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O1? GOW FEDERAL RESERVE statistical release For Immediate Release September 20, 1995 E.2 SURVEY OF TERMS OF BANK LENDING MADE DURING AUGUST 7-11,199 TABLE 1 Commercial and Industrial loans made by all commercial banks1 cadtoLAmount of Loans aiaorcan Loan Characteristics Amount of Loans ($1,000) Average Size ($1,000) Weighted Average Maturity2 Weighted Average Effective3 Made Under Standard Error 4 Secured by Collateral Commitment Participation Most Common Base Pricing Rate 5 All C&l loans 1 Overnight 6 Fed Funds 15,643,334 8,166 -- 6.45 0.19 10.8 63.3 1.6 9,834,336 8,400,103 1,434,233 1,703 3,005 481 10 10 14 6.75 6.62 7.53 0.18 0.24 0.21 16.3 11.6 43.6 60.7 56.9 83.2 5.4 4.1 12.6 12,310,271 6,802,405 5,507,866 233 323 173 140 98 193 7.69 7.13 8.38 0.15 0.20 0.20 41.6 31.5 54.0 76.5 75.3 78.0 7.3 9.6 4.4 Foreign Foreign Prime 8 Demand 7 9 Fixed rate 10 Floating rate 14,720,360 4,763,189 9,957,171 258 1,031 190 -- 8.19 6.61 8.95 0.17 0.19 0.19 56.6 22.0 73.1 71.9 64.1 75.6 6.4 8.4 5.5 Prime Other Prime 11 Total under one year Fixed rate By size ($1,000) 12 13 1 - 99 100 - 499 14 15 500- 999 16 1000 - 4999 5000 - 9999 17 10000 + 18 Floating rate 19 By size ($1,000) 1 - 99 20 100 - 499 21 500 - 999 22 1000 - 4999 23 5000 - 9999 24 10000+ 25 52,508,300 447 49 7.28 0.16 31.9 68.3 5.0 Other Other Other Other Other Other Other Fed Funds 2 3 4 One month and under (excluding overnight) Fixed rate Floating rate Over one month and 5 under one year Fixed rate 6 7 Floating rate Other Other Prime 35,609,030 359,224 453,454 521,986 5,453,702 5,571,909 23,248,755 1,171 15 230 700 2,303 6,712 21,091 25 145 119 49 41 27 17 6.64 10.09 8.22 7.46 7.16 6.76 6.39 0.21 0.17 0.22 0.18 0.10 0.05 0.05 16.4 79.6 66.4 48.5 33.7 19.9 8.9 64.2 39.4 63.2 78.9 74.5 63.7 62.0 4.6 0.3 6.7 8.1 7.8 6.5 3.4 16,899,270 1,741,838 3,317,731 1,437,297 3,810,796 1,901,455 4,690,152 194 27 193 678 2,061 6,779 22,710 156 205 208 194 142 126 127 8.64 10.24 9.71 9.30 8.68 8.04 7.30 0.19 0.08 0.09 0.12 0.16 0.23 0.35 64.4 81.3 73.7 69.0 60.7 61.2 54.4 77.0 87.2 89.2 86.6 88.4 80.1 51.2 5.7 1.9 4.5 6.3 7.7 6.3 6.0 Prime Prime Prime Prime Prime Prime Foreign Months 26 Total one year and over Fixed rate 27 By size ($1,000) 1 - 99 28 29 100 - 499 30 500 - 999 1000 + 31 Floating rate By size ($1,000) 32 33 1 - 99 100 - 499 34 35 500 - 999 36 1000 + 7,975,098 344 48 8.34 0.16 67.6 67.5 5.2 Prime 1,907,078 151,152 226,214 125,221 1,404,490 187 18 190 692 4,756 56 51 66 46 56 8.13 10.03 9.25 7.85 7.77 0.26 0.29 0.31 0.38 0.38 59.0 88.2 83.5 68.6 51.1 57.0 29.4 54.1 81.6 58.2 4.5 0.6 9.0 2.2 4.4 Foreign Other Other Domestic Foreign 6,068,021 224,726 776,203 494,278 4,572,814 466 29 217 685 5,276 45 35 40 39 47 8.40 10.05 9.61 9.17 8.03 0.17 0.07 0.10 0.07 0.18 70.2 89.5 83.0 72.7 66.9 70.8 73.2 76.4 85.2 68.2 5.4 2.3 6.5 9.0 5.0 Prime Prime Prime Prime Prime - Prime 37 Overnights 15,315,159 9,407,706 5,319 Over one month and 39 under one year 9,114,357 962 6.38 6.18 9.1 62.6 1.5 8.75 10 6.61 6.41 13.6 60.0 5.4 8.75 120 6.95 6.74 28.4 73.6 8.4 8.78 6.65 6.52 39.2 57.4 5.7 8.75 6.61 6.53 6.99 6.42 6.35 6.78 19.8 14.3 47.4 63.5 63.7 62.1 4.7 4.4 6.3 8.76 8.75 8.78 7.41 7.17 7.49 7.18 6.98 7.25 63.2 56.6 65.4 65.5 70.2 63.8 4.0 4.5 3.9 8.79 8.85 8.77 9,806 One month