Federal Reserve Bulletin, 2002-10

Volume 88 • Number 10 • October 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 Publications Department under the direction of Lucretia M. Boyer Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Table of Contents 427 AN INVESTIGATION OF CO-MOVEMENTS Federal Open Market Committee directive. AMONG THE GROWTH RATES OF THE Board statement on payments system risk G-7 COUNTRIES policy. Early in 2000, after a decade of economic Interagency white paper on practices to expansion, growth began to slow simultaneously strengthen U.S. financial system. in the large, advanced economies known as the Group of Seven (G-7)—Canada, France, Ger- Extension of comment period on draft of credit many, Italy, Japan, the United Kingdom, and the card guidance. United States. The general slide in GDP growth Statement regarding Governor Gramlich. fueled speculation that a period was emerging in which broad movements in the economies Minutes of Board discount rate meetings. of the industrialized countries would be more Changes in Board staff. closely linked. Proponents of this view argued that greater trade in goods and financial markets was leading to a greater synchronization of 441 LEGAL DEVELOPMENTS national economies. A rise in the co-movement Various bank holding company, bank service of GDP among countries would have important corporation, and bank merger orders; and pendimplications for the making of national eco- ing cases. nomic policies. Governments, for example, would need to take closer account of forecasts A1 FINANCIAL AND BUSINESS STATISTICS for conditions abroad in formulating forecasts for their domestic economies. These tables reflect data available as of August 28, 2002. The authors find, first, that the degree to which enhanced trade and financial linkages might be expected to increase the co-movement, A3 GUIDE TO TABLES or correlation, of economic growth among coun- A4 Domestic Financial Statistics tries is far from clear. Then, examining the A42 Domestic Nonfinancial Statistics period from 1970 to the first quarter of 2002, the A44 International Statistics authors find that, indeed, the estimated correlation of growth across the G-7 has been higher in A57 GUIDE TO SPECIAL TABLES AND the current downturn than during the expansion STATISTICAL RELEASES of the 1990s. Rather than signaling a future of permanently higher synchronization, however, the rise is shown to be typical of business cycles A58 INDEX TO STATISTICAL TABLES over the past thirty years. Furthermore, estimates of correlation have not yet reached the A60 BOARD OF GOVERNORS AND STAFF peaks attained after earlier recessions. Overall, despite many changes in the international econ- A62 FEDERAL OPEN MARKET COMMITTEE AND omy, the evidence does not reveal the arrival of STAFF; ADVISORY COUNCILS a permanently higher correlation of growth rates among the G-7. A64 FEDERAL RESERVE BOARD PUBLICATIONS A66 MAPS OF THE FEDERAL RESERVE SYSTEM 438 ANNOUNCEMENTS Governors Bernanke and Kohn sworn in as A68 FEDERAL RESERVE BANKS, BRANCHES, members of the Board of Governors. AND OFFICES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Investigation of Co-movements among the Growth Rates of the G-7 Countries Brian M. Doyle and Jon Faust, of the Board's Divi- zation of financial markets. The degree to which sion of International Finance, prepared this article. these factors might be expected to increase the Jonathan R. Halket provided research assistance. co-movement, or correlation, of economic growth among countries is, however, subject to debate. We Early in 2000, after a decade of economic expansion, turn next to characterizing the historical patterns in growth began to slow in the United States. Over the this correlation. Our analysis finds, indeed, that the ensuing months, the growth rates of gross domestic estimated correlation of growth across the G-7 has product began to decline simultaneously in many been higher in the current downturn than during the countries, including each of the large, advanced expansion of the 1990s. However, rather than signaleconomies that constitute what is known as the Group ing a future of permanently higher synchronization, of Seven (G-7)—Canada, France, Germany, Italy, this rise is typical of business cycles over the past Japan, the United Kingdom, and the United States. thirty years. Estimated correlation fluctuates widely The general slide in real (inflation adjusted) GDP over time and has historically risen through U.S. growth seemed striking to many, and it fueled specu- recessions and fallen during expansions. Furtherlation that a period was emerging in which broad more, estimates of correlation have not yet reached movements in the economies of the industrialized the peaks attained after earlier recessions. countries would be more closely linked.1 Proponents Although the correlation of growth rates among of this view argued that the increasing economic the G-7 economies does not appear dramatically difintegration of the industrial economies brought about ferent now than it was in earlier years, the variability by greater trade in goods and financial markets was of their growth rates over this period does seem to leading to a greater synchronization of national have generally declined.2 All else equal, a fall in economies. variability would imply increased correlation among If correct, the view that international growth rates national growth rates. We discuss the offsetting are now more closely tied would have important changes that have left correlation largely unchanged. implications for the making of national economic Overall, despite many changes in the international policies. With greater co-movement of GDP, for economy, the evidence does not reveal the arrival of a example, governments would need to take closer permanently higher correlation of growth rates account of forecasts for conditions abroad in formu- among the G-7. lating forecasts for their domestic economies. This article examines whether the links between U.S. growth and growth of the other G-7 countries WHY CORRELATION MAY HAVE CHANGED have fundamentally changed. We first document the view that economic integration has increased mark- The growth rates of national economies fluctuate edly in terms of international trade and the globali- through time, and the growth rates of the G-7 economies often move similarly to each other but not in 1. Discussions of this view appeared in the Washington Post, lockstep (chart 1). Fluctuations in growth in any July 18, 2001, p. Al; the New York Times, August 20, 2001, p. Al, and economy may arise because of changes in factors November 25, 2001, p. A12; and the Economist, August 23, 2001, such as the productivity of labor and capital, ecopp. 22-24. Also see Thomas Daalsgaard, Jorgen Elmeskov, and Cyn-Young Park, "Ongoing Changes in the Business Cycle— nomic policy, business investment spending, and con- Evidence and Causes," Organisation for Economic Co-operation and sumption and savings decisions. These changes are Development (OECD), Economics Department Working Paper 315 called shocks to economic growth. Shocks can give (2002); International Monetary Fund, "Business Cycle Linkages Among Major Advanced Economies," in World Economic Outlook rise to co-movements in growth among countries in (October 2001), pp. 65-79; International Monetary Fund, "Recessions and Recoveries," World Economic Outlook (April 2002), pp. 104-37; OECD, OECD Economic Outlook, no. 70 (December 2. Japan, which had a protracted period of slow growth during the 2001), pp. 4-5, and no. 71 (June 2002), pp. 141-58. 1990s, is an exception to this conclusion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 Federal Reserve Bulletin • October 2002 1. Change in real GDP in the United States, and the average change in the other G-7 countries, 1971-2002:Q1 1974 1978 1982 1986 1990 1994 1998 2002 NOTE. The data are quarterly and change is for four quarters. The Group of December 2001, the NBER has not, as of this writing, chosen an end-date for Seven (G-7) countries are Canada, France, Germany, Italy, Japan, the United that recession. Kingdom, and the United States. Shaded bars are periods of recession in the SOURCE. Here and in the following charts, GDP data are from Haver United States as defined by the National Bureau of Economic Research Analytics. (NBER). Although the shaded bar for the most recent recession ends at two basic ways: through linkages among economies more than doubled, from about 30 percent to more and through simultaneous incidence of the shocks. than 60 percent, with much of the rise coming after First, a shock arising in one country can be trans- the U.S.-Canada Free Trade Agreement in 1989. mitted through various economic and financial link- Although G-7 trade as a share of GDP is lower in the ages to another country. Second, a shock may directly other countries than in Canada, trade shares have affect several countries at once; a widespread nonetheless generally risen. The U.S. share rose from drought, for example, might cause a simultaneous fall about 5 percent to about 9 percent over the period, in agricultural output in many countries, even in the and each of the European G-7 nations have now absence of any linkages across borders. reached shares of about 20 percent. The reasons that the correlation of economic Financial integration has also increased. For examgrowth across nations could increase can also be ple, the share of foreign equities in U.S. equity portgrouped into two types concerning linkages and folios rose from less than 2 percent in the early 1980s simultaneous incidence. First, the structure of the to almost 12 percent in 2001 (chart 3). The share world economy could change so that shocks affecting of U.S. equities in foreign equity portfolios has also one or more economies are transmitted more strongly risen a great deal over the period. Other measures to other economies. The proponents of the view that of international financial market integration show a rising economic integration has increased correlation similar pattern of increase.3 have this reason in mind. A second possibility is A common presumption is that as trade and finanthat, although the cross-border transmission of shocks cial market integration increases among nations, their is unchanged, the frequency of global shocks has economic growth will become more synchronized. increased or the sensitivity of national economies to One standard argument about why a rise in goods those shocks has risen. In this section, we review the trade would increase correlation is straightforward: reasoning behind each of these two sources of change When a surge in demand raises the growth rate in one in correlation. country, some of the increase in demand will be for imported goods and thereby tend to raise the growth rate of that country's trading partners. Increased Cross-Border Transmission of Shocks Openness to trade brings other changes that could decrease correlation, however. For example, one of The links among the economies of the G-7 grew the primary benefits of trade according to economic steadily over the final decades of the twentieth cen- theory is that it allows each country to specialize tury. Each G-7 country except Japan has shown an increase in merchandise trade with its G-7 partners 3. International Monetary Fund, "Business Cycle Linkages Among over the period since 1970 (chart 2). As a percentage Major Advanced Economies," in World Economic Outlook (October 2001), pp. 65-79; International Monetary Fund, "Recessions and of its own GDP, Canada's trade with its G-7 partners Recoveries," World Economic Outlook (April 2002), pp. 104-37. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Investigation of Co-movements among the Growth Rates of the G-7 Countries 429 2. Trade (exports plus imports) of each G-7 country with 3. Share of foreign equities in equity holdings of U.S. the rest of the G-7 as a share of its own GDP, 1970-2000 residents and share of U.S. equities in equity holdings of residents of foreign countries, 1980-2002:Q1 Percent Canada — — 15 — Foreign holdings of U.S. residents . A— 12 France — — 9 — 6 — 3 U.S. holdings of foreign residents 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1982 1986 1990 1994 1998 2002 SOURCE. International Finance Corporation; International Federation of Stock Exchanges; Federal Reserve Board. imports to meet demand for other products. If different types of production are subject to different kinds Italy — 25 20 of shocks, then trade-related specialization could — 15 decrease growth correlations.4 Trade in goods could — 10 decrease output correlations for other reasons as - 5 well.5 Similarly, increases in financial integration have an ambiguous implication, at least theoretically, for the Japan — 25 international correlation of growth rates. On the one — 20 — 15 hand, if equities of a given country are widely held — 10 around the world, a fall in the country's stock market 5 will simultaneously decrease the wealth of consumers in many nations, potentially increasing the correlation in consumer demand and investment, and United Kingdom 25 20 hence, GDP growth around the world. On the other 15 hand, international diversification of investment port- 10 folios, like increased trade in goods, could contribute 5 to the specialization in production among national economies, which, as noted above, could decrease — — United States 25 output correlations.6 20 15 10 4. Paul Krugman develops this argument in his "Lessons of Massa- 5 chusetts for EMU," in Francisco Torres and Francesco Giavazzi, eds., I I I I I I I I 1 I 1 1 1 M I I I I I I I I II I The Transition to Economic and Monetary Union (Cambridge Univer- 1972 1976 1980 1984 1988 1992 1996 2000 sity Press, 1993), pp. 241-69. 5. One such reason is that, if countries experience different produc- NOTE. The data are annual. Imports, exports, and GDP are in current U.S. tivity shocks, increased trade in investment goods can help shift dollars at current exchange rates. productive capital to more productive countries, magnifying the effects SOURCE. International Monetary Fund, Direction of Trade Statistics of different shocks. Regarding this effect and also the role that vertical (various issues); Organisation for Economic Co-operation and Development. integration can play in raising correlation, see M. Ayhan Kose and Kei-Mu Yi, "International Trade and Business Cycles: Is Vertical Specialization the Missing Link?" American Economic Review, in areas of production in which it has a compara- vol. 91 (May 2001), pp. 371-75. tive advantage relative to its trading partners. With 6. For example, production specialization involves risks both to the owners and the employees of the firms. To the extent that these risks increased trade, therefore, nations could come to can be reduced through diversification in asset markets, one might specialize in certain types of production, relying on expect greater specialization. For other examples of ambiguous effects Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 Federal Reserve Bulletin • October 2002 While trade in goods and assets are the main ways A Change in the Nature of Shocks that economic integration is measured, some analysts have also speculated about less tangible forms of Even without increased integration, the correlation integration that could affect output correlation. For of economic growth across nations would rise if the example, some have argued that consumer and inves- type of shock that leads to common movements tor sentiment in nations across the globe may be more ("common shock") becomes more prominent or if linked now than in the past because of, say, advances country-specific shocks become less prominent. in global telecommunications. Because sentiment and Common shocks could become more "prominent" in its effect on the economy are notoriously hard to either or both of two ways: (1) if the size or fremeasure, this factor is highly speculative. quency of the shocks increases and (2) if the sensitiv- Some empirical studies provide clearer guidance, ity of national economies to the shocks increases. however, regarding the net effect of integration on A textbook example of a common shock is a rise the correlation of growth rates. These studies com- in the world price of oil, which might be expected to pare the correlation of GDP growth of regions within cause a synchronized decline in output growth around a country with similarly situated regions across the world. The synchronized decline in output growth national boundaries. Because regions within a coun- in the United States and the other G-7 countries in try are usually quite highly integrated, these compari- the mid-1970s (see chart 1) is often attributed to the sons shed light on how integration affects correlation. sharp rise in world oil prices at that time. Similarly, Such comparisons consistently show that regions oil price increases may have played a role in the within countries have more highly correlated output recent downturn—for example, the spot price of oil growth than do national economies or similarly situ- as measured by the price of a barrel of West Texas ated regions across national boundaries.7 intermediate crude rose from just under $11 in Despite the ambiguities of theory, these empirical December 1998 to more than $34 in March 2000.9 results have led most observers to conclude that The global decline in the value of information techincreasing economic integration to the level found nology stocks beginning in early 2000 has also been within national borders generally has a net positive cited as a common shock contributing to the current effect on output growth correlation. But a separate recession. question is whether the economic integration of the As explanations for high correlation, more com- United States and the other G-7 nations has changed plete economic integration and increased promienough in, say, the past ten to fifteen years to gener- nence of common shocks differ in an important way. ate a pronounced increase in correlation. We know of Because increased integration is probably here to no clear evidence that changes of the magnitude we stay, we would expect any of its effects on correlation have observed would significantly raise the correla- to be long lasting. But if correlation is currently high tion of U.S. economic growth with that of the rest of because of common shocks, we would expect the the G-7.8 high degree of correlation to persist only as long as the common shocks continue. A brief period in which common shocks are more prominent might lead to temporarily high correlation with few implications related to increased capital mobility, see Jeffrey Frankel, "Ambiguous for the future. Sharp increases in the world price Policy Multipliers in Theory and in Empirical Models," in Ralph Bryant, Dale Henderson, Gerald Holtham, Peter Hooper, and Steven of oil, for example, played an important role in the Symansky, eds., Empirical Macroeconomics for Interdependent economics of the 1970s and early 1980s but have Economies (Brookings Institution, 1988), pp. 17-26. been less prominent since then. 7. This result seems to hold when controlling for factors such as size of the economies, distance between the areas compared, and A less obvious source of increased correlation is policy differences. See, for example, Tamim Bayoumi and Barry a decrease in the prominence of idiosyncratic Eichengreen, "Shocking Aspects of European Monetary Integration," shocks—shocks affecting only one country. This in Francisco Torres and Francesco Giavazzi, eds., Adjustment and Growth in the European Monetary Union (Cambridge University source can be understood by looking at the formal Press, 1993); and Todd Clark and Eric van Wincoop, "Borders and definition of the correlation of growth rates, which is Business Cycles," Journal of International Economics, vol. 55 (Octothe covariance of the growth rates divided by the ber 2001), pp. 59-85. 8. Most estimates of the effect of small increases in trade intensity on output correlation are similarly small. See Jeffrey Frankel and Andrew Rose, "The Endogeneity of the Optimum Currency Area 9. For an argument that oil shocks are central in explaining reces- Criteria," Economic Journal, vol. 108 (July 1998), pp. 1009-25; sions, see James Hamilton, "What is an Oil Shock?" University Fabio Canova and Harris Delias, "Trade Interdependence and the of California at San Diego (2000). A contrary view is provided International Business Cycle," Journal of International Economics, by Robert B. Barsky and Lutz Kilian, "Do We Really Know that vol. 34 (February 1993), pp. 22>-Al\ and Clark and van Wincoop, Oil Caused the Great Stagflation? A Monetary Alternative," NBER "Borders and Business Cycles." Macroeconomics Annual 2001 (MIT Press, 2002). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Investigation of Co-movements among the Growth Rates of the G-7 Countries 431 Correlation as a Measure of Co-movement Covariance of A and B Correlation of growth of A and B = J Standard deviation of A x Standard deviation of B Covariance in growth of countries A and B is a measure of tries A and B means that when growth is strong in counthe common variability in growth of A and B. try A it also tends to be strong in country B. A negative correlation means that when growth is strong in country A, Standard deviation of growth of country A is a measure of growth tends to be weak in B. The magnitude of correlation the variability of growth of country A. is one measure of the degree of association between the Correlation can be viewed as the ratio of total common growth of A and B. A correlation of 1 between A and B variation (covariance) in the two growth rates to a measure means that the growth rates of the countries move entirely of total variation (the product of the standard deviations). in lockstep. A correlation of zero means that growth in the The correlation between two variables is a number between two countries is unrelated; correlation of Vi implies moder- -1 and 1. A positive correlation between growth in coun- ate association. product of the standard deviations of each of the two shocks reduces standard deviation). A consensus is growth rates (see box "Correlation as a Measure of growing that the standard deviation of economic Co-movement"). The standard deviation of a growth growth in the United States has been falling in recent rate is a measure of its total variation. A decline in years.10 Indeed, evidence suggests that the standard the prominence of idiosyncratic shocks in a country deviation of U.S. growth has fallen one-third or more lowers the standard deviation of the country's eco- since the early 1980s. The source of this reduction is nomic growth. If, at the same time, common varia- not evident, but some of its implications for correlation as measured by covariance is unchanged, then tion are clear. If the covariance of U.S. growth with correlation rises. other nations is unchanged, the one-third reduction in The case of reduced prominence of idiosyncratic the standard deviation of U.S. growth would imply shocks is important to emphasize for two reasons. that the correlation of U.S. growth with that of every First, although an increase in correlation is com- other nation would be 50 percent greater than its monly interpreted as an increase in the amount of earlier value.11 If correlation has not risen so dramaticommon variation in the economies, an increase in correlation can also come, as just noted, from a decrease in idiosyncratic variation. To take an example, the growth rate of a country that follows erratic 10. See, for example, Margaret McConnell and Gabriel Perez- Quiros, "Output Fluctuations in the United States: What Has Changed fiscal and monetary policies will become more corre- Since the Early 1980's?" American Economic Review, vol. 90 lated with the growth of other nations if it moves to a (December 2000), pp. 1464-76; James Kahn, Margaret McConnell, more stable policy. The rise in correlation in this case and Gabriel Perez-Quiros, "The Reduced Volatility of the U.S. Economy: Policy or Progress?" Federal Reserve Bank of New York does not come from greater transmission of shocks or (2001); James Stock and Mark Watson, "Has the Business Cycle more prominent common shocks; rather, sources of Changed and Why?" NBER Macroeconomics Annual 2002 (MIT common variation are unchanged, but idiosyncratic Press, forthcoming); Shaghil Ahmed, Andrew Levin, and Beth Anne Wilson, "Recent U.S. Macroeconomic Stability: Good Policies, Good variation has been reduced. A rise in the correlation Practices, or Good Luck?" International Finance Discussion of economic growth rates due to an increase in com- Paper 730 (Board of Governors of the Federal Reserve System, July mon shocks and a rise due to a decrease in idiosyn- 2002); Chang-Jin Kim, Charles Nelson, and Jeremy Piger, "The Less Volatile U.S. Economy: A Bayesian Investigation of Timing, Breadth, cratic shocks have different implications for public and Potential Explanations," International Finance Discussion policy: A rise in correlation because of a greater Paper 707 (Board of Governors of the Federal Reserve System, prominence of adverse common shocks would be a August 2001); M. V. Cacdac Warnock and Francis E. Warnock, "The Declining Volatility of U.S. Employment: Was Arthur Burns Right?" matter for concern, but a rise in correlation because International Finance Discussion Paper 677 (Board of Governors of of a reduction in adverse idiosyncratic shocks would the Federal Reserve System, August 2000); Olivier Blanchard and be beneficial. John Simon, "The Long and Large Decline in US. Output Volatility," Brookings Papers on Economic Activity, 1:2001, pp. 135-64; Thomas The second reason to emphasize the case of idio- Helbling and Tamim Bayoumi, "G-7 Business Cycle Linkages syncratic shocks is that it highlights the importance Revisited," International Monetary Fund (2002). of a change in standard deviation for the measure 11. Multiplying a standard deviation in the denominator of the correlation definition by % implies that correlation is % of, or is of correlation (recall that a decline in idiosyncratic 50 percent greater than, its former level. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 Federal Reserve Bulletin • October 2002 cally, then either the covariance between the United 4. Correlation of change in real GDP in the United States States and other countries has decreased, or the stan- with the average change in the other G-7 countries, dard deviation of growth abroad has increased, or selected periods, 1970-2002 both. Summary The most obvious explanation for an increase in the correlation of growth would probably be that linkages among economies have increased and, thus, ups and downs in one economy are now transmitted more to other economies. However, two other explanations—an increased prominence of common shocks or a decreased prominence of idiosyncratic shocks—may be at least as important in explaining changes in correlation. 1970:Q2-84:Q4 1985:Q1-99:Q3 1999:Q4-2002:Q1 NOTE. The data are quarterly and change is quarterly. THE CORRELATION OF U.S. AND FOREIGN G-7 GROWTH den in the earlier estimates formed over longer periods.13 In this section, we analyze estimates of correlation of U.S. economic growth with that of the other G-7 nations. The behavior of the average foreign G-7 The Historical Pattern of Estimated growth rate is representative of the behavior of the Correlation data for each of the six countries, but it masks some important differences. After considering the average, One way to show a more reliable picture is to plot the we turn to the correlation of U.S. growth with each correlation estimated for overlapping (or "rolling") other country individually. five-year periods that start in 1970:Q2 and roll forward one quarter at a time. Thus, the correlation Using standard formulas, an estimate of correlation estimated for 1975:Q1 is calculated over the five can be computed over any time period. An analyyears (twenty quarters) beginning in 1970:Q2 and sis that compares average correlations over selected ending in 1975:Q1. time periods supports the view that correlation has Measuring correlation over a series of rolling fiveincreased recently. This analysis estimates the correyear periods (chart 5, upper panel) gives a more lation between U.S. quarterly growth in GDP and the detailed depiction of correlation over the past thirty average of quarterly growth for the other G-7 counyears—and one that is much different from that in tries over three subperiods between 1970 and 2002: chart 4. Estimated correlation fluctuates a great deal the most recent 2!/2 years for which data are available over the period, ranging from a high of 0.80 to a low (1999:Q4 to 2002:Q1) and each half of the earlier part of the sample period (chart 4).12 For the entire of -0.23. In the mid-1970s, mid-1980s, and early 1990s, the estimated correlation consistently rises period from 1970:Q2 to 2002:Q1, the correlation in and reaches a local maximum within the five years of growth rates is 0.44 (value not shown in chart). The the end of a recession, so that the five-year period of estimated correlation is considerably higher in the data used in calculating the correlation contains the recent 2Vi years (0.55) than in the first or second recession period.14 These local maximums are quite halves of the earlier sample (0.43 and 0.28 respectively). However, comparing the recent correlation estimate calculated over a brief period to earlier 13. These data include the 2002 annual August revision to GDP for estimates calculated over much long periods may the United States. Data for the most recent recession in the United give a false impression that the recent rise is unique. States as well as in the rest of the G-7 are subject to still further The possibility that the recent level may merely revision. reflect a historically normal fluctuation could be hid- 14. The National Bureau of Economic Research (NBER) is a nonpartisan research institution that determines the beginnings (business cycle peaks) and ends (business cycle troughs) of recessions— periods when economic activity actually declines. More information 12. The first quarterly GDP level used is for 1970:Q1, and hence about how the NBER chooses business cycle dates is available on its the first quarterly growth value is for 1970:Q2. web site at www.nber.org. See also general note to chart 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Investigation of Co-movements among the Growth Rates of the G-7 Countries 433 5. Summary measures of change in real GDP in the roughly in line with historical experience. Indeed, United States and the average change in the other G-7 if any change in correlation is evident, it is a slight countries, rolling five-year periods, 1975-2002:Q1 downward trend over the whole period. Hence, we see little evidence of a period of permanently higher Correlation coefficient correlation in these data. Correlation The Recent Record on Standard Deviations and Covariance in G-7 Growth In contrast to the correlation data, the standard deviations of U.S. growth and average foreign G-7 growth show a clear pattern of change (chart 5, middle panel). As noted earlier, the standard deviation of U.S. GDP growth seems to have fallen sharply in the mid-1980s and has since fluctuated at less than % of Standard deviation its former level. The standard deviation of foreign G-7 growth also appears to have fallen over this Standard deviation period. All else equal, the decline in the standard deviations of U.S. and foreign G-7 growth would imply a steady rise in correlation over the period, United States which we have not observed. Given the definition of correlation, the only other possibility is that covariance also fell (chart 5, bottom panel). The decline in the U.S. standard deviation has been widely reported, but the reduction in the standard deviations of growth Other in the other G-7 nations and the contemporaneous fall in covariance with U.S. growth have received less notice. Covariance No consensus has emerged as to the source of Covariance these changes in standard deviation and covariance. Generally, the standard deviation in growth of a country will fall if some source of variation is removed; covariance between the growth rates of two countries will fall at the same time if some of the variation that is being removed is common variation. Correlation will be roughly unchanged if the decrease in standard deviation is attributable in roughly even proportions to declines in common and idiosyncratic variation, so that the share of variation that is common is unchanged. Three explanations have been advanced as possible NOTE. The data are quarterly and change is quarterly. Values for each causes of the recent reductions in standard deviation quarter are calculated over the five years ending in that quarter. For and covariance. The first is a decreased prominence description of shaded bars, see general note to chart 1. of common shocks. A reduction in the frequency of oil price shocks or in the G-7 economies' response to high (above 0.70). Between each of the periods those shocks, for example, would remove a common of high correlation have been brief periods in which source of variation in G-7 economies and thereby estimated correlation is negative. potentially reduce both the standard deviations and Although the recent correlations shown in both covariance. But because this change falls mainly on chart 4 and chart 5 are relatively high, chart 5 shows common variation, it would tend to lower correlation. that, earlier in the period, correlation reached even The second development is improvements in higher levels than it has of late. The recent pattern of inventory management. If businesses worldwide are increase around the time of a U.S. recession seems using advances in information technology to better Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 Federal Reserve Bulletin • October 2002 manage inventories, they may thereby ameliorate one Comparing the United States with Each of the source of variability in output growth. Better inven- Other G-7 Countries tory management might be expected to reduce the effects both of common shocks and of idiosyncratic Again using a five-year rolling interval and quarterly shocks and hence might be expected to have neutral data for the past thirty years, we examined the correimplications for correlation. lation of growth in real GDP in the United States The third commonly discussed possibility is that with the growth of each of the other G-7 econoimproved government policy since the early 1980s mies.16 The analysis shows that the correlation with has facilitated more steady growth. Proponents of five of the six other countries is generally positive this view note, for example, that inflation in the G-7 (chart 6) and has neither a clear upward nor downeconomies has generally been lower and less variable ward trend over the whole sample period. Japan is the recently than it was in the 1970s and early 1980s. As exception, having had a persistently negative correwith better inventory management, improved man- lation with the United States since the early 1990s agement of national economies might tend to have as Japanese economic growth slumped and the U.S. neutral implications for correlation because it could economy boomed. The correlation of each economy moderate growth variability due both to common and with the United States generally rises around the time to idiosyncratic shocks. of U.S. recessions. The importance of these factors in explaining Although the most recent estimated correlations the fall in the standard deviations and covariances of are higher than in the mid-1990s, none surpasses the growth in the G-7 is unresolved. The search for peaks attained around the time of earlier recessions. additional explanations continues.15 In short, over the past thirty years, the U.S. economy Although the causes remain uncertain, the fall in has had a history of moving somewhat in tandem the standard deviations and covariances of growth with those of the other G-7 countries, whether the six rates complicates the task of detecting other influ- are viewed collectively or individually; the recent ences on correlation. A small and gradual change in rise in co-movement is largely in line with that hiscorrelation due to ongoing gradual changes in inte- tory and does not provide a basis for concluding that gration, for example, could easily be hidden by other the recent rise in correlation signals a new period of effects that are changing the numerator and denomi- permanently higher correlation. nator of correlation. As noted, the correlation between the growth rates Overall, we reach the following conclusions from of two economies is the ratio of the covariance of our analysis. Over the period since 1970, estimated the growth rates in the two countries divided by the correlation of GDP growth between the United States product of their standard deviations. The standard and the other G-7 countries has fluctuated, reaching deviation of quarterly growth in real GDP, not only peaks after recessions in the United States. Recent for the United States but also for each foreign G-7 high levels of correlation are consistent with this economy except Japan, generally fell over the period overall pattern. Nonetheless, drawing conclusions (chart 7). While the decline in the U.S. standard about correlation is complicated by the fact that the deviation appears to have come mainly in a sharp standard deviations of growth in the United States drop in the early 1980s, the decline in much of the and in the foreign G-7 seem to have declined. The foreign G-7 seems to have been more gradual. Espeeffect of the decline of standard deviations on the cially in the case of France, the decline is also smaller correlation of growth has been roughly offset by a in magnitude. All else equal, this fall in standard decrease in the covariance of US. growth with that of deviation at home and abroad would raise the correlathe other G-7 economies. In light of these facts, the tion of U.S. growth with that of the foreign G-7. The evidence does not provide support for the view that estimated correlation between growth rates in the increasing integration has fundamentally raised the United States and the rest of the G-7 shows no sharp correlation of U.S. growth with growth in the other increase as standard deviations fell because the esti- G-7 economies. In the following sections, we subject mated covariance between the U.S. and foreign G-7 these basic conclusions to various challenges. growth rates has also fallen (chart 8). Once again, 15. One further example of an alternative explanation is that a 16. The conclusions regarding Germany must be viewed with reduction in capital market imperfections might have lessened the caution because of the GDP measurement issues surrounding German effects of shocks on the economy. For a discussion of these and other unification. Our growth rate data for Germany are for the former West explanations, see the articles cited in note 10. German area through 1991 and for unified Germany thereafter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Investigation of Co-movements among the Growth Rates of the G-7 Countries 435 Correlation of change in real GDP in the United States 7. Standard deviations of change in real GDP in each with the change in each of the other G-7 countries, of the G-7 countries, rolling five-year periods, rolling five-year periods, 1975-2002:Q 1 1975-2002:Q 1 Correlation coefficient Standard deviation Canada Canada United States France France Germany Germany United Kingdom United Kingdom NOTE. See note to chart 5. NOTE. See note to chart 5. the estimated covariance of growth rates with those growth interval (quarterly), and one type of period in the United States are considerably lower from the for measuring correlation (five-year periods that roll mid-1980s onward when compared with the earlier forward one quarter at a time). Different conclusions period. might arise if one were to consider other ways of measuring the correlation of economic activity. To test the robustness of our basic conclusions, we Extensions and Limitations of the Central examined thirty-six measures of correlation in activ- Conclusions ity by applying nine correlation measures (correlations in quarterly growth, four-quarter growth, and The evidence just presented on correlation was for a gap measure over two-and-one-half-year, five-year, a single measure of economic activity (GDP), one and ten-year rolling periods) to four real economic Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 Federal Reserve Bulletin • October 2002 Covariance of change in real GDP in the United States 9. Correlation of output gaps in the United States with the with the change in each of the other G-7 countries, output gaps in each of the other G-7 countries, rolling rolling five-year periods, 1975-2002:Q1 five-year periods, 1975-2002:Q1 Correlation coefficient Canada France .5 + 0 • — — V -— -- 'V 1 ' ", > ? i V — — IT I I I 1 I I I I I I I I I 1978 1982 1986 1990 1994 1998 2002 NOTE. See note to chart 5. NOTE. For method of calculating the output gaps, see text note 17. See also note to chart 5. aggregates: GDP, consumption, investment, and industrial production.17 rather than the correlation of GDP growth, we may also better capture business cycle variation in these These alternative measures offer several potential economies. Consumption and investment are of interinsights. Both the output gap measure and the fourest because these broad components of GDP may be quarter growth rate will capture longer-term movemore subject to international linkages than is, say, the ments better than does the quarterly growth rate of government spending component of GDP. Industrial GDP. By focusing on the correlation of output gaps, production is more volatile than other components of output such as services. Further, industrial output 17. For any variable, the associated gap measure is defined as the is generally tradeable across borders. Thus, an logarithm of the variable minus the trend in the logarithm of the increase in correlation due to economic integration variable calculated using the Hodrick-Prescott filter. The trend calcumight show up first in industrial production. lated in this way fluctuates through time. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

An Investigation of Co-movements among the Growth Rates of the G-7 Countries 437 With almost all of the thirty-six measures, we Finally, we highlight two limitations of our results. found that estimated correlation in the recent period Our many different measures of correlation of ecohas not exceeded the levels attained earlier in the nomic activity among the G-7 countries produce basisample. For example, the pattern of fluctuation of cally consistent results, but those conclusions may or output gap correlations (chart 9) is somewhat differ- may not apply to the linkages between the United ent from that of correlation in quarterly GDP growth. States and, say, emerging-market economies. Second, In particular, the correlation in output gaps does not and more broadly, a change in the correlation of rise as consistently during U.S. recessions. Still, the national economic growth rates is not likely to be overall conclusion remains the same: Estimated cor- visible unless the change is very large or has been in relation fluctuates and has not recently exceeded ear- place for a decade or more. For example, if a modest lier peaks. We can summarize the results of all the permanent increase in correlation occurred in the late measures in the following way: In only a few cases 1990s, our tools would not discover it until the higher has correlation recently surpassed earlier peaks, usu- estimated correlation during the recent recession perally by only a slight amount, and no clear or consis- sisted well into the future. tent pattern of increased correlation emerges across countries or measures of correlation. SUMMARY Some analysts have cited a slight trend decline in the cross-sectional standard deviation of GDP growth Various linkages among economies are becoming in the G-7 economies over the period since the 1970s stronger. Trade-to-GDP ratios are rising, financial as evidence of a rise in the correlation of GDP markets are becoming increasingly integrated, and growth (chart 10).18 This trend decline in cross- advances in global telecommunications might cause sectional standard deviation could come from a rise less tangible factors, such as consumer and business in correlation—if growth were more correlated across confidence, to become more closely linked. No concountries, the individual growth rates should be less sensus exists, however, as to how large an effect dispersed at any point in time. However, the cross- these factors should have on the correlation between sectional standard deviation will also fall if correla- GDP growth in the United States and in the other G-7 tion is constant and the individual standard deviations nations. Furthermore, any effect of these factors on fall. Thus, the fall in the cross-sectional standard correlation would very likely be gradual. deviation is consistent with our basic conclusion that At this time, any changes in correlation due to standard deviations have fallen while correlation has increased integration do not show clearly in the data. been roughly unchanged. The correlation of U.S. GDP growth with that of the foreign G-7 economies in the recent U.S. recession has been roughly in line with the experience around 18. For any calendar quarter, the cross-sectional standard deviation the time of earlier recessions. Estimated correlation of growth is the standard deviation of the growth rates of the seven G-7 countries in that quarter. has risen from its level during the previous expansion, but not in a way that clearly distinguishes this 10. Cross-sectional standard deviation of change in real recession from earlier ones. Overall, we find no evi- GDP of the G-7, 1971-2002:Q1 dence to indicate that the recent rise in correlation signals a future of permanently higher synchronization of national growth rates. The most dramatic change over the period since the early 1980s seems to have been a fall in both the standard deviation of growth in most G-7 economies and a contemporaneous fall in the covariance of U.S. and foreign G-7 growth. The source of this change is the subject of ongoing debate. Possible explanations include a decrease in the prominence of common shocks to the global economy, improved management techniques by firms, and a better macroeconomic policy environment. It remains to be seen how these factors, combined with continuing increases in economic integration, may affect the NOTE. The data are quarterly and change is for four quarters. The co-movement of U.S. economic growth with that of cross-sectional standard deviation in any quarter is the standard deviation of the four-quarter change in all of the G-7 countries in that quarter. the other G-7 economies in the future. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 Announcements GOVERNORS BERNANKE AND KOHN SWORN IN BOARD STATEMENT ON PAYMENTS SYSTEM AS BOARD MEMBERS RISK POLICY Donald L. Kohn and Ben S. Bernanke took on The Federal Reserve Board announced on August 20, August 5, 2002, the oath of office as members of the 2002, that it would not, over the near term, incorpo- Board of Governors of the Federal Reserve Sys- rate two policy options into its longer-term Payments tem. The oath was administered by Chairman Alan System Risk (PSR) policy plan. The Board will, Greenspan in the Board Room. however, continue to analyze the benefits and poten- President Bush announced his intention to nomi- tial drawbacks of a two-tiered pricing regime for nate Dr. Kohn and Dr. Bernanke on May 8. The daylight overdrafts. Senate confirmed them on July 31. For the foreseeable future, the Board will not Dr. Kohn was nominated to a vacant seat last held pursue a policy that (1) lowers self-assessed net by Laurence H. Meyer, whose term expired Janu- debit caps and eliminates two-week average caps or ary 31, 2002. Dr. Kohn's term expires January 31, (2) rejects all payments with settlement-day finality 2016. that would cause an institution to exceed its daylight Dr. Bernanke was nominated to the seat vacated by overdraft capacity level. the resignation of Edward W. Kelley, Jr., on Decem- A daylight overdraft occurs when a depository ber 31, 2001. The term expires January 31, 2004. institution's Federal Reserve account is in a negative position at any time during the business day. An institution's net debit cap refers to the maximum FOMC DIRECTIVE dollar amount of uncollateralized daylight overdrafts that it may incur in its Federal Reserve account. The Federal Open Market Committee decided on The Board will continue to study a two-tiered August 13, 2002, to keep its target for the federal pricing regime for daylight overdrafts in which instifunds rate unchanged at l3A percent. tutions that pledge collateral to the Reserve Banks The softening in the growth of aggregate demand would pay a lower fee on their collateralized daylight that emerged this spring has been prolonged in large overdrafts than on their uncollateralized daylight measure by weakness in financial markets and height- overdrafts. ened uncertainty related to problems in corporate The Board requested comment on these proposed reporting and governance. modifications in June 2001 after a broad review of its The current accommodative stance of monetary PSR policy. At the conclusion of the comment period, policy, coupled with still-robust underlying growth in the Board made several changes to the policy, includproductivity, should be sufficient to foster an improv- ing allowing depository institutions to pledge collating business climate over time. eral to the Federal Reserve to access additional day- Nonetheless, the Committee recognizes that, for light overdraft capacity above their net debit cap the foreseeable future, against the background of its levels and modifying the criteria used to determine a long-run goals of price stability and sustainable eco- foreign banking organization's U.S. capital equivanomic growth and of the information currently avail- lency measure. The Board is now focusing on the able, the risks are weighted mainly toward conditions potential longer-term direction for the PSR policy. that may generate economic weakness. Voting for the FOMC monetary policy action were Alan Greenspan, Chairman; William J. McDonough, Vice Chairman; Ben S. Bernanke; Susan S. Bies; INTERAGENCY WHITE PAPER ON PRACTICES TO Roger W. Ferguson, Jr.; Edward M. Gramlich; STRENGTHEN U.S. FINANCIAL SYSTEM Jerry L. Jordan; Donald L. Kohn; Robert D. McTeer, Jr.; Mark W. Olson; Anthony M. Santomero; Four financial services regulatory agencies issued on and Gary H. Stern. August 30, 2002, the "Draft White Paper on Sound Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

