Full text of Federal Reserve Bulletin : April 1982

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VOLUME 6 8 •

NUMBER 4 •

APRIL 1 9 8 2

FEDERAL RESERVE

Board of Governors of the Federal Reserve System
Washington, D.C.

PUBLICATIONS COMMITTEE
Joseph R. Coyne, Chairman • Stephen H. Axilrod • Michael Bradfield
John M. Denkler • Janet O. Hart • James L. Kichline • Edwin M. Truman
Naomi P. Salus, Coordinator

The FEDERAL RESERVE BULLETIN is issued monthly under the direction of the staff publications committee. This committee is responsible for
opinions expressed except in official statements and signed articles. It is assisted by the Economic Editing Unit headed by Mendelle T. Berenson,
the Graphic Communications Section under the direction of Peter G. Thomas, and Publications Services supervised by Helen L. Hulen.




Table of Contents
207

U.S. INTERNATIONAL
IN 1981

For 1981 as a whole, the U.S. current
account registered a moderate surplus and
the foreign exchange value of the dollar
appreciated sharply.
215

STAFF

STUDIES

"Costs, Scale Economies, Competition,
and Product Mix in the U.S. Payments
Mechanism" provides estimates of economies of scale in Federal Reserve paymentsprocessing operations.
217

INDUSTRIAL

PRODUCTION

Output declined
March.
219

STATEMENTS

TO

about

0.8

percent

in

CONGRESS

Stephen H. Axilrod, Staff Director for Monetary and Financial Policy, Board of Governors, discusses the importance of the Treasury's management of the public debt to the
Federal Reserve and says that Federal Reserve purchases of securities are determined solely by monetary policy objectives
in light of the division of responsibilities
between the Treasury and the Federal Reserve, before the Subcommittee on Domestic Monetary Policy of the House Committee on Banking, Finance and Urban Affairs,
March 23, 1982.
221 Peter D. Sternlight, Senior Vice President,
Federal Reserve Bank of New York,
outlines the activities of the Trading Desk at
the New York Bank in the government
securities market and says that the
Treasury has marketed an enormous
volume of debt through a highly efficient
mechanism and has also restored a better
maturity balance to the debt structure,



before the Subcommittee on Domestic
Monetary Policy of the House Committee
on Banking, Finance and Urban Affairs,
March 23, 1982.

TRANSACTIONS

225

ANNOUNCEMENTS

Appointment of Preston Martin as a member and Vice Chairman of the Board of
Governors.
Changes in fees for wire transfer of funds
and net settlement services.
•
' , J' '
Amendment to Regulation D regarding the
two-year period for phasing in reserve requirements of new depository institutions.
Amendment to Regulation K permitting
Edge corporations to engage in the United
States in certain economic and investment
advisory and investment management services. (See Legal Developments.)
Amendment to Regulation Y adding the
provision of management consulting advice
to unaffiliated nonbank depository institutions to the list of activities permissible for
bank holding companies. (See Legal Developments.)
Proposed amendments to Regulation E to
assist small financial institutions subject to
the Electronic Fund Transfer Act and otherwise to reduce the burden of compliance;
proposal to simplify Regulation T (Credit by
Brokers and Dealers) under the Board's
Regulatory Improvement Project; proposed
amendment to Regulation J to require institutions that are closed on regular business
days to pay that day for checks drawn on
the closed institution.
Meeting of Consumer Advisory Council.
Publication of the Board's Annual Report
for 1981.

Changes in Board staff.

237

263

229 RECORD OF POLICY ACTIONS OF THE
FEDERAL OPEN MARKET
COMMITTEE

At its meeting on February 1-2, 1982, the
Committee decided to reaffirm the ranges
for 1982 that had been tentatively established in mid-1981. Thus the Committee
adopted the following ranges for growth of
the monetary aggregates from the fourth
quarter of 1981 to the fourth quarter of
1982: for M l , 2VI to 5VI percent; for M2, 6 to
9 percent; and for M3, 6V2 to 9V2 percent.
The associated range for commercial bank
credit was 6 to 9 percent.
In contemplating its objectives for monetary growth over the remainder of the first
quarter of the new year, the Committee
decided to seek behavior of reserve
aggregates associated with no further
growth of Ml from January to March and
with growth of M2 at an annual rate of
around 8 percent, with a view to bringing
growth of both aggregates over time into
their longer-run target ranges for the year.
It was also agreed that some decline in M l ,
which would be associated with a faster
return to its longer-run range, would be
acceptable in the context of reduced
pressure in the money market. The
intermeeting range for the federal funds
rate, which provides a mechanism for
initiating consultation of the Committee,
was set at 12 to 16 percent.




DEVELOPMENTS

Amendments to Regulations K and Y; various bank holding company and bank merger
orders; and pending cases.

Issuance of a new statistical release on
assets and liabilities of international banking facilities.
Admission of four state banks to membership in the Federal Reserve System.

LEGAL

MEMBERSHIP OF THE
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM,
1913-82

List of appointive and ex officio members.
265

DIRECTORS OF THE FEDERAL
BANKS AND
BRANCHES

RESERVE

List of directors by Federal Reserve District.
Ai

FINANCIAL

A3
A46
A54
A71

Domestic Financial Statistics
Domestic Nonfinancial Statistics
International Statistics
Special Tables

A 6 9 GUIDE
TO
STATISTICAL
TABLES
A 8 2 BOARD

AND BUSINESS

TABULAR
RELEASES,

OF GOVERNORS

STATISTICS

PRESENTATION,
AND
SPECIAL

AND

STAFF

A 8 4 FEDERAL
OPEN MARKET
COMMITTEE
AND STAFF; ADVISORY
COUNCILS
A85 FEDERAL RESERVE
AND OFFICES
A86 FEDERAL RESERVE
PUBLICATIONS
A88 INDEX

BANKS,

BOARD

TO STATISTICAL

A 9 0 MAP OF FEDERAL

BRANCHES,

TABLES

RESERVE

SYSTEM

U.S. International Transactions in 1981
Patrick M. Parkinson of the Board's Division
International Finance prepared this article.

of

For 1981 as a whole the U.S. current account
registered a moderate surplus. By the fourth
quarter, however, the current account was moving into deficit. The continuing resolve of the
Federal Reserve to restrain the growth of money
and credit, along with changes in U.S. fiscal
policy and political uncertainties abroad, led to a
substantial increase in the weighted-average value of the dollar through early August (chart 1).
The dollar's value receded somewhat thereafter
when interest rates on assets denominated in
dollars fell sharply relative to interest rates on
assets denominated in foreign currencies, but it
rebounded strongly late in 1981 and into the early
months of 1982. The appreciation of the dollar
has reduced the price competitiveness of U.S.
exports in foreign markets and has encouraged
U.S. residents to substitute imports for domestically produced goods. These relative price effects contributed heavily to a growing merchandise trade deficit during 1981. The enlargement
of the merchandise trade deficit offset an increase in net receipts from other current account
1. Interest rate differential and the exchange value
March 1973=100

Percent per annum
10

i

i

1980

i

i i
1981

i

i

i

i

1

i i
1982

1

5

Exchange value of the U.S. dollar is the index of weighted-average
exchange value of the U.S. dollar against currencies of other Group of
Ten countries plus Switzerland using 1972-76 total trade weights.
Interest rate differential is the interest rate on three-month U.S.
CDs minus the weighted-average foreign three-month interest rate for
other G-10 countries plus Switzerland using 1972-76 total trade
weights.




transactions and produced a small current account deficit in the fourth quarter.
Official capital flows in 1981 were also strongly
influenced by the appreciation of the dollar. The
monetary authorities of a number of West European countries responded to the sharp depreciations of their currencies against the dollar with
sizable intervention sales of dollars in each of the
first three quarters of the year. The United States
also intervened to sell dollars on a sizable scale
during the first quarter, partly to accumulate
foreign-currency balances to cover the Treasury's debt denominated in foreign currencies,
but in early 1981 a reassessment of U.S. policy
led to the adoption of a policy of reduced intervention. Despite the intervention sales of dollars
by West European countries, foreign official
reserve assets held in the United States rose
slightly during 1981 because inflows from members of the Organization of Petroleum Exporting
Countries continued at a strong pace.
Private capital flows reflected the growing
integration of international financial markets:
U.S. nonbank residents sharply increased their
transactions with offshore banking institutions at
the same time that foreign residents were making
more use of U.S. financial markets. As in the
past two years, the usefulness of balance of
payments data for analyzing private capital flows
is limited by errors and omissions in the reporting system, which are reflected in a very large
statistical discrepancy (table 1). The large errors
and omissions during the past three years are
most likely related to greater use of nontraditional channels of international financial intermediation, particularly those that bypass U.S. banks
and in principle should be reported by nonbanks.

MERCHANDISE

TRADE

For the entire year the U.S. merchandise trade
deficit increased only slightly, to $27.8 billion
from $25.3 billion in 1980. However, from the

208

Federal Reserve Bulletin • April 1982

1. U.S. international transactions
Billions of dollars; capital inflow (+)

U.S. current account balance 1
Trade balance.
Other, net..

-.1

-9.2
9.1
8.1
2.5

Foreign official capital flows, net
Industrial countries
OPEC
Other countries
U.S. government reserve asset flows, net

3.1
-.4
*

U.S. government credits, net 1
Private capital flows, net
Allocations of special drawing rights
Statistical discrepancy 2

1

1.1
24.6

3.4
.3
-1.0

-14.4
*

-14.8
1.1

10.8

-1.3

7.1

SOURCE. U.S. Department of Commerce, Bureau of Economic
Analysis.

1. Seasonally adjusted.
2. Net unrecorded inflow = (+).
*Less than $50 million.

fourth quarter of 1980 to the fourth quarter of
1981 the trade deficit nearly doubled (table 2).
The primary factor generating the increase in the
trade deficit was the sharp appreciation of the
dollar. Between the second quarter of 1980 and
the third quarter of 1981 the weighted-average
value of the dollar rose about 25 percent, both in
nominal terms and on a price-adjusted basis
(chart 2). Another factor was the weakness of
economic activity in most foreign industrial
countries in 1981. On average, growth of real
gross national product in those countries was
only slightly positive last year after the weak
performance of 1980. Although the growth of
2. Average exchange value of the U.S. dollar

Weighted-average dollar

100

90
Price-adjusted
dollar
80

Price-adjusted dollar is weighted-average dollar multiplied by relative consumer prices (U.S. divided by foreign consumer prices).




2.2

U.S. real GNP was also weak last year, it was
somewhat stronger than that abroad (chart 3).
The appreciation of the dollar had a noticeable
impact on the volume of U.S. nonagricultural
exports, which declined about 7 percent from the
fourth quarter of 1980 to the fourth quarter of
1981. Declines in volume were spread across all
major commodity categories, reflecting the sluggish growth abroad as well as the stronger dollar.
Reductions in shipments of automotive products,
especially to Canada, and of civilian aircraft
were particularly steep. Despite the sharp decline in volume, the value of nonagricultural
exports was about unchanged (fourth quarter to
fourth quarter) as their prices rose at about the
same rate as inflation in the United States.
The volume of agricultural exports expanded
about 5 percent from the fourth quarter of 1980 to
the fourth quarter of 1981. However, the value
declined about 5 percent over that period because prices fell 10 percent. The fall in prices
resulted from a combination of the appreciation
of the dollar, good crops in a number of major
producing countries, and weakening economic
conditions in many consuming countries.
Non-oil imports reacted strongly to the dollar's appreciation. Volume increased 14 percent
from the fourth quarter of 1980 to the fourth
quarter of last year, even though U . S . real GNP
rose only 0.9 percent over that period. The
increase was concentrated in capital goods, consumer goods, and industrial supplies (particular-

U.S. International

Transactions

in 1981

209

2. U.S. merchandise trade, international transactions basis
Billions of dollars, seasonally adjusted annual rates

Item

'

"'
1980

1980

J

1981

1981
Q4

Ql

Q2

Q3

Q4

Exports
Agricultural
Nonagricultural

224.0
42.2
181.7

236.3
44.3
192.0

228.6
44.3
184.3

Value
244.0
50.8
193.2

241.5
44.2
197.3

231.7
40.1
191.7

228.0
42.0
186.0

Imports
Petroleum
Nonpetroleum

249.3
78.9
170.4

264.1
77.6
186.5

250.9
77.3
173.6

262.6
83.1
179.5

269.1
84.7
184.4

259.8
71.6
188.2

265.0
70.9
194.1

Trade balance

-25.3

-27.8

-22.3

-18.6

-27.6

-28.1

-36.9

Volume (1972 dollars)
Agricultural exports
Nonagricultural exports

18.1
73.4

18.1
70.3

17.5
71.1

19.5
73.1

17.4
73.2

16.8
69.5

18.4
65.9

Petroleum imports
Nonpetroleum imports

6.8
67.6

5.9
71.9

6.2
66.8

6.3
67.6

6.2
70.6

5.6
73.4

5.6
76.1

SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis and Bureau of the Census.

ly steel); imports of automobiles declined in
volume. Because prices of non-oil imports actually declined somewhat due to the appreciation
of the dollar and a fall in dollar prices of raw
materials, the value of non-oil imports increased
only about 12 percent.
The sharp increase in steel imports brought the
share of imports in the total U.S. steel market to
more than 20 percent. Early in the year the
increase was concentrated in products in short
supply in the United States, especially oil-drilling
equipment. Later, however, imports of products
3. Real GNP in major countries
1970 = 100

Foreign is multilaterally weighted average of the Group of Ten
countries plus Switzerland, using 1972-76 total trade weights.
Data for the United States are from the U.S. Department of
Commerce.




for which U.S. steel mills had excess capacity
grew rapidly. U.S. steel producers charged that
foreign steel producers were engaged in dumping. And as formal investigations by the U.S.
government were started, the trigger-price mechanism, which sets a minimum price for imported
steel, was suspended.
The decline in imports of automobiles, which
ran counter to the general trend for non-oil
imports, was influenced by two factors. First,
economic conditions in the United States depressed the overall demand for automobiles.
Second, in response to several years of steady
increases in the share of foreign cars in total U.S.
small-car sales, the United States reached an
agreement with Japan that limited exports of
Japanese passenger cars to the United States.
The agreement, which went into effect on April
1, 1981, limited those exports to 1.68 million
units for the first year, 8 percent fewer than the
1980 level of 1.82 million units; available data
indicate that the 1981 limit was not exceeded.
The share of foreign cars in total U.S. small-car
sales for 1981 was virtually unchanged from the
share a year earlier.
The negative impact of the appreciation of the
dollar on the trade balance in 1981 was offset to a
large extent by a sharp decline in the value of
U.S. oil imports during the year. After reaching a
peak in April of last year, the price of imported
oil fell almost 10 percent through December. A

210

Federal Reserve Bulletin • April 1982

4. Import price of petroleum and products and
ratio of petroleum consumption to real GNP
Ratio

Dollars per barrel

1.4

30

tion of the dollar. Overseas earnings of U.S. oil
companies fell quite sharply in the second half of
the year because of the weakness in world oil
markets.
3. U.S. current account
Billions of dollars, seasonally adjusted annual rates

1.3

20

1.2

10
+

1.1

0

The import price of petroleum and products is the average quarterly
unit value of U.S. imported oil, measured in dollars per barrel. The
ratio of consumption to GNP is a four-quarter moving average of U.S.
oil consumption (millions of barrels per day) divided by U.S. real
GNP.
Data are from the U.S. Departments of Commerce and Energy.

growing surplus on world oil markets forced
most oil-exporting countries to cut prices. U.S.
demand for imported oil declined quite sharply
as reduced energy demand and the continuing
substitution of other energy sources for oil in the
wake of the oil price increases in 1979 and 1980
were reflected in a continuing downward trend in
the ratio of oil consumption to GNP (chart 4). On
balance, from the fourth quarter of 1980 to the
fourth quarter of 1981, the volume of U.S. oil
imports declined almost 10 percent.

NONTRADE

CURRENT

ACCOUNT

Net receipts on nontrade current account items
(service transactions and private and government transfers) reached $34.4 billion in 1981. The
increase in this surplus offset the somewhat
higher merchandise trade deficit and produced a
current account surplus for the third consecutive
year (table 3). U.S. net portfolio income rose
sharply, particularly in the second half, as a
result of rising net recorded U.S. claims and the
high level of interest rates. In contrast, net direct
investment receipts dropped more than 15 percent. The two major factors in the drop were
slow economic growth abroad and the apprecia


SOURCE. U.S. Department of Commerce, Bureau of Economic
Analysis.

IMP ACT OF THE APPRECIATION
OF THE
DOLLAR ON THE DOMESTIC
ECONOMY

The appreciation of the dollar from the low point
reached in the third quarter of 1980 significantly
affected U.S. real G N P and price developments
in 1981. Simulations performed with the Federal
Reserve Board's multicountry model (MCM)
suggest that the rise in the dollar's value reduced
the level of U.S. real GNP from V2 to 3A percent
below what it otherwise would have been last
year. Although the dollar's appreciation contributed to the weakness of the U.S. economy in
1981, it also helped bring down the rate of
domestic inflation. MCM simulations indicate
that, as a result of the appreciation, the domestic
price level, as measured by the aggregate expenditure deflator, was reduced from V2 to 1 percent
below what it otherwise would have been last
year. This price effect of the appreciation resulted both from the direct effects of the decline in
non-oil import prices and from the indirect effects on prices of domestic goods that compete
with imports.
To the extent that the higher exchange value of
the dollar reflected political developments in the
United States and abroad, and changed perceptions of the effects of policies, the change in the

U.S. International

Transactions

in 1981

211

exchange rate itself can be reasonably regarded
as a causal factor. However, the dollar appreciated partly as a consequence of U.S. macroeconomic policies. In this context the appreciation
of the dollar should be more appropriately
viewed as a channel through which policy, especially monetary policy, affects U.S. income and
prices.

Monetary Fund by more than $2 billion equivalent during the year and also received an allocation of special drawing rights from the IMF in
January. An offsetting factor was the repayment
by the Treasury of about $2.4 billion equivalent
of maturing securities denominated in Swiss
francs and German marks ("Carter notes") during the second half of the year.

OFFICIAL

PRIVATE

CAPITAL

FLOWS

Foreign official assets in the United States increased $5 billion in 1981 (table 1), an increase
that was more than accounted for by inflows
from members of OPEC. These inflows continued at the strong pace of 1980, despite a decrease
in the OPEC current account surplus from $100
billion in 1980 to an estimated $60 billion in 1981.
Most of these funds were placed in Treasury and
federal agency securities. The official assets in
the United States held by industrial countries fell
considerably last year. Those countries responded to the appreciation of the dollar with net
intervention sales of dollars totaling almost $30
billion. (A large portion of these sales were
financed by the use of reserve assets held outside
the United States and borrowings in the Euromarket.) Although this intervention was about
twice the level in each of the previous two years,
by historical standards it was not large in light of
the magnitude of the change in the dollar value of
the currencies of those countries. By comparison, in 1977-78, a period in which the weightedaverage value of the dollar declined only 17
percent, net intervention purchases of dollars by
industrial countries totaled more than $60 billion.
U.S. official reserve assets increased about $5
billion last year. During the first quarter, U.S.
authorities purchased, net, $2 billion equivalent
of foreign currencies. In April, after consultation
with officials of the Federal Reserve, the Treasury announced that the United States would
adopt a policy of reduced intervention in foreign
exchange markets, intervening only when necessary to counter conditions of severe disorder.
Since then, U.S. authorities have not intervened
in the market, although they were prepared to do
so on several occasions. The United States increased its reserve position in the International



CAPITAL

FLOWS

Net recorded outflows of private capital declined
nearly $10 billion to about $27 billion in 1981. If
the errors and omissions are assumed to be
unrecorded private capital flows, and are added
to the recorded outflow, the combined net outflow last year was about $3 billion, slightly lower
than the combined net outflow in 1980. Within
the recorded total there was a moderate increase
in outflows reported by banks; reported net
transactions with foreigners involving private
securities showed little overall change. The most
striking change in private capital flows was a
shift in the direct investment category from a net
outflow of $8 billion in 1980 to a net inflow of $12
billion in 1981. Foreign direct investment in the
United States last year totaled about $19 billion,
an unusually high figure, and included two large
takeovers (Sante Fe International by Kuwaiti
interests and Texasgulf by Elf Aquitaine). In
contrast, U.S. direct investment abroad fell from
$19 billion in 1980 to $7 billion last year. Factors
contributing to the decline included a drop in
reinvested earnings associated with lower profits
at foreign affiliates of U.S. corporations and
larger borrowings in the Euromarkets by U.S.
firms through their finance subsidiaries in the
Netherlands Antilles.
Private U.S. residents significantly increased
their transactions with offshore banking institutions in 1981. Holdings of Eurodollars by U.S.
nonbank residents rose more than $30 billion last
year (table 4). At year-end such holdings accounted for 3.5 percent of the L measure of
liquid asset holdings, compared with 2.4 percent
a year earlier. About half of the increase in
Eurodollar holdings was placed in negotiable
certificates of deposit at London offices of
banks. Money market mutual funds alone in-

212

Federal Reserve Bulletin • April 1982

4. Eurodollar holdings of U.S. nonbank residents
Billions of dollars, end of period
1981
Item

1979

1980

Q1
Total holdings
London CDs
Time deposits
MEMO: Holdings of
London CDs by
money funds

Q2

Q3

Q4

51.3
20.4
30.9

60.8
18.0
42.8

66.3
22.4
43.9

76.8 87.1 92.7
26.4 30.6 33.2
50.4 56.5 59.5

n.a.

5.7

10.0

12.2

14.6

16.8

n.a. Not available.
SOURCE. Data on total Eurodollar holdings are obtained from
member banks, the Bank of England, and the Bank of Canada. Data
on Eurodollar holdings of money market mutual funds are obtained
from the Investment Company Institute.

creased their holdings of London CDs issued by
branches of U.S. banks by $11 billion. High
interest rates continued to provide incentives for
U.S. households to shift holdings from accounts
at U.S. depository institutions, where yields
were constrained by regulation, to accounts at
money funds that yielded market rates of interest. Total assets of money funds grew about $105
billion in 1981, and the share of London CDs in
money fund portfolios rose from about 7.5 to 9
percent.
The other half of the increase in Eurodollar
holdings of U.S. nonbank residents was placed in
nonnegotiable time deposits. Of the $60 billion of
such deposits at year-end, about one-sixth were
overnight deposits at foreign branches of U.S.
banks in London and the Caribbean. Overnight
Eurodollar deposits provide an attractive combination of immediate availability and a yield that
is not constrained by regulation. Holders of such
deposits include money funds and corporations,
particularly oil companies.
During 1981 U.S. banks relied significantly
more on the London dollar CD market as a
source of funds; CDs issued by London branches
rose from 25 to 36 percent of outstanding CDs at
domestic offices of large U.S. banks. Late last
year the N e w York dealers that make a secondary market for London CDs increased the number of banks considered prime names—those
that trade uniformly at the lowest rate in the
market—from four to nine, about the same number as in the secondary market for domestic
CDs. This change made the investments more
liquid and thereby more attractive to U.S. investors, including the money funds.



Nonbank U.S. residents also obtained an increased amount of credit from offshore banking
offices last year. Loans to U.S. nonbank residents from foreign branches of U.S. banks approximately tripled to a level of more than $12
billion at year-end. The growth of these loans is
one manifestation of the spread of alternatives to
prime-based pricing of business loans to U.S.
firms. A growing number of U.S. firms have
been offered loan commitments with an option of
pricing based on a London interbank offered rate
(LIBOR). LIBOR rates and other interest rates
on assets denominated in dollars fluctuated widely last year. In the first quarter and again in the
third and fourth quarters, declines in the administered prime rate lagged behind declines in
LIBOR and other market-determined dollar
rates. In those periods a large number of U.S.
borrowers reportedly exercised their LIBORpricing options. Many U . S . banks book the loans
offshore when the LIBOR-pricing option is chosen by the borrower, whereas all appear to book
the loans onshore when pricing is based on the
prime rate. The periods of most rapid growth in
the branch loans to U.S. residents coincided with
the periods when the prime rate was well above
LIBOR (chart 5).
Data on borrowing by U.S. nonbanks frcm
non-U.S. offices of foreign banks are not available on a regular basis; nonetheless, documents
filed with the Securities and Exchange Commission in connection with corporate-takeover programs indicate that foreign banks are offering
similar pricing options to U.S. firms and often
book the loans offshore, in some cases even
when prime pricing is chosen by the borrower.
Foreign banks were scheduled to provide an
estimated $24 billion of the estimated $47 billion
of syndicated credit facilities arranged last summer in connection with those takeover programs.
Meanwhile, foreign residents were more active
in U.S. financial markets. Foreigners purchased,
net, a record $7 billion of U.S. corporate securities in 1981. They also made greater use of U.S.
financial markets as a source of credit. Foreign
bond issues in the United States totaled $8 billion
in 1981, about twice the volume offered in 1980.
Many of these issues were floated during October and November, when U.S. long-term interest
rates temporarily declined. Issuance of commercial paper by foreign entities also was heavy,

U.S. International

5. Offshore branch loans to U.S. residents and
the prime rate-LIBOR differential
Percentage points

Billions of dollars
Loans

1981

1982

Loans are credit extended to U.S. nonbank residents by offshore
branches of U.S. banks. These data are obtained from required
reserve reports. LIBOR is the three-month London interbank offered
rate.

particularly in the first half of the year. About
$11 billion of foreign commercial paper was
outstanding at year-end, an increase of almost $4
billion from the end of 1980. Issues of foreign
banking institutions accounted for 85 percent of
the increase. The number of such institutions
issuing paper in the U . S . market rose from 21 to
36 last year. As these foreign institutions have
become more familiar to U.S. investors, the
yields on their issues have approached those on
high-quality domestic commercial paper, and
they have been well below the rates that the
institutions must pay for Eurodollar deposits.
The opening of international banking facilities
(IBFs) last December enhanced the United
States as a center for financial intermediation
between foreign residents. The authorizing
amendments to Federal Reserve Regulations D
and Q were designed to reduce the costs of
providing international banking services at U.S.
offices. In general, the amendments permit an
IBF to accept deposits of foreign residents and to
extend credit to foreign residents, free from
reserve requirements or interest rate limitations.
However, in the case of nonbank foreign residents, the deposits must support their operations
outside the United States, and extensions of
credit must be used to finance non-U.S. operations. A number of states have encouraged the
development of IBFs by passing legislation providing a favorable state tax environment for the
new institutions.
IBF assets totaled more than $60 billion at the



Transactions

in 1981

213

end of 1981 and equaled about $100 billion in
March 1982. Nearly all of the growth of IBFs
during December was likely accounted for by
shifts of existing assets and liabilities from other
U.S. and foreign offices of the establishing institutions. For balance of payments purposes IBFs
are regarded as domestic offices. Thus transfers
of assets or liabilities to IBFs from U.S. offices
of the establishing institutions have no effect on
U.S. capital inflows or outflows. In addition,
transfers to IBFs from offshore have no effect on
net capital inflows to the United States. Such
transfers act merely to increase both sides of the
aggregate U.S. resident balance sheet by, for
example, increasing loans to non-U.S. residents
and IBF liabilities to affiliated foreign offices by
equal amounts.
Information on private international capital
flows during 1981 is far from complete. As in the
previous two years, a large positive statistical
discrepancy appeared in 1981 (table 1). Although
errors and omissions in the reporting of current
account transactions undoubtedly occur, the predominant part of the recent very large discrepancy most likely reflects unrecorded private capital
flows. In developments analogous to those in
domestic financial markets, many recent innovations in international financial markets have redirected flows of funds to channels outside the
banking system, and many of those channels are
not adequately covered by the reporting system
for U.S. international transactions. Evidence
suggests considerable underreporting of international transactions by U . S . nonbank firms. For
example, Eurodollar holdings of U.S. nonbank
residents at banks in Canada and the United
Kingdom increased $15 billion during the first
three quarters of last year, according to the data
provided by the Bank of Canada and the Bank of
England, but balance of payments reports filed
by U.S. nonbank firms showed only an $8 billion
increase in their Eurodollar holdings in those
countries for that period. This example of unrecorded capital outflows illustrates that the magnitude of the reporting problem cannot be measured by the statistical discrepancy. The
discrepancy measures only the extent to which
unrecorded inflows exceed unrecorded outflows.
The value of total gross unrecorded inflows and
outflows may be considerably larger than the
value of the statistical discrepancy.

214

Federal Reserve Bulletin • April 1982

OUTLOOK

In the first quarter of 1982 the weighted-average
value of the dollar rose sharply, nearing the peak
level recorded in mid-1981. Despite sluggish economic activity in the United States, interest rates
on assets denominated in dollars rose during the
first quarter, on balance, while interest rates on
assets denominated in foreign currencies declined. During the rest of this year the widening
of the federal government deficit is likely to
maintain upward pressure on dollar interest
rates, especially as fiscal year 1983 begins, and
tend to maintain the value of the dollar.
Data on foreign industrial production for the
first few months of 1982 revealed little strength.
Unemployment rates continued to climb and
reached postwar records in most of the major
foreign countries. Recently, a perceptible, if
slight, easing of monetary and fiscal policies has
occurred in several major foreign countries;
however, the outlook is still for a very weak
recovery in 1982. U.S. industrial production also
was weak in the first three months of the year,
and unemployment in the United States reached
9 percent. A somewhat stronger recovery in the
United States than that abroad is likely in the
second half of 1982, when the second stage of the
personal tax cut becomes effective.
The outlook for the U.S. current account is




dominated by the lagged effects of the dollar's
appreciation during 1980 and 1981 and the prospect of its continued strength this year. Despite
some recovery in the economies of our major
trading partners, U.S. exports are likely to remain weak, whereas U.S. imports will be boosted by the relatively strong performance of the
domestic economy that will be generated later
this year, in part, by the enlarged federal government deficit. The impact of the dollar's appreciation and the relative strength of the U.S. economy on the current account will likely be offset to
some extent by a reduction in the value of U.S.
oil imports. Although Saudi Arabia reduced its
oil production by 30 percent late in 1981 and
early 1982, prices were cut by several producers
in the first quarter of 1982; the outlook is for a
lower U.S. oil bill this year. On balance, the
lagged effects of the dollar's appreciation and the
impact of relatively strong domestic demand are
likely to predominate; the small current account
deficit that emerged in the final quarter of 1981 is
likely to widen in 1982.
A U.S. current account deficit and the associated net capital inflow will lessen the upward
pressure placed on U.S. interest rates by a wider
U.S. government deficit. However, the shift in
the current account is likely to be only a fraction
of the rise in the government deficit now forecast
for fiscal years 1982 and 1983.
•

215

Staff Studies
The staffs of the Board of Governors of the
Federal Reserve System and of the Federal
Reserve Banks undertake studies that cover a
wide range of economic and financial subjects.
In some instances the Federal Reserve
System
finances similar studies by members of the academic
profession.
From time to time, papers that are of general
interest to the professions
and to others are
selected for the Staff Studies series. These papers are summarized—or,
occasionally,
printed
in full—in the F E D E R A L R E S E R V E B U L L E T I N .

STUDY

In all cases the analyses and conclusions set
forth are those of the authors and do not necessarily indicate concurrence by the Board of Governors, by the Federal Reserve Banks, or by the
members of their staffs.
Single copies of the full text of each of the
studies or papers summarized in the B U L L E T I N
are available without charge. The list of Federal
Reserve Board publications at the back of each
B U L L E T I N includes a separate
section
entitled
"Staff Studies" that lists the studies that are
currently
available.

SUMMARY

COSTS, SCALE ECONOMIES,
COMPETITION,
IN THE U.S. PAYMENTS
MECHANISM

David B. Humphrey—Staff,
Board
Prepared as a staff paper in 1980

of

AND PRODUCT

Governors

This study provides estimates of economies to
scale in Federal Reserve payments-processing
operations. Three payments services are investigated: paper-check processing, automated clearinghouses ("electronic check" payments), and
wire transfer of funds. The information on scale
economies and average costs is used to examine
three payments-related issues: (1) determining an
economically optimal pricing strategy for Federal Reserve payments services; (2) assessing the
potential for and usefulness of private-sector
competition in providing these services; and (3)
analyzing the likelihood of cost-induced changes
in the mix of payments services resulting from
Federal Reserve pricing.
Scale economies, or falling average costs,
were found for ACH operations. Wire transfer of
funds appears to face constant average costs as
volume changes. But check-processing operations face diseconomies to scale or rising average
costs as processing volume increases.



MIX

Applying these results to the three paymentsrelated issues raised above yielded the following
conclusions. First, average cost pricing of Federal Reserve services is not optimal. Economic
efficiency could be improved if prices were lower
than average costs for ACH services but higher
than average costs for check services. This conclusion follows directly from the theory of second best, the results on scale economies, and
consideration of the likely elasticity of demand
for these services. Second, as long as scale
economies exist in ACH operations, private
competition should be discouraged. In contrast,
competition in check-processing services will
serve to promote more efficient allocation of
resources among suppliers of this service. Last,
the likelihood of changes in the product mix of
check, ACH, and wire-transfer services induced
by Federal Reserve pricing currently is greatest
between check and ACH services, with the ACH
service substituting for checks in the long run.

217

Industrial Production
Released for publication

April 15

In March, industrial production declined an estimated 0.8 percent after a revised increase of 1.2
percent in February and a revised decrease of 2.0
percent in January. Reductions in output were
widespread in March and were pronounced in
durable goods for the home, business equipment,
construction supplies, and durable goods materials. Industrial production in the first quarter of
1982 was 3.3 percent below the fourth quarter of
1981. At 141.2 percent of the 1967 average, the
index in March was 8.3 percent below its most
recent high in July 1981.
In market groupings, output of consumer
goods declined 0.3 percent in March, but movements within the grouping were mixed. Consumer durable goods increased 0.6 percent because
of a pick-up in autos and utility vehicles; with
dealer inventories substantially reduced, auto
assemblies were increased to an annual rate of
4.7 million units in March from 4.1 million in
February. In contrast, output of home goods
declined 1.7 percent—reflecting reductions in
appliances, furniture, and carpeting—and production of consumer nondurable goods was reduced 0.6 percent. Continuing its downward
movement since mid-1981, output of business

equipment was reduced 1.2 percent in March.
Declines occurred in all major components of
this grouping, but they were especially large in
building and mining equipment because of cutbacks in oil-well drilling activity. Output of defense and space equipment continued to inSeasonally adjusted, ratio scale, 1967=100

Federal Reserve indexes, seasonally adjusted. Latest
March. Auto sales and stocks include imports.

figures:

Major market groupings
1967 = 100

Percentage change from preceding month

Feb."

Mar.

e

Nov.

Dec.

Jan.

Feb.

Mar.

Percentage
change,
Mar. 1981
to Mar.
1982

Total industrial production

142.3

141.2

-1.9

-2.0

-2.0

1.2

-.8

-7.2

Products, total
Final products
Consumer goods
Durable
Nondurable
Business equipment
Defense and space
Intermediate products
Construction supplies
Materials

144.7
144.6
141.8
125.3
148.4
172.7
107.6
145.3
126.3
138.6

143.9
143.9
141.4
126.0
147.5
170.6
108.4
144.0
124.7
137.1

-1.3
-1.1
-1.7
-4.8
-.5
-.8
.8
-1.8
-3.8
-2.6

-.9
-.6
-1.4
-5.0
-.1
.0
1.6
-1.9
-2.4
-3.9

-2.3
-2.4
-1.6
-2.7
-1.3
-3.8
-1.8
-1.9
-2.4
-1.4

1.3
1.3
1.5
4.5
.5
.3
2.4
1.5
1.9
1.2

-.6
-.5
-.3
.6
-.6
-1.2
.7
-.9
-1.3
-1.1

-4.5
-3.4
-4.7
-12.3
-1.7
-4.9
7.6
-8.3
-16.3
-11.2

1982

Grouping

p Preliminary.

e Estimated.




1981

NOTE. Indexes are seasonally adjusted.

1982

218

Federal Reserve Bulletin • April 1982

Major industry groupings
1967 = 100

Feb."

Mar. e

Nov.

Dec.

Jan.

Feb.

Mar.

Percentage
change,
Mar. 1981
to Mar.
1982

140.5
129.6
156.4
142.3
168.7

139.7
128.6
155.6
138.7
168.7

-2.0
-2.5
-1.5
-1.4
.5

-2.1
-2.3
-1.8
-.5
-.4

-2.6
-3.3
-1.7
1.2
2.1

1.6
2.0
1.1
-1.4
-1.8

-.6
-.8
-.5
-2.5
.0

-7.9
-9.5
-5.9
-3.1
.5

Grouping

1982

Manufacturing
Durable
Nondurable
Mining
Utilities
p Preliminary.

Percentage change from preceding month

e Estimated.

1981

NOTE. Indexes are seasonally adjusted.

crease. Production of both construction and
business supplies fell in March, after their weather-associated rebounds in the preceding month.
Output of materials declined 1.1 percent in
March. Durable materials dropped sharply, reflecting a particularly large cutback in basic
metals and in equipment parts. Nondurable materials declined 0.9 percent in March, as did
energy materials.
In industry groupings, manufacturing output




1982

was reduced 0.6 percent in March, after a sharp,
partially weather-related decline of 2.6 percent in
January and a rebound in February of 1.6 percent. Production of durable manufactures decreased 0.8 percent in March, with an increase in
motor vehicles and parts and declines in most
other durable goods industries. Nondurable manufacturing declined 0.5 percent, while mining
was down 2.5 percent and utility output remained unchanged.

219

Statements to Congress
Statement by Stephen H. Axilrod, Staff Director
for Monetary and Financial Policy, Board of
Governors of the Federal Reserve System, before the Subcommittee on Domestic
Monetary
Policy of the Committee on Banking, Finance
and Urban Affairs, U.S. House of Representatives, March 23, 1982.

It is a pleasure to appear before this subcommittee to participate in the hearings on debt management. Management of the public debt is, of
course, the Treasury Department's responsibility, not that of the Federal Reserve, although
Federal Reserve Banks do serve as fiscal agents
for the Treasury in its financings. The division of
responsibility whereby the Treasury concentrates on debt management and the Federal Reserve on monetary policy helps ensure that monetary policy can be implemented without the
complications, not to say possible temptations,
that would be involved in an intermingling of
debt management and monetary responsibilities.
Debt management operations are not unimportant to the Federal Reserve, however, in the
sense that an effectively functioning U.S. government securities market is needed if we are to
be assured that our open market operations,
carried out mainly in U.S. government securities, can be efficiently employed to meet basic
reserve and money supply objectives. We do
have such a government securities market now,
and indeed have had one for a very large number
of years. Thus, the division of responsibilities
between the Federal Reserve and the Treasury
has worked well. N o pressures have been placed
on us to, in effect, monetize debt by acquiring
debt at the initiative of sellers, and we have been
able to confine the size of our open market
operations to those needed to meet reserve and
money objectives.
The value of this wall between debt management and monetary policy becomes even clearer



in the perspective of an earlier period when the
wall had, in practice, been breached. In the years
during and immediately following World War II,
the Federal Reserve had agreed with the Treasury that it would "peg" the level and structure
of interest rates on Treasury securities to the end
of keeping the interest costs on the federal debt
down. This meant that the Federal Reserve, in
effect, could not avoid monetizing debt if interest
rates reached the support level. At that point, the
Federal Reserve would be forced to purchase
securities offered to it on the initiative of market
participants, whether banks or the nonbank public, thereby adding to reserves and money. The
problems with such a less-than-arms-length relationship between the debt managers and the
monetary authority became especially evident
around the time of the Korean War. At that
point, it became impossible for the Federal Reserve to restrain growth of money and credit in
the face of growing inflationary pressures unless
the "peg" were removed and the public prevented from turning securities into money at will.
Freedom for the Federal Reserve to manage
bank reserves and money was restored in 1951
when the Federal Reserve and the Treasury
reached an accord. Under the accord, the Federal Reserve withdrew its wartime commitment to
support Treasury financings by "pegging" interest rates. Henceforth, the Treasury would have
to meet the test of the market and pay whatever
interest rate was consistent with the underlying
balance between credit demand and the public's
propensity to save.
For a number of years thereafter the Federal
Reserve did have a so-called "even keel" policy
in relation to Treasury financings. This meant
that for about a week before and after major
refundings the Federal Reserve would refrain
from making significant changes in money market conditions, which were used at that time as
short-run operating guides, so as to avoid unsettling markets while the Treasury was in the

220

Federal Reserve Bulletin • April 1982

process of selling and the market was in the
process of distributing new securities. The impact of even keel on monetary policy operations
should not be exaggerated, however. It served at
most only to delay for a very short while, or to
accelerate, action that was in train in any event.
The even keel approach seemed desirable, in
part, because the Treasury was offering notes
and bonds by subscription, rather than by auction, in a Treasury market that was still feared to
be relatively thin. The subscription technique
involved setting a fixed interest rate and price on
a Treasury offering at the time the security
offering was announced, which was some days
before subscriptions for the issue were submitted
by the public. The Treasury, of course, priced
the security to sell at the going market rate, but
even keel provided some protection against
"failure" of an issue in this sensitive market
area. Moreover, once the dealers obtained the
issue at the price set by the Treasury, they could
be generally assured of a few days of relatively
stable financing costs to facilitate the process of
redistributing securities to ultimate investors.
As I mentioned, the practice of even keeling
by the Federal Reserve was not an impediment
to attainment of longer-run monetary policy objectives. Nonetheless, it was an operational complication and its limited role and purposes were
often misunderstood. As a result, the Federal
Reserve increasingly sought to move away from
even so indirect and temporary a connection
between its monetary operations and debt management.
The growing depth and resiliency of the U.S.
government securities market, and in the early
1970s adoption by the Treasury of an auction
technique as the general rule for coupon issue
financings, facilitated the withdrawal of even
keel. Under the auction technique, there is no
time lag between the setting of the interest return
and submission of bids. Moreover, the auction
itself provides the mechanism through which an
underwriting spread would emerge competitively
to the degree needed to balance the risks to
dealers in distributing new securities to ultimate
investors.
Thus, arrangements between the Treasury and
the Federal Reserve entail a clear and logical
division of responsibilities. The Treasury man


ages debt; the Federal Reserve manages reserves
and money.
Federal Reserve open market purchases and
sales of securities are, therefore, determined
solely by the Federal Reserve's target growth
rates for the monetary aggregates and by the
relation between those growth rates and the
System's securities portfolio. That relation, in
turn, depends on the mix of money supply as
between currency and bank deposits, on the mix
of deposits as between those that require relatively more reserves and those that require relatively little or none, and on the extent to which
reserves are provided through discount window
borrowing and certain other sources. The Federal Reserve, of course, has to acquire government
securities on a one-for-one basis to support expansion in currency and on a fractional basis to
support expansion in deposits, with the fraction
depending on the prevailing reserve requirement
structure. When reserve requirements are lowered, as they have been and will be during the
1980s as the Monetary Control Act of 1980 is
phased in, the supply of reserves must be lowered to prevent an undesired increase in the
stock of money. Such a reduction in reserves
would be accomplished by the sale of securities
from the portfolio of the Federal Reserve System.
Because of changes in the variety of factors
that influence our securities portfolio—including
as noted above borrowing at the discount window, reserve requirements, and the currency and
deposit mix—growth in our holdings is rather
variable from one year to the next. In 1981, these
various influences led to a net increase in Federal
Reserve holdings of securities, largely U.S. government securities, but to a small extent federal
agency obligations, of about $9 billion. Of
course, the total volume of Federal Reserve
transactions in securities is many times the net
increase in holdings over a year, because transactions are necessarily undertaken in the course
of a year to offset changes in highly volatile
exogenous factors that provide or absorb reserves in the short run, such as the Treasury
balance at Federal Reserve Banks.
With Federal Reserve purchases of securities
determined solely by monetary policy objectives, the Treasury must manage its debt so as to

Statements

to Congress

221

make its offerings attractive enough in terms of
yield and other characteristics to induce private
sectors of the economy to acquire them. Last
year, for instance, net issuance of U.S. government debt amounted to $98Vi billion. To market
this net new debt, not to mention refunding a
much, much greater volume of maturing debt,
securities were offered in all maturity areas—
short, intermediate, and long—to fit the varying
portfolio needs of banks, other financial institutions, nonfinancial businesses, trust funds, and
individuals. The debt management task was accomplished with skill, and the securities were

marketed in an orderly fashion at prevailing
interest rates.
The availability of a large and diverse body of
potential investors in U.S. government securities
provides the basis for the continuing ability of
Treasury debt managers to design and sell attractive, marketable instruments. The existence of
this market, which eliminates dependence of the
Treasury on the central bank as a buyer of its
securities, also represents a continuing safeguard
against any temptation to erode the clear and
beneficial separation of responsibilities between
debt management and monetary policy.
•

Statement by Peter D. Sternlight, Senior Vice
President, Federal Reserve Bank of New York,
before the Subcommittee on Domestic
Monetary
Policy of the Committee on Banking, Finance
and Urban Affairs, U.S. House of Representatives, March 23, 1982.

ties at the end of last year totaled about $128
billion. Our Trading Desk also arranges a large
volume of transactions in government securities
on behalf of foreign central banks. Indeed, some
of the Federal Reserve System's own transactions are arranged directly with foreign official
accounts, at current market prices.
In addition to actual trading activity, the Trading Desk also serves as a channel of information
for the Federal Reserve and the Treasury in
respect to developments in the government securities market and related markets. Such information is particularly relevant in the formulation
and implementation of monetary and debt management policies, with implications for other
aspects of national economic policy as well. We
gather, analyze, and report on information pertaining to the activities, attitudes, and expectations of dealers, investors, and other market
participants. Our gathering of information includes data on prices and interest rates, and on
volume of activity, positions, and financial
soundness of some three dozen primary dealers
in U.S. government securities. Beyond the collection of statistics, we exercise an informal
surveillance role over the government securities
market, seeking information on new developments and potential problems.

I am pleased to have this opportunity to participate in these hearings on U.S. debt management
policy. As a senior vice president of the Federal
Reserve Bank of New York and Manager of the
Federal Reserve System Account for Domestic
Operations, my responsibilities include direction
of the Federal Reserve's open market operations
in the government securities market, in order to
carry out monetary policy under instructions
from the Federal Open Market Committee. In
addition to being involved for a number of years
with the Federal Reserve's open market operations, I also served for two years as Deputy
Undersecretary of the Treasury for Monetary
Affairs, where debt management was one of my
chief responsibilities.
In carrying out Federal Reserve monetary
policy, the Trading Desk at the New York Federal Reserve Bank is a substantial participant in the
market for Treasury securities. Last year, the
Federal Reserve System's trading activity included about $23 billion of outright purchaseand-sale transactions, as well as a much larger
volume of repurchase agreements or matched
sale-purchase transactions to effect temporary
additions or reductions in reserves. The Federal
Reserve System's holdings of Treasury securi


The Federal Reserve serves as fiscal agent for
the Treasury in the placement and redemption of
its debt. These functions are performed at every
Federal Reserve Bank and Branch, but the Bank
in New York plays a particularly significant role
because the government securities market is

222

Federal Reserve Bulletin • April 1982

centered there. Typically, 70 to 90 percent of
Treasury issues are awarded in the New York
District. New York's share of the total bidding
for Treasury issues sold at auction is even greater, because usually a sizable margin of underwriting bids from major financial market participants are below the accepted range of prices but
are there "just in case." Some underwriting bids
are, of course, also submitted in other financial
centers.
Treasury debt management officials and officers at the Federal Reserve's Trading Desk have
had a long history of close consultation on debt
management questions. Some of the consultation
is relatively routine, pertaining to the particular
timing or other technical details of sales of Treasury securities. At times, the type and size of
issues to be sold, and the techniques to be used
in those sales, are also discussed. Usually, one
or two representatives from the Trading Desk sit
in with the Treasury's debt management staff
when the Treasury is developing its plans for
quarterly coupon-refunding operations.
The Federal Reserve's role in such discussions
is strictly advisory: The debt management decisions are, of course, those of the Treasury. At
the same time, worth underscoring is that,
whereas we at the Trading Desk have some
concern with the orderly management and marketing of the Treasury's debt, our overriding
concern is with the implementation of monetary
policy, as determined by the Federal Open Market Committee. Our role as fiscal agent and
adviser to the Treasury is subordinate to, but in
my view not inconsistent with, the primary mission of carrying out monetary policy. Most particularly, I would emphasize that Treasury debt
issues, in the Federal Reserve's view, must stand
on their own in the market.
Against this background, I would like to make
a few general comments about Treasury debt
management. Obviously, the management of a
trillion-dollar, and rapidly growing, debt is no
simple task. A trillion-dollar debt is substantial,
even in a three-trillion-dollar economy. Given
the magnitude, growth, and wide dispersion of
the Treasury debt throughout the national economy—and indeed the world economy—the Treasury's debt management policies are of no small
importance. On the whole, I believe the job has



been handled well. An enormous volume of debt
has been marketed through what appears to be a
highly efficient mechanism. Primary reliance on
an auction technique, open to a variety of different types and sizes of participants, provides good
assurance, in today's competitive markets, that
the Treasury—and ultimately the public—are
well served. This is not to say that, in suitable
circumstances, there could not be a useful place
for other selling techniques such as the large
subscription issues undertaken several years
ago.
Under the auction technique used most heavily in recent years, primary dealers play a highly
important role. Bidding at prices or rates based
on their market judgments, the primary dealers
take down, for subsequent distribution to investors or other holders, a sizable part of the Treasury's offerings. Typically, the dealers might
account for 35 to 75 percent of the issues on
initial sales to the public. Also of considerable
significance, primary dealers typically feel a
sense of responsibility to provide "underwriting
bids"—again at prices and rates of their own
choosing—even at times when current market
prices and rates are not particularly attractive.
This practice tends to assure the Treasury of
getting its auctions covered, at some price, even
when markets are "difficult."
The Treasury has also done well, I believe, to
continue seeking the restoration of a better maturity balance in its debt structure. It has done this
in recent years by steadily lengthening the average maturity from the low point reached in
1975—after several years of not being able to
issue longer-term debt because of the interest
rate ceiling. A very short-term debt structure is
somewhat akin to an overabundant money supply in leaving the economy with too much liquidity readily at hand. Moreover, the Treasury is
left more vulnerable to the willingness and ability
of the market to roll over its debt, the greater the
portion that must be refunded each year. I think
the debt managers should continue to be able to
make progress in extending the average maturity
of the debt through continued access to the
longer term market.
Another desirable feature of debt management
practices in recent years has been the establishment of regular patterns of debt issuance, such as

Statements

the cycles of two-, four-, five-year and other note
maturities, and the fairly regular offerings of
coupon issues in quarterly refundings. When the
market is able to anticipate approximately what
the Treasury is likely to offer, and to some extent
prepare for it, market participants are likely to
have a better appetite for the Treasury's offerings. This need not freeze the Treasury immutably into a pattern of debt offerings dictated by
market expectations, but it does strongly suggest
that variations be carefully evaluated and sounded out ahead of time, if possible, with market
participants.
In the overall scheme of national economic
policy, debt management probably has a more
circumscribed role to play compared with gener-




to Congress

223

al fiscal or monetary policy. For example, rather
than seeking to be contracyclical, debt management policy is probably better directed, in the
long run, to achieving and maintaining an orderly
structure of the debt, as I think has occurred in
recent years. That debt management "makes
little difference" does not follow, though, because mismanagement of the debt most assuredly could impact adversely on the financial markets and the economy and make it much more
difficult for fiscal and monetary policies to
achieve desired objectives. For this reason, I
would be quite wary of making wholesale
changes in a debt management approach that I
believe has been serving the nation reasonably
well.
•

225

Announcements
PRESTON MARTIN: APPOINTMENT AS
MEMBER AND VICE CHAIRMAN OF THE
BOARD OF GOVERNORS
President Reagan on January 11, 1982, announced his intention to appoint Preston Martin
as member and Vice Chairman of the Board of
Governors of the Federal Reserve System. Mr.
Martin was subsequently confirmed by the Senate on March 30. The oath of office was administered by Chairman Volcker on March 31 in the
Board's offices. The text of the White House
announcement follows:

CHANGE IN FEES FOR WIRE TRANSFER OF
FUNDS AND NET SETTLEMENT SERVICES
The Federal Reserve Board has announced the
revision, effective April 29, 1982, of its charges
to depository institutions for wire transfer of
funds and net settlement services.
The Board acted after reviewing comments on
proposals published in January. The Board is
pricing its services to banks and other depositories in compliance with the Monetary Control
Act of 1980. The act requires that the Federal
Reserve charge explicitly for its services and that
the charges recover the System's costs of providing the priced services plus an adjustment for
costs that would have been incurred if the services had been provided by a private business
firm.1 The fees are in accordance with pricing
principles established by the Board and published in December 1980.

The President has announced his intention to nominate Preston Martin to be a member of the Board of
Governors of the Federal Reserve System for a term of
14 years from February 1, 1982, and to be Vice
Chairman for a term of four years. He succeeds
Frederick H. Schultz, term expiring.
Dr. Martin is a member of the President's Commission on Housing. He founded, organized, and staffed a
new Sears company, Seraco Enterprises. Seraco, an
amalgam of the words "Sears Allstate Companies," is
a holding company that provides capital and overall
planning of five real estate and financial subsidiaries.
He is a member of the board of directors of Sears,
Roebuck and Co.
Dr. Martin is a former member of the Federal Home
Loan Mortgage Corporation Advisory Committee. He
served as Chairman and Chief Operating Officer of the
Federal Home Loan Bank Board in 1969-72. He
served then-Governor Ronald Reagan as his first Savings and Loan Commissioner in 1967-69. In 1954-66
he was a principal in homebuilding, shopping center,
mortgage finance, and savings and loan "start up"
organizations.
He graduated from the University of Southern California (B.S., 1947; M.B.A., 1948) and Indiana University (Ph.D., 1952). He was born December 4, 1923, and
resides in Atherton, California.

The 1982 fees for wire transfer services are
generally above those for 1982, reflecting increased costs. The private sector adjustment
factor, which the Board adopted in January 1982
for use in determining 1982 prices, is 16 percent.
In addition, a structural change imposes a charge
on receivers of wire transfers.
The 1982 wire transfer fee schedule follows:
1. The originator of a wire transfer will pay 65
cents per transfer.
2. The receiver of a wire transfer will also pay
65 cents.
3. Surcharges for off-line origination of a wire
transfer and for telephone advice of a wire transfer will be $3.50 and $2.25 respectively.
The Board regards division of charges for wire
transfers equally among senders and receivers as

Mr. Martin was appointed from the Twelfth
Federal Reserve District (San Francisco) and
replaces Frederick H. Schultz, whose term expired in January 1982.

1. The private sector adjustment factor (PSAF) is an
allocation of imputed costs taking into account taxes that
would have been paid and the return on capital that would
have been provided had the services been rendered in the
private sector.




226

Federal Reserve Bulletin • April 1982

appropriate because (1) receivers benefit from
the wire transfer by immediate availability and
irrevocability of funds, (2) receivers may request
that senders use wire transfer, and (3) the private
sector wire transfer service most comparable to
that of the Federal Reserve charges both senders
and receivers.
The 1982 fee schedule for net settlement services is as follows: $1.30 per settlement entry,
plus $5.00 per off-line settlement, plus $2.25 per
telephone advice (if requested).
Reserve Banks have the option of charging
higher fees for net settlement amounts that result
in higher or unusual costs.

REGULATION

D:

AMENDMENT

The Federal Reserve Board has made final a
temporary amendment of its Regulation D (Reserves of Depository Institutions) providing that
the two-year period for phasing in reserve requirements of new depository institutions applies
only to institutions that commenced business on
or after November 18, 1981, and that have total
reservable liabilities under $50 million.
The amendment, effective April 28, 1982, has
been in effect as a temporary rule since last
November to prevent bank holding companies
that open out-of-state banks from avoiding reserve requirements. The Board made the rule
final after considering comment received on the
temporary rule.
In its final form the amendment applies, as it
did temporarily, to all institutions that began
business on or after November 18, 1981. The
Board had requested comment on the questions
of whether the amendment should apply only to
institutions affiliated with another depository institution and whether a grandfather date should
be included.
Also, the Board amended Regulation D's reporting requirements to confirm that weekly reporting of deposits rather than quarterly reporting for purposes of reserve assessment is
required by depository institutions that, in the
Board's opinion, are experiencing above-normal
growth. An institution with total deposits of less
than $15 million may report quarterly until its
deposits exceed $15 million for two consecutive
quarters. Under the amendment to reporting



requirements, the Board may require a switch to
weekly reporting at any time the institution exhibits above-normal growth.
The amendments are designed to limit exceptions to reserve maintenance and reporting requirements to the beneficiaries originally intended. The two-year phase-in to full reserve
maintenance was intended to avoid putting new
institutions at a disadvantage during their startup period. The Board believes the phase-in is not
appropriate for institutions that expand rapidly
after establishment. Similarly, the quarterly reporting exception was designed to lighten the
reporting burden of very small institutions and
was not designed for, and is not appropriate for,
institutions experiencing rapid growth.
In adopting these amendments the Board noted that since Regulation D was rewritten in 1980
to conform to the Monetary Control Act (which
made many banks and thrift institutions not
previously subject to Federal Reserve reserve
requirements liable for reserves on their transactions and nonpersonal time deposits) Delaware
law has been revised to permit out-of-state bank
holding companies to establish new banks there.
This provision of Delaware law is being used to
avoid higher state and local tax rates in the bank
holding company's home state or to avoid constraining usury laws. Under the 1980 phase-in
rule, deposits moved to these new banks that
would otherwise be liable to full reserve requirements would be subject to lower reserve requirements.
The Board has consequently amended Regulation D as noted above to assure that the phase-in
of reserve requirements for new depository institutions is not used for reserve avoidance.
For reasons of equity the Board did not apply
the phase-in amendment to institutions that began business before November 18, 1981.

REGULATION

K:

AMENDMENT

The Federal Reserve Board has adopted an
amendment to its Regulation K (International
Banking Activities) permitting Edge corporations to engage in the United States in certain
economic and investment advisory and investment management services, effective March 12,
1982.

Announcements

The Board acted after consideration of comment received on its proposal published in October 1981.
An Edge corporation is a company authorized
under provisions of the Federal Reserve Act to
engage in international or foreign financial or
banking activities and certain incidental activities. The Board's Regulation K specifies those
activities conducted in the United States that will
ordinarily be considered incidental to the international or foreign business of an Edge corporation.
The amendment adds the following to the list
of permissible activities:
1. Investment or financial advice by providing
portfolio investment advice and portfolio management with respect to securities, other financial instruments, real property interests, and
other investment assets.
2. General economic information and advice,
general economic statistical forecasting services,
and industry studies.
Under the amendment, such services provided
to U.S. customers must be in connection with
foreign assets or foreign economies and industries.

REGULATION

Y:

AMENDMENT

The Federal Reserve Board has adopted an
amendment to Regulation Y (Bank Holding
Companies and Change in Bank Control) adding
the provision of management consulting advice
to unaffiliated nonbank depository institutions to
the list of activities permissible to bank holding
companies, effective April 20, 1982.
The Board acted after consideration of comment received on its proposal issued in October
1981, in connection with an application by BankAmerica Corporation.
Under the amendment, management consulting advice could be offered to institutions such as
savings and loan associations, mutual savings
banks, and other types of depository institutions
that are not commercial banks. Previously, the
Board's rules permitted bank holding companies
to provide management consulting advice only to
commercial banks.
The amendment also permits management interlocks, under certain conditions, between bank



227

holding companies and depository institutions to
which they provide management consulting.

PROPOSED

ACTIONS

The Federal Reserve Board has proposed for
public comment four amendments to its Regulation E (Electronic Fund Transfers) to assist small
financial institutions subject to the Electronic
Fund Transfer Act and otherwise to reduce the
burden of, compliance. Comments must be received by May 7, 1982.
The Board has also proposed a complete overhaul of its Regulation T (Credit by Brokers and
Dealers) as part of its Regulatory Improvement
Project. The Board asked for comment by June
25, 1982.
The Board has also asked for comment on a
proposal to amend its Regulation J (Collection of
Checks and Other Items and Wire Transfers of
Funds) to require depository institutions that are
closed on regular business days to pay that day
for checks drawn on the closed institution. The
Board asked for comment by May 20, 1982.

MEETING
COUNCIL

OF CONSUMER

ADVISORY

The Federal Reserve Board has announced that
its Consumer Advisory Council met on April 2829, 1982.
The Council meets with the Board four times a
year to advise on the exercise of the Board's
responsibilities under consumer credit protection
laws, and on other nonmonetary issues on which
the Board seeks its views. The Council's 30
members represent a wide spectrum of consumer
and creditor interests.

ANNUAL

REPORT:

PUBLICATION

The Sixty-Eighth Annual Report of the Board of
Governors of the Federal Reserve System, covering operations for the calendar year 1981, is
available for distribution. Copies may be obtained on request to Publications Services,
Board of Governors of the Federal Reserve
System, Washington, D.C. 20551.

228

Federal Reserve Bulletin • April 1982

CHANGES

IN BOARD

STAFF

The Board of Governors has announced the
following staff actions.
Dolores S. Smith, Assistant Director in the
Division of Consumer and Community Affairs,
appointed Assistant Secretary of the Board for a
six-month period beginning April 1, 1982. Ms.
Smith replaces Theodore E. Downing, Jr., who
has returned to the Federal Reserve Bank of
Chicago.
Frank O'Brien, Jr., Special Assistant to the
Board, promoted to Deputy Assistant to the
Board in the Office of Board Members, effective
April 1, 1982.
Naomi P. Salus appointed as Special Assistant
to the Board, in the Office of Board Members,
effective April 1, 1982. Ms. Salus, who joined the
Board's staff in May 1976, holds a B.A. from the
University of Michigan.
The Board has also announced the resignation
of Michael E. Bleier, Assistant General Counsel
in the Legal Division, effective March 5, 1982,
and the retirement of P.D. Ring, Adviser in the
Division of Federal Reserve Bank Operations,
effective April 17, 1982.




NEW STATISTICAL

RELEASE

The Board of Governors has announced publication of a new statistical release, "Weekly Report
of Assets and Liabilities of International Banking
Facilities" (H.14). The H.14, issued each Monday, contains aggregate balance sheets for IBFs
with assets or liabilities of at least $50 million by
type of establishing entity both for all states and
for New York State.
To receive the H.14 release, write to Publications Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.

SYSTEM
MEMBERSHIP:
ADMISSION OF STATE
BANKS

The following banks were admitted to membership in the Federal Reserve System during the
period February 11 through March 10, 1982:
Colorado
Colorado Springs
Liberty State Bank
Delaware
Wilmington
Provident of Delaware Bank
Florida
Delray Beach
Central Bank
Minnesota
Renville
Renville County State Bank

229

Record of Policy Actions of the
Federal Open Market Committee
Meeting Held on
February 1-2, 1982
Domestic Policy Directive
Preliminary estimates of the Commerce Department indicated that
real gross national product had declined at an annual rate of about 5'A
percent in the fourth quarter of 1981.
Average prices, as measured by the
fixed-weight price index for gross
domestic business product, increased at an annual rate of about 7
percent, much less rapidly than over
the first three quarters of the year.
During 1981, real GNP and nominal
GNP grew about 3/4 percent and 9V4
percent respectively, and the price
index referred to above rose about 9
percent.
The index of industrial production
fell 2.1 percent further in December,
for a cumulative decline of about 7
percent over the last five months of
1981. The decline in December again
was broadly based, reflecting output
reductions for nearly all major product groupings, and it was particularly sharp for durable consumer goods
and both durable and nondurable
goods materials. Available data, notably for the automotive and steel
industries, suggested further production cutbacks in January.
Total nonfarm payroll employment declined sharply in December
for the third consecutive month. Job
losses in manufacturing continued
sizable, totaling more than 700,000
in the fourth quarter. The unemployment rate rose an additional 0.5 percentage point in December to 8.9
percent.
The nominal value of retail sales
increased somewhat further in De


cember, but the level remained below the average for the third quarter.
Sales of new domestic automobiles
fell to an annual rate of 4.9 million
units in December, the lowest
monthly pace in 22 years. Auto sales
picked up in the first few weeks of
January, but continued at an exceptionally low rate.
Private housing starts rose 13 percent in December from the depressed rate in November, but remained below an annual rate of 1
million units. Nearly all of the increase was in multifamily units.
Sales of existing homes picked up
somewhat in December, as had sales
of new homes in November; nevertheless, total home sales in November were about one-third below their
year-earlier level.
The producer price index for finished goods rose 0.3 percent in December, compared with 0.5 percent
in November. During 1981 the index
rose 7 percent, compared with the
increase of nearly 12 percent over
1980. Producer prices of consumer
foods rose only a little during 1981,
and the rise in energy prices moderated, as a surge early in the year
after decontrol of oil prices was followed by some decline in the second
half. Producer prices of other consumer goods and capital equipment
also rose less rapidly in 1981 than in
1980. The consumer price index rose
0.4 percent in December; over the
year the index increased about 9
percent, compared with a rise of
about 12V2 percent over 1980. Increases were smaller in 1981 than in
1980 for all major components of the
index.
The rise in the index of average

230

Federal Reserve Bulletin • April 1982

hourly earnings slowed considerably
in the final three months of 1981
from the pace earlier in the year.
Over the year, the index rose about
%V* percent, compared with an increase of about 9Vi percent over
1980.
In foreign exchange markets the
trade-weighted value of the dollar
against major foreign currencies rose
about 4 percent during January, reflecting primarily responses to the
widening differential between U.S.
and foreign interest rates. Foreign
monetary authorities
intervened
considerably to resist the depreciation of their currencies. The U.S.
trade deficit increased in the fourth
quarter from the rate in the previous
two quarters, as nonagricultural exports declined and non-oil imports
rose.
At its meeting on December 2122,1981, the Committee had decided
that open market operations in the
period until this meeting should be
directed toward behavior of reserve
aggregates consistent with growth of
Ml and M2 from November 1981 to
March 1982 at annual rates of around
4 to 5 percent and around 9 to 10
percent respectively. In setting the
objective for M l , the Committee
took account of the relatively rapid
growth that had already taken place
through the first part of December.
The intermeeting range for the federal funds rate, which provides a
mechanism for initiating consultation of the Committee between regularly scheduled meetings, was set at
10 to 14 percent.
Ml grew at an annual rate of 11V2
percent in December and accelerated in January to a rate estimated to
be above 20 percent. Expansion in
checkable deposits other than demand accounts (other checkable deposits, or OCDs), which accounted
for a substantial part of the acceleration of Ml growth in November and
December, apparently was even
more rapid in January. Growth of
M2 moderated in December to an
annual rate of about VA percent, but



picked up in January to a rate estimated at about 11 percent; the substantial growth over the two months
reflected strength in the more liquid
of the nontransaction components as
well as in Ml. 1 Some evidence suggested that the disproportionate
growth in NOW and similar accounts in recent months had resulted
at least in part from a desire of
individuals to hold liquid balances
because of uncertainties about economic prospects and interest rates.
The pace of monetary growth in
December and January raised required reserves and generated demands for reserves considerably in
excess of the volume supplied during
the intermeeting period through System open market operations. Consequently, borrowings from Federal
Reserve Banks for purposes of adjusting reserve positions expanded
sharply; borrowings averaged nearly
$1.3 billion in the four statement
weeks ending January 27, compared
with an average of about $425 mil1. The growth rates cited are based on
revised data for the monetary aggregates,
reflecting new benchmarks and revised seasonal factors and some minor changes in the
definition of M2, that were published on February 5. As redefined, M2 no longer includes
institution-only money market mutual funds
(which remain in M3) and includes retail repurchase agreements (RPs) in denominations
of less than $100,000 (which were already in
M3).
The monetary aggregates are defined as
follows: Ml comprises demand deposits at
commercial banks and thrift institutions, currency in circulation, traveler's checks, negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at
banks and thrift institutions, and credit union
share draft accounts. M2 contains Ml and
savings and small-denomination time deposits
at all depository institutions, overnight repurchase agreements (RPs) at commercial banks
and retail RPs at all depository institutions,
overnight Eurodollars held at Caribbean
branches of member banks by U.S. residents
other than banks, and money market mutual
fund shares other than those restricted to
institutions. M3 is M2 plus large-denomination time deposits at all depository institutions, large-denomination term RPs at commercial banks and savings and loan
associations, and institution-only money market mutual funds.

Record of Policy Actions of the FOMC

lion in the four weeks ending December 23. The federal funds rate
rose from around 121/4 percent in the
days preceding the December meeting to about 14 percent in the days
just before this meeting.
Against a background of continued rapid growth in monetary aggregates and large prospective federal
deficits, market interest rates had
risen on balance since the Committee's meeting in December: shortterm rates increased about 1 Vi to 2Vz
percentage points and bond yields
rose about Vz to 1 percentage point.
The prime rate charged by most
commercial banks on short-term
business loans remained at 153/4 percent during the intermeeting interval. Average rates on new commitments for fixed-rate conventional
home mortgage loans increased
nearly 3A of a percentage point.
Total credit at U.S. commercial
banks, adjusted for shifts of assets
from U.S. offices of banks to recently established international banking
facilities (IBFs), expanded at an annual rate of about 11 percent in December. 2 Growth in business loans
accelerated substantially, and security, real estate, and consumer loans
also registered sizable gains. From
the fourth quarter of 1980 to the
fourth quarter of 1981, bank credit
expanded 83/t percent. Issuance of
commercial paper by nonfinancial
institutions was relatively strong in
December, but slowed in early January.
Staff projections presented at this
meeting suggested that real GNP
would decline further in the current
quarter and then begin to recover in
the second quarter. The unemployment rate was expected to increase
to a peak in the second quarter,
while inflation, as measured by the

2. International banking facilities began operations on December 3, 1981. The adjustment made in calculating growth in bank
credit involved adding back assets estimated
to have been transferred from U.S. banking
offices to IBFs.



fixed-weight price index for gross
domestic business product, was projected to slow further over the year.
Views of Committee members
concerning economic activity and
prices during 1982 generally differed
little from the staff projections. The
members thought that recovery in
activity most likely would begin before long, although they differed
somewhat with regard to its probable strength. Their projections of
growth in real GNP over the year
ending in the fourth quarter of 1982
ranged from Vi percent to 3 percent.
However, a number of members expressed concern about the risk that
the recession might be prolonged by
greater weakness in business capital
investment than currently anticipated or by other developments. Members were unanimous in the view
that the reduction in the rise in
prices was likely to continue: their
projections for the increase in the
GNP implicit deflator over the year
ranged from 6V2to TU percent, compared with a rise of about 8V2 percent over the year ending in the
fourth quarter of 1981.
At this meeting, the Committee
completed the review, begun at the
meeting in December 1981, of the
ranges for growth of monetary aggregates over the period from the
fourth quarter of 1981 to the fourth
quarter of 1982 within the framework of the Full Employment and
Balanced Growth Act of 1978. At its
meeting in July 1981, the Committee
had reaffirmed the ranges for growth
over the year ending in the fourth
quarter of 1981 that it had set in early
February. These ranges were 3 to
5Vi percent for Ml-A and 3Vi to 6
percent for Ml-B, abstracting from
the impact of the introduction of
NOW accounts on a nationwide basis; 6 to 9 percent for M2; and 6V2 to
9Vi percent for M3. The associated
range for growth of commercial bank
credit was 6 to 9 percent. For the
year ending in the fourth quarter of
1982, the Committee had tentatively
agreed that growth of M l , M2, and

27 Federal Reserve Bulletin • April 1982

M3 within ranges of 2Vi to 5l/z percent, 6 to 9 percent, and 6V2 to 9Vi
percent respectively would be appropriate.3
When the Committee reaffirmed
the ranges for 1981 at its meeting in
July, it recognized that the divergence in growth of the various monetary aggregates was proving to be
considerably greater than had been
anticipated at the beginning of the
year, even after allowance for the
effects of shifts into NOW accounts.
Thus it was thought likely and desirable that growth of Ml-B over the
year would be near the lower bound
of its range and that growth of M2
and M3 might well be around the
upper ends of their ranges.
The divergence in behavior between the narrow monetary aggregate and the broader ones proved to
be even greater than had been expected at midyear. From the fourth
quarter of 1980 to the fourth quarter
of 1981, growth of Ml-B adjusted for
shifts into NOW accounts was about
2V4 percent, approximately VA percentage points below the lower end
of its range. Growth in this aggregate
over the year was slow in relation to
growth of nominal GNP, as financial
innovations and high interest rates
induced changes in cash-management techniques. Growth of M2 and
M3 over the year was about W2
percent and 11 LA percent respectively, about V2 percentage point and VA
percentage points above the upper
ends of their ranges. The relatively
strong growth of M2 reflected in part
shifts of funds from market instruments to money market mutual
funds and the expansion of small
savers certificates at depository institutions in response to liberaliza3. In looking ahead to 1982, it had been
decided to abandon the compilation of Ml-A
and the shift-adjusted Ml-B (that is, Ml-B
adjusted to exclude that portion of flows into
NOW accounts in 1981 estimated to have
come from other interest-bearing assets rather
than from demand deposits). The remaining
aggregate for Ml is the one formerly labeled
Ml-B, which includes the total amount of
NOW accounts.



tion of interest rate ceilings; M3
grew more than M2 because of a
substantial expansion in large-denomination CDs, as depository institutions increased their managed liabilities to support expansion in
loans and investments.
In contemplating ranges for 1982,
the Committee continued to face unusual uncertainties concerning the
forces affecting monetary growth. It
seemed likely that the recent expansion in NOW accounts would prove
to be mostly a temporary aberration
in individuals' liquidity preferences
and that the relationship between
growth of money and of nominal
GNP would be closer to historical
patterns. The ongoing changes in
financial technology, which had reduced demand for Ml for most of
1981, were generally presumed to
have effects in 1982 consistent with
earlier experience, unless such arrangements as "sweeps" of individual checking accounts into money
market funds or other instruments
became widespread. With respect to
M2, growth could be augmented if
the scheduled reduction in federal
income taxes or other influences
raised the personal saving rate or if
depository institutions attracted an
exceptionally large flow of funds into
individual
retirement
accounts
(IRAs) from sources not included in
M2.
In the Committee's discussion of
ranges for monetary growth in 1982,
the members were in agreement on
the need to maintain the commitment to the long-standing goal of
restraining growth of money and
credit, thereby contributing to a further reduction in the rate of inflation
and providing the basis for restoration of economic stability and sustainable growth in output. Nevertheless, members differed somewhat in
their views concerning the particular
ranges most appropriate for the
year.
For M l , most members favored
reaffirming the range of 2Vi to 5'/2
percent that had been tentatively

Record of Policy Actions

adopted at the meeting in July 1981.
One member advocated a somewhat
higher range, with a view to promoting more growth of real G N P and a
lower rate of unemployment. In addition, some sentiment was expressed for retaining the range of 2Vi
to 5Vi percent but taking the base
level of Ml in the fourth quarter of
1981 to be the lower end of the
Committee's range for last year.
Such an adjustment of the base
would in effect recognize that the
recent burst in growth of Ml had
brought its level more in line with
the lower end of the 1981 range and,
unless the burst proved to be temporary, could provide a more appropriate starting point.
Members differed somewhat more
in their views concerning the broader monetary aggregates. Most desired to reaffirm the tentative range
of 6 to 9 percent adopted last July.
However, a substantial number initially favored specification of slightly higher ranges, largely because of
their assessments of the likely impact of various developments that
would tend to raise growth of M2
relative to that of M l . One member
suggested that in pursuit of its objectives during the course of the year
the Committee give more weight to
M2 than to M l , because of the volatility of the behavior of the narrower
aggregate in the short run reflecting,
among other things, the response of
NOW accounts to changing liquidity
preferences and interest rates. More
generally, it was felt that considerable weight should be given to M2 in
interpreting developments during
the year.
At the conclusion of the discussion, the Committee decided to reaffirm the ranges for 1982 that had
been tentatively established in mid1981. Thus the Committee adopted
the following ranges for growth of
the monetary aggregates from the
fourth quarter of 1981 to the fourth
quarter of 1982: for M l , 2Vi to 5Vi
percent; for M2, 6 to 9 percent; and
for M3, 6V2 to 9Y2 percent. The asso


of the FOMC

ciated range for commercial bank
credit was 6 to 9 percent.
In setting the range for M l , the
Committee recognized that the recent rapid increase in that aggregate
placed it in January well above the
average in the fourth quarter of 1981
but that it was too early to judge
conclusively the extent to which the
upsurge reflected temporary influences rather than a basic change in
the amount of money needed to finance growth of nominal GNP. On
the assumption that the relationship
between growth of M l and the expansion of nominal GNP was likely
to be closer to normal than it had
been in 1981, the Committee contemplated that growth of Ml in 1982
might acceptably be in the upper
part of its range. The lower part of
the range was considered appropriate to allow for the possibility that
institutional or regulatory changes
would speed the process of economizing on the cash balances included
in M l . The Committee also contemplated that growth of M2 was likely
to be high within its range, although
growth still would be somewhat below that in 1981. However, growth
of M2 might appropriately reach or
even slightly exceed the upper end
of its range if personal savings grew
much more rapidly in relation to
income than anticipated or if depository institutions attracted an exceptionally large flow of funds into IRAs
from sources outside measured M2.
In light of the unusual growth of
NOW accounts in recent weeks, it
was emphasized that the Committee
might wish to reconsider the range
for Ml should evidence suggest a
more lasting change in individuals'
liquidity preferences; in any event, it
would reconsider the ranges in July
within the framework of the Full
Employment and Balanced Growth
Act of 1978.
The Committee adopted the following
ranges for growth in the monetary aggregates for the period from the fourth quarter of 1981 to the fourth quarter of 1982:
Ml, 2Vi to 5Vi percent; M2, 6 to 9 per-

234

Federal Reserve Bulletin • April 1982

cent; and M3, 616 to 914 percent. The
associated range for bank credit is 6 to 9
percent.
Votes for this action: Messrs.
Volcker, Solomon, Boehne, Boykin,
Corrigan, Gramley, Keehn, Partee,
Rice, Schultz, and Wallich. Vote
against this action: Mrs. Teeters.
Mrs. Teeters dissented from this
action because she believed that
somewhat higher monetary growth
over the year ahead was needed to
promote adequate expansion in economic activity and a reduction in the
rate of unemployment. Specifically,
she favored a range for M l that was
at least xh percentage point higher
than that adopted by the Committee
and a range for M2 that provided for
somewhat greater growth in the
broader aggregate relative to that in
Ml.
In contemplating its objectives for
monetary growth over the remainder
of the first quarter of the new year,
the Committee took account of the
very rapid rise in Ml in recent
months, especially in January. Given the apparent persistence of slow
growth in nominal GNP in the first
quarter, it seemed quite likely that
the demand for money would abate
substantially over the months ahead.
Even if Ml grew no further from
January to March, its income velocity on the average for the first quarter
could well decline at a postwar record rate. While some decline in M l
seemed desirable, the Committee
did not feel that much stronger measures than those already in place
would be necessary or appropriate in
the period immediately ahead to
force such a decline.
Against this background, the
Committee decided to seek behavior
of reserve aggregates associated
with no further growth of Ml from
January to March and with growth of
M2 at an annual rate of around 8
percent, with a view to bringing
growth of both aggregates over time
into their longer-run target ranges
for the year. It was also agreed that



some decline in M l , which would be
associated with a faster return to its
longer-run range, would be acceptable in the context of reduced pressure in the money market. The intermeeting range for the federal funds
rate, which provides a mechanism
for initiating consultation of the
Committee, was set at 12 to 16 percent.
The following domestic policy directive was issued to the Federal
Reserve Bank of N e w York:
The information reviewed at this meeting indicates that real GNP declined appreciably in the fourth quarter of 1981
and that prices on the average rose much
less rapidly than over the first three
quarters of the year. In December industrial production and nonfarm payroll employment declined sharply for the third
consecutive month, and the unemployment rate rose an additional 0.5 percentage point to 8.9 percent. The nominal
value of retail sales increased somewhat
further, but the level was still below the
average for the third quarter. Although
housing starts expanded, they remained
at a depressed level. The rise in the index
of average hourly earnings was considerably less rapid over the fourth quarter of
1981 than on the average earlier in the
year.
The weighted average value of the
dollar against major foreign currencies
rose substantially during January; foreign monetary authorities intervened
considerably to resist the depreciation of
their currencies. In the fourth quarter the
U.S. foreign trade deficit increased from
the rate in the previous two quarters.
Ml grew rapidly in December and
January, reflecting in part rapid expansion in checkable deposits other than
demand accounts. Growth of M2 also
was substantial, owing to strength in the
more liquid of the nontransaction components as well as in Ml. Short-term
market interest rates and bond yields on
balance have risen further in recent
weeks, and mortgage interest rates have
also increased.
The Federal Open Market Committee
seeks to foster monetary and financial
conditions that will help to reduce inflation, promote a resumption of growth in
output on a sustainable basis, and contribute to a sustainable pattern of international transactions. The Committee
agreed that its objectives would be furthered by growth of Ml, M2, and M3
from the fourth quarter of 1981 to the
fourth quarter of 1982 within ranges of

Record of Policy Actions

2Vi to 5V2 percent, 6 to 9 percent, and 6V2
to 9V2 percent respectively. The associated range for bank credit was 6 to 9
percent.
The Committee seeks behavior of reserve aggregates over the balance of the
quarter consistent with bringing Ml and
M2 over time into their longer-run target
ranges for the year. Taking account of
the recent surge in growth of Ml, the
Committee seeks no further growth in
Ml for the January-to-March period and
growth in M2 at an annual rate of around
8 percent. Some decline in Ml would be
associated with more rapid attainment of
the longer-run range and would be ac-

of the FOMC

ceptable in the context of reduced pressure in the money market. The Chairman
may call for Committee consultation if it
appears to the Manager for Domestic
Operations that pursuit of the monetary
objectives and related reserve paths during the period before the next meeting is
likely to be associated with a federal
funds rate persistently outside a range of
12 to 16 percent.
Votes for this action: Messrs.
Volcker, Solomon, Boehne, Boykin,
Corrigan, Gramley, Keehn, Partee,
Rice, Schultz, Mrs. Teeters, and Mr.
Wallich. Votes against this action:
None.

Records of policy actions taken by the Federal Open Market Committee at each meeting, in the
form in which they will appear in the Board's Annual Report, are made available a few days after
the next regularly scheduled meeting and are later published in the B U L L E T I N .



237

Legal Developments
AMENDMENT TO REGULATION

K

ices for U.S. persons shall be with respect to
foreign economies and industries only.

The Board of Governors of the Federal Reserve System is amending Regulation K—International Banking
Operations (12 CFR Part 211) by adding a new activity
to the list of activities permissible for Edge Corporations in the United States. The amendment would
permit Edge Corporations to offer certain investment
and economic advisory and investment management
services in the United States to their foreign customers, and such advice with respect to foreign investments to their U.S. customers.
Effective March 12, 1982, the Board of Governors of
the Federal Reserve System amends 12 CFR Part 211
as follows:
Part 211—International

Banking

Operations

Section 211.4—[Amended]
2. Section 211.4 is amended as follows:
a. In paragraph (e)(4)(xii): delete the "and" at the
end of the paragraph.
b. In paragraph (e)(4)(xiii): change the period (".")
at the end of the paragraph to a semi-colon (";").
3. Section 211.4 is amended by adding the following
paragraphs (e)(4)(xiv) and (xv):
Section 211.4—Edge and Agreement
Corporations

*

*

*

(xiv) Act as investment or financial adviser by
providing portfolio investment advice and portfolio management with respect to securities, other
financial instruments, real property interests and
other investment assets, 33 provided such services
for U.S. persons shall be with respect to foreign
assets only; and
(xv) Provide general economic information and
advice, general economic statistical forecasting
services and industry studies, provided such serv-

3a. For purposes of this section, management of an investment
portfolio does not include operational management of real property,
industrial and commercial assets.




AMENDMENT TO REGULATION

Y

The Board of Governors of the Federal Reserve System is amending its Regulation Y—Bank Holding
Companies and Change in Bank Control (12 CFR Part
225), to include in the list of permissible bank holding
company activities the activity of offering management
consulting advice to unaffiliated nonbank depository
institutions.
Effective April 20, 1982, the Board of Governors of
the Federal Reserve System amends 12 CFR Part 225,
as follows:
Part 225—Bank Holding Companies
Change in Bank Control

and

12 CFR Part 225 is amended as follows:
Section 225.4 is amended by revising paragraph
(a)(12) to read as follows:
Section 225.4—Nonbanking Activities
(a) * * *
(12) Providing management consulting advice9 to
nonaffiliated bank and nonbank depository institutions, including commercial banks, savings and loan
associations, mutual savings banks, credit unions,
industrial banks, Morris Plan banks, cooperative
banks, and industrial loan companies, Provided
that,
(i) Neither the bank holding company nor any of
its subsidiaries own or control, directly or indirectly, any equity securities in the client institution;
(ii) No management official, as defined in 12 CFR
212.2(h), of the bank holding company or any of
9. In performing this activity, bank holding companies are not
authorized to perform tasks or operations or provide services to client
institutions either on a daily or continuing basis, except as shall be
necessary to instruct the client institution on how to perform such
services for itself. See also the Board's interpretation of bank management consulting advice (12 CFR 225.131). This interpretation shall
apply to the performance of management consulting services for
nonbank depository institutions as well as for commercial banks.

238

Federal Reserve Bulletin • April 1982

its subsidiaries serves as a management official of
the client institution except where such interlocking relationships are permitted pursuant to an
exemption granted under 12 CFR 212.4(b);
(iii) The advice is rendered on an explicit fee
basis without regard to correspondent balances
maintained by the client institution at any depository institution subsidiary of the bank holding
company; and
(iv) Disclosure is made to each potential client
institution of (A) the names of all depository
institutions which are affiliates of the consulting
company, and (B) the names of all existing client
institutions located in the same county(ies) or
SMSA(s) as the client institution.10

BANK HOLDING COMPANY AND BANK
MERGER
ORDERS ISSUED BY THE BOARD OF GOVERNORS

Orders Under Section 3 of Bank
Company Act

Holding

Aktivbanken A/S,
Vejle, Denmark
Aktiv Bank Holding Company,
Long Beach, California
Order Approving Formation of Bank Holding
Companies
Aktivbanken A/S ("Aktivbanken"), Vejle, Denmark,
and its wholly-owned subsidiary, Aktiv Bank Holding
Company ("Aktiv BHC"), Long Beach, California
(collectively referred to as "Applicants"), have applied for the Board's approval under section 3(a)(1) of
the Bank Holding Company Act (12 U.S.C.
§ 1842(a)(1)) to become bank holding companies by
acquiring 100 percent of the voting shares of National Bank of Long Beach ("Bank"), Long Beach,
California.
Notice of the applications, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act.
The time for filing comments and views has expired
and the Board has considered the applications and all
comments received in light of the factors set forth in
section 3(c) of the act.
10. A bank holding company that has received the Board's prior
approval to engage in offering management consulting advice to
nonaffiliated commercial banks as of April 20, 1982, may offer such
advice to nonbank depository institutions pursuant to this paragraph
without filing an application under section 4(c)(8) of the Bank Holding
Company Act for prior approval to engage in the activity, provided
that it does not acquire a going concern to provide such advice.




