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FEDERAL RESERVE statisticalrelease ' * f^AL E.2 SURVEY OF TERMS OF BANK LENDING MADE DURING MAY 3-7,1993 TABLE 1 .1: RES^T For Immediate Release JUN2I June 16, 1993 Commercial and Industrial loans made by all commercial banks 1 B m t m u v L . Loan Characteristics Amount of Loans ($1,000) Average Size ($1,000) Weighted Average Maturity2 Amount of Loans Standard Error4 Secured by Collateral Commitment Participation Base Pricing Rate 5 Days All C&l loans 1 Overnight 6 10,247,454 6,973 - 3.55 0.20 5.5 57.3 6,349,205 4,002,333 2,346,872 649 1,341 345 16 14 20 4.16 3.81 4.75 0.19 0.28 0.25 27.4 19.2 41.3 73.0 70.6 77.1 7,876,450 2,941,957 4,934,493 136 137 136 142 97 169 5.56 5.11 5.83 0.17 0.27 0.22 57.1 55.3 58.2 8 Demand 7 9 Fixed rate 10 Floating rate 16,738,804 1,964,129 14,774,675 331 504 317 - 5.45 4.13 5.63 0.18 0.31 0.16 11 Total under one year Fixed rate 12 By size ($1,000) 1 - 99 13 14 100 - 499 500 - 999 15 16 1000 - 4999 17 5000 - 9999 10000+ 18 Floating rate By size ($1,000) 19 20 1 - 99 100- 499 21 500 - 999 22 1000 - 4999 23 5000 - 9999 24 10000+ 25 41,211,913 345 50 4.80 19,155,873 347,544 442,248 330,865 3,508,517 3,469,582 11,057,116 643 14 199 689 2,215 6,796 19,123 21 176 147 62 34 14 9 3.91 8.27 6.61 4.76 4.27 3.77 3.57 22,056,041 1,661,515 3,173,793 1,625,130 4,640,477 2,154,399 8,800,726 246 24 200 655 2,050 6,700 24,757 121 170 181 186 149 70 63 3,705,469 159 2 3 4 Most Common Made Under Weighted Average Effective 3 One month and under (excluding overnight) Fixed rate Floating rate Over one month and 5 under one year 6 Fixed rate 7 Floating rate Other 11.2 Domestic Domestic Domestic 77.2 72.7 80.0 13.0 11.6 13.9 Prime Other Prime 64.6 17.7 70.8 65.4 81.1 63.4 5.0 1.9 5.5 0.18 42.7 66.8 7.5 Prime 0.29 0.19 0.35 0.13 0.15 0.07 0.12 17.2 79.3 68.3 42.5 23.8 14.4 11.3 64.9 27.2 52.9 81.3 76.1 65.9 7.0 1.2 7.2 5.9 5.2 8.4 7.4 Other Other Prime Other Domestic Other Other 5.58 7.48 6.93 6.55 6.04 5.30 4.37 0.18 0.05 0.08 0.09 0.19 0.27 0.32 64.8 84.6 78.0 70.2 59.2 44.6 63.3 68.5 84.3 8.0 89.6 84.7 81.8 42.6 2.7 5.5 7.8 8.4 7.1 9.9 Prime Prime Prime Prime Prime Prime Fed Funds 6.32 0.19 64.7 76.4 7.3 Prime 62.2 88.8 5.0 1.4 Prime Fed Funds 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 + 42 1,212,616 164,739 131,221 94,398 822,258 109 16 214 638 4,345 50 44 76 59 46 6.02 8.80 7.90 8.43 4.88 0.34 0.25 0.25 0.62 0.28 51.2 93.8 87.5 90.5 32.4 59.4 14.3 26.9 25.4 77.5 2.3 1.5 2.0 2.9 Other Other Other Other Other 2,492,853 215,718 527,409 330,607 1,419,119 205 25 218 657 