Federal Reserve Bulletin, 2002-09

Volume 88 • Number 9 • September 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 • 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 405 RETAIL FEES OF DEPOSITORY Publication of the June 2002 update to the Bank INSTITUTIONS, 1997-2001 Holding Company Supervision Manual. Since 1990, the Federal Reserve Board has Enforcement actions. reported annually on changes in the availability of retail banking services and in the level of 417 LEGAL DEVELOPMENTS the associated fees. The most recent report, cov- Various bank holding company, bank service ering the Board's survey conducted in 2001, corporation, and bank merger orders; and pendwas released in June 2002. Information on ing cases. selected fees for each of the years from 1997 through 2001 is presented in this article. 424 MEMBERSHIP OF THE BOARD OF Analysis of the data for the 1997-2001 period GOVERNORS OF THE FEDERAL RESERVE shows that for the various types of checking and SYSTEM, 1913-2002 savings accounts tracked, monthly fees tended to rise by statistically significant amounts, as did List of appointive and ex officio members. the minimum balances that depositors had to maintain to avoid the fees. Fees associated with A1 FINANCIAL AND BUSINESS STATISTICS special actions, such as those imposed on checks These tables reflect data available as of returned for insufficient funds, also exhibited July 29, 2002. increases that were statistically significant. Fees imposed for withdrawals by an institution's A3 GUIDE TO TABLES depositors from other institutions' automated A4 Domestic Financial Statistics teller machines (ATMs) and for the use of the A42 Domestic Nonfinancial Statistics institution's ATMs by nondepositors became A44 International Statistics much more common by the end of the period, and average levels increased by statistically significant amounts. Finally, comparisons of the A57 GUIDE TO SPECIAL TABLES AND fees charged by institutions of different sizes in STATISTICAL RELEASES 2001 indicate that, in general, the incidence and level of fees were higher at larger institutions. A74 INDEX TO STATISTICAL TABLES 414 ANNOUNCEMENTS A76 BOARD OF GOVERNORS AND STAFF Federal Open Market Committee meeting sched- A78 FEDERAL OPEN MARKET COMMITTEE AND ule for 2003. Interagency proposal on customer identification STAFF; ADVISORY COUNCILS for financial accounts. A80 FEDERAL RESERVE BOARD PUBLICATIONS Interagency draft of guidance on credit card lending. A82 MAPS OF THE FEDERAL RESERVE SYSTEM Minutes of Board discount rate meetings. A84 FEDERAL RESERVE BANKS, BRANCHES, AND OFFICES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Retail Fees of Depository Institutions, 1997-2001 Timothy H. Hannan, of the Board's Division of Because of the interest expressed over the years in Research and Statistics, prepared this article. Eli the question of whether retail fees differ by size of Mou provided research assistance. institution, this article also examines the differences in the incidence and levels of fees charged by institu- With passage of the Financial Institutions Reform, tions of different sizes. Recovery, and Enforcement Act in 1989, the Con- Several findings for the 1997-2001 period are gress directed the Board to report annually on noteworthy:3 changes in the availability of retail banking services and in the level of the associated fees. The first • For the various types of checking and savings survey on retail fees and services commissioned by accounts tracked, monthly fees tended to rise by the Board under the new law was conducted in statistically significant amounts, as did the minimum 1989, and the results were reported in 1990. The most balances that depositors must maintain to avoid the recent report, covering 2001, was released in June fees. 2002. • Fees associated with special actions, such as Each year the reports present estimates of the those imposed on checks returned for insufficient proportion of all depository institutions that offer funds, on overdrafts, and on stop-payment orders, various services, the proportion that charge a fee for exhibited increases that were statistically significant these services, the average level of the fees, and the and well in excess of the rate of inflation during the changes in these estimates from the previous year. period. Statistical analysis of the survey results produces • In the case of fees imposed for the use of autoestimates for the entire population of commercial mated teller machines (ATMs), the annual fee and banks (hereafter referred to as banks) and savings the fee imposed for withdrawals by an institution's associations in the United States. Selected estimates depositors from the institution's own ATMs, both for each of the years from 1997 through 2001 are of which were fairly rare in 1997, became even less presented in this article.1 common by 2001. However, the more commonly Starting with the report covering fees in 2000, imposed fees for withdrawals by an institution's estimates of the incidence and levels of fees for banks depositors from other institutions' ATMs and for the and savings associations have been combined. This use of the institution's ATMs by nondepositors (the change was made because the similarities between so-called surcharge) became much more common by banks and savings associations have increased and, the end of the period, and the average levels of these most particularly, because the deposit insurance pre- fees increased by statistically significant amounts; for miums paid by the two types of institution have the surcharge, this increase substantially exceeded become virtually the same. To compare estimates the inflation rate during the period. across years in this article, estimates of fees previ- • Comparisons of the fees charged by institutions ously reported separately for banks and savings asso- of different sizes in 2001 (the year of the latest ciations were recalculated to apply to banks and survey) indicate that, in general, the incidence and savings associations together.2 levels of fees were higher at larger institutions. 1. For an examination of the results for 1989-93 survey years, see conform with those categories used in later years. See the appendix Timothy H. Hannan, "Recent Trends in Retail Fees and Services of for a detailed discussion. Depository Institutions," Federal Reserve Bulletin, vol. 80 (Sep- 3. Here and in the annual reports, statistical significance is repretember 1994), pp. 771-81, and for the 1994-99 survey years, see sented with 90 percent and 95 percent confidence levels. With a Timothy H. Hannan, "Retail Fees of Depository Institutions, 1994— 95 percent confidence level, for instance, the probability is less than 99," Federal Reserve Bulletin, vol. 87 (January 2001), pp. 1-11. The 5 percent that an observed change between two samples did not occur reports covering the years 1996-2001 are available at http:// in the population as a whole. The finding of a statistically significant www.federalreserve.gov/boarddocs/RptCongress/ change carries no implication about the size of the change. The 2. Other differences may also be reflected in estimates reported for discussion in this article covers the statistically significant results, earlier years. In particular, the size categories of institution used to referring to them as such or simply as "significant." Only a few of the calculate sampling weights for the 1997 and 1998 data were altered to nonsignificant changes presented in the tables are discussed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 Federal Reserve Bulletin • September 2002 orders and checks returned for insufficient funds, and Background (3) use of ATM services. In 1989, the Congress established assessment rules that Deposit Accounts were likely to increase the premiums that depository institutions paid for deposit insurance. This probable result raised a concern that institutions might offset Analysis of the fees charged in connection with their higher premiums by markedly increasing retail fees deposit accounts must, at the very least, account for or eliminating some services. To address this concern, the distinctions among noninterest checking accounts, the Congress, in section 1002 of the Financial Institu- NOW (negotiable order of withdrawal) accounts, and tions Reform, Recovery, and Enforcement Act of 1989, savings accounts. Even within these categories, howdirected the Board to report annually on changes in the ever, accounts may have different characteristics. For availability of retail banking services and in the level example, noninterest checking accounts can differ of the associated fees. Section 1002 further specified that in terms of the nonchecking services provided, the the reports be based on annual surveys of samples of minimum balances that depositors must maintain to insured depository institutions that are representative of qualify for various fee levels, and the mix of fees all such institutions in terms of size and location. charged. Fees for savings accounts, to take another The sampled institutions were members either of the example, can depend on whether the account is a Bank Insurance Fund, a group consisting mostly of commercial banks, or of the Savings Association Insurance passbook savings account or a statement savings Fund, a group consisting mostly of savings and loan account and on minimum balance requirements. associations. For all the surveys, the institutions were Therefore, the characteristics of accounts must be picked randomly from different regions of the country specified when comparing the levels of fees over encompassing all fifty states and the District of Columbia time. The following discussion presents information and from a comprehensive range of asset-size groupings on two types of noninterest checking accounts, one (see the appendix for more detail on the design of the type of NOW account, and two types of savings sample). All the surveys were conducted by telephone accounts. Data on the proportion of institutions offerwith the same procedures and by the same private survey ing each of these accounts is included to indicate organization operating under contract with the Federal their prevalence. Reserve Board. To improve the accuracy of the results, each telephone interview typically covered only one Financial institutions offer many other types of product category. noninterest checking accounts not analyzed in this Legislation in 1994 and 1996 required that trends be article, including the so-called basic banking account. reported in more detail. Section 108 of the Riegle-Neal Basic banking accounts impose low fees and mini- Interstate Banking and Branching Efficiency Act of 1994 mum balances (or none at all), often in exchange for required that data be reported not only nationally but also limitations in service, such as a cap on the number of by geographic region and size class of institution and checks that may be written per month. Although the according to whether institutions engaged in multistate surveys do not provide direct evidence on the extent activities. Under section 2608 of the Economic Growth to which such accounts are offered, they do cover and Regulatory Paperwork Reduction Act of 1996, the certain no-fee accounts. In 2001, about a third of geographic detail in the annual reports was increased banks and savings associations offered no-fee nonfrom regional coverage to coverage for each state and interest checking accounts, which entail no monthly each consolidated metropolitan statistical area. The first survey under these expanded terms was conducted in or per-check fees.4 1996. Noninterest Checking THE INCIDENCE AND LEVEL OF FEES The following two fee structures are reported for OVER TIME noninterest checking accounts: "single balance and fee" and "fee only" (table 1). Because of the wide variations in the fees charged by depository institutions for various services, fees Single balance and fee. Single balance and fee are divided into three types in the following discus- accounts involve no fee if a specified minimum balsion to provide a manageable way of examining the variations. These types are fees associated with 4. Board of Governors of the Federal Reserve System, Annual (1) maintenance and use of various kinds of deposit Report to the Congress on Retail Fees and Services of Depository accounts, (2) special actions such as stop-payment Institutions (Board of Governors, 2002), p.3, table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Retail Fees of Depository Institutions, 1997-2001 407 1. Selected checkable accounts at banks and savings associations, average low-balance fees and balance requirements, 1997-2001 Dollars except as noted Account 1999 Noninterest checking Single balance and fee1 1111® Percentage offering Monthly low-balance fee .... Minimum balance To avoid fee 467.37 464.52 517.72 Fee o T n o ly o 2 p en 124.58m 113.58 109.05 Percentage offering 29.1 37.3 Monthly fee «8t 4.69 4.95 Minimum balance to open ... - 65.80 60.98 NOW account Single balance and fee Percentage offering Monthly low-balance fee Minimum balance To avoid fee 877.28 1,014.23 To open 477.93 587.23 NOTE. The change in the consumer price index between the dates of the 1997 * Significant at the 90 percent confidence level. For explanation of confidence and 2001 surveys was about 11 percent. Average fees and balance requirements levels, see text note 3. are calculated only for those institutions that offer the account. Monthly low- ** Significant at the 95 percent confidence level. balance fees are the average fees charged account holders who fail to maintain 1. A monthly fee for balances below the minimum, no monthly fee for the minimum balance. balances above the minimum, and no other charges. t Percent change for "percentage offering" not reported, but instances of 2. A monthly fee, no minimum balance to eliminate the fee, and a charge per statistically significant change are noted. check in some cases. ance is maintained; otherwise the account incurs a not presented. The proportion of banks and savings single monthly fee with no other charges. The esti- associations offering this type of account increased mated proportion of banks and savings associations significantly, from 29 percent in 1997 to about 38 peroffering this account fluctuated between about 30 per- cent in 2001. Neither the monthly fee nor the minicent and 40 percent over the 1997-2001 period. mum balance required to open the account, however, The estimated average fee charged account holders changed by a statistically significant amount during who did not maintain the minimum balance (the the period. "low-balance" fee) increased a statistically significant amount, from $6.31 in 1997 to $7.12 in 2001. This 12.8 percent increase was slightly higher than NOW Accounts the approximately 11 percent increase registered by the consumer price index (CPI) between the dates of the 1997 and 2001 surveys.5 The minimum balance NOW accounts are checking accounts that pay interest to the account holder. Presumably because NOW required to avoid the fee also increased a statistically accounts pay interest, they have tended to have fees significant 12.7 percent during the period, also that are higher than those observed for noninterest exceeding by a small amount the rate of inflation. checking accounts. Like noninterest accounts, they The average minimum balance required to open the can differ considerably in terms of the balances that account, however, did not change significantly during depositors must maintain to qualify for various fee the period. levels and in terms of the mix of fees charged the account holder. A common type of fee structure Fee only. Fee-only noninterest checking accounts associated with NOW accounts at banks and at savlevy a monthly fee regardless of the account balance ings associations involves no fee if the account holder and may also impose a per-check charge. Because of maintains a minimum balance; otherwise, the instithe small number of sampled institutions that levied a tution assesses one monthly fee with no per-check per-check charge for this type of account, informacharge. tion on the incidence and level of the check charge is The estimated proportion of banks and savings associations offering NOW accounts with this fee 5. The CPI used throughout is the urban index, all items. Compari- structure ranged from about 47 percent to 55 percent sons with the CPI are intended to indicate how fees and minimum over the period (table 1). For this account, the averbalances changed in relation to changes in the prices of other common age monthly fee charged account holders who failed consumer items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 Federal Reserve Bulletin • September 2002 to maintain the required minimum balance increased statistically significant 16.2 percent, to $2.15 in 2001, from $7.50 in 1997 to $8.15 in 2001, a significant but the increase registered for the statement account change of 8.7 percent, which is somewhat smaller is not statistically significant. The minimum balance than the 11 percent increase in the CPI over the same to avoid this fee for passbook accounts also increased period. Also, the average minimum balance required a significant 21.6 percent during the period; however, to avoid this fee increased by a significant 29 percent, the minimum balance did not increase for statement to $1,132 in 2001, while the average minimum bal- accounts. No significant changes were registered ance required to open the account increased by a for the minimum balances required to open these significant 17.2 percent, to $560 in 2001. Both these accounts. changes in required balances substantially exceeded the increase in the CPI over the period. Summary of Changes in Deposit Account Fees Savings Accounts Among the three types of checkable accounts examined, the monthly fee increased significantly in two The two major types of savings accounts are the cases, and by a percentage that exceeded the increase passbook account and the statement savings account. in the CPI in one case. The average minimum bal- In passbook accounts, transactions and balances are ances required to avoid the monthly fees increased recorded in a passbook kept by the account holder; in significantly for the two types of account for which it statement accounts, periodic statements of balances is relevant, in both cases by amounts that exceeded and recent activity are mailed to account holders. The the increase in the CPI during the same period. The most common fee structure imposes a monthly fee changes in the minimum balance required to open for balances below a specified minimum and no fee these accounts presented a more mixed picture, or other charge if the balance is above the minimum. increasing significantly in only one case. Over the 1997-2001 period, the proportion of In the case of savings accounts, passbook accounts banks and savings associations offering passbook were less commonly offered by the end of the period, accounts with this fee structure declined significantly, while statement accounts had become more common. from about 34 percent in 1997 to 19 percent in 2001, For the passbook account, both the monthly lowwhile the proportion offering statement accounts with balance fee and the minimum balance required to this fee structure increased significantly from about avoid the fee increased significantly and by percent- 40 percent in 1997 to 67 percent in 2001 (table 2). ages that exceeded the increase in the CPI during the Thus, to a substantial degree, statement accounts with period. This was not the case, however, for statement this common fee structure appear to be replacing accounts. The minimum balance required to open an the equivalent passbook account. For the passbook account did not change by significant amounts for account, the average low-balance fee increased a either type. 2. Selected "single balance and fee" savings accounts at banks and savings associations, average low-balance fees and balance requirements, 1997-2001 Dollars except as noted Percent Account 1997 1998 1999 2000 2001 change, 1997-2001 Passbook1 Percentage offering 33.8 34.2 29.7 19.1 Monthly low-balance fee 1.85 2.14 1.95 2.15 16.2* Minimum balance To avoid fee 129.78 151.06 148.89 157.86 21.6* To open 85.02 102.64 85.45 96.89 14.0 )HhhH|H Statement2 Percentage offering 40.5 44.7 48.7 67.1 •j.** Monthly low-balance fee 2.30 2.29 2.38 2.50 8.7 Minimum balance To avoid fee 187.29 203.78 189.87 184.42 -1.5 To open 121.85 131.73 101.54 105.37 -13.5 NOTE. See general note to table 1. ... Data are not sufficient to report or are not applicable across surveys. 1. Institution records transactions and balances in document kept by the t Percent change for "percentage offering" not reported, but instances of account holder. statistically significant change are noted. 2. Institution mails to the account holder a periodic statement showing * Significant at the 90 percent confidence level, transactions and balances. ** Significant at the 95 percent confidence level. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Retail Fees of Depository Institutions, 1997-2001 409 In general, for a majority of the accounts exam- funds) check; when honored, it is called an overdraft ined, the monthly fees and the minimum balances and represents an extension of credit. Throughout the to avoid the fees rose significantly, often by amounts period, nearly all depository institutions charged for that exceeded the increase in the CPI during the NSF checks and overdrafts, and the fees were genperiod. Observed changes in the average minimum erally $2 to $3 higher than for stop-payment orders. balances to open these accounts exhibited a more The average charge for NSF checks rose signifimixed picture. cantly, from about $17 in 1997 to about $20.75 in 2001, while the average fee charged for overdrafts increased from $16.50 to about $20.50 during the Special Actions same period. These increases of more than 20 percent were substantially greater than the increase in the CPI The evidence on fees associated with special actions during the same period. is unambiguous. The average charge for each of the four types of special action covered by the surveys rose by statistically significant amounts between 1997 Deposit Items Returned and 2001 and considerably faster than the change in the CPI (table 3). When a customer deposits a check that is returned by the paying bank (because of insufficient funds, for example), the bank in which it was deposited may Stop-Payment Orders charge the customer a fee. The levying of such charges is controversial. Many have argued that it is Throughout the period, virtually all banks and savnot the depositor's fault that the check is drawn on ings associations charged for a stop-payment order, insufficient funds and that charging the depositor which is a request by a customer that the institution in such cases is therefore unreasonable. Others argue not pay a particular check previously written by the that such fees may provide a useful incentive for customer. The average at banks and savings associadepositors not to accept checks thought likely to be tions rose from about $14.50 in 1997 to more than returned for insufficient funds and that depository $18 in 2001, a statistically significant increase of institutions have a right to recover their costs in ways more than 25 percent. available to them. Perhaps because of the controversy surrounding NSF Checks and Overdrafts this fee, the proportion of banks and savings associations that levy it has been smaller than for the fees A check drawn on an account with insufficient funds associated with stop-payment orders, NSF checks, may or may not be honored by the paying institution. and overdrafts. Both its incidence and level, however, When not honored, it is called an NSF (not sufficient rose significantly over the 1997-2001 period. The 3. Fees for selected special actions—incidence and average level at banks and savings associations, 1997-2001 Dollars except as noted •• Item 1997 1998 f _ •• Stop-payment orders 99.7 99.8 Percentage charging .. 14.42 15.03 Fee NSF checks Percentage charging .. 100.0 100.0 Fee 17.15 17.64 Overdrafts t ;V Percentage charging .. 97.3 97.3 FeC 16.51 17.22 Deposit items returned Percentage charging .. 56.8 65.7 Fee 5.88 5.98 NOTE. NSF (not sufficient funds) checks are those written without sufficient f Percent change for "percentage offering" not reported, but instances of funds in the account to cover them; they are not honored by the paying bank or statistically significant change are noted. savings association. Overdrafts are checks written without sufficient funds but * Significant at the 90 percent confidence level. are honored by the paying institution. See also general note to table 1. ** Significant at the 95 percent confidence level. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 Federal Reserve Bulletin • September 2002 proportion of institutions charging the fee increased Survey results indicate that a small minority of by a significant 17 percentage points, from about institutions charged their customers an annual fee for 57 percent in 1997 to 74 percent in 2001. Of those the use of ATM services during the 1997-2001 period institutions that levied a fee, the average charge was (table 4). The incidence of the fee declined signifitypically between a third and a half of the charge cantly over this period, from about 15 percent in for NSF checks. The amount charged, however, did 1997 to about 11 percent in 2001. Although the increase significantly over the period, from nearly average annual fee, as calculated from the survey $6 in 1997 to more than $7 in 2001. This 21 percent information, varied over the period, its level in 2001 increase was substantially greater than the increase in of about $10 was not significantly different from that the CPI during the period. registered for 1997 (about $11). Another type of ATM fee that appears to have become, if anything, less common over the years has ATM Services been the "on us" transaction fee, or the fee that the institution charges its own depositors for use of its Many fees may be assessed for services rendered own ATMs. Never exceeding a small proportion of by automated teller machines (ATMs). A depository institutions, the incidence of the fee for on-us withinstitution may levy an annual fee on depositors that drawals declined significantly, from more than 7 peruse its ATMs as well as impose separate fees on cent in 1997 to a mere 3.6 percent in 2001. Because both depositors and nondepositors for various types so few surveyed institutions charged for on-us ATM of ATM transactions. Fees that the institution levies withdrawals, the increase registered in the level of on its own depositors for use of ATMs may differ this fee, from 75 cents in 1997 to 81 cents in 2001, is depending on whether the transaction is a with- not statistically significant. drawal, a deposit, or a balance inquiry; further, the Fees for withdrawals "on others," however, are fee may vary depending on whether the institution's quite common. By 2001, nearly 80 percent of banks depositor uses the institution's own ATM (an "on and savings associations charged for withdrawals in us" transaction) or another institution's ATM (an which the institution's customer used another institu- "on others" transaction). tion's ATM. This represents a significant increase of In the more recent surveys, information was elic- more than 10 percentage points from the 68 percent ited only on the cash withdrawal, since this is by far of institutions that charged this fee in 1997. The the most common type of transaction conducted us- average charge also increased significantly over this ing ATMs. Beginning with the 1996 survey, informa- period, from $1.05 in 1997 to $1.17 in 2001. This tion was obtained on the incidence and level of the approximately 11 percent increase is equivalent to the "surcharge," which is the fee levied by ATM owners increase in the CPI during the period. on users who do not maintain an account with the More pronounced has been the increase in the depository institution operating the machine. incidence of surcharging since 1997, the second year 4. Fees for automated teller machine services—incidence and average level at banks and savings associations, 1997-2001 Dollars except as noted tfjl ifeiS;':." "A Percent Fee 1997 1998 1999 2000 2001 change, 1997-2001 Yearly fee Percentage charging 14.2 16.2 13.4 10.7 Fee 13.49 7.97 10.76 10.35 -7.2 Fee for withdrawals "on us" Percentage charging 5.6 6.3 3.6 t* Fee .58 .69 .81 8.0 Fee for withdrawals "on others Percentage charging 72.0 72.7 78.5 I** jj 4** Fee 1.17 1.16 1.17 Surcharge1 Percentage charging 75.7 81.5 75.3 38.5 Fee 1.20 1.25 1.25 1.32 18.9** NOTE. For transactions "on us," the machine used is that of the customer's t Percent change for "percentage offering" not reported, but instances of institution. See also general note to table 1. statistically significant change are noted. 1. Fee levied by ATM owners on users who do not maintain an account with * Significant at the 90 percent confidence level. the depository institution operating the ATM. Survey of this charge began in ** Significant at the 95 percent confidence level, 1996. n.a. Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Retail Fees of Depository Institutions, 1997-2001 411 that data were collected on this fee. The proportion of from year to year by size class of institution, but they banks and savings associations charging nondeposi- did not compare directly the level of fees and availtors a surcharge for use of their ATMs increased ability of services across size classes in each year. significantly, from about 56 percent in 1997 to more For this article, such a comparison has been made than 88 percent in 2001. In 1996 (not shown in using the 2001 data for seven common accounts, sertable 4), the proportion was only 45 percent.6 vices, and actions (table 5). The results are reported Estimates of the average surcharge levied by the for large institutions (assets of more than $1 billion), institutions that imposed the fee also increased sig- medium-sized institutions ($100 million to $1 bilnificantly over the 1997-2001 period, to $1.32 per lion), and small institutions (less than $100 million). transaction in 2001. This 19 percent increase sub- In 2001, for all but one fee, that for deposit items stantially exceeded the increase in the CPI during the returned, the average level rose with the asset size of period. the institution (table 5). With the exception of the charge for deposit items returned, the registered differences in the fees charged by large and small insti- COMPARISONS BETWEEN LARGE AND SMALL tutions are statistically significant. Further, in the case INSTITUTIONS of the common type of NOW account reported, the minimum balance to avoid a fee at large institutions Under the terms of the 1994 Riegle-Neal legislation, was significantly higher than at small institutions. the Board's annual reports have included separate And in the case of special actions and ATM services, analyses of fees and services by size class of insti- the proportions of institutions charging a fee were tution. Beginning with the 1995 report, results for also significantly higher at large than at small banks banks and savings associations were reported for (except in the case of stop-payment orders and NSF three asset-size classes. The reports showed changes checks, for which virtually all institutions charge). It is possible that large institutions charge higher fees because they tend to operate in urban areas that 6. Before 1996, the operating rules of the Cirrus and Plus national ATM networks prohibited owners of ATMs linked to those networks may entail higher costs or have some other characterfrom imposing surcharges in most states. These networks eliminated istic that results in higher fees. Therefore, the possithis surcharge ban as of April 1, 1996, and the incidence of surchargbility exists that, after statistically controlling for the ing began to increase shortly thereafter. 5. Fees for selected accounts, services, and special actions, by asset-size class of bank, 2001 Dollars except as noted Small Medium Item (1) (2) Single balance and fee account Noninterest checking Monthly low-balance fee 6.59 8.64 Minimum balance to avoid fee 511.46 580.11 NOW account Monthly low-balance fee 7.61 10.71 3.10** Minimum balance to avoid fee 981.87 2,122.53 1,140.66** Special actions : Stop-payment orders Percentage charging 98.8 100.0 mute e*ty 1.2 h Average fee 16.69 21.53 4.84** NSF checks ii Percentage charging 100.0 100.0 100.0 .0 Average fee 19.33 22.05 24.70 5.37** Deposit items returned "0M Percentage charging 64.9 96.6 31.7** Average fee 6.82 5.90 -.92 ATM services Withdrawals on others Percentage charging 74.5 93.0 18.5** Average fee 1.11 1.39 .28** Surcharge Percentage charging 84.5 92.0 97.9 Average fee 1.28 • 1.34 1.44 NOTE. Small banks are those with assets of less than $100 million; large ** Significant at the 95 percent confidence level. banks are those with assets of more than $1 billion. See also general notes to tables 1, 3, and 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 Federal Reserve Bulletin • September 2002 6. Amount by which fees for selected services and special SUMMARY actions at large institutions are higher (lower, -) than those at small institutions after controlling for location of Analysis of the data from the Board's annual surveys institution, 2001 of retail fees charged by depository institutions for Dollars the most recent five years (1997-2001) shows that for in- tern Difference the most common types of depository accounts surveyed, monthly fees tended to rise by statistically Single balance and fee account Monthly low-balance fee significant amounts, as did the minimum balances Noninterest checking 1.93* NOW account 2.83** that depositors must maintain to avoid the fees. Surmmmmmmmmm / • vey results reveal a more mixed picture for the aver- Special actions Stop-payment orders .. 4.69** age minimum balances required to open an account. NSF checks 4.06** Deposit items returned -.93 The fees associated with special actions, such as ATM services stop-payment orders and checks returned for insuffi- ATM withdrawals "on others" .25** cient funds, rose significantly and by substantially .12 more than the rate of consumer price inflation over * Significant at the 90 percent confidence level. the period. While the proportion of institutions charg- ** Significant at the 95 percent confidence level. ing some types of ATM fees declined over the period, the incidence and level of the more common types of influence of location on fees, the observed differ- ATM fees increased significantly. In particular, the ences between the fees of large and small institutions proportion of institutions charging the so-called surwould decline substantially or even disappear. charge rose dramatically, and the level of the fee rose Through a statistical procedure (multivariate significantly and by an amount that substantially regression analysis), the fees of large, medium-sized, exceeded the rate of inflation. and small institutions were compared after control- Finally, this article used the data obtained from the ling for the general location of the institution, as 2001 survey on fees charged for seven common indicated by the state or consolidated metropolitan services and special actions to compare the fees statistical area in which the institution is located. The charged by large institutions with those of small estimated differences in fees between large and small institutions. For all but one of the items, large banks institutions were then found to have declined some- and savings associations (assets of more than $1 bilwhat, and the observed difference in the level of the lion) charged significantly more than small instisurcharge was no longer statistically significant. But tutions (assets of less than $100 million). After an in most cases, estimated differences, although some- analysis that controlled for the general location of the what smaller, remained substantial and statistically institution, the differences narrowed somewhat but in significant (table 6). most cases remained statistically significant. The reasons for the remaining differences in fees between larger and smaller institutions may be speculated upon but are difficult to determine. One possi- APPENDIX: DESIGN OF THE SURVEYS bility is that a number of larger organizations tend to depend less on retail customers for funds than smaller The data employed in this article were obtained institutions do because they may obtain funds from through telephone interviews conducted by Moebs other sources more cheaply; therefore large institu- Services, of Lake Bluff, Illinois, under contract with tions on average may be relatively less inclined to the Board of Governors of the Federal Reserve Syshold down retail fees for the purpose of attracting the tem. The number of institutions surveyed varied over retail customer. Another possibility concerns the ser- the 1997-2001 period, with about 1,040 surveyed in vices provided by larger organizations; perhaps they 1997 and approximately 630 surveyed in 2001. are of better quality or are more varied than those The statistical design of the survey consists of a provided by smaller institutions and thus warrant the stratified random sample, with seven geographic higher charge to the customer. And, finally, locational regions and three size classifications serving as the differences may fully account for the fee differences strata. Because selection probabilities differ by region between larger and smaller organizations, but the and size class, the inverses of the selection probabilidata available do not permit the level of detail neces- ties were employed as weights. These weights were sary for an analysis to settle this question, let alone to then employed to obtain the population estimates. explore the questions regarding possible differences A number of changes in the statistical design were in service quality and sources of funds. made over this period. As explained in the text, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Retail Fees of Depository Institutions, 1997-2001 413 most important of these was the combining of banks from five to three during this period. To facilitate and savings associations in the calculation and report- comparisons of fee estimates over time, estimates ing of fee estimates. The number of size classifica- originally reported for 1997 and 1998 were recalcutions serving to define the strata was also reduced lated using weights based on these changes. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 Announcements FOMC 2003 MEETING SCHEDULE Enforcement Network, and seven federal financial regulators, including the Board of Governors of The Federal Open Market Committee announced on the Federal Reserve System, Commodity Futures July 5, 2002, its tentative meeting schedule for 2003. Trading Commission, Federal Deposit Insurance It is as follows: Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, Office of • January 28-29 (Tuesday-Wednesday) Thrift Supervision, and Securities and Exchange • March 18 (Tuesday) Commission. • May 6 (Tuesday) The proposed rules outline requirements for the • June 24-25 (Tuesday-Wednesday) following financial institutions: banks and trust com- • August 12 (Tuesday) panies, savings associations, credit unions, securities • September 16 (Tuesday) brokers and dealers, mutual funds, futures commis- • October 28 (Tuesday) sion merchants, and futures-introducing brokers. • December 9 (Tuesday). The financial institutions subject to the proposed rules would be required to establish programs specifying procedures for obtaining identifying informa- INTERAGENCY PROPOSAL ON CUSTOMER tion from customers seeking to open new accounts. IDENTIFICATION FOR FINANCIAL ACCOUNTS This identifying information would be essentially the same information currently obtained by most finan- ^ The Department of the Treasury and seven federal cial institutions and for individual customers generfinancial regulators issued on July 17, 2002, proposed ally, including the customer's name, address, date of rules that would require certain financial institutions birth, and an identification number (for U.S. persons, to establish minimum procedures for identifying and a social security number, and for non-U.S. persons, verifying the identity of customers seeking to open a similar number from a government-issued docunew financial accounts. Written comments on the ment). Customers with signature authority over busiproposed rules may be submitted within forty-five ness accounts would furnish substantially similar days of their publication in the Federal Register. information. These proposed rules implement section 326 of A financial institution's program would also have the USA Patriot Act, which directs the issuance of to contain procedures to verify the identity of customregulations requiring financial institutions to imple- ers within a reasonable period of time. The proposed ment reasonable procedures for (1) verifying the rules contemplate that financial institutions will genidentity of any person seeking to open an account, to erally use the same forms of identity verification that the extent reasonable and practicable; (2) maintaining are already in place, such as examining driver's records of the information used to verify the person's licenses, passports, credit reports, and other similar identity; and (3) determining whether the person means. appears on any list of known or suspected terrorists While every program must meet these minimum or terrorist organizations. Final rules implementing elements, the proposed rules give financial institusection 326 must be effective by October 25, 2002. tions the flexibility to tailor their procedures as appro- The proposed rules seek to protect the U.S. finan- priate, taking into consideration an individual insticial system from money laundering and terrorist tution's size, location, and type of business. In financing. Additionally, by requiring identity verifica- developing these regulations, the importance of many tion procedures for all new accounts opened after the factors was taken into account, including the need effective date of the final rules, the rules could also to guard the U.S. financial system against terrorist protect consumers against various forms of fraud, financing and money laundering, the legitimate priincluding identity theft. vacy interests of customers, and the need for these The proposed rules were developed jointly by the regulations to be effectively integrated into the daily Treasury Department, Treasury's Financial Crimes operations of financial institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

415 INTERAGENCY DRAFT OF GUIDANCE ON PUBLICATION OF THE JUNE 2002 UPDATE CREDIT CARD LENDING TO THE BANK HOLDING COMPANY SUPERVISION MANUAL Under the auspices of the Federal Financial Institutions Examination Council, the Office of the Comp- The June 2002 update to the Bank Holding Company troller of the Currency, the Board of Governors of the Supervision Manual, Supplement No. 22, has been Federal Reserve System, the Federal Deposit Insur- published and is now available. The Manual comance Corporation, and the Office of Thrift Super- prises the Federal Reserve System's bank holding vision announced on July 22, 2002, that they have company supervisory and inspection guidance. The developed guidance on account management and supplement includes new or revised supervisory loss allowances for credit card lending. The agencies information and examiner guidance on the following. intend to issue this draft of interagency guidance on 1. The Nonbanking Activities of Foreign Banking Orga- August 16, 2002. nizations. The update includes changes resulting from the The draft guidance would apply to all institutions Board's October 16, 2001, revision of Regulation K (effecunder the agencies' supervision that offer credit card tive November 26, 2001). An existing section has been programs. It describes the agencies' expectations for revised that addresses two statutory exemptions from the nonbanking restrictions of the BHC Act (found in secprudent risk-management practices for credit card tions 2(h) and 4(c)(9) of the BHC Act). The exemptions are activities, particularly with regard to credit line available to "qualifying foreign banking organizations" management, over-limit accounts, and workouts. The (QFBOs). Under this authority, the Board has exempted, draft guidance also addresses income recognition and among other things, all foreign activities of a QFBO from loss allowance practices for credit card lending. the nonbanking restrictions of the BHC Act. Regulation K's multi-part QFBO test is discussed as well as an The agencies recognize that some institutions may alternate means of satisfying that test. The QFBO test and require time to implement changes in policies, pracits modified form are used to determine when a foreign tices, and systems to achieve full consistency with banking organization (FBO) primarily engages in banking the credit card guidance. Such institutions would be activities worldwide. To qualify as a QFBO, an FBO must expected to work with their primary federal regulator demonstrate that more than half of its business is banking and that more than half of its banking business is outside to ensure implementation of needed changes as the United States. promptly as possible after the issuance of the guidance. With respect to those elements of the guidance 2. Investments and Activities Abroad. The investment that reflect existing, long-standing regulatory report- provisions involving section 4(c)(13) of the BHC Act and ing requirements, the agencies expect, as always, the Board's 2001 revision of subpart A of Regulation K are discussed, primarily in sections 211.8, 211.9, and 211.10. continued and ongoing compliance. In general, an "investor" under Regulation K may make As the agencies complete their review of the draft investments, directly or indirectly, in a subsidiary or joint document, they are interested in the views of affected venture or may make portfolio investments subject to institutions and other interested parties as to whether certain limits. Such limits are higher where any investor parent—insured bank or investor parent—holding comthe draft provides clear guidance concerning the pany are well capitalized and well managed. The conduct agencies' expectations in the areas of credit card of activities abroad by a bank holding company, member account management, risk management, and loss bank, or Edge and agreement corporation, whether conallowance practices or, instead, has "fatal flaws" in ducted directly or indirectly, must be confined to the activithese areas. Institutions and other parties that chose ties of a banking or financial nature and to those activities that are necessary to carry on such activities. Section 211.10 to respond were to provide their views electronically of Regulation K lists those activities the Board considers to no later than 5:00 p.m. on August 9, 2002. Responses be usual in connection with the transaction of banking or to the agencies were to be submitted electronically to other financial operations abroad. At all times, investors the FFIEC web site: www.FFIEC.gov. must act in accordance with the high standards of banking or financial prudence, having due regard for diversification of risks, suitable liquidity, and capital adequacy. See Supervision and Regulation (SR) Letters 02-3 and 02-2. 3. Supervision Procedures for Smaller Bank Holding MINUTES OF BOARD DISCOUNT RATE Companies. The supervision procedures for bank holding MEETINGS companies have been changed to incorporate the revised supervision program detailed in SR Letter 02-1. The revised procedures principally affect the supervision of The Federal Reserve Board released on July 10, holding companies having total consolidated assets of less 2002, the minutes of its discount rate meetings from than $1 billion, and they discuss the requirements for the April 1 to May 6, 2002. frequency and type of on-site or off-site inspections (or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 Federal Reserve Bulletin • September 2002 reviews). The procedures also discuss the requirements for Ohio, the Federal Reserve Bank of Cleveland, and the scope of inspections, meetings with the directors and the Ohio Division of Financial Institutions. senior management, rating assignments and documentation, communication requirements, and report submittal The Board of Governors of the Federal Reserve time frames. The procedures promote more effective use of targeted on-site reviews to fulfill inspection requirements. System and the U.S. Securities and Exchange Com- Reserve Banks are directed to use surveillance and other mission (SEC) jointly announced on July 18, 2002, information to focus their attention and resources on hold- the issuance of administrative actions addressing ing companies that warrant increased supervision. See SR bank supervisory and securities law-related matters Letter 02-1. against The PNC Financial Services Group, Inc., Pittsburgh, Pennsylvania, a bank holding company. 4. Surveillance Program for Small Bank Holding Companies. The update includes the new surveillance program Under the agencies' respective statutory authorifor small bank holding companies with total consolidated ties, the Federal Reserve Bank of Cleveland executed assets of less than $1 billion. The surveillance program is a written agreement with The PNC Financial Sertied to the supervision program for smaller bank holding vices Group, Inc., and the SEC issued an order insticompanies, as discussed above and in SR Letter 02-1. tuting public administrative proceedings pursuant to 5. Tie-in Considerations of the BHC Act. A May 16, section 8A of the Securities Act of 1933 and sec- 2001, staff interpretation is discussed regarding a proposal tion 21C of the Securities Exchange Act of 1934 involving the anti-tying provisions of section 106(b) of against The PNC Financial Services Group, Inc. the BHC Amendments of 1970 (12 U.S.C. 1972) and the Board's safe harbor for combined-balance discounts (12 CFR 225.7(b)(2)). The interpretation confirms that The Federal Reserve Board announced on July 10, (1) financial products offered by a bank or its affiliates, 2002, the execution of a written agreement by and including insurance products, may properly be included among Rurban Financial Corp., Defiance, Ohio; The among eligible products in a bank's combined-balance State Bank and Trust Company, Defiance, Ohio; the discount program and (2) the principal amount of an annu- Federal Reserve Bank of Cleveland; and the Ohio ity may be counted in determining the size of a customer's balance in eligible products, as may the premiums paid on Division of Financial Institutions. non-annuity insurance products. The Federal Reserve Board announced on July 8, 6. Merchant Banking. A December 21, 2001, staff opin- 2002, the execution of a written agreement by and ion is included regarding the provision in the Grammamong First American Bancorp, Inc., Stonewall, Leach-Bliley Act that generally prohibits a financial holding company (FHC) from routinely managing and Oklahoma, the First American Bank, Stonewall, operating a portfolio company, the shares of which are Oklahoma, the Federal Reserve Bank of Kansas City, owned by the FHC under the act's merchant banking and the Oklahoma State Banking Department. authority (12 U.S.C. 1843(k)(4)(H)). The staff opinion provides examples of permissible covenants between an FHC The Federal Reserve Board announced on July 8, and a portfolio company that would not involve an FHC in the routine management or operation of a company, consis- 2002, the issuance of orders of restitution against tent with the act and the Board's Regulation Y (12 CFR William Chiang, Paul Lee, Joseph C.C. Kuo, Lih Yuh 225.171(d)). Kuo, and Ching-Tseh Yao, all former directors of the Great Eastern Bank, Flushing, New York. The five A more detailed summary of changes is included individuals, without admitting to any allegations, with the update package. The Manual and updates, consented to the issuance of the orders for alleged including pricing information, are available from breaches of fiduciary duties, violations of law and Publications Services, Mail Stop 127, Board of Govregulations, and unsafe and unsound banking pracernors of the Federal Reserve System, Washington, tices. The orders require each individual to pay resti- DC 20551 (or charge by facsimile: 202-728-5886). tution in the amount of $50,000 to Great Eastern The Manual is also available on the Board's Bank. • public web site: www.federalreserve.gov/boarddocs/ supmanual. ENFORCEMENT ACTIONS The Federal Reserve Board announced on July 29, 2002, the execution of a written agreement by and among the Community First Bank and Trust, Celina, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

