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:o? cowp% FEDERAL RESERVE statistical release For Immediate Release September 17,1991 E.2 SURVEY OF TERMS OF BANK LENDING MADE DURING AUGUST 5 - 9 , 1 9 9 1 TABLE 1 Commercial and Industrial loans made by all commercial banks 1 Loan Rate (percent) Loan Characteristics Amount of Loans ($1,000) Average Size ($1,000) Made Under Weighted Average Effective^ 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 7,132,014 5,339 — 6.76 0.20 13.0 59.2 1.3 Fed Funds One month and under 2 (excluding overnight) 3 Fixed rate 4 Floating rate 4,755,173 3,345,085 1,410,088 556 708 369 15 14 17 7.16 6.94 7.68 0.20 0.30 0.24 31.8 26.2 45.3 85.5 86.9 82.4 4.5 4.1 5.2 Domestic Other Prime Over one month and 5 under one year 6 Fixed rate 7 Floating rate 9,564,387 4,727,065 4,837,322 148 157 140 130 93 166 8.28 7.67 8.88 0.16 0.25 0.20 52.7 37.9 67.2 75.9 67.5 84.0 11.0 9.1 12.9 Prime Other Prime 8 Demand 7 9 Fixed rate 10 Floating rate 12,900,098 3,425,965 9,474,133 246 728 199 8.29 7.37 8.63 0.15 0.23 0.17 60.2 31.0 70.8 77.2 83.1 75.1 13.0 29.7 7.0 Prime Other Prime 11 Total under one year Fixed rate 12 By size ($1,000) 13 1-99 14 100-499 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 1 000 - 4999 24 5000 - 9999 25 10000 + 34,351,673 271 61 7.82 0.16 44.4 74.3 8.9 Prime 18,629,162 423,305 447,685 342,370 3,833,407 3,625.025 9,957,370 455 12 207 679 2,376 6,752 19,379 32 124 129 59 36 27 25 7.13 11.20 9.17 7.89 7.27 7.16 6.78 0.26 0.15 0.26 0.14 0.06 0.14 0.11 25.0 73.0 70.7 40.8 33.8 21.4 18.3 70.7 32.2 54.0 83.4 75.3 73.6 69.8 9.0 0.5 3.2 10.5 9.4 8.2 9.8 Other Other Prime Other Other Other Other 15,722,511 1,641,747 2,933,890 1,485,031 3,650,884 1,312,643 4,698,315 183 25 197 661 2,004 6,678 20,918 132 166 177 177 134 97 89 8.62 10.16 9.65 9.48 8.72 8.16 7.22 0.18 0.03 0.04 0.11 0.14 0.29 0.30 67.4 82.4 78.6 68.0 60.8 49.4 65.1 78.5 83.2 85.8 87.5 88.6 78.2 61.7 8.7 1.8 7.7 9.5 8.4 6.2 12.2 Prime Prime Prime Prime Prime Prime Fed Funds 3,687,750 178 40 9.13 0.16 64.2 67.5 8.9 Prime 1,329,657 123,590 189,319 107,574 909,174 125 13 202 650 6,717 44 38 36 89 41 8.53 11.26 10.28 9.03 7.74 0.30 0.12 0.12 0.46 0.29 51.2 83.4 74.0 84.8 38.0 58.3 18.9 57.9 31.4 66.9 5.7 0.4 7.8 0.0 6.7 Other Other Other Foreign Fed Funds 2,358,093 195,638 504,873 279,885 1,377,697 233 29 204 668 3,178 37 44 38 42 35 9.47 10.37 9.88 9.86 9.12 0.12 0.04 0.13 0.22 0.24 71.6 84.7 78.6 80.0 65.5 72.8 43.9 65.9 66.9 80.6 10.8 3.4 12.5 13.2 10.7 :: 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 + 37 Overnight 6 38 One month and under (excluding overnight) Prime Rate 9 Nominal 6 Days Loans made below prime 1 0 Prime Prime Prime Prime Prime 6,897,561 6,586 — 6.67 6.45 12.2 59.0 0.9 8.50 4,179,582 3,375 13 6.79 6.58 26.9 86.4 3.8 8.50 Over one month and 39 under one year 5,780,243 570 101 7.19 6.98 39.1 77.2 13.5 8.59 40 Demand 7 5,639,330 2,482 — 6.60 6.49 43.0 60.7 18.2 8.52 22,496,716 16,503,521 5,993,195 1,530 2,038 907 38 26 98 6.81 6.80 6.84 6.62 6.61 6.66 29.6 20.5 54.5 69.2 71.1 64.1 9.0 9.7 7.0 8.53 8.51 8.58 1,134,473 783,127 351,346 532 573 459 7.30 7.35 7.18 7.13 7.21 6.97 36.0 27.2 55.6 67.4 59.1 85.8 12.4 6.1 26.4 8.64 8.60 8.73 41 Total under one year 42 Fixed rate 43 Floating rate Months 44 Total one year and over 45 Fixed