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Authorized for public release by the FOMC Secretariat on 8/21/2020 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D C 20551 September 12, 1972 CONFIDENTIAL (FR) TO: Federal Open Market Committee FROM: Mr. Broida Enclosed are a memorandum by Mr. Puckett and a transmittal from Mr. Axilrod relating to bank loan commitments. These materials were prepared pursuant to a discussion at the Committee meeting of July 18, 1972. Although the subject of bank loan commitments is not listed on the agenda for the September 19 Committee meeting, it can be discussed then should any Board member or Reserve Bank President so desire. Arthur L. Broida Deputy Secretary Federal Open Market Committee Enclosures Authorized for public release by the FOMC Secretariat on 8/21/2020 September 12 , 1972 TO: Federal Open Market Committee SUBJECT: FROM: Stephen H. Axilrod, Economist (Domestic Finance) commitments. Bank loan In response to a recent FOMC discussion, the attached memorandum from Mr. Puckett, Senior Economist in the Board's Banking Section, analyzes the available information on bank loan commitments. We have been collecting figures only since 1969 from a small number of banks, so that conclusions that can be drawn are at best quite tentative. In particular, we are unable to make comparisons between bank exposure now as compared with similar stages of past business cycles. Nonetheless, it does appear as if recent trends in new commitments, takedowns, and unused commitments are not out of keeping with what one might expect at this stage of the economic cycle and have not, at least so far, placed banks as a group in a dangerously exposed position. We will, however, be keeping a close watch on developments, and will also be reviewing the series to determine if and how it might be made more useful. Attachment Authorized for public release by the FOMC Secretariat on 8/21/2020 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Office Correspondence Date Subject: Stephen H. Axilrod To Mr. From Richard H. September 11, Bank Loan Commitments Puckett The main results from an analysis of loan commitment data are as follows: (1) As of July 31, the latest date for which data are available, the level of unused loan commitments 1/ 1/at 42 reporting banks was $76 billion, up $3.8 billion, or 5.3 per cent, from the end of April. In the three-month period ending July the rate at which banks added to unused loan commitments was somewhat more rapid than during similar periods in previous years. (2) Based on the information we have, the rate of growth of unused commitments does not seem out of line with a period of strong business expansion. Although we do not have data before 1969 to permit comparison with similar stages of the business cycle, the recent 5.3 per cent rate of increase was slower than in the late 1970early 1971 period, when business was rebuilding bank lines following the previous period of monetary tightness. (3) Comparing the commitments of banks to their