417 Legal Developments ORDERS ISSUED UNDER BANK MERGER ACT the business of banking.4 The Bank Merger Act also prohibits the Board from approving a proposal that would Bank of Orange County substantially lessen competition or tend to create a monop- Fountain Valley, California oly in any relevant market, unless the Board finds that the anticompetitive effects of the proposed transaction are Order Approving Merger of Banks and Establishment of clearly outweighed in the public interest by the probable Branches effects of the transaction in meeting the convenience and needs of the communities to be served.5 Bank of Orange County ("Bank"),1 a state member bank, The proposed merger of Bank and Cerritos is a consolihas applied under section 18(c) of the Federal Deposit dation of two banks under common ownership and, there- Insurance Act (12 U.S.C. § 1828(c)) ("Bank Merger Act") fore, would not lessen competition in any relevant banking to merge with Cerritos Valley Bank, Artesia, California market. The Board has received no objections to the pro- ("Cerritos"),2 also a state member bank, with Bank as the posal from the Department of Justice or the other federal surviving institution. Bank has also applied under section 9 banking agencies. Accordingly, the Board concludes that of the Federal Reserve Act (12 U.S.C. § 321) ("FRA") to consummation of the proposed transaction would not be establish branches at the former locations of Cerritos.3 likely to result in a significantly adverse effect on competi- Notice of the transaction, affording interested persons an tion or on the concentration of banking resources in any opportunity to submit comments, has been given in accor- banking market, and that competitive factors are consistent dance with the Bank Merger Act and the Board's Rules of with approval. Procedure (12C.F.R. 262.3(b)). As required by the Bank Merger Act, reports on the competitive effects of the Financial, Managerial, and Other Supervisory Factors merger were requested from the United States Attorney General and the other federal banking agencies. The time The Bank Merger Act requires the Board to consider the for filing comments has expired, and the Board has consid- financial and managerial resources and future prospects of ered the applications and all the facts of record in light of the institutions involved in this proposal. The Board has the factors set forth in the Bank Merger Act and section 9 reviewed these factors in light of all the facts of record, of the FRA. including supervisory reports of examination assessing the financial and managerial resources of Bank and Cerritos, Competitive Considerations and information provided by Bank.6 Based on these and all the facts of record, including a commitment made by The Bank Merger Act prohibits the Board from approving Southland, the Fund, and Belvedere, the Board concludes an application if the proposal would result in a monopoly that the financial and managerial resources and future or would be in furtherance of any attempt to monopolize 1. All but one share of Bank is owned by Southland Capital Co. 4. 12 U.S.C. § 1828(c)(5)(A). ("Southland"), a bank holding company. The remaining share is 5. 12 U.S.C. § 1828(c)(5)(B). owned by Placer Capital Co. II ("Placer"), also a bank holding 6. As part of this review, the Board has considered a comment by a company. Southland and Placer are wholly owned subsidiaries of former director and current minority shareholder of Cerritos ("Protes- California Community Financial Institutions Fund Limited Partner- tant"). Protestant alleges that, through poor performance, the current ship (the "Fund"). Belvedere Capital Partners LLC ("Belvedere") is management has depressed the book value of Cerritos, thus reducing the general partner of the Fund. These organizations are all in the share acquisition price offered by Bank to minority shareholders. San Francisco, California. The Board has carefully reviewed the performance of the current 2. Cerritos is a wholly owned subsidiary of Cerritos Valley management of Cerritos, using confidential supervisory information Bancorp, also in Artesia ("CVB"). The Fund owns 51 percent of the and information provided by Bank and Cerritos. The current manageoutstanding common stock of CVB. On consummation of this pro- ment of Cerritos assumed control in April 2001, following the resignaposal, the Fund would receive preferred stock of Bank in exchange for tion of the previous board of directors. The Board notes that current the Fund's common stock of Cerritos. Other shareholders of Cerritos management has taken steps to improve the condition of Cerritos. would receive cash. The merger of Cerritos and Bank would occur Protestant raises an issue regarding the adequacy of the share acquisiimmediately after consummation of the merger of CVB with and into tion price; however, adequacy of share acquisition price is not a factor Cerritos. the Board is required to consider under the Bank Merger Act. 3. Cerritos operates branches at 18300 Pioneer Boulevard, Artesia; Cf. Western Bancshares Inc. v. Board of Governors, 480 F.2d 749 411 North Central Avenue, Glendale; 3508 East Florence Avenue, (10th Cir. 1973)) (finding that matters concerning shareholders' rights Huntington Park; and 12100 Firestone Boulevard, Norwalk, all in are generally not among those the Board is authorized to consider California. under the Bank Holding Company Act). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 Federal Reserve Bulletin • September 2002 prospects of the institutions involved and other supervisory ORDERS ISSUED UNDER INTERNATIONAL BANKING factors are consistent with approval of the proposal. ACT Convenience and Needs Considerations Nordea Bank Finland Pic Helsinki, Finland The Bank Merger Act also requires the Board to consider the convenience and needs of the communities to be Order Approving Establishment of a Branch and served. The Board has carefully reviewed the effect of the Acquisition of a Commercial Lending Company proposal on the convenience and needs of the communities to be served in light of all the facts of record, including the Nordea Bank Finland Pic ("Bank"), Helsinki, Finland, a records of performance of the relevant depository institu- foreign bank within the meaning of the International Banktions under the Community Reinvestment Act ("CRA").7 ing Act ("IBA"), has applied under section 7(d) of the IBA The Board notes that Bank and Cerritos received "satisfac- (12 U.S.C. § 3105(d)) to establish a branch in New York, tory" ratings at their most recent examinations for CRA New York, and to acquire ownership of American Scandiperformance.8 Based on all the facts of record, the Board navian Banking Corp. ("ASBC"), New York, New York, a concludes that considerations relating to the convenience commercial lending company. The Foreign Bank Superviand needs factor are consistent with approval of the pro- sion Enhancement Act of 1991, which amended the IBA, posal. provides that a foreign bank must obtain the Board's Bank has also applied under section 9 of the FRA to approval to establish a branch in the United States and to establish branches at the former locations of Cerritos. The acquire ownership of a commercial lending company sub- Board has considered the factors it is required to consider,9 sidiary. Bank previously received approval to file an appliand for the reasons discussed in this order, finds those cation for approval of these transactions on an after-thefactors to be consistent with approval. fact basis. Notice of the application, affording interested persons an Conclusion opportunity to comment, has been published in a newspaper of general circulation in New York, New York Based on the foregoing and all the facts of record, the (New York Daily News, February 18, 2002). The time for Board has determined that the applications should be, and filing comments has expired, and all comments have been hereby are, approved. Approval of the applications is spe- considered. cifically conditioned on compliance by Bank, Southland, Bank, with assets of $204 billion, is a wholly owned the Fund, and Belvedere with all the commitments made in subsidiary of Nordea AB ("Nordea"), Stockholm, Sweconnection with this proposal and on receipt of all required den,1 and is one of the largest financial services companies regulatory approvals. For purposes of this action, the com- in the Nordic region. Most of Nordea's operations involve mitments and conditions relied on in reaching this decision banking activities, and more than 75 percent of those are conditions imposed in writing by the Board and, as activities are retail oriented. Almost all of Nordea's banksuch, may be enforced in proceedings under applicable ing activity is conducted through Bank and its three prilaw. mary bank subsidiaries. Bank operates branches in The merger may not be consummated before the fif- New York, London, Singapore, Grand Cayman, and all of teenth calendar day after the effective date of this order, or the Baltic states. Bank's only U.S. subsidiaries, other than later than three months after the effective date of this order, ASBC, are several small nonbanking companies. Nordea's unless such period is extended for good cause by the Board nonbanking subsidiaries consist of insurance companies, or by the Federal Reserve Bank of San Francisco, acting investment-related firms, and various financial services pursuant to delegated authority. companies, primarily in the Nordic countries. The Swedish By order of the Board of Governors, effective July 31, government owns 18.3 percent of Nordea. No other share- 2002. holder owns 10 percent or more of the holding company's stock. Nordea is a qualifying foreign banking organization Voting for this action: Chairman Greenspan and Governors Gram- within the meaning of Regulation K (12 C.F.R. 211.23(b)). lich, Bies, and Olson. Absent and not voting: Vice Chairman Fergu- As part of a reorganization of its operations, Nordea son. transferred ownership of most of its banking subsidiaries to Bank, a newly formed bank. Previously, Nordea's primary ROBERT DEV. FRIERSON banking subsidiary was Merita Bank ("Merita"), Helsinki, Deputy Secretary of the Board Finland. Merita Bank had three sister banks, located in Denmark, Norway, and Sweden. In the reorganization, Merita ultimately was merged into Bank, and the banks in 7. 12 U.S.C. § 2901 etseq. Denmark, Norway, and Sweden became subsidiaries of 8. Bank received a "satisfactory" rating from the Federal Reserve Bank of San Francisco, as of June 14, 1999, and Cerritos received a "satisfactory" rating from the Federal Deposit Insurance Corporation, as of January 29, 1999. 9. See 12 U.S.C. § 322. 1. All financial data are as of March 31, 2002. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 419 Bank.2 In the United States, Bank, as successor to Merita, ies. On-site examinations of Bank are conducted annually, acquired Merita's New York branch and its commercial and periodic meetings with Bank management are held lending company subsidiary, ASBC, a company chartered when necessary. Examinations focus on credit, market, under Article XII of the banking laws of the State of liquidity, information technology, and operations risks, and New York. include reviews of Bank's risk management systems and The proposed branch would continue the operations and internal controls. The Finnish FSA periodically examines activities of the former Merita branch, including providing foreign branches of Bank, with a goal of conducting examloans, foreign exchange, and letters of credit to U.S.-based inations of each foreign branch approximately every two subsidiaries of companies in the Nordic region. In addition, years. Foreign branches are required to forward examinacertain activities, including commodity derivatives and tion reports prepared by local bank supervisors to the loan syndication activities, which previously were con- Finnish FSA. Off-site supervision consists primarily of the ducted at the New York branch of Nordea Bank Norge review of various required reports submitted by Bank, ASA, would be conducted at Bank's New York branch. including monthly reports on nonperforming loans in for- In order to approve an application by a foreign bank to eign and domestic branches; quarterly balance sheets, inestablish a branch in the United States or acquire owner- come statements, and reports on Bank's capital position, ship of a commercial lending company, the IBA and Regu- asset quality, liquidity, new activities, and currency and lation K require the Board to determine that the foreign country risks; semiannual reports on large exposures; and bank applicant engages directly in the business of banking annual reports on ownership changes and risk manageoutside of the United States and has furnished to the Board ment. The Finnish FSA requires banks' annual financial the information it needs to assess the application ade- statements to be externally audited and published on a quately. The Board also shall take into account whether the consolidated basis. foreign bank and any foreign bank parent is subject to Although the Finnish FSA is responsible for the supervicomprehensive supervision or regulation on a consolidated sion of Bank on a consolidated basis, it relies on the basis by their home country supervisor supervisors in the other countries in which the Nordea (12 U.S.C. § 3105(d)(2); 12C.F.R. 211.24).3 The Board organization has subsidiary banks (Denmark, Norway, and may also take into account additional standards as set forth Sweden) to conduct examinations of those banks and to in the IBA and Regulation K (12 U.S.C. § 3105(d)(3)-(4); report the findings to the Finnish FSA. The relevant super- 12C.F.R. 211.24(c)(2)-(3)). visory agencies in Finland, Denmark, Norway, and Sweden As noted above, Bank engages directly in the business of have entered into a formal Memorandum of Understanding banking outside the United States. Bank also has provided (the "MOU") on the supervision of the Nordea organizathe Board with information necessary to assess the applica- tion. Pursuant to the MOU, the supervisory agencies coortion through submissions that address the relevant issues. dinate the supervision of the Nordea organization and With respect to supervision by home country authorities, agree to share information. Supervisory coordination enthe Board has considered the following information. tails jointly developing a risk assessment of the organiza- The Finnish Financial Supervision Authority ("Finnish tion, agreeing on an annual supervisory plan for the consol- FSA") has supervisory responsibility for Bank, which, idated organization as well as individual entities, and after the reorganization, would control almost all the bank- meeting approximately once a month to discuss ongoing ing assets of the Nordea organization. The Finnish FSA supervision. evaluates the operations and financial condition of Bank The Swedish Financial Supervisory Authority ("Swedthrough on-site examinations and off-site reviews of Bank ish FSA") has responsibility for the consolidated Nordea and its domestic and foreign offices and nonbank subsidiar- organization. The Swedish FSA supervises Nordea on a consolidated basis through both on-site and off-site reviews. Nordea provides the Swedish FSA with periodic 2. The subsidiaries are Nordea Bank Danmark A/S, Nordea Bank reports including quarterly balance sheets, income state- Norge ASA, and Nordea Bank Sweden AB. 3. In assessing this standard, the Board considers, among other ments, capital adequacy statements, and semiannual refactors, the extent to which the home country supervisors: ports on large exposures. The Swedish FSA appoints an (i) Ensure that the bank has adequate procedures for monitoring external auditor for Nordea who must submit an annual and controlling its activities worldwide; report on the findings of its audit. This external audit is (ii) Obtain information on the condition of the bank and its conducted in conjunction with the regular external audit subsidiaries and offices through regular examination reports, audit reports, or otherwise; performed by an auditor appointed by Nordea. The exter- (iii) Obtain information on the dealings with and relationship nal audit focuses on asset quality and internal controls on a between the bank and its affiliates, both foreign and domestic; consolidated basis. The Swedish FSA is also provided with (iv) Receive from the bank financial reports that are consolidated the results of audits conducted by Nordea's internal audit on a worldwide basis or comparable information that permits analysis of the bank's financial condition on a worldwide group. consolidated basis; Based on all the facts of record, the Board has deter- (v) Evaluate prudential standards, such as capital adequacy and mined that Bank is subject to comprehensive supervision risk asset exposure, on a worldwide basis. These are indicia of on a consolidated basis by its home country supervisor. comprehensive, consolidated supervision. No single factor is essential, and other elements may inform the Board's determi- The additional standards set forth in section 7 of the IBA nation. and Regulation K (see 12 U.S.C. § 3105(d)(3)-(4); Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 Federal Reserve Bulletin • September 2002 12 CF.R. 211.24(c)(2)-(3)) have also been taken into that the provision of such information to the Board may be account. The Finnish FSA has no objection to the establish- prohibited by law or otherwise, Bank and Nordea have ment of the proposed branch and has approved the relevant committed to cooperate with the Board to obtain any portions of the Nordea reorganization. necessary consents or waivers that might be required from Finland is a member of the Financial Action Task Force third parties for disclosure of such information. In addition, and subscribes to its recommendations on measures to subject to certain conditions, the Finnish FSA may share combat money laundering. Financial Action Task Force information on Bank's operations with other supervisors, recommendations and European Union money laundering including the Board. In light of these commitments and directives are incorporated in Finland's anti-money laun- other facts of record, and subject to the condition described dering framework. Banks are subject to know-your- below, it has been determined that Bank has provided customer requirements and must consider whether a trans- adequate assurances of access to any necessary information action is unusual for a customer. Banks report suspicious that the Board may request. transactions to a special money laundering clearing house On the basis of all the facts of record, and subject to the that is part of Finland's National Bureau of Investigation. commitments made by Bank and Nordea, as well as the Failure to report a suspicious transaction can result in a fine terms and conditions set forth in this order, Bank's applicaor imprisonment for up to six months. The Finnish FSA is tion to establish a branch and acquire ownership of a responsible for enforcing compliance with Finland's anti- commercial lending company is hereby approved. Should money laundering laws and regulations, and Finnish banks any restrictions on access to information on the operations are expected to have written anti-money laundering poli- or activities of Bank and its affiliates subsequently interfere cies and procedures. Bank has implemented such policies with the Board's ability to obtain information to determine and procedures. and enforce compliance by Bank or its affiliates with Finland's risk-based capital standards are consistent with applicable federal statutes, the Board may require or recthose established by the Basel Capital Accord. Bank's ommend termination of any of Bank's direct or indirect capital is in excess of the minimum levels that would be activities in the United States. Approval of this application required by the Basel Capital Accord and is considered also is specifically conditioned on compliance by Bank and equivalent to capital that would be required of a U.S. Nordea with the commitments made in connection with banking organization. Managerial and other financial re- this application and with the conditions in this order.5 The sources of Bank also are considered consistent with ap- commitments and conditions referred to above are condiproval, and Bank appears to have the experience and tions imposed in writing by the Board in connection with capacity to support the proposed branch. In addition, Bank this decision and may be enforced in proceedings under has established controls and procedures for the proposed 12 U.S.C. § 1818 against Bank and its affiliates. branch to ensure compliance with U.S. law, as well as By order of the Board of Governors, effective July 25, controls and procedures for its worldwide operations gener- 2002. ally.4 With respect to access to information about Bank's Voting for this action: Chairman Greenspan, Vice Chairman Ferguoperations, the restrictions on disclosure in relevant juris- son, and Governors Gramlich, Bies, and Olson. dictions in which Bank and Nordea operate have been reviewed and the relevant government authorities have ROBERT DEV. FRIERSON Deputy Secretary of the Board been contacted regarding access to information. Bank and Nordea have committed to make available to the Board such information on the operations of Bank and any of its 5. The authority to approve the establishment of the proposed affiliates that the Board deems necessary to determine and branch and the acquisition of ASBC parallels the continuing authority enforce compliance with the IBA, the Bank Holding Com- of the State of New York to license offices of a foreign bank and to pany Act, and other applicable federal law. To the extent supervise Article XII companies. The approval of this application does not supplant the authority of the State of New York, or its agent, the New York State Banking Department ("Department"), to license 4. As part of the Nordea reorganization, it is expected that ASBC the proposed office of Bank and supervise ASBC in accordance with will be liquidated in accordance with New York law. any terms or conditions that the Department may impose. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 421 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 American West Bancorp, Latah Bancorporation, San Francisco July 5, 2002 Spokane, Washington Latah, Washington Bank of Latah, Saint Maries, Idaho Bancshares of Florida, Inc., Bank of Florida, Atlanta July 1, 2002 Naples, Florida Fort Lauderdale, Florida CenterState Banks of Florida, Inc., CenterState Bank of Florida, Atlanta July 18, 2002 Winter Haven, Florida Winter Haven, Florida Countryside Square Bancshares, Countryside Bank, Kansas City July 9, 2002 Inc., Meriden, Kansas Meriden, Kansas Denison Capital Enhancement Trust, K.B.J. Enterprises, Inc., Kansas City June 27, 2002 Omaha, Nebraska Omaha, Nebraska First Bancshares of Texas, Inc., First National Bank of Midland, Midland, Texas Midland, Texas First Midland Nevada Corp, Dallas July 24, 2002 Reno, Nevada First Delta Bankshares, Inc., Bank of Trumann, St. Louis July 31, 2002 Blytheville, Arkansas Trumann, Arkansas First Financial Holdings, MHC, First Savings Bank of Renton, San Francisco July 18, 2002 Renton, Washington Renton, Washington First Financial of Renton, Inc., Renton, Washington First Georgia Holding, Inc., First Georgia Bank, Atlanta July 30, 2002 Brunswick, Georgia Brunswick, Georgia First Security Group, First State Bank, Atlanta July 5, 2002 Chattanooga, Tennessee Maynardville, Tennessee MainStreet BankShares, Inc., Franklin Community Bank, N.A., Richmond July 18, 2002 Martinsville, Virginia Rocky Mount, Virginia Mid-Missouri Bancshares, Inc., Central States Bancshares, Inc., St. Louis July 29, 2002 Springfield, Missouri Springfield, Missouri Webb City Bank, Webb City, Missouri Nebraska Bankshares, Inc., Stockmens Financial Corporation, Kansas City July 31, 2002 Farnam, Nebraska Rapid City, South Dakota Orchid Financial Bancorp, Inc., American Eagle Bank, Chicago July 5, 2002 St. Charles, Illinois South Elgin, Illinois Overton Financial Corporation, Longview Financial Corporation, Dallas June 4, 2002 Overton, Texas Longview, Texas Overton Delaware Corporation, Dover, Delaware Pinnacle Bancorp, Inc., Keene Bancorp, Inc., Kansas City July 24, 2002 Central City, Nebraska Keene, Texas Nichols Bancshares, Dover, Delaware First State Bank, Keene, Texas Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 Federal Reserve Bulletin • September 2002 Section 3—Continued Applicant(s) Bank(s) Reserve Bank Effective Date Pipestone County Bancorp, Jasper State Bank, Minneapolis June 26, 2002 Jasper, Minnesota Jasper, Minnesota Port Financial Corp., Cambridge Bancorp, Boston July 17, 2002 Brighton, Massachusetts Cambridge, Massachusetts Prosperity Bancshares, Paradigm Bancorporation, Inc., Dallas July 31, 2002 Houston, Texas Houston, Texas Richey Bancorporation, Inc., Community First Bancorp, Inc., Minneapolis August 2, 2002 Glendive, Montana Glendive, Montana Community First Bank, Glendive, Montana Security Bancorp of Tennessee, Inc., Patriot Bank, St. Louis July 10, 2002 Halls, Tennessee Millington, Tennessee Sibley Capital Enhancement Trust, The Viking Corporation, Kansas City June 27, 2002 Omaha, Nebraska Omaha, Nebraska Southern Community Bancorp, Southern Community Bank Atlanta July 9, 2002 Orlando, Florida of South Florida, Boca Raton, Florida Today's Bancorp, Inc., Today's Bank, San Francisco July 17, 2002 Vancouver, Washington Vancouver, Washington Tri-County Bancshares, Inc., First State Bank of Beecher City, St. Louis July 25, 2002 Beecher City, Illinois Beecher City, Illinois United National Bancorp, Vista Bancorp, Inc., New York July 22, 2002 Bridgewater, New Jersey Phillipsburg, New Jersey Vista Bank, N.A., Phillipsburg, New Jersey West Financial, Inc., Bank of the West, Dallas July 24, 2002 El Paso, Texas El Paso, Texas Delaware West Financial, Inc., Dover, Delaware Section 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date BB&T Corporation, Regional Financial Corporation, Richmond August 1, 2002 Winston-Salem, North Carolina Tallahassee, Florida Marshall & Ilsley Corporation, PAYTRU$T, Inc., Chicago July 18, 2002 Milwaukee, Wisconsin Lawrenceville, New Jersey Sections 3 and 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date First Midwest Acquisition First Midwest Bancorp, Inc., Kansas City July 17, 2002 Corporation, Midwest City, Oklahoma Midwest City, Oklahoma FinancePoint, Inc., Del City, Oklahoma Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 423 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 Dakota Bank, The Midway National Bank of St. Paul, Minneapolis July 24, 2002 Mendota Heights, Minnesota St. Paul, Minnesota Farmers State Bank of Madelia, Merchants State Bank of Lewisville, Minneapolis July 3, 2002 Inc., Lewisville, Minnesota Madelia, Minnesota First State Bank of Taos, First Community Industrial Bank, Kansas City July 25, 2002 Taos, New Mexico Denver, Colorado First State Bank of Taos, State National Bank, Kansas City June 27, 2002 Taos, New Mexico El Paso, Texas Pinnacle Bank, The Beatrice National Bank and Kansas City July 3, 2002 Papillion, Nebraska Trust Company, Beatrice, Nebraska S.B.C.P. Bancorp, Inc., Waunakee Bank Shares, Inc., Chicago July 10, 2002 Cross Plains, Wisconsin Waunakee, Wisconsin SBCP Mergersub, Inc., Bank of Waunakee, Cross Plains, Wisconsin Waunakee, Wisconsin State Bank of Cross Plains, Cross Plains, Wisconsin Southern Financial Bank, Metro-County Bank of Virginia, Inc., Richmond July 30, 2002 Warrenton, Virginia Mechanicsville, Virginia Vista Bank, N.A., UnitedTrust Bank, New York July 22, 2002 Phillipsburg, New Jersey Bridgewater, New Jersey PENDING CASES INVOLVING THE BOARD OF GOVERNORS This list of pending cases does not include suits against the Artis v. Greenspan, No. 01-CV-0400(ESG) (D.D.C., complaint Federal Reserve Banks in which the Board of Governors is not filed February 22, 2001). Employment discrimination acnamed a party. tion. On August 15, 2001, the district court consolidated the action with Artis v. Greenspan, No. 99-CV-2073 (EGS) Sedgwick v. United States, No. 02-1083 (ESH) (D.D.C., filed (D.D.C., filed August 3, 1999), also an employment dis- June 4, 2002). Complaint for declaratory judgment under crimination action. the Federal Tort Claims Act and the constitution. Caesar v. United States, No. 02-0612 (EGS) (D.D.C.), re- Trans Union LLC v. Federal Trade Commission, et al., No. moved on April 1, 2002, from No. 02-1502 (D.C. Superior 01-5202 (D.C. Cir., filed June 4, 2001). Appeal of district Court, originally filed March 1, 2002). Action seeking dam- court order entered April 30, 2001, upholding challenged ages for personal injury. provisions of an interagency rule regarding Privacy of Con- Community Bank & Trust v. United States, No. 01-571C sumer Finance Information. On July 16, 2002, the Court of (Ct. Fed. CI., filed October 3, 2001). Action challenging on Appeals affirmed the district court decision upholding the constitutional grounds the failure to pay interest on reserve regulation. accounts held at Federal Reserve Banks. Laredo National Bancshares, Inc. v. Whalen v. Board of Gov- Albrecht v. Board of Governors, No. 00-CV-317 (CKK) ernors, No. 01-CV-134 (S.D. Tex.), removed on Septem- (D.D.C., filed February 18, 2000). Action challenging the ber 5, 2001, from No. 99CVQ00940-D3 (District Court, method of funding of the retirement plan for certain Board 341st Judicial District, Webb County, Texas, originally filed employees. On March 30, 2001, the district court granted in July 26, 2001). Third-party petition seeking indemnification part and denied in part the Board's motion to dismiss. or contribution from the Board in connection with a claim asserted against defendant Whalen alleging tortious interfer- Fraternal Order of Police v. Board of Governors, ence with a contract. No. 1:98CV03116 (WBB)(D.D.C„ filed December 22, Radfar v. United States, No. 1:01CV1292 (PLF) (D.D.C., 1998). Declaratory judgment action challenging Board lacomplaint filed June 11, 2001). Action under the Federal bor practices. On February 26, 1999, the Board filed a Tort Claims Act for injury on Board premises. motion to dismiss the action. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 Membership of the Board of Governors of the Federal Reserve System, 1913-2002 APPOINTIVE MEMBERS 1 Federal Reserve Date of initial Other dates and information relating Name District oath of office to membership2 Charles S. Hamlin ....Boston ...Aug. 10, 1914 Reappointed in 1916 and 1926. Served until Feb. 3, 1936.3 Paul M. Warburg ... .New York ...Aug. 10, 1914 Term expired Aug. 9, 1918. Frederic A. Delano ....Chicago ...Aug. 10, 1914 Resigned July 21, 1918. W.P.G. Harding ....Atlanta ...Aug. 10, 1914 Term expired Aug. 9, 1922. Adolph C. Miller ....San Francisco ...Aug. 10, 1914 Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936.3 Albert Strauss ... .New York ...Oct. 26, 1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah .... ....Chicago ...Nov. 10, 1919 Term expired Aug. 9, 1920. Edmund Piatt ... .New York ...June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. David C. Wills ....Cleveland ...Sept. 29, 1920 Term expired Mar. 4, 1921. John R. Mitchell ....Minneapolis ...May 12, 1921 Resigned May 12, 1923. Milo D. Campbell ....Chicago ...Mar. 14, 1923 Died Mar. 22, 1923. Daniel R. Crissinger ....Cleveland ...May 1, 1923 Resigned Sept. 15, 1927. George R. James ....St. Louis ...May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936.4 Edward H. Cunningham .. ....Chicago ...May 14, 1923 Died Nov. 28, 1930. Roy A. Young ....Minneapolis ...Oct. 4, 1927 Resigned Aug. 31, 1930. Eugene Meyer ... .New York ...Sept. 16, 1930 Resigned May 10, 1933. Wayland W. Magee ... .Kansas City ...May 18, 1931 Term expired Jan. 24, 1933. Eugene R. Black ....Atlanta ...May 19, 1933 Resigned Aug. 15, 1934. M.S. Szymczak ....Chicago ...June 14, 1933 Reappointed in 1936 and 1948. Resigned May 31, J.J. Thomas ....Kansas City ...June 14, 1933 Jerved until Feb. 10, 1936.3 Marriner S. Eccles ... .San Francisco ...Nov. 15, 1934 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Joseph A. Broderick ... .New York ...Feb. 3, 1936 Resigned Sept. 30, 1937. John K. McKee Cleveland ...Feb. 3, 1936 Served until Apr. 4, 1946.3 Ronald Ransom ....Atlanta ...Feb. 3, 1936 Reappointed in 1942. Died Dec. 2, 1947. Ralph W. Morrison ....Dallas ...Feb. 10, 1936 Resigned July 9, 1936. Chester C. Davis ....Richmond ...June 25, 1936 Reappointed in 1940. Resigned Apr. 15, 1941. Ernest G. Draper ... .New York ...Mar. 30, 1938 Served until Sept. 1, 1950.3 Rudolph M. Evans ....Richmond ...Mar. 14, 1942 Served until Aug. 13, 1954.3 James K. Vardaman, Jr. .. ....St. Louis ...Apr. 4, 1946 Resigned Nov. 30, 1958. Lawrence Clayton ....Boston ...Feb. 14, 1947 Died Dec. 4, 1949. Thomas B. McCabe ....Philadelphia ...Apr. 15, 1948 Resigned Mar. 31, 1951. Edward L. Norton ....Atlanta ...Sept. 1, 1950 Resigned Jan. 31, 1952. Oliver S. Powell ....Minneapolis ...Sept. 1, 1950 Resigned June 30, 1952. Wm. McC. Martin, Jr ... .New York ...April 2, 1951 Reappointed in 1956. Term expired Jan. 31, 1970. A.L. Mills, Jr ....San Francisco ...Feb. 18, 1952 Reappointed in 1958. Resigned Feb. 28, 1965. J.L. Robertson ... .Kansas City ...Feb. 18, 1952 Reappointed in 1964. Resigned Apr. 30, 1973. C. Canby Balderston ....Philadelphia ...Aug. 12, 1954 Served through Feb. 28, 1966. Paul E. Miller ....Minneapolis ...Aug. 13, 1954 Died Oct. 21, 1954. Chas. N. Shepardson ....Dallas ...Mar. 17, 1955 Retired Apr. 30, 1967. G.H. King, Jr ....Atlanta ...Mar. 25, 1959 Reappointed in 1960. Resigned Sept. 18, 1963. George W. Mitchell ....Chicago ...Aug. 31, 1961 Reappointed in 1962. Served until Feb. 13, 1976.3 J. Dewey Daane ....Richmond ...Nov. 29, 1963 Served until Mar. 8, 1974.3 Sherman J. Maisel ....San Francisco ...Apr. 30, 1965 Served through May 31, 1972. Andrew F. Brimmer ....Philadelphia ...Mar. 9, 1966 Resigned Aug. 31, 1974. William W. Sherrill ....Dallas ...May 1, 1967 Reappointed in 1968. Resigned Nov. 15, 1971. Arthur F. Burns ... .New York ...Jan. 31, 1970 Term began Feb. 1, 1970. Resigned Mar. 31, 1978. John E. Sheehan ... .St. Louis ...Jan. 4, 1972 Resigned June 1, 1975. Jeffrey M. Bucher ....San Francisco ...June 5, 1972 Resigned Jan. 2, 1976. Robert C. Holland ... .Kansas City ...June 11, 1973 Resigned May 15, 1976. Henry C. Wallich ...Boston ...Mar. 8, 1974 Resigned Dec. 15, 1986. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

425 Federal Reserve Date of initial Other dates and information relating Name District oath of office to membership 2 Philip E. Coldwell Dallas ...Oct. 29, 1974 Served through Feb. 29, 1980. Philip C. Jackson, Jr Atlanta ...July 14, 1975 Resigned Nov. 17, 1978. J. Charles Partee Richmond ...Jan. 5, 1976 Served until Feb. 7, 1986.3 Stephen S. Gardner Philadelphia ...Feb. 13, 1976 Died Nov. 19, 1978. David M. Lilly Minneapolis ...June 1, 1976 Resigned Feb. 24, 1978. G. William Miller San Francisco ...Mar. 8, 1978 Resigned Aug. 6, 1979. Nancy H. Teeters Chicago ...Sept. 18, 1978 Served through June 27, 1984. Emmett J. Rice New York ...June 20, 1979 Resigned Dec. 31, 1986. Frederick H. Schultz Atlanta ...July 27, 1979 Served through Feb. 11, 1982. Paul A. Volcker Philadelphia ...Aug. 6, 1979 Resigned August 11, 1987. Lyle E. Gramley Kansas City ...May 28, 1980 Resigned Sept. 1, 1985. Preston Martin San Francisco ...Mar. 31, 1982 Resigned April 30, 1986. Martha R. Seger Chicago ...July 2, 1984 Resigned March 11, 1991. Wayne D. Angell Kansas City ...Feb. 7, 1986 Served through Feb. 9, 1994. Manuel H. Johnson Richmond ...Feb. 7, 1986 Resigned August 3, 1990. H. Robert Heller San Francisco ...Aug. 19, 1986 Resigned July 31, 1989. Edward W. Kelley, Jr. Dallas ...May 26, 1987 Reappointed in 1990; resigned Dec. 31, 2001. Alan Greenspan New York ...Aug. 11, 1987 Reappointed in 1992. John P. La Ware Boston ...Aug. 15, 1988 Resigned April 30, 1995. David W. Mullins, Jr St. Louis ...May 21, 1990 Resigned Feb. 14, 1994. Lawrence B. Lindsey Richmond ...Nov. 26, 1991 Resigned Feb. 5, 1997. Susan M. Phillips Chicago ...Dec. 2, 1991 Served through June 30, 1998. Alan S. Blinder Philadelphia ...June 27, 1994 Term expired Jan. 31, 1996. Janet L. Yellen San Francisco ...Aug. 12, 1994 Resigned Feb. 17, 1997. Laurence H. Meyer St. Louis ...June 24, 1996 Term expired Jan. 31, 2002. Alice M. Rivlin Philadelphia ...June 25, 1996 Resigned July 16, 1999. Roger W. Ferguson, Jr. Boston ...Nov. 5, 1997 Reappointed in 2001. Edward M. Gramlich Richmond ...Nov. 5, 1997 Susan S. Bies Chicago ...Dec. 7,2001 Mark W.Olson Minneapolis ...Dec. 7, 2001 Ben S. Bernanke Atlanta ...Aug. 5,2002 Donald L. Kohn Kansas City ...Aug. 5,2002 ChciivwicTi ^ Vice Chairmen 4 Charles S. Hamlin Aug. 10, 1914-Aug. 9, 1916 Frederic A. Delano Aug. 10, 1914-Aug. 9, 1916 W.P.G. Harding Aug. 10, 1916-Aug. 9, 1922 Paul M. Warburg Aug. 10, 1916-Aug. 9, 1918 Daniel R. Crissinger May 1, 1923-Sept. 15, 1927 Albert Strauss Oct. 26, 1918-Mar. 15, 1920 Roy A. Young Oct. 4, 1927-Aug. 31, 1930 Edmund Piatt July 23, 1920-Sept. 14, 1930 Eugene Meyer Sept. 16, 1930-May 10, 1933 J.J. Thomas Aug. 21, 1934-Feb. 10, 1936 Eugene R. Black May 19, 1933-Aug. 15, 1934 Ronald Ransom Aug. 6, 1936-Dec. 2, 1947 Marriner S. Eccles Nov. 15, 1934-Jan. 31, 19485 C. Canby Balderston Mar. 11, 1955-Feb. 28, 1966 Thomas B. McCabe Apr. 15, 1948-Mar. 31, 1951 J.L. Robertson Mar. 1, 1966-Apr. 30, 1973 Wm. McC. Martin, Jr Apr. 2, 1951-Jan. 31, 1970 George W. Mitchell May 1, 1973-Feb. 13, 1976 Arthur F. Burns Feb. 1, 1970-Jan. 31, 1978 Stephen S. Gardner Feb. 13, 1976-Nov. 19, 1978 G. William Miller Mar. 8, 1978-Aug. 6, 1979 Frederick H. Schultz July 27, 1979-Feb. 11, 1982 Paul A. Volcker Aug. 6, 1979-Aug. 11, 1987 Preston Martin Mar. 31, 1982-Apr. 30, 1986 Alan Greenspan Aug. 11, 1987—6 Manuel H. Johnson Aug. 4, 1986-Aug. 3, 1990 David W. Mullins, Jr July 24, 1991-Feb. 14, 1994 Alan S. Blinder June 27, 1994-Jan. 31, 1996 Alice M. Rivlin June 25, 1996-July 16, 1999 Roger W. Ferguson, Jr. Oct. 5, 1999- Notes and list of ex officio members appear on page 426. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 Federal Reserve Bulletin • September 2002 Ex-OFFICIO MEMBERS 1 Secretaries of the Treasury Comptrollers of the Currency W.G. McAdoo Dec. 23, 1913-Dec. 15, 1918 John Skelton Williams Feb. 2, 1914-Mar. 2, 1921 Carter Glass Dec. 16, 1918-Feb. 1, 1920 Daniel R. Crissinger Mar. 17, 1921-Apr. 30, 1923 David F. Houston Feb. 2, 1920-Mar. 3, 1921 Henry M. Dawes May 1, 1923-Dec. 17, 1924 Andrew W. Mellon Mar. 4, 1921-Feb. 12, 1932 Joseph W. Mcintosh Dec. 20, 1924-Nov. 20, 1928 Ogden L. Mills Feb. 12, 1932-Mar. 4, 1933 J.W. Pole Nov. 21, 1928-Sept. 20, 1932 William H. Woodin Mar. 4, 1933-Dec. 31, 1933 J.F.T. O'Connor May 11, 1933-Feb. 1, 1936 Henry Morgenthau, Jr. Jan. 1, 1934-Feb. 1, 1936 1. Under the provisions of the original Federal Reserve Act, the Federal members in office on the date of that act should continue to serve until Feb. 1, Reserve Board was composed of seven members, including five appointive 1936, or until their successors were appointed and had qualified; and that members, the Secretary of the Treasury, who was ex-officio chairman of the thereafter the terms of members should be fourteen years and that the designa- Board, and the Comptroller of the Currency. The original term of office was ten tion of Chairman and Vice Chairman of the Board should be for a term of four years, and the five original appointive members had terms of two, four, six, years. eight, and ten years respectively. In 1922 the number of appointive members was 2. Date after words "Resigned" and "Retired" denotes final day of service. increased to six, and in 1933 the term of office was increased to twelve years. 3. Successor took office on this date. The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the 4. Chairman and Vice Chairman were designated Governor and Vice Gover- Federal Reserve Board to the Board of Governors of the Federal Reserve System nor before Aug. 23, 1935. and provided that the Board should be composed of seven appointive mem- 5. Served as Chairman Pro Tempore from February 3, 1948, to April 15, bers; that the Secretary of the Treasury and the Comptroller of the Currency 1948. should continue to serve as members until Feb. 1, 1936; that the appointive 6. Served as Chairman Pro Tempore from March 3, 1996, to June 20, 1996. 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 All 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 All Maturity distribution of loan and security holding Real Estate Monetary and Credit Aggregates A3 2 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 A22 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

