Federal Reserve Bulletin, 2002-11

Volume 88 • Number 11 • November 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 445 FINANCIAL LITERACY: AN OVERVIEW OF Annual adjustments of the low reserve tranche PRACTICE, RESEARCH, AND POLICY and the reservable liabilities exemption. Attention to financial literacy has grown in Meeting of the Consumer Advisory Council. recent years, in large part because technological, Release of minutes of the Board's discount rate market, and legislative changes have resulted in meetings. a more complex financial services industry that requires consumers to be more actively involved Enforcement action. in managing their finances. Consumer and com- Changes in Board staff. munity interest groups, banking companies, government agencies, and policymakers, among 463 LEGAL DEVELOPMENTS others, have become concerned that many consumers lack a working knowledge of financial Various bank holding company, bank service concepts and the tools they need to make deci- corporation, and bank merger orders; and pendsions most advantageous to their economic ing cases. well-being. As a result, considerable resources have been devoted to financial literacy, with a AI FINANCIAL AND BUSINESS STATISTICS wide range of organizations providing training, These tables reflect data available as of including banks, consumer and community September 26, 2002. groups, employers, and government agencies. Overall, studies suggest that financial literacy A3 GUIDE TO TABLES training can lead to better decisionmaking; however, the findings raise numerous questions A4 Domestic Financial Statistics about the best means of providing that train- A42 Domestic Nonfinancial Statistics ing, the most appropriate setting, and the most A44 International Statistics opportune timing. Findings from recent research on personal money management styles, com- A57 GUIDE TO SPECIAL TABLES AND bined with awareness of human behavioral traits, STATISTICAL RELEASES offer insights that may be useful in developing successful training programs and strategies. A70 INDEX TO STATISTICAL TABLES A72 BOARD OF GOVERNORS AND STAFF 458 ANNOUNCEMENTS FOMC directive. A74 FEDERAL OPEN MARKET COMMITTEE AND STAFF; ADVISORY COUNCILS Appointment of Chairmen and Deputy Chairmen of the Federal Reserve Banks. A76 FEDERAL RESERVE BOARD PUBLICATIONS Release of data on large syndicated bank loans. A78 MAPS OF THE FEDERAL RESERVE SYSTEM Adjustment of dollar amount of fee-based trigger for additional disclosure requirements for A80 FEDERAL RESERVE BANKS, BRANCHES, certain mortgage loans. AND OFFICES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Literacy: An Overview of Practice, Research, and Policy Sandra Braunstein and Carolyn Welch, of the Board's cial information. The timing and format of training, Division of Consumer and Community Affairs, pre- as well as human traits such as aversion to change, pared this article. play a role in whether programs will effect positive change that contributes to households' long-term In recent years, financial literacy has gained the atten- financial well-being. Accounting for all the variables tion of a wide range of major banking companies, associated with financial literacy training—when, government agencies, grass-roots consumer and com- how, and where it is delivered, who is trained, munity interest groups, and other organizations. Inter- and what information is presented—poses a great ested groups, including policymakers, are concerned challenge for program developers. Given the that consumers lack a working knowledge of finan- resources now devoted to financial literacy training, cial concepts and do not have the tools they need to this is an opportune time to evaluate the research, make decisions most advantageous to their economic identify best practices, and consider public policy well-being. Such financial literacy deficiencies can options that would further the goal of creating more affect an individual's or family's day-to-day money financially savvy consumers. management and ability to save for long-term goals such as buying a home, seeking higher education, or financing retirement. Ineffective money management CHANGES PROMPTING INCREASED ATTENTION can also result in behaviors that make consumers TO FINANCIAL LITERACY vulnerable to severe financial crises. Numerous factors have led to a complex, specialized From a broader perspective, market operations and financial services marketplace that requires consumcompetitive forces are compromised when consumers to be actively engaged if they are to manage their ers do not have the skills to manage their finances finances effectively. The forces of technology and effectively. Informed participants help create a more market innovation, driven by increased competition, competitive, more efficient market. As knowledgehave resulted in a sophisticated industry in which able consumers demand products that meet their consumers are offered a broad spectrum of services short- and long-term financial needs, providers comby a wide array of providers. Compelling consumer pete to create products having the characteristics that issues, such as the very visible issue of predatory best respond to those demands. lending, high levels of consumer debt, and low sav- As concern about financial literacy has increased, ing rates, have also added to the sense of urgency so too have the number and variety of financial surrounding financial literacy. Other important demoliteracy training programs and program providers— graphic and market trends contributing to concerns some offering comprehensive information on savinclude increased diversity of the population, resultings, credit, and similar topics for a broad audience ing in households that may face language, cultural, or and others tailored to a specific group, such as youth other barriers to establishing a banking relationship; or military personnel, or focused on a specific goal, expanded access to credit for younger populations; such as home ownership or savings. and increased employee responsibility for directing The findings of studies of the effectiveness their own investments in employer-sponsored retireof financial literacy training have been mixed. ment and pension plans. Although some programs, particularly those having discrete objectives, have succeeded in improving certain aspects of consumers' personal financial Technological Changes management—such as maintaining a mortgage, and Market Innovation increasing savings, or participating in employersponsored benefit plans—improved financial behav- Over the past decade, technological advances have ior does not necessarily follow from increased finan- transformed nearly every aspect of the marketing, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 Federal Reserve Bulletin • November 2002 delivery, and processing of financial products and However, consumers may have difficulty assessing services. The expansion of the Internet as a means the options, and a misguided choice can result in of communicating and delivering services has also higher costs due to monthly fees, overdrafts, or excesenabled financial services providers to market finan- sive transactions. cial products and serve customers more efficiently. Market innovation has also prompted deregulation Communication and delivery innovations increase of the banking industry. As competition from nonthe amount of information available to consumers banking institutions has increased over time, banks and allow them to shop for and choose from a wide have devised ways to offer products to customers array of products and services without geographic outside the bank-regulated structure. In response to limitation. To benefit from the innovations, however, these market realities, legislation was passed in 1999 consumers need a base level of financial knowledge, to eliminate the regulatory barriers that had prohibso that they can identify and access pertinent informa- ited banks from engaging in the sale of securities tion as well as evaluate the credibility of the source and insurance, enabling bank-owned financial holdof the information. ing companies to become one-stop financial services Technological advances have also increased the providers. This legislation (the Gramm-Leach-Bliley capacity for targeted marketing to consumers, with Act), recognizing the activities already occurring robust databases of consumer information making it within the marketplace, facilitated financial modernpossible to match household characteristics and pref- ization and promoted a more efficient financial sererences with product offerings. This application of vices industry. However, the expansion of financial technology can promote competition and improve products offered by banking organizations, for examcustomer service. However, its misuse can increase ple, securities and insurance, requires consumers to consumer vulnerability to unscrupulous lenders. become more aware of the distinction between these Questionable marketing and sales tactics may induce products and to recognize that they do not convey the consumers to acquire products that they do not need same consumer protections and rights as traditional or that are inappropriate for their circumstances. banking products. In addition to broadening the application of databases in marketing, technology has enabled the use of databases in loan underwriting. Using statistical mod- Rise in Questionable eling, sophisticated computer programs produce a Mortgage Lending Practices numerically based risk profile of consumers to establish a range of acceptable risk and to develop guide- An increase in anecdotal reports of unfair and lines for pricing credit. While credit-scoring tech- deceptive home equity lending practices in the late nology has increased loan production and decreased 1990s raised concerns about the scope and impact creditor costs, it has also diminished lender-customer of unscrupulous credit arrangements, commonly interaction. With the lack of personal involve- referred to as predatory lending. Investigations and ment, consumers, particularly those unfamiliar with public hearings by federal, state, and local governbanking and credit systems, have limited means ment agencies to identify possibly unethical or predafor obtaining insight on the elements in their finan- tory mortgage lending practices revealed that in many cial profile that affect decisionmaking and guidance cases the terms of such contracts are not technically on the course of action necessary to improve their illegal but rather are inappropriate for and disadvantacreditworthiness. geous to consumers. An example is a loan structured Market innovation and competition within the with relatively small fixed payments in the early financial services industry can also be seen in the years but a large "balloon" payment at the end of the increase in the variety of products offered by deposi- loan term. Such a structure recognizes that a younger tory institutions. For example, basic deposit and borrower's future earning potential is generally credit products have multiplied and become highly greater than his or her current income and assumes specialized. In addition, there has been a proliferation that the borrower will be able to refinance at the end of nonbank providers of financial services, such as of the loan term. While the arrangement makes mortpayday lenders and check cashers. (The number of gage payments more affordable for some borrowers, check-cashing centers has doubled over the past five it can be devastating to those living on fixed incomes. years, according to Financial Service Centers of Efforts by government agencies to better under- America, Inc.) These developments have given con- stand predatory lending have generally found that the sumers more options and greater flexibility in creat- distortion or inappropriate use of credit provisions, ing financial arrangements that best suit their needs. coupled with the inherent complexity of mortgage Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Literacy: An Overview of Practice, Research, and Policy 447 lending, sometimes results in borrowers becoming payments on mortgage and consumer debt as a share entangled in a financially devastating credit quag- of disposable income—reaching near-record levels. mire. Borrowers who are unfamiliar with credit trans- Meanwhile, although the personal saving rate rose actions and unaware of the full implications of the on average in 2001, it registered below 1 percent loan terms may be vulnerable to unethical lenders' at year-end.2 In addition, a record number of nonsales strategies. Although regulatory protections and business bankruptcies, approximately 1.5 million, legal remedies are important, consumer education is were filed in 2001, an increase of more than 19 perseen as an essential element for combating and pre- cent from 2000.3 Together, these data suggest that venting predatory lending.1 some consumers may be vulnerable to a financial crisis in the event of an economic shock such as the loss of employment or a protracted illness. Changes in Personal Finances Other factors prompting increased attention to finan- Changes in Demographics cial literacy include the rise in consumer debt levels, the decline in already-low personal saving rates, and Data from the 2000 census confirm that the U.S. the increase in non-business bankruptcy filings. population has become considerably more diverse Although the rate of expansion of consumer credit in and that foreign-born households represent an impor- 2001 was well below that in 2000 (6.5 percent com- tant consumer market force. Many in these groups, pared with 10.25 percent), outstanding household as is common among underserved populations, may debt increased an estimated 8.75 percent in 2001, a be unfamiliar with U.S. financial practices and (or) rate about 1 percentage point faster than the average lack access to mainstream financial systems. Langrowth over the preceding two years. Household guage, educational, and cultural barriers can discourborrowing outstripped the growth of disposable per- age some populations from establishing a banking sonal income in that year, with the household debt- relationship to acquire financial services. Instead, service burden—an estimate of minimum scheduled they may use alternative providers to conduct basic transactions such as cashing checks, obtaining loans, or wiring funds. Although using alternative providers 1. In 1999 and 2000, a variety of efforts were undertaken by fedmay be convenient or comfortable, a report by the eral, state, and local agencies to gain insight into abusive lending practices. The Federal Reserve hosted a series of public hearings to Fannie Mae Foundation asserts that they generally obtain comment on proposed revisions to the regulation implementing charge higher per-transaction fees (table 1). Financial the Home Ownership Equity Protection Act, a statute enacted to stem literacy programs promote participation in the bankunscrupulous lending by increasing disclosure requirements and consumer protections for high-cost loans (www.federalreserve.gov/ ing system to enable consumers to gain access to a events/publichearings/default.htm). A joint task force of the Department of Housing and Urban Development and the Department of the Treasury released a report of findings and policy recommendations 2. Statistics on debt and savings are from "Monetary Policy Report regarding predatory lending (www.huduser.org/publications/hsgfin/ to the Congress," Federal Reserve Bulletin, vol. 88 (March 2002), curbing.html). In both cases, financial education was recommended pp. 141-72. as a means of helping borrowers better understand the basics of 3. American Bankruptcy Institute, "U.S. Bankruptcy Filings 1980mortgage credit. 2001" (www.abiworld.org/stats/1980annual.html). 1. Estimated fees for financial services charged by nonbank providers, 2002 «S erv•i ce Rate per transaction Number of transactions Gross revenue Total fee revenue (percent) (millions) (billions of dollars) (billions of dollars) 1 Check cashing Payroll and government, 2-3 180 60 1.5 Personal, can exceed 15 PPaayyddaayy llooaannss 15-17 per two weeks 55-69 10-13.8 1.6-2.2 400 APR Pawnshops 1.5-25 per month 42 3.3 n.a. 30-300 APR Rent-to-own 2 or 3 times retail 3 4.7 2.35 Auto title lenders 1.5-25 per month n.a. n.a. 30-300 APR Total 280 78 5.45 APR Annual percentage rate. SOURCE. James H. Carr and Jenny Schuetz, "Financial Services in Distressed n.a. Not available. Communities: Framing the Issue, Finding Solutions" (Fannie Mae Foundation, . . . Not applicable. August 2001). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 Federal Reserve Bulletin • November 2002 full complement of services, with the possible result an investment strategy that ensures their retirement of significant savings in transaction fees.4 An addi- security—first by recognizing the advantage of contional benefit of engagement with the banking system tributing to employer-sponsored savings plans and is suggested by research indicating that 51 percent then by understanding their future needs, goals, and of households that have a banking relationship save appetite for risk. regularly, compared with 14 percent of households that do not.5 PROVIDERS AND FOCUS OF FINANCIAL LITERACY TRAINING Increase in Consumer Responsibilities Efforts to improve the quality and increase the Consumer responsibilities for credit and investment amount of the financial information provided to conmanagement have increased in recent years. For sumers have been in place for many years. In a broad example, greater competition and more-flexible sense, the disclosure of key terms and costs of lendunderwriting standards have increased younger pop- ing and deposit transactions dictated by federal conulations' access to credit. It is not uncommon for sumer protection laws constitute a financial education college students, even those lacking a job or other tool, as they are intended to enable consumers to source of income, to obtain a credit card. In a 2001 compare the same type of information across prodstudy by the U.S. General Accounting Office, more ucts. Although the utility of disclosure documents than 33 percent of surveyed students indicated that has been debated, disclosures are generally viewed as they had a credit card before they entered college, an important mechanism for communicating imporand another 46 percent had acquired a card in their tant information to consumers. freshman year of college.6 Evidence that younger What is new is the proliferation of programs. A populations are having difficulty managing debt is study commissioned by Fannie Mae found that tworevealed in statistics showing a 51 percent increase in thirds of the ninety financial literacy programs that bankruptcy filings by debtors under the age of it examined were begun in the 1990s and that threetwenty-five between 1991 and 1999.7 fourths of those were initiated in the late 1990s or Consumers' responsibilities for their retirement 2000.10 investments have also grown. Employers are increas- The providers of financial literacy programs are ingly offering defined-contribution plans, for which a diverse group that includes employers, the milithe employee directs the investment, rather than tary, state cooperative extension services, community defined-benefit plans, for which the employer makes colleges, faith-based groups, and community-based the investment decisions on behalf of its employees. organizations. Commercial banks are also important In 1980, 70 percent of pension plans were structured providers of financial literacy education. All but two as defined-contribution plans; by 1997, the pro- of the forty-eight retail banks responding to a portion had risen to 92 percent.8 Moreover, sur- recent survey by the Consumer Bankers Association veys indicate that as many as 30 percent of eligible reported contributing to financial literacy efforts in employees do not participate in employer retirement some way.11 Many banks consider their engagement plans.9 Financial training can help employees devise in this area a way to expand their customer base and promote goodwill, and such activities are often given favorable consideration in examinations for compli- 4. James H. Carr and Jenny Schuetz, "Financial Services in Distressed Communities: Framing the Issue, Finding Solutions" (Fannie ance with the Community Reinvestment Act. Mae Foundation, August 2001) (www.fanniemaefoundation.org/ The content and audience of financial literacy programs/papers.shtml). programs also vary considerably. Some programs, 5. Constance R. Dunham, "The Role of Banks and Nonbanks in Serving Low- and Moderate Income Communities," in Jackson L. such as the Federal Deposit Insurance Corporation's Blanton, Alicia Williams, and Sherrie L. W. Rhine, eds., Chang- "Money Smart" curriculum, offer comprehensive ing Financial Markets and Community Development: Proceedings of a Federal Reserve System Community Affairs Research Conference (April 2001), pp. 31-58 (www.chicagofed.org/cedric/2001/ 10. Lois A. Vitt, Carol Anderson, Jamie Kent, Deanna M. Lyter, sessionone.cfm). Jurg K. Siegenthaler, and Jeremy Ward, Personal Finance and 6. U.S. General Accounting Office, "Consumer Finance: College the Rush to Competence: Financial Literacy Education in the U.S. Students and Credit Cards," Report GAO-01-773 (GAO, June 2001). (study commissioned and supported by the Fannie Mae Foundation 7. Ibid. and conducted by the Institute for Socio-Financial Studies, Mid- 8. U.S. Department of Labor, "The National Summit on Retirement dleburg, Va., 2000) (www.fanniemaefoundation.org/programs/pdf/ Savings: Agenda Background Materials" (prepared by C. Conte), rep_finliteracy.pdf). 1998. 11. Consumer Bankers Association, "Financial Literacy Programs: 9. Mark Dolliver, "Just Blame It on Ignorance, if Not on Improvi- A Survey of the Banking Industry" (July 2001) (www.cbanet.org/ dence," Adweek, vol. 42 (March 2001). issues/financial_literacy/Financial_Literacy_Survey_2002.htm). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Literacy: An Overview of Practice, Research, and Policy 449 The American Bankers Association Education The Federal Reserve System's Role Foundation offers bankers a variety of information in Economic and Financial Literacy resources to promote the importance of savings and credit management and sponsors a Personal Econom- Recognizing the importance of educated and informed ics Program in which banks work with educators to consumers to the operation of efficient markets, the Fed- teach people of all ages about banking services and eral Reserve has been an active provider of economic financial management.14 Banks and other deposiliteracy materials to help students and the public better tory institutions also collaborate with community understand the U.S. economy and the role of the Federal development organizations as a means of increasing Reserve. Each of the twelve Federal Reserve Banks suptheir reach. For example, some financial instituports this objective through a wide variety of education tions support the National Community Reinvestpartnerships, publications, learning tools, and student ment Coalition's financial literacy initiative designed challenge contests. to help bring low- and moderate-income communi- As the importance of financial literacy has increased ties, minority groups, and individuals into the finanin recent years, the Federal Reserve has also become engaged in a broad spectrum of initiatives to further that cial mainstream. One component of the program goal. In partnership with government agencies, commu- helps banks and local community groups develop nity groups, and other organizations, the Federal Reserve mutually beneficial strategies for promoting financial has supported programs to provide training seminars for literacy. community educators and increase awareness of abusive Employers are also common providers of financial practices in lending and other financial services. Some education, and many sponsor informational and train- Reserve Banks use their web sites as information clearing sessions that employees can attend during the inghouses, aggregating and categorizing the variety of workday. For example, the Federal Reserve Board resources that can be accessed on the Internet. Others has in recent years periodically hosted sessions focushave published manuals to help consumers understand ing on homebuyer orientation, budgeting and credit fundamental financial management concepts and have management, and savings for retirement and childeveloped electronic tools for designing personal budgets and savings plans. To contribute to the body of research dren's education. The Department of Defense, which on the topic, the Federal Reserve has conducted numer- determined that financial wellness contributes to ous studies related to consumer finances. In addition, the quality of life and affects military readiness, incorpo- 2003 Federal Reserve Community Affairs Research Con- rated comprehensive financial education in its basic ference will serve as an opportunity to bring new think- training programs for certain personnel. ing to the subject of measuring the effect of financial literacy training and determining the level of need for such education. FINDINGS OF EMPIRICAL STUDIES OF FINANCIAL LITERACY PROGRAMS information intended to familiarize households with the fundamentals of saving and credit. Other pro- While financial literacy training programs have grams are intended to facilitate the attainment clearly proliferated, research measuring the effectiveof a specific goal, such as home ownership, savings ness of the training has not kept pace. Those studies accumulation, or debt reduction.12 Some programs that have been conducted use a variety of criteria for are intended for a broad audience. Others are determining success, ranging from the incidence of designed for a particular group, such as high school default on home mortgages to changes in confidence students or military personnel. For the banks sur- levels among training participants. The body of veyed by the Consumer Bankers Association, pro- objective research generally concludes that financial spective homeowners were the most common focus. literacy training yields some benefits. Student testing Another major target audience was training for youth: and surveys of confidence in financial matters, how- Three-fourths of the responding banks reported that ever, produce less-definitive results. they support financial literacy programs in public In analyzing the efficacy of financial literacy proschools, through direct investment and participation grams, the primary challenge is defining and quanin training initiatives.13 tifying "success." The broad objective of all programs is to present information that will improve 12. For a description of the FDIC program, see "Money Smart: An Adult Education Program" (www.fdic.gov/consumers/consumer/ moneysmart/index.html). 14. American Bankers Association Education Foundation, 13. Consumer Bankers Association, "Financial Literacy Programs: "Our National Programs" (www.aba.com/Consumer+Connection/ A Survey of the Banking Industry." CNC_aboutef.htm). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 Federal Reserve Bulletin • November 2002 consumers' ability to make decisions that are bene- 1993 through 1998 under its affordable mortgage ficial to their financial well-being. One measure of loan program, Affordable Gold.16 Some borrowers success is the achievement of a specific outcome had received prepurchase counseling, and others had resulting from the training, with programs that are not; those who had received counseling had received tied to a defined goal providing the best opportunities it from a variety of sources, including government for measuring success. Initiatives that have a signifi- agencies, mortgage insurers, and nonprofit groups. cant goal-oriented educational component include The objective of the study was to determine whether programs for first-time homebuyers, savings initia- prepurchase home ownership counseling affected tives, and workplace retirement-planning efforts. ninety-day delinquency rates and whether effectiveness varied with training format (individual counseling, group classes, home study, or telephone Homebuyer Counseling Programs counseling). Borrowers receiving counseling had, on average, a 19 percent lower ninety-day delinquency Home ownership, a primary mechanism for house- rate than borrowers with "equivalent observable hold asset accumulation, is the cornerstone of gov- characteristics" not receiving counseling. Those who ernment housing policy objectives and community received individual counseling had a 34 percent lower development strategies. Considerable resources have delinquency rate than those who received no counbeen devoted to supporting consumers in purchas- seling, and those who received classroom and home ing a home. Prepurchase counseling has long been study training had 26 percent and 21 percent lower a way of preparing and qualifying prospective delinquency rates respectively. Telephone counseling homeowners—particularly those who have low did not lower delinquency rates. The reduction in income, inadequate savings, or impaired credit delinquency rates was found to be attributable to the histories—for the financial responsibility of a mort- type of counseling format, regardless of the organizagage. Many affordable-housing programs include tion providing the counseling. a financial literacy component, with such training generally addressing debt management, budgeting, and saving. Savings Initiatives Within the community development arena, homebuyer counseling has been a fundamental strategy Financial literacy training is integral to many initiafor increasing home ownership among disadvantaged tives designed to increase the rate of saving among households in distressed communities. As a catalyst- middle- and lower-income households. America for neighborhood stabilization, community organiza- Saves—a program in which communities conduct tions provide financial literacy training to develop local savings campaigns—was begun by the Con- "bankable" borrowers who can qualify for a mort- sumer Federation of America in May 2001. The gage and appropriately manage their debt. Neighbor- program includes efforts to enroll residents as savers hood Housing Services, a subsidiary of the Neigh- and the provision of no-fee savings accounts, motiborhood Reinvestment Corporation (NRC), was one vational workshops, and one-on-one consultation. of the first community-based affordable-housing The pilot program in Cleveland, Ohio, has more than programs to institute this practice.15 NRC and its 100 organizational participants, has enrolled 1,500 umbrella network, NeighborWorks, provided home- "Cleveland Savers," and has involved more than buyer training, both before and after purchase, to 2,000 individuals in motivational workshops. An more than 71,000 individuals in fiscal year 2001. areawide survey suggests that through these efforts, Maintenance of a mortgage loan in accordance some 10,000 Cleveland-area residents have been perwith the contract is a desired outcome of many home- suaded to save more effectively.17 Since the launch of buyer counseling programs, and timely payments are the pilot program, America Saves campaigns have a measure of their success. Using payment perfor- been initiated in Kansas City and are being organized mance as a measure of success, Freddie Mac, one of in other cities, including Indianapolis and Charlotte. the largest purchasers of mortgage loans, conducted a study of nearly 40,000 mortgages originated from 16. Abdighani Hirad and Peter M. Zorn, "A Little Bit of Knowledge Is a Good Thing: Empirical Evidence of the Effectiveness of 15. The Neighborhood Reinvestment Corporation was created by Pre-purchase Homeownership Counseling" (Freddie Mac, May 2001). Congress in 1978 to revitalize older, underserved areas through 17. America Saves, "One-Quarter of U.S. Households Are Wealth community-based approaches to support redevelopment and afford- Poor," press release, May 13, 2002 (www.americasaves.org/ able housing. back_page/savinginamerica_first.cfm). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Literacy: An Overview of Practice, Research, and Policy 451 Money 2000, a program sponsored by the U.S. Workplace Programs Department of Agriculture through its Cooperative Extension Service (a division of the agency's Coop- As employers have shifted from offering employererative State Research, Education, and Extension driven defined-benefit retirement plans to employee- Services program) was initiated to provide informa- directed defined-contribution plans, many individuals tion and tools to consumers seeking to improve their have of necessity assumed greater responsibility for savings and spending patterns. Program participants planning for their financial needs in retirement. Many reporting progress toward their financial goals employers have instituted training seminars to help increased their savings, on average, approximately employees assess their needs and evaluate their $1,600 within a twelve-month period and decreased options for the future. their credit balances an average of more than A study by Fannie Mae found that employers most often initiated financial education for reasons $1,200.18 Other, more focused efforts support asset devel- associated with their 401(k) programs—to increase opment among lower-income households through participation and contribution levels, to comply with the use of monetary incentives. Matched-savings pro- related regulations, and to avoid potential liability for grams known as individual development accounts losses.20 The study profiled programs on long-term (IDAs) were designed to address the concern that financial and retirement planning at Weyerhaeuser many lower-income earners do not have access Company and United Parcel Service (UPS). The to employer-sponsored savings programs, such as Weyerhaeuser program was begun in 1984, and the 401(k) plans. Participants open savings accounts and UPS program in 2000; both are strongly supported specify a savings objective. Their contributions are by management and are offered at regular intervals. matched by sponsoring organizations such as non- The programs consist of one- or two-day workshops profit organizations, corporations, government agen- tailored to particular age groups. Employees receive cies, and foundations. Matching funds are forfeited extensive resource materials, including workbooks if the funds are withdrawn for any reason other than that incorporate explanations of the companies' beneto purchase a home, start a small business, or fund fits in the context of broader financial planning stratehigher education. gies. The Weyerhaeuser program takes a holistic To determine the effectiveness of IDAs, the Cor- approach, covering nonfinancial topics such as health poration for Enterprise Development initiated a pilot and quality of life in the workshops. The UPS proproject involving fourteen IDA programs throughout gram augments written resource materials with a the country, the American Dream Demonstration web-based service to help employees develop a per- (ADD). Participants in the programs received an sonal financial action plan and computer software to average of ten and one-half hours of financial train- provide information on such topics as budgeting, ing. An evaluation of ADD programs, participants, managing debt, saving, insurance, and wills. and savings patterns from September 1997 through Employee response to workplace financial educa- June 2000 found generally favorable outcomes.19 tion programs and the results of studies of the influ- Although IDAs have many features that can influence ence of such training on employee financial behavior success rates, such as voluntary enrollment and have generally been favorable. One study found matching funds, financial training appears to have that employees who attended training workshops played an important role: Average monthly net depos- subsequently increased their participation in 401(k) its increased with each additional hour of training up plans.21 Another study drew a similar conclusion, to twelve hours (training beyond that amount had with more than half of those participating in counsellittle effect). ing sessions and workshops changing at least one financial behavior.22 In a study evaluating the effec- 18. Money 2000 recently became Money 2020 and is being incorporated into the America Saves program (www.money2000.org/). 19. The Corporation for Enterprise Development is a nonprofit 20. Lois A. Vitt and others, Personal Finance and the Rush to organization that promotes asset-building and economic opportunity Competence. strategies primarily in low-income and distressed communities. The 21. Jinhee Kim, Constance Y. Kratzer, and Irene E. Leech, evaluation of the ADD programs is reported in Mark Schreiner, "Impacts of Workplace Financial Education on Retirement Plans," in Michael Sherraden, Margaret Clancy, Lissa Johnson, Jami Curley, Jeanne M. Hogarth, ed., Proceedings of the 2001 Annual Conference Michal Grinstein-Weiss, Min Zahn, and Sondra Beverly, "Savings of the Association for Financial Counseling and Planning Education, and Asset Accumulation in Individual Development Accounts: Down- p. 28. payments on the American Dream Policy Demonstration, A National 22. Jinhee Kim, "The Effectiveness of Individual Financial Coun- Demonstration of Individual Development Accounts" (Washington seling Advice," in Jeanne M. Hogarth, ed., Proceedings of the 2001 University in St. Louis, February 2001) (http://gwbweb.wustl.edu/csd/ Annual Conference of the Association for Financial Counseling and Publications/ADDreport2001/index.htm). Planning Education, pp. 62-69. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 Federal Reserve Bulletin • November 2002 tiveness of financial education offered by a chemi- when participating students reached adulthood.26 cal production company, 75 percent of employees A more recent study, based on data from the 1999 reported deriving a sense of benefit from workplace- Freddie Mac Consumer Credit Survey, concluded sponsored training; they believed that they had made that specific and detailed knowledge of financial better financial decisions after attending the work- affairs had little effect on behaviors and outcomes, shop and were overall more confident in making and that confidence and a broad understanding were investment decisions.23 Other researchers conducted more important predictors of successful financial outa telephone survey of a national sample of indi- comes.27 The study also found that consumers appear viduals aged thirty to forty-eight to examine the to benefit from practical and applied learning: The effects of employer-based financial education on major source of learning for all groups was a difficult savings, both in general and for retirement. Retire- financial experience. The researchers concluded that ment accumulation, by nearly all measures, was teaching financial literacy in the abstract appears to found to be significantly higher for respondents be ineffective and that providing consumers with whose employers offered financial education. In ready access to information on an ongoing basis may addition, rates of participation in 401(k) plans for better help households having minor financial diffiboth respondents and spouses were higher in the culties avoid exacerbating their situation through presence of employer-sponsored financial educa- unproductive behaviors. tion. The study found a significant relationship Other surveys have sought to measure the shortbetween financial education and the rate of total term effects of financial training targeted at secondsaving; however, there was essentially no relation- ary school students. One such survey was a 1997-98 ship between financial education and total wealth evaluation by the National Endowment for Financial accumulation.24 Education (NEFE) of its High School Financial Plan- Studies of workplace-sponsored financial training ning Program.28 The survey compared students' have also focused on benefits to employers. The responses to questions about their financial behavstudy at the chemical production company, for exam- iors, financial knowledge, and confidence levels in ple, found that financial wellness was positively cor- managing financial matters before and after parrelated with worker productivity (as measured by ticipating in the program. Nearly 30 percent of the supervisors' performance ratings) and worker health students reported that they started saving after partici- (as a function of absentee records).25 pating in the training, and 15 percent indicated that they began saving more. In addition, 37 percent of the students stated that they had better skills for tracking spending, 47 percent believed that they were RESULTS OF SURVEYS more knowledgeable about the cost of credit, and OF GENERAL FINANCIAL TRAINING PROGRAMS 38 percent indicated that they were both better While studies generally find a positive correlation informed about investments and more confident about between financial training and the achievement of managing money after participating in the program. specific goals, the results of surveys measuring the While the NEFE survey results indicate that genacquisition of more general, more comprehensive eral financial literacy training can be useful for stufinancial literacy are less clear cut. A 1995 telephone dents, at least for a short period after the training, survey of a nationally representative sample of individuals aged thirty to forty-nine to measure the longterm effects of financial curricula in high schools 26. B. Douglas Bernheim, Daniel M. Garrett, and Dean Maki, across the country found that state-mandated finan- "Education and Saving: The Long-Term Effects of High School Financial Curriculum Mandates," NBER working paper w6085 cial education resulted in both increased exposure to (National Bureau of Economic Research, July 1997). such information and improved asset accumulation 27. The study was based on data for more than 12,000 individuals across the country aged twenty to forty with household incomes of less than $75,000. Study results are discussed in Donald Bradley, Abdi Hirad, Vanessa Gail Perry, and Peter Zorn, "Is Experience the 23. E. Thomas Garman, Jinhee Kim, Constance Y. Kratzer, Best Teacher? The Relationship between Financial Knowledge, Finan- Bruce H. Brunson, and So-hyun Joo, "Workplace Financial Education cial Behavior, and Financial Outcomes," paper submitted to the Improves Personal Financial Wellness," Financial Counseling and Rodney L. White Center for Financial Research, University of Penn- Planning Journal, vol. 10 (issue 1, 1999), pp. 79-99. sylvania, Workshop on Household Financial Decision Making, March 24. B. Douglas Bernheim and Daniel M. Garrett, "The Effects of 2001. Financial Education in the Workplace: Evidence from a Survey of 28. Laurie Boyce and Sharon M. Danes, "Evaluation of the NEFE Households," Journal of Public Economics (forthcoming). High School Financial Planning Program, 1997-1998" (report of a 25. E. Thomas Garman and others, "Workplace Financial Educa- study sponsored by the National Endowment for Financial Education) tion Improves Personal Financial Wellness." (www.nefe.org/pages/educational.html). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Literacy: An Overview of Practice, Research, and Policy 453 scores on a test administered to high school seniors its that the risk—either real or perceived—associated by the Jump$tart Coalition, a nonprofit financial with experimenting with something new will cause education advocacy group, present a less clear view an individual to remain in a situation that is not of the relationship between training, knowledge, and optimal.30 The study's authors also note several confidence. Over a period when attention to public economically self destructive aspects of behavior, school training in personal finance was increasing, such as overconfidence (investing in the absence of average scores on a multiple-choice test of seniors' complete information), overreaction (exaggerated knowledge of the basics of personal finance were response to new information), selflessness (giving to declining—from 57 percent in 1999 to 52 percent in charity despite one's financial situation), and loss 2000 to 50 percent in 2002.29 In fact, students in the aversion (delayed entry into or exit from a financial 2002 study who had received an entire semester of situation inconsistent with one's financial best intertraining scored a bit worse on the test than those who est). Recognition of these behavioral traits can help had not, and students in states having a statewide financial literacy trainers understand households' pritraining requirement scored worse than those in states orities and create financial training programs that having no requirement. Notably, in the 2002 survey, take these traits into consideration. students who had participated in an interactive stock With respect to savings, the NBER authors suggest market game as part of their training scored better on that consumers' lack of self-discipline necessitates the survey (52 percent) than did students overall and strategies and policies that force savings, such as better than those who had received other types of automatic enrollment in 401(k) investment plans training. Despite the low average score, 65 percent and tax benefits to motivate contributions to indiof the students tested in 2002 indicated that they felt vidual retirement accounts. Other mechanisms con- "somewhat sure" or "very sure" of their ability to sumers commonly use that can be characterized handle their finances. as forced savings are the overwithholding of income taxes to ensure a refund and the accumulation of home equity through mortgage payments and prop- INFLUENCE OF BEHAVIOR TRAITS erty appreciation. AND LEARNING PREFERENCES In one study of a savings program that capitalizes on the propensity of households to engage in passive Although research shows that the acquisition of addi- savings, researchers examined the Save More Tomortional information can result in improved behavior row (SMT) program, through which employees in financial matters, studies also make clear that commit, in advance, a portion of their future salary increased information does not automatically result increases toward their (employee-directed) definedin such improvement. While the overarching objec- contribution retirement plan.31 Program participants tive of financial literacy training is to impart knowl- are offered ongoing counseling by an investment edge that will, ultimately, improve financial behav- adviser. Although the study was not based on random iors, the assumption that the presence of more assignment, as participants self-selected into the proinformation will lead to improved behavior is faulty. gram, the findings are compelling: Savings rates of The conundrum of why, in the presence of reliable participants tripled in twenty-eight months; 78 perand credible information, households do not always cent of eligible employees elected to participate; and act in their best financial interest—as the efficient- the vast majority of participants remained in the markets model contends they should—is explored by program through two or three pay increases (98 perthe discipline of behavioral economics. Research in cent and 80 percent respectively). behavioral economics can contribute to the develop- The manner in which information is presented can ment of policies and programs that motivate positive also influence the effectiveness of financial literacy change. programs. A recent Federal Reserve study based on the In examining the disconnect between the efficient- November and December 2001 Surveys of Consumers markets model and the "nonrational" behaviors in which consumers engage, a study funded by the 30. Sendhil Mullainathan and Richard H. Thaler, "Behavioral Eco- National Bureau of Economic Research (NBER) pos- nomics," NBER working paper w7948 (National Bureau of Economic Research, October 2000). 31. Richard H. Thaler and Shlomo Benartzi, "Save More Tomorrow: Using Behavioral Economics to Increase Employee Saving" 29. The results of the 2002 Personal Financial Literacy Survey (working paper prepared at the University of California at Los Angeare available at www.jumpstart.org/download.cfm. Also see "From les, August 2001). (For information on the Save More Tomorrow Bad to Worse: Financial Literacy Drops Further among 12th Grad- program, see http://gsbwww.uchicago.edu/news/capideas/summer02/ ers," Jump$tart press release, April 23, 2002. savemoretomorrow .html). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 Federal Reserve Bulletin • November 2002 2. Proportion of consumers who have various financial products and engage in various financial behaviors, by consumer money management style Percent Money management style PPrroodduucctt oorr bbeehhaavviioorr All consumers Inactive/Unengaged Inactive/Engaged Acti ve/U nengaged Active/Engaged Financial product Deposit products Checking account 89 74 100 92 100 Savings account 80 61 93 85 94 Certificate of deposit 30 14 38 20 52 Investment products Any investment account 52 17 84 31 93 Mutual fund 46 15 I 69 28 84 Public stock 24 1 7 1 43 11 43 Bonds 6 I 7 4 12 Retirement products Company pension plan or 401 (k) plan 45 19 72 27 74 IRA or Keogh §8pi 43 1 16 70 21 76 Credit products Credit card 79 57 97 79 97 Mortgage 72 53 87 70 91 Refinanced mortgage or loan for home improvements 35 16 51 23 57 At least one financial product IIMPI97 92 100 100 100 Memo: Average number of financial products owned 7 4 9 5 10 Financial behavior Cash-flow management Pay all bills on time 88 75 90 96 98 Have a recordkeeping system 65 41 51 83 89 Balance checkbook monthly 67 49 64 82 82 Track expenses 59 41 32 86 76 Use a spending plan or budget 46 34 g 14 71 59 Savings " Have an emergency fund 63 30 60 81 93 Save or invest money out of each paycheck 49 20 40 64 78 Save for long-term goals such as education, car, home, or vacation 39 ?• ' 14 16 59 65 Plan and set goals for financial future 36 20 10 57 54 Investment Have money in more than one type of investment 53 16 74 46 93 Calculated net worth in past two years 40 14 33 47 68 Participate in employer's 401(k) retirement plan 37 11 47 33 68 Put money into other retirement plan, such as an IRA fr rtftfcftijffi 22 lit;: 4 16 22 47 Credit Review credit report 58 40 47 74 74 Pay credit card balances in full each month 49 21 53 54 76 Compare offers before applying for a credit card ... 35 21 34 44 47 Other Do own taxes 40 31 31 47 51 Read about personal money management 20 5 9 23 40 At least one financial behavior 100 100 100 100 100 Memo: Average number of behaviors engaged in — 9 5 7 12 13 NOTE. See text for explanation of consumer money management style. SOURCE. Jeanne M. Hogarth, Marianne A. Hilgert, and Jane Schuchardt, Statistical tests show that for each item, the differences among the groups are "Money Managers—The Good, the Bad, and the Lost," paper presented at the significant at the 99 percent level of confidence. Association for Financial Counseling and Planning Education Conference, Scottsdale, Arizona, November 2002. looked at the perceived effectiveness of different households, and perceptions about effective informameans of information delivery and numerous other tion sources. It also provided insight into household aspects of money management.32 The study identi- cash-flow management, saving and investment, and fied money management styles and factors associ- retirement planning. ated with those styles, information resources used by Survey respondents were classified in terms of the number of financial products they used or owned 32. The Survey of Consumers is a monthly telephone survey of a (from a list of thirteen) and the number of financial sample of U.S. households conducted by the University of Michigan behaviors they exhibited (from a list of eighteen). Survey Research Center. Information on the Federal Reserve study is from Jeanne M. Hogarth, Marianne A. Hilgert, and Jane Schuchardt, Respondents who ranked above the median in both "Money Managers—The Good, the Bad, and the Lost," paper pre- number of products (labeled "engaged" consumers) sented at the Association for Financial Counseling and Planning and number of behaviors (labeled "active" consum- Education Conference, Scottsdale, Arizona, November 2002. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Literacy: An Overview of Practice, Research, and Policy 455 3. Proportion of consumers who obtained financial information from various sources, by consumer money management style Percent Money management style IItteemm All consumers Inactive/Unengaged Inactive/Engaged Acti ve/U nengaged Active/Engaged Learned "a lot" or a "fair amount" about financial topics from: Personal financial experiences*** 68 51 66 72 86 Friends and family *** 42 35 40 46 49 TV, radio, magazines, newspapers*** 36 28 34 38 45 Employer** 21 16 21 20 26 High school or college course *** 19 15 12 20 26 Course outside school *** 17 11 12 18 25 Internet*** 11 5 12 12 19 Most important way learned about personal finances:1 Personal financial experiences 48 47 42 49 51 Friends and family * 21 24 25 19 17 TV, radio, magazines, newspapers * llH • 8 13 11 14 Training courses/seminars 5 3 4 6 5 Employer 5 3 5 6 5 High school or college course 4 7 5 4 4 Internet 5 0 4 4 1 No answer 2 8 1 1 1 Effective ways to learn about personal finances: TV, radio, magazines, newspapers ** 71 66 74 71 76 Informational brochures 66 65 65 64 70 Video presentation at home 64 65 63 60 67 Internet/computer program *** 56 43 56 61 67 Informational seminars in community 53 49 52 50 58 Formal courses at a school 53 53 53 56 52 NOTE. See text for explanation of consumer money management style. 1. Percentages may not sum to 100 percent because of rounding. Statistical tests show that the differences among groups are significant at SOURCE. Jeanne M. Hogarth, Marianne A. Hilgert, and Jane Schuchardt, the following levels of confidence: *, 90 percent level; **, 95 percent level; "Money Managers—The Good, the Bad, and the Lost." ***, 99 percent level. ers) owned, on average, ten of the thirteen financial media, information brochures, and video presentaproducts and exhibited thirteen of the eighteen finan- tions at home. The Internet, seminars, and classroom cial behaviors, while the average respondent below courses ranked somewhat lower, with active responthe medians (inactive/unengaged consumers) owned dents generally more likely than inactive respondents only four of the products and exhibited only five of to consider these effective ways to learn about finanthe behaviors (table 2). cial management. Those sources generally consid- To measure level of financial knowledge, the sur- ered most effective can be classified as individually vey asked a series of true-false questions concerning focused and available "on demand"—that is, consavings, credit, and other general financial manage- sumers appear to want information at a time of their ment matters. Overall, respondents answered 67 per- choosing, not on someone else's schedule. Those cent of the questions correctly; active/engaged con- who did tend to see a group environment as an sumers answered 76 percent correctly, and inactive/ effective venue for learning were more likely to be unengaged consumers answered 59 percent correctly. active, engaged consumers. Test score, income, and level of education were Data of this sort promise to be helpful in the design the only variables found to have a statistically sig- of financial education programs and the developnificant relationship to money management style: ment of strategies for reaching various target groups Respondents with higher test scores, greater income, most effectively. For example, by cross-referencing and a higher level of education were more likely socioeconomic data collected in the survey (not to be active/engaged and less likely to be inactive/ reported here) with the data on effective sources of unengaged than other respondents—a finding sup- information, the design and delivery of programs can porting the value of financial literacy education. be tailored to be more responsive to the preferences Most commonly cited as the most important source of learners. of information about personal finances was personal experience; smaller proportions of respondents cited POLICY IMPLICATIONS friends and family and mass media (TV, radio, mag- AND PROGRAM CHALLENGES azines, and newspapers) as their most important source (table 3). Most commonly cited as effective Overall, evidence concerning the benefits of financial ways to learn about personal finances were mass training is consistent with conventional wisdom— Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 Federal Reserve Bulletin • November 2002 education can result in more-informed consumers • Where should financial literacy education be prowho make better financial decisions. When it comes vided to reach the broadest audience? to specifics, however, many challenges remain in • How can financial literacy education be effecidentifying the most effective and most efficient tively delivered, both at specific points in time and means of providing relevant information to educate over time, to assist households in adjusting their consumers at appropriate points in their financial life financial plan to suit their circumstances? cycle. Demonstration of program effectiveness is • How can the effectiveness and impact of financritical to maintaining the current level of interest in cial literacy programs be measured? and resources devoted to financial literacy education. Certainly, the matter has received the attention of The task, which may appear simple when reduced policymakers, with members of the Federal Reserve to a series of bullet items, becomes complex when Board addressing the topic on numerous occasions these variables are considered simultaneously or and Congress holding two days of hearings on the the multiple implications of just one variable are subject in February 2002.33 In addition, the Depart- evaluated fully. For example, in considering where to ment of the Treasury has established an Office of introduce financial management topics to youth, the Financial Education dedicated to providing resources public school system may seem a logical place. Howand contributing to policy on financial literacy.34 And ever, issues of funding and teaching priorities complithe No Child Left Behind Act of 2001 commits cate the use of this venue. Even when states mandate federal funding for innovative assistance programs personal finance education, the question remains at the local level, including "activities to promote of how to incorporate training into existing student consumer, economic and personal finance education, curricula, as specific requirements related to acasuch as disseminating information on and encour- demic performance and the desire to offer worthwhile aging use of the best practices for teaching the basic but competing electives, such as foreign languages principles of economics and promoting the concept and music, may leave little room for a separate of achieving financial literacy. . .." course. Similarly, while research identifies the work- The challenges for policymakers and educators in place as an effective venue for extending financial designing and delivering financial literacy education literacy to adults, the existence of workplace proto meet the needs of all groups within the population grams is dependent on management philosophy and are many. The elements that must be considered can corporate culture, and as a result, programs may not be defined broadly in a set of questions: be available to large segments of the population. The challenge of providing financial training to • Who is the targeted audience and what are the adults is particularly vexing in light of the wide group's information needs? variety of information needs arising from differences • What does the audience need to know to under- in prior experience, language and cultural backstand personal financial circumstances, identify future ground, current financial situation, and time availabilgoals, and implement behaviors consistent with ity, given work and family commitments. The wide attainment of those goals? variation in needs also poses challenges in the devel- • When is the appropriate time to expose individu- opment and delivery of relevant information. Most als to both general and specific information about classroom-style programs take a "one size fits all" financial issues and options? approach, in a well-intended effort to provide as much information as possible in a limited amount of time. Such training may not be enough for some 33. See, for example, "Financial Literacy," testimony by Chairman Alan Greenspan before the U.S. Senate Committee on Banking, Hous- participants and too much for others. Many education ing, and Urban Affairs, February 5, 2002; "Reflections on Financial providers use the Internet to offer resources and refer- Literacy," speech by Vice Chairman Roger W. Ferguson, Jr., before rals, allowing consumers to choose, among a range of the National Council on Economic Education, May 13, 2002; and "Financial Literacy," speech by Governor Edward M. Gramlich at the topics, the information that best suits their needs. But Financial Literacy Teacher Training Workshop, University of Illinois this approach has limited utility for consumers who at Chicago, May 2, 2002. cannot access a computer, have limited language or Also see "Hearings on the State of Financial Literacy and Educareading skills, or need a more personalized training tion in America," US. Senate Committee on Banking, Housing, and Urban Affairs, February 5-6, 2002 (www.senate.gov/%7Ebanking/ experience. 02_02hrg/020502/index.htm and www.senate.gov/%7Ebanking/ In an ideal world, financial educators would ana- 02_02hrg/020602/index.htm). 34. U.S. Department of the Treasury, "Treasury Department lyze each individual's needs and provide customized Announces Office of Financial Education—New Deputy Assistant training based on that assessment. But such one-on- Secretary for Financial Education in Place," press release, May 7, one interaction is time- and resource-intensive. Thus, 2002 (www.treas.gov/press/releases/po3079.htm). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Literacy: An Overview of Practice, Research, and Policy 457 educators are seeking other ways to analyze con- assessment of the individual's motivation and confisumer needs more effectively and deliver pertinent dence, could assist in providing relevant financial information more efficiently. One approach might information at the appropriate time. parallel in some ways the use of a credit-scoring The development of consistent standards for model in loan underwriting, which has enabled lend- measuring results, too, could increase the success ers to quickly and effectively construct an individual of financial literacy programs. Practitioners who can risk profile. A similar approach might be taken in demonstrate the effectiveness of their programs can determining a consumer's financial literacy profile, contribute significantly to the identification of "best with a database on an individual's or group's finan- practices" and the setting of policies that may lead to cial status, behavior, and learning preferences used to consumers who are better equipped to survive and, identify an individual's information and educational more important, thrive in our vibrant, diverse, comneeds. Knowledge of those needs, coupled with an plex financial marketplace. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 Announcements FOMC DIRECTIVE Following are the names of the chairmen and deputy chairmen appointed by the Board for 2003: The Federal Open Market Committee decided on September 24, 2002, to keep its target for the federal Boston funds rate unchanged at PA percent. James J. Norton, Vice President, AFL-CIO, The information that has become available since Washington, D.C., named Chairman. Samuel O. Thier, M.D., President and Chief Executive the last meeting of the Committee suggests that Officer, Partners HealthCare System, Inc., aggregate demand is growing at a moderate pace. Boston, Massachusetts, named Deputy Chairman. Over time, the current accommodative stance of monetary policy, coupled with still robust underlying New York growth in productivity, should be sufficient to foster Peter G. Peterson, Chairman, The Blackstone Group, an improving business climate. However, consider- New York, New York, renamed Chairman. able uncertainty persists about the extent and timing John E. Sexton, President, New York University, New York, New York, named Deputy Chairman. of the expected pickup in production and employment owing in part to the emergence of heightened Philadelphia geopolitical risks. Glenn A. Schaeffer, President Emeritus, Pennsylvania Consequently, the Committee believes that, for the Building and Construction Trades Council, foreseeable future, against the background of its long- Harrisburg, Pennsylvania, named Chairman. run goals of price stability and sustainable economic Ronald J. Naples, Chairman and Chief Executive Officer, growth and of the information currently available, the Quaker Chemical Corporation, Conshohocken, Pennsylvania, named Deputy Chairman. risks are weighted mainly toward conditions that may generate economic weakness. Cleveland Voting for the FOMC monetary policy action were: Robert W. Mahoney, Retired Chairman and Alan Greenspan, Chairman; William J. McDonough, Chief Executive Officer, Diebold, Incorporated, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Canton, Ohio, named Chairman. Roger W. Ferguson, Jr.; Jerry L. Jordan; Donald L. Charles E. Bunch, President and Chief Operating Officer, Kohn; Mark W. Olson; Anthony M. Santomero; and PPG Industries, Inc., Pittsburgh, Pennsylvania, named Deputy Chairman. Gary H. Stern. Voting against the action were: Edward M. Gram- Richmond lich and Robert D. McTeer, Jr. Wesley S. Williams, Jr., Partner, Covington & Burling, Governor Gramlich and President McTeer pre- Washington, D.C., named Chairman. ferred a reduction in the target for the federal funds Irwin Zazulia, Retired President and Chief Executive rate. Officer, Hecht's, Arlington, Virginia, named Deputy Chairman. Atlanta APPOINTMENT OF CHAIRMEN AND DEPUTY Paula Lovell, President, Lovell Communications, Inc., CHAIRMEN OF THE FEDERAL RESERVE BANKS Nashville, Tennessee, named Chairman. David M. Ratcliffe, President and Chief Executive Officer, The Federal Reserve Board on October 11, 2002, Georgia Power Company, Atlanta, Georgia, announced the appointment of chairmen and deputy named Deputy Chairman. chairmen of the twelve Federal Reserve Banks for 2003. Chicago Each Reserve Bank has a nine-member board of Robert J. Darnall, Former Chairman, President, and directors. The Board of Governors in Washington Chief Executive Officer, Inland Steel Industries, Inc., Chicago, Illinois, renamed Chairman. appoints three of these directors and designates one W. James Farrell, Chairman and Chief Executive Officer, of its appointees as chairman and a second as deputy Illinois Tool Works Inc., Glenview, Illinois, chairman. renamed Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

