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FEDERAL RESERVE statistical release

C.2

May 16, 1997

Aggregate Summaries of Annual Surveys of Securities
Credit Extension, as of June 30, 1996

Data collected by the Federal Reserve Board in annual surveys of margin account
credit extensions by lenders subject to the provisions of Regulations T and G (covering
brokers and other nonbank lenders, respectively) are summarized in the attached release.




SECURITIES CREDIT REPORTED BY LENDERS SUBJECT
TO MARGIN REGULATION1
(Millions of dollars)

Regulation T Lenders
NYSE
members

Other brokers2
and dealers

Total

Regulation G
Lenders

TOTAL

75,466

0.03

75,466

7,479

82,945

Margin accounts3

75,466

0.03

75,466

859

76,325

6,620

6,620

Credit

Plan lenders and
ESOP4

Total

SECURITIES CREDIT BY SOURCE
(Millions of dollars)
Outstanding on
June 30

Brokers

1979

Others

Total 1

11,921

170

12,091

1980

11,619

173

11,792

1981

15,269

260

15,529

1982

11,870

277

12,147

1983

18,742

208

18,950

1984

22,506

276

22,782

1985

23,605

507

24,112

1986

30,649

366

31,015

1987

37,502

580

38,082

1988

29,754

1,474

31,228

1989

32,485

3,534

36,019

1990

30,054

6,838

36,892

1991

34,536

7,675

42,211

1992

37,309

8,239

45,548

1993

44,757

8,003

52,760

1994

55,264

8,243

63,507

1995

55,341

7,562

62,903

1996

75,466

7,479

82,945

1. Collection of comparable annual data for bank lending under Regulation U ceased after June 1977.
2. Includes data for firms that are members of the AMEX but not the NYSE.
3. Includes credit extended on stock, non-convertible bonds, and convertible bonds under a
consolidated method of reporting under Regulation T.
4. Includes credit extended to finance purchases through qualified stock option and employee stock
purchase and ownership plans.



REPORT OF BROKERS CARRYING MARGIN ACCOUNTS 1
As oflast business day of June 1996

ASSETS
1. Debit balances due from public customers in:
a. Margin accounts 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b. Cash accounts .................................................... .
c. Nonsecurities accounts .............................................. .
d. Other accounts .................................................... .
e. Total (Sum of items 1a through ld above) .............................. .
2. Debit balances in firm investment and trading accounts ...................... .
3. Amount to be received for securities held under repurchase agreements ......... .
4. All other assets ...................................................... .
5. Total Assets (Sum of items 1 through 4 above) ............................. .
LIABILITIES AND CAPITAL
6. Credit balances due to public customers in:
a. Margin accounts ...................................................
b. Cash accounts ....................................................
c. Nonsecurities accounts ..............................................
d. Other accounts ....................................................
e. Total (Sum of items 6a through 6d above) ..............................
7. Credit balances in firm investment and trading accounts
8. Balances due on loans from:
a. U.S. banks ....................... : ...............................
b. Foreign banks .....................................................
c. Other lenders .....................................................
d. Total (Sum of items 8a through 8c above) ..............................
9. Amount to be repaid for securities sold under repurchase agreements ...........
10. All other liabilities and capital ..........................................
11. Total Liabilities and Capital (Sum of items 6 through 10 above)

Dollar Amounts
millions

thousands

75 466
6 332
928
567
83 295
204 545
336 425
287 447
911714

220
811
363
838
232
807
816
981
836

.
.
.
.
.

30 543
32497
10 727
35 340
109108
109.830

492
101
522
404
519
769

.
.
.
.
.
.

6.430
4.233
24.047
34.711
432.572
225 492
911714

225
304
768
297
035
216
836

MEMORANDUM
12. Number of margin accounts in:3
a. Debit status ....................................................... .
b. Credit status ...................................................... .
c. Total (Sum of items 12a through 12b abo\ e) ............................ .

Actual Count

1 217,385
2 429,048
3 646,433

1. Includes NYSE member firms and Amex member firms. See Federal Reserve Annual Statistical Digest for
comparable data from previous years.
2. Conceptually equivalent to margin credit at broker-dealers, as reported monthly in the Federal Reserve Bulletin
table, "Stock Market, Selected Statistics."
3. One firm was excluded from the memorandum item 12, because it cannot provide numbers for Debit status and
Credit status.