27 Federal Reserve Bulletin • September 2002 INTERNATIONAL STATISTICS Securities Holdings and Transactions A54 Foreign transactions in securities Summary Statistics A55 Marketable U.S. Treasury bonds and A44 U.S. international transactions notes—Foreign transactions A45 U.S. reserve assets A45 Foreign official assets held at Federal Reserve Interest and Exchange Rates Banks A56 Foreign exchange rates A46 Selected U.S. liabilities to foreign official institutions A57 GUIDE TO SPECIAL TABLES AND Reported by Banks in the United States STATISTICAL RELEASES A46 Liabilities to, and claims on, foreigners A47 Liabilities to foreigners SPECIAL TABLES A49 Banks' own claims on foreigners A58 Residential lending reported under the A50 Banks' own and domestic customers' claims on Home Mortgage Disclosure Act, 2001 foreigners A69 Disposition of applications for A50 Banks' own claims on unaffiliated foreigners private mortgage insurance, 2001 A51 Claims on foreign countries—Combined A70 Small loans to businesses and farms, 2001 domestic offices and foreign branches A73 Community development lending reported under the Community Reinvestment Act, 2001 Reported by Nonbanking Business Enterprises in the United States A74 INDEX TO STATISTICAL TABLES A52 Liabilities to unaffiliated foreigners A53 Claims on unaffiliated foreigners 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 Nonfinancial Statistics • September 2002 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted' 2001 2002 2002 MMoonneettaarryy oorr ccrreeddiitt aaggggrreeggaattee Q3 Q4 Ql Q2 Feb. Mar. Apr.' May' June Reserves of depository institutions2 1 Total 76.3 -31.2 -9.7 -16.3 -8.5 -12.7 -7.4 ^8.4 4.7 2 Required 14.8 22.1 -9.3 -15.4 -8.2 -14.5 -1.4 -51.9 5.8 3 Nonborrowed 65.0 -21.4 -9.4 -16.9 -8.0 -14.1 -7.2 -49.8 3.8 4 Monetary base3 14.8 6.4 9.1 8.1 10.0 6.5' 7.9 7.3 11.2 Concepts of money4 5 Ml 16.0 2.1 5.8 -.7 1.9 3.0' -11.3 6.6 7.0 6 M2 11.0 9.4 5.8 3.4 7.5 -.7 -3.6 14.1 7.4 7 M3 10.1' 12.2 4.9r 3.2 6.3r -.r -2.2 11.8 6.2 Nontransaction components 8 In M25 9.6 11.5 5.8 4.5 9.0 -1.8 -1.5 16.1 7.5 9 In M3 only6 8.1 18. r 3.1r 2.8 3.9' 1.2' .7 6.8 3.8 Time and savings deposits Commercial banks 10 Savings, including MMDAs 19.7 23.2 20.4 13.3 22.1 5.2 7.0 25.5 13.6 11 Small time7 -10.3 -12.1 -15.3 -3.5 -13.1 -11.2' -7.0 11.5 1.7 12 Large time8,9 -7.4 -9.2 4.9 8.8 -2.7' 2.7' 17.0 14.3 -2.9 Thrift institutions 13 Savings, including MMDAs 25.2 27.2 25.5r 21.2 38.8 27.9 17.5 13.3 14.5 14 Small time7 -5.1 -11.2 -15.3r -14.8 -13.5' -9.6 -10.4 -29.7 -11.2 15 Large time8 14.9 2.5 -.8 -9.0 -7.3 -7.3 6.3 -30.4 -17.2 Money market mutual funds 16 Retail 5.0 7.9 -9.4 -10.1 -10.3 -24.1 -23.3 18.4 .9 17 Institution-only 27.5 49.2 -.5 2.4 -1.8 -.2 -2.0 10.1 10.0 Repurchase agreements and eurodollars 18 Repurchase agreements10 -9.0 -1.4 7.7' -8.3 12.0' -8.0 -22.2 -3.6 3.3 19 Eurodollars10 -3.7r -4.8r 12.0' 11.7 49.3' 24.2' .5 2.2 2.7 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 Apr. May June May 15 May 22 May 29 June 5 June 12 June 19 June 26 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 642,176 647,403 653,265 645,894 643,811 655,846 651,306 650,290 650,779 656,055 U.S. government securities2 2 Bought outright—System account3 578,737 584,747 590,187 583,972 585,122 587,669 587,403 589,060 591,354 591,688 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 25,430 24,845 25,285 22,787 22,893 31,204 26,929 23,936 22,036 25,821 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 75 7 5 6 12 7 0 5 3 5 9 Seasonal credit 50 107 135 95 105 129 120 106 131 162 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 -397 -237 -245 -99 -753 -185 -45 -224 -505 -150 13 Other Federal Reserve assets 38,271 37,925 37,888 39,124 36,422 37,012 36,890 37,397 37,750 38,518 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 33,675' 33,793' 33,898 33,775' 33,807' 33,839' 33,871 33,885 33,899 33,913 ABSORBING RESERVE FUNDS 17 Currency in circulation 643,853' 649,546' 655,168 647,781' 648,855' 654,071' 654,441 654,381 654,786 655,385 18 Reverse repurchase agreements—triparty4 . . . 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 400 407 405 408 411 412 415 411 407 397 Deposits, other than reserve balances, with Federal Reserve Banks 20 Treasury 6,127 5,056 6,126 5,134 4,914 5,012 5,338 5,289 5,894 6,963 21 Foreign 98 93 101 99 76 109 100 85 124 104 22 Service-related balances and adjustments . . 10,049 10,098 10,114 10,042 10,159 10,159 9,799 10,004 10,248 10,303 23 Other 255 223 238 214 217 207 226 238 255 237 24 Other Federal Reserve liabilities and capital . . 18,813 19,343 19,921 19,099 19,460 19,701 19,579 19,749 19,819 20,253 25 Reserve balances with Federal Reserve Banks5 9,500 9,675 8,333 10,135 6,771 13,258 8,523 7,262 6,389 9,570 End-of-month figures Wednesday figures Apr. May June May 15 May 22 May 29 June 5 June 12 June 19 June 26 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 651,320 651,329' 661,834 649,265 644,369 673,629 648,791 661,251 649,869 665,851 U.S. government securities2 2 Bought outright—System account3 581,308 587,189 590,683 585,767 584,602 587,559 588,363 589,396 592,187 592,390 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 31,500 28,000 32,000 28,251 23,500 47,425 22,750 34,500 20,750 34,250 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 13 0 17 9 24 3 1 2 0 1 9 Seasonal credit 60 124 166 95 111 143 107 105 150 179 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 —402 -666' -238 -816 -688 1,174 510 -306 -1,206 110 13 Other Federal Reserve assets 38,832 36,672' 39,196 35,948 36,810 37,314 37,050 37,543 37,978 38,911 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 33,710' 33,871' 33,927 33,775' 33,807' 33,839' 33,871 33,885 33,899 33,913 ABSORBING RESERVE FUNDS 17 Currency in circulation 645,495' 653,796' 657,832 649,169' 651,277' 656,342' 655,358 655,998 656,080 657,982 18 Reverse repurchase agreements—triparty4 .. . 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 393 416 395 410 411 416 412 408 397 395 Deposits, other than reserve balances, with Federal Reserve Banks 20 Treasury 5,387 5,883 8,116 4,968 4,024 3,947 5,776 4,727 6,899 7,620 21 Foreign 111 128 90 108 72 208 96 109 113 74 22 Service-related balances and adjustments . . 10,012 9,799 10,134 10,042 10,159 10,159 9,799 10,004 10,248 10,303 23 Other 287 207 212 216 217 210 251 243 251 239 24 Other Federal Reserve liabilities and capital . . 19,202 19,504 20,186 18,978 19,406 19,306 19,450 19,529 19,708 20,129 25 Reserve balances with Federal Reserve Banks5 17,388 8,712' 12,039 12,392 5,854 30,124 4,764 17,362 3,316 16,266 1. Amounts of cash held as reserves are shown in table 1.12, line 2. 4. Cash value of agreements arranged through third-party custodial banks. These agree- 2. Includes securities loaned—fully guaranteed by U.S. government securities pledged ments are collateralized by U.S. government and federal agency securities. with Federal Reserve Banks—and excludes securities sold and scheduled to be bought back 5. Excludes required clearing balances and adjustments to compensate for float, under matched sale-purchase transactions. 3. Includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A6 Domestic Nonfinancial Statistics • September 2002 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages RReesseerrvvee ccllaassssiiffiiccaattiioonn 1999 2000 2001 2001 2002 Dec. Dec. Dec. Dec. Jan. Feb. Mar. Apr. Mayr June 1 Reserve balances with Reserve Banks2 5,262 7,022 9,054 9,054 9,995 9,273 9,146 9,740 9,209 7,930 2 Total vault cash3 60,620 45,245 43,935 43,935 45,730 45,696 42,633 42,014' 41,819 41,662 3 Applied vault cash4 36,392 31,451 32,024 32,024 33,730 33,218 31,151 31,156 31,033 30,643 4 Surplus vault cash5 24,228 13,794 11,911 11,911 11,999 12,478 11,482 10,858r 10,786 11,019 5 Total reserves6 41,654 38,473 41,077 41,077 43,725 42,491 40,297 40,896 40,242 38,573 6 Required reserves 40,357 37,046 39,433 39,433 42,339 41,124 38,883 39,688 38,969 37,329 7 Excess reserve balances at Reserve Banks7 1,297 1,427 1.645 1,645 1,387 1,367 1,414 1,208 1,273 1,243 8 Total borrowing at Reserve Banks 320 210 67 67 50 30 79 71 112 142 9 Adjustment 179 99 34 34 33 12 59 21 7 6 10 Seasonal 67 111 33 33 17 17 20 50 105 136 11 Special Liquidity Facility8 74 0 12 Extended credit 0 0 0 0 0 0 0 0 0 0 Biweekly averages of daily figures for two-week periods ending on dates indicated 2002 Mar. 6 Mar. 20 Apr. 3 Apr. 17 May 1 May 15r May 29r June 12r June 26 July 10 1 Reserve balances with Reserve Banks2 9,855 8,569 9,493 9,325 10,243 8,524 10,011 7,878 7,980 7,910 2 Total vault cash1 42,690 42,267 43,069 41,730 42,077' 41,828 41,954 40,682 42,130 42,968 3 Applied vault cash4 31,885 30,565 31,497 30,301 31,999 30,366 31,858 29,441 31,446 31,440 4 Surplus vault cash5 10,805 11,702 11,572 11,429 10,079r 11,462 10,096 11,241 10,684 11,528 5 Total reserves6 41,740 39,134 40,990 39,626 42,242 38,890 41,869 37,319 39,426 39,349 6 Required reserves 40,460 37,849 39,340 38,501 41,046 37,699 40,491 36,174 38,178 37,828 7 Excess reserve balances at Reserve Banks7 1,280 1,285 1,650 1,124 1,195 1,191 1,378 1,145 1,248 1,521 8 Total borrowing at Reserve Banks 22 24 180 47 71 100 127 116 151 194 9 Adjustment 9 4 157 2 10 6 10 3 4 27 10 Seasonal 13 20 23 45 62 95 117 113 147 168 11 Special Liquidity Facility8 12 Extended credit 0 0 0 0 0 0 0 0 0 0 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release. For 5. Total vault cash (line 2) less applied vault cash (line 3). ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted. 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 2. Excludes required clearing balances and adjustments to compensate for float and 7. Total reserves (line 5) less required reserves (line 6). includes other off-balance-sheet "as-of" adjustments. 8. Borrowing at the discount window under the terms and conditions established for the 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by Century Date Change Special Liquidity Facility in effect from October 1, 1999, through those banks and thrift institutions that are not exempt from reserve requirements. Dates refer April 7, 2000. to the maintenance periods in which the vault cash can be used to satisfy reserve require- 9. Consists of borrowing at the discount window under the terms and conditions estabments. lished for the extended credit program to help depository institutions deal with sustained 4. All vault cash held during the lagged computation period by "bound" institutions (that liquidity pressures. Because there is not the same need to repay such borrowing promptly as is, those whose required reserves exceed their vault cash) plus the amount of vault cash with traditional short-term adjustment credit, the money market effect of extended credit is applied during the maintenance period by "nonbound" institutions (that is, those whose vault similar to that of nonborrowed reserves. cash exceeds their required reserves) to satisfy current reserve requirements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A7 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels Adjustment credit1 Seasonal credit2 Extended credit3 FFeeddeerraall RReesseerrvvee BBaannkk 8/1 O 6 n / 02 Effective date Previous rate 8/1 O 6 n / 02 Effective date Previous rate 8/1 O 6 n / 02 Effective date Previous rate Boston 1.25 12/11/01 1.50 1.75 07/11/02 1.80 2.25 07/11/02 2.30 New York 12/11/01 Philadelphia 12/11/01 Cleveland 12/13/01 Richmond 12/13/01 Atlanta 12/13/01 Chicago 12/11/01 St. Louis 12/12/01 Minneapolis 12/13/01 Kansas City 12/13/01 Dallas 12/13/01 San Francisco 1.25 12/11/01 1.50 1.75 07/11/02 1.80 2.25 07/11/02 2.30 of rates for adjustment credit in recent years4 (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 -Sept. 13 5-5.5 5 2001—May 15 3.50-4.00 3.50 17 5 5 17 3.50 3.50 1982—July 20 11.5-12 11.5 Nov. 6 4.5-5 4.5 June 27 3.25-3.50 3.25 23 11.5 11.5 7 4.5 4.5 29 3.25 3.25 Aug. 2 11-11.5 11 Dec. 20 3.5-4.5 3.5 Aug. 21 3.00-3.25 3.00 3 11 11 3.5 3.5 23 3.00 3.00 16 10.5 10.5 Sept. 17 2.50-3.00 2.50 27 10-10.5 10 1992—July 2 3-3.5 3 18 2.50 2.50 30 10 10 7 3 3 Oct. 2 2.00-2.50 2.00 Oct. 12 9.5-10 9.5 4 2.00 2.00 13 9.5 9.5 1994—May 17 3-3.5 3.5 Nov. 6 1.50-2.00 1.50 Nov. 22 9-9.5 9 18 3.5 3.5 8 1.50 1.50 26 9 9 Aug. 16 3.5-4 4 Dec. 11 1.25-1.50 1.25 Dec. 14 8.5-9 9 18 4 4 13 1.25 1.25 15 8.5-9 8.5 Nov. 15 4-4.75 4.75 17 8.5 8.5 17 4.75 4.75 In effect Aug. 16, 2002 1.25 1.25 1984—Apr. 9 8.5-9 9 1995—Feb. I 4.75-5.25 5.25 13 9 9 9 5.25 5.25 Nov. 21 8.5-9 8.5 26 8.5 8.5 1996—Jan. 5.00-5.25 5.00 Dec. 24 8 8 Feb. 5.00 5.00 1985—May 20 7.5-8 7.5 -Oct. 15 4.75-5.00 4.75 24 7.5 7.5 16 4.75 4.75 Nov. 17 4.50-4.75 4.50 1986—Mar. 7 7-7.5 7 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 • September 2002 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Requirement Type of deposit Net transaction accounts2 1 $0 million-$41.3 million3 12/27/01 2 More than $41.3 million4 . 12/27/01 3 Nonpersonal time deposits: 12/27/90 4 Eurocurrency liabilities6 . 12/27/90 1. Required reserves must be held in the form of deposits with Federal Reserve Banks or succeeding calendar year by 80 percent of the percentage increase in the total reservable vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve liabilities of all depository institutions, measured on an annual basis as of June 30. No Bank indirectly, on a pass-through basis, with certain approved institutions. For previous corresponding adjustment is made in the event of a decrease. The exemption applies only to reserve requirements, see earlier editions of the Annual Report or the Federal Reserve accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve Bulletin. Under the Monetary Control Act of 1980, depository institutions include commercial maintenance period beginning December 27, 2001, for depository institutions that report banks, savings banks, savings and loan associations, credit unions, agencies and branches of weekly, and with the period beginning January 17, 2002, for institutions that report quarterly, foreign banks, and Edge Act corporations. the exemption was raised from $5.5 million to $5.7 million. 2. Transaction accounts include all deposits against which the account holder is permitted 4. The reserve requirement was reduced from 12 percent to 10 percent on April 2, 1992, to make withdrawals by negotiable or transferable instruments, payment orders of with- for institutions that report weekly, and on April 16, 1992, for institutions that report quarterly. drawal, or telephone or preauthorized transfers for the purpose of making payments to third 5. For institutions that report weekly, the reserve requirement on nonpersonal time deposits persons or others. However, accounts subject to the rules that permit no more than six with an original maturity of less than 1.5 years was reduced from 3 percent to 1.5 percent for preauthorized, automatic, or other transfers per month (of which no more than three may be the maintenance period that began December 13, 1990, and to zero for the maintenance by check, draft, debit card, or similar order payable directly to third parties) are savings period that began December 27, 1990. For institutions that report quarterly, the reserve deposits, not transaction accounts. requirement on nonpersonal time deposits with an original maturity of less than 1.5 years was 3. The Monetary Control Act of 1980 requires that the amount of transaction accounts reduced from 3 percent to zero on January 17, 1991. against which the 3 percent reserve requirement applies be modified annually by 80 percent of The reserve requirement on nonpersonal time deposits with an original maturity of 1.5 the percentage change in transaction accounts held by all depository institutions, determined years or more has been zero since October 6, 1983. as of June 30 of each year. Effective with the reserve maintenance period beginning 6. The reserve requirement on eurocurrency liabilities was reduced from 3 percent to zero December 27, 2001, for depository institutions that report weekly, and with the period in the same manner and on the same dates as the reserve requirement on nonpersonal time beginning January 17, 2002, for institutions that report quarterly, the amount was decreased deposits with an original maturity of less than 1.5 years (see note 5). from $42.8 million to $41.3 million. Under the Garn-St Germain Depository Institutions Act of 1982, the Board adjusts the amount of reservable liabilities subject to a zero percent reserve requirement each year for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A9 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1 Millions of dollars 2001 2002 TTyyppee ooff ttrraannssaaccttiioonn aanndd mmaattuurriittyy 11999999 22000000 22000011 Nov. Dec. Jan. Feb. Mar. Apr. May U.S. TREASURY SECURITIES2 Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 0 8,676 15,503 3,075 812 2,772 1,042 3,013 1,047 3,524 2 Gross sales 0 0 0 0 0 0 0 0 0 0 Exchanges 464,218 477,904 542,736 59,292 43,771 55,521 54,619 48,483 45,376 70,978 4 For new bills 464,218 477,904 542,736 59,292 43,771 55,521 54,619 48,483 45,376 70,978 5 Redemptions 0 24,522 10,095 0 0 0 0 0 0 0 Others within one year 6 Gross purchases 11,895 8,809 15,663 1,408 2,942 0 2,894 1,455 2,709 2,826 7 Gross sales 0 0 0 0 0 0 0 0 0 0 8 Maturity shifts 50,590 62,025 70,336 5,873 5,235 5,850 7,537 0 14,515 6,714 9 Exchanges -53,315 -54,656 -72,004 -9,559 -6,666 -5,766 -8,432 0 -15,522 0 10 Redemptions 1,429 3,779 16,802 0 0 0 0 0 0 0 One to five years 11 Gross purchases 19,731 14,482 22,814 1,920 634 2,872 1,101 2,181 1,142 1,439 12 Gross sales 0 0 0 0 0 0 0 0 0 0 N Maturity shifts -44,032 -52,068 —45,2 1 -3,073 -5,235 -5,850 -6,283 0 -14,515 -1,620 14 Exchanges 42,604 46,177 64,519 7,967 6,666 5,766 7,679 0 15,522 0 Five to ten years 15 Gross purchases 4,303 5,871 6,003 459 101 0 334 637 1,670 259 16 Gross sales 0 0 0 0 0 0 0 0 0 0 17 Maturity shifts -5,841 -6,801 -21,063 -1,824 0 0 -501 0 0 -5,094 18 Exchanges 7,583 6,585 6,063 1,592 0 0 753 0 0 0 More than ten years 19 Gross purchases 9,428 5,833 8,531 0 448 582 1,054 291 210 0 20 Gross sales 0 0 0 0 0 0 0 0 0 0 21 Maturity shifts -717 -3,155 -^,062 -975 0 0 -753 0 0 0 22 Exchanges 3,139 1,894 1,423 0 0 0 0 0 0 0 All maturities 23 Gross purchases 45,357 43,670 68,513 6,862 4,937 6,226 6,425 7,577 6,777 8,048 24 Gross sales 0 0 0 0 0 0 0 0 0 0 25 Redemptions 1,429 28,301 26,897 0 0 0 0 0 0 0 Matched transactions 26 Gross purchases 4,413,430 4,415,905 4,722,667 377,247 387,033 407,791 367,906 393,273 436,936 466,807 27 Gross sales 4,431,685 4,397,835 4,724,743 378,129 390,617 404,296 368,060 393,151 437,881 469,046 Repurchase agreements 28 Gross purchases 281,599 0 0 0 0 0 0 0 00 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 5,980 1,354 9,720 6,271 7,699 5,833 5,810 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 00 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 00 0 0 00 00 0 38 Gross sales 0 0 0 0 0 0 0 0 0 0 Repurchase agreements 39 Gross purchases 304,989 890,236 1,497,713 121,530 117,650 118,550 101,749 7700,,885500 102,200 106,426 40 Gross sales 164,349 987,501 1,490,838 130,080 103,900 131,300 104,750 75,849 100,200 109,926 41 Net change in triparty obligations 140,640 -97,265 6,875 -8,550 13,750 -12,750 -3,001 -4,999 2,000 -3,500 42 Total net change in System Open Market Account .. 135,780 -63,877 46,295 -2,570 15,104 -3,030 3,270 2,700 7,833 2,310 1. Sales, redemptions, and negative figures reduce holdings of the System Open Market 2. Transactions exclude changes in compensation for the effects of inflation on the Account; all other figures increase such holdings. principal of inflation-indexed securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A10 Domestic Nonfinancial Statistics • September 2002 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday End of month AAAccccccooouuunnnttt 2002 2002 May 29 June 5 June 12 June 19 June 26 Apr. May June 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 928 929 932 945 931 989 947 948 Loans 4 To depository institutions 146 109 107 150 180 72 124 184 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 47,425 22,750 34,500 20,750 34,250 31,500 28,000 32,000 Federal agency obligations3 8 Bought outright 10 10 10 10 10 10 10 10 9 Held under repurchase agreements 0 0 0 0 0 0 0 0 10 Total U.S. Treasury securities3 587,559 588,363 589,396 592,187 592,390 581,308 587,189 590,683 11 Bought outright4 587,559 588,363 589,396 592,187 592,390 581,308 587,189 590,683 12 Bills 194,822 194,372 195,389 198,163 198,350 192,466 193,752 196,633 13 Notes 287,329 288,576 288,585 288,595 288,604 283,535 288,027 288,610 14 Bonds 105,408 105,415 105,422 105,429 105,436 105,307 105,410 105,440 15 Held under repurchase agreements 0 0 0 0 0 0 0 0 16 Total loans and securities 635,140 611,231 624,014 613,097 626,830 612,891 615,323 622,877 17 Items in process of collection 10,850 8,957 7,740 7,116 7,238 9,541 5,059 5,299 18 Bank premises 1,516 1,514 1,516 1,517 1,518 1,512 1,514 1,516 Other assets 19 Denominated in foreign currencies5 15,396 15,463 15,462 15,624 16,133 14,872 15,432 16,161 20 All other6 20,152 20,086 20,567 20,844 21,266 22,220 19,728 21,512 21 Total assets 697,225 671,424 683,476 672,387 687,160 675,268 671,247 681,555 LIABILITIES 22 Federal Reserve notes 623,847 622,827 623,453 623,523 625,395 613,166 621,288 625,248 23 Reverse repurchase agreements—triparty2 0 0 0 0 0 0 0 0 24 Total deposits 44,379 20,677 33,009 21,604 34,536 33,279 24,779 30,743 25 Depository institutions 40,014 14,554 27,930 14,341 26,603 27,495 18,561 22,324 26 U.S. Treasury—General account 3,947 5,776 4,727 6,899 7,620 5,387 5,883 8,116 27 Foreign—Official accounts 208 96 109 113 74 111 128 90 28 Other 210 251 243 251 239 287 207 212 29 Deferred credit items 9,693 8,470 7,485 7,552 7,099 9,621 5,677 5,378 30 Other liabilities and accrued dividends7 2,522 2,508 2,563 2,554 2,583 2,388 2,556 2,354 31 Total liabilities 680,441 654,482 666,510 655,233 669,614 658,455 654,299 663,723 CAPITAL ACCOUNTS 32 Capital paid in 8,267 8,282 8,294 8,320 8,330 8,056 8,268 8,330 33 Surplus 7,312 7,312 7,312 7,312 7,312 7,290 7,312 7,312 34 Other capital accounts 1,206 1,349 1,360 1,523 1,905 1,468 1,368 2,191 35 Total liabilities and capital accounts 697,225 671,424 683,476 672,387 687,160 675,268 671,247 681,555 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) 752,137 751,995 752,193 752,271 752,219 749,056 751,591 752,137 38 LESS: Held by Federal Reserve Banks 128,290 129,168 128,740 128,748 126,824 135,890 130,303 126,890 39 Federal Reserve notes, net 623,847 622,827 623,453 623,523 625,395 613,166 621,288 625,248 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 610,603 609,584 610,209 610,279 612,151 599,923 608,044 612,004 44 Total collateral 623,847 622,827 623,453 623,523 625,395 613,166 621,288 625,248 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 May 29 June 5 June 12 June 19 June 26 Apr. May June 1 Total loans 146 109 107 150 180 72 124 184 2 Within fifteen days' 140 19 26 137 164 66 101 144 3 Sixteen days to ninety days 7 89 81 13 16 6 23 39 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Total U.S. Treasury securities2 587,559 588,363 589,396 592,187 592,390 581,308 587,189 590,679 6 Within fifteen days' 26,248 17,597 17,505 20,213 22,133 16,152 3,941 8,675 7 Sixteen days to ninety days 128,379 137,743 137,822 136,072 134,033 129,556 143,242 144,837 8 Ninety-one days to one year 133,249 131,539 132,570 134,387 134,694 138,748 139,075 135,633 9 One year to five years 166,469 167,481 167,483 167,485 167,488 161,353 167,479 167,488 10 Five years to ten years 51,685 52,467 52,473 52,479 52,484 53,998 51,920 52,486 11 More than ten years 81,529 81,536 81,543 81,551 81,558 81,501 81,531 81,560 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 Nonfinancial Statistics • September 2002 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2001 2002 1998 1999 2000 2001 IItteemm Dec. Dec. Dec. Dec. Nov. Dec. Jan. Feb. Mar. Apr. Mayr June Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 45.14 41.82 38.54 41.22 40.87 41.22 41.75 41.45 41.01 40.76 39.12 39.27 2 Nonborrowed reserves4 45.02 41.50 38.33 41.15 40.78 41.15 41.70 41.42 40.94 40.69 39.00 39.13 3 Nonborrowed reserves plus extended credit5 45.02 41.50 38.33 41.15 40.78 41.15 41.70 41.42 40.94 40.69 39.00 39.13 4 Required reserves 43.62 40.53 37.11 39.58 39.42 39.58 40.36 40.08 39.60 39.55 37.84 38.03 5 Monetary base6 513.55 593.12 584.04 634.41 629.37 634.41 640.86 646.18 649.65r 653.94r 657.89 664.04 Not seasonally adjusted 6 Total reserves7 45.31 41.89 38.53 41.20 40.25 41.20 43.71 42.47 40.27 40.85 40.18 38.50 7 Nonborrowed reserves 45.19 41.57 38.32 41.13 40.17 41.13 43.66 42.44 40.19 40.78 40.06 38.35 8 Nonborrowed reserves plus extended credit5 45.19 41.57 38.32 41.13 40.17 41.13 43.66 42.44 40.19 40.78 40.06 38.35 9 Required reserves8 43.80 40.59 37.10 39.55 38.80 39.55 42.33 41.11 38.85 39.64 38.90 37.25 10 Monetary base9 518.27 600.72 590.06 639.91 629.68 639.91 644.27 645.71 649.23r 653.29r 658.00 662.81 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS10 11 Total reserves" 45.21 41.65 38.47 41.08 40.12 41.08 43.73 42.49 40.30 40.90 40.24 38.57 12 Nonborrowed reserves 45.09 41.33 38.26 41.01 40.04 41.01 43.68 42.46 40.22 40.83 40.13 38.43 13 Nonborrowed reserves plus extended credit5 45.09 41.33 38.26 41.01 40.04 41.01 43.68 42.46 40.22 40.83 40.13 38.43 14 Required reserves 43.70 40.36 37.05 39.43 38.67 39.43 42.34 41.12 38.88 39.69 38.97 37.33 15 Monetary base'2 525.06 608.02 596.98 648.74 637.64 648.74 653.28 654.93 658.78r 663.37' 668.14 672.95 16 Excess reserves13 1.51 1.30 1.43 1.65 1.45 1.65 1.39 1.37 1.41 1.21 1.27 1.24 17 Borrowings from the Federal Reserve .12 .32 .21 .07 .08 .07 .05 .03 .08 .07 .11 .14 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly 8. To adjust required reserves for discontinuities that are due to regulatory changes in statistical release. Historical data starting in 1959 and estimates of the effect on required reserve requirements, a multiplicative procedure is used to estimate what required reserves reserves of changes in reserve requirements are available from the Money and Reserves would have been in past periods had current reserve requirements been in effect. Break- Projections Section, Division of Monetary Affairs, Board of Governors of the Federal adjusted required reserves include required reserves against transactions deposits and nonper- Reserve System, Washington, DC 20551. sonal time and savings deposits (but not reservable nondeposit liabilities). 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory 9. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus changes in reserve requirements. (See also table 1.10.) (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break- reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all adjusted required reserves (line 4) plus excess reserves (line 16). those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, difference between current vault cash and the amount applied to satisfy current reserve break-adjusted total reserves (line 1) less total borrowings of depository institutions from the requirements. Federal Reserve (line 17). 10. Reflects actual reserve requirements, including those on nondeposit liabilities, with no 5. Extended credit consists of borrowing at the discount window under the terms and adjustments to eliminate the effects of discontinuities associated with regulatory changes in conditions established for the extended credit program to help depository institutions deal reserve requirements. with sustained liquidity pressures. Because there is not the same need to repay such 11. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve borrowing promptly as with traditional short-term adjustment credit, the money market effect requirements. of extended credit is similar to that of nonborrowed reserves. 12. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total 6. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for component of the money stock, plus (3) (for all quarterly reporters on the "Report of all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over requirements. the computation periods ending on Mondays. 7. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess 13. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14). reserves (line 16). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Monetary and Credit Aggregates A13 1.21 MONEY STOCK MEASURES1 Billions of dollars, averages of daily figures 2002 1998 1999 2000 2001 Dec. Dec. Dec. Dec. Mar.' Apr.' May' June Seasonally adjusted Measures2 1 Ml 1,096.5 1,124.4 1,088.9 1,179.3 1,187.4 1,176.2 1,182.7 1,189.6 2 M2 4,380.5 4,650.3 4,936.0 5,454.8 5,497.4 5,480.8 5,545.1 5,579.3 3 M3 6,041.0 6,541.3r 7,115.0r 8,027.4' 8,061.9 8,046.8 8,125.7 8,168.0 Ml components 4 Currency3 459.3 516.9 530.1 579.9 595.1 599.5 605.3 611.5 5 Travelers checks4 8.2 8.3 8.0 7.8 7.7 7.7 7.8 8.2 6 Demand deposits5 378.4 354.5 309.9 330.4 323.9 309.4 305.9 305.0 7 Other checkable deposits6 250.5 244.7 240.9 261.2' 260.5 259.6 263.8 264.9 Nontransaction components X In M27 3,284.0 3,525.9 3,847.1 4,275.5 4,310.0 4,304.5 4,362.4 4,389.7 9 In M3 only8 1,660.5 1,891.0' 2,179.0r 2,572.6' 2,564.6 2,566.0 2,580.6 2,588.7 Commercial banks 10 Savings deposits, including MMDAs 1,187.5 1,289.1 1,423.7 1,745.8 1,814.1 1,824.7 1,863.5 1,884.6 11 Small time deposits9 626.1 635.0 699.1 638.9 617.6 614.0 619.9 620.8 12 Large time deposits10,11 582.9 651.6 717.2 670.4 678.7 688.3 696.5 694.8 Thrift institutions 13 Savings deposits, including MMDAs 414.7 449.7 452.1 561.5 603.8 612.6 619.4 626.9 14 Small time deposits9 325.6 320.4 344.5 334.2 322.1 319.3 311.4 308.5 15 Large time deposits10 88.6 91.1 102.9 113.9 113.8 114.4 111.5 109.9 Money market mutual funds 1ft Retail 730.2 831.8 927.6 995.1 952.4 933.9 948.2 948.9 17 Institution-only 543.1 639.0 799.1 1,207.2 1,177.2 1,175.2 1,185.1 1,195.0 Repurchase agreements and eurodollars 18 Repurchase agreements12 293.4 336.0 364.0 372.1 372.5 365.6 364.5 365.5 19 Eurodollars12 152.5 173.4' 195.9r 209.0' 222.4 222.5 222.9 223.4 Not seasonally adjusted Measures2 20 Ml 1,120.4 1,148.3 1,112.3 1,203.5 1,189.3 1,188.6 1,178.0 1,187.2 21 M2 4,400.6 4,671.1 4,959.7 5,479.8r 5,542.9 5,558.1 5,528.4 5,568.2 22 M3 6,069.8 6,573.0r 7,150.3' 8,065.7' 8,144.0 8,138.0 8,120.3 8,153.6 Ml components 23 Currency3 463.3 521.5 535.2 584.9 596.1 599.7 605.4 610.7 24 Travelers checks4 8.4 8.4 8.1 7.9 7.9 7.9 7.9 8.0 25 Demand deposits5 395.9 371.8 326.5 348.2 322.6 309.9 300.2 302.1 26 Other checkable deposits6 252.8 246.6 242.5 262.5 262.8 271.1 264.6 266.4 Nontransaction components 27 In M2 3,280.2 3,522.8 3,847.4 4,276.3 4,353.6 4,369.5 4,350.3 4,380.9 28 In M3 only8 1,669.2 1,901.9r 2,190.6' 2,585.9r 2,601.2 2,579.9 2,591.9 2,585.4 Commercial banks 29 Savings deposits, including MMDAs 1,186.0 1,288.8 1,426.9 1,750.2 1,824.9 1,851.3 1,861.8 1,889.4 3D Small time deposits9 626.5 635.7 700.0 639.6 618.0 613.4 617.7 617.9 31 Large time deposits1011 583.2 652.0 717.6 670.5 681.0 689.6 702.6 700.0 Thrift institutions 32 Savings deposits, including MMDAs 414.2 449.6 453.1 562.9 607.4 621.6 618.8 628.5 33 Small time deposits9 325.8 320.8 345.0 334.5 322.3 319.0 310.4 307.0 34 Large time deposits10 88.6 91.2 103.0 114.0 114.2 114.7 112.4 110.7 Money market mutual funds 35 Retail 727.7 828.1 922.4 989.0 981.0 964.1 941.6 938.1 36 Institution-only 552.6 648.6 808.1 1,218.5 1,208.0 1,185.1 1,182.2 1,180.8 Repurchase agreements and eurodollars 37 Repurchase agreements12 290.4 334.7 364.2 372.9 373.4 365.4 369.5 370.5 38 Eurodollars'2 154.5 175.4' 197.6' 210.2' 224.6 225.2 225.3 223.4 Footnotes appear on following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic Nonfinancial Statistics • September 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 Ml. 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 Liabilities1 A. All commercial banks Billions of dollars Monthly averages Wednesday figures Account 2001 2001 2002 2002 Juner Dec.' Jan.r Feb/ Mar.1" Apr.' May' June June 5 June 12 June 19 June 26 Seasonally adjusted Assets 1 Bank credit 5,327.8 5,450.8 5,427.1 5,428.1 5,424.0 5,447.3 5,504.5 5,551.3 5,534.1 5,531.3 5,566.6 5,567.3 ? Securities in bank credit 1,387.1 1,495.4 1,486.4 1,477.1 1,476.9 1,499.0 1,533.2 1,561.0 1,556.5 1,546.1 1,562.2 1,572.4 U.S. government securities 757.3 845.5 832.9 822.5 839.8 863.2 885.4 897.7 906.3 902.1 899.3 888.6 4 Other securities 629.8 649.9 653.6 654.7 637.1 635.8 647.8 663.3 650.2 644.0 662.9 683.7 5 Loans and leases in bank credit2 .... 3,940.7 3,955.4 3,940.7 3,951.0 3,947.1 3,948.2 3,971.3 3,990.3 3,977.6 3,985.2 4,004.4 3,994.9 6 Commercial and industrial 1,079.7 1,033.6 1,024.7 1,030.3 1,026.0 1,011.7 1,006.9 1,000.8 1,005.4 1,003.3 1,002.5 998.9 7 Real estate 1,705.7 1,784.9 1,781.8 1,789.9 1,790.9 1.795.1 1,817.5 1,839.9 1,829.2 1,839.2 1,842.3 1,838.4 8 Revolving home equity 136.3 155.5 158.6 162.2 167.6 172.0 179.2 185.4 182.8 183.9 185.4 186.7 9 Other 1,569.4 1,629.4 1,623.2 1,627.7 1,623.2 1,623.1 1,638.3 1,654.5 1,646.4 1,655.3 1,656.9 1,651.7 in Consumer 552.3 556.5 559.6 562.9 561.7 566.4 569.1 568.3 566.5 567.1 575.4 568.4 11 Security3 168.7 145.6 150.9 151.9 159.9 167.6 170.2 171.7 169.0 168.2 172.9 175.9 i? Other loans and leases 434.4 434.7 423.7 416.1 408.6 407.5 407.6 409.5 407.5 407.4 411.4 413.3 n Interbank loans 264.7 292.8 293.3 277.7 269.6 271.1 289.3 284.0 287.8 278.3 285.7 291.0 14 Cash assets4 276.8 297.4 299.5 297.7 300.2 298.8 297.9 301.0 286.7 313.3 289.0 315.6 15 Other assets5 422.9 486.7 487.4 490.6 470.6 483.3 489.6 486.6 491.4 493.1 483.7 479.2 16 Total assets6 6,226.1 6,455.2 6,432.9 6,419.5 6,389.5 6,426.3 6,506.8 6,548.3 6,525.6 6,541.1 6,550.2 6,578.9 Liabilities 17 Deposits 4,044.6 4,243.7 4,257.3 4,274.4 4,314.1 4,333.7 4,366.8 4,392.7 4,365.9 4,363.5 4,388.8 4,414.3 18 Transaction 603.6 640.7 635.8 625.0 621.1 602.8 615.2 608.3 583.5 586.7 613.4 656.7 19 Nontransaction 3,441.0 3,603.0 3,621.6 3,649.4 3,693.0 3,730.9 3,751.6 3,784.3 3,782.3 3,776.8 3,775.4 3,757.6 ?0 Large time 972.4 983.7 998.3 1,012.3 1,027.2 1,042.4 1,049.5 1,045.5 1,033.8 1,032.4 1,051.7 1,055.0 21 Other 2,468.6 2,619.4 2,623.3 2,637.1 2,665.8 2,688.5 2,702.1 2,738.8 2,748.6 2,744.3 2,723.7 2,702.6 ??. Borrowings 1,221.7 1,247.1 1,234.5 1,233.6 1,204.5 1,220.5 1,248.4 1,246.7 1,274.5 1,262.6 1,228.6 1,246.5 From banks in the U.S 380.1 403.8 401.1 395.0 382.7 382.1 382.7 376.5 395.5 373.9 369.1 376.6 74 From others 841.5 843.3 833.4 838.6 821.7 838.4 865.7 870.2 879.0 888.7 859.5 869.9 ?5 Net due to related foreign offices 185.4 144.2 115.9 97.9 101.9 103.4 91.9 91.3 87.5 101.6 101.3 80.3 26 Other liabilities 359.8 356.7 342.5 336.1 309.5 319.4 331.7 359.8 333.8 352.1 367.0 377.4 27 Total liabilities 5,811.4 5,991.6 5,950.2 5,942.0 5,929.9 5,977.1 6,038.7 6,090.5 6,061.6 6,079.7 6,085.7 6,118.5 28 Residual (assets less liabilities)7 414.7 463.6 482.7 477.5 459.6 449.2 468.1 457.9 464.0 461.4 464.6 460.4 Not seasonally adjusted Assets 29 Bank credit 5,322.3 5,483.6 5,444.5 5,433.2 5,418.1 5,444.1 5,498.4 5,545.7 5,533.9 5,528.8 5,555.3 5,555.8 30 Securities in bank credit 1,383.6 1,502.8 1,494.4 1,484.6 1,482.5 1,498.4 1,530.4 1,556.9 1,559.1 1,546.0 1,556.1 1,563.6 31 U.S. government securities 755.0 850.3 838.0 829.5 846.1 865.0 883.1 894.9 908.3 901.6 895.0 882.8 3? Other securities 628.6 652.4 656.4 655.1 636.5 633.4 647.3 661.9 650.7 644.4 661.1 680.8 33 Loans and leases in bank credit2 .... 3,938.8 3,980.8 3,950.0 3,948.6 3,935.5 3,945.7 3,967.9 3,988.8 3,974.8 3,982.9 3,999.2 3,992.2 34 Commercial and industrial 1,082.0 1,033.4 1,020.2 1,029.1 1,027.5 1,015.8 1,010.4 1,003.1 1,007.9 1,002.9 1,003.4 1,001.7 35 Real estate 1,706.8 1,789.3 1,781.0 1,784.7 1,783.3 1,791.8 1,820.1 1,840.9 1,831.4 1,842.4 1,838.6 1,839.8 36 Revolving home equity 136.5 155.6 158.4 162.2 166.1 171.4 179.5 185.6 182.7 184.1 185.5 187.2 37 Other 1,570.3 1,633.6 1,622.6 1,622.6 1,617.2 1,620.4 1,640.6 1,655.3 1,648.6 1,658.3 1,653.1 1,652.6 38 Consumer 548.5 566.0 567.3 565.2 559.0 562.9 567.3 564.2 562.8 562.1 568.9 566.8 39 Credit cards and related plans . . 217.6 232.4 228.4 223.8 220.1 223.7 223.3 221.7 219.5 219.9 226.6 224.2 40 Other 330.9 333.6 338.9 341.4 338.8 339.2 344.1 342.5 343.3 342.2 342.4 342.6 41 Security3 167.5 151.9 154.9 153.5 157.6 166.7 163.7 170.7 163.2 168.2 177.3 172.7 4? Other loans and leases 434.1 440.2 426.6 416.0 408.2 408.5 406.3 410.0 409.6 407.3 411.0 411.2 43 Interbank loans 265.8 299.1 291.4 276.4 274.5 281.0 285.8 286.0 295.9 283.8 286.5 280.3 44 Cash assets4 270.5 317.2 312.4 298.9 290.3 297.9 295.2 293.4 289.6 295.4 284.5 294.0 45 Other assets5 420.8 489.8 489.0 489.6 470.1 483.8 489.3 484.5 491.1 490.4 480.1 474.2 46 Total assets6 6,213.3 6,517.1 6,463.1 6,423.4 6,378.0 6,432.8 6,494.2 6,535.1 6,535.9 6,523.6 6,531.5 6,530.2 Liabilities 47 Deposits 4,033.7 4,294.5 4,283.2 4,290.4 4,319.5 4,357.9 4,359.7 4,380.4 4,384.8 4,363.4 4,365.1 4,359.7 48 Transaction 601.0 669.3 648.8 619.7 616.2 611.3 607.1 605.3 589.2 579.8 609.0 634.1 49 Nontransaction 3,432.8 3,625.1 3,634.5 3,670.6 3,703.3 3,746.6 3,752.6 3,775.1 3,795.7 3,783.7 3,756.0 3,725.7 50 Large time 970.4 998.1 1,011.1 1,019.5 1,028.0 1,045.0 1,053.2 1,043.2 1,037.5 1,035.3 1,049.0 1,049.6 51 Other 2,462.4 2,627.0 2,623.4 2,651.2 2,675.3 2,701.6 2,699.4 2,731.9 2,758.2 2,748.3 2,707.0 2,676.1 52 Borrowings 1,220.5 1,246.9 1,247.9 1,236.6 1,202.5 1,226.6 1,254.8 1,245.7 1,275.2 1,247.6 1,239.5 1,247.8 53 From banks in the U.S 377.3 405.3 406.1 400.0 386.9 387.0 383.9 374.0 394.6 368.3 369.1 373.4 54 From others 843.1 841.6 841.8 836.6 815.6 839.6 870.9 871.7 880.6 879.3 870.5 874.4 55 Net due to related foreign offices 181.1 150.8 123.2 104.3 103.5 94.8 91.4 87.4 84.7 98.0 95.2 79.8 56 Other liabilities 356.9 362.3 348.3 341.3 309.3 312.1 331.2 357.1 332.1 349.6 362.1 377.5 57 Total liabilities 5,792.2 6,054.5 6,002.7 5,972.5 5,934.7 5,991.4 6,037.1 6,070.5 6,076.8 6,058.6 6,061.9 6,064.8 58 Residual (assets less liabilities)7 421.1 462.6 460.4 450.9 443.3 441.3 457.1 464.6 459.1 465.0 469.6 465.4 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 Domestic Financial Statistics • September 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 Juner Dec.' Jan.' Feb.' Mar.' Apr.' May' June June 5 June 12 June 19 June 26 Seasonally adjusted Assets 1 Bank credit 4,721.3 4,851.4 4,840.7 4,842.2 4,830.3 4,847.6 4,904.6 4,939.6 4,929.4 4,919.6 4,954.5 4,957.4 2 Securities in bank credit 1,167.0 1,252.9 1,255.0 1,250.7 1,251.6 1,273.5 1,304.5 1,325.5 1,321.9 1,313.1 1,326.2 1,336.5 J U.S. government securities 701.9 775.1 766.5 762.3 776.7 798.5 820.6 833.0 838.3 834.8 831.9 828.9 4 Other securities 465.1 477.8 488.5 488.3 474.9 474.9 483.9 492.5 483.6 478.3 494.3 507.5 Loans and leases in bank credit2 .... 3,554.3 3,598.5 3,585.7 3,591.5 3,578.7 3,574.2 3,600.1 3,614.1 3,607.5 3,606.5 3,628.4 3,620.9 6 Commercial and industrial 869.6 838.2 831.0 833.2 825.8 813.5 808.1 804.8 807.7 806.3 807.4 804.5 7 Real estate 1,687.6 1,765.9 1,763.0 1,771.4 1,772.0 1,775.6 1,798.1 1,820.1 1,809.4 1,819.5 1,822.8 1,818.3 8 Revolving home equity 136.3 155.5 158.6 162.2 167.6 172.0 179.2 185.4 182.8 183.9 185.4 186.7 9 Other 1,551.3 1,610.5 1,604.4 1,609.2 1,604.4 1,603.6 1,618.9 1,634.7 1,626.7 1,635.6 1,637.4 1,631.6 10 Consumer 552.3 556.5 559.6 562.9 561.7 566.4 569.1 568.3 566.5 567.1 575.4 568.4 11 Security3 77.7 71.4 76.1 77.9 81.4 83.0 89.0 84.4 88.4 78.8 83.4 90.3 12 Other loans and leases 367.2 366.4 355.9 346.0 337.7 335.7 335.9 336.5 335.3 334.9 339.4 339.5 13 Interbank loans 243.5 272.4 268.1 257.8 249.1 249.1 265.6 263.1 264.4 258.5 264.7 270.4 14 Cash assets4 241.1 258.5 259.3 255.9 256.2 252.6 253.7 256.5 243.2 268.3 245.0 273.0 15 Other assets5 385.8 455.8 456.4 458.9 440.8 452.0 457.9 451.4 458.7 458.6 448.9 442.3 16 Total assets6 5,526.0 5,765.9 5,750.6 5,740.5 5,701.9 5,727.5 5,807.6 5,836.5 5,821.7 5,830.7 5,838.6 5,869.3 Liabilities 17 Deposits 3,631.5 3,798.8 3,789.2 3,797.9 3,823.6 3,826.6 3,858.4 3,880.2 3,860.0 3,861.3 3,878.1 3,898.6 18 Transaction 593.9 629.4 624.7 614.6 611.1 592.3 604.3 597.2 571.9 576.1 602.8 645.3 19 Nontransaction 3,037.6 3,169.3 3,164.5 3,183.2 3,212.5 3,234.3 3,254.1 3,283.0 3,288.1 3,285.2 3,275.3 3,253.3 20 Large time 571.4 553.8 544.9 552.6 552.0 548.5 554.1 551.0 541.5 542.9 553.6 557.5 21 Other 2,466.3 2,615.6 2,619.6 2,630.6 2,660.5 2,685.8 2,700.0 2,731.9 2,746.6 2,742.3 2,721.7 2,695.8 22 Borrowings 1,005.6 1,047.2 1,049.3 1,042.5 1,016.9 1,028.9 1,055.6 1,048.3 1,077.6 1,065.2 1,034.1 1,046.6 23 From banks in the U.S 357.7 379.0 378.8 372.0 360.9 358.9 360.4 353.7 368.9 354.8 346.9 353.1 24 From others 648.0 668.2 670.5 670.6 656.0 670.0 695.2 694.6 708.8 710.3 687.1 693.5 25 Net due to related foreign offices 204.9 192.9 181.2 171.0 173.4 177.1 179.5 176.0 173.5 178.7 175.3 178.2 26 Other liabilities 275.8 278.1 262.4 258.7 240.5 252.1 260.8 280.4 258.5 274.4 289.1 293.7 27 Total liabilities 5,117.9 5,317.0 5,282.1 5,270.1 5,254.4 5,284.7 5,354.3 5,384.8 5,369.7 5,379.5 5,376.5 5,417.1 28 Residual (assets less liabilities)7 408.2 448.9 468.5 470.5 447.6 442.8 453.3 451.8 452.0 451.2 462.1 452.2 Not seasonally adjusted Assets 29 Bank credit 4,719.1 4,876.6 4,852.4 4,843.3 4,824.4 4,844.4 4,902.4 4,937.1 4,934.3 4,920.8 4,944.3 4,949.2 30 Securities in bank credit 1,163.5 1,260.2 1,263.1 1,258.2 1,257.2 1,272.8 1,301.7 1,321.3 1,324.5 1,313.0 1,320.1 1,327.7 31 U.S. government securities 699.6 780.0 771.7 769.4 782.9 800.3 818.3 830.2 840.4 834.3 827.6 823.1 32 Other securities 463.8 480.3 491.4 488.8 474.3 472.5 483.4 491.1 484.1 478.7 492.6 504.6 33 Loans and leases in bank credit2 .... 3,555.6 3,616.4 3,589.4 3,585.1 3,567.2 3,571.6 3,600.7 3,615.8 3,609.8 3,607.9 3,624.2 3,621.5 34 Commercial and industrial 873.1 836.3 825.8 830.5 825.9 818.9 813.9 808.2 811.6 807.7 809.8 807.9 35 Real estate 1,688.7 1,770.3 1,762.3 1,766.3 1,764.4 1,772.3 1,800.7 1,821.0 1,811.6 1,822.7 1,819.1 1,819.8 36 Revolving home equity 136.5 155.6 158.4 162.2 166.1 171.4 179.5 185.6 182.7 184.1 185.5 187.2 37 Other 1,552.2 1,614.7 1,603.9 1,604.1 1,598.4 1,601.0 1,621.1 1,635.4 1,628.9 1,638.6 1,633.6 1,632.6 38 Consumer 548.5 566.0 567.3 565.2 559.0 562.9 567.3 564.2 562.8 562.1 568.9 566.8 39 Credit cards and related plans . . 217.6 232.4 228.4 223.8 220.1 223.7 223.3 221.7 219.5 219.9 226.6 224.2 40 Other 330.9 333.6 338.9 341.4 338.8 339.2 344.1 342.5 343.3 342.2 342.4 342.6 41 Security3 78.2 73.8 76.0 77.2 81.4 81.5 83.7 85.0 86.5 80.5 86.9 88.7 42 Other loans and leases 367.2 370.0 358.0 345.8 336.5 336.0 335.0 337.4 337.3 334.8 339.4 338.3 43 Interbank loans 244.5 278.7 266.2 256.5 254.0 258.9 262.1 265.1 272.5 264.1 265.4 259.7 44 Cash assets4 236.4 275.8 270.1 256.3 247.5 253.6 252.5 250.9 247.4 252.8 242.4 253.4 45 Other assets5 385.4 458.1 457.2 457.3 439.4 452.7 457.5 450.9 459.2 457.0 447.1 439.4 46 Total assets6 5,519.6 5,816.9 5,772.1 5,739.0 5,690.8 5,736.0 5,800.4 5,829.9 5,839.1 5,820.1 5,824.8 5,827.9 Liabilities 47 Deposits 3,622.2 3,837.1 3,804.4 3,808.4 3,826.7 3,847.0 3,846.2 3,869.8 3,876.6 3,860.0 3,857.1 3,846.5 48 Transaction 591.5 657.3 637.4 609.3 606.3 601.3 596.6 594.4 578.0 569.7 598.7 622.9 49 Nontransaction 3,030.7 3,179.8 3,167.0 3,199.1 3,220.4 3,245.7 3,249.6 3,275.3 3,298.5 3,290.3 3,258.4 3,223.7 50 Large time 570.6 556.7 547.4 554.6 550.5 546.8 552.2 550.2 542.4 544.0 553.4 554.3 51 Other 2,460.1 2,623.1 2,619.6 2,644.6 2,669.9 2,698.9 2,697.4 2,725.1 2,756.2 2,746.3 2,705.0 2,669.3 52 Borrowings 1,004.4 1,047.0 1,062.7 1,045.5 1,015.0 1,035.1 1,062.0 1,047.3 1,078.4 1,050.2 1,045.0 1,047.8 53 From banks in the U.S 354.9 380.5 383.8 376.9 365.1 363.9 361.7 351.2 368.0 349.3 346.8 349.9 54 From others 649.6 666.5 678.9 668.6 649.8 671.2 700.4 696.1 710.3 700.9 698.2 698.0 55 Net due to related foreign offices 203.5 196.9 185.5 174.7 172.0 170.3 179.1 174.7 172.9 177.5 172.7 179.0 56 Other liabilities 274.2 282.5 266.8 262.6 239.1 245.4 260.3 278.9 257.9 273.0 285.8 294.5 57 Total liabilities 5,104.3 5,363.6 5,319.4 5,291.2 5,252.8 5,297.8 5,347.7 5,370.7 5,385.8 5,360.8 5,360.6 5,367.9 58 Residual (assets less liabilities)7 415.3 453.4 452.7 447.7 438.0 438.3 452.7 459.2 453.3 459.3 464.2 460.1 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 Juner Dec.' Jan.' Feb.' Mar.' Apr.' May' June June 5 June 12 June 19 June 26 Seasonally adjusted Assets 1 Bank credit 2,633.7 2,608.9 2,576.4 2,574.0 2,554.5 2,558.9 2,575.4 2,595.2 2,588.8 2,576.3 2,598.0 2,615.7 2 Securities in bank credit 615.8 637.6 635.1 630.2 628.3 646.7 665.7 685.1 678.2 670.4 685.9 699.5 3 U.S. government securities 355.4 380.1 367.4 360.1 367.9 384.0 391.3 400.7 402.5 400.7 400.2 399.5 4 Trading account 35.1 33.9 32.6 33.6 32.7 38.1 43.0 42.4 42.9 50.2 36.6 41.0 5 Investment account 320.3 346.2 334.8 326.5 335.2 345.9 348.3 358.4 359.6 350.5 363.6 358.4 6 Other securities 260.4 257.5 267.7 270.1 260.4 262.7 274.5 284.3 275.7 269.8 285.7 300.0 7 Trading account 143.6 130.0 128.4 130.0 122.5 128.2 140.5 148.3 142.0 134.4 148.0 161.8 8 Investment account 116.8 127.5 139.3 140.1 137.9 134.5 134.0 136.1 133.7 135.3 137.7 138.2 9 State and local government .. 27.9 27.3 27.3 27.8 27.7 27.2 26.9 27.3 27.1 27.0 27.4 27.6 10 Other 88.9 100.2 112.0 112.3 110.2 107.3 107.0 108.7 106.5 108.3 110.3 110.6 11 Loans and leases in bank credit2 .... 2,017.9 1,971.3 1,941.3 1,943.8 1,926.2 1,912.2 1,909.7 1,910.1 1,910.6 1,905.9 1,912.0 1,916.2 12 Commercial and industrial 573.0 535.2 527.4 527.5 521.3 510.3 503.2 499.1 502.1 500.7 500.5 499.4 13 Bankers acceptances .7 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 14 Other 572.2 535.2 527.4 527.5 521.3 510.3 503.2 499.1 502.1 500.7 500.5 499.4 15 Real estate 854.1 861.3 849.5 851.6 846.0 843.9 845.5 859.5 852.9 860.5 858.0 857.6 16 Revolving home equity 87.2 97.9 99.6 101.4 105.1 108.3 111.8 116.3 114.3 115.4 115.9 117.5 17 Other 766.8 763.3 749.9 750.3 740.8 735.6 733.7 743.1 738.6 745.2 742.1 740.2 18 Consumer 254.4 244.9 239.0 247.8 246.3 244.7 244.5 240.4 240.7 240.0 241.1 240.4 19 Security3 69.6 63.3 68.2 69.9 73.7 75.6 81.4 76.4 80.7 71.0 75.4 81.9 20 Federal funds sold to and repurchase agreements with broker-dealers 52.5 48.4 54.9 57.4 61.2 63.3 69.1 64.5 68.8 59.7 64.2 68.2 21 Other 17.1 14.9 13.3 12.5 12.5 12.3 12.2 12.0 11.9 11.4 11.1 13.7 22 State and local government 13.3 14.9 14.3 13.8 13.3 13.1 13.0 13.0 12.8 12.8 13.5 12.9 23 Agricultural 10.5 9.8 9.6 9.5 9.3 9.2 9.1 9.0 9.0 9.1 9.0 9.0 24 Federal funds sold to and repurchase agreements with others 26.8 28.2 26.3 22.7 21.0 22.0 18.7 17.2 18.5 18.6 18.4 16.2 25 All other loans 84.2 79.6 75.0 69.7 64.9 64.0 65.8 67.7 65.8 65.2 68.2 71.0 26 Lease-financing receivables 132.0 134.2 131.9 131.3 130.4 129.4 128.4 127.9 128.1 128.0 127.9 127.7 27 Interbank loans 132.7 167.4 169.8 154.8 148.3 157.5 167.6 159.9 167.0 161.2 160.8 158.4 28 Federal funds sold to and repurchase agreements with commercial banks 74.0 97.6 93.5 81.4 77.1 84.4 83.5 73.9 80.9 75.3 73.9 71.9 29 Other 58.7 69.8 76.3 73.5 71.2 73.1 84.1 86.0 86.2 85.9 86.9 86.6 30 Cash assets4 138.6 147.7 145.9 142.5 141.9 138.8 140.2 142.1 133.2 151.4 133.0 153.0 31 Other assets5 277.9 321.2 318.6 313.3 292.8 299.7 302.9 296.1 297.6 300.5 298.0 292.5 32 Total assets6 3,144.9 3,203.8 3,167.3 3,140.9 3,093.4 3,111.8 3,143.1 3,150.3 3,143.7 3,146.2 3,146.7 3,176.9 Liabilities 33 Deposits 1,749.2 1,807.7 1,797.3 1,795.3 1,806.5 1,810.9 1,806.2 1,809.0 1,797.7 1,793.6 1,804.8 1,822.3 34 Transaction 303.8 324.6 317.5 309.6 304.9 288.2 289.7 285.4 271.8 271.7 289.5 313.7 35 Nontransaction 1,445.3 1,483.0 1,479.7 1,485.8 1,501.6 1,522.7 1,516.5 1,523.6 1,525.9 1,521.8 1,515.4 1,508.6 36 Large time 274.1 249.1 242.8 250.6 249.6 246.1 247.5 242.6 235.2 234.4 244.1 247.4 37 Other 1,171.3 1,233.9 1,236.9 1,235.2 1,252.0 1,276.6 1,269.0 1,281.0 1,290.7 1,287.4 1,271.2 1,261.3 38 Borrowings 671.8 659.1 654.1 654.4 635.8 645.5 664.3 654.5 687.0 678.7 638.3 643.5 39 From banks in the U.S 209.8 207.2 201.6 197.0 191.1 192.3 193.3 187.2 205.1 192.2 179.3 181.1 40 From others 462.1 451.9 452.5 457.4 444.7 453.2 471.0 467.3 481.9 486.5 458.9 462.4 41 Net due to related foreign offices 191.8 182.9 172.3 160.0 164.4 167.4 167.9 164.4 160.8 165.4 164.5 167.4 42 Other liabilities 219.2 213.5 193.9 187.8 169.0 180.2 186.7 205.9 183.5 199.0 215.0 219.3 43 Total liabilities 2,832.0 2,863.1 2,817.5 2,797.5 2,775.7 2,804.0 2,825.1 2,833.7 2,829.0 2,836.6 2,822.6 2,852.5 44 Residual (assets less liabilities)7 312.9 340.7 349.8 343.4 317.7 307.8 318.0 316.6 314.7 309.6 324.1 324.4 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 Domestic Nonfinancial Statistics • September 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 Juner Dec/ Jan.r Feb.r Mar.r Apr.r May' June June 5 June 12 June 19 June 26 Not seasonally adjusted Assets 45 Bank credit 2,633.6 2,622.0 2,586.1 2,578.9 2,553.4 2,558.5 2,575.3 2,595.3 2,597.8 2,580.8 2,600.0 2,603.4 46 Securities in bank credit 612.6 642.5 642.0 636.0 631.7 644.8 663.7 681.4 682.4 670.9 681.4 689.4 47 U.S. government securities 353.5 382.5 371.5 365.4 371.9 384.5 389.7 398.5 406.2 400.7 397.4 392.3 48 Trading account 35.0 34.1 32.9 34.1 33.1 38.2 42.8 42.2 43.3 50.2 36.3 40.3 49 Investment account 318.5 348.4 338.5 331.3 338.8 346.4 346.9 356.3 362.9 350.5 361.1 352.0 50 Mortgage-backed securities . 230.6 285.3 274.5 259.3 263.9 271.7 275.8 280.7 283.6 273.3 286.3 278.4 51 Other 87.9 63.1 64.0 72.0 74.9 74.7 71.1 75.6 79.3 77.2 74.8 73.6 52 One year or less 25.6 14.8 13.8 16.7 19.6 18.4 16.1 14.9 14.7 14.2 14.2 14.7 53 One to five years 34.6 35.4 36.8 43.2 43.0 43.6 42.4 47.7 51.2 49.5 47.2 46.5 54 More than five years .... 27.7 12.9 13.4 12.1 12.3 12.8 12.7 13.0 13.5 13.5 13.3 12.4 55 Other securities 259.1 260.0 270.6 270.5 259.8 260.2 274.0 282.9 276.2 270.2 284.0 297.0 56 Trading account 142.9 131.2 129.8 130.2 122.2 127.0 140.2 147.5 142.3 134.6 147.1 160.2 57 Investment account 116.2 128.7 140.8 140.4 137.6 133.3 133.8 135.4 133.9 135.5 136.8 136.9 58 State and local government . 27.8 27.6 27.6 27.8 27.6 27.0 26.9 27.2 27.2 27.0 27.2 27.3 59 Other 88.5 101.2 113.2 112.5 110.0 106.3 106.9 108.2 106.7 108.5 109.6 109.5 60 Loans and leases in bank credit2 , .. 2,020.9 1,979.5 1,944.1 1,942.9 1,921.7 1,913.7 1,911.6 1,913.9 1,915.4 1,909.9 1,918.7 1,914.1 61 Commercial and industrial 574.4 533.1 523.2 526.3 521.7 513.7 506.7 500.3 504.1 500.5 502.2 499.7 62 Bankers acceptances .7 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 63 Other 573.6 533.1 523.2 526.3 521.7 513.7 506.7 500.3 504.1 500.5 502.2 499.7 64 Real estate 855.9 863.0 849.1 848.4 841.3 842.7 849.0 861.3 856.6 864.3 859.1 857.4 65 Revolving home equity 87.6 97.6 99.2 101.5 104.2 107.9 112.3 116.7 114.6 115.7 116.7 117.9 66 Other 466.1 453.7 441.2 438.5 429.5 426.4 426.9 435.9 433.8 439.5 433.5 430.6 67 Commercial 302.2 311.7 308.7 308.4 307.7 308.4 309.7 308.7 308.2 309.1 308.9 308.9 68 Consumer 254.3 248.0 242.9 250.2 246.4 245.1 245.2 240.2 240.9 239.7 241.2 240.3 69 Credit cards and related plans . 88.2 80.3 71.6 76.7 74.8 72.9 72.9 70.5 70.0 70.1 71.7 70.9 70 Other 166.1 167.7 171.3 173.5 171.6 172.2 172.3 169.7 170.9 169.6 169.5 169.4 71 Security3 70.3 65.5 68.2 69.2 73.4 73.9 76.3 77.1 78.5 72.7 79.1 81.0 72 Federal funds sold to and repurchase agreements with broker-dealers 53.0 50.1 55.0 56.9 60.9 61.9 64.8 65.1 66.9 61.1 67.4 67.4 73 Other 17.3 15.4 13.3 12.4 12.4 12.0 11.5 12.1 11.6 11.6 11.7 13.6 74 State and local government 13.3 14.9 14.3 13.8 13.3 13.1 13.0 13.0 12.8 12.8 13.5 12.9 75 Agricultural 10.7 9.7 9.6 9.4 9.2 9.1 9.2 9.2 9.1 9.2 9.2 9.1 76 Federal funds sold to and repurchase agreements with others 25.8 29.1 28.0 24.1 21.0 22.0 18.7 17.2 18.5 18.6 18.4 16.2 77 All other loans 84.8 81.5 74.7 68.6 64.1 64.1 65.2 68.1 66.8 64.5 68.6 70.2 78 Lease-financing receivables 131.6 134.7 134.1 132.8 131.3 130.0 128.4 127.4 127.9 127.6 127.4 127.2 79 Interbank loans 136.8 171.2 169.2 153.1 148.5 161.4 168.8 164.9 171.3 164.4 167.3 160.2 80 Federal funds sold to and repurchase agreements with commercial banks 76.2 99.8 93.2 80.4 77.1 86.5 84.1 76.1 82.9 76.8 76.9 72.7 81 Other 60.6 71.5 76.0 72.6 71.3 74.9 84.7 88.8 88.4 87.6 90.5 87.5 82 Cash assets4 135.2 158.8 154.1 143.2 137.0 141.4 139.7 138.0 134.3 140.9 132.6 140.3 83 Other assets5 277.4 323.5 319.4 311.8 291.3 300.3 302.6 295.6 298.1 298.9 296.2 289.6 84 Total assets6 3,144.9 3,234.0 3,185.7 3,142.9 3,086.2 3,118.7 3,143.3 3,150.9 3,158.3 3,141.6 3,153.0 3,151.0 Liabilities 85 Deposits 1,748.0 1,825.4 1,802.2 1,801.8 1,805.1 1,818.3 1,800.8 1,807.5 1,811.2 1,797.3 1,801.8 1,793.4 86 Transaction 302.5 342.6 326.2 306.2 301.9 295.5 286.9 283.8 274.2 267.4 288.7 300.1 87 Nontransaction 1,445.4 1,482.8 1,476.0 1,495.7 1,503.2 1,522.9 1,513.9 1,523.7 1,537.0 1,529.9 1,513.0 1,493.3 88 Large time 273.3 252.1 245.3 252.5 248.2 244.4 245.7 241.8 236.1 235.5 243.9 244.2 89 Other 1,172.2 1,230.7 1,230.7 1,243.2 1,255.1 1,278.5 1,268.2 1,281.8 1,300.9 1,294.4 1,269.2 1,249.1 90 Borrowings 670.6 659.0 667.5 657.3 633.9 651.7 670.7 653.5 687.7 663.7 649.2 644.7 91 From banks in the U.S 207.0 208.8 206.6 201.9 195.3 197.2 194.5 184.6 204.2 186.6 179.2 177.8 92 From nonbanks in the U.S 463.7 450.2 460.9 455.4 438.5 454.4 476.2 468.9 483.5 477.1 470.0 466.9 93 Net due to related foreign offices 190.4 186.8 176.5 163.8 163.0 160.7 167.6 163.1 160.2 164.2 161.9 168.2 94 Other liabilities 217.6 217.9 198.4 191.7 167.6 173.5 186.2 204.4 182.9 197.7 211.7 220.1 95 Total liabilities 2,826.6 2,889.1 2,844.6 2,814.7 2,769.5 2,804.2 2,825.2 2,828.5 2,842.0 2,822.8 2,824.6 2,826.4 96 Residual (assets less liabilities)7 318.3 344.9 341.1 328.2 316.7 314.6 318.1 322.3 316.3 318.8 328.5 324.6 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 June' Dec.' Jan.' Feb.' Mar.' Apr.' May' June June 5 June 12 June 19 June 26 Seasonally adjusted Assets 1 Bank credit 2,087.6 2,242.4 2,264.3 2,268.1 2,275.8 2,288.7 2,329.2 2,344.4 2,340.6 2,343.3 2,356.6 22,,334411..88 ? Securities in bank credit 551.2 615.3 620.0 620.5 623.3 626.8 638.8 640.4 643.8 642.7 640.2 637.0 US. government securities 346.5 395.0 399.2 402.2 408.8 414.5 429.3 432.2 435.8 434.2 431.6 429.5 4 Other securities 204.7 220.3 220.8 218.3 214.5 212.3 209.4 208.2 207.9 208.5 208.6 207.5 Loans and leases in bank credit2 .... 1,536.4 1,627.2 1,644.4 1,647.6 1,652.6 1,662.0 1,690.4 1,704.0 1,696.8 1,700.6 1,716.3 1,704.8 fi Commercial and industrial 296.6 303.0 303.6 305.7 304.5 303.2 304.8 305.7 305.6 305.5 306.9 305.0 7 Real estate 833.6 904.7 913.5 919.8 926.0 931.7 952.5 960.6 956.6 959.0 964.8 960.7 8 Revolving home equity 49.1 57.6 59.0 60.8 62.5 63.7 67.4 69.1 68.5 68.6 69.4 69.2 Other 784.5 847.1 854.5 859.0 863.6 868.0 885.2 891.5 888.1 890.4 895.3 891.4 in 297.8 311.6 320.5 315.1 315.5 321.7 324.6 327.9 325.8 327.1 334.3 328.0 11 Security3 8.1 8.1 8.0 8.0 7.8 7.4 7.6 8.0 7.7 7.7 8.0 8.3 1? Other loans and leases 100.3 99.7 98.8 99.0 98.8 98.0 100.8 101.8 101.1 101.2 102.4 102.7 n 110.8 105.0 98.3 102.9 100.8 91.6 98.0 103.2 97.4 97.3 103.9 112.0 14 Cash assets4 102.5 110.8 113.4 113.4 114.4 113.8 113.5 114.5 110.0 116.9 112.0 120.0 15 Other assets5 107.9 134.6 137.8 145.5 148.0 152.4 154.9 155.3 161.1 158.1 150.9 149.8 16 Total assets6 2,381.2 2,562.0 2,583.2 2,599.6 2,608.5 2,615.7 2,664.5 2,686.2 2,677.9 2,684.5 2,692.0 2,692.4 Liabilities 17 Deposits 1,882.4 1,991.1 1,992.0 2,002.5 2,017.0 2,015.7 2,052.1 2,071.2 2,062.2 2,067.7 2,073.2 2,076.3 18 Transaction 290.1 304.8 307.2 305.1 306.2 304.1 314.6 311.8 300.1 304.3 313.3 331.6 19 Nontransaction 1,592.3 1,686.3 1,684.8 1,697.5 1,710.9 1,711.6 1,737.6 1,759.3 1,762.1 1,763.4 1,759.9 1,744.7 ?o Large time 297.3 304.6 302.1 302.1 302.4 302.4 306.5 308.4 306.3 308.5 309.5 310.1 71 Other 1,295.0 1,381.7 1,382.7 1,395.4 1,408.5 1,409.2 1,431.1 1,450.9 1,455.8 1,454.9 1,450.4 1,434.6 ?.? Borrowings 333.8 388.0 395.1 388.2 381.1 383.4 391.3 393.8 390.7 386.5 395.8 403.1 From banks in the U.S 147.9 171.8 177.2 175.0 169.8 166.6 167.2 166.5 163.8 162.7 167.6 172.0 ?4 From others 185.9 216.3 218.0 213.2 211.3 216.8 224.2 227.3 226.9 223.9 228.2 231.1 25 Net due to related foreign offices 13.1 10.0 9.0 10.9 9.0 9.6 11.5 11.6 12.7 13.3 10.8 10.8 26 Other liabilities 56.5 64.7 68.5 70.9 71.5 71.9 74.2 74.5 75.0 75.3 74.1 74.4 27 Total liabilities 2,285.9 2,453.9 2,464.5 2,472.5 2,478.7 2,480.7 2,529.2 2,551.1 2,540.6 2,542.9 2,554.0 2,564.6 28 Residual (assets less liabilities)7 95.3 108.2 118.7 127.1 129.8 135.0 135.3 135.2 137.3 141.6 138.0 127.8 Not seasonally adjusted Assets 79 Bank credit 2,085.5 2,254.6 2,266.3 2,264.4 2,271.0 2,285.9 2,327.1 2,341.8 2,336.4 2,340.1 2,344.3 2,345.7 30 Securities in bank credit 550.8 617.7 621.0 622.2 625.5 628.0 638.0 639.9 642.1 642.1 638.8 638.3 31 U.S. government securities 346.1 397.4 400.2 404.0 411.0 415.8 428.5 431.7 434.1 433.6 430.2 430.8 3? Other securities 204.7 220.3 220.8 218.3 214.5 212.3 209.4 208.2 207.9 208.5 208.6 207.5 33 Loans and leases in bank credit2 .... 1,534.7 1,636.9 1,645.3 1,642.2 1,645.5 1,657.9 1,689.1 1,701.9 1,694.4 1,698.0 1,705.5 1,707.4 34 Commercial and industrial 298.7 303.2 302.6 304.2 304.2 305.2 307.2 307.9 307.4 307.2 307.6 308.2 35 Real estate 832.8 907.2 913.2 917.9 923.1 929.6 951.7 959.7 955.0 958.4 960.0 962.3 36 Revolving home equity 48.9 58.0 59.2 60.7 61.9 63.4 67.2 68.8 68.1 68.4 68.8 69.3 37 Other 783.9 849.2 854.0 857.2 861.2 866.2 884.5 890.9 886.9 890.0 891.2 893.0 38 Consumer 294.2 318.0 324.4 315.0 312.6 317.8 322.2 324.0 321.9 322.4 327.7 326.5 39 Credit cards and related plans .. 129.5 152.1 156.8 147.1 145.3 150.9 150.4 151.1 149.5 149.8 154.9 153.3 40 Other 164.7 165.9 167.6 167.9 167.2 167.0 171.8 172.8 172.4 172.6 172.8 173.2 41 Security3 8.0 8.3 7.7 8.0 8.0 7.6 7.4 7.8 8.0 7.8 7.7 7.7 4? Other loans and leases 101.0 100.1 97.3 97.1 97.6 97.7 100.5 102.5 102.1 102.1 102.4 102.7 43 Interbank loans 107.7 107.5 97.0 103.4 105.5 97.5 93.3 100.2 101.2 99.6 98.1 99.5 44 Cash assets4 101.3 117.0 116.0 113.0 110.5 112.2 112.8 112.9 113.2 111.9 109.8 113.1 45 Other assets5 107.9 134.6 137.8 145.5 148.0 152.4 154.9 155.3 161.1 158.1 150.9 149.8 46 Total assets6 2,374.7 2,583.0 2,586.4 2,596.1 2,604.6 2,617.3 2,657.0 2,679.1 2,680.8 2,678.5 2,671.7 2,677.0 Liabilities 47 Deposits 1,874.3 2,011.7 2,002.3 2,006.5 2,021.6 2,028.6 2,045.4 2,062.3 2,065.3 2,062.8 2,055.3 2,053.1 48 Transaction 289.0 314.7 311.3 303.1 304.4 305.8 309.7 310.6 303.8 302.3 310.0 322.8 49 Nontransaction 1,585.3 1,697.0 1,691.0 1,703.5 1,717.2 1,722.8 1,735.7 1,751.7 1,761.6 1,760.4 1,745.3 1,730.3 50 Large time 297.3 304.6 302.1 302.1 302.4 302.4 306.5 308.4 306.3 308.5 309.5 310.1 51 Other 1,288.0 1,392.4 1,388.9 1,401.4 1,414.8 1,420.4 1,429.2 1,443.3 1,455.3 1,452.0 1,435.8 1,420.2 52 Borrowings 333.8 388.0 395.1 388.2 381.1 383.4 391.3 393.8 390.7 386.5 395.8 403.1 53 From banks in the U.S 147.9 171.8 177.2 175.0 169.8 166.6 167.2 166.5 163.8 162.7 167.6 172.0 54 From others 185.9 216.3 218.0 213.2 211.3 216.8 224.2 227.3 226.9 223.9 228.2 231.1 55 Net due to related foreign offices 13.1 10.0 9.0 10.9 9.0 9.6 11.5 11.6 12.7 13.3 10.8 10.8 56 Other liabilities 56.5 64.7 68.5 70.9 71.5 71.9 74.2 74.5 75.0 75.3 74.1 74.4 57 Total liabilities 2,277.8 2,474.5 2,474.8 2,476.5 2,483.3 2,493.6 2,522.4 2,542.2 2,543.7 2,538.0 2,536.0 2,541.4 58 Residual (assets less liabilities)7 96.9 108.5 111.6 119.5 121.4 123.7 134.6 136.9 137.1 140.5 135.7 135.5 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 DomesticN onfinancialS tatistics • September 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 June Dec. Jan. Feb. Mar. Apr.' May' June June 5 June 12 June 19 June 26 Seasonally adjusted Assets 1 Bank credit 606.5r 599.4' 586.4' 585.9' 593.7' 599.7 599.9 611.7 604.7 611.6 612.1 609.9 2 Securities in bank credit 220. lr 242.6' 231.4' 226.4r 225.3' 225.6 228.7 235.5 234.6 233.0 236.0 235.9 3 U.S. government securities 55.4r 70.4' 66.3' 60.1' 63.1' 64.7 64.8 64.7 68.0 67.3 67.4 59.7 4 Other securities 164.7r 172.2' 165.1' 166.3' 162.2' 160.9 163.9 170.8 166.6 165.7 168.6 176.2 5 Loans and leases in bank credit2 .... 