current stocks of liquid assets, does not reveal any significant deterioration in the ability of banks to honor obligations to make loans. The fact that individual banks can raise funds in the open market, particularly by selling CD's, also buttresses their position 1/ Loan commitments are derived to include all types of lending arrangements including lines of credit where the bank has indicated to the customer, orally or in writing, that it is willing to make loans when needed at some future date up to a specified amount. 1972 Authorized for public release by the FOMC Secretariat on 8/21/2020 Mr. Stephen H. Axilrod in meeting any sudden demands generated by the exercise of loan commitments. (4) While there may be some slight uptrend in the rate of takedowns, expirations, and cancellations of commitments as might be expected in a period of expansion, the most recently observed rate--where takedowns, expirations, and cancellations are 30 per cent of unused and new commitments--is consistent with the usual seasonal reviews of credit lines taking place during the survey period. It should be emphasized that the statistical base for the analysis of commitments is highly limited. loan commitments is relatively new. The series on bank The survey has been held regularly only since the beginning of 1969; consequently, seasonally adjusted data are not yet available. The survey, moreover, is based on a relatively small sample of 48 banks in which 42 supply complete data on commitments and commitment policies and 6 supply partial information. The commitment data, in addition, are highly volatile, swinging by relatively large amounts from quarter to quarter and year to year. For these reasons -- the relatively short time span covered by available data, the limited sample size, and the volatile nature of the series -- problems in interpreting movements in the data are more difficult than usual. Turning to the most recent survey, the statistics appear to indicate some strength in the rate of growth of unused commitments. As shown in Table 1A, the volume of unused commitments for the three months ending July 31 rose 5.3 per cent above the level for the preceding Authorized for public release by the FOMC Secretariat on 8/21/2020 Mr. Stephen H. Axilrod three months -- higher than the 2.3 per cent rate of growth for the previous quarter, but less than the pace of early 1971. The current growth seems and types of commitments. those fairly broadly based across banks All major categories of commitments -- for loans to C&I firms and nonbank financial institutions and for real estate mortgages -- grew at least moderately, while unused commitments for real estate mortgages continued to show a rate of growth considerably above average. At the 48 reporting banks shown in Table 2, 19 indicated increases in total unused commitments. Of the remaining banks, 21 indicated no change, and 8 experienced moderate declines. Over the entire year -- from July, 1971 to July, 1972 -the rate of growth in unused commitments, 16 