 3,619.5' 4,592.5 3,889.9 5,559.4 3,178.9 3,112.4 Liabilities not identified as assets (—) 56 Treasury currency -.4 -.2 -.1 -.7 -1.2 ..99 -3.3 --33..66 -.5 --11..44 ..00 --..77 57 Foreign deposits 59.4 106.2 -8.5 42.6' 56.3' -100.2' 194.6' 169.5 -154.3 143.2 70.5 18.2 58 Net interbank liabilities -3.3 -19.9 3.4 3.5 17.4 -12.1 51.1 25.9 4.5 7.1 33.3 24.1 59 Security repurchase agreements 2.4 63.2 57.7 35.6' 117.1' 170.4' -295.7' -262.7 171.6 18.9 -125.2 -40.3 60 Taxes payable 23.1 28.0 19.7 6.5 14.1 -1.8 44.1 -2.4 -16.8 4.1 11.9 25.1 61 Miscellaneous -173.7' -244.7' -161.6' -355.4' -332.5' -65.4' -427.4' -102.5 ^16.4 266.8 -315.2 -138.0 Floats not included in assets (—) 62 Federal government checkable deposits .5 -2.7 2.6 -7.4 9.0 3.0 -2.1 63.1 3.5 5.7 -56.6 193.3 63 Other checkable deposits -4.0 -3.9 -3.1 -.8 1.7 1.9 2.4 3.8 3.9 5.1 5.5 6.4 64 Trade credit -25.4 -29.2 -40.9' 7.2' 14.0' -26.6' 73.3' -9.9 -38.0 -34.6 -23.2 -39.2 65 Total identified to sectors as assets 3,082.7* 3,390.1T 4,444.6' 5,004.0' 4,465.2' 4,859.0' 3,982.6' 4,711.3 4,332.4 5,144.6 3,577.8 3,063.7 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