386.4 356.9 355.0 359.5 368.4 374.1 371.2 376.1 370.1 378.7 376.1 374.0 6 Commercial and industrial 210.1 195.4' 193.7' 197.1 200.2' 198.2 198.8 196.0 197.6 197.0 195.0 194.4 7 Real estate 18.1 19.0 18.8 18.4 18.9' 19.4 19.4 19.8 19.8 19.7 19.5 20.1 8 Security3 91.0 74.2 74.8 73.9 78.5 84.6 81.2 87.3 80.6 89.4 89.5 85.6 9 Other loans and leases 67.2 68.3' 67.8' 70.1' 70.8 71.9 71.7 73.0 72.1 72.5 72.1 73.8 10 Interbank loans 21.3 20.4 25.2 19.9 20.5 22.1 23.7 20.9 23.4 19.7 21.1 20.6 11 Cash assets4 35.6 39.0 40.2 41.8 43.9 46.2 44.2 44.4 43.5 44.9 44.0 42.7 12 Other assets5 37.1 30.9 31.0 31.7 29.9 31.3 31.8 35.2 32.7 34.5 34.8 36.8 13 Total assets6 700. lr 689.4r 682.3r 679.0r 687.6r 698.8 699.2 711.8 703.9 710.4 711.6 709.6 Liabilities 14 Deposits 413.0 445.0 468.1 476.5 490.6 507.1 508.4 512.5 505.9 502.2 510.7 515.7 15 Transaction 9.7 11.2 11.1 10.3 10.1 10.5 10.9 11.1 11.6 10.6 10.6 11.4 16 Nontransaction 403.3 433.7 457.0 466.2 480.5 496.6 497.5 501.4 494.3 491.6 500.1 504.3 17 Borrowings 216.0 199.9 185.2 191.1 187.5 191.6 192.8 198.4 196.8 197.4 194.5 199.9 18 From banks in the U.S 22.5 24.8 22.3 23.1 21.8 23.2 22.2 22.8 26.6 19.1 22.2 23.5 19 From others 193.6 175.1 163.0 168.0 165.7 168.4 170.5 175.6 170.2 178.4 172.3 176.4 20 Net due to related foreign offices -19.6 -48.7 -65.4 -73.1 -71.5 -73.6 -87.6 -84.7 -86.0 -77.1 -74.0 -97.9 21 Other liabilities 84.0 78.5 80.1 77.5 69.0 67.4 70.9 79.4 75.2 77.7 77.9 83.6 22 Total liabilities 693.5 674.6 668.1 672.0 675.6 692.4 684.4 705.7 692.0 700.2 709.1 701.4 23 Residual (assets less liabilities)7 6.6r 14.7r 14.2' 7.0' 12.0' 6.4 14.8 6.1 12.0 10.2 2.5 8.2 Not seasonally adjusted Assets 24 Bank credit 603.2' 607.0r 592.0' 589.9r 593.6' 599.7 595.9 608.6 599.6 608.0 611.0 606.6 25 Securities in bank credit 220.1' 242.6' 231.4' 226.4' 225.3' 225.6 228.7 235.5 234.6 233.0 236.0 235.9 26 U.S. government securities 55.4' 70.4' 66.3' 60.1' 63.1' 64.7 64.8 64.7 68.0 67.3 67.4 59.7 27 Trading account 13.0' 11.7 9.0 8.6 8.5 9.0 9.7 10.0 10.6 10.4 10.3 9.0 28 Investment account 42.4' 58.7' 57.3' 51.5' 54.6' 55.7 55.1 54.7 57.4 56.9 57.0 50.6 29 Other securities 164.7' 172.2' 165.1' 166.3' 162.2' 160.9 163.9 170.8 166.6 165.7 168.6 176.2 30 Trading account 106.6' 107.9 102.9 101.4 97.4 96.8 99.1 104.0 101.7 101.0 101.6 108.7 31 Investment account 58.2' 64.2' 62.2' 64.9' 64.8' 64.1 64.8 66.8 64.9 64.7 67.0 67.5 32 Loans and leases in bank credit2 .... 383.1 364.4 360.6 363.5 368.3 374.2 367.2 373.1 365.1 375.0 375.0 370.7 33 Commercial and industrial 208.9 197.1' 194.4' 198.6' 201.6' 196.9 196.5 194.9 196.3 195.2 193.5 193.8 34 Real estate 18.1 19.0 18.8 18.4 18.9' 19.4 19.4 19.8 19.8 19.7 19.5 20.1 35 Security3 89.3 78.1 78.9 76.3 76.2 85.3 80.0 85.7 76.7 87.7 90.4 83.9 36 Other loans and leases 66.9 70.1' 68.6' 70.2' 71.7' 72.5 71.3 72.6 72.3 72.5 71.6 72.9 37 Interbank loans 21.3 20.4 25.2 19.9 20.5 22.1 23.7 20.9 23.4 19.7 21.1 20.6 38 Cash assets4 34.1 41.4 42.3 42.7 42.8 44.3 42.7 42.5 42.2 42.7 42.1 40.6 39 Other assets5 35.4 31.7 31.8 32.3 30.7 31.1 31.8 33.7 31.9 33.5 33.0 34.8 40 Total assets6 693.7r 700. lr 691.0r 684.5r 687.2r 696.8 693.8 705.2 696.8 703.5 706.8 702.3 Liabilities 41 Deposits 411.5 457.3 478.8 482.0 492.8 510.9 513.5 510.6 508.3 503.4 508.0 513.2 42 Transaction 9.4 12.0 11.3 10.5 9.9 10.0 10.5 10.8 11.1 10.0 10.3 11.2 43 Nontransaction 402.1 445.3 467.5 471.5 482.9 500.9 503.0 499.7 497.1 493.4 497.7 502.0 44 Borrowings 216.0 199.9 185.2 191.1 187.5 191.6 192.8 198.4 196.8 197.4 194.5 199.9 45 From banks in the U.S 22.5 24.8 22.3 23.1 21.8 23.2 22.2 22.8 26.6 19.1 22.2 23.5 46 From others 193.6 175.1 163.0 168.0 165.7 168.4 170.5 175.6 170.2 178.4 172.3 176.4 47 Net due to related foreign offices -22.4 -46.1 -62.3 -70.4 -68.5 -75.5 -87.7 -87.3 -88.2 -79.6 -77.4 -99.2 48 Other liabilities 82.7 79.7 81.5 78.6 70.2 66.7 70.8 78.1 74.2 76.6 76.2 82.9 49 Total liabilities 687.9 690.9 683.3 681.3 682.0 693.7 689.4 699.8 691.0 697.8 701.3 696.9 50 Residual (assets less liabilities)7 5.8' 9.2' 7.7' 3.2' 5.3' 3.1 4.4 5.4 5.7 5.6 5.5 5.3 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities A21 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued F. Memo items Billions of dollars Monthly averages Wednesday figures AAAccccccooouuunnnttt 2001 2001 2002 2002 June Dec. Jan. Feb. Mar. Apr. May June June 5 June 12 June 19 June 26 Not seasonally adjusted MEMO Large domestically chartered banks, adjusted for mergers 1 Revaluation gains on off-balance-sheet items8 89.3 80.6 86.3 81.7 73.2 73.3 80.8 92.9 81.9 84.7 96.0 103.2 2 Revaluation losses on off-balancesheet items8 81.9 68.4 66.5 59.4 52.5 57.5 61.7 75.2 61.4 66.5 78.8 87.1 3 Mortgage-backed securities' 253.8r 318.0' 315.2' 298.8' 300.7' 307.3' 311.5' 316.9 319.8 310.6 323.7 314.6 4 Pass-through 192.3r 217.2' 218.1' 203.8' 203.6' 206.8' 214.2' 227.9 219.7 218.0 235.3 233.6 5 CMO, REMIC, and other 61.5r 100.8' 97.0' 95.0' 97.2' 100.4' 97.3' 89.0 100.2 92.6 88.4 81.0 6 Net unrealized gains (losses) on available-for-sale securities10 1.7 4.6 2.3 3.5 3.3 2.3 5.0 7.1 6.6 6.6 7.2 7.1 7 Off-shore credit to U.S. residents" .... 20.6 19.1 19.4 19.7 19.6 19.5 19.5 19.4 19.7 19.2 20.0 19.0 8 Securitized consumer loans12 82.1 99.4 94.7 92.8 94.2 94.6 94.7 98.5 97.9 99.2 97.8 98.8 9 Credit cards and related plans 73.4 88.7 84.3 82.6 82.3' 82.7 83.2 86.4 86.6 86.6 85.5 86.6 10 Other 8.7 10.7 10.4 10.3 11.9 11.9 11.5 12.2 11.3 12.5 12.3 12.3 11 Securitized business loans12 19.5 19.7 19.4 19.4 17.7 17.1 16.7 16.6 16.6 16.6 16.5 16.6 Small domestically chartered commercial banks, adjusted for mergers 12 Mortgage-backed securities' 229.5' 276.4' 277.7' 280.9' 284.0' 287.3' 300.1' 301.5 304.1 303.8 300.8 298.8 13 Securitized consumer loans12 242.3' 249.9' 257.1' 251.3' 248.2' 247.7' 249.6' 250.8 250.4 251.7 248.8 251.2 14 Credit cards and related plans 234.6' 241.5' 249.3' 243.7' 240.7' 240.6' 242.8' 244.5 244.1 245.5 242.5 245.0 15 Other 7.7 8.4 7.8 7.6 7.4 7.2 6.8 6.2 6.3 6.3 6.3 6.2 Foreign-related institutions 16 Revaluation gains on off-balancesheet items8 60.2 60.2 54.8 52.2 46.8 46.2 49.6 54.6 52.1 52.2 52.9 58.4 17 Revaluation losses on off-balancesheet items8 54.6 54.2 51.5 48.0 40.6 39.8 42.4 48.5 45.6 46.3 46.9 52.5 18 Securitized business loans12 29.6 25.2 25.5 25.1 24.1 23.5' 22.5 22.1 22.1 22.2 22.2 21.7 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 U.S. Branches and Agencies of Foreign Banks," are no longer in the United States, all of which are included in "Interbank loans." being published in the Bulletin. Instead, abbreviated balance sheets for both large and small 3. Consists of reverse RPs with brokers and dealers and loans to purchase and carry domestically chartered banks have been included in table 1.26, parts C and D. Data are both securities. merger-adjusted and break-adjusted. In addition, data from large weekly reporting U.S. 4. Includes vault cash, cash items in process of collection, balances due from depository branches and agencies of foreign banks have been replaced by balance sheet estimates of all institutions, and balances due from Federal Reserve Banks. foreign-related institutions and are included in table 1.26, part E. These data are break- 5. Excludes the due-from position with related foreign offices, which is included in "Net adjusted. due to related foreign offices." The not-seasonally-adjusted data for all tables now contain additional balance sheet items, 6. Excludes unearned income, reserves for losses on loans and leases, and reserves for which were available as of October 2, 1996. transfer risk. Loans are reported gross of these items. 1. Covers the following types of institutions in the fifty states and the District of Columbia: 7. This balancing item is not intended as a measure of equity capital for use in capital domestically chartered commercial banks that submit a weekly report of condition (large adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the domestic); other domestically chartered commercial banks (small domestic); branches and seasonal patterns estimated for total assets and total liabilities. agencies of foreign banks, and Edge Act and agreement corporations (foreign-related institu- 8. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity tions). Excludes International Banking Facilities. Data are Wednesday values or pro rata and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39. averages of Wednesday values. Large domestic banks constitute a universe; data for small 9. Includes mortgage-backed securities issued by U.S. government agencies, U.S. domestic banks and foreign-related institutions are estimates based on weekly samples and on government-sponsored enterprises, and private entities. quarter-end condition reports. Data are adjusted for breaks caused by reclassifications of 10. Difference between fair value and historical cost for securities classified as availableassets and liabilities. for-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are The data for large and small domestic banks presented on pp. A17-19 are adjusted to restated to include an estimate of these tax effects. remove the estimated effects of mergers between these two groups. The adjustment for 11. Mainly commercial and industrial loans but also includes an unknown amount of credit mergers changes past levels to make them comparable with current levels. Estimated extended to other than nonfinancial businesses. quantities of balance sheet items acquired in mergers are removed from past data for the bank 12. Total amount outstanding. group that contained the acquired bank and put into past data for the group containing the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A22 Domestic Nonfinancial Statistics • September 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 Dec. Jan. Feb. Mar. Apr. May 1 All issuers 966,699 1,163,303 1,403,023 1,615,341 1,438,764 1,438,764 1,428,494 1,402,875 1,358,114 1,351,516 1,366,259 Financial companies' 2 Dealer-placed paper, total2 513,307 614,142 786,643 973,060 989,364 989,364 984,251 984,441 964,070 972,268 989,957 3 Directly placed paper, total3 252,536 322,030 337,240 298,848 224,553 224,553 224,595 218,266 205,292 196,056 199,572 4 Nonfinancial companies4 200,857 227,132 279,140 343,433 224,847 224,847 219,648 200,168 188,753 183,192 176,730 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 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 June 4.75 Dec. 12 4.75 July 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 Mar. Apr. May June May 31 June 7 June 14 June 21 June 28 MONEY MARKET INSTRUMENTS 1 Federal funds1-2-3 4.97 6.24 3.88 1.73 1.75 1.75 1.75 1.78 1.78 1.74 1.75 1.75 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 1.78 1.76 1.75 1.74 1.75 1.74 1.74 1.74 1.75 4 2-month 5.14 6.29 3.68 1.82 1.77 1.76 1.74 1.74 1.75 1.74 1.74 1.74 5 3-month 5.18 6.31 3.65 1.86 1.81 1.78 1.76 1.75 1.78 1.76 1.74 1.75 Financial 6 1 -month 5.11 6.28 3.80 1.80 1.76 1.76 1.75 1.76 1.75 1.75 1.75 1.75 7 2-month 5.16 6.30 3.71 1.82 1.79 1.77 1.77 1.78 1.78 1.77 1.76 1.76 8 3-month 5.22 6.33 3.65 1.87 1.83 1.80 1.78 1.79 1.80 1.78 1.78 1.78 Certificates of deposit, secondary market'-7 9 1 -month 5.19 6.35 3.84 1.84 1.81 1.80 1.80 1.80 1.80 1.79 1.80 1.80 10 3-month 5.33 6.46 3.71 1.91 1.87 1.82 1.81 1.83 1.82 1.81 1.81 1.81 11 6-month 5.46 6.59 3.66 2.16 2.11 1.93 1.92 2.01 1.99 1.94 1.88 1.87 12 Eurodollar deposits, 3-month3-8 5.31 6.45 3.70 1.91 1.88 1.82 1.81 1.82 1.81 1.81 1.80 1.80 U.S. Treasury bills Secondary market3-5 13 4-week n.a. n.a. 2.43 1.76 1.69 1.71 1.69 1.70 1.71 1.70 1.66 1.67 14 3-month 4.64 5.82 3.40 1.79 1.72 1.73 1.70 1.72 1.72 1.71 1.70 1.68 15 6-month 4.75 5.90 3.34 2.01 1.93 1.86 1.79 1.87 1.86 1.81 1.77 1.74 U.S. TREASURY NOTES AND BONDS Constant maturities9 16 1-year 5.08 6.11 3.49 2.57 2.48 2.35 2.20 2.35 2.32 2.24 2.13 2.10 17 2-year 5.43 6.26 3.83 3.56 3.42 3.26 2.99 3.23 3.15 3.04 2.90 2.87 18 3-year 5.49 6.22 4.09 4.14 4.01 3.80 3.49 3.75 3.67 3.54 3.38 3.36 19 5-year 5.55 6.16 4.56 4.74 4.65 4.49 4.19 4.40 4.34 4.23 4.09 4.08 20 7-year 5.79 6.20 4.88 5.14 5.02 4.90 4.60 4.80 4.75 4.64 4.51 4.51 21 10-year 5.65 6.03 5.02 5.28 5.21 5.16 4.93 5.10 5.06 4.97 4.83 4.84 22 20-year 6.20 6.23 5.63 5.93 5.85 5.81 5.65 5.78 5.77 5.67 5.57 5.61 Treasury long-term average10-11 23 25 years and above n.a. n.a. n.a. 5.88 5.82 5.79 5.66 5.77 5.77 5.67 5.59 5.62 STATE AND LOCAL NOTES AND BONDS Moody's series12 24 Aaa 5.28 5.58 4.99 5.09 5.09 5.03 4.92 5.02 4.99 4.93 4.89 4.86 25 Baa 5.70 6.19 5.75 5.92 5.86 5.79 5.70 5.78 5.77 5.70 5.68 5.63 26 Bond Buyer series13 5.43 5.71 5.15 5.29 5.22 5.19 5.09 5.14 5.14 5.09 5.04 5.07 CORPORATE BONDS 27 Seasoned issues, all industries14 7.45 7.98 7.49 7.44 7.36 7.37 7.22 7.33 7.33 7.23 7.14 7.19 Rating group 28 Aaa15 7.05 7.62 7.08 6.81 6.76 6.75 6.63 6.74 6.74 6.65 6.55 6.58 29 Aa 7.36 7.83 7.26 7.22 7.16 7.20 7.07 7.17 7.17 7.07 7.00 7.02 30 A 7.53 8.11 7.67 7.62 7.49 7.43 7.24 7.34 7.34 7.24 7.16 7.21 31 Baa 7.88 8.37 7.95 8.11 8.03 8.09 7.95 8.08 8.05 7.95 7.86 7.93 MEMO Dividend-price ratio16 32 Common stocks 1.25 1.15 1.32 1.37 1.42 1.48 1.58 1.50 1.53 1.57 1.57 1.65 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 Nonfinancial Statistics • September 2002 1.36 STOCK MARKET Selected Statistics 2001 2002 IInnddiiccaattoorr 11999999 22000000 22000011 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Prices and trading volume (averages of daily figures) CCCCCCCooooooommmmmmmmmmmmmmooooooonnnnnnn ssssssstttttttoooooooccccccckkkkkkk ppppppprrrrrrriiiiiiiccccccceeeeeeesssssss (((((((iiiiiiinnnnnnndddddddeeeeeeexxxxxxxeeeeeeesssssss))))))) 1111111 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((DDDDDDDeeeeeeeccccccc....... 33333331111111,,,,,,, 1111111999999966666665555555 ======= 55555550000000))))))) 619.52 643.71 606.03 556.04 575.31 582.82 581.74 569.55 600.74 587.58 575.75 544.36 2222222 IIIIIIInnnnnnnddddddduuuuuuussssssstttttttrrrrrrriiiiiiiaaaaaaalllllll 775.29 809.40 749.46 688.35 715.98 727.67 723.56 715.80 751.79 732.71 718.12 677.58 3333333 TTTTTTTrrrrrrraaaaaaannnnnnnssssssspppppppooooooorrrrrrrtttttttaaaaaaatttttttiiiiiiiooooooonnnnnnn 491.62 414.73 444.45 371.56 410.05 433.70 446.13 453.51 490.51 470.00 459.55 449.42 4444444 UUUUUUUtttttttiiiiiiillllllliiiiiiitttttttyyyyyyy 284.82 478.99 377.72 341.51 330.78 325.33 322.92 301.32 316.25 300.57 287.10 265.21 5555555 FFFFFFFiiiiiiinnnnnnnaaaaaaannnnnnnccccccceeeeeee 530.97 552.48 596.61 553.16 577.85 585.47 591.94 570.18 609.72 610.24 603.15 577.05 6666666 SSSSSSStttttttaaaaaaannnnnnndddddddaaaaaaarrrrrrrddddddd &&&&&&& PPPPPPPoooooooooooooorrrrrrr'''''''sssssss CCCCCCCooooooorrrrrrrpppppppooooooorrrrrrraaaaaaatttttttiiiiiiiooooooonnnnnnn (((((((1111111999999944444441111111-------44444443333333 ------- 11111110000000)))))))''''''' 1,327.33 1,427.22 1,194.18 1,076.59 1,129.68 1,144.93 1,140.21 1,100.67 1,153.79 1,112.03 1,079.27 1,014.05 7777777 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((AAAAAAAuuuuuuuggggggg....... 33333331111111,,,,,,, 1111111999999977777773333333 ======= 55555550000000)))))))2222222 770.90 922.22 879.08 825.91 814.78 828.19 835.02 845.81 891.08 915.09 935.10 911.59 VVVVVVVooooooollllllluuuuuuummmmmmmeeeeeee ooooooofffffff tttttttrrrrrrraaaaaaadddddddiiiiiiinnnnnnnggggggg (((((((ttttttthhhhhhhooooooouuuuuuusssssssaaaaaaannnnnnndddddddsssssss ooooooofffffff ssssssshhhhhhhaaaaaaarrrrrrreeeeeeesssssss))))))) 8888888 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 799,554 1,026,867 1,216,529 1,293,019 1,242,965 1,240,245 1,401,913 1,362,830 1,321,351 1,280,714 1,215,786 1,539,282 9999999 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 32,629 51,437 68,074 66,765 88,694 53,337 55,151 55,657 56,375 n.a. n.a. n.a. Customer financing (millions of dollars, end-of-period balances) 11111110000000 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrr-------dddddddeeeeeeeaaaaaaallllllleeeeeeerrrrrrrsssssss3333333 228,530 198,790 150,450 144,010 148,650 150,450 150,390 147,030 149,370 150,940 150,860 146,270 FFFFFFFrrrrrrreeeeeeeeeeeeee cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt bbbbbbbaaaaaaalllllllaaaaaaannnnnnnccccccceeeeeeesssssss aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrrsssssss4444444 11111111111111 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss5555555 55,130 100,680 101,640 101,850 98,330 101,640 97,330 99,350 93,700 92,140 92,950 95,830 11111112222222 CCCCCCCaaaaaaassssssshhhhhhh aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss 79,070 84,400 78,040 69,550 72,090 78,040 75,110 72,730 69,790 68,540 66,120 68,280 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 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 1 Federal debt outstanding 5,714.2 5,701.9 5,803.5 5,800.6 5,753.9 5,834.5 5,970.3 6,032.4 6,032.9r 2 Public debt securities 5,685.9 5,674.2 5,662.2 5,773.7 5,726.8 5,807.5 5,943.4 6,006.0 6,006.0' 3 Held by public 3,495.7 3,438.5 3,527.4 3,434.4 3,274.2 3,338.7 3,393.8 3,443.7 3,343.1' 4 Held by agencies 2,190.2 2,235.7 2,248.7 2,339.4 2,452.6 2,468.8 2,549.7 2,562.4 2,662.9' 5 Agency securities 28.3 27.7 27.4 26.8 27.1 27.0 26.8 26.4 26.8' 6 Held by public 28.2 27.6 27.3 26.8 27.1 27.0 26.8 26.4 26.8' 7 Held by agencies .1 .1 .1 .1 .0 .0 .0 .0 .0' 8 Debt subject to statutory limit 5,600.6 5,591.6 5,580.5 5,692.5 5,645.0 5,732.6 5,871.4 5,935.1 6,058.3r 9 Public debt securities 5,600.5 5,591.4 5,580.2 5,692.3 5,644.8 5,732.4 5,871.2 5,935.0 6,058.1' 10 Other debt1 .2 .2 .2 .2 .2 .2 .3 .2 .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 6,400.0' 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 Q3 Q4 QL Q2 1 Total gross public debt 5,614.2 5,776.1 5,662.2 5,943.4 5,807.5 5,943.4 6,006.0 6,006.0 By type 2 Interest-bearing 5,605.4 5,766.1 5,618.1 5,930.8 5,763.6 5,930.8 5,962.2 5,962.2 3 Marketable 3,355.5 3,281.0 2,966.9 2,982.9 2,897.3 2,982.9 3,003.3 3,003.3 4 Bills 691.0 737.1 646.9 811.3 734.9 811.3 834.4 834.4 5 Notes 1,960.7 1,784.5 1,557.3 1,413.9 1,399.6 1,413.9 1,411.7 1,411.7 6 Bonds 621.2 643.7 626.5 602.7 612.9 602.7 596.7 596.7 7 Inflation-indexed notes and bonds' 67.6 100.7 121.2 140.1 134.9 140.1 145.6 145.6 8 Nonmarketable2 2,249.9 2,485.1 2,651.2 2,947.9 2,866.4 2,947.9 2,958.9 2,958.9 9 State and local government series 165.3 165.7 151.0 146.3 146.4 146.3 141.1 141.1 10 Foreign issues3 34.3 31.3 27.2 15.4 18.3 15.4 14.6 14.6 11 Government 34.3 31.3 27.2 15.4 18.3 15.4 14.6 14.6 12 Public .0 .0 .0 .0 .0 .0 .0 .0 13 Savings bonds and notes 180.3 179.4 176.9 181.5 179.6 181.5 183.6 183.6 14 Government account series4 1,840.0 2,078.7 2,266.1 2,574.8 2,492.1 2,574.8 2,589.7 2,589.7 15 Non-interest-bearing 8.8 10.0 44.2 12.7 43.8 12.7 43.8 43.8 By holder1 16 U.S. Treasury and other federal agencies and trust funds 1,828.1 2,064.2 2,270.1 2,572.2 2,493.7 2,572.2 2,581.1 n.a. 17 Federal Reserve Banks6 452.1 478.0 511.7 551.7 534.1 551.7 575.4 590.7 18 Private investors 3,334.0 3,233.9 2,880.4 2,819.5 2,779.7 2,819.5 2,849.5 n.a. 19 Depository institutions 237.3 246.5 199.2 181.7 189.5 181.7 187.5 n.a. 20 Mutual funds 253.9 229.1 221.8 256.8 230.5 256.8 266.8 n.a. 21 Insurance companies 141.7 123.4 110.2 82.4 88.5 82.4 82.4 n.a. 22 State and local treasuries7 269.3 266.8 236.2 209.0 208.9 209.0 212.5 n.a. Individuals 23 Savings bonds 186.6 186.4 184.8 190.3 186.4 190.3 191.9 n.a. 24 Pension funds 330.2 321.6 305.8 289.3 289.4 289.3 299.6 n.a. 25 Private 112.5 110.4 110.1 103.3 101.7 103.3 104.0 n.a. 26 State and Local 217.7 211.2 195.7 186.0 187.7 186.0 195.6 n.a. 27 Foreign and international8 1,278.7 1,268.7 1,201.3 1,218.1 1,170.1 1,218.1 1,214.1 n.a. 28 Other miscellaneous investors7'9 636.3 589.8 419.5 390.8 417.3 390.8 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 • September 2002 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2002 2002, week ending Mar. Apr. May May 1 May 8 May 15 May 22 May 29 June 5 June 12 June 19 June 26 By type of security 1 U.S. Treasury bills 44,546 42,502 42,259 38,777 38,256 49,294 37,240 42,001 49,480 45,065 40,313 39,400 Treasury coupon securities by maturity 2 Three years or less 148,829 127,492 134,554 121,169 129,469 123,051 126,615 168,908 133,853 112,885 105,027 134,980 3 More than three but less than or equal to six years 90,406 76,341 98,161 94,441 114,072 109,148 85,416 85,066 90,829 82,688 88,037 107,815 4 More than six but less than or equal to eleven years 76,902 61,584 69,922 66,354 69,823 90,182 61,803 55,138 71,168 64,594 84,788 92,579 5 More than eleven 21,396 17,254 17,443 19,712 15,117 19,010 18,533 15,429 19,507 16,653 19,365 23,334 6 Inflation-indexed2 1,794 2,132 1,620 1,765 1,367 2,270 1,443 1,185 1,864 2,398 2,897 2,620 Federal agency and governmentsponsored enterprises 7 Discount notes 49,852 50,140 48,181 51,487 47,559 43,742 46,622 51,560 56,319 45,970 52,701 52,271 Coupon securities by maturity 8 Three years or less 11,871 12,209 10,179 11,522 11,681 10,687 9,275 8,795 9,508 9,287 15,423 15,488 9 More than three years but less than or equal to six years 12,763 7,071 9,662 8,214 9,225 10,763 9,744 9,738 8,368 9,130 10,164 9,637 10 More than six years but less than or equal to eleven years .... 7,350 7,456 8,446 6,431 7,799 10,476 11,250 4,885 6,104 5,301 10,733 8,833 11 More than eleven years 1,201 846 1,106 871 892 1,176 1,161 1,244 1,167 748 1,033 1,181 12 Mortgage-backed 138,204 125,503 135,142 107,578 213,612 152,057 80,467 90,260 136,912 203,431 146,863 132,223 Corporate securities 13 One year or less 110,024 101,705 100,384 94,173 98,847 103,795 108,781 92,933 92,719 90,980 115,273 95,276 14 More than one year 24,309 19,088 18,690 19,372 16,546 18,339 22,093 16,623 20,209 16,901 18,900 20,035 By type of counterparty With interdealer broker 15 U.S. Treasury 174,400 152,004 166,652 153,850 164,535 177,769 152,842 172,923 172,532 155,413 159,654 189,455 16 Federal agency and governmentsponsored enterprises 12,303 11,552 11,669 12,433 11,957 12,910 12,826 8,996 9,923 8,953 14,338 12,998 17 Mortgage-backed 36,404 37,570 37,136 31,759 48,053 45,979 23,763 27,646 42,841 56,571 42,840 33,980 18 Corporate 620 546 425 535 435 514 435 274 396 327 338 411 With other 19 U.S. Treasury 209,471 175,300 197,306 188,368 203,569 215,185 178,207 194,804 194,169 168,871 180,771 211,274 20 Federal agency and governmentsponsored enterprises 70,734 66,170 65,903 66,091 65,199 63,934 65,226 67,226 71,542 61,482 75,715 74,412 21 Mortgage-backed 101,799 87,933 98,006 75,820 165,559 106,078 56,705 62,614 94,071 146,860 104,022 98,243 22 Corporate 133,713 120,247 118,649 113,010 114,957 121,619 130,438 109,282 112,532 107,554 133,835 114,899 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 All 1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing1 Millions of dollars 2002 2002, week ending Item, uy type or security Mar. Apr. May May 1 May 8 May 15 May 22 May 29 June 5 June 12 June 19 Net outright positions2 1 U.S. Treasury bills 27,972 34,802 22,905 20,901 19,177 21,262 20,575 28,175 32,414 20,166 7,278 Treasury coupon securities by maturity 2 Three years or less -24,485 -24,310 -24,473 -27,302 -24,186 -33,063 -21,420 -19,779 -21,105 -21,303 -17,870 3 More than three years but less than or equal to six years -32,811 -32,608 -27,550 -30,551 -24,022 -29,009 -28,934 -27,293 -29,342 -26,943 -24,955 4 More than six but less than or equal to eleven years -16,734 -18,337 -16,183 -17,774 -16,402 -15,370 -15,411 -16,237 -19,973 -18,692 -18,931 5 More than eleven 7,431 8,103 6,289 7,062 4,654 6,865 6,848 6,919 5,452 6,636 7,042 6 Inflation-indexed 3,654 3,663 2,915 4,332 3,964 2,627 1,927 2,840 3,258 3,470 3,252 Federal agency and governmentsponsored enterprises 7 Discount notes 44,291 45,988 47,436 57,674 54,878 48,240 41,845 45,442 40,008 40,576 43,126 Coupon securities, by maturity 8 Three years or less 8,783 10,878 9,452 10,350 8,625 9,790 8,500 10,304 11,069 10,751 12,451 9 More than three years but less than or equal to six years -41 3,238 4,179 4,084 4,784 7,355 3,098 2,052 2,223 2,811 2,366 10 More than six but less than or equal to eleven years 2,503 2,620 1,030 111 -424 -193 3,179 1,733 884 1,801 3,350 11 More than eleven 2,421 2,122 2,561 2,519 2,568 2,624 2,569 2,450 2,698 2,816 2,801 12 Mortgage-backed 7,596 13,347 15,647 22,788 16,193 9,042 14,297 20,479 21,093 16,498 20,538 Corporate securities 13 One year or less 22,486 25,916 27,019 30,853 32,024 31,163 24,579 19,646 27,421 29,391 35,164 14 More than one year 42,634 44,266 39,534 40,316 38,310 39,973 40,599 39,386 38,679 43,918 45,407 Financing3 Securities in, U.S. Treasury 15 Overnight and continuing 561,103 550,742 586,624 558,667 573,605 613,728 580,438 582,310 588,049 558,034 561,143 16 Term 684,041 732,963 712,275 750,722 789,783 650,972 700,031 707,895 694,512 753,608 796,995 Federal agency and governmentsponsored enterprises 17 Overnight and continuing 143,017 154,574 148,895 149,438 148,576 152,285 149,387 145,936 146,503 145,653 153,484 18 Term 231,817 259,399 275,496 259,825 271,693 274,075 285,275 279,474 253,466 263,178 267,057 Mortgage-backed securities 19 Overnight and continuing 34,190 33,398 36,628 39,308 32,081 37,056 38,356 37,205 41,630 38,457 34,782 20 Term 217,741 226,728 253,236 232,372 240,183 254,438 267,220 254,654 251,246 259,335 249,330 Corporate securities 21 Overnight and continuing 44,546 46,910 49,713 47,726 48,283 48,855 49,756 52,304 49,493 49,505 49,619 22 Term 22,000 22,627 22,917 22,843 22,962 22,683 23,071 22,845 23,326 23,616 23,491 MEMO Reverse repurchase agreements 23 Overnight and continuing 396,888 380,722 408,714 391,942 390,599 435,873 399,061 410,619 412,564 383,017 398,442 24 Term 1,022,616 1,114,158 1,139,996 1,141,031 1,199,512 1,083,209 1,151,842 1,138,135 1,094,981 1,165,553 1,188,521 Securities out, U.S. Treasury 25 Overnight and continuing 541,747 526,507 534,630 522,347 520,235 563,187 521,975 530,949 548,373 515,109 520,594 26 Term 617,458 682,748 680,497 713,438 756,812 613,666 671,563 680,348 662,617 706,613 737,649 Federal agency and governmentsponsored enterprises 27 Overnight and continuing 236,666 259,604 256,367 252,681 259,256 258,873 258,580 253,471 241,714 249,708 272,920 28 Term 177,049 212,975 221,338 207,631 223,313 221,096 227,628 222,589 195,735 199,298 204,546 Mortgage-backed securities 29 Overnight and continuing 285,270 291,840 302,627 285,529 285,008 318,337 311,047 305,736 277,506 279,408 292,396 30 Term 131,364 147,574 166,212 155,183 163,094 154,796 178,158 162,849 192,554 190,379 174,109 Corporate securities 31 Overnight and continuing 109,269 119,914 123,628 125,237 128,108 124,634 120,663 121,030 123,086 128,192 127,723 32 Term 17,912 18,440 19,597 18,462 18,921 19,945 19,681 20,132 19,141 16,996 15,702 MEMO Repurchase agreements 33 Overnight and continuing 1,024,379 1,038,639 1,056,125 1,020,972 1,026,568 1,100,316 1,053,374 1,056,107 1,032,180 1,010,654 1,054,406 34 Term 922,916 1,040,296 1,066,219 1,073,404 1,140,430 989,031 1,076,557 1,063,782 1,045,391 1,088,179 1,106,534 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 DomesticN onfinancialS tatistics • September 2002 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 2001 2002 AAggeennccyy 11999988 11999999 22000000 22000011 Dec. Jan. Feb. Mar. Apr. 1 Federal and federally sponsored agencies 1,296,477 1,616,492 1,851,632 2,121,057r 2,121,057r 2,125,903 2,139,397 2,169,030 2,144,106 2 Federal agencies 26,502 26,376 25,666 276 276 290 169 172 188 3 Defense Department1 6 6 6 6 6 6 6 6 6 4 Export-Import Bank2-3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 5 Federal Housing Administration4 205 126 255 26,828 26,828 26,741 26,431 26,379 26,331 6 Government National Mortgage Association certificates of participation5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7 Postal Service6 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8 Tennessee Valley Authority 26,496 26,370 25,660 270 270 284 163 166 182 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 2,120,781 2,125,613 2,139,228 2,168,858 2,143,918 11 Federal Home Loan Banks 382,131 529,005 594,404 623,740 623,740 623,990 619,541 625,849 637,963 12 Federal Home Loan Mortgage Corporation 287,396 360,711 426,899 565,071 565,071 571,867 584,476 603,447 596,800 13 Federal National Mortgage Association 460,291 547,619 642,700 763,500 763,500 760,500 765,200 769,800 783,100 14 Farm Credit Banks8 63,488 68,883 74,181 76,673 76,673 76,494 76,929 79,002 79,186 15 Student Loan Marketing Association9 35,399 41,988 45,375 48,350 48,350 49,400 50,500 48,200 3,721 16 Financing Corporation 8,170 8,170 8,170 8,170 8,170 8,170 8,170 8,170 8,170 17 Farm Credit Financial Assistance Corporation" 1,261 1,261 1,261 1,261 1,261 1,261 1,261 1,261 1,261 18 Resolution Funding Corporation12 29,996 29,996 29,996 29,996 29,996 29,996 29,996 29,996 29,996 MEMO 19 Federal Financing Bank debt13 44,129 42,152 40,575 39,096 39,096 38,140 39,144 38,027 37,639 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 lending'4 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 13,876 13,982 14,015 14,055 14,053 27 Other 20,538 21,402 22,174 25,220 25,220 24,158 25,129 23,972 23,586 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 Nov. Dec. Jan. Feb. Mar. Apr. May June 1 All issues, new and refunding1 215,427 180,403 270,566 30,105 28,363 20,523 20,175 23,842 23,261 32,858 36,315 By type of issue 2 General obligation 73,308 64,475 100,519 10,163 9,218 8,157 8,652 10,269 8,559 10,446 16,166 3 Revenue 142,120 115,928 170,047 19,942 19,146 12,366 11,523 13,574 14,702 22,413 20,149 By type of issuer 4 State 16,376 19,944 30,099 2,271 746 1,826 3,238 3,265 3,057 1,531 3,718 5 Special district or statutory authority2 152,418 111,695 281,427 21,601 22,525 14,369 11,950 15,479 15,520 23,866 27,283 6 Municipality, county, or township 46,634 39,273 61,040 6,233 5,093 4,329 4,987 5,098 4,683 7,461 5,315 7 Issues for new capital 161,065 154,257 192,161 21,009 21,389 14,631 13,248 16,856 17,115 20,663 23,727 By use of proceeds 8 Education 36,563 38,665 50,054 4,475 4,818 4,138 3,961 5,484 5,279 6,027 7,060 9 Transportation 17,394 19,730 21,411 2,882 1,349 1,079 613 1,633 773 1,795 3,351 10 Utilities and conservation 15,098 11,917 21,917 2,429 2,560 1,711 1,606 1,290 2,091 1,785 1,087 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 6,607 359 1,642 539 125 515 344 614 631 13 Other purposes 47,896 47,309 55,733 5,281 6,319 4,639 4,897 4,894 6,784 6,962 7,653 1. Par amounts of long-term issues based on date of sale. SOURCE. Securities Data Company beginning January 1990; Investment Dealer's Digest 2. Includes school districts. before then. 1.46 NEW SECURITY ISSUES U.S. Corporations Millions of dollars 2001 2002 TTyyppee ooff iissssuuee,, ooffffeerriinngg,, oorr iissssuueerr 11999999 22000000 22000011 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 1 All issues1 1,072,866 942,198 1,382,003 139,181 123,517 96,576 102,688 86,090 158,904 103,575 119,240 2 Bonds2 941,298 807,281 1,253,449 123,346 110,888 81,339 88,241 79,515 145,984 93,039 110,278 By type of offering 3 Sold in the United States 818,683 684,484 1,197,060 120,162 106,563 79,636 79,472 73,474 128,026 88,051 100,416 4 Sold abroad 122,615 122,798 56,389 3,185 4,326 1,703 8,770 6,041 17,958 4,989 9,862 MEMO 5 Private placements, domestic 24,703 18,370 8,734 224 4,936 2,880 0 0 0 0 0 By industry group 6 Nonfinancial 293,963 242,207 445,930 43,830 42,189 21,647 18,894 30,770 43,231 34,803 19,157 7 Financial 647,335 565,074 807,519 79,517 68,699 59,692 69,348 48,746 102,753 58,237 91,121 8 Stocks3 244,308 320,357 228,554 24,168 20,962 23,570 14,447 6,575 12,920 10,536 8,962 By type of offering 9 Public 131,568 134,917 128,554 15,835 12,629 15,237 14,447 6,575 12,920 10,536 8,962 10 Private placement4 112,740 185,440 100,000 8,333 8,333 8,333 n.a. n.a. n.a. n.a. n.a. By industry group 11 Nonfinancial 110,284 118,369 77,577 7,611 7,592 7,771 9,579 4,024 4,893 7,834 6,633 12 Financial 21,284 16,548 50,977 8,224 5,037 7,466 4,868 2,551 8,027 2,702 2,329 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 DomesticN onfinancial Statistics • September 2002 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2001 2002 IItteemm 22000000 22000011 Nov. Dec. Jan. Feb. Mar. Apr. May1" June 1 Sales of own shares2 2,279,315 1,806,474 147,192 151,779 171,499 141,463 170,326 164,504 154,987 138,511 2 Redemptions of own shares 2,057,277 1,677,266 124,060 149,705 138,773 123,013 130,661 140,524 138,052 143,929 3 Net sales3 222,038 129,208 23,132 2,074 32,726 18,450 39,665 23,980 16,935 -5,418 4 Assets4 5,123,747 4,689,624 4,625,601 4,689,624 4,667,688 4,623,041 4,814,961 4,704,886 4,693,928 4,434,255 5 Cash5 277,386 219,620 239,671 219,620 240,141 234,510 241,078 249,078 243,755 205,996 6 Other 4,846,361 4,470,004 4,385,930 4,470,004 4,427,547 4,388,531 4,573,883 4,455,808 4,450,173 4,228,259 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 22000011 Q3 Q4 Qi Q2 Q3 Q4 Qlr 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 769.3 872.2 889.4 856.1 872.2 867.3 909.7 888.9 889.4 846.1 8 All other 406.6 461.5 501.2 442.3 461.5 474.8 459.0 478.8 501.2 520.5 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 12 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 Dec. Jan. Feb. Mar. Apr. May Seasonally adjusted 1 Total 1,031.2 1,186.9 1,252.3 1,252.3 1,236.4 1,243.1 1,236.2 l,233.3r 1,239.5 2 Consumer 410.2 465.2 514.6 514.6 512.1 519.3 518.5 518.8' 518.8 3 Real estate 174.0 198.9 211.6 211.6 202.3 199.7 195.0 192.4 196.0 4 Business 446.9 522.8 526.2 526.2 522.0 524.1 522.7 522.1' 524.7 Not seasonally adjusted 5 Total 1,036.4 1,192.1 1,257.6 1,257.6 1,240.4 1,244.3 1,240.9 1,238.8' 1,242.7 6 Consumer 412.7 468.3 518.1 518.1 512.8 517.6 514.1 514.9' 515.0 7 Motor vehicle loans 129.2 141.6 173.9 173.9 168.9 172.5 171.9 168.7 168.3 8 Motor vehicle leases 102.9 108.2 103.5 103.5 102.4 101.2 97.5 96.8 96.1 9 Revolving2 32.5 37.6 31.5 31.5 29.8 28.8 27.9 29.0 28.7 in Other3 39.8 40.7 31.1 31.1 31.4 31.8 32.4 32.5 33.2 Securitized assets4 11 Motor vehicle loans 73.1 97.1 131.9 131.9 135.1 136.8 137.7 142.2 143.4 12 Motor vehicle leases 9.7 6.6 6.8 6.8 6.7 6.6 6.5 6.3' 6.3 13 Revolving 6.7 19.6 25.0 25.0 24.6 26.0 26.5 26.2 25.8 14 Other 18.8 17.1 14.3 14.3 13.8 13.9 13.6 13.2 13.2 15 Real estate 174.0 198.9 211.6 211.6 202.3 199.7 195.0 192.4 196.0 16 One- to four-family 108.2 130.6 142.5 142.5 118.3 118.7 117.0 113.6 117.0 17 Other 37.6 41.7 41.2 41.2 39.4 38.1 36.8 36.5 36.6 Securitized real estate assets4 18 One- to four-family 28.0 24.7 22.2 22.2 40.3 40.1 39.8 40.9 41.0 19 Other .2 1.9 5.7 5.7 4.3 2.8 1.4 1.4 1.4 2n Business 449.6 525.0 527.9 527.9 525.2 527.0 531.9 531.5' 531.8 21 Motor vehicles 69.4 75.5 54.0 54.0 51.9 54.3 58.0 57.0' 61.1 22 Retail loans 21.1 18.3 16.1 16.1 16.3 16.7 17.1 16.1 16.4 23 Wholesale loans5 34.8 39.7 20.3 20.3 18.0 20.1 22.8 23.0 26.9 24 Leases 13.6 17.6 17.6 17.6 17.6 17.5 18.0 18.0r 17.8 25 Equipment 238.7 283.5 289.4 289.4 287.3 285.5 284.2 285.1' 282.7 26 Loans 64.5 70.2 77.8 77.8 78.0 78.7 81.5 82.2 81.3 27 Leases 174.2 213.3 211.6 211.6 209.3 206.7 202.7 202.8' 201.4 28 Other business receivables6 87.0 99.4 103.5 103.5 103.7 100.8 100.8 104.5' 103.7 Securitized assets4 29 Motor vehicles 31.5 37.8 50.1 50.1 48.4 45.4 44.0 44.5 42.7 30 Retail loans 2.9 3.2 5.1 5.1 4.0 3.1 2.3 2.6 2.6 31 Wholesale loans 26.4 32.5 42.5 42.5 41.9 39.6 39.0 39.1 37.4 32 Leases 2.1 2.2 2.5 2.5 2.6 2.7 2.7 2.7 2.7 33 Equipment 14.6 23.1 23.2 23.2 22.3 25.5 25.4 20.8 21.9 34 Loans 7.9 15.5 16.4 16.4 15.5 18.6 18.5 14.2 15.2 35 Leases 6.7 7.6 6.8 6.8 6.8 6.8 6.9 6.7 6.6 36 Other business receivables6 8.4 5.6 7.7 7.7 11.6 15.6 19.5 19.6 19.6 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 Domestic NonfinancialS tatistics • September 2002 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2001 2002 Dec. Jan. Feb. Mar. Apr. May June Terms and yields in primary and secondary markets PRIMARY MARKETS Terms' 1 Purchase price (thousands of dollars) 210.7 234.5 245.0 253.0 245.8 250.6 255.6 262.9 265.0 268.2 2 Amount of loan (thousands of dollars) 161.7 177.0 184.2 190.0 186.7 190.1 193.3 198.9 199.1 201.1 3 Loan-to-price ratio (percent) 78.7 77.4 77.3 77.2 78.1 78.2 78.2 77.7 77.2 77.1 4 Maturity (years) 28.8 29.2 28.8 28.9 28.8 28.8 29.1 28.8 29.0 29.0 5 Fees and charges (percent of loan amount)2 .77 .70 .67 .69 .66 .62 .62 .64 .59 .56 Yield (percent per year) 6 Contract rate1 6.94 7.41 6.90 6.68 6.77 6.72 6.66 6.65 6.51 6.38 7 Effective rate13 7.06 7.52 7.00 6.79 6.87 6.82 6.76 6.74 6.59 6.47 8 Contract rate (HUD series)4 7.45 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. SECONDARY MARKETS Yield (percent per year) 9 FHA mortgages (section 203)5 7.74 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10 GNMA securities6 7.03 7.57 6.36 6.43 6.32 6.13 6.50 6.33 6.21 6.03 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 36,769 36,392 33,249 21,305 23,175 17,432 16,310 Mortgage commitments (during period) 15 Issued7 187,948 163,689 304,084 19,867 21,544 19,321 13,340 n.a. n.a. n.a. 16 To sell8 5,900 11,786 7,586 2,083 255 1,419 1,748 n.a. n.a. n.a. FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end ofperiodf 17 Total 324,443 385,693 491,719 491,719 508,238 522,886 526,107 521,611 515,732 518,816 18 FHA/VA insured 1,836 3,332 3,506 3,506 3,447 3,387 3,332 3,267 3,248 3,224 19 Conventional 322,607 382,361 488,213 488,213 504,791 519,499 522,775 518,344 512,484 515,592 Mortgage transactions (during period) 20 Purchases 239,793 174,043 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 21 Sales 233,031 166,901 389,611 50,532 49,031 47,473 42,545 40,704 29,831 30,767 22 Mortgage commitments contracted (during period)9 228,432 169,231 417,434 51,456 47,076 41,442 41,561 36,368 n.a. n.a. 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 Ql Q2 Q3 Q4 Ql 1 All holders 5,718,488 6,325,012 6,887,458 7,011,255 7,217,523 7,410,814 7,596,130 7,752,769 By type of property ?. One- to four-family residences 4,367,367 4,792,280 5,205,588 5,300,170 5,460,014 55,,660022,,117777 55,,774400,,112211 55,,887711,,880077 3 Multifamily residences 332,605 371,242 406,189 415,235 426,896 440,658 453,424 461,574 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 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 22,,778899,,221100 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 in Nonfarm, nonresidential 457,054 517,130 583,071 596,405 612,366 631,757 647,669 660,052 ii Farm 29,035 31,839 34,016 34,234 35,159 35,432 35,569 35,978 i? 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 70 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 293,613 322,132 343,962 347,463 356,817 363,001 376,969 385,027 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 00 O 25 Multifamily 0 0 0 0 0 0 0 00 O ?6 Farmers Home Administration4 40,851 73,871 73,323 73,361 73,206 72,118 72,452 72,362 71 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 Dept. 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 4 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 31,042 32,175 34,189 34,891 36,410 37,385 38,451 39,511 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 562,874 656,018 739,802 766,373 796,907 824,272 867,432 915,948 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 123,937 158,704 191,182 194,066 206,871 220,606 236,022 239,740 72 Farm 0 0 0 0 0 0 0 0 73 Individuals and others7 647,709 658,371 691,196 698,394 711,784 727,126 728,693 707,071 74 One- to four-family 435,138 459,609 490,890 496,778 508,826 522,597 523,781 505,183 75 Multifamily 76,320 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 Farm 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 Nonfinancial Statistics • September 2002 1.55 CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2001 2002 HHoollddeerr aanndd ttyyppee ooff ccrreeddiitt 11999999 22000000 22000011 Dec. Jan. Feb. Mar. Apr.r May Seasonally adjusted 1 Total 1,416,316 1,560,571 l,668,821r l,668,821r l,674,709r l,680,495r 1,687,695' 1,696,250 1,705,797 2 Revolving 597,669 666,544 700,790r 700,790' 702,332' 702,592' 705,399' 709,795 712,191 3 Nonrevolving2 818,647 894,027 968,032r 968,032' 972,377' 977,902' 982,296' 986,456 993,606 Not seasonally adjusted 4 Total 1,446,127 1,593,051 l,702,784r l,702,784r l,687,906r l,677,728r l,676,530r 1,683,598 1,693,222 By major holder Commercial banks 499,758 541,470 558,023 558,023 557,190 551,273 550,809 556,098 557,477 6 Finance companies 201,549 219,783 236,511 236,511 230,055 233,166 232,264 230,154 230,247 7 Credit unions 167,921 184,434 189,570 189,570 188,126 186,509 186,476 187,197 188,502 8 Savings institutions 61,527 64,557 69,070 69,070 68,906 68,758 68,595 69,287 69,980 9 Nonfinancial business 80,311 82,662 67,939 67,939 63,183 59,043 58,102 56,924 55,795 10 Pools of securitized assets3 435,061 500,145 581,671' 581,671' 580,446' 578,979' 580,284' 583,938 591,222 By major type of credit* 11 Revolving 621,914 692,955 728,247' 728,247' 713,877' 703,452' 699,188' 705,115 707,306 12 Commercial banks 189,352 218,063 224,486 224,486 218,979 216,771 216,291 221,326 218,326 13 Finance companies 32,483 37,561 31,484 31,484 29,762 28,844 27,918 28,982 28,693 14 Credit unions 20,641 22,226 22,265 22,265 21,516 21,250 20,813 20,852 20,875 15 Savings institutions 15,838 16,560 17,767 17,767 17,498 17,256 16,988 17,425 17,862 16 Nonfinancial business 42,783 42,430 29,790 29,790 26,280 23,041 22,402 21,357 20,348 17 Pools of securitized assets3 320,817 356,114 402,455' 402,455' 399,842' 396,289' 394,775' 395,173 401,201 18 Nonrevolving 824,213 900,095 974,537' 974,537' 974,029' 974,276' 977,342' 978,483 985,916 19 Commercial banks 310,406 323,407 333,537 333,537 338,212 334,502 334,518 334,772 339,151 20 Finance companies 169,066 182,221 205,027 205,027 200,294 204,322 204,346 201,172 201,553 21 Credit unions 147,280 162,208 167,305 167,305 166,610 165,259 165,663 166,345 167,627 22 Savings institutions 45,689 47,997 51,303 51,303 51,408 51,502 51,607 51,862 52,117 23 Nonfinancial business 37,528 40,232 38,149 38,149 36,903 36,002 35,699 35,568 35,446 24 Pools of securitized assets3 114,244 144,031 179,216' 179,216' 180,604' 182,689' 185,509' 188,764 190,020 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 Nov. Dec. Jan. Feb. Mar. Apr. May INTEREST RATES Commercial banks2 1 48-month new car 8.44 9.34 8.50 7.86 n.a. n.a. 7.50 n.a. n.a. 7.74 2 24-month personal 13.39 13.90 13.22 12.62 n.a. n.a. 11.72 n.a. n.a. 12.57 Credit card plan 3 All accounts 15.21 15.71 14.89 14.22 n.a. n.a. 13.65 n.a. n.a. 13.55 4 Accounts assessed interest 14.81 14.91 14.44 13.88 n.a. n.a. 12.98 n.a. n.a. 13.34 Auto finance companies 5 New car 6.66 6.61 5.65 2.89 3.31 4.02 n.a. n.a. n.a. n.a. 6 Used car 12.60 13.55 12.18 10.96 10.89 10.84 n.a. n.a. n.a. n.a. OTHER TERMS3 Maturity (months) 1 New car 52.7 54.9 55.1 51.0 48.6 48.8 56.4 56.4 55.9 57.0 8 Used car 55.9 57.0 57.5 56.7 56.5 57.3 57.8 57.7 57.7 n.a. Loan-to-value ratio 9 New car 92 92 91 92 91 90 89 90 93 92 10 Used car 99 99 100 100 100 100 100 100 101 n.a. Amount financed (dollars) 11 New car 19,880 20,923 22,822 24,934 24,812 24,137 22,741 23,065 23,535 23,316 12 Used car 13,642 14,058 14,416 14,669 14,653 14,355 14,049 14,149 14,363 n.a. 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 5 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 Q3 Q4 Qi Q2 Q3 Q4 Ql Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial sectors . . 733.6 804.7 1,042.9 1,069.4 861.8 810.8 758.0 974.1 985.4 1,328.5 1,127.0 999.4 By sector and instrument 2 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 6 Commercial paper -.9 13.7 24.4 37.4 48.1 56.1 -4.0 -199.2 -133.4 -66.1 45.5 -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 70.4 106.4 108.1 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 12 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 56.3 51.9 30.3 14 Commercial 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 Farm 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 Household 343.8 332.7 454.4 501.6 545.9 573.2 500.7 520.4 667.6 648.6 622.0 695.8 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 179.4 291.9 393.1 398.7 403.0 278.8 362.9 186.6 284.4 223.9 214.2 12.6 2n 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 21 Farm 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 24 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 25 Bonds 67.0 61.4 34.9 16.8 25.2 71.4 9.0 33.3 -15.9 -78.8 27.4 -16.1 26 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 1,086.3 1,097.3 928.7 899.4 824.8 982.8 932.0 1,225.7 1,139.1 1,048.8 Financial sectors 29 Total net borrowing by financial sectors 550.1 662.2 1,087.2 1,084.4 815.6 794.0 963.1 862.7 796.9 1,108.5 949.4 933.3 By instrument 30 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 141.0 114.6 192.6 273.8 199.4 236.7 309.1 170.3 406.2 492.2 285.3 501.5 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 -4.4 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 ^1.8 107.8 -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 40 Commercial banking 13.0 46.1 72.9 67.2 60.0 43.4 18.8 148.3 -15.8 59.0 19.9 39.1 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 42 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 -4.6 1.6 .2 .1 -.3 1.0 .7 .6 .8 .6 .8 49 Real estate investment trusts (REITs) 11.9 39.6 62.7 6.3 2.7 -2.4 -8.1 -6.1 10.5 -2.4 7.8 7.4 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 DomesticN onfinancialS tatistics • September 2002 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS '—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 Qi Q2 Q3 Q4 Qi All sectors 55552222 TTTToooottttaaaallll nnnneeeetttt bbbboooorrrrrrrroooowwwwiiiinnnngggg,,,, aaaallllllll sssseeeeccccttttoooorrrrssss 1,372.0 1,538.7 2,173.4 2,181.7 1,744.3 1,693.4 1,787.8 1,845.5 1,728.8 2,334.2 2,088.5 1,982.1 55553333 OOOOppppeeeennnn mmmmaaaarrrrkkkkeeeetttt ppppaaaappppeeeerrrr 102.6 184.1 193.1 229.9 207.5 169.7 199.3 -360.2 -225.5 -179.3 107.6 -333.5 55554444 UUUU....SSSS.... ggggoooovvvveeeerrrrnnnnmmmmeeeennnntttt sssseeeeccccuuuurrrriiiittttiiiieeeessss 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 55555555 MMMMuuuunnnniiiicccciiiippppaaaallll sssseeeeccccuuuurrrriiiittttiiiieeeessss 2.6 71.4 96.8 68.2 35.3 31.0 60.1 110.7 112.4 56.0 191.1 78.7 55556666 CCCCoooorrrrppppoooorrrraaaatttteeee aaaannnndddd ffffoooorrrreeeeiiiiggggnnnn bbbboooonnnnddddssss 361.3 430.8 563.7 465.0 402.2 445.2 388.3 870.2 591.9 435.8 646.2 675.6 55557777 BBBBaaaannnnkkkk llllooooaaaannnnssss nnnn....eeee....cccc 92.1 128.2 145.0 68.9 114.1 52.2 67.1 24.6 -161.5 -8.0 -179.0 1.7 55558888 OOOOtttthhhheeeerrrr llllooooaaaannnnssss aaaannnndddd aaaaddddvvvvaaaannnncccceeeessss 57.7 93.2 166.3 158.5 142.7 -16.8 115.8 83.6 107.9 139.2 -127.1 -23.4 55559999 MMMMoooorrrrttttggggaaaaggggeeeessss 288.2 337.4 515.2 571.0 565.8 569.8 544.2 544.0 809.0 745.9 725.6 698.3 66660000 CCCCoooonnnnssssuuuummmmeeeerrrr ccccrrrreeeeddddiiiitttt 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 66661111 TTTToooottttaaaallll nnnneeeetttt iiiissssssssuuuueeeessss 232.9 185.3 113.7 156.6 193.3 224.7 -35.1 240.0 411.7 94.6 395.2 389.8 66662222 CCCCoooorrrrppppoooorrrraaaatttteeee eeeeqqqquuuuiiiittttiiiieeeessss -4.1 -79.9 -165.8 -34.6 -41.7 -50.4 -184.6 143.2 128.7 -67.9 131.7 31.5 66663333 NNNNoooonnnnffffiiiinnnnaaaannnncccciiiiaaaallll ccccoooorrrrppppoooorrrraaaattttiiiioooonnnnssss -69.5 -114.4 -267.0 -143.5 -159.7 -87.8 -367.5 -25.2 -70.9 -126.4 -7.3 20.2 66664444 FFFFoooorrrreeeeiiiiggggnnnn sssshhhhaaaarrrreeeessss ppppuuuurrrrcccchhhhaaaasssseeeedddd bbbbyyyy UUUU....SSSS.... rrrreeeessssiiiiddddeeeennnnttttssss 82.8 57.6 101.3 114.4 99.7 61.1 89.4 109.2 220.3 36.6 74.7 -26.6 66665555 FFFFiiiinnnnaaaannnncccciiiiaaaallll ccccoooorrrrppppoooorrrraaaattttiiiioooonnnnssss -18.1 -23.0 -.1 -5.5 18.3 -23.7 93.4 59.1 -20.7 22.0 64.3 37.9 66666666 MMMMuuuuttttuuuuaaaallll ffffuuuunnnndddd sssshhhhaaaarrrreeeessss 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.l (780) quarterly statistical release, tables F.2 through F4. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A3 5 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 Qi Q2 Q3 Q4 Ql NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets 1,372.0 1,538.7 2,173.4 2,181.7 1,744.3 1,693.4 1,787.8 1,845.5 1,728.8 2,334.2 2,088.5 1,982.1 ? Domestic nonfederal nonfinancial sectors 73.9 -22.2 173.2 208.6 -160.2 -240.8 -251.4 -193.3 -268.6 -85.7 -255.0 304.8 Household 113.9 -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 5 Nonfarm noncorporate business 4.0 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 2.1 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 8 414.4 311.3 254.2 208.8 279.3 216.2 387.8 410.6 349.2 389.0 563.2 271.4 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 1? 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 N 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 20 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 21 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 -tt).8 2? 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 23 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 24 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 25 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 26 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 27 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 28 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 29 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 1.6 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 16.5 3? 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 1,372.0 1,538.7 2,173.4 2,181.7 1,744.3 1,693.4 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 .7 4.9 --11..55 44..77 1133..77 ..22 -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 1.1 .0 .0 .0 38 Foreign deposits 85.9 107.7 6.5 61.0 120.8 -40.8 207.4 235.5 -170.2 140.1 132.2 -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 42 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 ^10.7 -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 3,287.1 4,313.7 4,735.1 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 .9 -3.3 -3.6 -.5 -1.4 .0 -.7 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 -416.4 266.8 -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 3,390.1 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. El 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 • September 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 16,287.1 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 3,804.8 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 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 B\• 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 / 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 y 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 n 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 u Multifamily residential 285.7 307.9 344.5 379.0 369.0 379.0 388.7 398.9 412.9 425.9 433.5 14 Commercial 801.4 875.9 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 13 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 1/ 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 5,323.7 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 iy Corporate 3,383.1 3,776.1 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 1,383.7 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 608.0 651.5 679.6 746.7 731.0 746.7 747.5 733.2 710.2 712.9 725.6 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 23 Bonds 427.7 462.6 479.4 504.6 502.4 504.6 512.9 509.0 489.3 496.1 492.1 2b 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 15,852.2 16,938.6 18,070.8 19,018.7 18,722.7 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 33 Loans from U.S. government .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 34 Private 2,636.9 3,253.2 3,745.6 4,139.7 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 23,483.8 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 6.625.9 7,044.2 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 1,703.3 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 5 1.60 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 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 21,310.2 23,483.8 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 2 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 17 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 13 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 15 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 20 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 21 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 22 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 23 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 24 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 25 Closed-end funds 98.3 103.8 111.2 106.4 107.6 106.4 106.0 105.6 105.2 104.7 104.3 26 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 27 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 28 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 29 Finance companies 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 21,310.2 23,483.8 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 45.7 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 42 Large time deposits 713.4 805.5 936.1 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 Taxes payable 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 49,803.2 55,416.3 61,632.7 65,244.7 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 59 Net interbank transactions -32.2 -27.0 -25.5 -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 67,808.2 76,582.6 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.l (780) quarterly statistical release, tables 2. Excludes corporate equities and mutual fund shares. L.l and L.5. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 Selected Measures • September 2002 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1 Seasonally adjusted 2001 2002 2001 2002 2001 2002 Q3 Q4 Qlr Q2 Q3 Q4 Qi Q2 Q3 Q4 Ql< Q2 Output (1992=100) Capacity (percent of 1992 output) Capacity utilization rate (percent)2 1 Total industry 139.6 137.2 138.1 139.6 183.2 183.6 184.1 184.5 76.2 74.7 75.0 75.7 2 Manufacturing 144.2 141.9 142.9 144.4 193.6 194.0 194.4 194.9 74.5 73.1 73.5 74.1 3 Primary processing3 167.1 164.5 168.0 172.4 223.8 224.5 225.3 226.2 74.7 73.3 74.6 76.2 4 Advanced processing4 131.5 129.3 129.2 129.2 176.9 177.2 177.4 177.7 74.3 73.0 72.8 72.7 5 Durable goods 178.3 174.1 176.1 178.7 247.5 248.5 249.4 250.4 72.0 70.1 70.6 71.4 6 Lumber and products 115.5 112.7 112.3 112.1 148.8 149.1 149.3 149.6 77.6 75.6 75.2 74.9 7 Primary metals 117.8 109.1 112.1 114.8 150.6 150.4 149.4 147.8 78.2 72.6 75.0 77.7 8 Iron and steel 115.7 104.0 109.3 115.7 146.8 146.2 144.4 141.5 78.8 71.2 75.7 81.8 9 Nonferrous 120.6 115.3 115.6 114.1 155.6 155.8 155.9 155.9 77.5 74.0 74.1 73.2 10 Industrial machinery and equipment 208.8 202.2 205.7 209.8 298.8 299.8 300.4 301.1 69.9 67.5 68.5 69.7 11 Electrical machinery 485.3 485.7 499.3 519.9 745.4 752.5 762.1 774.4 65.1 64.6 65.5 67.1 12 Motor vehicles and parts 169.5 165.1 173.7 179.9 221.5 222.9 224.2 225.4 76.5 74.1 77.5 79.8 13 Aerospace and miscellaneous transportation equipment 95.9 91.2 86.2 82.1 135.2 135.1 135.1 134.8 71.0 67.5 63.8 60.9 14 Nondurable goods 111.0 110.2 110.6 111.1 142.9 142.9 142.9 143.0 77.7 77.1 77.4 77.7 15 Textile mill products 85.3 82.4 84.9 87.6 116.4 115.4 114.4 113.4 73.3 71.5 74.3 77.2 16 Paper and products 108.5 105.8 104.4 107.2 138.8 139.0 139.0 138.8 78.1 76.1 75.1 77.2 17 Chemicals and products 121.1 122.4 122.9 122.8 158.5 158.6 158.9 159.7 76.4 77.2 77.4 76.9 18 Plastics materials 117.4 115.6 119.9 124.1 153.0 153.4 153.8 154.1 76.7 75.4 77.9 80.5 19 Petroleum products 113.2 113.7 116.2 116.2 122.4 122.7 122.9 123.0 92.5 92.7 94.6 94.4 20 Mining 101.8 98.6 96.3 96.6 112.2 112.6 112.9 112.9 90.7 87.6 85.3 85.5 21 Utilities 119.1 116.9 119.3 122.7 138.1 139.9 141.6 143.0 86.3 83.6 84.3 85.8 22 Electric 122.2 121.1 122.1 126.1 137.4 139.8 141.9 143.7 88.9 86.7 86.0 87.8 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 2002 SSeerriieess High Low High Low High Low June Jan. Feb. Mar.r Apr.' May' Junep Capacity utilization rate (percent)2 1 Total industry 89.2 72.6 87.3 71.1 85.4 78.1 76.7 74.8 75.0 75.2 75.3 75.6 76.1 2 Manufacturing 88.5 70.5 86.9 69.0 85.7 76.6 75.0 73.4 73.5 73.7 73.7 74.0 74.5 3 Primary processing3 91.8 67.3 88.6 65.7 88.3 76.7 74.9 74.0 74.6 75.1 75.5 76.3 76.8 4 Advanced processing4 86.5 72.5 86.3 71.0 84.2 76.6 75.0 72.9 72.7 72.8 72.5 72.6 73.0 5 Durable goods 89.2 68.9 87.7 63.9 84.6 73.1 73.0 70.5 70.6 70.7 71.0 71.3 71.8 6 Lumber and products 88.7 61.2 87.9 60.8 93.6 75.5 76.8 75.6 74.4 75.6 74.7 74.8 75.3 7 Primary metals 100.2 65.9 94.2 45.1 92.7 73.7 79.3 74.2 74.8 75.9 75.8 77.8 79.4 8 Iron and steel 105.8 66.6 95.8 37.0 95.2 71.8 79.9 73.7 76.6 76.8 78.1 82.4 84.8 9 Nonferrous 90.8 59.8 91.1 60.1 89.3 74.2 78.5 74.7 72.8 74.9 73.3 72.8 73.6 10 Industrial machinery and equipment 96.0 74.3 93.2 64.0 85.4 72.3 71.8 68.1 68.4 68.9 69.0 70.0 70.1 11 Electrical machinery 89.2 64.7 89.4 71.6 84.0 75.0 67.3 65.1 65.7 65.7 66.2 67.6 67.6 12 Motor vehicles and parts 93.4 51.3 95.0 45.5 89.1 55.9 76.0 76.8 77.8 77.9 79.8 78.9 80.7 13 Aerospace and miscellaneous transportation equipment. .. 78.4 67.6 81.9 66.6 87.3 79.2 72.7 64.7 63.9 62.7 61.6 6600..88 60.3 14 Nondurable goods 87.8 71.7 87.5 76.4 87.3 80.7 77.7 77.2 77.3 77.6 77.3 77.6 78.1 15 Textile mill products 91.4 60.0 91.2 72.3 90.4 77.7 74.1 72.0 74.4 76.4 76.5 77.2 77.9 16 Paper and products 97.1 69.2 96.1 80.6 93.5 85.0 77.2 75.6 74.4 75.2 75.8 77.8 78.0 17 Chemicals and products 87.6 69.7 84.6 69.9 86.2 79.3 75.5 77.5 77.4 77.2 76.7 76.9 77.0 18 Plastics materials 102.0 50.6 90.9 63.4 97.0 74.8 76.3 75.3 78.2 80.3 80.4 80.2 81.1 19 Petroleum products 96.7 81.1 90.0 66.8 88.5 85.1 94.5 93.5 95.4 94.9 95.1 94.4 93.7 20 Mining 94.3 88.2 96.0 80.3 88.0 87.0 91.4 85.9 85.6 84.5 85.2 85.3 86.2 21 Utilities 96.2 82.9 89.1 75.9 92.6 83.4 87.0 82.1 84.9 85.8 86.2 85.1 86.2 22 Electric 99.0 82.7 88.2 78.9 95.0 87.1 90.4 84.8 85.9 87.4 88.4 86.6 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 • September 2002 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted 1992 2001 2002 _ pro- 2001 por- avg. tion June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.' Apr.' May' Junep Index(1992= 100) MAJOR MARKETS 1 Total index 100.0 140.1 140.3 140.4 140.0 138.5 137.7 137.2 136.7 137.6 138.1 138.6 138.9 139.5 140.6 2 Products 60.8 129.4 130.0 130.3 129.4 127.7 126.8 126.7 126.5 126.7 126.9 127.4 127.0 127.2 128.1 3 Final products 46.3 132.0 132.9 133.2 132.0 130.0 129.2 129.4 129.1 129.3 129.4 129.6 129.2 129.4 130.2 4 Consumer goods, total 29.0 120.7 121.1 122.2 121.4 119.9 119.6 120.0 120.6 120.6 121.2 121.7 121.3 121.4 122.4 5 Durable consumer goods 5.8 151.3 153.2 157.0 154.1 151.8 146.2 152.1 156.2 154.5 155.4 156.8 158.0 159.4 161.2 6 Automotive products 2.5 149.9 152.3 161.1 155.6 152.5 145.4 155.4 160.7 158.3 158.1 159.6 162.6 162.9 167.1 7 Autos and trucks 1.6 160.5 163.4 178.3 169.1 163.9 154.5 170.7 177.8 175.0 173.4 173.7 179.3 178.3 185.0 8 Autos, consumer 0.9 94.0 97.2 97.5 90.6 92.7 86.9 94.8 101.1 101.2 110.5 102.5 104.1 102.3 104.3 9 Trucks, consumer 0.7 231.4 234.0 264.3 252.6 239.8 226.5 251.5 259.5 253.6 240.6 249.7 259.6 259.3 270.9 10 Auto parts and allied goods 0.9 133.5 135.1 133.9 134.5 134.8 131.3 131.3 133.6 132.0 134.0 137.4 136.1 138.5 138.9 11 Other 3.3 151.5 152.9 151.0 151.0 149.8 145.9 146.9 149.7 148.7 151.1 152.2 151.4 154.1 152.9 12 Appliances, televisions, and air conditioners 0.9 283.2 285.0 271.7 289.5 288.2 271.9 280.1 297.9 295.1 304.8 308.6 301.1 318.1 302.9 13 Carpeting and furniture 0.8 119.1 118.6 116.2 117.6 118.5 116.4 119.2 118.8 117.2 118.8 118.3 119.4 119.3 119.5 14 Miscellaneous home goods 1.6 114.2 116.2 117.7 112.7 110.5 109.2 107.5 108.0 108.0 108.7 110.0 109.7 110.3 111.6 15 Nondurable consumer goods 23.2 113.3 113.4 113.9 113.6 112.3 113.1 112.3 112.2 112.6 113.1 113.4 112.6 112.5 113.3 16 Foods and tobacco 10.4 108.8 108.9 109.3 108.7 107.7 108.2 108.6 109.0 109.2 109.7 110.4 110.0 109.8 110.9 17 Clothing 2.4 78.3 78.2 79.0 76.4 74.8 74.4 73.2 74.7 75.4 74.9 75.7 74.7 74.7 74.9 18 Chemical products 4.6 145.0 145.7 147.5 146.7 145.9 148.5 148.0 148.5 149.4 147.6 146.7 144.7 144.1 144.2 19 Paper products 2.9 105.5 106.6 106.0 105.7 105.1 103.9 102.1 100.2 98.8 98.1 98.5 96.7 97.7 99.1 20 Energy 3.0 117.4 115.8 116.0 117.8 114.8 116.9 113.4 111.6 113.5 118.3 118.4 119.2 118.9 119.0 21 Fuels 0.8 114.2 115.2 114.3 112.2 113.9 116.1 115.2 112.6 117.4 116.5 115.4 117.7 116.9 114.9 22 Residential utilities 2.1 119.2 115.8 116.5 120.5 115.0 117.0 112.0 110.7 111.1 118.9 119.7 119.6 119.6 120.7 23 Equipment 17.3 152.3 154.1 152.7 150.5 147.1 145.4 145.0 142.7 143.3 142.2 141.7 141.4 141.7 142.2 24 Business equipment 13.2 175.9 177.8 176.1 173.3 168.4 166.9 167.2 164.3 165.3 164.0 163.5 163.1 163.3 163.7 25 Information processing 5.4 279.5 279.6 275.2 271.9 266.0 267.9 269.1 265.5 268.2 267.9 269.1 267.9 268.9 272.0 26 Computer and office equipment 1.1 948.2 948.7 934.2 925.5 903.0 913.2 927.8 941.2 969.2 998.7 1,020.7 1,035.4 1,041.4 1,049.7 27 Industrial 4.0 125.1 125.2 123.1 122.2 119.6 119.4 118.3 114.5 116.1 113.5 113.6 113.2 116.0 115.6 28 Transit 2.5 127.6 133.1 133.8 128.7 124.6 119.2 118.6 118.7 116.4 116.8 114.1 113.3 109.4 108.6 29 Autos and trucks 1.2 145.8 150.5 157.1 149.6 143.6 136.2 143.6 151.4 150.5 155.7 154.6 158.8 155.6 157.8 30 Other 1.3 139.1 140.7 140.8 139.8 131.7 129.2 134.2 130.2 133.1 130.5 131.2 133.0 133.7 134.2 31 Defense and space equipment 3.4 74.0 73.4 73.6 73.5 73.8 74.2 74.3 74.7 74.9 74.9 74.9 75.4 75.8 76.3 32 Oil and gas well drilling 0.6 140.2 150.4 147.1 143.1 140.4 127.2 114.4 107.8 107.3 105.3 104.5 102.0 101.4 103.9 33 Manufactured homes 0.2 93.7 96.0 95.4 97.9 102.9 100.2 99.5 97.7 93.1 89.1 81.5 82.4 82.9 82.2 34 Intermediate products, total 14.5 121.4 121.4 121.4 121.6 120.7 119.6 118.9 118.6 118.9 119.4 120.8 120.4 120.5 121.5 35 Construction supplies 5.4 137.6 138.0 137.3 138.8 138.1 134.6 134.0 135.6 136.3 136.8 139.7 139.0 139.1 139.6 36 Business supplies 9.1 111.9 111.6 112.0 111.3 110.4 110.7 109.8 108.6 108.5 109.1 109.6 109.4 109.4 110.7 37 Materials 39.2 158.0 157.4 157.2 157.6 156.5 155.9 154.8 153.6 155.8 157.1 157.4 159.1 160.5 162.0 38 Durable goods materials 20.7 212.7 212.9 212.6 212.0 209.4 207.9 206.5 206.0 209.4 211.6 212.1 214.4 216.9 219.5 39 Durable consumer parts 4.0 155.8 157.7 160.2 160.8 155.3 152.3 155.0 157.5 161.4 162.9 163.4 165.8 165.4 167.6 40 Equipment parts 7.5 441.8 436.1 429.9 429.6 430.4 431.7 427.9 426.7 434.0 439.7 440.8 446.6 456.9 462.5 41 Other 9.2 125.2 126.2 126.4 125.4 123.8 122.5 120.5 119.0 120.5 121.5 121.8 122.6 123.8 125.1 42 Basic metal materials 3.1 113.7 115.5 115.7 113.6 113.3 111.0 106.7 101.9 106.9 107.9 109.0 109.0 110.4 111.9 43 Nondurable goods materials 8.9 104.2 102.2 102.7 104.0 104.2 104.7 103.1 101.1 103.3 103.4 104.1 104.9 106.3 106.5 44 Textile materials 1.1 90.8 90.8 87.6 90.1 89.0 87.2 84.7 84.5 84.9 87.4 90.3 89.4 90.3 90.8 45 Paper materials 1.8 108.6 104.8 107.7 109.5 110.5 112.4 106.9 103.1 106.9 103.3 103.2 105.8 108.7 106.9 46 Chemical materials 4.0 102.8 100.3 100.9 102.2 102.1 103.5 102.2 99.3 102.8 104.1 105.4 106.2 107.0 108.2 47 Other 2.1 109.8 109.3 109.7 109.8 110.2 108.8 110.4 111.2 110.4 110.0 108.9 109.0 110.6 110.3 48 Energy materials 9.6 103.3 103.1 102.3 103.0 103.1 102.6 102.6 101.6 101.6 102.6 102.1 103.5 103.2 104.2 49 Primary energy 6.2 98.8 99.5 98.5 98.4 99.4 98.2 98.8 97.9 97.6 97.7 96.9 98.3 97.9 99.1 50 Converted fuel materials 3.4 111.7 109.1 109.0 111.4 109.3 110.9 109.1 107.9 108.6 111.6 112.0 113.2 113.2 113.6 SPECIAL AGGREGATES 51 Total excluding autos and trucks 97.3 139.8 139.9 139.5 139.4 138.0 137.5 136.6 135.8 136.7 137.3 137.8 137.9 138.6 139.6 52 Total excluding motor vehicles and parts 95.3 139.0 139.0 138.7 138.5 137.2 136.8 135.8 134.9 135.8 136.3 136.7 136.8 137.5 138.4 53 Total excluding computer and office equipment 98.4 134.2 134.4 134.6 134.1 132.8 132.0 131.5 130.9 131.7 132.2 132.6 132.8 133.4 134.5 54 Consumer goods excluding autos and trucks . . 