Federal Reserve Bulletin, 2003-04

Volume 89 • Number 4 • April 2003 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 • Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus • J. Virgil Mattingly, Jr. • Vincent R. Reinhart • Louise L. Roseman • 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 151 INDUSTRIAL PRODUCTION AND CAPACITY Proposal to amend Regulation Y UTILIZATION: THE 2002 HISTORICAL AND Interpretation of Regulation K concerning secu- ANNUAL REVISION rities underwriting In late 2002, the Board of Governors of the Interagency advisory on mortgage banking Federal Reserve System published a revision to activities its index of industrial production and the related measures of capacity utilization. The primary Meeting of the Consumer Advisory Council feature of the revision was the reclassification Enforcement actions and terminations of previback to 1972 of production and capacity indexes ous actions for individual industries from the Standard Industrial Classification System to the North American Industry Classification System. The 181 LEGAL DEVELOPMENTS revision also reflects the incorporation of newly Various bank holding company, bank service available, more comprehensive source data, and corporation, and bank merger orders; and pendit introduced improved methods for measuring ing cases. the annual real output of communications equipment manufacturing. AI FINANCIAL AND BUSINESS STATISTICS Along with the updating and the restatement of the data using the North American Industry These tables reflect data available as of Classification System, all production and capac- February 26, 2003. ity indexes are now expressed as percentages of output in 1997. The new information resulted in A3 GUIDE TO TABLES an upward revision to the rate of increase in A4 Domestic Financial Statistics industrial production and capacity from 1997 to A42 Domestic Nonfinancial Statistics 2000. For that period, the average rate of indus- A44 International Statistics trial capacity utilization is 0.7 percentage point higher than previously reported. The most recent business-cycle peak is still June 2000, at A57 GUIDE TO SPECIAL TABLES AND 116.2 percent of 1997, with the low being the STATISTICAL RELEASES fourth quarter of 2001. The rate of industrial capacity in the third quarter of 2002, at 76.2 per- A58 INDEX TO STATISTICAL TABLES cent, is essentially unchanged from previously reported data. The rate is more than 5 percent- A60 BOARD OF GOVERNORS AND STAFF age points below its 1972-2001 average and about 3 percentage points below the trough in A62 FEDERAL OPEN MARKET COMMITTEE AND the 1990-91 recession but 5 percentage points above the trough in the 1982 recession. STAFF; ADVISORY COUNCILS 177 ANNOUNCEMENTS A64 FEDERAL RESERVE BOARD PUBLICATIONS Approval of final rule amending Regulation B A66 MAPS OF THE FEDERAL RESERVE SYSTEM Publication of final rule amending Regulation B Proposed amendment to Regulation C A68 FEDERAL RESERVE BANKS, BRANCHES, AND OFFICES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production and Capacity Utilization: The 2002 Historical and Annual Revision Carol Corrado, of the Board's Division of Research 1997; the previous comparison base was 1992. The and Statistics, prepared this article. Kristen Hamden rebasing affects all series from their start dates, which provided research assistance. are 1919 for total IP and manufacturing IP, 1948 for manufacturing capacity, and 1967 for total indus- In late 2002, the Federal Reserve published a revision trial capacity. The Federal Reserve's accompanyof its index of industrial production (IP) and the ing indexes of industrial electric power use, which related measures of capacity and capacity utilization. begin in 1972, have also been restated to accord with The primary feature of the revision was the reclassi- NAICS, rebased to use 1997 as a comparison year, fication back to 1972 of production and capacity and revised to incorporate previously unavailable indexes for individual industries from the Standard data. Industrial Classification, or SIC, to the North Ameri- The new information resulted in an upward revican Industry Classification System, or NAICS. Also, sion to the rate of increase in industrial producthe revision, as usual, updated all measures to incor- tion and capacity from 1997 to 2000 (chart 1). porate newly available and more comprehensive Improved estimates for the production of communisource data for recent years, and it introduced cations equipment and semiconductor manufacturing improved methods for measuring the annual real accounted for most of the upward revision; revised output of communications equipment manufacturing. estimates for the output of newspapers and related Along with the updating and the restatement of publishers also contributed. The upward revision to the data using NAICS, the base year used for com- the rate of increase in production was greater than the parison has changed. Now all production and capac- upward revision to the pace of capacity expansion. ity indexes are expressed as percentages of output in As a result, for the 1997-2000 period, the average rate of industrial capacity utilization—the ratio of production to capacity—is 0.7 percentage point higher than that previously reported. The higher utili- NOTE. Charles Gilbert directed the 2002 revision and, along with Kimberly Bayard, William Cleveland, and Dixon Tranum, prepared zation rates were concentrated in the selected highthe revised estimates of industrial production. Norman Morin and technology group of industries (semiconductors, John Stevens prepared the revised estimates of capacity and capacity computers, and communications equipment); in the utilization. 1. Total industrial production and capacity utilization NOTE. The shaded areas are periods of business recession as defined by the established a trough for the recession beginning in 2001; the shaded area National Bureau of Economic Research (NBER). The NBER has not yet arbitrarily stops at the end of that year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 Federal Reserve Bulletin • April 2003 2. High-technology industrial production and capacity utilization Industrial production Ratio scale, 1997 output = 100 Industrial production Ratio scale, 1997 output = 100 /-V — 115 Excluding Semiconductors high-technology industries . Computers Total IP 55 Communications equipment 1 I I I 1 I I I I I I M 11 I I I I I I I I I I I I I 1970 1975 1980 1985 1990 1995 2000 >MM 1997 1998 1999 2000 2001 2002 Industrial production Percent change from year earlier Capacity utilization Percent of capacity Total IP Excluding high-technology industries Excluding the contribution High-technology industries of high-technology industries i i £i i 1111 i 11 i it i i i 11 11 it i 11 i i i i i i 11 v^iiV} 1970 1975 1980 1985 1990 1995 2000 1992 NOTES. The shaded areas are periods of business recession as defined by High-technology industries are defined as semiconductors and related the National Bureau of Economic Research (NBER). The NBER has not yet electronic components (NAICS 334412-9), computers (NAICS 3341), and established a trough for the recession beginning in 2001; the shaded area communications equipment (NAICS 3342). arbitrarily stops at the end of that year. motor vehicle, fabricated metal product, and machin- In January 2002, industrial production rose; as ery manufacturing industries; and in utilities. in the earlier data, the January increase was the first On balance, the picture of the industrial sector in monthly increase since September 2000. Monthly recent years is little changed by the revision (see gains in industrial production then averaged 0.4 perappendix tables A.1-A.10 for detailed revision cent per month through July 2002, but from August results). The most recent business-cycle peak in to October 2002, industrial production retreated, on monthly IP is still June 2000, at 116.2 percent of balance. In the third quarter of 2002, the revised and 1997 output (table A.l), and the drop in the index rebased production and capacity indexes stood at from then until December 2001 is 63/4 percent, about 111.4 and 146.2 percent of 1997 output, respectively. the same as the previously reported decline. Accord- The rate of industrial capacity utilization in the ingly, the second quarter of 2000 remains the peak in third quarter of 2002, at 76.2 percent, is essenthe rate of industrial capacity utilization, and the low tially unchanged from the previously reported data is the fourth quarter of 2001 (table A.2). The revised (table A.7). The rate is more than 5 percentage points utilization rate reaches 83.5 percent in the second below its 1972-2001 average and about 3 percentage quarter of 2000—0.9 percentage point higher than points below the trough in the 1990-91 recession but previously reported—before falling 2 percentage 5 percentage points above the trough in the 1982 points by the end of 2000 and 6V2 percentage points recession.1 further by the fourth quarter of 2001; the cumulative drop in the rate of capacity utilization is 0.5 percent- 1. These comparisons are based on quarterly averages of utilization age point steeper than that previously reported. rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production and Capacity Utilization: The 2002 Historical and Annual Revision 153 1. Revised rates of change of industrial production and capacity and the revised average rates of capacity utilization, 1972-97 Difference between revised Revised rates of change and earlier rates of change (percent) IItteemm (percentage points) 1972-77 1977-87 1987-97 1972-77 1977-87 1987-97 Production Total IP 2.7 2.0 3.2 -.2 .0 Manufacturing' 3.0 2.4 3.5 -.1 .0 Excluding high-tech industries 2.5 1.5 1.9 -.2 -.1 MEMO Manufacturing (NAICS) 3.0 2.4 3.7 Capacity Total industrial 2.8 2.1 3.1 -.2 -.1 Manufacturing1 3.0 2.4 3.5 -.1 -.0 Excluding high-tech industries 2.5 1.5 2.0 -.2 -.1 MEMO Manufacturing (NAICS) 3.0 2.5 3.6 Average rate, Difference between revised MEMO Average rate, January 1972 to and earlier average rate January 1972 to December 1997 (percentage points) December 2001 Capacity utilization (percent) Total industrial 81.5 -.15 81.5 Manufacturing1 80.4 -.22 80.4 Excluding high-tech industries 80.5 -.24 80.4 MEMO Manufacturing (NAICS) 80.3 80.3 NOTE. The rates of change are the average percentage change in the season- the logging and newspaper, periodical, book, and directory publishing indusally adjusted index from the fourth quarter of the first year specified to the tries that traditionally have been considered manufacturing and have been fourth quarter of the last year specified. For 1972, the calculations begin in the included in the industrial sector. See also discussion under "New NAICS Industhird quarter. try Structure." 1. Manufacturing comprises those industries included in the North American . . . Not applicable. Industry Classification System, or NAICS, definition of manufacturing plus The updated measures continue to show that manu- average rate of more than 40 percent per year from facturing IP, after having increased rapidly in 1999 1994 to 2000 but dropped off sharply in 2001 and the first half of 2000, fell sharply in 2001 and (chart 2). For 2002, the revised measures show a rose at a tepid rate, on balance, in the first three more modest rate of increase for their production quarters of 2002 (table A.3). On the basis of the than previously reported. The rate of capacity utilirevised production indexes and the results of the zation in these industries has hovered at or below Census Bureau's 2001 Survey of Plant Capacity, 63 percent for nearly one year, a level more than capacity utilization in manufacturing still shows a 17 percentage points below its 1972-2001 average of sharp drop in 2001 (table A.4), and the expansion of about 80 percent. Within this group of industries, the manufacturing capacity still exhibits a noticeable output index for computers was revised down for slowing from the rapid pace posted in the last half of 1999 and 2000, a move reflecting updated results the 1990s. The factory operating rate has increased from the Census Bureau on the value of production in since its business-cycle low in the fourth quarter of those years. In addition, the indexes for semiconduc- 2001, but as of the third quarter of 2002, its level tors and communications equipment were revised up, of 74.3 percent was more than 6 percentage points primarily for 1999 and 2000, a move reflecting new below its long-term average.2 and refined estimates of prices. As in the earlier data, the output of selected high- The revisions to the IP index for recent years were technology industries—computers, semiconductors, derived principally from the inclusion of information and communications equipment—increased at an contained in annual reports issued by the Bureau of the Census: the 2000 Annual Survey of Manufactures (ASM) and selected 2001 Current Industrial Reports. Revised annual data from the U.S. Geological Survey (USGS) on minerals (except fuels) for 2000 and 2. For comparison with rates for industry subsectors, the period some new data for 2001 have also been introduced. 1972-2001 will be used to represent the long-term average for capac- Also, the new monthly production estimates for 2001 ity utilization rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 Federal Reserve Bulletin • April 2003 2. Revised rates of change of selected industrial production market group indexes, 1967-2002 Difference between revised Revised rates of change and earlier rates of change (percent) (percentage points) 1967-87 1987-2000 2000-02 1967-87 1987-2000 2000-02 Total industrial production 2.6 3.5 -1.8 Final products 3.0 3.1 -2.2 .2 .0 Consumer goods ... 2.5 2.5 -.5 .5 -.1 Business equipment 4.6 6.0 -7.0 -.3 -.7 Nonindustrial supplies 2.9 3.9 -1.4 2.2 .3 Construction 2.0 2.3 -2.5 .0 -1.6 Other business 3.6 4.9 -.7 3.7 1.7 Industrial materials 2.3 3.8 -1.7 -1.0 -.2 Non-energy 2.8 4.8 -2.2 -1.1 -.3 Energy 1.1 .6 -.1 .0 .2 NOTE. The rate of change is the average percentage change in the season- third quarter. For 2000, the calculation ends and begins in the second quarter. ally adjusted index from the fourth quarter of the first year specified to the The difference between the revised and earlier rates of change for 2000 to 2002 fourth quarter of the last year specified. For 1967, the calculation begins in the is for the first three quarters of the year. and 2002 reflect updated seasonal factors and the back to 1972. (These changes are detailed in the inclusion of monthly source data that became avail- section "Current Methods Applied to Earlier Data.") able, or were revised, after the closing of the regular Table 1 summarizes the revised rates of change in the four-month reporting window. basic measures from 1972 to 1997. The application The capacity indexes and capacity utilization rates of current methods for benchmarking IP to annual incorporate the revised production indexes, results real output measures, estimating changes in capacity, from the Census Bureau's 2001 Survey of Plant and aggregating individual series resulted in a small Capacity for the fourth quarter of that year, and downward revision to the average rate of change in newly available 2001 data on industrial capacity from industrial production and capacity from 1972 to 1987. the USGS, the Energy Information Agency, and other All told, however, the average utilization rate, at organizations. In addition, the relationships used to 81.5 percent of total industrial capacity from 1972 to estimate the current change in manufacturing capac- 1997, was little changed by the revision. ity reflect the inclusion of ASM data on capital The 2002 revision also introduced refined methods spending by industry for 2000 and updated indicators for grouping individual industry IP series into major of capital spending by manufacturers in 2001 and market groups for analysis of industrial production 2002. and for grouping industrial capacity and capacity utilization rates by stage of process. These changes, which are explained in the section "New Market and SUMMARY OF THE HISTORICAL REVISION Stage-of-Process Aggregates," begin with data for 1967; the revised rates of change in IP by major The annual industry source data used to construct market groups from 1967 to 2002 on are shown in industrial production and capacity utilization are now table 2. The revisions shown reflect not only the being reported using NAICS. The Federal Reserve refined industry composition of the groups but also, has adopted NAICS for its monthly statistics on the as mentioned above, the application of current methindustrial sector; but to facilitate business-cycle ods and available source data to estimates for earlier analysis, research, and forecasting, it has done so periods. without changing the scope or historical continuity of The changes in monthly IP reflect the updating of these statistics. Specifically, the introduction of the seasonal factors for all years using current methods new classification system did not affect the coverage and the inclusion, when possible, of current monthly of production and capacity utilization for total indus- and quarterly source data. All told, the revised rates try and manufacturing, and the individual industry of change in monthly IP from 1972 on are highly components of these measures are available on a correlated with the previously reported rates; the NAICS basis back at least to 1972. simple correlation coefficient between them is 0.91, The consistency of the production and capacity and the correlation between the revised and earlier indexes was further improved by the recompilation of quarterly rates of change is 0.97. In addition to the indexes using current methods, when possible, revised changes in production, the monthly changes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production and Capacity Utilization: The 2002 Historical and Annual Revision 155 3. Business-cycle peaks and troughs in the monthly 4. Revised industrial production, capacity, and capacity industrial production index since 1972 utilization industry structure (abbreviated) Peak November 1973 May 1975 Total industry March 1979 (May 1979) July 1980 Major industry groups Major industry groups Manufacturing (see note below) Manufacturing (SIC) July 1981 November 1982 Manufacturing (NAICS) September 1990 (April 1989) March 1991 Durable Durable (SIC) less logging Nondurable Nondurable (SIC) less June 2000 December 2001 newspaper, periodical, book, and directory publishing Other manufacturing NOTE. The dates shown in parentheses are as reported in earlier data. (non-NAICS) _,jlggjg Mining HI : Utilities Mining in capacity utilization reflect the application of Utilities NOTE. The industrial sector is defined as manufacturing, mining, and electric current methods for interpolating annual changes in and gas utilities. For components of manufacturing, see table 1, note 1. capacity. The correspondences shown in the table are illustrative. NAICS North American Industry Classification System. The months and years of the peaks and troughs in SIC Standard Industrial Classification. industrial production since 1972 are shown in table 3. . . . Not applicable. The months of the peaks and troughs associated with the recessions that began in 1973, 1981, and 2000 directory publishing industries from manufacturing are unchanged with this revision. The months of the to other sectors; logging was placed in agriculture, peaks in IP before the onset of the episodes leading to and the publishing industries were placed in the new the troughs in 1980 and 1991 did change. As in the information sector.3 For the statistics reported in the earlier data, however, industrial production remained Federal Reserve's monthly G.17 release, the manuwithin a narrow range for more than a year before facturing measures will continue to comprise those both downturns, and the changes did not alter the industries included in the NAICS definition of manupicture of cyclical activity in either period. The pro- facturing plus the logging and newspaper, periodical, file of the industrial expansion in the 1990s—rapid book, and directory publishing industries that have increases in IP punctuated by a slowdown in 1995 traditionally been considered manufacturing. and again in 1998 in the aftermath of the Asian An abbreviated version of the new industry struccrisis—also is unchanged. ture appears in table 4. The G.17 release shows the Although the timing of the business-cycle episodes aggregate of industries representing the NAICS defiin industrial production is essentially unchanged by nition of manufacturing, along with the aggregate of the revision, the 1973-74 recession is now reported industries representing the traditional definition of to be somewhat shallower than previously reported. manufacturing. For the most part, the two series are As a result, the drop in capacity utilization—about similar, in terms of their long-term trends (see memo 141/2 percentage points from November 1973 to May items in table 1) and their basic cyclical profile. 1975—is about \3A percentage points smaller than in However, the average annual proportion of the tradithe earlier data. Also, the recovery from 1975 to 1979 tional manufacturing measure in total industrial prois now a bit less strong, and the peak reached by duction is about 85 percent, whereas the proportion capacity utilization is not as high as previously re- of manufacturing (NAICS) is about 80 percent (see ported. Finally, as already discussed, the revised rate table A. 10). of capacity utilization for total industry is higher, on average, from 1997 to 2000, but then it drops a bit Conversion of the Data to NAICS more steeply in 2001 than previously reported. The historical source data needed to compile IP and capacity utilization are not publicly available on a NEW NAICS INDUSTRY STRUCTURE NAICS basis before 1997; hence, the issuance of thirty years of NAICS industry statistics represents a The Federal Reserve still defines the industrial sector major effort by the Federal Reserve to preserve the as manufacturing, mining, and electric and gas utilihistorical continuity of the basic measures presented ties. The changes from the SIC system to NAICS, in its G.17 release. As a result, many frequently used however, altered the industry composition of manufacturing. Specifically, NAICS moved the logging 3. See www.census.gov/epcd/www/naics.html for further informaindustry and the newspaper, periodical, book, and tion on NAICS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 Federal Reserve Bulletin • April 2003 Technical Note on Reclassifying Data in the Census of Manufactures from the SIC to NAICS The industrial production and capacity utilization measures the results of a Board research project that assigned a are developed, either directly or indirectly, from industry- NAICS industry code to each establishment in the microlevel data in the Census of Manufactures. Beginning with data files of the historical censuses back to 1963.1 the 1997 Census, these data are classified according to the The plant-level records from the 1997 Census of Manu- North American Industry Classification System (NAICS), factures, which contained both SIC and NAICS indusbut the data from previous censuses are classified accord- try codes for each plant, was the jumping-off point. Then, ing to the Standard Industrial Classification (SIC) system. each earlier census year was re-assessed sequentially, and Because some SIC industries map into several NAICS industry codes were assigned to each plant using two methindustries, the construction of historical NAICS-based ods: exact matching and statistical matching. "Exact industrial production and capacity indexes is not straight- match" cases were those plants for which the 1997 informaforward; information on the share of the value of produc- tion permitted the assignment of a NAICS code with a high tion in each SIC industry that should be assigned to each degree of certainty. These cases included (1) plants with NAICS industry in each census year is required. Histori- NAICS codes that could be identified directly from product cal plant-level data, or microdata, in the Census Bureau's information, (2) plants in earlier censuses that also appear in Longitudinal Research Database was used to develop this the 1997 census, and (3) plants in industries with an SIC information. code corresponding to one, and only one, NAICS code. These exact matches accounted for more than three-fourths of the cases (see the table for more detail on the prevalence Recoding the Historical Microdata of each method of assignment). The Census Bureau published its detailed industry-level For the remaining plants, the "statistical matches," a data from the 1997 Census of Manufactures (COM) using model-based procedure was employed. The COM contains both classification systems. These statistics provide suffi- information that is common to plants in a specific industry, cient detail to determine the proportion of each SIC industry and these data were used to determine the probability that a that should be assigned to its corresponding NAICS industries for one year, 1997. For many industries, however, the NOTE. Kimberly Bayard developed the material reported in this technical shares derived from the 1997 data will not accurately reflect note. the industrial distribution of activity in earlier years. Histori- 1. See Kimberly Bayard and Shawn Klimek, "Reclassifying the Census cal SIC-to-NAICS shares for industry-level COM variables of Manufactures from the Standard Industrial Classification System to the North American Industry Classification System, 1963 to 1992" (Board of (value added, shipments, and the like) were calculated from Governors, forthcoming working paper). Establishment by methods of assignment, proportion of total Percent Census year MMeetthhoodd ooff mmaattcchhiinngg 1992 1987 1982 1977 1972 1967 1963 Exact .820 .810 .794 .776 .809 .799 .813 Product data .462 .262 .164 .108 .111 .029 .098 Establishment links .247 .379 .404 .388 .461 .519 .504 Industry correspondence .111 .169 .226 .280 .237 .251 .211 Statistical .179 .190 .205 .219 .188 .201 .183 NOTE. Details may not sum to total due to rounding and minor use of SOURCE. See Bayard and Klimek. other methods. industry series whose definition and coverage were in the Census of Manufactures from the SIC to altered by NAICS—communications equipment, con- NAICS" for further information). In a nutshell, the struction equipment, and chemicals, to name a few— project developed NAICS codes for each establishare still available with substantial history. ment in the files of seven Censuses of Manufactures The restatement of the industrial production and (COM)—1963, 1967, 1972, 1977, 1982, 1987, and capacity utilization data from 1972 to present on a 1992. The information needed to derive NAICS- NAICS basis relies on the results of a research project based source data for industrial production and capacconducted by the Federal Reserve Board and the ity utilization was obtained by tabulating the histori- Center for Economic Studies of the Bureau of the cal COM establishment-level data using the NAICS Census (see "Technical Note on Reclassifying Data codes assigned by the research project. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production and Capacity Utilization: The 2002 Historical and Annual Revision 157 Technical Note on Reclassifying Data—Continued plant would be assigned to a given NAICS industry. Specifi- year. The NAICS-coded microdata (the work of Bayard and cally, the likelihood that a plant with a given set of charac- Klimek) yield the share of total motor vehicle output that teristics (such as the value of shipments per worker, the should be attributed to autos, to light trucks, and to the other hourly wage of production workers, the geographic loca- industries in each census year before 1997—that is, 1992, tion, and the like) should be classified in a particular NAICS 1987, and so on. The chart shows the path for the value of industry was generated using predictions from a multi- production of light trucks from 1972 to 2000 using these nomial logit regression model. A bootstrapping technique variable shares. The chart also shows a path that would be was employed to determine the final assignment of each obtained if the 1997 share had been applied to earlier years. plant to a NAICS industry. See the Bayard and Klimek As may be seen, the application of the 1997 industry paper, noted earlier, for a discussion of this procedure and structure to all years would result in a dramatic overestimaof the robustness of the results. tion of light truck production, particularly before the early All in all, plant-level observations in seven censuses— 1990s. 1992, 1987, 1982, 1977, 1972, 1967, and 1963—were coded with a NAICS industry assignment along with their Light trucks (NAICS 336112) "native" SIC code. With the dual coding, the economic data on value added, value shipments, and the like were Value of production Billions of dollars tabulated to obtain the SIC-to-NAICS share of each variable in each census year. The Importance of Variable Shares The motor vehicle industry provides an example of the importance of variable shares and the reason that information for one year is insufficient for developing historical NAICS-based industry data. Before 1997, the Census Bureau reported statistics for motor vehicles and passenger car bodies (SIC 3711) as a single aggregate. From 1997 on, under NAICS, these data are split into five industries: automobiles, light trucks, heavy duty trucks, (part of) motor vehicle bodies, and (part of) military armored vehicles. The 1997 census data provide the share of the total output NOTE. The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER). The NBER has not in SIC 3711 that should be attributed to its NAICS counteryet established a trough for the recession beginning in 2001; the shaded parts for automobiles, for light trucks, and so on in that area arbitrarily stops at the end of that year. The derivation of NAICS-based source data was were also restated to accord with NAICS. The an extensive effort. It involved reconstructing many 2002 NAICS was used for all restatements and working data sets that underlie the estimation of IP conversions.4 and capacity, including the annual comprehensive estimates of industry value added and value of production and the annual (fourth quarter) survey data Restructuring of Industry Subsectors for industry utilization rates. All in all, annual figures for most variables reported in the Censuses and NAICS substantially restructured many industries Annual Surveys of Manufactures (shipments, value within manufacturing. One significant change was added, cost of materials, inventories, capital spend- the reorganization of high-technology industries. ing, production-worker hours, and the like) were NAICS created a new subsector for high-technology derived at the six-digit NAICS level from 1972 on. manufacturing, computer and electronic product Utilization rates from the Survey of Plant Capacity were reconstructed beginning in the fourth quarter 4. Further information on the Federal Reserve's work to construct of 1974, the start date of the survey. The Federal historical NAICS industry-level data will be available in the proceed- Reserve's data on monthly electric power use were ings of the session "Industrial Production and Capacity Utilization: The Construction of Current and Historical NAICS-based Measures" derived at the four-digit NAICS industry level from to be held at the 2003 Joint Statistical Meetings (August 3-9, 2003, data in the Annual Survey of Manufactures, which San Francisco). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 Federal Reserve Bulletin • April 2003 manufacturing (NAICS 334), which combined into a of several product series new to the IP system. In sensible aggregate industries that had been scattered particular, the IP physical product measures for across various two-digit SIC industry groups. For NAICS 3131 (fiber, yarn, and thread mills) were some time, the G.17 has reported output, capacity, broadened relative to the corresponding SIC series and capacity utilization for selected high-technology to include wool fibers. In addition, IP measures for industries: semiconductors, computers, and commu- NAICS 3132 (fabric mills) now use a quarterly nications equipment manufacturing. These industries production series for cotton and synthetic fabrics. account for most of the new NAICS 334 subsector. Finally, tire cord production (part of NAICS 3149) is The new subsector also contains audio and video now being compiled as a separate IP series derived equipment and navigational, measuring, electromedi- from physical product data. cal, and control instruments. The output, capacity, The revised industrial production index contains and capacity utilization measures for selected high- monthly output indexes for 227 NAICS six-digit technology industries will continue to be reported in (or combination of six-digit) industries; previously, the monthly G.17 release along with data for the new the index represented 207 SIC-based industries. Of NAICS subsector. course, the industrial production index contains many Within the transportation equipment manufac- sub-industry indexes, developed from product data, turing subsector, NAICS introduced a new industry that are used to compile market groups and, ultigroup for motor vehicle parts manufacturing (NAICS mately, the total index. The introduction of NAICS 3363). The group contains eleven new six-digit does not change the way in which product data are industries for motor vehicles parts, many of which— used to compile monthly IP; taking these productmetal stamping, vehicular lighting and electronic based sub-industry indexes into account, the revised equipment, motor vehicle seating and interior trim, IP index is now built from 295 individual component and motor vehicle air-conditioning manufacturing— series.5 were previously parts of a wide range of two-digit The implementation of NAICS for capacity and SIC major groups, including fabricated metals, furni- capacity utilization resulted in the introduction on net ture, apparel, and electrical and nonelectrical machin- of nine new series in the system. The new industry ery. As a result of these changes, the monthly IP series are mainly in the chemical and machinery index for motor vehicle manufacturing now com- manufacturing subsectors (NAICS 325 and 333, prises nine NAICS-based industry series. Some of respectively); a new capacity series for lime and these series, such as metal stamping and motor vehi- gypsum product manufacturing (NAICS 3274) was cle air-conditioning manufacturing, were separate derived using capacity data issued by the Gypsum series in the previous IP index, and the change Association and introduced from 1972 on. All told, entailed a simple rearrangement of the data. As in the the capacity measures now are built from eighty-five previous structure, each industry series in motor vehi- industry series, most of which are NAICS four-digit cle parts, except for metal stamping, is further dis- industries (or combinations of them).6 aggregated into two sub-industry indexes—one for The NAICS subsectors that are now being pubthe production of original equipment and the other lished in the regular monthly release are shown in the for the production of replacement parts. All told, the bottom half of table A.5 (which reports changes motor vehicle parts industry group is now repre- in IP) and in table A.7 (which shows capacity utilizasented by seventeen individual IP series, and the tion rates); additional industry detail are being pubproportion of the industry group in the overall index lished in the supplemental tables available from the is 3.4 percent, about 1 VA percentage points larger than Board's web page for the G.17. The annual proit was in the SIC-based IP data. portions of the new industry subsectors in total IP Another change split the SIC two-digit textiles and from 1994 on are shown on the bottom portion of products major group (SIC 22) into two NAICS sub- table A. 10. sectors: textile mills (NAICS 313) and textile product mills (NAICS 314). Within these subsectors, a few industries in SIC 22 were moved to apparel manufacturing (NAICS 315), and a few others previously not in the SIC textile group were newly included (mainly 5. The detailed new NAICS structure and monthly data sources for all NAICS subsector, industry, and sub-industry IP indexes are in the from the SIC two-digit group for apparel). The impleupdated "Source and Description" table at www.federalreserve.gov/ mentation of the NAICS structure for textiles in the releases/g 17/sdtab 1 .pdf. IP index was accompanied by an extensive review of 6. The detailed new structure for capacity and capacity utilization is shown in the updated table at www.federalreserve.gov/releases/gl7/ available source data; the result was the introduction captabl.pdf. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production and Capacity Utilization: The 2002 Historical and Annual Revision 159 NEW METHODS IN THE REVISION 5. Price index for communications equipment manufacturing In this revision, new or refined methods for three Year Price index series were introduced as follows: (1) a new benchmark index for the real output of communications 1988 100.000 1989 96.069 equipment manufacturing, (2) a refined structure of the monthly IP index for semiconductors, and I 1990 94.939 1991 92.921 (3) improved methods for estimating light vehicle 1992 90.891 1993 86.054 capacity. 1994 82.271 1995 77.840 1996 74.023 1997 69.091 Communications Equipment Manufacturing IP 1998 62.858 1999 57.291 The Federal Reserve improved the methods it uses 2000 53.308 IJto 2001 48.764 for compiling the production series for communi- MSR •FLLIEMO cations equipment manufacturing (NAICS 3342) Average percent change, 1988-2001 -5.34 from 1988 on. In recent years, the Federal Reserve has made numerous improvements in its measures of real output for the high-tech sector. Two wave division multiplexing equipment, and digital years ago, it introduced a new production index for cross connects—are shown in chart 3. As may be one component of communications equipment, local seen, prices for fiber optic equipment declined noticearea network (LAN) equipment. With the current ably from 1996 to 2001. The value of the production revision, new results for other types of communicaof these devices also grew rapidly in the late 1990s tions equipment—namely, fiber optic equipment, and reached more than 10 percent of the total value cable modems, public branch exchanges, and cellular of communications equipment production in 2000. communication equipment—have been introduced.7 Overall, value added in communications equipment Price indexes for three types of equipment that are manufacturing was 2.0 percent of total IP from 1994 used to run fiber optic networks—multiplexers, dense to 2000. The new results are annual price measures that 7. The new results are from Mark Doms, "Prices for Communica- more accurately reflect the technical advances and tions Equipment," in C. Corrado, J. Haltiwanger, and D. Sichel, eds., quality change in the equipment produced by the Measuring Capital in the New Economy, vol. 64, Studies in Income communications equipment industry. An annual price and Wealth (Chicago: University of Chicago Press, forthcoming). index for communications equipment manufacturing, which incorporates the previously issued statistics on 3. Price indexes for fiber optic equipment LAN equipment as well as the new results, is shown Ratio scale, index 1996 = 100 in table 5. This index was used to construct the cross annual IP benchmark index for communications connects equipment manufacturing and affects the annual changes in that index from 1988 on. Semiconductors and Related Devices IP Dense wave — division multiplexing The IP series for the manufacture of semiconductors equipment and related devices (NAICS 334413) is now built from five sub-industry indexes—microprocessor units (MPUs), metal oxide semiconductor (MOS) logic devices excluding MPUs, MOS memory chips, other integrated circuits (linear and analog), and optoelec- Average annual percent change tronics and other discrete devices—from 1992 on. Fiber optic equipment — -13.5 The new series are not published separately, but their Multiplexers -15.2 inclusion in the IP structure improves the accuracy Dense wave division multiplexing equipment -24.0 Digital cross connects -6.0 and compilation of the published monthly index for semiconductor and related electronic components SOURCE. Mark Doms, "Prices of Communications Equipment." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 Federal Reserve Bulletin • April 2003 (NAICS 334412-9). Value added for this series aver- The greater discounting of past peaks in line speeds aged 3.4 percent of total IP from 1994 to 2000. and the improved assumptions and use of data by The data on the value of production for the new shift lowered, on balance, the estimates of unit capacsubcategories of semiconductors, which are not avail- ity for light vehicles. As a result, the average utilizaable in reports from the Census Bureau, were devel- tion rate for light vehicles in the revised data was oped from information issued by trade associations, about 0.8 percentage point higher than in the earlier private research companies, and company reports. data. Also, consistent with the revised production The basic data, which are monthly and quarterly and index, the new capacity series for light vehicles based largely on reports issued by the Semiconductor begins in 1972, five years earlier than the previous Industries Association and Dataquest, are adjusted to measure. comprehensive annual measures issued by the Census Bureau. The price measures for each component, which are updated annually and are thus subject to CURRENT METHODS APPLIED TO revision each year, are developed from (1) revised EARLIER DATA data from the same sources, (2) quarterly data on The consistency of the production and capacity microprocessor prices that are available annually indexes was further improved by recompiling the from Micro Design Resources, and (3) producer price new NAICS indexes using current methods—in indexes issued by the Bureau of Labor Statistics. so far as possible—back to 1972. Many changes and refinements to methods were introduced in the Light Vehicle Capacity historical and annual revisions issued in the 1990s and in 2000 and 2001; the historical revisions The capacity of automobile and light duty motor affected IP beginning in 1977 and capacity beginvehicle manufacturing (NAICS 33611) is estimated ning in 1967, but the regular annual revisions were from plant-level data; in the most recent model year, implemented only from 1987 or 1992 on. The sixty-six light vehicle assembly plants were operating revision to the 1972-1977 segment of the IP index is in the United States. For each of these facilities, the first since the issuance of the 1985 historical capacity in units was developed from data on the revision. actual number of shifts, the length of the shifts, and The revised IP index was compiled as a chain-type the speed of the assembly line (line speed). Aggrega- index with monthly weights beginning with data for tion of the plant capacities using model-specific 1972. Previously, a linked-Laspeyres formulation was prices from 1987 on yielded a capacity index consis- used to aggregate data from 1972 to 1977, and a tent with the production index. chain-type formulation (with annual weights) was The methods for determining plant capacity from used for data from 1977 to 1992.9 In addition, the shift and line speed data were refined to better reflect annual benchmark indexes for real industry output current operating practices and technology.8 With from 1972 to 1987 were newly compiled using curthis revision, a plant's line speed at capacity was rent methods as well as NAICS-based source data. determined by the peak within the past ten years; With the exception of computers and semiconducpreviously, the peak line speed was obtained from all tors, annual output benchmarks for those years were available data, which may have covered more than not previously compiled as chain-type indexes. Moreten years. The revision also introduced a nonstandard over, annual revision and benchmark methods estabshift configuration, with plants able to rotate three lished in the mid-1990s, previously applied to data crews over two ten-hour shifts, six days per week; previously, plants were assumed to operate two or three standard-length shifts. In recent years, two to 9. An annually weighted version of the Fisher-ideal index formula four plants have used the nonstandard configuration, was introduced as the aggregation method for the IP index in a historical revision issued in January 1997; the formulation was refined about the same number that have used the standard to use monthly weights in the fall 2000 annual revision. The refined three-shift configuration. Last, the revision refined version affected data from February 1992 on, whereas the original the assumptions used to determine annual plant hours formulation was applied beginning July 1977. See pp. 72-76 in Carol Corrado, Charles Gilbert, and Richard at capacity for plants with standard-length shifts. Raddock, "Industrial Production and Capacity Utilization: Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February 1997), and page 137 in Carol Corrado, "Industrial 8. The basic method used to estimate light vehicle capacity was Production and Capacity Utilization: the 2000 Annual Revision," reviewed on pp. 442-43 of Richard Raddock, "Recent Developments vol. 87 (March 2001), for further information on this formulation for in Industrial Capacity and Utilization," Federal Reserve Bulletin, aggregation. The derivation of the weights used in aggregation is also vol. 76 (June 1990). discussed in these articles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production and Capacity Utilization: The 2002 Historical and Annual Revision 161 from 1987 on, were newly applied to data for all of an interpolation procedure that allows the rate of years in so far as possible.10 change in monthly capacity to evolve slowly; the The monthly changes in IP beginning in 1972 also procedure was introduced in March 1999 and, in that now reflect the improved seasonal adjustment tech- year's fall revision, applied to data from 1992 on. niques introduced in the 1993 and 1995 annual revi- Previously, monthly capacity figures had been comsions; previously, these techniques, which include puted on the assumption of a constant rate of change adjustments for holiday and other calendar effects in capacity through a year, with potentially abrupt derived using a regression approach, were applied changes between the last months of one year and the to data starting in 1987.11 Seasonal factors for all first months of the next. The rates of change in the years continue to be derived using the "interven- monthly capacity indexes are, all else being equal, tion approach" introduced in the 1985 revision; revised in line with industrial production. The applithis approach shields the estimates from extreme cation of the current aggregation formula to earlier business-cycle movements.12 periods of production and capacity data, however, The monthly IP indexes that use the Federal does not materially affect the monthly utilization Reserve's electric power data as a production indica- rates. tor were further refined by (1) excluding the system- Other changes in basic methods include the extenatic influence of the weather on seasonally adjusted sion back to 1967 of various refinements to the electricity use (this modification, introduced in the structure of market groups, including the changes fall 1998 annual revision, previously applied to data within business equipment introduced in the 1990 from 1992 on) and (2) including data that were issued historical revision and implemented from 1977 forin a major revision of the electric power data in early ward, and the new structure of groups within con- 1997.13 Although these electric power data had been sumer durables introduced with the new release forincluded in the IP index from 1987 on, the 1997 mat in February 2001 and implemented from 1982 revision modified them from their start date of 1972. forward. The new materials subgroup (semiconduc- The annual changes in capacity are estimated from tors, printed circuit boards, and other electronic comimproved models that were introduced in the 1999 ponents), which was introduced in the 1998 revision annual revision and were used to develop capacity and implemented from 1992 forward, was extended indexes beginning with 1992.14 The capacity esti- back to 1972. Finally, the improvements to the methmates before 1992 are also affected by the application ods used to estimate value added in the electric utility industry, which were introduced last year and imple- 10. In particular, the May 1993 revision introduced explicit adjust- mented on a best-change basis from 1992 forward, ments for "drift" in the data from the Annual Survey of Manufactures were fully implemented and linked back to 1972 in from 1987 to 1991; the adjustments were refined with the availability this revision; and the refined methods and source data of results from the 1992 Census and incorporated in the fall 1994 annual revision. For further discussion, see pp. 24-25 in Richard used to determine the consumer and business shares Raddock, "Industrial Production and Capacity Utilization: A Revi- of motor vehicle production were newly included in sion," Federal Reserve Bulletin, vol. 81 (January 1995). the market group indexes for the years preceding These adjustments are newly applied to data from 1982 to 1986. 1992.15 Other methods, such as the adjustment of all industry-level series in manufacturing to comprehensive annual real output measures, were Since the 1990 historical revision, new or refined applied to data for all years. procedures for measuring nearly sixty individual pro- 11. See pp. 23-24 in Richard Raddock, "A Revision to Industrial Production and Capacity Utilization, 1991-95," Federal Reserve Bul- duction and capacity series from product data were letin, vol. 82 (January 1996), for a description of seasonal factors in introduced. Most of the improvements were implethe production indexes. mented beginning in, or near, the start year of the 12. See pp. 77-86 in Board of Governors of the Federal Reserve System, Industrial Production—1986 Edition (Board of Governors, source data for the series. For about a dozen series, 1986). however, the revision incorporated new source data 13. For a further elaboration of the weather adjustment, see p. 24 in and methods for earlier years (see box "Individual Charles Gilbert and Richard Raddock, "Industrial Production and Capacity Utilization: the 1998 Annual Revision," Federal Reserve Bulletin, vol. 85 (January 1999). The electric power data revision was reviewed in Carol Corrado, variable that measures the average age of the industry's net capital Charles Gilbert, and Richard Raddock, "Industrial Production and stocks. Capacity Utilization: Historical Revision and Recent Developments," See pp. 196-97 in Charles Gilbert, Norman Morin, and Richard Federal Reserve Bulletin, vol. 83 (February 1997), appendix B, Raddock, "Industrial Production and Capacity Utilization: The 1999 pp. 89-92. Annual Revision," Federal Reserve Bulletin, vol. 86 (March 2000), 14. Models are used to develop most of the Federal Reserve's for a description of the way capacity is modeled with utilization rates estimates of the annual change in industry capacity. The models and information on industry capital stocks and capital input. related an implied capacity measure (calculated as the industrial 15. In the industrial production index, a consumer vehicle that is production index for an industry divided by survey data on utilization leased is included in consumer goods. Information on retail purchases rates for the industry) to an industry capital input measure and a and leases is used to determine the consumer share. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 Federal Reserve Bulletin • April 2003 Individual Series for Which the 2002 Revision Applied Current Source Data and Methods to Earlier Years For the production index, the affected series include 33612) are now compiled as annually weighted chaintype indexes from 1987 on; these refined within-year esti- • Coal mining (NAICS 2121). The current coal produc- mates of light vehicle production were introduced in the tion measures were taken back to 1972; the measures weight 1999 revision and previously applied to data from 1992 on. the tonnage produced in a region by the Btu content typical In addition, the series for light trucks now begins in 1972, of a ton of coal mined in that region and were introduced in whereas it previously began with data for 1977. the 1998 revision from 1992 forward. • Motor vehicle parts, original equipment (NAICS • Stone mining and quarrying (NAICS 21231) and sand 3363pt). The series are now constructed in two segments: and gravel mining (NAICS 21232,1). A single series, based from 1972 to 1992, the monthly changes are proportional on quarterly product data from the U.S. Geological Survey to changes in production-worker hours and motor vehicle and interpolated using monthly data on railroad car load- assemblies; from 1992 on, the series also reflect product ings, was introduced in the January 1997 revision from data when available. (Product data were newly introduced 1992 on; two series using the same data now begin in 1987. in the revision issued in January 1997.) From 1982 to 1987, for each series, monthly railroad car • Motor vehicle parts, repair (NAICS 3363pt). The Fedloadings are used as the production indicator; from 1972 to eral Reserve's annual estimates of motor vehicle repair 1982, data on production-worker hours are used. parts were re-estimated from 1972 on using a procedure • Support activities for oil and gas operations (NAICS introduced in the 2001 revision; the procedure sets the 213112). The activity was newly represented in the fall indexes proportional to an estimate of the outstanding stock 1997 revision from 1987 on; monthly product data from the of vehicles (in units) times the average age of the fleet, same source are now used as the indicator from 1972 on. modified by (1) a cyclical pattern identified using data on • Gypsum product (NAICS 32742). The gypsum series consumer replacement tires and (2) a trend adjustment to newly introduced in the 1993 revision from 1987 on was control the combination of repair and original equipment taken back to 1972; monthly product data from the same parts production to the output of the industry. source are used as the indicator from 1977 on; productionworker hours are the monthly indicator from 1972 to 1977. • Room air conditioners (NAICS 3334lpt). Seasonal For capacity system, the affected series include adjustment factors derived using an additive approach, which were previously applied to the data from 1992 on, are • Natural gas extraction (NAICS 21 111 lpt). The new now used from 1972 on. annual source data, issued by the Energy Information • Completed aircraft, civilian (NAICS 33641 lpt). The Agency and introduced in the 2001 annual revision from methods that had been used to compile civilian aircraft 1992 on, were included back to 1983. production from 1992 on (approximately a forward-looking • Automobile and light duty trucks (NAICS 33611). As ten-month moving average of actual or future planned with the production index, the annual weighting of the unit completions of commercial aircraft by Boeing Corporation) data by model-year prices was extended back to 1987; also were extended back to 1972. see the new methods discussion above. • Automobile and light duty trucks (NAICS 33611). The • Heavy duty trucks (NAICS 33612). The series, which monthly series for the production of automobiles (NAICS previously began in 1987, was extended back to 1972 using 336111) and the production of light duty trucks (NAICS current methods. Series for Which the 2002 Revision Applied Current NEW MARKET AND STAGE-OF-PROCESS Source Data and Methods to Earlier Years"). AGGREGATES As noted earlier, the revised changes in monthly IP overall are highly correlated with the previously To complement the industry measures, the monthly published rates of change. Nonetheless, the applica- G.17 statistical release presents IP indexes for market tion of current seasonal adjustment and compilation groups (such as consumer goods, business equipmethods to the pre-1987 data reduced the volatility ment, and the like) as well as stage-of-process groups of changes in the monthly IP index. The reduction for utilization rates in manufacturing (advanced and is illustrated in chart 4, which shows an eight-year primary processing). The 2002 revision (1) intromoving standard deviation of the percentage change duces new allocations of individual industry producin the revised and earlier monthly IP data. tion indexes into market groups and (2) assigns utili- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production and Capacity Utilization: The 2002 Historical and Annual Revision 163 4. Percent change in monthly IP, 6. Revised industrial production market structure eight-year moving standard deviation (abbreviated) Percent Correspondence to The 2002 revision previous structure Total index Total index Major market groups Major market groups Final products and nonindustrial supplies Total products Final products Final products Consumer goods Consumer goods Equipment, total Equipment, total Nonindustrial supplies Intermediate products Construction Construction supplies Other business Business supplies Materials (or Industrial materials) Materials Non-energy Durable Nondurable Energy NOTE. The names in italics are new with the 2002 revision. . . . Not applicable. NOTE. The shaded areas are periods of business recession as defined by the National Bureau of Economic Research (NBER). The NBER has not yet established a trough for the recession beginning in 2001; the shaded area industrial production index were derived using relaarbitrarily stops at the end of that year. tionships in the 1992 input-output (I-O) tables issued by the Bureau of Economic Analysis.16 The resulting zation rates to more-refined stage-of-process groups changes in industry composition of the market group for total industry. indexes led to a renaming of two major aggregates. The new groups for capacity and capacity utiliza- The new names are highlighted in table 6, which tion are developed from a stage-of-process classificashows the new IP market structure (in abbreviated tion of the 227 industries in the IP industry structure; form). The index representing the input for nonindusthe classification is also used to develop new suppletrial use is named "nonindustrial supplies" (rather mentary output indexes on industrial output by stage than "intermediate products"), and the index that of process. The supplementary statistics on the gross combines inputs to final demand and nonindustrial value of products now provided in the G.17 release use is named "final products and nonindustrial suphave been updated and revised to reflect the new plies" (rather than "total products"). allocation of industry series to the IP market groups. The more noticeable revisions to the industry composition of the IP market groups were in the indexes for (1) business equipment, (2) other business sup- Market Groups plies, a subgroup of the broader grouping of inputs for nonindustrial use, and (3) materials. Table 7 The IP market groups depict industrial output as shows the revised and previous proportion of the flowing from the production of industrial materials major groups in the total index (in value-added terms) and nonindustrial supplies to the production of final at five-year intervals starting in 1972 and for recent products. Because a market group index represents years. The revision lowered somewhat the estimate of the input to a defined economic activity (such as the the proportion of final products in total industrial production of goods for household consumption), an output, primarily because the proportion for business industry's output cannot generally be assigned to equipment has been reduced. Many industries whose only one market group. For example, the outputs of petroleum refineries and motor vehicle producers are inputs to multiple markets. As a result, twenty-six 16. The 1-0 make, use, and bridge tables can be used to express industry series in the industrial production index are the total domestic production of a good as the sum of its use as an intermediate input and its absorption by final demand (consumption, further disaggregated, based on detailed product and investment, government, exports). end-use statistics (for example, gasoline and jet fuel The market group shares were derived from the allocation of the and autos and heavy trucks), so that their output can gross value of industrial output (in producer prices) to the following major components: inputs for intermediate industrial use; inputs for be assigned to multiple market groups. intermediate nonindustrial use (construction and other business sup- With this revision, when appropriate, all industries plies); and inputs to final demand (consumer goods, producers' durain the IP index have their output allocated to mult- ble equipment, and government defense purchases). The IP market shares will be updated with the availability of the iple market groups. Market group shares for the 181 1997 1-0 table in this year's fall revision of industrial production and industries represented by individual series in the capacity utilization. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 Federal Reserve Bulletin • April 2003 7. Revised and previous annual proportions in industrial production, by major market groups, for selected years I Item 1972 1977 1982 1987 1992 1997 2000 2001 Total index 100 100 100 100 100 100 Final products and nonindustrial supplies 55.6 52.3 57.2 57.5 58.1 59.5 (61.9) (57.3) (60.8) (60.6) (59.9) (61.9) Final products 39.5 37.1 41.3 40.7 41.2 42.5 (47.7) (44.1) (46.3) (45.8) (44.8) (46.4) Consumer goods 26.1 23.8 27.5 27.1 27.7 29.2 (27.9) (25.8) (29.0) (28.3) (28.4) (30.5) Equipment total 13.4 13.4 14.9 13.8 13.6 13.6 13.3 (19.8) (18.3) (19.5) (17.3) (17.4) (16.4) (16.0) Business 10.5 10.6 10.4 10.2 10.4 10.9 11.1 10.7 (14.1) (14.5) (13.8) (13.2) (13.2) (14.3) (13.7) (13.1) Nonindustrial supplies 16.1 15.2 13.9 15.8 16.0 16.8 16.9 17.0 (14.2) (13.2) (12.2) (14.8) (14.5) (14.8) (15.1) (15.5) Construction gaBBs 7.5 7.0 5.6 6.4 6.0 6.5 6.7 6.8 (6.8) (6.1) (4.6) (5.9) (5.4) (5.9) (6.4) (6.6) Other business 8.6 8.2 10.0 10.2 10.2 10.2 (7.4) (7.1) (9.1) (9.0) (8.7) (8.9) Materials 44.4 47.7 42.8 42.5 41.9 40.5 (38.1) (42.7) (39.2) (39.4) (40.1) (38.1) Non-energy 34.8 34.2 32.0 31.6 33.3 32.0 30.8 ; • M (29.6) (30.8) (30.1) (29.6) (31.7) (31.3) (30.0) • f '4 Energy 9.6 13.5 11.2 9.3 9.9 9.7 (8.5) (11-9) (9.6) (7.7) (8.8) (8.1) MEMO Total index (billions of dollars) 414.6 711.3 1,118.5 1,429.6 1,718.4 2,496.7 2,489.3 (413.2) (697.2) (1,090.9) (1,387.7) (1,668.4) (2,193.5) (. . .) (• • •) NOTE. Proportions not in parentheses are revised; proportions within paren- . . . Not applicable, theses are previous. entire output was previously included in business changed in composition, their cyclical patterns were equipment also produce equipment parts; that por- not materially altered by the revision. (Revisions to tion is now included in materials. The composition of the indexes for consumer durables and business the consumer goods group was, on balance, little equipment were noticeable during the 1980s, but they changed.17 reflected mostly a reallocation of the consumer— The input-output analysis resulted in a substantial as opposed to business—share of total light vehicle refinement of the composition of the "other busi- production on the basis of the data that were introness" component of nonindustrial supplies. Outside duced for those years; see the previous section). energy, newspaper advertising, job printing, and periodical publishing still are the predominant compo- Stage-of-Process Groups nents in this grouping; but with this revision, noticeable portions of the output of plastics products, Production in the economy can be subdivided into microprocessor units, and of numerous other smaller distinct segments so that, when arranged sequentially, industries have been added. The resulting market the outputs of earlier segments become inputs to group is now more than 2 percentage points larger as subsequent ones; the sequence ends with final a proportion of the overall index.18 demand. This structure of the production process Chart 5 shows the cyclical profile of the major allows industry data to be grouped into stages of market group components. Though most of the series processing. In this revision, input-output methods were used to classify the industries in the IP index into four stages of processing—crude, primary, semi- 17. As in the previously reported measures, the consumer goods group contains replacement car parts, canned and bottled beverages, finished, and finished.19 For example, the organic and pharmaceutical preparations even though these products are dis- chemical industry sells to makers of plastic materials, tributed to consumers by nonindustrial businesses. 18. The detailed series that compose each market group are documented in the table on the Board's web site at 19. The analysis, which was conducted using 1992 input-output www.federalreserve.gov/releases/g 177sdtab2.pdf. relationships, was similar to the analysis reported in Robert Gaddie Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production and Capacity Utilization: The 2002 Historical and Annual Revision 165 5. Industrial production by market groups, 1972-2002 Ratio scale, 1997 output = 100 Equipment 145 125 105 85 65 45 — Nonindustrial supplies I 1 II I 1 1 I I I I I I I I I I I I i I 11 i i II i i i i I i ti II Ill 1 1975 1980 1985 1990 1995 2000 1975 1980 1985 1990 1995 2000 NOTE. The shaded areas are periods of business recession as defined by the established a trough for the recession beginning in 2001; the shaded area National Bureau of Economic Research (NBER). The NBER has not yet arbitrarily stops at the end of that year. who sell to makers of plastic bottles, who sell to soft In this revision, the SOP groups were applied to drink bottlers, who sell soda to consumers; these the industrial production and capacity utilization data industries are in a sequence that reflects the way the in three ways: transactions flow, one that ends with final demand. These stage-of-process (SOP) groupings, which 1. The IP index for materials represents all domesassign each IP industry series to a single processing tically produced inputs for intermediate industrial stage, may be used in two ways: (1) to construct use—that is, for use by finished, semifinished, and indexes for the input to each stage of process and primary industrial processors. With this revision, (2) to construct indexes for the output of each stage the SOP classification of IP industries was used to of process. The existing IP market groups are akin to develop two new components for the IP materials SOP input indexes; for example, the IP index for final index: (1) non-energy inputs to finished processors products is the industrial input to final demand (less and (2) non-energy inputs to primary and semifinexports), and the IP index for nonindustrial supplies ished processors. is the input to nonindustrial finished processors. From The two SOP-based materials sub-aggregates a stage-of-process perspective, however, the IP mate- are new combinations of the individual series in rials index, which combines the production for all non-energy materials. The index for inputs to finearlier stages of process in one group, is broader than ished processors mainly comprises consumer durable desirable for analysis of industrial production. parts, equipment parts, textile product materials, and paper product materials. The index for inputs to primary and semifinished processors comprises basic and Maureen Zoller, "New Stage of Process Price System Developed metals, miscellaneous durable materials, chemical for the Producer Price Index," Monthly Labor Review, vol. Ill (April materials, and other nondurable materials. 1988), pp. 3-16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 Federal Reserve Bulletin • April 2003 8. Revised industrial capacity stage-of-process structure 6. Capacity utilization by stage of process Correspondence to Capacity utilization Percent of capacity The 2002 revision previous structure Total industry Total industry Crude processing Stage-of-process groups Stage-of-process groups 90 Crude processing Most of mining and some basic manufacturing industries 85 Primary and semifinished Primary processing processing and utilities 80 Finished processing Advanced processing and oil and gas well drilling NOTE. The correspondences shown in the table are illustrative. See text for the full discussion. The new indexes are shown as memo items in table 5 of the regular release (see also table A.5). 2. The SOP classification of IP industries was used to develop three aggregates of industries within total industrial capacity and capacity utilization: (1) crude processing, (2) primary and semifinished — 90 processing, and (3) finished processing. These aggre- Finished processing— 85 gates have been compiled from 1972 on. The results are linked to sparser data for earlier years to form — 80 continuous times series from 1967 on. 75 The relationship between the new stage-ofprocess groups for capacity and capacity utilization and the previous published aggregates is summarized in table 8. The first new aggregate, crude processing, NOTE. The shaded areas are periods of business recession as defined by the covers a relatively small portion of total industrial National Bureau of Economic Research (NBER). The NBER has not yet established a trough for the recession beginning in 2001; the shaded area capacity and consists of logging (NAICS 1133), much arbitrarily stops at the end of that year. of mining (excluding stone, sand, and gravel mining and oil and gas drilling, which are NAICS 21231, third SOP capacity aggregate. Primary and semifin- 21221-2, and 213111) and some basic manufacturing ished processing also includes utilities and portions industries, including basic chemicals (NAICS 3251); of several two-digit SIC industries included in the fertilizers, pesticides, and other agricultural chemi- former advanced-processing group.21 cals (NAICS 32531,2); pulp, paper, and paperboard The third SOP capacity aggregate is finished mills (NAICS 3221); and alumina, aluminum, and processing, which generally corresponds to the preother nonferrous production and processing mills viously published aggregate, advanced processing. (NAICS 3313,4).20 Besides the industries previously classified as The second new aggregate for capacity, primary advanced processing, this new group includes oil and and semifinished processing, is a combination of the gas well drilling (a mining industry previously not two middle SOP groups; it corresponds loosely to the included in the capacity SOP aggregates) and carpet previously published aggregate, primary processing. and rug mills (previously included in primary pro- The new aggregate excludes the basic manufacturing cessing). Finished processing excludes those portions industries involved in crude processing as well as of two-digit SIC industries that were in the former part of textile mill products (carpet and rug mills and advanced-processing group but are now in primary curtain and linen mills), which is now included in the and semifinished processing. 20. The crude processing capacity aggregate excludes a few other 21. These include printing and related support activities (NAICS manufacturing industries that are classified as crude processors in the 3231); paints and adhesives (NAICS 3255); and newspaper, periodi- IP industry structure, but because they are not included as individual cal, book, and directory publishers (NAICS 5111). series in the capacity system, they could not be included in the The primary and semifinished capacity aggregate includes turbine capacity aggregate for crude processing. They are alumina refining and turbine generator set units (NAICS 333611). This industry is (NAICS 331311), primary aluminum production (NAICS 331312), included in finished processing in the SOP classification of IP indusnonferrous metal (except aluminum) smelting and refining (NAICS tries, but the capacity system combines NAICS 333611 with other 33141), wood container and pallet (NAICS 32192), support activities industries in NAICS 3336. The resulting aggregate consists mainly of for printing (NAICS 32312), and lime (NAICS 32741). industries classified as semifinished processors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production and Capacity Utilization: The 2002 Historical and Annual Revision 167 Despite the many differences from the previ- mentary output indexes measuring industrial outously published manufacturing aggregates, the new put by stage of process have been introduced for aggregates are similar in cyclical profile. Chart 6 publication in a new table in the regular monthly plots the rates of capacity utilization for these three release. They are formed using gross value weights to stages of processing. combine the IP indexes in each stage-of-process group. • 3. Given the availability of SOP classifications for all detailed industries in the IP index, new supple- Appendix tables start on page 168. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 Federal Reserve Bulletin • April 2003 APPENDIX A: TABLES BASED ON THE G.17 RELEASE, JANUARY 14, 2003 A. 1. Revised data for industrial production for total industry Seasonally adjusted data except as noted Quarter Year Feb Mar Annual avg.1 1 2 3 4 Industrial production (percent change) 1972 2.4 1.0 .8 .9 .1 .2 .0 1.2 .7 1.2 1.1 1.4 18.2 7.9 5.1 14.1 9.6 1973 1.4 .1 -.3 .7 .1 .4 -.3 .8 .6 .3 -.2 12.7 2.8 3.1 5.0 8.0 1974 -.4 .1 .0 .5 -.1 .0 -1.1 .1 -.5 -3.3 -3.6 -3.2 .9 -2.6 -15.3 -.5 1975 —1.1 -2.2 -1.1 -.1 -.3 .7 .7 1.1 1.2 .2 .2 1.3 -23.1 -5.9 9.3 8.2 -9.1 1976 1.2 .0 .7 .3 .0 .6 .7 .1 .1 1.5 1.1 13.3 5.5 4.7 7.4 7.6 1977 1.2 1.3 .9 .7 .6 .4 .1 .4 .2 .1 .2 8.5 12.0 5.0 2.8 7.5 1978 -1.1 .2 1.9 2.0 .4 .6 .0 .3 .2 .7 .7 .6 -.8 16.1 3.6 6.9 5.4 1979 .5 .3 -.9 .7 -.1 -.3 -.7 .1 .5 .0 .1 2.2 -.3 -2.2 1.2 2.9 1980 .0 -.3 -2.0 -2.4 -1.3 -1.0 .5 1.7 1.1 1.8 .6 2.2 -16.0 -7.0 16.2 -2.7 1981 -.4 .5 -.5 .7 .5 .7 -.1 -.7 -.7 -1.1 -1.2 1.1 1.4 4.1 -9.0 1.2 1982 -1.7 1.9 -.7 -.8 -.8 -.4 -.3 -.8 -.4 -1.0 -.3 -.9 -7.2 -5.3 -5.8 -7.9 -5.2 1983 -.5 .7 1.3 .7 .6 1.5 1.1 1.5 .7 .4 .5 4.5 9.8 14.5 10.4 2.6 1984 .2 .7 .6 .5 .3 .3 .1 -.3 -.1 .3 .0 12.6 6.6 2.7 .0 9.0 1985 .5 .0 .0 .1 -.1 -.6 .4 .4 -.4 .3 1.0 .8 .6 -.7 2.2 1.1 1986 -.6 -.6 .0 .1 -.3 .3 .1 .2 .4 .5 .8 2.6 -2.6 .9 4.9 .9 1987 1.3 .2 .6 .6 .6 .7 .7 .2 1.3 .4 .4 4.5 7.1 7.6 8.8 4.8 1988 .4 .2 .4 -.1 .1 .3 .6 -.3 .5 .3 .4 3.4 2.7 2.4 2.9 4.8 1989 -.5 .4 .0 -.7 -.1 -1.0 .9 -.3 -.1 .2 .7 1.8 -1.5 -3.0 1.3 .8 1990 .9 .5 .0 .0 .4 -.2 .1 .1 -.6 -1.3 -.6 2.9 3.2 .8 -6.0 .8 1991 -.7 -.5 .2 1.0 .9 .1 -.1 .9 -.2 -.2 -.3 -7.3 2.3 5.2 .6 -1.7 1992 .8 .8 .6 .4 -.1 .8 -.4 .2 .7 .5 .1 -.5 6.8 3.0 4.1 2.7 1993 .3 .2 .2 -.4 .2 .4 -.1 .7 .5 .5 .6 3.5 1.0 2.1 5.9 3.3 1994 .1 .9 .6 .6 .7 .2 .5 .1 .8 .6 1.1 5.7 7.4 4.9 7.6 5.3 1995 .5 .1 .0 -.1 .3 .4 -.4 1.4 .4 -.2 .4 .4 6.0 .8 4.0 3.7 4.8 1996 -.8 1.4 -.2 .9 .7 .9 .0 .6 .6 .1 .9 .6 2.0 8.0 5.7 6.4 4.4 1997 .3 1.4 .4 .5 .4 .5 .4 1.0 .9 .8 .6 .3 8.6 6.5 7.6 9.2 7.3 1998 .5 .3 .3 .6 .5 -.5 -.1 1.8 -.2 .7 -.3 .1 4.5 4.2 3.3 4.0 5.6 1999 .7 .3 .4 .2 .5 .1 .7 .5 -.1 .9 .6 .7 4.2 4.1 4.9 6.5 4.3 2000 .1 .7 .4 .7 .6 .2 -.2 -.2 .3 -.4 -.1 -.3 5.4 7.1 .2 -1.6 4.7 2001 -.8 -.5 -.5 -.5 -.6 -.6 -.1 -.3 -.7 -.4 -.6 -.5 -6.1 -6.1 -4.6 -5.8 -3.5 2002 .6 .2 .4 .4 .3 .3 .7 -.2 -.1 -.6 .2 -.4 1.4 4.4 3.4 -2.9 -.7 Industrial production (1997 = 100) 1972 51.2 51.7 52.1 52.6 52.6 52.8 52.8 53.4 53.8 54.4 55.1 55.8 51.7 52.7 53.3 55.1 53.2 1973 56.2 57.0 57.1 56.9 57.3 57.3 57.6 57.4 57.8 58.2 58.4 58.3 56.8 57.2 57.6 58.3 57.5 1974 58.0 57.7 57.8 57.8 58.1 58.0 58.0 57.4 57.4 57.1 55.3 53.3 57.8 58.0 57.6 55.2 57.2 1975 52.7 51.5 51.0 50.9 50.8 51.1 51.5 52.1 52.7 52.8 53.0 53.6 51.7 51.0 52.1 53.1 52.0 1976 54.4 55.0 55.0 55.4 55.6 55.6 55.9 56.3 56.4 56.5 57.3 57.9 54.8 55.6 56.2 57.2 56.0 1977 57.7 58.4 59.2 59.7 60.1 60.5 60.7 60.7 61.0 61.2 61.2 61.3 58.4 60.1 60.8 61.2 60.1 1978 60.7 60.8 61.9 63.1 63.4 63.8 63.8 64.0 64.2 64.6 65.1 65.5 61.1 63.4 64.0 65.1 63.4 1979 65.2 65.5 65.7 65.1 65.6 65.5 65.3 64.8 64.9 65.2 65.2 65.2 65.4 65.4 65.0 65.2 65.3 1980 65.6 65.6 65.4 64.1 62.5 61.7 61.1 61.4 62.4 63.1 64.3 64.6 65.6 62.8 61.6 64.0 63.5 1981 64.2 64.0 64.3 64.0 64.4 64.7 65.2 65.1 64.7 64.2 63.5 62.8 64.2 64.4 65.0 63.5 64.3 1982 61.7 62.9 62.4 61.9 61.4 61.2 61.0 60.5 60.2 59.6 59.5 58.9 62.3 61.5 60.6 59.3 60.9 1983 60.1 59.8 60.2 61.0 61.4 61.8 62.8 63.4 64.4 64.8 65.1 65.4 60.0 61.4 63.5 65.1 62.5 1984 66.8 67.0 67.4 67.8 68.2 68.4 68.6 68.7 68.5 68.4 68.7 68.7 67.1 68.2 68.6 68.6 68.1 1985 68.5 68.8 68.8 68.8 68.9 68.8 68.4 68.7 69.0 68.7 68.9 69.6 68.7 68.8 68.7 69.1 68.8 1986 69.9 69.5 69.1 69.1 69.2 69.0 69.2 69.2 69.4 69.7 70.0 70.6 69.5 69.1 69.2 70.1 69.5 1987 70.2 71.1 71.2 71.7 72.1 72.5 73.0 73.5 73.7 74.7 74.9 75.3 70.8 72.1 73.4 75.0 72.8 1988 75.3 75.6 75.8 76.1 76.0 76.1 76.3 76.8 76.5 76.9 77.1 77.3 75.6 76.1 76.5 77.1 76.3 1989 77.6 77.2 77.5 77.5 77.0 76.9 76.2 76.8 76.6 76.5 76.6 77.2 77.4 77.1 76.5 76.8 77.0 1990 76.7 77.4 77.8 77.8 77.8 78.1 78.0 78.1 78.2 77.7 76.7 76.2 77.3 77.9 78.1 76.9 77.6 1991 76.0 75.4 75.0 75.2 75.9 76.6 76.7 76.6 77.3 77.1 77.0 76.7 75.4 75.9 76.8 77.0 76.3 1992 76.2 76.9 77.5 78.0 78.3 78.2 78.9 78.6 78.7 79.2 79.6 79.7 76.9 78.1 78.7 79.5 78.3 1993 80.0 80.2 80.4 80.6 80.3 80.4 80.7 80.6 81.2 81.6 82.0 82.4 80.2 80.4 80.8 82.0 80.9 1994 82.9 82.9 83.6 84.1 84.6 85.2 85.3 85.8 85.9 86.6 87.1 88.0 83.1 84.6 85.7 87.2 85.2 1995 88.5 88.5 88.5 88.4 88.7 89.0 88.6 89.8 90.2 90.0 90.4 90.8 88.5 88.7 89.6 90.4 89.3 1996 90.1 91.3 91.1 91.9 92.5 93.4 93.3 93.9 94.5 94.6 95.5 96.1 90.8 92.6 93.9 95.4 93.2 1997 96.3 97.7 98.1 98.5 98.9 99.4 99.8 100.8 101.7 102.5 103.1 103.4 97.4 98.9 100.7 103.0 100.0 1998 103.8 104.1 104.4 105.0 105.5 105.0 104.9 106.7 106.6 107.3 107.0 107.1 104.1 105.2 106.1 107.1 105.6 1999 107.8 108.2 108.6 108.9 109.4 109.6 110.3 110.8 110.7 111.7 112.3 113.1 108.2 109.3 110.6 112.4 110.1 2000 113.2 113.9 114.4 115.3 116.0 116.2 115.9 115.7 116.1 115.6 115.5 115.1 113.9 115.8 115.9 115.4 115.3 2001 114.2 113.6 113.1 112.5 111.8 111.1 111.0 110.7 109.9 109.5 108.8 108.3 113.6 111.8 110.5 108.9 111.2 2002 109.0 109.2 109.6 110.1 110.4 110.8 111.6 111.3 111.2 110.6 110.8 110.3 109.3 110.5 111.4 110.6 110.5 NOTE. Monthly percent change figures show change from the previous Estimates for November 2002 and December 2002 are subject to further month; quarterly figures show the change from the previous quarter at a revision in the upcoming monthly releases. compound annual rate of growth. Production and capacity indexes are expressed 1. Annual averages of industrial production are calculated from indexes that as percentages of output in 1997. are not seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production and Capacity Utilization: The 2002 Historical and Annual Revision 169 A.2. Revised data for capacity and utilization for total industry Seasonally adjusted data except as noted Quarter AAnnnnuuaall YYeeaarr JJaann.. FFeebb.. MMaarr.. AApprr.. MMaayy JJuunnee JJuullyy AAuugg.. SSeepptt.. avg.1 1 2 3 4 Capacity (percent of 1997 output) 1972 62.2 62.3 62.5 62.6 62.7 62.9 63.0 63.2 63.3 63.5 63.7 63.8 62.3 62.7 63.2 63.7 63.0 1973 64.0 64.2 64.4 64.6 64.8 65.0 65.2 65.4 65.6 65.8 66.0 66.2 64.2 64.8 65.4 66.0 65.1 1974 66.4 66.6 66.8 67.0 67.1 67.3 67.4 67.6 67.7 67.9 68.0 68.1 66.6 67.1 67.6 68.0 67.3 1975 68.2 68.3 68.4 68.5 68.6 68.8 68.9 69.0 69.1 69.2 69.4 69.5 68.3 68.7 69.0 69.4 68.8 1976 69.6 69.8 69.9 70.0 70.2 70.3 70.5 70.6 70.8 70.9 71.1 71.2 69.8 70.2 70.6 71.1 70.4 1977 71.4 71.5 71.7 71.8 72.0 72.2 72.4 72.5 72.7 72.9 73.1 73.3 71.5 72.0 72.5 73.1 72.3 1978 73.5 73.7 73.9 74.1 74.3 74.5 74.7 74.9 75.1 75.3 75.5 75.6 73.7 74.3 74.9 75.5 74.6 1979 75.8 76.0 76.2 76.3 76.5 76.7 76.9 77.0 77.2 77.3 77.5 77.6 76.0 76.5 77.0 77.5 76.7 1 1980 77.7 77.9 78.0 78.2 78.3 78.4 78.6 78.7 78.9 79.0 79.2 79.3 77.9 78.3 78.7 79.2 78.5 I 1981 79.5 79.7 79.8 80.0 80.2 80.4 80.6 80.7 80.9 81.1 81.3 81.5 79.7 80.2 80.7 81.3 80.5 I 1982 81.7 81.9 82.1 82.2 82.4 82.6 82.7 82.9 83.0 83.1 83.2 83.3 81.9 82.4 82.8 83.2 82.6 1983 83.3 83.4 83.4 83.5 83.5 83.6 83.6 83.6 83.7 83.7 83.8 83.9 83.4 83.5 83.6 83.8 83.6 1984 83.9 84.0 84.1 84.2 84.4 84.5 84.7 84.8 85.0 85.2 85.3 85.5 84.0 84.4 84.8 85.3 84.6 1985 85.7 85.9 86.1 86.3 86.4 86.6 86.8 87.0 87.1 87.3 87.4 87.5 85.9 86.4 87.0 87.4 86.7 1986 87.6 87.8 87.9 88.0 88.1 88.1 88.2 88.3 88.4 88.6 88.7 88.8 87.8 88.1 88.3 88.7 88.2 1987 88.9 89.1 89.2 89.3 89.5 89.6 89.8 89.9 90.0 90.1 90.2 90.3 89.1 89.5 89.9 90.2 89.7 1988 90.4 90.4 90.5 90.5 90.6 90.6 90.7 90.7 90.8 90.9 91.0 91.1 90.4 90.6 90.7 91.0 90.7 1989 91.2 91.3 91.4 91.6 91.7 91.9 92.1 92.3 92.4 92.6 92.8 93.0 91.3 91.7 92.3 92.8 92.0 1990 93.1 93.3 93.5 93.7 93.8 94.0 94.2 94.3 94.5 94.6 94.8 94.9 93.3 93.8 94.3 94.8 94.1 1991 95.1 95.2 95.4 95.5 95.7 95.8 95.9 96.1 96.2 96.4 96.5 96.7 95.2 95.7 96.1 96.5 95.9 1992 96.8 97.0 97.1 97.3 97.4 97.6 97.8 97.9 98.1 98.3 98.4 98.6 97.0 97.4 97.9 98.4 97.7 1993 98.8 99.0 99.1 99.3 99.5 99.6 99.8 100.0 100.1 100.3 100.5 100.7 99.0 99.5 100.0 100.5 99.7 1994 100.9 101.1 101.3 101.5 101.8 102.0 102.3 102.6 102.9 103.2 103.6 104.0 101.1 101.8 102.6 103.6 102.3 1995 104.3 104.7 105.2 105.6 106.0 106.5 107.0 107.4 107.9 108.4 108.9 109.5 104.7 106.0 107.4 108.9 106.8 1996 110.0 110.5 111.0 111.6 112.1 112.6 113.2 113.7 114.2 114.7 115.2 115.8 110.5 112.1 113.7 115.2 112.9 1997 116.3 116.8 117.3 117.9 118.4 119.0 119.6 120.3 120.9 121.6 122.3 123.0 116.8 118.5 120.3 122.3 119.5 1998 123.7 124.4 125.2 125.9 126.6 127.3 127.9 128.6 129.1 129.7 130.3 130.8 124.4 126.6 128.5 130.3 127.5 1999 131.3 131.7 132.2 132.6 133.0 133.4 133.8 134.3 134.7 135.2 135.6 136.1 131.7 133.0 134.3 135.6 133.7 2000 136.6 137.1 137.7 138.2 138.7 139.2 139.7 140.2 140.7 141.1 141.5 142.0 137.1 138.7 140.2 141.5 139.4 2001 142.3 142.7 143.0 143.4 143.6 143.9 144.1 144.4 144.6 144.8 145.0 145.1 142.7 143.6 144.4 145.0 143.9 2002 145.3 145.4 145.6 145.7 145.9 146.0 146.1 146.2 146.4 146.5 146.6 146.7 145.4 145.9 146.2 146.6 146.0 Utilization (percent) 1972 82.3 82.9 83.4 84.0 83.9 83.9 83.7 84.5 84.9 85.8 86.5 87.4 82.9 83.9 84.4 86.6 84.4 1973 87.9 88.8 88.6 88.1 88.4 88.2 88.3 87.7 88.2 88.5 88.5 88.0 88.4 88.2 88.1 88.3 88.3 1974 87.3 86.7 86.6 86.3 86.5 86.2 86.0 84.9 84.8 84.2 81.3 78.3 86.9 86.4 85.2 81.3 84.9 1975 77.2 75.4 74.5 74.3 74.0 74.4 74.8 75.5 76.3 76.3 76.3 77.2 75.7 74.2 75.5 76.6 75.5 1976 78.1 78.9 78.8 79.2 79.3 79.1 79.3 79.8 79.7 79.6 80.6 81.3 78.6 79.2 79.6 80.5 79.5 1977 80.8 81.6 82.5 83.1 83.5 83.8 83.9 83.8 83.9 83.9 83.7 83.7 81.7 83.4 83.9 83.8 83.2 1978 82.5 82.5 83.8 85.2 85.3 85.6 85.4 85.5 85.5 85.9 86.3 86.6 82.9 85.4 85.5 86.3 85.0 1979 86.0 86.2 86.2 85.2 85.7 85.4 85.0 84.2 84.1 84.3 84.1 84.1 86.1 85.4 84.4 84.2 85.0 1980 84.4 84.3 83.8 82.0 79.9 78.6 77.7 78.0 79.2 79.9 81.2 81.4 84.2 80.2 78.3 80.8 80.9 1981 80.8 80.3 80.5 79.9 80.4 80.6 81.0 80.7 80.0 79.2 78.1 77.0 80.5 80.3 80.5 78.1 79.9 1982 75.5 76.8 76.0 75.2 74.5 74.1 73.7 73.0 72.6 71.8 71.5 70.8 76.1 74.6 73.1 71.3 73.8 1983 72.1 71.6 72.1 73.1 73.6 74.0 75.1 75.9 76.9 77.4 77.7 78.0 71.9 73.5 75.9 77.7 74.8 1984 79.6 79.7 80.2 80.5 80.8 81.0 81.1 81.0 80.6 80.4 80.5 80.3 79.8 80.8 80.9 80.4 80.5 1985 79.9 80.2 80.0 79.8 79.7 79.4 78.8 79.0 79.2 78.8 78.9 79.5 80.0 79.6 79.0 79.1 79.4 1986 79.8 79.2 78.7 78.6 78.5 78.2 78.4 78.3 78.4 78.7 78.9 79.5 79.2 78.5 78.4 79.0 78.8 1987 78.9 79.8 79.9 80.2 80.5 80.9 81.3 81.8 81.9 82.9 83.1 83.4 79.5 80.5 81.6 83.1 81.2 1988 83.4 83.7 83.8 84.0 83.9 84.0 84.2 84.6 84.3 84.6 84.7 84.9 83.6 84.0 84.4 84.7 84.2 1989 85.1 84.6 84.7 84.6 83.9 83.7 82.7 83.3 82.9 82.6 82.6 83.0 84.8 84.1 82.9 82.7 83.6 1990 82.4 83.0 83.2 83.1 83.0 83.1 82.8 82.8 82.8 82.1 80.9 80.3 82.9 83.1 82.8 81.1 82.5 1991 79.9 79.2 78.6 78.7 79.4 79.9 79.9 79.7 80.3 80.0 79.8 79.4 79.2 79.3 80.0 79.7 79.6 1992 78.7 79.2 79.8 80.1 80.3 80.1 80.6 80.2 80.2 80.6 80.9 80.8 79.3 80.2 80.4 80.8 80.1 1993 81.0 81.1 81.1 81.1 80.7 80.7 80.9 80.6 81.0 81.3 81.6 81.9 81.1 80.8 80.9 81.6 81.1 1994 82.1 82.0 82.6 82.9 83.1 83.5 83.4 83.6 83.4 83.8 84.1 84.7 82.2 83.1 83.5 84.2 83.3 1995 84.8 84.5 84.2 83.7 83.6 83.6 82.9 83.6 83.6 83.0 83.0 82.9 84.5 83.6 83.4 83.0 83.6 1996 81.9 82.6 82.0 82.4 82.5 82.9 82.5 82.6 82.7 82.4 82.8 83.0 82.2 82.6 82.6 82.8 82.5 1997 82.9 83.6 83.6 83.6 83.5 83.5 83.4 83.8 84.1 84.3 84.3 84.0 83.4 83.5 83.8 84.2 83.7 1998 83.9 83.6 83.4 83.4 83.4 82.5 82.0 83.0 82.5 82.7 82.1 81.9 83.7 83.1 82.5 82.2 82.9 1999 82.1 82.1 82.2 82.1 82.3 82.1 82.4 82.5 82.2 82.6 82.8 83.1 82.1 82.2 82.4 82.9 82.4 2000 82.9 83.1 83.1 83.4 83.6 83.5 83.0 82.5 82.5 81.9 81.6 81.1 83.0 83.5 82.7 81.6 82.7 2001 80.2 79.6 79.0 78.5 77.9 77.2 77.0 76.7 76.0 75.6 75.1 74.6 79.6 77.9 76.6 75.1 77.3 2002 75.0 75.1 75.3 75.6 75.7 75.9 76.4 76.1 76.0 75.5 75.6 75.2 75.1 75.7 76.2 75.4 75.6 NOTE. See also general note to table A.l. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 Federal Reserve Bulletin • April 2003 A.3. Revised data for industrial production for manufacturing industries1 Seasonally adjusted data except as noted Quarter Annual avg.2 1 2 3 4 Industrial production (percent change) 1972 2.6 .8 .8 1.0 .2 .4 .2 1.1 .7 1.3 1.2 1.6 17.6 8.7 6.0 15.2 10.4 1973 .8 1.5 .2 -.3 .7 .0 .4 -.5 .8 .8 .6 .1 14.5 3.3 2.6 6.4 8.9 1974 -.7 -.4 .0 -.1 .5 .1 -.2 -.9 .1 -.8 -2.9 -4.5 -2.9 .3 -2.3 -16.7 -.4 1975 -1.7 -2.7 -1.3 -.4 .0 .8 1.0 1.2 1.6 .3 .2 1.4 -27.6 -7.3 12.3 9.7 -10.6 1976 1.3 1.7 .1 .8 .4 .0 .7 .7 .0 .1 1.3 1.2 14.6 7.2 5.5 6.4 8.8 1977 -.1 1.5 1.6 1.1 .7 .7 .3 .5 .1 .2 .2 1.1 10.9 14.0 5.5 3.9 8.6 1978 -1.2 .1 1.7 1.5 .4 .8 .0 .4 .4 .7 .9 .8 .9 13.3 4.4 8.2 6.0 1979 -.6 .3 .4 -1.3 1.1 .1 .0 -1.4 .2 .2 -.2 .3 2.3 -1.0 -1.6 -.5 3.0 1980 .5 -.1 -.8 -2.0 -3.0 -1.6 -1.3 1.0 1.7 1.6 1.9 .3 1.4 -18.7 -8.4 19.3 -3.8 1981 -.4 -.4 .3 .5 .6 -.5 .3 .0 -.6 -1.1 -1.2 -1.7 .8 3.2 -.1 -10.6 1.0 1982 -2.2 2.6 -.8 -.6 -.3 -.2 -.1 -.9 -.3 -1.3 -.6 -.5 -8.8 -2.1 -3.9 -9.0 -5.5 1983 2.5 -.2 1.0 1.2 1.3 .8 1.5 .7 1.8 1.1 .3 .3 9.0 12.5 15.0 12.1 4.6 1984 2.0 .8 .8 .5 .3 .4 .5 .1 -.3 .4 .3 .4 13.0 6.7 3.7 2.2 9.9 1985 -.4 -.2 .7 -.2 .1 .1 -.4 .5 .1 -.4 .6 .4 -.1 1.4 .1 1.7 1.6 1986 1.2 -.5 -.4 .4 .1 -.4 .1 .6 .2 .4 .5 .9 4.8 -.1 1.7 5.6 2.1 1987 -.6 1.6 .2 .5 .6 .5 .8 .5 .5 1.4 .6 .5 4.9 7.2 7.4 10.2 5.4 1988 -.1 .3 .3 .7 -.1 .0 .2 .1 .3 .5 .3 .4 2.7 3.8 1.6 4.3 5.1 1989 .8 -1.0 .0 .1 -.8 .1 -1.1 .9 -.3 -.2 .1 .2 1.8 -3.2 -3.2 .0 .7 1990 -.2 1.4 .4 -.1 .1 .3 -.2 .1 -.1 -.7 -1.2 -.7 4.4 2.9 .4 -6.7 .6 1991 -.7 -.7 -.7 .4 .7 1.1 .4 .0 1.1 -.1 -.3 -.1 -8.6 2.0 6.8 1.4 -2.0 1992 -.6 1.0 .9 .5 .6 .2 .8 -.3 .0 .6 .5 -.2 .8 7.8 3.9 3.0 3.5 1993 .9 .2 .0 .4 -.1 -.2 .3 -.2 .9 .6 .5 .6 4.3 1.4 1.3 6.7 3.4 1994 .4 .1 1.2 .8 .7 .3 .4 .8 .2 .9 .8 1.1 5.9 9.3 5.9 9.3 6.0 1995 .5 -.1 .1 -.1 .1 .5 -.6 1.2 .9 -.2 .2 .5 6.3 .3 3.2 4.4 5.3 1996 -.9 1.3 -.3 1.1 .7 1.1 .4 .6 .7 .1 .9 .8 1.0 9.1 8.2 6.7 4.6 1997 .3 1.6 .6 .3 .5 .7 .3 1.4 .8 .7 .8 .4 10.0 7.7 8.7 9.7 8.5 1998 .9 .2 .2 .8 .3 -.6 -.1 2.1 -.3 1.0 -.1 .2 6.5 3.8 3.8 6.1 6.5 1999 .5 .6 .2 .4 .7 .0 .5 .8 .0 1.0 .8 .6 4.4 4.7 4.9 8.0 4.9 2000 .2 .6 .8 .7 .4 .3 -.1 -.5 .4 -.4 -.4 -.6 6.1 7.1 .1 -2.9 5.0 2001 -.8 -.5 -.5 -.5 -.6 -.7 .0 -.5 -.6 -.6 -.4 -.4 -7.1 -6.2 -4.9 -6.1 -4.1 2002 .6 .1 .2 .3 .4 .4 .4 .1 -.2 -.6 .1 -.4 1.2 3.5 3.0 -3.0 -1.1 Industrial production (1997 = 100) 1972 47.0 47.4 47.8 48.3 48.4 48.6 48.6 49.2 49.5 50.2 50.8 51.6 47.4 48.4 49.1 50.9 48.9 1973 52.1 52.8 53.0 52.8 53.2 53.2 53.4 53.2 53.6 54.0 54.3 54.4 52.6 53.1 53.4 54.2 53.3 1974 54.0 53.8 53.8 53.7 54.0 54.0 53.9 53.4 53.4 53.0 51.4 49.1 53.8 53.9 53.6 51.2 53.1 1975 48.3 47.0 46.4 46.2 46.2 46.6 47.1 47.6 48.4 48.5 48.6 49.3 47.2 46.3 47.7 48.8 47.5 1976 49.9 50.7 50.8 51.2 51.4 51.5 51.8 52.2 52.2 52.2 52.9 53.5 50.5 51.4 52.1 52.9 51.7 1977 53.4 54.2 55.1 55.7 56.1 56.4 56.6 56.9 56.9 57.1 57.2 57.8 54.3 56.1 56.8 57.4 56.1 1978 57.1 57.2 58.1 59.0 59.2 59.7 59.7 60.0 60.2 60.6 61.2 61.7 57.5 59.3 60.0 61.1 59.5 1979 61.3 61.5 61.7 60.9 61.5 61.6 61.6 60.8 60.9 61.1 60.9 61.1 61.5 61.3 61.1 61.0 61.2 1980 61.4 61.4 60.9 59.7 57.9 56.9 56.2 56.8 57.7 58.6 59.8 59.9 61.2 58.2 56.9 59.4 58.9 1981 59.7 59.4 59.6 59.9 60.3 60.0 60.1 60.1 59.8 59.2 58.5 57.5 59.6 60.0 60.0 58.4 59.5 1982 56.2 57.7 57.2 56.9 56.7 56.6 56.6 56.1 55.9 55.2 54.9 54.6 57.1 56.8 56.2 54.9 56.2 1983 56.0 55.9 56.4 57.1 57.9 58.3 59.2 59.6 60.7 61.4 61.6 61.7 56.1 57.8 59.8 61.5 58.8 1984 62.9 63.5 64.0 64.3 64.5 64.8 65.1 65.2 65.0 65.2 65.4 65.7 63.5 64.5 65.1 65.4 64.6 1985 65.4 65.2 65.7 65.6 65.7 65.7 65.4 65.8 65.8 65.6 66.0 66.3 65.4 65.7 65.7 65.9 65.7 1986 67.0 66.7 66.4 66.7 66.8 66.6 66.7 67.1 67.2 67.5 67.8 68.4 66.7 66.7 67.0 67.9 67.1 1987 68.0 69.0 69.1 69.5 69.9 70.3 70.8 71.2 71.5 72.5 72.9 73.3 68.7 69.9 71.2 72.9 70.7 1988 73.2 73.4 73.6 74.1 74.1 74.1 74.2 74.4 74.6 75.0 75.2 75.4 73.4 74.1 74.4 75.2 74.3 1989 76.0 75.3 75.2 75.3 74.7 74.8 74.0 74.6 74.4 74.2 74.3 74.4 75.5 74.9 74.3 74.3 74.8 1990 74.3 75.3 75.6 75.5 75.6 75.8 75.7 75.8 75.7 75.2 74.3 73.8 75.1 75.6 75.7 74.4 75.2 1991 73.3 72.7 72.2 72.5 73.0 73.8 74.1 74.0 74.8 74.8 74.5 74.4 72.7 73.1 74.3 74.6 73.7 1992 74.0 74.7 75.4 75.8 76.2 76.4 77.0 76.8 76.8 77.2 77.6 77.5 74.7 76.1 76.9 77.4 76.3 1993 78.2 78.3 78.3 78.6 78.5 78.4 78.7 78.5 79.2 79.6 80.0 80.5 78.2 78.5 78.8 80.1 78.9 1994 80.8 80.9 81.9 82.6 83.1 83.4 83.7 84.4 84.6 85.4 86.0 87.0 81.2 83.0 84.2 86.1 83.7 1995 87.5 87.4 87.5 87.4 87.4 87.8 87.3 88.3 89.1 88.9 89.1 89.5 87.4 87.5 88.2 89.2 88.1 1996 88.7 89.9 89.6 90.6 91.2 92.3 92.6 93.2 93.8 93.9 94.8 95.5 89.4 91.4 93.2 94.7 92.2 1997 95.8 97.3 97.9 98.3 98.8 99.5 99.7 101.1 101.9 102.6 103.4 103.8 97.0 98.8 100.9 103.3 100.0 1998 104.7 104.9 105.1 105.9 106.2 105.5 105.5 107.7 107.4 108.4 108.3 108.5 104.9 105.9 106.9 108.4 106.5 1999 109.1 109.8 110.0 110.4 111.1 111.1 111.6 112.5 112.5 113.6 114.4 115.1 109.6 110.9 112.2 114.4 111.8 2000 115.3 116.0 116.9 117.7 118.1 118.5 118.4 117.8 118.2 117.8 117.3 116.6 116.1 118.1 118.1 117.2 117.4 2001 115.7 115.1 114.5 114.0 113.3 112.5 112.5 111.9 111.2 110.6 110.1 109.6 115.1 113.3 111.9 110.1 112.6 2002 110.3 110.4 110.7 111.0 111.4 111.9 112.3 112.4 112.1 111.4 111.6 111.1 110.5 111.4 112.3 111.4 111.4 NOTE. Estimates for November 2002 and December 2002 are subject to that have traditionally been considered manufacturing and included in the further revision in the upcoming monthly releases. industrial sector. 1. Manufacturing comprises those industries included in the North American 2. Annual averages of industrial production are calculated from indexes that Industry Classification System, or NAICS, definition of manufacturing plus the are not seasonally adjusted. logging and newspaper, periodical, book, and directory publishing industries Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production and Capacity Utilization: The 2002 Historical and Annual Revision 171 A.4. Revised data for capacity and utilization for manufacturing industries1 Seasonally adjusted data except as noted Quarter Annual YYeeaarr JJaann.. FFeebb.. MMaarr.. AApprr.. MMaayy JJuunnee JJuullyy AAuugg.. SSeepptt.. OOcctt.. avg.2 1 2 3 4 Capacity (percent of 1997 output) 1972 58.1 58.2 58.4 58.5 58.6 58.8 58.9 59.0 59.2 59.4 59.5 59.7 58.2 58.6 59.1 59.5 58.9 1973 59.9 60.0 60.2 60.4 60.6 60.8 61.0 61.2 61.4 61.6 61.8 62.0 60.0 60.6 61.2 61.8 60.9 1974 62.2 62.4 62.6 62.8 63.0 63.1 63.3 63.4 63.6 63.7 63.8 64.0 62.4 63.0 63.4 63.8 63.2 1975 64.1 64.2 64.3 64.4 64.5 64.6 64.7 64.8 65.0 65.1 65.2 65.4 64.2 64.5 64.8 65.2 64.7 1976 65.5 65.6 65.8 65.9 66.1 66.2 66.4 66.5 66.7 66.9 67.0 67.2 65.6 66.1 66.5 67.0 66.3 1977 67.3 67.5 67.6 67.8 67.9 68.1 68.3 68.4 68.6 68.8 69.0 69.1 67.5 67.9 68.4 69.0 68.2 1978 69.3 69.5 69.7 69.9 70.1 70.3 70.5 70.7 70.8 71.0 71.3 71.5 69.5 70.1 70.7 71.3 70.4 1979 71.7 71.9 72.1 72.3 72.4 72.6 72.8 73.0 73.2 73.4 73.5 73.7 71.9 72.4 73.0 73.5 72.7 1980 73.9 74.0 74.2 74.4 74.5 74.7 74.9 75.1 75.3 75.5 75.6 75.8 74.0 74.5 75.1 75.6 74.8 1981 76.0 76.2 76.4 76.6 76.8 77.0 77.2 77.4 77.6 77.8 77.9 78.1 76.2 76.8 77.4 77.9 77.1 1982 78.3 78.4 78.6 78.7 78.9 79.0 79.2 79.3 79.4 79.5 79.6 79.6 78.4 78.9 79.3 79.6 79.0 1983 79.7 79.7 79.8 79.8 79.9 79.9 79.9 80.0 80.0 80.1 80.2 80.3 79.7 79.9 80.0 80.2 79.9 1984 80.4 80.5 80.6 80.8 81.0 81.1 81.3 81.5 81.8 82.0 82.2 82.4 80.5 81.0 81.5 82.2 81.3 1985 82.6 82.9 83.1 83.3 83.5 83.7 83.9 84.1 84.2 84.4 84.5 84.6 82.9 83.5 84.0 84.5 83.7 1986 84.7 84.9 85.0 85.1 85.2 85.3 85.4 85.5 85.6 85.8 85.9 86.1 84.9 85.2 85.5 85.9 85.4 1987 86.3 86.4 86.6 86.8 87.0 87.1 87.3 87.4 87.6 87.7 87.8 87.9 86.4 87.0 87.4 87.8 87.2 1988 88.0 88.0 88.1 88.1 88.2 88.2 88.3 88.4 88.4 88.5 88.6 88.8 88.0 88.2 88.4 88.6 88.3 1989 88.9 89.0 89.2 89.4 89.5 89.7 89.9 90.1 90.3 90.5 90.7 90.9 89.0 89.6 90.1 90.7 89.9 1990 91.1 91.3 91.5 91.7 91.9 92.1 92.2 92.4 92.6 92.8 92.9 93.1 91.3 91.9 92.4 92.9 92.1 1991 93.3 93.4 93.6 93.8 93.9 94.1 94.2 94.4 94.5 94.7 94.9 95.0 93.4 93.9 94.4 94.9 94.1 1992 95.2 95.3 95.5 95.7 95.9 96.1 96.3 96.4 96.6 96.8 97.1 97.3 95.3 95.9 96.4 97.1 96.2 1993 97.5 97.7 97.9 98.1 98.3 98.5 98.7 98.9 99.1 99.3 99.5 99.7 97.7 98.3 98.9 99.5 98.6 1994 99.9 100.1 100.4 100.6 100.9 101.2 101.5 101.8 102.2 102.5 102.9 103.3 100.2 100.9 101.8 102.9 101.5 1995 103.7 104.2 104.6 105.1 105.6 106.1 106.6 107.2 107.7 108.3 108.9 109.5 104.2 105.6 107.2 108.9 106.5 1996 110.1 110.7 111.3 112.0 112.6 113.2 113.8 114.4 115.0 115.6 116.1 116.7 110.7 112.6 114.4 116.1 113.5 1997 117.3 117.9 118.5 119.1 119.8 120.4 121.1 121.8 122.6 123.3 124.1 125.0 117.9 119.8 121.8 124.1 120.9 1998 125.8 126.6 127.4 128.2 129.1 129.8 130.6 131.3 132.0 132.6 133.3 133.9 126.6 129.0 131.3 133.3 130.0 1999 134.4 135.0 135.5 136.0 136.5 137.0 137.5 138.0 138.5 139.1 139.7 140.3 135.0 136.5 138.0 139.7 137.3 2000 140.9 141.5 142.1 142.8 143.4 144.0 144.6 145.1 145.6 146.1 146.6 147.1 141.5 143.4 145.1 146.6 144.1 2001 147.5 147.9 148.2 148.5 148.8 149.1 149.3 149.5 149.7 149.9 150.1 150.2 147.9 148.8 149.5 150.1 149.1 2002 150.4 150.5 150.6 150.8 150.9 151.0 151.1 151.1 151.2 151.3 151.4 151.4 150.5 150.9 151.1 151.4 151.0 Utilization (percent) 1972 81.0 81.4 81.9 82.5 82.5 82.6 82.6 83.3 83.7 84.6 85.4 86.5 81.4 82.6 83.2 85.5 83.2 1973 87.0 88.0 88.0 87.4 87.7 87.5 87.6 86.9 87.3 87.7 87.9 87.7 87.7 87.5 87.2 87.7 87.5 1974 86.8 86.1 85.9 85.5 85.7 85.5 85.2 84.2 84.0 83.2 80.6 76.8 86.3 85.6 84.4 80.2 84.1 1975 75.3 73.2 72.1 71.7 71.6 72.1 72.7 73.4 74.5 74.5 74.5 75.4 73.5 71.8 73.5 74.8 73.4 1976 76.2 77.3 77.2 77.7 77.8 77.7 78.1 78.4 78.3 78.1 78.9 79.7 76.9 77.7 78.2 78.9 77.9 1977 79.4 80.4 81.5 82.1 82.5 82.9 82.9 83.1 83.0 83.0 82.9 83.6 80.4 82.5 83.0 83.2 82.3 1978 82.4 82.3 83.4 84.4 84.5 85.0 84.7 84.9 85.0 85.3 85.8 86.3 82.7 84.6 84.9 85.8 84.5 1979 85.5 85.5 85.6 84.3 84.9 84.8 84.6 83.2 83.2 83.2 82.8 82.9 85.6 84.7 83.7 83.0 84.2 1980 83.1 82.9 82.1 80.2 77.6 76.2 75.0 75.6 76.7 77.7 79.0 79.0 82.7 78.0 75.8 78.6 78.8 1981 78.5 77.9 78.0 78.2 78.5 77.9 77.9 77.7 77.1 76.1 75.0 73.6 78.1 78.2 77.6 74.9 77.2 1982 71.8 73.6 72.8 72.3 71.9 71.7 71.5 70.7 70.5 69.4 69.0 68.6 72.7 72.0 70.9 69.0 71.1 1983 70.2 70.0 70.7 71.5 72.5 73.0 74.0 74.5 75.8 76.6 76.8 76.9 70.3 72.3 74.8 76.8 73.5 1984 78.3 78.8 79.3 79.5 79.6 79.8 80.0 79.9 79.5 79.6 79.6 79.7 78.8 79.7 79.8 79.6 79.5 1985 79.1 78.7 79.1 78.7 78.6 78.5 78.0 78.2 78.2 77.7 78.1 78.3 79.0 78.6 78.1 78.0 78.4 1986 79.1 78.6 78.2 78.4 78.4 78.1 78.1 78.4 78.5 78.7 78.9 79.4 78.6 78.3 78.3 79.0 78.6 1987 78.8 79.9 79.8 80.1 80.4 80.7 81.1 81.4 81.7 82.7 83.1 83.4 79.5 80.4 81.4 83.1 81.1 1988 83.2 83.4 83.6 84.1 84.0 83.9 84.1 84.1 84.3 84.7 84.8 85.0 83.4 84.0 84.2 84.8 84.1 1989 85.5 84.5 84.4 84.2 83.4 83.3 82.2 82.8 82.3 82.0 81.8 81.8 84.8 83.7 82.4 81.9 83.2 1990 81.6 82.5 82.7 82.4 82.3 82.3 82.0 82.0 81.8 81.0 79.9 79.2 82.3 82.3 81.9 80.1 81.6 1991 78.5 77.9 77.2 77.3 77.8 78.4 78.6 78.4 79.2 78.9 78.6 78.3 77.9 77.8 78.7 78.6 78.3 1992 77.7 78.4 79.0 79.2 79.5 79.5 80.0 79.6 79.4 79.7 80.0 79.7 78.4 79.4 79.7 79.8 79.3 1993 80.2 80.1 80.0 80.2 79.9 79.6 79.7 79.4 79.9 80.2 80.4 80.8 80.1 79.9 79.7 80.5 80.0 1994 80.9 80.8 81.6 82.0 82.4 82.4 82.5 82.9 82.8 83.2 83.6 84.2 81.1 82.3 82.7 83.7 82.4 1995 84.3 83.9 83.6 83.1 82.8 82.8 81.8 82.4 82.7 82.1 81.8 81.7 83.9 82.9 82.3 81.9 82.8 1996 80.6 81.2 80.5 80.9 81.1 81.5 81.4 81.4 81.6 81.3 81.6 81.8 80.7 81.2 81.5 81.6 81.2 1997 81.6 82.5 82.6 82.5 82.5 82.6 82.4 83.0 83.1 83.2 83.3 83.1 82.3 82.5 82.8 83.2 82.7 1998 83.2 82.9 82.5 82.6 82.3 81.3 80.8 82.0 81.4 81.8 81.3 81.1 82.9 82.0 81.4 81.4 81.9 1999 81.2 81.3 81.2 81.1 81.4 81.1 81.2 81.5 81.2 81.6 81.9 82.1 81.2 81.2 81.3 81.9 81.4 2000 81.9 82.0 82.2 82.4 82.4 82.3 81.9 81.2 81.2 80.6 80.0 79.3 82.0 82.4 81.4 80.0 81.4 2001 78.5 77.8 77.3 76.8 76.1 75.5 75.3 74.8 74.3 73.8 73.4 73.0 77.9 76.1 74.8 73.4 75.6 2002 73.3 73.4 73.5 73.6 73.9 74.1 74.3 74.3 74.1 73.7 73.7 73.4 73.4 73.9 74.3 73.6 73.8 NOTE. Estimates for November 2002 and December 2002 are subject to 2. Annual averages of industrial production are calculated from indexes that further revision in the upcoming monthly releases. are not seasonally adjusted. 1. See footnote 1 to table A.3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 Federal Reserve Bulletin • April 2003 A.5. Rates of change in industrial production, by market and industry group, 1998-2002' Difference between rates of change: Revised rate of change revised minus earlier IItteemm NN cc AA oodd IICC ee22 SS (percent) (percentage points) 1998 1999 2000 2001 2002 1998 1999 2000 2001 2002 Total index 4.0 4.9 2.7 -5.7 1.5 .5 .6 .1 .2 -.4 MARKET GROUP Final products and nonindustrial supplies .. 4.3 3.3 3.2 -5.4 .6 1.4 .8 1.4 -.2 .3 Consumer goods 1.4 2.6 1.1 -2.1 1.5 1.2 .0 .4 -.4 .8 Durable 6.3 5.7 -2.0 -3.0 6.1 .7 -1.0 2.2 -.7 -.9 Automotive products 8.3 5.4 -4.8 1.7 9.6 .8 -.4 2.6 -2.0 -2.0 Home electronics 16.3 19.7 9.2 -13.5 -2.0 4.0 -11.1 1.8 4.8 -11.7 Appliances, furniture, carpeting 4.6 2.3 -1.0 -4.6 1.7 -1.4 -.3 1.0 -2.4 2.2 Miscellaneous goods .1 4.3 .6 -9.5 2.2 .5 .5 2.6 1.8 .8 Nondurable -.4 1.4 2.2 -1.8 .0 1.0 .2 .0 -.3 .9 Non-energy .2 1.2 1.1 -1.0 -1.6 1.2 .0 -.1 -.5 .5 Foods and tobacco -.4 .3 -.4 -2.2 -.9 -.3 -.4 -.7 -1.4 .8 Clothing -6.6 -2.8 -6.2 -12.6 -4.5 -.2 .0 2.2 -1.8 -2.2 Chemical products 2.2 4.8 6.5 4.8 -3.1 -.2 .4 1.1 -1.3 -.8 Paper products 2.8 2.0 1.0 -.3 -.2 8.9 2.0 -1.3 5.1 1.9 Energy -3.4 3.0 7.6 -5.2 8.4 .0 .7 -1.0 1.6 1.5 Business equipment 9.3 4.0 7.9 -14.3 -3.8 .9 -.5 2.0 -1.7 -.9 Transit 16.1 -10.2 -8.6 -12.1 -16.3 .7 -6.3 -1.1 1.0 -9.2 Information processing 18.8 18.7 20.0 -13.4 -1.7 4.5 3.1 3.5 -1.9 -.5 Industrial and other .0 .2 6.3 -15.7 -.4 .4 2.0 3.3 -2.2 1.6 Defense and space equipment 4.5 -5.2 -.4 .0 2.5 -1.0 2.5 1.8 -.2 -3.3 Construction supplies 4.7 2.1 .7 -6.0 .9 -1.9 -1.8 .2 -2.2 -2.7 Business supplies 6.5 7.6 6.3 -5.1 2.4 5.2 6.1 5.4 1.5 1.6 Materials 3.6 7.3 2.0 -6.0 3.0 -.8 .0 -1.8 .8 -1.8 Non-energy 5.1 8.8 2.3 -6.9 3.1 -.4 .1 -2.1 1.1 -2.6 Durable 8.5 11.8 5.6 -7.7 4.1 -.3 1.4 -1.9 .8 -2.4 Consumer parts 4.3 7.0 -6.3 -3.7 8.1 .7 1.1 -4.3 .7 -3.0 Equipment parts 20.0 23.2 23.4 -10.2 3.8 -2.0 3.6 -1.7 1.0 -4.7 Other .3 3.9 -3.5 -7.2 2.3 .2 -.5 -.5 .8 -.4 Nondurable -.5 3.7 -3.5 -5.4 1.5 2.8 -.2 1.2 .7 -2.1 Textile -5.0 .2 -9.6 -12.6 .7 1.2 -4.4 3.2 .1 -3.0 Paper .2 2.7 -3.8 -5.6 3.5 2.9 -1.8 .7 -.6 .3 Chemical -2.4 7.4 -4.1 -5.4 1.4 3.2 2.2 .1 1.9 -3.0 Energy -2.0 1.3 1.0 -3.4 2.5 -1.6 .7 -.6 -.2 1.3 INDUSTRY GROUP Manufacturing 5.0 5.5 2.5 -6.1 1.1 .7 .7 .2 .1 -.7 Manufacturing (NAICS) 5.1 5.6 2.6 -6.2 1.3 Durable manufacturing 9.0 7.8 5.4 -8.2 2.1 Wood products 321 7.1 1.8 -6.7 -3.1 -1.6 Nonmetallic mineral products 327 6.1 -.1 -.2 .1 3.3 Primary metal 331 -3.5 3.9 -9.6 -11.6 4.6 Fabricated metal products 332 1.0 2.6 .5 -7.8 1.4 Machinery 333 -.5 .3 4.8 -17.8 -.8 Computer and electronic products .. 334 27.0 30.6 30.7 -9.6 4.0 Electrical equipment, appliances, and components 335 2.7 2.9 2.7 -10.9 -1.3 Motor vehicles and parts 3361-3 7.1 5.7 -8.4 -1.2 10.7 Aerospace and miscellaneous transportation equipment 3364-9 12.1 -11.2 -4.9 -5.0 -10.8 Furniture and related products 337 4.8 2.3 .7 -8.9 -1.0 Miscellaneous 339 5.1 2.0 3.8 -5.7 1.9 Nondurable manufacturing -.2 2.5 -1.2 -3.4 .3 Food, beverage, and tobacco products 311,2 -.1 .2 -.4 -1.8 -.7 Textile and product mills 313.4 -4.2 1.9 -6.3 -12.4 .0 Apparel and leather 315,6 -6.5 -3.1 -5.9 -12.9 -4.4 Paper 322 -.2 2.1 -4.0 -5.7 3.3 Printing and support 323 2.2 .3 -.8 -5.6 3.4 Petroleum and coal products 324 .9 1.6 -.5 -.3 1.8 Chemical 325 -.4 5.5 .4 -1.1 -.9 Plastics and rubber products 326 2.8 6.2 -1.9 -5.7 3.0 Other manufacturing (non-NAICS) 1133,5111 3.7 3.8 .4 -3.9 -1.5 Mining 21 -4.8 .2 .8 -.6 -2.1 .5 .4 -.9 1.9 .7 Utilities 2211,2 -.9 2.0 6.0 -5.4 7.7 -.3 -.3 -.7 .7 .5 Electric 2211 .8 1.7 4.8 -4.0 7.1 Natural gas 2212 -11.1 4.1 12.8 -12.5 12.0 1. Rates of change are calculated as the percent change in the seasonally 2. North American Industry Classification System, adjusted index from the fourth quarter of the previous year to the fourth quarter . . . Not applicable, of the year specified in the column heading. The difference in the rate of change for 2002 is calculated for the third quarter of 2002. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production and Capacity Utilization: The 2002 Historical and Annual Revision 173 A.6. Rates of change in industrial production, special aggregates and selected detail, 1998-20021 Difference between rates of change: Revised rate of change revised minus earlier Item N c A od IC e2 S (percent) (percentage points) 1998 1999 2000 2001 1998 1999 2000 2001 2002 Total index 4.0 1.5 .5 .6 .1 .2 -.4 IS Energy filial & -2.3 3.8 .2 .6 -.8 .7 Consumer products -3.4 8.4 .0 .7 -1.0 1.6 Commercial products .1 4.5 .2 1.1 -.3 -.3 Oil and gas well drilling -17.5 -14.8 .1 .2 .3 .1 Converted fuel -.1 2.9 .1 -.3 -.3 .5 Primary materials -3.2 2.2 -2.7 1.1 -1.1 -.1 Non-energy 5.1 1.1 .7 .6 .2 .1 Selected high-technology industries 38.9 7.1 3.1 7.6 .6 6.0 Computers and office equipment 3341 42.3 19.9 1.8 -13.3 -15.6 2.3 Communications equipment 3342 9.0 -16.5 2.5 5.9 4.9 4.2 Semiconductors and related electronic components 334412-9 55.0 19.6 4.5 20.9 7.2 11.5 Excluding selected high-technology industries 1.8 .6 .5 B -.1 .2 -.5 Motor vehicles and parts 3361-3 7.1 10.7 Motor vehicles 3361 9.8 11.8 ' .8 -3.6 ' -.6 -.i Motor vehicle parts 3363 4.8 8.7 Excluding motor vehicles and parts ... 