2,970 38 41 36 39 38 6.47 7.77 7.06 6.72 5.99 0.16 0.08 0.11 0.16 0.27 71.3 90.1 84.8 75.0 84.7 9.8 4.5 4.7 7.0 13.2 Prime Prime Prime Prime Prime 62.6 62.2 71.1 81.2 93.9 0.0 Prime 37 Overnights 38 One month and under (excluding overnight) Over one month and 39 under one year 40 Demand 7 41 Total under one year 42 Fixed rate 43 Floating rate Nominal 8 Days Loans made below p r i m e 1 0 10,104,214 8,337 5,693,366 3,531 4,142,750 508 8,161,210 2,998 28,101,541 18,063,114 10,038,427 2,052 2,732 1,417 3.52 3.50 4.7 56.7 9.0 6.00 15 3.83 3.80 21.7 71.4 4.3 6.03 97 4.23 4.21 41.5 77.1 18.5 6.14 3.88 3.84 54.9 43.1 3.5 6.01 3.79 3.69 3.97 3.77 3.67 3.93 28.2 58.8 64.9 47.6 7.9 7.0 9.5 6.03 13.9 53.8 4.53 4.57 4.47 4.50 4.55 4.44 36.5 25.4 50.8 77.6 69.7 87.8 5.7 2.1 10.4 6.29 6.36 25 15 70 6.02 6.06 Months 44 Total one year and over 45 Fixed rate 46 Floating rate appear on the last page. DigitizedFootnotes for FRASER 1,308,599 735,393 573,207 662 668 654 42 43 40 6.20 E.2 SURVEY OF TERMS OF BANK LENDING MADE DURING MAY 3-7,1993 TABLE 2 Commercial and Industrial loans made by large banks1 Loan Rate (percent) Loan Characteristics Amount of Loans ($1,000) Average Size ($1,000) One month and under 2 (excluding overnight) 3 4 Fixed rate Floating rate Over one month and under one year Fixed rate Floating rate 8 9 10 Demand 7 Fixed rate Floating rate 11 Total under one year Fixed rate 12 By size ($1,000) 13 1 -99 14 1 0 0 - 499 15 500 - 999 16 1000 - 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 10000 + 25 Weighted Average Effective3 Made Under Standard Error 4 Secured by Collateral Commitment Participation Most Common Base Pricing Rate 5 Days All C&l loans 1 Overnight6 Weighted Average Maturity2 Percent of Amount of Loans 7,908,231 7,694 - 3.59 0.16 7.1 48.4 11.0 4,649,178 3,276,260 1,372,918 2,970 4,756 1,566 14 14 16 3.93 3.74 4.39 0.15 0.18 0.23 21.4 18.7 27.7 82.6 76.2 97.9 1.0 1.3 0.3 Domestic Domestic Domestic 4,349,395 1,962,634 2,386,761 928 2,234 627 110 67 145 4.91 4.54 5.21 0.13 0.14 0.19 54.2 53.6 54.6 87.8 85.5 89.7 14.7 15.7 13.9 Foreign Domestic Prime 11,989,371 1,134,438 10,854,933 675 1,270 644 - 5.08 4.09 5.18 0.18 0.30 0.17 62.8 15.4 67.7 57.1 80.9 54.6 4.3 1.7 4.5 28,896,175 1,154 33 4.46 0.15 39.6 63.4 7.2 14,281,562 20,636 127,815 241,061 2,442,412 2,513,921 8,935,716 4,094 26 259 701 2,374 6,604 19,711 14 106 38 54 28 14 10 3.79 7.06 5.40 4.77 4.24 3.78 3.62 0.21 0.32 0.22 0.19 0.11 0.10 0.19 16.8 61.0 46.5 47.6 24.8 17.8 13.0 62.4 52.0 77.3 84.9 78.9 62.6 57.1 8.7 0.0 6.0 4.3 5.8 11.6 8.9 14,614,613 406,040 1,208,730 