459 St. Louis business and economic conditions that prevailed at Charles W. Mueller, Chairman and Chief Executive that time. Officer, Ameren Corporation, St. Louis, Missouri, For the 2002 review, total loan commitments clasrenamed Chairman. sified as either substandard, doubtful, or loss rose by Walter L. Metcalfe, Jr., Chairman, Bryan Cave LLP, St. Louis, Missouri, renamed Deputy Chairman. $39.4 billion, or 34 percent, over the previous year, compared with a net increase of $54.3 billion, or Minneapolis 86 percent, the year before. At the same time, com- Ronald N. Zwieg, President, United Food & Commercial mitments rated special mention rose $3.6 billion, or Workers, Local 653, Plymouth, Minnesota, 5 percent, compared with $39.1 billion, or 108 perrenamed Chairman. cent, the year before. Linda Hall Whitman, Chief Executive Officer, QuickMedx, Inc., Edina, Minnesota, Adversely rated credits are the total of loans classirenamed Deputy Chairman. fied substandard, doubtful, and loss and loans rated special mention. Under the agencies' Uniform Loan Kansas City Classification Standards, classified loans have well- Terrence P. Dunn, President and Chief Executive Officer, defined weaknesses, including default in some cases, J.E. Dunn Construction Company, Kansas City, Missouri, renamed Chairman. while special mention loans exhibit potential weak- Richard H. Bard, Founder and Manager, IdeaSpring, LLC, nesses, which may result in further deterioration if Denver, Colorado, renamed Deputy Chairman. left uncorrected. Deterioration since the middle of last year was Dallas largely driven by the pronounced problems in the Ray L. Hunt, Chairman, President, and Chief Executive Officer, Hunt Consolidated, Inc., Dallas, Texas, telecommunication sector, alleged corporate fraud, named Chairman. weakness from the recent recession, and the after- Patricia M. Patterson, President, Patterson effects of September 11. Similar to last year, deterio- Investments, Inc., Dallas, Texas, ration has been particularly evident for credits to renamed Deputy Chairman. leveraged and speculative-grade borrowers that are San Francisco facing difficulty generating sufficient cash flow to Nelson C. Rising, Chairman and Chief Executive Officer, service their debts because of overcapacity, weaker Catellus Development Corporation, San Francisco, pricing, or slower-than-anticipated growth. At the California, renamed Chairman. same time, certain market segments have shown George M. Scalise, President, Semiconductor Industry moderate improvement, with the professional, scien- Association, San Jose, California, renamed Deputy Chairman. tific, financial, insurance, and other service sectors showing lower classification levels relative to 2001. In 2002, the SNC Program covered 9,328 credits RELEASE OF DATA ON LARGE SYNDICATED totaling $1.9 trillion in loan commitments to 5,542 BANK LOANS borrowers. Of the total commitments, $692 billion was advanced and outstanding. Classified credits The quality of large syndicated bank loans continued totaled $157.1 billion, or 8.4 percent of total committo deteriorate this year, but at a slower rate than was ments, up from $117.6 billion, or 5.7 percent, in evident in 2001, according to the 2002 Shared 2001. At the same time, loans listed for special National Credit (SNC) review, which federal bank mention rose to 4.2 percent of total commitments, regulators released on October 8, 2002.1 The deterio- from 3.7 percent in 2001. On a combined basis, ration was consistent with general economic, sec- special mention and classified loans represent toral, and credit market trends. 12.6 percent of total commitments, up from 9.4 per- The results—reported by the Board of Governors cent a year ago but still below the peak of 16 percent of the Federal Reserve System, the Office of the in 1991. None of these figures include the effects of Comptroller of the Currency, and the Federal Deposit hedging or other techniques that individual organiza- Insurance Corporation—are based on analyses that tions might have employed to mitigate risk. were prepared during the second quarter and reflect Of particular note for 2002 was a record $19.6 billion in commitments characterized as loss, up 1. The Shared National Credit (SNC) Program was established in $11.6 billion from the year before. Of that total, 1977 by the Board of Governors of the Federal Reserve System, the $7.6 billion, or 39 percent, was attributable to the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency to provide an efficient and consistent review telecommunication and cable industries. and classification of large syndicated loans. The annual program Of the $1.9 trillion in total SNC commitments, covers loans or loan commitments of at least $20 million that are shared by three or more financial institutions. U.S. banking organizations and foreign banking orga- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 Federal Reserve Bulletin • November 2002 nizations (FBOs) each held 45 percent of the expo- For the most part, banking organizations have been sures, and nonbank firms held the remaining 10 per- vigilant in identifying problem credits and reflecting cent.2 Since 2000, the share of commitments held by deterioration in the quality of syndicated loans in U.S. banks has fallen somewhat, while the nonbank their internal credit ratings. A combination of factors, share has grown. For 2002, the rate of deterioration including strong earnings and capital bases, coupled for credits held by these groups has differed mark- with diverse revenue sources and balance sheets have edly, with U.S. banking organizations experiencing allowed U.S. banking organizations to absorb detean 11 percent increase in classifieds, compared with riorating credit conditions over the past three years 39 percent for FBOs and 68 percent for nonbanks. without the disruption experienced a decade ago. Classifications as a percentage of commitments also Nevertheless, banking organizations must continue to showed a wide range, with U.S. banks exhibiting be vigilant in the current environment to ensure that lower overall problems relative to FBOs or non- they promptly identify and address any continuation banks. in credit quality deterioration and adjust allowance The significantly higher classification rate for non- levels for loan losses appropriately.3 banks is consistent with market observations that nonbanks have largely focused on sub-investmentgrade investments and have been purchasers of dis- ADJUSTMENT OF DOLLAR AMOUNT OF tressed loans in the secondary market at discounts to FEE-BASED TRIGGER par value; all dollar amounts in this release are par amounts. In addition, nonbanks and U.S. banks each The Federal Reserve Board on September 27, 2002, held 27 percent of the loss classification, while FBOs published its annual adjustment of the dollar amount held the remaining 46 percent. that triggers additional disclosure requirements under Over the past year, the telecommunication and the Truth in Lending Act for mortgage loans that bear cable industries experienced the steepest decline in rates or fees above a certain amount. quality, with three-quarters of the $40 billion increase The dollar amount of the fee-based trigger has in SNC classifieds attributable to this segment. For been adjusted from $480 for 2002 to $488 for 2003 2002, total classifications for the sector soared to based on the annual percentage change reflected in 27.0 percent of total commitments, compared with the consumer price index that was in effect on June 1, 3.9 percent the year before. 2002. The adjustment is effective January 1, 2003. The second largest increase in classifications was The Home Ownership and Equity Protection Act attributable to the oil, gas, pipelines, and utilities of 1994 bars credit terms such as balloon payments industries, with a $12.7 billion increase and a classifi- and requires additional disclosures when total points cation rate of 7.5 percent, compared with 1.9 percent and fees payable by the consumer exceed the feethe year before. Special mention credits for this seg- based trigger (initially set at $400 and adjusted annument more than doubled and amounted to 6.9 percent ally), or 8 percent of the total loan amount, whichever of commitments. Although the manufacturing indus- is larger. try exhibits the largest dollar volume of classified and criticized assets within the SNC portfolio, the rate of deterioration has diminished markedly from the prior ANNUAL ADJUSTMENTS OF THE LOW RESERVE year, with classifieds growing just 5 percent. The TRANCHE AND THE RESERVABLE LIABILITIES 1.5 percentage point rise in the manufacturing classi- EXEMPTION fication rate, to 12.1 percent, is largely a function of an 8 percent decline in outstanding commitments, The Federal Reserve Board on October 3, 2002, rather than a marked growth in problem credits. On announced the annual adjustments in the amount the positive side, classifications in the professional, of net transaction accounts used in the calculation scientific, and other services industry fell by $3.9 bil- of reserve requirements and the cutoff level used lion, and classifieds for the financial services and to determine the detail and frequency of deposit insurance industries declined by $3.0 billion. reporting. All depository institutions must retain a percentage of certain types of deposits in the form of vault cash, 2. To better reflect ultimate ownership, in this year's press release U.S. banks are defined to exclude U.S.-chartered subsidiaries of FBOs 3. For further guidance, institutions should refer to the July 12, for the years 2000 through 2002. Last year's press release data 1999, Joint Interagency Letter to Financial Institutions on the allowincluded those subsidiaries under U.S. banks, even if they were ance for loan losses, as well as the December 1993 Interagency Policy consolidated under an FBO's worldwide banking organization. Statement on the Allowance for Loan and Lease Losses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 461 or as a deposit in a Federal Reserve Bank, or a ENFORCEMENT ACTION pass-through account at a correspondent institution. Reserve requirements currently are assessed on the The Federal Reserve Board on September 30, 2002, depository institution's net transaction accounts announced the issuance of a Cease and Desist Order (mostly checking accounts). against Broadstreet, Inc., Atlanta, Georgia, a bank For net transaction accounts in 2003, the first holding company, and Broadstreet's subsidiary bank, $6.0 million, up from $5.7 million in 2002, will be the AmTrade International Bank of Georgia, Atlanta, exempt from reserve requirements. A 3 percent Georgia. reserve ratio will be assessed on net transaction The consent Cease and Desist Order was jointly accounts over $6.0 million to and including issued by the Federal Reserve Board and the state of $42.1 million, up from $41.3 million in 2002. A Georgia's Department of Banking and Finance on 10 percent reserve ratio will be applied above September 20, 2002. $42.1 million. The Order incorporated the bank's voluntary liqui- These annual adjustments, known as the low dation plan, which was approved by the state's reserve tranche adjustment and the reservable liabili- Department of Banking and Finance on August 9, ties exemption adjustment, are based on growth in 2002. net transaction accounts and total reservable lia- The Order also completed the Federal Reserve bilities, respectively, at all depository institutions Board's enforcement proceeding against the bank, between June 30, 2001, and June 30, 2002. which was initiated by the issuance of a Notice of For depository institutions that report weekly, the Charges and of Hearing and Temporary Order to low reserve tranche adjustment and the reservable Cease and Desist on July 1, 2002. liabilities exemption adjustment will apply to the On Monday, September 30, the state of Georgia reserve computation period that begins November 26, closed the bank and appointed the Federal Deposit 2002, and the corresponding reserve maintenance Insurance Corporation as receiver after the state period that begins December 26, 2002. determined that the bank was unable to meet the For institutions that report quarterly, the low provisions of its voluntary liquidation plan. reserve tranche adjustment and the reservable liabilities exemption adjustment will apply to the reserve computation period that begins December 17, 2002, CHANGES IN BOARD STAFF and the corresponding reserve maintenance period that begins January 16, 2003. The Board of Governors announced on Septem- Additionally, the Board increased the deposit ber 23, 2002, the following change of assignments in cutoff level that is used with the exemption level the Division of International Finance. to determine the frequency and detail of deposit reporting. William Helkie will assume the position of Senior Adviser in the Division of International Finance. Steven B. Kamin, Deputy Associate Director, will MEETING OF THE CONSUMER ADVISORY move his oversight to the Trade and Quantitative COUNCIL Studies Section and the International Financial Transactions Section. The Federal Reserve Board announced on Septem- Joseph Gagnon, Assistant Director, will have direct ber 27, 2002, that the Consumer Advisory Council oversight responsibility for the Trade and Quantitawould hold its next meeting on Thursday, Octotive Studies Section and the International Financial ber 24. The Council's function is to advise the Board Transactions Section. Mr. Gagnon will relinquish on the exercise of its responsibilities under various his position as Chief of the Trade and Quantitative consumer financial services laws and on other mat- Studies Section. ters on which the Board seeks its advice. Nathan Sheets, Assistant Director, will have direct oversight responsibility for the International Devel- RELEASE OF MINUTES OF BOARD'S DISCOUNT opment Section and World Payments and Economic RATE MEETINGS Activity Section. Mr. Sheets will relinquish his position as Chief of the International Development The Federal Reserve Board on October 4, 2002, Section. • released the minutes of its discount rate meetings from July 22, 2002, to August 12, 2002. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

463 Legal Developments FINAL RULE—AMENDMENT TO REGULATION Z viii. For 2003, $488, reflecting a 1.64 percent increase in the CPI-U from June 2001 to The Board of Governors is amending 12 C.F.R. Part 226, June 2002, rounded to the nearest whole its Regulation Z (Truth in Lending). The Board is required dollar. to adjust annually the dollar amount that triggers requirements for certain mortgages bearing fees above a certain amount. The Home Ownership and Equity Protection Act ORDERS ISSUED UNDER BANK HOLDING COMPANY of 1994 (HOEPA) sets forth rules for home-secured loans ACT in which the total points and fees payable by the consumer at or before loan consummation exceed the greater of $400 Orders Issued Under Section 3 of the Bank Holding or 8 percent of the total loan amount. In keeping with the Company Act statute, the Board has annually adjusted the $400 amount based on the annual percentage change reflected in the Herky Hawk Financial Corporation Consumer Price Index that is in effect on June 1. The Monticello, Iowa adjusted dollar amount for 2003 is $488. Effective January 1, 2003, 12 C.F.R. Part 226 is amended Order Approving the Merger of Bank Holding as follows: Companies and the Acquisition of Banks Part 226—Truth in Lending (Regulation Z) Herky Hawk Financial Corporation ("Herky Hawk"), a bank holding company within the meaning of the Bank 1. The authority citation for Part 226 continues to read as Holding Company Act ("BHC Act"), has requested the follows: Board's approval under section 3 of the BHC Act (12 U.S.C. § 1842): Authority: 12 U.S.C. 3806; 15 U.S.C. 1604 and (1) To acquire all the voting shares of New Vienna Sav- 1637(c)(5). ings Bank, New Vienna, Iowa ("Vienna Bank"); (2) To acquire all the voting shares of Casey State Bank, 2. In Supplement I to Part 226, under Section 226.32— Casey, Illinois ("Casey Bank"); and Requirements for Certain Closed-End Home Mortgages, (3) To merge with Biggsville Financial Corporation under Paragraph 32(a)(l)(ii), paragraph 2.viii. is added. ("Biggsville"), and thereby acquire all the voting shares of First State Bank of Biggsville ("Biggsville Supplement I to Part 226—Official Staff Bank"), both in Biggsville, Illinois (together, Interpretations "Banks"). Notice of the proposal, affording interested persons an opportunity to submit comments, has been published (66 Federal Register 50,656 (2001)). The time for filing Subpart E—Special Rules for Certain Home comments has expired, and the Board has considered the Mortgage Transactions proposal and all comments received in light of the factors set forth in section 3 of the BHC Act. Herky Hawk is the 132nd largest commercial banking Section 226.32—Requirements for Certain organization in Iowa and operates one subsidiary bank, Closed-End Home Mortgages Citizens State Bank, Monticello, Iowa ("Citizens Bank"), which controls $73.5 million in deposits, representing less than 1 percent of total deposits in depository institutions in 32(a) Coverage the state ("state deposits").1 Vienna Bank is the 324th largest depository institution in Iowa, controlling $19.9 million in deposits, representing less than 1 percent Paragraph 32(a)(l)(ii) 2. Annual adjustment of $400 amount. 1. State deposit and ranking data are as of June 30, 2001. In this context, depository institutions include commercial banks, savings associations, and savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 Federal Reserve Bulletin • November 2002 of state deposits. Casey Bank is the 388th largest deposi- supervisory factors the Board must consider under sectory institution in Illinois, controlling $66.3 million in tion 3 of the BHC Act.4 deposits, representing less than 1 percent of state deposits. In acting on a proposal under section 3 of the BHC Act, Biggsville is the 679th largest commercial banking organi- the Board is required to consider the effect of the proposal zation in Illinois, controlling $14.3 million in deposits, on the convenience and needs of the community to be representing less than 1 percent of state deposits. served and to take into account the records of the relevant depository institutions under the Community Reinvestment Interstate Analysis Act ("CRA").5 The Board has carefully considered the convenience and needs factor and the CRA performance Section 3(d) of the BHC Act allows the Board to approve records of Citizens Bank and Banks under the CRA in light an application by a bank holding company to acquire of all the facts of record. All depository institutions incontrol of a bank located in a state other than the home volved in this proposal received satisfactory CRA ratings state of such bank holding company if certain conditions at their most recent CRA performance evaluations by the are met.2 For purposes of the BHC Act, the home state of Federal Deposit Insurance Corporation.6 Based on all the Herky Hawk is Iowa, and Herky Hawk proposes to acquire facts of record, the Board concludes that considerations depository institutions in Illinois, in addition to Iowa. relating to convenience and needs, including the CRA Based on a review of all the facts of record, including a performance records of the banks involved in the proposal, review of relevant state statutes, the Board finds that all the are consistent with approval. conditions for an interstate acquisition enumerated in section 3(d) are met in this case.3 In light of all the facts of Conclusion record, the Board is permitted to approve the proposal under section 3(d) of the BHC Act. Based on all the facts of record, the Board has determined that these applications should be, and hereby are approved. Factors Under the Bank Holding Company Act The Board's approval is specifically conditioned on the compliance by Herky Hawk with all the commitments Herky Hawk and Banks have common management offi- made in connection with the application, including the cials and have a long history of affiliation through share- commitment of the shareholder to transfer his shares to the holders that are members of the same family. Banks do not irrevocable trust immediately on consummation of this compete directly in any banking market. Based on all the proposal. For purposes of this action, the commitments facts of record, the Board concludes that consummation of relied on by the Board in reaching its decision are deemed the proposal is not likely to result in a significantly adverse to be conditions imposed in writing by the Board in coneffect on competition or on the concentration of banking nection with its findings and decision and, as such, may be resources in any relevant banking market and that compet- enforced in proceedings under applicable law. itive factors are consistent with approval. The transaction shall not be consummated before the The Board also has considered the financial and manage- fifteenth calendar day after the effective date of this order, rial resources and future prospects of Herky Hawk, its and not later than three months after the effective date of subsidiary bank, and Banks in light of all the facts of record, including reports of examination and other supervisory information assessing the financial and managerial resources of the organization, and information provided by 4. The BHC Act requires that the Board also consider certain factors Herky Hawk. Based on all the facts of record, the Board related to any principal shareholder of a bank holding company. has concluded that the financial and managerial resources 12 U.S.C. § 1842(c)(5). The largest shareholder of Banks currently is and the future prospects of the organizations involved in subject to a consent order that prohibits him from participating in the affairs of, or voting the shares of, an insured depository institution or the proposal are consistent with approval, as are the other bank holding company. The shareholder has committed to transfer the shares of Herky Hawk that he will receive in exchange for his shares of Banks to an irrevocable trust with an independent trustee approved by the Board immediately on consummation of this proposal. The OCC has no objection to this proposal. The FDIC has approved the 2. A bank holding company's home state is that state in which the shareholder's request to exchange his shares of Banks for shares of total deposits of all banking subsidiaries of such company were the Herky Hawk if the shares are transferred to the trust. largest on the later of July 1, 1966, or the date on which the company 5. 12 U.S.C. §2901 etseq. became a bank holding company. 12 U.S.C. § 1841(o)(4)(C). 6. The Interagency Questions and Answers Regarding Community 3. See 12 U.S.C. §§ 1842(d)(1)(A) and (B), 1842(d)(2)(A) and (B). Reinvestment provides that an institution's most recent CRA perfor- Herky Hawk is adequately capitalized and adequately managed, as mance evaluation is an important consideration in the application defined by applicable law. In addition, on consummation of the process because it represents a detailed on-site evaluation of the proposal, Herky Hawk would control less than 10 percent of the total institution's overall record of performance under the CRA by its amount of deposits of insured depository institutions in the United appropriate federal supervisor. 66 Federal Register 36,620 and 36,639 States and less than 30 percent of the total deposits of insured (2001). Citizens Bank received a "satisfactory" rating, as of depository institutions in Illinois. Illinois law prohibits the interstate August 9, 1999; Vienna Bank received a "satisfactory" rating, as of acquisition of an Illinois bank that has existed for 5 years or less. This June 19, 1998; Casey State Bank received a "satisfactory" rating, as transaction would meet the minimum age requirements imposed by of September 11, 1998; and Biggsville Bank received a "satisfactory" Illinois law. See 205 111. Comp. Stat. 5/21.2 and 5/21.3. rating, as of May 11, 1998. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 465 this order, unless such period is extended for good cause by Voting for this action: Chairman Greenspan, Vice Chairman Ferguthe Board or the Federal Reserve Bank of Chicago, acting son, and Governors Gramlich, Bies, Olson, Bernanke, and Kohn. pursuant to delegated authority. By order of the Board of Governors, effective Septem- JENNIFER J. JOHNSON ber 25, 2002. Secretary of the Board APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT By Federal Reserve Banks Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to the Reserve Banks. Section 3 Applicant(s) Bank(s) Reserve Bank Effective Date Bement Bancshares, Inc., CGB&L Financial Group, Inc., Chicago September 9, 2002 Bement, Illinois Cerro Gordo, Illinois Cerro Gordo Savings & Loan, s.b., Cerro Gordo, Illinois Caixa Geral de Depositos, S.A., Crown National Bank, N.A., Philadelphia September 17, 2002 Lisbon, Portugal Ocean City, New Jersey CGD-USA Holding Company, Inc., New York, New York Commercial Bancorp, Farmers State Bank, Kansas City September 11, 2002 Pine Bluffs, Wyoming Pine Bluffs, Wyoming First Sleepy Eye Bancorporation, Stearns Bank Canby, N.A., Minneapolis September 13, 2002 Inc., Canby, Minnesota Sioux Falls, South Dakota Generations Bancshares, Inc., Generations Bank, Atlanta September 9, 2002 Blairsville, Georgia Blairsville, Georgia Guaranty Financial Services, Inc., Guaranty Bank & Trust Company, Richmond September 13, 2002 Huntington, West Virginia Huntington, West Virginia Hazen Bancorporation, Inc., North Star Holding Company, Inc., Minneapolis August 28, 2002 Hazen, North Dakota Jamestown, North Dakota Lauritzen Corporation, First National of Nebraska, Inc., Kansas City September 9, 2002 Omaha, Nebraska Omaha, Nebraska MCB Financial Group, Inc., Mcintosh Commercial Bank, Atlanta September 15, 2002 Carrollton, Georgia Carrollton, Georgia Mcintosh County Bank Holding North Star Holding Company, Inc., Minneapolis August 28, 2002 Company, Inc., Jamestown, North Dakota Ashley, North Dakota New Met Financial Corporation, Met Financial Corporation, San Francisco September 19, 2002 Oakland, California Oakland, California Metropolitan Bank, Oakland, California North Star Holding Company, Inc., Northern Plains Investment, Inc., Minneapolis August 28, 2002 Jamestown, North Dakota Jamestown, North Dakota Stutsman County State Bank, Jamestown, North Dakota Oswego Community Bank Oswego Bancshares, Inc., Chicago September 5, 2002 Employee Stock Ownership Plan, Oswego, Illinois Oswego, Illinois Oswego Community Bank, Oswego, Illinois Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 Federal Reserve Bulletin • November 2002 Section 3—Continued Applicant(s) Bank(s) Reserve Bank Effective Date P.C.B. Bancorp, Inc., Gateway American Bancshares, Inc., Atlanta September 5, 2002 Largo, Florida Fort Lauderdale, Florida Gateway American Bank of Florida, Fort Lauderdale, Florida Planters Financial Group, Inc. City State Bank, St. Louis September 6, 2002 Hopkinsville, Kentucky Martin, Tennessee Prosperity Bancshares, Southwest Bank Holding Company, Dallas September 5, 2002 Houston, Texas Dallas, Texas Rockhold BanCorp., La Plata Bancshares, Inc., St. Louis September 9, 2002 Kirksville, Missouri La Plata, Missouri La Plata State Bank, La Plata, Missouri State Bank & Trust Company State Capital Corporation, St. Louis September 13, 2002 Employee Stock Ownership Plan, Greenwood, Mississippi Greenwood, Mississippi State Bank & Trust Company Mississippi Southern Bank, St. Louis September 13, 2002 Employee Stock Ownership Plan, Port Gibson, Mississippi Greenwood, Mississippi State Capital Corporation, Greenwood, Mississippi Today's Bancorp, Inc., Today's Bank, San Francisco September 11, 2002 Vancouver, Washington Vancouver, Washington TransCommunity Bankshares Bank of Goochland, National Richmond September 20, 2002 Incorporated, Association, Richmond, Virginia Goochland, Virginia Wheeler Bancshares, Inc., Wheeler County State Bank, Atlanta September 23, 2002 Alamo, Georgia Alamo, Georgia Wishek Bancorporation, Inc., North Star Holding Company, Inc., Minneapolis August 28, 2002 Wishek, North Dakota Jamestown, North Dakota Section 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date Allegiant Bancorp, Inc., Investment Counselors Incorporated, St. Louis September 24, 2002 St. Louis, Missouri St. Louis, Missouri BancMidwest Corporation, Mainstreet Mortgage Corporation, Minneapolis September 17, 2002 St. Paul, Minnesota St. Louis Park, Minnesota Bank Montreal, Harris Washington Savings Bank, Chicago September 16, 2002 Montreal, Canada Bellevue, Washington Bankmont Financial Corp., Harris Bank Washington N.A., Chicago, Illinois Seattle, Washington Harris Bankcorp, Inc., Harris Bank California, N.A., Chicago, Illinois San Francisco, California The Harris Bank N.A., Chicago, Illinois First Bank of Miami Shares, Inc. First Bank of Miami, Inc., Atlanta September 12, 2002 Miami, Florida Coral Gables, Florida LandMark Financial Holding LandMark Mortgage of Florida, LP, Atlanta September 20, 2002 Company, Sarasota, Florida Sarasota, Florida Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 467 Section 3—Continued Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date Minnwest Corporation, AgriVision Finance, Co., Minneapolis September 3, 2002 Minnetonka, Minnesota Fargo, North Dakota Minnwest Finance Co., Minnetonka, Minnesota Southwest Company, Fremont County Savings Bank, Chicago August 30, 2002 Oakland, Iowa Sidney, Iowa Sections 3 and 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date Morrill Bancshares, Inc., First Centralia Bancshares, Inc., Kansas City September 18, 2002 Sabetha, Kansas Centralia, Kansas 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 Johnson Bank, Capital Bank, Chicago September 9, 2002 Racine, Wisconsin Green Bay, Wisconsin Pinnacle Bank, The Wymore State Bank, Kansas City September 11, 2002 Papillion, Nebraska Wymore, Nebraska PENDING CASES INVOLVING THE BOARD OF GOVERNORS This list of pending cases does not include suits against the ence with a contract. On September 27, 2002, the district Federal Reserve Banks in which the Board of Governors is not court dismissed all claims against the Board and its emnamed a party. ployees. Radfar v. United States, No. 1:01CV1292 (PLF) (D.D.C., complaint filed June 11, 2001). Action under the Federal Sedgwick v. United States, No. 02-1083 (ESH) (D.D.C., filed Tort Claims Act for injury on Board premises. June 4, 2002). Complaint for declaratory judgment under Artis v. Greenspan, No. 01-CV-0400(ESG) (D.D.C., complaint the Federal Tort Claims Act and the constitution. filed February 22, 2001). Employment discrimination ac- Caesar v. United States, No. 02-0612 (EGS) (D.D.C.), retion. On August 15, 2001, the district court consolidated the moved on April 1, 2002 from No. 02-1502 (D.C. Superior action with Artis u Greenspan, No. 99-CV-2073 (EGS) Court, originally filed March 1, 2002). Action seeking dam- (D.D.C., filed August 3, 1999), also an employment disages for personal injury. crimination action. Community Bank & Trust v. United States, No. 01-571C Albrecht v. Board of Governors, No. OO-CV-317 (CKK) (Ct. Fed. CI., filed October 3, 2001). Action challenging on (D.D.C., filed February 18, 2000). Action challenging the constitutional grounds the failure to pay interest on reserve method of funding of the retirement plan for certain Board accounts held at Federal Reserve Banks. employees. On March 30, 2001, the district court granted in Laredo National Bancshares, Inc. v. Whalen v. Board of Gov- part and denied in part the Board's motion to dismiss. On ernors, No. 01-CV-134 (S.D. Tex.), removed on Septem- September 17, 2002, the court dismissed the remaining ber 5, 2001, from No. 99CVQ00940-D3 (District Court, claims. 341st Judicial District, Webb County, Texas, originally filed Fraternal Order of Police v. Board of Governors, No. July 26, 2001). Third-party petition seeking indemnification 1:98CV03116 (WBB)(D.D.C., filed December 22, 1998). or contribution from the Board in connection with a claim Declaratory judgment action challenging Board labor pracasserted against defendant Whalen alleging tortious interfer- tices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A1 Financial and Business Statistics A3 GUIDE TO TABLES Federal Finance A25 Federal debt subject to statutory limitation DOMESTIC FINANCIAL STATISTICS A25 Gross public debt of U.S. Treasury— Types and ownership Money Stock and Bank Credit A26 U.S. government securities A4 Reserves and money stock measures dealers—Transactions A5 Reserves of depository institutions and Reserve Bank All U.S. government securities dealers— credit Positions and financing A6 Reserves and borrowings—Depository A28 Federal and federally sponsored credit institutions agencies—Debt outstanding Policy Instruments Securities Markets and Corporate Finance A7 Federal Reserve Bank interest rates A29 New security issues—Tax-exempt state and local A8 Reserve requirements of depository institutions governments and corporations A9 Federal Reserve open market transactions A30 Open-end investment companies—Net sales and assets Federal Reserve Banks A30 Domestic finance companies—Assets and liabilities A31 Domestic finance companies—Owned and managed A10 Condition and Federal Reserve note statements receivables A11 Maturity distribution of loan and security holding Real Estate Monetary and Credit Aggregates A32 Mortgage markets—New homes A3 3 Mortgage debt outstanding A12 Aggregate reserves of depository institutions and monetary base Consumer Credit A13 Money stock measures A34 Total outstanding Commercial Banking Institutions— A34 Terms Assets and Liabilities Flow of Funds A15 All commercial banks in the United States A16 Domestically chartered commercial banks A35 Funds raised in U.S. credit markets A17 Large domestically chartered commercial banks A37 Summary of financial transactions A19 Small domestically chartered commercial banks A38 Summary of credit market debt outstanding A20 Foreign-related institutions A39 Summary of financial assets and liabilities Financial Markets DOMESTIC NONFINANCIAL STATISTICS All Commercial paper outstanding All Prime rate charged by banks on short-term Selected Measures business loans A23 Interest rates—Money and capital markets A40 Output, capacity, and capacity utilization A24 Stock market—Selected statistics A42 Industrial production—Indexes and gross value Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

27 Federal Reserve Bulletin • November 2002 INTERNATIONAL STATISTICS Securities Holdings and Transactions A54 Foreign transactions in securities Summary Statistics A55 Marketable U.S. Treasury bonds and A44 U.S. international transactions notes—Foreign transactions A45 U.S. reserve assets A45 Foreign official assets held at Federal Reserve Interest and Exchange Rates Banks A56 Foreign exchange rates A46 Selected U.S. liabilities to foreign official institutions A57 GUIDE TO SPECIAL TABLES AND Reported by Banks in the United States STATISTICAL RELEASES A46 Liabilities to, and claims on, foreigners A47 Liabilities to foreigners SPECIAL TABLES A49 Banks' own claims on foreigners A58 Assets and liabilities of commercial A50 Banks' own and domestic customers' claims on banks, June 30, 2002 foreigners A60 Terms of lending at commercial banks, A50 Banks' own claims on unaffiliated foreigners August 2002 A51 Claims on foreign countries—Combined A66 Assets and liabilities of U.S. branches and domestic offices and foreign branches agencies of foreign banks, June 30, 2002 Reported by Nonbanking Business A70 INDEX TO STATISTICAL TABLES Enterprises in the United States A52 Liabilities to unaffiliated foreigners A53 Claims on unaffiliated foreigners Discontinuation of Certain Statistical Tables in the Federal Reserve Bulletin The following ten tables have been discontinued in the Financial and Business Statistics section of the Federal Reserve Bulletin. Information on the sources of data in these tables appears in the Announcements section of the June 2002 issue of the Bulletin, page 290. Discontinued tables: 1.38 1.39 1.48 2.10 2.11 2.14 2.15 2.16 2.17 3.11 Page numbers of the tables in the Financial and Business Statistics section have been revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