27.5 118.5 118.8 119.1 118.8 117.6 117.8 117.2 117.4 117.6 118.3 118.8 118.0 118.2 118.9 55 Consumer goods excluding energy 26.1 121.1 121.8 122.9 121.8 120.6 119.9 120.8 121.7 121.5 121.5 122.1 121.5 121.7 122.8 56 Business equipment excluding autos and trucks 12.0 179.7 181.3 178.4 176.2 171.5 170.8 170.1 165.7 167.0 164.7 164.4 163.3 164.0 164.2 57 Business equipment excluding computer and office equipment 12.0 146.8 148.5 147.2 144.7 140.6 139.0 139.1 136.3 136.8 135.2 134.5 133.9 134.0 134.3 58 Materials excluding energy 29.6 175.7 175.0 175.0 175.2 173.7 173.0 171.5 170.3 173.4 174.7 175.3 177.1 179.2 180.9 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 aa 0 vv 0 gg 1 .. tion June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.' Apr.' May' Junep Index(1992= 100) MAJOR INDUSTRIES 59 Total index 100.0 140.1 140.3 140.4 140.0 138.5 137.7 137.2 136.7 137.6 138.1 138.6 138.9 139.5 140.6 60 Manufacturing 85.4 144.8 145.0 145.2 144.5 142.9 142.1 142.0 141.6 142.6 142.9 143.4 143.5 144.3 145.4 61 Primary processing 31.0 167.9 167.3 167.4 167.3 166.6 165.6 164.4 163.5 166.6 168.0 169.4 170.6 172.6 174.0 62 Advanced processing 54.4 132.0 132.5 132.9 131.7 129.8 129.1 129.5 129.3 129.3 129.0 129.1 128.8 129.0 129.8 63 Durable goods 44.8 179.3 180.1 180.0 178.9 176.1 173.9 174.3 174.1 175.7 176.0 176.6 177.4 178.7 180.1 64 Lumber and products ' ' 24 2.1 113.0 114.2 114.0 116.2 116.4 112.8 112.4 113.0 112.9 111.0 112.9 111.6 111.9 112.6 65 Furniture and fixtures 25 1.4 138.7 138.3 138.4 138.7 135.1 133.5 134.8 135.4 133.6 135.0 134.8 135.4 136.3 136.0 66 Stone, clay, and glass products 32 2.1 130.8 130.0 130.0 130.8 129.9 130.3 128.8 126.3 127.7 127.8 127.7 129.5 129.0 129.2 67 Primary metals 33 3.1 116.9 119.5 119.5 117.5 116.4 113.6 110.2 103.6 111.3 111.8 113.1 112.5 115.0 116.8 68 Iron and steel 331,2 1.8 112.6 117.7 118.8 115.7 112.7 110.4 107.1 94.6 107.1 110.6 110.2 111.4 116.6 119.0 69 Raw steel 331PT 0.1 102.8 107.8 108.3 106.2 105.8 99.5 95.1 85.5 100.0 101.3 101.2 101.2 100.9 103.4 70 Nonferrous 333-6,9 1.4 122.3 122.0 120.8 119.9 121.2 117.6 114.1 114.2 116.5 113.5 116.8 114.3 113.4 114.6 71 Fabricated metal products .. 34 5.0 130.4 129.5 131.1 131.0 128.7 127.5 127.2 129.1 128.7 127.7 127.9 128.4 129.0 129.5 72 Industrial machinery and equipment 35 7.8 213.3 213.8 210.2 211.0 205.1 202.8 203.4 200.4 204.5 205.3 207.1 207.5 210.6 211.2 73 Computer and office equipment 357 1.6 1,088.0 1,095.4 1,074.6 1,064.8 1,035.7 1,049.1 1,067.2 1,087.0 1,118.5 1,155.8 1,185.5 1,200.2 1,207.2 1,216.8 74 Electrical machinery 36 7.1 504.2 497.6 485.9 485.5 484.6 484.8 485.1 487.3 494.0 500.8 503.1 509.9 523.5 526.4 75 Transportation equipment . . 37 9.4 128.5 131.9 134.6 131.6 128.5 124.6 127.2 129.1 128.2 128.9 128.2 129.6 128.3 130.0 76 Motor vehicles and parts . 371 4.7 162.9 167.7 174.6 169.9 164.2 157.3 165.9 172.1 171.8 174.5 174.9 179.5 177.9 182.4 77 Autos and light trucks . 371PT 2.5 154.1 157.2 170.2 160.9 156.6 147.4 162.7 169.6 167.1 166.9 166.2 171.4 170.4 176.3 78 Aerospace and miscellaneous transportation equipment 372-6,9 4.7 96.3 98.3 97.1 95.7 95.0 93.8 91.0 88.9 87.4 86.4 84.7 83.1 82.0 8811..33 79 Instruments 38 5.4 115.3 114.5 115.0 113.9 112.8 113.6 113.7 112.8 113.8 112.4 112.8 112.3 112.2 113.4 80 Miscellaneous 39 1.3 117.5 119.8 120.7 116.7 114.5 113.6 110.7 114.1 114.6 114.6 116.4 116.1 118.1 121.0 81 Nondurable goods 40.6 111.4 111.1 111.5 111.1 110.5 110.8 110.2 109.7 110.3 110.5 110.9 110.6 111.0 111.7 82 Foods 20 9.6 112.9 112.9 113.1 113.0 111.7 112.2 113.0 114.0 113.5 113.7 114.4 114.0 113.7 114.8 83 Tobacco products 21 1.6 93.8 93.8 95.0 93.2 92.7 92.8 92.7 90.8 93.1 95.0 95.3 94.4 94.9 96.1 84 Textile mill products 22 1.8 86.7 86.8 84.3 85.8 85.9 83.0 81.9 82.5 82.5 85.1 87.2 87.1 87.5 88.1 85 Apparel products 23 2.2 93.1 94.0 95.1 91.2 89.4 87.8 87.3 88.8 89.4 88.4 89.5 88.5 88.8 89.3 86 Paper and products 26 3.5 108.1 107.1 108.1 107.7 109.7 108.1 106.2 103.1 105.1 103.5 104.5 105.3 108.0 108.1 87 Printing and publishing .... 27 6.8 101.6 101.3 101.1 100.7 99.7 99.8 98.9 97.3 96.6 96.0 95.4 94.8 94.9 95.8 88 Chemicals and products .... 28 10.0 121.1 119.5 121.2 121.2 121.0 123.2 122.4 121.4 123.0 122.9 122.8 122.3 122.8 123.2 89 Petroleum products 29 1.4 114.3 115.5 114.6 112.9 112.1 114.9 114.0 112.2 114.8 117.2 116.7 116.9 116.2 115.4 90 Rubber and plastics 30 3.5 136.8 137.7 138.0 137.3 136.5 134.4 133.4 134.8 134.7 136.6 139.1 139.2 140.7 141.9 91 Leather and products 31 0.3 63.1 62.2 62.1 62.8 61.4 60.0 59.2 58.4 60.3 60.1 60.0 59.3 58.7 58.3 92 Mining 6.8 101.3 102.5 101.9 101.4 102.1 99.5 99.0 97.4 97.0 96.6 95.4 96.2 96.3 97.3 93 Metal 10 0.4 88.4 88.6 88.8 87.9 91.2 85.6 80.0 80.1 75.2 78.2 80.0 80.1 81.3 81.7 94 Coal 12 1.0 111.7 115.9 111.9 111.7 111.7 106.5 106.6 105.8 104.5 107.0 99.0 101.8 101.7 103.3 95 Oil and gas extraction 13 4.8 96.1 97.0 97.0 96.3 97.0 94.8 94.5 92.6 92.0 91.2 90.6 91.2 91.2 91.9 96 Stone and earth minerals 14 0.6 132.6 133.7 130.6 132.2 131.2 129.6 129.5 129.8 133.7 132.5 132.2 132.5 133.3 136.2 97 Utilities 7.8 119.8 119.1 118.2 121.1 118.1 119.4 116.2 115.2 115.7 120.3 121.8 122.8 121.7 123.7 98 Electric 491,3PT 6.2 123.1 122.9 121.0 124.5 121.0 122.3 121.8 119.3 119.8 121.9 124.6 126.6 124.4 127.5 99 Gas 492,3PT 1.6 109.1 105.2 107.4 108.1 106.9 108.0 96.2 100.5 101.0 113.7 111.4 108.8 111.7 109.2 SPECIAL AGGREGATES 100 Manufacturing excluding motor vehicles and parts 80.7 143.9 143.7 143.5 143.0 141.7 141.3 140.6 139.7 140.8 140.9 141.5 141.3 142.3 143.1 101 Manufacturing excluding computers and office equipment 83.8 138.0 138.1 138.4 137.7 136.2 135.4 135.3 134.8 135.8 135.9 136.4 136.5 137.2 138.2 102 Computers, communications equipment, and semiconductors 5.6 1,048.5 1,036.7 1,006.7 999.5 994.8 1,002.4 1,002.5 1,006.0 1,032.2 1,065.5 1,077.4 1,097.3 1,125.4 1,144.3 103 Manufacturing excluding computers and semiconductors 81.3 121.2 121.5 122.0 121.3 119.9 119.1 118.9 118.4 119.1 119.0 119.3 119.3 119.7 120.5 104 Manufacturing excluding computers, communications equipment, and semiconductors 79.8 118.2 118.5 119.0 118.4 117.0 116.3 116.1 115.7 116.4 116.4 116.7 116.7 117.1 117.9 Gross value (billions of 1996 dollars, annual rates) MAJOR MARKETS 105 Products, total 100.0 2,720.1 2,741.6 2,753.0 2,732.0 2,694.5 2,669.6 2,679.2 2,683.2 2,686.4 2,694.3 2,707.4 2,704.1 2,708.0 2,728.4 106 Final 77.2 2,101.5 2,118.1 2,129.7 2,107.0 2,075.1 2,056.7 2,070.6 2,075.1 2,076.9 2,080.4 2,084.4 2,085.2 2,087.9 2,103.3 107 Consumer goods 51.9 1,303.7 1,307.9 1,322.5 1,312.1 1,298.5 1,291.1 1,301.9 1,313.7 1,312.6 1,318.7 1,324.4 1,324.6 1,326.6 1,338.2 108 Equipment 25.3 797.4 811.6 806.5 793.3 773.1 761.0 763.5 753.5 757.1 753.3 750.5 751.2 751.7 755.0 109 Intermediate 22.8 618.9 623.7 623.5 625.0 619.4 612.9 608.8 608.3 609.7 614.0 623.0 619.0 620.2 625.2 1. Data in this table appear in the Board's G.17 (419) monthly statistical release. The data Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February 1997), pp. are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. The 67-92, and the references cited therein. For details about the construction of individual latest historical revision of the industrial production index and the capacity utilization rates industrial production series, see "Industrial Production: 1989 Developments and Historical was released in November 2001. The recent annual revision is described in the March 2002 Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204. issue of the Bulletin. For a description of the methods of estimating industrial production and 2. Standard Industrial Classification. capacity utilization, see "Industrial Production and Capacity Utilization: Historical Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A44 International Statistics • September 2002 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 2001 2002 IItteemm ccrreeddiittss oorr ddeebbiittss 11999999 22000000 22000011 QL Q2 Q3 Q4 QI 1 Balance on current account -292,856 -410,341 -393,371 -107,722 -99,234 -91,331 -95,086 -112,487 2 Balance on goods and services -261,838 -375,739 -347,810 -97,160 -93,324 -79,778 -88,028 -94,858 3 Exports 957,146 1,064,239 998,022 266,004 256,766 242,325 232,930 233,609 4 Imports -1,219,383 -1,442,920 -1,356,312 -363,164 -350,090 -322,103 -320,958 -328,467 5 Income, net -13,613 -14,792 -19,118 1,046 6,006 807 6,521 -1,779 6 Investment, net 23,877 27,651 20,539 2,563 7,526 2,345 8,102 -151 7 Direct 75,009 88,862 102,595 22,249 27,832 23,908 28,602 20,904 8 Portfolio -51,132 -61,211 -82,056 -19,686 -20,306 -21,563 -20,500 -21,055 9 Compensation of employees -5,739 -5,869 -6,157 -1,517 -1,520 -1,538 -1,581 -1,628 10 Unilateral current transfers, net -48,757 -53,442 -49,463 -11,608 -11,916 -12,360 -13,579 -15,850 11 Change in U.S. government assets other than official reserve assets, net (increase, -) 2,750 -941 -486 77 -783 77 143 239 12 Change in U.S. official reserve assets (increase, -) 8,747 -290 -4,911 190 -1,343 -3,559 -199 390 13 Gold 0 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) 10 -722 -630 -189 -156 -145 -140 -109 15 Reserve position in International Monetary Fund 5,484 2,308 -3,600 574 -1,015 -3,242 83 652 16 Foreign currencies 3,253 -1,876 -681 -195 -172 -172 -142 -153 17 Change in U.S. private assets abroad (increase, -) ^189,066 -605,258 -365,565 -216,082 -77,910 28,460 -100,032 -14,510 18 Bank-reported claims2 -76,263 -148,657 -128,705 -113,914 -685 69,576 -83,682 10,006 19 Nonbank-reported claims -95,466 -150,805 -14,358 -51,759 9,670 -9,479 37,210 -4,030 20 U.S. purchase of foreign securities, net -128,436 -127,502 -94,662 -26,895 -51,764 10,087 -26,090 2,047 21 U.S. direct investments abroad, net -188,901 -178,294 -127,840 -23,514 -35,131 -41,724 -27,470 -22,533 22 Change in foreign official assets in United States (increase, +) 43,551 37,619 6,092 4,087 -20,831 16,882 5,086 9,034 23 U.S. Treasury securities 12,177 -10,233 10,760 -1,027 -20,798 15,810 16,760 -582 24 Other U.S. government obligations 20,350 40,909 20,920 3,574 9,932 -216 7,630 7,296 25 Other U.S. government liabilities2 -2,855 -1,987 -2,482 -676 -791 89 -504 -790 26 Other U.S. liabilities reported by U.S. banks2 12,964 5,803 -28,825 1,213 -10,202 -782 -20,507 2,384 27 Other foreign official assets3 915 3,127 5,719 1,003 1,028 1,981 1,707 726 28 Change in foreign private assets in United States (increase, +) 770,193 986,599 889,367 298,423 202,441 1,007 245,711 104,281 29 U.S. bank-reported liabilities4 54,232 87,953 95,214 15,633 55,003 -45,567 85,598 -25,299 30 U.S. nonbank-reported liabilities 69,075 177,010 98,222 111,644 -5,307 -25,154 1,170 34,704 31 Foreign private purchases of U.S. Treasury securities, net -20,490 -52,792 15,779 ^,744 -14,685 -15,470 27,229 -5,682 32 U.S. currency flows 22,407 1,129 23,783 2,311 2,772 8,203 10,497 4,525 3.3 Foreign purchases of other U.S. securities, net 343,963 485,644 498,433 129,990 113,556 64,787 99,320 70,329 34 Foreign direct investments in United States, net 301,006 287,655 157,936 43,589 51,102 14,208 21,897 25,704 35 Capital account transactions, net5 -3,340 837 826 208 207 206 205 201 36 Discrepancy -48,822 696 -39,193 20,819 -2,547 48,258 -55,828 12,852 37 Due to seasonal adjustment 7,691 875 -10,286 1,721 9,956 38 Before seasonal adjustment 31,286 7 10,701 13,128 -3,422 58,544 -57,549 2,896 MEMO Changes in official assets 39 U.S. official reserve assets (increase, -) 8,747 -290 ^,911 190 -1,343 -3,559 -199 339900 40 Foreign official assets in United States, excluding line 25 (increase, +) 46,406 39,606 8,574 4,763 -20,040 16,793 5,590 9,824 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 1,621 12,000 -1,725 673 -1,699 -4,081 3,382 -8,471 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 11999999 22000000 22000011 Dec. Jan. Feb. Mar. Apr. May June Julyf 1 Total 81,761 71,516 67,647 68,654 67,532 67,357 67,574 67,844 69,579 74,696 74,753 2 Gold stock1 11,046 11,048 11,046 11,045 11,044 11,044 11,044 11,044 11,044 11,044 11,044 3 Special drawing rights2'3 10,603 10,336 10,539 10,774 10,657 10,763 10,809 10,988 11,297 11,645 11,575 4 Reserve position in International Monetary Fund2 24,111 17,950 14,824 17,854 17,602 17,169 17,078 16,184 16,498 19,841 19,863 5 Foreign currencies4 36,001 32,182 31,238 28,981 28,229 28,381 28,643 29,628 30,740 32,166 32,271 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 11999999 22000000 22000011 Dec. Jan. Feb. Mar. Apr. May June JulyP 1 Deposits 167 71 215 61 162 89 256 Ill 127 90 164 Held in custody 2 U.S. Treasury securities2 607,574 632,482 594,094 592,630 592,031 591,202 593,865 589,531 605,501 619,226 635,036 3 Earmarked gold3 10,343 9,933 9,451 9,099 9,098 9,098 9,098 9,091 9,084 9,077 9,071 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 • September 2002 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2000 2000 2001 2002 IItteemm 11999999 Mar.6 Mar.6 Dec. Dec. Feb. Mar. Apr. MayP 1 Total1 806,318 829,290 958,725 975,304 987,261 996,804 995,672 999,220 1,014,152 By type 2 Liabilities reported by banks in the United States2 138,847 136,577 136,577 144,593 123,125 132,130 124,096 133,066 139,474 3 U.S. Treasury bills and certificates3 156,177 164,781 164,781 153,010 161,719 164,076 161,312 155,770 162,516 U.S. Treasury bonds and notes 4 Marketable 422,266 430,243 465,111 450,832 454,306 449,129 454,383 452,777 452,708 5 Nonmarketable4 6,111 5,734 5,734 5,348 3,411 3,138 3,159 3,179 3,199 6 U.S. securities other than U.S. Treasury securities5 82,917 91,955 186,522 221,521 244,700 248,331 252,722 254,428 256,255 By area 7 Europe1 244,805 251,815 238,548 240,325 243,137 242,578 241,917 244,471 248,021 8 Canada 12,503 13,683 15,016 13,727 13,440 14,459 14,308 12,341 11,947 9 Latin America and Caribbean 73,518 77,195 70,884 70,442 71,103 67,746 66,466 66,075 65,759 10 Asia 463,703 474,269 612,116 626,017 635,180 646,790 646,735 651,740 663,919 11 Africa • 7,523 7,979 13,504 14,690 15,171 15,574 15,035 15,103 14,850 12 Other countries 4,266 4,349 8,655 10,101 9,228 9,655 11,209 9,488 9,654 1. Includes the Bank for International Settlements. 6. Data in the two columns shown for this date reflect different benchmark bases for 2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, foreigners' holdings of selected U.S. long-term securities. Figures in the first column are negotiable time certificates of deposit, and borrowings under repurchase agreements. comparable to those for earlier dates; figures in the second column are based in part on a 3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official benchmark survey as of end-March 2000 and are comparable to those shown for following institutions of foreign countries. dates. 4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of SOURCE. Based on U.S. Department of the Treasury data and on data reported to the zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning Treasury by banks (including Federal Reserve Banks) and securities dealers in the United March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity States, and in periodic benchmark surveys of foreign portfolio investment in the United issue; Argentina, beginning April 1993, 30-year maturity issue. States. 5. Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. 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 2002 IItteemm 11999988 11999999 22000000 June Sept. Dec. Mar. 1 Banks' liabilities 101,125 88,537 77,779 107,806 92,557 89,627 90,254 2 Banks' claims 78,162 67,365 56,912 77,439 69,116 75,872 80,025 3 Deposits 45,985 34,426 23,315 32,713 36,364 45,382 50,293 4 Other claims 32,177 32,939 33,597 44,726 32,752 30,490 29,732 5 Claims of banks' domestic customers2 20,718 20,826 24,411 21,144 20,885 17,631 16,454 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 Nov. Dec. Jan.' Feb.' Mar.' Apr.' Mayp BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners 1,408,740 1,511,410 l,647,893r l,678,601r l,647,893r 1,584,995 1,615,994 1,654,384 1,686,270 1,711,986 2 Banks' own liabilities 971,536 1,077,636 L,172,929R 1,195,408' 1,172,929' 1,101,890 1,125,615 1,161,491 1,204,045 1,215,831 3 Demand deposits 42,884 33,365 33,601R 34,726' 33,601' 29,839 30,872 36,440 31,374 32,035 4 Time deposits2 163,620 187,883 154,160 155,530 154,160 148,931 143,616 141,108 139,026 136,344 Other3 155,853 171,401 199,718R 219,596 199,718' 207,677 214,952 209,841 225,155 237,387 6 Own foreign offices4 609,179 684,987 785,450R 785,556' 785,450' 715,443 736,175 774,102 808,490 810,065 7 Banks' custodial liabilities5 437,204 433,774 474,964R 483,193' 474,964' 483,105 490,379 492,893 482,225 496,155 8 U.S. Treasury bills and certificates6 185,676 177,846 188,028R 192,899' 188,028' 190,144 187,906 189,640 183,009 191,262 9 Short-term agency securities7 n.a. n.a. 65,534' 62,421' 65,534' 55,556 67,736 68,670 69,525 75,157 10 Other negotiable and readily transferable instruments8 132,617 145,840 91,147R 88,023' 91,147' 92,534 92,361 93,771 95,486 94,213 11 Other 118,911 110,088 130,255' 139,850' 130,255' 144,871 142,376 140,812 134,205 135,523 12 Nonmonetary international and regional organizations9 15,276 12,542 10,806R 11,171' 10,806' 17,155 15,453 12,126 14,440 12,128 13 Banks' own liabilities 14,357 12,140 10,168R 10,335' 10,168' 16,227 14,553 10,934 13,426 11,755 14 Demand deposits 98 41 35' 22' 35' 35 31 22 19 14 15 Time deposits2 10,349 6,246 3,755 3,133 3,755 7,581 5,482 7,023 6,193 6,729 16 Other3 3,910 5,853 6,378R 7,180' 6,378' 8,611 9,040 3,889 7,214 5,012 17 Banks' custodial liabilities5 919 402 638 836 638 928 900 1,192 1,014 373 18 U.S. Treasury bills and certificates6 680 252 577 779 577 883 859 1,105 970 328 19 Short-term agency securities7 n.a. n.a. 40 36 40 24 24 21 21 18 20 Other negotiable and readily transferable instruments8 233 149 21 17 21 21 17 21 21 27 21 Other 6 1 0 4 0 0 0 45 2 0 22 Official institutions10 295,024 297,603 284,844 298,223 284,844 287,414 296,206 285,408 288,836 301,990 23 Banks' own liabilities 97,615 96,989 83,524 92,346 83,524 85,939 83,718 79,272 83,857 86,840 24 Demand deposits 3,341 3,952 2,988 3,336 2,988 2,257 1,513 2,651 1,827 2,002 25 Time deposits2 28,942 35,573 19,471 18,348 19,471 14,862 16,021 13,646 15,170 14,667 26 Other3 65,332 57,464 61,065 70,662 61,065 68,820 66,184 62,975 66,860 70,171 27 Banks' custodial liabilities5 197,409 200,614 201,320 205,877 201,320 201,475 212,488 206,136 204,979 215,150 28 U.S. Treasury bills and certificates6 156,177 153,010 161,719 167,562 161,719 166,640 164,076 161,312 155,770 162,516 29 Short-term agency securities7 n.a. n.a. 36,351 35,037 36,351 31,445 45,085 40,826 45,910 49,374 30 Other negotiable and readily transferable instruments8 41,182 47,366 2,180 1,715 2,180 2,191 2,307 2,785 2,702 2,455 31 Other 50 238 1,070 1,563 1,070 1,199 1,020 1,213 597 805 32 Banks" 900,379 972,932 l,066,082R 1,084,224' 1,066,082' 1,002,425 1,024,003 1,076,711 1,098,967 1,109,866 33 Banks' own liabilities 728,492 821,306 907,944R 921,839' 907,944' 833,894 861,732 901,920 932,145 936,964 34 Unaffiliated foreign banks 119,313 136,319 122,494R 136,283' 122,494' 118,451 125,557 127,818 123,655 126,899 35 Demand deposits 17,583 15,522 13,089 13,149 13,089 10,374 12,783 16,342 12,183 12,867 36 Time deposits2 48,140 66,904 52,910 56,132 52,910 49,881 45,846 45,238 43,636 41,490 37 Other3 53,590 53,893 56,495R 67,002' 56,495' 58,196 66,928 66,238 67,836 72,542 38 Own foreign offices4 609,179 684,987 785,450' 785,556' 785,450' 715,443 736,175 774,102 808,490 810,065 39 Banks' custodial liabilities5 171,887 151,626 158,138' 162,385' 158,138' 168,531 162,271 174,791 166,822 172,902 40 U.S. Treasury bills and certificates6 16,796 16,023 13,477' 12,673' 13,477' 10,222 10,378 11,374 13,016 14,442 41 Short-term agency securities7 n.a. n.a. 7,831' 5,168' 7,831' 5,566 3,596 7.399 3,456 6,924 42 Other negotiable and readily transferable instruments8 45,695 36,036 33,102' 32,333' 33,102' 35,223 34,325 36,832 37,267 37,377 43 Other 109,396 99,567 103,728 112,211 103,728 117,520 113,972 119,186 113,083 114,159 44 Other foreigners 198,061 228,333 286,161' 284,983' 286,161' 278,001 280,332 280,139 284,027 288,002 45 Banks' own liabilities 131,072 147,201 171,293 170,888 171,293 165,830 165,612 169,365 174,617 180,272 46 Demand deposits 21,862 13,850 17,489 18,219 17,489 17,173 16,545 17,425 17,345 17,152 47 Time deposits2 76,189 79,160 78,024 77,917 78,024 76,607 76,267 75,201 74,027 73,458 48 Other3 33,021 54,191 75,780 74,752 75,780 72,050 72,800 76,739 83,245 89,662 49 Banks' custodial liabilities5 66,989 81,132 114,868' 114,095' 114,868' 112,171 114,720 110,774 109,410 107,730 50 U.S. Treasury bills and certificates6 12,023 8,561 12,255 11,885 12,255 12,399 12,593 15,849 13,253 13,976 51 Short-term agency securities7 n.a. n.a. 21,312 22,180 21,312 18,521 19,031 20,424 20,138 18,841 52 Other negotiable and readily transferable instruments8 45,507 62,289 55,844 53,958 55,844 55,099 55,712 54,133 55,496 54,354 53 Other 9,459 10,282 25,457' 26,072' 25,457' 26,152 27,384 20,368 20,523 20,559 MEMO 54 Negotiable time certificates of deposits in custody for foreigners 30,345 34,217 20,440 22,778 20,440 22,095 22,831 21,498 24,061 22,587 55 Repurchase agreements7 n.a. n.a. 150,738' 134,674' 150,738' 127,686 131,199 126,944 140,392 153,926 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 • September 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 Nov. Dec. Jan. Feb. Mar.' Apr.' MayP AREA OR COUNTRY 56 Total, all foreigners 1,408,740 1,511,410 l,647,893r l,678,601r l,647,893r l,584,995r l,615,994r 1,654,384 1,686,270 1,711,986 57 Foreign countries 1,393,464 1,498,867 l,637,087r l,667,430r l,637,087r l,567,840r l,600,541r 1,642,258 1,671,831 1,699,858 58 Europe 441,810 446,788 520,970 520,447 520,970 502,539' 516,558' 518,921 539,957 538,819 59 Austria 2,789 2,692 2,919 2,944 2,919 3,001' 3,053' 3,144 3,363 3,096 60 Belgium12 44,692 33,399 6,548 6,640 6,548 6,566' 6,561' 7,921 6,607 6,723 61 Denmark 2,196 3,000 3,625 4,248 3,625 3,123' 2,944' 2,852 2,801 3,455 62 Finland 1,658 1,411 1,445 1,135 1,445 1,372 1,159 1,682 1,239 1,198 63 France 49,790 37,833 49,034 49,692 49,034 45,102 41,172 35,113 36,349 36,127 64 Germany 24,753 35,519 22,342 23,111 22,342 23,353' 23,298' 25,664 25,582 26,638 65 Greece 3,748 2,011 2,303 2,081 2,303 2,706 2,856 2,560 2,285 2,700 66 Italy 6,775 5,072 6,342 5,913 6,342 5,405' 4,917' 5,356 4,948 4,617 67 Luxembourg12 n.a. n.a. 16,894 16,553 16,894 14,770' 14,427' 14,005 13,967 14,893 68 Netherlands 8,143 7,047 12,404 13,079 12,404 13,265' 13,779' 13,714 11,030 12,044 69 Norway 1,327 2,305 3,725 3,056 3,725 4,976 4,871 7,703 6,470 7,681 70 Portugal 2,228 2,403 4,029 3,924 4,029 4,372' 4,799 5,416 5,051 4,932 71 Russia 5,475 19,018 20,782 21,243 20,782 19,776 20,841 21,423 22,113 24,211 72 Spain 10,426 7,787 8,791 10,595 8,791 12,618 10,233 9,406 10,737 9,696 73 Sweden 4,652 6,497 3,371 3,705 3,371 3,104 3,700 3,412 2,495 5,677 74 Switzerland 63,485 74,635 66,390 81,128 66,390 80,790' 94,661' 107,645 129,007 114,245 75 Turkey 7,842 7,548 7,472 6,822 7,472 8,696 11,518 11,515 11,671 11,216 76 United Kingdom 172,687 167,757 204,208 184,100 204,208 169,298' 170,024' 161,333 163,140 171,101 77 Channel Islands and Isle of Man13 n.a. n.a. 36,057 36,161 36,057 36,443' 37,198' 38,013 38,070 38,602 78 Yugoslavia14 286 276 309 310 309 298 317 296 265 273 79 Other Europe and other former U.S.S.R." 28,858 30,578 41,980 44,007 41,980 43,505' 44,230' 40,748 42,767 39,694 80 Canada 34,214 30,982 27,228 28,021 27,228 27,995' 27,416' 28,244 26,174 24,408 81 Latin America 117,495 120,041 117,528 120,293 117,528 115,703 115,000 112,933 111,766 111,173 82 Argentina 18,633 19,451 10,655 10,783 10,655 9,904 10,360 11,622 11,875 11,743 83 Brazil 12,865 10,852 14,135 14,290 14,135 13,133 12,875 14,628 14,092 12,934 84 Chile 7,008 5,892 4,929 5,298 4,929 5,275 5,143 5,299 6,326 6,660 85 Colombia 5,669 4,542 4,668 4,643 4,668 4,506 4,587 4,159 4,226 4,320 86 Ecuador 1,956 2,112 2,377 2,010 2,377 2,231 2,363 2,269 2,342 2,337 87 Guatemala 1,626 1,601 1,876 1,934 1,876 1,861 1,821 1,812 1,782 1,449 88 Mexico 30,717 32,166 39,630 40,245 39,630 40,355 40,797 35,700 34,888 35,277 89 Panama 4,415 4,240 3,588 3,524 3,588 3,514 3,604 3,350 3,336 3,365 90 Peru 1,142 1,427 1,350 1,585 1,350 1,341 1,347 1,548 1,225 1,291 91 Uruguay 2,386 3,003 3,160 3,300 3,160 2,646 2,536 2,913 2,648 2,414 92 Venezuela 20,192 24,730 24,920 26,105 24,920 24,258 22,952 22,937 22,380 22,434 93 Other Latin America16 10,886 10,025 6,240 6,576 6,240 6,679 6,615 6,696 6,646 6,949 94 Caribbean 461,200 573,337 659,521' 679,618' 659,521' 624,746' 627,797' 657,910 670,116 695,426 95 Bahamas 135,811 189,298 179,198 201,677 179,198 156,217' 147,794' 171,359 164,499 172,630 96 Bermuda 7,874 9,636 10,477 9,268 10,477 9,580' 11,181' 10,238 11,096 13,419 97 British West Indies17 312,278 367,197 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 98 Cayman Islands17 n.a. n.a. 452,070' 448,875' 452,070' 442,142' 452,957' 459,413 475,261 490,318 99 Cuba 75 90 88 85 88 88 89 89 90 93 100 Jamaica 520 794 1,179 930 1,179 1,106 1,103 1,115 1,047 996 101 Netherlands Antilles 4,047 5,428 3,259 4,179 3,259 3,512' 3,152' 3,800 5,745 3,315 102 Trinidad and Tobago 595 894 1,266 1,768 1,266 1,979 1,547 1,406 1,791 1,775 103 Other Caribbean16 n.a. n.a. 11,984 12,836 11,984 10,122' 9,974' 10,490 10,587 12,880 104 Asia 319,489 305,554 294.252' 299,407' 294,252' 277,151' 295,423' 303,858 306,441 331122,,666677 China 105 Mainland 12,325 16,531 10,472 12,378 10,472 8,499' 21,165' 16,723 22,336 22,410 106 Taiwan 13,603 17,352 17,562 21,116 17,562 16,886' 21,422' 20,352 24,371 21,732 107 Hong Kong 27,701 26,462 26,483' 26,294' 26,483' 24,683' 23,109' 22,257 24,613 27,275 108 India 7,367 4,530 3,703 3,916 3,703 3,732' 4,133' 4,478 4,045 4,980 109 Indonesia 6,567 8,514 12,381 11,758 12,381 11,893 11,441 11,220 11,875 12,623 110 Israel 7,488 8,053 7,826 7,742 7,826 10,727 9,433 9,600 9,541 8,965 111 Japan 159,075 150,415 155,293 157,807 155,293 146,480' 151,008' 166,220 157,689 161,589 112 Korea (South) 12,988 7,955 9,015 8,098 9,015 6,691' 6,500' 5,568 5,972 6,592 113 Philippines 3,268 2,316 1,764 2,109 1,764 1,910 1,429 1,530 1,671 1,544 114 Thailand 6,050 3,117 4,742 4,792 4,742 4,651 5,035 5,432 4,940 5,060 115 Middle Eastern oil-exporting countries18 21,314 23,763 20,022 18,620 20,022 15,857' 14,938' 16,693 15,453 18,128 116 Other 41,743 36,546 24,989 24,777 24,989 25,142' 25,810' 23,785 23,935 21,769 117 9,468 10,824 11,343 11,222 11,343 12,727' 11,722' 11,762 11,645 11,660 118 Egypt 2,022 2,621 2,774 3,110 2,774 4,271 3,961 3,857 3,606 3,605 119 Morocco 179 139 273 344 273 243 197 127 234 230 120 South Africa 1,495 1,010 833 1,018 833 877' 668' 800 636 683 121 Congo (formerly Zaire) 14 4 4 1 4 6 2 1 6 7 122 Oil-exporting countries19 2,914 4,052 4,372 3,967 4,372 4,165 3,763 3,911 3,828 3,557 123 Other 2,844 2,998 3,087 2,782 3,087 3,165' 3,131' 3,066 3,335 3,578 124 Other countries 9,788 11,341 6,245 8,422 6,245 6,979' 6,625' 8,630 5,732 5,705 125 Australia 8,377 10,070 5,593 7,802 5,593 6,204' 5,811' 7,632 4,801 4,706 126 New Zealand20 n.a. n.a. 240 219 240 360' 407' 443 533 510 127 All other 1,411 1,271 412 401 412 415 407 555 398 489 128 Nonmonetary international and regional organizations 15,276 12,543 10,806' 11,171' 10,806' 17,155 15,453 12,126 14,440 12,128 129 International21 12,876 11,270 9,307' 9,413' 9,307' 15,521 13,714 9,873 12,261 10,850 130 Latin American regional22 1,150 740 480 462 480 443 520 731 954 644 131 Other regional23 1,250 533 935 1,234 935 1,113 1,140 1,441 1,158 550 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 States1 Payable in U.S. dollars Millions of dollars, end of period 2001 2002 AArreeaa oorr ccoouunnttrryy 11999999 22000000 22000011 Nov. Dec. Jan.' Feb.' Mar.' Apr.' Mayf 1 Total, all foreigners 793,139 904,642 l,051,573r l,050,861r l,051,573r 1,007,368 1,009,570 1,056,667 1,104,635 1,091,006 2 Foreign countries 788,576 899,956 l,046,627r l,045,603r l,046,627r 1,003,499 1,005,743 1,051,154 1,100,490 1,086,232 3 Europe 311,686 378,115 460,970 497,659r 460,970 465,435 468,275 488,366 526,394 510,947 4 Austria 2,643 2,926 5,006 3,412 5,006 4,361 3,903 4,199 3,431 3,558 Belgium2 10,193 5,399 6,339 7,994 6,339 6,525 5,701 4,849 4,387 4,019 6 Denmark 1,669 3,272 1,105 2,507 1,105 1,649 1,024 1,545 1,122 1,062 7 Finland 2,020 7,382 10,350 11,010 10,350 14,431 14,410 14,469 13,092 14,279 8 France 29,142 40,035 60,670 58,769 60,670 56,533 54,717 55,184 58,004 58,207 9 Germany 29,205 36,834 29,902 36,295 29,902 31,330 29,275 33,395 34,281 29,733 10 Greece 806 646 330 327 330 364 385 357 364 354 11 Italy 8,496 7,629 4,205 6,321 4,205 4,453 4,329 5,101 5,036 4,036 1? Luxembourg2 n.a. n.a. 1,267 1,392 1,267 1,754 2,954 3,414 3,453 3,539 n Netherlands 11,810 17,043 15,927 17,173 15,927 14,024 15,278 15,498 16,892 16,294 14 Norway 1,000 5,012 6,249 4,603 6,249 4,779 4,435 7,026 6,572 8,295 I Portugal 1,571 1,382 1,603 1,709 1,603 1,969 1,998 1,795 2,083 1,576 1(S Russia 713 517 594 680 594 687 612 1,659 951 826 17 Spain 3,796 2,603 3,231 5,398 3,231 5,363 4,987 4,847 3,484 3,130 18 Sweden 3,264 9,226 12,544 12,897 12,544 12,137 13,474 12,008 11,589 13,348 19 Switzerland 79,158 82,085 87,333r 121,798 87,333' 95,389 114,402 115,388 150,258 137,532 20 Turkey 2,617 3,059 2,124 2,243 2,124 2,757 3,163 3,154 3,012 2,953 21 United Kingdom 115,971 144,938 200,951' 193,748r 200,951' 195,619 181,808 193,786 197,298 197,110 27 Channel Islands and Isle of Man3 n.a. n.a. 4,478 3,819 4,478 3,716 3,955 3,836 3,755 3,835 23 Yugoslavia4 50 50 n.a. n.a. n.a. n.a. n.a. n.a. 2 1 24 Other Europe and other former U.S.S.R.5 7,562 8,077 6,762 5,564r 6,762 7,595 7,465 6,856 7,328 7,260 25 Canada 37,206 39,837 54,421 50,724r 54,421 49,967 52,776 56,652 57,017 57,256 76 Latin America 74,040 76,561 69,762 12,922' 69,762 69,427 68,790 69,513 69,537 65,515 27 Argentina 10,894 11,519 10,763 11,349r 10,763 10,444 10,334 9,892 9,722 9,235 78 Brazil 16,987 20,567 19,434 20,453 19,434 19,700 19,352 19,837 20,138 18,797 79 Chile 6,607 5,815 5,317 5,522 5,317 5,200 5,166 5,399 5,226 4,950 30 Colombia 4,524 4,370 3,602 3,598 3,602 3,563 3,547 3,711 3,643 3,516 31 Ecuador 760 635 495 504 495 465 491 478 495 519 37 Guatemala 1,135 1,244 1,495 1,522 1,495 1,417 1,651 1,413 1,329 905 33 Mexico 17,899 17,415 16,522 16,995r 16,522 17,035 16,561 17,081 17,356 16,448 34 Panama 3,387 2,933 3,066 3,415 3,066 2,765 2,788 2,804 2,769 2,756 35 Peru 2,529 2,807 2,185 2,369 2,185 2,125 2,090 2,048 2,019 1,923 36 Uruguay 801 673 447 540 447 437 444 503 477 357 37 Venezuela 3,494 3,518 3,077 3,306 3,077 3,181 3,315 3,463 3,472 3,353 38 Other Latin America6 5,023 5,065 3,359 3,349 3,359 3,095 3,051 2,884 2,891 2,756 39 Caribbean 281,128 319,403 367,655 325,502r 367,655 329,652 328,745 346,037 347,569 362,397 40 Bahamas 99,066 114,090 101,034 97,150r 101,034 87,607 87,303 98,079 94,279 107,269 41 Bermuda 8,007 9,260 7,900 6,013' 7,900 7,023 5,628 7,770 9,722 8,467 4? British West Indies7 167,189 189,289 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 43 Cayman Islands7 n.a. n.a. 247,086 208,198 247,086 222,977 225,374 228,474 233,806 236,823 44 Cuba 0 0 n.a. n.a. n.a. 3 n.a. n.a. n.a. n.a. 45 Jamaica 295 355 418 406 418 383 384 418 413 408 46 Netherlands Antilles 5,982 5,801 6,729 9,582' 6,729 7,596 6,050 7,137 5,390 5,578 47 Trinidad and Tobago 589 608 931 880 931 940 955 971 935 851 48 Other Caribbean6 n.a. n.a. 3,557 3,273 3,557 3,123 3,051 3,188 3,024 3,001 49 75,143 77,829 85,882 91,354' 85,882 80,783 79,010 82,734 91,687 83,143 China 50 Mainland 2,110 1,606 2,073 4,427 2,073 3,526 2,418 4,161 6,044 4,857 51 Taiwan 1,390 2,247 4,407 3,897 4,407 3,449 4,128 4,531 3,349 3,261 52 Hong Kong 5,903 6,669 9,995 7,998' 9,995 7,712 7,359 6,499 6,457 5,350 53 India 1,738 2,178 1,348 1,609 1,348 1,167 1,217 1,225 1,276 1,414 54 Indonesia 1,776 1,914 1,752 1,935 1,752 1,768 1,644 1,701 1,677 1,564 55 Israel 1,875 2,729 4,396 4,592 4,396 4,211 4,195 2,875 4,413 3,747 56 Japan 28,641 34,974 34,125 34,663' 34,125 30,983 30,732 31,298 37,787 32,937 57 Korea (South) 9,426 7,776 10,622 14,742 10,622 12,720 12,776 13,860 15,020 13,326 58 Philippines 1,410 1,784 2,587 2,021 2,587 1,951 1,681 2,065 1,718 1,332 59 Thailand 1,515 1,381 2,499 1,283 2,499 1,743 745 1,467 752 716 60 Middle Eastern oil-exporting countries8 14,267 9,346 7,882 10,088 7,882 7,585 7,341 9,239 9,143 9,555 61 Other 5,092 5,225 4,196 4,099' 4,196 3,968 4,774 3,813 4,051 5,084 6? Africa 2,268 2,094 2,095r 2,068' 2,095' 2,031 1,966 2,108 1,967 1,877 63 Egypt 258 201 416 477 416 324 331 358 333 337 64 Morocco 352 204 106 116 106 100 97 88 85 85 65 South Africa 622 309 710 571 710 751 692 786 672 559 66 Congo (formerly Zaire) 24 0 n.a. 1 n.a. n.a. n.a. n.a. n.a. n.a. 67 Oil-exporting countries9 276 471 167 179 167 195 201 211 234 247 68 Other 736 909 696r 724' 696r 661 645 665 643 649 69 Other countries 7,105 6,117 5,842 5,374 5,842 6,204 6,181 5,744 6,319 5,097 70 Australia 6,824 5,868 5,455 4,964 5,455 5,560 5,430 4,972 5,692 4,633 71 New Zealand10 n.a. n.a. 349 330 349 603 732 762 586 406 72 All other 281 249 38 80 38 41 19 10 41 58 73 Nonmonetary international and regional organizations" . . 4,563 4,686 4,946 5,258 4,946 3,869 3,827 5,513 4,147 4,774 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 • September 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 Nov. Dec.' Jan.' Feb.' Mar.' Apr.' May? 1 Total 944,937 1,095,869 l,253,952r 1,253,952 1,257,022 2 Banks' claims 793,139 904,642 l,051,573r 1,050,861' 1,051,573 1,007,368 1,009,570 1,056,667 1,104,635 1,091,006 3 Foreign public borrowers 35,090 37,907 49,278r 57,074' 49,278 54,542 50,034 55,562 52,746 49,524 4 Own foreign offices2 529,682 630,137 745,834 720,899' 745,834 699,055 717,854 751,162 789,435 785,078 5 Unaffiliated foreign banks 97,186 95,243 100,575 100,596' 100,575 98,424 92,109 94,895 95,058 89,001 6 Deposits 34,538 23,886 26,189 29,998 26,189 27,073 25,978 26,266 22,778 21,580 7 Other 62,648 71,357 74,386 70,598' 74,386 71,351 66,131 68,629 72,280 67,421 8 All other foreigners 131,181 141,355 155,886r 172,292' 155,886 155,347 149,573 155,048 167,396 167,403 9 Claims of banks' domestic customers1 151,798 191,227 202,379 202,379 200,355 10 Deposits 88,006 100,352 92,546 92,546 87,634 11 Negotiable and readily transferable instruments4 51,161 78,147 94,016 94,016 98,050 12 Outstanding collections and other claims 12,631 12,728 15,817 15,817 14,671 MEMO 13 Customer liability on acceptances 4,553 4,257 2,588 2,588 2,139 14 Banks' loans under resale agreements5 n.a. n.a. 137,349 144,266 137,349 118,984 123,082 114,917 135,731 133,620 15 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States6 31,125 53,153 60,711 66,930 60,711 54,563 55,177 61,417 57,884 50,590 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 2002 MMaattuurriittyy,, bbyy bboorrrroowweerr aanndd aarreeaa22 11999988 11999999 22000000 June Sept. Dec. Mar. 1 Total 250,418 267,082 274,009 302,304 298,924 305,172 304,297 By borrower 2 Maturity of one year or less 186,526 187,894 186,103 191,979 178,458 200,222 188,785 3 Foreign public borrowers 13,671 22,811 21,399 26,621 19,994 27,293 26,914 4 All other foreigners 172,855 165,083 164,704 165,358 158,464 172,929 161,871 5 Maturity of more than one year 63,892 79,188 87,906 110,325 120,466 104,950 115,512 6 Foreign public borrowers 9,839 12,013 15,838 25,018 25,844 21,324 26,748 7 All other foreigners 54,053 67,175 72,068 85,307 94,622 83,626 88,764 By area Maturity of one year or less 8 Europe 68,679 80,842 142,464 80,682 70,700 83,091 79,694 9 Canada 10,968 7,859 8,323 8,624 7,897 10,174 7,763 10 Latin America and Caribbean 81,766 69,498 151,840 73,029 75,562 70,657 69,178 11 Asia 18,007 21,802 43,371 24,181 19,381 29,666 24,554 12 Africa 1,835 1,122 2,263 971 707 1,144 1,147 13 All other3 5,271 6,771 11,717 4,492 4,211 5,490 6,449 Maturity of more than one year 14 Europe 14,923 22,951 57,770 39,947 41,597 34,074 39,813 15 Canada 3,140 3,192 3,174 3,995 4,292 3,633 3,362 16 Latin America and Caribbean 33,442 39,051 82,684 47,068 52,651 47,402 48,744 17 Asia 10,018 11,257 19,536 15,240 17,491 15,190 19,444 18 Africa 1,232 1,065 1,567 774 798 769 669 19 All other3 1,137 1,672 5,954 3,301 3,637 3,882 3,480 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 2000 2001 2002 Area or country iyys Mar. June Sept. Dec. Mar. June Sept. Dec. Mar. 1 Total 1,051.6 945.5 955.0 991.0 954.4 1,027.3 l,144.5r l,140.5r l,284.7r 929.3r 801.1 2 G-10 countries and Switzerland 217.7 243.4 272.4 313.6 280.3 300.7 336.5r 338.9' 294.4' 423.1' 325.0 3 Belgium and Luxembourg 10.7 14.3 14.2 13.9 13.0 14.2 15.3 13.0r 14.4' 19.1' 16.3 4 France 18.4 29.0 27.1 32.6 29.0 29.6 30.0' 35.9r 34.6' 39.3' 34.1 5 Germany 30.9 38.7 37.3 31.5 37.6 45.1 45.2r 51.6r 41.0' 43.2' 49.2 6 Italy 11.5 18.1 19.9 20.5 18.6 21.3 20.4 23.7 22.8 21.0 19.1 7 Netherlands 7.8 12.3 17.0 16.0 17.5 18.4 22.3 18.7 20.8' 19.5 23.7 8 Sweden 2.3 3.0 3.9 3.5 4.3 3.6 4.7 4.7 5.2 5.4 5.3 9 Switzerland 8.5 10.3 10.1 13.8 10.9 13.2 13.9 13.5 13.0 12.6 13.6 10 United Kingdom 85.4 79.3 101.9 138.2 112.8 115.6 141.5r 128.lr 95.6' 210.8' 111.8 11 Canada 16.8 16.3 17.3 18.2 18.5 16.7 15.4 21.3r 20.3' 19.1' 16.6 12 Japan 25.4 22.1 23.5 25.4 18.1 23.0 28.0 28.3r 26.8' 33.1' 35.3 13 Other industrialized countries 69.0 68.4 62.7 75.3 73.7 74.5 75.71 70.2' 70.7' 70.6' 69.4 14 Austria 1.4 3.5 2.6 2.8 3.5 4.1 3.8' 3.6 4.4' 4.8 4.8 15 Denmark 2.2 2.6 1.5 1.2 1.8 1.9 3.1 2.7 2.7 2.6 3.5 16 Finland 1.4 .9 .8 1.2 2.8 1.5 1.4 1.2 1.3 1.1 2.1 17 Greece 5.9 6.0 5.7 6.7 6.4 8.3 4.1 3.6 3.6 3.2 3.2 18 Norway 3.2 3.3 3.0 4.6 8.5 8.3 10.2 7.9 6.2 8.1 9.0 19 Portugal 1.4 1.0 1.0 2.0 1.5 2.0 1.9 1.4 1.4 1.6 1.8 20 Spain 13.7 12.1 11.3 12.2 10.5 10.3 12.6r 12.4r 13.8 12.1' 12.1 21 Turkey 4.8 4.8 5.1 5.6 5.6 5.9 5.1 4.5 4.1 3.9 5.3 22 Other Western Europe 10.4 6.8 8.4 7.9 8.3 6.5 7.3 6.9 7.3 8.4 8.6 23 South Africa 4.4 3.8 4.8 4.6 4.2 3.6 4.1 3.8 4.4 4.1 3.3 24 Australia 20.3 23.5 18.6 26.3 20.5 22.1 21.9 22.1 21.6' 20.6 15.7 25 OPEC2 27.1 31.4 28.9 32.1 31.4 28.9 28.3 27. lr 27.6' 27.3' 27.4 26 Ecuador 1.3 .8 .7 .7 .6 .6 .6 .6 .6 .6 .6 27 Venezuela 3.2 2.8 3.0 2.9 2.9 2.5 2.7 2.6r 2.6' 2.4' 2.4 28 Indonesia 4.7 4.2 3.9 4.1 4.4 4.6 4.4 4.2 4.0 3.7' 3.6 29 Middle East countries 17.0 23.1 21.1 23.8 22.4 20.3 20.1 19.3 20.1 20.3 20.5 30 African countries 1.0 .5 .2 .7 1.2 .8 .5 .4 .4 .3 .3 31 Non-OPEC developing countries 143.4 149.4 154.6 158.1 149.5 145.5 150. lr 157.6' 201.6' 191.1' 195.8 Latin America 32 Argentina 23.1 23.2 22.4 21.6 21.4 21.4 20.9 19.8' 19.2' 19.2' 12.8 33 Brazil 24.7 27.7 28.1 28.3 28.5 28.8 29.4 30.9' 30.9' 28.0' 26.6 34 Chile 8.3 7.4 8.2 8.1 7.3 7.6 7.3 7.0' 6.4' 7.0' 7.1 35 Colombia 3.2 2.5 2.5 2.4 2.4 2.4 2.4 2.4' 2.5' 2.5' 2.4 36 Mexico 18.9 18.7 18.3 20.4 17.5 15.7 16.7 16.3' 60.0 56.0 67.1 37 Peru 2.2 1.7 1.9 2.1 2.1 2.0 2.0 2.0 1.9 1.8' 1.5 38 Other 5.4 5.9 6.5 6.7 6.2 6.3 8.6r 8.3 8.1' 8.9' 7.9 Asia China 39 Mainland 3.0 3.6 4.6 3.8 3.4 2.9 3.2 6.7 5.9 5.0 7.0 40 Taiwan 13.3 12.0 12.6 12.6 12.8 10.8 11.2 10.7 10.8' 12.2' 12.6 41 India 5.5 7.7 7.9 8.2 5.8 9.1 6.5 11.8 14.1 6.9 6.3 42 Israel 1.1 1.8 3.3 1.5 1.1 2.7 2.2r 2 .a 3.2' 3.7' 2.4 43 Korea (South) 13.7 15.2 17.7 21.7 21.4 15.5 19.9 19.3 19.3' 18.5' 22.4 44 Malaysia 5.6 6.1 6.5 6.8 6.9 7.1 6.5 6.8 6.1 6.7 6.4 45 Philippines 5.1 6.2 5.3 5.3 4.7 5.1 5.2 5.4 5.2 5.6 5.4 46 Thailand 4.7 4.1 4.3 4.0 3.9 4.0 4.2 4.2 3.9 5.1 4.0 47 Other Asia 2.9 2.9 2.0 1.9 1.7 1.9 1.7 1.8 1.6 1.9 1.9 Africa 48 Egypt 1.3 1.4 1.4 1.3 1.1 1.1 1.2 1.2 1.4 1.2 1.3 49 Morocco .5 .4 .3 .3 .4 .3 .3 .3 .3 .1 .1 50 Zaire .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 51 Other Africa3 1.0 1.0 .9 .9 .8 .7 .7 .7 .8 .7 .7 52 Eastern Europe 5.5 5.2 6.3 9.4 9.0 10.1 9.5 9.5 10.2 10.1 10.6 53 Russia4 2.2 1.6 1.7 1.5 1.4 1.0 1.5 1.5 1.6 1.6 2.8 54 Other 3.3 3.6 4.7 7.9 7.6 9.1 8.0 8.0 8.5 8.5 7.9 55 Offshore banking centers 93.9 59.9 53.9 60.6 59.4 76.3 72.0 58.8' 72.2' 72.5' 59.3 56 Bahamas 35.4 13.7 14.4 8.8 9.3 13.5 7.0 .0 1.1 7.5 7.5 57 Bermuda 4.6 8.0 7.3 6.3 6.3 9.0 7.9 5.7' 7.6 7.7 8.2 58 Cayman Islands and other British West Indies 12.8 1.3 .0 5.1 5.9 14.6 14.3 12.6 21.0' 16.9 7.7 59 Netherlands Antilles 2.6 1.7 2.5 2.6 1.9 1.9 2.9 1.7 5.8 2.8' 3.3 60 Panama5 3.9 3.9 3.4 3.3 2.5 3.2 3.8 3.4' 3.5' 3.2' 3.3 61 Lebanon 62 Hong Kong, China 23.3 2L0 22.2 20.7 20^6 18.7 2L5 223' 17^9 18^9 15.7 63 Singapore 11.1 10.1 4.1 13.6 12.6 15.2 14.6 12.9 15.2' 15.5 13.5 64 Other .2 .1 .1 .1 .1 .2 .1 .1 .0 .1 .0 65 Miscellaneous and unallocated7 495.1 387.9 376.1 342.1 351.1 391.2 472.4 478.6 608.1 134.6 113.4 1. The banking offices covered by these data include U.S. offices and foreign branches of 2. Organization of Petroleum Exporting Countries, shown individually; other members of U.S. banks, including US. 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 • September 2002 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period 2000 2001 2002 TTyyppee ooff lliiaabbiilliittyy,, aanndd aarreeaa oorr ccoouunnttrryy 11999988 11999999 22000000 Dec. Mar. June Sept. Dec. Mar.P 1 Total 46,570 53,044 73,904 73,904 73,655 68,028 53,526 66,718 74,085 2 Payable in dollars 36,668 37,605 48,931 48,931 46,526 41,734 35,347 42,957 46,853 3 Payable in foreign currencies 9,902 15,415 24,973 24,973 27,129 26,294 18,179 23,761 27,232 By type 4 Financial liabilities 19,255 27,980 47,419 47,419 47,808 41,908 27,502 41,034 45,588 5 Payable in dollars 10,371 13,883 25,246 25,246 23,201 17,655 11,415 18,763 20,122 6 Payable in foreign currencies 8,884 14,097 22,173 22,173 24,607 24,253 16,087 22,271 25,466 7 Commercial liabilities 27,315 25,064 26,485 26,485 25,847 26,120 26,024 25,684 28,497 8 Trade payables 10,978 12,857 14,293 14,293 12,481 13,127 11,740 11,820 14,923 9 Advance receipts and other liabilities 16,337 12,207 12,192 12,192 13,366 12,993 14,284 13,864 13,574 10 Payable in dollars 26,297 23,722 23,685 23,685 23,325 24,079 23,932 24,194 26,731 11 Payable in foreign currencies 1,018 1,318 2,800 2,800 2,522 2,041 2,092 1,490 1,766 By area or country Financial liabilities 12 Europe 12,589 23,241 34,172 34,172 37,422 32,785 22,083 31,806 38,697 13 Belgium and Luxembourg 79 31 147 147 112 98 76 154 119 14 France 1,097 1,659 1,480 1,480 1,553 1,222 1,538 2,841 3,531 15 Germany 2,063 1,974 2,168 2,168 2,624 2,463 1,994 2,344 2,802 16 Netherlands 1,406 1,996 2,016 2,016 2,169 1,763 1,998 1,954 1,951 17 Switzerland 155 147 104 104 103 93 92 94 84 18 United Kingdom 5,980 16,521 26,362 26,362 28,812 25,363 14,819 22,852 28,180 19 Canada 693 284 411 411 718 628 436 955 942 20 Latin America and Caribbean 1,495 892 4,125 4,125 3,632 2,100 414 2,858 1,547 21 Bahamas 7 1 6 6 18 40 5 157 5 22 Bermuda 101 5 1,739 1,739 1,837 461 47 960 836 23 Brazil 152 126 148 148 26 21 22 35 35 24 British West Indies 957 492 406 406 1,657 1,508 243 1,627 612 25 Mexico 59 25 26 26 31 20 24 36 27 26 Venezuela 2 0 2 2 1 1 3 2 1 27 Asia 3,785 3,437 7,965 7,965 5,324 5,639 3,869 5,042 4,010 28 Japan 3,612 3,142 6,216 6,216 4,757 3,297 3,442 3,269 3,299 29 Middle Eastern oil-exporting countries1 0 4 11 11 15 8 9 10 15 30 Africa 28 28 52 52 38 61 59 53 122 31 Oil-exporting countries2 0 0 0 0 0 0 5 5 91 32 All other3 665 98 694 694 674 695 672 320 270 Commercial liabilities 33 Europe 10,030 9,262 9,629 9,629 8,792 8,723 8,855 9,230 8,381 34 Belgium and Luxembourg 278 140 293 293 251 297 160 99 105 35 France 920 672 979 979 689 665 892 735 701 36 Germany 1,392 1,131 1,047 1,047 982 1,017 966 908 550 37 Netherlands 429 507 300 300 349 343 343 1,163 463 38 Switzerland 499 626 502 502 623 697 683 790 637 39 United Kingdom 3,697 3,071 2,847 2,847 2,542 2,706 2,296 2,280 2,748 40 Canada 1,390 1,775 1,933 1,933 1,625 1,957 1,569 1,633 1,813 41 Latin America and Caribbean 1,618 2,310 2,381 2,381 2,166 2,293 2,879 2,729 3,457 42 Bahamas 14 22 31 31 5 31 44 52 23 43 Bermuda 198 152 281 281 280 367 570 591 433 44 Brazil 152 145 114 114 239 279 312 290 277 45 British West Indies 10 48 76 76 64 21 28 45 67 46 Mexico 347 887 841 841 792 762 884 901 1,460 47 Venezuela 202 305 284 284 243 218 242 166 281 48 Asia 12,342 9,886 10,983 10,983 11,542 11,384 11,114 10,532 12,992 49 Japan 3,827 2,609 2,757 2,757 2,431 2,377 2,421 2,592 4,294 50 Middle Eastern oil-exporting countries' 2,852 2,551 2,832 2,832 3,359 3,087 3,053 2,642 3,150 51 Africa 794 950 948 948 1,072 1,115 938 836 976 52 Oil-exporting countries2 393 499 483 483 566 539 471 436 454 53 Other3 1,141 881 614 614 650 648 669 724 878 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 2002 Type of claim, and area or country 11999988 11999999 22000000 Dec. Mar. June Sept. Dec. Mar.p 1 Total 77,462 76,669 90,157 90,157 107,705 97,470 94,076 113,155 102,147 2 Payable in dollars 72,171 69,170 79,558 79,558 94,932 87,690 83,292 103,937 92,563 3 Payable in foreign currencies 5,291 7,472 10,599 10,599 12,773 9,780 10,784 9,218 9,584 By type 4 Financial claims 46,260 40,231 53,031 53,031 74,255 61,891 60,015 81,287 71,696 5 Deposits 30,199 18,566 23,374 23,374 25,419 25,381 22,391 29,801 28,128 6 Payable in dollars 28,549 16,373 21,015 21,015 23,244 23,174 19,888 27,850 26,317 7 Payable in foreign currencies 1,650 2,193 2,359 2,359 2,175 2,207 2,503 1,951 1,811 8 Other financial claims 16,061 21,665 29,657 29,657 48,836 36,510 37,624 51,486 43,568 9 Payable in dollars 14,049 18,593 25,142 25,142 41,417 32,038 32,076 46,621 39,553 10 Payable in foreign currencies 2,012 3,072 4,515 4,515 7,419 4,472 5,548 4,865 4,015 11 Commercial claims 31,202 36,438 37,126 37,126 33,450 35,579 34,061 31,868 30,451 12 Trade receivables 27,202 32,629 33,104 33,104 28,958 30,631 29,328 27,586 25,635 13 Advance payments and other claims 4,000 3,809 4,022 4,022 4,492 4,948 4,733 4,282 4,816 14 Payable in dollars 29,573 34,204 33,401 33,401 30,271 32,478 31,328 29,466 26,693 15 Payable in foreign currencies 1,629 2,207 3,725 3,725 3,179 3,101 2,733 2,402 3,758 By area or country Financial claims 16 Europe 12,294 13,023 23,136 23,136 31,855 23,975 23,069 26,118 23,671 17 Belgium and Luxembourg 661 529 296 296 430 262 372 625 751 18 France 864 967 1,206 1,206 3,142 1,376 1,682 1,450 1,801 19 Germany 304 504 848 848 1,401 1,163 1,112 1,068 941 20 Netherlands 875 1,229 1,396 1,396 2,313 1,072 954 2,138 1,820 21 Switzerland 414 643 699 699 613 653 665 589 308 22 United Kingdom 7,766 7,561 15,900 15,900 20,938 15,913 15,670 16,510 14,023 23 Canada 2,503 2,553 4,576 4,576 4,847 4,787 4,254 6,193 5,291 24 Latin America and Caribbean 27,714 18,206 19,317 19,317 28,791 24,403 26,099 41,201 35,001 25 Bahamas 403 1,593 1,353 1,353 561 818 649 976 1,197 26 Bermuda 39 11 19 19 1,729 426 80 918 611 27 Brazil 835 1,476 1,827 1,827 1,648 1,877 2,065 2,127 1,892 28 British West Indies 24,388 12,099 12,596 12,596 21,227 17,505 19,234 32,965 27,350 29 Mexico 1,245 1,798 2,448 2,448 2,461 2,633 2,910 3,075 2,777 30 Venezuela 55 48 87 87 38 66 80 83 79 31 Asia 3,027 5,457 4,697 4,697 7,215 6,829 5,274 6,430 6,489 32 Japan 1,194 3,262 1,631 1,631 3,867 1,698 1,761 1,604 2,009 33 Middle Eastern oil-exporting countries 9 23 80 80 86 76 100 135 79 34 Africa 159 286 411 411 430 476 456 414 390 16 15 57 57 42 35 83 49 51 35 Oil-exporting countries2 36 All other3 563 706 894 894 1,117 1,421 891 931 854 Commercial claims 13,246 16,389 15,938 15,938 13,775 14,469 14,381 14,036 12,720 37 Europe 238 316 452 452 395 403 354 268 272 38 Belgium and Luxembourg 2,171 2,236 3,095 3,095 3,479 3,190 3,062 2,922 2,884 39 France 1,822 1,960 1,982 1,982 1,586 1,993 1,977 1,662 1,201 40 Germany 467 1,429 1,729 1,729 757 863 844 529 415 41 Netherlands 483 610 763 763 634 473 514 611 436 42 Switzerland 4,769 5,827 4,502 4,502 3,562 3,724 3,571 3,839 3,585 43 United Kingdom 44 Canada 2,617 2,757 3,502 3,502 3,392 3,470 3,116 2,855 2,798 45 Latin America and Caribbean 6,296 5,959 5,851 5,851 5,144 6,033 5,590 4,874 4,908 46 Bahamas 24 20 37 37 20 39 35 42 42 47 Bermuda 536 390 376 376 407 650 526 369 422 48 Brazil 1,024 905 957 957 975 1,363 1,183 958 842 49 British West Indies 104 181 137 137 130 135 124 95 73 50 Mexico 1,545 1,678 1,507 1,507 1,350 1,375 1,442 1,401 1,236 51 Venezuela 401 439 328 328 292 321 301 288 312 52 Asia 7,192 9,165 9,630 9,630 8,985 9,499 8,704 7,855 7,534 53 Japan 1,681 2,074 2,796 2,796 2,560 3,148 2,438 2,007 1,976 54 Middle Eastern oil-exporting countries 1,135 1,625 1,024 1,024 966 1,040 919 851 661 55 Africa 711 631 672 672 773 601 838 645 630 56 Oil-exporting countries2 165 171 180 180 165 102 170 88 109 57 Other3 1,140 1,537 1,572 1,572 1,381 1,507 1,432 1,603 1,861 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 • September 2002 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 2002 2001 2002 TTrraannssaaccttiioonn,, aanndd aarreeaa oorr ccoouunnttrryy 22000000 22000011 J M an ay .- Nov. Dec. Jan. Feb. Mar.r Apr.' Mayp U.S. corporate securities STOCKS 1 Foreign purchases 3,605,196 3,051,335' 1,348,881 241,311' 239,276' 255,717' 259,946' 286,550 272,125 274,543 2 Foreign sales 3,430,306 2,934,949' 1,323,766 228,139' 225,992' 247,101' 257,845' 279,633 264,298 274,889 3 Net purchases, or sales (-) 174,890 116,386 25,115 13,172r 13,284r 8,616 2,101 6,917 7,827 -346 4 Foreign countries 174,903 116,183 25,283 13,163r 13,265r 8,737 2,104 6,932 7,834 -324 5 Europe 164,656 88,098 20,025 8,492 6,740 8,730 4,442 6,810 2,591 -2,548 6 France 5,727 5,914 1,943 -845 101 1,302 304 405 1,202 -1,270 7 Germany 31,752 8,415 1,248 698 688 479 429 332 56 -48 8 Netherlands 4,915 10,919 76 1,096 1,271 406 100 192 -663 41 y Switzerland 11,960 3,456 2,508 326 854 470 566 569 814 89 10 United Kingdom 58,736 38,492 6,252 3,248 2,033 3,972 1,323 3,110 -324 -1,829 A Channel Islands and Isle of Man1 n.a. -698 -363 -198 20 -81 -103 -113 -63 -3 12 Canada 5,956 10,984 3,454 938 1,250 591 457 598 1,262 546 13 Latin America and Caribbean -17,812 -5,155' ^1,354 1,835' 3,931 -1,447 -4,495 302 1,989 -703 14 Middle East2 9,189 1,789 -1,273 -105 249 96 -165 -901 -273 -30 15 Other Asia 12,494 20,724' 6,846 1,809' 599' 571' 1,634' 245 2,143 2,253 16 Japan 2,070 6,788 5,347 414 65 -209 194 1,002 1,244 3,116 17 415 -366 -21 -9 -7 32 5 -26 -41 9 18 Other countries 5 109' 606 203' 503 164' 226' -96 163 149 19 Nonmonetary international and regional organizations -11 203 -167 9 19 -121 -2 -15 -7 -22 BONDS3 20 Foreign purchases 1,208,386 1,943,158 1,006,592 187,115 177,721 181,519 168,724 219,993 217,174 219,182 21 Foreign sales 871,416 1,556,217 840,497 156,019 155,238 161,985 155,237 173,530 175,184 174,561 22 Net purchases, or sales (-) 336,970 386,941 166,095 31,096 22,483 19,534 13,487 46,463 41,990 44,621 23 Foreign countries 337,074 386,376 166,239 30,853 22,452 19,624 13,217 46,642 42,005 44,751 24 Europe 180,917 195,798 73,255 16,172 8,077 7,890 4,619 21,094 20,875 18,777 25 France 2,216 5,028 1,390 270 330 68 14 578 380 350 26 Germany 4,067 12,362 1,902 2,001 -12 93 -253 1,545 385 132 27 Netherlands 1,130 1,538 -435 -154 -637 -1,495 550 -173 732 -49 28 Switzerland 3,973 5,721 2,164 417 75 143 826 -102 247 1,050 29 United Kingdom 141,223 153,158 56,548 12,928 5,985 7,619 1,740 16,350 15,540 15,299 30 Channel Islands and Isle of Man1 n.a. 2,000 565 69 404 130 14 309 20 92 31 Canada 13,287 4,595 1,156 25 892 338 -243 869 385 -193 32 Latin America and Caribbean 59,444 77,217 48,142 7,838 5,765 4,655 6,077 13,531 8,261 15,618 33 Middle East1 2,076 2,338 976 432 455 420 342 377 9 -172 34 Other Asia 78,794 106,812 42,267 6,593 7,721 6,802 2,094 10,321 12,440 10,610 35 Japan 39,356 34,099 11,419 1,104 -810 -717 -957 -466 8,511 5,048 36 Africa 938 760 134 71 -45 -30 22 34 95 13 37 Other countries 1,618 -1,144 309 -278 — 13 -451 306 416 -60 98 38 Nonmonetary international and regional organizations -70 566 -144 243 31 -90 270 -179 -15 -130 Foreign securities 39 Stocks, net purchases, or sales (-) -13,088 -50,113 -5,137 2,795 -8,955 3,822 -2,723 5,553 -3,565 -8,224 40 Foreign purchases 1,802,185 1,397,664 543,753 108,043 88,033 103,389 95,364 116,460 114,997 113,543 41 Foreign sales 1,815,273 1,447,777 548,890 105,248 96,988 99,567 98,087 110,907 118,562 121,767 42 Bonds, net purchases, or sales (-) -4,054 30,423' 11,352 -1,184' -945 -5,558 2,245 7,333 461 6,871 43 Foreign purchases 958,932 1,159,185' 515,927 95,702' 69.504 93,550 89,172 109,465 99,383 124,357 44 Foreign sales 962,986 1,128,762 504,575 96,886 70,449 99,108 86,927 102,132 98,922 117,486 45 Net purchases, or sales (-), of stocks and bonds -17,142 -19,690r 6,215 l,611r -9,900 -1,736 -478 12,886 -3,104 -1,353 46 Foreign countries -17,278 -19,102' 6,184 1,617' -9,832 -1,720 -467 12,981 -3,208 -1,402 47 Europe -25,386 -12,117 7,382 2,206 -9,831 -2,417 588 13,670 -4,809 350 48 Canada -3,888 2,943 1,949 -470 1,010 1,381 -289 -764 1,565 56 49 Latin America and Caribbean -15,688 4,245 -277 1,973 118 2,644 -1,469 1,353 -1,106 -1,699 50 Asia 24,488 -11,869 -1,212 -2,138 -1,494 -3,478 614 -949 2,220 381 51 Japan 20,970 -20,116 -2,569 -3,575 -1,924 400 -660 -2,789 998 -518 52 943 -557 -1,197 191 134 72 62 -72 -1,141 -118 53 Other countries 2,253 -1,747' -459 -145' 231 78 29 -257 63 -372 54 Nonmonetary international and regional organizations 150 -587 29 -6 -68 -16 -13 -95 104 49 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 Area or country 2000 2001 JJaann..-- Nov. Dec. Jan. Feb. Mar. Apr/ May" MMaayy 1 Total estimated -54,032 18,472 -12,088 12,676 10,497 -16,762 -169 13,916 -9,146 73 2 Foreign countries -53,571 19,158 -12,636 12,902 10,531 -17,027 -493 13,767 -9,456 573 3 Europe -50,704 -20,510 -12,975 -5,850 278 -6,688 -79 7,068 -6,544 -6,732 4 Belgium2 73 -598 -24 -9 202 -108 -263 410 -71 8 5 Germany -7,304 -1,668 -1,450 54 1,075 -3,466 -277 1,759 -115 649 6 Luxembourg2 n.a. 462 -1,052 -5 -34 -514 -126 79 -325 -166 7 Netherlands 2,140 -6,728 -17,800 -701 -948 -2,098 812 -3,891 -3,295 -9,328 8 Sweden 1,082 -1,190 -140 268 -197 -337 -230 269 103 55 9 Switzerland -10,326 1,412 250 215 335 313 -115 973 -1,262 341 10 United Kingdom -33,669 -7,185 7,120 -7,374 2,007 -86 1,938 7,110 -3,696 1,854 11 Channel Islands and Isle of Man3 n.a. -179 -158 7 -136 -3 47 -251 -35 84 12 Other Europe and former U.S.S.R -2,700 -4,836 279 1,695 -2,026 -389 -1,865 610 2,152 -229 13 Canada -550 -4,136 -195 ^30 2,978 -3,473 1,204 1,695 -1,075 1,454 14 Latin America and Caribbean -4,914 5,046 3,020 6,266 -6,368 2,603 -6,194 -424 -720 7,755 15 Venezuela 1,288 290 2 103 3 33 -12 -7 -18 6 16 Other Latin America and Caribbean -11,581 15,500 8,012 8,393 -3,984 1,635 -3,072 8,838 -1,138 1,749 17 Netherlands Antilles 5,379 -10,744 -4,994 -2,230 -2,387 935 -3,110 -9,255 436 6,000 18 Asia 1,639 37,992 -3,461 11,820 14,423 -9,221 3,862 5,653 -1,389 -2,366 19 Japan 10,580 17,774 -2,674 1,737 4,379 -6,649 2,456 -2,309 3,173 655 20 Africa -414 -880 -75 53 -293 -65 134 70 -176 -38 21 Other 1,372 1,646 1,050 1,043 -487 -183 580 -295 448 500 22 Nonmonetary international and regional organizations -461 -686 548 -226 -34 265 324 149 310 -500 23 International -483 -290 547 63 43 138 52 199 398 -240 24 Latin American Caribbean regional 76 41 -52 43 -25 -1 15 -5 -47 -14 MEMO 25 Foreign countries -53,571 19,158 -12,636 12,902 10,531 -17,027 -493 13,767 -9,456 573 26 Official institutions -6,302 3,474 -1,598 6,266 1,061 -3,000 -2,177 5,254 -1,606 -69 27 Other foreign ^7,269 15,684 -11,038 6,636 9,470 -14,027 1,684 8,513 -7,850 642 Oil-exporting countries 28 Middle East 3,483 865 1,600 2,442 2,217 784 50 137 1,382 -753 29 Africa5 0 -2 -24 0 0 0 -1 2 -25 0 1. Official and private transactions in marketable U.S. Treasury securities having an 3. Before January 2001, these data were included in the data reported for the United original maturity of more than one year. Data are based on monthly transactions reports. Kingdom. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab countries. Emirates (Trucial States). 2. Before January 2001, combined data reported for Belgium and Luxembourg. 5. Comprises Algeria, Gabon, Libya, and Nigeria. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A56 International Statistics • September 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 2002 Feb. Mar. Apr. May June July Exchange rates COUNTRY/CURRENCY UNIT 1 Australia/dollar2 64.54 58.15 51.69 51.28 52.56 53.52 54.98 56.82 55.38 2 Brazil/real 1.8207 1.8301 2.3527 2.4242 2.3450 2.3227 2.4753 2.7144 2.9414 3 Canada/dollar 1.4858 1.4855 1.5487 1.5964 1.5877 1.5815 1.5502 1.5318 1.5456 4 China, P.R./yuan 8.2783 8.2784 8.2770 8.2767 8.2773 8.2772 8.2770 8.2767 8.2768 5 Denmark/krone 6.9900 8.0953 8.3323 8.5343 8.4795 8.3942 8.1098 7.7775 7.4807 6 European Monetary Union/euro3 1.0653 0.9232 0.8952 0.8707 0.8766 0.8860 0.9170 0.9561 0.9935 7 Greece/drachma 306.30 365.92 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8 Hong Kong/dollar 7.7594 7.7924 7.7997 7.7996 7.7997 7.8000 7.7994 7.8000 7.8000 9 India/rupee 43.13 45.00 47.22 48.72 48.77 48.94 49.02 48.98 48.79 10 Japan/yen 113.73 107.80 121.57 133.64 131.06 130.77 126.38 123.29 117.90 11 Malaysia/ringgit 3.8000 3.8000 3.8000 3.8002 3.8000 3.8000 3.8000 3.8000 3.8000 12 Mexico/peso 9.553 9.459 9.337 9.105 9.064 9.165 9.510 9.767 9.779 13 New Zealand/dollar2 52.94 45.68 42.02 41.87 43.33 44.28 46.10 48.86 48.09 14 Norway/krone 7.8071 8.8131 8.9964 8.9492 8.8072 8.6102 8.2050 7.7533 7.4694 15 Singapore/dollar 1.6951 1.7250 1.7930 1.8312 1.8295 1.8285 1.8004 1.7831 1.7524 16 South Africa/rand 6.1191 6.9468 8.6093 11.4923 11.4863 11.0832 10.1615 10.1841 10.1032 17 South Korea/won 1,189.84 1,130.90 1,292.01 1,320.55 1,322.90 1,318.09 1,262.20 1,219.70 1,179.99 18 Sri Lanka/rupee 70.868 76.964 89.602 93.650 94.903 96.030 96.318 96.408 96.266 19 Sweden/krona 8.2740 9.1735 10.3425 10.5501 10.3324 10.3070 10.0642 9.5376 9.3474 20 Switzerland/franc 1.5045 1.6904 1.6891 1.6970 1.6743 1.6542 1.5889 1.5399 1.4718 21 Taiwan/dollar 32.322 31.260 33.824 35.073 35.020 34.917 34.454 33.889 33.272 21 Thailand/baht 37.887 40.210 44.532 43.854 43.415 43.442 42.817 42.160 41.257 23 United Kingdom/pound2 161.72 151.56 143.96 142.27 142.30 144.29 145.98 148.37 155.65 24 Venezuela/bolivar 606.82 680.52 724.10 898.51 922.66 871.38 985.80 1,212.07 1,317.38 Indexes4 NOMINAL 25 Broad (January 1997=100)' 116.87 119.67 126.09 130.03 129.27 128.95 127.35 125.96 124.20 26 Major currencies (March 1973=100)6 94.07 98.32 104.32 108.82 107.76 107.03 104.09 101.42 98.97 27 Other important trading partners (January 1997=100)7 129.94 130.33 136.34 138.64 138.49 138.86 139.71 140.70 140.47 REAL 28 Broad (March 1973=100)' 100.78 104.32 110.42 113.10' 112.79r 112.72' 111.18' 109.94' 108.43 29 Major currencies (March 1973=100)6 97.06 103.17 110.73 115.66r 114.60' 113.96' 110.63' 107.80' 105.53 30 Other important trading partners (March 1973=100)7 114.25 114.53 119.20 119.26r 119.85' 120.50 121.15' 121.93' 121.32 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 June 30, 2001 November 2001 A64 September 30, 2001 February 2002 A64 December 31, 2001 May 2002 A64 March 31,2002 August 2002 A58 Terms of lending at commercial banks August 2001 November 2001 A66 November 2001 February 2002 A66 February 2002 May 2002 A66 May 2002 August 2002 A60 Assets and liabilities of U.S. branches and agencies of foreign banks June 30, 2001 February 2002 A72 September 30,2001 March 2002 A65 December 31, 2001 May 2002 A72 March 31, 2002 August 2002 A66 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 2001 September 2002 A58 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