439 Practices to Strengthen the Resilience of the U.S. Institutions and other parties that chose to respond Financial System." were to provide their views electronically no later The sound practices identified reflect the prelimi- than 5:00 p.m. on September 23, 2002. Responses nary conclusions of the Board of Governors of the to the agencies were to be submitted electronically to Federal Reserve System, the Office of the Comptrol- the web site of the Federal Financial Institutions ler of the Currency, the Securities and Exchange Examination Council: www.FFIEC.gov (click on the Commission, and the New York State Banking option ffiec-suggest@frb.gov). Department regarding the factors necessary to strengthen the resilience of critical U.S. financial markets in the face of a wide-scale regional disaster. STATEMENT REGARDING GOVERNOR GRAMLICH The conclusions are based on recent interviews with industry participants and market utilities about The Federal Reserve Board announced on August 16, actions being taken to strengthen their ability to 2002, that Board member Edward M. Gramlich recover and resume critical business activities in the would begin treatment the following Monday for event of future wide-scale regional disruptions. The chronic lymphocytic leukemia (CLL)—a form of leupaper also discusses appropriate timetables for comkemia that can be treated successfully. Governor pleting reviews and revisions of business continuity Gramlich will be treated with chemotherapy on an plans and implementation of the sound practices. outpatient basis at Georgetown University Medical The sound practices apply most directly to "core Center. While he will take time off for each treatclearing and settlement organizations" and "financial ment, he will continue to fulfill his duties as a Board institutions that play significant roles in critical marmember. His doctors believe that his prognosis is kets." Critical markets are defined as the markets for good. Of the four common forms of leukemia, CLL is federal funds, foreign exchange, commercial paper, the most treatable. and government, corporate, and mortgage-backed securities. The agencies request comment on the appropriate scope and application of the sound practices and MINUTES OF BOARD DISCOUNT RATE related issues. After consideration of the comments MEETINGS received, the agencies intend to issue a final version The Federal Reserve Board released on August 23, of the white paper. Comments are requested by Octo- 2002, the minutes of its discount rate meetings from ber 21, 2002. May 20 to June 24, 2002. EXTENSION OF COMMENT PERIOD ON DRAFT OF CREDIT CARD GUIDANCE BOARD STAFF CHANGES The federal regulatory agencies for financial institutions announced on August 8, 2002, that they were The Board of Governors approved on August 19, extending the deadline, to September 23, for com- 2002, the appointment of Mary West to Assistant ment on their draft guidance on account management Director and a change in the responsibilities for Willand loss allowances for credit card lending. iam L. Wascher, Assistant Director. On July 22, under the auspices of the Federal Mary West will have oversight responsibilities for Financial Institutions Examination Council, the the Financial Reports Section. The section is respon- Office of the Comptroller of the Currency, the Board sible for activities supporting the Federal Reserve of Governors of the Federal Reserve System, the System's reports and statistical functions, including Federal Deposit Insurance Corporation, and the administering the Federal Reserve's report review Office of Thrift Supervision asked for comment by and clearance program for all data series collected for August 9 from affected institutions and other inter- policy, regulatory, and supervisory purposes; develested parties as to whether the draft provides clear oping reporting systems, forms, instructions, and proguidance concerning their expectations in the areas of cedures; and coordinating report clearance and implecredit card account management, risk management, mentation throughout the System and with other and loss allowance practices or, instead, has "fatal agencies. Ms. West joined the Board's staff in 1976 flaws" in these areas. and was promoted to chief of the Financial Reports The agencies plan to issue further comments elabo- Section in 1992. Ms. West holds a bachelor's degree rating on the importance of this guidance soon. from Brown University and a master's degree in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 Federal Reserve Bulletin • October 2002 business management from Central Michigan ing, and research assignments for the Division of University. Research and Statistics in the area of macroeconom- William L. Wascher will move from his current ics, labor economics, business and household behavposition as Assistant Director and Chief of the Macro- ior, and energy and agricultural markets. Mr. Wascher economic Analysis Section to a position of Assis- will continue to have oversight responsibility for the tant Director. The Macroeconomic Analysis Section Macroeconomic Analysis Section and will handle handles a broad range of current analysis, forecast- more division-wide project assignments. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

441 INDEX OF ORDERS ISSUED OR ACTIONS TAKEN BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (APRIL 1, 2002 - JUNE 30, 2002) Bulletin Volume Applicant Merged or Acquired Bank of Activity Date of Approval and Page Banca Comerciala Romana S.A., To establish a representative office in May 21, 2002 88, 326 Bucharest, Romania New York, New York Charter One Financial, Inc., Charter One Bank, F.S.B., April 22, 2002 88, 297 Cleveland, Ohio Cleveland, Ohio Chinatrust Financial Holding Company, Chinatrust Bank, April 19, 2002 88, 303 Ltd., Torrance, California Taipei, Taiwan Chinatrust Commercial Bank, Ltd., Taipei, Taiwan Hamburgische Landesbank Girozentrale, To establish a representative office in June 21, 2002 88, 397 Hamburg, Germany New York, New York JPMorgan Chase Bank, To establish a branch at the Newport May 30, 2002 88, 325 New York, New York Center, Jersey City, New Jersey Landesbank Schleswig-Holstein To establish a branch in New York, June 21, 2002 88, 399 Girozentrale, New York Kiel, Germany Royal Bank of Canada, Eagle Bancshares, Inc., June 24, 2002 88, 385 Montreal, Canada Tucker, Georgia RBC Centura Banks, Inc., Tucker Federal Bank, Rocky Mount, North Carolina Tucker, Georgia SinoPac Holdings, Far East National Bank, April 11, 2002 88,307 Taipei, Taiwan Los Angeles, California Bank SinoPac, Taipei, Taiwan Westamerica Bank, Kerman State Bank, June 4, 2002 88, 392 San Rafael, California Kerman, California APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT By the Secretary of the Board Recent applications have been approved by the Secretary of the Board as listed below. Copies are available upon request to the Freedom of Information Office, Office of the Secretary, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Section 4 Applicant(s) Bank(s) Effective Date The Royal Bank of Scotland Group PLC, Identrus LLC, August 14, 2002 Edinburgh, Scotland New York, New York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 Federal Reserve Bulletin • October 2002 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 Aviston Financial Corporation, Aviston Bancorp, Inc., St. Louis August 7, 2002 Trenton, Illinois Aviston, Illinois State Bank of Aviston, Aviston, Illinois BOK Financial Corporation, TW Interim National Bank, N.A. Kansas City August 15, 2002 Tulsa, Oklahoma Houston, Texas Bank of Tanglewood, N.A., Houston, Texas Cera Stichting VZW, LBS Bank, New York August 22, 2002 Belgium New York, New York Cera Beheersmaatschappij N.V., Nova Ljubljanska Banka d.d., Belgium Ljubljana, Slovenia Cera Holding CVBA, Belgium Almancora CVA, Belgium Almanij N.V., Belgium KBC Bankverzekerings holding N.V., Belgium KBC Bank N.V., Belgium The Colonial BancGroup, Inc., Palm Beach National Holding Atlanta August 2, 2002 Montgomery, Alabama Company, Palm Beach, Florida Palm Beach National Bank and Trust Company, Palm Beach, Florida Commerce Financial Corporation, Commerce Bank, N.A., Kansas City August 5, 2002 Marysville, Kansas Marysville, Kansas Community First Financial Highlands Community Bank, Richmond August 13, 2002 Corporation, Covington, Virginia Lynchburg, Virginia First Delta Bankshares, Inc., Bank of Trumann, St. Louis July 31, 2002 Blytheville, Arkansas Trumann, Arkansas First York BanCorp, NebraskaLand Financial Services, Inc. Kansas City August 15, 2002 York, Nebraska York, Nebraska North Fork Bancorporation, North Fork NJ Interim Bank, New York August 8, 2002 Melville, New York Jersey City, New Jersey North Fork Bank, Melville, New York Randolph Bancorp, Randolph Savings Bank, Boston August 19, 2002 Stoughton, Massachusetts Randolph, Massachusetts Sterling Bancshares, Inc., ENB Bankshares, Inc., Dallas July 5, 2002 Houston, Texas Dallas, Texas Sterling Bancorporation, Inc., Wilmington, Delaware Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 443 Section 3—Continued Applicant(s) Bank(s) Reserve Bank Effective Date United Community Bankshares of United Heritage Bank, Atlanta August 8, 2002 Florida, Orlando, Florida Orlando, Florida Community National Bank of Mid-Florida, Lake Mary, Florida United Financial, Inc., Alamance National Bank, Richmond August 13, 2002 Graham, North Carolina Graham, North Carolina Section 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date Allied Irish Banks, p.I.e., Clarity Incentive Systems, Inc., Richmond August 6, 2002 Dublin, Ireland New York, New York Allfirst Financial Inc., Baltimore, Maryland Goodenow Bancorporation, To engage de novo in extending credit Chicago August 12, 2002 Okoboji, Iowa and servicing loans Marshall & Ilsley Corporation, Spectrum EBP, LLC, Chicago August 21, 2002 Milwaukee, Wisconsin Atlanta, Georgia Metavante Corporation, Brown Deer, Wisconsin Sections 3 and 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date Marshall & Ilsley Corporation, Mississippi Valley Bancshares, Inc., Chicago August 13, 2002 Milwaukee, Wisconsin St. Louis, Missouri Southwest Bank, Belleville, Illinois Southwest Bank of St. Louis, St. Louis, Missouri Southwest Bank of Phoenix, Phoenix, Arizona Mississippi Valley Capital Company, St. Louis, Missouri Eagle Fund, L.L.C., St. Louis, Missouri Eagle Fund I, L.P, St. Louis, Missouri Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 Federal Reserve Bulletin • October 2002 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 Colonial Bank, Palm Beach National Bank and Trust Atlanta August 2, 2002 Montgomery, Alabama Company, Palm Beach, Florida Midwest Bank and Trust Company, Midwest Bank of Hinsdale, Chicago July 15, 2002 Elmwood Park, Illinois Hinsdale, Illinois Midwest Bank of McHenry County, Union, Illinois PENDING CASES INVOLVING THE BOARD OF GOVERNORS This list of pending cases does not include suits against the Radfar v. United States, No. 1:01CV1292 (PLF) (D.D.C., Federal Reserve Banks in which the Board of Governors is not complaint filed June 11, 2001). Action under the Federal named a party. Tort Claims Act for injury on Board premises. Artis v. Greenspan, No. 01-CV-0400(ESG) (D.D.C., complaint filed February 22, 2001). Employment discrimination Seddgwick v. United States, No. 02-1083 (ESH) (D.D.C., filed action. On August 15, 2001, the district court consolidated June 4, 2002). Complaint for declaratory judgment under the action with Artis v. Greenspan, No. 99-CV-2073 (EGS) the Federal Tort Claims Act and the constitution. (D.D.C., filed August 3, 1999), also an employment dis- Caesar v. United States, No. 02-0612 (EGS) (D.D.C.), crimination action. removed on April 1, 2002, from No. 02-1502 (D.C. Supe- Trans Union LLC v. Federal Trade Commission, et al., rior Court, originally filed March 1, 2002). Action seeking No. 01-5202 (D.C. Cir., filed June 4, 2001). Appeal of damages for personal injury. district court order entered April 30, 2001, upholding challenged provisions of an interagency rule regarding Privacy Community Bank & Trust v. United States, No. 01-571C of Consumer Finance Information. On July 16, 2002, the (Ct. Fed. CI., filed October 3, 2001). Action challenging on Court of Appeals affirmed the district court decision upholdconstitutional grounds the failure to pay interest on reserve ing the regulation. accounts held at Federal Reserve Banks. Albrecht v. Board of Governors, No. OO-CV-317 (CKK) Laredo National Bancshares, Inc. v. Whalen v. Board of Gov- (D.D.C., filed February 18, 2000). Action challenging the ernors, No. 01-CV-134 (S.D. Tex.), removed on Septem- method of funding of the retirement plan for certain Board ber 5, 2001, from No. 99CVQ00940-D3 (District Court, employees. On March 30, 2001, the district court granted in 341st Judicial District, Webb County, Texas, originally filed part and denied in part the Board's motion to dismiss. July 26, 2001). Third-party petition seeking indemnification Fraternal Order of Police v. Board of Governors, or contribution from the Board in connection with a claim No. 1:98CV03116 (WBB)(D.D.C„ filed December 22, asserted against defendant Whalen alleging tortious interfer- 1998). Declaratory judgment action challenging Board laence with a contract. bor practices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A1 Financial and Business Statistics A3 GUIDE TO TABLES Federal Finance A25 Federal debt subject to statutory limitation DOMESTIC FINANCIAL STATISTICS A25 Gross public debt of U.S. Treasury— Types and ownership Money Stock and Bank Credit A26 U.S. government securities A4 Reserves and money stock measures dealers—Transactions A5 Reserves of depository institutions and Reserve Bank A27 U.S. government securities dealers— credit Positions and financing A6 Reserves and borrowings—Depository A28 Federal and federally sponsored credit institutions agencies—Debt outstanding Policy Instruments Securities Markets and Corporate Finance A7 Federal Reserve Bank interest rates A29 New security issues—Tax-exempt state and local A8 Reserve requirements of depository institutions governments and corporations A9 Federal Reserve open market transactions A30 Open-end investment companies—Net sales and assets Federal Reserve Banks A30 Domestic finance companies—Assets and liabilities A31 Domestic finance companies—Owned and managed A10 Condition and Federal Reserve note statements receivables All Maturity distribution of loan and security holding Real Estate Monetary and Credit Aggregates A32 Mortgage markets—New homes A3 3 Mortgage debt outstanding A12 Aggregate reserves of depository institutions and monetary base Consumer Credit A13 Money stock measures A34 Total outstanding Commercial Banking Institutions— A34 Terms Assets and Liabilities Flow of Funds A15 All commercial banks in the United States A16 Domestically chartered commercial banks A35 Funds raised in U.S. credit markets A17 Large domestically chartered commercial banks A37 Summary of financial transactions A19 Small domestically chartered commercial banks A3 8 Summary of credit market debt outstanding A20 Foreign-related institutions A39 Summary of financial assets and liabilities Financial Markets DOMESTIC NONFINANCIAL STATISTICS A22 Commercial paper outstanding 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