A4 Domestic Nonfinancial Statistics • November 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 Apr. May June' July' Aug. Reserves of depository institutions1 1 Total 76.3 -31.2 -9.7 -16.3 -7.4 -48.4 4.6 12.0 12.0 2 Required 14.8 22.1 -9.3 -15.4 -1.4 -51.9 5.7 8.3 4.2 3 Nonborrowed 65.0 -21.4 -9.4 -16.9 -7.2 -49.8 3.7 10.6 7.8 4 Monetary base3 14.8 6.4 9.1 8.1 7.9 7.3 11.2 8.5 4.1 Concepts of money4 5 Ml 16.0 2.1 5.8r -.6 -11.2 6.6 7.2 8.0 -13.8 6 M2 11.0 9.5r 5.8 3.4 -3.6 14.1 7.4 12.8 9.4 7 M3 10.1 12.3 5.0 3.5r -1.8' 12.2' 6.3 8.3 10.4 Nontransaction components 8 In M25 9.6 11.5 5.8 4.5 -1.6' 16.1 7.4 14.2 15.7 9 In M3 only6 8.4' 18.5r 3.5r 3.9r 2.2' 8.2' 4.2 -1.3 12.5 Time and savings deposits Commercial banks 10 Savings, including MMDAs 19.7 23.2 20.4 13.3 7.1' 25.6 13.5 17.0 32.6 11 Small time7 -10.3 -12.1 -15.3 -4.9r -8.5' g.o1 -.6 -8.0 -10.6 12 Large time8-9 -1.5' -9.3' 4.8' 11.3' 20.1' 19.5' -3.1 7.4 .9 Thrift institutions 13 Savings, including MMDAs 25.2 27.3' 25.6 22.1' 18.7' 15.1' 16.0 22.9 24.3 14 Small time7 -5.1 -11.0' -15.7r -14.9' -10.4 -29.3' -10.8 -3.9 -3.5 15 Large time8 14.9 2.6r -.8 -8.4' 7.4' -29.3' -16.1 1.1 16.3 Money market mutual funds 16 Retail 5.0 7.9 -9.4 -10.1 -23.3 18.6' .9 23.1 -.7 17 Institution-only 27.8r 49.5r -,3r 2.8' -1.9' 10.6' 10.7 -4.8 -1.5 Repurchase agreements and eurodollars 18 Repurchase agreements10 -7.8 .7 9.6 -5.6 -19.1 .0 5.8 -3.5 80.2 19 Eurodollars10 -3.7 ^.8 12.0 9.6r 1.1 -5.9 -1.1 -7.0 8.7 1. Unless otherwise noted, rates of change are calculated from average amounts outstand- time deposits, and retail money fund balances, each seasonally adjusted separately, and ing during preceding month or quarter. adding this result to seasonally adjusted Ml. 2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regula- M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2) tory changes in reserve requirements (See also table 1.20.) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all 3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally depository institutions, and (4) eurodollars (overnight and term) held by U.S. residents at adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom component of the money stock, plus (3) (for all quarterly reporters on the "Report of and Canada. Excludes amounts held by depository institutions, the U.S. government, money Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference by summing large time deposits, institutional money fund balances, RP liabilities, and between current vault cash and the amount applied to satisfy current reserve requirements. eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted 4. Composition of the money stock measures is as follows: M2. Ml: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of 5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all money fund balances, each seasonally adjusted separately. commercial banks other than those owed to depository institutions, the U.S. government, and 6. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities foreign banks and official institutions, less cash items in the process of collection and Federal (overnight and term) issued by depository institutions, and (4) eurodollars (overnight and Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of term) of U.S. addressees, each seasonally adjusted separately. withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, 7. Small time deposits—including retail RPs—are those issued in amounts of less than credit union share draft accounts, and demand deposits at thrift institutions. Seasonally $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions adjusted Ml is computed by summing currency, travelers checks, demand deposits, and are subtracted from small time deposits. OCDs, each seasonally adjusted separately. 8. Large time deposits are those issued in amounts of $100,000 or more, excluding those M2: Ml plus (1) savings (including MMDAs), (2) small-denomination time deposits (time booked at international banking facilities. deposits—including retail RPs—in amounts of less than $100,000), and (3) balances in retail 9. Large time deposits at commercial banks less those held by money market funds, money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh depository institutions, the U.S. government, and foreign banks and official institutions. balances at depository institutions and money market funds. 10. Includes both overnight and term. Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Money Stock and Bank Credit A5 1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT1 Millions of dollars Average of Average of daily figures for week ending on date indicated daily figures 2002 2002 June July Aug. July 17 July 24 July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 653,265 657,336 656,967 656,752 658,663 655,495 657,568 653,460 658,633 655,623 U.S. government securities2 2 Bought outright—System account3 590,187 595,271 601,681 592,513 597,616 600,142 600,108 600,217 602,139 603,770 3 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 Federal agency obligations 4 Bought outright 10 10 10 10 10 10 10 10 10 10 5 Held under repurchase agreements 0 0 0 0 0 0 0 0 0 0 6 Repurchase agreeements—triparty4 25,285 22,363 16,532 24,571 21,107 15,429 17,393 13,321 19,500 13,464 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 5 19 191 2 15 23 6 15 2 783 9 Seasonal credit 135 176 187 177 183 180 179 181 191 198 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 -245 -171 -311 -310 -407 -489 -202 -714 -308 -48 13 Other Federal Reserve assets 37,888 39,668 38,676 39,789 40,138 40,200 40,074 40,429 37,099 37,447 14 Gold stock 11,044 11,044 11,042 11,044 11,044 11,044 11,042 11,042 11,042 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 33,931 33,996r 34,034 33,996r 33,996' 33,995' 34,009 34,023 34,037 34,051 ABSORBING RESERVE FUNDS 17 Currency in circulation 655,201 661,356' 660,766 661,441r 659,685' 659,590' 660,884 660,820 660,292 659,873 18 Reverse repurchase agreements—triparty4 . . . 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 405 385 373 392 378 381 377 381 371 369 Deposits, other than reserve balances, with Federal Reserve Banks 20 Treasury 6,126 5,279 5,068 5,495 5,311 5,779 5,025 4,896 4,387 6,013 21 Foreign 101 91 95 98 77 94 99 76 129 78 22 Service-related balances and adjustments . 10,114 10,171 10,168 10,120 10,237 10,220 10,207 10,155 10,161 10,144 23 Other 238 229 210 244 218 216 229 201 211 203 24 Other Federal Reserve liabilities and capital . 19,921 19,645 19,428 19,910 19,765 19,201 19,207 19,472 19,701 19,294 25 Reserve balances with Federal Reserve Banks; 8,333 7,419 8,135 6,292 10,230 7,253 8,793 4,725 10,661 6,943 End-of-month figures Wednesday figures June July Aug. July 17 July 24 July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 661,834 659,024 663,956 653,900 667,744 659,024 667,151 656,604 665,411 657,472 U.S. government securities2 2 Bought outright—System account3 590,683 600,455 602,825 594,411 600,510 600,455 601,322 600,372 602,919 604,401 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 32,000 19,500 23,000 19,750 26,750 19,500 26,000 16,000 25,250 16,000 7 Acceptances 0 0 0 0 0 0 0 0 0 0 Loans to depository institutions 8 Adjustment credit 17 4 150 3 104 4 4 93 2 0 9 Seasonal credit 166 182 179 184 184 182 176 192 202 189 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 -238 -953 -92 -266 -151 -953 -557 -1,001 -303 -906 13 Other Federal Reserve assets 39,196 39,826 37,882 39,808 40,337 39,826 40,196 40,939 37,330 37,778 14 Gold stock 11,044 11,042 11,042 11,044 11,044 11,042 11,042 11,042 11,042 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 33,995 33,995r 34,065 33,996' 33,996' 33,995' 34,009 34,023 34,037 34,051 ABSORBING RESERVE FUNDS 17 Currency in circulation 657,900 661,144' 663,934 661,327' 660,631' 661,144' 662,291 661,759 660,842 662,406 18 Reverse repurchase agreements—triparty4 . . . 0 0 0 0 0 0 0 0 0 0 19 Treasury cash holdings 395 377 361 377 381 377 382 371 370 361 Deposits, other than reserve balances, with Federal Reserve Banks 20 Treasury 8,116 6,242 4,874 5,000 5,085 6,242 5,316 5,191 4,629 5,091 21 Foreign 90 164 86 156 78 164 74 79 89 77 22 Service-related balances and adjustments . . 10,135 10,220 10,184 10,120 10,237 10,220 10,207 10,155 10,161 10,144 23 Other 212 236 194 230 227 236 203 192 202 199 24 Other Federal Reserve liabilities and capital . . 20,186 18,940 19,526 19,578 19,226 18,940 19,158 19,710 19,205 19,365 25 Reserve balances with Federal Reserve Banks5 12,038 8,940 12,104 4,351 19,119 8,940 16,771 6,413 17,193 7,123 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 • November 2002 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages RRReeessseeerrrvvveee ccclllaaassssssiiifffiiicccaaatttiiiooonnn 1999 2000 2001 2002 Dec. Dec. Dec. Feb. Mar. Apr. May June July Aug. 11111 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss22222 5,262 7,022 9,054 9,273 9,146 9,740 9,209 7,929 8,096 8,516 22222 TTTTToooootttttaaaaalllll vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh33333 60,620 45,245 43,935 45,694 42,631 42,013 41,819 41,662 42,723 42,886 33333 AAAAAppppppppppllllliiiiieeeeeddddd vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh44444 36,392 31,451 32,024 33,218 31,151 31,156 31,033 30,642 31,296r 31,340 44444 SSSSSuuuuurrrrrpppppllllluuuuusssss vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh55555 24,228 13,794 11,911 12,476 11,480 10,857 10,786 11,021 11,427r 11,546 55555 TTTTToooootttttaaaaalllll rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss66666 41,654 38.473 41,077 42,491 40,297 40,896 40,242 38,571 39,392r 39,856 66666 RRRRReeeeeqqqqquuuuuiiiiirrrrreeeeeddddd rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 40,357 37.046 39,433 41,124 38,883 39,688 38,969 37,329 38,020r 38,221 77777 EEEEExxxxxccccceeeeessssssssss rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss77777 1,297 1.427 1,645 1,367 1,414 1,208 1,273 1,242 l,373r 1,635 88888 TTTTToooootttttaaaaalllll bbbbbooooorrrrrrrrrrooooowwwwwiiiiinnnnnggggg aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 320 210 67 30 79 71 112 142 191 333 99999 AAAAAdddddjjjjjuuuuussssstttttmmmmmeeeeennnnnttttt 179 99 34 12 59 21 7 6 16 148 1111100000 SSSSSeeeeeaaaaasssssooooonnnnnaaaaalllll 67 111 33 17 20 50 105 136 176 185 1111111111 SSSSSpppppeeeeeccccciiiiiaaaaalllll LLLLLiiiiiqqqqquuuuuiiiiidddddiiiiitttttyyyyy FFFFFaaaaaccccciiiiillllliiiiitttttyyyyy88888 74 0 1111122222 EEEEExxxxxttttteeeeennnnndddddeeeeeddddd cccccrrrrreeeeedddddiiiiittttt®®®®® 0 0 0 0 0 0 0 0 0 0 Biweekly averages of daily figures for two-week periods ending on dates indicated 2002 May 1 May 15 May 29 June 12 June 26 July 10 July 24 Aug. 7 Aug. 21 Sept. 4 11111 RRRRReeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss wwwwwiiiiittttthhhhh RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss22222 10,243 8,524 10,011 7,878 7,979 7,909 8,266 8,024 7,695 10,010 22222 TTTTToooootttttaaaaalllll vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh33333 42,077 41,828 41,954 40,682 42,130 42,968 42,170 43,479 43,488 41,628 33333 AAAAAppppppppppllllliiiiieeeeeddddd vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh44444 31,999 30,366 31,858 29,441 31,444 31,438 30,738 32,213r 31,353 30,712 44444 SSSSSuuuuurrrrrpppppllllluuuuusssss vvvvvaaaaauuuuulllllttttt cccccaaaaassssshhhhh55555 10,079 11,462 10,096 11,241 10,686 11,531 11,433 11,266r 12,135 10,916 55555 TTTTToooootttttaaaaalllll rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss66666 42,242 38,890 41,869 37,319 39,423 39,347 39,004 40,236' 39,048 40,721 66666 RRRRReeeeeqqqqquuuuuiiiiirrrrreeeeeddddd rrrrreeeeessssseeeeerrrrrvvvvveeeeesssss 41,046 37,699 40,491 36,174 38,177 37,828 37,709 38,916r 37,713 38,447 77777 EEEEExxxxxccccceeeeessssssssss rrrrreeeeessssseeeeerrrrrvvvvveeeee bbbbbaaaaalllllaaaaannnnnccccceeeeesssss aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss77777 1,195 1,191 1,378 1,145 1,246 1,518 1,294 l,320r 1,335 2,274 88888 TTTTToooootttttaaaaalllll bbbbboooooiiiiiTTTTTooooowwwwwiiiiinnnnnggggg aaaaattttt RRRRReeeeessssseeeeerrrrrvvvvveeeee BBBBBaaaaannnnnkkkkksssss 71 100 127 116 151 194 189 194 195 626 99999 AAAAAdddddjjjjjuuuuussssstttttmmmmmeeeeennnnnttttt 10 6 10 3 4 27 9 14 9 438 1111100000 SSSSSeeeeeaaaaasssssooooonnnnnaaaaalllll 62 95 117 147 168 180 180 186 188 1111111111 SSSSSpppppeeeeeccccciiiiiaaaaalllll LLLLLiiiiiqqqqquuuuuiiiiidddddiiiiitttttyyyyy FFFFFaaaaaccccciiiiillllliiiiitttttyyyyy88888 113 1111122222 EEEEExxxxxttttteeeeennnnndddddeeeeeddddd cccccrrrrreeeeedddddiiiiittttt''''' 0 0 0 0 0 ' ' 0 0 0 0 ' ' 0 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release. For 5. Total vault cash (line 2) less applied vault cash (line 3). ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted. 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). 2. Excludes required clearing balances and adjustments to compensate for float and 7. Total reserves (line 5) less required reserves (line 6). includes other off-balance-sheet "as-of' adjustments. 8. Borrowing at the discount window under the terms and conditions established for the 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by Century Date Change Special Liquidity Facility in effect from October 1, 1999, through those banks and thrift institutions that are not exempt from reserve requirements. Dates refer April 7, 2000. to the maintenance periods in which the vault cash can be used to satisfy reserve require- 9. Consists of borrowing at the discount window under the terms and conditions estabments. lished for the extended credit program to help depository institutions deal with sustained 4. All vault cash held during the lagged computation period by "bound" institutions (that liquidity pressures. Because there is not the same need to repay such borrowing promptly as is, those whose required reserves exceed their vault cash) plus the amount of vault cash with traditional short-term adjustment credit, the money market effect of extended credit is applied during the maintenance period by "nonbound" institutions (that is, those whose vault similar to that of nonborrowed reserves. cash exceeds their required reserves) to satisfy current reserve requirements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Policy Instruments A7 1.14 FEDERAL RESERVE BANK INTEREST RATES Percent per year Current and previous levels Adjustment credit1 Seasonal credit2 Extended credit3 FFeeddeerraall RReesseerrvvee BBaannkk 10/ O 18 n / 02 Effective date Previous rate 10/ O 18 n / 02 Effective date Previous rate 10/ O 18 n / 02 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 Range of rates for adjustment credit in recent years4 Range (or F.R. Bank Range (or F.R. Bank Range (or F.R. Bank level)—All of Effective date level)—All of Effective date level)—All of F.R. N.Y. F.R. Banks N.Y. F.R. Banks N.Y. In effect Dec. 31, 1981 12 12 1991—Sept. 13 5-5.5 5 2001—May 15 3.50-4.00 3.50 17 5 5 17 3.50 3.50 1982—July 20 11.5-12 11.5 Nov. 6 4.5-5 4.5 June 27 3.25-3.50 3.25 23 11.5 11.5 7 4.5 4.5 29 3.25 3.25 Aug. 2 11-11.5 11 Dec. 20 3.5-4.5 3.5 Aug. 21 3.00-3.25 3.00 3 11 11 24 3.5 3.5 23 3.00 3.00 16 10.5 10.5 Sept. 17 2.50-3.00 2.50 27 10-10.5 10 1992—July 2 3-3.5 3 18 2.50 2.50 30 10 10 7 3 3 Oct. 2 2.00-2.50 2.00 Oct. 12 9.5-10 9.5 4 2.00 2.00 13 9.5 9.5 1994—May 17 3-3.5 3.5 Nov. 6 1.50-2.00 1.50 Nov. 22 9-9.5 9 18 3.5 3.5 8 1.50 1.50 26 9 9 Aug. 16 3,5-4 4 Dec. 11 1.25-1.50 1.25 Dec. 14 8.5-9 9 18 4 4 13 1.25 1.25 15 8.5-9 8.5 Nov. 15 4-4.75 4.75 17 8.5 8.5 17 4.75 4.75 In effect Oct. 18, 2002 1.25 1.25 1984—Apr. 9 8.5-9 9 1995—Feb. 1 4.75-5.25 5.25 13 9 9 9 5.25 5.25 Nov. 21 8.5-9 8.5 26 8.5 8.5 1996—Jan. 31 5.00-5.25 5.00 Dec. 24 8 8 Feb. 3 5.00 5.00 1985—May 20 7.5-8 7.5 1998—Oct. 15 4.75-5.00 4.75 2 4 7.5 7.5 16 4.75 4.75 Nov. 17 4.50-4.75 4.50 1986—Mar. 7 7-7.5 7 19 4.50 4.50 10 7 7 Apr. 21 6.5-7 6.5 1999—Aug. 24 4.50-4.75 4.75 23 6.5 6.5 26 4.75 4.75 July 11 6 6 Nov. 16 4.75-5.00 4.75 Aug. 21 5.5-6 5.5 18 5.00 5.00 22 5.5 5.5 2000—Feb. 2 5.00-5.25 5.25 1987—Sept. 4 5.5-6 6 4 5.25 5.25 11 6 6 Mar. 21 5.25-5.50 5.50 23 5.50 5.50 1988—Aug. 9 6-6.5 6.5 May 16 5.50-6.00 5.50 11 6.5 6.5 19 6.00 6.00 1989—Feb. 24 6.5-7 7 2001—Jan. 3 5.75-6.00 5.75 7 7 4 5.50-5.75 5.50 27 5 5.50 5.50 6.5 6.5 31 5.00-5.50 5.00 1990—Dec. 19 Feb. 1 5.00 5.00 6-6.5 6 Mar. 20 4.50-5.00 4.50 1991—Feb. 1 6 6 21 4.50 4.50 4 5.5-6 5.5 Apr. 18 4.00-4.50 4.00 Apr. 30 5.5 5.5 20 4.00 4.00 May 2 1. Available on a short-term basis to help depository institutions meet temporary needs for practices involve only a particular institution, or to meet the needs of institutions experiencing funds that cannot be met through reasonable alternative sources. The highest rate established difficulties adjusting to changing market conditions over a longer period (particularly at times for loans to depository institutions may be charged on adjustment credit loans of unusual size of deposit disintermediation). The discount rate applicable to adjustment credit ordinarily is that result from a major operating problem at the borrower's facility. charged on extended-credit loans outstanding less than thirty days; however, at the discretion 2. Available to help relatively small depository institutions meet regular seasonal needs for of the Federal Reserve Bank, this time period may be shortened. Beyond this initial period, a funds that arise from a clear pattern of intrayearly movements in their deposits and loans and flexible rate somewhat above rates charged on market sources of funds is charged. The rate that cannot be met through special industry lenders. The discount rate on seasonal credit takes ordinarily is reestablished on the first business day of each two-week reserve maintenance into account rates charged by market sources of funds and ordinarily is reestablished on the period, but it is never less than the discount rate applicable to adjustment credit plus 50 basis first business day of each two-week reserve maintenance period; however, it is never less than points. the discount rate applicable to adjustment credit. 4. For earlier data, see the following publications of the Board of Governors: Banking and 3. May be made available to depository institutions when similar assistance is not Monetary Statistics, 1914-1941, and 1941-1970\ and the Annual Statistical Digest, 1970reasonably available from other sources, including special industry lenders. Such credit may 1979, and 1980-1989-, 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 • November 2002 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Requirement TTyyppee ooff ddeeppoossiitt Percentage of deposits Effective date Net transaction accounts2 1 $0 million-$42.1 million3 33333 1111122222/////2222266666/////0000022222 2 More than $42.1 million4 1111100000 1111122222/////2222266666/////0000022222 00000 1111122222/////2222277777/////9999900000 00000 1111122222/////2222277777/////9999900000 1. Required reserves must be held in the form of deposits with Federal Reserve Banks or succeeding calendar year by 80 percent of the percentage increase in the total reservable vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve liabilities of all depository institutions, measured on an annual basis as of June 30. No Bank indirectly, on a pass-through basis, with certain approved institutions. For previous corresponding adjustment is made in the event of a decrease. The exemption applies only to reserve requirements, see earlier editions of the Annual Report or the Federal Reserve accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve Bulletin. Under the Monetary Control Act of 1980, depository institutions include commercial maintenance period beginning December 26, 2002, 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 16, 2003, for institutions that report quarterly, foreign banks, and Edge Act corporations. the exemption was raised from $5.7 million to $6.0 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 maicing 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 26, 2002, 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 16, 2003, for institutions that report quarterly, the amount was increased deposits with an original maturity of less than 1.5 years (see note 5). from $41.3 million to $42.1 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 2002 TTyyppee ooff ttrraannssaaccttiioonn aanndd mmaattuurriittyy 11999999 22000000 22000011 Jan. Feb. Mar. Apr. May June July U.S. TREASURY SECURITIES2 Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 0 8,676 15,503 2,772 1,042 3,013 1,047 3,524 3,656 4,838 2 Gross sales 0 0 0 0 0 0 0 0 0 0 Exchanges 464,218 477,904 542,736 55,521 54,619 48,483 45,376 70,978 53,015 45,828 4 For new bills 464,218 477,904 542,736 55,521 54,619 48,483 45,376 70,978 53,015 45,828 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 0 2,894 1,455 2,709 2,826 0 1,104 7 Gross sales 0 0 0 0 0 0 0 0 0 0 8 Maturity shifts 50,590 62,025 70,336 5,850 7,537 0 14,515 6,714 0 11,052 9 Exchanges -53,315 -54,656 -72,004 -5,766 -8,432 0 -15,522 -9,031 0 -14,183 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 2,872 1,101 2,181 1,142 1,439 0 1,755 12 Gross sales 0 0 0 0 0 0 0 0 0 0 N Maturity shifts ^4,032 -52,068 -45,211 -5,850 -6,283 0 -14,515 -1,620 0 -11,052 14 Exchanges 42,604 46,177 64,519 5,766 7,679 0 15,522 8,639 0 13,283 Five to ten years 15 Gross purchases 4,303 5,871 6,003 0 334 637 1,670 259 542 577 16 Gross sales 0 0 0 0 0 0 0 0 0 0 17 Maturity shifts -5,841 -6,801 -21,063 0 -501 0 0 -5,094 0 0 18 Exchanges 7,578 6,585 6,063 0 753 0 0 391 0 900 More than ten years 19 Gross purchases 9,428 5,833 8,531 582 1,054 291 210 0 0 63 20 Gross sales 0 0 0 0 0 0 0 0 0 0 21 Maturity shifts -717 -3,155 -4,062 0 -753 0 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 6,226 6,425 7,577 6,777 8,048 4,198 8,336 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 4,722,667 407,791 367,906 393,273 436,936 466,807 447,555 513,400 27 Gross sales 4,431,685 4,397,835 4,724,743 404,296 368,060 393,151 437,881 469,046 448,330 511,902 Repurchase agreements 28 Gross purchases 281,599 0 0 0 0 0 0 0 0 0 29 Gross sales 301,273 0 0 0 0 0 0 0 0 0 30 Net change in U.S. Treasury securities 5,999 33,439 39,540 9,720 6,271 7,699 5,833 5,810 3,423 9,834 FEDERAL AGENCY OBLIGATIONS Outright transactions 31 Gross purchases 0 0 0 0 0 0 0 0 0 0 32 Gross sales 0 0 0 0 0 0 0 0 0 0 33 Redemptions 157 51 120 0 0 0 0 0 0 0 Repurchase agreements 34 Gross purchases 360,069 0 0 0 0 0 0 0 0 0 35 Gross sales 370,772 0 0 0 0 0 0 0 0 0 36 Net change in federal agency obligations -10,859 -51 -120 0 0 0 0 0 0 0 Reverse repurchase agreements 37 Gross purchases 0 0 0 0 0 0 0 0 0 0 38 Gross sales 0 0 0 0 0 0 0 0 0 0 Repurchase agreements 39 Gross purchases 304,989 890,236 1,497,713 118,550 101,749 70,850 102,200 106,426 98,850 68,750 40 Gross sales 164,349 987,501 1,490,838 131,300 104,750 75,849 100,200 109,926 94,850 81,250 41 Net change in triparty obligations 140,640 -97,265 6,875 -12,750 -3,001 -4,999 2,000 -3,500 4,000 -12,500 42 Total net change in System Open Market Account .. 135,780 -63,877 46,295 -3,030 3,270 2,700 7,833 2,310 7,423 -2,666 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 • November 2002 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday End of month AAAccccccooouuunnnttt 2002 2002 July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 June July Aug. Consolidated condition statement ASSETS 1 Gold certificate account 11,038 11,038 11,038 11,038 11,038 11,044 11,038 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 947 972 1,000 1,017 1,021 948 947 1,031 Loans 4 To depository institutions 186 180 285 204 189 184 186 330 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 1 Repurchase agreements triparty2 19,500 26,000 16,000 25,250 16,000 32,000 19,500 23,000 Federal agency obligations3 8 Bought outright 10 10 10 10 10 10 10 10 9 Held under repurchase agreements 0 0 0 0 0 0 0 0 10 Total U.S. Treasury securities' 600,455 601322 600,372 602,919 604,401 590,683 600,455 602,825 11 Bought outright4 600,455 601,322 600,372 602,919 604,401 590,683 600,455 602,825 12 Bills 202,969 202,914 201,962 203,139 203,772 196,633 202,969 202,196 13 Notes 291,777 292,698 292,699 293,914 294,640 288,610 291,777 294,640 14 Bonds 105,709 105,710 105,710 105,866 105,989 105,440 105,709 105,989 15 Held under repurchase agreements 0 0 0 0 0 0 0 0 16 Total loans and securities 620,151 627,512 616,666 628,383 620,600 622,877 620,151 626,165 17 Items in process of collection 6,498 7,561 6,619 6,991 6,626 5,299 6,498 5,419 18 Bank premises 1,519 1,519 1,521 1,522 1,522 1,516 1,519 1,520 Other assets 19 Denominated in foreign currencies5 16,140 16,057 16,430 16,238 16,279 16,161 16,140 16,240 20 All other6 22,053 22,514 22,908 19,499 19,977 21,512 22,053 20,127 21 Total assets 680,546 689,374 678,382 686,888 679,263 681,555 680,546 683,739 LIABILITIES 22 Federal Reserve notes 628,468 629,631 629,102 628,187 629,732 625,248 628,468 631,256 23 Reverse repurchase agreements—triparty2 0 0 0 0 0 0 0 0 24 Total deposits 25,825 32,696 22,420 32,193 23,216 30,743 25,825 27,570 25 Depository institutions 19,183 27,103 16,958 27,273 17,849 22,324 19,183 22,415 26 U.S. Treasury—General account 6,242 5,316 5,191 4,629 5,091 8,116 6,242 4,874 27 Foreign—Official accounts 164 74 79 89 77 90 164 86 28 Other 236 203 192 202 199 212 236 194 29 Deferred credit items 7,313 7,889 7,149 7,302 6,950 5,378 7,313 5,388 30 Other liabilities and accrued dividends7 2,363 2,377 2,400 2,388 2,392 2,354 2,363 2,412 31 Total liabilities 663,969 672,593 661,072 670,071 662,290 663,723 663,969 666,625 CAPITAL ACCOUNTS 32 Capital paid in 8,266 8,284 8,287 8,303 8,248 8,330 8,266 8,248 33 Surplus 7,312 7,312 7,312 7,312 7,312 7,312 7,312 7,312 34 Other capital accounts 999 1,186 1,713 1.203 1,413 2,191 999 1,554 35 Total liabilities and capital accounts 680,546 689,374 678,382 686,888 679,263 681,555 680,546 683,739 MEMO 36 Marketable U.S. government and federal agency securities held in custody for foreign official and international accounts 798,001 794,017 795,994 805,388 801,734 787,758 798,001 803,479 Federal Reserve note statement 37 Federal Reserve notes outstanding (issued to Banks) 748,243 747,925 747,418 746,997 747,489 752,137 748,243 747,686 38 LESS: Held by Federal Reserve Banks 119,775 118,294 118,316 118,810 117,757 126,890 119,775 116,430 39 Federal Reserve notes, net 628,468 629,631 629,102 628,187 629,732 625,248 628,468 631,256 Collateral held against notes, net 40 Gold certificate account 11,038 11,038 11.038 11,038 11,038 11,044 11,038 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 0 0 0 0 0 0 0 0 43 U.S. Treasury and agency securities 615,230 616,393 615,864 614,949 616,494 612,004 615,230 618,018 44 Total collateral 628,468 629,631 629,102 628,187 629,732 625,248 628,468 631,256 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 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 June July Aug. 1 Total loans 186 180 285 204 189 184 186 330 2 Within fifteen days1 151 66 144 183 178 144 151 293 3 Sixteen days to ninety days 35 114 141 21 11 39 35 37 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Total U.S. Treasury securities2 600,455 601,322 600,372 602,919 604,401 590,683 600,455 602,825 6 Within fifteen days' 21,605 21,340 23,099 24,726 25,257 8,675 21,605 12,470 7 Sixteen days to ninety days 124,250 129,340 127,239 122,596 123,556 144,837 124,250 123,482 8 Ninety-one days to one year 147,388 142,953 142,343 150,483 149,625 135,633 147,388 160,910 9 One year to five years 171,575 172,050 172,050 172,143 172,868 167,488 171,575 172,868 10 Five years to ten years 54,005 54,006 54,007 51,258 51,380 52,486 54,005 51,381 11 More than ten years 81,632 81,632 81,633 81,714 81,715 81,560 81,632 81,715 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 • November 2002 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2002 IItteemm 1998 1999 2000 2001 Dec. Dec. Dec. Dec. Jan. Feb. Mar. Apr. May June July Aug. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 45.14 41.82 38.54 41.22 41.75 41.45 41.01 40.76 39.12 39.27 39.66 40.06 2 Nonborrowed reserves4 45.02 41.50 38.33 41.15 41.70 41.42 40.94 40.69 39.00 39.12 39.47 39.72 3 Nonborrowed reserves plus extended credit5 45.02 41.50 38.33 41.15 41.70 41.42 40.94 40.69 39.00 39.12 39.47 39.72 4 Required reserves 43.62 40.53 37.11 39.58 40.36 40.08 39.60 39.55 37.84 38.02 38.29 38.42 5 Monetary base6 513.55 593.12 584.04 634.41 640.86 646.18 649.65 653.95' 657.9 lr 664.07 668.75r 671.06 Not seasonally adjusted 6 Total reserves7 45.31 41.89 38.53 41.20 43.71 42.47 40.27 40.85 40.18 38.49 39.301" 39.74 7 Nonborrowed reserves 45.19 41.57 38.32 41.13 43.66 42.44 40.19 40.78 40.06 38.35 39.1 r 39.41 8 Nonborrowed reserves plus extended credit5 45.19 41.57 38.32 41.13 43.66 42.44 40.19 40.78 40.06 38.35 39.1 r 39.41 9 Required reserves8 43.80 40.59 37.10 39.55 42.33 41.11 38.85 39.64 38.90 37.25 37.93r 38.11 10 Monetary base9 518.27 600.72 590.06 639.91 644.27 645.71 649.23 653.29 658.00 662.84 668.76r 669.23 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS'0 11 Total reserves" 45.21 41.65 38.47 41.08 43.73 42.49 40.30 40.90 40.24 38.57 39.39 39.86 12 Nonborrowed reserves 45.09 41.33 38.26 41.01 43.68 42.46 40.22 40.83 40.13 38.43 39.20 39.52 13 Nonborrowed reserves plus extended credit5 45.09 41.33 38.26 41.01 43.68 42.46 40.22 40.83 40.13 38.43 39.20 39.52 14 Required reserves 43.70 40.36 37.05 39.43 42.34 41.12 38.88 39.69 38.97 37.33 38.02 38.22 15 Monetary base12 525.06 608.02 596.98 648.74 653.28 654.93 658.78 663.37 668.14 672.98 678.98r 679.46 16 Excess reserves13 1.51 1.30 1.43 1.65 1.39 1.37 1.41 1.21 1.27 1.24 1.37 1.64 17 Borrowings from the Federal Reserve .12 .32 .21 .07 .05 .03 .08 .07 .11 .14 .19 .33 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 IItteemm Dec. Dec. Dec. Dec.' May' June' July' Aug. Seasonally adjusted Measures2 1 Ml 1,096.5 1,124.4 1,088.9 1,179.3 1,182.8 1,189.9 1,197.8 1,184.0 7 M2 4,383.9' 4,654.2' 4,938.5' 5,457.9 5,547.4 5,581.4 5,641.1 5,685.5 3 M3 6,041.3' 6,544.5' 7,115.1' 8,033.2 8,139.5 8,182.4 8,239.3 8,310.6 Ml components 4 Currency' 459.3 516.9 530.1 579.9 605.0 661111..11 661155..11 661177..11 Travelers checks4 8.2 8.3 8.0 7.8 7.8 8.2 8.6 8.4 6 Demand deposits5 378.4 354.5 309.9 330.4 305.9 305.1 303.8 288.9 7 Other checkable deposits6 250.5 244.7 240.9 261.2 264.1 265.5 270.3 269.6 Nontransaction components 8 In M27 3,287.4' 3,529.8' 3,849.7' 4,278.7 4.364.6 4,391.6 4,443.4 4,501.5 9 In M3 only8 1,657.4' 1,890.3' 2,176.5' 2,575.2 2,592.0 2,601.0 2,598.2 2,625.2 Commercial banks 10 Savings deposits, including MMDAs 1,187.5 1,289.1 1,423.7 1,745.8 1,863.7 1,884.7 1,911.4 1,963.4 11 Small time deposits' 626.1 635.0 699.1 638.9 617.8 617.5 613.4 608.0 12 Large time deposits10 " 582.8' 651.3' 717.2 670.0 701.2 699.4 703.7 704.2 Thrift institutions 13 Savings deposits, including MMDAs 414.7 449.7 452.1 561.8 621.1 629.4 641.4 654.4 14 Small time deposits' 325.6 320.4 344.5 334.4 311.2 308.4 307.4 306.5 15 Large time deposits10 88.6 91.1 102.9 114.0 111.7 110.2 110.3 111.8 Money market mutual funds 16 733.6' 835.7' 930.2' 997.7 950.8 951.5 969.8 969.2 17 Institution-only 540.1' 638.6' 796.6' 1,206.5 1,185.8 1,196.4 1.191.6 1,190.1 Repurchase agreements and eurodollars 18 Repurchase agreements12 293.4 335.9 364.0 375.7 371.9 373.7 372.6 339977..55 19 Eurodollars12 152.5 173.4 195.9 209.0 221.5 221.3 220.0 221.6 Not seasonally adjusted Measures2 ?0 Ml 1,120.4 1,148.3 1,112.3 1,203.5 1,178.1 1,187.5 1,195.3 1,179.2 71 M2 4,404.0' 4.675.0' 4,962.2' 5,482.9 5,530.6 5,570.3 5,614.8 5,660.0 22 M3 6,070.1' 6,576.2' 7,150.3' 8,071.4 8,134.2 8,168.2 8,189.6 8,258.6 Ml components 23 Currency3 463.3 521.5 535.2 584.9 605.1 610.4 615.3 616.2 7,4 Travelers checks4 8.4 8.4 8.1 7.9 7.9 8.0 8.2 8.1 75 Demand deposits3 395.9 371.8 326.5 348.2 300.2 302.2 304.0 287.7 26 Other checkable deposits6 252.8 246.6 242.5 262.5 264.9 266.9 267.8 267.3 Nontransaction components 77 In M27 3,283.6' 3,526.7' 3,849.9' 4,279.4 4,352.5 4,382.8 4,419.5 4,480.8 28 In M3 only8 1,666.1' 1,901.2' 2,188.0' 2,588.5 2,603.5 2,597.9 2,574.8 2,598.6 Commercial hanks 29 Savings deposits, including MMDAs 1,186.0 1,288.8 1,426.9 1,750.2 1,862.0 1,889.6 1,907.5 1,956.8 30 Small time deposits' 626.5 635.7 700.0 639.6 615.7 614.5 611.5 607.2 31 Large time deposits10 " 583.1' 651.7' 717.6 670.1 707.2 704.6 703.4 701.6 Thrift institutions 32 Savings deposits, including MMDAs 414.2 449.6 453.1 563.2 620.5 631.0 640.1 652.2 33 Small time deposits' 325.8 320.8 345.0 334.8 310.1 306.9 306.4 306.1 34 Large time deposits'" 88.6 91.2 103.0 114.0 112.6 111.0 110.3 111.4 Money market mutual funds 35 731.1' 831.9' 924.9' 991.6 944.2 940.7 954.1 958.5 36 Institution-only 549.5' 648.2' 805.6' 1,217.7 1,182.8 1,182.2 1,169.2 1,170.0 Repurchase agreements and eurodollars 37 Repurchase agreements12 290.4 334.7 364.2 376.5 376.9 337788..88 373.8 339966..77 38 Eurodollars12 154.5 175.4 197.6 210.2 223.9 221.3 218.2 218.8 Footnotes appear on following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic Nonfinancial Statistics • November 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 Liabilities' A. All commercial banks Billions of dollars Monthly averages Wednesday figures Account 2001 2002 2002 Aug. Feb. Mar.' Apr.' May' June' July' Aug. Aug. 7 Aug. 14 Aug. 21 Aug. 28 Seasonally adjusted Assets 1 Bank credit 5,356.0' 5,428.2' 5,422.8 5,446.4 5,502.4 5,546.1 5,592.8 5,675.6 5,640.3 5,670.5 5,670.1 5,694.0 ? Securities in bank credit 1,423.0' 1,478.2' 1,477.0 1,500.0 1,533.5 1,558.9 1,586.7 1,625.2 1,612.6 1,621.7 1,620.0 1,630.0 3 U.S. government securities 794.6' 837.3' 854.1 874.5 896.4 909.0 917.1 945.6 941.0 932.0 939.2 958.1 4 Other securities 628.4' 640.9' 623.0 625.5 637.1 649.9 669.6 679.5 671.7 689.7 680.9 671.9 Loans and leases in bank credit2 .... 3,933.0 3,950.0' 3,945.8 3,946.4 3,968.9 3,987.2 4,006.1 4,050.5 4,027.7 4,048.8 4,050.0 4,064.0 6 Commercial and industrial 1,064.8 1,029.1' 1,024.5 1,009.7 1,004.6 998.0 986.9 987.2 988.9 986.7 986.5 987.3 7 Real estate 1,718.3 1,790.1' 1,790.8 1,794.9 1,817.6 1.840.2 1,870.4 1,901.5 1,893.5 1,900.4 1,897.2 1,907.0 8 Revolving home equity 141.4 162.2 167.6 172.0 179.2 185.4 192.3 197.0 196.4 197.6 196.0 197.3 9 Other 1,576.9 1,627.9' 1,623.2 1,623.0 1,638.4 1,654.8 1,678.1 1,704.6 1,697.0 1,702.7 1,701.2 1,709.7 10 Consumer 552.8 563.5' 562.7 567.5 570.3 569.5 566.5 576.7 570.1 573.4 578.6 582.1 11 Security3 166.4 151.9 159.9 167.4 170.1 171.6 179.3 179.1 171.0 183.2 183.0 179.0 1? Other loans and leases 430.7 415.4 407.9 406.8 406.4 407.8 403.1 406.0 404.2 405.2 404.7 408.6 n Interbank loans 282.0 277.7 269.7 271.0 289.3 284.1 289.9 305.6 294.9 303.8 301.0 318.3 14 Cash assets4 284.5 297.7 300.2 298.7 297.8 300.4 301.2 307.5 310.5 302.1 306.5 304.1 15 Other assets5 444.2' 491.4' 471.1 482.8 490.1 487.3 496.5 512.1 508.6 518.5 515.5 506.6 16 Total assets6 6,299.4' 6,420.4' 6,388.9 6,424.7 6,505.2 6,543.4 6,606.2 6,726.7 6,679.8 6,721.2 6,719.2 6,748.6 Liabilities 17 Deposits 4,093.4 4,274.4 4.314.1 4,333.7 4,366.8 4,389.8 4,431.1 4,473.8 4,446.7 4,486.9 4,459.4 4,480.8 18 Transaction 613.4 625.0 621.1 602.8 615.2 608.1 618.9 605.7 566.8 599.3 612.7 652.1 19 Nontransaction 3,480.0 3,649.4 3,693.0 3,730.9 3,751.7 3,781.7 3,812.2 3,868.2 3,879.9 3,887.6 3,846.7 3,828.7 20 Large time 964.9 1,012.9 1,027.8 1,043.6 1,050.3 1,046.3 1,052.5 1,052.1 1,051.9 1,054.1 1,052.8 1,049.3 71 Other 2,515.1 2,636.6 2,665.2 2,687.4 2,701.3 2,735.4 2,759.7 2,816.1 2,827.9 2,833.5 2,793.9 2,779.3 22. Borrowings 1,235.5 1,233.7 1,204.5 1,220.8 1,248.6 1.246.6 1,247.5 1,308.1 1,280.3 1,301.8 1.311.3 1,330.1 ?3 From banks in the U.S 390.8 395.3 382.8 381.4 382.0 375.8 384.2 403.1 395.1 402.6 399.9 408.4 ?4 From others 844.8 838.4 821.7 839.4 866.7 870.8 863.3 905.0 885.2 899.3 911.4 921.7 75 Net due to related foreign offices 197.3 97.9 101.9 103.7 92.2 90.8 90.8 91.0 107.1 68.2 97.0 89.4 26 Other liabilities 354.3 336.1 309.4 319.2 331.2 359.4 387.7 407.2 403.8 424.1 400.0 396.6 27 Total liabilities 5,880.6 5,942.0 5,930.0 5,977.3 6,038.8 6,086.6 6,157.1 6,280.1 6,237.8 6,281.0 6,267.7 6,297.0 28 Residual (assets less liabilities)7 418.7' 478.4' 458.9 447.3 466.3 456.8 449.0 446.6 442.0 440.2 451.5 451.7 Not seasonally adjusted Assets ?9 Bank credit 5,333.5' 5,433.3' 5,416.9 5,443.2 5,496.2 5,540.5 5,566.0 5,653.0 5,618.2 5,650.4 5,642.9 5,669.1 30 Securities in bank credit 1,415.6' 1,485.7' 1,482.7 1,499.3 1,530.7 1,554.8 1,572.6 1,616.5 1,603.4 1,611.5 1,610.1 1,621.4 31 U.S. government securities 789.3' 844.3' 860.3 876.3 894.1 906.3 908.8 939.3 934.7 924.6 932.3 951.3 3? Other securities 626.3' 641.4' 622.4 623.1 636.7 648.5 663.8 677.2 668.7 686.9 677.9 670.1 33 Loans and leases in bank credit2 .... 3,917.9 3,947.6' 3,934.2 3,943.9 3,965.5 3,985.7 3,993.4 4,036.5 4,014.7 4,038.9 4,032.8 4,047.7 34 Commercial and industrial 1,058.9 1,028.0' 1,025.9 1,013.8 1,008.1 1,000.2 985.8 981.7 985.4 982.0 980.5 979.4 35 Real estate 1,719.3 1,784.9' 1,783.2 1,791.6 1,820.2 1,841.2 1,869.8 1,902.7 1,893.7 1,903.7 1,897.2 1,908.1 36 Revolving home equity 141.5 162.2 166.1 171.3 179.5 185.6 192.1 197.1 196.0 197.7 196.1 197.8 37 Other 1,577.8 1,622.8' 1,617.2 1,620.3 1,640.7 1,655.6 1,677.7 1,705.6 1,697.7 1,706.0 1,701.1 1,710.4 38 Consumer 549.4 565.8' 559.9 564.1 568.5 565.4 560.6 573.2 563.6 569.2 575.9 581.0 39 Credit cards and related plans . . 217.7 223.5 219.9 223.6 223.1 221.6 216.0 225.3 218.1 222.1 227.6 231.0 40 Other 331.7 342.4' 340.0 340.5 345.4 343.8 344.5 347.9 345.5 347.0 348.4 350.0 41 Security3 162.3 153.5 157.5 166.6 163.6 170.6 174.6 174.5 168.5 180.3 176.4 173.8 4? Other loans and leases 428.0 415.3 407.6 407.8 405.1 408.4 402.7 404.4 403.5 403.8 402.7 405.3 43 Interbank loans 276.3 276.4 274.6 280.9 285.9 286.1 284.1 299.2 292.4 301.0 293.6 301.6 44 Cash assets4 271.4 298.9 290.3 297.8 295.1 292.8 292.2 293.5 293.2 286.6 287.8 287.2 45 Other assets5 441.8' 490.4' 470.5 483.2 489.8 485.3 495.1 509.4 507.6 516.9 510.1 501.4 46 Total assets6 6,255.4' 6,424.3' 6,377.4 6,431.2 6,492.5 6,530.2 6,563.2 6,680.8 6,636.6 6,681.0 6,660.3 6,684.9 Liabilities 47 Deposits 4,050.0 4,290.4 4,319.5 4,357.9 4,359.7 4,377.5 4,401.8 4,426.8 4,417.6 4,443.8 4,397.8 4,409.3 48 Transaction 597.5 619.7 616.2 611.2 607.1 605.0 611.4 590.3 553.3 586.3 589.8 628.1 49 Nontransaction 3,452.6 3,670.6 3,703.3 3,746.7 3,752.7 3,772.5 3,790.3 3,836.5 3,864.2 3,857.5 3,808.0 3,781.2 50 Large time 951.7 1,020.0 1,028.7 1,046.1 1,054.0 1,044.0 1,041.4 1,036.4 1,038.1 1,036.9 1,036.4 1,034.7 51 Other 2,500.8 2,650.6 2,674.6 2,700.5 2,698.7 2,728.5 2,748.9 2,800.1 2,826.1 2,820.5 2,771.6 2,746.5 52 Borrowings 1,215.0 1,236.6 1,202.6 1,226.9 1,255.1 1,245.6 1,237.4 1,287.8 1,260.8 1,279.8 1,291.3 1,306.5 53 From banks in the U.S 385.1 400.2 387.0 386.3 383.2 373.3 380.1 398.0 391.4 397.7 395.6 400.8 54 From others 829.9 836.4 815.6 840.6 871.9 872.4 857.3 889.8 869.4 882.1 895.7 905.7 55 Net due to related foreign offices 194.0 104.3 103.5 95.1 91.7 87.0 81.7 88.1 97.7 63.6 95.0 93.7 56 Other liabilities 352.1 341.3 309.2 311.8 330.7 356.6 379.4 404.6 395.6 418.8 398.6 400.7 57 Total liabilities 5,811.2 5,972.6 5,934.8 5,991.7 6,037.2 6,066.8 6,100.2 6,207.3 6,171.7 6,205.9 6,182.6 6,210.2 58 Residual (assets less liabilities)7 444.3r 451.8' 442.6 439.5 455.3 463.4 462.9 473.5 465.0 475.1 477.6 474.7 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 Domestic Financial Statistics • November 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 Aug. Feb. Mar. Apr.' May June July' Aug. Aug. 7 Aug. 14 Aug. 21 Aug. 28 Seasonally adjusted Assets 1 Bank credit 4,757.7r 4,843. lr 4,831.1' 4,848.2 4,904.2' 4,938.5' 4,982.8 5,057.0 5,017.1 5,050.9 5,055.7 5,079.1 2 Securities in bank credit l,197.3r 1,252.1r 1,253.1' 1,275.1 1,305.5' 1,326.3' 1,357.5 1,386.3 1,370.7 1,380.1 1,384.1 1,395.3 3 U.S. government securities 725.9 764.6 778.6 797.8 819.5 832.0 843.4 865.2 861.0 852.0 860.6 876.6 4 Other securities 471.5r 487.5' 474.5' 477.3 486.0' 494.3' 514.1 521.1 509.7 528.1 523.5 518.7 5 Loans and leases in bank credit2 .... 3,560.3 3,591.0r 3,578.0' 3,573.1 3,598.7' 3,612.2' 3,625.3 3,670.7 3,646.4 3,670.8 3,671.6 3,683.8 6 Commercial and industrial 861.8 832.lr 824.3' 811.6 806.0' 802.5' 793.0 794.7 793.9 794.6 794.6 795.7 / Real estate 1,700.0 1,771.6r 1,772.0' 1,775.5 1,798.2' 1,820.4' 1,850.2 1,881.3 1,873.1 1,880.2 1,877.1 1,886.7 8 Revolving home equity 141.4 162.2 167.6 172.0 179.2 185.4 192.3 197.0 196.4 197.6 196.0 197.3 9 Other 1,558.6 1,609.4' 1,604.3' 1,603.5 1,619.0' 1,635.0' 1,658.0 1,684.4 1,676.7 1,682.6 1,681.1 1,689.4 10 Consumer 552.8 563.5' 562.7' 567.5 570.3' 569.5' 566.5 576.7 570.1 573.4 578.6 582.1 11 Security3 82.9 77.9 81.4 82.9 89.0 84.4 86.9 86.1 80.5 92.0 89.3 84.4 12 Other loans and leases 362.8 345.9 337.7 335.5 335.3' 335.4 328.7 331.8 328.8 330.7 331.9 334.8 13 Interbank loans 262.0 257.8 249.2 249.0 265.6 263.2 271.8 286.6 277.6 287.4 281.9 296.7 14 Cash assets4 248.2 255.9 256.2 252.5 253.7 256.5 257.6 264.1 266.2 258.4 264.6 260.8 15 Other assets5 414.3r 459.6' 441.2' 451.5 458.4' 452.4' 459.9 475.3 472.4 477.0 479.9 472.9 16 Total assets6 5,615.1r 5,742.3r 5,703.3r 5,727.4 5,807.6 5,836.5 5,898.1 6,009.3 5,959.1 6,000.2 6,008.6 6,035.6 Liabilities 17 Deposits 3,687.0 3,797.9 3,823.6 3,826.6 3,858.4 3,880.2 3,925.8 3,975.5 3,953.3 3,986.7 3,959.0 3,980.9 18 Transaction 603.6 614.6 611.1 592.3 604.3 597.2 608.3 594.8 555.3 588.6 602.5 641.1 19 Nontransaction 3,083.4 3,183.2 3,212.5 3,234.4 3,254.2 3,283.0 3,317.5 3,380.7 3,398.0 3,398.1 3,356.5 3,339.8 20 Large time 570.7 553.2 552.6 549.5 554.9 551.7 566.9 574.2 576.4 576.0 572.3 570.6 21 Other 2,512.7 2,630.0 2,659.9 2,684.9 2,699.3 2,731.3 2,750.6 2,806.5 2,821.6 2,822.1 2,784.2 2,769.2 22 Borrowings 1,028.2 1,042.6 1,017.0 1,029.3 1,055.9' 1,048.5' 1,039.2 1,087.9 1,060.9 1,078.9 1,097.7 1,110.8 23 From banks in the U.S 370.1 372.2 361.1 358.9 360.4 353.6 362.1 379.8 374.2 378.4 379.6 382.8 24 From others 658.1 670.4 655.9 670.4 695.5' 694.9' 677.1 708.0 686.7 700.5 718.1 728.0 25 Net due to related foreign offices 207.5 171.0 173.4 177.3 179.7 175.6 181.5 179.9 183.2 161.4 187.6 183.8 26 Other liabilities 273.6 258.7 240.4 251.9 260.6 280.8 302.8 316.2 311.4 328.5 309.1 311.4 27 Total liabilities 5,196.3 5,270.1 5,254.5r 5,285.1 5,354.7' 5,385.0' 5,449.2 5,559.5 5,508.8 5,555.5 5,553.4 5,586.9 28 Residual (assets less liabilities)7 418.8r 472.2' 448.8' 442.3 453.0 451.5' 448.9 449.8 450.3 444.8 455.2 448.6 Not seasonally adjusted Assets 29 Bank credit 4,741.1r 4,844.3' 4,825.3' 4,844.9 4,902.0' 4,936.0' 4,962.2 5,040.7 4,999.8 5,035.4 5,035.7 5,061.4 30 Securities in bank credit l,190.0r 1,259.6' 1,258.8' 1,274.4 1,302.7' 1,322.2' 1,343.4 1,377.7 1,361.5 1,369.9 1,374.2 1,386.7 31 U.S. government securities 720.6 771.7 784.9 799.6 817.1 829.2' 835.1 858.9 854.7 844.6 853.7 869.8 32 Other securities 469.4r 487.9' 473.9' 474.9 485.6' 493.0' 508.2 518.8 506.8 525.2 520.5 516.9 33 Loans and leases in bank credit2 .... 3,551.1 3,584.7' 3,566.5' 3,570.5 3,599.2' 3,613.8' 3,618.8 3,663.1 3,638.4 3,665.6 3,661.5 3,674.7 34 Commercial and industrial 857.6 829.4' 824.4' 817.0 811.8' 805.8' 793.3 790.8 792.1 791.1 789.9 789.9 35 Real estate 1,701.0 1,766.5' 1,764.4' 1,772.2 1,800.8' 1,821.3' 1,849.6 1,882.4 1,873.3 1,883.5 1,877.1 1,887.9 36 Revolving home equity 141.5 162.2 166.1 171.3 179.5 185.6 192.1 197.1 196.0 197.7 196.1 197.8 37 Other 1,559.5 1,604.3' 1,598.3' 1,600.9 1,621.3' 1,635.7' 1,657.5 1,685.4 1,677.3 1,685.8 1,681.0 1,690.1 38 Consumer 549.4 565.8' 559.9' 564.1 568.5' 565.4' 560.6 573.2 563.6 569.2 575.9 581.0 39 Credit cards and related plans .. 217.7 223.5 219.9 223.6 223.1 221.6 216.0 225.3 218.1 222.1 227.6 231.0 40 Other 331.7 342.4' 340.0' 340.5 345.4' 343.8' 344.5 347.9 345.5 347.0 348.4 350.0 41 Security3 81.8 77.2 81.4 81.5 83.7 84.9 85.7 85.0 79.4 91.1 87.3 83.3 42 Other loans and leases 361.3 345.8 336.5 335.8 334.4 336.3 329.7 331.6 329.9 330.8 331.3 332.6 43 Interbank loans 256.3 256.5 254.1 258.8 262.1 265.2 265.9 280.2 275.1 284.6 274.5 280.0 44 Cash assets4 236.1 256.3 247.5 253.5 252.4' 250.9 250.4 251.5 250.4 244.4 247.1 245.1 45 Other assets5 412.3r 458.1' 439.8' 452.2 458.0' 451.9' 459.8 473.2 472.3 476.5 475.2 467.7 46 Total assets6 5,578.6r 5,740.8r 5,692. lr 5,735.9 5,800.4 5,829.9 5,864.5 5,971.6 5,923.3 5,967.4 5,958.8 5,980.1 Liabilities 47 Deposits 3,655.4 3,808.4 3,826.7 3,847.0 3,846.2 3,869.8 3,905.5 3,943.0 3,937.3 3,959.5 3,912.8 3,922.2 48 Transaction 587.9 609.3 606.3 601.2 596.6 594.4 600.8 579.6 542.2 575.9 580.0 617.4 49 Nontransaction 3,067.5 3,199.1 3,220.5 3,245.8 3,249.7 3,275.4 3,304.7 3,363.3 3,395.2 3,383.6 3,332.8 3,304.8 50 Large time 569.0 555.1 551.1 547.8 553.0 550.9 564.7 572.6 575.2 574.2 570.7 568.2 51 Other 2,498.5 2,644.0 2,669.3 2,698.0 2,696.7' 2,724.5 2,740.0 2,790.8 2,819.9 2,809.5 2,762.2 2,736.7 52 Borrowings 1,007.7 1,045.5 1,015.1 1,035.4 1,062.4' 1,047.5' 1,029.1 1,067.5 1,041.5 1,056.9 1,077.6 1,087.2 53 From banks in the U.S 364.5 377.1 365.3 363.9 361.6 351.1 358.1 374.7 370.6 373.5 375.3 375.2 54 From others 643.2 668.4 649.8' 671.6 700.7' 696.5' 671.1 692.9 670.9 683.3 702.3 712.0 55 Net due to related foreign offices 206.3 174.7 172.0 170.6 179.4 174.3 176.1 179.0 179.0 158.3 187.9 187.1 56 Other liabilities 272.3 262.6 239.0 245.2 260.1 279.3 296.5 314.7 306.3 324.0 309.0 314.8 57 Total liabilities 5,141.7 5,291.2 5,252.9r 5,298.2 5,348. lr 5,370.9r 5,407.3 5,504.2 5,464.1 5,498.7 5,487.3 5,511.3 58 Residual (assets less liabilities)7 436.9r 449.5' 439.3' 437.7 452.4 459.0' 457.2 467.5 459.2 468.7 471.4 468.8 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities 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 Aug. Feb. Mar. Apr. May June July Aug. Aug. 7 Aug. 14 Aug. 21 Aug. 28 Seasonally adjusted Assets 1 Bank credit 2,636.0r 2,578.6' 2,558.6' 2,560.1' 2,575.9' 2.595.3' 2,628.7' 2,676.3 2,646.4 2,677.8 2,672.7 22,,668899..99 7 Securities in bank credit 630.2' 631.7' 629.5' 645.3' 664.0' 683.5' 713.0' 736.3 721.1 731.8 734.5 744.9 3 U.S. government securities 365.7 362.4 369.9 383.4 390.3 400.0 410.7 427.2 423.9 417.1 424.1 436.7 4 Trading account 36.2 33.6 32.7 38.1 43.0 42.4 43.1 48.0 45.8 48.3 44.3 50.7 Investment account 329.5 328.8 337.2 345.3 347.4 357.6 367.6 379.2 378.1 368.8 379.8 386.1 6 Other securities 264.5r 269.3' 259.6' 261.9' 273.7' 283.6' 302.4' 309.0 297.2 314.7 310.4 308.2 7 Trading account 153.1 130.0 122.5 128.2 140.5 148.3 168.7 174.4 164.8 182.1 175.1 171.3 8 Investment account 111.4' 139.3' 137.1' 133.7' 133.2' 135.3' 133.6' 134.6 132.3 132.6 135.3 136.9 9 State and local government .. 27.5 27.8 27.7 27.2 26.9 27.3 28.3 28.0 28.0 28.0 28.1 28.1 in Other 84.0' 111.5' 109.4' 106.5' 106.3' 107.9' 105.4' 106.6 104.3 104.6 107.2 108.8 11 Loans and leases in bank credit2 .... 2,005.9 1,946.9 1,929.1 1,914.8 1.911.9 1,911.8 1,915.7 1,940.0 1,925.3 1,946.0 1,938.3 1,945.0 l? Commercial and industrial 561.5 528.2 521.9 510.8 503.7 499.6 488.3 487.5 487.3 487.2 487.4 488.0 n Bankers acceptances .0 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 14 Other 561.5 528.2 521.9 510.8 503.7 499.6 488.3 487.5 487.3 487.2 487.4 488.0 is Real estate 850.7 852.8 847.1 845.1 846.7 860.6 880.5 899.3 895.1 900.7 894.8 901.8 16 Revolving home equity 90.0 101.5 105.3 108.4 112.0 116.5 121.2 124.1 124.1 125.1 123.1 124.1 1177 Other 760.7 751.3 741.9 736.7 734.7 744.2 759.3 775.1 771.0 775.6 771.7 777.7 1188 Consumer 254.6 248.6 247.1 245.5 245.3 241.2 241.7 247.2 244.4 246.6 247.1 249.1 19 Security3 74.7 70.0 73.7 75.6 81.4 76.5 78.7 77.7 72.3 83.7 80.8 75.7 20 Federal funds sold to and repurchase agreements with broker-dealers 60.8 57.4 61.2 63.3 69.2 64.5 6666..22 6666..11 6600..33 7711..33 6688..55 6655..22 ?l Other 13.9 12.5 12.5 12.3 12.3 12.0 12.5 11.6 12.0 12.4 12.3 10.5 77 State and local government 14.5 13.8 13.3 13.1 13.0 13.0 12.8 12.8 12.8 12.8 12.8 13.0 23 Agricultural 10.2 9.6 9.5 9.3 9.3 9.1 9.0 8.2 8.1 8.2 8.2 8.2 24 Federal funds sold to and repurchase agreements with others 33.3 22.8 21.0 22.1 18.7 17.2 13.5 16.3 14.0 1155..99 1177..11 1177..99 95 All other loans 75.7 69.8 65.0 64.2 66.0 67.9 64.9 65.0 65.1 64.8 64.1 65.3 76 Lease-financing receivables 130.7 131.3 130.4 129.2 127.7 126.8 126.3 126.1 126.1 126.1 125.9 126.0 71 Interbank loans 150.0 155.1 148.7 157.9 168.0 160.3 162.1 173.5 170.9 175.1 167.9 176.7 28 Federal funds sold to and repurchase agreements with commercial banks 80.7 81.7 77.3 84.7 83.8 74.1 74.4 8833..88 8811..11 8877..22 7777..66 8855..88 79 Other 69.3 73.5 71.3 73.3 84.2 86.2 87.7 89.7 89.8 87.9 90.3 90.9 30 Cash assets4 142.9 143.1 142.4 139.3 140.8 142.6 141.9 146.3 149.4 142.7 146.7 141.5 31 Other assets5 294.6' 314.3' 293.7' 301.5' 305.5' 298.8' 304.6' 313.3 312.6 309.4 319.0 314.2 32 Total assets6 3,185.1r 3,147.2 3,099.3' 3,115.8 3,147.1 3,154.1 3,194.4 3,267.2 3,236.3 3,263.1 3,264.5 3,280.2 Liabilities 33 Deposits 1,766.7 1,798.4 1,809.6 1,814.0 1,809.3 1,812.0 1,841.0 1,866.2 1,854.6 1,880.2 1,852.2 1,864.3 34 Transaction 308.1 310.2 305.6 288.8 290.4 286.0 291.3 281.5 255.9 281.6 285.3 307.9 35 Nontransaction 1,458.6 1,488.2 1,504.0 1,525.2 1,519.0 1,526.1 1,549.6 1,584.8 1,598.7 1,598.7 1,566.9 1,556.5 36 Large time 266.7 251.3 250.4 246.9 248.4 243.5 260.6 267.4 269.0 269.5 265.6 264.1 37 Other 1,191.9 1,236.9 1,253.7 1,278.2 1,270.6 1,282.5 1.289.0 1,317.4 1,329.6 1,329.1 1,301.3 1,292.4 38 Borrowings 684.9 654.8 636.2 645.9 664.7 654.9 641.5 675.7 661.0 669.9 683.5 688.3 39 From banks in the U.S 218.9 197.1 191.2 192.4 193.4 187.3 190.5 200.2 199.1 202.1 198.2 197.6 40 From others 466.0 457.7 445.0 453.5 471.3 467.6 450.9 475.5 461.9 467.7 485.3 490.6 41 Net due to related foreign offices 192.1 160.0 164.4 167.6 168.1 163.9 171.7 171.5 174.8 153.6 177.5 176.3 42 Other liabilities 213.3 187.9 169.0 180.1 186.6 206.4 228.5 239.5 235.7 251.8 231.9 233.9 43 Total liabilities 2,857.0 2,801.1 2,779.2 2,807.6 2,828.7 2,837.2 2,882.6 2,952.9 2,926.1 2,955.5 2,945.1 2,962.8 44 Residual (assets less liabilities)7 328.1' 346.1 320.1 308.2 318.4 316.9 311.9 314.3 310.2 307.6 319.4 317.4 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 Domestic Nonfinancial Statistics • November 2002 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued C. Large domestically chartered commercial banks—Continued Billions of dollars Monthly averages Wednesday figures AAAccccccooouuunnnttt 2001 2002 2002 Aug. Feb. Mar. Apr. May June July Aug. Aug. 7 Aug. 14 Aug. 21 Aug. 28 Not seasonally adjusted Assets 45 Bank credit 2,621.9r 2,583.4' 2,557.6' 2,559.7' 2,575.8' 2,595.5' 2,613.4' 2,663.0 2,635.2 2,664.6 2,656.0 2,673.1 46 Securities in bank credit 624.8' 637.5' 632.9' 643.4' 662.0' 679.8' 701.0' 730.0 714.6 724.1 727.5 737.7 47 U.S. government securities 362.3 367.7 373.9 384.0 388.8 397.7 404.5 423.3 420.3 412.2 420.1 431.3 48 Trading account 35.9 34.1 33.1 38.2 42.8 42.2 42.4 47.6 45.4 47.7 43.9 50.0 49 Investment account 326.4 333.6 340.8 345.8 346.0 355.5 362.1 375.7 374.9 364.4 376.2 381.3 50 Mortgage-backed securities . 245.8 259.4 263.6 268.0 272.0 277.4 287.2 304.4 301.6 295.8 305.4 310.3 51 Other 80.7 74.3 77.2 77.7 74.0 78.1 74.9 71.3 73.4 68.6 70.7 71.0 52 One year or less 20.1 16.7 19.6 18.4 16.1 14.9 18.6 17.4 17.3 16.5 17.1 17.9 53 One to five years 34.1 45.5 45.3 46.4 45.0 49.9 43.6 42.2 44.9 41.0 40.5 41.4 54 More than five years .... 26.5 12.1 12.2 12.9 12.9 13.3 12.7 11.8 11.2 11.1 13.2 11.6 55 Other securities 262.5' 269.7' 259.0' 259.5' 273.2' 282.2' 296.5' 306.7 294.3 311.9 307.4 306.4 56 Trading account 151.9 130.2 122.2 127.0 140.2 147.5 165.5 173.1 163.2 180.5 173.4 170.3 57 Investment account 110.6' 139.5' 136.8' 132.5' 133.0' 134.6' 131.1' 133.6 131.0 131.4 134.0 136.1 58 State and local government . 27.3 27.8 27.6 27.0 26.9 27.2 27.7 27.8 27.7 27.7 27.8 27.9 59 Other 83.3' 111.7' 109.2' 105.5' 106.1' 107.4' 103.3' 105.8 103.3 103.7 106.2 108.1 60 Loans and leases in bank credit2 .. . 1,997.2 1,946.0 1,924.6 1,916.3 1,913.8 1,915.6 1,912.4 1,933.0 1,920.6 1,940.5 1,928.6 1,935.4 61 Commercial and industrial 558.7 527.0 522.3 514.2 507.2 500.8 487.9 485.0 486.7 484.8 484.3 484.2 62 Bankers acceptances .0 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 63 Other 558.7 527.0 522.3 514.2 507.2 500.8 487.9 485.0 486.7 484.8 484.3 484.2 64 Real estate 851.1 849.6 842.5 843.9 850.2 862.5 880.7 899.7 896.0 902.6 894.1 901.3 65 Revolving home equity 90.3 101.6 104.3 108.0 112.5 116.9 121.4 124.5 124.2 125.4 123.4 124.6 66 Other 455.7 438.6 429.6 426.5 427.0 436.0 449.5 465.2 461.5 467.4 460.5 466.6 67 Commercial 305.1 309.3 308.7 309.4 310.7 309.6 309.8 310.1 310.4 309.9 310.3 310.1 68 Consumer 252.4 251.0 247.2 245.9 246.0 241.0 239.9 245.0 241.7 244.3 245.0 247.4 69 Credit cards and related plans . 85.9 77.2 75.3 73.3 73.3 71.0 69.8 72.5 70.8 72.4 72.5 73.5 70 Other 166.4 173.8 171.9 172.5 172.6 170.0 170.1 172.5 170.9 171.9 172.6 173.9 71 Security3 73.7 69.3 73.4 73.9 76.3 77.2 77.6 76.6 71.0 82.8 79.0 75.0 72 Federal funds sold to and repurchase agreements with broker-dealers 59.9 56.9 60.9 61.9 64.8 65.1 65.3 65.1 59.3 70.5 67.0 64.6 73 Other 13.7 12.4 12.5 12.1 11.5 12.1 12.3 11.5 11.7 12.2 12.0 10.4 74 State and local government 14.5 13.8 13.3 13.1 13.0 13.0 12.8 12.8 12.8 12.8 12.8 13.0 75 Agricultural 10.2 9.5 9.4 9.2 9.3 9.3 9.2 8.2 8.2 8.3 8.3 8.2 76 Federal funds sold to and repurchase agreements with others 32.2 24.2 21.0 22.1 18.7 17.2 13.5 16.3 14.0 15.9 17.1 17.9 77 All other loans 75.1 68.8 64.3 64.2 65.4 68.3 65.2 64.5 65.0 64.2 63.5 64.0 78 Lease-financing receivables 129.3 132.8 131.3 129.7 127.8 126.3 125.5 124.8 125.1 125.0 124.6 124.5 79 Interbank loans 146.1 153.4 148.8 161.8 169.2 165.4 161.1 169.0 165.4 173.6 164.2 168.7 80 Federal funds sold to and repurchase agreements with commercial banks 78.6 80.7 77.4 86.8 84.4 76.4 73.9 81.7 78.5 86.4 75.9 81.9 81 Other 67.5 72.6 71.4 75.0 84.8 88.9 87.2 87.3 86.9 87.2 88.3 86.7 82 Cash assets4 134.1 143.8 137.5 141.9 140.2 138.5 136.6 137.3 138.0 133.1 135.2 131.1 83 Other assets5 292.6' 312.8' 292.3' 302.1' 305.2' 298.3' 304.5' 311.2 312.5 309.0 314.3 308.9 84 Total assets6 3,156.3' 3,149.2" 3,092.1 3,122.8 3,147.3 3,154.7 3,172.8 3,238.0 3,208.0 3,238.2 3,227.8 3,239.5 Liabilities 85 Deposits 1,749.9 1,804.9 1,808.2 1,821.4 1,803.8 1,810.6 1,832.9 1,849.8 1,847.4 1,868.1 1,827.9 1,832.3 86 Transaction 295.8 306.9 302.6 296.1 287.5 284.4 286.4 270.0 245.1 272.7 269.7 291.1 87 Nontransaction 1,454.0 1,498.0 1,505.6 1,525.3 1,516.3 1,526.1 1,546.6 1,579.8 1,602.2 1,595.4 1,558.2 1,541.2 88 Large time 265.1 253.2 248.9 245.2 246.5 242.7 258.5 265.7 267.9 267.7 264.0 261.6 89 Other 1,188.9 1,244.8 1,256.7 1,280.1 1,269.8 1,283.4 1,288.1 1,314.1 1,334.4 1,327.8 1,294.1 1,279.6 90 Borrowings 664.4 657.7 634.3 652.1 671.1 653.9 631.4 655.4 641.6 647.8 663.4 664.7 91 From banks in the U.S 213.3 202.0 195.4 197.4 194.6 184.8 186.5 195.0 195.5 197.2 193.9 190.1 92 From nonbanks in the U.S 451.2 455.7 438.8 454.7 476.5 469.2 444.9 460.3 446.1 450.6 469.5 474.6 93 Net due to related foreign offices 190.8 163.8 163.0 160.8 167.8 162.6 166.4 170.5 170.5 150.5 177.7 179.5 94 Other liabilities 212.1 191.8 167.6 173.4 186.1 204.9 222.2 238.0 230.6 247.4 231.9 237.3 95 Total liabilities 2,817.2 2,818.2 2,773.1 2,807.7 2,828.8 2,832.0 2,852.8 2,913.7 2,890.1 2,913.8 2,900.9 2,913.8 96 Residual (assets less liabilities)7 339.0' 331.0 319.0' 315.0 318.5 322.7 320.0 324.4 317.9 324.4 326.9 325.7 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 Aug. Feb. Mar. Apr.' May' June July Aug. Aug. 7 Aug. 14 Aug. 21 Aug. 28 Seasonally adjusted Assets 1 Bank credit 2,121.7 2,264.6r 2,272.5' 2.288.0 2,328.3 2,343.2' 2,354.1' 2,380.8 2,370.7 2,373.1 2,383.0 2,389.2 ? Securities in bank credit 567.2 620.4 623.6' 629.7 641.5 642.8' 644.5 650.1 649.5 648.3 649.6 650.4 U.S. government securities 360.2 402.2 408.7 414.3 429.1 432.0' 432.8 438.0 437.0 434.9 436.5 439.9 4 Other securities 207.0 218.2 214.9' 215.4 212.4 210.8' 211.7 212.1 212.5 213.3 213.1 210.5 Loans and leases in bank credit2 .... 1,554.5 l,644.1r 1,648.9' 1,658.3 1,686.8 1,700.4' 1,709.6' 1,730.7 1,721.2 1,724.9 1,733.3 1,738.8 6 Commercial and industrial 300.4 303.9r 302.4' 300.8 302.2 302.9' 304.8' 307.3 306.6 307.4 307.2 307.7 7 Real estate 849.3 918.8' 924.8' 930.4 951.5 959.7' 969.7' 982.1 978.0 979.5 982.3 984.9 8 Revolving home equity 51.4 60.7 62.3' 63.5 67.2 68.9 71.0 72.8 72.3 72.5 72.9 73.2 9 Other 797.9 858.lr 862.5' 866.9 884.3 890.8' 898.7' 909.2 905.7 907.0 909.5 911.7 in Consumer 298.2 314.9r 315.6' 322.0 324.9 328.3' 324.7' 329.5 325.6 326.7 331.6 333.0 n Security3 8.2 8.0 7.7 7.3 7.6 7.9 8.2 8.4 8.2 8.3 8.5 8.7 i? Other loans and leases 98.4 98.6 98.4 97.7 100.6 101.5 102.2 103.5 102.6 102.9 103.8 104.5 n Interbank loans 111.9 102.6 100.5 91.0 97.6 102.9 109.7 113.1 106.7 112.3 114.0 120.0 14 Cash assets4 105.3 112.8 113.8 113.2 112.9 113.9 115.7 117.8 116.7 115.6 117.9 119.3 15 Other assets5 119.6 145.3 147.5' 150.1 152.8 153.6' 155.3' 162.0 159.9 167.5 160.9 158.8 16 Total assets6 2,430.0 2,595.1r 2,603.9' 2,611.6 2,660.5 2,682.4 2,703.7 2,742.1 2,722.8 2,737.1 2,744.1 2,755.4 Liabilities 17 Deposits 1,920.3 1,999.5 2,014.0 2,012.7 2,049.1 2,068.1 2,084.8 2,109.3 2,098.7 2,106.5 2,106.8 2,116.6 18 Transaction 295.5 304.4 305.5 303.5 313.9 311.2 317.0 313.3 299.3 307.1 317.2 333.2 19 Nontransaction 1,624.8 1,695.1 1,708.5 1,709.2 1,735.2 1,756.9 1,767.9 1,796.0 1,799.3 1,799.4 1,789.6 1,783.3 ?n Large time 304.0 301.9 302.2 302.5 306.5 308.2 306.3 306.8 307.4 306.5 306.6 306.5 71 Other 1,320.8 1,393.2 1,406.2 1,406.7 1,428.8 1,448.8' 1,461.6 1,489.1 1,492.0 1,492.9 1,482.9 1,476.8 ?? Borrowings 343.3 387.8 380.8 383.3 391.2 393.6' 397.7 412.2 399.9 409.1 414.2 422.5 n From banks in the U.S 151.2 175.1 169.9 166.5 167.0 166.3 171.6 179.6 175.1 176.3 181.4 185.1 ?4 From others 192.1 212.7 210.9 216.8 224.2 227.3' 226.2' 232.6 224.8 232.7 232.8 237.4 25 Net due to related foreign offices 15.5 10.9 9.0 9.7 11.6 11.7 9.8 8.5 8.5 7.8 10.2 7.6 26 Other liabilities 60.2 70.8 71.4 71.8 74.0 74.4 74.3 76.8 75.7 76.6 77.1 77.5 27 Total liabilities 2,339.3 2,469.0 2,475.2 2,477.5 2,526.0 2,547.8 2,566.7r 2,606.6 2,582.7 2,600.0 2,608.3 2,624.1 28 Residual (assets less liabilities)7 90.7 126.1' 128.7' 134.1 134.5 134.6 137.0' 135.5 140.1 137.2 135.8 131.2 Not seasonally adjusted 79 Bank credit 2,119.2 2,260.9r 2,267.7' 2,285.2 2,326.2 2,340.5' 2,348.8' 2,377.8 2,364.6 2,370.9 2,379.7 2,388.3 30 Securities in bank credit 565.2 622.2 625.9' 631.0 640.7 642.3' 642.4 647.7 646.9 645.8 646.8 649.0 31 U.S. government securities 358.3 404.0 411.0 415.6 428.4 431.5' 430.6' 435.6 434.4 432.5 433.6 438.5 32 Other securities 207.0 218.2 214.9' 215.4 212.4 210.8' 211.7 212.1 212.5 213.3 213.1 210.5 33 Loans and leases in bank credit2 .... 1,553.9 l,638.7r 1,641.8' 1,654.2 1,685.4 1,698.2' 1,706.4' 1,730.0 1,717.7 1,725.1 1,732.9 1,739.3 34 Commercial and industrial 298.9 302.4r 302.1' 302.8 304.6 305.0' 305.4' 305.8 305.5 306.3 305.6 305.7 35 Real estate 849.9 916.9' 921.9' 928.3 950.6 958.8' 968.8' 982.7 977.3 980.9 983.0 986.6 36 Revolving home equity 51.2 60.5 61.8 63.3 67.0 68.7 70.6 72.6 71.9 72.3 72.6 73.1 37 Other 798.7 856.4' 860.1' 865.0 883.6 890.1' 898.2' 910.1 905.4 908.6 910.3 913.4 38 Consumer 297.1 314.8' 312.7' 318.2 322.5 324.3' 320.7' 328.2 321.8 324.9 330.9 333.6 39 Credit cards and related plans . . 131.8 146.3 144.6 150.3 149.8 150.5 146.2 152.8 147.3 149.8 155.1 157.6 4n Other 165.2 168.5' 168.1' 167.9 172.7 173.8' 174.4 175.5 174.6 175.1 175.8 176.0 41 Security3 8.1 7.9 8.0 7.5 7.4 7.8 8.0 8.4 8.4 8.3 8.3 8.3 4? Other loans and leases 100.0 96.7 97.2 97.4 100.3 102.2 103.5 105.0 104.7 104.7 105.2 105.1 43 Interbank loans 110.1 103.1 105.2 97.0 92.9 99.9 104.8 111.2 109.7 111.0 110.2 111.4 44 Cash assets4 102.0 112.4 110.0 111.6 112.2 112.3' 113.8' 114.2 112.4 111.3 111.8 114.1 45 Other assets5 119.6 145.3 147.5' 150.1 152.8 153.6' 155.3' 162.0 159.9 167.5 160.9 158.8 46 Total assets6 2,422.4 2,591.5r 2,600.0r 2,613.1 2,653.1 2,675.2 2,691.6 2,733.6 2,715.3 2,729.2 2,730.9 2,740.6 Liabilities 47 Deposits 1,905.5 2,003.5 2,018.5 2,025.6 2,042.4 2,059.2 2,072.6' 2,093.2 2,090.0 2,091.4 2,084.9 2,089.9 48 Transaction 292.0 302.4 303.7 305.1 309.0 310.0 314.4' 309.6 297.0 303.2 310.3 326.3 49 Nontransaction 1,613.5 1,701.1 1,714.8 1,720.5 1,733.3 1,749.3 1,758.2 1,783.6 1,792.9 1,788.2 1,774.7 1,763.6 50 304.0 301.9 302.2 302.5 306.5 308.2 306.3 306.8 307.4 306.5 306.6 306.5 51 Other 1,309.6 1,399.2 1,412.6 1,417.9 1,426.9 1,441.1 1,451.9 1,476.7 1,485.5 1,481.7 1,468.0 1,457.1 52 Borrowings 343.3 387.8 380.8 383.3 391.2 393.6' 397.7 412.2 399.9 409.1 414.2 422.5 53 From banks in the U.S 151.2 175.1 169.9 166.5 167.0 166.3 171.6 179.6 175.1 176.3 181.4 185.1 54 From others 192.1 212.7 210.9 216.8 224.2 227.3' 226.2' 232.6 224.8 232.7 232.8 237.4 55 Net due to related foreign offices 15.5 10.9 9.0 9.7 11.6 11.7 9.8 8.5 8.5 7.8 10.2 7.6 56 Other liabilities 60.2 70.8 71.4 71.8 74.0 74.4 74.3 76.8 75.7 76.6 77.1 77.5 57 Total liabilities 2,324.5 2,473.0 2,479.8 2,490.4 2,519.3 2,538.9r 2,554.5r 2,590.5 2,574.0 2,584.9 2,586.4 2,597.4 58 Residual (assets less liabilities)7 97.9 118.5' 120.2' 122.7 133.8 136.3 137.2 143.1 141.3 144.4 144.5 143.2 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 Domestic Nonfinancial Statistics • November 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 Aug. Feb. Mar. Apr.' May' June' July' Aug. Aug. 7 Aug. 14 Aug. 21 Aug. 28 Seasonally adjusted Assets 1 Bank credit 598.3r 585.0' 591.7' 598.2 598.3 607.6 610.0 618.6 623.2 619.6 614.3 614.9 2 Securities in bank credit 225.6' 226.1' 223.9' 224.9 228.0 232.6 229.2 238.8 242.0 241.6 235.9 234.7 3 U.S. government securities 68.7' 72.6' 75.4' 76.7 76.9 77.0 73.6 80.4 80.0 80.0 78.5 81.5 4 Other securities 156.9' 153.5' 148.5' 148.2 151.1 155.6 155.6 158.4 162.0 161.6 157.4 153.2 5 Loans and leases in bank credit2 .... 372.7 358.9 367.8 373.3 370.3 375.0 380.8 379.8 381.3 378.0 378.4 380.2 6 Commercial and industrial 203.0 197.1 200.2 198.1 198.6 195.5 193.8 192.5 195.0 192.1 191.9 191.7 7 Real estate 18.3 18.4 18.9 19.4 19.4 19.8 20.2 20.2 20.4 20.2 20.1 20.3 8 Security3 83.5 73.9 78.5 84.5 81.1 87.2 92.4 93.0 90.5 91.2 93.7 94.6 9 Other loans and leases 67.9 69.5 70.3 71.3 71.2 72.4 74.4 74.1 75.4 74.5 72.8 73.7 10 Interbank loans 20.0 19.9 20.5 22.0 23.7 20.9 18.1 19.0 17.3 16.4 19.1 21.6 11 Cash assets4 36.4 41.8 43.9 46.2 44.2 43.9 43.6 43.4 44.3 43.7 41.9 43.3 12 Other assets5 29.9 31.7 29.9 31.3 31.8 34.9 36.7 36.8 36.2 41.5 35.6 33.7 13 Total assets6 684.3r 678.1' 685.6' 697.3 697.5 706.9 708.1 717.4 720.7 720.9 710.6 713.1 Liabilities 14 Deposits 406.5 476.5 490.6 507.1 508.4 509.6 505.3 498.3 493.4 500.2 500.4 499.9 15 Transaction 9.8 10.3 10.1 10.5 10.9 10.9 10.6 10.9 11.5 10.6 10.1 11.0 16 Nontransaction 396.6 466.2 480.5 496.6 497.5 498.7 494.7 487.4 481.9 489.6 490.2 488.9 17 Borrowings 207.3 191.1 187.5 191.5 192.7 198.1 208.3 220.2 219.3 222.9 213.6 219.3 18 From banks in the U.S 20.7 23.1 21.7' 22.5 21.5 22.2 22.1 23.3 20.8 24.1 20.3 25.6 19 From others 186.7 168.0 165.8' 169.0 171.2 175.9 186.2 196.9 198.5 198.8 193.3 193.7 20 Net due to related foreign offices -10.2 -73.1 -71.5 -73.6 -87.6 -84.7 -90.7 -88.9 -76.1 -93.2 -90.6 -94.4 21 Other liabilities 80.7 77.5 69.0 67.3 70.6 78.6 85.0 91.0 92.4 95.7 90.9 85.3 22 Total liabilities 684.3 672.0 675.6 692.2 684.1 701.6 707.9 720.6 729.0 725.5 714.3 710.1 23 Residual (assets less liabilities)7 -.1 6.1' 10.0' 5.1 13.4 5.3 .1 -3.2 -8.3 -4.6 -3.7 3.0 Not seasonally adjusted Assets 24 Bank credit 592.4' 589.0' 591.6' 598.3 594.3 604.5 603.8 612.3 618.4 614.9 607.2 607.7 25 Securities in bank credit 225.6' 226.1' 223.9' 224.9 228.0 232.6 229.2 238.8 242.0 241.6 235.9 234.7 26 U.S. government securities 68.7' 72.6' 75.4' 76.7 76.9 77.0 73.6 80.4 80.0 80.0 78.5 81.5 27 Trading account 10.5 9.1 9.0 9.5 10.2 10.6 10.8 13.1 13.2 12.7 12.8 13.2 28 Investment account 58.3' 63.5' 66.4' 67.2 66.7 66.5 62.8 67.3 66.8 67.3 65.7 68.3 29 Other securities 156.9' 153.5' 148.5' 148.2 151.1 155.6 155.6 158.4 162.0 161.6 157.4 153.2 30 Trading account 110.2 100.9 96.9 96.4 98.6 103.4 107.6 109.4 113.9 112.1 107.9 104.4 31 Investment account 46.7' 52.5' 51.6' 51.8 52.5 52.2 47.9 49.0 48.1 49.6 49.5 48.8 32 Loans and leases in bank credit2 .... 366.7 362.9 367.7 373.4 366.3 371.9 374.6 373.4 376.4 373.3 371.3 373.0 33 Commercial and industrial 201.3 198.6 201.5 196.8 196.3 194.4 192.5 190.9 193.2 190.9 190.6 189.5 34 Real estate 18.3 18.4 18.9 19.4 19.4 19.8 20.2 20.2 20.4 20.2 20.1 20.3 35 Security3 80.5 76.3 76.2 85.1 79.9 85.6 89.0 89.5 89.1 89.2 89.2 90.5 36 Other loans and leases 66.7 69.6 71.1 72.0 70.7 72.1 73.0 72.8 73.7 73.0 71.4 72.7 37 Interbank loans 20.0 19.9 20.5 22.0 23.7 20.9 18.1 19.0 17.3 16.4 19.1 21.6 38 Cash assets4 35.3 42.7 42.8 44.3 42.7 41.9 41.8 42.1 42.8 42.3 40.7 42.1 39 Other assets5 29.5 32.3 30.7 31.1 31.8 33.4 35.3 36.2 35.3 40.3 34.8 33.8 40 Total assets6 676.8' 683.6' 685.3' 695.3 692.1 700.4 698.7 709.2 713.3 713.6 701.5 704.8 Liabilities 41 Deposits 394.6 482.0 492.7' 510.9 513.5 507.8 496.2 483.8 480.2 484.3 485.0 487.1 42 Transaction 9.6 10.5 9.9 10.0 10.5 10.6 10.6 10.7 11.2 10.4 9.9 10.7 43 Nontransaction 385.1 471.5 482.9 500.9 503.0 497.1 485.6 473.2 469.1 473.9 475.1 476.4 44 Borrowings 207.3 191.1 187.5 191.5 192.7 198.1 208.3 220.2 219.3 222.9 213.6 219.3 45 From banks in the U.S 20.7 23.1 21.7' 22.5 21.5 22.2 22.1 23.3 20.8 24.1 20.3 25.6 46 From others 186.7 168.0 165.8' 169.0 171.2 175.9 186.2 196.9 198.5 198.8 193.3 193.7 47 Net due to related foreign offices -12.3 -70.4 -68.5 -75.5 -87.7 -87.3 -94.4 -90.8 -81.4 -94.7 -92.9 -93.4 48 Other liabilities 79.8 78.6 70.2 66.6 70.6 77.3 82.9 89.8 89.3 94.7 89.5 85.9 49 Total liabilities 669.4 681.3 682.0 693.5 689.1 695.9 693.0 703.1 707.5 707.2 695.3 698.9 50 Residual (assets less liabilities)7 7.4' 2.2' 3.3' 1.7 3.0 4.5 5.7 6.1 5.8 6.4 6.2 5.9 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 Aug. Feb. Mar. Apr. May June July Aug. Aug. 7 Aug. 14 Aug. 21 Aug. 28 Not seasonally adjusted MEMO Large domestically chartered banks, adjusted for mergers 1 Revaluation gains on off-balance-sheet items8 91.5 81.7 73.2 73.3 80.8 92.9 105.8 112.2 103.7 116.7 112.4 110.6 2 Revaluation losses on off-balancesheet items8 78.4 59.4 52.5 57.5 61.7 75.2 89.2 93.7 88.0 98.2 92.7 90.8 3 Mortgage-backed securities9 267.9 296.6 298.5 303.6 307.7 313.6 320.2 338.1 334.9 329.4 339.6 343.9 4 Pass-through 204.5 201.6 201.3 203.2 210.4 224.6 236.3 253.4 249.5 244.7 255.8 260.5 5 CMO, REMIC, and other 63.4 95.0 97.2 100.4 97.3 89.0 84.0 84.6 85.4 84.8 83.8 83.4 6 Net unrealized gains (losses) on available-for-sale securities10 5.1 3.5 3.3 2.3 5.0 7.1 8.8 9.8 9.6 9.9 9.7 9.0 7 Off-shore credit to U.S. residents'1 .... 19.6 19.7 19.6 19.7 19.6 19.6 19.1 19.0 19.2 19.0 19.3 18.6 8 Securitized consumer loans'2 98.1 94.5 95.8 96.2 96.3 100.2 104.0 102.3 102.8 102.4 102.4 101.9 9 Credit cards and related plans 87.5 83.8 83.6 84.3 84.9 88.1 88.9 87.1 87.7 87.2 87.2 86.8 10 Other 10.6 10.7 12.3 11.9 11.5 12.2 15.1 15.1 15.1 15.2 15.2 15.1 11 Securitized business loans'2 19.8 19.4 17.7 17.1 16.7 16.6 17.0 17.7 17.3 17.3 18.1 18.0 Small domestically chartered commercial banks, adjusted for mergers 12 Mortgage-backed securities9 241.7 280.8 283.9 287.5 300.3 301.7 302.3' 304.0 304.0 301.1 303.6 304.9 13 Securitized consumer loans12 233.7 250.0 247.0 246.8 248.7 249.8 245.8 244.1 246.0 245.3 242.8 242.6 14 Credit cards and related plans 225.5 242.4 239.5 239.0 241.1 242.8 242.3 241.0 242.9 242.2 239.7 239.6 15 Other 8.2 7.6 7.5 7.9 7.5 7.0 3.5 3.1 3.1 3.1 3.1 3.0 Foreign-related institutions 16 Revaluation gains on off-balancesheet items8 60.9 52.2 46.8 46.2 49.5' 54.5' 60.1' 64.2 65.1 66.7 63.7 61.1 17 Revaluation losses on off-balancesheet items8 56.8 48.0 40.6 39.8 42.4 48.5 55.7 63.1 64.2 66.6 62.3 59.5 18 Securitized business loans12 12.2r 11.5' 11.R 10.5' 9.7' 9.1' 8.6' 8.3 8.4 8.4 8.5 8.1 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 • November 2002 1.32 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2002 IItteemm 1997 1998 1999 2000 2001 Feb. Mar. Apr. May June July 1 All issuers 966,699 1,163,303 1,403,023 1,615,341 1,438,764 1,402,875 1,358,114 1,351,516 1,366,259 1,327,569 1,345,922 Financial companies' 2 Dealer-placed paper, total2 513,307 614,142 786,643 973,060 989.364 984,441 964,070 972,268 989,957 986,489 959,798 3 Directly placed paper, total3 252,536 322,030 337,240 298,848 224,553 218,266 205,292 196,056 199,572 169,193 206,942 4 Nonfinancial companies4 200,857 227,132 279,140 343,433 224,847 200,168 188,753 183,192 176,730 171,887 179,182 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, 3. As reported by financial companies that place their paper directly with investors. personal and mortgage financing; factoring, finance leasing, and other business lending; 4. Includes public utilities and firms engaged primarily in such activities as communicainsurance underwriting; and other investment activities. tions, construction, manufacturing, mining, wholesale and retail trade, transportation, and 2. Includes all financial-company paper sold by dealers in the open market. services. 1.33 PRIME RATE CHARGED BY BANKS Short-Term Business Loans1 Percent per year Date of change Rate Period Av r e a r te a ge Av r e a r te a 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 Sept. 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 May June July Aug. Aug. 2 Aug. 9 Aug. 16 Aug. 23 Aug. 30 MONEY MARKET INSTRUMENTS 1 Federal funds' 2-3 4.97 6.24 3.88 1.75 1.75 1.73 1.74 1.72 1.74 1.72 1.73 1.76 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-s-6 Nonfinancial 3 1-month 5.09 6.27 3.78 1.75 1.74 1.74 1.72 1.75 1.70 1.71 1.72 1.72 4 2-month 5.14 6.29 3.68 1.76 1.74 1.74 1.70 1.73 1.69 1.68 1.70 1.72 5 3-month 5.18 6.31 3.65 1.78 1.76 1.75 1.70 1.75 1.67 1.69 1.70 1.72 Financial 6 1-month 5.11 6.28 3.80 1.76 1.75 1.74 1.72 1.74 1.70 1.71 1.72 1.75 7 2-month 5.16 6.30 3.71 1.77 1.77 1.75 1.72 1.75 1.70 1.69 1.71 1.74 8 3-month 5.22 6.33 3.65 1.80 1.78 1.76 1.71 1.75 1.69 1.68 1.71 1.75 Certificates of deposit, secondary market3,7 9 1-month 5.19 6.35 3.84 1.80 1.80 1.78 1.76 1.77 1.74 1.74 1.76 1.78 10 3-month 5.33 6.46 3.71 1.82 1.81 1.79 1.73 1.77 1.70 1.70 1.73 1.76 11 6-month 5.46 6.59 3.66 1.93 1.92 1.84 1.72 1.79 1.68 1.68 1.73 1.76 12 Eurodollar deposits, 3-month3 8 5.31 6.45 3.70 1.82 1.81 1.78 1.72 1.75 1.69 1.68 1.72 1.76 U.S. Treasury bills Secondary market3 5 13 4-week n.a. n.a. 2.43 1.71 1.69 1.69 1.66 1.68 1.66 1.65 1.65 1.68 14 3-month 4.64 5.82 3.40 1.73 1.70 1.68 1.62 1.66 1.59 1.61 1.61 1.65 15 6-month 4.75 5.90 3.34 1.86 1.79 1.70 1.60 1.65 1.55 1.59 1.62 1.64 U.S. TREASURY NOTES AND BONDS Constant maturities9 16 1-year 5.08 6.11 3.49 2.35 2.20 1.96 1.76 1.82 1.67 1.76 1.81 1.80 17 2-year 5.43 6.26 3.83 3.26 2.99 2.56 2.13 2.24 2.04 2.14 2.18 2.19 18 3-year 5.49 6.22 4.09 3.80 3.49 3.01 2.52 2.68 2.46 2.51 2.56 2.56 19 5-year 5.55 6.16 4.56 4.49 4.19 3.81 3.29 3.53 3.29 3.25 3.32 3.29 20 7-year 5.79 6.20 4.88 4.90 4.60 4.30 3.88 4.09 3.90 3.82 3.90 3.84 21 10-year 5.65 6.03 5.02 5.16 4.93 4.65 4.26 4.52 4.35 4.18 4.24 4.21 22 20-year 6.20 6.23 5.63 5.81 5.65 5.51 5.19 5.44 5.30 5.13 5.17 5.12 Treasure long-term averagem u 23 25 years and above n.a. n.a. n.a. 5.79 5.66 5.54 5.23 5.48 5.34 5.16 5.19 5.15 STATE AND LOCAL NOTES AND BONDS Moody's series12 24 5.28 5.58 4.99 5.03 4.92 4.81 4.78 4.78 4.88 4.76 4.79 4.71 25 5.70 6.19 5.75 5.79 5.70 5.55 5.53 5.50 5.61 5.50 5.53 5.49 26 Bond Buyer series13 5.43 5.71 5.15 5.19 5.09 5.02 4.95 5.00 4.99 4.89 4.97 4.91 CORPORATE BONDS 27 Seasoned issues, all industries'4 7.45 7.98 7.49 7.37 7.22 7.14 6.93 7.08 7.00 6.87 6.93 6.90 Rating group 28 Aaa1' 7.05 7.62 7.08 6.75 6.63 6.53 6.37 6.54 6.45 6.31 6.33 6.33 2.9 Aa 7.36 7.83 7.26 7.20 7.07 6.98 6.84 6.93 6.85 6.78 6.86 6.84 30 A 7.53 8.11 7.67 7.43 7.24 7.15 6.95 7.08 7.00 6.86 6.98 6.94 31 Baa 7.88 8.37 7.95 8.09 7.95 7.90 7.58 7.78 7.69 7.53 7.55 7.51 MEMO Dividend-price ratio'6 32 Common stocks 1.25 1.15 1.32 1.48 1.58 1.76 1.72 1.72 1.79 1.71 1.65 1.71 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 • November 2002 1.36 STOCK MARKET Selected Statistics 2001 2002 IInnddiiccaattoorr 11999999 22000000 22000011 Dec. Jan. Feb. Mar. Apr. May June July Aug. Prices and trading volume (averages of daily figures) CCCCCCCooooooommmmmmmmmmmmmmooooooonnnnnnn ssssssstttttttoooooooccccccckkkkkkk ppppppprrrrrrriiiiiiiccccccceeeeeeesssssss (((((((iiiiiiinnnnnnndddddddeeeeeeexxxxxxxeeeeeeesssssss))))))) 1111111 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((DDDDDDDeeeeeeeccccccc....... 33333331111111,,,,,,, 1111111999999966666665555555 -------55555550000000))))))) 619.52 643.71 606.03 582.82 581.74 569.55 600.74 587.58 575.75 544.36 486.11 491.84 2222222 IIIIIIInnnnnnnddddddduuuuuuussssssstttttttrrrrrrriiiiiiiaaaaaaalllllll 775.29 809.40 749.46 727.67 723.56 715.80 751.79 732.71 718.12 677.58 603.04 611.34 3333333 TTTTTTTrrrrrrraaaaaaannnnnnnssssssspppppppooooooorrrrrrrtttttttaaaaaaatttttttiiiiiiiooooooonnnnnnn 491.62 414.73 444.45 433.70 446.13 453.51 490.51 470.00 459.55 449.42 416.07 409.96 4444444 UUUUUUUtttttttiiiiiiillllllliiiiiiitttttttyyyyyyy 284.82 478.99 377.72 325.33 322.92 301.32 316.25 300.57 287.10 265.21 230.21 225.52 5555555 FFFFFFFiiiiiiinnnnnnnaaaaaaannnnnnnccccccceeeeeee 530.97 552.48 596.61 585.47 591.94 570.18 609.72 610.24 603.15 577.05 524.01 533.60 6666666 SSSSSSStttttttaaaaaaannnnnnndddddddaaaaaaarrrrrrrddddddd &&&&&&& PPPPPPPoooooooooooooorrrrrrr'''''''sssssss CCCCCCCooooooorrrrrrrpppppppooooooorrrrrrraaaaaaatttttttiiiiiiiooooooonnnnnnn (((((((1111111999999944444441111111-------44444443333333 ------- 11111110000000)))))))1111111 1,327.33 1,427.22 1,194.18 1,144.93 1,140.21 1,100.67 1,153.79 1,112.03 1,079.27 1,014.05 903.59 912.55 7777777 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((AAAAAAAuuuuuuuggggggg....... 33333331111111,,,,,,, 1111111999999977777773333333 -------55555550000000)))))))2222222 770.90 922.22 879.08 828.19 835.02 845.81 891.08 915.09 935.10 911.59 840.76 843.89 VVVVVVVooooooollllllluuuuuuummmmmmmeeeeeee ooooooofffffff tttttttrrrrrrraaaaaaadddddddiiiiiiinnnnnnnggggggg (((((((ttttttthhhhhhhooooooouuuuuuusssssssaaaaaaannnnnnndddddddsssssss ooooooofffffff ssssssshhhhhhhaaaaaaarrrrrrreeeeeeesssssss))))))) 8888888 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 799,554 1,026,867 1,216,529 1.240,245 1,401,913 1,362,830 1,321,351 1,280,714 1,215,786 1,539,282 1,848,962 1,317,105 9999999 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 32,629 51,437 68,074 53,337 55,151 55,657 56,375 n.a. n.a. n.a. n.a. n.a. Customer financing (millions of dollars, end-of-period balances) 11111110000000 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrr-------dddddddeeeeeeeaaaaaaallllllleeeeeeerrrrrrrsssssss3333333 228,530 198,790 150,450 150,450 150,390 147,030 149,370 150,940 150,860 146,270 136,160 132,800 FFFFFFFrrrrrrreeeeeeeeeeeeee cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt bbbbbbbaaaaaaalllllllaaaaaaannnnnnnccccccceeeeeeesssssss aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrrsssssss4444444 11111111111111 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss5555555 55,130 100,680 101,640 101,640 97,330 99,350 93,700 92,140 92,950 95,830 98.080 95,400 11111112222222 CCCCCCCaaaaaaassssssshhhhhhh aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss 79,070 84,400 78,040 78,040 75,110 72,730 69,790 68,540 66,120 68,280 68,860 63,700 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. I, 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 Ql Q2 1 Total gross public debt 5,614.2 5,776.1 5,662.2 5,943.4 5,807.5 5,943.4 6,006.0 6,126.5 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 holder* 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 2,849.8' 19 Depository institutions 237.4r 248.7r 201.5' 181.7 189.5 181.7 187.6' 204.4 20 Mutual funds 253.9 229.1 221.8 256.8 230.5 256.8 263.4' 251.8 21 Insurance companies 141.7 123.4 110.2 82.4 88.5 82.4 108.4' 110.2 22 State and local treasuries7 269.3 266.8 236.2 209.0 208.9 209.0 261.2' 270.0 Individuals 23 Savings bonds 186.6 186.4 184.8 190.3 186.4 190.3 191.9 192.7 24 Pension funds 330.2 321.0' 304.1' 289.3 289.4 289.3 293.3' 297.5 25 Private 112.5 109.8' 108.4' 103.3 101.7 103.3 106.3' 107.5 26 State and Local 217.7 211.2 195.7 186.0 187.7 186.0 187.0' 190.0 27 Foreign and international8 1,278.7 1,268.7 1,034.2' 1,218.1 1,170.1 1,218.1 1,047.5 1.072.4 28 Other miscellaneous investors7'9 636.3 591.5' 588.3' 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 • November 2002 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1 Millions of dollars, daily averages 2002 2002, week ending May June July July 3 July 10 July 17 July 24 July 31 Aug. 7 Aug. 14 Aug. 21 Aug. 28 By type of security 1 US. Treasury bills 42,259 42,869 42,178 42,524 38,116 39,389 41,500 48,688 36.025 47,719 44,464 37,804 Treasury coupon securities by maturity 2 Three years or less 134,554 123,577 135,856 152,765 100,311 130,565 153,656 141,638 118,681 138,667 116,346 143,589 3 More than three but less than or equal to six years 98,161 92,356 107,925 90,966 84,996 114,797 111,319 126,178 139,409 116,080 100,084 82,617 4 More than six but less than or equal to eleven years 69,922 77,695 80,832 65,294 67,604 87,747 87,440 87,212 90,304 106,144 93,992 70,579 5 More than eleven 17,443 19,744 20,675 19,804 14,160 22,912 20,527 24,319 17,067 25,060 22,049 14,546 6 Inflation-indexed2 1,620 2,460 3,994 2,018 9,179 3,567 2,911 2,543 2,089 2,456 2,111 1,367 Federal agency and governmentsponsored enterprises 7 Discount notes 48,181 52,908 55,917 67,247 47,908 57,454 51,036 58,870 52,940 48,736 46,327 50,022 Coupon securities by maturity 8 Three years or less 10,179 12,688 12,527 12,123 14,129 13,751 12,514 10,277 14,379 14,713 10,639 13,468 9 More than three years but less than or equal to six years 9,662 9,209 10,845 7,215 5,634 11,843 15,477 11,561 8,755 11,129 8,056 8,181 10 More than six years but less than or equal to eleven years .... 8,446 8,080 9,263 9,474 4,781 13,330 8,657 9,260 7,408 7,048 8,987 5,324 11 More than eleven years 1,106 993 966 771 359 1,096 1,546 857 717 1,085 1,523 1,108 12 Mortgage-backed 135,142 153,644 162,421 124,776 219,346 202,887 120,813 140,610 179,875 203,676 136,392 118,977 Corporate securities 13 One year or less 100,384 98,759 90,211 94,687 88,790 94,997 90,912 83,177 91,629 105,965 121,819 102,695 14 More than one year 18,690 18,584 15,545 15,932 13,336 17,546 13,916 16,710 15,005 14,518 15,718 17,171 By type of counterparty With interdealer broker 15 U.S. Treasury 166,652 169,496 185,034 174,852 151,181 193,766 194,089 200,437 187,263 200,780 178,072 157,783 16 Federal agency and governmentsponsored enterprises 11,669 11,753 12,940 11,925 9,510 13,180 14,832 14,162 13,188 12,514 9,739 9,004 17 Mortgage-backed 37,136 43,341 44,182 35,673 50,248 57,597 35,758 39,445 54,652 60,798 40,083 37,085 18 Corporate 425 353 321 241 348 321 361 308 294 297 330 339 With other 19 U.S. Treasury 197,306 189,206 206,426 198,518 163,187 205,211 223,264 230,140 216,311 235,347 200,975 192,719 20 Federal agency and governmentsponsored enterprises 65,903 72,124 76,577 84,904 63,300 84,295 74,398 76,663 71,011 70,198 65,793 69,099 21 Mortgage-backed 98,006 110,302 118,239 89,104 169,099 145,291 85,056 101,165 125,224 142,878 96,309 81,892 22 Corporate 118,649 116,990 105,436 110,377 101,778 112,222 104,468 99,579 106,340 120,186 137,207 119,528 1. The figures represent purchases and sales in the market by the primary U.S. government 2. Outright Treasury inflation-indexed securities (TIIS) transactions are reported at princisecurities dealers reporting to the Federal Reserve Bank of New York. Outright transactions pal value, excluding accrued interest, where principal value reflects the original issuance par include all U.S. government, federal agency, government-sponsored enterprise, mortgage- amount (unadjusted for inflation) times the price times the index ratio. backed, and corporate securities scheduled for immediate and forward delivery, as well as all NOTE. Major changes in the report form filed by primary dealers induced a break in the U.S. government securities traded on a when-issued basis between the announcement and dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the issue date. Data do not include transactions under repurchase and reverse repurchase (resale) Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics) agreements. Averages are based on the number of trading days in the week. under the Primary Dealer heading. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance All 1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing1 Millions of dollars 2002 2002, week ending IItteemm,, bbyy ttyyppee ooff sseeccuurriittyy May June July July 3 July 10 July 17 July 24 July 31 Aug. 7 Aug. 14 Aug. 21 Net outright positions2 1 U.S. Treasury bills 22,905 13,975 18,313 8,868 16,884 17,279 23,562 19,575 21,804 10,124 4,213 Treasury coupon securities by maturity 2 Three years or less -24,473 -21,351 -21,724 -20,047 -22,437 -28,724 -15,164 -21,290 -18,298 -23,284 -27,236 3 More than three years but less than or equal to six years -27,550 -24,943 -27,887 -24,857 -22,925 -23,997 -32,405 -33,519 -34,974 -31,241 -27,298 4 More than six but less than or equal to eleven years -16,183 -19,472 -18,793 -18,752 -19,833 -19,614 -18,688 -17,054 -10,130 -9,182 -10,234 5 More than eleven 6,289 6,658 9,643 7,688 8,489 10,140 9,678 11,101 9,739 10,112 9,266 6 Inflation-indexed 2,915 3,518 2,095 3,906 3,318 1,265 1,151 1,872 427 1,711 1,980 Federal agency and governmentsponsored enterprises 7 Discount notes 47,436 44,125 43,513 50,618 44,020 43,859 41,810 41,320 45,472 5500,,115533 50,376 Coupon securities, by maturity 8 Three years or less 9,452 12,609 13,689 14,286 14,172 14,056 12,278 13,994 13,339 16.620 12,840 9 More than three years but less than or equal to six years 4,179 2,630 2,940 1,732 814 3,271 6,027 2,165 2,684 4,583 4,032 10 More than six but less than or equal to eleven years 1,030 2,511 2,518 3,401 1,117 1,730 3,015 3,830 3,695 3,035 1,957 11 More than eleven 2,561 2,584 1,843 2,070 1,908 1,812 1,750 1,803 1,629 2,947 2,002 12 Mortgage-backed 15,647 19,395 27,103 22,116 27,164 25,245 30,461 27,681 24,872 22,143 16,190 Corporate securities 13 One year or less 27,019 30,969 26,67 lr 33,370 28,252 26,962 25,152 23,446 23,171 29,677 26,343 14 More than one year 39,534 45,463 50,029 52,265 52,602 50,393 49,544 46,617 49,486 48,898 46,666 Financing3 Securities in, US. Treasury 15 Overnight and continuing 586,624 566,475 597,214 555,857 587,888 613,957 602,485 602,249 627,604 631,026 625,728 16 Term 712,275 769,738 783,021 749,817 727,356 758,677 807,840 852,442 892,391 908,520 787,326 Federal agency and governmentsponsored enterprises 17 Overnight and continuing 148,895 149,080 148,869 149,900 147,914 151,401 148,447 147,273 151,416 153,828 148,786 18 Term 275,496 266,594 286,823 283,851 280,315 287,632 294,440 286,177 290,934 305,585 294,282 Mortgage-backed securities 19 Overnight and continuing 36,628 35,635 36,290 30,801 33,235 36,144 41,628 36,506 36,092 40,775 42,019 20 Term 253,236 254,824 265,468 252,635 255,477 274,247 271,403 266,246 275,831 283,351 269,615 Corporate securities 21 Overnight and continuing 49,713 49,156 49,918 49,200 50,774 48,712 50,524 49,970 50,259 51,977 52,702 22 Term 22,917 23,012 21,166 21,535 20,810 21,079 20,904 21,711 22,798 22,740 22,913 MEMO Reverse repurchase agreements 23 Overnight and continuing 408,714 396,527 423,236 381,447 405,952 431,424 422,482 450,997 451,401 460,869 456,568 24 Term 1,139,996 1,173,796 1,208,829 1,161,538 1,144,058 1,202,275 1,248,130 1,261,119 1,335,463 1,373,965 1,227,783 Securities out, U.S. Treasury 25 Overnight and continuing 534,630 522,398 544,079 504,077 527,431 561,001 552,710 552,316 576,449 592,700 589,659 26 Term 680,497 721,751 741,879 709,228 700,678 717,149 762,330 801,354 846,923 861,847 724,309 Federal agency and governmentsponsored enterprises 27 Overnight and continuing 256,367 260,537 269,456 263,671 266,776 274,937 269,801 268,788 270,219 297,144 274,500 28 Term 221,338 205,253 214,229 226,159 209,311 216,174 223,054 203,265 220,026 227,274 221,624 Mortgage-backed securities 29 Overnight and continuing 302,627 287,396 306,489 269,064 296,081 342,966 313,583 289,367 295,699 330,789 318,907 30 Term 166,212 184,380 176,112 192,133 169,120 187,028 176,471 164,965 168,548 168,327 177,169 Corporate securities 31 Overnight and continuing 123,628 128,188 129,395 130,693 126,186 129.953 132,098 128,788 129,994 139,215 131,917 32 Term 19,597 17,131 16,983 19,000 17,106 16,571 16,048 17,344 18,816 17,765 18,123 MEMO Repurchase agreements 33 Overnight and continuing 1,056,125 1,035,629 1,079,724 996,430 1,049,049 1,131,294 1,097,921 1,076,329 1,106,192 1,188,133 1,157,495 34 Term 1,066,219 1,102,716 1,122,435 1,120,303 1,070,350 1,112,471 1,149,245 1,158,587 1,223,800 1,246,563 1,110,449 1. Data for positions and financing are obtained from reports submitted to the Federal 3. Figures cover financing U.S. government, federal agency, government-sponsored enter- Reserve Bank of New York by the U.S. government securities dealers on its published list of prise, mortgage-backed, and corporate securities. Financing transactions for Treasury primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar inflation-indexed securities (TIIS) are reported in actual funds paid or received, except for days of the report week are assumed to be constant. Monthly averages are based on the pledged securities. TIIS that are issued as pledged securities are reported at par value, which number of calendar days in the month. is the value of the security at original issuance (unadjusted for inflation). 2. Net outright positions include all U.S. government, federal agency, government- NOTE. Major changes in the report form filed by primary dealers included a break in many sponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and series as of the week ending July 4, 2001. Current weekly data may be found at the Federal forward delivery, as well as U.S. government securities traded on a when-issued basis Reserve Bank of New York web site (http://www.newyorkfed.org/pihome/statistics) under the between the announcement and issue date. Primary Dealer heading. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A28 Domestic Nonfinancial Statistics • November 2002 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 2002 AAggeennccyy 11999988 11999999 22000000 22000011 Feb. Mar. Apr. May June 1 Federal and federally sponsored agencies 1,296,477 1,616,492 1,851,632 2,121,057 2,139,397 2,169,030 2,144,106 2,150,724 2,161,580 2 Federal agencies 26,502 26,376 25,666 276 169 172 188 208 223 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 26,431 26,379 26,331 26,450 26,826 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 25,660 270 163 166 182 202 217 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 2,139,228 2,168,858 2,143,918 2,150,516 2,161,357 11 Federal Home Loan Banks 382,131 529,005 594.404 623,740 619,541 625,849 637,963 640,222 643,102 12 Federal Home Loan Mortgage Corporation 287,396 360,711 426,899 565,071 584,476 603,447 596,800 601,037 601,363 13 Federal National Mortgage Association 460.291 547,619 642,700 763,500 765,200 769,800 783,100 782,000 789,000 14 Farm Credit Banks8 63.488 68,883 74,181 76,673 76,929 79,002 79,186 80,258 80,951 15 Student Loan Marketing Association9 35,399 41,988 45,375 48,350 50,500 48,200 49,500' 48.900' 49,600 16 Financing Corporation1" 8,170 8,170 8,170 8,170 8.170 8,170 8.170 8,170 8,170 17 Farm Credit Financial Assistance Corporation" 1,261 1.261 1,261 1,261 1.261 1,261 1,261 1,261 1.261 18 Resolution Funding Corporation12 29,996 29.996 29,996 29,996 29,996 29,996 29,996 29,996 29,996 MEMO 19 Federal Financing Bank debt13 44,129 42,152 40,575 39,096 39,144 38,027 37,639 37,175 37,091 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 14,015 14,055 14,053 14,184 14,301 27 Other 20,538 21,402 22,174 25,220 25,129 23,972 23,586 22,991 22,790 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 2002 TTyyppee ooff iissssuuee oorr iissssuueerr,, 11999999 22000000 22000011 oorr uussee Jan. Feb. Mar. Apr, May June July Aug. 1 All issues, new and refunding1 215,427 180,403 270,566 20,523 20,175 23,842 23,261 32,858 36,315 25,771 28,918 By type of issue 2 General obligation 73,308 64,475 100,519 8,157 8.652 10,269 8,559 10,446 16,166 10,130 10,226 3 Revenue 142,120 115,928 170,047 12,366 11,523 13,574 14,702 22,413 20,149 15,642 18,692 By type of issuer 4 State 16.376 19,944 30,099 1,826 3,238 3,265 3,057 1,531 3,718 3,404 3,472 5 Special district or statutory authority2 152,418 111,695 179,427r 14,369 11,950 15,479 15,520 23,866 27,283 16,007 20,144 6 Municipality, county, or township 46,634 39,273 61,040 4,329 4,987 5,098 4,683 7,461 5,315 6,361 5,302 7 Issues for new capital 161,065 154,257 192,161 14,631 13,248 16,856 17,115 20,663 23,727 19,189 19,392 By use of proceeds X Education 36,563 38,665 50,054 4,138 3,961 5,484 5,279 6,027 7,060 4,205 3,968 9 Transportation 17,394 19,730 21,411 1,079 613 1,633 773 1,795 3,351 3,251 4,413 10 Utilities and conservation 15,098 11,917 21,917 1,711 1,606 1,290 2,091 1,785 1,087 1,660 2,806 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 6,607 539 125 515 344 614 631 760 283 13 Other purposes 47,896 47,309 55,733 4,639 4,897 4,894 6,784 6,962 7,653 5,893 6,537 1. Par amounts of long-term issues based on date of sale. SOURCE. Securities Data Company beginning January 1990; Investment Dealer's Digest 2. Includes school districts. before then. 1.46 NEW SECURITY ISSUES U.S. Corporations Millions of dollars 2001 2002 TTyyppee ooff iissssuuee,, ooffffeerriinngg,, 11999999 22000000 22000011 oorr iissssuueerr Dec. Jan. Feb. Mar. Apr. May June July 1 All issues' 1,072,866 942,198 1,382,003 96,576 102,688 86,090 158,904 103,575 112,103 42,550 59,058 2 Bonds2 941,298 807,281 1,253,449 81,339 88,241 79,515 145,984 93,039 103,141 26,014 54,544 By type of offering 3 Sold in the United States 818,683 684,484 1,197,060 79,636 79,472 73,474 128,026 88,051 93,279 26,014 51,182 4 Sold abroad 122,615 122,798 56,389 1,703 8,770 6,041 17,958 4,989 9,862 0 3,362 MEMO 5 Private placements, domestic 24,703 18,370 8,734 2,880 0 0 0 0 4,506 3,068 0 By industry group 6 Nonfinancial 293,963 242,207 445,930 21,647 18,894 30,770 43,231 34,803 19,157 10,317 7,432 7 Financial 647,335 565,074 807,519 59,692 69,348 48,746 102,753 58,237 83,984 15,698 47,112 8 Stocks1 243,870r 314,132r 232,259' 15,237 14,447 6,575 12,920 10,536 8,962 16,536 4,514 By type of offering 9 Public 131,568 134,917 128,554 15,237 14,447 6,575 12,920 10,536 8,962 16,536 4,514 10 Private placement4 112,302r 179,215' 103,705' n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. By industry group 11 Nonfinancial 110.284 118,369 77,577 7,771 9,579 4,024 4,893 7.834 6,633 11,608 1,833 12 Financial 21,284 16,548 50,977 7,466 4,868 2,551 8,027 2,702 2,329 4,928 2,681 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 for private placements are not available at a monthly frequency. 