A58 Special Tables • September 2002 4.34 RESIDENTIAL LENDING ACTIVITY OF FINANCIAL INSTITUTIONS COVERED BY HMDA, 1989-2001 Number Item 1989 1990' 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 1 Loans or applications (millions)2 3.13 6.59 7.89 12.01 15.38 12.19 11.23 14.81 16.41 24.66 22.90 19.24 27.58 2 Reporting institutions 9,203 9,332 9,358 9,073 9,650 9,858 9,539 9,328 7,925 7,836 7,832 7,713 7,631 3 Disclosure reports 14,154 24,041 25,934 28,782 35,976 38,750 36,611 42,946 47,416 57,294 56,966 52,776 53,066 1. Before 1990, includes only home purchase, home refinancing, and home-improvement 2. Revised from preliminary data published in Glenn B. Canner and Dolores S. Smith, loans originated by covered institutions; beginning in 1990 (first year under revised reporting "Home Mortgage Disclosure Act: Expanded Data on Residential Lending," Federal Reserve system), includes such loans originated and purchased, applications approved but not ac- Bulletin, vol. 77 (November 1991), p. 861, to reflect corrections and the reporting of cepted by the applicant, applications denied or withdrawn, and applications closed because additional data. information was incomplete. SOURCE. FFIEC, Home Mortgage Disclosure Act. 4.35 APPLICATIONS FOR HOME LOANS REPORTED UNDER HMDA, 2001 By Type of Dwelling, Purpose of Loan, and Loan Program Thousands One- to four-family dwellings MMuullttiiffaammiillyy LLooaann pprrooggrraamm ddwweelllliinnggss'' AAllll Home purchase Home refinancing Home improvement All 1 FHA 1,048.7 552.6 16.7 1,618.0 * 1,618.3 2 VA 223.1 196.4 * 419.9 * 419.9 3 I SA/R1IS 24.6 1.0 * 25.8 * 25.8 4 Conventional 6,375.9 13,507.1 1,826.2 21,709.2 48.2 21,757.4 5 Total 7,672.3 14,257.1 1,843.6 23,772.9 48.5 23,821.4 •Fewer than 500. SOURCE. FFIEC, Home Mortgage Disclosure Act. 1. Multifamily dwellings are those for five or more families. 4.36 HOME LOANS ORIGINATED BY LENDERS REPORTED UNDER HMDA, 2001 By Type of Dwelling, Purpose of Loan, and Type of Lender Percent One- to four-family dwellings TTTyyypppeee ooofff llleeennndddeeerrr FHA-insured gua V ra A nt - eed Ho F m S e A p /R ur H c S ha se Conventional All rreeff HH iinn oo aa mm nncc ee ii nngg iimmpp HH rroo oo vv mm eemm ee eenntt AAllll MMM dddwww uuulll eee tttiii lll fff lll aaa iiinnn mmm ggg iii sss lll ''' yyy AAAllllll 1 Commercial bank 9.0 10.7 16.1 24.2 21.2 26.2 67.0 26.8 58.3 26.9 2 Savings association ... 5.0 5.3 3.1 13.0 11.4 13.6 8.3 12.5 32.4 12.5 3 Credit union .2 2.0 .2 2.1 1.8 3.5 14.8 3.6 .5 3.6 4 Mortgage company2 . . . 85.8 82.0 80.6 60.7 65.7 56.7 9.9 57.1 8.8 57.0 5 Total 100 100 100 100 100 100 100 100 100 100 MEMO Distribution of loans 6 Number 826,948 179,035 19,276 3,907,580 4,932,839 7,877,379 825,098 13,635,316 35,563 13,670,879 7 Percent 6.0 1.3 .1 28.6 36.1 57.6 6.0 99.7 .3 100.0 *Less than .05 percent. 2. Comprises all covered mortgage companies, including those affiliated with a commer- 1. Multifamily dwellings are those for five or more families. cial bank, savings association, or credit union. SOURCE. FFIEC, Home Mortgage Disclosure Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Home Mortgage Disclosure A59 4.37 APPLICATIONS FOR LOANS FOR ONE- TO FOUR-FAMILY HOMES REPORTED UNDER HMDA, 2001 By Purpose of Loan and Characteristics of Applicant and Census Tract Home purchase HHoommee rreeffiinnaanncciinngg HHoommee iimmpprroovveemmeenntt Government-backed1 Conventional CCChhhaaarrraaacccttteeerrriiissstttiiiccc MEMO MEMO Percentage of Percentage of Number Percent characteristic's Number Percent characteristic's Number Percent Number Percent home purchase home purchase loans loans APPLICANT Racial/ethnic identity 1 American Indian or Alaskan Native .... 4,856 .4 15.3 26,932 .5 84.7 36,590 .4 6,813 .6 2 Asian or Pacific Islander 20,792 1.8 8.4 227,352 4.4 91.6 347,983 3.7 23,718 2.2 3 Black 158,397 13.6 29.2 384,688 7.5 70.8 670,784 7.2 113,563 10.6 4 Hispanic 205,821 17.7 31.7 444,007 8.6 68.3 714,683 7.6 101,051 9.4 5 White 725,319 62.5 15.8 3,867,228 75.3 84.2 7,250,491 77.5 799,524 74.3 6 Other 14,000 1.2 16.4 71,551 1.4 83.6 129,081 1.4 10,228 1.0 7 All 31,889 2.7 22.1 112,162 2.2 77.9 202,134 2.2 21,267 2.0 8 Total 1,161,074 100.0 18.4 5,133,920 100.0 81.6 9,351,746 100.0 1,076,164 100.0 Income (percentage of MSA median)2 9 Less than 50 142,296 12.7 23.4 465,990 9.8 76.6 1,058,854 9.8 209,525 14.4 10 50-79 387,618 34.6 28.9 951,402 20.1 71.1 2,198,755 20.3 328,940 22.6 11 80-99 225,633 20.2 26.5 624,641 13.2 73.5 1,567,529 14.5 211,735 14.6 12 100-119 152,705 13.6 21.6 555,211 11.7 78.4 1,379,367 12.7 174,694 12.0 13 120 or more 210,972 18.8 9.0 2,143,084 45.2 91.0 4,627,823 42.7 529,110 36.4 14 Total 11,,111199,,222244 100.0 19.1 4,740,328 100.0 80.9 10,832,328 100.0 1,454,004 100.0 CENSUS TRACT Racial/ethnic composition (minorities as percentage of population) 15 Less than 10 436,816 39.1 15.9 2,316,068 47.4 84.1 5,790,827 48.6 772222,,999922 4488..99 16 10-19 254,907 22.8 19.0 1,089,550 22.3 81.0 2,413,012 20.3 273,674 18.5 17 20-49 273,418 24.5 22.0 968,846 19.8 78.0 2,236,233 18.8 255,086 17.3 18 50-79 86,115 7.7 22.0 305,486 6.3 78.0 802,780 6.7 105,801 7.2 19 80-100 64,678 5.8 23.9 205,914 4.2 76.1 669,538 5.6 121,125 8.2 20 Total 1,115,934 100.0 18.6 4,885,864 100.0 81.4 11,912,390 100.0 1,478,678 100.0 Income3 21 Low 22,446 2.0 18.0 102,059 2.1 82.0 263,564 2.2 51,450 3.4 22 Moderate 181,410 16.1 23.0 606,335 12.4 77.0 1,538,634 12.9 247,187 16.4 23 Middle 657,521 58.2 21.2 2,448,327 49.9 78.8 6,230,998 52.1 803,738 53.3 24 Upper 268,113 23.7 13.3 1,748,309 35.6 86.7 3,932,830 32.9 406,854 27.0 25 Total 1,129,490 100.0 18.7 4,905,030 100.0 81.3 11,966,026 100.0 1,509,229 100.0 Location4 26 Central city 513,867 44.9 20.8 1,962,304 39.4 79.2 4,614,779 38.1 615,498 40.1 27 Non-central city 631,269 55.1 17.3 3,011,878 60.6 82.7 7,499,739 61.9 918,989 59.9 25 Total 1,145,136 100.0 18.7 4,974,182 100.0 81.3 12,114,518 100.0 1,534,487 100.0 NOTE. Lenders reported 23,821,375 applications for home loans in 2001. Not all character- median family income for the MSA in which the tract is located. Categories are defined as istics were reported for all applications; thus, the number of applications being distributed by follows: Low income, median family income for census tract less than 50 percent of median characteristic varies by characteristic. family income for MSA; Moderate income, median family income for census tract at least 50 1. Loans backed by the Federal Housing Administration, the Department of Veterans and less than 80 percent of MSA median; Middle income, median family income at least 80 Affairs, or the Farmers Home Administration. percent and less than 120 percent of MSA median; Upper income, median family income 120 2. Median family income of the metropolitan statistical area (MSA) in which the property percent and greater of MSA median. related to the loan is located. 4. For census tracts located in MSAs. 3. Census tracts are categorized by the median family income for the tract relative to the SOURCE. FFIEC, Home Mortgage Disclosure Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A60 Special Tables • September 2002 4.38 APPLICATIONS FOR LOANS FOR ONE- TO FOUR-FAMILY HOMES REPORTED UNDER HMDA, 2001 By Purpose of Loan with Denial Rate, and by Characteristic of Applicant Home purchase HHoommee rreeffiinnaanncciinngg HHoommee iimmpprroovveemmeenntt ccchhh AAA aaarrr ppp aaa ppp ccc lll ttt iii eee ccc rrr aaa iiisss nnn ttt ttt iii ccc111 Government-backed2 Conventional Distribution Denial rate Distribution Denial rate Distribution Denial rate Distribution Denial rate American Indian or Alaskan Native 1 One male 36.1 11.1 35.1 34.0 32.1 21.4 35.3 40.2 2 Two males 2.0 9.3 1.9 31.7 2.1 17.5 1.6 41.8 3 One female 31.4 11.2 30.3 38.0 26.5 22.5 29.5 42.9 4 Two females 1.8 8.0 1.9 51.3 1.5 21.7 1.1 40.8 5 One male and one female 28.7 10.4 30.7 32.9 37.8 18.3 32.4 30.0 6 Total3 100.0 10.9 100.0 35.3 100.0 20.5 100.0 37.8 Asian or Pacific Islander 7 One male 28.5 8.6 28.5 12.4 20.0 15.5 28.3 37.5 8 Two males 3.6 10.1 1.9 15.3 1.4 15.5 1.3 36.3 9 One female 20.1 7.7 19.8 12.6 16.1 16.1 19.9 37.0 10 Two females 2.4 9.9 1.4 14.0 1.2 15.0 1.2 33.5 11 One male and one female 45.4 7.6 48.4 8.7 61.2 10.5 49.3 23.9 12 Total3 100.0 8.1 100.0 10.8 100.0 12.6 100.0 30.9 Black 13 One male 29.3 11.5 32.7 35.9 28.4 30.0 30.3 49.7 14 Two males .9 12.0 .9 45.1 .8 33.4 .6 52.5 15 One female 40.1 11.5 39.1 37.7 34.3 28.9 40.3 51.5 16 Two females 2.4 12.0 2.1 48.1 1.8 32.0 1.5 52.9 17 One male and one female 27.3 11.2 25.3 31.0 34.6 25.7 27.4 44.9 18 Total3 100.0 11.5 100.0 35.7 100.0 28.2 100.0 49.2 Hispanic 19 One male 30.0 9.9 36.3 25.9 25.0 22.5 35.6 48.8 20 Two males 6.7 9.6 2.7 30.3 2.2 19.5 1.4 49.6 21 One female 15.2 10.2 20.7 24.4 17.5 23.6 23.4 49.3 22 Two females 2.3 10.5 1.5 29.5 1.4 22.4 1.0 50.9 23 One male and one female 45.7 9.3 38.9 19.8 53.8 19.0 38.6 40.2 24 Total3 100.0 9.7 100.0 23.4 100.0 20.7 100.0 45.7 White 25 One male 29.8 7.1 27.3 19.7 21.9 15.3 24.7 28.1 26 Two males 1.7 5.6 1.3 18.9 1.0 14.0 .8 29.5 27 One female 19.7 6.6 19.6 19.9 16.2 14.9 19.1 27.6 28 Two females 1.3 6.7 1.1 24.2 .9 14.9 .8 28.6 29 One male and one female 47.5 5.9 50.8 12.0 60.1 10.0 54.5 18.1 30 Total3 100.0 6.4 100.0 15.9 100.0 12.1 100.0 22.6 All 31 One male 29.8 8.3 28.6 21.6 22.6 17.4 26.5 33.8 32 Two males 2.5 8.0 1.4 22.0 1.1 16.1 .9 34.5 33 One female 21.8 8.4 21.3 22.6 17.7 17.7 21.9 34.9 34 Two females 1.7 8.9 1.2 27.7 1.0 18.1 .9 35.2 35 One male and one female 44.2 7.1 47.5 13.3 57.7 11.4 49.8 21.5 36 Total3 100.0 7.8 100.0 18.0 100.0 14.0 100.0 28.0 1. Applicants are categorized by race of first applicant listed on Loan Application Register, 3. Includes all applicants from racial or ethnic group regardless of whether gender was except for joint white and minority applications, which are not shown in this table. reported. 2. Loans backed by the Federal Housing Administration, the Department of Veterans SOURCE. FFIEC, Home Mortgage Disclosure Act. Affairs, or the Farmers Home Administration. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Home Mortgage Disclosure A61 4.39 APPLICATIONS FOR HOME LOANS REPORTED UNDER HMDA, 2001 By Loan Program and Size of Dwelling Percent One- to four-family dwellings Home purchase Home refinancing Approved Approved Approved Approved and but not and but not accepted accepted accepted accepted 78.9 3.6 8.0 7.9 1.6 100 73.4 6.1 7.1 10.0 3.3 100 80.3 3.6 6.7 8.2 1.2 100 76.7 5.0 4.5 11.2 2.6 100 78.2 2.1 12.3 6.1 1.3 100 74.7 3.4 8.9 11.5 1.5 100 6 6 4 1 . . 3 3 8 8 . .9 0 2 1 1 9 . . 4 1 6 7 . . 8 0 1 1 . . 6 6 1 1 0 0 0 0 5 5 5 4 . . 3 2 7 7 . . 7 6 2 20 1 . .6 8 1 13 3 . . 1 3 3 3 . . 2 2 1 1 0 00 0 One- to four-family dwellings Multifamily dwellings' Home improvement Approved Approved Approved Approved and but not and but not accepted accepted accepted accepted 41.5 6.8 33.9 17.5 100 100 48.1 7.3 33.1 11.5 100 100 34.6 2.6 42.4 20.4 100 100 44.8 10.0 35.2 8.7 100 73.4 5.1 10.8 6.6 4.1 100 44.8 10.0 35.1 100 73.4 5.1 10.8 6.6 4.1 100 NOTE. Loans approved and accepted were approved by the lender and accepted by the *Less than .05 percent. applicant. Loans approved but not accepted were approved by the lender but not accepted by 1. Multifamily dwellings are those for five or more families. the applicant. Applications denied were denied by the lender, and applications withdrawn SOURCE. FFIEC, Home Mortgage Disclosure Act. were withdrawn by the applicant. When an application was left incomplete by the applicant, the lender reported file closed and took no further action. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A62 Special Tables • September 2002 4.40 APPLICATIONS FOR ONE- TO FOUR-FAMILY HOME LOANS REPORTED UNDER HMDA, 2001 By Disposition of Loan and Characteristics of Applicant and Census Tract A. Home Purchase Loans Percent Government-backed1 Conventional Lnaractenstic Approved Denied Withdrawn File closed Total Approved Denied Withdrawn File closed Total APPLICANT Racial or ethnic identity 1 American Indian or Alaskan Native 76.7 10.9 9.1 3.3 100 55.1 35.3 7.4 2.2 100 2 Asian or Pacific Islander 81.9 8.1 8.3 1.8 100 78.9 10.8 8.0 2.3 100 3 Black 78.5 11.5 8.3 1.7 100 54.1 35.7 7.7 2.4 100 4 Hispanic 78.7 9.7 9.3 2.4 100 65.9 23.4 8.2 2.5 100 5 White 86.1 6.4 6.3 1.2 100 76.8 15.9 5.9 1.3 100 6 Other 77.4 9.6 11.2 1.8 100 70.0 18.5 9.4 2.1 100 7 Joint2 85.1 6.9 6.8 1.1 100 76.5 15.0 6.9 1.5 100 Income ratio (percentage of MSA median 8 Less than 50 78.8 11.6 7.8 1.8 100 55.4 37.0 6.2 1.4 100 9 American Indian or Alaskan Native . . . 70.9 16.0 10.6 2.5 100 49.4 41.5 7.2 1.9 100 10 Asian or Pacific Islander 76.5 11.2 9.9 2.4 100 72.0 18.2 7.9 2.0 100 11 Black 75.4 14.4 8.1 2.1 100 47.6 42.7 7.2 2.4 100 12 Hispanic 77.8 11.9 8.4 2.0 100 56.8 33.9 7.2 2.1 100 13 White 82.7 9.4 6.3 1.5 100 64.1 29.6 5.3 1.1 100 14 Other 74.7 13.8 9.8 1.7 100 59.1 31.1 8.0 1.9 100 15 Joint2 75.6 14.3 8.0 2.1 100 57.0 33.7 8.0 1.3 100 16 50-79 84.2 7.5 6.8 1.4 100 69.9 22.0 6.4 1.7 100 17 American Indian or Alaskan Native . . . 77.5 10.0 9.2 3.3 100 62.3 27.4 7.9 2.4 100 18 Asian or Pacific Islander 84.2 7.7 6.5 1.6 100 79.3 11.6 7.1 2.0 100 19 Black 80.1 10.8 7.4 1.6 100 58.4 30.7 7.9 2.9 100 20 Hispanic 81.3 9.0 7.8 1.8 100 66.0 24.3 7.4 2.3 100 21 White 87.5 6.0 5.4 1.1 100 76.7 16.6 5.4 1.3 100 22 Other 81.3 9.4 7.8 1.5 100 71.0 18.2 8.9 1.8 100 23 Joint2 84.3 7.3 7.2 1.2 100 69.0 23.1 6.4 1.5 100 24 80-119 85.5 6.4 6.9 1.2 100 77.4 13.9 6.8 1.8 100 25 American Indian or Alaskan Native . . . 83.6 7.9 6.6 1.9 100 68.8 19.5 8.5 3.2 100 26 Asian or Pacific Islander 84.1 6.5 7.7 1.7 100 80.7 9.9 7.3 2.2 100 27 Black 81.3 9.9 7.3 1.5 100 63.2 24.7 8.8 3.3 100 28 Hispanic 80.7 9.0 8.4 1.9 100 70.1 19.1 8.3 2.6 100 29 White 88.7 5.0 5.3 1.0 100 82.5 10.4 5.7 1.4 100 30 Other 63.9 6.3 8.4 1.1 100 21.7 3.7 2.5 .5 100 31 Joint2 86.9 6.0 6.1 1.0 100 78.4 13.6 6.6 1.5 100 32 120 or more 84.7 5.9 7.8 1.5 100 82.6 8.6 7.0 1.8 100 33 American Indian or Alaskan Native . . . 80.9 6.6 9.4 3.0 100 74.3 13.6 8.9 3.2 100 34 Asian or Pacific Islander 82.0 7.7 8.6 1.7 100 80.8 8.9 7.8 2.5 100 35 Black 81.3 9.0 8.4 1.3 100 69.0 19.0 9.2 2.8 100 36 Hispanic 76.5 8.8 10.7 3.9 100 74.9 13.5 8.4 3.2 100 37 White 88.8 4.6 5.7 .9 100 85.8 6.8 5.9 1.5 100 38 Other 78.1 7.9 12.2 1.9 100 78.2 10.7 8.6 2.5 100 39 Joint2 87.5 5.6 6.1 .9 100 83.9 7.6 6.9 1.7 100 CENSUS TRACT Racial or ethnic composition (minorities as percentage of population) 40 Less than 10 86.6 6.3 5.9 1.1 100 79.6 13.0 6.1 1.4 100 41 10-19 85.0 6.8 7.0 1.3 100 76.7 14.0 7.5 1.9 100 42 20 49 82.4 7.9 8.3 1.5 100 72.4 17.4 8.1 2.1 100 43 50-79 78.3 10.3 9.5 2.0 100 67.4 21.5 8.7 2.4 100 44 80-100 73.4 12.5 11.6 2.6 100 59.2 28.0 10.2 2.7 100 Income4 45 Low 73.3 13.0 11.1 2.7 100 60.0 28.1 9.3 2.6 100 46 Moderate 80.2 9.3 8.5 2.0 100 65.5 24.6 7.8 2.0 100 47 Middle 84.4 7.3 7.0 1.3 100 74.8 16.6 6.9 1.7 100 48 Upper 84.9 6.4 7.4 1.3 100 81.9 9.3 7.0 1.8 100 Location5 49 Central city 82.6 7.8 7.9 1.6 100 73.9 16.6 7.5 2.0 100 50 Non-central city 84.4 222.0 146.1 37.2 100 77.0 14.5 6.9 1.6 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Home Mortgage Disclosure A63 4.40 APPLICATIONS FOR ONE- TO FOUR-FAMILY HOME LOANS REPORTED UNDER HMDA, 2001 By Disposition of Loan and Characteristics of Applicant and Census Tract—Continued B. Home Refinancing and Home-Improvement Loans Percent Home refinancing Home improvement CChhaarraacctteerriissttiicc Approved Denied Withdrawn File closed Total Approved Denied Withdrawn File closed Total APPLICANT Racial or ethnic identity 1 American Indian or Alaskan Native 63.4 20.5 11.3 4.8 100 58.4 37.8 2.9 .9 110000 2 Asian or Pacific Islander 76.2 12.6 8.1 3.1 100 63.5 30.9 4.3 1.3 100 3 Black 57.2 28.2 10.6 4.0 100 47.4 49.2 3.0 .4 100 4 Hispanic 64.0 20.7 10.5 4.7 100 50.2 45.7 3.4 .7 100 5 White 78.4 12.1 7.2 2.3 100 73.5 22.6 3.2 .6 100 6 Other 62.1 22.6 12.4 2.9 100 56.3 37.0 5.3 1.4 100 7 Joint2 77.5 12.6 7.5 2.5 100 70.2 25.4 3.5 .9 100 Income ratio (percentage of MSA median j1 8 Less than 50 45.2 34.6 16.5 3.7 100 41.0 51.0 7.1 .9 110000 9 American Indian or Alaskan Native . . . 49.8 32.3 13.3 4.6 100 47.2 50.0 2.4 .5 110000 10 Asian or Pacific Islander 59.2 24.3 12.4 4.1 100 41.5 53.4 4.2 .9 110000 11 Black 45.3 38.9 11.3 4.5 100 39.6 57.5 2.5 .3 100 12 Hispanic 51.2 31.9 12.6 4.3 100 36.8 59.9 2.9 .4 100 13 White 64.8 22.3 9.9 3.1 100 60.6 35.8 3.2 .4 100 14 Other 36.4 46.2 15.4 2.0 100 37.2 57.5 4.3 1.0 100 15 Joint2 58.0 28.0 10.6 3.4 100 50.4 47.0 2.5 .2 100 16 50-79 57.6 24.5 14.4 3.5 100 49.0 41.0 8.8 1.2 100 17 American Indian or Alaskan Native . . . 60.2 24.4 11.2 4.2 100 54.5 41.8 3.1 .7 100 18 Asian or Pacific Islander 72.1 15.9 8.5 3.5 100 55.7 39.2 4.1 1.0 100 19 Black 52.8 32.1 10.7 4.4 100 44.9 51.6 3.1 .4 100 20 Hispanic 61.2 24.2 10.7 3.9 100 44.2 51.7 3.5 .6 100 21 White 74.4 15.2 7.8 2.6 100 68.2 28.1 3.1 .6 100 22 Other 55.2 29.7 12.5 2.6 100 49.2 44.2 5.7 .9 100 23 Joint2 70.4 18.3 8.4 3.0 100 60.2 35.8 3.2 .8 100 24 80-119 64.5 19.3 12.9 3.3 100 57.0 32.4 9.1 1.5 100 25 American Indian or Alaskan Native . . . 65.3 19.8 10.1 4.8 100 60.3 34.9 3.8 1.0 100 26 Asian or Pacific Islander 76.1 12.9 7.9 3.1 100 64.8 29.3 4.4 1.5 100 27 Black 57.3 28.2 10.4 4.2 100 50.3 46.0 3.1 .5 100 28 Hispanic 63.8 21.9 10.2 4.1 100 51.8 43.8 3.7 .7 100 29 White 78.7 12.0 7.0 2.4 100 74.0 22.0 3.3 .6 100 30 Other 5.0 1.7 .9 .2 100 2.1 1.4 .2 .1 100 31 Joint2 75.2 14.6 7.7 2.6 100 67.4 28.8 3.2 .6 100 32 120 or more 71.9 14.6 10.4 3.0 100 65.7 24.1 8.4 1.8 100 33 American Indian or Alaskan Native . . . 69.9 16.6 9.4 4.1 100 68.8 26.4 3.4 1.5 100 34 Asian or Pacific Islander 79.4 10.7 7.1 2.8 100 70.8 23.8 4.0 1.5 100 35 Black 62.2 24.4 9.8 3.6 100 56.8 39.3 3.3 .6 100 36 Hispanic 66.7 17.9 9.2 6.1 100 60.7 35.1 3.3 .9 100 37 White 82.6 9.1 6.1 2.1 100 79.4 16.4 3.4 .8 100 38 Other 71.9 15.4 9.5 3.2 100 66.2 26.9 5.0 1.8 100 39 Joint2 80.2 10.9 6.6 2.3 100 75.3 20.0 3.6 1.1 100 CENSUS TRACT Racial or ethnic composition (minorities as percentage of population) 40 Less than 10 68.7 17.2 11.4 2.8 100 62.2 2288..11 88..22 11..55 110000 41 10-19 65.5 18.6 12.6 3.2 100 55.5 33.4 9.5 1.6 100 42 20-49 60.1 22.2 14.1 3.6 100 47.1 40.9 10.5 1.5 100 43 50-79 53.3 26.9 15.7 4.0 100 40.3 47.5 10.8 1.4 100 44 80-100 44.1 34.4 17.1 4.4 100 35.4 53.3 10.0 1.2 100 Income4 45 Low 44.1 35.3 16.6 3.9 100 34.8 55.6 8.4 1.2 100 46 Moderate 52.1 28.6 15.6 3.7 100 43.1 46.8 9.0 1.2 100 47 Middle 63.0 20.7 13.1 3.2 100 54.9 34.7 9.0 1.4 100 48 Upper 71.6 14.5 10.8 3.0 100 62.3 26.8 9.1 1.8 100 Location5 49 Central city 61.0 22.2 13.5 3.4 100 50.4 39.6 8.7 1.3 100 50 Non-central city 65.9 18.7 12.3 3.1 100 56.9 32.4 9.2 1.5 100 NOTE. Applicant income ratio is applicant income as a percentage of MSA median. MSA median family income for the MSA in which the tract is located. Categories are defined as median is median family income of the metropolitan statistical area (MSA) in which the follows: Low income, median family income for census tract less than 50 percent of median property related to the loan is located. family income for MSA; Moderate income, median family income for census tract at least 50 1. Loans backed by the Federal Housing Administration, the Department of Veterans percent and less than 80 percent of MSA median; Middle income, median famly income at Affairs, or the Farmers Home Administration. least 80 percent and less than 120 percent of MSA median; Upper income, median family 2. White and minority. income 120 percent and greater of MSA median. 3. MSA median is median family income of the metropolitan statistical area (MSA) in 5. For census tracts located in MSAs. which the property related to the loan is located. SOURCE. FFIEC, Home Mortgage Disclosure Act. 4. Census tracts are categorized by the median family income for the tract related to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A64 Special Tables • September 2002 4.41 HOME LOANS SOLD, 2001 By Purchaser and Characteristics of Borrower and Census Tract Fannie Mae Ginnie Mae Freddie Mac FAMC Commercial bank Number Percent Number Percent Number Percent Number Percent Number Percent 1 All 3,201,600 100.0 1,282,365 100.0 2,350,351 100.0 1,335 100.0 274,103 100.0 BORROWER Racial or ethnic identity 2 American Indian or Alaskan Native 7,967 .3 3,637 .4 4,276 .2 5 .4 635 .3 3 Asian or Pacific Islander 96,319 4.2 14,264 1.6 72,976 3.9 179 14.0 8,193 3.5 4 Black 81,776 3.5 117,245 13.5 50,148 2.7 160 12.5 15,595 6.6 5 Hispanic 128,217 5.5 134,209 15.5 86,821 4.6 245 19.1 21,148 9.0 6 White 1,932,077 83.3 562,713 64.9 1,602,361 85.3 660 51.5 182,983 77.5 7 Other 21,221 .9 9,520 1.1 24,224 1.3 14 1.1 2,037 .9 8 Joint 51,482 2.2 26,000 3.0 38,597 2.1 19 1.5 5,372 2.3 9 Total 2,319,059 100.0 867,588 100.0 1,879,403 100.0 1,282 100.0 235,963 100.0 Income ratio (percentage of MSA median) IU Less than 50 136,745 6.0 74,200 11.3 97,914 5.5 97 9.7 15,497 6.8 11 50-79 427,945 18.9 220,659 33.6 310,884 17.5 325 32.5 45,753 20.2 12 80-99 343,606 15.1 138,069 21.0 259,369 14.6 213 21.3 31,647 14.0 13 100-119 320,226 14.1 94,718 14.4 250,672 14.1 113 11.3 28,438 12.6 14 120 or more 1,039,629 45.8 129,708 19.7 856,108 48.2 253 25.3 105,011 46.4 15 Total 2,268,151 100.0 657,354 100.0 1,774,947 100.0 1,001 100.0 226,346 100.0 CENSUS TRACT Racial or ethnic composition (minorities as percentage of population) 16 Less than 10 1,539,662 55.1 461,314 39.6 1,191,770 59.1 428 38.7 119,303 48.9 17 10-19 591,524 21.2 277,013 23.8 408,488 20.3 193 17.5 56,031 22.9 18 20-49 461,877 16.5 283,404 24.3 306,894 15.2 225 20.3 46,970 19.2 19 50-79 131,015 4.7 84,269 7.2 74,107 3.7 79 7.1 12,800 5.2 20 80-100 69,540 2.5 59,488 5.1 33,577 1.7 181 16.4 9,117 3.7 21 Total 2,793,618 100.0 1,165,488 100.0 2,014,836 100.0 1,106 100.0 244,221 100.0 Income 22 Low 30,082 1.1 17,577 1.5 16,870 .8 40 3.6 3,598 1.5 23 Moderate 246,304 8.8 167,144 14.3 155,221 7.7 165 14.9 26,818 10.9 24 Middle 1,446,211 51.6 698,871 59.7 1,036,676 51.4 613 55.5 119,787 48.6 25 Upper 1,077,483 38.5 287,553 24.6 809,396 40.1 286 25.9 96,205 39.0 26 Total 2,800,080 100.0 1,171,145 100.0 2,018,163 100.0 1,104 100.0 246,408 100.0 Location 27 Central city 999,239 35.7 484,135 41.3 702,101 34.8 386 34.6 90,162 36.5 28 Non-central city 1,801,974 64.3 687,439 58.7 1,316,924 65.2 729 65.4 156,560 63.5 29 Total 2,801,213 100.0 1,171,574 100.0 2,019,025 100.0 1,115 100.0 246,722 100.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A65 4.41 HOME LOANS SOLD, 2001 By Purchaser and Characteristics of Borrower and Census Tract—Continued Savings ban a k s s o o r c i s a a t v io in n g s and loan Life insurance company Affiliate Other CChhaarraacctteerriissttiicc Number Percent Number Percent Number Percent Number Percent 30 All 114400,,997766 100.0 99,,225577 100.0 999933,,000066 100.0 2,915,824 100.0 BORROWER Racial or ethnic identity 31 American Indian or 301 .3 19 .2 2,473 .3 7,357 .3 32 Asian or Pacific 5555,,,,999966662222 5.4 157 1.8 37,539 5.0 76,930 3.6 33 Black 4444,,,,666622224444 4.2 260 3.0 45,194 6.0 169,416 8.0 8888,,,,222244448888 7.5 411 4.8 71,506 9.6 195,977 9.2 35 White 88887777,,,,111188884444 79.3 7,574 87.6 562,724 75.2 1,593,549 75.1 36 Other 964 .9 56 .6 10,345 1.4 24,540 1.2 37 Joint 2,681 2.4 165 1.9 18,481 2.5 52,922 2.5 38 Total 110099,,996644 100.0 8,642 100.0 748,262 100.0 2,120,691 100.0 Income ratio (percentage of MSA median)1 39 Less than 50 55,,223355 4.8 538 7.3 49,872 6.6 166,785 8.1 40 50-79 18,566 17.0 1,528 20.7 131,424 17.4 429,978 20.8 4 4 1 2 8 1 0 0 - 0 9 - 9 1 19 1 11114444 4 ,,,, , 7777 9 3333 7 8888 0 1 1 3 3 . . 7 5 1, 9 1 6 0 2 8 1 1 5 3 . . 0 0 9 8 3 3 , , 2 3 9 2 5 2 1 12 1 . . 3 0 3 26 0 0 0 , , 0 2 4 7 2 9 1 1 4 2 . . 5 6 55555555,,,,444499991111 50.9 3,249 44.0 398,295 52.7 909,557 44.0 44 Total 111100009999,,,,000000000000 110000..00 77,,338855 100.0 775566,,220088 100.0 22,,006666,,664411 100.0 CENSUS TRACT Racial or ethnic composition (minorities as percentage of population) 66661111,,,,555566666666 47.4 3,994 51.6 391,193 44.9 1,137,073 44.3 46 10-19 33330000,,,,111122228888 23.2 1,992 25.7 207,717 23.8 586,760 22.8 47 20-49 22225555,,,,222266660000 19.4 1,285 16.6 182,126 20.9 550,508 21.4 48 50-79 8888,,,,333366667777 6.4 332 4.3 55,258 6.3 171,978 6.7 49 80-100 4444,,,,666655557777 3.6 137 1.8 35,813 4.1 123,248 4.8 50 Total 111122229999,,,,999977778888 100.0 7,740 100.0 872,107 100.0 2,569,567 100.0 Income2 1111 2222 3333 ,,,, ,,,, 0000 1111 7777 1111 6666 9999 10 1 . . 1 6 7 1 8 3 7 0 10 1 . . 2 7 9 1 7 4 , , 9 9 5 8 5 3 1 1 1 . . 7 0 3 5 1 1 4 , , 0 1 1 9 5 0 1 2 2 . . 0 2 53 Middle 63,222 48.7 3,842 49.7 415,535 46.7 1,304,496 50.8 555111,,,444666444 39.6 2,966 38.4 361,792 40.6 899,561 35.0 55 Total 111222999,,,888888111 100.0 77,,772255 100.0 890,265 100.0 2,569,262 100.0 Location 444666,,,555222333 35.8 33,,336666 43.3 349,044 39.2 1,032,321 40.1 888333,,,444666111 64.2 4,410 56.7 541,578 60.8 1,540,111 59.9 58 Total 111222999,,,999888444 100.0 77,,777766 100.0 889900,,662222 100.0 22,,557722,,443322 100.0 NOTE. Includes securitized loans. See also notes to table 4.40. 2. Census tracts are categorized by the median family income for the tract relative to the Fannie Mae—Federal National Mortgage Association median family income for the MSA in which the tract is located. Categories are defined as Ginnie Mae—Government National Mortgage Association follows: Low income, median family income for census tract less than 50 percent of median Freddie Mac—Federal Home Loan Mortgage Corporation family income for MSA; Moderate income, median family income for census tract at least 50 FAMC—Federal Agricultural Mortgage Corporation percent and less than 80 percent of MSA median; Middle income, median famly income at Affiliate—Affiliate of institution reporting the loan least 80 percent and less than 120 percent of MSA median; Upper income, median family 1. Median family income of the metropolitan statistical area (MSA) in which the property income 120 percent and greater of MSA median. related to the loan is located. SOURCE. FFIEC, Home Mortgage Disclosure Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A66 Special Tables • September 2002 4.411 LENDER SHARE AND DOLLAR VOLUME OF RESIDENTIAL-MORTGAGE ORIGINATIONS, 1993-20011 Mortgage companies YYeeaarr SSaavviinnggss iinnssttiittuuttiioonnss22 CCoommmmeerrcciiaall bbaannkkss CCrreeddiitt uunniioonnss DDoollllaarr vvoolluummee o S r u s b a s v i i d n i g a s r ie i s n s o ti f t u b t a io n n k s s 3 Independently owned4 ((bbiilllliioonnss ooff ddoollllaarrss)) Conventional one- to four-family 1 1993 23 18 19 37 3 842 2 1994 26 21 19 31 3 539 3 1995 26 21 25 26 2 444 4 1996 26 21 25 26 3 555 5 1997 25 18 26 28 2 630 6 1998 24 16 30 28 2 1,163 7 1999 21 21 29 26 3 960 8 2000 21 23 29 25 2 783 9 2001 19 20 33 26 3 1,630 FHA, VA, and RHS oneto four-family 10 1993 9 5 26 59 1 151 11 1994 10 6 29 54 1 86 12 1995 10 7 34 49 1 75 13 1996 10 6 33 50 1 95 14 1997 9 6 37 48 1 101 15 1998 7 5 38 49 1 150 16 1999 6 6 41 46 1 133 17 2000 5 8 41 45 1 110 18 2001 6 7 43 44 1 185 Total one- to four-family 19 1993 21 16 20 40 3 993 20 1994 24 19 20 34 3 625 21 1995 24 19 26 30 2 519 22 1996 24 19 26 29 2 650 23 1997 23 17 28 30 2 731 24 1998 22 15 31 30 2 1,313 25 1999 19 19 31 29 2 1,093 26 2000 19 21 31 27 2 894 27 2001 17 18 34 28 2 1,815 Total multifamilv 28 1993 63 23 6 9 0 13 29 1994 62 30 4 5 0 15 30 1995 51 41 4 4 0 13 31 1996 50 38 6 7 0 16 32 1997 47 36 6 11 0 20 33 1998 41 36 10 13 0 28 34 1999 37 30 8 25 0 32 35 2000 39 38 8 15 0 27 36 2001 34 45 7 14 0 37 Total residential 37 1993 22 16 20 40 3 1,006 38 1994 25 19 20 33 3 640 39 1995 24 19 26 29 2 532 40 1996 24 19 26 29 2 666 41 1997 24 17 27 30 2 751 42 1998 22 15 31 30 2 1,341 43 1999 20 20 30 29 2 1,125 44 2000 19 22 30 27 2 921 45 2001 18 19 33 28 2 1,852 NOTE. Coverage of depository institutions declined in 1997 because of an increase in the 3. Includes mortgage company subsidiaries of a bank holding company or a service asset size threshold for exempt institutions from $10 million to $28 million. corporation. 1. Based on the dollar volume of originations reported under the Home Mortgage Disclo- 4. Coverage of independently owned mortgage companies expanded in 1993 when those sure Act. Originations insured or guaranteed by the Rural Housing Service (RHS) include the companies with less than $10 million in assets but with 100 or more home-purchase former Farmers Home Administration. originations were included. 2. Includes savings and loan associations and savings banks. SOURCE. FFIEC, Home Mortgage Disclosure Act, 1990-2001. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Private Mortgage Insurance A67 4.42 APPLICATIONS RECEIVED AND POLICIES WRITTEN FOR PRIVATE MORTGAGE INSURANCE, 1998-2001 By Insurance Company 1998 1999 2000 2001 CCoommppaannyy Applications P w o r l i i t c te ie n s Applications P w o r l i i t c t i e e n s Applications Policies written Applications P w o r l i i t c t i e e n s 1 Amerin Guaranty 116,744 116,725 * * * * * * 2 Commonwealth Mortgage Assurance 212,097 165,336 * * * * * * 3 Radian1 * * 317,775 256,924 243,684 185,224 329,295 249,833 4 GE Capital Mortgage Insurance 302,606 244,496 304,365 221,970 259,285 185,995 380,588 286,471 5 Mortgage Guaranty Insurance 436,225 356,419 479,425 377,195 430,414 317,610 598,212 447,435 6 PMI Mortgage Insurance 255,656 211,074 267,470 212,177 254,327 206,444 353,044 285,949 7 Republic Mortgage Insurance 183,240 145,023 157,794 144,618 121,706 113,894 231,138 184,515 8 Triad Guaranty Insurance 46,568 38,518 43,633 33,116 44,165 32,870 73,126 60,731 9 United Guaranty 214,162 182,327 244,637 204,667 220,504 186,004 309,658 259,298 10 Total 1,767,298 1,459,918 1,815,099 1,450,667 1,574,085 1,228,041 2,275,061 1,774,232 1. Radian is the result of a merger between Amerin Guaranty and Commonwealth SOURCE. Federal Financial Institutions Examination Council. Mortgage in 1999. 4.43 APPLICATIONS RECEIVED AND POLICIES WRITTEN FOR PRIVATE MORTGAGE INSURANCE, 2001 By Purpose of Loan and Insurance Company Percent Home purchase Home refinance Total CCoommppaannyy Applications P w o r l i i t c t i e e n s Applications P w o r l i i t c t i e e n s Applications Policies written 1 Radian1 14.2 14.0 14.8 14.3 14.5 14.1 2 GE Capital Mortgage Insurance 17.4 16.7 15.7 15.2 16.7 16.1 3 Mortgage Guaranty Insurance 25.1 23.9 28.2 27.4 26.3 25.2 4 PMI Mortgage Insurance 14.7 15.3 16.8 17.5 15.5 16.1 5 Republic Mortgage Insurance 10.3 10.5 9.9 10.3 10.2 10.4 6 Triad Guaranty Insurance 3.2 3.4 3.2 3.4 3.2 3.4 7 United Guaranty 15.0 16.3 11.4 11.9 13.6 14.6 8 Total 100.0 100.0 100.0 100.0 100.0 100.0 MEMO 9 Number of applications or policies 1,389,079 1,093,314 885,982 680,918 2,275,061 1,774,232 1. Radian is the result of a merger between Amerin Guaranty and Commonwealth SOURCE. Federal Financial Institutions Examination Council. Mortgage in 1999. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A68 Special Tables • September 2002 4.44 APPLICATIONS FOR PRIVATE MORTGAGE INSURANCE, 2001 By Purpose of Loan and Characteristic of Applicant and Census Tract Home purchase Home refinance CChhaarraacctteerriissttiicc Number Percent Number Percent APPLICANT Race or ethnic group 1 American Indian or Alaskan Native 3,194 .3 1,816 .3 2 Asian or Pacific Islander 36,155 3.5 12,695 2.1 3 Black 60,428 5.9 35,896 5.8 4 Hispanic 97,471 9.5 37,609 6.1 5 White 748,417 73.3 487,520 79.3 6 Other 56,099 5.5 27,580 4.5 7 Joint (white and minority) 19,517 1.9 12,047 2.0 8 Total 1,021,281 100.0 615,163 100.0 Income (percentage of MSA median)' 9 Less than 50 68,540 6.8 34,950 5.0 10 50-79 225,626 22.4 142,834 20.6 11 80-99 161,585 16.0 119,290 17.2 12 100-119 145,100 14.4 110,526 16.0 13 120 or more 405,962 40.3 284,687 41.1 14 Total 1,006,813 100.0 692,287 100.0 CENSUS TRACT Racial composition (minorities as percentage of population) 15 Less than 10 531,860 49.7 393,456 55.4 16 10-19 226,726 21.2 141,955 20.0 17 20-49 198,293 18.5 116,939 16.5 18 50-79 65,159 6.1 33,794 4.8 19 80-100 47,115 4.4 23,752 3.3 20 Total 1,069,153 100.0 709,896 100.0 Income2 21 Low 21,884 2.0 8,510 1.2 22 Moderate 128,581 12.0 73,332 10.3 23 Middle 560,911 52.5 403,409 56.8 24 Upper 357,477 33.4 224,885 31.7 25 Total 1,068,853 100.0 710,136 100.0 Location 26 Central city 438,022 40.5 263,337 36.6 27 Non-central city 642,539 59.5 456,238 63.4 28 Total 1,080,561 100.0 719,575 100.0 NOTE. Not all characteristics were reported for all loans. 3. For census tracts located in MSAs. 1. MSA median is median family income of the metropolitan statistical area (MSA) in SOURCE. Federal Financial Institutions Examination Council, which the property related to the loan is located. 2. Lower: median family income for census tract less than 50 percent of median family income for MSA. Moderate: 50 percent to less than 80 percent. Middle: 80 percent to less than 120 percent. Upper: 120 percent or more. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Private Mortgage Insurance A69 4.45 APPLICATIONS FOR PRIVATE MORTGAGE INSURANCE, 2001 By Purpose of Loan, Disposition of Application, Characteristic of Applicant, and Census Tract Percent Home purchase Home refinance CChhaarraacctteerriissttiicc Approved Denied Withdrawn File closed Total Approved Denied Withdrawn File closed Total 1 Total 9944..00 22..99 22..33 ..99 100.0 92.5 3.9 2.9 .7 100.0 APPLICANT Race or ethnic group 2 American Indian or Alaskan 92.1 3.7 3.3 .8 100.0 91.6 4.6 3.0 .9 100.0 93.4 3.1 2.6 .8 100.0 91.8 4.3 3.2 .7 100.0 4 Black 90.5 5.2 3.0 1.4 100.0 88.8 6.3 3.6 1.2 100.0 92.0 4.3 2.7 11..00 100.0 89.9 5.5 3.8 .8 100.0 6 White 94.5 2.3 2.3 ..88 100.0 93.4 3.1 2.9 .6 100.0 7 Other 97.8 .7 1.4 .1 100.0 95.6 1.0 3.4 .0 100.0 93.7 2.7 2.7 .9 100.0 93.0 3.1 3.2 .7 100.0 Income (percentage of MSA median)' 93.2 4.1 1.9 .8 100.0 88.6 6.8 3.7 1.0 100.0 10 50-79 94.8 2.6 1.9 .6 100.0 91.7 4.6 3.0 .7 100.0 11 80-99 95.2 2.3 1.9 .6 100.0 92.7 3.9 2.8 .6 100.0 12 100-119 95.3 2.1 1.9 .6 100.0 93.1 3.5 2.8 .6 100.0 9955..33 22..00 22..11 .6 100.0 9933..44 3.2 2.9 .6 100.0 CENSUS TRACT Racial composition (minorities as percentage of population) 95.9 1.8 1.8 .5 100.0 93.5 3.3 2.7 .6 100.0 15 10-19 95.0 2.3 2.0 .6 100.0 92.4 3.8 3.1 .6 100.0 16 20-49 94.2 2.9 2.2 .7 100.0 91.6 4.5 3.1 .7 100.0 17 50-79 93.0 3.6 2.5 .8 100.0 90.3 5.4 3.5 .9 100.0 18 80-100 91.5 4.9 2.7 1.0 100.0 88.3 7.0 3.6 1.1 100.0 Income2 19 Low 91.2 4.7 2.9 1.2 100.0 87.7 7.5 3.8 1.0 100.0 93.6 3.5 2.2 ..77 100.0 90.7 5.3 3.2 .8 100.0 21 Middle 95.2 2.3 1.9 ..66 100.0 92.7 3.8 2.9 .6 100.0 95.5 2.0 2.0 .6 100.0 93.3 3.2 2.9 .5 100.0 Location3 94.6 2.6 2.1 .7 100.0 92.5 4.0 2.8 .7 100.0 9955..33 22..22 11..99 ..66 100.0 92.7 3.7 3.0 .6 100.0 NOTE. Not all characteristics were reported for all loans. 3. For census tracts located in MSAs. 1. Median family income of the metropolitan statistical area (MSA) in which the property SOURCE. Federal Financial Institutions Examination Council, related to the loan is located. 2. Lower: median family income for census tract less than 50 percent of median family income for MSA. Moderate: 50 percent to less than 80 percent. Middle: 80 percent to less than 120 percent. Upper: 120 percent or more. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A70 Special Tables • September 2002 4.46 SMALL LOANS TO BUSINESSES AND FARMS, 1996-2001 Company 1996 1997 19984 1999 2000 2001 Total business loans 1 Number 2,424,966 2,560,795 2,736,389 3,287,974 5,110,001 6,094,606 2 Amount (thousands of dollars) 149,718,193 159,401,302 161,211,231 174,538,571 179,056,204 224,914,485 Percent to small firms' 3 Number 55.9 50.0 54.5 60.2 41.7 43.7 4 Amount 43.1 42.1 47.0 48.5 45.9 45.6 Total farm loans 5 Number 217,356 212,822 206,267 220,587 204,318 235,417 6 Amount (thousands of dollars) 10,480,989 11,192,400 11,373,691 12,302,881 11,634,880 14,330,467 Percent to small farms' 7 Number 88.4 89.5 90.4 90.6 90.2 90.0 8 Amount 81.4 81.3 83.0 83.7 83.8 83.6 Activity of CRA reporters (percent)2 All small loans to businesses 9 Number 65.9 71.0 67.8 67.8 83.7 84.0 10 Amount 67.5 69.4 69.4 72.4 75.6 75.0 All small loans to farms2 11 Number 22.2 24.1 24.9 28.0 30.6 32.3 12 Amount 27.9 28.4 30.1 34.1 37.5 38.2 Distribution of business loans by asset size of lender Number (percent) 13 Less than 100 3.7 1.2 1.9 1.0 .5 .4 14 100 to 249 19.7 6.5 5.5 1.4 .8 13.8 15 250 to 999 16.1 15.7 20.3 15.9 18.8 13.2 16 1,000 or more 60.6 76.6 72.3 81.8 79.8 72.6 17 Total 100 100 100 100 100 100 Amount (percent) 18 Less than 100 1.6 1.4 .8 1.0 .6 1.0 19 100 to 249 5.7 3.5 3.2 2.2 2.0 2.7 20 250 to 999 22.4 20.9 22.7 21.6 23.0 21.8 21 1,000 or more 70.3 74.2 73.3 75.2 74.4 74.5 22 Total 100 100 100 100 100 100 Distribution of farm loans by asset size of lender Number (percent) 23 Less than 100 9.8 6.4 4.9 4.9 2.2 1.2 24 100 to 249 14.2 10.4 8.2 6.6 4.8 3.4 25 250 to 999 34.5 37.4 38.7 37.7 46.7 42.7 26 1,000 or more 41.5 45.8 48.2 50.8 46.3 52.6 27 Total 100 100 100 100 100 100 Amount (percent) 28 Less than 100 6.4 5.1 3.5 4.0 1.7 .9 29 100 to 249 11.5 8.2 6.6 5.6 4.0 2.8 30 250 to 999 31.7 34.2 36.0 36.3 42.7 38.8 31 1,000 or more 50.4 52.5 53.9 54.1 51.5 57.5 32 Total 100 100 100 100 100 100 Distribution of business loans by income of census tracfi Number 33 Low 4.7 4.6 4.3 3.6 3.6 4.0 34 Moderate 15.9 16.0 15.5 14.6 14.6 15.2 35 Middle 49.4 49.1 49.5 50.1 50.2 50.1 36 Upper 29.5 29.8 30.3 31.2 31.2 30.3 37 Income not reported .5 .5 .5 .4 .4 .4 38 Total 100 100 100 100 100 100 Amount 39 Low 5.6 5.4 5.2 5.0 4.9 4.9 40 Moderate 16.0 16.0 15.7 15.5 15.4 15.2 41 Middle 46.8 46.5 46.8 47.1 47.6 47.6 42 Upper 30.9 31.4 31.6 31.7 31.5 31.7 43 Income not reported .7 .7 .7 .7 .5 .6 44 Total 100 100 100 100 100 100 MEMO Number of reporters 45 Commercial banks 1,583 1,421 1,576 1,450 1,471 1,443 46 Savings institutions 496 475 290 461 470 469 47 Total 2,079 1,896 1,866 1,911 1,941 1,912 1. Businesses and farms with revenues of $ 1 million or less. 3. Low income: census tract median family income less than 50 percent of metropolitan 2. Percentages reflect the ratio of activity by CRA reporters to activity by all lenders. area median family income or nonmetropolitan portion of state median family income; Calculations based on information reported in the June 1996, 1997, 1998, 1999, 2000, and moderate income: 50-79 percent; middle income: 80-120 percent; upper income: 120 percent 2001 Call Reports for commercial banks and the Thrift Financial Reports for savings or more. Excludes loans where census tract or block number area was not reported. associations. 4. Revised to reflect correction of reported data. SOURCE: FFIEC Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Loans to Businesses and Farms A71 4.47 ORIGINATIONS AND PURCHASES OF SMALL LOANS TO BUSINESSES AND FARMS, 2001 By Size of Loan Size of loan (dollars) MMEEMMOO LLooaannss ttoo ffiirrmmss AAllll llooaannss wwiitthh rreevveennuueess Type of borrower and loan 100,000 or less 100,001 to 250,000 More than 250,000 ooff $$ oo 11 rr mm lleess iill ss ll iioonn Total Percent Total Percent Total Percent Total Percent Total Percent Number of loans Business 1 Originations 5,585,522 92.4 244,092 4.0 214,221 3.5 6,043,835 100 2,661,323 44.0 2 Purchases 42,524 83.8 3,899 7.7 4,348 8.6 50,771 100 4,264 8.4 3 Total 5,628,046 92.3 247,991 4.1 218,569 3.6 6,094,606 100 2,665,587 43.7 Farm 4 Originations 194,495 83.1 28,401 12.1 11,176 4.8 234,072 100 211,270 90.3 5 Purchases 832 61.9 337 25.1 176 13.1 1,345 100 682 50.7 6 Total 195,327 83.0 28,738 12.2 11,352 4.8 235,417 100 211,952 90.0 All 7 Originations 5,780,017 92.1 272,493 4.3 225,397 3.6 6,277,907 100 2,872,593 45.8 8 Purchases 43,356 83.2 4,236 8.1 4,524 8.7 52,116 100 4,946 9.5 9 Total 5,823,373 92.0 276,729 4.4 229,921 3.6 6,330,023 100 2,877,539 45.5 Amount of loans (thousands of dollars) Business 10 Originations 66,971,585 30.3 42,520,190 19.3 111,369,234 50.4 220,861,009 100 102,089,138 46.2 11 Purchases 1,035,072 25.5 674,127 16.6 2,344,277 57.8 4,053,476 100 457,128 11.3 12 Total 68,006,657 30.2 43,194,317 19.2 113,713,511 50.6 224,914,485 100 102,546,266 45.6 Farm 13 Originations 5,385,087 38.0 4,716,765 33.3 4,067,579 28.7 14,169,431 100 11,898,461 84.0 14 Purchases 37,883 23.5 57,545 35.7 65,608 40.7 161,036 100 79,024 49.1 15 Total 5,422,970 37.8 4,774,310 33.3 4,133,187 28.8 14,330,467 100 11,977,485 83.6 All 16 Originations 72,356,672 30.8 47,236,955 20.1 115,436,813 49.1 235,030,440 100 113,987,599 48.5 17 Purchases 1,072,955 25.5 731,672 17.4 2,409,885 57.2 4,214,512 100 536,152 12.7 18 Total 73,429,627 30.7 47,968,627 20.1 117,846,698 49.3 239,244,952 100 114,523,751 47.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A72 Special Tables • September 2002 4.48 ORIGINATIONS AND PURCHASES OF SMALL LOANS TO BUSINESSES AND FARMS, 2001 By Type of Borrower and Loan, Distributed by Size of Lending Institution Institutions, by asset size (millions of dollars) Type of borrower and loan Less than 100 100 to 249 250 to 999 1,000 or more Total Percent Total Percent Total Percent Total Percent Total Percent Number of loans Business 1 Originations 22,033 .4 838,850 13.9 799,495 13.2 4,383,457 72.5 6,043,835 100 2 Purchases 5,107 10.1 175 .3 5,783 11.4 39,706 78.2 50,771 100 3 Total 27,140 .4 839,025 13.8 805,278 13.2 4,423,163 72.6 6,094,606 100 Farm 4 Originations 2,866 1.2 8,033 3.4 99,826 42.6 123,347 52.7 234,072 100 5 Purchases 17 1.3 2 .1 744 55.3 582 43.3 1,345 100 6 Total 2,883 1.2 8,035 3.4 100,570 42.7 123,929 52.6 235,417 100 All 7 Originations 24,899 .4 846,883 13.5 899,321 14.3 4,506,804 71.8 6,277,907 100 8 Purchases 5,124 9.8 177 .3 6,527 12.5 40,288 77.3 52,116 100 9 Total 30,023 .5 847,060 13.4 905,848 14.3 4,547,092 71.8 6,330,023 100 Amount of loans (thousands of dollars) Business 10 Originations 1,312,525 .6 5,953,626 2.7 48,047,273 21.8 165,547,585 75.0 220,861,009 100 11 Purchases 903,338 22.3 64,845 1.6 1,008,158 24.9 2,077,135 51.2 4,053,476 100 12 Total 2,215,863 1.0 6,018,471 2.7 49,055,431 21.8 167,624,720 74.5 224,914,485 100 Farm 13 Originations 127,666 .9 407,924 2.9 5,456,113 38.5 8,177,728 57.7 14,169,431 100 14 Purchases 2,599 1.6 395 .2 97,597 60.6 60,445 37.5 161,036 100 15 Total 130,265 .9 408,319 2.8 5,553,710 38.8 8,238,173 57.5 14,330,467 100 All 16 Originations 1,440,191 .6 6,361,550 2.7 53,503,386 22.8 173,725,313 73.9 235,030,440 100 17 Purchases 905,937 21.5 65,240 1.5 1,105,755 26.2 2,137,580 50.7 4,214,512 100 18 Total 2,346,128 1.0 6,426,790 2.7 54,609,141 22.8 175,862,893 73.5 239,244,952 100 MEMO 19 Number of institutions reporting 107 175 1,126 504 1,912 20 Number of institutions extending loans . . 97 167 1,060 454 1,778 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Community Reinvestment A73 4.49 COMMUNITY DEVELOPMENT LENDING, 2001 Number of loans Amount of loans MEMO: CRA reporters (thousands of dollars) AAAsssssseeettt sssiiizzzeee ooofff llleeennndddeeerrr (((mmmiiilllllliiiooonnnsss ooofff dddooollllllaaarrrsss))) Community development loans TToottaall PPeerrcceenntt TToottaall PPeerrcceenntt NNuummbbeerr PPeerrcceenntt Number Percent extending extending Institution assets 1 Less than 100 121 .5 54,625 .2 107 5.6 35 3.1 2 100 to 249 664 2.5 192,723 .8 175 9.2 70 6.2 3 250 to 999 8,520 32.7 2,946,688 12.0 1,126 58.9 614 54.6 4 1,000 or more 16,738 64.3 21,418,259 87.0 504 26.4 406 36.1 5 All 26,043 100.0 24,612,295 100.0 1,912 100.0 1,125 100.0 MEMO 6 Lending by all affiliates 735 2.8 957,095 3.9 32 2.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