1.4 -.3 .4 .0 .3 -.5 Consumer goods .4 -1.2 1.0 -.1 .4 -.5 Business equipment 3.8 -5.8 .-..3. .4 3.4 -2.0 Construction supplies 4.9 1.0 Business supplies 11. 0f i 1.6 Materials .0 1.1 ' .8 ' -.2 -.1 -.5 Measures excluding selected hightechnology industries Total industry 1.2 1.1 •4 .0 .1 -.3 Manufacturing1 1.8 .7 .5 .0 .1 -.5 Durable 3.3 1.2 .0 -.6 .5 -1.1 Measures excluding motor vehicles and parts Total industry 3.8 3.5 -6.0 Manufacturing3 4.9 3.5 -6.5 Durable 9.3 7.9 -9.3 Measures of non-energy material inputs to §Finished processors 10.5 8.0 -7.9 4.8 ... .1 -3.1 -5.9 1.6 Semifinished and primary processors W&||mH Sk Stage-of-process groups Crude -3.9 -3.2 -3.7 -.4 Primary and semifinished 5.1 3.4 -5.9 3.8 Finished 4.5 3.3 -5.8 -1.0 1. Rates of change are calculated as the percent change in the seasonally 2. North American Industry Classification System. adjusted index from the fourth quarter of the previous year to the fourth quarter 3. See footnote 1 to table A.3. of the year specified in the column heading. For 2002, the rates are calculated . . . Not applicable. from the fourth quarter of 2001 to the third quarter of 2002 and annualized. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 Federal Reserve Bulletin • April 2003 A.7. Capacity utilization rates, by industry group, 1972-2002 Difference between rates: Revised rate revised minus earlier (percent of capacity, seasonally adjusted) NNAAIICCSS (percentage points) IItteemm ccooddee11 hh-- ••<< rr ** jj''SStttt.. '' \\'' 1972-2001 1988-89 1990-91 2000:Q4 2001 :Q4 2002:Q4 2000:Q4 2001 :Q4 2002: Q3 avg. high low Total index 81.5 85.1 78.6 81.6 75.1 75.4 .9 .4 .1 Manufacturing 80.4 85.5 77.2 80.0 73.4 73.6 .8 .3 -.1 Manufacturing (NAICS) 80.3 85.5 77.0 79.7 72.9 73.1 Durable manufacturing 78.8 84.5 73.4 79.7 69.9 69.8 Wood products 321 80.5 88.7 73.1 76.6 73.5 72.2 Nonmetallic mineral products 327 79.5 85.6 72.1 81.8 80.3 82.0 Primary metal 331 81.1 95.3 75.2 78.8 73.0 78.3 Fabricated metal products 332 77.3 80.1 71.0 77.2 70.5 71.1 Machinery 333 80.3 84.7 72.9 82.6 67.3 66.8 Computer and electronic products 334 80.2 81.5 76.4 83.0 64.1 62.2 Electrical equipment, appliances, and components 335 83.5 87.5 75.0 84.9 75.9 76.0 Motor vehicles and parts 3361-3 77.2 90.0 56.6 78.4 75.3 80.8 Aerospace and miscellaneous transportation equipment 3364-9 73.5 88.9 81.9 68.7 65.3 58.6 Furniture and related products 337 79.5 84.1 68.1 79.7 71.4 70.7 Miscellaneous 339 77.2 81.7 77.5 81.3 74.6 74.8 Nondurable manufacturing 82.4 86.9 81.8 79.7 77.0 77.7 Food, beverage, and tobacco products .. 311,2 82.5 85.5 81.3 80.3 79.0 78.7 Textile and product mills 313,4 83.9 91.1 77.1 80.4 71.9 73.4 Apparel and leather 315,6 80.5 83.9 77.2 73.0 65.4 63.3 Paper 322 88.7 94.0 85.4 84.6 81.0 84.5 Printing and support 323 85.0 91.7 82.7 79.3 76.2 81.2 Petroleum and coal products 324 86.3 88.9 82.5 90.0 88.7 89.3 Chemical 325 78.8 85.6 80.8 76.6 74.7 73.7 Plastics and rubber products 326 83.8 91.2 77.1 80.8 75.9 79.6 Other manufacturing (non-NAICS) 1133,5111 83.6 90.2 79.1 84.0 81.9 82.5 Mining 21 87.0 85.6 83.3 89.0 86.6 84.9 -1.3 -1.0 -.1 Utilities 2211,2 86.7 92.6 84.2 93.6 85.0 86.0 .0 1.4 .4 Selected high-technology industries 79.8 80.4 74.6 86.1 63.1 62.1 4.9 2.4 -1.7 Computers and office equipment 3341 78.7 79.7 67.0 76.2 68.7 77.1 1.2 5.9 8.3 Communications equipment 3342 79.2 82.2 73.3 86.5 60.7 49.9 4.9 2.8 1.3 Semiconductors and related electronic components 334412-9 81.8 81.4 78.7 90.2 63.2 66.9 6.6 2.3 -1.6 Measures excluding selected high-technology industries ffnr '"* JV, Total industry 81.6 85.5 78.8 81.1 76.3 76.9 .5 .0 .1 Manufacturing2 80.4 86.1 77.3 79.3 74.6 75.1 .4 -.1 .0 j - Mi Stage-of-process groups Crude 86.5 88.6 84.7 86.9 82.9 8833..00 Primary and semifinished 82.4 86.2 77.6 83.4 76.3 78.1 Finished 78.7 83.1 77.2 78.1 72.0 70.6 1. North American Industry Classification System. . . . Not applicable. 2. See footnote 1 to table A.3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production and Capacity Utilization: The 2002 Historical and Annual Revision 175 A.8. Rates of change in capacity, by industry group, 1998-20021 Difference between rates of change: Revised rate of change revised minus earlier (percent) Industry group (percentage points) • 2000 2001 2002 1999 2000 2001 2002 Total index .1 Manufacturing .2 -.1 Durable Nondurable Mining .9 -.2 1.5 1.6 -.5 Utilities .3 -1.1 .0 -1.0 2.5 Selected high-technology industries .. 49.2 28.5 12.6 -.2 -2.6 10.5 -1.4 Manufacturing except selected high-technology industries2 mm3.5M mmiM2.3 SMmgm -.9 .3 .5 .1 -.3 Stage-of-process groups Crude .6 -2.2 -.4 .8 -.6 Primary and semifinished 8.5 5.0 5.6 3.0 1.7 Finished 5.1 4.5 4.0 .9 1. Rates of change are calculated as the percent change in the seasonally 2. See footnote 1 to table A.3. adjusted index from the fourth quarter of the previous year to the fourth quarter . . . Not applicable. of the year specified in the column heading. The difference between revised and earlier rates is calculated from the fourth quarter of 2001 to the third quarter of 2002 and annualized. A.9. Rates of change in electric power use, by industry group, 1998-20021 Difference between rates of change: revised minus earlier (percentage points) 1. Rates of change are calculated as the percent change in the seasonally earlier rates is calculated from the fourth quarter of 2001 to the third quarter of adjusted index from the fourth quarter of the previous year to the fourth quarter 2002 and annualized. of the year specified in the column heading. The difference between revised and 2. See footnote 1 to table A.3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 Federal Reserve Bulletin • April 2003 A. 10. Annual proportion in industrial production, by market and industry groups, 1994-2001 NAICS Item code1 1994 1995 1996 1997 1998 1999 2000 2001 Total industrial production 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 MARKET GROUPS Final products and nonindustrial supplies 57.2 56.9 57.3 57.8 59.0 58.6 58.5 59.8 Consumer goods 27.3 27.1 27.3 27.1 27.6 27.8 27.8 29.4 Durable 6.9 6.9 7.1 7.2 7.2 7.3 7.2 7.1 Automotive products 3.4 3.5 3.7 3.8 3.8 4.0 3.9 3.9 Home electronics .5 .5 .5 .5 .5 .5 .5 .4 Appliances, furniture, carpeting 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 Miscellaneous goods 1.7 1.7 1.7 1.7 1.6 1.6 1.6 1.6 Nondurable 20.4 20.2 20.1 19.9 20.4 20.4 20.6 22.3 Non-energy 16.8 16.7 16.5 16.6 17.2 17.0 17.0 18.5 Foods and tobacco 8.9 8.9 8.8 8.8 9.3 9.2 9.2 9.9 Clothing 2.0 1.9 1.8 1.6 1.5 1.3 1.2 1.1 Chemical products 3.6 3.6 3.7 3.7 3.9 3.9 4.0 4.7 Paper products 1.8 1.8 1.8 1.9 2.0 2.0 2.0 2.2 Energy 3.6 3.6 3.6 3.3 3.2 3.5 3.6 3.8 Business equipment 10.3 10.4 10.6 11.1 11.6 11.3 11.3 10.7 Transit 1.9 1.8 1.8 2.0 2.4 2.4 2.1 2.0 Information processing 3.1 3.2 3.4 3.7 3.8 3.8 3.9 3.6 Industrial and other 5.2 5.3 5.4 5.4 5.4 5.2 5.3 5.1 Defense and space equipment 2.7 2.5 2.4 2.3 2.4 2.2 2.0 2.1 Construction supplies 6.3 6.3 6.4 6.5 6.8 6.7 6.6 6.8 Business supplies 10.2 10.2 10.2 10.2 10.2 10.2 10.3 10.3 Materials 42.8 43.1 42.7 42.2 41.0 41.4 41.5 40.2 Non-energy 33.0 33.2 32.6 32.9 32.5 32.2 31.7 30.5 Durable 19.8 20.1 20.2 20.5 20.3 20.2 19.9 18.9 Consumer parts 4.1 4.0 4.0 4.0 4.0 4.2 4.0 3.9 Equipment parts 6.9 7.3 7.4 7.6 7.4 7.4 7.5 6.7 Other 8.8 8.8 8.9 8.9 8.8 8.7 8.4 8.3 Nondurable 13.2 13.1 12.4 12.4 12.2 12.0 11.8 11.7 Textile 1.2 1.1 1.1 1.1 1.0 1.0 .9 .8 Paper 3.4 3.5 3.2 3.0 3.0 3.1 3.0 3.0 Chemical 4.9 4.8 4.6 4.7 4.5 4.3 4.2 4.1 Energy 9.8 9.9 10.2 9.3 8.5 9.1 9.8 9.7 INDUSTRY GROUPS Manufacturing 84.5 84.6 84.5 85.7 86.6 86.1 85.0 84.7 Manufacturing (NAICS) 80.4 80.5 80.4 81.3 81.9 81.2 80.2 79.5 Durable manufacturing 44.4 44.9 45.6 46.5 47.2 46.8 46.2 44.5 Wood products 321 1.6 1.5 1.5 1.5 1.5 1.6 1.4 1.4 Nonmetallic mineral products 327 2.1 2.1 2.2 2.2 2.3 2.3 2.2 2.4 Primary metal 331 3.1 3.0 3.0 3.1 3.0 2.8 2.6 2.5 Fabricated metal products 332 5.6 5.8 6.0 6.0 6.1 6.0 6.0 6.0 Machinery 333 6.0 6.2 6.2 6.2 6.2 5.8 6.0 5.6 Computer and electronic products 334 9.1 9.7 10.0 10.4 10.3 10.4 10.8 9.5 Electrical equipment, appliances, and components 335 2.6 2.6 2.6 2.6 2.6 2.5 2.5 2.5 Motor vehicles and parts 3361-3 6.5 6.4 6.5 6.7 6.6 7.0 6.6 66..55 Aerospace and miscellaneous transportation equipment 3364-9 3.6 3.3 3.2 3.5 4.1 3.8 3.4 3.6 Furniture and related products 337 1.5 1.4 1.5 1.6 1.7 1.7 1.7 1.7 Miscellaneous 339 2.7 2.7 2.8 2.8 2.8 2.8 2.9 3.0 Nondurable manufacturing 35.9 35.6 34.8 34.8 34.7 34.4 33.9 35.0 Food, beverage, and tobacco products .. 311,2 10.3 10.3 10.1 10.1 10.6 10.4 10.5 11.2 Textile and product mills 313,4 1.8 1.7 1.7 1.7 1.6 1.5 1.4 1.3 Apparel and leather 315,6 2.1 2.0 1.9 1.8 1.6 1.4 1.3 1.2 Paper 322 3.5 3.7 3.3 3.2 3.2 3.2 3.1 3.1 Printing and support 323 2.7 2.7 2.7 2.7 2.6 2.6 2.6 2.6 Petroleum and coal products 324 1.5 1.5 1.6 1.6 1.5 1.8 1.8 1.8 Chemical 325 10.3 10.1 10.0 10.1 9.9 9.6 9.5 10.0 Plastics and rubber products 326 3.6 3.6 3.6 3.7 3.7 3.8 3.7 3.7 Other manufacturing (non-NAICS) 1133,5111 4.1 4.1 4.1 4.4 4.7 4.8 4.9 5.2 Mining 21 5.7 5.7 6.1 5.4 4.8 5.6 6.4 6.3 Utilities 2211,2 9.9 9.6 9.5 8.9 8.5 8.4 8.6 9.0 Electric 2211 8.3 8.1 8.0 7.6 7.3 7.1 7.2 7.6 Natural gas 2212 1.5 1.5 1.4 1.3 1.2 1.2 1.4 1.3 NOTE. The IP proportion data are estimates of the industries' relative contri- 1. North American Industry Classification System, butions to the overall IP change between the reference year and the following year. For example, a 1 percent increase in durable goods manufacturing between 2000 and 2001 would account for a 0.462 percent increase in total IP. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

177 Announcements APPROVAL OF FINAL RULE AMENDING information—such as whether a creditor conducted a REGULATION B self-test, the methodology used, or the scope of the test—is not privileged. The Federal Reserve Board on February 19, 2003, Creditors that conduct a self-test and request inforapproved a final rule amending Regulation B, which mation about personal characteristics must disclose implements the Equal Credit Opportunity Act to applicants that providing the information is (ECOA). Among other things, the final rule addresses optional, that it is being collected to monitor for the collection of applicants' personal characteristics compliance with the ECOA, that it will not be used in connection with nonmortgage credit and record in making the credit decision, and, when applicable, retention for prescreened solicitations. that information may be noted based on visual obser- The final rule amending Regulation B is effec- vation or surname. A model form is contained in the tive April 15, 2003. However, to allow time for any regulation to ease compliance. necessary operational changes, the mandatory com- The final rule also requires creditors to retain for pliance date is April 15, 2004. twenty-five months certain records related to pre- The ECOA prohibits discrimination on the basis screened solicitations, such as the list of criteria used of a credit applicant's national origin, marital status, to select potential customers. The retention of these religion, color, sex, race, age, receipt of public assis- records is intended to allow the systematic review tance benefits, or the exercise of rights under the and analysis of creditors' possible use of race, age, Consumer Credit Protection Act. national origin, and other prohibited bases of credit In 1976, the Board adopted a general prohibition discrimination in connection with prescreened soliciagainst creditors inquiring about, or noting, applicant tations. characteristics such as race or national origin in con- The Board has also amended the official staff comnection with nonmortgage credit. mentary to Regulation B that gives guidance on the By restricting access to such information, the exist- requirements of the regulation. ing prohibition serves to deter credit discrimination. But it also prevents creditors from examining their own lending policies and practices using information FINAL RULE AMENDING REGULATION B about applicant characteristics. PUBLISHED The Board is now creating an exception that will allow creditors to collect personal characteristics in a The Federal Reserve Board on March 5, 2003, self-test for compliance with the ECOA. This excep- announced that it had published a final rule amending tion will enable creditors to develop compliance pro- Regulation B, which implements the Equal Credit grams that utilize applicant data in a controlled and Opportunity Act. The Board approved the final rule targeted manner. The self-test must meet standards at its meeting on February 19, 2003. set by the regulation, which carries out a provision The ECOA prohibits discrimination on the basis contained in the ECOA. of a credit applicant's national origin, marital status, Under the regulation, a self-test is a program, prac- religion, color, sex, race, age, receipt of public tice, or study designed and used by a creditor specifi- assistance benefits, or the exercise of rights under the cally to determine compliance with the ECOA. The Consumer Credit Protection Act. Among other regulation requires the creditor to take corrective things, the final rule addresses the collection of appliaction when the results of the self-test indicate that cants' personal characteristics in connection with "it is more likely than not" that a violation occurred. nonmortgage credit and record retention for pre- The results of a self-test can be made privileged, screened solicitations. provided the creditor carries out corrective action The final rule amending Regulation B was effecwhen appropriate. This means, for example, that the tive April 15, 2003. However, to allow time for any results cannot be obtained in an examination or inves- necessary operational changes, the mandatory comtigation alleging a violation of the ECOA. Other pliance date is April 15, 2004. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 Federal Reserve Bulletin • April 2003 The rule will be published in the Federal Register INTERPRETATION OF REGULATION K ON shortly. SECURITIES UNDERWRITING The Federal Reserve Board on February 7, 2003, PROPOSED AMENDMENT TO REGULATION C issued an interpretation concerning securities underwriting by banking organizations that are subject to The Federal Reserve Board on March 3, 2003, pubthe Bank Holding Company Act. lished transition rules in a proposed amendment to The interpretation clarifies that a banking organizathe official staff commentary that applies and intertion that wishes to engage in underwriting securities prets the requirements of Regulation C (Home Mortthat are to be distributed in the United States must gage Disclosure Act). be either a financial holding company or have author- Comment is requested by April 8, 2003. The Board ity to engage in underwriting activity under secexpects to issue final guidance, after taking into tion 4(c)(8) of the Bank Holding Company Act. account comments received, as soon as possible after the close of the comment period. In 2002, the Board substantially revised Regu- AGENCIES ISSUE ADVISORY ON lation C, effective January 1, 2004. The revisions MORTGAGE BANKING ACTIVITIES require lenders to report new data items, including Federal bank and thrift regulatory agencies on Februinformation about loan pricing. The proposed transiary 25, 2003, jointly issued an advisory letter discusstion rules provide guidance on collecting and reporting risks related to mortgage banking activities. The ing this information for applications received before letter highlights concerns and provides guidance January 1, 2004, upon which final action is taken on regarding mortgage banking activities, primarily in or after January 1, 2004. More specifically, the transithe valuation, accounting, and hedging of mortgage tion rules provide that: servicing assets. The guidance, issued under the auspices of the • Lenders would not have to identify applications Federal Financial Institutions Examination Council or loans involving manufactured homes or requests (the Office of the Comptroller of the Currency, the for preapproval. Federal Reserve Board, the Federal Deposit Insur- • Lenders could, at their option, continue to apply ance Corporation, and the Office of Thrift Superthe current definitions of a home improvement loan vision), applies to all banks and thrift institutions; and a refinancing. however, it is primarily applicable to those institu- • Lenders would report applicant information on tions that are actively involved in mortgage banking ethnicity and race in accordance with the conversion activities. Although the number of institutions with guidance set forth in the proposed comment. significant exposure to mortgage banking assets is • Lenders would have to report the purchaser type, limited, mortgage banking is a significant and growrate spread, whether a loan is subject to the Home ing business line for many institutions. Ownership and Equity Protection Act (HOEPA), and The agencies developed the guidance in response the lien status of applications and originated loans. to recent examinations and market developments, Information about these items is available at the time especially the record volume of refinancings caused of final action. by the decline in interest rates. The guidance details the agencies' expectations PROPOSAL TO AMEND REGULATION Y regarding risk-management activities including valuation and modeling processes, hedging activities, The Federal Reserve Board on March 11, 2003, management information systems, and internal audit. requested public comment on a proposal to modify a The guidance also notes that the agencies may require condition in the Board's Regulation Y (Bank Holding additional capital for institutions that fail to consider Companies and Change in Bank Control) in order to the sound practices set forth in this advisory in their allow bank holding companies engaged in permis- risk-management programs. sible derivatives activities to transfer title to commodities underlying derivative contracts on an instan- MEETING OF THE CONSUMER ADVISORY taneous, pass-through basis. COUNCIL The Board will publish its proposed rule in the Federal Register shortly. Comment was requested by The Federal Reserve Board announced on Febru- April 21, 2003. ary 14, 2003, that the Consumer Advisory Council Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements 179 would hold its next meeting on Thursday, March 13. The Federal Reserve Board on March 5, 2003, The Council's function is to advise the Board on the announced the issuance of a consent Order against exercise of its responsibilities under various con- James C. Agee, an institution-affiliated party of the sumer financial services laws and on other matters on First Western Bank, Cooper City, Florida, a state which the Board seeks its advice. member bank. Mr. Agee, without admitting to any allegations, consented to the issuance of the Order to resolve allegations that he violated the Change in Bank ENFORCEMENT ACTIONS Control Act and an order issued under the Change in Bank Control Act by the Board of Governors in The Federal Reserve Board on February 13, 2003, connection with his acquisition of beneficial ownerannounced the issuance of a Final Decision and ship of shares of the bank. Order of Prohibition against Cynthia Rowe, a former employee of Key Bank, N.A., Cleveland, Ohio. The The Federal Reserve Board on March 13, 2003, Order, the result of an action brought by the Office of announced the issuance of a consent Order of Assessthe Comptroller of the Currency, prohibits Ms. Rowe ment of a Civil Money Penalty against First Bank, from participating in the conduct of the affairs of any Creve Coeur, Missouri, a state member bank. financial institution or holding company. First Bank, without admitting to any allegations, consented to the issuance of the Order in connection The Federal Reserve Board on February 13, 2003, with its alleged violations of the Board's Regulations announced the issuance of a Final Decision and Order implementing the National Flood Insurance Act. of Prohibition against Marian L. Butler, a former The Order requires First Bank to pay a civil money employee of CoreStates Financial (now First Union), penalty of $17,150, which will be remitted to the Philadelphia, Pennsylvania. The Order, the result of Federal Emergency Management Agency for deposit an action brought by the Office of Comptroller of the into the National Flood Mitigation Fund. Currency, prohibits Ms. Butler from participating in the conduct of the affairs of any financial institution or holding company. The Federal Reserve Board on March 13, 2003, announced the issuance of an Order to Cease and The Federal Reserve Board on March 5, 2003, Desist and of Prohibition against Terry Frierson, announced the issuance of a consent Order against a former chief executive officer, president, and Dale and Betty Skrobot, both former institution- institution-affiliated party of MSB Shares, Inc., and affiliated parties of the First Western Bank, Cooper the Midsouth Bank, Jonesboro, Arkansas. City, Florida, a state member bank. The individuals, without admitting to any alle- The Federal Reserve Board on March 7, 2003, gations, consented to the issuance of the Order to announced the termination of the enforcement actions resolve allegations that they violated the Change in listed below. Terminations of enforcement actions Bank Control Act and an order issued under the are listed on the Federal Reserve's public web site Change in Bank Control Act by the Board of Gover- www.federalreserve.gov/boarddocs/enforcement as nors in connection with their acquisition of beneficial they occur. ownership of shares of the bank. • Banco Popular de Puerto Rico, Hato Rey, The Federal Reserve Board on March 5, 2003, Puerto Rico announced the issuance of a consent Order against Written Agreement dated March 9, 2000 Michael Sahlgren, an institution-affiliated party of the Terminated January 16, 2003 First Western Bank, Cooper City, Florida, a state member bank. • Belmont Bancorp, St. Clairsville, Ohio Mr. Sahlgren, without admitting to any allegations, Written Agreement dated August 3, 1999 consented to the issuance of the Order to resolve Terminated January 10, 2003 allegations that he violated the Change in Bank Control Act and an order issued under the Change in • Banco Bilbao Vizcaya Argentario, S.A., and its Bank Control Act by the Board of Governors in New York branch and Miami Agency connection with his acquisition of beneficial owner- Written Agreement dated June 12, 2000 ship of shares of the bank. Terminated February 21, 2003 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 Federal Reserve Bulletin • April 2003 • Bank of Rogers, Rogers, Arkansas • First Security Bancshares, Inc., Lake Park, Iowa, Cease and Desist Order dated July 12, 2001 Security State Bank, Milford, Iowa Terminated December 12, 2002 Written Agreement dated August 6, 1999 Terminated September 25, 2002 • Grimes Capital Corporation, Houston, Texas Written Agreement dated July 14, 1999 • Cerritos Valley Bancorp and Cerritos Valley Bank, Terminated November 4, 2002 Artesia California Written Agreement dated October 15, 2001 • Valley Independent Bank, El Centro, California Terminated August 15, 2002 Written Agreement dated January 8, 2001 Terminated October 31, 2002 • CSB Bancorp, Inc., Millersburg, Ohio Written Agreement dated November 22, 2000 • Guaranty Financial Corporation and Guaranty Terminated June 17, 2002 • Bank, Charlottesville, Virginia Written Agreement dated October 26, 2000 Terminated October 23, 2002 • The Daiwa Bank, Limited, Osaka, Japan, and Daiwa Bank and Trust Company, New York, New York Enforcement Actions dated February 2, 1996 Terminated September 25, 2002 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

181 Legal Developments FINAL RULE—AMENDMENT TO RULES OF Order Approving the Formation of Bank Holding PROCEDURE Companies and Acquisition of Nonbanking Companies The Federal Open Market Committee is amending its defi- Mizuho Holdings, Inc., Tokyo, Japan ("Mizuho Holdnition of a quorum of the Committee. The amendment is ings"), a bank holding company within the meaning of the designed to enhance the Committee's ability to perform its Bank Holding Company Act ("BHC Act"), has submitted functions in the event of a national emergency. applications on behalf of Mizuho Financial Group, Inc. Effective February 6, 2003, 12 C.F.R. Part 272 is ("MHFG") and Mizuho Asset Trust & Banking Co., Ltd. amended as follows: ("MHAT") (collectively, "Applicants") under sections 3 and 4 of the BHC Act in connection with an internal reorganization of the operations of Mizuho Holdings and Part 272—Federal Open Market Committee—Rules of its subsidiaries. MHFG has requested the Board's approval Procedure under section 3 of the BHC Act (12 U.S.C. §1842) to become a bank holding company by acquiring Mizuho Holdings and indirectly acquiring Mizuho Corporate Bank 1. The authority citation for Part 272 continues to read as of California, Los Angeles, California ("MCB Califollows: fornia"); Mizuho Corporate Bank (USA), New York, Authority: 5 U.S.C. 552. New York ("MCB (USA)"); and Mizuho Trust & Banking Co. (USA), also in New York ("MTBC (USA)"). MHAT has requested the Board's approval to become a bank 2. Section 272.3 is revised to read as follows: holding company by merging with Mizuho Trust & Banking Co., Ltd., a subsidiary bank holding company of Mi- Section 272.3—Meetings zuho Holdings also in Tokyo, and thereby directly acquire MTBC (USA).1 (c) Quorum. Seven members constitute a quorum of the Committee for purposes of transacting business except MHFG also has requested the Board's approval under that, if there are fewer than seven members in office, section 4(c)(8) and 4(j) of the BHC Act (12 U.S.C. then the number of members in office constitute a § 1843(c)(8) and (j)) and section 225.28 of the Board's quorum. For purposes of this paragraph (c), mem- Regulation Y (12 C.F.R. 225.28) to acquire the existing bers of the Committee include alternates acting in the nonbanking companies of Mizuho Holdings and thereby absence of members. Less than a quorum may adjourn engage in certain permissible nonbanking activities.2 a meeting of the Committee from time to time until a Applicants do not propose to expand the banking or nonquorum is in attendance. banking operations of Mizuho Holdings in the United States or to acquire or control any additional U.S. banks. Notice of the proposal, affording interested persons an By order of the Federal Open Market Committee, Janu- opportunity to submit comments, has been published ary 30, 2003. (68 Federal Register 1615 (2003)). The time for filing comments has expired, and the Board has considered the VINCENT R. REINHART Secretary Federal Open Market Committee 1. Mizuho Holdings is a top-tier holding company that controls directly three Japanese banks: Mizuho Bank, Ltd.; Mizuho Corporate Bank, Ltd.; and Mizuho Trust & Banking Co., Ltd. Mizuho Bank and Mizuho Corporate Bank each control approximately 28 percent of the ORDERS ISSUED UNDER BANK HOLDING voting shares of MHAT, and the remaining shares are widely held by COMPANY ACT the public. Under the reorganization, MHFG would become the toptier holding company of Mizuho Holdings. In addition, MHAT would merge with Mizuho Trust & Banking Co., Ltd., with MHAT as the Orders Issued Under Sections 3 and 4 of the Bank surviving entity to be renamed Mizuho Trust & Banking Co., Ltd. Holding Company Act ("New Mizuho Trust"). After consummation of the proposal, MHFG would directly control approximately 74 percent of the voting shares of New Mizuho Trust. Applicants represent that the remaining voting Mizuho Financial Group, Inc. shares would be widely held by the public. Tokyo, Japan 2. These nonbanking activities are listed in the Appendix. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 Federal Reserve Bulletin • April 2003 proposal and all comments received in light of the factors Competitive Considerations set forth in sections 3 and 4 of the BHC Act. Mizuho Holdings, with total consolidated assets equiva- Section 3 of the BHC Act prohibits the Board from approvlent to $1.2 trillion, is the largest banking organization in ing a proposal that would result in a monopoly. The BHC the world by assets.3 Mizuho Holdings operates depository Act also prohibits the Board from approving a proposed institutions in California and New York. MCB California, bank acquisition that would substantially lessen competiwith total consolidated assets of $592 million, controls tion in any relevant banking market unless the anticompetideposits of $323 million, representing less than 1 percent tive effects of the proposal are clearly outweighed in the of total deposits of insured depository institutions in public interest by the probable effect of the proposal in California.4 In New York, MCB (USA), with consolidated meeting the convenience and needs of the community to be assets of $3.6 billion and deposits of $1 billion, and MTBC served.8 This proposal would effect an internal reorganiza- (USA), with consolidated assets of $118.3 million and tion of existing operations and would not result in either an deposits of $48.8 million, together control less than 1 per- expansion of operations or an acquisition of an additional cent of total deposits of insured depository institutions in bank in the United States. Based on all the facts of record, that state. the Board concludes that consummation of the proposal would not have a significantly adverse effect on competition or on the concentration of banking resources in any Factors Reviewed by the Board relevant banking market. The BHC Act sets forth the factors that the Board must Financial and Managerial Considerations consider when reviewing the formation of bank holding companies or the acquisition of banks. These factors are The Board has carefully considered the financial and manathe competitive effects of the proposal in the relevant gerial resources and future prospects of Applicants and the geographic markets; the financial and managerial resources banking and nonbanking companies involved in the proand future prospects of the companies and banks involved; posal; the effect the proposed transaction would have on the convenience and needs of the community to be served, such resources; and other supervisory factors in light of all including the records of performance of the relevant the facts of record, which include the examination records insured depository institutions under the Community Rein- of Mizuho Holdings and its subsidiary depository instituvestment Act ("CRA");5 the availability of information tions by the appropriate federal financial supervisory agenneeded to determine and enforce compliance with the BHC cies. The Board has also consulted with the FSA. Act and other applicable federal banking laws; and, in the The Board notes that the proposal is intended to enhance case of applications involving a foreign bank, whether it is the overall financial strength and future prospects of Applisubject to comprehensive supervision and regulation on a cants and Mizuho Holdings. The corporate reorganization consolidated basis by its home country supervisor.6 would be effected through the exchange of shares. No debt would be issued by Applicants, Mizuho Holdings, or any The Board has considered these factors in light of a of its subsidiaries as part of the transactions that would record that includes information provided by Applicants, effect the reorganization. Mizuho Holdings' stated capital confidential supervisory and examination information from levels exceed the minimum levels that would be required various federal agencies, and publicly reported financial under the Basle Capital Accord, and its capital levels are and other information. The Board also has considered considered equivalent to the capital levels that would be information from Japan's Financial Services Agency required of a U.S. banking organization under similar cir- ("FSA"), the primary home country supervisor of Mizuho cumstances. Moreover, no expansion or restructuring of Holdings. The Board notes that the FSA has issued a existing U.S. operations would result from the proposed preliminary approval of the proposed restructuring. In addi- reorganization. In addition, the proposal would not materition, the Board has considered all the public comments ally affect the management of Mizuho Holdings' operareceived on the proposal.7 tions, including its subsidiary insured depository institutions, in the United States. In this light, and based on all the 3. Foreign asset and ranking data are as of September 30, 2002, facts of record, the Board concludes that the financial and and are based on the exchange rate of $1/¥122.6 on that date. managerial resources and future prospects of Applicants 4. State asset, deposit, and ranking data are as of December 31, and their subsidiary banks are consistent with approval. 2001. In this context, depository institutions include commercial banks, savings associations, and savings banks. 5. 12U.S.C. §2901 etseq. Convenience and Needs Factor 6. See 12 U.S.C. § 1842(c). 7. One commenter objected to the proposal. The commenter as- The Board has carefully considered the effects of the serted that MHAT should, as part of these applications, also file for the planned closure of its representative office in New York. Sec- proposal on the convenience and needs of the communities tion 211.25(f) of the Board's Regulation K establishes the notice to be served in light of all the facts of record, including requirements for the closure of a foreign bank's representative office, and its provisions do not require such notices to be filed with a BHC Act application. See 12 C.F.R. 211.25(f). 8. 12 U.S.C. § 1842(c)(1)- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 183 a comment received during the public comment period, In reviewing the effect of the proposal on the coninformation on the performance under the CRA of the venience and needs of the communities to be served, the relevant subsidiary insured depository institutions received Board has carefully considered all the facts of record, from other federal agencies, publicly available data, and including the views of the commenter, the Applicants' information submitted by Applicants. As noted above, the response, and reports of examinations of CRA perfor- U.S. operations of Mizuho Holdings and its subsidiary mance of the institutions involved. Based on the review of insured depository institutions would remain unaffected by the entire record and for the reasons discussed above, the the proposed reorganization. Board concludes that considerations relating to the conve- The Board has long held that consideration of the conve- nience and needs factor, including the CRA performance nience and needs factor includes a review of the records records of the relevant depository institutions, are consisof the relevant depository institutions under the CRA. As tent with approval.13 provided in the CRA, the Board evaluates an institution's record of performance in light of examinations by the Other Supervisory Considerations appropriate federal supervisors of the CRA performance records. An institution's most recent CRA performance Section 3 of the BHC Act also provides that the Board may evaluation is a particularly important consideration in the not approve an application involving a foreign bank unless applications process because it represents a detailed, the bank is subject to comprehensive consolidated supervion-site evaluation of the institution's overall record of sion or regulation on a consolidated basis by the appropriperformance under the CRA by its appropriate federal ate authorities in the bank's home country.14 The Board has supervisor.9 previously determined in applications under the BHC Act Mizuho Holdings' subsidiary depository institutions that certain Japanese commercial banks, including The Fuji received either "outstanding" or "satisfactory" ratings at their most recent examinations under the CRA by their primary federal supervisor at the time of the examinations, California for its overall small business lending activities, stating that a high percentage of the bank's small business loans and letters of the Federal Deposit Insurance Corporation ("FDIC"). credit were originated during the review period in the bank's desig- MCB (USA), a state member bank, was established on nated assessment areas, and that the geographic distribution of its December 1, 2002, as a result of the merger of two wholly small business lending reflected an excellent level of penetration owned insured depository institutions of Mizuho Holdings, throughout its assessment areas. Fuji Bank and Trust Company ("Fuji Trust") and the 12. MTBC (USA) was named Yasuda Bank and Trust Company (U.S.A.) when last evaluated for CRA performance. The commenter Industrial Bank of Japan Trust Company ("IBJ Trust"). questioned whether MCB (USA) suspended its CRA activities for a Fuji Trust received an "outstanding" rating, as of June 24, portion of 1999 and 2000. At that time, MCB (USA) was a limited- 2002, and IBJ Trust received an "outstanding" rating, as purpose trust company, and this type of institution is not subject to the of March 8, 2000.10 MCB California, which changed its CRA under the relevant FDIC regulations. See 12 C.F.R. 345.11(c)(3). MCB (USA) was subsequently designated as a wholesale bank for name from Dai-Ichi Kangyo Bank of California on April 1, purposes of the CRA and received a satisfactory performance rating 2002, received a "satisfactory" rating, as of April 30, from the New York State Banking Department under the New York 2001,11 and MTBC (USA) received a "satisfactory" rat- State Community Reinvestment Act. See N.Y. Banking Law §28-b ing, as of June 30, 1998.12 (McKinney 2003). 13. The commenter cited news reports about the level of Mizuho Holdings' lending in Japan, particularly its small business lending, 9. See Interagency Questions and Answers Regarding Community and asserted that these reports should cause the Board to closely Reinvestment, 66 Federal Register 36,620 and 36,639 (2001). scrutinize its record of lending under the CRA. The Board does not 10. Another wholly owned subsidiary insured depository institu- consider the non-U.S. lending performance of an applicant when tion of Mizuho Holdings, IBJ Whitehall Bank & Trust Company considering the convenience and needs factor under section 3 of the ("IBJ Whitehall"), was merged into IBJ Trust on March 31, 2002. IBJ BHC Act. However, the Board has carefully considered the entire Whitehall received a "satisfactory" rating, as of December 11, 2000, record of lending of Mizuho Holdings' subsidiary depository institufrom the Federal Reserve Bank of New York. The commenter criti- tions in the United States in considering the convenience and needs cized the overall number of loans originated by IBJ Whitehall and the factor. The commenter also voiced a concern about the manner in amount of lending in its assessment area, citing these data as evidence which Mizuho Holdings' predecessor institutions reacted to the terrorof deterioration in the overall CRA performance of IBJ Whitehall. ist attacks on September 11, 2001. This concern is outside the limited Examiners found that the community development lending, qualified statutory factors the Board is authorized to consider when reviewing investments, and community development services of IBJ Whitehall an application under the BHC Act. See Western Bancshares, Inc. v. were adequate. Moreover, examiners commended IBJ Trust, which Board of Governors, 480 F.2d 749 (10th Cir. 1973). acquired IBJ Whitehall, for the high level of community development 14. 12 U.S.C. § 1842(c)(3)(B). Under Regulation Y, the Board uses loans it originated and described IBJ Trust's responsiveness to the the standards enumerated in Regulation K to determine whether a credit needs of its assessment area as excellent. foreign bank that has applied under section 3 of the BHC Act is 11. The commenter pointed out statements in the performance subject to consolidated home country supervision. See 12 C.F.R. evaluation of MCB California that the bank's overall lending, espe- 225.13(a)(4). Regulation K provides that a foreign bank will be cially in low-income census tracts, had slowed, and that the bank's considered to be subject to comprehensive supervision or regulation level of market penetration among business customers with gross on a consolidated basis if the Board determines that the bank is annual revenues of $1 million or less was poor. However, the examin- supervised or regulated in such a manner that its home country ers also commented that the decrease in lending was due to the supervisor receives sufficient information on the worldwide operations reorganization of the bank when it became a subsidiary of Mizuho of the bank, including its relationship to any affiliates, to assess the Holdings, a reduction in lending personnel, and problems in the Asian bank's overall financial condition and its compliance with law and economy. In addition, the examiners generally commended MCB regulation. See 12 C.F.R. 211.24(c)(1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 Federal Reserve Bulletin • April 2003 Bank, Ltd., The Industrial Bank of Japan, Ltd., and The reasonably be expected to produce benefits to the public Dai-Ichi Kangyo Bank, Ltd., were subject to comprehen- that outweigh possible adverse effects, such as undue consive consolidated supervision by their home country super- centration of resources, decreased or unfair competition, visor.15 In this case, the Board has determined that MHAT conflicts of interests, or unsound banking practices.17 and Mizuho Corporate Bank are supervised on substan- MHFG has indicated that it expects that the proposal tially the same terms and conditions as the other Japanese would improve the financial position and future business banks. In addition, the Board also has previously con- prospects of its current banking and nonbanking operasidered the supervisory regime in Japan with respect tions. In addition, as the Board has previously noted, there to bank holding companies, including Mizuho Holdings, are public benefits to be derived from permitting capital and determined that supervisory factors are consistent with markets to operate so that bank holding companies can approval. Applicants have stated that there would be no make potentially profitable investments in nonbanking change in the supervision of the Mizuho group as a result companies and from permitting banking organizations to of the proposed restructuring. allocate their resources in the manner they consider to be In addition, section 3 of the BHC Act requires the Board most efficient when such investments and actions are conto determine that applicants have provided adequate assur- sistent, as in this case, with the relevant considerations ances that they will make available to the Board such under the BHC Act.18 information on their operations and activities and those of The Board also believes that the conduct of the proposed their affiliates that the Board deems appropriate to deter- nonbanking activities within the framework established in mine and enforce compliance with the BHC Act.16 The this order, prior orders, and Regulation Y is unlikely to Board has reviewed the restrictions on disclosure in juris- result in any of the adverse effects noted above that would dictions where Applicants would have material operations not be outweighed by the public benefits of the proand has communicated with relevant government authori- posal, such as increased customer convenience and gains in ties concerning access to information. Applicants have efficiency. committed that, to the extent not prohibited by applicable Accordingly, based on all the facts of record, the Board law, each will make available to the Board such informa- has determined that the balance of public interest factors tion on the operations of their affiliates that the Board that the Board must consider under the standard of secdeems necessary to determine and enforce compliance with tion 4(j) of the BHC Act is favorable and consistent with the BHC Act and other applicable federal law. Applicants approval. also have committed to cooperate with the Board to obtain any waivers or exemptions that may be necessary to enable Conclusion their affiliates to make any such information available to the Board. In light of these commitments, the Board has Based on the foregoing and in light of all the facts of concluded that Applicants have provided adequate assur- record, the Board has determined that the applications and ances of access to any appropriate information the Board notice should be, and hereby are, approved.19 In reaching may request. For these reasons, and based on all the facts of record, the Board has concluded that the supervisory factors it is required to consider under section 3(c)(3) of 17. See 12 U.S.C. § 1843(j)(2)(A). the BHC Act are consistent with approval. 18. See, e.g., Banc One Corporation, 84 Federal Reserve Bulletin 553 (1998), and First Union Corporation, 84 Federal Reserve Bulletin 489 (1998). Nonbanking Activities 19. The commenter requested a hearing in connection with the proposal. Section 3 of the BHC Act does not require the Board to hold a public hearing on an application unless the appropriate supervisory MHFG also has filed a notice under section 4(c)(8) and authority for any of the banks to be acquired makes a timely written (4)(j) of the BHC Act to acquire the U.S. nonbank subsidirecommendation of denial of the application. The Board has not aries of Mizuho Holdings and thereby engage in various received such a recommendation from the appropriate supervisory permissible nonbanking activities. Through these subsidi- authority. The Board's regulations provide for a hearing under section 4 of the BHC Act if there are disputed issues of material fact that aries, MHFG would engage in a number of nonbanking cannot be resolved in some other manner. See 12 C.F.R. 225.25(a)(2). activities listed in the Appendix that are currently autho- Under its rules, the Board also may, in its discretion, hold a public rized for Mizuho Holdings. MHFG has committed that it meeting or hearing on an application to acquire a bank if a meeting would conduct these activities in accordance with the or hearing is necessary or appropriate to clarify factual issues related Board's regulations. to the application and to provide an opportunity for testimony. 12 C.F.R. 225.16(e). To approve the notice, the Board must determine that the The Board has considered carefully the commenter's request in proposed acquisition of the U.S. nonbank subsidiaries and light of all the facts of record. In the Board's view, the public has had subsequent performance of their activities by MHFG may ample opportunity to submit comments on the proposal, and, in fact, the commenter has submitted a written comment that the Board has considered carefully in acting on the proposal. The request fails to 15. Mizuho Corporate Bank resulted from the merger of The Fuji identify disputed issues of fact that are material to the Board's Bank, Ltd.; The Industrial Bank of Japan, Ltd.; and The Dai-Ichi decision and that may be clarified by a public meeting or hearing. Kangyo Bank, Ltd. See Mizuho Holdings, Inc., 86 Federal Reserve Moreover, the commenter's request fails to demonstrate why its Bulletin 776 (2000). written comments do not present its views adequately or why a 16. See 12 U.S.C. § 1842(c)(3)(A). meeting or hearing otherwise would be necessary or appropriate. For Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 185 its conclusion, the Board has considered all the facts of other agency transactional services, in accordance with record in light of the factors that it is required to consider section 225.28(b)(7)(i)-(v) of Regulation Y (12 C.F.R. under the BHC Act and other applicable statutes. The 225.28(b)(7)(i)-(v)); Board's approval is specifically conditioned on compliance 8. Underwriting and dealing in government obligations by Applicants with all the representations and commit- and money market instruments in which state member ments made in connection with the applications, and prior banks may underwrite and deal under 12 U.S.C. commitments referenced in this order, and on the receipt by §§335 and 24(7), and investing and trading activities Applicants of all necessary regulatory approvals. These in foreign exchange and other eligible derivative representations, commitments, and conditions are deemed instruments, in accordance with section 225.28(b)(8)(i) to be conditions imposed in writing by the Board in con- and (ii) of Regulation Y (12 C.F.R. 225.28(b)(8)(i) and nection with its findings and decision and, as such, may be (ii)); enforced in proceedings under applicable law. 9. Providing management consulting services, in accor- The banking transactions shall not be consummated dance with section 225.28(b)(9) of Regulation Y before the fifteenth calendar day after the effective date of (12 C.F.R. 225.28(b)(9)); this order, and the transactions may not be consummated 10. Engaging in specific insurance agency activities later than three months after the effective date of this order, through a subsidiary that engaged in such activiunless such period is extended for good cause by the Board ties on May 1, 1982, in accordance with secor by the Federal Reserve Bank of New York, acting tion 225.28(b)(ll)(iv) of Regulation Y (12 C.F.R. pursuant to delegated authority. 225.28(b)(ll)(iv)); By order of the Board of Governors, effective Febru- 11. Community development activities, in accordance with ary 24, 2003. section 225.28(b)(12) of Regulation Y (12 C.F.R. 225.28(b)(12)); and Voting for this action: Chairman Greenspan, Vice Chairman Fergu- 12. Data processing and transmission activities, in accorson, and Governors Gramlich, Bies, Olson, Bernanke, and Kohn. dance with section 225.28(b)(14) of Regulation Y (12 C.F.R. 225.28(b)(14». ROBERT DEV. FRIERSON Deputy Secretary of the Board ORDERS ISSUED UNDER INTERNATIONAL Appendix BANKING ACT MHFG proposes to engage in the following nonbanking The Daiwa Bank, Limited activities: Osaka, Japan 1. Extending credit and servicing loans, in accordance Order Approving Establishment of a Representative Office with section 225.28(b)(1) of the Board's Regulation Y (12 C.F.R. 225.28(b)(1)); The Daiwa Bank, Limited ("Bank"), Osaka, Japan, a for- 2. Activities related to extending credit, in accordance eign bank within the meaning of the International Banking with section 225.28(b)(2) of the Board's Regulation Y Act ("IBA"), has applied under section 10(a) of the IB A (12 C.F.R. 225.28(b)(2)); (12 U.S.C. § 3107(a)) to establish a representative office 3. Providing leasing services, in accordance with sec- in New York, New York. The Foreign Bank Supervision tion 225.28(b)(3) of Regulation Y (12 C.F.R. Enhancement Act of 1991, which amended the IBA, pro- 225.28(b)(3)); vides that a foreign bank must obtain the approval of the 4. Owning, controlling, or operating an industrial bank, Board to establish a representative office in the United in accordance with section 225.28(b)(4) of Regula- States. tion Y (12 C.F.R. 225.28(b)(4)); Notice of the application, affording interested persons an 5. Performing trust company functions, in accordance opportunity to submit comments, has been published in a with section 225.28(b)(5) of Regulation Y (12 C.F.R. newspaper of general circulation in New York, New York 225.28(b)(5)); (The New York Times, October 23, 2002). The time for 6. Providing investment and financial advisory services, filing comments has expired, and all comments have been in accordance with section 225.28(b)(6) of Regula- considered. tion Y (12 C.F.R. 225.28(b)(6)); Bank, with total consolidated assets of approximately 7. Providing securities brokerage, riskless principal, pri- $111 billion,1 is one of the largest banks in Japan, providvate placement, futures commission merchant, and ing lending, securities, real estate, and private banking services. Bank is a wholly owned subsidiary of Resona Holdings, Inc. ("Resona"), also in Osaka. Resona's shares these reasons, and based on all the facts of record, the Board has determined that a public hearing or a public meeting is not required or warranted in this case. Accordingly, the request for a public hearing on the proposal is denied. 