Aktivbanken is the sixth largest banking organization in Denmark with total assets of $856 million and
total deposits of $403 million. Aktivbanken presently
has no subsidiary, branch, agency or other office in the
United States, and does not engage directly or indirectly in any nonbanking activity in the United States.
Aktiv BHC is a wholly-owned subsidiary of Aktivbanken organized for the purpose of becoming a bank
holding company by acquiring Bank. All shares of
Bank will be held directly by Aktiv BHC.
Bank has $32.7 million in deposits and ranks 164th
of 278 commercial banks in the state of California with
0.02 percent of the total deposits in commercial banks
in the state. 1 Bank ranks 91st of 117 commercial banks
in the relevant banking market and controls 0.03
percent of the total deposits in commercial banks in
the local market. 2 Inasmuch as Applicants control no
other banks in the United States, consummation of the
proposed transaction would have no adverse effects on
either existing or potential competition and would not
increase the concentration of resources in any relevant
market. Therefore, competitive considerations are
consistent with approval of the applications.
The financial and managerial resources of Applicants and Bank are considered generally satisfactory,
and the future prospects of each appear favorable.
Thus, considerations relating to banking factors are
consistent with approval of the applications.
Affiliation with Applicants will permit Bank to develop an international banking department as well as
to continue its current retail services. Thus, considerations relating to the convenience and needs of the
community to be served are consistent with approval.
Accordingly, the Board has determined that consummation of the transaction would be in the public
interest and that the applications should be approved.
On the basis of the record, the applications are
approved for the reasons summarized above. The
transaction shall not be consummated before the thirtieth calendar day following the effective date of this
Order, or later than three months after the effective
date of this Order, unless such period is extended
for good cause by the Board or by the Federal Reserve
Bank of San Francisco, pursuant to delegated
authority.
By order of the Board of Governors, effective
March 2, 1982.
Voting for this action: Governors Wallich, Partee, Teeters,
Rice, and Gramley. Absent and not voting: Chairman
Volcker.
(Signed) JAMES MCAFEE,

[SEAL]

Associate Secretary of the Board.

1. All banking data are as of December 31, 1980.
2. The relevant banking market is approximated by the Los Angeles SMSA.

Legal Developments

Greater Jersey Bancorp.,
West Patterson, N e w Jersey
Order Approving Acquisition of Bank
Greater Jersey Bancorp., West Paterson, New Jersey,
a bank holding company within the meaning of the
Bank Holding Company Act, has applied for the
Board's approval under section 3(a)(3) of the act
(12 U.S.C. § 1842(a)(3)) to acquire up to 100 percent of
the voting shares of Anthony Wayne Bank, Wayne,
New Jersey ("Bank").
Notice of the application, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act.
The time for filing comments and views has expired,
and the Board has considered the application and all
comments received, including those of Bank, in light
of the factors set forth in section 3(c) of the act
(12 U.S.C. § 1842(c)).
Applicant, the 11th largest banking organization in
New Jersey, controls one subsidiary bank with deposits of $801 million, representing 2.7 percent of the total
deposits in commercial banks in the state. 1 Upon
acquisition of Bank (deposits of $12 million), Applicant's share of deposits in commercial banks in New
Jersey would increase by only 0.05 percent and Applicant would remain the 11th largest banking organization in the state. Accordingly, consummation of this
proposal would not have an appreciable effect upon
the concentration of commercial banking resources in
New Jersey.
Bank contends that consummation of the proposal
would "substantially lessen competition by removing
one of the f e w direct competitors of Applicant in the

relevant geographic markets, and by removing the
only possible entry vehicle for other holding companies not currently doing business in such markets." 2
In making this assertion, Bank contends that the
definition of the relevant banking market should be
limited to a four-city area (referred to as the "Greater
Wayne Market") which includes the municipalities of
Pompton Lakes, Wayne, Fairfield, and North Caldwell. In proposing this definition, Bank relies on the
fact that the immediate service areas of Applicant's
subsidiary bank and Bank overlap in this area. Bank
asserts that following consummation of the proposal,
the four largest banks of nine in the area (with twentyone branches) would control 76 percent of the market's banking facilities and Applicant's banking sub-

1. All banking data are as of June 30, 1981.
2. Applicant proposes to acquire Bank through a tender offer to
Bank's shareholders. Bank has urged its shareholders to reject
Applicant's offer because Bank believes the proposed purchase price
is inadequate.




239

sidiary would control almost 30 percent of the
market's banking facilities. Bank asserts that consummation of the proposal would result in the elimination
of a substantial amount of direct competition between
Applicant and Bank and that the market would lose an
attractive entry vehicle for banking organizations not
presently in the market. Finally, Bank asserts that
considerations relating to the convenience and needs
of the community to be served do not outweigh these
alleged anticompetitive effects. Bank states that the
new services that Applicant proposes to offer to
Bank's customers currently can be obtained through
Bank's correspondent banks, and acquisition of Bank
would eliminate those services now offered by Bank to
its customers (such as free checking and longer hours)
that are not offered by Applicant's subsidiary bank. 3
The Board believes that the relevant banking market
should consist of the localized area where the banks
involved offer their services and where local customers can practicably turn for alternatives. As the Supreme Court has noted in this regard, "the proper
question is not where the parties to the merger do
business or even where they compete, but where,
within the area of competitive overlap, the effect of the
merger on competition will be direct and immediate."
United States v. Philadelphia National Bank, (374
U.S. 321, 357 (1970)). Although the respective service
areas of banks involved in a transaction are among the
factors that the Board considers in determining the
relevant banking market in which to analyze the
competitive effects of a proposal, the Board does not
consider such service areas to be dispositive. 4
In determining the area within which the effect of
this proposed acquisition on competition will be direct, the Board has analyzed a number of factors,
including deposit, commuter, and population data. 5
3. Bank also requested a hearing regarding this application. Under
section 3(b) of the act, the Board is required to hold a hearing when
the primary supervisor of the bank to be acquired recommends
disapproval of the application (12 U.S.C. § 1842(b)). In this case, the
Commissioner of Banks for the State of New Jersey indicated by letter
dated January 13, 1982, that he had no objection to approval of the
application. Thus, there is no statutory requirement that the Board
hold a hearing. Moreover, the Board has examined the written
submissions by Bank and Applicant's response and is unable to
conclude that a hearing would significantly supplement the record
before the Board, or resolve issues not already discussed in the
written submissions contained in the record before the Board. In view
of these facts, the Board concludes that the record in this case is
sufficiently complete to render a decision and hereby denies Bank's
request for a hearing.
4. See Ellis Banking Corporation, 64 FEDERAL RESERVE BULLETIN
884 (1978) and Welch Bancshares, Inc., 66 FEDERAL RESERVE BULLETIN 789 (1980).
5. The Board noted in this connection that none of the four
communities comprising Bank's definition of the relevant geographic
market has a population exceeding 50,000, and their combined population is 73,600. None of these communities is considered to be a central
city. Bank has not argued that banks outside this area, which contains
the overlap between the immediate service areas of Bank and Applicant's subsidiary bank, do not compete with Bank and Applicant.

240

Federal Reserve Bulletin • April 1982

Based on these and other facts of record, the Board's
judgment is that the relevant geographic markets for
analyzing the competitive effects of this proposal are
the Paterson and Greater Newark banking markets. 6
Applicant, through twenty-one offices of its banking
subsidiary, is the second largest of twenty-six banking
organizations competing in the Paterson banking market. It controls $555.1 million in deposits in the market, representing 17.3 percent of the market's deposits. Bank is the 25th largest banking organization in the
Paterson banking market, controlling $6.8 million in
deposits in the market, representing 0.2 percent of the
market's deposits. Consummation of the proposal
would not change Applicant's rank in the market and
would increase its share of market deposits by a
negligible amount. Following the acquisition, the market's four-firm concentration ratio would increase by
0.2 percent, to 61.5 percent. The Paterson market
would remain as one of New Jersey's least concentrated banking markets, with steadily decreasing concentration ratios since the mid-1970's. Furthermore, following the acquisition, three independent banks with
deposits of approximately $50 million or less would
remain available as possible entry vehicles by outside
banking organizations.7
Applicant, through three offices of its banking subsidiary, is the twenty-seventh largest of thirty-seven
banking organizations in the Greater Newark banking
market, controlling $19.3 million in deposits in the
market, representing 0.3 percent of the market's deposits. Bank is the smallest banking organization in the
Greater Newark banking market, controlling $3 million in deposits, representing 0.05 percent of the
market's deposits. Following consummation of the
proposal, Applicant would become the 26th largest
banking organization in the market, with 0.4 percent of
the market's deposits. Consummation of the acquisition would leave the market's four-firm concentration
ratio unchanged at 59.5 percent. Moreover, following
the acquisition, eight independent banks would remain
available as possible entry vehicles by outside banking
organizations.8 Accordingly, on the basis of the above

and other facts of record, the Board believes that
consummation of the proposal would not have any
significantly adverse effects upon existing or potential
competition or on the concentration of resources in
any relevant market.
The financial and managerial resources of Applicant, its subsidiary bank and Bank are regarded as
generally satisfactory and their future prospects appear favorable. Accordingly, banking facts are consistent with, but lend no weight toward, approval of the
proposal.
Applicant intends to introduce fiduciary services at
offices of Bank and will provide expertise necessary
for Bank to expand into specialized commercial lending activities, including construction and international
lending. In response to Bank's contention that consummation of the proposal would result in a detriment
to the convenience and needs of the community to be
served through the loss of free checking accounts,
greater banking hours, and other services offered by
Bank, Applicant has stated that it will make no
changes at Bank, Applicant has stated that it will make
no changes at Bank in rates charged on checking
accounts or loans, interest rates paid on time and
savings accounts, or in Bank's banking hours where
they compare favorably with those presently available
at Applicant's subsidiary bank. Applicant's introduction of new banking services at Bank's offices would
make such services more widely available throughout
the market, would lend slight weight toward approval
of this application, and would outweigh any anticompetitive effects associated with this proposal.
Accordingly, on the basis of the record, the application is approved for the reasons summarized above.
The transaction shall not be consummated before the
thirtieth calendar day following the effective date of
this Order, or later than three months after the effective date of this Order, unless such period is extended
for good cause by the Board or the Federal Reserve
Bank of New York, pursuant to delegated authority.
By order of the Board of Governors, effective
March 4, 1982.
Voting for this action: Chairman Volcker and Governors
Wallich, Partee, Teeters, and Rice. Absent and not voting:
Governor Gramley.

6. The Greater Newark banking market consists of all of Essex
County plus portions of Union, Bergen, Hudson, and Morris Counties
in New Jersey. The Paterson market is comprised of all of Passaic
County, and portions of Bergen and Morris Counties in New Jersey.
Fidelity Union Bancorporation, 66 FEDERAL RESERVE BULLETIN 576

(Signed) JAMES MCAFEE,

[SEAL]

Associate Secretary of the Board.

(1980).

7. Although the proposed acquisition would eliminate some direct
competition between Bank's main office and one of Applicant's 21
offices in the Paterson banking market, located 2.6 miles away, in the
context of the overall competitive situation within the market, this
loss of competition is not significant.
8. As in the Paterson market, Applicant and Bank maintain offices
within close proximity of each other, and thus the acquisition would




eliminate some direct competition. However, the loss of that competition is not significant in the Greater Newark banking market.

Legal Developments

Greenstone Financial, Inc.,
Three Oaks, Michigan
Order Denying Formation of a Bank Holding
Company
Greenstone Financial, Inc., Three Oaks, Michigan,
has applied for the Board's approval under section
3(a)(1) of the Bank Holding Company Act (12 U.S.C.
§ 1842(a)(1)) of formation of a bank holding company
by acquiring 80 percent of the voting shares of The
Bank of Three Oaks, Three Oaks, Michigan ("Bank").
Notice of the application, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act.
The time for filing comments and views has expired,
and the Board has considered the application and all
comments received in light of the factors set forth in
section 3(c) of the act (12 U.S.C. § 1842(c)).
Applicant, a nonoperating Michigan corporation
with no subsidiaries, was organized for the purpose of
becoming a bank holding company by acquiring Bank,
which holds deposits of $28.8 million.1 Upon acquisition of Bank, Applicant would control the 217th largest
bank in Michigan and would hold approximately 0.07
percent of the total commercial deposits in the state.
Bank is the fourth largest of five banking organizations in the relevant banking market and holds about
7.3 percent of total deposits in commercial banks in
the market. 2 Although a principal of Applicant and
Bank is also a principal in another banking organization, it does not compete in the relevant banking
market. From the facts of record, it appears that
consummation of the proposal would not result in ajiy
adverse effects upon competition or increase the concentration of banking resources in any relevant area.
Accordingly, the Board concludes that competitive
considerations are consistent with approval of the
application.
The Board has indicated on previous occasions that
a holding company should serve as a source of financial and managerial strength to its subsidiary bank(s),
and that the Board would closely examine the condition of an applicant in each case with this consideration in mind. In this case, the Board concludes that
the record in this application presents adverse financial considerations that warrant denial of the proposal
to form a bank holding company.
With regard to financial considerations, the Board
notes that in connection with this proposal, Applicant

would incur a sizable debt. Applicant proposes to
service this debt over a 15-year period, through dividends to be declared by Bank, tax savings to be
derived from filing consolidated tax returns, and projected improvements in Bank's earnings. Applicant
anticipates reaching a debt to equity ratio of less than
30 percent by the end of the twelfth year, while
maintaining an adequate capital level in Bank. However, in light of Bank's performance in recent years and
other facts of record, Applicant's overall projections
appear overly optimistic. The Board's view is that
Bank is unlikely to have sufficient earnings to enable
Applicant to service its debt while maintaining adequate capital in Bank, as well as being able to meet any
unforeseen problems that might arise at Bank. Accordingly, based on the record in this case, the Board
concludes that considerations relating to Applicant's
financial resources and future prospects weigh against
approval of this application. While managerial considerations are not inconsistent with approval, the
Board's judgment is that Applicant's principals have
not established a record of performance sufficient to
mitigate the adverse financial considerations of the
application.
Although Applicant's proposal includes several
changes in Bank's operations and services, the
Board's view is that they do not mitigate the adverse
financial considerations of the application. Accordingly, convenience and needs factors lend no weight
toward approval of this application.
On the basis of all of the facts of record, the Board
concludes that the banking considerations involved in
this proposal present adverse factors bearing upon the
financial resources and future prospects of Applicant
and Bank. Such adverse factors are not outweighed by
any procompetitive effects or by benefits that would
result in better serving the convenience and needs of
the community. Accordingly, the Board's judgment is
that approval of the application would not be in the
public interest and the application should be denied.
On the basis of the facts of record, the application is
denied for the reasons summarized above.
By order of the Board of Governors effective
March 11, 1982.
Voting for this action: Chairman Volcker and Governors
Partee, Teeters, Rice, and Gramley. Absent and not voting:
Governor Wallich.
(Signed) JAMES MCAFEE,

[SEAL]
1. All bank data are as of December 31, 1980.
2. The relevant banking market is approximated by the Michigan
City RMA and rural areas contiguous thereto. One of bank's branches




241

Associate Secretary of the Board.

also holds less than 2 percent of the deposits in another banking
market.

242

Federal Reserve Bulletin • April 1982

Hartford National Corporation,
Hartford, Connecticut
Order Denying Acquisition of Bank
Hartford National Corporation, Hartford, Connecticut, a bank holding company within the meaning of the
Bank Holding Company Act has applied for the
Board's approval under section 3(a)(3) of the act
(12 U.S.C. § 1842(a)(3)) to acquire 100 percent of the
voting shares of Mattatuck Bank and Trust Company,
Waterbury, Connecticut ("Bank").
Notice of the application, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act.
The time for filing comments and views has expired,
and the Board has considered the application and all
comments received in light of the factors set forth in
section 3(c) of the act (12 U.S.C. § 1842(c)).
Applicant, the second largest banking organization
in the State of Connecticut, controls two banks with
aggregate deposits of about $2.5 billion, representing
23.3 percent of the total deposits held by commercial
banks in the state. 1 Acquisition of Bank (deposits of
approximately $71.7 million) would increase Applicant's share of statewide deposits by 0.6 percent.
Accordingly, consummation of this proposal would
not result in a significant increase in the concentration
of commercial banking resources in the state.
The relevant banking market is the Waterbury market. 2 The Waterbury market is highly concentrated
with the four largest banking organizations controlling
93.6 percent of the market. Applicant recently has
received approval from the Comptroller of the Currency to merge its lead bank, Hartford National Bank,
with Connecticut National Bank. After consummation
of this merger, Applicant will be represented in the
Waterbury market, and will be the fourth largest of
eight commercial banking organizations in the market,
with deposits of $54.6 million, representing 7.4 percent
of the market. 3
Bank is the third largest commercial banking organization in the market, controlling 9.7 percent of commercial bank deposits. Acquisition of Bank would
increase Applicant's market share to 16.7 percent and
would increase the proportion of market deposits held
by the four largest banking organizations from 93.6

1. All banking data are of June 30, 1981.
2. The Waterbury banking market includes the towns of Woodbury, Bethlehem, Morris, Watertown, and Thomaston in Litchfield
County, and the towns of Waterbury, Southbury, Naugatuck, Wolcott, Middlebury, Prospect, and Beacon Falls in New Haven County.
3. For purposes of this Order, the Board assumes that consummation of this merger has taken place.




percent to 96.8 percent. Thus, it appears that the
proposed acquisition would eliminate substantial existing competition, and increase the concentration
ratio in a market that is already highly concentrated.
Indeed, the Waterbury banking market is the most
highly concentrated in Connecticut, and this concentration of banking resources has not shown any tendency to decrease during the last five years. 4
Furthermore, Applicant's acquisition of Bank would
remove an attractive means of entry for bank holding
companies not now in the market. State law prohibits
the branching of commercial and savings banks into
the city of Waterbury, where 70 percent of total
market deposits are based. Currently, only four commercial banking organizations operate in the city of
Waterbury and the instant proposal would reduce that
number to three. In addition, Connecticut bank holding companies have rarely established de novo banks.
Thus, the proposal would have a significantly adverse
effect on the potential for future deconcentration of the
already highly concentrated Waterbury market.
The Board has also evaluated the impact of thrift
institutions within the Waterbury market. Although a
number of thrifts are located in the market, the Board
is of the opinion that thrift institutions do not compete
actively with commercial banks over a sufficient range
of financial services to consider them full competitors
of commercial banks. Thus, even though thrift institutions hold a substantial amount of the market's savings
deposits, and make a large number of the market's
consumer loans, these institutions are insignificant
competitors, in the provision of demand deposit services and commercial loans. 5 In addition, commercial
banks hold the great majority of the market's NOW
accounts. This fact in particular demonstrates the
limited nature of the services provided by thrifts in the
Waterbury market.
In United States v. Connecticut National Bank, 418
U.S. 656 (1974), the Supreme Court assessed the
competitive impact of thrifts on the provision of banking services in Connecticut. The Court ruled that
[d]espite the strides that savings banks in that state have
make toward parity with commercial banks, the latter continue to be able to provide a cluster of services that the former
cannot, particularly with regard to commercial customers,
and this Court has repeatedly held that it is the unique cluster
of services provided by commercial banks that sets them
apart for purposes of [the antitrust laws]. 418 U.S. at 664.

4. This high concentration ratio, state home office protection laws,
and other characteristics of the Waterbury market distinguish the
instant proposal from the application approved by the Board in
Barnett Banks of Florida, Inc. (Press Release of February 17, 1982).
5. Although a number of finance companies operate in the Waterbury market, it appears that they provide little or no commercial credit
to market borrowers.

Legal Developments

Moreover, on the basis of the recent performance of
market participants, it does not appear that thrift
institutions are likely to become significant competitors in the provision of commercial banking services in
the near future. For these reasons, the Board concludes that the market's thrift institutions cannot be
regarded as full competitors with commercial banks.
Although thrift institutions do not appear to be full
competitors with commercial banks in the relevant
market, the Board has considered the presence of
thrift institutions to be a mitigating factor in other
cases. 6 However, in this instance the presence of
thrifts is not sufficient to overcome the substantially
adverse competitive effects associated with this proposal. The Board believes this conclusion is mandated
by the substantial market shares of Applicant and
Bank, the highly concentrated nature of the Waterbury
market, the limited opportunities for entry, and the
small number of competitors in the market.
In view of the facts of the record, the Board finds
that consummation of this proposal is likely to result in
substantially adverse competitive effects in the Waterbury market. The impact on existing competition
appears particularly serious because there are only
four commercial banks in the City of Waterbury, and
this proposal would reduce that number to three. In
the Board's view, these adverse effects require denial
of the application unless they are clearly outweighed in
the public interest by the probable effect of the transaction in meeting the convenience and needs of the
community.
Applicant proposes to introduce automated teller
machines, specialized small business loans and international banking services to Bank. Applicant would
also expand Bank's trust and advisory services. These
improvements in Bank's services do not appear significant because Applicant is a large bank holding company that is already represented in the market and can
provide such services through its existing subsidiary
bank. The Board finds that considerations relating to
the convenience and needs of the community to be
served do not outweigh the substantially adverse competitive effects of this proposal. The financial and
managerial resources of Applicant and Bank are generally satisfactory and future prospects appear favorable. However, these factors lend no weight toward
approval. In addition, although Applicant's capital
position has improved recently, its capital ratios are
still somewhat less than fully satisfactory.

Based on the foregoing and other considerations
reflected in the record, the Board's judgment is that
the proposed acquisition is not in the public interest
and that the application should be, and hereby is,
denied.
By order of the Board of Governors, effective
March 22, 1982.
Voting for this action: Governors Wallich, Partee, Teeters,
and Rice. Absent and not voting: Chairman Volcker and
Governor Gramley.
(Signed) JAMES MCAFEE,

[SEAL]

Associate Secretary of the Board.

InterFirst Corporation,
(formerly First International Bancshares, Inc.),
Dallas, Texas
Order Approving Acquisition of Bank Holding
Company
InterFirst Corporation (formerly First International
Bancshares, Inc.), Dallas, Texas ("InterFirst"), a
bank holding company within the meaning of the Bank
Holding Company Act of 1956, as amended (12 U.S.C.
§ 1841 et seq.), has applied for the Board's approval
under section 3(a)(5) of the act (12 U.S.C.
§ 1842(a)(5)) to acquire the successor by merger to
Austin Bancshares Corporation, Austin, Texas ("Austin Bancshares"), also a bank holding company.
Notice of the application, affording opportunity for
interested persons to submit comments and views, has
been given, under the title of First International Bancshares, Inc., in accordance with section 3(b) of the act.
The time for filing comments and views had expired
and the Board has considered the application and all
comments received in light of the factors set forth in
section 3(c) of the act (12 U.S.C. § 1842(c)).
InterFirst, the largest banking organization in Texas, controls 33 banks with aggregate deposits of about
$8.8 billion, representing 9.8 percent of total deposits
in commercial banks in the state. 1 Austin Bancshares,
the twelfth largest banking organization in the state,
controls three banks with total deposits of about
$712.4 million, representing .8 percent of total deposits
in commercial banks in the state. Upon consummation, InterFirst would remain the largest banking organization in the state, controlling 10.5 percent of total
deposits in commercial banks in the state.

6. Indeed, in a number of instances involving less adverse competitive effects, thrift institution competition has been considered sufficient to outweigh such adverse effects. E.g. United Bank Corp. of
New

York,

6 7 FEDERAL RESERVE BULLETIN 861 ( 1 9 8 1 ) .




243

1. All banking data are as of December 31, 1980.

244

Federal Reserve Bulletin • April 1982

Austin Bancshares, the largest of twenty banking
organizations represented in the Austin banking market,2 controls three subsidiary banks, all of which are
located in that market. The deposits held by Austin
Bancshares' subsidiary banks represent 27.2 percent
of total commercial bank deposits in the market.
InterFirst controls one bank in the Austin banking
market, the North Austin State Bank, Austin, Texas
("North Austin"). North Austin ranks as the sixth
largest banking organization in the Austin banking
market, holding about $83.3 million in deposits, which
represent 3.2 percent of total commercial bank deposits in the market.
In connection with the proposed acquisition of Austin Bancshares, InterFirst has contracted to sell North
Austin to Texas American Bancshares, Inc., Fort
Worth, Texas ("Texas American"), a bank holding
company that currently is not represented in the
Austin banking market. This application has been
approved and InterFirst has committed, pursuant to its
contract, to divest North Austin immediately upon
consummation of the instant proposal. 3
The combined market shares of North Austin and
Austin Bancshares' banking subsidiaries might normally raise some concern about the elimination of
existing competition, if InterFirst were to retain North
Austin after consummation of the proposed acquisition. As indicated above, however, InterFirst has
contracted to sell North Austin to Texas American
immediately upon consummation of InterFirst's acquisition of Austin Bancshares. The Board believes that,
in the circumstances of this case, the arrangement
between InterFirst and Texas American regarding the
sale of North Austin adequately mitigates the substantial adverse effects on existing competition that InterFirst's acquisition of Austin Bancshares would have
otherwise entailed. Furthermore, this proposed divestiture plan is in conformance with the policy previously enunciated by the Board in its Order approving the
acquisition of First Marine Banks, Inc. by Barnett
Banks of Florida, Inc. 4 In that instance the Board
stated its general rule that in the case of divestiture
proposals designed to cure significantly adverse effects on existing competition, such planned divestitures must take place prior to or concurrent with the
proposed acquisition. The Board wishes to note that
this divestiture policy applies only in those cases in
which the Board would deny an application on the

basis of competitive considerations if the application
did not contain the divestiture proposal. Accordingly,
the policy would not apply in those cases, such as the
Board's recent approval of an application by Florida
National Banks of Florida, Inc., to acquire Alliance
Corporation 5 for which a proposed divestiture was not
necessary for the Board's approval of the application.
Further, the Board has considered the effect of
consummation of this proposal upon probable future
competition in the Austin banking market and has
determined that approval of this application would not
result in anticompetitive effects on the basis of preclusion of probable future competition. Based upon the
condition that the proposed divestiture is completed
immediately after consummation of this acquisition,
the Board's judgment is that consummation of the
acquisition and divestiture plan would not have any
significantly adverse effects upon existing or probable
future competition or on the concentration of resources in any relevant market.
The financial and managerial resources and future
prospects of InterFirst, Austin Bancshares, and their
subsidiary banks are regarded as generally satisfactory, and their future prospects appear favorable.
Accordingly, banking factors are consistent with approval of the proposal.
InterFirst indicates that the acquisition will enable it
to provide improved international financing, energy
financing, and trust services to its customers. It appears that considerations relating to the convenience
and needs of the community to be served are consistent with and lend slight weight toward approval of this
application. Accordingly, on the basis of the record,
the application is approved subject to the condition
that the proposed divestiture be completed immediately upon consummation of InterFirst's acquisition of
Austin Bancshares. The transaction shall not be made
before the thirtieth calendar day following the effective
date of this Order, or later than three months after the
effective date of this Order, unless such period is
extended for good cause by the Board, or by the
Federal Reserve Bank of Dallas, under delegated
authority.
By order of the Board of Governors, effective
March 2, 1982.

2. The Austin banking market is approximated by the Austin RMA,
which consists of a majority of the areas within Travis County, Texas,
and small portions of Hays and Williamson Counties, Texas.
3. Texas American's application to acquire North Austin was
approved by the Secretary of the Board, acting pursuant to delegated
authority, on January 25, 1982.

[SEAL]

Voting for this action: Governors Wallich, Partee, Rice,
and Gramley. Voting against this action: Governor Teeters.
Absent and not voting: Chairman Volcker.
(Signed) JAMES MCAFEE,

4. 6 8 FEDERAL RESERVE BULLETIN 190 (1982).




Associate Secretary of the Board.

5. 6 8 FEDERAL RESERVE BULLETIN 4 9 ( 1 9 8 2 ) .

Legal Developments

Dissenting Statement of Governor Teeters
I believe that consummation of the Applicant's acquisition and divestiture plan has significant adverse
effects on competition. Applicant is the largest banking organization in Texas and proposes to acquire the
largest banking organization in a market in which
Applicant has an existing banking subsidiary. The
standards set by the United States Circuit Court of
Appeals for the Fifth Circuit are substantially met by
this case: the target market is concentrated and noncompetitive; there are a limited number of potential
entrants into the market; there is a reasonable probability that the Applicant would enter the market on a
de novo or foothold basis if the proposed merger or
acquisition is denied; and such de novo or foothold
entry would result in deconcentration of the market or
in other significant procompetitive effects.
The first two standards of the court are met. As
regards the third, the Applicant has already demonstrated its willingness to enter the market since North
Austin Bank is a subsidiary of the Applicant. This
acquisition is neither de novo nor foothold. Applicant's plan to divest its present subsidiary and to
acquire the largest banking organization in the market
demonstrates its intent to expand its presence in the
market. Approval of this plan ignores the fact that
there are other less anticompetitive methods by which
the Applicant could accomplish its objective. For
example, the Applicant could acquire a smaller bank
or establish an additional de novo bank in the market.
Therefore, I believe the third standard is also met.
Finally, the other methods by which the Applicant
could expand its presence in the market might avert
the anticompetitive effects associated with this proposal. Under the Applicant's plan, the largest banking
organization in the market disappears as an independent competitor when it becomes a subsidiary of the
Applicant. Any argument that North Austin's sale to a
bank holding company not now in the market would be
procompetitive is an illusion because, although there is
a new bank holding company in the market, the
number of banks and banking organizations remains
unchanged.
Because I think this case meets the standards of the
court, I would deny the case.
March 2, 1982
Northern Trust Corporation,
Chicago, Illinois
Order Approving Acquisition of a Bank Holding
Company
Northern Trust Corporation, Chicago, Illinois, a bank
holding company within the meaning of the Bank




245

Holding Company Act, has applied for the Board's
approval under section 3(a)(3) of the act (12 U.S.C.
§ 1842(a)(3)) to acquire all of the voting shares of the
successor by merger to O'Hare Banc Corp., Chicago,
Illinois, a registered one-bank holding company, and
to indirectly acquire its subsidiary, O'Hare International Bank, N.A., Chicago, Illinois ("Bank").
Notice of the application, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act.
The time for filing comments and views has expired,
and the Board has considered the application and all
comments received in light of the factors set forth in
section 3(c) of the act (12 U.S.C. § 1842 (c)).
Applicant is the fourth largest banking organization
in Illinois, controlling one subsidiary bank in the
state,1 the Northern Trust Company, Chicago, Illinois,
with deposits of $3 billion, representing 3.6 percent of
the total deposits in commercial banks in the state. 2
Acquisition of Bank, the 79th largest banking organization in Illinois with deposits of $122 million, would
increase Applicant's share of deposits in commercial
banks in Illinois by 0.1 percent and would not alter its
statewide ranking. Thus, consummation of this proposal would have no appreciable effect upon the
concentration of banking resources in Illinois.
Bank is the 59th largest of 368 banking organizations
competing in the Chicago banking market, 3 controlling
approximately 0.2 percent of the total deposits in
commercial banks in the market. Applicant is the
fourth largest banking organization competing in the
Chicago banking market, controlling approximately
5.2 percent of the total deposits in commercial banks
in the market. Acquisition of Bank by Applicant would
result in the elimination of some existing competition
between Applicant and Bank, and accordingly, must
be carefully analyzed, giving attention to all the facts
of record, including the structural characteristics of
the market and the quantitive factors of the proposal.
In this instance, consummation of the proposal
would increase Applicant's share of market deposits
by only 0.2 percent and would not change its rank in
the market. The Chicago banking market contains a
large number of banking organizations and, with a
three-firm concentration ratio of 48.5 percent, is not
particularly concentrated. Moreover, as multibank
holding companies were authorized in Illinois only as

1. On February 5, 1982, the Federal Reserve Bank of Chicago,
acting pursuant to delegated authority, approved Applicant's application to retain Security Trust Company of Sarasota, N.A., Sarasota,
Florida, subsequent to the expansion of its trust powers to include full
service commercial banking.
2. All deposits data are as of June 30, 1981, and reflect bank holding
company formations and acquisitions as of December 31, 1981.
3. The Chicago banking market includes Cook, DuPage, and Lake
Counties, in Illinois.

246

Federal Reserve Bulletin • April 1982

of January 1, 1982, virtually all other commercial
banks in the market would remain as possible acquisition candidates for other bank holding companies after
consummation of this proposal. Accordingly, in light
of all the facts of record, the Board's judgment is that
consummation of the acquisition would not have any
significantly adverse effects upon existing or potential
competition, or on the concentration of resources in
any relevant market.
The financial and managerial resources and future
prospects of Applicant, Company, and their subsidiary
banks are regarded as generally satisfactory and their
future prospects appear favorable. Accordingly, banking factors are consistent with approval of the
proposal.
Applicant intends to make available to Bank's customers new corporate services and expanded commercial lending expertise, including leasing capability,
expanded ability to purchase and place industrial
revenue bonds, and cash management services. In
addition, Applicant will make available to Bank training and investment management support to enable
Bank to offer new individual retirement account services to its customers, and will assist Bank in installing
automated teller machines for the convenience of
Bank's deposit customers. These considerations relating to the convenience and needs of the community to
be served lend slight weight toward approval of this
application and outweigh any anticompetitive effects
associated with this proposal.
Accordingly, on the basis of the record, the application is approved. The transaction shall not be made
before the thirtieth calendar day following the effective
date of this Order, or later than three months after the
effective date of this Order, unless such period is
extended for good cause by the Board or by the
Federal Reserve Bank of Chicago, pursuant to delegated authority.
By order of the Board of Governors, effective
March 23, 1982.
Voting for this action: Chairman Volcker and Governors
Wallich, Partee, Teeters, and Rice. Absent and not voting:
Governor Gramley.
(Signed) JAMES MCAFEE,

[SEAL]

Associate Secretary of the Board.

Security Bancorp,
Walnut Creek, California

Security Bancorp, Walnut Creek, California ("Bancorp") under section 3(a)(1) of the Bank Holding
Company Act (12 U.S.C. § 1842(a)(1)) for the Board's
approval of formation of a bank holding company by
acquiring all of the voting shares (less directors' qualifying shares) of the successor by merger to Security
National Bank, Walnut Creek, California ("Bank"). 1
In its statement, the Board concluded that it was
unable to make a favorable finding with respect to the
managerial resources of Bancorp or Bank in view of
the fact that the virtually sole shareholder of Bancorp
and Bank, Mr. Adnan Khashoggi, a Saudi Arabian
citizen, had been named as a participant in payments
by American corporations to Saudi Arabian officials
and that Mr. Khashoggi had failed to cooperate with
the government investigations into his alleged involvement in such payments.
On October 27, 1980, the United States Court of
Appeals for the Ninth Circuit overturned the Board's
denial order. 2 While the Board's request for reconsideration of the court's opinion was pending, Mr. Khashoggi agreed to sell his interest in Bank. In January
1981, Bank was merged into The Hibernia Bank, San
Francisco, California, a bank unrelated to Mr. Khashoggi. Accordingly, Bancorp's application to become
a bank holding company by acquiring Bank became
moot.
After the Board's request that the Court of Appeals
vacate its opinion as moot was denied, the Supreme
Court, by order dated December 14, 1981, vacated the
judgment of the Court of Appeals as moot, with
instructions that the Court of Appeals remand the case
to the Board to vacate the administrative decision of
the Board as moot.
In accordance with the instructions of the Supreme
Court and the Court of Appeals, the Board's order and
statement denying such application are hereby vacated
as moot. This action should not be viewed as precluding the Board from adopting, in the context of another
application, the views set forth in the Board order and
statement.
By order of the Board of Governors of the Federal
Reserve System, effective March 16, 1982.
Voting for this action: Chairman Volcker and Governors
Partee, Teeters, Rice, and Gramley. Absent and not voting:
Governor Wallich.
(Signed) JAMES MCAFEE,

[SEAL]

Associate Secretary of the Board.

Order Vacating as Moot Prior Order Denying
Formation of Bank Holding Company
By order and statement dated April 14, and May 2,
1978, respectively, the Board denied the application of



1. 6 4 FEDERAL RESERVE BULLETIN 4 0 5 .

2. Security Bancorp v. Board of Governors, 655 F.2d 164.

Legal Developments

Trabanc,
Salt Lake City, Utah
Order Approving Formation of a Bank Holding
Company
Trabanc, Salt Lake City, Utah ("Applicant"), has
applied for the Board's prior approval under section
3(a)(1) of the Bank Holding Company Act (12 U.S.C.
§ 1842(a)(1)) for the formation of a bank holding
company by acquiring 100 percent of the voting shares
of Tracy Bancorp, Salt Lake City, Utah ("Company")
and to acquire indirectly Company's wholly-owned
subsidiary, Tracy-Collins Bank and Trust Company,
Salt Lake City, Utah ("Bank").
Notice of the application, affording an opportunity
for interested persons to submit comments and views
has been given in accordance with section 3(b) of the
act. The time for filing comments and views has
expired and the Board has considered the application
and all comments received in light of the factors set
forth in section 3(a) of the act.
Applicant, a non-operating corporation, was organized for the purpose of becoming a bank holding
company by acquiring Company and thereby indirectly acquiring Bank.
Bank, with total deposits of $189.2 million,1 is the
7th largest commercial bank in Utah and controls
approximately 3.3 percent of total deposits in commercial banks in the state. 2 Bank competes in the Salt
Lake City banking market 3 where it ranks as the 7th
largest commercial bank and controls about 5.6 percent of the market's commercial banks deposits.
This proposal represents a corporate reorganization
under which two of Company's current sellers would
transfer their interests to the remaining principals of
Company. None of Applicant's principals is a principal of any other banking organization in the relevant
market and consummation of the proposal will not
result in any significant adverse effects on concentration of banking resources or on either existing or
potential competition. The Board finds competitive
considerations to be consistent with approval.
Applicant will incur indebtedness as result of the
proposal. However, Applicant should be able to retire
such indebtedness without impairing the financial condition of Bank. In connection with this proposal,
Bank's Employee Profit Sharing Retirement and Thrift
Trust (the "Trust") will acquire $2 million of Applicant's preferred stock. The Trust's investment portfolio, which is now diversified, would thus become

1. Total deposit data are as of December 31, 1981.
2. Market deposit data are as of December 31, 1980.
3. The Salt Lake City banking market is approximated by the Salt
Lake City, Utah, Ranally Metropolitan Area.




247

heavily concentrated in Applicant's stock. For this
reason, the Board does not favor such involvement by
a bank's employee-benefit plan in the financing of
bank holding company formations. Although it does
not appear that the investment is expressly prohibited
under the Employee Retirement Income Security Act
of 1974 ("ERISA"), the Board's approval of this
proposal should not be construed as a determination
with respect to the propriety or the prudence of such
an investment by the Trust. Such a determination is
within the jurisdiction of the Department of Labor, the
agency charged with administering ERISA, or of the
courts. Applicant has agreed to advise each participant
of the Trust's proposed investment in the preferred
stock of Applicant prior to consummation of this
proposal. Further, Applicant's principal has committed to purchase the preferred stock from the Trust in
the event divestiture of such stock is required in the
future. Based upon these considerations and other
commitments in the record, the Board is unable to
conclude that the proposed participation of the Trust
in financing Applicant's proposal is a factor so adverse
as to warrant denial of the proposal. The financial and
managerial resources and future prospects of Applicant, Company, and Bank are regarded as satisfactory. Banking considerations are considered consistent with approval.
Applicant does not propose to make any significant
changes in Bank's services or operations. Convenience and needs considerations are consistent with
approval.
As a part of this transaction, Bank proposes to
transfer to Applicant certain parcels of undeveloped
real estate, condominium units, and certain oil and gas
leases. These assets are owned by Bank but are
impermissible for Bank to hold and are carried on
Bank's books at nominal value. The transfer of these
assets to Applicant is intended to facilitate their divestiture by Bank. Because the acquisition of such assets
is not permissible for a bank holding company, Applicant states that prior to consummation it will place the
impermissible assets in an independent trust that will
be directed to dispose of such assets no later than two
years after consummation of this proposal. In light of
these assurances the Board believes that consummation of the proposal would be consistent with the terms
of the act.
On the basis of record made by Applicant, the
application is approved for the reasons summarized
above. The transaction shall not be consummated
before the thirtieth calendar day following the effective
date of this Order, or later than three months after the
effective date of this Order, unless such period is
extended for good cause by the Board or by the
Federal Reserve Bank of San Francisco, pursuant to
delegated authority.

248

Federal Reserve Bulletin • April 1982

By order of the Board of Governors, effective
March 1, 1982.
Voting for this action: Governors Wallich, Partee, Teeters,
Rice, and Gramley. Absent and not voting: Chairman
Volcker.

(Signed) JAMES MCAFEE,

[SEAL]

Associate Secretary of the Board.

Orders Under Section 4 of Bank
Company Act

Holding

BankAmerica Corporation,
San Francisco, California
Order Approving Management Consulting Activities
BankAmerica Corporation, San Francisco, California,
a bank holding company within the meaning of the
Bank Holding Company Act, has applied for the
Board's approval, under section 4(c)(8) of the act
(12 U.S.C. § 1843(c)(8)), and section 225.4(a) of the
Board's Regulation Y (12 C.F.R. § 225.4(a)), to engage
through its subsidiary, BA Cheque Corporation, in
providing management consulting advice to nonaffiliated nonbank depository institutions.
Notice of the application, affording interested persons an opportunity to submit comments and views on
the public interest factors, has been duly published
(46 Federal Register 54,565 (1981)). The time for filing
comments and views has expired, and the Board has
considered the application and all comments received
in light of the public interest factors set forth in section
4(c)(8) of the act.
Applicant is a bank holding company by virtue of its
control of Bank of America NT & SA, San Francisco,
California (domestic deposits of $51.2 billion), the
largest banking organization in California, controlling
36.1 percent of total deposits in commercial banks in
that state.' Applicant also engages in other nonbanking activities, including mortgage banking, commercial
lending and leasing, and credit-related insurance activities.
Applicant presently provides management consulting advice to nonaffiliated commercial banks, including advice relating to bank operations and marketing,
bank personnel operations, and consumer financial
information. These activities have been determined by
the Board to be closely related to banking. (12 C.F.R.
§ 225.4(a)(12)). Applicant proposes to provide the
same services to nonaffiliated nonbank depository
1. Banking data are as of June 30, 1981.




institutions, such as savings and loan associations,
mutual savings banks, credit unions, industrial banks,
Morris Plan banks, cooperative banks, and industrial
loan companies.
In order to authorize a bank holding company to
engage in a nonbank activity pursuant to section
4(c)(8) of the act, the Board must first determine that
the activity is closely related to banking or managing
or controlling banks. In a recent action, the Board
amended Regulation Y to specifically authorize the
activity proposed by Applicant. In taking this action,
the Board determined that the activity of providing
management consulting advice to nonbank depository
institutions is closely related to banking because banks
traditionally have provided such services to unaffiliated commercial banks and thus have provided services
that are functionally similar to the proposed service.
The Board has relied on the record compiled in the
companion rulemaking proceeding in reaching a determination that the activity proposed in this application
is closely related to banking.
Before permitting a bank holding company to engage in an activity that it has determined to be closely
related to banking, however, the Board also must
examine any public benefits that may reasonably be
expected to derive from performance of the activity by
the bank holding company and weigh them against any
possible adverse effects. The Board has determined
that Applicant's proposal can be expected to result in
increased efficiency in the depository institution system as a whole as a result of the sharing of operating
and management expertise. In addition, such activity
would result in increased competition in the consulting
industry and would provide additional competitive
benefits by assisting thrift institutions to fully utilize
the powers conferred by the Monetary Control Act.
Although the provision of management consulting
advice to nonbank depository institutions by a bank
holding company could create a potential for conflicts
of interests and anticompetitive effects, Regulation Y
imposes certain restrictions on the provision of such
advice that is designed to prevent these adverse effects. These safeguards include the requirement that
any bank holding company providing management
consulting advice have no common management officials or equity interest in the client institutions, and
that the consulting company disclose to each potential
client the names of all banks which are affiliates of the
company and the names of all existing client institutions located in the same geographic area as the
potential client. In addition, advice must be rendered
on an explicit fee basis without regard to correspondent balances maintained by the client institution at
any depository institution subsidiary of the bank holding company. (12 C.F.R. § 225.4(a)(12)).

Legal Developments

In view of these restrictions, the Board's view is
that the subject application would produce benefits to
the public that outweigh any potential adverse effects.
There is no evidence in the record to indicate that
Applicant's engaging in the proposed activity would
lead to any undue concentration of resources, decreased or unfair competition, conflicts of interests,
unsound banking practices, or other adverse effects.
Based upon the foregoing and other considerations
reflected in the record, the Board has determined that
the balance of the public interest factors that the Board
is required to consider under section 4(c)(8) is favorable. Accordingly, the application is hereby approved.
This determination is subject to the conditions set
forth in section 225.4(c) of Regulation Y, and to the
Board's authority to require such modification or
termination of the activities of a holding company or
any of its subsidiaries as the Board finds necessary to
assure compliance with the provisions of and purposes
of the act, and the Board's regulations and orders
issued thereunder, or to prevent evasion thereof.
The proposed activity shall be commenced not later
than three months after the effective date of this
Order, unless such period is extended for good cause
by the Board or by the Federal Reserve Bank of San
Francisco, pursuant to delegated authority.
By order of the Board of Governors, effective
March 16, 1982.
Voting for this action: Chairman Volcker and Governors
Wallich, Partee, Teeters, Rice, and Gramley.

[SEAL]

(Signed) WILLIAM W . WILES,
Secretary
of the
Board.

Citicorp,
N e w York, N e w York
Order Approving Formation of Citicorp Government
Securities, Inc.
Citicorp, New York, New York, a bank holding company within the meaning of the Bank Holding Company Act, has applied for the Board's approval under
section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8)), and
section 225.4(b)(1) of the Board's Regulation Y
(12 C.F.R. § 225.4(b)(1)) to form Citicorp Government
Securities, Inc., a company that seeks approval to
engage de novo in the activities of underwriting and
dealing in certain government securities and money
market instruments.
Notice of the application, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 4 of the act. The



249

time for filing comments and views has expired, and
the Board has considered the application and all
comments received in light of the public interest
factors set forth in section 4(c)(8) of the act.
Applicant, the largest banking organization in New
York and in the United States, controls two subsidiary
banks in New York with aggregate deposits of approximately $24.3 billion, representing about 13.6 percent
of total domestic deposits in commercial banks in that
state. Applicant also controls one subsidiary bank in
South Dakota with deposits of $174.5 million, representing about 3.6 percent of total deposits in commercial banks in that state. 1
Citicorp Government Securities, Inc., seeks approval to engage de novo in the activities of soliciting,
underwriting, dealing in, purchasing, and selling such
obligations of the United States, general obligations of
various states and political subdivisions thereof and
other obligations, including money market instruments
such as bankers acceptances and certificates of deposit, as state member banks may from time to time be
authorized to underwrite and deal in. These activities
would be performed from an office of CGSI located in
New York, New York, and serving the entire United
States. This activity is not included in the list of
permissible activities for bank holding companies contained in section 225.4(a) of Regulation Y.
In determining whether an activity is permissible
under section 4(c)(8) of the act, the Board must first
determine that the activity is "closely related to banking or managing or controlling banks." As the courts
have made clear, a proposed activity that does not
differ significantly from the functions that banks traditionally or generally have provided is closely related to
banking within the meaning of section 4(c)(8).2 In
1974, the Board published for comment a notice of
proposed rulemaking to add underwriting and dealing
in government securities and other obligations that a
state member bank may be authorized to underwrite or
deal in3 to the list of permissible bank holding activities. In orders dated October 20, 1976 and January 26,
1978, the Board determined that such activity is closely related to banking. The Board decided not to add
the activity to the list of permissible activities, however, but rather to consider applications to engage in the
activity on a case-by-case basis. The Board's finding
that the activity is closely related to banking was
premised on the facts that national and state member
banks are expressly authorized by statute to engage in

1. All banking data are as of June 30, 1981.
2. Board of Governors v. Investment Company Institute, 101 S.Ct.
973, 981 (1981); National Courier Association v. Board of Governors,
516 F.2d 1229, 1237 (D.C. Cir. 1975).
3. 39 Federal Register 13007 (1974).

250

Federal Reserve Bulletin • April 1982

the activity (12 U.S.C. §§ 24 Seventh, 335), and that
many banks in fact engage in the activity.4 The Board
has reiterated the view that underwriting and dealing
in government securities and other obligations as
authorized by statute for state member banks is closely related to banking in approving several applications
to engage in this activity. 5
The Board regards the government securities activities that Citicorp has proposed to engage in as substantially the same as the activities that the Board has
approved in its previous orders. In addition, Citicorp
proposes to deal in bankers acceptances, certificates
of deposit, and other money market instruments that
state member banks may from time to time be authorized to underwrite and deal in.6 Banks are permitted
to deal in these money market instruments as an
incident to the activities expressly authorized by statute, and a number of banks currently serve as dealers
in bankers' acceptances and certificates of deposit. 7
The Board regards such activities as closely related to
banking because banks engage in such functions.
Before permitting a bank holding company to engage in a permissible nonbanking activity, the Board
must examine any public benefits that may reasonably
be expected to derive from bank holding company
performance of the activity and weigh them against
any possible adverse effects to determine whether the
activity is a proper incident to banking or managing or
controlling banks. Citicorp's application represents a
corporate reorganization wherein activities currently
performed by its subsidiary bank, Citibank, N.A., will
be conducted by CGSI. Because the proposal would
result in a transfer of an activity within the same
corporate structure, approval of the application would
have no adverse competitive effects.
The Board notes, however, that as a nonbank subsidiary of Citicorp, CGSI would be permitted to engage in underwriting and dealing in government securities without being subject to many of the restrictions
that currently apply to Citibank's conduct of the
activity.8 The Board is concerned that the lack of

restrictions on the proposed activity might create the
potential for unsound banking practices or conflicts of
interests. Of particular concern is the possibility that a
nonbank dealer subsidiary of a bank holding company
might be tempted to transfer to affiliated banks, at less
than current market value, securities that cannot be
readily distributed. Such transactions are exempt from
restrictions in section 23A of the Federal Reserve Act,
(12 U.S.C. § 371c), limiting transactions between a
member bank and its affiliates.9
Accordingly, in order to obviate the possibility that
adverse effects would result from this proposal, the
Board expects the CGSI will conduct the proposed
activities subject to the same restrictions and prudential limitations under which Citibank currently conducts such activities.10 Any breach of these restrictions by CGSI would constitute an unsafe or unsound
banking practice that could be the subject of formal
supervisory action by the Board. Moreover, the
Board's view is that the purchase of any securities
from CGSI by any subsidiary bank of Citicorp at other
than current market values would constitute an unsafe
or unsound practice. There is no evidence in the
record that consummation of the proposal would result
in any other effects that would be adverse to the public
interest.
Based upon a consideration of all the relevant facts,
the Board concludes that the balance of the public
interest factors that the Board is required to consider
under section 4(c)(8) is favorable. Accordingly, the
application is hereby approved. This determination is
subject to the conditions set forth in section 225.4(c) of
Regulation Y, and to the Board's authority to require
such modification or termination of the activities of a
bank holding company or any of its subsidiaries as the
Board finds necessary to assure compliance with the
provisions and purposes of the act and the Board's
regulations and orders issued thereunder, or to prevent evasion thereof.
The transaction shall be made not later than three
months after the effective date of this Order, unless
such period is extended for good cause by the Board or
by the Federal Reserve Bank of New York, pursuant
to delegated authority.

4. 41 Federal Register 47083 (1976); 43 Federal Register 5382
(1978).
5. United Oklahoma Bankshares, Inc., 65 FEDERAL RESERVE BULLETIN 3 6 3 ( 1 9 7 9 ) ; United Bancorp,
64 FEDERAL RESERVE BULLETIN
2 2 2 ( 1 9 7 8 ) ; Stepp,
Inc., 6 4 FEDERAL RESERVE BULLETIN 2 2 3 ( 1 9 7 8 ) .

6. At present, CGSI proposes to deal in only bankers' acceptance
and certificates of deposit. These instruments are not regarded as
"securities" subject to the prohibitions in sections 16 and 21 of the
Glass-Steagall Act.
7. See Comptroller's Handbook for National Bank Examiners
§ 204, M. Stigum, The Money Market: Myth, Reality and Practice 410
and 475 (1978).
8. For example, member banks by statute are permitted to underwrite certain types of public housing and dormitory bonds of states
and municipalities, provided that the amount of such securities of a




single issuer held by the bank does not exceed ten percent of the
bank's capital and surplus. (12 U.S.C. § 24 Seventh). Such securities
are designated "Type II" securities in regulations of the Comptroller
of the Currency. (12 C.F.R. § 1.3 (a)).
9. In the Board's view, purchases of bankers' acceptances and
certificates of deposit by a member bank from an affiliate are
extensions of credit subject to section 23A.
10. For example, CGSI should not underwrite, deal in, or hold
Type II securities by any issuer in amounts that would not be
permitted if such activities were conducted by Citibank and should not
sell securities to trust accounts of affiliated banks except as permitted
by regulations of the Comptroller of the Currency.

Legal Developments

By order of the Board of Governors, effective
March 2, 1982.
Voting for this action: Governors Wallich, Partee, Teeters,
Rice, and Gramley. Absent and not voting: Chairman
Volcker.

[SEAL]

(Signed) WILLIAM W . WILES,
Secretary
of the
Board.

Citicorp,
N e w York, N e w York
Order Approving Establishment of Foreign Branches
of Citicorp Banking Corporation
Citicorp, New York, New York, a bank holding company within the meaning of the Bank Holding Company Act, has applied for the Board's approval under
section 4(c)(8) of the act (12 U.S.C. § 1843 (c) (8)) and
section 225.4(b)(2) of the Board's Regulation Y
(12 C.F.R. § 225.4(b)(2)) to retain direct or indirect
ownership of its subsidiary, Citicorp Banking Corporation ("CBC"), Wilmington, Delaware, after CBC
establishes branches in Nassau and Luxembourg to
engage in certain commercial banking activities. These
activities include accepting funds in United States or
foreign currency in wholesale money markets, making
commercial loans, placing funds with and making
loans and advances to subsidiary and affiliated organizations, engaging in foreign exchange transactions,
and other activities constituting commercial banking
outside the United States.
Notice of the application, affording an opportunity
for interested persons to submit comments and views
on the public interest factors has been duly published
(46 Federal Register 37,087 (1981)). The time for filing
comments and views has expired and the Board has
considered the application and all comments received
in light of the public interest factors set forth in section
4(c)(8) of the act.
CBC, a corporation chartered under the laws of
Delaware with total assets of approximately $7.0 billion,1 holds the shares of a number of nonbanking
subsidiaries of Citicorp pursuant to section 4(c)(1)(C)
of the act (12 U.S.C. § 1843(c)(1)(C)), which permits a
subsidiary of a bank holding company to perform
services for its parent. Citicorp now seeks Board
approval under section 4(c)(8) of the act to retain the
shares of CBC after CBC establishes foreign branches

1. Financial data are as of December 31, 1980.




251

to engage in certain activities overseas. 2 A bank
holding company may hold shares of a company that
engages in activities under both sections 4(c)(8) and
4(c)(1)(C). (1 Federal Reserve Regulatory Service
1 4-176 (1981)).
The stated purpose of the proposal is to provide
Citicorp with increased flexibility in funding its domestic operations by allowing CBC to gain access to the
offshore wholesale money market. The proposed foreign branches of CBC, by obtaining banking licenses,
would have direct access to Eurocurrency interbank
markets; the proposed activities of the branches would
be viewed as an integral part of a large United Statesheadquartered entity with capital resources of $723
million. Although the proposed funding operations will
constitute the majority of the branches' operations,
Citicorp has stated that other commercial banking
activities are necessary to make the branches competitive in the offshore interbank markets. The proposed
branches, to be established in Nassau, Bahamas, and
in Luxembourg, would engage in accepting funds in
dollars or foreign currency in wholesale money markets in amounts over $100,000; placing funds with and
making loans and advances to subsidiary and affiliated
organizations; making commercial loans in amounts
over $100,000; foreign exchange transactions; and
other activities constituting commercial banking outside the United States.
In acting on this application, the Board must first
determine that these activities are closely related to
banking or managing or controlling banks. The lending
and banking services that the branches would offer are
generally offered by commercial banks, and are permissible activities of foreign branches of domestic
banks and foreign subsidiaries of bank holding companies. In this regard, the Board notes that the "closely
related" language of section 4(c)(8) of the act has been
construed such that an activity engaged in by banks
directly would generally qualify as "closely related"
to banking or managing or controlling banks within the
meaning of the statute. 3 Moreover, the proposed activities of CBC's branches are substantially similar to
banking and funding activities that the Board has
previously approved under section 4(c)(8) for the
foreign branches of a New York Investment Company
incorporated under Article XII of the New York
Banking Law. 4 The Board also notes CBC does not
2. The Board has determined that bank holding companies may
conduct activities outside the United States under section 4(c)(8) of
the act. (43 Federal Register 60,261 (1978)).
3. National Courier Ass'n v. Board of Governors, 516 F.2d 1229
(D.C. Cir. 1975); Alabama Ass'n of Insurance Agents v. Board of
Governors, 533 F.2d 224 (5th Cir. 1976), modified on rehearing, 558
F.2d 729 (1977), cert, denied, 435 U.S. 904 (1978).
4. See European American Bancorp, 63 FEDERAL RESERVE BULLETIN 595 (1977) a n d 6 5 FEDERAL RESERVE BULLETIN 6 6 7 ( 1 9 7 9 ) .

252

Federal Reserve Bulletin • April 1982

propose to engage in any activity that would not be
permitted for a separately incorporated foreign subsidiary of a bank holding company. The Board's view, in
light of the above and other facts of record, is that the
proposed foreign activities of CBC are closely related
to banking.5
In order to approve this application by Order under
section 4(c)(8), the Board is further required to determine that CBC's conduct of the proposed foreign
branch activities is a proper incident to banking or
managing or controlling banks. The Board must consider whether the offering of these foreign branch
services pursuant to this application "can reasonably
be expected to produce benefits to the public, such as
greater convenience, increased competition or gains in
efficiency, that outweigh possible adverse effects,
such as undue concentration of resources, decreased
or unfair competition, conflicts of interests, or unsound banking practices." As noted above, the proposal is aimed at providing Citicorp with increased
flexibility in reducing the funding costs of certain
domestic nonbanking operations including companies
conducting activities that previously have been approved by the Board under section 4(c)(8). Although
Citicorp's nonbank subsidiaries currently have access
to offshore long and intermediate term markets
through other funding vehicles, they lack the direct
access that CBC's branches would have to Eurocurrency interbank markets. The branches' operations
should enhance CBC's ability to raise funds at lower
rates and thereby would reduce funding costs and
increase internally generated capital, which the Board
views as a major benefit of the proposal.
CBC proposes to engage in no banking activities in
the United States. Its only U.S. activities will consist
of its indirect nonbanking activities through subsidiaries (for which Citicorp received prior Board approval)
and funding these subsidiaries through funds raised by
5. As part of its proposed activities, CBC will make commercial
loans and accept demand deposits only through its foreign branches.
Section 2(c) of the act defines bank as "any institution organized
under the laws of . . . any State of the United States . . . which (1)
accepts deposits that the depositor has a legal right to withdraw on
demand, and (2) engages in the business of making commercial
loans." Because CBC is a Delaware corporation, CBC might be
considered to be a "bank" within the meaning of section 2(c).
However, section 2(c) also excludes from the definition of "bank"
Edge and Agreement Corporations and entities that do no banking
business in the U.S. except as is incidental to its foreign business.
In this connection, CBC will engage in no banking business in the
United States. The only U.S. activities of CBC, other than indirect
activities conducted through its subsidiaries, are the funding activities
of the subsidiaries and the holding of the shares of these companies. In
light of the history and purposes of section 2(c) of the act and the
congressional intent to exclude from the definition of "bank" those
organizations engaged in international banking activities, the Board
concludes that CBC should not be considered a " b a n k " under section
2(c) of the act as long as it does not engage in any banking business in
the United States.




the proposed branches. 6 Moreover, Citicorp has committed that the liabilities to CBC of any person, other
than an affiliate, will not exceed 10 percent of the
capital and surplus of CBC, and that CBC's branches
will not engage in any activity outside the United
States that is impermissible for a foreign banking
subsidiary of Citicorp under the Board's Regulation K
(12 C.F.R. Part 211) or is otherwise prohibited by U.S.
law. The Board is of the view that these prudential
conditions are adequate to meet any supervisory concerns to which the proposal may give rise. In light of
these and all the facts of record, including the commitments made by Citicorp with respect to the operations
of CBC's branches, the Board has determined that the
balance of public interest factors that the Board must
consider under section 4(c)(8) of the act is favorable
and that the application should be approved.
In approving this application, the Board notes that
the establishment of the proposed branches is subject
to the necessary licensing requirements of the countries involved. In this regard, the Board emphasizes
that CBC is not considered a bank for purposes of
United States law, that it is not regulated as such by
the Federal Reserve System or by any domestic authority regulating depository institutions, and that, as
a nondepository institution, it may not borrow from
the Federal Reserve discount window. As a nonbank
holding company subsidiary of Citicorp, CBC is thus
to be distinguished from Citicorp's U.S. banking subsidiaries.
In light of the record, the application is approved for
the reasons summarized above. This determination is
subject to the conditions set forth in this Order and in
section 225.4(c) of Regulation Y, and to the Board's
authority to require reports by and make examinations
of bank holding companies and their subsidiaries, and
to require such modification or termination of the
activities of a bank holding company or any of its
subsidiaries as the Board finds necessary to assure
compliance with the provisions and purposes of the act
and the Board's Orders and regulations issued thereunder, or to prevent evasion thereof.

6. In this connection, Citicorp has committed to: accept no placement or deposit from a United States resident, except that a placement
or deposit received from a foreign branch, office, subsidiary, affiliate
or other foreign establishment ("foreign affiliate") controlled by one
or more domestic corporations is not regarded as a placement or
deposit received from a United States resident if such funds are used
in its foreign business or that of other foreign affiliates of the
controlling domestic corporation(s); and extend no credit to a United
States resident (other than a subsidiary or affiliated organization)
except that credit extended to a foreign affiliate controlled by one or
more domestic corporations is not regarded as credit extended to a
United States resident if the proceeds will be used in its foreign
business or that of other foreign affiliates of the controlling domestic
corporation(s).

Legal Developments

By order of the Board of Governors, effective
March 4, 1982.
Voting for this action: Vice Chairman Schultz, Governors
Partee, Teeters, and Gramley. Voting against this action:
Governor Wallich. Absent and not voting: Chairman Volcker
and Governor Rice. Vice Chairman Schultz was a member of
the Board at the time this action was taken.
(Signed) JAMES MCAFEE,

[SEAL]

Associate Secretary of the Board.

First Bancorporation,
Salt Lake City, Utah
Order Conditionally Approving Acquisition of an
Industrial Loan Company
First Bancorporation, Salt Lake City, Utah, a bank
holding company within the meaning of the Bank
Holding Company Act, has applied for the Board's
approval under section 4(c)(8) of the act (12 U.S.C.
§ 1843(c)(8)) and section 225.4(a) of the Board's Regulation Y (12 C.F.R. § 225.4(a)(2)) to acquire Beehive
Financial Corporation ("Beehive Financial") and its
wholly-owned subsidiary, Beehive Thrift and Loan
Company, Salt Lake City, Utah ("Beehive Thrift"),
an industrial loan company. Applicant proposes to
engage in lending, industrial loan, leasing, and creditrelated insurance activities. These activities have been
determined by the Board to be closely related to
banking. (12 C.F.R. §§ 225.4(a)(1), (2), (6)(a), and
(9)(i)(a)). Industrial loan companies were recently authorized under Utah law to offer NOW accounts, and
Applicant also proposes to engage in this activity.
Notice of the application, affording opportunity for
interested persons to submit comments has been duly
published (46 Federal Register 54801). The time for
filing comments has expired, and the Board has considered the application and all comments received in
light of the factors set forth in section 4(c)(8) of the act.
Applicant, the 31st largest banking organization in
Utah, controls one bank with total deposits of about
$14.7 million, representing less than 0.5 percent of the
total deposits in commercial banks in that state, and
0.5 percent of deposits in the Salt Lake City banking
market. 1
Beehive Financial and its subsidiary, Beehive
Thrift, have consolidated assets of $3.3 million and

1. Banking data are as of June 30, 1980.




253

liabilities of $2.8 million, including $2.3 million in
deposits. In view of the size of the companies involved, the Board concludes that no adverse competitive effects would be associated with this proposal.
Under section 4(c)(8) of the act, the Board is authorized to permit bank holding companies to acquire
shares of any company the activities of which the
Board has determined to be "so closely related to
banking or managing or controlling banks as to be a
proper incident thereto." In determining whether a
particular activity is a proper incident to banking or
managing or controlling banks, the Board is required
to consider whether performance of the activity by a
bank holding company can reasonably be expected to
produce benefits to the public, such as greater convenience, increased competition, or gains in efficiency,
that outweigh possible adverse effects, such as undue
concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking
practices.
The Board has previously determined that the activity of operating an industrial loan company in the
manner authorized by state law is closely related to
banking, "so long as the institution does not both
accept demand deposits and make commercial loans."
(12 C.F.R. § 225.4(a)(2)). An institution engaging in
both activities would be regarded as a "bank" for
purposes of the act. Section 2(c) of the act defines as a
"bank" any institution that "accepts deposits that the
depositor has a legal right to withdraw on demand, and
engages in the business of making commercial loans."
(12 U.S.C. § 1841(c)). The acquisition of a bank is
subject to approval under section 3 of the act rather
than section 4.
The offering of NOW accounts by an industrial loan
company raises a question of whether an institution
that offers such accounts and engages in the business
of making commercial loans is a "bank" within the
meaning of section 2(c) of the Bank Holding Company
Act. Institutions that offer NOW accounts generally
reserve the right to require 14-30 days' notice before
permitting withdrawals from these accounts. The notice requirement is rarely invoked by institutions offering NOW accounts, however, and in practice the
customer is permitted to withdraw funds on demand
by check or draft. Indeed, for purposes of section 2(c),
the Board believes that, until the institution invokes
the notice requirement, the depositor has a right to
withdraw funds on demand. Moreover, in giving
meaning to the demand deposit portion of the definition of "bank", the court in Wilshire Oil Company of
Texas v. Board of Governors (3d Cir. 1981) (filed
December 31, 1981), ruled that in using the words
"deposits that the depositor has a legal right to withdraw on demand," Congress was concerned with the

254

Federal Reserve Bulletin • April 1982

substance rather than the form of the deposit. (Slip
Op. at 10-11).2
The legislative history of section 2(c) demonstrates
that Congress viewed the ability to offer checking
accounts as a critical factor in determining whether an
institution is a commercial bank. In practice, NOW
accounts are advertised as checking accounts and are
used as such. Moreover, NOW accounts are regarded
as "transaction accounts" under the Depository Institutions Deregulation and Monetary Control Act of
1980 (Pub. Law No. 96-221; 94 Stat. 132) and, whether
offered by commercial banks or thrift institutions such
as savings and loan associations, are subject to the
reserve requirement ratios that apply to demand deposits. (12 U.S.C. § 461). By subjecting NOW accounts to transaction account reserve requirements,
Congress recognized that NOW accounts are checking
accounts. 3 In view of the function, substance and
attributes of NOW accounts, Congress' treatment of
NOW accounts, and the potential for evasion of the
act associated with NOW accounts, 4 the Board has
determined that offering of NOW accounts must be
regarded as falling within the first part of the test of
whether an institution is a "bank" under section 2(c)
of the act.
Accordingly, a nonbanking subsidiary of a bank
holding company may not offer NOW accounts and
also engage in the business of making commercial
loans.5 Such dual activity is not "closely related to
banking" but in fact is banking for purposes of the
Bank Holding Company Act. Thus, the Board regards
any industrial banking institution that both offers
NOW accounts and engages in the business of making
commercial loans as a "bank" for purposes of the

2. Similarly, in First National Bank in Plant City v. Dickinson, 396
U.S. 122, 136 (1968), the Supreme Court held that for purposes of
branch banking laws, legal rights between private parties are not
necessarily decisive in determining whether a deposit has been
created when it is clear that the practical effect of a transaction is the
receipt of a deposit.
3. In authorizing NOW accounts, Congress clearly intended to
permit the payment of interest on such accounts, notwithstanding the
general prohibition on the payment of interest on demand deposits.
However, there is no indication that by authorizing the offering of
NOW accounts Congress intended to exempt institutions that provide
such accounts from the definition of "bank" in the Bank Holding
Company Act.
4. Because NOW accounts generally perform the same function as
demand deposits, an institution seeking to evade the act might attempt
to use such accounts as a substitute for demand deposits. See Wilshire
Oil, supra.
5. Although savings and loan associations and savings banks also
offer NOW accounts, their lending activities historically have been
concentrated in home mortgages and their commercial lending activities are generally quite limited. This and other facts persuade the
Board that the activities of such institutions presently authorized by
federal statute law generally do not constitute engaging in the business
of making commercial loans, and that such institutions are not
"banks" for purposes of the act.




Bank Holding Company Act. 6 An application to acquire such an institution is subject to approval under
section 3 of the act rather than section 4. Thus, the
subject application under section 4 of the act may be
approved only on the condition that Beehive Thrift
will not both offer NOW accounts and engage in the
business of making commercial loans. 7
An industrial bank acquired under section 4 of the
act may, however, offer NOW accounts (provided that
it also does not engage in the business of making
commercial loans) because that activity is closely
related to banking since banks in fact offer NOW
accounts. 8 Before the Board may permit a bank holding company to engage in a closely related activity,
however, the Board must also determine that the
activity can reasonably be expected to produce public
benefits that outweigh possible adverse effects. The
Board is concerned that, unless the NOW accounts
offered by Beehive Thrift are subject to interest rate
limitations and reserve requirements that apply when
such accounts are offered by commercial banks or
savings and loan associations, the offering of NOW
accounts by an industrial loan company subsidiary of a
bank holding company can, and is likely to, undermine
the important public policy objectives of the Depository Institutions Deregulation and Monetary Control
Act of 1980. In that act, Congress established a policy
that all transaction accounts at depository institutions
should be subject to interest rate ceilings and reserve
requirements. 9
The Board regards the offering of NOW accounts
that are not subject to interest rate ceilings and reserve
requirements as an adverse effect within the meaning
of § 4(c)(8) of the Bank Holding Company Act, and
concludes that it outweighs the public benefits offered
by the proposal. 10 Accordingly, the proposal will be
approved only if the NOW accounts offered by Applicant are subject to the same federal interest rate
6. Beehive Thrift devotes a substantial portion of its assets to
general commercial loans and is engaged in the business of making
commercial loans within the meaning of the act.
7. However, if Beehive Thrift secured FDIC insurance, as is
required by section 3(e) of the act, Applicant could acquire Beehive
Thrift under section 3 of the act, and Beehive Thrift could both offer
NOW accounts and make commercial loans under such circumstances.
8. The board's previous approvals of bank holding company applications to acquire industrial banking institutions did not authorize the
offering of NOW accounts or other types of transaction accounts
(such as automatic transfer accounts) by such institutions because
those applications did not reference such accounts.
9. The Board believes that the ownership by bank holding companies of industrial loan institutions that offer NOW accounts could
undermine the act's objectives by encouraging the growth of transaction deposits at such institutions and diverting deposits away from
institutions that are subject to Regulations D and Q.
10. The Board expressly reserves judgment as to whether more
compelling public benefits might be sufficient to outweigh this adverse
effect.

Legal Developments

limitations and reserve requirements that apply to a
federally insured depository institution.
Consummation of the proposal may be expected to
result in public benefits in the form of expanded
services at Beehive Thrift and, if the proposal is
modified as indicated above, would not result in any
undue concentration of resources, conflicts of interests, unsound banking practices, or other adverse
effects.11
Accordingly, based upon the foregoing and all the
facts of record, the Board has determined that the
balance of public interest factors that the Board is
required to consider under section 4(c)(8) is favorable,
provided that Applicant complies with the following
limitations: Applicant, through Beehive, may not both
offer NOW accounts and engage in the business of
making commercial loans. If Applicant does not engage in the business of making commercial loans, but
11. In determining that the offering of NOW accounts is a permissible bank holding company activity subject to the conditions specified
herein, the Board has taken into consideration the state regulation
applicable to industrial loan companies in Utah. The Board notes that
Utah law provides for insurance of NOW accounts up to $10,000,
establishes minimum capital and reserve requirements for industrial
loan companies, and limits the amount of funds that may be loaned to
any one borrower. Moreover, the bank commissioner is authorized to
monitor the affairs of industrial loan companies in order to ensure the
safety of the deposits accepted by such institutions. The commissioner is also empowered to limit the investments of industrial loan
companies, and may issue orders to enforce such determinations.




255

does offer NOW accounts, such accounts will be
subject to the same interest rate limitations and reserve requirements that would apply to a federally
insured depository institution.
Accordingly, the application is hereby approved as
conditioned herein. This determination is also subject
to the conditions set forth in § 225.4(c) of Regulation Y
and to the Board's authority to require such modification or termination of the activities of a holding
company or any of its subsidiaries as the Board finds
necessary to assure compliance with the provisions
and purposes of the act and the Board's regulations
and orders issued thereunder, or to prevent evasion
thereof.
The activities shall be commenced not later than
three months after the effective date of this Order,
unless such period is extended for good cause by the
Board or by the Federal Reserve Bank of San Francisco, pursuant to delegated authority.
By order of the Board of Governors, effective
March 12, 1982.
Voting for this action: Chairman Volcker and Governors
Wallich, Partee, Teeters, and Rice. Absent and not voting:
Governor Gramley.
( S i g n e d ) JAMES M C A F E E ,

[SEAL]

Associate Secretary of the Board.

Legal Developments continued on next page.

256

Federal Reserve Bulletin • April 1982

ORDERS APPROVING APPLICATIONS
AND BANK MERGER ACT

By the Board of

UNDER THE BANK HOLDING COMPANY

ACT

Governors

During March 1982, the Board of Governors approved the applications listed below. Copies are available upon
request to Publications Services, Division of Support Services, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551.
Section 3

Applicant
Ballerton Corporation,
Oveido, Spain
Broad National Bancorporation,
Newark, New Jersey
Broadway Bancshares, Inc.,
San Antonio, Texas
Continental Illinois Corporation,
Chicago, Illinois
Flag, Inc.,
Cambridge, Minnesota
GRP, Inc.,
Atlanta, Georgia

Global Bancorporation,
New York, New York
Mercantile Texas Corporation,
Dallas, Texas

Milford, N.V.,
Netherlands, Antilles
Texas American Bancshares Inc.,
Fort Worth, Texas
U.S. Bancorp,
Portland, Oregon
Union Bancorp of West Virginia, Inc.,
Clarksburg, West Virginia




Bank(s)
Totalbank Corporation of Florida,
Miami, Florida
Broad National Bank,
Newark, New Jersey
Broadway National Bank,
San Antonio, Texas
Buffalo Grove National Bank,
Buffalo Grove, Illinois
People's State Bank of Cambridge,
Cambridge, Minnesota
The National Bank of Georgia,
Atlanta, Georgia
First Commercial Bank,
Buford, Georgia
Clayton County Bank,
Riverdale, Georgia
Global Union Bank,
New York, New York
Gessner Southwest Bank & Trust,
Houston, Texas
Southwest Bank,
Mesquite, Texas
Totalbank Corporation of Florida,
Miami, Florida
First National Bank in Breckenridge,
Breckenridge, Texas
Bank of Lake Oswego,
Lake Oswego, Oregon
The Union National Bank of Clarksburg,
Clarksburg, West Virginia

Board action
(effective
date)
March 9, 1982
March 1, 1982
March 8, 1982
March 9, 1982
March 4, 1982
March 23, 1982

March 4, 1982
March 29, 1982

March 9, 1982
March 29, 1982
March 8, 1982
March 18, 1982

Legal Developments

By Federal Reserve

257

Banks

Recent applications have been approved by the Federal Reserve Banks as listed below. Copies of the orders are
available upon request to the Reserve Banks.
Section 3
Applicant
ABC Bancshares, Inc.,
McAlester, Oklahoma
A.B.T. Corporation,
Savannah, Georgia
Allied Bancshares of Illinois, Inc.,
Joliet, Illinois
BNW Bancorp,
Eugene, Oregon
Bay-Hermann Bancshares, Inc.,
Hermann, Missouri
Beacon Financial Corporation,
Inc.,
Jupiter, Florida
Benbrook Bancshares, Inc.,
Fort Worth, Texas
Bowbells Holding Company,
Bowbells, North Dakota
Bradley Bancshares, Inc.,
Warren, Arkansas
Brady National Holding Company,
Inc.,
Brady, Texas
CBC Bancorp, Ltd.,
Chicago, Illinois
Capital Bancorp.,
North Bay Village, Florida
Carter Bancshares, Inc.,
Carter, Oklahoma
Central of Illinois, Inc.,
Sterling, Illinois
Chicago Heights Bancorp, Inc.,
Crest wood, Illinois
Community Bancshares, Inc.,
Dothan, Alabama
Coulee Bancshares, Inc.,
LaCrosse, Wisconsin
Country Bancshares, Inc.,
Hull, Illinois
Country Bank Company,
Forsyth, Georgia



Bank(s)
American Bank of Commerce,
McAlester, Oklahoma
Atlantic Bank and Trust Company,
Savannah, Georgia
East Joliet Bank,
Joliet, Illinois
Bank of the Northwest,
Eugene, Oregon
Bay-Hermann Bank,
Hermann, Missouri
Lighthouse National Bank,
Jupiter, Florida
Benbrook State Bank,
Fort Worth, Texas
The First National Bank of Bowbells,
Bowbells, North Dakota
First State Bank of Warren,
Warren, Arkansas
The Brady National Bank,
Brady, Texas
Capitol Bank and Trust of
Chicago,
Chicago, Illinois
First Bank of Oakland Park,
Oakland Park, Florida
The First National Bank of Carter,
Carter, Oklahoma
The Central National Bank of
Sterling,
Sterling, Illinois
The Chicago Heights National
Bank,
Chicago Heights, Illinois
Bank of Dothan,
Dothan, Alabama
The Coulee State Bank,
LaCrosse, Wisconsin
State Bank of Hull,
Hull, Illinois
Monroe County Bank,
Forsyth, Georgia

Reserve
Bank

Effective
date

Kansas City

February 26, 1982

Atlanta

March 5, 1982

Chicago

March 22, 1982

San Francisco

March 12, 1982

St. Louis

March 2, 1982

Atlanta

March 26, 1982

Dallas

March 1, 1982

Minneapolis

March 19, 1982

St. Louis

March 25, 1982

Dallas

March 9, 1982

Chicago

March 4, 1982

Atlanta

March 25, 1982

Kansas City

March 4, 1982

Chicago

March 8, 1982

Chicago

February 26, 1982

Atlanta

March 3, 1982

Minneapolis

March 26, 1982

St. Louis

March 15, 1982

Atlanta

March 8, 1982

258

Federal Reserve Bulletin • April 1982

Section 3—Continued
Applicant
Cullen/Frost Bankers, Inc.,
San Antonio, Texas
Dairy State Financial Services,
Inc.,
Plymouth, Wisconsin
DetroitBank Corporation,
Detroit, Michigan
Dewey County Bancorporation,
Inc.,
Taloga, Oklahoma
Earners and Savers Bancorporation,
Galena Park, Texas
England Bancorp,
Axtell, Nebraska
Exchange State Corp.,
Prairie City, Iowa
Fairfield Bancshares, Inc.,
Fairfield, Texas
Fertile Bancshares, Inc.,
Fertile, Minnesota
Fifth Third Bancorp,
Cincinnati, Ohio
First Abilene Bankshares, Inc.,
Abilene, Texas
First Busey Corporation,
Urbana, Illinois
First Carrollton Bancshares, Inc.,
Carrollton, Missouri
First City Bancorp, Inc.,
Marietta, Georgia
First Community Bancorp, Inc.,
Rockford, Illinois

First Dodge City Bancshares, Inc.,
Dodge City, Kansas
First Harvey Banc Corporation,
River Forest, Illinois
First Prague Bancorporation, Inc.,
Prague, Oklahoma



Bank(s)

Reserve
Bank

Effective
date

Chase National Bank,
Austin, Texas
Dairy State Bank,
Plymouth, Wisconsin

Dallas

March 23, 1982

Chicago

March 17, 1982

Huron Valley National Bank,
Ann Arbor, Michigan
Dewey County State Bank,
Taloga, Oklahoma

Chicago

March 16, 1982

Kansas City

February 26, 1982

Galena Park State Bank,
Galena Park, Texas

Dallas

March 4, 1982

Farmers and Merchants Bank,
Axtell, Nebraska
Exchange State Bank,
Collins, Iowa
Fairfield State Bank,
Fairfield, Texas
First State Bank of Fertile,
Fertile, Minnesota
The Farmers and Merchants Bank,
Fairborn, Ohio
Eastland National Bank,
Eastland, Texas
National Bank of Urbana,
Urbana, Illinois
The First National Bank of Carrollton,
Carrollton, Missouri
Citizens DeKalb Bank,
Clarkston, Georgia
First National Bank and Trust
Company of Rockford,
Rockford, Illinois
North Towne National Bank of
Rockford,
Rockford, Illinois
First Bank of Roscoe,
Roscoe, Illinois
First Bank of Loves Park,
Loves Park, Illinois
First National Bancshares of
Dodge City, Inc.,
Dodge City, Kansas
First National Bank in Harvey,
Harvey, Illinois
First National Bank of Prague,
Prague, Oklahoma

Kansas City

February 25, 1982

Chicago

March 25, 1982

Dallas

March 22, 1982

Minneapolis

March 25, 1982

Cleveland

March 4, 1982

Dallas

March 10, 1982

Chicago

February 23, 1982

Kansas City

March 2, 1982

Atlanta

March 26, 1982

Chicago

March 5, 1982

Kansas City

March 15, 1982

Chicago

March 11, 1982

Kansas City

February 26, 1982

Legal Developments

259

Section 3—Continued
Reserve
Bank

Effective
date

Applicant

Bank(s)

First San Benito Bancshares, Inc.,
San Benito, Texas
First Stratford Bancorporation,
Inc.,
Stratford, Oklahoma
First Tazewell Bancorp, Inc.,
Peoria, Illinois

First National Bank of San Benito,
San Benito, Texas
First American Bank,
Stratford, Oklahoma

Dallas

March 17, 1982

Kansas City

February 26, 1982

The First National Bank in East
Peoria,
East Peoria, Illinois
Batavia Investment Company,
Batavia, Illinois
First National Bank of Blue
Island,
Blue Island, Illinois
The Groos National Bank of San
Antonio,
San Antonio, Texas
Guaranty Bank & Trust Company
of Alexandria,
Alexandria, Louisiana
First National Bank of Devils
Lake,
Devils Lake, North Dakota
The Peoples National Bank of
Lampasas,
Lampasas, Texas
Indian Springs State Bank,
Kansas City, Kansas
Security Savings Bank,
Ireton, Iowa
Kansas Bancorp, Inc.,
Concordia, Kansas
First Bank & Trust,
Concordia, Kansas
Citizens Bank,
Lawton, Oklahoma
League City National Bank,
League City, Texas
Bank of the West,
Lubbock, Texas
Merchants and Manufacturers
State Bank,
Melrose Park, Illinois
Corpus Christi Bankshares, Inc.,
Corpus Christi, Texas
First State Bank of Corpus Christi,
Corpus Christi, Texas
Ocheyedan Savings Bank,
Ocheyedan, Iowa
Marquoketa State Bank,
Maquoketa, Iowa

Chicago

March 15, 1982

Chicago

March 26, 1982

Chicago

March 8, 1982

Dallas

March 16, 1982

Atlanta

March 11, 1982

Minneapolis

March 22, 1982

Dallas

March 22, 1982

Kansas City

March 9, 1982

Chicago

March 11, 1982

Kansas City

March 11, 1982

Kansas City

February 25, 1982

Dallas

March 19, 1982

Dallas

March 2, 1982

Chicago

March 3, 1982

Dallas

February 25, 1982

Chicago

March 26, 1982

Chicago

March 26, 1982

Gary-Wheaton Corporation,
Wheaton, Illinois
Great Lakes Financial Resources,
Inc.,
Blue Island, Illinois
Groos Bancshares, Inc.,
San Antonio, Texas
Guaranty Commerce Corporation,
Alexandria, Louisiana
Halo Bancorporation, Inc.,
Devils Lake, North Dakota
Heart of Texas Bancshares, Inc.,
Lampasas, Texas
Indian Springs Bancshares, Inc.,
Kansas City, Kansas
Ireton Bancorp,
Ireton, Iowa
Kansas Bancorp II, Inc.,
Concordia, Kansas

Lawton Financial Corp.,
Lawton, Oklahoma
League City Bancshares, Inc.,
League City, Texas
Lubbock Bancorporation, Inc.,
Lubbock, Texas
Merchants Corporation,
Chicago, Illinois
National Bancshares Corporation
of Texas,
San Antonio, Texas
Ocheyedan Bancorporation,
Ocheyedan, Iowa
Ohnward Bancshares, Inc.,
Maquoketa, Iowa



260

Federal Reserve Bulletin • April 1982

Section 3—Continued
Applicant

Bank(s)

Pan American Banks Inc.,
Miami, Florida
Philadelphia National Corporation,
Philadelphia, Pennsylvania
Raymondville State Bancshares,
Inc.,
Raymondville, Texas
Republic of Texas Corporation,
Dallas, Texas
Rockwall Finance Corporation,
Rockwall, Texas
The Roxton Corporation,
Roxton, Texas

Peoples Hialeah National Bank,
Hialeah, Florida
The Philadelphia Bank (Delaware),
New Castle County, Delaware
Raymondville State Bank,
Raymondville, Texas

San Jose Banco, Inc.,
San Jose, Illinois
San Saba National Corporation,
San Saba, Texas
Seaport Bancorp, Inc.,
Lewiston, Idaho
Security Bancorporation, Inc.,
Boulder, Colorado
Southern Bancorp.,
South Daytona, Florida
Southwest Missouri Bancorporation, Inc.,
Carthage, Missouri
Terre Du Lac Bancshares, Inc.,
Chesterfield, Missouri
Traxshares, Inc.,
Le Center, Minnesota
Trust Company of Georgia,
Atlanta, Georgia
UNB Corporation,
Fayetteville, Tennessee
United Banks of Colorado, Inc.,
Denver, Colorado

United Southern Bancorp,
St. Petersburg, Florida
Volunteer Bancshares, Inc.,
Jackson, Tennessee
The Walnut Valley Corporation,
El Dorado, Kansas




Reserve
Bank

Effective
date

Atlanta

February 22, 1982

Philadelphia

March 5, 1982

Dallas

February 26, 1982

The Lubbock National Bank,
Lubbock, Texas
Rockwall Bank, N.A.,
Rockwall, Texas
Roxton Bancshares, Inc.,
Roxton, Texas
The First Bank,
Roxton, Texas
San Jose Tri-County Bank,
San Jose, Illinois
The San Saba National Bank,
San Saba, Texas
Seaport Citizens Bank,
Lewiston, Idaho
Security Bank of Boulder,
Boulder, Colorado
Central Bank of Volusia County,
South Daytona, Florida
Southwest Missouri Bank,
Carthage, Missouri

Dallas

March 25, 1982

Dallas

February 25, 1982

Dallas

March 12, 1982

Chicago

February 23, 1982

Dallas

March 11, 1982

San Francisco

March 22, 1982

Kansas City

March 19, 1982

Atlanta

March 25, 1982

Kansas City

March 19, 1982

Bank of Lead wood,
Lead wood, Missouri
First National Bank of Le Center,
Le Center, Minnesota
First National Bank of Athens,
Athens, Georgia
Union National Bank,
Fayetteville, Tennessee
Lorin Investment Company,
Brighton, Colorado
The First Bank and Trust
Company of Brighton,
Brighton, Colorado
United Southern Bank,
St. Petersburg, Florida
Jackson National Bank,
Jackson, Tennessee
The Walnut Valley State Bank,
El Dorado, Kansas

St. Louis

March 5, 1982

Minneapolis

March 3, 1982

Atlanta

March 22, 1982

Atlanta

March 10, 1982

Kansas City

February 26, 1982

Atlanta

March 12, 1982

St. Louis

March 23, 1982

Kansas City

February 26, 1982

Legal Developments

261

Section 3—Continued
Reserve
Bank

Bank(s)

Applicant
Washington Community Bancshares, Inc.,
Tacoma, Washington
West Carroll Bancshares, Inc.
Oak Grove, Louisiana

Effective
date

Western Community Bank, N.A.,
Tacoma, Washington

San Francisco

March 1, 1982

West Carroll National Bank of
Oak Grove,
Oak Grove, Louisiana

Dallas

March 19, 1982

Section 4
Nonbanking
company
(or activity)

Applicant
Citizens National Corporation,
Wisner, Nebraska
Deutsche Bank AG,
West Germany

James Madison, Inc.,
Washington, D.C.
Met-State Corporation,
Brighton, Colorado

Chandler Leasing, Inc.,
Omaha, Nebraska
Fiat Credit Services, Inc.,
Bannockburn, Illinois
Fiat Credit Corporation,
Bannockburn, Illinois
A. E. Landvoigt, Inc.,
Fairfax, Virginia
Metropolitan State Industrial Bank,
Commerce City, Colorado

Reserve
Bank

Effective
date

Kansas City

March 5, 1982

New York

March 8, 1982

Richmond

March 10, 1982

Kansas City

March 5, 1982

Reserve
Bank

Effective
date

Sections 3 and 4

Applicant

Bank(s)

First State Bank Holding Company,
Lynnville, Iowa

First State Bank,
Lynnville, Iowa

Lewellen National
Corp.,
Lewellen, Nebraska

First National Bank of
Lewellen,
Lewellen, Nebraska
C-J Insurance Agency,
Lewellen, Nebraska
Thurman State Bank,
Thurman, Iowa

Thurman State Corporation,
Thurman, Iowa




Nonbanking
company
(or activity)
to engage in general insurance activities in a
town with a population of less than
5,000

to engage in general insurance activities in a
community with a
population of less
than 5,000

Chicago

March 26, 1982

Kansas City

March 5, 1982

Chicago

March 11, 1982

262

Federal Reserve Bulletin • April 1982

ORDERS APPROVED

UNDER BANK MERGER

By Federal Reserve

ACT

Banks

Applicant
The FTB Sixth Bank,
Fairborn, Ohio
The Toledo Trust Company,
Toledo, Ohio

PENDING CASES INVOLVING

Bank(s)
The Farmers and Merchants Bank,
Fairborn, Ohio
The Peoples Bank,
Carey, Ohio

THE BOARD OF

Effective
date

Cleveland

March 4, 1982

Cleveland

February 24, 1982

GOVERNORS*

*This list of pending cases does not include suits
against the Federal Reserve Banks in which the Board
of Governors is not named a party.
Charles G. Vick v. Paul A. Volcker, et al., filed March
1982, U.S.D.C. for the District of Columbia.
Jolene Gustafson v. Board of Governors, filed March
1982, U.S.C.A. for the Fifth Circuit.
Darnell Hillard v. Esmond Langley, filed February
1982, Superior Court of the District of Columbia.
C. A. Cavendes, Sociedad Financiera v. Board of
Governors, filed January 1982, U.S.C.A. for the
District of Columbia.
First Lakefield BanCorporation v. Board of Governors, et al., filed January 1982, U.S.D.C. for the
District of Minnesota.
Christian Educational Association, Inc. v. Federal
Reserve System, filed January 1982, U.S.D.C. for
the Middle District of Florida.
Option Advisory Service, Inc. v. Board of Governors,
filed December 1981, U.S.C.A. for the Second
Circuit.
Edwin F. Gordon v. Board of Governors, et al., filed
October 1981, U.S.C.A. for the Eleventh Circuit
(two consolidated cases).
Wendall Hall v. Board of Governors, et al., filed
September 1981, U.S.D.C. for the Northern District
of Georgia.
Allen Wolf son v. Board of Governors, filed September
1981, U.S.D.C. for the Middle District of Florida.
Option Advisory Service, Inc. v. Board of Governors,
filed September 1981, U.S.C.A. for the Second
Circuit (two cases).
Bank Stationers Association, Inc., et al. v. Board of
Governors, filed July 1981, U.S.D.C. for the Northern District of Georgia.