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 • November 2002 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1 Millions of dollars 2002 IItteemm 22000000 22000011 Jan. Feb. Mar. Apr. May June July' Aug. 1 Sales of own shares2 2,279,315 1,806,474 171,499 141,463 170,326 164,504 154,987 138,520 170,946 151,014 2 Redemptions of own shares 2,057,277 1,677,266 138,773 123,013 130,661 140,524 138,052 144,153 200.148 136,016 3 Net sales3 222,038 129,208 32,726 18,450 39,665 23,980 16,935 -5,633 -29,202 14,998 4 Assets4 5,123,747 4,689,624 4,667,688 4,623,041 4,814,961 4,704,886 4,693,928 4,434,603 4,124,186 4,171,042 5 Cash5 277,386 219,620 240,141 234,510 241,078 249,078 243,755 208,390 199,586 219,636 6 Other 4,846,361 4,470,004 4,427,547 4,388,531 4,573,883 4,455,808 4,450,173 4,226,213 3,924,600 3,951,406 1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual 4. Market value at end of period, less current liabilities. funds. 5. Includes all U.S. Treasury securities and other short-term debt securities. 2. Excludes reinvestment of net income dividends and capital gains distributions and share SOURCE. Investment Company Institute. Data based on reports of membership, which issue of conversions from one fund to another in the same group. comprises substantially all open-end investment companies registered with the Securities and 3. Excludes sales and redemptions resulting from transfers of shares into or out of money Exchange Commission. Data reflect underwritings of newly formed companies after their market mutual funds within the same fund family. initial offering of securities. 1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities1 Billions of dollars, end of period; not seasonally adjusted 2000 2001 2002 AAccccoouunntt 11999999 22000000 22000011 Q4 Ql Q2 Q3 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 Receivables1 Billions of dollars, amounts outstanding 2002 Feb. Mar. Apr.' May' June' July Seasonally adjusted 1 Total 1,031.2 l,187.0r l,248.5r l,246.5r l,241.0r 1,238.4 1,245.4 1,259.1 1,266.9 2 Consumer 410.2 465.2' 514.6' 519.3' 520.0' 521.0 521.8 525.9 526.7 3 Real estate 174.0 198.9 207.7' 203.0' 198.3' 196.2 200.8 203.1 206.7 4 Business 446.9 522.8 526.2 524.1 522.7 521.1 522.8 530.2 533.5 Not seasonally adjusted 5 Total 1,036.4 l,192.2r l,253.7r l,247.7r l,245.8r 1,243.8 1,248.5 1,265.3 1,262.2 6 Consumer 412.7 468.3' 518.1' 517.7' 515.6' 517.1 517.9 525.7 527.1 7 Motor vehicle loans 129.2 141.6 173.9 172.5 171.9 168.8 168.7 170.7 172.5 8 Motor vehicle leases 102.9 108.2 103.5 101.2 97.5 96.8 96.1 92.0 90.6 9 Revolving2 32.5 37.6' 31.5' 28.9' 28.0' 29.7 30.1 32.1 36.2 in Other3 39.8 40.7 31.1 31.8 32.4 32.5 33.3 33.2 33.0 Securitized assets4 n Motor vehicle loans 73.1 97.1 131.9 136.8 137.8 142.3 143.4 147.2 145.0 12 Motor vehicle leases 9.7 6.6 6.8 6.6 6.5 6.3 6.3 6.2 6.1 13 Revolving 6.7 19.6 25.0 26.0 26.5 26.2 25.8 29.2 28.9 14 Other 18.8 17.1 14.3 13.9 15.1' 14.4 14.3 15.0 14.7 15 Real estate 174.0 198.9 207.7' 203.0' 198.3' 196.2 200.8 203.1 206.7 16 One- to four-family 108.2 130.6 120.1' 122.2' 120.4' 116.9 120.4 121.8 125.7 17 Other 37.6 41.7 41.2 38.1 36.8 37.2 38.1 38.7 38.8 Securitized real estate assets4 18 One- to four-family 28.0 24.7 40.7' 40.0' 39.7' 40.8 40.9 40.9 40.6 19 Other .2 1.9 5.7 2.8 1.4 1.4 1.4 1.7 1.7 20 Business 449.6 525.0 527.9 527.0 531.9 530.6 529.8 536.5 528.3 21 Motor vehicles 69.4 75.5 54.0 54.3 58.0 57.0 61.1 59.9 56.6 22 Retail loans 21.1 18.3 16.1 16.7 17.1 16.0 16.4 17.0 17.4 23 Wholesale loans5 34.8 39.7 20.3 20.1 22.8 23.0 26.9 25.8 22.3 24 Leases 13.6 17.6 17.6 17.5 18.0 18.0 17.8 17.1 16.9 25 Equipment 238.7 283.5 289.4 285.5 284.2 284.6 281.8 288.0 285.7 26 Loans 64.5 70.2 77.8 78.7 81.5 81.2 79.2 78.9 79.5 27 Leases 174.2 213.3 211.6 206.7 202.7 203.4 202.6 209.2 206.1 28 Other business receivables6 87.0 99.4 103.5 100.8 100.8 104.2 103.0 101.5 102.6 Securitized assets4 29 Motor vehicles 31.5 37.8 50.1 45.4 44.0 44.3 42.4 45.5 41.5 30 Retail loans 2.9 3.2 5.1 3.1 2.3 2.6 2.6 2.4 2.3 31 Wholesale loans 26.4 32.5 42.5 39.6 39.0 39.0 37.1 40.8 36.9 32 Leases 2.1 2.2 2.5 2.7 2.7 2.7 2.7 2.3 2.3 33 Equipment 14.6 23.1 23.2 25.5 25.4 20.8 21.9 21.7 21.6 34 Loans 7.9 15.5 16.4 18.6 18.5 14.2 15.2 15.0 15.0 35 Leases 6.7 7.6 6.8 6.8 6.9 6.7 6.6 6.7 6.7 36 Other business receivables6 8.4 5.6 7.7 15.6 19.5 19.6 19.6 19.9 20.3 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 • November 2002 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2002 Feb. Mar. Apr. May June July Aug. Terms and yields in primary and secondary markets PRIMARY MARKETS Terms1 1 Purchase price (thousands of dollars) 210.7 234.5 245.0 250.6 255.6 262.9 265.0 268.2 268.2 267.5 2 Amount of loan (thousands of dollars) 161.7 177.0 184.2 190.1 193.3 198.9 199.1 201.1 201.6 199.1 3 Loan-to-price ratio (percent) 78.7 77.4 77.3 78.2 78.2 77.7 77.2 77.1 77.5 77.3 4 Maturity (years) 28.8 29.2 28.8 28.8 29.1 28.8 29.0 29.0 29.1 29.0 5 Fees and charges (percent of loan amount)2 .77 .70 .67 .62 .62 .64 .59 .56 .62 .59 Yield (percent per year) 6 Contract rate1 6.94 7.41 6.90 6.72 6.66 6.65 6.51 6.38 6.28 6.17 7 Effective rate1-3 7.06 7.52 7.00 6.82 6.76 6.74 6.59 6.47 6.37 6.26 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 6.13 6.50 6.33 6.21 6.03 5.82 5.53 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 33.249 21,305 23,175 17,432 16,310 17,586 23,123 Mortgage commitments (during period) 15 Issued7 187,948 163,689 304,084 19,321 13,340 20,203 18,305 24,700 n.a. n.a. 16 To sell8 5,900 11,786 7,586 1,419 1,748 621 124 2,535 n.a. n.a. FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period f 1 / Total 324,443 385,693 491,719 522,886 526,107 521,611 515,732 518,816 521,137 525,795 18 FHA/VA insured 1,836 3,332 3,506 3,387 3,332 3,298 2,571 3,649 n.a. n.a. 19 Conventional 322,607 382,361 488,213 519,499 522,775 518,313 513.161 515,167 n.a. 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 47,473 42,545 40,704 29,831 30,767 29,335 34,937 22 Mortgage commitments contracted (during period)9 228,432 169,231 417,434 41,442 41,561 36,368 n.a. 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 Q2 Q3 Q4 Qi Q2P 1 All holders 5,715,556r 6,320,508r 6,885,322' 7,211,919' 7,407,178' 7,589,577r 7,753,640' 7,965,275 Bv type of property ? One- to four-family residences 4,365,968r 4,790,601' 5,203,674' 5,457,068' 5,600,299' 5,732,523' 55,,887711,,113311'' 66,,004400,,774433 3 Multifamily residences 331.602r 369,251' 406,530' 426,806' 440,753' 454,715' 462,579' 473,950 4 Nonfarm, nonresidential 921,482' 1,057,692' 1,166,261' 1.215,062' 1,251,517' 1,286,011' 1,301,859' 1,330,409 5 96,504' 102,964' 108,858' 112,983' 114,610' 116,329' 118,071' 120.173 By type of holder 6 Major financial institutions 2,194,591' 2,394,271' 2,618,969' 2,711,268' 2,734,217' 2,791,076' 2,789,654' 2,860,812 7 Commercial banks2 1,336,996' 1,495,420' 1,660,054' 1,722,376' 1,736,631' 1,789,819' 1,800,362' 1,875,360 8 One- to four-family 797,004' 879,576' 965,635' 997,206' 987,682' 1,023,851' 1,018,478' 1,072,111 9 Multifamily 54,632' 67,665' 77,803' 80,315' 83,949' 84,851' 86,719' 90,759 in Nonfarm, nonresidential 456,323' 516,333' 582,577' 609,750' 629,624' 645,619' 659,187' 675,530 11 Farm 29,037' 31,846' 34,039' 35,104' 35,375' 35,498' 35,978 36,960 1? Savings institutions' 643,955' 668,064' 722,974' 751,646' 758,344' 758,236' 745,998' 740,288 13 One- to four-family 533,501' 548,222' 594,221' 616,004' 620,392' 620,579' 605,171' 597,803 14 Multifamily 57,037' 59,309' 61,258' 63,399' 64,405' 64,592' 65,199' 65,985 IS Nonfarm, nonresidential 53,002' 60,063' 66,965' 71,664' 72,977' 72,534' 75,077' 75,949 16 Farm 414' 470' 529' 578' 569' 531' 551' 551 17 Life insurance companies 213,640 230,787 235,941 237,246' 239,243' 243,021' 243,293' 245,165 18 One- to four-family 6,590 5,934 4,903 5,005' 5,091' 4,931' 4,938' 4,838 19 Multifamily 31,522 32,818 33,681 33,856' 33,885' 35,631' 35,671' 35,943 70 Nonfarm, nonresidential 164,004 179,048 183,757 184,713' 186,469' 188,376' 188,599' 190,499 21 Farm 11,524 12,987 13,600 13,672' 13,798' 14,083' 14,085' 13,885 22 Federal and related agencies 291,961' 320,054' 344,225' 356,817 363,001 376,999' 385,027 396,091 23 Government National Mortgage Association 7 7 6 6 9 8 8 8 24 One- to four-family 7 7 6 6 9 8 88 8 25 Multifamily 0 0 0 0 0 0 00 0 26 Farmers Home Administration4 40,851 73,871 73,323 73,206 72,118 72,452 72,362 71,970 27 One- to four-family 16,895 16,506 16,372 16,153 15,916 15,824 15,665 15,273 78 Multifamily 11,739 11,741 11,733 11,720 11,710 11,712 11,707 11,692 79 Nonfarm, nonresidential 7,705 41,355 41,070 41,262 40,470 40,965 41,134 41,188 30 Farm 4,513 4,268 4,148 4,072 4,023 3,952 3,855 3,817 31 Federal Housing Admin, and Dept. of Veterans Affairs 3,674 3,712 3,507 2,918 3,155 3,290 3,361 3,473 37 One- to four-family 1,849 1,851 1,308 1,267 1,251 1,260 1,255 1,254 33 Multifamily 1,825 1,861 2,199 1,651 1,904 2,031 2,105 2,218 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 24 26 13 7 22 40 One- to four-family 58 25 7 4 4 2 1 4 41 Multifamily 70 29 9 5 5 3 1 4 42 Nonfarm, nonresidential 233 98 29 15 17 8 4 14 43 Farm 0 0 0 0 0 0 0 0 44 Federal National Mortgage Association 156,023' 149,422' 155,626' 160,820 165,687 169,908 176,051 180,491 45 One- to four-family 147,594 141,195 144,150 147,730 151,786 155,060 160,300 164,038 46 Multifamily 8,429' 8,227' 11,476' 13,090 13,901 14,848 15,751 16,453 47 Federal Land Banks 32,983 34,187 36,326 38,686 39,722 40,885' 41,981 42,951 48 One- to four-family 1,941 2,012 2,137 2,276 2,337 2,406' 2,470 2,527 49 Farm 31,042 32,175 34,189 36,410 37,385 38,479' 39,511 40,424 50 Federal Home Loan Mortgage Corporation 57,085 56,676 59,240 61,542 59,638 62,792 59,624 58,872 51 One- to four-family 49,106 44,321 42,871 42,537 39,217 40,309 35,955 34,062 52 Multifamily 7,979 12,355 16,369 19,005 20,421 22,483 23,669 24,810 53 Mortgage pools or trusts5 2,581,297 2,948,245 3.231,415 3,432,654 3,583,240' 3,715,692' 3,869,212' 3,986,440 54 Government National Mortgage Association 537,446 582,263 611,553 598,019 603,186 591,368 587,423' 583,950 55 One- to four-family 522,498 565,189 592,624 577,228 581,796 569,460 564,327' 559,754 56 Multifamily 14,948 17,074 18,929 20,792 21,391 21,908 23,096 24,196 57 Federal Home Loan Mortgage Corporation 646,459 749,081 822,310 873,750 927,490 948,409 1,012,478 1,053,261 58 One- to four-family 643,465 744,619 816,602 867,924 921,709 940,933 1,005,136 1,045.981 59 Multifamily 2,994 4,462 5,708 5,826 5,781 7,476 7,342 7,280 60 Federal National Mortgage Association 834,517 960,883 1,057,750 1,163,978 1,228,131 1,290,351 1,355,404 1,404,594 61 One- to four-family 804,204 924,941 1,016,398 1,116,534 1,177,995 1,238,125 1,301,374 1,349,442 62 Multifamily 30,313 35,942 41,352 47,444 50,136 52,226 54,030 55,152 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 562,874 656,018 739,802 796,907 824,433' 885,564' 913,907' 944,635 69 One- to four-family6 405,153 455,021 499,834 539,200 550,200' 591,200' 616,300' 637,200 70 Multifamily 33,784 42,293 48,786 50,836 53,627 57,009' 57,535' 59,180 71 Nonfarm. nonresidential 123,937 158,704 191,182 206,871 220,606 237,355' 240,072' 248,255 72 Farm 0 0 0 0 0 0 0 0 73 Individuals and others7 647,708' 657,938' 690,714' 711,181' 726,719' 705,811' 709,748' 721,932 74 One- to four-family 435,137' 459,385' 490,675' 508,569' 522,441' 501,081' 508,260' 518,269 75 Multifamily 76,320 75,244' 77,006' 78,680' 79,464' 79,791' 79,612' 80,153 76 Nonfarm, nonresidential 116,277 102,092' 100,681' 100,786' 101,354' 101,154' 97,786' 98,974 77 Farm 19,974 21,217 22,352' 23,147' 23,460' 23,786' 24,091' 24,536 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 • November 2002 1.55 CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2002 11999999 22000000 22000011'' Feb.' Mar.' Apr.' May' June' July Seasonally adjusted 1 Total 1,416,316 1,560,634r 1,667,928 1,680,681 1,689,131 1,697,386 1,706,722 1,713,492 1,726,044 2 Revolving 597,669 666,607' 699,875 700,504 703,861 709,089 712,085 715,624 721,966 3 Nonrevolving2 818,647 894,027 968,053 980,177 985,270 988,297 994,637 997,868 1,004,078 Not seasonally adjusted 4 Totol 1,446,127 1,593,116" 1,701,856 1,677,903 1,677,964 1,684,724 1,694,140 1,706,298 1,716,765 By major holder 5 Commercial banks 499,758 541,470 558,421 551,943 550,709 556,033 557,521 557,317 558,187 6 Finance companies 201,549 219,848' 236,559 233,249 232,365 231,162 232,269 235,832 241,849 / Credit unions 167,921 184,434 189,570 187,380 187,717 188,885 190,672 192,305 194,754 8 Savings institutions 61,527 64,557 69,070 68,760 68,598 67,742 66,858 66,002 69,284 9 Nonfinancial business 80,311 82,662 67,955 59,013 58,095 56,922 55,804 53,013 51,332 10 Pools of securitized assets3 435,061 500,145 580,281 577,558 580,480 583,981 591,016 601,829 601,359 By major type of credit* 11 Revolving 621,914 693,020' 727,297 701,361 697,663 704,414 707,201 712,954 715,130 12 Commercial banks 189,352 218,063 224,878 216,016 216,126 221,261 218,368 215,852 214,994 13 Finance companies 32,483 37,627' 31,538 28,894 27,967 29,686 30,073 32,131 36,113 14 Credit unions 20,641 22,226 22,265 21,250 20,813 20,852 20,878 20,984 21,233 15 Savings institutions 15,838 16,560 17,767 17,256 16,988 17,216 17,452 17,680 17,426 16 Nonfinancial business 42,783 42,430 29,790 23,041 22,402 21,357 20,359 17,859 16,467 17 Pools of securitized assets3 320,817 356,114 401,059 394,903 393,367 394,043 400,071 408,448 408,897 18 Nonrevolving 824,213 900,095 974,559 976,542 980,300 980,310 986,939 993,345 1,001,635 19 Commercial banks 310,406 323,407 333,543 335,927 334,583 334,772 339,153 341,465 343,193 20 Finance companies 169,066 182,221 205,021 204,356 204,398 201,476 202,196 203,701 205,736 21 Credit unions 147,280 162,208 167,305 166,130 166,904 168,033 169,794 171,321 173,521 22 Savings institutions 45,689 47,997 51,303 51,504 51,610 50,526 49,406 48,322 51,858 23 Nonfinancial business 37,528 40,232 38,165 35,971 35,693 35,565 35,445 35,154 34,866 24 Pools of securitized assets3 114,244 144,031 179,222 182,655 187,113 189,938 190,945 193,382 192,462 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 CREDIT" Percent per year except as noted 2002 IItteemm 11999999 22000000 22000011 Jan. Feb. Mar. Apr. May June July INTEREST RATES Commercial banks2 1 48-month new car 8.44 9.34 8.50 n.a. 7.50 n.a. n.a. 7.74 n.a. n.a. 2 24-month personal 13.39 13.90 13.22 n.a. 11.72 n.a. n.a. 12.57 n.a. n.a. Credit card plan 3 All accounts 15.21 15.71 14.89 n.a. 13.65 n.a. n.a. 13.55 n.a. n.a. 4 Accounts assessed interest 14.81 14.91 14.44 n.a. 12.98 n.a. n.a. 13.34 n.a. n.a. Auto finance companies 5 New car 6.66 6.61 5.65 4.02 6.07 5.87 5.51 6.15 6.29 3.50 6 Used car 12.60 13.55 12.18 10.84 11.10 11.14 10.94 10.90 10.77 10.62 OTHER TERMS3 Maturity (months) 1 New car 52.7 54.9 55.1 48.8 56.4 56.4 55.9 57.3 58.6 59.1 8 Used car 55.9 57.0 57.5 57.3 57.8 57.7 57.7 57.8 57.7 57.7 Loan-to-value ratio 9 New car 92 92 91 90 89 90 93 92 92 95 10 Used car 99 99 100 100 100 100 101 101 100 100 Amount financed (dollars) 11 New car 19,880 20,923 22,822 24,137 22,741 23,065 23,535 23,324 23,115 24,802 12 Used car 13,642 14,058 14,416 14,355 14,049 14,149 14,363 14,700 14,787 14,843 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 A 3 9 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates 2000 2001 2002 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr Q4 Ql Q2 Q3 Q4 Ql Q2 Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial sectors . . 733.3 804.4 1,042.4 1,068.5 860.2 822.0 917.1 1,022.0 1,275.4 1,216.6 937.5 1,531.5 By sector and instrument 2 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 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 588.3 781.3 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 By instrument 6 Commercial paper -.9 13.7 24.4 37.4 48.1 -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 280.1 322.3 489.8 564.9 559.4 561.0 547.5 767.3 769.8 732.8 697.4 810.0 l? 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 13 Multifamily residential 9.8 7.3 23.4 35.7 35.2 42.2 37.6 40.8 56.5 56.5 29.2 43.5 14 Commercial 25.8 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 770033..00 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 71 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 43.2 25.2 65.7 65.1 -8.5 -50.5 -106.7 16.0 75.3 13.6 7.4 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 75 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 76 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 ^1.9 -10.4 .5 -1.8 -3.3 -1.2 -2.3 28 Total domestic plus foreign 821.7 876.2 1,085.6 1,093.7 925.9 887.0 908.6 971.5 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 1,084.4 815.4 918.9 884.0 818.0 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 46 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 ..66 ..88 .6 ..88 .7 49 Real estate investment trusts (REITs) 11.9 39.6 62.7 6.3 22..77 -8.1 -6.1 1100..55 --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 ^12.2 18.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A36 Domestic Nonfinancial Statistics • November 2002 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates 2000 2001 2002 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999966 11999977 11999988 11999999 22000000 Q4 Q1 Q2 Q3 Q4 Ql Q2 52 Total net borrowing, all sectors 1,371.7 1,538.5 2,172.8 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 287.9 337.2 514.6 570.0 565.6 562.8 540.0 783.5 767.9 731.2 704.0 817.0 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 A 3 9 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 1,371.7 1,538.5 2,172.8 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 ? Domestic nonfederal nonfinancial sectors 108.8 29.5 255.0 265.1 -108.7 -292.4 -160.9 -188.9 30.1 21.9 207.5 172.5 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 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 379.6 259.6 172.5 139.7 225.9 332.2 325.7 254.9 269.2 432.5 171.8 566.1 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 P 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 N 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 -41 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 10 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 70 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 71 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 77 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 73 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 -4.1 -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 77 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 79 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 37 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 1,371.7 1,538.5 2,172.8 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 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 ^1.0 .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 15.0 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 -40.7 164.1 155.2 212.1 278.9 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 47 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 -4.1 -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 ^5.3 -1.1 -12.4 -36.2 54 Miscellaneous 522.4 493.8 956.9 1,042.7 1,155.4 813.9 791.8 888.0 846.8 201.6 124.7 494.2 55 Total financial sources 2,957.1 3,287.1 4,290.1 4,772.9 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 ^104.9 -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 4,420.3 4,990.3 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. 1 (780) quarterly statistical release, tables 2. Excludes corporate equities and mutual fund shares. EI and E5. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A63 Domestic Nonfinancial Statistics • November 2002 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period 2000 2001 2002 Q4 Ql Q2 Q3 Q4 Ql Q2 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 15,243.1 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 By 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 y 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 n 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 19 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 607.9 651.3 676.7 742.3 742.3 740.4 726.1 701.7 704.9 724.2 725.6 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 25 427.7 462.6 476.7 500.6 500.6 505.9 502.0 481.0 488.4 487.9 477.6 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 15,851.0 16,936.8 18,065.4 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 23,482.0 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 A 3 9 1.60 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period 2000 2001 2002 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999977 11999988 11999999 22000000 Q4 Qi Q2 Q3 Q4 Q] Q2 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets 21,309.1 23,482.0 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 ? 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 5 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 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 1? 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.-afifiliated 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 70 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 77 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 74 Mutual funds 901.1 1,028.4 1,076.8 1,097.8 1,097.8 1.113.9 1,160.3 i,188.2 1,223.8 1,276.8 1.295.3 75 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 78 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 79 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 34 Total credit market debt 21,309.1 23,482.0 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 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 47 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 49.803.8 55,402.6 61,653.3 65,199.9 65,199.9 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 1.31.7 148.6 100.0 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 67,636.0 76,277.6 87,204.5 89,370.9 89,370.9 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. 1 (780) quarterly statistical release, tables 2. Excludes corporate equities and mutual fund shares. L.l and L.5. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A40 Domestic Nonfinancial Statistics • November 2002 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1 Seasonally adjusted 2001 2002 2001 2002 2001 2002 Q3 Q4 Qi Q2r Q3 Q4 Qi Q2 Q3 Q4 Ql Q2r Output (1992=100) Capacity (percent of 1992 output) Capacity utilization rate (percent)2 1 Total industry 139.6 137.2 138.1 139.5 183.2 183.6 184.1 184.5 76.2 74.7 75.0 75.6 2 Manufacturing 144.2 141.9 142.9 144.2 193.6 194.0 194.4 194.9 74.5 73.1 73.5 74.0 3 Primary processing3 167.1 164.5 168.0 172.3 223.8 224.5 225.3 226.2 74.7 73.3 74.6 76.2 4 Advanced processing4 131.5 129.3 129.2 129.0 176.9 177.2 177.4 177.7 74.3 73.0 72.8 72.6 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 71.3 6 Lumber and products 115.5 112.7 112.3 112.2 148.8 149.1 149.3 149.6 77.6 75.6 75.2 75.0 7 Primary metals 117.8 109.1 112.1 114.3 150.6 150.4 149.4 147.8 78.2 72.6 75.0 77.4 8 Iron and steel 115.7 104.0 109.3 114.7 146.8 146.2 144.4 141.5 78.8 71.2 75.7 81.1 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 208.8 202.2 205.7 207.9 298.8 299.8 300.4 301.1 69.9 67.5 68.5 69.1 11 Electrical machinery 485.3 485.7 499.3 516.0 745.4 752.5 762.1 774.4 65.1 64.6 65.5 66.6 12 Motor vehicles and parts 169.5 165.1 173.7 181.3 221.5 222.9 224.2 225.4 76.5 74.1 77.5 80.4 13 Aerospace and miscellaneous transportation equipment 95.9 91.2 86.2 82.6 135.2 135.1 135.1 134.8 71.0 67.5 63.8 61.2 14 Nondurable goods 111.0 110.2 110.6 111.0 142.9 142.9 142.9 143.0 77.7 77.1 77.4 77.6 15 Textile mill products 85.3 82.4 84.9 86.3 116.4 115.4 114.4 113.4 73.3 71.5 74.3 76.1 16 Paper and products 108.5 105.8 104.4 106.9 138.8 139.0 139.0 138.8 78.1 76.1 75.1 77.0 17 Chemicals and products 121.1 122.4 122.9 123.3 158.5 158.6 158.9 159.7 76.4 77.2 77.4 77.2 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 113.2 113.7 116.2 116.0 122.4 122.7 122.9 123.0 92.5 92.7 94.6 94.3 20 Mining 101.8 98.6 96.3 95.5 112.2 112.6 112.9 112.9 90.7 87.6 85.3 84.6 21 Utilities 119.1 116.9 119.3 124.0 138.1 139.9 141.6 143.0 86.3 83.6 84.3 86.7 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 Aug. Mar. Apr. May' June' July' Aug.p Capacity utilization rate (percent)2 1 Total industry 89.2 72.6 87.3 71.1 85.4 78.1 76.4 75.2 75.3 75.6 76.0 76.2 76.0 2 Manufacturing 88.5 70.5 86.9 69.0 85.7 76.6 74.6 73.7 73.6 74.0 74.3 74.5 74.4 3 Primary processing3 91.8 67.3 88.6 65.7 88.3 76.7 74.8 75.1 75.4 76.4 76.6 77.0 77.0 4 Advanced processing4 86.5 72.5 86.3 71.0 84.2 76.6 74.5 72.8 72.5 72.4 72.9 72.9 72.7 Durable goods 89.2 68.9 87.7 63.9 84.6 73.1 72.3 70.7 70.8 71.2 71.7 71.8 71.7 6 Lumber and products 88.7 61.2 87.9 60.8 93.6 75.5 78.1 75.6 74.7 74.8 75.6 75.4 75.2 7 Primary metals 100.2 65.9 94.2 45.1 92.7 73.7 78.0 75.9 75.6 77.9 78.6 77.4 79.2 8 Iron and steel 105.8 66.6 95.8 37.0 95.2 71.8 78.8 76.8 77.7 83.1 82.7 81.2 84.7 9 Nonferrous 90.8 59.8 91.1 60.1 89.3 74.2 77.1 74.9 73.2 72.4 74.3 73.4 73.4 10 Industrial machinery and equipment 96.0 74.3 93.2 64.0 85.4 72.3 70.6 68.9 68.7 69.2 69.2 68.7 6699..22 11 Electrical machinery 89.2 64.7 89.4 71.6 84.0 75.0 65.1 65.7 66.0 67.2 66.8 66.4 66.4 12 Motor vehicles and parts 93.4 51.3 95.0 45.5 89.1 55.9 76.7 77.9 79.7 79.3 82.2 85.3 83.9 13 Aerospace and miscellaneous transportation equipment. .. 78.4 67.6 81.9 66.6 87.3 79.2 70.8 62.7 61.8 61.0 60.9 59.8 59.8 14 Nondurable goods 87.8 71.7 87.5 76.4 87.3 80.7 77.7 77.6 77.3 77.6 77.9 78.1 77.9 15 Textile mill products 91.4 60.0 91.2 72.3 90.4 77.7 73.7 76.4 76.3 76.6 75.5 78.2 77.9 16 Paper and products 97.1 69.2 96.1 80.6 93.5 85.0 77.6 75.2 75.8 78.0 77.2 78.3 77.5 17 Chemicals and products 87.6 69.7 84.6 69.9 86.2 79.3 76.5 77.2 76.7 77.2 77.7 78.4 77.9 18 Plastics materials 102.0 50.6 90.9 63.4 97.0 74.8 77.6 80.3 80.4 85.2 84.1 82.4 83.6 19 Petroleum products 96.7 81.1 90.0 66.8 88.5 85.1 92.2 94.9 95.0 94.3 93.5 94.1 94.3 20 Mining 94.3 88.2 96.0 80.3 88.0 87.0 90.4 84.5 84.4 84.2 85.2 84.8 85.4 ?1 Utilities 96.2 82.9 89.1 75.9 92.6 83.4 87.7 85.8 87.0 86.3 86.9 88.8 86.3 22 Electric 99.0 82.7 88.2 78.9 95.0 87.1 90.6 87.4 88.4 86.6 88.4 90.4 87.4 1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The 3. Primary processing includes textiles; lumber; paper; industrial chemicals; synthetic data are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. materials; fertilizer materials; petroleum products; rubber and plastics; stone, clay, and glass; The latest historical revision of the industrial production index and the capacity utilization primary metals; fabricated metals; semiconductors and related electronic components; and rates was released in November 2001. The recent annual revision is described in the March motor vehicle parts. 2002 issue of the Bulletin. For a description of the methods of estimating industrial 4. Advanced processing includes foods, tobacco, apparel, furniture and fixtures, printing production and capacity utilization, see "Industrial Production and Capacity Utilization: and publishing, chemical products such as drugs and toiletries, agricultural chemicals, leather Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February and products, machinery except semiconductors and related electronic components, transpor- 1997), pp. 67-92, and the references cited therein. For details about the construction of tation equipment except motor vehicle parts, instruments, and miscellaneous manufacturing. individual industrial production series, see "Industrial Production: 1989 Developments and 5. Monthly highs, 1978-80; monthly lows, 1982. Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204. 6. Monthly highs, 1988-89; monthly lows, 1990-91. 2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A42 Domestic Nonfinancial Statistics • November 2002 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted 1992 2001 2002 pro- 2001 por- avg. tion Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Mayr June1" Julyr Aug.p Index(1992= 100) MAJOR MARKETS 1 Total index 100.0 140.1 140.0 138.5 137.7 137.2 136.7 137.6 138.1 138.6 138.8 139.4 140.3 140.9 140.5 9 Products 60.8 129.4 129.4 127.7 126.8 126.7 126.5 126.7 126.9 127.4 127.0 127.3 128.0 128.3 128.0 3 Final products 46.3 132.0 132.0 130.0 129.2 129.4 129.1 129.3 129.4 129.6 129.2 129.3 130.3 130.7 130.2 4 Consumer goods, total 29.0 120.7 121.4 119.9 119.6 120.0 120.6 120.6 121.2 121.7 121.4 121.4 122.3 123.0 122.4 5 Durable consumer goods 5.8 151.3 154.1 151.8 146.2 152.1 156.2 154.5 155.4 156.8 157.9 159.0 161.2 164.6 163.2 6 Automotive products 2.5 149.9 155.6 152.5 145.4 155.4 160.7 158.3 158.1 159.6 162.4 162.7 169.0 175.1 174.1 7 Autos and trucks 1.6 160.5 169.1 163.9 154.5 170.7 177.8 175.0 173.4 173.7 179.0 178.2 185.8 197.1 195.1 8 Autos, consumer 0.9 94.0 90.6 92.7 86.9 94.8 101.1 101.2 110.5 102.5 104.1 102.3 104.5 107.2 102.0 9 Trucks, consumer 0.7 231.4 252.6 239.8 226.5 251.5 259.5 253.6 240.6 249.7 258.9 259.1 272.4 292.7 294.0 10 Auto parts and allied goods 0.9 133.5 134.5 134.8 131.3 131.3 133.6 132.0 134.0 137.4 136.2 138.3 142.3 140.0 140.8 11 Other 3.3 151.5 151.0 149.8 145.9 146.9 149.7 148.7 151.1 152.2 151.3 153.3 150.7 150.9 149.0 12 Appliances, televisions, and air conditioners 0.9 283.2 289.5 288.2 271.9 280.1 297.9 295.1 304.8 308.6 299.9 312.8 295.7 292.6 291.2 13 Carpeting and furniture 0.8 119.1 117.6 118.5 116.4 119.2 118.8 117.2 118.8 118.3 119.4 119.1 116.0 117.3 115.8 14 Miscellaneous home goods 1.6 114.2 112.7 110.5 109.2 107.5 108.0 108.0 108.7 110.0 109.8 110.4 111.6 112.0 110.0 15 Nondurable consumer goods 23.2 113.3 113.6 112.3 113.1 112.3 112.2 112.6 113.1 113.4 112.8 112.6 113.2 113.4 112.9 16 Foods and tobacco 10.4 108.8 108.7 107.7 108.2 108.6 109.0 109.2 109.7 110.4 109.9 109.3 109.6 108.8 108.5 17 Clothing 2.4 78.3 76.4 74.8 74.4 73.2 74.7 75.4 74.9 75.7 74.6 74.5 74.2 74.9 73.5 18 Chemical products 4.6 145.0 146.7 145.9 148.5 148.0 148.5 149.4 147.6 146.7 144.7 144.0 146.7 147.7 147.1 19 Paper products 2.9 105.5 105.7 105.1 103.9 102.1 100.2 98.8 98.1 98.5 96.7 97.7 98.9 99.2 100.6 20 Energy 3.0 117.4 117.8 114.8 116.9 113.4 111.6 113.5 118.3 118.4 120.8 121.6 120.4 122.8 121.0 21 Fuels 0.8 114.2 112.2 113.9 116.1 115.2 112.6 117.4 116.5 115.4 117.7 115.6 114.5 115.8 116.4 22 Residential utilities 2.1 119.2 120.5 115.0 117.0 112.0 110.7 111.1 118.9 119.7 122.1 124.4 123.2 126.1 123.1 23 Equipment 17.3 152.3 150.5 147.1 145.4 145.0 142.7 143.3 142.2 141.7 141.3 141.6 142.6 142.3 142.1 24 Business equipment 13.2 175.9 173.3 168.4 166.9 167.2 164.3 165.3 164.0 163.5 162.9 163.2 164.2 163.7 163.1 25 Information processing 5.4 279.5 271.9 266.0 267.9 269.1 265.5 268.2 267.9 269.1 266.6 265.1 265.4 262.7 262.4 26 Computer and office equipment 1.1 948.2 925.5 903.0 913.2 927.8 941.2 969.2 998.7 1,020.7 1,012.6 1,001.1 995.0 995.7 1.003.7 27 Industrial 4.0 125.1 122.2 119.6 119.4 118.3 114.5 116.1 113.5 113.6 113.3 116.5 116.1 115.4 115.6 28 Transit 2.5 127.6 128.7 124.6 119.2 118.6 118.7 116.4 116.8 114.1 113.8 111.9 113.7 115.8 112.2 29 Autos and trucks 1.2 145.8 149.6 143.6 136.2 143.6 151.4 150.5 155.7 154.6 158.6 159.2 166.4 175.8 169.3 30 Other 1.3 139.1 139.8 131.7 129.2 134.2 130.2 133.1 130.5 131.2 132.5 132.1 135.7 134.0 137.6 31 Defense and space equipment 3.4 74.0 73.5 73.8 74.2 74.3 74.7 74.9 74.9 74.9 75.3 75.7 76.2 76.7 77.4 32 Oil and gas well drilling 0.6 140.2 143.1 140.4 127.2 114.4 107.8 107.3 105.3 104.5 102.0 101.4 104.4 104.1 104.6 33 Manufactured homes 0.2 93.7 97.9 102.9 100.2 99.5 97.7 93.1 89.1 81.5 82.4 84.8 84.3 84.4 84.3 34 Intermediate products, total 14.5 121.4 121.6 120.7 119.6 118.9 118.6 118.9 119.4 120.8 120.3 120.9 121.3 121.2 121.0 35 Construction supplies 5.4 137.6 138.8 138.1 134.6 134.0 135.6 136.3 136.8 139.7 138.3 139.6 140.2 138.3 139.2 36 Business supplies 9.1 1 1 1.9 111.3 110.4 110.7 109.8 108.6 108.5 109.1 109.6 109.6 109.9 110.1 111.0 110.3 37 Materials 39.2 158.0 157.6 156.5 155.9 154.8 153.6 155.8 157.1 157.4 158.8 160.2 161.3 162.5 162.2 38 Durable goods materials 20.7 212.7 212.0 209.4 207.9 206.5 206.0 209.4 211.6 212.1 214.2 216.2 217.9 219.1 219.4 39 Durable consumer parts 4.0 155.8 160.8 155.3 152.3 155.0 157.5 161.4 162.9 163.4 165.8 166.0 167.3 170.6 168.8 40 Equipment parts 7.5 441.8 429.6 430.4 431.7 427.9 426.7 434.0 439.7 440.8 444.9 452.7 456.9 458.7 464.6 41 Other 9.2 125.2 125.4 123.8 122.5 120.5 119.0 120.5 121.5 121.8 122.7 123.6 124.4 124.3 124.1 42 Basic metal materials 3.1 113.7 113.6 113.3 111.0 106.7 101.9 106.9 107.9 109.0 108.1 109.9 110.9 109.5 110.9 43 Nondurable goods materials 8.9 104.2 104.0 104.2 104.7 103.1 101.1 103.3 103.4 104.1 104.8 107.1 107.0 107.7 107.7 44 Textile materials 1.1 90.8 90.1 89.0 87.2 84.7 84.5 84.9 87.4 90.3 88.8 89.7 87.9 92.0 90.9 45 Paper materials 1.8 108.6 109.5 110.5 112.4 106.9 103.1 106.9 103.3 103.2 105.8 109.1 106.3 108.9 107.7 46 Chemical materials 4.0 102.8 102.2 102.1 103.5 102.2 99.3 102.8 104.1 105.4 105.9 108.6 108.9 109.3 109.6 47 Other 2.1 109.8 109.8 110.2 108.8 1 10.4 1112 110.4 110.0 108.9 109.5 110.9 113.2 111.0 111.9 48 Energy materials 9.6 103.3 103.0 103.1 102.6 102.6 101.6 101.6 102.6 102.1 103.0 102.4 103.4 105.1 103.7 49 Primary energv 6.2 98.8 98.4 99.4 98.2 98.8 97.9 97.6 97.7 96.9 97.6 96.5 98.0 98.4 98.0 50 Converted fuel materials 3.4 111.7 111.4 109.3 110.9 109.1 107.9 108.6 111.6 112.0 113.3 113.4 113.5 117.7 114.5 SPECIAL AGGREGATES 51 Total excluding autos and trucks 97.3 139.8 139.4 138.0 137.5 136.6 135.8 136.7 137.3 137.8 137.8 138.5 139.1 139.4 139.1 52 Total excluding motor vehicles and parts 95.3 139.0 138.5 137.2 136.8 135.8 134.9 135.8 136.3 136.7 136.7 137.4 137.9 138.1 137.9 53 Total excluding computer and office equipment 98.4 134.2 134.1 132.8 132.0 131.5 130.9 131.7 132.2 132.6 132.8 133.4 134.3 134.9 134.5 54 Consumer goods excluding autos and trucks . . 27.5 118.5 118.8 117.6 117.8 117.2 117.4 117.6 118.3 118.8 118.2 118.2 118.7 118.8 118.3 55 Consumer goods excluding energv 26.1 121.1 121.8 120.6 119.9 120.8 121.7 121.5 121.5 122.1 121.4 121.4 122.5 123.0 122.6 56 Business equipment excluding autos and trucks 12.0 179.7 176.2 171.5 170.8 170.1 165.7 167.0 164.7 164.4 163.1 163.3 163.4 161.4 161.7 57 Business equipment excluding computer and office equipment 12.0 146.8 144.7 140.6 139.0 139.1 136.3 136.8 135.2 134.5 134.0 134.4 135.4 134.9 134.3 58 Materials excluding energv 29.6 175.7 175.2 173.7 173.0 171.5 170.3 173.4 174.7 175.3 176.9 179.1 180.1 181.2 181.3 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 p r o o r - - 2 aa 0 vv 0 gg 1 .. tion Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Mayr Juner July' Aug.? Index(1992= 100) MAJOR INDUSTRIES 59 Total index 100.0 140.1 140.0 138.5 137.7 137.2 136.7 137.6 138.1 138.6 138.8 139.4 140.3 140.9 140.5 60 Manufacturing 85.4 144.8 144.5 142.9 142.1 142.0 141.6 142.6 142.9 143.4 143.4 144.2 145.0 145.5 145.3 61 Primary processing 31.0 167.9 167.3 166.6 165.6 164.4 163.5 166.6 168.0 169.4 170.3 172.9 173.6 174.8 174.9 62 Advanced processing 54.4 132.0 131.7 129.8 129.1 129.5 129.3 129.3 129.0 129.1 128.7 128.7 129.5 129.7 129.4 63 Durable goods 44.8 179.3 178.9 176.1 173.9 174.3 174.1 175.7 176.0 176.6 177.2 178.4 179.7 180.3 180.3 64 Lumber and products ' ' 24 2.1 113.0 116.2 116.4 112.8 112.4 113.0 112.9 111.0 112.9 111.6 111.8 113.1 112.9 112.6 65 Furniture and fixtures 25 1.4 138.7 138.7 135.1 133.5 134.8 135.4 133.6 135.0 134.8 134.8 134.7 133.1 134.0 132.7 66 Stone, clay, and glass products 32 2.1 130.8 130.8 129.9 130.3 128.8 126.3 127.7 127.8 127.7 129.6 130.0 129.3 129.0 129.0 67 Primary metals 33 3.1 116.9 117.5 116.4 113.6 110.2 103.6 111.3 111.8 113.1 112.1 115.2 115.7 113.4 115.5 68 Iron and steel 331,2 1.8 112.6 115.7 112.7 110.4 107.1 94.6 107.1 110.6 110.2 110.7 117.5 116.0 113.0 116.9 69 Raw steel 331PT 0.1 102.8 106.2 105.8 99.5 95.1 85.5 100.0 101.3 101.2 101.2 100.9 108.4 108.5 109.5 70 Nonferrous 333-6,9 1.4 122.3 119.9 121.2 117.6 114.1 114.2 116.5 113.5 116.8 114.1 112.9 115.8 114.3 114.3 71 Fabricated metal products . . 34 5.0 130.4 131.0 128.7 127.5 127.2 129.1 128.7 127.7 127.9 128.2 130.0 130.6 131.4 130.7 72 Industrial machinery and equipment 35 7.8 213.3 211.0 205.1 202.8 203.4 200.4 204.5 205.3 207.1 206.8 208.3 208.6 206.9 208.6 73 Computer and office equipment 357 1.6 1,088.0 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 1,168.0 74 Electrical machinery 36 7.1 504.2 485.5 484.6 484.8 485.1 487.3 494.0 500.8 503.1 507.9 520.1 520.1 520.3 524.1 75 Transportation equipment . . 37 9.4 128.5 131.6 128.5 124.6 127.2 129.1 128.2 128.9 128.2 129.6 128.8 132.0 134.7 133.3 76 Motor vehicles and parts . 371 4.7 162.9 169.9 164.2 157.3 165.9 172.1 171.8 174.5 174.9 179.3 178.8 185.7 193.0 190.2 77 Autos and light trucks . 371PT 2.5 154.1 160.9 156.6 147.4 162.7 169.6 167.1 166.9 166.2 171.1 170.3 177.4 187.9 185.8 78 Aerospace and miscellaneous transportation equipment 372-6,9 4.7 96.3 95.7 95.0 93.8 91.0 88.9 87.4 86.4 84.7 83.3 82.3 82.0 80.5 80.5 79 Instruments 38 5.4 115.3 113.9 112.8 113.6 113.7 112.8 113.8 112.4 112.8 112.2 111.6 111.9 112.3 112.2 80 Miscellaneous 39 1.3 117.5 116.7 114.5 113.6 110.7 114.1 114.6 114.6 116.4 115.8 117.8 120.1 119.7 119.4 81 Nondurable goods 40.6 111.4 111.1 110.5 110.8 110.2 109.7 110.3 110.5 110.9 110.5 111.0 111.4 111.7 111.5 82 Foods ' ' 20 9.6 112.9 113.0 111.7 112.2 113.0 114.0 113.5 113.7 114.4 114.0 113.2 113.6 112.9 113.2 83 Tobacco products 21 1.6 93.8 93.2 92.7 92.8 92.7 90.8 93.1 95.0 95.3 94.4 94.5 95.1 93.7 91.6 84 Textile mill products 22 1.8 86.7 85.8 85.9 83.0 81.9 82.5 82.5 85.1 87.2 86.7 86.8 85.4 88.3 87.6 85 Apparel products 23 2.2 93.1 91.2 89.4 87.8 87.3 88.8 89.4 88.4 89.5 88.3 88.7 88.8 89.0 87.8 86 Paper and products 26 3.5 108.1 107.7 109.7 108.1 106.2 103.1 105.1 103.5 104.5 105.3 108.3 107.0 108.5 107.3 87 Printing and publishing .... 27 6.8 101.6 100.7 99.7 99.8 98.9 97.3 96.6 96.0 95.4 94.9 95.3 95.8 95.6 96.5 88 Chemicals and products .... 28 10.0 121.1 121.2 121.0 123.2 122.4 121.4 123.0 122.9 122.8 122.2 123.3 124.3 125.8 125.2 89 Petroleum products 29 1.4 114.3 112.9 112.1 114.9 114.0 112.2 114.8 117.2 116.7 116.9 116.0 115.1 115.9 116.1 90 Rubber and plastics 30 3.5 136.8 137.3 136.5 134.4 133.4 134.8 134.7 136.6 139.1 139.2 140.2 142.3 142.3 141.8 91 Leather and products 31 0.3 63.1 62.8 61.4 60.0 59.2 58.4 60.3 60.1 60.0 59.5 59.2 59.1 61.0 59.0 92 Mining 6.8 101.3 101.4 102.1 99.5 99.0 97.4 97.0 96.6 95.4 95.3 95.1 96.2 95.7 96.5 93 Metal 10 0.4 88.4 87.9 91.2 85.6 80.0 80.1 75.2 78.2 80.0 75.3 77.3 78.9 79.0 80.2 94 Coal 12 1.0 111.7 111.7 111.7 106.5 106.6 105.8 104.5 107.0 99.0 101.8 101.7 103.3 101.6 103.1 95 Oil and gas extraction 13 4.8 96.1 96.3 97.0 94.8 94.5 92.6 92.0 91.2 90.6 90.3 89.7 90.6 90.5 91.0 96 Stone and earth minerals 14 0.6 132.6 132.2 131.2 129.6 129.5 129.8 133.7 132.5 132.2 132.5 134.7 135.9 134.6 135.9 97 Utilities 7.8 119.8 121.1 118.1 119.4 116.2 115.2 115.7 120.3 121.8 123.9 123.3 124.6 127.7 124.5 98 Electric 491,3PT 6.2 123.1 124.5 121.0 122.3 121.8 119.3 119.8 121.9 124.6 126.6 124.4 127.5 130.9 126.9 99 Gas 492,3PT 1.6 109.1 108.1 106.9 108.0 96.2 100.5 101.0 113.7 111.4 113.9 119.1 113.6 115.0 114.9 SPECIAL AGGREGATES 100 Manufacturing excluding motor vehicles and parts 80.7 143.9 143.0 141.7 141.3 140.6 139.7 140.8 140.9 141.5 141.2 142.1 142.5 142.5 142.5 101 Manufacturing excluding computers and office equipment 83.8 138.0 137.7 136.2 135.4 135.3 134.8 135.8 135.9 136.4 136.4 137.2 138.0 138.5 138.3 102 Computers, communications equipment, and semiconductors 5.6 1,048.5 999.5 994.8 1,002.4 1,002.5 1,006.0 1,032.2 1,065.5 1,077.4 1,088.0 1,107.5 1,117.4 1,120.0 1,137.9 103 Manufacturing excluding computers and semiconductors 81.3 121.2 121.3 119.9 119.1 118.9 118.4 119.1 119.0 119.3 119.2 119.8 120.5 120.8 120.4 104 Manufacturing excluding computers, communications equipment, and semiconductors 79.8 118.2 118.4 117.0 116.3 116.1 115.7 116.4 116.4 116.7 116.6 117.2 117.8 118.2 117.9 Gross value (billions of 1996 dollars, annual rates) MAJOR MARKETS 105 Products, total 100.0 2,720.1 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 2,710.7 2,731.4 2,744.5 2,736.4 106 Final 77.2 2,101.5 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 2,088.7 2,106.8 2,121.1 2,113.2 107 Consumer goods 51.9 1,303.7 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 1,326.5 1,337.0 1,348.5 1,343.8 108 Equipment 25.3 797.4 793.3 773.1 761.0 763.5 753.5 757.1 753.3 750.5 750.1 752.9 760.8 762.7 759.4 109 Intermediate 22.8 618.9 625.0 619.4 612.9 608.8 608.3 609.7 614.0 623.0 618.6 622.0 624.7 623.6 623.4 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 • November 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 Q2 Q3 Q4 Ql' Q2P 1 Balance on current account -292,856 -410,341 -393,371 -99,234 -91,331 -95,086 -112,454 -129,959 2 Balance on goods and services -262,237r -378,681' -358,290' -93,324 -79,778 -88,028 -95,492 -110,613 3 Exports 957,146 1,064,239 998,022 256,766 242,325 232,930 233,252 243,752 4 Imports -1,219,383 -1,442,920 -1,356,312 -350,090 -322,103 -320,958 -328,744 -354,365 5 Income, net 18,138' 21.782' 14,382' 6,006 807 6,521 -946 -6,286 6 Investment, net 23,877 27,651 20,539 7,526 2,345 8,102 682 -4,628 7 Direct 75,009 88,862 102,595 27,832 23,908 28,602 22,069 17,671 8 Portfolio -51,132 -61,211 -82,056 -20,306 -21,563 -20,500 -21,387 -22,299 9 Compensation of employees -5,739 -5,869 -6,157 -1,520 -1,538 -1,581 -1,628 -1,658 10 Unilateral current transfers, net ^8.757 -53,442 ^19,463 -11,916 -12,360 -13,579 -16,016 -13,060 11 Change in U.S. government assets other than official reserve assets, net (increase, -) 2,750 -941 ^486 -783 77 143 133 12 12 Change in U.S. official reserve assets (increase, -) 8,747 -290 —4,911 -1,343 -3,559 -199 390 -1,843 13 Gold 0 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) 10 -722 -630 -156 -145 -140 -109 -107 15 Reserve position in International Monetary Fund 5,484 2,308 -3,600 -1,015 -3,242 83 652 -1,607 16 Foreign currencies 3,253 -1,876 -681 -172 -172 -142 -153 -129 17 Change in U.S. private assets abroad (increase, -) -489,066 -605,258 -365,565 -77,910 28,460 -100,032 -26,441 -139,002 18 Bank-reported claims2 -76,263 -148,657 -128,705 -685 69,576 -83,682 727 -72,676 19 Nonbank-reported claims -95,466 -150,805 -14,358 9,670 -9,479 37,210 65 -26,976 20 U.S. purchase of foreign securities, net -128,436 -127,502 -94,662 -51,764 10,087 -26,090 2,047 -9,987 21 U.S. direct investments abroad, net -188,901 -178,294 -127,840 -35,131 -41,724 -27,470 -29,280 -29,363 22 Change in foreign official assets in United States (increase, +) 43,666' 37,640' 5,224' -20,831 16,882 5,086 7,641 47,062 23 U.S. Treasury securities 12,177 -10,233 10,745' -20,798 15,810 16,760 -582 15,193 24 Other U.S. government obligations 20,350 40,909 20,920 9,932 -216 7,630 7,296 6,548 25 Other U.S. government liabilities2 -2,740' -1,909' -1,882' -791 89 -504 -790 -20 26 Other U.S. liabilities reported by U.S. banks2 12,964 5,746' -30,278' -10,202 -782 -20,507 991 24,415 27 Other foreign official assets3 915 3,127 5.719 1.028 1,981 1,707 726 926 28 Change in foreign private assets in United States (increase, +) 698,813' 978,346' 747,582' 202,441 1,007 245,711 105,855 174,151 29 U.S. bank-reported liabilities4 54,232 116,971' 110,667' 55,003 -45,567 85,598 -11,051 34,889 30 U.S. nonbank-reported liabilities 78,383' 174,251' 82,353' -5,307 -25,154 1,170 32,345 25,956 31 Foreign private purchases of U.S. Treasury securities, net ^4,497' -76,965' -7,670' -14,685 -15,470 27,229 -7,282 1,386 32 U.S. currency flows 22,407 1,129 23,783 2,772 8,203 10,497 4,525 7,183 33 Foreign purchases of other U.S. securities, net 298,834' 455,213' 407,653' 113,556 64,787 99,320 71,095 103,771 34 Foreign direct investments in United States, net 289,454' 307,747' 130,796' 51,102 14,208 21,897 16,223 966 35 Capital account transactions, net5 -3,340 837 826 207 206 205 208 200 36 Discrepancy 31,286' 7' 10,701' -2,547 48,258 -55,828 24,668 49,379 37 Due to seasonal adjustment 875 -10,286 1,721 10,019 827 38 Before seasonal adjustment 31,286 7 10,701 -3,422 58.544 -57,549 14.649 48,552 MEMO Changes in official assets 39 U.S. official reserve assets (increase, -) 8,747 -290 —4,9 1 -1,343 -3,559 -199 390 -1,843 40 Foreign official assets in United States, excluding line 25 (increase, +) 46,406 39,549' 7,106' -20,040 16,793 5,590 8,431 47,082 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 1,621 12,000 -1,725 -1,699 -4,081 3,382 -8,532 993 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 22000011 Feb. Mar. Apr. May June July Aug. Sept.? 1 Total 71,516 67,647 68,654 67,357 67,574 67,844 69,579 74,696 74,751 75,307 75,860 2 Gold stock1 11,048 11,046 11,045 11,044 11,044 11,044 11,044 11,044 11,042 11,042 11,042 3 Special drawing rights2,1 10,336 10,539 10,774 10,763 10.809 10,988 11,297 11,645 11,575 11,752 11,710 4 Reserve position in International Monetary Fund2 17,950 14,824 17,854 17,169 17,078 16,184 16,498 19,841 19,863 20,043 20,857 5 Foreign currencies4 32,182 31,238 28,981 28,381 28,643 29,628 30,740 32,166 32,271 32,470 32,251 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 22000000 22000011 Feb. Mar. Apr. May June July Aug. Sept.!1 1 Deposits 71 215 61 89 256 Ill 127 90 164 86 150 Held in custody 2 U.S. Treasurv securities2 632,482 594,094 592,630 591,202 593,865 589,531 605,501 619,226 635,036 638,003 644,381 3 Earmarked gold3 9,933 9,451 9,099 9,098 9,098 9,091 9,084 9,077 9,071 9,064 9,057 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 • November 2002 3.15 SELECTED US. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2000 2000 2001 2002 IItteemm 11999999 Mar.6 Mar.6 Dec. Dec. Apr. May June JulyP 1 Total1 806,318 829,290 958,725 975,304 987,261 999,274 1,013,699 1,043,151 1,046,011 By type 2 Liabilities reported by banks in the United States2 138,847 136,577 136,577 144,593 123,125 133,120 139,021 148,908 141,711 3 U.S. Treasury bills and certificates3 156,177 164,781 164,781 153,010 161,719 155,770 162,516 176,178 187,982 U.S. Treasury bonds and notes 4 Marketable 422,266 430,243 465,111 450,832 454,306 452,777 452,708 454,869 449,601 5 Nonmarketable4 6,111 5,734 5,734 5,348 3,411 3,179 3,199 3,000 3,020 6 U.S. securities other than U.S. Treasury securities5 82,917 91,955 186,522 221,521 244,700 254,428 256,255 260,196 263,697 By area 7 Europe1 244,805 251,815 238,548 240,325 243,137 244,471 248,021 253,999 256,539 8 Canada 12,503 13,683 15,016 13,727 13,440 12,341 11,947 11,095 10,682 9 Latin America and Caribbean 73,518 77,195 70,884 70,442 71,103 66,075 65,306 64,378 62,709 10 Asia 463,703 474,269 612,116 626,017 635,180 651,794 663,919 687,490 690,233 11 Africa 7,523 7,979 13,504 14,690 15,171 15,103 14,850 15,102 15,233 12 Other countries 4,266 4,349 8,655 10,101 9,228 9,488 9,654 11,085 10,613 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 Sept. Dec. Mar.r June 1 Banks' liabilities 101,125 88,537 77,779 92,557 89,627 78,238 93,228 2 Banks' claims 78,162 67,365 56,912 69,116 75,872 80,095 93,274 3 Deposits 45,985 34,426 23,315 36,364 45,382 50,313 56,045 4 Other claims 32,177 32,939 33,597 32,752 30,490 29,782 37,229 5 Claims of banks' domestic customers2 20,718 20,826 24,411 20,885 17,631 16,454 16,005 1. Data on claims exclude foreign currencies held by U.S. monetary authorities. 2. Assets owned by customers of the reporting bank located in the United States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A47 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period 2002 IItteemm 11999999 22000000 22000011 Jan. Feb. Mar. Apr. May June JulyP BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners 1,408,740 1,511,410 1,647,893 1,584,995 1,615,994 1,653,245 1,685,026 1,713,587' 1,729,550" 1,671,928 2 Banks' own liabilities 971.536 1,077,636 1.172.929 1,101.890 1,125.615 1.160.352 1,202,906 1.217.580r 1.196,459' 1,174,196 3 Demand deposits 42.884 33.365 33,601 29.839 30,872 36.440 31.374 32,043' 34.600' 32,558 4 Time deposits2 163.620 187.883 154.160 148,931 143,616 141,108 139,026 135,282r 129,988' 123,482 Other1 155,853 171.401 199.718 207,677 214.952 208.712 224,052 235,932' 236,234' 253,430 6 Own foreign offices4 609.179 684,987 785,450 715,443 736.175 774,092 808,454 814.323' 795,637' 764,726 7 Banks' custodial liabilities5 437.204 433,774 474,964 483.105 490,379 492.893 482,120 496.007 533,091 497,732 8 U.S. Treasury bills and certificates6 185,676 177,846 188,028 190,144 187,906 189,640 183,012 191,266 208,279 221,010 9 Short-term agency securities7 n.a. n.a. 65,534 55.556 67,736 68,670 69,525 75,157 83.613 67,003 10 Other negotiable and readily transferable instruments8 132.617 145,840 91.147 92.534 92,361 93,771 95,378 94,061 96,154 75,448 11 Other 118,911 110.088 130.255 144,871 142,376 140,812 134,205 135.523 145,045 134,271 12 Nonmonetary international and regional oreanizations9 15,276 12,542 10.806 17,155 15.453 12,126 14.440 12,129' 11.568' 11,495 13 Banks' own liabilities 14,357 12.140 10,168 16,227 14.553 10.934 13,426 11,756' 11,138' 10.993 14 Demand deposits 98 41 35 35 31 22 19 14 32 15 15 Time deposits2 10,349 6.246 3.755 7,581 5,482 7.023 6.193 6.730' 6,401' 7.394 16 Other1 3,910 5.853 6,378 8,611 9,040 3,889 7,214 5,012 4.705 3,584 17 Banks' custodial liabilities5 919 402 638 928 900 1.192 1.014 373 430 502 18 U.S. Treasury bills and certificates6 680 252 577 8S3 859 1.105 970 328 407 481 19 Short-term agency securities7 n.a. n.a. 40 24 24 21 21 18 0 0 20 Other negotiable and readily transferable instruments8 233 149 21 21 17 21 21 27 23 21 21 Other 6 I 0 0 0 45 2 0 0 0 7? Official institutions10 295.024 297,603 284.844 287,414 296,206 285.428 288,890 301,537 325,086' 329,693 23 Banks' own liabilities 97,615 96.989 83.524 85.939 83,718 79.292 83.911 86.387 92.972' 93,555 24 Demand deposits 3.341 3,952 2.988 2.257 1,513 2,651 1,827 2.002 1,707 2,146 25 Time deposits2 28,942 35,573 19.471 14.862 16,021 13,646 15,170 14.414 14.131' 13.048 26 Other1 65,332 57,464 61,065 68,820 66.184 62,995 66,914 69,971 77,134' 78,361 77 Banks' custodial liabilities5 197,409 200,614 201,320 201,475 212.488 206,136 204,979 215,150 232,114 236,138 28 U.S. Treasury bills and certificates6 156,177 153.010 161.719 166.640 164,076 161.312 155,770 162.516 176,178 187.982 29 Short-term agency securities7 n.a. n.a. 36.351 31.445 45,085 40.826 45,910 49.374 51,634 45,105 30 Other negotiable and readily transferable instruments8 41,182 47.366 2,180 2,191 2.307 2.785 2,702 2,455 3.280 2,217 31 Other 50 238 1.070 1,199 1.020 1.213 597 805 1.022 834 32 Banks11 900,379 972.932 1.066,082 1,002.425 1.024,003 1,076.709 1.098,9.31 1,113.913' 1,102,138' 1.054.627 33 Banks' own liabilities 728,492 821,306 907,944 833,894 861.732 901.918 932.109 941.011' 913.734' 874.978 34 Unaffiliated foreign banks 1 19,313 136,319 122.494 118.451 125,557 127,826 123.655 126.688' 118.097' 110,252 35 Demand deposits 17,583 15.522 13.089 10,374 12,783 16,342 12.183 12.875' 14,620' 12,790 36 Time deposits2 48,140 66,904 52,910 49,881 45,846 45,238 43.636 41.360' 37,094' 31,780 37 Other3 53,590 53,893 56.495 58,196 66,928 66,246 67.836 72,453' 66,383' 65,682 38 Own foreign offices4 609.179 684,987 785.450 715.443 736,175 774,092 808.454 814,323' 795,637' 764,726 39 Banks' custodial liabilities5 171.887 151.626 158,138 168.531 162,271 174,791 166.822 172.902 188,404 179,649 40 U.S. Treasury bills and certificates6 16,796 16.023 13,477 10.222 10,378 11.374 13.016 14.442 16,110 17,497 41 Short-term agency securities7 n.a. n.a. 7.831 5.566 3,596 7,399 3,456 6.924 12,439 2.876 42 Other negotiable and readily transferable instruments8 45.695 36.036 33,102 35,223 34.325 36.832 37,267 37,377 36.557 43.379 43 Other 109.396 99.567 103.728 117,520 113,972 1 19.186 113.083 114.159 123,298 1 15.897 44 Other foreigners 198,061 228.333 286,161 278,001 280.332 278,982 282.765 286,008 290,758' 276.113 45 Banks' own liabilities 131.072 147,201 171,293 165,830 165,612 168.208 173,460 178.426 178,615' 194,670 46 Demand deposits 21.862 13,850 17.489 17,173 16,545 17,425 17.345 17.152 18.241' 17,607 47 Time deposits2 76,189 79.160 78.024 76,607 76.267 75.201 74,027 72,778 72,362' 71,260 48 Other3 33,021 54,191 75,780 72.050 72.800 75.582 82,088 88.496 88,012 105,803 49 Banks' custodial liabilities5 66,989 81.132 1)4.868 112,171 114,720 110.774 109,305 107.582 112,143 81,443 50 U.S. Treasury bills and certificates6 12.023 8.561 12.255 12,399 12,593 15.849 13.256 13,980 15,584 15.050 51 Short-term agency securities7 n.a. n.a. 21,312 18,521 19.031 20.424 20.138 18.841 19,540 19,022 52 Other negotiable and readilv transferable instruments8 45,507 62.289 55.844 55.099 55.712 54,133 55,388 54,202 56,294 29,831 53 Other 9,459 10,282 25,457 26,152 27,384 20,368 20.523 20.559 20,725 17.540 MEMO 54 Negotiable time certificates of deposits in custody for foreigners 30,345 34,217 20,440 22,095 22,831 21.498 24,061 22,587 27,490' 25.186 55 Repurchase agreements7 n.a. n a. 150.738 127.686 131,199 126.817 140,263 153,782 157.929 176.602 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 Stales, 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 • November 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 2002 IItteemm 11999999 22000000 22000011 Jan. Feb. Mar. Apr. May June JulyP AREA OR COUNTRY 56 Total, all foreigners 1,408,740 1311,410 1,647,893 1,584,995 1,615,994 1,653,245 1,685,026 1,713,587' 1,729,550' 1,671,928 57 Foreign countries 1,393,464 1,498,867 1,637,087 1,567,840 1,600,541 1,641,119 1,670,587 l,701,458r 1,717,982' 1,660,433 58 Europe 441,810 446,788 520,970 502,539 516,558 518,921 539,957 538,879' 528,244' 509,247 59 Austria 2,789 2,692 2,919 3,001 3,053 3,144 3,363 3,096 3,563 2,862 60 Belgium12 44,692 33.399 6,548 6,566 6,561 7,921 6,607 6,723 6,026 6,462 61 Denmark 2,196 3,000 3,625 3,123 2,944 2,852 2,801 3,455 3,416 3,478 62 Finland 1,658 1,411 1,445 1,372 1,159 1,682 1,239 1,198 1,197 3,503 63 France 49,790 37,833 49,034 45,102 41,172 35,113 36,349 36,174' 35,390' 39,809 64 Germany 24,753 35,519 22,342 23,353 23,298 25,664 25,582 26,633 25,188 27,636 65 Greece 3,748 2,011 2,303 2,706 2,856 2,560 2,285 2,700 3,570 2,815 66 Italy 6,775 5,072 6,342 5,405 4,917 5,356 4,948 4,616 4,690 3,900 67 Luxembourg12 n.a. n.a. 16,894 14,770 14,427 14,005 13,967 14,893 15,469 11,467 68 Netherlands 8,143 7,047 12,404 13,265 13,779 13,714 11,030 12,045' 10,439' 4,965 69 Norway 1,327 2,305 3,725 4,976 4,871 7,703 6,470 7,681 11,164 14,540 70 Portugal 2,228 2,403 4,029 4,372 4,799 5,416 5,051 4,905 4,616 3,496 71 Russia 5,475 19,018 20,782 19,776 20,841 21,423 22,113 24,211 25,060 24,189 12 Spain 10,426 7,787 8,791 12,618 10,233 9,406 10,737 9,764 11,032 10,392 73 Sweden 4,652 6,497 3,371 3,104 3,700 3,412 2,495 5,677 4,176 4,817 74 Switzerland 63,485 74,635 66,390 80,790 94,661 107,645 129,007 114,220 99,588 85,247 75 Turkey 7,842 7,548 7,472 8,696 11,518 11,515 11,671 11,216 9,908 10,701 76 United Kingdom 172,687 167,757 204,208 169,298 170,024 161,333 163,140 171,103' 174,331' 171,215 77 Channel Islands and Isle of Man13 n.a. n.a. 36,057 36,443 37,198 38,013 38,070 38,602 38,735 39,280 78 Yugoslavia14 286 276 309 298 317 296 265 273 267 279 79 Other Europe and other former U.S.S.R.15 28,858 30,578 41,980 43,505 44,230 40,748 42,767 39,694 40,419 38,194 80 Canada 34,214 30,982 27,228 27,995 27,416 28,244 26,174 24,408 23,900 25,415 81 Latin America 117,495 120,041 117,528 115,703 115,000 112,933 111,661 110,009 105,982' 105,603 82 Argentina 18,633 19,451 10,655 9,904 10,360 11,622 11,795 11,653 11,356 11,212 83 Brazil 12,865 10,852 14,135 13,133 12,875 14,628 14,076 12,892 12,968 12,537 84 Chile 7,008 5,892 4,929 5,275 5,143 5,299 6,326 6,643 6.121 6,396 85 Colombia 5,669 4,542 4,668 4,506 4,587 4,159 4,226 4,273 4,010 3,872 86 Ecuador 1,956 2,112 2,377 2,231 2,363 2,269 2,342 2,294 2,259 2,324 87 Guatemala 1,626 1,601 1,876 1,861 1,821 1,812 1,782 1,335 1,319 1,323 88 Mexico 30,717 32,166 39,630 40,355 40,797 35,700 34,879 35,250 32,440 33,290 89 Panama 4,415 4,240 3,588 3,514 3,604 3,350 3,336 3,273 3,894' 3,143 90 Peru 1,142 1,427 1,350 1,341 1,347 1,548 1,225 1,270 1,417 1,502 91 Uruguay 2,386 3.003 3,160 2,646 2,536 2,913 2,648 2,410 2,373 1,885 92 Venezuela 20,192 24,730 24,920 24,258 22,952 22,937 22,380 22,333 21,738 21,771 93 Other Latin America16 10,886 10,025 6,240 6,679 6,615 6,696 6,646 6,383 6,087' 6,348 94 Caribbean 461,200 573,337 659,521 624,746 627,797 656,753 668,959 698,129' 704,650' 677,722 95 Bahamas 135,811 189,298 179,198 156,217 147,794 171,359 164,499 172,604 179,725 160,771 96 Bermuda 7,874 9,636 10,477 9,580 11,181 10,238 11,096 13,419 15,646 18,150 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. 452,070 442,142 452,957 458,256 474,104 493,307' 488,104' 476,317 99 Cuba 75 90 88 88 89 89 90 93 96 92 100 Jamaica 520 794 1,179 1,106 1,103 1,115 1,047 996 924 931 101 Netherlands Antilles 4,047 5,428 3,259 3,512 3,152 3,800 5,745 3,312 3,757 3,940 102 Trinidad and Tobago 595 894 1,266 1,979 1,547 1,406 1,791 1,634 1,593 1,691 103 Other Caribbean16 n.a. n.a. 11,984 10,122 9,974 10.490 10,587 12,764 14,805' 15,830 104 Asia 319,489 305,554 294,252 277,15) 295,423 303,876 306,459 312,668 333366,,448888 332244,,229933 China 105 Mainland 12,325 16,531 10,472 8,499 21,165 16,723 22,336 22,410 20,779' 18,102 106 Taiwan 13,603 17,352 17,562 16,886 21,422 20,352 24,371 21,733 23,480 19,067 107 Hong Kong 27,701 26,462 26,483 24,683 23,109 22,257 24,613 27,275 29,018 30,650 108 India 7,367 4,530 3,703 3,732 4,133 4,478 4,045 4,980 7,061 7,369 109 Indonesia 6,567 8,514 12,381 11,893 11,441 11,220 11,875 12,623 13,871 13,589 110 Israel 7,488 8,053 7,826 10,727 9,433 9,600 9,541 8,965 8,954 9,757 111 Japan 159,075 150,415 155,293 146,480 151,008 166,220 157,689 161,589 179,654 176,404 112 Korea (South) 12,988 7,955 9,015 6,691 6,500 5,568 5,972 6,592 6,826 7,038 113 Philippines 3,268 2,316 1,764 1,910 1,429 1,530 1,671 1,544 1,754 2,080 114 Thailand 6,050 3,117 4,742 4,651 5,035 5,432 4,940 5,060 5,966 4,591 115 Middle Eastern oil-exporting countries18 21,314 23,763 20,022 15,857 14,938 16,693 15,453 18,128 16,582 14,233 116 Other 41,743 36,546 24,989 25,142 25,810 23,803 23,953 21,769 22,543' 21,413 117 9,468 10,824 11,343 12,727 11,722 11,762 11,645 11.660 11,830 12,073 118 Egypt 2,022 2,621 2,774 4,271 3,961 3,857 3,606 3,605 3,672 3,411 119 Morocco 179 139 273 243 197 127 234 230 307 265 120 South Africa 1,495 1,010 833 877 668 800 636 683 685 694 121 Congo (formerly Zaire) 14 4 4 6 2 1 6 7 n.a. 1 122 Oil-exporting countries19 2,914 4,052 4,372 4,165 3,763 3,911 3,828 3,557 3,522 3,757 123 Other 2,844 2,998 3,087 3,165 3,131 3,066 3,335 3,578 3,644 3,945 124 Other countries 9,788 11,341 6,245 6,979 6,625 8,630 5,732 5,705 6,888 6,080 125 Australia 8,377 10,070 5,593 6,204 5,811 7,632 4,801 4,706 6,031 5,116 126 New Zealand20 n.a. n.a. 240 360 407 443 533 510 494' 607 127 All other 1,411 1,271 412 415 407 555 398 489 363' 357 128 Nonmonetary international and regional organizations 15,276 12,543 10,806 17,155 15,453 12,126 14,440 12,129' 11,568' 11,495 129 International21 12,876 11,270 9,307 15,521 13,714 9,873 12,261 10,851' 10,490' 10,097 130 Latin American regional22 1,150 740 480 443 520 731 954 644 342 386 131 Other regional23 1,250 533 935 1,113 1,140 1,441 1,158 550 645 894 12. Before January 2001, data for Belgium-Luxembourg were combined. 18. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 13. Before January 2001, these data were included in data reported for the United Emirates (Trucial States). Kingdom. 19. Comprises Algeria, Gabon, Libya, and Nigeria. 14. Since December 1992, has excluded Bosnia, Croatia, and Slovenia. 20. Before January 2001, these data were included in "All other." 15. Includes the Bank for International Settlements and the European Central Bank. Since 21. Principally the International Bank for Reconstruction and Development. Excludes December 1992, has included all parts of the former U.S.S.R. (except Russia), and Bosnia, "holdings of dollars" of the International Monetary Fund. Croatia, and Slovenia. 22. Principally the Inter-American Development Bank. 16. Before January 2001, data for "Other Latin America" and "Other Caribbean" were 23. Asian, African, Middle Eastern, and European regional organizations, except the Bank combined in "Other Latin America and Caribbean." for International Settlements, which is included in "Other Europe." 17. Beginning January 2001, data for the Cayman Islands replaced data for the British West Indies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A49 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period 2002 AArreeaa oorr ccoouunnttrryy 11999999 22000000 22000011 Jan. Feb. Mar. Apr. May June July' 1 Total, all foreigners 793,139 904,642 1,051,573 1,007,368 1,009,570 1,056,667 1,104,635 l,088,193r l,107,292r 1,044,703 2 Foreign countries 788,576 899,956 1,046,627 1,003,499 1,005,743 1,051,154 1,100,490 l,083,419r l,103,046r 1,040,067 3 Europe 311,686 378,115 460,970 465,435 468,275 488,366 526,394 510,323 501,112' 461,232 4 Austria 2,643 2,926 5,006 4,361 3,903 4,199 3,431 3,558 3,963 4,046 5 Belgium2 10,193 5,399 6,339 6,525 5,701 4,849 4,387 4,019 5,174 6,756 6 Denmark 1,669 3,272 1,105 1.649 1,024 1,545 1,122 1,062 1,248 856 7 Finland 2,020 7,382 10.350 14,431 14,410 14,469 13,092 14,279 16,517 13,718 8 France 29,142 40,035 60,670 56,533 54,717 55,184 58,004 58,207 58,766 58,995 9 Germany 29,205 36,834 29,902 31,330 29,275 33,395 34,281 29,033 28,891 26,156 10 Greece 806 646 330 364 385 357 364 354 330 393 11 Italy 8,496 7,629 4,205 4,453 4,329 5,101 5,036 4,048 4,130' 5,093 1? Luxembourg2 n.a. n.a. 1,267 1,754 2,954 3,414 3,453 3,552 3,547' 3,526 13 Netherlands 11,810 17,043 15,927 14,024 15,278 15,498 16,892 16,294 16,440 13,679 14 Norway 1,000 5,012 6,249 4,779 4,435 7,026 6,572 8,301 8,526 9,433 15 Portugal 1,571 1,382 1,603 1,969 1,998 1,795 2,083 1,594 1,780 1,995 16 Russia 713 517 594 687 612 1,659 951 826 1,145 867 17 Spain 3,796 2.603 3,231 5,363 4,987 4,847 3,484 3,130 3,081 3,336 18 Sweden 3,264 9,226 12,544 12,137 13,474 12,008 11,589 13,348 13,814' 14,932 19 Switzerland 79,158 82,085 87,333 95,389 114,402 115,388 150,258 137,532 119,244 87,969 20 Turkey 2,617 3,059 2,124 2,757 3,163 3,154 3,012 2.953 2,662 2,410 21 United Kingdom 115,971 144,938 200,951 195,619 181,808 193,786 197,298 197,110 200,836 195,785 22 Channel Islands and Isle of Man3 n.a. n.a. 4,478 3.716 3,955 3,836 3,755 3,835 4,246 4,962 23 Yugoslavia4 50 50 n.a. n.a. n.a. n.a. 2 1 n.a. n.a. 24 Other Europe and other former U.S.S.R.5 7,562 8,077 6,762 7,595 7,465 6,856 7,328 7,287 6,772 6,325 25 Canada 37,206 39,837 54,421 49,967 52,776 56,652 57,017 57,256 60,478 63,135 76 Latin America 74,040 76,561 69,762 69,427 68,790 69,513 69,537 65,502r 66,851' 63,193 77 Argentina 10,894 11,519 10,763 10,444 10,334 9,892 9,722 9,235 11,019 8,202 78 Brazil 16,987 20,567 19,434 19,700 19,352 19,837 20,138 18,797 19,019 18,512 79 Chile 6,607 5,815 5,317 5,200 5,166 5,399 5,226 4,950 4,874 4,949 30 Colombia 4,524 4,370 3,602 3,563 3,547 3,711 3,643 3,516 3,266 3,216 31 Ecuador 760 635 495 465 491 478 495 519 500 461 3? Guatemala 1,135 1,244 1,495 1,417 1,651 1,413 1,329 905 882 871 33 Mexico 17,899 17,415 16,522 17,035 16,561 17,081 17,356 16,448 16,266 16,349 34 Panama 3,387 2,933 3,066 2,765 2,788 2,804 2,764 2,751 2,599 2,466 35 Peru 2,529 2,807 2,185 2,125 2,090 2,048 2,019 1,923 1,833 1,748 36 Uruguay 801 673 447 437 444 503 477 357 324 314 37 Venezuela 3,494 3,518 3,077 3,181 3.315 3,463 3,472 3,353 3,337 3,306 38 Other Latin America6 5,023 5,065 3,359 3,095 3,051 2,884 2,896 2,748' 2,932' 2,799 39 Caribbean 281.128 319,403 367,655 329,652 328,745 346,037 347,569 360,258' 374,459' 345,580 40 Bahamas 99,066 114,090 101,034 87,607 87,303 98,079 94,279 107,269 108,369 96,886 41 Bermuda 8,007 9,260 7,900 7,023 5,628 7,770 9,722 8,380 11,088 11,723 4? British West Indies7 167,189 189,289 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 43 Cayman Islands7 n.a. n.a. 247,086 222,977 225,374 228,474 233,806 234,758' 243,369' 225,681 44 Cuba 0 0 n.a. 3 n.a. n.a. n.a. n.a. n.a. n.a. 45 Jamaica 295 355 418 383 384 418 413 408 361 350 46 Netherlands Antilles 5,982 5,801 6,729 7,596 6,050 7,137 5.390 5,578 6,859 6,387 47 Trinidad and Tobago 589 608 931 940 955 971 935 834 862 881 48 Other Caribbean6 n.a. n.a. 3,557 3,123 3,051 3,188 3,024 3,031' 3,551' 3,672 49 75.143 77,829 85,882 80,783 79,010 82,734 91,687 83,143 92,344 99,269 China 50 Mainland 2,110 1,606 2,073 3,526 2,418 4,161 6,044 4,857 6,047' 7,832 51 Taiwan 1,390 2,247 4,407 3,449 4,128 4,531 3,349 3,261 6,520' 6,863 52 Hong Kong 5,903 6,669 9,995 7,712 7,359 6,499 6,457 5,350 5,596' 6,606 53 India 1,738 2,178 1.348 1,167 1,217 1,225 1,276 1.414 1,462 1,083 54 Indonesia 1,776 1,914 1,752 1,768 1,644 1,701 1,677 1,564 1,571 1,553 55 Israel 1,875 2,729 4,396 4,211 4,195 2,875 4,413 3,747 3,411 4,647 56 Japan 28,641 34,974 34,125 30,983 30,732 31,298 37,787 32,937 36,394 35,926 57 Korea (South) 9,426 7,776 10,622 12,720 12,776 13,860 15,020 13,326 14,856 17,903 58 Philippines 1,410 1,784 2,587 1,951 1,681 2,065 1,718 1,332 1,995 1,857 59 Thailand 1,515 1,381 2,499 1.743 745 1,467 752 716 730 1,160 60 Middle Eastern oil-exporting countries8 14,267 9,346 7,882 7,585 7,341 9,239 9,143 9,555 9,061 8,960 61 Other 5,092 5,225 4,196 3,968 4,774 3,813 4,051 5,084 4,701 4,879 6T 2,268 2,094 2,095 2,031 1,966 2,108 1,967 1,877 2,069 1,914 63 Egypt 258 201 416 324 331 358 333 337 418 405 64 Morocco 352 204 106 100 97 88 85 85 79 77 65 South Africa 622 309 710 751 692 786 672 559 649 545 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 countries'' 276 471 167 195 201 211 234 247 232 227 68 Other 736 909 696 661 645 665 643 649 691 660 69 Other countries 7,105 6,117 5,842 6,204 6,181 5,744 6,319 5,060 5,733 5,744 70 Australia 6,824 5,868 5,455 5,560 5,430 4,972 5,692 4,633 5,272 5,345 71 New Zealand10 n.a. n.a. 349 603 732 762 586 406 455 392 72 All other 281 249 38 41 19 10 41 21 6 7 73 Nonmonetary international and regional organizations" . . 4,563 4,686 4,946 3,869 3,827 5,513 4,147 4,774 4,246 4,636 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 • November 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 2002 Jan. Feb. Mar. Apr. May June JulyP 1 Total 944,937 1,095,869 1,253,952 1,257,022 1,314,098 1 Banks' claims 793.139 904.642 1.051,573 1.007,368 1.009,570 1,056.667 1,104,635 1,088,193r 1,107,292' 1,044,703 3 Foreign public borrowers 35,090 37.907 49,278 54.542 50,034 55,562 52,746 49,524 51,042 61,151 4 Own foreign offices2 529,682 630,137 745,834 699.055 717,854 751,162 789,435 782,182' 793,226' 719,970 5 Unaffiliated foreign banks 97,186 95,243 100.575 98.424 92.109 94.895 95,058 89,084 92,346' 91,474 6 Deposits 34,538 23,886 26,189 27.073 25,978 26,266 22,778 21,598 24,012' 24,449 7 Other 62,648 71.357 74.386 71.351 66,131 68,629 72,280 67,486 68,334 67,025 8 All other foreigners 131.181 141,355 155.886 155.347 149.573 155,048 167,396 167,403 170,678' 172,108 9 Claims of banks' domestic customers' 151,798 191,227 202,379 200,355 206,806 10 Deposits 88,006 100,352 92.546 87,634 86,353 11 Negotiable and readily transferable instruments4 51,161 78.147 94.016 98.050 106,740 12 Outstanding collections and other claims 12.631 12,728 15,817 14,671 13,713 MEMO 13 Customer liability on acceptances 4.553 4,257 2,588 2,139 2,353 14 Banks' loans under resale agreements5 n.a. n.a. 137,349 118.984 123,082 114,917 135,731 133,620 149,206 159,923 15 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States6 31,125 53.153 60,711 54.563 55.177 61,417 57,884 48,488 62,161 57,815 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 Sept. Dec.' Mar.' Junep 1 Total 250,418 267,082 274,009 298,924 305,020 304,274 311,790 Bx borrower 1 Maturity of one year or less 186.526 187,894 186.103 178,458 200,097 188,573 202,995 Foreign public borrowers 13.671 22.811 21.399 19,994 27,293 26,725 26,490 4 All other foreigners 172.855 165.083 164,704 158,464 172,804 161,848 176,505 5 Maturity of more than one year 63,892 79.188 87,906 120,466 104,923 115,701 108,795 6 Foreign public borrowers 9.839 12.013 15.838 25.844 21,324 26,936 22,690 7 All other foreigners 54,053 67,175 72.068 94.622 83.599 88,765 86,105 Bx area Maturity of one vear or less 8 Europe 68.679 80.842 142.464 70,700 83,090 79.694 82,238 9 Canada 10.968 7,859 8.323 7.897 10.072 7,763 8,060 10 Latin America and Caribbean 81,766 69.498 151,840 75,562 70,648 69,178 78,788 11 Asia 18.007 21.802 43.371 19,381 29,693 24,554 28,389 12 Africa 1.835 1.122 2.263 707 1,104 1,124 918 13 All other1 5.271 6.771 11.717 4.211 5,490 6,260 4,602 Maturity of more than one year 14 Europe 14.923 22.951 57,770 41,597 34,067 39,813 34,877 15 Canada 3.140 3.192 3,174 4,292 3,633 3,362 3,349 16 Latin America and Caribbean 33.442 39,051 82.684 52,651 47,382 48,744 51,291 17 Asia 10,018 1 1.257 19.536 17,491 15,190 19,444 14,916 18 Africa 1.232 1.065 1.567 798 769 669 856 19 All other' 1.137 1.672 5.954 3,637 3.882 3,669 3,506 1. Reporting banks include all types of depository institutions as well as some brokers and 2. Maturity is time remaining until maturity. dealers. 3. Includes nonmonetary international and regional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonbank-Reported Data A51 3.21 CLAIMS ON FOREIGN COUNTRIES Held by U.S. and Foreign Offices of U.S. Banks1 Billions of dollars, end of period 2000 2001 2002 AArreeaa oorr ccoouunnttrryy 11999988 11999999 June Sept. Dec. Mar. June Sept. Dec. Mar. Junep 1 Total 1,051.6 945.5 991.0 954.4 1,027.3 1,141.1 1,137.0 1,280.6 912.7 796.0 862.4 ? G-10 countries and Switzerland 217.7 243.4 313.6 280.3 300.7 334.6 336.3 291.8 406.2 322.2 345.0 3 Belgium and Luxembourg 10.7 14.3 13.9 13.0 14.2 15.2 13.0 14.3 19.1 16.4 17.0 4 France 18.4 29.0 32.6 29.0 29.6 30.0 35.8 34.4 39.1 33.4 42.3 Germany 30.9 38.7 31.5 37.6 45.1 45.0 51.4 40.9 42.9 49.2 52.0 6 Italy 11.5 18.1 20.5 18.6 21.3 20.3 23.6 22.6 20.9 19.0 20.0 7 Netherlands 7.8 12.3 16.0 17.5 18.4 22.1 18.6 20.7 19.3 23.7 20.9 8 Sweden 2.3 3.0 3.5 4.3 3.6 4.7 4.7 5.1 5.3 5.5 6.2 9 Switzerland 8.5 10.3 13.8 10.9 13.2 13.7 13.3 12.8 12.4 13.5 14.0 10 United Kingdom 85.4 79.3 138.2 112.8 115.6 140.2 126.2 93.8 194.9 109.5 117.7 11 Canada 16.8 16.3 18.2 18.5 16.7 15.4 21.3 20.3 19.1 16.6 18.2 12 Japan 25.4 22.1 25.4 18.1 23.0 28.0 28.3 26.8 33.1 35.3 36.7 13 Other industrialized countries 69.0 68.4 75.3 73.7 74.5 75.2 70.0 70.6 70.4 69.9 78.4 14 Austria 1.4 3.5 2.8 3.5 4.1 3.8 3.6 4.4 4.8 5.1 5.7 15 Denmark 2.2 2.6 1.2 1.8 1.9 3.1 2.7 2.7 2.6 3.5 2.9 16 Finland 1.4 .9 1.2 2.8 1.5 1.4 1.2 1.3 1.1 2.1 1.5 17 Greece 5.9 6.0 6.7 6.4 8.3 4.1 3.6 3.6 3.2 3.3 3.7 18 Norway 3.2 3.3 4.6 8.5 8.3 10.2 7.9 6.2 8.1 9.0 10.6 19 Portugal 1.4 1.0 2.0 1.5 2.0 1.9 1.4 1.4 1.6 1.8 1.8 70 Spain 13.7 12.1 12.2 10.5 10.3 12.4 12.4 13.7 12.1 12.1 13.3 21 Turkey 4.8 4.8 5.6 5.6 5.9 5.0 4.5 4.1 3.9 5.3 4.3 22 Other Western Europe 10.4 6.8 7.9 8.3 6.5 7.1 6.9 7.2 8.3 8.4 9.0 73 South Africa 4.4 3.8 4.6 4.2 3.6 4.1 3.8 4.4 4.1 3.3 3.5 24 Australia 20.3 23.5 26.3 20.5 22.1 21.9 22.1 21.6 20.6 15.9 22.2 75 OPEC2 27.1 31.4 32.1 31.4 28.9 27.9 27.1 27.4 27.3 27.5 26.7 76 Ecuador 1.3 .8 .7 .6 .6 .6 .6 .6 .6 .6 .6 77 Venezuela 3.2 2.8 2.9 2.9 2.5 2.7 2.6 2.6 2.4 2.4 2.2 78 Indonesia 4.7 4.2 4.1 4.4 4.6 4.4 4.2 4.0 3.7 3.6 3.3 79 Middle East countries 17.0 23.1 23.8 22.4 20.3 19.7 19.3 19.9 20.3 20.6 20.2 30 African countries 1.0 .5 .7 1.2 .8 .5 .4 .4 .3 .3 .4 31 Non-OPEC developing countries 143.4 149.4 158.1 149.5 145.5 150.1 157.6 201.6 203.3 195.9 196.0 Latin America 32 Argentina 23.1 23.2 21.6 21.4 21.4 20.9 19.8 19.2 19.2 12.8 12.3 33 Brazil 24.7 27.7 28.3 28.5 28.8 29.4 30.9 30.9 28.0 26.6 24.8 34 Chile 8.3 7.4 8.1 7.3 7.6 7.3 7.0 6.4 7.0 7.1 7.1 35 Colombia 3.2 2.5 2.4 2.4 2.4 2.4 2.4 2.5 2.5 2.4 2.4 36 Mexico 18.9 18.7 20.4 17.5 15.7 16.7 16.3 60.0 68.2 67.1 63.5 37 2.2 1.7 2.1 2.1 2.0 2.0 2.0 1.9 1.8 1.5 1.5 38 Other 5.4 5.9 6.7 6.2 6.3 8.6 8.3 8.1 8.9 7.9 7.4 Asia China 39 Mainland 3.0 3.6 3.8 3.4 2.9 3.2 6.7 5.9 5.0 7.0 8.6 40 Taiwan 13.3 12.0 12.6 12.8 10.8 11.2 10.7 10.8 12.2 12.6 16.1 41 5.5 7.7 8.2 5.8 9.1 6.5 11.8 14.1 6.9 6.3 5.9 47 1.1 1.8 1.5 1.1 2.7 2.2 2.0 3.2 3.7 2.4 2.4 43 Korea (South) 13.7 15.2 21.7 21.4 15.5 19.9 19.3 19.3 18.5 22.4 24.4 44 Malaysia 5.6 6.1 6.8 6.9 7.1 6.5 6.8 6.1 6.7 6.4 6.3 45 Philippines 5.1 6.2 5.3 4.7 5.1 5.2 5.4 5.2 5.6 5.4 5.3 46 Thailand 4.7 4.1 4.0 3.9 4.0 4.2 4.2 3.9 5.1 4.0 3.5 47 Other Asia 2.9 2.9 1.9 1.7 1.9 1.7 1.8 1.6 1.9 1.9 2.0 Africa 48 Egypt 1.3 1.4 1.3 1.1 1.1 1.2 1.2 1.4 1.2 1.3 1.5 49 Morocco .5 .4 .3 .4 .3 .3 .3 .3 .1 .1 .1 50 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 51 Other Africa3 1.0 1.0 .9 .8 .7 .7 .7 .8 .7 .7 .8 57 Eastern Europe 5.5 5.2 9.4 9.0 10.1 9.5 9.5 10.2 10.1 10.6 12.8 53 Russia4 2.2 1.6 1.5 1.4 1.0 1.5 1.5 1.6 1.6 2.8 2.8 54 Other 3.3 3.6 7.9 7.6 9.1 8.0 8.0 8.5 8.5 7.9 10.0 55 Offshore banking centers 93.9 59.9 60.6 59.4 76.3 71.4 58.1 71.5 72.0 56.6 90.6 56 Bahamas 35.4 13.7 8.8 9.3 13.5 7.0 .0 1.1 7.5 7.5 10.9 57 Bermuda 4.6 8.0 6.3 6.3 9.0 7.9 5.7 7.6 7.6 8.1 12.7 58 Cayman Islands and other British West Indies 12.8 1.3 5.1 5.9 14.6 13.6 11.9 20.3 16.4 5.0 27.8 59 Netherlands Antilles 2.6 1.7 2.6 1.9 1.9 2.9 1.7 5.8 2.8 3.3 2.8 60 Panama5 3.9 3.9 3.3 2.5 3.2 3.8 3.4 3.5 3.2 3.3 3.2 61 Lebanon .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .2 67 Hong Kong, China 23.3 21.0 20.7 20.6 18.7 21.5 22.3 17.9 18.9 15.7 16.5 63 Singapore 11.1 10.1 13.6 12.6 15.2 14.6 12.9 15.2 15.5 13.5 16.6 64 Other .2 .1 .1 .1 .2 .1 .1 .0 .1 .0 .0 65 Miscellaneous and unallocated7 495.1 387.9 342.1 351.1 391.2 472.4 478.6 607.6 123.4 113.4 112.9 1. The banking offices covered by these data include U.S. offices and foreign branches of 2. Organization of Petroleum Exporting Countries, shown individually; other members of U.S. banks, including U.S. banks that are subsidiaries of foreign banks. Offices not covered OPEC (Algeria, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United include U.S. agencies and branches of foreign banks. Beginning March 1994, the data include Arab Emirates), and Bahrain and Oman (not formally members of OPEC). large foreign subsidiaries of U.S. banks. The data also include other types of U.S. depository 3. Excludes Liberia. Beginning March 1994 includes Namibia. institutions as well as some types of brokers and dealers. To eliminate duplication, the data 4. As of December 1992, excludes other republics of the former Soviet Union. are adjusted to exclude the claims on foreign branches held by a U.S. office or another foreign 5. Includes Canal Zone. branch of the same banking institution. 6. Foreign branch claims only. These data are on a gross claims basis and do not necessarily reflect the ultimate country 7. Includes New Zealand, Liberia, and international and regional organizations. risk or exposure of U.S. banks. More complete data on the country risk exposure of U.S. banks are available in the quarterly Country Exposure Lending Survey published by the Federal Financial Institutions Examination Council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A52 International Statistics • November 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 74,035 2 Payable in dollars 36,668 37,605 48,931 48,931 46,526 41,734 35,347 42,957 46,805 3 Payable in foreign currencies 9,902 15,415 24,973 24,973 27,129 26,294 18,179 23,761 27,230 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 28,447 8 Trade payables 10,978 12,857 14,293 14.293 12,481 13,127 11,740 11.820 14.872 y Advance receipts and other liabilities 16,337 12.207 12,192 12,192 13,366 12,993 14,284 13,864 13,575 10 Payable in dollars 26,297 23,722 23,685 23,685 23,325 24,079 23,932 24,194 26,683 i I Payable in foreign currencies 1,018 1,318 2,800 2,800 2,522 2,041 2,092 1,490 1,764 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 11,,995511 17 Switzerland 155 147 104 104 103 93 92 94 8844 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 8,372 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 1,017 966 908 584 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 2,747 40 Canada 1,390 1.775 1.933 1,933 1.625 1,957 1,569 1,633 1,798 41 Latin America and Caribbean 1,618 2,310 2,381 2,381 2,166 2,293 2,879 2,729 3,454 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 1,457 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 12,969 49 Japan 3,827 2,609 2,757 2,757 2,431 2,377 2,421 2,592 4,281 50 Middle Eastern oil-exporting countries' 2,852 2,551 2,832 2,832 3,359 3,087 3,053 2,642 3,142 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 TTyyppee ooff ccllaaiimm,, aanndd aarreeaa oorr ccoouunnttrryy 11999988 11999999 22000000 Dec. Mar. June Sept. Dec. Mar. 1 Total 77,462 76,669 90,157 90,157 107,705 97,470 94,076 113,155 102,058r ? Payable in dollars 72,171 69,170 79,558 79,558 94,932 87,690 83,292 103,937 92,486r 3 Payable in foreign currencies 5,291 7,472 10,599 10,599 12,773 9,780 10,784 9,218 9,572r By type 4 Financial claims 46,260 40,231 53,031 53,031 74,255 61,891 60,015 81,287 7711,,669966 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 30,362r 1? Trade receivables 27,202 32,629 33,104 33,104 28,958 30,631 29,328 27,586 25,597r 13 Advance payments and other claims 4,000 3,809 4,022 4,022 4,492 4,948 4,733 4.282. 4,765r 14 Payable in dollars 29,573 34,204 33,401 33,401 30,271 32,478 31,328 29,466 26,616' 15 Payable in foreign currencies 1,629 2,207 3,725 3,725 3,179 3,101 2,733 2,402 3,746' 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 70 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 77 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 36 All other3 563 706 894 894 1,117 1,421 891 931 854 Commercial claims 37 Europe 13,246 16.389 15.938 15,938 13,775 14.469 14,381 14,036 12,708' 38 Belgium and Luxembourg 238 316 452 452 395 403 354 226688 272 39 France 2,171 2.236 3,095 3,095 3.479 3,190 3.062 22,,992222 2.883' 40 Germany 1,822 1,960 1,982 1,982 1,586 1.993 1,977 1,662 1,198' 41 Netherlands 467 1,429 1,729 1.729 757 863 844 529 415 4? Switzerland 483 610 763 763 634 473 514 611 436 43 United Kingdom 4,769 5,827 4.502 4,502 3,562 3.724 3,571 3,839 3,579' 44 Canada 2,617 2,757 3.502 3,502 3,392 3,470 3.116 2,855 2,760' 45 Latin America and Caribbean 6.296 5,959 5,851 5.851 5.144 6,033 5.590 4.874 4,891' 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 1,183 958 837' 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 1,225' 51 Venezuela 401 439 328 328 292 321 301 288 312 57 Asia 7,192 9.165 9,630 9,630 8,985 9,499 8,704 7,855 7,513' 53 Japan 1,681 2.074 2,796 2,796 2,560 3.148 2,438 2,007 1,975' 54 Middle Eastern oil-exporting countries' 1,135 1,625 1,024 1,024 966 1,040 919 851 657' 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 1,860' 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 • November 2002 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 2002 2002 TTrraannssaaccttiioonn,, aanndd aarreeaa oorr ccoouunnttrryy 22000000 22000011 Jan.- July Jan. Feb. Mar. Apr. May June July? U.S. corporate securities STOCKS 1 Foreign purchases 3,605,196 3,051,335 1,908,090 255,717 259,946 286,550 272,125 274,543 248,562 310,647 2 Foreign sales 3,430,306 2,934,949 1,869,359 247,101 257,845 279,633 264,298 274,889 244,549 301,044 3 Net purchases, or sales (-) 174,890 116,386 38,731 8,616 2,101 6,917 7,827 -346 4,013 9,603 4 Foreign countries 174,903 116,183 38,810 8,737 2,104 6,932 7,834 -324 3,997 9,530 5 Europe 164,656 88,098 22,596 8,730 4,442 6,810 2,591 -2,548 -653 3,224 6 France 5,727 5,914 732 1,302 304 405 1,202 -1,270 -1,249 38 7 Germany 31,752 8,415 524 479 429 332 56 -48 -131 -593 8 Netherlands 4,915 10,919 1,552 406 100 192 -663 41 36 1,440 9 Switzerland 11,960 3,456 1,461 470 566 569 814 89 -710 -337 10 United Kingdom 58,736 38,492 9,205 3,972 1,323 3,110 -324 -1,829 1,117 1,836 11 Channel Islands and Isle of Man1 n.a. -698 -292 -81 -103 -113 -63 -3 -2 73 12 Canada 5,956 10,984 5,708 591 457 598 1,262 546 373 1,881 13 Latin America and Caribbean -17,812 -5,155 -6,354 -1,447 -4,495 302 1,989 -703 -673 -1,327 14 Middle East2 9,189 1,789 -1,035 96 -165 -901 -273 -30 198 40 13 Other Asia 12,494 20,724 15,584 571 1,634 245 2,143 2,253 3,986 4,752 16 Japan 2,070 6.788 12,200 -209 194 1,002 1,244 3,116 3,193 3,660 1/ Africa 415 -366 -19 32 5 -26 -41 9 -1 3 18 Other countries 5 109 2,330 164 226 -96 163 149 767 957 19 Nonmonetary international and regional organizations -11 203 -78 -121 -2 -15 -7 -22 16 73 BONDS3 20 Foreign purchases 1,208,386 1,943,158 1,432,831 181,519 168,724 219,993 217,174 219,544r 204,706r 221,171 21 Foreign sales 871,416 1,556,217 1,217,728 161,985 155,237 173,530 175,184 174,561 171,707 205,524 22 Net purchases, or sales (-) 336,970 386,941 215,103 19,534 13,487 46,463 41,990 44,983r 32,999r 15,647 23 Foreign countries 337,074 386,376 215,419 19,624 13,217 46,642 42,005 45,113r 32,850r 15,968 24 Europe 180,917 195,798 96,788 7,890 4,619 21,094 20,875 19,139r 20,019r 3,152 2b France 2,216 5,028 2,044 68 14 578 380 350 462 192 26 Germany 4,067 12,362 3,263 93 -253 1,545 385 132 681 680 27 Netherlands 1,130 1,538 -560 -1,495 550 -173 732 -A9 -518 393 28 Switzerland 3,973 5,721 5,041 143 826 -102 247 l,412r 1,109 1,406 29 United Kingdom 141,223 153,158 69,237 7,619 1,740 16,350 15,540 15,299 13,022' -333 30 Channel Islands and Isle of Man1 n.a. 2,000 531 130 14 309 20 92 -14 -20 31 Canada 13,287 4,595 1,461 338 -243 869 385 -193 923 -618 32 Latin America and Caribbean 59,444 77,217 52,917 4,655 6,077 13,531 8,261 15,618 2,936 1,839 33 Middle East1 2,076 2,338 1,125 420 342 377 9 -172 24 125 34 Other Asia 78,794 106,812 61,174 6,802 2,094 10,321 12,440 10,610 8,565 10,342 35 Japan 39,356 34,099 19,513 -717 -957 -466 8,511 5,048 3,334 4,760 36 Africa 938 760 576 -30 22 34 95 13 330 112 3/ Other countries 1,618 -1,144 1,378 -451 306 416 -60 98 53 1,016 38 Nonmonetary international and regional organizations -70 566 -316 -90 270 -179 -15 -130 149 -321 Foreign securities 39 Stocks, net purchases, or sales (-) -13,088 -50,113 2,819 3,822 -2,723 5,553 -3,565 -8,245 -4,973 12,950 40 Foreign purchases 1,802,185 1,397,664 793,303 103,389 95,364 116,460 114,997 113,259 111,704 138,130 41 Foreign sales 1,815,273 1,447,777 790,484 99,567 98,087 110,907 118,562 121,504 116,677 125,180 42 Bonds, net purchases, or sales (-) —4,054 30,423 24,789 -5,558 2,245 7,333 461 6,871 5,730 7,707 43 Foreign purchases 958,932 1,159,185 754,446 93,550 89,172 109,465 99,383 124,357 118,365 120,154 44 Foreign sales 962,986 1,128,762 729,657 99,108 86,927 102,132 98,922 117,486 112,635 112,447 45 Net purchases, or sales (-), of stocks and bonds -17,142 -19,690 27,608 -1,736 -478 12,886 -3,104 -1,374 757 20,657 46 Foreign countries -17,278 -19,102 27,701 -1,720 -467 12,981 -3,208 -1,423 791 20,747 47 Europe -25,386 -12,117 13,810 -2,417 588 13,670 -4,809 329 -4,629 11,078 48 Canada -3,888 2,943 6,107 1,381 -289 -764 1,565 56 2,240 1,918 49 Latin America and Caribbean -15,688 4,245 4,443 2,644 -1,469 1,353 -1,106 -1,699 2,785 1,935 50 Asia 24,488 -11,869 4,120 -3,478 614 -949 2,220 381 342 4,990 51 Japan 20,970 -20,116 13 400 -660 -2,789 998 -518 -871 3,453 52 Africa 943 -557 -984 72 62 -72 -1,141 -118 8 205 53 Other countries 2,253 -1,747 207 78 29 -257 63 -372 45 621 54 Nonmonetary international and regional organizations 150 -587 -95 -16 -13 -95 104 49 -34 -90 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 2002 AArreeaa oorr ccoouunnttrryy 22000000 22000011 Jan.- Jan. Feb. Mar. Apr. May June JulyP July 1 Total estimated -54,032 18,472 26,701 -16,762 -169 13,916 -9,146 73 13,412 25,377 2 Foreign countries -53,571 19,158 26,124 -17,027 -493 13,767 -9,456 573 13,289 25,471 3 Europe -50,704 -20,510 -7,081 -6,688 -79 7,068 -6,544 -6,732 441 5,453 4 Belgium2 73 -598 542 -108 -263 410 -71 8 292 274 5 Germany -7,304 -1,668 -4,967 -3,466 -277 1,759 -115 649 -587 -2,930 6 Luxembourg2 n.a. 462 -1,051 -514 -126 79 -325 -166 85 -84 7 Netherlands 2,140 -6,728 -20,410 -2,098 812 -3,891 -3,295 -9,328 -2,757 147 8 Sweden 1,082 -1,190 -117 -337 -230 269 103 55 192 -169 9 Switzerland -10,326 1,412 855 313 -115 973 -1,262 341 359 246 10 United Kingdom -33,669 -7,185 20,554 -86 1,938 7,110 -3,696 1,854 2,852 10,582 1 1 Channel Islands and Isle of Man3 n.a. -179 812 -3 47 -251 -35 84 793 177 17 Other Europe and former U.S.S.R -2,700 -4,836 -3,299 -389 -1,865 610 2.152 -229 -788 -2,790 13 Canada -550 -4,136 -2,168 -3,473 1,204 1,695 -1,075 1,454 -856 -1,117 14 Latin America and Caribbean —4,914 5,046 15,812 2,603 -6,194 -424 -720 7,755 7,306 5,486 15 Venezuela 1,288 290 104 33 -12 -7 -18 6 160 -58 16 Other Latin America and Caribbean -11,581 15,500 16,854 1,635 -3,072 8,838 -1,138 1,749 4,222 4,620 17 Netherlands Antilles 5,379 -10,744 -1,146 935 -3,110 -9,255 436 6,000 2,924 924 18 Asia 1,639 37,992 16,966 -9,221 3,862 5,653 -1,389 -2,366 5,840 14,587 19 Japan 10,580 17,774 8,309 -6,649 2,456 -2,309 3,173 655 2,694 8,289 70 Africa ^114 -880 336 -65 134 70 -176 -38 299 112 21 Other 1,372 1,646 2,259 -183 580 -295 448 500 259 950 22 Nonmonetary international and regional organizations —461 -686 577 265 324 149 310 -500 123 -94 73 International —483 -290 462 138 52 199 398 -240 -21 -64 24 Latin American Caribbean regional 76 41 -13 -1 15 -5 -A1 -14 28 11 MEMO 75 Foreign countries -53,571 19,158 26,124 -17,027 ^193 13.767 -9,456 573 13,289 25,471 76 Official institutions -6,302 3,474 -4,705 -3,000 -2,177 5,254 -1,606 -69 2,161 -5,268 27 Other foreign -47,269 15,684 30,829 -14,027 1,684 8,513 -7,850 642 11,128 30,739 Oil-exporting countries 78 Middle East 3,483 865 793 784 50 137 1,382 -753 -487 -320 29 Africa5 0 -2 -24 0 -1 2 -25 0 0 0 1. Official and private transactions in marketable US. 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 • November 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 Apr. May June July Aug. Sept. Exchange rates COUNTRY/CURRENCY UNIT 1 Australia/dollar2 64.54 58.15 51.69 53.52 54.98 56.82 55.38 54.13 54.65 2 Brazil/real 1.8207 1.8301 2.3527 2.3227 2.4753 2.7144 2.9414 3.1082 3.3548 3 Canada/dollar 1.4858 1.4855 1.5487 1.5815 1.5502 1.5318 1.5456 1.5694 1.5761 4 China, P.R./yuan 8.2783 8.2784 8.2770 8.2772 8.2770 8.2767 8.2768 8.2767 8.2760 5 Denmark/krone 6.9900 8.0953 8.3323 8.3942 8.1098 7.7775 7.4807 7.5948 7.5752 6 European Monetary Union/euro3 1.0653 0.9232 0.8952 0.8860 0.9170 0.9561 0.9935 0.9781 0.9806 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 7.8000 7.7994 7.8000 7.8000 7.8008 7.7999 9 India/rupee 43.13 45.00 47.22 48.94 49.02 48.98 48.79 48.62 48.46 10 Japan/yen 113.73 107.80 121.57 130.77 126.38 123.29 117.90 118.99 121.08 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 9.165 9.510 9.767 9.779 9.839 10.071 13 New Zealand/dollar2 52.94 45.68 42.02 44.28 46.10 48.86 48.09 46.35' 47.02 14 Norway/krone 7.8071 8.8131 8.9964 8.6102 8.2050 7.7533 7.4694 7.6042 7.5018 15 Singapore/dollar 1.6951 1.7250 1.7930 1.8285 1.8004 1.7831 1.7524 1.7553 1.7682 16 South Africa/rand 6.1191 6.9468 8.6093 11.0832 10.1615 10.1841 10.1032 10.5878 10.5967 17 South Korea/won 1,189.84 1,130.90 1,292.01 1,318.09 1,262.20 1,219.70 1,179.99 1,197.51 1,211.61 18 Sri Lanka/rupee 70.868 76.964 89.602 96.030 96.318 96.408 96.266 96.281 96.207 19 Sweden/krona 8.2740 9.1735 10.3425 10.3070 10.0642 9.5376 9.3474 9.4610 9.3400 20 Switzerland/franc 1.5045 1.6904 1.6891 1.6542 1.5889 1.5399 1.4718 1.4972 1.4931 21 Taiwan/dollar 32.322 31.260 33.824 34.917 34.454 33.889 33.272 33.884 34.573 21 Thailand/baht 37.887 40.210 44.532 43.442 42.817 42.160 41.257 42.193 42.893 23 United Kingdom/pound2 161.72 151.56 143.96 144.29 145.98 148.37 155.65 153.68 155.63 24 Venezuela/bolivar 606.82 680.52 724.10 871.38 985.80 1,212.07 1,317.38 1,379.73 1,458.39 Indexes4 NOMINAL 25 Broad (January 1997=100)* 116.87 119.67 126.09 128.95 127.35 125.96 124.20 125.64 126.67 26 Major currencies (March 1973=100)6 94.07 98.32 104.32 107.03 104.09 101.42 98.97 100.35 100.68 27 Other important trading partners (January 1997=100)7 129.94 130.33 136.34 138.86 139.71 140.70 140.47 141.69 143.71 REAL 28 Broad (March 1973=100)5 100.78 104.32 110.42 112.70 111.16r 109.90r 108.37' 109.73' 111.04 29 Major currencies (March 1973=100)6 97.06 103.17 110.73 113.96 110.63 107.80 105.27r 106.81' 107.95 30 Other important trading partners (March 1973=100)7 114.26 114.53 119.21 120.45 121.09r 121.84' 121.55' 122.78' 124.43 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 September 30, 2001 February 2002 A64 December 31,2001 May 2002 A64 March 31, 2002 August 2002 A58 June 30, 2002 November 2002 A58 Terms of lending at commercial banks November 2001 February 2002 A66 February 2002 May 2002 A66 May 2002 August 2002 A60 August 2002 November 2002 A60 Assets and liabilities of U.S. branches and agencies of foreign banks September 30,2001 March 2002 A65 December 31,2001 May 2002 A72 March 31, 2002 August 2002 A66 June 30, 2002 November 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