1. Unless otherwise indicated, data are as of September 30, 2002. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 Federal Reserve Bulletin • April 2003 are publicly traded and widely held. Bank currently con- The additional standards set forth in section 7 of the ducts no activities in the United States. In March 2003, IBA and Regulation K {see 12 U.S.C. §3105(d)(3)-(4); Bank plans to merge with another Resona subsidiary, Asahi 12 C.F.R. 211.24(c)(2)) have also been taken into account. Bank, Limited ("Asahi"), Tokyo, Japan. After the merger, The FSA has no objection to the establishment of the Bank (to be renamed Resona Bank, Ltd.) plans to retain the proposed representative office. existing New York representative office of Asahi. With respect to the financial and managerial resources The proposed representative office would provide liaison of Bank, taking into consideration Bank's record of operaservices for Bank's head office and engage in limited tions in its home country, its overall financial resources, marketing activities directed at U.S. subsidiaries and offices and its standing with its home country supervisor, financial of Bank's Japanese corporate clients. The proposed repre- and managerial factors are consistent with approval of the sentative office would also be involved in administrative proposed representative office.4 Bank appears to have the activities related to the closing of Asahi's former branch experience and capacity to support the proposed represenoffice. tative office and has established controls and procedures In acting on an application to establish a representative for the proposed representative office to ensure compliance office, the IBA and Regulation K provide that the Board with U.S. law. shall take into account whether the foreign bank engages Japan is a member of the Financial Action Task Force directly in the business of banking outside of the United ("FATF") and subscribes to the FATF's recommendations States and has furnished to the Board the information on measures to combat money laundering. In accordance it needs to assess the application adequately. The Board with these recommendations, Japan has enacted laws and also shall take into account whether the foreign bank and developed regulatory standards to deter money laundering. any foreign bank parent is subject to comprehensive Money laundering is a criminal offense in Japan, and supervision or regulation on a consolidated basis by its Japanese financial institutions are required to establish home country supervisor (12 U.S.C. §3107(a)(2)).2 In addi- internal policies, procedures, and systems for the detection tion, the Board may take into account additional standards and prevention of money laundering throughout their set forth in the IBA and Regulation K (12 U.S.C. worldwide operations. §3105(d)(3)-(4); 12 C.F.R. 211.24(c)(2)). With respect to access to information on Bank's opera- As noted above, Bank engages directly in the business of tions, the restrictions on disclosure in relevant jurisdictions banking outside the United States. Bank also has provided in which Bank operates have been reviewed and relevant the Board with information necessary to assess the applica- government authorities have been communicated with tion through submissions that address the relevant issues. regarding access to information. Bank has committed to With respect to supervision by home country authorities, make available to the Board such information on the operathe Board has previously determined, in connection with tions of Bank and any of its affiliates that the Board deems applications involving other Japanese banks, that those necessary to determine and enforce compliance with the banks were subject to home country supervision on a IBA, the Bank Holding Company Act of 1956, as amended, consolidated basis.3 Bank is supervised by the Japanese and other applicable federal law. To the extent that the Financial Services Agency ("FSA") on substantially the provision of such information to the Board may be prohibsame terms and conditions as those other Japanese banks. ited by law or otherwise, Bank has committed to cooperate Based on all the facts of record, it has been determined with the Board to obtain any necessary consents or waivers that Bank is subject to comprehensive supervision and that might be required from third parties for disclosure of regulation on a consolidated basis by its home country such information. In addition, subject to certain conditions, supervisor. the FSA may share information on Bank's operations with other supervisors, including the Board. In light of these commitments and other facts of record, and subject to the 2. In assessing this standard, the Board considers, among other condition described below, it has been determined that factors, the extent to which the home country supervisors: Bank has provided adequate assurances of access to any (i) ensure that the bank has adequate procedures for monitoring and necessary information that the Board may request. controlling its activities worldwide; On the basis of all the facts of record, and subject to the (ii) obtain information on the condition of the bank and its subsidicommitments made by Bank and the terms and conditions aries and offices through regular examination reports, audit set forth in this order, Bank's application to establish the reports, or otherwise; (iii) obtain information on the dealings with and relationship between the bank and its affiliates, both foreign and domestic; 4. In 1995, the Federal Reserve and other federal and state banking (iv) receive from the bank financial reports that are consolidated on a regulators issued a series of orders terminating the U.S. operations of worldwide basis or comparable information that permits analysis Bank and Daiwa Bank Trust Company in connection with Bank's of the bank's financial condition on a worldwide consolidated failure to disclose to regulators and law enforcement authorities basis; trading losses of more than $1 billion. The prohibition against Bank's (v) evaluate prudential standards, such as capital adequacy and risk re-entry into the United States ended in 1998. Since the termination of asset exposure, on a worldwide basis. These are indicia of com- its U.S. operations, Bank has provided information about reforms to prehensive, consolidated supervision. No single factor is essen- its internal controls and reporting systems. The proposal to maintain tial, and other elements may inform the Board's determination. the representative office in New York arises from a reorganization of 3. See UFJ Holdings, Inc., 87 Federal Reserve Bulletin 270 (2001); the Japanese operations of Resona and no change or expansion of U.S. Mizuho Holdings, Inc., 86 Federal Reserve Bulletin 776 (2000). operations is contemplated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 187 representative office is hereby approved.5 Should any application and with the conditions in this order.6 The restrictions on access to information on the operations commitments and conditions referred to above are condior activities of Bank or any of its affiliates subsequently tions imposed in writing by the Board in connection with interfere with the Board's ability to obtain information to this decision and may be enforced in proceedings against determine and enforce compliance by Bank or its affiliates Bank and its affiliates under 12 U.S.C. § 1818. with applicable federal statutes, the Board may require or By order, approved pursuant to authority delegated by recommend termination of any of Bank's direct and indi- the Board, effective February 28, 2003. rect activities in the United States. Approval of this application also is specifically conditioned on compliance by ROBERT DEV. FRIERSON Bank with the commitments made in connection with this Deputy Secretary of the Board 6. The Board's authority to approve the establishment of the proposed representative office parallels the continuing authority of the State of New York to license offices of a foreign bank. The Board's 5. Approved by the Director of the Division of Banking Superapproval of this application does not supplant the authority of the vision and Regulation, with the concurrence of the General Counsel, State of New York or its agent, the New York State Banking Departpursuant to authority delegated by the Board. See 12 C.F.R. ment ("Department"), to license the proposed office of Bank in 265.7(d)(12). accordance with any terms or conditions that the Department may impose. INDEX OF ORDERS ISSUED OR ACTIONS TAKEN BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (October 1, 2002-December 31, 2002) Bulletin Volume Applicant Merged or Acquired Bank of Activity Date of Approval and Page Bank of Hawaii, First Savings and Loan Association December 12, 2002 89, 87 Honolulu, Hawaii of America, Dededo, Guam China Merchants Bank, To establish a representative office October 22, 2002 88, 503 Shenzhen, People's Republic in New York, New York of China Citigroup Inc., California Federal Bank, October 28, 2002 88, 485 New York, New York San Francisco, California Golden State Bancorp Inc., San Francisco, California Citibank, FSB, San Francisco, California Cooperatieve Centrale Raiffeisen- VIB Corp, December 12, 2002 89, 81 Boerenleenbank B.A., El Centro, California Rabobank Nederland, Valley Independent Bank, Utrecht, The Netherlands El Centro, California Eurohypo Aktiengesellschaft, To establish a branch in New York, October 8, 2002 88, 504 Frankfurt, Germany New York, and representative offices in Chicago, Illinois, and Los Angeles, California Fortis Bank S.A./N.V., To establish branches in New York, October 8, 2002 88, 506 Brussels, Belgium New York, and Stamford, Connecticut Illini Corporation, Illinois Community Bancorp, Inc., December 23, 2002 89, 85 Springfield, Illinois Effingham, Illinois Illinois Community Bank, Effingham, Illinois Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 Federal Reserve Bulletin • April 2003 APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT By the Secretary of the Board Recent applications have been approved by the Secretary of the Board as listed below. Copies are available upon request to the Freedom of Information Office, Office of the Secretary, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Section 4 Applicant(s) Bank(s) Effective Date Wells Fargo & Company, Telmark LLC, February 5, 2003 San Francisco, California DeWitt, New York Wells Fargo Financial Services, Inc., Telease Financial Services Ltd., Des Moines, Iowa Ontario, Canada Wells Fargo Financial, Inc., Telmark Lease Funding II, LLC, Des Moines, Iowa DeWitt, New York Telmark Lease Funding III, LLC, DeWitt, New York APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT By Federal Reserve Banks Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to the Reserve Banks. Section 3 Applicant(s) Bank(s) Reserve Bank Effective Date American Eagle Financial Riverview Community Bank, Minneapolis February 26, 2003 Corporation, Otsego, Minnesota Albertville, Minnesota Amtrust, Inc., United American Bank, Chicago February 12, 2003 Dubuque, Iowa San Mateo, California Buford Banking Group, Inc., Lanier Community Bank, Atlanta February 18, 2003 Buford, Georgia Buford, Georgia Bridgewater Financial, MHC, Bridgewater Savings Bank, Boston February 25, 2003 Raynham, Massachusetts Raynham, Massachusetts Campbell State Company, Blue Hill Agency, Inc., Kansas City February 21, 2003 Lincoln, Nebraska Blue Hill, Nebraska Citizens Bancorp, Citizens Bank of Nevada County, San Francisco February 21, 2003 Grass Valley, California Nevada City, California Coast Financial Holdings, Inc., Coast Bank of Florida, Atlanta February 10, 2003 Bradenton, Florida Bradenton, Florida Davis Trust Financial Corporation, First Clay County Banc Corporation, Richmond February 3, 2003 Elkins, West Virginia Clay, West Virginia DB Acquisition Corp., Dorchester Bancshares, Inc., Chicago February 5, 2003 Wausau, Wisconsin Dorchester, Wisconsin Dorchester State Bank, Dorchester, Wisconsin Finlayson Bancshares, Inc., Floodwood Agency, Inc., Minneapolis February 24, 2003 Finlayson, Minnesota Duluth, Minnesota First State Bank of Floodwood, Floodwood, Minnesota Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Legal Developments 189 Section 3—Continued Applicant(s) Bank(s) Reserve Bank Effective Date First BanCorp, PanAmerican Bancorp, New York February 11, 2003 San Juan, Puerto Rico Hollywood, Florida First Mutual Bancorp of Illinois, Inc. Security Bancorp of Dupage, Inc. Chicago February 12, 2003 Harvey, Illinois Naperville, Illinois First Okmulgee Corporation, First National of Henryetta, Inc., Kansas City January 15, 2003 Okmulgee, Oklahoma Henryetta, Oklahoma First National Bank, Henryetta, Henryetta, Oklahoma First Southern Bancorp, Inc., South Central Bancshares, Inc., Cleveland January 29, 2003 Stanford, Kentucky Russellville, Kentucky F.N.B. Corporation, Sun Bancorp, Inc., Atlanta February 3, 2003 Naples, Florida Selinsgrove, Pennsylvania Sun Bank, Selinsgrove, Pennsylvania Frontenac Bancshares, Inc., Frontenac Bank, St. Louis February 10, 2003 Earth City, Missouri Earth City, Missouri Hometown Bancorp, Inc., Hometown Bank, Kansas City January 23, 2003 Grand Island, Nebraska Hastings, Nebraska IBERIABANK Corporation, Acadiana Bancshares, Inc., Atlanta February 12, 2003 New Iberia, Louisiana Lafayette, Louisiana Lea M. McMullan Trust, LaRue Bancshares, Inc., St. Louis February 7, 2003 Shelbyville, Kentucky Hodgenville, Kentucky Citizens Union Bancorp of The Peoples State Bank, Shelbyville, Inc., Hodgenville, Kentucky Shelbyville, Kentucky OSB Financial Services, Inc., Mauriceville National Bank, Dallas February 4, 2003 Orange, Texas Mauriceville, Texas OSB Delaware Financial Services, Inc., Dover, Delaware Ozarks Heritage Financial Group, Community First Financial St. Louis February 5, 2003 Inc., Corporation, Inc., Gainesville, Missouri Plato, Missouri Bank of Plato, Plato, Missouri Ravalli County Bankshares, Inc., West One Bank, Minneapolis February 26, 2003 Hamilton, Montana Kalispell, Montana Bitterroot Holding Company, Lolo, Montana Southwest Community Bancorp, Southwest Community Bank, San Francisco January 29, 2003 Carlsbad, California Encinitas, California United Community Banks, Inc., First Central Bancshares, Inc. Atlanta February 24, 2003 Blairsville, Georgia Lenoir City, Tennessee First Central Bank, Lenoir City, Tennessee Utah Community Bancorp, Utah Community Bank, San Francisco February 10, 2003 Sandy, Utah Sandy, Utah Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 Federal Reserve Bulletin • April 2003 Section 4 Applicant(s) Nonbanking Activity/Company Reserve Bank Effective Date Bancroft State Bancshares, Inc. Rayome Insurance Agencies, Inc., Chicago January 27, 2003 Bancroft, Wisconsin Bancroft, Wisconsin Bancshares of Florida, Inc., Florida Trust Company, Inc., Atlanta January 29, 2003 Naples, Florida Fort Lauderdale, Florida Sky Financial Group, Metropolitan Financial Corporation, Cleveland February 25, 2003 Bowling Green, Ohio Highland Hills, Ohio 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 IBERIABANK, LBA Savings Bank, Atlanta February 12, 2003 New Iberia, Louisiana Lafayette, Louisiana Sky Bank, Metropolitan Bank and Trust, Cleveland February 25, 2003 Salineville, Ohio Highland Hills, Ohio UnionBank, UnionB ank/Central, Chicago January 29, 2003 Streator, Illinois Princeton, Illinois PENDING CASES INVOLVING THE BOARD OF GOVERNORS This list of pending cases does not include suits against the Community Bank & Trust v. United States, No. 01-571C Federal Reserve Banks in which the Board of Governors is (Ct. Fed. CI., filed October 3, 2001). Action challenging not named a party. on constitutional grounds the failure to pay interest on reserve accounts held at Federal Reserve Banks. Sedgwick v. United States, No. 02-5378 (D.C. Circuit, filed Artis v. Greenspan, No. 01-CV-0400 (EGS) (D.D.C., com- November 26, 2002). Appeal of the dismissal of appel- plaint filed February 22, 2001). Employment discrimlant's claim for a declaratory judgment under the Fed- ination action. On August 15, 2001, the district court eral Tort Claims Act and the Constitution regarding the consolidated the action with Artis v. Greenspan, banking agencies' alleged failure to intervene on his No. 99-CV-2073 (EGS) (D.D.C., filed August 3, 1999), behalf in civil litigation involving a regulated institution. also an employment discrimination action. Albrecht v. Board of Governors, No. 02-5325 (D.C. Cir., Fraternal Order of Police v. Board of Governors, filed October 18, 2002). Appeal of district court order No. 1:98CV03116 (WBB)(D.D.C„ filed December 22, dismissing challenge to the method of funding of the 1998). Declaratory judgment action challenging Board retirement plan for certain Board employees. regulation on labor-management relations at Reserve Caesar v. United States, No. 02-0612 (EGS) (D.D.C.), Banks. removed on April 1, 2002 from No. 02-1502 (D.C. Superior Court, originally filed March 1, 2002). Action seeking damages for personal injury. 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 US. government securities A4 Reserves and money stock measures dealers—Transactions A5 Reserves of depository institutions and Reserve Bank A27 U.S. government securities dealers— credit Positions and financing A6 Reserves and borrowings—Depository A28 Federal and federally sponsored credit institutions agencies—Debt outstanding Policy Instruments Securities Markets and Corporate Finance A7 Federal Reserve Bank interest rates A29 New security issues—Tax-exempt state and local A8 Reserve requirements of depository institutions governments and U.S. corporations A9 Federal Reserve open market transactions A30 Open-end investment companies—Net sales and assets Federal Reserve Banks A30 Domestic finance companies—Assets and liabilities A31 Domestic finance companies—Owned and managed A10 Condition and Federal Reserve note statements receivables All Maturity distribution of loan and security holding Real Estate Monetary and Credit Aggregates A3 2 Mortgage markets—New homes A3 3 Mortgage debt outstanding A12 Aggregate reserves of depository institutions and monetary base Consumer Credit A13 Money stock measures A34 Total outstanding Commercial Banking Institutions— A34 Terms Assets and Liabilities Flow of Funds A15 All commercial banks in the United States A16 Domestically chartered commercial banks A35 Funds raised in U.S. credit markets A17 Large domestically chartered commercial banks A37 Summary of financial transactions A19 Small domestically chartered commercial banks A3 8 Summary of credit market debt outstanding A20 Foreign-related institutions A39 Summary of financial assets and liabilities Financial Markets DOMESTIC NONFINANCIAL STATISTICS A22 Commercial paper outstanding A22 Prime rate charged by banks on short-term Selected Measures business loans A23 Interest rates—Money and capital markets A40 Output, capacity, and capacity utilization A24 Stock market—Selected statistics A42 Industrial production—Indexes and gross value Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

45 Federal Reserve Bulletin • April 2003 INTERNATIONAL STATISTICS Reported by Nonbanking Business Enterprises in the United States Summary Statistics A52 Liabilities to unaffiliated foreigners A44 U.S. international transactions A53 Claims on unaffiliated foreigners A45 US. reserve assets A45 Foreign official assets held at Federal Reserve Securities Holdings and Transactions Banks A54 Foreign transactions in securities A46 Selected US. liabilities to foreign official A55 Marketable US. Treasury bonds and institutions notes—Foreign transactions Reported by Banks in the United States Interest and Exchange Rates A46 Liabilities to, and claims on, foreigners A56 Foreign exchange rates A47 Liabilities to foreigners A49 Banks' own claims on foreigners A57 GUIDE TO SPECIAL TABLES AND A50 Banks' own and domestic customers' claims on foreigners STATISTICAL RELEASES A51 Banks' own claims on unaffiliated foreigners A58 INDEX TO STATISTICAL TABLES 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 Agricultural 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 • April 2003 1.10 RESERVES AND MONEY STOCK MEASURES Percent annual rate of change, seasonally adjusted1 2002 2002 2003 MMoonneettaarryy oorr ccrreeddiitt aaggggrreeggaattee Ql Q2 Q3 Q4' Sept.' Oct.' Nov.' Dec.' Jan. Reserves of depository institutions2 1 Total -12.6r -13.5r -2.0r .3 -21.8 -2.1 15.4 13.0 14.2 2 Required -12.3r -12.4' ^1.8' -2.1 -17.7 -4.5 13.9 1.6 25.5 3 Nonborrowed —12.2r -U.QF -3.5r 1.2 -18.8 .6 11.5 19.0 15.8 4 Monetary base3 8.8r 7.5' 6.9 5.0 2.7 5.1 5.7 7.5 6.8 Concepts of money4 5 Ml 5.7 -.6 3.1 4.5 6.3 11.2 -.9 7.8 1.8 6 M2 6.7 4.1 9.1' 7.1 5.5 8.3 8.1 3.2 6.1 7 M3 5.8 4.1 7.7 7.5 6.2 .8 17.2 7.4 -.8 Nontransaction components 8 In M25 7.0 5.4 10.8 7.8 5.3 7.5 10.5 1.9 7.2 9 In M3 only6 3.8 4.2 4.5 8.2 7.5 -15.3 37.2 16.7 -15.4 Time and savings deposits Commercial banks 10 Savings, including MMDAs 20.4 15.1 20.1 16.9 16.7 14.3 20.9 3.6 18.6 11 Small time7 -16.1 -6.3 -6.3 -9.1 -12.2 -8.7 -7.3 -9.0 -8.0 12 Large time8-9 5.1r 12.4 3.7 ^1.0 -3.2 9.9 -13.3 -32.6 14.4 Thrift institutions 13 Savings, including MMDAs 31.0 24.0 20.5' 20.5 21.7 22.3 13.9 21.7 21.3 14 Small time7 -12.3 -16.6 -12.3' -6.4 -10.2 -5.9 -4.4 -2.4 -5.2 15 Large time8 1.5 -8.1 -3.2' 11.1 1.1 10.7 16.9 15.6 13.4 Money market mutual funds 16 Retail -7.8 -9.2 4.7 -4.4 -13.0 -2.8 1.9 -8.0 -14.6 17 Institution-only 3.5r 3.9 -.8 1.9 -8.3 —41.3 68.7 25.0 -35.3 Repurchase agreements and eurodollars 18 Repurchase agreements10 3.0 -.7 27.5 45.0 67.8 -4.8 55.3 77.7 -23.8 19 Eurodollars10 3.6 -4.7 .2 14.4 21.2 11.6 12.0 5.7 7.9 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 US. 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 RESERVE BALANCES OF DEPOSITORY INSTITUTIONS1 Millions of dollars Average of Average of daily figures for week ending on date indicated daily figures Factor 2002 2002 2003 2002 2003 Nov.r Dec.' Jan. Dec. 18R Dec. 25' Jan. 1 Jan. 8 Jan. 15 Jan. 22 Jan. 29 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 666,517 690,026 694,979 692,554 703,577 706,734 697,458 692,996 696,984 690,574 2 Securities held outright 608,699 621,828 629,416 626,479 629,410 629,415 629,416 629,416 629,416 629,416 3 U.S. Treasury2 608,689 621,818 629,406 626,469 629,400 629,405 629,406 629,406 629,406 629,406 4 Bills3 206,652 219,169 226,682 223,757 226,682 226,682 226,682 226,682 226,682 226,682 5 Notes and bonds, nominal3 388,566 389,156 389,219 389,219 389,219 389,219 389,219 389,219 389,219 389,219 6 Notes and bonds, inflation-indexed3 12,242 12,242 12,242 12,242 12,242 12,242 12,242 12,242 12,242 12,242 7 Inflation compensation4 1,228 1,251 1,263 1,250 1,256 1,261 1,263 1,263 1,263 1,263 8 Federal agency3 10 10 10 10 10 10 10 10 10 10 9 Repurchase agreements5 19,308 29,476 25,395 28,179 34,321 38,107 28,393 24,428 27,036 20,143 10 Loans to depository institutions 273 89 28 55 59 45 27 16 19 52 11 Primary credit6 n.a. n.a. 15 n.a. n.a. n.a. n.a. 6 12 45 12 Secondary credit6 n.a. n.a. 0 n.a. n.a. n.a. n.a. 0 0 0 13 Seasonal credit 61 46 11 49 46 40 17 11 7 7 14 Adjustment credit6 213 42 2 6 13 5 10 n.a. n.a. n.a. IS Float 104 604 565 -161 1,078 93 718 -291 786 744 16 Other Federal Reserve assets 38,133 38,029 39,575 38,003 38,708 39,073 38,904 39,426 39,726 40,220 17 Gold stock 11,042 11,043 11,043 11,043 11,043 11,043 11,043 11,043 11,043 11,043 18 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 19 Treasury currency outstanding 34,424 34,539 34,597 34,535 34,566 34,597 34,597 34,597 34,597 34,597 ABSORBING RESERVE FUNDS 20 Currency in circulation 668,237 678,660 677,745 675,482 681,523 686,685 683,223 676,426 675,941 674,782 21 Reverse repurchase agreements7 n.a. 12,862 18,534 18,202 20,908 20,865 18,533 18,152 18,567 18,397 22 Foreign official and international accounts n.a. 12,862 18,534 18,202 20,908 20,865 18,533 18,152 18,567 18,397 23 Dealers n.a. 0 0 0 0 0 0 0 0 0 24 Treasury cash holdings 387 370 366 370 361 368 370 369 368 360 25 Deposits with Federal Reserve Banks, other than reserve balances 15,853 16,074 17,053 17,216 16,185 16,278 16,033 16,755 17,637 18,034 26 U.S. Treasury, general account 5,024 4,891 5,773 5,959 4,678 5,016 4,829 5,244 6,133 7,162 27 Foreign official 118 134 126 148 114 137 107 173 113 114 28 Service-related 10,483 10,808 10,907 10,899 11,181 10,648 10,886 11,128 11,166 10,538 29 Required clearing balances 10,184 10,407 10,484 10,450 10,452 10,534 10,535 10,538 10,539 10,355 30 Adjustments to compensate for float 299 402 423' 450 729 114' 351' 590' 627' 183 31 Other 228 242 247 210 212 476 211 210 225 221 32 Other liabilities and capital 19,765 20,061 19,651 20,203 20,441 19,918 19,217 19,738 19,916 19,873 33 Reserve balances with Federal Reserve Banks8 .... 9,943 9,781 9,469 8,858 11,969 10,461 7,922 9,395 12,395 6,968 End-of-month figures Wednesday figures Nov/ Dec/ Jan. Dec. 18' Dec. 25' Jan. 1 Jan. 8 Jan.15 Jan. 22 Jan. 29 SUPPLYING RESERVE FUNDS 1 Reserve Bank credit outstanding 674,241 708,078 697,826 698,549 708,372 708,471 701,273 698,283 711,435 692,303 2 Securities held outright 608,995 629,416 629,416 629,407 629,412 629,416 629,416 629,416 629,416 629,416 3 U.S. Treasury2 608,985 629,406 629,406 629,397 629,402 629,406 629,406 629,406 629,406 629,406 4 Bills3 206,937 226,682 226,682 226,682 226,682 226,682 226,682 226,682 226,682 226,682 5 Notes and bonds, nominal3 388,566 389,219 389,219 389,219 389,219 389,219 389,219 389,219 389,219 389,219 6 Notes and bonds, inflation-indexed3 12,242 12,242 12,242 12,242 12,242 12,242 12,242 12,242 12,242 12,242 7 Inflation compensation4 1,239 1,263 1,263 1,253 1,258 1,263 1,263 1,263 1,263 1,263 8 Federal agency3 10 10 10 10 10 10 10 10 10 10 9 Repurchase agreements5 28,500 39,500 24,750 30,000 37,250 39,500 33,750 30,000 36,750 20,500 10 Loans to depository institutions 59 40 7 45 59 40 18 15 13 11 11 Primary credit6 n.a. n.a. 1 n.a. n.a. n.a. n.a. 5 6 4 12 Secondary credit® n.a. n.a. 0 n.a. n.a. n.a. n.a. 0 0 0 13 Seasonal credit 57 31 6 43 50 31 18 10 7 7 14 Adjustment credit6 2 9 n.a. 2 9 9 0 n.a. n.a. n.a. 15 Float -334 418 3,768 895 2,693 812 -1,032 -507 5,372 1,961 16 Other Federal Reserve assets 37,022 38,703 39,884 38,202 38,958 38,703 39,122 39,359 39,884 40,414 17 Gold stock 11,042 11,043 11,043 11,043 11,043 11,043 11,043 11,043 11,043 11,043 18 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 19 Treasury currency outstanding 34,472 34,597 34,597 34,535 34,566 34,597 34,597 34,597 34,597 34,597 ABSORBING RESERVE FUNDS 20 Currency in circulation 673,853 687,518 674,736 678,744 685,083 687,516 680,307 676,076 676,437 675,733 21 Reverse repurchase agreements7 n.a. 21,091 18,370 21,905 20,396 21,091 18,709 17,813 18,523 18,466 22 Foreign official and international accounts n.a. 21,091 18,370 21,905 20,396 21,091 18,709 17.813 18,523 18,466 23 Dealers n.a. 0 0 0 0 0 0 0 0 0 24 Treasury cash holdings 377 367 361 360 367 370 369 369 360 361 25 Deposits with Federal Reserve Banks, other than reserve balances 15,943 16,356 16,558 17,879 16,184 16,356 16,825 16,785 17,635 17,882 26 U.S. Treasury, general account 4,928 4,420 5,509 6,595 4,662 4,420 5,490 5,192 6,119 7,030 27 Foreign official 78 136 102 172 139 136 99 253 122 100 28 Service-related 10,684 10,648 10,724 10,899 11,181 10,648 10,886 11,128 11,166 10,538 29 Required clearing balances 10,280 10,534 10,356 10,450 10,452 10,534 10,535 10,538 10,539 10,355 30 Adjustments to compensate for float 404 114 368R 450 729 114' 351' 590' 627' 183 31 Other 253 1,152 223 213 203 1,152 350 213 228 214 32 Other liabilities and capital 19,616 18,977 19,478 19,907 20,670 18,977 19,383 19,631 19,549 19,574 33 Reserve balances with Federal Reserve Banks8 .... 12,167 11,608 16,163 7,532 13,482 12,002 13,521 15,449 26,771 8,127 1. Amounts of vault cash held as reserves are shown in table 1.12, line 2. 6. The Federal Reserve Banks began offering primary credit and secondary credit on 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury January 9, 2003. The adjustment credit program was discontinued. securities. 7. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. 3. Face value of the securities. The Federal Reserve Banks began using these agreements on December 13, 2002. 4. Compensation that adjusts for the effect of inflation on the original face value of 8. Excludes required clearing balances and adjustments to compensate for float. inflation-indexed securities. 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal agency securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A6 Domestic Nonfinancial Statistics • April 2003 1.12 RESERVES AND BORROWINGS Depository Institutions1 Millions of dollars Prorated monthly averages of biweekly averages RReesseerrvvee ccllaassssiiffiiccaattiioonn 2000 2001 2002 2002 2003 Dec. Dec. Dec. July Aug. Sept. Oct. Nov. Dec. Jan. 1 Reserve balances with Reserve Banks2 7,022 9,053 9,873 8,099 8,520 8,731 8,836 9,695 9,873 10,004 2 Total vault cash3 45,245 43,919 43,334 42,718 42,892 42,231 42,933 42,144 43,334 46,210 3 Applied vault cash4 31,451 32,024 30,300 31,313 31,335 30,176 29,849 29,446 30,300 32,738 4 Surplus vault cash5 13,794 11,895 13,033 11,406 11,557 12,055 13,084 12,698 13,033 13,471 5 Total reserves6 38,473 41,077 40,173 39,412 39,854 38,907 38,685 39,141 40,173 42,743 6 Required reserves 37,046 39,428 38,176 38,038 38,217 37,431 37,134 37,525 38,176 41,082 7 Excess reserve balances at Reserve Banks7 1,427 1,649 1,997 1,374 1,637 1,476 1,550 1,616 1,997 1,660 8 Total borrowing at Reserve Banks 210 67 80 191 333 229 143 272 80 27 9 Primary 12 10 Secondary 0 11 Seasonal 111 33 45 176 185 169 120 60 45 13 12 Adjustment 99 34 35 16 148 60 23 211 35 2 Biweekly averages of daily figures for two-week periods ending on dates indicated 2002 2003 Oct. 2 Oct. 16 Oct. 30 Nov. 13 Nov. 27 Dec. 11 Dec. 25 Jan. 8 Jan. 22 Feb. 5 1 Reserve balances with Reserve Banks2 9,543 7,935 9,634 8,864 10,497 9,559 10,408 9,200 10,894 9,336 2 Total vault cash3 43,190 43,452 42,465 41,720 42,605 41,827 43,740 45,148 44,363 50,026 3 Applied vault cash4 31,925 28,939 30,573 28,302 30,514 29,419 30,292 31,935 31,500 35,378 4 Surplus vault cash5 11,265 14,513 11,892 13,418 12,092 12,408 13,448 13,213 12,863 14,648 5 Total reserves6 41,468 36,874 40,207 37,166 41,010 38,978 40,700 41,135 42,394 44,714 6 Required reserves 39,670 35,337 38,688 35,492 39,441 37,394 38,225 39,495 40,631 43,196 7 Excess reserve balances at Reserve Banks7 1,797 1,537 1,519 1,674 1,569 1,583 2,475 1,640 1,763 1,518 8 Total borrowing at Reserve Banks 170 155 111 366 214 133 57 36 18 34 9 Primary 9 28 10 Secondary 0 0 11 Seasonal 170 130 107 67 57 50 48 29 9 6 12 Adjustment 1 25 4 299 157 83 10 8 1. Data in this table also appear in the Board's H.3 (502) weekly statistical release. For 4. AH vault cash held during the lagged computation period by "bound" institutions (that ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted. is, those whose required reserves exceed their vault cash) plus the amount of vault cash 2. Excludes required clearing balances and adjustments to compensate for float and applied during the maintenance period by "nonbound" institutions (that is, those whose vault includes other off-balance-sheet "as-of' adjustments. cash exceeds their required reserves) to satisfy current reserve requirements. 3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by 5. Total vault cash (line 2) less applied vault cash (line 3). those banks and thrift institutions that are not exempt from reserve requirements. Dates 6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). refer to the maintenance periods in which the vault cash can be used to satisfy reserve 7. Total reserves (line 5) less required reserves (line 6). 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 Primary credit' Secondary credit2 Seasonal credit- Federal Reserve Bank On On On 3/14/03 3/14/03 3/14/03 Boston 1.30 New York . .. Philadelphia . Cleveland . . . Richmond .. . Atlanta Chicago St. Louis Minneapolis . Kansas City . Dallas San Francisco 2.75 n/a 1.30 Range of rates for primary credit Range(or F.R. Bank Range (or F.R. Bank Range (or F.R. Bank Effective date level)—All of Effective date level)—All of Effective date level)—All of F.R. Banks N.Y. F.R. Banks N.Y. F.R. Banks N.Y. In effect Jan. 9, 2003 2.25 2.25 (beginning of program) Range of rates for adjustment credit in recent years4 (or F.R. Bank Range(or F.R. Bank Range (or F.R. Bank level)—All of level)—All of Effective date level)—All of F.R. Banks N.Y. F.R. Banks N.Y. F.R. Banks N.Y. In effect Dec. 31, 1995 5.25 5.25 2000—Feb. 2 5.00-5.25 5.25 2001—June 27 3.25-3.50 3.25 4 5.25 5.25 29 3.25 3.25 1996—Jan. 31 ... 5.00-5.25 5.00 Mar. 21 5.25-5.50 5.50 Aug. 21 3.00-3.25 3.00 Feb. 3 .. . 5.00 5.00 23 5.50 5.50 23 3.00 3.00 May 16 5.50-6.00 5.50 Sept. 17 2.50-3.00 2.50 1998—Oct. 15 ... 4.75-5.00 4.75 19 6.00 6.00 18 2.50 2.50 16 .. . 4.75 4.75 Oct. 2 2.00-2.50 2.00 Nov. 17 . . . 4.50-4.75 4.50 2001—Jan. 3 5.75-6.00 5.75 4 2.00 2.00 19 . . . 4.50 4.50 4 5.50-5.75 5.50 Nov. 6 1.50-2.00 1.50 5 5.50 5.50 8 1.50 1.50 1999—Aug. 24 ... 4.50-4.75 4.75 31 5.00-5.50 5.00 Dec. 11 1.25-1.50 1.25 26 ... 4.75 4.75 Feb. 1 5.00 5.00 13 1.25 1.25 Nov. 16 . . . 4.75-5.00 4.75 Mar. 20 4.50-5.00 4.50 18 . . . 5.00 5.00 21 4.50 4.50 2002—Nov. 6 0.75-1.25 0.75 Apr. 18 4.00-4.50 4.00 7 0.75 0.75 20 4.00 4.00 2001—May 15 3.50-4.00 3.50 In effect Jan. 8, 2003 0.75 0.75 17 3.50 3.50 (end of program) 1. Available for very short terms as a backup source of liquidity to depository institutions into account rates charged by market sources of funds and ordinarily is reestablished on the that are in generally sound financial condition in the judgment of the lending Federal Reserve first business day of each two-week reserve maintenance period. Bank. 4. Was available until January 8, 2003, to help depository institutions meet temporary 2. Available in appropriate circumstances to depository institutions that do not qualify for needs for funds that could not be met through reasonable alternative sources. For earlier data, primary credit. see the following publications of the Board of Governors: Banking and Monetary Statistics, 3. Available to help relatively small depository institutions meet regular seasonal needs for 1914-1941, and 1941-1970; and the Statistical Digest, 1970-1979, 1980-1989, and funds that arise from a clear pattern of intrayearly movements in their deposits and loans and 1990-1995. See also the Board's Statistics: Releases and Historical Data web pages that cannot be met through special industry lenders. The discount rate on seasonal credit takes (http://www.federalreserve.gov/releases/H15/data.htm). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A8 Domestic Nonfinancial Statistics • April 2003 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1 Requirement TTyyppee ooff ddeeppoossiitt Percentage of deposits Effective date Net transaction accounts2 1 $0 million-$6 million3 000000 111111222222//////222222666666//////000000222222 2 More than $6 million-$42.1 million4 333333 111111222222//////222222666666//////000000222222 3 More than $42.1 million5 111111000000 111111222222//////222222666666//////000000222222 000000 111111222222//////222222777777//////999999000000 000000 111111222222//////222222777777//////999999000000 1. Required reserves must be held in the form of deposits with Federal Reserve Banks or 4. The Monetary Control Act of 1980 requires that the amount of transaction accounts vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve against which the 3 percent reserve requirement applies be modified annually by 80 percent of Bank indirectly, on a pass-through basis, with certain approved institutions. For previous the percentage change in transaction accounts held by all depository institutions, determined reserve requirements, see earlier editions of the Annual Report or the Federal Reserve as of June 30 of each year. Effective with the reserve maintenance period beginning Bulletin. Under the Monetary Control Act of 1980, depository institutions include commercial December 26, 2002, for depository institutions that report weekly, and with the period banks, savings banks, savings and loan associations, credit unions, agencies and branches of beginning January 16, 2003, for institutions that report quarterly, the amount was increased foreign banks, and Edge Act corporations. from $41.3 million to $42.1 million. 2. Transaction accounts include all deposits against which the account holder is permitted 5. 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 malking payments to third 6. 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. Under the Garn-St Germain Depository Institutions Act of 1982, the Board adjusts the reduced from 3 percent to zero on January 17, 1991. amount of reservable liabilities subject to a zero percent reserve requirement each year for the The reserve requirement on nonpersonal time deposits with an original maturity of 1.5 succeeding calendar year by 80 percent of the percentage increase in the total reservable years or more has been zero since October 6, 1983. liabilities of all depository institutions, measured on an annual basis as of June 30. No 7. The reserve requirement on eurocurrency liabilities was reduced from 3 percent to zero corresponding adjustment is made in the event of a decrease. The exemption applies only to in the same manner and on the same dates as the reserve requirement on nonpersonal time accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve deposits with an original maturity of less than 1.5 years (see note 5). maintenance period beginning December 26, 2002, for depository institutions that report weekly, and with the period beginning January 16, 2003, for institutions that report quarterly, the exemption was raised from $5.7 million to $6.0 million. 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 TTyypp aa ee nn dd oo ff mm ttrr aa aa tt nn uu ss rrii aa tt cc yy tt iioonn 22000000 22000011 22000022 June July Aug. Sept. Oct. Nov. Dec. U.S. TREASURY SECURITIES2 Outright transactions (excluding matched transactions) Treasury bills 1 Gross purchases 8,676 15,503 21,421 3,656 4,838 529 750 0 250 0 2 Gross sales 0 0 0 0 0 0 0 0 0 0 3 Exchanges 477,904 542,736 657,931 53,015 45,828 63,083 53,314 62,947 51,394 53,374 4 For new bills 477,904 542,736 657,931 53,015 45,828 63,083 53,314 62,947 51,394 53,374 5 Redemptions 24,522 10,095 0 0 0 0 0 0 0 0 Others within one year 6 Gross purchases 8,809 15,663 12,720 0 1,104 445 1,286 0 0 0 7 Gross sales 0 0 0 0 0 0 0 0 0 0 8 Maturity shifts 62,025 70,336 89,108 0 11,052 8,987 11,174 6,143 3,688 13,448 9 Exchanges -54,656 -72,004 -92,075 0 -14,183 -5,040 -15,189 -5,435 -1,419 -12,059 10 Redemptions 3,779 16,802 0 0 0 0 0 0 0 0 One to five years 11 Gross purchases 14,482 22,814 12,748 0 1,755 1,921 0 0 0 339 12 Gross sales 0 0 0 0 0 0 0 0 0 0 13 Maturity shifts -52,068 -45,211 -73,093 0 -11,052 -629 -11,174 -6,143 -2,380 -13,448 14 Exchanges 46,177 64,519 88,276 0 13,283 3,396 15,189 5,435 1,308 12,059 Five to ten years 15 Gross purchases 5,871 6,003 5,074 542 577 690 51 0 0 314 16 Gross sales 0 0 0 0 0 0 0 0 0 0 17 Maturity shifts -6,801 -21,063 -11,588 0 0 -6,714 0 0 722 0 18 Exchanges 6,585 6,063 3,800 0 900 1,645 0 0 111 0 More than ten years 19 Gross purchases 5,833 8,531 2,280 0 63 80 0 0 0 0 20 Gross sales 0 0 0 0 0 0 0 0 0 0 21 Maturity shifts -3,155 -4,062 -4,427 0 0 -1,645 0 0 -2,030 0 22 Exchanges 1,894 1,423 0 0 0 0 0 0 0 0 All maturities 23 Gross purchases 43,670 68,513 54,242 4,198 8,336 3,665 2,087 0 250 653 24 Gross sales 0 0 0 0 0 0 0 0 0 0 25 Redemptions 28,301 26,897 0 0 0 0 0 0 0 0 Matched transactions 26 Gross purchases 4,415,905 4,722,667 4,981,624 447,555 513,400 495,729 449,250 429,029 378,381 195,565 27 Gross sales 4,397,835 4,724,743 4,958,437 448,330 511,902 497,031 449,986 425,399 377,535 175,820 Repurchase agreements 28 Gross purchases 0 0 0 0 0 0 0 0 0 0 29 Gross sales 0 0 0 0 0 0 0 0 0 0 Reverse repurchase agreements 30 Gross purchases 0 0 0 0' <y 0r 0' O1 0' 231,272 31 Gross sales 0 0 0 0 0 0 0 0 0 252,363 32 Net change in U.S. Treasury securities 33,439 39,540 77,430 3,423r 9,834' 2,363' 1,351' 3,630r 1,096' -693 FEDERAL AGENCY OBLIGATIONS Outright transactions 33 Gross purchases 0 0 0 0 0 0 0 0 0 0 34 Gross sales 0 0 0 0 0 0 0 0 0 0 35 Redemptions 51 120 0 0 0 0 0 0 0 0 Repurchase agreements 36 Gross purchases 0 0 0 0 0 0 0 0 0 0 37 Gross sales 0 0 0 0 0 0 0 0 0 0 38 Net change in federal agency obligations -51 -120 0 0 0 0 0 0 0 0 TRIPARTY OBLIGATIONS Repurchase agreements 39 Gross purchases 890,236 1,497,713 1,143,126 98,850 68,750 84,000 93,500 72,000 113,501 112,750 40 Gross sales 987,501 1,490,838 1,153,876 94,850 81,250 80,500 94,750 77,250 101,501 101,750 41 Net change in triparty obligations -97,265 6,875 -10,750 4,000 -12,500 3,500 -1,250 -5,250 12,000 11,000 42 Total net change in System Open Market Account .. -63,877 46,295 66,680 7,423 -2,666 5,863 101 -1,620 13,096 10,307 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 • April 2003 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements1 Millions of dollars Wednesday End of month Account 2003 2002 2003 Jan. 1 Jan. 8 Jan. 15 Jan. 22 Jan. 29 Nov.r Dec.' Jan. Consolidated condition statement ASSETS 1 Gold certificate account 11,039 11,039 11,039 11,039 11,039 11,038 11,039 11,039 2 Special drawing rights certificate account 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 3 988 996 1,043 1,085 1,111 1,051 988 1,148 4 Securities, repurchase agreements, and loans 668,956 663,184 659,431 666,179 649,927 637,554 668,956 654,173 5 Securities held outright 629,416 629,416 629,416 629,416 629,416 608,995 629,416 629,416 6 U.S. Treasury2 629,406 629,406 629,406 629,406 629,406 608,985 629,406 629,406 7 Bills3 226,682 226,682 226,682 226,682 226,682 206,937 226,682 226,682 8 Notes and bonds, nominal3 389,219 389,219 389,219 389,219 389,219 388,566 389,219 389,219 9 Notes and bonds, inflation-indexed3 12,242 12,242 12,242 12,242 12,242 12,242 12,242 12,242 10 Inflation compensation4 1,263 1,263 1,263 1,263 1,263 1,239 1,263 1,263 11 Federal agency3 10 10 10 10 10 10 10 10 12 Repurchase agreements5 39,500 33,750 30,000 36,750 20,500 28,500 39,500 24,750 13 Loans 40 18 15 13 11 59 40 7 14 Items in process of collection 10,291 8,353 8,155 16,652 9,250 5,147 10,291 9,038 15 Bank premises 1,543 1,541 1,542 1,541 1,543 1,529 1,543 1,540 16 Other assets 37,031 37,483 37,688 38,273 38,747 35,501 37,031 38,225 17 Denominated in foreign currencies6 16,913 16,847 17,060 17,180 17,299 16,161 16,913 17,075 18 All other7 20,118 20,636 20,629 21,094 21,448 19,340 20,118 21,151 19 Total assets 732,048 724,796 721,098 736,969 713,818 694,021 732,048 717,363 LIABILITIES 20 Federal Reserve notes, net of F.R. Bank holdings 654,272 647,070 642,887 643,281 642,604 640,806 654,272 641,644 21 Reverse repurchase agreements8 21,091 18,709 17,813 18,523 18,466 n.a. 21,091 18,370 22 Deposits 28,249 31,135 32,648 44,098 25,671 28,236 28,249 31,982 23 Depository institutions 22,541 25,196 26,991 37,629 18,327 22,978 22,541 26,147 24 U.S. Treasury, general account 4,420 5,490 5,192 6,119 7,030 4,928 4,420 5,509 25 Foreign official 136 99 253 122 100 78 136 102 26 Other 1,152 350 213 228 214 253 1,152 223 27 Deferred availability cash items 9,459 8,499 8,119 11,519 7,503 5,364 9,459 5,890 28 Other liabilities and accrued dividends9 2,217 2,222 2,235 2,213 2,242 2,443 2,217 2,267 29 Total liabilities 715,288 707,635 703,702 719,634 696,486 676,848 715,288 700,152 CAPITAL ACCOUNTS 30 Capital paid in 8,380 8,386 8,389 8,390 8,399 8,349 8,380 8,400 31 8,380 8,348 8,478 8,380 8,380 7,312 8,380 8,380 32 Other capital accounts 0 426 528 565 552 1,513 0 431 33 Total capital 16,760 17,161 17,395 17,335 17,332 17,173 16,760 17,211 MEMO 34 Marketable securities held in custody for foreign official and international accounts310 855,053 859,867 859,411 859,073 858,621 832,089 855,053 863,815 35 U.S. Treasury 690,003 695,437 692,999 691,275 687,352 679,885 690,003 694,983 36 Federal agency 165,050 164,430 166,412 167,798 171,269 152,203 165,050 168,832 Federal Reserve note and collateral statement 37 Federal Reserve notes, net of F.R. Bank holdings 654,272 647,070 642,887 643,281 642,604 640,806 654,272 641,644 38 Collateral held against Federal Reserve notes 654,272 647,070 642,887 643,281 642,604 640,806 654,272 641,644 39 Gold certificate account 11,039 11,039 11,039 11,039 11,039 11,038 11,039 11,039 40 Special drawing rights certificate account 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 41 U.S. Treasury and agency securities pledged" 641,034 633,832 629,649 630,042 629,365 627,567 641,034 628,405 42 Other eligible assets 0 0 0 0 0 0 0 0 MEMO 43 Total U.S. Treasury and agency securities" 668,916 663,166 659,416 666,166 649,916 637,495 668,916 654,166 44 Less: face value of securities under reverse repurchase agreements12 21,098 18,715 17,818 18,528 18,472 n.a. 21,098 18,379 45 U.S. Treasury and agency securities eligible to be pledged .... 647,818 644,451 641,598 647,638 631,445 637,495 647,818 635,787 1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical 8. Cash value of agreements, which are fully collateralized by U.S. Treasury securities. release. For ordering address, see inside front cover. The Federal Reserve Banks began using these agreements on December 13, 2002. 2. Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury 9. Includes exchange-translation account reflecting the daily revaluation at market securities. exchange rates of foreign exchange commitments. 3. Face value of the securities. 10. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value. 4. Compensation that adjusts for the effect of inflation on the original face value of 11. Includes face value of U.S. Treasury and agency securities held outright, compensation inflation-indexed securities. to adjust for the effect of inflation on the original face value of inflation-indexed securities, 5. Cash value of agreements, which are fully collateralized by U.S. Treasury and federal and cash value of repurchase agreements. agency securities. 12. Face value of agreements, which are fully collateralized by U.S. Treasury securities. 6. Valued daily at market exchange rates. The Federal Reserve Banks began using these agreements on December 13, 2002. 7. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days. 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 2003 2002 2003 Jan. 1 Jan. 8 Jan.15 Jan. 22 Jan. 29 Nov. Dec. Jan. 1 Total loans 40 18 IS 13 11 59 40 7 2 Within fifteen days' 35 8 6 13 11 44 35 6 3 Sixteen days to ninety days 5 10 9 0 0 15 5 1 4 91 days to 1 year 0 0 0 0 0 0 0 0 5 Total U.S. Treasury securities2 629,406 629,406 629,406 629,406 629,406 608,985 629,406 629,406 6 Within fifteen days' 27,444 42,439 43,631 50,618 49,592 12,306 27,444 32,974 7 Sixteen days to ninety days 154,225 138,513 136,918 129,676 130,709 147,874 154,225 147,674 8 Ninety-one days to one year 141,840 142,557 142,959 143,215 143,207 142,194 141,840 142,243 9 One year to five years 172,758 172,758 174,818 174,818 174,818 173,805 172,758 175,436 10 Five years to ten years 53,300 53,300 51,240 51,240 51,240 52,975 53,300 51,240 11 More than ten years 79,840 79,840 79,840 79,840 79,840 79,830 79,840 79,840 12 Total federal agency obligations to to 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 10 10 10 10 10 0 10 10 16 One year to five years 0 0 0 0 0 10 0 0 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 • April 2003 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1 Billions of dollars, averages of daily figures 2002 2003 IItteemm D 19 e 9 c 9 .' D 20 e 0 c 0 .r D 20 e 0 c 1 / D 20 e 0 c 2 .r Juner Julyr Aug.r Sept.' Oct/ Nov/ Dec/ Jan. Seasonally adjusted ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS2 1 Total reserves3 41.81 38.54 41.24 40.12 39.47 39.67 39.98 39.25 39.18 39.69 40.12 40.61 2 Nonborrowed reserves4 41.49 38.33 41.18 40.04 39.33 39.48 39.64 39.02 39.04 39.41 40.04 40.58 3 Required reserves 40.51 37.11 39.60 38.12 38.23 38.30 38.34 37.78 37.63 38.07 38.12 38.95 4 Monetary base5 593.14 584.72 635.56 681.77 662.37 666.91 669.93 671.45 674.30 677.52 681.77 685.62 Not seasonally adjusted 5 Total reserves6 41.89 38.53 41.20 40.03 38.54 39.32 39.74 38.78 38.54 38.98 40.03 42.73 6 Nonborrowed reserves 41.57 38.32 41.13 39.95 38.40 39.13 39.41 38.55 38.40 38.71 39.95 42.70 7 Required reserves7 40.59 37.10 39.55 38.03 37.30 37.94 38.10 37.31 36.99 37.37 38.03 41.07 8 Monetary base8 600.72 590.06 639.91 686.17 662.87 668.75 669.31 669.71 671.48 676.66 686.17 688.30 NOT ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS9 9 Total reserves10 41.65 38.47 41.08 40.17 38.62 39.41 39.85 38.91 38.69 39.14 40.17 42.74 10 Nonborrowed reserves 41.33 38.26 41.01 40.09 38.47 39.22 39.52 38.68 38.54 38.87 40.09 42.72 11 Required reserves 40.36 37.05 39.43 38.18 37.38 38.04 38.22 37.43 37.13 37.53 38.18 41.08 12 Monetary base" 608.02 596.98 648.74 697.09 673.01 678.98 679.55 679.96 681.83 687.23 697.09 699.21 13 Excess reserves12 1.30 1.43 1.65 2.00 1.24 1.37 1.64 1.48 1.55 1.62 2.00 1.66 14 Borrowings from the Federal Reserve .32 .21 .07 .08 .14 .19 .33 .23 .14 .27 .08 .03 1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly would have been in past periods had current reserve requirements been in effect. Breakstatistical release. Historical data starting in 1959 and estimates of the effect on required adjusted required reserves include required reserves against transactions deposits and nonperreserves of changes in reserve requirements are available from the Money and Reserves sonal time and savings deposits (but not reservable nondeposit liabilities). Projections Section, Division of Monetary Affairs, Board of Governors of the Federal 8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus Reserve System, Washington, DC 20551. (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly 2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all changes in reserve requirements. (See also table 1.10.) those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted 3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break- difference between current vault cash and the amount applied to satisfy current reserve adjusted required reserves (line 4) plus excess reserves (line 16). requirements. 