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

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

A4 Domestic Nonfinancial Statistics • October 2002 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 2001 2002 2002 MMoonneettaarryy oorr ccrreeddiitt aaggggrreeggaattee Q3 Q4 Qi Q2 Mar. Apr. May June' July Reserves of depository institutions1 1 Total 76.3 -31.2 -9.7 -16.3 -12.7 -7.4 -48.4 4.6 11.9 2 Required 14.8 22.1 -9.3 -15.4 -14.5 -1.4 -51.9 5.7 8.1 3 Nonborrowed 65.0 -21.4 -9.4 -16.9 -14.1 -7.2 -49.8 3.7 10.4 4 Monetary base3 14.8 6.4 9.1 8.1 6.5 7.9 7.3 11.3 8.5 Concepts of money* 5 Ml 16.0 2.1 5.8 -.6' 2.9' -11.2' 6.6 7.1 8.0 6 M2 11.0 9.4 5.8 3.4 -.7 -3.6 14.1 7.4 12.8 7 M3 10.1 12.3r 5.0' 3.2 .0' -2.1' 11.6' 5.9 7.5 Nontransaction components 8 In M25 9.6 11.5 5.8 4.5 -1.8 -1.5 16.1 7.5 14.1 9 In M3 only6 8.3r 18.4' 3.4' 2.9r 1.4' 1.1' 6.3' 2.8 ^1.0 Time and savings deposits Commercial banks 10 Savings, including MMDAs 19.7 23.2 20.4 13.3 5.2 7.0 25.6r 13.5 17.0 11 Small time7 -10.3 -12.1 -15.3 -3.5 -11.2 -7.0 11.5 1.9 -7.0 12 Large time8-9 -7.4 -9.2 4.9 8.4' 2.5' 17.2' 13.3' -5.3 -1.0 Thrift institutions 13 Savings, including MMDAs 25.2 27.2 25.6' 21.1' 27.7' 17.5 13.3 14.5 22.8 14 Small time7 -5.1 -11.2 -15.3 -14.8 -9.6 -10.4 -29.7 -11.2 -4.7 15 Large time8 14.9 2.5 -.8 -9.0 -7.3 6.3 -30.4 -17.2 1.1 Money market mutual funds 16 Retail 5.0 7.9 -9.4 -10.1 -24.1 -23.3 18.4 .9 22.6 17 Institution-only 27.5 49.2 -.5 2.4 -.2 -2.0 10.1 10.0 -5.2 Repurchase agreements and eurodollars 18 Repurchase agreements10 -7.8' .7' 9.6' -5.6' -6.3' -19.1' ,0r 5.8 -3.5 19 Eurodollars10 -3.7 -4.8 12.0 9.2r 24.2 l.lr -5.9' -4.9 -10.3 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 cunrent 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 May June July June 19 June 26 July 3 July 10 July 17 July 24 July 31 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 647,403 653,265 657,336 650,779 656,055 659,779 658,141 656,752 658,663 655,495 U.S. government securities2 2 Bought outright—System account1 .... 584,747 590,187 595,271 591,354 591,688 590,854 592,626 592,513 597,616 600,142 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 24,845 25,285 22,363 22,036 25,821 30,000 25,857 24,571 21,107 15,429 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 7 5 19 3 5 9 42 2 15 23 9 Seasonal credit 107 135 176 131 162 168 167 177 183 180 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 -237 -245 -171 -505 -150 -231 484 -310 -407 ^189 13 Other Federal Reserve assets 37,925 37,888 39,668 37,750 38,518 38,968 38,954 39,789 40,138 40,200 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 33,793 33,93 lr 34,027 33,933' 33,964' 33,995 34,009 34,023 34,037 34,051 ABSORBING RESERVE FUNDS 17 Currency in circulation 649,546 655,201r 661,387 654,820' 655,436' 659,984 664,112 661,468 659,727 659,646 18 Reverse repurchase agreements—triparty4 . . 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 407 405 385 407 397 394 388 392 378 381 Deposits, other than reserve balances, with Federal Reserve Banks 20 Treasury 5,056 6,126 5,279 5,894 6,963 6,148 4,985 5,495 5,311 5,779 21 Foreign 93 101 91 124 104 83 99 98 77 94 22 Service-related balances and adjustments . 10,098 10,114 10,172 10,248 10,303 10,135 10,123 10,120 10,239 10,222 23 Other 223 238 229 255 237 231 228 244 218 216 24 Other Federal Reserve liabilities and capital . 19,343 19,921 19,645 19,819 20,253 20,106 19,575 19,910 19,765 19,201 25 Reserve balances with Federal Reserve Banks 9,675 8,333 7,418 6,389 9,571' 9,936 5,883 6,292 10,228 7.251 End-of-month figures Wednesday figures May June July June 19 June 26 July 3 July 10 July 17 July 24 July 31 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 651,329 661,834 659,024 649,869 665,851 656,482 661,688 653,900 667,744 659,024 U.S. government securities2 2 Bought outright—System account1 587,189 590,683 600,455 592,187 592,390 591,256 594,531 594,411 600,510 600.455 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 28,000 32,000 19,500 20,750 34,250 26,500 27,000 19,750 26,750 19,500 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 0 17 4 0 1 1 24 3 104 4 9 Seasonal credit 124 166 182 150 179 163 173 184 184 182 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 -666 -238 -953 -1,206 110 -203 312 -266 -151 -953 13 Other Federal Reserve assets 36,672 39,196 39,826 37,978 38,911 38,755 39,637 39,808 40,337 39,826 14 Gold stock 11,044 11,044 11,042 11,044 11,044 11,044 11,044 11,044 11,044 11,042 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 33,871 33,995r 34,051 33,933' 33,964' 33,995 34,009 34,023 34,037 34,051 ABSORBING RESERVE FUNDS 17 Currency in circulation 653,796 657,900' 661,199 656,114' 658,033' 664,374 664,107 661,354 660,672 661,199 18 Reverse repurchase agreements—triparty4 . . . 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 416 395 377 397 395 387 394 377 381 377 Deposits, other than reserve balances, with Federal Reserve Banks 20 Treasury 5,883 8,116 6,242 6,899 7,620 5,174 5,194 5,000 5,085 6,242 21 Foreign 128 90 164 113 74 79 84 156 78 164 22 Service-related balances and adjustments . . 9,799 10,135' 10,222 10,248 10,303 10,135 10,123 10,120 10,239 10,222 23 Other 207 212 236 251 239 243 221 230 227 236 24 Other Federal Reserve liabilities and capital . . 19,504 20,186 18,940 19,708 20,129 19,354 19,559 19,578 19,226 18,940 25 Reserve balances with Federal Reserve Banks5 8,712 12,038' 8,938 3,316 16,266 3,976 9,258 4,351 19,117 8.938 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 • October 2002 1.12 RESERVES AND BORROWINGS Depository Institutions' Millions of dollars Prorated monthly averages of biweekly averages RReesseerrvvee ccllaassssiiffiiccaattiioonn 1999 2000 2001 2002 Dec. Dec. Dec. Jan. Feb. Mar. Apr. May June July 1 Reserve balances with Reserve Banks2 5,262 7,022 9,054 9.995 9,273 9,146 9,740 9,209 7,929' 8,096 2 Total vault cash3 60,620 45,245 43,935 45,728' 45,693' 42,630' 42,012' 41,819 41,662 42,723 3 Applied vault cash4 36.392 31,451 32,024 33,730 33,218 31,151 31,156 31,033 30,642' 31,291 4 Surplus vault cash5 24,228 13,794 11,911 11,998' 12,475' 11,479' 10,856' 10,786 11,021' 11,432 5 Total reserves6 41,654 38,473 41,077 43,725 42,491 40,297 40,896 40,242 38,571' 39,386 6 Required reserves 40,357 37,046 39,433 42,339 41,124 38,883 39,688 38,969 37,329 38,013 7 Excess reserve balances at Reserve Banks7 1,297 1,427 1,645 1,387 1,367 1,414 1,208 1,273 1,242' 1,373 8 Total borrowing at Reserve Banks 320 210 67 50 30 79 71 112 142 191 9 Adjustment 179 99 34 33 12 59 21 7 6 16 10 Seasonal 67 111 33 17 17 20 50 105 136 176 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 Apr. 3 Apr. 17 May 1 May 15 May 29 June 12 June 26' July 10 July 24 Aug. 7 1 Reserve balances with Reserve Banks2 9,493 9,325 10,243 8,524 10,011 7,878 7,979 7,909' 8,266 8,022 2 Total vault cash3 43,066' 41,727' 42,077 41,828 41,954 40,682 42,130 42,968 42,170 43,479 3 Applied vault cash4 31,497 30,301 31,999 30,366 31,858 29,441 31,444 31,438' 30,731 32,201 4 Surplus vault cash5 11,569' 11,426' 10,079 11,462 10,096 11,241 10,686 11,531' 11,439 11,278 5 Total reserves6 40,990 39,626 42,242 38,890 41,869 37,319 39,423 39,347' 38,997 40,222 6 Required reserves 39,340 38,501 41,046 37,699 40,491 36,174 38,177 37,828 37,700 38,903 7 Excess reserve balances at Reserve Banks7 1,650 1,124 1,195 1,191 1,378 1,145 1,246 1,518' 1,296 1,319 8 Total borrowing at Reserve Banks 180 47 71 100 127 116 151 194 189 194 9 Adjustment 157 2 10 6 10 3 4 27 9 14 10 Seasonal 23 45 62 95 117 113 147 168 180 180 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 credit' Seasonal credit2 Extended credit3 FFeeddeerraall RReesseerrvvee BBaannkk 9/1 O 3 n /0 2 Effective date Previous rate 9/1 O 3 n /0 2 Effective date Previous rate 9/1 O 3 n /0 2 Effective date Previous rate Boston 1.25 12/11/01 1.50 1.75 09/05/02 1.70 2.25 09/05/02 2.20 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 09/05/02 1.70 2.25 09/05/02 2.20 of rates for adjustment credit in recent years4 (or F.R. Bank Range(or F.R. Bank Range (or F.R. Bank Effective date level)—All of Effective date level)—All of Effective date level)—All of F.R. Banks N.Y. F.R. Banks N.Y. F.R. Banks N.Y. In effect Dec. 31, 1981 12 12 1991—Sept. 13 5-5.5 5 2001—May 15 3.50-4.00 3.50 17 5 5 17 3.50 3.50 1982—July 20 11.5-12 11.5 Nov. 6 4.5-5 4.5 June 27 3.25-3.50 3.25 23 11.5 11.5 7 4.5 4.5 29 3.25 3.25 Aug. 2 11-11.5 11 Dec. 20 3.5-4.5 3.5 Aug. 21 3.00-3.25 3.00 3 11 11 3.5 3.5 23 3.00 3.00 16 10.5 10.5 Sept. 17 2.50-3.00 2.50 27 10-10.5 10 1992—July 3-3.5 3 18 2.50 2.50 30 10 10 3 3 Oct. 2 2.00-2.50 2.00 Oct. 12 9.5-10 9.5 4 2.00 2.00 13 9.5 9.5 1994—May 17 3-3.5 3.5 Nov. 6 1.50-2.00 1.50 Nov. 22 9-9.5 9 18 3.5 3.5 8 1.50 1.50 26 9 9 Aug. 16 3.5-4 4 Dec. 11 1.25-1.50 1.25 Dec. 14 8.5-9 9 18 4 4 13 1.25 1.25 15 8.5-9 8.5 Nov. 15 4-4.75 4.75 17 8.5 8.5 17 4.75 4.75 In effect Sept. 13, 2002 1.25 1.25 1984—Apr. 9 8.5-9 9 1995—Feb. 1 4.75-5.25 5.25 13 9 9 9 5.25 5.25 Nov. 21 8.5-9 8.5 26 8.5 8.5 1996—Jan. 31 5.00-5.25 5.00 Dec. 24 8 8 5.00 5.00 1985—May 20 7.5-8 7.5 1998—Oct. 15 4.75-5.00 4.75 24 7.5 7.5 16 4.75 4.75 Nov. 17 4.50-4.75 4.50 1986—Mar. 7 7-7.5 7 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 7980-/989; 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 • October 2002 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Requirement Type of deposit Net transaction accounts2 1 $0million-$41.3 million3 12/27/01 2 More than $41.3 million4 . 12/27/01 3 Nonpersonal time deposits1 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 11999999 22000000 22000011 aanndd mmaattuurriittyy Dec. Jan. Feb. Mar. Apr. May June U.S. TREASURY SECURITIES2 Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 0 8,676 15,503 812 2,772 1,042 3,013 1,047 3,524 33,,665566 2 Gross sales 0 0 0 0 0 0 0 0 0 0 3 Exchanges 464,218 477,904 542,736 43,771 55,521 54,619 48,483 45,376 70,978 53,015 4 For new bills 464,218 477,904 542,736 43,771 55,521 54,619 48,483 45,376 70,978 53,015 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 2,942 0 2,894 1,455 2,709 2,826 0 7 Gross sales 0 0 0 0 0 0 0 0 0 0 8 Maturity shifts 50,590 62,025 70,336 5,235 5,850 7,537 0 14,515 6,714 0 9 Exchanges -53,315 -54,656 -72,004 -6,666 -5,766 -8,432 0 -15,522 -9,031 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 22,814 634 2,872 1,101 2,181 1,142 1,439 00 12 Gross sales 0 0 0 0 0 0 0 0 0 0 13 Maturity shifts ^4,032 -52,068 -45,211 -5,235 -5,850 -6,283 0 -14,515 -1,620 0 14 Exchanges 42,604 46,177 64,519 6,666 5,766 7,679 0 15,522 8,639 0 Five to ten years 15 Gross purchases 4,303 5,871 6,003 101 0 334 637 1,670 259 542 16 Gross sales 0 0 0 0 0 0 0 0 0 0 17 Maturity shifts -5,841 -6,801 -21,063 0 0 -501 0 0 -5,094 0 18 Exchanges 7,578 6,585 6,063 0 0 753 0 0 391 0 More than ten years 19 Gross purchases 9,428 5,833 8,531 448 582 1,054 291 210 0 0 20 Gross sales 0 0 0 0 0 0 0 0 0 0 21 Maturity shifts -717 -3,155 -4,062 0 0 -753 0 0 0 0 22 Exchanges 3,133 1,894 1,423 0 0 0 0 0 0 0 All maturities 23 Gross purchases 45,357 43,670 68,513 4,937 6,226 6.425 7,577 6,777 8,048 4,198 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 4,722,667 387,033 407,791 367,906 393,273 436,936 466,807 447,555 27 Gross sales 4,431,685 4,397,835 4,724,743 390,617 404,296 368,060 393,151 437,881 469,046 448,330 Repurchase agreements 28 Gross purchases 281,599 0 0 00 0 00 0 00 00 00 29 Gross sales 301,273 0 0 0 0 0 0 0 0 0 30 Net change in U.S. Treasury securities 5,999 33,439 39,540 1,354 9,720 6,271 7,699 5,833 5,810 3,423 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 00 0 00 0 00 35 Gross sales 370,772 0 0 0 0 0 0 0 0 0 36 Net change in federal agency obligations -10,859 -51 -120 0 0 0 0 0 0 0 Reverse repurchase agreements 37 Gross purchases 0 0 0 00 00 00 00 00 00 00 38 Gross sales 0 0 0 0 0 0 0 0 0 0 Repurchase agreements 39 Gross purchases 304,989 890,236 1,497,713 117,650 118,550 101,749 70,850 110022,,220000 110066,,442266 9988,,885500 40 Gross sales 164,349 987,501 1,490,838 103,900 131,300 104,750 75,849 100,200 109,926 94,850 41 Net change in triparty obligations 140,640 -97,265 6,875 13,750 -12,750 -3,001 ^,999 2,000 -3,500 4,000 42 Total net change in System Open Market Account .. 135,780 -63,877 46,295 15,104 -3,030 3,270 2,700 7,833 2,310 7,423 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. Transactions include the rollover of inflation compensation into new securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A10 Domestic Nonfinancial Statistics • October 2002 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday End of month AAAccccccooouuunnnttt 2002 2002 July 3 July 10 July 17 July 24 July 31 May June July Consolidated condition statement ASSETS 1 Gold certificate account 11,044 11,039 11,039 11,039 11,038 11,044 11,044 11,038 2 Special drawing rights certificate account 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 3 Coin 905 885 897 922 947 947 948 947 Loans 4 To depository institutions 164 198 187 288 186 124 184 186 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 26,500 27,000 19,750 26,750 19,500 28,000 32,000 19,500 Federal agency obligations3 8 Bought outright 10 10 10 10 10 10 10 10 9 Held under repurchase agreements 0 0 0 0 0 0 0 0 10 Total U.S. Treasury securities3 591,256 594,531 594,411 600,510 600,455 587,189 590,683 600,455 11 Bought outright4 591,256 594,531 594,411 600,510 600,455 587,189 590,683 600,455 12 Bills 196,164 198,724 198,604 203,024 202,969 193,752 196,633 202,969 13 Notes 289,505 290,167 290,167 291,777 291,777 288,027 288,610 291,777 14 Bonds 105,586 105,640 105,640 105,709 105,709 105,410 105,440 105,709 15 Held under repurchase agreements 0 0 0 0 0 0 0 0 16 Total loans and securities 617,930 621,739 614,358 627,559 620,151 615,323 622,877 620,151 17 Items in process of collection 8,953 7,802 7,207 6,891 6,498 5,059 5.299 6,498 18 Bank premises 1,518 1,519 1,520 1,522 1,519 1,514 1,516 1,519 Other assets 19 Denominated in foreign currencies5 16,136 16,325 16,606 16,493 16,140 15,432 16,161 16,140 20 All other6 21,093 21,614 21,681 22,226 22,053 19,728 21,512 22,053 21 Total assets 679,779 683,124 675,508 688,852 680,546 671,247 681,555 680,546 LIABILITIES 22 Federal Reserve notes 631,671 631,373 628,601 627,934 628,468 621,288 625,248 628,468 23 Reverse repurchase agreements—triparty2 0 0 0 0 0 0 0 0 24 Total deposits 20,108 24,660 19,643 34,739 25,825 24,779 30,743 25,825 25 Depository institutions 14,613 19,161 14,257 29,349 19,183 18,561 22,324 19,183 26 U.S. Treasury—General account 5,174 5,194 5,000 5,085 6,242 5,883 8,116 6,242 27 Foreign—Official accounts 79 84 156 78 164 128 90 164 28 Other 243 221 230 227 236 207 212 236 29 Deferred credit items 8,646 7,532 7,685 6,952 7,313 5,677 5,378 7,313 30 Other liabilities and accrued dividends7 2,317 2,382 2,365 2,391 2,363 2,556 2,354 2,363 31 Total liabilities 662,742 665,947 658,295 672,017 663,969 654,299 663,723 663,969 CAPITAL ACCOUNTS 32 Capital paid in 8,334 8,268 8,261 8,265 8,266 8,268 8,330 8,266 33 Surplus 7,312 7,312 7,312 7,312 7,312 7,312 7,312 7,312 34 Other capital accounts 1,391 1,598 1,641 1,258 999 1,368 2,191 999 35 Total liabilities and capital accounts 679,779 683,124 675,508 688,852 680,546 671,247 681,555 680,546 MEMO 36 Marketable U.S. Treasury securities held in custody for foreign and international accounts n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Federal Reserve note statement 37 Federal Reserve notes outstanding (issued to Banks) 751,185 750,562 750,142 749,488 748,243 751,591 752,137 748,243 38 LESS: Held by Federal Reserve Banks 119,514 119,189 121,540 121,554 119,775 130,303 126,890 119,775 39 Federal Reserve notes, net 631,671 631,373 628,601 627,934 628,468 621,288 625,248 628,468 Collateral held against notes, net 40 Gold certificate account 11,044 11,039 11,039 11,039 11,038 11,044 11,044 11,038 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 662 0 1,191 0 0 0 0 0 43 U.S. Treasury and agency securities 617,766 618,134 614,171 614,695 615,230 608,044 612,004 615,230 44 Total collateral 631,671 631,373 628,601 627,934 628,468 621,288 625,248 628,468 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 July 3 July 10 July 17 July 24 July 31 May June July 1 Total loans 164 198 187 288 186 124 184 186 2 Within fifteen days' 46 75 170 272 151 101 144 151 3 Sixteen days to ninety days 118 122 17 16 35 23 39 35 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Total U.S. Treasury securities2 591,256 594,531 594,411 600,510 600,455 587,189 590,683 600,455 6 Within fifteen days' 18,619 16,069 20,434 22,480 21,605 3,941 8,675 21,605 7 Sixteen days to ninety days 134,956 138,640 131,640 130,686 124,250 143,242 144,837 124,250 8 Ninety-one days to one year 134,401 135,826 137,332 141,763 147,388 139,075 135,633 147,388 9 One year to five years 169,228 169,944 169,944 169,944 171,575 167,479 167,488 171,575 10 Five years to ten years 52,489 52,489 53,499 54,005 54,005 51,920 52,486 54,005 11 More than ten years 81,563 81,563 81,563 81,632 81,632 81,531 81,560 81,632 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 • October 2002 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2001 2002 IItteemm 1998 1999 2000 2001 Dec. Dec. Dec. Dec. Dec. Jan. Feb. Mar. Apr. May June July Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 45.14 41.82 38.54 41.22 41.22 41.75 41.45 41.01 40.76 39.12 39.27 39.65 2 Nonborrowed reserves4 45.02 41.50 38.33 41.15 41.15 41.70 41.42 40.94 40.69 39.00 39.12r 39.46 3 Nonborrowed reserves plus extended credit5 45.02 41.50 38.33 41.15 41.15 41.70 41.42 40.94 40.69 39.00 39.12r 39.46 4 Required reserves 43.62 40.53 37.11 39.58 39.58 40.36 40.08 39.60 39.55 37.84 38.02' 38.28 5 Monetary base6 513.55 593.12 584.04 634.41 634.41 640.86 646.18 649.65 653.94 657.89 664.07r 668.79 Not seasonally adjusted 6 Total reserves7 45.31 41.89 38.53 41.20 41.20 43.71 42.47 40.27 40.85 40.18 38.49r 39.29 7 Nonborrowed reserves 45.19 41.57 38.32 41.13 41.13 43.66 42.44 40.19 40.78 40.06 38.35 39.10 8 Nonborrowed reserves plus extended credit5 45.19 41.57 38.32 41.13 41.13 43.66 42.44 40.19 40.78 40.06 38.35 39.10 9 Required reserves8 43.80 40.59 37.10 39.55 39.55 42.33 41.11 38.85 39.64 38.90 37.25 37.92 10 Monetary base9 518.27 600.72 590.06 639.91 639.91 644.27 645.71 649.23 653.29 658.00 662.84r 668.78 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS10 11 Total reserves" 45.21 41.65 38.47 41.08 41.08 43.73 42.49 40.30 40.90 40.24 38.57 39.39 12 Nonborrowed reserves 45.09 41.33 38.26 41.01 41.01 43.68 42.46 40.22 40.83 40.13 38.43 39.20 13 Nonborrowed reserves plus extended credit5 45.09 41.33 38.26 41.01 41.01 43.68 42.46 40.22 40.83 40.13 38.43 39.20 14 Required reserves 43.70 40.36 37.05 39.43 39.43 42.34 41.12 38.88 39.69 38.97 37.33 38.01 15 Monetary base12 525.06 608.02 596.98 648.74 648.74 653.28 654.93 658.78 663.37 668.14 672.98' 679.00 16 Excess reserves13 1.51 1.30 1.43 1.65 1.65 1.39 1.37 1.41 1.21 1.27 1.24 1.37 17 Borrowings from the Federal Reserve .12 .32 .21 .07 .07 .05 .03 .08 .07 .11 .14 .19 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. Apr. May June July Seasonally adjusted Measures2 1 Ml 1,096.5 1,124.4 1,088.9 1,179.3 1,176.2 1,182.7 1,189.7' 1,197.6 2 M2 4,380.5 4,650.3 4,936.0 5,454.8 5,480.8 5,545.1 5,579.3 5,639.0 3 M3 6,041.0 6,541.3 7,115.0 8,031,0r 8,053.2' 8,131.1' 8,171.4' 8,222.3 Ml components 4 Currency3 459.3 516.9 530.1 579.9 599,5 605.3 611.5 615.6 5 Travelers checks4 8.2 8.3 8.0 7.8 7.7 7.8 8.2 8.6 6 Demand deposits5 378.4 354.5 309.9 330.4 309.4 305.9 305.1' 303.8 7 Other checkable deposits6 250.5 244.7 240.9 261.2 259.6 263.8 264.9 269.7 Nontransaction components X In M27 3,284.0 3,525.9 3,847.1 4,275.5 4,304.6' 4,362.4 4,389.6' 4,441.3 9 In M3 only8 1,660.5 1,891.0 2,179.0 2,576.2' 2,572.4' 2,586.0' 2,592.0' 2,583.3 Commercial banks 10 Savings deposits, including MMDAs 1,187.5 1,289.1 1,423.7 1,745.8 1,824.7 1,863.6' 1,884.5' 1,911.2 11 Small time deposits9 626.1 635.0 699.1 638.9 614.0 619.9 620.9' 617.3 12 Large time deposits10 " 582.9 651.6 717.2 670.4 688.3 695.9' 692.8' 692.2 Thrift institutions 13 Savings deposits, including MMDAs 414.7 449.7 452.1 561.5 612.6 619.4 626.9 638.8 14 Small time deposits9 325.6 320.4 344.5 334.2 319.3 311.4 308.5 307.3 15 Large time deposits10 88.6 91.1 102.9 113.9 114.4 111.5 109.9 110.0 Money market mutual funds 16 Retail 730.2 831.8 927.6 995.1 933.9 948.2 948.9 966.8 17 Institution-only 543.1 639.0 799.1 1,207.2 1,175.2 1,185.1 1,195.0 1,189.8 Repurchase agreements and eurodollars 18 Repurchase agreements12 293.4 335.9' 364.0 375.7r 371.9' 371.9r 373.7' 372.6 19 Eurodollars12 152.5 173.4 195.9 209.0 222.6' 221.5' 220.6' 218.7 Not seasonally adjusted Measures2 20 Ml 1,120.4 1,148.3 1,112.3 1,203.5 1,188.6 1,178.0 1,187.3' 1,195.2 21 M2 4,400.6 4,671.1 4,959.7 5,479.8 5,558.1 5,528.4 5,568.2 5,612.7 22 M3 6,069.8 6,573.0 7,150.2r 8,069.3' 8,144.5' 8,125.8' 8,157.1' 8,172.7 Ml components 23 Currency3 463.3 521.5 535.2 584.9 599.7 605.4 610.8' 615.8 24 Travelers checks4 8.4 8.4 8.1 7.9 7.9 7.9 8.0 8.2 25 Demand deposits5 395.9 371.8 326.5 348.2 309.9 300.2 302.2' 304.0 26 Other checkable deposits6 252.8 246.6 242.5 262.5 271.1 264.6 266.4 267.3 Nontransaction components 27 In M27 3,280.2 3,522.8 3,847.4 4,276.3 4,369.5 4,350.4' 4,380.9 4,417.5 28 In M3 only8 1,669.2 1,901.9 2,190.6 2,589.5' 2,586.4' 2,597.4' 2,588.8' 2,560.0 Commercial banks 29 Savings deposits, including MMDAs 1,186,0 1,288.8 1,426.9 1,750.2 1,851.3 1,861.8 1,889.4 1,907.3 30 Small time deposits9 626.5 635.7 700.0 639.6 613.4 617.7 617.9 615.3 31 Large time deposits1011 583.2 652.0 717.6 670.5 689.6 701.9' 697.9' 691.9 Thrift institutions 32 Savings deposits, including MMDAs 414.2 449.6 453.1 562.9 621.6 618.8 628.5 637.5 33 Small time deposits9 325.8 320.8 345.0 334.6' 319.0 310.4 307.0 306.3 34 Large time deposits10 88.6 91.2 103.0 114.0 114.7 112.4 110.7 109.9 Money market mutual funds 35 Retail 727.7 828.1 922.4 989.0 964.1 941.6 938.1 951.1 36 Institution-only 552.6 648.6 808.1 1,218.5 1,185.1 1,182.2 1,180.8 1,167.3 Repurchase agreements and eurodollars 37 Repurchase agreements12 290.4 334.7 364.2 376.5' 371.8' 376.9' 378.8' 373.8 38 Eurodollars'2 154.5 175.4 197.6 210.2 225.2 223.9' 220.6' 217.0 Footnotes appear on following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic Nonfinancial Statistics • October 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 2002 2002 July Jan. Feb. Mar.' Apr.' May' June' July July 10 July 17 July 24 July 31 Seasonally adjusted Assets 1 Bank credit 5,334.0' 5,425.5' 5,426.3' 5,422.2 5,445.3 5,502.6 5,547.6 5,596.2 5,572.5 5,578.1 5,626.2 5,634.3 ? Securities in bank credit l,392.8r 1,484.8' 1,475.3' 1,475.1 1,497.3 1,531.5 1,558.6 1,590.3 1,586.1 1,566.2 1,608.6 1,613.0 U.S. government securities 151.9' 834.0' 823.6' 840.9 864.1 886.3 898.8 906.8 896.9 887.8 917.1 931.4 4 Other securities 635.0r 650.7' 651.8' 634.2 633.2 645.2 659.9 683.5 689.2 678.4 691.4 681.6 Loans and leases in bank credit2 .... 3,941.1 3,940.7 3,951.0 3,947.1 3,948.0 3,971.1 3,989.0 4,005.8 3,986.3 4,012.0 4,017.6 4,021.3 6 Commercial and industrial 1,070.3 1,024.7 1,030.3 1,025.9 1,010.8 1,005.8 998.8 985.8 983.5 986.4 986.6 987.0 7 Real estate 1,715.2 1,781.8 1,789.9 1,791.0 1,795.8 1,818.5 1,840.9 1,870.4 1,867.5 1,868.0 1,874.1 1,879.0 8 Revolving home equity 138.6 158.6 162.2 167.6 172.0 179.2 185.4 192.2 190.5 191.6 193.3 195.0 9 Other 1,576.6 1,623.2 1,627.7 1,623.3 1,623.8 1,639.3 1,655.5 1,678.2 1,677.1 1,676.4 1,680.8 1,684.0 10 Consumer 552.8 559.6 562.9 561.7 566.4 569.2 568.6 566.4 564.0 566.3 569.2 568.5 11 Security3 166.4 150.9 151.9 159.9 167.5 170.1 171.4 178.7 169.7 187.1 179.6 182.4 P Other loans and leases 436.5 423.7 416.1 408.5 407.4 407.6 409.2 404.5 401.6 404.1 408.2 404.5 n Interbank loans 271.1 293.3 277.7 269.6 271.1 289.4 284.1 289.9 277.0 290.3 292.6 306.6 14 Cash assets4 287.1 299.5 297.7 300.2 298.7 297.9 300.3 300.9 293.6 291.7 314.7 309.7 15 Other assets5 433.6 487.4 490.6 470.6 483.5 489.7 486.1 493.6 488.5 480.6 501.7 507.6 16 Total assets6 6,259.2r 6,431.3r 6,417.7r 6,387.8 6,424.4 6,505.0 6,543.6 6,606.3 6,557.2 6,566.3 6,660.5 6,683.9 Liabilities 17 Deposits 4,073.2 4,257.3 4,274.4 4,314.1 4,333.7 4,366.8 4,389.9 4,431.0 4,396.5 4,428.9 4,436.2 4,465.1 18 Transaction 607.1 635.8 625.0 621.1 602.8 615.2 608.1 618.9 584.2 615.7 648.0 643.8 19 Nontransaction 3,466.1 3,621.6 3,649.4 3,693.0 3,731.0 3,751.7 3,781.7 3,812.1 3,812.3 3,813.3 3,788.2 3,821.3 ?n Large time 971.2 998.3 1,012.3 1,027.3 1,043.0 1,049.7 1,045.6 1,052.1 1,043.4 1,058.9 1,055.4 1,048.9 ?l Other 2,494.9 2,623.3 2,637.1 2,665.8 2,688.0 2,701.9 2,736.1 2,760.0 2,769.0 2,754.4 2,732.9 2,772.4 ?? Borrowings 1,233.7 1,234.4' 1,233.5' 1,204.4 1,220.4 1,248.3 1,246.2 1,247.3 1,225.7 1,228.2 1,257.7 1,292.3 From banks in the U.S 385.5 400.2' 394.2' 381.8 380.7 381.2 375.3 384.7 377.4 381.0 391.1 395.3 74 From others 848.3 834.2' 839.3' 822.6 839.7 867.0 871.0 862.6 848.4 847.2 866.6 897.0 ?5 Net due to related foreign offices 195.5 115.9 97.9 101.9 103.6 92.2 90.8 90.8 98.5 92.1 107.8 69.6 26 Other liabilities 341.0 342.5 336.1 309.4 319.3 331.5 359.9 388.2 385.0 371.6 399.1 409.1 27 Total liabilities 5,843.4 5,950. lr 5,941.9r 5,929.9 5,977.0 6,038.8 6,086.8 6,157.3 6,105.7 6,120.9 6,200.8 6,236.1 28 Residual (assets less liabilities)7 415.8' 481.2' 475.9' 457.9 447.4 466.3 456.8 449.0 451.5 445.3 459.7 447.8 Not seasonally adjusted Assets 29 Bank credit 5,308.4' 5,442.8' 5,431.4' 5,416.3 5,442.1 5,496.4 5,542.0 5,569.3 5,547.3 5,552.2 5,583.0 5,608.4 30 Securities in bank credit 1,380.9' 1,492.8' 1,482.8' 1,480.8 1,496.7 1,528.7 1,554.5 1,576.2 1,573.4 1,550.5 1,590.0 1,600.6 31 U.S. government securities 750.8' 839.2' 830.6' 847.2 865.9 884.0 896.0 898.5 890.6 878.3 905.7 923.7 3? Other securities 630.1' 653.6' 652.2' 633.6 630.8 644.7 658.5 677.7 682.8 672.2 684.3 676.9 33 Loans and leases in bank credit2 .... 3,927.5 3,950.0 3,948.6 3,935.5 3,945.4 3,967.7 3,987.6 3,993.1 3,973.9 4,001.6 3,993.1 4,007.7 34 Commercial and industrial 1,069.1 1,020.2 1,029.1 1,027.4 1,015.0 1,009.3 1,001.1 984.8 984.2 986.0 982.1 983.3 35 Real estate 1,714.7 1,781.0 1,784.7 1,783.4 1,792.5 1,821.1 1,841.9 1,869.7 1,867.8 1,868.1 1,870.8 1,877.9 36 Revolving home equity 138.5 158.4 162.2 166.1 171.3 179.5 185.6 192.0 190.3 191.4 192.8 194.9 37 Other 1,576.2 1,622.6 1,622.6 1,617.3 1,621.1 1,641.5 1,656.3 1,677.7 1,677.5 1,676.7 1,678.0 1,683.0 38 Consumer 547.1 567.3 565.2 559.0 563.0 567.4 564.5 560.5 557.0 560.4 563.0 563.1 39 Credit cards and related plans . . 217.2 228.4 223.8 220.1 223.8 223.3 221.8 216.2 213.2 215.9 218.2 218.2 40 Other 329.9 338.9 341.4 338.8 339.2 344.1 342.7 344.3 343.8 344.5 344.8 344.9 41 Security3 162.0 154.9 153.5 157.5 166.6 163.6 170.4 174.1 162.3 183.3 173.2 180.2 4? Other loans and leases 434.6 426.6 416.0 408.2 408.4 406.2 409.8 404.1 402.7 403.9 404.0 403.3 43 Interbank loans 265.1 291.4 276.4 274.5 281.0 286.0 286.1 284.0 276.3 284.0 275.2 299.5 44 Cash assets4 278.5 312.4 298.9 290.3 297.9 295.2 292.8 292.0 285.2 283.7 290.0 303.7 45 Other assets5 432.4 489.0 489.6 470.1 484.0 489.4 484.0 492.1 488.8 480.0 495.7 505.3 46 Total assets6 6,218.1r 6,461.4r 6,421.6r 6,376.3 6,431.0 6,492.4 6,530.4 6,563.3 6,523.5 6,525.7 6,569.5 6,642.8 Liabilities 47 Deposits 4,046.6 4,283.2 4,290.4 4,319.5 4,357.9 4,359.7 4,377.6 4,401.7 4,384.1 4,400.7 4,370.4 4,432.3 48 Transaction 599.7 648.8 619.7 616.2 611.2 607.1 605.1 611.4 579.5 607.4 619.0 639.8 49 Nontransaction 3,446.9 3,634.5 3,670.6 3,703.3 3,746.7 3,752.7 3,772.5 3,790.2 3,804.5 3,793.3 3,751.4 3,792.5 50 Large time 961.6 1,011.1 1,019.5 1,028.1 1,045.5 1,053.3 1,043.3 1,041.0 1,031.7 1,047.9 1,044.7 1,038.9 51 Other 2,485.3 2,623.4 2,651.2 2,675.2 2,701.1 2,699.3 2,729.2 2,749.2 2,772.8 2,745.4 2,706.7 2,753.6 5? Borrowings 1,222.9 1,247.8' 1,236.4' 1,202.4 1,226.5 1,254.7 1,245.3 1,237.2 1,217.7 1,220.7 1,244.7 1,277.5 53 From banks in the U.S 381.0 405.2' 399.1' 386.0 385.6 382.5 372.7 380.6 374.2 377.5 385.3 390.9 54 From others 842.0 842.6' 837.3' 816.4 840.9 872.3 872.5 856.6 843.5 843.2 859.4 886.6 55 Net due to related foreign offices 185.4 123.2 104.3 103.5 95.0 91.7 87.0 81.7 86.2 81.4 100.2 63.3 56 Other liabilities 333.5 348.3 341.3 309.2 311.9 331.0 357.1 379.8 373.4 362.1 391.7 403.0 57 Total liabilities 5,788.4 6,002.5r 5,972.4r 5,934.7 5,991.4 6,037.1 6,066.9 6,100.4 6,061.4 6,064.9 6,107.1 6,176.0 58 Residual (assets less liabilities)1 429.7' 458.9' 449.2' 441.6 439.6 455.3 463.5 462.9 462.1 460.8 462.4 466.7 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 Domestic Financial Statistics • October 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 2002 2002 July Jan. Feb. Mar. Apr.' May' June' July July 10 July 17 July 24 July 31 Seasonally adjusted Assets 1 Bank credit 4,734.6 4,840.8r 4,842.2 4,830.3 4,847.4 4,904.4 4,939.5 4,985.4 4,968.7 4,968.7 5,014.1 5,014.1 2 Securities in bank credit 1,169.2 1,255.1' 1,250.7 1,251.6 1,273.4 1,304.4 1,325.5 1,358.7 1,355.7 1,334.0 1,378.5 1,378.2 3 U.S. government securities 713.7 766.7' 762.5' 776.8' 798.4 820.4 832.8 843.9 834.7 826.2 854.5 865.3 4 Other securities 455.5 488.4' 488.2' 474.8' 475.0 484.0 492.7 514.8 521.0 507.9 523.9 513.0 5 Loans and leases in bank credit2 .... 3,565.4 3,585.7 3,591.5 3,578.7 3,574.0 3,600.0 3,614.0 3,626.8 3,612.9 3,634.7 3,635.6 3,635.9 6 Commercial and industrial 866.3 831.0 833.2 825.7' 812.7 806.9 803.4 793.2 790.3 793.2 794.8 794.4 7 Real estate 1,697.1 1,763.0 1,771.4 1,772.1' 1,776.4 1,799.0 1,821.1 1,850.3 1,847.5 1,847.9 1,854.1 1,858.9 8 Revolving home equity 138.6 158.6 162.2 167.6 172.0 179.2 185.4 192.2 190.5 191.6 193.3 195.0 y Other 1.558.5 1,604.4 1,609.2 1,604.5' 1,604.4 1,619.9 1,635.7 1,658.1 1,657.0 1,656.3 1,660.9 1,663.9 10 Consumer 552.8 559.6 562.9 561.7 566.4 569.2 568.6 566.4 564.0 566.3 569.2 568.5 n Security3 79.7 76.1 77.9 81.4 82.9 89.0 84.4 86.9 82.8 97.1 85.2 85.0 12 Other loans and leases 369.6 355.9 346.0 337.7 335.6 335.8 336.5 330.0 328.3 330.2 332.3 329.0 13 Interbank loans 250.0 268.1 257.8 249.1 249.1 265.7 263.3 271.8 257.3 273.7 272.4 291.5 14 Cash assets4 251.3 259.3 255.9 256.2 252.6 253.7 256.5 257.6 251.0 247.4 271.7 266.3 15 Other assets5 403.3 456.4 458.9 440.8 452.2 457.9 451.2 457.1 452.3 446.0 461.2 471.9 16 Total assets6 5,572.9 5,750.6 5,740.5 5,701.9 5,727.4 5,807.6 5,836.5 5,898.0 5,855.3 5,861.8 5,945.1 5,970.0 Liabilities 17 Deposits 3,662.4 3,789.2 3,797.9 3,823.6 3,826.6 3,858.4 3,880.2 3,925.8 3,889.5 3,918.2 3,931.7 3,970.7 18 Transaction 597.8 624.7 614.6 611.1 592.3 604.3 597.2 608.3 574.4 605.0 637.4 632.1 19 Nontransaction 3,064.6 3,164.5 3,183.2 3,212.5 3,234.4 3,254.2 3,283.0 3,317.5 3,315.2 3,313.2 3,294.4 3,338.6 20 Large time 572.1 544.9 552.6 552.0 548.9 554.2 551.0 566.4 556.2 566.9 569.7 575.2 21 Other 2,492.5 2,619.6 2,630.6 2,660.5 2,685.5 2,699.9 2,732.0 2,751.1 2,758.9 2,746.3 2,724.7 2,763.4 22 Borrowings 1,023.2 1,049.1' 1,042.4' 1,016.9 1,028.9 1,055.6 1,048.3 1,039.1 1,025.1 1,025.8 1.055.1 1,063.0 23 From banks in the U.S 363.2 377.9' 371.1' 360.0' 357.5 359.0 352.4 362.2 356.8 359.9 372.2 367.2 24 From others 660.0 671.2' 671.3' 656.8' 671.4 696.6 695.9 676.9 668.3 666.0 682.9 695.7 25 Net due to related foreign offices 210.0 181.2 171.0 173.4 177.3 179.7 175.6 181.5 187.0 183.7 190.9 168.4 26 Other liabilities 261.4 262.4 258.7 240.4' 251.9 260.6 280.8 302.8 301.7 286.0 312.4 320.9 27 Total liabilities 5,156.9 5,281.9r 5,269.9r 5,254.3r 5,284.8 5,354.4 5,384.9 5,449.2 5,403.3 5,413.8 5,490.1 5,523.0 28 Residual (assets less liabilities)7 416.0 468.6' 470.6' 447.6 442.6 453.2 451.6 448.9 452.0 448.0 455.0 447.0 Not seasonally adjusted Assets 29 Bank credit 4,714.9 4,852.5' 4,843.3 4,824.4 4,844.2 4,902.2 4,937.0 4,964.8 4,951.6 4,947.2 4,979.3 4,993.6 30 Securities in bank credit 1,157.3 1,263.1 1,258.2 1,257.2 1,272.8 1,301.7 1,321.4 1,344.5 1,343.0 1,318.4 1,359.9 1,365.9 31 U.S. government securities 706.6 771.8' 769.5' 783.1' 800.2 818.1 830.1 835.6 828.4 816.7 843.1 857.6 32 Other securities 450.7 491.2' 488.7' 474.2' 472.6 483.6 491.3 508.9 514.6 501.7 516.8 508.3 33 Loans and leases in bank credit2 .... 3,557.7 3,589.4 3,585.1 3,567.2 3,571.4 3,600.6 3,615.6 3,620.3 3,608.6 3,628.8 3,619.4 3,627.7 34 Commercial and industrial 866.5 825.8 830.5 825.8' 818.1 812.8 806.8 793.5 792.5 793.7 792.0 792.5 35 Real estate 1,696.6 1,762.3 1,766.3 1,764.5' 1,773.0 1,801.7 1,822.1 1,849.7 1,847.8 1,847.9 1,850.9 1,857.8 36 Revolving home equity 138.5 158.4 162.2 166.1 171.3 179.5 185.6 192.0 190.3 191.4 192.8 194.9 37 Other 1,558.1 1,603.9 1,604.1 1,598.4 1,601.7 1,622.1 1,636.5 1,657.7 1,657.5 1,656.5 1,658.1 1,662.9 38 Consumer 547.1 567.3 565.2 559.0 563.0 567.4 564.5 560.5 557.0 560.4 563.0 563.1 39 Credit cards and related plans . . 217.2 228.4 223.8 220.1 223.8 223.3 221.8 216.2 213.2 215.9 218.2 218.2 40 Other 329.9 338.9 341.4 338.8 339.2 344.1 342.7 344.3 343.8 344.5 344.8 344.9 41 Security3 78.6 76.0 77.2 81.4 81.5 83.7 85.0 85.7 81.0 95.8 83.1 84.8 42 Other loans and leases 368.9 358.0 345.8 336.5 335.9 335.0 337.4 331.0 330.4 331.0 330.3 329.6 43 Interbank loans 244.1 266.2 256.5 254.0 258.9 262.2 265.3 266.0 256.6 267.4 254.9 284.4 44 Cash assets4 244.2 270.1 256.3 247.5 253.6 252.5 250.9 250.4 244.6 241.4 249.0 261.6 45 Other assets5 403.2 457.2 457.3 439.4 452.9 457.6 450.7 457.0 454.0 446.5 456.9 470.7 46 Total assets6 5,540.3 5,772.1 5,739.0 5,690.8 5,736.0 5,800.4 5,829.8 5,864.4 5,833.1 5,828.8 5,866.1 5,936.6 Liabilities 47 Deposits 3,643.2 3,804.4 3,808.4 3,826.7 3,847.0 3,846.2 3,869.8 3,905.6 3,888.0 3,899.0 3,874.2 3,945.9 48 Transaction 590.3 637.4 609.3 606.3 601.2 596.6 594.4 600.8 569.7 596.8 608.6 628.2 49 Nontransaction 3,052.9 3,167.0 3,199.1 3,220.5' 3,245.8 3,249.7 3,275.4 3,304.7 3,318.3 3,302.2 3,265.6 3,317.7 50 Large time 569.9 547.4 554.6 550.6' 547.2 552.4 550.2 564.3 555.3 564.8 566.8 572.9 51 Other 2,483.0 2,619.6 2,644.6 2,669.9 2,698.6 2,697.3 2,725.1 2,740.4 2,763.0 2,737.4 2,698.7 2,744.8 52 Borrowings 1,012.4 1,062.5' 1,045.3' 1,014.9' 1,035.1 1,062.1 1,047.3 1,029.0 1,017.1 1,018.3 1,042.1 1,048.1 53 From banks in the U.S 358.7 382.9' 376.0' 364.2' 362.5 360.2 349.9 358.2 353.6 356.3 366.4 362.8 54 From others 653.7 679.6' 669.3' 650.7' 672.6 701.8 697.5 670.8 663.5 662.0 675.7 685.3 55 Net due to related foreign offices 204.2 185.5 174.7 172.0 170.5 179.4 174.3 176.1 179.0 177.2 186.4 165.3 56 Other liabilities 255.8 266.8 262.6 239.0' 245.2 260.2 279.3 296.5 292.5 278.8 306.7 316.7 57 Total liabilities 5,115.6 5,319.3r 5,291.1r 5,252.7r 5,297.8 5,347.8 5,370.7 5,407.2 5,376.6 5,373.4 5,409.5 5,476.0 58 Residual (assets less liabilities)7 424.8 452.9' 447.9' 438.1' 438.1 452.6 459.1 457.2 456.4 455.4 456.6 460.6 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities 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 2002 2002 July Jan. Feb. Mar. Apr. May June July July 10 July 17 July 24 July 31 Seasonally adjusted Assets 1 Bank credit 2,629.6 2,576.4 2,574.0 2,554.4r 2,558.7r 2,575.3' 2,595.0' 2,628.2 2,621.8 2,614.9 2,647.9 2,642.3 2 Securities in bank credit 611.3 635.1 630.2 628.3 646.7 665.7 685.1 714.2 714.6 692.6 733.9 724.8 3 U.S. government securities 359.6 367.4 360.1 367.9 384.0 391.3 400.7 411.1 405.1 397.1 422.0 423.9 4 Trading account 38.5 32.6 33.6 32.7 38.1 43.0 42.4 43.1 46.0 43.7 41.6 42.0 5 Investment account 321.2 334.8 326.5 335.2 345.9 348.3 358.4 368.0 359.1 353.4 380.4 381.9 6 Other securities 251.7 267.7 270.1 260.4 262.7 274.5 284.3 303.1 309.5 295.5 311.9 300.8 7 Trading account 140.8 128.4 130.0 122.5 128.2 140.5 148.3 168.7 174.9 160.9 177.2 166.9 8 Investment account 110.9 139.3 140.1 137.9 134.5 134.0 136.1 134.4 134.7 134.6 134.7 133.9 9 State and local government . . 27.7 27.3 27.8 27.7 27.2 26.9 27.3 28.3 28.0 28.2 28.4 28.6 10 Other 83.2 112.0 112.3 110.2 107.3 107.0 108.7 106.1 106.7 106.4 106.2 105.3 11 Loans and leases in bank credit2 .... 2,018.2 1,941.3 1,943.8 l,926.1r 1,912.0' 1,909.5' 1,909.9' 1,914.0 1,907.2 1,922.3 1,914.0 1,917.6 12 Commercial and industrial 565.9 527.4 527.5 521.3 510.1' 503.1' 498.9' 487.6 486.8 488.3 488.1 486.7 13 Bankers acceptances .0 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 14 Other 565.9 527.4 527.5 521.3 510.1' 503.1' 498.9' 487.6 486.8 488.3 488.1 486.7 15 Real estate 855.1 849.5 851.6 846.0 843.9 845.5 859.5 879.3 878.8 877.3 879.5 885.0 16 Revolving home equity 88.2 99.6 101.4 105.1 108.3 111.8 116.3 121.1 120.0 120.6 121.5 123.0 17 Other 766.9 749.9 750.3 740.8 735.6 733.7 743.1 758.3 758.8 756.7 758.0 762.0 18 Consumer 255.0 239.0 247.8 246.3 244.7 244.5 240.4 241.0 240.5 240.5 241.2 242.3 19 Security3 71.5 68.2 69.9 73.7 75.6 81.4 76.4 78.6 74.8 88.8 76.8 76.5 20 Federal funds sold to and repurchase agreements with broker-dealers 56.7 54.9 57.4 61.2 63.3 69.1 64.5 66.2 63.0 76.7 64.1 6633..00 21 Other 14.8 13.3 12.5 12.5 12.3 12.2 12.0 12.4 11.9 12.1 12.7 13.4 22 State and local government 14.3 14.3 13.8 13.3 13.1 13.0 13.0 12.8 12.8 12.8 12.8 12.7 23 Agricultural 10.5 9.6 9.5 9.3 9.2 9.1 9.0 8.9 8.9 8.9 8.9 8.9 24 Federal funds sold to and repurchase agreements with others 32.8 26.3 22.7 21.0 22.0 18.7 17.2 13.4 13.3 12.9 13.9 1144..00 25 All other loans 81.8 75.0 69.7 64.9 64.0 65.8 67.7 64.8 63.7 65.2 65.1 63.9 26 Lease-financing receivables 131.3 131.9 131.3 130.4 129.4 128.4 127.9 127.6 127.6 127.6 127.6 127.6 27 Interbank loans 137.8 169.8 154.8 148.3 157.6' 167.7' 160.0' 161.8 155.2 163.1 159.8 174.3 28 Federal funds sold to and repurchase agreements with commercial banks 72.7 93.5 81.4 77.1 84.4 83.5 73.9 74.1 68.3 75.4 6699..44 8866..77 29 Other 65.1 76.3 73.5 71.3r 73.3' 84.2' 86.2' 87.7 86.9 87.6 90.4 87.6 30 Cash assets4 146.5 145.9 142.5 141.9 138.8 140.2 142.1 141.4 138.1 132.4 151.9 146.5 31 Other assets5 285.2 318.6 313.3 292.8 299.7 302.9 296.0' 302.0 294.0 292.0 305.8 321.3 32 Total assets6 3,160.8 3,167.3 3,140.9 3,093.4 3,111.8 3,143.1 3,150.2r 3,190.6 3,166.2 3,159.5 3,222.5 3,241.9 Liabilities 33 Deposits 1,760.0 1,797.3 1,795.3 1,806.5 1,810.9 1,806.2 1,809.0 1,837.9 1,816.2 1,833.2 1,839.7 1,864.0 34 Transaction 308.7 317.5 309.6 304.9 288.2 289.7 285.4 290.7 272.0 290.4 308.1 301.4 35 Nontransaction 1,451.3 1,479.7 1,485.8 1,501.6 1,522.7 1,516.5 1,523.6 1,547.2 1,544.2 1,542.8 1,531.5 1,562.6 36 Large time 271.8 242.8 250.6 249.6 246.1 247.5 242.6 259.9 250.1 259.6 263.3 268.9 37 Other 1,179.5 1,236.9 1,235.2 1,252.0 1,276.6 1,269.0 1,281.0 1,287.2 1,294.1 1,283.2 1,268.2 1,293.8 38 Borrowings 685.7 654.1 654.4 635.8 645.5 664.3 654.5 641.1 634.3 629.3 649.3 660.6 39 From banks in the U.S 214.7 201.6 197.0 191.1 192.3 193.3 187.2 190.4 192.2 188.4 191.7 193.5 40 From others 471.0 452.5 457.4 444.7 453.2 471.0 467.3 450.7 442.1 440.9 457.6 467.1 41 Net due to related foreign offices 195.2 172.3 160.0 164.4 167.6' 168.1' 163.9' 171.7 175.6 174.0 179.2 162.2 42 Other liabilities 202.3 193.9 187.8 168.9r lso.a 186.5' 206.3' 228.4 227.4 212.2 237.9 245.6 43 Total liabilities 2,843.2 2,817.5 2,797.5 2,775.7 2,804.0 2,825.1 2,833.7 2,879.0 2,853.5 2,848.6 2,906.2 2,932.4 44 Residual (assets less liabilities)7 317.6 349.8 343.4 317.7 307.8 318.0 316.6 311.6 312.7 310.8 316.3 309.4 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 Domestic Nonfinancial Statistics • October 2002 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities'—Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Monthly averages Wednesday figures AAAccccccooouuunnnttt 2001 2002 2002 July Jan. Feb. Mar. Apr. May June July July 10 July 17 July 24 July 31 Not seasonally adjusted Assets 45 Bank credit 2,614.4 2,586.1 2,578.9 2,553.4 2,558.3r 2,575.2' 2,595.2' 2,612.9 2,609.1 2,598.8 2,623.0 2,628.3 46 Securities in bank credit 601.2 642.0 636.0 631.7 644.8 663.7 681.4 702.1 703.1 679.3 718.1 715.5 47 U.S. government securities 354.3 371.5 365.4 371.9 384.5 389.7 398.5 404.9 400.0 390.0 413.4 419.3 48 Trading account 37.9 32.9 34.1 33.1 38.2 42.8 42.2 42.4 45.4 42.9 40.7 41.5 49 Investment account 316.4 338.5 331.3 338.8 346.4 346.9 356.3 362.5 354.6 347.1 372.7 377.7 50 Mortgage-backed securities . 232.5 274.5 259.3 263.9 271.7 275.8 280.7 288.2 281.6 272.6 297.0 303.4 51 Other 83.9 64.0 72.0 74.9 74.7 71.1 75.6 74.2 73.1 74.4 75.7 74.4 52 One year or less 21.1 13.8 16.7 19.6 18.4 16.1 14.9 18.6 18.9 19.7 18.9 17.3 53 One to five years 34.6 36.8 43.2 43.0 43.6 42.4 47.7 43.1 41.9 42.1 44.3 44.2 54 More than five years .... 28.2 13.4 12.1 12.3 12.8 12.7 13.0 12.5 12.3 12.7 12.4 12.9 55 Other securities 246.9 270.6 270.5 259.8 260.2 274.0 282.9 297.3 303.1 289.4 304.7 296.2 56 Trading account 138.1 129.8 130.2 122.2 127.0 140.2 147.5 165.5 171.2 157.5 173.1 164.3 57 Investment account 108.8 140.8 140.4 137.6 133.3 133.8 135.4 131.8 131.9 131.8 131.5 131.9 58 State and local government . 27.2 27.6 27.8 27.6 27.0 26.9 27.2 27.7 27.4 27.6 27.8 28.2 59 Other 81.6 113.2 112.5 110.0 106.3 106.9 108.2 104.1 104.5 104.2 103.8 103.7 60 Loans and leases in bank credit2 . . . 2,013.2 1,944.1 1,942.9 1,921.7 l,913.5r 1,911.5' 1,913.7' 1,910.7 1,906.0 1,919.5 1,904.9 1,912.8 61 Commercial and industrial 565.5 523.2 526.3 521.7 513.5r 506.5' 500.2' 487.3 487.1 488.0 486.2 485.6 62 Bankers acceptances .0 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 63 Other 565.5 523.2 526.3 521.7 513.5r 506.5' 500.2' 487.3 487.1 488.0 486.2 485.6 64 Real estate 855.3 849.1 848.4 841.3 842.7 849.0 861.3 879.5 880.4 878.3 878.1 884.2 65 Revolving home equity 88.4 99.2 101.5 104.2 107.9 112.3 116.7 121.3 120.2 120.9 121.7 123.2 66 Other 465.1 441.2 438.5 429.5 426.4 426.9 435.9 449.4 452.4 448.7 446.9 451.4 67 Commercial 301.8 308.7 308.4 307.7 308.4 309.7 308.7 308.8 307.9 308.8 309.5 309.6 68 Consumer 253.1 242.9 250.2 246.4 245.1 245.2 240.2 239.1 238.6 238.6 239.3 240.3 69 Credit cards and related plans . 87.5 71.6 76.7 74.8 72.9 72.9 70.5 69.3 69.3 68.6 69.3 70.2 70 Other 165.6 171.3 173.5 171.6 172.2 172.3 169.7 169.8 169.3 169.9 170.1 170.1 71 Security3 70.5 68.2 69.2 73.4 73.9 76.3 77.1 77.5 73.0 87.7 75.2 76.4 72 Federal funds sold to and repurchase agreements with broker-dealers 56.0 55.0 56.9 60.9 61.9 64.8 65.1 65.3 61.4 75.7 62.8 63.0 73 Other 14.6 13.3 12.4 12.4 12.0 11.5 12.1 12.3 11.6 12.0 12.4 13.4 74 State and local government 14.3 14.3 13.8 13.3 13.1 13.0 13.0 12.8 12.8 12.8 12.8 12.7 75 Agricultural 10.7 9.6 9.4 9.2 9.1 9.2 9.2 9.1 9.1 9.1 9.1 9.0 76 Federal funds sold to and repurchase agreements with others 31.2 28.0 24.1 21.0 22.0 18.7 17.2 13.4 13.3 12.9 13.9 14.0 77 All other loans 82.1 74.7 68.6 64.1 64.1 65.2 68.1 65.1 64.5 65.3 63.6 63.9 78 Lease-financing receivables 130.5 134.1 132.8 131.3 130.0 128.4 127.4 126.8 127.1 126.9 126.6 126.6 79 Interbank loans 136.9 169.2 153.1 148.5 161.5' 168.9' 165.1' 160.8 154.1 162.3 153.2 173.2 80 Federal funds sold to and repurchase agreements with commercial banks 72.3 93.2 80.4 77.1 86.5 84.1 76.1 73.7 67.8 75.1 66.5 86.2 81 Other 64.6 76.0 72.6 71.3 75.0r 84.8' 88.9' 87.2 86.2 87.2 86.6 87.1 82 Cash assets4 141.0 154.1 143.2 137.0 141.4 139.7 138.0 136.0 132.1 129.5 136.8 142.6 83 Other assets5 285.2 319.4 311.8 291.3 300.3 302.6 295.5' 301.8 295.8 292.5 301.5 320.1 84 Total assets6 3,139.3 3,185.7 3,142.9 3,086.2 3,118.8r 3,143.4r 3,150.8r 3,168.9 3,148.3 3,140.5 3,171.8 3,221.8 Liabilities 85 Deposits 1,752.0 1,802.2 1,801.8 1,805.1 1,818.3 1,800.8 1,807.5 1,829.8 1,817.4 1,827.1 1,809.2 1,854.6 86 Transaction 303.5 326.2 306.2 301.9 295.5 286.9 283.8 285.7 267.2 286.0 289.9 299.1 87 Nontransaction 1.448.5 1,476.0 1.495.7 1,503.2 1,522.9 1,513.9 1,523.7 1,544.1 1,550.1 1,541.2 1,519.3 1,555.5 88 Large time 269.6 245.3 252.5 248.2 244.4 245.7 241.8 257.8 249.1 257.5 260.5 266.6 89 Other 1,178.8 1,230.7 1,243.2 1,255.1 1,278.5 1,268.2 1,281.8 1,286.3 1,301.1 1,283.7 1,258.9 1,288.9 90 Borrowings 674.9 667.5 657.3 633.9 651.7 670.7 653.5 631.0 626.3 621.8 636.4 645.8 91 From banks in the U.S 210.2 206.6 201.9 195.3 197.2 194.5 184.6 186.4 189.1 184.8 185.9 189.1 92 From nonbanks in the U.S 464.7 460.9 455.4 438.5 454.4 476.2 468.9 444.6 437.3 437.0 450.4 456.7 93 Net due to related foreign offices 189.4 176.5 163.8 163.0 160.8r 167.8' 162.6' 166.4 167.6 167.4 174.7 159.1 94 Other liabilities 196.7 198.4 191.7 167.5r 173.3r 186.0' 204.8' 222.1 218.2 204.9 232.3 241.3 95 Total liabilities 2,813.0 2,844.6 2,814.7 2,769.5 2,804.2 2,825.3r 2,828.4r 2,849.2 2,829.6 2,821.3 2,852.6 2,900.8 96 Residual (assets less liabilities)7 326.3 341.1 328.2 316.7 314.6 318.1 322.3 319.7 318.7 319.1 319.2 321.0 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 2002 2002 July Jan. Feb. Mar. Apr.' May' June' July July 10 July 17 July 24 July 31 Seasonally adjusted Assets 1 Bank credit 2,105.0 2,264.4' 2,268.2' 2,275.8 2,288.6 2,329.2 2,344.5 2,357.2 2,346.8 2,353.9 2,366.1 2,371.8 7 Securities in bank credit 557.8 620.0 620.5 623.3 626.7 638.7 640.5 644.5 641.1 641.4 644.6 653.4 U.S. government securities 354.0 399.3' 402.4' 408.9' 414.3 429.1 432.1 432.8 429.6 429.0 432.5 441.3 4 Other securities 203.8 220.7' 218.1' 214.4' 212.4 209.6 208.4 211.7 211.4 212.4 212.1 212.1 Loans and leases in bank credit2 .... 1,547.2 1,644.4 1,647.6 1,652.6 1,661.9 1,690.4 1,704.1 1,712.7 1,705.8 1,712.4 1,721.6 1,718.3 6 Commercial and industrial 300.4 303.6 305.7 304.4' 302.6 303.9 304.5 305.5 303.6 304.9 306.7 307.7 7 Real estate 842.0 913.5 919.8 926.1' 932.4 953.5 961.7 971.0 968.7 970.5 974.7 973.9 8 Revolving home equity 50.3 59.0 60.8 62.5 63.7 67.3 69.1 71.2 70.4 71.0 71.7 72.0 9 Other 791.6 854.5 859.0 863.6 868.7 886.2 892.6 899.9 898.2 899.5 902.9 901.9 10 Consumer 297.7 320.5 315.1 315.5 321.7 324.7 328.2 325.4 323.6 325.8 327.9 326.2 11 Security3 8.2 8.0 8.0 7.8 7.4 7.6 8.0 8.3 7.9 8.3 8.4 8.6 17 Other loans and leases 98.9 98.8 99.0 98.8 97.9 100.8 101.7 102.5 102.0 102.8 103.9 102.0 13 Interbank loans 112.2 98.3 102.9 100.8 91.4 98.0 103.2 110.0 102.1 110.6 112.7 117.2 14 Cash assets4 104.8 113.4 113.4 114.4 113.8 113.5 114.5 116.2 112.8 115.0 119.8 119.8 15 Other assets5 118.0 137.8 145.5 148.0 152.5 155.0 155.2 155.1 158.3 154.0 155.3 150.6 16 Total assets6 2,412.1 2,583.2 2,599.7r 2,608.5 2,615.6 2,664.4 2,686.2 2,707.5 2,689.1 2,702.3 2,722.6 2,728.1 Liabilities 17 Deposits 1,902.4 1,992.0 2,002.5 2,017.0 2,015.7 2,052.2 2,071.2 2,088.0 2,073.3 2,085.0 2,092.0 2,106.7 18 Transaction 289.1 307.2 305.1 306.2 304.1 314.5 311.8 317.6 302.4 314.6 329.2 330.8 19 Nontransaction 1,613.3 1,684.8 1,697.5 1,710.9 1,711.6 1,737.6 1,759.4 1,770.4 1,771.0 1,770.4 1,762.8 1,775.9 70 Large time 300.2 302.1 302.1 302.4 302.8 306.7 308.4 306.5 306.2 307.3 306.4 306.3 71 Other 1,313.0 1,382.7 1,395.4 1,408.5 1,408.9 1,430.9 1,451.0 1,463.8 1,464.8 1,463.1 1,456.5 1,469.6 77 Borrowings 337.5 395.0' 388.0' 381.1 383.4 391.3 393.8 398.0 390.8 396.5 405.8 402.3 73 From banks in the U.S 148.5 176.3' 174.1' 168.9' 165.2 165.8 165.2 171.8 164.6 171.5 180.5 173.7 24 From others 189.0 218.7' 213.9' 212.2' 218.2 225.6 228.6 226.2 226.2 225.0 225.3 228.6 25 Net due to related foreign offices 14.7 9.0 10.9 9.0 9.7 11.6 11.7 9.8 11.4 9.8 11.7 6.2 26 Other liabilities 59.1 68.5 70.9 71.5 71.9 74.1 74.5 74.4 74.2 73.9 74.5 75.3 27 Total liabilities 2,313.7 2,464.4r 2,472.4r 2,478.6r 2,480.7 2,529.3 2,551.2 2,570.2 2,549.7 2,565.2 2,583.9 2,590.6 28 Residual (assets less liabilities)7 98.4 118.8' 127.3' 129.9' 134.9 135.2 135.0 137.3 139.3 137.2 138.7 137.6 Not seasonally adjusted Assets 79 Bank credit 2,100.6 2,266.3 2,264.4 2,271.0 2,285.8 2,327.0 2,341.9 2,351.9 2,342.5 2,348.4 2,356.3 2,365.3 30 Securities in bank credit 556.1 621.0 622.2 625.5 628.0 637.9 640.0 642.4 639.8 639.1 641.8 650.4 31 U.S. government securities 352.3 400.4' 404.1' 411.1' 415.6 428.3 431.6 430.7 428.4 426.7 429.7 438.3 37 Other securities 203.8 220.7' 218.1' 214.4' 212.4 209.6 208.4 211.7 211.4 212.4 212.1 212.1 33 Loans and leases in bank credit2 .... 