A38 Domestic Nonfinancial Statistics • July 2002 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period 2000 2001 2002 Q3 Q4 Ql Q2 Q3' Q4' Ql Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 15,244.2' 16,287.1r 17,391.1' 18,272.0' 17,991.7' 18,272.0' 18,509.5' 18,680.6' 18,995.3 19,376.3 19,606.1 By sector and instrument 2 Federal government 3,804.8r 3,752.2 3,681.0 3,385.1' 3,410.1' 3,385.1' 3,408.8 3,251.4 3,320.0 3,379.5 3,430.3 3 Treasury securities 3,778.3 3,723.7 3,652.7' 3,357.8 3,382.5' 3,357.8 3,382.0' 3,224.3' 3,293.0 3,352.7 3,404.0 4 Budget agency securities and mortgages 26.5 28.5 28.3 27.3 27.6 27.3 26.8 27.0 27.0 26.8 26.3 5 Nonfederal 11,439.4 12,534.9' 13,710.2' 14,886.9' 14,581.6' 14,886.9' 15,100.7' 15,429.3' 15,675.3 15,996.8 16,175.8 By instrument 6 Commercial paper 168.6 193.0 230.3 278.4 307.0 278.4 253.2 223.3 201.3 190.1 167.5 7 Municipal securities and loans 1,367.5 1,464.3 1,532.5 1,567.8 1,550.3 1,567.8 1,597.5 1,629.8 1,635.3 1,685.4 1,707.5 8 Corporate bonds 1,610.9 1,829.6 2,059.5 2,230.6 2,186.7 2,230.6 2,330.4 2,435.3 2,482.3 2,563.2 2,621.6 9 Bank loans n.e.c 1,040.4 1,148.5 1,231.2 1,334.2 1,311.3 1,334.2 1,321.3' 1,292.7' 1,283.8 1,247.5 1,233.6 10 Other loans and advances 825.1 907.2 964.5 1,077.1 1,039.5 1,077.1 1,083.2 1,110.6 1,116.8 1,096.8 1,099.9 11 Mortgages 5,155.4 5,645.8' 6,246.0' 6,805.7' 6,667.3' 6,805.7' 6,929.7' 7,129.4' 7,325.3 7,510.5 7,667.6 12 Home 3,978.3 4,365.5' 4,790.2' 5,206.8' 5,106.4' 5,206.8' 5,299.2' 5,457.7' 5,601.4 5,740.1 5,872.7 13 Multifamily residential 285.7 307.9r 344.5' 379.0' 369.0' 379.0' 388.7' 398.9' 412.9 425.9 433.5 14 Commercial 801.4 875.9r 1,009.0' 1,111.1' 1,083.6' 1,111.1' 1,131.8' 1,159.8' 1,196.3 1,228.3 1,243.6 15 Farm 90.0 96.6 102.3 108.8 108.3 108.8 110.0' 113.1 114.7 116.2 117.9 16 Consumer credit 1,271.6 1,346.6 1,446.1 1,593.1 1,519.6 1,593.1 1,585.3 1,608.1 1,630.5 1,703.3 1,678.1 By borrowing sector 17 Households 5,556.9 6,011.4' 6,513.3' 7,078.3' 6,903.8' 7,078.3' 7,144.5' 7,319.5' 7,491.8 7,692.9 7,800.1 18 Nonfinancial business 4,763.0 5,323.7r 5,944.7' 6,529.3' 6,414.7' 6,529.3' 6,648.8' 6,771.9' 6,842.9 6,921.3 6,974.4 19 Corporate 3,383.1 3,776. lr 4,209.3' 4,612.3' 4,540.8' 4,612.3' 4,691.6' 4,766.7' 4,799.6 4,840.1 4,866.2 20 Nonfarm noncorporate 1,224.0 l,383.7r 1,566.1' 1,736.8' 1,696.0' 1,736.8' 1,777.5' 1,820.1' 1,857.4 1,893.6 1,921.4 21 Farm 155.9 163.9 169.4 180.2 177.9 180.2 179.7 185.2 185.9 187.6 186.9 22 State and local government 1,119.5 1,199.8 1,252.1 1,279.3 1,263.1 1,279.3 1,307.5 1,337.8 1,340.6 1,382.5 1,401.2 23 Foreign credit market debt held in United States 608.0 651.5 679.6 746.7 731.0 746.7 747.5r 733.2' 710.2 712.9 725.6 24 Commercial paper 65.1 72.9 89.2 120.9 109.8 120.9 112.8 110.1 106.3 106.7 123.6 25 Bonds 427.7 462.6 479.4 504.6 502.4 504.6 512.9' 509.0' 489.3 496.1 492.1 26 Bank loans n.e.c 52.1 58.9 59.4 70.7 67.7 70.7 74.1' 66.2 67.3 63.2 66.8 27 Other loans and advances 63.0 57.2 51.7 50.5 51.2 50.5 47.7 47.9 47.3 46.8 43.2 28 Total credit market debt owed by nonfinancial sectors, domestic and foreign 15,852.2r 16,938.6r 18,070.8' 19,018.7' 18,722.7r 19,018.7' 19,257.0' 19,413.9' 19,705.4 20,089.1 20,331.7 Financial sectors 29 Total credit market debt owed by financial sectors 5,458.0 6,545.2 7,629.6 8,457.1 8,190.8 8,457.1 8,657.0' 8,856.1' 9,126.5 9,383.8 9,603.3 By instrument 30 Federal government-related 2,821.1 3,292.0 3,884.0 4,317.4 4,164.0 4,317.4 4,422.9 4,591.6' 4,796.2 4,944.1 5,117.3 31 Government-sponsored enterprise securities . . . 995.3 1,273.6 1,591.7 1,825.8 1,749.7 1,825.8 1,888.7 1,955.8 2,037.4 2,114.0 2,161.8 32 Mortgage pool securities 1,825.8 2,018.4 2,292.2 2,491.6 2,414.3 2,491.6 2,534.2 2,635.7' 2,758.8 2,830.1 2,955.5 JJ 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 4,026.7 4,139,7 4,234.1' 4,264.6 4,330.3 4,439.7 4,485.9 35 Open market paper 745.7 906.7 1,082.9 1,210.7 1,151.6 1,210.7 1,180.8 1,144.5 1,110.2 1,148.8 1,090.9 36 Corporate bonds 1,568.6 1,878.7 2,096.9 2,314.8 2,269.7 2,314.8 2,424.0' 2,483.9 2,568.1 2,626.7 2,741.8 37 Bank loans n.e.c 77.3 107.5 93.2 93.0 92.8 93.0 97.3 100.4 100.2 106.8 105.0 38 Other loans and advances 198.5 288.7 395.8 438.3 430.2 438.3 450.9 450.7 467.2 473.2 462.4 39 Mortgages 46.8 71.6 76.7 82.9 82.5 82.9 81.1 85.1 84.6 84.2 85.9 By borrowing sector 40 Commercial banks 140.6 188.6 230.0 266.7 265.2 266.7 273.8 274.7 281.4 296.0 295.8 41 Bank holding companies 168.6 193.5 219.3 242.5 236.9 242.5 266.5 269.0 272.7 266.1 269.4 42 Savings institutions 160.3 212.4 260.4 287.7 276.0 287.7 295.1 294.4 305.6 295.1 280.4 43 Credit unions .6 1.1 3.4 3.4 3.1 3.4 3.2 3.5 3.8 4.9 5.5 44 Life insurance companies 1.8 2.5 3.2 2.5 2.7 2.5 1.9 1.9 2.8 3.1 3.7 45 Government-sponsored enterprises 995.3 1,273.6 1,591.7 1,825.8 1,749.7 1,825.8 1,888.7 1,955.8 2,037.4 2,114.0 2,161.8 46 Federally related mortgage pools 1,825.8 2,018.4 2,292.2 2,491.6 2,414.3 2,491.6 2,534.2 2,635.7' 2,758.8 2,830.1 2,955.5 47 Issuers of asset-backed securities (ABSs) 1,076.6 1,398.0 1,621.4 1,829.6 1,742.3 1,829.6 1,893.7 1,942.4 2,025.5 2,117.8 2,200.1 48 Brokers and dealers 35.3 42.5 25.3 40.9 42.6 40.9 35.0 43.9 47.1 42.3 39.7 49 Finance companies 568.3 625.5 695.7 776.9 761.8 776.9 756.2 769.0 771.2 777.0 759.1 50 Mortgage companies 16.0 17.7 17.8 17.9 17.7 17.9 18.1 18.2 18.5 18.6 18.8 51 Real estate investment trusts (REITs) 96.1 158.8 165.1 167.8 169.8 167.8 166.2 168.9 168.3 170.2 172.1 52 Funding corporations 372.6 412.6 504.0 503.7 508.7 503.7 524.3' 478.6 433.6 448.5 441.3 All sectors 53 Total credit market debt, domestic and foreign . 21,310.2' 23,483.8r 25,700.4' 27,475.8' 26,913.5' 27,475.8' 27,914.0' 28,270.0' 28,831.9 29,472.9 29,934.9 54 Open market paper 979.4 1,172.6 1,402.4 1,610.0 1,568.3 1,610.0 1,546.8 1,477.9 1,417.8 1,445.6 1,382.0 55 U.S. government securities 6,625.9r 7,044.2r 7,564.9' 7,702.5' 7,574.2 7,702.5' 7,831.7 7,842.9' 8,116.2 8,323.6 8,547.6 56 Municipal securities 1,367.5 1,464.3 1,532.5 1,567.8 1,550.3 1,567.8 1,597.5 1,629.8 1,635.3 1,685.4 1,707.5 57 Corporate and foreign bonds 3,607.2 4,170.8 4,635.8 5,050.0 4,958.7 5,050.0 5,267.4' 5,428.2' 5,539.6 5,686.0 5,855.5 58 Bank loans n.e.c 1,169.8 1,314.9 1,383.8 1,497.9 1,471.7 1,497.9 1,492.7' 1,459.2' 1,451.3 1,417.5 1,405.3 59 Other loans and advances 1,086.6 1,253.0 1,412.0 1,565.9 1,520.9 1,565.9 1,581.8 1,609.2 1,631.3 1,616.8 1,605.5 60 Mortgages 5,202.2 5,717.4' 6,322.8' 6,888.6' 6,749.8' 6,888.6' 7,010.8' 7,214.5' 7.410.0 7,594.7 7,753.5 61 Consumer credit 1,271.6 1,346.6 1,446.1 1.593.1 1,519.6 1,593.1 1,585.3 1,608.1 1,630.5 (,703.3 1,678.1 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 7 1.60 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES' Billions of dollars except as noted, end of period 2000 2001 2002 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999977 11999988 11999999 22000000 Q3 Q4 Ql' Q2' Q3' Q4' Ql CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets 21,310.2r 23,483.8r 25,700.4r 27,475.8r 26,913.5' 27,475.8' 27,914.0 28,270.0 28,831.9 29,472.9 29,934.9 7 Domestic nonfederal nonfinancial sectors 2,945.6' 3,090.5' 3,369.1' 3,171.9' 3,227.0' 3,171.9' 3,097.7 3,011.3 2,979.6 2,970.3 3,016.6 Household 2,028.9' 2,042.0' 2,310.9' 2,098.1' 2,152.1' 2,098.1' 2,024.9 1,936.2 1,915.6 1,886.8 1,935.2 4 Nonfinancial corporate business 257.5 241.5 226.0' 243.5' 245.4' 243.5' 231.4 236.9 230.8 236.7 223.3 Nonfarm noncorporate business 54.2' 67.5' 64.4' 63.2' 63.3' 63.2' 64.0 64.1 64.9 65.4 66.2 6 State and local governments 605.0 739.4 767.8' 767.0' 766.2' 767.0' 777.4 774.1 768.3 781.4 791.9 7 Federal government 205.4 219.1 258.0 265.4 262.7 265.4 266.6 268.9 269.8 271.6 269.7 8 Rest of the world 2,257.3 2,539.8 2,676.2 3,004.6 2,861.7 3,004.6 3,112.9 3,200.1 3,294.7 3,432.6 3,506.1 9 Financial sectors 15,901.9' 17,634.4 19,397.0' 21,033.9' 20,562.1' 21,033.9' 21,436.8 21,789.7 22,287.8 22,798.5 23,142.6 10 Monetary authority 431.4 452.5 478.1 511.8 511.5 511.8 523.9 535.1 534.1 551.7 575.4 11 Commercial banking 4,031.9 4,335.7 4,643.9 5,002.3 4,931.0 5,002.3 5,012.1 5,044.6 5,101.2 5,207.1 5,227.8 V U.S.-chartered banks 3,450.7 3,761.2 4,078.9 4,418.7 4,368.2 4,418.7 4,420.8 4,463.3 4,513.5 4,609.8 4,629.3 N Foreign banking offices in United States 516.1 504.2 484.1 508.1 487.5 508.1 515.0 504.2 509.9 511.3 507.8 14 Bank holding companies 27.4 26.5 32.7 20.5 21.3 20.5 22.3 21.6 21.3 24.7 27.7 IS; Banks in U.S.-affiliated areas 37.8 43.8 48.3 55.0 54.0 55.0 54.1 55.5 56.5 61.4 63.0 16 Savings institutions 928.5 964.6 1,033.2 1,089.7 1,082.2 1,089.7 1,101.6 1,116.4 1,118.4 1,131.7 1,134.9 17 Credit unions 305.3 324.2 351.7 382.2 376.0 382.2 386.5 391.8 407.8 420.8 433.1 18 Bank personal trusts and estates 207.0 194.1 222.0 239.1 234.6 239.1 241.8 245.1 247.3 249.5 251.0 19 Life insurance companies 1,751.1 1,828.0 1,886.0 1,943.9 1,935.1 1,943.9 1,967.2 1,996.9 2,044.2 2,070.5 2,107.6 ?0 Other insurance companies 515.3 521.1 518.2 509.4 512.4 509.4 510.0 510.0 511.3 519.5 528.6 71 Private pension funds 674.6 651.8 662.5' 701.7' 695.2' 701.7' 707.9 720.6 728.1 732.8 722.6 ?? State and local government retirement funds 632.5 704.6 751.4 806.0 784.5 806.0 788.3 807.6 789.0 790.9 810.1 ?3 Money market mutual funds 721.9 965.9 1,147.8 1,290.9 1,212.5 1,290.9 1,404.2 1,414.6 1,498.0 1,536.9 1,496.4 74 Mutual funds 901.1 1,028.4 1,076.8 1,097.8 1,087.1 1,097.8 1,113.9 1,160.3 1,188.2 1,223.8 1,285.4 75 98.3 103.8' 111.2' 106.4' 107.6' 106.4' 106.0 105.6 105.2 104.7 104.3 76 Government-sponsored enterprises 939.4 1,253.9 1,545.6 1,803.7 1,714.3 1,803.7 1,866.9 1,948.4 2,016.0 2,104.9 2,161.0 77 Federally related mortgage pools 1,825.8 2,018.4 2,292.2 2,491.6 2,414.3 2,491.6 2,534.2 2,635.7 2,758.8 2,830.1 2,955.5 78 Asset-backed securities (ABSs) issuers 937.7 1,219.4 1,424.6 1,602.9 1,522.9 1,602.9 1,660.5 1,703.7 1,780.0 1,866.7 1,942.8 79 568.2 645.5 742.5 850.5 830.0 850.5 848.0 878.5 859.4 867.2 829.0 30 Mortgage companies 32.1 35.3 35.6 35.9 35.4 35.9 36.2 36.5 36.9 37.2 37.6 31 Real estate investment trusts (REITs) 50.6 45.5 42.9 36.6 37.3 36.6 37.6 37.9 39.8 43.3 47.5 3? Brokers and dealers 182.6 189.4 154.7 223.6 243.3 223.6 317.7 288.4 366.4 340.1 296.4 33 Funding corporations 166.7 152.3 276.1' 307.9' 294.9' 307.9' 272.4 212.1 157.6 169.1 195.7 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt 21,310.2r 23,483.8r 25,700.4' 27,475.8' 26,913.5' 27,475.8' 27,914.0 28,270.0 28,831.9 29,472.9 29,934.9 Other liabilities 35 Official foreign exchange 48.9 60.1 50.1 46.1 44.9 46.1 42.8 43.4 49.0 46.8 4455..77 36 Special drawing rights certificates 9.2 9.2 6.2 2.2 3.2 2.2 2.2 2.2 2.2 2.2 2.2 37 Treasury currency 19.3 19.9 20.9 23.2 23.2 23.2 22.9 23.2 23.2 23.2 23.2 38 Foreign deposits 618.5 642.3 703.6 824.5 772.6 824.5 883.4 840.8 875.9 908.9 902.7 39 Net interbank liabilities 219.4 189.0 205.3 222.6 206.0 222.6 160.5 162.5 185.4 214.9 188.8 40 Checkable deposits and currency 1,286.1 1,333.4 1,484.8 1,413.3 1,385.7 1,413.3 1,405.0 1,449.4 1,485.5 1,599.2 1,565.6 41 Small time and savings deposits 2,474.1 2,626.5 2,671.2 2,861.9 2,790.9 2,861.9 2,963.3 2,992.4 3,047.7 3,125.0 3,226.0 4? Large time deposits 713.4 805.5 936. L 1,054.5 1,025.9 1,054.5 1,077.4 1,086.9 1,093.9 1,118.9 1,177.6 43 Money market fund shares 1,042.5 1,329.7 1,578.8 1,812.1 1,697.8 1,812.1 1,994.7 2,014.8 2,116.1 2,240.7 2,202.6 44 Security repurchase agreements 822.4 913.7 1,083.4 1,194.1 1,238.6 1,194.1 1,185.0 1,206.1 1,253.6 1,248.3 1,215.9 45 Mutual fund shares 2,989.4 3,613.1 4,538.5 4,434.6 4,781.6 4,434.6 3,990.4 4,259.5 3,753.1 4,135.5 4,245.8 46 Security credit 469.1 572.3 676.6 822.7 805.8 822.7 799.3 781.6 920.1 820.2 759.6 47 Life insurance reserves 665.0 718.3 783.9 819.1 818.7 819.1 823.0 840.3 847.0 871.7 886.6 48 Pension fund reserves 7,323.4 8,209.0 9,065.6' 9,075.1' 9,340.2' 9,075.1' 8,596.9 8,861.9 8,298.5 8,682.3 8,763.9 49 Trade payables 1,967.3 2,075.1' 2,345.6' 2,514.6' 2,468.7' 2,514.6' 2,508.8 2,482.0 2,491.4 2,478.9 2,477.2 50 151.1 170.7' 193.9' 215.6' 214.1' 215.6' 223.3 222.5 251.4 229.8 243.9 51 Investment in bank personal trusts 942.5 1,001.0 1,130.4 1,019.4 1,106.7 1,019.4 929.1 964.4 859.6 912.0 907.8 52 Miscellaneous 6,731.6 7,643.8' 8,457.3' 9,413.2' 9,504.7' 9,413.2' 9,911.2 10,213.0 10,611.1 10,579.8 10,647.5 53 Total liabilities 49,803.2r 55,416.3r 61,632.7' 65,244.7r 65,142.8' 65,244.7' 65,433.3 66,716.8 66,996.5 68,711.2 69,417.4 Financial assets not included in liabilities (+) 54 Gold and special drawing rights 21.1 21.6 21.4 21.6 21.4 21.6 21.4 21.5 22.0 21.8 21.9 55 Corporate equities 13,301.7 15,577.3 19,581.2 17,566.4 19,244.2 17,566.4 15,311.0 16,240.7 13,628.2 15,200.7 15,222.6 56 Household equity in noncorporate business 4,052.7' 4,286.9' 4,537.6' 4,814.9' 4,736.3' 4,814.9' 4,853.5 4,876.4 4,918.6 4,866.6 4,885.8 Liabilities not identified as assets (—) 57 Treasury currency -6.3 -6.4 -7.1 -8.5 -7.6 -8.5 -9.4 -9.5 -9.8 -9.8 -10.0 58 Foreign deposits 535.0 542.8 585.7' 642.1' 593.4' 642.1' 684.5 645.9 681.7 699.4 703.9 SQ Net interbank transactions -32.2 -27.0 -25.5 -4.3 -17.6 -4.3 3.9 5.5 6.0 11.5 20.3 60 Security repurchase agreements 172.9 230.6 266.2' 383.3' 453.2' 383.3' 340.8 365.9 364.9 347.5 348.2 61 Taxes payable 104.2 121.2' 121.9' 127.7' 123.8' 127.7' 111.9 131.7 148.6 99.9 94.9 62 Miscellaneous -1,548.1' -2,248.0' -2,837.8' -3,299.8' -2,788.8' -3,299.8' -3,260.2 -3,208.4 -3,046.6 -3,233.3 -3,208.4 Floats not included in assets (-) 63 Federal government checkable deposits -8.1 -3.9 -9.9 -2.3 -7.8 -2.3 -2.8 -4.8 -5.9 -14.1 32.4 64 Other checkable deposits 26.2 23.1 22.3 24.0 15.5 24.0 21.1 25.5 19.2 28.6 26.3 65 Trade credit 126.8 87.0' 95.5' 114.3' 15.2' 114.3' 62.0 27.2 16.4 87.8 27.2 66 Totals identified to sectors as assets 67,808.2r 76,582.6r 87,561.4' 89,671.1' 90,765.4' 89,671.1' 87,667.3 89,876.3 87,390.9 90,782.7 91,512.8 1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables 2. Excludes corporate equities and mutual fund shares. L.l and L.5. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 Selected Measures • July 2002 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1 Seasonally adjusted 2001 2002 2001 2002 2001 2002 Q2 Q3 Q4 Qlr Q2 Q3 Q4 Ql Q2 Q3 Q4 Ql' Output (1992=100) Capacity (percent of 1992 output) Capacity utilization rate (percent)2 1 Total industry 141.3 139.6 137.2 138.1 182.6 183.2 183.6 184.1 77.4 76.2 74.7 75.0 2 Manufacturing 146.0 144.2 141.9 142.9 193.2 193.6 194.0 194.4 75.6 74.5 73.1 73.5 3 Primary processing3 168.9 167.1 164.5 167.7 223.0 223.8 224.5 225.3 75.8 74.7 73.3 74.4 4 Advanced processing4 133.3 131.5 129.3 129.3 176.6 176.9 177.2 177.4 75.5 74.3 73.0 72.9 5 Durable goods 181.9 178.3 174.1 176.1 246.3 247.5 248.5 249.4 73.8 72.0 70.1 70.6 6 Lumber and products 113.2 115.5 112.7 113.1 148.5 148.8 149.1 149.2 76.2 77.6 75.6 75.8 7 Primary metals 120.5 117.8 109.1 112.1 150.8 150.6 150.4 149.4 79.9 78.2 72.6 75.0 8 Iron and steel 117.3 115.7 104.0 108.8 147.4 146.8 146.2 144.4 79.6 78.8 71.2 75.4 9 Nonferrous 124.6 120.6 115.3 116.3 155.3 155.6 155.8 155.9 80.2 77.5 74.0 74.6 10 Industrial machinery and equipment 217.0 208.8 202.2 205.3 297.3 298.8 299.8 300.3 73.0 69.9 67.5 68.4 11 Electrical machinery 509.2 485.3 485.7 500.2 735.6 745.4 752.5 763.3 69.2 65.1 64.6 65.5 12 Motor vehicles and parts 166.8 169.5 165.1 172.3 220.1 221.5 222.9 224.1 75.8 76.5 74.1 76.9 13 Aerospace and miscellaneous transportation equipment 99.0 95.9 91.2 86.2 135.3 135.2 135.1 135.1 73.2 71.0 67.5 63.8 14 Nondurable goods 111.5 111.0 110.2 110.5 143.0 142.9 142.9 142.9 77.9 77.7 77.1 77.3 15 Textile mill products 88.0 85.3 82.4 84.9 117.4 116.4 115.4 114.3 74.9 73.3 71.5 74.3 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 119.6 121.1 122.4 122.6 158.3 158.5 158.6 158.8 75.6 76.4 77.2 77.2 18 Plastics materials 116.4 117.4 115.6 116.6 152.5 153.0 153.4 153.8 76.3 76.7 75.4 75.8 19 Petroleum products 115.5 113.2 113.7 115.8 122.2 122.4 122.7 122.9 94.5 92.5 92.7 94.2 20 Mining 102.9 101.8 98.6 96.1 112.0 112.2 112.6 112.9 91.8 90.7 87.6 85.1 21 Utilities 120.0 119.1 116.9 119.3 136.2 138.1 139.9 141.6 88.1 86.3 83.6 84.3 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 Footnotes appear on page A41. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A41 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—Continued Seasonally adjusted 1973 1975 Previous cycle5 Latest cycle6 2001 2001 2002 High Low High Low High Low Apr. Nov. Dec. Jan.r Feb.r Mar.r Apr.P Capacity utilization rate (percent)2 1 Total industry 89.2 72.6 87.3 71.1 85.4 78.1 77.8 74.7 74.4 74.8 75.0 75.3 75.5 2 Manufacturing 88.5 70.5 86.9 69.0 85.7 76.6 76.0 73.2 72.9 73.4 73.4 73.7 73.9 3 Primary processing3 91.8 67.3 88.6 65.7 88.3 76.7 76.4 73.2 72.7 74.0 74.4 74.8 75.0 4 Advanced processing4 86.5 72.5 86.3 71.0 84.2 76.6 75.8 73.1 73.0 72.9 72.8 73.0 73.1 Durable goods 89.2 68.9 87.7 63.9 84.6 73.1 74.4 70.1 70.0 70.5 70.5 70.8 71.0 6 Lumber and products 88.7 61.2 87.9 60.8 93.6 75.5 75.3 75.4 75.7 75.6 75.4 76.4 75.7 7 Primary metals 100.2 65.9 94.2 45.1 92.7 73.7 80.3 73.3 68.9 74.2 75.1 75.8 76.0 8 Iron and steel 105.8 66.6 95.8 37.0 95.2 71.8 78.5 73.3 64.8 73.7 76.2 76.2 75.9 9 Nonferrous 90.8 59.8 91.1 60.1 89.3 74.2 82.3 73.3 73.3 74.7 74.0 75.2 76.0 10 Industrial machinery and equipment 96.0 74.3 93.2 64.0 85.4 72.3 74.2 67.9 66.8 68.1 68.2 68.8 68.9 11 Electrical machinery 89.2 64.7 89.4 71.6 84.0 75.0 71.0 64.5 64.5 65.1 65.5 65.9 65.7 12 Motor vehicles and parts 93.4 51.3 95.0 45.5 89.1 55.9 74.3 74.4 77.0 76.8 77.3 76.6 78.9 13 Aerospace and miscellaneous transportation equipment. . . 78.4 67.6 81.9 66.6 87.3 79.2 73.8 67.3 65.8 64.7 64.0 62.7 61.7 14 Nondurable goods 87.8 71.7 87.5 76.4 87.3 80.7 78.2 77.1 76.8 77.2 77.3 77.6 77.6 15 Textile mill products 91.4 60.0 91.2 72.3 90.4 77.7 76.7 71.0 71.7 72.0 74.4 76.6 76.9 16 Paper and products 97.1 69.2 96.1 80.6 93.5 85.0 79.8 76.4 74.1 75.6 75.0 75.5 75.3 17 Chemicals and products 87.6 69.7 84.6 69.9 86.2 79.3 75.5 77.2 76.6 77.5 77.1 77.0 76.8 18 Plastics materials 102.0 50.6 90.9 63.4 97.0 74.8 76.1 75.6 72.9 75.3 75.7 76.6 75.4 19 Petroleum products 96.7 81.1 90.0 66.8 88.5 85.1 94.4 93.0 91.4 93.5 95.3 93.9 94.2 20 Mining 94.3 88.2 96.0 80.3 88.0 87.0 92.1 87.9 86.4 85.9 85.3 84.1 85.1 21 Utilities 96.2 82.9 89.1 75.9 92.6 83.4 89.4 83.0 82.0 82.1 84.9 85.8 86.3 22 Electric 99.0 82.7 88.2 78.9 95.0 87.1 93.2 87.1 84.8 84.8 85.9 87.4 88.4 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