4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, 9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no break-adjusted total reserves (line 1) less total borrowings of depository institutions from the adjustments to eliminate the effects of discontinuities associated with regulatory changes in Federal Reserve (line 17). reserve requirements. 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally 10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency requirements. component of the money stock, plus (3) (for all quarterly reporters on the "Report of 11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for difference between current vault cash and the amount applied to satisfy current reserve all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault requirements. Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the 6. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess difference between current vault cash and the amount applied to satisfy current reserve reserves (line 16). requirements. Since February 1984, currency and vault cash figures have been measured over 7. To adjust required reserves for discontinuities that are due to regulatory changes in the computation periods ending on Mondays. reserve requirements, a multiplicative procedure is used to estimate what required reserves 12. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14). 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 2003 1999 2000 2001 2002 IItteemm Dec. Dec. Dec. Dec.r Oct.r Nov.r Dec.r Jan. Seasonally adjusted Measures2 1 Ml 1,121.9 1,084.9 1,173.4 1,210.5 1,203.6 1,202.7 1,210.5 1,212.3 ? M2 4,648.0 4,926.9 5,440.6 5,796.5 5,742.4 5,781.3 5,796.5 5,825.8 3 M3 6,528.6 7,090.5 7,993.5 8,510.7 8,338.9 8,458.3 8,510.7 8,505.2 Ml components 4 Currency3 517.5 531.0 581.4 626.7 620.4 662233..00 662266..77 663300..22 5 Travelers checks4 8.3 8.0 7.8 7.5 7.7 7.5 7.5 7.6 6 Demand deposits5 352.2 306.7 325.6 296.4 299.3 294.0 296.4 295.4 7 Other checkable deposits6 244.0 239.2 258.8 279.9 276.2 278.3 279.9 279.1 Nontransaction components 8 In M27 3,526.0 3,842.0 4,267.1 4,586.0 4,538.8 4,578.6 4,586.0 4,613.5 9 In M3 only8 1,880.6 2,163.6 2,552.9 2,714.2 2,596.5 2,677.0 2,714.2 2,679.4 Commercial banks 10 Savings deposits, including MMDAs 1,288.8 1,422.3 1,734.5 2,047.4 2,006.4 2,041.3 2,047.4 2,079.1 11 Small time deposits9 634.7 698.8 634.2 583.6 591.6 588.0 583.6 579.7 12 Large time deposits10'11 650.2 717.4 670.8 683.2 710.2 702.3 683.2 691.4 Thrift institutions 13 Savings deposits, including MMDAs 449.6 451.7 569.0 710.3 689.7 697.7 710.3 722.9 14 Small time deposits9 320.3 344.4 338.7 300.4 302.1 301.0 300.4 299.1 15 Large time deposits10 91.0 102.9 114.9 116.7 113.6 115.2 116.7 118.0 Money market mutual funds 16 832.7 924.8 990.7 944.3 949.1 950.6 994444..33 993322..88 17 Institution-only 634.4 788.2 1,189.7 1,233.0 1,142.4 1,207.8 1,233.0 1,196.7 Repurchase agreements and eurodollars 18 Repurchase agreements12 335.7 363.5 375.0 468.6 420.7 440.1 446688..66 445599..33 19 Eurodollars12 169.2 191.5 202.5 212.6 209.5 211.6 212.6 214.0 Not seasonally adjusted Measures2 ?0 Ml 1,148.3 1,112.3 1,203.5 1,240.4 1,193.3 1,201.4 1,240.4 1,219.3 ?1 M2 4,675.0 4,962.3 5,483.5 5,845.8 5,721.6 5,795.8 5,845.8 5,834.8 22 M3 6,571.1 7,145.0 8,065.2 8,588.2 8,282.3 8,474.0 8,588.2 8,549.2 Ml components 23 Currency3 521.5 535.2 584.9 629.9 617.8 622.6 629.9 628.1 ?4 Travelers checks4 8.4 8.1 7.9 7.7 7.7 7.6 7.7 7.7 ?5 Demand deposits5 371.8 326.5 347.6 316.8 294.9 296.1 316.8 300.1 26 Other checkable deposits6 246.6 242.5 263.2 286.0 272.8 275.1 286.0 283.4 Nontransaction components 71 In M27 3,526.7 3,849.9 4,280.0 4,605.4 4,528.3 4,594.4 4,605.4 4,615.5 28 In M3 only8 1,896.2 2,182.8 2,581.7 2,742.4 2,560.7 2,678.3 2,742.4 2,714.4 Commercial banks 29 Savings deposits, including MMDAs 1,288.8 1,426.9 1,742.3 2,059.9 2,002.0 2,054.5 2,059.9 2,074.4 30 Small time deposits9 635.7 700.0 635.2 584.3 592.5 589.4 584.3 579.8 31 Large time deposits1011 651.7 717.6 669.7 681.6 712.4 704.5 681.6 685.7 Thrift institutions 32 Savings deposits, including MMDAs 449.6 453.1 571.5 714.7 688.2 702.2 714.7 721.3 33 Small time deposits9 320.8 345.0 339.2 300.7 302.6 301.7 300.7 299.1 34 Large time deposits10 91.2 103.0 114.7 116.4 113.9 115.5 116.4 117.0 Money market mutual funds 35 Retail 832.0 925.0 991.8 945.8 943.0 946.6 945.8 940.8 36 Institution-only 648.2 805.6 1,217.7 1,260.8 1,119.4 1,211.8 1,260.8 1,234.0 Repurchase agreements and eurodollars 37 Repurchase agreements12 334.7 364.2 376.5 470.4 408.6 435.5 470.4 462.8 38 Eurodollars12 170.4 192.4 203.0 213.2 206.2 211.0 213.2 214.8 Footnotes appear on following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A14 Domestic Nonfinancial Statistics • April 2003 NOTES TO TABLE 1.21 1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly ory institutions, the U.S. government, money market funds, and foreign banks and official statistical release. Historical data starting in 1959 are available from the Money and Reserves institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institu- Projections Section, Division of Monetary Affairs, Board of Governors of the Federal tional money fund balances, RP liabilities, and eurodollars, each seasonally adjusted sepa- Reserve System, Washington, DC 20551. rately, and adding this result to seasonally adjusted M2. 2. Composition of the money stock measures is as follows: 3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository Ml: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of institutions. depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all 4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. commercial banks other than those owed to depository institutions, the U.S. government, and Travelers checks issued by depository institutions are included in demand deposits. foreign banks and official institutions, less cash items in the process of collection and Federal 5. Demand deposits at commercial banks and foreign-related institutions other than those Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of owed to depository institutions, the U.S. government, and foreign banks and official instituwithdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, tions, less cash items in the process of collection and Federal Reserve float. credit union share draft accounts, and demand deposits at thrift institutions. Seasonally 6. Consists of NOW and ATS account balances at all depository institutions, credit union adjusted Ml is computed by summing currency, travelers checks, demand deposits, and share draft account balances, and demand deposits at thrift institutions. OCDs, each seasonally adjusted separately. 7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail M2: Ml plus (1) savings deposits (including MMDAs), (2) small-denomination time money fund balances. deposits (time deposits—including retail RPs—in amounts of less than $100,000), and (3) 8. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities balances in retail money market mutual funds. Excludes individual retirement accounts (overnight and term) issued by depository institutions, and (4) eurodollars (overnight and (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally term) of U.S. addressees. adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, 9. Small time deposits—including retail RPs—are those issued in amounts of less than and retail money fund balances, each seasonally adjusted separately, and adding this result to $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are seasonally adjusted M1. subtracted from small time deposits. M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more) 10. Large time deposits are those issued in amounts of $100,000 or more, excluding those issued by all depository institutions, (2) balances in institutional money funds, (3) RP booked at international banking facilities. liabilities (overnight and term) issued by all depository institutions, and (4) eurodollars 11. Large time deposits at commercial banks less those held by money market funds, (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and depository institutions, the U.S. government, and foreign banks and official institutions. at all banking offices in the United Kingdom and Canada. Excludes amounts held by deposit- 12. Includes both overnight and term. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities A15 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1 A. All commercial banks Billions of dollars Monthly averages Wednesday figures Account 2002 2002 2003 2003 Jan. July Aug. Sept. Oct.' Nov.' Dec.' Jan. Jan. 8 Jan. 15 Jan. 22 Jan. 29 Seasonally adjusted Assets 1 Bank credit 5,428.7 5,591.2' 5,672.8' 5,730.1' 5,759.5 5,837.2 5,885.9 5,892.2 5,884.2 5,886.7 5,898.4 5,893.4 2 Securities in bank credit 1,491.0 1,594.6 1,632.9 1,643.5 1,643.2 1,688.1 1,714.7 1,722.2 1,724.2 1,719.4 1,724.4 1,711.6 3 U.S. government securities 839.2 918.9 946.3 963.0' 972.4 1,001.4 1,012.2 1,013.1 1,020.7 1,019.2 1,009.2 998.5 4 Other securities 651.8 675.8 686.6 680.5' 670.8 686.7 702.4 709.1 703.5 700.2 715.3 713.1 5 Loans and leases in bank credit2 .... 3,937.8 3,996.6' 4,039.9' 4,086.6' 4,116.3 4,149.1 4,171.2 4,170.0 4,160.0 4,167.3 4,174.0 4,181.8 6 Commercial and industrial 1,022.2 981.7' 981.6' 974.9' 969.7 967.3 965.0 960.6 961.0 961.4 962.2 959.9 7 Real estate 1,781.0 1,869.1' 1,900.6' 1,935.0 1,967.4 2,000.0 2,020.5 2,038.4 2,036.6 2,034.6 2,037.0 2,042.2 8 Revolving home equity 158.7 192.9 197.7 200.9 204.9 207.8 212.4 216.9 213.6 216.9 217.8 218.8 9 Other 1,622.4' 1,676.2' 1,702.9' 1,734.1' 1,762.6 1,792.2 1,808.1 1,821.5 1,823.1 1,817.7 1,819.2 1,823.4 10 Consumer 560.9 564.6' 574.7' 582.7' 584.7 585.4 586.8 592.7 590.1 591.1 595.5 594.9 11 Security3 152.0 178.1 176.7 181.4 183.1 186.7 191.6 176.8 173.5 176.8 176.4 183.1 12 Other loans and leases 421.7 403.0 406.3 412.6 411.3 409.7 407.3 401.5 398.9 403.3 402.9 401.6 13 Interbank loans 293.7 288.6 305.6 318.3 326.8 328.3 331.5 309.3 296.5 315.0 315.5 307.5 14 Cash assets4 299.4 309.4 318.1 317.2 318.7 315.0 317.8 314.4 313.5 297.0 338.4 307.9 15 Other assets5 487.7 484.0 499.5 498.7 512.0 517.9 517.7 517.0 521.2 506.2 505.5 528.7 16 Total assets6 6,434.3 6,597.9r 6,721.0r 6,789.2r 6,841.6 6,922.7 6,977.0 6,956.1 6,938.2 6,928.0 6,980.9 6,960.7 Liabilities 17 Deposits 4,253.7 4,414.0 4,460.5 4,473.4 4,482.9 4,500.1 4,484.1 4,503.4 4,474.0 4,519.9 4,512.6 4,499.4 18 Transaction 635.8 612.2 599.1 584.0 611.4 606.2 613.9 606.1 567.5 587.0 630.4 641.6 19 Nontransaction 3,617.9 3,801.8 3,861.4 3,889.4 3,871.5 3,894.0 3,870.2 3,897.3 3,906.6 3,933.0 3,882.1 3,857.8 20 Large time 996.8 1,048.1 1,049.2 1,043.3' 1,020.0 1,002.4 978.5 988.2 975.3 990.2 987.2 998.9 21 Other 2,621.1 2,753.7 2,812.2 2,846.2 2,851.5 2,891.5 2,891.8 2,909.1 2,931.3 2,942.8 2,894.9 2,858.9 22 Borrowings 1,233.5 1,231.7 1,292.7 1,322.2 1,332.7 1,364.5 1,396.3 1,334.3 1,331.0 1,314.9 1,334.6 1,343.6 23 From banks in the U.S 399.3 386.1 405.0 416.3 415.1 420.8 416.0 378.5 376.4 385.9 377.8 365.7 74 From others 834.2 845.6 887.7 905.9 917.6 943.7 980.3 955.8 954.6 929.0 956.8 977.9 25 Net due to related foreign offices 124.4 99.2 94.1 100.3 119.4 122.3 150.3 151.4 171.1 142.1 160.8 134.6 26 Other liabilities 344.3 408.0 430.4 435.4 440.0 444.4 453.8 460.3 464.6 453.9 458.0 466.4 27 Total liabilities 5,956.0 6,152.9 6,277.7 6,331.4 6,375.0 6,431.4 6,484.5 6,449.4 6,440.7 6,430.8 6,465.9 6,444.1 28 Residual (assets less liabilities)7 478.3 445.0' 443.3' 457.8' 466.5 491.3 492.5 506.7 497.5 497.2 514.9 516.6 Not seasonally adjusted Assets 29 Bank credit 5,446.1 5,564.5' 5,650.4' 5,723.2' 5,763.5 5,853.8 5,922.7 5,912.0 5,909.1 5,915.2 5,909.7 5,904.3 30 Securities in bank credit 1,499.0 1,580.5 1,624.3 1,639.7 1,642.6 1,692.4 1,723.7 1,732.2 1,739.2 1,728.8 1,732.2 1,718.4 31 U.S. government securities 844.3 910.6 940.0 959.5' 968.6 1,002.3 1,017.9 1,019.5 1,027.7 1,025.3 1,014.5 1,004.7 32 Other securities 654.6 669.9 684.3 680.3 673.9 690.1 705.7 712.7 711.5 703.5 717.8 713.7 33 Loans and leases in bank credit2 .... 3,947.2 3,984.0' 4,026.1' 4,083.5' 4,121.0 4,161.4 4,199.0 4,179.8 4,169.9 4,186.4 4,177.5 4,186.0 34 Commercial and industrial 1,017.7' 980.7' 976.1' 972.8' 971.0 968.5 964.8 956.4 957.8 956.8 956.4 955.2 35 Real estate 1,780.2 1,868.5 1,901.7' 1,937.1' 1,969.6 2,005.1 2,025.3 2,037.5 2,035.5 2,036.6 2,035.1 2,039.6 36 Revolving home equity 158.4 192.7 197.8 201.9 205.5 208.5 212.6 216.6 213.0 216.5 217.4 218.7 37 Other 1,621.8' 1,675.7' 1,703.9' 1,735.2' 1,764.1 1,796.6 1,812.7 1,820.9 1,822.5 1,820.0 1,817.7 1,820.9 38 Consumer 568.7 558.8' 571.2' 582.2' 585.3 588.0 596.9 601.1 599.4 600.2 603.4 602.6 39 Credit cards and related plans . . 228.0 215.3 224.4 231.2 232.2 232.0 239.2 236.4 238.5 237.1 237.8 234.4 40 Other 340.6 343.5' 346.8' 351.0' 353.0 356.0 357.7 364.7 361.0 363.1 365.6 368.1 41 Security3 156.0 173.5 172.2 179.6 185.5 190.3 200.5 182.5 175.1 186.9 181.1 189.2 42 Other loans and leases 424.5 402.6 404.9 411.8 409.6 409.5 411.6 402.3 402.2 405.9 401.4 399.5 43 Interbank loans 291.8 282.8 299.2 310.5 321.4 332.2 338.4 307.1 299.5 318.4 306.5 298.8 44 Cash assets4 312.3 300.2 303.8 314.1 321.1 325.0 338.4 328.0 321.4 324.6 356.7 308.1 45 Other assets5 489.3 482.8 496.8 501.2 510.7 519.1 521.1 519.0 525.3 510.5 503.8 528.7 46 Total assets6 6,464.5 6,555.1r 6,675.0r 6,773.7r 6,841.6 6,954.2 7,044.7 6,989.4 6,978.5 6,992.1 7,000.0 6,963.3 Liabilities 47 Deposits 4,279.6 4,384.9 4,413.7 4,441.4 4,467.8 4,520.0 4,533.8 4,527.8 4,515.3 4,567.1 4,516.8 4,495.4 48 Transaction 648.9 604.7 583.8 577.8 606.2 611.8 641.4 618.5 582.3 616.0 635.8 638.2 49 Nontransaction 3,630.7 3,780.1 3,829.9 3,863.6 3,861.6 3,908.2 3,892.4 3,909.3 3,933.0 3,951.1 3,881.0 3,857.2 50 Large time 1,009.5 1,037.1 1,033.5 1,028.7' 1,013.8 1,009.4 992.4 1,000.2 988.1 1,002.8 998.8 1,010.7 51 Other 2,621.2 2,743.0 2,796.4 2,834.9 2,847.7 2,898.8 2,900.0 2,909.2 2,944.9 2,948.2 2,882.2 2,846.6 52 Borrowings 1,246.9 1,221.7 1,272.6 1,319.6 1,334.6 1,367.7 1,395.9 1,347.5 1,336.9 1,329.8 1,355.0 1,357.3 53 From banks in the U.S 404.3 382.1 399.8 409.5 413.3 418.0 417.4 383.3 380.1 391.4 383.8 369.7 54 From others 842.6 839.7 872.8 910.2' 921.3 949.7 978.5 964.2 956.8 938.5 971.2 987.6 55 Net due to related foreign offices 131.8 90.0 91.1 100.9 118.8 126.0 156.8 158.7 175.5 148.4 169.9 144.7 56 Other liabilities 350.2 399.1 427.6 435.5 440.1 450.1 460.9 468.6 469.2 461.3 467.9 478.1 57 Total liabilities 6,008.5 6,095.7 6,205.0 6,297.5 6,361.3 6,463.7 6,547.4 6,502.6 6,496.9 6,506.6 6,509.6 6,475.5 58 Residual (assets less liabilities)7 455.9 459.4' 470.0' 476.2' 480.3 490.5 497.3 486.8 481.6 485.5 490.4 487.8 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A16 Domestic Financial Statistics • April 2003 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 2002 2002 2003 2003 Jan. July Aug. Sept. Oct. Nov. Dec.' Jan. Jan. 8 Jan. 15 Jan. 22 Jan. 29 Seasonally adjusted Assets 1 Bank credit 4,843.0 4,976.9r 5,051.9' 5,111.3' 5,145.4' 5,216.4' 5,251.1 5,267.3 5,256.5 5,265.4 5,276.1 5,264.6 2 Securities in bank credit 1,257.1 1,353.4 1,383.0 1,396.0 1,398.2' 1,439.1' 1,450.7 1,456.7 1,457.2 1,455.0 1,460.2 1,447.8 3 U.S. government securities 765.1 842.4 864.4 876.3' 883.6 908.6 911.3 911.8 920.5 918.1 908.6 895.8 4 Other securities 492.0 511.0 518.5 519.8 514.6' 530.5' 539.4 544.9 536.7 536.9 551.7 552.0 5 Loans and leases in bank credit2 .... 3,585.9 3,623.4r 3,668.9' 3,715.3' 3,747.2' 3,777.2' 3,800.4 3,810.6 3,799.3 3,810.5 3,815.9 3,816.8 6 Commercial and industrial 828.5r 790.5r 791.7' 789.4' 788.3' 788.2 786.8 785.6 785.8 786.1 786.3 785.3 7 Real estate l,763.5r 1,850.3' 1,881.7' 1,916.0 1,947.9 1,980.2' 2,001.1 2,019.7 2,017.7 2,015.6 2,018.0 2,024.0 8 Revolving home equity 158.7 192.9 197.7 200.9 204.9 207.8' 212.4 216.9 213.6 216.9 217.8 218.8 9 Other l,604.9r 1.657.4r 1,684.1' 1,715.1 1,743.0 1,772.4' 1,788.7 1,802.8 1,804.1 1,798.7 1,800.2 1,805.2 10 Consumer 560.9 564.6' 574.7' 582.7' 584.7' 585.4' 586.8 592.7 590.1 591.1 595.5 594.9 11 Security3 76.7 87.2 86.2 86.7 86.0 81.5 81.4 71.4 68.1 73.9 73.2 71.3 12 Other loans and leases 356.3 330.8 334.7 340.6 340.2' 341.9 344.1 341.2 337.7 343.7 342.9 341.2 13 Interbank loans 268.2 271.1 287.1 296.6 301.9 301.8 299.6 278.4 267.0 283.0 280.3 279.9 14 Cash assets4 259.0 263.4 271.6 271.2 273.3 274.1 275.3 276.5 274.2 259.1 300.6 271.1 15 Other assets5 456.9 454.5 470.5 470.2 476.9 479.8 476.5 470.3 479.1 460.9 457.3 477.7 16 Total assets6 5,752.2 5,891.0r 6,006.5' 6,074.8' 6,122.5' 6,196.8' 6,227.2 6,216.1 6,200.0 6,192.0 6,237.6 6,217.0 Liabilities 17 Deposits 3,789.2 3,915.2 3,965.5 3,987.4 4,016.6 4,051.6 4,060.1 4,071.4 4,053.0 4,088.5 4,082.1 4,056.1 18 Transaction 624.8 602.3 589.1 573.9 601.6 596.7 604.4 596.4 557.9 577.1 620.8 631.7 19 Nontransaction 3,164.4 3,312.8 3,376.4 3,413.5 3,415.0 3,454.9 3,455.7 3,475.0 3,495.1 3,511.4 3,461.3 3,424.4 20 Large time 545.7 562.3 569.9 573.3 571.3 571.7 570.7 580.5 572.4 582.2 581.9 584.8 21 Other 2,618.7 2,750.5 2,806.5 2,840.2' 2,843.7 2,883.2 2,885.0 2,894.5 2,922.7 2,929.2 2,879.4 2,839.6 22 Borrowings 1,049.5 1,030.4 1,078.9 1,098.2 1,098.8 1,109.9 1,113.4 1,056.5 1,059.0 1,039.6 1,048.8 1,064.2 23 From banks in the U.S 377.9 365.3 383.4 393.6 391.9' 395.3' 386.1 347.4 347.5 354.5 345.8 333.1 24 From others 671.5 665.1 695.5 704.6 706.9' 714.6' 727.3 709.1 711.5 685.1 703.0 731.1 25 Net due to related foreign offices 180.2 181.0 179.7 184.1 191.9 196.8 211.4 223.1 235.5 212.3 230.6 215.9 26 Other liabilities 263.1 317.1 333.6 342.7 340.3 345.3 353.9 363.3 361.9 354.9 366.9 371.8 27 Total liabilities 5,282.0 5,443.7 5,557.7 5,612.4 5,647.5 5,703.7' 5,738.7 5,714.3 5,709.5 5,695.3 5,728.5 5,708.0 28 Residual (assets less liabilities)7 470.2 447.3r 448.8' 462.4' 474.9' 493.1' 488.5 501.8 490.5 496.7 509.1 509.0 Not seasonally adjusted Assets 29 Bank credit 4,854.7 4,956.3' 5,035.6' 5,107.8' 5,149.5' 5,230.2' 5,278.9 5,279.8 5,277.3 5,283.9 5,280.7 5,268.7 30 Securities in bank credit 1,265.1 1,339.3 1,374.3 1,392.3 1,397.5' 1,443.4' 1,459.7 1,466.6 1.472.3 1,464.4 1,468.0 1,454.6 31 U.S. government securities 770.3 834.1 858.1 872.8' 879.8 909.5' 917.0 918.1 927.5 924.2 913.9 901.9 32 Other securities 494.9 505.2 516.1 519.5' 517.7' 533.9' 542.7 548.5 544.8 540.2 554.2 552.6 33 Loans and leases in bank credit2 .... 3,589.6 3,617.0' 3,661.3' 3,715.5' 3,751.9' 3,786.8' 3,819.1 3,813.2 3,805.0 3,819.5 3,812.6 3,814.1 34 Commercial and industrial 823.3r 790.8' 787.8' 787.4' 788.9' 788.0 785.1 780.8 781.4 780.8 780.3 780.3 35 Real estate 1,762.7 1,849.7' 1,882.9' 1,918.1 l.gso.o' 1,985.3 2,006.0 2,018.8 2,016.5 2,017.5 2,016.1 2,021.4 36 Revolving home equity 158.4 192.7 197.8 201.9 205.5' 208.5 212.6 216.6 213.0 216.5 217.4 218.7 37 Other l,604.3r 1,656.9' 1,685.1' 1,716.2 1,744.6 1,776.7' 1,793.4 1,802.1 1,803.5 1,801.0 1,798.7 1,802.7 38 Consumer 568.7 558.8' 571.2r 582.2' 585.3' 588.0' 596.9 601.1 599.4 600.2 603.4 602.6 .39 Credit cards and related plans .. 228.0 215.3 224.4 231.2 232.2 232.0 239.2 236.4 238.5 237.1 237.8 234.4 40 Other 340.6 343.5' 346.8' 351.a 353.0' 356.0' 357.7 364.7 361.0 363.1 365.6 368.1 41 Security3 76.5 85.9 85.0 87.7 88.3 83.9 84.4 71.2 67.7 75.6 71.7 70.9 42 Other loans and leases 358.4 331.8 334.5 340.2 339.4 341.6' 346.8 341.3 339.9 345.3 341.1 338.8 43 Interbank loans 266.3 265.3 280.7 288.8 296.5 305.6 306.6 276.2 270.0 286.5 271.3 271.3 44 Cash assets4 269.7 256.1 258.7 268.0 274.8 281.6 293.3 288.1 280.1 284.4 316.7 269.5 45 Other assets5 457.7 454.4 468.3 472.2 476.2' 481.3 478.9 471.1 481.8 463.6 454.8 476.7 46 Total assets6 5,773.7 5,857.3' 5,968.5' 6,062.0' 6,122.2' 6,223.2' 6,282.1 6,238.9 6,232.7 6,242.0 6,247.1 6,209.9 Liabilities 47 Deposits 3,804.4 3,895.0 3,933.0 3,967.4 4,008.9 4,067.8 4,098.1 4,086.0 4,084.3 4,125.8 4,076.9 4,041.7 48 Transaction 637.6 594.9 574.0 567.6 596.3 602.2 631.2 608.5 572.6 605.8 626.1 628.0 49 Nontransaction 3,166.9 3,300.1 3,359.1 3,399.8 3,412.5 3,465.7 3,466.9 3,477.5 3,511.7 3,520.0 3,450.9 3,413.7 50 Large time 548.1 560.2 568.3 570.7 572.5 575.2' 573.8 583.2 575.5 585.7 584.5 586.8 51 Other 2,618.7 2,739.9 2,790.8 2,829.1 2,840.1 2,890.4 2,893.1 2,894.3 2,936.2 2,934.3 2,866.4 2,826.9 52 Borrowings 1,062.9 1,020.4 1,058.8 1,095.6 1,100.8 1,113.1 1,113.0 1,069.7 1,064.9 1,054.5 1,069.2 1,077.9 53 From banks in the U.S 382.9 361.3 378.2 386.8 390.2' 392.5' 387.5 352.1 351.2 359.9 351.8 337.0 54 From others 680.0 659.1 680.6 708.8 710.5' 720.6' 725.4 717.5 713.8 694.5 717.4 740.9 55 Net due to related foreign offices 184.4 175.8 178.7 183.6 192.5 201.5 215.6 228.0 238.0 216.7 236.9 222.7 56 Other liabilities 267.5 310.4 332.0 342.2 341.2 351.7 359.5 369.9 365.2 361.0 375.1 381.2 57 Total liabilities 5,319.3 5,401.7 5,502.6 5,588.8 5,643.3 5,734.1 5,786.2 5,753.6 5,752.5 5,758.0 5,758.2 5,723.5 58 Residual (assets less liabilities)7 454.4r 455.6' 466.0' 473.2' 478.9' 489.1' 495.9 485.4 480.2 484.1 489.0 486.5 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banking Institutions—Assets and Liabilities A17 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued C. Large domestically chartered commercial banks Billions of dollars Monthly averages Wednesday figures AAAccccccooouuunnnttt 2002 2002 2003 2003 Jan. July Aug. Sept. Oct. Nov. Dec. Jan. Jan. 8 Jan. 15 Jan. 22 Jan. 29 Seasonally adjusted Assets 1 Bank credit 2,624.6 2,675.0 2,724.4 2,762.5 2,775.6 2,828.5 2,855.6 2,864.8 2,857.7 2,866.6 2,873.5 2,856.3 2 Securities in bank credit 633.6 713.6 736.9 745.8 743.7 780.1 787.9 794.1 791.2 792.5 801.0 786.6 3 U.S. government securities 366.0 411.1 427.7 432.1 435.4 455.6 455.6 456.8 462.2 463.2 456.6 442.5 4 Trading account 32.6 43.1 48.0 42.6 37.8 48.1 44.5 41.3 44.5 39.0 36.0 43.4 5 Investment account 333.4 368.0 379.6 389.5 397.6 407.5 411.1 415.4 417.8 424.1 420.6 399.1 6 Other securities 267.7 302.5 309.3 313.7 308.3 324.5 332.4 337.3 329.0 329.3 344.3 344.1 7 Trading account 128.4 168.8 174.5 172.7 161.5 171.8 176.2 183.2 176.1 174.3 188.9 191.1 8 Investment account 139.2 133.7 134.8 141.0 146.7 152.7 156.2 154.1 152.8 155.1 155.4 153.1 9 State and local government . . 27.3 28.3 28.0 28.4 28.7 29.1 29.4 29.6 29.3 29.7 29.7 29.9 in Other 111.9 105.5 106.8 112.6 118.0 123.6 126.8 124.5 123.6 125.4 125.7 123.1 11 Loans and leases in bank credit2 .... 1,991.0 1,961.4 1,987.5 2,016.6 2,031.9 2,048.4 2,067.7r 2,070.7 2,066.5 2,074.1 2,072.5 2,069.6 1?. Commercial and industrial 528.6 488.7 487.7 484.2 482.5 480.9 478.8 476.2 478.1 477.6 476.3 474.4 13 Bankers acceptances .0 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 14 Other 528.6 488.7 487.7 484.2 482.5 480.9 478.8 476.2 478.1 477.6 476.3 474.4 IS Real estate 853.1 882.1 901.1 922.0 941.5 965.0 983.9 1,000.0 998.2 997.5 997.8 1,003.1 16 Revolving home equity 100.1 121.6 124.6 126.8 129.5 131.7 135.7 138.9 135.9 139.2 139.8 140.3 17 Other 753.1 760.5 776.6 795.2 811.9 833.2 848.3 861.1 862.3 858.3 858.0 862.8 18 Consumer 281.5 282.2 289.2 296.0 296.5 295.2 295.0 297.1 298.2 296.4 298.4 296.0 19 Security3 69.0 79.4 78.2 78.5 77.6 73.2 73.0 62.9 59.9 65.3 64.5 62.6 20 Federal funds sold to and repurchase agreements with broker-dealers 55.1 66.4 66.3 67.9 66.8 62.0 62.0 51.9 49.1 55.1 5533..66 5500..22 21 Other 13.8 13.0 11.9 10.5 10.8 11.3 11.0 11.0 10.8 10.2 10.8 12.4 22 State and local government 14.3 12.8 12.9 13.0 12.9 12.1 11.8 11.9 11.9 11.8 11.8 12.0 23 Agricultural 9.8 9.0 8.2 8.2 8.1 8.1 8.1 8.1 8.2 8.2 8.1 8.0 24 Federal funds sold to and repurchase agreements with others 26.9 13.7 16.6 19.8 19.2 18.5 22.4 22.9 20.5 26.0 22.5 22.5 75 All other loans 75.9 67.1 67.5 69.2 69.4 72.4 72.7r 71.8 70.7 71.7 73.3 71.7 26 Lease-financing receivables 132.0 126.3 126.1 125.9 124.2 123.0 121.8 119.9 120.8 119.5 119.9 119.5 27 Interbank loans 174.1 165.0 176.5 182.0 181.7 180.3 178.7 156.1 152.7 160.4 155.4 152.7 28 Federal funds sold to and repurchase agreements with commercial banks 97.8 77.2 86.8 89.2 84.0 87.3 85.3 86.7 84.2 92.8 86.2 8833..22 29 Other 76.3 87.7 89.7 92.9 97.7 93.0 93.4 69.4 68.6 67.6 69.2 69.5 30 Cash assets4 147.1 142.5 146.9 144.4 144.1 145.0 146.6r 145.8 145.0 132.4 165.9 139.4 31 Other assets5 323.5 314.1 325.2 323.1 331.8 331.7 326. lr 319.6 322.7 310.1 308.8 332.6 32 Total assets6 3,225.1 3,252.6 3,329.8 339.0 3,390.2 3,442.3 3,464.0r 3,442.3 3,433.5 3,425.4 3,459.6 3,437.1 Liabilities 33 Deposits 1,806.1 1,847.1 1,872.9 1,883.6 1,899.9 1,924.4 l,936.4r 1,947.1 1,932.4 1,964.6 1,955.6 1,933.2 34 Transaction 319.2 292.3 282.4 268.4 286.9 282.6 288.5r 283.1 260.9 271.9 300.2 301.3 35 Nontransaction 1,486.9 1,554.9 1,590.5 1,615.2 1,612.9 1,641.8 1,647.9 1,664.0 1,671.5 1,692.6 1,655.4 1,631.9 36 Large time 244.1 261.5 268.3 270.8 266.4 265.3 261.8 272.0 264.7 273.6 273.7 276.0 37 Other 1,242.8 1,293.4 1,322.1 1,344.4 1,346.6 1,376.5 1,386.2 1,391.9 1,406.8 1,419.1 1,381.8 1,355.8 38 Borrowings 713.2 685.7 720.6 724.0 721.7 733.5 724.9 652.9 659.7 638.7 643.2 654.8 39 From banks in the U.S 258.3 240.3 251.3 258.0 257.8 264.2 246.3r 192.9 196.5 199.5 189.9 175.4 40 From others 454.9 445.4 469.3 466.0 463.9 469.3 478.7 460.0 463.2 439.3 453.3 479.4 41 Net due to related foreign offices 171.2 171.2 171.2 175.4 179.5 185.5 199.0 207.9 218.3 197.8 214.7 202.0 42 Other liabilities 205.4 253.0 267.3 274.5 271.3 274.4 283.2' 285.9 285.4 277.6 288.9 293.3 43 Total liabilities 2,895.9 2,957.0 3,032.0 3,057.5 3,072.3 3,117.8 3,143.6r 3,093.8 3,095.9 3,078.7 3,102.4 3,083.2 44 Residual (assets less liabilities)7 329.2 295.6 297.8 311.6 317.9 324.5 320.5 348.4 337.6 346.7 357.1 353.9 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A18 Domestic Nonfinancial Statistics • April 2003 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 2002 2002 2003 2003 Jan. July Aug. Sept. Oct. Nov. Dec. Jan. Jan. 8 Jan.15 Jan. 22 Jan. 29 Not seasonally adjusted Assets 45 Bank credit 2,634.4 2,659.7 2,711.1 2,756.9 2,774.3 2,836.6 2,870.0 2,875.6 2,877.1 2,880.8 2,877.8 2,860.3 46 Securities in bank credit 640.6 701.6 730.6 743.1 744.2 784.5 794.1 802.8 805.1 800.3 807.8 792.5 47 U.S. government securities 370.0 404.9 423.7 429.7 432.8 456.6 458.4 461.9 468.2 467.7 461.0 447.7 48 Trading account 32.9 42.4 47.6 42.4 37.6 48.2 44.8 41.8 45.0 39.4 36.4 43.9 49 Investment account 337.1 362.5 376.1 387.3 395.2 408.4 413.7 420.0 423.1 428.2 424.6 403.8 50 Mortgage-backed securities . 270.4 287.5 304.7 308.2 313.1 324.6 317.0 323.1 327.2 333.1 328.4 304.2 51 Other 66.6 75.0 71.4 79.1 82.2 83.8 96.6 96.9 95.9 95.2 96.3 99.7 52 One year or less 15.5 18.7 17.4 19.9 21.8 23.2 24.1 21.3 21.4 22.2 21.3 20.8 53 One to five years 37.8 43.7 42.2 46.3 49.9 47.1 56.2 58.2 57.9 56.2 57.8 60.1 54 More than five years .... 13.4 12.7 11.8 12.9 10.4 13.5 16.3 17.4 16.6 16.8 17.2 18.7 55 Other securities 270.5 296.7 306.9 313.4 311.4 327.9 335.7 341.0 337.0 332.6 346.8 344.8 56 Trading account 129.8 165.5 173.1 172.6 163.2 173.6 177.9 185.1 180.4 176.0 190.3 191.4 57 Investment account 140.8 131.2 133.8 140.9 148.2 154.3 157.8 155.8 156.6 156.6 156.5 153.3 58 State and local government . 27.6 27.7 27.8 28.4 29.0 29.4 29.7 30.0 30.0 30.0 29.9 30.0 59 Other 113.1 103.5 105.9 112.5 119.2 124.9 128.1 125.9 126.6 126.6 126.7 123.4 60 Loans and leases in bank credit2 . .. 1,993.8 1,958.1 1,980.5 2,013.8 2,030.1 2,052.1 2,075.9 2,072.8 2,072.0 2,080.5 2,070.0 2,067.8 61 Commercial and industrial 524.4 488.4 485.3 483.8 483.2 481.7 477.0 472.4 474.5 473.3 471.5 470.6 62 Bankers acceptances .0 .0 .0 .0 .0 .0 .0 .0 n.a. n.a. n.a. n.a. 63 Other 524.4 488.4 485.3 483.8 483.2 481.7 477.0 472.4 474.5 473.3 471.5 470.6 64 Real estate 852.7 882.4 901.6 922.4 940.3 966.9 985.8 999.4 999.3 999.0 995.8 1,000.2 65 Revolving home equity 99.7 121.9 124.9 127.3 129.5 131.9 135.2 138.3 135.3 138.5 139.1 139.9 66 Other 440.4 448.8 464.5 482.2 495.3 518.7 534.7 544.9 547.5 544.5 540.2 544.6 67 Commercial 312.6 311.7 312.2 312.9 315.5 316.4 315.9 316.1 316.5 316.0 316.5 315.7 68 Consumer 285.4 280.3 287.0 293.5 293.6 293.9 298.2 301.9 304.0 301.3 302.8 300.3 69 Credit cards and related plans . 113.5 110.0 114.2 117.9 116.4 114.0 116.9 116.2 119.0 117.2 117.0 113.0 70 Other 171.8 170.4 172.8 175.6 177.2 180.0 181.3 185.7 185.1 184.2 185.8 187.3 71 Security3 69.0 78.3 77.1 79.7 80.0 75.3 75.9 62.9 59.5 67.1 63.4 62.8 72 Federal funds sold to and repurchase agreements with broker-dealers 55.2 65.5 65.3 69.0 68.8 63.7 64.5 51.9 48.8 56.6 52.8 50.4 73 Other 13.8 12.8 11.7 10.7 11.1 11.6 11.4 11.0 10.7 10.5 10.7 12.4 74 State and local government 14.3 12.8 12.9 13.0 12.9 12.1 11.8 11.9 11.9 11.8 11.8 12.0 75 Agricultural 9.7 9.2 8.2 8.2 8.0 8.0 8.1 8.1 8.3 8.1 8.0 7.9 76 Federal funds sold to and repurchase agreements with others 28.6 13.7 16.6 19.8 19.2 18.5 22.4 22.9 20.5 26.0 22.5 22.5 77 All other loans 75.6 67.3 67.0 69.4 69.3 72.9 74.5 71.5 70.8 72.1 72.4 70.6 78 Lease-financing receivables 134.1 125.6 124.8 124.0 123.6 122.7 122.3' 121.9 123.1 121.7 121.6 121.1 79 Interbank loans 173.5 164.0 172.0 177.0 177.3 182.1 182.9 155.7 150.6 162.0 153.5 152.4 80 Federal funds sold to and repurchase agreements with commercial banks 97.5 76.8 84.6 86.8 82.0 88.2 87.3 86.5 83.0 93.8 85.2 83.1 81 Other 76.0 87.2 87.4 90.2 95.3 93.9 95.5 69.2 67.6 68.3 68.3 69.4 82 Cash assets4 155.3 137.1 137.9 141.6 145.1 148.0 157.5r 154.4 148.4 150.0 178.5 140.5 83 Other assets5 324.3 313.9 323.0 325.1 331.1 333.1 328.4r 320.4 325.5 312.8 306.3 331.6 84 Total assets6 3,243.4 3,230.9 3,300.5 3,357.5 3,385.1 3,456.5 3,495.6r 3,462.2 3,457.3 3,461.7 3,472.3 3,441.1 Liabilities 85 Deposits 1,811.0 1,839.1 1,856.4 1,874.8 1,896.8 1,933.4 l,952.6r 1,950.7 1,943.0 1,982.8 1,947.4 1,921.3 86 Transaction 327.8 287.3 271.0 264.0 283.0 285.5 305.0' 291.0 267.2 291.0 305.1 301.0 87 Nontransaction 1,483.2 1,551.8 1,585.5 1,610.9 1,613.9 1,647.9 1,647.6 1,659.8 1,675.8 1,691.8 1,642.4 1,620.3 88 Large time 246.6 259.4 266.7 268.3 267.6 268.9 264.8 274.8 267.9 277.0 276.3 278.0 89 Other 1,236.6 1,292.4 1,318.8 1,342.6 1,346.3 1,379.0 1,382.8 1,385.0 1,407.9 1,414.8 1,366.1 1,342.3 90 Borrowings 726.6 675.7 700.6 721.4 723.6 736.6 724.5 666.1 665.6 653.7 663.6 668.5 91 From banks in the U.S 263.3 236.3 246.1 251.1 256.0 261.3 247.7 197.7 200.2 204.9 195.9 179.4 92 From nonbanks in the U.S 463.3 439.4 454.4 470.3 467.6 475.3 476.8' 468.4 465.4 448.8 467.7 489.2 93 Net due to related foreign offices 175.5 166.0 170.2 175.0 180.2 190.2 203.2 212.8 220.9 202.2 221.0 208.9 94 Other liabilities 209.9 246.4 265.7 274.0 272.2 280.8 288.9' 292.5 288.7 283.7 297.1 302.6 95 Total liabilities 2,922.9 2,927.1 2,992.9 3,045.2 3,072.8 3,141.1 3,169.3' 3,122.2 3,118.2 3,122.4 3,129.2 3,101.4 96 Residual (assets less liabilities)7 320.5 303.8 307.6 312.3 312.3 315.4 326.3' 340.0 339.1 339.4 343.1 339.7 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 2002 2002 2003 2003 Jan. July Aug. Sept. Oct. Nov.' Dec.' Jan. Jan. 8 Jan. 15 Jan. 22 Jan. 29 Seasonally adjusted Assets 1 Bank credit 2,218.4 2,301.9' 2,327.5' 2,348.9' 2,369.8' 2,387.8 2,395.5 2,402.5 2,398.9 2,398.8 2,402.6 2,408.4 ?. Securities in bank credit 623.5 639.9 646.0 650.2 654.5' 659.0 662.8 662.6 666.0 662.5 659.3 661.2 3 U.S. government securities 399.2 431.4 436.8 444.1 448.2 453.0 455.8 455.1 458.3 454.9 451.9 453.3 4 Other securities 224.3 208.5 209.2 206.1 206.3' 206.0 207.0 207.6 207.8 207.6 207.3 207.9 5 Loans and leases in bank credit2 .... 1,594.9 1,662.® 1,681.4' 1,698.6' 1,715.3' 1,728.8 1,732.7 1,739.9 1,732.8 1,736.3 1,743.4 1,747.2 6 Commercial and industrial 299.9 301.8' 304.0' 305.3' 305.9' 307.3 308.0 309.4 307.7 308.5 309.9 311.0 7 Real estate 910.4r 968.2' 980.6' 993.9' 1,006.4 1,015.2 1,017.2 1,019.7 1,019.5 1,018.1 1,020.3 1,021.0 8 Revolving home equity 58.6 71.3 73.1 74.1 75.4' 76.0 76.8 78.1 77.7 77.7 78.0 78.5 9 Other 851.8' 896.9' 907.5' 919.8' 931.1 939.2 940.5 941.6 941.8 940.3 942.3 942.4 in Consumer 279.4 282.5' 285.5' 286.7' 288.2' 290.2 291.8 295.6 291.9 294.7 297.1 299.0 n Security3 7.7 7.7 8.0 8.2 8.4 8.3 8.4 8.5 8.2 8.6 8.8 8.7 17, Other loans and leases 97.5 101.9 103.3 104.6 106.4 107.8 107.3 106.7 105.6 106.5 107.3 107.6 n Interbank loans 94.1 106.1 110.6 114.6 120.2 121.5 120.9 122.3 114.3 122.7 124.9 127.3 14 Cash assets4 111.9 120.9 124.7 126.9 129.2 129.1 128.7 130.7 129.3 126.7 134.7 131.7 15 Other assets5 133.4 140.5 145.2 147.1 145.1 148.1 150.5 150.7 156.4 150.8 148.4 145.1 16 Total assets6 2,527.1 2,638.4r 2,676.7r 2,705.7r 2,732.3r 2,754.4 2,763.2 2,773.8 2,766.5 2,766.5 2,778.0 2,779.9 Liabilities 17 Deposits 1,983.1 2,068.1 2,092.6 2,103.8 2,116.7 2,127.2 2,123.7 2,124.4 2,120.6 2,124.0 2,126.5 2,123.0 18 Transaction 305.7 310.1 306.7 305.5 314.7 314.1 315.9 313.3 297.0 305.2 320.7 330.4 19 Nontransaction 1,677.5 1,758.0 1,785.9 1,798.3 1,802.0 1,813.1 1,807.8 1,811.1 1,823.6 1,818.8 1,805.9 1,792.6 70 Large time 301.6 300.8 301.6 302.5' 304.9 306.4 309.0 308.5 307.7 308.6 308.2 308.8 71 Other 1,375.9 1,457.2 1,484.3 1,495.9 1,497.1 1,506.7 1,498.9 1,502.6 1,516.0 1,510.1 1,497.7 1,483.8 22 Borrowings 336.3 344.7 358.3 374.2 377.2 376.5 388.4 403.6 399.3 400.8 405.6 409.4 73 From banks in the U.S 119.6 125.0 132.1 135.6 134.2' 131.2 139.9 154.5 151.0 155.0 155.9 157.7 74 From others 216.7 219.7 226.2 238.6 243.0' 245.3 248.6 249.1 248.3 245.8 249.7 251.7 25 Net due to related foreign offices 9.0 9.8 8.5 8.6 12.3 11.3 12.4 15.2 17.2 14.5 15.9 13.8 26 Other liabilities 57.6 64.1 66.3 68.2 69.0 70.9 70.6 77.4 76.5 77.3 78.0 78.5 27 Total liabilities 2,386.0 2,486.7 2,525.7 2,554.9 2,575.2 2,585.9 2,595.1 2,620.5 2,613.6 2,616.5 2,626.1 2,624.7 28 Residual (assets less liabilities)7 141.0 151.8' 151.0' 150.8' 157.1' 168.5 168.0 153.3 152.9 150.0 152.0 155.1 Not seasonally adjusted Assets 29 Bank credit 2,220.3 2,296.6' 2,324.5' 2,350.9' 2,375.2' 2,393.6 2,408.9 2,404.2 2,400.2 2,403.1 2,402.9 2,408.4 30 Securities in bank credit 624.6 637.7 643.7 649.2 653.3' 658.8 665.6 663.8 667.1 664.1 660.2 662.1 31 U.S. government securities 400.2 429.2 434.4 443.1' 447.0 452.8 458.6 456.3 459.3 456.6 452.9 454.2 37 Other securities 224.3 208.5 209.2 206.1 206.3' 206.0 207.0 207.6 207.8 207.6 207.3 207.9 33 Loans and leases in bank credit2 .... 1,595.8 1,658.9' 1,680.8' 1,701.7' 1,721.9' 1,734.7 1,743.3 1,740.4 1,733.0 1,739.0 1,742.7 1,746.4 34 Commercial and industrial 298.9r 302.4' 302.5' 303.6' 305.7' 306.3 308.1 308.4 306.9 307.5 308.8 309.8 35 Real estate 910.0 967.3' 981.2' 995.6' 1,009.7 1,018.3 1,020.2 1,019.4 1,017.2 1,018.5 1,020.3 1,021.3 36 Revolving home equity 58.7 70.9 72.9 74.6 75.9 76.6 77.4 78.3 77.7 78.1 78.3 78.8 37 Other 851.3' 896.4' 908.4' 921.0' 933.8 941.7 942.8 941.1 939.5 940.4 942.0 942.5 38 Consumer 283.3 278.5 284.2' 288.7' 291.7' 294.1 298.7 299.2 295.4 298.9 300.6 302.3 39 Credit cards and related plans . . 114.5 105.3 110.2 113.3 115.8 118.0 122.3 120.2 119.5 120.0 120.8 121.5 40 Other 168.8 173.1' 174.1 175.4' 175.9' 176.0 176.4 179.0 175.9 178.9 179.8 180.8 41 Security3 7.5 7.6 7.9 8.0 8.3 8.6 8.6 8.3 8.2 8.5 8.2 8.1 42 Other loans and leases 96.0 103.2 104.9 105.8 106.4 107.4 107.7 105.1 105.3 105.6 104.7 104.8 43 Interbank loans 92.8 101.3 108.7 111.8 119.2 123.5 123.7 120.5 119.4 124.4 117.8 118.8 44 Cash assets4 114.5 119.0 120.9 126.4 129.7 133.7 135.8 133.7 131.7 134.4 138.3 129.1 45 Other assets5 133.4 140.5 145.2 147.1 145.1 148.1 150.5 150.7 156.4 150.8 148.4 145.1 46 Total assets6 2,530.3 2,626.4r 2,668.0r 2,704.5r 2,737.1r 2,766.8 2,786.5 2,776.7 2,775.4 2,780.3 2,774.8 2,768.9 Liabilities 47 Deposits 1,993.4 2,055.9 2,076.6 2,092.6 2,112.0 2,134.4 2,145.5 2,135.2 2,141.3 2,143.0 2,129.5 2,120.4 48 Transaction 309.8 307.6 303.0 303.6 313.4 316.6 326.2 317.5 305.4 314.9 321.0 327.0 49 Nontransaction 1,683.7 1,748.3 1,773.6 1,789.0 1,798.7 1,817.8 1,819.3 1,817.7 1,835.9 1,828.2 1,808.5 1,793.3 50 Large time 301.6 300.8 301.6 302.5' 304.9 306.4 309.0 308.5 307.7 308.6 308.2 308.8 51 Other 1,382.1 1,447.5 1,472.0 1,486.5 1,493.8 1,511.4 1,510.3 1,509.2 1,528.3 1,519.6 1,500.3 1,484.6 57 Borrowings 336.3 344.7 358.3 374.2 377.2 376.5 388.4 403.6 399.3 400.8 405.6 409.4 53 From banks in the U.S 119.6 125.0 132.1 135.6 134.2' 131.2 139.9 154.5 151.0 155.0 155.9 157.7 54 From others 216.7 219.7 226.2 238.6 243.0' 245.3 248.6 249.1 248.3 245.8 249.7 251.7 55 Net due to related foreign offices 9.0 9.8 8.5 8.6 12.3 11.3 12.4 15.2 17.2 14.5 15.9 13.8 56 Other liabilities 57.6 64.1 66.3 68.2 69.0 70.9 70.6 77.4 76.5 77.3 78.0 78.5 57 Total liabilities 2,396.3 2,474.5 2,509.6 2,543.6 2,570.5 2,593.1 2,616.9 2,631.3 2,634.3 2,635.6 2,629.0 2,622.1 58 Residual (assets less liabilities)7 133.9 151.8' 158.4' 160.9' 166.6' 173.7 169.5 145.4 141.1 144.7 145.8 146.8 Footnotes appear on p. A21. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A20 Domestic Nonfinancial Statistics • April 2003 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities1—Continued E. Foreign-related institutions Billions of dollars Monthly averages Wednesday figures Account 2002 2002 2003 2003 Jan. July Aug. Sept. Oct. Nov. Dec.' Jan. Jan. 8 Jan. 15 Jan. 22 Jan. 29 Seasonally adjusted Assets 1 Bank credit 585.7 614.3 620.9 618.7 614.1 620.8 634.7 624.9 627.7 621.3 622.3 628.7 2 Securities in bank credit 233.8 241.2 250.0 247.4 245.0 249.0 263.9 265.5 266.9 264.4 264.2 263.8 i U.S. government securities 74.1 76.4 81.8 86.7 88.8 92.8 100.9 101.3 100.2 101.1 100.6 102.7 4 Other securities 159.8 164.8 168.1 160.8 156.2 156.2 163.0 164.2 166.7 163.3 163.6 161.1 5 Loans and leases in bank credit2 .... 351.9 373.1 370.9 371.3 369.0 371.8 370.8 359.4 360.7 356.8 358.1 365.0 6 Commercial and industrial 193.7 191.2 189.9 185.5 181.4 179.1 178.2 175.0 175.2 175.3 175.9 174.6 / Real estate 17.5 18.8 18.8 19.0 19.5 19.8 19.4 18.7 19.0 19.0 19.0 18.2 8 Security3 75.3 91.0 90.5 94.8 97.1 105.1 110.2 105.4 105.4 102.9 103.2 111.8 9 Other loans and leases 65.4 72.1 71.7 72.0 71.0 67.8 63.1 60.3 61.2 59.6 60.0 60.4 10 Interbank loans 25.5 17.5 18.5 21.7 24.9 26.6 31.8 30.9 29.5 32.0 35.3 27.5 11 Cash assets4 40.4 46.0 46.5 46.0 45.4 40.9 42.5 37.9 39.3 38.0 37.9 36.8 12 Other assets5 30.8 29.4 29.0 28.5 35.1 38.0 41.2 46.7 42.1 45.3 48.2 50.9 13 Total assets6 682.1 706.9 714.5 714.5 719.1 725.9 749.8 740.0 738.2 736.1 743.2 743.7 Liabilities 14 Deposits 464.5 498.9 495.1 486.0 466.4r 448.5 424.0 432.0 421.0 431.4 430.4 443.3 15 Transaction 11.0 9.9 10.1 10.1 9.8 9.5 9.5 9.7 9.5 9.8 9.6 10.0 16 Nontransaction 453.5 489.0 485.0 475.9 456.6r 439.1 414.5 422.2 411.5 421.6 420.8 433.3 1/ Borrowings 184.0 201.3 213.8 224.0 233.9' 254.6' 282.9 277.9 272.0 275.3 285.8 279.4 18 From banks in the U.S 21.4 20.8 21.6 22.7 23.1 25.5 29.9 31.2 28.9 31.4 32.0 32.6 19 From others 162.7 180.5 192.1 201.3 210.7' 229.1' 253.0 246.7 243.1 243.9 253.8 246.8 20 Net due to related foreign offices -55.8 -81.8 -85.6 -83.8r -72.4 -74.4 -61.0 -71.7 -64.4 -70.2 -69.8 -81.2 21 Other liabilities 81.2 90.9 96.8 92.7 99.7 99.1 99.9 97.0 102.7 99.0 91.0 94.6 22 Total liabilities 674.0 709.3 720.0 719.1 727.5 727.8r 745.8 735.1 731.2 735.5 737.4 736.1 23 Residual (assets less liabilities)7 8.1 -2.4 -5.5 -4.6 -8.4 -1.8 4.0 4.9 7.0 .5 5.8 7.5 Not seasonally adjusted Assets 24 Bank credit 591.4 608.2 614.7 615.4 614.0 623.6 643.8 632.2 631.9 631.3 629.0 635.6 25 Securities in bank credit 233.8 241.2 250.0 247.4 245.0 249.0 263.9 265.5 266.9 264.4 264.2 263.8 26 U.S. government securities 74.1 76.4 81.8 86.7 88.8 92.8 100.9 101.3 100.2 101.1 100.6 102.7 27 Trading account 10.0 10.7 13.0 15.2 18.6 20.2 30.3 31.6 32.2 31.9 30.7 31.5 28 Investment account 64.1 65.8 68.8 71.5 70.2 72.7 70.6 69.7 68.0 69.2 69.9 71.3 29 Other securities 159.8 164.8 168.1 160.8 156.2 156.2 163.0 164.2 166.7 163.3 163.6 161.1 30 Trading account 102.5 108.4 109.8 103.9 100.5 99.3 99.7 98.9 101.5 98.0 98.0 97.2 31 Investment account 57.3 56.4 58.4 56.9 55.8 56.9 63.3 65.3 65.2 65.3 65.7 63.8 32 Loans and leases in bank credit2 .... 357.6 367.0 364.8 367.9 369.0 374.6 379.9 366.6 364.9 366.9 364.8 371.8 33 Commercial and industrial 194.4 189.9 188.3 185.4 182.0 180.6 179.7 175.6 176.3 176.0 176.1 174.8 34 Real estate 17.5 18.8 18.8 19.0 19.5 19.8 19.4 18.7 19.0 19.0 19.0 18.2 35 Security3 79.5 87.5 87.2 91.9 97.2 106.4 116.0 111.2 107.3 111.3 109.4 118.2 36 Other loans and leases 66.2 70.8 70.4 71.6 70.2 67.8 64.8 61.0 62.3 60.5 60.3 60.6 37 Interbank loans 25.5 17.5 18.5 21.7 24.9 26.6 31.8 30.9 29.5 32.0 35.3 27.5 38 Cash assets4 42.6 44.1 45.1 46.1 46.3 43.3 45.1 39.9 41.3 40.3 39.9 38.6 39 Other assets5 31.6 28.3 28.6 29.0 34.5 37.8 42.3 47.9 43.5 46.9 49.0 52.0 40 Total assets6 690.7 697.8 706.5 711.7 719.4 730.9 762.6 750.5 745.8 750.1 752.8 753.4 Liabilities 41 Deposits 475.2 489.8 480.6 474.0 458.9 452.1 435.7 441.8 431.0 441.3 439.9 453.7 42 Transaction 11.3 9.8 9.8 10.3 9.9 9.6 10.2 10.0 9.8 10.2 9.7 10.1 43 Nontransaction 463.9 480.0 470.8 463.7 449.0 442.5 425.5 431.9 421.3 431.1 430.2 443.6 44 Borrowings 184.0 201.3 213.8 224.0 233.9' 254.6' 282.9 277.9 272.0 275.3 285.8 279.4 45 From banks in the U.S 21.4 20.8 21.6 22.7 23.1 25.5 29.9 31.2 28.9 31.4 32.0 32.6 46 From others 162.7 180.5 192.1 201.3 210.7' 229.1' 253.0 246.7 243.1 243.9 253.8 246.8 47 Net due to related foreign offices -52.6 -85.8 -87.6 -82.7 -73.7 -75.5' -58.8 -69.3 -62.6 -68.3 -67.0 -78.0 48 Other liabilities 82.6 88.7 95.6 93.3r 98.9 98.3' 101.4 98.7 104.0 100.3 92.8 96.9 49 Total liabilities 689.2 694.0 702.4 708.6 718.0 729.6r 761.2 749.1 744.4 748.7 751.4 752.0 50 Residual (assets less liabilities)7 1.5 3.8 4.1 3.1 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 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 2002 2002 2003 2003 Jan. July Aug. Sept. Oct. Nov. Dec. Jan. Jan. 8 Jan. 15 Jan. 22 Jan. 29 Not seasonally adjusted MEMO Large domestically chartered banks, adjusted for mergers 1 Revaluation gains on off-balance-sheet items8 86.3 105.8 112.3 119.1 110.9 117.1 124.4 130.5 127.2 123.5 136.3 133.2 2 Revaluation losses on off-balancesheet items8 66.6 . 89.7 94.2 100.5 94.2 100.8 105.6 108.8 105.0 102.0 114.4 111.7 3 Mortgage-backed securities9 308.9 320.4 338.5 343.9 355.2 370.4 363.1 368.8 372.7 379.2 374.8 348.7 4 Pass-through 210.3 236.7 253.7 255.0 261.7 274.6 265.6 271.2 275.3 280.6 276.9 252.9 5 CMO, REMIC, and other 98.6 83.7 84.8 88.9 93.5 95.8 97.4 97.6 97.5 98.7 97.8 95.8 6 Net unrealized gains (losses) on available-for-sale securities10 2.3 8.3 9.1 11.5 12.5 11.8 11.0 12.2 11.6 11.9 12.9 12.4 7 Off-shore credit to U.S. residents" .... 19.5 19.1 19.0 19.0 18.4 18.5 18.7 18.3 18.4 18.3 17.9 18.8 8 Securitized consumer loans12 133.4 144.1 141.5 140.6 142.7 146.8 148.5r 148.3 146.4 147.7 147.7 150.4 9 Credit cards and related plans 122.5 128.1 125.5 125.0 127.5 131.4 133.2 132.2 130.3 131.7 131.7 134.3 10 Other 10.9 16.0 16.0 15.6 15.2 15.3 15.3r 16.1 16.2 16.1 16.0 16.1 11 Securitized business loans12 19.4 17.1 17.8 17.7 17.5 17.1 16.9 16.7 16.6 16.5 16.5 17.3 Small domestically chartered commercial banks, adjusted for mergers 12 Mortgage-backed securities9 276.2 297.1 298.7 304.2 307.0 308.9 311.1' 306.7 309.4 306.2 304.2 304.6 13 Securitized consumer loans12 214.2 203.0 202.1 199.9 198.3 198.7 201.2 205.6 206.6 205.3 205.2 205.0 14 Credit cards and related plans 206.4 199.4 199.0 195.9 189.3 189.8 192.5 197.1 198.1 196.8 196.7 196.5 15 Other 7.9 3.6 3.1 3.9 8.9 8.9 8.7 8.5 8.5 8.5 8.5 8.5 Foreign-related institutions 16 Revaluation gains on off-balancesheet items8 55.2 61.5 65.1 62.5 61.9 63.2 64.0' 66.5 65.2 65.2 67.1 67.9 17 Revaluation losses on off-balancesheet items8 51.5 57.4 64.8 61.5 60.2 60.4 60.1' 63.0 63.6 62.0 60.2 65.4 18 Securitized business loans12 13.1 9.4 9.1 8.1 7.6 7.3 6.9 5.8 6.7 6.7 4.9 4.9 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 • April 2003 1.32 COMMERCIAL PAPER OUTSTANDING Millions of dollars, seasonally adjusted, end of period Year ending December 2002 IItteemm 1998 1999 2000 2001 2002 July Aug. Sept. Oct. Nov. Dec. 1 All issuers 1,163,303 1,403,023 1,615,341 1,438,764 1,321,517 1,345,922 1,375,414 1,338,119 1,350,182 1,351,428 1,321,517 Financial companies' 2 Dealer-placed paper, total2 614,142 786,643 973,060 989,364 949,683 959,798 863,215 856,037 973,150 982,239 949,683 3 Directly placed paper, total3 322,030 337,240 298,848 224,553 217,787 206,942 343,733 322,729 219,581 211,574 217,787 4 Nonfinancial companies4 227,132 279,140 343,433 224,847 154,047 179,182 168,466 159,353 157,451 157,615 154,047 1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales, 3. As reported by financial companies that place their paper directly with investors. personal and mortgage financing; factoring, finance leasing, and other business lending; 4. Includes public utilities and firms engaged primarily in such activities as communicainsurance underwriting; and other investment activities. tions, construction, manufacturing, mining, wholesale and retail trade, transportation, and 2. Includes all financial-company paper sold by dealers in the open market. services. 1.33 PRIME RATE CHARGED BY BANKS Short-Term Business Loans1 Percent per year Date of change Rate Period Average Average Average rate rate rate 2000—Jan. 1 8.50 2000 9.23 2001—Jan. 9.05 2002—Jan. 4.75 Feb. 3 8.75 2001 6.91 Feb. 8.50 Feb. 4.75 Mar. 22 9.00 2002 4.67 Mar. 8.32 Mar. 4.75 May 17 9.50 Apr. 7.80 Apr. 4.75 2000—Jan 8.50 May 7.24 May 4.75 2001—Jan. 4 9.00 Feb 8.73 June 6.98 June 4.75 Feb. 1 8.50 Mar. 8.83 July 6.75 July 4.75 Mar. 21 8.00 Apr 9.00 Aug. 6.67 Aug. 4.75 Apr. 19 7.50 May 9.24 Sept. 6.28 Sept. 4.75 May 16 7.00 June 9.50 Oct. 5.53 Oct. 4.75 June 28 6.75 July 9.50 Nov. 5.10 Nov. 4.35 Aug. 22 6.50 Aug 9.50 Dec. 4.84 Dec. 4.25 Sept. 18 6.00 Sept 9.50 Oct. 3 5.50 Oct 9.50 2003—Jan. 4.25 Nov. 7 5.00 Nov. 9.50 Feb. 4.25 Dec. 12 4.75 Dec 9.50 2002—Nov. 7 4.25 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 2003 2003, week ending IItteemm 22000000 22000011 22000022 Oct. Nov. Dec. Jan. Jan. 3 Jan. 10 Jan. 17 Jan. 24 Jan. 31 MONEY MARKET INSTRUMENTS 1 Federal funds'-2'3 6.24 3.88 1.67 1.75 1.34 1.24 1.24 1.20 1.20 1.26 1.23 1.24 2 Discount window primary credit2 4 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2.25 2.25 2.25 Commercial paperJ-5'6 Nonfinancial 3 1-month 6.27 3.78 1.67 1.72 1.34 1.31 1.25 1.28 1.25 1.25 1.25 1.24 4 2-month 6.29 3.68 1.67 1.70 1.35 1.32 1.26 1.28 1.25 1.29 1.25 1.24 5 3-month 6.31 3.65 1.69 1.70 1.36 1.31 1.26 1.30 1.26 1.29 1.26 1.24 Financial 6 1-month 6.28 3.80 1.68 1.73 1.34 1.31 1.26 1.28 1.27 1.25 1.25 1.25 7 2-month 6.30 3.71 1.69 1.72 1.37 1.32 1.27 1.29 1.28 1.27 1.26 1.25 8 3-month 6.33 3.65 1.70 1.71 1.37 1.32 1.27 1.28 1.29 1.28 1.26 1.25 Certificates of deposit, secondary market3,7 9 1-month 6.35 3.84 1.72 1.77 1.39 1.37 1.29 1.33 1.31 1.30 1.28 1.27 10 3-month 6.46 3.71 1.73 1.73 1.39 1.34 1.29 1.31 1.31 1.30 1.28 1.27 11 6-month 6.59 3.66 1.81 1.69 1.40 1.36 1.30 1.32 1.32 1.31 1.28 1.27 12 Eurodollar deposits, 3-month3'8 6.45 3.70 1.73 1.73 1.39 1.35 1.29 1.32 1.30 1.30 1.28 1.26 U.S. Treasury bills Secondary market3 5 13 4-week n.a. 2.43 1.60 1.60 1.24 1.18 1.15 1.16 1.15 1.15 1.14 1.15 14 3-month 5.82 3.40 1.61 1.58 1.23 1.19 1.17 1.20 1.18 1.17 1.15 1.16 15 6-month 5.90 3.34 1.68 1.56 1.27 1.24 1.20 1.22 1.23 1.21 1.18 1.17 U.S. TREASURY NOTES AND BONDS Constant maturities9 16 1-year 6.11 3.49 2.00 1.65 1.49 1.45 1.36 1.38 1.41 1.38 1.32 1.32 17 2-year 6.26 3.83 2.64 1.91 1.92 1.84 1.74 1.70 1.80 1.75 1.67 1.72 18 3-year 6.22 4.09 3.10 2.25 2.32 2.23 2.18 2.09 2.24 2.21 2.10 2.16 19 5-year 6.16 4.56 3.82 2.95 3.05 3.03 3.05 2.91 3.12 3.11 2.96 3.01 20 7-year 6.20 4.88 4.30 3.54 3.64 3.63 3.60 3.48 3.66 3.66 3.51 3.56 21 10-year 6.03 5.02 4.61 3.94 4.05 4.03 4.05 3.94 4.10 4.10 3.97 4.01 22 20-year 6.23 5.63 5.43 5.00 5.04 5.01 5.02 4.93 5.08 5.07 4.96 4.96 Treasury long-term average10'" 23 25 years and above n.a. n.a. 5.41 5.07 5.10 5.06 5.07 5.00 5.13 5.11 5.00 5.00 STATE AND LOCAL NOTES AND BONDS Moody's series'2 24 Aaa 5.58 4.99 4.87 4.66 4.77 4.70 4.72 4.68 4.76 4.74 4.72 4.72 25 Baa 6.19 5.75 5.64 5.47 5.62 5.57 5.61 5.55 5.67 5.65 5.61 5.59 26 Bond Buyer series13 5.71 5.15 5.04 4.88 4.95 4.85 4.90 4.84 4.94 4.95 4.89 4.90 CORPORATE BONDS 27 Seasoned issues, all industries14 7.98 7.49 7.10 6.93 6.88 6.77 6.72 6.71 6.79 6.76 6.67 6.63 Rating group 28 Aaa" 7.62 7.08 6.49 6.32 6.31 6.21 6.17 6.16 6.24 6.22 6.11 6.09 29 Aa 7.83 7.26 6.93 6.73 6.71 6.63 6.59 6.57 6.65 6.64 6.55 6.48 30 A 8.11 7.67 7.18 6.95 6.89 6.80 6.77 6.75 6.81 6.78 6.72 6.73 31 Baa 8.37 7.95 7.80 7.73 7.62 7.45 7.35 7.37 7.44 7.39 7.30 7.21 MEMO Dividend—price ratio16 32 Common stocks 1.15 1.32 1.61 1.86 1.73 1.77 1.81 1.81 1.75 1.80 1.85 1.86 NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly 8. Bid rates for eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for statistical release. For ordering address, see inside front cover. indication purposes only. 1. The daily effective federal funds rate is a weighted average of rates on trades through 9. Yields on actively traded issues adjusted to constant maturities. New York brokers. 10. Based on the unweighted average of the bid yields for all Treasury fixed-coupon 2. Weekly figures are averages of seven calendar days, ending on Wednesday of the securities with remaining terms to maturity of 25 years and over. current week; monthly figures include each calendar day in the month. 11. A factor for adjusting the daily long-term average in order to estimate a 30-year rate 3. Annualized using a 360-day year or bank interest. can be found at http://www.treas.gov/offices/domestic-finance/debt-management/interest-rate/ 4. The rate charged for primary credit under an amendment to the Board's Regulation A, ltcompositeindex.html. which became effective January 9, 2003. This rate replaces that for adjustment credit, which 12. General obligation bonds based on Thursday figures; Moody's Investors Service. was discontinued after January 8, 2003. For further information, see: http:// 13. State and local government general obligation bonds maturing in twenty years are used www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm. The rate is that in compiling this index. The twenty-bond index has a rating roughly equivalent to Moody's reported for the Federal Reserve Bank of New York. Historical series for the rate on A1 rating. Based on Thursday figures. adjustment credit is available at: http://www.federalreserve.gov/releases.gov/releases/hl5/ 14. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors data.htm. Service. Based on yields to maturity on selected long-term bonds. 5. Quoted on a discount basis. 15. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial 6. Interest rates interpolated from data on certain commercial paper trades settled by the firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial. Depository Trust Company. The trades represent sales of commercial paper by dealers or 16. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in direct issuers to investors (that is, the offer side). See the Board's Commercial Paper web the price index. pages (http://www.federalreserve.gov/releases/cp) for more information. SOURCE: U.S. Department of the Treasury. 