99 Federal Reserve Bulletin • September 2002 Index to Statistical Tables References are to pages A3-A75, although the prefix "A" is omitted in this index. ACCEPTANCES, bankers (See Bankers acceptances) Federal Land Banks, 33 Assets and liabilities (See also Foreigners) Federal National Mortgage Association, 28, 32, 33 Commercial banks, 15-21 Federal Reserve Banks Domestic finance companies, 30, 31 Condition statement, 10 Federal Reserve Banks, 10 Discount rates (See Interest rates) Foreign-related institutions, 20 U.S. government securities held, 5, 10, 11, 25 Automobiles Federal Reserve credit, 5, 6, 10, 12 Consumer credit, 34 Federal Reserve notes, 10 Production, 42, 43 Federally sponsored credit agencies, 28 Finance companies BANKERS acceptances, 5, 10 Assets and liabilities, 30 Bankers balances, 15-21 (See also Foreigners) Business credit, 31 Bonds (See also U.S. government securities) Loans, 34 New issues, 29 Paper, 22, 23 Rates, 23 Float, 5 Business loans (See Commercial and industrial loans) Flow of funds, 35-39 Foreign currency operations, 10 CAPACITY utilization, 40, 41 Foreign deposits in U.S. banks, 5 Capital accounts Foreign exchange rates, 56 Foreign-related institutions, 20 Commercial banks, 15-21 Foreigners Federal Reserve Banks, 10 Claims on, 46, 49-51, 53 Certificates of deposit, 23 Liabilities to, 45-48, 52, 54, 55 Commercial and industrial loans Business and farms, loans to, 70-2 Commercial banks, 15-21 GOLD Weekly reporting banks, 17, 18 Certificate account, 10 Commercial banks Stock, 5, 45 Assets and liabilities, 15-21 Government National Mortgage Association, 28, 32, 33 Commercial and industrial loans, 15-21, 70-3 Consumer loans held, by type and terms, 34, 62-6 HOME Mortgage Disclosure Act Real estate mortgages held, by holder and property, 33, 58-66 Applications for home loans, 60-3 Time and savings deposits, 4 Home loans, 64-6 Commercial paper, 22, 23, 30 Residential lending by financial institutions, 60, 64-6 Community development loans, under CRA, 73 Condition statements (See Assets and liabilities) INDUSTRIAL production, 42, 43 Consumer credit, 34 Insurance, private mortgage, 67-9 Corporations Insurance companies, 25, 33 Security issues, 29, 55 Interest rates Credit unions, 34 Bonds, 23 Currency in circulation, 5, 13 Consumer credit, 34 Customer credit, stock market, 24 Federal Reserve Banks, 7 Money and capital markets, 23 DEBT (See specific types of debt or securities) Mortgages, 32 Demand deposits, 15-21 Prime rate, 22 Depository institutions International capital transactions of United States, 44-55 Reserve requirements, 8 International organizations, 46, 47, 49, 52, 53 Reserves and related items, 4-6, 12 Investment companies, issues and assets, 30 Deposits (See also specific types) Investments (See also specific types) Commercial banks, 4, 15-21 Commercial banks, 4, 15-21 Federal Reserve Banks, 5, 10 Federal Reserve Banks, 10, 11 Discount rates at Reserve Banks and at foreign central banks and Financial institutions, 33 foreign countries (See Interest rates) Discounts and advances by Reserve Banks (See Loans) LIFE insurance companies (See Insurance companies) Loans (See also specific types) EURO, 56 Business, 70-2 Commercial banks, 15-21, 58-63, 70-3 FARM mortgage loans, 33, 70-2 Community development, 73 Federal agency obligations, 5, 9-11, 26, 27 Conventional, 58-60, 62 Federal credit agencies, 28 FAMC, 64 Federal finance Fannie Mae, 64 Debt subject to statutory limitation, and types and ownership of Farms, 70-2 gross debt, 25 Federal Reserve Banks, 5-7, 10, 11 Federal Financing Bank, 28 FHA, 58 Federal funds, 23 Financial institutions, 33 Federal Home Loan Banks, 28 Freddie Mac, 64 Federal Home Loan Mortgage Corporation, 28, 32, 33 FSA, 58 Federal Housing Administration, 28, 32, 33 Ginnie Mac, 64 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A75 Loans—Continued Saving deposits (See Time and savings deposits) Home purchase, 59-61 Savings institutions, 33, 34, 35-39 Insured or guaranteed by United States, 32, 33 Securities (See also specific types) RHS, 58 Federal and federally sponsored credit agencies, 28 VA, 58 Foreign transactions, 54 New issues, 29 MANUFACTURING Prices, 24 Capacity utilization, 40, 41 Special drawing rights, 5, 10, 44, 45 Production, 42, 43 State and local governments Margin requirements, 24 Holdings of U.S. government securities, 25 Member banks, reserve requirements, 8 New security issues, 29 Mining production, 43 Rates on securities, 23 Monetary and credit aggregates, 4, 12 Stock market, selected statistics, 24 Money and capital market rates, 23 Stocks (See also Securities) Money stock measures and components, 4, 13 New issues, 29 Mortgage insurance, 67-9 Prices, 24 Mortgages (See Real estate loans) Student Loan Marketing Association, 28 Mutual funds, 13, 30 Mutual savings banks (See Thrift institutions) THRIFT institutions, 4 (See also Credit unions and Savings institutions) OPEN market transactions, 9 Time and savings deposits, 4, 13, 15-21 Treasury cash, Treasury currency, 5 PRICES Treasury deposits, 5, 10 Stock market, 24 Prime rate, 22 U.S. GOVERNMENT balances Private mortgage insurance, 67-9 Commercial bank holdings, 15-21 Production, 42, 43 Treasury deposits at Reserve Banks, 5, 10 U.S. government securities REAL estate loans Bank holdings, 15-21, 25 Banks, 15-21, 33 Dealer transactions, positions, and financing, 27 Terms, yields, and activity, 32 Federal Reserve Bank holdings, 5, 10, 11, 25 Type and holder and property mortgaged, 33 Foreign and international holdings and transactions, 10, 25, 55 Reserve requirements, 8 Open market transactions, 9 Reserves Outstanding, by type and holder, 25, 26 Commercial banks, 15-21 Rates, 23 Depository institutions, 4—6 U.S. international transactions, 44-55 Federal Reserve Banks, 10 Utilities, production, 43 U.S. reserve assets, 45 Residential mortgage loans, 32, 33, 58-66 VETERANS Affairs, Department of, 32, 33 Retail credit and retail sales, 34 WEEKLY reporting banks, 17, 18 SAVING Flow of funds, 33, 34, 35-39 YIELDS (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