per cent, was approximately half that of the previous year -- from July, 1970 to July, 1971 -- when commitment activity had been buoyed by recovery from the preceding severe monetary stringency. As a result of that stringency, unused commitments actually declined by about 4 per cent from July, 1969 to July, 1970. The growth in unused commitments over the last two years can be evaluated in the light of changes in available liquidity at the 42 respondent banks that give data on the value of commitments. 2/ When the ratio of liquid assets 2/ to unused commitments is computed, the liquidity-commitment ratio of 19.8 per cent, holding presently, 2/ Liquid assets are the sum of Treasury bills, U.S. Government notes and bonds with maturities of less than one year, broker-dealer loans, tax warrants, federal funds sold, loans to domestic banks, and bankers acceptances. Authorized for public release by the FOMC Secretariat on 8/21/2020 Mr. Stephen H. Axilrod turns out to be only slightly below the median of 20.5 per cent for the entire 1969-1972 survey period. Taking the ratio of liquid assets to unused commitments plus time and demand deposits shows a present ratio of 6.0 per cent that is equal to the median for the survey period. Measured on either basis, the liquid asset holdings at respondent banks do not seem out of line with obligations to accomodate borrowers requesting credit. Aside from liquid asset holdings, the ability of banks to honor their commitments is strongly affected by their ability to raise funds in the open market. Most large and medium-sized banks, of course, can raise funds by selling negotiable certificates of deposit -- as long as rates on money market instruments are not above ceilings determined by Regulation Q. Some margin currently exists between offering rates and ceilings for time deposits other than large CD's. There are no ceilings on large denomination CD's issued with maturities of less than 90 days, ($100,000 and over) and for longer maturities a spread exists between offering rates and the ceilings on the order of 200 to 150 basis points (as of August 30). In any case the need for funds is conditioned by, among other things, the rate of takedowns of commitments. Our data, though, include takedowns along with expirations and cancellations. The ratio of takedowns, expirations, and cancellations to available commitments,3/ 3/ The ratio is given by takedowns, expirations, and cancellations in a three month interval divided by the sum of new commitments in that interval and unused commitments at the beginning of the period. Authorized for public release by the FOMC Secretariat on 8/21/2020 Mr. Stephen H. Axilrod shown in Chart 1, has varied between 33 per cent in the three months ending July, 1971 to 15 per cent during the three months ending October, 1969. reflect seasonal behavior as The extremes in the ratio well as the erratic nature of actual financing needs. Some slight upward trend in the ratio may be discerned, as might be expected as the result of the economic