rate 46 Floating rate Digitized Footnotes appear on the last page. for FRASER 40 40 39 E.2 SURVEY OF TERMS OF BANK LENDING MADE DURING AUGUST 5 - 9 , 1 9 9 1 TABLE 2 Commercial and Industrial loans made by large banks 1 Loan Rate (percent) Loan Characteristics Amount of Loans ($1,000) Average Size ($1,000) Weighted Average Effective 3 Made Under Standard Error 4 Secured by Collateral Commitment Participation Most Common Base Pricing Rate 5 Days All C&l loans 1 Overnight ^ 2 3 4 Weighted Average Maturity 2 Percent of Amount of Loans One month and under (excluding overnight) Fixed rate Floating rate Over one month and 5 under one year 6 Fixed rate 7 Floating rate 8 Demand 7 Fixed rate 9 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 1000-4999 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 + 5,272,413 7,638 -- 6.80 0.25 13.0 52.8 1.4 Fed Funds 3,706,097 2,649,922 1,056,175 3,747 6,099 1,904 14 13 15 6.93 6.87 7.08 0.17 0.18 0.24 31.8 26.2 45.3 85.4 86.2 83.5 4.3 4.2 4.4 Domestic Domestic Domestic 5,660,339 3,356,690 2,303,649 1,069 2,816 561 109 81 150 7.68 7.25 8.31 0.14 0.17 0.18 52.7 37.9 67.2 80.5 73.1 91.4 11.9 7.0 19.2 Foreign Other Prime 8,410,643 2,933,711 5,476,932 483 1,437 357 7.95 7.31 8.28 0.13 0.16 0.18 60.2 31.0 70.8 68.2 81.7 60.9 17.8 33.6 9.3 Prime Other Prime — 23,049,493 946 46 7.45 0.13 444 70.5 10.4 Fed Funds 14,211,768 40,303 168,664 225,659 2,374.528 2,817,956 8,584,658 3,263 29 230 674 2,286 6,848 20,079 28 146 76 59 35 25 26 7.03 9.53 8.56 8.03 7.38 7.12 6.83 0.16 0.19 0.21 0.07 0.10 012 0.11 25.0 73.0 70.7 40.8 33.8 21.4 18.3 69.8 61.6 77.2 86.6 78.2 71.0 66.5 9.9 1.2 4.7 7.0 10.3 9.4 10.2 Other Prime Prime Other Other Other Other 8,837,725 387,553 1,011,075 562,390 1,876,541 965,049 4,035,115 442 30 203 664 2,134 6,860 22,934 108 175 167 162 116 79 91 8.15 9.87 9.48 9.24 8.60 7.89 7.34 0.19 0.06 0.07 0.10 0.20 0.45 0.47 67.4 82.4 78.6 68.0 60.8 49.4 65.1 71.6 88.0 89.2 90.7 83.4 77.5 56.0 11.3 1.6 5.2 9.7 12.4 8.4 14.2 Prime Prime Prime Prime Prime 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 + 2,102,319 790 36 8.71 0.14 64.2 77.2 11.2 681,597 5,446 26,904 33,637 615,610 1,574 27 253 631 8,729 39 42 36 39 40 7.90 10.63 9.17 7.80 7.83 0.26 0.28 0.22 0.53 0.34 51.2 83.4 74.0 84.8 38.0 61.4 35.7 73.0 86.9 59.7 5.0 0.0 2.9 0.0 5.4 1,420,722 32,290 210,390 141,383 1,036,660 637 40 224 668 3,723 35 38 37 38 34 9.10 9.92 9.63 9.43 8.92 0.13 0.10 0.09 0.20 0.39 71.6 84.7 78.6 80.0 65.5 84.8 77.9 82.5 90.3 84.7 14.2 11.3 15.8 21.2 13.0 37 OvernightG 5,146,852 7,954 One month and under 38 (excluding overnight) 3,488,662 7,160 Over one month and 39 under one year 4,419,866 4,182 4,414,070 4,579 17.469,450 13.002,272 4,467,178 5,537 5,728 5,047 40 Demand 7 41 Total under one year 42 Fixed rate 43 Floating rate Prime Prime Prime Prime Prime Prime Rate 9 NominalS Days Loans made below prime 1 0 Fed Funds Other Other Foreign Fed Funds 6.72 6.51 7.8 53.1 0.8 8.50 13 6.78 6.56 26.3 85.3 3.8 8.50 95 7.13 6.92 37.2 77.7 11.6 8.50 6.57 6.46 48.6 49.8 22.0 8.50 6.80 6.82 6.72 6.61 6.64 6.55 29.3 17.1 64.7 64.9 68.2 55.5 9.5 10.2 7.4 8.50 8.50 8.50 7.16 7.37 6.78 7.04 7.31 6.58 33.2 25.4 46.9 64.5 48.8 92.1 13.6 7.0 25.1 8.50 8.50 8.50 36 26 86 Months 44 Total one year and over 45 Fixed rate 46 Floating rate Footnotes appear on the