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FEDERAL RESERVE statistical reteaae 1391 lllfilw!; E.2 For Immediate Release SURVEY OF TERMS OF BANK LENDING MADE DURING NOVEMBER 4-8,1991 TABLE 1 Commercial and Industrial loans made by all commercial banks1 December 11,1991 Loan Rate (percent) Loan Characteristics Amount of Loans ($1,000) Average Size ($1,000) Made Under Weighted Average Effective 3 Standard Error 4 Secured by Collateral Commitment Participation Most Common Base Pricing Rate 5 Days All C&l loans 1 Overnight Weighted Average Maturity 2 Percent of Amount of Loans 6 6,530,737 6,300 - 5.88 0.24 6.6 60.2 8.6 Fed Funds One month and under 2 (excluding overnight) 3 Fixed rate 4 Floating rate 5,793,718 4,632,567 1,161,151 2,240 4,088 799 16 16 15 6.31 6.15 6.95 0.17 0.24 0.21 26.6 24.1 36.4 83.6 83.3 84.5 7.1 7.3 6.5 Other Other Prime Over one month and 5 under one year 6 Fixed rate 7 Floating rate 6,511,228 2,661,556 3,849,671 472 1,076 340 141 109 163 7.09 6.36 7.59 0.15 0.22 0.16 47.0 30.8 58.1 85.1 80.8 88.0 12.8 10.1 14.6 Prime Other Prime 8 Demand 7 9 Fixed rate 10 Floating rate 11,976,358 2,193,495 9,782,863 346 1,375 296 7.39 5.99 7.71 0.15 0.21 0.14 61.8 23.1 70.5 71.2 83.0 68.6 9.2 30.0 4.6 Prime Other Prime 11 Total under one year Fixed rate By size ($1,000) 1-99 100 - 499 500 - 999 1 000 - 4999 5000 - 9999 10000 + Floating rate 19 By size ($1,000) 20 1-99 21 100 - 499 22 500 - 999 23 1 000 - 4999 24 5000 - 9999 25 10000 + 30,812,040 592 54 6.81 0.14 40.3 74.1 9.5 Prime 16,018,355 54,683 195,485 274,904 2,841,805 3,194,643 9,456,835 2,567 20 237 682 2,294 6,593 18,245 27 126 76 48 35 21 25 6.05 9.35 7.50 6.63 6.42 618 5.83 0.21 0.10 0.16 0.15 0.09 0.09 0.10 17.9 64.1 50.7 35.8 31.2 17.6 12.6 73.4 50.0 75.9 79.2 81.8 72.5 71.1 11.4 1.3 6.6 11.3 9.8 9.3 12.7 Other Prime Other Other Other Other Fed Funds 14,793,685 918,329 1,939,772 1,101,852 3,401,497 1,961,525 5,470,709 323 28 203 678 2,074 6,706 22,807 129 166 160 151 127 104 123 7.62 8.96 8.67 8.38 7.91 7.41 6.76 0.14 0.07 0.05 0.10 0.13 0.28 0.29 64.6 80.9 76.9 67.5 61.3 61.0 60.3 74.9 79.9 84.9 85.5 85.8 85.3 57.9 7.4 1.9 4.3 7.7 10.0 9.8 6.7 Prime Prime Prime Prime Prime Prime Fed Funds 3,770,332 537 44 7.81 0.15 71.1 77.2 5.9 Prime 575,631 16,982 41,721 25,966 490,961 540 22 235 719 5,010 36 41 46 45 35 6.84 10.05 8.67 8.49 6.49 0.28 0.16 0.30 0.54 0.50 54.6 86.4 72.2 73.6 51.0 87.4 35.4 56.6 62.1 93.2 3.5 0.0 6.6 4.3 3.3 Other Prime Other Other Other 3,194,701 96,274 414,979 350,324 2,333,125 536 32 230 693 3,693 45 37 47 45 46 7.98 9.03 8.62 8.38 7.77 0.13 0.07 0.12 0.14 0.27 74.1 83.9 80.5 76.3 72.2 75.4 49.5 58.4 63.3 81.3 6.4 2.5 8.0 9.5 5.8 Prime Prime Prime Prime Prime 12 13 14 15 16 17 18 :: Months 26 Total one year and over Fixed rate 27 By size ($1,000) 28 1 -99 29 100 - 499 30 500 - 999 31 1000 + Floating rate 32 By size ($1,000) 33 1-99 34 100-499 35 500 - 999 36 1000 + Prime Rate 9 Nominal 6 Days Loans made below prime 1 0 37 Overnight 6 6,335,564 7,156 — 5.81 5.64 5.0 59.1 8.8 7.72 One month and under 38 (excluding overnight) 5,238,889 4,746 15 6.05 5.88 22.8 82.6 6.4 7.78 Over one month and 39 under one year 4,081,364 2,724 115 