1,544.5 1,645.3 1,642.2 1,645.5 1,657.9 1,689.1 1,701.9 1,709.5 1,702.7 1,709.3 1,714.5 1,714.9 34 Commercial and industrial 301.0 302.6 304.2 304.1' 304.5 306.3 306.6 306.1 305.4 305.7 305.8 306.8 35 Real estate 841.3 913.2 917.9 923.2' 930.3 952.7 960.7 970.1 967.3 969.6 972.8 973.6 36 Revolving home equity 50.0 59.2 60.7 61.9 63.4 67.2 68.8 70.7 70.1 70.6 71.1 71.6 37 Other 791.2 854.0 857.2 861.3' 866.9 885.5 891.9 899.4 897.2 899.0 901.7 902.0 38 Consumer 294.0 324.4 315.0 312.6 317.9 322.3 324.2 321.4 318.3 321.8 323.7 322.8 39 Credit cards and related plans . . 129.7 156.8 147.1 145.3 150.9 150.5 151.2 146.9 143.9 147.3 148.9 148.0 40 Other 164.3 167.6 167.9 167.2 166.9 171.8 173.0 174.5 174.4 174.5 174.8 174.8 41 Security3 8.0 7.7 8.0 8.0 7.6 7.4 7.8 8.1 8.0 8.1 7.9 8.4 47 Other loans and leases 100.2 97.3 97.1 97.6 97.6 100.5 102.5 103.8 103.6 104.1 104.3 103.3 43 Interbank loans 107.2 97.0 103.4 105.5 97.4 93.3 100.2 105.2 102.5 105.1 101.8 111.2 44 Cash assets4 103.2 116.0 113.0 110.5 112.2 112.8 112.9 114.4 112.5 111.9 112.1 118.9 45 Other assets5 118.0 137.8 145.5 148.0 152.5 155.0 155.2 155.1 158.3 154.0 155.3 150.6 46 Total assets6 2,401.0 2,586.4 2,596.1 2,604.6 2,617.2 2,657.0 2,679.0 2,695.4 2,684.8 2,688.3 2,694.3 2,714.8 Liabilities 47 Deposits 1,891.2 2,002.3 2,006.5 2,021.6 2,028.7 2,045.4 2,062.3 2,075.8 2,070.6 2,071.9 2,065.0 2,091.4 48 Transaction 286.8 311.3 303.1 304.4 305.8 309.7 310.6 315.1 302.5 310.8 318.8 329.1 49 Nontransaction 1,604.4 1,691.0 1,703.5 1,717.2 1,722.9 1,735.8 1,751.7 1,760.7 1,768.1 1,761.1 1,746.2 1,762.2 50 Large time 300.2 302.1 302.1 302.4 302.8 306.7 308.4 306.5 306.2 307.3 306.4 306.3 51 Other 1,304.2 1,388.9 1,401.4 1,414.8 1,420.1 1,429.1 1,443.3 1,454.2 1,462.0 1,453.7 1,439.9 1,455.9 57 Borrowings 337.5 395.0' 388.0' 381.1 383.4 391.3 393.8 398.0 390.8 396.5 405.8 402.3 53 From banks in the U.S 148.5 176.3' 174.1' 168.9' 165.2 165.8 165.2 171.8 164.6 171.5 180.5 173.7 54 From others 189.0 218.7' 213.9' 212.2' 218.2 225.6 228.6 226.2 226.2 225.0 225.3 228.6 55 Net due to related foreign offices 14.7 9.0 10.9 9.0 9.7 11.6 11.7 9.8 11.4 9.8 11.7 6.2 56 Other liabilities 59.1 68.5 70.9 71.5 71.9 74.1 74.5 74.4 74.2 73.9 74.5 75.3 57 Total liabilities 2,302.5 2,474.7r 2,476.4r 2,483.2r 2,493.7 2,522.5 2,542.3 2,558.0 2,547.1 2,552.0 2,556.9 2,575.2 58 Residual (assets less liabilities)7 98.5 111.7' 119.7' 121.4 123.5 134.5 136.7 137.5 137.8 136.2 137.4 139.6 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 Domestic Nonfinancial Statistics • October 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 2002 2002 July Jan. Feb. Mar. Apr.' May' June' July July 10 July 17 July 24 July 31 Seasonally adjusted Assets 1 Bank credit 599.4' 584.7' 584.1' 591.9' 597.9 598.2 608.1 610.7 603.8 609.4 612.1 620.2 2 Securities in bank credit 223.7' 229.7' 224.6' 223.5' 223.9 227.0 233.1 231.7 230.4 232.1 230.1 234.8 3 U.S. government securities 44.2' 67.4' 61.1' 64.1' 65.7 65.9 65.9 62.9 62.2 61.6 62.6 66.1 4 Other securities 179.5' 162.4' 163.5' 159.4' 158.2 161.1 167.2 168.7 168.2 170.5 167.5 168.6 5 Loans and leases in bank credit2 .... 375.8 355.0 359.5 368.4 374.0 371.1 375.0 379.1 373.4 377.3 382.0 385.4 6 Commercial and industrial 204.0 193.7 197.1 200.2 198.2 198.8 195.4 192.6 193.2 193.2 191.8 192.6 7 Real estate 18.1 18.8 18.4 18.9 19.4 19.4 19.8 20.1 20.0 20.2 19.9 20.1 8 Security3 86.7 74.8 73.9 78.5 84.5 81.1 87.0 91.9 86.9 89.9 94.4 97.3 y Other loans and leases 66.9 67.8 70.1 70.8 71.9 71.7 72.8 74.5 73.2 73.9 75.9 75.5 10 Interbank loans 21.1 25.2 19.9 20.5 22.1 23.7 20.8 18.0 19.7 16.6 20.2 15.1 n Cash assets4 35.8 40.2 41.8 43.9 46.2 44.2 43.8 43.3 42.6 44.3 42.9 43.4 12 Other assets5 30.3 31.0 31.7 29.9 31.3 31.8 34.9 36.5 36.2 34.5 40.5 35.6 13 Total assets6 686.3r 680.7' 611.2' 685.8r 697.0 697.5 707.1 708.2 701.9 704.4 715.4 713.8 Liabilities 14 Deposits 410.8 468.1 476.5 490.6 507.1 508.4 509.7 505.2 507.0 510.7 504.5 494.4 15 Transaction 9.4 11.1 10.3 10.1 10.5 10.9 10.9 10.6 9.8 10.6 10.6 11.6 16 Nontransaction 401.5 457.0 466.2 480.5 496.6 497.5 498.7 494.6 497.2 500.1 493.9 482.7 17 Borrowings 210.5 185.2 191.1 187.5 191.4 192.7 197.9 208.2 200.6 202.4 202.6 229.3 18 From banks in the U.S 22.2 22.3 23.1 21.8 23.2 22.2 22.9 22.4 20.6 21.2 18.9 28.1 19 From others 188.3 163.0 168.0 165.7 168.3 170.4 175.1 185.8 180.0 181.2 183.7 201.3 20 Net due to related foreign offices -14.5 -65.4 -73.1 -71.5 -73.6 -87.6 -84.7 -90.7 -88.5 -91.6 -83.1 -98.8 21 Other liabilities 79.6 80.1 77.5 69.0 67.4 70.9 79.1 85.4 83.3 85.6 86.7 88.2 22 Total liabilities 686.4 668.1 672.0 675.6 692.3 684.3 701.9 708.1 702.4 707.1 710.7 713.1 23 Residual (assets less liabilities)7 -.1' 12.6' 5.2' 10.3' 4.8 13.1 5.2 .1 -.5 -2.7 4.7 .8 Not seasonally adjusted Assets 24 Bank credit 593.5' 590.4' 588.1' 591.8' 597.9 594.2 605.0 604.5 595.7 605.0 603.8 614.8 25 Securities in bank credit 223.7' 229.7' 224.6' 223.5' 223.9 227.0 233.1 231.7 230.4 232.1 230.1 234.8 26 U.S. government securities 44.2' 67.4' 61.1' 64.1' 65.7 65.9 65.9 62.9 62.2 61.6 62.6 66.1 27 Trading account 10.7' 9.5' 9.1' 9.<y 9.5 10.2 10.6 10.7 10.3 10.5 10.2 12.1 28 Investment account 33.5' 57.9' 52.0' 55.1' 56.2 55.7 55.4 52.2 51.9 51.1 52.4 54.0 29 Other securities 179.5' 162.4' 163.5' 159.4' 158.2 161.1 167.2 168.7 168.2 170.5 167.5 168.6 30 Trading account 109.3' 102.4' 100.9' 96.9' 96.4 98.6 103.1 106.8 104.8 107.8 106.8 108.8 31 Investment account 70.1' 59.9' 62.6' 62.5' 61.8 62.5 64.0 61.9 63.5 62.7 60.7 59.8 32 Loans and leases in bank credit2 .... 369.8 360.6 363.5 368.3 374.0 367.1 371.9 372.9 365.3 372.8 373.7 380.0 33 Commercial and industrial 202.6 194.4 198.6 201.6 196.9 196.5 194.3 191.3 191.7 192.3 190.0 190.9 34 Real estate 18.1 18.8 18.4 18.9 19.4 19.4 19.8 20.1 20.0 20.2 19.9 20.1 35 Security3 83.4 78.9 76.3 76.2 85.2 79.9 85.4 88.4 81.4 87.5 90.0 95.4 36 Other loans and leases 65.7 68.6 70.2 71.7 72.5 71.3 72.4 73.1 72.3 72.9 73.7 73.7 37 Interbank loans 21.1 25.2 19.9 20.5 22.1 23.7 20.8 18.0 19.7 16.6 20.2 15.1 38 Cash assets4 34.3 42.3 42.7 42.8 44.3 42.7 41.8 41.5 40.6 42.3 41.0 42.1 39 Other assets5 29.2 31.8 32.3 30.7 31.1 31.8 33.3 35.2 34.8 33.5 38.8 34.6 40 Total assets6 677.7r 689.3r 682.7r 685.5r 695.0 692.0 700.6 698.9 690.4 697.0 703.4 706.2 Liabilities 41 Deposits 403.4 478.8 482.0 492.8 510.9 513.5 507.8 496.1 496.1 501.7 496.3 486.4 42 Transaction 9.3 11.3 10.5 9.9 10.0 10.5 10.6 10.6 9.8 10.6 10.4 11.6 43 Nontransaction 394.1 467.5 471.5 482.9 500.9 503.0 497.2 485.5 486.2 491.1 485.9 474.8 44 Borrowings 210.5 185.2 191.1 187.5 191.4 192.7 197.9 208.2 200.6 202.4 202.6 229.3 45 From banks in the U.S 22.2 22.3 23.1 21.8 23.2 22.2 22.9 22.4 20.6 21.2 18.9 28.1 46 From others 188.3 163.0 168.0 165.7 168.3 170.4 175.1 185.8 180.0 181.2 183.7 201.3 47 Net due to related foreign offices -18.8 -62.3 -70.4 -68.5 -75.5 -87.7 -87.3 -94.4 -92.8 -95.8 -86.2 -102.0 48 Other liabilities 77.7 81.5 78.6 70.2 66.7 70.8 77.8 83.3 81.0 83.3 85.0 86.3 49 Total liabilities 672.8 683.3 681.3 682.0 693.6 689.3 696.2 693.2 684.8 691.5 697.6 700.0 50 Residual (assets less liabilities)7 4.9' 6.0r 1.3' 3.5' 1.4 2.7 4.4 5.7 5.7 5.4 5.8 6.1 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities A21 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued F. Memo items Billions of dollars Monthly averages Wednesday figures AAAccccccooouuunnnttt 2001 2002 2002 July Jan. Feb. Mar. Apr. May June July July 10 July 17 July 24 July 31 Not seasonally adjusted MEMO Large domestically chartered banks, adjusted for mergers 1 Revaluation gains on off-balance-sheet items8 80.0 86.3 81.7 73.2 73.3 80.8 92.9 105.8 109.1 99.1 114.5 104.1 2 Revaluation losses on off-balancesheet items8 71.8 66.5 59.4 52.5 57.5 61.7 75.2 89.2 90.7 83.4 98.8 87.3 3 Mortgage-backed securities9 254.7 315.2 298.8 300.7 307.3 311.5 316.9 321.3 314.0 306.0 330.5 336.6 4 Pass-through 192.4 218.1 203.8 203.6 206.8 214.2 227.9 237.3 229.9 223.2 247.0 251.1 5 CMO, REMIC, and other 62.3 97.0 95.0 97.2 100.4 97.3 89.0 84.0 84.1 82.8 83.5 85.5 6 Net unrealized gains (losses) on available-for-sale securities10 2.6 2.3 3.5 3.3 2.3 5.0 7.1 8.8 8.6 8.4 8.8 9.4 7 Off-shore credit to U.S. residents'1 .... 20.2 19.4 19.7 19.6 19.7' 19.6' 19.6' 19.1 19.7 18.9 19.0 19.0 8 Securitized consumer loans12 96.5 94.7 92.8 94.2 94.6 94.7 98.5 102.3 102.4 103.3 103.2 101.7 9 Credit cards and related plans 86.3R 83.9R 82.2R 82.0R 82.7 83.2 86.4 87.2 86.9 87.8 87.8 86.4 10 Other 10.2R 10.8R 10.7R 12.3' 11.9 11.5 12.2 15.1 15.5 15.4 15.4 15.3 11 Securitized business loans12 19.6 19.4 19.4 17.7 17.1 16.7 16.6 17.0 17.0 17.1 17.0 16.9 Small domestically chartered commercial batiks, adjusted for mergers 12 Mortgage-backed securities9 236.8 211.6' 280.8R 283.9' 287.3 300.1 301.5 302.0 300.5 299.4 301.0 307.8 13 Securitized consumer loans12 232.2 257.1 251.3 248.2 248.5' 250.3' 251.5' 247.5 249.1 245.8 245.3 247.6 14 Credit cards and related plans 224.1 249.3 243.7 240.7 240.6 242.8 244.5 244.0 245.9 242.5 242.1 244.5 15 Other 8.2 7.8 7.6 7.5' 7.9' 1.5' 7.0' 3.5 3.2 3.2 3.2 3.1 Foreign-related institutions 16 Revaluation gains on off-balancesheet items8 56.9 54.8 52.2 46.8 46.2 49.6 54.4' 59.6 57.9 60.7 59.9 61.2 17 Revaluation losses on off-balancesheet items8 52.2 51.5 48.0 40.6 39.8 42.4 48.5 55.7 53.0 55.7 55.4 60.5 18 Securitized business loans12 27.4 25.5 25.1 24.1 23.5 22.5 22.0' 21.6 21.7 21.7 21.5 21.5 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 • October 2002 1.32 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2002 IItteemm 1997 1998 1999 2000 2001 Jan. Feb. Mar. Apr. May June 1 All issuers 966,699 1,163,303 1,403,023 1,615,341 1,438,764 1,428,494 1,402,875 1,358,114 1,351,516 1,366,259 1,327,569 Financial companies1 2 Dealer-placed paper, total2 513,307 614,142 786,643 973,060 989,364 984,251 984,441 964,070 972,268 989,957 986,489 3 Directly placed paper, total3 252,536 322,030 337,240 298,848 224,553 224,595 218,266 205,292 196,056 199,572 169,193 4 Nonfinancial companies4 200,857 227,132 279,140 343,433 224,847 219,648 200,168 188,753 183,192 176,730 171,887 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, 3. As reported by financial companies that place their paper directly with investors. personal and mortgage financing; factoring, finance leasing, and other business lending; 4. Includes public utilities and firms engaged primarily in such activities as communicainsurance underwriting; and other investment activities. tions, construction, manufacturing, mining, wholesale and retail trade, transportation, and 2. Includes all financial-company paper sold by dealers in the open market. services. 1.33 PRIME RATE CHARGED BY BANKS Short-Term Business Loans1 Percent per year Date of change Rate Period Av r e a r t a e g e Av r e a r te a ge Av r e a r t a e ge 1999—Jan. 1 7.75 1999 .... 8.00 2000—Jan. 8.50 2001—Jan. 9.05 July 1 8.00 2000 .... 9.23 Feb. 8.73 Feb. 8.50 Aug. 25 8.25 2001 .... 6.91 Mar. 8.83 Mar. 8.32 Nov. 17 8.50 Apr. 9.00 Apr. 7.80 1999—Jan. 7.75 May 9.24 May 7.24 2000—Feb. 3 8.75 Feb. 7.75 June 9.50 June 6.98 Mar. 22 9.00 Mar. 7.75 July 9.50 July 6.75 May 17 9.50 Apr. 7.75 Aug. 9.50 Aug. 6.67 May 7.75 Sept 9.50 Sept. 6.28 2001—Jan. 4 9.00 June 7.75 Oct. 9.50 Oct. 5.53 Feb. 1 8.50 July 8.00 Nov. 9.50 Nov. 5.10 Mar. 21 8.00 Aug. 8.06 Dec. 9.50 Dec. 4.84 Apr. 19 7.50 Sept. 8.25 May 16 7.00 Oct. 8.25 2002—Jan. 4.75 June 28 6.75 Nov. 8.37 Feb. 4.75 Aug. 22 6.50 Dec. 8.50 Mar. 4.75 Sept. 18 6.00 Apr. 4.75 Oct. 3 5.50 May 4.75 Nov. 7 5.00 June 4.75 Dec. 12 4.75 July 4.75 Aug. 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 Apr. May June July June 28 July 5 July 12 July 19 July 26 MONEY MARKET INSTRUMENTS 1 Federal funds'-2-3 4.97 6.24 3.88 1.75 1.75 1.75 1.73 1.75 1.75 1.73 1.74 1.72 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 1.76 1.75 1.74 1.74 1.75 1.75 1.74 1.72 1.74 4 2-month 5.14 6.29 3.68 1.77 1.76 1.74 1.74 1.74 1.74 1.74 1.74 1.74 5 3-month 5 18 6.31 3.65 1.81 1.78 1.76 1.75 1.75 1.74 1.76 1.76 1.73 Financial 6 1-month 5.11 6.28 3.80 1.76 1.76 1.75 1.74 1.75 1.75 1.74 1.74 1.74 7 2-month 5.16 6.30 3.71 1.79 1.77 1.77 1.75 1.76 1.76 1.75 1.75 1.75 8 3-month 5.22 6.33 3.65 1.83 1.80 1.78 1.76 1.78 1.76 1.77 1.76 1.75 Certificates of deposit, secondary market3,7 9 1-month 5.19 6.35 3.84 1.81 1.80 1.80 1.78 1.80 1.80 1.79 1.79 1.77 10 3-month 5.33 6.46 3.71 1.87 1.82 1.81 1.79 1.81 1.81 1.80 1.79 1.77 11 6-month 5.46 6.59 3,66 2.11 1.93 1.92 1.84 1.87 1.87 1.86 1.85 1.80 12 Eurodollar deposits, 3-month3 8 5.31 6.45 3.70 1.88 1.82 1.81 1.78 1.80 1.80 1.80 1.79 1.77 U.S. Treasury bills Secondary market3-5 13 4-week n.a. n.a. 2.43 1.69 1.71 1.69 1.69 1.67 1.68 1.69 1.69 1.69 14 3-month 4.64 5.82 3.40 1.72 1.73 1.70 1.68 1.68 1.69 1.69 1.69 1.67 15 6-month 4.75 5.90 3.34 1.93 1.86 1.79 1.70 1.74 1.72 1.71 1.70 1.66 U.S. TREASURY NOTES AND BONDS Constant maturities9 16 1-year 5.08 6.11 3.49 2.48 2.35 2.20 1.96 2.10 2.06 2.00 1.97 1.88 17 2-year 5.43 6.26 3.83 3.42 3.26 2.99 2.56 2.87 2.84 2.67 2.57 2.32 18 3-year 5.49 6.22 4.09 4.01 3.80 3.49 3.01 3.36 3.31 3.14 3.05 2.74 19 5-year 5.55 6.16 4.56 4.65 4.49 4.19 3.81 4.08 4.05 3.92 3.85 3.56 20 7-year 5.79 6.20 4.88 5.02 4.90 4.60 4.30 4.51 4.52 4.39 4.33 4.09 21 10-year 5.65 6.03 5.02 5.2) 5.16 4.93 4.65 4.84 4.83 4.71 4.68 4.47 22 20-year 6.20 6.23 5.63 5.85 5.81 5.65 5.51 5.61 5.61 5.52 5.52 5.40 Treasury long-term average10-" 23 25 years and above n.a. n.a. n.a. 5.82 5.79 5.66 5.54 5.62 5.63 5.54 5.55 5.45 STATE AND LOCAL NOTES AND BONDS Moody's series'2 24 Aaa 5.28 5.58 4.99 5.09 5.03 4.92 4.81 4.86 4.86 4.84 4.79 4.73 25 Baa 5.70 6.19 5.75 5.86 5.79 5.70 5.55 5.63 5.63 5.59 5.50 5.47 26 Bond Buyer series13 5.43 5.71 5.15 5.22 5.19 5.09 5.02 5.07 5.10 5.04 5.00 4.94 CORPORATE BONDS 27 Seasoned issues, all industries14 7.45 7.98 7.49 7.36 7.37 7.22 7.14 7.19 7.20 7.16 7.16 7.06 Rating group 28 Aaa15 7.05 7.62 7.08 6.76 6.75 6.63 6.53 6.58 6.59 6.53 6.54 6.46 29 Aa 7.36 7.83 7.26 7.16 7.20 7.07 6.98 7.02 7.02 7.01 7.00 6.92 30 A 7.53 8.11 7.67 7.49 7.43 7.24 7.15 7.21 7.22 7.17 7.18 7.05 31 Baa 7.88 8.37 7.95 8.03 8.09 7.95 7.90 7.93 7.99 7.92 7.94 7.80 MEMO Dividend-price ratio16 32 Common stocks 1.25 1.15 1.32 1.42 1.48 1.58 1.76 1.65 1.68 1.75 1.78 1.88 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 • October 2002 1.36 STOCK MARKET Selected Statistics 2001 2002 IInnddiiccaattoorr 11999999 22000000 22000011 Nov. Dec. Jan. Feb. Mar. Apr. May June July Prices and trading volume (averages of daily figures) CCCCCCCooooooommmmmmmmmmmmmmooooooonnnnnnn ssssssstttttttoooooooccccccckkkkkkk ppppppprrrrrrriiiiiiiccccccceeeeeeesssssss (((((((iiiiiiinnnnnnndddddddeeeeeeexxxxxxxeeeeeeesssssss))))))) 1111111 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((DDDDDDDeeeeeeeccccccc....... 33333331111111,,,,,,, 1111111999999966666665555555 ======= 55555550000000))))))) 619.52 643.71 606.03 575.31 582.82 581.74 569.55 600.74 587.58 575.75 544.36 486.11 2222222 IIIIIIInnnnnnnddddddduuuuuuussssssstttttttrrrrrrriiiiiiiaaaaaaalllllll 775.29 809.40 749.46 715.98 727.67 723.56 715.80 751.79 732.71 718.12 677.58 603.04 3333333 TTTTTTTrrrrrrraaaaaaannnnnnnssssssspppppppooooooorrrrrrrtttttttaaaaaaatttttttiiiiiiiooooooonnnnnnn 491.62 414.73 444.45 410.05 433.70 446.13 453.51 490.51 470.00 459.55 449.42 416.07 4444444 UUUUUUUtttttttiiiiiiillllllliiiiiiitttttttyyyyyyy 284.82 478.99 377.72 330.78 325.33 322.92 301.32 316.25 300.57 287.10 265.21 230.21 5555555 FFFFFFFiiiiiiinnnnnnnaaaaaaannnnnnnccccccceeeeeee 530.97 552.48 596.61 577.85 585.47 591.94 570.18 609.72 610.24 603.15 577.05 524.01 6666666 SSSSSSStttttttaaaaaaannnnnnndddddddaaaaaaarrrrrrrddddddd &&&&&&& PPPPPPPoooooooooooooorrrrrrr'''''''sssssss CCCCCCCooooooorrrrrrrpppppppooooooorrrrrrraaaaaaatttttttiiiiiiiooooooonnnnnnn (((((((1111111999999944444441111111-------44444443333333 ======= 11111110000000)))))))''''''' 1,327.33 1,427.22 1,194.18 1,129.68 1,144.93 1,140.21 1,100.67 1,153.79 1,112.03 1,079.27 1,014.05 903.59 7777777 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((AAAAAAAuuuuuuuggggggg....... 33333331111111,,,,,,, 1111111999999977777773333333 ======= 55555550000000)))))))2222222 770.90 922.22 879.08 814.78 828.19 835.02 845.81 891.08 915.09 935.10 911.59 840.76 VVVVVVVooooooollllllluuuuuuummmmmmmeeeeeee ooooooofffffff tttttttrrrrrrraaaaaaadddddddiiiiiiinnnnnnnggggggg (((((((ttttttthhhhhhhooooooouuuuuuusssssssaaaaaaannnnnnndddddddsssssss ooooooofffffff ssssssshhhhhhhaaaaaaarrrrrrreeeeeeesssssss))))))) 8888888 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 799,554 1,026,867 1,216,529 1,242,965 1,240,245 1,401,913 1,362,830 1,321,351 1,280,714 1,215,786 1,539,282 1,848,962 9999999 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 32,629 51,437 68,074 88,694 53,337 55,151 55,657 56,375 n.a. n.a. n.a. n.a. Customer financing (millions of dollars, end-of-period balances) 11111110000000 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrr-------dddddddeeeeeeeaaaaaaallllllleeeeeeerrrrrrrsssssss3333333 228,530 198,790 150,450 148,650 150,450 150,390 147,030 149,370 150,940 150,860 146,270 136,160 FFFFFFFrrrrrrreeeeeeeeeeeeee cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt bbbbbbbaaaaaaalllllllaaaaaaannnnnnnccccccceeeeeeesssssss aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrrsssssss4444444 11111111111111 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss5555555 55,130 100,680 101,640 98,330 101,640 97,330 99,350 93,700 92,140 92,950 95,830 98,080 11111112222222 CCCCCCCaaaaaaassssssshhhhhhh aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss 79,070 84,400 78,040 72,090 78,040 75,110 72,730 69,790 68,540 66,120 68,280 68,860 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 6,153.3 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 6,126.5 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 3,463.5 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 6,058.3 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 Qi 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 6,126.5 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 6,087.0 3 Marketable 3,355.5 3,281.0 2,966.9 2,982.9 2,897.3 2,982.9 3,003.3 3,024.8 4 Bills 691.0 737.1 646.9 811.3 734.9 811.3 834.4 822.5 5 Notes 1,960.7 1,784.5 1,557.3 1,413.9 1,399.6 1,413.9 1,411.7 1,446.9 6 Bonds 621.2 643.7 626.5 602.7 612.9 602.7 596.7 592.9 7 Inflation-indexed notes and bonds' 67.6 100.7 121.2 140.1 134.9 140.1 145.6 147.5 8 Nonmarketable2 2,249.9 2,485.1 2,651.2 2,947.9 2,866.4 2,947.9 2,958.9 3,062.2 9 State and local government series 165.3 165.7 151.0 146.3 146.4 146.3 141.1 142.8 10 Foreign issues3 34.3 31.3 27.2 15.4 18.3 15.4 14.6 13.3 11 Government 34.3 31.3 27.2 15.4 18.3 15.4 14.6 13.3 12 Public .0 .0 .0 .0 .0 .0 .0 .0 13 Savings bonds and notes 180.3 179.4 176.9 181.5 179.6 181.5 183.6 184.8 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 2,691.4 15 Non-interest-bearing 8.8 10.0 44.2 12.7 43.8 12.7 43.8 39.5 By holder5 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 2,686.0 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 2,849.2' 2,819.8 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. 76 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 1,047.5' 1,072.4 28 Other miscellaneous investors7,9 636.3 589.8 419.5 390.8 417.3 390.8 560.7 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 • October 2002 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2002 2002, week ending IItteemm Apr. May June June 5 June 12 June 19 June 26 July 3 July 10 July 17 July 24 July 31 By type of security 1 U.S. Treasury bills 42,502 42,259 42,869 49,480 45,065 40,313 39,400 42,524 38,116 39,389 41,500 48,688 Treasury coupon securities by maturity 2 Three years or less 127,492 134,554 123,577 133,853 112,885 105,027 113344,,998800 115522,,776655 110000,,331111 113300,,556655 115533,,665566 114411,,663388 3 More than three but less than or equal to six years 76,341 98,161 92,356 90,829 82,688 88,037 107,815 90,966 84,996 114,797 111111,,331199 112266,,117788 4 More than six but less than or equal to eleven years 61,584 69,922 77,695 71,168 64,594 84,788 92,579 65,294 67,604 87,747 87,440 87,212 5 More than eleven 17,254 17,443 19,744 19,507 16,653 19,365 23,334 19,804 14,160 22,912 20,527 24,319 6 Inflation-indexed2 2,132 1,620 2,460 1,864 2,398 2,897 2,620 2,018 9,179 3,567 2,911 2,543 Federal agency and governmentsponsored enteiprises 7 Discount notes 50,140 48,181 52,908 56,319 45,970 52,701 52,271 67,247 47,908 57,454 51,036 58,870 Coupon securities by maturity 8 Three years or less 12,209 10,179 12,688 9,508 9,287 15,423 15,488 12,123 14,129 13,751 1122,,551144 1100,,227777 9 More than three years but less than or equal to six years 7,071 9,662 9,209 8,368 9,130 10,164 9,637 7,215 5,634 11,843 1155,,447777 1111,,556611 10 More than six years but less than or equal to eleven years .... 7,456 8,446 8,080 6,104 5,301 10,733 8,833 9,474 4,781 13,330 8,657 9,260 11 More than eleven years 846 1,106 993 1,167 748 1,033 1,181 771 359 1,096 1,546 857 12 Mortgage-backed 125,503 135,142 153,644 136,912 203,431 146,863 132,223 124,776 219,346 202,887 120,813 140,610 Coiporate securities 13 One year or less 101,705 100,384 98,759 92,719 90,980 115,273 95,276 94,687 88,790 94,997 90,912 83,177 14 More than one year 19,088 18,690 18,584 20,209 16,901 18,900 20,035 15,932 13,336 17,546 13,916 16,710 By type of counterparty With interdealer broker 15 U.S. Treasury 152,004 166,652 169,496 172,532 155,413 159,654 189,455 174,852 151,181 193,766 194,089 200,437 16 Federal agency and governmentsponsored enterprises 11,552 11,669 11,753 9,923 8,953 14,338 12,998 11,925 9,510 13,180 14,832 14,162 17 Mortgage-backed 37,570 37,136 43,341 42,841 56,571 42,840 33,980 35,673 50,248 57,597 35,758 39,445 18 Corporate 546 425 353 396 327 338 411 241 348 321 361 308 With other 19 U.S. Treasury 175,300 197,306 189,206 194,169 168,871 180,771 211,274 198,518 163,187 205,211 223,264 230,140 20 Federal agency and governmentsponsored enterprises 66,170 65,903 72,124 71,542 61,482 75,715 74,412 84,904 63,300 84,295 74,398 76,663 21 Mortgage-backed 87,933 98,006 110,302 94,071 146,860 104,022 98,243 89,104 169,099 145,291 85,056 101,165 22 Corporate 120,247 118,649 116,990 112,532 107,554 133,835 114,899 110,377 101,778 112,222 104,468 99,579 1. The figures represent purchases and sales in the market by the primary U.S. government 2. Outright Treasury inflation-indexed securities (TIIS) transactions are reported at princisecurities dealers reporting to the Federal Reserve Bank of New York. Outright transactions pal value, excluding accrued interest, where principal value reflects the original issuance par include all U.S. government, federal agency, government-sponsored enterprise, mortgage- amount (unadjusted for inflation) times the price times the index ratio. backed, and corporate securities scheduled for immediate and forward delivery, as well as all NOTE. Major changes in the report form filed by primary dealers induced a break in the U.S. government securities traded on a when-issued basis between the announcement and dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the issue date. Data do not include transactions under repurchase and reverse repurchase (resale) Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics) agreements. Averages are based on the number of trading days in the week. under the Primary Dealer heading. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A27 1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing1 Millions of dollars 2002 2002, week ending IItteemm,, bbyy ttyyppee ooff sseeccuurriittyy Apr. May June June 5 June 12 June 19 June 26 July 3 July 10 July 17 July 24 Net outright positions2 1 U.S. Treasury bills 34,802 22,905 13,975 32,414 20,166 7,278 4,227 8,868 16,884 17,279 23,562 Treasury coupon securities by maturity 2 Three years or less -24,310 -24,473 -21,351 -21,105 -21,303 -17,870 -25,799 -20,047 -22,437 -28,724 --1155,,116644 3 More than three years but less than or equal to six years -32,608 -27,550 -24,943 -29,342 -26,943 -24,955 -19,840 -24,857 -22,925 -23,997 -32,405 4 More than six but less than or equal to eleven years -18,337 -16,183 -19,472 -19,973 -18,692 -18,931 -20,847 -18,752 -19,833 -19,614 -18,688 5 More than eleven 8,103 6,289 6,658 5,452 6,636 7,042 6,569 7,688 8,489 10,140 9,678 6 Inflation-indexed 3,663 2,915 3,518 3,258 3,470 3,252 3,796 3,906 3,318 1,265 1,151 Federal agency and governmentsponsored enterprises 7 Discount notes 45,988 47,436 44,125 40,008 40,576 43,126 47,903 50,618 44,020 43,859 41,810 Coupon securities, by maturity 8 Three years or less 10,878 9,452 12,609 11,069 10,751 12,451 14,766 14,286 14,172 14,056 12,278 9 More than three years but less than or equal to six years 3,238 4,179 2,630 2,223 2,811 2,366 3,515 1,732 814 3,271 6,027 10 More than six but less than or equal to eleven years 2,620 1,030 2,511 884 1,801 3,350 3,036 3,401 1,117 1,730 3,015 11 More than eleven 2,122 2,561 2,584 2,698 2,816 2,801 2,348 2,070 1,908 1,812 1,750 12 Mortgage-backed 13,347 15,647 19,395 21,093 16,498 20,538 18,383 22,116 27,164 25,245 30,461 Corporate securities 13 One year or less 25,916 27,019 30,969 27,421 29,391 35,164 29,514 33,370 28,252 26,962 25,152 14 More than one year 44,266 39,534 45,463 38,679 43,918 45,407 48,023 52,265 52,602 50,393 49,544 Financing' Securities in, U.S. Treasury 15 Overnight and continuing 550,742 586,624 566,475 588,049 558,034 561,143 570,904 555,857 587,888 613,957 602,485 16 Term 732,963 712,275 769,738 694,512 753,608 796,995 823,729 749,817 727,356 758,677 807,840 Federal agency and governmentsponsored enterprises 17 Overnight and continuing 154,574 148,895 149,080 146,503 145,653 153,484 149,476 149,900 147,914 151,401 148,447 18 Term 259,399 275,496 266,594 253,466 263,178 267,057 269,061 283,851 280,315 287,632 294,440 Mortgage-backed securities 19 Overnight and continuing 33,398 36,628 35,635 41,630 38,457 34,782 32,147 30,801 33,235 36,144 41,628 20 Term 226,728 253,236 254,824 251,246 259,335 249,330 259,615 252,635 255,477 274,247 271,403 Corporate securities 21 Overnight and continuing 46,910 49,713 49,156 49,493 49,505 49,619 48,077 49,200 50,774 48,712 50,524 22 Term 22,627 22,917 23,012 23,326 23,616 23,491 22,550 21,535 20,810 21,079 20,904 MEMO Reverse repurchase agreements 23 Overnight and continuing 380,722 408,714 396,527 412,564 383,017 398,442 405,283 381,447 405,952 431,424 422,482 24 Term 1,114,158 1,139,996 1,173,796 1,094,981 1,165,553 1,188,521 1,230,613 1,161,538 1,144,058 1,202,275 1,248,130 Securities out, U.S. Treasury 25 Overnight and continuing 526,507 534,630 522,398 548,373 515,109 520,594 523,407 504,077 527,431 561,001 552,710 26 Term 682,748 680,497 721,751 662,617 706,613 737,649 770,387 709,228 700,678 717,149 762,330 Federal agency and governmentsponsored enterprises 27 Overnight and continuing 259,604 256,367 260,537 241,714 249,708 272,920 270,637 263,671 266,776 274,937 269,801 28 Term 212,975 221,338 205,253 195,735 199,298 204,546 206,769 226,159 209,311 216,174 223,054 Mortgage-backed securities 29 Overnight and continuing 291,840 302,627 287,396 277,506 279,408 292,396 307,924 269,064 296,081 342,966 313,583 30 Term 147,574 166,212 184,380 192,554 190,379 174,109 178,382 192,133 169,120 187,028 176,471 Corporate securities 31 Overnight and continuing 119,914 123,628 128,188 123,086 128,192 127,723 130,862 130,693 126,186 129,953 132,098 32 Term 18,440 19,597 17,131 19,141 16,996 15,702 16,190 19,000 17,106 16,571 16,048 MEMO Repurchase agreements 33 Overnight and continuing 1,038,639 1,056,125 1,035,629 1,032,180 1,010,654 1,054,406 1,066,692 996,430 1,049,049 1,131,294 1,097,921 34 Term 1,040,296 1,066,219 1,102,716 1,045,391 1,088,179 1,106,534 1,144,331 1,120,303 1,070,350 1,112,471 1,149,245 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 US. 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 (TUS) 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. TUS 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.newy0rkfed.0rg/pih0me/.stalistic.s) under the between the announcement and issue date. Primary Dealer heading. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A28 Domestic Nonfinancial Statistics • October 2002 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 2002 AAggeennccyy 11999988 11999999 22000000 22000011 Jan. Feb. Mar. Apr. May 1 Federal and federally sponsored agencies 1,296,477 1,616,492 1,851,632 2,121,057 2,125,903 2,139,397 2,169,030 2,144,106 2,150,724 2 Federal agencies 26,502 26,376 25,666 276 290 169 172 188 208 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 26,741 26,431 26,379 26,331 26,450 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 25,660 270 284 163 166 182 202 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 2,125,613 2,139,228 2,168,858 2,143,918 2,150,516 11 Federal Home Loan Banks 382,131 529,005 594,404 623,740 623,990 619,541 625,849 637,963 640,222 12 Federal Home Loan Mortgage Corporation 287,396 360,711 426,899 565,071 571,867 584,476 603,447 596,800 601,037 13 Federal National Mortgage Association 460,291 547,619 642,700 763,500 760,500 765,200 769,800 783,100 782,000 14 Farm Credit Banks8 63,488 68,883 74,181 76,673 76,494 76,929 79,002 79,186 80,258 15 Student Loan Marketing Association9 35,399 41,988 45,375 48,350 49,400 50,500 48,200 3,721 3,786 16 Financing Corporation1® 8,170 8,170 8,170 8,170 8,170 8,170 8,170 8,170 8,170 17 Farm Credit Financial Assistance Coiporation" 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 38,140 39,144 38,027 37,639 37,175 Lending to federal and federally sponsored agencies 20 Export-Import Bank3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 21 Postal Service6 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 22 Student Loan Marketing Association n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 23 Tennessee Valley Authority n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 24 United States Railway Association6 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Other lending14 25 Farmers Home Administration 9,500 6,665 5,275 n.a. n.a. n.a. n.a. n.a. n.a. 26 Rural Electrification Administration 14,091 14,085 13,126 13,876 13,982 14,015 14,055 14,053 14,184 27 Other 20,538 21,402 22,174 25,220 24,158 25,129 23,972 23,586 22,991 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 Dec. Jan. Feb. Mar. Apr. May June July 1 All issues, new and refunding' 215,427 180,403 270,566 28,363 20,523 20,175 23,842 23,261 32,858 36,315 25,771 By type of issue 2 General obligation 73,308 64,475 100,519 9,218 8,157 8,652 10,269 8,559 10,446 16,166 10,130 3 Revenue 142,120 115,928 170,047 19,146 12,366 11,523 13,574 14,702 22,413 20,149 15,642 By type of issuer 4 State 16,376 19,944 30,099 746 1,826 3,238 3,265 3,057 1,531 3,718 3,404 5 Special district or statutory authority2 152,418 111,695 281,427 22,525 14,369 11,950 15,479 15,520 23,866 27,283 16,007 6 Municipality, county, or township 46,634 39,273 61,040 5,093 4,329 4,987 5,098 4,683 7,461 5,315 6,361 7 Issues for new capital 161,065 154,257 192,161 21,389 14,631 13,248 16,856 17,115 20,663 23,727 19,189 By use of proceeds 8 Education 36,563 38,665 50,054 4,818 4,138 3,961 5,484 5,279 6,027 7,060 4,205 9 Transportation 17,394 19,730 21,411 1,349 1,079 613 1,633 773 1,795 3,351 3,251 10 Utilities and conservation 15,098 11,917 21,917 2,560 1,711 1,606 1,290 2,091 1,785 1,087 1,660 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 1,642 539 125 515 344 614 631 760 13 Other purposes 47,896 47,309 55,733 6,319 4,639 4,897 4,894 6,784 6,962 7,653 5,893 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 Nov. Dec. Jan. Feb. Mar. Apr. May June 1 All issues' 1,072,866 942,198 1,382,003 123,517 96,576 102,688 86,090 158,904 103,575 112,103r 136,623 2 Bonds2 941,298 807,281 1,253,449 110,888 81,339 88,241 79,515 145,984 93,039 103,141r 120,087 By type of offering 3 Sold in the United States 818,683 684,484 1,197,060 106,563 79,636 79,472 73,474 128,026 88,051 93,279r 108,362 4 Sold abroad 122,615 122,798 56,389 4,326 1,703 8,770 6,041 17,958 4,989 9,862 11,725 MEMO 5 Private placements, domestic 24,703 18,370 8,734 4,936 2,880 0 0 0 0 4,506r 3,068 By industry group 6 Nonfinancial 293,963 242,207 445,930 42,189 21,647 18,894 30,770 43,231 34,803 19,157 26,696 7 Financial 647,335 565,074 807,519 68,699 59,692 69,348 48,746 102,753 58,237 83,984r 93,392 8 Stocks3 244,308 320,357 228,554 20,962 23,570 14,447 6,575 12,920 10,536 8,962 16,536 By type of offering 9 Public 131,568 134,917 128,554 12,629 15,237 14,447 6,575 12,920 10,536 8,962 16,536 10 Private placement4 112,740 185,440 100,000 8,333 8,333 n.a. n.a. n.a. n.a. n.a. n.a. By industry group 11 Nonfinancial 110,284 118,369 77,577 7,592 7,771 9,579 4,024 4,893 7,834 6,633 11,608 12 Financial 21,284 16,548 50,977 5,037 7,466 4,868 2,551 8,027 2,702 2,329 4,928 1. Figures represent gross proceeds of issues maturing in more than one year; they are the 2. Monthly data include 144(a) offerings. principal amount or number of units calculated by multiplying by the offering price. Figures 3. Monthly data cover only public offerings. exclude secondary offerings, employee stock plans, investment companies other than closed- 4. Data are not available. end, intracorporate transactions, and Yankee bonds. Stock data include ownership securities SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve issued by limited partnerships. System. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A30 Domestic Nonfinancial Statistics • October 2002 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets' Millions of dollars 2001 2002 IItteemm 22000000 22000011 Dec. Jan. Feb. Mar. Apr. May Juner July 1 Sales of own shares2 2,279,315 1,806,474 151,779 171,499 141,463 170,326 164,504 154,987 138,520 170,963 2 Redemptions of own shares 2,057,277 1,677,266 149,705 138,773 123,013 130,661 140,524 138,052 144,153 200,143 3 Net sales3 222,038 129,208 2,074 32,726 18,450 39,665 23,980 16,935 -5,633 -29,180 4 Assets4 5,123,747 4,689,624 4,689,624 4,667,688 4,623,041 4,814,961 4,704,886 4,693,928 4,434,603 4,124,524 5 Cash5 277,386 219,620 219,620 240,141 234,510 241,078 249,078 243,755 208,390 199,381 6 Other 4,846,361 4,470,004 4,470,004 4,427,547 4,388,531 4,573,883 4,455,808 4,450,173 4,226,213 3,925,143 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 22000000RR 220000 llrr Q4r Qir Q2r Q3r Q4' Ql' Q2 ASSETS 1 Accounts receivable, gross2 845.4 958.7 948.3 958.7 954.5 988.8 967.8 948.3 929.9 926.6 2 Consumer 304.4 328.0 340.1 328.0 319.3 324.6 329.3 340.1 329.8 328.0 3 Business 395.1 458.4 447.0 458.4 459.1 481.9 451.1 447.0 443.0 440.8 4 Real estate 145.8 172.3 161.3 172.3 176.1 182.3 187.4 161.3 157.2 157.8 5 LESS: Reserves for unearned income 61.4 69.7 60.6 69.7 69.9 61.5 60.8 60.6 59.5 58.7 6 Reserves for losses 14.7 16.7 21.0 16.7 17.2 17.4 18.0 21.0 21.5 22.0 7 Accounts receivable, net 769.3 872.3 866.7 872.3 867.3 909.8 889.0 866.7 849.0 845.8 8 All other 406.6 461.5 523.4 461.5 474.8 458.9 478.7 523.4 515.2 539.6 9 Total assets 1,175.9 1,333.7 1,390.1 1,333.7 1,342.1 1,368.7 1,367.7 1,390.1 1,364.2 1,385.4 LIABILITIES AND CAPITAL 10 Bank loans 35.4 35.9 50.8 35.9 41.6 45.3 44.5 50.8 49.4 56.9 11 Commercial paper 230.4 238.8 158.6 238.8 180.9 181.6 171.0 158.6 137.0 129.4 Debt 12 Owed to parent 87.8 102.5 99.2 102.5 97.2 93.4 91.7 99.2 82.6 82.3 13 Not elsewhere classified 429.9 502.2 567.4 502.2 533.8 542.1 555.8 567.4 574.4 598.4 14 All other liabilities 237.8 301.8 325.5 301.8 325.2 336.3 327.6 325.5 329.1 328.0 15 Capital, surplus, and undivided profits 154.5 152.5 188.6 152.5 163.5 170.0 177.2 188.6 191.7 190.4 16 Total liabilities and capital 1,175.9 1,333.7 1,390.1 1,333.7 1,342.1 1,368.7 1,367.7 1,390.1 1,364.2 1,385.4 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 Receivables' Billions of dollars, amounts outstanding 2002 TTyyppee ooff ccrreeddiitt 11999999 22000000 22000011 Jan. Feb. Mar. Apr. May June Seasonally adjusted 1 Total 1,031.2 1,186.9 1,252.3 1,236.4 1,243.1 1,236.2 l,231.5r l,238.0r 1,252.9 2 Consumer 410.2 465.2 514.6 512.1 519.3 518.5 518.8 518.8r 526.7 3 Real estate 174.0 198.9 211.6 202.3 199.7 195.0 190.6r 194.5r 197.5 4 Business . 446.9 522.8 526.2 522.0 524.1 522.7 522.1 524.7 528.6 Not seasonally adjusted 5 Total 1,036.4 1,192.1 1,257.6 1,240.4 1,244.3 1,240.9 l,237.0r l,241.2r 1,259.0 6 Consumer 412.7 468.3 518.1 512.8 517.6 514.1 514.9 515.0 526.6 7 Motor vehicle loans 129.2 141.6 173.9' 168.9' 172.5' I7I.9' 168.6' 168.2' 169.8 8 Motor vehicle leases 102.9 108.2 103.5 102.4 101.2 97.5 96.8 96.1 94.4 9 Revolving2 32.5 37.6 31.5 29.8 28.8 27.9 29.0 28.7 30.9 10 Other1 39.8 40.7 31.1 31.4 31.8 32.4 32.5 33.2 33.5 Securitized assets4 11 Motor vehicle loans 73.1 97.1 131.9' 135.2' 136.8' 137.8' 142.3' 143.5' 147.4 12 Motor vehicle leases 9.7 6.6 6.8 6.7 6.6 6.5 6.3 6.3 6.2 13 Revolving 6.7 19.6 25.0 24.6 26.0 26.5 26.2 25.8 29.2 14 Other 18.8 17.1 14.3 13.8 13.9 13.6 13.2' 13.2' 15.0 15 Real estate 174.0 198.9 211.6 202.3 199.7 195.0 190.6' 194.5' 197.5 16 One- to four-family 108.2 130.6 142.5 118.3 118.7 117.0 113.6 117.0' 118.4 17 Other 37.6 41.7 41.2 39.4 38.1 36.8 34.8' 35.1' 36.9 Securitized real estate assets4 18 One- to four-family 28.0 24.7 22.2 40.3 40.1 39.8 40.9 41.0 40.8 19 Other .2 1.9 5.7 4.3 2.8 1.4 1.4 1.4 1.4 20 Business 449.6 525.0 527.9 525.2 527.0 531.9 531.5 531.8 534.9 21 Motor vehicles 69.4 75.5 54.0 51.9 54.3 58.0 57.0 61.1 59.8 22 Retail loans 21.1 18.3 16.1 16.3 16.7 17.1 16.1 16.4 17.0 23 Wholesale loans5 34.8 39.7 20.3 18.0 20.1 22.8 23.0 26.9 25.7 24 Leases 13.6 17.6 17.6 17.6 17.5 18.0 18.0 17.8 17.1 25 Equipment 238.7 283.5 289.4 287.3 285.5 284.2 285.1 282.7 288.0 26 Loans 64.5 70.2 77.8 78.0 78.7 81.5 82.2 81.3 78.9 27 Leases 174.2 213.3 211.6 209.3 206.7 202.7 202.8 201.4 209.2 28 Other business receivables6 87.0 99.4 103.5 103.7 100.8 100.8 104.5 103.7 103.0 Securitized assets4 29 Motor vehicles 31.5 37.8 50.1 48.4 45.4 44.0 44.5 42.7 42.7 30 Retail loans 2.9 3.2 5.1 4.0 3.1 2.3 2.6 2.6 2.6 31 Wholesale loans 26.4 32.5 42.5 41.9 39.6 39.0 39.1 37.4 37.4 32 Leases 2.1 2.2 2.5 2.6 2.7 2.7 2.7 2.7 2.7 33 Equipment 14.6 23.1 23.2 22.3 25.5 25.4 20.8 21.9 21.8 34 Loans 7.9 15.5 16.4 15.5 18.6 18.5 14.2 15.2 15.2 35 Leases 6.7 7.6 6.8 6.8 6.8 6.9 6.7 6.6 6.6 36 Other business receivables6 8.4 5.6 7.7 11.6 15.6 19.5 19.6 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 Nonfinancial Statistics • October 2002 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2002 Jan. Feb. Mar. Apr. May June July Terms and yields in primary and secondary markets PRIMARY MARKETS Terms' 1 Purchase price (thousands of dollars) 210.7 234.5 245.0 245.8 250.6 255.6 262.9 265.0 268.2 268.2 2 Amount of loan (thousands of dollars) 161.7 177.0 184.2 186.7 190.1 193.3 198.9 199.1 201.1 201.6 3 Loan-to-price ratio (percent) 78.7 77.4 77.3 78.1 78.2 78.2 77.7 77.2 77.1 77.5 4 Maturity (years) 28.8 29.2 28.8 28.8 28.8 29.1 28.8 29.0 29.0 29.1 5 Fees and charges (percent of loan amount)2 .77 .70 .67 .66 .62 .62 .64 .59 .56 .62 Yield (percent per year) 6 Contract rate1 6.94 7.41 6.90 6.77 6.72 6.66 6.65 6.51 6.38 6.28 7 Effective rate1'3 7.06 7.52 7.00 6.87 6.82 6.76 6.74 6.59 6.47 6.37 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 6.32 6.13 6.50 6.33 6.21 6.03 5.82 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 36,392 33,249 21,305 23,175 17,432 16,310 17,586 Mortgage commitments (during period) 15 Issued7 187,948 163,689 304,084 21,544 19,321 13,340 20,203 18,305 24,700 n.a. 16 To sell8 5,900 11,786 7,586 255 1,419 1,748 621 124 2,535 n.a. FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period )8 1/ Total 324,443 385,693 491,719 508,238 522,886 526,107 521,611 515,732 518,816 521,137 18 FHA/VA insured 1,836 3,332 3,506 3,447 3,387 3,332 3,298r 2,571r 3,649' n.a. 19 Conventional 322,607 382,361 488,213 504,791 519,499 522,775 518,313' 513,161' 515,167' n.a. 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 49,031 47,473 42,545 40,704 29,831 30,767 29,335 22 Mortgage commitments contracted (during period)9 228,432 169,231 417,434 47,076 41,442 41,561 36,368 n.a. 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 2 One- to four-family residences 4,367,367 4,792,280 5,205,588 5,300,170 5,460,014 5,602,177 5,740,121 5,871,807 3 Multifamily residences 332,605 371,242 406,189 415,235 426,896 440,658 453,424 461,574 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 Farm 96,506 102,962 108,836 109,873 113,050 114,665 116,227 117,902 By type of holder 6 Major financial institutions 2,195,869 2,396,265 2,620,886 2,664,837 2,716,269 2,737,607 2,792,907 2,789,210 7 Commercial banks2 1,338,273 1,496,844 1,661,411 1,688,673 1,727,463 1,740,321 1,793,061 1,802,265 8 One- to four-family 798,009 880,208 966,502 978,144 999,396 989,081 1,024,842 1,019,408 9 Multifamily 54.174 67,666 77,821 79,890 80,542 84,051 84,981 86,826 10 Nonfarm, nonresidential 457,054 517,130 583,071 596,405 612,366 631,757 647,669 660,052 11 Farm 29,035 31,839 34,016 34,234 35,159 35,432 35,569 35,978 12 Savings institutions3 643,957 668,634 723,534 741,114 751,660 758,343 758,109 745,915 13 One- to four-family 533,895 549,046 595,053 608,289 616,506 620,882 620,975 605,494 14 Multifamily 56,847 59,168 61,094 62,666 63,193 64,193 64,323 65,002 15 Nonfarm, nonresidential 52,798 59,945 66,852 69,589 71,378 72,695 72,275 74,863 16 Farm 417 475 535 569 583 574 536 557 17 Life insurance companies 213,640 230,787 235,941 235,050 237,146 238,943 241,737 241,030 18 One- to four-family 6,590 5,934 4,903 4,877 5,003 5,085 5,144 5,129 19 Multifamily 31,522 32,818 33,681 33,557 33,842 33,842 34,488 34,387 20 Nonfarm, nonresidential 164,004 179,048 183,757 183,078 184,634 186,235 188,165 187,615 21 Farm 11,524 12,987 13,600 13,538 13,667 13,781 13,940 13,899 22 Federal and related agencies 293,613 322,132 343,962 347,463 356,817 363,001 376,969 385,027 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 8 25 Multifamily 0 0 0 0 0 0 0 0 26 Farmers Home Administration4 40,851 73,871 73,323 73,361 73,206 72,118 72,452 72,362 27 One- to four-family 16,895 16,506 16,372 16,297 16,153 15,916 15,824 15,665 28 Multifamily 11,739 11,741 11,733 11,725 11,720 11,710 11,712 11,707 29 Nonfarm, nonresidential 7,705 41,355 41,070 41,247 41,262 40,470 40,965 41,134 30 Farm 4,513 4,268 4,148 4,093 4,072 4,023 3,952 3,855 31 Federal Housing Admin, and 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 • October 2002 1.55 CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2002 HHoollddeerr aanndd ttyyppee ooff ccrreeddiitt 11999999 22000000 22000011 Jan. Feb/ Mar. Apr. Mayr June Seasonally adjusted 1 Total 1,416316 1,560,571 1,667,477' l,673,319r 1,679,870 l,686,472r l,695,112r 1,704,634 1,713,034 2 Revolving 597,669 666,544 699.445' 700,942' 700,564 703,979' 708,656' 711,075 714,898 3 Nonrevolving2 818,647 894,027 968,032 972,377 979,306 982,493' 986,456 993,559 998,136 Not seasonally adjusted 4 Total 1,446,127 1,593,051 l,701,387r l,686,493r 1,677,095 l,675,318r l,682,468r 1,692,066 1,705,841 By major holder 5 Commercial banks 499,758 541,470 558.023 557,190 552,053 550,809 556,098 557,486 553,676 6 Finance companies 201,549 219,783 236,505' 230,034' 233,129 232,212' 230,087' 230,155 234,306 / Credit unions 167,921 184,434 189,570 188,126 186,509 186,476 187,197 188,459 189,910 8 Savings institutions 61,527 64,557 69,070 68,906 68,758 68,595 69,287 69,980 70,672 9 Nonfinancial business 80,311 82,662 67,939 63,183 59,017 58,102 56,924 55,803 52,970 10 Pools of securitized assets3 435,061 500,145 580,281' 579,054' 577,629 579,124' 582,874' 590,183 604,306 By major type of credit4 11 Revolving 621,914 692,955 726,850' 712,464' 701,421 697,780' 703,984' 706,198 712,230 12 Commercial banks 189,352 218,063 224,486 218,979 216,126 216,291 221,326 218,334 215,718 13 Finance companies 32,483 37,561 31,484 29,762 28,844 27,918 28,982 28,693 30,938 14 Credit unions 20,641 22,226 22,265 21,516 21,250 20,813 20,852 20,878 20,994 15 Savings institutions 15,838 16,560 17,767 17,498 17,256 16,988 17,425 17,862 18,299 16 Nonfinancial business 42,783 42,430 29,790 26,280 23,041 22,402 21,357 20,359 17,833 17 Pools of securitized assets3 320,817 356,1 14 401,059' 398,429' 394,903 393,367' 394,043' 400,071 408,448 18 Nonrevolving 824,213 900,095 974,537 974,029 975,675 977,538' 978,483 985,869 993,611 19 Commercial banks 310,406 323,407 333,537 338,212 335,927 334,518 334,772 339,153 337,959 20 Finance companies 169,066 182,221 205,021' 200,272' 204,285 204,294' 201,105' 201,462 203,368 21 Credit unions 147,280 162,208 167,305 166,610 165,259 165,663 166,345 167,581 168,916 22 Savings institutions 45,689 47,997 51,303 51,408 51,502 51,607 51,862 52,117 52,373 23 Nonfinancial business 37,528 40,232 38,149 36,903 35,976 35,699 35,568 35,443 35,137 24 Pools of securitized assets3 114,244 144,031 179,222' 180,625' 182,726 185,757' 188,832' 190,112 195,859 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 Dec. Jan. Feb. Mar. Apr. May June INTEREST RATES Commercial banks2 1 48-month new car 8.44 9.34 8.50 n.a. n.a. 7.50 n.a. n.a. 7.74 n.a. 2 24-month personal 13.39 13.90 13.22 n.a. n.a. 11.72 n.a. n.a. 12.57 n.a. Credit card plan 3 All accounts 15.21 15.71 14.89 n.a. n.a. 13.65 n.a. n.a. 13.55 n.a. 4 Accounts assessed interest 14.81 14.91 14.44 n.a. n.a. 12.98 n.a. n.a. 13.34 n.a. Auto finance companies 5 New car 6.66 6.61 5.65 3.31 4.02 n.a. n.a. n.a. n.a. n.a. 6 Used car 12.60 13.55 12.18 10.89 10.84 n.a. n.a. n.a. n.a. n.a. OTHER TERMS3 Maturity (months) 1 New car 52.7 54.9 55.1 48.6 48.8 56.4 56.4 55.9 57.3' 58.6 8 Used car 55.9 57.0 57.5 56.5 57.3 57.8 57.7 57.7 57.8 57.7 Loan-to-value ratio 9 New car 92 92 91 91 90 89 90 93 92 92 10 Used car 99 99 100 100 100 100 100 101 101 100 Amount financed (dollars) 11 New car 19,880 20,923 22,822 24,812 24,137 22,741 23,065 23,535 23,324' 23,115 12 Used car 13,642 14,058 14,416 14,653 14,355 14,049 14,149 14,363 14,700 14,787 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 A35 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS' Billions of dollars; quarterly data at seasonally adjusted annual rates 2000 2001 2002 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999966 11999977 11999988 Q4' Ql' Q2' Q3' Q4' Ql' Q2 Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial sectors . . 