Reserve
Bank

Public Interest Bounty Hunters v. Board of Governors, et al., filed June 1981, U.S.D.C. for the
Northern District of Georgia.
Edwin F. Gordon v. John Heimann, et al., filed May
1981, U.S.C.A. for the Fifth Circuit.
Wilshire Oil Company of Texas v. Board of Governors, et al., filed April 1981, U.S.C.A. for the Third
Circuit.
People of the State of Arkansas v. Board of Governors, et al., filed March 1981, U.S.C.A. for the
Western District of Arkansas.
First Bank & Trust Company v. Board of Governors,
filed February 1981, U.S.D.C. for the Eastern District of Kentucky.
9 to 5 Organization for Women Office Workers v.
Board of Governors, filed December 1980,
U.S.D.C. for the District of Massachusetts.
Securities Industry Association v. Board of Governors, et al., filed October 1980, U.S.D.C. for the
District of Columbia.
Securities Industry Association v. Board of Governors, et al., filed October 1980, U.S.C.A. for the
District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
October 1980, U.S.D.C. for the District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
October 1980, U.S.C.A. for the District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
August 1980, U.S.D.C. for the District of Columbia.
Berkovitz, et al. v. Government of Iran, et al., filed
June 1980, U.S.D.C. for the Northern District of
California.
Darnell Hilliard v. G. William Miller, et al., filed
September 1976, U.S.C.A. for the District of Columbia.

263

Membership of the Board of Governors
of the Federal Reserve System, 1913-82
APPOINTIVE

MEMBERS'

Name

Federal Reserve
District

Charles S. Hamlin

Boston

Paul M. Warburg ...
Frederic A. Delano
W. P. G. Harding ..
Adolph C. Miller ...

New York
Chicago
Atlanta
San Francisco

Date of initial
oath of office

Other dates and information relating
to membership2

Aug. 10, 1914

Reappointed in 1916 and 1926. Served until
Feb. 3, 1936.3
Term expired Aug. 9, 1918.
Resigned July 21, 1918.
Term expired Aug. 9, 1922.
Reappointed in 1924. Reappointed in 1934 from
the Richmond District. Served until Feb. 3,
1936.3
Resigned Mar. 15, 1920.
Term expired Aug. 9, 1920.
Reappointed in 1928. Resigned Sept. 14, 1930.
Term expired Mar. 4, 1921.
Resigned May 12, 1923.
Died Mar. 22, 1923.
Resigned Sept. 15, 1927.
Reappointed in 1931. Served until Feb. 3,
1936.3
Died Nov. 28, 1930.
Resigned Aug. 31, 1930.
Resigned May 10, 1933.
Term expired Jan. 24, 1933.
Resigned Aug. 15, 1934.
Reappointed in 1936 and 1948. Resigned May
31, 1961.
Served until Feb. 10, 1936.3
Reappointed in 1936, 1940, and 1944. Resigned
July 14, 1951.
Resigned Sept. 30, 1937.
Served until Apr. 4, 1946.3
Reappointed in 1942. Died Dec. 2, 1947.
Resigned July 9, 1936.
Reappointed in 1940. Resigned Apr. 15, 1941.
Served until Sept. 1, 1950.3
Served until Aug. 13, 1954.3
Resigned Nov. 30, 1958.
Died Dec. 4, 1949.
Resigned Mar. 31, 1951.
Resigned Jan. 31, 1952.
Resigned June 30, 1952.
Reappointed in 1956. Term expired Jan. 31,
1970.
Reappointed in 1958. Resigned Feb. 28, 1965.
Reappointed in 1964. Resigned Apr. 30, 1973.
Served through Feb. 28, 1966.
Died Oct. 21, 1954.
Retired Apr. 30, 1967.
Reappointed in 1960. Resigned Sept. 18, 1963.
Reappointed in 1962. Served until Feb. 13,
1976.3

do
do
do
do

Albert Strauss
New York ..
Henry A. Moehlenpah ....Chicago
Edmund Piatt
New York ..
David C.Wills
Cleveland ..
John R. Mitchell
Minneapolis
Milo D. Campbell
Chicago
Daniel R. Crissinger
Cleveland ..
George R. James
St. Louis ...

Oct. 26, 1918
Nov. 10, 1919
June 8, 1920
Sept. 29, 1920
May 12, 1921
Mar. 14, 1923
May 1, 1923
May 14, 1923

Edward H. Cunningham . Chicago
Roy A. Young
Minneapolis
Eugene Meyer
New York ..
Wayland W. Magee
Kansas City
Eugene R. Black
Atlanta
M. S. Szymczak
Chicago

do
Oct. 4, 1927
Sept. 16, 1930
May 18, 1931
May 19, 1933
June 14, 1933

J. J. Thomas
Marriner S. Eccles

do
Nov. 15, 1934

Kansas City ..
San Francisco

Joseph A. Broderick
New York ..
John K. McKee
Cleveland ..
Ronald Ransom
Atlanta
Ralph W. Morrison
Dallas
Chester C. Davis
Richmond ..
Ernest G. Draper
New York ..
Rudolph M. Evans
Richmond ..
James K. Vardaman, Jr. .St. Louis ...
Lawrence Clayton
Boston
Thomas B. McCabe
Philadelphia
Edward L. Norton
Atlanta
Oliver S. Powell
Minneapolis
Wm. McC. Martin, Jr
New York ..

Feb. 3, 1936
do
do
Feb. 10, 1936
June 25, 1936
Mar. 30, 1938
Mar. 14, 1942
Apr. 4, 1946
Feb. 14, 1947
Apr. 15, 1948
Sept. 1, 1950
do
Apr. 2, 1951

A. L. Mills, Jr
J. L. Robertson
C. Canby Balderston
Paul E. Miller
Chas. N. Shepardson
G. H. King, Jr
George W. Mitchell

Feb. 18,
do
Aug. 12,
Aug. 13,
Mar. 17,
Mar. 25,
Aug. 31,

For notes, see next page.




San Francisco
Kansas City ..
Philadelphia ..
Minneapolis ..
Dallas
Atlanta
Chicago

1952
1954
1954
1955
1959
1961

264

Federal Reserve Bulletin • April 1982

Name

Federal Reserve
District

Date of initial
oath of office

Other dates and information relating
to membership2

J. Dewey Daane
Sherman J. Maisel ..
Andrew F. Brimmer
William W. Sherrill .
Arthur F. Burns

Richmond
San Francisco
Philadelphia
Dallas
New York

Nov. 29, 1963
Apr. 30, 1965
Mar. 9, 1966
May 1, 1967
Jan. 31, 1970

John E. Sheehan
Jeffrey M. Bucher ....
Robert C. Holland ...
Henry C. Wallich ....
Philip E. Cold well ...
Philip C. Jackson, Jr.
J. Charles Partee
Stephen S. Gardner .
David M. Lilly
G. William Miller ....
Nancy H. Teeters ....
Emmett J. Rice
Frederick H. Schultz
Paul A. Volcker
Lyle E. Gramley
Preston Martin

St. Louis
San Francisco
Kansas City
Boston
Dallas
Atlanta
Richmond
Philadelphia
Minneapolis
San Francisco
Chicago
New York
Atlanta
Philadelphia
Kansas City
.San Francisco

Jan. 4, 1972
June 5, 1972
June 11, 1973
Mar. 8, 1974
Oct. 29, 1974
July 14, 1975
Jan. 5, 1976
Feb. 13, 1976
June 1, 1976
Mar. 8, 1978
Sept. 18, 1978
June 20, 1979
July 27, 1979
Aug. 6, 1979
May 28, 1980
Mar. 31, 1982

Served until Mar. 8, 1974.3
Served through May 31, 1972.
Resigned Aug. 31, 1974.
Reappointed in 1968. Resigned Nov. 15, 1971.
Term began Feb. 1, 1970. Resigned Mar. 31,
1978.
Resigned June 1, 1975.
Resigned Jan. 2, 1976.
Resigned May 15, 1976.

Chairmen4
Charles S. Hamlin ....
W. P. G. Harding
Daniel R. Crissinger ..
Roy A. Young
Eugene Meyer
Eugene R. Black
Marriner S. Eccles ....
Thomas B. McCabe ..
Wm. McC. Martin, Jr.
Arthur F. Burns
G. William Miller
Paul A. Volcker

Aug. 10, 1914-Aug. 9, 1916
Aug. 10, 1916-Aug. 9, 1922
May 1, 1923-Sept. 15, 1927
Oct. 4, 1927-Aug. 31, 1930
Sept. 16, 1930-May 10, 1933
May 19, 1933-Aug. 15, 1934
Nov. 15, 1934-Jan. 31, 1948
Apr. 15, 1948-Mar. 31, 1951
Apr. 2, 1951-Jan. 31, 1970
Feb. 1, 1970-Jan. 31, 1978
Mar. 8, 1978-Aug. 6, 1979
Aug. 6, 1979-

Served through Feb. 29, 1980.
Resigned Nov. 17, 1978.
Died Nov. 19, 1978.
Resigned Feb. 24, 1978.
Resigned Aug. 6, 1979.
Served through Feb. 11, 1982.

Vice Chairmen4
Frederic A. Delano
Aug. 10, 1914-Aug. 9, 1916
Paul M. Warburg
Aug. 10, 1916-Aug. 9, 1918
Albert Strauss
Oct. 26, 1918-Mar. 15, 1920
Edmund Piatt
July 23, 1920-Sept. 14, 1930
J. J. Thomas
Aug. 21, 1934-Feb. 10, 1936
Ronald Ransom
Aug. 6, 1936-Dec. 2, 1947
C. Canby Balderston ....Mar. 11, 1955-Feb. 28, 1966
J. L. Robertson
Mar. 1, 1966-Apr. 30, 1973
George W. Mitchell
May 1, 1973-Feb. 13, 1976
Stephen S. Gardner
Feb. 13, 1976-Nov. 19, 1978
Frederick H. Schultz ....July 27, 1979-Feb. 11, 1982
Preston Martin
Mar. 31, 1982-

EX-OFFICIO MEMBERS^
Secretaries of the Treasury
W. G. McAdoo
Dec. 23, 1913-Dec. 15, 1918
Carter Glass
Dec. 16, 1918-Feb. 1, 1920
David F. Houston
Feb. 2, 1920-Mar. 3, 1921
Andrew W. Mellon
Mar. 4, 1921-Feb. 12, 1932
Ogden L. Mills
Feb. 12, 1932-Mar. 4, 1933
William H. Woodin
Mar. 4, 1933-Dec. 31, 1933
Henry Morgenthau, Jr. .Jan 1, 1934-Feb. 1, 1936

Comptrollers of the Currency
John Skelton Williams ..Feb. 2, 1914-Mar. 2, 1921
Daniel R. Crissinger
Mar. 17, 1921-Apr. 30, 1923
Henry M. Dawes
May 1, 1923-Dec. 17, 1924
Joseph W. Mcintosh ....Dec. 20, 1924-Nov. 20, 1928
J. W. Pole
Nov. 21, 1928-Sept. 20, 1932
J. F. T. O'Connor
May 11, 1933-Feb. 1, 1936

1. Under the provisions of the original Federal Reserve Act the
Federal Reserve Board was composed of seven members, including
five appointive members, the Secretary of the Treasury, who was exofficio chairman of the Board, and the Comptroller of the Currency.
The original term of office was ten years, and the five original
appointive members had terms of two, four, six, eight, and ten years
respectively. In 1922 the number of appointive members was increased to six, and in 1933 the term of office was increased to 12 years.
The Banking Act of 1935, approved Aug. 23, 1935, changed the name
of the Federal Reserve Board to the Board of Governors of the
Federal Reserve System and provided that the Board should be
composed of seven appointive members; that the Secretary of the

Treasury and the Comptroller of the Currency should continue to
serve as members until Feb. 1, 1936; that the appointive members in
the office on the date of that act should continue to serve until Feb. 1,
1936, or until their successors were appointed and had qualified; and
that thereafter the terms of members should be 14 years and that the
designation of Chairman and Vice Chairman of the Board should be
for a term of four years.
2. Date after words "Resigned" and "Retired" denotes final day of
service.
3. Successor took office on this date.
4. Chairman and Vice Chairman were designated Governor and
Vice Governor before Aug. 23, 1935.




265

Directors of
Federal Reserve Banks and Branches
Following is a list of the directorates of the Federal
Reserve Banks and Branches as presently constituted.
The list shows, in addition to the name of each
director, the principal business affiliation, the class of
directorship, and the date when the term expires. Each
Federal Reserve Bank has nine directors: three Class
A and three Class B directors, who are elected by the
stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of
the Federal Reserve System. All Federal Reserve
Bank directors are chosen without discrimination on
the basis of race, creed, color, sex, or national origin.
Class A directors are representative of the stockholding member banks. Class B directors represent the
public and are elected with due but not exclusive
consideration to the interests of agriculture, commerce, industry, services, labor, and consumers, and
may not be officers, directors, or employees of any
bank.
For the purpose of electing Class A and Class B
directors, the member banks of each Federal Reserve
District are classified by the Board of Governors of the
Federal Reserve System into three groups, each of
which consists of banks of similar capitalization, and

DISTRICT
Class

1—BOSTON

Term
expires
Dec. 31

A

H. Alan Timm
Henry S. Woodbridge, Jr.
James Stokes Hatch 3

Class

each group elects one Class A and one Class B
director. Class C directors are selected to represent
the public with due but not exclusive consideration to
the interests of agriculture, commerce, industry, services, labor, and consumers, and may not be officers,
directors, employees, or stockholders of any bank.
One Class C director is designated by the Board of
Governors as Chairman of the board of directors and
Federal Reserve Agent and another is appointed Deputy Chairman.
Federal Reserve Branches have either five or seven
directors, of whom a majority are appointed by the
board of directors of the parent Federal Reserve Bank ;
the others are appointed by the Board of Governors of
the Federal Reserve System. One of the directors
appointed by the Board of Governors at each Branch
is designated annually as Chairman of the board of that
Branch in such a manner as the Federal Reserve Bank
may prescribe.
In this list of the directorates, a name followed by
footnote reference 1 (') is a Chairman of the Bank's
board, that by footnote reference 2 (2) is a Deputy
Chairman, and that by footnote reference 3 (3) indicates a new appointment.

President, Bank of Maine, N.A., Augusta, Maine
Chairman of the Board and Chief Executive Officer, Rhode Island
Hospital Trust National Bank, Providence, R.I.
President and Chief Executive Officer, The Canaan National Bank,
Canaan, Conn.

1982
1983

Senior Vice President, The Stop & Shop Companies, Inc., Boston,
Mass.
Chairman and Chief Executive Officer, Markem Corporation,
Keene, N.H.
Chairman of the Board and President, Thermo Electron
Corporation, Waltham, Mass.

1982

1984

B

Carol R. Goldberg
Joseph A. Baute
George N. Hatsopoulos 3




1983
1984

266

Federal Reserve Bulletin • April 1982

Term
expires
Dec. 31

Class C
Thomas I. Atkins2
Michael J. Harrington
Robert P. Henderson'

DISTRICT 2—NEW

General Counsel, National Association for the Advancement of
Colored People, New York, N.Y.
Harrington, Keefe, and Schork, Inc., Lynnfield, Mass.
Chairman and Chief Executive Officer, Itek Corporation,
Lexington, Mass.

1982

Chairman of the Board, Irving Trust Company, New York, N.Y.
Chairman and President, Norstar Bancorp Inc., Albany, N.Y.
President, The National Bank of Sussex County, Branchville, N.J.

1982
1983
1984

President, Union Pacific Corporation, New York, N.Y.
President and Chief Executive Officer, International Business
Machines Corporation, Armonk, N.Y.
Chairman of the Board, Allied Corporation, Morristown, N.J.

1982
1983

Dean, Graduate School of Business, Columbia University, New
York, N.Y.
Senior Partner, Shearman and Sterling, Attorneys, New York, N.Y.
Senior Vice President, R. H. Macy & Company, Inc., New York,
N.Y.

1982

1983
1984

YORK

Class A
Gordon T. Wallis
Peter D. Kiernan
Robert A. Rough3

Class B
William S. Cook
John R. Opel
Edward L. Hennessy, Jr. 3

1984

Class C
Boris Yavitz2
Robert H. Knight1
Gertrude G. Michelson

—BUFFALO

Appointed

BRANCH

by Federal Reserve

Carl F. Ulmer
Edward W. Duffy 3

by Board of




1982
1982
1983
1984

Governors

Frederick D. Berkeley, IIP
John R. Burwell
George L. Wessel

Bank
Partner, Touche Ross & Co., Buffalo, N.Y.
President and Chief Executive Officer, Security Trust Company,
Rochester, N.Y.
President, The Evans National Bank of Angola, Angola, N.Y.
Chairman of the Board and Chief Executive Officer, Marine
Midland Bank, N.A., Buffalo, N.Y.

M. Jane Dickman
Arthur M. Richardson

Appointed

1983
1984

Chairman of the Board and President, Graham Manufacturing
Company, Inc., Batavia, N.Y.
President, Rollins Container Corporation, Rochester, N.Y.
President, Buffalo AFL/CIO Council, Buffalo, N.Y.

1982
1983
1984

Directors

DISTRICT

of Federal

Reserve

Banks and Branches

267

Term
expires
Dec. 31

3—PHILADELPHIA

Class A
Donald J. Seebold
Roger S. Hillas
Douglas Eugene Johnson 3

President, The First National Bank of Danville, Danville, Pa.
Chairman and President, Provident National Bank, Philadelphia,
Pa.
Chairman and President, Ocean County National Bank,
Point Pleasant, N.J.

1982
1983

Chairman of the Board and Chief Executive Officer, Eberhard
Faber, Inc., Wilkes-Barre, Pa.
President and Chief Executive Officer, Armstrong World Industries,
Inc., Lancaster, Pa.
Chairman and Chief Executive Officer, John Wanamaker,
Philadelphia, Pa.

1982

1984

Class B
Eberhard Faber, IV
Harry A. Jensen
Richard P. Hauser

1983
1984

Class C
Jean A. Crockett 1
Robert M. Landis 2
George E. Bartol, III 3

DISTRICT

Chairman, Professor of Finance, Department of Finance, Wharton
School, University of Pennsylvania, Philadelphia, Pa.
Partner, Dechert Price & Rhoads, Philadelphia, Pa.
Chairman of the Board, Hunt Manufacturing Company,
Philadelphia, Pa.

1982
1983
1984

4—CLEVELAND

Class A
John W. Alford
J. David Barnes
Raymond D. Campbell 3

Chairman of the Board and Chief Executive Officer, The Park
National Bank, Newark, Ohio
Chairman of the Board, Mellon Bank, N.A., Pittsburgh, Pa.
Director, The Oberlin Savings Bank Co., Oberlin, Ohio

1982

President, John W. Kessler Company, Columbus, Ohio
Chairman of the Board, Eaton Corporation, Cleveland, Ohio
Chairman of the Board and President, Mercury Instruments, Inc.,
Cincinnati, Ohio

1982
1983
1984

President and Chief Executive Officer, Cyclops Corporation,
Pittsburgh, Pa.
Senior Partner, The Andersons, Maumee, Ohio
Executive Vice President and President, Coal Unit, Diamond
Shamrock Corporation, Lexington, Ky.

1983

1983
1984

Class B
John W. Kessler
E. Mandell de Windt
Richard D. Hannan 3

Class C
W.H. Knoell 2
John D. Anderson
J.L. Jackson 1




1982
1984

268

Federal Reserve Bulletin • April 1982

—CINCINNATI

Appointed

BRANCH

by Federal Reserve

Oliver W. Birckhead

Sherrill Cleland
Appointed

by Board of

President, Sisters of Charity Health Care Systems, Inc., Cincinnati,
Ohio
President and Chief Operating Officer, Cincinnati Milacron Inc.,
Cincinnati, Ohio
Owner, Dunreath Farm, Lexington, Ky.

Clifford R. Meyer1
Don Ross3
—PITTSBURGH

by Federal Reserve

by Board of

1984

1982
1983
1984

Bank
President, Wheeling National Bank, Wheeling, W. Va.
President, The National Bank of North East, North East, Pa.
President, Pittsburgh National Bank, Pittsburgh, Pa.
Executive Vice President of Finance, Aluminum Company of
America, Pittsburgh, Pa.

1982
1983
1984
1984

Governors

Robert S. Kaplan
Milton G. Hulme, Jr. 1
Quentin C. McKenna 3

DISTRICT

1983
1984

BRANCH

William D. McKain
Ernest L. Lake
Robert C. Milsom3
James S. Pasman, Jr. 3

Appointed

1982

Governors

Sister Grace Marie Hiltz

Appointed

Dec. 31

Bank
Chairman of the Board and Chief Executive Officer, The Central
Trust Company, N.A., Cincinnati, Ohio
President, Citizens National Bank, Paintsville, Ky.
President and Chief Executive Officer, First National Bank of
Southwestern Ohio, Hamilton, Ohio
President, Marietta College, Marietta, Ohio

O.T. Dorton
Richard Fitton 3

Term
expires

Dean, Graduate School of Industrial Administration, CarnegieMellon University, Pittsburgh, Pa.
President and Chief Executive Officer, Mine Safety Appliances
Company, Pittsburgh, Pa.
President and Chief Executive Officer, Kennametal Inc., Latrobe,
Pa.

1982

President & Senior Trust Officer, The First National Bank in
Ronceverte, Ronceverte, W. Va.
Chairman and President, Pee Dee State Bank, Timmonsville, S.C.
Chairman and Chief Executive Officer, United Virginia Bankshares
Inc. and United Virginia Bank, Richmond, Va.

1982

Chairman of the Board and Chief Executive Officer, Inman Mills,
Inman, S.C.
Chairman, President, and Chief Executive Officer, Guardian
Corporation and Subsidiaries, Rocky Mount, N.C.
Chairman of the Board and Chief Executive Officer, Commercial
Credit Company, Baltimore, Md.

1982

1983
1984

5—RICHMOND

Class A
William M. Dickson
J. Banks Scarborough
Joseph A. Jennings3

1983
1984

Class B
James A. Chapman, Jr.
Leon A. Dunn, Jr.
Paul G. Miller3



1983
1984

Directors

of Federal Reserve

Banks and Branches

Term
expires
Dec. 31

Class C
Paul E. Reichardt 2

Chairman of the Board and Chief Executive Officer, Washington
Gas Light Company, Washington, D.C.
President, The Johns Hopkins University, Baltimore, Md.
President and Chief Operating Officer, Duke Power Company,
Charlotte, N.C.

Steven Muller1
William S. Lee, IIP
—BALTIMORE

Appointed

by Federal Reserve

Joseph M. Gough, Jr.
Pearl C. Brackett

Vice President for Governmental and Industry Affairs, Country
Pride Foods Limited, Easton, Md.
Chairman, Tate Industries, Baltimore, Md.
Executive Vice President and Chief Operating Officer, Easco
Corporation, Baltimore, Md.

Robert L. Tate
Thomas H. Maddux 3

Appointed

Nicholas W. Mitchell
Hugh M. Chapman

Appointed

by Board of

Naomi G. Albanese

1

Wallace J. Jorgenson 3
Henry Ponder

DISTRICT

1982
1983
1984

1982
1983
1984

BRANCH

by Federal Reserve

W.B. Apple, Jr.
Marvin D. Trapp 3

1982

Governors

Edward H. Covell1

—CHARLOTTE

1983
1984

Bank
Senior Vice President, First National Bank of Maryland,
Cumberland, Md.
President, The Union National Bank of Clarksburg, Clarksburg,
W. Va.
President, The First National Bank of St. Mary's, Leonardtown,
Md.
Deputy Manager, Baltimore Regional Chapter of American Red
Cross, Baltimore, Md.

A.R. Reppert

by Board of

1982

BRANCH

Hugh D. Shires

Appointed

269

Bank
President, First National Bank of Reidsville, Reidsville, N.C.
President and Chief Executive Officer, The National Bank of South
Carolina, Sumter, S.C.
Chairman of the Board, Piedmont Federal Savings and Loan
Association, Winston-Salem, N.C.
Chairman of the Board, The Citizens & Southern National Bank of
South Carolina, Columbia, S.C.

1982
1982
1983
1984

Governors
Dean, School of Home Economics, University of North Carolina at
Greensboro, Greensboro, N.C.
President, Jefferson-Pilot Broadcasting Co., Charlotte, N.C.
President, Benedict College, Columbia, S.C.

1982
1983
1984

6—ATLANTA

Class A
Dan B. Andrews
Hugh M. Willson
Guy W. Botts



President, First National Bank, Dickson, Tenn.
President, Citizens National Bank, Athens, Tenn.
Chairman of the Board, Barnett Banks of Florida, Inc.
Jacksonville, Fla.

1982
1983
1984

270

Federal Reserve Bulletin • April 1982

Term
expires
Dec. 31

Class B
Jean McArthur Davis
Harold B. Blach, Jr.
Horatio C. Thompson

President, McArthur Dairy, Inc., Miami, Fla.
President, Blach's Inc., Birmingham, Ala.
President, Horatio Thompson Investment, Inc., Baton Rouge, La.

1982
1983
1984

Chairman and Chief Executive Officer, Richway, Atlanta, Ga.
Chairman and Chief Executive, Charter Medical Corporation,
Macon, Ga.
President and Chief Executive Officer, Merrill Lynch Realty/
Cousins, Miami, Fla.

1982
1983

Class C
John H. Weitnauer, Jr. 2
William A. Fickling, Jr. 1
Jane C. Cousins3

—BIRMINGHAM

Appointed

BRANCH

by Federal Reserve

Martha A. Mclnnis
Henry A. Leslie
William M. Schroeder 3
by Board of

President and Chief Executive Officer, Martin Industries, Inc.,
Florence, Ala.
President, University of Alabama in Birmingham, Birmingham, Ala.
Executive Vice President, Booker T. Washington Insurance Co.,
Birmingham, Ala.

Samuel R. Hill, Jr.
Louis J. Willie

—JACKSONVILLE

by Federal Reserve

Whitfield M. Palmer, Jr.
Billy J. Walker
Gordon W. Campbell
Lewis A. Doman3
Appointed

by Board of

Copeland D. Newbern 1
Joan W. Stein
Jerome P. Keuper




1982
1982
1983
1984

Governors

William H. Martin, III1

Appointed

Bank
President and Chief Executive Officer, First National Bank of
Decatur, Decatur, Ala.
Executive Vice President, Alabama Environmental Quality
Association, Montgomery, Ala.
President and Chief Executive Officer, Union Bank and Trust
Company, Montgomery, Ala.
Chairman and President, Central State Bank, Calera, Ala.

C. Gordon Jones

Appointed

1984

1982
1983
1984

BRANCH

Bank
Chairman, Mid-Florida Mining Company, Ocala, Fla.
President, Atlantic Bancorporation, Jacksonville, Fla.
President and Chief Executive Officer, Exchange Bancorporation,
Inc., Tampa, Fla.
President, The Citizens and Peoples National Bank, Pensacola, Fla.

1982
1982
1983
1984

Governors
Chairman of the Board, Newbern Groves, Inc., Tampa, Fla.
Partner, Regency Square Properties, Inc., Jacksonville, Fla.
President, Florida Institute of Technology, Melbourne, Fla.

1982
1983
1984

Directors

of Federal Reserve

Banks and Branches

271

Term
expires
—MIAMI

Appointed

BRANCH

by Federal Reserve

M.G. Sanchez

Sue McCourt Cobb3
Stephen G. Zahorian3
by Board of

Chief Financial Officer and Treasurer, Howard Hughes Medical
Institute, Coconut Grove, Fla.
President, Roy Van, Inc., Pahokee, Fla.

Roy Vandegrift, Jr.
—NASHVILLE

by Federal Reserve

Michael T. Christian3

Robert C.H. Mathews, Jr.
C. Warren Neel 3

Appointed

ORLEANS

by Federal Reserve

Patrick A. Delaney
Ben M. Radcliff
Paul W. McMullan
Jerry W. Brents 3




1984

1982
1983
1984

1982
1982
1983
1984

Governors

Cecelia Adkins1

—NEW

1984

Bank
Chairman and Chief Executive Officer, Third National Bank in
Nashville, Nashville, Tenn.
President, The Mason and Dixon Lines, Inc., Kingsport, Tenn.
Chairman and Chief Executive Officer, Park National Bank,
Knoxville, Tenn.
President and Chief Executive Officer, First National Bank of
Greeneville, Greeneville, Tenn.

John R. King
James F. Smith, Jr.

by Board of

1983

BRANCH

Charles J. Kane

Appointed

1982

Governors

Vacancy
Eugene E. Cohen

Appointed

Bank
President and Chief Executive Officer, First Bankers Corporation of
Florida, Pompano Beach, Fla.
President and Chief Executive Officer, Century Banks, Inc., Ft.
Lauderdale, Fla.
Attorney, Greenberg, Traurig, Askew Hoffman, Lipoff, Quentel and
Wolff, P.A., Miami, Fla.
President, Barnett Bank of Fort Myers, N.A., Fort Myers, Fla.

Daniel S. Goodrum

Appointed

Dec. 31

Executive Director, Sunday School Publishing Board, Nashville,
Tenn.
Managing General Partner, R.C. Mathews, Contractor, Nashville,
Tenn.
Dean, College of Business Administration, The University of
Tennessee, Knoxville, Tenn.

1982
1983
1984

BRANCH

Bank
Chairman and President, Whitney National Bank of New Orleans,
New Orleans, La.
President, Ben M. Radcliff Contractor, Inc., Mobile, Ala.
Chairman and Chief Executive Officer, First Mississippi National
Bank, Hattiesburg, Miss.
President and Chief Executive Officer, First National Bank,
Lafayette, La.

1982
1982
1983
1984

272

Federal Reserve Bulletin • April 1982

Term
expires

Appointed

by Board of Governors

Sharon A. Perlis3
Leslie B. Lampton 1
Roosevelt Steptoe 3

DISTRICT

Dec. 31

Attorney, Metairie, La.
President, Ergon, Inc., Jackson, Miss.
Chancellor, Southern University, Baton Rouge, La.

1982
1983
1984

President, First National Bank of Logansport, Logansport, Ind.
President, The Citizens National Bank of Charles City,
Charles City, Iowa
Chairman of the Board, Continental Illinois National Bank and
Trust Company of Chicago, Chicago, 111.

1982
1983

Manager of Cattle Division, Garst Company, Coon Rapids, Iowa
Chairman of the Board and Chief Executive Officer, Mortgage
Guaranty Insurance Corp., Milwaukee, Wis.
President, Hunt Truck Lines, Inc., Rockwell City, Iowa

1982
1983

President, Tribune Company, Chicago, 111.
Vice President-Treasurer, Ford Motor Company,
Dearborn, Mich.
Business Manager, Chicago Journeymen Plumbers, Chicago, 111.

1982
1983

7—CHICAGO

Class A
Patrick E. McNarny
O.J. Tomson
Roger E. Anderson

1984

Class B
Mary Garst
Leon T. Kendall
Dennis W. Hunt

1984

Class C
Stanton R. Cook2
John Sagan1
Edward F. Brabec

—DETROIT

Appointed

Thomas R. Ricketts

Appointed

BRANCH

by Federal Reserve

Dean E. Richardson
Lawrence A. Johns
James H. Duncan

by Board of

Russell G. Mawby1
Karl D. Gregory

Robert E. Brewer 3



1984

Bank
Chairman, Manufacturers National Bank of Detroit, Detroit, Mich.
President, Isabella Bank and Trust, Mount Pleasant, Mich.
Chairman and Chief Executive Officer, First American Bank
Corporation, Kalamazoo, Mich.
Chairman and President, Standard Federal Savings and Loan
Association, Troy, Mich.

1982
1983
1984
1984

Governors
President and Trustee, W. K. Kellogg Foundation, Battle Creek,
Mich.
Professor; Management and Economic Consultant, School of
Economics and Management, Oakland University, Rochester,
Mich.
Executive Vice President Finance, K Mart Corporation,
Troy, Mich.

1982
1983

1984

Directors

DISTRICT

8—ST.

of Federal Reserve

Banks and Branches

273

Term
expires
Dec. 31

LOUIS

Class A
Donald L. Hunt
Clarence. C. Barksdale
George M. Ryrie

President, First National Bank of Marissa, Marissa, 111.
Chairman and Chief Executive Officer, Centerre Bank National
Association, St. Louis, Mo.
President, First National Bank & Trust Co., Alton, 111.

1982
1983

President, Clothes Horse, Little Rock, Ark.
President, Dietz Forge Company, Memphis, Tenn.
Consultant, Allis-Chalmers Corporation, Louisville, Ky.

1982
1983
1984

Chairman of the Board, General American Life Insurance Co., St.
Louis, Mo.
Associate Dean, Department of Agriculture, Western Kentucky
University, Bowling Green, Ky.
Chairman of the Board and Chief Executive Officer, Brown Group,
Inc., St. Louis, Mo.

1982

1984

Class B
Mary P. Holt
Frank A. Jones, Jr.
Jesse M. Shaver3

Class C
Armand C. Stalnaker1
William H. Stroube
W.L. Hadley Griffin2-3
—LITTLE

Appointed

ROCK

by Federal Reserve

Gordon E. Parker
Shirley J. Pine

E. Ray Kemp, Jr.

Bank
Chairman and Chief Executive Officer, The Commercial National
Bank of Little Rock, Little Rock, Ark.
Chairman of the Board, National Bank of Commerce of Pine Bluff,
Pine Bluff, Ark.
Chairman of the Board and President, The First National Bank of
El Dorado, El Dorado, Ark.
Department of Communicative Disorders, University of Arkansas at
Little Rock, Little Rock, Ark.

William H. Kennedy, Jr.

by Board of

1984

BRANCH

William H. Bowen

Appointed

1983

1982
1983
1984
1984

Governors

1

Vice Chairman of the Board and Chief Administrative Officer,
Dillard Department Stores, Inc., Little Rock, Ark.
Group Vice President, Wood Products Group, Potlatch
Corporation, Warren, Ark.
Chairman of the Board, President and Chief Executive Officer,

Richard V. Warner
Sheffield Nelson 3

1982
1983
1984

Arkla, Inc., Little Rock, Ark.
—LOUISVILLE

Appointed

BRANCH

by Federal Reserve

Howard Brenner
Frank B. Hower, Jr.
R.I. Kerr, Jr. 3
John E. Darnell, Jr. 3



Bank
Vice Chairman of the Board, Tell City National Bank, Tell City,
Ind.
Chairman and Chief Executive Officer, Liberty National Bank and
Trust Company, Louisville, Ky.
President and Managing Officer, Greater Louisville First Federal
Savings and Loan Association, Louisville, Ky.
Chairman of the Board, President, and Chief Executive Officer,
The Owensboro National Bank, Owensboro, Ky.

1982
1983
1984
1984

274

Federal Reserve Bulletin • April 1982

Term
expires

Appointed

by Board of Governors

James F. Thompson 1
William C. Ballard, Jr. 3

Professor of Economics, Murray State University, Murray, Ky.
Executive Vice President-Finance and Administration, Humana,
Inc., Louisville, Ky.
President, Spalding College, Louisville, Ky.

Sister Eileen M. Egan

—MEMPHIS

Appointed

by Federal Reserve

William M. Matthews, Jr. 3

by Board of

1984

Bank
President, The Farmers Bank & Trust Co., Blytheville, Ark.
President, Memphis Fire Insurance Company, Memphis, Tenn.
Chairman and President, Leader Federal Savings and Loan
Association, Memphis, Tenn.
Chairman of the Board and Chief Executive Officer, Union Planters
National Bank of Memphis, Memphis, Tenn.

1982
1983
1984
1984

Governors

Patricia W. Shaw
Donald B. Weis1
G. Rives Neblett 3

DISTRICT

1982
1983

BRANCH

Earl L. McCarroll
Wayne W. Pyeatt
Edgar H. Bailey3

Appointed

Dec. 31

Executive Vice President, Universal Life Insurance Company,
Memphis, Tenn.
President, Tamak Transportation Corp., West Memphis, Ark.
Attorney, Neblett, Bobo & Chapman, Shelby, Miss.

1982
1983
1984

9—MINNEAPOLIS

Class A
Henry N. Ness
Vera A. Marquardt
Dale W. Fern 3

Senior Vice President, The Fargo National Bank, Fargo, N.D.
President, Commercial National Bank of L'Anse, L'Anse, Mich.
President and Chairman of the Board, The First National Bank of
Baldwin, Wisconsin, Baldwin, Wis.

1982
1983
1984

Chairman, Western Surety Company, Sioux Falls, S.D.
President and Chief Executive Officer, Blandin Paper Company,
Grand Rapids, Minn.
President, Mathers Land Co., Inc., Miles City, Mont.

1982
1983

Administrator, St. Mary's Hospital, Rochester, Minn.
Chairman and Chief Executive Officer, International Multifoods,
Minneapolis, Minn.
President, Macalester College, St. Paul, Minn.

1982
1984

Class B
Joe F. Kirby
Harold F. Zigmund
William L. Mathers 3

1984

Class C
Sister Generose Gervais
William G. Phillips1
John B. Davis, Jr. 2 3




1984

Directors

of Federal Reserve

Banks and Branches

275

Term
expires
—HELENA

Appointed

BRANCH

by Federal Reserve

Jase O. Norsworthy
Harry W. Newlon
Roger H. Ulrich
Appointed

by Board of

1982
1982
1983

Governors

Gene J. Etchart 3

10—KANSAS

Bank
President, The N.R.G. Company, Billings, Mont.
President, First National Bank, Bozeman, Mont.
President, The First State Bank of Malta, Malta, Mont.

Ernest B. Corrick1

DISTRICT

Dec. 31

Vice President and General Manager, Champion International
Corporation, Timberlands—Rocky Mountain Operation,
Missoula, Mont.
Past President, Hinsdale Livestock Co., Glasgow, Mont.

1982

President, The Peoples Bank, Pratt, Kans.
President, Council Grove National Bank, Council Grove, Kans.
Chairman and Chief Executive Officer, The Omaha National Bank,
Omaha, Nebr.

1982
1983
1984

President and Chairman of the Board, Gates Rubber Company,
Denver, Colo.
President and Chief Executive Officer, Oklahoma Gas and Electric
Co., Oklahoma City, Okla.
President, Kansas State University, Manhattan, Kans.

1982

Chairman, United Telecommunications, Inc., Kansas City, Mo.
President and Chief Executive Officer, Farmland Industries, Inc.,
Kansas City, Mo.
Professor of Economics; Director of Public Affairs Program,
University of Denver, Denver, Colo.

1982
1983

1983

CITY

Class A
Howard K. Loomis
Wayne D. Angell
John D. Woods

Class B
Charles C. Gates
James G. Harlow, Jr.
Duane Acker3

1983
1984

Class C
Paul H. Henson 1
John F. Anderson
Doris M. Drury 2

—DENVER

Appointed

BRANCH

by Federal Reserve

Delano E. Scott
George S. Jenks
Kenneth C. Naramore
Donald D. Hoffman 3




1984

Bank
President and Chairman, The Routt County National Bank of
Steamboat Springs, Steamboat Springs, Colo.
Chairman and Chief Executive Officer, Albuquerque National
Bank, Albuquerque, N. Mex.
President, Stockmen's Bank & Trust Company, Gillette, Wyo.
Chairman, Central Bank of Denver, Denver, Colo.

1982
1982
1983
1984

276

Federal Reserve Bulletin • April 1982

Term
expires

Appointed

by Board of Governors

Alvin F. Grospiron
Caleb B. Hurtt 1

Denver, Colo.
President, Denver Aerospace; Vice President, Martin Marietta
Corporation, Denver, Colo.
President and Chief Executive Officer, J.N. Inc., Cody, Wyo.

James E. Nielson3

—OKLAHOMA

Appointed

CITY

by Federal Reserve

Marcus R. Tower

William H. Crawford 3

by Board of

Appointed

Joseph J. Huckfeldt
William W. Cook, Jr.

Appointed

by Board of

Robert G. Lueder 1
Gretchen S. Velde

DISTRICT

Bank

Chairman of the Board, Noble Affiliates, Inc., Ardmore, Okla.
Oklahoma City, Okla.

1982
1982
1983

1982
1983

BRANCH

by Federal Reserve

Donald J. Murphy

1984

Governors

Samuel R. Noble
Christine H. Anthony 1

—OMAHA

1982
1983

BRANCH

Vice Chairman of the Board, Chairman of the Credit Policy
Committee, Bank of Oklahoma, Tulsa, Okla.
Chairman and Chief Executive Officer, Central National Bank and
Trust Company, Enid, Okla.
President and Chief Executive Officer, First National Bank and
Trust Company, Frederick, Okla.

W.L. Stephenson, Jr.

Appointed

Dec. 31

Bank
Chairman and Chief Executive Officer, United States National
Bank of Omaha, Omaha, Nebr.
President, Gering National Bank and Trust Company, Gering,
Nebr.
President, Beatrice National Bank and Trust Company, Beatrice,
Nebr.

1982
1983
1983

Governors
President, Lueder Construction Company, Omaha, Nebr.
Chairman of the Board, Swanson Enterprises, Omaha, Nebr.

1982
1983

President and Chief Executive Officer, First National Bank in
Valley Mills, Valley Mills, Tex.
Chairman of the Board & President, The First National Bank of
Bellville, Bellville, Tex.
Chairman of the Board and Chief Executive Officer, Texas
American Bancshares Inc., Ft. Worth, Tex.

1982

11—DALLAS

Class A
John P. Gilliam
Miles D. Wilson
Lewis H. Bond



1983
1984

Directors

Class

Banks and Branches

277

Term
expires
Dec. 31

B
President, Texas Industries, Inc., Dallas, Tex.
Associate Dean, Hankamer School of Business, Baylor University,
Waco, Tex.
Charles C. Thompson Professor of Agricultural Finance and
Associate Dean, College of Agricultural Sciences, Texas Tech
University, Lubbock, Tex.

Robert D. Rogers
Kent Gilbreath
J. Wayland Bennett

Class

of Federal Reserve

1982
1983
1984

C
Chairman of the Board and Chief Executive Officer, Scarbroughs
Stores, Austin, Tex.
Chairman of the Board, Dresser Industries, Inc., Dallas, Tex.
Owner, Gerald D. Hines Interests, Houston, Tex.

Margaret S. Wilson
John V. James 2
Gerald D. Hines 1

—EL PASO

Appointed

by Federal Reserve

Gerald W. Thomas 3

Shareholder, Losee, Carson, & Dickerson Professional Association,
Artesia, N. Mex.
C. J. Kesey Enterprises, Pecos, Tex.
Associate Superintendent, El Paso Independent School District,
El Paso, Tex.

Chester J. Kesey 1
Mary Carmen Saucedo 3

Appointed

Raymond L. Britton
Ralph E. David
Thomas B. McDade 3
Appointed

by Board of

Jerome L. Howard

1

Paul N. Howell1
George V. Smith, Sr.



1983
1984
1984

1982
1983
1984

BRANCH

by Federal Reserve

Will E. Wilson

1982

Governors

A. J. Losee 1

—HOUSTON

Bank
Chairman of the Board and President, First International Bank in
El Paso, N.A., El Paso, Tex.
President, Mimbres Valley Bank, Deming, N. Mex.
Chairman of the Executive Committee, The First National Bank of
Odessa, Odessa, Tex.
President, New Mexico State University, Las Cruces, N. Mex.

Claude E. Leyendecker
Ernest M. Schur

by Board of

1983
1984

BRANCH

Stanley J. Jarmiolowski

Appointed

1982

Bank
Chairman of the Board and Chief Executive Officer, First Security
Bank of Beaumont, N.A., Beaumont, Tex.
Labor Arbitrator and Professor of Law, University of Houston,
Houston, Tex.
President, First Freeport National Bank, Freeport, Tex.
Vice Chairman, Texas Commerce Bancshares, Inc., Houston, Tex.

1982
1983
1984
1984

Governors
Chairman of the Board and Chief Executive Officer, Mortgage &
Trust, Inc., Houston, Tex.
Chairman of the Board and President, Howell Corporation,
Houston, Tex.
President, Smith Pipe & Supply, Inc., Houston, Tex.

1982
1983
1984

278

Federal Reserve Bulletin • April 1982

Term
expires
—SAN ANTONIO

Appointed

by Federal Reserve

George Brannies

Charles E. Cheever, Jr.
Joe D. Barbee 3

by Board of

Owner, Legan Properties, San Antonio, Tex.
Professor of Banking and Finance, The University of Texas at
Austin, Austin, Tex.
Zuniga Freight Services, Inc., Laredo, Tex.

Carlos A. Zuniga
12—SAN

1982
1983
1984
1984

Governors

Pat Legan1
Lawrence L. Crum1

DISTRICT

Dec. 31

Bank
Chairman of the Board and President, The Mason National Bank,
Mason, Tex.
President and Chief Executive Officer, Corpus Christi National
Bank, Corpus Christi, Tex.
President, Broadway National Bank, San Antonio, Tex.
President and Chief Executive Officer, Barbee-Neuhaus Implement
Company, Weslaco, Tex.

John H. Garner

Appointed

BRANCH

1982
1983
1984

FRANCISCO

Class A
Frederick G. Larkin, Jr.
Ole R. Mettler
Robert A. Young

Chairman of the Executive Committee, Security Pacific National
Bank, Los Angeles, Calif.
President and Chairman, Farmers & Merchants Bank of Central
California, Lodi, Calif.
Chairman and President, Northwest National Bank, Vancouver,
Wash.

1982

Chairman of the Board, C. L. Peck Contractor, Los Angeles, Calif.
Senior Member, Richards, Watson, Dreyfuss & Gershon,
Los Angeles, Calif.
President and CEO, Weyerhauser Company, Tacoma, Wash.

1982
1983

Chairman of the Board, Caroline Leonetti, Ltd., Hollywood, Calif.
President, Southern Pacific Company, San Francisco, Calif.
President and Chief Executive Officer, Superior Farming Company,
Bakersfield, Calif.

1982
1984
1983

1983
1984

Class B
Clair L. Peck, Jr.
J.R. Vaughan
George H. Weyerhauser 3

1984

Class C
Caroline Leonetti Ahmanson 1
Alan C. Furth 2
Fred W. Andrew

—Los
Appointed

ANGELES

by Federal Reserve

Bram Goldsmith
William L. Tooley3
James D. McMahon
Robert R. Dockson 3



BRANCH

Bank
Chairman of the Board, City National Bank, Beverly Hills, Calif.
Managing Partner, Tooley and Company Investment Builders,
Los Angeles, Calif.
President, Santa Clarita National Bank, Valencia, Calif.
Chairman and Chief Executive Officer, California Federal Savings,
Los Angeles, Calif.

1982
1982
1983
1984

Directors

of Federal Reserve

Banks and Branches

279

Term
expires

Appointed

by Board of Governors

Togo W. Tanaka
Lola M. McAlpin-Grant
Bruce M. Schwaegler3
—PORTLAND

Appointed

President, Gramercy Enterprises, Los Angeles, Calif.
Assistant Dean, Loyola Law School, Los Angeles, Calif.
President, Bullock's-Bullocks Wilshire, Los Angeles, Calif.

by Federal Reserve

John A. Elorriaga3

Former Northwest Regional Executive, National Wildlife
Federation, Portland, Oreg.
Chairman and President, Willamina Lumber Company, Portland,
Oreg.
Executive Vice President and Treasurer, Liberty Communications,
Inc., Eugene, Oreg.

John C. Hampton 1
Carolyn S. Chambers 3

Appointed

LAKE

CITY

by Federal Reserve

Fred H. Stringham
Albert C. Gianoli

Lela M. Ence 3

by Board of

Appointed

Lonnie G. Bailey
John N. Nordstrom 3
G. Robert Truex, Jr. 3



1982
1983
1984

Bank

Geothermal Agri/Aquaculturist, White Arrow Ranch, Bliss, Idaho
President, The Terteling Company, Inc., Boise, Idaho
Publisher, Deseret News, Salt Lake City, Utah

1982
1983
1984
1984

1982
1983
1984

BRANCH

by Federal Reserve

Donald L. Mellish

1984

Governors

Robert A. Erkins
J.L. Terteling
Wendell J. Ashton 1
—SEATTLE

1983
1984

BRANCH

President, Valley Bank and Trust Company, South Salt Lake, Utah
President and Chairman of the Board, First National Bank of Ely,
Ely, Nev.
Chairman, President, and Chief Executive Officer, First Security
Corporation, Salt Lake City, Utah
Executive Director, University of Utah Alumni Association, Salt
Lake City, Utah

Spencer F. Eccles

Appointed

1982

Governors

Phillip W. Schneider

—SALT

Bank
President and Chief Executive Officer, Tri-County Banking
Company, Junction City, Oreg.
Vice President, Norcrest China Company, Portland, Oreg.
President and Chief Executive Officer, The First National Bank of
North Idaho, Coeur d'Alene, Idaho
Chairman of the Board and Chief Executive Officer, United States
National Bank of Oregon, Portland, Oreg.

William S. Naito
Jack W. Gustavel

by Board of

1982
1983
1984

BRANCH

Herman C. Bradley, Jr.

Appointed

Dec. 31

Bank
Chairman of the Board, National Bank of Alaska, Anchorage,
Alaska
Chief Executive Officer and Executive Vice President, Farmers &
Merchants Bank of Rockford, Spokane, Wash.
Co-Chairman of the Board, Nordstrom Inc., Seattle, Wash.
Chairman, Ranier Bancorporation and Ranier N.B., Seattle, Wash.

1982
1983
1984
1984

280

Federal Reserve Bulletin • April 1982

Term
expires

Appointed

by Board of Governors

Merle D. Adlum
Virginia L. Parks
John W. Ellis3




President, Puget Sound District Council, Maritime Trades
Department, AFL/CIO, Seattle, Wash.
Vice President for Finance and Treasurer, Seattle University,
Seattle, Wash.
President and Chief Executive Officer, Puget Sound Power & Light
Company, Bellevue, Wash.

Dec. 31
1982
1983
1984

A1

Financial and Business Statistics
CONTENTS

Domestic

WEEKLY REPORTING

Financial

Statistics

A3 Monetary aggregates and interest rates
A4 Reserves of depository institutions, reserve,
bank credit
A5 Reserves and borrowings of depository
institutions
A6 Federal funds and repurchase agreements of
large member banks

BANKS

Assets and liabilities
A18 All reporting banks
A19 Banks with assets of $1 billion or more
A20 Banks in New York City
A21 Balance sheet memoranda
ALL Branches and agencies of foreign banks
A23 Commercial and industrial loans
A24 Gross demand deposits of individuals,
partnerships, and corporations

FINANCIAL
POLICY

COMMERCIAL

MARKETS

INSTRUMENTS

A7 Federal Reserve Bank interest rates
A8 Depository institutions reserve requirements
A9 Maximum interest rates payable on time and
savings deposits at federally insured institutions
A10 Federal Reserve open market transactions

FEDERAL RESERVE

BANKS

A l l Condition and Federal Reserve note statements
A12 Maturity distribution of loan and security
holdings

MONETARY

AND CREDIT

AGGREGATES

A12 Bank debits and deposit turnover
A13 Money stock measures and components
A14 Aggregate reserves of depository institutions
and monetary base
A15 Loans and securities of all commercial banks

COMMERCIAL

BANKS

A16 Major nondeposit funds
A17 Assets and liabilities, last Wednesday-of-month
series




A25 Commercial paper and bankers dollar
acceptances outstanding
A26 Prime rate charged by banks on short-term
business loans
A26 Terms of lending at commercial banks
All Interest rates in money and capital markets
A28 Stock market—Selected statistics
A29 Selected financial institutions—Selected assets
and liabilities

FEDERAL

A30
A31
A32
A32

FINANCE

Federal fiscal and financing operations
U.S. budget receipts and outlay
Federal debt subject to statutory limitation
Gross public debt of U.S. Treasury—Types and
ownership
A33 U.S. government marketable securities—
Ownership, by maturity
A34 U.S. government securities dealers—
Transactions, positions, and financing
A35 Federal and federally sponsored credit
agencies—Debt outstanding

2

Federal Reserve Bulletin • April 1982

SECURITIES MARKETS
AND
CORPORATE
FINANCE

A36 New security issues—State and local
governments and corporations
A37 Open-end investment companies—Net sales and
asset position
A37 Corporate profits and their distribution
A38 Nonfinancial corporations—Assets and
liabilities
A38 Total nonfarm business expenditures on new
plant and equipment
A39 Domestic finance companies—Assets and
liabilities; business credit

REAL

ESTATE

A55 Foreign official assets held at Federal Reserve
Banks
A56 Foreign branches of U.S. banks—Balance sheet
data
A58 Selected U.S. liabilities to foreign official
institutions

REPORTED

BY BANKS

IN THE UNITED

STATES

A58
A59
A61
A62

Liabilities to and claims on foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
A62 Banks' own claims on unaffiliated foreigners
A63 Claims on foreign countries—Combined
domestic offices and foreign branches

A40 Mortgage markets
A41 Mortgage debt outstanding
REPORTED BY NONBANKING
ENTERPRISES IN THE UNITED
CONSUMER

INSTALLMENT

CREDIT

A42 Total outstanding and net change
A43 Extension and liquidations

A64 Liabilities to unaffiliated foreigners
A65 Claims on unaffiliated foreigners

SECURITIES
FLOW OF

HOLDINGS

AND

TRANSACTIONS

FUNDS

A44 Funds raised in U.S. credit markets
A45 Direct and indirect sources of funds to credit
markets

A66 Foreign transactions in securities
A67 Marketable U.S. Treasury bonds and notes—
Foreign holdings and transactions

INTEREST AND EXCHANGE

Domestic

BUSINESS
STATES

Nonfinancial

A46 Nonfinancial business activity—Selected
measures
A46 Output, capacity, and capacity utilization
A47 Labor force, employment, and unemployment
A48 Industrial production—Indexes and gross value
A50 Housing and construction
A51 Consumer and producer prices
A52 Gross national product and income
A53 Personal income and saving

A67 Discount rates of foreign central banks
A68 Foreign short-term interest rates
A68 Foreign exchange rates

A69 Guide to Tabular
Presentation,
Statistical Releases, and Special
Tables
Special

International

Statistics

A54 U.S. international transactions—Summary
A55 U.S. foreign trade
A55 U.S. reserve assets




RATES

Statistics

Tables

A71 Survey of time and savings deposits at
commercial banks, October 28, 1981, and
January 27, 1982
All Commercial bank assets and liabilities,
December 31, 1981
A78 Assets and liabilities of U.S. branches and
agencies of foreign banks, December 31, 1981

Domestic Financial Statistics
1.10

A3

MONETARY AGGREGATES AND INTEREST RATES
1982

1981

1981
Item
Q1

Q2

Q4

Q3

Nov.

Oct.

Dec.

Jan.

Feb.

Monetary and credit aggregates
(annual rates of change, seasonally adjusted in percent) 1

1
2
3
4

Reserves of depository institutions
Total
Required
Nonborrowed
Monetary base 2

5.5
6.4
10.7
5.2

4.2
5.0
-2.4
5.8

4.0
3.1
7.9
4.3

3.2
3.5
10.5
3.9

-5.8
-1.7
2.5
.7

1.0
-1.1
17.0
3.3

11.3
12.1
12.3
11.3

22.2
19.4
-4.0
11.6

-10.2
-6.9
-18.8
3.4

5
6
7
8

Concepts of money and liquid assets3
Ml
M2
M3
L

4.6
7.5
11.2
11.6

9.2
12.0
12.2
10.6

.3
8.3
11.2
11.9

5.7
8.8
9.2
10.6

4.7
7.6
7.3
10.3

9.7
13.7
13.1
13.3r

12.4
8.4
7.3
6.8

21.0
12.2r
8.8
n.a.

-3.7
4.3
5.8
n.a.

16.0
-28.3
28.5
34.3
4.0

11.9
-8.9
16.2
19.9
3.2

18.4
-22.7
24.3
36.0
2.6

8.3
-11.9
20.8
5.4
2.7

6.2
-16.8
22.2
.4
5.1

6.9
8.5
17.4
-5.2
4.2

1.6
4.6
-.3
2.2
1.3

5.0 r
14.5
4.4 r
1.1
1.1

11.0

11.3

8.4

8.7

3.7

5.6

3.3

-9.2r

4.3

10.5

Time and savings deposits
Commercial banks
9
Total
10 Savings4
11 Small-denomination time 5
12 Large-denomination time 6
13 Thrift institutions 7
14 Total loans and securities at commercial banks 8

1982

1981
Q2

Q4

Q3

Q1

1982

1981
Nov.

.8
16.1
10.4
5.2

Dec.

Jan.

Feb.

Mar.

Interest rates (levels, percent per annum)

15
16
17
18

Short-term rates
Federal funds 9
Discount window borrowing 10
Treasury bills (3-month market yield)"
Commercial paper (3-month) 11 12

Long-term rates
Bonds
19 U.S. government 13
20
State and local government 14
21 Aaa utility (new issue)15
22 Conventional mortgages 16

17.78
13.62
14.91
16.15

17.58
14.00
15.05
16.78

13.59
13.04
11.75
13.04

14.23
12.00
12.81
13.81

13.31
13.03
10.86
12.16

12.37
12.10
10.85
12.12

13.22
12.00
12.28
13.09

14.78
12.00
13.48
14.53

14.68
12.00
12.68
13.80

13.49
10.69
15.41
16.15

14.51
12.11
16.82
17.50

14.14
12.54
15.67
17.33

14.27
13.02
15.67
n.a.

13.56
11.89
15.56
16.95

13.73
12.91
15.20
17.00

14.57
13.28
15.68
17.30

14.48
12.97
15.93
17.20

13.75
12.82
15.26
n.a.

1. Unless otherwise noted, rates of change are calculated from average amounts
outstanding in preceding month or quarter.
2. Includes reserve balances at Federal Reserve Banks in the current week plus
vault cash held two weeks earlier used to satisfy reserve requirements at all depository institutions plus currency outside the U.S. Treasury, Federal Reserve Banks,
the vaults of depository institutions, and surplus vault cash at depository institutions.
3. Ml: Averages of daily figures for (1) currency outside the Treasury, Federal
Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due
to domestic banks, the U.S. government, and foreign banks and official institutions
less cash items in the process of collection and Federal Reserve float; and (4)
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at banks and thrift institutions, credit union share draft (CUSD) accounts,
and demand deposits at mutual savings banks.
M2: Ml plus savings and small-denomination time deposits at all depository
institutions, overnight repurchase agreements at commercial banks, overnight Eurodollars held by U.S. residents other than banks at Caribbean branches of member
banks, and balances of money market mutual funds (general purpose and broker/
dealer).
M3: M2 plus large-denomination time deposits at all depository institutions and
term RPs at commercial banks and savings and loan associations and balances of
institution-only money market mutual funds.




L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents
other than banks, bankers acceptances, commercial paper, Treasury bills and other
liquid Treasury securities, and U.S. savings bonds.
4. Savings deposits exclude NOW and ATS accounts at commercial banks and
thrifts and CUSD accounts at credit unions.
5. Small-denomination time deposits—including retail RPs—are those issued in
amounts of less than $100,000.
6. Large-denomination time deposits are those issued in amounts of $100,000 or
more.
7. Savings and loan associations, mutual savings banks, and credit
8. Changes calculated from figures shown in table 1.23. December 1981 and 1981
Q4 rates reflect shifts of foreign loans and securities from U.S. banking offices to
international banking facilities.
9. Averages of daily effective rates (average of the rates on a given date weighted
by the volume of transactions at those rates).
10. Rate for the Federal Reserve Bank of New York.
11. Quoted on a bank-discount basis.
12. Unweighted average of offering rates quoted by at least five dealers.
13. Market yields adjusted to a 20-year maturity by the U.S. Treasury.
14. Bond Buyer series for 20 issues of mixed quality.
15. Weighted averages of new publicly offered bonds rated Aaa, Aa, and A by
Moody's Investors Service and adjusted to an Aaa basis. Federal Reserve compilations.
16. Average rates on new commitments for conventional first mortgages on new
homes in primary markets, unweighted and rounded to nearest 5 basis points, from
Dept. of Housing and Urban Development.

A4
1.11

DomesticNonfinancialStatistics • April 1982
RESERVES OF DEPOSITORY INSTITUTIONS, RESERVE BANK CREDIT
Millions of dollars
Monthly averages of
daily figures

Weekly averages of daily figures for week ending

1982

1982

Jan.

Feb.?

Mar. p

Feb. 17

Feb. 24

Mar. 3

Mar. 10

Mar. 17

Mar. 24 p

Mar. 31 p

SUPPLYING RESERVE FUNDS

1 Reserve Bank credit outstanding
2
3
4
5
6
7
8
9
10
11

U.S. government securities1
Bought outright
Held under repurchase agreements
Federal agency securities
Bought outright
Held under repurchase agreements
Acceptances
Loans
Float
Other Federal Reserve assets

12 Gold stock
13 Special drawing rights certificate account...
14 Treasury currency outstanding

152,297

150,554

146,815

151,034

151,376

149,254

144,961

146,815

147,259

146,400

127,473
126,112
1,361
9,184
9,084
100
156
1,526
4,485
9,473

126,948
125,599
1,349
9,102
9,044
58
165
1,713
3,292
9,334

124,600
124,303
297
9,035
9,017
18
47
1,611
2,420
9,102

127,542
125,197
2,345
9,141
9,046
95
396
1,908
2.427
9,622

127,471
126,697
774
9,083
9,040
43
55
1,902
4,043
8,822

126.138
125,899
239
9,046
9,027
19
33
1,562
3,137
9,339

122,473
122,067
406
9,060
9,024
36
50
1,446
3,138
8,794

125,074
124,631
443
9,028
9,013
15
55
1,462
2,189
9,009

125,383
125,383
0
9,013
9,013
0
0
1,654
2,096
9,113

124,426
124,198
228
9,025
9,013
12
70
1,653
2,055
9,172

11,151
3,318
13,777

11,151
3,559
13,801

11,150
3,568
13,723

11,151
3,568
13,710

11,150
3,568
13,710

11,150
3,568
13,714

11,150
3,568
13,717

11,150
3,568
13,720

11,150
3,568
13,727

11,150
3,568
13,729

142,207
448

140,622
465

140,951
474

141,189
465

140,464
470

139,980
470

140,809
471

141,326
472

141,058
475

140,902
481

4,713
389
538

5,506
304
472

3,312
280
560

4,568
321
489

6,693
276
431

3,928
344
973

3,630
253
382

3,074
287
488

3,329
286
448

3,097
284
416

ABSORBING RESERVE FUNDS

15 Currency in circulation
16 Treasury cash holdings
Deposits, other than reserves, with Federal
Reserve Banks
17 Treasury
18 Foreign
19 Other
20
Required clearing balances
21 Other Federal Reserve liabilities and
capital
22 Reserve accounts 2

127

139

156

147

151

157

165

156

160

167

5,401
26,721

5,396
26,161

5,121
24,401

5,467
26,821

5,206
26,112

5,787
26,048

5,065
22,622

5,090
24,360

5,050
24,899

5,134
24,367

End-of-month figures

Wednesday figures

1982

1982
Feb. 17

Feb. 24

Mar. 3

Mar. 10

Mar. 17

Mar. 24

Feb.

Mar.

151,560

147,618

148,729

155,143

148,050

153,146

148,518

150,492

148,483

148,729

128,230
124,967
3,263
9,192
9,058
134
597
2,217
1,635
9,689

125,410
125,410
0
9,026
9,026
0
0
1,180
2,959
9,043

125,589
123,992
1,597
9,095
9,013
82
488
2,646
1,882
9,029

130,353
126,025
4,328
9,218
9,046
172
453
1,505
4,789
8,825

126,250
126,250
0
9,031
9,031
0
0
1,414
2,400
8,955

127,420
125,752
1,668
9,161
9,026
135
231
4,620
2,810
8,904

124,141
121,302
2,839
9,265
9,013
252
353
3,650
2,166
8,943

126,939
126,326
613
9,034
9,013
21
143
1,959
3,259
9,158

125,407
125,407
0
9,013
9,013
0
0
1,777
3,088
9,198

125,589
123,992
1,597
9,095
9,013
82
488
2,646
1,882
9,029

11,151
3,318
14,523

11,150
3,568
14,579

11,150
3.568
13.734

11,151
3,568
13,710

11,150
3,568
13,710

11,150
3,568
13,717

11,150
3,568
13,717

11,150
3,568
13,723

11,150
3,568
13,728

11,150
3,568
13,734

140,475
462

140,525
470

141,673
484

141,492
464

140,407
471

140,556
472

141,547
470

141,575
472

141,198
479

141,673
484

8,285
333
393
135

3,835
416
414
139

2,866
421
425
167

5,541
271
509
139

5,143
264
350
141

3,594
248
367
142

2,932
305
371
146

4,172
219
526
155

2,408
302
400
160

2,866
421
425
167

5,539
24,931

6,291
24,825

4,955
26,190

5,488
29,668

4,938
24,764

5,024
31,179

5,081
26,101

4,950
26,864

4,841
27,141

4,955
26,190

Jan.

Mar. 31

SUPPLYING RESERVE FUNDS

23 Reserve Bank credit outstanding
24
25
26
27
28
29
30
31
32
33

1

U.S. government securities
Bought outright
Held under repurchase agreements
Federal agency securities
Bought outright
Held under repurchase agreements
Acceptances
Loans
Float
Other Federal Reserve assets

34 Gold stock
35 Special drawing rights certificate account...
36 Treasury currency outstanding
ABSORBING RESERVE FUNDS

37 Currency in circulation
38 Treasury cash holdings
Deposits, other than reserves, with Federal
Reserve Banks
39 Treasury
40
Foreign
41
Other
42 Required clearing balances
43 Other Federal Reserve liabilities and
capital
44 Reserve accounts 2

1. Includes securities loaned—fully guaranteed by U.S. government securities
pledged with Federal Reserve Banks—and excludes (if any) securities sold and
scheduled to be bought back under matched sale-purchase transactions.




2. Excludes required clearing balances,
NOTE. For amounts of currency and coin held as reserves, see table 1.12.

Depository Institutions
1.12

RESERVES AND BORROWINGS

A5

Depository Institutions

Millions of dollars
Monthly averages of daily figures
Reserve classification
1980
Dec.
1 Reserve balances with Reserve Banks 1
2 Total vault cash (estimated)
3 Vault cash at institutions with required
reserve balances 2
4
Vault cash equal to required reserves at
other institutions
5 Surplus vault cash at other institutions 3 ..
6 Reserve balances + total vault cash4
7 Reserve balances + total vault cash used
to satisfy reserve requirements 4,5
8 Required reserves (estimated)
9 Excess reserve balances at Reserve Banks4 6 .
10 Total borrowings at Reserve Banks
11
Seasonal borrowings at Reserve Banks
12
Extended credit at Reserve Banks ,

1981
July

Aug.

Sept.

1982
Nov.

Oct.

Dec.

Jan.

Feb.?

Mar.P

26,664
18,149

27,111
18,273

27,000
18,435

25,499
18,925

25,690
18,810

25,892
18,844

26,163
19,538

26,721
20,284

26,161
19,254

24,401
18,758

12,602

12,443

12,549

13,041

12,924

12,986

13,577

14,199

13,117

12,617

704
4,843
44,940

1,457
4,373
45,384

1,477
4,409
45,435

2,053
3,831
44,424

2,097
3,789
44,500

2,073
3,785
44,736

2,178
3,783
45,701

2,290
3,795
47,005

2,187
3,950
45,425

2,367
3,774
43,164

40,097
40,067
30
1,617
116
n.a.

41,011
40,667
344
1,751
248
n.a.

41,026
40,731
295
1,408
220
79

40,593
40,177
416
1,473
222
301

40,711
40,433
278
1,149
152
442

40,951
40,604
347
695
79
178

41,918
41,606
312
642
53
149

43,210
42,785
425
1,526
75
197

41,475
40,992
483
1,713
132
232

39,390
38,879
511
1,611
174
309

Mar. 24?

Mar. 31?

Weekly averages of daily figures for week ending:
1982
Jan. 27
13 Reserve balances with Reserve Banks 1
14 Total vault cash (estimated)
15 Vault cash at institutions with required
reserve balances 2
16 Vault cash equal to required reserves at
other institutions
17 Surplus vault cash at other institutions 3 ..
18 Reserve balances + total vault cash4
19 Reserve balances + total vault cash used
to satisfy reserve requirements 4,5
20 Required reserves (estimated)
21 Excess reserve balances at Reserve Banks 4,6 .
22
Total borrowings at Reserve Banks
23
Seasonal borrowings at Reserve Banks
24
Extended credit at Reserve Banks

Feb. 3

Feb. 10

Feb. 24

Mar. 3

Mar. 10

Mar. 17

26,078
21,009

26,443
20,449

24,694
20,062

26,821
19,220

26,112
18,155

26,048
18,908

22,622
19,936

24,360
18,796

24,899
17,647

24,367
18,573

14,505

14,055

13,609

12,930

12,462

12,785

13,250

12,560

12,189

12,722

2,318
4,186
47,087

2,286
4,108
46,892

2,346
4,107
44,756

2,255
4,035
46,041

2,089
3,604
44,267

2,222
3,901
44,956

2,591
4,095
42,558

2,354
3,882
43,156

2,037
3,421
42,549

2,198
3,653
42,943

42,901
42,704
197
2,469
96
199

42,784
42,300
484
1,851
110
212

40,649
40,532
117
1,662
114
225

42,006
41,438
568
1,908
134
227

40,663
40,660
3
1,902
146
222

41,055
40,542
513
1,562
147
288

38,463
38,156
307
1,446
151
306

39,274
38,937
337
1,462
187
301

39,128
38,865
263
1,654
173
311

39,290
38,846
444
1,653
200
324

1. As of Aug. 13, 1981 excludes required clearing balances of all depository
institutions.
2. Before Nov. 13, 1980, the figures shown reflect only the vault cash held by
member banks.
3. Total vault cash at institutions without required reserve balances less vault
cash equal to their required reserves.
4. Adjusted to include waivers of penalties for reserve deficiencies in accordance
with Board policy, effective Nov. 19, 1975, of permitting transitional relief on a
graduated basis over a 24-month period when a nonmemoer bank merged into an




Feb. 17

existing member bank, or when a nonmember bank joins the Federal Reserve
System. For weeks for which figures are preliminary, figures by class of bank do
not add to total because adjusted data by class are not available.
5. Reserve balances with Federal Reserve Banks which exclude required clearing
balances plus vault cash at institutions with required reserve balances plus vault
cash equal to required reserves at other institutions.
6. Reserve balances with Federal Reserve Banks which exclude required clearing
balances plus vault cash used to satisfy reserve requirements less required reserves.
(This measure of excess reserves is comparable to the old excess reserve concept
published historically.)

A6
1.13

DomesticNonfinancialStatistics • April 1982
FEDERAL FUNDS AND REPURCHASE AGREEMENTS

Large Member Banks1

Averages of daily figures, in millions of dollars
1982 week ending Wednesday
By maturity and source
Feb. 3 r

Feb. 10'

Feb. 17 r

Feb. 24 r

Mar. 3

Mar. 10

Mar. 17

Mar. 24

Mar. 31

One day and continuing contract
1 Commercial banks in United States
2 Other depository institutions, foreign banks and foreign
official institutions, and U.S. government agencies .
3 Nonbank securities dealers
4 All other

53,711

57,156

56.221

52,870

55,596

60,985

58,812

54,579

52,610

16,495
4,207
21,766

17,300
4,104
21,135

19,282
4,114
20,338

19,211
4,026
21,992

17,934
3,802
21,860

18,620
3,241
22,256

20,379
3,718
22,767

20,440
4,266
22,184

19,958
3,938
23,221

All other maturities
5 Commercial banks in United States
6 Other depository institutions, foreign banks and foreign
official institutions, and U.S. government agencies .
7 Nonbank securities dealers
8 All other

3,744

3,873

4,908

4,062

4,296

4,216

4,048

4,190

4,167

7,445
4,177
8,926

7,591
4,022
8,761

7,550
4,562
10,526

7,529
3,739
9,238

7,581
4,066
8,934

7,645
4,108
9,525

7,735
3,726
9,058

8,000
3,741
9,203

8,141
3,783
9,404

MEMO: Federal funds and resale agreement loans in maturities of one day or continuing contract
9 Commercial banks in United States
10 Nonbank securities dealers

18,477
3,438

19,070
3,318

19,739
2,959

18,974
3,861

20,109
3,786

21,739
4,361

21,082
4,035

18,935
4,506

17,138
4,449

1. Banks with assets of $1 billion or more as of Dec. 31, 1977.




Policy Instruments
1.14

A7

FEDERAL RESERVE BANK INTEREST RATES
Percent per annum
Current and previous levels
Extended credit 1
Short-term adjustment credit
and seasonal credit

Federal Reserve
Bank

First 60 days
of borrowing

Next 90 days
of borrowing

After 150 days
Effective date
for current rates

Rate on
3/31/82

Effective
date

Previous
rate

Rate on
3/31/82

Previous
rate

Rate on
3/31/82

Previous
rate

Rate on
3/31/82

Previous
rate

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta

12
12
12
12
12
12

12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81

13
13
13
13
13
13

12
12
12
12
12
12

13
13
13
13
13
13

13
13
13
13
13
13

14
14
14
14
14
14

14
14
14
14
14
14

15
15
15
15
15
15

12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81

Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco....

12
12
12
12
12
12

12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81

13
13
13
13
13
13

12
12
12
12
12
12

13
13
13
13
13
13

13
13
13
13
13
13

14
14
14
14
14
14

14
14
14
14
14
14

15
15
15
15
15
15

12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81

Range of rates in recent years 2

Effective date

In effect Dec. 31, 1972.
1973— Jan. 15
Feb. 26
Mar. 2
Apr. 23
May 4
11
18
June 11
15
July
2
Aug. 14
23
1974— Apr. 25
30
Dec. 9
16
1975— Jan.

6
10
24
Feb. 5
7
Mar. 10
14
May 16
23

Range (or
level)—
All F.R.
Banks

F.R.
Bank
of
N.Y.

41/2
5
5-5 V5
5Vi
5V£-53/4

4Vi
5
5Vi
51/2
5Vi

1976— Jan.

5 3 /4

53/4

53/4-6
6

6
6
6 Vi

6-6V2

6'/2

6>/2

7
7-71/2
7Vz

7
IVi
7 Vi

7V5-8

8

7 3 /4-8

73/4
73/4

71/4-7 3 /4

73/4
71/4

12-13
13
12-13
12
11-12
11
10-11
10
11
12
12-13
13

13
13
13
12
11
11
10
10
11
12
13
13

1981— May
May
Nov.
Nov
Dec.

13-14
14
13-14
13
12

14
14
13
13
12

12

12

1979— Sept. 19
21
Oct. 8
10

1977— Aug. 30,
31.
Sept. 2.
Oct. 26,

5V4-53/4
51/4-53/4
53/4
6

5V4
53/4
53/4
6

1978— Jan.

9.

20,

May 11.
July
July
Aug.
Sept.
Oct.
Nov.

6-6V1

6 VL
6Vz-1
1

6V1
6 VL
7
7
IV*
7V4
73/4

3.
10
21.
22.
16.

7-71/4
71/4
73/4

8V*s-9V5
91H

SVi
8V5
9Vi
9Vi

10
10-10V5
10 VL

10
10 V5
10 Vi

20.

71/4

1979— July 20.
Aug. 17,

6'/4

6'/4

20.

6
6

1. Applicable to advances when exceptional circumstances or practices involve
only a particular depository institution and to advances when an institution is under
sustained liquidity pressures. See section 201.3(b)(2) of Regulation A.
2. Rates for short-term adjustment credit. For description and earlier data see
the following publications of the Board of Governors: Banking and Monetary
Statistics, 1914-1941 and 1941-1970; Annual Statistical Digest, 1970-1979, and 1980,




1980—Feb. 15..
19
May 29
30
June 13
16
July 28
29
Sept. 26
Nov. 17
Dec. 5
8

26.

5 Vi
51/2
5V4
5!/4

63/4
63/4
61/4

6-61/4
6

11
11
12
12

5Vl-6
5 Vi
5V+-5V5
51/4

63/4
6V4-63/4

63/4-7'/4

101/5-11
11
11-12
12

19.
23.
Nov. 22.

1.
3.

7W-73/4
71/4

F.l
Ba
0
N.

F.R.
Bank
of
N.Y.

12.

7 3 /4

Range (or
level)—
All F.R.
Banks

Range (or
level)—
All F.R.
Banks

Effective date

8-8
M

Effective date

5
8
2
6
4

In effect Mar. 31, 1982

In 1980 and 1981, the Federal Reserve applied a surcharge to short-term adjustment credit borrowings by institutions with deposits of $500 million or more
that had borrowed in successive weeks or in more than 4 weeks in a calendar
quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7,
1980. There was no surcharge until Nov. 17, 1980, when a 2 percent surcharge was
adopted; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and
to 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective
Sept. 22, 1981, and to 2 percent effective Oct. 12. As of Oct. 1, the formula for
applying the surcharge was changed from a calendar quarter to a moving 13-week
period. The surcharge was eliminated on Nov. 17, 1981.

A8
1.15

DomesticNonfinancialStatistics • April 1982
DEPOSITORY INSTITUTIONS RESERVE REQUIREMENTS1
Percent of deposits

Type of deposit, and deposit interval
in millions of dollars

Member bank requirements
before implementation of the
Monetary Control Act
Percent

Net demand2
0-2
2-10
10-100
100-400
Over 400
Time and savings2-3
Savings
Time 4
0-5, by maturity
30-179 days
180 days to 4 years
4 years or more
Over 5, by maturity
30-179 days
180 days to 4 years
4 years or more

7
9Vi

Effective date

161/4

12/30/76
12/30/76
12/30/76
12/30/76 .
12/30/76

3

3/16/67

113/4

12%

3
2Vi
1

3/16/67
1/8/76
10/30/75

6
2V5
1

12/12/74
1/8/76
10/30/75

1. For changes in reserve requirements beginning 1963, see Board's Annual
Statistical Digest, 1971-1975 and for prior changes, see Board's Annual Report for
1976, table 13. Under provisions of the Monetary Control Act. depository institutions include commercial banks, mutual savings banks, savings and loan associations, credit unions, agencies and branches of foreign banks, and Edge Act
corporations.
2. (a) Requirement schedules are graduated, and each deposit interval applies
to that part of the deposits of each bank. Demand deposits subject to reserve
requirements were gross demand deposits minus cash items in process of collection
and demand balances due from domestic banks.
(b) The Federal Reserve Act as amended through 1978 specified different ranges
of requirements for reserve city banks and for other banks. Reserve cities were
designated under a criterion adopted effective Nov. 9,1972, by which a bank having
net demand deposits of more than $400 million was considered to have the character
of business of a reserve city bank. The presence of the head office of such a bank
constituted designation of that place as a reserve city. Cities in which there were
Federal Reserve Banks or branches were also reserve cities. Any banks having net
demand deposits of $400 million or less were considered to have the character of
business of banks outside of reserve cities and were permitted to maintain reserves
at ratios set for banks not in reserve cities.
(c) Effective Aug. 24, 1978, the Regulation M reserve requirements on net
balances due from domestic banks to their foreign branches and on deposits that
foreign branches lend to U.S. residents were reduced to zero from 4 percent and
1 percent respectively. The Regulation D reserve requirement on borrowings from
unrelated banks abroad was also reduced to zero from 4 percent.
(d) Effective with the reserve computation period beginning Nov. 16, 1978,
domestic deposits of Edge corporations were subject to the same reserve requirements as deposits of member banks.
3. (a) Negotiable order of withdrawal (NOW) accounts and time deposits such
as Christmas and vacation club accounts were subject to the same requirements as
savings deposits.
(b) The average reserve requirement on savings and other time deposits before
implementation of the Monetary Control Act had to be at least 3 percent, the
minimum specified by law.
4. (a) Effective Nov. 2, 1978, a supplementary reserve requirement of 2 percent
was imposed on large time deposits of $100,000 or more, obligations of affiliates,
and ineligible acceptances. This supplementary requirement was eliminated with
the maintenance period beginning July 24, 1980.
(b) Effective with the reserve maintenance period beginning Oct. 25, 1979. a
marginal reserve requirement of 8 percent was added to managed liabilities in
excess of a base amount. This marginal requirement was increased to 10 percent
beginning Apr. 3, 1980, was decreased to 5 percent beginning June 12, 1980, and

NOTE TO TABLE 1.16
NOTE. Before Mar. 31, 1980, the maximum rates that could be paid by federally
insured commercial banks, mutual savings banks, and savings and loan associations
were established by the Board of Governors of the Federal Reserve System, the
Board of Directors of the Federal Deposit Insurance Corporation, and the Federal
Home Loan Bank Board under the provisions of 12 CFR 217, 329, and 526 respectively. Title II of the Depository Institutions Deregulation and Monetary Control Act of 1980 (P.L. 96-221) transferred the authority of the agencies to establish
maximum rates of interest payable on deposits to the Depository Institutions Deregulation Committee. The maximum rates on time deposits in denominations of
$100,000 or more with maturities of 30-89 days were suspended in June 1970; such
deposits maturing in 90 days or more were suspended in May 1973. For information
regarding previous interest rate ceilings on all types of accounts, see earlier issues
of the FEDERAL RESERVE BULLETIN, the Federal Home Loan Bank Board Journal,
and the Annual Report of the Federal Deposit Insurance Corporation.