A42 Domestic Nonfinancial Statistics • July 2002 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted _ 1992 2001 2002 Uroup pro- 2001 por- avg. tion Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.r Mar.r Apr." Index(1992= 100) MAJOR MARKETS 1 Total index 100.0 140.1 142.0 141.6 140.3 140.4 140.0 138.5 137.7 137.2 136.7 137.6 138.0 138.6 139.2 2 Products 60.8 129.4 131.0 130.9 130.0 130.3 129.4 127.7 126.8 126.7 126.5 126.7 127.0 127.7 127.9 3 Final products 46.3 132.0 134.0 133.9 132.9 133.2 132.0 130.0 129.2 129.4 129.1 129.3 129.4 129.8 130.1 4 Consumer goods, total 29.0 120.7 121.3 121.4 121.1 122.2 121.4 119.9 119.6 120.0 120.6 120.6 121.1 121.8 122.1 5 Durable consumer goods 5.8 151.3 152.2 154.2 153.2 157.0 154.1 151.8 146.2 152.1 156.2 154.5 155.5 157.1 159.2 6 Automotive products 2.5 149.9 149.6 152.8 152.3 161.1 155.6 152.5 145.4 155,4 160.7 158.3 158.2 158.9 163.3 7 Autos and trucks 1.6 160.5 160.1 165.7 163.4 178.3 169.1 163.9 154.5 170.7 177.8 175.0 173.4 173.0 180.5 8 Autos, consumer 0.9 94.0 96.0 97.9 97.2 97.5 90.6 92.7 86.9 94.8 101.1 101.2 110.5 102.3 104.5 9 Trucks, consumer 0.7 231.4 228.4 237.9 234.0 264.3 252.6 239.8 226.5 251.5 259.5 253.6 240.6 248.4 261.5 10 Auto parts and allied goods 0.9 133.5 133.5 132.5 135.1 133.9 134.5 134.8 131.3 131.3 133.6 132.0 134.2 136.8 136.0 11 Other 3.3 151.5 153.9 154.5 152.9 151.0 151.0 149.8 145.9 146.9 149.7 148.7 151.1 153.8 153.2 12 Appliances, televisions, and air conditioners 0.9 283.2 284.0 292.1 285.0 271.7 289.5 288.2 271.9 280.1 297.9 295.1 303.5 307.7 302.5 13 Carpeting and furniture 0.8 119.1 119.9 117.7 118.6 116.2 117.6 118.5 116.4 119.2 118.8 117.2 118.9 120.0 121.6 14 Miscellaneous home goods 1.6 114.2 117.4 117.7 116.2 117.7 112.7 110.5 109.2 107.5 108.0 108.0 109.0 111.8 111.1 15 Nondurable consumer goods 23.2 113.3 113.9 113.6 113.4 113.9 113.6 112.3 113.1 112.3 112.2 112.6 112.9 113.4 113.4 16 Foods and tobacco 10.4 108.8 108.9 108.6 108.9 109.3 108.7 107.7 108.2 108.6 109.0 109.2 109.8 110.5 110.9 17 Clothing 2.4 78.3 82.0 80.6 78.2 79.0 76.4 74.8 74.4 73.2 74.7 75.4 75.2 76.4 76.2 18 Chemical products 4.6 145.0 143.4 145.2 145.7 147.5 146.7 145.9 148.5 148.0 148.5 149.4 147.0 147.1 145.9 19 Paper products 2.9 105.5 107.4 106.7 106.6 106.0 105.7 105.1 103.9 102.1 100.2 98.8 97.5 97.4 96.7 20 Energy 3.0 117.4 118.7 116.9 115.8 116.0 117.8 114.8 116.9 113.4 111.6 113.5 118.3 118.5 119.3 21 Fuels 0.8 114.2 114.6 115.6 115.2 114.3 112.2 113.9 116.1 115.2 112.6 117.4 116.5 115.0 116.6 22 Residential utilities 2.1 119.2 120.7 117.2 115.8 116.5 120.5 115.0 117.0 112.0 110.7 111.1 118.9 120.0 120.4 23 Equipment 17.3 152.3 157.3 156.5 154.1 152.7 150.5 147.1 145.4 145.0 142.7 143.3 142.5 142.2 142.3 24 Business equipment 13.2 175.9 182.1 181.3 177.8 176.1 173.3 168.4 166.9 167.2 164.3 165.3 164.3 163.9 164.0 25 Information processing 5.4 279.5 288.4 286.8 279.6 275.2 271.9 266.0 267.9 269.1 265.5 268.2 269.0 270.9 270.5 26 Computer and office equipment 1.1 948.2 970.9 950.6 948.7 934.2 925.5 903.0 913.2 927.8 941.2 969.2 996.8 1,018.9 1,035.8 27 Industrial 4.0 125.1 129.1 129.0 125.2 123.1 122.2 119.6 119.4 118.3 114.5 116.1 113.5 114.1 113.7 28 Transit 2.5 127.6 133.8 134.5 133.1 133.8 128.7 124.6 119.2 118.6 118.7 116.4 117.0 112.5 112.8 29 Autos and trucks 1.2 145.8 148.0 152.5 150.5 157.1 149.6 143.6 136.2 143.6 151.4 150.5 155.7 151.7 157.8 30 Other 1.3 139.1 143.1 139.1 140.7 140.8 139.8 131.7 129.2 134.2 130.2 133.1 130.6 132.7 134.9 31 Defense and space equipment 3.4 74.0 74.4 73.5 73.4 73.6 73.5 73.8 74.2 74.3 74.7 74.9 75.0 75.8 76.5 32 Oil and gas well drilling 0.6 140.2 152.2 151.9 150.4 147.1 143.1 140.4 127.2 114.4 107.8 107.3 105.3 104.5 100.7 33 Manufactured homes 0.2 93.7 88.6 91.7 96.0 95.4 97.9 102.9 100.2 99.5 97.7 93.1 89.1 81.5 81.2 34 Intermediate products, total 14.5 121.4 122.2 122.2 121.4 121.4 121.6 120.7 119.6 118.9 118.6 118.9 119.8 121.2 121.4 35 Construction supplies 5.4 137.6 139.0 138.7 138.0 137.3 138.8 138.1 134.6 134.0 135.6 136.3 137.3 139.3 138.8 36 Business supplies 9.1 111.9 112.2 112.4 111.6 112.0 111.3 110.4 110.7 109.8 108.6 108.5 109.4 110.5 111.1 37 Materials 39.2 158.0 160.3 159.4 157.4 157.2 157.6 156.5 155.9 154.8 153.6 155.8 156.6 157.0 158.1 38 Durable goods materials 20.7 212.7 216.4 216.2 212.9 212.6 212.0 209.4 207.9 206.5 206.0 209.4 210.5 211.4 212.6 39 Durable consumer parts 4.0 155.8 155.1 159.6 157.7 160.2 160.8 155.3 152.3 155.0 157.5 161.4 161.3 161.3 163.7 40 Equipment parts 7.5 441.8 452.9 446.5 436.1 429.9 429.6 430.4 431.7 427.9 426.7 434.0 437.9 441.0 443.2 41 Other 9.2 125.2 127.9 127.5 126.2 126.4 125.4 123.8 122.5 120.5 119.0 120.5 121.1 121.7 121.8 42 Basic metal materials 3.1 113.7 117.6 116.7 115.5 115.7 113.6 113.3 111.0 106.7 101.9 106.9 107.8 108.4 108.4 43 Nondurable goods materials 8.9 104.2 104.7 103.0 102.2 102.7 104.0 104.2 104.7 103.1 101.1 103.3 103.5 103.9 104.2 44 Textile materials 1.1 90.8 95.0 90.9 90.8 87.6 90.1 89.0 87.2 84.7 84.5 84.9 87.3 90.2 90.3 45 Paper materials 1.8 108.6 110.2 108.3 104.8 107.7 109.5 110.5 112.4 106.9 103.1 106.9 105.5 104.5 104.6 46 Chemical materials 4.0 102.8 101.8 100.5 100.3 100.9 102.2 102.1 103.5 102.2 99.3 102.8 103.3 104.0 104.4 47 Other 2.1 109.8 110.6 109.4 109.3 109.7 109.8 110.2 108.8 110.4 111.2 110.4 110.0 109.9 110.1 48 Energy materials 9.6 103.3 104.9 103.8 103.1 102.3 103.0 103.1 102.6 102.6 101.6 101.6 102.3 101.9 103.5 49 Primary energy 6.2 98.8 99.5 99.0 99.5 98.5 98.4 99.4 98.2 98.8 97.9 97.6 97.4 96.7 98.6 50 Converted fuel materials 3.4 111.7 115.7 113.1 109.1 109.0 111.4 109.3 110.9 109.1 107.9 108.6 111.5 111.8 112.6 SPECIAL AGGREGATES 51 Total excluding autos and trucks 97.3 139.8 141.7 141.1 139.9 139.5 139.4 138.0 137.5 136.6 135.8 136.7 137.2 137.9 138.2 52 Total excluding motor vehicles and parts 95.3 139.0 141.0 140.2 139.0 138.7 138.5 137.2 136.8 135.8 134.9 135.8 136.2 137.0 137.2 53 Total excluding computer and office equipment 98.4 134.2 136.0 135.7 134.4 134.6 134.1 132.8 132.0 131.5 130.9 131.7 132.1 132.6 133.1 54 Consumer goods excluding autos and trucks . . 27.5 118.5 119.3 119.0 118.8 119.1 118.8 117.6 117.8 117.2 117.4 117.6 118.2 118.9 118.9 55 Consumer goods excluding energy 26.1 121.1 121.6 122.0 121.8 122.9 121.8 120.6 119.9 120.8 121.7 121.5 121.4 122.2 122.4 56 Business equipment excluding autos and trucks 12.0 179.7 186.4 184.9 181.3 178.4 176.2 171.5 170.8 170.1 165.7 167.0 165.1 165.2 164.5 57 Business equipment excluding computer and office equipment 12.0 146.8 152.1 151.7 148.5 147.2 144.7 140.6 139.0 139.1 136.3 136.8 135.5 134.8 134.7 58 Materials excluding energy 29.6 175.7 178.2 177.4 175.0 175.0 175.2 173.7 173.0 171.5 170.3 173.4 174.1 174.8 175.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Selected Measures A43 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1—Continued Monthly data seasonally adjusted 1992 2001 2002 GGrroouupp c S o I d C e 2 p p r o o r - - 2 a 0 v 0 g 1 . tion Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.' Feb.' Mar.' Apr.f Index(1992= 100) MAJOR INDUSTRIES 59 Total index 100.0 140.1 142.0 141.6 140.3 140.4 140.0 138.5 137.7 137.2 136.7 137.6 138.0 138.6 139.2 60 Manufacturing 85.4 144.8 146.7 146.4 145.0 145.2 144.5 142.9 142.1 142.0 141.6 142.6 142.8 143.4 143.9 61 Primary processing 31.0 167.9 170.1 169.4 167.3 167.4 167.3 166.6 165.6 164.4 163.5 166.6 167.7 168.8 169.5 62 Advanced processing 54.4 132.0 133.7 133.6 132.5 132.9 131.7 129.8 129.1 129.5 129.3 129.3 129.1 129.5 129.8 63 Durable goods 44.8 179.3 182.9 182.7 180.1 180.0 178.9 176.1 173.9 174.3 174.1 175.7 175.9 176.9 177.8 64 Lumber and products ' 24 2.1 113.0 111.8 113.7 114.2 114.0 116.2 116.4 112.8 112.4 113.0 112.9 112.6 114.0 112.9 65 Furniture and fixtures 25 1.4 138.7 141.8 140.4 138.3 138.4 138.7 135.1 133.5 134.8 135.4 133.6 135.0 137.1 138.3 66 Stone, clay, and glass products 32 2.1 130.8 133.1 133.0 130.0 130.0 130.8 129.9 130.3 128.8 126.3 127.7 127.4 128.3 128.3 67 Primary metals 33 3.1 116.9 121.2 120.8 119.5 119.5 117.5 116.4 113.6 110.2 103.6 111.3 112.3 112.8 112.7 68 Iron and steel 331,2 1.8 112.6 115.8 118.4 117.7 118.8 115.7 112.7 110.4 107.1 94.6 107.1 110.0 109.4 108.2 69 Raw steel 331PT 0.1 102.8 99.2 106.2 107.8 108.3 106.2 105.8 99.5 95.1 85.5 100.0 101.3 101.2 100.6 70 Nonferrous 333-6,9 1.4 122.3 127.8 124.0 122.0 120.8 119.9 121.2 117.6 114.1 114.2 116.5 115.3 117.1 118.4 71 Fabricated metal products .. 34 5.0 130.4 131.0 131.0 129.5 131.1 131.0 128.7 127.5 127.2 129.1 128.7 128.1 129.4 130.5 72 Industrial machinery and equipment 35 7.8 213.3 220.2 217.0 213.8 210.2 211.0 205.1 202.8 203.4 200.4 204.5 204.8 206.6 207.2 73 Computer and office equipment 357 1.6 1,088.0 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 1,118.5 1,149.4 1,174.3 1,192.9 74 Electrical machinery 36 7.1 504.2 518.8 511.4 497.6 485.9 485.5 484.6 484.8 485.1 487.3 494.0 500.0 506.5 508.1 75 Transportation equipment . . 37 9.4 128.5 130.5 133.2 131.9 134.6 131.6 128.5 124.6 127.2 129.1 128.2 128.3 126.8 128.7 76 Motor vehicles and parts . 371 4.7 162.9 163.2 169.7 167.7 174.6 169.9 164.2 157.3 165.9 172.1 171.8 173.1 171.9 177.3 77 Autos and light trucks . 371PT 2.5 154.1 154.4 159.5 157.2 170.2 160.9 156.6 147.4 162.7 169.6 167.1 166.9 165.6 172.5 78 Aerospace and miscellaneous transportation equipment 372-6,9 4.7 96.3 99.9 98.9 98.3 97.1 95.7 95.0 93.8 91.0 88.9 87.4 86.5 84.8 83.4 79 Instruments 38 5.4 115.3 117.2 116.8 114.5 115.0 113.9 112.8 113.6 113.7 112.8 113.8 112.6 113.3 112.7 80 Miscellaneous 39 1.3 117.5 120.4 119.0 119.8 120.7 116.7 114.5 113.6 110.7 114.1 114.6 115.0 118.2 119.5 81 Nondurable goods 40.6 111.4 111.8 111.5 111.1 111.5 111.1 110.5 110.8 110.2 109.7 110.3 110.4 110.8 110.9 82 Foods 20 9.6 112.9 112.6 112.8 112.9 113.1 113.0 111.7 112.2 113.0 114.0 113.5 113.7 114.5 115.2 83 Tobacco products 21 1.6 93.8 94.8 92.9 93.8 95.0 93.2 92.7 92.8 92.7 90.8 93.1 95.0 95.3 94.4 84 Textile mill products 22 1.8 86.7 90.4 86.7 86.8 84.3 85.8 85.9 83.0 81.9 82.5 82.5 85.0 87.3 87.3 85 Apparel products 23 2.2 93.1 97.0 96.5 94.0 95.1 91.2 89.4 87.8 87.3 88.8 89.4 88.7 90.8 90.3 86 Paper and products 26 3.5 108.1 110.6 108.8 107.1 108.1 107.7 109.7 108.1 106.2 103.1 105.1 104.3 104.9 104.5 87 Printing and publishing .... 27 6.8 101.6 102.5 102.3 101.3 101.1 100.7 99.7 99.8 98.9 97.3 96.6 96.1 96.2 96.2 88 Chemicals and products .... 28 10.0 121.1 119.5 119.9 119.5 121.2 121.2 121.0 123.2 122.4 121.4 123.0 122.4 122.5 122.3 89 Petroleum products 29 1.4 114.3 115.4 115.6 115.5 114.6 112.9 112.1 114.9 114.0 112.2 114.8 117.1 115.5 115.9 90 Rubber and plastics 30 3.5 136.8 137.9 137.1 137.7 138.0 137.3 136.5 134.4 133.4 134.8 134.7 135.6 136.4 136.6 91 Leather and products 31 0.3 63.1 65.7 63.6 62.2 62.1 62.8 61.4 60.0 59.2 58.4 60.3 59.5 59.1 58.9 92 Mining 6.8 101.3 103.1 103.0 102.5 101.9 101.4 102.1 99.5 99.0 97.4 97.0 96.3 95.0 96.0 93 Metal 10 0.4 88.4 92.1 91.3 88.6 88.8 87.9 91.2 85.6 80.0 80.1 75.2 76.3 76.8 78.4 94 Coal 12 1.0 111.7 114.9 113.9 115.9 111.9 111.7 111.7 106.5 106.6 105.8 104.5 107.0 99.0 101.8 95 Oil and gas extraction 13 4.8 96.1 97.6 97.4 97.0 97.0 96.3 97.0 94.8 94.5 92.6 92.0 90.9 90.4 91.2 96 Stone and earth minerals 14 0.6 132.6 134.3 137.1 133.7 130.6 132.2 131.2 129.6 129.5 129.8 133.7 132.7 131.4 131.5 97 Utilities 7.8 119.8 121.3 119.7 119.1 118.2 121.1 118.1 119.4 116.2 115.2 115.7 120.2 121.9 123.0 98 Electric 491.3PT 6.2 123.1 125.2 122.8 122.9 121.0 124.5 121.0 122.3 121.8 119.3 119.8 121.9 124.6 126.6 99 Gas 492,3PT 1.6 109.1 107.1 107.8 105.2 107.4 108.1 106.9 108.0 96.2 100.5 101.0 113.6 111.5 109.5 SPECIAL AGGREGATES 100 Manufacturing excluding motor vehicles and parts 80.7 143.9 145.8 145.1 143.7 143.5 143.0 141.7 141.3 140.6 139.7 140.8 140.9 141.7 141.8 101 Manufacturing excluding computers and office equipment 83.8 138.0 139.8 139.5 138.1 138.4 137.7 136.2 135.4 135.3 134.8 135.8 135.8 136.5 136.8 102 Computers, communications equipment, and semiconductors 5.6 1,048.5 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 1,032.2 1,059.8 1,077.2 1,087.6 103 Manufacturing excluding computers and semiconductors 81.3 121.2 122.6 122.6 121.5 122.0 121.3 119.9 119.1 118.9 118.4 119.1 119.0 119.4 119.7 104 Manufacturing excluding computers, communications equipment, and semiconductors 79.8 118.2 119.4 119.4 118.5 119.0 118.4 117.0 116.3 116.1 115.7 116.4 116.3 116.8 117.0 Gross value (billions of 1996 dollars, annual rates) MAJOR MARKETS 105 Products, total 100.0 2,720.1 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 2,686.4 2,696.8 2,709.1 2,722.4 106 Final 77.2 2,101.5 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 2,076.9 2,080.5 2,084.7 2,097.8 107 Consumer goods 51.9 1,303.7 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 1,312.6 1,317.9 1,324.1 1,333.6 108 Equipment 25.3 797.4 825.8 823.3 811.6 806.5 793.3 773.1 761.0 763.5 753.5 757.1 754.4 751.2 754.5 109 Intermediate 22.8 618.9 625.7 626.3 623.7 623.5 625.0 619.4 612.9 608.8 608.3 609.7 616.5 624.4 624.6 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.federaireserve.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