and under 38 (excluding overnight) 40 Demand 7 41 Total under one year 42 Fixed rate 43 Floating rate Nominal 8 Days Loans made below prime 10 7,531,934 1,984 41,369,157 34,412,006 6,957,150 2,493 3,240 1,164 36 23 131 Months 44 Total one year and over 45 Fixed rate 46 Floating rate Footnotes appear on the last page. 4,706,928 1,199,590 3,507,338 1,202 506 2,267 50 52 49 E.2 SURVEY OF TERMS OF BANK LENDING MADE DURING AUGUST 7-11,1995 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 Effective 3 Made Under Standard Error4 Secured by Collateral Commitment Participation Most Common Base Pricing Rate 5 Days All C&l loans 1 Overnight 6 2 3 4 Weighted Average Maturity2 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 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 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 + 10,512,055 7,961 - 6.48 0.16 11.3 70.1 2.0 Domestic 7,244,232 6,248,704 995,528 4,170 6,164 1,376 11 10 13 6.74 6.67 7.22 0.17 0.14 0.24 14.2 11.5 31.4 55.3 51.3 80.8 6.7 4.9 17.9 Other Other Other 7,388,868 4,832,784 2,556,084 994 3,051 437 105 76 161 7.36 6.98 8.09 0.14 0.12 0.18 36.7 28.5 52.3 85.8 83.1 90.8 8.9 11.6 3.9 Foreign Foreign Prime 8,144,057 3,178,197 4,965,860 393 2,931 253 7.66 6.39 8.48 0.20 0.27 0.19 46.3 10.7 69.1 66.8 60.7 70.7 6.8 4.8 8.2 Prime Other Prime 33,289,212 1,066 35 7.02 0.15 26.1 69.5 5.7 Other 0.15 0.27 0.27 0.14 0.10 0.03 0.07 14.6 68.2 56.7 44.8 31.5 15.3 9.2 66.7 74.3 77.1 78.6 70.6 59.0 67.4 5.0 2.5 7.4 9.0 7.7 7.1 3.6 Other Other Other Other Other Other Other 24,771,740 18,404 193,849 334,645 3,872,930 4,315,078 16,036,835 4,952 28 265 709 2,316 6,753 19,432 21 114 68 51 35 23 16 6.61 8.77 7.83 7.45 7.09 6.73 6.43 8,517,472 539,751 1,437,011 676,150 1,932,076 1,057,021 2,875,464 325 32 204 658 2,024 6,721 25,706 119 194 189 177 116 134 79 8.21 10.08 9.67 9.29 8.48 7.94 6.81 0.19 0.10 0.05 0.04 0.11 0.24 0.27 59.6 74.0 72.4 64.6 51.1 46.4 59.9 77.9 88.8 89.9 91.8 91.7 85.1 54.7 8.0 1.9 3.9 8.0 9.7 9.2 9.7 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 + 5,577,546 1,016 49 8.27 0.13 72.2 67.9 3.2 Prime 1,170,396 9,898 46,375 44,131 1,069,993 1,407 27 232 668 5,266 62 41 43 40 64 8.03 9.31 8.18 7.49 8.03 0.20 0.41 0.22 0.33 0.44 62.0 85.8 75.8 54.0 61.5 64.0 48.4 74.3 84.5 62.9 4.9 0.0 2.6 2.9 5.1 Foreign Other Other Foreign Foreign 4,407,150 68,989 362,137 307,225 3,668,799 946 36 217 686 5,730 46 30 37 39 48 8.33 9.70 9.40 9.20 8.13 0.13 0.07 0.09 0.09 0.22 75.0 88.7 76.4 74.5 74.6 68.9 83.4 86.3 91.9 65.0 2.8 2.1 5.0 5.7 2.3 Prime Prime Prime Prime Prime 37 Overnight 6 Prime Rate 9 Nominal 8 Days Loans made below prime 1 0 10,344,694 8,941 — 6.42 6.23 10.1 69.7 1.9 8.75 One month and under 38 (excluding overnight) 7,032,546 6,380 10 6.65 6.44 12.8 54.9 6.7 8.75 Over one month and 39 under one year 6,235,044 3,111 90 6.95 6.74 30.0 85.0 9.6 8.75 5,142,800 3,130 - 6.48 6.37 37.2 51.7 5.0 8.75 28,755,084 24,348,665 4,406,418 4,868 5,767 2,615 28 20 94 6.60 6.56 6.83 6.42 6.38 6.64 19.9 13.8 53.6 66.2 66.2 66.0 5.3 4.8 7.8 8.75 8.75 8.75 7.49 7.10 7.59 7.26 6.93 7.34 73.5 69.5 74.5 67.0 86.6 61.9 1.3 5.4 0.3 8.75 8.75 8.75 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. 