Type of deposit, and
deposit interval

Depository institution requirements
after implementation of the
Monetary Control Act 5
Percent

Effective date

3
12

11/13/80
11/13/80

Nonpersonal time deposits8
By original maturity
Less than 4 years
4 years or more

3
0

11/13/80
11/13/80

Eurocurrency liabilities
All types

3

11/13/80

Net transaction accounts6 7
$0-$26 million

was reduced to zero beginning July 24, 1980. Managed liabilities are defined as
large time deposits. Eurodollar borrowings, repurchase agreements against U.S.
government and federal agency securities, federal funds borrowings from nonmember institutions, and certain other obligations. In general, the base for the
marginal reserve requirement was originally the greater of (a) $100 million or (b)
the average amount of the managed liabilities held by a member bank, Edge
corporation, or family of U.S. branches and agencies of a foreign bank for the two
statement weeks ending Sept. 26,1979. For the computation period beginning Mar.
20,1980, the base was lowered by (a) 7 percent or (b) the decrease in an institution's
U.S. office gross loans to foreigners and gross balances due from foreign offices
of other institutions between the base period (Sept. 13-26, 1979) and the week
ending Mar. 12,1980, whichever was greater. For the computation period beginning
May 29,1980, the base was increased by 7'/i percent above the base used to calculate
the marginal reserve in the statement week of May 14-21, 1980. In addition,
beginning Mar. 19, 1980, the base was reduced to the extent that foreign loans and
balances declined.
5. For existing nonmember banks and thrift institutions at the time of implementation of the Monetary Control Act, the phase-in period ends Sept. 3, 1987.
For existing member banks the phase-in period is about three years, depending on
whether their new reserve requirements are greater or less than the old requirements. For existing agencies and branches of foreign banks, the phase-in ends Aug.
12, 1982. All new institutions will have a two-year phase-in beginning with the date
that they open for business.
6. Transaction accounts include all deposits on which the account holder is
permitted to make withdrawals by negotiable or transferable instruments, payment
orders of withdrawal, and telephone and preauthorized transfers (in excess of three
per month) for the purpose of making payments to third persons or others.
7. The Monetary Control Act of 1980 requires that the amount of transaction
accounts against which the 3 percent reserve requirement will apply be modified
annually to 80 percent of the percentage increase in transaction accounts held by
all depository institutions on the previous June 30. At the beginning of 1982 the
amount was accordingly increased from $25 million to $26 million.
8. In general, nonpersonal time deposits are time deposits, including savings
deposits, that are not transaction accounts and in which the beneficial interest is
held by a depositor that is not a natural person. Also included are certain transferable time deposits held by natural persons, and certain obligations issued to
depository institution offices located outside the United States. For details, see
section 204.2 of Regulation D.
NOTE. Required reserves must be held in the form of deposits with Federal
Reserve Banks or vault cash. After implementation of the Monetary Control Act,
nonmembers may maintain reserves on a pass-through basis with certain approved
institutions.

Policy Instruments
1.16

A9

MAXIMUM INTEREST RATES PAYABLE on Time and Savings Deposits at Federally Insured Institutions
Percent per annum
Savings and loan associations and
mutual savings banks (thrift institutions)

Commercial banks
Type and maturity of deposit

In effect Mar. 31, 1982
Effective
date

1 Savings
2 Negotiable order of withdrawal accounts 2
Time accounts 3
Fixed ceiling rates by maturity 4
3
14-89 days^
4 90 days to 1 year
5
1 to 2 years '
6 2 to 2 n years 7
7 2V5 to 4 years 7
8 4 to 6 years 8
9 6 to 8 years 8
10 8 years or more 8
11 Issued to governmental units (all maturities) 10
12 Individual retirement accounts and Keogh (H.R. 10)
plans (3 years or more) 1 0 1 1
13
14
15
16

Special variable ceiling rates by maturity
6-month money market time deposits
12-month all savers certificates
2 Vi years to 4 years
Accounts with no ceiling rates
Individual retirement accounts and Keogh (H.R. 10)
plans (18 months or more)

5'/4
5'/4

5'/4

5 3 /4

6

6W
71/4
iVl
73/4

8/1/79
1/1/80
7/1/73
7/1/73
11/1/73
12/23/74
6/1/78
6/1/78
6/1/78

In effect Mar. 31, 1982

Effective
date

Percent

Effective
date

7/1/73
1/1/74

5 Vi

7/1/79
12/31/80

()
6

5 3 /4
5 3 /4

7/1/73
7/1/73
1/21/70
1/21/70
1/21/70

7'/4

11/1/73

73/4

Percent

7/1/79
12/31/80
5
5Vi

5'/>

73/4

51/4
6

0)

3

V/2

'12/23/74'
7/6/77

Percent

C7)

C7)

(1?)

Effective
date

5 ] /4

5

1/1/74

6

1/1/80

6V2

6 /4

Previous maximum

( )
5 3 /4
5 3 /4

C)
1/21/70
1/21/70
1/21/70

(*)
11/1/73
12/23/74
6/1/78
6/1/78

m

"ii/l'/73

V3/4

i 2/23/74

6/1/78

7 3 /4

7/6/77

fl31

/13l

1. July 1, 1973, for mutual savings banks; July 6, 1973, for savings and loan
associations.
2. For authorized states only. Federally insured commercial banks, savings and
loan associations, cooperative banks, and mutual savings banks in Massachusetts
and New Hampshire were first permitted to offer negotiable order of withdrawal
(NOW) accounts on Jan. 1, 19/4. Authorization to issue NOW accounts was extended to similar institutions throughout New England on Feb. 27, 1976, in New
York State on Nov. 10, 1978, and in New Jersey on Dec. 28, 1979. Authorization
to issue NOW accounts was extended to similar institutions nationwide effective
Dec. 31, 1980.
3. For exceptions with respect to certain foreign time deposits see the BULLETIN
for October 1962 (p. 1279), August 1965 (p. 1084), and February 1968 (p. 167).
4. Effective Nov. 10, 1980, the minimum notice period for public unit accounts
at savings and loan associations was decreased to 14 days and the minimum maturity
period for time deposits at savings and loan associations in excess of $100,000 was
decreased to 14 days. Effective Oct. 30, 1980, the minimum maturity or notice
period for time deposits was decreased from 30 to 14 days at mutual savings banks.
5. Effective Oct. 30, 1980, the minimum maturity or notice period for time
deposits was decreased from 30 to 14 days at commercial banks.
6. No separate account category.
7. No minimum denomination. Until July 1, 1979, a minimum of $1,000 was
required for savings and loan associations, except in areas where mutual savings
banks permitted lower minimum denominations. This restriction was removed for
deposits maturing in less than 1 year, effective Nov. 1, 1973.
8. No minimum denomination. Until July 1, 1979, the minimum denomination
was $1,000 except for deposits representing funds contributed to an individual
retirement account (IRA) or a Keogh (H.R. 10) plan established pursuant to the
Internal Revenue Code. The $1,000 minimum requirement was removed for such
accounts in December 1975 and November 1976 respectively.
9. Between July 1, 1973, and Oct. 31, 1973, certificates maturing in 4 years or
more with minimum denominations of $1,000 had no ceiling; however, the amount
of such certificates that an institution could issue was limited to 5 percent of its
total time and savings deposits. Sales in excess of that amount, as well as certificates
of less than $1,000, were limited to the 6V5 percent ceiling on time deposits maturing
in 2Vl years or more. Effective Nov. 1,1973, ceilings were reimposeaon certificates
maturing in 4 years or more with minimum denomination of $1,000. There is no
limitation on the amount of these certificates that banks can issue.
10. Accounts subject to fixed-rate ceilings. See footnote 8 for minimum denomination requirements.
11. Effective Jan. 1, 1980, commercial banks are permitted to pay the same rate
as thrifts on IRA and Keogh accounts and accounts of governmental units when
such deposits are placed in the new 2Vi-year or more variable-ceiling certificates
or in 26-week money market certificates regardless of the level of the Treasury bill
rate.
12. Must have a maturity of exactly 26 weeks and a minimum denomination of
$10,000, and must be nonnegotiable.
13. Commercial banks and thrift institutions were authorized to offer money
market time deposits effective June 1, 1978. These deposits have a minimum denomination requirement of $10,000 and a maturity of 26 weeks. The ceiling rate
of interest on these deposits is indexed to the discount rate (auction average) on
most recently issued 26-week U.S. Treasury bills. Interest on these certificates may
not be compounded. Effective for all 6-month money market certificates issued
beginning Nov. 1, 1981, depository institutions may pay rates of interest on these
deposits indexed to the higher of (1) the rate for 26-week Treasury bills established
immediately before the date of deposit (bill rate) or (2) the average of the four
rates for 26-week Treasury bills established for the 4 weeks immediately prior to
the date of deposit (4-week average bill rate). Rate ceilings are determined as
follows:
Bill rate or 4-week
Commercial bank ceiling
average bill rate
7.50 percent or below
7.75 percent
Above 7.50 percent
'A of 1 percentage point plus the higher of
the bill rate or 4-week average bill rate




Previous maximum

C7)

C7)

C7)

Bill rate or 4-week
average bill rate

Thrift ceiling

7.25 percent or below
Above 7.25 percent, but below
8.50 percent
8.50 percent or above, but below
8.75 percent
8.75 percent or above

7.75 percent
l
/i of 1 percentage point plus the higher of
the bill rate or 4-week average bill rate
9 percent
V4 of 1 percentage point plus the higher of
the bill rate or 4-week average bill rate

The maximum allowable rates in March for commercial banks and thrifts based
on the bill rate were as follows: Mar. 2, 13.036; Mar. 9, 12.314; Mar. 16, 13.212;
Mar. 23, 12.923; Mar. 30, 13.493. The maximum allowable rates in March for
commercial banks and thrifts based on the 4-week average bill rate were as follows:
Mar. 2, 13.693; Mar. 9, 13.226; Mar. 16, 12.877; Mar. 23, 12.871; Mar. 30, 12.986.
14. Effective Oct. 1, 1981, depository institutions are authorized to issue all
savers certificates (ASCs) with a 1-year maturity and an annual investment yield
equal to 70 percent of the average investment yield for 52-week U.S. Treasury bills
as determined by the auction of 52-week Treasury bills held immediately before
the calendar week in which the certificate is issued. A maximum lifetime exclusion
of $1,000 ($2,000 on a joint return) from gross income is generally authorized for
interest income from ASCs. The annual investment yields for ASCs issued in March
(in percent) were as follows: Mar. 21, 10.16.
15. Effective Aug. 1, 1981, commercial banks may pay interest on any variable
ceiling nonnegotiable time deposit with an original maturity of 2V5 years to less
than 4 years at a rate not to exceed >/4 of 1 percent below the average 2'/i-year
yield for U.S. Treasury securities as determined and announced by the Treasury
Department immediately before the date of deposit. Thrift institutions may pay
interest on these certificates at a rate not to exceed the average 2Vi -year yield for
Treasury securities as determined and announced by the Treasury Department
immediately before the date of deposit. If the announced average 2Vi-year yield
for Treasury securities is less than 9.50 percent, commercial banks may pay 9.25
percent and thrift institutions 9.50 percent for these deposits. These deposits have
no required minimum denomination, and interest may be compounded on them.
The ceiling rates of interest at which they may be offered vary biweekly. The
maximum allowable rates in March (in percent) for commercial banks were as
follows: Mar. 2, 14.05; Mar. 16, 13.85; Mar. 30, 14.05; and for thrift institutions:
Mar. 2, 14.30; Mar. 16, 14.10; Mar. 30, 14.30.
16. Between Jan. 1, 1980, and Aug. 1, 1981, commercial banks, and thrift institutions were authorized to offer variable ceiling nonnegotiable time deposits with
no required minimum denomination and with maturities of 2Vi years or more.
Effective Jan. 1, 1980, the maximum rate for commercial banks was 3A percentage
point below the average yield on 2'/S-year U.S. Treasury securities; the ceiling rate
for thrift institutions was 'A percentage point higher than that for commercial banks.
Effective Mar. 1, 1980, a temporary ceiling of ll3/4 percent was placed on these
accounts at commercial banks and 12 percent on these accounts at savings and loan
associations. Effective June 2, 1980, the ceiling rates for these deposits at commercial banks and savings and loans was increased Vi percentage point. The temporary ceiling was retained, and a minimum ceiling of 9.25 percent for commercial
banks and 9.50 percent for thrift institutions was established.
17. Effective Dec. 1,1981, depository institutions were authorized to offer time
deposits not subject to interest rate ceilings when the funds are deposited to the
credit of, or in which the entire beneficial interest is held by, an individual pursuant
to an IRA agreement or Keogh (H.R. 10) plan. Such time deposits must have a
minimum maturity of 18 months, and additions may be made to the time deposit
at any time before its maturity without extending the maturity of all or a portion
of the balance of the account.
For NOTE see opposite page.

A10
1.17

Domestic Financial Statistics • April 1982
FEDERAL RESERVE OPEN MARKET TRANSACTIONS
Millions of dollars
1981
Type of transaction

1979

1980

1982

1981
Aug.

Sept.

Nov.

Oct.

Dec.

Jan.

Feb.

U . S . GOVERNMENT SECURITIES

Outright transactions (excluding matched
transactions)
1
2
3
4

Treasury bills
Gross purchases
Gross sales
Exchange
Redemptions

5
6
7
8
9

15,998
6,855
0
2,900

7,668
7,331
0
3,389

13,899
6,746
0
1,816

1,713
333
0
0

1,753
945
0
500

241
1,157
0
200

1,765
0
0
16

2,170
0
0
0

0
2,756
0
600

1,017
868
0
0

Others within 1 year1
Gross purchases
Gross sales
Maturity shift
Exchange
Redemptions

3,203
0
17,339
-11,308
2,600

912
0
12,427
-18,251
0

317
23
13,794
-12,869
0

0
0
2,807
-2,430
0

0
0
628
-599
0

0
0
425
0
0

0
0
1,389
-3,047
0

80
0
887
-754
0

0
0
542
0
0

20
0
2,633
-940
0

10
11
12
13

1 to 5 years
Gross purchases
Gross sales
Maturity shift
Exchange

2,148
0
-12,693
7,508

2,138
0
-8,909
13,412

1,702
0
-10,299
10,117

0
0
-820
1,724

0
0
-628
599

0
0
-425
0

100
0
-1,057
2,325

526
0
-887
754

0
0
-542
0

50
0
-974
765

14
IS
16
17

5 to 10 years
Gross purchases
Gross sales
Maturity shift
Exchange

523
0
-4,646
2,181

703
0
-3,092
2,970

393
0
-3,495
1,500

0
0
-1,987
400

0
0
0
0

0
0
0
0

0
0
-332
400

165
0
0
0

0
0
0
0

0
0
-1,659
100

18
19
20
21

Over 10 years
Gross purchases
Gross sales
Maturity shift
Exchange

454
0
0
1,619

811
0
-426
1,869

379
0
0
1,253

0
0
0
305

0
0
0
0

0
0
0
0

0
0
0
322

108
0
0
0

0
0
0
0

0
0
0
75

22
23
24

All maturities1
Gross purchases
Gross sales
Redemptions

22,325
6,855
5,500

12,232
7,331
3,389

16,690
6,769
1,816

1,713
333
0

1,753
945
500

241
1,157
200

1,865
0
16

3,049
0
0

0
2,756
600

1,087
868
0

25
26

Matched transactions
Gross sales
Gross purchases

627,350
624,192

674,000
675,496

589,312
589,647

54,329
55,917

52,055
51,555

58,581
58,372

42,012
41,900

54,098
54,044

51,132
51,717

28,033
28,258

27
28

Repurchase agreements
Gross purchases
Gross sales

107,051
106,968

113,902
113,040

79,920
78,733

7,199
8,817

0
0

3,902
3,902

9,505
7,709

14,180
12,760

12,962
12,914

18,656
21,919

6,896

3,869

9,626

1,350

-192

-1,325

3,534

4,415

-2,724

-2,820

853
399
134

668
0
145

494
0
108

0
0
*

0
0
33

0
0
15

494
0
10

0
0
4

0
0
68

0
0
32

37,321
36,960

28,895
28,863

13,320
13,576

864
1,225

0
0

787
787

1,607
1,288

1,647
1,697

800
935

872
1,006

681

555

130

-360

-33

-15

802

-54

-203

-166

36 Outright transactions, net
37 Repurchase agreements, net

0
116

0
73

0
-582

0
-453

0
0

0
0

0
744

0
-549

0
402

0
-597

38 Net change in bankers acceptances

116

73

-582

-453

0

0

744

-549

402

-597

7,693

4,497

9,175

536

-225

-1,340

5,080

3,812

-2,524

-3,583

29 Net change in U.S. government securities
FEDERAL AGENCY OBLIGATIONS

30
31
32

Outright transactions
Gross purchases
Gross sales
Redemptions

33
34

Repurchase agreements
Gross purchases
Gross sales

35 Net change in federal agency obligations
BANKERS ACCEPTANCES

39 Total net change in System Open Market
Account

1. Both gross purchases and redemptions include special certificates created
when the Treasury borrows directly from the Federal Reserve, as follows (millions
of dollars): March 1979, 2,600.




NOTE. Sales, redemptions, and negative figures reduce holdings of the System
Open Market Account; all other figures increase such holdings. Details may not
add to totals because of rounding.

Reserve Banks
1.18

FEDERAL RESERVE BANKS

All

Condition and Federal Reserve Note Statements

Millions of dollars

Account
Mar. 3

Mar. 10

Wednesday

End of month

1982

1982

Mar. 17

Mar. 24

Mar. 31

Feb.

Jan.

Mar.

Consolidated condition statement
ASSETS

11,150
3,568
437

11,150
3,568
448

11,150
3,568
449

11,150
3,568
448

11,150
3,568
432

11,151
3,318
422

11,150
3,568
453

11,150
3,568
432

4,620
0

3,650
0

1,959
0

1,777
0

2,646
0

2,217
0

1,180
0

2,646
0

Gold certificate account
2 Special drawing rights certificate account
3
Loans
4 To depository institutions
5 Other
Acceptances
6 Held under repurchase agreements
Federal agency obligations
7 Bought outright
8 Held under repurchase agreements
U.S. government securities
Bought outright
9
Bills
10
Notes
11
Bonds
12
Total 1
13 Held under repurchase agreements
14 Total U.S. government securities

231

353

143

0

488

597

0

488

9,026
135

9,013
252

9,013
21

9,013
0

9,013
82

9,058
134

9,026
0

9,013
82

47,303
60,359
18,090
125,752
1,668
127,420

42,853
60,359
18,090
121,302
2,839
124,141

47,877
60,359
18,090
126,326
613
126,939

46,958
60,359
18,090
125,407
0
125,407

45,543
60,359
18,090
123,992
1,597
125,589

46,588
59,978
18,401
124,967
3,263
128,230

46,961
60,359
18,090
125,410
0
125,410

45,543
60,359
18,090
123,992
1,597
125,589

15 Total loans and securities

141,432

137,409

138,075

136,197

137,818

140,236

135,616

137,818

10,139
508

7,909
507

10,011
507

8,781
507

7,989
510

8,119
502

8,672
505

7,989
510

5,043
3,353

5,079
3,357

5,080
3,571

5,082
3,609

4,953
3,566

5,112
4,075

5,137
3,401

4,953
3,566

175,630

169,427

172,411

169,342

169,986

172,935

168,502

169,986

1

16 Cash items in process of collection
17 Bank premises
Other assets
18 Denominated in foreign currencies 2
19 All other 3
20 Total assets
LIABILITIES

127,747

128,748

128,773

128,397

128,855

126,835

126,869

128,855

22
23
24
25

31,321
3,594
248
367

26,247
2,932
305
371

27,019
4,172
219
526

27,301
2,408
302
400

26,357
2,866
421
425

25,066
8,285
333
393

24,964
3,835
416
414

26,357
2,866
421
425

26 Total deposits

35,530

29,855

31,936

30,411

30,069

34,077

29,629

30,069

7,329
2,226

5,743
2,210

6,752
2,070

5,693
1,982

6,107
2,155

6,484
2,611

5,713
3,341

6,107
2,155

172,832

166,556

169,531

166,483

167,186

170,007

165,552

167,186

1,292
1,278
228

1,294
1,278
299

1,296
1,278
306

1,296
1,278
285

1,298
1,278
224

1,287
1,278
363

1,291
1,278
381

1,298
1,278
224

175,630

169,427

172,411

169,342

169,986

172,935

168,502

169,986

94,610

95,264

92,679

93,550

92,825

94,794

94,816

92,825

21 Federal Reserve notes
Deposits
Depository institutions
U.S. Treasury—General account
Foreign—Official accounts
Other

27 Deferred availability cash items
28 Other liabilities and accrued dividends 4
29 Total liabilities
CAPITAL ACCOUNTS

30 Capital paid in
31 Surplus
32 Other capital accounts
33 Total liabilities and capital accounts
34 MEMO: Marketable U.S. government securities held in
custody for foreign and international account

Federal Reserve note statement
35 Federal Reserve notes outstanding (issued to bank) . . . .
36
LESS: Held by bank 5
37
Federal Reserve notes, net
Collateral for Federal Reserve notes
38 Gold certificate account
39 Special drawing rights certificate account
40 Other eligible assets
41 U.S. government and agency securities

151,027
23,280
127,747

151,250
22,502
128,748

151,587
22,814
128,773

151,839
23,442
128,397

152,039
23,184
128,855

150,605
23,770
126,835

150,636
23,767
126,869

152,039
23,184
128,855

11,150
3,568
0
113,029

11,150
3,568
325
113,705

11,150
3,568
0
114,055

11,150
3,568
0
113,679

11,150
3,568
64
114,073

11,151
3,318
112,366

11,150
3,568
0
112,151

11,150
3,568
64
114,073

42 Total collateral

127,747

128,748

128,773

128,397

128,855

126,835

126,869

128,855

1. Includes securities loaned—fully guaranteed by U.S. government securities
pledged with Federal Reserve Banks—and excludes (if any) securities sold and
scheduled to be bought back under matched sale-purchase transactions.
2. Includes U.S. government securities held under repurchase agreement against
receipt of foreign currencies and foreign currencies warehoused for the U.S. Treasury. Assets shown in this line are revalued monthly at market exchange rates.




0

3. Includes special investment account at Chicago of Treasury bills maturing
within 90 days.
4. Includes exchange-translation account reflecting the monthly revaluation at
market exchange rates of foreign-exchange commitments.
5. Beginning September 1980, Federal Reserve notes held by the Reserve Bank
are exempt from tne collateral requirement.

A12
1.19

DomesticNonfinancialStatistics • April 1982
FEDERAL RESERVE BANKS

Maturity Distribution of Loan and Security Holdings

Millions of dollars

Type and maturity groupings

Mar. 3

Mar. 10

Wednesday

End of month

1982

1982

Mar. 17

Mar. 24

Mar. 31

Jan. 29

Feb. 26

Mar. 31

1 Loans—Total
2 Within 15 days
3
16 days to 90 days
4 91 days to 1 year

4,620
4,463
157
0

3,650
3,571
79
0

1,959
1,939
20
0

1,777
1,691
86
0

2,646
2,552
94
0

2,217
2,180
37
0

1,180
1,069
111
0

2,646
2,552
94
0

5 Acceptances—Total
6
Within 15 days
7
16 days to 90 days
8 91 days to 1 year

231
231
0
0

353
353
0
0

143
143
0
0

0
0
0
0

488
488
0
0

597
597
0
0

0
0
0
0

488
488
0
0

9 U.S. government securities—Total
10 Within 15 days1
11 16 days to 90 days
12 91 days to 1 year
13 Over 1 year to 5 years
14 Over 5 years to 10 years
15 Over 10 years

127,420
6,603
24,403
33,597
35,916
10,193
16,708

124,141
8,399
19,517
33,407
35,916
10,193
16,709

126,939
8,199
22,817
33,105
35,916
10,193
16,709

125,407
5,945
24,915
31,730
35,916
10,193
16,708

125,589
3,889
25,506
33,389
35,903
10,193
16,709

128,230
4,618
24,980
34,221
36,025
11,752
16,634

125,410
2,617
26,558
33,520
35,814
10,193
16,708

125,589
3,889
25,506
33,389
35,903
10,193
16,709

16 Federal agency obligations—Total
17 Within 15 days1
18
16 days to 90 days
19 91 days to 1 year
20 Over 1 year to 5 years
21 Over 5 years to 10 years
22 Over 10 years

9,161
248
599
1,368
5,398
976
572

9,265
252
598
1,505
5,408
971
531

9,034
194
470
1,460
5,408
971
531

9,013
174
470
1,460
5,408
970
531

9,095
326
400
1,460
5,444
934
531

9,192
276
622
1,357
5,404
960
573

9,026
173
540
1,369
5,396
976
572

9,095
326
400
1,460
5,444
934
531

1. Holdings under repurchase agreements are classified as maturing within 15
days in accordance with maximum maturity of the agreements.

1.20 BANK DEBITS AND DEPOSIT TURNOVER
Debits are shown in billions of dollars, turnover as ratio of debits to deposit. Monthly data are at annual rates.
1981
Bank group, or type of customer

1978

1982

1980

1979

Sept.

Oct.

Nov.

Dec.

Jan.

Feb .P

86,430.0
34,937.3
51,492.7

83,804.4
35,117.6
48,686.8

85,547.3
35,979.8
49,567.5

903.5
117.9
597.0
1,618.4

934.7
104.4
636.8
1,675.8

837.9
94.9
537.2
1,470.0

309.2
1,156.8
206.6

293.4
1,129.0
191.2

308.1
1.251.9
199.1

14.6
13.9
4.0
7.4

14.3
12.5
4.2
7.5

13.1
12.0
3.6
6.6

1

Debits to demand deposits (seasonally adjusted)
1 All commercial banks
2 Major New York City banks
3 Other banks

40,297.8
15,008.7
25,289.1

49,775.0
18,512.7
31,262.3

63.013.4
25.192.5
37,820.9

87,303.2
39,209.4
48,093.8

83,671.3
35,109.8
48,561.5

82,000.3
34,237.6
47,762.6

Debits to savings deposits 2 (not seasonally adjusted)
4
5
6
7

ATS/NOW 3
Business4
Others 5
All accounts

17.1
56.7
359.7
432.9

83.3
77.3
515.2
675.8

158.4
93.4
605.3
857.2

820.2
122.0
577.0
1,519.2

833.4
117.2
581.6
1,532.2

753.3
96.3
539.7
1,389.2

Demand deposit turnover 1 (seasonally adjusted)
8 All commercial banks
9 Major New York City banks.
10 Other banks

139.4
541.9
96.8

163.5
646.2
113.3

201.6
813.7
134.3

309.5
1,260.1
191.6

296.2
1,109.8
193.6

292.0
1,128.3
190.7

Savings deposit turnover 2 (not seasonally adjusted)
11
12
13
14

ATS/NOW 3
Business4
Others 5
All accounts

7.0
5.1
1.7
1.9

7.8
7.2
2.7
3.1

1. Represents accounts of individuals, partnerships, and corporations, and of
states and political subdivisions.
2. Excludes special club accounts, such as Christmas and vacation clubs.
3. Accounts authorized for negotiable orders of withdrawal (NOW) and accounts
authorized for automatic transfer to demand deposits (ATS). ATS data availability
starts with December 1978.
4. Represents corporations and other profit-seeking organizations (excluding
commercial banks but including savings and loan associations, mutual savings banks,
credit unions, the Export-Import Bank, and federally sponsored lending agencies).
5. Savings accounts other than NOW; business; and, from December 1978, ATS.




9.7
9.3
3.4
4.2

14.5
14.3
3.9
7.1

14.6
14.1
3.9
7.2

12.8
11.7
3.6
6.4

NOTE. Historical data for the period 1970 through June 1977 have been estimated;
these estimates are based in part on the debits series for 233 SMS As, which were
available through June 1977. Back data are available from Publications Services,
Board of Governors of the Federal Reserve System, Washington, D.C. 20551.
Debits and turnover data for savings deposits are not available before July 1977.

Monetary Aggregates
1.21

A13

MONEY STOCK MEASURES AND COMPONENTS
Billions of dollars, averages of daily figures
1981

Item

1978

1979

1980

1981

Dec.

Dec.

Dec.

Dec.

1982

Nov.

Dec.

436.4
1,809.7
2,174.5
2,628.3'

440.9
1,822.4
2,187.8
2,643.7

Oct.

Jan.

Feb.

Seasonally adjusted
MEASURES1
1 Ml
2 M2
3 M3
4 I?

363.2
1,403.9
1,629.0
1,938.9

389.0
1,518.9
1,779.3
2,153.9

414.5
1,656.1
1,963.1
2,370.4

440.9
1,822.4
2,187.8
2,643.7

97.4
3.5
253.9
8.4

106.1
3.7
262.2

116.2
4.2
267.2

123.1
4.3

121.3
4.3

121.8
4.3

123.1
4.3

123.8
4.3

124.6
4.3

236.4

26.9
398.9
751.7
257.9

343.6
854.7
300.4

235.7
74.7
340.9
856.8
300.6

236.4

16.9
421.7
652.6
221.8

235.7
71.6
339.6
849.8
302.2

300.4

239.3
81.1
348.8 r
852.3r
302.7r

234.5
83.8
348.6
859.5
307.9

451.2
1,829.1
2,199.6
2,654.7

453.4
l,848.8 r
2,216.8 r
n.a.

437.1
1,842.3
2,215.3
n.a.

432.9
1,789.3
2,151.0
2,599.4

448.6
L,840.9 R
2,204.0''

n.a

447.2
1,847.5
2,214.3

n.a.

SELECTED COMPONENTS

5
6
7
8
9
10
11

Currency
Traveler's checks3
Demand deposits
Other checkable deposits 7
Savings deposits 4
Small-denomination time deposits5
Large-denomination time deposits 6

479.9
533.9
194.6

77.0

77.0

343.6
854.7

Not seasonally adjusted
MEASURES1

12
13
14
15

Ml
M2
M3
L2

372.5
1,408.5
1,637.5
1,946.6

398.8
1,524.6
1,789.2
2,162.8

424.6
1,662.4
1,973.8
2,380.2

451.2
1,829.1
2,199.6
2,654.7

434.5
1,793.1
2,152.4
2,597.8

439.7
1,809.3
2,175.4
2,627.5r

99.4
3.3
261.5
8.4
24.1
478.0
531.1

108.2
3.5
270.1
17.0
26.3
420.5
649.7

118.3
3.9
275.1
27.2
35.0
398.0
748.9

125.4
4.1
243.3
78.4
38.1
343.0
851.7

121.2
4.3
236.6
72.4
36.1
343.9
847.6

122.9
4.1
237.5
75.2
36.9
342.2
851.9

125.4
4.1
243.3
78.4
38.1
343.0
851.7

123.3r
4.1
243.6
82.5
43.3
346.8
857.5r

123.0
4.1
228.5
81.4
43.0
344.5
868.5

7.1
3.1
198.6

34.3
9.3
226.0

61.8
13.9
262.3

150.8
33.7
305.5

137.1
29.4
299.8

144.6
32.0
301.8

150.8
33.7
305.5

154.4
32.5
307.7r

155.4
30.5
314.1

SELECTED COMPONENTS

16
17
18
19
20
21
22

Currency
Traveler's checks 3
Demand deposits
Other checkable deposits 7
Overnight RPs and Eurodollars 8
Savings deposits 4
Small-denomination time deposits 5
Money market mutual funds
23 General purpose and broker/dealer
24 Institution only
25 Large-denomination time deposits 6

1. Composition of the money stock measures is as follows:
Ml: Averages of daily figures for (1) currency outside the Treasury, Federal
Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due
to domestic banks, the U.S. government, and foreign banks and official institutions
less cash items in the process of collection and Federal Reserve float; and (4)
negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at banks and thrift institutions, credit union share draft (CUSD) accounts,
and demand deposits at mutual savings banks.
M2: Ml plus savings and small-denomination time deposits at all depository
institutions, overnight repurchase agreements at commercial banks, overnight Eurodollars held by U.S. residents other than banks at Caribbean branches of member
banks, and balances of money market mutual funds (general purpose and broker/
dealer).
M3: M2 plus large-denomination time deposits at all depository institutions, term
RPs at commercial banks and savings and loan associations, and balances of institution-only money market mutual funds.
2. L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents
other than banks, bankers acceptances, commercial paper, Treasury bills and other
liquid Treasury securities, and U.S. savings bonds.
3. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank
issuers.




4. Savings deposits exclude NOW and ATS accounts at commercial banks and
thrift institutions and CUSDs at credit unions.
5. Small-denomination time deposits—including retail RPs—are those issued in
amounts of less than $100,000.
6. Large-denomination time deposits are those issued in amounts of $100,000
or more and are net of the holdings of domestic banks, thrift institutions, the U.S.
government, money market mutual funds, and foreign banks and official institutions.
7. Includes ATS and NOW balances at all institutions, credit union share draft
balances, and demand deposits at mutual savings banks.
8. Overnight (and continuing contract) RPs are those issued by commercial
banks to other than depository institutions and money market mutual funds (general
purpose and broker/dealer), and overnight Eurodollars are those issued oy Caribbean branches of member banks to U.S. residents other than depository institutions and money market mutual funds (general purpose and broker/dealer).
NOTE. Latest monthly and weekly figures are available from the Board's H.6
(508) release. Back data are available from the Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.

A14
1.22

DomesticNonfinancialStatistics • April 1982
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1
Billions of dollars, averages of daily figures
1981
Item

1978
Dec.

1979
Dec.

1982

1980
Dec.
June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Seasonally adjusted

ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS2

1 Total reserves3

35.08

36.37

39.01

39.62

39.73

39.81

40.31

40.12

40.15

40.53

41.28

40.93

2 Nonborrowed reserves
3 Required reserves
4 Monetary base 4

34.22
34.85
134.7

34.90
36.04
145.0

37.32
38.49
158.0

37.58
39.28
161.7

38.05
39.39
162.5

38.39
39.52
162.9

38.86
39.90
163.7

38.94
39.84
163.8

39.49
39.81
164.3

39.89
40.21
165.8

39.76
40.86
167.4

39.14
40.63
167.9

Not seasonally adjusted
5 Total reserves3

35.66

36.97

39.70

39.05

39.64

39.48

40.09

40.22

40.33

41.26

42.70

40.74

6 Nonborrowed reserves
7 Required reserves
8 Monetary base 4

34.80
35.43
137.4

35.50
36.65
147.9

38.01
39.19
161.0

37.02
38.72
161.2

37.96
39.30
163.3

38.06
39.19
163.2

38.63
39.67
163.3

39.04
39.94
163.8

39.67
39.99
165.6

40.63
40.94
168.9

41.18
42.28
168.5

38.95
40.44
166.1

NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS5

9 Total reserves3
10 Nonborrowed reserves
11 Required reserves
12 Monetary base 4

41.68

43.91

40.66

40.44

41.01

41.02

40.59

40.71

40.95

41.92

43.20

41.29

40.81
41.45
144.6

42.43
43.58
156.2

38.97
40.15
162.4

38.41
40.10
163.3

39.33
40.67
165.4

39.60
40.73
165.4

39.13
40.18
163.9

39.53
40.43
164.3

40.29
40.60
166.3

41.29
41.60
169.7

41.69
42.78
169.1

39.50
40.98
166.8

1. Reserve measures from November 1980 to date reflect a one-time increase—
estimated at $550 million to $600 million—in required reserves associated with the
reduction of week-end avoidance activities of a few large banks.
2. Reserve aggregates include required reserves of member banks and Edge Act
corporations ana other depository institutions. Discontinuities associated with the
implementation of the Monetary Control Act, the inclusion of Edge Act corporation
reserves, and other changes in Regulation D have been removed.
3. Reserve balances with Federal Reserve Banks (which exclude required clearing balances) plus vault cash at institutions with required reserve balances plus
vault cash equal to required reserves at other institutions.
4. Includes reserve balances and required clearing balances at Federal Reserve
Banks in the current week plus vault cash held two weeks earlier used to satisfy
reserve requirements at all depository institutions plus currency outside the U.S.
Treasury, Federal Reserve Banks, the vaults of depository institutions, and surplus
vault cash at depository institutions.




5. Reserves of depository institutions series reflect actual reserve requirement
percentages with no adjustments to eliminate the effect of changes in Regulation
D, including changes associated with the implementation of the Monetary Control
Act. Includes required reserves of member banks and Edge Act corporations and,
beginning Nov. 13, 1980, other depository institutions. Under the transitional phasein program of the Monetary Control Act of 1980, the net changes in required
reserves of depository institutions have been as follows: effective Nov. 13, 1980,
a reduction of $2.8 billion; Feb. 12, 1981, an increase of $245 million; Mar. 12,
1981, an increase of $75 million; May 14, 1981, an increase of $245 million; Aug.
13, 1981, an increase of $245 million; Sept. 3, 1981. a reduction of $1.3 billion;
and Nov. 19, 1981, an increase of $220 million.
NOTE. Latest monthly and weekly figures are available from the Board's H.3(502)
statistical release. Back data and estimates of the impact on required reserves and
changes in reserve requirements are available from the Banking Section, Division
of Research and Statistics, Board of Governors of the Federal Reserve System,
Washington, D.C. 20551.

Monetary Aggregates
1.23

LOANS AND SECURITIES

A15

All Commercial Banks1

Billions of dollars; averages of Wednesday figures
1982

1981

„

1980
Dec.
Nov.

Dec.

2

Jan.

2

Feb.

Seasonally adjusted
1 Total loans and securities3

1,239.6

2 U.S. Treasury securities
3 Other securities
3
4 Total loans and leases
5 Commercial and industrial loans
6
Real estate loans
7
Loans to individuals
8 Security loans
9 Loans to nonbank financial
institutions
10 Agricultural loans
11 Lease financing receivables
12 All other loans

1,327.5

1,317.3"

1982

1981
1980
Dec.

2

Nov.

Dec.

2

Jan.

2

Feb. 2

Not seasonally adjusted
1,321.9

1,334.6
s

1,249.5

1,333.4

109.5
231.9
992.0
364.8
284.4
184.9
21.3

1,327.14

1,324.4

1,330.4S

111.4
233.1
982.74
360.64-6
286.34
186.5
22.7

113.7
232.3
978.5
360.7
287.9
186.4
20.8

115.7s
232.1 s
982.5 s
364.8
289.6 s
185.1
20.1

110.0
214.4
915.1
326.8
262.6
179.6
18.5

110.3
231.2
986.0
363.4
283.1
183.7
21.0

110.9
231.7
974.74
358.54'6
285.54
185.2
21.9

114.2
232.0
975.6
360.9
287.3
185.9
20.6

115.3
232.75
366.1
289.95
185.7
20.8

110.5
215.7
923.3
328.8
263.3
180.9
19.1

29.0
31.5
10.9
56.2

30.4
32.9
12.6
58.9

30.24
33.0
12.7
47.6

31.1
33.2
13.0
43.7

31.4
33.4
13.1
46.2

29.9
31.4
10.9
59.0

30.9
33.1
12.6
60.0

31.24
33.0
12.7
49.7

31.2
32.9
13.0
45.5

31.5
32.9
13.1
45.3

1,242.3

1,330.3

1,320.14

1324.8

1337.4 S

1252.2

1,336.2

1,330.04

1,327.3

1,333.2S

917.8
2.7

988.8
2.7

4

977.5
2.8

978.5
2.9

989.5
2.8

s

926.0
2.7

994.7
2.7

4

985.5
2.8

981.3
2.9

985.3 s
2.8 s

328.6
1.8
7.8

365.5
2.1
8.8

360.74-6
2.2
8.9

363.2
2.2
8.7

368.4
2.2
8.9

330.6
1.8
9.2

366.9
2.1
9.2

362.8 4,6
2.2
9.8

363.0
2.2
9.1

367.1
2.2
9.0

319.0
297.6
21.4
23.4

354.5
328.3
26.3
23.4

349.5
335.0
14.5
19.0

352.2
339.6
12.6
15.4

357.3
344.3
12.9
16.6

320.3
297.1
23.2
25.1

355.6
329.2
26.5
23.2

350.8
334.4
16.4
20.0

351.7
338.4
13.3
16.1

355.8
342.9
12.9
16.2

s

986.6

MEMO:

13 Total loans and securities plus loans
sold3-7
37

14 Total loans plus loans sold '
15 Total loans sold to affiliates 7
16 Commercial and industrial loans plus
loans sold 7
17 Commercial and industrial loans sold7
18 Acceptances held
19 Other commercial and industrial
loans
20
To U.S. addressees 8
21
To non-U.S. addressees
22 Loans to foreign banks

1. Includes domestically chartered banks; U.S. branches and agencies of foreign
banks. New York investment companies majority owned by foreign banks, and
Edge Act corporations owned by domestically chartered and foreign banks.
2. Beginning December 1981, shifts of foreign loans and securities from U.S.
banking offices to international banking facilities reduced the levels (not seasonally
adjusted) of several items as follows: line 1, $23.2 billion; line 4, $22.8 billion; line
21, $10.9 billion; line 22, $5.9 billion; line 12. $11.8 billion; and line 3, $0.5 billion.
For January 1982, levels were reduced as follows: line 1, $30.2 billion; line 4, $29.6
billion; line 21, $13.9 billion; line 22, $7.5 billion; line 12, $15.7 billion; and line
3, $0.6 billion. For February 1982, levels were reduced as follows: line 1, $30.5
billion; line 4, $29.9 billion; line 21, $14.0 billion; line 22, $7.6 billion; line 12.
$15.9 billion; and line 3, $0.6 billion.
3. Excludes loans to commercial banks in the United States.
4. Absorption of a nonbank affiliate by a large commercial bank added the
following to February 1981 figures: total loans and securities, $1.0 billion; total
loans and leases, $1.0 billion; commercial and industrial loans, $.5 billion; real
estate loans, $.1 billion; nonbank financial, $.1 billion.




5. The merger of a commercial bank with a mutual savings bank beginning Feb.
24, 1982, increased total loans and securities $1.0 billion; U.S. Treasury securities,
$0.1 billion; other securities, $0.1 billion; total loans and leases, $0.8 billion; and
real estate loans, $0.7 billion.
6. An accounting procedure change by one bank reduced commercial and industrial loans by $0.1 billion as of Apr. 1, 1981.
7. Loans sold are those sold outright to a bank's own foreign branches, nonconsolidated nonbank affiliates of the bank, the bank's holding company (if not a
bank), and nonconsolidated nonbank subsidiaries of the holding company.
8. United States includes the 50 states and the District of Columbia.
NOTE. Data are prorated averages of Wednesday estimates for domestically
chartered banks, based on weekly reports of a sample of domestically chartered
banks and quarterly reports of all domestically chartered banks. For foreign-related
institutions, data are averages of month-end estimates based on weekly reports
from large agencies and branches and quarterly reports from all agencies, branches,
investment companies, and Edge Act corporations engaged in banking.

A16
1.24

DomesticNonfinancialStatistics • April 1982
MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS 1
Monthly averages, billions of dollars
1980

1981

1982

Source
Dec.

1
2
3
4
5
6

Total nondeposit funds
Seasonally adjusted 2
Not seasonally adjusted
Federal funds, RPs, and other borrowings from
nonbanks 3
Seasonally adjusted
Not seasonally adjusted
Net balances due to foreign-related institutions, not seasonally adjusted
Loans sold to affiliates, not seasonally
adjusted 4

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

121.9
122.5

113.2
113.4

120.1
125.7

124.1
126.0

122.7
124.6

123.3
127.4

119.8
125.0

116.3
118.3

116.2
120.8

98.7
99.1

89.6
88.0

88.0
88.4

111.0
111.6

110.6
111.4

108.7
114.2

115.3
117.2

113.8
115.7

110.5
114.6

108.2
113.3

109.1
111.1

110.1
114.7

114.4
114.8

116.3
114.7

114.0
114.3

8.2

-.7

8.7

5.9

6.2

10.1

8.9

4.5

3.3

-18.5

-29.6

-28.8

2.7

2.7

2.8

2.9

2.7

2.6

2.7

2.7

2.7

2.8

2.9

2.8

-14.7
37.5
22.8

-21.3
43.0
21.7

-13.6
43.4
29.8

-14.6
42.5
27.8

-14.6
45.0
30.4

-10.2
43.7
33.5

-12.3
44.5
32.2

-15.4
45.5
30.1

-15.0
47.9
32.9

-22.4
54.9
32.5

-27.1
57.1
30.0

-26.1
57.2
31.2

22.9
32.5
55.4

20.6
34.0
54.6

22.3
35.7
57.9

20.6
36.9
57.4

20.8
37.4
58.2

20.4
38.0
58.4

21.2
40.1
61.3

19.9
38.3
58.2

18.4
39.1
57.4

3.9
48.1
52.0

-2.5
50.0
47.5

-2.7
50.5
47.8

64.0
62.3

67.0
65.5

64.3
67.6

70.8
70.5

69.2
68.9

65.7
67.6

63.0
65.9

64.9
64.7

65.0
67.3

70.0
68.2

73.0
69.2

71.2
69.3

9.5
9.0

12.1
12.2

12.5
12.5

11.4
12.5

10.9
10.8

8.3
7.5

9.3
10.9

11.1
13.3

12.1
9.7

11.8
11.3

13.5
14.6

19.8
17.9

267.0
272.4

283.0
283.9

294.9
293.9

302.4
298.2

313.1
304.7

321.7
314.8

324.7
320.2

324.8
322.6

323.4
324.6

324.0
330.3

324.3
330.6

326.9
335.0

MEMO

7 Domestically chartered banks net positions
with own foreign branches, not seasonally adjusted 5
8 Gross due from balances
9 Gross due to balances
10 Foreign-related institutions net positions with
directly related institutions, not seasonally adjusted 6
11 Gross due from balances
12 Gross due to balances
13
14
15
16
17
18

Security RP borrowings
Seasonally adjusted"
Not seasonally adjusted
U.S. Treasury demand balances 8
Seasonally adjusted
Not seasonally adjusted
Time deposits, $100,000 or more 9
Seasonally adjusted
Not seasonally adjusted

1. Commercial banks are those in the 50 states and the District of Columbia
with national or state charters plus agencies and branches of foreign banks, New
York investment companies majority owned by foreign banks, and Edge Act corporations owned by domestically chartered and foreign banks.
2. Includes seasonally adjusted federal funds, RPs, and other borrowings from
nonbanks and not seasonally adjusted net Eurodollars and loans to affiliates. Includes averages of Wednesday data for domestically chartered banks and averages
of current and previous month-end data for foreign-related institutions.
3. Other borrowings are borrowings on any instrument, such as a promissory
note or due bill, given for the purpose of borrowing money for the banking business.
This includes borrowings from Federal Reserve Banks and from foreign banks,
term federal funds, overdrawn due from bank balances, loan RPs, and participations in pooled loans. Includes averages of daily figures for member banks and
averages of current and previous month-end data for foreign-related institutions.
4. Loans initially booked by the bank and later sold to affiliates that are still
held by affiliates. Averages of Wednesday data.




5. Averages of daily figures for member and nonmember banks.
6. Averages of daily data.
7. Based on daily average data reported by 122 large banks.
8. Includes U.S. Treasury demana deposits and Treasury tax-and-loan notes at
commercial banks. Averages of daily data.
9. Averages of Wednesday figures.
NOTE. Beginning December 1981, shifts of foreign assets and liabilities from U.S.
banking offices to international banking facilities (IBFs) reduced levels for several
items as follows: lines 1 and 2, $22.4 billion; lines 3 and 4, $1.7 billion; line 5,
$20.7 billion; line 7, $3.1 billion; and line 10, $17.6 billion. For January 1982, levels
were reduced as follows: lines 1 and 2, $29.6 billion; lines 3 and 4, $2.4 billion;
line 5, $27.2 billion; line 7, $4.7 billion; and line 10, $22.4 billion.
After January 1982, levels were reduced as follows: lines 1 and 2, $29.9 billion;
lines 3 and 4, $2.4 billion; line 5, $27.5 billion; line 7, $4.8 billion; and line 10,
$22.7 billion.

Commercial Banks
1.25

ASSETS AND LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS

A17

Last-Wednesday-of-Month Series

Billions of dollars except for number of banks
1981
May

June

July

Aug.

218.8

1,206.1
874.2
295.4
578.8
113.4
218.4

1,214.1
881.2
298.3
582.9
113.1
219.8

1,221.3
888.7
301.2
587.5
111.3
221.4

175.9
19.3
25.2
57.7
73.5

165.7
19.0
25.4
56.8
64.5

156.8
19.5
27.0
52.7
57.6

168.4
20.0
25.4
61.4
61.6

1982

Sept.

Oct.

Nov.

Dec

1,242.5
906.2
308.5
597.8
109.4
226.9

1,239.9
902.9
308.5
594.3
110.0
227.1

1,249.4
912.8
312.6
600.2
106.7
229.9

1,268.1
926.6
320.9
605.7
109.6
231.8

190.2
19.2

149.8
19.7
25.3
49.3
55.5

162.8
18.3

173.1

Jan.

Feb.

DOMESTICALLY CHARTERED
COMMERCIAL BANKS 1

1 Loans and securities, excluding
interbank
2 Loans, excluding interbank
3
Commercial and industrial
4
Other
5 U.S. Treasury securities
6 Other securities
7 Cash assets, total
8
Currency and coin
9
Reserves with Federal Reserve Banks
10
Balances with depository institutions .
11
Cash items in process of collection . . .

1,195.5
864.5
290.3
574.3
112.1

26.8

68.9
75.4

26.1

52.0
66.4

22.0

28.0
54.5
68.7

1,262.5
920.6
321. V
599.5'
111.7
230.2
155.1
19.8
30.2
50.1
55.0

1,272.8
929.9
325.7
604.2
112.5
230.4

1,286.8

151.3
19.7
24.8
50.8
56.1

164.4
18.9
25.7
55.8
64.0

940.5
332.8
607.7
114.5
231.8

163.1

172.2

162.8

168.3

184.5

175.5

194.4

212.5

202.5

220.0

13 Total assets/total liabilities and capital...

1,534.4

1,544.0

1,533.7

1,558.0

1,617.2

1,565.2

1,606.7

1,653.7

1,615.4'

1,626.6

1,671.1

14 Deposits
15
Demand
16
Savings
17
Time

1,169.3
360.7
220.4
588.3

1,164.6
350.8
220.0
593.8

1,160.0
333.7
219.2
607.2

1,181.3
342.5
217.2
621.6

1,224.4
378.0
216.7
629.7

1,177.1
324.0
214.0
639.1

1,206.0
339.2
217.9
648.9

1,241.2
364.6
222.4
654.2

1,206. l r
322.6
223.0
660.6'

1,214.0
317.1
222.5
674.4

1,251.6
338.6
229.9
683.0

156.8
82.5
125.8

170.3
81.8
127.3

160.4
86.3
127.0

164.4
89.8
122.5

176.9
91.4
124.4

174.5
89.3
124.3

179.3
95.2
126.2

190.1
91.7
130.7

191.7
89.9
127.7 r

190.9
92.7
129.0

196.4
94.5
128.7

5.5
14,719

17.4
14,719

7.2
14,719

6.4
14,720

15.3
14,720

13.9
14,740

5.6
14,743

13.6
14,744

16.6
14,690

17.0
14,702

10.8
14,709

1,334.3
993.8
366.3
627.5
111.6
228.9

1,324.7
983.6
361.7
621.9
111.9
229.2

1,335.5
994.7
365.5
629.2

1.330.6
984.7
361.4
623.4
112.3
233.6

1,322.1'
975.5'
359.8 r
615.7'
114.6
231.9'

1,333.0
985.1
364.7
620.4
115.7
232.1

1,347.0
995.9
372.9
623.0
117.6
233.5

234.5
19.2

165.4
19.7
26.5
62.5
56.6

179.3
18.3
27.5

165.6
19.7

178.8
18.9
26.9
67.9
65.0

12 Other assets 2

18 Borrowings
19 Other liabilities
20 Residual (assets less liabilities)

197.8

MEMO:

21 U.S. Treasury note balances included in
borrowing
22 Number of banks
ALL COMMERCIAL BANKING
INSTITUTIONS3

23 Loans and securities, excluding
interbank
24 Loans, excluding interbank
25
Commercial and industrial
26
Other
27 U.S. Treasury securities
28 Other securities
29 Cash assets, total
30
Currency and coin
31
Reserves with Federal Reserve Banks
32
Balances with depository institutions .
33
Cash items in process of collection . . .
34 Other assets 2

1,291.2
955.1
345.5
609.8
115.8
220.4

1,297.9
960.8
350.3
610.4
115.3
221.8

1,306.7
969.8
354.2
615.6
113.5
223.4

207.5
19.0
26.5
94.4
67.5

187.8
19.5
28.0
81.4
58.9

205.2
20.1
26.6
95.7
62.9

28.1

110.7
76.5

108.8

232.0

66.0

67.4

188.0
22.0
29.3
67.0
69.7

169.8
19.8
31.3
62.5
56.1

62.8
57.1

238.0

228.4

233.7

251.0

244.0

267.0

290.1

278.7

296.2

35 Total assets/total liabilities and capital.. .

1,736.9

1,714.1

1,745.6

1,819.8

1,734.0

1,781.7

1.808.7

1,766.9'

1,777.3

1,822.0

36 Deposits
37
Demand
38
Savings
39
Time

1,235.5
389.3
220.3
625.9

1,221.5
362.4
219.5
639.7

1,250.3
378.3
217.5
654.5

1,293.7
412.2
216.9
664.7

1,224.6
337.1
214.3
673.1

1,254.1
352.6
683.4

1,289.7
378.4
222.7
688.6

1,251.8'"
335.4
223.2
693.2'

1,258.6
329.7
222.8
706.2

1,295.8
351.1
230.2
714.5

231.6
140.6
129.4

218.7
145.0
128.9

223.5
147.4
124.4

242.7
157.0
126.3

236.8
146.4
126.3

246.2
153.3
128.1

250.8
135.6
132.6

253.2'
132.3'"
129.6'

255.8
132.0
130.9

260.6

17.4
15,188

7.2
15,188

6.4
15,189

15.3
15,189

13.9
15,209

5.6
15,212

13.6
15,213

16.6

17.0
15,201

40 Borrowings
41 Other liabilities
42 Residual (assets less liabilities)

218.1

275.0

26.1

135.0
130.5

MEMO:

43 U.S. Treasury note balances included in
borrowing
44 Number of banks

1. Domestically chartered commercial banks include all commercial banks in the
United States except branches of foreign banks; included are member and nonmember banks, stock savings banks, and nondeposit trust companies.
2. Other assets include loans to U.S. commercial banks.
3. Commercial banking institutions include domestically chartered commercial
banks, branches and agencies of foreign banks, Edge Act and Agreement corporations, and New York State foreign investment corporations.




15,185

10.8

15,214

NOTE. Figures are partly estimated. They include all bank-premises subsidiaries
and other significant majority-owned domestic subsidiaries. Data for domestically
chartered commercial banks are for the last Wednesday of the month. Data for
other banking institutions are for the last day of the quarter until June 1981;
beginning July 1981, these data are estimates made on the last Wednesday of the
month based on a weekly reporting sample of foreign-related institutions and quarterend condition report data.

A18
1.26

DomesticNonfinancialStatistics • April 1982
ALL LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $750 Million or More on
December 31, 1977, Assets and Liabilities
Millions of dollars, Wednesday figures
1982
Account
Feb.3

1 Cash items in process of collection
2 Demand deposits due from banks in the United
States
3 All other cash and due from depository institutions ..
4 Total loans and securities
5
6
V
8
9
10
11
12
13
14
lb
lb
17
18

Securities
U.S. Treasury securities
Trading account
Investment account, by maturity
One year or less
Over one through five years
Over five years
Other securities
Trading account
Investment account
U.S. government agencies
States and political subdivisions, by maturity . . . .
One year or less
Over one year
Other bonds, corporate stocks and securities . . . .

Feb. 10

Feb. 17

Feb. 24

Mar. 3 P

Mar. 10P

Mar. 17P

Mar. 24p

Mar. 31 p

48,220

43,508

60,637

44,974

50,416

45,466

48,868

43,291

50,866

6,868
40,816

6,472
34,063

9,131
37,434

6,671
31,099

6,594
36,712

5,998
33,595

7,190
34,533

6,257
34,158

6,878
33,411

610,418

603,641

606,932

607,518

610,843

615,430

608,001

603,883

611,791

38,090
7,304
30,785
10,297
17,462
3,026
80,413
4,568
75,845
16,247
56,776
7,843
48,934
2,821

37,606
6,789
30,817
10,380
17,403
3,034
79,328
3,266
76,062
16,287
56,966
7,901
49,065
2,809

38,417
7,606
30,810
10,177
17,710
2,923
79,090
3,101
75,989
16,306
56,882
7,750
49,132
2,801

37,645
6,802
30,843
10,335
17,648
2,860
79,146
3,128
76,018
16,189
57,026
7,860
49,167
2,803

38,374
7,628
30,747
10,685
17.570
2,492
79,222
3,200
76,022
16,174
57,044
7,967
49,077
2,803

37,313
6,656
30.657
10,665
17,538
2,454
81,018
4,758
76,261
16,223
57,224
8,090
49,133
2,814

37,459
6,859
30,600
10,622
17,588
2,390
79,768
3,488
76,279
16,201
57,212
8,004
49,208
2,866

37,673
6,922
30,751
10,908
17,518
2,326
79,634
3,146
76,487
16,196
57,386
8,072
49,314
2,906

38,570
8,224
30,345
10,519
17,577
2,249
79,346
3,040
76,306
16,196
57,227
8,036
49,191
2,883

Loans
19 Federal funds sold 1
20
To commercial banks
21
To nonbank brokers and dealers in securities
22
To others
23 Other loans, gross
24
Commercial and industrial
25
Bankers acceptances and commercial paper
26
All other
27
U.S. addressees
28
Non-U.S. addressees
29
Real estate
30
To individuals for personal expenditures
To financial institutions
31
Commercial banks in the United States
32
Banks in foreign countries
33
Sales finance, personal finance companies, e t c . . .
34
Other financial institutions
35
To nonbank brokers and dealers in securities
36
To others for purchasing and carrying securities 2 ...
37
To finance agricultural production
38
All other
39 LESS: Unearned income
40
Loan loss reserve
41 Other loans, net
42 Lease financing receivables
43 All other assets

37,362
26,818
7,705
2,839
467,188
198,084
3,959
194,125
187,814
6,311
126,132
72,934

34.520
24,247
7,578
2,695
464,868
198,125
3,944
194.182
187,799
6,383
126,252
72,606

33,627
23,901
6,949
2,777
468,484
199,071
4,102
194,969
188,652
6,317
126,477
72,679

35,620
24,496
8,035
3,090
467,811
199,068
4,351
194,717
188,305
6,412
126,677
72,335

37,516
26,802
8,012
2,702
468,450
198,948
3,966
194,982
188,562
6,420
126,815
72,126

42,728
28,949
9,328
4,452
467,162
199,154
4,101
195,053
188,559
6,494
127,024
71,954

35,708
25,644
7,606
2,458
467,890
200,043
4,144
195,900
189,323
6,576
127,236
71,869

31,900
21,530
7,986
2,384
467,390
200,029
3,937
196,092
189,527
6,565
127,348
71,616

34,050
23,674
8,183
2,194
472,376
202,620
4,487
198,132
191,607
6,526
127,297
71,860

7,313
7,577
11,168
15,587
6,017
2,658
5,770
13,948
5,898
6,736
454,554
11,022
106,459

6,921
7,261
10,660
15,897
5,462
2,677
5,773
13,233
5,924
6,757
452,187
11,100
108,135

7,022
8,241
10,453
16,245
4,883
2,667
5,765
14,981
5,921
6,765
455,798
11,090
103,552

6,456
8,191
10,223
15,964
6,780
2,677
5,781
13,660
5,932
6,773
455,106
11,067
104,692

6,898
7,950
10,756
16,001
6,455
2,707
5,776
14,018
5,857
6,863
455,730
11,102
110,113

6,848
7,661
10,511
15,834
5,646
2,660
5,827
14,043
5,926
6,865
454,370
11,104
109,909

6,655
7,399
11,288
15,909
5,193
2,582
5,834
13,882
5,948
6,876
455,066
11,107
107,354

6,144
7,728
11,221
15,989
5,131
2,573
5,866
13,747
5,883
6,830
454,677
11,098
109.293

6,228
7,676
11,635
16,279
5,220
2,562
5,923
15,076
5,849
6,702
459,825
11,135
113,380

44 Total assets

823,804

806,920

828,776

806,020

825,780

821,502

817,054

807,980

827,460

170,630
692
127,407
5,270
3,538
19,263
6,731
1,464
6,264
367,193
79,293
75,771
2,893
606
23
287,900
252,226
20,480
290
10,357

159,310
573
120,091
4,479
2,070
17,631
6,601
1,194
6,671
366,816
78,664
75,153
2,886
603
22
288,152
252,097
20,834
299
10,435

181,903
683
133,877
5,604
1,916
24,851
7,338
1,110
6,523
363,745
78,769
75,207
2,857
683
22
284,976
249,105
20,585
296
10,554

161,125
520
121,147
4,665
2,457
17,195
7,296
1,152
6,692
369,159
77,764
74,276
2,853
615
20
291,395
254,110
21,374
310
11,187

169,273
690
125,658
4,492
3,331
19,762
7,396
967
6,977
370,510
79,314
75,877
2,859
554
24
291,196
253,750
21,367
338
11,180

162,961
557
124,016
4,518
1,868
17,590
7,036
1,360
6,015
370,377
79,308
75,911
2,874
501
23
291,069
253,610
21,438
360
11,050

165,454
551
125,228
4,526
1,376
18,488
6,492
1,416
7,376
369,643
79,338
76,009
2,803
505
21
290,305
253,382
21,328
374
10,714

157,854
506
118,861
4,564
2,246
17,218
6,769
1,265
6,425
371,995
79,238
75,880
2,850
491
17
292,757
255,586
21,512
390
10,831

172,928
679
131,866
5,133
1,133
19,695
6,414
1,040
6,968
372,461
80,434
76,965
2,885
564
19
292,027
255,514
21,037
401
10,725

4,547

4,486

4,435

4,414

4,562

4,610

4,506

4,438

4,349

889
11,955
146,283

1,283
11,957
141,173

518
12,780
144,496

321
11,932
134,836

3,783
10,454
145,265

2,693
8,482
150,420

1,037
9,076
145,298

694
9,682
140,630

1,421
8,042
142,262

71,514

71,087

70,473

73,876

71,158

71,258

71,581

71,946

74,873

768,466

751,627

773,915

751,249

770,443

766,190

762,089

752,801

771,986

55,338

55,293

54,860

54,770

55,337

55,312

54,965

55,179

55,474

45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69

Deposits
Demand deposits
Mutual savings banks
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Time and savings deposits
Savings
Individuals and nonprofit organizations
Partnerships and corporations operated for profit
Domestic governmental units
All other
Time
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Foreign governments, official institutions, and
banks
Liabilities for borrowed money
Borrowings from Federal Reserve Banks
Treasury tax-and-loan notes
All other liabilities for borrowed money 3
Other liabilities and subordinated notes and
debentures

70 Total liabilities
71 Residual (total assets minus total liabilities)4

1. Includes securities purchased under agreements to resell.
2. Other than financial institutions and brokers and dealers.
3. Includes federal funds purchased and securities sold under agreements to
repurchase; for information on these liabilities at banks with assets o f $ l billion or
more on Dec. 31, 1977, see table 1.13.
4. Not a measure of equity capital for use in capital adequacy analysis or for
for other
FRASER
analytic uses.

Digitized


NOTE. Beginning in the week ending Dec. 9, 1981, shifts of assets and liabilities
to international banking facilities (IBFs) reduced the amounts reported in some
items, especially in loans to foreigners and to a lesser extent in time deposits. Based
on preliminary reports, the large weekly reporting banks shifted $4.7 billion of
assets to their IBFs in the five weeks ending Jan. 13, 1982. Domestic offices net
positions with IBFs are now included in net due from or net due to related institutions. More detail will be available later.

Weekly Reporting Banks
1.27

A19

LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $1 Billion or More on
December 31, 1977, Assets and Liabilities
Millions of dollars, Wednesday figures
1982
Account
Feb. 3

1 Cash items in process of collection
7 Demand deposits due from banks in the United States....
3 All other cash and due from depository institutions
4 Total loans and securities
Securities
5 U.S. Treasury securities
6 Trading account
7 Investment account, by maturity
8
One year or less
9
Over one through five years
in
Over five years
11 Other securities
12 Trading account
13 Investment account
14
U.S. government agencies
15
States and political subdivision, by maturity
16
One year or less
17
Over one year
Other bonds, corporate stocks and securities
18
Loans
19 Federal funds sold1
?0 To commercial banks
71 To nonbank brokers and dealers in securities
??
To others
?3 Other loans, gross
74 Commercial and industrial
75
Bankers acceptances and commercial paper
76
All other
77
U.S. addressees
78
Non-U.S. addressees
79 Real estate
30 To individuals for personal expenditures
To financial institutions
31
Commercial banks in the United States
37
Banks in foreign countries
33
Sales finance, personal finance companies, etc
34
Other financial institutions
35 To nonbank brokers and dealers in securities
36 To others for purchasing and carrying securities2
37 To finance agricultural production
38 All other
39 LESS: Unearned income
40
Loan loss reserve
41 Other loans, net
47 Lease financing receivables
43 All other assets
44 Total assets
Deposits
45 Demand deposits
46
Mutual savings banks
47 Individuals, partnerships, and corporations
48 States and political subdivisions
49 U.S. government
50 Commercial banks in the United States
51 Banks in foreign countries
57 Foreign governments and official institutions
53 Certified and officers' checks
54 Time and savings deposits
55 Savings
56
Individuals and nonprofit organizations
57
Partnerships and corporations operated for profit . . . .
58
Domestic governmental units
59
All other
60 Time
61
Individuals, partnerships, and corporations
67
States and political subdivisions
63
U.S. government
Commercial banks in the United States
64
Foreign governments, official institutions, and banks .
65
Liabilities for borrowed money
66 Borrowings from Federal Reserve Banks
67 Treasury tax-and-loan notes
68 All other liabilities for borrowed money 3
69 Other liabilities and subordinated notes and debentures
70 Total liabilities
71 Residual (total assets minus total liabilities)

4

Feb. 10

Feb. 24

Mar. V

Mar. 10P

Mar. 17?

Mar. 24P

Mar. 31P

45,270
6,158
38,144

40,953
5,848
31,761

56,786
8,195
34,907

42,379
6,054
28,611

47,318
5,907
34,062

42,910
5,465
31,113

46,048
6,512
32,043

40,706
5.579
31,565

48,004
6,194
30,728

571,099

564,562

567,972

568,937

571,401

576,026

568,753

565,315

572,625

34,812
7,197
27,615
9,231
15,674
2,711
73,941
4,478
69,463
15,032
51,793
6,982
44,811
2,637

34,391
6,713
27,678
9,309
15,646
2,723
72,824
3,172
69,651
15,051
51,974
7,026
44,948
2,626

35,185
7,462
27,723
9,116
15,994
2,613
72,650
3,037
69,613
15,073
51,922
6,891
45,030
2,618

34,464
6,702
27,762
9,279
15,931
2,551
72,682
3,035
69,647
14,976
52,051
6,993
45,058
2,620

35,278
7,531
27,746
9,590
15,961
2,196
72,784
3,098
69,685
14,967
52,097
7,122
44,975
2,621

34,220
6,522
27,698
9,581
15,958
2,158
74,597
4,647
69,950
15,020
52,298
7,229
45,069
2,632

34,365
6,760
27,605
9,495
16,016
2,094
73,342
3,370
69,973
15,002
52,287
7,205
45,082
2,684

34.558
6,820
27,739
9.760
15,949
2,030
73,195
3,010
70,184
15,002
52,459
7,270
45,189
2,723

35,465
8,078
27,386
9,436
15,997
1,954
72,946
2,947
69,998
15,000
52,294
7,237
45,057
2,705

33,013
23,332
6,919
2,763
440,978
188,179
3,814
184,365
178,138
6,227
119,095
65,647

30,351
20,831
6,910
2,610
438,684
188,196
3,796
184,400
178,102
6,298
119,214
65,336

29,578
20,570
6,309
2,699
442,250
189,072
3,968
185,104
178,872
6,231
119,441
65,427

31,850
21,444
7,370
3,035
441,652
189,145
4,223
184,922
178,596
6,327
119,632
65,085

32,884
22,971
7,264
2,649
442,187
188,957
3,844
185,113
178,781
6,332
119,776
64,895

38,057
25,112
8,549
4,395
440,950
189,172
3,981
185,190
178,788
6,403
119,973
64,737

31,252
21,970
6,923
2,358
441,624
190,043
4,018
186,025
179,541
6,484
120,188
64,652

28,159
18,443
7,401
2,315
441,122
189,937
3,786
186,150
179,674
6,477
120,300
64,445

29,949
20,270
7,587
2,092
445,828
192,468
4,315
188,153
181,708
6,445
120,275
64,510

7,121
7,510
11.005
15,198
5,966
2,418
5,625
13,212
5,265
6,380
429,333
10,689
103,204

6,753
7,190
10,498
15,492
5,412
2,440
5,629
12,522
5,289
6,400
426,996
10,768
104,739

6,855
8,170
10,288
15,856
4,835
2,442
5,621
14,243
5,283
6,408
430,559
10,757
100,120

6,270
8,093
10,072
15,583
6,731
2,460
5,636
12,945
5,293
6,417
429,942
10,733
101,371

6,723
7,856
10,587
15,615
6,405
2,492
5,631
13,248
5,228
6,502
430,456
10,766
106,738

6,662
7,591
10,333
15,428
5,603
2,448
5,682
13,321
5,295
6,504
429,152
10,767
106,435

6,448
7,330
11,104
15,533
5,150
2,371
5,693
13,112
5,314
6,516
429,794
10,768
103,949

5,912
7,651
11,039
15,597
5,086
2,341
5,726
13,086
5,246
6,472
429,403
10,760
105,710

5,982
7,594
11,451
15,877
5,177
2,333
5,782
14,378
5,219
6,344
434,265
10,796
109,654

774,563

758,631

778,738

758,086

776,192

772,716

768,074

759,636

778,001

158,398
666
118,178
4,658
3,199
17,664
6,666
1,437
5,932
345,104
73,212
69,946
2,673
570
23
271,892
238,261
18,774
280
10,030
4,547

148,006
554
111,299
3,891
1,846
16,304
6,544
1,188
6,380
344,631
72,628
69,363
2,674
570
22
272,003
238,022
19,089
288
10,116
4,486

169,205
657
124,220
4,998
1,691
23,034
7,282
1,092
6,231
341,580
72,719
69,406
2,641
651
22
268,860
235,040
18,854
285
10,246
4,435

150,044
500
112,635
4,050
2,231
15,827
7,233
1,145
6,423
346,831
71,786
68,539
2,643
584
20
275,045
239,878
19,585
300
10,868
4,414

157,048
658
116,377
3,970
2,879
18,158
7,333
964
6,708
347,969
73,196
70,011
2,640
521
24
274,773
239,426
19,616
304
10,865
4,562

151,626
533
115,136
3,979
1,681
16,228
6,964
1,347
5,756
347,720
73,171
70,033
2,649
466
23
274,548
239,216
19,681
313
10,728
4,610

153,795
533
116,199
3,846
1,181
17,099
6,424
1,415
7,098
346,936
73,176
70,103
2,584
467
21
273,760
238,946
19,596
323
10,389
4,506

146,757
489
110,356
3,886
2,011
15,862
6,713
1,260
6,180
349,209
73,110
70,008
2,624
461
17
276,098
241,075
19,723
339
10,524
4,438

160,952
657
122,546
4,546
994
18,145
6,347
1,036
6,680
349,524
74,181
71,020
2,656
487
19
275,342
240,925
19,313
346
10,409
4,349

741
10,965
137,863
69,600

1,217
10,970
132,827
69,130

436
11,723
135,910
68,492

275
10,899
126,858
71,845

3,748
9,590
136,774
69,159

2,595
7,808
141,952
69,153

1,037
8,340
136,933
69,513

616
8,888
132,502
69,938

1,299
7,389
134,037
72,796

722,673

706,780

727,344

706,752

724,288

720,855

716,554

707,911

725,997

51,393

51,334

51,904

51,861

51,520

51,725

52,004

51,890

51,851

1. Includes securities purchased under agreements to resell.
2. Other than financial institutions and brokers and dealers.
3. Includes federal funds purchased and securities sold under agreement to repurchase; for information on these liabilities at banks with assets of $1 billion or
more on Dec. 31, 1977, see table 1.13.




Feb. 17

4. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.

A20
1.28

DomesticNonfinancialStatistics • April 1982
LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY Assets and Liabilities
Millions of dollars, Wednesday figures
1982
Account
Feb. 3

1 Cash items in process of collection
2 Demand deposits due from banks in the United
States
3 All other cash and due from depository institutions..
4 Total loans and securities1
s
6
7
8
9
10
11
V
13
14
15
16
17
18

Feb. 10

Feb. 17

Feb. 24

Mar. 3?

Mar. 10?

13,040

13,497

16,298

13,066

13,244

14,091

964
11,408

1,034
6,602

1,611
11,064

1,385
4,762

1,066
8,737

995
7,450

136,861

133,774

132,509

134,085

133,642

6,655
1,238
4,835
582

6,617
1,220
4,816
582

6,797
1,181
5,030
585

6,694
1,178
4,942
574

14,598
2,281
11,486
2,038
9,448
830

14,620
2,254
11,530
2,059
9,471
836

14,612
2,254
11,530
2,030
9,500
828

Mar. 17 P

Mar. 24p

Mar. 31?

15,251

12,696

16,353

1,470
7,945

1,114
7,642

1,155
6,319

134,460

132,352

131,281

135,537

6,800
1,373
4,828
599

6,918
1,586
4,733
599

6,887
1,553
4,735
599

6,951
1,755
4,646
550

7,052
1,768
4,735
549

14,675
2,229
11,610
2,119
9,491
836

14,636
2,236
11,587
2,122
9,465
813

14,750
2,226
11,689
2,195
9,494
835

14,788
2,219
11,698
2,175
9,523
870

14,847
2,210
11,760
2,200
9,560
878

14,583
2,152
11,573
2,031
9,542
858

Securities
Investment account, by maturity
One year or less
Over one through five years
Over five years
Investment account
U.S. government agencies
States and political subdivision, by maturity . . . .
One year or less
Over one year
Other bonds, corporate stocks and securities....

Loans
19 Federal funds sold3
20 To commercial banks
21 To nonbank brokers and dealers in securities
22 To others
23 Other loans, gross
24 Commercial and industrial
25
Bankers acceptances and commercial paper
2b
All other
27
U.S. addressees
28
Non-U.S. addressees
29
Real estate
30 To individuals for personal expenditures
To financial institutions
31
Commercial banks in the United States
32
Banks in foreign countries
33
Sales finance, personal finance companies, etc...
34
Other financial institutions
35 To nonbank brokers and dealers in securities
36 To others for purchasing and carrying securities4 .
37 To finance agricultural production
38 All other
39 LESS: Unearned income
40
Loan loss reserve
41 Other loans, net
42 Lease financing receivables
43 All other assets5

10,620
6,035
2,899
1,685
108,562
56,348
1,010
55,338
53,925
1,414
17,677
11,071

9,568
5,264
2,936
1,368
106,561
55,913
912
55,001
53,519
1,482
17,680
11,053

6,776
2,862
2,420
1,495
107,917
55,736
874
54,862
53,465
1,396
17,700
11,096

8,738
4,316
2,772
1,650
107,609
55,984
1,320
54,664
53,152
1,512
17,763
11,020

8,019
4,150
2,585
1,284
107,832
55,529
1,098
54,432
52,953
1,478
17,788
11,062

9,866
4,685
3,724
1,456
106,596
55,661
1,268
54,392
52,877
1,515
17,837
11,084

7,216
3,757
2,481
978
107,155
56,003
1,445
54,559
53,036
1,522
17,840
11,029

6,374
2,515
2,982
876
106,775
55,372
1,401
53,971
52,435
1,536
17,824
11,039

8,026
4,038
3,224
765
109,487
56,560
1,598
54,962
53,412
1,550
17,814
11,106

2,179
3,221
5,154
4,332
3,676
649
414
3,840
1,403
2,171
104,989
2,285
43,014

1,883
2,915
4,648
4,328
3,330
617
429
3,764
1,406
2,187
102,968
2,339
43,348

1,979
3,747
4,536
4,434
2,687
641
439
4,923
1,407
2,186
104,324
2,338
40,705

1,653
3,530
4,434
4,497
3,876
669
415
3,767
1,434
2,197
103,978
2,309
41,261

2,008
3,319
4,741
4,480
3,648
710
415
4,131
1,421
2,222
104,188
2,307
44,943

2,103
2.981
4,547
4,440
2,985
697
434
3,828
1,444
2,225
102,927
2,304
44,819

1,954
2,823
4,996
4,475
3,131
633
438
3,832
1,461
2,234
103,461
2,303
41,147

1,939
3,092
4,892
4,558
3,054
608
440
3,957
1,470
2,195
103,110
2,303
42,341

2,103
3,157
5,316
4,582
3,261
599
451
4,537
1,453
2,159
105,875
2,308
44,882

44 Total assets

207,573

200,593

204,526

196,868

203,941

204,120

200,468

197,376

206,554

45,316
302
30,858
654
866
3,945
5,051
1,195
2,443
68,349
9,468
9,111

42,606
276
27,574
486
582
4,633
5,010
970
3,075
67,764
9,411
9,026

48,696
326
32,552
619
367
5,746
5,379
848
2,860
65,976
9,448
9,027

43,773
202
29,404
396
547
3,367
5,650
915
3,290
66,709
9,278
8,903

43,672
277
28,864
388
844
3,660
5,695
699
3,245
66,537
9,398
9,030

44,659
233
30,225
649
449
4,037
5,356
1,125
2,583
66,621
9,420
9,072

44,708
230
30,044
451
284
3,861
4,885
1,173
3,780
66,589
9,395
9,061

41,788
219
27,682
540
514
3,650
5,160
996
3,027
67,334
9,383
9,054

47,751
309
33,336
682
208
4,671
4,795
812
2,938
66,584
9,579
9,253

234
120
2
58,881
50,277
2,263
57
3,997

236
145
3
58,353
49,624
2,326
59
4,058

237
180
4
56,527
47,868
2,341
60
3,971

235
135
4
57,432
48,609
2,399
87
4,081

236
128
4
57,139
48,258
2,380
89
4,061

237
107
3
57,202
48,405
2,365
104
4,014

233
98
3
57,193
48,446
2,364
115
4,028

228
98
2
57,952
49,106
2,344
97
4,222

225
99
2
57,005
48,258
2,295
92
4,196

2,286

2,286

2,287

2,255

2,351

2,314

2,241

2,183

2,164

2,967
46,189

875
2,989
41,973

3,024
39,121

1,540
2,637
45,109

1,475
2,243
44,709

2,546
42,803

201
2,670
41,471

300
2,224
41,945

45
46
47
48
49
50

51
52
53
54
55

56
57
58
59
60
61
62
63
64
65

Deposits
Demand deposits
Mutual savings banks
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Time and savings deposits
Savings
Individuals and nonprofit organizations
Partnerships and corporations operated for
profit
Domestic governmental units
All other
Time
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Foreign governments, official institutions, and
banks
Liabilities for borrowed money

66
67 Treasury tax-and-loan notes
68
All other liabilities for borrowed money 6
69 Other liabilities and subordinated notes and
debentures
70 Total liabilities
71 Residual (total assets minus total liabilities)7
1.
2.
3.
4.

27,363

27,076

27,336

27,029

26,919

26,916

26,460

26,598

30,179

190,184

183,284

187,216

179,656

186,415

186,623

183,104

180,062

188,983

17,389

17,310

17,310

17,212

17,526

17,496

17,364

17,313

17,571

Excludes trading account securities.
Not available due to confidentiality.
Includes securities purchased under agreements to resell.
Other than financial institutions and brokers and dealers.




3,024
42,184

5. Includes trading account securities.
6. Includes federal funds purchased and securities sold under agreements to
repurchase.
7. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.

Weekly Reporting Banks
1.29

LARGE WEEKLY REPORTING COMMERCIAL BANKS

A21

Balance Sheet Memoranda

Millions of dollars, Wednesday figures
1982

Account
Feb.

3

Feb.

10

Feb.

17

Feb.

24

Mar.

3p

Mar.

10P

Mar. IIP

Mar.

24P

Mar.

31 p

BANKS WITH ASSETS OF $ 7 5 0 MILLION OR MORE

1 Total loans (gross) and securities adjusted 1
2 Total loans (gross) adjusted 1
3 Demand deposits adjusted 2

588,923
470,420
99,608

585,154
468,220
96,101

588,695
471,188
94,498

589,272
472,480
96,499

589,863
472,266
95,764

592,425
474,093
98,037

588,526
471,299
96,722

588,923
471,616
95,100

594,441
476,525
101,234

4 Time deposits in accounts of $100,000 or more
5
Negotiable CDs
6
Other time deposits

186,812
135,148
51,664

186,449
133,979
52,470

182,731
130,660
52,070

188,548
135,384
53,164

187,458
134,286
53,172

186,806
133,455
53,351

185,673
132,586
53,087

187,576
134,405
53,171

186,385
133,186
53,199

2,838
2,232
607

2,850
2,242
608

2,826
2,215
611

2.799
2,185
614

2,775
2,165
610

2,837
2,231
606

2,823
2,220
603

2,878
2,265
613

2,858
2,211
646

10 Total loans (gross) and securities adjusted 1
11 Total loans (gross) adjusted 1
12 Demand deposits adjusted 2

552,292
443,539
92,266

548,666
441,451
88,903

552,238
444,403
87,694

552,934
445,788
89,607

553,438
445,376
88,692

556,050
447,233
90,806

552,165
444,457
89,467

552,679
444,925
88,178

557,936
449,525
93,809

13 Time deposits in accounts of $100,000 or more
14 Negotiable CDs
15 Other time deposits

178,724
130,185
48,540

178,260
128,982
49,278

174,602
125,703
48,898

180,240
130,319
49,921

179,134
129,208
49,927

178,424
128,324
50,100

177,318
127,491
49,827

179,167
129,373
49,794

177,990
128,129
49,861

2,766
2,171
595

2,776
2,180
596

2,757
2,160
597

2,718
2,119
599

2,694
2,100
593

2,755
2,166
588

2,745
2,157
587

2,800
2,203
597

2,781
2,151
630

132,220
110,967
27,464

130,219
108,982
23,894

131,262
109,853
26,285

131,747
110,378
26,792

131,128
109,692
25,924

131,342
109,674
26,081

130,335
108,660
25,312

130,492
108,694
24,929

133,008
111,372
26,519

46,178
35,205
10,974

45,612
34,559
11,052

43,718
32,835
10,883

44,440
33,324
11,116

44,021
32,846
11,175

43,998
32,756
11,242

43,950
32,983
10,967

44,709
33,904
10,805

43,718
32,868
10,850

7 Loans sold outright to affiliates 3
8
Commercial and industrial
Other
9
BANKS WITH ASSETS OF $1 BILLION OR MORE

16 Loans sold outright to affiliates 3
17 Commercial and industrial
18 Other
BANKS IN NEW YORK CITY

19 Total loans (gross) and securities adjusted 1 - 4
20 Total loans (gross) adjusted 1
21 Demand deposits adjusted 2
22 Time deposits in accounts of $100,000 or more
23 Negotiable CDs
24
Other time deposits

1. Exclusive of loans and federal funds transactions with domestic commercial
banks.
2. All demand deposits except U.S. government and domestic banks less cash
items in process of collection.




3. Loans sold are those sold outright to a bank's own foreign branches, nonconsolidated nonbank affiliates of the bank, the bank's holding company (if not a
bank), and nonconsolidated nonbank subsidiaries of the holding company,
4. Excludes trading account securities.

A22
1.291

DomesticNonfinancialStatistics • April 1982
LARGE WEEKLY REPORTING BRANCHES AND AGENCIES OF FOREIGN BANKS

Assets and Liabilities

Millions of dollars, Wednesday figures
1982
Account
Feb. 3
1
2
3
4
5
6
7
8
9
10

Feb. 10

Feb. 17

Feb. 24

Mar. 3P

Mar. 10P

Mar. 17 p

Mar. 24P

Mar. 31 p

Cash and due from depository institutions
Total loans and securities
U.S. Treasury securities
Other securities
Federal funds sold1
To commercial banks in U.S
To others
Other loans, gross
Commercial and industrial
Bankers acceptances and commercial
paper
All other
U.S. addressees
Non-U.S. addressees
To financial institutions
Commercial banks in U.S
Banks in foreign countries
Nonbank financial institutions
For purchasing and carrying securities ..
All other
Other assets (claims on nonrelated
parties)
Net due from related institutions
Total assets

6,042
47,629
2,545
817
3,016
2,838
178
41,252
19,348

5,996
48,509
2,680
826
3,418
3,247
171
41,584
19,592

6,510
48,273
2,613
838
3,989
3,794
194
40,834
19,676

6,033
48,835
2,618
827
3,531
3,364
167
41,858
19,671

5,676
47,954
2.597
806
2,801
2,631
170
41,749
19,690

5,868
47,856
2,522
793
3,394
3,108
286
41,147
19,645

6,062
47,395
2,795
809
3,001
2,834
168
40,790
19,636

5,978
49,831
2,308
801
5,287
5,158
130
41,435
19,970

6,075
48,506
2,520
785
3,907
3,623
284
41,293
20,124

3,582
15,766
13,576
2,190
17,341
13,572
3,377
392
438
4,124

3,569
16,023
13,924
2,099
17,434
13,414
3,623
396
449
4,109

3,614
16,062
13,943
2,119
16,869
13,022
3,461
386
366
3,923

3,538
16,133
13,905
2,227
17,568
13,748
3,437
383
571
4,047

3,618
16,072
13,876
2,196
17,442
13,694
3,365
383
668
3,950

3,579
16,066
13,881
2,185
17,318
13,743
3,210
365
450
3,733

3,705
15,930
13,758
2,172
16,888
13,480
2,926
482
417
3,849

3,600
16,370
14,150
2,221
17,081
13,732
2,842
507
476
3,908

3,713
16,411
14,166
2,245
16,730
13,424
2,784
521
489
3,950

11,958
12,791
78,421

11,733
12,946
79.184

11,840
11,837
78,461

12,077
12,322
79,267

12,246
13,270
79,146

12,452
12,638
78,814

12,370
11,842
77,668

12,488
11,371
79,669

12,777
12,415
79,773

23 Deposits or credit balances 2
24
Credit balances
25 Demand deposits
26
Individuals, partnerships, and
corporations
2/
Other
28 Total time and savings
29
Individuals, partnerships, and
corporations
30
Other
31 Borrowings3
32 Federal funds purchased 4
33
From commercial banks in U.S
34
From others
35
Other liabilities for borrowed money . . .
36
To commercial banks in U.S
37
To others
38 Other liabilities to nonrelated parties
39 Net due to related institutions
40 Total liabilities

22,611
268
1,872

22.722
266
1.953

22,664
357
2,139

23,194
314
1,936

22,836
283
1,993

22,456
284
2,125

21,689
304
1,919

23,101
298
1,897

23,498
247
2,162

776
1,096
20,472

766
1,186
20,503

806
1,333
20,167

724
1,212
20,945

751
1,242
20,560

802
1,323
20,047

850
1,068
19,466

783
1,114
20,905

807
1,356
21,088

17,425
3,047
32,238
7,351
6,234
1,118
24,886
22,435
2,451
12,069
11,503
78,421

17,335
3,167
33,017
7,979
7,068
911
25,038
22,447
2,590
11,849
11,596
79,184

17,075
3,092
32,326
7,874
6,714
1,160
24,452
21,902
2,550
11,849
11,622
78,461

17,905
3,040
33,834
8,748
7,531
1,217
25,086
22,547
2,539
12,196
10,043
79,267

17,494
3,066
34,387
9,363
7,977
1,386
25,024
22,487
2,536
12,279
9,644
79,146

17,014
3,033
35,587
10,631
9,335
1,297
24,956
22,331
2,624
12,379
8,392
78,814

16,367
3,099
33,571
9,252
7,885
1,367
24,319
21,713
2,606
12,360
10,049
77,668

17,660
3,245
33,107
8,245
7,057
1,188
24,862
21,991
2,871
12,455
11,006
79,669

17,787
3,301
33,230
8,474
7,333
1,141
24,756
21,799
2,956
12,693
10,353
79,773

31,219
27,857

31,848
28,341

31,457
28,006

31,722
28,277

31,628
28,225

31,005
27,690

31,082
27,477

30,941
27,832

31,459
28,153

11
12
13
14
15
16
17
18
19
20
21
22

MEMO

41 Total loans (gross) and securities
adjusted"
42 Total loans (gross) adjusted 5
1.
2.
3.
4.
5.

Includes securities purchased under agreements to resell.
Balances due to other than directly related institutions.
Borrowings from other than directly related institutions.
Includes securities sold under agreements to repurchase.
Excludes loans and federal funds transactions with commercial banks in U.S.