7. An average of dealer offering rates on nationally traded certificates of deposit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A24 Domestic Nonfinancial Statistics • April 2003 1.36 STOCK MARKET Selected Statistics 2002 2003 IInnddiiccaattoorr 22000000 22000011 22000022 May June July Aug. Sept. Oct. Nov. Dec. Jan. Prices and trading volume (averages of daily figures) CCCCCCCooooooommmmmmmmmmmmmmooooooonnnnnnn ssssssstttttttoooooooccccccckkkkkkk ppppppprrrrrrriiiiiiiccccccceeeeeeesssssss (((((((iiiiiiinnnnnnndddddddeeeeeeexxxxxxxeeeeeeesssssss))))))) 1111111 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((DDDDDDDeeeeeeeccccccc....... 33333331111111,,,,,,, 1111111999999966666665555555 ======= 55555550000000))))))) 6,806.46 6,407.95 5,571.46 6,087.85 5,755.89 5,139.94 5,200.62 4,980.65 4,862.70 5,104.89 5,075.76 5,055.78 2222222 IIIIIIInnnnnnnddddddduuuuuuussssssstttttttrrrrrrriiiiiiiaaaaaaalllllll 809.40 749.46 656.44 718.12 677.58 603.04 611.34 589.14 574.45 597.75 593.15 587.78 3333333 TTTTTTTrrrrrrraaaaaaannnnnnnssssssspppppppooooooorrrrrrrtttttttaaaaaaatttttttiiiiiiiooooooonnnnnnn 414.73 444.45 430.63 459.55 449.42 416.07 409.96 388.19 383.41 405.03 401.39 394.60 4444444 UUUUUUUtttttttiiiiiiillllllliiiiiiitttttttyyyyyyy 478.99 377.72 260.50 287.10 265.21 230.21 225.52 210.76 207.83 229.41 236.71 236.42 5555555 FFFFFFFiiiiiiinnnnnnnaaaaaaannnnnnnccccccceeeeeee 552.48 596.61 554.88 603.15 577.05 524.01 533.60 506.05 494.06 523.50 519.72 522.51 6666666 SSSSSSStttttttaaaaaaannnnnnndddddddaaaaaaarrrrrrrddddddd &&&&&&& PPPPPPPoooooooooooooorrrrrrr'''''''sssssss CCCCCCCooooooorrrrrrrpppppppooooooorrrrrrraaaaaaatttttttiiiiiiiooooooonnnnnnn (((((((1111111999999944444441111111-------44444443333333 ======= 11111110000000)))))))''''''' 1,427.22 1,194.18 993.94 1,079.27 1,014.05 903.59 912.55 867.81 854.63 909.93 899.18 895.84 7777777 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee (((((((AAAAAAAuuuuuuuggggggg....... 33333331111111,,,,,,, 1111111999999977777773333333 ======= 55555550000000)))))))2222222 922.22 879.08 860.11 935.10 911.59 840.76 843.89 852.03 807.38 820.62 823.77 824.64 VVVVVVVooooooollllllluuuuuuummmmmmmeeeeeee ooooooofffffff tttttttrrrrrrraaaaaaadddddddiiiiiiinnnnnnnggggggg (((((((ttttttthhhhhhhooooooouuuuuuusssssssaaaaaaannnnnnndddddddsssssss ooooooofffffff ssssssshhhhhhhaaaaaaarrrrrrreeeeeeesssssss))))))) 8888888 NNNNNNNeeeeeeewwwwwww YYYYYYYooooooorrrrrrrkkkkkkk SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 1,026,867 1,216,529 1,411,689 1,215,786 1,539,282 1,848,962 1,317,105 1,370,143 1,619,896 1,427,254 1,210,332 1,441,846 9999999 AAAAAAAmmmmmmmeeeeeeerrrrrrriiiiiiicccccccaaaaaaannnnnnn SSSSSSStttttttoooooooccccccckkkkkkk EEEEEEExxxxxxxccccccchhhhhhhaaaaaaannnnnnngggggggeeeeeee 51,437 68,074 n.a. n.a. n.a. n.a. n.a. 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 198,790 150,450 134,380 150,860 146,270 136,160 132,800 130,210 130,570 133,060 134,380 134,910 FFFFFFFrrrrrrreeeeeeeeeeeeee cccccccrrrrrrreeeeeeedddddddiiiiiiittttttt bbbbbbbaaaaaaalllllllaaaaaaannnnnnnccccccceeeeeeesssssss aaaaaaattttttt bbbbbbbrrrrrrroooooookkkkkkkeeeeeeerrrrrrrsssssss4444444 11111111111111 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss5555555 100,680 101,640 95,690 92,950 95,830 98,080 95,400 98,630 96,620 91,240 95,690 96,430 11111112222222 CCCCCCCaaaaaaassssssshhhhhhh aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss 84,400 78,040 73,340 66,120 68,280 68,860 63,700 67,550 66,780 67,380 73,340 66,200 Margin requirements (percent of market value and effective date)6 Mar. 11, 1968 June 8, 1968 May 6, 1970 Dec. 6, 1971 Nov. 24, 1972 Jan. 3, 1974 11111113333333 MMMMMMMaaaaaaarrrrrrrgggggggiiiiiiinnnnnnn ssssssstttttttoooooooccccccckkkkkkksssssss 70 80 65 55 65 50 11111114444444 CCCCCCCooooooonnnnnnnvvvvvvveeeeeeerrrrrrrtttttttiiiiiiibbbbbbbllllllleeeeeee bbbbbbbooooooonnnnnnndddddddsssssss 50 60 50 50 50 50 11111115555555 SSSSSSShhhhhhhooooooorrrrrrrttttttt sssssssaaaaaaallllllleeeeeeesssssss 70 80 65 55 65 50 1. In July 1976 a financial group, composed of banks and insurance companies, was added 6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the group of stocks on which the index is based. The index is now based on 400 industrial to the Securities Exchange Act of 1934, limit the amount of credit that can be used to stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and purchase and carry "margin securities" (as defined in the regulations) when such credit is 40 financial. collateralized by securities. Margin requirements on securities are the difference between the 2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting market value (100 percent) and the maximum loan value of collateral as prescribed by the previous readings in half. Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. included credit extended against stocks, convertible bonds, stocks acquired through the On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the exercise of subscription rights, corporate bonds, and government securities. Separate report- initial margin required for writing options on securities, setting it at 30 percent of the current ing of data for margin stocks, convertible bonds, and subscription issues was discontinued in market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the April 1984. required initial margin, allowing it to be the same as the option maintenance margin required 4. Free credit balances are amounts in accounts with no unfulfilled commitments to by the appropriate exchange or self-regulatory organization; such maintenance margin rules brokers and are subject to withdrawal by customers on demand. must be approved by the Securities and Exchange Commission. 5. Series initiated in June 1984. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Finance A25 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month 2000 2001 2002 IItteemm Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 1 Federal debt outstanding 5,803.5 5,800.6 5,753.9 5,834.5 5,970.3 6,032.4 6,153.3 6,255.4 6,433.0 2 Public debt securities 5,662.2 5,773.7 5,726.8 5,807.5 5,943.4 6,006.0 6,126.5 6,228.2 6,405.7 3 Held by public 3,527.4 3,434.4 3,274.2 3,338.7 3,393.8 3,443.7 3,463.5 3,552.6 3,647.4 4 Held by agencies 2,248.7 2,339.4 2,452.6 2,468.8 2,549.7 2,562.4 2,662.9 2,675.6 2,758.3 5 Agency securities 27.4 26.8 27.1 27.0 26.8 26.4 26.8 27.2 27.3 6 Held by public 27.3 26.8 27.1 27.0 26.8 26.4 26.8 27.2 27.3 7 Held by agencies .1 .1 .0 .0 .0 .0 .0 .0 .0 8 Debt subject to statutory limit 5,580.5 5,692.5 5,645.0 5,732.6 5,871.4 5,935.1 6,058.3 6,161.4 6,359.4 9 Public debt securities 5,580.2 5,692.3 5,644.8 5,732.4 5,871.2 5,935.0 6,058.1 6,161.1 6,359.1 10 Other debt1 .2 .2 .2 .2 .3 .2 .2 .3 .3 MEMO 11 Statutory debt limit 5,950.0 5,950.0 5,950.0 5,950.0 5,950.0 5,950.0 6,400.0 6,400.0 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 US. TREASURY Types and Ownership Billions of dollars, end of period 2002 TTyyppee aanndd hhoollddeerr 11999999 22000000 22000011 22000022 QI Q2 Q3 Q4 1 Total gross public debt 5,776.1 5,662.2 5,943.4 6,405.7 6,006.0 6,126.5 6,228.2 6,405.7 By type 2 Interest-bearing 5,766.1 5,618.1 5,930.8 6,391.4 5,962.2 6,087.0 6,216.3 6,391.4 3 Marketable 3,281.0 2,966.9 2,982.9 3,205.1 3,003.3 3,024.8 3,136.6 3,205.1 4 Bills 737.1 646.9 811.3 888.8 834.4 822.5 868.3 888.8 5 Notes 1,784.5 1,557.3 1,413.9 1,580.8 1,411.7 1,446.9 1,521.5 1,580.8 6 Bonds 643.7 626.5 602.7 588.7 596.7 592.9 592.9 588.7 7 Inflation-indexed notes and bonds1 100.7 121.2 140.1 146.9 145.6 147.5 138.9 146.9 8 Nonmarketable2 2,485.1 2,651.2 2,947.9 3,186.3 2,958.9 3,062.2 3,079.6 3,186.3 9 State and local government series 165.7 151.0 146.3 153.4 141.1 142.8 144.3 153.4 10 Foreign issues3 31.3 27.2 15.4 11.2 14.6 13.3 12.5 11.2 11 Government 31.3 27.2 15.4 11.2 14.6 13.3 12.5 11.2 12 Public .0 .0 .0 .0 .0 .0 .0 .0 13 Savings bonds and notes 179.4 176.9 181.5 184.8 183.6 184.8 185.6 184.8 14 Government account series4 2,078.7 2,266.1 2,574.8 2,806.9 2,589.7 2,691.4 2,707.3 2,806.9 15 Non-interest-bearing 10.0 44.2 12.7 14.3 43.8 39.5 12.0 14.3 By holders 16 U.S. Treasury and other federal agencies and trust funds 2,064.2 2,270.1 2,572.2 2,757.8 2,581.4 2,686.0 2,701.3 2,757.8 17 Federal Reserve Banks6 478.0 511.7 551.7 629.4 575.4 590.7 604.2 629.4 18 Private investors 3,233.9 2,880.4 2,819.5 3,018.5 2,849.2 2,849.8 2,924.8 3,018.5 19 Depository institutions 248.7 201.5 181.5 223.2 187.6 204.4 210.4' 223.2 20 Mutual funds 228.6 220.8 257.5 278.1 264.9 250.0 253.6' 278.1 21 Insurance companies 123.4 110.2 105.7 117.4 108.4 110.3 116.0' 117.4 22 State and local treasuries7 266.8 236.2 256.5 274.2 261.2 271.7 269.4 274.2 Individuals 23 Savings bonds 186.4 184.8 190.3 194.9 191.9 192.7 193.3 194.9 24 Pension funds 321.0 304.1 281.6 284.2 293.3 286.0 284.9' 284.2 25 Private 109.8 108.4 104.2 111.4 106.3 108.8 110.9 111.4 26 State and Local 211.2 195.7 177.4 172.8 187.0 177.2 174.1' 172.8 27 Foreign and international8 1,268.7 1,034.2 1,053.1 1,174.2 1,056.5' 1,068.1' 1,128.6' 1,174.2 28 Other miscellaneous investors7'9 590.3r 588.7r 493.3' n.a. 485.4' 466.5' 471.1 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 • April 2003 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions' Millions of dollars, daily averages 2002 2002, week ending 2003, week ending IItteemm Oct. Nov. Dec. Dec. 4 Dec. 11 Dec. 18 Dec. 25 Jan. 1 Jan. 8 Jan. 15 Jan. 22 Jan. 29 By type of security 1 U.S. Treasury bills 44,804 48,070 44,252 46,650 49,102 43,060 37,679 44,452 40,845 37,031 40,224 38,052 Treasury coupon securities by maturity 2 Three years or less 133,181 141,467 98,091 131,140 112,904 97,605 102,826 50,663 116,047 139,902 108,177 124,329 3 More than three but less than or equal to six years 114,643 118,430 78,534 100,771 107,472 87,610 56,505 36,370 141,958 132,622 104,298 98,307 4 More than six but less than or equal to eleven years 99,139 98,012 61,252 80,059 82,733 65,588 47,865 28,264 69,120 88,242 70,103 73,479 5 More than eleven 21,405 20,833 15,748 19,019 19,169 17,393 12,380 10,331 14,469 16,369 16,861 16,642 6 Inflation-indexed2 4,122 2,603 2,380 1,914 3,274 2,536 2,265 1,532 7,402 3,292 2,746 2,451 Federal agency and governmentsponsored enterprises 7 Discount notes 50,271 51,785 54,947 56,129 51,714 59,092 50,202 57,667 62,335 54,697 58,095 51,741 Coupon securities by maturity 8 Three years or less 11,841 12,727 8,787 9,312 10,000 9,062 9,828 5,492 12,515 13,891 10,728 11,844 9 More than three years but less than or equal to six years 9,301 8,893 6,270 4,847 12,860 5,563 3,664 2,588 11,226 9,346 11,343 9,738 10 More than six years but less than or equal to eleven years .... 6,776 7,383 5,976 7,349 7,235 6,205 6,820 2,243 5,839 8,773 6,408 6,852 11 More than eleven years 1,325 1,219 897 801 1,313 676 808 813 821 1,527 694 941 12 Mortgage-backed 191,937 194,006 153,693 164,112 250,141 155,212 99,579 77,533 276,025 241,250 135,934 154,614 Corporate securities 13 One year or less 101,115 111,148 101,904 81,049 106,654 125,831 100,301 83,300 105,664 112,043 118,518 103,409 14 More than one year 16,294 22,421 15,482 19,955 18,201 21,111 13,047 4,126 18,492 24,116 19,841 26,288 By type of counterparty With interdealer broker 15 U.S. Treasury 197,089 205,144 137,745 174,715 178,506 148,043 113,090 70,851 171,563 182,096 158,681 164,016 16 Federal agency and governmentsponsored enterprises 10,473 10,018 7,381 8,204 9,903 7,078 7,097 4,273 9,649 10,618 10,771 10,233 17 Mortgage-backed 55,734 49,075 36,156 40,764 52,998 40,057 26,086 16,842 69,875 58,790 35,992 49,990 18 Corporate 387 431 433 432 620 665 278 64 543 677 524 661 With other 19 U.S. Treasury 220,204 224,271 162,512 204,838 196,146 165,749 146,429 100,760 218,277 235,361 183,729 189,245 20 Federal agency and governmentsponsored enterprises 69,041 71,989 69,496 70,234 73,219 73,521 64,226 64,530 83,086 77,615 76,497 70,884 21 Mortgage-backed 136,203 144,931 117,537 123,348 197,143 115,155 73,494 60,692 206,150 182,460 99,943 104,625 22 Corporate 117,022 133,138 116,953 100,572 124,235 146,277 113,070 87,362 123,613 135,481 137,835 129,036 NOTE. Major changes in the report form filed by primary dealers induced a break in the backed, and corporate securities scheduled for immediate and forward delivery, as well as all dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the U.S. government securities traded on a when-issued basis between the announcement and Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics) issue date. Data do not include transactions under repurchase and reverse repurchase (resale) under the Primary Dealer heading. agreements. Averages are based on the number of trading days in the week. 1. The figures represent purchases and sales in the market by the primary US. 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. 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 2003 IItteemm,, bbyy ttyyppee ooff sseeccuurriittyy Oct. Nov. Dec. Dec. 4 Dec. 11 Dec. 18 Dec. 25 Jan. 1 Jan. 8 Jan. 15 Jan. 22 Net outright positions2 1 U.S. Treasury bills 12,301 21,827 27,911 26,670 34,712 27,956 26,113 22,849 30,612 27,776 20,672 Treasury coupon securities by maturity 2 Three years or less -25,208 -25,283 -22,860 -24,130 -20,421 -23,106 -21,618 -26,020 -24,014 -25,729 -20,489 3 More than three years but less than or equal to six years -35,886 -30,766 -33,784 -33,030 -36,338 -33,501 -32,718 -32,883 -25,657 -31,449 -38,417 4 More than six but less than or equal to eleven years -13,591 -15,248 -19,587 -21,479 -20,545 -20,125 -17,162 -19,408 -18,584 -18,828 -17,603 5 More than eleven 6,885 1,106 1,813 361 1,301 913 2,430 3,706 4,264 4,833 5,075 6 Inflation-indexed 2,260 1,402 4,312 5,495 5,052 4,580 3,584 3,195 708 740 1,387 Federal agency and governmentsponsored enterprises 7 Discount notes 51,159 51,259 51,664 55,329 53,229 55,175 53,457 41,205 53,082 58,959 48,878 Coupon securities, by maturity 8 Three years or less 16,704 16,344 18,834 15,867 18,822 18,444 20,141 19,754 18,118 13,441 16,572 9 More than three years but less than or equal to six years 785 -407 587 1,107 713 1,169 1 100 3,059 4,289 4,879 10 More than six but less than or equal to eleven years 2,717 1,556 2,333 861 2,231 3,754 1,972 2,197 1,410 2,399 1,155 11 More than eleven 2,252 2,994 2,757 2,847 2,766 2,892 2,821 2,453 2,571 2,239 2,043 12 Mortgage-backed 15,565 8,176 12,650 4,669 6,865 15,637 13,439 20,316 12,043 20,425 25,035 Corporate securities 13 One year or less 24,010 21,645 25,588 18,420 26,089 30,252 26,983 22,714 23,602 25,656 26,446 14 More than one year 51,861 50,912 55,865 52,832 55,056 55,274 55,702 59,712 54,642 54,930 52,358 Financing3 Securities in, U.S. Treasury 15 Overnight and continuing 619,723 614,961 605,390 629,076 643,349 586,712 552,970 628,260 632,534 642,916 623,757 16 Term 905,616 937,618 918,379 919,406 965,753 1,010,804 1,045,709 606,042 670,679 702,996 722,327 Federal agency and governmentsponsored enterprises 17 Overnight and continuing 157,351 145,420 143,451 145,595 144,826 142,661 130,281 156,702 159,469 147,538 149,462 18 Term 314,993 315,176 294,633 308,558 313,885 315,348 318,373 211,024 227,203 224,307 230,440 Mortgage-backed securities 19 Overnight and continuing 41,613 48,995 35,872 40,216 42,235 29,626 27,314 42,826 47,571 35,239 36,140 20 Term 280,317 277,966 274,185 282,049 288,335 284,767 285,228 227,205 253,088 251,774 247,109 Corporate securities 21 Overnight and continuing 49,081 49,184 49,163 47,322 48,783 47,420 46,914 55,493 57,743 57,928 58,051 22 Term 26,306 26,247 24,654 26,366 25,567 24,042 23,340 24,697 23,962 23,881 24,357 MEMO Reverse repurchase agreements 23 Overnight and continuing 465,644 456,710 440,006 463,040 482,234 420,215 371,410 478,500 446,333 423,856 408,808 24 Term 1,366,558 1,404,106 1,352,627 1,382,172 1,439,232 1,478,663 1,514,446 896,060 1,016,245 1,043,024 1,063,055 Securities out, U.S. Treasury 25 Overnight and continuing 565,825 573,787 585,423 605,574 616,166 585,059 516,137 617,379 579,704 597,525 582,890 26 Term 837,262 875,065 842,700 833,761 896,457 921,011 989,352 523,487 621,245 647,239 659,977 Federal agency and governmentsponsored enterprises 27 Overnight and continuing 292,282 276,128 271,376 286,870 287,362 275,938 246,242 266,398 297,118 283,500 281,190 28 Term 235,801 245,811 232,535 239,120 245,639 254,196 266,811 147,595 156,350 152,494 154,818 Mortgage-backed securities 29 Overnight and continuing 319,058 316,240 300,834 295,757 304,599 307,090 301,403 291,863 286,744 329,449 363,297 30 Term 172,948 170,818 170,735 160,232 171,289 186,603 186,028 140,737 166,052 154,005 150,152 Coiporate securities 31 Overnight and continuing 132,186 133,692 135,776 129,358 135,864 139,661 137,439 133,477 137,182 136,059 133,222 32 Term 23,097 20,946 17,694 18,015 17,976 16,746 19,401 16,264 17,394 19,070 21,393 MEMO Repurchase agreements 33 Overnight and continuing 1,147,149 1,139,287 1,127,804 1,156,998 1,178,292 1,144,365 1,046,993 1,124,399 1,119,989 1,154,848 1,166,601 34 Term 1,232,858 1,279,914 1,233,261 1,221,855 1,301,205 1,348,686 1,428,479 799,181 931,963 940,780 953,180 NOTE. Major changes in the report form filed by primary dealers included a break in many 2. Net outright positions include all U.S. government, federal agency, governmentseries as of the week ending July 4, 2001. Current weekly data may be found at the Federal sponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and Reserve Bank of New York web site (http://www.newyorkifed.org/pihome/statistics) under the forward delivery, as well as U.S. government securities traded on a when-issued basis Primary Dealer heading. between the announcement and issue date. 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). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A28 Domestic Nonfinancial Statistics • April 2003 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period 2002 AAggeennccyy 11999988 11999999 22000000 22000011 July Aug. Sept. Oct. Nov. 1 Federal and federally sponsored agencies 1,296,477 1,616,492 1,851,632 2,121,057 2,213,366 2,226,713 n.a. n.a. n.a. 2 Federal agencies 26,502 26,376 25,666 276 223 164 304 318 n.a. 3 Defense Department1 6 6 6 6 6 6 6 6 n.a. 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 26,541 26,274 27,170 26,725 n.a. 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 25,660 270 217 158 298 312 n.a. 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 2,213,143 2,226,549 2,268,952 2,289,304 2,305,607 11 Federal Home Loan Banks 382,131 529,005 594,404 623,740 651,253 659,258 668,703 679,209 674,847 12 Federal Home Loan Mortgage Corporation 287,396 360,711 426,899 565,071 604,853 603,135 623,267 625,328 643,201 13 Federal National Mortgage Association 460,291 547,619 642,700 763,500 784,020 789,900 800,300 804,800 811,700 14 Farm Credit Banks8 63,488 68,883 74,181 76,673 81,265 81,658 82,741 83,145 83,884 15 Student Loan Marketing Association9 35,399 41,988 45,375 48,350 48,500 49,500 50,800 54,200 48,700 16 Financing Corporation ™ 8,170 8,170 8,170 8,170 8,170 8,170 8,170 8,170 8,170 17 Farm Credit Financial Assistance Corporation11 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 37,830 42,825 39,604 37,084 n.a. 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 14,338 13,599 14,029 14,058 n.a. 27 Other 20,538 21,402 22,174 25,220 23,492 29,226 25,575 23,026 n.a. 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 State and Local Governments Millions of dollars 2002 2003 TTyyppee ooff ii oo ss rr ss uu uu ee ss ee oo rr iissssuueerr,, 22000000 22000011 22000022 June July Aug. Sept. Oct. Nov. Dec. Jan. 1 All issues, new and refunding' 180,403 291,935 363,974 38,915 28,113 31,879 27,385 44,545 37,242 27,452 26,364 By type of issue 2 General obligation 64,475 118,554 145,323 18,767 12,352 13,187 9,628 18,595 11,023 88,,443311 88,,111122 3 Revenue 115,928 170,047 214,788 20,149 15,642 18,692 17,751 24,074 24,942 18,961 17,049 By type of issuer 4 State 19,944 30,099 33,931 3,718 3,404 3,472 2,442 4,199 2,109 1,670 1,927 5 Special district or statutory authority2 121,185 197,462 259,070 29,884 18,229 23,104 19,171 31,793 28,296 20,151 17,979 6 Municipality, county, or township 39,273 61,040 67,121 5,315 6,361 5,302 5,767 6,678 5,570 5,570 5,290 7 Issues for new capita] 154,257 200,322 243,964 24,623 19,872 20,972 15,126 30,561 26,561 19,900 18,438 By use of proceeds 8 Education 38,665 50,054 57,894 7,060 4,205 3,968 3,529 5,209 3,743 5,292 4,823 9 Transportation 19,730 21,411 22,093 3,351 3,251 4,413 1,398 1,476 1,250 1,060 1,417 10 Utilities and conservation 11,917 21,917 33,404 1,087 1,660 2,806 2,038 6,922 8,379 2,031 2,196 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 7,122 6,607 7,227 631 760 283 574 1,225 821 796 422 13 Other purposes 47,309 55,733 73,033 7,653 5,893 6,537 5,597 6,996 7,189 4,992 7,400 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 2002 TTyyppee ooff iissssuuee,, ooffffeerriinngg,, 22000000 22000011 22000022 oorr iissssuueerr May June July Aug. Sept. Oct. Nov. Dec. 1 All issues' 1,079,727 1,541,821 1,429,298 123,894 149,753 68,426 97,665 135,176 93,439 119,659 127,061 2 Bonds2 944,810 1,413,267 1,318,863 114,932 133,217 63,912 93,659 127,881 85,606 109,726 120,183 By type of offering 3 Sold in the United States 822,012 1,356,879 1,232,618 105,070 121,491 60,549 90,215 123,449 81,409 104,112 114,332 4 Sold abroad 122,798 56,389 86,246 9,862 11,725 3,362 3,444 4,432 4,197 5,614 5,851 MEMO 5 Private placements, domestic 18,370 8,734 n.a. 4,506 3,068 0 0 65 0 3,525 5,669 By industry group 6 Nonfinancial 258,804 459,560 282,484 19,804 27,693 7,624 14,960 19,988 14,906 22,029 20,751 7 Financial 686,006 953,707 1,036,379 95,128 105,524 56,288 78,699 107,893 70,700 87,697 99,433 8 Stocks3 311,941 230,632 170,673 8,962 16,536 4,514 4,006 7,295 7,833 9,933 6,878 By type of offering 9 Public 134,917 128,554 110,435 8,962 16,536 4,514 4,006 7,295 7,833 9,933 6,878 10 Private placement4 177,024 102,078 60,238 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. By industry group 11 Nonfinancial 118,369 77,577 62,115 6,633 11,608 1,833 539 2,754 3,731 4,533 4,154 12 Financial 16,548 50,977 48,320 2,329 4,928 2,681 3,467 4,541 4,102 5,400 2,724 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 • April 2003 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets' Millions of dollars 2002 2003 IItteemm 22000011 22000022rr June July Aug. Sept. Oct. Nov. Dec.r Jan. 1 Sales of own shares2 1,806,474 1,826,045 138,520 170,946 151,136 125,408 164,959 137,914 134,383 152,294 2 Redemptions of own shares 1,677,266 1,702,671 144,153 200,148 136,210 126,760 167,039 122,125 135,213 139,121 3 Net sales3 129,208 123,374 -5,633 -29,202 14,926 -1,352 -2,080 15,789 -830 13,173 4 Assets4 4,689,624 4,119,322 4,434,603 4,124,186 4,170,641 3,899,858 4,059,765 4,249,351 4,119,322 4,059,951 5 Cash5 219,620 208,479 208,390 199,586 220,425 199,778 204,019 219,213 208,479 212,691 6 Other 4,470,004 3,910,843 4,226,213 3,924,600 3,950,216 3,700,080 3,855,746 4,030,138 3,910,843 3,847,260 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 2001 2002 AAccccoouunntt 2200000011 220000 RR 22000022 Q2R Q3' Q4' QL' Q2R Q3R Q4 ASSETS 1 Accounts receivable, gross2 959.4 948.5 945.5 988.9 967.9 948.5 930.1 942.1 945.8 945.5 2 Consumer 328.7 340.2 315.7 324.7 329.4 340.2 329.9 332.1 334.7 315.7 3 Business 458.4 447.0 455.3 481.9 451.1 447.0 443.0 449.4 445.5 455.3 4 Real estate 172.3 161.3 174.5 182.3 187.4 161.3 157.2 160.5 165.5 174.5 5 LESS: Reserves for unearned income 69.8 60.6 57.7 61.6 60.8 60.6 59.5 58.5 58.0 57.7 6 Reserves for losses 16.7 21.0 24.0 17.4 18.0 21.0 21.5 21.6 22.1 24.0 7 Accounts receivable, net 872.9 866.8 863.8 909.9 889.1 866.8 849.1 862.0 865.7 863.8 8 All other 461.2 523.4 588.5 458.9 478.7 523.4 515.2 530.5 558.0 588.5 9 Total assets 1,334.1 1,390.2 1,452.3 1,368.8 1,367.8 1,390.2 1,364.3 1,392.5 1,423.7 1,452.3 LIABILITIES AND CAPITAL 10 Bank loans 35.9 50.8 57.6 45.3 44.5 50.8 49.4 56.9 74.9 57.6 11 Commercial paper 238.8 158.6 141.5 181.6 171.0 158.6 137.0 130.8 143.1 141.5 Debt 12 Owed to parent 102.6 99.2 87.5 93.4 91.7 99.2 82.6 83.3 82.9 87.5 13 Not elsewhere classified 502.3 567.4 621.3 542.2 555.8 567.4 574.5 597.2 584.9 621.3 14 All other liabilities 301.9 325.6 336.6 336.4 327.6 325.6 329.2 331.5 343.4 336.6 15 Capital, surplus, and undivided profits 152.5 188.7 207.9 170.0 177.2 188.7 191.7 192.9 194.5 207.9 16 Total liabilities and capital 1,334.1 1,390.2 1,452.3 1,368.8 1,367.8 1,390.2 1,364.3 1,392.5 1,423.7 1,452.3 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 July Aug. Sept.' Oct.' Nov.' Dec. Seasonally adjusted 1 Total 1,187.0 1,248.5 1,270.3 1,269.0 1,269.1 1,268.0 1,268.6 1,272.4 1,270.3 2 Consumer 465.2 514.6 513.1 528.1 522.8 520.8 517.1 513.9 513.1 3 Real estate 198.9 207.7 216.3 206.7 209.6' 207.9 211.7 213.9 216.3 4 Business 522.8 526.2 540.9 534.2r 536.7 539.4 539.8 544.6 540.9 Not seasonally adjusted 5 Total 1,192.2 1,253.7 1,275.5 1,264.2 1,261.lr 1,260.7 1,263.4 1,266.5 1,275.5 6 Consumer 468.3 518.1 516.6 528.6 525.0 522.8 518.8 517.2 516.6 7 Motor vehicle loans 141.6 173.9 160.7 172.5' 170.3' 176.5 169.9 159.4 160.7 8 Motor vehicle leases 108.2 103.5 83.3 94.9 90.5 88.5 86.7 85.2 83.3 9 Revolving2 37.6 31.5 37.4 36.6 36.5 37.3 37.4 37.1 37.4 10 Other3 40.7 31.1 32.9 33.0 33.0 32.3 31.3 31.4 32.9 Securitized assets4 11 Motor vehicle loans 97.1 131.9 151.6 141.9' 144.4' 138.9 144.1 153.9 151.6 12 Motor vehicle leases 6.6 6.8 5.7 6.1 6.0' 6.0 5.9 5.8 5.7 13 Revolving 19.6 25.0 31.1 28.9' 29.9' 29.1 29.2 30.2 31.1 14 Other 17.1 14.3 14.0 14.7 14.4' 14.4 14.4 14.2 14.0 15 Real estate 198.9 207.7 216.3 206.7 209.6' 207.9 211.7 213.9 216.3 16 One- to four-family 130.6 120.1 134.9 125.7 128.7 126.5 130.5 132.6 134.9 17 Other 41.7 41.2 39.5 38.7 38.8 39.0 39.0 39.3 39.5 Securitized real estate assets4 18 One- to four-family 24.7 40.7 39.7 40.6' 40.4' 40.1 40.1 39.9 39.7 19 Other 1.9 5.7 2.2 1.7' 1.7' 2.2 2.2 2.2 2.2 20 Business 525.0 527.9 542.5 529.0' 526.4 530.0 532.9 535.3 542.5 21 Motor vehicles 75.5 54.0 60.7 56.7 56.0 56.9 57.3 58.4 60.7 22 Retail loans 18.3 16.1 15.4 17.5 17.2 17.6 18.0 15.7 15.4 23 Wholesale loans5 39.7 20.3 29.3 22.3 22.2 23.3 23.5 26.7 29.3 24 Leases 17.6 17.6 16.1 16.9 16.6 15.9 15.9 16.0 16.1 25 Equipment 283.5 289.4 292.0 286.0 287.5 289.2 288.4 288.7 292.0 26 Loans 70.2 77.8 83.3 80.0 81.4 82.8 81.9 82.1 83.3 27 Leases 213.3 211.6 208.6 206.1 206.1 206.4 206.5 206.6 208.6 28 Other business receivables6 99.4 103.5 102.4 102.8 99.8 99.4 97.0 94.3 102.4 Securitized assets4 29 Motor vehicles 37.8 50.1 50.2 41.5' 41.0' 43.8 47.0 50.4 50.2 30 Retail loans 3.2 5.1 2.4 2.3' 2.2 2.2 1.9 2.5 2.4 31 Wholesale loans 32.5 42.5 45.9 36.9' 36.5' 39.3 42.8 45.6 45.9 32 Leases 2.2 2.5 1.9 2.3' 2.3' 2.3 2.3 2.3 1.9 33 Equipment 23.1 23.2 20.2 21.6' 22.CK 21.6 23.9 24.3 20.2 34 Loans 15.5 16.4 13.0 15.0' 15.4' 14.8 17.2 17.6 13.0 35 Leases 7.6 6.8 7.2 6.7' 6.6' 6.7 6.7 6.7 7.2 36 Other business receivables6 5.6 7.7 17.1 20.3' 20.1' 19.1 19.2 19.2 17.1 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 • April 2003 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted 2002 2003 IItteemm 22000000 22000011 22000022 July Aug. Sept. Oct. Nov. Dec. Jan. Terms and yields in primary and secondary markets PRIMARY MARKETS Terms1 1 Purchase price (thousands of dollars) 234.5 245.0 261.1 268.2 267.5 266.7 258.7 256.7 266.9 278.9 2 Amount of loan (thousands of dollars) 177.0 184.2 197.0 201.6 199.1 201.1 195.0 193.3 205.1 214.0 3 Loan-to-price ratio (percent) 77.4 77.3 77.8 77.5 77.3 77.6 77.7 77.4 79.0 79.3 4 Maturity (years) 29.2 28.8 28.9 29.1 29.0 29.1 28.8 28.4 28.7 28.9 5 Fees and charges (percent of loan amount)2 .70 .67 .62 .62 .59 .60 .63 .61 .64 .79 Yield (percent per year) 6 Contract rate1 7.41 6.90 6.35 6.28 6.17 6.09 6.00 5.99 5.95 6.00 7 Effective rate1-3 7.52 7.00 6.44 6.37 6.26 6.17 6.09 6.08 6.04 6.12 8 Contract rate (HUD series)4 n.a. 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10 GNMA securities6 7.57 6.36 5.81 5.82 5.53 5.15 5.31 5.29 5.17 5.18 Activity in secondary markets FEDERAL NATIONAL MORTGAGE ASSOCIATION Mortgage holdings (end of period) 11 Total 610,122 707,015 790,800 743,025 746,101 751,423 751,347 760,759 790,800 810,609 12 FHA/VA insured 61,539 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 13 Conventional 548,583 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 14 Mortgage transactions purchased (during period) 154,231 270,384 370,641 17,586 23,123 33,518 32,853 47,807 67,891 57,281 Mortgage commitments (during period) 15 Issued7 163,689 304,084 400,327' 29,786 42,555 58,055 68,463 53,286 30,769 n.a. 16 To sell8 11,786 7,586 12,268r 62 1,292 1,016 1,121 520 1,555 n.a. FEDERAL HOME LOAN MORTGAGE CORPORATION Mortgage holdings (end of period)s 17 Total 385,693 491,719 568,173 521,137 525,795 530,694 536,389 549,380 568,173 568,494 18 FHA/VA insured 3,332 3,506 4,573 3,413 4,195 4,634 4,724 4,019 4,573 n.a. 19 Conventional 382,361 488,213 563,600 517,724 521,600 526,060 531,665 545,361 563,600 n.a. Mortgage transactions (during period) 20 Purchases 174,043 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 21 Sales 166,901 389,611 547,046 29,335 34,937 46,369 60,516 62,354 73,184 48,169 22 Mortgage commitments contracted (during period)9 169,231 417,434 615,981 34,827 44,401 57,793 73,639 74,340 91,223 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 11999999 22000000 22000011 Q4 Ql Q2 Q3 Q4p 1 All holders 6,320,135r 6,894,097r 7,597,732r 7,597,732r 7,763,084r 7,978,272' 8,209,225r 8,476,304 By type of property 2 One- to four-family residences 4,790,601 5,208,604' 5,738,228' 5,738,228' 5,876,695' 6,048,445' 6,245,941' 6,459,659 3 Multifamily residences 369,003r 405,430' 453,100' 453,100' 461,198' 472,262' 479,919' 496,733 4 Nonfarm, nonresidential l,057,568r 1,171,205' 1,290,069' 1,290,069' 1,307,076' 1,337,136' 1,359,812' 1,394,692 5 102,964 108,858 116,336 116,336 118,116 120,428 123,553' 125,220 By type of holder 6 Major financial institutions 2,394,271 2,618,969 2,791,076 2,791,076 2,789,654 2,860,853' 2,981,236' 3,087,646 7 Commercial banks2 1,495,420 1,660,054 1,789,819 1,789,819 1,800,362 1,873,203 1,961,908 2,059,079 8 One- to four-family 879,576 965,635 1,023,851 1,023,851 1,018,478 1,070,522 1,143,938 1,222,461 9 Multifamily 67,665 77,803 84,851 84,851 86,719 90,743 90,929 94,169 10 Nonfarm, nonresidential 516,333 582,577 645,619 645,619 659,187 674,972 689,288 704,454 11 Farm 31,846 34,039 35,498 35,498 35,978 36,966 37,753 37,995 12 Savings institutions3 668,064 722,974 758,236 758,236 745,998 742,732 773,689 781,255 13 One- to four-family 548,222 594,221 620,579 620,579 605,171 599,402 625,424 631,399 14 Multifamily 59,309 61,258 64,592 64,592 65,199 66,009 68,668 67,840 15 Nonfarm, nonresidential 60,063 66,965 72,534 72,534 75,077 76,768 79,036 81,435 16 Farm 470 529 531 531 551 552 560 581 17 Life insurance companies 230,787 235,941 243,021 243,021 243,293 244,918' 245,639' 247,312 18 One- to four-family 5,934 4,903 4,931 4,931 4,938 5,162' 5,176' 5,210 19 Multifamily 32,818 33,681 35,631 35,631 35,671 35,818' 35,921' 36,161 20 Nonfarm, nonresidential 179,048 183,757 188,376 188,376 188,599 189,850' 190,398' 191,666 21 Farm 12,987 13,600 14,083 14,083 14,085 14,088' 14,144' 14,275 22 Federal and related agencies 320,054 344,225 376,999 376,999 385,027 396,091 412,014 437,100 23 Government National Mortgage Association 7 6 8 8 8 8 8 5 24 One- to four-family 7 6 8 8 8 8 8 5 25 Multifamily 0 0 0 0 0 0 0 0 26 Farmers Home Administration4 73,871 73,323 72,452 72,452 72,362 71,970 72,030 72,377 27 One- to four-family 16,506 16,372 15,824 15,824 15,665 15,273 15,139 14,908 28 Multifamily 11,741 11,733 11,712 11,712 11,707 11,692 11,686 11,669 29 Nonfarm, nonresidential 41,355 41,070 40,965 40,965 41,134 41,188 41,439 42,101 30 Farm 4,268 4,148 3,952 3,952 3,855 3,817 3,766 3,700 31 Federal Housing Admin, and Dept. of Veterans Affairs 3,712 3,507 3,290 3,290 3,361 3,473 2,973 3,854 32 One- to four-family 1,851 1,308 1,260 1,260 1,255 1,254 1,252 1,262 33 Multifamily 1,861 2,199 2,031 2,031 2,105 2,218 1,721 2,592 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 152 45 13 13 7 22 13 46 40 One- to four-family 25 7 2 2 1 4 2 7 41 Multifamily 29 9 3 3 1 4 2 9 42 Nonfarm, nonresidential 98 29 8 8 4 14 8 30 43 Farm 0 0 0 0 0 0 0 0 44 Federal National Mortgage Association 149,422 155,626 169,908 169,908 176,051 180,491 184,191 190,501 45 One- to four-family 141,195 144,150 155,060 155,060 160,300 164,038 167,006 171,490 46 Multifamily 8,227 11,476 14,848 14,848 15,751 16,453 17,185 19,011 47 Federal Land Banks 34,187 36,326 40,885 40,885 41,981 42,951 44,782 45,863 48 One- to four-family 2,012 2,137 2,406 2,406 2,470 2,527 2,635 2,699 49 Farm 32,175 34,189 38,479 38,479 39,511 40,424 42,147 43,164 50 Federal Home Loan Mortgage Corporation 56,676 59,240 62,792 62,792 59,624 58,872 60,934 63,887 51 One- to four-family 44,321 42,871 40,309 40,309 35,955 34,062 34,616 35,851 52 Multifamily 12,355 16,369 22,483 22,483 23,669 24,810 26,318 28,036 53 Mortgage pools or trusts5 2,947,690r 3,231,401' 3,714,706' 3,714,706' 3,869,374' 3,986,827' 4,065,965' 4,182,833 54 Government National Mortgage Association 582,263 611,553 591,368 591,368 587,204 583,745' 567,428' 537,927 55 One- to four-family 565,189 592,624 569,460 569,460 564,108 559,549' 542,250' 512,137 56 Multifamily 17,074 18,929 21,908 21,908 23,096 24,196 25,178 25,790 57 Federal Home Loan Mortgage Corporation 749,081 822,310 948,409 948,409 1,012,478 1,053,261 1,058,176 1,082,062 58 One- to four-family 744,619 816,602 940,933 940,933 1,005,136 1,045,981 1,050,899 1,072,990 59 Multifamily 4,462 5,708 7,476 7,476 7,342 7,280 7,277 9,072 60 Federal National Mortgage Association 960,883 1,057,750 1,290,351 1,290,351 1,355,404 1,404,594 1,458,945 1,538,287 61 One- to four-family 924,941 1,016,398 1,238,125 1,238,125 1,301,374 1,349,442 1,402,929 1,478,610 62 Multifamily 35,942 41,352 52,226 52,226 54,030 55,152 56,016 59,677 63 Farmers Home Administration4 0 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 0 0 0 0 0 0 0 0 68 Private mortgage conduits 655,463' 739,788' 884,578' 884,578' 914,288' 945,227' 981,416' 1,024,557 69 One- to four-family6 455,021 499,834 591,200 591,200 616,300 638,300 669,300' 694,800 70 Multifamily 42,045' 48,894' 56,591' 56,591' 57,339' 58,783' 59,446' 62,987 71 Nonfarm, nonresidential 158,398' 191,060' 236,787' 236,787' 240,649' 248,144' 252,669' 266,770 72 Farm 0 0 0 0 0 0 0 0 73 Individuals and others7 658,120 699,503' 714,950' 714,950' 719,029' 734,502' 750,010' 768,724 74 One- to four-family 459,385 495,605' 506,786' 506,786' 514,043' 524,741' 538,393' 555,356 75 Multifamily 75,244 75,799' 78,593' 78,593' 78,426' 78,979' 79,462' 79,627 76 Nonfarm, nonresidential 102,274 105,747' 105,780' 105,780' 102,425' 106,201' 106,973' 108,237 77 21,217 22,352 23,792 23,792 24,135 24,581' 25,183' 25,504 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 • April 2003 1.55 CONSUMER CREDIT1 Millions of dollars, amounts outstanding, end of period 2002 July Aug. Sept. Oct.' Nov.' Dec. Seasonally adjusted 1 Total 1,560,634 1,667,928 1,722,326 l,715,987r l,718,954r l,722,931r 1,726,447 1,726,283 1,722,326 2 Revolving 666,607 699,875 711,182 715,804' 719,499' 716,948' 717,916 719,587 711,182 3 Nonrevolving2 894,027 968,053 1,011,144 1,000,183' 999,455' 1,005,982' 1,008,531 1,006,697 1,011,144 Not seasonally adjusted 4 Totol 1,593,116 1,701,856 1,756,794 l,706,776r l,720,738r l,721,073r 1,726,276 1,734,405 1,756,794 By major holder 5 Commercial banks 541,470 558,421 591,796 557,285 572,446 575,732 578,554 582,836 591,796 6 Finance companies 219,848 236,559 230,920 242,088 239,857 246,072 238,571 227,844 230,920 7 Credit unions 184,434 189,570 196,586 194,060 195,559 196,059 197,213 197,019 196,586 8 Savings institutions 64,557 69,070 65,243 67,370 66,289 65,243 65,243 65,243 65,243 9 Nonfinancial business 82,662 67,955 57,047 51,296 52,101 49,170 49,120 49,902 57,047 10 Pools of securitized assets3 500,145 580,281 615,200 594,678' 594,486' 588,795' 597,575 611,561 615,200 By major type of credit* 11 Revolving 693,020 727,297 738,890 709,026' 716,249' 711,696' 711,393 719,116 738,890 12 Commercial banks 218.063 224,878 234,820 214,092 224,698 226,197 226,023 228,486 234,820 13 Finance companies 37,627 31,538 37,368 36,570 36,529 37,280 37,351 37,087 37,368 14 Credit unions 22,226 22,265 22,418 21,206 21,505 21,388 21,229 21,399 22,418 15 Savings institutions 16,560 17,767 14,696 16,751 15,707 14,696 14,696 14,696 14,696 16 Nonfinancial business 42,430 29,790 19,221 16,467 16,747 14,129 14,100 14,315 19,221 17 Pools of securitized assets3 356,114 401,059 410,366 403,941' 401,064' 398,005' 397,993 403,132 410,366 18 Nonrevolving 900,095 974,559 1,017,904 997,750' 1,004,489' 1,009,376' 1,014,883 1,015,289 1,017,904 19 Commercial banks 323,407 333,543 356,976 343,193 347,748 349,535 352,531 354,350 356,976 20 Finance companies 182,221 205,021 193,552 205,518 203,329 208,792 201,219 190,757 193,552 21 Credit unions 162,208 167,305 174,168 172,854 174,054 174,671 175,984 175,620 174,168 22 Savings institutions 47,997 51,303 50,547 50,619 50,582 50,547 50,547 50,547 50,547 23 Nonfinancial business 40,232 38,165 37,826 34,829 35,354 35,041 35,020 35,587 37,826 24 Pools of securitized assets3 144,031 179,222 204,835 190,737' 193,422' 190,790' 199,582 208,429 204,835 1. The Board's series on amounts of credit covers most short- and intermediate-term credit 3. Outstanding balances of pools upon which securities have been issued; these balances extended to individuals, excluding loans secured by real estate. Data in this table also appear are no longer carried on the balance sheets of the loan originator. in the Board's G. 19 (421) monthly statistical release. For ordering address, see inside front 4. Totals include estimates for certain holders for which only consumer credit totals are cover. available. 2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. 1.56 TERMS OF CONSUMER CREDIT1 Percent per year except as noted 2002 IItteemm 22000000 22000011 22000022 June July Aug. Sept. Oct. Nov. Dec. INTEREST RATES Commercial banks2 1 48-month new car 9.34 8.50 6.71 n.a. n.a. 5.95 n.a. n.a. 5.67 n.a. 2 24-month personal 13.90 13.22 11.59 n.a. n.a. 11.28 n.a. n.a. 10.78 n.a. Credit card plan 3 All accounts 15.71 14.89 13.42 n.a. n.a. 13.37 n.a. n.a. 13.13 n.a. 4 Accounts assessed interest 14.91 14.44 13.09 n.a. n.a. 13.26 n.a. n.a. 12.78 n.a. Auto finance companies 5 New car 6.61 5.65 4.29 6.25 3.58 2.17 2.29 2.79 3.31' 3.50 6 Used car 13.55 12.18 10.73 10.71 10.59 10.46 10.44 10.67 10.49' 10.48 OTHER TERMS3 Maturity (months) 1 New car 54.9 55.1 56.8 58.6 58.9 59.2 58.4 57.2 57.2 57.5 8 Used car 57.0 57.5 57.6 57.7 57.8 57.6 57.5 57.3 56.9 n.a. Loan-to-value ratio 9 New car 92 91 93 91 95 97 97 96 95 96 10 Used car 99 100 100 100 100 100 100 100 100 n.a. Amount financed (dollars) 11 New car 20,923 22,822 24,772 23,436 25,092' 26,455 26,331 26,232 26,266' 26,647 12 Used car 14,058 14,416 14,509 14,631 14,701 14,679 14,801 14,645 14,523 n.a. 1. The Board's series on amounts of credit covers most short- and intermediate-term credit 2. Data are available for only the second month of each quarter, extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly 3. At auto finance companies, statistical release. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A3 5 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1 Billions of dollars; quarterly data at seasonally adjusted annual rates 2001 2002 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999977 11999988 11999999 Q2 Q3 Q4 Ql Q2 Q3' Q4 Nonfinancial sectors 1 Total net borrowing by domestic nonfinancial sectors .. 789.9r l,046.2r l,031.6r 840.9r l,125.9r l,082.6r l,285.8r l,193.0r 966.2r l,627.6r 1,298.0 1,563.2 By sector and instrument 7, Federal government 23.1 -52.6 -71.2 -295.9 -5.6 -215.8 209.3 43.4 39.8 526.0 265.7 198.5 3 Treasury securities 23.2 -54.6 -71.0 -294.9 -5.0 -216.9 209.7 44.2 41.6 524.2 264.2 198.1 4 Budget agency securities and mortgages -.1 2.0 -.2 -1.0 -.5 1.1 -.4 -.7 -1.8 1.8 1.6 .4 5 Nonfederal 766.8r 1,098.8' 1,102.8' 1,136.8' 1,131.5' 1,298.4' 1,076.4' 1,149.5' 926.4' 1,101.6' 1,032.3 1,364.7 By instrument 6 Commercial paper 13.7 24.4 37.4 48.1 -88.3 -133.4 -66.1 45.5 -144.4' -81.7' -17.4 -13.2 7 Municipal securities and loans 56.9' 84.2' 54.4' 23.6' 119.2' 132.4' 80.4' 170.0' 74.6' 195.4' 156.9 224.9 8 Corporate bonds 150.5 235.2' 217.8' 161.3' 340.5' 444.5' 191.4' 325.0r 253.7' 191.4' -29.1 116.8 9 Bank loans n.e.c 106.4 108.2 82.8 101.7 -82.7' -125.1' -24.3' -166.0' -17.2' -192.8 -125.0 -33.6 10 Other loans and advances 59.5 82.1 46.0 95.0 29.3 132.3 59.4 -107.3 -19.2' 77.2 77.6 4.0 11 Mortgages 322.3 489.8 564.9 568.2' 704.7' 767.5 770.2' 733.0' 696.6' 831.3' 911.3 1,064.8 1? Home 258.3 387.7 424.6 418.4' 530.9' 608.3' 560.0' 531.1' 601.3' 657.3' 778.7 854.7 n Multifamily residential 7.3 23.4 35.7 34.0' 47.9 40.8 56.5 56.5 29.3' 44.4' 29.5 63.3 14 Commercial 53.5 72.2 98.8 109.2' 118.4' 106.5' 146.7' 138.6' 59.2' 120.6' 90.1 140.2 15 Farm 3.1 6.5 5.8 6.5 7.5 11.9 7.0 6.8 6.9 9.1 13.1 6.5 16 Consumer credit 57.5 75.0 99.5 139.0 108.8' 80.2' 65.4' 149.4' 82.3' 80.8' 57.9 1.0 By borrowing sector 17 Household 332.7 454.8 498.0 546.0' 611.8' 661.4' 656.9' 621.7' 770044..99'' 684.1' 755.7 883.1 18 Nonfinancial business 392.5 576.3' 566.3' 575.4' 417.6' 520.6' 352.6' 390.2' 154.9' 234.8' 132.6 285.0 19 Corporate 291.6 408.6' 378.5' 380.4' 253.3' 339.1' 194.4' 240.8' 39.3' 93.6' -10.5 125.8 7,0 Nonfarm noncorporate 94.7 159.7 182.4 184.1' 156.8 170.1 153.8 141.1 110.3 132.7 128.8 155.2 71 Farm 6.2 8.0 5.5 10.9 7.5 11.5 4.4 8.3 5.3 8.5 14.2 4.0 22 State and local government 41.5' 67.7' 38.5' 15.5' 102.2' 116.5' 67.0' 137.6' 66.6' 182.7' 144.0 196.5 23 Foreign net borrowing in United States 71.8 43.2 25.2 65.7 -37.4 -50.5 -106.7 16.0 77.3' 15.1' -32.1 29.6 24 Commercial paper 3.7 7.8 16.3 31.7 -14.2 -3.8 -25.2 5.9 66.8' 36.5' 3.9 37.3 75 Bonds 61.4 34.9 14.1 23.9 -12.1 -15.8 -83.9 29.7 -2.3 -41.0 -22.5 -1.0 76 Bank loans n.e.c 8.5 6.6 .5 11.4 -7.3 -31.4 4.2 -16.3 13.9 22.0 -11.7 -2.8 27 Other loans and advances -1.8 -6.0 -5.7 -1.3 -3.7 .5 -1.8 -3.3 -1.2 -2.4' -1.8 -3.9 28 Total domestic plus foreign 861.7r l,089.4r 1,056.7' 906.6r l,088.5r l,032.2r 1,179.1r 1,208.9' l,043.4r l,642.7r 1,265.9 1,592.8 Financial sectors 29 Total net borrowing by financial sectors 662.2 1,087.2 1,073.3 809.0 958.5r 828.2 l,113.5r 976.5r 869.8r 870.0r 852.1 1,097.7 By instrument 30 Federal government-related 212.9 470.9 592.0 433.5 629.3 674.6 818.4 591.8 691.1 487.8' 420.9 642.5 31 Government-sponsored enterprise securities 98.4 278.3 318.2 234.1 290.8 268.3 326.2 306.5 191.3 141.7 249.1 347.6 32 Mortgage pool securities 114.6 192.6 273.8 199.4 338.5 406.2 492.2 285.3 499.8 346.1' 171.8 294.9 33 Loans from U.S. government .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 34 Private 449.3 616.3 481.3 375.5 329.2' 153.7 295.1' 384.7' 178.7' 382.2' 431.2 455.2 35 Open market paper 166.7 161.0 176.2 127.7 -61.9 -77.9 -72.2 -13.6 -178.3 -109.1 84.3 -76.5 36 Corporate bonds 218.9 310.2 207.1 199.3 341.1' 223.2 308.8' 372.7' 354.1' 435.8' 188.6 617.6 37 Bank loans n.e.c 13.3 30.1 -14.2 -.2 13.8 10.8 1.6 18.3 .2 31.9 82.3 -70.6 38 Other loans and advances 35.6 90.2 107.1 42.5 34.9 -18.7 58.8 8.9 -3.9 16.7 71.9 -17.2 39 Mortgages 14.9 24.8 5.1 6.2 1.3 16.2 -1.9 -1.6 6.6 7.0 4.1 1.9 By borrowing sector 40 Commercial banking 46.1 72.9 67.2 60.0 52.9 -10.5 39.7 44.1 2244..33 1133..33 6622..22 9933..55 41 Savings institutions 19.7 52.2 48.0 27.3 7.4 3.4 39.4 -68.6 -33.1 -12.1 37.1 -47.1 47 Credit unions .1 .6 2.2 .0 1.5 .8 1.5 4.4 2.4 2.0 3.1 .4 43 Life insurance companies .2 .7 .7 -.7 .6 .1 3.5 1.4 2.4 1.2 2.0 2.5 44 Government-sponsored enterprises 98.4 278.3 318.2 234.1 290.8 268.3 326.2 306.5 191.3 141.7 249.1 347.6 45 Federally related mortgage pools 114.6 192.6 273.8 199.4 338.5 406.2 492.2 285.3 499.8 346.1' 171.8 294.9 46 Issuers of asset-backed securities (ABSs) 202.2 321.4 212.3 189.7 317.6' 205.9 313.9' 430.0' 263.6' 241.6' 194.1 356.3 47 Finance companies 57.8 57.1 70.3 81.2 -.2 36.8 41.8 -25.3 -31.2 80.2 106.4 19.2 48 Mortgage companies -4.6 1.6 .2 ..11 .7 .6 .8 .6 ..88 .7 .7 .7 49 Real estate investment trusts (REITs) 39.6 62.7 6.3 22..77 2.5 10.5 -2.4 7.8 77..44 25.3 26.6 15.1 50 Brokers and dealers 8.1 7.2 -17.2 15.6 1.4 35.6 12.6 -18.9 -15.7 17.5 15.2 -24.1 51 Funding corporations 79.9 40.0 91.5 -.4 -55.2 -129.6 -155.7 9.1 -42.2 12.4 -16.4 38.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A36 Domestic Nonfinancial Statistics • April 2003 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS '—Continued Billions of dollars; quarterly data at seasonally adjusted annual rates 2001 2002 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999977 11999988 11999999 22000000 22000011rr Q2' Q3r Q4' Qir Q2r Q3r Q4 All sectors 52 Total net borrowing, all sectors l,523.9r 2,176.7r 2,130.0r l,715.6r 2,047.1 1,860.4 2,292.6 2,185.4 1,913.3 2,512.7 2,118.0 2,690.5 53 Open market paper 184.1 193.1 229.9 207.6 -164.4 -215.1 -163.5 37.8 -255.9 -154.3 70.8 -52.4 54 U.S. government securities 236.0 418.3 520.7 137.6 623.8 458.8 1,027.8 635.2 730.9 1,013.8 686.7 841.0 55 Municipal securities 56.9' 84.2' 54.4' 23.6' 119.2 132.4 80.4 170.0 74.6 195.4 156.9 224.9 56 Corporate and foreign bonds 430.8 580.2' 439.1' 384.4' 669.5 651.9 416.3 727.4 605.5 586.2 136.9 733.4 57 Bank loans n.e.c 128.2 145.0 69.0 112.8 -76.2 -145.7 -18.5 -164.0 -3.0 -139.0 -54.3 -107.0 58 Other loans and advances 93.2 166.3 147.4 136.2 60.4 114.2 116.5 -101.8 -24.2 91.5 147.6 -17.2 59 Mortgages 337.2 514.6 570.0 574.4' 706.0 783.8 768.2 731.4 703.1 838.3 915.4 1,066.7 60 Consumer credit 57.5 75.0 99.5 139.0 108.8 80.2 65.4 149.4 82.3 80.8 57.9 1.0 Funds raised through mutual funds and corporate equities 61 Total net issues 218.7r 165.9r 191.2r 236.1r 301.9 419.9 151.8 397.9 437.6 282.4 -77.1 271.6 62 Corporate equities -46.4r -113.7' .0' 1.1' 100.5 146.4 -8.6 142.0 50.7 182.4 -114.2 66.7 63 Nonfinancial corporations -77.4' -215.5' -110.4' -118.2' -47.4 -57.9 -108.6 -4.2 -8.0 17.9 -130.8 -39.9 64 Foreign shares purchased by U.S. residents 57.6 101.3 114.3 103.6 106.8 222.9 43.5 74.7 -5.9 79.7 -50.6 52.7 65 Financial corporations -26.6' .6 -4.0 15.7 41.1 -18.6 56.5 71.5 64.6 84.8 67.3 54.0 66 Mutual fund shares 265.1 279.5 191.2 235.0 201.4 273.5 160.4 255.9 386.9 100.0 37.1 204.9 1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables F.2 through F4. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A37 1.58 SUMMARY OF FINANCIAL TRANSACTIONS1 Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates 2001 2002 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999977 11999988 11999999 22000000 22000011 Q2 Q3 Q4 Qi Q2' Q3' Q4 NET LENDING IN CREDIT MARKETS2 1 Total net lending in credit markets l,523.9r 2,176.7r 2,130.0r l,715.6r 2,047.1r l,860.4r 2,292.6r 2,185.4r l,913.3r 2,512.7 2,118.0 2,690.5 2 Domestic nonfederal nonfinancial sectors 15.4' 259.1' 227.3' -116.6' -24.1' -117.2' 70.5' 92.5' 155.9' 272.5 -240.2 150.2 Household 25.3' 127.3' 217.3' -140.6' -52.7' -101.1' 53.8' 18.2' 101.3' 223.4 -250.4 148.6 4 Nonfinancial corporate business -12.7 -16.0 -15.6 23.4' -11.5' -29.5' ^44.5' 29.9' 52.3' 3.2 -5.5 -41.3 5 Nonfarm noncorporate business 2.6 13.3 -2.9' 1.3' 2.0' .3 3.3 2.0 3.3 3.3 -2.2 -1.0 6 State and local governments .1 134.5 28.4 -.8 38.1 13.1' 57.9' 42.4 -1.1 42.5 17.8 43.8 7 Federal government 5.1 13.5 5.8 7.3 6.0 9.4 3.3 7.0 4.7 8.8 6.8 10.3 8 Rest of the world 259.6 172.5 139.7 225.9 320.6 254.9 269.2 432.5 171.8 542.6 450.0 503.0 9 Financial sectors 1,243.9' 1,731.6 1,757.2' 1,599.0' 1,744.6' 1,713.4' 1,949.6' 1,653.4' 1,580.9' 1,688.8 1,901.4 2,027.0 10 Monetary authority 38.3 21.1 25.7 33.7 39.9 26.9 8.4 85.1 81.6 43.4 67.3 118.7 11 Commercial banking 324.3 305.6 312.2 357.9 205.2 107.8 267.9 314.6 188.9 384.3 624.0 442.6 1? U.S.-chartered banks 274.9 312.1 318.6 339.5 191.6 156.5 242.5 275.0 168.2 343.8 599.9 462.8 13 Foreign banking offices in United States 40.2 -11.6 -17.0 23.9 -.6 -50.1 21.1 -7.8 2.1 33.7 21.8 -31.3 14 Bank holding companies 5.4 -.9 6.2 -12.2 4.2 -2.8 -1.4 13.6 12.0 1.9 -1.6 .2 15 Banks in U.S.-affiliated areas 3.7 6.0 4.4 6.7 10.0 4.2 5.7 33.9 6.6 4.9 4.0 10.9 16 Savings institutions -4.7 36.2 67.7 56.2 42.8 55.8 -4.7 73.1 12.3 -23.5 79.7 73.4 17 Credit unions 16.8 18.9 27.5 28.0 41.5 9.6 61.1 60.5 58.3 41.1 39.9 37.3 18 Bank personal trusts and estates -25.0 -12.8 27.8 .8 -28.1' -28.1' -28.0' -28.1' l.C .9 .8 .8 19 Life insurance companies 104.8 76.9 53.5 57.9 130.9 143.6 186.9 81.3 260.6 175.1 267.6 156.1 20 Other insurance companies 25.2 5.8 -3.0 -8.7 9.0 .1 5.1 28.5 36.7 35.4 21.7 28.2 21 Private pension funds 47.6 -23.4 17.0 33.4 20.3 44.7 10.4 5.3 27.4 46.2 35.9 14.4 22. State and local government retirement funds 67.1 72.1 46.9 54.6 -17.7 77.0 -74.2 -2.7 70.5 -54.5 -10.4 9.4 23 Money market mutual funds 87.5 244.0 182.0 143.0 246.0 245.3' 311.8' 49.1' -241.3' -86.7 -74.4 301.2 24 Mutual funds 80.9 127.3 48.4 21.0 126.0 169.1 102.7 139.3 243.3 41.9 162.7 128.9 25 Closed-end funds -2.9' 5.2 8.2 -6.3 7.1' -4.9 23.9' 16.6' 21.6' -.4 -3.3 -1.8 26 Government-sponsored enterprises 106.3 314.0 291.3 256.4 309.0 297.2 274.3 335.3 236.7 129.0 204.4 319.5 27 Federally related mortgage pools 114.6 192.6 273.8 199.4 338.5 406.2 492.2 285.3 499.8 346.1 171.8 294.9 28 Asset-backed securities issuers (ABSs) 163.8 281.7 194.1 159.9 291.4' 177.6 288.3' 407.3' 239.4' 219.4 171.5 334.5 29 Finance companies 23.1 77.3 97.0 108.0 -5.7 112.1 ^43.3' -100.5 -28.2 39.6 80.0 -21.2 30 Mortgage companies -9.1 3.2 .3 .2 1.4 1.1 1.7 1.2 1.6 1.4 1.5 1.5 31 Real estate investment trusts (REITs) 20.2 -5.1 -2.6 -6.3 6.7 1.1 7.8 14.0 26.3 31.8 27.6 8.1 3? Brokers and dealers 14.9 6.8 -34.7 68.9 92.4 53.4 184.5 -110.5 -219.5 402.8 -208.6 147.5 33 Funding corporations 50.4 -15.8 124.0 41.0' -112.2' -182.3' -127.4' -1.2' 63.7' -84.5 226.6 -366.9 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Net flows through credit markets l,523.9r 2,176.7' 2,130.0r l,715.6r 2,047.1r l,860.4r 2,292.6r 2,185.4r l,913.3r 2,512.7 2,118.0 2,690.5 Other financial sources 35 Official foreign exchange .7 6.6 -8.7 -.4 4.3 4.7 13.7 ..22 --33..00 1122..99 2244..66 44..99 36 Special drawing rights certificates -.5 .0 -3.0 -4.0 .0 .0 .0 .0 .0 .0 .0 .0 37 Treasury currency .5 .6 1.0 2.4 1.3' 1.3' 2.2' .0 .9' .6 2.4 .0 38 Foreign deposits 107.7 6.5 61.0 135.1 28.0 -175.9 41.5 17.9 -59.1 53.3 68.7 122.1 39 Net interbank transactions -19.7 -31.8 15.0 15.1 -31.7 -25.4 -1.1 41.5 12.9' -164.6 59.0 118.2 40 Checkable deposits and currency 41.2 47.3 151.2 -71.4 204.3' 151.4' 215.0' 278.1' -171.9' 178.0 211.5 -36.1 41 Small time and savings deposits 97.1 152.4 45.1 188.8 267.2 242.1 230.3 329.7 259.7 249.0 327.6 272.9 42 Large time deposits 122.5 91.8 131.1 116.2 68.6 43.0 19.5 77.8 270.0 34.9 27.8 -110.1 43 Money market fund shares 155.9 287.2 249.1 233.3 428.6 370.0 386.1 379.8 -315.7 103.4 -192.6 337.6 44 Security repurchase agreements 120.9 91.3 169.8 113.2 22.3' 117.8' 212.7' -138.3' 119.4' 362.4 -91.1 -17.1 45 Corporate equities -46.4' -113.7' .0' 1.1' 100.5' 146.4' -8.6' 142.0' 50.7' 182.4 -114.2 66.7 46 Mutual fund shares 265.1 279.5 191.2 235.0 201.4 273.5 160.4 255.9 386.9 100.0 37.1 204.9 47 Trade payables 139.8 106.4 268.6 425.4' -67.3' -69.6' -185.8' -160.9' 182.1' 27.2 160.2 89.8 48 Security credit 111.0 103.2 104.4 146.1 3.1 -73.9 561.3 -383.7 -190.7 -131.9 -69.6 -13.1 49 Life insurance reserves 59.3 48.0 50.8 50.2 77.2 52.2 74.7 119.6 93.9 92.2 119.7 97.5 50 Pension fund reserves 201.4 217.4 181.8 209.0 208.4' 209.1 180.3 148.2' 137.0' 145.5 317.2 236.7 51 Taxes payable 22.3 19.6 30.7' 32.8' 17.5' 14.8 104.9 -54.8' 3.6' 40.4 48.5 23.4 52 Investment in bank personal trusts -53.0 -46.1 -8.1 56.6 -59.9' -62.2' -57.3' -57.7' -3.7' -2.4 -2.1 -1.3 53 Noncorporate proprietors' equity -40.7 -57.8 -62.4' -11.5' -18.6' -26.4 -34.3' 8.4' 1.5' -32.9 -86.2 -33.7 54 Miscellaneous 456.7' 889.0' 1,036.3' 1,413.5' 774.6' 974.1' 935.6' 317.6' 207.1' 640.1 942.1 528.1 55 Total financial sources 3,265.9r 4,274.