expansion. Some fluctuations are seasonal, arising from the fact that banks periodically review commitments, allowing old ones to lapse, while extending new ones. This procedure raises new commitments as well as expirations and cancellations without necessarily increasing unused commitments. As indicated in Chart 1, such reviews often seem to occur in the three months ending July 31 when the rate of takedowns, expirations, and cancellations has always been the highest for the year. This review process then seems to be reflected in the most recent data where large "takedowns" large amounts of new commitments (Table 1C) are almost matched by (Table 1B). As might be expected when such activity is connected with a periodic commitment review, relatively little change in the loan portfolio of banks in the survey occurred during the survey period. During the three month interval ending July 31 loans to commercial and industrial firms, to nonfinancial business, and for real estate finance, at banks in the sample rose modestly by $1.3 billion to approximately $74.7 billion. Authorized for public release by the FOMC Secretariat on 8/21/2020 Mr. Stephen H. Axilrod -6- In spite of this fairly modest growth in loans most respondents indicated that they expect a moderate increase in takedowns to occur over the next three months. Of a total of 48 banks, 26 expected a modest rise, 21 no change, and 1 a moderate decline. Authorized for public release by the FOMC Secretariat on 8/21/2020 Chart 1 TAKEDOWNS EXPIRATIONS AND CANCELLATIONS AS A PER CENT OF AVAILABLE COMMITMENTS 25.0 20.0. 15 .0 1969 Apr. 30 Jul. Oct. 31 31 Jan. 31 Apr. 30 Jul. 31 Oct. 31 Jan. 31 Apr. Jul. 30 31 Oct. 31 Jan. 31 Apr. 30 Jul. 31 Authorized for public release by the FOMC Secretariat on 8/21/2020 NOT FOR QUARTERLY SURVEY OF BANK LOAN COMMITMENTS AT SELECTED LARGE U.S. BANKS *1 (AS OF JUL. 31, 1972) QUOT AT I ON OR PUBLICATION TABLE 1A UNUSED COMMITMENTS (DOLLAR AMOUNTS (11 (2) I AS OF I AS OF JUL. 31 I APR. 30 I I AMT NUMBER OF BANKS UNUSED COMMITMENTS C E I FIRMS NONBK FINAN INSTS REAL ESTATE MORTG MEMO: CONSTRUCTION LOANS INCL ABOVE COMMERCIAL & INDUST FIRMS TERM LOANS REVOLVING CREDITS TOT: TERM C REV *2 CONFIRMED LINES OTHER COMMITMENTS 1972 1972 I ! CHr. I AMMTL T II nr it I 42 ! I 75.71 57.21 13.71 4.71 3.81 I I I 2.51 14.11 17.21 35.91 4.11 N'NBANK FINANCIAL INSTITUTIONS FINANCE COMPANIES MTGE WAREHOUSING ALL OTHER REAL ESTATE MORTGES RESIDENTIAL OTHER I 8.31 2.21 3.31 2.01 2.81 I I I 5.31 5.11 4.81 8.91 8.71 I I 42 I 1.61 8.21 11.41 I 12.01 6.81 1972 i AMT I I (41 I AS OF 29 OCT. 1971 I 1 C"r. I AMT I 42 I 71.91 54.41 2.31 2.4 13.11 0.91 4.41 5.91 3.51 8.22 42 2 70.31 53.21 13.01 4.11 3.21 I I I I 5.21 -3.81 -3.01 4.71 4.01 5.41 I I I 8.11 2.CI 2.91 I 2.11 14.01 16.71 32.71 3.81 0.71 5.11 -1.11 13.51 1.31 -6.61 2.71 1.21 5.61 8.11 1.91 3.01 NOTE: I 66.91 51.11 12.21 3.61 I I I 2.91 2.41 4.11 I 42 I I 65.11 6.21 50.01 11.71 3.41 2.91 1.01 2.91 I I I I I I I I 19.91 I I 2.31 13.61 1.91 I 1.91 13.31 3.91 7.71 1.91 1.71 1.41 I