NOTE. Beginning in the week ending Dec. 9, 1981, shifts of assets and liabilities
to international banking facilities (IBFs) reduced the amounts reported in some
items, especially in loans to foreigners and to a lesser extent in time deposits. Based
on preliminary reports, the large weekly reporting branches and agencies shifted
$22.2 billion of assets to their IBFs in the six weeks ending Jan. 13, 1982. Domestic
offices net positions with IBFs are now included in net due from or net due to
related institutions. More detail will be available later.

Weekly Reporting Banks
1.30

LARGE WEEKLY REPORTING COMMERCIAL BANKS

A23

Domestic Classified Commercial and Industrial Loans

Millions of dollars
Net change during

Outstanding
Industry classification

Nov. 25

Dec. 30

Jan. 27

Feb. 24

Mar. 31?

Q4

Adjustment
bank 1

1982

1981

1982

1981

Ql?

Jan.

Feb.

Mar.

1 Durable goods manufacturing

25,568

26,868

27,127

28,281

28,570

761

1,685

242

1,155

289

17

2 Nondurable goods manufacturing
3
Food, liquor, and tobacco

22,189
4,282

21,747
4,188

21,588
4,148

21,905
4,407

23,093
4,515

-1,652
-243

1,335
325

-170
-42

316
258

1,188
108

11
2

Textiles, apparel, and leather..
Petroleum refining
Chemicals and rubber
Other nondurable goods

4,652
4,769
4,624
3,863

4,166
4,861
4,337
4,195

4,163
4,575
4,483
4,219

4,412
4,134
4,743
4,209

4,517
4,446
5,132
4,483

-910
905
-1,411
6

349
-416
792
284

-5
-286
144
20

249
-441
260
-10

106
312
389
274

2
4

22,940

24,364

24,552

25,804

25,859

3,082

1,494

187

1,253

55
1,110
507
365
237

4
5
6
7

8 Mining (including crude petroleum and natural gas)

2

9 Trade
10 Commodity dealers
11 Other wholesale
12 Retail

28,175
1,901
12,791
13,483

27,980
2,292
12,918
12,770

28,108
2,297
13,226
12,586

27,764
1,802
13,143
12,819

28,874
2,310
13,508
13,056

981
635
284
62

829
18
570
241

64
5
288
-229

-344
-495
-82
233

13 Transportation, communication,
and other public utilities
14 Transportation
15 Communication
16 Other public utilities

22,019
8,281
3,701
10,037

23,156
8,592
3,954
10,611

23,416
8,739
4,026
10,651

23,380
8,890
4,076
10,414

23,622
9,151
4,236
10,235

1,298
134
419
745

442
537
282
-377

236
125
72
38

-36
151
49
-236

242
261
161
-180

24
22

17 Construction
18 Services
19 All other 2

7,137
25,591
16,057

7,193
26,482
17,070

7,060
26,736
17,280

7,202
27,268
16,991

7,297
27,126
17,266

-53
1,142
1,252

58
540
-14

-178
149

142
532
-289

95
-142
274

45
104
209

169,675

174,861

175,868

178,596

181,708

6,812

6,370

530

2,728

3,112

476

83,833

85,117

85,201

87,853

87,283

-1,019

1,997

-84

2,651

-570

169

20 Total domestic loans
21 MEMO: Term loans (original maturity more than 1 year) included in domestic loans

1. Adjustment bank amounts represent accumulated adjustments originally made
to offset the cumulative effects of mergers. These adjustment amounts should be
added to outstanding data for any date in the year to establish comparability with
any date in the subsequent year. Changes shown have been adjusted for these
amounts.
2. Includes commercial and industrial loans at a few banks with assets of $1
billion or more that do not classify their loans.




65
20
45

1

NOTE. New series. The 134 large weekly reporting commercial banks with domestic assets of $1 billion or more as of Dec. 31, 1977, are included in this series.
The revised series is on a last-Wednesday-of-the-month basis. Partly estimated
historical data are available from the Banking Section, Division of Research and
Statistics, Board of Governors of the Federal Reserve System, Washington, D.C.
20551.

A24
1.31

DomesticNonfinancialStatistics • April 1982
GROSS DEMAND DEPOSITS of Individuals, Partnerships, and Corporations1
Billions of dollars, estimated daily-average balances
Commercial banks
Type of holder
1977
Dec.

1978
Dec.

1980

19792
Dec.
June

Sept.

1981
Dec.

Mar. 3

1 All holders—Individuals, partnerships, and
corporations

274.4

294.6

302.2

288.6

302.0

315.5

280.8

2
3
4
5
6

25.0
142.9
91.0
2.5
12.9

27.8
152.7
97.4
2.7
14.1

27.1
157.7
99.2
3.1
15.1

27.7
145.3
97.9
3.3
14.4

29.6
151.9
101.8
3.2
15.5

29.8
162.3
102.4
3.3
17.2

30.8
144.3
86.7
3.4
15.6

Financial business
Nonfinancial business
Consumer
Foreign
Other

June 4

Sept.

t
1
n.a.
1

t

Dec.

277.5

288.9

28.2
148.6
82.1
3.1
15.5

28.0
154.8
86.6
2.9
16.7

Weekly reporting banks

1977
Dec.

1978
Dec.

1980

1979s
Dec.
June

7 All holders—Individuals, partnerships, and
corporations
8
9
10
11
12

Financial business
Nonfinancial business
Consumer
Foreign
Other

Dec.

Mar.

June 4

Sept.

Dec.

139.1

147.0

139.3

133.9

140.6

147.4

133.2

131.3

137.5

18.5
76.3
34.6
2.4
7.4

19.8
79.0
38.2
2.5
7.5

20.1
74.1
34.3
3.0
7.8

20.2
69.2
33.9
3.1
7.5

21.2
72.4
36.0
3.1
7.9

21.8
78.3
35.6
3.1
8.6

21.9
69.8
30.6
3.2
7.7

20.7
71.2
28.7
2.9
7.9

21.0
75.2
30.4
2.8
8.0

1. Figures include cash items in process of collection. Estimates of gross deposits
are based on reports supplied by a sample of commercial banks. Types of depositors
in each category are described in the June 1971 BULLETIN, p. 466.
2. Beginning with the March 1979 survey, the demand deposit ownership survey
sample was reduced to 232 banks from 349 banks, and the estimation procedure
was modified slightly. To aid in comparing estimates based on the old and new
reporting sample, the following estimates in billions of dollars for December 1978
have been constructed using the new smaller sample; financial business, 27.0;
nonfinancial business, 146.9; consumer, 98.3; foreign, 2.8; and other, 15.1.
3. Demand deposit ownership data for March 1981 are subject to greater than
normal errors reflecting unusual reporting difficulties associated with funds shifted
to NOW accounts authorized at year-end 1980. For the household category, the
S15.7 billion decline in demand deposits at all commercial banks between December
1980 and March 1981 has an estimated standard error of $4.8 billion.




Sept.

1981
3

n a.

4. Demand deposit ownership survey estimates for June 1981 are not yet available
due to unresolved reporting errors.
5. After the end of 1978 the large weekly reporting bank panel was changed to
170 large commercial banks, each of which had total assets in domestic offices
exceeding $750 million as of Dec. 31, 1977. See "Announcements," p. 408 in the
May 1978 BULLETIN. Beginning in March 1979, demand deposit ownership estimates for these large banks are constructed quarterly on the basis of 97 sample
banks and are not comparable with earlier data. The following estimates in billions
of dollars for December 1978 have been constructed for the new large-bank panel;
financial business, 18.2; nonfinancial business, 67.2; consumer, 32.8; foreign, 2.5;
other, 6.8.

Deposits and Commercial Paper
1.32

A25

COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING
Millions of dollars, end of period
Instrument

1977
Dec.

1978
Dec.

1981

19791
Dec.

1982

1980
Dec.
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Commercial paper (seasonally adjusted)
1 All issuers

2
3
4
5
6

Financial companies 2
Dealer-placed paper3
Total
Bank-related
Directly placed paper4
Total
Bank-related
Nonfinancial companies 5

65,051

83,438

112,087

123,597

157,121

165,379

164,026

164,349

164,036

165,118

164,896

8,796
2.132

12,181
3,521

17,161
2,874

19,236
3,561

27,813
6,037

30,213
6,161

28,909
5,626

28,745
5,725

28,613
6,036

29,233
6,495

29,914
6,846

40,574
7,102
15,681

51,647
12,314
19,610

64,748
17,598
30,178

67,888
22,382
36,473

80,769
25,153
48,539

83,311
26,426
51,855

83,053
25,397
52,064

82,290
26,224
53,314

81,702
26,901
53,721

80,504
28,587
55,381

79,402
27,259
55,581

Bankers dollar acceptances (not seasonally adjusted)
7 Total
Holder
Accepting banks
Own bills
Bills bought
Federal Reserve Banks
Own account
Foreign correspondents
Others

Basis
14 Imports into United States
15 Exports from United States
16 All other

8
9
10
11
12
13

25,450

33,700

45,321

54,744

64,577

65,048

66,072

68,749

69,226

70,088

10,434
8,915
1,519

8,579
7,653
927

9,865
8,327
1,538

10.564
8,963
1,601

9,959
9,214
745

10,022
9,040
982

10,511
9,522
989

11,253
10,268
985

10,857
9,743
1,115

10,227
9,095
1,132

954
362
13,700

1
664
24,456

704
1,382
33,370

776
1,791
41,614

0
1,451
53,167

0
1,243
53,783

0
1,428
54,133

0
1,408
56,089

0
1,442
56,926

0
1,427
58,434

6,378
5,863
13,209

8,574
7,586
17,540

10,270
9,640
25,411

11,776
12,712
30,257

13,313
13,774
37,490

13,992
13,514
37,542

14,699
13,981
37,391

14,851
14,936
38,962

14,765
15,400
39,061

14,727
15,599
39,762

1. A change in reporting instructions results in offsetting shifts in the dealerplaced and directly placed financial company paper in October 1979.
2. Institutions engaged primarily in activities such as, but not limited to, commercial. savings, and mortgage banking; sales, personal, and mortgage financing;
factoring, finance leasing, and other business lending; insurance underwriting; and
other investment activities.




n.a.

3. Includes all financial company paper sold by dealers in the open market.
4. As reported by financial companies that place their paper directly with investors.
5. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade,
transportation, and services.

A26
1.33

DomesticNonfinancialStatistics • April 1982
PRIME RATE CHARGED BY BANKS on Short-Term Business Loans
Percent per annum
Effective date

1981—May 19.

20.00
20.50
20.00
20.50
20.00
19.50
19.00
18.00

22.

June 3
July
8
Sept. 15
22
Oct. 5.
13.

1.34

Rate

Effective Date

Rate

20
24
1

17.50
17.00
16.5017.00
16.50
16.00
15.75

1982—Feb. 2.
Feb. 18.
Feb. 23.

16.50
17.00
16.50

1981—Nov.

Dec.

3
9
17

Average
rate

Month

1980—Oct
Nov
Dec

13.79
16.06
20.35

1981—Jan
Feb
Mar
Apr
May
June

20.16
19.43
18.05
17.15
19.61
20.03

1981—July
Aug.
Sept.
Oct.
Nov.
Dec.
1982—Jan.
Feb.
Mar.

TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 2-7, 1981
Size of loan (in thousands of dollars)
All
sizes
1-24

50-99

25^19

100-499

500-999

1,000
and over

SHORT-TERM COMMERCIAL AND
INDUSTRIAL LOANS

1
2
3
4
5

Amount of loans (thousands of dollars)
Number of loans
Weighted-average maturity (months)
Weighted-average interest rate (percent per annum) .
Interquartile range 1

$31,600,736
167,711
1.4
17.13
16.61-17.55

$879,384
120,258
3.5
18.34
17.23-19.12

$560,057
18,056
3.8
17.88
17.00-18.97

$686,973
10,419
4.4
18.20
17.42-19.05

$2,391,858
13,787
3.7
17.65
16.75-18.64

$938,120
1,443
3.8
17.31
16.50-17.98

$26,144,343
3,748
1.0
16.99
16.56-17.44

40.0
54.9
17.5

35.4
27.8
13.9

46.6
36.5
16.8

57.3
41.5
18.6

64.4
51.0
26.4

70.4
63.5
32.7

36.3
56.6
16.2

Percentage of amount of loans
6 With floating rate
7 Made under commitment
8 With no stated maturity
LONG-TERM COMMERCIAL AND
INDUSTRIAL LOANS

9
10
11
12
13

Amount of loans (thousands of dollars)
Number of loans
Weighted-average maturity (months)
Weighted-average interest rate (percent per annum) .
Interquartile range 1

$3,541,678
22,169
51.6
16.59
16.12-17.50

$319,977
19,773
31.6
19.06
17.23-19.57

$330,461
1,627
39.7
17.58
16.75-18.25

$184,046
274
43.0
16.93
16.50-17.75

$2,707,194
495
56.0
16.15
15.75-17.00

69.5
61.6

32.9
26.9

61.9
44.6

76.0
67.1

74.4
67.5

Percentage of amount of loans
14 With floating rate
15 Made under commitment
CONSTRUCTION AND
LAND DEVELOPMENT LOANS

16
17
18
19
20

Amount of loans (thousands of dollars)
Number of loans
Weighted-average maturity (months)
Weighted-average interest rate (percent per annum) .
Interquartile range 1

21
22
23
24

Percentage of amount of loans
With floating rate
Secured by real estate
Made under commitment
With no stated maturity

$1,209,125
26,525
12.9
17.86
17.27-19.25

$112,588
16,202
7.8
19.90
17.98-20.46

$172,993
4,869
9.8
19.37
18.83-20.17

$285,350
3,865
13.4
18.84
18.27-19.51

$230,605
1,400
10.5
14.83
8.75-18.54

$407,589
189
16.3
17.68
17.23-18.27

52.3
87.3
50.9
4.6

19.5
56.8
55.4
10.8

59.8
85.5
26.1
4.4

40.6
99.3
28.8
3.7

51.5
94.9
51.8
7.8

66.8
83.7
75.0
1.8

30.0
13.3
56.6

35.4
1.8
62.8

27.5
1.6
70.8

74.4
.8
24.8

17.3
43.3
39.4

5.8
13.3
80.9

Type of construction
25 l-to4-family
26 Multifamily
27 Nonresidential

All
sizes
28
29
30
31
32

Amount of loans (thousands of dollars)
Number of loans
Weighted-average maturity (months)
Weighted-average interest rate (percent per annum) .
Interquartile range 1

33
34
35
36
37

By purpose of loan
Feeder livestock
Other livestock
Other current operating expenses
Farm machinery and equipment
Other

1-9

25—49

50-99

100-249

250
and over

$1,266,037
57,806
7.1
17.68
17.11-18.39

$138,005
36,774
6.2
17.65
16.65-18.54

$166,907
11,122
8.3
17.33
16.64-18.27

$164,173
4,955
7.5
17.67
17.18-18.27

$194,427
2,920
7.5
17.66
16.75-18.52

$216,317
1,655
6.3
17.63
17.18-18.27

$386,208
380
6.9
17.88
17.50-18.47

17.57
17.42
17.66
17.93
17.85

18.16
17.96
17.58
17.38
17.86

17.42
16.78
17.29
17.42
17.85

17.82
17.50
17.53
17.11
18.35

17.31
18.17
17.48
19.04
17.20

18.05
(2)
17.44
(2)
17.70

17.38
(2)
18.29
(2)
17.98

1. Interest rate range that covers the middle 50 percent of the total dollar amount
of loans made.
2. Fewer than 10 sample loans.




10-24

NOTE. For more detail, see the Board's E.2 (111) statistical release,

Securities Markets
1.35

All

I N T E R E S T R A T E S Money and Capital Markets
Averages, percent per annum; weekly and monthly figures are averages of business day data unless otherwise noted.
1981
Instrument

1979

1980

1982, week ending

1982

1981
Dec.

Jan.

Feb.

Mar.

Mar. 5

Mar. 12

Mar. 19

Mar. 26

Apr. 2

MONEY MARKET RATES

1 Federal funds 1 - 2
Commercial paper 3 - 4
?
1-month
3
3-month
4
6-month
Finance paper, directly placed 3 - 4
5
1-month
6
3-month
7
6-month
Bankers acceptances 4 - 5
8
3-month
9
6-month
Certificates of deposit, secondary market 6
10
1-month
11
3-month
1?
6-month
13 Eurodollar deposits, 3-month 2
U.S. Treasury bills 4
Secondary market 7
3-month
14
15
6-month
16
1-year
Auction average 8
17
3-month
18
6-month
19
1 year

11.19

13.36

16.38

12.37

13.22

14.78

14.68

14.07

14.35

14.89

14.48

14.99

10.86
10.97
10.91

12.76
12.66
12.29

15.69
15.32
14.76

12.16
12.12
12.14

12.90
13.09
13.35

14.62
14.53
14.27

13.99
13.80
13.47

13.85
13.63
13.37

13.71
13.50
13.17

14.26
13.99
13.62

13.80
13.76
13.46

14.64
14.29
13.86

10.78
10.47
10.25

12.44
11.49
11.28

15.30
14.08
13.73

11.89
11.31
11.24

12.67
12.56
12.56

14.41
13.59
13.58

13.73
12.91
12.89

13.69
13.04
13.04

13.35
12.69
12.62

13.95
12.92
12.92

13.51
12.88
12.84

14.44
13.20
13.16

11.04
n.a.

12.78
n.a.

15.32
14.66

12.13
12.27

13.06
13.31

14.47
14.09

13.73
13.33

13.47
13.16

13.51
13.10

13.90
13.45

13.75
13.36

14.18
13.69

11.03
11.22
11.44
11.96

12.91
13.07
12.99
14.00

15.91
15.91
15.77
16.79

12.27
12.49
13.07
13.24

13.03
13.51
14.25
14.29

14.78
15.00
15.12
15.75

14.12
14.21
14.25
14.90

13.91
13.99
14.10
14.84

13.85
13.92
13.92
14.41

14.31
14.40
14.42
14.99

14.07
14.20
14.23
14.95

14.68
14.70
14.69
15.31

10.07
10.06
9.75

11.43
11.37
10.89

14.03
13.80
13.14

10.85
11.52
11.57

12.28
12.83
12.77

13.48
13.61
13.11

12.68
12.77
12.47

12.26
12.58
12.27

12.47
12.55
12.30

12.85
12.89
12.58

12.72
12.78
12.50

13.32
13.17
12.76

10.041
10.017
9.817

11.506
11.374
10.748

14.077
13.811
13.159

10.926
11.471
11.504

12.412
12.930
13.143

13.780
13.709
13.180

12.493
12.621
12.509

12.450
12.786

12.058
12.064

12.909
12.962

12.553
12.673
12.509

13.399
13.243

10.67
10.12

12.05
11.77

14.78
14.56

12.85
13.29

14.32
14.57

14.73
14.82

13.95
14.19

13.71
14.03

14.08
14.30

11.55
11.48
11.43
11.46
11.39
11.30

14.44

14.24
14.06
13.91
13.72
13.44

13.66
13.60
13.62
13.72
13.73
13.45

14.64
14.65
14.67
14.59
14.57
14.22

14.73
14.54
14.46
14.43
14.48
14.22

14.13
13.98
13.93
13.86
13.75
13.53

13.96
13.76
13.77
13.70
13.66
13.43

14.19
14.04
13.96
13.90
13.76
13.54

14.01
14.18
14.30
14.18
14.03
13.96
13.86
13.69
13.48

14.32
14.51

9.71
9.52
9.48
9.44
9.33
9.29

13.73
14.04
14.10
13.94
13.82
13.80
13.80
13.77
13.54

14.47
14.34
14.30
14.15
13.92
13.70

CAPITAL MARKET RATES

U.S. Treasury notes and bonds 9
Constant maturities 10
20
1-year
71
2-year
n
?3
3-year
74
5-year
75
7-year
76
10-year
77
20-year
30-year
28
29

Composite 12
Over 10 years (long-term)

8.74

10.81

12.87

12.88

13.73

13.63

12.98

12.89

12.97

12.99

12.91

13.17

30
31
32

State and local notes and bonds
Moody's series 13
Aaa
Baa
Bond Buyer series 14

5.92
6.73
6.52

7.85
9.01
8.59

10.43
11.76
11.33

11.70
13.30
12.91

12.30
13.95
13.28

12.20
13.83
12.97

11.95
13.70
12.82

12.10
13.88
12.53

11.90
13.50
12.71

11.90
13.70
12.99

11.90
13.70
13.04

11.90
13.70
13.13

10.12
9.63
9.94
10.20
10.69

12.75
11.94
12.50
12.89
13.67

15.06
14.17
14.75
15.29
16.04

15.38
14.23
15.00
15.75
16.55

16.05
15.18
15.75
16.19
17.10

16.13
15.27
15.72
16.35
17.18

15.68
14.58
15.21
16.12
16.82

15.72
14.61
15.26
16.15
16.84

15.64
14.55
15.18
16.08
16.74

15.70
14.55
15.26
16.15
16.84

15.64
14.53
15.14
16.07
16.79

15.73
14.66
15.18
16.14
16.91

10.03
10.02

12.74
12.70

15.56
15.56

15.20
15.18

15.68
15.88

15.93
15.97

15.26
15.19

15.31

15.20
15.15

15.14

15.11

15.38
15.25

9.07
5.46

10.57
5.25

12.36
5.41

12.83
5.57

13.19
5.95

13.20
6.06

12.97
6.28

13.11
6.27

12.95
6.36

12.93
6.38

12.71
6.17

13.15
6.22

Corporate bonds
Seasoned issues 15
All industries
Aaa
35
Aa
36
A
37
Baa
Aaa utility bonds 1 6
38
39
Recently offered issues
33
34

40
41

MEMO: Dividend/price ratio 17
Preferred stocks
Common stocks

1. Weekly and monthly figures are averages of all calendar days, where the
rate for a weekend or holiday is taken to be the rate prevailing on the preceding
business day. The daily rate is the average of the rates on a given day weighted
by the volume of transactions at these rates.
2. Weekly figures are statement week averages—that is, averages for the week
ending Wednesday.
3. Unweighted average of offering rates quoted by at least five dealers (in the
case of commercial paper), or finance companies (in the case of finance paper).
Before November 1979, maturities for data shown are 30-59 days, 90-119 days,
and 120-179 days for commercial paper; and 30-59 days, 90-119 days, and 150179 days for finance paper.
4. Yields are quoted on a bank-discount basis, rather than an investment yield
basis (which would give a higher figure).
5. Dealer closing offered rates for top-rated banks. Most representative rate
(which may be, but need not be, the average of the rates quoted by the dealers).
6. Unweighted average of offered rates quoted by at least five dealers early in
the day.
7. Unweighted average of closing bid rates auoted by at least five dealers.
8. Rates are recorded in the week in which Dills are issued.
9. Yields are based on closing bid prices quoted by at least five dealers.
10. Yields adjusted to constant maturities by the U.S. Treasury. That is, yields
are read from a yield curve at fixed maturities. Based on only recently issued,
actively traded securities.




11. Each weekly figure is calculated on a biweekly basis and is the average of
five business days ending on the Monday following the calendar week. The biweekly
rate is used to determine the maximum interest rate payable in the following twoweek period on small saver certificates. (See table 1.16.)
12. Unweighted averages of yields (to maturity or call) for all outstanding notes
and bonds neither due nor callable in less than 10 years, including several very low
yielding "flower" bonds.
13. General obligations only, based on figures for Thursday, from Moody's
Investors Service.
14. General obligations only, with 20 years to maturity, issued by 20 state and
local governmental units of mixed quality. Based on figures for Thursday.
15. Daily figures from Moody's Investors Service. Based on yields to maturity
on selected long-term bonds.
16. Compilation of the Federal Reserve. Issues included are long-term (20 years
or more). New-issue yields are based on quotations on date of offering; those on
recently offered issues (included only for first 4 weeks after termination of underwriter price restrictions), on Friday close-of-business quotations.
17. Standard and Poor's corporate series. Preferred stock ratio based on a sample
of ten issues: four public utilities, four industrials, one financial, and one transportation. Common stock ratios on the 500 stocks in the price index.

A28
1.36

DomesticNonfinancialStatistics • April 1982
STOCK MARKET

Selected Statistics

, J.

1981
1980

1979

1982

1981
Aug.

Oct.

Sept.

Nov.

Dec.

Jan.

Feb.

Mar.

Prices and trading (averages of daily figures)
Common stock prices
1 New York Stock Exchange
(Dec. 31, 1965 = 50)
2
Industrial
Transportation
3
4
Utility
5
Finance
6 Standard & Poor's Corporation (1941-43 = 10)'
7 American Stock Exchange
(Aug. 31, 1973 = 100)
Volume of trading
(thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange

55.67
61.82
45.20
36.46
58.65
107.94

68.06
78.64
60.52
37.35
64.28
118.71

74.02
85.44
72.61
38.90
73.52
128.05

75.24
86.72
73.27
40.22
73.76
129.63

68.37
78.07
63.67
38.17
69.38
118.27

69.40
78.94
65.65
38.87
72.58
119.84

71.49
80.86
67.68
40.73
76.47
122.92

71.81
81.70
68.27
40.22
74.74
123.79

67.91
76.85
62.04
39.30
70.99
117.41

66.16
74.78
59.09
38.32
70.50
114.50

63.86
71.51
55.19
38.57
69.08
110.84

186.56

300.94

343.50

364.60

313.60

308.81

321.0

321.84

296.49

275.10

255.08

32,233
4,182

44,867
6,377

47,237
5,346

44,489
5,137

46,042
5,556

46,233
4,233

50,791
5,257

43,596
4,992

48,723
4,497

51,169
4,400

55,227
4,329

Customer financing (end-of-period balances, in millions of dollars)
10 Regulated margin credit at
brokers-dealers2

11,619

14,721

14,411r

14,585'

14,023r

13,926'

14,124'

14,411'

13,441'

13,023

11 Margin stock 3
12 Convertible bonds
13 Subscription issues

11,450
167
2

14,500
219
2

14,150'
259
2

14,310'
274
1

13,760r
263

13,660r
263
3

13,860'
261
3

14,150'
259
2

13,190'
249
2

12,770
251
2

1,105
4,060

2,105
6,070

3,515
7,150

2,645
6,640

2,940
6,555

2,990
6,100

3,290
6,865

3,515
7,150

3,455
6,575'

Free credit balances at brokers4
14 Margin-account
15 Cash-account

1

n a.

3,755'
6,595

Margin-account debt at brokers (percentage distribution, end of period)
16 Total
17
18
19
20
21
22

By equity class (in percent)
Under 40
40-49
50-59
60-69
70-79
80 or more

100.0

100.0

100.0

100.0

100.0

100.0

100.0

16.0
29.0
27.0
14.0
8.0
7.0

14.0
30.0
25.0
14.0
9.0
8.0

37.0
21.0
22.0
10.0
6.0
6.0

38.5
24.0
15.0
10.0
6.0
6.0

47.0
22.0
13.0
8.0
5.0
5.0

32.0
28.0
18.0
10.0
6.0
6.0

30.0
25.0
21.0
11.0
6.0
7.0

100.0

100.0

100.0

37.0
24.0
16.0
10.0
7.0
6.0

44.0
22.0
15.0
8.0
6.0
5.0

37.0
24.0'
17.0'
10.0
6.0
6.0

n a.
1
1
T

Special miscellaneous-account balances at brokers (end of period)
23 Total balances (millions of dollars)6
Distribution by equity status
(percent)
24 Net credit status
Debt status, equity of
25 60 percent or more
26
Less than 60 percent

24,760

25,234

24,962

25,409

25,870

26,080

58.0

53.5

55.0

55.0

57.0

58.0

58.0

58.0

31.0

37.0
9.5

33.0
12.0

35.0
10.0

33.0
10.0

31.0

31.0

30.0
12.0

21,690

25,870

44.2

47.8

47.0
8.8

44.4
7.7

16,150

11.0

11.0

11.0

26,854

n a.

Margin requirements (percent of market value and effective date) 7

27 Margin stocks
28 Convertible bonds
29 Short sales

Mar. 11, 1968

June 8, 1968

May 6, 1970

Dec. 6, 1971

Nov. 24, 1972

70
50
70

80
60
80

65
50
65

55
50
55

65
50
65

1. Effective July 1976, includes a new financial group, banks and insurance
companies. With this change the index includes 400 industrial stocks (formerly
425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40
financial.
2. Margin credit includes all credit extended to purchase or carry stocks or related
equity instruments and secured at least in part by stock. Credit extended is endof-month data for member firms of the New York Stock Exchange.
In addition to assigning a current loan value to margin stock generally, Regulations T and U permit special loan values for convertible bonds and stock acquired
through exercise of subscription rights.
3. A distribution of this total by equity class is shown on lines 17-22.
4. Free credit balances are in accounts with no unfulfilled commitments to the
brokers and are subject to withdrawal by customers on demand.




Jan. 3, 1974
50
50
50

5. Each customer's equity in his collateral (market value of collateral less net
debit balance) is expressed as a percentage of current collateral values.
6. Balances that may be used by customers as the margin deposit required for
additional purchases. Balances may arise as transfers based on loan values of other
collateral in the customer's margin account or deposits of cash (usually sales proceeds) occur.
7. Regulations G, T, and U of the Federal Reserve Board of Governors, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount
of credit to purchase and carry margin stocks that may be extended on securities
as collateral by prescribing a maximum loan value, which is a specified percentage
of the market value of the collateral at the time the credit is extended. Margin
requirements are the difference between the market value (100 percent) and the
maximum loan value. The term "margin stocks" is defined in the corresponding
regulation.

Financial Institutions
1.37

SELECTED FINANCIAL INSTITUTIONS

A29

Selected Assets and Liabilities

Millions of dollars, end of period
1982

1981
Account

1979

1980
May

June

Aug.

July

Oct.

Sept.

Nov.

Dec.

Jan.

Feb.''

Savings and loan associations
1 Assets

578,962

629,829 645,586 647,704

660,326

663,844

667,600 671,897

2 Mortgages
3 Cash and investment securities1
4 Other

475,688
46,341
56,933

502,812 512,183 515,256 511,990 518,172
57,572
59,418 57,980 57,817
58,932
73,985
69,445
74,468 75,000
75,918

518,778 519,248 519,146
59,530
61,517 61,369
77,350
78,308
79,811

518,350
62,756
82,738

517,493
64,089
86,018

516,257
66,694
8* ,946

578,962

629,829 645,586 647,704 649,807

655,658

470,004
55,232
40,441
14,791
9,582
11,506

510,959 518,351 518,359 514,805 513,438
64,491 70,153 74,875
79,704 83,456
51,064
53,836 57,188 60,025
47,045
19,089 21,039 22,516 23,431
16,309
8,120
7,973
7,985
7,741
7,354
17,243
12,227
14,933
16,556
18,275

5 Liabilities and net worth
6
7
8
9
10
11

Savings capital
Borrowed money
FHLBB
Other
Loans in process
Other

649,807

653,022

653,022

655,658 659,073

663,844

667,600

671,897

515,649 519,288
87,477
86,108
61,857 62,000
25,620 24,108
6,757
7,040
15,307
17,506

519,777
86,255
61,922
24,333
6,451
19,101

524,374
89,097
62,794
26,303
6,369
15,612

526,382
89,099
62,581
26,518
6,249
18,356

528,990
Hi ,570
62,700
26,870
6,112
20,140

659,073 660,326

12 Net worth 2

32,638

33,319

31,866

31,552

31,001

30,499

30,185

29,414

28,742

28,392

27,514

27,085

13 MEMO: Mortgage loan commitments
outstanding 3

16,007

16,102

18,761

18,037

17,235

16,689

16,012

15,733

15,758

15,225

15,131

15,314

Mutual savings banks 4
163,405

171,564

173,776

174,387

174,578

174,761

175,234

175,693

175,258

175,612

175,802

98,908
9,253

99,865
11,733

99,790
13,375

99,993
14,403

100,095
14,359

99,987
14,560

99,944
14,868

99,903
14,725

99,879
15,073

100,015
14,740

99,770
15,015

7,658
2,930
37,086
3,156
4,412

8,949
2,390
39,282
4,334
5,011

9,296
2,328
39,111
4,513
5,364

9,230
2,337
38,418
4,473
5,534

9,361
2,291
38,374
4,629
5,469

9,369
2,326
38,180
4,791
5,547

9,594
2,323
38,118
4,810
5,577

9,765
2,394
38,108
5,118
5,681

9,508
2,271
37,874
5,039
5,615

9,861
2,274
37,674
5,415
5,632

10,060
2,275
37,721
5,191
5,771

22 Liabilities

163,405

171,564

173,776

174,387

174,578

174,761

175,234

175,693

175,258

175,612

175,802

23
24
25
26
27
28
29
30

146,006
144,070
61,123
82,947
1,936
5,873
11,525

154,805
151,416
53,971
97,445
2,086
6,695
11,368

153,891 154,926
151,658 152,603
51,212 51,594
100,447 101,009
2,232
2,323
8,922
8,634
10,827
10,923

153,757
151,394
50,593
100,800
28,494
10,156
10,665

153,120
150,753
49,003
101,750
27,073
11,125
10,516

153,412
151,072
49,254
101,818
25,769
11,458
10,364

154,066
151,975
48,238
103,737
24,806
11,513
10,114

153,809
151,787
48,456
126,889
2,023
11,434
10,015

154,913
152,834
49,409
126,334
2,079
10,731
9,969

154,638
152,609
48,864
125,578
2,029
11,370
9,794

3,182

1,476

1,401

1,333

1,218

1,140

1,207

1,293

916

14 Assets
IS
16
17
18
19
20
21

Loans
Mortgage
Other
Securities
U.S. government 5
State and local government
Corporate and other 6
Cash
Other assets

Deposits
Regular 7
Ordinary savings
Time and other
Other
Other liabilities
General reserve accounts
MEMO: Mortgage loan commitments outstanding 8

1,709

1,577

n a.

Life insurance companies
31 Assets
32
33
34
35
36
37
38
39
40
41
42

Securities
Government
United States 9
State and local
Foreign 10
Business
Bonds
Stocks
Mortgages
Real estate
Policy loans
Other assets

432,282

479,210 497,276 500,316 503,994 506,585

509,478 515,079 519,281

521,354

525,331

0,338
4,888
6,428
9,022
222,332
178,371
39,757
118,421
13,007
34,825
27,563

21,378 22,948 23,415 23,691 23,949
7,544
6,787
7,359
5,345
7,119
6,701
6,865
6,904
6,815
6,876
9,332
9,346
9,420
9,467
9,501
238,113 247,437 248,737 250,186 250,371
190,747 199,818 201,402 203,016 204,501
47,366
47,619 47,335 41,170 45,870
131,080 134,492 135,318 135,928 136,516
17,429
16,966
17,626
15,033
16,738
41,411 44,292 44,970 45,591 46,252
31,702
31,369 30,910 31,169 31,971

24,280
24,621 25,200
7,670
7,846
8,321
7,033
7,129
7,148
9,577
9,731
9,646
250,315 253,976 255,632
205,908 208,004 209,194
44,407 45,972
46,438
136,982 137,736 138,433
17,801
18,382
18,629
47,042
47,731 48,275
33,058
32,633 33,112

25,310
8,578
6,968
9,764
254,978
208,587
46,391
139,046
19,157
48,741
34,122

26,157
9,204
7,063
9,890
257,614
211,686
45,928
139,596
19,276
49,092
33,288

n.a.

Credit unions
43 Total assets/liabilities and
capital

65,854

71,709

75,278

75,781

76,043

75,656

76,145

76,123

76,830

77,682

78,012

78,986

44
45
46
47
48
49
50
51

35,934
29,920
53,125
28,698
24,426
56,232
35,530
25,702

39,801
31,908
47,774
25,627
22,147
64,399
36,348
28,051

41,105
34,173
49,697
26,744
22,953
67,740
37,241
30,499

41,443
34,338
50,271
27,133
23,138
68,317
37,618
30,699

41,678
34,365
50,724
27,378
23,346
67,690
37,176
30,514

41,394
34,262
51,207
27,701
23,506
66,943
36,713
30,230

41,682
34,463
51,407
27,871
23,536
67,512
36,928
30,584

41,727
34,396
51,029
27,686
23,343
67,625
37,015
30,610

42,025
34,805
50,631
27,508
23,123
67,981
37,261
30,720

42,382
35,300
50,448
27,458
22,990
68,871
37,574
31,297

42,512
35,500
49,949
27,204
22,745
69,432
37,875
31,557

43,111
35,875
49,610
27,051
22,559
70,227
38,331
31,896

Federal
State
Loans outstanding
Federal
State
Savings
Federal (shares)
State (shares and deposits)

For notes see bottom of page A30.




A30
1.38

DomesticNonfinancialStatistics • April 1982
F E D E R A L FISCAL A N D FINANCING OPERATIONS
Millions of dollars
Calendar year
Type of account or operation

Fiscal
year
1979

Fiscal
year
1980

Fiscal
year
1981

1980
H2

1981
HI

1982

1981
H2

Dec.

Jan.

Feb.

U.S. budget
1 Receipts
2 Outlays 1 2
3 Surplus, or deficit ( - )
Trust funds
4
5
Federal funds 3

463,302
490,997
-27,694
18,335
-46,030

517,112
576,675
-59,563
8,801
-68,364

599,272
657,204
-57,932
6,817
-64,749

260.569
309,389
-48,821
-2,551
-46,270

317,304
333,115
-15,811
5,797
-21,608

301,777
358,558
-56,780
-8,085
-48,697

56,825
76,293
-19,468
-7,675
-11,793

55,269
45,930
9,339
10,799
-1,460

43,042
57,822
-14,780
-1,892
-12,888

Off-budget entities (surplus, or deficit
("))
6 Federal Financing Bank outlays
7 Other45

-13,261
793

-14,549
303

-20,769
-236

-7,552
376

-11,046
-900

-8,728
-1,752

-727
-320

-1,241
11

-435
222

-40,162

-73,808

-78,936

-55,998

-27,757

-67,260

-20,516

8,109

-14,993

33,641

70,515

79,329

54,764

33,213

54,081

14,274

9,783

10,693

-408
6,929

-355
3,648

-1,878
1,485

-6,730
7,964

2,873
-8,328

-1,111
14,290

- 3,889
10,131

-13,371
-4,521

4,973
-673

24,176
6,489
17,687

20,990
4,102
16,888

18,670
3,520
15,150

12,305
3,062
9,243

16,389
2,923
13,466

12,046
4,301
7,745

12,046
4,301
7,745

24,710
8,285
16,425

20,668
3,835
16,833

U.S. budget plus off-budget, including
Federal Financing Bank
8 Surplus, or deficit ( - )
Source or financing
9
Borrowing from the public
10 Cash and monetary assets (decrease, or
increase ( - ) )
11 Other 7
MEMO:

12 Treasury operating balance (level, end of
period)
13 Federal Reserve Banks
14 Tax and loan accounts

1. The Budget of the U.S. Government, Fiscal Year 1983, has reclassified supplemental medical insurance premiums and voluntary hospital insurance premiums,
previously included in other social insurance receipts, as offsetting receipts in the
health function.
2. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was reclassified from an off-budget agency to an on-budget agency in the Department of
Labor.
3. Half-year figures are calculated as a residual (total surplus/deficit less trust
fund surplus/deficit).
4. Includes Postal Service Fund; Rural Electrification and Telephone Revolving
Fund; and Rural Telephone Bank.
5. Other off-budget includes petroleum acquisition and transportation, strategic
petroleum reserve effective November 1981.

6. Includes U.S. Treasury operating cash accounts; special drawing rights; gold
tranche drawing rights; loans to International Monetary Fund; and other cash and
monetary assets.
7. Includes accrued interest payable to the public; allocations of special drawing
rights; deposit funds; miscellaneous liability (including checks outstanding) ana
asset accounts; seigniorage; increment on gold; net gain/loss for U.S. currency
valuation adjustment; net gain/loss for IMF valuation adjustment; and profit on
the sale of gold.
SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S.
Government," Treasury Bulletin, and the Budget of the United States Government,
Fiscal Year 1983.

NOTES TO TABLE 1.37
1. Holdings of stock of the Federal Home Loan Banks are included in "other
assets."
2. Includes net undistributed income, which is accrued by most, but not all,
associations.
3. Excludes figures for loans in process, which are shown as a liability.
4. The NAMSB reports that, effective April 1979, balance sheet data are not
strictly comparable with previous months. Beginning April 1979, data are reported
on a net-of-valuation-reserves basis. Before that date, data were reported on a
gross-of-valuation-reserves basis.
5. Beginning April 1979, includes obligations of U.S. government agencies. Before that date, this item was included in "Corporate ana other."
6. Includes securities of foreign governments and international organizations
and, before April 1979, nonguaranteed issues of U.S. government agencies.
7. Excludes checking, club, and school accounts.
8. Commitments outstanding (including loans in process) of banks in New York
State as reported to the Savings Banks Association of the state of New York.
9. Direct and guaranteed obligations. Excludes federal agency issues not guaranteed, which are shown in the table under "Business" securities.




10. Issues of foreign governments and their subdivisions and bonds of the International Bank for Reconstruction and Development.
NOTE. Savings and loan associations: Estimates by the FHLBB for all associations
in the United States. Data are based on monthly reports of federally insured
associations and annual reports of other associations. Even when revised, data for
current and preceding year are subject to further revision.
Mutual savings banks: Estimates of National Association of Mutual Savings
Banks for all savings banks in the United States.
Life insurance companies: Estimates of the American Council of Life Insurance
for all life insurance companies in the United States. Annual figures are annualstatement asset values, with bonds carried on an amortized basis and stocks at
year-end market value. Adjustments for interest due and accrued and for differences between market and book values are not made on each item separately but
are included, in total, in "other assets."
Credit unions: Estimates by the National Credit Union Administration for a
group of federal and state-chartered credit unions that account for about 30 percent
of credit union assets. Figures are preliminary and revised annually to incorporate
recent benchmark data.

Federal Finance
1.39

A31

U.S. B U D G E T RECEIPTS A N D O U T L A Y S
Millions of dollars
Calendar year
Source or type

Fiscal
year

Fiscal
year

Fiscal
year

1979

1980

1981

1980

1981

1981

H2

HI

H2

1982

Feb.

Jan.

Dec.

RECEIPTS
1

All sources'

463,302

517,112

599,272

260,569

317,304

301,777

56,825

55,269

43,042

7
3
4
5
6

217,841
195,295
36
56,215
33,705

244,069
223,763
39
63,746
43,479

285,917
256,332
41
76,844
47,299

131,962
120,924
4
14,592
3,559

142,889
126,101
36
59,907
43,155

147,035
134,199
5
17,391
4,559

25,770
24,590
0
1,602
423

32,646
20,810
0
12,000
163

21,007
23,882
4
1,608
4,487

71,448
5,771

72,380
7,780

73,733
12,596

28,579
4,518

44,048
6,565

31,056
6,847

11,087
867

3,212
738

3,055
1,763

12
13

Individual income taxes, net
Withheld
Presidential Election Campaign F u n d . . .
Nonwithheld
Refunds
Corporation income taxes
Gross receipts
Refunds
Social insurance taxes and contributions,
net
Payroll employment taxes and
contributions 2
Self-employment taxes and
contributions 3
Unemployment insurance
Other net receipts 1 ' 4

14
15
16
17

Excise taxes
Customs deposits
Estate and gift taxes
Miscellaneous receipts 5

18

All types1-6

7
8
9
10
11

138,939

157,803

182,720

75,679

101,316

91,592

14,059

14,575

15,109

115,041

133,042

156,953

66,831

83,851

82,984

13,504

13,085

12,495

5,034
15,387
3,477

5,723
15,336
3,702

6,041
16,129
3,598

188
6,742
1,919

6,240
9,205
2,020

244
6,355
2,009

0
221
335

530
604
357

539
1,734
342

18,745
7,439
5,411
9,252

24,329
7,174
6,389
12,748

40,839
8,083
6,787
13,790

15,332
3,717
3,499
6,318

21,945
3,926
3,259
6,487

22,097
4,661
3,742
8,441

3,633
823
642
1,679

3,087
696
615
1,176

2,908
644
866
1,215

OUTLAYS

490,997

576,675

657,204

309,389

333,115

358,558

76,293

45,930

57,822

National defense
International affairs
General science, space, and technology . . .
72 Energy
23 Natural resources and environment
24 Agriculture

117,681
6,091
5,041
6,856
12,091
6,238

135,856
10,733
5,722
6,313
13,812
4,762

159,765
11,130
6,359
10,277
13,525
5,572

72,457
5,430
3,205
3,997
7,722
1,892

80,005
5,999
3,314
5,677
6,476
3,101

87,421
4,655
3,388
4,394
7,296
5,181

16,258
830
613
399
1,289
2,681

14,131
759
496
383
933
2,701

14,578
555
568
446
651
1,163

Commerce and housing credit
Transportation
Community and regional development....
Education, training, employment, social
services
1
79 Health
6
3 0 Income security

2,579
17,459
9,542

7,788
21,120
10,068

3,946
23,381
9,394

3,163
11,547
5,370

2,047
11,991
4,621

1,825
10,753
4,269

1,051
1,871
688

849
1,465
591

-259
2,166
439

29,685
46,962
160,159

30,767
55,220
193,100

31,402
65,982
225,099

15,221
29,680
107,912

15,928
33,113
113,490

13,878
35,322
129,269

2,245
5,839
33,175

2,160
5,711
7,370

2,198
5,841
20,345

19,928
4,153
4,093
8,372
52,566
-18,488

21,183
4,570
4,505
8,584
64,504
-21,933

22,988
4,698
4,614
6,856
82,537
-30,320

11,731
2,299
2,432
4,191
35,909
-14,769

10,531
2,344
2,692
3,015
41,178
-12,432

12,880
2,290
2,311
3,043
47,667
-17,281

3,217
352
384
28
13,081
-7,710

763
340
210
1,451
6,634
-1,017

1,911
381
549
129
7,634
-1,474

19
?,N
21

25
7.6
27
28

31 Veterans benefits and services
V. Administration of justice
General government
General-purpose fiscal assistance
Interest
Undistributed offsetting receipts 7

33
34
35
36

1. The Budget of the U.S. Government, Fiscal Year 1983 has reclassified supplemental medical insurance premiums and voluntary hospital insurance premiums,
previously included in other social insurance receipts, as offsetting receipts in the
health function.
2. Old-age, disability, and hospital insurance, and railroad retirement accounts.
3. Old-age, disability, and hospital insurance.
4. Supplementary medical insurance premiums, federal employee retirement
contributions, and Civil Service retirement and disability fund.




5. Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts.
6. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was reclassified from an off-budget agency to an on-budget agency in the Department of
Labor.
7. Consists of interest received by trust funds, rents and royalties on the Outer
Continental Shelf, and U.S. government contributions for employee retirement.
SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S.
Government" and the Budget of the U.S. Government, Fiscal Year 1983.

A32
1.40

DomesticNonfinancialStatistics • April 1982
FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars
1979

1980

1981

Item
Dec. 31

Mar. 31

June 30

Sept. 30

Dec. 31

Mar. 31

1 Federal debt outstanding

852.2

870.4

884.4

914.3

936.7

2 Public debt securities
i
Held by public
4
Held by agencies

845.1
658.0
187.1

863.5
677.1
186.3

877.6
682.7
194.9

907.7
710.0
197.7

930.2
737.7
192.5

7.1
5.6
1.5

7.0
5.5
1.5

6.8
5.3
1.5

6.6
5.1
1.5

6.5
5.0
1.5

846.2

864.5

878.7

908.7
907.1
1.6
925.0

935.1

5 Agency securities
6 Held by public
V Held by agencies
8 Debt subject to statutory limit
9 Public debt securities
10 Other debt 1

844.5
1.7

862.8
1.7

877.0
1.7

11 MEMO: Statutory debt limit

879.0

879.0

925.0

1. Includes guaranteed debt of government agencies, specified participation certificates, notes to international lending organizations, and District of Columbia
stadium bonds.

1.41

GROSS PUBLIC DEBT OF U.S. TREASURY

June 30

Sept. 30

Dec. 31

977.4

1,003.9

1,034.7

964.5
773.7
190.9

971.2
771.3
199.9

997.9
789.8
208.1

1,028.7
825.5
203.2

6.4
4.9
1.5

6.2
4.7
1.5

6.1
4.6
1.5

6.0
4.6
1.4

931.2

965.5

972.2

998.8

1,039.3

929.6
1.6

963.9
1.6

970.6
1.6

997.2
1.6

1,037.7
1.6

985.0

985.0

999.8

1,079.8

970.9

NOTE. Data from Treasury Bulletin (U.S. Treasury Department),

Types and Ownership

Billions of dollars, end of period
1981
Type and holder

1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
13
14

By type
Interest-bearing debt
Marketable
Bills
Notes
Bonds
Nonmarketable 1
State and local government series
Foreign issues3
Government
Public
Savings bonds and notes
Government account series4

1977

1978

1979

1982

1980
Nov.

Dec.

Jan.

789.2

845.1

930.2

1,013.3

1,028.7

1,038.4

1,048.2

1,061.3

715.2
459.9
161.1
251.8
47.0
255.3
2.2
13.9
22.2
21.0
1.2
77.0
139.8

782.4
487.5
161.7
265.8
60.0
294.8
2.2
24.3
29.6
28.0
1.6
80.9
157.5

844.0
530.7
172.6
283.4
74.7
313.2
2.2
24.6
28.8
23.6
5.3
79.9
177.5

928.9
623.2
216.1
321.6
85.4
305.7

1,011.9
704.8
233.9
370.8
100.1
307.1

1,027.3
720.3
245.0
375.3
99.9
307.0

1,032.7
726.5
250.6
374.4
101.6
306.1

1,042.2
737.5
254.0
382.1
101.4
304.7

1,059.8
752.6
256.2
395.0
101.4
307.2

23.8
24.0
17.6
6.4
72.5
185.1

23.0
20.3
15.3
5.0
68.0
195.5

23.0
19.0
14.9
4.1
68.1
196.7

22.7
18.9
14.8
4.1
67.8
196.4

22.7
18.4
14.3
4.1
67.6
195.7

23.2
19.6
15.6
4.1
67.4
196.7

3.7

6.8

1.2

1.3

1.4

1.4

5.7

16
17
18
19
20
21
22
23

154.8
102.8
461.3
101.4
5.9
15.1
20.5
55.2

170.0
109.6
508.6
93.2
5.0
15.7
19.6
64.4

187.1
117.5
540.5
96.4
4.7
16.7
22.9
69.9

192.5
121.3
616.4
116.0
5.4
20.1
25.7
78.8

202.1
126.5
684.6
110.0
5.2
19.4
38.3
87.5

203.3
131.0
694.5
109.4
5.2
19.1
37.8
85.6

202.8
127.7
707.3
111.4
5.4
19.5
37.9
86.2

24
25
26
27

Individuals
Savings bonds
Other securities
Foreign and international 6
Other miscellaneous investors7

76.7
28.6
109.6
49.7

80.7
30.3
137.8
58.9

79.9
36.2
124.4
90.1

72.5
56.7
127.7
106.9

68.1
73.6
138.3
144.3

68.0
75.6
141.4
152.3

67.9
76.2
142.1
160.7

1. Includes (not shown separately): Securities issued to the Rural Electrification
Administration, depository bonds, retirement plan bonds, and individual retirement bonds.
2. These nonmarketable bonds, also known as Investment Series B Bonds, may
be exchanged (or converted) at the owner's option for IV2 percent, 5-year marketable Treasury notes. Convertible bonds that have been so exchanged are removed from this category and recorded in the notes category (line 5).
3. Nonmarketable dollar-denominated and foreign currency-denominated series
held by foreigners.
4. Held almost entirely by U.S. government agencies and trust funds.




Mar.

718.9

By holder5
U.S. government agencies and trust funds
Federal Reserve Banks
Private investors
Commercial banks
Mutual savings banks
Insurance companies
Other companies
State and local governments

15 Non-interest-bearing debt

Feb.

6.0

n a.

1.5

n a.

5. Data for Federal Reserve Banks and U.S. government agencies and trust
funds are actual holdings; data for other groups are Treasury estimates.
6. Consists of investments of foreign balances and international accounts in the
United States.
7. Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers, certain government deposit accounts, and
government sponsored agencies.
NOTE. Gross public debt excludes guaranteed agency securities.
Data by type of security from Monthly Statement of the Public Debt of the United
States (U.S. Treasury Department); data by holder from Treasury Bulletin.

Federal Finance
1.42 U.S. GOVERNMENT MARKETABLE SECURITIES

A33

Ownership, by maturity

Par value; millions of dollars, end of period
1982

1981

r I |i

1979
Jan.

Dec.

1981

1982

Dec.

Jan.

1980

1 to 5 years

All maturities
1 All holders

530,731

623,186

720,293

726,542

89,578

197,409

228,550

223,333

2 U.S. government agencies and trust funds
3 Federal Reserve Banks

11,047
117,458

9,564
121,328

8,669
130,954

8,670
127,733

2,555
8,469

1,990
35,835

1,906
38,223

1,906
37,582

402,226
69,076
3,204
11,496
8,433
3,209
15,735
291,072

492,294
77,868
3,917
11,930
7,758
4,225
21,058
365,539

580,671
74,618
3,971
12,090
4,214
4,122
18,991
462,663

590,139
77,375
4,177
12,834
4,477
4,915
20,797
465,563

133,173
38,346
1,668
4,518
2,844
1,763
3,487
80,546

159,585
44,482
1,925
4,504
2,203
2,289
4,595
99,577

188,422
39,021
1,870
5,596
1,146
2,260
4,278
134,251

183,845
40,244
1,930
6,165
1,258
2,487
4,479
127,282

4 Private investors
5 Commercial banks
6 Mutual savings banks
7 Insurance companies
8 Nonfinancial corporations
9 Savings and loan associations
10 State and local governments
11 All others

Total, within 1 year
12 All holders
13 U.S. government agencies and trust funds
14 Federal Reserve Banks
15 Private investors
16 Commercial banks
17 Mutual savings banks
18 Insurance companies
19 Nonfinancial corporations
20 Savings and loan associations
21
State and local governments
22 All others

5 to 10 years

255,252

297,385

340,082

346,336

50,440

56,037

63,483

66,973

1,629
63,219

830
56,858

647
64,113

648
61,518

871
12,977

1,404
13,548

779
11,854

779
11,823

190,403
20,171
836
2,016
4,933
1,301
5,607
155,539

239,697
25,197
1,246
1,940
4,281
1,646
7,750
197,636

275,322
29,480
1,569
2,201
2,421
1,731
7,536
230,383

284,169
30,553
1,680
2,044
2,528
2,148
7,923
237,293

36,592
8,086
459
2,815
308
69
1,540
24,314

41,175
5,793
455
3,037
357
216
2,030
29,287

50,851
4,496
238
2,507
344
98
2,365
40,804

54,370
4,504
249
2,619
345
237
2,395
44,021

Bills, within 1 year
23 All holders
24 U.S. government agencies and trust funds
25 Federal Reserve Banks
26 Private investors
27 Commercial banks
28 Mutual savings banks
29 Insurance companies
30 Nonfinancial corporations
31
Savings and loan associations
32 State and local governments
33 All others

10 to 20 years

216,104

245,015

250,562

27,588

36,854

44,744

44,709

0
45,337

1
43,971

»

49,679

2
47,095

4,520
3,272

3,686
5,919

3,996
6,692

3,996
6,644

127,306
5,938
262
473
2,793
219
3,100
114,522

172,132
9,856
394
672
2,363
818
5,413
152,616

195,335
9,667
423
760
1,173
363
5,126
177,824

203,465
10,677
483
708
1,291
754
5,469
184,083

19,796
993
127
1,305
218
58
1,762
15,332

27,250
1,071
181
1,718
431
52
3,597
20,200

34,055
873
151
1,119
131
16
2,824
28,940

34,069
984
169
1,276
167
19
3,632
27,822

172,644

Other, within 1 year

Over 20 years

34 All holders

82,608

81,281

95,068

95,774

33,254

35,500

43,434

45,192

35 U.S. government agencies and trust funds
36 Federal Reserve Banks

1,629
17,882

829
12,888

647
14,433

646
14,424

1,472
9,520

1,656
9,258

1,340
10,073

1,340
10,166

37 Private investors
38 Commercial banks
39 Mutual savings banks
40 Insurance companies
41
Nonfinancial corporations
42 Savings and loan associations
43 State and local governments
44
All others

63,097
14,233
574
1,543
2,140
1,081
2,508
41,017

67,565
15,341
852
1,268
1,918
828
2,337
45,020

79,987
19,814
1,146
1,442
1,248
1,368
2,410
52,560

80,704
19,876
1,197
1,336
1,237
1,393
2,454
53,210

22,262
1,470
113
842
130
19
3,339
16,340

24,587
1,325
110
730
476
21
3,086
18,838

32,020
749
144
666
172
17
1,988
28,285

33,686
1,091
149
730
178
23
2,370
29,145

NOTE. Direct public issues only. Based on Treasury Survey of Ownership from
Treasury Bulletin (U.S. Treasury Department).
Data complete for U.S. government agencies and trust funds and Federal Reserve
Banks, but data for other groups include only holdings of those institutions that
report. The following figures show, for each category, the number and proportion
reporting as of Jan. 31,1982: (1) 5,316 commercial banks, 451 mutual savings banks,




and 724 insurance companies, each about 80 percent; (2) 407 nonfinancial corporations and 468 savings and loan associations, each about 50 percent; and (3)
489 state and local governments, about 40 percent.
"AH others," a residual, includes holdings of all those not reporting in the
Treasury Survey, including investor groups not listed separately.

A34
1.43

DomesticNonfinancialStatistics • April 1982
U.S. GOVERNMENT SECURITIES DEALERS

Transactions

Par value; averages of daily figures, in millions of dollars
1981
Item

1978

1979

1982

1982, week ending Wednesday

1980
Dec.'

Jan.'

Feb.

Feb. 10 r

Feb. 17

Feb. 24

Mar. 3

Mar. 10

1

1

Immediate delivery
U.S. government securities

10,285

13,183

18,331

28,736

26,371

30,933

26,859

28,143

37,075

31,733

27,230

2
3
4
5
6

By maturity
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years

6 ,173
392
1,889
965
867

7,915
454
2,417
1,121
1,276

11,413
421
3,330
1,464
1,704

17,236
1,099
5,626
2,370
2,405

16,495
593
4,451
2,540
2,293

17,868
760
6,067
2,964
3,275

13,960
554
5,078
2,933
4,334

17,182
670
4,802
2,527
2,961

22,418
1,079
7,885
2,325
3,369

17,573
1,040
5.151
4,866
3,103

14,695
777
4,971
3,129
3,659

7
8
9
10
11
12
13
14
15
16
17
18

By type of customer
U.S. government securities
dealers
U.S. government securities
brokers
All others 2
Federal agency securities
Certificates of deposit
Bankers acceptances
Commercial paper
Futures transactions 3
Treasury bills
Treasury coupons
Federal agency securities
Forward transactions 4
U.S. government securities
Federal agency securities

1,135

1,448

1,484

2,002

1,508

1,598

1,409

1,536

1,370

2,049

1,137

3,838
5,312
1,894
1,292

5,170
6,564
2,723
1,764

7,610
9,237
3,258
2,472

12,796
13,939
2,893
4,891
2,095
6,978

13,181
11,683
2,712
4,233
1,879
7,200

15,245
14,090
3,617
4,967
2,208
7,791

13,178
12,272
3,231
3,471
1,547
7,195

13,123
13,485
2,880
4,373
1,749
8,395

10,678
9,562
5,080
7,202
3,029
8,018

15,605
14,079
3,810
4,838
2,393
7,977

14,583
11,511
3,072
4,536
2,468
7,256

5,118
1,491
221

5,202
1,148
185

4,663
1,528
261

3,966
1,460
181

3,879
1,460
308

5,477
1,720
315

5,785
1,643
211

5,024
1,248
222

591
1,336

473
1,414

858
1,414

777
1,545

553
1,135

1,004
1,513

372
1,580

363
1,776

n.a.

n a.

n a.

1. Before 1981, data for immediate transactions include forward transactions.
2. Includes, among others, all other dealers and brokers in commodities and
securities, nondealer departments of commercial banks, foreign banking agencies,
and the Federal Reserve System.
3. Futures contracts are standardized agreements arranged on an organized exchange in which parties commit to purchase or sell securities for delivery at a future
date.
4. Forward transactions are agreements arranged in the over-the-counter market
in which securities are purchased (sold) for delivery after 5 business days from the

1.44

U.S. GOVERNMENT SECURITIES DEALERS

date of the transaction for government securities (Treasury bills, notes, and bonds)
or after 30 days for mortgage-backed agency issues.
NOTE. Averages for transactions are based on number of trading days in the
period.
Transactions are market purchases and sales of U.S. government securities dealers reporting to the Federal Reserve Bank of New York. The figures exclude
allotments of, and exchanges for, new U.S. government securities, redemptions of
called or matured securities, purchases or sales of securities under repurchase
agreement, reverse repurchase (resale), or similar contracts.

Positions and Financing

Averages of daily figures, in millions of dollars
1981
Item

1978

1979

1982

1982, week ending Wednesday

1980
Dec.

Jan.'

Feb.

Jan. 27

Feb. 3

Feb. 10

Feb. 17

Positions
1

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Net immediate
U.S. government securities.
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years
Federal agency securities..
Certificates of deposit
Bankers acceptances
Commercial paper
Future positions
Treasury bills
Treasury coupons
Federal agency securities..
Forwards positions
U.S. government securities
Federal agency securities..

2,656
2.452
260
-92
40
-4
606
2,775

3,223
3.813
-325
-455
160
30
1,471
2,794

4,306
4,103
-1,062
434
166
665
797
3,115

4.244
2,411
-3,929
3,164
-78
2,676
3,687
5,027
2,590
3.245

5,141
3,317
-2,475
2,673
-247
1,872
2,853
3,631
2,139
2,405

4,199
1,853
-2,736
3,154
-555
2,484
2,311
3,392
1,950
2,563

4,853
2,895
-2,465
3,058
-551
1.916
2,514
3,139
1,987
2,289

3,634
1,692
-2,337
3,001
-683
1,961
2,327
3,344
2,022
2,570

4,907
1,844
-2,105
3,010
453
2,593
2,352
2,851
1,737
2,170

2,643
800
-2,225
2,230
-753
2,591
1,959
2,999
1,867
1,959

-5,270
-3,652
-377

6,249
-2,566

-66

- 7,585
-2,593
493

-6,966
-2,642
63

-6,817
-2,894
381

-8,045
-2,780
645

-8,363
-2,274
612

-645
-1,240

-410
-1,184

-739
-1,207

-627
-1,091

-719
-1,115

-791
-1,232

-746
-1,279

Financing 2
Reverse repurchase agreements 3
Overnight and continuing . . . .
Term agreements
Repurchase agreements 4
18
Overnight and continuing . . . .
19
Term agreements
16
17

For notes see opposite page.




25,185
51,003

25,006
47,632

21,854
46,520

22,765
48,554

23,910
48,962

20,850
46,946

22,135
46,391

50,681
43,358

49,809
38,804

43,005
38,313

44,384
39,668

47,143
39,389

43,777
36,516

44,574
38,546

Feb. 24

Federal Finance
1.45

A35

FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding
Millions of dollars, end of period
1981
Agency

1 Federal and federally sponsored agencies'
2 Federal agencies
3 Defense Department 2
4 Export-Import Bank 3 ' 4
5 Federal Housing Administration 5
6 Government National Mortgage Association
participation certificates 6
7 Postal Service7
8 Tennessee Valley Authority
9 United States Railway Association 7
10 Federally sponsored agencies1
11 Federal Home Loan Banks
12 Federal Home Loan Mortgage Corporation
13 Federal National Mortgage Association
14 Federal Land Banks
15 Federal Intermediate Credit Banks
16 Banks for Cooperatives
17 Farm Credit Banks 1
18 Student Loan Marketing Association 8
19 Other

1978

1979

1982

1980
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

137,063

163,290

193,229

218,362

223,393

226,010

226,269

227,210

226,418

23,488
968
8,711
588

24,715
738
9,191
537

28,606
610
11,250
477

30,088
526
12,385
449

30,870
516
12,855
432

31,069
514
12,845
427

31,156
490
12,829
419

31,806
484
13,339
413

31,053
470
13,135
406

3,141
2,364
7,460
356

2,979
1,837
8,997
436

2,817
1,770
11,190
492

2,715
1,538
12,260
215

2,715
1,538
12,599
215

2,715
1,538
12,830
200

2,715
1,538
12,965
200

2,715
1,538
13,115
202

2,191
1,538
13,115
198

113,575
27,563
2,262
41,080
20,360
11,469
4,843
5,081
915
2

138,575
33,330
2,771
48,486
16,006
2,676
584
33,216
1,505
1

164,623
41,258
2,536
55,185
12,365
1,821
584
48,153
2,720
1

188,274
55,161
2,408
56,372
10,317
1,388
220
58,306
4,100
2

192,523
58,276
2,308
56,688
10,317
1,388
220
59,024
4,300
2

194,941
57,990
2,308
57,805
9,717
1,388
220
60,911
4,600
2

195,113
57,854
2,608
58,533
9,717
1,388
220
60,191
4,600
2

195,404
58,090
2,604
58,749
9,717
1,388
220
60,034
4,600
2

195,365
57,387
2,604
58,860
8,717
1,388
220
61,187
5,000
2

51,298

67,383

87,460

103,597

107,309

108,171

109,495

110,698

111,965

6,898
2,114
915
5,635
356

8,353
1,587
1,505
7,272
436

10,654
1,520
2,720
9,465
492

11,933
1,288
4,100
10,535
215

12,409
1,288
4,300
10,874
215

12,409
1,288
4,600
11,105
200

12,409
1,288
4,600
11,240
200

12,741
1,288
4,600
11,390
202 r

12,741
1,288
5,000
11,435
198

23,825
4,604
6,951

32,050
6,484
9,696

39,431
9,196
13,982

47,171
11,861
16,494

48,821
12,343
17,059

48,571
12,674
17,324

49,029
12,924
17,805

48,821
13,516
18,140'

49,026
13,836
18,441

MEMO:

20 Federal Financing Bank debt1,9

21
22
23
24
25

Lending to federal and federally sponsored
agencies
Export-Import Bank 4
Postal Service7
Student Loan Marketing Association 8
Tennessee Valley Authority
United States Railway Association 7

Other Lending10
26 Farmers Home Administration
27 Rural Electrification Administration
28 Other

1. In September 1977 the Farm Credit Banks issued their first consolidated bonds,
and in January 1979 they began issuing these bonds on a regular basis to replace
the financing activities of the Federal Land Banks, the Federal Intermediate Credit
Banks, and the Banks for Cooperatives. Line 17 represents those consolidated
bonds outstanding, as well as any discount notes that have been issued. Lines 1
and 10 reflect the addition of this item.
2. Consists of mortgages assumed by the Defense Department between 1957 and
1963 under family housing and homeowners assistance programs.
3. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
4. Off-budget Aug. 17, 1974, through Sept. 30, 1976; on-budget thereafter.
5. Consists of debentures issued in payment of Federal Housing Administration
insurance claims. Once issued, these securities may be sold privately on the securities market.
6. Certificates of participation issued prior to fiscal 1969 by the Government
National Mortgage Association acting as trustee for the Farmers Home Administration; Department of Health, Education, and Welfare; Department

NOTES TO TABLE 1.44
1. Immediate positions are net amounts (in terms of par values) of securities
owned by nonbank dealer firms and dealer departments of commercial banks on
a commitment, that is, trade-date basis, including any such securities that have
been sold under agreements to repurchase (RPs). The maturities of some repurchase agreements are sufficiently long, however, to suggest that the securities
involved are not available for trading purposes. Securities owned, and hence dealer
positions, do not include securities to resell (reverse RPs). Before 1981, data for
immediate positions include forward positions.
2. Figures cover financing involving U.S. government and federal agency securities, negotiable CDs, bankers acceptances, and commercial paper.




of Housing and Urban Development; Small Business Administration; and the
Veterans Administration.
7. Off-budget.
8. Unlike other federally sponsored agencies, the Student Loan Marketing Association may borrow from the Federal Financing Bank (FFB) since its obligations
are guaranteed by the Department of Health, Education, and Welfare.
9. The FFB, which began operations in 1974, is authorized to purchase or sell
obligations issued, sold, or guaranteed by other federal agencies. Since FFB incurs
debt solely for the purpose of lending to other agencies, its debt is not included in
the main portion of the table in order to avoid double counting.
10. Includes FFB purchases of agency assets and guaranteed loans; the latter
contain loans guaranteed by numerous agencies with the guarantees of any particular agency being generally small. The Farmers Home Administration item consists
exclusively of agency assets, while the Rural Electrification Administration entry
contains both agency assets and guaranteed loans.

3. Includes all reverse repurchase agreements, including those that have been
arranged to make delivery on short sales and those for which the securities obtained
have been used as collateral on borrowings, i.e., matched agreements.
4. Includes both repurchase agreements undertaken to finance positions and
"matched book" repurchase agreements.
NOTE. Data for positions are averages of daily figures, in terms of par value,
based on the number of trading days in the period. Positions are shown net and
are on a commitment basis. Data for financing are based on Wednesday figures,
in terms of actual money borrowed or lent.

A36
1.46

Domestic Financial Statistics • April 1982
NEW SECURITY ISSUES of State and Local Governments
Millions of dollars
Type of issue or issuer,
or use

1981
1978

1979

Juner
1 All issues, new and refunding

1

1982

1980
July'

Aug.'

Sept.'

Oct.'

Nov. r

Dec.

Jan.

48,512

43,365

48,367

4,908

3,211

3,113

3,910

4,097

5,355

4,744

3,802

17,854
n.a.
30,658
n.a.

12,109
53
31,256
67

14,100
38
34,267
57

1,391
1
3,517
4

1,075
5
2,136
1

1,000
8
2,113
4

560
2
3,350
9

748
2
3,349
5

1,315
3
4,040
2

749
1
3,995
3

1,036
3
2,766
4

Type of issuer
6 State
7 Special district and statutory authority
8 Municipalities, counties, townships, school
districts

6,632
24,156
17,718

4,314
23,434
15,617

5,304
26,972
16,090

585
2,691
1,631

353
1,733
1,125

446
1,701
966

92
2,749
1,070

439
2,467
1,191

518
3,439
1,398

315
3,308
1,120

514
2,095
1,195

9 Issues for new capital, total

37,629

41,505

46,736

4,832

3,200

2,460

3,904

4,009

5,318

4,683

3,648

Use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes

5,003
3,460
9,026
10,494
3,526
6,120

5,130
2,441
8,594
15,968
3,836
6,120

4,572
2,621
8,149
19,958
3,974
5,536

641
161
774
1,358
792
1,106

257
537
844
712
377
473

257
113
524
770
316
480

153
222
1,626
515
874
514

203
499
700
953
1,015
639

576
286
757
1,873
676
1,150

561
355
955
1,813
523
476

242
138
1,242
886
340
800

2
3
4
5

10
11
12
13
14
15

Type of issue
General obligation
U.S. government loans 2
Revenue
U.S. government loans 2

1. Par amounts of long-term issues based on date of sale.
2. Consists of tax-exempt issues guaranteed by the Farmers Home Administration.

1.47

SOURCE. Public Securities Association.

NEW SECURITY ISSUES of Corporations
Millions of dollars
Type of issue or issuer,
or use

1981
1979

1980

1982

1981
July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

1 All issues1

51,533

73,694

69,093

3,842

3,097

4,696

4,368

8,518

5,717

2,298

2 Bonds

40,208

53,206

44,593

2,186

1,616

2,797

2,845

6,724

3,844

787

Type of offering
3 Public
4 Private placement

25,814
14,394

41,587
11,619

37,604
6,989

1,926
260

905
711

2,198
599

2,582
263

6,560
164

3,526
317

561
226

9,678
3,948
3,119
8,153
4,219
11,094

15,409
6,693
3,329
9,557
6,683
11,534

12,325
5,229
2,054
8,963
4,280
11,743

507
189
120
322
767
281

308
390
95
360
115
348

452
201
63
1,012
471
598

21
617
51
1,008
83
1,065

2,054
949
130
802
326
2,463

954
850
82
582
106
1,269

185
168
28
284

11,325

20,489

24,500

1,656

1,481

1,899

1,523

1,794

1,873

1,511

3,574
7,751

3,631
16,858

1,796
22,704

67
1,589

14
1,467

186
1,713

141
1,382

59
1,735

80
1,793

199
1,312

1,679
2,623
255
5,171
303
12,931

4,839
5,245
549
6,230
567
3,059

4,786
7,424
735
5,416
1,772
4,368

335
340
29
308
73
571

160
661
91
248
12
310

117
487
87
514
369
325

193
449
23
438
7
412

407
564
15
405
85
318

206
444
23
534
89
577

63
640
25
449
58
276

5
6
7
8
9
10

Industry group
Manufacturing
Commercial and miscellaneous
Transportation
Public utility
Real estate and financial

11 Stocks
Type
12 Preferred
13 Common
14
15
16
17
18
19

Industry group
Manufacturing
Commercial and miscellaneous
Transportation
Public utility
Communication
Real estate and financial

1. Figures, which represent gross proceeds of issues maturing in more than one
year, sold for cash in the United States, are principal amount or number of units
multiplied by offering price. Excludes offerings of less than $100,000, secondary
offerings, undefined or exempted issues as defined in the Securities Act of




122

1933, employee stock plans, investment companies other than closed-end, intracorporate transactions, and sales to foreigners.
SOURCE. Securities and Exchange Commission.

Corporate Finance
1.48

OPEN-END INVESTMENT COMPANIES

A37

Net Sales and Asset Position

Millions of dollars
1981
Item

1980

1982

1981
July

Aug.

Sept.

Oct.

Nov.

Jan.

Dec.

Feb.

INVESTMENT COMPANIES1

1 Sales of own shares 2
2 Redemptions of own shares 3
3 Net sales
4
5
6

Assets4
Cash position 5
Other

15,266
12,012
3,254

20,596
15,866
4,730

1,639
1,297
342

1,457
1,422
35

1,449
1,457
-8

1,768
593
1,175

1,729
1,125
604

2,140
1,769
371

3,032
1,475
1,557

2,049
1,456
593

58,400
5,321
53,079

55,207
5,277
49,930

57,494
5,109
52,385

54,221
5,058
49,163

51,659
5,409
46,250

54,335
5,799
48,536

57,408
6,269
51,139

55,207
5,277
49,930

54,347
5,424
48,923

52,427
5,542
46,885

1. Excluding money market funds.
2. Includes reinvestment of investment income dividends. Excludes reinvestment
of capital gains distributions and share issue of conversions from one fund to another
in the same group.
3. Excludes share redemption resulting from conversions from one fund to another in the same group.
4. Market value at end of period, less current liabilities.

1.49

5. Also includes all U.S. government securities and other short-term debt securities.
NOTE. Investment Company Institute data based on reports of members, which
comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after
their initial offering of securities.

CORPORATE PROFITS AND THEIR DISTRIBUTION
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1980
Account

1979

1980

Q2

2
3
4
5
6

1 Corporate profits with inventory valuation and
capital consumption adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits

196.8
255.3
87.6
167.7
50.1
117.6

182.7
245.5
82.3
163.2
56.0
107.2

192.1
233.7
77.9
155.8
63.1
92.7

169.3
217.9
71.5
146.5r
55.7
90.7

7 Inventory valuation
8 Capital consumption adjustment

-42.6
-15.9

-45.7r
-17.2

-27.7
-13.9

-31.1
-17.6

SOURCE. Survey of Current Business (U.S. Department of Commerce).




1981

1981
Q3

Q4

177.9
237.6
78.5
159.1
56.7
102.4

183.3
249.5
85.2
164.3
57.7
106.6

-41.7
-17.9

-48.4
-17.8

Q1

Q2

203.0
257.0
87.7
169.2r
59.6
109.6r

190.3
229.0
76.4
152.7r
62.0
90.6

-39.2
-14.7

-24.0
-14.7

Q3

Q4

195.7
234.4
78.1
156.3
64.8
91.5

179.5
214.6
69.4
145.2
66.0
79.2

-25.3
-13.4

-22.3
-12.8

A38
1.50

DomesticNonfinancialStatistics • April 1982
NONFINANCIAL CORPORATIONS

Current Assets and Liabilities

Billions of dollars, except for ratio
1980
Account

1975

1976

1977

1978

1981

1979
Q3

Q4

Q1

Q2

Q3

1 Current assets

759.0

826.8

902.1

1,030.0

1,200.9

1,254.9

1,281.6

1,321.2

1,317.4

1,349.2

2
3
4
5
6

82.1
19.0
272.1
315.9
69.9

88.2
23.4
292.8
342.4
80.1

95.8
17.6
324.7
374.8
89.2

104.5
16.3
383.8
426.9
98.5

116.1
15.6
456.8
501.7
110.8

113.4
16.4
478.7
524.5
121.9

121.0
17.3
491.2
525.4
126.7

120.5
17.0
507.3
542.8
133.6

118.5
17.7
507.4
540.0
133.7

118.3
16.0
519.7
557.2
138.1

7 Current liabilities

451.6

494.7

549.4

665.5

809.1

850.5

877.2

910.9

908.1

951.1

8 Notes and accounts payable
9 Other

264.2
187.4

281.9
212.8

313.2
236.2

373.7
291.7

456.3
352.8

477.2
373.4

498.3
378.9

504.0
406.9

500.8
407.2

529.1
422.0

307.4

332.2

352.7

364.6

391.8

404.3

404.4

410.3

409.3

398.1

1.681

1.672

1.642

1.548

1.484

1.475

1.461

1.450

1.451

1.419

Cash
U.S. government securities
Notes and accounts receivable
Inventories
Other

10 Net working capital
11 MEMO: Current ratio

1

1. Ratio of total current assets to total current liabilities.

All data in this table reflect the most current benchmarks. Complete data are
available upon request from the Flow of Funds Section, Division of Research and
Statistics.

NOTE. For a description of this series, see "Working Capital of Nonfinancial
C o r p o r a t i o n s " in t h e J u l y 1978 BULLETIN, p p . 5 3 3 - 3 7 .

SOURCE. Federal Trade Commission.

1.51

TOTAL NONFARM BUSINESS EXPENDITURES on New Plant and Equipment
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1981

1980
Industry

1 Total nonfarm business
2
3
4
5
6
7
8
9
10
11

Manufacturing
Durable goods industries
Nondurable goods industries
Nonmanufacturing
Mining
Transportation
Railroad
Air
Other
Public utilities
Electric
Gas and other
Trade and services
Communication and other 2

1980

1981

Q4

Q1

Q2'

Q3

Q4

Ql'

Q2 1

295.63

321.49

345.11

299.58

312.24

316.73

328.25

327.83

330.34

336.77

58.91
56.90

61.84
64.95

67.24
69.58

59.77
58.86

61.24
63.27

63.10
62.40

62.58
67.53

60.78
66.14

62.95
66.28

64.79
68.72

13.51

16.86

18.33

15.28

16.20

16.80

17.55

16.81

17.26

17.20

4.25
4.01
3.82

4.24
3.81
4.00

4.55
4.15
4.83

4.54
3.77
3.39

4.23
3.85
3.66

4.38
3.29
4.04

4.18
3.34
4.09

4.18
4.82
4.12

4.39
3.23
4.52

4.37
2.97
4.71

28.12
7.32
81.79
36.99

29.74
8.65
86.33
41.06

31.77
8.43
90.48
45.75

27.54
7.41
82.91
36.11

27.69
8.36
83.43
40.32

29.32
8.53
85.88
39.02

30.54
9.01
87.55
41.89

31.14
8.60
88.33
42.92

30.86
8.46
89.46
42.93

31.59
8.04
89.92
44.45

1. Anticipated by business.
2. "Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.




1982

1982'

SOURCE. Survey of Current Business (U.S. Dept. of Commerce).

Corporate Finance
1.52

DOMESTIC FINANCE COMPANIES

A39

Assets and Liabilities

Billions of dollars, end of period
1981
Account

1975

1976

1977

1978

1979

1980
Q2

Q1

Q3

Q4

ASSETS

Accounts receivable, gross
Consumer
Business
Total
LESS: Reserves for unearned income and losses . . . .
Accounts receivable, net
Cash and bank deposits
Securities
All other

36.0
39.3
75.3
9.4
65.9
2.9
1.0
11.8

38.6
44.7
83.4
10.5
72.9
2.6
1.1
12.6

44.0
55.2
99.2
12.7
86.5
2.6
.9
14.3

52.6
63.3
116.0
15.6
100.4
3.5
1.3
17.3

65.7
70.3
136.0
20.0
116.0

81.6

89.2

104.3

122.4

10 Bank loans
11 Commercial paper

8.0
22.2

6.3
23.7

5.9
29.6

12
13
14

4.5
27.6
6.8

5.4
32.3
8.1

6.2
36.0
11.5

1
2
3
4
5
6
7
8

9 Total assets

73.6
72.3
145.9
23.3
122.6

76.1
72.7
148.7
24.3
124.5

79.0
78.2
157.2
25.7
131.4

84.5
76.9
161.3
27.7
133.6

85.5
81.0
166.5
28.9
138.1

27.5

30.8

31.6

34.5

34.2

140.9

150.1

155.3

163.0

168.1

172.3

6.5
34.5

8.5
43.3

13.2
43.4

13.1
44.2

14.4
49.0

14.7
51.2

15.4
51.2

8.1
43.6
12.6

8.2
46.7
14.2

7.5
52.4
14.3

8.2
51.6
17.3

8.5
52.6
17.0

11.9
50.7
17.1

9.6
54.8
17.8

24.91

LIABILITIES

Short-term, n.e.c
Long-term, n.e.c
Other

15 Capital, surplus, and undivided profits

12.5

13.4

15.1

17.2

19.9

19.4

20.9

21.5

22.4

23.6

16 Total liabilities and capital

81.6

89.2

104.3

122.4

140.9

150.1

155.3

163.0

168.1

172.3

1. Beginning Q1 1979, asset items on lines 6, 7, and 8 are combined.
NOTE. Components may not add to totals due to rounding.

1.53

DOMESTIC FINANCE COMPANIES

Business Credit

Millions of dollars, seasonally adjusted except as noted

Type

Accounts
receivable
outstanding
Jan. 31,
19821

Changes in accounts
receivable

Nov.

Nov.

Dec.

1982

Nov.

Dec.

17,496

118,634

15,631 R

Jan.

Jan.

188
534
510

-5
48
387

14
-70
-60

1,081
5,275
2.091

898
3,408
1,701

873
4,565
1,566

893
4,741
1,581

903
3,456
1,314

859
4,635
1,626

83
80

-91
-141'

258
-23

9,120
2,462

7,378
2,348r

8,565
1,927

9,037
2,382

7,469
2,489'

8,307
1,950

2
3
4
5

11,339
12,930
27,541
8,552
19,468

15,733 R

1981

20,029

1,395




Jan.

1982

119

79,830

1. Not seasonally adjusted.

Dec.

1981

102 R

1 Total
Retail automotive (commercial vehicles)
Wholesale automotive
Retail paper on business, industrial, and farm e q u i p m e n t . . . .
Loans on commercial accounts receivable and factored commercial accounts receivable
6 All other business credit

1982

1981

Repayments

Extensions

17,377

A40
1.54

DomesticNonfinancialStatistics • April 1982
MORTGAGE MARKETS
Millions of dollars; exceptions noted.
1981
Item

1979

1980

1982

1981
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Terms and yields in primary and secondary markets
PRIMARY MARKETS

1

2
3
4
5
6

Conventional mortgages on new homes
Terms1
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars)
Loan/price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount) 2
Contract rate (percent per annum)

Yield (percent per annum)
7 FHLBB series3
8 HUD series4

74.4
53.3
73.9
28.5
1.66
10.48

83.4
59.2
73.2
28.2
2.09
12.25

90.4
65.3r
74.8
27.7
2.67
14.16

98.1
70.3
74.7
27.2
2.98
14.60

89.1
64.8
74.1
26.6
2.75
14.69

89.2
63.5
73.0
27.4
2.86
15.04

84.5
62.7
77.3
23.4
2.52
15.68

88.7
64.4
75.3
27.7
2.87
15.23

102.6
71.3 r
73.5 r
27.4
2.55
14.66

97.3
71.1
76.5
28.1
3.01
14.44

10.77
11.15

12.65
13.95

14.74
16.52

15.27
17.50

15.29
18.30

15.65
18.05

16.38
16.95

15.87
17.00

15.25
17.30

15.12
17.20

10.87
10.22

13.42
12.55

16.29
15.29

17.96
16.67

18.55
17.06

17.43
16.54

15.98
15.10

16.43
15.51

17.38
16.19

17.10
16.21

11.17
11.77

14.11
14.43

16.70
16.64

17.63
17.59

18.99
19.14

18.13
18.61

16.64
17.20

16.92
16.95

17.80
17.33

18.00
17.91

SECONDARY MARKETS

9
10
11
12

Yield (percent per annum)
FHA mortgages (HUD series)5
GNMA securities6
FNMA auctions7
Government-underwritten loans
Conventional loans

Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION

Mortgage holdings (end of period)
13 Total
14 FH A/V A-insured
15 Conventional

46,050
33,673
14,377

55,104
37,364
17,724

58,675
39,342
19,334

58,722
39,368
19,354

59,682
39,792
19,890

60,489
40,043
20,445

60,949
40,056
20,885

61,412
39,997
21,435

61,721
39,937
21,784r

62,112
39,926
22,185

Mortgage transactions (during period)
16 Purchases
17

10,812
0

8,099
0

6,112
2

944
0

1,125
0

1,000
0

594
0

655
0

430
0

519
0

Mortgage commitments8
18 Contracted (during period)
19 Outstanding (end of period)

10,179
6,409

8,083
3,278

9,331
3,577

1,394
4,399

811
3,997

533
3,447

560
3,354

1,272
3,577

703
3,285

1,037
3,470

8,860.4
3,920.9

8.605.4
4,002.0

2,487.2
1,478.0

689.5
336.6

145.9
64.1

66.3
37.3

79.0
34.4

59.2
27.0

41.5
30.8

41.7
23.4

4,495.3
2,343.6

3,639.2
1,748.5

2,524.7
1,392.3

862.2
304.3

120.7
67.9

43.2
27.5

147.7
63.1

84.4
48.0

31.7
11.5

28.6
13.6

Mortgage holdings (end of period)9
24 Total
25 FHA/VA
26
Conventional

3,543
1,995
1,549

4,362
2,116
2,246

5,245
2,236
3,010

5,294
2,238
3,056

5,431
2,264
3,167

5,469
2,267
3,202

5,283
2,232
3,051

5,255
2,227
3,028

5,240
2,209
3,032

5,342
2,218
3,124

Mortgage transactions (during period)
27 Purchases
28

5,717
4,544

3,723
2,527

3,789
3,531

101
44

337
249

290
244

416
596

1,140
1,158

1,628
162

1,228
1,115

Mortgage commitments10
29 Contracted (during period)
30 Outstanding (end of period)

5,542
797

3,859
447

6,974
3,518

386
1,028

365
982

1,834
2,863

2,011
4,451

203
3,518

328
5,033

565
4,336

Auction of 4-month commitments to buy
Government-underwritten loans
Offered
Accepted
Conventional loans
22 Offered
23 Accepted

70
21

FEDERAL HOME LOAN MORTGAGE CORPORATION

1. Weighted averages based on sample surveys of mortgages originated by major
institutional lender groups. Compiled by the Federal Home Loan Bank Board in
cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower
or the seller) to obtain a loan.
3. Average effective interest rates on loans closed, assuming prepayment at the
end of 10 years.
4. Average contract rates on new commitments for conventional first mortgages,
rounded to the nearest 5 basis points; from Department of Housing and Urban
Development.
5. Average gross yields on 30-year, minimum-downpayment. Federal Housing
Administration-insured first mortgages for immediate delivery in the private secondary market. Any gaps in data are due to periods of adjustment to changes in
maximum permissible contract rates.
6. Average net yields to investors on Government National Mortgage Association guaranteed, mortgage-backed, fully modified pass-through securities,




assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying
the prevailing ceiling rate. Monthly figures are unweighted averages of Monday
quotations for the month.
7. Average gross yields (before deduction of 38 basis points for mortgage servicing) on accepted bids in Federal National Mortgage Association's auctions of
4-month commitments to purchase home mortgages, assuming prepayment in 12
years for 30-year mortgages. No adjustments are made for FNMA commitment
fees or stock related requirements. Monthly figures are unweighted averages for
auctions conducted within the month.
8. Includes some multifamily and nonprofit hospital loan commitments in addition to 1- to 4-family loan commitments accepted in FNMA's free market auction
system, and through the FNMA-GNMA tandem plans.
9. Includes participation as well as whole loans.
10. Includes conventional and government-underwritten loans.

Real Estate Debt
1.55

A41

MORTGAGE DEBT OUTSTANDING
Millions of dollars, end of period
1980
Type of holder, and type of property

1979

1980

1981

1981
Q4

Q1

Q2

Q3

Q4'

1,326,916
878,938
128,850
236,451
82,677

1,446,454r
960,661'
137,192'
256,583'
92,018

1,543,313'
1,013,679'
143,523'
279.261'
101,850'

1,446,454''
960,661'
137,192'
256,583'
92,018

1,467,774'
972,893'
138,574'
261,846'
94,461

1,497,514'
991,241'
140,133'
268,628'
97,512

1,523,921'
1,007,862'
141,705'
274,286'
100,068

1,543,313'
1,018,679'
143,523'
279,261'
101,850'

6 Major financial institutions
7 Commercial banks 1
8
1- to 4-family
9
Multifamily
10
Commercial
11
Farm
12 Mutual savings banks
13
1- to 4-family
14
Multifamily
15
Commercial
16
Farm

938,567
245,187
149,460
11,180
75,957
8,590
98,908
64,706
17,180
16,963
59

997,169'
263,030
160,326
12,924
81,081
8,699
99,866
65,332
17,347
17,127
60

1,044,038'
286,626
172,549
14,905
90,717
8,455
100,016'
65,430'
17,373'
17,153'
60

997,169'
263,030
160,326
12,924
81,081
8,699
99,866
65,430'
17,347
17,127
60

1,007,240'
266,734
161,758
13,282
83,133
8,561
99,719
65,236
17,321
17,102
60

1,023,793'
273,225
164,873
13,800
86,091
8,461
99,993
65,415
17,369
17,149
60

1,037,086'
281,126
169,378
14,478
88,836
8,434
100,200
65,551
17,405
17,184
60

1,044,038'
286,626
172,549
14,905
90,717
8,455
100,016'
65,430'
17,373'
17,153'
60

17
18
19
20

Savings and loan associations
1- to 4-family
Multifamily
Commercial

475,688
394,345
37,579
43,764

503,192'
419,763'
38,142'
45,287'

518,350'
433,289'
38,306'
46,755'

503,192'
419,763'
38,142'
45,287'

507,556'
423,606'
38,219'
45.731'

515,256'
430,703'
38,077'
46,476'

518,778'
433,646'
38,338'
46,794'

518,350'
433,289'
38,306'
46,755'

21
22
23
24
25

Life insurance companies
1- to 4-family
Multifamily
Commercial
Farm

118,784
16,193
19,274
71,137
12,180

131,081
17,943
19,514
80,666
12,958

139,046'
17,382'
19,486'
89,089'
13,089'

131,081
17,943
19,514
80,666
12,958

133,231
17,847
19,579
82,839
12,966

135,319
17,646
19,603
85,038
13,032

136,982
17,512
19,592
86,742
13,136

139,046'
17,382'
19,486'
89,089'
13,089'

97,084
3,852
763
3,089

114,300
4,642
704
3,938

126,186
4,765
693 r
4,072'

114,300
4,642
704
3,938

116,243
4,826
696
4,130

119,124
4,972
698
4,274

121,772
4,382
696
3,686

126,186
4,765
693'
4,072'

1
2
3
4
5

All holders
1- to 4-family
Multifamily
Commercial
Farm

26 Federal and related agencies
Government National Mortgage Association
27
28
1- to 4-family
Multifamily
29
30
31
32
3.3
34

Farmers Home Administration
1- to 4-family
Multifamily
Commercial
Farm

1,274
417
71
174
612

3,492
916
610
411
1,555

2,235
914
473
506
342

3,492
916
610
411
1,555

2,837
1,321
528
479
509

2,662
1,151
464
357
690

1,562
500
242
325
495

2,235
914
473
506
342

35
36
37

Federal Housing and Veterans Administration
1- to 4-family
Multifamily

5,555
1,955
3,600

5,640
2,051
3,589

6,073
2,293
3,780

5,640
2,051
3,589

5,799
2,135
3,664

5,895
2,172
3,723

6,005
2,240
3,765

6,073
2,293
3,780

38
39
40

Federal National Mortgage Association
1- to 4-family
Multifamily

51,091
45,488
5,603

57,327
51,775
5,552

61,412
55,986
5,426

57,327
51,775
5,552

57,362
51,842
5,520

57,657
52,181
5,476

59,682
54,227
5,455

61,412
55,986
5,426

41
42
43

Federal Land Banks
1- to 4-family
Farm

31,277
1,552
29,725

38,131
2,099
36,032

46,446
2,788
43,658

38,131
2,099
36,032

40,258
2,228
38,030

42,681
2,401
40,280

44,708
2,605
42,103

46,446
2,788
43,658

44
45
46

Federal Home Loan Mortgage Corporation
1- to 4-family
Multifamily

4,035
3,059
976

5,068
3,873
1,195

5,255
4,018
1,237

5,068
3,873
1,195

5,161
3,953
1,208

5,257
4,025
1,232

5,433
4,166
1,267

5,255
4,018
1,237

119,278
76,401
74,546
1,855

142,258
93,874
91,602
2,272

162,273
105,790
102,750
3,040

142,258
93,874
91,602
2,272

147,246
97,184
94,810
2,374

152,308
100,558
98,057
2,501

158,140
103,750
101,068
2,682

162,273
105,790
102,750
3,040

47 Mortgage pools or trusts 2
48
Government National Mortgage Association
49
1- to 4-family
50
Multifamily
51
52
53

Federal Home Loan Mortgage Corporation
1- to 4-family
Multifamily

15,180
12,149
3,031

16,854
13,471
3,383

19,843
15,888
3,955

16,854
13,471
3,383

17,067
13,641
3,426

17,565
14,115
3,450

17,936
14,401
3,535

19,843
15,888
3,955

54
55
56
57
58

Farmers Home Administration
1- to 4-family
Multifamily
Commercial
Farm

27,697
14,884
2,163
4,328
6,322

31,530
16,683
2,612
5,271
6,964

36,640
18,378
3,426
6,161
8,675

31,530
16,683
2,612
5,271
6,964

32,995
16,640
2,853
5,382
8,120

34,185
17,165
3,097
5,750
8,173

36,454
18,407
3,488
6,040
8,519

36,640
18,378
3,426
6,161
8,675

171,987
99,421
23,249
24,128
25,189

192,727
114,123
26,114
26,740
25,750

210,816
126,064
28,301
28,880
27,571

192,727
114,123
26,114
26,740
25,750

197,045
117,180
26,470
27,180
26,215

202,289
120,639
27,067
27,767
26,816

206,923
123,465
27,772
28,365
27,321

210,816
126,064
28,301
28,880
27,571

59 Individual and others 3
60
1- to 4-family
61
Multifamily
67
Commercial
63 Farm

1. Includes loans held by nondeposit trust companies but not bank trust departments.
2. Outstanding principal balances of mortgages backing securities insured or
guaranteed by the agency indicated.
3. Other holders include mortgage companies, real estate investment trusts, state
and local credit agencies, state and local retirement funds, noninsured pension
funds, credit unions, and U.S. agencies for which amounts are small or separate
data are not readily available.




NOTE. Based on data from various institutional and governmental sources, with
some quarters estimated in part by the Federal Reserve in conjunction with the
Federal Home Loan Bank Board and the Department of Commerce. Separation
of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations when required, are estimated mainly by the Federal
Reserve. Multifamily debt refers to loans on structures of five or more units.

A42
1.56

DomesticNonfinancialStatistics • April 1982
CONSUMER INSTALLMENT CREDIT1 Total Outstanding, and Net Change A
Millions of dollars
1981
Holder, and type of credit

1978

1979

1982

1980
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Amounts outstanding (end of period)
1 Total

273,645

312,024

313,472

324,161

328,187

328,652

329,053

333,375

330,135

327,435

136,016
54,298
44,334
25,987
7,097
3,220
2,693

154,177
68,318
46,517
28,119
8,424
3,729
2,740

147,013
76,756
44,041
28,448
9,911
4,468
2,835

146,006
86,152
46,605
26,477
11,125
5,004
2,792

147.060
88,698
46,791
26,594
11,236
5,007
2,801

146,889
89,583
46,416
26,922
11,348
4,713
2,781

146,687
89,956
46,092
27,510
11,529
4,487
2,792

149,300
89,818
45,954
29,551
11,598
4,403
2,751

148,162
88,925
45,907
28,179
11,668
4,541
2,753

146,922
89,009
45,586
27,013
11,738
4,433
2,734

By major type of credit
9 Automobile
10 Commercial banks
11
Indirect paper
12
Direct loans
13 Credit unions
14 Finance companies

101,647
60,510
33,850
26,660
21,200
19,937

116,362
67,367
38,338
29,029
22,244
26,751

116,838
61,536
35,233
26,303
21,060
34,242

123,481
59,747
34,599
25,148
22,286
41,448

125,703
59,451
34,616
24,835
22,375
43,877

126,344
59,242
34,651
24,591
22,196
44,906

126,385
59,125
34,781
24,344
22,041
45,219

126,431
59,181
35,097
24,084
21,975
45,275

125,525
58,849
35,029
23,820
21,953
44,723

125,294
58,604
34,920
23,684
21,799
44,891

15 Revolving
16 Commercial banks
17 Retailers
18 Gasoline companies

48,309
24,341
20,748
3,220

56,937
29,862
23,346
3,729

58,352
29,765
24,119
4,468

57,280
29,778
22,498
5,004

58,318
30,686
22,625
5,007

58,451
30,763
22,975
4,713

58,923
30,876
23,560
4,487

63,049
33,110
25,536
4,403

61,433
32,643
24,249
4,541

59,514
31,923
23,158
4,433

19 Mobile home
20 Commercial banks
21 Finance companies
22 Savings and loans
23 Credit unions

15,235
9,545
3,152
2,067
471

16,838
10,647
3,390
2,307
494

17,322
10,371
3,745
2,737
469

17,959
10,213
4,178
3,072
496

18,124
10,241
4,282
3,103
498

18,300
10,288
4,384
3,134
494

18,380
10,267
4,439
3,184
490

18,486
10,300
4,494
3,203
489

18,397
10,206
4,481
3,222
488

18,343
10,111
4,506
3,241
485

108,454
41,620
31,209
22,663
5,239
5,030
2,693

121,887
46,301
38,177
23,779
4,773
6,117
2,740

120,960
45,341
38,769
22,512
4,329
7,174
2,835

125,441
46,268
40,526
23,823
3,979
8,053
2,792

126,042
46,682
40,539
23,918
3,969
8,133
2,801

125,557
46,596
40,293
23,726
3,947
8,214
2,781

125,365
46,419
40,298
23,561
3,950
8,345
2,792

125,409
46,709
40,049
23,490
4,015
8,395
2,751

124,780
46,464
39,721
23,466
3,930
8,446
2,753

124,284
46,284
39,612
23,302
3,855
8,497
2,734

2
3
4
6
7
8

By major holder
Commercial banks
Finance companies
Credit unions
Retailers 2
Savings and loans
Gasoline companies
Mutual savings banks

24 Other
25
Commercial banks
26 Finance companies
27
Credit unions
28 Retailers
29 Savings and loans
30 Mutual savings banks

Net change (during period) 3
31 Total

43,079

38,381

1,448

2,428

2,975

1,002

600

-33

443

75

23,641
9,430
6,729
2,497
7
257
518

18,161
14,020
2,185
2,132
1,327
509
47

-7,163
8,438
-2,475
329
1,485
739
95

-246
2,383
245
-13
-175
3
-16

427
2,682
-134
11
71
-62
-20

-76
1,204
-209
104
32
-42
-11

433
462
-224
-126
121
-81
15

1,160
-414
-369
-338
57
-98
-31

10
-597
689
27
172
39
103

-171
307
-135
-124
173
36
-11

By major type of credit
39 Automobile
40 Commercial banks
41
Indirect paper
42
Direct loans
43 Credit unions
44
Finance companies

18,736
10,933
6,471
4,462
3,101
4,702

14,715
6,857
4,488
2,369
1,044
6,814

477
-5,830
-3,104
-2,726
-1,184
7,491

1,859
-347
-42
-305
106
2,100

2,079
-404
-79
-325
-82
2,565

1,024
-226
16
-242
-98
1,348

564
220
371
-151
-77
421

68
236
413
-177
-200
32

-121
103
232
-129
345
-569

-56
-180
-141
-39
-59
183

45 Revolving
46 Commercial banks
47
Retailers
48
Gasoline companies

9,035
5,967
2,811
257

8,628
5,521
2,598
509

1,415
-97
773
739

177
126
18
33

571
593
40
-62

324
182
184
-42

21
198
-96
-81

59
467
-310
-98

-196
-276
41
39

-155
-65
-126
36

49 Mobile home
50 Commercial banks
51
Finance companies
52 Savings and loans
53 Credit unions

286
419
74
-276
69

1,603
1,102
238
240
23

483
-276
355
430
-25

56
24
93
37
2

157
30
102
26
-1

122
28
74
23
-3

75
-9
42
45
-3

143
81
49
15
-2

-26
-74
6
30
12

-44
-110
56
14
-4

15,022
6,322
4,654
3,559
-314
283
518

13,435
4,681
6,968
1,118
-466
1,087
47

-927
-960
592
-1,266
-444
1,056
95

236
-49
190
137
-31
5
-16

168
208
15
-51
-29
45
-20

-468
-60
-218
-108
-80
9
-11

-60
24
-1
-144
-30
76
15

-303
376
-495
-167
-28
42
-31

786
257
-34
332
-14
142
103

330
184
68
-72
2
159
-11

32
33
34
35
36
37
38

By major holder
Commercial banks
Finance companies
Credit unions
Retailers 2
Savings and loans
Gasoline companies
Mutual savings banks

54 Other
55
Commercial banks
56 Finance companies
57 Credit unions
58
Retailers
59
Savings and loans
60 Mutual savings banks

1. The Board's series cover most short- and intermediate-term credit extended
to individuals through regular business channels, usually to finance the purchase
of consumer goods and services or to refinance debts incurred for such purposes,
and scheduled to be repaid (or with the option of repayment) in two or more
installments.
2. Includes auto dealers and excludes 30-day charge credit held by travel and
entertainment companies.




3. Net change equals extensions minus liquidations (repayments, charge-offs and
other credit); figures for all months are seasonally adjusted.
NOTE: Total consumer noninstallment credit outstanding—credit scheduled to
be repaid in a lump sum, including single-payment loans, charge accounts, and
service credit—amounted to $71.3 billion at the end of 1979, $72.2 billion at the
end of 1980, and $78.4 billion at the end of 1981.
A These data have been revised from January 1980 through December 1981.

Consumer Debt
1.57

A43

CONSUMER INSTALLMENT CREDIT Extensions and Liquidations A
Millions of dollars; monthly data are seasonally adjusted.
1982

1981
Holder, and type of credit

1978

1979

1980
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Extensions
1 Total

297,668

324,777

306,076

28,323

29,406

26,836

27,370

26,656

26,888

27,150

By major holder
7 Commercial banks
3
4
S
6
7 Gasoline companies
8 Mutual savings banks

142,433
50,505
38,111
44,571
3,724
16,017
2,307

154,733
61,518
34,926
47,676
5,901
18,005
2,018

134,960
60,801
29,594
49,942
6,621
22,253
1,905

11,458
6,385
2,913
4,616
537
2,284
130

12,384
7,158
2,558
4,568
573
2,035
130

11,610
5,327
2,621
4,559
553
2,021
145

12,430
5,287
2,571
4,279
668
1,963
172

13,264
4,089
2,517
4,142
588
1,931
125

11,775
4,433
3,326
4,385
716
2,000
253

12,431
4,857
2,695
4,254
754
2,007
152

87,981
52,969
29,342
23,627
18,539
16,473

93,901
53,554
29,623
23,931
17,397
22,950

83,454
41,109
22,558
18,551
15,294
27,051

8,396
3,280
1,951
1,329
1,537
3,579

9,000
3,218
1,932
1,286
1,337
4,445

7,490
3,263
1,966
1,297
1,308
2,919

8,073
3,979
2,516
1,463
1,342
2,752

7,352
3,978
2,489
1,489
1,345
2,029

7,474
3,696
2,293
1,403
1,702
2,076

7,283
3,415
1,875
1,540
1,363
2,505

105,125
51,333
37,775
16,017

120,174
61,048
41,121
18,005

128,068
61,593
44,222
22,253

11,663
5,227
4,152
2,284

12,263
6,124
4,104
2,035

11,753
5,578
4,154
2,021

11,379
5,584
3,832
1,963

11,592
5,961
3,700
1,931

11,070
5,135
3,935
2,000

11,730
5,928
3,795
2,007

5,412
3,697
886
609
220

6,471
4,542
797
948
184

5,093
2,937
898
1,146
113

520
281
120
105
14

532
291
134
95
12

475
254
123
89
9

479
235
108
127
9

508
308
106
86
8

434
188
99
122
25

364
136
117
102
9

99,150
34,434
33,146
19,352
6,796
3,115
2,307

104,231
35,589
37,771
17,345
6,555
4,953
2,018

89,461
29,321
32,852
14,187
5,720
5,476
1,905

7,744
2,670
2,686
1,362
464
432
130

7,611
2,751
2,579
1,209
464
478
130

7,118
2,515
2,285
1,304
405
464
145

7,439
2,632
2,427
1,220
447
541
172

7,204
3,017
1,954
1,164
442
502
125

7,910
2,756
2,258
1,599
450
594
253

7,773
2,952
2,235
1,323
459
652
152

By major type of credit
9
10
11
1?
13
14
15
16
17
18

Commercial banks
Indirect paper
Credit unions
Finance companies
Commercial banks
Gasoline companies

19 Mobile home
?0 Commercial banks
71 Finance companies
72 Savings and loans
23 Credit unions
74
75
?6
71
78
79
30

Finance companies
Credit unions
Savings and loans
Mutual savings banks

Liquidations
254,589

286,396

304,628

25,895

26,431

25,834

26,770

26,689

26,445

27,075

118,792
41,075
31,382
42,074
3,717
15,760
1,789

136,572
47,498
32,741
45,544
4,574
17,496
1,971

142,123
52,363
32,069
49,613
5,136
21,514
1,810

11,704
4,002
2,668
4,629
495
2,251
146

11,957
4,476
2,692
4,557
502
2,097
150

11,686
4,123
2,830
4,455
521
2,063
156

11,997
4,825
2,795
4,405
547
2.044
157

12,104
4,503
2,886
4,480
531
2,029
156

11,765
5,030
2,637
4,358
544
1,961
150

12,602
4,550
2,830
4,378
581
1,971
163

By major type of credit
39 Automobile
40 Commercial banks
41
Indirect paper
4?
Direct loans
43 Credit unions
44 Finance companies

69,245
42,036
22,871
19,165
15,438
11,771

79,186
46,697
25,135
21,562
16,353
16,136

82,977
46,939
25,662
21,277
16,478
19,560

6,537
3,627
1,993
1,634
1,431
1,479

6,921
3,622
2,011
1,611
1,419
1,880

6,466
3,489
1,950
1,539
1,406
1,571

7,509
3,759
2,145
1,614
1,419
2,331

7,284
3,742
2,076
1,666
1,545
1,997

7,595
3,593
2,061
1,532
1,357
2,645

7,339
3,595
2,016
1,579
1,422
2,322

45
46
47
48

96,090
45,366
34,964
15,760

111,546
55,527
38,523
17,496

126,653
61,690
43,449
21,514

11,486
5,101
4,134
2,251

11,692
5,531
4,064
2,097

11,429
5,396
3,970
2,063

11,358
5,386
3,928
2,044

11,533
5,494
4,010
2,029

11,266
5,411
3,894
1,961

11,885
5,993
3,921
1,971

5,126
3,278
812
885
151

4,868
3,440
559
708
161

4,610
3,213
543
716
138

364
257
27
68
12

375
261
32
69
13

353
226
49
66
12

404
244
66
82
12

365
227
57
71
10

460
262
93
92
13

408
246
61
88
13

84,128
28,112
28,492
15,793
7,110
2,832
1,789

90,796
30,908
30,803
16,227
7,021
3,866
1,971

90,388
30,281
32,260
15,453
6,164
4,420
1,810

7,508
2,719
2,496
1,225
495
427
146

7,443
2,543
2,564
1,260
493
433
150

7,586
2,575
2,503
1,412
485
455
156

7,499
2,608
2,428
1,364
477
465
157

7,507
2,641
2,449
1,331
470
460
156

7,124
2,499
2,292
1,267
464
452
150

7,443
2,768
2,167
1,395
457
493
163

31
V
33
34
35
36
37
38

By major holder
Commercial banks
Finance companies
Credit unions
Retailers 1
Savings and loans
Gasoline companies
Mutual savings banks

Commercial banks
Retailers
Gasoline companies

49 Mobile home
50 Commercial banks
51 Finance companies
57 Savings and loans
53 Credit unions
54
55
56
57
58
59
60

Commercial banks
Finance companies
Credit unions
Retailers
Savings and loans
Mutual savings banks

1. Includes auto dealers and excludes 30-day charge credit held by travel and
entertainment companies.




A These data have been revised from January 1980 through December 1981.

A44
1.58

DomesticNonfinancialStatistics • April 1982
F U N D S R A I S E D IN U . S . C R E D I T M A R K E T S
Billions of dollars; half-yearly data are at seasonally adjusted annual rates.
1979
1976

1977

1978

1979

1980

1980

1981

1981
HI

H2

HI

H2

HI

H2

Nonfinancial sectors
1 Total funds raised
2 Excluding equities
By sector and instrument
3 U.S. government
4 Treasury securities
Agency issues and mortgages
6 All other nonfinancial sectors
7 Corporate equities
8 Debt instruments
9 Private domestic nonfinancial sectors
10
Corporate equities
11
Debt instruments
12
Debt capital instruments
13
State and local obligations
14
Corporate bonds

273.6
262.8

336.6
333.5

395.6
396.3

387.0
394.0

371.9
357.0

393.0
399.9

385.0
394.7

389.0
393.3

339.0
330.1

404.9
383.8

423.5
422.0

362.5
377.9

69.0
69.1
-.1
204.6
10.8
193.8
185.0
10.5
174.5
123.7
15.7
22.8

56.8
57.6
-.9
279.9
3.1
276.7
266.0
2.7
263.2
172.2
21.9
21.0

53.7
55.1
-1.4
342.0
-.6
342.6
308.7
-.1
308.8
193.7
26.1
20.1

37.4
38.8
-1.4
349.6
-7.1
356.7
328.6
-7.8
336.4
200.1
21.8
21.2

79.2
79.8
-.6
292.7
15.0
277.8
263.4
12.9
250.6
179.4
26.9
30.4

87.3
87.7
-.4
305.7
-6.9
312.6
274.9
-6.9
281.8
150.0
25.3
25.1

30.0
32.3
-2.3
355.0
-9.8
364.7
341.0
-9.6
350.6
203.0
20.9
21.7

44.7
45.2
-.5
344.3
-4.3
348.6
316.1
-6.1
322.2
197.2
22.7
20.7

66.5
67.2
-.6
272.5
8.9
263.6
241.3
6.9
234.4
177.0
21.6
35.3

91.9
92.4
-.6
313.0
21.0
292.0
285.6
18.8
266.8
181.9
32.1
25.6

85.7
86.3
-.5
337.8
1.5
336.3
301.9
.9
301.0
171.7
28.7
27.7

88.9
89.2
-.4
273.6
-15.4
289.0
248.0
-14.7
262.7
128.3
21.9
22.4

15
16
1/
18
19
20
21
22
23

Home mortgages
Multifamily residential
Commercial
Farm
Other debt instruments
Consumer credit
Bank loans n.e.c
Open market paper
Other

64.0
3.9
11.6
5.7
50.7
25.4
4.4
4.0
16.9

96.3
7.4
18.5
7.1
91.0
40.2
26.7
2.9
21.3

108.5
9.4
22.1
7.5
115.1
47.6
37.1
5.2
25.1

113.7
7.8
24.4
11.3
136.3
46.3
49.2
11.1
29.7

81.7
8.5
22.4
9.5
71.1
2.3
37.3
6.6
24.9

60.0
7.2
22.6
9.8
131.8
26.4
53.0
19.0
33.4

117.6
8.0
23.4
11.6
147.6
50.9
55.5
8.0
33.1

109.8
7.6
25.4
11.0
125.0
41.6
42.8
14.2
26.4

76.5
8.2
24.8
10.6
57.4
-5.1
13.5
24.8
24.1

87.0
8.8
19.9
8.4
84.9
9.7
61.2
-11.6
25.6

73.4
6.4
26.7
8.9
129.3
29.1
45.0
17.6
37.6

46.7
8.0
18.6
10.8
134.4
23.8
61.0
20.5
29.1

24
2b
26
27
28
29

By borrowing sector
State and local governments
Households
Farm
Nonfarm noncorporate
Corporate

185.0
15.2
89.6
10.2
5.7
64.3

266.0
17.3
139.1
12.3
12.7
84.6

308.7
20.9
164.3
15.0
15.3
93.2

328.6
18.4
170.6
20.8
14.0
104.8

263.4
25.3
101.7
14.5
15.8
106.1

274.9
22.5
106.7
17.2
15.1
113.5

341.0
17.9
179.1
21.2
13.5
109.3

316.1
18.9
162.1
20.4
14.5
100.2

241.3
19.7
94.2
17.9
11.0
98.4

285.6
30.9
109.1
11.1
20.6
113.8

301.9
26.1
123.4
22.7
17.0
112.7

248.0
18.9
90.1
11.6
13.2
114.2

19.6
.3
19.3
8.6
5.6
1.9
3.3

13.9
.4
13.5
5.1
3.1
2.4
3.0

33.2
-.5
33.8
4.2
19.1
6.6
3.9

21.0
.8
20.3
3.9
2.3
11.2
3.0

29.3
2.1
27.2
.8
11.5
10.1
4.7

30.8

14.0
-.2
14.1
2.8
2.1
6.1
3.1

28.1
1.7
26.4
4.9
2.4
16.3
2.8

31.2
1.9
29.2
2.0
6.1
15.7
5.4

27.4
2.2
25.2
-.4
17.0
4.5
4.0

35.9
.6
35.3
3.3
6.1
20.6
5.3

25.7
-.7
26.3
7.2
6.8
7.1
5.1

30
31
32
33
34
35
36

Foreign
Corporate equities
Debt instruments
Bonds
Bank loans n.e.c
Open market paper
U.S. government loans

*

30.8
5.3
6.5
13.9
5.2

Financial sectors
37 Total funds raised
38
39
40
41
42
43
44
45
46
47
48
49

By instrument
U.S. government related
Sponsored credit agency securities
Mortgage pool securities
Loans from U.S. government
Private financial sectors
Corporate equities
Debt instruments
Corporate bonds
Mortgages
Bank loans n.e.c
Open market paper and RPs
Loans from Federal Home Loan Banks

By sector
50 Sponsored credit agencies
51 Mortgage pools
52 Private financial sectors
53 Commercial banks
54 Bank affiliates
55
Savings and loan associations
56 Other insurance companies
57
Finance companies
58
REITs
59
Open-end investment companies

23.4

51.4

76.8

84.3

66.7

86.9

87.8

80.8

59.8

73.5

90.8

83.0

15.1
3.3
12.2
-.4
8.2
-.2
8.4
9.8
2.1
-3.7
2.2
-2.0

21.9
7.0
16.1
-1.2
29.5
2.6
26.9
10.1
3.1
-.3
9.6
4.3

36.7
23.1
13.6
0
40.1
1.8
38.3
7.5
.9
2.8
14.6
12.5

48.2
24.3
24.0
0
36.0
2.5
33.6
7.8
-1.2
-.4
18.2
9.2

43.0
24.4
18.6
0
23.7
6.2
17.5
7.1
-.9
-.5
4.6
7.1

43.1
29.6
13.5
0
43.8
8.9
34.9
-.9
-3.1
2.7
20.0
16.2

43.7
21.2
22.5
0
44.1
3.6
40.6
8.2
.3
-1.4
25.4
8.2

52.8
27.3
25.5
0
28.0
1.4
26.6
7.5
-2.6
.6
10.9
10.1

44.7
25.1
19.6
0
15.2
7.1
8.1
10.1
-5.8
-.8
4.6

41.3
23.7
17.6
0
32.2
5.2
27.0
4.2
4.0
-.9
10.1
9.6

38.7
24.0
14.7
0
52.1
10.4
41.8
-1.7
-2.9
4.6
23.7
18.0

47.6
35.2
12.4
0
35.4
7.4
28.0
-.1
-3.3
.7
16.3
14.5

2.9
12.2
8.2
2.3
5.4
.1
.9
4.3
-2.2
-2.4

5.8
16.1
29.5
1.1
2.0
9.9
1.4
16.9
-2.3
.4

23.1
13.6
40.1
1.3
7.2
14.3
.8
18.1
-1.1
-.5

24.3
24.0
36.0
1.6
6.5
11.4
.9
16.8
-.4
-.6

24.4
18.6
23.7
.5
6.9
6.9
.9
5.8
-1.7
4.4

29.6
13.5
43.8
.4
8.3
13.6
.9
13.7

21.2
22.5
44.1
1.3
8.0
11.1
.9
22.7
-.6
.7

27.3
25.5
28.0
1.8
4.9
11.7
.9
10.9
-.2
-1.9

25.1
19.6
15.2
.8
5.8
-1.4
.9
5.2
-1.4
5.3

23.7
17.6
32.2
.3
8.0
15.2
.9
6.3
-2.0
3.4

24.0
14.7
52.1
.2
6.9
17.0
.9
18.6
-.8
9.3

35.4
12.4
35.4
.5
9.6
10.3
.9
8.7
-.5
5.9

-7.6

*

All sectors
60 Total funds raised, by instrument

297.0

388.0

472.5

471.3

438.6

479.9

472.8

469.7

398.8

478.4

514.4

445.5

61 Investment company shares
62 Other corporate equities
63 Debt instruments
64
U.S. government securities
65
State and local obligations
66
Corporate and foreign bonds
67
Mortgages
68
Consumer credit
69
Bank loans n.e.c
70
Open market paper and RPs
71
Other loans

-2.4
13.1
286.4
84.6
15.7
41.2
87.2
25.4
6.2
8.1
17.8

.4
5.3
382.3
79.9
21.9
36.1
132.3
40.2
29.5
15.0
27.4

-.5
1.7
471.3
90.5
26.1
31.8
148.3
47.6
59.0
26.4
41.5

-.6
-4.0
475.8
85.7
21.8
32.8
155.9
46.3
51.0
40.5
41.9

4.4
16.8
417.5
122.3
26.9
38.4
121.1
2.3
48.4
21.4
36.7

7.6
-5.6
478.0
130.6
25.3
29.4
96.5
26.4
62.1
52.9
54.8

.7
-6.9
479.0
73.8
20.9
32.6
160.6
50.9
56.2
39.5
44.4

-1.9
-1.0
472.6
97.6
22.7
33.0
151.1
41.6
45.8
41.5
39.3

5.3
10.7
382.9
111.3
21.6
47.4
114.2
-5.1
19.6
39.7
34.1

3.4
22.8
452.1
133.2
32.1
29.5
128.0
9.7
77.2
3.1
39.3

9.3
2.6
502.5
124.5
28.7
29.3
112.4
29.1
55.8
61.9
60.8

5.9
-13.9
453.5
136.6
21.9
29.5
80.6
23.8
68.5
43.9
48.7




Flow of Funds
1.59

A45

DIRECT A N D INDIRECT SOURCES OF F U N D S TO CREDIT MARKETS
Billions of dollars, except as noted; half-yearly data are at seasonally adjusted annual rates
1980

1979
Transaction category, or sector

1 Total funds advanced in credit markets to nonfinancial
sectors

1977

1976

1978

1979

1980

1981

1981
HI

H2

HI

H2

HI

H2

262.8

333.5

396.3

394.0

357.0

399.9

394.7

393.3

330.1

383.8

422.0

377.9

49.8
23.1
12.3
-2.0
16.4

79.2
34.9
20.0
4.3
20.1

101.9
36.1
25.7
12.5
27.6

74.0
-6.2
36.7
9.2
34.3

92.1
15.6
31.1
7.1
38.2

90.0
16.1
22.1
16.2
35.6

49.6
-27.1
35.7
8.2
32.8

98.5
14.7
37.8
10.1
35.8

102.9
23.2
33.3
4.6
41.7

81.3
8.0
28.9
9.6
34.8

101.2
21.6
20.8
18.0
40.8

78.8
10.6
23.3
14.5
30.3

7.9
16.8
9.8
15.2
15.1

10.0
22.4
7.1
39.6
21.9

17.1
39.9
7.0
38.0
36.7

19.0
53.4
7.7
-6.1
48.2

23.7
43.8
4.5
20.0
43.0

24.9
44.4
9.2
11.5
43.1

19.8
47.8
-.9
-17.2
43.7

18.3
58.9
16.2
5.1
52.8

25.4
42.4
12.1
23.0
44.7

22.1
45.2
-3.1
17.0
41.3

29.9
40.4
-7.1
38.0
38.7

19.9
48.4
25.4
-14.9
47.6

228.1
61.5
15.7
30.5
55.5
62.9
-2.0

276.2
45.1
21.9
22.2
83.7
107.7
4.3

331.0
54.3
26.1
22.4
92.1
148.6
12.5

368.2
91.9
21.8
24.0
84.6
155.1
9.2

307.9
106.7
26.9
26.2
59.1
96.2
7.1

353.1
114.4
25.3
25.7
45.0
158.9
16.2

388.9
101.0
20.9
24.0
89.8
161.4
8.2

347.6
82.9
22.7
24.0
79.5
148.7
10.1

271.9
88.1
21.6
32.5
51.2
83.1
4.6

343.8
125.3
32.1
19.9
66.9
109.3
9.6

359.5
102.9
28.7
24.5
58.9
162.5
18.0

346.7
126.0
21.9
26.8
31.2
155.3
14.5

191.4
59.6
70.5
49.7
11.6

260.9
87.6
82.0
67.8
23.4

302.4
128.7
73.5
75.0
25.2

292.5
121.1
55.9
66.4
49.0

270.3
99.7
58.4
79.8
32.4

309.6
103.3
27.9
83.8
94.5

316.9
130.3
59.6
72.3
54.8

268.0
112.0
52.2
60.5
43.3

246.1
58.5
35.5
89.2
62.8

294.4
140.9
81.3
70.3
1.9

321.0
101.9
42.0
79.3
97.7

298.2
104.8
13.9
88.3
91.2

Sources of funds
Private domestic deposits
Credit market borrowing
Other sources
Foreign funds
Treasury balances
Insurance and pension reserves
Other, net

191.4
124.4
8.4
58.5
-4.7
-.1
34.3
29.0

260.9
138.9
26.9
95.1
1.2
4.3
50.1
39.5

302.4
140.8
38.3
123.2
6.3
6.8
62.2
48.0

292.5
143.2
33.6
115.7
25.6
.4
47.8
41.9

270.3
171.1
17.5
81.6
-22.3
-2.6
64.1
42.4

309.6
188.6
34.9
86.1
6.6
.6
72.2
6.7

316.9
135.1
40.6
141.2
45.6
5.0
52.3
38.4

268.0
151.2
26.6
90.3
5.6
-4.2
43.4
45.4

246.1
158.7
8.1
79.4
-22.8
-2.3
70.0
34.5

294.4
183.6
27.0
83.8
-21.9
-2.8
58.1
50.4

321.0
203.4
41.8
75.8
-6.6
10.3
62.7
9.3

298.2
173.8
28.0
96.3
19.7
-9.1
81.7
4.0

Private domestic nonfinancial investors
32 Direct lending in credit markets
33 U.S. government securities
34 State and local obligations
35 Corporate and foreign bonds
36 Commercial paper
Other
37

45.1
16.4
3.3
11.8
1.9
11.7

42.2
24.1
-.8
-3.8
9.6
13.2

67.0
35.6
1.4
-2.9
16.5
16.4

109.3
62.8
1.4
10.3
11.4
23.5

55.1
32.6
3.1
3.6
-3.8
19.7

78.4
48.2
14.1
-9.1
5.0
20.1

112.5
71.0
2.6
4.6
11.4
22.9

106.1
54.5
.2
16.0
11.4
24.0

33.9
19.3
-1.8
4.8
-4.5
16.0

76.4
45.8
7.9
2.3
-3.1
23.3

80.3
37.2
20.5
-5.0
5.8
21.8

76.5
59.3
7.7
-13.2
4.3
18.5

133.4
7.3
10.4
123.7
-12.0
2.3
1.7

148.5
8.3
17.2
93.5
.2
25.8
2.2
1.3

152.1
9.3
16.3
63.5
6.9
46.6
7.5
2.0

152.6
7.9
19.2
61.7
34.4
21.2
6.6
1.5

182.3
10.3
4.2
80.9
29.2
50.3
6.5
.9

195.7
8.7
15.5
37.4
107.5
27.6
.7
-1.6

149.3
9.0
16.6
66.5
30.2
3.3
18.5
5.2

155.9
6.9
21.9
56.9
38.6
39.1
-5.3
-2.3

167.6
8.5
-1.5
66.7
61.9
26.3
5.3
.4

197.1
12.1
9.9
95.2
-3.4
74.2
7.8
1.3

209.4
4.8
29.6
13.7
104.1
48.3
7.7
1.2

181.9
12.6
1.3
61.2
110.8
6.8
-6.3
-4.5

?
3
4
5
6
7
8
9
10
11

By public agencies and foreign
Total net advances
U.S. government securities
Residential mortgages
FHLB advances to savings and loans
Other loans and securities
Total advanced, by sector
U.S. government
Sponsored credit agencies
Monetary authorities
Foreign
Agency borrowing not included in line 1

Private domestic funds advanced
12 Total net advances
13 U.S. government securities
14 State and local obligations
15 Corporate and foreign bonds
16 Residential mortgages
17 Other mortgages and loans
18 LESS: Federal Home Loan Bank advances
Private financial intermediation
19 Credit market funds advanced by private financial
institutions
7.0 Commercial banking
Savings institutions
21
77
Insurance and pension funds
23 Other finance
74

7,5
76
77
28
29
30
31

38 Deposits and currency
39 Currency
40
Checkable deposits
41
Small time and savings accounts
Money market fund shares
47
Large time deposits
43
Security RPs
44
Foreign deposits
45
46 Total of credit market instruments, deposits and
currency

*

178.5

190.7

219.1

261.9

237.5

274.1

261.8

262.0

201.5

273.4

289.7

258.5

Public support rate (in percent)
Private financial intermediation (in percent)
Total foreign funds

19.0
83.9
10.5

23.7
94.4
40.8

25.7
91.3
44.3

18.8
79.4
19.5

25.8
87.8
-2.3

22.5
87.7
18.1

12.6
81.5
28.4

25.0
77.1
10.7

31.2
90.5
.2

21.2
85.6
-4.8

24.0
89.3
31.4

20.8
86.0
4.8

MEMO: Corporate equities not included above
50 Total net issues
51
Mutual fund shares
52 Other equities

10.6
-2.4
13.1

5.7
.4
5.3

1.2
-.5
1.7

-4.6
-.6
-4.0

21.1
4.4
16.8

2.0
7.6
-5.6

-6.2
.7
-6.9

-2.9
-1.9
-1.0

16.0
5.3
10.7

26.3
3.4
22.8

11.9
9.3
2.6

-8.0
5.9
-13.9

53 Acquisitions by financial institutions
54 Other net purchases

12.5
-1.9

7.4
-1.6

4.5
-3.4

10.6
-15.1

17.7
3.4

21.7
-19.8

7.1
-13.4

14.0
-16.9

10.5
5.5

24.9
1.4

26.4
-14.5

17.0
-25.0

47
48
49

NOTES BY LINE NUMBER.

1.
2.
6.
11.
12.
17.
25.
26.
28.
29.

Line 2 of table 1.58.
Sum of lines 3-6 or 7-10.
Includes farm and commercial mortgages.
Credit market funds raised by federally sponsored credit agencies, and net
issues of federally related mortgage pool securities.
Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. Also sum
of lines 27, 32, and 38 less lines 40 and 46.
Includes farm and commercial mortgages.
Line 38 less lines 40 and 46.
Excludes equity issues and investment company shares. Includes line 18.
Foreign deposits at commercial banks, bankborrowings from foreign branches,
and liabilities of foreign banking agencies to foreign affiliates.
Demand deposits at commercial banks.




30. Excludes net investment of these reserves in corporate equities.
31. Mainly retained earnings and net miscellaneous liabilities.
32. Line 12 less line 19 plus line 26.
33-37. Lines 13-17 less amounts acquired by private finance. Line 37 includes
mortgages.
39. Mainly an offset to line 9.
46. Lines 32 plus 38. or line 12 less line 27 plus 39 and 45.
47. Line 2/line 1.
48. Line 19/line 12.
49. Sum of lines 10 and 28.
50. 52. Includes issues by financial institutions.
NOTE. Full statements for sectors and transaction types quarterly, and annually
for flows and for amounts outstanding, may be obtained from Flow of Funds
Section, Division of Research and Statistics, Board of Governors of the Federal
Reserve System, Washington, D.C. 20551.

A46
2.10

Domestic Nonfinancial Statistics • April 1982
NONFINANCIAL BUSINESS ACTIVITY

Selected Measures

1967 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted.
1981
1979

1980

June
1 Industrial production1
2
3
4
5
6
7

Market groupings
Products, total
Final, total
Consumer goods
Equipment
Intermediate
Materials

Industry groupings
8 Manufacturing

1982

1981
Aug.

July

Sept.

Oct.

Nov.

Dec.'

Jan.

Feb.

Mar.

152.5

147.0

151.0

152.9

153.9

153.6

151.6

149.1

146.3

143.4

150.0
147.2
150.8
142.2
160.5
156.4

146.7
145.3
145.4
145.2
151.9
147.6

150.6
149.5
147.9'
151.8
154.4
151.6

152.7
151.4
150.3
153.0
154.9
154.0

153.0
152.1
150.7
154.1
156.2
155.3

152.6
151.5
149.6
154.0
156.8
155.2

151.0
150.0
147.8
152.9
154.6
152.5

149.4
148.9
146.5
152.1
151.4
148.5

147.5
147.2
144.0
151.5
148.7
144.6

146.2
146.3
142.0
152.1
145.9
139.0

142.9
142.8
139.7
147.1
143.2
137.0

144.7
144.6
141.8
148.4
145.3
138.6

143.9
143.9
141.4
147.4
144.0
137.1

153.6

146.7

150.4

152.4

153.2

153.2

151.1

148.2

145.0

142.0

138.3

140.5

139.7

85.7
87.4

79.1
80.0

78.5
79.9

79.6
81.3

79.8
81.9

79.6
81.7

78.3
80.0

76.6
77.7

74.8
75.5

73.1
72.4

71.0
71.3

72.0
72.0

71.4
71.0

138.4'

1 2

9
10

Capacity utilization (percent) Manufacturing
Industrial materials industries . . .

11 Construction
contracts (1977 =
3

100)

121.0

106.0

107.0

109.0

99.0

99.0

100.0

101.0

92.0

112.0

12 Nonagricultural employment, total 4
13 Goods-producing, total
14
Manufacturing, total
15
Manufacturing, productionworker
16 Service-producing
17 Personal income, total
18 Wages and salary disbursements .
19
Manufacturing
20 Disposable personal income 5

136.5
113.5
108.2

137.6
110.3
104.4

139.1
110.2
104.2

139.2
110.8
105.0

139.6
111.3
105.6

139.7
111.3
105.4

139.9
111.2
105.4

139.6
110.1
104.1

139.1
109.1
102.9

138.5
107.7
101.5

138.1'
106.4'
100.5'

106.6'

100.3'

138.0
105.8
99.6

105.3
149.1
308.5
289.5
248.6
299.6

99.4
152.6
342.9
314.7
261.5
332.5

98.5
155.0
381.5
347.3
288.9
379.6

99.6
154.8
378.5
345.2
289.9
364.4

100.1
155.2
384.0
347.8
292.1
369.7

99.9
155.2
387.8
351.4
294.3
372.9

99.8
155.6
390.9
353.7
294.9
375.5

98.1
155.7
392.8
355.4
293.7
379.6

96.4
155.6
395.6
357.8
292.0
382.0

94.5
155.3
395.6
356.5
288.8
381.8

93.2
155.5
396.5'
358.1'
289.0'
383.6

93.1
155.8'
398.4
359.9
291.4
385.4

92.5
155.7
n.a.
n.a.
n.a.
n.a.

21 Retail sales6

281.6

303.8

330.6'

333.9

333.8

338.5

338.9

331.1

333.3

334.1

329.2

334.5

333.1

Prices7
22 Consumer
23
Producer finished goods

217.4
217.7

246.8
247.0

272.4
269.8

271.3
270.5

274.4
271.8

276.5
271.5

279.3
271.5'

279.9
274.3'

280.7
274.7'

281.5
275.3

282.5
277.4'

283.4
277.4'

n.a.
276.9

6. Based on Bureau of Census data published in Survey of Current Business.
7. Data without seasonal adjustment, as published in Monthly Labor Review.
Seasonally adjusted data for changes in the price indexes may be obtained from
the Bureau of Labor Statistics. U.S. Department of Labor.

1. The industrial production and capacity utilization series have been revised
back to January 1979.
2. Ratios of indexes of production to indexes of capacity. Based on data from
Federal Reserve, McGraw-Hill Economics Department, and Department of Commerce.
3. Index of dollar value of total construction contracts, including residential,
nonresidential, and heavy engineering, from McGraw-Hill Information Systems
Company, F. W. Dodge Division.
4. Based on data in Employment and Earnings (U.S. Department of Labor).
Series covers employees only, excluding personnel in the Armed Forces.
5. Based on data in Survey of Current Business (U.S. Department of Commerce).

2.11

NOTE. Basic data (not index numbers) for series mentioned in notes 4, 5, and
6, and indexes for series mentioned in notes 3 and 7 may also be found in the
Survey of Current Business.
Figures for industrial production for the last two months are preliminary and
estimated, respectively.

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION
Seasonally adjusted
1981
Q2

03

04

Q1

02

03

Q4

Q1

Capacity (percent of 1967 output)

Output (1967 = 100)

Q2

03

Q4'

Q1

Utilization rate (percent)

1 Manufacturing
2 Primary processing
3 Advanced processing

152.4

152.5

145.0

139.5

190.9

192.4

193.9

195.2

79.8

79.3

74.8

71.5

156.5
150.2

155.8
150.7

143.5
145.8

135.2
142.1

195.0
188.7

196.3
190.4

197.5
192.0

198.6
193.5

80.3
79.6

79.4
79.2

72.7
75.9

68.1
73.4

4 Materials

153.4

154.3

144.0

137.6

189.0

190.3

191.5

192.6

81.2

81.1

75.2

71.4

152.3
112.8
178.4
185.9
114.5
151.0
231.6
125.1

152.8
114.2
175.8
182.8
115.5
152.2
224.9
131.6

140.2
99.5
164.5
169.4
106.8
147.0
206.2
127.9

130.6
91.6
157.4
159.6
99.9
143.7
192.5
129.7

192.9
141.7
209.2
219.4
140.6
160.7
277.5
154.3

194.2
141.9
211.2
221.7
141.0
161.9
281.0
155.0

195.3
142.1
213.1
223.9
141.6
162.8
284.4
155.8

196.4
142.3
214.6
225.6
142.1
163.8
287.3
156.5

78.9
79.6
85.3
84.8
81.4
93.9
83.5
81.1

78.7
80.5
83.3
82.5
81.8
94.1
80.0
84.9

71.8
70.1
77.2
75.7
75.4
90.3
72.5
82.1

66.5
64.4
73.3
70.7
70.3
87.7
67.0
82.9

5 Durable goods
6
Metal materials
7 Nondurable goods
8
Textile, paper, and chemical
9
Textile
10
Paper
11
Chemical
12 Energy materials




Labor Market
2.11

A47

Continued
Previous cycle1

Latest cycle2

1982

1981

Series
High

Low

High

Low

Mar.

July

Sept.

Aug.

Oct.

Nov.

Dec/

Jan. r

Feb/

Mar.

Capacity utilization rate (percent)
13 Manufacturing

88.0

69.0

87.2

74.9

79.8

79.8

79.6

78.3

76.6

74.8

73.1

71.0

72.0

71.4

14
15

93.8
85.5

68.2
69.4

90.1
86.2

71.0
77.2

80.8
79.2

80.1
79.8

79.9
79.4

78.2
78.3

75.7
77.0

72.7
75.8

69.6
75.0

68.1
72.8

68.6
73.9

67.5
73.6

92.6
91.5
98.3

69.4
63.6
68.6

88.8
88.4
96.0

73.8
68.2
59.6

82.1
79.2
83.9

81.9
79.3
79.5

81.6
79.4
83.0

80.0
77.3
79.1

77.7
74.7
73.9

75.5
72.2
70.8

72.4
68.5
65.5

71.3
66.1
65.6

72.0
67.2
64.8

71.0
66.2
62.8

Primary processing
Advanced processing....

16 Materials
17 Durable goods
18
Metal materials
19
20

94.5

67.2

91.6

77.5

85.4

83.9

83.0

82.9

80.3

77.3

74.1

72.7

74.0

73.2

21
22
23

Nondurable goods
Textile, paper, and
chemical
Textile
Paper
Chemical

95.1
92.6
99.4
95.5

65.3
57.9
72.4
64.2

92.2
90.6
97.7
91.3

75.3
80.9
89.3
70.7

85.0
81.5
95.3
83.4

83.2
82.0
92.9
81.2

82.3
82.3
93.6
79.7

82.1
81.3
95.7
79.2

79.1
78.8
92.1
76.2

75.9
75.5
92.3
72.4

72.2
72.0
86.5
69.0

70.1
68.6
87.5
66.6

71.3
71.7
87.9
67.5

70.8
70.7
87.8
67.0

24

Energy materials

94.6

84.8

88.3

82.7

85.2

86.2

85.6

83.0

82.5

82.2

81.6

84.0

82.8

81.9

1. Monthly high 1973; monthly low 1975.
2. Preliminary; monthly highs December 1978 through January 1980; monthly
lows July 1980 through October 1980.

2.12

LABOR FORCE, EMPLOYMENT, A N D UNEMPLOYMENT
Thousands of persons; monthly data are seasonally adjusted. Exceptions noted.
1981
Category

1979

1980

1982

1981
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

HOUSEHOLD SURVEY DATA

1 Noninstitutional population1

166,952

169,848

172,272

172,758

172,967

173,154

173,330

173,494

173,657

173,842

2 Labor force (including Armed Forces) 1 . . .
3 Civilian labor force

107,050
104,962

109,042
106,940

111,812
108,670

110,659
108,494

111,170
109,012

111,430
109,272

111,348
109,184

111,038
108,879

111,333
109,165

111,521
109,346

95,477
3,347

95,938
3,364

97,030
3,368

96,900
3,358

96,965
3,378

96,800
3,372

94,404
3,209

96,170
3,411

96,217
3,373

96,144
3,349

6,137
5.8
59,902

7,637
7.1
60,806

8,273
7.6
60,460

8,236
7.6
62,099

8,669
8.0
61,797

9,100
8.3
61,724

9,571
8.8
61,982

9,298
8.5
62,456

9,575
8.8
62,324

9,354
9.0
62,321

89,823

90,564

91,548

92,033

91,832

91,522

91,113

90,879 r

91,040'

90,822

21,040
958
4,463
5,136
20,192
4,975
17,112
15,947

20,300
1,020
4,399
5,143
20,386
5,168
17,901
16,249

20,264
1,104
4,307
5,152
20,736
5,330
18,598
16,056

20,496
1,162
4,272
5,186
20,872
5,366
18,774
15,905

20,241
1,162
4,259
5,168
20,916
5,360
18,788
15,938

20,017
1,172
4,229
5,147
20,838
5,355
18,838
15,926

19,736
1,175
4,193
5,122
20,735
5,366
18,856
15,930

19,550'
1,166'
4,085'
5,124'
20,849'
5,361'
18,845'
15,899'

19,507'
1,166'
4,168'
5,101'
20,925'
5,364'
18,918'
15,891r

19,375
1,163
4,122
5,088
20,904
5,373
18,898
15,899

4
5

Nonagricultural industries 2
Agriculture

6
Number
7
Rate (percent of civilian labor force) .
8 Not in labor force
ESTABLISHMENT SURVEY DATA

9 Nonagricultural payroll employment3
10
11
12
13
14
15
16
17

Manufacturing
Mining
Contract construction
Transportation and public utilities
Trade
Finance
Service
Government

1. Persons 16 years of age and over. Monthly figures, which are based on sample
data, relate to the calendar week that contains the 12th day; annual data are
averages of monthly figures. By definition, seasonality does not exist in population
figures. Based on data from Employment and Earnings (U.S. Department of Labor).
2. Includes self-employed, unpaid family, and domestic service workers.




3. Data include all full- and part-time employees who worked during, or
received pay for, the pay period that includes the 12th day of the month, and
exclude proprietors, self-employed persons, domestic servants, unpaid family workers, ana members of the Armed Forces. Data are adjusted to the March 1979
benchmark and only seasonally adjusted data are available at this time. Based on
data from Employment and Earnings (U.S. Department of Labor).

A48
2.13

Domestic Nonfinancial Statistics • April 1982
INDUSTRIAL PRODUCTION

Indexes and Gross Value

Monthly data are seasonally adjusted.

Grouping

1967
proportion

1981
average

1981
Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.'

Jan.

Feb. p

Index (1967 = 100)
MAJOR MARKET

1 Total index

100.00

151.0

151.8

152.1

151.9

152.7

152.9

153.9

153.6

151.6

149.1

146.3

143.4

140.6

142.3

60.71
47.82
27.68
20.14
12.89
39.29

150.6
149.5
147.9
151.8
154.4
151.6

150.2
148.2
147.8
148.7
157.7
154.3

150.7
149.0
148.3
150.0
157.1
154.4

151.3
149.9
148.9
151.4
156.3
152.9

152.3
151.3
150.7
152.1
156.1
153.4

152.2
151.4
150.3
153.0
154.9
154.0

153.0
152.1
150.7
154.1
156.2
155.3

152.6
151.5
149.6
154.0
156.8
155.2

151.0
150.0
147.8
152.9
154.6
152.5

149.4
148.9
146.5
152.1
151.4
148.5

147.5
147.2
144.0
151.5
148.7
144.6

146.2
146.3
142.0
152.1
145.9
139.0

142.9
142.8
139.7
147.1
143.2
137.0

144.7
144.6
141.8
148.4
145.3
138.6

7.89
2.83
2.03
1.90
80
5.06
1.40
1.33
1.07
2.59

140.5
137.9
111.2
103.4
205.6
142.0
119.6
121.2
158.0
147.4

141.2
133.9
108.5
101.1
198.4
145.2
125.8
128.2
160.4
149.5

143.6
139.2
116.1
107.8
197.5
146.1
129.1
131.2
160.2
149.4

144.3
142.9
120.2
113.2
200.8
145.0
121.2
122.6
165.2
149.7

147.3
151.8
129.1
120.0
209.5
144.8
121.4
122.3
163.1
149.9

147.9
153.1
131.4
122.2
208.0
145.0
120.0
121.4
166.3
149.8

146.5
147.6
123.0
118.1
210.0
145.8
123.6
124.8
163.2
150.7

142.5
137.6
107.8
104.0
213.1
145.3
126.8
128.9
160.1
149.2

140.4
139.1
110.0
103.3
212.9
141.1
119.0
121.4
158.6
145.8

136.3
132.8
101.7
92.5
211.8
138.2
116.7
118.7
152.6
143.9

129.7
121.7
88.9
81.1
205.0
134.1
107.7
108.7
146.9
143.2

123.2 119.9
119.2 109.0
87.5
71.6
78.1
61.3
199.7 203.9
125.4 126.0
85.7 100.5
86.6 101.5
144.4 136.9
139.1 135.4

125.3
117.1
82.0
70.5
206.2
129.8
104.2
104.8
144.5
137.7

19.79
4.29
15.50

150.9
119.8
159.5

150.5
120.9
158.6

150.1
118.9
158.8

150.7
120.6
159.0

152.1
122.1
160.3

151.2
120.9
159.6

152.3
122.8
160.5

152.5
121.9
161.0

150.8
119.3
159.5

150.5
117.8
159.6

149.7
116.1
159.0

149.5
113.8
159.4

147.6

148.4

158.8

159.0

8.33
7.17

150.3
170.0

150.5
168.1

150.5
168.4

150.2
169.3

151.3
170.8

149.6
171.3

150.5
172.2

150.6
173.0

149.5
171.1

150.7
169.9

150.4
169.1

150.9
169.3

149.9
169.1

150.3
169.0

2.63

223.1

219.3

220.0

224.1

225.1

224.4

226.8

227.7

227.5

223.0

220.3

220.1

220.1

221.4

1.92

127.9

129.0

128.7

127.4

127.7

129.2

127.6

128.9

127.7

126.9

125.7

127.2

127.0

129.0

2.62
1.45

147.7
166.3

145.4
161.3

143.7
161.1

144.9
162.9

147.9
168.9

148.9
170.4

150.0
172.6

150.4
169.7

146.4
162.8

148.2
166.2

149.4
167.4

149.1
167.5

148.9
172.2

145.9

12.63
6.77
1.44
3.85
1.47

181.1
166.4
286.2
127.9
149.7

177.5
163.4
270.4
128.4
149.9

179.3
164.6
276.6
128.6
149.3

181.0
165.9
281.7
128.5
149.9

182.0
167.0
286.4
128.4
150.8

183.6
169.0
289.7
130.6
151.2

184.8
169.4
290.3
130.8
151.6

184.8
170.2
293.0
130.8
152.7

182.7
168.9
293.6
129.3
150.4

180.5
166.9
295.6
125.7
148.4

179.0
165.1
293.8
123.6
147.1

179.0
164.0
294.6
122.0
145.5

172.2
158.1
289.0
116.9
137.4

172.7
157.3
280.6
117.2
141.0

5.86
3.26
1.93
67

198.0
258.7
125.4
112.0

193.7
250.4
124.8
116.4

196.2
252.7
127.8
118.5

198.6
254.5
131.5
119.7

199.4
258.0
130.0
113.9

200.4
259.9
129.7
114.9

202.5
263.7
128.4
118.0

200.9
264.3
124.6
111.8

198.5
264.2
121.0
102.1

196.2
259.8
120.6
104.6

195.0
260.6
116.6
101.7

196.3
262.9
117.5
98.9

188.5
256.1
109.0
88.4

190.4
257.4
110.1
96.0

36 Defense and space

7.51

102.7

100.5

100.7

101.5

102.0

101.7

102.6

102.8

103.0

104.5

105.3

107.0

105.1

107.6

Intermediate products
37 Construction supplies
38 Business supplies
39 Commercial energy products .

6.42
6.47
1.14

141.9
166.7
176.4

148.9
166.4
174.0

149.0
165.1
174.7

147.9
164.7
175.2

146.5
165.6
179.0

143.4
166.2
177.7

144.3
168.0
180.0

144.0
169.5
176.6

139.7
169.4
174.2

135.2
167.5
174.3

130.1
167.1
177.0

127.0
164.6
177.3

123.9
162.3
181.3

126.3
164.3
179.0

20.35
4.58
5.44
10.34
5.57

149.1
114.5
191.2
142.3
112.0

150.6
114.3
188.9
146.6
118.6

152.2
118.4
191.1
146.7
118.3

151.8
119.7
192.8
144.3
113.8

152.8
121.1
194.0
145.1
114.3

152.4
123.1
193.2
143.9
112.8

153.6
123.2
193.8
145.9
114.5

154.3
121.8
194.7
147.4
117.4

150.4
114.5
192.7
144.1
113.1

145.6
107.6
190.3
138.9
106.5

141.0
102.8
188.7
132.9
101.6

134.0
92.9
183.3
126.1
94.8

129.6
86.9
177.2
123.5
94.2

132.0
92.1
180.6
124.1
94.3

2 Products
3
Final products
4
Consumer goods
5
Equipment
6 Intermediate products
7 Materials
Consumer goods
8 Durable consumer goods
9 Automotive products
10
Autos and utility vehicles ..
11
Autos
12
Auto parts and allied goods
13 Home goods
14
Appliances, A/C, and T V . .
15
Appliances and TV
16
Carpeting and furniture....
17
Miscellaneous home goods.
18 Nondurable consumer goods . . .
19 Clothing
20 Consumer staples
21
Consumer foods and
tobacco
22
Nonfood staples
23
Consumer chemical
products
24
Consumer paper
products
25
Consumer energy
products
26
Residential utilities....
Equipment
27 Business
28 Industrial
29
Building and mining
30
Manufacturing
31
Power
32
33
34
35

Commercial transit, farm . . . .
Commercial
Transit
Farm

Materials
40 Durable goods materials
41
Durable consumer parts
42
Equipment parts
43 Durable materials n.e.c
44
Basic metal materials
45 Nondurable goods materials
46
Textile, paper, and chemical
materials
47
Textile materials
48
Paper materials
49
Chemical materials
50
Containers, nondurable
51 Nondurable materials n.e.c...
52 Energy materials
53 Primary energy
54 Converted fuel materials
Supplementary groups
55 Home goods and clothing
56 Energy, total
57 Products
58
Materials




10.47

174.6

179.9

177.5

179.3

179.0

176.9

176.5

175.4

175.5

170.6

164.7

158.3

155.8

158.9

7.62
1.85
1.62
4.15
1.70
1.14

181.4
113.0
150.6
224.0
169.3
137.4

187.3
115.1
151.0
233.8
172.3
141.8

185.1
114.4
152.6
229.5
168.7
139.6

186.8
115.1
152.2
232.4
172.0
139.7

187.3
114.9
150.9
233.9
167.8
140.5

183.7
113.4
149.8
228.4
171.4
139.6

183.5
115.5
150.0
227.1
171.7
136.6

182.4
116.0
151.5
224.1
169.4
137.8

182.5
114.9
155.1
223.4
170.9
136.2

176.4
111.6
149.6
215.9
166.7
137.1

169.9
106.9
150.2
205.8
163.5
131.9

161.9
102.0
141.2
196.8
161.9
128.6

157.8
97.3
143.0
190.6
162.3
132.4

161.0
101.9
143.9
194.0
165.5
134.7

8.48
4.65
3.82

129.0
115.0
145.9

131.6
118.2
148.0

130.9
116.9
148.1

123.1
104.2
146.1

123.0
104.4
145.5

129.3
113.7
148.2

133.3
120.3
149.2

132.6
120.9
146.9

128.9
117.4
142.9

128.3
116.4
142.8

128.1
115.6
143.4

127.4
115.9
141.4

131.3
120.2
145.0

129.5
118.6
142.8

9.35
12.23
3.76
8.48

131.8
137.4
156.4
129.0

134.1
138.5
154.0
131.6

133.6
137.7
153.1
130.9

133.8
132.6
154.1
123.1

134.4
133.5
157.3
123.0

133.9
138.0
157.6
129.3

135.2
141.2
159.1
133.3

134.5
140.5
158.4
132.6

131.1
136.8
154.8
128.9

128.8
136.9
156.1
128.3

125.9
137.2
157.8
128.1

120.1
136.7
157.7
127.4

117.3
139.7
158.7
131.3

120.8
137.6
155.9
129.5

Mar

Output
2.13

A49

Continued

Grouping

SIC
code

1967
proportion

1982

1981
1981
avg.'

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.'

Ian.

Feb.P Mar. e

Index (1967 = 100)
MAJOR INDUSTRY

1 Mining and utilities.
Mining
2
3
Utilities
Electric
4
5 Manufacturing
6
Nondurable
7 Durable

12.05
6.36
5.69
3.88
87.95
35.97
51.98

155.0
142.2
169.1
190.9
150.4
164.8
140.5

154.1
143.1
166.4
187.1
151.2
166.2
140.8

154.8
143.2
167.8
188.9
151.6
165.3
142.1

150.5
135.2
167.6
188.6
152.0
165.9
142.5

152.1
135.4
170.7
192.9
152.8
166.4
143.5

156.3
141.7
172.7
195.6
152.4
165.8
143.2

159.1
146.5
173.1
196.2
153.2
167.1
143.6

158.2
146.0
171.9
194.2
153.2
167.3
143.4

155.8
145.0
167.8
188.3
151.1
165.9
140.9

156.1
145.3
168.1
189.4
148.0
162.8
137.8

155.4
143.3
168.9
190.9
145.0
160.3
134.4

154.7
142.6
168.2
190.2
142.0
157.4
131.3

157.3
144.3
171.8
194.8
138.3
154.7
127.0

154.8
142.3
168.7
190.6
140.5
156.4
129.6

152.9
138.7
168.7
190.7
139.7
155.6
128.6

.51
.69
4.40
.75

123.1
141.3
146.8
129.4

134.1
159.0
142.2
140.0

131.1
151.2
144.1
138.8

123.1
75.9
146.1
133.7

125.0
77.0
146.2
132.2

123.5
122.9
148.2
132.7

123.6
170.0
147.7
133.3

124.1
167.4
148.2
128.2

121.5
161.9
148.8
123.4

119.8
166.9
148.9
122.0

115.4
160.8
148.4
116.7

110.9
145.5
150.5
115.7

119.1
147.9
151.5
115.8

117.6
156.0
147.0
118.9

156.1
142.2

151.6
121.3
139.4
122 6
154.9

151.9
123.8
140.7
122.6
156.7

150.7
122.4
136.3
122.5
158.6

151.4
124.3
132.5
117.8
153.3

153.0
119.6
126.1
113.8
152.6

152.8
112.6
122.8
114.1
146.6

151.3
112.7
119.4

123.6

147.0

148.6

149.2

145.6 143.4 145.3
208.8 204.6 199.8
128.3 128.0 128.3
276.0 264.1 247.3
71.2
65.6
70.8

145.7
195.8
123.3
243.4
63.1

146.4
197.2
120.3
247.0
62.6

145.8

87.1

8
9
10
11

Mining
Metal
Coal
Oil and gas extraction . . .
Stone and earth minerals.

10
11.12
13
14

12
13
14
15
16

Nondurable manufactures
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products

20
21
22
23
26

2.68

152.1
122 2
135.7
3 31 120 4
155.0
3.21

152.5
125 4
139.3
121 6
156.0

152.4
125 7
136.2
120 2
157.6

151.9
122 2
138.9
121 6
157.0

152.2 151.3
122 3 120 9
138.8 138.3
122 6 121 1
155.9 153.4

27
28
29
30
31

4.72
7.74
1.79
2.24
.86

144.2 144.8 142.7
215.6 219.8 218.5
129.7 131.5 130.3
274.0 270.2 269.5
69.3 68.3 68.8

141.6
219.8
130.0
275.2
68.9

141.3 143.1 144.4 146.1 145.9
220.6 218.4 221.5 219.2 216.3
129.8 129.3 128.7 130.4 129.1
280.3 285.1 285.3 286.7 282.2
69.6
69.7
68.4
70.1
69.8

Durable manufactures
22 Ordnance, private and
government
23 Lumber and products
24 Furniture and fixtures
25 Clay, glass, stone products

19.91
24
25
32

3.64
1.64
1.37
2.74

81.1
119.1
157.2
147.9

78.4
126.2
154.3
156.4

78.5
125.6
155.6
154.6

79.8
126.3
158.7
154.3

80.9
126.2
158.9
151.7

80.9
122.5
162.4
148.1

80.6
122.9
164.9
148.7

81.8
119.1
163.3
148.2

82.3
113.2
159.9
147.3

82.5
109.6
157.2
143.4

84.3
104.7
153.7
135.9

85.5 83.9
104.8 99.2
149.4 144.3
131.5 128.3

86.0
101.4
146.4
131.9

26
27
28
29
30

33
331.2
34
35
36

6.57
4.21
5.93
9.15
8.05

107.9
99.8
136.4
171.2
178.4

114.5
108.4
137.6
168.3
174.9

114.9
108.0
139.2
169.2
177.4

110.6
103.4
139.5
169.7
178.8

111.9
105.6
138.4
172.1
179.9

107.4
98.5
139.3
174.1
180.1

109.4
99.7
140.1
176.7
180.9

113.1
105.1
140.0
176.4
182.6

108.6
99.2
136.8
173.9
180.0

102.3
92.2
133.8
169.7
179.6

96.6
87.2
130.2
167.9
175.7

89.6 89.4
79.2 79.2
126.1 120.7
167.4 160.8
170.7 168.2

88.4
78.8
122.7
161.8
173.1

121.8
159.6
173.0

37
371

9.27
4.50

116.1
122.3

116.1
119.9

119.5
127.1

121.3
130.7

123.7
136.4

123.4
137.5

119.8
130.5

115.4
123.1

114.2
120.4

110.6
113.8

106.1
105.5

103.7
100.4

96.5
90.4

101.8
98.6

103.8
105.0

372-9
38
39

4.77
2.11
1.51

110.2
170.3
154.7

112.6
171.1
154.9

112.3
170.0
155.4

112.4
170.0
157.3

111.8
170.6
157.0

110.2
171.3
158.8

109.7
172.1
159.4

108.2
172.3
158.6

108.5
169.7
154.2

107.5
168.6
151.5

106.8
167.1
151.7

106.8 102.3
166.8 162.1
147.9 144.9

104.9
164.8
144.9

102.8
163.1
144.1

605.0

597.6

592.8 577.2

588.4

586.7

481.9 476.4 473.0 470.1
324.0 319.3 317.7 314.3
157.9 157.1 155.3 155.8
139.5 140.1 138.4 134.9

465.2
310.5
154.7
132.4

462.3
307.2
155.1
130.5

457.8
305.6
152.2
130.6

457.3
305.0
152.3
129.4

17
18
19
20
21

Printing and publishing
Chemicals and products
Petroleum products
Rubber ana plastic products .
Leather and products

Primary metals
Iron and steel
Fabricated metal products.
Nonelectrical machinery...
Electrical machinery

31 Transportation equipment
32 Motor vehicles and parts
33 Aerospace and miscellaneous
transportation equipment
34 Instruments
35 Miscellaneous manufactures . . . .

8.75
67

152.3

122.2

84.8

Gross value (billions of 1972 dollars, annual rates)
MAJOR MARKET

36 Products, total

507.41

612.3

614.5

618.0

616.2

37 Final
38 Consumer goods
39 Equipment
40 Intermediate

390.91
277.51
113.41
116.61

474.1 472.8
318.0 318.8
156.1 154.0
138.2 141.7

476.4
320.5
155.9
141.7

476.3 482.4 480.5
320.0 324.3 322.1
156,3 158.1 158.5
139.9 139.8 138.7

1. 1972 dollar value.
NOTE. Published groupings include some series and subtotals not shown separately. For description and historical data, see Industrial Production—1976 Revision
(Board of Governors of the Federal Reserve System: Washington, D.C.), December 1977.




622.2

619.2

621.4

616.5

611.5

448.6
298.9
149.7
128.6

A50
2.14

Domestic Nonfinancial Statistics • April 1982
HOUSING A N D CONSTRUCTION
Monthly figures are at seasonally adjusted annual rates except as noted.
1981
Item

1979

1980

1982

1981r
July

Aug.

Sept.

Oct.

Nov.

Dec.'

Jan.'

Feb.

Private residential real estate activity (thousands of units)
NEW UNITS

1 Permits authorized
2
1-family
3
2-or-more-family

1,552
981
571

1,191
710
481

969
558
412

913
528
385

865
494
371

850
453
397

722
398
324

723
401
322

789
454
335

832
462
370

795
433
362

4 Started
5
1-family
6
2-or-more-family

1,745
1,194
551

1,292
852
440

1,084
705
379

1,040
696
344

946
614
332

899
623
276

854
507
347

860
554
306

882
550
332

895
598
297

953
533
420

7 Under construction, end of period 1
1-family
2-or-more-family

1,140
639
501

896
515
382

682
382
300

832'
468'
363'

800'
445'
355'

770'
428'
342'

731'
410'
321'

705'
397
309

689
391
297

688
397
292

1,855
1,286
569

1,502
957
545

1,266
818
447

1,320'
864'
456'

1,233'
814'
419'

1,202'
782'
420'

1,265'
725'
540'

1,067'
673
394

1,112
673
439

1,048
623
425

13 Mobile homes shipped

277

222

241

267

238

232

208

207

206

211

Merchant builder activity in 1-family
units
14 Number sold
15 Number for sale, end of period 1

709
402

545
342

437
278

408
312

364
308

335
304

359
291

388'
282

458
272

381
275

336
279

Price (thousands of dollars)1
Median
16 Units sold

62.8

64.7

68.8

69.5

72.6

65.8

69.6

71.2'

68.2

67.0

66.5

17

71.9

76.4

83.1

82.6

87.0

81.3

82.5

85.3

82.8

79.2

81 .8

3,701

2,881

2,350

2,450

2,240

2,070

1,930

1,900

1,940

1,860

1,900

55.5
64.0

62.1
72.7

66.1
78.0

67.5
79.6

68.1
80.5

67.1
79.1

66.0
76.6

65.9
77.5

66.6
78.6

66.1
79.2

67.9
80 .1

8
9

10 Completed
11
1-family
12 2-or-more-family

Units sold

n.a.

EXISTING UNITS ( 1 - f a m i l y )

18 Number sold
Price of units sold (thous. of dollars)2
19 Median
20 Average

Value of new construction 3 (millions of dollars)
CONSTRUCTION

21 Total put in place

230,781

230,273

237,035

233,862

229,844

230,892

230,368'

233,026'

235,844

232,725

230,432

22 Private
23 Residential
24
Nonresidential, total
Buildings
25
Industrial
26
Commercial
27
Other
28
Public utilities and other

181,690
99,032
82,658

174,8%
87,260
87,636

183,502
85,805
97,697

182,288
82,916
99,372

180,576
80,535
100,041

178,649
78,503
100,146

179,248
78,292
100,956

180,602
78,219
102,383

182,76i
79,779
102,982

181,110
78,283
102,827

179,338
76,431
102.907

14,953
24,919
7,427
35,359

13,839
29,940
8,654
35,203

16,884
33,485
9,377
37,951

17,182
34,028
9,241
38,921

18,295
33,721
9,367
38,658

18,344
33,412
9,402
38,988

18,558
33,046
9,553
39,799'

18,373
34,506
9,193
40,311'

17,736
35,921
9,019
40,306

17,213
36,789
9,867
38,958

17,085
37,467
10,162
38,193

49,088
1,648
11,998
4,586
30,856

55,371
1,880
13,784
5,089
34,618

53,534
1,944
13,162
5,267
33,161

51,574
2,091
13,203
5,233
31,047

49,268
2,105
12,227
4,717
30,219

52,243
2,065
12,537
4,910
32,731

51,120'
1,943
11,515
6,978
30,684'

52,423'
1,946
12,478
4,868
33,131'

53,083
1,909
11,642
4,908
34,624

51,616
2,108
12,600
5,378
31,530

51,094
1,852
13,380
5,388
30,474

29 Public
30 Military
31 Highway
32
Conservation and development
33 Other

1. Not at annual rates.
2. Not seasonally adjusted.
3. Value of new construction data in recent periods may not be strictly comparable
with data in prior periods due to changes by the Bureau of the Census in its
estimating techniques. For a description of these changes see Construction Reports
(C-30-76-5), issued by the Bureau in July 1976.




NOTE. Census Bureau estimates for all series except (a) mobile homes, which
are private, domestic shipments as reported by the Manufactured Housing institute
and seasonally adjusted by the Census Bureau, and (b) sales and prices of existing
units, which are published by the National Association of Realtors. All back and
current figures are available from originating agency. Permit authorizations are
those reported to the Census Bureau from 16,000 jurisdictions beginning with 1978.

Prices
2.15

A51

C O N S U M E R A N D P R O D U C E R PRICES
Percentage changes based on seasonally adjusted data, except as noted
12 months to

1 month to

3 months (at annual rate) to

Item
1982

Feb.
Mar.

June

1982

1981

1981
1981

Feb.

Sept.

Dec.

Oct.

Nov.

Index
level
Feb.

Dec.

Jan.

1982
(1967
= 100)'

Feb.

CONSUMER PRICES2
1

?
3
Commodities less food
Durable
Nondurable

4
6
7
8
9

7.7

9.6

8.1

12.8

5.4

.4

.5

.4

.3

.2

283.4

10.3
10.6
10.1
9.0
11.4
13.0
8.8
13.6

4.5
4.6
4.5
6.1
2.7
12.1
8.3
12.6

8.8
5.3
10.2
1.3
26.7
10.9
7.0
11.5

3.2
2.2
3.8
9.7
-1.4
14.8
7.7
15.8

8.5
7.7
9.0
10.8
4.6
19.2
10.2
20.4

3.6
1.7
4.3
1.2
3.8
7.8
9.0
7.6

.4
.3
.4
-.1
.8
.5
.8
.4

.2
.1
.2
.1
.5
.9
.7
1.0

.3
.1
.4
.3
-.3
.5
.7
.4

.1
.7
-.1
.2
.2
.5
.6
.5

.2
.6
.0
.4
-.8
.4
.4
.4

259.5
283.3
246.0
233.7
260.1
325.3
218.6
345.7

11.5
10.8
13.3

8.3
9.2
9.8

10.5
6.4
2.9

9.3
11.6
16.9

13.9
15.0
21.5

6.2
5.6
.3

.5
.5
-.3

.6
.4
.2

.4
.5
.2

.2
.3
-.1

.2
.4
.4

282.1
269.5
368.7

10.8
10.6
8.3
11.5
11.4
9.8

5.4
4.9
2.7
5.8
7.1
5.2

12.8
13.2
5.1
16.5
11.6
13.8

7.1
6.4
3.5
7.6
10.0
8.0

3.4
2.8
1.6
3.2
5.7
5.2

5.2
4.0
-3.7
7.2
9.7
2.8

.4
.5
1.1
.2
.4
.3

-.1
-.1
.5
-.3
-.4
-.3

277.4
278.1
258.2
284.1
274.8
316.6

22.9
5.5

-1.2
-7.0

34.3
-15.6

16.1
6.4

1.1
-18.2

-5.6
-25.5

-1.1
4.4

-1.9
.7

479.3
248.3

11.3

All items

Rent
Services less rent

Other groupings
in All items less food
All items less food and energy
Homeownership

11
12

PRODUCER PRICES
13
14

15
16
17
18

19
20

Finished goods
Consumer
Foods
Excluding foods
Capital equipment
Intermediate materials 3
Crude materials
Nonfood
Food

1. Not seasonally adjusted.
2. Figures for consumer prices are those for all urban consumers.




.6 R

.5r
-.V
1.0
.R

-2.3

.5
.4

-.1'

.2"
.1
.0

.9

.lr

.4

.6
.2 R

,lr

- .6 R
-2.2

,2r
-2.8

3. Excludes intermediate materials for food manufacturing and manufactured
animal feeds.
SOURCE. Bureau of Labor Statistics.

A52
2.16

Domestic Nonfinancial Statistics • April 1982
GROSS NATIONAL P R O D U C T A N D INCOME
Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates.
1980

Account

1979

1980

1981

1981 R
Q4

Q2

Q1

Q3

Q4 R

GROSS NATIONAL PRODUCT
1

Total

2,413.9

2,626.1

2,925.5

2,730.6

2,853.0

2,885.8

2,965.0

2,998.3

2
3
4
5

By source
Personal consumption expenditures
Durable goods
Nondurable goods
Services

1.510.9
212.3
602.2
696.3

1,672.8
211.9
675.7
785.2

1,857.8
232.0
743.2
882.6

1,751.0
223.3
703.5
824.2

1,810.1
238.3
726.0
845.8

1,829.1
227.3
735.3
866.5

1,883.9
236.2
751.3
896.4

1,908.3
226.4
760.3
921.5

415.8
398.3
279.7
96.3
183.4
118.6
113.9

395.3
401.2
296.0
108.8
187.1
105.3
100.3

450.5
434.4
328.9
125.7
203.1
105.5
100.0

397.7
415.1
302.1
111.5
190.7
113.0
107.6

437.1
432.7
315.9
117.2
198.7
116.7
111.4

458.6
435.3
324.6
123.1
201.5
110.7
105.4

463.0
435.6
335.1
128.3
206.8
100.5
94.9

443.3
434.0
339.8
134.3
205.5
94.2
88.4

17.5
13.4

-5.9
-4.7

16.2
13.8

-17.4
-14.0

4.5
6.8

23.3
21.5

27.5
23.1

9.4
3.7

6

/

8
9
10
11
12
13
14

Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential structures
Nonfarm
Change in business inventories
Nonfarm

15
16
17

Net exports of goods and services
Exports
Imports

13.4
281.3
267.9

23.3
339.8
316.5

26.0
367.3
341.3

23.3
346.1
322.7

29.2
367.4
338.2

20.8
368.2
347.5

29.3
368.0
338.7

24.7
365.6
341.0

18
19
20

Government purchases of goods and services
Federal
State and local

473.8
167.9
305.9

534.7
198.9
335.8

591.2
230.2
361.0

558.6
212.0
346.6

576.5
221.6
354.9

577.4
219.5
357.9

588.9
226.4
362.5

622.0
253.3
368.7

21
22
23
24
25
26

By major type of product
Final sales, total
Goods
Durable
Nondurable
Services
Structures

2,396.4
1,055.9
451.2
604.7
1,097.2
260.8

2,632.0
1,130.4
458.6
671.9
1,229.6
266.0

2,909.4
1,272.3
506.9
765.4
1,371.7
281.6

2,748.0
1,169.0
476.7
692.2
1,285.3
276.4

2,848.5
1,247.5
501.4
746.1
1,317.1
288.4

2,862.5
1,257.0
516.9
740.1
1,344.7
284.1

2,937.6
1,298.3
525.2
773.0
1,390.5
276.3

2,989.0
1,286.4
484.2
802.2
1,434.4
277.5

17.5
11.5
6.0

-5.9
-4.0
-1.8

16.2
7.4
8.8

-17.4
.7
-18.1

4.5
-4.2
8.6

23.3
18.5
4.8

27.5
18.6
8.9

9.4
-3.3
12.7

1,483.0

1,480.7

1,510.3

1,485.6

1,516.4

1,510.4

1,515.8

1,498.4

1,963.3

2,121.4

2,347.6

2,204.8

2,291.1

2,320.9

2,377.6

2,401.0

1.460.9
1,235.9
235.9
225.0
106.4
118.6

1,596.5
1,343.6
253.6
1,090.0
252.9
115.8
137.1

1,771.6
1,482.8
273.9
1,208.8
288.8
134.7
154.1

1,661.8
1,397.3
263.3
1,134.0
264.5
121.0
143.5

1,722.4
1,442.9
267.1
1,175.7
279.5
131.5
148.0

1,752.0
1,467.0
270.5
1,196.4
285.1
133.2
151.8

1,790.7
1,498.7
274.7
1,224.0
292.0
135.6
156.3

1,821.3
1,522.5
283.2
1,239.2
298.8
138.4
160.4

131.6
100.7
30.8

130.6
107.2
23.4

134.8
112.4
22.4

134.0
111.6
22.5

132.1
113.2
18.9

134.1
112.5
21.7

137.1
112.4
24.7

135.9
111.5
24.4

27 Change in business inventories
Durable goods
Nondurable goods

28
29

30

MEMO: Total GNP in 1972 dollars
NATIONAL INCOME

31
32
33
34
35
36
37
38

Compensation of employees
Wages and salaries
Government and government enterprises
Other
Supplement to wages and salaries
Employer contributions for social insurance
Other labor income

39
40
41

Proprietors' income1
Business and professional 1
Farm 1

42

Rental income of persons 2

43
44
45
46

Corporate profits 1
Profits before tax 3
Inventory valuation adjustment
Capital consumption adjustment

47 Net interest
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustments.




1.000.0

30.5

31.8

33.6

32.4

32.7

33.3

33.9

34.5

196.8
255.4
-42.6
-15.9

182.7
245.5
-45.7
-17.2

192.1
233.7
-27.7
-13.9

183.3
249.5
-48.4
-17.8

203.0
257.0
-39.2
-14.7

190.3
229.0
-24.0
-14.7

195.7
234.4
-25.3
-13.4

179.5
214.6
-22.3
-12.8

143.4

179.8

215.4

193.3

200.8

211.0

220.2

229.7

3. For after-tax profits, dividends, and the like, see table 1.49.
SOURCE. Survey of Current Business (Department of Commerce).