733.3r 804.4r l,042.4r l,068.5r 860.2r 822.0 917.1 1,022.0 1,275.4 1,216.6 937.5 1,531.5 By sector and instrument ? Federal government 144.9 23.1 -52.6 -71.2 -295.9 -306.1 -59.3 -215.8 209.3 43.4 39.8 451.3 Treasury securities 146.6 23.2 -54.6 -71.0 -294.9 -304.9 -57.0 -216.9 209.7 44.2 41.6 449.5 4 Budget agency securities and mortgages -1.6 -.1 2.0 -.2 -1.0 -1.2 -2.2 1.1 -.4 -.7 -1.8 1.8 5 Nonfederal 588.3r 781.3' 1,095.0' 1,139.7' 1,156.1' 1,128.1 976.4 1,237.8 1,066.1 1,173.2 897.7 1,080.2 ft B C y o m in m st e r r u c m ia e l n p t aper -.9 13.7 24.4 37.4 48.1 -4.0 -199.2 -133.4 -66.1 45.5 -155.7 -93.0 7 Municipal securities and loans 2.6 71.4 96.8 68.2 35.3 62.0 102.9 107.3 70.0 190.1 70.3 186.4 8 Corporate bonds 116.3 150.5 218.7 229.9 171.1 175.6 399.5 419.5 187.9 323.5 233.8 207.0 9 Bank loans n.e.c 70.4 106.4 108.2' 82.8' 101.7' 75.1 -19.5 -121.0 -24.4 -164.5 -18.8 -183.2 in Other loans and advances 28.7 59.5 82.1 57.1 101.5 127.8 .7 122.1 58.3 -104.2 -10.8 51.2 11 Mortgages 280. lr 322.3' 489.8' 564.9' 559.4' 561.0 547.5 767.3 769.8 732.8 697.4 810.0 i? Home 241.7' 258.3 387.7' 424.6' 413.5' 399.9 423.2 607.6 559.2 530.5 601.8 648.8 n Multifamily residential 9.8r 7.3' 23.4' 35.7' 35.2' 42.2 37.6 40.8 56.5 56.5 29.2 43.5 14 Commercial 25.8r 53.5 72.2' 98.8' 104.2' 116.8 82.3 107.0 147.1 139.0 59.6 109.4 15 Farm 2.7 3.1 6.5 5.8 6.5 2.1 4.3 11.9 7.0 6.7 6.7 8.3 16 Consumer credit 91.3 57.5 75.0 99.5 139.0 130.7 144.5 76.0 70.6 149.9 81.4 101.9 By borrowing sector 17 Household 339.8' 332.7 454.8' 498.0' 541.0' 515.1 506.3 650.4 661.2 623.2 703.0 770055..55 18 Nonfinancial business 255.3' 392.5' 559.9' 589.4' 587.9' 556.5 373.8 484.8 348.4 392.2 132.4 201.1 19 Corporate 183.1' 291.6' 392.1' 401.6' 406.3' 386.4 205.9 303.3 190.2 242.8 16.9 78.6 20 Nonfarm noncorporate 67.3 94.7 159.7 182.4 170.7 159.4 162.2 170.1 153.8 141.1 110.3 114.8 ?1 Farm 4.9 6.2 8.0 5.5 10.9 10.8 5.7 11.5 4.4 8.3 5.1 7.7 22 State and local government -6.8 56.1 80.3 52.3 27.2 56.5 96.3 102.5 56.6 157.7 62.3 173.6 23 Foreign net borrowing in United States 88.4 71.8 43.2r 25.2r 65.7r 65.1 -8.5 -50.5 -106.7 16.0 75.3 13.6 24 Commercial paper 11.3 3.7 7.8 16.3 31.7 48.9 -33.8 -3.8 -25.2 5.9 64.8 34.8 25 Bonds 67.0 61.4 34.9 14.1' 23.9' 9.1 21.4 -15.8 -83.9 29.7 -2.3 -41.0 26 Bank loans n.e.c 9.1 8.5 6.6' .5 11.4' 12.0 14.3 -31.4 4.2 -16.3 13.9 22.1 27 Other loans and advances 1.0 -1.8 -6.0 -5.7 -1.3 —4.9 -10.4 .5 -1.8 -3.3 -1.2 -2.3 28 Total domestic plus foreign 821.7r 876.2r l,085.6r l,093.7r 925.9r 887.0 908.6 971.5 1,168.8 1,232.5 1,012.8 1,545.1 Financial sectors 29 Total net borrowing by financial sectors 550.1 662.2 1,087.2 1,084.4 815.4r 918.9 884.0 818.0 1,117.4 982.1 874.7 916.3 By instrument 30 Federal government-related 231.4 212.9 470.9 592.0 433.5 613.6 432.6 674.6 818.4 591.8 692.0 497.1 31 Government-sponsored enterprise securities 90.4 98.4 278.3 318.2 234.1 304.5 262.3 268.3 326.2 306.5 191.3 151.1 32 Mortgage pool securities 141.0 114.6 192.6 273.8 199.4 309.1 170.3 406.2 492.2 285.3 500.7 346.0 33 Loans from U.S. government .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 34 Private 318.7 449.3 616.3 492.4' 382.0' 305.3 451.4 143.4 299.0 390.3 182.7 419.1 35 Open market paper 92.2 166.7 161.0 176.2 127.7 84.6 -83.8 -77.9 -72.2 -13.6 -178.3 -109.1 36 Corporate bonds 178.1 218.9 310.2' 218.2 205.8' 210.1 427.8 212.9 312.7 378.3 358.1 472.7 37 Bank loans n.e.c 12.6 13.3 30.1 -14.2 -.2' -6.7 24.3 10.8 1.6 18.3 .2 31.9 38 Other loans and advances 27.9 35.6 90.2 107.1 42.5 15.5 90.6 -18.7 58.8 8.9 -3.9 16.7 39 Mortgages 7.9 14.9 24.8 5.1 6.2 1.8 -7.5 16.2 -1.9 -1.6 6.6 7.0 By borrowing sector 40 Commercial banking 13.0 46.1 72.9 67.2 60.0 39.0 138.1 -10.5 39.7 44.1 24.3 13.3 41 Savings institutions 25.5 19.7 52.2 48.0 27.3 20.1 55.5 3.4 39.4 -68.6 -33.1 -12.0 42 Credit unions .1 .1 .6 2.2 .0 1.0 -.6 .8 1.5 4.4 2.4 2.0 43 Life insurance companies 1.1 .2 .7 .7 -.7 -.7 -2.4 .1 3.5 1.4 2.4 1.2 44 Government-sponsored enterprises 90.4 98.4 278.3 318.2 234.1 304.5 262.3 268.3 326.2 306.5 191.3 151.1 45 Federally related mortgage pools 141.0 114.6 192.6 273.8 199.4 309.1 170.3 406.2 492.2 285.3 500.7 346.0 4ft Issuers of asset-backed securities (ABSs) 150.8 202.2 321.4 223.4 196.2' 305.2 288.7 195.6 317.7 435.7 267.6 273.4 47 Finance companies 50.6 57.8 57.1 70.3 81.2 15.6 -54.0 36.8 41.8 -25.3 -31.2 79.5 48 Mortgage companies 4.1 -4.6 1.6 .2 ..11 1.0 .7 .6 ..88 .6 ..88 .7 49 Real estate investment trusts (REITs) 11.9 39.6 62.7 6.3 22..77 -8.1 -6.1 10.5 --22..44 7.8 77..44 25.3 50 Brokers and dealers -2.0 8.1 7.2 -17.2 15.6 -6.6 -23.7 35.6 12.6 -18.9 -15.7 17.5 51 Funding corporations 63.8 79.9 40.0 91.5 -.4 -61.2 55.3 -129.6 -155.7 9.1 -42.2 18.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A36 Domestic Nonfinancial Statistics • October 2002 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates 2000 2001 2002 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999966 11999977 11999988 11999999rr 22000000'' Q4' QIR Q2R Q3' Q4R QIR Q2 52 Total net borrowing, all sectors 1,371.7' l,538.5r 2,172.8r 2,178.0 1,741.3 1,805.9 1,792.5 1,789.5 2,286.2 2,214.7 1,887.5 2,461.3 53 Open market paper 102.6 184.1 193.1 229.9 207.6 129.5 -316.8 -215.1 -163.5 37.8 -269.2 -167.3 54 U.S. government securities .... 376.3 236.0 418.3 520.7 137.6 307.5 373.3 458.8 1,027.8 635.2 731.8 948.4 55 Municipal securities 2.6 71.4 96.8 68.2 35.3 62.0 102.9 107.3 70.0 190.1 70.3 186.4 56 Corporate and foreign bonds . . . 361.3 430.8 563.7 462.2 400.8 394.8 848.8 616.6 416.7 731.5 589.6 638.7 57 Bank loans n.e.c 92.1 128.2 145.0 69.0 112.8 80.4 19.2 -141.6 -18.6 -162.4 -4.6 -129.3 58 Other loans and advances 57.7 93.2 166.3 158.5 142.7 138.3 80.8 103.9 115.3 -98.7 -15.8 65.6 59 Mortgages 287,9r 337,2r 514.6r 570.0 565.6 562.8 540.0 783.5 767.9 731.2 704.0 817.0 60 Consumer credit 91.3 57.5 75.0 99.5 139.0 130.7 144.5 76.0 70.6 149.9 81.4 101.9 Funds raised through mutual funds and corporate equities 61 Total net issues 232.9 185.3 113.7 156.9 197.2 -37.3 236.3 412.3 99.2 360.1 414.8 313.5 62 Corporate equities -4.7 -79.9 -165.8 -34.3 -37.8 -177.5 120.3 138.8 -61.2 104.2 28.0 206.2 63 Nonfinancial corporations -69.5 -114.4 -267.0 -143.5 -159.7 -367.5 -25.0 -70.7 -126.6 -25.0 -3.7 62.5 64 Foreign shares purchased by U.S. residents 82.8 57.6 101.3 114.3 103.6 96.6 86.1 222.9 43.5 74.7 -5.9 80.9 65 Financial corporations -18.1 -23.0 -.1 -5.1 18.3 93.5 59.1 -13.4 21.8 54.5 37.6 62.8 66 Mutual fund shares 237.6 265.1 279.5 191.2 235.0 140.2 116.0 273.5 160.4 255.9 386.8 107.2 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 A37 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'' Q4' Ql' Q2' Q3' Q4' Ql' Q2 NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets l,371.7r l,538.5r 2,172.8r 2,178.0r 1,741.3 1,805.9 1,792.5 1,789.5 2,286.2 2,214.7 1,887.5 2,461.3 ?. Domestic nonfederal nonfinancial sectors 108.8R 29.5' 255.0' 265.1' -108.7 -292.4 -160.9 -188.9 30.1 21.9 207.5 172.5 3 Household 148.7' 39.4' 123.2' 255.3' -111.7 -211.5 -180.5 -198.1 23.4 -28.4 154.0 118.8 4 Nonfinancial corporate business -10.2 -12.7 -16.0 -15.6 5.0 -84.2 -22.5 -24.6 -34.1 5.8 51.3 14.7 5 Nonfarm noncorporate business 4.0 2.6 13.3 -3.0 -1.2 -.2 3.2 .3 3.3 2.0 3.3 3.3 6 State and local governments -33.7 .1 134.5 28.4 -.8 3.5 38.9 33.5 37.4 42.4 -1.1 35.7 7 Federal government -7.2 5.1 13.5 5.8 7.3 10.6 4.4 9.4 3.3 7.0 4.7 8.8 8 Rest of the world 379.6R 259.6' 172.5' 139.7' 225.9 332.2 325.7 254.9 269.2 432.5 171.8 566.1 9 Financial sectors 890.6' 1,244.3' 1,731.9' 1,767.5' 1,616.8 1,755.5 1,623.3 1,714.0 1,983.6 1,753.3 1,503.4 1,713.9 10 Monetary authority 12.3 38.3 21.1 25.7 33.7 13.8 39.0 26.9 8.4 85.1 81.6 43.4 11 Commercial banking 187.5 324.3 305.6' 312.2' 357.9 184.6 130.4 107.8 267.9 314.6 188.9 444.0 12 U.S.-chartered banks 119.6 274.9 312.1' 318.6' 339.5 95.3 92.3 156.5 242.5 275.0 168.2 403.6 13 Foreign banking offices in United States 63.3 40.2 -11.6' -17.0' 23.9 88.7 34.5 -50.1 21.1 -7.8 2.1 33.6 14 Bank holding companies 3.9 5.4 -.9 6.2 -12.2 -3.2 7.3 -2.8 -1.4 13.6 12.0 1.9 15 Banks in U.S.-affiliated areas .7 3.7 6.0 4.4 6.7 3.8 -3.6 4.2 5.7 33.9 6.6 4.9 16 Savings institutions 19.9 -4.7 36.2' 67.7' 56.2 54.7 46.8 55.8 -4.7 73.1 12.3 -83.1 17 Credit unions 25.5 16.8 18.9' 27.5 28.0 28.6 34.9 9.6 61.1 60.5 53.2 35.8 18 Bank personal trusts and estates -7.7 -25.0 -12.8 27.8 17.1 18.1 10.7 13.4 8.8 8.6 6.1 4.6 19 Life insurance companies 69.6 104.8 76.9 53.5 57.9 37.3 111.8 143.6 186.9 81.3 260.6 185.7 20 Other insurance companies 22.5 25.2 5.8 -3.0 -8.7 -11.7 2.1 .1 5.1 28.5 36.7 28.9 21 Private pension funds -4.1 47.6 -23.4' 17.0' 33.4 30.0 20.7 44.7 10.4 5.3 27.4 37.6 22 State and local government retirement funds 35.8 67.1 72.1 46.9 54.6 86.1 -70.7 77.0 -74.2 -2.7 70.5 5.3 23 Money market mutual funds 88.8 87.5 244.0 182.0 143.0 256.9 326.4 210.0 351.7 96.1 -296.8 -122.3 74 Mutual funds 48.9 80.9 127.3 48.4 21.0 40.4 93.0 169.1 102.7 139.3 243.1 56.6 25 Closed-end funds 4.6 -2.5 5.5 7.4 -4.7 -4.7 -1.7 -1.7 -1.7 -1.7 -1.7 -1.7 26 Government-sponsored enterprises 97.1' 106.3' 314.0' 291.3' 256.4 353.4 329.2 297.2 274.3 335.3 236.7 125.3 27 Federally related mortgage pools 141.0 114.6 192.6 273.8 199.4 309.1 170.3 406.2 492.2 285.3 500.7 346.0 28 Asset-backed securities issuers (ABSs) 120.5 163.8 281.7 205.2 166.4 276.3 260.7 167.3 292.2 412.9 243.4 251.2 29 Finance companies 18.9 23.1 77.3 97.0 108.0 39.4 8.9 112.1 —43.1 -100.5 -28.3 -4.4 30 Mortgage companies 8.2 -9.1 3.2 .3 .2 2.0 1.4 1.1 1.7 1.2 1.6 1.4 31 Real estate investment trusts (REITs) 4.4 20.2 -5.1 -2.6 -6.3 -2.8 4.0 1.1 7.8 14.0 26.3 31.8 32 Brokers and dealers -15.7 14.9 6.8 -34.7 68.9 6.5 242.1 53.6 183.8 -109.8 -219.5 420.3 33 Funding corporations 12.6 50.4 -15.8 124.0' 34.4 37.6 -136.7 -181.0 -147.8 27.0 60.2 -92.4 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Net flows through credit markets l,371.7r l,538.5r 2,172.8r 2,178.0r 1,741.3 1,805.9 1,792.5 1,789.5 2,286.2 2,214.7 1,887.5 2,461.3 Other financial sources 35 Official foreign exchange -6.3 .7 6.6 -8.7 -.4 4.9 -1.5 4.7 13.7 .2 -3.0 12.9 36 Special drawing rights certificates -.5 -.5 .0 -3.0 -4.0 -4.0 .0 .0 .0 .0 .0 .0 37 Treasury currency .5 .5 .6 1.0 2.4 .0 -1.1 1.1 .0 .0 .0 .0 38 Foreign deposits 85.9 107.7 6.5 61.0 135.1 266.7 228.3 -175.9 41.5 17.9 -59.1 89.3 39 Net interbank transactions -51.6 -19.7 -31.8' 15.CK 15.1 22.1 -141.8 -25.4 -1.1 41.5 -1.2 -204.4 40 Checkable deposits and currency 15.7 41.2 47.3' 151.2' -71.4 164.1 155.2 212.1 278.9 3.2 287.9 41 Small time and savings deposits 97.2 97.1 152.4 45.1' 188.8 289.0 266.9 242.1 230.3 329.7 259.7 247.1 42 Large time deposits 114.0 122.5 91.8' 131.1' 116.2 75.0 133.9 43.0 19.5 77.8 270.0 34.7 43 Money market fund shares 145.4 155.9 287.2 249.1 233.3 343.8 578.4 370.0 388.6 377.3 -315.7 103.4 44 Security repurchase agreements 41.4 120.9 91.3 169.8' 113.2 -222.2 -94.3 114.0 221.0 -144.5 -53.6 255.3 45 Corporate equities -4.7 -79.9 -165.8 -34.3' -37.8 -177.5 120.3 138.8 -61.2 104.2 28.0 206.2 46 Mutual fund shares 237.6 265.1 279.5 191.2 235.0 140.2 116.0 273.5 160.4 255.9 386.8 107.2 47 Trade payables 123.3 139.8' 106.4' 268.6' 170.2 123.4 186.4 -119.6 -47.3 -96.5 217.9 65.9 48 Security credit 52.4 111.0 103.2' 104.4' 146.1 58.9 -91.1 -73.9 530.2 -352.6 -203.7 -178.8 49 Life insurance reserves 44.5 59.3 48.0 50.8 50.2 47.3 62.3 52.2 74.7 119.6 93.9 83.4 50 Pension fund reserves 148.3 201.4 217.4' 181.8' 209.0 149.2 295.9 209.1 180.3 150.8 133.7 146.7 51 Taxes payable 19.5 22.3 19.6 23.2 21.7 25.3 4.3 14.8 104.9 -67.0 20.4 62.1 52 Investment in bank personal trusts -5.3 -49.9 -41.8 -6.5 -29.7 -28.0 -26.1 -22.7 -28.2 -28.2 -31.0 -32.7 53 Noncorporate proprietors' equity 5.5 -40.7 -57.8 -38.7' -10.2 -10.9 -19.7 -26.4 -45.3 -1.1 -12.4 -36.2 54 Miscellaneous 522.4' 493.8' 956.9R 1,042.7' 1,155.4 813.9 791.8 888.0 846.8 201.6 124.7 494.2 55 Total financial sources 2,957. lr 3,287.1 4,290.1r 4,772.9r 4,379.6 3,682.5 4,365.6 3,852.1 5,127.1 3,480.2 2,746.2 4,205.8 Liabilities not identified as assets (-) 56 Treasury currency -.4 -.2 -.1 -.7 -1.2 -3.3 -3.6 -.5 -1.4 .0 -2.4 -.7 57 Foreign deposits 59.4 106.2 -8.5 42.6 55.9 215.2 182.1 -166.8 54.5 -28.8 -36.6 130.9 58 Net interbank liabilities -3.3 -19.9 3.8' .1' 20.4 52.9 21.8 17.0 7.4 22.6 39.4 -11.2 59 Security repurchase agreements 2.4 63.2 57.7 35.7' 118.6 -222.3 -277.2 124.6 124.8 -181.1 -9.7 85.8 60 Taxes payable 23.1 28.0 19.7 11.7' 26.2 46.6 24.9 3.1 25.4 22.9 31.1 -29.0 61 Miscellaneous -177.4' -248.3' -158.9' -301.4' -404.9 -478.4 -209.3 -517.1 78.3 -188.6 -416.3 -77.5 Floats not included in assets (—) 62 Federal government checkable deposits .5 -2.7 2.6 -7.4 9.0 -.7 64.9 64.7 -23.0 -91.1 190.3 185.7 63 Other checkable deposits -4.0 -3.9 -3.1 -.8 1.7 2.5 3.6 3.9 5.0 5.7 6.1 7.1 64 Trade credit -25.7' -25.5' -43.3' 2.8' 26.1 120.7 48.1 28.6 -49.4 37.9 4.7 -86.1 65 Total identified to sectors as assets 3,082.7 3,390.1 4,420.3r 4,990.3r 4,527.9 3,949.4 4,510.2 4,294.5 4,905.5 3,880.8 2,939.5 4,000.8 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. F.l and F.5. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A38 Domestic Nonfinancial Statistics • October 2002 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period 2000 2001 2002 Q4 Ql Q2 Q3 Q4 Qir Q2 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 15,243.1r 16,285.5' 17,388.7' 18,267.9' 18,267.9' 18,508.1' 18,680.0' 18,995.3 19,376.3 19,610.2 19,904.1 By sector and instrument 2 Federal government 3,804.8 3,752.2 3,681.0 3,385.1 3,385.1 3,408.8 3,251.4 3,320.0 3,379.5 3,430.3 3,432.7 3 Treasury securities 3,778.3 3,723.7 3,652.7 3,357.8 3,357.8 3,382.0 3,224.3 3,293.0 3,352.7 3,404.0 3,405.9 4 Budget agency securities and mortgages 26.5 28.5 28.3 27.3 27.3 26.8 27.0 27.0 26.8 26.3 26.8 5 Nonfederal 11,438.3' 12,533.3' 13,707.7' 14,882.8' 14,882.8' 15,099.4' 15,428.7' 15,675.3 15,996.8 16,180.0 16,471.4 Bv instrument 6 Commercial paper 168.6 193.0 230.3 278.4 278.4 253.2 223.3 201.3 190.1 167.5 148.4 7 Municipal securities and loans 1,367.5 1,464.3 1,532.5 1,567.8 1,567.8 1,597.5 1,629.8 1,635.3 1,685.4 1,707.5 1,759.5 8 Corporate bonds 1,610.9 1,829.6 2,059.5 2,230.6 2,230.6 2,330.4 2,435.3 2,482.3 2,563.2 2,621.6 2,673.4 9 Bank loans n.e.c 1,040.4 1,148.6' 1,231.4' 1,333.1' 1,333.1' 1,320.7' 1,293.6' 1,285.1' 1,251.4' 1,237.3 1,194.5 10 Other loans and advances 825.1 907.2 964.5 1,077.1 1,077.1 1,083.2 1,110.6 1,116.8 1,096.3' 1,099.2 1,109.1 11 Mortgages 5,154.3' 5,644.1' 6,243.4' 6,802.8' 6,802.8' 6,929.0' 7,127.9' 7,324.1' 7,507.2' 7,670.1 7,880.3 12 Home 3,978.3 4,366.0' 4,790.6' 5,204.1' 5,204.1' 5,299.1' 5,458.1' 5,601.7' 5,734.2' 5,873.2 6,043.1 13 Multifamily residential 284.6' 308.0' 343.9' 379.2' 379.2' 388.6' 398.8' 412.9 427.0' 434.3 445.2 14 Commercial 801.4 873.6' 1,006.5' 1,110.7' 1,110.7' 1,131.3' 1,158.0' 1,194.8' 1,229.6' 1,244.5 1,271.8 15 Farm 90.0 96.6 102.3 108.9' 108.9' 110.0 113.0' 114.6' 116.3' 118.1 120.2 16 Consumer credit 1,271.6 1,346.6 1,446.1 1,593.1 1,593.1 1,585.3 1,608.1 1,630.5 1,703.3 1,676.7 1,706.2 By borrowing sector 17 Households 5,556.9 6,011.8' 6.510.0' 7,070.1' 7,070.1' 7,139.0' 7,314.8' 7,486.6' 7,680.4' 7,793.5 7,984.7 18 Nonfinancial business 4,761.9' 5,321.7' 5,945.5' 6,533.4' 6,533.4' 6,652.9' 6,776.0' 6,848.1' 6,933.8' 6,983.6 7,035.8 iy Corporate 3,382.0' 3,774.1' 4,210.1' 4,616.4' 4,616.4' 4,695.7' 4,770.7' 4,804.8' 4,852.5' 4,875.2 4,894.0 20 Nonfarm noncorporate 1,224.0 1,383.7 1,566.1 1,736.8 1,736.8 1,777.5 1,820.1 1,857.4 1,893.6 1,921.3 1,950.1 21 Farm 155.9 163.9 169.4 180.2 180.2 179.7 185.2 185.9 187.7' 187.1 191.6 22 State and local government 1,119.5 1,199.8 1,252.1 1,279.3 1,279.3 1,307.5 1,337.8 1,340.6 1,382.5 1,402.8 1,450.9 23 Foreign credit market debt held in United States 607.9r 651.3r 676.7r 742.3' 742.3' 740.4' 726.1' 701.7' 704.9' 724.2 725.6 24 Commercial paper 65.1 72.9 89.2 120.9 120.9 112.8 110.1 106.3 106.7 123.6 130.2 25 Bonds 427.7 462.6 476.7' 500.6' 500.6' 505.9' 502.0' 481.0' 488.4' 487.9 477.6 26 Bank loans n.e.c 52.1 58.7' 59.2' 70.5' 70.5' 74.1 66.2 67.3 63.2 66.7 72.2 27 Other loans and advances 63.0 57.1' 51.6' 50.3' 50.3' 47.5' 47.7' 47.0' 46.6' 46.0 45.5 28 Total credit market debt owed by nonfinancial sectors, domestic and foreign 15,851.0r 16,936.8r 18,065.4r 19,010.3' 19,010.3' 19,248.5' 19,406.1' 19,697.0' 20,081.2' 20,334.4 20,629.7 Financial sectors 29 Total credit market debt owed by financial sectors 5,458.0 6,545.2 7,629.6 8,457.0' 8,457.0' 8,657.3' 8,858.0' 9,128.0' 9,404.7' 9,602.3 9,826.8 By instrument 30 Federal government-related 2,821.1 3,292.0 3,884.0 4,317.4 4,317.4 4,422.9 4,591.6 4,796.2 4,944.1 5,117.1 5,241.4 31 Government-sponsored enterprise securities ... 995.3 1,273.6 1,591.7 1,825.8 1,825.8 1,888.7 1,955.8 2,037.4 2,114.0 2,161.8 2,199.6 32 Mortgage pool securities 1,825.8 2,018.4 2,292.2 2,491.6 2,491.6 2,534.2 2,635.7 2,758.8 2,830.1 2,955.3 3,041.8 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 4,139.6' 4,139.6' 4,234.4' 4,266.4' 4,331.9' 4,460.6' 4,485.2 4,585.4 35 Open market paper 745.7 906.7 1,082.9 1,210.7 1,210.7 1,180.8 1,144.5 1,110.2 1,148.8 1,090.9 1,046.9 36 Corporate bonds 1,568.6 1,878.7 2,096.9 2,314.7' 2,314.7' 2,424.3' 2,485.7' 2,569.6' 2,647.6' 2,741.0 2,866.7 37 Bank loans n.e.c 77.3 107.5 93.2 93.0 93.0 97.3 100.4 100.2 106.8 105.1 113.5 38 Other loans and advances 198.5 288.7 395.8 438.3 438.3 450.9 450.7 467.2 473.2 462.4 470.8 39 Mortgages 46.8 71.6 76.7 82.9 82.9 81.1 85.1 84.6 84.2 85.9 87.6 By borrowing sector 40 Commercial banks 140.6 188.6 230.0 266.7 266.7 273.8 274.7 281.4 296.0 295.8 310.4 41 Bank holding companies 168.6 193.5 219.3 242.5 242.5 266.5 269.0 272.7 266.1 269.0 264.2 42 Savings institutions 160.3 212.4 260.4 287.7 287.7 295.1 294.4 305.6 295.1 280.5 275.3 43 Credit unions .6 1.1 3.4 3.4 3.4 3.2 3.5 3.8 4.9 5.5 6.0 44 Life insurance companies 1.8 2.5 3.2 2.5 2.5 1.9 1.9 2.8 3.1 3.7 4.0 45 Government-sponsored enterprises 995.3 1,273.6 1.591.7 1,825.8 1,825.8 1,888.7 1,955.8 2,037.4 2,114.0 2,161.8 2,199.6 46 Federally related mortgage pools 1,825.8 2,018.4 2,292.2 2,491.6 2,491.6 2,534.2 2,635.7 2,758.8 2,830.1 2,955.3 3,041.8 47 Issuers of asset-backed securities (ABSs) 1,076.6 1,398.0 1,621.4 1.829.5' 1,829.5' 1,894.1' 1,944.3' 2,027.0' 2,138.9' 2,198.0 2,267.9 48 Brokers and dealers 35.3 42.5 25.3 40.9 40.9 35.0 43.9 47.1 42.3 38.4 42.8 49 Finance companies 568.3 625.5 695.7 776.9 776.9 756.2 769.0 771.2 776.7' 760.8 784.7 50 Mortgage companies 16.0 17.7 17.8 17.9 17.9 18.1 18.2 18.5 18.6 18.8 19.0 51 Real estate investment trusts (REITs) 96.1 158.8 165.1 167.8 167.8 166.2 168.9 168.3 170.2 172.1 178.4 52 Funding corporations 372.6 412.6 504.0 503.7 503.7 524.3 478.6 433.6 448.4' 442.6 432.8 All sectors 53 Total credit market debt, domestic and foreign . 21,309.1' 23,482.0r 25,694.9' 27,467.3' 27,467.3' 27,905.8' 28,264.1' 28,825.0' 29,485.9' 29,936.8 30,456.5 54 Open market paper 979.4 1,172.6 1.402.4 1,610.0 1,610.0 1,546.8 1,477.9 1,417.8 1.445.6 1,382.0 1,325.5 55 U.S. government securities 6,625.9 7,044.2 7.564.9 7,702.5 7,702.5 7,831.7 7,842.9 8,116.2 8,323.6 8,547.4 8,674.1 56 Municipal securities 1,367.5 1,464.3 1,532.5 1,567.8 1,567.8 1,597.5 1,629.8 1,635.3 1,685.4 1,707.5 1,759.5 57 Corporate and foreign bonds 3,607.2 4,170.9' 4,633.1' 5,045.8' 5,045.8' 5,260.7' 5,423.0' 5,532.9' 5,699.2' 5,850.5 6,017.6 58 Bank loans n.e.c 1,169.8 1,314.8' 1,383.8 1,496.6' 1,496.6' 1,492.1' 1,460.2' 1,452.6' 1,421.4' 1,409.1 1,380.2 59 Other loans and advances 1,086.5' 1,253.0 1,412.0 1,565.7' 1,565.7' 1,581.6' 1,609.0' 1,631.1' 1,616.0' 1,607.6 1,625.4 60 Mortgages 5,201.1' 5,715.7' 6,320.1' 6,885.7' 6,885.7' 7,010.0' 7,213.0' 7,408.7' 7,591.4' 7,756.0 7,967.9 61 Consumer credit 1,271.6 1,346.6 1,446.1 1.593.1 1,593.1 1,585.3 1,608.1 1,630.5 1,703.3 1.676.7 1,706.2 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 A39 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 Q4 Ql' Q2' Q3' Q4' Ql' Q2 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets 21,309.1R 23,482.0R 25,694.9R 27,467.3R 27,467.3R 27,905.8 28,264.1 28,825.0 29,485.9 29,936.8 30,456.5 ? Domestic nonfederal nonfinancial sectors 3,105.2' 3,352.1' 3,678.1' 3,540.8' 3,540.8' 3,474.9 3,407.5 3,397.3 3,452.7 3,475.0 3,497.4 Household 2,188.5' 2,303.7' 2,619.9' 2,479.6' 2,479.6' 2,427.3 2,351.3 2,342.7 2,370.0 2,400.4 2,402.0 4 Nonfinancial corporate business 257.5 241.5 226.0 231.0' 231.0' 206.2 203.0 195.0 212.2 202.7 210.3 Nonfarm noncorporate business 54.2 67.5 64.4 63.2 63.2 64.0 64.1 64.9 65.4 66.2 67.1 6 State and local governments 605.0 739.4 767.8 767.0 767.0 777.4 789.1 794.6 805.1 805.6 818.0 7 Federal government 205.4 219.0' 258.0 265.3' 265.3' 266.4 268.7 269.6 271.3 272.5 274.7 8 Rest of the world 2,097.7' 2,278.2' 2,354.6' 2,621.1' 2,621.1' 2,706.0 2,766.8 2,837.5 2,954.4 3,000.6 3,139.1 9 Financial sectors 15,900.8' 17,632.7' 19,404.2' 21,040.1' 21,040.1' 21,458.5 21,821.0 22,320.6 22,807.4 23,188.7 23,545.4 10 Monetary authority 431.4 452.5 478.1 511.8 511.8 523.9 535.1 534.1 551.7 575.4 590.7 11 Commercial banking 4,031.9 4,336.1' 4,648.3' 5,006.3' 5,006.3' 5,013.8 5,041.5 5,100.6 5,210.5 5,231.3 5,343.2 P U.S.-chartered banks 3,450.7 3,761.4' 4,080.0' 4,419.5' 4,419.5' 4,420.8 4,463.5 4,513.5 4,610.1 4,629.3 4,734.6 N Foreign banking offices in United States 516.1 504.5' 487.4' 511.3' 511.3' 516.6 501.3 509.3 510.7 507.7 512.6 14 Bank holding companies 27.4 26.5 32.7 20.5 20.5 22.3 21.6 21.3 24.7 27.7 28.1 15 Banks in U.S.-affiliated areas 37.8 43.8 48.3 55.0 55.0 54.1 55.1 56.5 65.0 66.6 67.9 16 Savings institutions 928.5 964.7' 1,032.4' 1,088.6' 1,088.6' 1,100.5 1,116.1 1,118.1 1,131.4 1,134.7 1,116.0 17 Credit unions 305.3 324.2 351.7 379.7' 379.7' 387.0 392.4 408.4 421.2 433.1 445.1 18 Bank personal trusts and estates 207.0 194.1 222.0 239.1 239.1 241.8 245.1 247.3 249.5 251.0 252.1 19 Life insurance companies 1,751.1 1,828.0 1,886.0 1,943.9 1,943.9 1,969.6 2,004.8 2,054.8 2,074.8 2,136.9 2,182.8 20 Other insurance companies 515.3 521.1 518.2 509.4 509.4 510.0 510.0 511.3 518.4 527.6 534.8 71 Private pension funds 674.6 651.2' 668.2' 701.6' 701.6' 706.8 718.0 720.6 721.9 728.7 738.1 72 State and local government retirement funds 632.5 704.6 751.4 806.0 806.0 788.3 807.6 789.0 788.4 806.0 807.3 73 Money market mutual funds 721.9 965.9 1,147.8 1,290.9 1,290.9 1,404.2 1,414.3 1,498.0 1,536.9 1,496.4 1,419.3 ?4 Mutual funds 901.1 1,028.4 1,076.8 1,097.8 1,097.8 1,113.9 1,160.3 1,188.2 1,223.8 1,276.8 1,295.3 Closed-end funds 98.3 103.8 111.2 106.4 106.4 106.0 105.6 105.2 104.7 104.3 103.9 26 Government-sponsored enterprises 938.3' 1,252.3' 1,543.5' 1,807.1' 1,807.1' 1,877.7 1,956.1 2,026.1 2,114.3 2,163.8 2,199.0 27 Federally related mortgage pools 1,825.8 2,018.4 2,292.2 2,491.6 2,491.6 2,534.2 2,635.7 2,758.8 2,830.1 2,955.3 3,041.8 ?8 Asset-backed securities (ABSs) issuers 937.7 1,219.4 1,424.6 1,602.9 1,602.9 1,660.5 1,703.7 1,780.0 1,886.2 1,939.3 2,003.6 7.9 Finance companies 568.2 645.5 742.5 850.5 850.5 848.0 878.5 859.5 844.8 832.4 834.6 30 Mortgage companies 32.1 35.3 35.6 35.9 35.9 36.2 36.5 36.9 37.2 37.6 38.0 31 Real estate investment trusts (REITs) 50.6 45.5 42.9 36.6 36.6 37.6 37.9 39.8 43.3 49.9 57.9 3? Brokers and dealers 182.6 189.4 154.7 223.6 223.6 317.7 288.4 366.2 316.1 299.6 357.0 33 Funding corporations 166.7 152.3 276.0' 310.4' 310.4' 281.0 233.5 177.7 202.3 208.7 185.1 RELATION OF LIABILITIES TO FINANCIAL ASSETS 3344 2211,,330099..11RR 2233,,448822..00RR 2255,,669944..99RR 2277,,446677..33RR 2277,,446677..33RR 2277,,990055..88 2288,,226644..11 28,825.0 2299,,448855..99 2299,,993366..88 3300,,445566..55 Other liabilities 35 Official foreign exchange 48.9 60.1 50.1 46.1 46.1 42.8 43.4 49.0 46.8 45.7 52.0 36 Special drawing rights certificates 9.2 9.2 6.2 2.2 2.2 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 22.9 23.2 23.2 23.2 23.2 23.2 38 Foreign deposits 618.5 642.3 703.6 824.5 824.5 881.6 837.6 848.0 908.9 894.1 916.5 39 Net interbank liabilities 219.4 189.4' 202.4' 221.2' 221.2' 156.7 158.7 166.5 187.7 157.6 117.3 40 Checkable deposits and currency 1,286.1 1,333.3' 1,484.5' 1,413.1' 1,413.1' 1,404.9 1,448.4 1,485.1 1,601.4 1,567.2 1,640.5 41 Small time and savings deposits 2,474.1 2,626.5 2,671.5' 2,860.3' 2,860.3' 2,962.6 2,992.3 3,047.5 3,127.5 3,229.5 3,257.1 42 Large time deposits 713.4 805.3' 936.4' 1,052.6' 1,052.6' 1,077.0 1,087.3 1,094.2 1,121.1 1,178.9 1,188.7 43 Money market fund shares 1,042.5 1,329.7 1,578.8 1,812.1 1,812.1 1,994.7 2,014.7 2,116.1 2,240.7 2,202.6 2,150.3 44 Security repurchase agreements 822.4 913.8' 1,083.6' 1,196.8' 1,196.8' 1,187.4 1,206.6 1,255.2 1,233.6 1,220.9 1,274.9 45 Mutual fund shares 2,989.4 3,613.1 4,538.5 4,434.6 4,434.6 3,990.4 4,259.5 3,753.1 4,135.5 4,246.9 3,908.8 46 Security credit 469.1 572.2' 676.6 822.7 822.7 799.3 781.5 912.1 825.9 774.8 730.6 47 Life insurance reserves 665.0 718.3 783.9 819.1 819.1 823.0 840.3 844.0 880.0 904.2 914.5 48 Pension fund reserves 7,323.4 8,208.4' 9,065.3' 9,069.0' 9,069.0' 8,584.0 8,862.6 8,281.0 8,694.0 8,817.8 8,348.6 49 Trade payables 1,967.4' 2,073.8' 2,342.4' 2,512.6' 2,512.6' 2,536.4 2,498.4 2,502.4 2,493.4 2,526.0 2,532.9 50 Taxes payable 151.1 170.7 193.9 215.6 215.6 223.3 222.5 251.4 229.9 241.3 252.8 51 Investment in bank personal trusts 942.5 1,001.0 1,130.4 1,019.4 1,019.4 929.1 964.4 859.6 912.0 907.8 842.0 52 Miscellaneous 6,733.2' 7,633.8' 8,489.4' 9,387.4' 9,387.4' 9,838.8 10,118.2 10,496.0 10,083.1 10,106.0 10,346.8 53 Total liabilities 49,803.8R 55,402.6R 61,653.3R 65,199.9R 65,199.9R 65,362.9 66,625.8 66,811.6 68,232.9 68,983.4 68,956.2 Financial assets not included in liabilities (+) 54 Gold and special drawing rights 21.1 21.6 21.4 21.6 21.6 21.4 21.5 22.0 21.8 21.9 22.7 55 Corporate equities 13,301.7 15,577.3 19,581.2 17,611.9' 17,611.9' 15,323.0 16,254.3 13,645.0 15,209.3 15,228.5 13,339.3 56 Household equity in noncorporate business 4,052.7 4,285.7' 4,544.3' 4,797.8' 4,797.8' 4,852.0 4,874.6 4,919.4 4,877.1 4,908.4 4,971.8 Liabilities not identified as assets (—) 57 Treasury currency -6.3 -6.4 -7.1 -8.5 -8.5 -9.4 -9.5 -9.8 -9.8 -10.4 -10.6 58 Foreign deposits 535.0 542.8 585.7 627.4' 627.4' 673.0 631.3 644.9 694.1 685.0 717.7 59 Net interbank transactions -32.2 -26.5' -28.5' -4.3 -4.3 1.1 3.8 4.5 11.1 21.8 18.0 60 Security repurchase agreements 172.9 230.6 266.4' 385.0' 385.0' 341.4 376.2 400.2 346.3 357.5 384.5 61 Taxes payable 104.2 121.2 121.9 127.7 127.7 111.9 131.7 148.6 100.0 92.3 150.6 62 Miscellaneous -1,376.6' -1,956.1' -2,447.0' -3,006.7' -3,006.7' -2,940.6 -2,881.4 -2,738.3 -3,207.4 -3,176.8 -3,235.6 Floats not included in assets (-) 63 Federal government checkable deposits -8.1 -3.9 -9.8' -2.3 -2.3 -2.8 -4.8 -5.9 -14.1 32.4 61.3 64 Other checkable deposits 26.2 23.1 22.3 24.0 24.0 21.1 25.5 19.2 28.6 26.3 31.4 65 Trade credit 128.1' 84.8' 91.7' 117.7' 117.7' 84.6 63.8 48.7 134.0 87.8 36.9 66 Totals identified to sectors as assets 67,636.0R 76,277.6R 87,204.5R 89,370.9R 89,370.9R 87,279.0 89,439.6 86,885.9 90,258.5 91,026.4 89,135.7 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 • October 2002 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1 Seasonally adjusted 2001 2002 2001 2002 2001 2002 Q3 Q4 Ql Q2r Q3 Q4 Ql Q2 Q3 Q4 Ql Q2r 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 75.6 2 Manufacturing 144.2 141.9 142.9 144.3 193.6 194.0 194.4 194.9 74.5 73.1 73.5 74.0 3 Primary processing3 167.1 164.5 168.0 172.2 223.8 224.5 225.3 226.2 74.7 73.3 74.6 76.1 4 Advanced processing4 131.5 129.3 129.2 129.1 176.9 177.2 177.4 177.7 74.3 73.0 72.8 72.7 5 Durable goods 178.3 174.1 176.1 178.4 247.5 248.5 249.4 250.4 72.0 70.1 70.6 71.2 6 Lumber and products 115.5 112.7 112.3 111.9 148.8 149.1 149.3 149.6 77.6 75.6 75.2 74.8 7 Primary metals 117.8 109.1 112.1 115.2 150.6 150.4 149.4 147.8 78.2 72.6 75.0 77.9 8 Iron and steel 115.7 104.0 109.3 116.2 146.8 146.2 144.4 141.5 78.8 71.2 75.7 82.2 9 Nonferrous 120.6 115.3 115.6 114.3 155.6 155.8 155.9 155.9 77.5 74.0 74.1 73.3 10 Industrial machinery and equipment 208.8 202.2 205.7 208.6 298.8 299.8 300.4 301.1 69.9 67.5 68.5 69.3 11 Electrical machinery 485.3 485.7 499.3 515.3 745.4 752.5 762.1 774.4 65.1 64.6 65.5 66.5 12 Motor vehicles and parts 169.5 165.1 173.7 180.6 221.5 222.9 224.2 225.4 76.5 74.1 77.5 80.1 13 Aerospace and miscellaneous transportation equipment 95.9 91.2 86.2 82.4 135.2 135.1 135.1 134.8 71.0 67.5 63.8 61.1 14 Nondurable goods 111.0 110.2 110.6 111.I 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 86.7 116.4 115.4 114.4 113.4 73.3 71.5 74.3 76.4 16 Paper and products 108.5 105.8 104.4 107.7 138.8 139.0 139.0 138.8 78.1 76.1 75.1 77.6 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 117.4 115.6 119.9 128.2 153.0 153.4 153.8 154.1 76.7 75.4 77.9 83.2 19 Petroleum products 113.2 113.7 116.2 115.8 122.4 122.7 122.9 123.0 92.5 92.7 94.6 94.1 20 Mining 101.8 98.6 96.3 96.5 112.2 112.6 112.9 112.9 90.7 87.6 85.3 85.5 21 Utilities 119.1 116.9 119.3 123.6 138.1 139.9 141.6 143.0 86.3 83.6 84.3 86.4 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 July Feb. Mar. Apr.r May' June' JulyP Capacity utilization rate (percent)2 1 Total industry 89.2 72.6 87.3 71.1 85.4 78.1 76.7 75.0 75.2 75.3 75.6 76.0 76.1 2 Manufacturing 88.5 70.5 86.9 69.0 85.7 76.6 75.1 73.5 73.7 73.6 74.0 74.4 74.4 3 Primary processing3 91.8 67.3 88.6 65.7 88.3 76.7 74.9 74.6 75.1 75.4 76.3 76.6 76.7 4 Advanced processing4 86.5 72.5 86.3 71.0 84.2 76.6 75.1 72.7 72.8 72.5 72.5 73.0 72.9 Durable goods 89.2 68.9 87.7 63.9 84.6 73.1 72.8 70.6 70.7 70.8 71.2 71.6 71.9 6 Lumber and products 88.7 61.2 87.9 60.8 93.6 75.5 76.6 74.4 75.6 74.7 74.9 74.9 74.8 7 Primary metals 100.2 65.9 94.2 45.1 92.7 73.7 79.3 74.8 75.9 75.6 77.7 80.5 81.7 8 Iron and steel 105.8 66.6 95.8 37.0 95.2 71.8 80.8 76.6 76.8 77.7 82.3 86.5 88.9 9 Nonferrous 90.8 59.8 91.1 60.1 89.3 74.2 77.7 72.8 74.9 73.2 72.8 74.1 74.1 10 Industrial machinery and equipment 96.0 74.3 93.2 64.0 85.4 72.3 70.5 68.4 68.9 68.7 69.5 69.6 69.2 11 Electrical machinery 89.2 64.7 89.4 71.6 84.0 75.0 65.4 65.7 65.7 66.0 67.1 66.6 66.2 12 Motor vehicles and parts 93.4 51.3 95.0 45.5 89.1 55.9 79.0 77.8 77.9 79.7 79.3 81.4 84.7 13 Aerospace and miscellaneous transportation equipment .. . 78.4 67.6 81.9 66.6 87.3 79.2 71.8 63.9 62.7 61.8 61.0 60.6 59.5 14 Nondurable goods 87.8 71.7 87.5 76.4 87.3 80.7 78.0 77.3 77.6 77.3 77.7 78.0 77.6 15 Textile mill products 91.4 60.0 91.2 72.3 90.4 77.7 72.2 74.4 76.4 76.3 76.9 76.1 76.2 16 Paper and products 97.1 69.2 96.1 80.6 93.5 85.0 77.9 74.4 75.2 75.8 78.3 78.5 77.4 17 Chemicals and products 87.6 69.7 84.6 69.9 86.2 79.3 76.5 77.4 77.2 76.7 77.1 76.9 76.5 18 Plastics materials 102.0 50.6 90.9 63.4 97.0 74.8 76.9 78.2 80.3 80.4 85.2 84.0 82.4 19 Petroleum products 96.7 81.1 90.0 66.8 88.5 85.1 93.6 95.4 94.9 95.0 94.0 93.3 94.1 20 Mining 94.3 88.2 96.0 80.3 88.0 87.0 90.9 85.6 84.5 84.4 85.5 86.5 85.5 21 Utilities 96.2 82.9 89.1 75.9 92.6 83.4 86.0 84.9 85.8 87.0 85.8 86.6 88.3 22 Electric 99.0 82.7 88.2 78.9 95.0 87.1 88.5 85.9 87.4 88.4 86.6 88.4 90.4 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 • October 2002 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted 1992 2001 2002 uroup pro- 2001 por- avg. tion July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.1" Mayr Juner JulyP Index (1992= 100) MAJOR MARKETS 1 Total index 100.0 140.1 140.4 140.0 138.5 137.7 137.2 136.7 137.6 138.1 138.6 138.8 139.5 140.4 140.7 2 Products 60.8 129.4 130.3 129.4 127.7 126.8 126.7 126.5 126.7 126.9 127.4 127.0 127.2 128.0 128.1 3 Final products 46.3 132.0 133.2 132.0 130.0 129.2 129.4 129.1 129.3 129.4 129.6 129.2 129.3 130.2 130.4 4 Consumer goods, total 29.0 120.7 122.2 121.4 119.9 119.6 120.0 120.6 120.6 121.2 121.7 121.4 121.3 122.3 122.7 5 Durable consumer goods 5.8 151.3 157.0 154.1 151.8 146.2 152.1 156.2 154.5 155.4 156.8 157.9 159.1 161.3 165.3 6 Automotive products 2.5 149.9 161.1 155.6 152.5 145.4 155.4 160.7 158.3 158.1 159.6 162.4 162.8 168.6 175.6 7 Autos and trucks 1.6 160.5 178.3 169.1 163.9 154.5 170.7 177.8 175.0 173.4 173.7 179.0 178.2 186.1 197.4 8 Autos, consumer 0.9 94.0 97.5 90.6 92.7 86.9 94.8 101.1 101.2 110.5 102.5 104.1 102.3 104.5 107.2 9 Trucks, consumer 0.7 231.4 264.3 252.6 239.8 226.5 251.5 259.5 253.6 240.6 249.7 258.9 259.1 272.9 293.3 10 Auto parts and allied goods 0.9 133.5 133.9 134.5 134.8 131.3 131.3 133.6 132.0 134.0 137.4 136.2 138.4 141.0 140.9 11 Other 3.3 151.5 151.0 151.0 149.8 145.9 146.9 149.7 148.7 151.1 152.2 151.3 153.5 151.3 151.7 12 Appliances, televisions, and air conditioners 0.9 283.2 271.7 289.5 288.2 271.9 280.1 297.9 295.1 304.8 308.6 299.9 313.5 295.0 295.9 13 Carpeting and furniture 0.8 119.1 116.2 117.6 118.5 116.4 119.2 118.8 117.2 118.8 118.3 119.4 119.3 118.1 118.2 14 Miscellaneous home goods 1.6 114.2 117.7 112.7 110.5 109.2 107.5 108.0 108.0 108.7 110.0 109.8 110.4 111.5 112.0 15 Nondurable consumer goods 23.2 113.3 113.9 113.6 112.3 113.1 112.3 112.2 112.6 113.1 113.4 112.8 112.5 113.3 112.9 16 Foods and tobacco 10.4 108.8 109.3 108.7 107.7 108.2 108.6 109.0 109.2 109.7 110.4 109.9 109.5 110.6 109.9 17 Clothing 2.4 78.3 79.0 76.4 74.8 74.4 73.2 74.7 75.4 74.9 75.7 74.6 74.6 74.7 75.8 18 Chemical products 4.6 145.0 147.5 146.7 145.9 148.5 148.0 148.5 149.4 147.6 146.7 144.7 144.1 144.5 143.5 19 Paper products 2.9 105.5 106.0 105.7 105.1 103.9 102.1 100.2 98.8 98.1 98.5 96.7 97.7 99.0 97.6 20 Energy 3.0 117.4 116.0 117.8 114.8 116.9 113.4 111.6 113.5 118.3 118.4 120.8 119.8 119.8 122.0 21 Fuels 0.8 114.2 114.3 112.2 113.9 116.1 115.2 112.6 117.4 116.5 115.4 117.7 115.6 114.1 115.6 22 Residential utilities 2.1 119.2 116.5 120.5 115.0 117.0 112.0 110.7 111.1 118.9 119.7 122.1 121.7 122.5 125.0 23 Equipment 17.3 152.3 152.7 150.5 147.1 145.4 145.0 142.7 143.3 142.2 141.7 141.3 141.7 142.1 142.0 24 Business equipment 13.2 175.9 176.1 173.3 168.4 166.9 167.2 164.3 165.3 164.0 163.5 162.9 163.4 163.7 163.6 25 Information processing 5.4 279.5 275.2 271.9 266.0 267.9 269.1 265.5 268.2 267.9 269.1 266.6 266.6 268.2 266.1 26 Computer and office equipment 1.1 948.2 934.2 925.5 903.0 913.2 927.8 941.2 969.2 998.7 1,020.7 1,012.6 1,001.1 995.0 995.7 27 Industrial 4.0 125.1 123.1 122.2 119.6 119.4 118.3 114.5 116.1 113.5 113.6 113.3 116.0 115.7 115.8 28 Transit 2.5 127.6 133.8 128.7 124.6 119.2 118.6 118.7 116.4 116.8 114.1 113.8 111.8 110.5 112.7 29 Autos and trucks 1.2 145.8 157.1 149.6 143.6 136.2 143.6 151.4 150.5 155.7 154.6 158.6 159.2 158.9 169.1 30 Other 1.3 139.1 140.8 139.8 131.7 129.2 134.2 130.2 133.1 130.5 131.2 132.5 132.5 136.0 133.2 31 Defense and space equipment 3.4 74.0 73.6 73.5 73.8 74.2 74.3 74.7 74.9 74.9 74.9 75.3 75.6 75.7 75.7 32 Oil and gas well drilling 0.6 140.2 147.1 143.1 140.4 127.2 114.4 107.8 107.3 105.3 104.5 102.0 101.4 104.4 104.3 33 Manufactured homes 0.2 93.7 95.4 97.9 102.9 100.2 99.5 97.7 93.1 89.1 81.5 82.4 82.9 82.3 83.1 34 Intermediate products, total 14.5 121.4 121.4 121.6 120.7 119.6 118.9 118.6 118.9 119.4 120.8 120.3 120.7 121.3 121.2 35 Construction supplies 5.4 137.6 137.3 138.8 138.1 134.6 134.0 135.6 136.3 136.8 139.7 138.3 138.8 139.1 139.0 36 Business supplies 9.1 111.9 112.0 111.3 110.4 110.7 109.8 108.6 108.5 109.1 109.6 109.6 109.9 110.7 110.6 37 Materials 39.2 158.0 157.2 157.6 156.5 155.9 154.8 153.6 155.8 157.1 157.4 158.8 160.6 161.9 162.3 38 Durable goods materials 20.7 212.7 212.6 212.0 209.4 207.9 206.5 206.0 209.4 211.6 212.1 214.2 216.4 218.5 219.4 39 Durable consumer parts 4.0 155.8 160.2 160.8 155.3 152.3 155.0 157.5 161.4 162.9 163.4 165.8 166.2 168.5 171.8 40 Equipment parts 7.5 441.8 429.9 429.6 430.4 431.7 427.9 426.7 434.0 439.7 440.8 444.9 453.3 456.6 456.0 41 Other 9.2 125.2 126.4 125.4 123.8 122.5 120.5 119.0 120.5 121.5 121.8 122.7 123.6 124.9 124.9 42 Basic metal materials 3.1 113.7 115.7 113.6 113.3 111.0 106.7 101.9 106.9 107.9 109.0 108.1 110.0 112.3 113.1 43 Nondurable goods materials 8.9 104.2 102.7 104.0 104.2 104.7 103.1 101.1 103.3 103.4 104.1 104.8 107.1 107.0 106.4 44 Textile materials 1.1 90.8 87.6 90.1 89.0 87.2 84.7 84.5 84.9 87.4 90.3 88.8 89.9 88.3 88.3 45 Paper materials 1.8 108.6 107.7 109.5 110.5 112.4 106.9 103.1 106.9 103.3 103.2 105.8 110.2 109.3 107.6 46 Chemical materials 4.0 102.8 100.9 102.2 102.1 103.5 102.2 99.3 102.8 104.1 105.4 105.9 108.0 107.7 107.6 47 Other 2.1 109.8 109.7 109.8 110.2 108.8 110.4 111.2 110.4 110.0 108.9 109.5 111.0 112.7 111.7 48 Energy materials 9.6 103.3 102.3 103.0 103.1 102.6 102.6 101.6 101.6 102.6 102.1 103.0 103.4 104.5 105.1 49 Primary energy 6.2 98.8 98.5 98.4 99.4 98.2 98.8 97.9 97.6 97.7 96.9 97.6 98.1 99.5 99.1 50 Converted fuel materials 3.4 111.7 109.0 111.4 109.3 110.9 109.1 107.9 108.6 111.6 112.0 113.3 113.5 113.9 116.5 SPECIAL AGGREGATES 51 Total excluding autos and trucks 97.3 139.8 139.5 139.4 138.0 137.5 136.6 135.8 136.7 137.3 137.8 137.8 138.6 139.4 139.3 52 Total excluding motor vehicles and parts 95.3 139.0 138.7 138.5 137.2 136.8 135.8 134.9 135.8 136.3 136.7 136.7 137.5 138.2 138.0 53 Total excluding computer and office equipment 98.4 134.2 134.6 134.1 132.8 132.0 131.5 130.9 131.7 132.2 132.6 132.8 133.5 134.4 134.7 54 Consumer goods excluding autos and trucks . . 27.5 118.5 119.1 118.8 117.6 117.8 117.2 117.4 117.6 118.3 118.8 118.2 118.2 118.8 118.5 55 Consumer goods excluding energy 26.1 121.1 122.9 121.8 120.6 119.9 120.8 121.7 121.5 121.5 122.1 121.4 121.5 122.7 122.9 56 Business equipment excluding autos and trucks 12.0 179.7 178.4 176.2 171.5 170.8 170.1 165.7 167.0 164.7 164.4 163.1 163.6 163.9 162.3 57 Business equipment excluding computer and office equipment 12.0 146.8 147.2 144.7 140.6 139.0 139.1 136.3 136.8 135.2 134.5 134.0 134.6 134.9 134.8 58 Materials excluding energy 29.6 175.7 175.0 175.2 173.7 173.0 171.5 170.3 173.4 174.7 175.3 176.9 179.2 180.5 180.8 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 e2 p po ro r- - 2 aa 0 vv 0 gg 1 .. tion July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.' May' June' JJuullyy?? Index (1992= 100) MAJOR INDUSTRIES 59 Total index 100.0 140.1 140.4 140.0 138.5 137.7 137.2 136.7 137.6 138.1 138.6 138.8 139.5 140.4 140.7 60 Manufacturing 85.4 144.8 145.2 144.5 142.9 142.1 142.0 141.6 142.6 142.9 143.4 143.4 144.2 145.1 145.2 61 Primary processing 31.0 167.9 167.4 167.3 166.6 165.6 164.4 163.5 166.6 168.0 169.4 170.3 172.6 173.5 174.1 62 Advanced processing 54.4 132.0 132.9 131.7 129.8 129.1 129.5 129.3 129.3 129.0 129.1 128.7 128.9 129.7 129.6 63 Durable goods 44.8 179.3 180.0 178.9 176.1 173.9 174.3 174.1 175.7 176.0 176.6 177.2 178.4 179.7 180.6 64 Lumber and products ' ' 24 2.1 113.0 114.0 116.2 116.4 112.8 112.4 113.0 112.9 111.0 112.9 111.6 112.0 112.1 111.9 65 Furniture and fixtures 25 1.4 138.7 138.4 138.7 135.1 133.5 134.8 135.4 133.6 135.0 134.8 134.8 135.0 134.4 133.3 66 Stone, clay, and glass products 32 2.1 130.8 130.0 130.8 129.9 130.3 128.8 126.3 127.7 127.8 127.7 129.6 128.2 128.0 128.3 67 Primary metals 33 3.1 116.9 119.5 117.5 116.4 113.6 110.2 103.6 111.3 111.8 113.1 112.1 114.9 118.4 119.7 68 Iron and steel 331,2 1.8 112.6 118.8 115.7 112.7 110.4 107.1 94.6 107.1 110.6 110.2 110.7 116.5 121.4 123.7 69 Raw steel 331PT 0.1 102.8 108.3 106.2 105.8 99.5 95.1 85.5 100.0 101.3 101.2 101.2 100.9 108.4 111.3 70 Nonferrous 333-6,9 1.4 122.3 120.8 119.9 121.2 117.6 114.1 114.2 116.5 113.5 116.8 114.1 113.4 115.4 115.4 71 Fabricated metal products .. 34 5.0 130.4 131.1 131.0 128.7 127.5 127.2 129.1 128.7 127.7 127.9 128.2 129.6 130.0 130.8 72 Industrial machinery and equipment 35 7.8 213.3 210.2 211.0 205.1 202.8 203.4 200.4 204.5 205.3 207.1 206.8 209.2 209.8 208.5 73 Computer and office equipment 357 1.6 1,088.0 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 1,177.6 1,165.2 1,158.6 1,158.8 74 Electrical machinery 36 7.1 504.2 485.9 485.5 484.6 484.8 485.1 487.3 494.0 500.8 503.1 507.9 519.3 518.7 519.4 75 Transportation equipment .. 37 9.4 128.5 134.6 131.6 128.5 124.6 127.2 129.1 128.2 128.9 128.2 129.6 128.8 130.9 133.8 76 Motor vehicles and parts . 371 4.7 162.9 174.6 169.9 164.2 157.3 165.9 172.1 171.8 174.5 174.9 179.3 178.8 183.8 191.6 77 Autos and light trucks . 371PT 2.5 154.1 170.2 160.9 156.6 147.4 162.7 169.6 167.1 166.9 166.2 171.1 170.3 177.6 188.2 78 Aerospace and miscellaneous transportation equipment 372-6,9 4.7 96.3 97.1 95.7 95.0 93.8 91.0 88.9 87.4 86.4 84.7 83.3 82.2 8811..66 80.1 79 Instruments 38 5.4 115.3 115.0 113.9 112.8 113.6 113.7 112.8 113.8 112.4 112.8 112.2 112.2 113.1 112.8 80 Miscellaneous 39 1.3 117.5 120.7 116.7 114.5 113.6 110.7 114.1 114.6 114.6 116.4 115.8 117.8 119.7 119.7 81 Nondurable goods 40.6 111.4 111.5 111.1 110.5 110.8 110.2 109.7 110.3 110.5 110.9 110.5 111.1 111.6 111.1 82 Foods 20 9.6 112.9 113.1 113.0 111.7 112.2 113.0 114.0 113.5 113.7 114.4 114.0 113.5 114.6 113.6 83 Tobacco products 21 1.6 93.8 95.0 93.2 92.7 92.8 92.7 90.8 93.1 95.0 95.3 94.4 94.4 95.1 95.8 84 Textile mill products 22 1.8 86.7 84.3 85.8 85.9 83.0 81.9 82.5 82.5 85.1 87.2 86.7 87.3 86.1 86.0 85 Apparel products 23 2.2 93.1 95.1 91.2 89.4 87.8 87.3 88.8 89.4 88.4 89.5 88.3 88.7 89.2 90.7 86 Paper and products 26 3.5 108.1 108.1 107.7 109.7 108.1 106.2 103.1 105.1 103.5 104.5 105.3 108.7 109.0 107.3 87 Printing and publishing .... 27 6.8 101.6 101.1 100.7 99.7 99.8 98.9 97.3 96.6 96.0 95.4 94.9 95.2 96.4 95.3 88 Chemicals and products .... 28 10.0 121.1 121.2 121.2 121.0 123.2 122.4 121.4 123.0 122.9 122.8 122.2 123.2 123.1 122.7 89 Petroleum products 29 1.4 114.3 114.6 112.9 112.1 114.9 114.0 112.2 114.8 117.2 116.7 116.9 115.7 114.8 115.9 90 Rubber and plastics 30 3.5 136.8 138.0 137.3 136.5 134.4 133.4 134.8 134.7 136.6 139.1 139.2 140.4 141.5 141.4 91 Leather and products 31 0.3 63.1 62.1 62.8 61.4 60.0 59.2 58.4 60.3 60.1 60.0 59.5 59.0 58.7 60.0 92 Mining 6.8 101.3 101.9 101.4 102.1 99.5 99.0 97.4 97.0 96.6 95.4 95.3 96.5 97.7 96.5 93 Metal 10 0.4 88.4 88.8 87.9 91.2 85.6 80.0 80.1 75.2 78.2 80.0 75.3 79.9 79.3 79.4 94 Coal 12 1.0 111.7 111.9 111.7 111.7 106.5 106.6 105.8 104.5 107.0 99.0 101.8 101.7 103.3 101.6 95 Oil and gas extraction 13 4.8 96.1 97.0 96.3 97.0 94.8 94.5 92.6 92.0 91.2 90.6 90.3 91.6 92.7 91.5 96 Stone and earth minerals 14 0.6 132.6 130.6 132.2 131.2 129.6 129.5 129.8 133.7 132.5 132.2 132.5 133.7 135.5 134.2 97 Utilities 7.8 119.8 118.2 121.1 118.1 119.4 116.2 115.2 115.7 120.3 121.8 123.9 122.7 124.2 127.0 98 Electric 491.3PT 6.2 123.1 121.0 124.5 121.0 122.3 121.8 119.3 119.8 121.9 124.6 126.6 124.4 127.5 130.9 99 Gas 492,3PT 1.6 109.1 107.4 108.1 106.9 108.0 96.2 100.5 101.0 113.7 111.4 113.9 116.0 111.4 112.1 SPECIAL AGGREGATES 100 Manufacturing excluding motor vehicles and parts 80.7 143.9 143.5 143.0 141.7 141.3 140.6 139.7 140.8 140.9 141.5 141.2 142.1 142.7 142.3 101 Manufacturing excluding computers and office equipment 83.8 138.0 138.4 137.7 136.2 135.4 135.3 134.8 135.8 135.9 136.4 136.4 137.3 138.1 138.2 102 Computers, communications equipment, and semiconductors 5.6 1,048.5 1,006.7 999.5 994.8 11,,000022..44 1,002.5 1,006.0 1,032.2 1,065.5 1,077.4 1,088.0 1,107.9 1,116.2 1,117.6 103 Manufacturing excluding computers and semiconductors 81.3 121.2 122.0 121.3 119.9 119.1 118.9 118.4 119.1 119.0 119.3 119.2 119.8 120.5 120.6 104 Manufacturing excluding computers, communications equipment, and semiconductors 79.8 118.2 119.0 118.4 117.0 116.3 116.1 115.7 116.4 116.4 116.7 116.6 117.2 117.9 118.0 Gross value (billions of 1996 dollars, annual rates) MAJOR MARKETS 105 Products, total 100.0 2,720.1 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 2,704.2 2,708.6 2,727.2 2,739.6 106 Final 77.2 2,101.5 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 2,085.6 2,087.6 2,103.2 2,115.5 107 Consumer goods 51.9 1,303.7 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 1,325.9 1,325.6 1,338.1 1,346.8 108 Equipment 25.3 797.4 806.5 793.3 773.1 761.0 763.5 753.5 757.1 753.3 750.5 750.1 752.8 755.0 758.2 109 Intermediate 22.8 618.9 623.5 625.0 619.4 612.9 608.8 608.3 609.7 614.0 623.0 618.6 621.0 624.1 624.2 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 • October 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 Ql 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 ^186 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 -11,724 -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 ^15,567 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 ^1,744 -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 33 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 -18,822 696 -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 -4,911 190 -1,343 -3,559 -199 390 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 2002 AAsssseett 11999999°° 22000000°° 22000011cc Jan. Feb. Mar. Apr. May June July Aug.P 1 Total 71,516 67,647 68,654 67,532 67,357 67,574 67,844 69,579 74,696 74,751r 75,307 2 Gold stock1 11,048 11,046 11,045 11,044 11,044 11,044 11,044 11,044 11,044 11,042r 11,042 3 Special drawing rights2 3 10,336 10,539 10,774 10,657 10,763 10,809 10,988 11,297 11,645 11,575 11,752 4 Reserve position in International Monetary Fund2 17,950 14,824 17,854 17,602 17,169 17,078 16,184 16,498 19,841 19,863 20,043 5 Foreign currencies4 32,182 31,238 28,981 28,229 28,381 28,643 29,628 30,740 32,166 32,271 32,470 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 2002 AAsssseett 11999999°° 22000000cc 22000011°° Jan. Feb. Mar. Apr. May June July Aug.? 1 Deposits 71 215 61 162 89 256 Ill 127 90 164 86 Held in custody 2 U.S. Treasury securities2 632,482 594,094 592,630 592,031 591,202 593,865 589,531 605,501 619,226 635,036 638,003 3 Earmarked gold3 9,933 9,451 9,099 9,098 9,098 9,098 9,091 9,084 9,077 9,071 9,064 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 • October 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. Mar. Apr. May JuneP 1 Total1 806,318 829,290 958,725 975,304 987,261 995,692 999,274 1,013,699 1,042,774 By type 2 Liabilities reported by banks in the United States2 138,847 136,577 136,577 144,593 123,125 124,116 133,120 139,021 148,531 3 U.S. Treasury bills and certificates3 156,177 164,781 164,781 153,010 161,719 161,312 155,770 162,516 176,178 U.S. Treasury bonds and notes 4 Marketable 422,266 430,243 465,111 450,832 454,306 454,383 452,777 452,708 454,869 5 Nonmarketable4 6,111 5,734 5,734 5,348 3,411 3,159 3,179 3,199 3,000 6 U.S. securities other than U.S. Treasury securities5 82,917 91,955 186,522 221,521 244,700 252,722 254,428 256,255 260,196 By area 7 Europe1 244,805 251,815 238,548 240,325 243,137 241,917 244,471 248,021 253,637 8 Canada 12,503 13,683 15,016 13,727 13,440 14.308 12,341 11,947 11,095 9 Latin America and Caribbean 73,518 77,195 70,884 70,442 71,103 66,466 66,075 65,306 64,363 10 Asia 463,703 474,269 612,116 626,017 635,180 646,755 651,794 663,919 687,490 11 Africa 7,523 7,979 13,504 14,690 15.171 15,035 15,103 14,850 15,102 12 Other countries 4,266 4,349 8,655 10,101 9,228 11,209 9,488 9,654 11,085 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

