Greenbook/Tealbook

Prefatory Note

The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that this document may contain occasional gaps in the text. These gaps are the result of a redaction process that removed information obtained on a confidential basis. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act.

1

In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing). 2 A two-step process was used. An advanced optimal character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff.

CONFIDENTIAL (FR) CLASS II - FOMC

March 14, 1980

SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS

Prepared for the Federal Open Market Committee

By the Staff Board of Governors of the Federal Reserve System

TABLE OF CONTENTS

THE DOMESTIC NONFINANCIAL ECONOMY Industrial production and capacity utilization .

. ..

1

. . .

3

Commercial Bank Credit and Short- and IntermediateTerm Business Credit . . . . ... . . . ..... .

4

Monetary Aggregates.

..

5

Selected Financial Market Quotations . . . . . . .

6

ERRATA:

Chart

. . . . . .

.. . . .

. .

THE DOMESTIC FINANCIAL ECONOMY TABLES:

......

.

. . . . . .

APPENDIX A: Senior Loan Officer Opinion Survey on Bank Lending Practices

. .

.

.

.

. . . .

. ..

. .

.

. .

A-1

SUPPLEMENTAL NOTES Industrial production and capacity utilization Industrial production edged up 0.2 percent in February.

This

advance mainly reflected a large increase in output of automobiles, trucks, and related parts from very low January levels; if production of motor vehicles and parts and related items had been unchanged in February, industrial production would have edged down 0.2 percent. The index for February is 0.7 percent above a year earlier and equal to its recent high in March 1979. Production of consumer goods increased 0.9 percent in February mainly because of the rise in output of autos and utility vehicles.

Autos were assembled at an annual rate of 7.2 million units--

about 19 percent higher than the January rate, but still about 19 percent below the rate in February 1979.

Other consumer durable goods

production declined 0.6 percent, while production of nondurable consumer goods increased slightly further in February.

Business equipment output

rose 0.3 percent; this rise was primarily due to increases in transit equipment and building and mining equipment and followed increases of 0.6 percent in January and 1.0 percent in December.

Output of construc-

tion supplies decreased 0.8 percent last month. Output of materials edged down in February, reflecting declines in the production of basic steel, nondurable goods materials, and energy materials.

Among durable goods materials, output of parts for consumer

durables increased more than 3 percent due to the large rise in automobile assemblies, while production of equipment parts declined 0.5 percent following a 2 percent rise in January.

1

Manufacturers operated at 84.2 percent of capacity in February, the same as in the preceding two months.

Capacity utilization by

producers of industrial materials edged down 0.2 percentage point to 86.1 percent.

The utilization rate for primary processing industries

declined last month and was the lowest since mid-1978; the utilization rate for advanced processing industries edged up slightly in February and was at the level of late last fall.

For producers of industrial

materials, a rise in the utilization rate for producers of consumer durable goods parts about offset widespread declines in operating rates of other materials producers.

ERRATA:

CAPITAL SPENDING COMMITMENTS

Seasonally adjusted Billions of 1972 dollars, Ratio scale

NEW ORDERS NONDEFENSE CAPITAL GOODS

_14

-412 Total

Machinery

I

1977

MANUFACTURERS'

1978

-4

I

1979

I

6

1980

NEWLY APPROVED CAPITAL APPROPRIATIONS

Quarterly rate, Billions of 1972 dollars

14

10

- 6

1973

1974

1975

1976

1977

1978

1979

I 1980

2

REVISED -4-

COMMERCIAL BANK CREDIT AND SHORT- AND INTERMEDIATE-TERM BUSINESS CREDIT (Percentage changes at annual rates, based on seasonally adjusted data) 1

Q2

Q3

---------1.

2.

Total loans and investments at banks 2

Investments

Q4

11.9

15.8

3.4

12.8

17.9

5.4

8.5

3.5

4.2

14.7

Treasury securities

3.8

1.7

-5.9

4.

Other securities

6.2

12.1

14.2

Total loans 2

1.5

8.3

10.0

13.1

9.2

18.2

3.3

15.8

19.0

12.9

5.8

20.9

23.8

17.2

16.6

22.7

7.

Security loans

38.1

8.7

-88.5

8.

Real estate loans

13.0

14.7

14.2

12.9

9.

Consumer loans

12.4

7.5

5.5

6.6

Total short- and intermediateterm business credit (sum of lines 13,14 and 15)

11.5

18.0

Business loans

10.

e

-7.7

6.

-

Feb.

Commercial Bank Credit -------------

3.

5.

Jan.

'79 to Feb. '80e Feb.

1980

1979

-19.7

-19.8

-16.6

13.2

14.5

n.a.

n.a.

Short- and Intermediate-Term Business Credit --

20.1

27.4

6.3

24.4

n.a.

n.a.

Business loans net of bankers acceptances 1

16.6

21.7

6.2

22.4

21.2

17.1

Commercial paper issued by nonfinancial firms 3

65.7

69.7

15.5

81.6

49.7

65.2

13.

Sum of lines 11 & 12

20.3

25.7

7.0

28.0

24.0

20.6

14.

Finance company loans to business 4

17.7

9.4

4.0

-8.5

n.a.

n.a.

Total bankers acceptances outstanding4

23.3

74.9

4.6

52.3

n.a.

n.a.

11.

12.

15.

1. Average of Wednesdays for domestic chartered banks and average of current and preceding ends of months for foreign-related institutions. 2. Loans include outstanding amounts of loans reported as sold outright to a bank's own foreign branches, unconsolidated nonbank affiliates of the bank, the bank's holding company (if not a bank), and unconsolidated nonbank subsidiaries of the holding company. 3. Average of Wednesdays. 4. Based on average of current and preceding ends of months. e--estimated. n.a.--not available.

UPDATED -5-

MONETARY AGGREGATES (Based on seasonally adjusted data unless otherwise noted)l 1979 Q2

Q3

---Money stock measures 1. M-1A 2. M-1B 3. M-2 4. M-3 Selected components 5. Currency 6. Demand deposits 7. Other checkable deposits, NSA 2 8. M-2 minus M-1B (9+10+11+14) 9. Overnight RPs and Eurodollars, NSA 3 10. Money market mutual fund shares, NSA Savings deposits 11. at commercial banks 12. at thrift institutions 13. 14. Small time deposits 15. at commercial banks at thrift institutions 16. 17. Large time deposits 18 at commercial banks, net 19. at thrift institutions 20. Term RPs, NSA

Feb. '79 to Feb. '8 0 e

Percentage Change at Annual Rates --

7.8 10.7 10.2 8.8

8.8 10.1 10.3 10.3

4.7 5.3 7.2 9.9

8.1 7.6 102.8 10.0 35.4 204.1 -9.7 -7.4 11.8 20.4 22.5 19.3 -4.8 -9.0 40.9 34.6

11.1 8.0 46.7 10.4 -4.7 166.2 -1.5 -0.4 -2.5 14.4 21.5 10.4 9.5 2.5 72.2 13.8

8.1 3.4 15.7 7.8 -17.3 120.0 -21.0 -15.1 -26.0 24.5 28.6 22.3 30.3 22.6 90.8 5.4

-Average MEMORANDA: 21. Managed liabilities at commercial banks (22+23) 22. Large time deposits, gross 23. Nondeposit funds 24. Net due to related foreign institutions, NSA 25. Other 5 26. U.S. government deposits at commercial banks 6

Q4

1980 e p Jan. Feb.

3.6 4.3 6.8 7.8

13.6 -0.5 22.2 7.7 39.8 151.4 -13.2 -11.7. -14.6 10.5 24.6 2.0 15.9 8.3 63.4 0.0

11.9 11.4 10.8 11.7

7.5 8.9 9.5 9.9

10.1 12.7 0.0 10.6 4.8 188.2 -22.1 -16.7 -26.8 17.8 28.1 11.8 24.9 20.2 52.7 -39.6