A44 International Statistics • July 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 -417,429 -116,324 -112,129 -107,932 -98,531 -98,835 2 Balance on goods and services -261,838 -375,739 -347,810 -100,293 -95,312 -90,835 -78,450 -83,215 3 Exports 957,353 1,065,702 1,004,589 270,131 268,614 258,833 243,143 234,000 4 Imports -1,219,191 -1,441,441 -1,352,399 -370,424 -363,926 -349,668 -321,593 -317,215 5 Income, net -13,613 -14,792 -19,118 642 ^1,991 -4,967 -7,412 -1,744 6 Investment, net -8,511 -9,621 -13,754 1,971 -3,639 -3,637 -6,095 -378 7 Direct 67,044 81.231 95,221 25,703 22,698 23,451 21,974 27,102 8 Portfolio -75,555 -90,852 -108,975 -23,732 -26,337 -27,088 -28,069 -27,480 9 Compensation of employees -5,102 -5,171 -5,364 -1,329 -1,352 -1,330 -1,317 -1,366 10 Unilateral current transfers, net -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 21 171 12 Change in U.S. official reserve assets (increase, -) 8,747 -290 -4,911 -1,410 190 -1,343 -3,559 -199 13 Gold 0 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) 10 -722 -630 -180 -189 -156 -145 -140 15 Reserve position in International Monetary Fund 5,484 2,308 -3,600 -1,083 574 -1,015 -3,242 83 16 Foreign currencies 3,253 -1,876 -681 -147 -195 -172 -172 -142 17 Change in U.S. private assets abroad (increase, -) -448,565 -579,718 -434,079 -179,779 -243,513 -70,228 -13,905 -106,432 18 Bank-reported claims2 -76,263 -138,500 -104,332 -71,574 -109,789 -105 59,116 -53,554 19 Nonbank-reported claims -85,700 -163,846 -76,067 —44,514 -61,011 22,232 ^10,361 3,073 20 U.S. purchase of foreign securities, net -131,217 -124,935 -97,661 -24,621 -31,591 -51,109 10,564 -25,525 21 U.S. direct investments abroad, net -155,385 -152,437 -156,019 -39,070 -41,122 -41,246 -43,224 -30,426 22 Change in foreign official assets in United States (increase, +) 43,551 37,619 6,092 -3,573 4,898 -20,879 16,877 5,196 23 U.S. Treasury securities 12,177 -10,233 10,760 -13,436 -1,027 -20,783 15,810 16,760 24 Other U.S. government obligations 20,350 40,909 20,920 8,196 3,574 9,932 -216 7,630 25 Other U.S. government liabilities2 -2,855 -1,987 -2,482 -293 -1,246 -926 119 -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 US. currency flows 22,407 1,129 23,783 6,230 2,311 2,772 8,203 10,497 33 Foreign purchases of other U.S. securities, net 343,963 485,644 498,433 126,643 148,809 140,512 82,777 126,335 34 Foreign direct investments in United States, net 301,006 287,655 157,936 84,707 52,818 65,554 22,611 16,951 35 Capital account transactions, net5 -3,491 705 726 184 173 177 182 194 36 Discrepancy -48,822 696 -39,193 2,367 8,252 -46,815 58,074 -58,705 37 Due to seasonal adjustment 3,856 9,008 -1,643 -8,580 1,214 38 Before seasonal adjustment -48,822 696 -39,193 -1,489 -756 —45,172 66,654 -59,919 MEMO Changes in official assets 39 U.S. official reserve assets (increase, -) 8,747 -290 -4,911 -1,410 190 -1,343 -3,559 -199 40 Foreign official assets in United States, excluding line 25 (increase, +) 46,406 39,606 8,574 -3,280 6,144 -19,953 16,758 5,625 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 1,621 11,582 -1,851 164 589 -1,743 -4,045 3,348 1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41. 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 A45 3.12 U.S. RESERVE ASSETS Millions of dollars, end of period 2001 2002 AAsssseett 11999988 11999999 22000000 Oct. Nov. Dec. Ian. Feb. Mar. Apr. Mayp 1 Total 81,761 71,516 67,647 69,707 69,158 68,654 67,532 67,357 67,574 67,844 69,579 2 Gold stock1 11,046 11,048 11,046 11,045 11,045 11,045 11,044 11,044 11,044 11,044 11,044 3 Special drawing rights2-3 10,603 10,336 10,539 10,827 10,864 10,774 10,657 10,763 10,809 10,988 11,297 4 Reserve position in International Monetary Fund2 24,111 17,950 14,824 17,787 17,293 17,854 17,602 17,169 17,078 16,184 16,498 5 Foreign currencies4 36,001 32,182 31,238 30,048 29,956 28,981 28,229 28,381 28,643 29,628 30,740 1. Gold held "under earmark" at Federal Reserve Banks for foreign and international SDR holdings and reserve positions in the IMF also have been valued on this basis since July accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold 1974. stock is valued at $42.22 per fine troy ounce. 3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year 2. Special drawing rights (SDRs) are valued according to a technique adopted by the indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979— International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of $1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs. exchange rates for the currencies of member countries. From July 1974 through December 4. Valued at current market exchange rates. 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. 3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS1 Millions of dollars, end of period 2001 2002 AAsssseett 11999988 11999999 22000000 Oct. Nov. Dec. Jan. Feb. Mar. Apr. Mayp 1 Deposits 167 71 215 75 528 61 162 89 256 Ill 127 Held in custody 2 U.S. Treasury securities2 607,574 632,482 594,094 599,043 600,129 592,630 592,031 591,202 593,865 589,531 605,501 3 Earmarked gold3 10,343 9,933 9,451 9,099 9,099 9,099 9,098 9,098 9,098 9,091 9,084 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