Bank-Reported Data A47 3.18 BANKS' OWN C L A I MS ON FOREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period 2001 2002 IItteemm 11999999 22000000 22000011 Dec. Jan. Feb. Mar. Apr. May Junep BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners 1,408,740 1,511,410 1,647,893 1,647,893 1,584,995 1,615,994 L,653,245R L,685,026R L,709,320R 1,726,308 2 Banks' own liabilities 971,536 1,077,636 1,172,929 1,172,929 1,101,890 1,125,615 l,160,352r 1,202,906' 1,213,313' 1,193,217 3 Demand deposits 42,884 33,365 33,601 33,601 29,839 30,872 36,440 31,374 32,035 34,584 4 Time deposits2 163,620 187,883 154,160 154,160 148,931 143,616 141,108 139,026 135,192' 131,671 Other3 155,853 171,401 199,718 199,718 207,677 214,952 208,712r 224,052' 236,021' 234,565 6 Own foreign offices4 609,179 684,987 785,450 785,450 715,443 736,175 774,092r 808,454' 810,065 792,397 7 Banks' custodial liabilities5 437,204 433,774 474,964 474,964 483,105 490,379 492,893 482,120' 496,007' 533,091 8 U.S. Treasury bills and certificates6 185,676 177,846 188,028 188,028 190,144 187,906 189,640 183,012' 191,266' 208,279 9 Short-term agency securities7 n.a. n.a. 65,534 65,534 55,556 67,736 68,670 69,525 75,157 83,613 10 Other negotiable and readily transferable instruments8 132,617 145,840 91,147 91,147 92,534 92,361 93,771 95,378' 94,061' 96,154 11 Other 118,911 110,088 130,255 130,255 144,871 142,376 140,812 134,205 135,523 145,045 12 Nonmonetary international and regional organizations9 15,276 12,542 10,806 10,806 17,155 15,453 12,126 14,440 12,128 11.567 13 Banks' own liabilities 14,357 12,140 10,168 10,168 16,227 14,553 10.934 13,426 11,755 11,137 14 Demand deposits 98 41 35 35 35 31 22 19 14 32 15 Time deposits2 10,349 6,246 3,755 3,755 7,581 5,482 7,023 6,193 6,729 6,400 16 Other3 3,910 5,853 6,378 6,378 8,611 9,040 3,889 7,214 5,012 4,705 17 Banks' custodial liabilities5 919 402 638 638 928 900 1,192 1,014 373 430 18 U.S. Treasury bills and certificates6 680 252 577 577 883 859 1,105 970 328 407 19 Short-term agency securities7 n.a. n.a. 40 40 24 24 21 21 18 0 20 Other negotiable and readily transferable instruments8 233 149 21 21 21 17 21 21 27 23 21 Other 6 1 0 0 0 0 45 2 0 0 22 Official institutions10 295,024 297,603 284,844 284,844 287,414 296,206 285,428r 288,890' 301,537' 324,709 23 Banks' own liabilities 97,615 96,989 83,524 83,524 85,939 83,718 79,292' 83,911' 86,387' 92,595 24 Demand deposits 3,341 3,952 2,988 2,988 2,257 1,513 2,651 1,827 2,002 1,707 25 Time deposits2 28,942 35,573 19,471 19,471 14,862 16,021 13,646 15,170 14,414' 14,466 26 Other3 65,332 57,464 61,065 61,065 68,820 66,184 62,995' 66,914' 69,971' 76,422 27 Banks' custodial liabilities5 197,409 200,614 201,320 201,320 201,475 212,488 206,136 204,979 215,150 232,114 28 U.S. Treasury bills and certificates6 156,177 153,010 161,719 161,719 166,640 164,076 161,312 155,770 162,516 176,178 29 Short-term agency securities7 n.a. n.a. 36,351 36,351 31,445 45,085 40,826 45,910 49,374 51,634 30 Other negotiable and readily transferable instruments8 41,182 47,366 2,180 2,180 2,191 2,307 2,785 2,702 2,455 3,280 31 Other 50 238 1,070 1,070 1,199 1,020 1,213 597 805 1,022 32 Banks" 900,379 972,932 1,066,082 1,066,082 1,002,425 1,024,003 1,076,709' 1,098,931' 1,109,647' 1,099,291 33 Banks' own liabilities 728,492 821,306 907,944 907,944 833,894 861,732 901,918' 932,109' 936,745' 910,887 34 Unaffiliated foreign banks 119,313 136,319 122,494 122,494 118,451 125,557 127,826' 123,655 126,680' 118,490 35 Demand deposits 17,583 15,522 13,089 13,089 10,374 12,783 16,342 12,183 12,867 14,614 36 Time deposits2 48,140 66,904 52,910 52,910 49,881 45,846 45,238 43,636 41,271' 38,450 37 Other3 53,590 53,893 56,495 56,495 58,196 66,928 66,246' 67,836 72,542 65,426 38 Own foreign offices4 609,179 684,987 785,450 785,450 715,443 736,175 774,092' 808,454' 810,065 792,397 39 Banks' custodial liabilities5 171,887 151,626 158,138 158,138 168,531 162,271 174,791 166,822 172,902 188,404 40 U.S. Treasury bills and certificates6 16,796 16,023 13,477 13,477 10,222 10,378 11,374 13,016 14,442 16,110 41 Short-term agency securities7 n.a. n.a. 7,831 7,831 5,566 3,596 7,399 3,456 6,924 12,439 42 Other negotiable and readily transferable instruments8 45,695 36,036 33,102 33,102 35,223 34,325 36,832 37,267 37,377 36,557 43 Other 109,396 99,567 103,728 103,728 117,520 113,972 119,186 113,083 114,159 123,298 44 Other foreigners 198,061 228,333 286,161 286,161 278,001 280,332 278,982' 282,765' 286,008' 290,741 45 Banks' own liabilities 131,072 147,201 171,293 171,293 165,830 165,612 168,208' 173,460' 178,426' 178,598 46 Demand deposits 21,862 13,850 17,489 17,489 17,173 16,545 17,425 17,345 17,152 18,231 47 Time deposits2 76,189 79,160 78,024 78,024 76,607 76,267 75,201 74,027 72,778' 72,355 48 Other3 33,021 54,191 75,780 75,780 72,050 72,800 75,582' 82,088' 88,496' 88,012 49 Banks' custodial liabilities5 66,989 81,132 114,868 114,868 112,171 114,720 110,774 109,305' 107,582' 112,143 50 U.S. Treasury bills and certificates6 12,023 8,561 12,255 12,255 12,399 12,593 15,849 13,256' 13,980' 15,584 51 Short-term agency securities7 n.a. n.a. 21,312 21,312 18,521 19,031 20,424 20,138 18,841 19,540 52 Other negotiable and readily transferable instruments8 45,507 62,289 55,844 55,844 55,099 55,712 54,133 55,388' 54,202' 56,294 53 Other 9,459 10,282 25,457 25,457 26,152 27,384 20,368 20,523 20,559 20,725 MEMO 54 Negotiable time certificates of deposits in custody for foreigners 30,345 34,217 20,440 20,440 22,095 22,831 21,498 24,061 22,587 27,489 55 Repurchase agreements7 n.a. n.a. 150,738 150,738 127,686 131,199 126,817' 140,263' 153,782' 157,929 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 • October 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 Dec. Jan. Feb. Mar. Apr. May June? AREA OR COUNTRY 56 Total, all foreigners 1,408,740 1,511,410 1,647,893 1,647,893 1,584,995 1,615,994 l,653,245r l,685,026r l,709,320r 1,726,308 57 Foreign countries 1,393,464 1,498,867 1,637,087 1,637,087 1,567,840 1,600,541 l,641,119r l,670,587r l,697,192r 1,714,741 58 Europe 441,810 446,788 520,970 520,970 502,539 516,558 518,921 539,957 538,824' 528,252 59 Austria 2,789 2,692 2,919 2,919 3,001 3,053 3,144 3,363 3,096 3,563 60 Belgium12 44,692 33,399 6,548 6,548 6,566 6,561 7,921 6,607 6,723 6,026 61 Denmark 2,196 3,000 3,625 3,625 3,123 2,944 2,852 2,801 3,455 3,416 62 Finland 1,658 1,411 1,445 1,445 1,372 1,159 1,682 1,239 1,198 1,197 63 France 49,790 37,833 49,034 49,034 45,102 41,172 35,113 36,349 36,127 35,404 64 Germany 24,753 35,519 22,342 22,342 23,353 23,298 25,664 25,582 26,633' 25,188 65 Greece 3,748 2,011 2,303 2,303 2,706 2,856 2,560 2,285 2,700 3,570 66 Italy 6,775 5,072 6,342 6,342 5,405 4,917 5,356 4,948 4,616' 4,690 67 Luxembourg12 n.a. n.a. 16,894 16,894 14,770 14,427 14,005 13,967 14,893 15,469 68 Netherlands 8,143 7,047 12,404 12,404 13,265 13,779 13,714 11,030 12,039' 10,435 69 Norway 1,327 2,305 3,725 3,725 4,976 4,871 7,703 6,470 7,681 11,164 70 Portugal 2,228 2,403 4,029 4,029 4,372 4,799 5,416 5,051 4,905' 4,616 71 Russia 5,475 19,018 20,782 20,782 19,776 20,841 21,423 22,113 24,211 25,060 72 Spain 10,426 7,787 8,791 8,791 12,618 10,233 9,406 10,737 9,764' 11,032 73 Sweden 4,652 6,497 3,371 3,371 3,104 3,700 3,412 2,495 5,677 4,176 74 Switzerland 63,485 74,635 66,390 66,390 80,790 94,661 107,645 129,007 114,220' 99,588 75 Turkey 7,842 7,548 7,472 7,472 8,696 11,518 11,515 11,671 11,216 9,908 76 United Kingdom 172,687 167,757 204,208 204,208 169,298 170,024 161,333 163,140 171,101 174,329 77 Channel Islands and Isle of Man13 n.a. n.a. 36,057 36,057 36,443 37,198 38,013 38,070 38,602 38,735 78 Yugoslavia14 286 276 309 309 298 317 296 265 273 267 79 Other Europe and other former U.S.S.R.15 28,858 30,578 41,980 41,980 43,505 44,230 40,748 42,767 39,694 40,419 80 Canada 34,214 30,982 27,228 27,228 27,995 27,416 28,244 26,174 24,408 23,900 81 Latin America 117,495 120,041 117,528 117,528 115,703 115,000 112,933 111,661' 110,009' 105,986 82 Argentina 18,633 19,451 10,655 10,655 9,904 10,360 11,622 11,795' 11,653' 11,356 83 Brazil 12,865 10,852 14,135 14,135 13,133 12,875 14,628 14,076' 12,892' 12,968 84 Chile 7,008 5,892 4,929 4,929 5,275 5,143 5,299 6,326 6,643' 6,121 85 Colombia 5,669 4,542 4,668 4,668 4,506 4,587 4,159 4,226 4,273' 4,010 86 Ecuador 1,956 2,112 2,377 2,377 2,231 2,363 2,269 2,342 2,294' 2,259 87 Guatemala 1,626 1,601 1,876 1,876 1,861 1,821 1,812 1,782 1,335' 1,319 88 Mexico 30,717 32,166 39,630 39,630 40,355 40,797 35,700 34,879' 35,250' 32,440 89 Panama 4,415 4,240 3,588 3,588 3,514 3,604 3,350 3,336 3,273' 3,893 90 Peru 1,142 1,427 1,350 1,350 1,341 1,347 1,548 1,225 1,270' 1,417 91 Uruguay 2,386 3,003 3,160 3,160 2,646 2,536 2,913 2,648 2,4 lC 2,373 92 Venezuela 20,192 24,730 24,920 24,920 24,258 22,952 22,937 22,380 22,333' 21,738 93 Other Latin America16 10,886 10,025 6,240 6,240 6,679 6,615 6,696 6,646 6,383' 6,092 94 Caribbean 461,200 573,337 659,521 659,521 624,746 627,797 656,753r 668,959' 693,918' 701,397 95 Bahamas 135,811 189,298 179,198 179,198 156,217 147,794 171,359 164,499 172,604' 179,725 96 Bermuda 7,874 9,636 10,477 10,477 9,580 11,181 10,238 11,096 13,419 15,646 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. 452,070 452,070 442,142 452,957 458,256' 474,104' 489,096' 484,950 99 Cuba 75 90 88 88 88 89 89 90 93 96 100 Jamaica 520 794 1,179 1,179 1.106 1,103 1,115 1,047 996 924 101 Netherlands Antilles 4,047 5,428 3,259 3,259 3,512 3,152 3,800 5,745 3,312' 3,757 102 Trinidad and Tobago 595 894 1,266 1,266 1,979 1,547 1,406 1,791 1,634' 1,593 103 Other Caribbean16 n.a. n.a. 11,984 11,984 10,122 9,974 10,490 10,587 12,764' 14,706 104 319,489 305,554 294,252 294,252 277,151 295,423 303,876' 306,459' 331122,,666688'' 333366,,448888 China 105 Mainland 12,325 16,531 10,472 10,472 8,499 21,165 16,723 22,336 22,410 20,781 106 Taiwan 13,603 17,352 17,562 17,562 16,886 21,422 20,352 24,371 21,733' 23,480 107 Hong Kong 27,701 26,462 26,483 26,483 24,683 23,109 22,257 24,613 27,275 29,018 108 India 7,367 4,530 3,703 3,703 3,732 4,133 4,478 4,045 4,980 7,061 109 Indonesia 6,567 8,514 12,381 12,381 11,893 11,441 11,220 11,875 12,623 13,871 110 Israel 7,488 8,053 7,826 7,826 10,727 9,433 9,600 9,541 8,965 8,954 111 Japan 159,075 150,415 155,293 155,293 146,480 151,008 166,220 157,689 161,589 179,654 112 Korea (South) 12,988 7,955 9,015 9,015 6,691 6,500 5,568 5,972 6,592 6,826 113 Philippines 3,268 2,316 1,764 1,764 1,910 1,429 1,530 1,671 1,544 1,754 114 Thailand 6,050 3,117 4,742 4,742 4,651 5,035 5,432 4,940 5,060 5,966 115 Middle Eastern oil-exporting countries18 21,314 23,763 20,022 20,022 15,857 14,938 16,693 15,453 18,128 16,582 116 Other 41,743 36,546 24,989 24,989 25,142 25,810 23,803' 23,953' 21,769 22,541 117 9,468 10,824 11,343 11,343 12,727 11,722 11,762 11,645 11,660 11,830 118 Egypt 2,022 2,621 2,774 2,774 4,271 3,961 3,857 3,606 3,605 3,672 119 Morocco 179 139 273 273 243 197 127 234 230 307 120 South Africa 1,495 1,010 833 833 877 668 800 636 683 685 121 Congo (formerly Zaire) 14 4 4 4 6 2 1 6 7 n.a. 122 Oil-exporting countries19 2,914 4,052 4,372 4,372 4,165 3,763 3,911 3,828 3,557 3,522 123 Other 2,844 2,998 3,087 3,087 3,165 3,131 3,066 3,335 3,578 3,644 124 Other countries 9,788 11,341 6,245 6,245 6,979 6,625 8,630 5,732 5,705 6,888 125 Australia 8,377 10,070 5,593 5,593 6,204 5,811 7,632 4,801 4,706 6,031 126 New Zealand20 n.a. n.a. 240 240 360 407 443 533 510 486 127 All other 1,411 1,271 412 412 415 407 555 398 489 371 128 Nonmonetary international and regional organizations 15,276 12,543 10,806 10,806 17,155 15,453 12,126 14,440 12,128 11,567 129 International21 12,876 11,270 9,307 9,307 15,521 13,714 9,873 12,261 10,850 10,489 130 Latin American regional22 1,150 740 480 480 443 520 731 954 644 342 131 Other regional23 1,250 533 935 935 1,113 1,140 1,441 1,158 550 645 12. Before January 2001, data for Belgium-Luxembourg were combined. 18. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 13. Before January 2001, these data were included in data reported for the United Emirates (Trucial States). Kingdom. 19. Comprises Algeria, Gabon, Libya, and Nigeria. 14. Since December 1992, has excluded Bosnia, Croatia, and Slovenia. 20. Before January 2001, these data were included in "All other." 15. Includes the Bank for International Settlements and the European Central Bank. Since 21. Principally the International Bank for Reconstruction and Development. Excludes December 1992, has included all parts of the former U.S.S.R. (except Russia), and Bosnia, "holdings of dollars" of the International Monetary Fund. Croatia, and Slovenia. 22. Principally the Inter-American Development Bank. 16. Before January 2001, data for "Other Latin America" and "Other Caribbean" were 23. Asian, African, Middle Eastern, and European regional organizations, except the Bank combined in "Other Latin America and Caribbean." for International Settlements, which is included in "Other Europe." 17. Beginning January 2001, data for the Cayman Islands replaced data for the British West Indies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank-Reported Data 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 Dec. Jan. Feb. Mar. Apr. May Junep 1 Total, all foreigners 793,139 904,642 1,051,573 1,051,573 1,007,368 1,009,570 1,056,667 1,104,635 l,090,401r 1,109,285 2 Foreign countries 788,576 899,956 1,046,627 1,046,627 1,003,499 1,005,743 1,051,154 1,100,490 l,085,627r 1,105,039 3 Europe 311,686 378,115 460,970 460,970 465,435 468,275 488,366 526,394 510,323r 501,114 4 Austria 2,643 2,926 5,006 5,006 4,361 3,903 4,199 3,431 3,558 3,963 Belgium2 10,193 5,399 6,339 6,339 6,525 5,701 4,849 4,387 4,019 5,174 6 Denmark 1,669 3,272 1,105 1,105 1,649 1,024 1,545 1,122 1,062 1,248 7 Finland 2,020 7,382 10,350 10,350 14,431 14,410 14,469 13,092 14,279 16,517 8 France 29,142 40,035 60,670 60,670 56,533 54,717 55,184 58,004 58,207 58,766 9 Germany 29,205 36,834 29,902 29,902 31,330 29,275 33,395 34,281 29,033' 28,891 10 Greece 806 646 330 330 364 385 357 364 354 330 11 Italy 8,496 7,629 4,205 4,205 4,453 4,329 5,101 5,036 4,048r 4,131 12 Luxembourg2 n.a. n.a. 1,267 1,267 1,754 2,954 3,414 3,453 3,552r 3,546 n Netherlands 11,810 17,043 15,927 15,927 14,024 15,278 15,498 16,892 16,294 16,440 14 Norway 1,000 5,012 6,249 6,249 4,779 4,435 7,026 6,572 8,301r 8,526 15 Portugal 1,571 1,382 1,603 1,603 1,969 1,998 1,795 2,083 1,594r 1,780 16 Russia 713 517 594 594 687 612 1,659 951 826 1,145 17 Spain 3,796 2,603 3,231 3,231 5,363 4,987 4,847 3,484 3,130 3,081 18 Sweden 3,264 9,226 12,544 12,544 12,137 13,474 12,008 11,589 13,348 13,816 19 Switzerland 79,158 82,085 87,333 87,333 95,389 114,402 115,388 150,258 137,532 119,244 20 Turkey 2,617 3,059 2,124 2,124 2,757 3,163 3,154 3,012 2,953 2,662 21 United Kingdom 115,971 144,938 200,951 200,951 195,619 181,808 193,786 197,298 197,110 200,836 22 Channel Islands and Isle of Man3 n.a. n.a. 4,478 4,478 3,716 3,955 3,836 3,755 3,835 4,246 23 Yugoslavia4 50 50 n.a. n.a. n.a. n.a. n.a. 2 1 n.a. 24 Other Europe and other former U.S.S.R.5 7,562 8,077 6,762 6,762 7,595 7,465 6,856 7,328 7,287r 6,772 25 Canada 37,206 39,837 54,421 54,421 49,967 52,776 56,652 57,017 57,256 60,478 26 Latin America 74,040 76,561 69,762 69,762 69,427 68,790 69,513 69,537 65,515 66,865 27 Argentina 10,894 11,519 10,763 10,763 10,444 10,334 9,892 9,722 9,235 11,019 28 Brazil 16,987 20,567 19,434 19,434 19,700 19,352 19,837 20,138 18,797 19,019 29 Chile 6,607 5,815 5,317 5,317 5,200 5,166 5,399 5,226 4,950 4,874 30 Colombia 4,524 4,370 3,602 3,602 3,563 3,547 3,711 3,643 3,516 3,266 31 Ecuador 760 635 495 495 465 491 478 495 519 500 32 Guatemala 1,135 1,244 1,495 1,495 1,417 1,651 1,413 1,329 905 882 33 Mexico 17,899 17,415 16,522 16,522 17,035 16,561 17,081 17,356 16,448 16,266 34 Panama 3,387 2,933 3,066 3,066 2,765 2,788 2,804 2,764r 2,75 lr 2,599 35 Peru 2,529 2,807 2,185 2,185 2,125 2,090 2,048 2,019 1,923 1,833 36 Uruguay 801 673 447 447 437 444 503 477 357 324 37 Venezuela 3,494 3,518 3,077 3,077 3,181 3,315 3,463 3,472 3,353 3,337 38 Other Latin America6 5,023 5,065 3,359 3,359 3,095 3,051 2,884 2,896r 2,761' 2,946 39 Caribbean 281,128 319,403 367,655 367,655 329,652 328,745 346,037 347,569 362,453r 376,436 40 Bahamas 99,066 114,090 101,034 101,034 87,607 87,303 98,079 94,279 107,269 108,369 41 Bermuda 8,007 9,260 7,900 7,900 7,023 5,628 7,770 9,722 8,380r 11,088 42 British West Indies7 167,189 189,289 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 43 Cayman Islands7 n.a. n.a. 247,086 247,086 222,977 225,374 228,474 233,806 236,966' 245,358 44 Cuba 0 0 n.a. n.a. 3 n.a. n.a. n.a. n.a. n.a. 45 Jamaica 295 355 418 418 383 384 418 413 408 361 46 Netherlands Antilles 5,982 5,801 6,729 6,729 7,596 6,050 7,137 5,390 5,578 6,859 47 Trinidad and Tobago 589 608 931 931 940 955 971 935 834' 862 48 Other Caribbean6 n.a. n.a. 3,557 3,557 3,123 3,051 3,188 3,024 3,018' 3,539 49 Asia 75,143 77,829 85,882 85,882 80,783 79,010 82,734 91,687 83,143 92,344 China 50 Mainland 2,110 1,606 2,073 2,073 3,526 2,418 4,161 6,044 4,857 6,023 51 Taiwan 1,390 2,247 4,407 4,407 3,449 4,128 4,531 3,349 3,261 6,550 52 Hong Kong 5,903 6,669 9,995 9,995 7,712 7,359 6,499 6,457 5,350 5,590 53 India 1,738 2,178 1,348 1,348 1,167 1,217 1,225 1,276 1,414 1,462 54 Indonesia 1,776 1,914 1,752 1,752 1,768 1,644 1,701 1,677 1,564 1,571 55 Israel 1,875 2,729 4,396 4,396 4,211 4,195 2,875 4,413 3,747 3,411 56 Japan 28,641 34,974 34,125 34,125 30,983 30,732 31,298 37,787 32,937 36,394 57 Korea (South) 9,426 7,776 10,622 10,622 12,720 12,776 13,860 15,020 13,326 14,856 58 Philippines 1,410 1,784 2,587 2,587 1,951 1,681 2,065 1,718 1,332 1,995 59 Thailand 1,515 1,381 2,499 2,499 1,743 745 1,467 752 716 730 60 Middle Eastern oil-exporting countries8 14,267 9,346 7,882 7,882 7,585 7,341 9,239 9,143 9,555 9,061 61 Other 5,092 5,225 4,196 4,196 3,968 4,774 3,813 4,051 5,084 4,701 62 Africa 2,268 2,094 2,095 2,095 2,031 1,966 2,108 1,967 1,877 2,069 63 Egypt 258 201 416 416 324 331 358 333 337 418 64 Morocco 352 204 106 106 100 97 88 85 85 79 65 South Africa 622 309 710 710 751 692 786 672 559 649 66 Congo (formerly Zaire) 24 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 67 Oil-exporting countries9 276 471 167 167 195 201 211 234 247 232 68 Other 736 909 696 696 661 645 665 643 649 691 69 Other countries 7,105 6,117 5,842 5,842 6,204 6,181 5,744 6,319 5,060' 5,733 70 Australia 6,824 5,868 5,455 5,455 5,560 5,430 4,972 5,692 4,633 5,272 71 New Zealand10 n.a. n.a. 349 349 603 732 762 586 406 455 72 All other 281 249 38 38 41 19 10 41 21' 6 73 Nonmonetary international and regional organizations" .. 4,563 4,686 4,946 4,946 3,869 3,827 5,513 4,147 4,774 4,246 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 • October 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 Dec. Jan. Feb. Mar. Apr. May Junep 1 Totel 944,937 1,095,869 1,253,952 1,253,952 1,257,022 2 Banks' claims 793,139 904,642 1,051,573 1,051,573 1,007,368 1,009,570 1,056,667 1,104,635 l,090,401r 1,109,285 3 Foreign public borrowers 35,090 37,907 49,278 49,278 54,542 50,034 55,562 52,746 49,524 51,042 4 Own foreign offices2 529,682 630,137 745,834 745,834 699,055 717,854 751,162 789,435 784,390r 795,215 5 Unaffiliated foreign banks 97,186 95,243 100,575 100,575 98,424 92,109 94,895 95,058 89,084' 92,344 6 Deposits 34,538 23,886 26,189 26,189 27,073 25,978 26,266 22,778 21,598r 24,010 7 Other 62,648 71,357 74,386 74,386 71,351 66,131 68,629 72,280 67,486r 68,334 8 All other foreigners 131,181 141,355 155,886 155,886 155,347 149,573 155,048 167,396 167,403 170,684 9 Claims of banks' domestic customers3 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. 137,349 137,349 118,984 123,082 114,917 135,731 133,620 149,206 15 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States6 31,125 53,153 60,711 60,711 54,563 55,177 61,417 57,884 48,488r 62,161 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