©r 4,734.9r 5,002.2r 4,277.0r 4,027.4r 5,143.8r 3,506.7r 2,895.0r 4,403.2 3,908.4 4,582.1 Liabilities not identified as assets (-) 56 Treasury currency -.2 -.1 -.7 -1.2 -.1' -.3' .9' ..00 -1.5' --..99 11..11 -1.1 57 Foreign deposits 106.2 -8.5 42.6 55.9 11.1' -166.8 55.3' -27.5' -33.6' 94.8 5500..88 115.0 58 Net interbank liabilities -19.9 3.8 .1 20.4 17.2 17.0 7.4 22.6 39.8' -9.5 13.2 -17.0 59 Security repurchase agreements 63.2 57.7 35.7 122.6' -53.9' 129.8' 106.3' -166.2' 157.9' 224.3 -285.7 -24.7 60 Taxes payable 28.0 19.7 11.7 26.2 22.1' 3.1 25.4 14.3' -52.3 16.2 —47.6 61 Miscellaneous -285.4' -226.9' -291.4' -370.5' -252.3' —480.5' 37.0' -314.4' -300.9' 33.8 98.3 53.1 Floats not included in assets (-) 62 Federal government checkable deposits -2.7 2.6 -7.4 9.0 5.7' 60.9' -20.1' -91.8' 15.1' 77.1 -40.3 -51.7 63 Other checkable deposits -3.9 -3.1 -.8 1.7 4.5 3.9 5.0 5.7 6.1 7.1 7.6 8.4 64 Trade credit -25.5 -43.3 6.8' 32.4' 12.5' 6.3' -28.3' 50.5' -36.3' -92.8 -27.0 -39.5 65 Total identified to sectors as assets 3,406.0r 4,472.0r 4,938.4r 5,105.8r 4,510.2r 4,453.8r 4,955.0r 3,992.9r 3,033.9r 4,121.7 4,074.1 4,587.3 1. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables 2. Excludes corporate equities and mutual fund shares. F. 1 and F.5. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A38 Domestic Nonfinancial Statistics • April 2003 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1 Billions of dollars, end of period 2001 2002 Q2 Q3 Q4 QL Q2 Q3' Q4 Nonfinancial sectors 1 Total credit market debt owed by domestic nonfinancial sectors 16,240.5r 17,306.8r 18,166.8r 19,293.3' 18,600.5' 18,918.3' 19,293.3' 19,533.3' 19,848.3r 20,179.3 20,657.1 By sector and instrument 2 Federal government 3,752.2 3,681.0 3,385.1 3,379.5 3,251.4 3,320.0 3,379.5 3,430.3 3,451.4 3,540.8 3,637.0 Treasury securities 3,723.7 3,652.7 3,357.8 3,352.7 3,224.3 3,293.0 3,352.7 3,404.0 3,424.6 3,513.6 3,609.8 4 Budget agency securities and mortgages 28.5 28.3 27.3 26.8 27.0 27.0 26.8 26.3 26.8 27.2 27.3 5 Nonfederal 12,488.4' 13,625.8' 14,781.7' 15,913.8' 15,349.1' 15,598.3' 15,913.8' 16,103.0' 16,396.9' 16,638.5 17,020.0 By instrument 6 Commercial paper 193.0 230.3 278.4 190.1 223.3 201.3 190.1 167.5 148.4 142.2 126.0 7 Municipal securities and loans 1,402.9' 1,457.2' 1,480.9' 1,600.1' 1,547.0' 1,555.1' 1,600.1' 1,623.3' 1,677.6' 1,704.2 1,763.1 8 Corporate bonds 1,846.0' 2,063.9' 2,225.1' 2,565.6' 2,436.5' 2,484.4' 2,565.6' 2,629.0' 2,676.9' 2,669.6 2,698.8 9 Bank loans n.e.c 1,148.6 1,231.4 1,333.1 1,251.0' 1.293.6 1,285.1 1,251.0' 1,237.3 1,192.1 1,159.1 1,158.8 10 Other loans and advances 907.2 953.5 1,059.6 1,088.8 1,103.6 1,110.1 1,088.8 1,089.6' 1,106.0' 1,116.9 1,123.7 11 Mortgages 5,644.1 6,243.4 6,811.6' 7,516.3' 7,136.9' 7,333.1' 7,516.3' 7,679.1' 7,894.6' 8,125.5 8,392.3 12 Home 4,366.0 4,790.6 5,209.0' 5,739.9' 5,463.4' 5,607.3' 5,739.9' 5,878.8' 6,050.8' 6,248.7 6,462.9 13 Multifamily residential 308.0 343.9 378.0' 425.8' 397.6' 411.7' 425.8' 433.2' 444.3' 451.6 467.5 14 Commercial 873.6 1,006.5 1,115.8' 1,234.2' 1,162.9' 1,199.6' 1,234.2' 1,249.0' 1,279.1' 1,301.6 1,336.7 15 Farm 96.6 102.3 108.9 116.3 113.0 114.6 116.3 118.1 120.4 123.6 125.2 16 Consumer credit 1,346.6 1,446.1 1,593.1 1,701.9' 1,608.2' 1,629.3' 1,701.9' 1,677.2 1,701.3' 1,720.9 1,757.4 By borrowing sector 17 Households 6,011.8 6,510.0 7,075.1' 7,686.8' 7,322.8' 7,493.5' 7,686.8' 7,802.1' 7,987.8' 8,183.3 8,443.8 18 Nonfinancial business 5,338.2' 5,938.9' 6,514.3' 6,932.5' 6,774.1' 6,847.3' 6,932.5' 6,985.1' 7,042.8' 7,064.9 7,134.3 19 Corporate 3,790.6' 4,203.5' 4,583.9' 4,837.8' 4,755.4' 4,790.5' 4,837.8' 4,863.2' 4,883.0' 4,871.0 4,899.8 20 Nonfarm noncorporate 1,383.7 1,566.1 1,750.2' 1,907.0' 1,833.5' 1,870.8' 1,907.0' 1,934.7' 1,968.0' 1,999.0 2,038.7 21 Farm 163.9 169.4 180.2 187.7 185.2 185.9 187.7 187.1 191.8 194.9 195.7 22 State and local government 1,138.3' 1,176.9' 1,192.3' 1,294.5' 1,252.2' 1,257.6' 1,294.5' 1,315.8' 1,366.2' 1,390.3 1,442.0 23 Foreign credit market debt held in United States 651.3 676.7 742.3 704.9 726.1 701.7 704.9 724.2 725.6 720.2 727.4 24 Commercial paper 72.9 89.2 120.9 106.7 110.1 106.3 106.7 123.6 130.2 134.0 142.8 25 Bonds 462.6 476.7 500.6 488.4 502.0 481.0 488.4 487.9 477.6 472.0 471.7 26 Bank loans n.e.c 58.7 59.2 70.5 63.2 66.2 67.3 63.2 66.7 72.2 69.3 68.6 27 Other loans and advances 57.1 51.6 50.3 46.6 47.7 47.0 46.6 46.0 45.5 44.9 44.2 28 Total credit market debt owed by nonfinancial sectors, domestic and foreign 16,891.8' 17,983.5' 18,909.1' 19,998.2' 19,326.6' 19,620.0' 19,998.2' 20,257.5' 20,573.8' 20,899.5 21,384.4 Financial sectors 29 Total credit market debt owed by financial sectors 6,545.2 7,618.5 8,439.5 9,395.3' 8,851.0 9,120.1' 9,395.3r 9,591.8r 9,804.7r 10,007.6 10,317.7 By instrument 30 Federal government-related 3,292.0 3,884.0 4,317.4 4,944.1 4,591.6 4,796.2 4,944.1 5,116.9 5,238.8' 5,344.1 5,504.7 31 Government-sponsored enterprise securities . .. 1,273.6 1,591.7 1,825.8 2,114.0 1,955.8 2,037.4 2,114.0 2,161.8 2,197.2 2,259.5 2,346.4 32 Mortgage pool securities 2,018.4 2,292.2 2,491.6 2,830.1 2,635.7 2,758.8 2,830.1 2,955.1 3,041.6 3,084.5 3,158.3 33 Loans from U.S. government .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 34 Private 3,253.2 3,734.6 4,122.0 4,451.2' 4,259.4 4,323.9' 4,451.2' 4,474.9' 4,565.9' 4,663.6 4,813.1 35 Open market paper 906.7 1,082.9 1,210.7 1,148.8 1,144.5 1,110.2 1,148.8 1,090.9 1,046.9 1,049.5 1,078.9 3b Corporate bonds 1,878.7 2,085.9 2,297.2 2,638.3' 2,478.8' 2,561.6' 2,638.3' 2,730.6' 2,847.1' 2,901.0 3,037.3 3/ Bank loans n.e.c 107.5 93.2 93.0 106.8 100.4 100.2 106.8 105.1 113.5 133.3 117.7 38 Other loans and advances 288.7 395.8 438.3 473.2 450.7 467.2 473.2 462.4 470.8 491.2 490.0 39 Mortgages 71.6 76.7 82.9 84.2 85.1 84.6 84.2 85.9 87.6 88.6 89.1 By borrowing sector 40 Commercial banks 188.6 230.0 266.7 296.0 274.7 281.4 296.0 295.8 310.4 318.9 326.1 41 Bank holding companies 193.5 219.3 242.5 266.1 269.0 272.7 266.1 269.0 264.2 271.8 284.3 42 Savings institutions 212.4 260.4 287.7 295.1 294.4 305.6 295.1 280.5 275.3 286.4 281.3 43 Credit unions 1.1 3.4 3.4 4.9 3.5 3.8 4.9 5.5 6.0 6.8 6.9 44 Life insurance companies 2.5 3.2 2.5 3.1 1.9 2.8 3.1 3.7 4.0 4.5 5.1 45 Government-sponsored enterprises 1,273.6 1,591.7 1,825.8 2,114.0 1,955.8 2,037.4 2,114.0 2,161.8 2,197.2 2,259.5 2,346.4 46 Federally related mortgage pools 2,018.4 2,292.2 2,491.6 2,830.1 2,635.7 2,758.8 2,830.1 2,955.1 3,041.6 3,084.5 3,158.3 47 Issuers of asset-backed securities (ABSs) 1,398.0 1,610.3 1,812.0 2,129.5' 1,937.3 2,019.1' 2,129.5' 2,187.7' 2,249.6' 2,301.5 2,393.5 48 Brokers and dealers 42.5 25.3 40.9 42.3 43.9 47.1 42.3 38.4 42.8 46.6 40.6 49 Finance companies 625.5 695.7 776.9 776.7 769.0 771.2 776.7 760.8 784.9 802.9 820.4 50 Mortgage companies 17.7 17.8 17.9 18.6 18.2 18.5 18.6 18.8 19.0 19.2 19.3 51 Real estate investment trusts (REITs) 158.8 165.1 167.8 170.2 168.9 168.3 170.2 172.1 178.4 185.1 188.8 52 Funding corporations 412.6 504.0 503.7 448.4 478.6 433.6 448.4 442.6 431.3 420.0 446.6 All sectors 53 Total credit market debt, domestic and foreign . 23,437. lr 25,602.0' 27,348.6' 29,393.6' 28,177.5' 28,740.1' 29,393.6' 29,849.3' 30,378.5' 30,907.1 31,702.2 54 Open market paper 1,172.6 1,402.4 1,610.0 1,445.6 1,477.9 1,417.8 1,445.6 1,382.0 1,325.5 1,325.7 1,347.7 55 U.S. government securities 7,044.2 7,564.9 7,702.5 8,323.6 7,842.9 8,116.2 8,323.6 8,547.2 8,690.2 8,884.9 9,141.7 56 Municipal securities 1,402.9' 1,457.2' 1,480.9' 1,600.1' 1,547.0' 1,555.1' 1,600.1' 1,623.3' 1,677.6' 1,704.2 1,763.1 57 Corporate and foreign bonds 4,187.4' 4,626.4' 5,022.9' 5,692.3' 5,417.3' 5,527.0' 5,692.3' 5,847.5' 6,001.6' 6,042.6 6,207.8 58 Bank loans n.e.c 1,314.8 1,383.8 1,496.6 1,421.0' 1,460.2 1,452.6 1,421.0' 1,409.1 1,377.8 1,361.7 1,345.1 59 Other loans and advances 1,253.0 1,400.9 1.548.2 1,608.6 1,602.0 1,624.4 1,608.6 1,598.0' 1,622.3' 1,653.0 1,658.0 60 Mortgages 5,715.7 6,320.1 6,894.5' 7,600.5' 7,222.0' 7,417.8' 7,600.5' 7,764.9' 7,982.2' 8,214.2 8,481.4 61 Consumer credit 1,346.6 1.446.1 1,593.1 1,701.9' 1,608.2' 1,629.3' 1,701.9' 1,677.2 1,701.3' 1,720.9 1,757.4 1. Data in this table appear in the Board's Z.l (780) quarterly statistical release, tables L.2 through L.4. For ordering address, see inside front cover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flow of Funds A3 9 1.60 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1 Billions of dollars except as noted, end of period 2001 2002 TTrraannssaaccttiioonn ccaatteeggoorryy oorr sseeccttoorr 11999988 11999999 22000000 22000011 Q2 Q3 Q4 QI Q2' Q3' Q4 CREDIT MARKET DEBT OUTSTANDING2 1 Total credit market assets 23,437.1R 25,602.0R 27,348.6' 29,393.6' 28,177.5' 28,740.1R 29,393.6' 29,849.3' 30,378.5 30,907.1 31,702.2 ? Domestic nonfederal nonfinancial sectors 3,312.6r 3,600.8r 3,455.5' 3,417.8' 3,366.5' 3,359.6' 3,417.8' 3,442.6' 3,498.9 3,417.2 3,502.3 Household 2,264.1' 2,542.4r 2,373.1' 2,306.9' 2,290.6' 2,282.7' 2,306.9' 2,337.9' 2,374.6 2,292.7 2,362.6 4 Nonfinancial corporate business 241.5 226.0 249.4' 237.9' 225.4' 214.8' 237.9' 230.4' 235.0 235.4 240.1 5 Nonfarm noncorporate business 67.5 64.6r 65.9' 67.9' 66.6' 67.4' 67.9' 68.7' 69.6 69.0 68.8 6 State and local governments 739.4 767,8 767.0 805.1 784.0' 794.6 805.1 805.6 819.7 820.1 830.9 7 Federal government 219.0 258.0 265.3 271.3 268.7 269.6 271.3 272.5 274.7 276.4 279.0 8 Rest of the world 2,278.2 2,354.6 2,621.1 2,954.4 2,766.8 2,837.5 2,954.4 3,000.6 3,133.2 3,249.5 3,371.3 9 Financial sectors 17,627.3' 19,388.7' 21,006.7' 22,750.1' 21,775.4' 22,273.4' 22,750.1' 23,133.5' 23,471.8 23,964.0 24,549.6 10 Monetary authority 452.5 478.1 511.8 551.7 535.1 534.1 551.7 575.4 590.7 604.2 629.4 11 Commercial banking 4,336.1 4,648.3 5,006.3 5,210.5 5,041.5 5,100.6 5,210.5 5,231.3 5,328.3 5,476.2 5,620.5 1? U.S.-chartered banks 3,761.4 4,080.0 4,419.5 4,610.1 4,463.5 4,513.5 4,610.1 4,629.3 4,719.7 4,858.4 5,003.8 13 Foreign banking offices in United States 504.5 487.4 511.3 510.7 501.3 509.3 510.7 507.7 512.6 521.2 517.3 14 Bank holding companies 26.5 32.7 20.5 24.7 21.6 21.3 24.7 27.7 28.1 27.7 27.8 IS Banks in U.S.-affiliated areas 43.8 48.3 55.0 65.0 55.1 56.5 65.0 66.6 67.9 68.8 71.6 16 Savings institutions 964.7 1,032.4 1,088.6 1,131.4 1,116.1 1,118.1 1,131.4 1,134.7 1,130.9 1,153.7 1,166.9 17 Credit unions 324.2 351.7 379.7 421.2 392.4 408.4 421.2 434.3 447.7 458.5 465.3 18 Bank personal trusts and estates 194.1 222.0 222.8 194.7' 208.8' 201.8' 194.7' 195.0' 195.2 195.4 195.6 N Life insurance companies 1,828.0 1,886.0 1,943.9 2,074.8 2,004.8 2,054.8 2,074.8 2,136.9 2,180.1 2,250.7 2,289.6 20 Other insurance companies 521.1 518.2 509.4 518.4 510.0 511.3 518.4 527.6 536.4 541.9 548.9 21 Private pension funds 651.2 668.2 701.6 721.9 718.0 720.6 721.9 728.7 740.3 749.3 752.9 V State and local government retirement funds 704.6 751.4 806.0 788.4 807.6 789.0 788.4 806.0 792.4 789.8 792.1 23 Money market mutual funds 965.9 1,147.8 1,290.9 1,536.9 1,414.3 1,494.9 1,536.9 1,496.4 1,419.3 1,405.7 1,511.6 ?4 Mutual funds 1,028.4 1,076.8 1,097.8 1,223.8 1,160.3 1,188.2 1,223.8 1,276.8 1,291.6 1,334.5 1,368.0 25 Closed-end funds 98.4' 106.6' 100.3' 107.4' 97.3' 103.3' 107.4' 112.8' 112.8 111.9 111.5 26 Government-sponsored enterprises 1,252.3 1,543.5 1,807.1 2,114.3 1,956.1 2,026.1 2,114.3 2,163.8 2,199.9 2,252.9 2,336.7 27 Federally related mortgage pools 2,018.4 2,292.2 2,491.6 2,830.1 2,635.7 2,758.8 2,830.1 2,955.1 3,041.6 3,084.5 3,158.3 28 Asset-backed securities (ABSs) issuers 1,219.4 1,413.6 1,585.4 1,876.8' 1,696.6 1,772.1' 1,876.8' 1,928.9' 1,985.3 2,031.5 2,118.1 79 Finance companies 645.5 742.5 850.5 844.8 878.5 859.5 844.8 832.4 845.6 857.1 862.4 30 Mortgage companies 35.3 35.6 35.9 37.2 36.5 36.9 37.2 37.6 38.0 38.3 38.7 31 Real estate investment trusts (REITs) 45.5 42.9 36,6 43.3 37.9 39.8 43.3 49.9 57.9 64.8 66.8 3? Brokers and dealers 189.4 154.7 223.6 316.0 288.4 366.4 316.0 299.6 352.6 335.2 346.6 33 Funding corporations 152.3 276.0 317.0' 206.3' 239.5' 188.8' 206.3' 210.3' 185.4 224.1 166.1 RELATION OF LIABILITIES TO FINANCIAL ASSETS 34 Total credit market debt 23,437.1R 25,602.0' 27,348.6R 29,393.6' 28,177.5R 28,740.1' 29,393.6' 29,849.3' 30,378.5 30,907.1 31,702.2 Other liabilities 35 Official foreign exchange 60.) 50.1 46.1 46.8 43.4 49.0 46.8 45.7 47.2 53.1 55.8 36 Special drawing rights certificates 9.2 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 37 Treasury currency 19.9 20.9 23.2 24.5' 23.9' 24.5' 24.5' 24.7' 24.8 25.5 25.5 38 Foreign deposits 642.3 703.6 824.5 908.9 837.6 848.0 908.9 894.1 907.4 924.6 955.2 39 Net interbank liabilities 189.4 202.4 221.2 187.7 158.7 166.5 187.7 161.1' 130.6 149.0 191.3 40 Checkable deposits and currency 1,333.3 1,484.5 1,413.1 1,603.2' 1,449.6' 1,487.1' 1,603.2' 1,525.2' 1,571.0 1,610.7 1,648.6 41 Small time and savings deposits 2,626.5 2,671.6 2,860.4 3,127.6 2,992.4 3,047.6 3,127.6 3,229.6 3,257.6 3,339.0 3,404.9 42 Large time deposits 805.3 936.4 1,052.6 1,121.1 1,087.3 1,094.2 1,121.1 1,178.9 1,188.7 1,197.7 1,176.8 43 Money market fund shares 1,329.7 1,578.8 1,812.1 2,240.7 2,014.7 2,115.4 2,240.7 2,202.6 2,150.3 2,105.9 2,223.9 44 Security repurchase agreements 913.8 1,083.6 1,196.8 1,231.8' 1,205.4' 1,251.9' 1,231.8' 1,262.4' 1,343.1 1,313.7 1,325.2 45 Mutual fund shares 3,613.1 4,538.5 4,434.6 4,135.5 4,259.5 3,753.1 4,135.5 4,247.0 3,926.6 3,452.3 3,634.6 46 Security credit 572.2 676.6 822.7 825.9 781.5 919.9 825.9 778.0 745.6 726.3 724.5 47 Life insurance reserves 718.3 783.9 819.1 880.0 840.3 844.0 880.0 904.2 915.2 927.9 958.4 48 Pension fund reserves 8,208.4 9,065.3 9,069.0 8,693.4' 8,862.6 8,281.0 8,693.4' 8,822.2 8,328.1 7,732.4 8,053.3 49 Trade payables 2,073.8 2,342.4 2,767.9' 2,700.6' 2,756.4' 2,725.7' 2,700.6' 2,724.3' 2,721.6 2,779.2 2,815.4 SO Taxes payable 170.7 201.4' 234.2' 251,7' 241.2' 270.1' 251.7' 258.9' 265.0 279.6 280.7 51 Investment in bank personal trusts 1,001.0 1,130.4 1,095.8 960.7' 1,024.6' 916.5' 960.7' 963.2' 893.5 811.6 840.9 52 Miscellaneous 7,617.2r 8,499.5' 9,717.2' 10,505.4' 10,491.8' 10,919.8' 10,505.4' 10,539.1' 10,829.7 11,304.4 11,394.1 53 Total liabilities 55,341.1R 61,578.0' 65,761.2' 68,841.3' 67,250.6' 67,456.6' 68,841.3' 69,612.6' 69,626.9 69,642.2 71,413.3 Financial assets not included in liabilities (+) 54 Gold and special drawing rights 21.6 21.4 21.6 21.8 21.5 22.0 21.8 21.9 22.3 22.8 23.2 55 Corporate equities 15,577.3 19,581.2 17,611.9 15,245.5 16,281.6 13,673.4 15,245.5 15,264.1 13,363.0 10,960.1 11,734.5 56 Household equity in noncorporate business 4,285.7 4,523.1' 4,753.2' 4,837.2' 4,817.0' 4,865.2' 4,837.2' 4,864.4' 4,933.7 4,983.6 5,021.8 Liabilities not identified as assets (-) 57 Treasury currency -6.4 -7.1 -8.5 -8.6' -8.8' -8.6' -8.6' -8.9' -9.1 -8.9 -9.1 58 Foreign deposits 542.8 585.7 627.4 694.9' 631.6' 645.4' 694.9' 686.5' 710.2 722.9 751.7 59 Net interbank transactions -26.5 -28.5 -4.3 11.1 3.8 4.5 11.1 21.9' 18.4 16.5 14.9 60 Security repurchase agreements 230.6 266.4 388.9' 348.5' 379.4' 398.7' 348.5' 401.6' 463.3 381.6 366.5 61 Taxes payable 121.2 129.4' 146.3' 121.8' 150.5' 167.3' 121.8' 109.9' 162.8 152.8 156.8 62 Miscellaneous -1,972.7' -2,427.9' -2,902.8' -3,147.0' -2,806.3' -2,643.0' -3,147.0' -3,105.7' -3,140.6 -3,033.6 -3,036.1 Floats not included in assets (-) 63 Federal government checkable deposits -3.9 -9.8 -2.3 -12.3' -3.6' -4.0' -12.3' -9.6' -9.3 -14.8 -11.7 64 Other checkable deposits 23.1 22.3 24.0 28.6 25.5 19.2 28.6 26.3 31.4 25.8 35.9 65 Trade credit 84.8 95.6' m.o' 140.5' 61.8' 52.0' 140.5' 85.7' 33.0 25.5 91.6 66 Totals identified to sectors as assets 76,232.7' 87,077.5R 89,751.1R 90,768.3R 89,936.9R 87,385.5R 90,768.3R 91,555.1' 89,685.8 87,340.6 89,832.3 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 • April 2003 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1 Seasonally adjusted 2002 2002 2002 Q1 Q2 Q3 Q4< Q1 Q2 Q3 Q4 Ql Q2 Q3 Q4< Output (1997=100) Capacity (percent of 1997 output) Capacity utilization rate (percent)2 1 Total industry 1093 110.5 111.4 110.6 145.4 145.9 146.2 146.6 75.1 75.7 76.2 75.4 2 Manufacturing 110.5 111.4 112.3 111.4 150.5 150.9 151.1 151.4 73.4 73.9 74.3 73.6 i Manufacturing (NAICS) 110.8 111.8 112.6 111.7 151.8 152.2 152.5 152.8 73.0 73.5 73.8 73.1 4 Durable manufacturing 119.7 121.2 122.3 121.6 171.5 172.5 173.4 174.2 69.8 70.2 70.5 69.8 Primary metal 84.9 85.6 85.9 86.8 112.7 112.0 111.4 110.8 75.3 76.4 77.1 78.3 6 Fabricated metal products 98.0 99.1 99.5 99.2 139.0 139.3 139.4 139.6 70.5 71.2 71.3 71.1 V Machinery 87.5 88.6 88.7 86.7 129.9 129.9 129.9 129.9 67.3 68.2 68.3 66.8 8 Computer and electronic products 216.2 219.6 222.6 224.3 344.0 350.1 355.4 360.3 62.9 62.7 62.6 62.2 9 Electrical equipment, appliances, and components 97.6 98.3 97.7 97.4 129.6 129.1 128.6 128.2 75.3 76.1 75.9 76.0 10 Motor vehicles and parts 112.8 116.8 121.7 119.9 144.9 145.9 147.1 148.4 77.9 80.0 82.7 80.8 11 Aerospace and miscellaneous transportation equipment 90.8 87.6 85.9 85.1 145.7 145.5 145.3 145.1 62.3 60.2 59.1 58.6 12 Nondurable manufacturing 99.1 99.7 100.1 98.9 127.9 127.7 127.5 127.3 77.5 78.1 78.5 77.7 13 Food, beverage, and tobacco products .... 100.8 100.8 100.1 98.8 125.9 125.8 125.7 125.6 80.1 80.2 79.7 78.7 14 Textile and product mills 82.1 83.3 82.9 81.5 112.8 112.3 111.7 111.1 72.8 74.2 74.2 73.4 15 Paper 91.7 94.2 95.7 96.1 114.5 114.2 114.0 113.8 80.1 82.5 84.0 84.5 16 Petroleum and coal products 103.3 103.3 102.3 103.2 114.7 114.9 115.2 115.7 90.1 89.9 88.7 89.3 17 Chemical 104.9 105.3 106.4 104.2 141.0 141.2 141.2 141.3 74.4 74.6 75.3 73.7 18 Plastics and rubber products 103.6 106.6 107.3 105.8 134.8 134.2 133.6 132.9 76.9 79.4 80.4 79.6 19 Other manufacturing (non-NAICS) 105.2 104.6 106.0 106.3 131.1 130.3 129.5 128.7 80.3 80.3 81.8 82.5 20 Mining 94.0 93.4 93.5 93.5 110.3 110.2 110.1 110.2 85.2 84.8 84.9 84.9 21 Electric and gas utilities 105.6 110.2 112.5 111.5 123.5 125.5 127.6 129.7 85.5 87.8 88.2 86.0 MEMOS 22 Computers, communications equipment, and semiconductors 282.2 290.3 295.5 300.3 456.8 466.7 475.3 483.3 61.8 62.2 62.2 62.1 23 Total excluding computers, communications equipment, and semiconductors 99.6 100.6 101.3 100.4 130.3 130.4 130.5 130.6 76.5 77.1 77.6 76.9 24 Manufacturing excluding computers, communications equipment, and semiconductors 99.2 99.9 100.5 99.6 132.7 132.6 132.6 132.6 74.8 75.3 75.8 75.1 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 cycle3 Latest cycle4 2002 2002 2003 series High Low High Low High Low Jan. Aug. Sept. Oct.' Nov.' Dec.' Jan.P Capacity utilization rate (percent)2 1 Total industry 88.8 74.0 86.6 70.8 85.1 78.6 75.0 76.1 76.0 75.5 75.6 75.2 75.7 2 Manufacturing 88.0 71.6 86.3 68.6 85.5 77.2 73.3 74.3 74.1 73.7 73.7 73.4 73.7 3 Manufacturing (NAICS) 88.1 71.4 86.3 67.9 85.5 77.0 72.9 73.9 73.6 73.1 73.3 72.8 73.2 4 Durable manufacturing 88.9 69.6 87.0 63.1 84.5 73.4 69.9 70.8 70.2 69.9 70.2 69.4 70.1 5 Primary metal 100.9 68.9 91.3 47.2 95.3 75.2 74.6 78.7 76.5 78.9 77.9 78.2 78.1 6 Fabricated metal products .... 91.8 69.6 83.1 61.7 80.1 71.0 70.3 71.2 71.2 71.5 70.9 70.9 70.9 7 Machinery 94.2 74.2 92.8 58.3 84.7 72.9 67.1 68.8 67.9 66.8 67.1 66.4 67.1 8 Computer and electronic products 87.0 66.9 89.8 77.3 81.5 76.4 63.3 62.7 62.5 62.5 62.3 61.9 62.1 9 Electrical equipment, appliances, and components 99.3 68.5 91.9 64.4 87.5 75.0 75.9 76.2 75.1 75.3 76.2 76.4 75.2 10 Motor vehicles and parts 95.3 55.3 96.2 45.2 90.0 56.6 77.4 82.9 82.1 80.0 83.5 78.8 82.4 11 Aerospace and miscellaneous transportation equipment . 75.0 66.3 84.6 69.8 88.9 81.9 63.2 59.4 59.0 58.9 58.3 58.7 58.8 12 Nondurable manufacturing 87.5 72.5 85.7 75.6 86.9 81.8 77.2 78.4 78.4 77.8 77.7 77.6 77.6 13 Food, beverage, and tobacco products 85.9 78.0 84.3 80.2 85.5 81.3 79.6 79.6 79.5 79.2 78.5 78.4 78.4 14 Textile and product mills .... 89.8 62.8 90.1 72.3 91.1 77.1 72.3 73.9 73.8 73.0 73.6 73.5 72.9 15 Paper 97.4 74.7 95.6 81.3 94.0 85.4 80.1 84.0 84.4 84.1 85.1 84.3 84.3 16 Petroleum and coal products . . 93.2 81.0 92.3 71.1 88.9 82.5 89.4 89.2 87.6 86.1 89.9 91.8 89.4 17 Chemical 85.0 68.9 83.0 67.9 85.6 80.8 74.4 75.2 75.1 74.1 73.6 73.5 73.6 18 Plastics and rubber products . . 96.3 61.6 90.5 70.5 91.2 77.1 76.0 80.3 80.4 79.9 79.5 79.4 79.6 19 Other manufacturing (non-NAICS). 85.7 75.7 88.1 85.7 90.2 79.1 80.6 81.7 82.8 82.7 82.0 82.9 82.9 20 Mining 93.6 87.6 94.2 78.6 85.6 83.3 85.5 85.3 83.8 83.9 85.0 85.8 84.8 21 Electric and gas utilities 96.2 82.7 87.9 77.2 92.6 84.2 84.4 86.5 88.4 86.9 86.4 84.8 87.8 MEMOS 22 Computers, communications equipment, and semiconductors . 84.5 63.1 89.9 75.6 80.4 74.6 62.1 62.4 62.0 62.3 62.4 61.7 61.7 23 Total excluding computers, communications equipment, and semiconductors 89.1 74.3 86.6 70.5 85.5 78.8 76.3 77.6 77.5 76.9 77.0 76.7 77.2 24 Manufacturing excluding computers communications equipment, and semiconductors . 88.3 71.9 86.3 68.1 86.1 77.3 74.7 75.9 75.7 75.2 75.3 75.0 75.3 Note. The statistics in the G.17 release cover output, capacity, and capacity utilization in the data are also available on the Board's web site http://www.federalreserve.gov/releases/gl7. industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric The latest historical revision of the industrial production index and the capacity utilization and gas utilities. Manufacturing consists of those industries included in the North American rates was released in December 2002. The recent annual revision is described in the April Industry Classification System, or NAICS, manufacturing plus those industries—logging and 2003 issue of the Bulletin. newspaper, periodical, book, and directory publishing—that have traditionally been consid- 2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally ered manufacturing and included in the industrial sector. adjusted index of industrial production to the corresponding index of capacity. 1. Data in this table also appear in the Board's G. 17 (419) monthly statistical release. The 3. Monthly highs, 1978-80; monthly lows, 1982. 4. Monthly highs, 1988-89; monthly lows, 1990-91. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A42 Domestic Nonfinancial Statistics • April 2003 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1 Monthly data seasonally adjusted „ 1992 2002 2003 uupp pprroo-- 2002 aavvgg.. tion Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.' Dec.r Jan.? Index(1997= 100) MAJOR MARKETS 1 Total IP 100.0 110.5 109.0 109.2 109.6 110.1 110.4 110.8 111.6 111.3 111.2 110.6 110.8 110.3 111.1 Market groups 2 Final products and nonindustrial supplies 60.8 109.3 108.3 108.5 108.9 109.1 109.3 109.6 110.1 109.8 109.8 109.1 109.3 108.6 109.6 Consumer goods 29.0 107.5 106.2 106.7 107.4 107.5 107.3 107.8 108.5 107.8 107.9 107.0 107.7 106.9 107.9 4 Durable 5.8 117.3 114.2 115.3 115.7 116.5 117.2 118.6 120.0 119.3 118.7 117.0 121.0 117.9 120.9 5 Automotive products 2.5 125.4 120.2 121.3 121.7 123.8 124.2 127.4 130.6 130.6 129.3 125.9 132.4 126.1 131.6 6 Home electronics 0.4 142.8 154.3 153.1 150.2 139.9 143.8 135.3 137.0 135.4 142.6 140.1 142.1 144.4 146.2 7 Appliances, furniture, carpeting 1.3 106.9 105.7 107.9 108.1 108.2 109.1 107.5 106.9 104.5 104.6 104.9 107.1 107.8 107.2 8 Miscellaneous goods 1.6 98.5 96.4 97.1 98.2 98.1 98.9 100.2 99.2 98.3 97.8 98.2 98.2 98.8 99.1 y Nondurable 23.2 104.2 103.3 103.6 104.4 104.4 103.9 104.1 104.6 103.8 104.2 103.6 103.3 103.1 103.6 10 Non-energy 20.2 102.6 103.0 103.0 103.5 102.8 102.2 102.8 102.8 102.4 102.6 102.0 101.2 101.0 101.2 n Foods and tobacco 10.4 99.5 99.6 100.2 100.8 100.4 100.0 100.2 99.8 99.2 99.1 98.7 97.9 97.4 97.6 12 Clothing 2.4 72.4 73.0 72.7 74.4 72.7 72.9 72.9 73.2 71.3 72.1 70.2 70.6 70.0 70.1 13 Chemical products 4.6 119.1 120.7 119.9 120.1 118.5 116.8 118.3 119.5 119.0 119.5 118.3 117.5 117.4 117.8 14 Paper products 2.9 108.1 107.8 106.6 107.2 106.0 106.2 107.2 107.1 108.4 109.8 110.0 108.9 109.6 109.5 15 Energy 3.0 112.1 105.0 107.1 109.4 112.8 112.5 110.9 114.0 111.6 112.8 111.8 114.0 114.0 116.3 16 Business equipment 13.2 107.3 108.8 108.1 107.8 107.7 108.0 108.0 107.3 108.1 106.9 106.0 106.0 104.7 105.7 17 Transit 2.5 81.1 87.5 86.9 84.8 83.2 82.0 81.1 80.2 81.1 79.7 77.3 77.5 73.8 74.7 18 Information processing 5.4 153.8 155.3 154.3 155.5 154.7 154.9 154.9 153.5 153.7 152.1 153.1 152.8 152.7 154.5 19 Industrial and other 5.3 91.6 91.1 90.5 90.3 91.1 91.9 92.2 92.0 92.9 92.0 91.2 91.3 90.5 91.2 20 Defense and space equipment 3.4 101.3 99.6 99.7 99.8 99.9 100.6 101.2 101.2 101.9 102.0 102.5 101.8 102.9 104.5 21 Construction supplies 5.4 104.1 102.6 103.1 104.0 104.0 104.6 104.5 104.4 104.8 104.5 104.2 103.6 103.4 103.5 22 Business supplies 9.1 121.9 119.2 119.4 119.7 120.7 121.5 121.8 123.2 122.6 123.6 123.1 122.7 122.6 123.7 23 Materials 39.2 112.2 110.0 110.2 110.7 111.6 112.2 112.6 113.8 113.6 113.4 112.8 113.1 112.8 113.4 24 Non-energy 29.6 115.8 113.4 113.7 114.0 115.0 115.8 116.4 117.2 117.4 117.2 116.7 116.8 116.4 116.8 25 Durable 20.7 128.1 124.9 125.6 125.8 127.1 127.8 128.6 129.4 130.0 129.5 129.5 129.8 129.0 130.1 26 Consumer parts 4.0 110.9 107.6 109.2 109.2 110.8 110.1 110.4 113.4 112.3 112.4 111.7 114.7 111.7 115.2 27 Equipment parts 7.5 182.7 178.1 177.6 177.6 179.8 182.3 183.6 184.2 186.3 185.7 185.7 185.5 184.9 185.3 28 Other 9.2 97.2 95.1 95.9 96.0 96.7 97.2 97.9 97.7 98.3 97.7 98.0 97.3 97.5 97.6 29 Nondurable 8.9 97.0 95.5 95.4 95.9 96.5 97.3 97.6 98.4 98.2 98.3 97.1 97.0 97.0 96.7 30 Textile 1.1 77.7 76.2 76.3 77.7 77.8 78.2 78.5 79.6 77.8 78.4 77.2 77.0 76.6 75.7 31 Paper 1.8 94.9 93.4 92.6 91.9 93.3 94.8 93.6 95.8 96.1 96.7 96.8 97.0 97.0 97.2 32 Chemical 4.0 99.2 97.0 97.2 98.8 99.6 100.4 100.6 101.3 100.7 100.2 98.2 97.9 97.8 97.4 33 Energy 9.6 98.7 97.1 97.1 97.9 98.6 98.5 98.6 101.0 99.3 99.1 98.4 99.4 99.4 100.5 SPECIAL AGGREGATES 34 Total excluding computers, communication equipment, and semiconductors 94.7 100.6 99.3 99.6 99.9 100.3 100.5 100.8 101.5 101.2 101.2 100.5 100.6 100.2 100.9 35 Total excluding motor vehicles and parts 94.3 110.0 108.8 108.9 109.4 109.7 110.1 110.3 110.8 110.5 110.5 110.0 109.9 109.8 110.3 Gross value (billions of 1996 dollars, annual rates) 36 Final products and nonindustrial supplies 100.0 2,793.7 2,764.9 2,774.9 2,787.1 2,796.7 2,802.2 2,809.9 2,828.0 2,821.5 2,817.8 2,793.6 2,816.0 2,792.7 2,818.2 37 Final products 77.2 2,018.8 2,001.1 2,006.4 2,013.9 2,020.7 2,021.4 2,028.7 2,042.2 2,038.1 2,031.4 2,010.8 2,035.6 2,014.6 2,034.9 38 Consumer goods 51.9 1,385.0 1,365.3 1,371.5 1,380.1 1,386.3 1,384.8 1,390.2 1,404.1 1,395.9 1,394.3 1,379.1 1,401.4 1,388.8 1,402.2 39 Equipment total 25.3 624.7 629.2 627.5 625.4 625.3 628.1 629.9 627.9 633.6 627.7 622.6 623.4 614.5 621.4 40 Nonindustrial supplies 22.8 774.9 763.7 768.5 773.2 776.1 780.9 781.3 785.9 783.5 786.6 783.2 780.4 778.2 783.4 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 2002 2003 GGrroouupp N c A od IC e2 S p p r o o r - - 2 aa 0 vv 0 gg 2 .. tion Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.' Nov.' Dec.' Jan.? Index (1997= 100) INDUSTRY GROUPS 41 Manufacturing 85.4 111.4 110.3 110.4 110.7 111.0 111.4 111.9 112.3 112.4 112.1 111.4 111.6 111.1 111.7 42 Manufacturing (NAICS) 79.1 111.7 110.6 110.8 111.0 111.4 111.9 112.2 112.7 112.8 112.4 111.7 112.0 111.4 112.0 43 Durable manufacturing 43.0 121.2 119.6 119.8 119.8 120.5 121.2 121.8 122.2 122.7 122.0 121.5 122.2 121.1 122.5 44 Wood products ' 321 1.5 100.4 100.6 99.9 101.7 100.8 101.0 102.2 101.9 102.5 100.7 99.2 96.8 97.1 99.8 45 Nonmetallic mineral products 327 2.0 108.1 106.0 106.4 106.6 107.4 107.7 106.6 107.7 108.5 109.8 109.3 110.0 110.4 110.4 46 Primary metal 331 2.7 85.8 84.3 85.3 85.1 84.6 85.9 86.2 85.0 87.6 85.0 87.6 86.3 86.5 86.4 47 Fabricated metal products . 332 5.3 99.1 97.7 98.2 98.2 98.4 99.7 99.3 99.7 99.3 99.4 99.8 98.9 99.0 99.0 48 Machinery 333 5.7 87.9 87.2 87.3 88.0 88.3 88.5 88.9 88.4 89.4 88.2 86.8 87.1 86.2 87.2 49 Computer and electronic products 334 8.8 220.4 216.3 215.5 216.9 217.9 220.0 220.8 221.5 223.0 223.2 224.2 224.5 224.0 226.0 50 Electrical equipment, appliances, and components 335 2.5 97.9 98.4 97.7 96.8 97.2 98.9 98.7 98.4 98.0 96.5 96.6 97.7 9977..99 9966..44 51 Motor vehicles and parts . . 3361-3 5.7 117.2 111.8 113.4 113.3 115.9 115.8 118.6 122.1 122.0 121.1 118.3 123.9 117.4 123.1 52 Aerospace and miscellaneous transportation equipment 3364-9 4.5 87.6 92.1 90.9 89.5 88.3 87.6 86.9 85.7 86.3 85.7 85.5 84.6 85.1 85.3 53 Furniture and related products 337 1.5 101.5 101.9 102.6 101.7 101.8 101.5 101.6 101.4 100.5 101.4 100.7 101.1 100.9 101.7 54 Miscellaneous 339 2.8 109.6 108.2 107.8 107.4 109.6 110.2 110.7 110.6 110.2 109.1 109.3 108.8 110.0 109.2 55 Nondurable manufacturing . . 36.1 99.5 98.8 99.0 99.5 99.5 99.7 99.9 100.4 100.0 100.0 99.1 98.9 98.8 98.7 56 Food, beverage, and tobacco products .... 311,2 10.9 100.2 100.2 100.8 101.4 101.0 100.6 100.9 100.5 100.0 99.9 99.5 98.6 98.4 98.4 57 Textile and product mills . . 313,4 1.8 82.6 81.7 81.8 83.0 82.9 83.6 83.4 83.9 82.5 82.3 81.3 81.8 81.5 80.8 58 Apparel and leather 315,6 2.2 72.2 72.9 72.5 74.1 72.5 72.7 72.6 73.0 71.2 71.8 70.2 70.5 69.9 70.0 59 Paper 322 3.3 94.4 91.9 91.8 91.6 93.0 95.0 94.7 95.2 95.8 96.1 95.7 96.8 95.9 95.8 60 Printing and support 323 2.8 97.9 97.8 96.9 95.2 95.5 96.2 95.5 98.4 98.6 99.9 99.5 98.7 99.8 100.1 61 Petroleum and coal products 324 1.4 103.0 102.4 104.0 103.5 104.2 103.4 102.4 103.0 102.7 101.0 99.4 104.0 106.3 103.7 62 Chemical 325 10.3 105.1 104.9 104.6 105.2 105.1 105.0 105.7 106.9 106.2 106.1 104.6 104.0 103.9 104.0 63 Plastics and rubber products 326 3.4 106.0 102.5 103.3 105.1 105.7 106.7 107.4 107.5 107.3 107.2 106.4 105.7 105.4 105.5 64 Other manufacturing (non-NAICS) 1133,5111 4.3 105.6 105.8 104.9 105.0 104.1 104.2 105.5 105.0 105.8 107.1 106.7 110055..66 106.5 106.4 65 Mining 21 6.6 93.7 94.4 94.2 93.6 93.4 93.4 93.5 94.4 93.9 92.2 92.3 93.6 94.6 93.5 66 Utilities 2211,2 10.1 110.2 103.7 105.2 108.0 110.6 110.1 110.1 113.7 110.4 113.3 112.1 112.1 110.5 114.9 67 Electric 2211 8.6 111.8 106.1 107.1 110.1 112.5 111.2 111.4 115.7 112.2 115.8 113.7 113.3 112.2 116.8 68 Natural gas 2212 1.6 97.5 90.9 95.0 96.9 100.2 104.4 103.2 102.7 100.8 99.9 103.6 105.8 101.6 105.1 69 Manufacturing excluding computers, communications equipment, and semiconductors 78.0 99.8 99.1 99.2 99.4 99.5 99.9 100.2 100.6 100.6 100.4 99.7 99.8 99.4 99.8 70 Manufacturing excluding motor vehicles and parts 77.6 110.9 110.2 110.2 110.5 110.5 111.0 111.3 111.4 111.5 111.3 110.8 110.5 110.6 110.7 Note. The statistics in the G.17 release cover output, capacity, and capacity utilization in the 1. Data in this table appear in the Board's G.17 (419) monthly statistical release. The data industrial sector, which the Federal Reserve defines are manufacturing, mining, and electric are also available on the Board's web site http://www.federalreserve.gov/releases/gl7. The and gas utilities. Manufacturing consists of those industries included in the North American latest historical revision of the industrial production index and the capacity utilization rates Industry Classification System, or NAICS, manufacturing plus those industries—logging and was released in December 2002. The recent annual revision is described in the April 2003 newspaper, periodical, book, and directory publishing—that have traditionally been consid- issue of the Bulletin. ered manufacturing and included in the industrial sector. 2. North American Industry Classification System. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A44 International Statistics • April 2003 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted1 2001 2002 IItteemm ccrreeddiittss oorr ddeebbiittss 22000000 22000011 22000022 Q4 Qi Q2 Q3' Q4P 1 Balance on current account -410,341 -393,371 -503,427 -95,086 -112,542r -127,697' -126,337 -136,854 7 Balance on goods and services -378,681 -358,290 -435,542 -88,028 -95,629' -109,446' -110,257 -120,213 3 Exports 1,064,239 998,022 971,864 232,930 232,959' 244,251' 248,917 245,740 4 Imports -1,442,920 -1,356,312 -1,407,406 -320,958 -328,588' -353,697' -359,174 -365,953 5 Income, net 21,782 14,382 -11,862 6,521 -982' -5,324' -3,007 -2,553 6 Investment, net 27,651 20,539 -5,424 8,102 636' -3,675' -1,462 -927 7 Direct 88,862 102,595 77,947 28,602 22,023' 18,749' 18,626 18,548 8 Portfolio -61,211 -82,056 -83,371 -20,500 -21,387 -22,424 -20,088 -19,475 9 Compensation of employees -5,869 -6,157 -6,438 -1,581 -1,618' -1,649' -1,545 -1,626 10 Unilateral current transfers, net -53,442 -*9,463 -56,023 -13,579 -15,931' -12,927' -13,073 -14,088 11 Change in U.S. government assets other than official reserve assets, net (increase, -) -941 -486 379 143 133 42 -27 223311 12 Change in U.S. official reserve assets (increase, -) -290 -4,911 -3,681 -199 390 -1,843 -1,416 -812 13 Gold 0 0 0 0 0 0 0 0 14 Special drawing rights (SDRs) -722 -630 -475 -140 -109 -107 -132 -127 15 Reserve position in International Monetary Fund 2,308 -3,600 -2,632 83 652 -1,607 -1,136 -541 16 Foreign currencies -1,876 -681 -574 -142 -153 -129 -148 -144 17 Change in U.S. private assets abroad (increase, -) -605,258 -365,565 -152,867 -100,032 -26,707' -129,544' 41,714 -38,334 18 Bank-reported claims2 -148,657 -128,705 -3,072 -83,682 727 -68,655 53,815 11,041 19 Nonbank-reported claims -150,805 -14,358 -28,489 37,210 65 -16,693 -4,226 -7,635 20 U.S. purchase of foreign securities, net -127,502 -94,662 2,222 -26,090 2,047 -9,675 18,543 -8,693 21 U.S. direct investments abroad, net -178,294 -127,840 -123,528 -27,470 -29,546' -34,521' -26,418 -33,047 22 Change in foreign official assets in United States (increase, +) 37,640 5,224 96,630 5,086 7,641 47,252 9,534 32,203 23 U.S. Treasury securities -10,233 10,745 43,656 16,760 -582 15,193 1,415 27,630 24 Other U.S. government obligations 40,909 20,920 30,357 7,630 7,296 6,548 10,885 5,628 25 Other U.S. government liabilities2 -1,909 -1,882 158 -504 -790 54 1,001 -107 26 Other U.S. liabilities reported by U.S. banks2 5,746 -30,278 18,831 -20,507 991 24,531 -4,602 -2,089 27 Other foreign official assets3 3,127 5,719 3,628 1,707 726 926 835 1,141 28 Change in foreign private assets in United States (increase, +) 978,346 747,582 533,734 245,711 105,959' 157,159' 119,786 150,827 29 US. bank-reported liabilities4 116,971 110,667 94,605 85,598 -11,051 32,240 18,793 54,623 30 U.S. nonbank-reported liabilities 174,251 82,353 49,736 1,170 32,345 21,056 -3,804 139 31 Foreign private purchases of U.S. Treasury securities, net -76,965 -7,670 53,155 27,229 -7,282 -5,124 52,856 12,705 32 U.S. currency flows 1,129 23,783 21,513 10,497 4,525 7,183 2,556 7,249 33 Foreign purchases of other U.S. securities, net 455,213 407,653 284,611 99,320 71,095 104,404 46,494 62,618 34 Foreign direct investments in United States, net 307,747 130,796 30,114 21,897 16,327' -2,600' 2,891 13,493 35 Capital account transactions, net5 837 826 708 205 208 200 156 144 36 Discrepancy 7 10,701 28,524 -55,828 24,918' 54,431' ^3,410 -7,405 37 Due to seasonal adjustment 1,721 10,269' 1,504' -13,991 2,228 38 Before seasonal adjustment 7 10,701 28,524 -57,549 14,649 52,927 -29,419 -9,633 MEMO Changes in official assets 39 U.S. official reserve assets (increase, -) -290 —4,911 -3,681 -199 390 --11,,884433 -1,416 --881122 40 Foreign official assets in United States, excluding line 25 (increase, +) 39,549 7,106 96,472 5,590 8,431 47,198 8,533 32,310 41 Change in Organization of Petroleum Exporting Countries official assets in United States (part of line 22) 12,000 -1,725 -8,132 3,382 -8,532 838 -1,289 885511 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 2003 AAsssseett 11999999 22000000 22000011 July Aug. Sept. Oct. Nov. Dec. Jan. Feb.? 1 Total 71,516 67,647 68,654 74,751 75,307 75,860 75,499 75,690 79,006 78,434 78,579 2 Gold stock1 11,048 11,046 11,045 11,042 11,042 11,042 11,042 11,043 11,043 11,043 11,043 3 Special drawing rights2 3 10,336 10,539 10,774 11,575 11,752 11,710 11,700 11,855 12,166 11,298 11,368 4 Reserve position in International Monetary Fund2 17,950 14,824 17,854 19,863 20,043 20,857 20,586 20,480 21,979 21,953 21,686 5 Foreign currencies4 32,182 31,238 28,981 32,271 32,470 32,251 32,171 32,312 33,818 34,140 34,482 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 2003 AAsssseett 11999999 22000000 22000011 July Aug. Sept. Oct. Nov. Dec. Jan. Feb.P 1 Deposits 71 215 61 164 86 150 89 78 136 102 224 Held in custody 1 U.S. Treasury securities2 632,482 594,094 592,630 635,036 638,003 644,381 647,165 669,092 678,106 683,837 700,341 3 Earmarked gold3 9,933 9,451 9,099 9,071 9,064 9,057 9,050 9,045 9,045 9,045 9,045 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 • April 2003 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Millions of dollars, end of period 2000 2000 2001 2002 IItteemm 11999999 Mar.6 Mar.6 Dec. Dec. Sept. Oct. Nov. Dec.P 1 Total1 806,318 829,290 958,725 975,304 987,568 1,050,056 1,048,005 1,069,610 1,082,363 By type 2 Liabilities reported by banks in the United States2 138,847 136,577 136,577 144,593 123,425 143,028 136,637 138,414 140,935 3 U.S. Treasury bills and certificates3 156,177 164,781 164,781 153,010 161,719 185,187 188,474 190,111 190,375 U.S. Treasury bonds and notes 4 Marketable 422,266 430,243 465,111 450,832 454,306 446,860 446,307 462,884 469,592 5 Nonmarketable4 6,111 5,734 5,734 5,348 3,411 3,058 3,078 3,097 2,769 6 U.S. securities other than U.S. Treasury securities5 82,917 91,955 186,522 221,521 244,707 271,923 273,509 275,104 278,692 By area 1 Europe1 244,805 251,815 238,548 240,325 243,448 260,423 254,343 265,751 273,052 8 Canada 12,503 13,683 15,016 13,727 13,440 10,097 10,300 10,975 11,079 9 Latin America and Caribbean 73,518 77,195 70,884 70,442 71,103 62,227 64,289 63,002 63,244 10 Asia 463,703 474,269 612,116 626,017 635,180 690,902 692,351 701,172 706,287 11 Africa 7,523 7,979 13,504 14,690 15,167 14,514 15,524 15,602 15,338 12 Other countries 4,266 4,349 8,655 10,101 9,228 11,891 11,196 13,106 13,361 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 Dec. Mar. June Sept. 1 Banks' liabilities 101,125 88,537 77,779 79,363 74,955 89,892 81,761 2 Banks' claims 78,162 67,365 56,912 74,840 77,746 90,695 85,292 3 Deposits 45,985 34,426 23,315 44,094 46,778 51,933 44,638 4 Other claims 32,177 32,939 33,597 30,746 30,968 38,762 40,654 5 Claims of banks' domestic customers2 20,718 20,826 24,411 17,631 16,642 15,848 20,475 1. Data on claims exclude foreign currencies held by U.S. monetary authorities. 2. Assets owned by customers of the reporting bank located in the United States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank-Reported Data A47 3.20 BANKS' OWN CLAIMS ON UNAFFILIATEDF OREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period 2002 IItteemm 22000000 22000011 22000022 June July Aug. Sept. Oct. Nov.' Dec." BY HOLDER AND TYPE OF LIABILITY 1 Total, all foreigners 1,511,410 l,636,538r 1,817,996 l,719,019r 1,705,426' 1,763,311' 1,748,201' 1,834,787' 1,776,379 1,817,996 7 Banks' own liabilities 1,077,636 1,181,097 1,273,706 1,198,735 1,179,129' 1,225,442' 1,218,213 1,305,746 1,242,296 1,273,706 3 Demand deposits 33,365 33,603 35,274 34,600 32,558 31,428 32,027 31,607 35,051 35,274 4 Time deposits2 187,883 155,466 134,584 133,811' 128,215' 128,345' 123,3301 130,938' 128,272 134,584 Other3 171,401 199,737 251,923 234,361' 253,602' 259,415' 274,658' 265,301' 258,726 251,923 6 Own foreign offices4 684,987 792,291 851,925 795,963 764,754 806,254 788,198 877,900 820,247 851,925 7 Banks' custodial liabilities5 433,774 455,441R 544,290 520,284' 526,297' 537,869' 529,988' 529,041' 534,083 544,290 8 U.S. Treasury bills and certificates6 177,846 186,115R 229,511 210,211' 224,429' 227,338' 224,733' 223,569' 226,302 229,511 9 Short-term agency securities7 n.a. 59,781' 73,475 75,887' 70,872' 72,848' 71,048' 69,223' 66,579 73,475 10 Other negotiable and readily transferable instruments8 145,840 80,026R 90,673 84,644' 88,061' 90,697' 90,986' 91,288' 90,332 90,673 11 Other 110,088 129,519 150,631 149,542' 142,935' 146,986' 143,221' 144,961' 150,870 150,631 12 Nonmonetary international and regional organizations9 12,542 10,830 13,503 11,568 11,495 10,540 11,796 13,153 12,253 13,503 13 Banks' own liabilities 12,140 10,169 12,396 11,138 10,993 9,986 11,008 12,538 11,475 12,396 14 Demand deposits 41 35 44 32 15 34 52 61 42 44 15 Time deposits2 6,246 3,756 5,702 6,401 7,394 6.294 5,702 6,156 5,181 5,702 16 Other3 5,853 6,378 6,650 4,705 3,584 3.658 5,254 6,321 6,252 6,650 17 Banks' custodial liabilities5 402 661 1,107 430 502 554 788 615 778 1,107 18 US. Treasury bills and certificates6 252 600 1,089 407 481 532 764 597 760 1,089 19 Short-term agency securities7 n.a. 40 0 0 0 0 0 0 0 0 20 Other negotiable and readily transferable instruments8 149 21 18 23 21 22 18 18 18 1188 21 Other 1 0 0 0 0 0 6 0 0 0 77 Official institutions10 297,603 285,148 331,314 323,316 329,867' 327,086 328,215 325,111' 328,525 331,314 7.3 Banks' own liabilities 96,989 83,828 90,742 92,989 93,571' 89,340 96,513 91,466' 93,476 90,742 24 Demand deposits 3,952 2,988 2,535 1,707 2,146 1,946 1,900 2,915 3,658 2,535 7.5 Time deposits2 35,573 19,467 17,508 14,799' 13,879' 14,733' 13,588' 14,264' 13,433 17,508 26 Other3 57,464 61,373 70,699 76,483' 77,546' 72,661' 81,025' 74,287' 76,385 70,699 77 Banks' custodial liabilities5 200,614 201,320 240,572 230,327 236,296 237,746 231,702 233,645 235,049 240,572 28 U.S. Treasury bills and certificates6 153,010 161,719 190,375 175,686 187,997 188,805 185,187 188,474 190,111 190,375 29 Short-term agency securities7 n.a. 36,351 48,469 51,531 45,184 45,131 44,082 42,767 42,479 48,469 30 Other negotiable and readily transferable instruments8 47,366 2,180 1,664 2,088 2,281 2,615 1,489 1,624 1,658 1,664 31 Other 238 1,070 64 1,022 834 1,195 944 780 801 64 37 Banks" 972,932 1,053,080' 1,167,573 1,101,986' 1,059,823' 1,100,445' 1,086,278' 1,186,464' 1,129,198 1,167,573 33 Banks' own liabilities 821,306 914,488 972,684 914,078 875,066' 911,686 901,654 998,919' 936,035 972,684 34 Unaffiliated foreign banks 136,319 122,197 120,759 118,115 110,312' 105,432 113,456 121,019' 115,788 120,759 35 Demand deposits 15,522 13,091 14,168 14,620 12,790 11,804 11,391 10,989 12,214 14,168 36 Time deposits2 66,904 53,105 40,419 39,992' 34,871' 36,120' 33,605' 38,333' 39,190 40,419 37 Other3 53,893 56,001 66,172 63,503' 62,651' 57,508' 68,460' 71,697' 64,384 66,172 38 Own foreign offices4 684,987 792,291 851,925 795,963 764,754 806,254 788,198 877,900 820,247 851,925 39 Banks' custodial liabilities5 151,626 138,592' 194,889 187,908' 184,757' 188,759' 184,624' 187,545' 193,163 194,889 40 US. Treasury bills and certificates6 16,023 11,541' 21,308 18,357' 20,087' 20,463' 20,079' 19,253' 18,887 21,308 41 Short-term agency securities7 n.a. 2,078' 6,448 4,501' 4,837' 5,256' 5,620' 7,206' 6,775 6,448 42 Other negotiable and readily transferable instruments8 36,036 21,981' 40,722 39,148' 41,468' 41,954' 41,694' 41,433' 41,414 40,722 43 Other 99,567 102,992 126,411 125,902 118,365 121,086 117,231 119,653' 126,087 126,411 44 Other foreigners 228,333 287,480 305,606 282,149' 304,241' 325,240' 321,912' 310,059' 306,403 305,606 45 Banks' own liabilities 147,201 172,612 197,884 180,530 199,499' 214,430' 209,038 202,823 201,310 197,884 46 Demand deposits 13,850 17,489 18,527 18,241 17,607 17,644 18,684 17,642 19,137 18,527 47 Time deposits2 79,160 79,138 70,955 72,619 72,071' 71,198' 70,435 72,185 70,468 70,955 48 Other3 54,191 75,985 108,402 89,670 109,821 125,588 119,919 112,996 111,705 108,402 49 Banks' custodial liabilities5 81,132 114,868 107,722 101,619' 104,742' 110,810' 112,874' 107,236' 105,093 107,722 50 U.S. Treasury bills and certificates6 8,561 12,255 16,739 15,761 15,864 17,538 18,703 15,245 16,544 16,739 51 Short-term agency securities7 n.a. 21,312 18,558 19,855 20,851 22,461 21,346 19,250 17,325 18,558 52 Other negotiable and readily transferable instruments8 62,289 55,844 48,269 43,385 44,291 46,106 47,785 48,213 47,242 48,269 53 Other 10,282 25,457 24,156 22,618' 23,736' 24,705' 25,040' 24,528' 23,982 24,156 MEMO 54 Negotiable time certificates of deposits in custody for foreigners 34,217 20,440 26,084 28,943 29,399 29,847 29,700 29,198 26,435 26,084 55 Repurchase agreements7 n.a. 150,806 184,759 159,627 180,775 192,299 205,171 191,970 182,817 184,759 1. Reporting banks include all types of depository institutions as well as some brokers and 6. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official dealers. Excludes bonds and notes of maturities longer than one year. institutions of foreign countries. 2. Excludes negotiable time certificates deposit, which are included in "Other negotiable 7. Data available beginning January 2001. and readily transferable instruments." 8. Principally bankers acceptances, commercial paper, and negotiable time certificates of 3. Includes borrowing under repurchase agreements. deposit. 4. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidi- 9. Principally the International Bank for Reconstruction and Development, the Interaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory American Development Bank, and the Asian Development Bank. Excludes "holdings of agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists dollars" of the International Monetary Fund. principally of amounts owed to the head office or parent foreign bank, and to foreign 10. Foreign central banks, foreign central governments, and the Bank for International branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. Settlements. 5. Financial claims on residents of the United States, other than long-term securities, held 11. Excludes central banks, which are included in "Official institutions." by or through reporting banks for foreign customers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A48 International Statistics • April 2003 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States '—Continued Payable in U.S. dollars Millions of dollars, end of period 2002 IItteemm 22000000 22000011 22000022 June July Aug. Sept. Oct. Nov.' Dec.P AREA OR COUNTRY 56 Total, all foreigners 1,511,4X0 l,636,538r 1,817,996 l,719,019r l,705,426r l,763,311r 1,748,201' l,834,787r 1,776,379 1,817,996 57 Foreign countries 1,498,867 l,625,708r 1,804,493 l,707,451r l,693,931r l,752,769r l,736,404r l,821,634r 1,764,126 1,804,493 58 Europe 446,788 521,331 627,557 537,615 533,768' 557,099' 577,947 658,663' 615,393 627,557 59 Austria 2,692 2,922 2,473 3,563 2,862 3,537 3,081 3,053 2,442 2,473 60 Belgium12 33,399 6,557 8,611 6,066 6,462 6,270 8,389 7,420 8,032 8,611 61 Denmark 3,000 3,626 4,880 3,387 3,478 4,061 3,112 3,004 3,339 4,880 62 Finland 1,411 1,446 1,693 1,197 3,503 1,498 1,259 5,170 2,646 1,693 63 France 37,833 49,056 39,640 35,390 39,809 35,447 37,915 38,515 40,752 39,640 64 Germany 35,519 22,375 34,398 25,203 27,832 27,081 31,334 31,558 32,025 34,398 65 Greece 2,011 2,307 2,975 3,570 2,816' 2,677 2,612 3,358' 3,348 2,975 66 Italy 5,072 6,354 4,744 4,680 3,900 3,426 3,439 5,029 5,564 4,744 67 Luxembourg12 n.a. 16,894 28,626 24,173 24,294 25,436 25,750 25,680 27,747 28,626 68 Netherlands 7,047 12,411 10,722 6,552 6,012 8,208 7,650 7,974 7,922 10,722 69 Norway 2,305 3,727 18,867 11,164 14,540 10,049' 17,747 18,895 14,677 18,867 70 Portugal 2,403 4,033 3,575 4,616 3,496 3,055 3,695 3,220 3,092 3,575 71 Russia 19,018 20,800 23,147 25,060 24,189 24,196 25,252 24,407 25,444 23,147 72 Spain 7,787 8,811 14,031 11,032 10,400' 12,429' 12,596 12,825 15,576 14,031 73 Sweden 6,497 3,375 4,656 4,176 4,815 5,709 4,137 4,857 3,859 4,656 74 Switzerland 74,635 66,403 131,506 100,117 85,614' 102,088 105,386 182,152 141,208 131,506 75 Turkey 7,548 7,474 12,131 9,912 10,701 12,393 12,790 11,226 11,749 12,131 76 United Kingdom 167,757 204,396 181,890 176,926 176,397 184,152 183,756 184,483 182,109 181,890 77 Channel Islands and Isle of Man13 n.a. 36,059 45,728 38,881 39,432 38,215 38,982 40,070 38,935 45,728 78 Yugoslavia14 276 309 301 267 279 276 280 316 332 301 79 Other Europe and other former U.S.S.R.15 30,578 41,996 52,963 41,683 42,937 46,896 48,785 45,451 44,595 52,963 80 Canada 30,982 27,251 24,413 24,452 26,629 24,887 24,946 26,570 24,278 24,413 81 Latin America 120,041 118,025 107,149 106,038' 106,225' 106,960' 104,151' 106,894' 104,000 107,149 82 Argentina 19,451 10,704 11,218 11,408 11,574' 11,686' 11,223 12,091 11,644 11,218 83 Brazil 10,852 14,169 10,037 12,971' 12,556' 12,070' 11,586' 11,587' 10,275 10,037 84 Chile 5,892 4,939 6,065 6,121 6,427' 5,830' 5,494 5,827 5,361 6,065 85 Colombia 4,542 4,695 4,158 4,010 3,874' 3,719' 4,509 3,847 4,644 4,158 86 Ecuador 2,112 2,390 2,305 2,259 2,324 2,266 2,374 2,155 2,258 2,305 87 Guatemala 1,601 1,882 1,381 1,319 1,330' 1,384 1,535 1,500 1,386 1,381 88 Mexico 32,166 39,871 36,152 32,441 33,401' 35,071' 32,486 34,665 32,615 36,152 89 Panama 4,240 3,610 3,910 3,894 3,155' 3,161' 3,210' 3,564' 3,668 3,910 90 Peru 1,427 1,359 1,376 1,417 1,515' 1,366' 1,369 1,300 1,360 1,376 91 Uruguay 3,003 3,172 2,720 2,373 l,919r 2,648' 2,613 2,583 2,604 2,720 92 Venezuela 24,730 24,974 21,970 21,738 21,796' 21,571' 21,355 21,661 22,313 21,970 93 Other Latin America16 10,025 6,260 5,857 6,087 6,354' 6,188' 6,397' 6,114r 5,872 5,857 94 Caribbean 573,337 646,987' 703,669 678,144' 675,898' 714,660' 682,464' 693,544' 680,223 703,669 95 Bahamas 189,298 178,472 162,196 179,365 160,425 172,518 166,477 159,867 145,993 162,196 96 Bermuda 9,636 10,539 23,827 16,420 20,436 24,968 24,692 23,158 25,765 23,827 97 British West Indies17 367,197 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 98 Cayman Islands17 n.a. 440,038' 498,960 460,819' 472,200' 488,770' 472,969' 491,972' 488,997 498,960 99 Cuba 90 88 91 96 92 99 92 92 94 91 100 Jamaica 794 1,182 829 924 931 948 932 856 828 829 101 Netherlands Antilles 5,428 3,264 5,019 3,749 3,940 10,538 4,381 5,293 5,476 5,019 102 Trinidad and Tobago 894 1,269 1,405 1,593 1,691 1,803 1,562 1,471 1,580 1,405 103 Other Caribbean16 n.a. 12,135 11,342 15,178 16,183' 15,016 11,359 10,835 11,490 11,342 104 305,554 294,496 318,081 340,081' 330,208' 326,731' 332255,,774488'' 331144,,777700'' 331166,,553399 331188,,008811 China 105 Mainland 16,531 10,498 15,504 20,780' 18,108' 18,810' 14,623' 15,854' 14,489 15,504 106 Taiwan 17,352 17,633 18,673 23,480 19,077' 20,111' 21,727' 23,270' 23,602 18,673 107 Hong Kong 26,462 26,494 33,048 32,912' 34,508' 31,034' 31,701' 30,118' 31,348 33,048 108 India 4,530 3,708 7,953 7,069' 7,379' 7,253' 7,502' 7,196' 7,507 7,953 109 Indonesia 8,514 12,383 14,110 13,871 13,589 13,805 13,098 12,316 12,916 14,110 110 Israel 8,053 7,870 7,185 8,954 9,765' 7,960' 11,619 9,105 8,882 7,185 111 Japan 150,415 155,314 161,331 181,196' 178,001' 175,993' 171,821' 162,043' 163,981 161,331 112 Korea (South) 7,955 9,019 8,932 6,827' 7,039' 6,846' 6,563' 6,288' 6,548 8,932 113 Philippines 2,316 1,772 1,793 1,754 2,081' 1,573' 2,064 1,589 1,462 1,793 114 Thailand 3,117 4,743 7,605 5,966 4,591 5,113 5,044 7,022' 8,698 7,605 115 Middle Eastern oil-exporting countries18 23,763 20,035 16,364 15,349' 14,234' 15,435' 15,993' 14,352' 11,633 16,364 116 Other 36,546 25,027 25,583 21,923' 21,836' 22,798' 23,993' 25,617' 25,473 25,583 117 Africa 10,824 11,365 12,239 11,839 12,110' 12,103' 11,115 11,905 11,989 12,239 118 Egypt 2,621 2,778 2,652 3,672 3,411 3,179 2,538 2,545 2,493 2,652 119 Morocco 139 274 306 346 302' 312' 329 335 254 306 120 South Africa 1,010 839 1,114 655 694 747 747 662 701 1,114 121 Congo (formerly Zaire) 4 4 2 n.a. 1 n.a. 86 n.a. 2 2 122 Oil-exporting countries19 4,052 4,377 4,370 3,522 3,757 3,940 3,670 4,635 4,983 4,370 123 Other 2,998 3,093 3,795 3,644 3,945 3,925 3,745 3,728 3,556 3,795 124 Other countries 11,341 6,253 11,385 9,282 9,093 10,329 10,033 9,288 11,704 11,385 125 Australia 10,070 5,599 9,333 7,858 7,506 8,593 7,917 7,547 9,338 9,333 126 New Zealand20 n.a. 242 1,796 1,061 1,230 1,321 1,592 1,257 2,120 1,796 127 All other 1,271 412 256 363 357 415 524 484 246 256 128 Nonmonetary international and regional organizations 12,543 10,830 13,503 11,568 11,495 10,542 11,797 13,153 12,253 13,503 129 International21 11,270 9,331 11,720 10,490 10,097 9,422 9,567 11,725 10,582 11,720 130 Latin American regional22 740 480 508 342 386 402 394 561 478 508 131 Other regional23 533 935 1,208 645 894 643 1,766 789 1,120 1,208 12. Before January 2001, data for Belgium-Luxembourg were combined. 18. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 13. Before January 2001, these data were included in data reported for the United Emirates (Trucial States). Kingdom. 19. Comprises Algeria, Gabon, Libya, and Nigeria. 14. Since December 1992, has excluded Bosnia, Croatia, and Slovenia. 20. Before January 2001, these data were included in "All other." 15. Includes the Bank for International Settlements and the European Central Bank. Since 21. Principally the International Bank for Reconstruction and Development. Excludes December 1992, has included all parts of the former U.S.S.R. (except Russia), and Bosnia, "holdings of dollars" of the International Monetary Fund. Croatia, and Slovenia. 22. Principally the Inter-American Development Bank. 16. Before January 2001, data for "Other Latin America" and "Other Caribbean" were 23. Asian, African, Middle Eastern, and European regional organizations, except the Bank combined in "Other Latin America and Caribbean." for International Settlements, which is included in "Other Europe." 17. Beginning January 2001, data for the Cayman Islands replaced data for the British West Indies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank-Reported Data A49 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States1 Payable in U.S. dollars Millions of dollars, end of period 2002 AArreeaa oorr ccoouunnttrryy 22000000 22000011 22000022 June July Aug. Sept. Oct. Nov. Dec.P 1 Total, all foreigners 904,642 1,055,069 1,065,061 1,111,028 1,048,304 1,086,297 1,064,643 1,136,002 l,096,237r 1,065,061 2 Foreign countries 899,956 1,050,123 1,061,384 1,106,782 1,043,668 1,082,050 1,062,005 l,133,330r l,092,919r 1,061,384 3 Europe 378,115 461,176 484,338 504,071 464,450 483,076 470,315 543,149 490,644' 484,338 4 Austria 2,926 4,981 3,903 3,963 4,046 4,297 4,336 3,876 4,224 3,903 5 Belgium- 5,399 6,391 5,744 5,197 7,126 5,140 4,689 5,590 5,784 5,744 6 Denmark 3,272 1,105 1,109 1,248 856 1,546 1,483 1,534 940 1,109 7 Finland 7,382 10,350 8,518 16,517 13,718 16,230 15,812 14,821 9,028 8,518 8 France 40,035 60,620 47,755 58,714 59,052 51,798 51,083 47,065 54,089 47,755 9 Germany 36,834 29,902 22,431 28,891 26,156 26,072 23,344 21,101 22,103 22,431 10 Greece 646 330 459 330 393 438 408 388 331 459 11 Italy 7,629 4,205 3,768 4,378 5,568 4,442 4,942 3,984 3,945 3,768 12 Luxembourg2 n.a. 1,267 3,407 3,547 3,526 3,067 2,847 2,818 3,224 3,407 13 Netherlands 17,043 15,908 23,118 16,421 13,660 18,232 17,691 13,284 15,572 23,118 14 Norway 5,012 6,236 13,885 8,513 9,420 10,578 11,036 11,848 11,464 13,885 IS Portugal 1,382 1,603 2,226 1,780 1,995 1,823 2,006 2,000 2,134 2,226 16 Russia 517 594 865 1,145 867 842 801 858 787 865 17 Spain 2,603 3,260 5,395 3,081 3,336 3,589 4,675 3,183 4,776 5,395 18 Sweden 9,226 12,544 15,326 13,814 14,932 14,618 13,970 15,366 15,239 15,326 19 Switzerland 82,085 87,333 127,118 119,244 87,969 106,281 103,920 184,039 134,425 127,118 20 Turkey 3,059 2,124 2,112 2,662 2,410 2,515 2,474 2,622 2,532 2,112 21 United Kingdom 144,938 201,183 174,711 203,608 198,133 202,178 194,757 195,816 183,482' 174,711 22 Channel Islands and Isle of Man3 n.a. 4,478 17,442 4,246 4,962 5,076 5,926 7,281 11,304' 17,442 23 Yugoslavia4 50 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 24 Other Europe and other former U.S.S.R.5 8,077 6,762 5,046 6,772 6,325 4,314 4,115 5,675 5,261' 5,046 25 Canada 39,837 54,421 61,662 60,591 63,235 60,310 62,836 57,522 59,896' 61,662 26 Latin America 76,561 69,762 56,682 66,851 63,194 62,214 60,377 59,261 58,227' 56,682 27 Argentina 11,519 10,763 6,783 11,019 8,202 8,090 7,663 7,608 7,253 6,783 ?8 Brazil 20,567 19,434 15,419 19,019 18,512 17,945 17,266 16,863 15,871 15,419 29 Chile 5,815 5,317 5,250 4,874 4,949 4,960 5,118 5,142 5,328 5,250 30 Colombia 4,370 3,602 2,614 3,266 3,216 3,158 3,078 2,834 2,758 2,614 31 Ecuador 635 495 457 500 462 479 467 451 451 457 32 Guatemala 1,244 1,495 892 882 871 861 925 907 889 892 33 Mexico 17,415 16,522 15,702 16,266 16,349 16,015 15,805 15,367 15,828 15,702 34 Panama 2,933 3,061 1,915 2,599 2,466 2,433 1,959 2,021 1,961 1,915 35 Peru 2,807 2,185 1,411 1,833 1,748 1,649 1,599 1,504 1,484 1,411 36 Uruguay 673 447 255 324 314 527 345 319 292 255 37 Venezuela 3,518 3,077 3,250 3,337 3,306 3,291 3,301 3,389 3,231 3,250 38 Other Latin America6 5,065 3,364 2,734 2,932 2,799 2,806 2,851 2,856 2,881' 2,734 39 Caribbean 319,403 370,945 356,876 374,959 345,580 367,915 347,755 356,635 372,513 356,876 40 Bahamas 114,090 101,034 95,553 108,369 96,886 95,704 91,146 96,126 93,814 95,553 41 Bermuda 9,260 7,900 9,902 11,088 11,723 11,847 11,304 12,196 9,902 9,902 42 British West Indies7 189,289 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 43 Cayman Islands7 n.a. 250,376 240,278 243,868 225,681 248,107 234,435 236,096 257,500' 240,278 44 Cuba 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 45 Jamaica 355 418 321 361 350 353 463 429 393 321 46 Netherlands Antilles 5,801 6,729 6,690 6,859 6,387 7,334 6,194 7,427 6,744 6,690 47 Trinidad and Tobago 608 931 889 862 881 877 916 920 912' 889 48 Other Caribbean6 n.a. 3,557 3,243 3,552 3,672 3,693 3,297 3,441 3,248 3,243 49 77,829 85,882 93,674 92,508 99,551 100,484 112,440 109,359 104,181 93,674 China 50 Mainland 1,606 2,073 1,057 6,047 7,832 5,904 7,256 8,515 6,575 1,057 51 Taiwan 2,247 4,407 3,772 6,531 6,954 7,443 8,656 8,599 7,034 3,772 52 Hong Kong 6,669 9,995 7,260 5,596 6,614 6,531 8,481 5,778 6,849 7,260 53 India 2,178 1,348 1,235 1,462 1,083 1,293 1,258 999 921 1,235 54 Indonesia 1,914 1,752 1,238 1,571 1,553 1,457 1,426 1,390 1,360 1,238 55 Israel 2,729 4,396 4,660 3,411 4,647 4,952 5,067 4,710 3,836 4,660 56 Japan 34,974 34,125 47,612 36,413 35,947 37,559 45,058 42,252 47,071 47,612 57 Korea (South) 7,776 10,622 11,326 14,990 18,065 18,961 17,404 19,439 14,293 11,326 58 Philippines 1,784 2,587 2,137 1,995 1,857 1,593 2,134 1,843 1,555 2,137 59 Thailand 1,381 2,499 1,167 730 1,160 1,175 1,841 1,205 756 1,167 60 Middle Eastern oil-exporting countries8 9,346 7,882 7,938 9,061 8,960 8,975 8,619 9,253 8,251 7,938 61 Other 5,225 4,196 4,272 4,701 4,879 4,641 5,240 5,376 5,680 4,272 62 2,094 2,095 1,975 2,069 1,914 1,887 1,891 l,818r 1,693' 1,975 63 Egypt 201 416 487 418 405 324 332 326 428 487 64 Morocco 204 106 53 79 77 72 58 50 52 53 65 South Africa 309 710 617 649 545 601 576 554 435 617 66 Congo (formerly Zaire) 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 67 Oil-exporting countries9 471 167 222 232 227 247 303 261 225 222 68 Other 909 696 596 691 660 643 622 627r 553' 596 69 Other countries 6,117 5,842 6,177 5,733 5,744 6,164 6,391 5,586 5,765 6,177 70 Australia 5,868 5,455 5,566 5,272 5,345 5,616 5,589 5,088 5,303 5,566 71 New Zealand10 n.a. 349 569 455 392 541 789 485 439 569 72 All other 249 38 42 6 7 7 13 13 23 42 73 Nonmonetary international and regional organizations" . . 4,686 4,946 3,677 4,246 4,636 4,247 2,638 2,700 3,318 3,677 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 • April 2003 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 June July Aug. Sept. Oct. Nov. Dec.f 1 Total 1,095,869 1,254,863 1,322,094 1,252,079 2 Banks' claims 904,642 1,055,069 1,065,061 1,111,028 1,048,304 1,086,297 1,064,643 1,136,002 1,096,237' 1,065,061 3 Foreign public borrowers 37,907 49,404 48,749 51,250 61,067 61,541 61,297 63,404 56,27A 48,749 4 Own foreign offices2 630,137 749,124 771,822 793,890 720,252 758,173 734,051 807,006 777,049' 771,822 5 Unaffiliated foreign banks 95,243 100,367 80,920 92,152 91,946 86,225 94,274 94,610 98,792 80,920 6 Deposits 23,886 26,189 20,671 24,012 24,449 19,051 24,213 26,742 28,210 20,671 7 Other 71,357 74,178 60,249 68,140 67,497 67,174 70,061 67,868 70,582 60,249 8 All other foreigners 141,355 156,174 163,570 173,736 175,039 180,358 175,021 170,982 164,126' 163,570 9 Claims of banks' domestic customers3 191,227 199,794 211,066 187,436 10 Deposits 100,352 93,565 94,129 86,455 11 Negotiable and readily transferable instruments4 78,147 90,412 104,532 88,648 12 Outstanding collections and other claims 12,728 15,817 12,405 12,333 MEMO 13 Customer liability on acceptances 4,257 2,588 2,356 2,353 14 Banks' loans under resale agreements5 n.a. 137,655 158,ioi 152,383 162,975 164,355 159,880 159,662 148,438 158,ioi 15 Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States6 53,153 60,745 44,316 60,480 57,572 53,100 52,470 55,284 46,840 44,316 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank-Reported Data A51 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 Dec. Mar. June Sept.P 1 Total 250,418 267,082 274,009 305,326 307,305 316,596 330,137 By borrower 2 Maturity of one year or less 186,526 187,894 186,103 200,240 187,488 202,952 214,599 3 Foreign public borrowers 13,671 22,811 21,399 27,501 26,736 26,781 32,106 4 All other foreigners 172,855 165,083 164,704 172,739 160,752 176,171 182,493 5 Maturity of more than one year 63,892 79,188 87,906 105,086 119,817 113,644 115,538 6 Foreign public borrowers 9,839 12,013 15,838 21,324 28,167 23,939 28,751 7 All other foreigners 54,053 67,175 72,068 83,762 91,650 89,705 86,787 By area Maturity of one year or less 8 Europe 68,679 80,842 142,464 83,233 79,182 82,220 86,522 9 Canada 10,968 7,859 8,323 10,072 7,733 8,069 6,357 10 Latin America and Caribbean 81,766 69,498 151,840 70,648 68,824 78,762 80,156 11 Asia 18,007 21,802 43,371 29,693 24,553 28,375 36,608 12 Africa 1,835 1,122 2,263 1,104 1,124 918 896 13 All other3 5,271 6,771 11,717 5,490 6,072 4,611 4,060 Maturity of more than one year 14 Europe 14,923 22,951 57,770 34,230 43,284 39,208 38,571 15 Canada 3,140 3,192 3,174 3,633 3,623 3,480 4,146 16 Latin America and Caribbean 33,442 39,051 82,684 47,382 48,744 51,292 47,961 17 Asia 10,018 11,257 19,536 15,190 19,553 15,025 20,720 18 Africa 1,232 1,065 1,567 769 720 907 812 19 All other3 1,137 1,672 5,954 3,882 3,893 3,732 3,328 Note. Owing to changes in reporting requirements, this table will be discontinued in the 2. Maturity is time remaining until maturity, third quarter of 2003 after publication of the end-December 2003 data. 3. Includes nonmonetary international and regional organizations. 1. Reporting banks include 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

A52 International Statistics • April 2003 3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States Millions of dollars, end of period 2001 2002 TTyyppee ooff lliiaabbiilliittyy,, aanndd aarreeaa oorr ccoouunnttrryy 11999988 11999999 22000000 June Sept. Dec. Mar. June Sept.P 1 Total 46,570 53,044 73,904 68,028 53,526 66,718 74,280 70,179 68,366 2 Payable in dollars 36,668 37,605 48,931 41,734 35,347 42,957 47,050 48,103 44,969 3 Payable in foreign currencies 9,902 15,415 24,973 26,294 18,179 23,761 27,230 22,076 23,397 BY type 4 Financial liabilities 19,255 27,980 47,419 41,908 27,502 41,034 45,833 42,365 40,879 5 Payable in dollars 10,371 13,883 25,246 17,655 11,415 18,763 20,367 21,892 18,775 6 Payable in foreign currencies 8,884 14,097 22,173 24,253 16,087 22,271 25,466 20,473 22,104 7 Commercial liabilities 27,315 25,064 26,485 26,120 26,024 25,684 28,447 27,814 27,487 8 Trade payables 10,978 12,857 14,293 13,127 11,740 11,820 14,872 13,959 13,712 9 Advance receipts and other liabilities 16,337 12,207 12,192 12,993 14,284 13,864 13,575 13,855 13,775 10 Payable in dollars 26,297 23,722 23,685 24,079 23,932 24,194 26,683 26,211 26,194 11 Payable in foreign currencies 1,018 1,318 2,800 2,041 2,092 1,490 1,764 1,603 1,293 By area or country Financial liabilities 12 Europe 12,589 23,241 34,172 32,785 22,083 31,806 38,942 34,682 34,511 13 Belgium and Luxembourg 79 31 147 98 76 154 119 120 232 14 France 1,097 1,659 1,480 1,222 1,538 2,841 3,531 4,071 3,517 15 Germany 2,063 1,974 2,168 2,463 1,994 2,344 2,982 2,622 2,865 16 Netherlands 1,406 1,996 2,016 1,763 1,998 1,954 1,951 1,939 1,918 17 Switzerland 155 147 104 93 92 94 84 61 61 18 United Kingdom 5,980 16,521 26,362 25,363 14,819 22,852 28,180 23,859 23,125 19 Canada 693 284 411 628 436 955 942 946 457 20 Latin America and Caribbean 1,495 892 4,125 2,100 414 2,858 1,547 1,832 1,088 21 Bahamas 7 1 6 40 5 157 5 5 0 22 Bermuda 101 5 1,739 461 47 960 836 626 588 23 Brazil 152 126 148 21 22 35 35 38 65 24 British West Indies 957 492 406 1,508 243 1,627 612 1,000 377 25 Mexico 59 25 26 20 24 36 27 25 26 26 Venezuela 2 0 2 1 3 2 1 5 1 27 Asia 3,785 3,437 7,965 5,639 3,869 5,042 4,010 4,491 4,442 28 Japan 3,612 3,142 6,216 3,297 3,442 3,269 3,299 2,387 2,447 29 Middle Eastern oil-exporting countries' 0 4 11 8 9 10 15 14 16 30 Africa 28 28 52 61 59 53 122 120 128 31 Oil-exporting countries2 0 0 0 0 5 5 91 91 91 32 All other3 665 98 694 695 672 320 270 294 253 Commercial liabilities 33 Europe 10,030 9,262 9,629 8,723 8,855 9,230 8,372 8,468 8,704 34 Belgium and Luxembourg 278 140 293 297 160 99 105 94 134 35 France 920 672 979 665 892 735 701 827 709 36 Germany 1,392 1,131 1,047 1,017 966 908 584 570 856 37 Netherlands 429 507 300 343 343 1,163 463 765 1,182 38 Switzerland 499 626 502 697 683 790 637 749 592 39 United Kingdom 3,697 3,071 2,847 2,706 2,296 2,280 2,747 2,551 2,288 40 Canada 1,390 1,775 1,933 1,957 1,569 1,633 1,798 2,027 1,672 41 Latin America and Caribbean 1,618 2,310 2,381 2,293 2,879 2,729 3,454 2,746 2,850 42 Bahamas 14 22 31 31 44 52 23 12 14 43 Bermuda 198 152 281 367 570 591 433 422 468 44 Brazil 152 145 114 279 312 290 277 320 290 45 British West Indies 10 48 76 21 28 45 67 46 47 46 Mexico 347 887 841 762 884 901 1,457 958 997 47 Venezuela 202 305 284 218 242 166 281 204 327 48 Asia 12,342 9,886 10,983 11,384 11,114 10,532 12,969 12,693 12,313 49 Japan 3,827 2,609 2,757 2,377 2,421 2,592 4,281 4,143 4,041 50 Middle Eastern oil-exporting countries' 2,852 2,551 2,832 3,087 3,053 2,642 3,142 3,259 3,669 51 Africa 794 950 948 1,115 938 836 976 916 876 52 Oil-exporting countries2 393 499 483 539 471 436 454 349 445 53 Other3 1,141 881 614 648 669 724 878 964 1,072 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 2001 2002 TTyyppee ooff ccllaaiimm,, aanndd aarreeaa oorr ccoouunnttrryy 11999988 11999999 22000000 June Sept. Dec. Mar. June Sept.p 1 Total 77,462 76,669 90,157 97,470 94,076 113,155 115,743 116,137 112,114 2 Payable in dollars 72,171 69,170 79,558 87,690 83,292 103,937 106,171 107,095 103,892 3 Payable in foreign currencies 5,291 7,472 10,599 9,780 10,784 9,218 9,572 9,042 8,222 By type 4 Financial claims 46,260 40,231 53,031 61,891 60,015 81,287 85,381 87,324 84,033 5 Deposits 30,199 18,566 23,374 25,381 22,391 29,801 41,813 42,136 38,074 6 Payable in dollars 28,549 16,373 21,015 23,174 19,888 27,850 40,002 40,323 36,382 7 Payable in foreign currencies 1,650 2,193 2,359 2,207 2,503 1,951 1,811 1,813 1,692 8 Other financial claims 16,061 21,665 29,657 36,510 37,624 51,486 43,568 45,188 45,959 9 Payable in dollars 14,049 18,593 25,142 32,038 32,076 46,621 39,553 41,875 42,734 10 Payable in foreign currencies 2,012 3,072 4,515 4,472 5,548 4,865 4,015 3,313 3,225 11 Commercial claims 31,202 36,438 37,126 35,579 34,061 31,868 30,362 28,813 28,081 12 Trade receivables 27,202 32,629 33,104 30,631 29,328 27,586 25,597 24,252 23,506 13 Advance payments and other claims 4,000 3,809 4,022 4,948 4,733 4,282 4,765 4,561 4,575 14 Payable in dollars 29,573 34,204 33,401 32,478 31,328 29,466 26,616 24,897 24,776 15 Payable in foreign currencies 1,629 2,207 3,725 3,101 2,733 2,402 3,746 3,916 3,305 By area or country Financial claims 16 Europe 12,294 13,023 23,136 23,975 23,069 26,118 35,933 36,863 31,967 17 Belgium and Luxembourg 661 529 296 262 372 625 751 797 656 18 France 864 967 1,206 1,376 1,682 1,450 3,489 3,921 3,854 19 Germany 304 504 848 1,163 1,112 1,068 4,114 3,972 4,292 20 Netherlands 875 1,229 1,396 1,072 954 2,138 3,253 3,995 4,024 ?1 Switzerland 414 643 699 653 665 589 308 1,010 1,135 22 United Kingdom 7,766 7,561 15,900 15,913 15,670 16,510 17,910 16,037 11,310 23 Canada 2,503 2,553 4,576 4,787 4,254 6,193 5,471 5,537 5,485 74 Latin America and Caribbean 27,714 18,206 19,317 24,403 26,099 41,201 35,001 37,511 38,822 75 Bahamas 403 1,593 1,353 818 649 976 1,197 1,332 715 76 Bermuda 39 11 19 426 80 918 611 704 1,157 77 Brazil 835 1,476 1,827 1,877 2,065 2,127 1,892 2,036 2,226 78 British West Indies 24,388 12,099 12,596 17,505 19,234 32,965 27,350 29,591 30,859 79 Mexico 1,245 1,798 2,448 2,633 2,910 3,075 2,777 2,823 2,871 30 Venezuela 55 48 87 66 80 83 79 60 71 31 Asia 3,027 5,457 4,697 6,829 5,274 6,430 6,489 5,826 6,121 32 Japan 1,194 3,262 1,631 1,698 1,761 1,604 2,009 1,093 1,074 33 Middle Eastern oil-exporting countries1 9 23 80 76 100 135 79 78 88 34 Africa 159 286 411 476 456 414 390 431 379 35 Oil-exporting countries2 16 15 57 35 83 49 51 64 29 36 All other3 563 706 894 1,421 891 931 2,097 1,156 1,259 Commercial claims 37 Europe 13,246 16,389 15,938 14,469 14,381 14,036 12,708 11,861 11,971 38 Belgium and Luxembourg 238 316 452 403 354 268 272 207 253 39 France 2,171 2,236 3,095 3,190 3,062 2,922 2,883 2,828 2,972 40 Germany 1,822 1,960 1,982 1,993 1,977 1,662 1,198 1,163 1,158 41 Netherlands 467 1,429 1,729 863 844 529 415 379 409 42 Switzerland 483 610 763 473 514 611 436 472 403 43 United Kingdom 4,769 5,827 4,502 3,724 3,571 3,839 3,579 3,387 3,206 44 Canada 2,617 2,757 3,502 3,470 3,116 2,855 2,760 2,752 2,619 45 Latin America and Caribbean 6,296 5,959 5,851 6,033 5,590 4,874 4,891 4,520 4,351 46 Bahamas 24 20 37 39 35 42 42 28 32 47 Bermuda 536 390 376 650 526 369 422 214 270 48 Brazil 1,024 905 957 1,363 1,183 958 837 829 866 49 British West Indies 104 181 137 135 124 95 73 26 12 50 Mexico 1,545 1,678 1,507 1,375 1,442 1,401 1,225 1,283 1,180 51 Venezuela 401 439 328 321 301 288 312 316 350 52 7,192 9,165 9,630 9,499 8,704 7,855 7,513 7,309 6,769 53 Japan 1,681 2,074 2,796 3,148 2,438 2,007 1,975 2,064 2,083 54 Middle Eastern oil-exporting countries' 1,135 1,625 1,024 1,040 919 851 657 889 819 55 Africa 711 631 672 601 838 645 630 604 637 56 Oil-exporting countries2 165 171 180 102 170 88 109 93 107 57 Other3 1,140 1,537 1,572 1,507 1,432 1,603 1,860 1,767 1,734 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 • April 2003 3.24 FOREIGN TRANSACTIONS IN SECURITIES Millions of dollars 2002 2002 TTrraannssaaccttiioonn,, aanndd aarreeaa oorr ccoouunnttrryy 22000011 22000022 Jan.- Dec. June July Aug. Sept. Oct. Nov. Dec.P U.S. corporate securities STOCKS 1 Foreign purchases 3,051,332 3,158,811 3,158,811 248,561 318,210 257,265 206,729 297,181 264,359' 216,659 2 Foreign sales 2,934,942 3,109,280 3,109,280 244,551 308,557 252,651 213,195 293,565 257,879' 214,243 3 Net purchases, or sales (-) 116,390 49,531 49,531 4,010 9,653 4,614 -6,466 3,616 6,480 2,416 4 Foreign countries 116,187 49,585 49,585 3,994 9,580 4,603 -6,451 3,610 6,473 2,400 5 Europe 88,099 33,143 33,143 -656 3,204 3,830 -5,154 2,187 4,407 4,883 6 France 5,914 2,128 2,128 -1,249 38 942 -936 982 -323 676 / Germany 8,415 -122 -122 -131 -595 -328 -1,175 276 31 518 8 Netherlands 10,919 4,544 4,544 36 1,440 900 4 760 629 792 y Switzerland 3,456 2,678 2,678 -710 -341 -306 -949 -176 1,581 909 10 United Kingdom 38,493 15,322 15,322 1,115 1,828 2,801 -1,232 1,403 2,062' 784 n Channel Islands and Isle of Man1 -698 -255 -255 -2 73 -47 -21 94 23' -22 12 Canada 10,984 7,453 7,453 373 1,939 1,336 -772 342 47 746 13 Latin America and Caribbean -5,154 -15,477 -15,477 -673 -1,319 -3,849 -2,903 -2,874 2,692 -2,348 14 Middle East2 1,789 -1,295 -1,295 198 43 -58 46 -90 -232 71 15 Other Asia 20,726 22,667 22,667 3,986 4,755 3,231 2,012 3,985 -775 -894 16 Japan 6,788 12,337 12,337 3,193 3,660 2,249 238 -7 -961 -1,131 17 -366 -80 -80 -1 3 -34 36 -22 -16 -20 18 Other countries 109 3,174 3,174 767 955 147 284 82 350 -38 19 Nonmonetary international and regional organizations 203 -53 -53 16 73 11 -15 6 7 16 BONDS3 20 Foreign purchases 1,942,690 2,545,007 2,545,007 204,478 221,130 220,918 208,602 217,402 259,305' 207,380 21 Foreign sales 1,556,745 2,171,078 2,171,078 171,609 205,389 189,016 183,671 185,366 218,351' 178,231 22 Net purchases, or sales (-) 385,945 373,929 373,929 32,869 15,741 31,902 24,931 32,036 40,954' 29,149 23 Foreign countries 385,380 373,650 373,650 32,694 16,072 31,871 25,022 31,632 40,914' 28,963 24 Europe 195,412 163,795 163,795 19,905 3,253 10,891 11,758 16,532 17,116' 10,805 25 France 5,028 3,744 3,744 458 183 483 252 1,089 383' -434 26 Germany 12,362 5,155 5,155 691 693 366 -390 -71 558' 1,249 21 Netherlands 1,538 -431 —4-31 -518 393 55 -35 149 -61' -19 28 Switzerland 5,721 8,521 8,521 1,109 1,406 1,825 356 355 743' 304 29 United Kingdom 152,772 106,089 106,089 12,902 -233 3,690 7,374 9,852 8,812' 7,047 30 Channel Islands and Isle of Man1 2,000 11,173 11,173 -14 -20 1,203 1,342 2,239 4,917 959 31 Canada 4,595 -1,047 -1,047 925 -610 166 -383 540 -757 -2,180 32 Latin America and Caribbean 77,019 82,833 82,833 2,936 1,840 9,706 3,464 4,339 5,471 7,379 33 Middle East2 2,338 2,274 2,274 24 125 578 40 196 387r -120 34 Other Asia 106,400 121,439 121,439 8,521 10,336 9,026 9,602 10,126 18,374 12,944 35 Japan 33,687 48,451 48,451 3,290 4,754 1,975 6,135 5,505 10,456 4,863 36 760 860 860 330 112 77 171 -18 56 28 3/ Other countries -1,144 3,496 3,496 53 1,016 1,427 370 -83 267 107 38 Nonmonetary international and regional organizations 566 279 279 175 -331 31 -91 404 40 186 Foreign securities 39 Stocks, net purchases, or sales (-) -50,113 -2,287 -2,287 -5,019 13,299 3,061 790 -6,196 -1,004 -2,713 40 Foreign purchases 1,397,664 1,257,735 1,257,735 111,483 139,307 92,731 87,080 100,708r 101,780' 81,804 41 Foreign sales 1,447,777 1,260,022 1,260,022 116,502 126,008 89,670 86,290 106,904r 102,784' 84,517 42 Bonds, net purchases, or sales (-) 30,502 28,126 28,126 5,574 7,722 -1,749 1,064 6,920 2,269 -5,437 43 Foreign purchases 1,160,102 1,377,017 1,377,017 118,965 120,870 112,167 126,078 123,139 137,931' 117,917 44 Foreign sales 1,129,600 1,348,891 1,348,891 113,391 113,148 113,916 125,014 116,219 135,662' 123,354 45 Net purchases, or sales (-), of stocks and bonds -19,611 25,839 25,839 555 21,021 1,312 1,854 724 1,265 -8,150 46 Foreign countries -19,023 25,873 25,873 589 21,111 1,287 1,876 671 1,277 -8,164 47 Europe -12,108 14,629 14,629 -1,666 11,479 568 1,420 679 6,119 -9,337 48 Canada 2,943 4,698 4,698 2,239 1,917 4 -585 -1,326 -204 712 49 Latin America and Caribbean 4,315 4,564 4,564 2,621 1,897 -755 -521 -32 518 1,045 50 -11,869 1,584 1,584 342 4,990 1,028 1,018 1,694 -5,256 -987 5) Japan -20,116 -9,119 -9,119 -871 3,453 379 -862 13 -6,617 -2,039 52 -557 -383 -383 8 205 393 -39 104 100 40 53 Other countries -1,747 783 783 45 623 49 583 -148 0 363 54 Nonmonetary international and regional organizations -587 -37 -37 -34 -90 25 -22 53 -12 14 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 22000011 22000022 J D a e n c .- . June July Aug. Sept. Oct. Nov.' Dec.p 1 Total estimated 18,514 83,202 83,202 8,408 18,097 -3,226 31,141 6,742r 21,097 14,290 2 Foreign countries 19,200 81,245 81,245 8,210 18,331 -3,639 31,106 5,994r 21,177 13,961 3 Europe -20,604 1,627 1,627 -3,208 608 -6,859 11,087 838r 8,847 3,186 4 Belgium2 -598 1,741 1,741 298 252 1,349 -138 -210 513 -193 5 Germany -1,668 -6,709 -6,709 -867 -3,725 -2,599 -1,096 ^169 1,658 1,610 6 Luxembourg2 462 -1,609 -1,609 85 -84 -14 -265 61 -139 -201 7 Netherlands -6,728 -15,929 -15,929 -1,343 171 -700 1,436 -2,856 1,427 3,261 8 Sweden -1,190 2,924 2,924 192 -169 471 234 -203 1,652 902 9 Switzerland 1,412 -508 -508 359 246 -705 1,150 -1,727 2,389 -2,543 10 United Kingdom -7,279 21,924 21,924 -1,396 6,515 ^1,878 12,703 5,071r -45 -2,739 11 Channel Islands and Isle of Man3 -179 714 714 793 177 444 -43 -116 -299 -84 12 Other Europe and former U.S.S.R -4,836 -921 -921 -1,329 -2,775 -227 -2,894 1,287' 1,691 3,173 13 Canada -1,634 -2,392 -2,392 -1,886 -1,327 -1,558 2,236 -2,449 3,165 1,028 14 Latin America and Caribbean 4,272 22,027 22,027 6,469 4,745 -11,841 7,753 7,219 -1,758 6,074 15 Venezuela 290 -59 -59 160 -58 -15 -79 5 -1 -73 16 Other Latin America and Caribbean 14,726 22,866 22,866 3,385 3,879 -7,444 5,516 4,485 319 1,652 17 Netherlands Antilles -10,744 -780 -780 2,924 924 -4,382 2,316 2,729 -2,076 4,495 18 36,332 55,403 55,403 6,020 13,230 16,024 9,987 -54' 10,607 3,626 19 Japan 16,114 29,731 29,731 2,499 7,691 6,676 13,096 -1,313 2,120 2,731 70 Africa -880 841 841 299 112 495 -93 12 -17 90 21 Other 1,714 3,739 3,739 516 963 100 136 428 333 -43 22 Nonmonetary international and regional organizations -686 1,957 1,957 198 -234 413 35 748 -80 329 23 International -290 1,642 1,642 -21 -64 418 ^15 329 314 164 24 Latin American Caribbean regional 41 -3 -3 28 11 -4 29 4 -19 0 MEMO 25 Foreign countries 19,200 81,245 81,245 8,210 18,331 -3,639 31,106 5,994' 21,177 13,961 76 Official institutions 3,474 15,286 15,286 2,161 -5,268 635 -3,511 -553 16,577 6,708 27 Other foreign 15,726 65,959 65,959 6,049 23,599 -4,274 34,617 6,547' 4,600 7,253 Oil-exporting countries 78 Middle East4 865 -4,062 -4,062 -148 -1,133 -808 -412 913 -139 -3,815 29 -2 29 29 0 0 -2 -1 0 1 55 1. Official and private transactions in marketable U.S. Treasury securities having an 3. Before January 2001, these data were included in the data reported for the United original maturity of more than one year. Data are based on monthly transactions reports. Kingdom. Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign 4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab countries. Emirates (Trucial States). 2. Before January 2001, combined data reported for Belgium and Luxembourg. 5. Comprises Algeria, Gabon, Libya, and Nigeria. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A56 International Statistics • April 2003 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 2003 Sept. Oct. Nov. Dec. Jan. Feb. Exchange rates COUNTRY/CURRENCY UNIT 1 Australia/dollar2 58.15 51.69 54.37 54.65 55.02 56.13 56.24 58.29 59.56 2 Brazil/real 1.8301 2.3527 2.9213 3.3548 3.7966 3.5924 3.6268 3.4375 3.5955 3 Canada/dollar 1.4855 1.5487 1.5704 1.5761 1.5780 1.5715 1.5592 1.5414 1.5121 4 China, P.R./yuan 8.2784 8.2770 8.2770 8.2760 8.2772 8.2772 8.2777 8.2775 8.2780 5 Denmark/krone 8.0953 8.3323 7.8862 7.5752 7.5732 7.4201 7.2874 6.9980 6.8920 6 European Monetary Union/euro3 0.9232 0.8952 0.9454 0.9806 0.9812 1.0013 1.0194 1.0622 1.0785 7 Greece/drachma 365.92 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8 Hong Kong/dollar 7.7924 7.7997 7.7997 7.7999 7.7995 7.7994 7.7988 7.7994 7.7995 9 India/rupee 45.00 47.22 48.63 48.46 48.39 48.29 48.15 47.96 47.75 10 Japan/yen 107.80 121.57 125.22 121.08 123.91 121.61 121.89 118.81 119.34 11 Malaysia/ringgit 3.8000 3.8000 3.8000 3.8000 3.8000 3.8000 3.8000 3.8000 3.8000 12 Mexico/peso 9.459 9.337 9.663 10.071 10.094 10.195 10.225 10.622 10.945 13 New Zealand/dollar2 45.68 42.02 46.45 47.02 48.18 49.73 51.08 53.98 55.39 14 Norway/krone 8.8131 8.9964 7.9839 7.5018 7.4873 7.3157 7.1557 6.9138 7.0004 15 Singapore/dollar 1.7250 1.7930 1.7908 1.7682 1.7843 1.7653 1.7532 1.7363 1.7451 16 South Africa/rand 6.9468 8.6093 10.5176 10.5967 10.3058 9.6509 8.9479 8.6949 8.2858 17 South Korea/won 1,130.90 1,292.01 1,250.31 1,211.61 1,240.19 1,210.20 1,206.61 1,176.45 1,190.37 18 Sri Lanka/rupee 76.964 89.602 95.773 96.207 96.402 96.426 96.705 96.813 96.880 19 Sweden/krona 9.1735 10.3425 9.7233 9.3400 9.2846 9.0652 8.9303 8.6368 8.4837 20 Switzerland/franc 1.6904 1.6891 1.5567 1.4931 1.4932 1.4658 1.4388 1.3765 1.3602 21 Taiwan/dollar 31.260 33.824 34.536 34.573 34.947 34.673 34.799 34.571 34.734 21 Thailand/baht 40.210 44.532 43.019 42.893 43.641 43.353 43.318 42.773 42.897 23 United Kingdom/pound2 151.56 143.96 150.25 155.63 155.75 157.11 158.63 161.75 160.79 24 Venezuela/bolivar 680.52 724.10 1,161.19 1,458.39 1,440.50 1,358.61 1,328.29 1,714.45 1,736.21 Indexes4 NOMINAL 25 Broad (January 1997=100)5 119.68 126.08 127.19 126.65 127.63 126.33 125.70 124.21 124.12 26 Major currencies (March 1973=100)6 98.31 104.28 102.85 100.43 100.93 99.53 98.62 96.03 95.02 27 Other important trading partners (January 1997=100)7 130.34 136.36 141.42 144.10 145.69 144.85 144.87 145.72 147.35 REAL 28 Broad (March 1973=100)5 104.59' 110.61' 110.99' 110.66' 111.36' 109.85' 108.99' 107.91' 107.68 29 Major currencies (March 1973=100)6 103.62' 111.06' 109.68' 107.23' 107.75' 106.16' 104.91' 102.43' 101.48 30 Other important trading partners (March 1973=100)7 114.54 119.19 122.00' 124.48' 125.48' 123.95' 123.58' 124.43' 125.25 1. Averages of certified noon buying rates in New York for cable transfers. Data in this 4. Starting with the March 2003 Bulletin, revised index values resulting from the periodic table also appear in the Board's G.5 (405) monthly statistical release. For ordering address, revision of data that underlie the calculated trade weights are reported. For more information see inside front cover. on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol. 2. U.S. cents per currency unit. 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 December 31, 2001 May 2002 A64 March 31,2002 August 2002 A58 June 30, 2002 November 2002 A58 September 30, 2002 February 2003 A58 Terms of lending at commercial banks February 2002 May 2002 A66 May 2002 August 2002 A60 August 2002 November 2002 A60 November 2002 February 2003 A60 Assets and liabilities of U.S. branches and agencies of foreign banks December 31, 2001 May 2002 A72 March 31, 2002 August 2002 A66 June 30, 2002 November 2002 A66 September 30, 2002 February 2003 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 1988-2000 September 2001 A64 1989-2001 September 2002 A58 Disposition of applications for private mortgage insurance 1997-2000 September 2001 A73 1998-2001 September 2002 A67 Small loans to businesses and farms 1996-2000 September 2001 A76 1996-2001 September 2002 A70 Community development lending reported under the Community Reinvestment Act 2000 September 2001 A79 2001 September 2002 A73 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 December 2002 A66 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

101 Federal Reserve Bulletin • April 2003 Index to Statistical Tables References are to pages A3-A56, although the prefix "A" is omitted in this index. ACCEPTANCES, bankers (See Bankers acceptances) Federal National Mortgage Association, 28, 32, 33 Assets and liabilities (See also Foreigners) Federal Reserve Banks Commercial banks, 15-21 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-related institutions, 20 Federal Reserve credit, 5, 6, 10, 12 Automobiles Federal Reserve notes, 10 Consumer credit, 34 Federally sponsored credit agencies, 28 Production, 42, 43 Finance companies Assets and liabilities, 30 Business credit, 31 BANKERS acceptances, 5, 10 Loans, 34 Bankers balances, 15-21 {See also Foreigners) Paper, 22, 23 Bonds (See also U.S. government securities) Float, 5 New issues, 29 Rates, 23 Flow of funds, 35-39 Foreign currency operations, 10 Business loans (See Commercial and industrial loans) Foreign deposits in U.S. banks, 5 Foreign exchange rates, 56 CAPACITY utilization, 40, 41 Foreign-related institutions, 20 Capital accounts Foreigners Commercial banks, 15-21 Claims on, 46, 49-51, 53 Federal Reserve Banks, 10 Liabilities to, 45^18, 52, 54, 55 Certificates of deposit, 23 Commercial and industrial loans Commercial banks, 15-21 GOLD Weekly reporting banks, 17, 18 Certificate account, 10 Commercial banks Stock, 5, 45 Assets and liabilities, 15-21 Government National Mortgage Association, 28, 32, 33 Commercial and industrial loans, 15-21 Consumer loans held, by type and terms, 34 INDUSTRIAL production, 42, 43 Real estate mortgages held, by holder and property, 33 Insurance companies, 25, 33 Time and savings deposits, 4 Interest rates Commercial paper, 22, 23, 30 Bonds, 23 Condition statements (See Assets and liabilities) Consumer credit, 34 Consumer credit, 34 Federal Reserve Banks, 7 Corporations Money and capital markets, 23 Security issues, 29, 55 Mortgages, 32 Credit unions, 34 Prime rate, 22 Currency in circulation, 5, 13 International capital transactions of United States, 44-55 Customer credit, stock market, 24 International organizations, 46, 47, 49, 52, 53 Investment companies, issues and assets, 30 Investments (See also specific types) DEBT (See specific types of debt or securities) Commercial banks, 4, 15-21 Demand deposits, 15—21 Federal Reserve Banks, 10, 11 Depository institutions Financial institutions, 33 Reserve requirements, 8 Reserves and related items, 4-6, 12 Deposits (See also specific types) LIFE insurance companies (See Insurance companies) Commercial banks, 4, 15-21 Loans (See also specific types) Federal Reserve Banks, 5, 10 Commercial banks, 15-21 Discount rates at Reserve Banks and at foreign central banks and Federal Reserve Banks, 5-7, 10, 11 foreign countries (See Interest rates) Financial institutions, 33 Discounts and advances by Reserve Banks (See Loans) Insured or guaranteed by United States, 32, 33 EURO, 56 MANUFACTURING Capacity utilization, 40, 41 Production, 42, 43 FARM mortgage loans, 33 Margin requirements, 24 Federal agency obligations, 5, 9-11, 26, 27 Member banks, reserve requirements, 8 Federal credit agencies, 28 Mining production, 43 Federal finance Monetary and credit aggregates, 4, 12 Debt subject to statutory limitation, and types and ownership of Money and capital market rates, 23 gross debt, 25 Money stock measures and components, 4, 13 Federal Financing Bank, 28 Mortgages (See Real estate loans) Federal funds, 23 Mutual funds, 13, 30 Federal Home Loan Banks, 28 Federal Home Loan Mortgage Corporation, 28, 32, 33 Federal Housing Administration, 28, 32, 33 Mutual savings banks (See Thrift institutions) Federal Land Banks, 33 OPEN market transactions, 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

103 Federal Reserve Bulletin • April 2003 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 INTERNATIONAL FINANCE DONALD J. WINN, Assistant to the Board and Director KAREN H. JOHNSON, Director LYNN S. FOX, Assistant to the Board DAVID H. HOWARD, Deputy Director MICHELLE A. SMITH, Assistant to the Board THOMAS A. CONNORS, Associate Director WINTHROP R HAMBLEY, Deputy Congressional Liaison DALE W. HENDERSON, Senior Adviser JOHN LOPEZ, Special Assistant to the Board RICHARD T. FREEMAN, Deputy Associate Director ROSANNA PIANALTO-CAMERON, Special Assistant to the Board STEVEN B. KAMIN, Deputy Associate Director DAVID W. SKIDMORE, Special Assistant to the Board WILLIAM L. HELKIE, Senior Adviser JON W. FAUST, Assistant Director LEGAL DIVISION JOSEPH E. GAGNON, Assistant Director J. VIRGIL MATTINGLY, JR., General Counsel WILLENE A. JOHNSON, Adviser SCOTT G. ALVAREZ, Associate General Counsel MICHAEL P. LEAHY, Assistant Director RICHARD M. ASHTON, Associate General Counsel D. NATHAN SHEETS, Assistant Director STEPHANIE MARTIN, Associate General Counsel RALPH W. TRYON, Assistant Director KATHLEEN M. O'DAY, Associate General Counsel ANN E. MISBACK, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS STEPHEN L. SICILIANO, Assistant General Counsel DAVID J. STOCKTON, Director KATHERINE H. WHEATLEY, Assistant General Counsel EDWARD C. ETTIN, Deputy Director CARY K. WILLIAMS, Assistant General Counsel DAVID W. WILCOX, Deputy Director MYRON L. KWAST, Associate Director OFFICE OF THE SECRETARY STEPHEN D. OLINER, Associate Director JENNIFER J. JOHNSON, Secretary PATRICK M. PARKINSON, Associate Director ROBERT DEV. FRIERSON, Deputy Secretary LAWRENCE SLIFMAN, Associate Director MARGARET M. SHANKS, Assistant Secretary CHARLES S. STRUCKMEYER, Associate Director JOYCE K. ZICKLER, Deputy Associate Director DIVISION OF BANKING SUPERVISION J. NELLIE LIANG, Assistant Director AND REGULATION S. WAYNE PASSMORE, Assistant Director RICHARD SPILLENKOTHEN, Director DAVID L. REIFSCHNEIDER, Assistant Director STEPHEN C. SCHEMERING, Deputy Director JANICE SHACK-MARQUEZ, Assistant Director HERBERT A. BIERN, Senior Associate Director WILLIAM L. WASCHER III, Assistant Director ROGER T. COLE, Senior Associate Director MARY M. WEST, Assistant Director WILLIAM A. RYBACK, Senior Associate Director ALICE PATRICIA WHITE, Assistant Director GERALD A. EDWARDS, JR., Associate Director GLENN B. CANNER, Senior Adviser STEPHEN M. HOFFMAN, JR., Associate Director DAVID S. JONES, Senior Adviser JAMES V. HOUPT, Associate Director THOMAS D. SIMPSON, Senior Adviser JACK R JENNINGS, Associate Director MICHAEL G. MARTINSON, Associate Director DIVISION OF MONETARY AFFAIRS MOLLY S. WASSOM, Associate Director HOWARD A. AMER, Deputy Associate Director VINCENT R. REINHART, Director NORAH M. BARGER, Deputy Associate Director DAVID E. LINDSEY, Deputy Director BETSY CROSS, Deputy Associate Director BRIAN F. MADIGAN, Deputy Director DEBORAH R BAILEY, Assistant Director WILLIAM C. WHITESELL, Deputy Associate Director BARBARA J. BOUCHARD, Assistant Director JAMES A. CLOUSE, Assistant Director ANGELA DESMOND, Assistant Director WILLIAM B. ENGLISH, Assistant Director JAMES A. EMBERSIT, Assistant Director RICHARD D. PORTER, Senior Adviser CHARLES H. HOLM, Assistant Director NORMAND R.V. BERNARD, Special Assistant to the Board WILLIAM G. SPANIEL, Assistant Director DAVID M. WRIGHT, Assistant Director WILLIAM C. SCHNEIDER, JR., Project Director, National Information Center Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

105 Federal Reserve Bulletin • April 2003 Federal Open Market Committee and Advisory Councils FEDERAL OPEN MARKET COMMITTEE MEMBERS ALAN GREENSPAN, Chairman WILLIAM J. MCDONOUGH, Vice Chairman SUSAN SCHMIDT BIES EDWARD M. GRAMLICH MICHAEL H. MOSKOW BEN S. BERNANKE JACK GUYNN MARK W. OLSON J. ALFRED BROADDUS, JR. DONALD L. KOHN ROBERT T. PARRY ROGER W. FERGUSON, JR. ALTERNATE MEMBERS THOMAS M. HOENIG SANDRA PIANALTO JAMIE B. STEWART, JR. CATHY E. MINEHAN WILLIAM POOLE STAFF VINCENT R. REINHART, Secretary and Economist CHRISTINE M. CUMMING, Associate Economist NORMAND R.V. BERNARD, Deputy Secretary ROBERT A. EISENBEIS, Associate Economist GARY P. GILLUM, Assistant Secretary MARVIN S. GOODFRIEND, Associate Economist MICHELLE A. SMITH, Assistant Secretary DAVID H. HOWARD, Associate Economist J. VIRGIL MATTINGLY, JR., General Counsel WILLIAM C. HUNTER, Associate Economist THOMAS C. BAXTER, JR., Deputy General Counsel JOHN P. JUDD, Associate Economist KAREN H. JOHNSON, Economist DAVID E. LINDSEY, Associate Economist DAVID J. STOCKTON, Economist CHARLES S. STRUCKMEYER, Associate Economist THOMAS A. CONNORS, Associate Economist DAVID W. WILCOX, Associate Economist DINO KOS, Manager, System Open Market Account FEDERAL ADVISORY COUNCIL L. PHILLIP HUMANN, President ALAN G. MCNALLY, 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 JERRY A. GRUNDHOFER, Ninth District MARTIN G. MCGUINN, Fourth District CAMDEN R. FINE, Tenth District FRED L. GREEN III, Fifth District GAYLE M. EARLS, Eleventh District L. PHILLIP HUMANN, Sixth District MICHAEL E. O'NEILL, Twelfth District JAMES ANNABLE, Co-Secretary WILLIAM J. KORSVIK, Co-Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A63 CONSUMER ADVISORY COUNCIL RONALD A. REITER, San Francisco, California, Chairman AGNES BUNDY SCANLAN, Boston, Massachusetts, Vice Chairman ANTHONY S. ABB ATE, Saddlebrook, New Jersey J. PATRICK LIDDY, Cincinnati, Ohio JANIE BARRERA, San Antonio, Texas RUHI MAKER, Rochester, New York KENNETH R BORDELON, Baton Rouge, Louisiana OSCAR MARQUIS, Park Ridge, Illinois SUSAN BREDEHOFT, Cherry Hill, New Jersey ELSIE MEEKS, Kyle, South Dakota MANUEL CASANOVA, JR., Brownsville, Texas PATRICIA MCCOY, Cambridge, Massachusetts CONSTANCE K. CHAMBERLIN, Richmond, Virginia MARK PINSKY, Philadelphia, Pennsylvania ROBIN COFFEY, Chicago, Illinois ELIZABETH RENUART, Boston, Massachusetts DAN DIXON, Washington, District of Columbia DEBRA S. REYES, Tampa, Florida THOMAS FITZGIBBON, Chicago, Illinois BENSON ROBERTS, Washington, District of Columbia JAMES GARNER, Baltimore, Maryland BENJAMIN ROBINSON III, Charlotte, North Carolina CHARLES GATSON, Kansas City, Missouri DIANE THOMPSON, East St. Louis, Illinois LARRY HAWKINS, Houston, Texas HUBERT VAN TOL, Sparta, Wisconsin W. JAMES KING, Cincinnati, Ohio CLINT WALKER, Wilmington, Delaware EARL JAROLIMEK, Fargo, North Dakota THRIFT INSTITUTIONS ADVISORY COUNCIL KAREN L. MCCORMICK, Port Angeles, Washington, President WILLIAM J. SMALL, Defiance, Ohio, Vice President MICHAEL J. BROWN, SR., Ft. Pierce, Florida KIRK KORDELESKI, Bethpage, New York JOHN B. DICUS, Topeka, Kansas D. TAD LOWREY, Brea, California RICHARD J. DRISCOLL, Arlington, Texas GEORGE W. NISE, Philadelphia, Pennsylvania CURTIS L. HAGE, Sioux Falls, South Dakota KEVIN E. PIETRINI, Virginia, Minnesota OLAN O. JONES, JR., Kingsport, Tennessee ROBERT F. STOICO, Swansea, Massachusetts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

107 Federal Reserve Bulletin • April 2003 Federal Reserve Board Publications For ordering assistance, write PUBLICATIONS, MS-127, Board Rates for subscribers outside the United States are as follows of Governors of the Federal Reserve System, Washington, DC and include additional air mail costs: 20551, or telephone (202) 452-3244, or FAX (202) 728-5886. You Federal Reserve Regulatory Service, $250.00 per year. may also use the publications order form available on the Board's Each Handbook, $90.00 per year. World Wide Web site (http://www.federalreserve.gov). When a FEDERAL RESERVE REGULATORY SERVICE FOR PERSONAL charge is indicated, payment should accompany request and be COMPUTERS. CD-ROM; updated monthly. made payable to the Board of Governors of the Federal Reserve Standalone PC. $300 per year. System or may be ordered via Mastercard, Visa, or American Network, maximum 1 concurrent user. $300 per year. Express. Payment from foreign residents should be drawn on a Network, maximum 10 concurrent users. $750 per year. U.S. bank. Network, maximum 50 concurrent users. $2,000 per year. Network, maximum 100 concurrent users. $3,000 per year. Subscribers outside the United States should add $50 to cover BOOKS AND MISCELLANEOUS PUBLICATIONS additional airmail costs. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. THE FEDERAL RESERVE ACT AND OTHER STATUTORY PROVISIONS 1994. 157 pp. AFFECTING THE FEDERAL RESERVE SYSTEM, as amended ANNUAL REPORT, 2001. through October 1998. 723 pp. $20.00 each. ANNUAL REPORT: BUDGET REVIEW, 2001. THE U.S. ECONOMY IN AN INTERDEPENDENT WORLD: A MULTI- FEDERAL RESERVE BULLETIN. Monthly. $25.00 per year or $2.50 COUNTRY MODEL, May 1984. 590 pp. $14.50 each. each in the United States, its possessions, Canada, and INDUSTRIAL PRODUCTION—1986 EDITION. December 1986. Mexico. Elsewhere, $35.00 per year or $3.00 each. 440 pp. $9.00 each. ANNUAL STATISTICAL DIGEST: period covered, release date, num- FINANCIAL FUTURES AND OPTIONS IN THE U.S. ECONOMY. ber of pages, and price. December 1986. 264 pp. $10.00 each. 1981 October 1982 239 pp. $ 6.50 FINANCIAL SECTORS IN OPEN ECONOMIES: EMPIRICAL ANALY- 1982 December 1983 266 pp. $ 7.50 SIS AND POLICY ISSUES. August 1990. 608 pp. $25.00 each. 1983 October 1984 264 pp. $11.50 RISK MEASUREMENT AND SYSTEMIC RISK: PROCEEDINGS OF A 1984 October 1985 254 pp. $12.50 JOINT CENTRAL BANK RESEARCH CONFERENCE. 1996. 1985 October 1986 231 pp. $15.00 578 pp. $25.00 each. 1986 November 1987 288 pp. $15.00 1987 October 1988 272 pp. $15.00 1988 November 1989 256 pp. $25.00 EDUCATION PAMPHLETS 1980-89 March 1991 712 pp. $25.00 Short pamphlets suitable for classroom use. Multiple copies are 1990 November 1991 185 pp. $25.00 available without charge. 1991 November 1992 215 pp. $25.00 1992 December 1993 215 pp. $25.00 1993 December 1994 281 pp. $25.00 Consumer Handbook on Adjustable Rate Mortgages 1994 December 1995 190 pp. $25.00 Consumer Handbook to Credit Protection Laws 1990-95 November 1996 404 pp. $25.00 A Guide to Business Credit for Women, Minorities, and Small 1996-2000 March 2002 352 pp. $25.00 Businesses Series on the Structure of the Federal Reserve System The Board of Governors of the Federal Reserve System SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SERIES OF The Federal Open Market Committee CHARTS. Weekly. $30.00 per year or $.70 each in the United Federal Reserve Bank Board of Directors States, its possessions, Canada, and Mexico. Elsewhere, Federal Reserve Banks $35.00 per year or $.80 each. A Consumer's Guide to Mortgage Lock-Ins REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL A Consumer's Guide to Mortgage Settlement Costs RESERVE SYSTEM. A Consumer's Guide to Mortgage Refinancings ANNUAL PERCENTAGE RATE TABLES (Truth in Lending— Home Mortgages: Understanding the Process and Your Right Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp. to Fair Lending Vol. II (Irregular Transactions). 1969. 116 pp. Each volume How to File a Consumer Complaint about a Bank (also available $5.00. in Spanish) GUIDE TO THE FLOW OF FUNDS ACCOUNTS. January 2000. In Plain English: Making Sense of the Federal Reserve 1,186 pp. $20.00 each. Making Sense of Savings FEDERAL RESERVE REGULATORY SERVICE. Loose-leaf; updated Welcome to the Federal Reserve monthly. (Requests must be prepaid.) When Your Home is on the Line: What You Should Know Consumer and Community Affairs Handbook. $75.00 per year. About Home Equity Lines of Credit Monetary Policy and Reserve Requirements Handbook. $75.00 Keys to Vehicle Leasing (also available in Spanish) per year. Looking for the Best Mortgage (also available in Spanish) Securities Credit Transactions Handbook. $75.00 per year. Privacy Choices for Your Personal Financial Information The Payment System Handbook. $75.00 per year. When Is Your Check Not a Check? Federal Reserve Regulatory Service. Four vols. (Contains all four Handbooks plus substantial additional material.) $200.00 per year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A65 STAFF STUDIES: Only Summaries Printed in the 167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANK- BULLETIN ING, 1980-93, AND AN ASSESSMENT OF THE "OPERATING Studies and papers on economic and financial subjects that are of PERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, by Stephen A. Rhoades. July 1994. 37 pp. general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and 170. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGU- 169 are out of print, but photocopies of them are available. Staff LATIONS: AN ANALYSIS OF EXPERIENCE WITH THE TRUTH Studies 165-174 are available on line at www.federalreserve.gov/ IN SAVINGS ACT, by Gregory Elliehausen and Barbara R. pubs/staffstudies. Requests to obtain single copies of any paper or Lowrey. December 1997. 17 pp. to be added to the mailing list for the series may be sent to 171. THE COST OF BANK REGULATION: A REVIEW OF THE EVI- Publications. 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. 175. THE FUTURE OF RETAIL ELECTRONIC PAYMENTS SYSTEMS: Rhoades. February 1992. 11 pp. INDUSTRY INTERVIEWS AND ANALYSIS, Federal Reserve 164. THE 1989-92 CREDIT CRUNCH FOR REAL ESTATE, by Staff, for the Payments System Development Committee, James T. Fergus and John L. Goodman, Jr. July 1993. Federal Reserve System. December 2002. 27 pp. 20 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

109 Federal Reserve Bulletin • April 2003 Maps of the Federal Reserve System LEGEND Both pages Facing page • Federal Reserve Bank city • Federal Reserve Branch city • Board of Governors of the Federal — Branch boundary Reserve System, Washington, D.C. NOTE The Federal Reserve officially identifies Districts by num- of Puerto Rico and the U.S. Virgin Islands; the San Franber and Reserve Bank city (shown on both pages) and by cisco Bank serves American Samoa, Guam, and the Comletter (shown on the facing page). monwealth of the Northern Mariana Islands. The Board of In the 12th District, the Seattle Branch serves Alaska, Governors revised the branch boundaries of the System and the San Francisco Bank serves Hawaii. most recently in February 1996. The System serves commonwealths and territories as follows: the New York Bank serves the Commonwealth Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A67 1-A 2-B 3-C 5-E . VK, 4-Dpttb h JBmaltimfottc M D wy \ 'F " F wv Buffalo t *f / DE NJ NY BOSTON NEW YORK PHILADELPHIA CLEVELAND RICHMOND 7-G 8-H fiUe Birmingham—Hn| jSS^SMSVIUC New Orleans HHVJQSemphis mmi ATLANI RA CHICAGO ST. LOUIS MINNEAPOLIS 10-J ^ ^^ 1122--LL •5-^? KANS AS CITY 11-K „ «« __ 44nniiiiHHKK ^^HHHHHHHHHHVV HHAAWWAAIIII FFTT ^^ ^^ HH HHVV DALLAS SSAANN FFRRAANNCCIISSCCOO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

111 Federal Reserve Bulletin • April 2003 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 James J. Norton Cathy E. Minehan Samuel O. Thier Paul M. Connolly NEW YORK* 10045 Peter G. Peterson William J. McDonough John E. Sexton Jamie B. Stewart, Jr. Buffalo 14240 Marguerite D. Hambleton Barbara L. Walter1 PHILADELPHIA 19105 Glenn A. Schaeffer Anthony M. Santomero Ronald J. Naples William H. Stone, Jr. CLEVELAND* 44101 Robert W. Mahoney Sandra Pianalto Charles E. Bunch RRoobbeerrtt CChhrriissttyy MMoooorree Cincinnati 45201 Dennis C. Cuneo Barbara B. Henshaw Pittsburgh 15230 Roy W. Haley Robert B. Schaub RICHMOND* 23219 Wesley S. Williams, Jr. J. Alfred Broaddus, Jr. Vacancy Walter A. Varvel Baltimore 21203 Owen E. Herrnstadt William J. Tignanelli1 Charlotte 28230 Michael A. Almond Dan M. Bechter1 ATLANTA 30303 Paula Lovell Jack Guynn David M. Ratcliffe Patrick K. Barron James M. McKee1 Birmingham 35242 W. Miller Welborn Lee C. Jones Jacksonville 32231 William E. Flaherty Christopher L. Oakley Miami 33152 Brian E. Keeley James T. Curry III Nashville 37203 Whitney Johns Martin Melvyn K. Purcell1 New Orleans 70161 Dave Dennis 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 Vick M. Crawley Robert A. Hopkins Louisville 40232 Norman Pfau, Jr. Thomas A. Boone Memphis 38101 Gregory M. Duckett Martha Perine Beard MINNEAPOLIS 55480 Ronald N. Zwieg Gary H. Stern Linda Hall Whitman JJaammeess MM.. LLyyoonn Helena 59601 Thomas O. Markle Samuel H. Gane KANSAS CITY 64198 Richard H. Bard Thomas M. Hoenig Vacancy Richard K. Rasdall Denver 80217 Robert M. Murphy Maryann Hunter1 Oklahoma City 73125 Patricia B. Fennell Dwayne E. Boggs Omaha 68102 A.F. Raimondo Steven D. Evans DALLAS 75201 Ray L. Hunt Robert D. McTeer, Jr. Patricia M. Patterson Helen E. Holcomb El Paso 79999 Gail Darling Robert W. Gilmer3 Houston 77252 Lupe Fraga Robert Smith III1 San Antonio 78295 Ron R. 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 Karla S. Chambers Richard B. Hornsby Salt Lake City 84125 H. Roger Boyer Andrea P. Wolcott Seattle 98124 Mic R. Dinsmore D. Kerry Webb1 * Additional offices of these Banks are located at Windsor Locks, Connecticut 06096; East Rutherford, New Jersey 07016; Utica at Oriskany, New York 13424; Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; Milwaukee, Wisconsin 53202; and Peoria, Illinois 61607. 1. Senior Vice President. 2. Executive Vice President 3. Acting Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis