greenbooks · December 18, 1980

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.

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

December 17, 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 Page

THE DOMESTIC NONFINANCIAL ECONOMY Housing starts and permits .

. . .

. ......

Capacity utilization in manufacturing Manufacturing and trade inventories

. . .

. .

1 .

TABLES: Private housing activity .

Business inventories

Inventory/Sales ratio .

. . . . .

....

. . .

. . . . . . . . ..

..............

THE DOMESTIC FINANCIAL ECONOMY TABLES: Monetary aggregates . .

. .

. . . .

Selected financial market quotations

.. .

. . . .

. . . . . ..

Commercial bank credit and short- and intermediate-term business credit

. . ..........

. ..

APPENDIX A: Senior loan officer opinion survey on bank lending practices . . ................

. .

A-1

A-4

SUPPLEMENTAL NOTES Housing starts and permits

Total private housing starts in November were 1.56 million unit seasonally adjusted annual rate, virtually unchanged from both September and October.

Starts of single-family units declined 4-3/4

percent, while multifamily-unit starts rose 8-1/2 percent.

Total

new housing permits issued rose 3 percent in November on a seasonallyadjusted basis.

New permits issued for multifamily units rose 12 per-

cent in November, following a 21 percent decline in October, and permits for single-family units declined 3 percent further. Both starts and new permits issued declined in the singlefamily sector in November.

The strength in housing activity for both

starts and permits was concentrated in the South and the West.

According

to the seasonally adjusted data, November starts and permits were 2 and 7 percent above their November 1979 levels.

(On an unadjusted basis

total starts were down 6 percent from a year earlier in November; permits issued fell 3 percent year-over-year on a not adjusted basis.) Capacity utilization in manufacturing Capacity utilization in manufacturing increased 0.9 of a percentage point in November to 78.8 percent.

Producers of industrial

materials operated at 79.6 percent of capacity, up 1.3 percentage points from the October rate.

Despite substantial gains since July, the

November operating rates for both manufacturing and materials were almost 9 percentage points below their highs in 1979. The utilization rate for the primary processing industries rose 1.7 percentage points in November to 79.0 percent, and the rate

for the advanced processing industries increased 0.5 of a percentage point to 78.9 percent.

These advances reflected sharp increases in output of

primary metals, both iron and steel and nonferrous metals, and a sizable rise in production of motor vehicles and parts, respectively. Manufacturing and trade inventories The book value of total manufacturing and trade inventories increased at a $33-1/2 billion annual rate in October, slightly above the increases during the second and third quarters.

The October rise in

inventories was accompanied by a 2-1/4 percent gain in nominal shipments and sales.

As a result, the stock-sales ratio for all manufacturing

and trade fell to 1.40, continuing the decline which began last June. The book value of retail trade inventories rose in October at a seasonally adjusted annual rate of $18-1/2 billion, the same as the sharply higher September rate.

The October rise was accompanied by

only a moderate increase in sales.

As a result, the inventory to sales

ratio for all retail trade edged up slightly, the first increase since April. Most of the October increase was in inventories of nondurable goods.

These stocks rose at a $15-3/4 annual rate, somewhat below the

exceptional $20 billion rise in the previous month.

Stocks at general

merchandisers rose substantially; however, unlike the previous month when sales fell, sales of general merchandisers rose over 4 percent and the stocks/sales ratio for these stores edged down a trifle.

Inventories

of durable goods retailers rose at about a $2-1/2 billion annual rate in October after declining slightly in the previous month.

PRIVATE HOUSING ACTIVITY (Seasonally adjusted annual rates, millions of units)

1980 Sept.

Oct.

Nov. 1

1.56 1.54

1.33 1.56

1.37 1.56

.85 .98

.91 1.06

.82 1.04

.79 .99

.62 3.11

.57 3.38

.55 3.30

n.a. n.a.

1979

All units Permits Starts

1.55 1.75

1.14 1.26

.90 1.05

1.39 1.41

Single-family units Permits Starts

.98 1.19

.68 .80

.53 .67

Sales New homes Existing homes

.71 3.74

.53 2.98

.45 2.40

Multifamily units Permits

.57

.45

.37

.54

.65

.51

.58

Starts

.55

.46

.38

.44

.48

.52

.57

.28

.26

.18

.22

.24

.25

n.a.

Mobile home shipments 1. Preliminary estimates. n.a.--not available.

BUSINESS INVENTORIES (Change at annual rates in seasonally adjusted book value; billions of dollars)

1979

Manufacturing and trade Manufacturing Trade, total Wholesale Retail Durable Auto Nondurable

1980

Sept.(r)

50.7 29.7 21.0 13.2 7.8 6.2 3.9 1.6

54.2 32.8 21.5 4.7 16.8 11.1 9.1 5.8

48.6 29.6 19.0 12.6 6.4 -1.4 -3.7 7.8

35.1 27.7 7.5 6.1 1.4 -3.9 -4.7 5.3

46.1 41.1 5.0 7.2 -2.1 -3.2 -5.3 1.1

30.8 20.4 10.4 7.7 2.7 -2.5 -4.1 5.2

30.1 -.1 30.2 17.9 12.3 2.4 1.3 9.9

31.4 1.2 30.2 12.0 18.2 -1.7 -2.8 19.9

Oct.

(p)

33.4 -3.6 37.0 18.6 18.4 2.6 1.3 15.8

Totals may not add due to rounding. r = revised p = preliminary

INVENTORY/SALES RATIOS

1979

Manufacturing and trade Manufacturing Trade, total Wholesale Retail r

revised

p = preliminary

1980

Sept.(r)

Oct.(p)

1.42 1.50 1.34 1.23 1.45

1.44 1.55 1.34 1.18 1.50

1.43 1.55 1.31 1.17 1.46

1.42 1.57 1.29 1.15 1.44

1.42 1.57 1.27 1.15 1.40

1.52 1.71 1.34 1.22 1.46

1.47 1.64 1.30 1.19 1.43

1.43 1.59 1.30 1.15 1.41

1.40 1.55 1.27 1.13 1.42

MONETARY AGGREGATES (Based on seasonally adjusted data unless otherwise noted)1

Sept.

Oct.

Nov.

Percentage change at annual rates ----

---Money stock measures 1. M-1A 2. M-1B 3. M-2 4. M-3

'79 to Nov. '80 QIV

1980

-3.9-2.4 5.5 5.7

11.0 13.5 15.5 12.6

12.6 15.8 8.6 9.2

9.4 11.5 9.3 11.0

7.1 9.3 11.0 15.9

5.7 7.7 10.0 10.0

11.3 10.8 63.2

5.3 15.8 71.2 6.3 49.8 -37.2 7.0 7.6 6.1 9.3 15.7 6.2 19.7 16.5 36.0 -30.3

12.6 8.0 46.6 8.6 12.0 -12.3 10.0 9.4 10.9

8.3 6.6 44.8 11.6 43.4 -6.2 13.8 -7.5 28.1 10.6 -19.3 25.1 51.2 51.6 51.9 11.1

9.4 4.2 52.4 10.8 18.4 91.1 9.9 -3.0 20.8 6.1 -5.7 12.4 11.3 6.2 45.9

Selected components 5. Currency 6. Demand deposits 7. Other checkable deposits, NSA 2 8. M-2 minus M-1B (9+10+11+14)

7.0 8.3 3.4 -8.3 29.1 S31.8 7.7 8.1

Overnight RPs and Eurodollars, NSA 3 - 7.5 -72.0 Money market mutual fund shares, NSA 151.9 82.7 Commercial banks 6.9 9.8 savings deposits -19.3 -22.6 29.1 33.9 small time deposits -0.3 3.7 14. Thrift institutions -22.5 -27.1 savings deposits 15. 12.0 19.3 16. small time deposits 17.8 10.6 7. Large time deposits 7.4 9.9 at commercial banks, net4 8 72.6 28.9 at thrift institutions 19. -31.9 -19.4 20. Term RPs, NSA 9. 10. 11. 12. 13.

-Average

16.2

132.7 75.7 10.7 26.4 0.6 9.8 25.8 2.5 -11.1

-15.8 14.6 46.7

10.0

5.5 12.1 16.8 10.7 47.6 54.4

4.2

monthly change in billions of dollars--

MEMORANDA: 21. 22. 23. 24.

25. 26.

Managed liabilities at commercial banks (22+23) Large time deposits, gross Nondeposit funds Net due to related foreign institutions, NSA

Other 5 U.S. government deposits at commercial banks6

7.9 3.1 4.8

-6.4 0.0 -6.4

-0.4 0.3 -0.7

9.2 4.5 4.7

8.9 2.5 6.4

n.a. 7.8 n.a.

n.a. 1.7 n.a.

1.6 3.3

-6.1 -0.3

-1.9 1.2

-1.4 6.2

2.4 4.0

-4.8 n.a.

-2.2 n.a.

-0.2

0.4

1.3

0.9

1.4

-6.6

-0.1

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. . Consists of borrowings from other than commercial banks in the form of federal funds purchased, 2curities sold under agreements to repurchase and other liabilities for borrowed money (including oorrowings from the Federal Reserve), loans sold to affiliates, loan RPs, and other minor items. 6. Consists of Treasury demand deposits at commercial banks and Treasury note balances. n.a.--Not available.

SELECTED FINANCIAL MARKET QUOTATIONS 1 (Percent)

___

Change from:

1980 Mar-Apr High

Mid-June** Low

FOMC Nov. 18

Dec. 16

I Mar-Apr I High

Mid-June Low

FOMC Nov. 18

Short-term rates

Federal funds 2

19.39

8.99

15.22

19.76P

.37

10.77

4.54

16.00 15.64 14.58

6.18 6.60 7.00

13.69 13.54 12.59

16.70 15.51 14.06

.70 -.13 -.52

10.52 8.91 7.06

3.01 1.97 1.47

18.00 17.69 17.25

7.98 7.78 7.59

15.29 15.36 14.98

20.44 19.81 17.25

2.44 0

12.46 12.03 9.66

5.15 4.45 2.27

17.87 18.59 18.47

7.96 7.90 7.66

15.37 15.70 15.50

21.05 20.62 18.65

3.18 2.03 .18

13.09 12.72 10.99

5.68 4.92 3.15

Eurodollar deposit 2 1-month 3-month

19.04 19.60

8.88 8.99

15.54 15.85

22.88P 21.34P

3.84 1.74

14.00 12.35

7.34 5.49

k prime rate

20.00

12.00

16.25

21.00

1.00

9.00

4.75

14.53 13.65* 12.85*

8.56 9.47 9.49

13.25 12.62 12.29

14.41 13.51 12.95

-.12 -.14 .10

5.85 4.04 3.46

1.16 .89 .66

9.44

7.44

14.22 14.12

10.53 10.79

16.35 Mar-Apr Low

12.35 Mid-Oct High

Treasury bills 3-month

6-month 1-year Commercial paper 1-month 3-month 6-month Large negotiable CDs 1-month 3-month 6-month

2.12

Intermediate- and longterm rates U.S. Treasury (constant maturity) 3-year 10-year 30-year Municipal (Bond Buyer) Corporate Aaa New issue Recently offered Primary conventional mortgages

10.42 4

2.98

13.726

14.535 14.98 6

4.00 4.19

14.186 FOMC Nov. 18

14.836 Dec. 16

9.504 5

Stock Prices 759.13 972.44 997.95 Dow-Jones Industrial 55.30 77.24 80.48 NYSE Composite 357.98 363.33 215.69 AMEX Composite 124.09 199.43 203.76 NASDAQ (OTC) e-day quotes except as noted. 4. erages for statement week closest to date shown. 5. Secondary market. 6. ** Highs reached on February 26.

-1.52 Mar-Apr Low

2.48 Mid-Oct High

.65 FOMC Nov. 18

158.96 -54.35 -79.86 918.09 19.57 -2.37 -5.61 74.87 -22.94 119.35 -28.29 335.04 67.79 - 7.55 -11.88 191.88 One-day quotes for preceding Thursday. Averages for preceding week. One-day quotes for preceding Friday. Most lows occurred on or around June 13.

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

---------1.

.2.

Total loans and investments at banks 2

'79 to Nov. '80 QIV

1980 Sept.

Oct.e

Nov.e

Commercial Bank Credit ------

-------

11.5

-4.4

13.5

14.1

13.3

16.1

8.0

7.3

11.0

21.6

12.3

13.7

12.1

12.9

Investments

Treasury securities

3.0

10.6

39.6

25.3

14.6

13.3

15.4

Other securities

9.4

11.2

12.9

5.8

13.3

11.4

11.6

12.8

-9.6

10.7

14.6

13.2

17.4

-9.6

14.4

18.2

23.0

23.7

-10.1

-22.9

39.0

60.4

6.2

11.4

10.8

7.8

0.0

n.a.

Total loans 2

Business loans

16.4

Security loans

-32.8

Real estate loans

Consumer loans

11.9

1.0

3.7

-21.5

10.

11.

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

-23.8

-7.1

22.0

-12.6

9.9

15.6

n.a.

-13.5

18.8

26.6

26.0

10.0

-22.5

-37.6

-53.4

-21.9

35.6

8.8

11.8

17.0

20.6

12.5

7.0

n.a.

17.1

n.a.

2.6

17.6

Commercial paper issued by nonfinancial firms 3

76.2

86.9

13.

Sum of lines 11 & 12

23.1

-0.5

14.

Finance company loans to business 4

-2.8

-4.0

-7.5

Total bankers acceptances outstanding 4

54.1

32.3

20.2

15.

10.0

Short- and Intermediate-Term Business Credit --

Business loans net of bankers acceptances1

12.

-0.7

6.3

-10.8

-12.2

26.2

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. Average of Wednesdays. Based on average of current and preceding ends of months. n.a.--not available. _--estimated.

APPENDIX A* SENIOR LOAN OFFICER OPINION SURVEY ON BANK LENDING PRACTICES

One-third of the 117 respondents to the November 15th Senior Loan Officer Opinion Survey on Bank Lending Practices reported that business loan demand had risen over the previ us three months; a greater proportion, about half, of very large banks (those having domestic assets of $5 billionor more) reported such strengthening. Looking to the future, however, less than one-quarter of all respondents anticipated stronger business loan demand in the next three months, while about half as many expected weaker demand. In the interim since the previous survey, the prime rate had risen over five percentage points. However, money market rates had risen even more over this period, and the spread of the prime rate over the commercial paper rate had become unusually narrow, enhancing the attractiveness of bank loans for short-term financing, while high bond yields continued to deter business from issuing longer-term debt. Despite a parallel narrowing in the spread between the prime rate and large deposit rates, respondents to the survey on balance indicated that their willingness to make most types of loans had either declined only slightly or stayed constant, and that their nonprice terms on business loans had remained about unchanged or had eased slightly. By contrast, the mid-August survey indicated a shift over the preceding three months toward greater willingness to lend and a more noticeable easing of nonprice terms, as banks adjusted to the removal of the credit restraint measures that had been imposed in the spring.

The number of respondents reporting a reduction in compensating balance requirements declined from the substantial minority

that so reported in August.

Similarly, in November, a smaller

minority of banks indicated an easing of standards to qualify for the prime rate or for a given spread above prime, although such banks continued to outnumber those reporting a tightening of standards. Whereas in the May-August period respondents on balance had

broken the trend toward reduced willingness to make short-term, fixedrate loans which had been evident since February 1978, they resumed this stance in the August-November period. In addition, they continued to show less willingness to offer fixed rates on long-term

loans, likely because they remain uncertain regarding long-run interest rate trends. In this connection, a very large California bank reported in its supplementary comments a disappointing borrower response to its variable rate mortgage program.

Prepared by Warren T. Trepeta, Economist, Banking Section, Division

of Research and Statistics.

A-2

Respondents indicated an unchanged stance on lending to established and local business customers. Respondents' descriptions of lending policies toward new and nonlocal customers-typically a bellwether of banks' lending policy trends--suggest that tighter policies may be forthcoming. After easing standards somewhat for new and nonlocal customers in the May-August period, respondents maintained unchanged standards for new customers and slightly tightened standards for nonlocal customers over the last three months. Although following the elimination of the special deposit requirement on covered consumer credit almost half of the respondents to the August survey had indicated greater willingness to make consumer installment loans, in November respondents on balance were somewhat less willing to make such loans. In November, respondents also indicated unchanged or slightly reduced willingness to make most other types of loans after evincing unchanged or slightly greater willingness in August. Respondents' inclination to lend increased in November only in the case of participation loans with correspondent banks.

A-3 TABLE

PAGE

SENIOR LOAN OFFICER OPINION SURVEY ON BANK LENDING PRACTICES AT SELECTED LARGE BANKS IN THE U.S. (STATUS OF POLICY ON NOVEMBER 15, 1980 COMPAREDTO THREE MONTHS EARLIER) (NUMBER OF BANKS & PERCENT OF TOTAL BANKS ANSWERING QUESTION) LOAN DEMAND SIZFNGh OF D14AND FCO CCSERCIAL AND Z;DDST?:AL LCASS (ATTIB ALLOWA.CE FOR BANS5 GSOAL SEASCPAL VARI::CSN):

EAlIE

COMPARED TO THBEE ICNTldS

AIICIPATIE DEMRADTI NEXI

SNiT EZ

E S T

SlliARDS

OF CBED:T NORI:;INSS:

3 MONTHS

P 0 L

ATE

C T

TO QUALIT!

TO QUALITY FOR SPRII1 ABOVE PRIME

PATE

SHORT-1TER

LOCG-TIRI

C R DIT A I D

LCOAS:

TEA?)

(UNDER CE

(ONE TEAR OR LCSNGI) AVAILAB P R I C

IL IT B S T E

RIVEINING CIRDIT LINES CR LOAN APPLICATIONS ?OR:

ESSENTIALLY UNCHANGED

NODERATELY

SUL-

EASIER

EASIE

TOTAL ANKS

BANKS

PCT

BANKS

0.9

35.9

55.6

7.7

117

0.0

21.

66.7

11.2

117

MUCH FIHERt PCT

NODERATEL

FiRiER BANKS

PCT

ESSINTALLL UNCELANGED

BANKS

PCT

BARKS

PCT

BANKS

PCT

1.8

4.3

84.7

9.5

1.8

4.3

80.4

13.7

BA1KS

MODERATELY GREATER

ESSE TIALLI UNCHANGED

?CT

'SWEPING

BANKS

SOIREATELT EASIER

COISIDERIBLY GREATER NILLIINGISS TO MAKE PIXED RAT

NODERATEL SIROHGER

PCT

BANKS

FOR PITS

MUCH STRONGER

00BK D 0

BODIEBAELY LESS

BANKS

PCT

BANKS

PCI

0.9

8.6

66.7

18.0

6.0

0.0

3.5

38.2

22.3

16.3

BUCB PISNER BANKS

PCT

RODEIATELT FIBE BAK1S

PCT

BANKS

ISSENTIALLT UNCHANGED BANKS

PCT

BANKS

IUCH LESS

HODEEATELY EASIE BAEKS

PCT

80CB EAS:ER BANKS

ESTABLISEED CUSTORIRS

0.9

2.6

110

94.1

2.6

>IN CUSTOIERS

2.6

102

87.2

7.7

LOCAL S3SYTIC

0.9

3.5

102

88.0

7.8

* 1.8

6.1

106

91.4

0.9

0.0

71.8

105

89.8

10.

1ARi COSTOBRBS

IOILOCAL SERVICZ 1I11 CUSTOnEES

COMPENSATING BALANCE IEQ IPIEENTS FOR: 11.

COINERCIAL

12.

LOANS

INDOSETAL LOANS

TO FINANCE CORIPIES

• 0.0

COSIDEABLY GREATER IILLINIGNSS TO 13.

BAKE

OTBIE TTPES OF LOIAS:

SBCORED CCNSTIEOCT!O

9 LAID DVLPHNT

SECOID BIAL ESTATE LOINS:

RESIDEITIAL

14.

1-4 FASILT

15.

BILTI-IAILY RNSZDENTIAL PROPERTY

16. 17.

PROPERTLES

CBNEICIAL & :INDOSTBI&L PROPERBT ZIISILtNBIT LCANS TO

TEDITIDUALS

COBBENCIAL AID IDUOSTBILL LOANS OF: 18.

1-5 TIAES NATURITY

19.

OTER S TlEAS B&TUEIT

20. LOANS

TC FINANIC

CORPANIES

21. LOL1S TC SECURITIES BIOKERS C DIALEES 22. PAIICInITICI LC1AS RITE CORPISPCVDEIT BANKS

BANKS 0

PCT 0.0

MODERATELY GREAT E. SAINS 6

PCT 5.2

ESSZETIALLY UNCHANGED BANKS

PCT

79.5

NOCENATILT LESS

BANKS 17

PCT 14.6

SUCH

LESS BANKS

PAGE

TABLE 2 COMPARISON OF

(NUMBER OF

SIZE OF SANK -L 0

D r i

AN D

UOCH STOIGER

ITPIENGT OF DEMANDFOR CC'ITCIAL AND IIDUSTRIAL LOANS (AFTEr ALLOWANCE FOB BANKS USUAX SIASONAL VARIATION) :

HlOsTS

COMPAR D TO TBREE

ATICIPATID DELaID TI NEXT 3 8011IS

ODEV ATELT STRONGER

S5 UNDER S OVHR S5

EARLIER

II AT

0 L I

3. 4.

RATE

UALIFY FOR SPREID ABOVE PRIBE

UNDER

iILLI1IESS IC BAKE FIXED RITE LCANS: SRONT-7sRN

LOWG-TER

C I DI T AVA A I D I O R

Os LCNGEI)

I I C E

I I TE

8. 9. tO.

IDZE IS

$5 & OVER

ONDER S5

$5 OVER

OIDER 15

100

ESSEITIALLY ONCRAWGED

BoCH EASIER

~0DSESATLT EASIIER

TOTAL

$5 6 OVER

sDER $5

30IOCAL StEVICE ARA COSTOBERS

OVER

OUIDE $5

S5 & OVER

OUDER $5

& 03KI

OIOUNDER 55

100

IU00

mODELATELY GREATER

S5 UNDER S5 S OVER

ESSENTIALLY UNCANGED

oUDEs 15

$5 C OVER

UNDE $5

BOClERAT ELYI LESS &

$5 OVER

UIDER

COWSIDERABLT LESS 15 & Ova

UNDER S5

TOTAL $5 C OVTS

30DER $5

100

$5 $ OVER

AREA COSTOBERS

UODER

MODlERATELI

UiDER SS

S5 SOV1ID

ODERAT EL EASIER

SSENTIALL3 UNCHANGED

FlSH

1a CUSCNENS

9 OVER

CEB

ESTAEBISNED COSTIOBBS

LOCAL SVETIC

SOVE OvF.

T I S

ETNsIZB: CREDIT LINES O0 LOAI APPLICATIONS FOs: 7.

$5 S OTER

(OUNDI ONE IEAR) (ONE TEI

UNDER iS

MUCH

REAKEE

COISIDEEIBLT GREATER

$5 & OVER

BILLIONS 1/

BOD2RATELL WEAKER

ODIERATEZ FPINER

E1SS:

0t COALIPT FoR PRIB TO

UNDE! $5

TOTAL DOBESIC ASSETS I

ESSENTIALLY IaCHANGED

C S5

SIANDARDS OF CREDIT WOIT

$5 S OVER

IBCH I I TE

CHANGES IN BANK LENDING PRACTICES AT BANKS GROUPED BY SIZE OF TOTAL DOMESTIC ASSETS (STATUS OF POLICY ON NOVEMBER 15, 1980 COMPARED TO THREE MONTHS EARLIER) BANKS ANSWERING EACH QUESTION AS OF PERCENT TOTAL NUMBER OF BANKS ANSWERING QUESTION)

QUARTERLY

ODEB $5

*5 & OVER

UNDER S5

$5 S OVER

NUCH U1SIER

IUDER S5 t

$5 OVE

UIDBE IS5

S5 & OVER

UDERB $5

100

CONPENSATIZG BALANCE REQUISNIERTS FOR:

S IWDUStIIIL

11.

COHEMRCIAL

12:

LOAIS 10 FIINCE COBFANIIS

LOANS

COISIDEABLI GREATER

IILLINGNESS TO NINE OTNI CF LOINS: 13.

SICIRE

$5 4 Owls

TYPES

CONSTIOCTION I

LAND DVLPHIT

OIDUE $5 * OVER SS 0

ESSIvTIALLT UNCHANGED

BODERATELY GEIATER OIDER 5

$5 UNDER S OVER s5

BOtCIEATEL LESS $5

& OVER

UNDER S5

S5 5 OVE

IUDER S5

1 *

COlSIDERABLt LESS

$5 5 OtE 100

sNDER i5 $00

SECURED VIAL ESTATE LOANS: L PROPEITIES

14.

1-4 FrILY RESIDETIAr

15.

HULTI-FAILT RESIDIETIAL PIOPFE7T

16.

COIIgECIAL & IBNDSTRIAL PROPEET

i1DIVI0DULS

17.

IStALLSENT LOAIS TO

CORNBacIAL AND IIDOS

IAL LOIAS Or:

18.

1-5 IEARS RATURITY

1i.

OT1E 5 TEIAS B1TUrTT

20. LOANS TC FINANCE COBPAIIES '1. 10ANS TO SECURITIES IDOKERS 22.

PtIZCIPITIC LCAIS RITE COlISPCIDINT tANS

DIALERS

I/ IS 01 SEPT. 30, 1978 , THERE VZNE 21 BANKS RATV!T DOMESTIC ASSETS Or S5 BILLIOI Oa aCRt. THE11 CORBIRED DONRESTC ASS TS, CO URCIAL ANKIS. IZ BILIUCIS, 72TALLED 1325, COBPARED t0 S511 FOR THE tlTIRE PAMSL Of 8IPORTING BEAKS AND $1198 FIO ALL Z1ISU-

Cite this document

APA

Federal Reserve (1980, December 18). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19801219_part3

BibTeX

@misc{wtfs_greenbook_19801219_part3,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1980},
  month = {Dec},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19801219_part3},
  note = {Retrieved via When the Fed Speaks corpus}
}