A5 8 Special Tables • November 2002 4.20 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities Consolidated Report of Condition, June 30, 2002 Millions of dollars except as noted Banks with Banks with foreign offices1 domestic Domestic offices only2 IItteemm TToottaall Total Domestic Total 1 Total assets 6,633,576 5,860,144 4,414,107 3,640,675 2,219,469 2 Cash and balances due from depository institutions 358,474 263,505 258,801 163,832 99,673 3 Cash items in process of collection, unposted debits, and currency and coin n.a. n.a. 118,003 115,517 n.a. 4 Cash items in process of collection and unposted debits n.a. n.a. n.a. 95,161 n.a. 5 Currency and coin n.a. n.a. n.a. 20,356 n.a. 6 Balances due from depository institutions in the United States n.a. n.a. 27,400 24,105 n.a. 7 Balances due from banks in foreign countries and foreign central banks n.a. n.a. 101,931 12,811 n.a. 8 Balances due from Federal Reserve Banks n.a. n.a. 11,467 11,399 n.a. 9 Total securities, held-to-maturity (amortized cost) and available-for-sale (fair value) 1,212,007 n.a. 684,460 n.a. 527,547 10 U.S. Treasury securities 51,142 n.a. 29,963 n.a. 21,179 11 U.S. government agency and corporation obligations (excludes mortgage-backed 119977,,552255 n.a. 7722,,660055 n.a. 112244,,992200 12 Issued by U.S. government agencies 7.509 n.a. 4,194 n.a. 3,316 13 Issued by U.S. government-sponsored agencies 190,015 n.a. 68,411 n.a. 121,604 14 Securities issued by states and political subdivisions in the United States 97,845 n.a. 33,249 n.a. 64,596 15 Mortgage-backed securities (MBS) 651,095 n.a. 421,285 n.a. 229,810 16 Pass-through securities 433,100 n.a. 304,331 n.a. 128,769 17 Guaranteed by GNMA 101,110 n.a. 65,852 n.a. 35,258 18 Issued by FNMA and FHLMC 321,191 n.a. 229,112 n.a. 92,079 19 Other pass-through securities 10.799 n.a. 9,367 n.a. 1.432 20 Other mortgage-backed securities (includes CMOs. REMICs, and stripped MBS) 217,995 n.a. 116,954 n.a. 101,041 21 Issued or guaranteed by FNMA, FHLMC or GNMA 149,403 n.a. 80,353 n.a. 69,050 22 Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA 10,904 n.a. 9,225 n.a. 1,680 2.3 All other mortgage-backed securities 57,688 n.a. 27,377 n.a. 30,311 74 Asset-backed securities 96,823 n.a. 44,823 n.a. 52,000 25 Credit card receivables 34,705 n.a. 13,504 n.a. 21,201 26 Home equity lines 28,834 n.a. 16,907 n.a. 11,927 27 Automobile loans 13,417 n.a. 4,794 n.a. 8,623 28 Other consumer loans 1,327 n.a. 832 n.a. 496 29 Commercial and industrial loans 7,047 n.a. 3,579 n.a. 3,468 30 11,493 n.a. 5,207 n.a. 6,285 31 Other debt securities 97,292 n.a. 69,962 n.a. 27,330 32 Other domestic debt securities 35,612 n.a. 12,867 n.a. 22,745 33 Foreign debt securities 61,680 n.a. 57,096 n.a. 4,585 34 Investments in mutual funds and other equity securities with readily determinable fair value 20,285 n.a. 12,572 n.a. 7,713 35 Federal funds sold and securities purchased under agreements to resell 320,202 261,370 233,994 175,162 86,208 36 Federal funds sold in domestic offices 152,710 152,710 83,176 83,176 69,534 37 Securities purchased under agreements to resell 167,492 108,659 150,818 91,986 16,674 38 Total loans and leases (gross) and lease-financing receivables (net) 3,897,741 3,601,249 2,501,085 2,204,593 1,396,656 39 LESS: Unearned income on loans 3,795 2,732 2,687 1,624 1,108 40 LESS: Loans and leases held for sale 141,251 n.a. 110,157 n.a. 31,094 41 Total loans and leases (net of unearned income) 3,752,695 n.a. 2,388,241 n.a. 1,364,454 42 LESS: Allowance for loan and lease losses 72,121 n.a. 49,043 n.a. 23,078 43 Loans and leases, net of unearned income and allowance 3,680,574 n.a. 2,339,198 n.a. 1,341,376 Total loans and leases, gross, by category 44 Loans secured by real estate 1,869,890 1,837,039 1,035,819 1,002,968 883344,,007711 45 Construction and land development n.a. 196,544 n.a. 98,206 98,338 46 n.a. 36,960 n.a. 6,841 30,119 47 One- to four-family residential properties n.a. 1,005,482 n.a. 624,970 380,511 48 Revolving, open-end loans, extended under lines of credit n.a. 188,290 n.a. 131,585 56,704 Closed-end loans secured by one- to four-family residential properties 49 Secured by first liens n.a. 715,615 n.a. 432,703 228822,,991122 50 Secured by junior liens n.a. 101,577 n.a. 60,682 40,894 51 Multifamily (five or more) residential properties n.a. 69,248 n.a. 35,483 33,765 52 Nonfarm nonresidential properties n.a. 528,805 n.a. 237.468 291,337 53 Loans to depository institutions and acceptances of other banks 123,690 98,959 114,676 89,944 9,014 54 Commercial banks in the United States n.a. n.a. 79,796 70,319 n.a. 55 Other depository institutions in the United States n.a. n.a. 10,199 10,189 n.a. 56 Banks in foreign countries n.a. n.a. 24,681 9,436 n.a. 57 Loans to finance agricultural production and other loans to farmers 47,339 46,761 11.045 10,468 36,293 58 Commercial and industrial loans 930,723 788,317 687,827 545,421 242,896 59 U.S. addressees (domicile) n.a. n.a. 551,742 535,975 n.a. 60 Non-U.S. addressees (domicile) n.a. n.a. 136,085 9,446 n.a. 61 Loans to individuals for household, family, and other personal expenditures (includes purchased paper) 615,715 557,304 372.997 314,587 224422,,771177 67 Credit cards 208,274 190,599 129,961 112,286 78,313 63 36,615 25,240 30,180 18,806 6,435 64 Other consumer loans (including single-payment, installment, and all student loans) 370,826 341,465 212,856 183,495 157,970 65 Obligations (other than securities) of states and political subdivisions in the United States (includes nonrated industrial development obligations) 21,732 2211,,772288 1133,,441122 1133,,440088 88,,332200 66 All other loans 124.619 94,672 114,241 84,294 10,378 67 Loans to foreign governments and official institutions 5,971 2,378 5,959 2,365 13 68 118,648 92,294 108,282 81,929 10,365 69 Loans for purchasing and carrying securities n.a. n.a. n.a. 17,750 n.a. 70 All other loans (excludes consumer loans) n.a. n.a. n.a. 64,179 n.a. 71 Lease-financing receivables 164,033 156,468 151,066 143,502 12,967 72 380,341 n.a. 374,038 n.a. 6,303 73 Premises and fixed assets (including capitalized leases) 77,129 n.a. 45,429 n.a. 31,700 74 Other real estate owned 4,086 n.a. 1,746 n.a. 2,340 75 Investments in unconsolidated subsidiaries and associated companies 8,413 n.a. 7,719 n.a. 693 76 Customers' liability on acceptances outstanding 5,797 n.a. 5,559 n.a. 238 77 Net due from own foreign offices. Edge Act and agreement subsidiaries, and IBFs n.a. n.a. n.a. 36,862 n.a. 78 Intangible assets 126,149 n.a. 102,692 n.a. 23,456 79 Goodwill 81,380 n.a. 64,847 n.a. 16,533 80 Other intangible assets 44,769 n.a. 37,845 n.a. 6.924 81 All other assets 319,152 n.a. 250,311 n.a. 68,841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A59 4.20 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued Consolidated Report of Condition, June 30, 2002 Millions of dollars except as noted Banks with Banks with foreign offices1 domestic DDoommeessttiicc offices only2 IItteemm TToottaall ttoottaall Total Domestic Total 82 Total liabilities, minority interest, and equity capital 6,633,570 n.a. 4,414,107 n.a. 2,219,464 83 Total liabilities 6,013,681 5,240,233 4,013,290 3,239,842 2,000,391 84 Total deposits 4,409,603 3,768,957 2,769,493 2,128,847 1,640,110 85 Individuals, partnerships, and corporations (include all certified and official checks) 3,984,801 3,515,437 2,464,674 1,995,310 1,520,127 86 U.S. government n.a. 15,460 n.a. 14,714 746 87 States and political subdivisions in the United States n.a. 182,392 n.a. 81,476 100,916 88 Commercial banks and other depository institutions in the United States 99,721 46,571 81,814 28,664 17,907 89 Banks in foreign countries 98,889 8,084 98,543 7,737 347 90 Foreign governments and official institutions (including foreign central banks) 27,791 1,013 27,724 946 67 91 Total transaction accounts n.a. 644,766 n.a. 340,015 304,751 92 Individuals, partnerships, and corporations (include all certified and official checks) n.a. 545,980 n.a. 279,020 266,960 93 U.S. government n.a. 5,608 n.a. 5,145 463 94 States and political subdivisions in the United States n.a. 55,234 n.a. 25,803 29,431 95 Commercial banks and other depository institutions in the United States n.a. 30,796 n.a. 23,096 7,700 96 Banks in foreign countries n.a. 6,646 n.a. 6,463 184 97 Foreign governments and official institutions (including foreign central banks) n.a. 501 n.a. 488 14 98 Total demand deposits n.a. 491,281 n.a. 298,904 192,376 99 Total nontransaction accounts n.a. 3,124,191 n.a. 1,788,832 1,335,359 100 Individuals, partnerships, and corporations (include all certified and official checks) n.a. 2,969,457 n.a. 1,716,291 1,253,167 101 U.S. government n.a. 9,851 n.a. 9,568 283 102 States and political subdivisions in the United States n.a. 127,159 n.a. 55,673 71,486 103 Commercial banks and other depository institutions in the United States n.a. 15,775 n.a. 5,567 10.208 104 Banks in foreign countries n.a. 1,437 n.a. 1,274 163 105 Foreign governments and official institutions (including foreign central banks) n.a. 511 n.a. 458 53 106 Federal funds purchased and securities sold under agreements to repurchase 507,389 455,107 399,587 347,306 107.802 107 Federal funds purchased in domestic offices 200,416 200,416 145,904 145,904 54,513 108 Securities sold under agreements to repurchase 306,973 254,691 253,684 201,402 53,289 109 Trading liabilities 224,056 n.a. 223,378 n.a. 679 110 Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) 545,580 507,585 341,742 303,747 203,838 111 Banks' liability on acceptances executed and outstanding 5,810 3,992 5,571 3,754 238 112 Subordinated notes and debentures to deposits 93,084 n.a. 84,422 n.a. 8,662 113 Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs n.a. n.a. n.a. 109,181 n.a. 114 All other liabilities 228,159 n.a. 189,098 n.a. 39,061 115 Minority interest in consolidated subsidiaries 11,112 n.a. 9,808 n.a. 1,304 116 Total equity capital 608,777 n.a. 391,008 n.a. 217,769 MEMO 117 Trading assets at large banks2 380,287 192,863 374,010 186,585 6,277 118 U.S. Treasury securities (domestic offices) n.a. 26,430 n.a. 26,338 92 119 U.S. government agency obligations (excluding MBS) n.a. 14,405 n.a. 13,982 423 120 Securities issued by states and political subdivisions in the United States n.a. 1,585 n.a. 1,300 285 121 Mortgage-backed securities n.a. 8,999 n.a. 6,108 2,891 122 Other debt securities n.a. 32,161 n.a. 31,534 627 123 Other trading assets n.a. 23,458 n.a. 21,875 1,583 124 Trading assets in foreign offices 112,750 0 112,750 0 0 125 Revaluation gains on interest rate, foreign exchange rate, and other commodity and equity contracts 160,499 85,824 160,122 85,447 377 126 Total individual retirement (IRA) and Keogh plan accounts n.a. 165,040 n.a. 75,965 89,075 127 Total brokered deposits n.a. 226,376 n.a. 97,366 129,010 128 Fully insured brokered deposits n.a. 161,076 n.a. 64,288 96,788 129 Issued in denominations of less than $ 100,000 n.a. 86,124 n.a. 28,925 57,199 130 Issued in denominations of $100,000, or in denominations greater than $100,000 and participated out by the broker in shares of $100,000 or less n.a. 74,952 n.a. 35,363 39,589 131 Money market deposit accounts (MMDAs) n.a. 1,330,762 n.a. 867,924 462,838 132 Other savings deposits (excluding MMDAs) n.a. 529,182 n.a. 313,079 216,103 133 Total time deposits of less than $100,000 n.a. 719,536 n.a. 311,919 407,617 134 Total time deposits of $ 100,000 or more n.a. 544,698 n.a. 295,910 248,788 135 Number of banks 7,944 7,944 131 n.a. 7,813 NOTE. The notation "n.a." indicates the lesser detail available from banks that do not have Foreign offices include branches in foreign countries, Puerto Rico, and US.-affiliated foreign offices, the inapplicability of certain items to banks that have only domestic offices, or insular areas; subsidiaries in foreign countries; all offices of Edge Act and agreement the absence of detail on a fully consolidated basis for banks that have foreign offices. corporations wherever located; and international banking facility (IBF). 1. All transactions between domestic and foreign offices of a bank are reported in "net due 2. Components of "Trading Assets at Large Banks" are reported only by banks that from" and "net due to" lines. All other lines represent transactions with parties other than the reported trading assets of $2 million or more any quarter of the preceding calendar year. domestic and foreign offices of each bank. Because these intra-office transactions are nullified by consolidation, total assets and total liabilities for the entire bank may not equal the sum of assets and liabilities, respectively, of the domestic and foreign offices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A5 8 Special Tables • November 2002 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 5-9, 2002 A. Commercial and industrial loans made by all commercial banks' Weighted- Weighted- Amount of loans (percent) e a f v f e e r c a ti g v e e Am lo o a u n n s t of Aver s a i g z e e loan m av at e u r r a i g ty e 3 ( l p o e a r n c e r n a t t ) e - o ( f m d il o l l i l o a n r s s ) (tho d u o s ll a a n r d s) s of Days S c e o c l u la re te d r a b l y p S re u p p e b a n je y a c m lt t y e t n o t c M om ad m e i u tm nd e e n r t LOAN RISK5 1 All commercial and industrial loans 3.64 65,929 439 414 38.0 11.0 29.9 75.1 2 Minimal risk 3.20 4.438 652 221 24.9 10.6 10.4 96.2 3 Low risk 2.81 10,093 810 409 18.5 8.3 45.8 67.6 4 Moderate risk 3.73 22,678 438 617 50.3 16.8 23.7 84.9 5 Other 4.01 20,471 393 275 41.0 6.6 29.0 75.0 By maturity/repricing interval6 6 Zero interval 4.35 12,071 236 665 52.4 18.6 10.5 73.7 7 Minimal risk 2.85 500 443 319 51.6 70.5 20.7 75.7 8 Low risk 2.85 2,913 661 419 14.1 12.3 13.6 37.8 9 Moderate risk 4.74 4,637 216 1018 65.0 21.2 7.8 90.5 10 Other 5.35 3,202 153 519 61.5 15.2 12.5 88.3 11 Daily 3.43 22,835 467 251 30.8 12.1 35.2 63.5 12 Minimal risk 3.69 916 487 201 15.6 11.2 26.2 99.2 13 Low risk 2.56 3,348 2.145 262 7.9 1.9 72.2 72.7 14 Moderate risk 3.64 5,943 456 479 41.7 30.4 26.7 70.3 15 Other 3.50 8,440 465 110 37.0 5.3 20.2 58.9 16 2 to 30 days 3.13 11,013 688 250 25.0 10.6 25.7 83.3 17 Minimal risk 2.58 2,287 1.521 29 7.4 .0 .7 99.9 18 Low risk 2.72 1.233 734 433 37.5 18.1 31.1 90.6 19 Moderate risk 3.14 2,980 759 371 28.6 18.0 25.5 85.6 20 Other 3.68 3.099 482 193 33.2 5.1 38.9 77.5 21 31 to 365 days 3.54 17,628 801 410 41.7 3.9 40.8 86.2 22 Minimal risk 3.74 499 287 124 61.4 2.9 20.3 93.8 23 Low risk 2.99 2,283 647 415 20.0 6.1 58.0 88.9 24 Moderate risk 3.34 8,130 976 498 54.0 3.5 30.0 91.7 25 Other 4.09 5,244 1,247 346 37.3 2.2 49.5 91.4 26 More than 365 days 5.38 2.100 210 65.1 9.0 17.6 68.8 27 Minimal risk . . . 6.94 234 439 96.5 .3 .0 97.8 28 Low risk 4.62 276 227 83.3 15.1 34.2 36.2 28 Moderate risk . . 4.56 834 212 66.8 5.7 27.8 85.1 30 Other 5.45 423 236 62.3 22.9 9.0 71.4 Weighted- Weighted- average average risk maturity/ rating5 repricing interval Days SIZE OF LOAN (thousands of dollars) 3 3 1 2 1 1 0 -9 0 9 -9 99 5 5 . . 7 0 9 0 2 9 , , 6 2 4 3 7 0 3 3 . . 4 4 1 11 1 9 0 8 71 2 . . 1 0 2 20 6 . . 8 2 6 2 . .9 1 8 8 7 3 . . 9 4 33 1,000-9,999 3.63 21,713 3.0 31.1 10.5 30.4 80.9 34 10,000 or more 3.08 32,339 3.2 29.7 7.3 38.5 66.9 BASE RATE OF LOAN4 35 Prime7 5.16 15,814 3.3 70.5 20.3 1.4 36 Fed funds 2.54 11.456 3.3 9.0 5.9 32.8 57.5 37 Other domestic 3.00 7,201 2.9 22 9.1 27.1 63.7 40.8 38 Foreign 3.25 22,461 3.2 64 37.7 4.4 46.6 86.3 39 Other 3.85 8,996 2.7 256 41.9 4.7 7.4 72.7 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A61 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 5-9, 2002—Continued B. Commercial and industrial loans made by all domestic banks1 W a e v i e g r h a t g e e d - Am lo o a u n n s t of Aver s a i g z e e loan W m a e v a i t e g u r h r a i t g t e y e d 3 - Amount of loans (percent) co M m o m s o t n ( e l p o f e a f r e n c c e t r n i a v t t ) e e 2 o ( f m d il o l l i l o a n r s s ) (tho d u o s ll a a n r d s) s of S c e o c l u la re te d r a b l y p S re p u p e b a n je y a c m lt t y e t n o t c M om ad m e it u m nd e e n r t base r a p te ri 4 c ing Days LOAN RISK5 1 All commercial and industrial loans 44,238 305 596 48.0 15.6 15.0 82.2 2 Minimal risk 4,004 593 243 26.3 11.8 3.6 95.8 3 Low risk 7,492 635 508 23.4 11.1 35.9 64.3 4 Moderate risk 18,182 359 752 55.5 19.4 11.4 84.6 5 Other 9.970 201 525 65.0 12.5 15.5 86.1 By maturity/repricing inter\'alb 6 Zero interval 10,839 216 684 51.8 20.0 11.4 75.2 7 Minimal risk 500 444 319 51.6 70.6 20.7 75.7 8 Low risk 2,595 607 338 12.4 13.8 15.2 30.2 9 Moderate risk 4,520 212 1,011 65.9 21.5 7.9 90.5 10 Other 2,847 139 535 64.0 14.9 13.4 89.0 11 Daily 12,658 265 473 46.0 21.9 17.6 81.6 12 Minimal risk 675 360 280 21.2 15.1 99.0 13 Low risk 2,030 1,474 436 13.0 3.1 58.1 84.2 14 Moderate risk 5,032 392 572 49.3 35.9 18.5 71.5 15 Other 2,835 161 355 67.5 15.8 3.7 82.7 16 2 to 30 days 7,272 489 368 29.8 12.0 9.0 92.5 17 Minimal risk 2,191 1,481 29 7.7 .0 .7 99.9 18 Low risk 1,122 699 477 41.1 19.9 27.0 89.7 19 Moderate risk 1,853 511 545 31.4 14.9 9.2 91.9 20 Other 1,136 196 513 62.8 11.0 9.7 21 31 to 365 days 11,096 551 585 54.2 6.2 19.3 85.2 22 Minimal risk 401 234 134 63.5 3.6 6.3 92.3 23 Low risk 1,437 438 625 31.0 9.6 49.8 82.5 24 Moderate risk 5,787 741 676 58.4 4.9 6.6 88.7 25 Other 2,666 819 495 64.0 4.3 34.4 87.7 Months 26 More than 365 days 5.38 2,100 210 65.1 9.0 17.6 68.8 27 Minimal risk 6.94 234 439 96.5 .3 .0 97.8 28 Low risk 4.62 276 227 83.3 15.1 34.2 36.2 28 Moderate risk . . . 4.56 834 212 66.8 5.7 27.8 85.1 30 Other 5.45 423 236 62.3 22.9 9.0 71.4 Weighted- Weighted- average average risk maturity/ rating5 repricing interval® Days SIZE OF LOAN (thousands of dollars) 31 1-99 5.81 2,609 3.4 111 82.7 26.5 2.6 83.4 32 100-999 5.09 8,486 3.4 127 74.8 22.0 2.9 87.8 33 1,000-9,999 3.86 14,854 2.8 121 40.0 13.8 16.8 90.1 34 10,000 or more 3.17 57 37.0 12.5 20.9 73.1 Average size (thousands of dollars) BASE RATE OF LOAN4 35 Prime7 5.16 14,907 3.3 41 71.6 19.1 1.2 89.2 36 Fed funds 2.31 3,973 2.5 10 16.1 17.0 15.1 40.6 37 Other domestic 2.93 4,358 2.9 30 14.6 44.8 40.1 67.4 38 Foreign 3.32 13,856 3.1 81 49.0 7.2 25.5 88.3 39 Other 4.05 7,145 2.1 321 34.7 5.9 8.1 87.9 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A5 8 Special Tables • November 2002 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 5-9, 2002—Continued C. Commercial and industrial loans made by large domestic banks' Weighted- Weighted- Amount of loans (percent) average IItteemm loans size maturity' common loan rate (millions (thousands of Secured by SSuubbjjeecctt ttoo Made under base pricing (percent)2 Days collateral penalty commitment LOAN RISK5 1 All commercial and industrial loans 3.71 37.454 489 543 44.1 13.8 17.0 82.4 Foreign 2 Minimal risk 3.31 2,325 1.570 140 24.8 8.6 5.2 95.0 Other 3 Low risk 2.46 6,607 2,504 331 14.7 10.3 38.9 64.9 Foreign 4 Moderate risk 3.66 15,998 652 714 52.0 16.8 12.6 85.0 Foreign 5 Other 4.75 8,536 271 477 60.7 10.2 17.4 87.8 Prime By maturity/repricing interval6 6 Zero interval 4.08 8,039 420 598 43.6 12.4 13.1 73.9 Prime 7 Minimal risk 1.47 227 749 311 51.1 48.9 42.6 51.5 Fed funds 8 Low risk 2.39 2,287 4,686 81 2.1 12.9 13.7 26.9 Fed funds 9 Moderate risk 4.60 3,301 366 1,004 63.1 12.7 9.5 93.8 Prime 10 Other 5.27 2,057 229 475 55.3 7.8 16.0 94.5 Prime 11 Daily 3.85 11,731 279 445 43.1 22.1 19.0 80.5 Prime 12 Minimal risk 4.48 527 729 332 18.4 14.6 * 98.9 Other 13 Low risk 2.46 1,881 2,157 275 6.4 3.3 62.7 83.1 Fed funds 14 Moderate risk 3.65 4,646 413 577 45.7 36.4 20.0 69.3 Domestic 15 Other 4.86 2,647 168 353 65.6 16.1 3.9 82.2 Prime 16 2 to 30 days 3.16 5,691 647 399 29.8 14.2 10.9 91.9 Foreign 17 Minimal risk 2.97 1,223 5,655 40 12.8 .0 1.3 100.0 Other 18 Low risk 2.43 1,025 1,304 422 37.1 18.7 26.7 91.7 Foreign 19 Moderate risk 3.09 1,766 813 525 29.5 14.6 9.6 92.4 Foreign 20 Other 4.51 872 219 523 52.2 13.1 12.5 85.6 Foreign 21 31 to 365 days 3.49 10,432 3,006 576 52.3 5.5 20.3 86.5 Foreign 22 Minimal risk 3.88 336 1,622 119 60.6 3.2 2.5 99.9 Other 23 Low risk 2.65 1,227 3,159 585 22.6 10.3 58.1 87.4 Foreign 24 Moderate risk 3.32 5,584 5,108 661 57.3 4.2 6.9 89.1 Foreign 25 Other 4.29 2,582 1,871 492 63.2 3.8 35.3 88.6 Foreign Months 26 More than 365 days 4.32 1,366 749 43 47.3 3.2 26.0 76.3 Other 27 Minimal risk * * * * * * * * * 28 Low risk 2.53 156 2.486 55 71.2 * 58.3 42.4 Foreign 28 Moderate risk 3.49 622 940 39 56.7 1.9 36.4 96.5 Other 30 Other 4.99 316 451 38 50.2 10.2 10.2 88.7 Other Weighted- Weighted- average average risk maturity/ rating5 repricing interval' Days SIZE OF LOAN (thousands of dollars) 31 1-99 5.21 1,435 3.6 36 79.8 26.9 1.2 90.8 Prime 32 100-999 4.80 5,880 3.5 50 68.6 17.6 2.4 93.6 Prime 33 1,000-9,999 3.81 12,115 3.0 97 38.3 13.8 20.0 90.2 Foreign 34 10,000 or more 3.17 18,023 2.8 58 37.1 11.4 21.0 72.9 Foreign Average size (thousands of dollars) BASE RATE OF LOAN4 35 Prime7 5.00 10,982 3.4 23 65.9 14.6 .2 92.4 179 36 Fed funds 2.30 3,934 2.5 9 15.9 17.0 15.3 40.0 6,962 37 Other domestic 2.82 4,241 2.9 21 12.3 44.8 40.8 66.6 4,280 38 Foreign 3.32 13,290 3.1 84 50.1 5.8 26.1 88.4 2,054 39 Other 3.80 5,007 2.4 212 29.3 4.3 10.8 91.4 683 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A63 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 5-9, 2002—Continued D. Commercial and industrial loans made by small domestic banks' Weighted- Amount of Average loan W a e v i e g r h a t g e e d - Amount of loans (percent) average loans size maturity3 ( e l p o f e a f r e n c c e t r n i a v t te ) e 2 o ( f m d il o l l i l o a n r s s ) (tho d u o s ll a a n r d s s ) of Days S c e o c l u la re te d r a b l y p S re u p p b e a n je y a c m l t t y e t o n t c M om ad m e i u tm nd e e n r t LOAN RISK5 1 All commercial and industrial loans 5.10 6,784 99 891 69.3 25.7 3.8 81.0 2 Minimal risk 3.29 1,679 319 382 28.4 16.2 1.4 97.0 3 Low risk 5.94 97 1,792 16.9 13.3 59.7 4 Moderate risk 5.66 2,184 1,062 81.2 38.7 2.4 81.6 5 Other 5.65 1,434 801 90.6 26.3 4.5 76.3 By inaturity/repricing interval6 6 Zero interval 5.25 2,801 90 937 75.2 41.8 6.7 79.0 7 Minimal risk 3.99 274 332 326 52.0 88.5 2.5 95.7 8 Low risk 5.30 308 81 2,246 88.7 20.7 26.7 54.8 9 Moderate risk 5.20 1,219 99 1,033 73.4 45.4 3.7 81.4 10 Other 5.70 791 69 679 86.7 33.5 6.6 74.7 11 Daily 5.09 927 161 786 83.1 19.2 95.1 12 Minimal risk 3.74 148 129 120 31.0 17.1 99.3 13 Low risk 5.37 150 296 2,397 96.0 .5 98.1 14 Moderate risk 5.32 386 245 509 92.2 30.1 97.9 15 Other 5.29 103 385 94.4 10.8 .7 89.3 16 2 to 30 days 3.13 1,581 260 263 29.7 4.0 2.1 95.0 17 Minimal risk 2.08 968 766 16 1.3 .0 .0 99.8 18 Low risk 6.25 97 119 1,042 83.5 32.4 31.0 68.0 19 Moderate risk 4.53 86 60 952 68.9 21.5 .5 81.8 20 Other 5.11 264 146 483 97.7 3.7 .2 99.7 21 31 to 365 days 6.63 663 40 735 84.4 16.0 3.5 63.9 22 Minimal risk 4.26 64 43 214 78.7 5.8 25.9 52.1 23 Low risk 6.35 210 73 855 80.3 5.7 .8 53.8 24 Moderate risk 7.57 203 30 1,077 89.9 21.9 .1 76.3 25 Other 6.22 45 589 87.8 19.4 5.1 61.3 26 More than 365 days 7.34 734 90 77 98.2 19.7 54.7 27 Minimal risk 7.04 225 434 74 100.0 .3 97.7 28 Low risk 7.34 120 104 74 99.1 34.6 2.9 28.3 28 Moderate risk .. 7.70 212 65 74 96.3 16.9 2.6 51.6 30 Other 6.82 107 106 97.9 60.4 5.4 20.5 Weighted- Weighted- average average risk maturity/ rating5 repricing interval" Days SIZE OF LOAN (thousands of dollars) 31 1-99 6.55 1,174 3.1 203 86.2 26.0 4.4 74.3 32 100-999 5.73 2,605 3.2 304 88.8 32.0 3.9 74.7 33 1,000-9,999 4.05 2,739 1.9 228 47.3 13.6 2.5 89.5 34 10,000 or more BASE RATE OF LOAN4 35 Prime7 5.60 3,924 3.1 91 87.6 31.8 3.8 80.3 36 Fed funds 3.32 39 2.9 89 29.3 25.5 .1 99.3 37 Other domestic 6.95 117 2.5 346 98.9 44.1 12.6 97.4 38 Foreign 3.11 566 2.4 24 23.0 40.0 10.1 39 Other 4.63 2,138 1.7 574 47.3 9.7 1.8 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A5 8 Special Tables • November 2002 4.23 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 5-9, 2002—Continued E. Commercial and industrial loans made by U.S. branches and agencies of foreign banks' Weighted- Weighted- Amount of loans (percent) e a f v f e e r c a ti g v e e Am lo o a u n n s t of Aver s a i g z e e loan m av at e u r r a i g ty e 3 loan rate (millions (thousands of Secured by Subject to Made under (percent)2 of dollars) dollars) collateral prepayment commitment Days penalty LOAN RISK5 1 All commercial and industrial loans 3.06 21,691 4,314 64 17.8 60.3 60.5 2 Minimal risk 2.30 435 7,532 24 11.9 72.9 100.0 3 Low risk 2.64 2,601 3,940 143 4.2 .0 74.2 77.1 4 Moderate risk 3.04 4,496 3,736 67 29.3 6.1 73.7 85.9 5 Other 3.19 10,501 4,119 62 18.3 .9 41.8 64.5 By maturity/repricing interval6 6 Zero interval 1,232 1,*5 25 2.3 7 Minimal risk 8 Low risk 3.78 318 2,363 1,025 28.4 .2 .7 99.8 9 Moderate risk 3.95 117 1,277 31.4 9.3 4.8 90.7 10 Other 5.03 355 386 41.3 17.7 5.6 83.2 11 Daily 2.78 10,177 8,468 12 Minimal risk 13 Low risk 2.38 1,318 7,213 94.0 54.9 14 Moderate risk 2.87 910 4,271 72.4 63.9 15 Other 2.80 5,606 10,169 21.6 28.5 46.8 16 2 to 30 days 15.7 17 Minimal risk * 18 Low risk 2.37 111 1,471 .7 72.4 99.4 19 Moderate risk 3.10 1,127 3,721 24.0 23.3 52.4 75.3 20 Other 3.13 1,963 3,085 16.1 1.7 55.9 71.0 21 31 to 365 days 6,532 22 Minimal risk 23 Low risk 2.65 3,407 1.3 72.0 99.9 24 Moderate risk 3.03 2,343 4,512 53 43.2 87.8 99.3 25 Other 3.81 2,578 2,717 194 9.7 65.1 95.2 26 More than 365 days 27 Minimal risk 28 Low risk 28 Moderate risk .. . 30 Other Weighted- Weighted- average average risk maturity/ rating5 repricing interval Days SIZE OF LOAN (thousands of dollars) 31 1-99 4.44 37 3.8 31.3 6.6 22.4 85.5 32 100-999 3.95 744 3.6 29.5 6.3 43.0 88.6 33 1,000-9,999 3.13 6,859 3.3 11.8 3.4 60.1 60.9 34 10,000 or more 2.97 14,050 3.8 20.1 61.3 58.8 BASE RATE OF LOAN4 35 Prime7 5.24 3.3 52.2 40.9 4.4 82.3 36 Fed funds 2.66 7,484 3.8 5.2 42.3 66.4 37 Other domestic 3.10 2,843 100.0 .0 38 Foreign 3.15 8,605 3.4 19.6 80.7 83.1 39 Other 3.11 1,851 4.5 69.7 4.5 13.9 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Markets A65 NOTES TO TABLE 4.23 NOTE. The Survey of Terms of Business Lending collects data on gross loan extensions 5. A complete description of these risk categories is available from the Banking Analysis made during the first full business week in the mid-month of each quarter. The authorized Section, Mail Stop 81, Board of Governors of the Federal Reserve System, Washington, DC panel size for the survey is 348 domestically chartered commercial banks and 50 U.S. 20551. The category "Moderate risk" includes the average loan, under average economic branches and agencies of foreign banks. The sample data are used to estimate the terms of conditions, at the typical lender. The category "Other" includes loans rated "acceptable" as loans extended during that week at all domestic commercial banks and all U.S. branches and well as special mention or classified loans. The weighted-average risk rating published for agencies of foreign banks. Note that the terms on loans extended during the survey week may loans in rows 31-39 are calculated by assigning a value of "1" to minimal risk loans; "2" to differ from those extended during other weeks of the quarter. The estimates reported here are low risk loans; "3" to moderate risk loans, "4" to acceptable risk loans; and "5" to special not intended to measure the average terms on all business loans in bank portfolios. mention and classified loans. These values are weighted by loan amount and exclude loans 1. As of March 31, 2001, assets of the large banks were at least $4 billion. Median total with no risk rating. Some of the loans in lines 1,6, 11, 16, 21, 26, and 31-39 are not rated for assets for all insured banks were roughly $80 million. Assets at all U.S. branches and agencies risk. averaged $2.7 billion. 6. The maturity/repricing interval measures the period from the date the loan is made until 2. Effective (compounded) annual interest rates are calculated from the stated rate and it first may reprice or it matures. For floating-rate loans that are subject to repricing at any other terms of the loans and weighted by loan amount. The standard error of the loan rate for time—such as many prime-based loans—the maturity/repricing interval is zero. For floatingall commercial and industrial loans in the current survey (line 1, column 1) is 0.10 percentage rate loans that have a scheduled repricing interval, the maturity/repricing interval measures point. The chances are about two out of three that the average rate shown would differ by less the number of days between the date the loan is made and the date on which it is next than this amount from the average rate that would be found by a complete survey of the scheduled to reprice. For loans having rates that remain fixed until the loan matures universe of all banks. (fixed-rate loans), the matuirty/repricing interval measures the number of days between the 3. Average maturities are weighted by loan amount and exclude loans with no stated date the loan is made and the date on which it matures. Loans that reprice daily mature or maturities. reprice on the business day after they are made. Owing to weekends and holidays, such loans 4. The most common base pricing rate is that used to price the largest dollar volume of may have maturity/repricing intervals in excess of one day; such loans are not included in the loans. Base pricing rates include the prime rate (sometimes referred to as a bank's "base" or "2 to 30 day" category. "reference" rate); the federal funds rate; domestic money market rates other than the prime 7. For the current survey, the average reported prime rate, weighted by the amount of loans rate and the federal funds rate; foreign money market rates; and other base rates not included priced relative to a prime base rate, was 4.79 percent for all banks, 4.75 percent for large in the foregoing classifications. domestic banks, 4.91 percent for small domestic banks, and 4.75 percent for U.S. branches and agencies of foreign banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A5 8 Special Tables • November 2002 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 20021 Millions of dollars except as noted All states2 New York California Illinois IItteemm in I c T B l o u F t d a s i l 3 n g o IB nl F y s 3 inc T I l B o u F t d a s i l n g I o B n F ly s inc T I l B o u F t d a s i l n g I o B n F ly s inc T I l B o u F t d a s i l n g I o B n F ly s 1 Total assets4 1,047,476 135,258 870,176 103,955 17,198 4,661 41,848 4,769 2 Claims on nonrelated parties 751,046 55,973 639,561 50,610 16,550 1,274 35,552 36 3 Cash and balances due from depository institutions 63,577 17,632 54,316 16,623 1,093 561 590 3 4 Cash items in process of collection and unposted debits 2,886 0 2,578 0 6 0 21 0 5 Currency and coin (U.S. and foreign) 12 n.a. 8 n.a. 1 n.a. 0 n.a. 6 Balances with depository institutions in United States 43,607 8,048 38,073 7,396 737 241 528 3 7 U.S. branches and agencies of other foreign banks (including their IBFs) 38,963 6,952 33,957 6,365 476 190 481 3 X Other depository institutions in United States (including their IBFs) 4,644 1,096 4,116 1,031 261 51 47 0 9 Balances with banks in foreign countries and with foreign central banks 16,194 9,584 12,938 9,226 321 320 31 0 10 Foreign branches of U.S. banks 227 147 178 99 48 48 0 0 11 Banks in home country and home-country central banks 5,473 2,141 2,713 2,131 10 10 6 0 12 All other banks in foreign countries and foreign central banks 10,494 7,297 10,047 6,997 263 262 25 0 13 Balances with Federal Reserve Banks 879 n.a. 719 n.a. 29 n.a. 11 n.a. 14 Total securities and loans 436,070 28,623 359,660 24,324 15,072 708 25,885 33 15 Total securities, book value 118,213 4,355 102,774 3,949 1,419 341 3,435 15 16 U.S. Treasury 12,675 n.a. 11,504 n.a. 60 n.a. 283 n.a. 17 Obligations of U.S. government agencies and corporations 24,702 n.a. 22,576 n.a. 31 n.a. 1,273 n.a. IS Other bonds, notes, debentures, and corporate stock (including state and local securities) 80,836 4,355 68,694 3,949 1,328 341 1,878 1155 19 Securities of foreign governmental units 8,666 2,781 8,274 2,647 159 8866 183 15 20 Mortgage-backed securities 24,755 27 21,825 27 219 00 0 0 21 Other asset-backed securities 16,469 20 10,659 20 0 0 0 0 22 All other 30,946 1,527 27,937 1,256 949 255 1,695 0 23 Federal funds sold and securities purchased under agreements to resell 99,220 8,926 97,118 8,914 83 0 1,027 0 24 Depository institutions in the United States 18,001 3,906 16,970 3,894 83 0 0 0 25 Other 81,219 5,020 80,147 5,020 0 0 1,027 0 26 Total loans, gross 318,185 24,287 257,143 20,390 13,686 368 22,458 18 71 LESS: Unearned income on loans 328 19 257 15 33 1 7 0 28 EQUALS: Loans, net 317,857 24,268 256,886 20,375 13,654 367 22,451 18 Total loans, gross, by category 29 Real estate loans 18,642 57 14,970 5577 22,,663322 00 6622 00 30 Loans to depository institutions and acceptances of other banks 76,170 11,113 63,236 8,689 1,832 252 4,973 18 31 Commercial banks in United States (including their IBFs) 4,838 1,631 4,035 1,348 427 94 7 0 32 U.S. branches and agencies of other foreign banks 3,023 1,581 2,247 1,299 422 94 0 0 33 Other commercial banks in United States 1,815 50 1,788 49 5 0 7 0 34 Other depository institutions in United States (including their IBFs) . . . 0 0 0 0 0 0 0 0 35 Banks in foreign countries 13,843 8,660 10,061 6,522 213 158 726 18 36 Foreign branches of U.S. banks 401 262 360 221 0 0 0 0 37 Other banks in foreign countries 13,442 8,398 9,701 6,301 212 158 726 18 38 Loans to other financial institutions 57,489 823 49,140 819 1,193 0 4,240 0 39 Commercial and industrial loans 199,479 11,511 157,710 10,154 8,619 93 16,452 0 40 U.S. addressees (domicile) 160,955 33 126,665 33 8,032 0 14.366 0 41 Non-U.S. addressees (domicile) 38,524 11,478 31,045 10,121 586 93 2,086 0 42 Loans to foreign governments and official institutions (including foreign central banks) 3,868 1,481 2,976 11,,338800 333 2222 119955 00 43 Loans for purchasing or carrying securities (secured and unsecured) .... 13,490 0 12,912 0 0 0 245 0 44 All other loans 6.018 125 5,138 110 271 0 214 0 45 Lease financing receivables (net of unearned income) 519 0 201 0 0 0 318 0 46 U.S. addressees (domicile) 465 0 201 0 0 0 264 0 47 Non-U.S. addressees (domicile) 54 0 0 0 0 0 54 0 48 Trading assets 122,418 200 102,326 200 86 0 6,627 0 49 All other assets 29,760 592 26,141 549 215 5 1,423 0 50 Customers' liabilities on acceptances outstanding 765 n.a. 449 n.a. 92 n.a. 197 n.a. 51 U.S. addressees (domicile) 331 n.a. 221 n.a. 89 n.a. 21 n.a. 52 Non-U.S. addressees (domicile) 434 n.a. 229 n.a. 4 n.a. 176 n.a. 53 Other assets including other claims on nonrelated parties 28,995 592 25,691 549 123 5 1,226 0 54 Net due from related depository institutions5 296,430 79,285 230,615 53,345 664488 3,387 6,296 4,733 55 Net due from head office and other related depository institutions5 296,430 n.a. 230,615 n.a. 664488 n.a. 6,296 n.a. 56 Net due from establishing entity, head office, and other related depository institutions5 n.a. 79,285 n.a. 5533,,334455 n.a. 33,,338877 n.a. 44,,773333 57 Total liabilities4 1,047,476 135,258 870,176 103,955 17,198 4,661 41,848 4,769 58 Liabilities to nonrelated parties 917,317 120,814 767,101 90,328 8,318 4,566 38,288 4,737 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. Branches and Agencies A67 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 2002'—Continued Millions of dollars except as noted All states2 New York California Illinois IItteemm ex I c T B l o u F t d a s i l 3 n g o IB nl F y s 3 exc T IB l o u F t d a s i l n g I o B n F ly s exc T IB l o u F t d a s i l n g I o B n F ly s exc T I l B o u F t d a s i l n g I o B n F ly s 59 Total deposits and credit balances 498,209 79,754 410,973 63,352 2,638 1,323 16,043 3,095 60 Individuals, partnerships, and corporations (including certified and official checks) 398,849 7,945 318,876 3,790 22,,116699 114411 1155,,449955 4 61 US. addressees (domicile) 382,494 20 308,409 2 645 0 15,412 0 62 Non-U.S. addressees (domicile) 16,356 7,925 10,467 3,788 1,524 141 83 4 63 Commercial banks in United States (including their IBFs) 62,365 6,946 57,109 5,996 430 14 547 640 64 U.S. branches and agencies of other foreign banks 17,644 6,240 17,065 5,440 0 14 0 640 65 Other commercial banks in United States 44,721 706 40,044 556 430 0 547 0 66 Banks in foreign countries 9,510 39,692 8,520 33,695 31 688 0 922 67 Foreign branches of U.S. banks 1,273 3,233 1,272 2,173 0 15 0 340 68 Other banks in foreign countries 8,237 36,459 7,247 31,522 31 673 0 582 69 Foreign governments and official institutions (including foreign central banks) 7,236 25,171 6,898 19,871 7 479 0 11,,552299 70 All other deposits and credit balances 20,248 0 19,569 0 1 0 0 0 71 Transaction accounts and credit balances (excluding IBFs) 9,190 n.a. 7,040 n.a. 333 n.a. 193 n.a. 72 Individuals, partnerships, and corporations (including certified and official checks) 8,000 n.a. 6,051 n.a. 229999 n.a. 119933 n.a. 73 U.S. addressees (domicile) 5,421 n.a. 4,724 n.a. 143 n.a. 174 n.a. 74 Non-U.S. addressees (domicile) 2,580 n.a. 1,327 n.a. 156 n.a. 19 n.a. 75 Commercial banks in United States (including their IBFs) 91 n.a. 89 n.a. 0 n.a. 0 n.a. 76 U.S. branches and agencies of other foreign banks 3 n.a. 2 n.a. 0 n.a. 0 n.a. 77 Other commercial banks in United States 89 n.a. 87 n.a. 0 n.a. 0 n.a. 78 Banks in foreign countries 685 n.a. 543 n.a. 31 n.a. 0 n.a. 79 Foreign branches of U.S. banks 0 n.a. 0 n.a. 0 n.a. 0 n.a. 80 Other banks in foreign countries 685 n.a. 543 n.a. 31 n.a. 0 n.a. 81 Foreign governments and official institutions (including foreign central banks) 265 n.a. 222222 n.a. 1 n.a. 00 n.a. 82 All other deposits and credit balances 148 n.a. 135 n.a. 1 n.a. 0 n.a. 83 Nontransaction accounts (including MMDAs, excluding IBFs) 489,019 n.a. 403,932 n.a. 2,305 n.a. 15,849 n.a. 84 Individuals, partnerships, and corporations (including certified and official checks) 390,849 n.a. 312,825 n.a. 1,870 n.a. 1155,,330022 n.a. 85 U.S. addressees (domicile) 377,073 n.a. 303,685 n.a. 502 n.a. 15,238 n.a. 86 Non-U.S. addressees (domicile) 13,776 n.a. 9,140 n.a. 1,368 n.a. 64 n.a. 87 Commercial banks in United States (including their IBFs) 62,274 n.a. 57,019 n.a. 430 n.a. 547 n.a. 88 U.S. branches and agencies of other foreign banks 17,641 n.a. 17,063 n.a. 0 n.a. 0 n.a. 89 Other commercial banks in United States 44,633 n.a. 39,957 n.a. 430 n.a. 547 n.a. 90 Banks in foreign countries 8,825 n.a. 7.977 n.a. 0 n.a. 0 n.a. 91 Foreign branches of U.S. banks 1,272 n.a. 1,272 n.a. 0 n.a. 0 n.a. 92 Other banks in foreign countries 7,553 n.a. 6,705 n.a. 0 n.a. 0 n.a. 93 Foreign governments and official institutions (including foreign central banks) 6,971 n.a. 6,677 n.a. 6 n.a. 00 n.a. 94 All other deposits and credit balances 20,100 n.a. 19,434 n.a. 0 n.a. 0 n.a. 95 IBF deposit liabilities n.a. 79,754 n.a. 63,352 n.a. 1,323 n.a. 3,095 96 Individuals, partnerships, and corporations (including certified and official checks) n.a. 7,945 n.a. 3,790 n.a. 141 n.a. 4 97 U.S. addressees (domicile) n.a. 20 n.a. 2 n.a. 0 n.a. 0 98 Non-U.S. addressees (domicile) n.a. 7,925 n.a. 3,788 n.a. 141 n.a. 4 99 Commercial banks in United States (including their IBFs) n.a. 6,946 n.a. 5,996 n.a. 14 n.a. 640 100 U.S. branches and agencies of other foreign banks n.a. 6,240 n.a. 5,440 n.a. 14 n.a. 640 101 Other commercial banks in United States n.a. 706 n.a. 556 n.a. 0 n.a. 0 107. Banks in foreign countries n.a. 39,692 n.a. 33,695 n.a. 688 n.a. 922 103 Foreign branches of U.S. banks n.a. 3,233 n.a. 2,173 n.a. 15 n.a. 340 104 Other banks in foreign countries n.a. 36,459 n.a. 31,522 n.a. 673 n.a. 582 105 Foreign governments and official institutions (including foreign central banks) n.a. 25,171 n.a. 19,871 n.a. 479 n.a. 1,529 106 All other deposits and credit balances n.a. 0 n.a. 0 n.a. 0 n.a. 0 Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A5 8 Special Tables • November 2002 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 20021—Continued Millions of dollars except as noted All states2 New York California Illinois IItteemm in I c T B l o u F t d a s i l 3 n g o IB nl F y s 3 inc T I l B o u t F d a s i l n g I o B n F ly s inc T I l B o u t F d a s i l n g I o B n F ly s inc T I l B o u t F d a s i l n g I o B n F ly s 107 Federal funds purchased and securities sold under agreements to repurchase 165.425 25,571 144,968 14,807 1,046 297 5,597 1,470 108 Depository institutions in the United States 23,112 4,546 15,204 1,511 751 228 2,157 452 109 Other 142,312 21,025 129,764 13,297 295 69 3,441 1,018 110 Other borrowed money 75.753 14,544 64,932 11,275 3,019 2,933 4,683 169 111 Owed to nonrelated commercial banks in United States (including their IBFs) 10,608 2.373 9,707 2,004 323 269 218 37 112 Owed to U.S. offices of nonrelated U.S. banks 6,083 400 5,933 386 45 15 47 0 113 Owed to U.S. branches and agencies of nonrelated foreign banks 4,525 1,972 3.775 1.619 278 254 172 37 114 Owed to nonrelated banks in foreign countries 12,435 10,220 9,969 7,887 2,128 2,098 140 132 115 Owed to foreign branches of nonrelated U.S. banks 930 816 737 671 175 145 0 0 116 Owed to foreign offices of nonrelated foreign banks 11,505 9,404 9.233 7,216 1,953 1,953 140 132 117 Owed to others 52,711 1,951 45,255 1,384 567 567 4,325 0 118 ALL other liabilities 98,176 946 82,877 894 293 13 8,870 4 119 Branch or agency liability on acceptances executed and outstanding 872 n.a. 470 n.a. 9922 n.a. 279 n.a. 120 Trading liabilities 70.048 24 58,809 23 78 0 7,201 2 121 Other liabilities to nonrelated parties 27,255 921 23,597 871 123 13 1,390 3 122 Net due to related depository institutions5 130.159 14,444 103,075 13,627 8,880 95 3,560 31 123 Net due to head office and other related depository institutions5 130,159 n.a. 103,075 n.a. 8,880 n.a. 3,560 n.a. 124 Net due to establishing entity, head office, and other related depository institutions5 n.a. 14,444 n.a. 13,627 n.a. 95 n.a. 31 MEMO 125 Holdings of own acceptances included in commercial and industrial loans 714 n.a. 485 n.a. 1 n.a. 139 n.a. 126 Commercial and industrial loans with remaining maturity of one vear or less (excluding those in nonaccrual status) 97,263 n.a. 69,575 n.a. 4,957 n.a. 11,348 n.a. 127 Predetermined interest rates 38.322 n.a. 22,292 n.a. 2,027 n.a. 7,714 n.a. 128 Floating interest rates 58.941 n.a. 47,283 n.a. 2,929 n.a. 3,635 n.a. 129 Commercial and industrial loans with remaining maturity of more than one year (excluding those in nonaccrual status) 95.518 n.a. 83,061 n.a. 3,420 n.a. 4,490 n.a. 130 Predetermined interest rates 17.665 n.a. 16,092 n.a. 352 n.a. 545 n.a. 131 Floating interest rates 77,853 n.a. 66,969 n.a. 3,068 n.a. 3,944 n.a. Footnotes appear at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. Branches and Agencies A69 4.30 ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, June 30, 2002'—Continued Millions of dollars except as noted All states2 New York California Illinois IItteemm ex I c T B l o u F t d a s i l 3 n g o IB nl F y s 3 exc T IB l o u F t d a s i l n g I o B n F ly s exc T IB l o u F t d a s i l n g I o B n F ly s exc T IB l o u F t d a s i l n g I o B n F ly s 111133332222 CCCCoooommmmppppoooonnnneeeennnnttttssss ooooffff ttttoooottttaaaallll nnnnoooonnnnttttrrrraaaannnnssssaaaaccccttttiiiioooonnnn aaaaccccccccoooouuuunnnnttttssss,,,, iiiinnnncccclllluuuuddddeeeedddd iiiinnnn ttttoooottttaaaallll ddddeeeeppppoooossssiiiittttssss aaaannnndddd ccccrrrreeeeddddiiiitttt bbbbaaaallllaaaannnncccceeeessss 505,198 n.a. 419,751 n.a. 2,071 n.a. 16,060 n.a. 111133333333 TTTTiiiimmmmeeee ddddeeeeppppoooossssiiiittttssss ooooffff $$$$111100000000,,,,000000000000 oooorrrr mmmmoooorrrreeee 481,409 n.a. 397,724 n.a. 2,056 n.a. 15,783 n.a. 111133334444 TTTTiiiimmmmeeee CCCCDDDDssss iiiinnnn ddddeeeennnnoooommmmiiiinnnnaaaattttiiiioooonnnnssss ooooffff $$$$ 111100000000,,,,000000000000 oooorrrr mmmmoooorrrreeee wwwwiiiitttthhhh rrrreeeemmmmaaaaiiiinnnniiiinnnngggg mmmmaaaattttuuuurrrriiiittttyyyy ooooffff mmmmoooorrrreeee tttthhhhaaaannnn 11112222 mmmmoooonnnntttthhhhssss 23,789 n.a. 22,027 n.a. 14 n.a. 277 n.a. All states2 New York California Illinois Total Total Total Total including IBFs including IBFs including IBFs including IBFs IBFs3 only3 IBFs only IBFs only IBFs only 111133335555 IIIImmmmmmmmeeeeddddiiiiaaaatttteeeellllyyyy aaaavvvvaaaaiiiillllaaaabbbblllleeee ffffuuuunnnnddddssss wwwwiiiitttthhhh aaaa mmmmaaaattttuuuurrrriiiittttyyyy ggggrrrreeeeaaaatttteeeerrrr tttthhhhaaaannnn oooonnnneeee ddddaaaayyyy iiiinnnncccclllluuuuddddeeeedddd iiiinnnn ooootttthhhheeeerrrr bbbboooorrrrrrrroooowwwweeeedddd mmmmoooonnnneeeeyyyy 31,293 n.a. 28,958 n.a. 1,461 n.a. 569 n.a. 111133336666 NNNNuuuummmmbbbbeeeerrrr ooooffff rrrreeeeppppoooorrrrttttssss ffffiiiilllleeeedddd6666 297 0 156 0 57 0 18 0 1. Data are aggregates of categories reported on the quarterly form FFIEC 002, "Report of either because the item is not an eligible IBF asset or liability or because that level of detail is Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks." The form was first not reported for IBFs. From December 1981 through September 1985, IBF data were used for reporting data as of June 30, 1980, and was revised as of December 31, 1985. From included in all applicable items reported. November 1972 through May 1980, U.S. branches and agencies of foreign banks had filed a 4. Total assets and total liabilities include net balances, if any, due from or owed to related monthly FR 886a report. Aggregate data from that report were available through the Federal banking institutions in the United States and in foreign countries (see note 5). On the former Reserve monthly statistical release G.l 1, last issued on July 10, 1980. Data in this table and in monthly branch and agency report, available through the G. 11 monthly statistical release, the G. 11 tables are not strictly comparable because of differences in reporting panels and in gross balances were included in total assets and total liabilities. Therefore, total asset and total definitions of balance sheet items. liability figures in this table are not comparable to those in the G. 11 tables. 2. Includes the District of Columbia. 5. Related depository institutions includes the foreign head office and other U.S. and 3. Effective December 1981, the Federal Reserve Board amended Regulations D and Q to foreign branches and agencies of a bank, a bank's parent holding company, and majoritypermit banking offices located in the United States to operate international banking facilities owned banking subsidiaries of the bank and of its parent holding company (including (IBFs). Since December 31, 1985, data for IBFs have been reported in a separate column. subsidiaries owned both directly and indirectly). These data are either included in or excluded from the total columns as indicated in the 6. In some cases, two or more offices of a foreign bank within the same metropolitan area headings. The notation "n.a." indicates that no IBF data have been reported for that item, file a consolidated report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