795,595 2,581,846 1,727,570 7,894,832 678 32 208 657 2,121 6,786 24,638 98 157 149 144 130 82 72 5.11 7.25 6.81 6.30 5.67 5.14 4.44 0.17 0.09 0.06 0.12 0.19 0.26 0.34 61.8 82.5 75.1 59.6 47.4 46.1 67.1 64.4 91.2 91.0 89.4 84.0 82.1 46.1 5.7 1.9 3.3 6.9 7.1 6.1 5.5 1,798,869 545 38 5.97 0.17 60.3 88.9 10.6 325,718 6,146 21,997 20,858 276,718 777 27 240 694 4,175 38 51 47 55 36 5.30 8.29 6.76 7.15 4.97 0.30 0.37 0.27 0.49 0.52 56.6 89.6 75.5 81.4 52.6 78.1 36.9 57.0 62.1 81.9 6.2 1.0 7.1 9.1 6.1 1,473,151 37,285 234,131 189,753 1,011,982 511 29 231 669 3,303 37 31 36 35 38 6.11 6.97 6.88 6.54 5.83 0.18 0.16 0.15 0.29 0.50 61.1 87.9 77.0 65.6 55.6 91.3 85.5 85.1 88.1 93.6 11.5 4.7 6.2 9.0 13.5 Other Prime Other Prime Fed Funds Other Prime Other Domestic Domestic Other Other Prime Prime Prime Prime Prime Prime Fed Funds 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 Fed Funds Other Other Domestic Fed Funds Prime Prime Prime Prime Prime Prime Days Loans made below p r i m e 1 0 Rate 9 Nominal 8 37 Overnight 6 7,766,005 8,820 -- 3.54 3.52 6.1 47.4 11.2 6.00 One month and under 38 (excluding overnight) 4,451,478 6,201 14 3.81 3.78 19.8 82.4 1.0 6.00 Over one month a n d 39 under one year 2,958,534 3,106 88 4.12 4.10 46.4 88.9 17.2 6.00 40 Demand 7 7,100,246 4,928 - 3.86 3.82 59.8 37.9 3.6 6.00 22,276,263 13,797,459 8,478,803 5,581 5,586 5,572 22 13 67 3.77 3.69 3.90 3.75 3.68 3.86 31.3 15.3 57.4 56.9 61.3 49.7 7.5 8.5 6.0 6.00 6.00 6.00 4.19 4.35 4.12 4.16 4.30 4.09 43.7 50.1 40.6 92.0 86.0 94.8 9.9 3.5 12.9 6.00 6.00 6.00 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. 661,259 215,686 • 445,572 2,520 3,127 2,304 38 34 40 E.2 SURVEY OF TERMS OF BANK LENDING MADE DURING MAY 3-7,1993 TABLE 3 Commercial and Industrial loans made by other banks1 Loan Rati) (percent) Loan Characteristics Amount of Loans ($1,000) Average Size ($1,000) 2,339,223 5,296 One month and under 2 (excluding overnight) 3 Fixed rate 4 Floating rate 1,700,027 726,073 973,954 207 316 164 Over one month and 5 under one year 6 Fixed rate 7 Floating rate 3,527,055 979,323 2,547,732 66 4,749,433 829,691 3,919,742 145 276 132 12,315,738 130 90 4,874,310 326,908 314,433 89,804 1,066,105 955,661 2,121,400 185 14 182 660 1,921 7,360 16,990 7,441,427 1,255,475 1,965,063 829,535 2,058,632 426,829 905,895 109 23 195 654 1,968 6,374 25,847 1,906,600 95 886,898 158,593 109,224 73,541 545,540 83 16 209 624 4,437 1,019,702 178,433 293,278 140,854 407,137 110 24 209 643 2,377 8 Demand 7 9 Fixed rate 10 Floating rate 11 Total under one year Fixed rate By size ($1,000) 1-99 100- 499 500 - 999 1000- 4999 5000- 9999 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 + 12 13 14 15 16 17 18 Weighted Average Effective^ Percent of Amount of Loans Made Under Standard Error 4 Secured by Collateral Commitment Participation Days All C&l loans 1 Overnight 6 Weighted Average Maturity2 48 78 Most Common Base Pricing Rate 5 3.45 0.36 0.0 87.6 1.8 22 17 25 4.78 4.13 5.26 0.23 0.34 0.26 43.8 21.3 60.5 46.8 45.5 47.8 15.9 1.5 26.6 Foreign Fed Funds Foreign 181 157 190 6.37 6.27 6.40 0.20 0.33 60.8 0.21 64.2 46.9 70.8 10.9 3.3 13.8 Prime Other Prime 6.39 4.19 6.85 0.41 0.14 21.0 86.6 81.3 87.7 7.0 79.3 2.2 8.0 Prime Fed Funds Prime 5.60 0.21 50.1 74.9 8.4 Prime 42 178 186 83 48 15 5 4.24 8.35 7.10 4.74 4.32 3.74 3.35 0.32 0.20 0.46 0.23 0.38 0.05 0.06 18.5 80.5 77.2 28.7 21.5 5.6 4.2 72.1 25.7 43.0 71.9 69.5 74.6 83.7 2.2 1.2 7.7 10.2 4.0 145 171 190 209 177 35 44 6.49 7.55 7.00 6.78 6.52 5.96 3.84 0.20 0.05 0.10 0.12 0.12 0.64 0.09 70.8 85.3 79.9 80.3 74.0 38.5 30.3 76.7 87.5 89.7 85.7 80.4 11.9 12.4 3.0 10.0 11.0 47.5 46 6.65 0.21 68.9 64.6 4.3 Prime 55 43 82 60 52 6.28 8.82 8.13 8.80 4.84 0.41 0.32 0.25 1.04 0.57 49.3 94.0 89.9 93.1 22.2 52.5 13.5 20.9 15.0 75.2 0.9 0.0 0.4 0.0 1.3 Other Other Other Other Other 38 43 36 44 36 6.98 7.94 7.21 6.97 6.39 0.15 0.13 0.18 0.32 0.16 86.0 90.5 91.0 87.8 79.8 75.1 57.3 59.9 71.8 94.9 7.3 4.5 3.5 4.4 12.3 Prime Prime Prime Prime Prime 0.21 58.6 61.6 69.1 82.1 0.0 1.2 6.8 8.6 Other Other Other Prime Other Fed Funds Foreign Other Prime Prime Prime Prime Prime Prime Foreign 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 Days Loans made below prime 1 0 Nominal 8 37 Overnight 6 2,338,209 7,056 - 3.45 3.44 0.0 87.6 1.8 6.00 One month and under 38 (excluding overnight) 1,241,888 1,388 21 3.90 3.86 28.7 31.9 16.2 6.14 Over one month and 39 under one year 1,184,217 165 121 4.52 4.48 29.4 47.6 40 Demand 7 21.8 6.49 1,060,964 828 -- 4.00 3.99 22.3 77.8 2.6 6.10 41 Total under one year 42 Fixed rate 43 Floating rate 5,825,278 4,265,654 1,559,624 600 1,030 280 36 22 78 3.86 3.68 4.37 3.84 3.66 4.33 16.2 9.5 34.3 65.8 76.5 36.5 9.1 1.9 28.7 6.15 6.06 6.37 647,341 519,706 127,635 378 504 187 4.87 4.66 5.70 4.85 4.65 5.68 29.2 15.1 86.4 63.0 63.0 63.2 1.5 1.5 1.5 6.58 6.50 6.89 Months 44 Total one year and over 45 Fixed rate 46 Floating rate Footnotes appear on the last page. 46 47 42 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. Historical data back to 1977 presented in the format of the current E.2 release are now available. 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. 1
@FedFRASER