I I 5.21 5.01 2.61 0.21 16.61 1.31 13.71 2.61 I I 1.21 11.81 2.31 2.31 2.21 2.31 5.81 2.71 12.21 I I I 1.61 2.61 1 31.01 3.71 11 BANKS PARTICIPATING IN THE QUARTERLY INTEREST RATE SURVEY -*2 THE TOTAL MAY EXCEED THE SUM OF THE PREVIOUS TWO ITEMS SINCE ** 1 CHr. (6) (71 I 18) AS OF AS OF AS OF I APR. 30 JAN. 3*1 1 OCT. 31 1971 1970 I 1971 I AMT 11 CH G L AMT IZ CHG I AMT I CHG I I I I 1 I 1 42 I I I I 42 I 42 I 1 I I 6 .41 6.81 54.61 9.2 58.41 4.71 62.11 6 .51 6.61 5.31 41.71 8. 44.51 47.41 3 .01 7.31 3.31 10.31 14. 11.01 11.31 18 .01 1.11 8.31 2.61 4.9 2.91 3.41 5.51 6.71 18 .81 2.71 2.31 2.21 1.9 I I I I I I I I I I I I I I I I I I 5.41 6.91 1.81 16 .91 1.41 10.9 1.51 1 .21 7.41 3.01 12.91 11.91 12.1 12.81 1 .51 8.41 3.21 15.11 14.01 10.6 15.41 8 .51 5.21 5.91 25.21 8.7 26.71 28.91 15 .4( 4.91 2.71 2.6( -7.4 17.71 3.11 1 I I I I I I I 0 .01 6.91 6.71 19.6 7.11 1.91 7.11 -1 .61 10.61 9.61 1.61 1.61 1.51 5.5 2.61 2.61 6.71 16 .01 2.12 6.7 2.21 I I I I I 17 .71 12.31 1.01 C.91 1L.71 0.81 7.7 18 .21 -4.01 2.31 2.01 7.21 1.81 3.7 (51 AS O F JUL. 31 1971 CHG 16.51 I I I I I 2.61 13.61 9.21 I 2.31 1.81 5.01 3.91 6.71 I 13.41 16.21 34.21 Ii I I I I I 12.71 4.91 6.31 4.81 3.21 I (3) AS OF JAN. 31 IN BILLIONS) 15.91 30.41 3.61 I ( 7.31 1.81 I I I MAINLY BANKS WITH TOTAL DEPOSITS OF SOME BANKS REPORT ONLY TOTALS. MINOR INCONSISTENCIES MAY OCCUR IN FIGURES DUE $1 TO ROUNDING. ** BILLION OR MORE. Authorized for public release by the FOMC Secretariat on 8/21/2020 QUARTERLY SURVEY OF BANK LOAN COMMITMENTS AT SELECTED LARGE U.S. BANKS *1 (AS OF JUL. 31, 1972) QUOTATION PUBLICATION TABLE (1) AS OF JUL. 31 1972 AMT 12 rH I NUMBER OF BANKS GRAND T3TAL NEW CCMMITMENTS C E I FIRMS NDAK FINAN INSTS REAL ESTATE MORTG MEMC: CONSTRUCTION LOANS INCL ABOVE COMMERCIAL £ INDUST FIRMS TERM LOANS REVOLVING CREDITS TOT: TERM 6 REV *2 CONFIRMED LINES OTHER COMMITMENTS 42 2) 1 I I AS OF APP . 30 1I I I I I 36.61 28.11 6.21 2.21 1.31 I I I I 3.61 5.51 9.31 17.51 1.41 I 35.41 38. 21 32.81 12.31 10.01 I I 1.01 1.71 .972 12 I 42 I I I 27.CI 20.41 4.71 1.91 1.21 I I *1 *2 1.11 1.11 15.61 12.01 30.21 23.91 11.71 I I I I 60.31 2.21 11.61 12.31 27.21 48.31 8.21 4.91 11.11 I I I 7.31 11.71 18.71 11.El 1.31 -25.81 I I I 41.71 3.91 2.51 36.31 1.21 0.91 I REAL ESTATE MORTGES RESIGENTIAL OTHER 1 ! HG I I I I 3.61 AMT I I NONBANK FINANCIAL INSTITUTIONS FINANCE COMPANIES MTGE WAREHOUSING ALL OTHER I 22.51 3.61 0.91 1.01 I 52.31 1.91 19.51 I 19.11 28.31 1B NEW COMMITMENTS (DOLLAR AMOUNTS IN BILLIONS) (3) AS OF JAN. 31 1972 (4) I 42 I I E 23.41 18.21 3.61 1.61 1.11 I I I II 2.01 4.41 6.51 9.91 1.71 (51 AS OF JUL. 31 1971 AMT 12 rCG AS OF OCT. 29 I 1971 AMT 12 rHG I I I I 10.31 8.51 25.51 1.91 4.81 I I I -8.81 17.61 5.41 4.81 57.01 I1 I I 1 1.71 -0.41 0.91 65.91 1.01 I I 0.81 0.81 57.11 I I -2.21 6.01 I 1 I 42 I I I 21.21 16.81 2.91 1.51 1.01 I 2.21 3.81 6.21 9.51 1.11 I I I -39.41 -38.71 -48.11 -24.91 -24.25 I I 1 17.31 -44.61 -30.41 -36.61 -68.91 I I I 1.71 -52.61 0.51 -40.11 0.71 -40.31 I I 0.81 -13.01 0.81 -33.91 I I I I 42 I I I I I 43.01 35.01 45.21 27.41 5.51 37.81 2.11 29.71 1.41 16.41 1 I I I I I I I -0.11 1.91 6.81 40.81 8.91 29.21 35.11 14.91 3.51 291.11 I I I I I I 3.51 63.61 46.21 0.91 1.11 -10.75 I 0.91 1.21 51.91 16.71 (8) 16) 1 (7) AS OF AS OF AS OF I I OCT. 31 APR. 30 AN. 31 1 1970 1971 1971 I dLMT I2 CHG II CHG I AM4T 1. CHG I I I I S42 1 I 42 42 I I I I I I I I I 21 .11 38.91 15.21 -30.3 24.51 16. 