National Income Accounts
2.17

A53

PERSONAL INCOME A N D SAVING
Billions of current dollars; quarterly data are at seasonally adjusted annual rates. Exceptions noted.
1980

Account

1979

1980

1981

1981'
Q4

Q4r

Q3

Q2

Q1

PERSONAL INCOME AND SAVING
1

Total personal income

1,943.8

2,160.2

2,404.1

2,256.2

2,319.8

2,368.5

2,441.7

2,486.5

7
3
4
5
6
7

Wage and salary disbursements
Commodity-producing industries
Manufacturing
Distributive industries
Service industries
Government and government enterprises

1,236.1
437.9
333.4
303.0
259.2
236.1

1,343.7
465.4
350.7
328.9
295.7
253.6

1,482.7
512.7
387.3
361.1
335.0
273.9

1,397.8
484.0
364.0
340.6
310.0
263.3

1,442.9
501.3
377.4
351.9
322.5
267.1

1,467.0
508.1
386.7
357.8
330.5
270.5

1,498.5
520.2
393.9
365.3
338.5
274.5

1,522.5
521.0
391.0
369.5
348.7
283.3

8
9

Other labor income
Proprietors' income 1
Business and professional 1
Farm 1
Rental income of persons 2
Dividends
Personal interest income
Transfer payments
Old-age survivors, disability, and health insurance benefits

118.6
131.6
100.8
30.8
30.5
48.6
209.6
249.4
131.8

137.1
130.6
107.2
23.4
31.8
54.4
256.3
294.2
153.8

154.1
134.8
112.4
22.4
33.6
61.3
308.5
333.2
180.4

143.5
134.0
111.6
22.5
32.4
56.1
269.7
313.9
165.3

148.0
132.1
113.2
18.9
32.7
58.0
288.7
319.6
169.8

151.8
134.1
112.5
21.7
33.3
60.2
300.9
324.2
172.0

156.3
137.1
112.4
24.7
33.9
63.0
315.7
342.2
188.5

160.4
135.9
111.5
24.4
34.5
64.1
328.7
347.0
191.2

in
11
17

n
14
15
16
17
18
19
20

LESS: Personal contributions for social insurance
EQUALS: Personal income
LESS: Personal tax and nontax payments
EQUALS: Disposable personal income

80.6

87.9

104.2

91.2

102.3

103.1

105.0

106.5

1,943.8

2,160.2

2,404.1

2,256.2

2,319.8

2,368.5

2,441.7

2,486.5

302.0

338.5

385.2

359.2

372.0

382.9

399.8

398.0

1,641.7

1,821.7

2,016.0

1,897.0

1,947.8

1,985.6

2,042.0

2,088.5

21

LESS: Personal outlays

1,555.5

1,720.4

1,908.4

1,799.4

1,858.9

1,879.0

1,935.1

1,960.5

22

EQUALS: Personal saving

86.2

101.3

107.6

97.6

88.9

106.6

106.9

128.0

6,588
4,135
4,493
5.2

6,503
4,108
4,473
5.6

6,570
4,171
4,526
5.3

6,499
4,142
4,488
5.1

6,619
4,191
4,511
4.6

6,581
4,162
4,517
5.4

6,585
4,184
4,535
5.2

6,494
4,150
4,541
6.1

412.0

MEMO:
23
24
25
26

Per capita (1972 dollars)
Gross national product
Personal consumption expenditures
Disposable personal income
Saving rate (percent)

27

Gross saving

28
79
30
31

Gross private saving
Personal saving
Undistributed corporate profits 1
Corporate inventory valuation adjustment

GROSS SAVING

3?
33
34
35
36
37

Capital consumption allowances
Corporate
Wage accruals less disbursements

401.9

456.0

406.7

442.6

465.3

469.4

446.5

398.9
86.2
59.1
-42.6

432.9
101.3
44.3
-45.7

480.4
107.6
51.1
-27.7

436.4
97.6
40.4
-48.4

451.1
88.9
55.7
-39.2

475.3
106.6
52.0
-24.0

486.2
106.9
52.8
-25.3

508.9
128.0
44.1
-22.3

155.4
98.2
.0

175.4
111.8
.0

197.7
123.9
.0

183.2
115.8
.5

187.5
119.0
.0

194.6
122.1
0

201.1
125.4
.0

207.7
129.1
.0

11.9
-14.8
26.7

-32.1
-61.2
29.1

-25.6
-62.3
36.7

-30.8
-67.9
37.1

-9.7
-46.6
36.9

-11.2
-47.2
36.1

-17.9
-55.7
37.8

-63.5
-99.5
36.0

Government surplus, or deficit ( - ) , national income and product
Federal
State and local

38

Capital grants received by the United States, net

1.1

1.1

1.1

1.1

1.1

1.1

1.1

1.1

39

Gross investment

414.1

401.2

454.7

400.1

446.0

458.3

469.6

444.8

40
41

Gross private domestic
Net foreign

415.8
-1.7

395.3
5.9

450.5
4.2

397.7
2.3

437.1
8.8

458.6
-.2

463.0
6.5

443.3
1.5

42

Statistical discrepancy

2.2

-.7

-1.2

-6.6

3.4

-6.9

.2

-1.6

1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.




SOURCE. Survey of Current Business (Department of Commerce).

A54
3.10

International Statistics • April 1982
U . S . I N T E R N A T I O N A L T R A N S A C T I O N S Summary
Millions of dollars; quarterly data are seasonally adjusted except as noted. 1
1980
Item credits or debits

1979

1981

1981p

1980

Q4

Q4^

Q3'

Q2

Q1

1,414

3,723

6,578

1,390
3,244

3,334'
3,546

1,212'
2,438

2,115
-863

-85
1,457

-27,346
184,473
-211,819
-1,947
33,462
2,839

-25,342
223,966
-249,308
-2,515
32,762
5,874

-27,817
236,300
-264,117
-1,943
36,757
6,344

-5,570
57,149
-62,719
-715
8,257
1,762

-4,661'
60,990'
-65,651'
-568
9,083'
1,007'

-6,894'
60,369'
-67,263'
-698
8,764'
1,558'

-7,026
57,929
-64,955
-87
9,257
1,819

-9,236
57,012
-66,248
-590
9,650
1,962

-2,057
-3,536

-2,397
-4,659

-2,302
-4,460

-720
-1,624

-550
-977

— 553
-965

-599
-1,249

-602
-1,269

11 Change in U.S. government assets, other than official reserve assets, net (increase, - )

-3,767

-5,165

-5,138

-1,094

-1,395

-1,485

-1,282

-976

12 Change in U.S. official reserve assets (increase, - )
13 Gold
14 Special drawing rights (SDRs)
15 Reserve position in International Monetary Fund
16 Foreign currencies

-1,132
-65
-1,136
-189
257

-8,155
0
-16
-1,667
-6,472

-5,175
0
-1,823
-2,491
-861

-4,279
0
1,285
-1,240
-4,324

-4,529
0
-1,441
-707
-2,381

-905
0
-23
-780
-102

-4
0
-225
-647
868

262
0
-134
-358
754

17 Change in U.S. private assets abroad (increase, - ) 3
18 Bank-reported claims
19 Nonbank-reported claims
20
U.S. purchase of foreign securities, net
21
U.S. direct investments abroad, net 3

-57,739
-26,213
-3,026
-4,552
-23,948

-71,456
-46,947
-2,653
-3,310
-18,546

-96,265
- 84,462
n.a.
-5,536
-6,995

-22,622
-13,139
-2,005
-356
-7,122

-16,483'
-11,241
-3,192
-488
-1,562'

-19,590'
-15,627
2,470
1,479
— 4,954r

-15,423
-15,209
1,451
-642
-1,023

-44,771
-42,385
n.a.
-2,928
542

22 Change in foreign official assets in the United States
(increase, + )
23 U.S. Treasury securities
24
Other U.S. government obligations
25 Other U.S. government liabilities4
26
Other U.S. liabilities reported by U.S. banks
27
Other foreign official assets5

-13,757
-22,435
463
-133
7,213
1,135

15,492
9,683
2,187
636
-159
3,145

5,208
5,008
1,279
170
3,916
2,667

7,712
6,911
587
205
-460
469

5,503
7,242
454
-112
-2,910
829

-2,779
-2,069
536
177
-2,070
647

-5,663
-4,634
545
-161
-2,387
974

8,147
4,469
-256
266
3,451
217

52,703
32,607
2,065
4,820
1.334
11,877

34,769
10,743
5,109
2,679
5,384
10,853

69,148
41,332
n.a.
2,914
7,078
18,664

16,157
7,737
3,228
893
2,240
2,059

1,637
-3,889
-820
1,405
2,454
2,487

15,667
7,916
-293
733
3,472
3,839

21,512
16,795
273
-449
759
4,134

30,333
20,510
n.a.
1,225
393
8,205

1,139
21,140

1,152
29,640

1,093
24,551

0
2,736
2,139

1,093
10,840'
-401'

0
7,880'
1,161'

0
-1,255
-2,631

0
7,090
1,875

21,140

29,640

24,551

597

11,241

6,719

1,376

5,215

1 Balance on current account
2
Not seasonally adjusted
3
4
5
6
7
8
9
10

Merchandise trade balance 2
Merchandise exports
Merchandise imports
Military transactions, net
Investment income, net 3
Other service transactions, net
Remittances, pensions, and other transfers
U.S. government grants (excluding military)

28 Change in foreign private assets in the United States
(increase, + )*
U.S. bank-reported liabilities
U.S. nonbank-reported liabilities
Foreign private purchases of U.S. Treasury securities, net
Foreign purchases of other U.S. securities, net
Foreign direct investments in the United States, net 3

29
30
31
32
33

34 Allocation of SDRs
35 Discrepancy
36
Owing to seasonal adjustments
37
Statistical discrepancy in recorded data before seasonal
adjustment
MEMO:

Changes in official assets
U.S. official reserve assets (increase, ~)
Foreign official assets in the United States
(increase, + )
40 Change in Organization of Petroleum Exporting Countries
official assets in the United States (part of line 22
above)
41 Transfers under military grant programs (excluded from
lines 4, 6, and 10 above)
38
39

-1,132

-8,155

-5,175

-4,279

-4,529

-905

-4

262

-13,624

14,856

5,038

7,507

5,615

-2,956

-5,502

7,881

5,543

12,744

13,419

1,024

5,446

2,676

3,065

2,232

305

635

581

211

192

214

132

44

1. Seasonal factors are no longer calculated for lines 12 through 41.
2. Data are on an international accounts (IA) basis. Differs from the Census
basis data, shown in table 3.11, for reasons of coverage and timing; military exports
are excluded from merchandise data and are included in line 6.
3. Includes reinvested earnings of incorporated affiliates.




4. Primarily associated with military sales contracts and other transactions arranged with or through foreign official agencies.
5. Consists of investments in U.S. corporate stocks and in debt securities of
private corporations and state and local governments.
NOTE. Data are from Bureau of Economic Analysis, Survey of Current Business
(U.S. Department of Commerce).

Trade and Reserve and Official Assets
3.11

A55

U.S. FOREIGN T R A D E
Millions of dollars; monthly data are seasonally adjusted.
1982

1981'
1979

Item

1980

1981'
Aug.

1 EXPORTS of domestic and foreign
merchandise excluding grant-aid
shipments

181,860

220,626

233,677

Sept.

19,031

209,458

244,871

261,305

23,242

21,274

3

-27,598

-24,245

-27,628

-4,212

-1,723

Jan.

18,885

23,077

22,508

-3,914

-3,355

19,163

Feb.

18,737

18,704

19,746

22,829

19,090

-861

-4,092

-387

not covered in Census statistics, and (b) the exclusion of military sales (which are
combined with other military transactions and reported separately in the "service
account" in table 3.10, line 6). On the import side, additions are made for gold,
ship purchases, imports of electricity from Canada and other transactions; military
payments are excluded and shown separately as indicated above.

NOTE. The data through 1981 in this table are reported by the Bureau of Census
data on a free-alongside-ship (f.a.s.) value basis—that is, value at the port of export.
Beginning in 1981, foreign trade of the U.S. Virgin Islands is included in the Census
basis trade data; this adjustment has been made for all data shown in the table.
Beginning with 1982 data, the value of imports are on a customs valuation basis.
The Census basis data differ from merchandise trade data shown in table 3.10,
U.S. International Transactions Summary, for reasons of coverage and timing. On
the export side, the largest adjustments are: (a) the addition of exports to Canada

3.12

Dec.

19,153

19,551

2 GENERAL IMPORTS including merchandise for immediate consumption plus entries into bonded
warehouses
Trade balance

Nov.

Oct.

SOURCE. FT900 "Summary of U.S. Export and Import Merchandise Trade"
(U.S. Department of Commerce, Bureau of the Census).

U.S. R E S E R V E ASSETS
Millions of dollars, end of period
1981
Type

1978

1979

Sept.
1 Total'
2 Gold stock, including Exchange Stabilization Fund 1
2 3

1982

1980
Nov.

Oct.

Dec.

Jan.

Feb.

Mar.

18,650

18,956

26,756

29,716

30,248

31,002

30,075

30,098

30,060

29,944

11,671

11,172

11,160

11,152

11,152

11,152

11,151

11,151

11,150

11,150

1,558

2,724

2,610

3,896

3,949

4,109

4,095

4,176

4,359

4,306

3

Special drawing rights -

4

Reserve position in International Monetary Fund 2

1,047

1,253

2,852

4,618

4,736

5,009

5,055

5,237

5,275

5,367

5

Foreign currencies4-5

4,374

3,807

10,134

10,050

10,411

10,732

9,774

9,534

9,276

9,121

1. Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table
3.22.
2. Beginning July 1974, the IMF adopted a technique for valuing the SDR based
on a weighted average of exchange rates for the currencies of member countries.
From July 1974 through December 1980, 16 currencies were used; from January
1981, 5 currencies have been used. The U.S. SDR holdings and reserve position
in the IMF also are valued on this basis beginning July 1974.

3.13

3. Includes allocations by the International Monetary Fund of SDRs as follows:
$867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; $710 million on Jan. 1,
1972; $1,139 million on Jan. 1, 1979; $1,152 million on Jan. 1, 1980; and $1,093
million on Jan. 1, 1981; plus net transactions in SDRs.
4. Beginning November 1978, valued at current market exchange rates.
5. Includes U.S. government securities held under repurchase agreement against
receipt of foreign currencies, if any.

FOREIGN OFFICIAL ASSETS H E L D A T F E D E R A L RESERVE BANKS
Millions of dollars, end of period
1981
Assets

1978

1979

Sept.
1 Deposits
Assets held in custody
2 U.S. Treasury securities1
3 Earmarked gold2

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.?

367

429

411

419

547

534

505

333

416

421

117,126
15,463

95,075
15,169

102,417
14,965

101,068
14,813

101,068
14,811

103,894
14,802

104,680
14,804

104,631
14,802

103,557
14,791

103,964
14,798

1. Marketable U.S. Treasury bills, notes, and bonds; and nonmarketable U.S.
Treasury securities payable in dollars and in foreign currencies.
2. The value of earmarked gold increased because of the changes in par value
of the U.S. dollar in May 1972 and in October 1973.




1982

1980

NOTE. Excludes deposits and U.S. Treasury securities held for international and
regional organizations. Earmarked gold is gold held for foreign and international
accounts and is not included in the gold stock of the United States,

A56
3.14

International Statistics • April 1982
FOREIGN BRANCHES OF U.S. BANKS

Balance Sheet Data

Millions of dollars, end of period
1981
Asset account

19781

1979

1982

1980
July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.?

All foreign countries
1 Total, all currencies
2 Claims on United States
3 Parent bank
4 Other
5 Claims on foreigners
6 Other branches of parent bank
/
Banks
8
Public borrowers 2
9 Nonbank foreigners
10 Other assets
11 Total payable in U.S. dollars
12 Claims on United States
13 Parent bank
14 Other
15 Claims on foreigners
16 Other branches of parent bank
17 Banks
18 Public borrowers 2
19 Nonbank foreigners
20 Other assets

306,795

364,409

401,135

434,906'

435,007 r

450,234

444,654

462,810 r

462,635

459,860

17,340
12,811
4,529

32,302
25,929
6,373

28,460
20,202
8,258

43,074
30,994
12,080

41,533
29,782
11,751

46,369
32,249
14,120

41,554
26,833
14,721

44,562'
26,540
18,022'

63,424
42,936
20,488

66,853
46,702
20,151

278,135
70,338
103,111
23,737
80,949

317,330
79,662
123,420
26,097
88,151

354,960
77,019
146,448
28,033
103,460

372,606'
82,128
156,172'
28,728
105,578r

374,143'
83,171
153,947'
29,270
107,755'

384,407
84,627
159,637
29,927
110,216

383,463
83,597
156,833
30,211
112,822

397,727'
89,269'
161,412
30,181 r
116,865'

379,204
87,318
151,452
28,193
112,241

373,013
91,935
145,549
26,528
109,001

11,320

14,777

17,715

19,226

19,331

19,637

20,521'

20,007

19,994

224,940

267,713

291,798

332,407 r

330,539'

343,067

336,839'

348,945'

350,564

350,809

16,382
12,625
3,757

31,171
25,632
5,539

27,191
19,896
7,295

41,873
30,742
11,131

40,250
29,490
10,760

45,116
31,991
13,125

40,370
26,639
13,731

43,271
26,347
16,924

61,827
42,393
19,434

65,326
46,145
19,181

203,498
55,408
78,686
19.567
49,837

229,120
61,525
96,261
21,629
49,705

255,391
58,541
117,342
23,491
56,017

279,003r
64,725
128,869'
24,333
61,076'

278,690'
65,477
126,155r
24,410
62,648'

286,367
66,279
131,524
24,709
63,855

284,590
65,859
127,944
25,199
65,588

293,592
69,938 r
131,478
25,121'
67,055

277,070
68,990
122,690
22,859
62,531

273,572
74,895
117,172
21,141
60,364

5,060

7,422

9,216

11,531

11,599

12,082'

11,667

11,911

19,458

11,584

11,879'

United Kingdom
21 Total, all currencies
22 Claims on United States
23 Parent bank
24 Other
25 Claims on foreigners
26 Other branches of parent bank
27 Banks
28 Public borrowers 2
29 Nonbank foreigners
30 Other assets
31 Total payable in U.S. dollars
32 Claims on United States
33
Parent bank
34
Other
35 Claims on foreigners
36 Other branches of parent bank
37
Banks
38 Public borrowers 2
39 Nonbank foreigners
40 Other assets

106,593

130,873

144,717

148,774

150,161

154,096

153,615

161,531

157,229

157,882

5,370
4,448
922

11,117
9,338
1,779

7,509
5,275
2,234

9,130
6,167
2,963

9,995
7,189
2,806

11,167
7,842
3,325

9,668
6,351
3,317

9,315
5,162
4,153

11,823
7,885
3,938

12,045
8,374
3,671

98,137
27,830
45,013
4,522
20,772

115,123
34,291
51,343
4,919
24,570

131,142
34,760
58,741
6,688
30,953

133,626
37,035
59,639
6,822
30,130

134,034
38,035
58,362
6,665
30.972

137,056
39,117
58,986
7,112
31,841

137,879
38,799
59,307
7,305
32,468

145,889'
41,476
63,044
7,463
33,906

138,888
40,834
56,848
7,490
33,716

139,809
43,358
56,203
7,176
33,072

3,086

4,633

6,066

6,018

6,132

5,873

6,068

6,327

6,518

6,028

75,860

94,287

99,699

107,961

109,008

113,014

112,064

117,454

115,188

116,566

5,113
4,386
727

10,746
9,297
1,449

7,116
5,229
1,887

8,628
6,110
2,518

9,552
7,128
2,424

10,703
7,779
2,924

9,201
6,299
2,902

8,811
5,110
3,701

11,249
7,724
3,525

11,574
8,234
3,340

69,416
22,838
31,482
3,317
11,779

81,294
28,928
36,760
3,319
12,287

89,723
28,268
42,073
4,911
14,471

95,832
30,789
44,488
5,176
15,379

95.887
31,710
42,957
5,006
16,214

98,611
32,845
43,605
5,281
16,880

98,934
32,698
43,345
5,485
17,406

104,741
34,905
46,463
5,500
17,873

99,847
35,033
41,106
5,595
18,113

101,320
37,739
40,650
5,366
17,565

1,331

2,247

2,860

3,501

3,569

3,700

3,929

3,902

4,092

3,672

148,557

Bahamas and Caymans
41 Total, all currencies
42 Claims on United States
43 Parent bank
44
Other
45 Claims on foreigners
46
Other branches of parent bank
47 Banks
48
Public borrowers 2
49
Nonbank foreigners
50 Other assets
51 Total payable in U.S. dollars

91,735

108,977

123,837

145,290

142,087

147,904

142,687

149,051

146,453

9,635
6,429
3,206

19,124
15,196
3,928

17,751
12,631
5,120

29,808
21,654
8,154

27,131
19,303
7,828

29,896
20,372
9,524

26,741
16,717
10,024

29,909 r
17,665
12,244r

46,246
31,330
14,916

49,597
34,840
14,757

79,774
12,904
33,677
11.514
21,679

86,718
9,689
43,189
12,905
20,935

101,926
13,342
54,861
12,577
21,146

110,584
13,788
60,748
12,471
23,577

109,888
13,909
59.316
12.610
24.053

113,048
13,174
62,946
12,431
24,497

110,781
13,066
60,220
12,637
24,858

113,486'
13,972'
61,337
12,741'
25,436'

98,302
12,951
55,333
10,006
20,012

92,459
15,101
50,710
8,678
17,970

2,326

3,135

4,160

4,898

5,068

4,960

5,165

5,162

4,503

4,397

85,417

102,368

117,654

139,514

136,054

142,053

136,854

142,632

143,686

141,316

1. In May 1978 the exemption level for branches required to report was increased,
which reduced the number of reporting branches.
2. In May 1978 a broader category of claims on foreign public borrowers, in-




eluding corporations that are majority owned by foreign governments, replaced
the previous, more narrowly defined claims on foreign official institutions.

Overseas Branches
3.14

A57

Continued

1982

1981
7 ' h'litv arrm nt

19781

1979

1980
July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.''

All foreign countries
52 Total, all currencies
53 To United States
54
Parent bank
55
Other banks in United States
56
Nonbanks
57 To foreigners
58
Other branches of parent bank
59
Banks
60
Official institutions
61
Nonbank foreigners
62 Other liabilities
63 Total payable in U.S. dollars
64 To United States
65
Parent bank
66
Other banks in United States
67 Nonbanks
68 To foreigners
69 Other branches of parent bank
70 Banks
71
Official institutions
72
Nonbank foreigners
73 Other liabilities

306,795

364,409

401,135

434,906'

435,007'

450,234

444,654

462,810'

462,635

459,860

58.012
28,654
12,169
17,189

66,689
24,533
13,968
28,188

91,079
39,286
14,473
37,275

118,093
43,069
17,578
57,446

116,190
44,010
15,686
56,494

124,096
48,592
17,657
57,847

120,039
45,909
16,464
57,666

128,084'
49,385
16,663'
62,036'

137,624
56,172
19,309
62,143

143,947
55,780
20,031
68,136

238,912
67,496
97,711
31,936
41,769

283,510
77,640
122,922
35,668
47,280

295,411
75,773
132,116
32,473
55,049

299,240
81,387
129,290
25,682
62,881

300,081
80,991
125,563
28,209
65,318

306,785
83,336
127,794
28,715
66,940

305,040
82,038
128,536
27,685
66,781

316,134'
87,831'
132,013
24,696'
71,594

305,630
86,405
124,894
25,997
68,334

296,369
85,798
118,500
25,166
66,905

9,871

14,210

14,690

17,573'

18,736'

19,353

19,575

18,592'

19,381

19,544

230,810

273,857

303,281

345,596'

343,351'

355,030

349,602

360,971'

364,228

363,996

55,811
27,519
11,915
16,377

64,530
23,403
13,771
27,356

88,157
37,528
14,203
36,426

115,481
41,620
17,391
56,470

113,526
42,481
15,529
55,516

121,130
46,766
17,479
56,885

117,362
44,170
16,313
56,879

125,121'
47,456
16,564'
61,101'

134,600
54,280
18,995
61,325

140,983
53,749
19,904
67,330

169,927
53,396
63,000
26,404
27,127

201,514
60,551
80,691
29,048
31,224

206,883
58,172
87,497
24,697
36,517

218,178
64,884
88,554
20,108
44,632

217,239
64,338
83,842
22,056
47,003

221,090
66,256
84,670
22,836
47,328

219,818
65,160
84,552
21,948
48,158

224,512'
69,561'
84,691
18,911
51,349

217,469
69,171
79,590
20,288
48,420

211,024
69,291
74,279
19,979
47,475

5,072

7,813

8,241

12,810

12,422

11,338'

12,159

11,989

157,229

157,882

38,040
5,462
7,502
25,076

40,740
6,385
7,313
27,042

112,237
16,527
51,336
16,517
27,857

110,066
16,298
49,622
16,110
28,036

11,937'

12,586'

United Kingdom
74 Total, all currencies
75 To United States
76
Parent bank
77
Other banks in United States
78
Nonbanks
79 To foreigners
80
Other branches of parent bank
81
Banks
82 Official institutions
83 Nonbank foreigners
84 Other liabilities
85 Total payable in U.S. dollars
86 To United States
87 Parent bank
88 Other banks in United States
89
Nonbanks
90 To foreigners
91
Other branches of parent bank
92, Banks
93 Official institutions
94
Nonbank foreigners
95 Other liabilities

106,593

130,873

144,717

148,774

150,161

154,096

153,615

9,730
1,887
4,189
3,654

20,986
3,104
7,693
10,189

21,785
4,225
5,716
11,844

30,383
4,138
5,864
20,381

31,408
4,189
5,646
21,573

34,143
5,370
6,396
22,377

32,960
3,542
6,054
23,364

93,202
12,786
39,917
20,963
19,536

104,032
12,567
47,620
24,202
19,643

117,438
15,384
56,262
21,412
24,380

113,560
15,103
54,351
16,352
27,754

113,191
15,255
51,532
17,866
28,538

113,862
15,121
51,830
18,687
28,224

114,415
15,544
53,634
17,442
27,795

161,531
36,316
4,045
6,652'
25,619'
118,401
16,090
56,239
15,089
30,983

3,661

5,855

5,494

4,831

5,562

6,091

6,240

6,814

6,952

7,076

77,030

95,449

103,440

113,247

114,191

117,920

117,346

122,362

120,277

121,390

9,328
1,836
4,101
3,391

20,552
3,054
7,651
9,847

21,080
4,078
5,626
11,376

29,606
4,054
5,768
19,784

30,661
4,132
5,594
20,935

33,464
5,309
6,317
21,838

32,408
3,484
5,976
22,948

35,706
3,956
6,611'
25,139'

37,343
5,361
7,249
24,733

40,248
6,268
7,289
26,691

66,216
9,635
25,287
17,091
14,203

72,397
8,446
29,424
20,192
14,335

79,636
10,474
35,388
17,024
16,750

80,400
10,566
35,789
13,133
20,912

79,988
10,943
32,914
14,244
21,887

80,638
10,747
33,010
15,514
21,367

81,260
11,121
34,312
14,415
21,412

82,766
11,457
35,141
12,133
24,035

79,023
12,037
32,298
13,612
21,076

77,479
11,914
30,995
13,497
21,073

1,486

2,500

2,724

3,241

3,542

3,818

3,678

3,890

3,911

3,663

Bahamas and Caymans
91,735

108,977

123,837

145,290

142,087

147,904

142,687

148,557

149,051

146,453

97 To United States
98 Parent bank
99 Other banks in United States
100 Nonbanks

39,431
20,482
6,073
12,876

37,719
15,267
5,204
17,248

59,666
28,181
7,379
24,106

77,197
31,034
10,517
35,646

73,924
31,265
8,938
33,721

77,533
33,282
9,964
34,287

75,991
33,387
9,349
33,255

80,161
36,066
8,971
35,124

85,704
39,260
10,610
35,834

88,912
37,594
11,324
39,994

101 To foreigners
10?
Other branches of parent bank
103 Banks
104 Official institutions
105 Nonbank foreigners

50,447
16,094
23,104
4,208
7,041

68,598
20,875
33,631
4,866
9,226

61,218
17,040
29,895
4,361
9,922

64,491
20,989
28,056
3,934
11,512

64,565
20,315
27,538
4,605
12,107

66,627
22,393
27,983
4,028
12,223

62,795'
20,521
25,396
4,078
12,800

64,462
23,307
24,712
3,381
13,062

60,012
20,641
23,202
3,498
12,671

54,484
20,721
18,585
3,149
12,029

96 Total, all currencies

106 Other liabilities
107 Total payable in U.S. dollars




1,857

2,660

2,953

3,602

3,598

3,744

3,901

3,934

3,335

3,057

87,014

103,460

119,657

141,241

137,754

143,507

138,094

144,034

145,227

142,665

A58
3.15

International Statistics • April 1982
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1981
Item

1

1 Total
2
3
4
5
6
1
8
9
10
11
12

By type
Liabilities reported by banks in the United States'
U.S. Treasury bills and certificates 3
U.S. Treasury bonds and notes
Marketable
Nonmarketable 4
U.S. securities other than U.S. Treasury securities5
By area
Western Europe 1
Canada
Latin America and Caribbean
Asia
Africa
Other countries 6

1979

Aug.

Sept.

Oct.

Nov.

Dec.

Jan p

Feb.P

149,697

164,578

162,396

161,587

159,798

164,672

169,575

168,058

166,137

30,540
47,666

30,381
56,243

22,940
52,921

22,865
50.179

20,928
48,867

23,424
49,644

26,306
52,389

24,059
52,306

24,312
48,364

37,590
17,387
16,514

41,455
14,654
21,845

48,934
12,402
25,199

50,311
12,402
25,830

51,943
12,191
25,869

54,076
11,791
25,737

53,289
11,791
25,800

54,130
11,791
25,772

56,472
11,291
25,698

85,633
1,898
6,291
52,978
2,412
485

81,592
1.562
5,688
70.784
4.123
829

65,960
1,603
5,968
84,643
2,839
1,383

64,409
1,366
5,429
87,332
2,090
961

61,086
1,073
5,088
89,190
2,149
1,212

63,097
2,247
5,049
91,300
1,792
1,187

65,219
2,403
6,934
91,929
1,849
1,241

62,943
2,377
5,989
94,268
1,649
832

61,864
1,669
6,283
93,697
1,473
1,151

5. Debt securities of U.S. government corporations and federally sponsored
agencies, and U.S. corporate stocks and bonds.
6. Includes countries in Oceania and Eastern Europe.

1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial
paper, negotiable time certificates of deposit, and borrowings under repurchase
agreements.
3. Includes nonmarketable certificates of indebtedness (including those payable
in foreign currencies through 1974) and Treasury bills issued to official institutions
of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes bonds
and notes payable in foreign currencies.

3.16

1982

1980

NOTE. Based on Treasury Department data and on data reported to the Treasury
Department by banks (including Federal Reserve Banks) and securities dealers in
the United States.

LIABILITIES TO AND CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in Foreign Currencies
Millions of dollars, end of period
1981
Item

1978

1979

1980
Mar.

1 Banks' own liabilities
7 Banks' own claims1
3
Deposits
4
Other claims
5 Claims of banks' domestic customers 2
1. Includes claims of banks' domestic customers through March 1978.
2. Assets owned by customers of the reporting bank located in the United States
that represent claims on foreigners held by reporting banks for the accounts of
their domestic customers.




2,406
3,671
1,795
1,876
358

1,918
2,419
994
1,425
580

3,748
4.206
2,507
1,699
962

3,298
4,257
1,779
2,478
444

June
3,031
3,699
2,050
1,649
347

Sept.
2,878
4,078
2,409
1,669
248

Dec.
3,667
5,331
3,592
1,738
972

NOTE. Data on claims exclude foreign currencies held by U.S. monetary authorities.

Nonbank-Reported
3.17

LIABILITIES TO FOREIGNERS
Payable in U.S. dollars

Data

A59

Reported by Banks in the United States

Millions of dollars, end of period
1981
Holder and type of liability

1978

1979

1982

1980
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.?

Feb.P

166,842

187,521

205,297

208,046

216,113

198,717

208,263

242,548r

247,750

254,117

78,661
19,218
12,427
9,705
37,311

117,196
23,303
13,623
16,453
63,817

124,791
23,462
15,076
17,583
68,670

130,981
22,073
17,250
11,242
80,416

142,213
23,592
17,313
13,608
87,699

124,261
19,061
17,465
11,225
76,511

132,556
21,127
18,068
14,129
79,232

162,448'
19,677'
28,813 r
17,386'
96,571 r

168,344
18,025
29,360
16,337
104,622

179,527
17,827
36,324
17,416
107,960

88,181
68,202

70,325
48,573

80,506
57,595

77,065
54,846

73,900
52,368

74,456
51,281

75,707
52,005

' 80,100'
55,312

79,405
55,131

74,590
51,332

17,472
2,507

19,396
2,356

20,079
2,832

17,999
4,220

17,295
4,238

18,257
4,919

18,259
5,442

18,819
5,970

18,787
5,487

18,417
4,842

2,607

2,356

2,344

1,650

1,826

1,981

2,317

2,721

2,148

2,091

906
330
84
492

714
260
151
303

444
146
85
212

436
233
59
145

398
249
60
89

303
185
58
60

555
388
74
93

638
262
58
318

373
130
86
156

298
135
76
87

1,701
201

1,643
102

1,900
254

1,214
84

1,428
96

1,678
184

1,762
142

2,083
541

1,775
217

1,792
277

1,499
1

1,538
2

1,646
0

1,130
0

1,332
0

1,494
0

1,621
0

1,542
0

1,558
0

1,515
0

20 Official institutions8

90,742

78,206

86,624

75,860

73,044

69,796

73,068

78,696'

76,365

72,675

21 Banks' own liabilities
22 Demand deposits
23 Time deposits'
24 Other 2

12,165
3,390
2,560
6,215

18,292
4,671
3,050
10,571

17,826
3,771
3,612
10,443

13,482
3,714
2,021
7,747

13,951
2,697
1,981
9,273

11,869
2,668
1,692
7,509

14,212
2,459
1,908
9,846

16,672'
2,612
4,192'
9,868'

14,641
2,400
3,674
8,567

14,858
2,384
4,261
8,212

25 Banks' custody liabilities4
26 U.S. Treasury bills and certificates 5
27 Other negotiable and readily transferable
instruments 6
28 Other

78,577
67,415

59,914
47,666

68,798
56,243

62,378
52,921

59,093
50,179

57,927
48,867

58,856
49,644

62,024'
52,389

61,723
52,306

57,817
48,364

10,992
170

12,196
52

12,501
54

9,402
55

8,659
255

9,013
46

9,161
51

9,587'
47

9,390
27

9,417
37

29 Banks9

57,423

88,316

96,415

107,446

117,630

102,986

108,486

135,181'

144,994

151,237

30 Banks' own liabilities
31
Unaffiliated foreign banks
32
Demand deposits
33
Time deposits'
34
Other 2

52,626
15,315
11,257
1,429
2,629

83,299
19,482
13,285
1,667
4,530

90,456
21,786
14,188
1,703
5,895

98,350
17,933
13,255
1,686
2,993

108,618
20,919
15,199
1,880
3,840

92,786
16,275
11,346
1,631
3,298

97,651
18,418
12,908
1,837
3,673

123,466'
26,895'
11,614'
8,601'
6,680'

133,108
28,486
10,761
10,472
7,253

140,486
32,526
10,441
13,403
8,682

Own foreign offices 3

37,311

63,817

68,670

80,416

87,699

76,511

79,232

96,571'

104,622

107,960

4,797
300

5,017
422

5,959
623

9,097
1,217

9,012
1,439

10,200
1,574

10,835
1,584

11,715
1,683

11,886
1,853

10,751
1,876

2,425
2,072

2,415
2,179

2,748
2,588

4,017
3,862

3,889
3,684

4,091
4,535

4,169
5,082

4,421
5,611

4,858
5,176

4,405
4,470

40 Other foreigners

16,070

18,642

19,914

23,089

23,613

23,955

24,392

25,950'

24,243

28,114

41 Banks' own liabilities
42 Demand deposits
43 Time deposits
44 Other 2

12,964
4,242
8,353
368

14,891
5,087
8,755
1,048

16,065
5,356
9,676
1,033

18,714
4,872
13,483
358

19,246
5,447
13,393
406

19,303
4,862
14,084
358

20,139
5,373
14,249
517

21,672'
5,189'
15,963'
521'

20,222
4,733
15,129
361

23,884
4,867
18,584
434

3,106
285

3,751
382

3,849
474

4,376
624

4,367
654

4,652
656

4,253
635

4,278
698

4,021
755

4,230
815

2,557
264

3,247
123

3,185
190

3,450
302

3,414
300

3,659
337

3,309
309

3,268
312

2,981
284

3,080
335

11,007

10,984

10,745

9,939

9,459

9,424

9,975

10,547'

10,415

10,807

1 All foreigners
2 Banks' own liabilities
3 Demand deposits
4 Time deposits'
5 Other 2
6 Own foreign offices 3
7 Banks' custody liabilities4
8 U.S. Treasury bills and certificates 5
9 Other negotiable and readily transferable instruments 6
10 Other
11 Nonmonetary international and regional
organizations7
12 Banks' own liabilities
13 Demand deposits
14 Time deposits'
15 Other 2
16 Banks' custody liabilities4
17 U.S. Treasury bills and certificates
18 Other negotiable and readily transferable Instruments 6
19 Other

35

36 Banks' custody liabilities4
37 U.S. Treasury bills and certificates
38 Other negotiable and readily transferable
instruments 6
39 Other

45 Banks' custody liabilities4
46 U.S. Treasury bills and certificates
47 Other negotiable and readily transferable instruments 6
48 Other
49 MEMO: Negotiable time certificates of
deposit in custody for foreigners

1. Excludes negotiable time certificates of deposit, which are included in "Other
negotiable and readily transferable instruments." Data for time deposits before
April 1978 represent short-term only.
2. Includes borrowing under repurchase agreements.
3. U.S. banks: includes amounts due to own foreign branches and foreign subsidiaries consolidated in "Consolidated Report of Condition" filed with bank regulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign
banks: principally amounts due to head office or parent foreign bank, and foreign
branches, agencies or wholly owned subsidiaries of head office or parent foreign
bank.
4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks.




5. Includes nonmarketable certificates of indebtedness and Treasury bills issued
to official institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, and negotiable time certificates of deposit.
7. Principally the International Bank for Reconstruction and Development, and
the Inter-American and Asian Development Banks.
8. Foreign central banks and foreign central governments and the Bank for
International Settlements.
9. Excludes central banks, which are included in "Official institutions."

A60
3.17

International Statistics • April 1982
Continued
1981
Area and country

1978

1979

1980
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.?

Feb.?

1 Total

166,842

187,521

205,297

208,046

216,113

198,717

208,263'

242,548'

247,750

254,117

2 Foreign countries

164,235

185,164

202,953

206,396

214,287

196,736

205,946'

239,827'

245,602

252,027

85,172
513
2,550
1,946
346
9,214
17,283
826
7,739
2,402
1,271
330
870
3,121
18,225
157
14,272
254
3,440
82
330

90,952
413
2.375
1,092
398
10,433
12,935
635
7,782
2,337
1,267
557
1,259
2,005
17,954
120
24,700
266
4,070
52
302

90,897
523
4,019
497
455
12,125
9,973
670
7,572
2,441
1,344
374
1,500
1,737
16,689
242
22,680
681
6,939
68
370

81,547
612
4,240
239
220
9,235
7,301
492
6,374
1,751
1,228
460
1,409
1,667
16,426
208
24,194
343
4,804
34
310

85,087
590
4,852
163
198
7,637
8,410
578
6,264
2,240
1,008
486
1,189
2,102
16,983
234
26,335
366
5,010
28
414

77,662
583
3,644
232
187
7,125
6,555
496
5,687
2,173
1,449
424
975
1,609
17,114
252
23,985
265
4,472
42
396

82,292'
595r
3,989
306
196
7,385
7,211
428
5,656
2,351'
1,642
358
954
1,508
18,937r
197
24,258
380
5,384
72
486

90,622'
587
4,117'
333
296
8,486'
7,665
463
7,290
2,773'
1,457
354
916
1,545
18,878
518
28,230'
375
5,798'
49
493

89,541
718
3,952
512
157
8,075
6,946
467
7,101
2,801
1,244
300
1,008
1,272
18,865
336
30,573
215
4,660
69
270

91,728
662
3.240
529
297
8,047
6,669
535
6,482
2,931
1,130
275
946
1,480
18,595
216
34,096
219
5,029
52
301

3 Europe
4
Austria
Belgium-Luxembourg
5
6
Denmark
7 Finland
8
France
Germany
9
10 Greece
11 Italy
12 Netherlands
13 Norway
14 Portugal
15 Spain
16 Sweden
17 Switzerland
18 Turkey
19 United Kingdom
20 Yugoslavia
21
Other Western Europe 1
22
U.S.S.R
23
Other Eastern Europe 2
24 Canada

6,969

7,379

10,031

9,873

10,119

8,934

10,091

10,256'

11,563

11,013

25 Latin America and Caribbean
26 Argentina
27 Bahamas
28 Bermuda
29 Brazil
30 British West Indies
31 Chile
32
Colombia
33 Cuba
34
Ecuador
35
Guatemala 3
36 Jamaica 3
37 Mexico
38 Netherlands Antilles
39 Panama
40
Peru
41
Uruguay
42
Venezuela
43
Other Latin America and Caribbean..

31,638
1,484
6,752
428
1,125
5,974
398
1,756
13
322
416
52
3,467
308
2,967
363
231
3,821
1,760

49,686
1,582
15,255
430
1,005
11,138
468
2,617
13
425
414
76
4,185
499
4,483
383
202
4,192
2,318

53,170
2,132
16,381
670
1,216
12,766
460
3,077
6
371
367
97
4,547
413
4,718
403
254
3,170
2,123

63,791
2,043
24,209
700
1,282
13,239
538
2,708
7
355
399
290
6,352
692
4,619
398
266
3,621
2,073

66,363
1,979
25,168
806
1,301
14,456
491
2,527
8
394
476
92
6,021
697
4,964
380
259
3,982
2,362

59,338
1,929
20,962
721
1,265
10,472
538
2,759
6
403
419
147
5,717
2,771
4,599
369
249
4,044
1,969

61,266'
2,012
22,900'
624
1,283'
9,516'
505'
2,776'
7
516
444
96
6,029'
2,896'
4,904
473
266
3,971'
2,049

84,519'
2,445
34,395'
765'
1,548r
17,692'
664
2,993
9
434
479
87
7,163'
3,073
4,852
694 r
367
4,245'
2,612'

89,784
2,754
43,390
678
1,604
17,603
764
2,836
7
354
477
120
4,829
3,042
3,458
592
480
4,500
2,297

94,516
2,897
43,589
855
1,803
18,757
815
2,924
10
370
519
100
7,246
3,135
3,338
531
347
4,713
2,567

44 Asia
China
45
Mainland
46
Taiwan
47 Hong Kong
48
India
49
Indonesia
50
Israel
51 Japan
52 Korea
53 Philippines
54
Thailand
55
Middle-East oil-exporting countries 4 ..
56
Other Asia

36,492

33,005

42,420

46,192

48,722

46,844

48,625

49,810'

50,577

50,526

67
502
1,256
790
449
688
21,927
795
644
427
7,534
1,414

49
1,393
1,672
527
504
707
8,907
993
795
277
15,300
1,879

49
1,662
2,548
416
730
883
16,281
1,528
919
464
14,453
2,487

74
2,177
3,956
455
732
482
19.757
1,319
868
371
12,396
3,607

76
2,188
4,062
491
809
412
20,747
1,434
832
392
13,293
3,985

85
2,182
4,158
433
1,269
418
20,204
1,291
691
274
12,196
3,643

200
2,140
4,090
514
985
475
19,988'
1,322
736
409
13,603
4,163'

158'
2,082
3,950'
385
640
589'
20,559'
2,013
876
534
13,172'
4,852

183
2,221
3,945
511
1,230
540
20,032

215
2,343
4,212
414
1.241
507
20,892
2,170
739
494
13,565
3,734

57 Africa
58
Egypt
59 Morocco
60
South Africa
61
Zaire
62
Oil-exporting countries 5
63 Other Africa

2,886
404
32
168
43
1,525
715

3,239
475
33
184
110
1,635
804

5,187
485
33
288
57
3,540
783

3,201
355
59
296
41
1,703
746

2,561
433
43
244
76
1,040
725

2,535
343
28
282
44
1,165
672

2,381
328
37
202
56
830
929

3,201'
360'
32
420
134
1,395
860

3,060
569
36
251
33
1.206
965

2,814
341
35
369
40

64 Other countries
65
Australia
66
All other

1,076
838
239

904
684
220

1,247
950
297

1,792
1,568
224

1,434
1,174
260

1,423
1,212
211

1,291
1,065
226

1,419
1,223
196

1,077
852
225

1,430
1,204
226

67 Nonmonetary international and regional
organizations
68
International
69 Latin American regional
70
Other regional 6

2,607
1,485
808
314

2,356
1,238
806
313

2,344
1,157
890
296

1,650
524
747
379

1,826
631
750
445

1,981
945
724
312

2,317
1,128
797
391

2,721
1,661
710
350

2,148
1,072
17
1,059

2,091
1,082
706
303

1. Includes the Bank for International Settlements. Beginning April 1978, also
includes Eastern European countries not listed in line 23.
2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German Democratic Republic, Hungary, Poland, and Romania.
3. Included in "Other Latin America and Caribbean" through March 1978.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.




2,116

757
369
13,610
5,063

1,111

919

6. Asian, African, Middle Eastern, and European regional organizations, except
the Bank for International Settlements, which is included in "Other Western
Europe."
A Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift from foreign branches to International Banking
Facilities in the United States of liabilities to, and claims on, foreign residents.

Nonbank-Reported
3.18

Data

A61

BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
1981
Area and country

1979

1978

1982

1980
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.''

Feb.?

1 Total

115,545

133,943

172,592

198,903

210,104

196,637

208,059

250,136 r

254,840

263,990

2 Foreign countries

115,488

133,906

172,514

198,852

210,049

196,593

208,019

250,080'

254,788

263,949

24,201
140
1,200
254
305
3,735
845
164
1,523
677
299
171
1,120
537
1,283
300
10,147
363
122
360
657

28,388
284
1,339
147
202
3,322
1,179
154
1,631
514
276
330
1,051
542
1,165
149
13,795
611
175
268
1,254

32,108
236
1,621
127
460
2,958
948
256
3,364
575
227
331
993
783
1,446
145
14,917
853
179
281
1,410

35,065
185
2,373
166
352
3,074
1,144
214
3,997
581
249
350
1,801
672
1,708
159
14,832
948
200
252
1,809

40,876
436
2,625
158
346
3,351
1,267
287
4,016
569
300
328
1,711
930
1,948
144
19,380
932
185
232
1,733

34,373
138
1,758
186
397
2,563
841
235
4,322
564
230
353
1,627
871
1,471
153
15,755
954
148
203
1,605

39,304
179
2,023
207
527
3,252
979
255
4,559
567
281
390
1,693
1,333
1,961
144
17,895
1,016
197
248
1,596

48,711'
127'
2,832'
186
549
4,069'
936'
333
5,186'
685
384
529'
2,100'
1,206'
2,211'
421
23,431'
1,224
209
367
1,725'

51,487
210
2,788
226
555
4,669
1,084
373
5,455
729
384
584
2,172
1,293
1,842
464
24,942
1,209
235
455
1,816

53,116
172
3,257
253
573
4,933
869
319
5,601
808
437
666
2,506
1,504
1,999
522
25,188
1,243
192
262
1,812

3 Europe
4 Austria
5 Belgium-Luxembourg
6 Denmark
7 Finland
8 France
9 Germany
10 Greece
11 Italy
12 Netherlands
13 Norway
14 Portugal
15 Spain
16 Sweden
17 Switzerland
18 Turkey
19 United Kingdom
20 Yugoslavia
21 Other Western Europe 1
22 U.S.S.R
23 Other Eastern Europe 2
24 Canada

5,152

4,143

4,810

6,353

7,962

7,343

6,922

9,041'

9,399

9,752

25 Latin America and Caribbean
26 Argentina
27 Bahamas
28 Bermuda
29 Brazil
30 British West Indies
31 Chile
32 Colombia
33 Cuba
.34 Ecuador
35 Guatemala 3
36 Jamaica 3
37 Mexico
38 Netherlands Antilles
39 Panama
40 Peru
41
Uruguay
42 Venezuela
43 Other Latin America and Caribbean

57,565
2,281
21,555
184
6,251
9,694
970
1,012
0
705
94
40
5,479
273
3,098
918
52
3,474
1,485

67,993
4,389
18,918
496
7,713
9,818
1,441
1,614
4
1,025
134
47
9,099
248
6,041
652
105
4,657
1,593

92,992
5,689
29,419
218
10,496
15,663
1,951
1,752
3
1,190
137
36
12,595
821
4,974
890
137
5,438
1,583

108,731
5,702
36,709
340
10,214
17,846
2,321
1,429
14
1,318
115
40
17,391
894
6,167
796
107
5,529
1,800

111,607
5,771
38,057
490
9,861
19,016
2,514
1,487
3
1,298
119
68
17,245
869
6,669
788
142
5,325
1,885

107,833
5,887
36,631
335
10,374
17,108
2,567
1,529
4
1,282
127
40
17,148
928
5,791
796
166
5,273
1,848

112,913
6,044
39,432
255
10,823
17,745
2,649
1,598
3
1,328
123
45
18,500
951
5,645
705
148
5,129
1,790

137,718'
7,506'
43,351'
326
16,874'
21,579'
3,682'
2,018'
3
1,531
124
62
22,385'
1,068
6,719'
1,213
157
7,046'
2,102'

142,769
8,706
44,589
375
17,380
20,986
4,171
2,116
7
1,719
119
177
23,076
949
6,920
1,433
261
7,299
2,487

147,361
8,833
45,585
449
17,895
21,926
4,370
2,070
9
1,750
119
115
24,238
1,131
7,116
1,434
240
7,702
2,379

44 Asia
China
45
Mainland
46
Taiwan
47 Hong Kong
48 India
49
Indonesia
50 Israel
51 Japan
52
Korea
53 Philippines
54 Thailand
55 Middle East oil-exporting countries 4
56 Other Asia

25,362

30,730

39,078

44,934

45,537

43,190

44,963

49,690'

45,848

48,144

4
1,499
1,479
54
143
888
12,646
2,282
680
758
3,125
1,804

35
1,821
1,804
92
131
990
16,911
3,793
737
933
1,548
1,934

195
2,469
2,247
142
245
1,172
21,361
5,697
989
876
1,432
2,252

186
2,543
3,347
135
254
1,108
25,352
6,479
1,402
527
1,473
2,129

153
2,476
3,716
144
363
1,086
25,273
6,486
1,530
549
1,394
2,367

148
2,349
3,784
176
267
1,200
22,790
6,567
1,448
559
1,381
2,520

199
2,262
3,921
179
329
1,325
23,785
6,733
1,621
546
1,569
2,495

107
2,461
4,115'
134'
346
1,561'
26,682'
7,311'
1,817'
564
1,597
2,996'

85
2,637
4,089
148
324
1,318
24,026
6,546
1,766
527
1,613
2,767

83
2,214
4,286
181
330
1,455
26,075
6,296
1,974
559
1,947
2,745

2,221
107
82
860
164
452
556

1,797
114
103
445
144
391
600

2,377
151
223
370
94
805
734

2,715
148
204
787
87
713
777

2,957
145
273
917
102
689
831

2,796
147
269
848
102
534
896

2,803
137
243
904
100
531
888

3,546
238
284
1,011
112
657
1,244

3,822
259
273
948
98
776
1,468

3,992
292
262
1,236
93
593
1,517

988
877
111

855
673
182

1,150
859
290

1,054
952
102

1,110
959
152

1,059
962
97

1,114
989
125

1,374'
1,197
177'

1,463
1,280
183

1,583
1,398
185

56

36

78

51

55

43

40

52

47

57 Africa
58 Egypt
59 Morocco
60
South Africa
61 Zaire
62 Oil-exporting countries 5
63 Other
64 Other countries
65
Australia
66
All other
67 Nonmonetary international and regional
organizations 6

1. Includes the Bank for International Settlements. Beginning April 1978, also
includes Eastern European countries not listed in line 23.
2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German Democratic Republic, Hungary, Poland, and Romania.
3. Included in "Other Latin America and Caribbean" through March 1978.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).




56

5. Comprises Algeria, Gabon, Libya, and Nigeria.
6. Excludes the Bank for International Settlements, which is included in "Other
Western Europe."
NOTE. Data for period prior to April 1978 include claims of banks' domestic
customers on foreigners.
A Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift from foreign branches to International Banking
Facilities in the United States of liabilities to, and claims on, foreign residents.

A62
3.19

International Statistics • April 1982
BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the
United States
Payable in U.S. Dollars
Millions of dollars, end of period
1981
Type of claim

1978

1979

1982

1980
Sept.

Aug.

Oct.

Nov.

Dec.

1 Total

126,787

154,030

198,698

2
3
4
5
6
7
8

115,545
10,346
41,605
40,483
5,428
35,054
23,111

133,943
15,937
47,428
40,927
6,274
34,654
29,650

172,592
20,882
65,084
50,168
8,254
41,914
36,459

11,243
480

20,088
955

26,106
885

35,600
992

37,264
1,355

5,396

13,100

15,574

25,193

25,786

5,366

6,032

9,648

9,415

10,123

15,030

18,021

22,714

27,640

29,636

13,668

22,253

24,249

Banks' own claims on foreigners
Foreign public borrowers
Own foreign offices1
Unaffiliated foreign banks
Deposits
Other
All other foreigners

9 Claims of banks' domestic customers 2 ..

245,705
210,104
25,021
88,214
58,487
12,685
45,803
38,382

198,903
24,414
80,398
55,364
11,678
43,686
38,727

Jan.

Feb.P

254,840
33,261
95,997
75,732
23,205
52,526
49,850

263,996
33,293
96,840
82,155
25,471
56,684
51,707

287,400'
196,637
25,436
78,855
54,957
12,407
42,550
37,389

208,059
26,391
84,881
57,648
12,828
44,820
39,139

250,136 r
30,930'
96,607
73,462'
21,992'
51,470r
49,137'

11 Negotiable and readily transferable
12 Outstanding collections and other
13 MEMO: Customer liability on

Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States5

39,870

41,496

38,941'

41,934

n.a.

4. Data for March 1978 and for period before that are outstanding collections
only.
5. Includes demand and time deposits and negotiable and nonnegotiable certificates of deposit denominated in U.S. dollars issued by banks abroad. For description of changes in data reported by nonbanks, see July 1979 BULLETIN, p. 550.
A Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift from foreign branches to International Banking
Facilities in the United States of liabilities to, and claims on, foreign residents.
NOTE. Beginning April 1978, data for banks' own claims are given on a monthly
basis, but the data for claims of banks' own domestic customers are available on
a quarterly basis only.

1. U.S. banks: includes amounts due from own foreign branches and foreign
subsidiaries consolidated in "Consolidated Report of Condition" filed with bank
regulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign
banks: principally amounts due from head office or parent foreign bank, and foreign
branches, agencies, or wholly owned subsidiaries of head office or parent foreign
bank.
2. Assets owned by customers of the reporting bank located in the United States
that represent claims on foreigners held by reporting banks for the account of their
domestic customers.
3. Principally negotiable time certificates of deposit and bankers acceptances.

3.20

36,247

34,381

BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
1978

1979

1980

Dec.

Dec.

Dec.

Mar.

June

Sept

Dec.

1981

Maturity; by borrower and area

1
2
3
4
5
6
7

8
9
10
11
17
13

By borrower
Maturity of 1 year or less1
Foreign public borrowers
All other foreigners
Maturity of over 1 year 1
Foreign public borrowers
All other foreigners
By area
Maturity of 1 year or less1
Europe
Canada
Latin America and Caribbean

Africa
All other 2
Maturity of over 1 year1
14 Europe
15 Canada
16 Latin America and Caribbean
17
18 Africa
19 All other 2
1. Remaining time to maturity.
2. Includes nonmonetary international and regional organizations.




73,635

86,181

106,748

107,276

116,886

121,561

151,955

58,345
4,633
53,712
15,289
5,395
9,894

65,152
7,233
57,919
21,030
8,371
12,659

82,555
9,974
72,581
24,193
10,152
14,041

83,471
10,734
72,737
23,805
10,250
13,555

91,447
11,713
79,734
25,439
11,022
14,416

94,053
12,950
81,104
27,508
12,367
15,141

114,059
15,071
98,988
37,897
15,607
22,290

15,169
2,670
20,895
17,545
1,496
569

15,235
1,777
24,928
21,641
1,077
493

18,715
2,723
32,034
26,686
1,757
640

18,681
2,743
31,329
28,363
1,624
730

20,815
3,291
33,292
31,485
1,768
797

22,727
3,799
35,207
29,222
2,324
774

27,145
4,273
47,576
31,653
2,474
938

3,142
1,426
8,464
1,407
637
214

4,160
1,317
12,814
1,911
655
173

5,118
1,448
15,075
1,865
507
179

5,585
1,180
14,841
1,530
531
138

6,283
1,317
15,448
1,680
551
159

6,405
1,347
17,471
1,565
548
172

8,080
1,729
25,187
1,749
893
260

A Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift from foreign branches to International Banking
Facilities in the United States of liabilities to, and claims on, foreign residents.

Nonbank-Reported
3.21

Data

A63

CLAIMS ON FOREIGN COUNTRIES Held by U.S. Offices and Foreign Branches of U.S.-Chartered Banks1
Billions of dollars, end of period
1981

1980
Area or country

1977

19782

1979
Mar.

June

Sept.

Dec.

Mar.

June'

Sept.'

Dec.P

240.0

266.2

303.9'

308.5

328.8

339.3

352.0

370.6

381.9

398.6

409.8

116.4
8.4
11.0
9.6
6.5
3.5
1.9
3.6
46.5
6.4
18.8

124.7
9.0
12.2
11.3
6.7
4.4
2.1
5.3
47.3
6.0
20.6

138.4
11.1
11.7
12.2
6.4
4.8
2.4
4.7
56.4
6.3
22.4

141.3r
10.8
12.0
11.4
6.2
4.3
2.4
4.3
57.6
6.9
25.4

154.2
13.1
14.1
12.7
6.9
4.5
2.7
3.3
64.4
7.2
25.5

158.8
13.6
13.9
12.9
7.2
4.4
2.8
3.4
66.7
7.7
26.1

162.1
13.0
14.1
12.1
8.2
4.4
2.9
5.0
67.4
8.4
26.5

167.9'
13.5
14.5
13.2
7.7
4.6
3.2
5.1
68.2
8.8
29.1'

167.8
13.8
14.7
12.1
8.4
4.1
3.1
5.2
66.7
10.8
28.9

171.8
14.0
16.0
12.7
8.6
3.7
3.4
5.1
68.5
11.6
28.1

172.3
13.2
15.2
12.6
9.7
4.0
3.7
5.3
68.7
10.4
29.4

13 Other developed countries
14 Austria
15 Denmark
16 Finland
17 Greece
18 Norway
19 Portugal
20 Spain
21 Turkey
22 Other Western Europe
23 South Africa
24 Australia

18.2r
1.3
1.6
1.2
2.2
1.9
.6
3.6
1.5
.9
2.4
1.4

19.4
1.7
2.0
1.2
2.3
2.1
.6
3.5
1.5
1.3
2.0
1.4

19.9
2.0
2.2
1.2
2.4
2.3
.7
3.5
1.4
1.4
1.3
1.3

18.8
1.7
2.1
1.1
2.4
2.4
.6
3.5
1.4
1.4
1.1
1.2

20.3
1.8
2.2
1.3
2.5
2.4
.6
3.9
1.4
1.6
1.5
1.2

20.6
1.8
2.2
1.2
2.6
2.4
.7
4.2
1.3
1.7
1.2
1.2

21.6'
1.9
2.3
1.4
2.8
2.6
.6
4.4
1.5
1.7
1.1
1.3

23.5
1.8
2.4
1.4
2.7
2.8
.6
5.5'
1.5
1.8
1.5
1.4

24.8
2.1
2.3
1.3
3.0
2.8
.8
5.7
1.4
1.8
1.9
1.7

26.4
2.2
2.5
1.4
2.9
3.0
1.0
5.8
1.5
1.9
2.5
1.9

28.5
2.0
2.4
1.7
2.7
3.1
1.1
6.6
1.4
2.2
2.8
2.5

25 OPEC countries 3
26 Ecuador
27 Venezuela
28 Indonesia
29 Middle East countries
30 African countries

17.6
1.1
5.5
2.2
6.9
1.9

22.7
1.6
7.2
2.0
9.5
2.5

22.9
1.7
8.7
1.9
8.0
2.6

21.8
1.8
7.9
1.9
7.8
2.5

20.9
1.8
7.9
1.9
6.9
2.5

21.4
1.9
8.5
1.9
6.7
2.4

22.7
2.1
9.1
1.8
6.9
2.8

21.7
2.0
8.3
2.1
6.7
2.6

22.2
2.0
8.7
2.1
6.8
2.6

23.5
2.1
9.2
2.5
7.1
2.6

24.4
2.2
9.6
2.5
7.5
2.5

31 Non-OPEC developing countries

48.7

52.6

63.0r

63.7

67.7'

73.0'

77.4'

81.9'

84.6

90.0

95.9

2.9
12.7
.9
1.3
11.9
1.9
2.6

3.0
14.9
1.6
1.4
10.8
1.7
3.6

5.0
15.2
2.5
2.2
12.0
1.5
3.7

5.5
15.0
2.5
2.1
12.1
1.3
3.6

5.6
15.3
2.7
2.2
13.6
1.4
3.6

7.6
15.8
3.2
2.4
14.4
1.5
3.9

7.9
16.2
3.7
2.6
15.9
1.8
3.9

9.4
16.8
4.0
2.4
17.0
1.8
4.7

8.5
17.3
4.8
2.5
18.2
1.7
3.8

9.2
17.6
5.5
2.5
20.0
1.8
4.2

9.3
19.0
5.8
2.6
21.5
2.0
4.4

1 Total
2 G-10 countries and Switzerland
3 Belgium-Luxembourg
4 France
5
Germany
6 Italy
7 Netherlands
8
Sweden
9 Switzerland
10 United Kingdom
11 Canada
12 Japan

32
33
34
35
36
37
38

Latin America
Argentina
Brazil
Chile
Colombia
Mexico
Peru
Other Latin America

39
40
41
42
43
44
45
46
47

Asia
China
Mainland
Taiwan
India
Israel
Korea (South)
Malaysia
Philippines
Thailand
Other Asia

.0
3.1
.3
.9
3.9
.7
2.5
1.1
.4

.0
2.9
.2
1.0
3.9
.6
2.8
1.2
.2

.1
3.4
.2
1.3
5.4
1.0'
4.2
1.5
.5

.1
3.6
.2
.9
6.4
.8
4.4
1.4
.5

.1
3.8
.2
1.2
7.1
1.1'
4.6
1.5
.5

.1
4.1
.2
1.1
7.3
1.1'
4.8
1.5
.5

.2
4.2
.3
1.5
7.1
1.1'
5.1
1.6
.6

.2
4.4
.3
1.3
7.7
1.2'
4.8
1.6
.5

.2
4.6
.3
1.8
8.7
1.4
5.1
1.5
.7

.2
5.1
.3
1.5
8.5
1.4
5.6
1.4
.8

.2
5.1
.3
2.0
9.4
1.7
6.0
1.5
1.0

48
49
50
51

Africa
Egypt
Morocco
Zaire
Other Africa 4

.3
.5
.3
.7

.4
.6
.2
1.4

.6
.6
.2
1.7

.7
.6'
.2
1.8'

.8
.5
.2
1.9

.6
.6
.2
2.1

.8
.7
.2
2.1

.8
.6
.2
2.2

.7
.5
.2
2.1

1.0
.7
.2
2.2

1.1
.7
.2
2.3

52 Eastern Europe
53 U.S.S.R
54 Yugoslavia
55 Other

6.3
1.6
1.1
3.7

6.9
1.3
1.5
4.1

7.3
.7
1.8
4.8

7.3
.6
1.9
4.9

7.2
.5
2.1
4.5

7.3
.5
2.1
4.7

7.4
.4
2.3
4.6

7.7
.4
2.4
4.8

7.7
.5
2.5
4.8

7.7
.4
2.5
4.7

7.9
.6
2.5
4.9

26.1
9.9
.6
3.7
.7
3.1
.2
3.7
3.7
.5

31.0
10.4
.7
7.4
.8
3.0
.1
4.2
3.9
.5

40.4
13.7
.8
9.4
1.2
4.3
.2
6.0
4.5
.4

42.6
13.9
.6
11.3
.9
4.9
.2
5.7
4.7
.4

44.3
13.7
.6
9.8
1.2
5.6
.2
6.9
5.9
.4

44.6
13.2
.6
10.1
1.3
5.6
.2
7.5
5.6
.4

47.0
13.7
.6
10.6
2.1
5.4
.2
8.1
5.9
.3

53.1
15.2
.7
11.7
2.3
6.5
.2
8.4
7.3
.9

59.0
17.8
.7
12.4
2.4
6.9
.2
10.3
8.1
.3

61.2
21.0
.8
11.9
2.2
6.7
.2
10.3
8.0
.1

62.3
18.1
.7
12.2
3.1
7.5
.2
11.8
8.6
.1

5.3

9.1

11.7

13.2'

14.3

13.7

14.0

14.9

15.7

18.2

18.4

56 Offshore banking centers
57 Bahamas
58 Bermuda
59 Cayman Islands and other British West Indies
60 Netherlands Antilles
61
Panama 5
62 Lebanon
63 Hong Kong
64 Singapore
65 Others 6
66 Miscellaneous and unallocated 7

1. The banking offices covered by these data are the U.S. offices and foreign
branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks.
Offices not covered include (1) U.S. agencies and branches of foreign banks, and
(2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are adjusted to exclude the claims on foreign branches held by a U.S. office or another
foreign branch of the same banking institution. The data in this table combine
foreign branch claims in table 3.13 (the sum of lines 7 through 10) with the claims
of U.S. offices in table 3.17 (excluding those held by agencies and branches of
foreign banks and those constituting claims on own foreign branches). However,
see also footnote 2.
2. Beginning with data for June 1978, the claims of the U.S. offices
in this table include only banks' own claims payable in dollars. For earlier dates




the claims of the U.S. offices also include customer claims and foreign currency
claims (amounting in June 1978 to $10 billion).
3. In addition to the Organization of Petroleum Exporting Countries shown
individually, this group includes other members of OPEC (Algeria, Gabon, Iran,
Iraa, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates) as
well as Bahrain and Oman (not formally members of OPEC).
4. Excludes Liberia.
5. Includes Canal Zone beginning December 1979.
6. Foreign branch claims only.
7. Includes New Zealand, Liberia, and international and regional organizations.

A64

International Statistics • April 1982

3.22

LIABILITIES T O U N A F F I L I A T E D F O R E I G N E R S Reported by Nonbanking Business Enterprises in the
United States'
Millions of dollars, end of period
1980
Type, and area or country

1978

1979

1981

1980
Sept.

Dec.

Mar.

June

Sept.

1 Total

14,956

17,170

21,644

18,778

21,644

21,681

21,163

21,178

2 Payable in dollars
3 Payable in foreign currencies 2

11,527
3,429

14,095
3,075

17,935
3,709

15,441
3,337

17,935
3,709

18,156
3,525

17,915
3,247

18,186
2,992

By type
4 Financial liabilities
5 Payable in dollars
6
Payable in foreign currencies

6,368
3,853
2,515

7,477
5,207
2,270

11,122
8,350
2,772

8,441
5,954
2,487

11,122
8,350
2,772

11,492
8,860
2,633

11,386
9,053
2,333

10,921
8,739
2,182

7 Commercial liabilities
8 Trade payables
9
Advance receipts and other liabilities

8,588
4,001
4,587

9,693
4,421
5,272

10,521
4,708
5,814

10,337
4,377
5,960

10,521
4,708
5,814

10,188
4,781
5,407

9,777
4,377
5,401

10,257
4,268
5,989

7,674
914

8,888
805

9,585
936

9,487
850

9,585
936

9,296
892

8,862
915

9,447
810

3,971
293
173
366
391
248
2,167

4,655
345
175
497
829
170
2,460

6,314
484
327
582
663
354
3,769

5,321
432
360
557
781
224
2,836

6,314
484
327
582
663
354
3,769

6,011
553
324
498
544
315
3,665

5,926
527
362
477
700
321
3,419

6,073
440
607
430
583
335
3,526

10
11

12
13
14
15
16
17
18

Payable in dollars
Payable in foreign currencies
By area or country
Financial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

19

Canada

20
21
22
23
24
25
26

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

27
28
29
30
31
32
33
34
35
3b
il
38
39

247

532

958

642

958

1,090

978

977

1,357
478
4
10
194
102
49

1,483
375
81
18
514
121
72

3,103
964
1
23
1,452
99
81

1,734
407
1
20
708
108
74

3,103
964
1
23
1,452
99
81

3,483
1,217
1
19
1,458
97
85

3,592
1,272
1
20
1,534
98
91

3,032
1,019
0
20
1,296
107
90

784
717
32

799
726
31

723
644
38

712
618
37

723
644
38

880
766
51

861
741
29

805
687
30

Africa
Oil-exporting countries 4

5
2

4
1

11
1

11
1

11
1

6
1

5
0

3
1

All other 5

5

4

15

21

15

23

24

29

3,047
97
321
523
246
302
824

3,636
137
467
545
227
310
1,077

4,197
90
582
679
219
493
1,017

4,074
109
501
686
276
452
1,047

4,197
90
582
679
219
493
1,017

3,814
83
563
639
246
385
880

3,892
72
558
617
225
375
950

3,912
78
575
579
235
563
888

Japan
Middle East oil-exporting countries 3

Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

40

Canada

667

868

806

591

806

749

652

742

41
42
43
44
45
46
47

Latin America
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

997
25
97
74
53
106
303

1,323
69
32
203
21
257
301

1,244
8
73
111
35
326
307

1,361
8
114
156
12
324
293

1,244
8
73
111
35
326
307

1,287
1
111
84
16
421
253

1,149
4
72
54
34
319
290

1,064
3
113
61
11
345
249

2,931
448
1,523

2,905
494
1,017

3,005
802
894

2,909
502
944

3,005
802
894

3,071
810
955

2,787
867
837

3,197
777
880

48
49
50

Japan
Middle East oil-exporting countries 3

51
52

Africa
Oil-exporting countries 4

743
312

728
384

814
514

1,006
633

814
514

828
519

676
392

751
351

53

All other 5

203

233

456

396

456

440

622

593

1. For a description of the changes in the International Statistics tables, see July
1979 BULLETIN, p. 550.
2. Before December 1978, foreign currency data include only liabilities denominated in foreign currencies with an original maturity of less than one year.




3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar Saudi Arabia and
United Arab Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.
5. Includes nonmonetary international and regional organizations.

Nonbank-Reported
3.23

CLAIMS ON UNAFFILIATED FOREIGNERS
United States1

Data

A65

Reported by Nonbanking Business Enterprises in the

Millions of dollars, end of period
1981

1980
Type, and area or country

1979

1978

1980
Sept.

Dec.

June

Mar.

Sept.

1 Total

28,004

31,286

34,489

32,048

34,489

37,661

35,258

33,809

2 Payable in dollars
3 Payable in foreign currencies2

25,001
3,003

28,094
3,193

31,563
2,926

28,712
3,336

31,563
2,926

34,663
2,999

32,334
2,924

30,828
2,981

By type
4 Financial claims
5
Deposits
6
Payable in dollars
Payable in foreign currencies
7
8
Other financial claims
9
Payable in dollars
10
Payable in foreign currencies

16,644
11,201
10,133
1,068
5,443
3,874
1,569

18,431
12,797
11,881
916
5,634
3,808
1,826

19,812
13,978
13,203
775
5,834
4,152
1,683

18,633
12,574
11,361
1,213
6,059
4,404
1,655

19,812
13,978
13,203
775
5,834
4,152
1,683

22,203
16,474
15,679
795
5,729
4,082
1,646

20,133
14,487
13,761
725
5,646
3,992
1,655

18,949
13,239
12,508
732
5,710
4,009
1,701

11 Commercial claims
12 Trade receivables
13 Advance payments and other claims..

11,360
10,802
559

12,855
12,161
694

14,677
13,957
720

13,415
12,714
702

14,677
13,957
720

15,458
14,657
801

15,125
14,295
830

14,860
14,001
859

14
15

10,994
366

12,405
450

14,208
468

12,947
469

14,208
468

14,901
557

14,581
544

14,311
549

5,225
48
178
510
103
98
4,031

6,163
32
177
409
53
73
5,107

6,094
195
334
230
32
59
4,967

5,692
17
409
168
30
41
4,646

6,094
195
334
230
32
59
4,967

6,098
170
411
213
42
90
4,900

5,212
174
377
139
34
96
4,046

4,628
26
348
320
48
67
3,476

16
17
18
19
20
21
22

Payable in dollars
Payable in foreign currencies
By area or country
Financial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

23

Canada

4,549

4,984

5,057

4,948

5,057

6,611

6,168

6,018

24
25
26
27
28
29
30

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

5,714
3,001
80
151
1,291
162
157

6,282
2,757
30
163
2,007
157
143

7,682
3,424
135
96
2,681
208
137

6,812
2,845
65
116
2,342
192
128

7,682
3,424
135
96
2,681
208
137

8,552
3,947
13
22
3,398
168
131

7,882
3,231
33
20
3,396
162
143

7,313
3,128
15
66
3,010
273
143

31
32
33

Asia
Japan
Middle East oil-exporting countries

920
305
18

706
199
16

710
177
20

853
331
20

710
177
20

691
191
17

618
107
19

653
120
29

34

Africa

181
10

253
49

238
26

260
29

238
26

214
27

216
39

222
41

55

44

32

68

32

36

37

116

3,983
144
609
399
267
198
824

4,909
202
727
589
298
272
901

5,511
233
1,129
591
318
351
932

4,709
230
710
571
289
339
994

5,511
233
1,129
591
318
351
932

5,822
277
918
597
347
461
1,187

5,467
235
783
572
308
474
1,067

5,403
219
762
579
307
402
1,025

35
36
37
38
39
40
41
42
43
44

Oil-exporting countries 4
All other 5
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
Canada

1,094

849

899

934

899

1,037

991

993

45
46
47
48
49
50
51

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

2,546
109
215
628
9
505
291

2,853
21
197
645
16
698
343

3,791
21
148
861
34
1,090
407

3,389
53
81
712
17
992
388

3,791
21
148
861
34
1,090
407

3,832
15
170
799
15
1,051
436

3,793
29
192
823
34
1,113
'20

3,684
18
241
708
13
969
438

52
53
54

Asia
Japan
Middle East oil-exporting countries-

3,112
1,006
716

3,450
1,175
766

3,507
1.045
821

3,443
1,135
837

3,507
1,045
821

3,763
1,294
925

3,767
1,218
934

3,628
1,097
823

55
56

Africa
Oil-exporting countries 4

447
136

554
133

651
151

669
135

651
151

678
143

703
137

703
149

57

All other 5

178

240

318

272

318

327

404

449

1. For a description of the changes in the International Statistics tables, see July
1979 BULLETIN, p . 550.

2. Prior to December 1978, foreign currency data include only liabilities denominated in foreign currencies with an original maturity of less than one year.




3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.
5. Includes nonmonetary international and regional organizations.

A66

International Statistics • April 1982

3.24

F O R E I G N T R A N S A C T I O N S IN S E C U R I T I E S
Millions of dollars
1982
Transactions, and area or country

1979

1980

1981

1982

1981
Jan.Feb.f

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.P

U.S. corporate securities
STOCKS

1 Foreign purchases
2 Foreign sales

22,783
21,104

40,290
34,870

40,558
34,842

3 Net purchases, or sales ( - )

1,679

5,419

4 Foreign countries

1,662

5,401

237
137
-215
-71
-519
964
552
-19
688
211
-14
7

4,540
3,736

3,152
3,206

2,847
2,322

2,839
2,792

5,717

804

-54

525

5,692

800

-49

531

3,108
490
169
-328
308
2,523
887
148
1,206
16
-1
38

3,592
889
-28
37
269
2,210
750
-30
1,140
279
7
-46

578
-8
27
40
7
485
-24
18
188
34
1
6

74
29
-28
-28
1
85
-39
-51
-36
20
0
-17

17

18

24

4

18 Foreign purchases
19 Foreign sales

8,888
7,648

15,425
9,964

17,208
12,180

1,875
1,708

5
6
7
8
9
10
11
12
13
14
15
16

Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America and Caribbean
Middle East 1
Other Asia
Africa
Other countries

17 Nonmonetary international and
regional organizations

2,689
2,494

2,940
2,740

47

195

200

268

536

53

207

199

263

537

38
10
-48
-3
-68
132
44
-81
497
29
0
4

46
21
6
13
-97
86
-47
7
164
-117
0
- 2

109
-7
-4
28
0
%
7
54
46
-7
1
-3

176
5
-6
-73
75
171
8
-36
-24
74
0
1

231
-2
11
3
40
168
-45
-13
51
40
0
-1

347
-6
16
38
-33
317
20
31
137
-6
1
6

-5

-5

-6

-12

0

5

-1

1,171
894

1,306
1,051

1,166
1,203

1,099
1,303

1,192
1,038

946
778

929
930

2,016
1,748

2,524
1,988

BONDS 2

20 Net purchases, or sales ( - )

1,240

5,461

5,028

167

277

255

-36

-204

153

168

-1

21 Foreign countries

1,376

5,526

4,961

164

278

243

-27

-212

157

154

10

22
23
24
25
26
27
28
29
30
31
32
33

671
56
59
-202
-118
814
80
109
424
88
1
1

1,576
129
212
-65
54
1,257
135
185
3,499
117
5
10

1,335
11
850
60
98
178
-6
132
3,465
44
-1
-7

161
29
186

176
-9
105

-106
5
43
3
7
-164
-35
-12
84
43
0
0

-112
4
67
9
10
-174
-29
4
-72
-1
-1

2

-5
81
24
0
0

5
4
64
-2
-23
-53
-12
7
252
-9
0
-1

139
7
52
3
-3
55
-2
22
-62
60
0
-2

144
15
83
2
19
3
29
17
-89
53
0
0

16
14
103
0
8
-102
15
-11
-63
52
0
2

-136

-65

66

3

-1

12

-10

9

-4

14

-11

Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America and Caribbean
Middle East 1
Other Asia
Africa
Other countries

34 Nonmonetary international and
regional organizations

2

27
-99
43
5
-152
105
0

- 2

22
45
2

- 2

Foreign securities
35 Stocks, net purchases, or sales ( - )
36
Foreign purchases
37 Foreign sales

-817
4,617
5,434

-2,142
7,888
10,029

2
9,198
9,196

206
1,025
819

51
835
784

191
794
603

-30
588
617

-70
625
695

82
699
617

159
521
362

47
504
457

38 Bonds, net purchases, or sales ( - )
39 Foreign purchases
40
Foreign sales

-3,999
12,662
16,660

-1,013
17,073
18,086

-5,218
17,823
23,041

-119
2,732
2,851

-32
1,078
1,110

-260
1,023
1,282

-154
1,553
1,706

-1,946
2,296
4,242

-772
1,980
2,751

-21
1,222
1,243

-97
1,511
1,607

41 Net purchases, or sales ( - ) , of stocks and bonds .

-4,816

-3,155

-5,215

88

19

-68

-183

-2,015

-689

138

-50

42
43
44
45
46
47
48
49

-4,066
-1,785
-2,601
343
15
-63
25

-4,031
-1,108
-1,959
80
-1,147
24
78

-4,459
637
-3,745
170
287
53
92

0
91
-182
134

-82
74
-326
1
177
-6
-3

-356
-45
-250
50
-113
1
0

-1,427
-453
-879
-6
-148
1
57

31
136
-166

-16
-5

62
-55
-74
62
131
-3
1

49
6
8

110
143
-80
67
-2
-15
-4

-110
-53
-102
67
-20
-1

-750

876

756

88

-43

14

173

-588

-720

28

60

Foreign countries
Europe
Canada
Latin America and Caribbean
Asia
Africa
Other countries
Nonmonetary international and
regional organizations

1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait.
Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).




-22

- 2

- 2

2. Includes state and local government securities, and securities of U.S. goveminent agencies and corporations. Also includes issues of new debt securities sold
abroad by U.S. corporations organized to finance direct investments abroad.

Investment Transactions and Discount Rates
3.25

MARKETABLE U.S. TREASURY BONDS AND NOTES

A67

Foreign Holdings and Transactions

Millions of dollars
1982
1980

Country or area

1982

1981

1981
JanFeb.

Sept.

Aug.

Oct.

Nov.

Dec.

Jan.

Feb.?

73,943

Holdings (end of period) 1
1 Estimated total2

57,549

70,343

66,437

67,008

68,489

70,512

70,343

71,629

2 Foreign countries 2

52,961

64,672

61,579

62,369

64,067

66,035

64,672

65,992

68,416

3 Europe 2
4
Belgium-Luxembourg
5
Germany 2
6 Netherlands
7
Sweden
Switzerland2
8
9
United Kingdom
10 Other Western Europe
11 Eastern Europe
12 Canada

24,468
77
12,327
1,884
595
1,485
7,323
777
0
449

23,976
543
11,861
1,955
643
846
6,709
1,419
0
520

25,090
370
13,524
1,760
623
848
6,630
1,334
0
514

24,334
372
12,830
1,756
646
876
6,469
1,385
0
528

24,531
384
13,029
1,784
661
861
6,446
1,367
0
547

24,952
329
13,226
1,889
645
833
6,693
1,337
0
508

23,976
543
11,861
1,955
643
846
6,709
1,419
0
520

24,373
614
11,901
1,998
644
904
6,800
1,514
-2
540

25,332
363
12,847
2,038
635
984
6,931
1,535
-2
506

13
14
15
16
17
18
19
20

999
292
285
421
26,112
9,479
919
14

736
286
319
131
38,806
10,780
631
2

818
313
321
184
34,008
9,890
1,140
8

854
294
313
246
35,506
10,102
1,140
8

788
289
317
182
37,052
10,094
1,141
8

761
306
289
165
38,774
10,732
1,037
3

736
286
319
131
38,806
10,780
631
2

721
286
321
113
39,836
10,844
519
3

728
286
337
104
41,445
11,022
400
5

21 Nonmonetary international and regional organizations.

4,588

5,671

4,858

4,639

4,422

4,477

5,671

5,637

5,527

22
23

4,548
36

5,637
1

4,856
1

4,636
1

4,419
1

4,462r
1

5,637r
1

5,603r
1

5,493
-4

Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
All other

!

International
Latin American regional

Transactions (net purchases, or sales ( - ) during period)
24 Total2

6,066

12,794

3,599

1,799

571

1,480

2,024

-169

1,286

2,314

25 Foreign countries 2
26
Official institutions
27 Other foreign 2
28 Nonmonetary international and regional organizations.

6,906
3,865
3,040
-843

11,710
11,833
-124
1,085

3,744
3,183
559
-143

1,920
1,532
388
-120

791
1,376
-585
-220

1,698
1,633
65
-217

1,968
2,123
-165
56

-1,363
-787
-576
1,194

1,320
841
478
-33

2,424
2,343
81
-110

MEMO: Oil-exporting countries
29 Middle East 3
30 Africa 4

7,672
327

11,156
-289

2,392
-231

1,204
0

1,354
0

1,442
0

1,250
-102

17
-407

1,019
-112

1,373
-119

1. Estimated official and private holdings of marketable U.S. Treasury securities
with an original maturity of more than I year. Data are based on a benchmark
survey of holdings as of Jan. 31, 1971, and monthly transactions reports. Excludes
nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.

3.26

2. Beginning December 1978, includes U.S. Treasury notes publicly issued to
private foreign residents denominated in foreign currencies.
3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.

DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Percent per annum
Rate on Mar. 31, 1982

Rate on Mar. 31, 1982
Country

Country
Percent
Argentina
Austria ..
Belgium..
Brazil
Canada ..
Denmark.

168.9
6.75
13.0
49.0
15.11

11.00

Month
effective
Mar.
Mar.
Mar.
Mar.
Mar.
Oct.

1982
1980
1982
1981
1982
1980

Percent
France 1
Germany, Fed. Rep. of
Italy
Japan
Netherlands
Norway

1. As of the end of February 1981, the rate is that at which the Bank of France
discounts Treasury bills for 7 to 10 davs.
2. Minimum lending rate suspended as of Aug. 20, 1981.
NOTE. Rates shown are mainly those at which the central bank either




Rate on Mar. 31, 1982
Country

19.0
7.5
19.0
5.5
8.0
9.0

Month
effective
Mar.
May
Mar.
Dec.
Mar.
Nov.