6.06 5.92 35.1 86.5 12.7 7.74 5,692,173 3,131 — 5.89 5.81 45.2 58.9 12.7 7.81 21,347,990 15,219,464 6,128,526 4,024 4,753 2,914 35 25 91 594 592 5.97 5.80 5.78 5.84 25.9 15.8 50.9 70.0 72.9 62.8 10.0 11.5 6.4 7.76 7.75 7.80 1,472,962 439,330 1,033,632 1,961 2,335 1,836 6.26 6.09 6.33 6.15 6.03 6.20 54.0 48.9 56.1 80.2 94.9 73.9 5.8 3.5 6.8 7.79 7.87 7.76 40 Demand 7 41 Total under one year 42 Fixed rate 43 Floating rate Months 44 Total one year and over 45 Fixed rate 46 Floating rate Footnotes appear on the last page. 47 35 52 E.2 SURVEY OF TERMS OF BANK LENDING MADE DURING NOVEMBER 4-8,1991 TABLE 2 Commercial and Industrial loans made by large banks1 Loan Rate (percent) Loan Characteristics Amount of Loans ($1,000) Average Size ($1,000) Weighted Average Maturity2 Made Under Standard Error 4 Secured by Collateral Commitment Participation Most Common Base Pricing Rate 5 Days All C&l loans 1 Overnight Weighted Average Effective^ Percent of Amount of Loans 6 5,682,128 6,692 — 5.89 0.19 5.8 58.6 9.7 Fed Funds Floating rate 5,006,302 3,968,478 1,037,823 3.226 5,030 1,360 16 16 15 6.27 6.13 6.81 0.18 0.24 0.23 26.0 24.1 33.5 82.2 81.7 84.0 5.3 5.2 5.7 Other Other Prime Over one month and 5 under one year 6 Fixed rate 7 Floating rate 5,055,846 2,000,993 3,054,852 865 2,418 608 134 108 151 6.97 6.25 7.45 0.15 0.18 0.17 48.1 33.1 57.9 87.4 83.8 89.8 14.5 10.3 17.2 Prime Other Prime 9,436,314 1,793,910 7,642,404 427 2,038 360 7.29 5.97 7.60 0.15 0.23 0.13 63.1 23.0 72.5 65.9 80.8 62.4 10.0 34.4 4.3 Prime Other Prime 2 4 One month and under ^excluding overnight) 8 Demand 7 9 Fixed rate 10 Floating rate 11 Total under one year Fixed rate 12 By size ($1,000) 13 1-99 14 100 - 499 15 500 - 999 16 1 000 - 4999 17 5000 - 9999 18 10000 + Floating rate 19 By size ($1,000) 20 1-99 21 100-499 22 500 - 999 23 1 000 - 4999 24 5000 - 9999 25 10000 + 25,180,589 830 48 6.71 0.13 39.8 71.8 9.9 13,445,509 18,110 116,945 203,155 2,229,267 2,529,969 8,348,064 4,019 24 235 687 2,273 6,579 18,633 25 122 57 41 33 20 23 6.03 8.90 7.53 6.68 6.45 6.17 5.83 0.18 0.21 0.15 0.17 0.13 0.12 0.11 17.5 57.9 46.8 38.3 30.4 17.8 13.0 72.2 51.9 78.4 78.6 83.0 71.7 69.2 11.7 1.7 4.5 7.8 8.5 9.4 13.5 Other Prime Other Other Other Other Fed Funds 11,735,080 518,822 1,168,412 726,840 2,613,260 1,708,801 4,998,945 434 28 205 678 2,151 6,737 23,558 116 165 148 138 126 93 108 7.49 8.87 8.62 8.30 7.83 7.44 6.80 014 0.11 0.09 0.14 0.17 0.26 0.28 65.3 80.4 75.0 66.4 61.0 64.3 63.8 71.4 72.8 81.1 83.4 83.8 85.2 56.1 7.8 1.8 3.5 8.1 9.9 10.5 7.4 Prime Prime Prime Prime Prime Prime Fed Funds 3,344,901 685 43 7.78 0.17 72.3 77.8 5.7 Prime 466,522 6,234 20,337 13,415 426,535 1,176 28 253 700 5,975 26 42 52 36 24 6.54 9.80 8.49 8.37 6.34 0.31 0.21 0.30 0.71 0.81 51.2 84.5 77.9 63.1 49.1 94.3 31.1 60.9 60.1 97.9 2.1 0.0 5.5 8.4 1.7 Other Other Other Other Other 2,878,379 68,741 337,152 308,425 2,164,061 641 34 235 694 3,702 46 37 48 46 46 7.98 8.96 8.58 8.36 7.80 0.14 0.13 0.15 0.15 0.27 75.7 85.8 81.2 79.1 74.0 75.2 44.9 55.7 63.6 80.8 6.3 2.1 9.2 8.4 5.6 Prime Prime Prime Prime Prime Prime Months 26 Total one year and over Fixed rate 27 By size ($1,000) 28 1-99 29 100-499 30 500 - 