3,507,082 716,315 2,790,766 3,301 1,744 4,282 53 62 50 E.2 SURVEY OF TERMS OF BANK LENDING MADE DURING AUGUST 7-11,1995 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 Maturity2 Weighted Average Effective3 Percent of Amount of Loans Made Under Standard Error 4 Secured by Collateral Commitment Participation Most Common Base Pricing Rate 5 Days All C&l loans 1 Overnight 6 5,131,278 8,622 - 6.39 0.24 9.6 49.4 0.7 Fed Funds One month and under 2 (excluding overnight) 3 Fixed rate 4 Floating rate 2,590,104 2,151,399 438,705 641 1,207 195 10 9 18 6.78 6.49 8.24 0.23 0.33 0.25 22.0 12.0 71.1 75.8 73.2 88.7 1.7 2.0 0.4 Fed Funds Fed Funds Prime Over one month and 5 under one year 6 Fixed rate 7 Floating rate 4,921,403 1,969,621 2,951,782 108 101 114 193 151 220 8.18 7.49 8.63 0.18 0.25 0.22 48.8 38.8 55.6 62.6 56.3 66.9 4.8 4.9 4.8 Prime Fed Funds Prime 6,576,302 1,584,992 4,991,311 181 448 152 - 8.85 7.06 9.41 0.18 0.22 0.20 69.3 44.7 77.1 78.2 70.9 80.5 5.9 15.7 2.8 Prime Other Prime 19,219,088 223 78 7.74 0.17 41.8 66.2 3.7 Prime 10,837,290 340,821 259,605 187,341 1,580,772 1,256,831 7,211,921 426 15 210 684 2,270 6,577 26,035 35 146 155 45 59 46 21 6.71 10.16 8.51 7.48 7.32 6.83 6.30 0.22 0.19 0.19 0.32 0.19 0.14 0.09 20.5 80.2 73.6 55.0 39.1 35.8 8.2 58.5 37.6 52.8 79.4 84.1 79.6 49.9 3.9 0.1 6.2 6.5 8.0 4.4 2.9 Fed Funds Other Other Other Other Other Fed Funds 8,381,798 1,202,087 1,880,721 761,147 1,878,720 844,435 1,814,688 138 25 186 697 2,101 6,853 19,169 194 207 217 205 184 105 194 9.08 10.32 9.75 9.30 8.89 8.17 8.08 0.22 0.09 0.11 0.19 0.27 0.46 0.73 69.2 84.6 74.7 72.9 70.5 79.7 45.6 76.1 86.5 88.7 81.9 85.1 73.9 45.7 3.4 1.9 4.9 4.9 5.7 2.8 0.0 Prime Prime Prime Prime Prime Prime Foreign 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 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 25 10000 + Months 26 Total one year and over Fixed rate By size ($1,000) 1-99 100 - 499 500 - 999 1000 + Floating rate 32 By size ($1,000) 33 1-99 34 100 - 499 35 500 - 999 36 1000 + 27 28 29 30 31 2,397,552 135 44 8.50 0.17 56.7 66.5 9.8 736,682 141,255 179,839 81,090 334,498 79 17 181 705 3,630 47 52 72 50 31 8.29 10.08 9.52 8.04 6.94 0.28 0.31 0.31 0.42 0.15 54.4 88.3 85.4 76.5 18.0 45.7 28.1 48.9 80.0 43.1 3.9 0.7 10.6 1.9 2.2 Other Other Other Domestic Foreign 1,660,870 155,737 414,066 187,053 904,014 199 26 216 684 3,993 43 38 43 39 45 8.60 10.21 9.80 9.13 7.66 0.19 0.06 0.17 0.12 0.39 57.7 89.8 88.9 69.6 35.4 75.7 68.7 67.6 74.2 81.0 12.5 2.3 7.7 14.4 16.0 Prime Prime Prime Prime Foreign Days Loans made below prime1° 37 Overnight 6 4,970,465 12,278 One month and under 38 (excluding overnight) 2,375,161 3,564 Over one month and 39 under one year 2,879,313 386 2,389,135 12,614,073 10,063,341 2,550,732 40 Demand 7 41 Total under one year 42 Fixed rate 43 Floating rate Prime Prime Rate 9 Nominal 8 6.29 6.10 7.0 47.7 0.7 8.75 10 6.50 6.31 16.1 75.2 1.8 8.76 185 6.95 6.74 25.0 48.8 5.9 8.86 1,110 — 7.03 6.85 43.3 69.6 7.3 8.76 1,180 1,573 594 55 31 185 6.62 6.46 7.25 6.43 6.27 7.03 19.7 15.4 36.7 57.3 57.8 55.5 3.3 3.3 3.7 8.78 8.76 8.83 7.16 7.28 7.08 6.96 7.07 6.88 33.1 37.4 30.2 61.1 45.9 71.3 11.8 3.1 17.7 8.91 8.99 8.86 . Months 44 Total one year and over 45 Fixed rate 46 Floating rate Footnotes appear on the last page. 1,199,846 483,274 716,572 420 247 800 41 35 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. 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.