Bank-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 AArreeaa oorr ccoouunnttrryy 11999988 11999999 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,141.1r l,137.0r l,280.6r 912.7' 796.0 7 G-10 countries and Switzerland 217.7 243.4 272.4 313.6 280.3 300.7 334.6r 336.3' 291.8' 406.2' 322.2 3 Belgium and Luxembourg 10.7 14.3 14.2 13.9 13.0 14.2 15.2' 13.0 14.3' 19.1 16.4 4 France 18.4 29.0 27.1 32.6 29.0 29.6 30.0 35.8' 34.4' 39.1' 33.4 Germany 30.9 38.7 37.3 31.5 37.6 45.1 45.0r 51.4' 40.9' 42.9' 49.2 6 Italy 11.5 18.1 19.9 20.5 18.6 21.3 20.3r 23.6' 22.6' 20.9' 19.0 7 Netherlands 7.8 12.3 17.0 16.0 17.5 18.4 22. r 18.6' 20.7' 19.3' 23.7 8 Sweden 2.3 3.0 3.9 3.5 4.3 3.6 4.7 4.7 5.1' 5.3' 5.5 9 Switzerland 8.5 10.3 10.1 13.8 10.9 13.2 13.7' 13.3' 12.8' 12.4' 13.5 in United Kingdom 85.4 79.3 101.9 138.2 112.8 115.6 140.2r 126.2' 93.8' 194.9' 109.5 ii Canada 16.8 16.3 17.3 18.2 18.5 16.7 15.4 21.3 20.3 19.1 16.6 12 Japan 25.4 22.1 23.5 25.4 18.1 23.0 28.0 28.3 26.8 33.1 35.3 13 Other industrialized countries 69.0 68.4 62.7 75.3 73.7 74.5 15.2' 70.0' 70.6' 70.4' 69.9 14 Austria 1.4 3.5 2.6 2.8 3.5 4.1 3.8 3.6 4.4 4.8 5.1 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 3.3 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 7(1 Spain 13.7 12.1 11.3 12.2 10.5 10.3 12.4r 12.4 13.7' 12.1 12.1 21 Turkey 4.8 4.8 5.1 5.6 5.6 5.9 5.0r 4.5 4.1 3.9 5.3 22 Other Western Europe 10.4 6.8 8.4 7.9 8.3 6.5 7.1r 6.9 7.2' 8.3' 8.4 73 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 15.9 75 OPEC2 27.1 31.4 28.9 32.1 31.4 28.9 27.9' 27.1 27.4' 27.3 27.5 76 Ecuador 1.3 .8 .7 .7 .6 .6 .6 .6 .6 .6 .6 77 Venezuela 3.2 2.8 3.0 2.9 2.9 2.5 2.7 2.6 2.6 2.4 2.4 78 Indonesia 4.7 4.2 3.9 4.1 4.4 4.6 4.4 4.2 4.0 3.7 3.6 79 Middle East countries 17.0 23.1 21.1 23.8 22.4 20.3 19.7' 19.3 19.9' 20.3 20.6 30 African countries 1.0 .5 .2 .7 1.2 .8 .5 .4 .4 .3 .3 31 Non-OPEC developing countries 143.4 149.4 154.6 158.1 149.5 145.5 150.1 157.6 201.6 203.3' 195.9 Latin America 37 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 68.2' 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 8.6 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 47 Israel 1.1 1.8 3.3 1.5 1.1 2.7 2.2 2.0 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 11..33 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 57 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 71.4' 58.1' 71.5' 72.0' 56.6 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 7.6' 8.1 58 Cayman Islands and other British West Indies 12.8 1.3 .0 5.1 5.9 14.6 13.6' 11.9' 20.3' 16.4' 5.0 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 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 62 Hong Kong, China 23.3 21.0 22.2 20.7 20.6 18.7 21.5 22.3 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 495.1 387.9 376.1 342.1 351.1 391.2 472.4 478.6 607.6' 123.4' 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 U.S. banks that are subsidiaries of foreign banks. Offices not covered OPEC (Algeria, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United include U.S. agencies and branches of foreign banks. Beginning March 1994, the data include Arab Emirates), and Bahrain and Oman (not formally members of OPEC). large foreign subsidiaries of U.S. banks. The data also include other types of U.S. depository 3. Excludes Liberia. Beginning March 1994 includes Namibia. institutions as well as some types of brokers and dealers. To eliminate duplication, the data 4. As of December 1992, excludes other republics of the former Soviet Union. are adjusted to exclude the claims on foreign branches held by a U.S. office or another foreign 5. Includes Canal Zone. branch of the same banking institution. 6. Foreign branch claims only. These data are on a gross claims basis and do not necessarily reflect the ultimate country 7. Includes New Zealand, Liberia, and international and regional organizations. risk or exposure of U.S. banks. More complete data on the country risk exposure of U.S. banks are available in the quarterly Country Exposure Lending Survey published by the Federal Financial Institutions Examination Council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A52 International Statistics • October 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. 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 countries' 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. 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 35 Oil-exporting countries2 16 15 57 57 42 35 83 49 51 563 706 894 894 1,117 1,421 891 931 854 36 Allother3 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 • October 2002 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 2002 2001 2002 TTrraannssaaccttiioonn,, aanndd aarreeaa oorr ccoouunnttrryy 22000000 22000011 J J a u n n . e - Dec. Jan. Feb. Mar. Apr. May Junep U.S. corporate securities STOCKS 1 Foreign purchases 3,605,196 3,051,335 1,597,443 239,276 255,717 259,946 286,550 272,125 274,543 248,562 2 Foreign sales 3,430,306 2,934,949 1,568,315 225,992 247,101 257,845 279,633 264,298 274,889 244,549 3 Net purchases, or sales (-) 174,890 116,386 29,128 13,284 8,616 2,101 6,917 7,827 -346 4,013 4 Foreign countries 174,903 116,183 29,280 13,265 8,737 2,104 6,932 7,834 -324 3,997 5 Europe 164,656 88,098 19,372 6,740 8,730 4,442 6,810 2,591 -2,548 -653 6 France 5,727 5,914 694 101 1,302 304 405 1,202 -1,270 -1,249 7 Germany 31,752 8,415 1,117 688 479 429 332 56 -48 -131 8 Netherlands 4,915 10,919 112 1,271 406 100 192 -663 41 36 y Switzerland 11,960 3,456 1,798 854 470 566 569 814 89 -710 10 United Kingdom 58,736 38,492 7,369 2,033 3,972 1,323 3,110 -324 -1,829 1,117 11 Channel Islands and Isle of Man1 n.a. -698 -365 20 -81 -103 -113 -63 -3 -2 12 Canada 5,956 10,984 3,827 1,250 591 457 598 1,262 546 373 13 Latin America and Caribbean -17,812 -5,155 -5,027 3,931 -1,447 -4,495 302 1,989 -703 -673 14 Middle East2 9,189 1,789 -1,075 24y 96 -165 -901 -273 -30 198 15 Other Asia 12,494 20,724 10,832 599 571 1,634 245 2,143 2,253 3,986 16 Japan 2,070 6,788 8,540 65 -209 194 1,002 1,244 3,116 3,193 17 Africa 415 -366 -22 -7 32 5 -26 -41 9 -1 18 Other countries 5 109 1,373 503 164 226 -96 163 149 767 19 Nonmonetary international and regional organizations -11 203 -151 19 -121 -2 -15 -7 -22 16 BONDS3 20 Foreign purchases 1,208,386 1,943,158 1,211,215 177,721 181,519 168,724 219,993 217,174 219,182 204,623 21 Foreign sales 871,416 1,556,217 1,012,204 155,238 161,985 155,237 173,530 175,184 174,561 171,707 22 Net purchases, or sales (-) 336,970 386,941 199,011 22,483 19,534 13,487 46,463 41,990 44,621 32,916 23 Foreign countries 337,074 386,376 199,006 22,452 19,624 13,217 46,642 42,005 44,751 32,767 24 Europe 180,917 195,798 93,191 8,077 7,890 4,619 21,094 20,875 18,777 19,936 25 France 2,216 5,028 1,852 330 68 14 578 380 350 462 26 Germany 4,067 12,362 2,583 -12 93 -253 1,545 385 132 681 27 Netherlands 1,130 1,538 -953 -637 -1,495 550 -173 732 —49 -518 28 Switzerland 3,973 5,721 3.273 75 143 826 -102 247 1,050 1,109 2y United Kingdom 141,223 153,158 69,555 5,985 7,619 1,740 16,350 15,540 15,299 13,007 30 Channel Islands and Isle of Man' n.a. 2,000 551 404 130 14 309 20 92 -14 31 Canada 13,287 4,595 2,079 892 338 -243 869 385 -193 923 3 3 3 2 M La i t d in d l A e m Ea e s r t i 1 c a and Caribbean 59 2 , , 4 0 4 7 4 6 77 2 , , 2 3 1 3 7 8 51 1 , , 0 0 7 0 8 0 5, 4 7 5 6 5 5 4, 4 65 20 5 6, 3 0 4 7 2 7 13, 3 53 77 1 8,261 9 15 - , 1 6 7 1 2 8 2,9 2 3 4 6 34 Other Asia 78,794 106,812 50,832 7,721 6,802 2,094 10,321 12,440 10,610 8,565 35 Japan 39,356 34,099 14,753 -810 -717 -957 -466 8,511 5,048 3,334 36 Africa 938 760 464 -45 -30 22 34 95 13 330 37 Other countries 1,618 -1,144 362 -113 —451 306 416 -60 98 53 38 Nonmonetary international and regional organizations -70 566 5 31 -90 270 -179 -15 -130 149 Foreign securities 39 Stocks, net purchases, or sales (-) -13,088 -50,113 -10,131 -8,955 3,822 -2,723 5,553 -3,565 -8,245R -4,973 40 Foreign purchases 1,802,185 1,397,664 655,173 88,033 103,389 95,364 116,460 114,997 113,259R 111,704 41 Foreign sales 1,815,273 1,447,777 665,304 96,988 99,567 98,087 110,907 118,562 121,504R 116,677 42 Bonds, net purchases, or sales (-) -4,054 30,423 17,082 -945 -5,558 2,245 7,333 461 6,871 5,730 43 Foreign purchases 958,932 1,159,185 634,292 69,504 93,550 89,172 109,465 99,383 124.357 118,365 44 Foreign sales 962,986 1,128,762 617,210 70,449 99,108 86,927 102,132 98,922 117,486 112,635 45 Net purchases, or sales (-), of stocks and bonds -17,142 -19,690 6,951 -9,900 -1,736 -478 12,886 -3,104 -l,374r 757 46 Foreign countries -17,278 -19,102 6,954 -9,832 -1,720 -467 12,981 -3,208 -l,423r 791 47 Europe -25,386 -12,117 2,732 -9,831 -2,417 588 13,670 -4,809 329' -4,629 48 Canada -3,888 2,943 4,189 1,010 1,381 -289 -764 1,565 56 2,240 49 Latin America and Caribbean -15,688 4,245 2,508 118 2,644 -1,469 1,353 -1,106 -1,699 2,785 50 Asia 24,488 -11,869 -870 -1,494 -3,478 614 -949 22,,222200 381 342 51 Japan 20,970 -20,116 -3,440 -1,924 400 -660 -2,789 999988 -518 -871 52 Africa 943 -557 -1,189 134 72 62 -72 -1,141 -118 8 53 Other countries 2,253 -1,747 231 78 29 -257 63 -372 45 54 Nonmonetary international and regional organizations 150 -587 -5 -68 -16 -13 -95 104 49 -34 1. Before January 2001, data included in United Kingdom. 3. Includes state and local government securities and securities of U.S. government 2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. Saudi Arabia, and United Arab Emirates (Trucial States). corporations organized to finance direct investments abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Securities Holdings and Transactions A55 3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign Transactions1 Millions of dollars; net purchases, or sales (-) during period 2002 2001 2002 AArreeaa oorr ccoouunnttrryy 22000000 22000011 Jan.- Dec. Jan. Feb. Mar. Apr. May June? June 1 Total estimated -54,032 18,472 1,324 10,497 -16,762 -169 13,916 -9,146 73 13,412 2 Foreign countries -53,571 19,158 653 10,531 -17,027 -493 13,767 -9,456 573 13,289 3 Europe -50,704 -20,510 -12,534 278 -6,688 -79 7,068 -6,544 -6,732 441 4 Belgium2 73 -598 268 202 -108 -263 410 -71 8 292 5 Germany -7,304 -1,668 -2,037 1,075 -3,466 -277 1,759 -115 649 -587 6 Luxembourg2 n.a. 462 -967 -34 -514 -126 79 -325 -166 85 7 Netherlands 2,140 -6,728 -20,557 -948 -2,098 812 -3,891 -3,295 -9,328 -2,757 8 Sweden 1,082 -1,190 52 -197 -337 -230 269 103 55 192 9 Switzerland -10,326 1,412 609 335 313 -115 973 -1,262 341 359 10 United Kingdom -33,669 -7,185 9,972 2,007 -86 1,938 7,110 -3,696 1,854 2,852 11 Channel Islands and Isle of Man3 n.a. -179 635 -136 -3 47 -251 -35 84 793 17. Other Europe and former U.S.S.R -2,700 -4,836 -509 -2,026 -389 -1,865 610 2,152 -229 -788 13 Canada -550 -4,136 -1,051 2,978 -3,473 1,204 1,695 -1,075 1,454 -856 14 Latin America and Caribbean -4,914 5,046 10,326 -6,368 2,603 -6,194 -424 -720 7,755 7,306 11 Venezuela 1,288 290 162 3 33 -12 -7 -18 6 160 16 Other Latin America and Caribbean -11,581 15,500 12,234 -3,984 1,635 -3,072 8,838 -1,138 1,749 4,222 17 Netherlands Antilles 5,379 -10,744 -2,070 -2,387 935 -3,110 -9,255 436 6,000 2,924 18 Asia 1,639 37,992 2,379 14,423 -9,221 3,862 5,653 -1,389 -2,366 5,840 19 Japan 10,580 17,774 20 4,379 -6,649 2,456 -2,309 3,173 655 2,694 ?0 Africa -414 -880 224 -293 -65 134 70 -176 -38 299 21 Other 1,372 1,646 1,309 -487 -183 580 -295 448 500 259 22 Nonmonetary international and regional organizations -461 -686 671 -34 265 324 149 310 -500 123 23 International -483 -290 526 43 138 52 199 398 -240 -21 24 Latin American Caribbean regional 76 41 -24 -25 -1 15 -5 -47 -14 28 MEMO 25 Foreign countries -53,571 19,158 653 10,531 -17,027 -493 13,767 -9,456 573 13,289 76 Official institutions -6,302 3,474 563 1,061 -3,000 -2,177 5,254 -1,606 -69 2,161 27 Other foreign -41,269 15,684 90 9,470 -14,027 1,684 8,513 -7,850 642 11,128 Oil-exporting countries ?8 Middle East 3,483 865 1,113 2,217 784 50 137 1,382 -753 -487 29 Africa5 0 -2 -24 0 0 -1 2 -25 0 0 1. Official and private transactions in marketable U.S. Treasury securities having an 3. Before January 2001, these data were included in the data reported for the United original maturity of more than one year. Data are based on monthly transactions reports. Kingdom. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab countries. Emirates (Trucial States). 2. Before January 2001, combined data reported for Belgium and Luxembourg. 5. Comprises Algeria, Gabon, Libya, and Nigeria. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A56 International Statistics • October 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 Mar. Apr. May June July Aug. Exchange rates COUNTRY/CURRENCY UNIT 1 Australia/dollar2 64.54 58.15 51.69 52.56 53.52 54.98 56.82 55.38 54.13 2 Brazil/real 1.8207 1.8301 2.3527 2.3450 2.3227 2.4753 2.7144 2.9414 3.1082 3 Canada/dollar 1.4858 1.4855 1.5487 1.5877 1.5815 1.5502 1.5318 1.5456 1.5694 4 China, P.R./yuan 8.2783 8.2784 8.2770 8.2773 8.2772 8.2770 8.2767 8.2768 8.2767 5 Denmark/krone 6.9900 8.0953 8.3323 8.4795 8.3942 8.1098 7.7775 7.4807 7.5948 6 European Monetary Union/euro3 1.0653 0.9232 0.8952 0.8766 0.8860 0.9170 0.9561 0.9935 0.9781 7 Greece/drachma 306.30 365.92 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8 Hong Kong/dollar 7.7594 7.7924 7.7997 7.7997 7.8000 7.7994 7.8000 7.8000 7.8008 9 India/rupee 43.13 45.00 47.22 48.77 48.94 49.02 48.98 48.79 48.62 10 Japan/yen 113.73 107.80 121.57 131.06 130.77 126.38 123.29 117.90 118.99 11 Malaysia/ringgit 3.8000 3.8000 3.8000 3.8000 3.8000 3.8000 3.8000 3.8000 3.8000 12 Mexico/peso 9.553 9.459 9.337 9.064 9.165 9.510 9.767 9.779 9.839 13 New Zealand/dollar2 52.94 45.68 42.02 43.33 44.28 46.10 48.86 48.09 50.90 14 Norway/krone 7.8071 8.8131 8.9964 8.8072 8.6102 8.2050 7.7533 7.4694 7.6042 15 Singapore/dollar 1.6951 1.7250 1.7930 1.8295 1.8285 1.8004 1.7831 1.7524 1.7553 16 South Africa/rand 6.1191 6.9468 8.6093 11.4863 11.0832 10.1615 10.1841 10.1032 10.5878 17 South Korea/won 1,189.84 1,130.90 1,292.01 1,322.90 1,318.09 1,262.20 1,219.70 1,179.99 1,197.51 18 Sri Lanka/rupee 70.868 76.964 89.602 94.903 96.030 96.318 96.408 96.266 96.281 19 Sweden/krona 8.2740 9.1735 10.3425 10.3324 10.3070 10.0642 9.5376 9.3474 9.4610 20 Switzerland/franc 1.5045 1.6904 1.6891 1.6743 1.6542 1.5889 1.5399 1.4718 1.4972 21 Taiwan/dollar 32.322 31.260 33.824 35.020 34.917 34.454 33.889 33.272 33.884 21 Thailand/baht 37.887 40.210 44.532 43.415 43.442 42.817 42.160 41.257 42.193 23 United Kingdom/pound2 161.72 151.56 143.96 142.30 144.29 145.98 148.37 155.65 153.68 24 Venezuela/bolivar 606.82 680.52 724.10 922.66 871.38 985.80 1,212.07 1,317.38 1,379.73 Indexes4 NOMINAL 25 Broad (January 1997-100)5 116.87 119.67 126.09 129.27 128.95 127.35 125.96 124.20 125.64 26 Major currencies (March 1973-100)6 94.07 98.32 104.32 107.76 107.03 104.09 101.42 98.97 100.35 27 Other important trading partners (January 1997-100)7 129.94 130.33 136.34 138.49 138.86 139.71 140.70 140.47 141.69 REAL 28 Broad (March 1973-100)5 100.78r 104.32' 110.42' 112.78' 112.70' 111.16' 109.90' 108.43' 109.67 29 Major currencies (March 1973-100)6 97.06 103.17 110.73 114.60 113.96 110.63 107.80 105.40' 107.04 30 Other important trading partners (March 1973—100)7 114.26r 114.53' 119.21' 119.82' 120.45' 121.08' 121.83' 121.53' 122.31 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 2000 September 2001 A64 2001 September 2002 A58 Disposition of applications for private mortgage insurance 2000 September 2001 A73 2001 September 2002 A69 Small loans to businesses and farms 2000 September 2001 A76 2001 September 2002 A70 Community development lending reported under the Community Reinvestment Act 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