999 31 1000 + Floating rate 32 By size ($1,000) 33 1-99 34 100 - 499 35 500 - 999 36 1000 + I Loans made below prime 1 0 Prime Rate 9 Nominal8 | Days 37 Overnight® 5,522,430 7,470 — 5.82 5.66 3.9 57.5 9.9 7.71 One month and under 38 (excluding overnight) 4,599,641 5,147 15 6.05 5.88 23.3 81.1 4.4 7.77 Over one month and 39 under one year 3,362,187 3,621 109 6.07 5.92 38.1 87.1 13.6 7.72 40 Demand 7 4,829,994 4,137 — 5.88 5.79 50.6 51.8 13.6 7.82 18,314,252 12,915,661 5,398,591 4,911 5,575 3,822 33 24 77 5.94 5.93 5.96 5.80 5.78 5.84 27.4 15.4 56.0 67.4 71.3 58.1 10.2 11.6 6.7 7.76 7.74 7.79 6.24 6.02 6.33 6.13 5.97 6.19 55.3 49.2 57.9 79.1 97.3 71.6 5.8 1.6 7.5 7.77 7.88 7.73 41 Total under one year 42 Fixed rate 43 Floating rate Months 44 Total one year and over 45 Fixed rate 46 Floating rate Footnotes appear on the last page. 1,322,293 385,809 936,485 2,215 3,804 1,890 45 24 54 E.2 SURVEY OF TERMS OF BANK LENDING MADE DURING NOVEMBER 4-8,1991 TABLE 3 Commercial and Industrial loans made by other banks1 Loan Rate (percent) Loan Characteristics Amount of Loans ($1,000) Average Size ($1,000) Weighted Average Effective^ Percent of Amount of Loans Made Under Standard Error ^ Secured by Collateral Commitment Participation Most Common Base Pricing Rate 5 Days All C&l loans 1 Overnight 6 Weighted Average Maturity 2 848,608 4,525 — 5.79 0.32 11.9 70.9 1.4 787,416 664,089 123,328 761 1,929 179 16 15 22 6.59 6.29 8.18 0.21 0.30 0.19 30.1 24.5 60.7 92.2 92.8 89.3 18.8 19.8 13.2 1,455,382 660,563 794,819 183 401 126 166 111 212 7.48 6.69 8.14 0.19 0.29 0.18 43.0 23.8 59.0 76.9 71.5 81.3 6.7 9.4 4.5 Prime Other Prime 8 Demand 7 9 Fixed rate 10 Floating rate 2,540,044 399,585 2,140,459 203 559 182 7.79 6.10 8.10 0.17 0.24 0.18 56.9 23.7 63.1 91.2 92.9 90.9 6.4 10.3 5.6 Prime Other Prime 11 Total under one year Fixed rate 12 By size ($1,000) 13 1-99 14 1 00 - 499 15 500-999 16 1 000 - 4999 17 5000 - 9999 18 10000 + Floating rate 19 By size ($1,000) 20 1-99 21 100-499 22 500 - 999 23 1000 - 4999 24 5000 - 9999 25 10000 + 5,631,451 260 83 7.24 0.16 42.8 84.6 7.4 Prime 2,572,845 36,573 78,541 71,749 612,538 664,674 1,108,771 889 18 239 667 2,374 6,647 15,771 39 128 104 68 45 26 36 6.20 9.58 7.46 6.49 6.33 6.24 5.88 0.22 0.14 0.28 0.26 0.11 0.26 0.17 20.0 67.2 56.5 28.8 34.3 16.8 9.3 80.1 49.1 72.1 81.1 77.6 75.8 85.6 9.6 1.2 9.7 21.2 14.5 8.9 6.8 Fed Funds Prime Other Other Fed Funds Fed Funds Foreign 3,058,605 399,507 771,360 375,013 788,238 252,723 471,764 163 29 200 676 1,853 6,502 17,047 186 167 173 181 137 202 286 8.12 9.08 8.75 8.52 8.19 7.19 6.31 0.20 0.05 0.05 0.20 0.12 0.58 0.97 62.0 81.6 79.8 69.5 62.0 38.1 22.8 88.3 89.1 90.8 89.6 92.4 85.8 77.2 5.6 2.1 5.6 7.0 10.3 5.3 0.0 Prime Prime Prime Prime Prime Prime Fed Funds 2 3 4 One month and under (excluding overnight) hlxed rate Floating rate Over one month and 5 under one year 6 Fixed rate 7 Floating rate — Fed Funds Foreign Foreign Prime Months 26 Total one year and over Fixed rate 27 By size ($1,000) 28 1-99 29 100 - 499 30 500-999 31 1000 + Floating rate 32 By size ($1,000) 33 1-99 34 100 - 499 35 500-999 36 1000 + 425,432 199 48 8.06 0.16 61.8 72.4 7.9 Prime 109,109 10,748 