9.4 6.8 52.8 10.3 5.9 291.7 -12.0 -9.1 -14.4 20.4 27.5 16.5 12.8 5.5 87.1 10.6

Monthly Change in Billions of Dollars--

1.8 -3.0 4.8

9.5 4.3 5.2

-1.5 2.2 -3.7

4.2 1.1 3.1

13.1 6.0 7.1

4.3 1.4 2.9

3.6 1.3

2.9 2.2

-2.2 -1.4

0.8 3.9

1.3 5.9

1.5 1.4

1.0

0.6

-1.1

4.6

-1.5

0.2

1. Quarterly growth rates are computed on a quarterly average basis. 2. Consists of ATS and NOW balances at all institutions, credit union share draft balances, and demand deposits at mutual savings banks. 3. Overnight and continuing contract RPs issued to the nonbank public by commercial banks, net of amounts held by money market mutual funds, plus overnight Eurodollar deposits issued by Caribbean branches of U.S. member banks to U.S. nonbank customers. 4. Net of large denomination time deposits held by money market mutual funds and thrift institutions. 5. Consists of nondeposit borrowings of commercial banks from nonbank sources, calculated as the sum of federal funds purchased, security RPs, other liabilities for borrowed money (including borrowings from the Federal Reserve), and loans sold less interbank borrowings. 6. Consists of Treasury demand deposits at commercial banks and Treasury note balances. e--estimated. n.a.-not available. p--preliminary.

SELECTED FINANCIAL MARKET QUOTATIONS (Percent) ____

__i:_

1

1974 High

FOMC Oct. 5

1979-19802 FOMC FOMC Jan. 9 Feb. 5

Federal funds 3

13.55

11.91

13.94

12.80

16.45

4.54

2.51

3.65

Treasury bills 3-month 6-month 1-year

9.63 9.75 9.54

10.70 10.63 10.28

11.76 11.75 10.76

12.22 12.11 11.60

15.12 14.98 13.86

4.42 4.34 3.58

3.36 3.23 3.10

2.90 2.87 2.26

Commercial paper 1-month 3-month 6-month

12.25 12.25 12.00

11.73 11.86 11.84

13.07 13.04 12.50

13.02 13.09 12.85

16.54 16.77 16.36

4.81 4.91 4.52

3.47 3.73 3.86

3.52 3.68 3.51

Large negotiable CDs4 1-month 3-month 6-month

12.58 12.64 12.30

12.09 12.50 12.80

13.33 13.36 13.33

13.23 13.46 13.70

17.24 17.86 17.86

5.15 5.36 5.06

3.91 4.50 4.53

4.01 4.40 4.16

Eurodollar deposit3 1-month 3-month

13.78 14.01

12.45 12.79

14.59 14.56

13.94 14.29

17.86 18.58

5.41 5.79

3.27 4.02

3.92 4.29

Bank prime rate

12.00

13.50

15.25

15.25

17.75

4.25

2.50

2.50

U.S. Treasury (constant maturity) 3-year 10-year 30-year

8.84 8.14 n.a.

10.01

9.60 9.36

10.68 10.58 1J.29

12.10 11.73 11.64

13.85 12.50 12.19

3.84 2.90 2.83

3.17 1.92 1.90

1.75 .77 .55

Municipal (Bond Buyer)

7.15

6.64

7.32

7.52

9.08

2.44

1.76

1.56

Corporate Aaa New issue Recently offered

10.61 10.52

10.22 10.25

-

13.95p

3.73

11.42

12.35

13.75p

3.50

2.33

1.40

Primary conventional mortgages 7

10.03

11.35

12.85

12.85

14.00

2.65

1.15

1.15

197 Low

FOMC Oct. 5

FOMC Jan. 9

FOMC Feb. 5

Mar.

FOMC Oct. 5

FOMC Jan. 9

FOMC Feb. 5

577.60 32.89 58.26 54.87

897.61 63.39 235.15 152.29

850.09 62.72 251.75 151.60

876.62 65.83 278.25 162.20

809.56 60.20 266.11 144.98

-88.05 -3.19 30.96 -7.31

-40.53 -2.52 14.36 -6.62

-67.06 -5.63 -12.14 -17.22

_I

Mar. 13

I Change from: FOMC FOMC FOMC Oct. 5 Jan. 9 Feb. 5

rt-term rates

Intermediate- and longterm rates

Stock prices Dow-Jones Industrial NYSE Composite AMEX Composite NASDAQ (OTC) 1. 2. 3. 4. 5. 6. 7.

Statement week averages except where noted. One-day quotes except as noted. Averages for statement week closest to date shown. Secondary market. One-day quotes for preceding Thursday. Averages for preceding week. One-day quotes for preceding Friday. Calendar week averages.

APPENDIX A*

SENIOR LOAN OFFICER OPINION SURVEY OF BANK LENDING PRACTICES

Responses to the February Senior Loan Officer Opinion Survey on Bank Lending Practices indicated a further decline in willingness to lend and a further tightening of non-price terms attached to business loans. The survey date, the 15th, came just as market interest rates had begun their most recent rise and it coincided with a one percentage point increase in the discount rate. The prime rate was somewhat below its mid-November level, and had been unchanged since early December. The shift in lending policies was not as marked as that indicated in the November survey, however, particularly among the largest banks (those with assets of $5 billion or more). Although seasonally adjusted business loan growth at large commercial banks has strengthened considerably since the fall, about one-quarter of the 119 respondents to the Survey reported an easing of business loan demand in mid-February compared to three months earlier, while only half this proportion reported a strengthening.1 In assessing prospects for business loan demand over the next three months, large banks anticipated some strengthening on balance while medium size banks (those having assets between $1/2 and $5 billion) expected some weakening. A small minority of banks (all of them medium size) reported that they had raised their standards of credit worthiness to qualify for the prime rate or for a given spread above prime relative to their standards three months earlier. At the time of the mid-November survey, well over one-third of respondents (including a high proportion of large banks) had reported tightening credit standards for the prime or spread over prime. Nonprice terms for established and local customers--which were reported to have been tightened on balance at the time of the previous survey--were little changed in the ensuing three months. For new and non-local customers, however, these conditions were tightened further on balance, although the proportion of banks reporting more stringency

* Prepared by Thomas F. Brady, Economist, Banking Section. 1. Although respondents are asked to allow for seasonal variation when reporting their perceptions of changes in loan demand, some may fail to make an adequate adjustment. Business loan demand at large banks is seasonally weak in February, while in November there is some seasonal increase.

A-1

A-2

was well below that of the previous survey. Compensating balance requirements were about unchanged on balance in the three months ending in mid-February. A large number of banks reported a lesser willingness to make fixed rate loans, particularly for terms exceeding a year. In their supplementary comments, several banks reported that they had moved to eliminate virtually all extensions of fixed rate term loans in the current interest rate environment. Forty percent of respondents reported a lesser willingness to make consumer installment loans, the same proportion as in the last survey. On balance, banks also continued to report reduced willingness to make most other types of loans, although the proportions so reporting were generally below those of November, particularly among large banks. Roughly one-third of respondents reported less willingness to make business loans with maturities in excess of 5 years and real estate loans. Smaller minorities reported lesser willingness to make shorter business loans, loans to finance companies, and loans to brokers and dealers. As in the previous survey, only a very small proportion of banks reported an increased willingness to extend most types of credit. However, a noticeable minority of respondents (most of them medium size) reported a greater willingness to participate in loans originated by correspondent banks.

A-3 TABLE

1

PAGE

1

SENIOR LOAN OFFICER OPINION SURVEYON BANK LENDING PRACTICES AT SELECTED LARGE BANKS IN THE U.S. MONTHS EARLIER) (STATUS OF POLICY ON FEBRUARY 15, 1980 COMPARED TO THREE (NUMBER OF BANKS & PEBCENT OF TOTAL BANKS ANSWERING QUESTION) L 0 AN

D E

MAN D

STRENGTH OF DEMAND FOR COMMERCIAL AND INDUSTRIAL LOANS (AFTER ALLOWANCE FOR BANKS USUAL SEASONAL VARIATION):

MUCH STRONGER

MODERATELY STRONGER

ESSENTIALLY UNCHANGED BANKS

PCT

MODERATELY EASIER

MUCH EASIER

TOTAL BANKS ANSWERING

PCT

BANKS

1.

COMPARED TO THREE MONTHS EARLIER

0

0.0

16

13.5

72

60.6

31

26.1

0

119

2.

ANTICIPATED DEMAND IN NEXT 3 MONTHS

0

0.0

23

19.4

68

57.2

28

23.6

0

119

BANKS

MUCH I

T ER E ST

RATE

P O LICY

STANDARDS OF CREDIT WORTHINESS: 3.

TO QUALIFY FOR PRIME

4.

TO QUALIFY FOR SPREAD ABOVE PRIME

RATE

FIRMER BANKS

PCT

6.

LONG-TERM (ONE YEAR

C

RE DIT AN D

(UNDER

ONE

8. 9. 10.

PCT

BANKS

PCT

MODERATELY EASIER BANKS

PCT

BANKS

MUCH EASIER BANKS

0.0

14

11.8

102

85.8-

3

2.6

0

0

0.0

19

16.0

96

80.7

4

3.4

0

BANKS

PCT

81

68.1

27

22.7

10

8.5

LONGER) OR

0

0.0

3

2.6

49

41.2

39

32.8

28

23.6

ESTABLISHED CUSTOMERS

MUCH FIRMER BANKS

PCT

MODEEATELY FIRMER BANKS

PCT

MODERATELY

BANKS

MUCH

BANKS

PCT

5.1

110

92.5

3

2.6

0

19.4

90

75.7

4

3.4

0

10

8.5

105

89.0

3

2.6

0

21

20.*

88

74.6

1

0.9

0

0.0

6

2

1.7

23

LOCAL SERVICE AREA CUSTOMERS

0

0.0

NONLOCAL SERVICE AREA CUSTOMERS

5

4.3

PCT

EASIER

PCT

0

NEWCUSTOMERS

ESSENTIALLY UNCHANGED

BANKS

MUCH LESS

0.9

T ER M S

PCT

MODERAATELY LESS

1

AVAILABILITY NON P R I C E

BANKS

ESSENTIALLY UNCHANGED

0.0

BANKS

PCT

MODERATELY GREATER

0

REVIEWING CREDIT LINES OR LOAN APPLICATIONS FOR: 7.

BANKS

ESSENTIALLY UNCHANGED

PCT

YEAR)

WILLINGESS TO MAKE FIXED RATE LOANS: SHORT-TERM

MODERATELY FIMER

BANKS

0

CONSIDERABLY GREATER

5.

PCT

BNKS

PCT

BANKS

COMPENSATING BALANCE REQUIREMENTS FOR: 11.

COMMERCIAL & INDUSTRIAL LOANS

0

12.

LOANS TO FINANCE COMPANIES

0 CONSIDERABLY GREATER

WILLINGNBSS 13.

TO

MAKE OTHER TYPES OF LOANS:

SECURED CONSTRUCTION & LIAD DVLPMNT

BANKS 0

PCT 0.0

MODERATELY GREATER BANKS 3

PCT 2.6

ESSENTIALLY UNCHANGED BANKS 72

PCT 60.6

SBCURED REAL ESTATE LOANS: 14.

1-4 FAMILY RESIDENTIAL PROPERTIES

61.9

15.

MULTI-FAMILY RESIDENTIAL PROPERTY

60.0

16.

COMMERCIAL & INDUSTRIAL PROPERTY

69.0

17.

INSTALLMENT LOANS TO INDIVIDUALS

58.0

COMMERCIAL AND INDUSTRIAL LOANS OF: 18.

1-5 YEARS MATURITY

84.1

19.

OVER 5 YEARS MATURITY

69.8

20.

LOANS TO FINANCE COMPANIES

88.3

21.

LOANS TO SECURITIES BROKERS & DEALERS

22. PARTICIPATION LOANS WITH CORRESPONDENT BANKS

86.5 79.9

MUCH

MODERATELYO LESS BANKS 40

PCT 33.7

LESS BANKS 4

PCT 3.4

TABLE 2

PAGE 1

COMPARISON OF QUARTERLY CHANGES IN BANK LENDING PRACTICES AT BANKS GROUPED BY SIZE OF TOTAL DOMESTIC ASSETS (STATUS OF POLICY ON FEBRUARY 15, 1980 COMPARED TO THREE MONTHS EARLIER) (NUMBER OF BANKS ANSWERING EACH QUESTION IS PERCENT OF TOTAL NUMBER OF BANKS ANSWERING QUESTION) SIZE OF BANK -L O AN

MUCH STRONGER

D E M AND

STRENGTH OF DEMAND FOR COMMERCIAL AND INDUSTRIAL LOANS (AFTER ALLOWANCE FOR BANKS USUAL SEASONAL VARIATION:

$5 S OVER

MODERATELY STRONGER

UNDER $5

TOTAL DOMESTIC ASSETS II

ESSENTIALLY UNCHANGED

$5 OVER

UNDER $5

$5 & OVER

UNDER $5

BILLIONS 1/

$5

UNDER

& OVER

$5

TOTAL

MUCH NEAKER

MODERATELY WEAKER

S5 OVER

UNDER S5

UNDER

$5 S OTE..

S5

1.

COMPARED TO THREE MONTHS EARLIER

0

0

12

14

62

60

25

26

0

0

100

100

2.