95 Federal Reserve Bulletin • November 2002 Index to Statistical Tables References are to pages A3-A69, although the prefix 'A" is omitted in this index. ACCEPTANCES, bankers (See Bankers acceptances) Federal National Mortgage Association, 28, 32, 33 Assets and liabilities (See also Foreigners) Federal Reserve Banks Commercial banks, 15-21, 58-59 Condition statement, 10 Domestic finance companies, 30, 31 Discount rates (See Interest rates) Federal Reserve Banks, 10 U.S. government securities held, 5, 10, 11, 25 Foreign banks, U.S. branches and agencies, 66-9 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, 66-9 (See also Foreigners) Paper, 22, 23 Bonds (See also U.S. government securities) Float, 5 New issues, 29 Flow of funds, 35-9 Rates, 23 Foreign banks, U.S. branches and agencies, 66-9 Business loans (See Commercial and industrial loans) Foreign currency operations, 10 Foreign deposits in U.S. banks, 5 CAPACITY utilization, 40, 41 Foreign exchange rates, 56 Capital accounts Foreign-related institutions, 20 Commercial banks, 15-21, 58-59 Foreigners Federal Reserve Banks, 10 Claims on, 46, 49-51, 53 Certificates of deposit, 23 Liabilities to, 45-8, 52, 54, 55 Commercial and industrial loans Commercial banks, 15-21, 58-59, 66-9 GOLD Weekly reporting banks, 17, 18 Certificate account, 10 Commercial banks Stock, 5, 45 Assets and liabilities, 15-21, 58-59 Government National Mortgage Association, 28, 32, 33 Commercial and industrial loans, 15-21, 58-59, 60-5 Consumer loans held, by type and terms, 34, 60-5 INDUSTRIAL production, 42, 43 Real estate mortgages held, by holder and property, 33 Insurance companies, 25, 33 Terms of lending, 58-59 Interest rates Time and savings deposits, 4 Bonds, 23 Commercial paper, 22, 23, 30 Commercial banks, 60-5 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, 60-5 Currency in circulation, 5, 13 International capital transactions of United States, 44-55 Customer credit, stock market, 24 International organizations, 46, 47, 49, 52, 53 Investment companies, issues and assets, 30 DEBT (See specific types of debt or securities) Investments (See also specific types) Demand deposits, 15—21 Commercial banks, 4, 15-21, 60-5 Depository institutions Federal Reserve Banks, 10, 11 Reserve requirements, 8 Financial institutions, 33 Reserves and related items, 4-6, 12, 58-59 Deposits (See also specific types) Commercial banks, 4, 15-21, 58-59 LIFE insurance companies (See Insurance companies) Federal Reserve Banks, 5, 10 Loans (See also specific types) Discount rates at Reserve Banks and at foreign central banks and Commercial banks, 15-21, 58-59, 60-5 foreign countries (See Interest rates) Federal Reserve Banks, 5-7, 10, 11 Discounts and advances by Reserve Banks (See Loans) Financial institutions, 33 Foreign banks, U.S. branches and agencies, 66-9 EURO, 56 Insured or guaranteed by United States, 32, 33 FARM mortgage loans, 33 MANUFACTURING Federal agency obligations, 5, 9-11, 26, 27 Capacity utilization, 40, 41 Federal credit agencies, 28 Production, 42, 43 Federal finance Margin requirements, 24 Debt subject to statutory limitation, and types and ownership of Member banks, reserve requirements, 8 gross debt, 25 Mining production, 43 Federal Financing Bank, 28 Monetary and credit aggregates, 4, 12 Federal funds, 23 Money and capital market rates, 23 Federal Home Loan Banks, 28 Money stock measures and components, 4, 13 Federal Home Loan Mortgage Corporation, 28, 32, 33 Mortgages (See Real estate loans) Federal Housing Administration, 28, 32, 33 Mutual funds, 13, 30 Federal Land Banks, 33 Mutual savings banks (See Thrift institutions) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A71 OPEN market transactions, 9 Stock market, selected statistics, 24 Stocks (See also Securities) PRICES New issues, 29 Stock market, 24 Prices, 24 Prime rate, 22, 60-5 Student Loan Marketing Association, 28 Production, 42, 43 THRIFT institutions, 4 (See also Credit unions and Savings REAL estate loans institutions) Banks, 15-21, 33 Time and savings deposits, 4, 13, 15-21, 58-59 Terms, yields, and activity, 32 Treasury cash, Treasury currency, 5 Type and holder and property mortgaged, 33 Treasury deposits, 5, 10 Reserve requirements, 8 Reserves U.S. GOVERNMENT balances Commercial banks, 15-21 Commercial bank holdings, 15-21 Depository institutions, 4-6 Treasury deposits at Reserve Banks, 5, 10 Federal Reserve Banks, 10 U.S. government securities U.S. reserve assets, 45 Bank holdings, 15-21, 25 Residential mortgage loans, 32, 33 Dealer transactions, positions, and financing, 27 Retail credit and retail sales, 34 Federal Reserve Bank holdings, 5, 10, 11, 25 Foreign and international holdings and transactions, 10, 25, 55 SAVING Open market transactions, 9 Flow of funds, 33, 34, 35-9 Outstanding, by type and holder, 25, 26 Savings deposits (See Time and savings deposits) Rates, 23 Savings institutions, 33, 34, 35-9 U.S. international transactions, 44-55 Securities (See also specific types) Utilities, production, 43 Federal and federally sponsored credit agencies, 28 Foreign transactions, 54 VETERANS Affairs, Department of, 32, 33 New issues, 29 Prices, 24 WEEKLY reporting banks, 17, 18 Special drawing rights, 5, 10, 44, 45 State and local governments YIELDS (See Interest rates) Holdings of U.S. government securities, 25 New security issues, 29 Rates on securities, 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