A77 MARK W. OLSON DONALD L. KOHN BEN S. BERNANKE 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 SHARON L. MOWRY, Assistant Director RAYMOND ROMERO, Assistant Director ROBERT F. TAYLOR, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

103 Federal Reserve Bulletin • September 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 MARK W. OLSON BEN S. BERNANKE DONALD L. KOHN ANTHONY M.SANTOMERO ROGER W. FERGUSON, JR. ROBERT D. MCTEER, JR. GARY H. STERN EDWARD M. GRAMLICH ALTERNATE MEMBERS J. ALFRED BROADDUS, JR. MICHAEL H. MOSKOW JAMIE B. STEWART, JR. JACK GUYNN ROBERT T. PARRY STAFF VINCENT R. REINHART, Secretary and Economist CHRISTINE M. CUMMING, Associate Economist NORM AND 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 DAVID J. STOCKTON, Economist MARK S. SNIDERMAN, Associate Economist THOMAS A. CONNORS, Associate Economist DAVID W. WILCOX, 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

A79 CONSUMER ADVISORY COUNCIL DOROTHY BROADMAN, Falls Church, Virginia, Chairman RONALD A. REITER, San Francisco, California, Vice Chairman ANTHONY S. ABBATE, Saddlebrook, New Jersey PATRICK LIDDY, Cincinnati, Ohio JANIE BARRERA, San Antonio, Texas RUHI MAKER, Rochester, New York KENNETH BORDELON, Baton Rouge, Louisiana OSCAR MARQUIS, Park Ridge, Illinois TERESA A. BRYCE, St. Louis, Missouri PATRICIA MCCOY, Cleveland, Ohio MANUEL CASANOVA, JR., Brownsville, Texas JEREMY NOWAK, Philadelphia, Pennsylvania CONSTANCE K. CHAMBERLIN, Richmond, Virginia ELIZABETH RENUART, Boston, Massachusetts ROBERT M. CHEADLE, Ada, Oklahoma DEBRA REYES, Tampa, Florida ROBIN COFFEY, Chicago, Illinois BENSON ROBERTS, Washington, District of Columbia LESTER WM. FIRSTENBERGER, Pittsfield, New Hampshire AGNES BUNDY SCANLAN, Boston, Massachusetts THOMAS FITZGIBBON, Chicago, Illinois RUSSELL W. SCHRADER, San Francisco, California LARRY HAWKINS, Houston, Texas FRANK TORRES, III, Washington, District of Columbia EARL JAROLIMEK, Fargo, North Dakota HUBERT VAN TOL, Sparta, Wisconsin THRIFT INSTITUTIONS ADVISORY COUNCIL MARK H. WRIGHT, San Antonio, Texas, President KAREN L. MCCORMICK, Port Angeles, Washington, Vice President JOHN B. DICUS, Topeka, Kansas HERBERT M. SANDLER, Oakland, California RONALD S. ELIASON, Provo, Utah 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 KEVIN E. PIETRINI, Virginia, Minnesota Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

105 Federal Reserve Bulletin • September 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

A81 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 www.federalreserve.gov/ IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. pubs/stajfstudies. 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

107 Federal Reserve Bulletin • September 2002 Maps of the Federal Reserve System «W ^ Bos 2 • I ON jl 2 • NL:\\ YORK CLEVELAND ) PHILADELPHIA 4 D RLCHMOM) • G lV ATLANTA \\ \SK\ HAWAII LEGEND Both pages Facing page • Federal Reserve Bank city • Federal Reserve Branch city • Board of Governors of the Federal — Branch boundary Reserve System, Washington, D.C. NOTE The Federal Reserve officially identifies Districts by num- of Puerto Rico and the U.S. Virgin Islands; the San Franber and Reserve Bank city (shown on both pages) and by cisco Bank serves American Samoa, Guam, and the Comletter (shown on the facing page). monwealth of the Northern Mariana Islands. The Board of In the 12th District, the Seattle Branch serves Alaska, Governors revised the branch boundaries of the System and the San Francisco Bank serves Hawaii. most recently in February 1996. The System serves commonwealths and territories as follows: the New York Bank serves the Commonwealth Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A83 1-A 2-B 3-C 4-D 5-E Ml- Pittsburgh Baltimore MD V \ I / wv NC \H •'©ftcinnati 'Charlotte Butlalo M ," X ^ Rl sc BOSTON NEW YORK PHILADELPHIA CLEVELAND RICHMOND 6-F 7-G 8-H •Nashville 7 Birmingham-^ - j :. I 'L / IN Louisville MO TN AR LA i " ^^JaelSonxille # •Memphis NewOMrl eans e > Rock \ MS Miami ATLANTA CHICAGO ST. LOUIS 1 WMMSM W " MINNEAPOLIS 10-J 12-L KANSAS CITY 11-K NM HAWAII «|I DALLAS SAN FRANCISCO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

109 Federal Reserve Bulletin • September 2002 Federal Reserve Banks, Branches, and Offices FEDERAL RESERVE BANK Chairman President Vice President branch, or facility Zip Deputy Chairman First Vice President in charge of branch BOSTON* 02106 William O. Taylor Cathy E. Minehan James J. Norton Paul M. Connolly NEW YORK* 10045 Peter G. Peterson William J. McDonough Gerald M. Levin Jamie B. Stewart, Jr. Buffalo 14240 Patrick P. Lee Barbara L. Walter1 PHILADELPHIA 19105 Charisse R. Lillie Anthony M. Santomero Glenn A. Schaeffer William H. Stone, Jr. CLEVELAND* 44101 David H. Hoag Jerry L. Jordan Robert W. Mahoney Sandra Pianalto Cincinnati 45201 George C. Juilfs Barbara B. Henshaw Pittsburgh 15230 Charles E. Bunch Robert B. Schaub RICHMOND* 23219 Jeremiah J. Sheehan J. Alfred Broaddus, Jr. Wesley S. Williams, Jr. Walter A. Varvel Baltimore 21203 George L. Russell, Jr. William J. Tignanelli1 Charlotte 28230 James F. Goodmon Dan M. Bechter1 ATLANTA 30303 John F. Wieland Jack Guynn Paula Lovell Patrick K. Barron James M. McKee1 Birmingham 35242 V. Larkin Martin Lee C. Jones Jacksonville 32231 Marsha G. Rydberg Christopher L. Oakley Miami 33152 Rosa Sugranes James T. Curry III Nashville 37203 Beth Dortch Franklin Melvyn K. Purcell1 New Orleans 70161 R. Glenn Pumpelly Robert J. Musso1 CHICAGO* 60690 Robert J. Darnall Michael H. Moskow W. James Farrell Gordon R. G. Werkema Detroit 48231 Timothy D. Leuliette Glenn Hansen1 ST. LOUIS 63166 Charles W. Mueller William Poole Walter L. Metcalfe, Jr. W. LeGrande Rives Little Rock 72203 A. Rogers Yarnell, II Robert A. Hopkins Louisville 40232 J. Stephen Barger Thomas A. Boone Memphis 38101 Russell Gwatney Martha Perine Beard MINNEAPOLIS 55480 Ronald N. Zwieg Gary H. Stern Linda Hall Whitman James M. Lyon Helena 59601 Thomas O. Markle Samuel H. Gane KANSAS CITY 64198 Terrence P. Dunn Thomas M. Hoenig Richard H. Bard Richard K. Rasdall Denver 80217 Robert M. Murphy Maryann Hunter1 Oklahoma City 73125 Patricia B. Fennell Dwayne E. Boggs Omaha 68102 Bob L. Gottsch Steven D. Evans DALLAS 75201 H. B. Zachry, Jr. Robert D. McTeer, Jr. Patricia M. Patterson Helen E. Holcomb El Paso 79999 Gail Darling Sammie C. Clay Houston 77252 Edward O. Gaylord Robert Smith 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

A85 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

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