0 38.31 17. 73 11.61 -31. 18.91 16 41 3 .01 2.61 -3 47.31 4.01 6. 9 1 .81 .31 24.11 1.01 7.6 1.61 22. 11AMT 19.61 0.81 2.5 1.21 21. 8351 .01 I I I I I I I 1 I I I I .51 67.61 1.91 24. 0.91 -28.4 -6. 83.01 2.81 -25.7 4.81 .21 6 .81 75.31 6.91 3.91 -23.9 1. 11 19.61 7.11 -37.5 11.11 30. 41 .51 81I 13 0.61 15.4 0.91 25. I .71 18.81 I I I I I I1 I I I 40.41 1.61 -36.3 -4. 2.21 .31 97.31 .71 0.41 -23.2 0.61 -14. 34.81 1.21 55. .81 0.61 -29.8 I I I 1 1 71 0 0.61 47. 41 0.3f -10.0 18.0( 0 .41 0.71 27.11 0 .95 1 1.01 12. 01 BANKS PARTICIPATING IN THE QUARTERLY INTEREST RATE SURVEY -- MAINLY BANKS WITH TOTAL DEPOSITS OF 51 THE TOTAL MAY EXCEED THE SUM OF THE PREVIOUS TWO ITEMS SINCE SOME BANKS REPORT ONLY TOTALS. ** NOTE: MINOR INCONSISTENCIES MAY OCCUR IN FIGURES DUE TO ROUNDING. ** BILLION OR MORE. Authorized for public release by the FOMC Secretariat on 8/21/2020 NOT FOR QUOTATION QUARTERLY SURVEY OF BANK LOAN COMMITMENTS AT SELECTED LARGE U.S. BANKS *1 (AS OF JUL. 31, 1972) OR PUBLICATION TABLE 1C TAKEDOWNS, EXPIRATIONS AND CANCELLATIONS *2 (DOLLAR AMOUNTS IN BILLIONS) I (11 AS OF JUL. 1 31 I (21 AS OF APR. 30 I I 1 1972 1972 1 1 AMT 1L CHG I .AMT IT CHG 1 I I I I I ! I I 42 I I 26.11 TOTAL TAKEDOWNS 32.81 30.21 I I 25.41 C & I FIRMS 25.41 30.71 19.11 26.01 5.61 29.01 1.81 1.01 I 27.51 21.51 I I I I 4.61 1.71 25.91 28.11 0.91 21.51 NUMBER OF BANKS NONBK FINAN INSTS REAL ESTATE MORTG MEMC: CONSTRUCTION LOANS INCL ABOVE 42 1 COMMERCIAL & INDUST CIRMS TERM LOANS REVOLVING CREDITS TOT: TERM & REV *4 CONFIRMED LINES OTHER COMMITMENTS NONBANK FINANCIAL INSTITUTIONS FINANCE COMPANIES MTGE WAREHOUSING ALL OTHER REAL ESTATE MORTGES RESIDENTIAL OTHER I I 3.31 56.31 4.91 8.31 15.81 25.61 32.41 30.61 1.31 23.41 I I 3.51 0.81 I I 29.51 26.61 1.41 29.51 1 1 0.91 0.91 I I I 30.91 24.81 I I I I I I I I 2.11 5.41 7.81 10.21 48.31 28.91 32.51 23.01 1.11 I I 2.51 21.31 I I 23.31 0.81 1.31 28.91 30.41 I I I 0.71 1.01 I 28.01 28.21 (71 I (81 (61 (31 (4) (51 1 I 1 AS OF AS OF I AS OF AS OF AS OF AS OF I I I APR. 30 OCT. 31 OCT. JAN. 31 JAN. 31 29 1 JUL. 31 I I I 1971 1972 1971 1971 1971 1970 I 1 i I I CHG*3 I% CHG I AMT CHG I AMT IZ CHG I AMT It CHG I AMT i AMI _1_ CHG_I AMT I I I I I I I I I I 42 42 42 I I 42 42 42 I i I I I I I I I I I I 1 I I I I I I I 0.0 20.11 10.61 17.41 22.21 19.31 22.41 32.01 20.71 25.01 33.01 22.91 8.41 0.0 23.31 16.21 15.61 23.41 16.01 13.21 22.91 24.81 25.21 33.21 17.71 2.81 3.01 0.0 2.41 5.21 3.71 24.61 1.31 21.61 16.51 30.61 0.91 1.11 20.71 1.31 2.01 1.11 24.01 1.11 27.21 26.81 37.11 0.81 20.41 0.81 0.0 0.71 21.21 0.81 26.11 1.01 1.21 25.61 29.51 I I 1 I I I I I I I I I I I I I I I I I I 1 I I I I I I I I I I