97 Federal Reserve Bulletin • November 2002 Federal Reserve Board of Governors and Official Staff ALAN GREENSPAN, Chairman EDWARD M. GRAMLICH ROGER W. FERGUSON, JR., Vice Chairman SUSAN SCHMIDT BIES OFFICE OF BOARD MEMBERS DIVISION OF BANKING SUPERVISION AND REGULATION—Continued DONALD J. WINN, Assistant to the Board and Director LYNN S. FOX, Assistant to the Board 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, Senior Adviser J. VIRGIL MATTINGLY, JR., General Counsel STEVEN B. KAMIN, Deputy Associate Director SCOTT G. ALVAREZ, Associate General Counsel JON W. FAUST, Assistant Director RICHARD M. ASHTON, Associate General Counsel JOSEPH E. GAGNON, Assistant Director KATHLEEN M. O'DAY, Associate General Counsel MICHAEL P. LEAHY, Assistant Director STEPHANIE MARTIN, Assistant General Counsel D. NATHAN SHEETS, Assistant Director ANN E. MISBACK, Assistant General Counsel RALPH W. TRYON, Assistant Director STEPHEN L. SICILIANO, Assistant General Counsel KATHERINE H. WHEATLEY, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS CARY K. WILLIAMS, Assistant General Counsel DAVID J. STOCKTON, Director OFFICE OF THE SECRETARY EDWARD C. ETTIN, Deputy Director DAVID W. WILCOX, Deputy Director JENNIFER J. JOHNSON, Secretary MYRON L. KWAST, Associate Director ROBERT DEV. FRIERSON, Deputy Secretary STEPHEN D. OLINER, Associate Director MARGARET M. SHANKS, Assistant Secretary PATRICK M. PARKINSON, Associate Director LAWRENCE SLIFMAN, Associate Director DIVISION OF BANKING SUPERVISION CHARLES S. STRUCKMEYER, Associate Director AND REGULATION JOYCE K. ZICKLER, Deputy Associate Director RICHARD SPILLENKOTHEN, Director J. NELLIE LIANG, Assistant Director STEPHEN C. SCHEMERING, Deputy Director S. WAYNE PASSMORE, Assistant Director HERBERT A. BIERN, Senior Associate Director DAVID L. REIFSCHNEIDER, Assistant Director ROGER T. COLE, Senior Associate Director JANICE SHACK-MARQUEZ, Assistant Director WILLIAM A. RYBACK, Senior Associate Director WILLIAM L. WASCHER, Assistant Director GERALD A. EDWARDS, JR., Associate Director MARY M. WEST, Assistant Director STEPHEN M. HOFFMAN, JR., Associate Director ALICE PATRICIA WHITE, Assistant Director JAMES V. HOUPT, Associate Director GLENN B. CANNER, Senior Adviser JACK P. JENNINGS, Associate Director DAVID S. JONES, Senior Adviser MICHAEL G. MARTINSON, Associate Director THOMAS D. SIMPSON, Senior Adviser MOLLY S. WASSOM, Associate Director HOWARD A. AMER, Deputy Associate Director 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