A46 International Statistics • July 2002 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2001 2002 IItteemm 11999999 22000000 Sept. Oct. Nov. Dec. Jan. Feb.' Mar.P 1 Total1 806,318 845,869 852,195 860,445 867,512 857,786 861,508 868,753 867,618 By type 2 Liabilities reported by banks in the United States2 138,847 144,593 143,632 140,003 130,661 123,125 122,181 133,554 125,517 3 U.S. Treasury bills and certificates3 156,177 153,010 153,899 161,081 167,562 161,719 166,640 164,076 161,312 U.S. Treasury bonds and notes 4 Marketable 422,266 415,964 409,872 412,111 418,377 419,438 416,438 414,261 419,515 Nonmarketable4 6,111 5,348 4,036 3,520 3,398 3,411 3,433 3,138 3,159 6 U.S. securities other than U.S. Treasury securities5 82,917 126,954 140,756 143,730 147,514 150,093 152,816 153,724 158,115 By area 7 Europe1 244,805 253,592 262,503 263,750 262,119 256,404 262,573 256,438 255,772 8 Canada 12,503 12,394 11,299 11,780 12,589 12,107 12,421 13,126 12,975 9 Latin America and Caribbean 73,518 76,753 75,712 77,555 77,244 77,374 74,931 74,017 72,737 10 463,703 488,170 488,485 490,897 498,815 497,333 495,025 509,774 509,721 11 7,523 9,165 10,246 10,337 9,560 9,646 10,901 10,049 9,510 12 Other countries 4,266 5,795 3,950 6,126 7,185 4,922 5,657 5,349 6,903 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 ?. 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 A47 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar.P BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners 1,408,740 1,511,410 l,618,798r 1,503,862 1,584,534* 1,655,018* 1,618,798' 1,565,699* 1,599,345* 1,612,956 7 Banks' own liabilities 971,536 1,077,636 1,172,303' 1,071,272 1,132,115' 1,194,815' 1,172,303' 1,107,502' 1,131,045' 1,148,277 3 Demand deposits 42,884 33,365 33,600' 35,785 29,735' 34,725' 33,600' 31,704' 32,736' 38,272 4 Time deposits2 163,620 187,883 154,160' 178,029 167,943' 155,530' 154,160' 151,856' 146,489 143,946 .1 Other3 155,853 171,401 199,149' 197,782 206,752' 219,037' 199,149' 208,627' 215,684' 210,183 6 Own foreign offices4 609,179 684,987 785,394' 659,676 727,685' 785,523' 785,394' 715,315' 736,136' 755,876 7 Banks' custodial liabilities5 437,204 433,774 446,495' 432,590 452,419 460,203' 446,495' 458,197' 468,300' 464,679 8 U.S. Treasury bills and certificates6 185,676 177,846 185,925 173,237 182,927 191,048 185,925 190,033 187,733 189,137 9 Short-term agency securities1 n.a. n.a. 59,781 62,117 65,652 59,723 59,781 52,515 66,056 63,694 10 Other negotiable and readily transferable instruments8 132,617 145,840 80,026 75,332 77,465 79,074 80,026 80,270 81,730' 81,903 11 Other 118,911 110,088 120,763' 121,904 126,375 130,358' 120,763' 135,379' 132,781' 129,945 12 Nonmonetary international and regional organizations9 15,276 12,542 10,804 13,309 10,336 11,168 10,804 17,155 15,453 12,106 13 Banks' own liabilities 14,357 12,140 10,166 13,075 9,773 10,332 10,166 16,227 14,553 10,914 14 Demand deposits 98 41 34 36 40 21 34 35 31 22 15 Time deposits2 10,349 6,246 3,755 2,299 2,827 3,133 3,755 7,581 5,482 7,023 16 Other3 3,910 5,853 6,377 10,740 6,906 7,178 6,377 8,611 9,040 3,869 17 Banks' custodial liabilities5 919 402 638 234 563 836 638 928 900 1,192 18 U.S. Treasury bills and certificates6 680 252 577 118 521 779 577 883 859 1,105 19 Short-term agency securities7 n.a. n.a. 40 102 18 36 40 24 24 21 20 Other negotiable and readily transferable instruments8 233 149 21 13 13 17 21 21 17 21 21 Other 6 1 0 1 11 4 0 0 0 45 7.7 Official institutions10 295,024 297,603 284,844 297,531 301,084 298,223 284,844 288,821 297,630' 286,821 73 Banks' own liabilities 97,615 96,989 83,524 101,420 96,143 92,346 83,524 87,346 85,142' 80,685 24 Demand deposits 3,341 3,952 2,988 3,038 2,496 3,336 2,988 2,877 2,150' 3,285 75 Time deposits2 28,942 35,573 19,471 31,997 24,275 18,348 19,471 15,141 16,265 13,882 26 Other3 65,332 57,464 61,065 66,385 69,372 70,662 61,065 69,328 66,727 63,518 77 Banks' custodial liabilities5 197,409 200,614 201,320 196,111 204,941 205,877 201,320 201,475 212,488 206,136 78 U.S. Treasury bills and certificates6 156,177 153,010 161,719 153,899 161,081 167,562 161,719 166,640 164,076 161,312 29 Short-term agency securities7 n.a. n.a. 36,351 39,961 41,078 35,037 36,351 31,445 45,085 40,826 30 Other negotiable and readily transferable instruments8 41,182 47,366 2,180 2,230 1,946 1,715 2,180 2,191 2,307 2,785 31 Other 50 238 1,070 21 836 1,563 1,070 1,199 1,020 1,213 37 Banks" 900,379 972,932 1,047,154' 942,612 1,011,190' 1,070,753' 1,047,154' 989,277' 1,013,798' 1,043,162 33 Banks' own liabilities 728,492 821,306 907,868' 800,631 863,889' 921,781' 907,868' 836,092' 863,927' 885,630 34 Unaffiliated foreign banks 119,313 136,319 122,474 140,955 136,204 136,258 122,474 120,777 127,791' 129,754 35 Demand deposits 17,583 15,522 13,089 15,675 11,166 13,149 13,089 10,376 12,786' 16,340 36 Time deposits2 48,140 66,904 52,910 64,335 61,244 56,132 52,910 51,849 47,784 47,145 37 Other3 53,590 53,893 56,475 60,945 63,794 66,977 56,475 58,552 67,221 66,269 38 Own foreign offices4 609,179 684,987 785,394' 659,676 727,685' 785,523' 785,394' 715,315' 736,136' 755,876 39 Banks' custodial liabilities5 171,887 151,626 139,286' 141,981 147,301 148,972' 139,286' 153,185' 149,871' 157,532 40 U.S. Treasury bills and certificates6 16,796 16,023 11,499 8,784 10,288 10,907 11,499 10,181 10,289 10,959 41 Short-term agency securities7 n.a. n.a. 2,078 2,629 2,868 2,470 2,078 2,525 1,916 2,423 42 Other negotiable and readily transferable instruments8 45,695 36,036 21,981 24,176 23,900 23,384 21,981 22,959 23,694' 24,964 43 Other 109,396 99,567 103,728' 106,392 110,245 112,211' 103,728' 117,520' 113,972' 119,186 44 Other foreigners 198,061 228,333 275,996' 250,410 261,924' 274,874' 275,996' 270,446' 272,464' 270,867 45 Banks' own liabilities 131,072 147,201 170,745' 156,146 162,310' 170,356' 170,745' 167,837' 167,423' 171,048 46 Demand deposits 21,862 13,850 17,489' 17,036 16,033' 18,219' 17,489' 18,416' 17,769' 18,625 47 Time deposits2 76,189 79,160 78,024' 79,398 79,597' 77,917' 78,024' 77,285' 76,958 75,896 48 Other3 33,021 54,191 75,232' 59,712 66,680' 74,220' 75,232' 72,136' 72,696' 76,527 49 Banks' custodial liabilities5 66,989 81,132 105,251 94,264 99,614 104,518 105,251 102,609 105,041 99,819 50 U.S. Treasury bills and certificates6 12,023 8,561 12,130 10,436 11,037 11,800 12,130 12,329 12,509 15,761 51 Short-term agency securities7 n.a. n.a. 21,312 19,425 21,688 22,180 21,312 18,521 19,031 20,424 52 Other negotiable and readily transferable instruments8 45,507 62,289 55,844 48,913 51,606 53,958 55,844 55,099 55,712 54,133 53 Other 9,459 10,282 15,965 15,490 15,283 16,580 15,965 16,660 17,789 9,501 MEMO 54 Negotiable time certificates of deposits in custody for foreigners 30,345 34,217 20,440 23,228 22,646 22,778 20,440 22,095 22,831 21,498 55 Repurchase agreements7 n.a. n.a. 150,737' 111,109 127,386' 134,672' 150,737' 127,852' 131,331' 127,160 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