21,384 12,551 64,427 163 20 221 740 2,421 80 41 40 55 104 8.15 10.19 8.84 8.62 7.48 0.29 0.16 0.37 0.59 0.62 68.8 87.5 66.8 84.9 63.2 58.0 37.9 52.6 64.3 61.9 9.7 0.0 7.5 0.0 13.9 Other Prime Prime Other Other 316,323 27,534 77,827 41,898 169,063 216 28 209 687 3,578 37 35 42 36 34 8.03 9.22 8.81 8.50 7.36 0.15 0.11 0.10 0.16 0.35 59.3 78.9 77.9 55.4 48.6 77.3 60.8 70.1 61.4 87.3 7.3 3.6 2.7 17.6 7.5 Prime Prime Prime Prime Prime Days Loans made below prime 1 0 Prime Rate 9 NomlnalS 37 Overnight 6 813,133 5,565 — 5.69 5.53 12.2 69.7 1.4 7.82 One month and under 38 (excluding overnight) 639,249 3,044 14 6.06 5.89 19.4 93.1 21.3 7.82 7.82 Over one month and 39 under one year 719,177 1,263 143 6.03 5.88 21.1 83.7 8.9 40 Demand 7 862,179 1,325 — 5.94 5.87 14.9 98.4 7.8 7.78 3,033,738 2,303,803 729,934 1,925 2,602 1,056 52 31 223 5.92 5.89 6.02 5.78 5.74 5.92 16.6 17.5 13.7 86.1 82.4 97.9 9.2 10.6 4.6 7.81 7.79 7.85 6.44 6.57 6.37 6.32 6.43 6.26 41.9 46.6 39.3 89.8 77.7 96.4 6.0 16.7 0.1 7.98 7.81 8.07 41 Total under one year 42 Fixed rate 43 Floating rate Months 44 Total one year and over 45 Fixed rate 46 Floating rate Footnotes appear on the last page. 150,669 53,521 97,148 976 617 1,438 61 117 30 | NOTES The Survey of Terms of Bank Lending to Business collects data on gross loan extensions made during the first full business week in the mid-month of each quarter by a sample of 340 commercial banks of all sizes. The sample data are used to estimate the terms of loans extended during that week at all insured commercial banks. The estimated terms of bank lending are not intended for use in collecting the terms of loans extended over the entire quarter or residing in the portfolios of those banks. 1. As of September 30,1990, assets of most of the large banks were at least $7.0 billion. For all insured banks, total assets averaged $275 million. 2. Average maturities are weighted by loan size and exclude demand loans. 3. Effective (compounded) annual interest rates are calculated from the stated rate and other terms of the loans and weighted by loan size. 4. The chances are about two out of three that the average rate shown would differ by less than this amount from the average rate that would be found by a complete survey of lending at all banks. 5. The most common base rate is that used to price the largest dollar volume of loans. Base pricing rates include prime rate (sometimes referred to as a bank's "basic" or "reference" rate); the federal funds rate; domestic money market rates other than the prime rate and federal funds rates; foreign money market rates; and other base rates not included in the foregoing classifications. 6. Overnight loans mature on the business day after they are made. 7. Demand loans have no stated date of maturity. 8. Nominal (not compounded) annual interest rates are calculated from the stated rate and other terms of the loans and weighted by loan size. 9. The prime rate reported by each bank is weighted by the volume of loans extended and then averaged. 10. The proportion of loans made at rates below the prime may vary substantially from the proportion of such loans outstanding in banks' portfolios. t