last page. 764,119 486,420 277,700 3,019 3.908 2,159 33 30 38 E.2 SURVEY OF TERMS OF BANK LENDING MADE DURING AUGUST 5 - 9 , 1 9 9 1 TABLE 3 Commercial and Industrial loans made by other banks 1 Loan Rate (percent) Loan Characteristics Amount of Loans ($1,000) Average Size ($1,000) Weighted Average Maturity 2 Weighted Average Effective 3 Percent of Amount of Loans Made Under Standard Error 4 Secured by Collateral Commitment Participation Common Base Pricing Rate 5 Days All C&l loans 1 Overnight 6 1,859,601 2,880 — 6.65 0.34 24.5 77.4 1.1 Other One month and under 2 (excluding overnight) Fixed rate 3 4 Floating rate 1,049,076 695,163 353,913 139 162 108 18 16 22 7.97 7.20 9.49 0.25 0.39 0.26 46.0 31.7 74.1 85.9 89.5 78.9 5.1 3.8 7.7 Prime Other Prime Over one month and 5 under one year Fixed rate 6 7 Floating rate 3,904,048 1,370,375 2,533,673 66 47 83 159 120 181 9.16 8.70 9.41 0.18 0.27 0.18 61.7 62.2 61.4 69.1 54.0 77.3 9.7 14.3 7.2 Prime Other Prime 4,489,455 492,254 3,997,201 128 185 124 8.94 7.67 9.10 0.22 0.38 0.21 66.3 50.6 68.2 94.1 91.2 94.5 4.1 6.7 3.8 Prime Other Prime 11,302,180 110 94 8.55 0.19 55.9 82.0 5.6 Prime 4,417,393 383,001 279,021 116,712 1,458,879 807,069 1,372,712 121 11 196 690 2,540 6,436 15,913 45 123 145 59 37 36 20 7.49 11.37 9.55 7.62 7.09 7.30 6.51 0.29 0.13 0.26 0.31 0.09 0.38 0.13 40.3 74.2 79.2 34.6 38.7 36.7 27.1 73.6 29.1 39.9 77.4 70.6 82.8 90.2 6.3 0.4 2.3 17.1 8.0 3.8 7.3 Other Other Prime Other Other Other Other 6,884,787 1,254,194 1,922,815 922,641 1,774,343 347,594 663,200 104 23 194 660 1,882 6,220 13,629 161 165 181 184 159 127 70 9.23 10.25 9.73 9.63 8.85 8.91 6.49 0.20 0.03 0.06 0.16 0.34 0.55 1.02 66.0 83.0 80.9 72.2 61.9 38.4 7.6 87.4 81.7 84.1 85.5 94.0 80.2 96.2 5.3 1.9 9 1 9.4 4.3 0.0 0.0 Prime Prime Prime Prime Prime Prime Other 1,585,431 88 44 9.70 0.14 71.9 54.7 6.0 Prime 648,060 118,144 162,415 73,937 293,565 63 13 196 659 4,529 49 37 36 111 45 9.20 11.29 10.47 9.60 7.55 0.27 0.12 0.17 0.32 0.66 57.2 83.4 73.8 100.0 26.8 55.0 18.1 55.4 6.1 81.9 6.5 0.4 8.6 0.0 9.3 Other Other Other Prime Domestic 937,370 163,347 294,483 138,502 341,038 119 27 191 668 2,199 41 45 39 46 38 10.04 10.45 10.06 10.29 9.74 0.13 0.05 0.20 0.24 0.31 82.0 86.1 82.8 91.3 75.6 54.6 37.2 54.1 42.9 68.0 5.6 1.9 10.2 5.1 3.7 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 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 + 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 + Days Loans made below prime 1 0 37 Overnight 6 One month and under 38 (excluding overnight) Over one month and 39 under one year Prime Prime Prime Prime Prime Prime Rate 9 Nomina|8 | 1,750,710 4,373 — 6.50 6.30 25.1 76.4 1.2 8.50 690,921 920 15 6.85 6.63 29.4 92.1 3.8 8.53 1,360,377 150 119 7.41 7.18 45.1 75.7 19.5 8.88 40 Demand 7 1,225,260 937 — 6.74 6.61 23.0 99.9 4.5 8.60 41 Total under one year 42 Fixed rate 43 Floating rate 5,027,267 3,501.250 1,526,017 435 601 267 46 27 135 6.85 6.72 7.17 6.66 6.51 7.00 30.6 33.1 24.9 84.1 81.8 89.3 7.3 7.9 6.0 8.63 8.54 8.82 7.58 7.30 8.70 7.32 7.04 8.43 41.6 30.0 88.6 73.3 76.1 62.2 9.9 4.6 31.2 8.93 8.76 9.61 Months 44 Total one year and over 45 Fixed rate 46 Floating rate Footnotes appear on the last page. 370,353 296,707 73,646 197 239 116 55 57 46 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.