A48 International Statistics • July 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 Sept. Oct. Nov. Dec. Jan.' Feb.' Mar/ AREA OR COUNTRY 56 Total, all foreigners 1,408,740 1,511,410 l,618,798r 1,503,862 1,584,534' 1,655,018' l,618,798r 1,565,699 1,599,345 1,612,956 57 Foreign countries 1,393,464 1,498,867 l,607,994r 1,490,553 1,574,197' 1,643,850' 1,607,994' 1,548,544 1,583,892 1,600,850 58 Europe 441,810 446.788 520,874R 416,536 455,810' 520,372' 520,874' 503,119 516,860 519,149 59 Austria 2,789 2,692 2,919 2,491 2,117 2,944 2,919 2,999 3,050 3,146 60 Belgium12 44,692 33,399 6,548 7,119 6,960 6,640 6,548 6,573 6,567 7,930 61 Denmark 2,196 3,000 3,625 3,213 3,752 4,248 3,625 3,149 2,970 2,878 62 Finland 1,658 1,411 1,445 1,276 1,223 1,135 1,445 1,372 1,159 1,682 63 France 49,790 37,833 49,034 38,447 49,059 49,692 49,034 45,102 41,172 35,113 64 Germany 24,753 35,519 22,342 20,426 23,707 23,111 22,342 23,794 23,740 26,106 65 Greece 3,748 2,011 2,303 2,414 2,409 2,081 2,303 2,706 2,856 2,560 66 Italy 6,775 5,072 6,342 5,794 5,445 5,913 6,342 5,597 5,109 5,548 67 Luxembourg'2 n.a. n.a. 16,875 15,123 14,612 16,536 16,875 15,100 14,727 14,278 68 Netherlands 8,143 7,047 12,404 11,164 12,286 13,079 12,404 13,354 13,879 13,819 69 Norway 1,327 2,305 3,725 3,606 3,145 3,056 3,725 4,976 4,871 7,703 70 Portugal 2,228 2,403 4,029 2,746 3,787 3,924 4,029 4,369 4,799 5,416 71 Russia 5,475 19,018 20,782 22,942 23,431 21,243 20,782 19,776 20,841 21,423 72 Spain 10,426 7,787 8,791 8,994 9,785 10,595 8,791 12,618 10,233 9,406 73 Sweden 4,652 6,497 3,371 3,726 3,461 3,705 3,371 3,104 3,700 3,412 74 Switzerland 63,485 74,635 66,380 39,735 39,706 81,128 66,380 80,813 94,679 107,650 75 Turkey 7,842 7,548 7,472 6,204 6,749 6,822 7,472 8,088 10,541 10,573 76 United Kingdom 172,687 167,757 204,162R 139,769 163,658' 184,066' 204,162' 169,333 170,171 161,436 77 Channel Islands and Isle of Man13 n.a. n.a. 36,057 36,072 36,392 36,161 36,057 36,474 37,226 38,012 78 Yugoslavia14 286 276 309 313 313 310 309 298 317 296 79 Other Europe and other former U.S.S.R.15 28,858 30,578 41,959 44,962 43,813 43,983 41,959 43,524 44,253 40,762 80 Canada 34,214 30,982 27,099 26,251 25,522 27,920 27,099 28,003 27,359 27,228 81 Latin America 117,495 120,041 117,528r 119,664 122,541' 120,293' 117,528' 115,702 114,999 112,538 82 Argentina 18,633 19,451 10,655' 15,128 13,407' 10,783' 10,655' 9,904 10,360 11,622 83 Brazil 12,865 10,852 14,135' 17,279 16,401' 14,290' 14,135' 13,132 12,874 14,578 84 Chile 7,008 5,892 4,929 5,746 5,417' 5,298' 4,929 5,275 5,143 5,099 85 Colombia 5,669 4,542 4,668' 4,454 4,589 4,643 4,668' 4,506 4,587 4,159 86 Ecuador 1,956 2,112 2,377' 2,110 2,105' 2,010' 2,377' 2,231 2,363 2,269 87 Guatemala 1,626 1,601 1,876 1,451 1,851 1,934 1,876 1,861 1,821 1,812 88 Mexico 30,717 32,166 39,630' 37,343 40,368' 40,245' 39,630' 40,355 40,797 35,700 89 Panama 4,415 4,240 3,588 3,761 3,741 3,524' 3,588 3,514 3,604 3,350 90 Peru 1,142 1,427 1,350 1,450 1,509 1,585 1,350 1,341 1,347 1,548 91 Uruguay 2,386 3,003 3.160 2,726 3,133 3,300' 3,160 2,646 2,536 2,876 92 Venezuela 20,192 24,730 24,920' 21,818 23,590' 26,105' 24,920' 24,258 22,952 22,829 93 Other Latin America16 10,886 10,025 6,240' 6,398 6,430' 6,576' 6,240' 6,679 6,615 6,696 94 Caribbean 461,200 573,337 630,940' 607,577 649,655' 656,522' 630,940' 600,706 606,369 613,421 95 Bahamas 135,811 189,298 179,187 178,270 212,415 201,674 179,187 156,241 147,819 156,001 96 Bermuda 7,874 9,636 10,423 7,887 9,641 9,209 10,423 9,573 11,183 10,248 97 British West Indies'7 312,278 367,197 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 98 Cayman Islands'7 n.a. n.a. 423,644' 403,425 406,404' 425,945' 423,644' 418,101 443311,,552200 443300,,228888 99 Cuba 75 90 88 154 86 85 88 88 8899 8899 100 Jamaica 520 794 1,179 971 880 930 1,179 1,106 1,103 1,115 101 Netherlands Antilles 4,047 5,428 3,172' 4,584 6,097' 4,075' 3,172' 3,471 3,115 3,757 102 Trinidad and Tobago 595 894 1,266 1,415 1,509 1,768 1,266 1,979 1,547 1,406 103 Other Caribbean16 n.a. n.a. 11,981r 10,871 12,623' 12,836' 11,981' 10,147 9,993 10,517 104 Asia 319,489 305,554 293,969 301,197 301,042 229999,,110033 293,969 228800,,448811 229999,,112244 330077,,228855 China 105 Mainland 12,325 16,531 10,472 16,902 17.891 12,378 10,472 8,501 21,167 16,724 106 Taiwan 13,603 17,352 17,562 22,276 19,194 21,116 17,562 16,997 21,533 20,462 107 Hong Kong 27,701 26,462 26,494 24,591 23,158 26,305 26,494 25,221 23,698 22,830 108 India 7,367 4,530 3,703 4,017 3,891 3,916 3,703 3,766 4,167 4,512 109 Indonesia 6,567 8,514 12,381 11,903 12,351 11,758 12,381 11,893 11,441 11,220 110 Israel 7,488 8,053 7,826 8,995 7,343 7,742 7,826 10,727 9,433 9,600 111 Japan 159,075 150,415 155,260 149,724 160,015 157,763 155,260 146,927 151,698 166,655 112 Korea (South) 12,988 7,955 9,014 7,733 7,725 8,098 9,014 6,716 6,525 5,593 113 Philippines 3,268 2,316 1,764 1,774 1,756 2,109 1,764 1,910 1,429 1,530 114 Thailand 6,050 3,117 4,742 3,379 3,666 4,792 4,742 4,651 5,035 5,432 115 Middle Eastern oil-exporting countries'8 21,314 23,763 20,022 20,936 18,443 18,620 20,022 17,850 16,931 18,684 116 Other 41,743 36,546 24,729 28,967 25,609 24,506 24,729 25,322 26,067 24,043 117 9,468 10,824 11,343 11,585 12,088 11,222 11,343 12,988 11,983 12,023 118 Egypt 2,022 2,621 2,774 3,026 2,910 3,110 2,774 4,271 3,961 3,857 119 Morocco 179 139 273 233 331 344 273 243 197 127 120 South Africa 1,495 1,010 833 751 886 1,018 833 1,137 928 11,,006600 121 Congo (formerly Zaire) 14 4 4 2 4 1 4 6 2 11 122 Oil-exporting countries'9 2,914 4.052 4,372 4,456 4,980 3,967 4,372 4,165 3,763 3,911 123 Other 2,844 2,998 3,087 3,117 2,977 2,782 3,087 3,166 3,132 3,067 124 Other countries 9,788 11,341 6,241 7,743 7,539 8,418 6,241 7,545 7,198 9,206 125 Australia 8,377 10,070 5,590 6,815 6,584 7,799 5,590 6,759 6,373 8,195 126 New Zealand20 n.a. n.a. 239 437 506 218 239 371 419 456 127 All other 1,411 1,271 412 491 449 401 412 415 406 555 128 Nonmonetary international and regional organizations 15,276 12,543 10,804 13,309 10,337 11,168 10,804 17,155 15,453 12,106 129 International2' 12,876 11,270 9,305 12,224 8,784 9,410 9,305 15,521 13,714 9,853 130 Latin American regional22 1,150 740 480 569 680 462 480 443 520 731 131 Other regional23 1,250 533 935 476 822 1,234 935 1,113 1,140 1,441 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 A49 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States' Payable in U.S. dollars Millions of dollars, end of period 2001 2002 AArreeaa oorr ccoouunnttrryy 11999999 22000000 22000011 Sept. Oct. Nov. Dec. Jan. Feb. Mar.P 1 Total, all foreigners 793,139 904,642 l,051,613r 963,630 1,016,715 1,051,715" 1,051,613" 1,003,222' 1,005,194' 1,050,333 2 Foreign countries 788,576 899,956 l,046,667r 959,154 1,011,820 1,046,457' 1,046,667' 999,353" 1,001,367" 1,044,820 3 Europe 311,686 378,1 15 460,970' 405,920 433,898 497,651' 460,970' 463,472' 466,073 486,255 4 Austria 2,643 2,926 5,006 3,116 3,848 3,412 5,006 4,063 3,604 3,895 Belgium2 10,193 5,399 6,339 4,549 6,424 7,994 6,339 6,426 5,603 4,750 6 Denmark 1,669 3,272 1,105 1,804 933 2,507 1,105 1,649 1,024 1,544 7 Finland 2,020 7,382 10,350 10,917 12,065 11,010 10,350 14,431 14,410 14,469 8 France 29,142 40,035 60,670 51,670 60,732 58,769 60,670 56,285 54,467 54,933 9 Germany 29,205 36,834 29,902 37,770 39,605 36,295 29,902 31,189 29,134 33,254 10 Greece 806 646 330 302 333 327 330 327 348 320 11 Italy 8,496 7,629 4,205 6,598 7,750 6,321 4,205 4,453 4,329 5,101 12 Luxembourg2 n.a. n.a. 1,267 911 1,088 1,392 1,267 1,601 2,884 3,366 13 Netherlands 11,810 17,043 15,927 18,412 17,256 17,173 15,927 13,880 15,151 15,349 14 Norway 1,000 5,012 6,249 4,870 3,617 4,603 6,249 4,779 4,435 7,026 15 Portugal 1,571 1,382 1,603 1,286 1,164 1,709 1,603 1,969 1,998 1,795 16 Russia 713 517 594 942 863 680 594 687 612 1,659 17 Spain 3,796 2,603 3,231 4,470 3,713 5,398 3,231 5,363 4,987 4,847 18 Sweden 3,264 9,226 12,544 12,067 11,800 12,897 12,544 11,924 13,260 11,903 19 Switzerland 79,158 82,085 87,363 72,578 71,968 121,798 87,363 95,331 114,379 115,370 20 Turkey 2,617 3,059 2,124 2,323 2,324 2,243 2,124 2,147 2,183 2,150 21 United Kingdom 115,971 144,938 200,921' 162,534 178,428 193,737' 200,921' 195,629' 181,818 193,825 22 Channel Islands and Isle of Man3 n.a. n.a. 4,478 3,900 3,783 3,819 4,478 3,747 3,986 3,848 23 Yugoslavia4 50 50 n.a. 4 4 n.a. n.a. n.a. n.a. n.a. 24 Other Europe and other former U.S.S.R.5 7,562 8,077 6,762 4,897 6,200 5,567 6,762 7,592 7,461 6,851 25 Canada 37,206 39,837 54,421' 50,327 48,773 50,792' 54,421' 49,967' 52,755 56,736 76 Latin America 74.040 76,561 69,762 74,649 74,177 72,924 69,762 69,427' 68,791' 69,530 27 Argentina 10,894 11,519 10,763 12,071 11,603 11,350 10,763 10,444' 10,334' 9,896 78 Brazil 16,987 20,567 19,434 22,449 21,427 20,453 19,434 19,700 19,353 19,834 79 Chile 6,607 5,815 5,317 5,283 5,423 5,522 5,317 5,200 5,166 5,399 30 Colombia 4,524 4,370 3,602 3,609 3,564 3,598 3,602 3,563 3,547 3,700 31 Ecuador 760 635 495 508 507 504 495 465 491 489 37 Guatemala 1,135 1,244 1,495 1,265 1,568 1,522 1,495 1,417 1,651 1,422 33 Mexico 17,899 17,415 16,522 16,896 17,272 16,996 16,522 17,035 16,561 17,088 34 Panama 3,387 2,933 3,066 3,223 3,426 3,415 3,066 2,765 2,788 2,804 35 Peru 2,529 2,807 2,185 2,437 2,435 2,369 2,185 2,125 2,090 2,026 36 Uruguay 801 673 447 461 492 540 447 437 444' 525 37 Venezuela 3,494 3,518 3,077 3,222 3,221 3,306 3,077 3,181 3,315' 3,463 38 Other Latin America6 5,023 5,065 3,359 3,225 3,239 3,349 3,359 3,095 3,051 2,884 39 Caribbean 281,128 319,403 367,655 340,772 360,024 326,271 367,655 327,814 326,948 342,102 40 Bahamas 99,066 114,090 101,034 114,744 124,546 97,916 101,034 91,440 90,050 101,809 41 Bermuda 8,007 9,260 7,900 7,005 11,440 6,015 7,900 7,018 5,633' 7,773 47 British West Indies1 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. 247,086 204,541 211,484 208,198 247,086 217,311 220,829' 220,845 44 Cuba 0 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 45 Jamaica 295 355 418 369 380 406 418 383 384 418 46 Netherlands Antilles 5,982 5,801 6,729 9,818 7,647 9,583 6,729 7,599 6,046 7,137 47 Trinidad and Tobago 589 608 931 940 858 880 931 940 955 932 48 Other Caribbean6 n.a. n.a. 3,557 3,355 3,669 3,273 3,557 3,123 3,051 3,188 49 75,143 77,829 85,882 80,636 87,331 91,337 85,882 80,650 78,905 82,606 China 50 Mainland 2,110 1,606 2,073 3,478 4,118 4,427 2,073 3,526 2,418 4,161 51 Taiwan 1,390 2,247 4,407 3,195 4,244 3,897 4,407 3,422 4,101 4,504 57. Hong Kong 5,903 6,669 9,995 6,400 5,161 7,984 9,995 7,670 7,319 6,459 53 India 1,738 2,178 1,348 1,600 1,561 1,609 1,348 1,167 1,217 1,224 54 Indonesia 1,776 1,914 1,752 1,944 1,965 1,935 1,752 1,768 1,644 1,701 55 Israel 1,875 2,729 4,396 3,621 3,980 4,592 4,396 4,211 4,195 2,875 56 Japan 28,641 34,974 34,125 32,301 39,940 34,665 34,125 30,973 30,722 31,288 57 Korea (South) 9,426 7,776 10,622 11,852 11,137 14,742 10,622 12,689 12,745 13,822 58 Philippines 1,410 1,784 2,587 2,092 1,505 2,021 2,587 1,951 1,681 2,065 59 Thailand 1,515 1,381 2,499 1,204 1,470 1,283 2,499 1,743 745 1,467 60 Middle Eastern oil-exporting countries8 14,267 9,346 7,882 7,943 8,290 10,088 7,882 7,559 7,341 9,224 61 Other 5,092 5,225 4,196 5,006 3,960 4,094 4,196 3,971 4,777 3,816 67 2,268 2,094 2,135 1,877 1,878 2,108 2,135 2,043 1,937 2,073 63 Egypt 258 201 416 412 381 477 416 324 331 358 64 Morocco 352 204 106 152 148 116 106 100 97 81 65 South Africa 622 309 710 492 443 571 710 700 640 735 66 Congo (formerly Zaire) 24 0 n.a. n.a. n.a. 1 n.a. n.a. n.a. n.a. 67 Oil-exporting countries9 276 471 167 151 169 179 167 195 201 211 68 Other 736 909 736 670 737 764 736 724 668 688 69 Other countries 7,105 6,117 5,842 4,973 5,739 5,374 5,842 5,980 5,958 5,518 70 Australia 6,824 5,868 5,455 3,980 5,402 4,964 5,455 5,336 5,207 4,746 71 New Zealand10 n.a. n.a. 349 329 275 330 349 603 732 762 72 All other 281 249 38 664 62 80 38 41 19 10 73 Nonmonetary international and regional organizations11 .. 4,563 4,686 4,946' 4,476 4,904 5,258 4,946' 3,869' 3,827' 5,513 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

A50 International Statistics • July 2002 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period 2001 2002 Sept. Oct. Nov. Dec.' Jan.' Feb.' Mar.P 1 Total 944,937 1,095,869 l,253,992r 1,136,410 1,253,992 2 Banks' claims 793,139 904,642 1,051,613' 963,630 1,016,715 1,051,715' 1,051,613 1,003,222 1,005,194 1,050,333 3 Foreign public borrowers 35,090 37,907 49,018' 45,780 49,592 56,820 49,018 52,943 48,557 54,050 4 Own foreign offices2 529,682 630,137 745,834 663,840 699,281 721,650 745,834 697,236 716,045 747,225 Unaffiliated foreign banks 97,186 95,243 100,575 92,533 95,647 100,608 100,575 98,381 91,992 94,877 6 Deposits 34,538 23,886 26,189 20,022 25,663 29,998 26,189 26,926 25,841 26,129 7 Other 62,648 71,357 74,386 72,511 69,984 70,610 74,386 71,455 66,151 68,748 8 All other foreigners 131,181 141,355 156,186' 161,477 172,195 172,637' 156,186 154,662 148,600 154,181 9 Claims of banks' domestic customers3 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. 137,349' 111,844 144,250 144,266' 137,349 118,878 123,049 114,917 15 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States6 31,125 53,153 60,711 54,932 57,698 66,930 60,711 54,563 55,177 61,417 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 / 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 44,,221111 55,,447711 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 A51 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 1,149.3 l,155.1r 1,303.3 989.4 2 G-10 countries and Switzerland 242.8 217.7 243.4 272.4 313.6 280.3 300.7 340.7 349.8 306.8 479.0 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 98.7 257.3 11 Canada 13.7 16.8 16.3 17.3 18.2 18.5 16.7 15.4 22.0 21.1 19.9 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 70.7 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 7,3 South Africa 2.2 4.4 3.8 4.8 4.6 4.2 3.6 4.1 3.8 4.4 4.1 24 Australia 23.1 20.3 23.5 18.6 26.3 20.5 22.1 21.9 22.1 21.7 20.6 75 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 7,7 Venezuela 2.5 3.2 2.8 3.0 2.9 2.9 2.5 2.7 2.7 2.7 2.5 78 Indonesia 6.7 4.7 4.2 3.9 4.1 4.4 4.6 4.4 4.2 4.0 3.8 79 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 37 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 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 4.9 5.5 7.7 7.9 8.2 5.8 9.1 6.5 11.8 14.1 6.9 47 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 11..22 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 Africa3 .8 1.0 1.0 .9 .9 .8 .7 .7 .7 .8 .7 57. 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 67 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 Other1 .1 .2 .1 .1 .1 .1 .2 .1 .1 .0 .1 65 Miscellaneous and unallocated7 99.1 495.1 387.9 376.1 342.1 351.1 391.2 472.4 478.6r 608.1 134.6 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

A52 International Statistics • July 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. 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 y 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 li 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 lb 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 countries' 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 other3 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 A53 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. 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 71 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 75 Bahamas 403 1,593 1,353 1,358 1,353 561 818 649 976 76 Bermuda 39 11 19 22 19 1,729 426 80 918 77 Brazil 835 1,476 1,827 1,568 1,827 1,648 1,877 2,065 2,127 78 British West Indies 24,388 12,099 12,596 15,722 12,596 21,227 17,505 19,234 32,965 79 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 47 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 57 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

A54 International Statistics • July 2002 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 2002 2001 2002 TTrraannssaaccttiioonn,, aanndd aarreeaa oorr ccoouunnttrryy 22000000 22000011 J M an ar .- . Sept. Oct. Nov. Dec. Jan. Feb,r Mar.p U.S. corporate securities STOCKS 1 Foreign purchases 3.605,196 3,051,355 802,226 193,492 255,682 241,318 239,289 255,725 259,951 286,550 2 Foreign sales 3,430,306 2,934,969 784,592 205,024 248.425 228,147 226,004 247,109 257,850 279,633 3 Net purchases, or sales (-) 174,890 116,386 17,634 -11,532 7,257 13,171 13,285 8,616 2,101 6,917 4 Foreign countries 174,903 116,183 17,773 -11,521 7,234 13,162 13,266 8,737 2,104 6,932 5 Europe 164,656 88,098 19,982 -7,327 7,478 8,492 6,740 8,730 4,442 6,810 6 France 5,727 5,914 2,011 -2,609 1,969 -845 101 1,302 304 405 7 Germany 31,752 8,415 1,240 -435 825 698 688 479 429 332 8 Netherlands 4,915 10,919 698 358 552 1,096 1,271 406 100 192 9 Switzerland 11,960 3,456 1,605 -688 352 326 854 470 566 569 10 United Kingdom 58,736 38,492 8,405 -564 3,313 3,248 2,033 3,972 1,323 3,110 11 Channel Islands and Isle of Man1 n.a. -698 -297 -73 -23 -198 20 -81 -103 -113 12 Canada 5,956 10,984 1,646 1,137 197 938 1,250 591 457 598 13 Latin America and Caribbean -17,812 -5,157 -5,640 ^1.780 -1,508 1,833 3,931 -1,447 -4,495 302 14 Middle East2 9,189 1,789 -970 664 -514 -105 249 96 -165 -901 15 Other Asia 12,494 20,727 2,453 -879 1,551 1,811 600 572 1,636 245 16 Japan 2,070 6,788 987 -806 1,148 414 65 -209 194 1,002 17 415 -366 11 -37 -31 -9 -7 32 5 -26 18 Other countries 5 108 291 -299 61 202 503 163 224 -96 19 Nonmonetary international and regional organizations -11 203 -138 -11 23 9 19 -121 -2 -15 BONDS' 20 Foreign purchases 1,208,386 1,943,158 569,471 156,458 192,442 187,115 177,721 181,519 168,724 219,228 21 Foreign sales 871,416 1,556,217 490,752 137,848 151,612 156,019 155,238 161,985 155,237 173,530 22 Net purchases, or sales (-) 336,970 386,941 78,719 18,610 40,830 31,096 22,483 19,534 13,487 45,698 23 Foreign countries 337,074 386,376 78,718 18,455 41,002 30,853 22,452 19,624 13,217 45,877 24 Europe 180,917 195,798 32,838 9,659 15,513 16,172 8,077 7,890 4,619 20,329 25 France 2,216 5,028 660 -573 601 270 330 68 14 578 26 Germany 4,067 12,362 1,385 454 1,666 2,001 -12 93 -253 1,545 27 Netherlands 1,130 1,538 -1,118 457 83 -154 -637 -1,495 550 -173 28 Switzerland 3,973 5,721 867 -51 292 417 75 143 826 -102 29 United Kingdom 141,223 153,158 24,999 9,672 10,422 12,928 5,985 7,619 1,740 15,640 30 Channel Islands and Isle of Man1 n.a. 2,000 453 93 355 69 404 130 14 309 31 Canada 13,287 4,595 964 -644 1,335 25 892 338 -243 869 32 Latin America and Caribbean 59,444 77,217 24,263 2,519 2.270 7,838 5,765 4,655 6,077 13,531 33 Middle East1 2,076 2,338 1,139 8 307 432 455 420 342 377 34 Other Asia 78,794 106,812 19,217 7,281 21,044 6,593 7,721 6,802 2,094 10,321 35 Japan 39,356 34,099 -2,140 1,066 15,243 1,104 -810 -717 -957 -466 36 938 760 26 -6 272 71 -30 22 34 37 Other countries 1,618 -1,144 271 -362 261 -278 -413 -451 306 416 38 Nonmonetary international and regional organizations -70 566 1 155 -172 243 31 -90 270 -179 Foreign securities 39 Stocks, net purchases, or sales (-) -13,088 -50,113 6,652 2,331 -3,097 2,795 -8,955 3,822r -2,723 5,553 40 Foreign purchases 1,802,185 1,397,664 315,213 99,588 105,799 108,043 88,033 103,389' 95,364 116,460 41 Foreign sales 1,815,273 1,447,777 308,561 97,257 108,896 105,248 96,988 99,567' 98,087 110,907 42 Bonds, net purchases, or sales (-) -4,054 30,393 4,020 10,326 -754 -1,214 -945 -5,558' 2,245 7,333 43 Foreign purchases 958,932 1,159,155 292,187 87,083 94,591 95,672 69,504 93,550' 89,172 109,465 44 Foreign sales 962,986 1,128,762 288,167 76,757 95,345 96,886 70,449 99,108' 86,927 102,132 45 Net purchases, or sales (-), of stocks and bonds -17,142 -19,720 10,672 12,657 -3,851 1,581 -9,900 -1,736' -478 12,886 46 Foreign countries -17,278 -19,132 10,794 12,659 -3,657 1,587 -9,832 -1,720" -467 12,981 47 Europe -25,386 -12,117 11.841 5,993 -4,904 2,206 -9,831 -2,417' 588 13,670 48 Canada -3,888 2,943 328 1,297 -676 -470 1,010 1,381 -289 -764 49 Latin America and Caribbean -15,688 4,245 2,528 2,663 -571 1,973 118 2,644' -1,469 1,353 50 Asia 24,488 -11,869 -3,813 2,534 3,070 -2,138 -1,494 -3,478' 614 -949 51 Japan 20,970 -20,116 -3,049 -391 1,441 -3,575 -1,924 400 -660 -2,789 52 Africa 943 -557 62 -34 -565 191 134 72 62 -72 53 Other countries 2,253 -1,777 -150 206 -11 -175 231 78 29 -257 54 Nonmonetary international and regional organizations 150 -587 -124 -2 -194 -6 -68 -16 -13 -95 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 A55 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign Transactions1 Millions of dollars; net purchases, or sales (-) during period 2002 2001 2002 AArreeaa oorr ccoouunnttrryy 22000000 22000011 J M a a n r - . Sept. Oct. Nov. Dec. Jan. Feb. Mar.p 1 Total estimated -54,032 18,472 -3,015 -1,990 14,969 12,676 10,497 -16,762 -169 13,916 2 Foreign countries -53,571 19,158 -3,753 -2,138 14,884 12,902 10,531 -17,027 -493 13,767 3 Europe -50,704 -20,510 301 -782 2,339 -5,850 278 -6,688 -79 7,068 4 Belgium2 73 -598 39 174 -146 -9 202 -108 -263 410 5 Germany -7,304 -1,668 -1,984 -113 -392 54 1,075 -3,466 -277 1,759 6 Luxembourg2 n.a. 462 -561 -348 285 -5 -34 -514 -126 79 7 Netherlands 2,140 -6,728 -5,177 -2,653 -1,336 -701 -948 -2,098 812 -3,891 8 Sweden 1,082 -1,190 -298 1,037 -109 268 -197 -337 -230 269 9 Switzerland -10,326 1,412 1,171 979 -339 215 335 313 -115 973 10 United Kingdom -33,669 -7,185 8,962 1,992 7,359 -7,374 2,007 -86 1,938 7,110 11 Channel Islands and Isle of Man3 n.a. -179 -207 -1 -34 7 -136 -3 47 -251 12 Other Europe and former U.S.S.R -2,700 -4,836 -1,644 -1,849 -2,949 1,695 -2,026 -389 -1,865 610 13 Canada -550 -4,136 -574 -947 -3,091 -430 2,978 -3,473 1,204 1,695 14 Latin America and Caribbean -4,914 5,046 -4,015 -541 3,998 6,266 -6,368 2,603 -6,194 -424 15 Venezuela 1,288 290 14 39 -129 103 3 33 -12 -7 16 Other Latin America and Caribbean -11,581 15,500 7,401 -524 4,065 8,393 -3,984 1,635 -3,072 8,838 17 Netherlands Antilles 5,379 -10,744 -11,430 -56 62 -2,230 -2,387 935 -3,110 -9,255 18 1,639 37,992 294 -150 11,755 11,820 14,423 -9,221 3,862 5,653 19 Japan 10,580 17,774 -6,502 -3,329 16,640 1,737 4,379 -6,649 2,456 -2,309 70 Africa -414 -880 139 47 -396 53 -293 -65 134 70 21 Other 1,372 1,646 102 235 279 1,043 -481 -183 580 -295 22 Nonmonetary international and regional organizations -461 -686 738 148 85 -226 -34 265 324 149 23 International -290 389 -65 8 63 43 138 52 199 24 Latin American Caribbean regional 76 41 9 0 1 43 -25 -1 15 -5 MEMO 25 Foreign countries -53,571 19,158 -3,753 -2,138 14,884 12,902 10,531 -17,027 ^93 13,767 76 Official institutions -6,302 3,474 77 2,549 2,239 6,266 1,061 -3,000 -2,177 5,254 27 Other foreign -47,269 15,684 -3,830 -4,687 12,645 6,636 9,470 -14,027 1,684 8,513 Oil-exporting countries 78 Middle East4 3,483 865 971 -586 12 2,442 2,217 784 50 137 29 0 -2 1 -2 0 0 0 0 -1 2 1. Official and private transactions in marketable U.S. Treasury securities having an 3. Before January 2001, these data were included in the data reported for the United original maturity of more than one year. Data are based on monthly transactions reports. Kingdom. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab countries. Emirates (Trucial States). 2. Before January 2001, combined data reported for Belgium and Luxembourg. 5. Comprises Algeria, Gabon, Libya, and Nigeria. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A56 International Statistics • July 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 Dec. Jan. Feb. Mar. Apr. May Exchange rates COUNTRY/CURRENCY UNIT 1 Australia/dollar2 64.54 58.15 51.69 51.38 51.70 51.28 52.56 53.52 54.98 2 Brazil/real 1.8207 1.8301 2.3527 2.3635 2.3799 2.4242 2.3450 2.3227 2.4753 3 Canada/dollar 1.4858 1.4855 1.5487 1.5788 1.5997 1.5964 1.5877 1.5815 1.5502 4 China, P.R./yuan 8.2783 8.2784 8.2770 8.2761 8.2771 8.2767 8.2773 8.2772 8.2770 5 Denmark/krone 6.9900 8.0953 8.3323 8.3526 8.4183 8.5343 8.4795 8.3942r 8.1098 6 European Monetary Union/euro3 1.0653 0.9232 0.8952 0.8912 0.8832 0.8707 0.8766 0.8860 0.9170 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 7.7989 7.7989 7.7996 7.7997 7.8000 7.7994 9 India/rupee 43.13 45.00 47.22 47.93 48.35 48.72 48.77 48.94 49.02 10 Japan/yen 113.73 107.80 121.57 127.59 132.68 133.64 131.06 130.77 126.38 11 Malaysia/ringgit 3.8000 3.8000 3.8000 3.8000 3.8000 3.8002 3.8000 3.8000 3.8000 12 Mexico/peso 9.553 9.459 9.337 9.157 9.164 9.105 9.064 9.165 9.510 13 New Zealand/dollar2 52.94 45.68 42.02 41.57 42.45 41.87 43.33 44.28 46.10 14 Norway/krone 7.8071 8.8131 8.9964 8.9713 8.9684 8.9492 8.8072 8.6102 8.2050 15 Singapore/dollar 1.6951 1.7250 1.7930 1.8382 1.8394 1.8312 1.8295 1.8285 1.8004 16 South Africa/rand 6.1191 6.9468 8.6093 11.6761 11.6258 11.4923 11.4863 11.0832 10.1615 17 South Korea/won 1,189.84 1,130.90 1,292.01 1,292.29 1,316.34 1,320.55 1,322.90 1,318.09 1,262.20 18 Sri Lanka/rupee 70.868 76.964 89.602 93.194 93.473 93.650 94.903 96.030 96.318 19 Sweden/krona 8.2740 9.1735 10.3425 10.5753 10.4561 10.5501 10.3324 10.3070 10.0642 20 Switzerland/franc 1.5045 1.6904 1.6891 1.6566 1.6709 1.6970 1.6743 1.6542 1.5889 21 Taiwan/dollar 32.322 31.260 33.824 34.682 35.027 35.073 35.020 34.917 34.454 21 Thailand/baht 37.887 40.210 44.532 43.952 44.036 43.854 43.415 43.442 42.817 23 United Kingdom/pound2 161.72 151.56 143.96 144.13 143.22 142.27 142.30 144.29 145.98 24 Venezuela/bolivar 606.82 680.52 724.10 753.64 762.40 898.51 922.66 871.38 985.80 Indexes4 NOMINAL 25 Broad (January 1997-100)5 116.87 119.67 126.09 127.52 129.26 130.03 129.27 128.95 127.35 26 Major currencies (March 1973=100)6 94.07 98.32 104.32 106.30 108.10 108.82 107.76 107.03 104.09 27 Other important trading partners (January 1997=100)7 129.94 130.33 136.34 136.62 137.95 138.64 138.49 138.86 139.71 REAL 28 Broad (March 1973-100)5 100.78 104.32 110.42' 111.05' 112.52' 113.10' 112.79' 112.71' 111.83 29 Major currencies (March 1973—100)6 97.06 103.17 110.73' 112.67' 114.67' 115.66' 114.60' 113.95' 111.35 30 Other important trading partners (March 1973=100)7 114.25 114.53 119.20' 118.21' 119.13' 119.25' 119.85' 120.49' 121.76 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