ANTICIPATED DEMAND IN NEXT 3 MONTHS

0

0

25

18

62

56

12

26

0

0

100

100

MUCH FIRMER INTE

EST

RATE

MODERATELY FIRMER

ESSENTIALLY UNCHANGED

MUCH EASIER

MODERATELY EASIER

TOTAL

P OL ICY 15 & OVER

STANDARDS OF CREDIT WORTHIESS:

UNDER $5

$5 & OVER

$5 UNDER & OVER $5

UNDER $5

$5 & OVER

UNDER $5

s5 & OVER

UNDER $5

$5

UNDER IS

9 OVER

3.

TO QUALIFT FOR PRIME RATE

0

0

0

15

96

83

4

2

0

0

100

100

4.

TO QUALIFY FOR SPREAD ABOVE PRIME

0

0

0

20

96

77

4

3

0

0

100

100

CONSIDERABLY GREATER

WILLINGNESS

TO MAKE FIXED

5.

SHORT-TERM

6.

LONG-TERM

CREDIT A ND

$5 OVER

RATE LOANS:

(UNDER ONE YEAR) (ONE

YEAR OR LONGER)

AVAILABILITY NONPRACTICE

UUDER $5

$5 & OVER

UNDER $5

$5 & OVER

UNDER $5

MODERATELY LESS $5 & OVER

CONSIDERABLT LESS

UNDER $5

0

0

0

1

83

64

8

26

0

0

0

3

50

39

33

33

MUCH

$5 &OVER

E SSENTI A LL Y

MODERATELY FIRMER

TERM S

REVIEWING CREDIT LINES OR LOAN APPLICATIONS FOR:

ESSENTIALLY UNCHANGED

MODERATELY GREATER

UNDER $5 $5 & OVER

UNCHANGED

UNDER $5

$5 & OVER

UNDER $5

25 6 OVER 08 17

MODERATELY EASIER $5 & OVER

UNDER $5

IIDUR $5

25

TOTAL UNDER 15 S OVERT $5 100

100

100

100 L

MU80CH EASIER OIDER

15

* OVER

(5

I5

ESTABLISHED CUSTOMERS

0

0

0

6

92

93

8

1

0

0

8.

NEW CUSTOMERS

0

2

12

21

83

74

4

3

0

0

100

9.

LOCAL SERVICE AREA CUSTOMERS

0

0

*

9

91

88

4

2

0

0

100

NONLOCAL SERVICE AREA CUSTOMERS

0

5

13

22

83

73

4

0

0

0

100

7.

10.

100

COMPENSATING BALANCE REQUIREMENTS FOR: 11.

COMMERCIAL & INDUSTRIAL LOANS

0

12

100

12.

LOANS TO FIINANCE COMPANIES

0

12

100

CONSIDERABLY GREATER

WILLINGNESS TO OF LOANS: 13.

$5 & OVER

MAKEOTHER TYPES

SECURED CONSTRUCTION & LAND DVLPMNT

0

UNDER $5

MODERATELY GREATER $5 & OVER

UNDER $5

ESSENTIALLY UNCHANGED $5 & OVER 79

UNDER $5 56

MODERATELY LESS $5 & OVER

17

UNDER $5

38

COPBTERANLT LESS

5

mER

£ OVER

$5

TOTAL $5 * OVER

4

3

100

gNSE S5 100

SECURED REAL ESTATE LOANS: 14.

1-4 FAMILY RESIDENTIAL PROPERTIES

0

15.

MULTI-FAMILY

0

16.

COMMERCIAL & INDUSTRIAL PROPERTY

17.

RESIDENTIAL PROPERTY

INSTALLMENT LOANS TO INDIVIDUALS

COHBERCIAL AND

INDUSTRIAL LOANS

0 0

OF:

18.

1-5 YEARS MATURITY

0

0

1

19.

OVER 5 YEARS MATURITY

0

N

8

0

4

4

0

*

2

0

0

2

20.

LOANS TO FINANCE COMPANIES

21.

LOANS

22.

PARTICIPATION LOANS WITH CORRESPONDENT BANKS

TO SECURITIES BROKERS

&

DEALERS

1/ AS OF SEPT. 30, 1978 , THERE WERE 21 BANKS HAVING DOMESTIC ASSETS OF $5 BILLIONOR MORE. THEIR COMBINED DOMESTIC ASSETS, IN BILLIONS, TOTALLED $325. COMPARED TO $511 FOR THEENTIRE PANEL OF REPORTING BANKS AND $1198 FOR ALL INSURED COMMERCIAL BANKS.