A73 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

99 Federal Reserve Bulletin • November 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

A75 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

101 Federal Reserve Bulletin • November 2002 Federal Reserve Board Publications For ordering assistance, write PUBLICATIONS SERVICES, Rates for subscribers outside the United States are as follows MS-127, Board of Governors of the Federal Reserve System, and include additional air mail costs: Washington, DC 20551, or telephone (202) 452-3244, or FAX Federal Reserve Regulatory Service, $250.00 per year. (202) 728-5886. You may also use the publications order Each Handbook, $90.00 per year. form available on the Board's World Wide Web site FEDERAL RESERVE REGULATORY SERVICE FOR PERSONAL (http://www.federalreserve.gov). When a charge is indicated, pay- COMPUTERS. CD-ROM; updated monthly. ment should accompany request and be made payable to the Standalone PC. $300 per year. Board of Governors of the Federal Reserve System or may be Network, maximum 1 concurrent user. $300 per year. ordered via Mastercard, Visa, or American Express. Payment from Network, maximum 10 concurrent users. $750 per year. foreign residents should be drawn on a U.S. bank. Network, maximum 50 concurrent users. $2,000 per year. Network, maximum 100 concurrent users. $3,000 per year. Subscribers outside the United States should add $50 to cover BOOKS AND MISCELLANEOUS PUBLICATIONS additional airmail costs. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. THE FEDERAL RESERVE ACT AND OTHER STATUTORY PROVISIONS 1994. 157 pp. AFFECTING THE FEDERAL RESERVE SYSTEM, as amended ANNUAL REPORT, 2001. through October 1998. 723 pp. $20.00 each. ANNUAL REPORT: BUDGET REVIEW, 2001. THE U.S. ECONOMY IN AN INTERDEPENDENT WORLD: A MULTI- FEDERAL RESERVE BULLETIN. Monthly. $25.00 per year or $2.50 COUNTRY MODEL, May 1984. 590 pp. $14.50 each. each in the United States, its possessions, Canada, and INDUSTRIAL PRODUCTION—1986 EDITION. December 1986. Mexico. Elsewhere, $35.00 per year or $3.00 each. 440 pp. $9.00 each. ANNUAL STATISTICAL DIGEST: period covered, release date, num- FINANCIAL FUTURES AND OPTIONS IN THE U.S. ECONOMY. ber of pages, and price. December 1986. 264 pp. $10.00 each. 1981 October 1982 239 pp. $ 6.50 FINANCIAL SECTORS IN OPEN ECONOMIES: EMPIRICAL ANALY- 1982 December 1983 266 pp. $ 7.50 SIS AND POLICY ISSUES. August 1990. 608 pp. $25.00 each. 1983 October 1984 264 pp. $11.50 RISK MEASUREMENT AND SYSTEMIC RISK: PROCEEDINGS OF A 1984 October 1985 254 PP- $12.50 JOINT CENTRAL BANK RESEARCH CONFERENCE. 1996. 1985 October 1986 231 pp. $15.00 578 pp. $25.00 each. 1986 November 1987 288 pp. $15.00 1987 October 1988 272 pp. $15.00 1988 November 1989 256 pp. $25.00 EDUCATION PAMPHLETS 1980-89 March 1991 712 pp. $25.00 Short pamphlets suitable for classroom use. Multiple copies are 1990 November 1991 185 pp. $25.00 available without charge. 1991 November 1992 215 pp. $25.00 1992 December 1993 215 pp. $25.00 1993 December 1994 281 pp. $25.00 Consumer Handbook on Adjustable Rate Mortgages 1994 December 1995 190 pp. $25.00 Consumer Handbook to Credit Protection Laws 1990-95 November 1996 404 pp. $25.00 A Guide to Business Credit for Women, Minorities, and Small 1996-2000 March 2002 352 pp. $25.00 Businesses Series on the Structure of the Federal Reserve System The Board of Governors of the Federal Reserve System SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SERIES OF The Federal Open Market Committee CHARTS. Weekly. $30.00 per year or $.70 each in the United Federal Reserve Bank Board of Directors States, its possessions, Canada, and Mexico. Elsewhere, Federal Reserve Banks $35.00 per year or $.80 each. A Consumer's Guide to Mortgage Lock-Ins REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL A Consumer's Guide to Mortgage Settlement Costs RESERVE SYSTEM. A Consumer's Guide to Mortgage Refinancings ANNUAL PERCENTAGE RATE TABLES (Truth in Lending— Home Mortgages: Understanding the Process and Your Right Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp. to Fair Lending Vol. II (Irregular Transactions). 1969. 116 pp. Each volume How to File a Consumer Complaint about a Bank (also available $5.00. in Spanish) GUIDE TO THE FLOW OF FUNDS ACCOUNTS. January 2000. In Plain English: Making Sense of the Federal Reserve 1,186 pp. $20.00 each. Making Sense of Savings FEDERAL RESERVE REGULATORY SERVICE. Loose-leaf; updated Welcome to the Federal Reserve monthly. (Requests must be prepaid.) When Your Home is on the Line: What You Should Know Consumer and Community Affairs Handbook. $75.00 per year. About Home Equity Lines of Credit Monetary Policy and Reserve Requirements Handbook. $75.00 Keys to Vehicle Leasing (also available in Spanish) per year. Looking for the Best Mortgage (also available in Spanish) Securities Credit Transactions Handbook. $75.00 per year. Privacy Choices for Your Personal Financial Information The Payment System Handbook. $75.00 per year. When Is Your Check Not a Check? Federal Reserve Regulatory Service. Four vols. (Contains all four Handbooks plus substantial additional material.) $200.00 per year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A77 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/staff studies. Requests to obtain single copies of any paper or Lowrey. December 1997. 17 pp. to be added to the mailing list for the series may be sent to Publications Services. 171. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- DENCE, by Gregory Elliehausen. April 1998. 35 pp. 172. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MAR- 159. NEW DATA ON THE PERFORMANCE OF NONBANK SUBSIDI- KET DISCIPLINE, by Study Group on Subordinated Notes ARIES OF BANK HOLDING COMPANIES, by Nellie Liang and and Debentures, Federal Reserve System. December 1999. Donald Savage. February 1990. 12 pp. 69 pp. 160. BANKING MARKETS AND THE USE OF FINANCIAL SER- 173. IMPROVING PUBLIC DISCLOSURE IN BANKING, by Study VICES BY SMALL AND MEDIUM-SIZED BUSINESSES, by Group on Disclosure, Federal Reserve System. March 2000. Gregory E. Elliehausen and John D. Wolken. September 35 pp. 1990. 35 pp. 174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITED 162. EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORT- STATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp. GAGE LOAN RATES IN TWENTY CITIES, by Stephen A. Rhoades. February 1992. 11 pp. 164. THE 1989-92 CREDIT CRUNCH FOR REAL ESTATE, by James T. Fergus and John L. Goodman, Jr. July 1993. 20 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

A79 1-A 2-B 3-C 4-D 5-E Mt: Pittsbur BaVltim^orJet MfD ^ f' * VT wv NH cinnati Buffalo . • Chariot 10 / OT " K, NJ NY sr BOSTON NEW YORK PHILADELPHIA CLEVELAND RICHMOND 6-F 7-G 8-H TN—•Nasnville JL AL Birminghai - I Isville sonviiie New OrTll eans > ATLANTA CHICAGO ST. LOUIS 9-1 MT . J -. 1 ' MN MeMfe.-;' J .;* _ Ml m MINNEAPOLIS 10-J 12-L WY ••• i .KM-- KANSAS CITY 11-K Stin Antonio HAWAII DALLAS SAN FRANCISCO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

105 Federal Reserve Bulletin • November 2002 Federal Reserve Banks, Branches, and Offices FEDERAL RESERVE BANK Chairman President Vice President branch, or facility Zip Deputy Chairman First Vice President in charge of branch BOSTON* 02106 William O. Taylor Cathy E. Minehan James J. Norton Paul M. Connolly NEW YORK* 10045 Peter G. Peterson William J. McDonough Gerald M. Levin Jamie B. Stewart, Jr. Buffalo 14240 Patrick P. Lee Barbara L. Walter1 PHILADELPHIA 19105 Charisse R. Lillie Anthony M. Santomero Glenn A. Schaeffer William H. Stone, Jr. CLEVELAND* 44101 David H. Hoag Jerry L. Jordan Robert W. Mahoney Sandra Pianalto Cincinnati 45201 George C. Juilfs Barbara B. Henshaw Pittsburgh 15230 Charles E. Bunch Robert B. Schaub RICHMOND* 23219 Jeremiah J. Sheehan J. Alfred Broaddus, Jr. Wesley S. Williams, Jr. Walter A. Varvel Baltimore 21203 George L. Russell, Jr. William J. Tignanelli1 Charlotte 28230 James F. Goodmon Dan M. Bechter1 ATLANTA 30303 John F. Wieland Jack Guynn Paula Lovell Patrick K. Barron James M. McKee1 Birmingham 35242 V. Larkin Martin Lee C. Jones Jacksonville 32231 Marsha G. Rydberg Christopher L. Oakley Miami 33152 Rosa Sugranes James T. Curry III Nashville 37203 Beth Dortch Franklin Melvyn K. Purcell1 New Orleans 70161 R. Glenn Pumpelly Robert J. Musso1 CHICAGO* 60690 Robert J. Darnall Michael H. Moskow W. James Farrell Gordon R. G. Werkema Detroit 48231 Timothy D. Leuliette Glenn Hansen1 ST. LOUIS 63166 Charles W. Mueller William Poole Walter L. Metcalfe, Jr. W. LeGrande Rives Little Rock 72203 A. Rogers Yarnell, II Robert A. Hopkins Louisville 40232 J. Stephen Barger Thomas A. Boone Memphis 38101 Russell Gwatney Martha Perine Beard MINNEAPOLIS 55480 Ronald N. Zwieg Gary H. Stern Linda Hall Whitman James M. Lyon Helena 59601 Thomas O. Markle Samuel H. Gane KANSAS CITY 64198 Terrence P. Dunn Thomas M. Hoenig Richard H. Bard Richard K. Rasdall Denver 80217 Robert M. Murphy Maryann Hunter1 Oklahoma City 73125 Patricia B. Fennell Dwayne E. Boggs Omaha 68102 Bob L. Gottsch Steven D. Evans DALLAS 75201 H. B. Zachry, Jr. Robert D. McTeer, Jr. Patricia M. Patterson Helen E. Holcomb El Paso 79999 Gail Darling Sammie C. Clay Houston 77252 Edward O. Gaylord Robert Smith III1 San Antonio 78295 Ron Harris James L. Stull1 SAN FRANCISCO 94120 Nelson C. Rising Robert T. Parry George M. Scalise John F. Moore Los Angeles 90051 William D. Jones Mark L. Mullinix2 Portland 97208 Nancy Wilgenbusch Richard B. Hornsby Salt Lake City 84125 H. Roger Boyer Andrea P. Wolcott Seattle 98124 BoydE. Givan D.Kerry Webb" * 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

A81 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

107 Federal Reserve Bulletin • November 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