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

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

81 Federal Reserve Bulletin • October 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 JAMES V. HOUPT, Associate Director ALICE PATRICIA WHITE, Assistant 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 NORAH M. BARGER, Deputy Associate Director DIVISION OF MONETARY AFFAIRS 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

A61 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

83 Federal Reserve Bulletin • October 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 NORMAND R.V. BERNARD, Deputy Secretary DAVID H. HOWARD, Associate Economist GARY P. GILLUM, Assistant Secretary DAVID E. LINDSEY, Associate Economist MICHELLE A. SMITH, Assistant Secretary LORETTA J. MESTER, Associate Economist J. VIRGIL MATTINGLY, JR., General Counsel STEPHEN D. OLINER, Associate Economist THOMAS C. BAXTER, JR., Deputy General Counsel ARTHUR J. ROLNICK, Associate Economist KAREN H. JOHNSON, Economist HARVEY ROSENBLUM, Associate Economist 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

A63 CONSUMER ADVISORY COUNCIL DOROTHY BROADMAN, Falls Church, Virginia, Chairman RONALD A. REITER, San Francisco, California, Vice Chairman ANTHONY S. ABBATE, Saddlebrook, New Jersey PATRICK LIDDY, Cincinnati, Ohio JANIE BARRERA, San Antonio, Texas RUHI MAKER, Rochester, New York KENNETH BORDELON, Baton Rouge, Louisiana OSCAR MARQUIS, Park Ridge, Illinois TERESA A. BRYCE, St. Louis, Missouri PATRICIA MCCOY, Cambridge, Massachusetts 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

85 Federal Reserve Bulletin • October 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. lanuary 2000. In Plain English: Making Sense of the Federal Reserve 1,186 pp. $20.00 each. Making Sense of Savings FEDERAL RESERVE REGULATORY SERVICE. Loose-leaf; updated Welcome to the Federal Reserve monthly. (Requests must be prepaid.) When Your Home is on the Line: What You Should Know Consumer and Community Affairs Handbook. $75.00 per year. About Home Equity Lines of Credit Monetary Policy and Reserve Requirements Handbook. $75.00 Keys to Vehicle Leasing (also available in Spanish) per year. Looking for the Best Mortgage (also available in Spanish) Securities Credit Transactions Handbook. $75.00 per year. Privacy Choices for Your Personal Financial Information The Payment System Handbook. $75.00 per year. When Is Your Check Not a Check? Federal Reserve Regulatory Service. Four vols. (Contains all four Handbooks plus substantial additional material.) $200.00 per year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A65 STAFF STUDIES: Only Summaries Printed in the 167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANK- BULLETIN ING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING Studies and papers on economic and financial subjects that are of PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, by Stephen A. Rhoades. July 1994. 37 pp. general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and 169 are out of print, but photocopies of them are available. Staff 170. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGU- Studies 165-174 are available on line at www.federalreserve.gov/ LATIONS: AN ANALYSIS OF EXPERIENCE WITH THE TRUTH IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. pubs/staffstudies. Requests to obtain single copies of any paper or Lowrey. December 1997. 17 pp. to be added to the mailing list for the series may be sent to 171. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- Publications Services. DENCE, by Gregory Elliehausen. April 1998. 35 pp. 172. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MAR- 159. NEW DATA ON THE PERFORMANCE OF NONBANK SUBSIDI- KET DISCIPLINE, by Study Group on Subordinated Notes ARIES OF BANK HOLDING COMPANIES, by Nellie Liang and and Debentures, Federal Reserve System. December 1999. Donald Savage. February 1990. 12 pp. 69 pp. 160. BANKING MARKETS AND THE USE OF FINANCIAL SER- 173. IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study VICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by Group on Disclosure, Federal Reserve System. March 2000. Gregory E. Elliehausen and John D. Wolken. September 35 pp. 1990. 35 pp. 174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITED 162. EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORT- STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp. GAGE LOAN RATES IN TWENTY CITIES, by Stephen A. Rhoades. February 1992. 11 pp. 164. THE 1989-92 CREDIT CRUNCH FOR REAL ESTATE, by James T. Fergus and John L. Goodman, Jr. July 1993. 20 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

87 Federal Reserve Bulletin • October 2002 Maps of the Federal Reserve System SwIalP STON EW YORK mW' m \m W T O v l S v .' ALASKA HAWAII LEGEND Both pages Facing page • Federal Reserve Bank city • Federal Reserve Branch city E3 Board of Governors of the Federal — Branch boundary Reserve System, Washington, D.C. NOTE The Federal Reserve officially identifies Districts by num- of Puerto Rico and the U.S. Virgin Islands; the San Franber and Reserve Bank city (shown on both pages) and by cisco Bank serves American Samoa, Guam, and the Comletter (shown on the facing page). monwealth of the Northern Mariana Islands. The Board of In the 12th District, the Seattle Branch serves Alaska, Governors revised the branch boundaries of the System and the San Francisco Bank serves Hawaii. most recently in February 1996. The System serves commonwealths and territories as follows: the New York Bank serves the Commonwealth Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A67 : 1-A 2-B Mf 3-C 4-D 5-E Pittsburgh BaltimaEB MD \ / • ggt"f^mcinnati Buffalo DE NJ NY BOSTON NEW YORK PHILADELPHIA CLEVELAND RICHMOND 6-F 7-G S-H Birmingham- H fl ATLANTA CHICAGO ST. LOUIS 9-1 (P * 2 • MINNEAPOLIS 10-J 12-L — i JfrKl £ ffflB^ •yflpMWW ^ggiiiggir KANSAS CITY 11-K gity DALLAS SAN FRANCISCO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

89 Federal Reserve Bulletin • October 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 JJaammeess MM.. LLyyoonn Helena 59601 Thomas O. Markle Samuel H. Gane KANSAS CITY 64198 Terrence P. Dunn Thomas M. Hoenig Richard H. Bard Richard K. Rasdall Denver 80217 Robert M. Murphy Maryann Hunter1 Oklahoma City 73125 Patricia B. Fennell Dwayne E. Boggs Omaha 68102 Bob L. Gottsch Steven D. Evans DALLAS 75201 H. B. Zachry, Jr. Robert D. McTeer, Jr. Patricia M. Patterson Helen E. Holcomb El Paso 79999 Gail Darling Sammie C. Clay Houston 77252 Edward O. Gaylord Robert Smith III1 San Antonio 78295 Ron Harris James L. Stull1 SAN FRANCISCO .... 94120 Nelson C. Rising Robert T. Parry George M. Scalise John F. Moore Los Angeles 90051 William D. Jones Mark L. Mullinix2 Portland 97208 Nancy Wilgenbusch Richard B. Hornsby Salt Lake City 84125 H. Roger Boyer Andrea P. Wolcott Seattle 98124 Boyd E. Givan D. Kerry Webb1 *Additional offices of these Banks are located at Windsor Locks, Connecticut 06096; East Rutherford, New Jersey 07016; Utica at Oriskany, New York 13424; Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; Milwaukee, Wisconsin 53202; and Peoria, Illinois 61607. 1. Senior Vice President. 2. Executive Vice President Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A69 Publications of Interest FEDERAL RESERVE REGULATORY SERVICE To promote public understanding of its regulatory func- The Payment System Handbook deals with expedited tions, the Board publishes the Federal Reserve Regu- funds availability, check collection, wire transfers, and latory Service, a four-volume loose-leaf service con- risk-reduction policy. It includes Regulations CC, J, and taining all Board regulations as well as related statutes, EE, related statutes and commentaries, and policy interpretations, policy statements, rulings, and staff statements on risk reduction in the payment system. opinions. For those with a more specialized interest in For domestic subscribers, the annual rate is $200 for the Board's regulations, parts of this service are pub- the Federal Reserve Regulatory Service and $75 for lished separately as handbooks pertaining to monetary each handbook. For subscribers outside the United policy, securities credit, consumer affairs, and the pay- States, the price including additional air mail costs is ment system. $250 for the service and $90 for each handbook. These publications are designed to help those who The Federal Reserve Regulatory Service is also availmust frequently refer to the Board's regulatory materi- able on CD-ROM for use on personal computers. For a als. They are updated monthly, and each contains cita- standalone PC, the annual subscription fee is $300. For tion indexes and a subject index. network subscriptions, the annual fee is $300 for 1 con- The Monetary Policy and Reserve Requirements current user, $750 for a maximum of 10 concurrent Handbook contains Regulations A, D, and Q, plus users, $2,000 for a maximum of 50 concurrent users, related materials. and $3,000 for a maximum of 100 concurrent users. The Securities Credit Transactions Handbook con- Subscribers outside the United States should add $50 tains Regulations T, U, and X, dealing with exten- to cover additional airmail costs. For further informasions of credit for the purchase of securities, together tion, call (202) 452-3244. with related statutes, Board interpretations, rulings, All subscription requests must be accompanied by a and staff opinions. Also included is the Board's list of check or money order payable to the Board of Goverforeign margin stocks. nors of the Federal Reserve System. Orders should be The Consumer and Community Affairs Handbook addressed to Publications Services, mail stop 127, Board contains Regulations B, C, E, G, M, P, Z, AA, BB, and of Governors of the Federal Reserve System, Washing- DD, and associated materials. ton, DC 20551. GUIDE TO THE FLOW OF FUNDS ACCOUNTS A new edition of Guide to the Flow of Funds Accounts and describes how the series is derived from source is now available from the Board of Governors. The new data. The Guide also explains the relationship between edition incorporates changes to the accounts since the the flow of funds accounts and the national income and initial edition was published in 1993. Like the earlier product accounts and discusses the analytical uses of publication, it explains the principles underlying the flow of funds data. The publication can be purchased, flow of funds accounts and describes how the accounts for $20.00, from Publications Services, Mail Stop 127, are constructed. It lists each flow series in the Board's Board of Governors of the Federal Reserve System, flow of funds publication, "Flow of Funds Accounts of Washington, DC 20551. the United States" (the Z.l quarterly statistical release), Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

91 Federal Reserve Bulletin • October 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