1982
1980
1981
1981
1982
1979

Sweden
Switzerland
_
United Kingdom'
Venezuela

Percent

Month
effective

10.0
5.5

Mar. 1982
Mar. 1982

14.0

Aug. 1981'

discounts or makes advances against eligible commercial paper and/or
government
commercial
banks
or
brokers.
For
countries
with
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts the
largest proportion of its credit operations.

A68

International Statistics • April 1982

3.27

FOREIGN SHORT-TERM INTEREST RATES
Percent per annum, averages of daily figures
1981
Country, or type

1979

1980

Sept.
1
2
3
4
5
6
7
8
9
10

1982

1981
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Eurodollars
United Kingdom
Canada
Germany
Switzerland

11.96
13.60
11.91
6.64
2.04

14.00
16.59
13.12
9.45
5.79

16.79
13.86
18.34
12.05
9.15

17.80
14.60
20.42
12.48
10.56

16.34
16.27
18.84
11.72
10.85

13.33
15.03
16.53
11.05
9.88

13.24
15.31
15.97
10.72
9.76

14.29
15.14
15.01
10.43
8.53

15.75
14.47
15.25
10.22
8.29

14.90
13.53
15.67
9.84
6.37

Netherlands
France
Italy
Belgium
Japan

9.33
9.44
11.85
10.48
6.10

10.60
12.18
17.50
14.06
11.45

11.52
15.28
19.98
15.28
7.58

12.96
17.65
21.07
16.00
7.26

12.57
16.47
21.00
15.83
7.13

11.70
15.35
21.12
15.28
7.15

11.03
15.30
21.24
15.48
6.75

10.49
15.07
21.38
15.09
6.41

10.06
14.58
21.34
14.89
6.38

8.90
15.21
20.63
14.02
6.43

NOTE. Rates are for 3-month interbank loans except for Canada, finance company paper; Belgium, 3-month Treasury bills; and Japan, Gensaki rate.

3.28

FOREIGN EXCHANGE RATES
Currency units per dollar
1981
Country/currency

1979

1980

Oct.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

Argentina/peso
Australia/dollar 1
Austria/schilling
Belgium/franc
Brazil/cruzeiro
Canada/dollar
Chile/peso
China, P.R./yuan
Colombia/peso
Denmark/krone
Finland/markka
France/franc
Germany/deutsche mark
Greece/drachma
Hong Kong/dollar
India/rupee
Indonesia/rupiah
Iran/rial
Ireland/pound 1
Israel/shekel
Italy/lira
Japan/yen
Malaysia/ringgit
Mexico/peso
Netherlands/guilder 1
New Zealand/dollar
Norway/krone
Peru/sol
Philippines/peso
Portugal/escudo
Singapore/dollar
South Africa/rand/ 1
South Korea/won
Spain/peseta
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Thailand/baht
United Kingdom/pound 1
Venzuela/bolivar

1982

1981
Nov.

Dec.

Jan.

Feb.

Mar.

n.a.
111.77
13.387
29.342
n.a.
1.1603
n.a.
n.a.
n.a.
5.2622
3.8886
4.2566
1.8342
n.a.
n.a.
8.1555
n.a.
n.a.
204.65
n.a.
831.10
219.02
2.1721
22.816
2.0072
102.23
5.0650
n.a.
n.a.
48.953
n.a.
118.72
n.a.
67.158
15.570
4.2892
1.6643
n.a.
212.24
n.a.

n.a.
111.57
12.945
29.237
n.a.
1.1693
n.a.
n.a.
n.a.
5.6345
3.7206
4.2250
1.8175
n.a.
n.a.
7.8866
n.a.
n.a.
213.53
n.a.
856.20
226.63
2.1767
22.968
1.9875
98.65
4.9381
n.a.
n.a.
50.082
n.a.
122.72
n.a.
71.758
16.167
4.2309
1.6772
n.a.
227.74
n.a.

n.a.
114.57
15.948
37.194
92.374
1.1990
n.a.
1.7031
n.a.
7.1350
4.3128
5.4396
2.2631
n.a.
5.5678
8.6807
n.a.
79.324
161.32
n.a.
1138.60
220.63
2.3048
24.547
2.4998
86.848
5.7430
n.a.
7.8113
61.739
2.1053
114.77
n.a.
92.396
18.967
5.0659
1.9674
21.731
202.43
4.2781

5967.00
114.32
15.788
37.660
110.96
1.2029
39.100
1.7576
56.444
7.2348
4.4250
5.6314
2.2543
56.706
5.9869
9.1348
632.00
80.95
157.5
13.738
1194.30
231.52
2.2989
25.400
2.4913
82.355
5.9195
455.10
8.0298
64.700
2.0977
104.61
683.81
96.023
20.674
5.5492
1.8844
23.050
184.07
4.2944

6425.20
114.55
15.621
37.420
117.71
1.1872
39.100
1.7409
57.175
7.1720
4.3442
5.6240
2.2292
56.297
5.6681
9.1350
632.00
80.606
158.95
14.537
1191.60
223.13
2.2562
25.722
2.4442
83.104
5.8164
469.83
8.0868
64.375
2.0610
103.82
688.56
95.398
20.826
5.4894
1.7859
23.050
190.25
4.2961

7417.10
113.39
15.852
38.296
121.98
1.1851
39.100
1.7405
57.129
7.3210
4.3666
5.7141
2.2579
57.231
5.6329
9.1304
632.36
79.000
157.30
15.363
1206.40
218.95
2.2477
26.071
2.4734
82.784
5.7801
487.73
8.1446
65.348
2.0530
103.10
694.68
96.97
20.259
5.5411
1.8152
23.050
190.33
4.2958

9910.00
111.41
16.066
39.027
130.14
1.1926
39.100
1.7713
59.409
7.4977
4.4033
5.8298
2.2938
58.811
5.7959
9.1525
645.7
n.a.
153.97
16.163
1228.20
224.80
2.2575
26.469
2.5145
81.399
5.8623
515.21
8.2132
66.492
2.0607
103.46
705.17
98.357
20.228
5.6206
1.8442
23.050
188.60
4.2960

10256.00
108.50
16.587
41.144
137.97
1.2140
39.100
1.8200
60.129
7.7950
4.5058
6.0176
2.3660
60.973
5.8857
9.2144
645.89
n.a.
148.86
17.488
1263.20
235.31
2.3662
31.736
2.5947
79.325
5.9697
534.47
8.2530
69.067
2.1095
101.95
710.05
100.70
20.611
5.7579
1.8909
23.050
184.70
4.2960

10795.65
106.03
16.711
44.379
144.07
1.2205
39.100
1.8429
60.956
8.0396
4.5663
6.1428
2.3800
61.769
5.8298
9.2935
649.00

88.09

87.39

102.94

106.34

104.53

105.21

106.96

110.36

112.45

147.25
18.766
1293.29
241.23
2.3265
45.366
2.6186
77.698
6.0255
561.08
8.3291
70.488
2.1213
97.930
714.67
104.53
20.700
5.8361
1.8886
23.050
180.53
4.3012

MEMO:

United States/dollar2

1. Value in U.S. cents.
2. Index of weighted-average exchange value of U.S. dollar against currencies of other G-10 countries plus Switzerland. March 1973 = 100.
Weights are 1972-76 global trade of each of the 10 countries. Series




revised as of August 1978. For description and back data, see "Index of
the Weighted-Average Exchange Value of the U.S. Dollar: Revision" on page
700 of t h e A u g u s t 1978 BULLETIN.

NOTE. Averages of certified noon buying rates in New York for cable transfers.

A69

Guide to Tabular Presentation,
Statistical Releases, and Special Tables
GUIDE TO TABULAR

Symbols and
c
e
p
r
*

PRESENTATION

Abbreviations

Corrected
Estimated
Preliminary
Revised (Notation appears on column heading when more
than half of figures in that column are changed.)
Amounts insignificant in terms of the last decimal place
shown in the table (for example, less than 500,000 when
the smallest unit given is millions)

General

0
n.a.
n.e.c.
IPCs
REITs
RPs
SMSAs

Calculated to be zero
Not available
Not elsewhere classified
Individuals, partnerships, and corporations
Real estate investment trusts
Repurchase agreements
Standard metropolitan statistical areas
Cell not applicable

Information

Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed
issues of U.S. government agencies (the flow of funds figures
also include not fully guaranteed issues) as well as direct

STATISTICAL

obligations of the Treasury. "State and local government"
also includes municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals because of
rounding.

RELEASES

List Published Semiannually,

with Latest Bulletin

Reference

Anticipated schedule of release dates for periodic releases

SPECIAL

Issue
June 1981

Page
A78

TABLES

Published Irregularly,

with Latest Bulletin

Commercial bank assets and
Assets and liabilities of U.S.
Commercial bank assets and
Commercial bank assets and
Commercial bank assets and
Commercial bank assets and

liabilities, December 31, 1980
branches and agencies of foreign banks, December 31, 1981
liabilities, March 31, 1981
liabilities, June 30, 1981
liabilities, September 30, 1981
liabilities, December 31, 1981

Special tables begin on page A71.



Reference
April
April
July
October
January
April

1981
1982
1981
1981
1982
1982

All
A78
A72
A74
A70
All

Time and Savings Deposits
4.10

TIME AND SAVINGS DEPOSITS
Types of deposits

Held by Insured Commercial Banks on Recent Survey Dates

Oct. 28,
1981

Average of most
common rate paid 1

Outstanding balances
(millions of dollars)

Number of issuing banks

July 29,
1981

Jan. 27,
1982

July 29,
1981

Oct. 28,
1981

Jan. 27,
1982

1. Total time and savings deposits

14,317

14,381

14,282

803,656

847,878

877,099

2. Savings
3. Club accounts
4. Fixed-ceiling 2time deposits, less than

14,317
9,047

14,381
8,903

14,282
8,627

201,981
2,202

212,261
1,561

219,028
884

14,199

13,963

14,130

62,485

53,253

47,807

8,683
14,068
10,807

8,806
13,844
10,561

8,962
14,009
12,071

1,873
60,612
6,657

2,062
51,191
7,043

10,807

10,561

9,371

6,657

7,043

$100,000

Holder
5. Domestic governmental units
6. Other than domestic governmental units
7. IRA and Keogh plan time deposits
8. With maturities of 3 years or more or
variable ceiling rates
9. Ceiling-free IRAs with maturities of lVS
years
10. All savers certificates, tax-exempt, with
maturities of exactly 1 year
11. Money market certificates, $10,000 or
more, with maturities of exactly 6
months 3
12. Small savers certificates, less than
$100,000, with maturities of 2Vl years
or more
13. Interest-bearing time deposits of $100,000
or more
14. Non-interest-bearing time deposits
MEMO: Most common rate paid on ceilingfree I R A ' s reflecting primarily deposits that pay
15. One rate of return over the life of the
instrument
16. Varying rates of return over the life of the
instrument

9,965

July 29,
1981

Oct. 28
1981

13,841

14,035

14,038

13,368

13,604

13,506

35,884

13,308
1,450

13,534
1,545

13,440
1,360

272,174
4,383

217,892

Jan. 27,
1982

5.21
4.04

5.23
4.21

5.23
4.36

1,959
45,848
8,664

10.31

12.90

13.14

7,180

10.31

12.90

12.88

14.17

1,484

13,419

12,841

19,689

220,687

218,801

15.06

13.91

13.67

50,890

59,631

11.74

14.71

13.76

285,002
4,340

296,820
4,295

6,0764

930

14.52

3,707 4

552

13.57

1. The most common interest rate paid is on the largest dollar volume of new
deposits in the two-week period just preceding the survey date for all deposit
categories except money market certificates, line 11, and small savers certificates,
line 12. For these two deposit categories the most common rate paid is for the
largest dollar volume of new deposits in the single week ending on the survey date.
2. Excludes I R A and Keogh plan accounts, all savers certificates, money market
certificates, and small savers certificates. Such accounts are included in lines 7
through 10.
3. Excludes accounts held in I R A and Keogh plans. Such accounts are included
in line 8.




A71

4. The sum of the number of institutions issuing mostly fixed—or mostly variable—rate IRAs does not equal the total number of institutions issuing ceiling-free
IRAs in line 9 because some institutions neglected to report the fixed versus variable
distinction.
NOTE. All banks that had either discontinued offering or never offered certain
types of deposits as of the survey date are not counted as issuing banks. However,
small amounts of deposits held at banks that had discontinued issuing certain types
of deposits are included in the amounts outstanding.
Ceiling-free IRAs were not included until the January 1982 survey.
Details may not add to totals because of rounding.

All

Special Tables • April 1982

4.20

DOMESTIC AND FOREIGN OFFICES, Commercial Banks with Assets of $100 Million or over1"
Consolidated Report of Condition; Dec. 31, 1981
Millions of dollars
Banks with foreign offices 2
Item

Insured
Foreign
offices 3

Total

1 Total assets
2 Cash and due from depository institutions
3
Currency and coin (U.S. and foreign)
4
Balances with Federal Reserve Banks
5
Balances with other central banks
6
Demand balances with commercial banks in United States
7
All other balances with depository institutions in United States and with banks in foreign
countries
8
Time and savings balances with commercial banks in United States
9
Balances with other depository institutions in United States
10
Balances with banks in foreign countries
11
Foreign branches of other U.S. banks
12
Other banks in foreign countries
13
Cash items in process of collection
14 Total securities, loans, and lease financing receivables
15 Total securities, book value
16
U.S. Treasury
17
Obligations of other U.S. government agencies and corporations
18
Obligations of states and political subdivisions in United States
19
All other securities
20
Other bonds, notes, and debentures
21
Federal Reserve and corporate stock
22
Trading account securities
23
24
25
26
27

Federal funds sold and securities purchased under agreements to resell
Total loans, gross
LESS: Unearned income on loans
Allowance for possible loan loss
EQUALS: Loans, net

Total loans, gross, by category
28 Real estate loans
29
Construction and land development
30
Secured by farmland
31
Secured by residential properties
32
1- to 4-family
33
FHA-insured or VA-guaranteed
34
Conventional
35
Multifamily
36
FHA-insured
37
Conventional
38
Secured by nonfarm nonresidential properties
39 Loans to financial institutions
40
REITs and mortgage companies in United States
41
Commercial banks in United States
42
U.S. branches and agencies of foreign banks
43
Other commercial banks
44
Banks in foreign countries
45
Foreign branches of other U.S. banks
46
Other
47
Finance companies in United States
48
Other financial institutions
49 Loans for purchasing or carrying securities
50
Brokers and dealers in securities
51
Other
52 Loans to finance agricultural production and other loans to farmers
53 Commercial and industrial loans
54
U.S. addressees (domicile)
55
Non-U. S. addressees (domicile)
56 Loans to individuals for household, family, and other personal expenditures
57
Installment loans
58
Passenger automobiles
59
Credit cards and related plans
60
Retail (charge account) credit card
61
Check and revolving credit
62
Mobile homes
63
Other installment loans
64
Other retail consumer goods
65
Residential property repair and modernization
66
Other installment loans for household, family, and other personal expenditures
67
Single-payment loans
68 All other loans
69
Loans to foreign governments and official institutions
70
Other
71
72
73
74
75
76
77
78
79
80

Lease financing receivables
Bank premises, furniture and fixtures, and other assets representing bank premises
Real estate owned other than bank premises
All other assets
Investment in unconsolidated subsidiaries and associated companies
Customers' liability on acceptances outstanding
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Net due from foreign branches, foreign subsidiaries, Edge and agreement subsidiaries..
Other




Domestic
offices

foreign
offices

1,607,008

1,196,667

394,171

848,715

410,341

285,296
13,823
22,219
3,613
19,265

233,358
8,232
16,374
3,613
7,328

131,151
290
280
3,393
488

102,207
7,942
16,094
220
6,840

51,938
5,591
5,845
(4)
11,937

149,657
10,984
427
138,246

125,283
2,410
149
122,724
20,946
101,778
1,417

9,854
1,450
61
8,343
2,659
5,684
61,256

14,520
7,124
217
7,179
0

76,719

135,137
3,860
210
131,067
23,604
107,463
62,674

14,045

1,200,988
230,480
63,647
36,895
104,052
25,886
11,206
1,886
12,794

860,387
128,704
31,234
16,664
57,981
22,825
9,006
1,439
12,379

221,535
10,747
328
80
673
9,666
7,494
236
1,936

638,851
117,958
30,906
16,584
57,309
13,158
1,512
1,203
10,443

340,601
101,776
32,414
20,231
46,070
3,061
2,200
447
414

64,466
913,591
13,840
9,243
890,508

38,610
693,695
7,426
6,841
679,428

744
209,452
1,860
298
207,294

37,865
484,244
5,566
6,544
472,134

25,856
219,895
6,414
2,401
211,080

212,078

131,725
4
( )
(4I

8,646

123,079
29,336
842
68,956
65,317
3,718
61,599
3,639
229
3,410
23,945

80,353
10,071
1,234
45,086
42,975
1,956
41,019
2,111
79
2,032
23,961

48,110
4,309
8,568
3,769
4,799
12,307
707
11,600
10,841
12,085

5,283
599
2,723

.8

>4\

r )
r )
r )

(4)

>4<

91,680
5,070
11,876
?!
42,223

8

11,611
20,899
16,061
11,369
4,692
10,688
399,921

8

42,488

r )4

( )
r)
r)
r)

r)
r)
86,397
4,471
9,153
4,111
5,042
41,757
953
40,804
11,146
19,870

r)
38,287
162
585
342
243
29,450
246
29,204
306
7,784

14,233
10,915
3,318
6,349
332,150
203,712
128,439

1,854
1,501
353
785
126,698
14,118
112,580

12,379
9,414
2,965
5,564
205,452
189,593
15,858

1,828
454
1,375
4,339
67,771

77,864
( 44)
(4)
( )
r)

6,889

26,293
23,856
2,436

70,975
57,934
16,722
21,490
17,412
4,078
3,371
16,351
4,437
3,645
8,269
13,041
18,685
5,809
12,876

56,428
45,892
19,535
7,866
6,528
1,338
3,386
15,105
3,187
3,954
7,964
10,537
3,893

2,750
1,429
101
39,954
1,033
12,831

10,894
12,260
1,040
94,857
309
39,783

(44 )

48,871

M\

r )
r )

n

( i
ri
i4)
i4)
(4)
i4)
44,978
29,665
15,313
13,645
13,688
1,141
88,093
1,342
52,614
16,611
36,002
(4)
34,137

r )

/4\
r )

r)
r )

r)
r )

n
r )
MS
r )
MS

(4)
H

13,130
12,960

W

33,088
21,177

M

467

$( )
4

465
1,029

W

(4)
1,890
8,324
653
8,826
48
426
M\
r )
r )

8,351

Commercial Banks
4.20

Continued
Banks with foreign offices 2
Item

Insured
Total

81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96

A73

Total liabilities and equity capital5
Total liabilities excluding subordinated debt
Total deposits
Individuals, partnerships, and corporations
U.S. government
States and political subdivisions in United States
All other
Foreign governments and official institutions
Commercial banks in United States
U.S. branches and agencies of foreign banks
Other commercial banks in United States
Banks in foreign countries
Foreign branches of other U.S. banks
Other banks in foreign countries
Certified and officers' checks, travelers checks, and letters of credit sold for cash

Federal funds purchased and securities sold under agreements to repurchase in domestic offices
and Edge and agreement subsidiaries
97 Interest-bearing demand notes issued to U.S. Treasury and other liabilities for borrowed
money
Interest-bearing demand notes (note balances) issued to U.S. Treasury
98
99
Other liabilities for borrowed money
100 Mortgage indebtedness and liability for capitalized leases
101 All other liabilities
102 Acceptances executed and outstanding
103 Net due to foreign branches, foreign subsidiaries, Edge and agreement subsidiaries
104 Other
105 Subordinated notes and debentures
106 Total equity capital5
107 Preferred stock
108 Common stock
109
110 Undivided profits and reserve for contingencies and other capital reserves
Undivided profits
111
Reserve for contingencies and other capital reserves
112

Domestic
offices

Foreign
offices 3

Banks
without
foreign
offices

1,607,008

1,196,667

(4)

(4)

1,518,678
1,221,253
920,145
2,567
52,527
233,551
33,436
63,759

(4)
12,463

1,138,434
885,208
625,231
1,673
26,283
223,035
33,247
54,039
5,298
48,740
135,750
23,779
111,971
8,985

393,911
319,427
147,513
303
494
170,165
26,322
20,217
3,099
17,118
123,626
23,219
100,407
952

790,740
565,781
477,718
1,370
25,789
52,870
6,925
33,822
2,199
31,622
12,124
560
11,564
8,033

154,320

121,662

456

121,206

32,658

17,504
(4)
17,504
41
56,484
11,304
33,088
12,092
259
(4)

23,068
5,763
17,305
1,318
79,367
41,665
13,130
24,572
3,690
(4)

3,476
1,808
1,667
704
7,361
426
(4)
6,935

0

198,416
76,685
290,680
192,479
175,880
16,599
22,266

97,334
70,176
168,536
64,019
60,220
3,799
19,548

60,294
6,498
112,930

64,391
5,825
74,910
4,640

(Q4)
136,356

$

44,048
7,571
36,477
2,063
96,994
53,395
(4)
43,599

40,572
5,763
34,810
1,359
89,633
52,969
(4)
36,664

5,597

3,949

82,733
131
16,279
27,883
38,440
37,598
842

54,285
51
10,847
17,216
26,170
25,764
406

295,750
146,861
459,216
256,498
236,100
20,398
41,813

198,416
76,685
290,680
192,479
175,880
16,599
22,266

124,685
12,323
187,840
69,917

60,294
6,498
112,930

410,341
380,245
336,046
294,914
894
26,244
10,516
190
9,720

(Q4)
606

$

(4)
3,478

1,647
28,448
80
5,432
10,667
12,269
11,834
435

MEMO

113
114
115
116
117
118
119
170
171
122
123
123
125
126
127
178
179
130
131
137
133
134
135
136

Deposits in domestic offices
Total demand
Total savings
Total time
Time deposits of $100,000 or more
Certificates of deposit (CDs) in denominations of $100,000 or more
Other
Savings deposits authorized for automatic transfer and NOW accounts
Money market time certificates of $10,000 and less than $100,000 with original maturities of 26
weeks
All savers certificates
Demand deposits adjusted 6
Standby letters of credit, total
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Standby letters of credit conveyed to others through participations (included in total standby
letters of credit)
Holdings of commercial paper included in total gross loans
Average for 30 calendar days (or calendar month) ending with report date
Total assets
Cash and due from depository institutions
Federal funds sold and securities purchased under agreements to resell
Total loans
Total deposits
Time CDs in denominations of $100,000 or more in domestic offices
Federal funds purchased and securities sold under agreements to repurchase
Other liabilities for borrowed money
Number of banks

For notes see page A77.




Q

65,277
47,341
17,936

4,743
(4)
1,574,679
273,627
57,851
888,209
1,193,200
232,561
155,974
34,760
1,518

N

0
0
0
0

0
0
0
0

0
13,352

51,925

(04)

(4)

$(4)

4,376
(4)

843
(4)

3,533
329

367
812

1,174,902
228,406
33,752
677,041
865,969
(4)
123,706
33,216
190

356,572
132,940
701
208,995
323,918
(4)
1,355
16,666
190

818,330
95,466
33,052
468,046
542,051
173,470
122,351
16,551
190

399,777
45,221
24,099
211,168
327,231
59,091
32,269
1,544
1,328

All
4.21

Special Tables • April 1982
DOMESTIC OFFICES, Insured Commercial Banks with Assets of $100 Million or over 1 ^
Consolidated Report of Condition; Dec. 31, 1981
Millions of dollars
Member banks
Total

National

State

Nonmember
insured

1,259,056

1,072,096

811,243

260,853

186,959

2 Cash and due from depository institutions
Currency and coin (U.S. and foreign)
3
4
Balances with Federal Reserve Banks
5
Balances with other central banks
Demand balances with commercial banks in United States
6
7
All other balances with depository institutions in United States and with banks in foreign
countries
8
Time and savings balances with commercial banks in United States
9
Balances with other depository institutions in United States
10
Balances with banks in foreign countries
11 Cash items in process of collection

154,145
13,533
21,939
220
18,777

135,159
11,630
21,126
220
12,107

97,652
9,094
16,352
213
9,552

37,507
2,536
4,774
7
2,555

18,986
1,903
813
0
6,670

24,374
8,574
278
15,522
75,301

17,689
5,442
90
12,158
72,386

12,662
4,401
49
8,212
49,778

5,027
1,041
41
3,946
22,608

6,684
3,132
188
3,364
2,915

12 Total securities, loans, and lease financing receivables

979,452

821,652

626,399

195,254

157,800

13 Total securities, book value
14 U.S. Treasury
15 Obligations of other U.S. government agencies and corporations
16
Obligations of states and political subdivisions in United States
17
All other securities
18
Other bonds, notes, and debentures
19
Federal Reserve and corporate stock
20
Trading account securities

219,733
63,320
36,815
103,379
16,220
3,712
1,651
10,857

174,156
48,157
27,631
83,902
14,466
2,294
1,482
10,690

131,574
36,209
22,194
63,238
9,933
1,655
1,115
7,163

42,582
11,948
5,437
20,664
4,533
639
367
3,527

45,577
15,163
9,184
19,477
1,754
1,417
168
168

63,721

54,924

43,937

10,987

8,797
106,308
2,800
1,110
102,398

1 Total assets

21 Federal funds sold and securities purchased under agreements to resell
22 Total loans, gross
23 LESS: Unearned income on loans
24
Allowance for possible loan loss
25 EQUALS: Loans, net

704,139
11,980
8,945
683,214

597,831
9,180
7,835
580,815

455,051
6,951
5,803
442,296

142,780
2,229
2,032
138,519

Total loans, gross, by category
26 Real estate loans
27
Construction and land development
28
Secured by farmland
29 Secured by residential properties
30
1- to 4-family
31
FHA-insured or VA-guaranteed
32
Conventional
33
Multifamily
34
FHA-insured
35
Conventional
36
Secured by nonfarm nonresidential properties

203,432
39,407
2,076
114,043
108,293
5,674
102,619
5,750
308
5,442
47,906

163,667
33,376
1,542
92,080
87,446
4,993
82,452
4,635
228
4,407
36,667

133,996
25,813
1,410
76,895
73,220
4,159
69,061
3,675
129
3,546
29,878

29,670
7,563
133
15,185
14,225
834
13,391
960
99
861
6,789

39,765
6,031
534
21,962
20,847
681
20,166
1,115
80
1,035
11,239

53,393
4,908
11,291
12,773
11,305
13,115

49,404
4,632
8,814
12,308
11,057
12,593

31,453
3,418
5,761
7,040
6,722
8,512

17,951
1,214
3,052
5,269
4,335
4,081

3,989
276
2,478
465
249
521

43 Loans for purchasing or carrying securities
44
Brokers and dealers in securities
45
Other
46 Loans to finance agricultural production and other loans to farmers
47 Commercial and industrial loans

14,207
9,868
4,339
9,903
273,222

13,552
9,509
4,043
8,784
239,295

6,970
4,022
2,948
8,167
177,951

6,582
5,487
1,095
617
61,344

655
358
296
1,119
33,928

48 Loans to individuals for household, family, and other personal expenditures
49
Installment loans
50
Passenger automobiles
51
Credit cards and related plans
52
Retail (charge account) credit card
53
Check and revolving credit
54
Mobile homes
55
Other installment loans
56
Other retail consumer goods
57
Residential property repair and modernization
58
Other installment loans for household, family, and other personal expenditures
59
Single-payment loans
60 All other loans

127,403
103,826
36,257
29,356
23,940
5,416
6,757
31,456
7,625
7,598
16,233
23,577
22,579

102,429
83,062
27,560
26,221
21,539
4,682
5,434
23,847
6,118
5,487
12,242
19,367
20,700

82,776
67,594
22,483
20,966
17,351
3,614
4,959
19,185
5,137
4,446
9,603
15,183
13,737

19,653
15,469
5,076
5,255
4,187
1,068
475
4,662
981
1,041
2,640
4,184
6,963

24,974
20,764
8,697
3,135
2,402
733
1,323
7,609
1,507
2,111
3,991
4,210
1,879

61
62
63
64
65
66
67
68

12,784
20,584
1,692
103,183
357
40,209
33,088
29,528

11,757
16,777
1,398
97,110
329
39,336
31,823
25,622

8,591
13,571
1,117
72,504
297
28,309
25,669
18,229

3,166
3,206
281
24,605
32
11,027
6,154
7,393

1,027
3,807
294
6,073
28
874
1,265
3,906

37 Loans to financial institutions
38
REITs and mortgage companies in United States
39 Commercial banks in United States
40
Banks in foreign countries
41
Finance companies in United States
42
Other financial institutions

Lease financing receivables
Bank premises, furniture and fixtures, and other assets representing bank premises
Real estate owned other than bank premises
All other assets
Investment in unconsolidated subsidiaries and associated companies
Customers' liability on acceptances outstanding
Net due from foreign branches, foreign subsidiaries, Edge and agreement subsidiaries..
Other




Commercial Banks
4.21

A75

Continued
Member banks
Item

Nonmember
insured

Insured
National

Total

State

69 Total liabilities and equity capital8

1,259,056

1,072,096

811,243

260,853

186,959

70 Total liabilities excluding subordinated debt

1,170,985

997,674

754,797

242,877

173,311

71 Total deposits
72
Individuals, partnerships, and corporations
73
U.S. government
74
States and political subdivisions in United States
75
All other
76
Foreign governments and official institutions
77
Commercial banks in United States
78
Banks in foreign countries
79
Certified and officers' checks, travelers chccks, and letters of credit sold for cash

901,827
772.632
2.264
52.033
63,386
7,114
43,542
12,730
11.511

746,272
635.193
1,887
39,649
59.734
6,835
41.068
11,830
9.810

576,301
498,778
1.486
32,351
37,711
3.842
29.348
4.522
5.974

169,971
136,415
400
7,298
22,022
2,993
11,721
7,309
3,835

155.554
137,439
377
12,384
3,653
279
2,473
900
1.701

80 Demand deposits
81
Mutual savings banks
Other individuals, partnerships, and corporations
82
83
U.S. government
84
States and political subdivisions in United States
85
All other
Foreign governments and official institutions
86
87
Commercial banks in United States
88
Banks in foreign countries
89
Certified and officers' checks, travelers checks, and letters of credit sold for cash

295.750
1,065
229.820
1.812
10.749
40.792
1,193
30.796
8.803
11.511

254,504
925
194,268
1,525
8,896
39.079
1.157
29,434
8.488
9.810

186.219
554
145,766
1,166
7,144
25.615
525
21,587
3,503
5,974

68,284
371
48,502
360
1,752
13,464
632
7,847
4,985
3.835

41.246
139
35,552
287
1,854
1,712
35
1,361
316
1,701

90 Time deposits
91
Mutual savings banks
92
Other individuals, partnerships, and corporations
U.S. government
93
94
States and political subdivisions in United States
95
All other
96
Foreign governments and official institutions
Commercial banks in United States
97
Banks in foreign countries
98

459.216
345
396,127
398
39.775
22.570
5.900
12.744
3.927

375.803
327
324,923
313
29.609
20,631
5.657
11.632
3.342.

296,539
227
259,620
273
24.345
12.074
3.296
7,759
1.019

79.264
101
65.303
40
5,264
8,557
2,360
3,873
2.324

83,413
18
71,204
86
10,166
1,940
244
1,112
584

99 Savings deposits
100
Mutual savings banks
101
Other individuals, partnerships, and corporations
102
Individuals and nonprofit organizations
Corporations and other profit organizations
103
104
U.S. government
States and political subdivisions in United States
105
106
All other
107
Foreign governments and official institutions
Commercial banks in United States
108
109
Banks in foreign countries

146.861

115,966

93.543

22,422

145.275
139.292
5.984
53
1.509
24
22
2

92.611
89.119
3,492
48
862
22
20
2

22,138
21,293
845
1
282
1
1
1

30,896
0
30,526
28.879
1.647
5
364
1
1

110 Federal funds purchased and securities sold under agreements to repurchase
111 Interest-bearing demand notes issued to U.S. Treasury and other liabilities for borrowed
money
112
Interest-bearing demand notes (note balances) issued to U.S. Treasury
113 Other liabilities for borrowed money
114 Mortgage indebtedness and liability for capitalized leases
115 All other liabilities
116 Acceptances executed and outstanding
117 Net due to foreign branches, foreign subsidiaries. Edge and agreement subsidiaries
118
Other
119 Subordinated notes and debentures
120 Total equity capital8

*

*

114.749
110.412
4.337
48
1.144
23
21
2

*

*

*

*
*

153.864

142.650

106.803

35.847

11.215

26.544
7.571
18.973
2.022

25.120
6,916
18,205
1.668

14,274
4.891
9,382
1,412

10.847
2.024
8.822
256

1.423
655
768
354

86.728
42,091
13.130
31.507

81.964
41,217
12,504
28.243

56.008
30.119
5.415
20.473

25.956
11.098
7,088
7,770

4,765
874
627
3,264

5.337

4.191

3.006

1.185

1,146

82,733

70,231

53,441

16,791

12,502

256.498
236.100
20.398
41.813

218,332
199,632
18,699
33,367

167.520
154.341
13.179
27,386

50,812
45.291
5.520
5,981

38.166
36,468
1,698
8,447

124.685
12.323
187,840

97,030
9,580
151,158

81.006
7.792
113.689

16.025
1,789
37,469

27.655
2.743
36.682

56.565
3.900
1,141

54.048
3,730
707

36,770
3,151
589

17,278
580
118

2.517
169
435

1,218.107
140.687
57.151
679.214
869,282
232.561
154.620
18.095

1.036,095
124.307
48,911
576,971
718.124
196,954
143,834
17.233

785.058
89,694
38,321
439,395
551,541
151,873
106.302
9,146

251,037
34,613
10,590
137,577
166,582
45,081
37,532
8,087

182,011
16.380
8.240
102.243
151,158
35,606
10,786
862

1,518

969

803

166

549

MEMO

121 Time deposits of $100,000 or more
122 Certificates of deposit (CDs) in denominations of $100,000 or more
P3
Other
124 Savings deposits authorized for automatic transfer and NOW accounts
125 Money market time certificates of $10,000 and less than $100,000 with original maturities of 26
weeks
126 All savers certificates
127 Demand deposits adjusted 6
128 Total standby letters of credit
129 Conveved to others through participation (included in standby letters of credit)
130 Holdings of commercial paper included in total gross loans
131
137
133
134
135
136
137
138

Average for 30 calendar davs (or calendar month) ending with report date
Total assets
Cash and due from depository institutions
Federal funds sold and securities purchased under agreements to resell
Total loans
Total deposits
Time CDs in denominations of $100,000 or more in domestic offices
Federal funds purchased and securities sold under agreements to repurchase
Other liabilities for borrowed money

139 Number of banks
For notes see page A77.




All
4.22

Special Tables • April 1982
D O M E S T I C OFFICES, Insured Commercial Bank Assets and Liabilities'"
Consolidated Report of Condition; Dec. 31, 1981
Millions of dollars
Member banks
Item

Insured
Total

1 Total assets
2 Cash and due from depository institutions
3 Currency and coin (U.S. and foreign)
4 Balances with Federal Reserve Banks
Balances with other central banks
6 Demand balances with commercial banks in United States
7 All other balances with depository institutions in United States and banks in foreign countries
8
Cash items in process of collection
9 Total securities, loans, and lease financing receivables
in Total securities, book value
11
12 Obligations of other U.S. government agencies and corporations
13
Obligations of states and political subdivisions in United States
14 All other securities

National

State

Nonmember
insured

1,673,823

1,246,191

958,111

288,081

427,632

193.363
18.622
25,248
220
36,220
34,195
78,857

153,428
13,948
24,287
220
17,932
22,417
74,625

113,271
11,051
19.048
213
14,607
16,737
51,615

40,157
2,897
5,239
7
3,325
5,680
23,010

39,935
4,674
962
0
18,288
11,779
4,233

1,337,888

970,447

751,673

218,774

367,441

340,206
102,894
68,814
150,362
18,137

223,895
64,264
40,400
103,929
15,303

173.321
49,453
32,915
80,346
10,607

50,574
14,810
7,485
23,583
4,696

116,312
38,630
28,414
46,433
2,834

90,101

66,222

53,396

12,826

23,879

924,525
19,041
11,072
894,413

689,297
12,167
8,757
668,373

532,242
9,470
6,593
516,178

157,055
2,697
2,164
152,194

235,228
6,873
2,315
226,040

281,792
44,866
8,299
161,459
154,384
7.076
67,168

195,673
35,304
3,643
112,340
107,200
5,140
44,386

160,484
27,518
3,064
93,512
89.415
4,097
36,390

35,189
7,786
579
18,827
17,785
1,043
7,997

86,119
9,562
4,656
49,120
47,184
1,936
22,782

56,312
14,908
32,918
327,101

50,726
13,850
17,554
261,358

32,647
7,165
15,345
196,892

18,079
6,685
2,209
64,466

5,585
1,059
15,364
65,744

33
Passenger automobiles
34
Credit cards and related plans
35
36
All other installment loans for household, family, and other personal expenditures
37
Single-payment loans
38 All other loans

185,216
147,589
58,027
32,890
10,192
46,479
37,627
26,278

127,860
102,838
36,756
29,104
6,989
29,990
25,021
22,276

104,677
84,740
30,305
23,781
6,292
24,362
19,937
15,033

23,183
18,099
6,450
5,323
697
5,628
5,085
7,243

57,356
44,750
21,272
3,786
3,203
16,490
12,606
4,001

39 Lease financing receivables
40 Bank premises, furniture and fixtures, and other assets representing bank premises
41 Real estate owned other than bank premises
42

13,168
28,853
2,461
111,259

11,958
20,190
1,681
100,445

8,779
16,460
1,348
75,359

3,179
3,730
334
25,086

1,210
8,663
779
10,814

15 Federal funds sold and securities purchased under agreements to resell
16 Total loans, gross
17 LESS: Unearned income on loans
18
Allowance for possible loan loss
19 EQUALS: Loans, net
Total loans, gross, by category
7(1
21
22
23
74

75
26
77
2.8
29
30

Construction and land development
Secured by farmland
Secured by residential properties
1- to 4-family
Multifamily
Secured by nonfarm nonresidential properties
Loans to financial institutions
Loans for purchasing or carrying securities
Loans to finance agricultural production and other loans to farmers
Commercial and industrial loans

31 Loans to individuals for household, family, and other personal expenditures
37




Commercial Banks
4.22

A77

Continued
Member banks
Insured

Item

Total

National

State

Nonmember
insured

43 Total liabilities and equity capital8

1,673,823

1,246,191

958,111

288,081

427,632

44 Total liabilities excluding subordinated debt

1,549,764

1,156,634

889,161

267,473

393,129

45 Total deposits
46
Individuals, partnerships, and corporations
47
U.S. government
48
States and political subdivisions in United States
49
All other
50
Certified and officers' checks, travelers checks, and letters of credit sold for cash

1,263,637
1,099,056
3,233
81,613
64,781
14,954

897,095
772,008
2,293
51,052
60,521
11,220

703,636
614,117
1,839
42,082
38,419
7,179

193,459
157,892
454
8,970
22,102
4,041

366,542
327,048
940
30,561
4,259
3,734

51 Demand deposits
52
Individuals, partnerships, and corporations
53 U.S. government
54
States and political subdivisions in United States
55
All other
56 Certified and officers' checks, travelers checks, and letters of credit sold for cash

383,119
307,287
2,578
16,735
41,565
14,954

291,280
227,217
1,857
11.411
39,575
11,220

217,594
173,622
1,457
9,287
26,049
7,179

73,686
53,595
400
2,124
13,526
4,041

91,840
80,069
722
5,325
1,990
3,734

57 Time deposits
58
Other individuals, partnerships, and corporations
59
U.S. government
60
States and political subdivisions in United States
61
All other

658,179
573,077
589
61,363
23,149

457,453
398,489
382
37,678
20,904

365,368
321,465
329
31,244
12,330

92,085
77,024
53
6,434
8,574

200,725
174,589
206
23,685
2,246

62 Savings deposits
63 Corporations and other profit organizations
64
Other individuals, partnerships, and corporations
65
U.S. government
66
States and political subdivisions in United States
67
All other

222,340
8,740
209.952
66
3,515
66

148,363
5,423
140,880
54
1,963
42

120,675
4,402
114,628
53
1,551
40

27,688
1,021
26,252
1
412
2

73,977
3,317
69,072
12
1,551
24

68 Federal funds purchased and securities sold under agreements to repurchase
69 Interest-bearing demand notes (note balances) issued to U.S. Treasury and other liabilities for
borrowed money
70 Mortgage indebtedness and liability for capitalized leases
71 All other liabilities

162,619

147,295

110,882

36,413

15,324

27,868
2.438
93,201

25,755
1,812
84,677

14,808
1,525
58,309

10,946
287
26,368

2,113
626
8,524

3,253

1,316

1,573

72 Subordinated notes and debentures
73 Total equity capital

8

6,143

4,569

117,917

84,987

65,696

19,291

32,929

303,769
279,988
23,781
65,160

237,473
217,418
20,055
43.383

184,278
169,912
14,366
35,934

53,195
47,506
5,689
7,448

66,296
62,570
3,726
21,777

217,719
17,328
270,118

135.295
11,734
184,869

113,060
9,548
142,502

22,235
2,186
42,367

82,423
5,594
85,250

58,124

54,636

37,280

17,356

3,488

1,224,075

866,135

676.316

189,819

357,940

14,398

5.472

4,452

1,020

8,926

MEMO

74 Time deposits of $100,000 or more
75
Certificates of deposit (CDs) in denominations of $100,000 or more
76
Other
77 Savings deposits authorized for automatic transfer and NOW accounts
78 Money market time certificates of $10,000 and less than $100,000 with original maturities of 26
weeks
79 All savers certificates
80 Demand deposits adjusted 6
81 Total standby letters of credit
Average for 30 calendar days (or calendar month) ending with report date
82 Total deposits
83 Number of banks
1. Effective Dec. 31, 1978, the report of condition was substantially revised for
commercial banks. Commercial banks with assets less than $100 million and with
domestic offices only were given the option to complete either the abbreviated or
the standard set of reports. Banks with foreign offices began reporting in greater
detail on a consolidated domestic and foreign basis. These tables reflect the varying
levels of reporting detail.
Beginning Dec. 3, 1981, depository institutions may establish international banking facilities (IBFs). Activity of IBFs established by U.S. commercial banks is
reflected in the appropriate asset and liability line items in the domestic office
portion of the tables. Activity of IBFs established by Edge Act and Agreement
subsidiaries of U.S. commercial banks is reflected in the appropriate asset and
liability line items in the foreign office portion of the tables. When there is a column
for fully consolidated foreign and domestic data, activity of IBFs is reflected in the
appropriate asset and liability line items in that portion of the tables.
2. All transactions between domestic and foreign offices of a bank are reported
in "Net due from" and "Net due to" (lines 79 and 103). All other lines represent
transactions with parties other than the domestic and foreign offices of each bank.
Since these intra-office transactions are erased by consolidation, total assets and
liabilities are the sum of all except intra-office balances.




3. Foreign offices include branches in foreign countries and in U.S. territories
and possessions, subsidiaries in foreign countries, and all offices of Edge Act and
agreement corporations wherever located.
4. This item is unavailable for all or some of the banks because of the lesser
detail available from banks without foreign offices, the inapplicability of certain
items to banks that have only domestic offices, and the absence of detail on a fully
consolidated basis for banks with foreign offices.
5. Equity capital is not allocated between the domestic and foreign offices of
banks with foreign offices.
6. Demand deposits adjusted equal demand deposits other than domestic commercial interbank and U.S. government less cash items in process of collection.
7. Domestic offices exclude branches in foreign countries and in U.S. territories
and possessions, subsidiaries in foreign countries, and all offices of Edge Act and
agreement corporations wherever located.
8. This item contains the capital accounts of U.S. banks that have no Edge or
foreign operations and reflects the difference between domestic office assets and
liabilities of U.S. banks with Edge or foreign operations excluding the capital
accounts of their Edge or foreign subsidiaries.

All
4.30

Special Tables • April 1982
ASSETS AND LIABILITIES of U.S. Branches and Agencies of Foreign Banks, December 31, 19811
Millions of dollars
All states2

New York

Item
Total
4

1 Total assets

Branches

Agencies

Branches

Agencies

Other states 2

California,
total 3

Illinois,
branches
Branches

Agencies

172,576

121,199

51,377

104,062

9,999

38,562

8,062

8,721

3,170

2 Cash and due from depository institutions
3 Currency and coin (U.S. and foreign)
4 Balances with Federal Reserve Banks
5 Balances with other central banks
6
Demand balances with commercial banks in United
States
7 All other balances with depository institutions in
United States and with banks in foreign
countries
8
Time and savings balances with commercial banks
in United States
y
Balances with other depository institutions in
United States
10
Balances with banks in foreign countries
11
Foreign branches of U.S. banks
12
Other banks in foreign countries
13 Cash items in process of collection

14,097
17
922
5

13,072
15
832
2

1,025
2
90
3

12,112
11
685
1

585
1
56
0

369
1
26
3

717
2
35
0

206
1
110
0

107
1
10
0

1,892

1,358

535

1,279

423

101

33

35

23

11,157

10,787

370

10,062

105

214

644

57

74

5,780

5,640

140

5,302

38

96

258

57

29

202
5,175
1,186
3,990
104

196
4,950
1,139
3,811
79

6
225
47
179
25

195
4,565
1,105
3,460
73

0
68
21
46
1

6
112
14
98
24

1
385
34
351
3

0
0
0
0
3

0
45
11
34
1

14 Total securities, loans, and lease financing receivables..

112,930

83,786

29,144

72,401

6,984

19,499

6,690

4,474

2,881

15 Total securities, book value
16 U.S. Treasury
17 Obligations of other U.S. government agencies and
corporations
18 Obligations of states and political subdivisions in
United States
19 Other bonds, notes, debentures, and corporate stock

4,351
2,737

3,933
2,544

418
194

3,712
2,462

264
147

155
48

178
45

40
35

2
0

482

456

26

443

10

17

7

5

0

122
1,010

118
815

4
195

99
708

1
106

1
89

19
107

0
0

2
0

9,475

7,479

1,997

6,941

1,257

805

277

184

11

8,328
1,147

6,546
932

1,782
215

6,105
837

1,162
95

685
120

183
94

182
2

11
0

9,260
276
8,984

7,274
248
7,026

1,986
28
1,958

6,746
48
6,701

1,246
28
1,218

805
63
743

264
20
244

184
118
66

11
0
11

20 Federal funds sold and securities purchased under
agreements to resell
21
22

By holder
Commercial banks in United States
Others

23
24
25
26

By type
One-day maturity or continuing contract
Securities purchased under agreements to resell...
Other
Other securities purchased under agreements to
resell

215

205

11

192

11

0

12

0

0

108,757
179
108,578

79,968
116
79,852

28,789
63
28,726

68,790
102
68,688

6,737
17
6,720

19,389
44
19,345

6,525
12
6,513

4,436
2
4,434

2,881
2
2,879

4,002
39,337
25,029
23,868
1,161
13,181
1,339
11,842
1,126

1,447
31,697
19,761
18,849
911
11,007
1,243
9,764
930

2,556
7,640
5,268
5,019
249
2,175
96
2,078
197

906
28,615
17,457
16,587
870
10,473
1,191
9,281
685

441
1,489
706
631
76
636
59
577
147

1,519
5,892
4,541
4,368
173
1,323
37
1,286
28

78
2,882
2,111
2,097
14
529
52
477
242

402
200
193
165
28
5
0
5
2

657
259
21
20
1
216
0
216
22

39 Loans for purchasing or carrying securities
40 Commercial and industrial loans
41
U.S. addressees (domicile)
42
Non-U.S. addressees (domicile)
43 Loans to individuals for household, family, and other
personal expenditures
44 All other loans
45 Loans to foreign governments and official
institutions
46
Other

1,106
53,074
31,111
21,963

810
36,681
20,648
16,033

296
16,393
10,463
5,930

769
29,677
15,343
14,335

292
3,939
1,769
2,170

32
10,697
7,233
3,464

10
3,165
2,599
567

2
3,740
2,641
1,099

0
1,854
1,526
328

183
11,054

117
9,215

66
1,839

76
8,747

24
551

52
1,196

9
381

19
73

3
107

9,489
1,565

7,754
1,462

1,735
103

7,364
1,383

487
64

1,163
33

336
44

53
19

86
21

47 Lease financing receivables
48 All other assets
49
Customers' liability on acceptances outstanding
50
U.S. addressees (domicile)
51
Non-U.S. addressees (domicile)
52 Net due from related banking institutions 5
53
Other

1
36,074
10,875
5,849
5,026
19,104
6,095

1
16,863
7,955
3,955
4,000
3,982
4,925

0
19,211
2,920
1,893
1,027
15,122
1,169

1

12,607
7,654
3,784
3,870
431
4,522

0
1,173
870
51
818
54
249

0
17,888
1,997
1,809
188
15,034
858

0
378
163
144
19
0
215

0
3,856
137
26
111
3,546
173

0
171
53
33
20
39
79

27 Total loans, gross
28 LESS: Unearned income on loans
29 EQUALS: Loans, net
Total loans, gross, by category
3(1 Real estate loans
31 Loans to financial institutions
32
Commercial banks in United States
33
U.S. branches and agencies of other foreign banks
34
Other commercial banks
35
Banks in foreign countries
36
Foreign branches of U.S. banks
37
Other
38
Other financial institutions




U. S. Branches and Agencies
4.30

A79

Continued
All states 2

New York

Item
Total
4

Branches

Agencies

Branches

Agencies

Other states 2

California,
total 3

Illinois,
branches
Branches

Agencies

172,576

121,199

51,377

104,062

9,999

38,562

8,062

8,721

3,170

55 Total deposits and credit balances
56 Individuals, partnerships, and corporations
57
U.S. addressees (domicile)
58
Non-U. S. addressees (domicile)
59 U.S. government, states, and political subdivisions
in United States
60 All other
61
Foreign governments and official institutions
62
Commercial banks in United States
63
U.S. branches and agencies of other foreign
banks
64
Other commercial banks in United States
65
Banks in foreign countries
66
Foreign branches of U.S. banks
67
Other banks in foreign countries
68
Certified and officers' checks, travelers checks,
and letters of credit sold for cash

48,582
29,631
26,007
3,624

46,065
28,423
25,900
2,523

2,517
1,208
107
1,101

38,360
21,206
18,982
2,224

762
181
49
132

1,493
786
75
712

1,531
1,272
1,087
184

6,081
5,872
5,800
72

355
313
13
299

112
18,839
4,435
3,724

112
17,530
4,113
3,568

0
1,309
322
157

33
17,121
4,030
3,337

0
581
142
70

2
704
163
102

2
257
41
197

75
134
42
19

0
42
17
0

1,912
1,813
9,878
790
9,088

1,823
1,745
9,286
739
8,547

89
68
592
51
541

1,663
1,674
9,224
737
8,487

33
37
178
13
165

56
46
407
40
367

160
36
3
0
3

0
19
57
0
57

0
0
10
0
10

801

563

239

530

191

33

16

16

15

69 Demand deposits
70
Individuals, partnerships, and corporations
71
U.S. addressees (domicile)
72
Non-U.S. addressees (domicile)
U.S. government, states, and political subdivisions
73
in United States
74
All other
75
Foreign governments and official institutions
Commercial banks in United States
76
77
U.S. branches and agencies of other foreign
banks
Other commercial banks in United States
78
79
Banks in foreign countries
80
Certified and officers' checks, travelers checks,
and letters of credit sold for cash

3,922
1,556
988
568

3,565
1,489
987
502

357
67
0
66

3,309
1,286
801
485

197
5
0
4

90
32
9
23

119
97
85
12

126
96
92
4

80
40
0
40

18
2,349
451
126

18
2,058
416
126

0
291
35
0

17
2,006
406
120

0
192
0
0

0
58
18
0

0
22
2
0

0
29
8
5

0
41
17
0

3
123
971

3
123
954

0
0
17

3
117
951

0
0
1

0
0
7

0
0
3

0
5
0

0
0
9

54 Total liabilities

801

563

239

530

191

33

16

16

15

81 Time deposits
82
Individuals, partnerships, and corporations
83
U.S. addressees (domicile)
84
Non-U.S. addressees (domicile)
85 U.S. government, states, and political subdivisions
in United States
86
All other
87
Foreign governments and official institutions
88
Commercial banks in United States
89
U.S. branches and agencies of other foreign
banks
90
Other commercial banks in United States
91
Banks in foreign countries

43,652
27,475
24,641
2,835

41,924
26,584
24,641
1,943

1,727
892
0
892

34,551
19,630
17,964
1,666

231
18
0
18

1,306
681
20
662

1,382
1,145
974
171

5,928
5,749
5,684
66

253
252
0
252

94
16,082
3,929
3,470

94
15,247
3,690
3,358

0
836
238
112

16
14,905
3,617
3,148

0
213
95
31

2
623
144
81

2
235
39
196

74
104
34
14

0
1
0
0

1,907
1,563
8,684

1,820
1,538
8,199

87
25
485

1,659
1,488
8,140

31
0
88

56
25
399

160
36
0

0
14
56

0
0
1

92 Savings deposits
93 Individuals, partnerships, and corporations
94
U.S. addressees (domicile)
95
Non-U.S. addressees (domicile)
96 U.S. government, states, and political subdivisions
in United States
97
All other

282
281
198
83

257
257
198
59

24
24
0
24

197
197
143
54

0
0
0
0

22
22
3
19

30
30
28
2

27
27
24
2

7
7
0
7

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

98 Credit balances
99
Individuals, partnerships, and corporations
100
U.S. addressees (domicile)
101
Non-U.S. addressees (domicile)
102 U.S. government, states, and political subdivisions
in United States
103 All other
104
Foreign governments and official institutions
105
Commercial banks in United States
106
U.S. branches and agencies of other foreign
banks
107
Other commercial banks in United States
Banks in foreign countries
108

727
318
181
138

319
93
74
19

408
225
107
119

303
93
74
19

334
159
49
110

75
52
44
8

0
0
0
0

0
0
0
0

15
14
13
1

0
408
56
129

0
225
7
84

0
183
49
45

0
210
7
69

0
175
47
39

0
23
1
21

0
0
0
0

0
0
0
0

0
0
0
0

2
127
223

0
84
134

2
43
90

0
69
133

2
37
89

0
21
1

0
0
0

0
0
0

0
0
0

For notes see page A81.




All
4.30

Special Tables • April 1982
Continued
All states2

New York

Item
Total
109 Federal funds purchased and sold under agreement to
repurchase
110
111

By holder
Commercial banks in United States
Others

112
113
114
115

By type
One-day maturity or continuing contract
Securities sold under agreements to repurchase . . .
Other
Other securities sold under agreements to
repurchase

Other states 2

California,
total 3

Illinois,
branches

Branches

Agencies

Branches

Agencies

18,643

11,463

7,180

9,700

1,676

4,942

16,487
2,156

10,080
1,383

6,407
773

8,359
1,341

1,415
260

17,624
964
16,660

10,550
916
9,634

7,074
48
7,026

8,893
805
8,088

1,606
10
1,596

Branches

Agencies

1,206

459

660

4,886
56

1,165
41

458
1

204
457

4,838
38
4,800

1,168
0
1,168

459
111
348

660
0
660

1,019

913

106

808

69

104

38

0

0

116 Other liabilities for borrowed money
117 Owed to banks
118
U.S. addressees (domicile)
119
Non-U.S. addressees (domicile)
120 Owed to others
121
U.S. addressees (domicile)
122
Non-U.S. addressees (domicile)

53,047
50,147
47,996
2,151
2,900
2,515
385

22,536
20,552
18,743
1,808
1,985
1,712
272

30,511
29,595
29,252
343
915
802
113

20,554
18,682
16,997
1,685
1,872
1,601
271

3,417
3,352
3,111
242
65
18
47

26,958
26,113
26,044
69
845
784
60

1,195
1,145
1,046
98
50
48
2

723
660
655
5
63
63
0

200
195
142
52
6
0
6

123 All other liabilities
124 Acceptances executed and outstanding
125 Net due to related banking institutions 5
126 Other

52,303
11,865
36,492
3,946

41,134
8,786
29,231
3,118

11,169
3,080
7,261
829

35,447
8,485
24,127
2,836

4,144
878
3,054
212

5,169
2,136
2,460
574

4,130
163
3,827
140

1,458
138
1,185
136

1,955
66
1,839
49

127 Time deposits of $100,000 or more
128 Certificates of deposit (CDs) in denominations of
$100,000 or more
129 Other
130 Savings deposits authorized for automatic transfer and
NOW accounts
131 Money market time certificates of $10,000 and less
than $100,000 with original maturities of 26 weeks
132 Time certificates of deposit in denominations of
$100,000 or more with remaining maturity of
more than 12 months

34,925

33,842

1,082

26,546

1

901

1,342

5,892

242

27,594
7,331

26,684
7,158

910
173

19,744
6,803

1
0

718
182

1,121
221

5,780
113

230
12

26

17

10

4

0

5

5

6

6

155

139

17

84

0

13

28

26

5

1,408

1,353

54

1,103

0

82

22

200

1

133
134
135
136
137
138
139
140

4,622
66,918
11,320
7,284
9,370
7,449
1,921

3,159
61,906
10,860
4,175
7,425
5,993
1,432

1,463
5,012
460
3,109
1,945
1,456
489

2,872
55,732
6,949
3,637
6,623
5,527
1,096

95
4,962
26
542
330
166
163

1,361
64
3
2,504
950
722
228

4
6,118
258
301
430
244
186

282
42
3,653
233
354
205
149

8
432
67
683
584
98

1,977

1,856

121

1,816

0

121

40

0

0

MEMO

Acceptances refinanced with a U.S.-chartered bank . . .
Statutory or regulatory asset pledge requirement
Statutory or regulatory asset maintenance requirement
Commercial letters of credit
Standby letters of credit, total
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Standby letters of credit conveyed to others through
participations (included in total standby letters of
credit)

141 Holdings of commercial paper included in total gross
loans
142 Holdings of acceptances included in total commercial
and industrial loans
143 Immediately available funds with a maturity greater
than one day (included in other liabilities for borrowed money)

37,271

14,289

144 Gross due from related banking institutions 5
145 U.S. addressees (domicile)
146
Branches and agencies in United States
147
In the same state as reporter
148
In other states
149
U.S. banking subsidiaries6
150 Non-U.S. addressees (domicile)
151
Head office and non-U.S. branches and agencies..
152
Non-U.S. banking companies and offices

69,561
24,264
23,933
284
23,649
331
45,297
43,682
1,616

43,925
8,719
8,509
88
8,421
210
35,206
33,703
1,503

153 Gross due to related banking institutions 5
154 U.S. addressees (domicile)
155
Branches and agencies in United States
156
In the same state as reporter
157
In other states
158
U.S. banking subsidiaries6
159 Non-U.S. addressees (domicile)
160
Head office and non-U.S. branches and agencies..
161
Non-U. S. banking companies and offices

86,949
22,614
22,281
297
21,984
333
64,335
62,523
1,812

69,174
16,422
16,146
138
16,008
276
52,752
51,289
1,463

17,775
6,192
6,135
158
5,976
57
11,583
11,234
349




0

738

666

72

631

22

49

34

0

1

5,731

4,207

1,524

4,130

227

1,280

63

15

17

22,982

12,690

2,665

20,217

1,124

425

150

25,636
15,545
15,424
195
15,229
121
10,091
9,979
112

37,400
4,076
3,931
36
3,895
145
33,323
31,824
1,499

5,438
1,445
1,433
1
1,433
12
3.993
3,989
4

19,866
14,024
13,914
181
13,733
109
5,842
5,759
83

1,970
307
292
21
271
15
1,663
1,659
4

4,472
4,253
4,202
32
4,170
50
219
219

416
160
160
13
147

61,095
11.834
11,587
90
11,497
247
49,261
47,830
1,431

8,437
2,300
2,299
7
2,292
1
6,137
5,879
258

7,292
2,922
2,895
142
2,754
27
4,370
4,312
57

5,797
2,958
2,931
20
2,911
26
2,839
2,810
29

2,111
1,598
1,596
28
1,568
3
513
513

0

0

0

256
231
26
2,216
1,001
972
10
963
29
1,215
1,179
36

U.S. Branches and Agencies
4.30

A81

Continued
All states2

New York

Item
Total
Average for 30 calendar days (or calendar month) ending
with report date
162 Total assets
163 Cash and due from depository institutions
164 Federal funds sold and securities purchased under
agreements to resell
165 Total loans
166 Loans to banks in foreign countries
167 Total deposits and credit balances
168 Time CDs in denominations of $100,000 or more
169 Federal funds purchased and securities sold under
agreements to repurchase
170 Other liabilities for borrowed money
171 Number of reports filed 7

Branches

Agencies

Branches

Agencies

170,452
12,667

117,938
11,783

52,514
884

101,927
10,959

12,616
515

37,091
302

6,912
102,214
11,933
42,850
28,492

5,117
74,862
10,083
40,818
27,599

1,796
27,352
1,850
2,032
893

4,858
64,374
9,630
33,516
20,925

1,223
6,361
546
656
10

14,589
50,678

9,348
21,550

5,241
29,128

8,107
19,724

369

187

182

115

1. Data are aggregates of categories reported on the quarterly form FFIEC 002,
"Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks."
This form was first used for reporting data as of June 30, 1980. From November
1972 through May 1980, U.S. branches and agencies of foreign banks had filed a
monthly FR 886a report. Aggregate data from that report were available through
the Federal Reserve statistical release G . l l , last issued on July 10, 1980. Data in
this table and in the G . l l tables are not strictly comparable because of differences
in reporting panels and in definitions of balance sheet items.
2. Includes the District of Columbia.
3. Agencies account for virtually all of the assets and liabilities reported in
California.
4. Total assets and total liabilities include net balances, if any, due from or due
to related banking institutions in the United States and in foreign countries (see
footnote 5). On the former monthly branch and agency report, avail-




California,
total 3

Other states 3
Illinois,
branches
Branches

Agencies

7,605
605

8,113
197

3,102
89

578
18,388
1,089
1,106
686

113
6,254
449
1,417
1,074

132
4,027
4
5,818
5,564

8
2,811
216
338
234

1,407
2,976

3,255
25,965

839
1,107

386
691

594
215

51

101

36

31

35

able through the G . l l statistical release, gross balances were included in total assets
and total liabilities. Therefore, total asset and total liability figures in this table are
not comparable to those in the G . l l tables.
5. "Related banking institutions" includes the foreign head office and other U.S.
and foreign branches and agencies of the bank, the bank's parent holding company,
and majority-owned banking subsidiaries of the bank and of its parent holding
company (including subsidiaries owned both directly and indirectly). Gross amounts
due from and due to related banking institutions are shown as memo items.
6. "U.S. banking subsidiaries" refers to U.S. banking subsidiaries majorityowned by the foreign bank and by related foreign banks and includes U.S. offices
of U.S.-chartered commercial banks, of Edge Act and Agreement corporations,
and of New York State (Article XII) investment companies.
7. In some cases two or more offices of a foreign bank within the same metropolitan area file a consolidated report.

A82

Federal Reserve Board of Governors
P A U L A . VOLCKER, Chairman

HENRY C . WALLICH

PRESTON MARTIN, Vice Chairman

J. CHARLES PARTEE

OFFICE OF BOARD

OFFICE OF STAFF DIRECTOR
MONETARY AND FINANCIAL

MEMBERS

JOSEPH R . COYNE, Assistant

to the

D O N A L D J. W I N N , Assistant

to the Board

Board

FRANK O'BRIEN, JR., Deputy Assistant to the Board
ANTHONY F. COLE, Special Assistant to the Board
WILLIAM R. MALONI, Special Assistant to the Board
NAOMI P. SALUS, Special Assistant to the Board
JAMES L. STULL, Manager, Operations Review
Program

LEGAL

Counsel

ROBERT E. MANNION, Deputy General Counsel
J. VIRGIL MATTINGLY, JR., Associate General Counsel
GILBERT T. SCHWARTZ, Associate General Counsel
MARYELLEN A. BROWN, Assistant to the General Counsel

OFFICE OF THE

STEPHEN H . A X I L R O D , Staff

SECRETARY

Director

EDWARD C. ETTIN, Deputy Staff Director
MURRAY ALTMANN, Assistant to the Board
STANLEY J. SIGEL, Assistant to the Board
NORMAND R.V. BERNARD, Special Assistant

DIVISION

DIVISION

MICHAEL BRADFIELD, General

OF RESEARCH

AND

MICHAEL J. PRELL, Associate

Director

JOE M. CLEAVER, Assistant

Director

Director

ROBERT M . FISHER, Assistant

DAVID E. LINDSEY, Assistant

Director

Director

LAWRENCE S L I F M A N , Assistant

FREDERICK M. STRUBLE, Assistant

Director

JERAULD C . K L U C K M A N , Associate
Director
G L E N N E . L O N E Y , Assistant
Director

DIVISION

OF

SUPERVISION

DIVISION

OF INTERNATIONAL

REGULATION

Director

FREDERICK R. DAHL, Associate
Director
DON E. KLINE, Associate
Director
WILLIAM TAYLOR, Associate

Director

JACK M. EGERTSON, Assistant

Director

ROBERT
ROBERT
THOMAS
SAMUEL

A . JACOBSEN, Assistant
S . PLOTKIN, Assistant
A . S I D M A N , Assistant
H . TALLEY, Assistant

LAURA M. HOMER, Securities




(Administration)

FINANCE

EDWIN M . TRUMAN,
Director
ROBERT F . GEMMILL, Associate

Director

CHARLES J. SIEGMAN, Associate

Director

SAMUEL PIZER, Staff

Adviser

RALPH W . SMITH, J R . , Assistant
JOHN E . R Y A N ,

Director
Director

LARRY J. PROMISEL, Senior Deputy Associate
Director
DALE W. HENDERSON, Deputy Associate
Director

BANKING
AND

Director

PETER A. TINSLEY, Assistant
Director
LEVON H. GARABEDIAN, Assistant Director

Director

GRIFFITH L. GARWOOD, Deputy

STATISTICS

JARED J. ENZLER, Senior Deputy Associate
Director
DONALD L. KOHN, Senior Deputy Associate
Director
ELEANOR J. STOCKWELL, Senior Deputy Associate
Director
J. CORTLAND G. PERET, Deputy Associate
Director
HELMUT F. WENDEL, Deputy Associate
Director

STEPHEN P . TAYLOR, Assistant

DIVISION OF
CONSUMER
AND COMMUNITY
AFFAIRS

to the Board

JAMES L . KICHLINE,
Director
JOSEPH S . ZEISEL, Deputy
Director

MARTHA B E T H E A , Assistant

WILLIAM W . W I L E S ,
Secretary
Secretary
BARBARA R . L O W R E Y , Associate
JAMES M C A F E E , Associate
Secretary
*DOLORES S . S M I T H , Assistant
Secretary

JANET O . H A R T ,

FOR
POLICY

Director
Director
Director
Director

Credit

Officer

Director

A83

and Official Staff
N A N C Y H . TEETERS

L Y L E E . GRAMLEY

E M M E T T J. RICE

OFFICE

OFFICE OF STAFF DIRECTOR

OF

STAFF DIRECTOR

FOR

MANAGEMENT

JOHN M. DENKLER, Staff Director
EDWARD T. MULRENIN, Assistant Staff Director
JOSEPH W. DANIELS, SR., Director of Equal
Employment
Opportunity

FEDERAL

OF DATA

PROCESSING

CHARLES L . H A M P T O N ,

Director

BRUCE M. BEARDSLEY, Deputy
ULYESS D . BLACK, Associate

Director
Director

GLENN L. CUMMINS, Assistant
NEAL H. HILLERMAN, Assistant

Director
Director

C . WILLIAM SCHLEICHER, J R . , Assistant
ROBERT J. ZEMEL, Assistant
Director

DIVISION

OF

DIVISION

Director

CONTROLLER

JOHN KAKALEC,
Controller
GEORGE E . LIVINGSTON, Assistant

DIVISION

OF SUPPORT

Controller

SERVICES

DONALD E . ANDERSON,
Director
ROBERT E . FRAZIER, Associate
Director
WALTER W . K R E I M A N N , Associate
Director

*On loan from the Division of Consumer and Community Affairs.
tOn loan from the Federal Reserve Bank of New York.




Director

RESERVE

OPERATIONS

CLYDE H . FARNSWORTH, J R . ,
LORIN S . M E E D E R , Associate
WALTER A L T H A U S E N , Assistant
CHARLES W . B E N N E T T , Assistant
RICHARD B . G R E E N , Assistant

Director
Director
Director
Director
Director

EARL G. HAMILTON, Assistant

Director

DAVID L. ROBINSON, Assistant
P . D . RING,
Adviser
THOWARD F . C R U M B , Acting

Director

CHARLES W . W O O D , Assistant

OFFICE OF THE

Director

Director

JOHN R. WEIS, Assistant

OF FEDERAL

FOR
ACTIVITIES

ELLIOTT C . M C E N T E E , Assistant

PERSONNEL

DAVID L . SHANNON,

BANK

THEODORE E. ALLISON, Staff

BANK
DIVISION

RESERVE

Director

Director
Adviser

84

Federal Reserve Bulletin • April 1982

FOMC and Advisory Councils
FEDERAL OPEN MARKET
PAUL A . VOLCKER,

COMMITTEE
Chairman

ANTHONY M . SOLOMON, Vice
EMMETT J. RICE
NANCY H . TEETERS
HENRY C . WALLICH
WILLIS J. W I N N

LYLE E . GRAMLEY
PRESTON MARTIN
J. CHARLES PARTEE

JOHN J. BALLES
ROBERT P . BLACK
WILLIAM F . FORD

STEPHEN H . AXILROD, Staff
Director
MURRAY ALTMANN,
Secretary
NORMAND R . V . BERNARD, Assistant

NANCY M. STEELE, Deputy Assistant
MICHAEL BRADFIELD, General

Secretary

Secretary

Counsel

JAMES H. OLTMAN, Deputy General Counsel
ROBERT E. MANNION, Assistant General Counsel
JAMES L . KICHLINE,
Economist
JOHN M . DAVIS, Associate
Economist

Chairman

RICHARD G . DAVIS, Associate
E D W A R D C . ETTIN, Associate
MICHAEL W . KERAN, Associate
JAMES PARTHEMOS, Associate
MICHAEL J. PRELL, Associate
DONALD L . KOCH, Associate
CHARLES J. SIEGMAN, Associate
E D W I N M . TRUMAN, Associate
JOSEPH S . ZEISEL, Associate

Economist
Economist
Economist
Economist
Economist
Economist
Economist
Economist
Economist

PETER D. STERNLIGHT, Manager for Domestic Operations, System Open Market Account
SAM Y. CROSS, Manager for Foreign Operations, System Open Market Account

FEDERAL ADVISORY

COUNCIL
DONALD C. PLATTEN, Second District, President
ROBERT M. SURDAM, Seventh District, Vice President
RONALD TERRY, Eighth District
CLARENCE G . FRAME, Ninth District
GORDON E. WELLS, Tenth District
T. C . FROST, JR., Eleventh District
JOSEPH J. PINOLA, Twelfth District

WILLIAM S. EDGERLY, First District
JOHN H . WALTHER, Third District
JOHN G . MCCOY, Fourth District
VINCENT C . BURKE, JR., Fifth District
ROBERT STRICKLAND, Sixth District

HERBERT V . PROCHNOW,
WILLIAM J. KORSVIK, Associate

CONSUMER

ADVISORY

Secretary
Secretary

COUNCIL

CHARLOTTE H . SCOTT, Charlottesville, Virginia, Chairman
MARGARET REILLY-PETRONE, Upper Montclair, New Jersey, Vice Chairman
ARTHUR F . BOUTON, Little Rock, Arkansas
JULIA H. BOYD, Alexandria, Virginia
ELLEN BROADMAN, W a s h i n g t o n , D . C .
GERALD R. CHRISTENSEN, Salt Lake City, Utah
JOSEPH N. CUGINI, Westerly, Rhode Island
RICHARD S. D'AGOSTINO, Philadelphia, Pennsylvania
SUSAN PIERSON D E WITT, Springfield, Illinois

JOANNE S. FAULKNER, New Haven, Connecticut
MEREDITH FERNSTROM, New York, New York
ALLEN J. FISHBEIN, W a s h i n g t o n , D . C .
E . C. A. FORSBERG, SR., Atlanta, Georgia
LUTHER R. GATLING, New York, New York
VERNARD W. HENLEY, Richmond, Virginia
JUAN J. HINOJOSA, McAllen, Texas




SHIRLEY T . HOSOI, Los Angeles, California
GEORGE S . IRVIN, Denver, Colorado
HARRY N. JACKSON, Minneapolis, Minnesota
F . THOMAS JUSTER, Ann Arbor, Michigan
ROBERT J. M C E W E N , S . J . , Chestnut Hill, Massachusetts
STAN L. MULARZ, Chicago, Illinois
WILLIAM J. O ' C O N N O R , Buffalo, New York
WILLARD P. OGBURN, Boston, Massachusetts
JANET J. RATHE, Portland, Oregon
RENE REIXACH, Rochester, New York
PETER D . SCHELLIE, W a s h i n g t o n , D . C .
NANCY Z. SPILLMAN, Los Angeles, California
CLINTON WARNE, Cleveland, Ohio
FREDERICK T . WEIMER, Chicago, Illinois

A85

Federal Reserve Banks, Branches, and Offices
FEDERAL RESERVE BANK, Chairman
branch, or facility
Zip
Deputy Chairman

President
First Vice President

BOSTON*

02106

Robert P. Henderson
Thomas I. Atkins

Frank E. Morris
James A. Mcintosh

NEW YORK*

10045

Robert H. Knight, Esq.
Boris Yavitz
Frederick D. Berkeley, III

Anthony M. Solomon
Thomas M. Timlen

Buffalo

14240

John T. Keane

PHILADELPHIA

19105

Jean A. Crockett
Robert M. Landis, Esq.

Edward G. Boehne
Richard L. Smoot

CLEVELAND*

44101

J. L. Jackson
William H. Knoell
Clifford R. Meyer
Milton G. Hulme, Jr.

Willis J. Winn
Walter H. MacDonald

Steven Muller
Paul E. Reichardt
Edward H. Covell
Naomi G. Albanese

Robert P. Black
Jimmie R. Monhollon

Cincinnati
Pittsburgh

45201
15230

RICHMOND*

23219

Baltimore
21203
Charlotte
28230
Culpeper Communications
and Records Center 22701
ATLANTA
Birmingham
Jacksonville
Miami
Nashville
New Orleans

30301
35202
32231
33152
37203
70161

CHICAGO*

60690

Detroit

48231

ST. LOUIS

63166

Little Rock
Louisville
Memphis

72203
40232
38101

MINNEAPOLIS

55480

Helena
KANSAS CITY
Denver
Oklahoma City
Omaha
DALLAS
El Paso
Houston
San Antonio

59601
64198
80217
73125
68102
75222
79999
77001
78295

SAN FRANCISCO

94120

Los Angeles
Portland
Salt Lake City
Seattle

90051
97208
84130
98124

Vice President
in charge of branch

Robert E. Showalter
Harold J. Swart

Robert D. McTeer, Jr.
Stuart P. Fishburne
Albert D. Tinkelenberg

William A. Fickling, Jr.
John H. Weitnauer, Jr.
William H. Martin, III
Copeland D. Newbern
David H. Rush
Cecelia Adkins
Leslie B. Lampton

William F. Ford
Robert P. Forrestal

John Sagan
Stanton R. Cook
Russell G. Mawby

Silas Keehn
Daniel M. Doyle

Armand C. Stalnaker
W. L. Hadley Griffin
Richard V. Warner
James F. Thompson
Donald B. Weis

Lawrence K. Roos
Donald W. Moriarty, Jr.

William G. Phillips
John B. Davis, Jr.
Ernest B. Corrick

E. Gerald Corrigan
Thomas E. Gainor

Paul H. Henson
Doris M. Drury
Caleb B. Hurtt
Christine H. Anthony
Robert G. Lueder

Roger Guffey
Henry R. Czerwinski

Gerald D. Hines
John V. James
A. J. Losee
Jerome L. Howard
Pat Legan

Robert H. Boykin
William H. Wallace

Caroline L. Ahmanson
Alan C. Furth
Bruce M. Schwaegler
John C. Hampton
Wendell J. Ashton
John W. Ellis

John J. Balles
John B. Williams

Hiram J. Honea
Charles D. East
F. J. Craven, Jr.
Jeffrey J. Wells
James D. Hawkins

William C. Conrad

John F. Breen
Donald L. Henry
Robert E. Matthews

Betty J. Lindstrom

Wayne W. Martin
William G. Evans
Robert D. Hamilton

Joel L. Koonce, Jr.
J. Z. Rowe
Thomas H. Robertson

Richard C. Dunn
Angelo S. Carella
A. Grant Holman
Gerald R. Kelly

•Additional offices of these Banks are located at Lewiston, Maine 04240; Windsor Locks, Connecticut 06096; Cranford, New Jersey 07016;
Jericho, New York 11753; Utica at Oriskany, New York 13424; Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West
Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; and Milwaukee, Wisconsin 53202.




A86

Federal Reserve Board Publications
Copies are available from PUBLICATIONS SERVICES,
Room MP-510, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551. When a charge is indicated, remittance should accompany request and be made

THE FEDERAL RESERVE SYSTEM—PURPOSES AND
TIONS. 1974. 125 p p .
A N N U A L REPORT.
FEDERAL RESERVE BULLETIN. Monthly. $20.00 per

FUNC-

year or
$2.00 each in the United States, its possessions, Canada,
and Mexico; 10 or more of same issue to one address,
$18.00 per year or $1.75 each. Elsewhere, $24.00 per
year or $2.50 each.
BANKING AND MONETARY STATISTICS. 1914-1941. (Reprint
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A87

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A88

Index to Statistical Tables
References

are to pages A3 through A81 although the prefix 'A" is omitted in this index

ACCEPTANCES, bankers, 10, 25, 27
Agricultural loans, commercial banks, 18, 19, 20, 26
Assets and liabilities (See also Foreigners)
Banks, by classes, 17, 18-21, 72-77
Domestic finance companies, 39
Federal Reserve Banks, 11
Foreign banks, U.S. branches and agencies, 22, 78
Nonfinancial corporations, 38
Savings institutions, 29
Automobiles
Consumer installment credit, 42, 43
Production, 48, 49
BANKERS balances, 17, 18-20, 72, 74, 76
(See also Foreigners)
Banks for Cooperatives, 35
Bonds (See also U.S. government securities)
New issues, 36
Yields, 3
Branch banks, 15, 21, 22, 56, 78
Business activity, nonfinancial, 46
Business expenditures on new plant and equipment, 38
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 46
Capital accounts
Banks, by classes, 17, 73, 75, 77
Federal Reserve Banks, 11
Central banks, 67
Certificates of deposit, 21, 27
Commercial and industrial loans
Commercial banks, 15, 17, 22, 26
Weekly reporting banks, 18-22, 23
Commercial banks
Assets and liabilities, 17, 18-21, 72-77
Business loans, 26
Commercial and industrial loans, 15, 17, 22, 23, 26
Consumer loans held, by type, 42, 43
Loans and securities, 3 , 1 5
Loans sold outright, 21
Nondeposit funds, 16
Number by classes, 17, 73, 75, 77
Real estate mortgages held, by holder and property, 41
Time and savings deposits, 3, 71
Commercial paper, 3, 25, 27, 39
Condition statements (See Assets and liabilities)
Construction, 46, 50
Consumer installment credit, 42, 43
Consumer prices, 46, 51
Consumption expenditures, 52, 53
Corporations
Profits and their distribution, 37
Security issues, 36, 66
Cost of living (See Consumer prices)
Credit unions, 29, 42, 43
Currency and coin, 5, 17, 72, 74, 76
Currency in circulation, 4, 13
Customer credit, stock market, 28
DEBITS to deposit accounts, 12
Debt (See specific types of debt or securities)
Demand deposits
Adjusted, commercial banks, 12, 14
Banks, by classes, 17, 18-21, 73, 75, 77




Demand deposits—Continued
Ownership by individuals, partnerships, and
corporations, 24
Subject to reserve requirements, 14
Turnover, 12
Depository institutions
Reserve requirements, 8
Reserves, 3, 4, 5, 14
Deposits (See also specific types)
Banks, by classes, 3, 17, 18-21, 29, 71, 73, 75, 77
Federal Reserve Banks, 4, 11
Subject to reserve requirements, 14
Turnover, 12
Discount rates at Reserve Banks and at foreign central
banks (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
Dividends, corporate, 37
EMPLOYMENT, 46, 47
Eurodollars, 27
FARM mortgage loans, 41
Federal agency obligations, 4, 10, 11, 12, 34
Federal credit agencies, 35
Federal finance
Debt subject to statutory limitation and types and
ownership of gross debt, 32
Receipts and outlays, 31
Treasury operating balance, 30
Federal Financing Bank, 30, 35
Federal funds, 3, 6, 18, 19, 20, 27, 30
Federal Home Loan Banks, 35
Federal Home Loan Mortgage Corporation, 35, 40, 41
Federal Housing Administration, 35, 40, 41
Federal Intermediate Credit Banks, 35
Federal Land Banks, 35, 41
Federal National Mortgage Association, 35, 40, 41
Federal Reserve Banks
Condition statement, 11
Discount rates (See Interest rates)
U.S. government securities held, 4, 11, 12, 32, 33
Federal Reserve credit, 4, 5, 11, 12
Federal Reserve notes, 11
Federally sponsored credit agencies, 35
Finance companies
Assets and liabilities, 39
Business credit, 39
Loans, 18, 19, 20, 42, 43
Paper, 25, 27
Financial institutions
Loans to, 18, 19, 20
Selected Assets and liabilities, 29
Float, 4
Flow of funds, 44, 45
Foreign banks, assets and liabilities of U.S. branches and
agencies, 22, 78
Foreign currency operations, 11
Foreign deposits in U.S. banks, 4, 11, 18, 19, 20
Foreign exchange rates, 68
Foreign trade, 55
Foreigners
Claims on, 56, 58, 61, 62, 63, 65
Liabilities to, 21, 55, 56-60, 64, 66, 67

A89

GOLD
Certificates, 11
Stock, 4, 55
Government National Mortgage Association, 35, 40, 41
Gross national product, 52, 53
HOUSING, new and existing units, 50
INCOME, personal and national, 46, 52, 53
Industrial production, 46, 48
Installment loans, 42, 43
Insurance companies, 29, 32, 33, 41
Insured commercial banks, 71, 72-77
Interbank loans and deposits, 17
Interest rates
Bonds, 3
Business loans of banks, 26
Federal Reserve Banks, 3, 7
Foreign central banks and foreign countries, 67
Money and capital markets, 3, 27
Mortgages, 3, 40
Prime rate, commercial banks, 26
Time and savings deposits, 9, 71
International capital transactions of United States, 56-67
International organizations, 58, 59-62, 64-67
Inventories, 52
Investment companies, issues and assets, 37
Investments (See also specific types)
Banks, by classes, 17, 29
Commercial banks, 3, 15, 17, 18-20, 72, 74, 76
Federal Reserve Banks, 11, 12
Savings institutions, 29, 41
LABOR force, 47
Life insurance companies (See Insurance companies)
Loans (See also specific types)
Banks, by classes, 17, 18—21
Commercial banks, 3, 15, 17, 18-21, 22, 26, 72, 74, 76
Federal Reserve Banks, 3, 4, 5, 7, 11, 12
Insured or guaranteed by United States, 40, 41
Savings institutions, 29, 41
MANUFACTURING
Capacity utilization, 46
Production, 46, 49
Margin requirements, 28
Member banks
Borrowing at Federal Reserve Banks, 5, 11
Federal funds and repurchase agreements, 6
Reserve requirements, 8
Reserves and related items, 14
Mining production, 49
Mobile home shipments, 50
Monetary aggregates, 3, 14
Money and capital market rates (See Interest
rates)
Money stock measures and components, 3, 13
Mortgages (See Real estate loans)
Mutual funds (See Investment companies)
Mutual savings banks, 3, 9, 18-20, 29, 32, 33, 41
NATIONAL defense outlays, 31
National income, 52

REAL estate loans
Banks, by classes, 18-20, 41
Rates, terms, yields, and activity, 3, 40
Savings institutions, 27
Type of holder and property mortgaged, 41
Repurchase agreements and federal funds, 6, 18, 19, 20
Reserve requirements, 8
Reserves
Commercial banks, 17, 72, 74, 76
Depository institutions, 3, 4, 5, 14
Federal Reserve Banks, 11
Member banks, 14
U.S. reserve assets, 55
Residential mortgage loans, 40
Retail credit and retail sales, 42, 43, 46
SAVING
Flow of funds, 44, 45
National income accounts, 53
Savings and loan assns., 3, 9, 29, 33, 41, 44
Savings deposits (See Time deposits)
Securities (See also U.S. government securities)
Federal and federally sponsored credit agencies, 35
Foreign transactions, 66
New issues, 36
Prices, 28
Special drawing rights, 4, 11, 54, 55
State and local governments
Deposits, 18, 19, 20
Holdings of U.S. government securities, 32, 33
New security issues, 36
Ownership of securities issued by, 18, 19, 20, 29
Yields of securities, 3
Stock market, 28
Stocks (See also Securities)
New issues, 36
Prices, 28
TAX receipts, federal, 31
Time deposits, 3, 9, 12, 14, 17, 18-21, 71, 73, 75, 77
Trade, foreign, 55
Treasury currency, Treasury cash, 4
Treasury deposits, 4, 11, 30
Treasury operating balance, 30
UNEMPLOYMENT, 47
U.S. balance of payments, 54
U.S. government balances
Commercial bank holdings, 18, 19, 20
Member bank holdings, 14
Treasury deposits at Reserve Banks, 4, 11, 30
U.S. government securities
Bank holdings, 17, 18-20, 32, 33, 72, 74, 76
Dealer transactions, positions, and financing, 34
Federal Reserve Bank holdings, 4, 11, 12, 32, 33
Foreign and international holdings and transactions, 11,
32, 67
Open market transactions, 10
Outstanding, by type and ownership, 32, 33
Rates, 3, 27
Savings institutions, 29
Utilities, production, 49

OPEN market transactions, 10
PERSONAL income, 53
Prices
Consumer and producer, 46, 51
Stock market, 28
Prime rate, commercial banks, 26
Production, 46, 48
Profits, corporate, 37




VETERANS Administration, 40, 41
WEEKLY reporting banks, 18-23
Wholesale (producer) prices, 46, 51
YIELDS (See Interest rates)

A90

The Federal Reserve System
Boundaries of Federal Reserve Districts and Their Branch Territories

LEGEND

Boundaries of Federal Reserve Districts

®

Federal Reserve Bank Cities

Boundaries of Federal Reserve Branch
Territories

*

Federal Reserve Branch Cities
Federal Reserve Bank Facility

Q

Board of Governors of the Federal Reserve
System