I I I I I 1 47.31 1.61 2.11 1.81 0.71 G.0 50.01 1.71 47.61 1.41 48.11 44.01 4.71 26.51 4.11 3.51 6.41 20.51 22.51 32.41 1.51 4.31 0.0 25.11 6.31 5.61 6.71 30.31 2.61 27.51 25.31 0.0 8.41 5.71 34.71 27.21 8.21 9.01 20.11 22.41 8.81 5.11 30.61 13.41 23.31 7.01 0.0 20.81 0.51 1.6( 1.01 13.61 30.21 22.11 3.01 0.61 0.81 45.01 18.21 0.0 I I I I I I I I I I I I I I I I I I I I I 1.21 13.11 1.31 2.21 23.21 14.41 3.41 1.81 31.71 20.11 0.531 0.0 30.71 0.91 0.51 0.71 19.61 0.71 28.71 0.61 29.31 26.21 0.31 0.0 0.71 0.71 1.0 28.41 0.91 19.51 19.91 25.81 0.71 23.11 0.51 0.0 I I I I I I I I I I I I I I I I I 1 I I I 25.41 0.5( 0.61 31.3( 0.81 0.41 28.91 0.31 0.31 0.0 25.81 39.11 0.51 0.81 17.61 0.71 0.61 21.61 0.61 27.81 23.91 0.0 1.31 36.01 *1 *2 BANKS PARTICIPATING IN THE QUARTERLY INTEREST RATE SURVEY -- MAINLY BANKS WITH TOTAL DEPOSITS OF $1 BILLION OR MORE. FOR THIS TABLE THE PERCENTAGE CHANGE COLUMN CONTAINS THE RATIO OF TAKEDOWNS TO AVAILABLE COMMITMENTS; EXPRESSED AS A (AVAILABLE COMMITMENTS = UNUSED COMMITMENTS FROM THE PREVIOUS QUARTER + NEW COMMITMENTS IN THE CURRENT QUARTER). *3 PERCENTAGE CHANGE NOT COMPUTED FOR THIS QUARTER DUE TO THE SIZE CONSTRAINTS OF THE MATRIX. *4 THE TOTAL MAY EXCEED THE SUM OF THE PREVIOUS TWO ITEMS SINCE SOME BANKS REPORT ONLY TOTALS. ** NOTE: MINOR INCONSISTENCIES MAY OCCUR IN FIGURES DUE TO ROUNDING. ** PERCENTAGE. Authorized for public release by the FOMC Secretariat on 8/21/2020 NOT FOR QUOTATION OR PUBLICATION QUARTERLY SURVEY OF BANK LOAN COMMITMENTS AT SELECTED LARGE U.S. BANKS (AS OF JUL. 31, 1972) TABLE TOTAL NUMBER OF BANKS RESPONDING: 2: VIEWS ON COMMITMENT POLICY (1 JULY 31 1972 (21 APR. 30 1972 (31 JAN. 31 1972 (41 OCT. 29 1971 (51 JULY 31 1971 (61 APR. 30 1971 (73 JAN. 31 1971 (83 OCT. 31 1970 48 48 48 48 48 48 47 48 UNUSED COMMITMENTS IN THE PAST THREE MONTHS HAVE: RISEN RAPIDLY 2 0 1 0 1 5 3 1 RISEN MODERATELY 17 20 22 25 19 25 31 28 REMAINED UNCHANGED DECLINED MODERATELY 21 8 21 7 19 6 15 8 19 9 12 6 7 6 13 6 0 0 0 0 0 0 0 0 0 26 21 0 26 20 0 14 28 0 13 31 0 16 31 0 13 33 0 8 29 0 6 24 DECLINED RAPIDLY TAKEOCWNS IN THE NEXT THREE MONTHS SHOULD: RISE RAPIDLY RISE MODERATELY REMAIN UNCHANGED DECLINE MODERATELY 1 2 6 4 1 2 10 18 DECLINE RAPIDLY 0 0 0 0 0 0 0 0 0 1 42 5 0 0 1 44 3 0 0 0 34 13 1 0 0 37 11 0 0 2 37 9 0 0 1 25 21 1 0 0 8 34 5 0 2 18 27 1 COMMITMENT POLICY TO THREE MONTHS COMPARED AGO IS: MUCH MORE RESTRICTIVE SOMEWHAT MORE RESTRICTIVE UNCHANGED LESS RESTRICTIVE MUCH LESS RESTRICTIVE Authorized for public release by the FOMC Secretariat on 8/21/2020 NOT FOR QUARTERLY SURVEY OF BANK LOAN COMMITMENTS AT SELECTED LARGE U.S. BANKS (AS OF JUL. 31, 1972) QUOTATION OR PUBLICATION TABLE 3 (1) JULY 31 1972 INDICATED CHANGE: MORE RESTRICTIVE: INCREASED DEMAND REDUCED FUNDS BOTH LESS RESTRICTIVE: INCREASED FUNDS DECREASED DEMAND BOTH EXPLANATION OF CHANGES (2) APR. 30 1972 (3) JAN. 31 1972 IN NEW (4) OCT. 29 1971 COMMITMENT POLICY (5) JULY 31 1971 (6) APR. 30 1971 (7) JAN. 31 1971 (8) OCT. 31 1970
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