A57 Guide to Special Tables and Statistical Releases SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin Reference Title and Date Issue Page Assets and liabilities of commercial banks March 31,2001 August 2001 A64 June 30, 2001 November 2001 A64 September 30, 2001 February 2002 A64 December 31,2001 May 2002 A64 Terms of lending at commercial banks May 2001 August 2001 A66 August 2001 November 2001 A66 November 2001 February 2002 A66 February 2002 May 2002 A66 Assets and liabilities of U.S. branches and agencies of foreign banks March 31,2001 August 2001 A72 June 30, 2001 February 2002 A72 September 30,2001 March 2002 A65 December 31,2001 May 2002 A72 Pro forma financial statements for Federal Reserve priced services* March 31,2001 August 2001 A76 June 30,2001 October 2001 A64 September 30, 2001 January 2002 A64 Residential lending reported under the Home Mortgage Disclosure Act 1999 September 2000 A64 2000 September 2001 A64 Disposition of applications for private mortgage insurance 1999 September 2000 A73 2000 September 2001 A73 Small loans to businesses and farms 1999 September 2000 A76 2000 September 2001 A76 Community development lending reported under the Community Reinvestment Act 1999 September 2000 A79 2000 September 2001 A79 STATISTICAL RELEASES—A List of Statistical Releases Published by the Federal Reserve is Printed Semiannually in the Bulletin Issue Page Schedule of anticipated release dates for periodic releases June 2002 A72 NOTE. The pro forma financial statements for Federal Reserve priced services were discontinued 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

79 Federal Reserve Bulletin • July 2002 Index to Statistical Tables References are to pages A3-A56, although the prefix 'A" is omitted in this index. ACCEPTANCES, bankers (See Bankers acceptances) Federal Reserve Banks Assets and liabilities (See also Foreigners) Condition statement, 10 Commercial banks, 15-21 Discount rates (See Interest rates) Domestic finance companies, 30, 31 U.S. government securities held, 5, 10, 11, 25 Federal Reserve Banks, 10 Federal Reserve credit, 5, 6, 10, 12 Foreign-related institutions, 20 Federal Reserve notes, 10 Automobiles Federally sponsored credit agencies, 28 Consumer credit, 34 Finance companies Production, 42, 43 Assets and liabilities, 30 Business credit, 31 BANKERS acceptances, 5, 10 Loans, 34 Bankers balances, 15-21 (See also Foreigners) Paper, 22, 23 Bonds (See also U.S. government securities) Float, 5 New issues, 29 Flow of funds, 35-39 Rates, 23 Foreign currency operations, 10 Business loans (See Commercial and industrial loans) Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 CAPACITY utilization, 40, 41 Foreign-related institutions, 20 Capital accounts Foreigners Claims on, 46, 49-51, 53 Commercial banks, 15-21 Liabilities to, 45-48, 52, 54, 55 Federal Reserve Banks, 10 Certificates of deposit, 23 Commercial and industrial loans GOLD Commercial banks, 15-21 Certificate account, 10 Weekly reporting banks, 17, 18 Stock, 5, 45 Commercial banks Government National Mortgage Association, 28, 32, 33 Assets and liabilities, 15-21 Commercial and industrial loans, 15-21 Consumer loans held, by type and terms, 34 INDUSTRIAL production, 42, 43 Real estate mortgages held, by holder and property, 33 Insurance companies, 25, 33 Time and savings deposits, 4 Interest rates Commercial paper, 22, 23, 30 Bonds, 23 Condition statements (See Assets and liabilities) Consumer credit, 34 Consumer credit, 34 Federal Reserve Banks, 7 Corporations Money and capital markets, 23 Security issues, 29, 55 Mortgages, 32 Credit unions, 34 Prime rate, 22 Currency in circulation, 5, 13 International capital transactions of United States, 44-55 Customer credit, stock market, 24 International organizations, 46, 47, 49, 52, 53 Investment companies, issues and assets, 30 DEBT (See specific types of debt or securities) Investments (See also specific types) Demand deposits, 15—21 Commercial banks, 4, 15-21 Depository institutions Federal Reserve Banks, 10, 11 Reserve requirements, 8 Financial institutions, 33 Reserves and related items, 4-6, 12 Deposits (See also specific types) LIFE insurance companies (See Insurance companies) Commercial banks, 4, 15-21 Loans (See also specific types) Federal Reserve Banks, 5, 10 Commercial banks, 15-21 Discount rates at Reserve Banks and at foreign central banks and Federal Reserve Banks, 5-7, 10, 11 foreign countries {See Interest rates) Financial institutions, 33 Discounts and advances by Reserve Banks (See Loans) Insured or guaranteed by United States, 32, 33 EURO, 56 MANUFACTURING Capacity utilization, 40, 41 FARM mortgage loans, 33 Production, 42, 43 Federal agency obligations, 5, 9-11, 26, 27 Margin requirements, 24 Federal credit agencies, 28 Member banks, reserve requirements, 8 Federal finance Mining production, 43 Debt subject to statutory limitation, and types and ownership of Monetary and credit aggregates, 4, 12 gross debt, 25 Money and capital market rates, 23 Federal Financing Bank, 28 Money stock measures and components, 4, 13 Federal funds, 23 Mortgages (See Real estate loans) Federal Home Loan Banks, 28 Mutual funds, 13, 30 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Federal Land Banks, 33 Mutual savings banks (See Thrift institutions) Federal National Mortgage Association, 28, 32, 33 OPEN market transactions, 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A59 PRICES Stock market, selected statistics, 24 Stock market, 24 Stocks (See also Securities) Prime rate, 22 New issues, 29 Production, 42, 43 Prices, 24 Student Loan Marketing Association, 28 REAL estate loans Banks, 15-21, 33 THRIFT institutions, 4 (See also Credit unions and Savings Terms, yields, and activity, 32 institutions) Type and holder and property mortgaged, 33 Time and savings deposits, 4, 13, 15-21 Reserve requirements, 8 Treasury cash, Treasury currency, 5 Reserves Treasury deposits, 5, 10 Commercial banks, 15-21 Depository institutions, 4-6 U.S. GOVERNMENT balances Federal Reserve Banks, 10 Commercial bank holdings, 15-21 U.S. reserve assets, 45 Treasury deposits at Reserve Banks, 5, 10 Residential mortgage loans, 32, 33 U.S. government securities Retail credit and retail sales, 34 Bank holdings, 15-21, 25 Dealer transactions, positions, and financing, 27 SAVING Federal Reserve Bank holdings, 5, 10, 11, 25 Flow of funds, 33, 34, 35-39 Foreign and international holdings and transactions, 10, 25, 55 Saving deposits (See Time and savings deposits) Open market transactions, 9 Savings institutions, 33, 34, 35-39 Outstanding, by type and holder, 25, 26 Securities (See also specific types) Rates, 23 Federal and federally sponsored credit agencies, 28 U.S. international transactions, 44-55 Foreign transactions, 54 Utilities, production, 43 New issues, 29 Prices, 24 Special drawing rights, 5, 10, 44, 45 VETERANS Affairs, Department of, 32, 33 State and local governments Holdings of U.S. government securities, 25 WEEKLY reporting banks, 17, 18 New security issues, 29 Rates on securities, 23 YIELDS (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

81 Federal Reserve Bulletin • July 2002 Federal Reserve Board of Governors and Official Staff ALAN GREENSPAN, Chairman EDWARD M. GRAMLICH ROGER W. FERGUSON, JR., Vice Chairman SUSAN SCHMIDT BIES OFFICE OF BOARD MEMBERS DIVISION OF BANKING SUPERVISION AND REGULATION—Continued DONALD J. WINN, Assistant to the Board and Director LYNN S. Fox, Assistant to the Board DAVID M. WRIGHT, Assistant Director MICHELLE A. SMITH, 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 ALICE PATRICIA WHITE, Assistant Director GERALD A. EDWARDS, JR., Associate Director GLENN B. CANNER, Senior Adviser STEPHEN M. HOFFMAN, JR., Associate Director DAVID S. JONES, Senior Adviser JAMES V. HOUPT, Associate Director THOMAS D. SIMPSON, Senior Adviser JACK P. JENNINGS, Associate Director MICHAEL G. MARTINSON, Associate Director 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

A61 MARK W. OLSON DIVISION OF CONSUMER DIVISION OF RESERVE BANK OPERATIONS AND COMMUNITY AFFAIRS AND PAYMENT SYSTEMS DOLORES S. SMITH, Director LOUISE L. ROSEMAN, Director GLENN E. LONEY, Deputy Director PAUL W. BETTGE, Associate Director SANDRA F. BRAUNSTEIN, Assistant Director JEFFREY C. MARQUARDT, Associate Director MAUREEN P. ENGLISH, Assistant Director KENNETH D. BUCKLEY, Assistant Director ADRIENNE D. HURT, Assistant Director JOSEPH H. HAYES, JR., Assistant Director IRENE SHAWN MCNULTY, Assistant Director EDGAR A. MARTINDALE III, Assistant Director MARSHA W. REIDHILL, Assistant Director OFFICE OF JEFF J. STEHM, Assistant Director STAFF DIRECTOR FOR MANAGEMENT JACK K. WALTON, Assistant Director STEPHEN R. MALPHRUS, Staff Director OFFICE OF THE INSPECTOR GENERAL SHEILA CLARK, EEO Programs Director BARRY R. SNYDER, Inspector General MANAGEMENT DIVISION DONALD L. ROBINSON, Deputy Inspector General WILLIAM R. JONES, Director STEPHEN J. CLARK, Associate Director DARRELL R. PAULEY, Associate Director DAVID L. WILLIAMS, Associate Director CHRISTINE M. FIELDS, Assistant Director DIVISION OF INFORMATION TECHNOLOGY 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

83 Federal Reserve Bulletin • July 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

A63 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 Rum 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

85 Federal Reserve Bulletin • July 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

A65 STAFF STUDIES: Only Summaries Printed in the 167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANK- BULLETIN ING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING Studies and papers on economic and financial subjects that are of PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, by Stephen A. Rhoades. July 1994. 37 pp. general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and 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 wwwfederalreserve.gov/ IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. pubs/staffstudies. 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

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

A67 5-E 1-A 2-B 3-C 4-D Pittsburgh Bavltim<or<e M D I1 :/CI V* • wv NC. NH Buflalo mati • Charloik- / CT ^Ki KY sc BOSTON NEW YORK PHILADELPHIA CLEVELAND RICHMOND 6-F 7-G 8-H / Birmingha) isville MO I N •Memphis Little / _ Roclc ( MS ATLANTA CHICAGO ST. LOUIS 9-1 MN • Helena • w MINNEAPOLIS 10-J wv Ijjij flHlHMl Omaha® Denver 1(5 . m \l \SK \ WA Seattle NM . I-1 ()k [ahoma Cit\ • PcSiaqd OK KANSAS CITY 11-K -SaftLabfrCity •Los An.L'^es Scin Antcflpr AZ DALLAS SAN FRANCISCO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

89 Federal Reserve Bulletin • July 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 0. 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 III1 San Antonio 78295 Ron Harris James L. Stull1 SAN FRANCISCO 94120 Nelson C. Rising Robert T. Parry George M. Scalise John F. Moore Los Angeles 90051 William D. Jones Mark L. Mullinix2 Portland 97208 Nancy Wilgenbusch Richard B. Hornsby Salt Lake City 84125 H. Roger Boyer Andrea P. Wolcott Seattle 98124 BoydE. 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

A69 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

91 Federal Reserve Bulletin • July 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.l Flow of Funds Quarterly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis