Full text of Federal Reserve Bulletin : December 1984
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VOLUME 7 0 •
NUMBER 12 •
DECEMBER 1984
FEDERAL RESERVE
BULLETIN
Board of Governors of the Federal Reserve System
Washington, D.C.
PUBLICATIONS
COMMITTEE
Joseph R. Coyne, Chairman • Stephen H. Axilrod • Michael Bradfield • S. David Frost
Griffith L. Garwood • 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
843 UNION SETTLEMENTS AND
AGGREGATE
WAGE BEHAVIOR IN THE 1980S
Since 1979, one of every six union workers
in the United States has accepted contract
modifications that freeze or reduce wage
and fringe benefits or alter work rules.
857 SURVEY OF CONSUMER
FINANCES,
1983: A SECOND
REPORT
This article presents highlights of the debts
and net worth of families and their selection
and use of financial services.
869 INDUSTRIAL
PRODUCTION
Output declined 0.6 percent in September.
871
ANNOUNCEMENTS
Amendments to Regulation E.
Publication of changes in the official staff
commentary on Regulation Z.
Publication of the revised list of OTC margin regulations.
Change in Board staff.
Admission of two state banks to membership in the Federal Reserve System.
873 LEGAL
DEVELOPMENTS
Amendments to Regulation E; various bank
holding company, bank service corporation, and bank merger orders; and pending
cases.
A l FINANCIAL
AND BUSINESS
STATISTICS
A3 Domestic Financial Statistics
A45 Domestic Nonfinancial Statistics
A53 International Statistics
A 6 9 GUIDE TO TABULAR
PRESENTATION,
STATISTICAL RELEASES, AND
SPECIAL
TABLES
A 7 0 BOARD
OF GOVERNORS
A 7 2 FEDERAL OPEN MARKET
AND STAFF; ADVISORY
A 7 4 FEDERAL RESERVE
PUBLICATIONS
TO STATISTICAL
A81 INDEX
TO VOLUME
A98 MAP OF FEDERAL
STAFF
COMMITTEE
COUNCILS
BOARD
A 7 9 INDEX
A97 FEDERAL RESERVE
AND OFFICES
AND
TABLES
70
BANKS,
RESERVE
BRANCHES,
SYSTEM
Union Settlements and Aggregate Wage
Behavior in the 1980s
This article was prepared by Robert S. Gay of
the Board's Division of Research and Statistics.
Anne Peters and Maura Shaughnessy
helped
prepare the data.
Since 1979, at least 3 million union members in
the United States, one out of every six, have
accepted labor contracts that freeze or reduce
wages and fringe benefits or alter work rules.
Initially, such deviations from traditional union
wage practices were confined to a few financially
troubled firms. But as the economy went through
back-to-back recessions during the early 1980s
and unemployment climbed to postwar record
levels, deviations from customary practices appeared with increasing frequency in union contracts and often were negotiated on an industrywide basis. By 1982, wage freezes and pay cuts
had become as commonplace as wage increases
in major collective bargaining settlements. Moreover, despite the rebound in economic activity
and in profits since late 1982, managements have
continued to press for cost-reduction measures,
and wage cuts and freezes remained prominent
features of union negotiations in 1984.
These developments coincided with an unusually large reduction in aggregate wage inflation.
As recently as mid-1981, the rate of wage increase averaged close to double digits, whereas
just three years later, wage adjustments had
dropped on balance to less than 4 percent—the
smallest rate of increase since the mid-1960s.
The change in the size of union settlements has
been even more dramatic. Average wage adjustments exclusive of cost-of-living payments during the first year of new union contracts dropped
from about 10 percent in 1981 to 2XH percent
during 1983 and the first nine months of 1984
(chart 1).
In summarizing recent union wage developments, the discussion will focus on three issues.
First, what were the nature and extent of nontra
ditional bargaining and how much did it contribute to the unusually sharp reduction in wage
inflation during the past several years? Similar
contract modifications have occurred with some
regularity in the past, but the recent episode
clearly involved unprecedented numbers of
workers and industries. Under some conservative assumptions, aggregate wage inflation would
have been at least Vz percentage point higher in
1983 and 1984 in the absence of pay cuts and
freezes. This estimate could be substantially
larger if nontraditional bargaining had a major
influence on other wage decisions. For the most
part, however, the evidence suggests that spillovers outside of traditional channels have not
been widespread. In industries that were less
severely affected by the recession, both unionized and nonunionized, wage changes generally
have shown fairly typical cyclical responses to
rising unemployment and lower inflation.
Second, what factors contributed to the recent
changes in union wage practices? Exceptionally
large and prolonged declines in output and employment in many unionized industries often
precipitated unscheduled reopenings of contracts
and modifications to traditional wage formulas.
That adversity was not solely cyclical. It
stemmed also from longer-term influences, such
1. Union settlements and aggregate wage change
Percent change
First-year adjustments
in union settlements
Average hourly
.earnings index
Hourly earnings index is the change from four quarters earlier; firstyear adjustments are annual data, except 1984, which represents the
first nine months.
SOURCE. Bureau of Labor Statistics.
844
Federal Reserve Bulletin • December 1984
as the secular rise in the relative wage of union
workers and intensified competition from domestic nonunion or foreign firms, and from the
relaxation of barriers to entry under deregulation
of the transportation and communications industries.
Third, what aspects of recent settlements may
reflect permanent changes in union wage determination and what aspects may prove transitory?
Unions have shown no tendency to abandon
certain key features of traditional contracts—
multiyear settlements and escalator clauses.
However, many union workers appear to have
scaled back their expectations for annual improvements in real wages and have shown a
willingness to experiment with profit-sharing and
various cooperative labor-management programs to enhance productivity. These innovations may endure if competitive pressures persist.
UNION WAGE PRACTICES
DISINFLATION
AND
By the 1970s, the basic institutional features of
union wage determination were well established.
Multiyear contracts had become the predominant format for labor negotiations, and formal
cost-of-living adjustment (COLA) provisions had
spread to cover a majority of union workers.
Prospective wage settlements were fairly predictable as many large unions adhered to a policy
of negotiating identical fixed increases in each
contract year—often referred to as the annual
improvement factor—plus COLAs. When annual
improvement factors were established during the
1950s and 1960s, they were perceived as paralleling productivity trends, but by the 1970s they
had become more a matter of custom than a
projection of current or future productivity performance. To the extent that COLA formulas did
not pass the full increase in prices through to
wage increases, first-year wage increases in succeeding contracts were adjusted to make up the
diflference—a so-called catch-up adjustment. In
contracts without escalator provisions, negotiators had to build into future adjustments their
expectations for inflation over the course of the
contract or include contingency clauses for reopening the agreement.
These wage-setting practices often were cited
as a major factor underlying the persistence of
wage inflation in the United States. In particular,
three-year contracts with staggered expiration
dates, often buttressed by escalator clauses,
were viewed as building inertia into the wagedetermination process, thereby limiting the response of inflation to aggregate demand policies
designed to reduce it. Some observers extended
the inertia argument beyond union agreements
by noting contract-like regularities in nonunion
wage practices.
One rationale for attributing a central role in
the inflation adjustment process to overlapping,
multiyear contracts rests on the presumed importance of wage comparisons. In this view, workers' notions of an equitable wage have a major
influence on wage-setting practices. Such notions may be based on wages paid to other,
similar workers or on expectations of real wage
gains that have been ingrained by experience.
Given workers' perceptions of equity, union
leaders feel pressure to emulate other settlements or to retain traditional guaranteed wage
increases in escalated contracts; otherwise, they
risk a rejection of the contract by their memberships. Thus key contracts reached in a bargaining
round often appeared to set the tone for subsequent settlements, especially in related industries, even if economic conditions had changed in
the interim.
Factors other than wage comparisons also
influence union settlements. Negotiators ultimately must take into account current and prospective macroeconomic conditions as well as
longer-run trends in their own industries. Evidence from the postwar period up to the 1980s
indicated an asymmetric sensitivity to macroeconomic conditions: union wages were highly responsive to inflation but relatively insensitive to
slack demand.
A closer look at the traditional features of
multiyear contracts discussed above reveals why
union wages were not very responsive to cyclical
fluctuations in demand. First-year negotiated
wage changes under new settlements, which
dictate only a portion of all union wage adjustments in any given year, are fairly sensitive to
unemployment. But that cyclical responsiveness
is overwhelmed by the rigidities introduced by
fixed wage increases that were scheduled under
Union Settlements
contracts negotiated in previous years, when
economic conditions may have been decidedly
different. In contrast, COLA clauses generate far
less wage inertia than deferred adjustments.
Many COLA formulas call for frequent reviews,
making union wages highly responsive to price
changes. Thus to the extent that macroeconomic
policies designed to curb inflation in fact do so,
COLAs help to moderate wage adjustments with
only a brief delay.
Important aspects of the cyclical response of
union wages have changed in the 1980s. To
illustrate the changes that have occurred, chart 2
displays data on the components of union wage
changes—first-year adjustments, deferred adjustments, and COLAs. For most of the period
since 1968, the data relate the traditional story
told above. First-year adjustments under new
settlements show the greatest cyclical variance,
albeit with some delay, while the deferred component displays relatively little variance. The
inertia generated by deferred increases under
earlier settlements can be seen most vividly in
the years when total effective wage change decelerated sharply, as it did in 1972 and 1982; in those
years, deferred increases accounted for an unusually large proportion of the average change in
union wages. The contribution of COLAs rose
dramatically during the 1970s—from only 5 percent of wage changes received by union workers
in the late 1960s to about one-third in 1977-78.
Part of that secular trend was attributable to a
higher average inflation rate during the 1970s;
but, more important, COLA provisions were
added to many contracts early in the decade so
that the proportion of union workers covered by
such provisions rose from about 25 percent to
around 60 percent.
2. Effective union wage change and its components
Percent change
Annual data; 1984 represents first nine months at annual rates.
Shaded areas denote recessions.
SOURCE. Bureau of Labor Statistics.
and Aggregate
EMERGENCE
BARGAINING
Wage Behavior in the 1980s
OF
845
NONTRADITIONAL
The deceleration in union wage changes since
1980 has differed from past patterns in two key
respects. First, the reduction in the size of firstyear adjustments was exceptionally large after
1981, primarily because an unprecedented number of union workers accepted freezes on base
wage rates or pay cuts. Second, the COLA
component also declined sharply. Most of the
reduction in COLAs can be traced to the general
deceleration in price increases rather than to
deferred or forgone payments under some union
contracts.
Even though a contraction in activity in some
unionized industries began as early as mid-1979,
relatively few workers agreed to contract reopenings or deviations from traditional patterns
until late 1981. According to data from the Bureau of Labor Statistics on major settlements
that cover only bargaining units of 1,000 or more
workers, about 35,000 workers took wage cuts or
freezes in 1980. A separate tally from press
reports and other published sources that was
made by the Federal Reserve Board staff put the
figure at 67,000 workers; this estimate includes
salaried employees who agreed to terms similar
to those granted by their union coworkers and
other workers at nonunion firms. Often these
early contract modifications took the form of a
temporary deferral of scheduled wage adjustments or COLAs, and they generally were confined to financially troubled firms with recent
records of poorer profitability than other companies in their industries. As the period of slack
demand lengthened, however, wage cuts and
freezes not only became pervasive but also were
frequently negotiated on an industry-wide basis
and extended over the life of multiyear contracts.
In 1981, roughly 190,000 union workers, or 8
percent of those reaching new settlements in the
private sector, accepted first-year wage cuts or
freezes, according to the data from the Bureau of
Labor Statistics shown in table 1. By 1982, that
figure had climbed to almost 1.5 million. The
corresponding figures from the tally by the Federal Reserve Board staff were 365,000 workers in
1981 and 2.3 million workers in 1982. Many of
the larger agreements broke with traditional
wage-setting practices by eliminating guaranteed
846
1.
Federal Reserve Bulletin • December 1984
Distribution of workers by first-year wage adjustment in major collective bargaining settlements, 1980-84
Percent except as noted
Wage adjustment
1981
1982
1983
1984 (first
nine months)
0
0
5
3
2
42
15
22
6
21
4
25
71
3
9
81
9
23
24
14
39
10
33
37
3
9.5
3,790
9.8
2,382
3.8
3,257
1980
Decrease
N o change
Increase
0 - 4 percent
4 - 8 percent
8 percent and over
MEMO:
Mean adjustment (percentage change)
Number of workers (thousands)
SOURCE. Bureau of Labor Statistics, Current Wage Developments,
annual increases over the life of the contracts.
This new format became the standard for union
workers in the automobile, trucking, and rubber
industries in 1982, and was adopted in 1983 by
the aluminum, metal container, shipbuilding,
copper mining, and farm machinery industries.
Significant deviations from the industry standard
were negotiated at companies with particularly
acute financial problems. All told, more than
two-fifths of workers covered by large new settlements accepted first-year wage freezes in
1982, and in manufacturing the proportion was
one-half.
In 1983, the distribution of first-year union
settlements shifted even more dramatically toward wage cuts. Settlements in the steel, airline,
and meatpacking industries called for initial wage
reductions ranging from 10 to 20 percent. In
addition, half of unionized construction workers
signed new agreements calling for pay reductions
or freezes. Altogether, about 1.1 million workers
under large union contracts in the private sector
accepted wage cuts or freezes in 1983. The tally
by the Board staff found that at least 1.3 million
employees were subject to new wage cuts or
freezes in 1983. Modifications to past wage practices continued to be a prominent feature of
union negotiations during the first nine months of
1984, despite the strong rebound in overall economic activity and profits over the preceding
year. About one-fourth of the 1.5 million workers
negotiating new contracts accepted initial wage
cuts or freezes. In the construction industry, the
average wage adjustment was about 1 percent,
the lowest figure recorded for the industry since
the Bureau of Labor Statistics began publishing
these data in 1968.
Chart 3 puts the recent period in historical
perspective. Although wage cuts were common
2.6
3,089
2.5
1,447
various issues.
during the Great Depression, the experience with
distressed bargaining after World War II is more
instructive because by that time modern institutions of collective bargaining were well established. Two other episodes of distressed bargaining occurred during the postwar era: one during
the 1953-54 recession and another in the late
1950s and early 1960s. Both episodes were highlighted by the spread of wage cuts or freezes to a
substantial portion of the unionized workforce in
a few select industries. Usually, these industries
were undergoing extensive structural change at
the same time.
In the early 1950s, the textile industry faced
considerable excess capacity, largely as a result
of foreign competition, technological advances,
and the introduction of synthetic fibers. To forestall plant closings, union workers accepted pay
cuts. Despite these revisions to pay scales, industry employment continued to decline over the
next two decades. During the late 1950s and
early 1960s, the meatpacking industry also experienced structural upheaval. Nonunion firms
3. Union workers receiving no wage increase or
a wage cut
1955
1960
1965
1970
1975
1980
1984
Annual data for collective bargaining agreements covering 1,000 or
more workers; 1984 represents first nine months. Shaded areas denote
recessions.
SOURCE. Bureau of Labor Statistics, Current Wage
Developments,
various issues.
Union Settlements
paying wages below the union scale had entered
the market by building highly efficient production facilities. Unionized companies, which had
once dominated the market, generally failed to
keep abreast of technological and marketing advances, and cost disadvantages threatened their
long-term viability. Contracts eventually were
reopened in 1962 and 1963, and pay and work
rules were changed.
Wage cuts were rare outside the meatpacking
industry in the early 1960s, but decisions not to
increase negotiated rates for base wages were
fairly common. Some observers viewed the prevalence of moderate settlements at that time as
evidence of success of the wage-price guideposts
program or attributed it to a tougher stance taken
by management after a period when unions had
extracted fairly generous wage increases. Concern arose among union workers about the impact of automation and the employment problems caused by closures of outmoded plants.
Despite all the factors restraining wage adjustments, the extent of pay cuts and freezes in
union settlements did not approach that recorded
during the past three years.
Apart from a few instances, most situations of
distressed bargaining during the postwar period
2.
and Aggregate
Wage Behavior in the 1980s
847
before 1982 were specific to individual firms or
plants. Almost invariably, these situations involved financially weak firms, and managements
were able to convince workers that changes in
labor contracts were necessary to assure the
firm's survival or to avoid plant closure. Cyclical
layoffs even on a large scale generally did not
provoke extensive modifications to traditional
wage formulas. A prime example is the experience during the 1974-75 recession. Negotiations
for most major multiyear settlements were completed before the severity of the recession was
evident. Yet, although employment and output
fell sharply in many industries, existing contracts
were not reopened, as they have been recently.
The reason for the sharp contrast between the
experiences of 1974-75 and 1980-84 apparently
was that in the earlier period, union workers did
not perceive job losses to be permanent.
As discussed earlier, the COLA component of
effective union wage changes also has declined
precipitously since 1981 after a decade of increase. The observed contributions of COLAs to
total effective union wage changes are the product of three factors: (1) the proportion of union
workers covered by COLAs; (2) the recovery
rate—the extent to which COLA formulas pass
Factors affecting COLA components of effective union wage changes, 1968-84
Percent, except as noted
Portion of total
due to COLAs
(percentage points)
Proportion of
union workers
covered by COLAs
Recovery rate1
Price change 2
1968
1969
1970
1971
1972
1973
.3
.3
.6
.7
.7
1.3
23.6
25.0
25.9
27.8
40.6
39.4
34
26
67
92
59
47
4.7
6.1
5.5
3.4
3.4
8.8
1974
1975
1976
1977
1978
1.9
2.2
1.6
1.7
2.4
39.2
51.5
59.4
61.2
60.4
48
68
73
58
55
12.2
7.0
4.8
6.8
9.0
1979
1980
1981
1982
1983
1984; first nine months 3
3.1
2.8
3.2
1.4
.6
1.1
58.9
58.1
58.2
56.7
57.6
57.3
51
58
67
70
53
53
13.4
12.5
8.7
3.9
3.3
4.1
Year
1. The data for 1968-80 are Federal Reserve Board staff estimates
of the passthrough of price changes into wage adjustments under
COLA clauses based on data on the average size of cost-of-living
adjustments for workers who actually received payments during the
calendar year as a percent of the December-to-December change in
the consumer price for urban wage earners and clerical workers (CPIW). After 1980, the data are estimates by the Bureau of Labor
Statistics, which are based on the change in consumer prices over the
actual period of the COLA review.
2. December-to-December change in the CPI-W.
3. Nine-month change at a compound annual rate.
SOURCES. COLA contribution and recovery rates after 1980 are
from Current Wage Developments,
various issues; COLA coverage is
from Monthly Labor Review, vol. 107 (January 1984), p. 31, and
previous January issues; price change data are from the Department of
Labor.
848
Federal Reserve Bulletin • December 1984
the change in consumer prices through into wage
increases; and (3) the rate of change in consumer
prices. Historical data on these factors affecting
the COLA contribution are presented in table 2.
Note that the diminished role of COLAs in total
union wage adjustments recently cannot be attributed to union workers giving up COLA provisions in their collective bargaining agreements.
COLA coverage has remained fairly stable at just
under 60 percent since 1976. Even in distressed
situations, union workers showed little willingness to eliminate entirely contractual provisions
indexing wages to movements in the general
price level. The only major exceptions to this
generalization have appeared in contracts negotiated for airline and food store workers, in which
abandonment of escalator clauses has reduced
COLA coverage from around 70 percent of the
union workforce in these industries to less than
20 percent over the past four years.
Instead of abandoning COLA provisions altogether, some unions agreed to defer or forgo
some payments (as in the auto and steel contracts), or to divert payments to help defray the
rising costs of fringe benefits (as in the Master
Freight Agreement), or to lengthen the period
between reviews, which in effect reduces em3.
ployers' total costs. In addition, some settlements, notably in the steel industry, set limitations on COLAs so that payments are based only
on increases in consumer prices in excess of a
threshold inflation rate. Most of the alterations to
COLAs appear to be temporary and are often
scheduled to terminate before the expiration of
the contracts.
All of these modifications to COLA provisions
should affect the recovery rate. Estimates of the
recovery rate are shown in column 4 of table 2.
In the early 1980s, COLA formulas on average
compensated workers for roughly two-thirds of
the rise in consumer prices. Modifications to
COLA formulas lowered the recovery rate to
around one-half in 1983. These data suggest that
modifications to COLAs accounted for perhaps
Vi percentage point, or one-fifth of the deceleration in the COLA component of total effective
union wage changes. The remainder was attributable to the general slowdown in price increases.
IMPACT OF CONTRACT
ON AGGREGATE
WAGE
MODIFICATIONS
INFLATION
The unprecedented number of wage cuts and
freezes after 1981 coincided with a halving of the
The deceleration of wages, 1979-84
Percentage change
1979
Measure
Employment cost index, wages
salaries1
Private nonfarm
Union
Nonunion
Manufacturing
Union
Nonunion
Nonmanufacturing
Union
Nonunion
1980
1981
1982
1983
1984 (first
nine months)
8.7
9.0
8.5
8.6
9.4
7.9
8.8
8.5
8.8
9.0
10.9
8.0
9.4
11.0
7.9
8.8
10.8
8.1
8.8
9.6
8.5
8.7
8.9
8.3
9.0
10.2
8.6
6.3
6.5
6.1
5.6
5.8
5.6
6.5
7.1
6.2
5.0
4.6
5.2
4.3
3.6
4.7
5.5
5.5
5.5
3.9
3.3
4.2
4.1
3.9
4.3
3.9
2.7
4.2
8.0
8.7
6.9
9.0
7.5
7.6
7.7
9.6
10.9
7.7
9.3
8.7
9.3
10.1
8.3
8.8
8.3
8.5
6.9
9.1
8.0
6.1
6.0
5.4
6.1
5.4
7.0
7.7
3.9
2.7
1.5
4.3
4.7
4.9
6.0
3.1
3.3
1.2
3.1
2.4
4.1
3.9
9.1
9.9
9.5
6.8
4.0
4.0
7.4
9.5
9.8
3.8
2.6
2.5
and
Hourly earnings index2
Private nonfarm
Manufacturing
Construction
Transportation and public utilities .
Trade
Services
Finance, insurance, and real estate
Major collective
bargaining
agreements3
Total effective wage change.
private sector
First-year adjustments under new
settlements, private sector
1. December to December; data for 1984 are from December 1983
to September 1984 at a compound annual rate, not seasonally adjusted.
2. Fourth quarter to fourth quarter; data for 1984 are from 1983:4 to
1984:3 at a compound annual rate.
3. Wage adjustments put in place during the calendar year, except
for 1984, which covers only the first nine months.
Union Settlements
average rate of wage inflation from 9 percent in
that year to around 4 percent recently (table 3).
At least two aspects of this wage deceleration
contrast with the experience in previous postwar
downturns. First, union wage change actually
began to decelerate long before there was any
sign of a slowdown in nonunion wages. Second,
wage inflation fell more rapidly in the union
sector than elsewhere—from 11 percent in 1980
to about VA percent thus far in 1984.
As indicated by the data from the employment
cost index, the slowdown in union wage inflation
began in 1981. Even so, wage adjustments for
union workers on balance exceeded those received by nonunion workers, as they had
throughout most of the past decade. By 1982,
however, union wages on average were rising at
about the same rate as nonunion wages. Much of
this early deceleration probably was attributable
to smaller COLAs in contracts with escalator
clauses, as consumer price increases slowed
from 12V2 percent in 1980 to just 4 percent in
1982. Not until mid-1982 did a substantial number of union workers actually forgo scheduled
wage adjustments or COLAs. As the cumulative
total of workers negotiating wage cuts and
freezes rose, the average change in union wages
fell below that for nonunion workers and has
remained below it over the first three quarters of
1984. During the past two years, changes in
union wages have averaged about Vi to 1 percentage point less than those in nonunion wages.
The direct influence of distressed bargaining
also can be seen in wage data by industry. Wage
cuts and freezes were particularly prevalent in
manufacturing, construction, and transportation;
and these industries also showed the greatest
deceleration in average wage changes, especially
after 1981. According to the hourly earnings
index, wage adjustments in manufacturing fell
from 11 percent in 1980 to around 3 percent
during the past two years. In construction, where
wage cuts and freezes in union contracts were
widespread in 1983 and 1984, wage changes have
averaged only 1 percent lately, compared with
about 8 percent in 1981. The direct influence of
distressed bargaining is less noticeable in the
aggregate wage index for transportation, communications, and public utilities—probably because
wage settlements at public utilities were well
above average in recent years while wage cuts
and Aggregate
Wage Behavior in the 1980s
849
and freezes were confined largely to trucking
firms and airlines.
Distressed bargaining also appeared to have
some limited influence on other wage decisions.
For example, many union contracts contained
provisions requiring "equality of sacrifice" from
nonunion counterparts at the same firm. Also,
once wage cuts or freezes were negotiated in
certain key contracts, other, similar settlements
soon spread to industries in the same "sphere"
of union wage setting, in a pattern that has been
evident for many years. The automobile settlements set precedents for revised agreements in
automotive parts, truck manufacturing, and farm
and construction equipment; the master steel
settlement influenced negotiations in nonferrous
metals and metal containers; and intercity trucking settlements were imitated in local trucking
agreements, by truckers at retail food stores, and
at bus companies.
Even in these examples, it is difficult to distinguish whether the behavior followed a pattern set
by one industry or was the independent responses of the individual industries to acute financial
problems all of them faced. The contracts negotiated within traditional spheres of influence clearly were tailored to fit the economic conditions of
each industry. The steel contracts, for example,
cut pay substantially (although the reductions are
to be restored over the contract term) and limited
COLAs for two and a half years, whereas related
settlements merely froze base wage rates. Settlements for truck and bus drivers also have varied
widely according to market conditions and companies' fortunes. In short, even within traditional
spheres of imitation, there has been considerably
greater diversity of wage settlements than in the
past.
Outside distressed industries, union settlements also moderated after 1981, but the deceleration appeared to be no greater than might be
expected during a period when inflation dropped
sharply and unemployment rose. For those
workers who received wage increases, first-year
adjustments under new settlements exclusive of
COLAs dropped from 11 percent in 1981 to 4.2
percent in the first nine months of 1984. This
slowdown can be explained largely by reduced
inflationary pressures, which mitigated demands
for catch-up increases and moderated expectations of future inflation. With consumer prices
850
Federal Reserve Bulletin • December 1984
rising less than 4 percent annually during the past
two and a half years, union workers who received wage increases enjoyed, on balance, fairly substantial gains in real wages. Indeed, the
rise in real wages over the life of contracts
expiring recently is a key factor in the virtual
disappearance of initial wage increases in excess
of 8 percent in 1984. Thus the unionized workforce divided into two camps during the early
1980s: in industries afflicted by sweeping
changes in product market conditions, heightened competition spurred employers and unions
to reduce labor costs; in industries facing less
stringent product market pressures, negotiators
stuck with traditional wage-setting practices.
Wage decisions in unrelated, nonunionized
industries also did not appear to be influenced
greatly by the extraordinary developments in the
union sector. Nonunion wages rose less rapidly
than union wages in 1980 and 1981, as was the
case throughout most of the 1970s. If strong
spillovers from union to nonunion wages existed,
the persistent widening of union-nonunion wage
differentials over more than a decade could not
have occurred. After 1981, when pay cuts and
freezes became widespread for union workers,
increases in nonunion wages declined, but the
reduction was far less than that for union workers. Apparently, nonunionized employers did not
feel that product market conditions warranted
drastic measures to cut costs; indeed, employment in many nonunionized industries in the
service-producing sector continued to rise during
the back-to-back recessions of the early 1980s.
A crude calculation may be made of the impact
of distressed bargaining on aggregate wage inflation. Roughly 3 million union workers were
directly covered by wage cuts or freezes. Spillovers to nonunion workers might double the
number of workers affected to 6 million, or about
8 percent of private nonfarm payroll employment
in 1983. A realistic assumption is that these
workers received no increase in wages on balance. (Small wage adjustments generated by
COLAs in many contracts that froze base wage
rates probably were counterbalanced by steep
wage cuts in some other contracts.) If, instead of
having their wages frozen, these workers had
received wage increases of 514 percent, commensurate with traditional formulas (a 3 percent
annual improvement factor plus COLAs), the
average wage change for all workers reported in
the employment cost index would have been 51/2
percent rather than 5 percent in 1983. In other
words, recent modifications to traditional wage
formulas may have held down overall wage inflation since 1982 at least Vi percentage point per
year. This estimate understates the impact on
aggregate wage inflation because the definition of
contract modifications used here is confined to
freezes on base wage rates and pay cuts.
FACTORS INFLUENCING
SETTLEMENTS
RECENT
Developments leading up to the recent wave of
wage cuts and freezes were complex in their
origins and varied across industries, but many of
these situations had common characteristics.
Frequently, the affected industries were among
those hardest hit, in terms of sales and profits, by
the prolonged slump in economic activity. Yet
the problems facing financially troubled firms
were not solely cyclical in nature. At least three
developments that evolved during the 1970s
probably would have forced unions to modify
their traditional wage formulas even in the absence of the back-to-back recessions during the
early 1980s.
First, wage dispersion across industries widened dramatically over the past decade as average union wage increases consistently exceeded
average nonunion wage increases. By the early
1980s, the union-nonunion wage differential had
reached a historic high. Second, productivity
trends deteriorated markedly across a wide range
of industries, particularly after 1973. As a result,
real wage increases for many union workers
tended to outstrip productivity gains, exacerbating cost pressures on prices. Third, new competition emerged. For heavily unionized "smokestack" industries, the challenge came from
foreign suppliers that made dramatic inroads into
U.S. markets. In several highly unionized industries less subject to import competition, domestic
nonunion firms paying lower wages captured an
increasing share of the market. For the airline
and trucking industries, the new competition has
been the result of deregulation, which effectively
removed barriers to entry into basically competitive markets. The twin recessions of the early
Union Settlements
1980s and the strengthening value of the dollar
relative to foreign currencies clearly added to
these burgeoning market pressures on unions
and hastened modifications to traditional wage
practices.
Layoffs
and Plant
Closings
Almost invariably, unions have accepted major
contract modifications only when bankruptcy,
extensive plant closings, or massive layoffs were
an immediate threat. Job losses were particularly
widespread among union workers during the
early 1980s. Table 4 shows cumulative declines
in employment from peak levels (usually in 1979)
to the recession lows for numerous heavily
unionized industries in which wage cuts and
freezes became widespread. In many cases, including automobiles and steel, more than onethird of the prerecession workforce was laid off.
In the meatpacking, trucking, and airline indus4.
Job losses in selected industries receiving wage
concessions
Percent
Cumulative change in
employment
Prerecession
peak to recession trough1
Copper ores
Construction . . . .
Metal cans
Primary aluminum
Fabricated structural
metal
Farm machinery
Construction machinery..
Metalworking machinery
Motor vehicles and
equipment
Blast furnace and basic
steel products
Meat packing plants
Tires and inner tubes
Trucking and trucking
terminals
Air transportation
Food stores
Ship and boatbuilding....
Total private nonfarm
Prerecession
peak to
July 1984
-50.4
-29.8
-28.8
-37.7
-29.5
-48.4
-59.6
-28.6
-35.7
•17.'
-43.7
-17.2
-27.9
-41.2
-17.3
— 5.4
-20.7
-4.4
1. Peaks and troughs are specific to the individual industries. The
absolute decline in employment totaled about 4 million in the industries listed; private nonfarm employment fell 1.9 million between
February 1980 and December 1982.
2. There was no trough for this industry.
SOURCE. U.S. Department of Labor, Supplement to Employment
and Earnings (July 1984), and recent monthly issues of Employment
and Earnings.
and Aggregate
Wage Behavior in the 1980s
851
tries, the overall declines in employment undoubtedly understate the adversity faced by
union workers, because the number of nonunion
jobs expanded or at least contracted less than the
number of union jobs. By 1982, many union
workers had been separated from their former
jobs for nearly three years, and prospects for
regaining them were highly unfavorable. Indeed,
by mid-1984, after one and one-half years of
economic recovery, employment in these industries generally was still well below prerecession
levels.
A puzzling question is why crisis situations
must develop before unions are willing to modify
traditional wage practices. One possible explanation is that unions do not perceive the wageemployment tradeoff, especially in the short run.
Under some circumstances, this lack of perception is understandable. If the short-run elasticity
of demand for union labor is low, as some
evidence suggests, employed workers must sacrifice a lot in wages to generate a small gain in
employment for their unemployed counterparts.
Elasticities of labor demand tend to be low when
unions effectively control their jurisdictions and
when the ratio of labor costs to total costs is low.
For many of the industries in which wage formulas ultimately were altered, including steel, autos, meatpacking, and tires, the ratio of labor
costs to total costs is one-third or less. A sizable
wage cut, even if fully passed through into
prices, would translate into only a moderate
reduction in product prices, which in turn would
stimulate output and employment only a little in
the near term. Thus low short-run elasticities of
labor demand may account in part for the reluctance of unions to accept cost-reduction measures until they saw clear signs of a long-term
crisis.
Institutional considerations also can forestall
or even preclude contract modifications during
recessions. Workers often distrust their companies' claims of financial distress. Lacking membership support, union leaders are reluctant to
recommend pay cuts that would alienate their
members and threaten their leadership within the
union. Moreover, revisions to customary wage
formulas in even one firm often are viewed by
union leaders as undermining union strength
because they can subject the union to demands
for equal treatment by other organized firms.
852
Federal Reserve Bulletin • December 1984
A key role in union decisionmaking is played
by senior workers, who generally constitute a
majority and whom seniority systems insulate to
some extent from layoffs. Unless the job security
of senior workers is threatened, a consensus in
favor of contract reopenings and revised settlements is unlikely to emerge. The jobs of senior
workers rarely were threatened during the postwar period before the 1980s, and the responsiveness of wages under multiyear contracts to cyclical changes in economic conditions was sharply
limited. By contrast, crisis situations that threatened senior workers—imminent threats of bankruptcy or permanent plant closings—extended
far beyond marginal firms during the early 1980s
and afflicted a much greater number of industries.
Long-Run
Influences
Although massive layoffs were the catalyst for
recent changes in collective bargaining, a confluence of developments during the 1970s had added to market pressures on unions and probably
would have forced modifications to traditional
wage formulas in any event. These difficulties
included high domestic labor costs, a narrowing
or even the elimination of the U.S. productivity
advantage, and the failure of some unionized
industries to adapt quickly to changes in technology and in consumer preferences. As these problems evolved, numerous unionized industries
became increasingly vulnerable to import and
nonunion competition, which in turn eroded
union bargaining power.
In key manufacturing industries, the new competition came from imports. During the 1970s,
foreign suppliers made steady inroads into U.S.
markets formerly dominated by domestic firms.
For example, by 1982, foreign cars accounted for
28 percent of total U.S. auto sales, compared
with only 9 percent in 1968. The import share for
steel almost doubled over the same period to 22
percent (table 5). Likewise, imports of apparel,
tires, leather goods, and machine tools rose
sharply as a share of domestic sales. The sharp
increase in the foreign exchange value of the
dollar beginning in late 1980 put added pressure
on domestic producers by reducing the relative
price of imported goods. Since late 1982, the
5.
Import penetration ratios
Percent
Industry
1968
1981
Food and kindred products
Tobacco manufacturers
Textile mill products
Apparel and related products
Lumber and wood products, except furniture . .
Furniture and fixtures
Paper and allied products
Printing, publishing, and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic products
Tires and inner tubes 2
1.0
.3
5.2
4.2
8.3
1.6
5.8
.6
2.3
3.9
3.0
2.3
4.2
2.0
5.9
13.7
8.7
4.8
6.4
1.0
4.4
6.8
7.7
11.7
8.9
3.0
8.8
12.2
24.7
5.1
14.5
21.8
Leather and leather products
Stone, clay, and glass products
Primary metal products
SteeP
Fabricated metal products, except machinery
and transportation equipment
Machinery, except electrical
Metalworking machinery 2
Machine tools 2
Electrical machinery, equipment, and supplies...
Transportation equipment
Motor vehicles and parts2
1.7
3.9
4.0
4.8
14.6
3.9
16.3
29.4
4.0
5.7
5.7
8.0
14.8
21.7
Measuring, analyzing, and controlling
instruments; photographic and optical
goods; watches and clocks
4.9
11.3
Miscellaneous manufactured commodities
10.6
23.6
4.3
8.4
All manufacturing industries
1. Import penetration ratios are defined as imports divided by total
industry shipments plus imports. Changes in industry classifications
as of 1972 affected import penetration ratios in a few industries,
notably petroleum; basic trends for most two-digit industries, however, are not distorted by comparing figures for 1968 and 1981.
2. Data are from the Census of Manufactures, 1967 and 1982.
3. Data are from the American Iron and Steel Institute, 1967 and
1982. Exports are netted out in this volume-based data.
SOURCE. Bureau of Labor Statistics, except as noted.
strong recovery of aggregate demand has bolstered sales of domestic producers but has not
stemmed the tide of imports. Indeed, the U.S.
merchandise trade deficit reached record levels
during the first three quarters of 1984.
In a number of industries in which imports are
not a factor, the emergence of nonunion competition eroded union bargaining power. Unionization in construction, meatpacking, and retail
food stores shrunk during the 1970s, and the
deterioration appeared to accelerate during the
early 1980s. For the highly unionized airline and
trucking industries, deregulation effectively removed barriers to entry into basically competitive markets, and new low-cost nonunion firms
offering discount rates have thrived. Whatever
its source, the heightened competition exacer-
Union Settlements
6.
Ratio of hourly earnings in selected industries to
average for private nonfarm production workers
and Aggregate
7.
Wage Behavior in the 1980s
853
Productivity growth in selected industries,
selected periods
Average annual percentage change
Industry
1969
1973
1977
1981
1983
Trucking1
(Master Freight
Agreement)
Autos 2
Steel 3
Rubber4
1.31
1.59
1.63
1.73
1.63
1.39
1.34
1.38
1.45
1.42
1.33
1.57
1.64
1.38
1.70
1.81
1.53
1.67
1.67
1.54
Productivity growth 1
Industry
1. Straight-time hourly wage rates are specified in Master Freight
Agreements.
2. SIC 3711, motor vehicles and car bodies.
3. SIC 3312, blast farmers and steel mills.
4. SIC 301, tires and inner tubes.
SOURCE. U.S. Department of Labor and Master Freight Agreements for various years.
bated the cyclical decline in union employment
and undoubtedly was a major influence on workers' perceptions of their firm's long-term prospects. More important, greater competition in
product markets made it more difficult for businesses to pass on higher costs into prices.
Underlying these fundamental changes in
product markets were marked cost differences
between union firms and their competitors. During the 1970s, wage increases varied considerably across industries, and the dispersion of wage
rates widened dramatically after a decade of
relative stability (chart 4). The causes of the
increased dispersion in wages are open to debate, but it is clear that many of the union
workers granting wage cuts or freezes in the
early 1980s were among those who had received
the largest wage increases during the 1970s. For
4. Dispersion of average hourly earnings
across industries
1950
1960
1970
1980 1984
The summary statistic plotted is the coefficient of variation for
average hourly earnings in 44 three-digit industries for which data are
available since 1947; data are indexed to equal 100 in 1966. A similar
widening in interindustry wage differentials during the 1970s was
evident for a larger sample of 120 three-digit industries for which data
are available since 1958. Weighting the earnings data by industry
employment also did not change the basic pattern of dispersion.
SOURCE. U.S. Department of Labor.
Earlier period
1973-81
Change
Years
covered 2
Motor vehicles and
equipment
Steel
Tires and inner tubes
Primary aluminum
Farm and garden
machinery
Intercity trucking
Air transportation
Metal cans
3.7
1.8
4.0
4.4
1957-73
1947-73
1947-73
1947-73
1.9
.8
2.9
-.3
2.5
2.7
7.5
2.3
1958-73
1954-73
1947-73
1947-73
.5
.3
2.6
3.8
Copper mining, crude ore
Retail food stores
Construction machinery...
Machine tools
Meatpacking
Fabricated structural metal
3.7
2.8
2.1
1.5
3.2
2.3
1955-73
1958-73
1958-73
1958-73
1967-73
1958-73
2.2
-.6
.1
-.7
3.2
-.4
Total private nonfarm . . . .
2.5
1947-73
.6
1. Output per employee hour.
2. The period covered was determined by the availability of data.
SOURCE. Productivity Measures for Selected Industries,
1954-81,
Bureau of Labor Statistics Bulletin 2155 (December 1982).
example, union wage scales in autos, steel, rubber, and trucking—industries recently marked by
wage cuts and freezes—climbed from a level 30
to 40 percent higher than the average wage for all
private nonfarm production workers in the late
1960s to a level 50 to 80 percent higher in 1981
(table 6). In the meatpacking industry, older
unionized plants paid substantially higher wages
than the new nonunion plants with advanced
technology, and large settlements in the construction industry during the early 1980s undoubtedly widened the wage gap between union
and nonunion workers.
Many industries in which labor contracts were
modified recently also experienced a slowdown
in productivity growth after 1973 (table 7). One
consequence of that slowdown was a compounding of cost disadvantages for unionized firms in
these industries relative to foreign or domestic
nonunion competitors. Before the 1970s, strong
productivity gains appeared to warrant annual
increases in real wages of 2 to 3 percent that were
embedded in union wage formulas. For nearly a
decade after 1973, however, few heavily unionized industries experienced productivity gains of
that magnitude, yet traditional annual improvement factors remained largely intact. At the same
854
Federal Reserve Bulletin • December 1984
time, foreign producers, particularly in Japan,
were able to raise productivity substantially,
thereby narrowing or even eliminating the U.S.
advantage in production efficiency.
LONG-RUN
PROSPECTS
FOR COLLECTIVE
BARGAINING
Traditional union practices governing wage determination and other key outcomes of collective
bargaining underwent sweeping changes during
the early 1980s in response to heightened competition in many unionized markets. This response
was the inevitable result of the significant widening of union-nonunion wage differentials or, in
the case of import-sensitive industries, the worsening of labor cost disadvantages vis-a-vis foreign producers during the 1970s. Union wagesetting practices remained stable as long as trend
productivity growth matched the annual improvement factor built into traditional wage formulas. But when productivity gains slowed, the
use of mechanistic formulas resulted in settlements that were at odds with the market conditions facing individual firms or industries. After
the longer-term consequences became evident in
the form of declining market shares, affected
unions began to modify traditional wage formulas and to experiment with alternate approaches
to wage administration in an effort to lower
costs. Which modifications in recently negotiated contracts are likely to be enduring features of
union settlements during the remainder of the
1980s? What are the implications for union wage
behavior?
If the only change in union wage determination
were that workers did not recoup traditional
wage adjustments that were forgone, then the
moderation in wage inflation would be transitory. Wage levels would be indefinitely lower
than they would have been without the recent
wage cuts and freezes, but future wage changes
would be indistinguishable from those in the
past; that is, the past relationship between union
wage behavior and its basic determinants—inflation and unemployment—would reemerge as
modified contracts expire. There are some indications, however, that the structural upheaval in
many unionized markets has redirected the attention of union workers to the long-run adverse
consequences that higher labor costs have for
employment—a development that could presage
longlasting changes in traditional union wage
practices.
One fundamental change could be the scaling
back of annual improvement factors. The absence of this factor from so many contracts
during the past several years suggests that workers no longer automatically expect real wage
improvements of 3 percent annually and will
accept more modest goals in order to preserve
jobs. Other joint efforts by labor and management to curb costs can be seen in recent contract
provisions that diminish the economic impact of
published wage scales. Such cost-saving provisions include two-tier wage systems under which
new hires are paid less than incumbent employees for doing the same job, measures to hold
down the rapid rise in benefit costs, and the
elimination of costly work rules.
A survey by the Bureau of National Affairs
found that nearly 6 percent of the 1,800 nonconstruction agreements reached between January
and July 1984 specified some sort of dual pay
plan. The potential savings from lower pay for
new hires will vary depending on the size of the
wage differential, on labor turnover rates, and on
the extent to which new hires remain at the lower
pay scales. Some observers of industrial relations fear that two-tier schemes could affect
morale and productivity adversely if they create
animosity between new hires and incumbents.
Perhaps for that reason, many of these plans are
temporary or graduated systems that allow new
employees to progress to top-tier or regular wage
scales over a specified period of time.
Negotiators also have sought to curtail the
rapid rise in benefit costs, particularly the costs
of medical plans. Union contract provisions covering medical plans often are specified in terms
of benefit coverage rather than benefit costs. As
medical costs rose, they were absorbed automatically by employers in addition to any negotiated
improvements in benefit coverage. To curb rising
costs, negotiators have turned to such measures
as employee-paid deductibles and so-called cafeteria plans, under which employees are offered a
choice of medical plans varying in cost and
coverage while employers pay for a fixed dollar
amount of their cost. These provisions are meant
to encourage workers to avoid unnecessary med-
Union Settlements
ical expenditures and excessive insurance coverage. Improvements in benefits also have been
scaled back or eliminated, and in some contracts
a portion of COLAs has been diverted to help
cover benefit costs.
A potentially more far-reaching change may be
found in union agreements to lift work rulesHhat
have evolved over the past five decades. There is
a growing consensus that many contractual rules
governing the performance of work are no longer
appropriate, particularly for industries faced
with rapid technological change or increased
competition.
Two major types of work-rule changes are
being negotiated. One type leaves the existing
organization of work intact but makes it more
efficient. Examples include allowing management greater flexibility in scheduling work, relaxing the use of seniority in job assignments,
and reducing the number of separate job classifications by combining duties and eliminating superfluous jobs. Generally, work-rule changes of
this type give only a one-time boost to the level
of productivity, unless they signal an ongoing
effort to increase flexibility in the workplace.
More fundamental changes involve revamping
the organization of work entirely. An example is
the introduction of team work, whereby workers
learn all of the jobs in their work areas rather
than perform narrow job functions, the usual
practice. These developments may mark an
emerging trend away from the traditionally adversarial atmosphere of U.S. labor-management
relations toward a more cooperative framework
with a long-term commitment to enhancing productivity.
Other innovations negotiated recently include
profit-sharing arrangements and new job security
provisions. Both of these innovations may be
viewed as evidence of the new emphasis that
unions are placing on preserving jobs. Because
profits are heavily influenced by cyclical fluctuations in demand, profit-sharing plans tend to
make labor compensation more sensitive to the
ups and downs of the business cycle. Greater
flexibility in compensation and prices could tend
to smooth out cyclical fluctuations in sales, production, and employment. More stable employment in turn could reduce the costs of job
security provisions such as lifetime employment
guarantees or income maintenance plans for
and Aggregate
Wage Behavior in the 1980s
855
workers who are laid off because of plant closings. Over the longer term, preserving jobs will
depend on remaining competitive; so managements often have offered new job security provisions in return for union commitments to negotiate improvements in productivity.
Whether profit-sharing plans will have a major
influence on the cyclical behavior of union wages
depends on (1) the proportion of the union workforce covered by profit sharing; (2) the size of
bonuses as a share of total compensation; and (3)
the extent to which bonuses replace other features of union settlements such as guaranteed
wage increases and COLAs, which contributed
to wage inertia in the past. Although the number
of plans indexing compensation for union workers to company performance has increased
sharply since 1980, overall coverage under these
plans is still fairly low. Only about 10 percent of
the workers in large bargaining units were covered by profit-sharing plans as of late 1983.
Moreover, the size of bonuses under existing
plans has yet to become a substantial proportion
of total compensation. Thus, unless more unionized industries adopt profit-sharing plans and
unions continue to accept bonuses in lieu of
guaranteed wage increases, the impact of such
plans on the cyclical behavior of aggregate union
wages will be limited.
Although unions and management may continue to experiment with alternative forms of wage
administration, there is no evidence of either a
permanent move toward shorter contracts or a
willingness to abandon COLA clauses. A recent
survey found that management would strongly
oppose any legal restrictions on the duration of
collective bargaining agreements. The disadvantages of short-term contracts cited by management include an increase in the time and money
spent on negotiations, an increase in the incidence of strikes, and adverse consequences on
employee morale and productivity. Some of
these objections may not be warranted, but it is
clear that U.S. employers still feel that multiyear
contracts are extremely important to maintaining
stability in labor-management relations. At the
same time, unions have been very reluctant to
eliminate COLA provisions, even during a period of duress. Thus wage changes under multiyear agreements probably will remain highly
sensitive to inflation.
856
Federal Reserve Bulletin • December 1984
5. Wage changes
Change from four quarters earlier.
SOURCE. Employment cost index, Bureau of Labor Statistics.
Nevertheless, the secular developments that
led to the unprecedented wave of wage cuts and
freezes recently may keep downward pressure
on union wage changes. Apart from a few cases
of steep wage cuts, recent modifications to traditional wage formulas have not yet substantially
narrowed labor cost disadvantages. During the
past two years, the rise in union wages on
balance has averaged only Vi to 1 percentage
point less than the rise in nonunion wages. That
compares with a widening of the overall unionnonunion wage differential of perhaps 10 percentage points during the 1970s (chart 5). Given
remaining cost disadvantages, the highly competitive conditions in many product markets are
likely to persist. In unionized markets subject to
foreign competition, domestic firms still have
incentives to shift production abroad. In other
unionized industries, recent inroads by nonunion
firms have reduced the ability of unions to maintain wage premiums for their members. Barring
any concerted actions to raise protectionist barriers or toward the reimposition of regulation,
which merely would postpone market adjustments, these factors imply a sustained moderation in the rise of union labor costs in the years
ahead and perhaps some reversal of the widening
in union-nonunion wage differentials that took
place during the 1970s.
•
857
Survey of Consumer Finances, 1983:
A Second Report
This article was prepared by Robert B. Avery,
Gregory E. Elliehausen, and Glenn B. Canner, of
the Board's Division of Research and Statistics,
and Thomas A. Gustafson, of the U.S. Department of Health and Human Services. Neil Briskman, Bryan Davis, Julie Rochlin, Robert Seifert,
and Julia Springer helped prepare the data. This
article is the second in a series of three reports
on the 1983 Survey of Consumer Finances. The
first article appeared in the FEDERAL RESERVE
for September 1984. This article presents highlights from the survey covering family debts, net
worth, and the selection and use of financial
services. Where appropriate, comparisons are
made between results obtained from the 1983
survey and similar surveys conducted in 1970
and 1977.3 The appendix describes the 1983
survey design and data preparation.
BULLETIN
MORTGAGE
for
September
1984.
AND
CONSUMER
CREDIT
OUTSTANDING
Information on the financial position of American households is available from a variety of
sources. Few of these sources, however, provide
information on the distribution of assets and
liabilities among families with various characteristics. Surveys of consumers, such as the 1983
Survey of Consumer Finances, are a source of
these data.1 The 1983 Survey of Consumer Finances, jointly sponsored by the Board of Governors of the Federal Reserve System, the United
States Department of Health and Human Services, and five other federal agencies, collected a
comprehensive inventory of the assets and liabilities of 3,824 randomly selected American households. 2 The survey also obtained information on
the use by consumers of financial services, on
their reactions to consumer credit regulations,
and on consumer pension rights and benefits.
Results from the income and asset sections of
the 1983 Survey of Consumer Finances were
described in the F E D E R A L R E S E R V E B U L L E T I N
1. Copies of the questionnaire, code book, and data tape
containing responses to the survey may be obtained from
Robert Chamberlin, Board of Governors of the Federal
Reserve System, Washington, D.C. 20551.
2. The five other agencies are the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the
Federal Trade Commission, the U.S. Department of Labor,
and the U.S. Treasury, Office of Tax Analysis.
Changing economic conditions and rapid developments in financial markets since 1970 have
substantially influenced both the magnitude and
the composition of the outstanding debt of American families. In view of these changes, the 1983
Survey of Consumer Finances collected detailed
information on all types of debts owed by families. This section presents survey results on
mortgage and consumer debt outstanding. Mortgage debt includes both first and second mortgages. 4 Consumer credit includes credit card and
other open-end debt, installment debt, and noninstallment credit from all sources. Family debts
associated with businesses and with real estate
other than primary residences are not included in
either of these categories. For installment credit,
respondents were asked to report the terms of
their outstanding debts. The responses on pay-
3. George Katona, Lewis Mandell, and Jay Schmiedeskamp, 1970 Survey of Consumer Finances (University of
Michigan, Institute for Social Research, 1971) (2,317 respondents); and Thomas A. Durkin and Gregory E. Elliehausen,
1977 Consumer Credit Survey (Board of Governors of the
Federal Reserve System, 1977) (2,563 respondents).
4. Data on mortgage debt reported in this article include
farm families and owners of mobile homes, which are often
not included in mortgage debt figures.
858
Federal Reserve Bulletin • December 1984
1. Distribution of mortgage debt outstanding for homeowners, selected years
Percentage distribution of homeowners with such debt except as noted 1
Current dollars
Constant (1983) dollars
Amount of mortgage debt outstanding (dollars) 2
1977
1970
45
42
10
3
None
1-14,999
15,000-24,999
25,000-49,999
50,000-74,999
75,000 and more
*
*
44
28
15
12
1
*
1970
1977
1983
43
22
12
15
6
2
45
16
11
22
6
1
44
16
13
20
6
1
43
22
12
15
6
2
100
100
100
100
100
100
10,480
10,000
17,523
15,080
27,147
21,010
26,862
25,632
28,732
24,727
27,147
21,010
Total
MEMO (dollars)
1983
3
Mean
Median
1. Includes farm families and owners of mobile homes.
2. Consists of first and second mortgage debt outstanding. First
mortgages include land contracts.
3. Mean and median values are for families with outstanding
mortgage debt, including mobile home debt.
*Less than 0.5 percent.
ment size, maturity, and amount borrowed were
used to calculate the amounts still outstanding on
each loan. For credit card and other noninstallment credit, respondents were asked to report
outstanding balances.
Mortgage debt continues to be the largest
financial obligation of many American families.
In 1983, 64 percent of families were homeowners; of these homeowning families, 57 percent
owed mortgage debt. The mean mortgage debt of
homeowners in 1983 was $27,147 and the median
was $21,010.
The amount of mortgage debt outstanding per
homeowning family, measured in current dollars,
increased substantially from 1970 to 1983 (table
1). In 1983, 23 percent of homeowners owed
$25,000 or more on mortgages (both first and
second mortgages); the proportion was 13 percent in 1977 and only 3 percent in 1970. However, when mortgage debts in 1970 and 1977 are
expressed in 1983 dollars (using the consumer
price index), the proportion of homeowning families whose mortgage obligations were $25,000 or
more was 29 percent and 27 percent in 1970 and
1977 respectively, and then decreased to the 23
percent in 1983 noted above. These data are also
presented in table 1. Both mean and median real
mortgage debt were lower in 1983 than in 1977:
the mean dropped 6 percent and the median 15
percent.
According to the 1983 survey, a large proportion of American families had outstanding con
SOURCES. George Katona, Lewis Mandell, and Jay Schmiedeskamp, 1970 Survey of Consumer Finances (University of Michigan,
Institute for Social Research, 1971), and Thomas A. Durkin and
Gregory E. Elliehausen, 1977 Consumer Credit Survey (Board of
Governors of the Federal Reserve System, 1977).
sumer credit obligations in 1983 (table 2). A
somewhat higher fraction of families had such
debt in 1983 (62 percent) than in 1977 (59 percent). 5 The proportion of families with at least
$2,000 in outstanding consumer debt rose from
28 percent in 1977 to 34 percent in 1983. But,
after the data are adjusted for price changes, the
proportion of families owing more than $2,000
was about the same in both years. Mean real
consumer debt outstanding for families with such
debt increased from $4,450 in 1977 to $5,400 in
1983, while median real consumer debt declined
from $2,622 to $2,382.
Table 3 presents the proportion of families
owing debt and the mean and median amounts
outstanding for mortgage and consumer debt in
1983 according to certain family characteristics.
The 1983 results reveal that as in previous years,
the proportion of homeowning families owing
mortgage debt increases steadily from the lowest
to the highest income groups, as do both mean
and median mortgage debt. Of the homeowning
5. T h e data on 1970 c o n s u m e r d e b t are n o t entirely c o m p a rable b e c a u s e the s u r v e y f o r that y e a r a s k e d o n l y a b o u t credit
card and installment d e b t o u t s t a n d i n g and n o t a b o u t outstanding n o n i n s t a l l m e n t c o n s u m e r d e b t . A s a c o n s e q u e n c e ,
information in table 2 o n o u t s t a n d i n g c o n s u m e r debt in 1970
u n d e r s t a t e s the proportion o f f a m i l i e s o w i n g and the total
a m o u n t o f c o n s u m e r d e b t o u t s t a n d i n g in that year. In 1983, 59
percent o f f a m i l i e s had credit card or installment debt outstanding, c o m p a r e d w i t h 56 p e r c e n t in 1977 and 54 p e r c e n t in
1970.
Survey
of Consumer
Finances,
1983: A Second
Report
859
2. Distribution of consumer debt outstanding, selected years
Percentage distribution of families with such debt except as noted
Current dollars
Constant (1983) dollars
Amount of consumer credit outstanding (dollars)1
1970
1977
1983
1970
1977
1983
46
20
9
12
6
5
2
1
37
15
10
11
8
11
5
4
38
13
6
9
6
9
7
12
46
11
5
9
5
9
6
8
37
12
6
10
6
10
9
11
38
13
6
9
6
9
7
12
100
100
100
100
100
100
1,438
858
2,713
1,599
5,400
2,382
3,686
2,199
4,450
2,622
5,400
2,382
None
1-499
500-999
1,000-1,999
2,000-2,999
3,000-4,999
5,000-7,400
7,500 and more
Total
MEMO (dollars)
2
Mean
Median
1. Consists of credit card and other open-end debt, installment
debt, and noninstallment consumer debt from all sources (except
1970, which does not include noninstallment consumer debt).
2. Mean and median values are for families with outstanding
consumer debt.
SOURCES. Katona and others, 1970 Survey, and Durkin and Elliehausen, 1977 Survey.
3. Mean and median mortgage and consumer debt outstanding of families owing such debts,
by selected family characteristics, 1983
Mortgage debt outstanding (dollars)1
Characteristic
Consumer debt outstanding (dollars) 2
Percent of
families
Percent of
homeowners
Mean
(dollars)
Median
(dollars)
Percent of
families
Mean
(dollars)
Median
(dollars)
Family income (dollars)
Less than 5,000
5,000-7,499
7,500-9,999
10,000-14,999
15,000-19,999
20,000-24,999
25,000-29,999
30,000-39,999
40,000-49,999
50,000 and more
7
12
12
22
32
36
48
59
68
69
18
27
27
40
53
57
70
72
76
78
18,611
14,751
17,173
17,201
17,375
18,606
23,690
27,836
30,031
45,233
11,925
8,620
13,488
13,470
12,943
16,097
21,095
24,041
25,242
36,411
33
40
48
54
66
72
72
77
80
75
2,834
1,919
4,152
3,452
4,295
4,149
4,632
5,138
7,079
12,772
677
573
1,006
1,451
1,639
2,336
2,929
3,594
4,365
5,529
Age offamily
Under 25
25-34
35-44
45-54
55-64
65-74
75 and over
12
40
58
52
34
16
3
61
87
84
67
43
20
5
24,577
32,266
31,871
23,767
18,334
14,703
11,029
20,049
27,137
25,268
16,167
12,100
10,067
9,981
64
77
79
71
57
31
15
3,584
4,781
6,673
5,780
6,325
3,537
1,117
2,263
2,265
3,030
3,152
1,700
943
308
39
27
57
60
28,116
20,838
22,162
13,839
63
60
5,577
4,578
2,503
1,830
17
46
60
69
86
87
34,304
34,448
32,039
25,540
30,143
26,079
64
86
83
4,864
4,877
5,922
1,900
2,949
3,076
45
14
56
18
21,828
15,787
13,780
9,981
66
27
6,403
2,967
2,949
677
head
(years)
Race of family head
Caucasian
Nonwhite and Hispanic
Life-cycle stage of family head
Under 45 years
Unmarried, no children
Married, no children
Married, with children
45 years and over
Head in labor force
Head retired
All ages
Unmarried, with
children
AH families
27
68
22,304
17,308
65
4,433
1,135
37
57
27,147
21,010
62
5,400
2,382
1. Consists of first and second mortgage debt outstanding. Includes
farm families and owners of mobile homes.
2. Consists of credit card and other open-end debt, installment
debt, and noninstallment consumer debt from all sources for all
families.
860
Federal Reserve Bulletin • December 1984
4. Ratio of monthly mortgage and installment debt payments in 1983 to family income in 1982,
by selected family characteristics 1
Percentage distribution, selected groups
Ratio of mortgage debt to income 2
Ratio of installment debt to income 2
No
debt
1-9
percent
10-19
percent
20
percent
or
more
Total
No
debt
1-9
percent
10-19
percent
20
percent
or
more
Total
Family income (dollars)
Less than 5,000
5,000-7,499
7,500-9,999
10,000-14,999
15,000-19,999
20,000-24,999
25,000-29,999
30,000-39,999
40,000-49,999
50,000 and more
83
73
73
60
48
43
31
28
24
23
3
3
2
10
21
28
33
41
50
56
3
6
10
16
19
21
25
24
21
17
12
17
14
14
13
7
12
7
6
5
100
100
100
100
100
100
100
100
100
100
84
79
65
66
56
51
50
44
42
53
3
7
14
14
21
27
31
45
47
39
3
4
12
13
17
18
16
10
9
8
10
10
9
7
6
5
3
1
2
1
100
100
100
100
100
100
100
100
100
100
Age of family head
Under 25
25-34
35-44
45-54
55-64
65-74
75 and over
38
13
16
33
57
80
96
18
31
42
42
29
10
3
26
38
27
16
8
6
1
17
19
14
9
6
3
1
100
100
100
100
100
100
100
55
45
45
51
68
86
94
21
34
36
31
18
7
2
16
15
14
12
9
4
2
9
7
6
5
4
3
2
100
100
100
100
100
100
100
43
40
29
33
18
16
9
11
100
100
59
57
26
21
11
13
5
9
100
100
43
29
18
10
100
59
25
11
5
100
Characteristic
(years)
Race offamily head
Caucasian
Nonwhite and Hispanic .
All families
1. Family income before taxes.
families whose head is under 25, 61 percent owe
mortgage debt; the proportion rises to 87 percent
for those whose head is 25 to 34, but then
declines for the older groups, reaching 5 percent
for the group with a head of 75 and over. Of those
who owe mortgage debt, the mean and median
amounts outstanding are highest for families
whose head is under 45. Homeowning white
families are less likely to owe mortgage debt but
have larger debt than homeowning nonwhite and
Hispanic families.
More families owe consumer debt than mortgage debt, but the distribution and dollar
amounts of the two types of debt generally follow
the same income and life-cycle patterns. Up to
an income of $20,000 to $24,999, the higher the
income, the higher the proportion of families that
owe consumer debt; above that income the proportion remains relatively stable. However,
above that level, as income rises so do mean and
median dollar amounts of consumer debt outstanding. Outstanding consumer debt generally
increases with the age of the family head until 44,
2. Covers homeowners with regular monthly payments including
farm families and owners of mobile homes.
but then begins to decline; in 1983, only 15
percent of families whose head was over age 75
had outstanding consumer debt compared with
79 percent of families whose head was 35 to 44.
Because repayments of debts are generally
made out of current income, the ratio of monthly
debt payments to monthly income is a useful
indicator of the debt burden. To estimate debt
burdens, scheduled monthly mortgage and nonmortgage installment payments in 1983 were
divided by 1982 monthly family income, which is
the family's total before-tax income from all
sources. Table 4 presents the ratios of monthly
mortgage payments to monthly income and of
monthly payments on nonmortgage installment
debt to monthly income for various family
groups. It reveals that although homeowners
with lower incomes were less likely than those
with higher incomes to owe mortgage debt, they
were more likely to have higher mortgage payment ratios when they owed debt. Homeowning
families with younger heads were more likely
than those with older heads to owe mortgage
Survey of Consumer Finances, 1983: A Second Report
debt, and they had higher ratios of mortgage
payments to income. Table 4 also shows that
mortgage debt burdens were substantially similar
for white and nonwhite and Hispanic families.
Differences among groups in the proportion of
families owing installment debt are similar to
those for all types of consumer debt although the
levels are somewhat lower. Ratios of monthly
installment payments to monthly income decrease as family income rises and as the family
head ages. Installment payment ratios were generally higher for nonwhites and Hispanics than
for whites.
NET
WORTH
Like income, consumers' wealth or net worth is
important both because it influences savings,
consumption, and financial behavior and because it serves as an indicator of economic wellbeing. Gathering current information on net
worth was one of the major objectives of the 1983
Survey of Consumer Finances. Collecting accurate data on net worth and its components for
any population is a substantial challenge. Only a
few other nationally representative surveys have
attempted it.
Net worth is the difference between gross
assets and liabilities. The 1983 Survey of Consumer Finances contains a highly detailed inventory of components on both sides of consumers'
balance sheets; these components have been
summed to produce estimates of net worth for
each family. The estimates discussed here account for all financial assets, and equity in homes
and in other real property, as well as all financial
liabilities such as consumer credit and other
debts. These estimates exclude the value of
consumer durables such as automobiles and
home furnishings, the cash value of life insurance, equity in small businesses and farms, and
the present value of expected future benefits
from pensions or social security. 6
6. Expectations of future retirement benefits can be a
significant element of consumers' economic situation because the benefits are potentially very large relative to other
assets. The 1983 Survey of Consumer Finances included
questions on these expectations, and a special supplement—
not yet complete—addressed to pension providers should
afford better measurement of these notoriously elusive as-
861
As defined above, net worth, measured in
current dollars, increased substantially between
1970 and 1983 (table 5). 7 For example, the proportion of families with net worth of more than
$25,000 expanded from 22 percent in 1970, to 38
percent in 1977, and then to 50 percent in 1983.
Adjusted for price changes, the net worth figures
still show significant, if smaller, increases. Real
mean and median net worth rose 30 percent and
18 percent respectively from 1977 to 1983; from
1970 to 1977, in contrast, median real net worth
rose only 12 percent and mean real net worth fell.
The proportions of families having various
amounts of net worth were substantially the
same in the three survey years after accounting
for price changes.
The growth in real net worth between 1977 and
1983 reflects the net effects of the economic
expansion in the late 1970s—which had a particularly heavy impact on home equity, a large
component of consumers' balance sheets—and
of the recession in the early 1980s. The stability
of the distribution of net worth is particularly
striking in light of major changes in family composition over these years. The number of oneand two-person families increased at almost
twice the rate for all families: such families are
predominantly young (with heads under 35) or
old (with heads over 65). 8 As noted in the earlier
article, these demographic changes contributed
to the decline in real family income. The effect of
these shifts on net worth is different, however.
Older families tend to have relatively high net
worth, and the expansion in this group has
counterbalanced that of young families, who
tend to have relatively low levels of net worth.
sets. They are excluded from the estimates of net worth
presented here because of the independent interest in this
concept of net worth and to facilitate comparisons with
earlier surveys that did not investigate this area. Results on
pensions and social security will be reported elsewhere.
7. In these surveys, net worth was measured as of the date
of the survey, in contrast to income amounts, which referred
to the previous calendar year. In the 1977 survey, asset
values were measured with an interval scale rather than as
exact amounts. To aggregate assets, interval midpoints were
used for bounded intervals, and the lower limit ($200,000) of
the open interval was used. This technique may have yielded
underestimates of the value of the largest assets and consequently underestimates of average net worth.
8. U.S. Department of Commerce, Bureau of the Census,
Current Population Reports, Series P-20, various issues,
1970-83.
862
Federal Reserve Bulletin • December 1984
5. Distribution of families by net worth, selected years
Percent except as noted
Current dollars
Constant (1983) dollars
Net worth (dollars)'
1970
Less than 5,000
5,000-9,999
10,000-24,999
25,000-49,999
50,000-99,999
100,000-249,999
250,000-499,999
500,000 and above
Total
1977
45
11
23
11
7
3
1
1983
39
7
17
17
13
7
1
1970
1977
1983
33
5
12
16
17
12
3
2
36
6
14
17
14
9
2
1
35
5
12
15
16
12
2
*
33
5
12
16
17
12
3
2
*
*
100
100
100
100
100
100
22,154
7,189
31,039
12,656
66,050
24,574
56,781
18,425
50,895
20,752
66,050
24,574
2
MEMO (dollars)
Mean
Median
1. Excludes major consumer durables such as automobiles and
home furnishings, and other items mentioned in the text.
2. Detail may not add to totals because of rounding.
*Less than 0.5 percent.
SOURCES. Katona and others, 1970 Survey,
hausen. 1977 Survey.
and Durkin and Ellie-
6. Alternative measures of net worth, selected years
Percentage distribution
Net worth category 1
Assets
Liquid
Bonds
Equities
Home value plus land
Mortgages and notes
Total assets
Liabilities
Home mortgages
Other credit 3
Net worth
Total liabilities and net worth
Survey of
Consumer
Finances,
1983
Survey of
Consumer
Finances,
1977
Flow of
funds
accounts,
19772
Survey of
Consumer
Finances,
1970
Flow of
funds
accounts,
19692
19
4
12
63
2
26
6
19
47
2
24
2
12
62
n.a.
29
6
19
45
1
17
4
18
61
n.a.
24
6
36
32
1
100
100
100
100
100
100
15
5
80
16
9
75
18
4
78
16
9
75
17
4
79
13
8
79
100
100
100
100
100
100
1. For the purposes of this table, asset and liability components
from both sources have been computed on as comparable a basis as
possible. Consequently, the concept of net worth employed here is
somewhat narrower than that used elsewhere in this article.
2. Includes assets and liabilities of personal trusts and nonprofit
organizations. Flow of funds figures for 1969 and 1982 were chosen for
comparison with the 1970 and 1983 surveys respectively because the
Aggregate figures on components of net worth
derived from the flow of funds accounts furnish
an interesting comparison with these data. But
direct comparison is difficult for two reasons.
First, the household sector of the flow of funds
accounts includes personal trusts and nonprofit
organizations; it is not possible to fully separate
the activities of these units from those of consumers. Second, survey-based measures of net
worth generally suffer from reporting errors,
which may be substantial for some categories of
Flow of
funds
accounts,
19822
flow of funds data are end-of-year estimates and hence closer in time
to the surveys, which started in January 1970 and February 1983
respectively.
3. Includes consumer credit, securities credit, bank loans not
elsewhere classified, and other loans (U.S. government and life
insurance policy loans), and excludes mortgages on multifamily and
commercial property,
n.a. Not available.
assets and liabilities. Several reasons may underlie this problem: lack of knowledge of asset
values, intentional misreporting, and failure to
secure interviews with wealthy families. 9 While
this limitation may reduce the reliability of survey-based wealth measures, aggregate measures
9. To address this problem, the 1983 survey included a
special sample of high-income families. Results from analysis
of this sample will be presented in a forthcoming issue of the
FEDERAL RESERVE BULLETIN.
Survey of Consumer Finances, 1983: A Second Report
also have flaws. In particular, many of the components reported in the household sector of the
flow of funds accounts are not direct observations but are residuals derived from deducting
the activity of other sectors from national totals.
Consequently, the household sector of the flow
of funds accounts shows large and volatile statistical discrepancies.
Table 6 compares the distributions of components of net worth revealed by Surveys of Consumer Finances in 1983, 1977, and 1970 and
recorded in comparable flow of funds accounts.
The asset and liability distributions are reasonably similar. Figures from the two sources are
generally close at each point in time, and intertemporal movements are also similar. The major
differences between the results of the two
sources are in the valuation of home equity and
other major asset categories: the surveys estimate more home equity in consumers' asset
portfolios and less liquid assets, bonds, and
equities than do the flow of funds accounts. 10 The
explanation of these divergences is likely to lie
partly in the inclusion of nonprofit institutions in
the flow of funds accounts. The portfolios of
those institutions include large holdings of stocks
and bonds but naturally not owner-occupied
housing.
The survey data indicate that wealth is more
heavily concentrated in a small number of families than is family income (this information is not
shown in the tables). For example, 28 percent of
the total net worth of the survey sample is held
by the 2 percent of families with the highest net
worth and 57 percent by the top 10 percent.
Moreover, almost 20 percent of survey families
had a zero or negative net worth. This distribution is in marked contrast with that for income:
only 14 percent of the total income of the survey
sample is received by the 2 percent of families
with the highest income and 33 percent by the
top 10 percent.
Excluding real assets from net worth, one can
examine the overall financial position of families.
Real assets—homes and other real estate—contribute heavily to the net worth of many families
10. If the effect of different valuation of housing is removed, however, the two sources report substantially the
same distribution of the other categories of assets.
863
and tend to reduce the inequality in the distribution of wealth. But often this contribution is
offset by the debt people incur to acquire such
assets. Thus financial wealth is more highly
concentrated than is net worth. In 1983, 54
percent of the total net financial assets were held
by the 2 percent of families with the greatest
amount of such assets and 86 percent by the top
7. Mean and median net worth, by selected family
characteristics, 1983
Characteristic
Percent
of
families
Net worth (dollars)
Mean
Median
Family income (dollars)
Less than 5,000
5,000-7,499
7,500-9,999
10,000-14,999
15,000-19,999
20,000-24,999
25,000-29,999
30,000-39,999
40,000-49,999
50,000 and more
9
8
7
14
13
11
9
13
7
10
12,051
20,146
27,832
36,277
36,816
45,564
60,513
69,083
95,658
262,254
514
2,725
2,140
11,575
15,383
22,820
28,876
45,981
63,941
130,851
Age of family head
Under 25
25-34
35-44
45-54
55-64
65-74
75 and over
8
23
19
16
15
12
7
4,218
20,391
51,893
81,350
119,714
125,284
72,985
5
3,654
28,721
43,797
55,587
50,181
35,939
16
13
32
20
19
37,419
40,791
52,968
71,754
122,842
16,152
12,489
23,671
20,418
54,805
14
11
5
13
18
81,094
109,147
231,773
65,321
48,928
40,079
57,129
87,399
24,452
26,402
29
2
8
26,574
121,710
52,044
8,338
69,735
4,027
64
36
97,239
10,603
50,125
15
82
18
74,743
27,605
31,904
1,353
12
7
23
16,289
24,948
41,371
1,075
7,540
17,864
26
22
107,124
103,041
54,527
43,213
9
22,765
477
100
66,050
24,574
(years)
Education of family head
0 - 8 grades
9-11 grades
High school diploma
Some college
College degree
Occupation of family head
Professional, technical
Manager
Self-employed manager
Clerical or sales
Craftsman or foreman
Operative, labor, or
service worker
Farmer or farm manager
Miscellaneous
Housing status
Own
Rent or other
Race of family head
Caucasian
Nonwhite and Hispanic
Life-cycle stage
offamily
head
Under 45 years
Unmarried, no c h i l d r e n . . . .
Married, no children
Married, with children . . . .
45 years and over
Head in labor force
Head retired
All ages
Unmarried, with children...
All families
864
Federal Reserve Bulletin • December 1984
8. Selected characteristics of families, by net worth, 1983
Net worth (dollars)
Mean age of
family head in
1982 (years)
Mean family
income in 1982
(dollars)
Percent
nonwhite and
Hispanic
Percent
homeowners
Mean mortgage
debt
outstanding
(dollars)1
Mean consumer
credit
outstanding
(dollars)
Less than 5,000 . . . .
5,000-9,999
10,000-24,999
25,000-49,999
50,000-99,999
100,000-249,999....
250,000-499,999....
500,000 and m o r e . . .
39
41
47
49
52
56
58
61
14,584
19,352
20,663
24,232
29,682
39,237
63,652
125,652
31
19
20
14
9
6
8
6
13
65
83
91
94
95
95
95
2,457
11,593
12,682
13,695
14,268
14,325
15,508
15,790
2,928
3,011
3,079
2,876
3,092
4,085
5,048
13,875
1. Mean debt for all families.
10 percent; 55 percent of the families in the
sample had zero or negative net worth. Viewed
from another perspective, these data imply that
fewer than 10 percent of families provided more
than 85 percent of the net lending by consumers,
and more than half of all families were net
borrowers.
Tables 7 and 8 reveal how net worth varies
according to the characteristics of families. 11 Net
worth increases with family income, with later
stages in the life cycle, and with the education
and age of the family head, though it dips for the
oldest age group. Whites have substantially larger net worth than nonwhites and Hispanics (table
7): while the latter two groups account for 18
percent of the families, they account for 31
percent of those with net worth of less than
$5,000 and no more than 9 percent of families
with net worth over $50,000 (table 8). Homeownership is nearly universal for families with net
worth of more than $50,000, but it is much less
common among those with lower net worth.
Conversely, mean consumer debt outstanding
has no strong relationship to net worth, though
mean home mortgage debt outstanding is highest
for families with the highest net worth. Finally,
those who are retired or nearing retirement have
the greatest wealth, while unmarried persons, of
whatever age, have the least (table 7).
SELECTION
SERVICES
AND USE OF
FINANCIAL
The 1983 Survey of Consumer Finances is useful
for developing a profile of the characteristics of
11. The estimates of net worth shown here exclude the
value of consumer durables such as automobiles, which form
families that use different financial institutions
and services. Sources of loans and the institutions at which the families hold their financial
assets were identified. Information on the balance sheets for each family provides a basis for
much of this analysis. Detailed information was
also collected on the use the family made of the
financial institution where it had its main checking account. For example, did the families have
access to an automatic teller machine, and if so,
how frequently did they use it? How often did
they visit the institution? What other services of
the institution did they use? Why did they select
the institution? In addition, all families were
asked a series of questions about their attitudes
toward credit, their knowledge of credit terms,
and their attitudes toward investment risk and
liquidity.
The principal, regular contact with financial
institutions of most families is through their main
checking account (that is, the account on which
they make the most transactions). Table 9 presents responses to the question on the reasons
for choosing an institution for the main checking
account. Whatever the family income, convenience of location was mentioned most frequently as the most important reason for the choice.
Availability of many services at one location
came in second as the most important reason. 12
a substantial proportion of many families' assets. Debts
incurred to purchase these durables, however, are included
as liabilities. These assets are likely to account for an
especially large share of the assets of families that do not own
homes and of those of other groups of families with relatively
low net worth.
12. Similar results were found in the 1977 Consumer Credit
Survey, in relation to savings accounts; see Durkin and
Elliehausen, 1977 Consumer Credit Survey.
Survey of Consumer Finances, 1983: A Second Report
865
9. Reason for selecting institution where main checking account is held, by family income, 1983
Percent of families
Family income (dollars)
Most important reason
Total
10,00019,999
20,00029,999
30,00049,999
50,000
and more
47
11
40
17
39
19
38
20
41
20
10
6
17
9
14
9
15
5
14
9
15
4
13
9
17
3
10
6
18
5
100
Convenient location
Availability of multiple services
Low service charges or low
minimum balance requirements
High deposit interest rates
Safety
Other 1
Less than
10,000
100
100
100
100
1. For example, access to automatic teller machine and personal or friendly service.
10. Other services obtained at institution where main checking account is held, by family income, 1983
Percent of families
Family income (dollars)
Service
Other checking accounts
Individual retirement or Keogh accounts
Certificates of deposit
Money market or savings accounts
Credit cards
Mortgage loans
Other loans
Brokerage or trust accounts
Less than
10,000
10.00019,999
20,00029,999
30,00049,999
50,000
and more
4
1
11
22
11
2
7
1
8
3
14
34
18
5
14
11
6
14
34
21
10
16
16
9
15
37
27
14
20
27
17
18
34
34
13
13
1
*
1
5
*Less than 0.5 percent.
For all family income groups, a money market
or savings account was the most frequently used
service offered by the financial institution at
which they maintained their main checking accounts (table 10). In all but the lowest income
group, roughly the same proportion of families
had certificates of deposit, money market deposit accounts, and savings accounts at that institution. On the other hand, higher-income consumers were more likely than lower-income
consumers to obtain credit cards and loan services where they have their main checking accounts. Eighty percent of families who earned
more than $50,000 in 1982 had bank credit cards,
but only about one-third received them from the
institutions where they maintained their main
checking accounts. 13 Similarly, 55 percent of
these high-income families had individual retire-
ment or Keogh accounts, yet only 17 percent of
them kept these accounts at the institution at
which they had their main checking account. 14
The survey data reveal the kinds of families
that use various financial services. Table 11
presents selected characteristics for the following groups: (1) families with main checking accounts at banks, savings and loan associations
and savings banks, and credit unions; (2) families
with low and high balances in their main checking account (defined as less than and more than
$2,500 respectively); (3) families with money
market deposit, money market mutual fund, and
brokerage accounts; (4) families with stocks or
bonds; (5) families who seek investment advice
from professionals; (6) families who hold differ-
14. For a description of asset holdings by selected family
characteristics, see Robert B. Avery and others, "Survey of
13. Bank credit cards include Mastercard, Visa, and other
credit cards issued through a financial institution.
C o n s u m e r F i n a n c e s , 1 9 8 3 , " FEDERAL RESERVE BULLETIN,
vol. 70 (September 1984), table 10, p. 686.
866
Federal Reserve Bulletin • December 1984
11. Selected characteristics of families using financial services, 1983
Percent of families using services except as noted
Holders of selected credit cards
Item
Percent
of all
families
Bank
Institution where main
checking account is
held
Commercial bank
Savings and loan or savings
bank
Credit union
Average balance in main
checking account
Less than $2,500
$2,500 or more
Other financial
characteristics of
families
Has money market deposit
account
Has money market mutual fund
account
Has brokerage account
Has nonliquid financial
assets
Obtains advice on what kinds of
savings and investments to make
Type of credit card held
Gasoline
Bank
Travel and entertainment
National retailer6
Other retailer
Other7
Source of outstanding
credit
Commercial bank
Savings and loan or savings
bank
Credit union
Finance company
Store
All families
Travel
and entertainment
Homeowners'
Credit
union
members
Have
mortgage
debt
outstanding
Have
consumer
debt
outstanding
Have
money
market
deposit
account
Have
money
market
mutual
fund
account
Mean
age of
family
head
(years)
64
51
12
73
20
42
65
10
7
48
11
4
50
53
13
5
67
62
22
100
43
51
69
80
12
8
8
6
46
37
71
8
50
56
11
21
70
84
25
14
44
29
69
39
9
17
6
15
46
58
8
65
17
80
23
41
48
100
11
54
6
7
80
82
30
30
75
80
24
22
49
54
70
64
14
25
100
34
47
49
23
68
20
78
29
49
64
16
17
49
26
52
15
69
19
40
62
13
11
48
28
42
10
48
37
5
77
100
80
65
69
80
22
18
100
14
18
40
78
77
74
79
74
70
27
29
23
28
28
28
51
53
62
52
50
54
74
77
80
76
75
81
13
13
14
11
13
17
13
11
19
9
11
17
49
47
43
47
47
46
19
54
14
68
21
51
100
6
7
40
3
7
12
7
56
60
44
37
16
13
9
9
74
74
62
56
27
100
23
21
60
63
46
40
100
100
100
100
13
8
4
3
5
5
5
4
41
39
39
41
100
42
10
64
21
37
62
8
6
47
For notes, see opposite page.
ent types of credit cards; and (7) families who
have outstanding consumer debt from various
institutional sources of credit.
The table reveals many similarities between
families who had their main checking accounts at
commercial banks and families who had them at
savings and loan associations or savings banks.
Income and financial asset holdings of these
customer groups differed, however: commercial
bank customers had lower median but higher
mean values for family income and financial
asset holdings than customers of savings and
loan associations or savings banks. 15 These results suggest that while all the various kinds of
institutions attracted customers from all income
groups, the families with the highest income and
the greatest wealth tended to patronize commercial banks.
A comparison between the characteristics of
15. F i n a n c i a l a s s e t s i n c l u d e liquid a s s e t s ( c h e c k i n g acc o u n t s , s a v i n g s a c c o u n t s , m o n e y m a r k e t a c c o u n t s , certific a t e s of d e p o s i t , individual r e t i r e m e n t a n d K e o g h a c c o u n t s ,
and s a v i n g s b o n d s ) , s t o c k s , o t h e r b o n d s , n o n t a x a b l e h o l d i n g s
(municipal b o n d s and s h a r e s in o t h e r m u t u a l f u n d s ) , and
trusts.
Survey of Consumer Finances, 1983: A Second Report
867
11. Continued
1982 family income (dollars)
Balance in main
checking account
(dollars)
Financial assets
(dollars)3
Consumer debt
outstanding
(dollars)4
Median
Mean
Median
Mean
Median
Liquid assets
(dollars)2
Item
Mean
Median
Mean
Median
Mean
Mean
number
of
other
financial
services'*
Institution where main
checking account is
held
Commercial bank
Savings and loan or savings
bank
Credit union
30,178
22,600
1,251
500
16,061
3,478
31,513
4,355
6,144
2,905
1.13
28,515
27,289
23,152
25,000
825
522
495
363
14,351
7,481
4,128
2,138
21,069
14,281
5,231
2,640
5,253
5,456
2,262
3,379
1.05
1.26
Average balance in main
checking account
Less than $2,500
$2,500 or more
26,932
55,979
22,070
30,800
558
6,697
400
4,500
10,621
58,664
2,614
28,248
17,567
134,653
3,200
39,375
5,466
14,305
2,751
4,011
1.10
1.36
38,705
29,479
1,804
750
40,929
19,715
72,308
26,274
7,266
3,175
1.60
59,860
66,950
40,000
47,627
1,980
2,577
1,000
1,000
44,306
42,493
19,900
20,686
94,526
145,757
31,300
50,320
12,370
10,635
4,000
4,000
1.30
3.09
43,317
32,000
1,665
616
28,628
10,765
76,452
21,400
8,047
3,648
2.70
35,011
23,737
1,455
500
21,357
5,858
47,617
7,935
7,525
2,614
2.32
40,520
38,314
58,053
33,493
36,394
61,743
31,000
30,000
40,000
27,000
28,000
39,500
1,330
1,225
1,904
1,096
1,222
2,289
500
500
800
500
500
618
22,548
18,879
27,086
15,700
18,719
31,732
7,988
5.509
9,711
4,253
5,613
8,605
50,738
39,798
80,008
27,546
36,498
73,545
10,425
7,325
11,975
5,380
7,913
10,706
7,667
6,873
11,147
5,778
6,164
9,436
4,002
3,321
5,345
3,100
3,000
3,391
2.68
2.63
2.97
2.50
2.62
3.01
30,160
24,200
653
300
7,445
1,398
14,622
1,800
7,869
4,430
2.46
32,389
35,960
29,099
23,551
26,800
32,200
23,080
19,546
579
672
544
401
300
300
200
150
10,991
8,451
6,322
5,983
3,863
2,453
950
664
17,612
11,818
11,983
8,637
4,300
2,815
1,000
693
6,409
6,274
6,927
5,533
4,365
4,705
4,183
1,940
2.82
2.88
2.09
1.89
26,154
19,410
918
300
12,727
1,968
23,774
2,300
5,400
2,382
.90
Other financial
characteristics of
families
Has money market deposit
account
Has money market mutual
fund account
Has brokerage a c c o u n t . . . .
Has nonliquid financial
assets
Obtains advice on what
kinds of savings and
investments to make .
Type of credit card held
Gasoline
Bank
Travel and entertainment.
National retailer6
Other retailer
Other7
Source of outstanding
credit
Commercial bank
Savings and loan or savings
bank
Credit union
Finance company
Store
All families
1. Includes owners of mobile homes and families residing on farms.
2. Includes checking accounts, savings accounts, money market
accounts, certificates of deposits, IRA and Keogh accounts, and
savings bonds.
3. Includes liquid assets plus stocks, other bonds, nontaxable
holdings (municipal bonds and shares in certain mutual funds), and
trusts.
4. Covers only families that have such debt.
5. Includes these services obtained at the institution where the
main checking account is held, another checking account, an IRA or
Keogh account, a money market certificate, certificates of deposit,
any other money market or savings account, a credit card, a mortgage
loan, any other loan, and a brokerage or a trust account.
6. Includes Sears, Roebuck and Co., J.C. Penney, and Montgomery Ward.
7. Includes airline and automobile rental cards.
holders of the two types of money market accounts reveals interesting differences. On average, holders of money market mutual fund accounts (in brokerage firms) were younger and
had substantially higher incomes and financial
assets than did owners of money market deposit
accounts (in depository institutions); yet the
groups appear to have very similar holdings of
liquid assets. Perhaps because holders of money
market mutual fund accounts had greater financial assets, they were more likely to have had
relationships with brokers and therefore more
likely to have opened that kind of money market
account. Many money market deposit account
868
Federal Reserve Bulletin • December 1984
holders, on the other hand, probably did not
have relationships with brokers and transferred
funds from savings accounts when money market deposit accounts became available. Families
with stockbrokerage accounts had holdings of
liquid assets similar to those of families with both
kinds of money market accounts, yet—not surprisingly—substantially higher average levels of
total financial assets than either of those groups.
Table 11 also shows, for example, that families
holding travel and entertainment, and "other"
credit cards (airline and automobile rental cards)
are more likely to owe consumer debt, owe
larger amounts of consumer debt, and have higher incomes and higher holdings of financial assets
than their counterparts who held other types of
credit cards. As expected, owners of these credit
cards were also more likely to hold other types of
credit cards, such as bank cards.
More families obtained credit from commercial banks and finance companies than from
other sources. 16 Borrowers from credit unions
had higher mean family incomes than borrowers
from other sources, but borrowers from commercial banks, savings and loan associations and
savings banks, and finance companies had higher
holdings of mean financial assets.
APPENDIX:
spondents were encouraged to consult other family members and financial records in an effort to
obtain complete and accurate responses. Balance-sheet items reported in the article are as of
the date of the interview; income is reported for
the previous calendar year.
Data presented in this article are appropriately
weighted so that they represent estimates for all
families and for each of the various groups
shown. A series of statistical procedures was
employed to impute missing values in instances
in which respondents failed to provide complete
responses on dollar values of either assets or
liabilities. Altogether, 3,665 families, weighted to
account for any nonrandomness, were used in
the preparation of the tables. A detailed discussion of the imputation techniques will appear in a
forthcoming, comprehensive report on the results of the 1983 Survey of Consumer Finances.
Because the data in this article are based on a
sample, rather than a census of the entire population, they are subject to sampling variability.
Consequently, care should be exercised in the
interpretation of figures based on relatively small
numbers of cases in some subgroups as well as
small differences between data items. Like all
surveys, the figures reported are also subject to
errors of response and nonresponse.
SURVEY
DESIGN
The 1983 Survey of Consumer Finances was
jointly sponsored by the Board of Governors of
the Federal Reserve System, the United States
Department of Health and Human Services, the
Federal Deposit Insurance Corporation, the
Comptroller of the Currency, the Federal Trade
Commission, the United States Department of
Labor, and the United States Department of the
Treasury, Office of Tax Analysis. Interviewing
for the 1983 survey was carried out by the
Survey Research Center of the University of
Michigan from February through July 1983.
The unit of observation for the survey is the
family, which is defined to include all persons
residing together in the same dwelling who are
related by blood, marriage, or adoption. Families
include one-person units as well as units of two
or more persons. The sample for the survey was
designed to be representative of all families residing in the coterminous United States, exclusive of those on military reservations. A total of
3,824 families voluntarily participated and completed personal interviews during the survey.
Within each family the individual selected as
respondent was either the head of the family or,
in the case of a married couple, the person most
knowledgeable about the family finances. Re-
16. Families appear in every category (commercial bank,
savings and loan association or savings bank, credit union,
finance company, and store) from which they had an outstanding loan in 1983.
869
Industrial Production
Released for publication
October 16
Industrial production declined an estimated 0.6
percent in September following a revised gain of
0.1 percent in August. Production of business
and defense equipment increased during the
month. Reductions in output occurred in various
groupings but were concentrated in metals and
motor vehicles. At 165.1 percent of the 1967
average, the index for September was 7.3 percent higher than a year earlier. The average for
the third quarter was 1.6 percent higher than the
second quarter.
In market groupings, output of total consumer
goods decreased 1.0 percent. Production of autos
and lightweight trucks was reduced sharply by a
one-week strike and by inadequate supplies of
quality parts. The combined effect—about equal-
1967=100
-
1967 = 100
170
170
-
TOTAL INDEX
^^—v/—V
1
1978
1
1
1980
150
130
1
1
1982
1
1984
All series are seasonally adjusted and are plotted on a ratio scale.
1978
1980
1982
1984
Auto sales and stocks include imports. Latest figures: September.
870
Federal Reserve Bulletin • December 1984
1967 = 100
Percentage change from preceding month
1984
1984
Grouping
Aug.
Sept.
May
June
July
Aug.
Sept.
Percentage
change,
Sept. 1983
to Sept.
1984
-.6
7.3
Major market groupings
Total industrial production
166.1
165.1
.4
1.0
.9
.1
Products, total
Final products
Consumer goods
Durable
Nondurable
Business equipment . .
Defense and space . . .
Intermediate products . .
Construction supplies.
Materials
167.5
165.6
163.2
162.6
163.5
188.0
136.4
174.9
161.3
163.9
167.0
164.9
161.6
159.0
162.6
188.5
137.7
174.7
160.7
162.1
.5
.6
.2
-.5
.4
1.7
-.1
.4
-.1
.3
1.2
1.2
.8
1.4
.6
2.6
.3
1.1
.9
.6
1.3
1.3
.6
.1
.9
2.3
1.8
1.2
.3
.4
.1
.2
-.5
-.7
-.4
1.5
.4
-.4
-.1
.2
-.3
-.4
-1.0
-2.2
-.6
.3
1.0
-.1
-.4
-1.1
7.8
8.4
2.7
1.0
3.4
18.8
13.1
5.6
6.1
6.5
.2
.5
-.1
-.7
.2
-.7
-.8
-.4
.0
-.3
7.5
10.5
4.0
9.9
1.3
Major industry groupings
Manufacturing
Durable . . . .
Nondurable.
Mining
Utilities
167.8
157.8
182.2
128.7
182.3
166.7
156.5
181.5
128.7
181.7
.5
.5
.4
1.4
-.2
.9
1.0
.8
1.6
1.1
1.0
1.4
.6
2.0
-1.3
NOTE. Indexes are seasonally adjusted.
ly shared by the strike and other production
shortfalls—was to reduce assemblies almost 1
million units to an annual rate of 6.9 million
units. October assemblies are scheduled by the
industry at a rate of 7.9 million units. Among
other consumer products, output of nondurable
goods was down 0.6 percent, but production of
goods for the home changed little. Business
equipment continued to expand in September
although at a slower rate than during the past five
months. Defense equipment output also grew
further in September. Production of construction
supplies declined following little change in August.
Output of materials fell 1.1 percent following a
small gain in August. Reflecting the continued
production cutbacks in metals, such as steel, and
the temporary effect of the auto strike on parts
for consumer durables, output of durable materials was reduced sharply during September. Nondurable materials output edged down 0.3 percent
further, and production of energy materials was
reduced again.
In industry groupings, manufacturing output
declined 0.7 percent, with durables down 0.8
percent and nondurables down 0.4 percent. Total
mining output was unchanged during the month,
but output by utilities was reduced 0.3 percent.
871
Announcements
AMENDMENTS
TO REGULATION
E
The Federal Reserve Board has adopted amendments to Regulation E (Electronic Fund Transfers) to expand the regulation's coverage, modify
its error resolution requirements, and provide
additional flexibility in the disclosure of charges
for electronic fund transfer services. The amendments become effective on November 16, 1984.
Financial institutions have until April 16, 1985,
however, to comply with certain requirements
relating to transfers resulting from debit card
transactions that do not involve electronic terminals.
The amendments make the following provisions:
• Expand coverage to all transfers resulting
from debit card transactions, including transactions that do not involve an electronic terminal at
the point of sale.
• Extend time periods for resolution of errors
resulting from point-of-sale debit card transactions.
• Exempt consumer asset accounts, subject to
the Board's Regulation T, from provisional recrediting requirements.
• Provide more flexibility for the disclosure of
charges for electronic fund transfers on periodic
statements.
A debit card is one that allows consumers to
purchase goods or services and to have the
amount debited directly to a checking or other
transaction account (as distinguished from the
use of a credit card, which results in a promise by
the consumer to pay for a purchase at a future
time).
The Board has also published an update of the
official staff commentary on Regulation E.
CHANGES IN OFFICIAL
COMMENTAR Y ON REGULATION
Z
The Federal Reserve Board has published, in
final form, changes in the official staff commen
tary on Regulation Z (Truth in Lending) regarding the disclosure of fees for the use of automated
teller machines. The Board withdrew a proposed
change to the official staff commentary that pertains to the application of the securities transaction exemption.
REVISED LIST OF
OTC MARGIN
STOCKS
The Federal Reserve Board has published a
revised list of over-the-counter (OTC) stocks,
effective November 13, 1984, that are subject to
its margin regulations.
The list includes, for the first time, all securities qualified for trading in the National Market
System (NMS) portion of NASDAQ (National
Association of Securities Dealers Automated
Quotations) as well as other over-the-counter
securities designated by the Board pursuant to its
established criteria.
On September 5, 1984, the Board adopted an
amendment to its margin regulations (G, T, and
U) that would automatically permit brokers and
dealers to lend on any security designated as an
NMS security. After November 13, 1984, any
addition to the NMS group will be immediately
marginable upon designation by the National
Association of Securities Dealers. For the convenience of the public, however, the additions to
the NMS group will be incorporated into the
Board's list, which will be published hereafter on
a quarterly basis.
This List of Marginable OTC Stocks supersedes the revised List of OTC Margin Stocks that
was effective on June 18, 1984. Changes that
have been made in the list, which now includes
2,071 OTC stocks, are as follows: 265 stocks
have been included for the first time, 127 under
NMS designation; 34 stocks previously on the
list have been removed for substantially failing to
meet the requirements for continued listing; 57
stocks have been removed for reasons such as
872
Federal Reserve Bulletin • December 1984
listing on a national securities exchange or involvement in an acquisition.
In addition to securities in the NMS group, the
Board will continue to monitor the market activity of other OTC stocks to determine which
stocks meet the requirements for inclusion and
continued inclusion on the list.
Margin regulations generally limit the amount
of credit a person or firm may obtain to buy or
carry stock. Stocks on the List of Marginable
OTC Stocks are subject to the same margin
requirements (currently 50 percent) as stocks
listed on national securities exchanges. This
means a person or firm buying a stock on credit
must make a downpayment equal to at least 50
percent of the purchase price of the stock and
may obtain credit for the remaining 50 percent.
These margin requirements are only applicable
to credit extended on OTC stocks after they are
placed on the list and the list has become effective, or after they are designated as NMS securities. No credit may be extended by brokerdealers on OTC stocks not on the list or in the
NMS group. Credit extended by banks and other
lenders on the remaining OTC stocks need only
conform to the good faith lending limitation
contained in Regulations G and U.
It is unlawful for any person to cause any
representation to be made that inclusion of a
stock on this list indicates that the Board or the
Securities and Exchange Commission has in any
way passed upon the merits of any such stock or
transaction therein. Any references to the Board
in connection with the list or any stocks thereon
in any advertisement or similar communication is
unlawful.
The list is published by the Board for the
information of lenders and the general public.
CHANGE
IN BOARD
STAFF
The Board of Governors has announced the
appointment of Annette P. Fribourg as Special
Assistant to the Board for Congressional Liaison
in the Office of Board Members, effective October 15, 1984.
Ms. Fribourg came to the Board in February
1984 as Congressional Liaison Assistant following three years as Legislative Counsel to Senator
John H. Chafee. Ms. Fribourg has a B.A. from
Tufts University and a J.D. from George Washington University.
SYSTEM
MEMBERSHIP:
ADMISSION OF STATE
BANKS
The following banks were admitted to membership in the Federal Reserve System during the
period October 5 through November 1, 1984:
Virginia
Norfolk . . . . First Virginia Bank of Tidewater
Oklahoma
Weatherford
Security State Bank
873
Legal Developments
AMENDMENTS
TO REGULATION
E
The Board is adopting amendments to Regulation E
(Electronic Fund Transfers) to: (1) cover, within the
definition of electronic fund transfer, all transfers
resulting f r o m debit card transactions, including transactions that do not involve an electronic terminal at
the time of the transaction; (2) extend the time periods
for error resolution with respect to transfers resulting
from point-of-sale transactions; (3) provide an exception f r o m the provisional recrediting requirement
when a consumer asset account is subject to the
Board's Regulation T; and (4) provide more flexibility
for the disclosure of charges for electronic fund transfers on periodic statements.
Effective October 16, 1984, the Board amends
sections 205.1(a), 205.9(b)(3), 205.11(c)(3), and
205.11(c)(4); effective N o v e m b e r 16, 1984, sections
205.2(g), 205.6, and 205.5 are amended; and April 16,
1985, is the effective date for purposes of all other
requirements of the regulation that are applicable to
transfers resulting f r o m debit card transactions that do
not involve electronic terminals at the time of transaction; as set forth below:
Electronic Fund Transfers
(g) "Electronic fund t r a n s f e r " m e a n s any transfer of
funds, other than a transaction originated by check,
draft, or similar paper instrument, that is initiated
through an electronic terminal, telephone, or computer or magnetic tape for the purpose of ordering,
instructing, or authorizing a financial institution to
debit or credit an account. The term includes, but is
not limited to, point-of-sale transfers, automated teller
machine transfers, direct deposits or withdrawals of
funds, and transfers initiated by telephone. It includes
all transfers resulting f r o m debit card transactions,
including those that do not involve an electronic
terminal at the time of the transaction. The term does
not include payments made by check, draft, or similar
paper instrument at an electronic terminal.
Section 205.9—Documentation of Transfers
(b) Periodic
statements
(3) The amount of any fees or charges, other than a
finance charge under 12 C . F . R . 226.7(f), assessed
against the account during the statement period for
electronic fund transfers or the right to make such
transfers, or for account maintenance.
Part 205
Section 205.1—Authority, Purpose, and Scope
(a) Authority. This regulation, issued by the Board of
Governors of the Federal Reserve System, implements title IX (Electronic Fund Transfer Act) of
the Consumer Credit Protection Act, as amended
(15 U . S . C . 1601 et seq.). Information collection requirements contained in this regulation have been
approved by the Office of Management and Budget
under the provisions of 44 U . S . C . 3501 et seq. and
have been assigned O M B N o . 7100-0200.
Section 205.2—Definitions and Rules of
Construction
Section 205.11—Procedures for Resolving
Errors
(c) Investigation of errors
(3) A financial institution shall comply with all
requirements of this section except that it need not
provisionally recredit the c o n s u m e r ' s account if—
(i) It requires but does not receive timely written
confirmation of oral notice of an error ; or
(ii) The notice of an error involves an account that
is subject to the margin requirements or other
aspects of Regulation T (12 C . F . R . Part 220).
(4) If a notice of an error involves an electronic fund
transfer that was not initiated in a state as defined in
section 205.2(k), or involves an electronic fund
transfer resulting f r o m a point-of-sale debit card
874
Federal Reserve Bulletin • December 1984
transaction, the applicable time periods for action in
subsections (c), (e), and (f) shall be 20 business days
in place of 10 business days, and 90 calendar days in
place of 45 calendar days.
BANK HOLDING COMPANY, BANK MERGER, AND
BANK SERVICE CORPORATION ORDERS ISSUED
BY THE BOARD OF GOVERNORS
Orders Issued under Section 3 of Bank Holding
Company Act
Bank South Corporation
Atlanta, Georgia
Order Approving
Companies
the Merger of Bank. Holding
Bank South Corporation, Atlanta, Georgia, a bank
holding company within the meaning of the Bank
Holding Company Act of 1956, as amended (12 U . S . C .
§§ 1841 et seq.) ( " A c t " ) , has applied for the B o a r d ' s
approval pursuant to section 3(a)(5) of the Act
(12 U . S . C . § 1842(a)(5)), to merge with Georgia Bancshares, Inc., Macon, Georgia ( " B a n c s h a r e s " ) , and
thereby indirectly to acquire Bancshares' four subsidiary banks.
Notice of the application, affording interested persons an opportunity to submit comments, has been
given in accordance with section 3(b) of the Act. The
time for filing c o m m e n t s has expired, and the Board
has considered the application and all c o m m e n t s received in light of the factors set forth in section 3(c) of
the Act.
Applicant, the fifth largest commercial banking organization in Georgia, controls five subsidiary banks
with total deposits of $1.3 billion, representing 5.0
percent of the total deposits in commercial banks in
the state. 1 Bancshares, the tenth largest commercial
banking organization in Georgia, controls five banks
with total deposits of $238.2 million, representing 0.9
percent of the total deposits in commercial banks in
the state. U p o n consummation of the proposed transaction, Applicant would remain the fifth largest commercial banking organization in the state and would
1. Banking data are as of December 31, 1983, unless otherwise
indicated.
control 5.9 percent of the total deposits in commercial
banks in Georgia. The p r o p o s e d merger thus would
not have a significantly adverse effect on the concentration of banking resources in Georgia. In addition,
because Applicant and Bancshares do not compete
directly in any market, consummation of this proposal
would not eliminate existing competition in any relevant market.
The Board has considered the effects of the proposed merger upon probable future competition in the
relevant markets in light of the B o a r d ' s proposed
Market Extension Guidelines. 2 In evaluating the effects of a proposed merger or acquisition upon probable future competition, the Board considers market
concentration, the number of probable future entrants
into the market, the size and market position of the
firm to be acquired, and the attractiveness of the
market for de novo or foothold entry.
Bancshares' subsidiary b a n k s operate in four banking markets in which Applicant is not represented: the
Macon market and the H o u s t o n County, Ben Hill
County, and Jasper County markets. 3 The H o u s t o n
County, Ben Hill County, and Jasper County banking
markets have total deposits of less than $250 million,
and thus are not considered attractive for entry and are
not subject to intensive analysis under the B o a r d ' s
Guidelines. In addition, neither the Ben Hill County
nor the Jasper County market is located within a
Metropolitan Statistical Area.
In the Macon market, Bancshares is the third largest
of 8 commercial banking organizations and holds deposits of $118 million, representing 19 percent of the
deposits in commercial banks in the market. 4 The
market is highly concentrated, with the three largest
commercial banking organizations controlling 87 percent of the total deposits in commercial banks in the
market. In addition, the market is considered attractive for entry, and there are only four other Georgia
banking organizations with assets of over $1 billion
2. "Policy Statement of the Board of Governors of the Federal
Reserve System for Assessing Competitive Factors Under the Bank
Merger Act and the Bank Holding Company Act." 47 Federal
Register 9017 (March 3, 1982). Although the proposed policy statement has not been adopted by the Board, the Board is using the policy
guidelines in its analysis of the effects of a proposal on probable future
competition.
3. The Board does not view Bancshares as a potential entrant into
the four markets in which Applicant's banking subsidiaries operate
(the Atlanta, Savannah, Columbus, and Forsyth County banking
markets) because of Bancshares' relatively small size. The Board
notes, however, that if Bancshares were regarded as a potential
entrant into these markets, none of the four markets would meet all of
the criteria necessary to trigger intensive analysis under the Board's
Market Extension Guidelines.
4. Deposit data for the Macon market are as of June 30, 1983.
Legal Developments
that do not operate in the Macon banking market. In
light of these factors, the Board has carefully examined the proposed merger to determine its effects on
probable future competition in the Macon market.
Two factors mitigate the anticompetitive impact of
Applicant's entry into the Macon market by means of
the acquisition of Bancshares. First, the Board has
considered the effect of thrift institution competition in
the market. The Board has previously indicated that,
as a result of the Garn-St Germain Depository Institutions Act of 1982, which expanded the commercial
lending powers of federal thrift institutions, and various state statutes, thrift institutions have become, or
at least have the potential to become, major competitors of banks. 5 The four thrift institutions that operate
in the Macon market control $447 million in deposits,
representing approximately 45 percent of the total
deposits in the market. The market's largest depository institution is a thrift institution, and the other
three thrifts represented in the market are the first,
second, and fourth largest thrift institutions in Georgia. In addition, all four thrift institutions offer NOW
accounts and are active in consumer lending. Furthermore, two of these institutions are preparing to offer
commercial loans and to take commercial deposits in
the Macon market. In this connection, the second and
fourth largest thrift institutions in the market have
converted to federal savings banks and hold themselves out as full service banks. Based upon this and
other evidence of record, the Board believes that
substantial weight should be given thrift institutions as
competitors or potential competitors in the Macon
banking market. 6
Limitations imposed by Georgia law on bank holding company expansion are a second factor mitigating
the anticompetitive effects of this proposal in the
Macon market. Applicant is precluded by state law
from expansion into the Macon market except by
acquisition of a bank that has been in operation 5 years
or more. 7 In Bibb County (the only urban county in the
Macon market), there are five commercial banks that
875
have been in operation 5 years or more. All except
Bancshares' subsidiary bank, however, are already
subsidiaries of the four largest bank holding companies
in Georgia. With respect to the possibility of an
acquisition by Applicant elsewhere in the Macon market, Applicant could, under Georgia law, acquire any
of the three banks that operate in Twiggs County and
Jones County, rural counties on the periphery of the
market. These banks, however, hold a total of approximately $21 million in deposits, representing less than
5 percent of the deposits in commercial banks in the
Macon market. Because of their location and size and
the fact that they are precluded from branching into
Bibb County, 8 these banks are not regarded as attractive vehicles for entry into the Macon market.
Accordingly, based on the importance of thrift institutions as competitors or potential competitors of
banks in the Macon market and on the limitations of
state law on bank holding company entry into the
market, the Board concludes that consummation of
the proposed merger would not have such adverse
effects on probable future competition in the Macon
market as to warrant denial of this application.
The financial and managerial resources and future
prospects of Applicant, Bancshares, and their subsidiary banks are satisfactory and consistent with approval of this application. Considerations relating to the
convenience and needs of the communities to be
served also are consistent with approval. Based on
these and other facts of record, it is the Board's
judgment that consummation of the proposed transaction would be in the public interest and that the
application should be approved.
On the basis of the record, the application is approved for the reasons summarized above. The transaction shall not be consummated before the thirtieth
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
Atlanta pursuant to delegated authority.
By order of the Board of Governors, effective
October 10, 1984.
Voting for this action: Chairman Volcker and Governors
Wallich, Partee, Rice, Gramley, and Seger. Absent and not
voting; Governor Martin.
5. See, e.g., First Railroad
and Banking Company,
RESERVE BULLETIN 4 3 6 (1984); NCNB
Corporation,
RESERVE BULLETIN 225 (1984); General Bancshares
FEDERAL RESERVE BULLETIN 8 0 2
70 FEDERAL
7 0 FEDERAL
Corporation,
6. If 50 percent of the deposits held by thrift institutions are
included in the calculation of concentration in the market, the
market's three largest depository institutions would control 65 percent
of the total deposits in the market.
7. Ga. Code Ann. § 7-1-608 bars bank holding companies from
acquiring any bank, whatever its location, that has been in operation
less than 5 years. In addition, Ga. Code Ann. § 7-1-602 prohibits a
bank from branching across country lines.
JAMES M C A F E E
69
(1983).
[SEAL]
8. See n.7, supra.
Associate
Secretary
of the Board
876
Federal Reserve Bulletin • December 1984
BT Financial Corporation
Johnstown, Pennsylvania
Order Approving Acquisition
of Bank
BT Financial Corporation, Johnstown, Pennsylvania,
a bank holding company within the meaning of the
Bank Holding Company Act ( " A c t " ) (12 U.S.C.
§ 1841 et seq.), has applied for the Board's approval
under section 3(a)(3) of the Act (12 U.S.C.
§ 1842(a)(3)) to acquire the successor by merger to
Laurel National Bank, Ebensburg, Pennsylvania.
Notice of the application, affording opportunity for
interested persons to submit comments, has been
given in accordance with section 3(b) of the Act. 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 3(c) of
the Act (12 U.S.C. § 1842(c)).
Applicant is the 46th largest banking organization in
the State of Pennsylvania, controlling one bank with
deposits of $319.2 million, representing 0.41 percent of
deposits in commercial banks in the state. 1 Bank is the
70th largest bank in Pennsylvania, controlling $171.1
million in deposits, representing 0.22 percent of deposits in commercial banks in the state. Accordingly,
consummation of this proposal would not result in any
significant adverse effects on the concentration of
banking resources in Pennsylvania.
Applicant and Bank both operate in the Johnstown
banking market 2 and respectively control 16.3 percent
and 9.1 percent of the total deposits in commercial
banks in the market. 3 Applicant ranks second in the
market; Bank ranks third. After consummation of this
proposal, Applicant would continue to rank second in
the market with a combined market share of 25.4
percent, and the Herfindahl-Hirschman
Index
( " H H I " ) would increase 297 points to 1533. Thus, the
market would appear to be moderately concentrated
following consummation of this proposal.
Although consummation of the proposal would eliminate some existing competition between Applicant
and Bank, the Board considers the presence of thrifts
in the market as a mitigating factor. Eight thrifts
operate in the market and hold 30 percent of market
deposits. Several of the thrifts are competing aggressively with commercial banks in several product lines,
including the making of commercial and industrial
loans. 4 In addition, a total of 26 other banks and thrifts
would remain in the Johnstown market after consummation of the proposed transaction. On the basis of all
facts of record, the Board concludes that consummation of the proposed transaction would not substantially lessen competition in the Johnstown banking
market.
The Board has also considered the effects of this
proposal upon probable future competition in the
relevant markets in light of the Board's proposed
Market Extension Guidelines. 5 As a result of this
proposal, both Applicant and Bank will be eliminated
as potential entrants into markets where one currently
operates but the other does not.
Under the Board's guidelines for market extension
mergers, Bank is too small to be considered a probable
future entrant into Applicant's markets. The two markets in which Bank is located but Applicant is not do
not satisfy the criteria for intensive examination under
the guidelines because in neither market is Bank a
market leader and a large number of potential entrants
exist. Based on these and other facts of record, the
Board concludes that consummation of this proposal
would not have any significant adverse effects on
probable future competition in any relevant market.
The financial and managerial resources and future
prospects of Applicant and Bank are consistent with
approval. Considerations relating to the convenience
and needs of the community to be served are also
consistent with approval.
Based on the foregoing and other facts of record, the
Board has determined that consummation of the transaction would be in the public interest and that the
application should be approved. 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 by the Board or by the Federal
Reserve Bank of Philadelphia, acting pursuant to
delegated authority.
4. The Board has determined that thrift institutions have become,
or at least have the potential to become, major competitors of banks,
e.g.,
1. All banking data are as of March 31, 1984.
2. The Johnstown banking market is approximated by the Johnstown MSA, which consists of Cambria and Somerset Counties in
Pennsylvania.
3. Bank also operates in two other markets, the Altoona MSA
banking market, which consists of Blair County, Pennsylvania, and
the Indiana County banking market, consisting of Indiana County,
Pennsylvania.
NCNB
Corporation,
70
FEDERAL
RESERVE
BULLETIN
225
(1984). If 50 percent of the deposits held by thrift institutions were
included in the calculation of market concentration, Applicant would
hold 13.4 percent of market deposits, Bank would have 7.4 percent of
total deposits, and their combined market share would be 20.8
percent. The HHI would rise by 198 points to 1156.
5. "Proposed Policy Statement of the Board of Governors of the
Federal Reserve System for Assessing Competitive Factors Under the
Bank Merger Act and the Bank Holding Company Act," 47 Federal
Register 9017 (March 3, 1982).
Legal Developments
By order of the Board of Governors, effective
October 29, 1984.
V o t i n g for this action: V i c e Chairman Martin and G o v e r nors Wallich, P a r t e e , R i c e , G r a m l e y , and S e g e r . A b s e n t and
not voting: C h a i r m a n V o l c k e r .
JAMES M C A F E E
[SEAL]
Associate
Secretary of the Board
Central Minnesota Bancshares, Inc.
Cold Spring, Minnesota
Order Denying Formation of Bank Holding
Company
Central Minnesota Bancshares, Inc., Cold Spring,
Minnesota, has applied for the Board's approval under
section 3(a)(1) of the Bank Holding Company Act of
1956, as amended (12 U.S.C. § 1842(a)(1)) ( " A c t " ) , to
become a bank holding company by acquiring all of the
voting shares of First National Bank of Cold Spring,
Cold Spring, Minnesota ( " B a n k " ) .
Notice of the application, affording opportunity for
interested persons to submit comments, has been
given in accordance with section 3(b) of the Act. 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 3(c) of
the Act (12 U.S.C. § 1842(c)).
Applicant, a nonoperating Minnesota corporation
with no subsidiaries, was organized for the purpose of
becoming a bank holding company by acquiring Bank,
which holds deposits of $25.3 million.' Upon acquisition of Bank, Applicant would control the 160th largest
commercial bank in Minnesota, holding 0.09 percent
of deposits in commercial banks in the state.
Bank is the 10th largest of 27 commercial banking
organizations in the St. Cloud banking market and
holds 2.9 percent of total deposits in commercial banks
in the market. 2 Applicant's principals are not affiliated
with any other banking organization in the relevant
market, and consummation of the proposed transaction would not result in any adverse effects upon
competition or increase in the concentration of banking resources in any relevant area. Accordingly, the
Board concludes that competitive considerations are
consistent with approval.
The Board has indicated on previous occasions that
a bank holding company should serve as a source of
financial and managerial strength to its subsidiary
bank and that the Board would closely examine the
condition of an applicant in each case with this consideration in mind. In connection with this proposal,
Applicant would incur a sizeable amount of debt.
Applicant projects that it will reduce its acquisition
debt to below 30 percent of equity within 12 years,
while maintaining adequate capital in the Bank. In
light of Bank's condition and performance in recent
years and the absence of sufficient evidence indicating
a significant improvement in that performance, Applicant's projections appear to be overly optimistic.
Using less optimistic projections based upon Bank's
historic record of performance, the Board concludes
that Applicant does not have sufficient financial flexibility to be able to reduce its indebtedness to 30
percent within a reasonable period while maintaining
adequate capital levels at Bank. 3 Based on these and
other facts of record, the Board concludes that financial considerations with respect to this application are
adverse and weigh against approval of this application.
The Board's conclusions are based upon the present
facts of record. Should Bank's operations continue to
improve, however, the Board would be receptive to
consideration of an application at some time in the
future.
Because one of Applicant's principals has been
involved with management of Bank for only a brief
period of time, there is not enough of a record upon
which the Board can assess Applicant's managerial
resources with regard to Bank, particularly in light of
Applicant's principal's financial and management record at other depository institutions. 4 As a result, the
Board is unable at this time to conclude that managerial considerations are sufficiently favorable to outweigh
the adverse financial factors connected with this
proposal.
No significant changes in Bank's operations or in
the services offered to customers are anticipated to
follow from consummation of the proposed acquisition. Consequently, convenience and needs factors
lend no weight toward approval of this application.
3. The Board's Policy Statement for Formation of Certain OneBank
1. Deposit data are as of September 30, 1983.
2. The St. Cloud banking market is approximated by Benton and
Stearns Counties and the western three-fifths of Sherburn County, all
in Minnesota.
877
Holding
Companies,
6 6 FEDERAL RESERVE BULLETIN
320
(1980), which is designed to facilitate the change of ownership of small
banks, permits a higher level of acquisition debt than would be
permitted for larger holding companies. In addition, the policy statement provides, among other things, that the holding company's debtto-equity ratio be reduced to no more than 30 percent within 12 years.
4. The Board has previously stated that it is reasonable to expect an
applicant to demonstrate a record of satisfactory managerial performance. See, e.g., American National Sidney Corp., 66 FEDERAL
RESERVE BULLETIN 159 ( 1 9 8 0 ) .
878
Federal Reserve Bulletin • December 1984
On the basis of the circumstances concerning this
application, the Board concludes that the banking
considerations involved in this proposal are adverse
and are not outweighed by any relevant competitive or
convenience and needs considerations. Accordingly, it
is the Board's judgment 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
October 24, 1984.
Voting for this action: Governors Wallich, Partee, Rice,
Gramley, and Seger. Absent and not voting: Chairman
Volcker and Governor Martin.
JAMES M C A F E E
[SEAL]
Associate
Secretary of the Board
First Florida Banks, Inc.
Tampa, Florida
7L Corporation
Tampa, Florida
Order Approving Acquisition
Company
of Bank Holding
First Florida Banks, Inc. ("Applicant"), and 7L Corporation ( " 7 L " ) , 1 both of Tampa, Florida, and both
bank holding companies within the meaning of the
Bank Holding Company Act of 1956, as amended
("Act")(12 U.S.C. § 1841 etseq.), have applied for the
Board's approval under section 3(a)(3) of the Act
(12 U.S.C. § 1842(a)(3)) to acquire 85 percent of
Financial Growth Systems Incorporated, Inverness,
Florida ( " C o m p a n y " ) , a bank holding company, and
thereby to acquire indirectly Company's four subsidiary banks, Citizens 1st National Bank of Citrus County, Inverness, Florida; Citizens 1st National Bank of
Crystal River, Crystal River, Florida; Lake County
Bank, Leesburg, Florida; and Citizens 1st National
Bank of Hernando County, Spring Hill, Florida. Company also has a wholly owned subsidiary that provides
data processing services exclusively for its subsidiary
banks.
1. 7L is a party to this application only because it owns 35 percent
of the voting shares of First Florida. Its assets consist of investments
in three bank holding companies and an investment in a company, the
sole activity of which is to lease an office building to a subsidiary bank
of First Florida. 7L's investment in First Florida represents 98.6
percent of its banking investments and 85.4 percent of its total assets.
Notice of the applications, affording opportunity for
interested persons to submit comments, has been
given in accordance with section 3(b) of the Act. The
time for filing comments 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 (12 U.S.C. § 1842(c)).
Applicant is the seventh largest commercial banking
organization in Florida, having eleven subsidiary
banks that control $2.6 billion in deposits, which
represents 4.5 percent of total deposits in commercial
banks in the state. 2 Company is one of the smaller
commercial banking organizations in the state, controlling $154 million in deposits, representing 0.3 percent of total deposits in commercial banks in the state.
Upon consummation of the proposed acquisition, Applicant would remain the seventh largest commercial
banking organization statewide, controlling 4.7 percent of total deposits in commercial banks in the state.
The Board has considered the eifect of the proposal on
the structure of banking in Florida and has concluded
that consummation of this transaction would not have
a significant adverse effect on the concentration of
banking resources in the state.
Applicant and Company compete directly in only
one market, the Hernando County banking market. 3
Applicant is the second largest of three commercial
banking organizations in the market, controlling 43.8
percent of total market deposits in commercial banks.
Company, which opened a de novo bank in the market
in December, 1983, is the smallest commercial banking
organization in the market, controlling 0.4 percent of
total deposits in commercial banks. Upon consummation of the proposal, Applicant would remain the
second largest commercial banking organization in the
market controlling 44.2 percent of total deposits in
commercial banks in the market.
While consummation of the proposal would eliminate some existing competition in the Hernando County banking market, the Board believes that this competitive effect is not significant. The Board notes that,
although the market is highly concentrated and would
remain so upon consummation, the HerfindahlHirschman Index ( " H H I " ) would increase by only 27
points to 5057 after consummation of the acquisition. 4
2. All banking data are as of December 31, 1983.
3. The Hernando County banking market is approximated by the
limits of Hernando County.
4. Under the U.S. Department of Justice Merger Guidelines
(June 14, 1982), a market in which a post-merger HHI is over 1800 is
highly concentrated. Although any additional concentration in such a
market would be of significant competitive concern, generally, the
Department of Justice has stated that it would not be likely to
challenge any merger producing an increase of less than 50 points in
the HHI.
Legal Developments
879
The Board also has considered the influence of thrift
institutions in evaluating the competitive effects of this
proposal. 5 The substantial presence of thrift institutions in the market and the similarity of the portfolios
and services of the banks and thrifts mitigate the
Board's concern about the elimination of existing
competition. Seven thrift institutions operate in the
Hernando County banking market, controlling over 37
percent of total market deposits. These thrifts are
significant competitors of commercial banks in this
market as reflected in the similar asset and liability
composition of their portfolios. 6
On the basis of these factors, the Board believes it
appropriate to take thrifts into account in evaluating
the competitive effects of the proposed acquisition. In
view of the competition afforded by thrifts in this
market and the other facts of record, the Board has
determined that consummation of this proposal would
not have a significant adverse effect on existing competition in the Hernando County banking market. 7
The Board has considered the effects of the proposed acquisition upon probable future competition in
the relevant markets in light of the Board's proposed
Market Extension Guidelines. 8 Company's subsidiary
banks operate in two markets in which Applicant is not
represented: the Citrus County banking market and
the North Lake County banking market. 9 Because of
the large number of potential entrants into each of
these markets, the Board concludes that consummation of this proposal would not have any significant
adverse effect on probable future competition in any
relevant market.
The financial and managerial resources of Applicant, Company and their subsidiaries are satisfactory
and their prospects appear favorable. Thus, banking
factors are consistent with approval of these applications. Applicant proposes to introduce improvements
and additional services in the market to improve
service to present and potential customers of Company's subsidiary banks. For example, through Applicant, Company will be able to expand the lending
activities of its subsidiary banks and provide expertise
in real estate lending transactions, industrial development credits and leasing services. Applicant also originates and packages residential mortgages for resale in
the secondary market, a product that is in demand in
Company's service area. Other services to be offered
that Company does not now offer are trust services, a
statewide ATM network through the H O N O R system,
and specialized financing assistance to local governments. Accordingly, convenience and needs considerations are consistent with, and lend some weight
toward, approval.
5. The Board has previously determined that thrift institutions have
become, or at least have the potential to become, major competitors of
commercial banks. E.g., NCNB Corporation, (Ellis), 70 FEDERAL
RESERVE BULLETIN 225 (1984); Comerica (Pontiac State Bank), 69
FEDERAL RESERVE BULLETIN 911 (1983); First Tennessee National
Voting for this action: Governors Wallich, Partee, Rice,
Gramley, and Seger. Absent and not voting: Chairman
Volcker and Governor Martin.
Corporation
Based upon the foregoing and all the facts of record,
it is the Board's judgment that the proposed transaction should be, and hereby is, approved. The transaction shall not be consummated before the thirtieth
calendar day following the effective date of the
Board's Order or later than three months after the
effective date of the Board's Order, unless such period
extended for good cause by the Board or by the
Federal Reserve Bank of Atlanta pursuant to delegated authority.
By order of the Board of Governors, effective
October 25, 1984.
6 9 FEDERAL RESERVE BULLETIN 2 9 8 ( 1 9 8 3 ) .
6. For example, the commercial banks make relatively few commercial loans. The largest bank in the market devotes only 3 percent
of its portfolio to commercial loans, and Applicant's subsidiary bank
devotes less than 9 percent. The thrifts are competing for the small
amount of commercial business that exists in the market. Four of the
seven thrifts make commercial loans, and five offer commercial NOW
accounts.
7. If the deposits of thrift institutions were taken into account in
computing market shares, Applicant's market share would be 28
percent, Company's would be 0.2 percent and the HHI would fall to
2441 from 5030. Upon consummation, First Florida's share would
increase a de minimis amount and the HHI would increase by only 11
points.
8. "Policy Statement of the Board of Governors of the Federal
Reserve System for Assessing Competitive Factors Under the Bank
Merger Act and the Bank Holding Company Act." 47 Federal
Register 9017 (March 3, 1982). Although the proposed policy statement has not been adopted by the Board, the Board is using the policy
guidelines in its analysis of the effects of a proposal on probable future
competition.
9. The Board does not view Company as a potential entrant into
any of the markets in which Applicant's subsidiaries operate because
of Company's relatively small size.
JAMES M C A F E E
[SEAL]
Associate
Secretary
of the Board
First Illini Bancorp, Inc.
Galesburg, Illinois
Order Approving Acquisition
of a Bank
First Illini Bancorp, Inc., Galesburg, Illinois, a bank
holding company within the meaning of the
Bank Holding Company Act ("Act")(12 U.S.C.
§ 1841 et seq.), has applied for the Board's approval under section 3(a)(3) of the Act (12 U.S.C.
§ 1842(a)(3)) to become a bank holding company by
acquiring all of the voting shares of Abingdon Bank
and Trust Company, Abingdon, Illinois ( " B a n k " ) .
880
Federal Reserve Bulletin • December 1984
Notice of the application, affording an opportunity
for interested persons to submit comments, has been
given in accordance with section 3(b) of the Act. 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 3(c) of
the Act (12 U.S.C. § 1842(c)).
Applicant controls one bank, First Galesburg National Bank, Galesburg, Illinois ("Galesburg Bank"),
which is the 128th largest commercial bank in Illinois
with total deposits of $122 million, representing approximately 0.1 percent of total deposits in commercial banks in the state. 1 Bank is one of the smallest
banks in Illinois with total deposits of $10.8 million.
Consummation of this proposal would not result in any
increase in concentration of banking resources in
Illinois.
Both Galesburg Bank and Bank operate in the Knox
County banking market. 2 Galesburg Bank is the largest of eight commercial banking organizations in the
market controlling 38.7 percent of total deposits in
commercial banks. Bank is the sixth largest commercial banking organization in the market controlling 3.4
percent of total deposits in commercial banks. Upon
consummation of this proposal, Applicant would control 42.1 percent of the total deposits in commercial
banks.
The Knox County banking market is considered to
be highly concentrated with a four firm concentration
ratio of 87.7 percent and a Herfindahl-Hirschman
Index ( " H H I " ) of 2534. Upon consummation of this
proposal, the four firm concentration ratio would
increase to 91.1 percent and the HHI would increase
by 263 points to 2797. While consummation of this
proposal would eliminate existing competition between Galesburg Bank and Bank, the Board has
concluded that the anticompetitive effects of this proposal are mitigated by the extent of competition afforded by thrift institutions in this market and by
Applicant's commitment to improve Bank's lending
record. 3
Two thrift institutions in the market hold total
deposits of $301 million, representing 48.8 percent of
total deposits in commercial banks and savings and
loan associations, and rank as the largest and second
largest depository organizations in the market. 4 Both
thrift institutions operate statewide and are aggressive
competitors. The thrift institutions offer a full range of
transaction accounts (including NOW accounts and
commercial transaction accounts) and offer both commercial and consumer lending services. In view of
these facts, the Board considers the presence of thrift
institutions a significant factor in assessing the competitive effects of this proposal and has determined
that consummation of the proposal will not have a
significant adverse effect on existing competition in
the relevant banking market. 5
The financial and managerial resources of Applicant, Galesburg Bank, and Bank are satisfactory and
their future prospects appear favorable. Bank's loan
volume has decreased dramatically over the past five
years and its loan-to-deposits ratio is the lowest of any
financial institution in the market. Acquisition of Bank
by Applicant should improve Bank's lending performance and make it an improved competitor. Applicant
plans to offer new services to Bank's customers,
including business cash management accounts, retail
purchase agreement services, personal credit line/
overdraft protection services, estate planning and estate and trust administration services, and employee
benefit plan services. Accordingly, the Board has
concluded that factors relating to the convenience and
needs of the communities to be served lend substantial
weight toward approval of this proposal and outweigh
any adverse competitive effects of this proposal.
Based on the foregoing and other facts of record, the
Board has determined that approval of the application
would be consistent with the public interest and that
the application should be and hereby is approved. 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 Chicago, acting pursuant to delegated authority.
By order of the Board of Governors, effective
October 17, 1984.
Voting for this action; Chairman Volcker and Governors
Martin, Wallich, Partee, Rice, Gramley, and Seger.
JAMES M C A F E E
[SEAL]
1. Banking data are as of December 31, 1983.
2. The Knox County banking market is defined as Knox County,
Illinois.
3. The Board has previously determined that thrift institutions have
become, or at least have the potential to become, major competitors of
b a n k s . NCNB
Corporation,
( 1 9 8 4 ) ; Sun
Banks,
Merchants
Bancorp,
Inc.,
7 0 FEDERAL RESERVE BULLETIN 225
6 9 FEDERAL RESERVE BULLETIN 9 3 4 ( 1 9 8 3 ) ;
Inc.,
69
(1983); First Tennessee National
BULLETIN 298
(1983).
FEDERAL
RESERVE BULLETIN
Corporation,
865
69 FEDERAL RESERVE
Associate
Secretary of the Board
4. Savings and loan data are as of June 30, 1984.
5. If 50 percent of the deposits held by thrift institutions were
included in the calculation of market concentration, the pre-acquisition four firm concentration ratio would decrease to 76.1 percent and
the HHI would decrease to 1688. Upon consummation of this proposal, the four firm concentration ratio would increase to 78.4 percent and
the HHI would increase by 121 points to 1809. The resulting market
share of Applicant would decrease to 28.5 percent.
Legal Developments
Fleet Financial Group, Inc.
Providence, Rhode Island
Order Approving Acquisition
of Banks
Fleet Financial Group, Inc., Providence, Rhode Island, a bank holding company within the meaning of
the Bank Holding Company Act of 1956, as amended
(12 U.S.C. § 1841 etseq.) ( " A c t " ) , 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 Fleet National Bank of Boston, Boston,
Massachusetts ("Fleet Boston"), and Fleet National
Bank of Connecticut, Hartford, Connecticut ("Fleet
Connecticut"), both proposed new banks.
Notice of the applications, affording opportunity for
interested persons to submit comments, has been
given in accordance with section 3(b) of the Act. 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 3(c) of
the Act (12 U.S.C. § 1842(c)), including the comments
of Citicorp, New York, New York, challenging the
constitutionality of the Massachusetts and Connecticut statutes under which the proposed acquisitions are
to be made.
Applicant, the largest banking organization in
Rhode Island, has one banking subsidiary with total
deposits of $3.3 billion, representing 39.7 percent of
the total deposits in commercial banks in Rhode
Island. 1 Both Fleet Boston, which will compete in the
Boston banking market, 2 and Fleet Connecticut,
which will compete in the Hartford banking market, 3
are proposed new banks. Applicant currently competes in neither the Boston nor the Hartford banking
market. In light of the de novo nature of these proposals, consummation of the proposed transactions would
have no adverse effects on competition or the concentration of banking resources in any relevant area.
The financial and managerial resources and future
prospects of Applicant, Fleet Boston, and Fleet Connecticut are consistent with approval of the applications. As de novo institutions, the two proposed banks
will provide additional full service banking facilities,
and thus considerations relating to convenience and
needs of the community to be served lend weight
toward approval.
1. Banking data are as of March 31, 1984.
2. The Boston banking market includes all of Suffolk and Essex
Counties, most of Middlesex, Norfolk, and Plymouth Counties, and
part of Worcester and Bristol Counties, Massachusetts. It also includes 13 towns in southern N e w Hampshire.
3. The Hartford banking market is defined as Hartford County,
Connecticut.
881
Section 3(d) of the Act prohibits the Board from
approving any application by a bank holding company
to acquire any bank located outside of the state in
which the operations of the bank holding company's
banking subsidiaries are principally conducted, unless
such acquisition is "specifically authorized by the
statute laws of the State in which such bank is located,
by language to that effect and not merely by implication." (12 U.S.C. § 1842(d)). Based upon its review of
the Massachusetts and Connecticut interstate banking
statutes, 4 the Board concludes that Massachusetts and
Connecticut have by statute expressly authorized,
within the meaning of section 3(d) of the Act, a Rhode
Island bank holding company, such as Applicant, to
acquire a bank or bank holding company in the authorizing state. 5
These applications raise a question under the United
States Constitution concerning the constitutionality of
provisions of the Massachusetts and Connecticut interstate banking statutes that bar bank holding companies located outside of New England from acquiring
banks in Massachusetts or Connecticut. 6 The Board
has addressed the constitutionality of the Connecticut
and Massachusetts statutes in its Orders concerning
three previous interstate acquisitions under these statutes. 7 In its Bank of New England Corporation Order,
the Board concluded that, while the issue was not free
from doubt, there was no clear and unequivocal basis
for a determination that the Connecticut statute is
inconsistent with the Constitution. 8
Subsequent to the Board's approval of the three
prior applications under the Connecticut and Massachusetts interstate banking laws, protestants in each
case sought judicial review of the Board's Orders on
the sole ground that the Connecticut and Massachusetts interstate banking laws are unconstitutional. Following review of the issues, the United States Court of
Appeals for the Second Circuit issued an opinion
4. Mass. Ann. Laws Ch. 167A, § 2; 1983 Conn. Acts 411, § 2.
5. See Hartford National Corporation, 70 FEDERAL RESERVE BULLETIN 353, 354 (1984) (Massachusetts statute); Bank of New England
Corporation,
7 0 FEDERAL RESERVE BULLETIN 3 7 4 , 375 ( 1 9 8 4 ) ( C o n -
necticut statute); and Bank of Boston Corporation
(Colonial Bancorp,
I n c . ) , 7 0 FEDERAL RESERVE BULLETIN 5 2 4 , 5 2 5 ( 1 9 8 4 ) .
6. New England bank holding companies include those located in
Connecticut, Maine, Massachusetts, N e w Hampshire, Rhode Island,
and Vermont.
7. Hartford National Corporation, supra; Bank of New England
Corporation, supra; and Bank of Boston Corporation (Colonial Bancorp, Inc.), supra.
8. Bank of New England Corporation,
70 FEDERAL RESERVE
BULLETIN at 376. It is the Board's policy that it will not hold a state
law unconstitutional in the absence of clear and unequivocal evidence
of the inconsistency of the state law with the United States Constitution. See
NCNB
Corp.,
68 FEDERAL RESERVE BULLETIN 54.
56
(1982). The Board repeated these constitutional findings with respect
to the Massachusetts statute in Hartford National Corporation, 70
FEDERAL RESERVE BULLETIN at 354, and w i t h r e s p e c t to the c l o s e l y
parallel Rhode Island statute in Bank of Boston Corporation
(R1HT
Financial C o r p o r a t i o n ) , 7 0 FEDERAL RESERVE BULLETIN 7 3 7 (1984).
882
Federal Reserve Bulletin • December 1984
rejecting the petitioners' constitutional challenges to
the New England statutes and affirming the Board's
Orders. 9 The constitutional issues involved in Fleet's
current applications are the same as those involved in
the Second Circuit decision.
Based on the foregoing and other facts of record, the
Board has determined that the applications should be
and hereby are approved. The transactions shall not be
consummated before the thirtieth day after the effective date of the Order, or later than three months after
the effective date of this Order, and the banks to be
acquired shall be opened for business not later than six
months after the effective date of this Order, unless
such latter periods are extended for good cause by the
Board, or by the Federal Reserve Bank of Boston
pursuant to delegated authority.
By order of the Board of Governors, effective
October 4, 1984.
V o t i n g for this action: Chairman V o l c k e r and G o v e r n o r s
Wallich, Partee, R i c e , and G r a m l e y . A b s t a i n i n g f r o m this
action: G o v e r n o r Martin. A b s e n t and not voting: G o v e r n o r
Seger.
JAMES M C A F E E
[SEAL]
Associate
Secretary of the Board
The Maybaco Company
Baltimore, Maryland
Order Approving Acquisition of Control of
Additional Shares of a Bank Holding Company
The Maybaco Company, Baltimore, Maryland, a bank
holding company within the meaning of the Bank
Holding Company Act (the " A c t " ) (12 U.S.C. § 1841
et seq.), has applied for the Board's approval under
section 3(a)(3) of the Act (12 U.S.C. § 1842(a)(3)), to
acquire control of additional voting shares of Equitable Bancorporation, Baltimore, Maryland ("Equitable"), and its banking subsidiaries.
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 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 limited partnership, is a bank holding
company by virtue of its ownership of 38.9 percent of
9. Northeast Bancorp, Inc. v. Board of Governors of the Federal
Reserve System, Nos. 84-4047, 84-4051, 84-4053, and 84-4081 (2d
Cir. Aug. 1, 1984), petition for cert, filed. 52 U.S.L.W. 3189 (U.S.
Sept. 6, 1984) (No. 84-363).
the voting shares of Equitable, the third largest banking organization in Maryland, with assets of $2.9
billion. 1 Applicant proposes to acquire additional voting shares of Equitable as a result of a stock dividend
plan initiated by Applicant. 2 The shares to be distributed through the stock dividend would be a new class
of shares ("Class B shares") with substantially greater
voting rights than Equitable common stock, 3 but the
new shares would be subordinate to common stock
with respect to dividends. 4 Existing shareholders
would receive as a dividend one share of Class B for
every ten shares of common stock.
Immediately following the distribution of the stock
dividend, the holders of Class B shares will be identical to and will hold shares in exactly the same proportion as holders of common stock. Subsequently, holders of Class B shares may convert these shares to
common stock on the basis of one share of common
stock for two shares of Class B stock. Applicant has
stated that it does not intend to convert its Class B
shares. Other stockholders may be inclined to convert
the new shares to common stock in order to receive
dividends on these shares. In that event, Applicant's
control of voting shares of Equitable would increase to
as much as 85 percent. This plan was devised by
Equitable's board of directors to maintain control by
existing stockholders even if large amounts of additional shares of common stock are issued.
The Board has previously indicated that an application to acquire additional shares through a stock
dividend does not require the Board's prior approval
where the stock dividend does not alter the bank
holding company's proportional share of any class of
voting securities. 5 The record indicates that as a result
of the stock dividend plan, Applicant's proportional
share will increase to more than its current 38.9
percent share. Accordingly, the Board has determined
that the prior approval requirement of section 3(a)(3)
of the Act applies to Applicant's acquisition of shares
through the proposed stock dividend.
1. Banking data are as of June 30, 1984.
2. In addition to controlling 38.9 percent of the voting shares of
Equitable, Applicant's general partner is the chairman of the board of
Equitable.
3. Each share of Class B stock entitles the holder to 100 votes on all
matters coming before the shareholders, while a share of common
stock gives the holder one vote.
4. Equitable's board of directors does not presently intend to
declare any dividends on the Class B shares. Holders will be entitled
to receive dividends if and when such dividends are declared by the
board of directors. Such dividends as may be declared may not exceed
50 percent of the dividends per share declared on common stock,
reflecting the conversion rate of one share of common stock for two
shares of Class B stock.
5. Section 225.11(c) of Regulation Y, 12 C.F.R. § 225.11. See also
1957 FEDERAL RESERVE B U L L E T I N
1131 (12 C . F . R . § 2 2 5 . 1 0 3 ) .
Legal Developments
The financial and managerial resources and future
propects of Applicant and Equitable are consistent
with approval, particularly in light of certain commitments made in connection with this application. Although the proposal will not affect the existing services
offered by Equitable's subsidiaries, considerations relating to the convenience and needs of the communities to be served are also consistent with approval of
the application.
The Board has determined that consummation of the
proposal is consistent with the public interest and
should be approved. On the basis of 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 by the
Federal Reserve Bank of Richmond, acting pursuant
to delegated authority.
By order of the Board of Governors, effective
October 15, 1984.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Partee, Rice, Gramley, and Seger.
JAMES M C A F E E
[SEAL]
Associate
Secretary of the Board
Singer & Associates, Inc.
Mattoon, Illinois
Order Denying Acquisition
Company
of a Bank Holding
Singer & Associates, Inc., Mattoon, Illinois, a bank
holding company within the meaning of the Bank
Holding Company Act ("Act")(12 U.S.C. § 1841
et seq.), has applied for the Board's approval pursuant
to section 3(a)(3) of the Act (12 U.S.C. § 1842(a)(3)), to
acquire 50.16 percent of the voting shares of Millikin
Bancshares, Inc., Decatur, Illinois, and thereby indirectly to acquire The Millikin National Bank of Decatur, Decatur, Illinois ( " B a n k " ) .
Notice of the application, affording opportunity for
interested persons to submit comments, has been
given in accordance with section 3(b) of the Act. The
time for filing comments has expired and the Board
has considered the application and all comments received, including comments from the Office of the
Comptroller of the Currency, in light of the factors set
forth in section 3(c) of the Act (12 U.S.C. § 1842(c)).
Applicant controls one bank with total deposits of
$79.6 million, representing less than 0.1 percent of
883
total deposits in commercial banks in Illinois. 1 Bank is
the 46th largest commercial bank in Illinois, with total
deposits of $191.5 million, representing less than 0.2
percent of total deposits in commercial banks in the
state. Upon consummation of this proposal, Applicant
would control total deposits of $271.1 million, representing less than 0.3 percent of total deposits in
commercial banks in the state. Accordingly, consummation of this proposal would have no significant
effect on the concentration of banking resources in
Illinois.
Bank operates in the Decatur banking market, 2
where it is the largest of 17 commercial banking
organizations, controlling 23.5 percent of the total
deposits in commercial banks in the market. Applicant
does not operate in the Decatur banking market; thus,
this proposal would have no significant effect upon
existing competition. The Board has considered the
effects of this proposal upon probable future competition in this market in light of its proposed marketextension Guidelines. 3 The Decatur banking market is
not considered to be highly concentrated, nor is Applicant considered a probable future entrant into this
market absent this proposal. Accordingly, the Board
has concluded that consummation of this proposal
would have no significant adverse effect on potential
competition in this market.
The Board has stated on previous occasions that a
bank holding company should serve as a source of
financial and managerial strength to its subsidiary
banks, and that the Board would closely examine the
condition of an applicant and its subsidiaries in each
case with this consideration in mind. 4 The Board has
cautioned against the assumption of substantial
amounts of debt by a bank holding company because
of concern that the holding company would no longer
have the financial flexibility to meet any unexpected
problems at its subsidiary banks and could be forced to
place substantial demands on its subsidiary banks to
meet its debt servicing requirements.
The Board notes that Applicant is attempting to
acquire a company more than twice its size in terms of
assets. Applicant proposes to fund this proposal most-
1. Banking data are as of June 30, 1984.
2. The Decatur banking market is defined as Macon County plus
the township of Moweaqua in Shelby County, Illinois.
3. 47 Federal Register 9017 (March 3, 1982). Although the proposed
policy statement setting forth these Guidelines has not been adopted
by the Board, the Board is using the Guidelines in its analysis of the
effects of a proposal on probable future competition.
4. Corporation for International Agricultural Production
Limited,
70 FEDERAL RESERVE BULLETIN 3 9 (1984); Holcomb
Inc.,
6 9 FEDERAL RESERVE BULLETIN 8 0 4
(1983).
Bancshares,
884
Federal Reserve Bulletin • December 1984
ly through debt. As a result, its initial pro forma debtto-equity ratio would more than double to a level
substantially above that considered prudent for a
banking organization of Applicant's size, thereby immediately reducing Applicant's ability to serve as a
source of strength to its subsidiaries. Applicant projects that it would be able to reduce this ratio to a more
manageable level within four years, relying primarily
upon Bank's earnings. In light of the facts of record,
however, Applicant's earnings projections appear
overly optimistic and do not provide Applicant with
the necessary financial flexibility. The high initial debt
level, in combination with Applicant's questionable
ability to service the debt, would strain the ability of
Applicant's subsidiary banks to provide adequate income to meet Applicant's debt servicing requirements
and would bring into question Applicant's ability to
serve as a source of strength. Based upon the above
and other facts of record, the Board concludes that
financial factors associated with the proposal are so
adverse as to warrant denial. 5
Applicant has proposed no new services for Bank.
However, there is no evidence in the record that the
banking needs of the community to be served are not
being met. Accordingly, considerations relating to the
convenience and needs of the community to be served
are consistent with, but lend no weight toward, approval of the application.
Based on the foregoing and other facts of record, the
Board believes that approval of this application is not
in the public interest, and that this application should
be, and hereby is, denied.
By order of the Board of Governors, effective
October 24, 1984.
V o t i n g for this action: G o v e r n o r s Wallich, Partee, R i c e ,
G r a m l e y , and Seger. A b s e n t and not voting: Chairman
V o l c k e r and G o v e r n o r Martin.
JAMES M C A F E E
[SEAL]
Associate
Secretary of the Board
3(a)(1) of the Bank Holding Company Act ( " A c t " )
(12 U.S.C. § 1842(a)(1)), to become a bank holding
company by acquiring all of the voting shares of
McHenry State Bank, McHenry, Illinois.
Notice of the application, affording an opportunity
for interested persons to submit comments, has been
given in accordance with section 3(b) of the Act. 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 3(c) of
the Act (12 U.S.C. § 1842(c)).
Applicant is a nonoperating corporation formed for
the purpose of acquiring Bank. This proposal involves
a restructuring of Bank's ownership from individuals
to a corporation owned by the same individuals. Bank,
with total deposits of $174.3 million, representing less
than 0.1 percent of total deposits in commercial banks
in Illinois, is one of the smaller banks in the state. 1
Consummation of this proposal would not result in the
concentration of banking resources in Illinois.
Bank operates in the Woodstock banking market, 2
where it is the largest of nine commercial banks,
controlling 36.3 percent of total deposits in commercial banks. 3 Consummation of this proposal would not
result in any significant effects on competition in any
relevant market.
In evaluating the financial factors in this case, the
Board notes that as a result of consummation of this
proposal, Applicant's pro forma consolidated primary
and total capital ratios would be below the levels set
forth in the Board's current Capital Adequacy Guidelines. 4 Further, if the Board were to exclude intangible
assets from Applicant's primary and total capital,
Applicant's primary and total capital ratios would be
below both the Board's current and proposed Capital
Adequacy Guidelines.
The Board views with concern any proposals in
which an applicant's pro forma capital will be close to
or below the level specified in the Board's Capital
Adequacy Guidelines, or where intangibles will be a
significant factor in an applicant's capital base. 5
In response to the Board's concerns, Applicant has
committed that it will cause its primary capital-to-
SparBank, Incorporated
McHenry, Illinois
Order Approving Formation of a Bank Holding
Company
SparBank, Incorporated, McHenry, Illinois, has applied for the Board's approval, pursuant to section
1. Banking data are as of June 30, 1984, unless otherwise indicated.
2. The Woodstock banking market is defined as the northern onehalf (Chenung, Alden, Hebron, Richmond, Burton, Durham, and
McHenry townships) of McHenry County, Illinois, including the town
of Woodstock.
3. Competitive data are as of June 30, 1982.
4. Capital Adequacy Guidelines, 12 C.F.R., Part 225, Appendix A,
Proposed Minimum Capital Guidelines for Bank Holding Companies,
49 Federal Register 30322 (July 30, 1984).
5. The Board received one protest during the processing of this
application. The protestant questioned Applicant's ability to finance
this acquisition.
( 1 9 8 4 ) ; Eagle
5 . National
(1984).
City
Corporation,
Bancorporation
7 0 F E D E R A L RESERVE B U L L E T I N 7 4 3
7 0 F E D E R A L RESERVE BULLETIN
728
Legal Developments
assets ratio to meet or exceed the Board's current and
proposed Capital Adequacy Guidelines, respectively,
on or before consummation of this proposal. Applicant
has also committed that its primary capital-to-assets
ratio on a tangible basis will meet the Board's proposed Capital Adequacy Guidelines on or before consummation of this proposal. Based on the foregoing,
and other commitments made by Applicant in connection with this application, the managerial and financial
resources of Applicant and Bank are considered generally satisfactory and their future prospects appear
favorable.
Applicant has proposed no new services for Bank.
However, there is no evidence that the banking needs
of the community to be served are not being met.
Accordingly, considerations relating to the convenience and needs of the community to be served are
consistent with approval.
Based on the foregoing and other facts of record, the
Board has determined that approval of the application
would be consistent with the public interest and that
the application should be and hereby is approved. 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 Chicago, acting pursuant to delegated authority.
By order of the Board of Governors, effective
October 17, 1984.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Partee, Rice, Gramley, and Seger.
JAMES M C A F E E
[SEAL]
Associate
Secretary of the Board
Orders Issued under Section 4 of Bank Holding
Company Act
BankAmerica Corporation
San Francisco, California
Order Approving Application to Engage in Certain
Activities
Futures Commission Merchant Advisory
BankAmerica Corporation, San Francisco, California,
a bank holding company within the meaning of the
Bank Holding Company Act, has applied pursuant
to section 4(c)(8) of the Act (12 U.S.C. § 1843(c)(8))
and section 225.21(a) of the Board's Regulation Y
(12 C.F.R. § 225.21(a)), to provide investment advisory
services with respect to certain financial futures and
885
options on those futures to nonaffiliated customers
throughout the world. Applicant proposes to offer such
services through its wholly owned subsidiary, BA
Futures, Incorporated ("BAFI"), San Francisco, California.
Notice of the application, affording interested persons an opportunity to submit comments on the relation of the proposed activities to banking and on the
balance of the public interest factors, has been duly
published (49 Federal Register 30,243 (1984)). The
time for filing comments 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, with consolidated assets of $121.5 billion, is a bank holding company by virtue of its control
of Bank of America, N.T. and S.A., San Francisco,
California, the largest banking organization in California, and Seafirst Corporation, Seattle, Washington,
the largest banking organization in Washington. 1
BAFI is a futures commission merchant ( " F C M " ) that
engages in the execution and clearance of futures
contracts in bullion, foreign exchange, government
securities, and money market instruments, and options on such futures contracts on major commodities
exchanges for nonaffiliated persons. Applicant proposes to provide advisory services through BAFI both
as an independent service on a separate fee basis and
as a package of FCM services on a non-fee basis.
The advisory services would consist of general
research and advice on market conditions, trading,
hedging and investment strategies, client account information, reconciliation of trades, and communication linkage between clients and commodity exchange
floors. The advisory services may also involve the
development and marketing of computer software
applications for use by clients in designing or measuring hedging performance and generating related accounting entries.
The proposed advisory services are substantially
similar to those previously approved by the Board by
order. 2 In addition, the Board has previously determined by order that the provision of such investment
advice, both as a separate service for a fee and as part
of an integrated package of FCM services on a nonfee
basis, is closely related to banking. 3
In order to approve this application, the Board is
also required to determine that the performance of the
1. Banking data are as of March 31, 1984.
2. Manufacturers Hanover Corporation, 70 FEDERAL RESERVE
BULLETIN 369 (1984).
3. J.
P.
Morgan
& Co.,
BULLETIN 780 (1984).
Incorporated,
70 FEDERAL
RESERVE
886
Federal Reserve Bulletin • December 1984
proposed activities by Applicant "can reasonably be
expected to produce benefits to the public . . . that
outweigh possible adverse effects . . . . " (12 U.S.C.
§ 1843(c)(8)). The Board concludes that Applicant's
proposal can reasonably be expected to produce benefits to the public in that it would provide an additional
service to corporations and financial institutions that
may wish to utilize futures markets in their operations.
There is no evidence in the record that consummation
of the proposal would result in any 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 it is required to consider under section
4(c)(8) is favorable. Accordingly, the application is
hereby approved. This determination is subject to all
of the conditions set forth in Regulation Y and 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 San Francisco pursuant to delegated authority.
By order of the Board of Governors, effective
October 26, 1984.
Voting for this action: Governors Wallich, Partee, Rice,
Gramley, and Seger. Absent and not voting: Chairman
Volcker and Governor Martin.
WILLIAM W .
[SEAL]
WILES
Secretary of the Board
First Interstate Bancorp
Los Angeles, California
Order Approving Acquisition of Company Engaged
in Commercial Finance and Leasing Activities
First Interstate Bancorp, Los Angeles, California, a
bank holding company within the meaning of the Bank
Holding Company Act ( " A c t " ) , has applied for the
Board's approval pursuant to section 4(c)(8) of the Act
(12 U.S.C. § 1843(c)(8)) and section 225.21(a) of the
Board's Regulation Y (12 U.S.C. § 225.21(a)), to
acquire 95.1 percent of the voting shares of Commercial Alliance Corporation, New York, New York
("Company"). 1 Applicant would operate Company
under the name First Interstate Commercial Alliance
Corporation. Company is engaged in installment sales
financing and full-payout leasing of commercial, industrial, office, and professional equipment and machinery, primarily through two subsidiaries, Credit Alliance Corporation and Leasing Service Corporation.
Another of Company's subsidiaries, C-A Financial
Corporation, provides corporate financing secured by
various types of collateral. 2 Each of these activities
has been determined by the Board to be closely related
to banking. 12 C.F.R. § 225.25(b)(1) and (5).
Notice of the application, affording interested persons an opportunity to submit comments, has been
duly published (49 Federal Register 33,171 (1984)).
The time for filing comments 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 multi-bank holding company with 21
subsidiary banks holding total domestic deposits of
approximately $29.6 billion. 3 Applicant's lead bank,
First Interstate Bank of California, is the fifth largest
banking organization in California with total domestic
deposits of approximately $12.6 billion, representing
7.4 percent of the total deposits in commercial banks
in the state. Applicant is also engaged in various
nonbanking activities, including leasing and commercial finance, through nonbank subsidiaries.
In acting on Applicant's proposal to acquire Company, the Board must, in addition to determining whether Company's activities are closely related to banking,
consider whether the performance of the proposed
activities by Company can reasonably be expected to
produce benefits to the public that outweigh possible
adverse effects. 12 U.S.C. § 1843(c)(8).
1. Applicant currently o w n s 4.9 percent of Company's voting
shares and, therefore, would o w n 100 percent of Company's shares
upon consummation of this proposal.
2. Incidental to its leasing and commercial finance activities. Company offers financial, advisory and administrative services to third
parties, such as manufacturers, leasing companies, and depository
institutions, solely as a marketing technique through which Company
purchases the receivables that are generated by these other companies. Company does not enter into written agreements or receive any
fee in connection with any of these incidental services. All leases
purchased by Company conform to the requirements of section
225.25(b)(5) of Regulation Y.
Company owns a number of inactive corporations, including two
insurance companies which have offered, but currently are not
offering, credit indemnity insurance policies covering installment sales
contracts and equipment leases. Should Applicant desire to reactivate
any of Company's inactive operations, the Board's prior approval
must first be obtained pursuant to section 4(c)(8) of the Act.
3. Banking data are as of December 31, 1983.
Legal Developments
Applicant engages in commercial finance activities
through its subsidiary, First Interstate Commercial
Corp. ("FICC 1 '), which maintains offices in Portland,
Oregon; Denver, Colorado; Chicago, Illinois; and St.
Louis, Missouri. As of June 30, 1984, FICC had $129
million in receivables outstanding. Company engages
in commercial finance activities principally through
Credit Alliance Corporation from offices in Anaheim
and Emeryville, California; Atlanta, Georgia; Des
Plaines, Illinois; Glen Burnie, Maryland; Houston,
Texas; Orangeburg, New York; Altamonte Springs,
Florida; Pittsburgh, Pennsylvania; and Portland, Oregon. As of April 30, 1984, Company had total commercial finance receivables of approximately $429 million.
The market for commercial finance has been designated as either regional or nationwide in scope. In this
case, it appears that Company and Applicant, through
FICC, compete in a national market. On this basis,
Applicant and Company would control less than 1.0
percent of the commercial finance market upon consummation of this acquisition.
Applicant engages in leasing activities through First
Interstate Leasing Company ( " F I L C " ) from offices in
Pasadena, Mission Viejo, and San Francisco, California, and New York, New York. As of June 30, 1984,
FILC had net lease receivables of approximately
$236,000. Company engages in leasing activities principally through Leasing Service Corporation from the
same offices at which it engages in commercial finance
activities. As of April 30, 1984, Company had net lease
receivables of approximately $265 million. The market
for commercial leasing activities has been designated
as nationwide. On this basis, Applicant and Company
would control less than 1.0 percent of the leasing
market upon consummation of this proposal.
There are numerous firms engaged in both commercial finance and leasing activities, and the markets for
these activities are unconcentrated. In view of the
number of commercial finance and leasing firms competing nationwide and the small market shares that
would result from consummation of this proposal, the
Board concludes that consummation of the proposal
would not have a significantly adverse effect on existing competition.
In evaluating this case, the Board has carefully
considered the financial and managerial resources of
Applicant, including its capital position, and the effect
the proposed acquisition would have on these resources. As the Board has previously stated, capital
adequacy is an especially important factor in the
analysis of bank holding company expansion proposals, particularly, as in this case, where a significant
acquisition is proposed. Applicant's primary and total
capital ratios significantly exceed the minimum levels
specified in the Board's proposed Capital Adequacy
887
Guidelines. Applicant's tangible primary capital ratio
alone, while declining somewhat after this acquisition,
will still be at a level consistent with the Board's
current and proposed Capital Adequacy Guidelines. 4
Based upon these and other facts of record, the Board
concludes that financial factors are consistent with
approval of this application.
Applicant's acquisition of Company would be likely
to result in the strengthening of Company's competitive position both geographically and with respect to
product lines. In addition, the acquisition will enable
Applicant and Company to benefit from economies
from the elimination of duplicative systems and facilities. On the basis of these and other facts of record,
the Board concludes that the benefits to the public that
would result from Applicant's acquisition of Company
lend some weight toward approval. Moreover, there is
no evidence in the record to indicate that consummation of the proposal would result in 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 it is required
to consider under section 4(c)(8) is favorable. Accordingly, the application is hereby approved. This determination is subject to all the conditions set forth in the
Board's Regulation Y, including those in sections
225.4(d) and 225.23(b), 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 consummated 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, acting pursuant to delegated authority.
By order of the Board of Governors, effective
October 25, 1984.
Voting for this action: Governors Wallich, Partee, Rice,
Gramley, and Seger. Absent and not voting: Chairman
Volcker and Governor Martin.
JAMES M C A F E E
[SEAL]
Associate
Secretary
of the Board
4. Capital Adequacy Guidelines, 12 C.F.R., Part 225, Appendix A.
Capital Adequacy Guidelines for Bank Holding Companies, 49 Federal Register 30,322 (July 30, 1984).
888
Federal Reserve Bulletin • December 1984
First Moore Bancshares, Inc.
Moore, Oklahoma
Order Approving Application
Activities
to Engage in Insurance
First Moore Bancshares, Inc., Moore, Oklahoma, a
bank holding company within the meaning of the Bank
Holding Company Act ( " A c t " ) , has applied for the
Board's approval under section 4(c)(8) of the Act
(12 U.S.C. § 1843(c)(8)) and section 225.25 of the
Board's Regulation Y (12 C.F.R. § 225.25), to engage
de novo, through a proposed indirect subsidiary, First
Property and Casualty Insurance Agency of Moore,
Inc., Moore, Oklahoma, in general insurance agency
activities (except the sale of life insurance and annuities) in a community with a population greater than
5,000. Applicant, as a bank holding company with total
assets under $50 million, relies on the statutory language contained in section 601(F) of the Garn-St
Germain Depository Institutions Act of 1982 as authorization for this activity. 1
Notice of the application, affording interested persons an opportunity to submit comments on the proposal, has been duly published. (49 Federal Register
31,493 (August 7, 1984)). The time for filing comments
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, with total assets of approximately $32
million as of June 30, 1984, proposes to engage in
general insurance agency activities in Moore, Oklahoma, a community with a population of approximately
35,000 as of the 1980 census. Applicant states that the
activities would be conducted from offices to be located in Applicant's subsidiary bank, The First National
Bank of Moore (total deposits of $28 million as of
June 30, 1984), and that its service area would be the
city of Moore and the surrounding north-central portion of Cleveland County, Oklahoma.
In order to approve an application under section
4(c)(8) of the Act, the Board is required to determine
that a proposed activity is " s o closely related to
banking or managing or controlling banks as to be a
proper incident thereto. . . " 12 U.S.C. § 1843(c)(8). In
this regard, the Board has previously found that the
sale of general insurance by bank holding companies
with total assets of $50 million or less is an activity
1. Section 601(F) is now codified as section 4(c)(8)(F) of the Bank
Holding Company Act. The legislative history of that section states
that insurance activities authorized on the basis of section 601(F) must
be terminated if the bank holding company's assets exceed $50
million. See Senate Report 97-536, at 41-42. In this regard, Applicant
has committed to divest itself of such activities if its assets exceed $50
million.
closely related to banking within the meaning of section 4(c)(8) of the Act. 2
However, while the activity as proposed by Applicant is closely related to banking, the Board must also
determine that the performance of the proposed activity by Applicant " c a n 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." 12 U.S.C. § 1843(c)(8). Upon a review of
the record of this application, the Board views Applicant's proposal as procompetitive and in the public
interest because de novo entry will provide greater
convenience to the public and increased competition
in the provision of insurance services in the geographic
area to be served. Furthermore, there is no evidence in
the record to indicate that consummation of this
proposal would result in undue concentration of resources, unfair competition, conflicts of interests,
unsound banking practices, or other adverse effects.
Based upon the foregoing and all the facts of record,
the Board has determined that the public benefits
associated with consummation of this proposal can
reasonably be expected to outweigh possible adverse
effects, and that the balance of the public interest
factors favors approval of this application. Accordingly, the application is hereby approved.
This determination is subject to all of the conditions
set forth in Regulation Y, including sections 225.4(d)
and 225.23(b), 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 proposed activities shall commence 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
Kansas City, acting pursuant to delegated authority.
By order of the Board of Governors, effective
October 26, 1984.
Voting for this action: Governors Partee, Rice, Gramley,
and Seger. Abstaining from this action: Governor Wallich.
Absent and not voting: Chairman Volcker and Governor
Martin.
WILLIAM W . WILES
[SEAL]
2. Whitewater
Bancorp,
(1983); A.S.B. Bancshares,
(1984).
Secretary
of the
Board
Inc., 6 9 FEDERAL RESERVE BULLETIN 8 1 5
Inc., 7 0 FEDERAL RESERVE BULLETIN 363
Legal Developments
First National Cincinnati Corporation
Cincinnati, Ohio
BancOhio Corporation
Columbus, Ohio
Society Corporation
Cleveland, Ohio
National City Corporation
Cleveland, Ohio
Fifth Third Bancorp
Cincinnati, Ohio
Order Approving Joint Venture to Engage in Data
Processing and Related Activities
First National Cincinnati Corporation, Cincinnati,
Ohio ("First Cincinnati"), BancOhio Corporation,
Columbus, Ohio ("BancOhio"), Society Corporation,
Cleveland, Ohio ("Society"), and National City Corporation, Cleveland, Ohio ("National City"), all bank
holding companies within the meaning of the Bank
Holding Company Act (12 U.S.C. § 1841 et seq.)
( " A c t " ) , have applied for the Board's approval under
section 4(c)(8) of the Act (12 U.S.C. § 1843(c)(8)) and
section 225.23 of the Board's Regulation Y (12 C.F.R.
§ 225.23), to acquire shares of Money Station, Inc.,
Cincinnati, Ohio ( " M S I " ) , a joint venture to engage in
data processing and related activities. Fifth Third
Bancorp, Cincinnati, Ohio ("Fifth Third"), which
currently operates MSI as a wholly owned operating
subsidiary, has applied to participate in the joint
venture through retention of its shares. 1
MSI, established in 1983, operates an electronic
funds transfer ( " E F T " ) system for interchanging financial transactions of depository institutions that
contract for MSI's services. MSI's interchange system
(the " S w i t c h " ) operates as a neutral clearing house for
electronic funds transfer, payment, and withdrawal
transactions at automated teller machines ( " A T M s " )
operated by any participating institution, and enables
customers of participating institutions to complete
such E F T transactions at ATMs operated by any
member of the system. These ATMs are and will
1. Upon consummation of this proposal, Fifth Third, First Cincinnati, Society, and BancOhio each would hold 24 shares in MSI and
National City would hold 28 shares. As provided in BancOhio's
agreement to subscribe to shares of MSI, MSI will repurchase
BancOhio's shares upon the consummation of the recently-approved
merger of BancOhio with National City (National City Corporation,
7 0 FEDERAL RESERVE BULLETIN 743 (1984)). If that m e r g e r t a k e s
place before consummation of this proposal, MSI will not issue any
shares to BancOhio.
889
continue to be owned (or leased) and operated, not by
MSI, but by the participating institutions. The participating institutions, not MSI, issue the cards used for
access to ATMs in the Switch.
MSI also proposes to offer, through the Switch, data
transmission and processing services in connection
with point-of-sale ( " P O S " ) transactions. Such POS
transactions would involve the transfer of funds from
the checking, savings, or credit card account of a
participating institution's customer to a merchant's
account. The proposed POS services would be the
subject of agreements between merchants and participating institutions, and the POS terminals would be
owned and operated by merchants or participating
institutions, not by MSI.
MSI currently provides switching services for financial institutions located in Ohio, Indiana, Kentucky,
Michigan, Pennsylvania, and West Virginia. It proposes to expand into other states in its region and
plans eventually to offer its services to institutions
throughout the United States.
The proposed data processing and related activities
have been determined by the Board to be closely
related to banking and are permissible under
section 225.25(b)(7) of Regulation Y (12 C.F.R.
§ 225.25(b)(7)(i) and (ii)). Notice of these applications,
affording opportunity for interested persons to submit comments, has been duly published. 49 Federal
Register 29,848 (July 24, 1984). The time for filing
comments has expired, and the Board has considered
the applications and all comments received in light of
the public interest factors set forth in section 4(c)(8) of
the Act.
The co-venturers represent the second, fourth, fifth,
ninth, and twelfth largest commercial banking organizations in Ohio. 2 Each of the co-venturers presently
operates a proprietary ATM network for its affiliated
banks. In addition, four of the co-venturers—Fifth
Third, BancOhio, First Cincinnati, and Society—operate shared proprietary ATM networks for non-affiliated as well as affiliated institutions. Following consummation of this proposal, MSI's Switch would provide
interchange services for transactions within each of
2. BancOhio, with aggregate deposits of $4.9 billion, controls 9.4
percent of commercial bank deposits in the state. National City
controls aggregate deposits of $4.3 billion, representing 8.3 percent of
commercial bank deposits in Ohio. Upon the merger of BancOhio into
National City, National City would be the state's largest commercial
banking organization with approximately 17.2 percent of the deposits
in commercial banks in Ohio. Society, with aggregate deposits of $4.3
billion, controls 8.2 percent of commercial bank deposits in the state.
First Cincinnati, with total deposits of $1.6 billion, controls 3.2
percent of commercial bank deposits in Ohio. Fifth Third holds total
deposits of $1.3 billion, representing 2.5 percent of deposits in
commercial banks in Ohio.
890
Federal Reserve Bulletin • December 1984
these networks 3 as well as acting as the central switch
among the individual networks. In addition, MSI
would offer its switching services to institutions not
currently affiliated with any of the co-venturers' ATM
networks.
Inasmuch as the co-venturers would no longer provide EFT switching services for unaffiliated financial
institutions after consummation of this proposal, some
existing competition among the co-venturers in providing data processing services would be eliminated.
The anticompetitive effects of this proposal are, however, mitigated by the fact that the co-venturers'
existing proprietary ATM networks would all continue
to operate, as MSI will merely interface between those
systems. Each co-venturer will retain complete control over expansion of its own ATM networks, pricing
and selection of ATM services, and placement of
terminals, and thus will continue to compete with the
other co-venturers in the operation of ATM networks.
Furthermore, the terms of the agreements between
MSI and the participating institutions permit the coventurers and all other participating institutions to join
other switching networks. In light of these and other
facts of record, the Board concludes that consummation of this proposal would not have a significant
adverse effect on existing competition in the provision
of ATM services in any relevant market.
The Board also has considered the effects of consummation of this proposal on probable future competition in the provision of E F T switching services,
particularly in light of the fact that this application
involves the use of a joint venture to engage in the
relevant activities. As noted above, the co-venturers
are five of the largest bank holding companies in Ohio
and four of the co-venturers currently operate E F T
switches for unaffiliated institutions. The joint venture
significantly reduces the possibility that these four
switches would expand on a regional basis or that
National City would form its own switching network.
Upon consummation of the joint venture proposal,
however, two other large Ohio-based E F T switches
and at least two national networks would remain as
competitors of MSI. Moreover, since numerous Ohio
financial institutions, including three with deposits in
excess of $1 billion, do not participate in a shared
ATM network, it appears likely that additional national or regional EFT switches will enter MSI's market
area. The existence of these current and potential
entrants mitigates concerns that the MSI interchange
system may represent so large a proportion of possible
3. At present, the co-venturers contract with MSI for switching
services for their affiliated institutions, but provide switching services
independently for their shared proprietary networks.
ATM terminals in local markets that no other switches
could successfully compete. Furthermore, as noted
above, MSI's participating institutions will not be
prohibited from simultaneous membership in other
switching networks, and each participating institution
may cancel its membership contract with MSI with 120
days prior written notice. In light of this and other
evidence of record, the elimination of the co-venturers
as potential operators of regional switching networks
does not raise any serious concern. Accordingly, the
Board concludes that consummation of the proposed
joint venture would not have a significant adverse
effect on probable future competition.
The Board has reviewed this proposal to ensure that
no unfair competitive practices, violations of law, or
other substantially adverse effects would result from
consummation of the proposal. In this regard, the
Board notes that all depository institutions would have
equal access to membership in MSI, and that the terms
of the proposed contracts between MSI and participating institutions are non-restrictive. 4 After review of
the application and other facts of record, the Board
concludes that consummation of this proposal would
not result in unfair competition, conflicts of interest,
or unsound banking practices.
The Board also has considered the effect of consummation of this proposal in light of state and federal
laws governing the establishment of branches and the
use of ATMs in a network. As described above, the
MSI network would only provide data processing
services for the interchange and would neither own
nor operate ATMs. Moreover, Applicant has stated
that it will comply with all applicable state and federal
laws in offering its switching services to depository
institutions.
It is the Board's view that approval of these applications can reasonably be expected to produce substantial benefits to the public. Consummation of this
proposal would give individuals in Ohio and the surrounding region access to a larger number of ATM
terminals and would increase the availability of POS
services to consumers. In addition, the economies of
scale that would result from the expanded network
would accrue to all participating institutions. Finally,
the greatly expanded resources provided by the joint
venture would enable MSI to improve and expand its
EFT services to compete effectively with other regional and national switches.
4. These contracts impose no restrictions on the geographic location of an institution's ATMs and give participating institutions the
option of keeping 20 percent of their ATMs outside the network.
Furthermore, the membership contracts are written for a term of one
year and. as noted above, may be cancelled with 120 days prior
written notice.
Legal Developments
Based upon the foregoing and other facts of record,
the Board has determined that the balance of public
interest factors it is required to consider under section
4(c)(8) favors approval of these applications. In addition, the financial and managerial resources and future
prospects of the Applicants and MSI are considered
consistent with approval. Accordingly, these applications are hereby approved. This determination is subject to all of the conditions set forth in Regulation Y,
including those in sections 225.4(d) and 225.23(b), 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.
This transaction shall not be consummated 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
Cleveland pursuant to delegated authority.
By order of the Board of Governors, effective
October 15, 1984.
Voting for this action: Chairman Volcker and Governors
Martin, Partee, Rice, and Seger. Abstaining from this action:
Governors Wallich and Gramley.
JAMES MCAFEE
[SEAL]
Associate
Secretary of the Board
Orders Issued under Sections 3 and 4 of Bank
Holding Company Act
C.C.B., Inc.
Denver, Colorado
New Central Colorado Company
Denver, Colorado
Order Approving
Company
the Acquisition
of a Bank Holding
C.C.B., Inc., Denver, Colorado, and New Central
Colorado Company, Denver, Colorado, have applied
for the Board's approval under section 3 of the Bank
Holding Company Act ( " A c t " ) to acquire Central
Bancorporation, Inc., Denver, Colorado ("Bancorporation"), a registered bank holding company. Bancorporation owns the following bank subsidiaries:
Central Bank of Denver, Denver, Colorado; Central
Bank of Academy Boulevard, Colorado Springs, Colorado; Central Bank of Colorado Springs, Colorado
Springs, Colorado; Central Bank of Aurora, Aurora,
891
Colorado; Central Bank of Broomfield, Broomfield,
Colorado; Central Bank of Chapel Hills, N.A., Colorado Springs, Colorado; Central Bank of Chatfield,
Littleton, Colorado; Central Bank of Greeley, Greeley, Colorado; Central Bank of Inverness, N.A., Englewood, Colorado; Central Bank of North Denver,
Denver, Colorado; Central Bank of Pueblo, N.A.,
Pueblo, Colorado; Central Bank of Stapleton, N.A.,
Denver, Colorado; First National Bank in Aspen,
Aspen, Colorado; First National Bank in Battlement
Mesa, Battlement Mesa, Colorado; First National
Bank in Craig, Craig, Colorado; First National Bank of
Glenwood Springs, Glenwood Springs, Colorado;
First National Bank of Grand Junction, Grand Junction, Colorado; First National Bank-North in Grand
Junction, Grand Junction, Colorado; and Rocky Ford
National Bank, Rocky Ford, Colorado; and the following banks in organization: Central Bank of East Aurora, N.A., Aurora, Colorado; Central Bank of Centennial, N.A., Littleton, Colorado; Central Bank of
Garden of the Gods, N.A., Colorado Springs, Colorado; and, Central Bank of Westminster, N.A., Westminster, Colorado. C.C.B., Inc. and New Central
Colorado Company have also applied for the Board's
approval under section 4(c)(8) of the Act to acquire
indirectly Central Bancorp Life Insurance Company,
Denver, Colorado, a wholly owned subsidiary of Bancorporation that reinsures credit life and accident and
health insurance related to extensions of credit made
by Bancorporation's subsidiary banks.
Notice of the applications, affording an opportunity
for interested persons to submit comments, has been
given in accordance with section 3(b) of the Act. The
time for filing comments has expired, and the Board
has considered all comments received in light of the
factors set forth in section 3(c) of the Act.
In 1980, the Board approved a divestiture proposal
involving shares of Bancorporation in which D. H.
Baldwin Company, Cincinnati, Ohio ("Baldwin"),
transferred its ownership of voting shares of Bancorporation to a limited partnership for the purpose of
removing the control and economic benefits of ownership of Bancorporation from Baldwin and providing
for the orderly sale of Baldwin's interest. C.C.B., Inc.,
which is owned and controlled primarily by the management of the bank subsidiaries of Bancorporation,
became the general partner of the limited partnership
formed by Baldwin. As part of the proposal, Baldwin
was permitted to retain a class 2 limited partnership
interest that was under all circumstances nonvoting.
The proposal also involved the sale of the voting
shares of Bancorporation and dissolution of the partnership through the exercise of warrants sold to independent investors at the time of the implementation of
the divestiture plan, or through a sale conducted by an
892
Federal Reserve Bulletin • December 1984
independent trustee. 1 The Board was persuaded by the
particular facts and circumstances of that case, including numerous commitments made by Baldwin, that the
arrangements under the original divestiture plan by
Baldwin were appropriate to effect the divestiture by
Baldwin of its interest in Bancorporation.
Baldwin is currently the subject of Chapter XI
bankruptcy proceedings. The instant proposal represents an effort on the part of various participants in the
original Baldwin divestiture plan to resolve a number
of issues raised in the Baldwin bankruptcy proceeding
related to the continued implementation of the divestiture plan. The proposal involves a reorganization of
the original partnership formed under the Baldwin
divestiture plan into New Central Colorado Company.
Under the proposal, AmeriTrust Corporation, Cleveland, Ohio, which acquired debentures issued by Baldwin under the original divestiture plan, would replace
Baldwin as owner of the nonvoting class 2 limited
partnership interest under substantially the same
terms and conditions as in the original Baldwin divestiture plan approved by the Board. AmeriTrust itself
cannot convert or transfer the class 2 interest it
proposes to acquire. Instead, the proposal provides
that the voting shares of Bancorporation acquired by
New Central Colorado Company must be sold by an
independent trustee in a public offering or auction.
This public auction, as in the original divestiture plan
approved by the Board, must be completed no later
than December 31, 2000. As in the original divestiture
plan approved by the Board, C.C.B., Inc., would be
the sole general partner of New Central Colorado
Company.
The Board would not ordinarily approve a limited
partnership arrangement such as proposed here because of the problems that such a device raises regarding consistency with the policies and objectives of the
BHC Act. The Board has considered, however, that
this case raises unique facts and circumstances arising
out of a divestiture plan originally approved by the
Board in 1980. This proposal is now before the Board
because of doubts that have been raised by the Baldwin bankruptcy proceeding regarding continued implementation of the Board's previously approved divestiture plan. In addition, the Board has considered that
the proposed transaction involves substantially the
replacement of Baldwin with AmeriTrust under substantially the same terms and conditions as in the
original divestiture plan approved in 1980, as well as
the limitations imposed on the class 2 shares that
1. See Central Colorado Company
RESERVE BULLETIN 6 5 5
(1980).
AmeriTrust proposes to acquire, and the commitments
offered by AmeriTrust not to exercise or attempt to
exercise a controlling influence over the New Central
Colorado Company, Bancorporation, or its subsidiary
banks. The Board has also taken into account the
uncertainties engendered by the Baldwin bankruptcy
proceedings with respect to the prospects for Bancorporation and its subsidiary banks. In light of these and
all of the other facts of this case, the Board has
determined that AmeriTrust is not required at this time
to file an application for Board approval under the Act
as a result of its proposed acquisition of an interest in
New Central Colorado Company.
New Central Colorado Company, a nonoperating
limited partnership with no subsidiaries, was organized for the purpose of acquiring the voting shares of
Bancorporation. C.C.B., Inc., the general partner of
New Central Colorado Company, is a nonoperating
corporation with no subsidiaries and is a registered
bank holding company with respect to Bancorporation
and its subsidiary banks under the original divestiture
plan approved by the Board for Baldwin. Bancorporation, with consolidated assets of $1.8 billion, is the
fifth largest commercial banking organization in Colorado. 2 Based on the record it appears that consummation of this proposal would not result in any adverse
effects upon competition or the concentration of banking resources in any relevant market. Accordingly, the
Board concludes that competitive considerations are
consistent with approval of the applications.
The financial and managerial resources and future
prospects of Applicants and Bancorporation and its
subsidiary banks are generally satisfactory. Accordingly, the Board has determined that considerations
relating to banking factors are consistent with approval. While Applicants do not expect any immediate
changes in Bancorporation's operations or services,
the proposed transaction is expected to terminate the
affiliation of Bancorporation and its subsidiary banks
with Baldwin and to resolve the issues of their ownership and operation raised in the Baldwin bankruptcy
proceeding. Accordingly, the Board has determined
that consummation of the proposed transaction would
be consistent with the public interest.
Applicants have also applied pursuant to section
4(c)(8) of the Act to acquire indirectly the Central
Bancorp Life Insurance Company, which engages in
permissible credit-related insurance activities under
section 4(c)(8)(A) of the Act and section 225.25(b)(9) of
the Board's Regulation Y (12 C.F.R. § 225.25(b)(9)).
Applicants do not propose to engage in any nonbank-
and C.C.B., Inc., 66 FEDERAL
2. All banking data are as of June 30, 1984.
Legal Developments
893
ing activities directly and seek approval to conduct the
proposed activity only to the extent previously approved by the Board for Bancorporation and Central
Bancorp Life Insurance Company. There is no evidence in the record to indicate that approval of this
proposal would result in any undue concentration of
resources, decreased or unfair competition, conflicts
of interest, unsound banking practices, or other effects
adverse to the public interest. Accordingly, the Board
has determined that considerations relating to the
public interest factors under section 4 of the Act are
consistent with approval of this application.
Based on the foregoing and all of the facts of record
and commitments by AmeriTrust, the Board has determined that the applications under sections 3 and 4 of
the Act should be and hereby are approved.
The transaction shall not be consummated before
the thirtieth day following the effective date of the
Board's Order or later than three months after the
effective date of the Board's Order, unless such period
is extended by the Board or by the Federal Reserve
Bank of Kansas City, pursuant to delegated authority.
The determinations herein regarding nonbank activities are subject to the conditions stated herein as well
as all of the conditions set forth in Regulation Y,
including sections 225.4(d) and 225.23(b), 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, or to prevent evasion of, the
provisions and purposes of the Act and the Board's
regulations and orders issued thereunder.
( " B a n k " ) , under the charter of Applicant and under
the new title of Commerce America Banking Company. 1
Notice of this application, affording interested persons an opportunity to submit comments, has been
given in accordance with the Bank Merger Act and the
Board's Rules of Procedure (12 C.F.R. § 262.3(b)). As
required by the Bank Merger Act, reports of the
competitive effects of the merger were requested from
the United States Attorney General, the Comptroller
of the Currency, and the Federal Deposit Insurance
Corporation. The time for filing comments has expired, and the Board has considered the application
and all comments received, including those submitted
by the First National Bank of Clark County and Ms.
Linda K. Dornbush ("Protestants"), in light of the
factors set forth in section 18(c) of the Act. 2
By order of the Board of Governors, effective
October 12, 1984.
Applicant is located in Clark County, Indiana, and
operates 10 banking offices therein: five offices in
Jeffersonville, four offices in Clarksville, and one
office in Hamburg, Indiana. Bank is also located in
Clark County and operates four offices in Jeffersonville and one office in Clarksville, Indiana. Clark
County is located directly across the Ohio River from
Louisville, Kentucky; the southern portion of Clark
County, including the communities of Jeffersonville,
Clarksville, and Hamburg, is included in the Louisville
Ranally Metro Area. The Federal Reserve Bank of St.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Partee, Rice, Gramley, and Seger. Governor
Wallich abstained from the insurance portion of this action.
JAMES M C A F E E
[SEAL]
Associate
Secretary of the Board
Applicant is the 41st largest commercial bank in
Indiana, with total deposits of $144.2 million, representing approximately 0.5 percent of the total deposits
in commercial banks in the state. 3 Bank is the 91st
largest commercial bank in Indiana, controlling $80
million in total deposits, which represent approximately 0.3 percent of the total deposits in commercial
banks in the state. Upon consummation of the proposed merger, Applicant's share of total statewide
deposits would increase to approximately 0.8 percent
and Applicant would become the 23rd largest commercial banking institution in the state. Accordingly, consummation of the proposed merger would not have an
appreciable effect upon the concentration of commercial banking resources in Indiana.
Orders Issued under Section 18 of Bank Merger
Act
Citizens Bank and Trust Co.
Jeffersonville, Indiana
Order Approving
the Merger of Banks
Citizens Bank and Trust Co., Jefferson ville, Indiana
has applied for the Board's approval under the Bank
Merger Act (12 U.S.C. § 1828(c)) to merge with The
Clark County State Bank, Jeffersonville, Indiana
1. Applicant has also applied under section 9 of the Federal
Reserve Act for permission to establish branches at the five locations
in Clark County, Indiana, where Bank has its main office and its four
branches. In acting to approve the application under the Bank Merger
Act, the Board also hereby approves Applicant's application under
section 9 of the Federal Reserve Act.
2. First National Bank of Clark County is a bank operating in Clark
County, Indiana. Ms. Dornbush is a shareholder of Clark Financial
Corporation, Bank's parent.
3. Unless otherwise noted, all banking data are as of September 30,
1983.
894
Federal Reserve Bulletin • December 1984
Louis has previously determined that the southern
portion of Clark County, where Applicant and Bank
are located, is part of a banking market that is closely
approximated by the Louisville Ranally Metro Area. 4
Protestants claim that the relevant banking market
in this case consists solely of Clark County, Indiana.
On the basis of this definition, Protestants argue that
the proposed merger would have a significantly adverse effect on competition, and that the Board therefore should deny this application. Protestants base
their contention on several factors, including general
assertions that Applicant and Bank derive "substantially all" of their customers from Clark County, and
that there is little significant primary service area
overlap between banking institutions located in Clark
County, Indiana, and those located outside of Clark
County. 5
The Board has previously indicated that the relevant
banking market must reflect the commercial and banking realities and should consist of the localized area
where the banks involved offer their services and
where local customers can practicably turn for alternatives. 6 As the Supreme Court has stated, 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." 7
This area "must be charted by careful selection of the
market area in which the seller operates and to which
the purchaser can practicably turn for supplies." Philadelphia National at 359.
Applying these principles to the facts of this case,
and after carefully considering the submissions by the
Protestants and the facts of record, the Board concludes that the relevant banking market within which
4. See, Federal Reserve Bank of St. Louis News Release No. 82-33
(April 12, 1982).
The relevant banking market is comprised of Jefferson County,
Kentucky; portions of Bullitt County, Kentucky; portions of Oldham
County, Kentucky; all of Floyd County, Indiana; portions of Clark
County, Indiana; and portions of Harrison County, Indiana.
5. Protestants also requested a hearing on the application. The
Board notes that there is no statutory requirement in the Bank Merger
Act that the Board conduct such a hearing. Moreover, the Board has
examined the written submissions by Protestants and is unable to
conclude that a hearing would significantly supplement the record or
resolve issues that are already discussed in the written submissions.
Thus, the Board concludes that the record in this case is sufficiently
complete to render a decision and, on this basis, denies the request for
a hearing.
6. See, Dacotah Bank Holding Company, 70 FEDERAL RESERVE
BULLETIN 347 (1984); Wyoming Bancorporation,
68 FEDERAL RESERVE BULLETIN 313 (1982); a f f d sub nom., Wyoming
Bancorporation v. Board of Governors, 729 F.2d 687 (10th Cir., 1984); Independent Bank Corporation, 67 FEDERAL RESERVE BULLETIN 436 (1981).
7. United States v. Philadelphia National Bank 374 U.S. 321, 357
(1963); United States v. Phillipsburg National Bank, 399 U.S. 350,
364-65 (1970).
to evaluate the competitive effects of this proposal
includes Jefferson County, Kentucky; portions of Bullitt County and Oldham County, Kentucky; all of
Floyd County, Indiana; and, portions of Clark County
and Harrison County, Indiana. This area closely approximates the Louisville, Kentucky, RMA, which
includes that part of Clark County in which Applicant
and Bank are located.
The Board believes that the Protestants' definition
of the relevant banking market as Clark County,
Indiana, is unduly narrow and disregards the significant commercial interaction that exists between Jeffersonville, Clarksville, and Hamburg, Indiana, where
Applicant and Bank are located, and Louisville, Kentucky, and the surrounding area. Jeffersonville and
Louisville are located directly across the Ohio River
from one another and are connected by an easily
accessible bridge with a span of about one mile.
Clarksville is only about two miles from Jeffersonville,
while Hamburg is approximately seven miles from
Clarksville and ten miles from Louisville.
The close proximity of Jeffersonville, Clarksville,
and Louisville and the surrounding commercial and
industrial area has resulted in a substantial amount of
commuting across counties in this area. Data from the
1980 Census indicate that approximately 34.5 percent
of the working population of Clark County commute to
work in Louisville, Kentucky, or Jefferson County,
the county in which Louisville is located. 8
Based upon these commuting patterns, the above
mentioned counties, or portions of counties, in Indiana
and Kentucky are included in a single Ranally Metro
Area. An RM A is defined generally as a compact area
with relatively high population density that is linked by
commuting and retail and wholesale trade patterns. 9
By definition, an RMA includes a central city or cities
and all adjacent continuously built-up areas. In addition, the RMA includes those areas from which a
minimum of 20 percent of the labor force of the area or
8 percent of the total population of the area commute
to the central city and its adjacent built-up areas. In
the Board's judgment, an RMA usually designates a
defined geographic locality that is demographically
and commercially integrated. On this basis, the Board
has in many cases used R M A ' s as guides in defining
relevant geographic banking markets. 10
8. These data reveal that about 34 percent of the working population of Floyd County, Indiana, and 28.9 percent of Harrison County,
Indiana's, working population commute to work in Louisville or
Jefferson County, Kentucky.
9. Rand McNally and Company, 1981 Commercial Atlas & Marketing Guide, p. 2 (1981).
10. See, e.g., Ellis Banking Corporation 64 FEDERAL RESERVE
BULLETIN 884 (1978); St. Joseph Valley Bank, 68 FEDERAL RESERVE
BULLETIN 673 (1982).
Legal Developments
Available data on shopping patterns also support the
Board's delineation of the relevant banking market in
this case. According to information submitted by
Applicant, customers of Greentree Mall, located in
Clark County, Indiana, are almost as likely to live in
Jefferson County, Kentucky (24 percent), as in Clark
County (27 percent). Similarly, the major Jefferson
County, Kentucky, shopping centers draw anywhere
from 10 percent to 37 percent of their traffic from the
same customers who shop at Greentree Mall. Applicant has also pointed out that the area's television
stations, dominant radio stations, and major newspapers are located in Louisville, Kentucky, and that
Indiana banks advertise in the Louisville newspapers,
as well as in the local newspapers.
The Board has also considered the areas from which
Applicant derives its business. Applicant has indicated
that it derives 6.2 percent, 4.4 percent, and 3.0 percent
of the total dollar amount of its demand deposits,
certificates of deposit, and savings deposits, respectively, from Louisville and surrounding areas in Kentucky. Moreover, 34 percent of Applicant's installment loans originate from Louisville, Kentucky.
These statistics demonstrate that some customers in
the Louisville, Kentucky, area have found it practicable to do banking business in Jeffersonville, Indiana,
and that there is existing competition between banks
located in the two areas.
Accordingly, on the basis of the facts of record,
including the demographic and commercial integration
of the Louisville, Kentucky, RMA, the proximity and
easy accessibility of Clarksville, Jeffersonville, Hamburg, and Louisville and other towns in the RMA, the
substantial commuting patterns throughout the area,
the employment of area-wide marketing techniques,
and the evidence of record regarding shopping patterns by customers in the RMA, the Board has determined that the relevant geographic market in this case
is approximated by the Louisville, Kentucky, RMA.
Within the relevant banking market, Applicant is the
fifth largest of 25 commercial banking organizations,
controlling approximately 2.5 percent of the total
deposits in commercial banks in the market. Bank
ranks as the market's ninth largest commercial banking organization and holds approximately 1.5 percent
of the total deposits in commercial banks in the
market. Upon consummation of the proposed merger,
Applicant would remain the market's fifth largest
commercial banking organization and would control
about 4.0 percent of the total deposits in commercial
banks in the market.
While consummation of the proposed merger would
eliminate some existing competition in the relevant
banking market, the Board believes that certain factors substantially mitigate the anticompetitive effects
895
of the proposal. Upon consummation, Applicant's
share of the total deposits in commercial banks in the
market would increase by only 1.5 percentage points
to 4.0 percent, the share of deposits held by the four
largest commercial banking organizations in the market would remain unchanged at 83.6 percent, and the
Herfindahl-Hirschman Index ( " H H I " ) would increase by only seven points to 2152.11 Twenty-three
commercial banking alternatives would remain in the
market after consummation of the transaction.
Finally, in its evaluation in previous cases of the
competitive effects of a proposal, the Board has indicated that thrift institutions have become, or at least
have the potential to become, major competitors of
commercial banks. 12 In this case, the small increase in
concentration in the Louisville banking market is
further alleviated by the presence of eight thrift institutions in the market, controlling approximately $2.2
billion in deposits, which represents 27.6 percent of
the total deposits in commercial banks and thrift
institutions in the market. Accordingly, the Board
concludes that consummation of the proposed merger
would not have a significantly adverse effect on existing competition in the Louisville, Kentucky, RMA.
The financial and managerial resources of Applicant, Bank, and their respective parents are regarded
as satisfactory and their future prospects appear favorable. As a result, considerations relating to banking
factors are consistent with approval. Although no new
banking services would be introduced to the relevant
banking market as a result of the proposed transaction,
the customers of Applicant and Bank would benefit
from a greater selection of branch locations and automatic teller machines. Thus, considerations relating to
the convenience and needs of the community to be
served are consistent with approval. Based upon the
foregoing and other considerations reflected in the
record, it is the Board's judgment that consummation
of the transaction would be consistent with the public
interest.
On the basis of the record and for the reasons
discussed above, the application is hereby approved.
The transaction shall not be consummated before the
thirtieth calendar day following the effective date of
11. Under the United States Department of Justice Merger Guidelines (June 14, 1982), a market in which the post-merger HHI is above
1800 is considered highly concentrated. In such markets, the Department is unlikely to challenge a merger that produces an increase in the
HHI of less than 50, as in this case.
12. Comerica Inc. (Bank of the Commonwealth), 69 FEDERAL
RESERVE BULLETIN 7 9 7 (1983); General Bancshares
Corporation,
69
FEDERAL RESERVE BULLETIN 8 0 2 ( 1 9 8 3 ) ; First Tennessee
National
Corporation,
6 9 FEDERAL RESERVE BULLETIN 2 9 8
(1983).
896
Federal Reserve Bulletin • December 1984
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 St. Louis, acting pursuant to delegated
authority.
By order of the Board of Governors, effective
October 25, 1984.
Voting for this action: Governors Wallich, Partee, Rice,
Gramley, and Seger. Absent and not voting: Chairman
Volcker and Governor Martin.
JAMES M C A F E E
[SEAL]
Associate
Secretary
to the Board
Orders Issued under Section 5 of Bank Service
Corporation Act
Citibank, N.A.
New York, New York
Citicorp (BSC), Inc.
Wilmington, Delaware
Order Approving Investment
Corporation
in a Bank Service
Citibank, N.A., New York, New York, has applied for
the Board's approval under section 5(b) of the Bank
Service Corporation Act, as amended ( " B S C A " )
(12 U.S.C. § 1861 et seq.), to acquire all of the capital
stock of a bank service corporation, Citicorp (BSC),
Inc., Wilmington, Delaware, ("Company"). 1
In addition, Company has applied under section 5(b)
of the BSCA for permission to engage in an activity
that would be permissible for a bank holding company
under section 4(c)(8) of the Bank Holding Company
Act (12 U.S.C. § 1841 et seq.) and section 225.25 of
Regulation Y (12 C.F.R. § 225.25). Company proposes
to provide data processing services, including electronic funds switching and processing, throughout the
United States. In connection with this proposal, Company would acquire certain assets and liabilities of
Quadstar Corporation, Dallas, Texas, which is cur-
1. The BSCA defines a "bank service corporation" as a corporation organized to perform services authorized by this Act, all of the
capital stock of which is owned by one or more insured banks.
rently engaged in various data processing and other
information businesses. Among the assets to be acquired is a proprietary switching software system
("MiniHost") that was developed by Quadstar Corporation.
Section 4(f) of the BSCA, 12 U.S.C. § 1864(f),
provides that a bank service corporation may perform
at any geographic location any service, other than
deposit taking, that the Board has determined, by
regulation, to be permissible for a bank holding company under section 4(c)(8) of the Bank Holding Company Act. 2 Company would provide data processing
services only to the extent permissible for bank holding companies under the Board's Regulation Y,
12 C.F.R. § 225.25(b)(7).
Section 5(c) of the BSCA, 12 U.S.C. § 1865(c),
authorizes the Board, in acting upon applications to
invest in or provide services as a bank service corporation, to consider the financial and managerial resources of the institutions involved, their prospects,
and possible adverse effects, such as undue concentration of resources, unfair or decreased competition,
conflicts of interest, or unsafe or unsound banking
practices. The Board finds that considerations relating
to these factors are consistent with approval and that
there is no evidence of adverse effects.
Accordingly, on the basis of the record, the applications are approved for the reasons summarized above.
This determination is subject to the Board's authority
to require such modification or termination of the
activities of a bank service corporation as the Board
finds necessary to assure compliance with the BSCA
or to prevent evasions thereof. The transactions shall
be consummated within three months after the date of
this Order, unless such period is extended for good
cause by the Board or the Federal Reserve Bank of
New York.
By order of the Board of Governors, effective
October 17, 1984.
Voting for this action: Chairman Volcker and Governors
Martin, Partee, Rice, and Seger. Abstaining from this action:
Governors Wallich and Gramley.
JAMES M C A F E E
[SEAL]
Associate
Secretary
of the Board
2. Under section 4(c)(8) of the Bank Holding Company Act,
12 U.S.C. § 1843(c)(8), a bank holding company may engage in
activities determined by the Board to be closely related to banking and
a proper incident thereto.
Legal Developments
ORDERS APPROVED
UNDER BANK HOLDING
COMPANY
897
ACT
By the Board of Governors
During October 1984 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
Triad Bancshares, Inc.,
Tulsa, Oklahoma
By Federal Reserve
Board action
(effective
date)
Bank(s)
Triad Bank, N . A . ,
Tulsa, Oklahoma
October 22, 1984
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
American Bancshares, Inc.,
Cooke ville, Tennessee
B.M.J. Financial Corp.,
Bordentown, N e w Jersey
Banque of Maringouin Holding
Company,
Maringouin, Louisiana
Bartow Bancshares, Inc.,
Carters ville, Georgia
Biltmore Bank Corp.,
Phoenix, Arizona
Carlos Bancshares, Inc.,
Carlos, Minnesota
Citizens of H a r d e m a n County
Financial Services, Inc.,
White ville, Tennessee
Citadel Bancorp, Inc.,
Burleson, Texas
Civic Bancorp,
Walnut Oak, California
Coastal Bend Bancshares, Inc.,
Corpus Christi, Texas
Comfort Bancshares, Inc.,
Comfort, Texas
Cottonport Bancshares, Inc.,
Cottonport, Louisiana
Bank(s)
Reserve
Bank
Effective
date
Peoples Bank of Crossville,
Crossville, Tennessee
Mount Holly State Bank,
Mount Holly, N e w Jersey
Bank of Maringouin,
Maringouin, Louisiana
Atlanta
October 15, 1984
Philadelphia
October 17, 1984
Atlanta
October 19, 1984
CBA Bancshares, Inc.,
Americus, Georgia
Biltmore National Bank,
Phoenix, Arizona
First State Bank of Carlos,
Carlos, Minnesota
Whiteville Savings Bank,
Whiteville, Tennessee
Atlanta
October 19, 1984
San Francisco
October 16, 1984
Minneapolis
October 12, 1984
St. Louis
October 11, 1984
First National Bank of Burleson,
Burleson, Texas
CivicBank of Commerce,
Walnut Oak, California
Coastal Bend National Bank,
Corpus Christi, Texas
Comfort State Bank,
Comfort, Texas
The Cottonport Bank,
Cottonport, Louisiana
Dallas
October 19, 1984
San Francisco
October 12, 1984
Dallas
October 5, 1984
Dallas
October 5, 1984
Atlanta
October 19, 1984
898
Federal Reserve Bulletin • December 1984
Section 3—Continued
Applicant
Crown Bancorp,
Coronado, California
Cumberland Valley Financial
Corporation,
London, Kentucky
Dundas Holding Company, Inc.
Dundas, Minnesota
Edmonton Bancshares, Inc.,
Edmonton, Kentucky
Fairmont Farmers State
Company,
Fairmont, Nebraska
First/Martha's Vineyard Bancorporation,
Vineyard Haven, Massachusetts
First Mazon Bancorp, Inc.,
Mazon, Illinois
FNB Bancorp,
Fenton, Michigan
First Holdings, Inc.,
Omaha, Nebraska
Frankson Investment Corporation,
Waseca, Minnesota
Garden State Bancshares, Inc.,
Jackson, New Jersey
Golden Pacific Bancorp,
New York City, New York
Golden Sands Bankshares, Inc.
Neshkoro, Wisconsin
Hartwick Bancshares, Inc.,
Hartwick, Iowa
Harvard Bancshares, Inc.,
Tulsa, Oklahoma
Hibernia Corporation,
New Orleans, Louisiana
Landmark Financial Group,
Inc.,
Belvidere, Illinois
Missouri Valley Financial
Services, Inc.,
Council Bluffs, Iowa
Bank(s)
Reserve
Bank
Effective
date
Capital Bank of Carlsbad,
Carlsbad, California
Corbin Deposit Bank & Trust
Company,
Corbin, Kentucky
Dundas State Bank,
Dundas, Minnesota
Peoples Bank of Tompkinsville,
Tompkinsville, Kentucky
Farmers State Bank,
Fairmont, Nebraska
San Francisco
October 18, 1984
Cleveland
October 11, 1984
Minneapolis
October 12, 1984
St. Louis
October 22, 1984
Kansas City
October 19, 1984
The Martha's Vineyard National
Bank,
Vineyard Haven, Massachusetts
Mazon State B a n k , '
Mazon, Illinois
First National Bank of Fenton,
Fenton, Michigan
First National Bank of Macomb,
Macomb, Illinois
The First National Bank of
Waseca,
Waseca, Minnesota
Garden State Bank,
Jackson, New Jersey
Golden Pacific National Bank,
New York City, New York
Farmers Exchange Bank of
Neshkoro,
Neshkoro, Wisconsin
Hartwick State Bank,
Hartwick, Iowa
Harvard Tower Holding Corporation,
Tulsa, Oklahoma
Harvard Bank,
Tulsa, Oklahoma
Metro Shares, Inc.,
Metairie, Louisiana
The Belvidere National Bank and
Trust Company,
Belvidere, Illinois
The State Bank of Kirkland,
Kirkland, Illinois
Peoples State Bank,
Missouri Valley, Iowa
Boston
October 5, 1984
Chicago
October 5, 1984
Chicago
October 5, 1984
Chicago
October 5, 1984
Minneapolis
October 15, 1984
Philadelphia
October 19, 1984
New York
October 12, 1984
Chicago
October 5, 1984
Chicago
October 17, 1984
Kansas City
October 18, 1984
Atlanta
October 17, 1984
Chicago
October 24, 1984
Chicago
October 18, 1984
Legal Developments
Section 3—Continued
. ..
Applicant
Meade Bancorp, Inc.,
Brandenburg, Kentucky
New Ulm Financial Corporation,
New Ulm, Texas
Norstar Bancorp Inc.,
Albany, New York
Oak Park Bancshares, Inc.,
Overland Park, Kansas
Pontiac Bancorp, Inc.,
Pontiac, Illinois
Ralston Bancshares, Inc.,
Kansas City, Missouri
Rigler Investment Co.,
New Hampton, Iowa
Salem Bancorp, Inc.,
Salem, Kentucky
Standard Bancshares, Inc.,
Evergreen Park, Illinois
The Sylvania BanCorp, Inc.,
Sylvania, Ohio
Tarpon Financial Corporation,
Tarpon Springs, Florida
TPB Bancorp,
Brownstown, Indiana
Union Central Corporation,
Temple, Texas
United Bankers, Inc.,
Waco, Texas
United Banks of Colorado, Inc.,
Denver, Colorado
Village Financial Corporation,
Gilford, New Hampshire
Volunteer Bancshares, Inc.,
Jackson, Tennessee
Waldorf Bancshares, Inc.,
Waldorf, Minnesota
Williamson County Bancorp,
Inc.,
Franklin, Tennessee
r> w ^
Bank(s)
Meade County Bank,
Brandenburg, Kentucky
Lexington State Bank,
Lexington, Texas
Discount Brokerage Corporation
of America,
New York, New York
Tweedy Browne Clearing Corporation,
New York, New York
Oak Park National Bank,
Overland Park, Kansas
Odell State Bank,
Odell, Illinois
Ralston Bank,
Ralston, Nebraska
Security State Bank,
New Hampton, Iowa
Salem Bank, Inc.,
Salem, Kentucky
Heritage Standard Bank and
Trust Company,
Evergreen Park, Illinois
The Sylvania Savings Bank
Company,
Sylvania, Ohio
First National Bank,
Tarpon Springs, Florida
The Peoples Bank,
Brownstown, Indiana
The First State Bank,
Granger, Texas
Texas Southwest Bancorp, Inc.,
Waco, Texas
Garden of the Gods Bank,
Colorado Springs, Colorado
Village Bank & Trust Company,
Gilford, New Hampshire
First Selmer Bancshares, Inc.,
Selmer, Tennessee
Waldorf State Bank,
Waldorf, Minnesota
Citizens Central Bank,
Murfreesboro, Tennessee
Reserve
B&nk
Effective
^
St. Louis
October 12, 1984
Dallas
October 17, 1984
New York
October 10, 1984
Kansas City
October 19, 1984
Chicago
October 11, 1984
Kansas City
October 18, 1984
Chicago
October 11, 1984
St. Louis
October 9, 1984
Chicago
October 4, 1984
Cleveland
October 15, 1984
Atlanta
October 9, 1984
St. Louis
October 10, 1984
Dallas
October 23, 1984
Dallas
October 9, 1984
Kansas City
October 5, 1984
Boston
October 18, 1984
St. Louis
October 15, 1984
Minneapolis
October 10, 1984
Atlanta
October 4, 1984
899
900
Federal Reserve Bulletin • December 1984
Section 4
Nonbanking
company
Applicant
Fairbank Bancshares, Inc.,
Fairbank, Iowa
First Bank System, Inc.,
Minneapolis, Minnesota
First Charter Corporation,
Concord, North Carolina
Bellis Insurance Agency, Inc.,
Fairbank, Iowa
Mouw Enterprises, Inc.,
Vermillion, South Dakota
Carolina Finance Company,
Charlotte, North Carolina
Reserve
Bank
Effective
date
Chicago
October 11, 1984
Minneapolis
October 18, 1984
Richmond
October 12, 1984
Sections 3 and 4
Bank(s)/Nonbanking
Company
Applicant
Community Bancorp, Inc.
Manchester, Missouri
ORDERS APPROVED
By Federal Reserve
UNDER BANK MERGER
St. Louis
Effective
date
October 10, 1984
ACT
Banks
Applicant
The Citizens Bank,
Oneonta, Alabama
Norstar Bank of Long Island,
Hempstead, N e w York
First Missouri Banks, Inc.,
Manchester, Missouri
First Data Service,
Creve Coeur, Missouri
First Missouri Insurance Group,
Inc.,
Phoenix, Arizona
Reserve
Bank
Bank(s)
First Citizens Bank of Etowah,
Glencoe, Alabama
Bank of Long Island, N . A . ,
East Islip, N e w York
Reserve
Bank
Effective
date
Atlanta
October 12, 1984
N e w York
October 12, 1984
Legal Developments
PENDING
CASES INVOLVING
THE BOARD OF
GOVERNORS
This list of pending cases does not include suits against
Governors is not named a party.
Seattle Bancorporation
v. Board of Governors, N o .
84-7535 (9th Cir., filed Aug. 15, 1984).
Old Stone Corp. v. Board of Governors, N o . 84-1498
(1st Cir., filed June 20, 1984).
Citicorp v. Board of Governors, N o . 84-4081 (2d Cir.,
filed May 22, 1984).
Lamb v. Pioneer First Federal Savings and Loan
Association,
N o . C84-702 (D. Wash., filed May 8,
1984).
Girard Bank v. Board of Governors, N o . 84-3262 (3rd
Cir., filed May 2, 1984).
Melcher v. Federal Open Market Committee,
No.
84-1335 (D.D.C., filed, Apr. 30, 1984).
Florida Bankers Association v. Board of Governors,
N o . 84-3269 and N o . 84-3270 (11th Cir., filed
Apr. 20, 1984).
Northeast Bancorp, Inc. v. Board of Governors, N o .
84-4047, N o . 84-4051, N o . 84-4053 (2d Cir., filed
Mar. 27, 1984).
Huston v. Board of Governors, No. 84-1361 (8th Cir.,
filed Mar. 20, 1984); and N o . 84-1084 (8th Cir. filed
Jan. 17, 1984).
De Young v. Owens, N o . SC 9782-20-6 (Iowa Dist.
Ct., filed Mar. 8, 1984).
First Tennessee National Corp. v. Board of Governors, N o . 84-3201 (6th Cir., filed Mar. 6, 1984).
State of Ohio v. Board of Governors, N o . 84-1270
(10th Cir., filed Jan. 30, 1984).
Ohio Deposit Guarantee Fund v. Board of Governors,
No. 84-1257 (10th Cir., filed Jan. 28, 1984).
Colorado Industrial Bankers Association v. Board of
Governors, N o . 84-1122 (10th Cir., filed Jan. 27,
1984).
901
the Federal Reserve
Banks in which the Board
of
Financial Institutions Assurance Corp. v. Board of
Governors, N o . 84-1101 (4th Cir., filed Jan. 27,
1984).
First Bancorporation
v. Board of Governors,
No.
84-1011 (10th Cir., filed Jan. 5, 1984).
Dimension Financial Corporation v. Board of Governors, N o . 83-2696 (10th Cir., filed Dec. 30, 1983).
Oklahoma Bankers Association
v. Federal
Reserve
Board, N o . 83-2591 (10th Cir., filed Dec. 13, 1983).
The Committee for Monetary Reform v. Board of
Governors, N o . 84-5067 (D.C. Cir., filed June 16,
1983).
Association of Data Processing Service
Organizations
v. Board of Governors, N o . 82-1910 (D.C. Cir., filed
Aug. 16, 1982); and N o . 82-2108 (D.C. Cir., filed
Aug. 16, 1982).
First Bancorporation
v. Board of Governors,
No.
82-1401 (10th Cir., filed Apr. 9, 1982).
Wolfson v. Board of Governors, No. 83-3570 (11th
Cir., filed Sept. 28, 1981).
First Bank & Trust Company v. Board of Governors,
No. 81-38 (E.D. K y . , filed F e b . 24, 1981).
9 to 5 Organization for Women Office Workers v.
Board of Governors, N o . 83-1171 (1st Cir., filed
Dec. 30, 1980).
Securities Industry Association
v. Board of Governors, No. 80-2614 (D.C. Cir., filed Oct. 24, 1980),
and N o . 80-2730 (D.C. Cir., filed Oct. 24, 1980).
A. G. Becker, Inc. v. Board of Governors,
No.
80-2614 (D.C. Cir., filed Oct. 14, 1980), and N o .
80-2730 (D.C. Cir., filed Oct. 14, 1980).
A. G. Becker, Inc. v. Board of Governors, N o . 81-1493
(D.C. Cir., filed Aug. 25, 1980).
A1
Financial and Business Statistics
WEEKLY REPORTING
CONTENTS
Domestic
Financial
Statistics
MONEY STOCK AND BANK
A3
A4
A5
A5
Reserves, money stock, liquid assets, and debt
measures
Reserves of depository institutions, Reserve
Bank credit
Reserves and borrowings—Depository
institutions
Federal funds and repurchase agreements—
Large member banks
POLICY
A6
A7
A8
A9
CREDIT
INSTRUMENTS
Federal Reserve Bank interest rates
Reserve requirements of depository institutions
Maximum interest rates payable on time and
savings deposits at federally insured institutions
Federal Reserve open market transactions
FEDERAL RESERVE
BANKS
A10 Condition and Federal Reserve note statements
A l l Maturity distribution of loan and security
holdings
MONETAR Y AND CREDIT
AGGREGATES
A12 Aggregate reserves of depository institutions
and monetary base
A13 Money stock, liquid assets, and debt measures
A15 Bank debits and deposit turnover
A16 Loans and securities—All commercial banks
COMMERCIAL
BANKING
INSTITUTIONS
A17 Major nondeposit funds
A18 Assets and liabilities, last-Wednesday-of-month
series
A19
A20
A21
A22
A23
COMMERCIAL
BANKS
Assets and liabilities
All reporting banks
Banks in N e w York City
Balance sheet m e m o r a n d a
Branches and agencies of foreign banks
Gross demand deposits—individuals,
partnerships, and corporations
FINANCIAL
MARKETS
A24 Commercial paper and bankers dollar
acceptances outstanding
A24 Prime rate charged by banks on short-term
business loans
A25 Terms of lending at commercial banks
A26 Interest rates—money and capital markets
A27 Stock market—Selected statistics
A28 Selected financial institutions—Selected assets
and liabilities
FEDERAL
A30
A31
A32
A32
FINANCE
Federal fiscal and financing operations
U.S. budget receipts and outlays
Federal debt subject to statutory limitation
Gross public debt of U . S . Treasury—Types and
ownership
A33 U.S. government securities dealers—
Transactions
A34 U . S . government securities dealers—Positions
and financing
A35 Federal and federally sponsored credit
agencies—Debt outstanding
All Federal Reserve Bulletin • December 1984
International
SECURITIES MARKETS AND
CORPORATE
FINANCE
Statistics
S UMMAR Y S TA TIS TICS
A36 N e w security issues—State and local
governments and corporations
A37 Open-end investment companies—Net sales and
asset position
A37 Corporate profits and their distribution
A37 Nonfinancial corporations—Assets and
liabilities
A38 Total nonfarm business expenditures on new
plant and equipment
A38 Domestic finance companies—Assets and
liabilities and business credit
U.S. international transactions—Summary
U.S. foreign trade
U.S. reserve assets
Foreign official assets held at Federal Reserve
Banks
A55 Foreign branches of U . S . banks—Balance sheet
data
A57 Selected U.S. liabilities to foreign official
institutions
A53
A54
A54
A54
REPORTED BY BANKS IN THE UNITED
REAL
STATES
ESTATE
A39 Mortgage markets
A40 Mortgage debt outstanding
CONSUMER
INSTALLMENT
CREDIT
A41 Total outstanding and net change
A42 Terms
A57
A58
A60
A61
Liabilities to and claims on foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
A61 Banks' own claims on unaffiliated foreigners
A62 Claims on foreign countries—Combined
domestic offices and foreign branches
FLOW OF FUNDS
REPORTED BY NONBANKING
ENTERPRISES IN THE UNITED
A43 Funds raised in U . S . credit markets
A44 Direct and indirect sources of funds to credit
markets
A63 Liabilities to unaffiliated foreigners
A64 Claims on unaffiliated foreigners
Domestic
Nonfinancial
SELECTED
Statistics
MEASURES
A45 Nonfinancial business activity—Selected
measures
A45 Labor force, employment, and unemployment
A46 Output, capacity, and capacity utilization
A47 Industrial production—Indexes and gross value
A49 Housing and construction
A50 Consumer and producer prices
A51 Gross national product and income
A52 Personal income and saving
SECURITIES
HOLDINGS
AND
BUSINESS
STATES
TRANSACTIONS
A65 Foreign transactions in securities
A66 Marketable U.S. Treasury bonds and notes—
Foreign holdings and transactions
INTEREST AND EXCHANGE
RATES
A67 Discount rates of foreign central banks
A67 Foreign short-term interest rates
A68 Foreign exchange rates
A69 Guide to Tabular
Statistical Releases,
Tables
Presentation,
and Special
Money Stock and Bank Credit
1.10
A3
RESERVES, MONEY STOCK, LIQUID ASSETS, A N D DEBT MEASURES
Monetary and credit aggregates
(annual rates of change, seasonally adjusted in percent) 1
Item
Q4
1
2
3
4
Reserves of depository
Total
Required
Nonborrowed
Monetary base 3
5
6
7
8
9
Concepts
Ml
M2
M3
L
Debt
Q2
Q1
Q3
May
June
July
Aug.
Sept.
institutions2
liquid assets,
.8'
.y
8.2'
7.8
and
7.6'
5.2'
8.9'
9.3'
8.5'
10.3'
-10.8'
7.1'
6.6'
6.5
-44.7'
7.3'
11.0'
8.3'
-47.2'
10.3'
26.7'
21.0'
18.2'
11.8'
-1.5'
3.5'
-91.5'
5.5'
4.6'
2.3'
-72.1'
7.6'
-8.9
-7.1
-19.4
-.3
4.8
8.5
9.8
8.8
10.8
of money,
Nontransaction
10 In M2 5
11 In M3 only 6
1984
1984
1983
7.2
6.9
8.9
11.2'
12.8
6.1
6.8
10.4
10.2'
12.1'
4.6
6.1
8.0
n.a.
12.9
12.8
8.4
11.1'
11.3'
13.6
11.5
7.2
9.0
14.8'
11.4
-1.3
4.9
8.4
12.4
13.3'
1.5'
4.7'
4.6'
n.a.
13.9
5.9
7.9
7.7
n.a.
n.a.
9.7
15.8
6.8
17.5'
7.1
24.6'
6.6
15.5
7.0
22.2'
5.9'
16.6
7.0'
22.5'
5.6'
4.4'
8.5
6.9
debt4
components
Time and savings
deposits
Commercial banks
Savings 7
Small-denomination time 8
Large-denomination t i m e 9 1 0
Thrift institutions
15
Savings 7
16
Small-denomination time
17
Large-denomination time 9
12
13
14
Debt
components4
18 Federal
19 Nonfederal
20 Total loans and securities at commercial b a n k s "
-6.4
19.3
-.2
-16.2
4.4
10.0
-6.4
8.6
24.2
-5.6
18.4
21.2
-3.7
15.2
37.6
-1.9
17.3
29.0
-5.6
20.0
26.(K
-10.4'
19.4
1.9'
-3.8
14.0
11.7
-4.4
18.8
58.1
-5.1
11.8
59.0
.5
9.0'
46.4
-5.4
22.6
35.1
2.7
9.8
43.2
-.7
18.9
54.3
-8.1
25.6
42.7
-12.3
27.1'
20.6
-2.1
20.6
-12.3
15.5
13.0
13.9
7.4
12.6
1.7
21.1'
11.8'
8.2
n.a.
n.a.
7.2
14.3
9.8'
10.2
1. Unless otherwise noted, rates of change are calculated from average
amounts outstanding in preceding month or quarter.
2. Figures incorporate adjustments for discontinuities associated with the
implementation of the Monetary Control Act and other regulatory changes to
reserve requirements. To adjust for discontinuities due to changes in reserve
requirements on reservable nondeposit liabilities, the sum of such required
reserves is subtracted from the actual series. Similarly, in adjusting for discontinuities in the monetary base, required clearing balances and adjustments to
compensate for float also are subtracted from the actual series.
3. The monetary base not adjusted for discontinuities consists of total
reserves plus required clearing balances and adjustments to compensate for float
at Federal Reserve Banks plus the currency component of the money stock less
the amount of vault cash holdings of thrift institutions that is included in the
currency component of the money stock plus, for institutions not having required
reserve balances, the excess of current vault cash over the amount applied to
satisfy current reserve requirements. After the introduction of contemporaneous
reserve requirements (CRR), currency and vault cash figures are measured over
the weekly computation period ending Monday.
Before CRR, all components of the monetary base other than excess reserves
are seasonally adjusted as a whole, rather than by component, and excess
reserves are added on a not seasonally adjusted basis. After C R R , the seasonally
adjusted series consists of seasonally adjusted total reserves, which include
excess reserves on a not seasonally adjusted basis, plus the seasonally adjusted
currency component of the money stock plus the remaining items seasonally
adjusted as a whole.
4. Composition of the money stock measures and debt is as follows:
M l : (1) currency outside the Treasury, Federal Reserve Banks, and the vaults
of commercial banks; (2) travelers 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) other checkable deposits
(OCD) consisting of negotiable order of withdrawal (NOW) and automatic transfer
service (ATS) accounts at depository institutions, credit union share draft
accounts, and demand deposits at thrift institutions. The currency and demand
deposit components exclude the estimated amount of vault cash and demand
deposits respectively held by thrift institutions to service their O C D liabilities.
M2: Ml plus overnight (and continuing contract) repurchase agreements (RPs)
issued by all commercial banks and overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks worldwide, M M D A s , savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of
less than $100,000), and balances in both taxable and tax-exempt general purpose
and broker/dealer money market mutual funds. Excludes individual retirement
accounts (IRA) and Keogh balances at depository institutions and money market
funds. Also excludes all balances held by U.S. commercial banks, money market
16.7
11.7'
14.0
12.7
12.9
10.0
14.7'
12.4'
7.5
15.8
12.5'
8.7
funds (general purpose and broker/dealer), foreign governments and commercial
banks, and the U.S. government. Also subtracted is a consolidation adjustment
that represents the estimated amount of demand deposits and vault cash held by
thrift institutions to service their time and savings deposits.
M3: M2 plus large-denomination time deposits and term R P liabilities (in
amounts of $100,000 or more) issued by commercial banks and thrift institutions,
term Eurodollars held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada, and
balances in both taxable and tax-exempt, institution-only money market mutual
funds. Excludes amounts held by depository institutions, the U.S. government,
money market funds, and foreign banks and official institutions. Also subtracted is
a consolidation adjustment that represents the estimated amount of overnight RPs
and Eurodollars held by institution-only money market mutual funds.
L: M3 plus the nonbank public holdings of U.S. savings bonds, short-term
Treasury securities, commercial paper and bankers acceptances, net of money
market mutual fund holdings of these assets.
Debt: Debt of domestic nonfinancial sectors consists of outstanding credit
market debt of the U.S. government, state and local governments, and private
nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit (including bank loans), other bank loans, commercial paper, bankers
acceptances, and other debt instruments. The source of data on domestic
nonfinancial debt is the Federal Reserve Board's flow of funds accounts. Debt
data are on an end-of-month basis. Growth rates for debt reflect adjustments for
discontinuities over time in the levels of debt presented in other tables.
5. Sum of overnight RPs and Eurodollars, money market fund balances
(general purpose and broker/dealer), MMDAs, and savings and small time
deposits less the estimated amount of demand deposits and vault cash held by
thrift institutions to service their time and savings deposit liabilities.
6. Sum of large time deposits, term RPs, and Eurodollars of U.S. residents,
money market fund balances (institution-only), less a consolidation adjustment
that represents the estimated amount of overnight RPs and Eurodollars held by
institution-only money market mutual funds.
7. Excludes MMDAs.
8. Small-denomination time deposits—including retail RPs—are those issued
in amounts of less than $100,000. All IRA and Keogh accounts at commercial
banks and thrifts are subtracted from small time deposits.
9. Large-denomination time deposits are those issued in amounts of $100,000
or more, excluding those booked at international banking facilities.
10. Large-denomination time deposits at commercial banks less those held by
money market mutual funds, depository institutions, and foreign banks and
official institutions.
11. Changes calculated from figures shown in table 1.23. Beginning December
1981, growth rates reflect shifts of foreign loans and securities from U.S. banking
offices to international banking facilities.
A4
DomesticNonfinancialStatistics • December 1984
1.11
RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT
Millions of dollars
Monthly averages of
daily figures
Weekly averages of daily figures for week ending
1984
1984
Factors
July
Aug.
Sept.
176,910
175,604
179,643
176,122
174,924
174,371
152,628
152,050
578
8,540
8,500
40
0
6,023
822
8,897
11,099
4,618
16,147
150,145
149,890
255
8,512
8,494
18
0
8,095
417
8,435
11,099
4,618
16,186
154,137
152,532
1,605
8,674
8,493
181
0
7,251
462
9,119
11,098
4,618
16,251
149,443
149,443
0
8,494
8,494
0
0
8,692
583
8,910
11,099
4,618
16,177
150,378
150,378
0
8,494
8,494
0
0
7,935
286
7,831
11,099
4,618
16,192
149,332
149,332
0
8,494
8,494
0
0
8,356
106
8,083
11,099
4,618
16,207
176,358
514
176,182
475
176,468
465
176,767
476
176,117
475
3.966
227
1,526
3,528
214
1,462
6,117
234
1,339
3,120
205
1,378
3,348
208
1,452
Aug. 15
Aug. 22
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
178,243
178,304
178,922
180,950
152,830
148,815
4,015
8,805
8,494
311
0
8,007
382
8,219
11,098
4,618
16,222
153,058
152,195
863
8,622
8,494
128
0
7,503
714
8,407
11,098
4,618
16,237
153,650
152,579
1,071
8,679
8,493
186
0
7,323
779
8,491
11,098
4,618
16,252
156,106
154,044
2,062
8,724
8,493
231
0
6,896
-113
9,337
11,097
4,618
16,267
175,468
472
177,057
465
177,521
466
176,590
465
175,382
465
3,615
206
1,504
4,140
252
1,392
3,933
210
1,258
5,602
252
1,346
8,410
236
1,353
SUPPLYING RESERVE F U N D S
1 Reserve Bank credit
2
U.S. government securities'
3
Bought outright
4
Held under repurchase a g r e e m e n t s . . . .
5
Federal agency obligations
6
Bought outright
7
Held under repurchase a g r e e m e n t s . . . .
8
Acceptances
9
Loans
10
Float
11
Other Federal Reserve assets
12 Gold stock
13 Special drawing rights certificate a c c o u n t . . . .
14 Treasury currency outstanding
ABSORBING RESERVE F U N D S
15 Currency in circulation
16 Treasury cash holdings
Deposits, other than reserve balances, with
Federal Reserve Banks
17
Treasury
18
Foreign
19 Service-related balances and adjustments . . . .
329
339
476
275
322
436
435
495
580
432
6,128
5,986
6,253
6,067
6,039
5,979
6,114
6,339
6,269
6,320
19,726
20
Other
21 Other Federal Reserve liabilities and
capital
22 Reserve balances with Federal
Reserve Banks 2
19,321
20,258
19,728
18,871
18,614
20,327
20,036
19,786
20,334
Sept. 12
Sept. 19
Sept. 26
End-of-month figures
Wednesday figures
1984
1984
July
Aug.
Sept.
23 Reserve Bank credit
176,127
178,938
182,641
174,186
174,939
173,944
176,442
179,849
182,600
179,737
24
25
26
27
28
29
30
31
32
33
150,705
150,705
0
8,499
8,499
0
0
7,238
671
9,014
153,183
148,356
4,827
8,863
8,494
369
0
8,276
326
8,290
155,018
155,018
0
8,493
8,493
0
0
6,633
289
12,208
144,689
144,689
0
8,494
8,494
0
0
12,787
264
7,952
150,392
150,392
0
8,494
8,494
0
0
7,826
38
8,189
149,054
149,054
0
8,494
8,494
0
0
8,166
-24
8,254
151,118
151,118
0
8,494
8,494
0
0
7,500
595
8,735
153,936
153,936
0
8,493
8,493
0
0
7,409
1,525
8,486
156,630
152,332
4,298
9,042
8,493
549
0
7,683
465
8,780
153,748
153,480
268
8,519
8,493
26
0
4,786
165
12,519
11,099
4,618
16,145
11,098
4,618
16,220
11,097
4,618
16,280
11,099
4,618
16,190
11,099
4,618
16,205
11,098
4,618
16,220
11,098
4,618
16,235
11,098
4,618
16,250
11,098
4,618
16,265
11,097
4,618
16,280
175,606
497
176,852
465
175,383
465
176,667
475
175,837
473
176,005
465
177,823
463
177,429
465
176,152
465
175,442
465
3,972
215
1,158
4,029
242
1,147
8,514
206
1,139
4.393
205
1,145
3,358
233
1,141
3,783
215
1,142
4,533
254
1,147
3,521
198
l,148 r
11,710
261
1,155
8,814
196
1,155
Aug. 15
Aug. 22
Aug. 29
Sept. 5
S U P P L Y I N G RESERVE F U N D S
U.S. government securities'
Bought outright
Held under repurchase a g r e e m e n t s . . . .
Federal agency obligations
Bought outright
Held under repurchase a g r e e m e n t s . . . .
Acceptances
Loans
Float
Other Federal Reserve assets
34 Gold stock
35 Special drawing rights certificate account
36 Treasury currency outstanding
...
ABSORBING RESERVE F U N D S
37 Currency in circulation
38 Treasury cash holdings
Deposits, other than reserve balances with
Federal Reserve Banks
39
Treasury
40
Foreign
41 Service-related balances and adjustments . . . .
42
Other
43 Other Federal Reserve liabilities and
capital
44 Reserve balances with Federal
Reserve Banks 2
309
413
383
289
485
428
435
407
490
402
6,035
6,140
6,073
5,842
5,863
5,792
5,850
6,060
6,213
6,068
20,197
21,586
22.473
17,077
19,470
18,051
17,888
22,587
18,135
19,190
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 and adjustments to compensate for
float.
NOTE. For amounts of currency and coin held as reserves, see table 1.12.
Money Stock and Bank Credit
1.12
RESERVES A N D BORROWINGS
A5
Depository Institutions
Millions of dollars
Monthly averages 8
Reserve classification
1984
Reserve balances with Reserve Banks'
Total vault cash 2
Vault cash used to satisfy reserve requirements 3 .
Surplus vault cash 4
Total reserves 5
Required reserves
Excess reserve balances at Reserve Banks 6
Total borrowings at Reserve Banks
Seasonal borrowings at Reserve Banks
Extended credit at Reserve Banks 7
1982
1983
Dec.
1
2
3
4
5
6
7
8
9
10
1981
Dec.
Dec.
Mar.
Apr.
May
June
July
Aug.
Sept.
26,163
19,538
15,755
3,783
41,918
41,606
312
642
53
149
24,804
20,392
17,049
3,343
41,853
41,353
500
697
33
187
20,986
20,755
17,908
2,847
38,894
38,333
561
774
96
2
19,484
20,396
16,794
3,602
36,278
35,569
709
952
133
27
20,351
20,152
16,802
3,349
37,154
36,664
490
1,234
139
44
19,560
20,446
16,960
3,486
36,519
35,942
577
2,988
196
37
20,210
20,770
17,308
3,461
37,518
36,752
767
3,300
264
1,873
19,885
21,134
17,579
3,555
37,464
36,858
607
5,924
308
5,008
19,263'
21,688
17,995
3,694
37,258 r
36,575
683'
8,017
346
7,043
20,141
21,232
17,897
3,336
38,038
37,414
624
7,242
319
6,459
Biweekly averages of daily figures for weeks ending
1984
June 6
11
12
13
14
15
16
17
18
19
20
Reserve balances with Reserve B a n k s '
Total vault cash 2
Vault cash used to satisfy reserve requirements 3 .
Surplus vault cash 4
Total reserves 5
Required reserves
Excess reserve balances at Reserve Banks 6
Total borrowings at Reserve Banks
Seasonal borrowings at Reserve Banks
Extended credit at Reserve Banks 7
June 20
July 4
July 18
Aug. 1
Aug. 15
Aug. 29
Sept. 12
Sept. 26
Oct. 1 C
19,329
20,570
17,023
3,547
36,352
35,865
487
3,070
239
16
20,603
20,604
17,284
3,320
37,887
37,208
679
2,965
257
1,974
20,189
21,121
17,513
3,608
37,702
36,645
1,058
3,909
289
2,846
20,546
20,708
17,404
3,304
37,950
37,499
451
5,358
284
4,614
19,079
21,597
17,789
3,808
36,868
36,233
635
7,155
340
6,098
19,690
21,533
17,923
3,610
37,613
36,914
699
7,987
338
6,976
18,722
21,981
18,166
3,815
36,887
36,211
677
8,146
360
7,184
20,158'
20,782
17,405
3,377
37,563'
36,929 r
634'
7,755
309
7,001
20,038
21,522
18,232
3,290
38,270
37,744
527
7,110
328
6,369
20,451
21,571
18,198
3,373
38,649
37,715
934
6,165
315
5,147
1. Excludes required clearing balances and adjustments to compensate for
float.
2. Dates refer to the maintenance periods in which the vault cash can be used to
satisfy reserve requirements. Under contemporaneous reserve requirements,
maintenance periods end 30 days after the lagged computation periods in which
the balances are held.
3. Equal to all vault cash held during the lagged computation period by
institutions having required reserve balances at Federal Reserve Banks plus the
amount of vault cash equal to required reserves during the maintenance period at
institutions having no required reserve balances.
4. Total vault cash at institutions having no required reserve balances less the
amount of vault cash equal to their required reserves during the maintenance
period.
5. Total reserves not adjusted for discontinuities consist of reserve balances
with Federal Reserve Banks, which exclude required clearing balances and
adjustments to compensate for float, plus vault cash used to satisfy reserve
requirements. Such vault cash consists of all vault cash held during the lagged
1.13
computation period by institutions having required reserve balances at Federal
Reserve Banks plus the amount of vault cash equal to required reserves during the
maintenance period at institutions having no required reserve balances.
6. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy
reserve requirements less required reserves.
7. Extended credit consists of borrowing at the discount window under the
terms and conditions established for the extended credit program to help
depository institutions deal with sustained liquidity pressures. Because there is
not the same need to repay such borrowing promptly as there is with traditional
short-term adjustment credit, the money market impact of extended credit is
similar to that of nonborrowed reserves.
8. Before February 1984. data are prorated monthly averages of weekly
averages: beginning February 1984, data are prorated monthly averages of
biweekly averages.
NOTE. These data also appear in the Board's H.3 (502) release. For address, see
inside front cover.
FEDERAL F U N D S A N D REPURCHASE AGREEMENTS
Large Member Banks1
Averages of daily figures, in millions of dollars
1984 week ending Monday
By maturity and source
Aug. 27
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
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
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
1. Banks with assets of $1 billion or more as of Dec. 31, 1977.
Sept. 3
Sept. 10
Sept. 17
Sept. 24'
Oct. 1
Oct. 8
Oct. 15
Oct. 22
56,960
60,528
66,324
64,434
56,625
54,888
61,252
61,830
58,666
21,724
5,073
27,710
22,200
4,972
26,723
24,055
4,728
26,446
24,982'
4,250
26,768
24,865
4,109
27,082
23,998
3,758
26,926
24,649
3,901
26,210
25,128
4,965
25,751
26,160
4,856
26,481
9,236
9,469
9,226
9,415
9,496
9,468
9,345
9,766
9,691
9,626
6,117
10,413
9,867
6,246
10,937
9,440
5,969
10,324
9,224
5,960
10,888
8,972
6,732
10,885
9,034
6,576
10,706
9,587
6,841
10,458
9,138
6,762
10,588
8,532
7,187
10,904
24,220
3,987
27,189
4,011
28,407
4,898
28,540
5,519
26,809
4,906
26,947
5,037
28,013
5,259
28,777
5,432
28,598
4,864
A6
1.14
DomesticNonfinancialStatistics • December 1984
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
10/31/84
Effective
date
Previous
rate
Rate on
10/31/84
Previous
rate
Rate on
10/31/84
Previous
rate
Rate on
10/31/84
Previous
rate
9
4/9/84
4/9/84
4/9/84
4/10/84
4/9/84
4/10/84
81/2
9
8'/2
10
9'/2
11
10'/2
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City . . . .
Dallas
San F r a n c i s c o . . .
9
4/9/84
4/9/84
4/9/84
4/13/84
4/9/84
4/13/84
81/2
9
Range of rates in recent years
Effective date
In effect Dec. 31, 1973
1974— Apr. 25
30
Dec. 9
16
1975— Jan.
6
10
24
Feb. 5
7
Mar. 10
14
May 16
23
1976— Jan.
19
23
Nov. 22
26
1977— Aug. 30
31
Sept. 2
Oct. 26
1978—Jan.
9
20
May 11
12
Range (or
level)—
All F.R.
Banks
F.R.
Bank
of
N.Y.
71/2
7/
12
7 '/2—8
8
7V4-8
73/4
7'/4-73/4
7l/4-73/4
71/4
63/4-7'/4
6-3/4
6'/4-6'/4
6'/4
6-61/4
6
5
£ 6
5 i/4-51/:
51/4
5/ —334
I4 5/
5'/4—5 /4
53/4
6
6-61/2
61/2
61/2-7
7
Effective date
1978— July
3
10
7'/4
7'/4
7'/4
71/4
v/i
63A
6%
6'/4
6'/4
6
6
5/
12
5/
12
51/4
5/
14
5'/4
53/4
55/4
6
61/2
61/2
7
7
Aug. 21
Sept. 22
Oct. 16
20
Nov. I
3
Range (or
level)—
All F.R.
Banks
7-7'/4
7'/4
m
8
8-81/2
8'/2
8'/2-9l/2
9'/2
11
1979—July 20
Aug. 17
20
Sept. 19
21
Oct.
8
10
1980— Feb. 15
19
May 29
30
June 13
16
July
28
29
Sept. 26
Nov. 17
Dec. 5
10
10-10'/2
10'/2
IO'/:-l 1
11
11-12
12
12-13
13
12-13
12
11-12
11
10-11
10
II
12
12-13
13
4/9/84
4/9/84
4/9/84
4/13/84
4/9/84
4/13/84
10'/2
2
F.R.
Bank
of
N.Y.
7'/4
71/4
7%
8
81/2
81/2
91/2
91/2
Effective date
1981— May
Nov.
Dec.
5
8
2
6
4
1982—July
20
23
2
3
16
27
30
Oct. 12
13
Nov. 22
26
Dec. 14
15
17
Aug.
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. Where credit provided to a particular
depository institution is anticipated to be outstanding for an unusually prolonged
period and in relatively large amounts, the time period in which each rate under
this structure is applied may be shortened, and the rate may be established on a
more flexible basis, taking into account rates on market sources of funds. 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 Monetur\
Statistics, 1914-1941, and 1941-1970; Annual Statistical Digest, 1970-1979, 1980,
1981, and 1982.
91/2
10
81/2
4/9/84
4/9/84
4/9/84
4/10/84
4/9/84
4/10/84
10
101/2
101/2
11
11
12
12
13
13
13
12
11
11
10
10
11
12
13
13
1984— Apr.
9
13
In effect Oct. 31, 1984
Range (or
level)—
All F.R.
Banks
13-14
14
13-14
13
12
111/2-12
11 1/2
1 1 — 1 11/2
11
101/2
10-101/2
10
91/2-10
9'/2
9-91/2
9
8'/2-9
8'/2-9
81/2
8'/2-9
9
9
F.R.
Bank
of
N.Y.
14
14
13
13
12
Hi/2
11 '/2
11
11
10'/2
10
10
9'/2
9'/2
9
9
9
8'/2
81/2
9
9
9
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.
Policy Instruments
1.15
A7
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS 1
Percent of deposits
Type of deposit, and
deposit interval
Member bank requirements
before implementation of the
Monetary Control Act
7
Time and
Savings
9'/2
113/4
123/4
16'/4
12/30/76
12/30/76
12/30/76
12/30/76
12/30/76
savings2^
Time 4
$0 million-$5 million, by maturity
30-179 days
180 days to 4 years
4 years or more
Over $5 million, by maturity
30-179 days
180 days to 4 years
4 years or more
3
3
2'/2
Effective date
3
12
12/29/83
12/29/83
Nonpersonal time deposits9
By original maturity
Less than 1 !/2 years
1'/: years or more
3
0
10/6/83
10/6/83
3
11/13/80
Net transaction accounts7
$0-$28.9 million
Over $28.9 million
8
3/16/67
1
6
2Vi
1
liabilities
3/16/67
1/8/76
10/30/75
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 offoreign banks, and Edge Act
corporations.
2. 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.
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.
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 of borrowings from unrelated
banks abroad was also reduced to zero from 4 percent.
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. 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.
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. 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.
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
was eliminated 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
reserve computation periods 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 1 /:
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.
Percent
Effective date
demand2
$10 million-$100 million
$100 million-$400 million
Over $400 million
Depository institution requirements
after implementation of the
Monetary Control Act 6
Eurocurrency
All types
Percent
Net
Type of deposit, and
deposit interval 5
5. The Garn-St Germain Depository Institutions Act of 1982 (Public Law 9 7 320) provides that $2 million of reservable liabilities (transaction accounts,
nonpersonal time deposits, and Eurocurrency liabilities) of each depository
institution be subject to a zero percent reserve requirement. The Board is to adjust
the amount of reservable liabilities subject to this zero percent reserve requirement each year for the next succeeding calendar year by 80 percent of the
percentage increase in the total reservable liabilities of all depository institutions,
measured on an annual basis as of June 30. No corresponding adjustment is to be
made in the event of a decrease. Effective Dec. 9, 1982, the amount of the
exemption was established at $2.1 million. Effective with the reserve maintenance
period beginning Jan. 12, 1984, the amount of the exemption is $2.2 million. In
determining the reserve requirements of a depository institution, the exemption
shall apply in the following order: (1) nonpersonal money market deposit accounts
(MMDAs) authorized under 12 CFR section 1204.122: (2) net N O W accounts
(NOW accounts less allowable deductions): (3) net other transaction accounts:
and (4) nonpersonal time deposits or Eurocurrency liabilities starting with those
with the highest reserve ratio. With respect to N O W accounts and other
transaction accounts, the exemption applies only to such accounts that would be
subject to a 3 percent reserve requirement.
6. For nonmember banks and thrift institutions that were not members of the
Federal Reserve System on or after July 1, 1979, a phase-in period ends Sept. 3,
1987. For banks that were members on or after July 1, 1979, but withdrew on or
before Mar. 31. 1980, the phase-in period established by Public Law 97-320 ends
on Oct. 24. 1985. For existing member banks the phase-in period of about three
years was completed on Feb. 2, 1984. All new institutions will have a two-year
phase-in beginning with the date that they open for business, except for those
institutions that have total reservable liabilities of $50 million or more.
7. 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.
However. MMDAs and similar accounts offered by institutions not subject to the
rules of the Depository Institutions Deregulation Committee (D1DC) that permit
no more than six preauthorized, automatic, or other transfers per month of which
no more than three can be checks—are not transaction accounts (such accounts
are savings deposits subject to time deposit reserve requirements.)
8. The Monetary Control Act of 1980 requires that the amount of transaction
accounts against which the 3 percent reserve requirement applies be modified
annually by 80 percent of the percentage increase in transaction accounts held by
all depository institutions determined as of June 30 each year. Effective Dec. 31,
1981, the amount was increased accordingly from $25 million to $26 million; and
effective Dec. 30, 1982, to $26.3 million; and effective Dec. 29, 1983, to $28.9
million.
9. In general, nonpersonal time deposits are time deposits, including savings
deposits, that are not transaction accounts and in which a 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. Nonmembers may maintain reserve balances with a
Federal Reserve Bank indirectly on a pass-through basis with certain approved
institutions.
A8
DomesticNonfinancialStatistics • December 1984
1.16
M A X I M U M I N T E R E S T R A T E S P A Y A B L E o n T i m e and S a v i n g s D e p o s i t s at F e d e r a l l y Insured Institutions'
Percent per annum
Commercial banks
In effect Oct. 31, 1984
Type of deposit
Savings and loan associations and
mutual savings banks (thrift institutions) 1
In effect Oct. 31, 1984
Effective date
1
2
3
4
Savings
Negotiable order of withdrawal accounts
Negotiable order of withdrawal accounts of $2,500 or more 2
Money market deposit account 2
Time accounts by maturity
5 7-31 days of less than $2,500 4
6 7-31 days of $2,500 or more 2
7 More than 31 days
1. Effective Oct. 1, 1983, restrictions on the maximum rates of interest payable
by commercial banks and thrift institutions on various categories of deposits were
removed. For information regarding previous interest rate ceilings on all categories 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 before November 1983.
2. Effective Dec. 1, 1983, IRA/Keogh (HR10) Plan accounts are not subject to
minimum deposit requirements.
3. Effective Dec. 14, 1982, depository institutions are authorized to offer a new
account with a required initial balance of $2,500 and an average maintenance
balance of $2,500 not subject to interest rate restrictions. No minimum maturity
Effective date
5'/:
5/
14
1/1/84
12/31/80
1/5/83
12/14/82
5'/2
7/1/79
12/31/80
1/5/83
12/14/82
5'/:
1/1/84
1/5/83
10/1/83
5'/2
9/1/82
1/5/83
10/1/83
51/4
period is required for this account, but depository institutions must reserve the
right to require seven days notice before withdrawals. When the average balance
is less than $2,500. the account is subject to the maximum ceiling rate of interest
for NOW accounts; compliance with the average balance requirement may be
determined over a period of one month. Depository institutions may not guarantee
a rate of interest for this account for a period longer than one month or condition
the payment of a rate on a requirement that the funds remain on deposit for longer
than one month.
4. Deposits of less than $2,500 issued to governmental units continue to be
subject to an interest rate ceiling of 8 percent.
Policy Instruments
1.17
A9
FEDERAL RESERVE OPEN MARKET TRANSACTIONS
Millions of dollars
1984
Type of transaction
1981
1982
1983
Feb.
Mar.
Apr.
May
June
Aug.
July
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
13,899
6,746
0
1,816
17,067
8,369
0
3,000
18,888
3,420
0
2,400
368
828
0
600
3,159
0
0
0
3,283
0
0
3,283
610
2,003
0
2,200
801
0
0
801
0
897
0
600
187
1,491
0
800
Others within 1 year
Gross purchases
Gross sales
Maturity shift
Exchange
Redemptions
317
23
13,794
-12,869
0
312
0
17,295
-14,164
0
484
0
18,887
-16,553
87
0
0
-2,488
-4,574
0
0
0
1,012
0
0
198
0
347
-2,223
0
0
0
2,739
-1,807
0
0
0
1,069
0
0
0
0
427
-2,606
0
0
0
3,811
-2,274
0
10
11
12
13
1 to 5 years
Gross purchases
Gross sales
Maturity shift
Exchange
1,702
0
-10,299
10,117
1,797
0
-14,524
11,804
1,896
0
-15,533
11,641
0
0
2,488
2,861
0
0
-1,012
0
808
0
-273
2,223
0
0
-2,279
1,150
0
0
-1,069
0
0
0
-345
2,606
0
0
-3,811
1,443
14
15
16
17
5 to 10 years
Gross purchases
Gross sales
Maturity shift
Exchange
393
0
-3,495
1,500
388
0
-2,172
2,128
890
0
-2,450
2,950
0
0
97
1,000
0
0
0
0
200
0
-75
0
0
0
-383
400
0
0
0
0
0
0
-83
0
0
0
52
500
18
19
20
21
Over 10 years
Gross purchases
Gross sales
Maturity shift
Exchange
379
0
0
1,253
307
0
-601
234
383
0
-904
1,962
0
0
-97
713
0
0
0
0
277
0
0
0
0
0
-77
257
0
0
0
0
0
0
0
0
0
0
-52
332
22
23
24
All maturities
Gross purchases
Gross sales
Redemptions
16,690
6,769
1,816
19,870
8,369
3,000
22,540
3,420
2,487
368
828
600
3,159
0
0
1,484
0
0
610
2,003
2,200
801
0
0
0
897
600
0
187
800
25
26
Matched transactions
Gross sales
Gross purchases
589,312
589,647
543,804
543,173
578,591
576,908
55,656
47,310
66,827
73,634
72,293
71,754
79,313
79,608
61,017
61,331
81,799
81,143
79,087
78,842
27
28
Repurchase agreements
Gross purchases
Gross sales
79,920
78,733
130,774
130,286
105,971
108,291
0
0
4,996
4,9%
15,313
8,220
8,267
12,199
23,298
26,460
14,830
14,830
4,992
166
9,626
8,358
12,631
-9,407
9,966
11,321
-7,228
-2,047
-2,154
2,478
494
0
108
0
0
189
0
0
292
0
0
38
0
0
10
0
0
2
0
0
40
0
0
15
0
0
-I
0
0
5
13,320
13,576
18,957
18,638
8,833
9,213
0
0
609
609
1,247
820
616
744
1,819
2,117
958
958
381
12
130
130
-672
-38
-10
424
-169
-313
-1
364
36 Repurchase agreements, net
-582
1.285
-1,062
0
0
305
122
-426
0
0
37 Total net change in System Open Market
Account
9,175
9,773
10,897
-9,444
9,956
12,050
-7,275
-2,786
-2,155
2,842
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
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.
A10
1.18
DomesticNonfinancialStatistics • December 1984
FEDERAL RESERVE B A N K S
Condition and Federal Reserve Note Statements
Millions of dollars
Wednesday
1984
Account
Sept. 5
Aug. 29
End of month
1984
Sept. 12
Sept. 19
Sept. 26
July
Aug.
Sept.
Consolidated condition statement
ASSETS
1 Gold certificate account
2 Special drawing rights certificate account
3 Coin
Loans
4
To depository institutions
Other
5
Acceptances—Bought outright
Held under repurchase agreements
6
Federal agency obligations
Bought outright
7
Held under repurchase agreements
8
U.S. government securities
Bought outright
9
Bills
10
Notes
11
Bonds
Total bought outright 1
12
Held under repurchase agreements
13
14 Total U.S. government securities
0
0
0
0
0
0
0
0
8,494
0
8,494
0
8,493
0
8,493
549
8,493
26
8,499
0
8,494
369
8,493
0
63,123
63,894
22,037
149,054
0
149,054
65,187
63,894
22,037
151,118
0
151,118
68,005
63,894
22,037
153,936
0
153,936
66,401
63,894
22,037
152,332
4,298
156,630
66,949
64,494
22,037
153,480
268
153,748
64,774
63,870
22,061
150,705
0
150,705
62,425
63,894
22,037
148,356
4,827
153,183
68,487
64,494
22,037
155,018
0
155,018
15 Total loans and securities
165,714
167,112
169,838
1173,355
167,053
166,442
170,322
170,144
6,130
556
10,231
555
9,105
555
6,090
563
6,700
564
9,747
555
6,808
554
7,052
564
3,651
4,047
3,673
4,507
3,713
4,218
3,715
4,502
3,727
8,228
3,638
4,821
3,672
4,064
3,522
8,122
196,276
202,238
203,596
204,405
202,464
201,364
201,590
205,604
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
11,098
4,618
462
11,098
4,618
444
11,098
4,618
451
11,098
4,618
464
11,097
4,618
477
11,099
4,618
444
11,098
4,618
454
11,097
4,618
485
8,166
0
7,500
0
7,409
0
7,683
0
4,786
0
7,238
0
8,276
0
6,633
0
LIABILITIES
160,712
162,495
162,095
160,816
160,104
160,402
161,551
160,053
22
23
24
25
19,192
3,783
215
428
19,035
4,533
254
435
23,735
3,521
198
407
19,290
11,710
261
490
20,345
8,814
196
402
21,355
3,972
215
309
22,733
4,029
242
413
23,612
8,514
206
383
26 Total deposits
23,618
24,257
27,861
31,751
29,757
25,851
27,417
32,715
6,154
2,356
9,636
2,391
7,580
2,625
5,625
2,753
6,535
2,583
9,076
2,463
6,482
2,591
6,763
2,593
192,840
198,779
200,161
200,945
198,979
197,792
198,041
202,124
1,558
1,465
413
1,559
1,465
435
1,560
1,465
410
1,563
1,465
432
1,566
1,465
454
1,545
1,465
562
1,557
1,465
527
1,597
1,465
418
196,276
202,238
203,596
204,405
202,464
201,364
201,590
205,604
118,930
121,136
118,667
119,244
115,836
115,318
119,421
115,174
21 Federal Reserve notes
Deposits
To 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
36
LESS: Held by bank
Federal Reserve notes, net
37
Collateral held against notes net:
38
Gold certificate account
Special drawing rights certificate account
39
Other eligible assets
40
41
U.S. government and agency securities
189,348
28,636
160,712
189,209
26,714
162,495
189,455
27,360
162,095
189,866
29,050
160,816
189,991
29,887
160,104
188,428
28,026
160,402
189,217
27,666
161,551
189,882
29,829
160,053
11,098
4,618
0
144,996
11,098
4,618
0
146,779
11,098
4,618
0
146,379
11,098
4,618
0
145,100
11,097
4,618
0
144,389
11,099
4,618
0
144,685
11,098
4,618
0
145,835
11,097
4,618
0
144,338
42 Total collateral
160,712
162,495
162,095
160,816
160,104
160,402
161,551
160,053
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. Assets shown in this line are revalued monthly at market exchange rates.
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.
NOTE: Some of these data also appear in the B o a r d ' s H.4.1 (503) release. F o r
address, see inside front cover.
Federal Reserve Banks
1.19
FEDERAL RESERVE BANKS
All
Maturity Distribution of Loan and Security Holdings
Millions of dollars
Wednesday
1984
Type and maturity groupings
End of month
1984
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
July 31
Aug. 31
Sept. 28
1 Loans—Total
2
Within 15 days
3
16 days to 90 days
4
91 days to 1 year
8,166
8,109
57
0
7,500
7,295
205
0
7,409
7,262
147
0
7,683
7,651
32
0
4,786
4,736
50
0
7,238
7,135
103
0
8,276
8,111
165
0
6,633
6,546
87
0
5 Acceptances—Total
6
Within 15 days
7
16 days to 90 days
8
91 days to 1 year
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
149,054
7,293
29,081
44,519
33,985
14,808
19,368
151,118
7,901
31,308
43,773
33,960
14,808
19,368
153,936
7,489
32,723
45,588
33,960
14,808
19,368
156,630
12,499
30,279
45,716
33,960
14,808
19,368
153,748
8,223
31,434
45,955
33,960
14,808
19,368
150,705
3,013
33,317
44,702
36,329
14,256
19,088
153,183
8,544
33,105
44,040
33,318
14,808
19,368
155,018
7,125
35,452
44,305
33,960
14,808
19,368
8,494
202
523
1,754
4,304
1,312
399
8,494
121
591
1,794
4,323
1,266
399
8,493
25
724
1,736
4,343
1,266
399
9,042
709
589
1,736
4,343
1,266
399
8,519
260
490
1,794
4,310
1,266
399
8,499
85
613
1,719
4,371
1,312
399
8,863
571
523
1,754
4,304
1,312
399
8,493
234
563
1,721
4,310
1,266
399
9 U.S. government securities—Total
10
Within 15 days 1
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
16 Federal agency obligations—Total
17
Within 15 days 1
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
1. Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.
A12
1.20
DomesticNonfinancialStatistics • December 1984
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS A N D MONETARY BASE A
Billions of dollars, averages of daily figures
item
1980
Dec.
1981
Dec.
1982
Dec.
1984
1983
Dec.
Feb.
2
3
4
5
Nonborrowed reserves
Nonborrowed reserves plus extended credit 3
Required reserves
Monetary base 4
Apr.
May
June
July
Aug.
Sept.
Seasonally adjustec
A D J U S T E D FOR
1 Total reserves 2
Mar.
31.07
32.14
34.34
36.21
37.09
37.16
37.18
37.52
38.35
38.30
38.45
38.17
29.38
29.38
30.55
150.38
31.50
31.65
31.82
158.15
33.70
33.89
33.84
170.21
35.44
35.44
35.65
185.57
36.52
36.53
36.15
189.38
36.21
36.24
36.45
189.50
35.94
35.99
36.68
190.44
34.53
34.56
36.94
192.06
35.05
36.92
37.58
193.94
32.38
37.39
37.70
194.84
30.43
37.48
37.77
196.07
30.92
37.38
37.54
196.02
Not seasonally adjusted
6 Total reserves 2
7
8
9
10
Nonborrowed reserves
Nonborrowed reserves plus extended credit 3
Required reserves
Monetary base 4
40.66
41.92
41.85
38.89
36.36
36.28
37.15
36.52
37.52
37.46
37.26
38.04
30.08
30.08
31.25
153.08
32.22
32.37
32.54
161.00
34.43
34.62
34.56
173.24
36.16
36.16
36.37
188.84
36.11
36.11
35.73
186.94
35.73
35.75
35.97
188.21
36.31
36.35
37.05
190.73
33.85
33.88
36.26
191.40
34.56
36.43
37.10
194.31
31.99
37.00
37.31
195.98
29.74
36.79
37.08
196.20
30.66
37.12
37.28
196.10
N O T A D J U S T E D FOR
C H A N G E S IN R E S E R V E R E Q U I R E M E N T S 5
11 Total reserves 2
12
13
14
15
Nonborrowed reserves
Nonborrowed reserves plus extended credit 3
Required reserves
Monetary base 4
40.66
41.92
41.85
38.89
36.36
36.23
36.98
36.77
37.65
37.30
37.27
38.04
38.97
38.97
40.15
163.00
41.29
41.44
41.60
170.47
41.22
41.41
41.35
180.52
38.12
38.12
38.33
192.36
35.80
35.80
35.42
186.67
35.30
35.33
35.53
187.66
35.73
35.77
36.67
190.10
33.79
33.82
35.81
191.39
34.46
36.22
36.85
194.15
31.27
36.38
36.93
195.44
29.22
36.28
36.54
195.66
30.88
37.29
37.42
196.25
A Figures have been revised from 1959 to date.
1. Figures incorporate adjustments for discontinuities associated with the
implementation of the Monetary Control Act and other regulatory changes to
reserve requirements. To adjust for discontinuities due to changes in reserve
requirements on reservable nondeposit liabilities, the sum of such required
reserves is subtracted from the actual series. Similarly, in adjusting for discontinuities in the monetary base, required clearing balances and adjustments to
compensate for float also are subtracted from the actual series.
2. Total reserves not adjusted for discontinuities consist of reserve balances
with Federal Reserve Banks, which exclude required clearing balances and
adjustments to compensate for float, plus vault cash used to satisfy reserve
requirements. Such vault cash consists of all vault cash held during the lagged
computation period by institutions having required reserve balances at Federal
Reserve Banks plus the amount of vault cash equal to required reserves during the
maintenance period at institutions having no required reserve balances.
3. Extended credit consists of borrowing at the discount window under the
terms and conditions established for the extended credit program to help
depository institutions deal with sustained liquidity pressures. Because there is
not the same need to repay such borrowing promptly as there is with traditional
short-term adjustment credit, the money market impact of extended credit is
similar to that of nonborrowed reserves.
4. The monetary base not adjusted for discontinuities consists of total reserves
plus required clearing balances and adjustments to compensate for float at Federal
Reserve Banks and the currency component of the money stock less the amount
of vault cash holdings of thrift institutions that is included in the currency
component of the money stock plus, for institutions not having required reserve
balances, the excess of current vault cash over the amount applied to satisfy
current reserve requirements. After the introduction of contemporaneous reserve
requirements (CRR), currency and vault cash figures are measured over the
weekly computation period ending Monday.
Before CRR, all components of the monetary base other than excess reserves
are seasonally adjusted as a whole, rather than by component, and excess
reserves are added on a not seasonally adjusted basis. After C R R , the seasonally
adjusted series consists of seasonally adjusted total reserves, which include
excess reserves on a not seasonally adjusted basis, plus the seasonally adjusted
currency component of the money stock and the remaining items seasonally
adjusted as a whole.
5. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated
with implementation of the Monetary Control Act or other regulatory changes to
reserve requirements.
NOTE. Latest monthly and biweekly figures are available f r o m the Board's
H.3(502) statistical release. Historical data and estimates of the impact on
required reserves of changes in reserve requirements are available from the
Banking Section, Division of Research and Statistics, Board of G o v e r n o r s of the
Federal Reserve System, Washington, D.C. 20551.
Monetary and Credit Aggregates
1.21
A13
MONEY STOCK, LIQUID ASSETS, A N D DEBT MEASURES
Billions of dollars, averages of daily figures
1984
1980
Dec.
1981
Dec.
1982
Dec.
1983
Dec.
June
July
Aug.
Sept.
Seasonally adjusted
1 Ml
7 M2
M3
4 L
5 Debt 2
414.9
1,632.6
1,989.8
2,326.0
3,946.9
441.9
1,796.6
2,236.7
2,598.4
4,323.8
480.5
1,965.3
2,460.3
2,868.7
4,710.1
525.3
2,196.2
2,707.9'
3,176.3'
5,224.8'
546.2
2,272.0
2,836.5'
3,366.9
5,566.4
116.7
4.2
266.5
27.6
124.0
4.3
236.2
77.4
134.1
4.3
239.7
102.4
148.0
4.9
243.7
128.8
154.2
5.1
248.2'
138.6
1,217.7
357.2
1,354.6
440.2
1,484.8
495.0
1,670.9
511.8
545.6
2,281.3'
2,856.4'
3,403.2'
5,626.0
546.3
2,290.2'
2,867.4'
n.a.
5,628.0'
549.0
2,305.3
2,885.8
n.a.
n.a.
155.0
5.2
247.1
138.3
156.0
5.2
245.5
139.6
156.6
5.1
246.5
140.7
1,725.8
564.5'
1,735.8
575.1'
1,743.9'
577.2'
1,756.3
580.5
6
7
8
9
Ml components
Currency 2
Travelers checks 3
Demand deposits 4
Other checkable deposits 5
10
11
Nontransactions components
In M2 6
In M3 only 7
12
13
Savings deposits 9
Commercial Banks
Thrift institutions
185.9
215.6
159.7
186.1
164.9
197.2
134.6
178.2
128.0
177.2
127.4
176.0
126.3
174.2
125.9
173.9
14
15
Small denomination time deposits 9
Commerical Banks
Thrift institutions
287.5
443.9
349.6
477.7
382.2
474.7
353.1
440.0
365.7
463.3
371.8
473.2
377.8
483.9'
382.2
492.2
16
17
Money market mutual funds
General purpose and broker/dealer
Institution-only
61.6
15.0
150.6
36.2
185.2
48.4
138.2
40.3
148.9
42.3
150.5
42.6
150.5'
42.7
151.9
43.2
18
19
Large denomination time deposits 1 0
Commercial Banks 1 1
Thrift institutions
213.9
44.6
247.3
54.3
261.8
66.1
225.5
100.4
249.7
129.4
255.1'
134.0
255.5'
136.3
258.0
134.9
20
21
Debt components
Federal debt
Non-federal debt
742.8
3,204.1
830.1
3,493.7
991.4
3,718.7
1,173.1
4,052.1
1,260.2
4,306.3
1,276.8
4,351.2'
1,299.3'
4,394.0'
n.a.
n.a.
Not seasonally adjusted
424.8
1,635.4
1,996.1
2,332.8
3,946.9
452.3
1,798.7
2,242.7
2,605.6
4,323.8
491.9
1,967.4
2,466.6
2,876.5
4,710.1
537.8
2,198.0
2,713.9'
3,187.0'
5,218.7'
545.4'
2,273.8'
2,835.2'
3,364.6'
5,544.4'
547.3
2,286.4'
2,855.3'
3,395.3'
5,607.7'
542.4
2,287.7'
2,865.5'
n.a.
5,674.9'
546.4
2,298.9
2,880.2
n.a.
n.a.
118.8
3.9
274.7
27.4
126.1
4.1
243.6
78.5
136.4
4.1
247.3
104.1
150.5
4.6
251.6
131.2
154.9
5.4
247.0
138.1
156.3
5.8
247.5
137.7
156.5
5.7
242.9
137.3
156.5
5.4
245.4
139.1
1,210.6
360.7
1,346.3
444.1
1,475.5
499.2
1,660.2
516.1
1,739.1
568.9
1,745.3'
577.9'
1,752.5
581.3
Money market deposit accounts
Commercial banks
Thrift institutions
n.a.
n.a.
n.a.
n.a.
26.3
16.6
230.0
145.9
244.9
148.0
243.9
145.0
242.6
140.6
243.8
138.3
35
36
Savings deposits 8
Commercial Banks
Thrift institutions
183.8
214.4
157.5
184.7
162.1
195.5
132.0
176.5
129.7
178.9
128.9
178.1
126.4
174.1
124.7
172.8
37
38
Small denomination time deposits 9
Commercial Banks
Thrift institutions
286.0
442.3
347.7
475.6
380.1
472.4
351.0
437.6
365.4
463.6'
370.7
473.0
377.5
482.4'
381.5
490.2
39
40
Money market mutual funds
General purpose and broker/dealer
Institution-only
61.6
15.0
150.6
36.2
185.2
48.4
138.2
40.3
148.9
42.3
150.5
42.6
150.5'
42.7
151.9
43.2
41
42
Large denomination time deposits 1 0
Commercial Banks 1 1
Thrift institutions
218.5
44.3
252.1
54.3
266.2
66.2
229.0
100.7
247.3
128.2
251.8'
132.8'
255.8'
136.6
259.0
136.7
43
44
Debt components
Federal debt
Non-federal debt
742.8
3,204.1
830.1
3,943.7
991.4
3,718.7
1,170.2
4,048.5'
1,255.8
4,288.6
1,270.8
4,336.9'
1,295.8'
4.379.2'
22
23
24
25
26
Ml
M2
M3
L
Debt 2
27
28
29
30
Ml components
Currency 2
Travelers checks 3
Demand deposits 4
Other checkable deposits 5
31
32
Nontransactions components
M2 6
M3 only 7
33
34
For notes see bottom of next page.
1,728.3
561.4'
n.a.
n.a.
A14
DomesticNonfinancialStatistics • December 1984
N O T E S T O T A B L E 1.21
1. Composition of the money stock measures and debt is as follows:
M l : (1) currency outside the Treasury, Federal Reserve Banks, and the vaults
of commercial banks; (2) travelers 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) other checkable deposits
(OCD) consisting of negotiable order of withdrawal (NOW) and automatic transfer
service (ATS) accounts at depository institutions, credit union share draft
accounts, and demand deposits at thrift institutions. The currency and demand
deposit components exclude the estimated amount of vault cash and demand
deposits respectively held by thrift institutions to service their O C D liabilities.
M2: Ml plus overnight (and continuing contract) repurchase agreements (RPs)
issued by all commercial banks and overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks worldwide, MMDAs, savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of
less than $100,000), and balances in both taxable and tax-exempt general purpose
and broker/dealer money market mutual funds. Excludes individual retirement
accounts (IRA) and Keogh balances at depository institutions and money market
funds. Also excludes all balances held by U . S . commercial banks, money market
funds (general purpose and broker/dealer), foreign governments and commercial
banks, and the U.S. government. Also subtracted is a consolidation adjustment
that represents the estimated amount of demand deposits and vault cash held by
thrift institutions to service their time and savings deposits.
M3: M2 plus large-denomination time deposits and term RP liabilities (in
amounts of $100,000 or more) issued by commercial banks and thrift institutions,
term Eurodollars held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada, and
balances in both taxable and tax-exempt, institution-only money market mutual
funds. Excludes amounts held by depository institutions, the U.S. government,
money market funds, and foreign banks and official institutions. Also subtracted is
a consolidation adjustment that represents the estimated amount of overnight RPs
and Eurodollars held by institution-only money market mutual funds.
L: M3 plus the nonbank public holdings of U.S. savings bonds, short-term
Treasury securities, commercial paper and bankers acceptances, net of money
market mutual fund holdings of these assets.
Debt: Debt of domestic nonfinancial sectors consists of outstanding credit
market debt of the U.S. government, state and local governments, and private
nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit (including bank loans), other bank loans, commercial paper, bankers
acceptances, and other debt instruments. The source of data on domestic
nonfinancial debt is the Federal Reserve Board's flow of funds accounts. Debt
data are on an end-of-month basis.
2. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of
commercial banks Excludes the estimated amount of vault cash held by thrift
institutions to service their O C D liabilities.
3. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in
demand deposits.
4. Demand deposits at commercial banks and foreign-related institutions 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. Excludes the estimated amount of demand deposits held at
commercial banks by thrift institutions to service their O C D liabilities.
5. Consists of N O W and ATS balances at all depository institutions, credit
union share draft balances, and demand deposits at thrift institutions. Other
checkable deposits seasonally adjusted equals the difference between the seasonally adjusted sum of demand deposits plus O C D and seasonally adjusted demand
deposits. Included are all ceiling free " S u p e r N O W s , " authorized by the
Depository Institutions Deregulation committee to be offered beginning Jan. 5,
1983.
6. Sum of overnight RPs and overnight Eurodollars, money market fund
balances (general purpose and broker/dealer), M M D A s , and savings and small
time deposits, less the consolidation adjustment that represents the estimated
amount of demand deposits and vault cash held by thrift institutions to service
their time and savings deposits liabilities.
7. Sum of large time deposits, term RPs and term Eurodollars of U.S.
residents, money market fund balances (institution-only), less a consolidation
adjustment that represents the estimated amount of overnight RPs and Eurodollars held by institution-only money market funds.
8. Savings deposits exclude MMDAs.
9. Small-denomination time deposits—including retail RPs— are those issued
in amounts of less than $100,000. All individual retirement accounts (IRA) and
Keogh accounts at commercial banks and thrifts are subtracted from small time
deposits.
10. Large-denomination time deposits are those issued in amounts of $100,000
or more, excluding those booked at international banking facilities.
11. Large-denomination time deposits at commercial banks less those held by
money market mutual funds, depository institutions, and foreign banks and
official institutions.
NOTE: Latest monthly and weekly figures are available from the B o a r d ' s H.6
(508) release. 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.
Monetary and Credit Aggregates
1.22
A15
B A N K DEBITS A N D DEPOSIT TURNOVER
Debits are shown in billions of dollars, turnover as ratio of debits to deposits. Monthly data are at annual rates.
B a n k g r o u p , or t y p e of c u s t o m e r
Apr.
1
2
3
4
5
6
7
8
9
10
Demand deposits2
All insured b a n k s
M a j o r N e w Y o r k City b a n k s
Other banks
A T S - N O W accounts3
Savings d e p o s i t s 4
i1
12
13
14
15
16
Demand deposits2
All insured b a n k s
M a j o r N e w Y o r k City b a n k s
Other banks
A T S - N O W accounts3
MMDA5
Savings d e p o s i t s 4
July
Aug.
Sept.
Seasonally a d j u s t e d
DEBITS TO
Demand deposits2
All insured b a n k s
M a j o r N e w Y o r k City b a n k s
Other banks
A T S - N O W accounts3
Savings d e p o s i t s 4
May
4
80,858.7
34,108.1
46,966.5
761.0
679.6
90,914.4
37,932.8
52,981.5
1,036.2
720.3
109,642.2
47,769.4
61.873.1
1,405.5
741.4
129,229.4
57,868.3
71,361.1
1,432.1
606.5
131,456.9
60,351.3
71,105.6
1,608.9
688.8
121,488.2
53,147.7
68,340.4
1,515.8
677.9
128,299.3
55,340.6
72,958.7
1,658.9
682.4
128,141.9
57,096.5
71,045.4
1,851.9
694.5
1
n.a.
285.8
1,116.7
185.9
14.4
4.1
324.2
1,287.6
211.1
14.4
4.5
379.7
1,528.0
240.9
15.6
5.4
441.7
2,012.5
270.5
14.6
4.8
442.7
1,938.7
267.5
16.0
5.5
401.8
1,665.2
252.7
15.1
5.4
433.0
1,774.3
275.2
16.6
5.5
436.7
1,834.6
270.9
18.3
5.6
n.a.
1
T
DEPOSIT TURNOVER
1
|
1
1
N o t seasonally a d j u s t e d
D E B I T S TO
81,197.9
34,032.0
47,165.9
737.6
91,031.8
38,001.0
53,030.8
1,027.1
672.9
720.0
286.4
1,114.2
186.2
14.0
109,517.6
47,707.4
64,310.2
1,397.0
567.4
742.0
121,514.4
53,514.4
68,000.0
1,670.1
918.9
665.7
132,521.7
60,214.5
72,307.2
1,599.0
883.6
673.8
128,522.3
57,168.1
71,354.3
1,621.7
894.8
686.2
124,604.3
54,060.5
70,543.8
1,598.5
891.7
686.3
133,844.2
59,743.8
74,100.3
1,629.4
888.2
680.3
379.9
1,510.0
240.5
15.5
2.8
5.4
410.8
,770.2
256.0
16.4
3.8
5.2
456.8
,997.1
278.1
428.6
1,792.0
266.3
16.2
3.7
5.5
418.1
1,738.1
264.3
16.0
3.7
5.4
465.7
2,008.0
287.6
16.4
3.7
5.5
325.0
1,295.7
211.5
14.4
DEPOSIT TURNOVER
Demand deposits2
17
All insured b a n k s
18
M a j o r N e w Y o r k City b a n k s
19
Other banks
20 A T S - N O W a c c o u n t s 3
21 M M D A 5
22 Savings d e p o s i t s 4
4.5
1. A n n u a l a v e r a g e s of m o n t h l y figures.
2. R e p r e s e n t s a c c o u n t s of individuals, p a r t n e r s h i p s , a n d c o r p o r a t i o n s and of
states and political s u b d i v i s i o n s .
3. A c c o u n t s a u t h o r i z e d f o r n e g o t i a b l e o r d e r s of w i t h d r a w a l ( N O W ) and acc o u n t s a u t h o r i z e d f o r a u t o m a t i c t r a n s f e r to d e m a n d d e p o s i t s (ATS). A T S d a t a
availability starts with D e c e m b e r 1978.
4. E x c l u d e s A T S and N O W a c c o u n t s , M M D A and special club a c c o u n t s , such
as C h r i s t m a s and v a c a t i o n c l u b s .
5. M o n e y m a r k e t d e p o s i t a c c o u n t s .
16.1
3.6
5.3
NOTE. Historical d a t a f o r d e m a n d d e p o s i t s are available b a c k to 1970 e s t i m a t e d
in part f r o m the debits series f o r 233 S M S A s that w e r e available t h r o u g h J u n e
1977. Historical d a t a f o r A T S - N O W and savings d e p o s i t s are available b a c k to
July 1977. Back data are available on r e q u e s t f r o m the B a n k i n g S e c t i o n , Division
of R e s e a r c h and Statistics, Board of G o v e r n o r s of the F e d e r a l R e s e r v e S y s t e m ,
W a s h i n g t o n , D . C . 20551.
T h e s e data also a p p e a r on the B o a r d ' s G . 6 (406) r e l e a s e . F o r a d d r e s s , see inside
front cover.
A16
1.23
DomesticNonfinancialStatistics • December 1984
LOANS A N D SECURITIES
All Commercial Banks'
Billions of dollars; averages of Wednesday figures
1982
1983
Dec.
Dec.
1984
1982
1983
Dec.
Dec.
1984
category
June'
July'
Aug.'
Sept.
Seasonally adjusted
1 Total loans and securities 3
4
..
2 U.S. Treasury securities
3 Other securities 4
4 Total loans and leases 3 - 4
Commercial and industrial
5
loans 4
6
Real estate loans 4
7
Loans to individuals
8
Security loans
9
Loans to nonbank financial
institutions
Agricultural loans
10
11
Lease financing r e c e i v a b l e s . . .
12
All other loans
June'
July'
Aug.'
Sept.
Not seasonally adjusted
1,412.0
1,568.1
1,652.6
1,664.7
1,675.5
1,685.8
1,422.4
1,579.5
1,649.9
1,657.9
1,668.8
1,687.4
130.9
239.2
1,042.0
188.0
247.5
1,132.6
181.7
248.2
1,222.7
182.8
247.7
1,234.2
184.8
249.6
1,241.1
183.7
251.0
1,251.1
131.5
240.6
1,050.3
188.8
249.0
1,141.7
182.3
247.9
1,219.8
181.4
246.4
1,230.0
182.7
248.8
1,237.3
183.0
251.1
1,253.3
392.3
303.1
191.9
24.7
413.7
334.6
219.7
27.3
453.2
359.3
244.0
24.4
456.6
362.7
248.3
24.6
459.7
366.2
251.2
22.3
462.4
369.5
253.0
25.6
394.5
304.0
193.2
25.5
416.1
335.5
221.2
28.2
452.4
357.5
243.0
25.7
455.2
361.6
247.1
24.0
457.0
365.8
251.5
23.0
462.0
370.3
254.8
25.3
31.1
36.3
13.1
49.5
29.7
39.6
13.1
55.0
32.5
41.0
13.7
54.6
32.1
41.1
13.8
54.8
31.0
41.4
14.1
55.2
31.0
41.6
14.3
53.7
32.1
36.3
13.1
51.5
30.6
39.6
13.1
57.3
32.1
41.2
13.7
54.2
31.5
41.6
13.8
55.2
30.9
41.9
14.1
53.2
31.1
42.2
14.3
53.4
1,415.0
1,570.5
1,655.3
1,667.6
1,678.4
1,688.8
1,425.4
1,581.9
1,652.6
1,660.7
1,671.8
1,690.4
1,044.9
2.9
1,135.0
2.4
1,225.3
2.7
1,237.0
2.9
1,244.1
2.9
1,254.1
3.0
1,053.3
2.9
1,144.1
2.4
1,222.4
2.7
1,232.9
2.9
1,240.3
2.9
1,256.3
3.0
394.5
415.5
455.1
458.7
461.8
464.6
396.8
417.9
454.4
457.2
459.1
464.1
2.3
8.5
1.8
8.3
1.9
9.6
2.0
10.0
2.1
10.0
2.2
9.4
2.3
9.5
1.8
9.1
1.9
9.6
2.0
10.0
2.1
9.7
2.2
9.4
383.7
373.4
10.3
13.5
405.4
395.2
10.3
12.7
443.6
430.6
13.0
12.6
446.6
434.1
12.5
12.5
449.7
437.3
12.4
12.4
453.0
440.9
12.1
11.5
385.1
372.6
12.4
14.5
407.0
394.4
12.6
13.6
442.8
431.2
11.6
12.2
445.2
433.2
12.0
12.2
447.3
435.2
12.1
11.9
452.6
440.7
11.9
11.9
MEMO
13 Total loans and securities plus
loans sold 3 ' 4 ' 5
14 Total loans plus loans sold 3 ' 4 ' 5 . .
15 Total loans sold to a f f i l i a t e s 3 . . . .
16 Commercial and industrial loans
plus loans sold 4 5
17
Commercial and industrial
loans sold 5
18
Acceptances held
19
Other commercial and industrial loans
20
To U.S. addressees 6
21
To non-U.S. a d d r e s s e e s . . . .
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 (IBFs) reduced the levels of
several items. Seasonally adjusted data that include adjustments for the amounts
shifted from domestic offices to I B F s are available in the Board's G.7 (407)
statistical release (available f r o m Publications Services, Board of Governors of
the Federal Reserve System, Washington, D.C. 20551).
3. Excludes loans to commercial banks in the United States.
4. Beginning Sept. 19, 1984, a reclassification of loans decreased commercial
and industrial loans and increased real estate loans by $200 million. Beginning
Sept. 26, 1984, a transfer of loans from Continental Illinois National Bank to the
FDIC reduced total loans and investments and total loans $1.9 billion, commercial
and industrial loans $1.4 billion, and real estate loans $.4 billion.
5. Loans sold are those sold outright to a b a n k ' 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.
6. 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 foreignrelated 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.
These data also appear in the Board's G.7 (407) release. F o r address, see inside
front cover.
Commercial Banking Institutions
1.24
A17
MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS 1
Monthly averages, billions of dollars
1981
1982
Dec.
Dec.
1984
1983
Source
1
2
Total nondeposit funds
Seasonally adjusted 2
Federal funds, RPs, and other
borrowings from nonbanks 3
Seasonally adjusted
3
4
Not seasonally adjusted
5 Net balances due to foreign-related
institutions, not seasonally
adjusted
Loans sold to affiliates, not
seasonally adjusted 4
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
96.3
98.1
82.9
84.9
96.3
99.6
100.3
102.5
98.2
99.3
102.3
103.8
108.1
109.5
111.7
112.9
116.7
121.0
105.3
108.2
105.9
106.3
109.8
112.4
112.8
113.6
111.8
113.5
127.7
129.7
140.8
144.1
140.7
142.8
139.4
140.4
143.0
144.5
141.8
143.3
142.3
143.5
142.4
146.7
136.8
139.6
137.5
137.8'
142.7'
145.3'
145.0
145.8
-18.1
-47.7
-47.0
-42.7
-43.6
-43.2
-36.9
-33.8
-28.5
-34.1
-34.4
-35.8
-35.2
2.8
2.9
2.5
2.4
2.4
2.5
3.1
3.1
2.8
2.7
2.9
2.9
3.0
-22.4
54.9
32.4
-39.6
72.2
32.6
-43.0
76.5
33.6
-39.8
75.3
35.5
-38.8
73.2
34.5
-39.0
74.7
35.7
-34.9
73.8
38.8
-33.2
73.6
40.3
-29.9
73.5
43.6
-32.9
73.8
40.8
-33.1
71.2
38.1
-35.0
72.8
37.8
-35.1
71.4
36.3
4.3
48.1
52.4
-8.1
54.7
46.6
-4.0
53.5
49.5
-3.0
54.1
51.1
-4.8
53.4
48.6
-4.2
53.0
48.8
-1.9
50.2
48.3
-.6
49.7
49.2
1.4
50.0
51.4
-1.1
51.0
49.8
-1.3
52.2
50.9
-.8
52.0
51.1
-.1
51.9
51.9
59.0
59.2
71.0
71.2
83.3
84.6
84.8
85.1
85.5
84.6
86.9
86.5
85.5
85.1
86.9
86.2
84.0
86.4
79.0
80.0
79.9
78.4
82.7'
83.4'
84.2
83.0
12.2
11.1
12.8
10.8
12.0
7.5
13.1
10.8
16.5
19.6
20.6
22.3
16.7
17.5
15.9
16.5
12.2
12.8
12.9
12.4
11.7
11.8
12.7
10.3
16.6
17.5
325.4
330.4
347.9
354.6
280.7
283.0
283.1
288.1
284.4
287.1
283.8
285.0
289.2
288.8
292.4
288.7
302.9
298.8
312.8
307.7
315.7
311.6
313.2
314.2
312.5
315.2
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
Security RP borrowings
13
Seasonally a d j u s t e d '
14
Not seasonally adjusted
U.S. Treasury demand balances 8
15
Seasonally adjusted
16
Not seasonally adjusted
Time deposits, $100,000 or more 9
17
Seasonally adjusted
18
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 demand deposits and Treasury tax-and-loan notes at
commercial banks. Averages of daily data.
9. Averages of Wednesday figures.
NOTE. These data also appear in the Board's G. 10 (411) release. For address see
inside front cover.
A18
1.25
DomesticNonfinancialStatistics • December 1984
ASSETS A N D LIABILITIES OF COMMERCIAL B A N K I N G INSTITUTIONS
Last-Wednesday-of-Month Series
Billions of dollars except for number of banks
1982
1983
Account
Dec.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
DOMESTICALLY CHARTERED
COMMERCIAL BANKS1
1
2
3
4
5
6
Loans and securities, excluding
interbank
Loans, excluding interbank
Commercial and industrial
Other
U.S. Treasury securities
Other securities
1,370.3
1,000.7
356.7
644.0
129.0
240.5
1,392.2
1,001.7
358.0
643.7
150.6
239.9
1,403.8
1,005.1
357.9
647.2
155.5
243.3
1,411.9
1,007.5
356.7
650.8
160.9
243.5
1,435.1
1,025.6
360.1
665.6
166.0
243.5
1,437.4
1,029.1
361.1
668.0
165.1
243.3
1,457.0
1,043.4
363.0
680.4
167.5
246.1
1,466.1
1,049.7
364.0
685.7
171.2
245.2
1,483.0
1,060.3
367.0
693.3
176.8
245.9
1,502.3
1,075.5
372.8
702.7
180.4
246.4
1,525.2
1,095.1
380.8
714.4
181.4
248.7
184.4
23.0
25.4
67.6
68.4
168.9
19.9
20.5
67.1
61.5
170.1
20.4
23.9
66.1
59.6
164.5
20.3
22.4
65.6
56.3
176.9
21.3
18.8
69.7
67.1
168.7
20.7
20.6
67.1
60.3
176.9
21.0
22.5
69.0
64.4
160.0
20.8
15.4
66.7
56.9
164.0
20.5
19.7
67.1
56.6
179.0
22.3
17.6
70.9
69.0
190.5
23.3
18.6
75.6
73.0
7
8
9
TO
11
Cash assets, total
Currency and coin
Reserves with Federal Reserve Banks
Balances with depository institutions .
Cash items in process of collection . . .
12
Other assets 2
265.3
257.9
252.4
248.3
253.2
254.5
257.2
252.3
253.0
261.9
253.8
13
Total assets/total liabilities and capital . . .
1,820.0
1,818.9
1,826.3
1,824.8
1,865.2
1,860.6
1,891.0
1,878.4
1,900.0
1,943.9
1,969.5
14
15
16
17
Deposits
Demand
Savings
Time
1,361.8
363.9
296.4
701.5
1,374.2
333.4
419.2
621.6
1,368.0
329.2
426.9
611.9
1,370.8
324.5
440.2
606.1
1,402.7
344.4
445.3
613.1
1,396.5
334.2
447.5
614.8
1,420.1
344.7
449.0
626.4
1,408.1
328.1
448.8
631.2
1,419.5
331.3
451.5
636.8
1,459.2
358.1
458.3
642.8
1,482.6
371.0
460.7
650.8
18
19
20
Borrowings
Other liabilities
Residual (assets less liabilities)
215.1
109.2
133.8
211.3
103.5
130.0
224.0
102.3
132.0
214.1
104.7
135.1
221.2
104.3
137.0
217.5
105.5
141.0
217.2
107.6
146.1
217.8
107.1
145.4
226.8
106.5
147.2
219.7
112.6
152.4
216.3
117.9
152.8
10.7
14,787
9.6
14,819
17.8
14,823
2.7
14,817
19.3
14,826
19.3
114,785
14.8
14,795
20.8
14,804
22.5
14,800
2.8
14,799
8.8
14,796
1,429.7
1,054.8
395.3
659.5
132.8
242.1
1,451.3
1,054.5
395.9
658.6
155.3
241.5
1,460.8
1.055.7
393.5
662.2
160.2
244.9
1,467.6
1,056.4
391.7
664.7
166.1
245.2
1,491.5
1,075.2
395.3
679.9
171.3
245.1
1,494.1
1,078.8
397.7
681.2
170.3
245.0
1,515.4
1,094.9
400.6
694.3
172.7
247.8
1,525.4
1,102.5
402.7
699.8
176.1
246.9
1,541.8
1,112.2
405.3
706.8
182.0
247.7
1,563.2
1,129.2
412.0
717.2
185.9
248.1
1,586.8
1,149.3
420.1
729.2
186.9
250.6
200.7
23.0
26.8
81.4
69.4
185.5
19.9
22.0
81.0
62.6
186.3
20.4
25.4
79.8
60.7
180.3
20.3
23.8
78.9
57.3
193.5
21.3
20.0
84.0
68.2
185.2
20.7
21.9
81.2
61.4
193.3
21.1
24.0
82.8
65.4
174.7
20.9
16.6
79.3
58.0
178.4
20.5
20.8
79.5
57.6
195.0
22.3
19.1
83.6
70.0
205.0
23.4
19.7
88.0
74.0
MEMO
21
22
U.S. Treasury note balances included in
borrowing
Number of banks
A L L COMMERCIAL BANKING
INSTITUTIONS5
24
25
26
27
28
Loans and securities, excluding
interbank
Loans, excluding interbank
Commercial and industrial
Other
U.S. Treasury securities
Other securities
29
30
31
32
33
Cash assets, total
Currency and coin
Reserves with Federal Reserve Banks
Balances with depository institutions .
Cash items in process of collection . . .
34
Other assets 2
341.7
325.4
317.8
309.5
318.1
318.7
324.6
320.9
318.8
329.7
321.3
35
Total assets/total liabilities and capital . . .
1,972.1
1,962.2
1,964.9
1,957.4
2,003.2
1,998.0
2,033.3
2,021.0
2,039.1
2,088.0
2,113.1
36
37
38
39
Deposits
Demand
Savings
Time
1,409.7
376.2
296.7
736.7
1,419.5
345.7
419.7
654.1
1,411.0
341.1
427.3
642.6
1,413.1
336.4
440.7
636.0
1,443.8
356.4
445.7
641.6
1,438.1
346.4
448.0
643.8
1,461.4
356.6
449.5
655.3
1,448.9
340.0
449.3
659.5
1,459.0
343.2
452.0
663.8
1,499.4
369.9
458.8
670.6
1,524.8
383.2
461.3
680.4
40
41
42
Borrowings
Other liabilities
Residual (assets less liabilities)
278.3
148.4
135.7
269.9
141.1
131.9
281.3
138.6
133.9
269.5
137.9
137.0
278.2
142.3
138.9
277.9
139.1
142.9
280.5
143.4
148.0
282.6
142.3
147.3
289.6
141.5
149.1
282.5
151.9
154.2
275.1
158.6
154.7
10.7
15,329
9.6
15,376
17.8
15,390
2.7
15,385
19.3
15,396
19.3
15,359
14.8
15,370
20.8
15,382
22.5
15,383
2.8
15,382
8.8
15,380
23
MEMO
43
44
U.S. Treasury note balances included in
borrowing
N u m b e r 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.
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 estimates made on the last Wednesday of the
month based on a weekly reporting sample of foreign-related institutions and
quarter-end condition report data.
Weekly Reporting Commercial Banks
1.26
A19
ALL LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $1.4 Billion or More on
December 31, 1982, Assets and Liabilities
Millions of dollars, Wednesday figures
1984
Account
Aug. 22
1 Cash and balances due from depository
institutions
2 Total loans, leases and securities, net
Securities
3 U.S. Treasury and government agency
4
Trading account
5
Investment account, by maturity
6
One year or less
7
Over one through five years
8
Over five years
9 Other securities
10
Trading account
11
Investment account
12
States and political subdivisions, by maturity
13
One year or less
14
Over one year
15
Other bonds, corporate stocks, and securities
16 Other trading account assets
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Loans and leases
Federal funds sold 1
To commercial banks
To nonbank brokers and dealers in securities
To others
Other loans and leases, gross 2
Other loans, gross 2
Commercial and industrial 2
Bankers acceptances and commercial paper
All other
U.S. addressees
Non-U.S. addressees
Real estate loans 2
To individuals for personal expenditures
To depository and financial institutions
Commercial banks in the United States
Banks in foreign countries
Nonbank depository and other financial institutions .
For purchasing and carrying securities
To finance agricultural production
To states and political subdivisions
To foreign governments and official institutions . . . .
All other
Lease financing receivables
LESS: Unearned income
Loan and lease reserve 2
Other loans and leases, net 2
All other assets
44 Total assets
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
Deposits
Demand deposits
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Depository institutions in United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Transaction balances other than demand deposits
(ATS, N O W , Super N O W , telephone t r a n s f e r s ) . .
Nontransaction balances
Individuals, partnerships and corporations
States and political subdivisions
U.S. government
Depository institutions 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 note and debentures
65 Total liabilities
66 Residual (total assets minus total liabilities) 4
Aug. 29
Sept. 12
Sept. 19
Sept. 26'
Oct. 3
Oct. 10
Oct. 17
82,438
81,090
93,437
93,142'
85,682
83,870
89,629
93,025
88,155
765,327
767,771
779,288
780,814
780,956
779,441
779,901
786,892
779,448
75,847
12,440
63,408
16,731''
34,582'
12,095
47,918
5,318
42,600
38,912
4,470
34,443
3,688
2,759
75,036
11.612
63,423
16,732'
34,527'
12,164
48,090
5,438
42,652
38,971
4,454
34.517
3,681
2,902
76,733
13,281
63,452
17,492
33,784
12,176
47,834
5,065
42,768
38,995
4,440
34,555
3,773
3.457
76,794
13,340
63,454
17.476'
33,864'
12,114
48,096
5,159
42,937
39,144
4,503
34,641
3.793
2,859
76,183
12,961
63.222
17,181'
33,765'
12,277
48,367
5,274
43,093
39,300
4,586
34,714
3,793
2,910
75.318
12,031
63,287
17.283
33,788
12,216
49,083
5,872
43,211
39,368
4,686
34,682
3,843
3,027
74,037
11,148
62,889
18,308
32.421
12,160
47,745
4.714
43,031
39,123
4,642
34,482
3,907
2,811
75,373
12,499
62,874
18,349
32,397
12,128
47,344
4,155
43,190
39,226
4,599
34,628
3,963
2.500
75,903
12,663
63,239
18,548
32,678
12,013
47,555
4,388
43,167
39,213
4,497
34,715
3,954
2,862
42,631
30,240
7,474
4,916
611,662
599,592'
242,930'
3,848
239,082'
232,648'
6,434'
153,081'
102,265'
40,066'
8,578
6,359
25,129'
11,398
7,531
25,730
4,062'
12,527'
12,070'
5,158
10,333
596,171
138,556
44,774
32,848
7,157
4,769
612,512
600,386'
242,082'
3,511
238,571'
232,113'
6,458
153,226'
103,003'
40,331'
8,743
6.105
25,483'
11,485
7,532
25,815
4,190'
12,720''
12,126'
5,178
10,365
596.969
138,030
48,546
34,578
9,090
4,878
618,352
606,206
243,992
3,724
240,268
233,725
6,543
153,366
103,281
41.260
9,195
6,571
25,494
13,295
7,520
25,703
4,157
13,632
12,146
5,147
10,486
602,718
140,957
49.803
34,922
9,182
5,698
618,970
606,774'
244,381'
3,431
240,950'
234,477'
6,474
154,203'
103,692'
41,509'
9,640
6,186
25,683'
12,497
7,503
25,591
4,212'
13,186'
12,196'
5,167
10,540
603,262
140,273'
47,820
34,196
8,588
5,036
621,412
609,202
246,053'
3,472
242,581'
236,129'
6.452
154.713'
104,287'
40,265'
8,848
5,971
25,446'
12,921
7,480
25,693
4,344'
13,444'
12,210
5,191
10,544
605,676
139,598
47,733
34,595
8,912
4,226
619,505
607,290
244,030
3,224
240,806
234.283
6,523
154,842
104,736
39,874
9,393
5,969
24,513
13,321
7,427
25,874
4,465
12,721
12,214
5,161
10,064
604,280
138,328
47,463
34,539
8,664
4,260
623,200
610,925
246,290
3,616
242,674
236,018
6,655
154,983
105,126
39,843
8,808
6,100
24,935
13,354
7,445
25,499
4,343
14,042
12,274
5,126
10,228
607,845
139,388
52,620
37,759
10,107
4,755
624,430
612,175
246,476
3,480
242,996
236,391
6,604
155,402
105,205
39,813
9,222
5,931
24,660
14,546
7,408
25,462
4,440
13,421
12,255
5,130
10,246
609,053
138,096
45,826
32,008
9,175
4,642
622,741
610,459
245,490
3,615
241,875
235,323
6,552
156,032
105,738
39,791
9,189
6,093
24,509
12,842
7,326
25,532
4,377
13,329
12,281
5.148
10,291
607,302
134,644
986,321
986,891
1,013,682
1,014,229'
1,006,237
1,001,639
1,008,918
171,056'
131,064
4,445'
2,089
19,886
5,585
998
6,988
172,388'
131,679
4,360'
2,151
19,166
6,099
782
8,150
191,026
144,041
4,962
1,393
25,025
6,262
913
8,430
185,166'
142,494'
4,218'
2,393
21,727'
5,866
868
7,599
179,456
135,135
4,822
4,119
20,352
5,847
963
8,218
176,251
132,639
4,490
2,253
21,201
5,664
1,016
8,988
185,925
139,054
4,855
3,942
22,537
6,278
752
8,506
192,072
145,127
4,571
1,465
25,507
6,238
859
8,305
179,306
137,505
4,964
1,138
20,924
5,828
803
8,142
32,574'
436,046
403,528'
20,955'
310'
7,810'
3,444
183,221
6,992
5,416
170,814
96,126
32,242'
436,066
403,369'
21,159'
327'
7.779'
3,432
185,222
7,260
4,677
173,285
93,805
34,599
436,549
404,168
20,976
336
7,463
3,606
190,717
6,900
3,320
180,497
92,969
33,847'
437,168'
404,528'
21,184'
332'
7,569'
3,556
195,897
6,890
6,142'
182,865'
94,374'
32,832
436,966
404,146'
21,398'
331
7,569'
3,522
195,335
6,990
14,446
173,900
94,047
31,800
439,731
405,950
21,584
332
8,358
3,507
192,758
4,000
16,569
172,190
92,286
33,857
440,679
407,433
21,269
338
8,326
3,312
188,381
5,110
7,973
175,298
90,696
33,703
441,544
407,911
21,647
356
8,421
3,209
189,938
5,275
2,925
181,738
90,883
33,052
442,469
408,458
21,715
371
8,671
3,254
184,495
5,893
2,440
176,162
93,172
919,024
919,723
945,862
946,453'
938,637
932,827
939,538
948,140
932,494
67,298
67.168
67,820
67,776
67,600
68,812
69,380
69,873
69,752
1. Includes securities purchased under agreements to resell.
2. Levels of major loan items were affected by the Sept. 26, 1984 transaction
between Continental Illinois National Bank and the Federal Deposit Insurance
Corporation. For details see the H.4.2 statistical release dated Oct. 5, 1984.
3. Includes federal funds purchased and securities sold under agreements to
repurchase ; for information on these liabilities at banks with assets of $ 1 billion or
more on Dec. 31, 1977, see table 1.13.
Sept. 5'
1,018,013 1,002,246
4. This is not a measure of equity capital for use in capital adequacy analysis or
for other analytic uses.
NOTE. These data also appear in the Board's H.4.2 (504) release. For address,
see inside front cover.
A20
1.28
DomesticNonfinancialStatistics • December 1984
L A R G E W E E K L Y R E P O R T I N G C O M M E R C I A L B A N K S I N N E W Y O R K C I T Y A s s e t s and Liabilities
Millions of dollars, Wednesday figures
1984
Account
Aug. 22
1 Cash and balances due f r o m depository institutions
2 Total loans, leases and securities, net 1
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Oct. 3
Oct. 10
Oct. 17
19,834
20,925
20,292
22,380
21,670
20,334
22,121
21,562
22,345
159,552
159,983
164,473
165,493
165,256
164,874'
165,072
168,071
164,272
9,639
1,734
6,749
1,157
9,538
1,733
6,648
1,157
9,604
1,794
6,558
1,252
9,468
1,674
6,542
1,252
9,549
1,671
6,531
1,346
9,598
1,667
6,580
1,351
9,547
1,592
6,608
1,348
9,608
1,593
6,671
1,344
9,584
1,611
6,706
1,268
9,380
8,710
1,342
7,368
670
9,429
8,762
1,366
7,396
667
9,520
8,824
1,371
7,454
696
9,563
8,865
1,398
7,467
698
9,650
8,948
1,465
7,483
701
9,685
8,970
1,485
7,485
715
9,679
8,937
1,455
7,482
741
9,712
8,954
1,470
7,484
758
9,642
8,856
1,342
7,514
786
11,640
6,440
2,652
2,548
133,469
131,292
64,059
909
63,150
62,161
990
22,430
14,910
12,338
1,556
2,372
8,410
5,338
334
8,180
46 (K
3,242'
2,177
1,497
3,079
128,893
67,380
12,683
7,372
2,585
2,725
132,935
130,758
63,722
700
63,022
62,027
995
22,521
15,027
11,967
1,489
2,037
8,440
5,056
338
8,160
572 r
3,395'
2,178
1,501
3,102
128,333
67,264
13,282
7,098
3,589
2,595
136,736
134,552
64,705
809
63,896
62,898
998
22,579
15,040
12,684
1,677
2,473
8,534
6,871
334
8,146
492'
3,701'
2,184
1,498
3,171
132,067
70,206
14,501
7,750
3,688
3,063
136,652
134,471
65,042
665
64,378
63,407
971
23,031
15,116
12,700
1,950
2,148
8,601
6,115
343
8,081
522'
3,521'
2,181
1,507
3,184
131,961
68,621
14,186
7,798
3,605
2,783
136,598
134,416
65,374
637
64,737
63,757
980
23,017
15,198
12,003
1,593
1,987
8,422
6,242
342
8,097
635'
3,508'
2,182
1,546
3,180
131,872
67,787
14,966
8,811
3,701
2,453
135,260'
133,069'
64,118
511
63,608
62,644
964
23,188
15,215
11,909'
1,912'
2,063'
7,935
6,365
342
8,150
776'
3,005'
2,191
1,506
3,128
130,626'
67,624
14,202
8,094
3,869
2,239
136,248
134,055
64,942
590
64,352
63,320
1,032
23,125
15,238
11,746
1,487
2,167
8,092
6,323
357
7,963
734
3,627
2,193
1,484
3,120
131,644
67,013
16,451
9,311
4,596
2,544
136,924
134,744
65,097
550
64,546
63,506
1,040
23,143
15,271
11,703
1,486
2,174
8,043
7,226
356
7,860
876
3,212
2,180
1,480
3,144
132,300
67,305
15,075
8,313
3,980
2,782
134,606
132,424
64,115
622
63,493
62,512
982
23,242
15,313
11,734
1,521
2,187
8,026
5,691
379
7,843
849
3,258
2,182
1,485
3,151
129,970
65,691
246,766
248,172
254,972
256,494
254,712
252,832'
254,206
256,938
252,308
42,622
28,939
534
403
4,742
4,226
790
2,988
45,079
30,286
512
460
4,384
4,783
573
4,082
47,497
31,669
553
211
5,717
4,874
678
3,795
46,484
31,494'
575
539
5,112'
4,548
635
3,580
46,684
31,099
620
785
4,805
4,571
743
4,060
46,136'
29,686'
658
452
5,406'
4,328'
744'
4,863
46,223
30,549
838
850
4,706
4,910
511
3,859
48,347
32,240
725
225
5,984
4,790
649
3,735
45,496
30,990
657
135
4,862
4,471
586
3,794
3,491
80,729
72,190
3,959
35
2,662
1,882
58,338
3,453
80,576
72,039
4,026
35
2,603
1,873
59,040
3,685
80,963
72,395
4.011
25
2,564
1,968
61,991
3,632
81,259
72,780
4,050
25
2,434
1,969
64,048
3,565
81,400
72,885
4,107
25
2,419
1,965
61,963
3,418
81,428
72,875
4,139
24
2,418
1,972
61,362
3,599
81,560
73,227
4,258
23
2,264
1,788
61,935
3,626
81,038
72,696
4,325
27
2,224
1,765
62,752
3,513
81,480
72,944
4,371
29
2,325
1,811
59,033
1,239
57,100
39,210
1,024
58,017
37,711
723
61,268
38,372
1,304
62,744
38,590
3,677
58,285
38,768
4,084
57,278
38,162'
1,816
60,118
38,287
582
62,171
38,444
484
58,548
40,092
224,390
225,860
232,509
234,013
232,380
230,506'
231,604
234,206
229,613
22,376
22,312
22,463
22,481
22,333
22,326
22,602
22,732
22,695
Securities
3
4
5
6
7
8
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
41
42
43
Investment
One year
Over one
Over five
account, by maturity
or less
through five years
years
Investment account
States and political subdivisions, by maturity
One year or less
Over one year
Other bonds, corporate stocks and securities
Loans and leases
Federal funds sold 3
To commercial banks
To nonbank brokers and dealers in securities
To others
Other loans and leases, gross
Other loans, gross
Commercial and industrial
Bankers acceptances and commercial paper
All other
U.S. addressees
Non-U.S. addressees
Real estate loans
To individuals for personal expenditures
To depository and financial institutions
Commercial banks in the United States
Banks in foreign countries
Nonbank depository and other financial institutions .
For purchasing and carrying securities
To finance agricultural production
To states and political subdivisions
To foreign governments and official institutions . . . .
All other
Lease financing receivables
LESS: Unearned income
Loan and lease reserve
Other loans and leases, net
All other assets 4
44 Total assets
4!5
46
47
48
49
50
51
52
53
Deposits
Demand deposits
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Depository institutions in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Transaction balances other than demand deposits
ATS, N O W , Super N O W , telephone transfers) . .
Nontransaction balances
Individuals, partnerships and corporations
States and political subdivisions
U.S. government
Depository institutions in the United States
Foreign governments, official institutions and banks . .
Liabilities for borrowed money
54
55
56
57
58
59
60
61
62
Treasury tax-and-loan notes
All other liabilities for borrowed money 5
63
64 Other liabilities and subordinated note and d e b e n t u r e s . .
65 Total liabilities
66 Residual (total assets minus total liabilities) 6
1. Excludes trading account securities.
2. Not available due to confidentiality.
3. Includes securities purchased under agreements to resell.
4. Includes trading account securities.
5. Includes federal funds purchased and securities sold under agreements to
repurchase.
6. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.
NOTE. These data also appear in the Board's H.4.2 (504) release. For address,
see inside front cover.
Weekly Reporting Commercial Banks A19
1.29
LARGE WEEKLY REPORTING COMMERCIAL BANKS
Balance Sheet Memoranda
Millions of dollars, Wednesday figures
1984
Account
Aug. 2 2
Aug. 2 9
Sept. 5
Sept. 12
Sept. 19
Sept. 26'
Oct. 3
Oct. 10
Oct. 17
B A N K S W I T H A S S E T S O F $ 1 . 4 B I L L I O N OR M O R E
1
2
3
4
5
6
7
Total loans and leases (gross) and investments adjusted 1
Total loans and leases (gross) adjusted 1 - 2
Time deposits in amounts of $100,000 or more
Loans sold outright to affiliates—total 3
Commercial and industrial
Other
Nontransaction savings deposits (including M M D A s ) . . .
741,998
615,474
157,783'
2,945
2,102
842
151,434
741,724
615,695
157,948'
3,015
2,150
864
151,176
751,149'
623,125'
156,474'
3,024
2,153
871
152,234
751,960
624,211
156,926'
2,996
2,139
857
152,157
753,648
626,188
157,098
3,042
2,179
863
151,442
750,679
623,250
159,700
2,972
2,148
824
151,689
751,909
627,316
159,180
2,992
2,160
832
152,686
755,288
630,070
159,416
2,961
2,105
855
153,434
753,690
627,370
160,065
2,982
2,128
853
154,090
156,132
137,112
35,146
155,724
136,756
35,094
160,367
141,242
35,020
160,484
141,453
35,106
160,590
141,392
35,313
158,785
139,502
34,924
160,096
140,870
34,868
161,898
142,578
34,319
159,074
139,847
34,416
B A N K S IN N E W Y O R K C I T Y
8 Total loans and leases (gross) and investments adjusted 1 - 4 . .
9 Total loans and leases (gross) adjusted 1
10 Time deposits in amounts of $100,000 or more
1. Exclusive of loans and federal funds transactions with domestic commercial
banks.
2. Levels of major loan items were affected by the Sept. 26, 1984 transaction
between Continental Illinois National Bank and the Federal Deposit Insurance
Corporation. For details see the H.4.2 statistical release dated Oct. 5, 1984.
3. Loans sold are those sold outright to a b a n k ' 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
1.30
DomesticNonfinancialStatistics • December 1984
LARGE WEEKLY REPORTING U.S. BRANCHES A N D AGENCIES OF FOREIGN BANKS WITH ASSETS OF
$750 MILLION OR MORE ON JUNE 30, 1980 Assets and Liabilities
Millions of dollars, Wednesday figures
1984
Account
Aug. 2 2
38
39
40
41
Cash and due from depository institutions.
Total loans and securities
U.S. Treasury and govt, agency securities
Other securities
Federal funds sold 1
To commercial banks in the United States
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 the United States .
Banks in foreign countries
Nonbank financial institutions
To foreign govts, and official institutions..
For purchasing and carrying securities . .
All other
Other assets (claims on nonrelated parties)..
Net due from related institutions
Total assets
Deposits or credit balances due to other
than directly related i n s t i t u t i o n s . . . .
Credit balances
Demand deposits
Individuals, partnerships, and
corporations
Other
Time and savings deposits
Individuals, partnerships, and
corporations
Other
Borrowings from other than directly
related institutions
Federal funds purchased 2
From commercial banks in the
United States
From others
Other liabilities for borrowed m o n e y . . . .
To commercial banks in the
United States
To others
Other liabilities to nonrelated parties
Net due to related institutions
Total liabilities
42
43
Total loans (gross) and securities adjusted 3
Total loans (gross) adjusted 3
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
Aug. 2 9
Sept. 5
Sept. 12
Sept. 19
Sept. 26'
Oct. 3
Oct. 10
Oct. 17
6,165
46,539
4,300
1,048
3,985
3,840
145
37,206
20,350
6,327
48,313
4,292
1,083
5,680
5,457
223
37,258
20,702
6,347
45,718
4,335
1,156
2,299
2,047
252
37,928
21,103
6,728
47,228
4,408
1,147
3,484
3,192
292
38,189
21,141
6,280
45,417
4,330
1,050
2,262
2,036
225
37,775
21,041
6,670
46,654
4,281
1,258
3,358
2,999
359
37,758
21,080
6,082
46,206
4,141
1,257
2,780
2,399
381
38,028
21,464
6,854
46,448
4,229
1,269
2,938
2,642
296
38,011
21,362
5,984
46,862
4,080
1,279
3,436
3,126
310
38,067
21,332
3,271
17,079
15,317
1,762
13,670
11,361
1,603
707
752
589
1,845
16,892
10,518
80,113
3,417
17,285
15,404
1,881
13,260'
11,066
1,488'
705
752'
655
1,889
17,136
10,298
82,075
3,498
17,606
15,762
1,843
13,274
10,814
1,530
930
732
899
1,920
17,273
11,068
80,406
3,590
17,550
15,895
1,656
13,668
11,165
1,531
971
720
806
1,854
18,329
10,665
82,950
3,354
17,687
16,138
1,550
13,111
10,644
1,584
882
725
1,067
1,830
18,702
11,074
81,473
3,264
17,816
16,190
1,625
13,227
10,673
1,602
951
721
857
1,872
18,725
10,667
82,717
3,213
18,251
16,642
1,608
13,018
10,536
1,523
959
699
934
1,913
18,530
10,336
81,154
3,178
18,184
16,532
1,651
13,169
10,584
1,541
1,044
709
791
1,979
18,647
10,791
82,740
3,019
18,313
16,679
1,634
12,934
10,409
1,504
1,022
716
1,103
1,981
18,800
9,717
81,362
21,010'
113
1,564
21,089'
132
1,707
20,829'
123
1,833'
21,040
117
2,054
21,103
119
1,742
21,462
123
1,769
21,320
128
1,616
21,378
164
1,964
21,131
126
1,632
808
757
19,332'
811
897
19,250"
808'
1,024
18,873'
900
1,154
18,868
859
883
19,242
834
935
19,570
833
783
19,577
878
1,086
19,250
880
752
19,373
15,826
3,506'
15,713
3,537'
15,400
3,473'
15,434
3,435
15,752
3,490
16,100
3,470
15,998
3,579
15,831
3,419
15,999
3,374
33,764'
9,342
35,050'
10,371
33,844'
9,588
34,089
9,955
34,150
10,067
34,290
10,418
33,407
9,856
34,680
11,198
33,286
10,148
6,344
2,998
24,422'
7,233
3,137'
24,680'
6,888
2,700
24,256'
7,208
2,747
24,134
7,668
2,398
24,084
7,697
2,720
23,872
7,487
2,369
23,551
8,760
2,438
23,481
7,103
3,045
23,138
20,072
4,350
17,522
7,817
80,113
20,292
4,388'
18,024
7,911
82,075
19,783
4,473'
18,042
7,691
80,406
20,278
3,856
19,145
8,675
82,950
20,302
3,782
19,470
6,750
81,473
20,122
3,750
19,433
7,532
82,717
20,028
3,522
19,196
7,231
81,154
19,884
3,597
19,440
7,242
82,740
19,598
3,540
19,368
7,577
81,362
31,338
25,990
31,790
26,415
32,857
25,366
32,871
27,316
32,736
27,355
32,981
27,443
33,271
27,873
33,221
27,723
33,327
27,968
MEMO
1. Includes securities purchased under agreements to resell.
2. Includes securities sold under agreements to repurchase.
3. Exclusive of loans to and federal f u n d s sold to commercial banks in the
United States.
NOTE. Data from tables 1.29 and 1.30 also appear in the Board's H.4.2 (504)
release. For address, see inside front cover.
Weekly Reporting Commercial Banks A19
1.31
GROSS DEMAND DEPOSITS Individuals, Partnerships, and Corporations'
Billions of dollars, estimated daily-average balances
Commercial banks
Type of holder
19792
Dec.
1981
Dec.
1982
Dec.
Mar.
1 All holders—Individuals, partnerships, and
corporations
302.3
2
3
4
5
6
27.1
157.7
99.2
3.1
15.1
Financial business
Nonfinancial business
Consumer
Foreign
Other
1984
1983
1980
Dec.
Sept.
June
Dec.
Mar.
June
315.5
288.9
291.8
272.0
281.9
280.3
293.5
279.3
285.8
29.8
162.8
102.4
3.3
17.2
28.0
154.8
86.6
2.8
16.7
35.4
150.5
85.9
3.0
17.0
32.7
139.9
79.4
3.1
16.9
34.6
146.9
80.3
3.0
17.2
32.1
150.2
77.9
2.9
17.1
32.8
161.1
78.5
3.3
17.8
31.7
150.3
78.1
3.3
15.9
31.7
154.9
78.2
3.4
17.4
Weekly reporting banks
1979'
Dec.
1980
Dec.
1983
1981
Dec.
Mar.
7 All holders—Individuals, partnerships, and
corporations
8
9
10
11
12
Financial business
Nonfinancial business
Consumer
Foreign
Other
June
Sept.
Dec. 4
Mar.
June
139.2
147.4
137.5
144.2
133.0
139.6
136.3
146.2
139.2
145.3
20.1
74.1
34.3
3.0
7.8
21.8
78.3
35.6
3.1
8.6
21.0
75.2
30.4
2.8
8.0
26.7
74.3
31.9
2.9
8.4
24.3
68.9
28.7
3.0
8.1
26.1
72.8
28.5
2.8
9.3
23.6
72.9
28.1
2.8
8.9
24.2
79.8
29.7
3.1
9.3
23.4
76.4
28.4
3.2
7.7
23.6
79.7
29.9
3.2
8.9
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. T o 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. 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
1984
1982
Dec.
exceeding $750 million as of Dec. 31, 1977. 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.
4. In January 1984 the weekly reporting panel was revised; it now includes 168
banks. Beginning with March 1984, estimates are constructed on the basis of 92
sample banks and are not comparable with earlier data. Estimates in billions of
dollars for December 1983 based on the newly weekly reporting panel are:
financial business, 24.4; nonfinancial business, 80.9; consumer, 30.1; foreign, 3.1;
other, 9.5.
A24
1.32
DomesticNonfinancialStatistics • December 1984
COMMERCIAL PAPER A N D BANKERS DOLLAR ACCEPTANCES OUTSTANDING
Millions of dollars, end of period
19843
1979'
Dec.
Instrument
1980
Dec.
1981
Dec.
1982
Dec. 2
1983
Dec.
Apr.
May
June
July
Aug.
Sept.
Commercial paper (seasonally adjusted unless noted otherwise)
1 A11 issuers
2
3
4
5
6
112,803
Financial companies 4
Dealer-placed
paper5
Total
Bank-related (not seasonally
adjusted)
Directly placed paper6
Total
Bank-related (not seasonally
adjusted)
Nonfinancial companies 7
124,374
165,829
166,670
188,057
210,865
214,431'
218,898'
221,431'
222,448'
226,474
17,359
19,599
30,333
34,634
44,943
48,277
50,355'
51,101'
51,157'
52,695
54,283
2,784
3,561
6,045
2,516
2,441
1,865
1,696
1,944
1,799
2,010
64,757
67,854
81,660
84,130
96,548
109,376
110,791
17,598
30,687
22,382
36,921
26,914
53,836
32,034
47,906
35,566
46,566
41,881
53,212
46,338
53,285'
1,959
109,026'
109,076'
108,109'
107,206
43,960
58,771
45,090
61,198'
43,665
61,644
41,066
64,985
Bankers dollar acceptances (not seasonally adjusted)
7 Total
45,321
11
12
13
69,226
79,543
78,309
78,457
79,530
82,067
80,957
79,779
77,928
10,564
8,963
1,601
10,857
9,743
1,115
10,910
9,471
1,439
9,355
8,125
1,230
11,160
9,028
2,131
9,927
8,422
1,504
10,877
9,354
1,523
10,708
8,854
1,853
10,743
8,823
1,920
11,065
8,729
2,336
704
1,382
33,370
776
1,791
41,614
195
1,442
56,731
1,480
949
66,204
418
729
68,225
305'
834
68,924
426
679
68,924
0
697
70,493
0
611
69,639
0
632
68,404
0
686
66,177
10,270
9,640
25,411
Basis
14 Imports into United States
15 Exports from United States
16 All other
8
9
10
54,744
9,865
8,327
1,538
Holder
Accepting banks
Own bills
Bills bought
Federal Reserve Banks
Own account
Foreign correspondents
Others
11,776
12,712
30,257
14,765
15,400
39,060
17,683
16,328
45,531
15,649
16,880
45,781
16,579
17,025'
44,853'
16,687
15,938
46,906
17,301
16,421
48,345
17,947
15,485
47,525
17,647
15,871
46,260
17,196
15,985
44,747
1. A change in reporting instructions results in offsetting shifts in the dealerplaced and directly placed financial company paper in October 1979.
2. Effective Dec. 1, 1982, there was a break in the commercial paper series. The
key changes in the content of the data involved additions to the reporting panel,
the exclusion of broker or dealer placed borrowings under any master note
agreements from the reported data, and the reclassification of a large portion of
bank-related paper from dealer-placed to directly placed.
3. Correction of a previous misclassification of paper by a reporter has created
a break in the series beginning December 1983. The correction adds some paper to
nonfinancial and to dealer-placed financial paper.
1.33
4. 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.
5. Includes all financial company paper sold by dealers in the open market.
6. As reported by financial companies that place their paper directly with
investors.
7. Includes public utilities and firms engaged primarily in such activities as
communications, construction, manufacturing, mining, wholesale and retail trade,
transportation, and services.
PRIME RATE CHARGED BY BANKS on Short-Term Business Loans
Percent per annum
Effective Date
16.00
15.75
16.50
17.00
16.50
16.00
15.50
15.00
14.50
14.00
13.50
13.00
12.00
Average
rate
1982-—Nov.22 . .
1983-- J a n . 1 1 . .
Feb. 2 8 . .
Aug. 8 . .
11.00
10.50
11.00
1984-- M a r . 1 9 . .
Apr. 5 . .
May 8 . .
June 2 5 . .
Sept.27..
Oct. 1 7 . .
29..
11.50
12.00
12.50
13.00
12.75
12.50
12.00
NOTE. These data also appear in the B o a r d ' s H.15 (519) release. For address,
see inside front cover.
1982—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
Oct.
Nov.
Dec.
15.75
16.56
16.50
16.50
16.50
16.50
16.26
14.39
13.50
12.52
11.85
11.50
1983—Jan.
Feb.
Mar.
Apr.
May.
11.16
10.98
10.50
10.50
10.50
Month
1983—June
July
Aug
Sept
Oct
Nov
Dec
1984—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Financial Markets
1.34
A25
TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 6-10, 1984
Size of loan (in thousands of dollars)
Item
All
sizes
1-24
50-99
25-49
100-499
1 ,UUU
1 (W)
500-999
SHORT-TERM COMMERCIAL AND INDUSTRIAL LOANS
1
2
3
4
5
6
7
8
9
10
11
12
13
Amount of loans (thousands of dollars)
N u m b e r of loans
Weighted-average maturity (months)
With fixed rates
With floating rates
Weighted-average interest rate (percent per annum) . .
Interquartile range 1
With fixed rates
With floating rates
Percentage of amount of loans
With floating rate
Made under commitment
With no stated maturity
With one-day maturity
36,985,734
171,018
1.2
.9
1.8
13.29
12.72-13.47
13.18
13.46
951,772
119,869
4.0
3.6
5.)
15.41
14.65-16.15
15.26
15.69
646,703
19,238
4.4
4.3
4.7
15.40
14.37-16.08
15.29
15.54
956,171
15,095
3.9
3.3
4.8
14.81
13.96-15.43
14.51
15.14
2,222,353
11,083
3.6
1.7
4.9
14.65
13.80-15.11
14.70
14.61
1,002,098
1,501
4.3
2.5
5.5
14.14
13.65-14.86
13.65
14.35
31,206,636
4.233
.8
.6
1.2
13.01
12.69-13.17
12.96
13.09
40.4
69.4
9.7
38.7
34.4
30.4
10.3
.1
45.2
45.0
19.4
.1
48.2
40.5
15.3
.1
60.7
50.8
37.4
1.0
70.1
67.8
34.0
1.0
37.9
73.4
6.5
45.7
1-99
LONG-TERM COMMERCIAL AND INDUSTRIAL LOANS
14
15
16
17
18
19
20
21
22
Amount of loans (thousands of dollars)
Number of loans
Weighted-average maturity (months)
With fixed rates
With floating rates
Weighted-average interest rate (percent per annum) . .
Interquartile range 1
With fixed rates
With floating rates
Percentage of amount of loans
23 With floating rate
24 Made under commitment
3,982,434
26,744
49.4
41.6
51.2
13.81
12.89-14.48
14.27
13.70
471,238
24,143
35.3
29.5
41.4
16.05
14.75-16.65
16.16
15.92
350,926
1,679
41.7
45.4
40.8
14.68
13.80-15.50
14.59
14.70
213,024
322
52.9
60.9
51.3
14.01
13.65-14.75
14.55
13.91
2,947,246
601
52.4
46.9
53.2
13.33
12.82-13.80
13.01
13.38
81.5
79.5
48.0
47.7
80.8
59.0
84.0
67.3
86.7
88.0
1-24
CONSTRUCTION AND L A N D DEVELOPMENT LOANS
25
26
27
28
29
30
31
32
33
Amount of loans (thousands of dollars)
N u m b e r of loans
Weighted-average maturity (months)
With fixed rates
With floating rates
Weighted-average interest rate (percent per annum) . .
Interquartile range 1
With fixed rates
With floating rates
34
35
36
37
38
Percentage of amount of loans
With floating rate
Secured by real estate
Made under commitment
With no stated maturity
With one-day maturity
Type of
construction
39 1- to 4-family
40 Multifamily
41 Nonresidential
L O A N S TO F A R M E R S
42
43
44
45
46
Amount of loans (thousands of dollars)
Number of loans
Weighted-average maturity (months)
Weighted-average interest rate (percent per annum) . .
Interquartile range 1
47
48
49
50
51
By purpose of loan
Feeder livestock
Other livestock
Other current operating expenses
Farm machinery and equipment
Other
50-99
500 and over
221,702
21,475
8.8
9.8
5.8
15.35
14.93-16.09
15.12
15.97
188,964
5,296
8.7
9.9
6.7
15.38
14.20-15.98
14.89
16.39
141,543
2,230
18.1
30.7
11.1
15.23
15.00-15.67
15.52
15.08
1,018,190
3,941
10.1
10.6
9.8
15.05
13.72-15.52
14.05
15.68
1,479,589
358
7.8
5.6
14.9
13.93
12.93-14.79
13.58
14.91
40.4
73.3
71.6
4.0
2
27.2
88.9
61.0
61.8
.5
32.8
83.0
37.7
83.0
1.0
66.2
95.0
91.1
79.0
2.9
61.1
98.0
82.4
6.3
2.9
26.6
50.6
68.3
5.1
2.1
17.9
2.2
79.9
37.7
2.3
.0
16.1
18.0
.0
18.1
5.9
.0
90.8
2.5
.0
92.8
3.4
.4
All sizes
998,347
67,803
6.6
14.87
14.35-15.45
1-9
14.63
15.17
14.99
14.96
14.38
10-24
186,662
51,876
25-49
50-99
100-249
250 and over
15.05
14.49-15.53
122,404
8,086
6.2
14.69
14.23-15.03
146,481
4,675
6.3
14.98
14.56-15.27
125,457
1,793
5.6
15.10
14.65-15.58
14.72
15.12
14.88
15.24
16.77
14.57
14.16
14.75
14.54
15.11
14.87
15.22
15.01
14.57
14.90
14.47
2
14.85
2
14.52
2
15.41
2
15.32
2
14.66
2
14.50
14.50
13.84
6.1
1. Interest rate range that covers the middle 50 percent of the total dollar
amount of loans made.
2. Fewer than 10 sample loans.
25-49
3,049,989
33,300
9.2
8.0
11.1
14.56
13.24-15.50
13.96
15.44
()
()
152,701
929
5.2
15.06
14.76-15.56
264,643
445
9.1
14.54
13.86-15.45
()
()
NOTE. For more detail, see the Board's E.2 (111) statistical release,
()
()
A26
1.35
DomesticNonfinancialStatistics • December 1984
I N T E R E S T R A T E S M o n e y and Capital M a r k e t s
Averages, percent per annum; weekly and monthly figures are averages of business day data unless otherwise noted.
1984
Instrument
1981
1982
1984, week ending
1983
July
Aug.
Sept.
Oct.
Sept. 28
Oct 5
Oct. 12
Oct. 19
Oct. 26
n a.
n a.
n a.
n a.
9.55
10.40
10.15
9.70
10.60
10.34
9 80
10.65
10.36
9.80
10.50
10.24
9.60
10.30
10.05
13.46
12.56
13.19
13.84
14.24
13.47
12.62
13.23
13.83
14.21
13.40
12.52
13.21
13.78
14.09
13.32
12.51
13.20
13.63
13.94
13.15
12.54
12.95
13.38
13.72
13.84
13.81
13.70
13.29
13.24
11.57
4.53
11.66
4.67
11.76
4.68
11.56
4.62
11.57
4.54
MONEY MARKET RATES
1 Federal f u n d s 1 2
2 Discount window borrowing 1 - 2 3
Commercial paper 4 5
3
1-month
4
3-month
5
6-month
Finance paper, directly placed 4 5
6
1-month
7
3-month
8
6-month
Bankers acceptances 5 6
9
3-month
10
6-month
Certificates of deposit, secondary market 7
11
1-month
12
3-month
13
6-month
14 Eurodollar deposits, 3-month 8
U.S. Treasury bills 5
Secondary market 9
15
3-month
16
6-month
17
1-year
Auction average 1 0
18
3-month
19
6-month
20
16.38
13.42
12.26
11.02
9.09
8.50
11.23
9.00
11.64
9.00
11.30
9.00
10.73
9.00
15.69
15.32
14.76
11.83
11.89
11.89
8.87
8.88
8.89
11.06
11.19
11.34
11.19
11.18
11.16
11.11
11.04
10.94
10.77
10.75
10.70
15.30
14.08
13.73
11.64
11.23
11.20
8.80
8.70
8.69
10.99
10.54
10.42
11.16
10.61
10.52
10.98
10.62
10.56
10.45
10.45
10.41
15.32
14.66
11.89
11.83
8.90
8.91
11.30
11.44
11.23
11.13
11.04
10.91
10.78
10.71
15.91
15.91
15.77
16.79
12.04
12.27
12.57
13.12
8.96
9.07
9.27
9.56
11.28
11.56
12.08
12.02
11.32
11.47
11.71
11.81
11.20
11.29
11.47
11.67
10.90
11.00
11.22
11.40
14.03
13.80
13.14
10.61
11.07
11.07
8.61
8.73
8.80
10.12
10.53
10.89
10.47
10.61
10.71
10.37
10.47
10.51
14.029
13.776
13.159
10.686
11.084
11.099
8.63
8.75
8.86
10.13
10.58
10.99
10.49
10.65
10.79
10.41
10.51
10.84
10.27
10.39
14.78
14.56
12.27
12.80
9.57
10.21
12.03
12.88
11.82
12.43
11.58
12.21
14.44
14.24
14.06
13.91
13.72
13.44
12.92
13.01
13.06
13.00
12.92
12.76
10.45
10.80
11.02
11.10
11.34
11.18
13.08
13.28
13.35
13.36
13.36
13.21
12.50
12.69
12.75
12.72
12.71
12.54
12.34
12.53
12.60
12.52
12.42
12.29
11.42
12.06
12.10
12.27
12.46
12.53
12.46
12.36
12.26
12.87
12.23
10.84
12.82
12.23
11.97
11.93
10.43
11.76
11.33
10.88
12.48
11.66
8.80
10.17
9.51
10.10
10.61
10.42
9.58
10.30
9.99
9.58
10.40
10.10
15.06
14.17
14.75
15.29
16.04
14.94
13.79
14.41
15.43
16.11
12.78
12.04
12.42
13.10
13.55
14.32
13.44
14.12
14.57
15.15
13.78
12.87
13.47
14.13
14.63
13.56
12.66
13.27
13.94
14.35
16.63
15.49
12.73
14.93
14.12
13.86
12.36
5.20
12.53
5.81
11.02
4.40
12.13
4.93
11.77
4.62
11.65
4.54
n.a.
10.24
10.34
10.38
CAPITAL MARKET RATES
U.S. Treasury notes and bonds 1 1
Constant maturities 1 2
21
1-year
22
2-year
?3
24
3-year
25
5-year
26
7-year
27
10-year
28
20-year
29
30-year
Composite 1 4
Over 10 years (long-term)
30
State and local notes and bonds
Moody's series 1 5
31
Aaa
32
Baa
33
Bond Buyer series 1 6
Corporate bonds
Seasoned issues 1 7
34
All industries
35
Aaa
36
Aa
37
A
38
Baa
39
A-rated, recently-offered utility
bonds 1 8
MEMO: Dividend/price ratio 19
40
Preferred stocks
41
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 averages for statement week ending Wednesday.
3. Rate for the Federal Reserve Bank of New York.
4. 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 N o v e m b e r 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.
5. Yields are quoted on a bank-discount basis, rather than an investment yield
basis (which would give a higher figure).
6. 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).
7. Unweighted average of offered rates quoted by at least five dealers early in
the day.
8. Calendar week average. For indication purposes only.
9. Unweighted average of closing bid rates quoted by at least five dealers.
10. Rates are recorded in the week in which bills are issued. Beginning with the
Treasury bill auction held on Apr. 18, 1983, bidders were required to state the
percentage yield (on a bank discount basis) that they would accept to two decimal
places. Thus, average issuing rates in bill auctions will be reported using two
rather than three decimal places.
9.72
10.51
10.25
k
1
n a.
1
1
T
11.64?
4.63?
11. Yields are based on closing bid prices quoted by at least five dealers.
12. 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.
13. Each biweekly figure is the average of five business days ending on the
Monday following the date indicated. Until Mar. 31, 1983, the biweekly rate
determined the maximum interest rate payable in the following two-week period
on 2-'/2-year small saver certificates. (See table 1.16.)
14. Averages (to maturity or call) for all outstanding bonds neither due nor
callable in less than 10 years, including several very low yielding " f l o w e r " bonds.
15. General obligations based on Thursday figures; Moody's Investors Service.
16. General obligations only, with 20 years to maturity, issued by 20 state and
local governmental units of mixed quality. Based on figures for Thursday.
17. Daily figures from M o o d y ' s Investors Service. Based on yields to maturity
on selected long-term bonds.
18. Compilation of the Federal Reserve. This series is an estimate of the yield
on recently-offered, A-rated utility bonds with a 30-year maturity and 5 years of
call protection. Weekly data are based on Friday quotations.
19. Standard and P o o r ' 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.
NOTE. These data also appear in the Board's H.15 (519) and G. 13 (415) releases.
For address, see inside front cover.
Financial Markets A25
1.36
STOCK MARKET
Selected Statistics
1984
Indicator
1981
1982
1983
Jan.
Feb.
Mar.
Apr.
May.
July
June
Aug.
Sept.
Prices and trading (averages of daily figures)
Common stock prices
1 New York Stock Exchange
(Dec. 31, 1965 = 50)
Industrial
2
Transportation
3
4
Utility
5
Finance
6 Standard & P o o r ' s Corporation (1941-43 = 10)' . . .
7 American Stock Exchange 2
(Aug. 31, 1973 = 100)
74.02
85.44
72.61
38.90
73.52
128.05
68.93
78.18
60.41
39.75
71.99
119.71
92.63
107.45
89.36
47.00
95.34
160.41
96.16
112.16
97.98
47.43
95.79
166.39
90.60
105.44
86.33
45.67
89.95
157.70
90.66
105.92
86.10
44.83
89.50
157.44
90.67
106.56
83.61
43.86
88.22
157.60
90.07
105.94
81.62
44.22
85.06
156.55
88.28
104.04
79.29
43.65
80.75
153.12
87.08
102.29
76.72
44.17
79.03
151.08
94.49
111.20
86.86
46.69
87.92
164.42
95.68
112.18
86.88
47.47
91.59
166.11
171.79
141.31
216.48
224.83
207.95
210.09
207.66
206.39
201.24
192.82
207.90
214.50
Volume of trading (thousands
8 N e w York Stock Exchange
9 American Stock Exchange
46,967
5,346
64,617
5,283
85,418 105,518
8,215
7,167
96,641
6,431
84,328
5,382
85,874
5,863
88,170
5,935
85,920
5,071
79,156
5,141
109,892
7,477
93,108
5,967
of
shares)
Customer financing (end-of-period balances, in millions of dollars)
10 Margin credit at broker-dealers 3
14,411
13,325
23,000
11 Margin stock
12 Convertible bonds
13 Subscription issues
14,150
259
2
12,980
344
22,720 22,870
279
261
3,515
7,150
5,735
8,390
Free credit balances
14 Margin-account
15 Cash-account
at
1
23,132
1
1
22,557
22,668
22,330 22,460
226
208
1
t
22,360
6,450
7,910
6,685
8,115
22,830
t
23,450
22,980
t
t
brokers4
6,620
8,430
6,510
8,230
6,420
8,420
6,520
8,265
6,430
8,305'
6,430
8,125'
Margin-account debt at brokers (percentage distribution, end of period)
100.0
17
18
19
20
21
22
By equity class (in
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
100.0
100.0
100.0^
100.0
37.0
24.0
17.0
10.0
6.0
6.0
16 Total
21.0
24.0
24.0
14.0
9.0
8.0
41.0
22.0
16.0
9.0
6.0
6.0
43.0
21.0
15.0
9.0
6.0
6.0
48.0
20.0
13.0
8.0
6.0
5.0
46.0
20.0
14.0
9.0
6.0
5.0
47.0
20.0
13.0
8.0
6.0
6.0
53.0
18.0
12.0
7.0
5.0
5.0
50.0
19.0
12.0
8.0
6.0
5.0
52.0
17.0
12.0
8.0
5.0
6.0
40.0
22.0
16.0
9.0
6.0
7.0
42.0
22.0
15.0
9.0
6.0
6.0
25,870
35,598
58,329
58.0
62.0
63.0
61.0
59.0
31.0
11.0
29.0
9.0
28.0
9.0
29.0
10.0
29.0
12.0
percent)5
Special miscellaneous-account balances at brokers (end of period)
23 Total balances (millions of dollars)
Distribution by equity status
24 Net credit status
Debt status, equity of
25
60 percent or more
26
Less than 60 percent
6
62,670
63,410 65,860
66,340
70,110
69,410
70,588
71,840
72,350
61.0
60.0
60.0
56.0
57.0
58.0
58.0
28.0
J1.0
29.0
11.0
27.0
13.0
30.0
14.0
30.0
13.0
31.0
11.0
31.0
11.0
(percent)
Margin requirements (percent of market value and effective date) 7
Mar. 11, 1968
27 Margin stocks
28 Convertible bonds
29 Short sales
June 8, 1968
70
50
70
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. Beginning July 5, 1983, the American Stock Exchange rebased its index
effectively cutting previous readings in half.
3. Beginning July 1983, under the revised Regulation T , margin credit at
broker-dealers includes credit extended against stocks, convertible bonds, stocks
acquired through exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds,
and subscription issues was discontinued in April 1984, and margin credit at
broker-dealers became the total that is distributed by equity class and 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.
80
60
80
May 6, 1970
65
50
65
Dec. 6, 1971
55
50
55
Nov. 24, 1972
65
50
65
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 s t o c k s " is defined in the
corresponding regulation.
A28
1.37
DomesticNonfinancialStatistics • December 1984
SELECTED FINANCIAL INSTITUTIONS
S e l e c t e d A s s e t s and Liabilities
Millions of dollars, end of period
1983
Account
1980
1984
1981
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.P
Savings and loan associations
664,167
518,547
63,123
82,497
763,365
489,720
101,553
172,259
664,167
525,061
88,782
62,794
25,988
6,385
15,544
12 Net worth 3
13 MEMO: Mortgage loan commitments
outstanding 4
1
2
3
4
Assets
Mortgages
Cash and investment securities'
Other
5 Liabilities and net worth
6
7
8
9
10
11
Savings capital
Borrowed money
FHLBB
Other
Loans in process 2
Other
771,705
493,432
103,395
174,878
772,723
494,682
101,883
176.158
763,365
771,705
772,723
625,013
89,235
51,735
37,500
19,728
19,179
634,076
91,443
52,626
38,817
21,117
15,275
639,694
86,322
50,880
35.442
21,498
15,777
28,395
29,938
30,911
30,930
15,225
34,780
32,996
33,504
780,107
497,987
103,917
178,203
796,095
502,143
108,565
185,387
806,482
509,283
105,950
191,249
823,737
518,214
109.102
196.421
838,825
526,732
108,809
203,284
848,890
534,345
107,502
207,043
858,172
539,157
107,855
211,160
869,276
544,280
110,681
214,315
780,107
796,095
806,482
823,737 838,825
848,890
858,172
869,276
644,588
86,526
50,465
36,061
21,939
17,520
656,252
93,321
50,663
42,658
22,929
14,938
660,262
97,468
51,951
45,517
23,898
16,904
670,259 681,532
102,281 107,554
53,485 56,558
48,796 50,996
24,717 25,680
19,207
16,957
687,396
109,355
57,115
52,240
26,076
19,332
691,279
113,845
60,178
53,667
26,725
19,957
699,405
119,067
62,323
56,744
26,725
17,419
31,473
31,584
31,848
31,990
32,782
32,807
33,091
33,385
36,150
39,813
41,672
45,207
44,811
43,814
41,125
38,711
Mutual savings banks 5
175,728
189,149
193,535
194,217
195,168
197,178
198,000
99,997
14,753
95,600
19,675
97,356
19,129
97,703
20.463
97,895
21,694
98,472
21,971
99,017
22,531
99,881
22,907
99,433' 100,091
23,198' 23,213'
9,810
2,288
37,791
5,442
5,649
15,092
2,195
42,629
4,983
8,975
15,360
2,177
43,580
6,263
9,670
15,167
2,180
43,542
4,788
10,374
15,667
2,054
43,439
4,580
9,839
15,772
2,067
43,547
5,040
10,309
15,913
2,033
43,122
5,008
10,376
16,404
2,024
43,200
5,031
10,640
15,448'
2,037'
42,479'
5,452'
10,817'
22 Liabilities
175,728
189,149
193,535
194,217
195,168
197,178
23
24
25
26
27
28
29
30
155,110
153,003
49,425
103,578
2,108
10,632
9,986
169,356
167,006
38,448
93,073
2,350
9,185
10,210
172,665
170,135
38,554
95,129
2,530
10,154
10,368
173,636
171,099
37,992
96,519
2,537
9,917
10,350
174,370
171,957
37,642
96,005
2,413
10,019
10,492
176,044
173,385
37,866
97,339
2,659
10,390
10,373
1,293
2.418
2,387
n.a.
n.a.
n.a.
n.a.
14 Assets
15
16
17
18
19
20
21
Loans
Mortgage
Other
Securities
U.S. government 6
State and local government
Corporate and other 7
Cash
Other assets
Deposits
Regular 8
Ordinary savings
Time
Other
Other liabilities
General reserve accounts
MEMO: Mortgage loan commitments
outstanding 9
200,087 198,864' 199,128'
200,722
101,211
24,068
15,457
2,037'
42,682
4,896
10,752
15,019
2,055
42,632
4,981
10,756
198,000
200,087 198,864' 199,128'
200,722
175,875
173,010
37,329
96,920
2,865
11,211
10,466
176,253 174,972' 174,823
173,310 171,858' 171,740
37,147 36,322' 35,511
97,236 97,168' 98,410
2,943
3,114'
3,083
12,861
12,999'
13,269'
10,554 10,404'
10,495'
176,085
172,990
34,787
101,270
3,095
13,604
10,498
n.a.
n.a.
n.a.
n a.
n.a.
Life insurance companies'
31 Assets
32
33
34
35
36
37
38
39
40
41
42
Securities
Government
United States 1 0
State and local
Foreign 1 1
Business
Bonds
Stocks
Mortgages
Real estate
Policy loans
Other assets
525,803
649,081
654,948
658,504
660,901
665,836
671,259
673,518 679,449
684,573
25,209
8,167
7,151
9,891
255,769
208,099
47,670
137,747
18,278
48,706
40,094
48,341
26,293
9,925
12,123
323,714
258,757
64,957
148,487
21,864
53,979
52,696
50,752
28,636
9,986
12,130
322,854
257,986
64,868
150,999
22,234
54,063
54,046
51,328
29,179
9,995
12,154
328,075
263,207
64,868
151,085
22,500
54,089
51,939
51,762
30.130
9,426
12,206
328,235
265,798
62,437
151,020
22,591
54,170
53,123
52,504
31,056
9,259
12,189
331,631
268,446
63,185
151,445
23,034
54,254
52,968
52,828
31,358
9,192
12,278
334,634
271,296
63,338
152,373
23,237
54,365
53,822
53,422 53,970
31,706 32,066
9,239
9,213
12,477
12,691
334,151 338,508
273,212 276,902
60,939 61,606
152,968 153,845
23,517 23,792
54,399 54,430
55,061 54,904
54,688
32,654
9,236
12,798
341,802
281,113
60,689
154,299
24,019
54,441
55,324
n.a.
n a
Credit unions 1 2
43 Total assets/liabilities and capital
44
Federal
45
State
60,611
39,181
21,430
81,203
53,801
27,402
81,961
54,482
27,479
82,496
54,770
27,726
83,726
55,753
27,973
85,789
57,569
28,220
86,594
58,127
28,467
88,350
59,636
28,714
90,276
61,316
28,960
90,145
61,163
28,982
90,503
61,500
29,003
46 Loans outstanding
47
Federal
48
State
49 Savings
50
Federal (shares)
51
State (shares and d e p o s i t s ) . . .
42,333
27,096
15,237
54,152
35,250
18,902
49,235
32,304
16,931
74,202
49,400
24,802
50,083
32,930
17,153
74,739
49,889
24,850
50,625
33,270
17,355
75,532
50,438
25,094
51,435
33,878
17,557
76,556
51,218
25,338
52,269
34,510
17,759
78,487
52,905
25,582
53,247
35,286
17,961
79,413
53,587
25,826
54,437
36,274
18,163
80,702
54,632
26,070
55,915
37,547
18,368
82,578
56,261
26,317
57,286
38,490
18,796
82,402
56,278
26,124
58,802
39,578
19,224
82,135
56,205
25,930
n a.
1
1
T
Financial Markets
1.37
A25
Continued
1984
1983
Account
1980
1981
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.''
FSLIC-insured federal savings banks
61,717
37,166
9,653
14,898
64,969
38,698
10,436
15,835
69,835
41,754
11,243
16,838
72,143
43,371
11,662
17,!!0
75,555
44,708
12,552
18,295
77,374
45,900
12,762
18,712
78,952
46,791
12.814
19.347
81,310
48,084
13,071
20,155
83,989
49,996
13,184
20,809
87,209
52,039
13.331
21.839
88,599
53.054
13.393
22,152
56 Liabilities and net worth
61,717
64,969
69,835
72,143
75,555
77,374
78,952
81,310
83,989
87,209
88,599
57
58
59
60
61
62
50,384
6,981
4,381
2,600
1,428
2,924
53,227
7,477
4,640
2,837
1,157
3,108
57.195
8,048
4,751
3,297
1,347
3,245
59,107
8,088
4,884
3,204
1,545
3.403
61,433
9.213
5,232
3,981
1.360
3,549
62,495
9,707
5.491
4,216
1,548
3,624
63,026
10,475
5,900
4,575
1,747
3,704
64,364
11,489
6,538
4,951
1.646
3,811
66,227
12,060
6,897
5,163
1,807
3,895
68,443
12,863
7,654
5,209
1,912
3,991
69,567
13,219
7,784
5,435
1,777
4,036
52
53
54
55
Assets
Mortgages
Cash and investment securities'
Other
Savings and capital
Borrowed money
FHLBB
Other
Other
Net worth 3
MEMO
63 Loans in process 2
64 Mortgage loan commitments
outstanding 4
1,222
1,264
1,387
1.531
1.669
1.716
1,787
1.839
1,901
1.895
1,866
2,230
2,151
2,974
2,704
3,253
3,714
3,763
3,583
3,988
3,860
3,827
1. Holdings of stock of the Federal Home L o a n Banks are in " o t h e r a s s e t s . "
2. Beginning in 1982, loans in process are classified as contra-assets and are
not included in total liabilities and net worth. Total assets are net of loans in
process.
3. Includes net undistributed income accrued by most associations.
4. Excludes figures for loans in process.
5. The National Council reports data on member mutual savings banks and on
savings banks that have converted to stock institutions, and to federal savings
banks.
6. Beginning April 1979, includes obligations of U.S. government agencies.
Before that date, this item was included in " C o r p o r a t e and o t h e r . "
7. Includes securities of foreign governments and international organizations
and, before April 1979, nonguaranteed issues of U.S. government agencies.
8. Excludes checking, club, and school accounts.
9. Commitments outstanding (including loans in process) of banks in N e w
York State as reported to the Savings Banks Association of the State of New
York.
10. Direct and guaranteed obligations. Excludes federal agency issues not
guaranteed, which are shown in the table under " B u s i n e s s " securities.
11. Issues of foreign governments and their subdivisions and bonds of the
International Bank for Reconstruction and Development.
12. As of June 1982, data include only federal or federally insured state credit
unions serving natural perons.
NOTE. Savings and loan associations:
Estimates by the F H L B B 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.
jMutual savings banks: Estimates of National Council of Savings Institutions 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 " o t h e r a s s e t s . "
Credit unions: Estimates by the National Credit Union Administration for a
group of federal and federally insured state credit unions serving natural persons.
Figures are preliminary and revised annually to incorporate recent data.
A30
1.38
DomesticNonfinancialStatistics • December 1984
FEDERAL FISCAL A N D FINANCING
OPERATIONS
Millions of dollars
Calendar year
Fiscal
year
1982
Type of account or operation
Fiscal
year
1983
Fiscal
year
1984
1983
HI
U.S. budget
1 Receipts'
2 Outlays'
3 Surplus, or deficit ( - )
4
Trust funds
5
Federal funds 2 3
Off-budget entities (surplus, or deficit
6 Federal Financing Bank outlays
7 Other 3 4
1984
H2
1984
HI
July
Aug.
Sept.
617,766
728,375
-110,609
5,456
-116,065
600,562
795,917
-195,355
23,056
-218,410
666,457
841,800
-175,343
30,565
-205,908
306,331
396,477
-90,146
22,680
-112,822
306,584
406,849
-100,265
7,745
-108,005
341,808
420,700
-78,892
18,080
-96,971
52,017
68,433
16,416
441
-16,857
55,209
88,707
-33,498
-11,045
-22,453
68,019
51,234
16,785
23,861
-7,077
-14,142
-3,190
-10,404
-1,953
-7,277
-2,719
-5,418
-528
-3,199
-1,206
-2,813
-838
-1,406
-330r
-755
-419
-467
-1,507
-127,940
-207,711
-185,339
-96,094
-104,670
-84,884
-18,128
-34,673
-14,811
134,993
212,425
170,817
102,538
84,020
80,592
24,540
25,340
4,167
-11,911
4,858
-9,889
5,176
5,636
8,885
-9,664
3,222
-16,294
4,358
-3,127
7,418
-3,264
-3,148
-6,295
3,038
-18,978
-1
29,164
10,975
18,189
37,057
16,557
20,500
37,057
16,557
20,500
100,243
19,442
72,037
121,302
35,959
85,343
126,309
40,044
86,263
16,312
3,972
12,340
11,327
4,029
7,298
30,426
8,514
21,913
(-))
U.S. budget plus off-budget,
including
Federal Financing
Bank
8 Surplus, or deficit ( - )
Source of financing
9
Borrowing from the public
10
Cash and monetary assets (decrease, or
increase ( - ) ) 4
11
Other 5
MEMO
12 Treasury operating balance (level, end of
period)
13
Federal Reserve Banks
14
Tax and loan accounts
1. Effective Feb. 8, 1982, supplemental medical insurance premiums and
voluntary hospital insurance premiums, previously included in other insurance
receipts, have been reclassified as offsetting receipts in the health function.
2. Half-year figures are calculated as a residual (total surplus/deficit less trust
fund surplus/deficit).
3. Other off-budget includes Postal Service Fund; Rural Electrification and
Telephone Revolving Fund; Rural Telephone Bank; and petroleum acquisition
and transportation and strategic petroleum reserve effective N o v e m b e r 1981.
4. Includes U.S. Treasury operating cash accounts; SDRs; gold tranche
drawing rights; loans to International Monetary Fund; and other cash and
monetary assets.
5. Includes accrued interest payable to the public; allocations of special
drawing rights; deposit funds; miscellaneous liability (including checks outstanding) and asset accounts; seigniorage; increment on gold; net gain/loss for U.S.
currency valuation adjustment; net gain/loss for I M F valuation adjustment; and
profit on the sale of gold.
SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S.
G o v e r n m e n t " Treasury Bulletin, and the Budget of the U.S. Government,
Fiscal
Year 1985.
Federal Finance
1.39
A31
U.S. BUDGET RECEIPTS A N D OUTLAYS
Millions of dollars
Calendar year
S o u r c e or t y p e
Fiscal
year
1983
Fiscal
year
1984
1982
1984
1983
H2
HI
H2
HI
July
Aug.
Sept.
RECEIPTS
600,563
1 AH sources
2 Individual i n c o m e t a x e s , net
3
Withheld
Presidential E l e c t i o n C a m p a i g n F u n d . . .
4
5
Nonwithheld
6
Refunds
Corporation income taxes
7
Gross receipts
8
Refunds
9 Social i n s u r a n c e t a x e s a n d c o n t r i b u t i o n s ,
net
10
Payroll e m p l o y m e n t t a x e s a n d
contributions'
11
Self-employment taxes and
contributions2
12
Unemployment insurance
13
O t h e r net r e c e i p t s 1
14
15
16
17
Excise taxes
Customs deposits
E s t a t e and gift t a x e s
Miscellaneous receipts4
666,457
286,337
306,331
305,122
341,808
52,017
55,209
68,019
288,938
266,010
36
83,586
60,692
295,955
279,345
35
81,346
64,771
145,676
131,567
5
20,041
5,938
144,551
135,531
30
63,014
54,024
147,663
133,768
6
20,703
6,815
144,691
140,657
29
61,463
57,458
22,398
23,013
3
789
1,407
25,820
25,072
1
2,396
1,649
31,541
21,852
1
11,716
2,027
61,780
24,758
74,179
17,286
25,660
11,467
33,522
13,809
31,064
8,921
40,328
10,045
3,376
1,313
1,936
1,136
12,332
441
209,001
241,902
94,277
110,520
100,832
131,372
21,361
21,932
18,639
179,010
203,476
85,064
90,912
88,388
106,436
18,858
17,547
16,781
6,756
18,799
4,436
8,709
25,138
4,580
177
6,856
2,180
6,427
10,984
2,197
398
8,714
2,290
7,667
14,942
2,329
0
2,093
410
-269
4,252
401
1,209
295
354
35,300
8,655
6,053
15,594
37,361
11,370
6,010
16,965
16,555
4,299
3,444
7,890
16,904
4,010
2,883
7,751
19,586
5,079
3,050
7,811
18,304
5,576
3,102
8,481
3,298
1,088
476
1,333
3,221
1,241
558
1,637
3,120
939
449
1,440
OUTLAYS
18 All types
795,917
841,800
390,847
396,477
406,849
420,700
68,433
88,707
51,234
19
20
21
22
23
24
National d e f e n s e
International affairs
G e n e r a l s c i e n c e , s p a c e , and t e c h n o l o g y . . .
Energy
N a t u r a l r e s o u r c e s and e n v i r o n m e n t
Agriculture
210,461
8,927
7,777
4,035
12,676
22,173
227,405
13,313
8,271
2,464
12,677
12,215
100,419
4,406
3,903
2,058
6,941
13,259
105,072
4,705
3,486
2,073
5,892
10,154
108,967
6,117
4,216
1,533
6,933
5,278
114,639
5,426
3,981
1,080
5,463
7,129
18,870
1,117
745
309
1,232
503
20,059
1,020
762
213
1,247
507
18,942
1,698
646
-266
1,293
145
25
26
27
28
C o m m e r c e a n d h o u s i n g credit
Transportation
C o m m u n i t y and regional d e v e l o p m e n t . . . .
E d u c a t i o n , training, e m p l o y m e n t , social
services
4,721
21,231
7,302
5,198
24,705
7,803
2,244
10,686
4,187
2,164
9,918
3,124
2,648
13,323
4,327
2,572
10,616
3,154
559
2,322
682
-161
2,272
698
103
2,331
850
25,726
26,616
12,186
12,801
13,246
13,445
2,075
2,710
1,839
28,655]
223,311 >
106,21 LJ
30,435
235,764
96,714
39,072
133,779
41,206
143,001
42,150
15,748
135,579
65,212
2,536
19,656
7,047
2,736
34,145
8,271
2,337
4,084
7,615
25,640
5,616
4,836
6,577
111,007
-15,454
13,240
2,373
2,323
3,153
44,948
-8,332
11,334
2,522
2,434
3,124
42,358
-8,887
13,621
2,628
2,479
3,290
12,849
2,807
2,462
2,943
53,729
-7,333
1,243
543
290
1,256
8,743
-1,296
3,287
553
546
91
11,106
-1,356
936
396
468
236
9,742
-2,160
29 H e a l t h
30 Social security and m e d i c a r e
31 I n c o m e security
32
33
34
35
36
37
V e t e r a n s benefits a n d s e r v i c e s
A d m i n i s t r a t i o n of j u s t i c e
General government
G e n e r a l - p u r p o s e fiscal a s s i s t a n c e
Net interest6
U n d i s t r i b u t e d offsetting r e c e i p t s 7
24,845
5,014
4,991
6,287
89,774
-21,424
1. Old-age, disability, and hospital i n s u r a n c e , a n d railroad r e t i r e m e n t a c c o u n t s .
2. Old-age, disability, and hospital i n s u r a n c e .
3. F e d e r a l e m p l o y e e r e t i r e m e n t c o n t r i b u t i o n s a n d civil service r e t i r e m e n t and
disability f u n d .
4. D e p o s i t s of e a r n i n g s by F e d e r a l R e s e r v e B a n k s and o t h e r m i s c e l l a n e o u s
receipts.
5. In a c c o r d a n c e with the Social S e c u r i t y A m e n d m e n t s A c t of 1983, the
T r e a s u r y n o w p r o v i d e s social security a n d m e d i c a r e o u t l a y s a s a s e p a r a t e
47,674
-7,262
f u n c t i o n . B e f o r e F e b r u a r y 1984, t h e s e o u t l a y s w e r e i n c l u d e d in the i n c o m e
security and health f u n c t i o n s .
6. N e t interest f u n c t i o n includes interest r e c e i v e d by t r u s t f u n d s .
7. C o n s i s t s of r e n t s and royalties on the o u t e r c o n t i n e n t a l shelf a n d U . S .
government contributions for employee retirement.
SOURCE. " M o n t h l y T r e a s u r y S t a t e m e n t of R e c e i p t s and O u t l a y s of the U . S .
G o v e r n m e n t " and the Budget of the U.S. Government,
Fiscal Year 1985.
A32
1.40
DomesticNonfinancialStatistics • December 1984
FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars
1982
1983
1984
Item
Sept. 30
Mar. 31
Dec. 31
June 30
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
1 Federal debt outstanding
1,147.0
1,201.9
1,249.3
1,324.3
1,381.9
1,415.3
1,468.3
1,517.2
n.a.
2 Public debt securities
3
Held by public
4
Held by agencies
1,142.0
925.6
216.4
1,197.1
987.7
209.4
1,244.5
1,043.3
201.2
1,319.6
1,090.3
229.3
1,377.2
1,138.2
239.0
1,410.7
1,174.4
236.3
1,463.7
1,223.9
239.8
1,512.7
1,255.1
257.6
1,572.3
i
5.0
3.7
1.2
4.8
3.7
1.2
4.8
3.7
1.1
4.7
3.6
1.1
4.7
3.6
1.1
4.6
3.5
1.1
4.6
3.5
1.1
4.5
3.4
1.1
1,142.9
1,197.9
1,245.3
1,320.4
1,378.0
1,411.4
1,464.4
1,513.4
1,573.0
9 Public debt securities
10 Other debt 1
1,141.4
1.5
1,196.5
1.4
1,243.9
1.4
1,319.0
1.4
1,376.6
1.3
1,410.1
1.3
1,463.1
1.3
1,512.1
1.3
1,571.7
1.3
11 MEMO: Statutory debt limit
1,143.1
1,290.2
1,290.2
1,389.0
1,389.0
1,490.0
1,490.0
1,520.0
1,573.0
5 Agency securities
6
Held by public
7
Held by agencies
8 Debt subject to statutory limit
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
1
n.a.
1
T
NOTE. Data from Treasury Bulletin (U.S. Treasury Department),
Types and Ownership
Billions of dollars, end of period
1983
Type and holder
1979
1980
1984
1981
Q4
1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
13
By type
Interest-bearing debt
Marketable
Bills
Notes
Bonds
Nonmarketable 1
State and local government series
Foreign issues 2
Government
Public
Savings bonds and notes
Government account series 3
Ql
Q2
Q3
845.1
930.2
1,028.7
1,197.1
1,410.7
1,463.7
1,512.7
1,572.3
844.0
530.7
172.6
283.4
74.7
313.2
24.6
28.8
23.6
5.3
79.9
177.4
928.9
623.2
216.1
321.6
85.4
305.7
23.8
24.0
17.6
6.4
72.5
185.1
1,027.3
720.3
245.0
375.3
99.9
307.0
23.0
19.0
14.9
4.1
68.1
196.7
1,195.5
881.5
311.8
465.0
104.6
314.0
25.7
14.7
13.0
1.7
68.0
205.4
1,400.9
1,050.9
343.8
573.4
133.7
350.0
36.7
10.4
10.4
0.0
70.7
231.9
1,452.1
1,097.7
350.2
604.9
142.6
354.4
38.1
9.9
9.9
0.0
71.6
234.6
1,501.1
1,126.6
343.3
632.1
151.2
374.5
39.9
8.8
8.8
0.0
72.3
253.2
1,559.6
1,176.6
356.8
661.7
158.1
383.0
41.4
.8
.8
0.0
73.1
259.5
12.7
1.2
1.3
1.4
1.6
9.8
11.6
11.6
15
16
17
18
19
20
21
22
By holder4
U.S. government agencies and trust funds
Federal Reserve Banks
Private investors
Commercial banks
Money market funds
Insurance companies
Other companies
State and local governments
187.1
117.5
540.5
88.1
5.6
21.4
17.0
69.9
192.5
121.3
616.4
112.1
3.5
24.0
19.3
84.4
203.3
131.0
694.5
111.4
21.5
29.0
17.9
85.6
209.4
139.3
848.4
131.4
42.6
39.1
24.5
113.4
236.3
151.9
1,022.6
188.8
22.8
48.9
39.7
n.a.
239.8
150.8
1,073.0
189.8
19.4
n.a.
45.4
n.a.
257.6
152.9
1,093.7
183.8
14.9
n.a.
47.9
n.a.
23
24
25
26
Individuals
Savings bonds
Other securities
Foreign and international 5
Other miscellaneous investors 6
79.9
38.1
119.0
99.6
72.5
44.6
129.7
126.3
68.1
42.7
136.6
167.8
68.3
48.2
149.5
231.4
71.5
61.9
168.9
n.a.
72.2
64.7
166.3
n.a.
72.9
69.3
170.9
n.a.
14 Non-interest-bearing debt
1. Includes (not shown separately): Securities issued to the Rural Electrification Administration; depository bonds, retirement plan bonds, and individual
retirement bonds.
2. Nonmarketable dollar-denominated and foreign currency-denominated series held by foreigners.
3. Held almost entirely by U.S. government agencies and trust funds.
4. Data for Federal Reserve Banks and U.S. government agencies and trust
funds are actual holdings; data for other groups are Treasury estimates.
n a.
160.1
n.a.
5. Consists of investments of foreign and international accounts. Excludes noninterest-bearing notes issued to the International Monetary Fund.
6. Includes savings and loan associations, nonprofit institutions, credit unions,
mutual savings banks, corporate pension trust funds, dealers and brokers, certain
U.S. government deposit accounts, and U.S. government-sponsored agencies.
SOURCES. Data by type of security, U.S. Treasury Department, Monthly
Statement
of the Public Debt of the United States; data by holder. Treasury
Bulletin.
Federal Finance
1.42
U.S. GOVERNMENT SECURITIES DEALERS
A33
Transactions
Par value; averages of daily figures, in millions of dollars
1984
Item
1981
1982
1984 week ending Wednesday
1983
July
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Immediate delivery 1
U.S. government securities
By maturity
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years
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
Sept.
Aug. 22
Aug. 29
Sept. 5
Sept. 12 Sept. 19 Sept. 26
24,728
32,271
42,134
47,328
44,537
50,317
37,354
35,585
38,793
49,390
52,341
51,055
14,768
621
4,360
2,451
2,528
18,398
810
6,272
3,557
3,234
22,393
708
8,758
5,279
4,997
23,368
1,197
9,859
7,680
5,224
21,373
940
9,462
6,739
6,023
25,668
1,059
10,478
7,975
5,138
17,836
887
8,597
5,262
4,773
18,424
734
8,037
5,038
3,352
21,991
672
5,232
7,810
3,088
25,110
854
9,333
8,992
5,101
26.434
1,398
10,657
8,574
5,278
24,548
1,142
12,836
7,179
5,350
1,640
1,769
2,257
2,404
2,669
2,648
1,888
2,647
2,569
2,311
2,929
2,397
11,750
11,337
3,306
4,477
1,807
6,128
15,659
15,344
4,142
5,001
2,502
7,595
21,045
18,832
5,576
4,334
2,642
8,036
23,521
21,403
7,962
4,512
3,185
11.580
21,499
20,370
7,039
3,006
2,533
10,528
24,448
23,220
8,966
4,451
3,792
11,663
19,388
16,078
5,146
2,735
2,359
10,514
16.547
16,391
5,192
2,633
2,250
10,615
17,688
18,536
6,177
2,853
2,725
12,168
24,622
22,456
8,839
3,984
3,522
11,608
25,287
24,124
11,517
4,640
4,104
12,061
24,791
23,867
8,122
5,056
3,829
10,853
3,523
1,330
234
5,031
1,490
259
6,655
2,501
265
7,126
4,235
221
5,523
4,385
284
5,097
5,144
254
4,092
4,467
381
4,179
3,427
311
3,467
3,090
103
5,347
4,979
206
5,407
6,639
494
5,751
4,128
243
365
1,370
835
982
1,492
1,646
1,138
2,711
1,443
3,176
1,092
2,454
1,671
2,489
1,181
1,590
1,091
2,381
673
2,305
1,417
3,314
1,410
1,900
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
Aug.
from the 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 N e w 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.
A34
1.43
DomesticNonfinancialStatistics • December 1984
U.S. GOVERNMENT SECURITIES DEALERS
Positions and Financing
Averages of daily figures, in millions of dollars
1984
Item
1981
1982
1984 week ending Wednesday
1983
June
July
Aug.
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Positions
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Net immediate 1
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
Futures positions
Treasury bills
Treasury coupons
Federal agency securities
Forward positions
U.S. government securities
Federal agency securities
9,033
6,485
-1,526
1,488
292
2,294
2,277
3,435
1,746
2,658
9,328
4,837
-199
2,932
-341
2,001
3,712
5,531
2,832
3,317
6,263
4,282
-177
1,709
-78
528
7,172
5,839
3,332
3,159
-6,387
-2,628
-596
343
-1,341
-2,250
15,996
6,990
3,498
3,969
-6,121
-2,362
-604
331
-860
-2,715
16,040
7,407
-8,934
-2,733
522
-2,508
-2,361
-224
-4,125
-1,032
170
2,613
1,863
826
-603
-451
-788
-1,190
-1,935
-3,561
-836
-10,763
3,161
3,363
4,546
-89
2,471
-1,167
-2,490
16,098
6,708
4,693
4,158
-1,513
0
-275
2,431
-1,265
-2,496
15,791
7,128
4,371
3,174
50
2,696
18
1,503
-1,436
-2,825
17,338
6,565
4,826
4,135
4,634
4,487
-101
2,733
-753
-1,826
15,841
6,647
4,349
4,471
3,679
5,258
-252
2,072
-945
-2,550
14,498
6,554
4,653
4,360
4,378
5,282
-42
3,498
-1,729
-2,717
16,423
6,898
4,804
3,802
-1,383
3,368
622
-7,158
2,826
610
-2,422
3,650
632
-2,614
3,464
675
-7,959
2,541
735
-9,903
2,103
588
-8,492
2,998
469
-1,794
-10,272
-673
-9,682
-1,138
-9,702
-909
-10,533
-1,249
-9,142
-415
-9,071
-124
-9,734
Financing 2
16
IV
Overnight and continuing
Term agreements
Repurchase agreements 4
18
Overnight and continuing
19
Term agreements
14,568
32,048
26,754
48,247
29,099
52,493
44,990
65,225
42,412
69,221
41,845
71,733
41,542
70,975
40,639
71,176
43,152
70,889
41,707
73,347
41,103
72,272
35,919
29,449
49,695
43,410
57,946
44,410
70,133
54,761
69,928
55,217
74,018
53,545
71,503
54,235
71,999
53,553
76,155
52,456
74,537
54,463
71,369
54,969
1. Immediate positions are net amounts (in terms of par valuesl 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. Prior to 1984. securities
owned, and hence dealer positions, do not include all securities acquired under
reverse RPs. After January 1984. immediate positions include reverses to maturity, which are securities that were sold after having been obtained under reverse
repurchase agreements that mature on the same day as the securities. 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.
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, that is, matched agreements.
4. Includes both repurchase agreements undertaken to finance positions and
"matched b o o k " 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.
Federal Finance
1.44
FEDERAL A N D FEDERALLY SPONSORED CREDIT AGENCIES
A35
Debt Outstanding
Millions of dollars, end of period
1984
Agency
1981
1982
1983
Mar.
Apr.
May
June
July
Aug.
221,946
239,716
244,691
247,148
252,044
255,376
258,957
251,918
33,055
354
14,218
288
33,940
243
14,853
194
32,800
206
15,347
166
34,273
197
15,344
162
34,231
188
15,344
156
34,473
181
15,604
155
34,560
172
15,611
154
34,497
162
15,606
146
2,715
1,538
13,115
202
2,165
1,471
14,365
194
2,165
1,404
14,970
111
2,165
1,404
14,805
111
2,165
1,404
14,890
111
2,165
1,337
14,930
111
2,165
1,337
14,980
51
2,165
1,337
15,070
51
2,165
1,337
15,030
51
190,140
54,131
5,480
58,749
71,359
421
204,030
55,967
4,524
70,052
71,896
1,591
205,776
48,930
6,793
74,594
72,409
3,050
211,891
48,594
8,633
77,966
73,180
3,518
212,872
49,786
8,134
78,073
73,130
3,749
217,813
52,281
9,131
79,267
73,138
3,996
220,903
54,799
8,988
79,871
73,061
4,184
224,397
57,965
7,822
80,706
73,297
4,607
217,421
62,116
9,068
79,921
61,628
4,688
110,698
10 Federally sponsored agencies 7
11
Federal H o m e L o a n Banks
12
Federal Home L o a n Mortgage Corporation
13
Federal National Mortgage Association
14
Farm Credit Banks
15
Student Loan Marketing Association
237,085
31,806
484
13,339
413
1 Federal and federally sponsored agencies
2 Federal agencies
3
Defense Department 1
4
Export-Import Bank 2 3
5
Federal Housing Administration 4
6
Government National Mortgage Association
participation certificates 5
7
Postal Service 6
8
Tennessee Valley Authority
9
United States Railway Association 6
126,424
135,791
137,707
138,769
139,936
141,734
143,322
144,063
12,741
1,288
5,400
11,390
202
14,177
1,221
5,000
12,640
194
14,789
1,154
5,000
13,245
111
15,296
1,154
5,000
13,080
111
15,296
1,154
5,000
13,165
111
15,296
1,087
5,000
13,205
111
15,556
1,087
5,000
13,255
51
15,563
1,087
5,000
13,345
51
15,563
1,087
5,000
13,305
51
48,821
13,516
12,740
53,261
17,157
22,774
55,266
19,766
26,460
55,186
20,186
27,694
55,691
20,413
27,939
56,476
20,456
28,305
57,701
20,611
28,473
58,856
20,671
28,749 -
59,196
20,742
29,119
MEMO
16 Federal Financing Bank debt 9
17
18
19
20
21
Lending to federal and federally
sponsored
agencies
Export-Import Bank 3
Postal Service 6
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association 6
Other
Lending10
22 Farmers Home Administration
23 Rural Electrification Administration
24 Other
.'
1. Consists of mortgages assumed by the Defense Department between 1957
and 1963 under family housing and homeowners assistance programs.
2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
3. Off-budget Aug. 17, 1974, through Sept. 30, 1976; on-budget thereafter.
4. Consists of debentures issued in payment of Federal Housing Administration
insurance claims. Once issued, these securities may be sold privately on the
securities market.
5. Certificates of participation issued before fiscal 1969 by the Government
National Mortgage Association acting as trustee for the F a r m e r s H o m e Administration; Department of Health, Education, and Welfare; Department of Housing
and Urban Development; Small Business Administration; and the Veterans
Administration.
6. Off-budget.
7. Includes outstanding noncontingent liabilities: N o t e s , bonds, and debentures.
8. Before late 1981, the Association obtained financing through the Federal
Financing Bank.
9. The F F B , which began operations in 1974, is authorized to purchase or sell
obligations issued, sold, or guaranteed by other federal agencies. Since F F B
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 F F B 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 H o m e Administration item
consists exclusively of agency assets, while the Rural Electrification Administration entry contains both agency assets and guaranteed loans.
A36
1.45
DomesticNonfinancialStatistics • December 1984
N E W S E C U R I T Y I S S U E S State and L o c a l G o v e r n m e n t s
Millions of dollars
1984
Type of issue or issuer,
or use
1981
1982
1983
Jan.
1 All issues, new and refunding 1
Feb.
Mar.
Apr/
May'
June'
July'
Aug.
47,732
79,138
86,421
5,048
4,588'
5,492'
5,583
7,146
6,403
6,783
9,890
12,394
34
35,338
55
21,094
225
58,044
461
21,566
96
64,855
253
1,121
0
3,947
1
1,847'
2
2,741
2
2,498
2
2,994'
4
2,313
3
3,270
8
2,356
3
4,790
13
1,827
3
4,576
15
1,784
3
4,999
18
1,813
5
8,077
21
Type of issuer
6 State
7 Special district and statutory authority
8 Municipalities, counties, townships, school districts
5,288
27,499
14,945
8,438
45,060
25,640
7,140
51,297
27,984
327
3,502
1,219
935
2,139
1,514'
584
3,015'
1,893
886
2,833
1,864
497
3,762
2,887
447
3,817
2,139
452
4,664
1,667
691
7,173
2,026
9 Issues for new capital, total
46,530
74,804
72,441
4,045
4,001'
4,685'
4,451
6,047
5,835
5,899
8,916
Use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes
4,547
3,447
10,037
12,729
7,651
8,119
6,482
6,256
14,259
26,635
8,349
12,822
8,099
4,387
13,588
26,910
7,821
11,637
368
126
1,915
831
128
677
352'
336
739
1,134
288
1,152
592'
56
1,279
1,100
79
1,579
475
517
670
1,158
358
1,273
893
403
1,417
1,383
477
1,474
713
655
1,173
1,974
335
985
470
88
306
3,519
746
770
582
391
971
4,513
854
1,605
2
3
4
5
10
11
12
13
14
15
Type of issue
General obligation
U.S. government loansRevenue
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.
1.46
SOURCE. Public Securities Association.
N E W S E C U R I T Y I S S U E S Corporations
Millions of dollars
1984
Type of issue or issuer,
or use
1981
1982
1983
Jan.
1 2
Feb.
Mar.
Apr.
May
June
July
Aug.
1 All issues '
70,441
84,638
98,550
7,690
7,629
5,442
6,047
4,048
7,266
7,565
10,852
2 Bonds
45,092
54,076
46,971
5,647
5,250
3,346
4,262
2,239
5,045
6,233
8,798
Type of offering
3 Public
4 Private placement
38,103
6,989
44,278
9,798
46,971
n.a.
5,647
n.a.
5,250
n.a.
3,346
n.a.
4.262
n.a.
2,239
n.a.
5,045
n.a.
6,233
n.a.
8,798'
n.a.
12,325
5,229
2,052
8,963
4,280
12,243
12,822
5,442
1,491
12,327
2,390
19,604
7,842
5,158
1,038
7,241
3,159
22,531
179
976
10
325
210
3,947
452
626
75
385
0
3,712
68
258
180
521
200
2,119
691
1.0%
69
495
94
1.911
383
221
0
100
0
1,535
1,440
531
225
475
0
2,375
950
865
40
650
31
3,697
2,484
776
183
765
0
4,590'
11 Stocks 3
25,349
30,562
51,579
2,043
2,379
2,096
1.785
1,809
2,221
1,332
2,054
Type
12 Preferred
13 Common
1,797
23,552
5,113
25,449
7,213
44,366
305
1,738
425
1,954
227
1,869
339
1,446
579
1,230
244
1,977
209
1,123
334
1,720
5,074
7,557
779
5,577
1,778
4,584
5,649
7,770
709
7,517
2,227
6,690
14,135
13,112
2,729
5,001
1,822
14,780
427
465
54
225
30
842
299
616
15
45
20
1,384
387
486
105
134
18
966
165
732
62
188
94
544
442
718
84
116
16
433
584
316
1
282
II
1,027
204
382
28
136
0
582
258
558
0
44
123
1,071
5
6
7
8
9
10
14
15
16
17
18
19
Industry group
Manufacturing
Commercial and miscellaneous
Transportation
Public utility
Communication
Real estate and financial
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 1933,
employee stock plans, investment companies other than closed-end, intracorporate transactions, and sales to foreigners.
2. Data for 1983 include only public offerings.
3. Beginning in August 1981, gross stock offerings include new equity volume
from swaps of debt for equity.
SOURCE. Securities and Exchange Commission and the Board of Governors of
the Federal Reserve System.
Securities Market and Corporate Finance
1.47
O P E N - E N D INVESTMENT COMPANIES
A37
Net Sales and Asset Position
Millions of dollars
1984
Item
1982
1983
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
INVESTMENT COMPANIES'
1
2
3
Sales of own shares 2
Redemptions of own shares 3
Net sales
45,675
30,078
15,597
84,793
57,120
27,673
10,274
5,544
4,730
8,233
5,162
3,071
8,857
5,339
3,518
9,549
7,451
2,098
8,657
5,993
2,664
8,397
6,156
2,241
7,550
5,777
1,773
9,024
6,499
2,525
4
5
6
Assets 4
Cash position 5
Other
76,841
6,040
70,801
113,599
8,343
105,256
114,839
8,963
105,876
111,068
9,140
101,928
114,537
10,406
104,131
116,812
10,941
105,871
111,071
10,847
100,224
115,034
11,907
103,127
115,481
11,620
103,861
128,208
12,677
115,531
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.
1.48
5. Also includes all U.S. government securities and other s h o r t - t e r m debt
securities.
NOTE. Investment Company Institute data based on reports of members, which
comprise substantially all o p e n - e n d 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.
1982
Account
1981
1982
1983
1984
1983
Q3
1
Q4
Qi
Q2
Q3
Q4
Qi
Q2
2
3
4
5
6
Corporate profits with inventory valuation and
capital consumption adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
189.9
221.1
81.1
140.0
66.5
73.5
159.1
165.5
60.7
104.8
69.2
35.6
225.2
203.2
75.8
127.4
72.9
54.5
163.3
168.9
61.9
107.0
69.0
38.1
151.6
155.8
55.0
100.8
70.2
30.6
179.1
161.7
59.1
102.6
71.1
31.4
216.7
198.2
74.8
123.4
71.7
51.7
245.0
227.4
84.7
142.6
73.3
69.3
260.0
225.5
84.5
141.1
75.4
65.6
277.4
243.3
92.7
150.6
77.7
72.9
291.1
246.0
95.8
150.2
79.9
70.2
7
8
Inventory valuation
Capital consumption adjustment
-23.6
-7.6
-9.5
3.1
-11.2
33.2
-10.1
4.5
-12.6
8.4
-4.3
21.7
-12.1
30.6
-19.3
36.9
-9.2
43.6
-13.5
47.6
-7.3
52.3
SOURCE. Survey of Current Business
1.49
(Department of Commerce).
NONFINANCIAL CORPORATIONS
Assets and Liabilities
Billions of dollars, except for ratio
1983
Account
1978
1979
1980
1981
1984
1982
Q2
1 Current assets
2
3
4
5
6
Cash
U.S. government securities
Notes and accounts receivable
Inventories
Other
Q3
Q4
QK
Q2
1,043.7
1,214.8
1,327.0
1,418.4
1,432.7
1,468.0
1,522.8
1,557.3
1,600.6
1,630.8
105.5
17.2
388.0
431.8
101.1
118.0
16.7
459.0
505.1
116.0
126.9
18.7
506.8
542.8
131.8
135.5
17.6
532.0
583.7
149.5
147.0
22.8
519.2
578.6
165.2
147.9
28.2
539.3
576.2
176.4
150.5
27.0
565.0
597.3
183.0
165.8
30.6
577.8
599.3
183.7
159.3
35.1
596.9
623.1
186.3
155.5
36.8
612.6
633.3
192.5
7 Current liabilities
669.5
807.3
889.3
970.0
976.8
990.2
1,026.6
1,043.0
1,079.0
1,111.5
8 Notes and accounts payable
9 Other
383.0
286.5
460.8
346.5
513.6
375.7
546.3
423.7
543.0
433.8
536.6
453.6
559.4
467.2
577.9
465.2
584.1
495.0
606.0
505.5
10 Net working capital
374.3
407.5
437.8
448.4
455.9
477.8
496.3
514.3
521.6
519.3
11 MEMO: Current ratio'
1.559
1.505
1.492
1.462
1.467
1.483
1.483
1.493
1.483
1.467
1. Ratio of total current assets to total current liabilities.
NOTE. For a description of this series, see "Working Capital of Nonfinancial
Corporations" in the July 1978 BULLETIN, pp. 533-37.
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. Board of Governors of the Federal Reserve System, Washington, D.C.
20551.
SOURCE. Federal Trade Commission and Bureau of the Census.
A38
1.50
DomesticNonfinancialStatistics • December 1984
TOTAL NONFARM BUSINESS EXPENDITURES on New Plant and Equipment •
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1983
Industry1
1982
1984
1984'
1983
Q1
Q2
Q3
Q4
Q1
Q2
282.71
261.71
261.16
270.05
283.96
293.15
302.70
316.22
318.33
56.44
63.23
51.78
59.75
62.73
67.66
50.74
59.12
48.48
60.31
53.06
58.06
54.85
61.50
58.94
63.84
60.20
67.46
64.82
69.64
66.98
69.69
11.83
13.11
12.03
10.91
11.93
12.43
13.95
12.13
13.24
13.14
3.92
3.77
3.50
5.19
2.91
4.36
3.35
4.09
3.60
3.64
4.10
3.14
4.07
3.57
3.36
4.63
3.32
3.91
4.41
2.77
4.28
5.64
2.98
4.33
5.31
3.19
4.36
5.41
2.70
4.47
33.40
8.55
93.68
Nonmanufacturing
4 Mining
Transportation
5
Railroad
6
Air
Other
7
Public utilities
8
Electric
G a s and o t h e r
9
10 C o m m e r c i a l and o t h e r 2
307.60
4.38
3.93
3.64
Manufacturing
2 D u r a b l e g o o d s industries
3 Nondurable goods industries
269.22
15.45
1 Total n o n f a r m business
34.99
7.00
92.67
34.78
9.55
107.30
33.97
7.64
87.17
34.86
6.62
89.10
35.84
6.38
93.79
35.31
7.37
100.62
35.74
7.87
101.35
35.30
9.30
105.35
34.20
9.86
111.60
33.88
11.15
110.92
A T r a d e and services are n o longer being r e p o r t e d s e p a r a t e l y . T h e y are included
in C o m m e r c i a l and o t h e r , line 10.
1. A n t i c i p a t e d by b u s i n e s s .
1.51
Q4 1
Q3 1
DOMESTIC FINANCE COMPANIES
2. " O t h e r " c o n s i s t s of c o n s t r u c t i o n ; w h o l e s a l e and retail t r a d e ; finance a n d
i n s u r a n c e ; p e r s o n a l and b u s i n e s s s e r v i c e s ; a n d c o m m u n i c a t i o n .
SOURCE. Survey of Current Business ( D e p a r t m e n t of C o m m e r c e ) .
Assets and Liabilities
Billions of dollars, end of period
1983
Account
1978
1979
1980
1981
1984
1982
Q2
Q4
Q3
Q2
Ql
ASSETS
1
2
3
4
5
6
7
8
A c c o u n t s receivable, gross
Consumer
Business
Total
LESS: R e s e r v e s f o r u n e a r n e d i n c o m e and l o s s e s . . . .
A c c o u n t s receivable, net
C a s h and b a n k d e p o s i t s
Securities
All o t h e r
65.7
70.3
136.0
20.0
116.0
73.6
72.3
145.9
23.3
122.6
85.5
80.6
166.1
28.9
137.2
89.5
81.0
170.4
30.5
139.8
91.3
84.9
176.2
30.4
145.8
92.3
86.8
179.0
30.1
148.9
92.8
95.2
188.0
30.6
157.4
96.9
101.1
198.0
31.9
166.1
99.6
104.2
203.8
33.4
170.4
24.9 1
27.5
34.2
39.7
44.3
45.0
45.3
47.1
48.1
122.4
140.9
150.1
171.4
179.5
190.2
193.9
202.7
213.2
218.5
6.5
34.5
8.5
43.3
13.2
43.4
15.4
51.2
18.6
45.8
16.3
49.0
17.0
49.7
19.1
53.6
14.7
58.4
15.3
62.0
8.1
43.6
12.6
17.2
8.2
46.7
14.2
19.9
7.5
52.4
14.3
19.4
9.6
54.8
17.8
22.8
8.7
63.5
18.7
24.2
9.6
64.5
24.0
26.7
8.7
66.2
24.4
27.9
11.3
65.4
27.1
26.2
12.2
68.7
29.8
29.4
15.0
67.6
29.0
29.6
122.4
9 Total assets
52.6
63.3
116.0
15.6
100.4
3.5
1.3
17.3
140.9
150.1
171.4
179.5
190.2
193.9
202.7
213.2
218.5
]
>
J
LIABILITIES
10 B a n k loans
11 C o m m e r c i a l p a p e r
Debt
12
Short-term, n.e.c
13
Long-term, n.e.c
14
Other
15 Capital, surplus, a n d u n d i v i d e d profits
16 Total liabilities and capital
1. Beginning Q1 1979, a s s e t items on lines 6, 7, and 8 are c o m b i n e d .
NOTE. C o m p o n e n t s m a y not a d d to totals d u e to r o u n d i n g .
1.52
DOMESTIC FINANCE COMPANIES
T h e s e d a t a also a p p e a r in the B o a r d ' s G . 2 0 (422) release. F o r a d d r e s s , s e e
inside f r o n t c o v e r .
Business Credit
Millions of dollars, seasonally adjusted except as noted
C h a n g e s in a c c o u n t s
receivable
Type
Extensions
Repayments
1984
1984
1984
Accounts
receivable
outstanding
A u g . 31,
1984 1
June
1 Total
2
3
4
5
Retail a u t o m o t i v e ( c o m m e r c i a l vehicles)
Wholesale a u t o m o t i v e
Retail p a p e r on b u s i n e s s , industrial, a n d f a r m e q u i p m e n t
L o a n s on c o m m e r c i a l a c c o u n t s r e c e i v a b l e and f a c t o r e d c o m mercial a c c o u n t s r e c e i v a b l e
6 All o t h e r b u s i n e s s credit
1. N o t seasonally a d j u s t e d .
July
Aug.
June
July
Aug.
June
July
Aug.
103,012
973
544
3,032
24,412
25,961
30,274
23,439
25,417
27,242
26,234
14,085
30,518
660
-587
634
452
-287
-34
489
2,533
7
2,336
7,542
1,406
2,108
8,042
1,143
2,232
10,803
1,589
1,676
8,129
772
1,656
8,329
1,177
1,743
8,270
1,582
11,028
21,147
-79
345
197
216
107
-104
10,776
2,352
12,036
2,632
13,168
2,482
10,855
2,007
11,839
2,416
13,061
2,586
NOTE. T h e s e d a t a also a p p e a r in t h e B o a r d ' s G . 2 0 (422) r e l e a s e . F o r a d d r e s s ,
see inside f r o n t c o v e r .
Real Estate
1.53
A39
MORTGAGE MARKETS
Millions of dollars; exceptions noted.
1984
Item
1981
1982
1983
Mar.
Apr.
May
June
July
Aug.
Sept.
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
1 F H L B B series 5
8 H U D series 4
90.4
65.3
74.8
27.7
2.67
14.16
94.6
69.8
76.6
27.6
2.95
14.47
92.8
69.6
77.1
26.7
2.40
12.20
94.0
73.4
80.4
27.9
2.52
11.56
92.4
71.1
79.2
28.0
2.63
11.55
93.9
72.8
79.8
27.6
2.63
11.68
93.4
72.5
79.9
28.1
2.58
11.61
98.3
74.6
78.4
28.2
3.07
11.91
94.3 '
71.8 '
78.1 '
28.0
2.82'
11.89
96.3
71.8
77.6
27.6
2.64
12.03
14.74
16.52
15.12
15.79
12.66
13.43
12.02
13.57
12.04
13.77
12.18
14.38
12.10
14.65
12.50
14.53
12.43'
14.24
12.52
13.98
16.31
15.29
15.31
14.68
13.11
12.26
13.68
12.70
13.80
13.01
15.01
13.67
14.91
14.14
14.58
13.86
14.21
13.34
13.99
13.08
83,858
35,049
48,809
84,193
34,938
49,255
84,851
34,844
50,006
820
0
1,145
0
1,142
6,235
annum)
SECONDARY MARKETS
Yield (percent per annum)
9 F H A mortgages ( H U D series) 5 .
10 G N M A securities 6
Activity in secondary markets
F E D E R A L N A T I O N A L MORTGAGE ASSOCIATION
Mortgage holdings (end of
11 Total
12
FHA/VA-insured
13
Conventional
Mortgage transactions
14 Purchases
15 Sales
period)
58,675
39,341
19,334
74,847
37,393
37,454
80,974
35,329
45,645
81,956
35,438
46,518
82,697
35,309
47,388
83,243
35,153
48,090
6,112
2
15,116
2
17,554
3,528
2,030
0
1,775
235
1,379
0
1,209
0
1,2260
9,331
3,717
22,105
7,606
18,607
5,461
1,626
5,333
1,561
5,135
1,233
4,981
1,995
5,640
1,976
6,281
1,227
6,332
5,231
1,065
4,166
5,131
1,027
4,102
5,996
974
5,022
8,980
929
8,050
9,143
924
8,219
9,224
918
8,306
9,478
912
8,566
9.154
906
8,248
9,331
901
8,431
3,800
3,531
(during
66,031
39,718
26,312
23,673
24,170
23,089
19,686
1,291
863
983
717
987
829
2,204
1,854
1,288
1,573
1,821
1,570
6,896
3,518
28,179
7,549
32,852
16,964
1,874
17,514
1,701
18,183
1,966
19,139
2,712
19,649
3,929
22,311
3,130
23,639
period)
Mortgage
commitments1
16 Contracted (during period)
17 Outstanding (end of period)
FEDERAL H O M E L O A N MORTGAGE CORPORATION
Mortgage holdings
18 Total
19
FHA/VA
20
Conventional
(end of
Mortgage transactions
21 Purchases
22 Sales
periodfl
(during
period)
n a
9
Mortgage
commitments
23 Contracted (during period)
24 Outstanding (end of period)
1. Weighted averages based on sample surveys of mortgages originated by
major institutional lender groups; compiled by the Federal H o m e Loan Bank
Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and " p o i n t s " 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; 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 F H A / V A mortgages carrying the
prevailing ceiling rate. Monthly figures are unweighted averages of Monday
quotations for the month.
7. Includes some multifamily and nonprofit hospital loan commitments in
addition to 1- to 4-family loan commitments accepted in F N M A ' s free market
auction system, and through the F N M A - G N M A tandem plans.
8. Includes participation as well as whole loans.
9. Includes conventional and government-underwritten loans. F H L M C ' s mortgage commitments and mortgage transactions include activity under mortgage/
securities swap programs, while the corresponding data for F N M A exclude swap
activity.
A40
1.54
DomesticNonfinancialStatistics • December 1984
MORTGAGE DEBT OUTSTANDING
Millions of dollars, end of period
1983
Type of holder, and type of property
1982
1981
Q4
Q3
1
2
3
4
5
All holders
1- to 4-family
Multifamily
Commercial
Farm
6 Major financial institutions
7
Commercial banks'
8
1- to 4-family
9
Multifamily
10
Commercial
11
Farm
1984
1983
Ql
Q2
1,583,264
1,065,294
136,354
279,889
101.727
1,655,036
1,105,717
140,551
302,055
106,713
1,826,395
1,214,592
150,949
351,287
109,567
1,775,117
1,182,356
147,052
336,697
109,012
1,826,395
1,214,592
150,949
351,287
109,567
1,869,442
1,244,157
154,338
360,888
110,059
1,927,668
1,281,922
159,494
375,275
110,977
1,040,827
284.536
170,013
15,132
91,026
8,365
1,023,611
300,203
173,157
16,421
102,219
8,406
1,109,963
328,878
181,672
18,023
119,843
9,340
1,079,605
320,299
178,054
17,424
115,692
9,129
1,109,963
328,878
181,672
18,023
119,843
9,340
1,136,168
338,877
184,925
19,689
124,571
9,692
1,180,558
351,246
190,727
20,548
129,961
10,010
99,997
68,187
15,960
15,810
40
97,805
66,777
15,305
15,694
29
136,054
96,569
17,785
21,671
29
129,645
92,467
17,588
19,562
28
136,054
96,569
17,785
21,671
29
143,180
101,868
18,441
22,841
30
Q3
148,756
105,985
18,928
23,813
30
12
13
14
15
16
Mutual savings banks
1- to 4-family
Multifamily
Commercial
Farm
17
18
19
20
Savings and loan associations
1- to 4-family
Multifamily
Commercial
518,547
433,142
37,699
47,706
483,614
393,323
38,979
51,312
493,432
389,811
42,435
61,186
482,305
381,744
41,334
59,227
493,432
389,811
42,435
61,186
502,143
395,940
43,435
62,768
526,838
413,831
45,308
67,699
21
22
23
24
25
Life insurance companies
1- to 4-family
Multifamily
Commercial
Farm
137,747
17,201
19,283
88,163
13,100
141.989
16,751
18,856
93,547
12.835
151,599
15,385
19,189
104,279
12,746
147,356
15,534
18,857
100.209
12,756
151,599
15,385
19,189
104,279
12,746
151,968
14,971
19,153
105,270
12,574
153,718
14,982
19,312
106,774
12,650
126,094
4,765
693
4,072
138.138
4,227
676
3.551
147,370
3,395
630
2,765
142,224
3.475
639
2,836
147,370
3,395
630
2,765
150,784
2,900
618
2,282
152,687
2,715
605
2,110
26 Federal and related agencies
27
Government National Mortgage Association
28
1- to 4-family
29
Multifamily
30
31
32
33
34
Farmers H o m e Administration
1- to 4-family
Multifamily
Commercial
Farm
2,235
914
473
506
342
1,786
783
218
377
408
2,141
1,159
173
409
400
600
211
32
113
244
2,141
1,159
173
409
400
2,094
1,005
303
319
467
1,344
281
463
81
519
35
36
37
Federal Housing and Veterans
Administration
1- to 4-family
Multifamily
5,999
2,289
3,710
5.228
1.980
3,248
4,894
1,893
3,001
5,050
2,061
2,989
4,894
1,893
3,001
4,832
1,956
2,876
4,771
1,846
2,925
38
39
40
Federal National Mortgage Association
1- to 4-family
Multifamily
61,412
55,986
5,426
71,814
66,500
5,314
78,256
73,045
5,211
75,174
69,938
5,236
78,256
73,045
5,211
80,975
75,770
5,205
83,243
77,633
5,610
41
42
43
Federal Land Banks
1- to 4-family
Farm
46,446
2,788
43.658
50,350
3,068
47,282
51,052
3,000
48,052
51,069
3,008
48,061
51,052
3,000
48,052
51,004
2,982
48,022
51,136
2,958
48,178
44
45
46
Federal Home Loan Mortgage Corporation
1- to 4-family
Multifamily
5,237
5,181
56
4.733
4,686
47
7,632
7,559
73
6,856
6,799
57
7,632
7,559
73
8,979
8,847
132
9,478
8,931
547
163,000
105,790
103,007
2,783
216,654
118.940
115.831
3.109
285,073
159,850
155,801
4,049
272,611
151,597
147,761
3,836
285,073
159,850
155,801
4,049
296,481
166,261
161,943
4,318
305,051
170,893
166,415
4,478
19,853
19,501
352
42.964
42,560
404
57,895
57,273
622
54,152
53.539
613
57,895
57,273
622
59,376
58,776
600
61,267
60,636
631
717
717
14,450
14,450
25,121
25,121
23,819
23,819
25,121
25,121
28,354
28,354
29,256
29,256
36,640
18,378
3,426
6.161
8,675
40.300
20,005
4,344
7,011
8.940
42,207
20,404
5,090
7,351
9,362
43,043
21.083
5,042
7.542
9,376
42,207
20,404
5,090
7,351
9,362
42,490
20,573
5,081
7,456
9,380
43,635
21,331
5,081
7,764
9,459
253,343
167.297
27,982
30,517
27,547
276,633
185.170
30,755
31,895
28,813
283,989
185,270
32,533
36,548
29,638
280,677
185,699
31,208
34,352
29,418
283,989
185,270
32,533
36,548
29,638
286,009
185,629
32,823
37,663
29,894
289,372
186,505
33,553
39,183
30,131
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-familv
Multifamily
54
55
Federal National Mortgage Association 3
1- to 4-family
56
57
58
59
60
Farmers Home Administration
1- to 4-family
Multifamily
Commercial
Farm
61 Individual and others 4
62
1- to 4-family 5
63
Multifamily
64
Commercial
65
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. Outstanding balances on F N M A ' s issues of securities backed by pools of
conventional mortgages held in trust. Implemented by F N M A in October 1981.
4. Other holders include mortgage companies, real estate investment trusts,
state and local credit agencies, state and local retirement funds, noninsured
n a.
pension funds, credit unions, and U.S. agencies for which amounts are small or
for which separate data are not readily available.
5. Includes estimate of residential mortgage credit provided by individuals.
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.
Consumer Installment
1.55
Credit
A41
CONSUMER INSTALLMENT CREDIT 1 Total Outstanding, and Net ChangeA
Millions of dollars
1984
Holder, and type of credit
1981
1982
1983
Mar.
Feb.
Jan.
May
Apr.
July
June
Aug.
Amounts outstanding (end of period)
335,691
355,849
396,082
394,922
399,177
402,466
407,671
418,080
427,565
435,367
443,537
By major holder
Commercial banks
Finance companies
Credit unions
Retailers 2
Savings and loans
Gasoline companies
Mutual savings banks
147,622
89,818
45,953
31,348
12,410
4,403
4,137
152,490
98,693
47,253
32,735
15,823
4,063
4,792
171,978
102,862
53,471
35,911
21,615
4,131
6,114
171,934
101,680
53,882
34,505
21,823
4,300
6,798
175,941
101,702
54,851
33,455
22,269
4,025
6,934
177,625
101,619
55,892
33,208
23,071
3,944
7,107
181,022
101,119
56,962
33,327
23,957
3,955
7,329
186,668
102,967
58,517
33,730
24,915
4,020
7,263
191,519
104,460
59,893
34,206
25,837
4,289
7,361
195,265
106,219
61,151
34,022
26,767
4,472
7,471
199,654
106,881
62,679
34,294
27,918
4,452
7,659
By major type of credit
9 Automobile
10
Commercial banks
Indirect paper
11
Direct loans
12
13
Credit unions
14
Finance companies
125,331
58,081
34,375
23,706
21,974
45,275
131,086
59,555
34,755
23,472
22,596
48,935
142,449
67,557
3
143,186
68,747
3
146,047
71,327
3
146,047
71,237
3
147,944
73,016
3
152,225
75,787
3
155,937
78,018
159,649
80,103
3
162,038
81,786
3
25,574
49,318
25,771
48,668
26,234
48.486
26,732
48,078
27,244
47,684
27,988
48,450
28,646
49,273
29,248
50,298
29,979
50,273
15 Revolving
16
Commercial banks
17
Retailers
18
Gasoline companies
64,500
32,880
27,217
4,403
69,998
36,666
29,269
4,063
80,823
44,184
32,508
4,131
78,566
43,118
31,148
4,300
77,671
43,506
30,140
4,025
79,110
45,235
29,931
3,944
80,184
46,149
30,080
3,955
82,436
47,936
30,480
4,020
84,598
49,374
30,935
4,289
85,588
50,358
30,758
4,472
87,788
52,313
31,023
4,452
19 Mobile home
20
Commercial banks
21
Finance companies
22
Savings and loans
Credit unions
23
17,958
10,187
4,494
2,788
489
22,254
9,605
9,003
3,143
503
23,680
9,842
9,365
3,906
567
23,668
9,829
9,345
3,923
571
23,571
9,663
9,324
4,003
581
23,661
9,589
9,333
4,147
592
23,850
9,580
9,361
4,306
603
24,104
9,573
9,434
4,478
619
24,427
9,621
9,528
4,644
634
24,751
9,681
9,612
4,811
647
25,178
9,711
9,786
5,018
663
127,903
46,474
40,049
23,490
4,131
9,622
4,137
132,511
46,664
40,755
24,154
3,466
12,680
4,792
149,130
50,395
44,179
27,330
3,403
17,709
6,114
149,502
50,240
43,667
27,540
3,357
17,900
6,798
151,888
51,445
43,892
28,036
3,315
18,266
6,934
153,648
51,564
44,208
28,568
3,277
18,924
7,107
155,693
52,277
44,074
29,115
3,247
19,651
7,329
159,315
53,372
45,083
29,910
3,250
20,437
7,263
162,603
54,506
45,659
30,613
3,271
21,193
7,361
165,379
55,123
46,309
31,256
3,264
21,956
7,471
168,533
55,844
46,822
32,037
3,271
22,900
7,659
1 Total
7
3
4
5
6
7
8
24 Other
Commercial banks
2.5
26
Finance companies
27
Credit unions
28
Retailers
29
Savings and loans
30
Mutual savings banks
()
(3)
()
(3)
()
(3)
()
(3)
()
(3>
()
(3)
(?)
3
()
()
(3)
()
(3)
Net change (during period) 4
18,217
17,886
40,233
4,469
6,608
5,870
6,408
10,233
7,825
7,106
5,998
607
13,062
1,913
1,103
1,682
-65
-85
4,442
4,504
1,298
651
2,290
-340
251
19,488
4,169
6,218
3,176
5,792
68
1,322
2,029
-66
916
422
364
72
731
4,914
258
712
325
414
-172
156
3,422
-193
1,230
355
813
2
242
4,015
-350
1,529
278
868
2
66
6,065
1,304
1,453
476
979
46
-90
3,835
1,353
962
471
1,069
89
46
3,192
1,402
1,566
-101
847
-40
240
2,631
1,111
844
206
1,124
-51
133
8,495
-3,455
-858
-2,597
914
11,033
4,898
-9
225
-234
622
3,505
11,363
8,002
3
2,106
1,722
3
2,799
2,635
3
326
432
3
2,158
1,766
3
3,689
2,807
3
2,897
1,907
3
3,422
1,852
3
1,777
1,150
3
2,978
329
428
-44
276
-112
660
-766
734
-342
695
187
461
529
750
820
405
222
45 Revolving
46
Commercial banks
47
Retailers
Gasoline companies
48
4.467
3,115
1,417
-65
4,365
3,808
897
-340
10,825
7,518
3,239
68
505
18
414
72
1,273
1,127
318
-172
2,962
2,613
347
2
1,868
1,568
298
2
2,817
2,298
473
46
1,569
1,047
433
89
640
764
-84
-40
1,314
1,159
206
-51
49 Mobile home
Commercial banks
50
51
Finance companies
52
Savings and loans
53
Credit unions
1,049
-186
749
466
20
609
-508
471
633
14
1,426
237
430
763
64
-92
-15
-104
18
9
-127
-112
-93
68
10
285
-85
218
141
10
285
27
110
132
16
302
-50
156
183
13
454
10
258
174
12
462
31
185
230
16
573
4
346
214
9
54 Other
55
Commercial banks
56
Finance companies
57
Credit unions
58
Retailers
59
Savings and loans
60
Mutual savings banks
4,206
1,133
1,280
975
-314
1,217
-85
3,224
372
528
662
-246
1,657
251
16,619
3,731
3,424
3,176
-63
5,029
1,322
1,950
304
82
479
8
346
731
2,662
1,264
463
426
7
346
156
2,298
463
355
558
8
673
242
2,097
653
-118
780
-20
735
66
3,425
1,010
961
745
3
796
-90
2,905
871
566
489
38
895
46
2,582
545
397
800
-17
617
240
2,334
318
543
430
0
910
133
31 Total
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
By major type of credit
39 Automobile
40
Commercial banks
41
Indirect paper
Direct loans
42
43
Credit unions
44
Finance companies
()
(3)
• These data have been revised f r o m July 1979 through February 1984.
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. Not reported after December 1982.
(3)
<>
()
(3)
(3)
()
<)
(3)
(3)
()
(3)
()
(3)
()
(3)
()
4. For 1982 and earlier, net change equals extensions, seasonally adjusted less
liquidations, seasonally adjusted. Beginning 1983, net change equals outstandings,
seasonally adjusted less outstandings of the previous period, 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, not seasonally adjusted, $80.7 billion at the end of
1981, $85.9 billion at the end of 1982, and $96.9 billion at the end of 1983.
These data also appear in the Board's G.19 (421) release. For address, see
inside front cover.
A42
1.56
Domestic Financial Statistics • December 1984
TERMS OF CONSUMER INSTALLMENT CREDIT
Percent unless noted otherwise
1984
Item
1981
1982
1983
Feb.
Apr.
Mar.
May
June
July
Aug.
INTEREST RATES
Commercial banks 1
1
16.54
18.09
17.45
17.78
?
3
4
5
6
Auto finance companies
New car
Used car
16.83
18.65
18.05
18.51
13.92
16.68
15.91
18.73
13.32
16.16
15.45
18.73
16.17
20.00
16.15
20.75
12.58
18.74
14.11
17.59
14.05
17.52
14.06
17.59
14.17
17.60
14.33
17.64
14.68
17.77
15.01
17.99
45.4
35.8
46.0
34.0
45.9
37.9
46.4
39.4
46.7
39.4
47.1
39.5
47.7
39.7
48.2
39.8
48.6
39.8
49.2
39.8
86.1
91.8
85.3
90.3
86.0
92.0
87
91
87
92
88
92
88
92
88
92
88
92
88
93
7,339
4,343
8,178
4,746
8,787
5,033
9,072
5,418
9,139
5,474
9,190
5,547
9,262
5,675
9,311
5,774
9,377
5,763
9,409
5,753
13.53
16.35
15.54
18.71
14.08
16.75
15.72
18.81
OTHER TERMS3
7
8
9
10
11
12
Maturity (months)
New car
Used car
Loan-to-value ratio
New car
Used car
Amount financed (dollars)
N e w car
Used car
1. Data for midmonth of quarter only.
2. Before 1983 the maturity for new car loans was 36 months, and for mobile
home loans was 84 months.
3. At auto finance companies.
NOTE. These data also appear in the B o a r d ' s G.19 (421) release. For address,
see inside front cover.
Flow of Funds
1.57
A43
F U N D S RAISED IN U.S. CREDIT MARKETS
Billions of dollars; half-yearly data are at seasonally adjusted annual rates.
1981
Transaction category, sector
1978
1979
1980
1981
1982
1982
1984
1983
1983
H2
HI
H2
HI
H2
HI
Nonfinancial sectors
369.8
386.0
344.6
380.4
404.1
526.4
368.0
358.1
450.1
448.9
563.8
673.9
53.7
55.1
-1.4
37.4
38.8
-1.4
79.2
79.8
-•6
87.4
87.8
-.5
161.3
162.1
-.9
186.6
186.7
-.1
88.1
88.5
-.4
104.1
105.5
-1.4
218.4
218.8
-.4
222.0
222.1
-.1
151.1
151.2
-.1
173.0
173.2
-.2
5 Private domestic nonfinancial sectors
6
Debt capital instruments
7
Tax-exempt obligations
8
Corporate bonds
9
Mortgages
10
Home mortgages
11
Multifamily residential
12
Commercial
Farm
13
316.2
199.7
28.4
21.1
150.2
112.2
9.2
21.7
7.2
348.6
211.2
30.3
17.3
163.6
120.0
7.8
23.9
11.8
265.4
192.0
30.3
26.7
135.1
96.7
8.8
20.2
9.3
293.1
159.1
22.7
21.8
114.6
76.0
4.3
24.6
9.7
242.8
158.9
53.8
18.7
86.5
52.5
5.5
23.6
5.0
339.8
239.3
56.3
15.7
167.3
108.7
8.4
47.3
2.9
279.9
140.3
24.7
16.8
98.8
62.3
3.8
22.9
9.8
254.0
140.7
43.9
12.0
84.8
53.6
5.1
19.7
6.5
231.7
177.2
63.7
25.3
88.2
51.3
5.8
27.5
3.5
266.9
214.4
62.8
23.0
128.6
83.8
2.8
40.3
1.6
412.7
264.2
49.7
8.4
206.0
133.6
13.9
54.3
4.1
500.9
265.1
35.2
24,0
205.8
139.2
16.8
47.7
2.1
14
15
16
17
18
Other debt instruments
Consumer credit
Bank loans n.e.c
Open market paper
Other
116.5
48.8
37.4
5.2
25.1
137.5
45.4
51.2
11.1
29.7
73.4
6.3
36.7
5.7
24.8
134.0
26.7
54.7
19.2
33.4
83.9
21.0
55.5
-4.1
11.5
100.5
51.3
27.3
-1.2
23.1
139.6
21.9
65.1
24.1
28.6
113.2
20.6
69.0
10.0
13.6
54.6
21.4
42.0
-18.2
9.4
52.5
35.9
13.3
-10.6
13.9
148.5
66.6
41.2
8.3
32.3
235.9
104.3
79.6
27.4
24.6
19
20
21
22
23
24
By borrowing sector
State and local governments
Households
Farm
Nonfarm noncorporate
Corporate
316.2
16.5
172.0
14.6
32.4
80.6
348.6
17.6
179.3
21.4
34.4
96.0
265.4
17.2
122.1
14.4
33.7
78.1
293.1
6.2
127.5
16.3
40.2
102.9
242.8
31.3
94.5
7.6
39.5
70.0
339.8
36.7
175.4
4.3
63.9
59.5
279.9
7.3
113.1
12.2
38.7
108.7
254.0
24.1
94.7
9.6
36.6
89.0
231.7
38.5
94.3
5.6
42.3
51.0
266.9
41.9
134.8
.8
50.1
39.3
412.7
31.6
216.0
7.9
77.6
79.6
500.9
16.6
253.0
-.8
73.5
158.7
25 Foreign net borrowing in United States
26
Bonds
27
Bank loans n.e.c
28
Open market paper
29
U.S. government loans
33.8
4.2
19.1
6.6
3.9
20.2
3.9
2.3
11.2
2.9
27.2
.8
11.5
10.1
4.7
27.2
5.4
3.7
13.9
4.2
15.7
6.7
-6.2
10.7
4.5
18.9
3.8
4.9
6.0
4.3
24.4
7.6
6.2
7.1
3.5
10.2
2.4
-7.6
12.5
3.0
21.2
11.0
-4.7
9.0
6.0
15.3
4.6
11.3
-4.6
3.9
22.5
2.9
-1.5
16.5
4.6
22.1
2.0
-5.8
20.1
5.9
403.6
406.2
371.8
407.6
419.8
545.3
392.4
368.3
471.4
504.2
586.3
696.0
1 Total net borrowing by domestic nonfinancial sectors . . . .
By sector and
instrument
2 U.S. government
Treasury securities
3
4
Agency issues and mortgages
30 Total domestic plus foreign
Financial sectors
31 Total net borrowing by financial sectors
By instrument
32 U.S. government related
Sponsored credit agency securities
33
34
Mortgage pool securities
35
36 Private financial sectors
37
Corporate bonds
Mortgages
38
39
Bank loans n.e.c
40
Open market paper
41
Loans from Federal H o m e Loan Banks
By sector
42 Sponsored credit agencies
43 Mortgage pools
44 Private financial sectors
45
Commercial banks
46
Bank affiliates
47
Savings and loan associations
48
Finance companies
49
REITs
74.1
82.4
62.9
84.1
69.0
90.7
83.9
84.2
53.8
74.0
107.3
116.3
37.1
23.1
13.6
.4
37.0
7.5
.1
2.3
14.6
12.5
47.9
24.3
23.1
.6
34.5
7.8
47.4
30.5
15.0
1.9
36.7
-.8
-.5
.9
20.9
16.2
64.9
14.9
49.5
.4
4.1
2.5
.1
1.9
-1.2
.8
67.8
1.4
66.4
60.0
22.4
36.8
.8
24.2
-2.5
.1
3.2
12.3
11.1
66.2
-4.1
70.3
69.4
6.9
62.5
69.4
31.1
38.3
-16.0
7.6
.1
.6
-14.7
-9.5
7.8
15.2
38.0
18.9
46.9
10.2
*
*
-.2
13.0
-7.0
50.9
33.2
15.3
2.4
33.0
-1.2
-.2
-.1
19.5
15.1
69.7
7.5
62.2
-.5
18.0
9.2
44.8
24.4
19.2
1.2
18.1
7.1
-.1
-.9
4.8
7.1
-2.5
7.2
-12.1
2.2
18.8
-2.0
-4.3
25.3
15.7
23.5
13.6
37.0
1.3
7.2
13.5
17.6
-1.4
24.8
23.1
34.5
1.6
6.5
12.6
16.5
-1.3
25.6
19.2
18.1
.5
6.9
7.4
5.8
-2.2
32.4
15.0
36.7
.4
8.3
15.5
12.8
.2
15.3
49.5
4.1
1.2
1.9
2.5
-.9
.1
1.4
66.4
22.9
.5
8.6
-2.7
17.0
.2
35.6
15.3
33.0
.5
9.7
13.7
9.4
.2
23.2
36.8
24.2
.7
9.7
14.3
-4.1
70.3
7.8
.8
6.1
-10.0
11.4
.2
6.9
62.5
38.0
.2
11.1
4.5
22.7
.2
31.1
38.3
46.9
.1
7.5
62.2
-16.0
1.7
-5.8
-9.3
-1.9
.1
20.0
16.6
10.8
.1
452.5
163.5
43.9
11.8
84.8
20.6
64.6
34.8
28.5
525.1
288.3
63.7
43.8
88.2
21.4
37.9
-23.9
5.9
578.2
288.4
62.8
42.8
128.5
35.9
22.1
-8.0
5.7
693.6
220.5
49.7
30.3
206.0
66.6
41.9
43.6
35.0
812.3
242.5
35.2
36.2
205.7
104.3
69.4
72.8
46.2
83.5
36.8
46.8
38.2
2.8
5.7
52.0
28.9
23.1
18.4
2.5
2.2
-37.4
44.8
-82.3
-84.5
2.9
-.7
*
22.9
17.1
*
*
*
*
All sectors
50 Total net borrowing
51
U.S. government securities
52
State and local obligations
Corporate and foreign bonds
53
54
Mortgages
55
Consumer credit
56
Bank loans n.e.c
57
Open market paper
Other loans
58
477.7
90.5
28.4
32.8
150.2
48.8
58.8
26.4
41.9
488.7
84.8
30.3
29.0
163.5
45.4
52.9
40.3
42.4
434.7
122.9
30.3
34.6
134.9
6.3
47.3
20.6
37.8
491.8
133.0
22.7
26.4
113.9
26.7
59.3
54.0
55.8
488.8
225.9
53.8
27.8
86.5
21.0
51.2
5.4
17.2
635.9
254.4
56.3
36.5
167.2
51.3
32.0
17.8
20.3
476.3
136.7
24.7
23.2
98.5
21.9
71.2
50.7
49.5
External corporate equity funds raised in United States
59 Total new share issues
60
Mutual funds
61
All other
Nonfinancial corporations
62
63
Financial corporations
64
Foreign shares purchased in United States
1.9
-.1
1.9
-.1
2.5
-.5
-3.8
.1
-3.9
-7.8
3.2
.8
22.2
5.2
17.1
12.9
2.1
2.1
-4.1
6.3
-10.4
-11.5
.8
.3
35.3
18.4
16.9
11.4
4.0
1.5
67.8
32.8
34.9
28.3
2.7
4.0
-17.4
5.7
-23.0
-23.8
1.1
-.4
23.3
12.5
10.9
7.0
3.9
-.1
47.2
24.3
22.9
15.8
4.1
3.0
A44
1.58
DomesticNonfinancialStatistics • December 1984
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.
1981
Transaction category, or sector
1978
1979
1980
1981
1982
1982
1983
1984
1983
H2
1 Total funds advanced in credit markets to domestic
nonfinancial sectors
By public agencies and foreign
Total net advances
U.S. government securities
Residential mortgages
F H L B advances to savings and loans
Other loans and securities
2
3
4
5
6
HI
H2
HI
H2
HI
369.8
386.0
344.6
380.4
404.1
526.4
368.0
358.1
450.1
488.9
563.8
673.9
102.3
36.1
25.7
12.5
28.0
75.2
-6.3
35.8
9.2
36.5
97.0
15.7
31.7
7.1
42.4
97.7
17.2
23.5
16.2
40.9
109.1
18.0
61.0
.8
29.3
117.1
27.6
76.1
-7.0
20.5
90.3
12.4
25.5
15.1
37.3
100.8
9.7
47.6
11.1
32.4
117.3
26.2
74.4
-9.5
26.2
119.7
40.5
80.1
-12.1
11.1
114.6
14.6
72.0
-2.0
29.9
121.9
32.0
52.0
15.7
22.2
7
8
9
10
Total advanced, by sector
U.S. government
Sponsored credit agencies
Monetary authorities
Foreign
17.1
40.3
7.0
38.0
19.0
53.0
7.7
-4.6
23.7
45.6
4.5
23.2
24.1
48.2
9.2
16.3
16.0
65.3
9.8
18.1
9.7
69.5
10.9
27.1
19.8
50.1
14.1
6.3
14.8
61.8
3.8
20.4
17.1
68.7
15.7
15.8
9.1
68.2
15.6
26.8
10.3
70.7
6.2
27.4
8.4
72.9
17.2
23.4
11
12
Agency and foreign borrowing not in line 1
Sponsored credit agencies and mortgage pools
Foreign
37.1
33.8
47.9
20.2
44.8
27.2
47.4
27.2
64.9
15.7
67.8
18.9
50.9
24.4
60.0
10.2
69.7
21.2
66.2
15.3
69.4
22.5
69.4
22.1
Private domestic funds
advanced
13 Total net advances
14
U.S. government securities
15
State and local obligations
16
Corporate and foreign bonds
17
Residential mortgages
18
Other mortgages and loans
19
LESS: Federal Home Loan Bank advances
338.4
54.3
28.4
23.4
95.6
149.3
12.5
379.0
91.1
30.3
18.5
91.9
156.3
9.2
319.6
107.2
30.3
19.3
73.7
96.2
7.1
357.3
115.8
22.7
18.8
56.7
159.5
16.2
375.6
207.9
53.8
14.8
-3.2
103.2
.8
495.9
226.9
56.3
14.6
40.9
150.2
-7.0
353.0
124.3
24.7
15.9
40.6
162.7
15.1
327.5
153.7
43.9
-.1
11.0
130.2
11.1
423.8
262.0
63.7
29.6
-17.4
76.3
-9.5
450.8
247.8
62.8
22.9
6.4
98.7
-12.1
541.1
205.9
49.7
6.3
75.5
201.7
-2.0
643.6
210.5
35.2
21.5
103.8
288.2
15.7
Private
financial
intermediation
20 Credit market funds advanced by private financial
institutions
21
Commercial banking
22
Savings institutions
23
Insurance and pension funds
24
Other finance
315.7
128.5
72.3
89.5
25.5
313.9
123.1
56.5
85.9
48.5
281.5
100.6
54.5
94.3
32.1
323.4
102.3
27.8
97.4
96.0
285.6
107.2
31.3
108.8
38.3
377.1
136.1
136.8
99.2
5.0
323.2
112.7
18.4
101.4
90.8
274.4
99.9
25.2
111.4
37.9
296.7
114.5
37.4
106.3
38.6
323.2
121.6
128.9
89.5
-16.8
430.9
150.6
144.6
108.9
26.8
505.6
171.7
155.9
108.5
69.6
25 Sources of funds
26
Private domestic deposits and RPs
27
Credit market borrowing
315.7
142.7
37.0
313.9
137.4
34.5
281.5
169.6
18.1
323.4
211.9
36.7
285.6
174.7
4.1
377.1
203.2
22.9
323.2
217.9
33.0
274.4
147.6
24.2
296.7
201.9
-16.0
323.2
192.7
7.8
430.9
213.7
38.0
505.6
281.0
46.9
28
29
30
31
32
136.1
6.5
6.8
74.9
47.9
142.0
27.6
.4
72.8
41.2
93.9
-21.7
-2.6
83.9
34.2
74.8
-8.7
-1.1
90.4
-5.9
106.7
-26.7
6.1
104.6
22.8
151.0
22.1
-5.3
98.4
35.8
72.3
-9.8
-10.2
101.0
-8.7
102.6
-28.3
-2.0
111.4
21.5
110.8
-25.1
14.1
97.8
24.1
122.8
-14.2
10.1
87.7
39.1
179.2
58.5
-20.8
109.1
32.4
177.7
6.6
5.3
108.1
57.7
Private domestic nonfinancial
investors
33 Direct lending in credit markets
34
U.S. government securities
35
State and local obligations
36
Corporate and foreign bonds
37
Open market paper
38
Other
59.6
33.5
3.6
-6.3
8.3
20.5
99.6
52.5
9.9
-1.4
8.6
30.0
56.1
24.6
7.0
-5.7
-3.1
33.3
70.6
29.3
10.5
-8.1
2.7
36.3
94.2
37.4
34.4
-5.2
-.1
27.8
141.7
88.9
42.6
1.2
3.9
5.0
62.8
24.5
12.5
-10.7
8.2
28.4
77.3
35.3
30.1
-17.7
3.5
26.2
111.0
39.5
38.7
7.3
-3.7
29.3
135.3
95.9
52.7
-1.7
-8.1
-3.4
148.1
82.0
32.6
4.1
15.9
13.5
184.9
132.2
21.9
7.3
1.9
21.6
39 Deposits and currency
40
Currency
41
Checkable deposits
42
Small time and savings accounts
43
Money market fund shares
44
Large time deposits
45
Security RPs
46
Deposits in foreign countries
153.9
9.3
16.2
65.9
6.9
46.3
7.5
2.0
146.8
8.0
18.3
59.3
34.4
18.8
6.6
1.5
181.1
10.3
5.2
82.9
29.2
45.8
6.5
1.1
221.9
9.5
18.0
47.0
107.5
36.9
2.5
.5
181.9
9.7
15.7
138.2
24.7
-7.7
3.8
-2.5
222.4
14.3
21.4
219.1
-44.1
-7.5
14.3
4.8
229.3
11.2
13.3
71.8
110.8
24.6
-2.6
.2
152.1
6.7
1.9
83.2
39.4
21.9
1.1
-2.2
211.7
12.7
29.5
193.1
10.0
-37.3
6.6
-2.9
214.5
14.8
48.0
278.6
-84.0
-61.0
11.0
7.0
230.2
13.8
-5.2
159.7
-4.2
45.9
17.5
2.7
301.2
17.6
27.4
110.0
30.2
92.1
21.3
2.6
47 Total of credit market instruments, deposits and
currency
213.6
246.5
237.2
292.5
276.1
364.1
292.1
229.4
322.7
349.8
378.4
486.1
25.3
93.3
44.6
18.5
82.8
23.0
26.1
88.1
1.5
24.0
90.5
7.6
26.0
76.0
-8.6
21.5
76.0
49.2
23.0
91.6
-3.5
27.4
83.8
-7.9
24.9
70.0
-9.3
23.7
71.7
12.6
19.5
79.6
85.9
17.5
78.6
30.0
1.9
-.1
1.9
4.7
-2.8
-3.8
.1
-3.9
12.9
-16.7
22.2
5.2
17.1
24.9
-2.7
-4.1
6.3
-10.4
20.1
-24.2
35.3
18.4
16.9
39.2
-3.9
67.8
32.8
34.9
58.4
9.4
-17.4
5.7
-23.0
22.6
-40.0
23.3
12.5
10.9
47.2
24.3
22.9
67.3
-20.1
83.5
36.8
46.8
78.2
5.3
52.0
28.9
23.1
38.5
13.5
-37.4
44.8
-82.3
24.3
-61.7
Other sources
Foreign funds
Treasury balances
Insurance and pension reserves
Other, net
48
49
50
Public holdings as percent of total
Private financial intermediation (in percent)
Total foreign funds
MEMO: Corporate equities not included above
51 Total net issues
52
Mutual fund shares
53
Other equities
54 Acquisitions by financial institutions
55 Other net purchases
N O T E S BY L I N E N U M B E R .
1.
2.
6.
11.
13.
18.
26.
27.
29.
30.
31.
Line 1 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 and 12. Also line 20 less line 27 plus line 33. Also
sum of lines 28 and 47 less lines 40 and 46.
Includes farm and commercial mortgages.
Line 39 less lines 40 and 46.
Excludes equity issues and investment company shares. Includes line 19.
Foreign deposits at commercial banks, bank borrowings from foreign
branches, and liabilities of foreign banking agencies to foreign affiliates.
Demand deposits at commercial banks.
Excludes net investment of these reserves in corporate equities.
11.0
12.3
32. Mainly retained earnings and net miscellaneous liabilities.
33. Line 12 less line 20 plus line 27.
34-38. Lines 14-18 less amounts acquired by private finance. Line 38 includes
mortgages.
40. Mainly an offset to line 9.
47. Lines 33 plus 39, or line 13 less line 28 plus 40 and 46.
48. Line 2/line 1.
49. Line 20/line 13.
50. Sum of lines 10 and 29.
51. 53. Includes issues by financial institutions.
NOTE. Full statements for sectors and transaction types in flows and in 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.
Selected Measures
2.10
N O N F I N A N C I A L BUSINESS ACTIVITY
A45
Selected Measures
1967 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted.
1984
1981
Measure
1982
1983
Jan.
Feb.
Mar.
Apr.
May
June
July'
Aug.'
Sept.
1 Industrial production
151.0
138.6
147.6
158.5
160.0
160.8
162.1
162.8
164.4'
165.9
166.1
165.1
Market
groupings
Products, total
Final, total
Consumer goods
Equipment
Intermediate
Materials
150.6
149.5
147.9
151.5
154.4
151.6
141.8
141.5
142.6
139.8
143.3
133.7
149.2
147.1
151.7
140.8
156.6
145.2
159.7
157.5
159.5
154.9
167.8
156.6
160.4
158.0
159.4
156.1
169.0
159.4
161.1
158.6
160.2
156.4
170.2
160.4
162.5
160.2
161.4
158.5
171.0
161.5
163.3
161.1
161.7
160.3
171.6
162.0
165.3'
163.1'
163.0'
163.3'
173.5'
162.9'
167.4
165.2
164.0
166.8
175.6
163.6
167.5
165.6
163.2
168.8
174.9
163.9
167.0
164.9
161.6
169.5
174.7
162.1
150.4
137.6
148.2
159.5
161.4
162.1
163.4
164.2
165.7'
167.4
167.8
166.7
79.4
80.7
71.1
70.1
75.2
75.2
80.1
80.6
80.9
81.9
81.0
82.2
81.5
82.5
81.7
82.7
82.2'
82.9'
82.9
83.1
82.8
83.1
82.1
82.0
2
3
4
5
6
7
Industry
groupings
8 Manufacturing
Capacity utilization (percent) 1
9
Manufacturing
10
Industrial materials industries
11 Construction contracts (1977 = 100)2
12
13
14
15
16
17
18
19
20
21
Nonagricultural employment, total 3
Goods-producing, total
Manufacturing, total
Manufacturing, production-worker
Service-producing
Personal income, total
Wages and salary disbursements
Manufacturing
Disposable personal income 4
Retail sales 5
22
23
111.0
Prices 6
Consumer
Producer finished goods
...
111.0
138.0
150.0
150.0
144.0
145.0
165.0
148.0
152.0
151.0
144.0
138.5
109.4
103.7
98.0
154.4
386.5
349.7
287.5'
372.6
330.6
136.1'
102.2'
96.6'
89.4'
154.7''
410.3'
367.4
285.5
398.0
326.0
137.C
100.4'
95.1'
88.7'
157.1'
435.6'
388.6'
294.7'
427.1
373.0
140.4
104.6
99.0
92.5
160.0
459.9
409.3
314.0
453.0
407.3
141.1
105.4
99.6
93.1
160.7
464.0
411.0
317.1
457.1
403.0
141.4
105.5
100.1
93.6
161.1
466.8
413.3
318.8
459.9
396.9
142.0
106.2
100.4
94.0
161.6
471.2'
418.1
322.0
464.2'
410.8
142.5
106.6
100.6
94.1
162.2
472.8'
419.2'
321.9'
465.3'
413.6
143.1
107.1
100.9
94.3
162.8
477.2'
422.6'
323.1'
469.1'
417.7
143.4
107.5
101.3
94.6
163.1
480.4
424.6
324.4
472.1
410.5
143.7
107.6
101.4
94.8
163.4
483.0
425.5
325.9
475.1
408.1
143.9
107.2
100.8
94.0
164.0
479.0
414.7
272.4
269.8
289.1
280.7
298.4
285.2
305.2
289.5
306.6
290.6
307.3
291.4
308.8
291.2
309.7
291.5
310.7
291.2
311.7
292.6
313.0
291.8
n.a.
n.a.
1. Ratios of indexes of production to indexes of capacity. Based on data from
Federal Reserve, McGraw-Hill Economics Department, Department of Commerce, and other sources.
2. Index of dollar value of total construction contracts, including residential,
nonresidential and heavy engineering, from McGraw-Hill Information Systems
Company, F. W. Dodge Division.
3. Based on data in Employment
and Earnings (U.S. Department of Labor).
Series covers employees only, excluding personnel in the Armed Forces.
4. Based on data in Survey of Current Business (U.S. Department of Commerce).
2.11
LABOR FORCE, EMPLOYMENT, A N D
n.a.
t
5. Based on Bureau of Census data published in Survey of Current
Business.
6. 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.
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.
UNEMPLOYMENT
Thousands of persons; monthly data are seasonally adjusted. Exceptions noted.
1984
Category
1981
1982'
1983'
Feb.
Mar.
Apr.
May
June
July'
Aug.'
Sept.
HOUSEHOLD SURVEY DATA
1 Noninstitutional population 1
172,272
174,450
176,414
177,882
178,033
178,185
178,337
178,501
178,669
178,821
179,005
2 Labor force (including Armed Forces) 1
3
Civilian labor force
Employment
4
Nonagricultural industries 2
5
Agriculture
Unemployment
6
Number
7
Rate (percent of civilian labor force) . . .
8 Not in labor force
110,812
108,670
112,383
110,204
113,749
111,550
114,896
112,693
115,121
112,912
115,461
113,245
116,017
113,803
116,094
113,877
116,167
113,938
115,732
113,494
115,941
113,699
97,030
3,368
96,125
3,401
97,450
3,383
100,496
3,395
100,859
3,281
101,009
3,393
101,899
3,389
102,344
3,403
102,050
3,345
101,744
3,224
101,923
3,315
8,273
7.6
61,460
10,678
9.7
62,067
10,717
9.6
62,665
8,801
7.8
62,986
8,772
•7.8
62,912
8,843
7.8
62,724
8,514
7.5
62,320
8,130
7.1
62,407
8,543
7.5
62,502
8,526
7.5
63,089
8,460
7.4
63,064
91,156
89,566'
90,138'
92,846
93,058
93,449
93,786'
94,135'
94,350
94,532
94,671
20,170
1,132
4,176
5,157
20,551
5,301
20,547
16,024
18,781'
1,128'
3,903'
5,082'
20,457'
5,341'
19,036'
15,837'
18,497'
957'
3,940'
4,958'
20,804'
5,467'
19,665'
15,851'
19,373
978
4,226
5,105
21,418
5,593
20,278
15,875
19,466
978
4,151
5,112
21,493
5,613
20,378
15,873
19,530
984
4,246
5,129
21,568
5,640
20,449
15,903
19,570
995
4,286
5,144
21,658
5,662
20,549
15,922'
19,629'
1,002'
4,343'
5,163'
21,747'
5,676
20,681'
15,894'
19,696
1,007
4,356
5,175
21,811
5,676
20,701
15,928
19,725
1,017
4,344
5,196
21,856
5,682
20,746
15,966
19,601
1,024
4,371
5,175
21,956
5,682
20,829
16,033
ESTABLISHMENT SURVEY DATA
9 Nonagricultural payroll employment 3
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, and members of the Armed Forces. Data are adjusted to the March 1983
benchmark and only seasonally adjusted data are available at this time. Based on
data from Employment and Earnings (U.S. Department of Labor).
A46
2.12
Domestic Nonfinancial Statistics • December 1984
OUTPUT, CAPACITY, A N D CAPACITY
UTILIZATION
Seasonally adjusted
1984
1983
Q4
1983
Q3
Q2'
Ql
1984
Q4
Output (1967 = 100)
1983
Q2
Qi
1984
Q4
Q3
Capacity (percent of 1967 output)
Q2
Ql
Q3
Utilization rate (percent)
1 Total industry
2 Mining
3 Utilities
1S5.S
121.0
178.4
159.8
124.2
179.2
163.1
125.1
183.1
165.7
129.0
282.0
197.3
165.5
212.4
198.4
165.7
213.8
199.7
165.9
215.3
201.1
166.1
216.8
78.8
73.1
84.0
80.5
75.0
83.8
81.7 r
75.4
85.0
82.4
77.7
83.9
4 Manufacturing
5 Primary processing
6 Advanced processing
156.5
156.4
156.1
161.0
160.5
161.7
164.4
162.5
165.2
167.3
162.3
169.9
198.4
195.8
199.7
199.5
196.5
201.1
201.0
197.2
203.0
202.5
198.0
204.9
78.9
79.9
78.2
80.7
81.7
80.3
81.8
82.4 r
81.4
82.6
82.0
82.9
7 Materials
154.3
158.8
162.1
163.2
194.0
194.7
195.9
197.2
79.6
81.6
82.7
82.8
8 Durable goods
9
Metal materials
10 Nondurable goods
11
Textile, paper, and chemical
12
Paper
13
Chemical
150.3
93.8
183.5
193.2
167.4
235.0
157.6
97.3
183.7
193.2
165.8
236.7
162.0
100.3
186.6
195.9
168.5
240.4
163.7
96.0
186.6
196.2
169.7
241.1
196.5
139.6
220.6
232.7
167.7
300.1
197.1
139.1
221.8
234.2
168.5
302.3
198.3
138.5
223.4
236.2
169.5
305.2
199.5
137.9
225.2
238.2
170.5
308.0
76.5
67.2
83.2
83.0
99.8
78.3
79.9
70.0
82.8
82.5
98.4
78.3
81.7'72.4
83.5
82.9'
99.4
78.8'
82.0
69.6
82.9
82.4
99.5
78.3
14 Energy materials
127.8
131.2
132.4
133.1
155.3
155.8
156.4
157.0
82.3
84.2
84.6
84.8
Previous cycle 1
High
Low
Latest cycle 2
High
Low
1983
Sept.
1984
Jan.
Feb.
Mar.
Apr.
May
June'
July
Aug.
Sept.
Capacity utilization rate (percent)
15 Total industry
16 Mining
17 Utilities
88.4
91.8
94.9
71.1
86.0
82.0
87.3
88.5
86.7
69.6
69.6
79.0
78.2
70.8
84.8
80.1
75.4
84.8
80.7
74.9
82.5
80.9
74.7
84.0
81.3
74.3
85.0
81.5
75.4
84.7
82.1
76.6
85.4
82.7
78.1
84.1
82.6
77.5
84.1
81.9
77.4
83.6
18 Manufacturing
87.9
69.0
87.5
68.8
78.4
80.1
80.9
81.0
81.5
81.7
82.2
82.9
82.8
82.1
19
20
93.7
85.5
68.2
69.4
91.4
85.9
66.2
70.0
79.7
77.8
80.6
80.0
82.2
80.4
82.2
80.6
82.2
81.0
82.4
81.2
82.6
81.9
82.4
83.1
81.9
83.2
81.2
82.5
21 Materials
22
Durable goods
23
Metal materials
92.6
91.4
97.8
69.3
63.5
68.0
88.9
88.4
95.4
66.6
59.8
46.2
78.6
75.2
65.5
80.6
78.5
67.3
81.9
80.5
71.1
82.2
80.7
711.5
82.5
81.5
73.0
82.7
81.5
72.2
82.9
82.0
72.1
83.1
82.5
70.8
83.1
82.7
70.4
82.0
81.0
67.6
24
25
Primary processing
Advanced processing . . . .
94.4
67.4
91.7
70.7
82.9
81.9
83.0
83.6
83.2
83.9
83.3
83.2
82.9
82.5
26
27
Nondurable goods
Textile, paper, and
chemical
Paper
Chemical
95.1
99.4
95.5
65.4
72.4
64.2
92.3
97.9
91.3
68.6
86.3
64.0
82.6
99.0
77.8
81.5
99.3
76.7
82.8
99.0
78.6
83.1
96.8
79.5
82.7
98.5
78.9
83.3
99.8
79.0
82.6
99.8
78.4
82.7
101.1
78.4
82.5
98.7
78.4
82.0
98.7
78.0
28
Energy materials
94.5
84.4
88.9
78.5
81.6
84.4
84.1
84.1
84.5
84.3
85.0
85.2
84.9
84.3
1. Monthly high 1973; monthly low 1975.
2. Monthly highs 1978 through 1980; monthly lows 1982.
NOTE. These data also appear in the B o a r d ' s G.3 (402) release. For address, see
inside front cover.
Selected Measures
2.13
INDUSTRIAL PRODUCTION
Indexes and Gross Value
Monthly data are seasonally adjusted
1967
proportion
1984
1983
1983
avg.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June'
July
Aug.P
Index (1967 = 100)
MAJOR MARKET
100.00
147.6
153.8
155.0
155.3
156.2
158.5
160.0
160.8
162.1
162.8
164.4
165.9
166.1
60.71
47.82
27.68
20.14
12.89
39.29
149.2
147.1
151.7
140.8
156.6
145.2
154.9
152.1
157.4
144.9
165.3
152.3
155.6
152.7
156.9
147.0
166.5
154.0
155.8
153.2
156.1
149.1
165.5
154.5
157.4
155.2
157.7
151.8
165.4
154.5
159.7
157.5
159.5
154.9
167.8
156.6
160.4
158.0
159.4
156.1
169.0
159.4
161.1
158.6
160.2
156.4
170.2
160.4
162.5
160.2
161.4
158.5
171.0
161.5
163.3
161.1
161.7
160.3
171.6
162.0
165.3
163.1
163.0
163.3
173.5
162.9
167.4
165.2
164.0
166.8
175.6
163.6
167.5
165.6
163.2
168.8
174.9
163.9
7.89
2.83
2.03
1.90
.80
5.06
1.40
1.33
1.07
2.59
147.5
158.2
134.0
117.4
219.6
141.4
116.4
120.1
178.1
139.9
157.4
172.9
153.1
135.0
223.1
148.7
125.2
129.7
186.3
145.9
156.7
171.3
149.2
129.6
227.4
148.4
129.2
133.3
185.5
143.6
155.9
171.5
149.2
129.4
228.2
147.2
127.0
131.3
182.7
143.4
158.6
178.4
157.8
137.4
230.7
147.5
126.3
130.2
184.0
143.9
163.4
184.5
163.3
140.7
238.4
151.5
136.4
140.0
183.1
146.7
162.5
182.1
162.2
140.4
232.6
151.5
135.1
138.6
178.7
149.1
163.1
184.1
164.1
142.4
234.7
151.3
134.4
138.0
180.2
148.5
162.2
180.9
158.4
134.5
238.0
151.7
136.1
138.8
181.0
148.0
161.4
179.8
155.9
132.9
240.6
151.1
134.0
136.7
179.6
148.6
163.6
184.3
158.7
136.2
249.3
152.0
134.9
138.0
179.4
150.0
163.8
184.9
161.0
138.7
245.8
151.9
133.9
137.4
179.5
150.3
162.6
182.6
159.4
134.3
241.3
151.4
131.9
135.5
180.2
150.1
19.79
4.29
15.50
8.33
7.17
2.63
1.92
2.62
1.45
153.4
157.5
157.1
156.1
157.3
157.9
158.2
159.1
161.1
161.8
162.7
164.1
163.5
163.7
153.5
175.4
231.0
132.7
150.9
173.4
168.0
154.9
183.2
241.5
138.2
157.7
182.8
167.2
156.0
180.3
238.7
137.6
153.0
174.5
165.4
154.5
178.1
232.4
136.6
154.1
175.8
166.0
155.4
178.3
229.9
137.2
156.5
185.2
166.5
156.5
178.2
231.6
138.8
153.4
180.0
166.9
156.8
178.7
231.9
140.3
153.3
172.8
168.0
157.6
180.1
231.3
141.8
156.8
177.7
170.2
160.4
181.6
233.4
144.0
157.1
177.4
171.6
161.0
183.9
235.9
145.6
159.8
181.1
173.2
161.9
186.3
241.5
147.9
159.0
182.4
174.7
163.4
187.9
246.9
151.5
155.3
178.6
174.2
12.63
6.77
1.44
3.85
1.47
153.3
120.4
159.3
107.1
117.1
158.8
125.6
160.8
115.0
118.8
161.3
126.6
166.9
114.6
118.5
164.1
128.6
175.8
114.3
119.4
167.3
130.8
185.3
115.1
118.4
170.7
133.7
185.1
119.7
120.0
171.9
134.6
182.0
120.9
123.8
172.1
134.8
175.2
124.2
122.7
173.5
135.9
173.6
126.2
124.1
176.5
138.5
182.9
127.4
124.1
181.1
140.4
185.8
128.6
126.7
185.2
143.0
190.0
130.1
130.9
188.0
144.5
190.9
131.5
132.9
5.86
3.26
1.93
.67
191.3
273.2
95.2
69.5
196.7
281.2
97.6
71.0
201.3
288.1
100.0
70.9
205.1
292.5
103.2
73.5
209.6
298.9
106.0
73.5
213.3
303.2
73.6
215.1
305.9
110.1
75.7
215.3
306.9
109.2
75.0
217.0
309.6
108.9
78.0
220.5
315.5
109.7
77.1
228.1
326.3
115.1
76.1
233.8
332.2
120.4
82.0
238.4
337.3
125.4
82.6
36 Defense and space
7.51
119.9
121.8
122.9
124.0
125.7
128.3
129.5
130.1
133.2
133.1
133.5
135.9
136.4
Intermediate
products
37 Construction supplies
38 Business supplies
39
Commercial energy products
6.42
6.47
1.14
142.5
170.7
184.3
151.1
179.3
190.2
152.3
180.6
187.0
151.6
179.4
187.6
151.5
179.3
188.0
155.5
180.1
192.1
156.6
181.3
191.6
159.1
181.3
187.0
159.6
182.3
190.0
159.5
183.5
190.8
160.9
186.1
195.3
161.4
189.6
194.9
161.3
188.4
192.2
20.35
4.58
5.44
10.34
5.57
138.6
113.6
176.4
129.9
90.2
147.2
123.1
186.0
137.4
94.5
149.4
124.9
188.3
139.8
98.0
150.3
125.0
192.5
139.3
97.1
151.3
127.9
193.4
139.5
96.9
154.6
131.6
198.2
141.8
97.7
158.6
133.1
204.0
146.0
103.0
159.5
133.0
206.7
146.3
103.0
161.3
133.2
210.9
147.7
105.7
161.6
132.6
210.6
148.6
104.5
163.0
134.7
214.0
148.7
104.1
164.2
135.1
218.8
148.3
103.4
164.9
136.5
220.6
148.2
101.7
10.47
174.5
183.4
185.3
184.8
180.3
181.2
184.1
185.9
185.7
187.4
186.7
186.9
186.7
7.62
1.85
1.62
4.15
1.70
1.14
182.6
116.2
158.2
221.7
167.9
130.5
192.0
123.1
165.4
233.1
179.1
132.6
195.4
124.0
166.3
238.7
175.9
131.9
194.7
121.9
169.8
237.0
176.6
130.6
189.6
121.3
166.0
229.3
173.0
129.5
190.5
119.9
167.0
231.3
173.5
130.5
193.9
119.9
166.8
237.6
173.0
135.2
195.3
120.6
163.5
241.1
176.0
137.7
195.0
118.9
166.7
240.0
175.7
138.6
196.8
121.9
169.2
241.1
176.6
140.5
195.8
119.6
169.5
240.2
176.7
140.5
196.5
118.8
172.1
240.7
176.1
139.1
196.4
120.2
168.3
241.5
175.3
138.6
52 Energy materials
Primary energy
53
54
Converted fuel materials
8.48
4.65
3.82
124.8
114.7
137.0
126.4
112.8
142.8
126.3
114.1
141.2
127.1
115.5
141.1
130.0
117.6
145.1
131.3
119.3
145.8
131.0
121.3
142.8
131.3
119.6
145.4
132.1
119.5
147.3
131.9
119.8
146.5
133.2
120.1
149.0
133.5
122.3
147.2
133.2
122.4
146.4
Supplementary
groups
55 Home goods and clothing
56 Energy, total
57
Products
58
Materials
9.35
12.23
3.76
8.48
129.9
135.9
161.0
124.8
135.2
139.0
167.5
126.4
135.5
137.7
163.3
126.3
135.9
138.5
164.3
127.1
137.6
141.1
166.0
130.0
140.1
141.6
165.1
131.3
140.3
141.4
164.9
131.0
140.1
141.9
166.0
131.3
141.0
142.8
167.1
132.1
139.8
143.3
169.2
131.9
139.6
144.5
170.0
133.2
139.8
143.9
167.3
133.5
139.3
143.7
167.5
133.2
1 Total index
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 TV
15
Appliances and TV
16
Carpeting and furniture
17
Miscellaneous home goods
18 Nondurable consumer goods
19
20
Consumer staples
71
22
23
24
25
26
Nonfood staples
Consumer chemical products . . . .
Consumer paper products
Consumer energy products
Equipment
27 Business
28
Industrial
29
Building and mining
30
Manufacturing
Power
31
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
NOTE. These data also appear in the Board's G.12.3 (414) release. For address
see inside front cover.
110.1
187.7
244.9
151.8
156.7
A47
A48
2.13
Domestic Nonfinancial Statistics • December 1984
INDUSTRIAL PRODUCTION Indexes and Gross Value—Continued
Grouping
SIC
code
1967
proportion
1983
1983
avg.
Sept.
Oct.
1984
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June'
July
Aug.?
Sept. f
Index (1967 = 100)
MAJOR INDUSTRY
1 Mining and utilities
2
Mining
3
Utilities
4
Electric
5 Manufacturing
6
Nondurable
7
Durable
12.05
6.36
5.69
3.88
87.95
35.97
51.98
142.9
116.6
172.4
196.0
148.2
168.1
134.5
146.5
117.1
179.3
204.5
155.1
174.6
141.6
145.8
118.3
176.5
200.7
156.2
175.6
142.8
147.2
121.1
176.3
200.2
156.4
174.8
143.6
151.5
123.7
182.5
208.0
156.8
173.9
145.0
151.4
124.8
181.0
206.8
159.5
175.2
148.6
148.9
124.1
176.5
200.0
161.4
177.2
150.5
150.4
123.8
180.0
204.6
162.1
177.6
151.4
151.3
123.3
182.7
207.7
163.4
179.1
152.6
152.1
125.0
182.3
206.8
164.2
179.9
153.3
154.1
127.0
184.3
209.6
165.7
181.3
154.9
154.3
129.6
181.9
205.9
167.4
182.4
157.0
154.0
128.7
182.3
206.3
167.8
182.2
157.8
153.7
128.7
181.7
205.5
166.7
181.5
156.5
10
11.12
13
14
.51
.69
4.40
.75
80.9
136.3
116.6
122.8
78.7
140.5
116.3
126.5
81.0
142.7
117.3
127.4
84.6
144.8
119.8
132.2
82.3
145.2
123.4
133.9
89.4
151.5
123.1
134.8
97.4
163.2
119.6
133.0
100.0
164.0
118.2
135.8
98.5
151.4
118.8
140.4
98.0
153.9
120.4
144.0
96.8
161.5
121.6
147.9
96.4
176.5
122.4
151.9
90.9
171.7
122.5
151.7
174.3
122.3
8
9
10
11
Mining
Metal
Coal
Oil and gas extraction
Stone and earth minerals
12
13
14
15
16
Nondurable
manufactures
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
20
21
22
23
26
8.75
.67
2.68
3.31
3.21
156.4
112.1
140.8
158.2
112.7
148.7
157.6
109.1
148.7
157.1
109.5
145.8
157.7
112.3
145.0
159.4
116.4
143.9
160.0
110.9
142.3
161.2
111.8
143.5
163.1
113.3
140.0
164.2
112.8
140.5
165.1
118.3
140.7
166.1
117.1
139.8
140.5
164.3
170.4
171.5
172.1
170.1
172.3
176.6
173.8
172.4
174.1
174.6
176.3
174.4
174.5
17
18
19
20
21
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastic products
Leather and products
27
28
29
30
31
4.72
7.74
1.79
2.24
.86
152.5
215.0
120.3
291.9
61.9
161.7
224.1
125.1
310.9
64.2
162.7
228.4
123.6
310.8
64.0
162.0
225.6
125.4
309.1
63.2
161.7
221.1
114.4
314.4
66.0
163.4
221.5
118.8
317.2
61.4
164.8
224.8
127.6
318.5
63.9
165.2
225.0
127.0
323.8
63.9
166.3
228.3
126.8
328.0
63.5
167.5
227.9
127.9
334.1
61.4
169.0
231.0
127.5
341.0
60.0
173.6
233.0
124.7
341.4
60.6
174.2
233.6
125.0
340.9
62.3
175.4
22
23
24
25
Durable
manufactures
Ordnance, private and government
Lumber and products
Furniture and fixtures
Clay, glass, stone products
19.91
24
25
32
3.64
1.64
1.37
2.74
95.4
137.2
170.5
143.4
98.0
142.3
180.7
151.7
98.8
141.7
181.0
151.9
99.3
141.0
177.5
152.7
99.8
143.8
177.9
153.8
99.7
146.0
183.8
157.8
99.6
145.6
185.6
160.4
100.6
149.3
184.6
160.2
101.4
151.2
186.6
160.0
100.8
146.3
190.5
160.6
101.7
148.5
191.9
159.7
101.7
146.0
192.6
160.9
105.5
148.5
195.1
160.2
26
27
28
29
30
Primary metals
Iron and steel
Fabricated metal products
Nonelectrical machinery
Electrical machinery
33
331.2
34
35
36
6.57
4.21
5.93
9.15
8.05
85.4
71.5
120.2
150.6
185.5
90.6
78.2
127.4
158.3
195.8
95.3
84.3
26.9
159.2
198.4
92.2
79.2
128.5
161.8
200.1
90.4
74.1
129.2
164.3
201.5
93.2
80.7
131.7
169.5
206.2
98.4
86.0
132.8
170.9
209.9
97.5
84.4
134.9
171.9
212.0
99.3
84.0
135.5
174.9
214.6
98.2
83.5
136.5
178.8
214.5
97.9
83.5
138.7
182.0
216.0
94.5
76.5
140.6
186.1
221.5
92.6
75.3
140.0
189.5
222.4
138.7
188.0
223.5
37
371
9.27
4.50
117.8
137.1
124.7
150.9
125.5
150.9
127.3
152.9
130.8
158.9
134.9
166.3
135.2
164.4
135.8
165.8
134.5
161.9
135.0
163.0
137.2
165.3
140.6
169.0
141.0
170.3
136.7
160.3
372-9
38
39
4.77
2.11
1.51
99.6
158.7
146.2
100.0
163.6
151.7
101.6
163.0
149.1
103.2
163.0
148.9
104.3
164.6
149.3
105.3
167.8
151.1
107.7
168.6
152.0
107.5
169.7
152.3
108.8
171.0
152.1
108.6
171.8
151.5
110.8
174.5
150.8
113.8
177.1
152.4
113.3
177.3
149.1
114.5
178.0
148.2
31 Transportation equipment
32
Motor vehicles and parts
33
Aerospace and miscellaneous
transportation e q u i p m e n t . .
34 Instruments
35 Miscellaneous manufactures
123.8
106.6
89.5
Gross value (billions of 1972 dollars, annual rates)
MAJOR MARKET
36 Products, total
507.4
612.6
637.0
637.8
638.4
645.4
655.1
656.9
661.8
661.1
665.9
671.5
678.1
680.7
675.3
37 Final
38
Consumer
39
Equipment
40 Intermediate.
390.9
277.5
113.4
116.6
472.6
328.7
144.0
140.0
489.9
341.6
148.4
147.1
490.7
340.2
150.5
147.1
490.8
338.3
152.5
147.6
497.8
341.9
155.9
147.6
505.3
345.3
160.0
149.8
505.0
345.3
159.7
151.9
509.6
347.7
161.9
152.2
509.0
347.8
161.2
152.2
514.0
349.5
164.4
151.9
518.1
350.9
167.2
153.4
522.4
350.0
172.4
155.7
524.8
349.9
175.0
155.9
520.5
345.3
175.2
154.8
1. 1972 dollar value.
NOTE. These data also appear in the Board's G. 12.3 (414) release. For address,
see inside front cover.
Selected Measures
2.14
A49
HOUSING A N D CONSTRUCTION
Monthly figures are at seasonally adjusted annual rates except as noted.
1984
1983
Item
1981
1982
1983
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July'
Aug.'
Sept.
Private residential real estate activity (thousands of units)
NEW
UNITS
Permits authorized
2
1-famil y
3
2-or-more-famil y
986
564
421
1,001
546
454
1,605
902
703
1,602
913
689
1,799
989
810
1,902
1,083
819
1,727
974
753
1,758
957
801
1,745
913
832
1,768
916
852
1,565
823
742
1,506
803
703
1,424
834
590
Started
1-famil y
2-or-more-famil y
1,084
705
379
1,062
663
400
1,703
1,068
636
1,694
1,021
673
1,980
1,301
679
2,262
1,463
799
1,662
1,071
591
2,015
1,196
819
1,794
1,131
663
1,877
1,084
793
1,754
990
764
1,539
932
607
1,676
1,009
667
682
382
301
720
400
320
1,003
524
479
1,020
542
478
1,032
552
480
1,033
557
477
1,065
571
494
1,091
582
509
1,094
589
506
1,101'
589'
512'
1,106
586
519
1,096
577
520
1,266
818
447
1,006
631
374
1,391
924
466
1,489
986
503
1,606
1,014
592
1,565
1,034
531
1,590
1,031
559
1,654
974
680
1,756
1,081
675
1,739'
1,051'
688'
1,720
1,075
645
1,681
1,030
651
241
240
295
310
314
293
287
287
295
301'
301
303
436
278
413
255
622
303
755
300
681
302
712
303
682
320
649
328
616
333
635'
339'
611
342
557
346
1
4
5
6
7 Under construction, end of period 1
8
1-famil v
9
2-or-more-famil y
10 Completed
11
1-famil y
12
2-or-more-famil y
13 Mobile homes shipped
Merchant builder activity in I-family
14 Number sold
15 Number for sale, end of period 1
Price (thousands
Median
Units sold
Average
17
Units sold
of
n a.
units
679
345
dollars)2
16
68.8
69.3
75.5
75.9
76.2
79.2
78.4
79.6
81.4
80.5'
80.9
79.7
80.0
83.1
83.8
89.9
91.7
92.2
94.4
97.7
96.2
101.9
98.8'
97.5
95.4
101.0
2,418
1,991
2,719
2,850
2,890
2,910
3,020
3,090
3,060
2,960'
2,770
2,700
2,670
66.1
78.0
67.7
80.4
69.8
82.5
69.9
82.9
71.3
84.8
71.8
84.9
72.2
85.1
72.5
86.1
73.1
86.2
73.8'
87.7'
74.5
88.2
73.7
87.8
72.6
86.1
EXISTING UNITS ( 1 - f a m i l y )
18 Number sold
Price of units sold (thousands
19 Median
20 Average
of
dollars)2
Value of new construction 3 (millions of dollars)
CONSTRUCTION
21 Total put in place
239,112 230,068
262,167
263,867
22 Private
23
Residential
24
Nonresidential, total
Buildings
25
Industrial
26
Commercial
27
Other
28
Public utilities and other
185,761 179,090
86,564 74,808
99,197 104,282
211,369
111,727
99,642
213,272 229,972
109,706 121,931
103,566 108,041
29 Public
30
Military
31
Highway
32
Conservation and development
33
Other
300,355 309,744 308,596' 316,398 315,279
310,978
311,945
315,287
248,104 254,958 254,057' 261,182
137,403 141,087 136,577' 138,401
110,701 113,871 117,480' 122,781
257,789
136,418
121,371
254,778
135,288
119,490
255,334
133,986
121,348
257,794
132,815
124,979
17,031
34,243
9,543
38,380
17,346
37,281
10,507
39,148
12,863
35,787
11,660
39,332
12,208
37,364
11,854
42,140
12,872
41,057
12,742
41,370
13,969
42,076
12,999
41,657
14,363
45,280
13,190
41,038
13,633'
47,353'
13.271'
43,223'
15,170
49,719
13,821
44,071
14,065
48,947
13,327
45,032
13,585
48,259
12,861
44,785
14,958
49,664
12,037
44,689
15,557
52,648
12,708
44,066
53,346
1,966
13,599
5,300
32,481
50,977
2,205
13,428
5,029
30,315
50,798
2,544
14,225
4,822
29,207
50,596
2,898
14,666
4,984
28,048
50,925
2,608
14,240
4,319
29,758
52,251
2,474
14,993
4,608
30,176
54,786
2,872
16,205
4,531
31,178
54,539'
2,827'
16,781'
4,518'
30,413'
55,216
2,649
16,949
4,356
31,262
57,490
2,703
16,824
4,492
33,471
56,200
2,429
17,161
4,537
32,073
56,612
2,649
17,151
4,558
32,254
57,494
2,700
17,709
4,923
32,162
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 because of 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.
280,897
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.
A50
2.15
Domestic Nonfinancial Statistics • December 1984
C O N S U M E R A N D PRODUCER PRICES
Percentage changes based on seasonally adjusted data, except as noted
Change from 12
months earlier
Change from 3 months earlier
(at annual rate)
Item
1984
1983
1983
Sept.
Change from 1 month earlier
1984
1984
Sept.
Dec.
Mar.
June
Index
level
Sept.
1984
(1967
= 100)1
Sept.
May' -
June'
July
Aug.
Sept.
CONSUMER PRICES2
1 All items
2.9
4.2
4.0
5.0
3.3
4.5
.2
.2
.3
.5
.4
314.5
Food
3 Energy items
4 All items less food and energy
5
Commodities
6
Services
1.7
1.2
3.5
5.2
2.2
4.0
-.1
5.1
4.0
5.7
4.3
-1.7
4.9
4.6
5.3
9.0
-1.4
5.1
3.4
5.9
-.7
.8
4.7
3.7
5.3
3.4
1.7
5.4
4.0
6.2
-.3
.2
.3
.1
.4
.4
.3
-.3
.4
.2
.6
.6
.1
.5
.4
.5
-.1
.6
.4
.5
.4
304.2
429.0
304.9
256.0
361.0
1.4
1.2
-5.7
3.0
2.3
1.6
4.0
-7.4
2.5
2.7
1.1
5.8
-10.4
1.5
1.8
5.7
16.9
-8.1
4.5
3.8
.0
-8.5
9.6
1.3
2.8
.0
3.3
-18.3
2.5
2.5
-.1
-1.1
1.5
.0
-.1
.1
-.4
.3
.2
.2
.3
1.4
-1.7
.2
.2
-.1
-.1
-2.5
.4
.3
-.2
-.4
-.8
.0
.0
289.8
273.4
737.1
244.8
292.9
1.1
2.2
1.9
2.6
2.5
4.1
2.9
3.8
3.4
1.9
-1.1
.5
.3
.1
.5
.3
.0
-.1
.1
.0
.0
325.7
304.2
5.9
-2.6
12.0
-1.6
.2
1.1
12.1
-2.3
2.4
12.5
-1.6
-9.7
-21.3
4.2
30.6
-5.4
.8
-13.4
-2.8
.4
2.8
-2.0
.2
1.0
.4
.3
-1.6
-1.8
.7
-3.1
.0
-.8
1.2
253.1
789.7
264.1
2
i
-.7
.3
.1
PRODUCER PRICES
7 Finished goods
8
Consumer foods
9
Consumer energy
Other consumer goods
10
Capital equipment
11
12 Intermediate materials'
13
Excluding energy
14
15
16
Crude materials
Foods
Energy
Other
1. Not seasonally adjusted.
2. Figures for consumer prices are those for all urban consumers and reflect a
rental equivalence measure of homeownership after 1982.
-.1
3. Excludes intermediate materials for food manufacturing and manufactured
animal feeds.
SOURCE. Bureau of Labor Statistics.
Selected Measures
2.16
A51
GROSS N A T I O N A L PRODUCT A N D INCOME
Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates.
1983
Account
1981
1982
1984
1983
Q3
Q4
Q3
Q2
QL
GROSS N A T I O N A L P R O D U C T
1
Total
2,957.8
3,069.2
3,304.8
3,346.6
3,431.7
3,553.3
3,644.7
3,701.2
2
3
4
5
By source
Personal consumption expenditures
Durable goods
Nondurable goods
Services
1,849.1
235.4
730.7
883.0
1,984.9
245.1
757.5
982.2
2,155.9
279.8
801.7
1,074.4
2,181.4
284.1
811.7
1,085.7
2,230.2
299.8
823.0
1,107.5
2,276.5
310.9
841.3
1,124.4
2,332.7
320.7
858.3
1,153.7
2,359.3
317.3
863.3
1,178.7
484.2
458.1
353.9
135.3
218.6
104.2
99.8
414.8
441.0
349.6
142.1
207.5
91.4
86.6
471.6
485.1
352.9
129.7
223.2
132.2
127.6
491.9
496.2
353.9
126.2
227.8
142.3
137.7
540.0
527.3
383.9
136.6
247.3
143.4
138.7
623.8
550.0
398.8
142.2
256.7
151.2
146.4
627.0
576.4
420.8
150.0
270.7
155.6
150.5
660.5
588.1
431.5
151.6
279.9
156.6
151.3
26.0
18.2
-26.1
-24.0
-13.5
-3.1
-4.3
11.6
12.7
14.1
73.8
60.6
50.6
47.0
72.4
63.2
6
7
8
9
10
11
12
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential structures
Nonfarm
13
14
Change in business inventories
Nonfarm
15
16
17
Net exports of goods and services
Exports
Imports
28.0
369.9
341.9
19.0
348.4
329.4
-8.3
336.2
344.4
-16.4
342.0
358.4
-29.8
346.1
375.9
-51.5
358.9
410.4
-58.7
362.4
421.1
-85.5
375.5
461.0
18
19
20
Government purchases of goods and services
Federal
State and local
596.5
228.9
367.6
650.5
258.9
391.5
685.5
269.7
415.8
689.8
269.2
420.6
691.4
266.3
425.1
704.4
267.6
436.8
743.7
296.4
447.4
766.9
307.7
459.2
2,931.7
1,294.8
530.4
764.3
1,373.0
289.9
3,095.4
1,276.7
499.9
776.9
1,510.8
281.7
3,318.3
1,355.7
555.3
800.4
1,639.3
309.8
3,350.9
1,373.1
576.9
796.2
1,654.5
319.0
3,419.0
1,423.9
607.4
816.5
1.681.3
326.5
3,479.5
1,498.0
632.3
865.7
1,713.7
341.6
3,594.1
1,544.8
647.9
896.9
1,742.6
357.2
3,628.8
1,557.1
657.4
899.7
1,780.5
363.5
26.0
7.3
18.8
-26.1
-18.0
-8.1
-13.5
-2.1
-11.3
-4.3
12.5
-16.8
12.7
14.5
-1.7
73.8
34.9
38.9
50.6
18.2
32.4
72.4
39.9
32.5
1,512.2
1,480.0
1,534.7
1,550.2
1,572.7
1,610.9
1,638.8
1,649.6
By major type of
?\ Final sales, total
V
Goods
?3
Durable
24
Nondurable
25
Services
26
Structures
27
28
29
product
Change in business inventories
Durable goods
Nondurable goods
3 0 MEMO: T o t a l G N P in 1972 d o l l a r s
NATIONAL INCOME
31
Total
2,363.8
2,446.8
2,646.7
2,684.4
2,766.5
2,873.5
2,944.8
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
1,765.4
1,493.2
284.6
1,208.6
272.2
132.3
140.0
1,864.2
1,568.7
306.6
1,262.2
295.5
140.0
155.5
1,984.9
1,658.8
328.2
1,331.1
326.2
153.1
173.1
2,000.7
1,670.8
330.6
1,340.3
329.9
153.9
175.9
2,055.4
1,715.4
335.0
1,380.4
340.0
157.9
182.1
2,113.4
1,755.9
342.9
1,413.0
357.4
169.4
188.1
2,159.2
1,793.3
347.5
1,445.8
365.9
172.4
193.5
2,191.2
1,818.4
351.9
1,466.5
372.8
174.7
198.1
39
40
41
Proprietors' income 1
Business and professional 1
Farm 1
125.1
93.6
31.5
111.1
89.2
21.8
121.7
107.9
13.8
123.3
112.1
11.2
131.9
114.6
17.3
154.9
122.5
32.5
149.8
126.3
23.4
155.9
127.5
28.4
42
Rental income of persons 2
n.a.
42.3
51.5
58.3
56.2
60.4
61.0
62.0
43
44
45
Corporate profits'
Profits before tax 3
Inventory valuation adjustment
46
Capital consumption adjustment
189.9
221.2
-23.6
-7.6
159.1
165.5
-9.5
3.1
225.2
203.2
-11.2
33.2
245.0
227.4
-19.3
36.9
260.0
225.5
-9.2
43.6
277.4
243.3
-13.5
47.6
291.1
246.0
-7.3
52.3
n.a.
n.a.
47 Net interest
241.0
260.9
256.6
259.2
258.9
266.8
282.8
292.5
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
3. For a f t e r - t a x profits, dividends, and the like, see table 1.48.
SOURCE. Survey of Current Business
(Department of Commerce).
63.0
-.5
58.9
A52
2.17
Domestic Nonfinancial Statistics • December 1984
PERSONAL INCOME A N D SAVING
Billions of current dollars; quarterly data are at seasonally adjusted annual rates. Exceptions noted.
1983
Account
1981
1982
1984
1983
Q3
Q4
Ql
Q2
Q3
PERSONAL INCOME AND SAVING
1
Total personal income
2,429.4
2 Wage and salary disbursements
3
Commodity-producing industries
4
Manufacturing
5
Distributive industries
6
Service industries
/
Government and government enterprises
8
9
10
11
12
13
14
15
16
17
Other labor income
Proprietors' income 1
Business and professional 1
Farm 1
Rental income of persons 2
Dividends
Personal interest income
Transfer payments
O l d - a g e survivors, disability, and health insurance b e n e f i t s . . .
LESS: Personal contributions for social insurance
18 EQUALS: Personal income
19
LESS: Personal tax and nontax payments
2,584.6
2,744.2
2,763.3
2,836.5
2,920.5
2,984.6
3,047.7
1,493.1
509.3
385.5
361.6
337.7
284.6
1,568.7
509.3
382.9
378.6
374.3
306.6
1,659.2
519.3
395.2
398.6
413.1
328.2
1,671.3
523.5
399.1
399.7
417.0
331.0
1,715.4
539.0
411.9
413.2
428.2
335.0
1,755.7
555.9
424.6
419.2
437.9
342.8
1,793.1
567.0
432.2
429.5
449.3
347.3
1,818.8
572.7
435.9
436.1
457.6
352.3
140.0
125.1
93.6
31.5
42.3
64.3
331.8
337.2
182.0
155.5
111.1
89.2
21.8
51.5
66.5
366.6
376.0
204.5
173.1
121.7
107.9
13.8
58.3
70.3
376.3
405.0
221.6
175.9
123.3
112.1
11.2
56.2
70.7
382.3
403.9
222.4
182.1
131.9
114.6
17.3
60.4
72.8
388.2
408.8
227.7
188.1
154.9
122.5
32.5
61.0
75.0
403.9
411.3
232.1
193.5
149.8
126.3
23.4
62.0
77.2
425.6
415.2
235.2
198.1
155.9
127.5
28.4
63.0
78.5
447.2
419.5
238.9
104.5
111.4
119.6
120.4
123.2
129.6
131.8
133.4
2,429.4
2,584.6
2,744.2
2,763.3
2,836.5
2,920.5
2,984.6
3,047.7
387.7
404.1
404.2
395.8
407.9
418.3
430.3
442.9
20 EQUALS: Disposable personal income
2,041.7
2,180.5
2,340.1
2,367.4
2,428.6
2,502.2
2,554.3
2,604.8
21
LESS: Personal outlays
1,904.3
2,044.5
2,222.0
2,248.4
2,300.0
2,349.6
2,409.5
2,440.1
22 EQUALS: Personal saving
137.4
136.0
118.1
119.0
128.7
152.5
144.8
164.7
6,572.8
4,131.4
4,561.0
6.7
6,369.6
4,145.9
4,555.0
6.2
6,543.4
4,302.8
4,670.0
5.0
6,601.9
4,325.2
4,694.0
5.0
6,681.4
4,386.0
4,776.0
5.3
6,829.4
4,426.5
4,865.0
6,933.2
4,502.3
4,930.0
5.7
6,962.1
4,493.1
4,961.0
6.3
484.3
408.8
437.2
455.2
485.7
543.9
551.0
n.a.
509.9
137.4
42.3
-23.6
524.0
136.0
29.2
-9.5
571.7
118.1
76.5
-112
588.6
119.0
86.9
-19.3
615.0
128.7
100.0
-9.2
651.3
152.5
107.0
-13.5
660.2
144.8
115.3
-7.3
n.a.
164.7
n.a.
-.5
Capital consumption
allowances
32 Corporate
33 Noncorporate
34 Wage accruals less disbursements
202.6
127.6
.0
221.8
137.1
.0
231.2
145.9
0
233.4
149.4
.0
236.4
150.0
.0
239.9
151.8
.0
244.1
156.0
.0
248.1
157.9
.0
35 Government surplus, or deficit ( - ) , national income and
product accounts
Federal
State and local
-26.7
-64.3
37.6
-115.2
-148.2
32.9
-134.5
-178.6
44.1
-133.5
-180.9
47.4
-129.3
-180.5
51.2
-107.4
-161.3
53.9
-109.2
-163.7
54.5
MEMO
Per capita (1972 dollars)
23
Gross national product
24
Personal consumption expenditures
25
Disposable personal income
26 Saving rate (percent)
6.1
GROSS SAVING
27 Gross saving
28
29
30
31
Gross private saving
Personal saving
Undistributed corporate profits 1
Corporate inventory valuation adjustment
36
37
38 Capital grants received by the United States, net
n.a.
n.a.
n.a.
1.1
.0
.0
.0
.0
.0
.0
.0
39 Gross investment
490.0
408.3
437.7
450.3
480.9
546.1
542.0
548.5
40 Gross private domestic
41 Net foreign
484.2
5.8
414.8
-6.6
471.6
-33.9
491.9
-41.5
540.0
-59.1
623.8
-77.7
627.0
-85.0
660.5
-112.0
5.6
-.5
.5
-4.8
-4.8
2.2
-9.0
n.a.
42 Statistical discrepancy
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
SOURCE. Survey of Current Business (Department of Commerce).
Summary Statistics
3.10
U.S. INTERNATIONAL TRANSACTIONS
A53
Summary
Millions of dollars; quarterly data are seasonally adjusted except as noted. 1
1984
1983
Item credits or debits
1982
1981
1983
Q3
Q2
1
">
3
4
5
6
7
8
9
10
Q4
Q 2P
QL
6,294
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)
-9,199
-41,563
-9,560
-8,769
-11,846
-14,498
-17,213
-15,964
-19,673
-18,616
-24,402
-24,123
-28,001
237,085
-265,086
-1,116
34,053
8,191
Balance on current account
-36,469
211,198
-247,667
195
27,802
7,331
-61,055
200,257
-261,312
515
23,508
4,121
-14,870
48,745
-63,615
53
5,978
1,127
-17,501
50,437
-67,938
-55
7,172
681
-19,407
51,829
-71,236
-273
5,119
434
-25,855
53,935
-79,790
-370
7,748
951
-25,736
54,597
-80,333
-282
3,662
55
-2,382
-4,451
-2,635
-5,423
-2,590
-6,060
-638
-1,210
-665
-1,478
-688
-2,398
-717
-1,430
-712
-1,389
11
Change in U.S. government assets, other than official
reserve assets, net (increase, - )
-5,107
-6,143
-5,013
-1,251
-1,204
-1,429
-2,037
-1,222
12
13
14
15
16
Change in U.S. official reserve assets (increase, - )
Gold
Special drawing rights (SDRs)
Reserve position in International Monetary Fund
Foreign currencies
-5,175
0
-1,823
-2,491
-861
-4,965
0
-1,371
-2,552
-1,041
-1,196
0
-66
-4,434
3,304
16
0
-303
-212
531
529
0
-209
-88
826
-953
0
545
-1,996
498
-657
0
-226
-200
-231
-565
0
-288
-321
44
17
18
19
20
21
Change in U.S. private assets abroad (increase, - ) 3
Bank-reported claims
Nonbank-reported claims
U.S. purchase of foreign securities, net
U.S. direct investments abroad, net 3
-100,694
-84,175
-1,181
-5,714
-9,624
-107,790
-111,070
6,626
-8,102
4,756
-43,281
-25,391
-5,333
-7,676
-4,881
175
3,894
-230
-3,257
-232
-8,548
-2,871
-233
-1,571
-3,873
-12,461
-8,239
-1,671
-983
-1,568
705
1,955
1,659
637
-3,546
-23,073
-24,167
22
Change in foreign official assets in the United States
(increase, + )
U.S. Treasury securities
Other U.S. government obligations
Other U.S. government liabilities 4
Other U.S. liabilities reported by U.S. banks
Other foreign official assets 5
5,003
5,019
1,289
-300
-3,670
2,665
3,318
5,728
-694
382
-1,747
-351
5,339
6,989
-487
199
433
-1,795
1,739
1,985
-170
434
316
-826
-2,703
-611
-363
137
-1,403
-463
6,555
2,603
417
161
3,498
-124
-2,784
-288
-8
242
-2,131
-599
-571
-314
126
378
216
-977
Change in foreign private assets in the United States
(increase, + ) 3
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
76,310
42,128
917
2,946
7,171
23,148
91,863
65,922
-2,383
7,062
6,396
14,865
76,383
49,059
-1,318
8,731
8,612
11,299
10,714
1,698
-64
3,139
2,614
3,327
22,281
14,792
1,311
995
1,861
3,322
27,249
22,325
-228
1,673
1,134
2,345
18,444
8,775
4,404
1,358
1,516
2,391
36,505
21,708
Allocation of SDRs
Discrepancy
1,093
22,275
0
32,916
0
9,331
0
-1,833
439
0
1,491
-2,518
0
-1,748
2,657
0
6,002
-154
0
13,328
-91
22,275
32,916
9,331
-2,272
4,009
-4,405
6,156
13,419
-5,175
-4,965
-1,196
16
529
-953
-657
-566
5,303
2,936
5,140
1,305
-2,840
6,394
-3,026
-949
13,581
7,291
-8,639
-3,482
-2,051
-1,640
-2,447
-2,206
675
593
205
30
49
84
41
40
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Statistical discrepancy in recorded data before seasonal
adjustment
n.a.
-791
1,885
n.a.
6,522
610
7,665
MEMO
Changes in official assets
U.S. official reserve assets (increase, - )
Foreign official assets in the United States
(increase, +)
4 0 Change in Organization of Petroleum Exporting Countries
official assets in the United States (part of line 22
above)
4 1 Transfers under military grant programs (excluded from
lines 4, 6, and 10 above)
38
39
1. Seasonal factors are no longer calculated for
and 38-41.
2. Data are on an international accounts (IA)
basis data, shown in table 3.11, for reasons of
exports are excluded from merchandise data and
3. Includes reinvested earnings.
lines 6, 10, 12-16, 18-20, 22-34,
basis. Differs from the Census
coverage and timing; military
are included in line 6.
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
(Department of Commerce).
A54
3.11
International Statistics • December 1984
U.S. FOREIGN TRADE
Millions of dollars; monthly data are seasonally adjusted.
1984
Item
1981
1983
1982
Apr.
Mar.
May
June
July
Aug.
Sept.
1
E X P O R T S of domestic and foreign
merchandise excluding grant-aid
shipments
2
G E N E R A L I M P O R T S including merchandise for immediate consumption plus entries into bonded
warehouses
261,305
243,952
258.048
26,771
28,368
25,569
25.356
31,883
26,567
29,429.9
3
Trade balance
-27,628
-31,759
-57,562
-9,044
-10,846
-7,619
-7,723
-12,440
-8,531
-11,252.8
233,677
212.193
200,486
NOTE. The data through 1981 in this table are reported by the Bureau of Census
data of 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 f r o m 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: (II the addition of exports to Canada
3.12
17.727
17,521
17,950
17,633
19,442
18,036
18,177
not covered in Census statistics, and (2) the exclusion of military sales (which are
combined with other military transactions and reported separately in the " s e r v i c e
a c c o u n t " 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.
SOURCE. FT900 " S u m m a r y of U.S. Export and Import Merchandise T r a d e "
(Department of Commerce, Bureau of the Census).
U.S. RESERVE ASSETS
Millions of dollars, end of period
1984
Type
1981
1982
1983
Apr.
Mar.
May
June
Aug,
July
Sept.
1
Total
30,075
33,958
33,747
34,975
34,585
34,713
34,547
34,392
34,760
34,306
2
Gold stock, including Exchange Stabilization Fund 1
11,151
11,148
11,121
11,111
11,107
11,104
11,100
11,099
11,098
11,097
3
Special drawing rights 2 - 3
4,095
5,250
5,025
5,341
5,266
5,513
5,459
5,453
5,652
5,554
4
Reserve position in International Monetary Fund 2
5,055
7,348
11,312
11,706
11,618
11,666
11,659
11,735
11,820
11,619
5
Foreign currencies 4
9,774
10,212
6,289
6,817
6,594
6,430
6,329
6,105
6,190
6,036
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
3.13. Gold stock is valued at $42.22 per fine troy ounce.
2. Beginning July 1974, the I M F 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 I M F 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 transactions in SDRs.
4. Valued at current market exchange rates.
FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS
Millions of dollars, end of period
1984
Assets
1981
1983
1982
Mar.
1 Deposits
Assets held in custody
2 U.S. Treasury securities'
3 Earmarked gold 2
May
June
July
Aug.
Sept.
505
328
190
222
345
295
238
215
242
206
104,680
14,804
112,544
14,716
117,670
14,414
116,768
14,278
117,808
14,278
114,562
14,268
117,143
14,266
115,760
14,270
117,130
14,258
115,678
14,256
1. Marketable U.S. Treasury bills, notes, and bonds; and nonmarketable U.S.
Treasury securities payable in dollars and in foreign currencies.
2. Earmarked gold is valued at $42.22 per fine troy ounce.
Apr.
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.
Summary Statistics
3.14
FOREIGN BRANCHES OF U.S. BANKS
A55
Balance Sheet Data
Millions of dollars, end of period
1984
1983
Asset account
1981
1982
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.?
All foreign countries'
462,847
|
476,539
466,242
481,418
474,882
485,739
477,524
465,487
461,142
91,805
61,666
30,139
115,065
81,113
112,960
79,429
122,021
86,379
121,081
85,150
126,100
89,031
33,952
33,531
35,642
35,931
37,069
358,493
91,168
133,752
24,131
109,442
342,609
92,718
117,593
24,508
107,790
332,928
85,754
111,391
25,721
110,062
339,289
91,259
114,761
24,777
109,048
333,701
92,842
107,540
24,775
108,544
339,029
95,095
112,626
24,345
106,965
125,325
89,862
14,516
20,947
332,181
95,773
105,531
23,381
107,496
118,344
82,320
14,248
21,776
327,031
91,145
107,272
23,436
105,178
116,813
81,984
13,544
21,285
323,344
93,375
102,586
22,736
104,647
20,150
20,108
20,100
20,610
20,018
20,112
20,985
351,050
365,380
359,385
372,452
367,748
357,243
351,727
90,085
61,010
29,075
259,871
73,537
106,447
18,413
61,474
112,959
80,018
32,941
110,725
78,200
32,525
119,644
85,067
34,577
118,602
83,729
34,873
123,725
87,851
19,421
247,327
75,207
93,257
17,881
60,982
229,786
66,792
84,773
18,129
60,092
235,778
71,496
88,325
18,106
58,407
230,386
70,100
83,194
17,957
59,135
237,860
75,503
86,567
17,613
58,177
123,130
88,750
14,274
20,106
234,018
77,326
81,153
17,007
58,532
115,999
81,082
13,921
20,996
230,565
73,420
82,277
17,149
57,719
114,497
80,838
13,203
20,456
226,170
75,837
76,622
16,876
56,835
11,656
22 Other assets
20,354
370,958
276,937
69,398
122,110
22,877
62,552
j
18,865
361,982
62,142
42,721
12 Total payable in U.S. dollars
19,414
350,735
11 Other assets
13 Claims on United States
14
Parent bank
15
Other banks in United S t a t e s '
16
Nonbanks'
17 Claims on foreigners
18
Other branches of parent bank
19
Banks
20
Public borrowers
21
Nonbank foreigners
469,712
63,743
43,267
20,476
378,954
87,821
150,763
28,197
112,173
1 Total, all currencies
2 Claims on United States
3
Parent bank
4
Other banks in United States'
5
Nonbanks'
6 Claims on foreigners
7
Other branches of parent bank
8
Banks
9
Public borrowers
10
Nonbank foreigners
12,026
10,672
10,539
9,958
10,397
10,867
10,600
10,679
11,060
35,874
United Kingdom
157,229
24 Claims on United States
25
Parent bank
26
Other banks in United States'
27
Nonbanks'
28 Claims on foreigners
29
Other branches of parent bank
30
Banks
31
Public borrowers
32
Nonbank foreigners
j
158,732
157,972
161,007
161,109
159,059
158,724
155,625
154,045
27,354
23,017
34,433
29,111
36,646
30,875
38,072
32,201
38,428
32,855
36,148
30,266
3,938
4,337
127,734
37,000
50,767
6,240
33,727
5,322
5,771
116,055
33,296
42,300
6,213
34,246
5,871
5,573
5,882
118,200
34,617
43,804
6,076
33,703
117,713
38,571
39,779
6,072
33,291
117,808
36,804
42,084
5,992
32,928
36,309
30,621
1,223
4,465
117,212
38,518
39,892
5,876
32,926
33,679
27,872
1,273
4,534
116,740
37,728
40,980
5,786
32,246
31,675
26,054
1,071
4,550
117,066
39,270
39,760
5,510
32,526
138,888
41,367
56,315
7,490
33,716
119,280
36,565
43,352
5,898
33,465
6,518
44 Other assets
5,271
4,735
4,968
5,103
5,203
5,206
5,304
126,012
121,944
124,501
123,174
122,215
123,628
120,470
118,141
26,761
22,756
33,756
28,756
35,934
30,515
37,282
31,789
37,598
32,453
35,210
29,876
3,525
99,850
35,439
40,703
5,595
18,113
4,005
5,000
5,419
5,493
5,145
5,334
92,228
31,648
36,717
4,329
19,534
88,917
31,838
32,188
4,194
20,697
83,067
28,103
30,158
4,414
20,392
84,599
28,723
31,613
4,390
19,873
82,769
29,247
29,135
4,408
19,979
83,925
30,278
30,036
4,296
19,315
35,358
30,181
1,115
4,062
85,176
32,765
28,610
4,284
19,517
32,569
27,248
1,149
4,172
84,729
31,762
29,444
4,288
19,235
30,633
25,509
942
4,182
84,365
33,580
27,816
3,983
18,986
4,092
)
5,019
123,740
11,246
7,721
34 Total payable in U.S. dollars
5,979
115,188
33 Other assets
35 Claims on United States
36
Parent bank
37
Other banks in United States'
38
Nonbanks'
39 Claims on foreigners
40
Other branches of parent bank
41
Banks
42
Public borrowers
43
Nonbank foreigners
161,067
11,823
7,885
23 Total, all currencies
4,751
3,339
2,943
2,620
2,807
3,080
3,094
3,172
3,143
Bahamas and C a y m a n s '
149,108
46 Claims on United States
47
Parent bank
48
Other banks in United States'
49
Nonbanks'
50 Claims on foreigners
51
Other branches of parent bank
52
Banks
53
Public borrowers
54
Nonbank foreigners
55 Other assets
56 Total payable in U.S. dollars
|
145,156
151,532
140,942
149,953
145,281
156,656
153,836
147,730
147,060
46,546
31,643
45 Total, all currencies
59,403
34,653
74,832
47,807
70,888
44,474
78,015
50,146
75,690
47,566
83,620
54,122
81,635
53,650
12,380
15,605
68,325
18,057
31,827
5,993
12,448
78,064
49,673
12,070
16,321
65,620
15,434
32,140
6,000
12,046
78,623
51,125
11,540
15,958
64,263
16,079
30,519
5,978
11,687
14,903
24,750
27,025
26,414
27,869
28,124
29,498
98,057
12,951
55,151
10,010
19,945
81,450
18,720
42,699
6,413
13,618
72,788
17,340
36,767
6,084
12,597
66,154
14,657
33,068
5,958
12,471
67,985
15,821
34,856
6,030
11,834
65,666
14,811
32,723
6,005
12,127
68,960
16,931
33,755
5,922
12,352
4,505
4,303
3,912
3,900
3,953
3,925
4,076
3,876
4,046
4,174
139,605
145,091
134,580
143,466
138,881
150,191
147,681
141,770
140,882
143,743
1. Data for assets vis-a-vis other banks in the United States and vis-a-vis
nonbanks are combined for dates prior to June 1984.
A56
3.14
International Statistics • December 1984
Continued
1983
Dec.
1984
Feb.
Mar.
Apr.
May
June
July
Aug.P
All foreign countries'
57 Total, all currencies
462,847
469,712
476,539
466,242
481,418
474,882
485,739
477,524
465,487
461,142
58 Negotiable CDs 2
59 To United States
60
Parent bank
61
Other banks in United States
62
Nonbanks
n.a.
137,767
56,344
19,197
62,226
n.a.
179,015
75,621
33,405
69,989
n.a.
187,602
80,537
29,107
77,958
n.a.
185,220
81,489
25,942
77,789
n.a.
188,214
77,651
29,037
81,526
n.a.
184,451
75,594
27,151
81,706
n.a.
191,072
80,353
27,845
82,874
43,337
162,786
81,091
22,790
58,905
41,311
155,299
77,979
22,055
55,265
41,556
152,373
76,991
19,693
55,689
63 To foreigners
64
Other branches of parent bank
65
Banks
66
Official institutions
67
Nonbank foreigners
68 Other liabilities
305,630
86,396
124,906
25,997
68,331
19,450
270,853
90,191
96,860
19,614
64,188
19,844
269,602
89,055
92,882
18,893
68,772
19,335
261,522
81,684
89,538
20,549
69,751
19,500
273,159
87,229
95,690
18,250
71,982
20,045
270,242
90,937
90,166
17,882
71,257
20,189
274,840
92,254
94,041
19,608
68,937
19,827
251,828
92,572
83,027
19,123
57,106
19,573
248,304
88,725
80,035
21,219
58,325
20,573
245,884
90,268
78,667
20,206
56,743
21,329
69 Total payable in U.S. dollars
364,447
379,270
387,740
369,900
382,765
375,443
390,534
385,070
374,438
369,222
70 Negotiable CDs 2
71 To United States
72
Parent bank
73
Other banks in United States
74
Nonbanks
n.a.
134,700
54,492
18,883
61,325
n.a.
175,528
73,295
33,040
69,193
n.a.
183,837
78,328
28,573
76,936
n.a.
180,899
78,889
25,375
76,635
n.a.
183,926
75,068
28,451
80,407
n.a.
180,149
73,168
26,564
80,417
n.a.
186,793
77,894
27,192
81,707
40,768
158,244
78,406
22,196
57,642
39,004
150,842
75,270
21,422
54,150
39,510
147,869
74,413
19,019
54,437
75 To foreigners
76
Other branches of parent bank
77
Banks
78
Official institutions
79
Nonbank foreigners
80 Other liabilities
217,602
69,299
79,594
20,288
48,421
12,145
192,510
72,921
57,463
15,055
47,071
11,232
194,056
72,002
57,015
13,852
51,187
9,847
179,884
63,480
50,683
15,835
49,886
9,117
189,612
68,557
56,202
13,161
51,692
9,227
185,165
69,096
50,874
13,347
51,848
10,129
193,763
73,380
54,932
14,835
50,616
9,978
176,157
74,548
46,993
13,799
40,817
9,901
174,243
71,237
44,811
16,099
42,096
10,349
171,594
72,972
42,620
15,455
40,547
10,249
United Kingdom
157,229
161,067
158,732
157,972
161,007
161,109
159,059
158,724
155,625
154,045
n.a.
38,022
5,444
7,502
25,076
n.a.
53,954
13,091
12,205
28,658
n.a.
55,799
14,021
11,328
30,450
n.a.
56,550
18,307
10,570
27,673
n.a.
56,228
15,850
11,440
28,938
n.a.
56,526
16,311
10,542
29,673
n.a.
55,353
17,820
9,487
28,046
39,740
31,948
18,532
4,701
8,715
37,928
29,664
16,712
4,277
8,675
38,172
29,667
18,127
3,548
7,992
87 To foreigners
88
Other branches of parent bank
89
Banks
90
Official institutions
91
Nonbank foreigners
92 Other liabilities
112,255
16,545
51,336
16,517
27.857
6,952
99,567
18,361
44,020
11,504
25,682
7,546
95,847
19,038
41,624
10,151
25,034
7,086
93,734
17,741
39,548
11,531
24,914
7,688
97,109
21,477
42,073
8,833
24,726
7,670
97,064
21,939
40,751
9,403
24,971
7,519
96,339
20,617
41,597
10,377
23,748
7,367
79,589
21,668
32,950
9,533
15,438
7,447
80,261
21,459
31,435
11,301
16,066
7,702
78,357
21,868
31,035
10,480
14,974
7,849
93 Total payable in U.S. dollars
81 Total, all currencies
82 Negotiable CDs 2
83 To United States
84
Parent bank
85
Other banks in United States
86
Nonbanks
120,277
130,261
131,167
127,622
130,985
128,369
128,255
128,612
126,276
124,064
94 Negotiable CDs 2
95 To United States
96
Parent bank
97
Other banks in United States
98
Nonbanks
n.a.
37,332
5,350
7,249
24,733
n.a.
53,029
12,814
12,026
28,189
n.a.
54.691
13,839
11,044
29,808
n.a.
55,105
17,900
10,247
26,958
n.a.
55,031
15,606
11,204
28,221
n.a.
55,201
16,127
10,292
28,782
n.a.
54,094
17,624
9,200
27,270
38,363
30,602
18,244
4,486
7,872
36,757
28,331
16,372
4,018
7,941
37,126
28,027
17,701
3,244
7,082
99 To foreigners
100
Other branches of parent bank
101
Banks
102
Official institutions
103
Nonbank foreigners
104 Other liabilities
79,034
12,048
32,298
13,612
21,076
3,911
73,477
14,300
28,810
9,668
20,699
3,755
73,279
15,403
29,320
8,279
20,277
3,197
69,438
13,956
26,229
9,777
19,476
3,079
72,892
17.559
28,833
6,910
19,590
3.062
69,739
14,801
27,286
7,650
20,002
3,429
70,764
15,733
27,308
8,760
18,963
3,397
56,064
17,646
19,574
7,639
11,205
3.583
57,495
17,472
18,197
9,610
12.216
3,693
55,234
18,002
17,290
8,920
11,022
3,677
Bahamas and C a y m a n s '
149,108
145,156
151,532
140,942
149,953
145,281
156,656
153,836
147,730
147,060
106 Negotiable CDs 2
107 To United States
108
Parent bank
109
Other banks in United States
110
Nonbanks
n.a.
85,759
39,451
10,474
35,834
n.a.
104,425
47,081
18,466
38,878
n.a.
110,831
50,256
15,711
44,864
n.a.
105,290
44,563
13,842
46,885
n.a.
110,753
45,571
15,979
49,203
n.a.
107,432
43,523
15,208
48,701
n.a.
114,747
46,313
16,924
51,510
1,081
110,896
45,734
16,642
48,520
979
106,225
44,827
16,188
45,210
898
103,663
42,114
14,742
46,807
111 To foreigners
112
Other branches of parent bank
113
Banks
114
Official institutions
115
Nonbank foreigners
116 Other liabilities
60,012
20,641
23,202
3,498
12,671
3,337
38,274
15,796
10,166
1,967
10,345
2,457
38,362
13,376
11,869
1,916
11,201
2,339
33,409
11,790
9,351
1,870
10,398
2,243
36,836
11,987
11,405
2,395
11,049
2,364
35,502
12,858
9,859
1,869
10,916
2,347
39,390
14,031
12,106
2,197
11,056
2,519
39,277
13,771
12,497
2,662
10,347
2,582
37,744
12,274
12,657
2,408
10,405
2,782
39,598
14,403
12,198
2,674
10,323
2,901
145,284
141,908
147,727
137,261
145,917
141,040
152,515
149,760
143,779
143,056
105 Total, all currencies
117 Total payable in U.S. dollars
2. Before June 1984, liabilities on negotiable CDs were included in liabilities to
the United States or liabilities to foreigners, according to the address of the initial
purchaser.
Summary Statistics
3.15
A57
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1984
Item
1982
1983
Feb.
1 Total 1
2
3
4
5
6
7
8
9
10
11
12
Apr.
May
June
July
Aug.P
172,718
By area
Western Europe 1
Canada
Latin America and Caribbean
Asia
Africa
Other countries 6
177,922
176,461
174,906
175,319
171,932
174,126
174,601
177,107
24,989
46,658
25,503
54,341
23,169
56,084
23,373
53,681
23,834
53,171
23,124
51,035
23.737
53,977
25,934
51,974
26,166
54,022
67,733
8,750
24,588
68,514
7,250
22,314
69,061
6,600
21,907
69,545
6,600
21,707
70,167
6,600
21,547
69,809
6,600
21,364
68,938
6,600
20,874
69,116
6,600
20,977
70,481
5,800
20,638
61,298
2,070
6,057
96,034
1,350
5,909
By type
Liabilities reported by banks in the United States 2
U.S. Treasury bills and certificates 3
U.S. Treasury bonds and notes
Marketable
Nonmarketable 4
U.S. securities other than U.S. Treasury securities 5
67,645
2,438
6,248
92,544
958
8.089
67,903
2,329
7,605
90,547
1,067
7,370
67,714
1,944
6,460
90,610
1,038
7,140
69,928
1,557
7,468
88,517
941
6,908
69,898
1,247
6,474
86,505
1,179
6,629
70,176
994
7,073
88,411
996
6,476
68,646
1,250
7,289
90,305
970
6,141
70,229
1,434
8,162
90,461
836
5,985
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
Mar.
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.
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 A N D CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in Foreign Currencies
Millions of dollars, end of period
1983
Item
1980
1981
Sept.
1 B a n k s ' o w n liabilities
2 Banks' own claims
3
Deposits
4
Other claims
5 Claims of banks' domestic customers'
1. 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.
3,748
4,206
2,507
1,699
962
3,523
4,980
3,398
1,582
971
1984
1982
4,844
7,707
4,251
3,456
676
5,976
7,998
3,045
4,953
717
Dec.
5,310
7,231
2,731
4,501
1,059
Mar.
6,168
8,992
4,000
4,992
361
June
6,402
9,623
4,280
5,344
227
NOTE. Data on claims exclude foreign currencies held by U.S. monetary
authorities,
A58
3.17
International Statistics • December 1984
LIABILITIES TO FOREIGNERS
P a y a b l e in U . S . dollars
R e p o r t e d by B a n k s in the U n i t e d S t a t e s
Millions of dollars, end of period
1984
Holder and type of liability
1981A
1982
1983
Feb.
Mar.
Apr.
May
June'
July
Aug.?
1 All foreigners
243,889
307,056
369,560
368,902
377,173
379,806
393,784
400,492
396,338
393,421
2 Banks' own liabilities
3
Demand deposits
4
Time deposits'
5
Other 2
6
Own foreign offices 3
163,817
19,631
29,039
17,647
97,500
227,089
15,889
68,035
23,946
119.219
278,977
17,602
89,977
26,406
144,993
271,858
16,639
91,220
24,012
139,988
284,926
17,466
96,462
24,485
146,513
286,601
17,162
96,629
24,082
148,728
301,382
17,200
103,403
23,733
157,047
303,779
17,621
105,347
23,100
157,711
300,732
16,368
109,314
25,539
149,511
294,039
16,423
107,279
23,337
147,001
80,072
55,315
79,967
55,628
90,582
68,669
97,043
74,277
92,247
69,666
93,205
69,893
92,402
68,511
96,713
72,191
95,606
71,204
99,381
74,126
18,788
5,970
20,636
3,702
17,529
4,385
17,864
4,903
18,075
4,506
18,703
4,608
18,780
5,112
19,518
5,003
19,411
4,990
20,128
5,127
2,721
4,922
5,957
6,831
6,243
6,356
5,316
5,055
5,344
5,342
638
262
58
318
1,909
106
1,664
139
4,632
297
3,584
750
2,317
347
1,611
360
4,047
414
2,656
977
3,528
194
2,468
866
2,229
255
1,640
335
2,920
182
2,209
529
2,612
142
2,213
257
1,958
324
1,446
189
2,083
541
3,013
1,621
1,325
463
4,514
3,416
2,196
1,224
2,827
1,759
3,087
2,057
2,135
887
2,732
1,709
3,384
2,722
1,542
0
1,392
0
862
0
1,098
0
971
0
1,068
0
1,030
0
1,248
0
1,023
0
662
0
7 Banks' custody liabilities 4
8
U.S. Treasury bills and certificates 5
9
Other negotiable and readily transferable
instruments 6
10
Other
11 Nonmonetary international and regional
organizations 7
12 Banks' own liabilities
13
Demand deposits
14
Time deposits'
15
Other 2
16 Banks' custody liabilities 4
17
U.S. Treasury bills and certificates
18
Other negotiable and readily transferable
instruments 6
19
Other
20 Official institutions
8
79,126
71,647
79,844
79,253
77.053
77,005
74,160
77,714
77,908
80,188
21 B a n k s ' o w n liabilities
22
Demand deposits
23
Time deposits'
24
Other 2
17,109
2,564
4,230
10,315
16,640
1,899
5,528
9,212
19,396
1,837
7,320
10,239
17,512
1,663
7,638
8,211
17.105
1.955
6.698
8.452
17,532
1,761
7,489
8,282
16,779
1,733
7,168
7,878
16,616
1,898
7,548
7,169
18,660
1,875
8,236
8,549
18,068
2,142
7,774
8,152
25 Banks' custody liabilities 4
26
U.S. Treasury bills and certificates 5
27
Other negotiable and readily transferable
instruments 6
28
Other
62,018
52,389
55,008
46,658
60,448
54.341
61,741
56,084
59.948
53.681
59,473
53,171
57,380
51,035
61,098
53,977
59,248
51,974
62,120
54,022
9,581
47
8.321
28
6,082
25
5,623
34
6.249
19
6,287
15
6,307
38
7,030
91
7,265
9
8,088
10
29 Banks 9
136,008
185,881
226,886
222,995
233,424
234,285
249,289
251,783
247,510
241,272
30 Banks' own liabilities
31
Unaffiliated foreign banks
32
Demand deposits
33
Time deposits'
34
Other 2
35
Own foreign offices 3
124,312
26.812
11,614
8,720
6,477
97,500
169,449
50,230
8,675
28,386
13,169
119,219
205,347
60,354
8,787
36,964
14,603
144,993
200,477
60,489
8,394
37,538
14,557
139,988
211,040
64,527
8,328
41,905
14,294
146,513
211,812
63,083
8,797
40,055
14,230
148,728
226,139
69,092
8,879
45,369
14,845
157,047
227,195
69,484
9,074
45,699
14,711
157,711
222,228
72,717
8,203
48,453
16,060
149,511
215,873
68,873
7,949
46,954
13,970
147,001
36 Banks' custody liabilities 4
37
U.S. Treasury bills and certificates
38
Other negotiable and readily transferable
instruments 6
39
Other
11,696
1,685
16,432
5,809
21,540
10,178
22,519
10,756
22,384
10,760
22,473
10,795
23,150
11,182
24,588
12,771
25,282
12,989
25,399
12,766
4,400
5.611
7,857
2,766
7,485
3,877
7,378
4,385
7,447
4,177
7,586
4,092
7,523
4,445
7,446
4,371
7,867
4,426
8,100
4,534
40 Other foreigners
26,035
44,606
56,872
59,822
60,454
62,160
65,020
65,940
65,577
66,619
41 Banks' own liabilities
42
Demand deposits
43
Time deposits
44
Other 2
21,759
5,191
16,030
537
39,092
5,209
32,457
1,426
49,603
6,681
42,109
813
51,552
6,234
44,434
884
52,734
6,770
45,203
761
53,728
6,409
46,617
703
56,235
6,333
49,226
675
57,048
6,466
49,891
691
57,232
6,147
50,412
672
58,140
6,009
51,104
1,027
4,276
699
5,514
1,540
7,269
3,686
8,270
4,021
7,719
4,001
8,431
4,168
8,785
4,238
8,892
4,556
8,344
4,533
8,478
4,617
3,265
312
3,065
908
3,100
483
3,764
484
3,408
311
3,763
501
3,919
628
3,795
541
3,255
556
3,279
582
10,747
14,307
10,407
9,416
9,688
10,128
10,630
10,986
10,917
11,169
45 Banks' custody liabilities 4
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
" O t h e r negotiable and readily transferable i n s t r u m e n t s . "
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."
• 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
Data
3.17 Continued
1984
Area and country
1981A
1982
1983
Feb.
Mar.
Apr.
May
June'
July
Aug.?
1 Total
243,889
307,056
369,560
368,902
377,173
379,806
393,784
400,492'
396,338
393,421
2 Foreign countries
241,168
302,134
363,603
362,070
370,931
373,450
388,469
395,437'
390,995
388,079
91,275
596
4,117
333
296
8,486
7,645
463
7,267
2,823
1,457
354
916
1,545
18,716
518
28,286
375
6,541
49
493
117,756
519
2,517
509
748
8,171
5,351
537
5,626
3,362
1,567
388
1,405
1,390
29,066
296
48,172
499
7,006
50
576
138,045
585
2,709
466
531
9,441
3,599
520
8,462
4,290
1,673
373
1,603
1,799
32,219
467
60,683
562
7,403
65
596
140,061
756
3,218
355
398
10,098
4,586
513
7,648
4,210
1,452
352
1,664
1,755
32,241
400
64,436
477
4,965
74
464
142,406
861
3,367
285
287
10,728
4,878
503
7,395
4,444
1,285
403
1,749
1,838
32,237
318
64,971
479
5,738
177
464
147,724
883
3,585
307
485
10,730
5,205
528
7,813
5,036
1,847
414
1,707
1,673
32,765
335
67,805
448
5,584
61
510
151,532
867
4,680
378
405
12,119
3,990
594
8,315
5,030
1,536
401
1,663
1,962
32,784
444
69,006
511
6,309
53
484
156,041'
770
5,138
291
1,248'
11,670
3,663
596
8,155'
5,735
2,084
425
1,774
1,486
35,137'
315
69,885'
556
6,459'
41
612
152,621
720
4,775
429
947
12,023
3,958
600
6,960
5,617
1,624
440
1,825
1,833
33,300
340
69,869
525
6,349
31
458
150,371
758
4,746
408
489
11,480
3,724
566
8,368
5,118
2,025
539
1,948
2,114
32,860
365
67,754
435
6,045
45
585
3 Europe
4
Austria
Belgium-Luxembourg
5
6
Denmark
7
Finland
8
France
9
Germany
10
Greece
11
Italy
12
Netherlands
Norway
13
14
Portugal
15
Spain
16
Sweden
17
Switzerland
18
Turkey
19
United Kingdom
Yugoslavia
20
Other Western Europe 1
21
22
U.S.S.R
Other Eastern Europe 2
23
24 Canada
10,250
12,232
16,026
17,679
17,182
16,707
17,455
17,572
19,195
18,266
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
36
Jamaica
37
Mexico
38
Netherlands Antilles
39
Panama
40
Peru
41
Uruguay
Venezuela
42
43
Other Latin America and Caribbean
85,223
2,445
34,856
765
1,568
17,794
664
2,993
9
434
479
87
7,235
3,182
4,857
694
367
4,245
2,548
114,163
3,578
44,744
1,572
2,014
26,381
1,626
2,594
9
455
670
126
8,377
3,597
4,805
1,147
759
8,417
3,291
140,270
4,011
55,977
2,328
3,178
34,545
1,842
1,689
8
1,047
788
109
10,392
3,879
5,924
1,166
1,232
8,622
3,533
138,465
4,536
52,845
3,165
3,485
32,504
1,935
1,840
13
826
812
131
10,705
4,503
5,545
1,146
1,321
9,461
3,693
143,255
4,365
58,141
2,886
3,723
32,677
1,876
1,669
8
825
815
132
10,699
4,901
5,498
1,157
1,418
8,566
3,899
143,864
4,616
56,930
3,097
3,795
32,936
1,972
1,814
8
970
850
131
11,187
4,668
5,482
1,179
1,330
9,076
3,823
152,237
4,583
62,656
3,276
3,568
33,777
1,887
1,767
10
885
842
131
11,874
4,666
6,293
1,249
1,380
9,434
3,958
151,684'
4,535
61,141'
2,598
3,690
34,678'
1,970
1,809
9
908
825
157
11,976
4,459
6,652
1,279
1,309
10,129
3,559'
147,947
4,427
58,419
2,544
4,120
33,953
2,176
1,801
7
845
811
116
11,644
4,252
6,664
1,278
1,302
9,684
3,905
148,899
4,408
58,038
2,743
4,694
33,869
2,061
1,790
7
950
831
126
12,179
4,235
6,496
1,275
1,318
10,046
3,835
44
49,822
48,716
58,409
55,344
57,662
54,951
57,180
60,201'
61,698
61,363
158
2,082
3,950
385
640
592
20,750
2,013
874
534
12,992
4,853
203
2,761
4,465
433
857
606
16,078
1,692
770
629
13,433
6,789
249
3,997
6,610
464
997
1,722
18,079
1,648
1,234
747
12,970
9,693
168
4,291
5,884
749
859
752
17,615
1,542
1,280
622
11,587
9,994
272
4,193
6,387
687
753
832
19,216
1,748
1,264
714
12,197
9,398
302
4,388
5,447
651
784
706
18,862
1,409
1,015
636
12,269
8,482
400
4,364
5,862
646
897
754
20,522
1,337
1,130
730
11,615
8,924
469
4,578
6,416
498
1,281
768
19,433
1,276
1,032
875
12,341
11,234'
644
4,781
6,116
621
911
804
19,442
1,382
976
779
14,748
10,496
603
4,799
6,107
800
1,137
726
19,686
1,703
1,084
782
13,142
10,793
57 Africa
58
Egypt
59
Morocco
60
South Africa
61
Zaire
62
Oil-exporting countries 4
63
Other Africa
3,180
360
32
420
26
1,395
946
3,124
432
81
292
23
1,280
1,016
2,800
645
84
449
87
620
917
3,070
568
138
502
66
839
957
3,111
561
122
538
77
893
920
3,182
649
127
264
119
1,046
978
3,140
698
132
329
124
895
962
3,331'
893
133
420
136
816
932
3,145
857
128
409
99
706
946
3,027
744
119
349
101
751
963
64 Other countries
65
Australia
66
All other
1,419
1,223
196
6,143
5,904
239
8,053
7,857
196
7,451
7,197
255
7,315
7,095
220
7,023
6,803
220
6,925
6,685
240
6,609'
6,316
293'
6,389
6,095
294
6,153
5,752
401
67 Nonmonetary international and regional
organizations
International
Latin American regional
Other regional 5
2,721
1,661
710
350
4,922
4,049
517
357
5,957
5,273
419
265
6,831
6,189
457
186
6,243
5,426
451
366
6,356
5,641
419
296
5,316
4,741
428
146
5,055
4,436
438
180
5,344
5,130
41
173
5,342
4,972
40
330
45
46
47
48
49
50
51
52
53
54
55
56
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle-East oil-exporting countries 3
Other Asia
68
69
70
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. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
4. Comprises Algeria, G a b o n , Libya, and Nigeria.
5. Asian, African, Middle Eastern, and European regional organizations,
except the Bank for International Settlements, which is included in " O t h e r
Western E u r o p e . "
• 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.
A59
A60
3.18
International Statistics • December 1984
B A N K S ' O W N C L A I M S O N F O R E I G N E R S R e p o r t e d by B a n k s in the U n i t e d S t a t e s
P a y a b l e in U . S . D o l l a r s
Millions of dollars, end of period
1984
Area and country
1981A
1982
1983
Feb.
Mar.
Apr.
May
June
July
Aug.P
1 Total
251,589
355,705
389,329
377,732
385,029
387,429
399,049
408,073'
405,745
395,630
2 Foreign countries
251,533
355,636
389,166
377,568
384,879
387,355
398,846
407,959'
405,528
395,432
49.262
121
2,849
187
546
4,127
940
333
5,240
682
384
529
2,095
1,205
2,213
424
23,849
1,225
211
377
1,725
85,584
229
5,138
554
990
7.251
1.876
452
7.560
1,425
572
950
3.744
3.038
1.639
560
45.781
1,430
368
263
1,762
91,416
401
5,639
1,275
1,044
8,766
1,294
476
9,018
1,302
690
939
3,583
3,358
1,856
812
47,025
1,673
477
192
1,598
91,496
414
6,182
1,244
952
8,314
1,047
549
7,904
1,319
645
944
3,280
3.356
1,302
933
49,219
1,702
547
169
1,475
91.836
449
5,970
1,283
931
8,388
1,098
694
8,161
1,309
638
908
3,347
3,528
1,447
958
48,800
1,706
499
181
1,540
95,959
679
6,238
1,197
1,021
8,734
1,502
830
8,286
2.329
705
1.079
3,719
3,646
1,844
1,019
49,051
1,694
651
174
1,562
97,994
456
6,626
1,118
1,041
9,029
1,111
940
7,901
1,787
719
1,146
3,700
2,957
1,570
1,002
52,850
1,719
565
154
1.602
104,011'
632
6,734
1,212
1,100
9,393
1,175
1,036
8,556
1,781
729
1,463
3,792
3,206
1,904
1,160
55,941'
1,808
571
175
1,643'
102,256
646
6,063
1,204
928
9,732
1,142
979
8,331
1,811
648
1,506
3,955
2,717
1,520
1,210
55,504
1,817
800
172
1.572
99,486
609
6,126
1,103
874
10,004
1.250
973
7,832
1,439
649
1,432
3,700
2.444
1,558
1,145
54,113
1,857
732
175
1,474
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
9,193
13,678
16,336
15,984
17,233
17,065
17.879
17,524
18.350
16,234
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
138,347
7,527
43,542
346
16,926
21,981
3,690
2,018
3
1,531
124
62
22,439
1,076
6,794
1,218
157
7,069
1,844
187,969
10,974
56,649
603
23,271
29,101
5,513
3,211
3
2,062
124
181
29.552
839
10.210
2.357
686
10.643
1,991
204,053
11,740
58,808
566
24,482
35,232
6,038
3,745
0
2,307
129
215
34,705
1,154
7,848
2,536
977
11,287
2,283
197,398
11.751
53,278
409
24,928
33,188
6,286
3,536
0
2,350
126
219
34,685
1,043
8,794
2,415
908
11,183
2,298
201,810
11,626
57.169
532
25,697
33.157
6,131
3,667
0
2,334
128
210
34.593
1,245
8,367
2.453
924
11,142
2,436
201,573
11,427
56.958
614
25,926
33,893
6,085
3,649
4
2,335
129
227
34,575
1.149
7.679
2,380
923
11,105
2,514
209,822
11.071
61,526
845
25,865
36,788
6,146
3,524
0
2,332
127
242
35,300
1,164
7,990
2,438
887
11,019
2,557
208,990'
11,162
58,963'
559
26,226
37,490'
6,490
3,559
21
2,373
125
216
35,849'
1,312
7,843
2,473
950
11,174
2.205'
209,734
11,389
58,291
543
26,145
38,589
6,648
3,490
0
2,396
124
219
35,500
1,352
8,413
2,487
961
10,875
2,313
203,988
11,021
56,530
546
25,927
34,799
7,049
3,444
0
2,374
130
216
35,016
1,331
8,910
2,401
931
11,122
2,242
44 Asia
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle East oil-exporting countries 4
Other Asia
49,851
60.952
67,802
62,746
64,347
63,004
63,546
67,597'
65,107
65,412
107
2,461
4,132
123
352
1,567
26,797
7,340
1,819
565
1,581
3,009
214
2,288
6,787
222
348
2,029
28,379
9,387
2,625
643
3,087
4,943
292
1,908
8,429
330
805
1,832
30,564
9,889
2,099
1,099
4,954
5.599
337
1,710
8,030
253
899
1,478
27.845
9,513
2,357
1,109
4,264
4,952
364
1,657
7,470
337
935
1,607
28,688
9,676
2,371
999
5,039
5,203
428
1,654
7.921
372
911
1 846
26.173
10,259
2,359
1,014
5.122
4,945
348
1,585
7,448
362
983
1,822
27.147
9,565
2.404
1,139
5,208
5,535
554
2,202
8,141'
355
969
1,910
29,264'
9,653'
2,495
949
5,118'
5,986
638
2,011
6,963
323
952
1,827
27,676
9,797
2.650
973
5,215
6,081
639
1,569
6,652
295
906
1,830
28,995
9,588
2,756
917
4,937
6,329
57 Africa
58
Egypt
59
Morocco
60
South Africa
61
Zaire
62
Oil-exporting countries 5
63
Other
3,503
238
284
1,011
112
657
1,201
5,346
322
353
2,012
57
801
1,802
6,654
747
440
2,634
33
1,073
1,727
7,226
712
481
2,928
16
1,124
1,964
6,919
744
484
2,989
13
1,029
1,661
6,645
698
486
2,908
26
1,000
1,526
6,764
666
561
2,974
28
967
1,568
6,840
734
497
3,065
39
1,004
1,502
7,046
638
549
3,307
43
1,025
1,483
7,101
613
556
3,281
30
996
1,625
64 Other countries
65
Australia
66
All other
1,376
1,203
172
2,107
1,713
394
2,904
2,276
627
2,718
2,048
670
2,734
2,007
727
3,109
2,489
620
2,942
2,345
597
2,996
2,435
561
3,036
2,481
554
3,210
2,582
628
56
68
164
164
150
74
103
114
217
198
45
46
47
48
49
50.
51
52
53
54
55
56
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 " O t h e r Latin America and C a r i b b e a n " 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.
6. Excludes the Bank for International Settlements, which is included in
" O t h e r Western E u r o p e . "
NOTE. Data for period before April 1978 include claims of banks' domestic
customers on foreigners.
• 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
3.19
Data
BANKS' OWN A N D DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the
United States
Payable in U.S. Dollars
Millions of dollars, end of period
1984
Type of claim
1981A
1982
1983
Mar.
Feb.
Apr.
May
387,429
58,041
145,865
121,472
45,068
76,403
62,051
399,049
58,069
155,694
123,417
47,066
76,351
61,869
June'
1 Total
287,557
396,015
424,232
2
3
4
5
6
7
8
251,589
31,260
96,653
74,704
23,381
51,322
48,972
355,705
45,422
127,293
121,377
44,223
77,153
61,614
389,329
57,500
144,964
123,344
47,005
76,338
63,522
35,968
1,378
40,310
2,491
34,903
2,969
36,185
3,660
30,763
26,064
25,992
25,823
8,238
7,056
5,870
6,533
7,362
29,952
38,153
37,820
36,984
42,657
40,369
42,499'
45,790'
Aug.?
36,643
3,458
26,352
July
Banks' own claims on foreigners
Foreign public borrowers
Own foreign offices'
Unaffiliated foreign banks
Deposits
Other
All other foreigners
9 Claims of banks' domestic customers 2
421,214
385,029
57,731
146,467
119,496
45,364
74,132
61,335
377,732
57,349
141,717
116,877
44,742
72,135
61,788
444,716
408,073
59,300
157,539
129,040
49,724
79,316
62,194
405,745
59,851
156,458
126,373
48,539
77,834
63,063
395,630
58,235
153,179
123,908
46,549
77,359
60,308
11 Negotiable and readily transferable
12 Outstanding collections and other
13 MEMO: C u s t o m e r liability o n
Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States 4 . . .
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
47,035'
48,033'
48,528'
47,570'
43,806
42,538
n.a.
4. 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.
• 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.
BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
1984
1983
Maturity; by borrower and area
1980
1981A
1982
Sept.
1 Total
By borrower
2 Maturity of 1 year or less'
Foreign public borrowers
3
4
All other foreigners
5 Maturity of over 1 year 1
6
Foreign public borrowers
7
All other foreigners
8
9
10
11
12
13
14
15
16
17
18
19
By area
Maturity of 1 year or less'
Europe
Canada
Latin America and Caribbean
Africa
All other 2
Maturity of over 1 year 1
Europe
Canada
Latin America and Caribbean
Asia
Africa
All other 2
1. Remaining time to maturity.
2. Includes nonmonetary international and regional organizations.
Dec.
Mar.
June
106,748
154,590
228,150
237,217
243,602
235,501
249,927
82,555
9,974
72,581
24,193
10,152
14,041
116,394
15,142
101,252
38,197
15,589
22,608
173,917
21,256
152,661
54,233
23,137
31,095
176,258
25,563
150,695
60,958
28,284
32,674
176,623
24,455
152,168
66,979
32,478
34,501
161,864
20,656
141,208
73,637
35,825
37,812
172,410
21,010
151,400
77,517
37,768
39,749
18,715
2,723
32,034
26,686
1,757
640
28,130
4,662
48,717
31,485
2,457
943
50,500
7,642
73,291
37,578
3,680
1,226
53,499
6,652
76,396
33,686
4,570
1,454
56,078
6,206
73,974
34,569
4,206
1,589
53,167
6,566
65,082
31,238
4,472
1,340
59,405
6,990
64,780
34,793
4,790
1,652
5,118
1,448
15,075
1,865
507
179
8,100
1,808
25,209
1,907
900
272
11,636
1,931
35,247
3,185
1,494
740
12,358
1,760
39,150
4,735
1,819
1,136
13,354
1,857
43,561
4,828
2,278
1,101
13,068
2,035
49,907
5,131
2,291
1,206
12,827
2,203
54,278
5,107
1,865
1,237
• 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.
A61
A62
3.21
International Statistics • December 1984
C L A I M S O N F O R E I G N C O U N T R I E S H e l d by U . S . O f f i c e s and F o r e i g n B r a n c h e s o f U . S . - C h a r t e r e d B a n k s '
Billions of dollars, end of period
1982
Area or country
1979
1980
1984
1983
1981
Sept.
Dec.
Mar.
June
Sept.
Dec.
Mar.
June 7 ''
303.9
352.0
415.2
438.4
438.7
441.1
437.4
430.2
436.0
431.3
429.2
138.4
11.1
11.7
12.2
6.4
4.8
2.4
4.7
56.4
6.3
22.4
162.1
13.0
14.1
12.1
8.2
4.4
2.9
5.0
67.4
8.4
26.5
175.5
13.3
15.3
12.9
9.6
4.0
3.7
5.5
70.1
10.9
30.2
175.4
13.6
15.8
12.2
9.7
3.8
4.7
5.1
70.3
11.0
29.3
179.7
13.1
17.1
12.7
10.3
3.6
5.0
5.0
72.1
10.4
30.2
182.2
13.7
17.1
13.5
10.2
4.3
4.3
4.6
72.9
12.5
29.2
176.9
13.3
17.1
12.6
10.5
4.0
4.7
4.8
70.3
10.8
28.7
168.9
12.6
16.2
11.6
10.0
3.6
4.9
4.2
67.6
9.0
29.2
167.9
12.4
16.3
11.3
11.4
3.5
5.1
4.3
65.1
8.3
30.1
165.1
11.0
15.9
11.7
11.2
3.3
5.2
4.2
64.2
8.6
30.0
156.1
10.4
14.2
11.0
11.5
3.0
4.3
4.2
59.2
8.8
29.5
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
19.9
2.0
2.2
1.2
2.4
2.3
.7
3.5
1.4
1.4
1.3
1.3
21.6
1.9
2.3
1.4
2.8
2.6
.6
4.4
1.5
1.7
1.1
1.3
28.4
1.9
2.3
1.7
2.8
3.1
1.1
6.6
1.4
2.1
2.8
2.5
32.7
2.0
2.5
1.8
2.6
3.4
1.6
7.7
1.5
2.1
3.6
4.0
33.7
1.9
2.4
2.2
3.0
3.3
1.5
7.5
1.4
2.3
3.7
4.4
34.0
2.1
3.3
2.1
2.9
3.3
1.4
7.1
1.5
2.3
3.6
4.6
34.4
2.1
3.4
2.1
2.9
3.4
1.4
7.2
1.4
2.0
3.9
4.6
34.2
1.9
3.3
1.8
2.9
3.2
1.3
7.2
1.5
2.1
4.7
4.4
35.9
1.9
3.4
2.4
2.8
3.3
1.3
7.1
1.7
1.8
4.7
5.5
35.5
2.0
3.4
2.1
3.0
3.2
1.1
7.1
1.9
1.8
4.8
5.2
37.1
2.0
3.1
2.3
3.3
3.2
1.7
7.3
2.0
1.9
4.7
5.7
25 O P E C countries 2
26
Ecuador
27
Venezuela
28
Indonesia
29
Middle East countries
30
African countries
22.9
1.7
8.7
1.9
8.0
2.6
22.7
2.1
9.1
1.8
6.9
2.8
24.8
2.2
9.9
2.6
7.5
2.5
27.3
2.3
10.4
2.9
9.0
2.7
27.4
2.2
10.5
3.2
8.7
2.8
28.5
2.2
10.4
3.5
9.3
3.0
28.3
2.2
10.4
3.2
9.5
3.0
27.2
2.1
9.8
3.4
9.1
2.8
28.9
2.2
9.9
3.8
10.0
3.0
28.6
2.1
9.7
4.0
9.8
3.0
26.7
2.1
9.5
4.1
8.4
2.7
31 Non-OPEC developing countries
63.0
77.4
96.3
104.1
107.1
107.7
108.3
109.4
111.1
111.6
114.8
5.0
15.2
2.5
2.2
12.0
1.5
3.7
7.9
16.2
3.7
2.6
15.9
1.8
3.9
9.4
19.1
5.8
2.6
21.6
2.0
4.1
9.2
22.4
6.2
2.8
25.0
2.6
4.3
8.9
22.9
6.3
3.1
24.5
2.6
4.0
9.0
23.1
6.0
2.9
25.1
2.4
4.2
9.4
22.6
5.8
3.2
25.2
2.6
4.3
9.5
22.9
6.2
3.2
25.9
2.4
4.2
9.5
22.9
6.4
3.2
26.0
2.4
4.2
9.5
24.9
6.5
3.1
25.4
2.3
4.4
9.2
25.4
6.7
3.0
27.7
2.3
4.1
1 Total
2 G - 1 0 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
.1
3.4
.2
1.3
5.4
1.0
4.2
1.5
.5
.2
4.2
.3
1.5
7.1
1.1
5.1
1.6
.6
.2
5.1
.3
2.1
9.4
1.7
6.0
1.5
1.0
.2
4.9
.5
1.9
9.4
1.8
6.1
1.3
1.3
.2
5.3
.6
2.3
10.9
2.1
6.3
1.6
1.1
.2
5.1
.4
2.0
10.9
2.5
6.6
1.6
1.4
.2
5.1
.5
2.3
10.8
2.6
6.4
1.8
1.2
.2
5.2
.8
1.7
10.9
2.8
6.2
1.7
1.0
.3
5.3
1.0
1.9
11.3
2.9
6.2
2.1
1.0
.3
4.9
1.0
1.6
11.1
2.8
6.6
1.9
.9
.6
5.8
1.0
1.9
11.2
2.7
6.3
1.8
1.1
48
49
50
51
Africa
Egypt
Morocco
Zaire
Other Africa 3
.6
.6
.2
1.7
.8
.7
.2
2.1
1.1
.7
.2
2.3
1.3
.8
.1
2.2
1.2
.7
.1
2.4
1.1
.8
.1
2.3
1.3
.8
.1
2.2
1.4
.8
.1
2.4
1.5
.8
.1
2.3
1.5
.8
.1
2.2
1.4
.8
.1
1.9
52 Eastern Europe
53
U.S.S.R
54
Yugoslavia
55
Other
7.3
.7
1.8
4.8
7.4
.4
2.3
4.6
7.8
.6
2.5
4.7
6.3
.3
2.2
3.8
6.2
.3
2.2
3.7
5.7
.3
2.2
3.2
5.7
.4
2.3
3.0
5.3
.2
2.3
2.8
5.3
.2
2.3
2.8
4.9
.2
2.2
2.5
4.9
.2
2.3
2.5
40.4
13.7
.8
9.4
1.2
4.3
.2
6.0
4.5
.4
47.0
13.7
.6
10.6
2.1
5.4
.2
8.1
5.9
.3
63.7
19.0
.7
12.4
3.2
7.7
.2
11.8
8.7
.1
72.2
21.4
.8
13.6
3.3
8.1
.1
15.1
9.8
.0
66.8
19.0
.9
12.9
3.3
7.6
.1
13.9
9.2
.0
66.2
17.4
1.0
12.0
3.1
7.1
.1
15.1
10.3
.0
67.6
19.6
.8
12.2
2.6
6.6
.1
14.6
.0
68.3
21.1
.8
10.7
4.1
5.7
.1
15.1
10.5
.1
70.1
21.2
.9
12.4
4.2
6.0
.1
14.9
10.3
.0
69.3
23.7
.7
11.0
3.3
6.3
.1
14.4
9.9
.0
72.3
26.5
.7
11.7
3.3
6.4
.1
13.5
10.1
.0
11.7
14.0
18.8
20.4
17.9
16.8
16.1
16.9
17.0
16.4
17.3
56 Offshore banking centers
57
Bahamas
58
Bermuda
59
Cayman Islands and other British West Indies
60
Netherlands Antilles
61
Panama 4
62
Lebanon
63
Hong Kong
64
Singapore
65
Others 5
66 Miscellaneous and unallocated
6
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 3.14 (the sum of lines 7 through 10) with the claims
of U.S. offices in table 3.18 (excluding those held by agencies and branches of
foreign banks and those constituting claims on own foreign branches).
2. Besides the Organization of Petroleum Exporting Countries shown individually, this group includes other members of O P E C (Algeria, Gabon, Iran, Iraq,
11.0
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates) as well
as Bahrain and Oman (not formally members of OPEC).
3. Excludes Liberia.
4. Includes Canal Zone beginning December 1979.
5. Foreign branch claims only.
6. Includes N e w Zealand, Liberia, and international and regional organizations.
7. Beginning with June 1984 data, reported claims held by foreign branches
have been reduced by an increase in the reporting threshold for " s h e l l " branches
from $50 million to $150 million equivalent in total assets, the threshold now
applicable to all reporting branches.
Nonbank-Reported
3.22
Data
A63
LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the
United States'
Millions of dollars, end of period
1984
1983
Type, and area or country
1980
1982
1981
Mar.
June
Sept.
Mar .p
Dec.
1 Total
29,434
28,618
25,772
23,567
22,886
24,864
23,763
27,958
2 Payable in dollars
3 Payable in foreign currencies
25,689
3,745
24,909
3,709
22,540
3,232
20,565
3,003
19,986
2,900
22,023
2,841
20,688
3,076
24,677
3,282
By type
4 Financial liabilities
5
Payable in dollars
6
Payable in foreign currencies
11,330
8,528
2,802
12,157
9,499
2,658
11,066
8,858
2,208
11,063
9,008
2,055
11,179
9,144
2,035
10,961
9,025
1,936
10,477
8,619
1,858
14,129
12,037
2,092
7 Commercial liabilities
8
Trade payables
9
Advance receipts and other liabilities
18,104
12,201
5,903
16,461
10,818
5,643
14,706
7,747
6,959
12,505
5,674
6,831
11,707
6,064
5,643
13,903
7,139
6,763
13,286
6,615
6,672
13,829
6,758
7,071
17,161
943
15,409
1,052
13,683
1,023
11,557
948
10,842
865
12,998
904
12,069
1,218
12,639
1,190
6,481
479
327
582
681
354
3,923
6,825
471
709
491
748
715
3,565
6,501
505
783
467
711
792
3,102
6,380
410
774
482
699
725
3,148
6,335
436
802
457
728
606
3,132
6,014
379
785
449
730
500
3,014
5,675
302
820
498
581
486
2,839
7,041
426
933
524
532
641
3,835
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
964
963
746
733
876
788
768
798
3,136
964
1
23
1,452
99
81
3,356
1,279
7
22
1,241
102
98
2,751
904
14
28
1,027
121
114
2,793
857
18
39
1,059
149
121
2,623
776
10
34
1,033
151
124
2,737
784
13
32
1,095
185
117
2,609
751
13
32
1,018
215
124
4,858
1,411
51
37
2,595
245
121
723
644
38
976
792
75
1,039
715
169
1,124
781
168
1,319
943
205
1,388
957
201
1,396
962
170
1,404
1,013
170
Africa
Oil-exporting countries 3
11
1
14
0
17
0
20
0
17
0
19
0
19
0
19
0
All other 4
15
24
12
13
9
15
10
9
4,402
90
582
679
219
499
1,209
3,770
71
573
545
220
424
880
3,682
52
598
468
346
364
880
3,474
45
579
455
351
354
706
3,395
41
618
439
342
357
656
3,426
47
523
462
243
449
809
3,153
62
437
427
268
241
637
3,354
40
481
416
259
413
734
19
Canada
20
21
22
23
24
25
26
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
27
28
29
Asia
Japan
Middle East oil-exporting countries 2
30
31
32
33
34
35
36
37
38
39
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
40
Canada
41
42
43
44
45
46
47
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
48
49
50
Japan
Middle East oil-exporting countries 2 - 5
888
897
1,495
1,437
1,468
1,418
1,841
1,789
1,300
8
75
111
35
367
319
1,044
2
67
67
2
340
276
1,012
16
93
60
32
379
165
1,070
4
121
51
4
355
198
1025
1
77
49
22
399
236
1,090
1
77
48
14
451
217
1,125
1
67
44
6
536
180
1,426
14
144
68
33
619
254
10,242
802
8,098
9,384
1,094
7,008
7,161
1,226
4,532
5,449
1,245
2,803
4,809
1,246
2,294
6,863
1,305
4,072
6,032
1,247
3,498
5,961
1,291
3,209
51
52
Africa
Oil-exporting countries 3
817
517
703
344
704
277
497
158
492
167
506
204
442
157
539
243
53
All other 4
456
664
651
578
518
600
692
760
1. For a description of the changes in the International Statistics tables, see
July 1979 BULLETIN, p. 550.
2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
3. Comprises Algeria, Gabon, Libya, and Nigeria.
4. Includes nonmonetary international and regional organizations.
5. Revisions include a reclassification of transactions, which also affects the
totals for Asia and the grand totals.
A64
3.23
International Statistics • December 1984
CLAIMS ON UNAFFILIATED FOREIGNERS
United States'
Reported by Nonbanking Business Enterprises in the
Millions of dollars, end of period
1983
Type, and area or country
1980
1981
1984
1982
Mar.
June
Sept.
Dec.
Mar.P
1 Total
34,482
36,185
28,637
31,581
33,310
32,652
34,210
32,426
2 Payable in dollars
3 Payable in foreign currencies
31,528
2.955
32,582
3,603
26,002
2,635
28.860
2.721
30,653
2,657
29,772
2,880
31,174
3,036
29,519
2.908
By type
4 Financial claims
5
Deposits
6
Payable in dollars
7
Payable in foreign currencies
8
Other financial claims
9
Payable in dollars
10
Payable in foreign currencies
19.763
14,166
13,381
785
5.597
3,914
1,683
21,142
15,081
14,456
625
6,061
3,599
2,462
17,594
13,058
12,628
430
4,536
2,895
1,641
20,519
15,868
15,388
480
4,651
3,006
1,645
22,642
17,819
17,379
439
4,824
3,226
1,598
21,752
16,907
16,463
445
4,845
3,019
1,826
23,075
17,954
17,457
497
5,121
3,219
1,902
21,579
16,495
16.066
428
5.084
3,277
1,808
11 Commercial claims
12
Trade receivables
13
Advance payments and other claims
14,720
13.960
759
15,043
14,007
1.036
11,042
9,995
1,047
11.062
9,824
1,238
10,668
9,265
1,402
10,899
9,566
1,334
11,135
9,725
1,410
10.847
9,540
1,307
14
15
14,233
487
14,527
516
10,479
563
10,465
597
10,048
620
10,290
609
10,498
637
10,176
671
6,069
145
298
230
51
54
4,987
4,596
43
285
224
50
117
3,546
4,873
15
134
178
97
107
4,064
6,327
58
98
127
140
107
5,532
7,304
12
140
216
136
37
6,514
6,232
25
135
151
89
34
5,577
6,374
37
130
129
49
38
5,768
6,446
30
145
121
57
90
5,783
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
5,036
6,755
4.287
4.613
4,885
4.958
5,836
5,577
24
25
26
27
28
29
30
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
7,811
3,477
135
96
2,755
208
137
8,812
3,650
18
30
3.971
313
148
7,546
3,279
32
62
3,255
274
139
8,688
3,915
21
50
3,479
352
156
9,380
4,037
92
48
4,065
348
152
9.500
3.829
62
49
4,457
315
137
9,809
4,745
96
53
3,830
291
134
8,467
3,233
3
87
4,243
279
130
31
32
33
Asia
Japan
Middle East oil-exporting countries 2
607
189
20
758
366
37
698
153
15
712
233
18
771
288
14
764
257
8
764
297
4
776
333
7
34
35
Africa
Oil-exporting countries 3
208
26
173
46
158
48
153
45
154
48
151
45
147
55
144
42
32
48
31
25
149
148
145
169
5,544
233
1,129
599
318
354
929
5,405
234
776
561
299
431
985
3,828
151
474
357
350
360
811
3,676
140
490
424
310
257
758
3,473
145
497
366
243
331
734
3,412
132
486
382
282
292
738
3,678
142
459
348
333
317
809
3,623
188
413
363
308
336
786
36
37
38
39
40
41
42
43
All other
4
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
44
Canada
914
967
633
650
711
792
829
1,052
45
46
47
48
49
50
51
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
3,766
21
108
861
34
1,102
410
3.479
12
223
668
12
1,022
424
2,526
21
261
258
12
775
351
2.705
30
176
403
21
894
288
2,728
30
111
512
21
957
273
2,870
15
246
611
12
898
282
2,695
8
190
493
7
884
272
2,420
8
216
357
7
745
268
52
53
54
Asia
Japan
Middle East oil-exporting countries 2
3,522
1,052
825
3,959
1,245
905
3,050
1,047
751
3,130
1,115
703
2,867
949
698
2,938
1,037
719
3,071
1,122
737
2,994
1,200
701
55
56
Africa
Oil-exporting countries 3
653
153
772
152
588
140
559
131
528
130
562
131
585
139
497
133
57
All other 4
321
461
417
342
361
326
277
261
1. For a description of the changes in the International Statistics tables, see
July 1979 BULLETIN, p. 550.
2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
3. Comprises Algeria, Gabon, Libya, and Nigeria.
4. Includes nonmonetary international and regional organizations.
Securities Holdings and Transactions
3.24
A65
FOREIGN T R A N S A C T I O N S IN SECURITIES
Millions of dollars
1984
Transactions, and area or country
1982
1984
1983
Jan.Aug.
Feb.
Apr.
Mar.
May
July
June
Aug.?
U.S. corporate securities
STOCKS
41,881
37,981
1 Foreign purchases
2 Foreign sales
69,770
64,360
42,456
43,069
6,234
5,823
6,101
5,599
4,510
4,189
5.048
5,494
4,"552
4,899
3,359
3,915
7,214
7,350
3 Net purchases, or sales (—)
3,901
5,410
-613
411
502
321
-446
-347
-556
-136
4 Foreign countries
3,816
5,312
-739
480
470
320
-454
-357
-565
-283
2,530
-143
333
-63
-579
3,117
222
317
366
247
2
131
3,979
-97
1.045
-109
1,325
1,799
1,151
529
-807
394
42
24
-1,108
-111
117
-169
-742
-253
1,194
482
-1,297
-75
5
60
147
-97
116
1
282
-168
323
43
-44
36
10
-34
329
-4
151
32
-3
125
300
14
-197
33
-7
-1
208
38
-43
-15
90
137
73
25
-58
66
5
2
-281
100
-40
-47
-220
-80
-61
82
-168
-28
-4
6
-317
-3
2
-76
-120
-179
158
38
-215
-27
3
2
-606
-45
-38
-34
-321
-141
188
-58
-55
-49
16
-420
-28
-125
-31
-358
148
129
214
-198
-57
-5
54
85
98
126
-70
32
1
8
10
9
147
21.639
20,188
24,049
23,092
17,418
15,417
2,113
1,943
2,200
2,074
1.701
1.857
1.619
1.442
2,004
1,795
3.082
2.503
2,865
2,030
20 Net purchases, or sales ( —)
1,451
957
2,001
170
126
-156
178
208
579
835
21 Foreign countries
1,479
942
1,915
82
183
-224
212
168
539
882
22
23
24
25
26
27
28
29
30
31
32
33
2,082
305
2,110
33
157
-589
24
159
-752
-19
7
961
-89
347
51
632
434
123
100
-1.159
865
0
52
1,342
43
782
55
-53
160
-55
153
-535
1,003
2
5
-55
-5
-32
25
-102
101
-10
16
58
75
0
-2
-15
-1
117
9
-45
-58
-23
18
30
170
0
3
21
-5
68
-12
-22
-239
-77
-8
-263
102
1
1
85
0
107
-1
8
-59
3
13
11
100
0
0
272
4
122
11
35
77
32
15
-287
135
0
0
480
33
256
3
13
-80
-35
14
-60
138
0
1
483
17
181
16
49
292
54
76
1
265
1
3
-28
15
86
87
-57
67
-34
40
41
-48
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
BONDS2
18 Foreign purchases
19 Foreign sales
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
Foreign securities
35 Stocks, net purchases, or sales ( - )
36
Foreign purchases
37
Foreign sales
-1.341
7,163
8,504
-3.765
13,281
17,046
37
9,915
9,879
345
1,487
1,142
145
1.575
1,429
-18
1,242
1.260
70
1.163
1,092
-40
1,110
1.150
113
895
782
-464
1.229
1.694
38 Bonds, net purchases, or sales ( - )
39
Foreign purchases
40
Foreign sales
-6,631
27,167
33,798
-3.651
35,922
39.572
-560
36,859
37,419
-72
3,903
3,975
77
4,985
4.907
-399
3,812
4.211
-641
5,155
5,797
241
5.308
5.066
184
4.427
4.243
-218
5,845
6,062
41 Net purchases, or sales ( - ) , of stocks and bonds . . . .
-7,972
-7,416
-524
273
223
-417
-571
201
297
-682
42
43
44
45
46
47
48
49
-6,806
-2,584
-2.363
336
-1,822
-9
-364
-6,971
-5.866
-1.344
1,120
-855
141
-166
-656
-4,265
455
1,908
1.330
-61
-23
241
-404
185
188
282
-11
1
138
-236
117
49
220
-10
-3
-415
-537
-187
126
187
-4
0
-646
-1,524
38
602
243
-16
12
187
-471
122
465
80
-4
-6
235
-462
174
237
333
-21
-25
-519
-598
-7
127
-48
11
-4
-1,165
-445
132
32
85
-2
74
15
62
-163
Foreign countries
Europe
Canada
Latin America and Caribbean
Asia
Africa
Other countries
Nonmonetarv 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).
2. Includes state and local government securities, and securities of U.S.
government agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments
abroad.
A66
3.25
International Statistics • December 1984
MARKETABLE U.S. TREASURY BONDS A N D NOTES
Foreign Holdings and Transactions
Millions of dollars
1984
Country or area
1982
1984
1983
Jan.Aug.
Feb.
Mar.
Apr.
May
June
July
Aug.P
101,495
Holdings (end of period) 1
1 Estimated total 2
85,220
88,932
90,206
89,656
92,005
93,412
93,298''
94,897
2 Foreign countries 2
80,637
83,818
84,382
84,383
85,408
85,791
86,763'
87,935
93,513
3 Europe 2
4
Belgium-Luxembourg
5
Germany 2
6
Netherlands
7
Sweden
8
Switzerland 2
9
United Kingdom
10
Other Western Europe
11
Eastern Europe
12 Canada
29,284
447
14,841
2,754
677
1,540
6,549
2,476
0
602
35,509
16
17,290
3,129
847
1,118
8,515
4,594
0
1,301
37,319
50
18,527
3,052
898
1,206
8,587
5,000
0
1,310
37,226
57
18,834
3,023
945
1,256
8,406
4,707
0
1,090
37,787
91
19,201
3,117
949
1,241
8,411
4,776
0
1,299
38,383
61
19,649
2,979
954
1,403
8,647
4,691
-1
1,308
39,292'
135
19,735
3,014
940
1,752
9,191
4,525'
-1
1,415
40,380
138
19,627
3,120
957
2,021
9,435
5,084
-1
1,446
44,368
171
20,663
3,133
905
2,089
12,290
5,119
-1
1,677
13
14
15
16
17
18
19
20
1,076
188
656
232
49,543
11,578
77
55
863
64
716
83
46,026
13,911
79
38
840
64
574
201
44,811
14,351
78
23
563
64
504
-6
45,401
14,334
82
21
572
65
453
53
45,610
14,547
85
57
962
65
546
351
44,973
14,871
88
77
861'
75
489'
297
45,030'
15,361
88
77
318
75
591
-347
45,594
15,746
88
108
631
76
822
-267
46,594
16,276
-11
255
4,583
4,186
6
5,114
4,404
6
5,824
5,139
6
5,273
4,614
6
6,597
5,936
6
7,621
6,946
6
6,535
5,860
6
6,962
6,241
6
7,982
7,340
6
Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
All other
21 Nonmonetary international and regional organizations
22
International
23
Latin American regional
Transactions (net purchases, or sales ( - ) during period)
24 Total 2
25 Foreign countries 2
26
Official institutions
27
Other foreign 2
28 Nonmonetary international and regional organizations
MEMO: Oil-exporting countries
29 Middle East 3
30 Africa 4
14,972
3,711
12,564
561
-550
2,348
1,407
-114
1,599
6,598
16,072
14,550
1,518
-1,097
3,180
779
2,400
535
9,695
1,960
7,737
2,867
-152
8
-159
712
1
476
-475
-551
1,025
622
403
1,322
382
-358
740
1,026
972
-871
1,843
-1,086
1,172
177
994
428
5,579
1,366
4,213
1,020
7,575
-552
-5,419
-1
-3.670
-100
-829
0
46
0
-678
0
-1,037
0
67
0
-312
0
-411
-100
1. Estimated official and private holdings of marketable U.S. Treasury securities with an original maturity of more than 1 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.
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.
Interest and Exchange Rates
3.26
A67
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Percent per annum
Rate on Oct. 31, 1984
Rate on Oct. 31, 1984
Country
Percent
Austria..
Belgium .
Brazil...
Canada..
Denmark
Rate on Oct. 31, 1984
Country
4.5
11.0
49.0
11.71
7.0
Country
Month
effective
June
Feb.
Mar.
Oct.
Oct.
1984
1984
1981
1984
1983
Percent
France 1
G e r m a n y , Fed. Rep. of
Italy
Japan
Netherlands
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 days.
2. Minimum lending rate suspended as of Aug. 20, 1981.
Month
effective
11.0
Aug. 1984
June 1984
Sept. 1984
Oct. 1983
Sept. 1983
4.5
16.5
5.0
5.0
Percent
8.0
4.0
Norway
Switzerland
United Kingdom 2 .
Venezuela
11.0
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.
NOTE. Rates shown are mainly those at which the central bank either discounts
3.27
FOREIGN SHORT-TERM INTEREST RATES
Percent per annum, averages of daily figures
1984
Country, or type
1981
1982
1983
Apr.
June
July
Aug.
Sept.
Oct.
Eurodollars
United Kingdom
Canada
Germany
Switzerland
16.79
13.86
18.84
12.05
9.15
12.24
12.21
14.38
8.81
5.04
9.57
10.06
9.48
5.73
4.11
10.83
8.84
10.75
5.81
3.61
11.53
9.32
11.52
6.08
3.83
11.68
9.43
11.86
6.11
4.15
12.02
11.38
13.03
6.09
4.72
11.81
11.09
12.41
6.00
4.81
11.67
10.79
12.20
5.81
5.04
10.77
10.60
11.99
6.06
5.23
Netherlands
France
Italy
Belgium
Japan
1
2
3
4
5
6
7
8
9
10
May
11.52
15.28
19.98
15.28
7.58
8.26
14.61
19.99
14.10
6.84
5.58
12.44
18.95
10.51
6.49
6.04
12.46
17.38
11.66
6.26
6.05
12.16
16.80
11.80
6.24
6.09
12.23
16.75
11.90
6.35
6.39
11.70
16.73
11.90
6.31
6.26
11.37
16.50
11.73
6.35
6.23
11.00
17.28
11.16
6.33
6.16
10.75
17.13
NOTE. Rates are for 3-month interbank loans except for Canada, finance company paper; Belgium, 3-month Treasury bills; and Japan, Gensaki rate.
11.00
6.31
A68
3.28
I n t e r n a t i o n a l S t a t i s t i c s • D e c e m b e r 1984
FOREIGN EXCHANGE RATES
Currency units per dollar
1984
Country/currency
1981
1982
1983
May
June
July
Aug.
Sept.
Oct.
Australia/dollar 1
Austria/schilling
Belgium/franc
Brazil/cruzeiro
Canada/dollar
China, P.R./yuan
Denmark/krone
114.95
15.948
37.194
92.374
1.1990
1.7031
7.1350
101.65
17.060
45.780
179.22
1.2344
1.8978
8.3443
90.14
17.968
51.121
573.27
1.2325
1.9809
9.1483
90.61
19.316
55.925
1497.64
1.2944
2.1866
10.0618
88.26
19.226
55.840
1,643.81
1.3040
2.2178
10.050
83.42
19.998
57.714
1,819.00
1.3238
2.2996
10.4178
84.73
20.268
58.282
1994.30
1.3035
2.3718
10.5174
83.08
21.293
61.132
2226.79
1.3145
2.5469
10.9753
83.64
21.557
62.048
2453.64
1.3189
2.6488
11.090
8
9
10
11
12
13
14
15
Finland/markka
France/franc
Germany/deutsche mark
Greece/drachma
Hong Kong/dollar
India/rupee
Ireland/pound 1
Israel/shekel
4.3128
5.4396
2.2631
n.a.
5.5678
8.6807
161.32
n.a.
4.8086
6.5793
2.428
66.872
6.0697
9.4846
142.05
24.407
5.5636
7.6203
2.5539
87.895
7.2569
10.1040
124.81
55.865
5.8115
8.4435
2.7484
108.37
7.8159
11.017
111.75
191.56
5.8182
8.4181
2.7397
108.85
7.8131
11.064
111.67
215.06
6.0187
8.7438
2.8492
112.40
7.8519
11.371
107.63
253.14
6.0626
8.8567
2.8856
115.11
7.8388
11.556
106.84
n.a.
6.2783
9.3041
3.0314
120.40
7.8430
11.858
102.28
n.a.
6.3726
9.4108
3.0678
126.06
7.8242
12.027
100.85
n.a.
16
17
18
19
20
21
22
23
24
Italy/lira
Japan/yen
Malaysia/ringgit
Mexico/peso
Netherlands/guilder
New Zealand/dollar 1
Norway/krone
Philippines/peso
Portugal/escudo
1138.60
220.63
2.3048
24.547
2.4998
86.848
5.7430
7.8113
61.739
1354.00
249.06
2.3395
72.990
2.6719
75.101
6.4567
8.5324
80.101
1519.30
237.55
2.3204
155.01
2.8543
66.790
7.3012
11.0940
111.610
1696.32
230.48
2.3029
198.35
3.0926
64.892
7.8100
14.262
139.85
1,694.80
233.57
2.3109
196.54
3.0882
64.205
7.8162
14.250
141.83
1,751.18
243.07
2.3385
196.63
3.2155
55.631
8.2151
n.a.
152.17
1780.47
242.26
2.3331
196.98
3.2539
49.912
8.2991
n.a.
151.02
1870.79
245.46
2.3528
197.71
3.4188
48.953
8.6246
n.a.
158.45
1898.98
246.75
2.4076
203.33
3.4597
48.614
8.8721
n.a.
163.36
25
26
27
28
29
30
31
32
33
34
35
Singapore/dollar
South Africa/rand 1
South Korea/won
Spain/peseta
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/Dollar
Thailand/baht
United Kingdom/pound 1
Venezuela/bolivar
2.1053
114.77
n.a.
92.396
18.967
5.0659
1.9674
n.a.
21.731
202.43
4.2781
2.1406
92.297
731.93
110.09
20.756
6.2838
2.0327
n.a.
23.014
174.80
4.2981
2.1136
89.85
776.04
143.500
23.510
7.6717
2.1006
n.a.
22.991
151.59
10.6840
2.1006
78.15
801.54
154.03
25.161
8.0782
2.2680
39.716
23.010
138.94
15.661
2.1122
76.49
802.20
154.75
25.176
8.0993
2.2832
39.843
23.010
137.70
14.709
2.1473
66.52
810.96
161.37
25.223
8.3063
2.4115
39.477
23.020
132.00
13.067
2.1472
63.76
811.42
164.41
25.285
8.3489
2.4150
39.092
23.018
131.32
12.725
2.1635
60.08
815.82
170.19
25.605
8.5892
2.5049
39.159
23.013
125.63
n.a.
2.1667
56.54
820.03
172.15
25.906
8.6887
2.5245
39.226
23.020
121.96
n.a.
102.94
116.57
125.34
133.99
134.31
139.30
140.21
145.70
147.56
1
2
3
4
5
6
7
MEMO
United States/dollar 2
1. Value in U.S. cents.
2. Index of weighted-average exchange value of U.S. dollar against currencies
of other G - 1 0 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 " I n d e x of the Weighted-Average Exchange Value
of the U.S. Dollar: Revision" on p. 700 of the August 1978 BULLETIN.
NOTE. Averages of certified noon buying rates in New York for cable transfers.
Data in this table also appear in the Board's G.5 (405) release. For address, see
inside front cover.
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
about half of the 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.
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and
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A70
A68
A68
A66
A74
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A4
TABLES
Published Irregularly,
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December 1984
Anticipated schedule of release dates for periodic releases
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Reference
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1983
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1984
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1983
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1984
1984
A70
Federal Reserve Board of Governors
PAUL A . VOLCKER,
PRESTON M A R T I N ,
Chairman
Vice Chairman
OFFICE OF BOARD
MEMBERS
JOSEPH R . COYNE, Assistant
to the
Board
DONALD J. W I N N , Assistant
to the
Board
STEVEN M . ROBERTS, Assistant
to the
Chairman
FRANK O'BRIEN, JR., Deputy Assistant to the Board
ANTHONY F. COLE, Special Assistant to the Board
ANNETTE P. FRIBOURG, Special Assistant to the Board
NAOMI P. SALUS, Special Assistant to the Board
HENRY C.
OFFICE OF STAFF DIRECTOR
MONETARY AND FINANCIAL
STEPHEN H . AXILROD, Staff
DIVISION
MICHAEL BRADFIELD, General
Counsel
J. VIRGIL MATTINGLY, JR., Associate General Counsel
GILBERT T. SCHWARTZ, Associate General Counsel
RICHARD M. ASHTON, Assistant General Counsel
NANCY P. JACKLIN, Assistant General Counsel
MARYELLEN A. BROWN, Assistant to the General Counsel
OFFICE OF THE
Director
STANLEY J. SIGEL, Assistant
to the
Secretary
WILLIAM W . WILES,
BARBARA R . LOWREY, Associate
Secretary
JAMES M C A F E E , Associate
Secretary
Board
NORMAND R.V. BERNARD, Special Assistant to the Board
OF RESEARCH
AND
STATISTICS
JAMES L . KICHLINE,
Director
EDWARD C . ETTIN, Deputy
Director
MICHAEL J. PRELL, Deputy
Director
JOSEPH S . ZEISEL, Deputy
Director
JARED J. ENZLER, Associate
Director
ELEANOR J. STOCKWELL, Associate
Director
DAVID E. LINDSEY, Deputy Associate Director
HELMUT F. WENDEL, Deputy Associate Director
MARTHA BETHEA, Assistant
ROBERT M . FISHER, Assistant
SUSAN J. LEPPER, Assistant
THOMAS D . SIMPSON, Assistant
SECRETARY
FOR
POLICY
DONALD L. KOHN, Deputy Staff Director
DIVISION
LEGAL
WALLICH
J. CHARLES PARTEE
Director
Director
Director
Director
LAWRENCE SLIFMAN, Assistant
Director
STEPHEN P. TAYLOR, Assistant
PETER A. TINSLEY, Assistant
Director
Director
LEVON H . GARABEDIAN, Assistant
Director
(Administration)
DIVISION OF
CONSUMER
AND COMMUNITY
AFFAIRS
DIVISION
GRIFFITH L . GARWOOD,
Director
JERAULD C . KLUCKMAN, Associate
Director
GLENN E . LONEY, Assistant
Director
DOLORES S . SMITH, Assistant
Director
DIVISION OF
BANKING
SUPERVISION
AND
REGULATION
JOHN E . RYAN,
Director
WILLIAM TAYLOR, Deputy
HERBERT A . BIERN, Assistant
ANTHONY G . CORNYN, Assistant
Director
Director
Director
ROBERT S . PLOTKIN, Assistant
Director
STEPHEN C . SCHEMERING, Assistant
Director
RICHARD SPILLENKOTHEN, Assistant
Director
SIDNEY M . SUSSAN, Assistant
Director
LAURA M. HOMER, Securities Credit Officer
E D W I N M . TRUMAN,
FINANCE
Director
LARRY J. PROMISEL, Senior Associate Director
CHARLES J. SIEGMAN, Senior Associate Director
DALE W. HENDERSON, Associate Director
ROBERT F . GEMMILL, Staff
Adviser
SAMUEL PIZER, Staff
Adviser
PETER HOOPER, III, Assistant
Director
DAVID H . HOWARD, Assistant
Director
RALPH W . SMITH, JR., Assistant
Director
FREDERICK R. DAHL, Associate Director
DON E. KLINE, Associate Director
FREDERICK M. STRUBLE, Associate Director
JACK M. EGERTSON, Assistant
OF INTERNATIONAL
Director
A71
and Official Staff
EMMETT J. RICE
MARTHA R . SEGER
LYLE E . GRAMLEY
OFFICE OF
STAFF DIRECTOR
FOR
S. DAVID FROST, Staff
MANAGEMENT
Director
WILLIAM R. JONES, Assistant Staff Director
EDWARD T. MULRENIN, Assistant Staff Director
STEPHEN R. MALPHRUS, Assistant Staff Director for Office
Automation and Technology
PORTIA W. THOMPSON, EEO Programs
DIVISION
OF DATA
Officer
PROCESSING
OFFICE OF STAFF DIRECTOR
FOR
FEDERAL RESERVE BANK
ACTIVITIES
THEODORE E. ALLISON, Staff Director
JOSEPH W. DANIELS, SR., Advisor, Equal
Opportunity Programs
DIVISION OF FEDERAL
BANK
OPERATIONS
RESERVE
CLYDE H . FARNSWORTH, JR.,
Director
ELLIOTT C. MCENTEE, Associate
CHARLES L . HAMPTON,
Director
DAVID L. ROBINSON, Associate
BRUCE M. BEARDSLEY, Deputy Director
GLENN L. CUMMINS, Assistant Director
NEAL H. HILLERMAN, Assistant Director
RICHARD J. MANASSERI, Assistant
Director
ELIZABETH B. RIGGS, Assistant
Director
WILLIAM C. SCHNEIDER, JR., Assistant
Director
ROBERT J. ZEMEL, Assistant
Director
DIVISION
OF
PERSONNEL
DAVID L . S H A N N O N ,
Director
JOHN R. WEIS, Assistant
Director
CHARLES W. WOOD, Assistant
OFFICE OF THE
Director
CONTROLLER
GEORGE E . LIVINGSTON,
Controller
BRENT L. BOWEN, Assistant
DIVISION
OF SUPPORT
ROBERT E . FRAZIER,
Controller
SERVICES
Director
WALTER W. KREIMANN, Associate
Director
GEORGE M. LOPEZ, Assistant
Director
*On loan from the Federal Reserve Bank of Richmond (Baltimore
Branch).
Employment
Director
Director
C. WILLIAM SCHLEICHER, JR., Associate
Director
WALTER ALTHAUSEN, Assistant
Director
CHARLES W. BENNETT, Assistant
Director
ANNE M. DEBEER, Assistant
Director
JACK DENNIS, JR., Assistant
Director
EARL G. HAMILTON, Assistant
Director
* WILLIAM E. PASCOE, III, Assistant
Director
All
Federal Reserve Bulletin • December 1984
Federal Open Market Committee
FEDERAL
OPEN MARKET
COMMITTEE
PAUL A . VOLCKER, Chairman
A N T H O N Y M . SOLOMON, Vice
E D W A R D G . BOEHNE
ROBERT H . BOYKIN
E . GERALD CORRIGAN
LYLE E . GRAMLEY
KAREN N . HORN
PRESTON MARTIN
STEPHEN H. AXILROD, Staff Director and Secretary
NORMAND R . V . BERNARD, Assistant
Secretary
NANCY M. STEELE, Deputy Assistant
Secretary
MICHAEL BRADFIELD, General
Counsel
JAMES H. OLTMAN, Deputy General Counsel
JAMES L . KICHLINE,
Economist
EDWIN M. TRUMAN, Economist
(International)
JOSEPH E. BURNS, Associate
Economist
JOHN M. DAVIS, Associate
Economist
J. CHARLES PARTEE
EMMETT J. RICE
MARTHA R . SEGER
HENRY C . WALLICH
RICHARD G. DAVIS, Associate
Economist
DONALD L. KOHN, Associate
Economist
RICHARD W. LANG, Associate
Economist
DAVID E. LINDSEY, Associate
Economist
MICHAEL J. PRELL, Associate
Economist
CHARLES J. SIEGMAN, Associate
Economist
GARY H. STERN, Associate
Economist
JOSEPH S. ZEISEL, Associate
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
JOHN G . M C C O Y ,
President
JOSEPH J. PINOLA, Vice
President
VINCENT C . BURKE, JR., N . BERNE HART, AND LEWIS T. PRESTON,
ROBERT L. NEWELL, First District
LEWIS T. PRESTON, Second District
GEORGE A. BUTLER, Third District
JOHN G. MCCOY, Fourth District
VINCENT C. BURKE, JR., Fifth District
PHILIP F. SEARLE, Sixth District
Directors
BARRY F. SULLIVAN, Seventh District
WILLIAM H. BOWEN, Eighth District
E. PETER GILLETTE, JR., Ninth District
N. BERNE HART, Tenth District
NAT S. ROGERS, Eleventh District
JOSEPH J. PINOLA, Twelfth District
HERBERT V . PROCHNOW,
WILLIAM J. KORSVIK, Associate
Secretary
Secretary
Chairman
A73
and Advisory Councils
CONSUMER
ADVISORY
COUNCIL
WILLARD P. OGBURN, Boston, Massachusetts, Chairman
TIMOTHY D. MARRINAN, Minneapolis, Minnesota, Vice Chairman
RACHEL G . BRATT, M e d f o r d ,
Massachusetts
GERALD R. CHRISTENSEN, Salt Lake City, Utah
THOMAS L . CLARK, JR., N e w Y o r k , N e w Y o r k
JEAN A . CROCKETT, P h i l a d e l p h i a , P e n n s y l v a n i a
MEREDITH FERNSTROM, N e w Y o r k , N e w Y o r k
ALLEN J. FISHBEIN, W a s h i n g t o n , D . C .
E.C.A. FORSBERG, SR., Atlanta, Georgia
STEVEN M. GEARY, Jefferson City, Missouri
RICHARD F. HALLIBURTON, Kansas City, Missouri
CHARLES C . HOLT, A u s t i n , T e x a s
HARRY N . JACKSON, M i n n e a p o l i s , M i n n e s o t a
KENNETH V . LARKIN, S a n F r a n c i s c o , C a l i f o r n i a
MERVIN WINSTON,
THRIFT INSTITUTIONS
ADVISORY
FREDERICK H . MILLER, N o r m a n , O k l a h o m a
MARGARET M . MURPHY, C o l u m b i a , M a r y l a n d
ROBERT F . MURPHY, D e t r o i t , M i c h i g a n
LAWRENCE S . OKINAGA, H o n o l u l u , H a w a i i
ELVA QUIJANO, S a n A n t o n i o , T e x a s
JANET J. RATHE, P o r t l a n d , O r e g o n
GLENDA G . SLOANE, W a s h i n g t o n , D . C .
HENRY J. SOMMER, P h i l a d e l p h i a , P e n n s y l v a n i a
W I N N I E F . TAYLOR, S a n F r a n c i s c o , C a l i f o r n i a
MICHAEL M . V A N BUSKIRK, C o l u m b u s , O h i o
CLINTON W A R N E , C l e v e l a n d , O h i o
FREDERICK T . WEIMER, C h i c a g o , I l l i n o i s
Minneapolis, Minnesota
COUNCIL
THOMAS R. BOMAR, Miami, Florida, President
RICHARD H. DEIHL, LOS Angeles, California, Vice President
JAMES A. ALIBER, Detroit, Michigan
NORMAN M. JONES, Fargo, North Dakota
GENE R . ARTEMENKO, C h i c a g o , I l l i n o i s
J. MICHAEL CORNWALL, D a l l a s , T e x a s
ROBERT R . MASTERTON, P o r t l a n d , M a i n e
JOHN T . MORGAN, N e w Y o r k , N e w Y o r k
JOHN R. EPPINGER, Villanova, Pennsylvania
FRED A. PARKER, Monroe, North Carolina
SARAH R . WALLACE, N e w a r k , O h i o
A74
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A75
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STAFF STUDIES•
Summaries
Only Printed in the
Bulletin
Studies and papers on economic and financial subjects that
are of general interest. Requests to obtain single copies of
the full text or to be added to the mailing list for the series
Services.
may be sent to Publications
114. MULTIBANK HOLDING COMPANIES: RECENT EVIDENCE ON COMPETITION A N D PERFORMANCE IN
BANKING MARKETS, by Timothy J. Curry and John T.
Rose. Jan. 1982. 9 pp.
115. COSTS, SCALE ECONOMIES, COMPETITION, AND PRODUCT M I X IN THE U . S . PAYMENTS MECHANISM, b y
David B. Humphrey. Apr. 1982. 18 pp.
116. DIVISIA MONETARY AGGREGATES:
COMPILATION,
D A T A , A N D HISTORICAL BEHAVIOR, b y W i l l i a m A .
PROCESSING B A N K HOLDING COMPANY A N D MERGER APPLICATIONS.
Barnett and Paul A. Spindt. May 1982. 82 pp. Out of
print.
CREDIT CARDS IN THE U . S . ECONOMY: THEIR IMPACT ON
COSTS, PRICES, A N D RETAIL SALES, J u l y 1983. 114 p p .
117. THE COMMUNITY REINVESTMENT A C T A N D CREDIT
THE MONETARY AUTHORITY OF THE FEDERAL
118. INTEREST
RESERVE,
May 1984. (High School Level.)
ALLOCATION, by Glenn Canner. June 1982. 8 pp.
RATES
AND
TERMS
ON
CONSTRUCTION
LOANS AT COMMERCIAL BANKS, by D a v i d F. Seiders.
WRITING IN STYLE AT THE FEDERAL RESERVE. A u g u s t 1 9 8 4 .
93 pp. $2.50 each.
July 1982. 14 pp.
119. STRUCTURE-PERFORMANCE STUDIES IN BANKING:
A N U P D A T E D SUMMARY A N D EVALUATION, b y S t e -
phen A. Rhoades. Aug. 1982. 15 pp.
120. FOREIGN SUBSIDIARIES OF U . S . BANKING ORGANIZA-
TIONS, by James V. Houpt and Michael G. Martinson.
Oct. 1982. 18 pp. Out of print.
121. REDLINING: RESEARCH A N D FEDERAL LEGISLATIVE
RESPONSE, by Glenn B. Canner. Oct. 1982. 20 pp.
122. BANK CAPITAL TRENDS A N D FINANCING, b y S a m u e l
CONSUMER EDUCATION
PAMPHLETS
Short pamphlets suitable for classroom use. Multiple
available without charge.
H. Talley. Feb. 1983. 19 pp. Out of print.
copies
123. FINANCIAL TRANSACTIONS WITHIN B A N K
HOLDING
COMPANIES, by John T. Rose and Samuel H. Talley.
May 1983. 11 pp.
124. INTERNATIONAL BANKING FACILITIES AND THE E U -
Alice in Debitland
Consumer Handbook to Credit Protection Laws
The Equal Credit Opportunity Act and . . . Age
The Equal Credit Opportunity Act and . . . Credit Rights in
Housing
The Equal Credit Opportunity Act and . . . Doctors, Lawyers, Small Retailers, and Others Who May Provide Incidental Credit
The Equal Credit Opportunity Act and . . . Women
Fair Credit Billing
Federal Reserve Glossary
Guide to Federal Reserve Regulations
How to File A Consumer Credit Complaint
If You Borrow To Buy Stock
If You Use A Credit Card
Instructional Materials of the Federal Reserve System
Series on the Structure of the Federal Reserve System
The Board of Governors of the Federal Reserve System
The Federal Open Market Committee
Federal Reserve Bank Board of Directors
Federal Reserve Banks
Monetary Control Act of 1980
Organization and Advisory Committees
Truth in Leasing
U.S. Currency
What Truth in Lending Means to You
RODOLLAR MARKET, by Henry S. Terrell and Rodney
H. Mills. August 1983. 14 pp.
125. SEASONAL ADJUSTMENT OF THE WEEKLY MONETARY
AGGREGATES: A M O D E L - B A S E D APPROACH, b y D a v i d
A. Pierce, Michael R. Grupe, and William P. Cleveland. August 1983. 23 pp.
126. DEFINITION A N D MEASUREMENT OF EXCHANGE MAR-
KET INTERVENTION, by Donald B. Adams and Dale
W. Henderson. August 1983. 5 pp.
127. U . S . EXPERIENCE WITH EXCHANGE MARKET INTERVENTION: J A N U A R Y - M A R C H 1 9 7 5 , b y M a r g a r e t L .
Greene. August 1984. 16 pp.
128. U . S . EXPERIENCE WITH EXCHANGE MARKET INTERVENTION: SEPTEMBER 1 9 7 7 - O c r o B E R 1 9 8 1 , b y M a r g a -
ret L. Greene. 40 pp.
129. U . S . EXPERIENCE WITH EXCHANGE MARKET INTERVENTION: OCTOBER 1 9 8 0 - O c T O B E R 1 9 8 1 , b y M a r g a r e t
L. Greene. August 1984. 36 pp.
130. EFFECTS OF EXCHANGE RATE VARIABILITY ON INTERNATIONAL TRADE A N D OTHER ECONOMIC VARIABLES: A REVIEW OF THE LITERATURE, b y V i c t o r i a S .
Farrell with Dean A. DeRosa and T. Ashby McCown.
January 1984. 21 pp.
131. CALCULATIONS OF PROFITABILITY FOR U . S . D O L L A R DEUTSCHE MARK INTERVENTION, b y L a u r e n c e R .
Jacobson. October 1983. 8 pp.
A76
132. TIME-SERIES STUDIES OF THE RELATIONSHIP BETWEEN EXCHANGE RATES AND INTERVENTION: A
REVIEW OF THE TECHNIQUES AND LITERATURE, b y
REPRINTS OF BULLETIN
ARTICLES
Most of the articles reprinted do not exceed 12 pages.
Kenneth Rogoff. October 1983. 15 pp.
133. RELATIONSHIPS AMONG EXCHANGE RATES, INTERVENTION, AND INTEREST RATES: A N EMPIRICAL IN-
VESTIGATION, by Bonnie E. Loopesko. November
1983. 20 pp.
134. SMALL EMPIRICAL MODELS OF EXCHANGE MARKET
INTERVENTION: A REVIEW OF THE LITERATURE, b y
Ralph W. Tryon. October 1983. 14 pp.
* 1 3 5 . SMALL EMPIRICAL MODELS OF EXCHANGE MARKET
INTERVENTION: APPLICATIONS TO C A N A D A , GERMA-
NY, AND JAPAN, by Deborah J. Danker, Richard A.
Haas, Dale W. Henderson, Steven A. Symansky, and
Ralph W. Tryon.
136. THE EFFECTS OF FISCAL POLICY ON THE U . S . ECONO-
MY, by Darrell Cohen and Peter B. Clark. January
1984. 16 pp.
137. T H E IMPLICATIONS FOR B A N K MERGER POLICY OF
FINANCIAL DEREGULATION, INTERSTATE BANKING,
A N D FINANCIAL SUPERMARKETS, b y S t e p h e n A .
Rhoades. February 1984. 8 pp.
138. ANTITRUST L A W S , JUSTICE DEPARTMENT G U I D E LINES, AND THE LIMITS OF CONCENTRATION IN L O -
CAL BANKING MARKETS, by James Burke. June 1984.
14 pp.
139. SOME IMPLICATIONS OF FINANCIAL INNOVATIONS IN
THE UNITED STATES, by Thomas D. Simpson and
Patrick M. Parkinson. August 1984. 20 pp.
140. GEOGRAPHIC MARKET DELINEATION: A REVIEW OF
THE LITERATURE, by John D. Wolken. November
1984. 38 pp.
141. A COMPARISON OF DIRECT DEPOSIT AND CHECK PAY-
MENT COSTS, by William Dudley. November 1984.
15 pp.
*The availability of this study will be announced in a forthc o m i n g BULLETIN.
Survey of Finance Companies. 1980. 5/81.
Bank Lending in Developing Countries. 9/81.
The Commercial Paper Market since the Mid-Seventies. 6/82.
Applying the Theory of Probable Future Competition. 9/82.
International Banking Facilities. 10/82.
New Federal Reserve Measures of Capacity and Capacity
Utilization. 7/83.
Foreign Experience with Targets for Money Growth. 10/83.
Intervention in Foreign Exchange Markets: A Summary of
Ten Staff Studies. 11/83.
A Financial Perspective on Agriculture. 1/84.
U.S. International Transactions in 1983. 4/84.
Survey of Consumer Finances, 1983. 9/84.
Bank Lending to Developing Countries. 10/84.
All
ANTICIPATED
SCHEDULE
OF THE FEDERAL
Weekly
RESERVE
OF RELEASE
DATES
FOR PERIODIC
RELEASES—BOARD
OF
GOVERNORS
SYSTEM1
Releases
jroximate
release days
Date or period
to which data refer
Aggregate Reserves of Depository Institutions and Monetary
Base. H.3 (502) [1.20]
Thursday
Week ended previous
Wednesday
Actions of the Board; Applications and Reports. H.2 (501)
Friday
Week ended previous Saturday
Assets and Liabilities of Domestically Chartered and Foreign
Related Banking Institutions. H.8 (510) [1.25]
Wednesday
Wednesday, 2 weeks earlier
Changes in State Member Banks. K.3 (615)
Tuesday
Week ended previous Saturday
Factors Affecting Reserves of Depository Institutions and
Condition Statement of Federal Reserve Banks. H.4.1 (503)
[1.11]
Thursday
Week ended previous
Wednesday
Foreign Exchange Rates. H.10 (512) [3.28]
Monday
Week ended previous Friday
Money Stock, Liquid Assets, and Debit Measures. H.6 (508)
[1.21]
Thursday
Week ended Wednesday of
previous week
Selected Borrowings in Immediately Available Funds of Large
Member Banks. H.5 (507) [1.13]
Wednesday
Week ended Thursday of
previous week
Selected Interest Rates. H. 15 (519) [ 1.35]
Monday
Week ended previous Saturday
Weekly Consolidated Condition Report of Large Commercial
Banks and Domestic Subsidiaries. H.4.2 (504) [1.26, 1.28,
1.29, 1.30]
Friday
Wednesday, 1 week earlier
Capacity Utilization: Manufacturing, Mining, Utilities and
Industrial Materials. G.3 (402) [2.11]
Midmonth
Previous month
Changes in Status of Banks and Branches. G.4.5 (404)
1st of month
Previous month
Commercial and Industrial Loan Commitments at Selected Large
Commercial Banks. G.21 (423)
2nd week of month
2nd month previous
Consumer Installment Credit. G.19 (421) [1.55, 1.56]
Midmonth
2nd month previous
Debits and Deposit Turnover at Commercial Banks. G.6 (406)
[1.22]
12th of month
Previous month
Finance Companies. G.20 (422) [1.51, 1.52]
5th working day of
month
2nd month previous
Foreign Exchange Rates. G.5 (405) [3.28]
1st of month
Previous month
Industrial Production. G.12.3 (414) [2.13]
Midmonth
Previous month
Loans and Securities at all Commercial Banks. G.7 (407) [1.23]
3rd week of month
Previous month
Major Nondeposit Funds of Commercial Banks. G. 10 (411) [1.24]
3rd week of month
Previous month
Maturity Distribution of Negotiable Time Certificates of Deposit
at Large Commercial Banks. G.9 (410)
3rd week of month
Last Wednesday of previous
month
Monthly Report of Assets and Liabilities of International Banking
Facilities. G. 14 (416)
2nd week of month
Wednesday, 2 weeks earlier
Research Library—Recent Acquisitions. G. 15 (417)
1st of month
Previous month
Monthly
Releases
1. Release dates are those anticipated or usually met. However, please note that for some releases there is normally a certain variability because
of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later
than anticipated.
The BULLETIN table that reports these data is designated in brackets.
A78
Monthly Releases—Continued
Approximate
release days
Date or period
to which data refer
Selected Interest Rates. G. 13 (415) [1.35]
3rd working day of
month
Previous month
Summary of Equity Security Transactions. G. 16 (418)
3rd week of month
Release date
Agricultural Finance Databook. E.15 (125)
End of March,
June, September,
and December
January, April, July, and
October
Country Exposure Lending Survey. E.16 (1.26)
January, April,
July, and
October
Previous 3 months
Domestic Offices, Commercial Bank Assets and Liabilities
Consolidated Report of Condition. E.3.4 (113) [1.26, 1.28]
March, June,
September, and
December
Previous 6 months
Flow of Funds: Seasonally adjusted and unadjusted. Z.l (780)
[1.58, 1.59]
23rd of February,
May, August,
and November
Previous quarter
Flow of Funds Summary Statistics. Z.7 (788) [1.57, 1.58]
15th of February,
May, August,
and November
Previous quarter
Geographical Distribution of Assets and Liabilities of Major
Foreign Branches of U.S. Banks. E . l l (121)
15th of March,
June, September,
and December
Previous quarter
Survey of Terms of Bank Lending. E.2 (111) [1.34]
Midmonth of
March, June,
September, and
December
February, May, August and
November
February, June and
October
Release date
Aggregate Summaries of Annual Surveys of Security Credit
Extension. C.2 (101)
February
End of previous June
Bank Holding Companies and Subsidiary Banks (Domestic and
Foreign). C.6 (105)
March
Previous year
Bank Holding Companies and Subsidiary Banks (Domestic only).
C.5 (104)
March
Previous year
Quarterly
Releases
Semiannual
Releases
List of OTC Margin Stocks. E.7 (117)
Annual
Releases
A79
Index to Statistical Tables
References
are to pages A3 through A68 although the prefix "A" is omitted in this index
ACCEPTANCES, bankers (See Bankers acceptances)
Agricultural loans, commercial banks, 19, 20, 25
Assets and liabilities (See also Foreigners)
Banks, by classes, 18-20
Domestic finance companies, 38
Federal Reserve Banks, 10
Financial institutions, 28
Foreign banks, U.S. branches and agencies, 22
Nonfinancial corporations, 37
Automobiles
Consumer installment credit, 41, 42
Production, 47, 48
BANKERS acceptances, 9, 24, 26
Bankers balances, 18-20 (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 36
Rates, 26
Branch banks, 22, 55
Business activity, nonfinancial, 45
Business expenditures on new plant and equipment, 38
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 46
Capital accounts
Banks, by classes, 18
Federal Reserve Banks, 10
Central banks, discount rates, 67
Certificates of deposit, 26
Commercial and industrial loans
Commercial banks, 16, 21, 25
Weekly reporting banks, 19-22
Commercial banks
Assets and liabilities, 18-20
Business loans, 25
Commercial and industrial loans, 16, 21, 22, 25
Consumer loans held, by type, and terms, 41, 42
Loans sold outright, 21
Nondeposit fund, 17
Number, by classes, 18
Real estate mortgages held, by holder and property, 40
Time and savings deposits, 3
Commercial paper, 24, 26, 38
Condition statements (See Assets and liabilities)
Construction, 45, 49
Consumer installment credit, 41, 42
Consumer prices, 45, 50
Consumption expenditures, 51, 52
Corporations
Profits and their distribution, 37
Security issues, 36, 65
Cost of living (See Consumer prices)
Credit unions, 28, 41 (See also Thrift institutions)
Currency and coin, 18
Currency in circulation, 4, 13
Customer credit, stock market, 27
DEBITS to deposit accounts, 15
Debt (See specific types of debt or
Demand deposits
Adjusted* commercial banks, 15
Banks, by classes, 18-20, 22
securities)
Demand deposits—Continued
Ownership by individuals, partnerships, and
corporations, 23
Turnover, 15
Depository institutions
Reserve requirements, 7
Reserves and related items, 3, 4, 5, 12
Deposits (See also specific types)
Banks, by classes, 3, 18-20, 21, 22
Federal Reserve Banks, 4, 10
Turnover, 15
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, 45
Eurodollars, 26
FARM mortgage loans, 40
Federal agency obligations, 4, 9, 10, 11, 33, 34
Federal credit agencies, 35
Federal finance
Debt subject to statutory limitation and types and
ownership of gross debt, 32
Receipts and outlays, 30, 31
Treasury financing of surplus, or deficit, 30
Treasury operating balance, 30
Federal Financing Bank, 30, 35
Federal funds, 5, 17, 19, 20, 22, 26, 30
Federal Home Loan Banks, 35
Federal Home Loan Mortgage Corporation, 35, 39, 40
Federal Housing Administration, 35, 39, 40
Federal Land Banks, 40
Federal National Mortgage Association, 35, 39, 40
Federal Reserve Banks
Condition statement, 10
Discount rates (See Interest rates)
U.S. government securities held, 4, 10, 11, 32
Federal Reserve credit, 4, 5, 10, 11
Federal Reserve notes, 10
Federally sponsored credit agencies, 35
Finance companies
Assets and liabilities, 38
Business credit, 38
Loans, 19, 41, 42
Paper, 24, 26
Financial institutions
Loans to, 19, 20, 22
Selected assets and liabilities, 28
Float, 4
Flow of funds, 43, 44
Foreign banks, assets and liabilities of U.S. branches and
agencies, 22
Foreign currency operations, 10
Foreign deposits in U.S. banks, 4, 10, 19, 20
Foreign exchange rates, 68
Foreign trade, 54
Foreigners
Claims on, 55, 57, 60, 61, 62, 64
Liabilities to, 20, 54, 55, 57, 58, 63, 65, 66
A80
GOLD
Certificate account, 10
Stock, 4, 54
Government National Mortgage Association, 35, 39, 40
Gross national product, 51
HOUSING, new and existing units, 49
INCOME, personal and national, 45, 51, 52
Industrial production, 45, 47
Installment loans, 41, 42
Insurance companies, 28, 32, 40
Interest rates
Bonds, 26
Business loans of banks, 25
Federal Reserve Banks, 6
Foreign central banks and foreign countries, 67
Money and capital markets, 26
Mortgages, 39
Prime rate, commercial banks, 24
Time and savings deposits, 8
International capital transactions of United States, 53-66
International organizations, 57, 58-60, 63-66
Inventories, 51
Investment companies, issues and assets, 37
Investments (See also specific types)
Banks, by classes, 18, 19, 20." 28
Commercial banks, 3, 16, 18-20, 21, 40
Federal Reserve Banks, 10, 11
Financial institutions, 28, 40
LABOR force, 45
Life insurance companies (See Insurance companies)
Loans (See also specific types)
Banks, by classes, 18-20
Commercial banks, 3, 16, 18-20, 21, 25
Federal Reserve Banks, 4, 5, 6, 10, 11
Financial institutions, 28, 40
Insured or guaranteed by United States, 39, 40
MANUFACTURING
Capacity utilization, 46
Production, 45, 48
Margin requirements, 27
Member banks (See also Depository institutions)
Federal funds and repurchase agreements, 5
Reserve requirements, 7
Mining production, 48
Mobile homes shipped, 49
Monetary and credit aggregates, 3, 12
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, 8, 28, 40, 41 (See also Thrift
institutions)
NATIONAL defense outlays, 31
National income, 51
Nontransaction balances, 3, 13, 19, 20, 21
OPEN market transactions, 9
PERSONAL income, 52
Prices
Consumer and producer, 45, 50
Stock market, 27
Prime rate, commercial banks, 24
Producer prices, 45, 50
Production, 45, 47
Profits, corporate, 37
REAL estate loans
Banks, by classes, 16, 19, 20, 40
Financial institutions, 28
Terms, yields, and activity, 39
Type of holder and property mortgaged, 40
Repurchase agreements, 5, 17, 19, 20, 22
Reserve requirements, 7
Reserves
Commercial banks, 18
Depository institutions, 3, 4, 5, 12
Federal Reserve Banks, 10
U.S. reserve assets, 54
Residential mortgage loans, 39
Retail credit and retail sales, 41, 42, 45
SAVING
Flow of funds, 43, 44
National income accounts, 51, 52
Savings and loan associations, 8, 28, 40, 41, 43 (See also
Thrift institutions)
Savings deposits (See Time and savings deposits)
Securities (See specific types)
Federal and federally sponsored credit agencies, 35
Foreign transactions, 65
New issues, 36
Prices, 27
Special drawing rights, 4, 10, 53, 54
State and local governments
Deposits, 19, 20
Holdings of U.S. government securities, 32
New security issues, 36
Ownership of securities issued by, 19, 20, 28
Rates on securities, 26
Stock market, 27
Stocks (See also Securities)
New issues, 36
Prices, 27
Student Loan Marketing Association, 35
TAX receipts, federal, 31
Thrift institutions, 3 (See also Credit unions, Mutual
savings banks, and Savings and loan associations)
Time and savings deposits, 3, 8, 13, 17, 18, 21, 22 (See also
Transaction and Nontransaction balances)
Trade, foreign, 54
Transaction balances, 13, 19, 20
Treasury currency, Treasury cash, 4
Treasury deposits, 4, 10, 30
Treasury operating balance, 30
UNEMPLOYMENT, 45
U.S. government balances
Commercial bank holdings, 18, 19, 20
Treasury deposits at Reserve Banks, 4, 10, 30
U.S. government securities
Bank holdings, 17, 18-20, 22, 32
Dealer transactions, positions, and financing, 34
Federal Reserve Bank holdings, 4, 10, 11, 32
Foreign and international holdings and transactions, 10,
32, 66
Open market transactions, 9
Outstanding, by type and holder, 28, 32
Rates, 26
U.S. international transactions, 53-66
Utilities, production, 48
VETERANS Administration, 39, 40
WEEKLY reporting banks, 19-22
Wholesale (producer) prices, 45, 50
YIELDS (See Interest rates)
A81
Index to Volume 70
GUIDE
TO PAGE REFERENCES
Issue
January . . .
February .
March . . . .
April
May
June
Text
1-68
69-176
177-268
269-400
401-482
483-546
IN MONTHLY
ISSUES
Other ("A" pages)1
Total
1-78
1-78
1-88
1-76
1-76
1-90
Issue
Index to
tables
75-76
75-76
85-86
73-74
73-74
86-87
July
August....
September
October...
November
December
Text
547-608
609-678
679-754
755-790
791-842
843-902
Other (' 'A" pagesy
Total
1-76
1-76
1-76
1-76
1-16
1-98
Index to
tables
73-74
73-74
73-74
73-74
(2)
79-80
1. The "A" pages referred to in this index are in the
December issue. For special tables published during 1984,
see list on p. A69 of this issue.
2. No index was published in the November issue, in which
only 4 pages of special tables appeared, because of a change
in the release date for the BULLETIN.
Pages
Pages
ACCEPTANCES, bankers (See Bankers acceptances)
Agriculture, a financial perspective, article
Allen, Burton P., Jr., elected Class A director,
Minneapolis
Allison, Theodore E., statement
Argentina, statements on financial package to help
country meet interest payments on its bank
419.
debt
Articles
Agriculture, a financial perspective
Bank lending to developing countries
C o n s u m e r f i n a n c e s , 1983, s u r v e y
262
625
427
1
755
6 7 9 , 857
Federal Reserve position on restructuring of financial
regulation responsibilities
Financing activity of nonfinancial corporations
Foreign exchange operations of Treasury and
Federal Reserve {See Foreign exchange operations)
Inflation, perspectives on recent behavior
Insured commercial banks, profitability in 1983
International transactions of United States, 1983 . . .
Monetary perspective on underground economic activity in United States
Money stock, revisions
Staff studies (See Staff studies)
State and local government sector, recent developments
Statements and reports to Congress (See Statements
to Congress)
Union settlements and aggregate wage behavior in the
1980s
Automated clearinghouse services, revised fee schedule
Avery, Robert B., articles
679,
BANK Export Services Act, statement
1
547
401
483
802
269
177
279
791
843
213
857
575
Bank holding companies (For orders issued to individual
companies under the Bank Holding Company Act,
see Bank Holding Company Act)
Applications
Procedures for processing, amendments
Ill
To acquire state-chartered banks, Board
statement
19
Capital adequacy (See Capital adequacy)
Investment in export trading companies, amendment
of Regulation K and Board's rules
30, 34
Laws governing, statements on proposals to restructure
298, 560
Regulation Y (See Regulations)
Rules, delegation of authority relating to, amendments
34
Bank Holding Company Act of 1956
Exemptions from Regulation Y
Ill
Interpretations, incorporation in revised Regulation
Y
121
Orders issued under
Acorn Bankshares, Inc
475
ADM Bancorp, Inc
170
Affiliated Bank Corporation of Wyoming
536
Alaska Continental Baneorp
599
Albion Bancorp, Inc
537
Alden Bancshares Company
671
Alice Bancshares, Inc
671
Alliance Bancorp
536
Alliance Holdings, Inc
536
Allied Bancshares, Inc
458, 671
AM Acquisition Corporation
676
Amarillo Western Bancshares, Inc
671
Ambanc Financial Services, Inc
839
Amboy-Madison Bancorporation
391
American Asian Bancorp
585
All
Federal Reserve Bulletin • December 1984
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
American Bancorporation, Inc
61
American Bancorporation Holding Company
479
American Bancshares, Inc
897
American Bank Corporation
391,749
American Bank Holding Corporation
599
American Bank Shares, Inc
391
American Bankshares, Inc
599
American Eagle Bancorp., Inc
61
American Ligonier Bancorp, Inc
480
American National Agency, Inc
391
American National Bancshares, Inc
749
American National Bankshares Inc
671
American Republic Bancshares, Inc
67
American State Bancorp
839
American State Financial Corporation
537
Americorp Financial, Inc
671
Amoskeag Bank Shares, Inc
599, 671
Amsterdam-Rotterdam Bank, N.V., Amsterdam,
The Netherlands
835
Andover Bancorp, Inc
671
Angola Bancorporation, Inc
245
Ark-Valley Bancorp, Inc
430
Army National Bancshares, Inc
61
Arrow Bank Corp
392
Arvada Bankshares, Ltd
599
A.S.B. Bancshares, Inc
363
ASB Bank Holding Company
61
ASB Corporation
170
Ashland Bancshares, Inc
536
Associated Banc-Corp
784
Assumption Bancshares, Inc
599
Atlanta Bancorp, Inc
600
Auburn National Bancorporation
600
Aurelia FT & S Bankshares, Inc
61
Avenue Financial Corporation
344
Bakken Securities Corporation
670
Baldwin Bancshares, Inc
169
Baltimore Bancorp
784
Banc One Corporation
675
BancEdmond, Inc
750
Bancenter One Group, Inc
750
BancHills BanCorp, Inc
170
Banco Zaragozano, S.A., Madrid, Spain
246
BancOhio Corporation
889
BancOklahoma Corporation
768
Bancshares, Inc
671
Bancshares of Ripley, Inc
246
Bancstock Partnership, Ltd
537
Bank of Boston Corporation . 174, 219, 524, 584, 737
Bank of Montreal, Montreal, Canada
664
Bank of New England Corporation
374
Bank of N e w York Company, Inc
527
Bank of South Corporation
537
Bank of the Rockies Bancshares, Inc
537
Bank Shares Incorporated
480
Bank South Corporation
589, 874
BankAmerica Corporation
364, 885
Bankers' Bancorporation of Wisconsin, Inc
345
Bankers Southwest Corporation
671
Banks of Iowa, Inc
246
Banks of Mid-America, Inc
460
Bankshares of Georgia, Inc
537
BankVermont Corporation
829
Banner County Bancorp
475
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
Banque of Maringouin Holding Company
897
Banzano, B.V., Amsterdam, The Netherlands . . . 246
Banzano International, N.V., Curacao, Netherlands Antilles
246
Bar Harbor Bankshares
537
Baraboo Bancorporation, Inc
246
Barnett Banks of Florida, Inc
61, 241
Bartow Bancshares, Inc
897
Bath County Banking Company
392
Battle Lake Bancshares, Inc
475
Baxley State Banking Company
475
Bay Lake Bancorp, Inc
750
Bay Point Bancorp, Inc
671
B.B. Bancshares, Inc
62
B.B. Financial Corporation
839
B.C. Bankshares, Inc
750
Beardsley Bancshares, Inc
537
Benton State Bankshares, Inc
170
Beverly National Corporation
600
Bezanson Corporation
246
Biltmore Bank Corp
897
Bippus State Corporation
475
Bitterroot Holding Company
515
BKLA Bancorp
537
Blanchardville Financial Services, Inc
537
Blountsville Bancshares, Inc
475
B.M.J. Financial Corp
897
BNB Bancorp
475
BOJ Bancshares, Inc
392
Bonner Springs Bancshares, Inc
392
Bootheel Bancorp
221
Borresen Investments, Inc
62
Boulder Bancorporation
537
Boulevard Bancorp, Inc
671
Bourbon County Bancshares
516
Bovey Financial Corporation
249
Branch Corporation
537
Brazosport Corporation
392
Breckinridge Bancorp, Inc
671
Britton Bancshares, Inc
537
Broadway Bancshares Inc
839
Broward Bancorp
246
Broward Bank
246
Brownsville Bancshares Corporation
475
BSB Financial Corporation
392
BSP Bancorp
170
BT Financial Corporation
876
Bunkie Bancshares, Inc
392
Burlingame Bancorp
392
Cache Bancshares, Inc
788
Camden National Corporation
839
Camino Real Bancshares, Inc
246
Canadian Commercial Bank, Edmonton, Alberta . 584
Canton Bancshares, Inc
480
Cape Coral Financial Corporation
839
Capital Bancorporation, Inc
784
Carlinville National Bank Shares, Inc
537
Carlos Bancshares, Inc
897
Carrizo Bancshares Corporation
537
Carroll Bancorp
62
Cashmere Valley Bancshares, Inc
600
Catahoula Holding Company
537
Cawker City Bancshares, Inc
671
CB&T Bancshares, Inc
589
Index to Volume 70
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
CB&T Financial Corp
62
CBT Corporation
544
C.C.B., Inc
246, 891
Centennial Bancshares, Inc
170
Centennial Beneficial Corp
741
Central Banc System, Inc
62, 537
Central Bancorp, Inc
170
Central Bancorporation, Inc
246
Central Bancshares of Poteau, Inc
784
Central Colorado Company
246
Central Fidelity Banks, Inc
600
Central Financial Group, Inc
475
Central Illinois Financial Corporation
600
Central Louisiana Capital Corporation
475
Central Minnesota Bancshares, Inc
877
Central Mortgage Bancshares, Inc
784
Central Service Corporation
245
Central Wisconsin Bankshares, Inc
62
Charlotte Bancshares, Inc
750
Charter Financial Corporation
62
Charter 17 Bancorp, Inc
750
Charter 95 Corporation
430, 474
Chase Manhattan Corporation
529
Chattahoochee Financial Corporation
753
Chemical Financial Corporation
537
Chemical New York Corporation
544
Chesapeake Bank Corporation
537
Chester County Bancshares, Inc
392
Chester State Bancshares, Inc
475
Childersburg Bancorporation, Inc
475
Chippewa Valley Bancshares, Inc
784
Chokio Agency, Inc
480
Churubusco Bancorp
475
Citadel Bancorp, Inc
897
Citicorp
149, 157, 231, 431, 591
Citicorp Holdings, Inc
538
Citizens and Southern Georgia Corporation . 475, 589
Citizens Bancorp of Morehead, Inc
538
Citizens Ban-Corporation
538
Citizens Bancorporation
538, 600
Citizens Bancshares, Inc
600, 839
Citizens BancShares, Inc
538
Citizens Bancshares of Woodville, Inc
671
Citizens Banking Corporation
538
Citizens Bankshares, Inc
750
Citizens Corporation
232
Citizens Dimension Bancorp, Inc
392
Citizens Financial Group, Inc
170
Citizens Guaranty Bancshares, Inc
475
Citizens Holding Corporation Employees' Stock
Ownership Plan
62
Citizens Independent Bancorp
170
Citizens National Corporation
61
Citizens of Hardeman
County Financial Services, Inc
897
Citizens Security Bancshares, Inc
475
Citizens State Bank
62
Citizens-Texas Banc Shares, Inc
538
City National Bancorp, Inc
538
City National Bancshares, Inc
392
City National Bancshares of Weatherford, Inc. . . .
62
City National Bankcorp, Inc
750
Civic Bancorp
897
Clarkel, Inc
62
A83
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
ClayDesta Bancshares, Inc
784
CNB Bancshares, Inc
392
CNB Financial Corporation
839
CNB Financial Corporation, Inc
538
CNBO Bancorp, Inc
392
Coal City Capital Corp
538
Coastal Bend Bancshares, Inc
897
Cole-Taylor Financial Group, Inc
538
Collier Bancshares Holding Company, Inc
476
Colonial BancGroup, Inc
170
Colonial Bancshares, Inc
675
Colony Bankcorp, Inc
476
Colorado Springs Banking Corporation
676
Columbus Bancorp, Inc
750
Comfort Bancshares, Inc
897
Commercial Bancshares, Inc
170, 476, 750
Commercial Bank of Korea, Ltd., Seoul, Korea .. 35
Commercial Bankshares Corp
36
Commercial Grayson Bancshares, Inc
392
Commercial Landmark Corporation
476, 651
Commercial National Bancorp
538
Commonwealth Bancorporation, Inc
600
Commonwealth Trust Bancorp, Inc
392, 839
Community Bancorp
600
Community Bancorp, Inc
538, 900
Community Bancorp of McLean County, Kentucky, Inc
539
Community Bancshares, Inc
62, 672, 770
Community Bancshares of Tulsa, Inc
788
Community Bank Corp of Oklahoma, Inc
672
Community Bank System, Inc
38, 600
Community Banks, Inc
672
Community Banks of Florida, Inc
839
Community Capital Corp
600
Community Holding Company
170
Community National Corporation
600
Community State Bankshares, Inc
750
Concord Bancshares, Inc
346, 391
Conifer/Essex Group, Inc
539
Consolidated Banc Shares, Inc
600
Continental Bancorp
750
Continental Bancorporation, Inc
750
Continental Bancshares, Inc
222
Continental Illinois Holding Corporation
781
CoreState Financial Corp
250
CoreStates Financial Corp
675
Cornbelt Bancorporation
174
Coronado, Inc
246
Corporation for International Agricultural Production Limited, Ramat-Gan, Israel
39
Corydon State Bancorp
672
Cottonport Bancshares, Inc
897
County Bankshares, Inc
246
Credit and Commerce American Holdings, N.V.,
Willemstad, Netherlands Antilles
725
Credit and Commerce American Investment, B.V.,
Amsterdam, The Netherlands
725
Crossroads Bancorp, Inc
536
Crown Bancorp
898
Crystal Valley Financial Corporation
476
CSB Bancorp
475
CSB Bancorp, Inc
671
C.S.B. Co
671
C.S.B. Financial, Inc
784
All
Federal Reserve Bulletin • December 1984
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
C.S.B. Holding Corporation
537
C.S. Bancshares, Inc
750
Cumberland Valley Financial Corporation
898
C.Y. Tung & Sons Co., Inc., Hong Kong,
B.C.C
586
C.Y. Tung Financial Corporation, Hong Kong,
B.C.C
585
Cylinder Bancorporation
839
Dacotah Bank Holding Company
347
Dallas Bancshares, Inc
539
Darwin Bancshares, Inc
539
Decatur Bancshares, Inc
170
Decatur Financial, Inc
392
67
Deerwood Bancorporation, Inc
Del Rio Bancshares, Inc
392
Delano State Agency, Inc
675
Delta Bancshares Company
392
DeMotte Bancorp
839
Diamond Bancshares, Inc
784
Dike Bancshares Corporation
539
Dixon Bancorp, Inc
750
D.L. Shares Limited Partnership
61
D.N. Bancorp, Inc
784
Dorchester Bancshares, Inc
539
Downstate Bancshares, Inc
392
Drummond Bancshares, Inc
839
Duke Financial Group, Inc
433
Dundas Holding Company, Inc
898
Dyer F&M Bancshares, Inc
672
Eagle Bancorporation, Inc
728
Eagle Financial Corp
839
Eagle Financial Services, Inc
462
East River Bancshares, Inc
62
East Tennessee Bancorp, Inc
246
East Texas Bancshares, Inc
785
Eastern Michigan Financial Corporation
539
Eberly Investment Co
174
Eden Valley Bancshares, Inc
247
Edgewater National Corporation
785
Edmonton Bancshares, Inc
898
Elk Grove Investment Corporation
736
Elk Horn Bancshares, Inc
672
Elkhart Bancorp, Inc
476
Elkton Bancorp, Inc
247
Elkton Bancshares, Inc
393
Elm Bancshares, Inc
62
Elmore City Bancshares, Inc
750
Elmwood Financial Services, Inc
785
Erie Financial Corp
750
Eskrow Corporation of America, Inc
672
Evergreen Bancorporation
672
Evergreen of Wisconsin, Inc
539
Everly State Bank
62
EWN Investments, Inc
672
F & M Bancorporation, Inc
171
F&M Bank Corp
393
F&M Bank Holding Company
171
F&M Financial Corporation
539
F and M Holding Company
476
F.A. Bankshares, Inc
247
Factory Point Bancorp, Inc
785
Fairbanco Holding Company
539
Fairbank Bancshares, Inc
900
Fairbank Inc
785
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
Fairmont Farmers State Company
898
Farmers and Merchants Bancorp
63
Farmers and Merchants Bancorp, Inc
63
Farmers & Merchants Bancshares, Inc
170, 539
Farmers Bancorp of Nicholasville, Inc
393
Farmers Bancorp of Sturgis, Inc
247
Farmers Bancshares, Inc
170
Farmers Bancshares of Georgetown, Inc
393
Farmers Holding Company
170
Farmers National Bancshares, Inc
839
Farmers State Bancorp, Inc
476
Farmers State Bancshares of Sabetha, Inc
751
Farmers Union Bancshares, Inc
539
Fauquier National Bankshares, Inc
539
Fayetteville Bancshares, Inc
785
FB II—Farmers ville, Inc
539
FBL Bancshares, Inc
839
FCB Corp
393
Fessenden Bancshares, Inc
247
Fidelcor, Inc
368
Fidelity Bancshares, Inc
672
Fidelity Kansas Bankshares, Inc
63
Fifth Third Bancorp
398, 889
Financial and Property Management, Inc
600
839
Financial BancCorp, Inc
Financial Bancshares, Inc
674
Financial Center Bancorp
170
Financial Community Bancshares, Inc
600
Financial Group Dawson, Inc
170
Financial Group Elk Creek, Inc
170
Financial Group Humboldt, Inc
171
Financial Holdings, Inc
393
Financial Investments Corporation
736
Financial Shares, Inc
751
Financial Trans Corp
600
First Acadiana Corporation
539
First American Bancshares, Inc
247, 539
First American Bankshares, Inc
725
First American Corporation
63, 725
First and Ocean BanCorp
476
First Arkansas Bankstock Corporation . . 6 1 , 3 9 3 , 6 5 3
First Atlanta Corporation
589
First Banc, Inc
539
First Bancorp, Inc
476
First Bancorp of Kansas
247
First Bancshares, Inc
751
First Bancshares, Incorporated
63
First Bank Financial Corp
785
First Bank System, Inc
657, 771, 779, 900
First Breckinridge Bancshares, Inc
247
First Burkburnett Bancshares, Inc
476
First Busey Corporation
539
First Canadian Financial U.S. Holdings
664
First Carolina Bancshares Corporation
476
First Charlestown Corporation
171
First Charter Bancshares, Inc
672
First Charter Corporation
900
First Chicago Corporation
351
First Citizens Bancshares Company
749
First Citizens United, Inc
476
First City Bancorp, Inc
735
First Colonial Bancshares Corporation
393
First Colonial Bankshares Corporation
830
First Colorado Bankshares, Inc
539
Index to Volume 70
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
First Commercial Corporation
476
First Commonwealth Financial Corporation
247
First Community Bancorp
672
First Community Bancorp, Inc
476
First Community Bancshares, Inc
539, 600
First Community Bank Group, Incorporated
751
First Community Financial Corp
672
First Company
785
First Delta Financial Corporation
840
First Dwight Corporation
540
First Etowah Bancorp, Inc
540
First Farmers Bancshares, Inc
247
First Farmers Bank Holding Company
672
First Fayette Bancshares, Inc
600
First Fidelity Bancorp, Inc
751
First Financial Associates, Inc
63
First Financial Bancorp, Inc
540
First Financial Corporation
785
First Flo Corporation
540
First Florida Banks, Inc
878
First Frederick Corporation
169
First Freeman Corporation
397
First Freeport Corporation
171, 536
First Fulton Bancshares, Inc
672
First Galena Bancshares, Inc
476
First Geary Corporation
171
First Glen Bankcorp, Inc
540
First Grayson Bancshares, Inc
393
First Groesbeck Holding Company
171
First Guthrie Bancshares, Inc
751
First Handi-Bankshares, Inc
541
First Haralson Corporation
476
First Harvey Bancorporation, Inc
171
First Hey worth Corp
247
First Highland Corporation
736
First Holdings, Inc
898
First Hysham Holding Company
174
First Illini Bancorp Inc
879
First Illinois Bancorp, Inc
171
First Indiana Bancorp
540
First Intermountain Holding Corp
751
First Interstate Bancorp
480, 659, 660, 675, 886
First Jermyn Corp
478
First Jersey National Corporation
393
First Kentucky National Corporation
434, 840
First Lake Forest Corporation
476
First Latimer Corporation
393
First Laurel Security Co
393
First Lena Corporation
603
First LeRoy BanCorporation, Inc
540
First McMinnville Corporation
477
First Mazon Bancorp, Inc
898
First Michigan Bank Corporation
171, 540
First Moore Bancshares, Inc
888
First National Agency Company of Deer River,
Inc
604
First National Ban Corp of Versailles
393
First National Bancorp
601, 785
First National Bancshares of West Alabama,
Inc
601
First National Bank of the South, Inc
393
First National Bankshares of Beloit, Inc
604
First National Bankshares of Sheridan
832
First National Cincinnati Corp
889
A85
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
First National Corporation of West Point
601
First National Financial Corporation
247
First Neodesha Bancshares, Inc
670
First Newport Bancshares, Inc
540
First of America Bank Corporation
516
First of Austin Bancshares, Inc
247
First of Charlevoix Corp
540
First Oklahoma Bancorporation, Inc
604
First Overland Park Bancshares, Inc
540
First Paragould Bankshares, Inc
171
First Park Ridge Corporation
751
First Place Financial Corporation
394
First Preston Bancshares of West Virginia, Inc. . . 171
First Railroad & Banking Company of
Georgia
63, 436, 480, 589, 675
First Security Bancorp
601
First Security Corporation
599
First Service Bancshares, Inc
247
First Sharp County Bancshares, Inc
171
First Sioux Bancshares, Ltd
63
First Southern Bank Corp
63
First State Bancorp
540
First State Bancorp of Monticello
785
First State Bancshares
751
First State Banking Corporation
245
First State Capital Corporation
477
First Sterling Bancshares, Inc
540
First Taylor County BanCorporation, Inc
833
First Union Corporation
66, 250
First United Bancshares, Inc
394
First Valley Bancorp
604
First Valley Corporation
751
First Vermont Financial Corporation
604
First Victoria Corporation
753
First Virginia Banks, Inc
247
First Washington Bancorp, Inc
751
First West Chester Corporation
672
First Western Bancshares, Inc
672, 751
First Western Pennbancorp, Inc
247
First Winters Holding Company
171
First York Ban Corp
438
Firstar Corporation
146
FirstBank Holding Company of Colorado
830
First/Martha's Vineyard Bancorporation
898
Fishkill National Corporation
672
Five Flags Banks, Inc
540
Fleet Financial Group, Inc
834, 881
Florence Bancorp Services, Inc
540
Florida National Banks of Florida, Inc
147
FNB Bancorp
898
F.N.B. Corporation
751
FNB Financial Corporation
601
FNB Insurance Agency, Inc
544
FNB Rochester Corp
540
FNT Bancorp
247
Fort Rucker Bancshares, Inc
540
Forum Park Bancorp
540
Fourth Financial Corporation
601
Fourth National Corporation
730
Frankford Corporation
654
Franklin Bancorp, Inc
541
Franklin National Bankshares, Inc
394
Frankson Investment Corporation
898
Fresnos Bancshares, Inc
394, 785
All
Federal Reserve Bulletin • December 1984
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
F.S. Bancorp
FSB Bancorp, Inc
FSB Bancshares, Inc
FSB Corp
FSC Bancshares, Inc
Fuji Bank, Limited, Tokyo, Japan
Gainer Corporation
Gallup Bancshares, Inc
Garden State Bancshares, Inc
Gary-Wheaton Corporation
Gateway Bancshares, Inc
Geiger Corporation
General Bancshares Corporation
General Bancshares Corporation of Indiana
General Bank Corporation of Kentucky
General Educational Fund, Inc
Georgia Bancshares, Inc
Georgia Community Bancorp, Inc
Georgia First Financial Corp
Gibbon Exchange Company
G.N.B. Bankshares, Inc
Golden Pacific Bancorp
Golden Plains Bankshares, Inc
Golden Sands Bankshares, Inc
Gore Valley Bancorporation, Inc
Grand Bank Corporation
Grant Bancshares, Inc
Grant County Bancorp, Inc
Grant County Bancshares, Inc
Grapeland Bancshares, Inc
GrayCo Bancshares, Inc
Great Plains Bank Corporation
Greater Texas Bancshares, Inc
Green River Bancorp, Inc
Greencastle Bancorp, Inc
Greensboro Bancshares, Inc
Greensburg Bancshares, Inc
Greenville Bancshares, Inc
Griffin Holdings, Inc
G.S.B. Financial Corp
GuarantyShares of West Virginia, Inc
Guardian Bancorp, Inc
Gulf Coast Bancshares, Inc
Gulf National Bancorp, Inc
Gulf Southwest Bancorp, Inc
Gulfside Holding Company, Inc
Guyan Bankshares, Inc
Hallam Bancorp, Inc
Haltom City Bancshares, Inc
Hamptons Bancshares, Inc
Hancock Holding Company
Handi-Bancshares, Inc
Hanover Financial Corporation
Harrah National Bancshares, Inc
Harris Bankcorp, Inc
Harrison County Bancshares, Inc
Hartford Financial Corp
Hartford National Corporation
Hartwick Bancshares, Inc
Harvard Bancshares, Inc
Harvest Bancorp, Inc.
Harvest Bancshares, Inc
Hastings State Company
Hawarden Bancshares, Inc
601
477
393
672
394
50
439
672
898
394
477
477, 672
172
394
601
63
394, 673
840
774
541
751
898
63
898
541
541
174, 541
840
673
785
785
673
477
673
394
785
751
394
541
247
601
751
63
172
394
785
541
751
541
541
601
541
394
477
40
601
751
353
898
898
601
394
394
398
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
Hayesville Bancshares, Inc
676
Hazen Bancorportation, Inc
172
Helena Bancshares, Inc
541
Henderson Bancorporation, Inc
172
Henderson Financial Corporation
673
Heritage Bancorp, Inc
477
Heritage Bancshares Inc
589
Heritage Group, Inc
172
Herman First National Agency, Inc
174
Heron Lake Bancorporation, Inc
785
Hibernia Corporation
898
High Plains Bank Corp
673
Highland Community Company
673
Hillside Investors, Ltd
601
Holcomb Bancorp, Inc
785
Holdco of Pinellas County, Inc
840
Holden Bankshares, Inc
673
Home Bancshares, Inc
386
Hometown Bancshares, Inc
752
Hoosier Hills Financial Corporation
172
Hopkins Bankcorp, Inc
63
Hopkins County First Financial Services Corporation
752
H.S. Holding Company, Ltd., Tel Aviv, Israel . . .
39
Huntington Bancshares, Inc
477
Huntsville Bancshares, Inc
752
Illini Community Bancorp, Inc
64
Indecorp
673
Independent Bancorp, Inc
394 , 477
Independent Bancshares, Inc
477
Independent Bankshares, Inc
41, 536
Independent Community Banks, Inc
477
Independent Community Financial Corporation . . 601
Independent Financial, Inc
355, 391
Intercontinental Bank Shares Corporation
673
InterFirst Corporation
749
International Bancorporation
785
International Bancshares, Inc
64, 785
International Bancshares Corporation
64
Iowa First Bancshares Corp
394
Iowa Park Bancshares, Inc
601
752
Island BankShares, Inc
IVB Financial Corporation
42
Jackson County Bancshares, Inc
840
Jamestown Union Bancshares, Inc
601
J.E. Coonley Company
673
Jeff City Bancorp, Inc
477
Jefferson Bancshares, Inc
541
Jersey Village Bancshares, Inc
541
Jessamine Bancshares, Inc
541
J.P. Morgan & Co. Incorporated
780
Kansas Bancorp II, Inc
356
Kansas Bank System, Inc
64
Kansas City Bancshares, Inc
64, 245
KBT Corporation
786
Ken-Caryl Investment Company
731
Kent Bancshares, Inc
477
Kentucky Southern Bancorp, Inc
601
Kerens Financial, Inc
172
Key Bancshares, Inc
477
Key Bancshares of West Virginia, Inc
786
Key Banks, Inc
57
Keystone Bancshares, Inc
247
Kiamichi Bancshares, Inc
395
Index to Volume 70
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
Kimball Bancorp, Inc
395
Kimberly Leasing Corporation
541
Kirbyville Bancshares, Inc
395
Klein Bancshares, Inc
673
Knox City Bancshares, Inc
64
Korea First Bank, Seoul, Korea
43
KSAD, Inc
44
Lafayette Bancorp, Inc
786
LaFayette Bankshares, Inc
64
LaFollotte First National Corporation
541
Lake Cities Financial Corporation
601
Lamar Trust Bancshares, Inc
602
Landmark Bancshares Corporation
477, 673
Landmark Banking Corporation of Florida .. 395, 463
Landmark Financial Group, Inc
786, 898
L&W, Inc
602
Langdon Bancshares, Inc
752
Laverne Bancshares, Inc
541
Lawton Financial Corporation
367
LCB Corporation, Inc
395
Learner Financial Corporation
64
Lewco Bancshares, Inc
786
Lewisville Bancorp, Inc
477
Lexington Bancshares, Inc
64, 248
Liberty Bancorp, Inc
395, 752
Liberty Investment Corp
673
Liberty Shares, Inc
840
Lingle Valley Banc-Shares
172
Lismore Financial Services, Inc
840
Lizton Financial Corporation
752
Locust Grove Banshares, Inc
224
Lower Rio Grande Valley Bancshares, Inc
476
L.S.B. Bancshares, Inc
541
Lyons Bancorp, Inc
676
McAllen Metropolitan Bancshares, Inc
477
McKeesport National Corporation
357, 391
McKenzie County Bancorp
441,474
McLeod Bancshares, Inc
674
Magna Group, Inc
775
Mammoth Investments & Credit Corp., Inc
477
Manchester Bancorp, Inc
786
M&I American Bank & Trust Co
673
Manly State Bancshares, Inc
250
Mansfield Bankstock, Inc
544
Manufacturers Hanover Corporation
174, 369,
452, 661, 675
Maple Bank Bancshares, Inc
752
Maple Lake Bancorporation
395
Maplesville Bancorp
673
Marie R. Turner Holding Company
602
Maries County Bancorp, Inc
248
Marine Corporation
64
Marion Bancorp
673
Marion National Corporation
673
Mark Twain Bancshares, Inc
662
Marshall & Ilsley Corporation
541,604,753
Maryland National Corporation
841
Marytown Bancshares, Inc
172
Matewan Bancshares, Inc
542
Maybaco Company
882
MBI Bancshares, Inc
65
Meade Bancorp, Inc
889
Med Center Bancshares, Inc
357, 391
Mellon National Corporation
234, 441
A87
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
Menomonie Financial Services, Inc
Mercantile Bancorporation, Inc
Mercantile Texas Corporation
169,
Merchants & Planters Bancshares, Inc
Merchants Bancorp, Inc
Merchants Bancshares, Inc
Merchants Holding Company
Merchants National Corporation
Merchants Republic Corp
Meridian Bancorp, Inc
Metro Bancorp, Inc
Metro Bancshares, Inc
Metropolitan Bancshares, Inc
Metro-West Financial Corporation
M.G. Bancorporation, Inc
Miami Corporation
Miami National Bancorp
Mid-America Bancshares, Inc
Mid-Cities Bancshares, Inc
Mid-Continent Financial Services, Inc
Midland Bancorp, Inc
Midlantic Banks, Inc
Mid-Nebraska Bancshares, Inc
MidSouth Bancorp, Inc
Mid-Tennessee Bancorp, Inc
Midwest Banco Corporation
Midwest Bancorporation, Inc
Midwest Bancshares, Inc
Midwest Financial Group, Inc
248,
Mineola Banshares, Inc
Minier Financial, Inc
Minnesota Asset Management Corporation
Mission-Valley Bancorp
Mississippi Valley Investment Company
Missouri Valley Financial Services, Inc
Mitsubishi Bank, Limited, Tokyo, Japan
MNB Bancshares, Inc
Monarch Bancorp
Monroe Bancorp
Montbello Bankcorp, Inc
Montgomery County Bancshares, Inc
Monticorp Inc
Moore Financial Corporation
Moran National Bancshares, Inc
Morganfield National Service Corp
Moscow Bancshares, Inc
Mount Hope Bancshares, Inc
Muskingum Valley Bancshares, Inc
Mutual Banc Corp
Nanticoke Financial Services, Inc
Napoleon Bancorp
National American Bancorp, Inc
National Banc of Commerce Company
National Bancshares, Inc
National Bancshares Corporation of
Texas
National City Bancorporation
National City Corporation
NB Banc Corp
NBC Bancshares of DeRidder, Inc
NBC Capital Corporation
N B D Bancorp, Inc
NCB Financial Corporation
NCB Inc
840
395, 674
395, 595
786
172
65
478
676, 788
602
466, 544
602
64
602
542
673
674
246
65
477
670
358, 391
395, 776
174
786
786
395
533
172, 248
732, 788
674
248
602
172
752
898
518
480
520
478
602
752
752
786
602
542
248
786
542
752
786
752
602
752
248
521,752
250
743, 889
786
542
478
359, 391
65, 788
172
All
Federal Reserve Bulletin • December 1984
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
NCNB Corporation
225, 840
Nebanco, Inc
674
Nebraska Bancorporation, Inc
395
Nevada First Development Corporation
469
New Boston Bancshares, Inc
602
New Central Colorado Co
891
New City Bancorp
663
New Dumas Bancshares, Inc
542
New Mexico Bank Holding Company
47
New Ulm Financial Corporation
899
Newburg Corporation
544
Newton Bancshares, Inc
395
Nicholls State Bancshares, Inc
480
Nine Tribes Bankshares, Inc
674
Ninnescah Banc Shares, Inc
478
Nodaway Valley Bancshares, Inc
65, 172
Nor-Evan Corporation
542
Norris Bancorp, Inc
449
Norstar Bancorp, Inc
52, 164, 676, 899
North American Bank
542
North Missouri Bancorp, Inc
172
North State Investment Corporation
736
North Texas American Bancshares, Inc
752
North Texas Bancshares, Inc
65
Northeast Bancorp, Inc
840
Northern Highlands Bancorporation, Inc
172
Northern Neck Bankshares Corporation
840
Northern of Tennessee Corp
248
Northern States Financial Corporation
788
Northern Trust Corporation
398, 602
Northern Wisconsin Bank Holding Company . . . . 398
Northshore Bancshares, Inc
173
Northside Financial Corporation
248
Northtown Bancshares Corporation
674
Northwest American Bankshares Corporation
395
Northwest Florida Banking Corporation
65
Northwest Illinois Bancorp, Inc
733
Norwest Corporation
235
NW Services Corporation
173
Oak Forest Bancshares, Inc
65
Oak Park Bancshares, Inc
899
Oak Ridge Bancshares, Inc
542
Oconee Shares, Inc
786
O.F.I
602
Ohio Bancorp
478
Ohio Valley Bancorp
674
Olathe Bancshares, Inc
602
Olathe Financial Services Corporation
245
Old Point Financial Corporation
602
Old Stone Corporation
173, 593
Olmstead Bancorporation, Inc
602
Omaha National Corporation
447
One Bancorp
359
One Valley Bancorp of West Virginia, Inc
48
Oneida Valley Bancshares, Inc
674
Pacific Capital Bancorp
248
Pacific Inland Bancorp
398
Paducah Bank Shares, Inc
450, 474
Pan American Banks, Inc
65, 478
Panhandle Aviation, Inc
840
Penn Central Bancorp, Inc
248
Peoples Bancorp of Belleville, Inc
248
Peoples Bank Corporation
173
Peoples Bankshares, Ltd
65, 670
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
Peoples Corporation, Inc. of Bishopville
Peoples First National Bancshares, Inc
Peoples Investment Corporation
Peshtigo National Bancorporation, Inc
Pickens County Bancshares, Inc
Pine Bankshares, Inc
Pioneer Bancorp
Plainview Bancorp, Inc
Plainville Bancshares, Inc
Planters United Bancshares, Inc
Plaquemine Bancshares Corporation
Plaza Bancorporation, Inc
PNC Financial Corp
Pontiac Bancorp, Inc
Poth Bancorporation, Inc
Potomac Bancorp, Inc
Prairie Bancorporation, Inc
Prairie Capital, Inc
Prattville Financial Services Corporation
Preferred Equity Investors of Florida
Premier Bancorporation, Inc
Professional Bancorp
Prosperity Bancshares, Inc
Provident Bancorp, Inc
PSB Corporation
,v
PSB Financial Corporation
P.T.C. Bancorp
Pulaski Bancshares, Inc
QNB Corp
Rainwood Corporation
Rake Bancorporation
Ralston Bancshares, Inc
Ranch Bankshares, Inc
R&J Financial Corporation
Randolph County Bancorp
RBDC Corporation
RepublicBank Corporation
Richland State Bancorp, Inc
Rigler Investment Co
Rio Grande Bancshares, Inc
Rio Salado Bancorp
River Forest Bancorp
River Oaks Bancshares, Inc
Riverdale Bancorporation, Inc
Robanco Financial Corp
Rockford City Bancorp, Inc
Rose Capital Bancshares, Inc
Rosholt Bancorporation, Inc
Rossville Bankshares, Inc
Royal Bank Group, Inc
Royce Corporation
Rural Financial Services, Inc
Rush County National Corporation
Ruth Bank Corporation
Sabinal Bancshares, Inc
St. Anthony Bancorporation, Inc
St. Clair Agency, Inc
St. Croix Banco, Inc
St. James Bancorp, Inc
Salem Bancorp, Inc
Salem Capital Corporation
Saline Bancorp., Inc
Saver's Bancorp, Inc
S.B. Corporation
542
173
604
542
480
786
395
674
65
65
395
65
53, 61, 237
899
173
173
674
752
840
395
248
478
395
396
602
65
674
602
786
523
396
899
542
752
786
840
670, 674
602
899
173, 249
396
249
250
173
173
542
478
603
670
599
749
478
674
752
542
397
250
675
840
899
450, 474
249
478
396
Index to Volume 70
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
SB A Bancorp, Inc
786
S.B.E. Corp
787
S.B.T. Bancshares, Inc
396
S.B.T. Financial, Inc
604
SCB Bancorp, Inc
787
Schmid Bros. Investment Company, Inc
674
Schuyler County Bancshares, Inc
542
Schwertner Financial Corporation
478
Seacoast Banking Corporation of Florida
66
Seattle Bancorporation
66, 667
Second National Corporation
249
Security Corporation
396
Security Financial Services, Inc
396
Security National Bancorp, Inc
542
Security Pacific Corporation
53, 238, 370, 398,
480, 542, 544, 841
Security Richland Bancorporation
655
Security Shares, Inc
245
SecurShares Incorporated
603
Selin Corporation
656
Seiko Banco, Inc
542
Semo Bancshares, Inc
228
Seneca Bancshares, Inc
840
7L Corporation
878
Sevier County Bancshares, Inc
478
S.H. Resources and Development
Corporation
39
Shamrock Bancshares, Inc
603
Shamrock Holdings, Inc
478
Shannon Bancorp, Inc
249
Sharp Bancshares, Inc
67
Shawneetown Bancorp, Inc
249
Shickley State Company
360
Shreveport Bancshares, Inc
753
Signal Finance Corporation
675
Siloam Springs Bancshares, Inc
840
Silver Lake Bancorporation, Inc
674
Silver Run Bancorporation, Inc
249
Simmons First National Corporation
542, 603
Singer & Associates, Inc
883
Smithtown Bancorp, Inc
753
Snow Bankcorp, Inc
787
Sobank, Inc
543
Society Corporation
66, 388, 841, 889
Soldier Valley Financial Services, Inc
674
Somerset Bancorp, Inc
603
Somonauk FSB Bancorp, Inc
675
South Carolina National Corporation
174
South Central Illinois Bancorp
173
South Louisiana Financial Corporation
396
South St. Paul Bancshares, Inc
603
Southeast Mississippi Corporation
66
Southern Bancorp, Inc
249
Southern Bancorporation, Inc
174
Southern Illinois Bancshares, Inc
249
Southern Jersey Bancorp
249
Southern Minnesota Bancshares, Inc
396
Southern National Bancshares, Inc
249
Southern National Banks, Inc
787
Southern Ohio Community Bancorp, Inc
675
Southland Bank Corp
396
Southwest Bancshares, Inc
362
Southwest Tennessee Bancshares, Inc
753
SparBank, Incorporated
884
A89
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
Spectrum Financial Corporation
Spring Woods Bancshares, Inc
Springhill Bancshares, Inc
Spurgeon Financial Corporation
Standard Bancshares, Inc
State Financial Bankshares, Inc
State Financial Services Corporation
State Holding Company
State National Bancorp of Frankfort, Inc
Steeleville Bancshares, Inc
Stephenson National Bancorp, Inc
Sterling Bancorp, Inc
Stevensville Bancshares, Inc
Stewart County Bancorp, Inc
Stillwater Bancorporation, Inc
Stock Exchange Bancshares, Inc
Sturm Investment, Inc
Sumitomo Bank, Ltd., Osaka, Japan
Summit Bancshares, Inc
Summit Bankshares, Inc
Summit Holding Corporation
Sunwest Financial Services, Inc
Swea City Bancorporation
Sylvania BanCorp, Inc
Tallahatchie Holding Company
Tallapoosa Capital Corporation
Tarpon Financial Corporation
Tascosa Financial Corporation
Tate Financial Corporation
Taylor Capital Corporation
TC Bankshares, Inc
TCB Corporation
TCBankshares, Inc
Terre Du Lac Bancshares, Inc
Terre Haute First Corporation
Texana Bancshares, Inc
Texas Bancorp Shares, Inc
Texas Capital Bancshares, Inc
Texas Commerce Bancshares, Inc
Texas Community Bankers, Inc
Texas Gulf Coast Bancorp, Inc
Texas Regional Bancshares, Inc
Texas Southwest Bancorp, Inc
Thayer Bancshares, Inc
Third National Corporation
Thompson Financial, Ltd
Thunderbird Bank
Tipton Bancshares, Inc
Titonka Bancshares, Inc
T N Bancshares, Inc
TPB Bancorp
Trans Bancorp Holdings N.V.,
lands Antilles
Triad Bancshares, Inc
Tri-County State Agency, Inc
Trigg Bancorp, Inc
Trust Company of Georgia
Tucker Bros., Inc
Turner Bancshares, Inc
Tuttle Bancshares, Inc
Twin City Bancshares, Inc
Two Rivers Bancorp, Inc
Tyler Bancshares, Inc
396
249, 753
753
173
899
397
675
544
173
66
603
397
787
753
61
675
451
841
397
603
543
603
249
899
173
787
899
397
841
787
173
479
397
397
787
173
543
787
363, 391,
478, 603
603
478, 603
478
478
787
397
787
397
174
174
66
899
Curacao, Nether543
897
788
787
589, 841
479
479
604
173
397
841
All
Federal Reserve Bulletin • December 1984
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
U-Banc, Incorporated
543
Ultra Bancorporation
603
Underwood Holding Company, Inc
543
Unibancorp
753
Unicorp Bancshares, Inc
397
Union Bankshares Company
543
Union Bankshares, Inc
250
Union Central Corporation
899
Union Financial Corporation
456
United Bancorporation Alaska
543
United Bancorporation of Wyoming, Inc
787
United Bankers, Inc
66, 899
United Banks of Colorado, Inc
587, 899
United City Corporation
397
United New Mexico Financial Corporation
670
United Oklahoma Bankshares, Inc
543
United Security Bancshares, Inc
397, 543
U.S. Trust Corporation
371
United Texas Bancshares, Inc
66
United Vermont Bancorporation
397
Universal Bancorp, Inc
543
Universal Corporation
675
University National Bancshares of San Antonio,
Inc
249
Upper Valley Bancorp, Inc
397
Urban Bancshares, Inc
173
USBANCORP, Inc
479
UST Corp
603
Valley Banc Services Corp
543
Valley Bancorp, Inc
753
Valley Bancorporation
787
Valley Bank Holding Company
249
Valley National Corporation
543
Van Alstyne Financial Corporation
479
Vermillion Bancshares, Inc
173
VH Bancorporation, Inc
66
Victoria Bankshares, Inc
229
Victory Bancorp, Inc
398
Village Banc Holding Co., Inc
787
Village Financial Corporation
899
Vista Banks, Inc
543
Volunteer Bancshares, Inc
899
Wabasha Holding Company
543
Waldorf Bancshares, Inc
899
Warrenburg Bancshares, Inc
249
Washington State Bancshares, Inc
675
Washington Trust Bancorp, Inc
479
Waskom Bancshares, Inc
543
Waverly Bancshares, Inc
479
479
Wayne Bancorp, Inc
Waynoka Bancshares, Inc
543
WCN Bancorp, Inc
398
Weatherford Foundation of Red Bay, Inc
66
Weatherford National Bancshares, Inc
543
Webster Bancshares, Inc
787
Wesbanco, Inc
479, 603
West Banco
479
West Central Illinois Bancorp, Inc
249
Westbank Corporation
543
Western Commercial
66, 675
Western Kansas Bancshares, Inc
753
Western National Bank of Texas
603
Westport Bancorp, Inc
479
White County Bancshares, Inc
675
Whitehouse Financial Corporation
543
Pages
Bank Holding Company Act—Continued
Orders issued—Cont.
Whitley Financial Corp
787
Whitney Corporation of Iowa
479
Williamson County Bancorp, Inc
899
Willow Bend Bancshares, Inc
479
Winchester Bancorporation
787
WNB Resources, Inc
841
Woburn National Corporation
398
Wolcott Bancorp, Inc
479
Wyoming Bancshares, Inc
66
Yoder Bankshares, Inc
479
Zachary Bancshares, Inc
173
Bank lending to developing countries, article
755
Bank Merger Act
Orders issued under
Bank of St. Albans
48
Citizens Bank
900
Citizens Bank and Trust Co
893
Central Trust Company
175
Citizens Bank of New Haven
175
Davenport Bank and Trust Company
67
Farmers State Bank of Irene
67
First Georgia Bank
67
First Virginia Bank-Central
67
First Virginia Bank-Eastern Shore
67
Lorain Interim Bank
544
Norstar Bank of Long Island
900
Northwest Interim Bank
67
Northwestern Bank of Commerce
67
St. Ansgar State Bank
473
State Bank of Albany
604
United Virginia Bank
250, 544
Virginia Community Bank
754
Bank merger policy, staff study
87
Bank Secrecy Act, statement
573
Bank Service Corporation Act
Orders issued under
American Bank of Commerce
535
American Fletcher National Bank and Trust Company
243
Chem Network Processing Services, Inc
747
Chemical Bank
747
Citibank, N.A
896
Indiana National Bank
243
Liberty National Bank and Trust Company of
Louisville
59
Merchants National Bank and Trust Company . . . 243
Michigan National Bank of Detroit
60
Norwest Corporation
470
Spencer County Bank
838
Sun Bank of Ocala
748
Sun Bank of Tampa Bay
748
United Community Mortgage Company
535
Bankers acceptances, discontinuance of use by Federal
Open Market Committtee
332
Banking and other financial services, statement on
issues affecting developments in markets for
312
Banking markets, local, and geographic delineation,
495, 819
staff studies
Banking system, statement on basic rules to guide
development
90
Berner, Richard B., book
427
Biern, Herbert A., appointed Assistant Director, Division of Banking Supervision and Regulation
643-44
Birkholz, Carol A., appointed director, Seattle
Branch
268
Index to Volume 70
Pages
Board of Governors (See also Federal Reserve
System)
Capital adequacy (See Capital adequacy)
Consumer Advisory Council (See Consumer Advisory Council)
Federal Advisory Council (See Federal Advisory
Council)
Federal Open Market Committee (See Federal Open
Market Committee)
Fees (See Fees for Federal Reserve services to depository institutions)
Litigation (See Litigation)
Members
List, 1913-84
606
Seger, Martha R., appointment
579
Teeters, Nancy Hays, resignation
579
Members and officers, list
A97
Policy statements and proposals (See specific
subject)
Publications and releases (See Publications in 1984)
Regulations (See Regulations)
Reports to Congress (See Statements to Congress)
Rules (See Rules)
Staff changes
Biern, Herbert A
643-44
Cornyn, Anthony G
643-44
Frazier, Robert E
114
Fribourg, Annette P
872
Gemmill, Robert F
428
Hillerman, Neal H
333
Hooper, Peter, III
428
Howard, David H
428
Jacobsen, Robert A
218
Jones, William R
715
Lopez, George M
582
Lubitz, Raymond
428, 715
Promisel, Larry J
428
Riggs, Elizabeth B
333
Schemering, Stephen C
643-44
Sidman, Thomas A
218
Spillenkothen, Richard
643-44
Talley, Samuel H
218
Thompson, Portia W
507
Staff studies (See Staff studies)
Statements to Congress (See Statements to
Congress)
Thrift Institutions Advisory Council (See Thrift Institutions Advisory Council)
Boone, George C., Jr., appointed director, Jacksonville
Branch
258
Bragdon, Paul E., appointed director, Portland
Branch
267
Branch banks
Federal Reserve
Boundaries, change
428
Directors (See Directors)
Vice Presidents in charge, list
A97
Burke, Jim, staff study
495
CALL and income subscription tapes (See Condition
reports)
Canner, Glenn B., articles
679,
Canoles, Leroy T., Jr., appointed Class C director,
Richmond
Capital adequacy guidelines, proposed revision
Central banks, Federal Reserve Bank of New York to
continue as agent for
857
256
643
332
A91
Pages
Check, payment by, compared with direct deposit, staff
study
820
Check clearing and collection (See also Fees, Float, and
Transfers of funds)
Delayed availability of check deposits, statement . . . 319
Inclusion of new institutions in program for accelerated collection
214
Notification of return of large dollar check, request
for comment on proposed amendment of Regulation J
582
Chiles, Robert S., Sr., elected Class A director, Richmond
256
Clark, Peter B., staff study and book
14, 427
Cohen, Darrel, staff study
14
Coin and currency, revision of Federal Reserve guidelines for providing
113
Cole, Vernon J., appointed director, Cincinnati
Branch
255
Collier, J. Donald, appointed director, Charlotte
Branch
257
Commercial banks, article on profitability of insured
commercial banks in 1983
802
Community Reinvestment Act (CRA)
108, 111
Condition reports, new documentation for call and
income subscription tapes
765
Consumer Advisory Council
Delayed disbursement practices
217
List
A73
Meetings
218, 582, 764
Nominations
507
Recommendations
108, 111
Consumer Credit Protection Act
218
Consumer finances, 1983, articles on survey
679, 857
Cookerly, Thomas B., elected Class B director, Richmond
256
Cornyn, Anthony G., appointed Assistant Director,
Division of Banking Supervision and Regulation
643-44
Corporations, nonfinancial, article on financing activity
401
Corrigan, E. Gerald, statement
413
Credit (See also Loans)
Equal Credit Opportunity (See Equal Credit Opportunity Act)
Federal Reserve Banks (See Regulations: O)
Stock market (See Over-the-counter stocks and Regulations: G, T, U, and X)
Truth in Lending (See Truth in Lending Act)
Cross, Sam Y., reports
191,492,693
Currency and coin
Delivery and receipt, change in boundaries of Federal
Reserve Districts affecting
428
Guidelines, revised, for providing
113
Currency Design Act, statement on proposed legislation
625
Currey, Bradley, Jr., appointed Class C director,
Atlanta
258
DAHL, Frederick R., statement
Danker, Deborah J., article
Day, Robert G., appointed Class C director, Chicago
Debt (See specific types)
Deficits, large, external, and U.S. trade and current
account deficits, statements
210, 294,
Depository institutions (See also specific types)
Capital adequacy (See Capital adequacy)
Fee proposed for electronic connection with Federal
Reserve
575
802
260
324
113
All
Federal Reserve Bulletin • December 1984
Pages
Depository institutions—Continued
Inclusion of new institutions in program for accelerated check collection
214
Reserve requirements (See Regulations: D)
Depository Institutions Deregulation Committee . . . 20, 32
Depository Institutions Management Interlocks Act .. 582,
583, 651
Deposits
Brokered, fully insured, statement
291
Interest (See Regulations: Q)
Multi-rate time, policy statement
333
Reserve requirements (See Regulations: D)
Dezember, Rayburn S., elected Class A director, San
Francisco
266
Directors
Federal Reserve Banks
Chairmen and Federal Reserve Agents . 253-68, A97
Deputy Chairmen
253-68, A97
List
253-68
Federal Reserve branch banks
Chairmen
235-68, A97
List
253-68
Disbursement practices, delayed, issuance of policy
statement and proposal
217, 218
Discount rates at Reserve Banks (See Interest rates)
Districts, Federal Reserve (See Federal Reserve Districts)
Dividends
Federal Reserve Banks
109
Insured commercial banks, article on profitability . 809,
812-17
Dudley, William, staff study
820
EARNINGS and expenses (See Income and expenses)
Economic activity, underground, in United States, article on monetary perspective
177
Edgerly, William S., elected Class A director, Boston
253
Electronic fund transfers (See Transfers of funds)
Elliehausen, Gregory E., articles
679, 857
Equal Credit Opportunity Act, determinations under,
amendment of rules
145
Expenses (See Income and expenses)
Export trading companies, investment by bank holding
companies in, amendment of Regulation K and
Board's rules
30, 34
Exports, U.S., statement
568
FEDERAL Advisory Council, list
A72
Federal Financial Institutions Examination
Council
20, 30
Federal Open Market Committee
Bankers acceptances, discontinuance of use by . . . . 332
Foreign exchange operations (See Foreign exchange
operations)
Members and officers, list
A72
Policy actions, record .. 23, 115, 335, 509, 645, 717, 822
Federal Reserve Act, orders issued under section 25 .. 168
Federal Reserve and Treasury foreign exchange operations (See Foreign exchange operations)
Federal Reserve Banks
Branches (See Branch banks)
Chairmen and Deputy Chairmen
253-68, A97
Coin and currency, revised guidelines for providing . 113
Credit extended by (See Regulations: A)
Delegation of authority to
34, 429
Directors (See Directors)
Pages
Federal Reserve Banks—Continued
Discount rates (See Interest rates)
Fees (See Fees for Federal Reserve services to depository institutions)
Income and expenses
109
Minneapolis, statement to Congress by E. Gerald
Corrigan, President
413
New York
Agent for foreign central banks
332
Statement to Congress by Anthony M. Solomon,
President
419
Presidents and Vice Presidents, list
A97
Federal Reserve Board (See Board of Governors)
FEDERAL RESERVE BULLETIN, c h a n g e in s c h e d u l e
7 6 4 , 821
Federal Reserve Districts, change in boundaries
428
Federal Reserve System (See also Board of
Governors)
Compliance Handbook, supplement 10
334
Districts, change in boundaries
428
Map
A98
Membership, admissions of state banks . . . 22, 114, 218,
334, 428, 507, 582, 644, 716, 821, 872
Position on restructuring of financial regulation responsibilities, article
547
Supervisory response to criminal misconduct and
abuse by bank insiders, statement
423
Fees for Federal Reserve services to depository institutions (See also Check clearing and collection)
Automated clearinghouse services, revised fee schedule
213
Check delivery, amendment of Regulation J to permit
charge for
112,219
Foreign loans, rules regarding
22, 109, 113, 331
Pricing of services
Coordination of activities
581
Financial results of operations
580, 713
Policy papers on, statement
707-13
Report
334
Review of developments, statement
413
Private sector adjustment factor, revision
331
Wire transfer of funds
Fee structure, revision
113, 715
Off-line surcharges for, revisions
110
Financial innovations in United States, staff study on
some implications
621
Financial Institutions Regulatory and Interest Rate Control Act
30
Financial regulation (S<?f Regulation of financial services)
Financing (See specific subject)
Fiscal policy
And monetary policy, statement
206
U.S., staff study on effects on U.S. economy
14
Float
Amendment of Regulation J regarding
112, 219
Pricing
213
Proposal to eliminate "fractional availability crediting
option"
643
Foreign banking and financing (See Regulations: K)
Foreign central banks (See Central banks)
Foreign exchange operations, Treasury and Federal
Reserve, reports
191,492,693
Foreign loans {See Loans)
Fort, Herbert, appointed director, Buffalo Branch . . . . 254
Frazier, Robert E., appointed Director, Division of
Support Services
114
Index to Volume 70
Pages
Fribourg, Annette P., appointed Special Assistant to
Board
872
Full Employment and Balanced Growth Act of 1978,
reports pursuant to (See Monetary policy reports to
Congress)
GARN-ST GERMAIN Depository Institutions Act of
1982
20, 30
Gay, Robert S., article
843
Gemmill, Robert F., designated Staff Adviser, Division
of International Finance
428
Gramley, Lyle E.
Brokered deposits, fully insured, statement
291
Interest rates, statement
499
Guidelines
Capital acequacy (See Capital adequacy)
Currency and coin, revised guidelines for providing . 113
Gustafson, Thomas A., articles
679, 857
HALL, John R., elected Class B director, Cleveland .
Hardin, John A., appointed director, Charlotte
Branch
Harrison, Richard D., elected Class B director, Kansas
City
Hernandez-Cata, Ernesto, book
Hillerman, Neal H., Assistant Director, transferred
to Data Applications Branch, Division of Data Processing
Hockaday, Irvine O., Jr., appointed Class C director,
Kansas City
Hoff, Charles W., Ill, appointed director, Baltimore
Branch
Home mortgage disclosure
Determinations under Act, amendment of rules . . . .
Regulation C (See Regulations)
Secondary Mortgage Market Enhancement Act of
1983, statement
Hooper, Peter, III, appointed Assistant Director, Division of International Finance
Horn, Karen N., statement
Housing (See Real estate)
Howard, David H., appointed Assistant Director, Division of International Finance
Howe, Howard J., book
Humphrey-Hawkins Act, monetary policy report required under (See Monetary policy reports to Congress)
255
257
Pages
International Lending Supervision Act of 1983 . . . 22, 109,
113, 331, 583
International transactions of United States in 1983,
article
269
Interpretations, incorporation in revision of Regulation
Y
121
Investments (See also specific types)
Bank holding companies, in export trading companies, amendment of Regulation K and Board's
rules
30, 34
Isard, Peter, article
269
JACOBSEN, Robert A., Assistant Director, Division of
Banking Supervision and Regulation, retirement
Johnson, George Deane, Jr., elected Class B director,
Richmond
Jones, Carl E., Jr., appointed director, New Orleans
Branch
Jones, Robert W., appointed director, Nashville
Branch
Jones, William R., appointed Assistant Staff Director
Office of Staff Director for Management
218
256
259
259
715
263
427
KEOGH plan
20, 33
Kester, Robert L., appointed director, Miami Branch . 259
Kwack, Sung Y., book
427
333
LATTING, Patience, appointed director, Oklahoma
City Branch
264
Legislation (See specific name of act)
Litigation, cases pending involving Board of Governors . . . . 68, 175, 251, 399, 481, 545, 605, 676, 754, 789,
841, 901
Loans (See also Credit)
Bank lending to developing countries, article
755
Executive officers of member banks (See Regulation:
O)
Foreign, rules regarding
22, 109, 113, 331
Mortgages (See Home Mortgage Disclosure)
Over-the-counter stocks, amendment of Regulations
G, T, and U
334, 764, 767
263
257
145
288
428
502
Secondary
428
427
INCOME and expenses
Call and income subscription tapes, new documentation for
765
Federal Reserve Banks
109
Insured commercial banks, article on profitability . . 802
Individual retirement accounts (IRAs)
20, 33, 333
Industrial production, releases . 16, 88, 204, 286, 411, 497,
558, 623, 705, 869
Inflation, article on recent behavior
483
Insured commercial banks, article on profitability . . . . 802
Interest on deposits (See also Interest rates)
Changes (See Regulations: Q)
Interest rates (See also Interest on deposits)
Federal Reserve Banks, changes
329, 429
Statements
499, 502
Interlocking bank relationships (See Regulations: L)
International banking operations (See Regulations: K)
International debt situation, statement
636
A93
Mortgage
Market E n h a n c e m e n t
Act
of
1983, statement
288
Stocks (See Stock market credit)
Venezuelan, classification
507
Lopez, George M., appointed Assistant Director, Division of Support Services
582
Lubitz, Raymond, appointed Assistant Director, Division of International Finance, and death
428, 715
MCLAUGHLIN, Mary M., article
Margin requirements
Over-the-counter stocks (See
Over-the-counter
stocks)
Regulations G, T, U, and X (See Regulations)
Martin, Preston
Checks, statement on delayed availability
Secondary Mortgage Market Enhancement Act of
1983, statement
Melichar, Emanuel, article
Member banks (See also Depository institutions)
Loans to executive officers (See Regulations: O)
State member banks (See State member banks)
Mergers (See Bank Merger Act)
Mitchell, Harvey J., appointed director, Los Angeles
Branch
802
319
288
1
266
All
Federal Reserve Bulletin • December 1984
Pages
Monetary Control Act of 1980
29, 113
Monetary and fiscal policies, statement
206
Monetary perspective on underground economic activity in United States, article
177
Monetary policy
Reports to Congress
69, 609
Statements to Congress
96, 102, 105, 626, 632
Money market deposit accounts
20
Money stock and reserves data
Changes in statistical releases
21
Revisions
214, 279
Moran, Michael J., article
401
Morrison, Kenneth, appointed director, Omaha Branch 264
Mortgages (See Home mortgage disclosure)
Multicountry Model, publication of book on
427
NEGOTIABLE order of withdrawal (NOW)
accounts
Nonfinancial corporations, article on financing
activity
20, 33
401
OVER-THE-COUNTER stocks
Lending on, amendment of Regulations G, T,
and U
334, 764, 767
Margin stock list, supplement and revisions
113,
507, 871
PARKINSON, Patrick M., staff study
Partee, J. Charles, statement
Payments mechanism (See Fees and Transfers of
funds)
Peery, Charles Lee, appointed director, Birmingham
Branch
Perry, Marcella D., appointed director, Houston
Branch
Porter, Richard D., article
Pratt, Robert N., appointed director, Salt Lake City
Branch
Pricing of Federal Reserve services (See Fees for Federal Reserve services to depository institutions)
Production, industrial (See Industrial production)
Promisel, Larry J., appointed Senior Associate Director, Division of International Finance
Publications in 1984 (includes releases)
Call and income subscription tapes, new documentation for
621
423
258
265
177
267
428
765
FEDERAL RESERVE BULLETIN, c h a n g e in s c h e d -
ule
764, 821
Federal Reserve System Compliance Handbook,
availability of supplement 10
334
List
A74
Money stock and reserves data, changes in statistical
releases
21
Multicountry Model, book
427
Over-the-counter margin stock list (See Over-thecounter stocks)
RAPAPORT, Robert D., appointed director, Miami
Branch
259
Real estate (See Home mortgage disclosure)
Regulation of financial services
Federal Reserve position on restructuring, article . . . 547
Statement of Chairman Volcker after meeting of Task
Group on
112
Pages
Regulations (Board of Governors; see also Rules)
A, Extensions of Credit by Federal Reserve Banks
Adjustment of discount rates, amendments
429
C, Home Mortgage Disclosure
Definition of metropolitan areas, technical amendments
29
D, Reserve Requirements of Depository Institutions
Transaction accounts, amendment
29
E, Electronic Fund Transfers
Expansion of coverage, modification of error resolution requirements, and additional flexibility in
disclosure of charges for transfer services,
amendments
871
Proposals related to
218
Staff commentary update
871
G, Securities Credit by Persons Other Than Banks,
Brokers, or Dealers
Lending on over-the-counter securities, amendments
334, 764, 767
J, Collection of Checks and Other Items and Wire
Transfer of Funds
Check delivery, amendment to permit charges
for
112, 219
Notification of return of large dollar check, request
for comment on proposed amendment
582
K, International Banking Operations
Investments by bank holding companies in export
trading companies, amendments
30
Nonbanking activities, amendment
30
Requirements for accounting for fees charged on
international loans, amendments
343
U.S. banking organizations, request for comment
on proposed revisions
582, 715
L, Management Official Interlocks
Amendments to substitute new classification for
metropolitan statistical areas
582, 583, 651
O, Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks
Amendments to conform to Garn-St Germain Depository Institutions Act of 1982
20, 30
Q, Interest on Deposits
Multi-rate time deposits and other advertising and
disclosure issues, proposed amendment
333
Rules of Depository Institutions Deregulation
Committee, technical amendments to conform
20, 32
T, Credit by Brokers and Dealers
Lending on over-the-counter securities, amendments
334, 764, 767
Options clearing agency to accept margin securities, amendments to permit
332, 344
Proposed amendment
113
Revised, deferment of effective date
333
U, Credit by Banks for the Purpose of Purchasing or
Carrying Margin Stock
Lending on over-the-counter securities, amendments
334, 764, 767
X, Rules Governing Borrowers Who Obtain Securities Credit
Revision, complete
20, 33
Y, Bank Holding Companies and Change in Bank
Control
Exemptions from
Ill
Nonbanking activities, proposed
218
Revision, complete, and simplification . . . . 19, 121-45
Index to Volume 70
Pages
Regulations—Continued
Z, Truth in Lending
Proposals related to
218
Staff commentary, update and changes
333, 871
Regulatory Improvement Project
Regulation X
20, 33
Regulation Y
19, 121-45
Reisher, Roger L., appointed director, Denver
Branch
263
Rendle, G.R., appointed director, Pittsburgh Branch .. 256
Repurchase agreements on bankers acceptances, discontinuance of use by Federal Open Market Committee
332
Reserve requirements, depository institutions (See Regulations: D)
Revisions (See also specific subject)
Money stock and reserves data
214, 279
Regulations and rules (See Regulations and Rules)
Rhoades, Stephen A., staff study
87
Riggs, Elizabeth B., appointed Assistant Director, Software Applications Branch, Division of Data Processing
333
Rubin, Laura S., article
791
Rules (Board of Governors; see also Regulations)
Delegation of authority, amendments .. 34, 145, 429, 583
Equal Employment Opportunity, request for comment on revision and expansion
715
International Lending Supervision Act of 1983, rules
regarding
109
Ryan, John E., statement
573
SAVINGS and loan associations, state chartered, exemptions from Regulation Y
Ill
Savings deposits (See Deposits)
Schemering, Stephen C., appointed Assistant Director,
Division of Banking Supervision and
Regulation
643-44
Securities credit
Over-the-counter stocks (See
Over-the-counter
stocks)
Regulations G, T, U, and X (See Regulations)
Seger, Martha R., appointed Member, Board of
Governors
579
Semrod, T. Joseph, elected Class A director, New
York
254
Sibley, John, appointed director, El Paso Branch
265
Sidman, Thomas A., Assistant Director, Division of
Banking Supervision and Regulation, retirement . . . . 218
Simpson, Thomas D., article and staff study
279, 621
Singley, Carl E., elected Class B director, Philadelphia
25?
Smith, Jo Ann Doke, appointed director, Jacksonville
Branch
258
Snodgrass, John, appointed director, Oklahoma City
Branch
264
Solomon, Anthony M., statement
419
Spillenkothen, Richard, appointed Assistant Director,
Division of Banking Supervision and Regulation
643-44
Staff studies
Bank merger policy, implications of financial deregulation, interstate banking, and financial supermarkets
87
Banking markets
Geographic delineation, review of literature
819
Local, antitrust laws, Justice Department guidelines, and limits of concentration
495
A95
Pages
Staff studies—Continued
Check, payment by, compared with direct deposit .. 820
Financial innovations in United States, some implications
621
U.S. fiscal policy, effects on U.S. economy
14
State and local government sector, article on recent
developments
791
State member banks
Capital adequacy (See Capital adequacy)
Membership in Federal Reserve System (See Federal
Reserve System)
Mergers (See Bank Merger Act)
Statements to Congress (including reports)
Argentina, financial package to help country meet
interest payments on its bank debt
419
Bank and thrift holding company activities, proposals
to restructure laws governing
298, 560
Bank Export Services Act
575
Bank Secrecy Act, statement
573
Banking and other financial services, issues affecting
developments in markets for
312
Banking system, discussion of basic rules to guide
development
90
Brokered deposits, fully insured
291
Check deposits, delayed availability
319
Criminal misconduct and abuse by bank insiders and
supervisory response
423
Currency Design Act, views on proposed legislation
625
Deficits
210, 294, 324
Interest rates
499, 502
International debt situation
636
Monetary and fiscal policies
206
Monetary policy
69, 96, 102, 105, 609, 626, 632
Pricing of Federal Reserve services, review of developments
413
Secondary Mortgage Market Enhancement Act of
1983
288
Truth in Lending Act, Board's views on surcharge on
credit card purchases
102, 309
World trade and U.S exports, statement
568
Stevens, Guy V.G., book
427
Stock market credit
Over-the-counter stocks (See
Over-the-counter
stocks)
Regulations G, T, U, and X (See Regulations)
Stocks (See specific types)
Stockton, David, article
483
Story, Ronald D., appointed director, Detroit Branch . 260
Surveys of consumer finances, 1983, articles
679, 857
Sweeney, Robert J., elected Class B director, St.
Louis
261
TABLES, for index to tables published monthly, see
guide at top of p. A81; for special tables published
during year, see list on p. A69
Talley, Samuel H., Assistant Director, Division of
Banking Supervision and Regulation, resignation . . .
Teeters, Nancy H.
Resignation as Member, Board of Governors
Truth in Lending Act, statements on Board's views
on surcharge on credit card purchases
102,
Terrell, Henry S., article
Thompson, Portia W., appointed EEO Programs
Officer
218
579
309
755
507
All
Federal Reserve Bulletin • December 1984
Pages
Thorne, Charles H., appointed director, Omaha
Branch
264
Thrift holding company activities, statements on proposals to restructure laws governing
298, 560
Thrift Institutions Advisory Council
Appointment of new members
217
List
A72
Time deposits (See Deposits)
Trade
U.S. merchandise and current account deficits, statements
294, 324
World, and U.S. exports, statement
568
Transfers of funds (See also Check clearing and collection, and Float)
Fees (See Fees for Federal Reserve services to depository institutions)
Measures to reduce risk in large electronic fund
transfers, request for comment
329, 507
Net settlement services, actions affecting
643
Regulation E (See Regulations)
Treasury Department, U.S., foreign exchange operations (See Foreign exchange operations)
Truth in Lending Act
Preemption authority regarding certain state
laws
114
Regulation Z (See Regulations)
Surcharge on credit card purchases, statements on
Board's views
102, 309
UNDERGROUND economic activity in United States,
article on monetary perspective
Union settlements and aggregate wage behavior in the
1980s, article
U.S. economy
Effects of U.S. fiscal policy on, staff study
Multicountry Model, book dealing with
U.S. international transactions in 1983, article
U.S. trade and current account deficits, statements
294,
177
843
14
427
269
324
Pages
VENEZUELAN loans, classification
507
Volcker, Paul A.
Bank and thrift holding company activities, statements on proposals to restructure laws
governing
298, 560
Banking and other financial services, statement on
issues affecting developments in markets for
312
Banking system, statement on basic rules to guide
development
90
Deficits on U S. trade and current account, statement 324
Federal Reserve position on restructuring of financial
regulation responsibilities, article
547
International debt situation, statement
636
Monetary and fiscal policy, statement
206
Monetary policy, statements
96, 102, 105,
626, 632
Regulation of financial services, statement
112
World trade and U.S. exports, statement
568
WAGE behavior, aggregate, and union settlements in
the 1980s, article
Walker, Mary W., elected Class A director, Atlanta ..
Wallich, Henry C., statements on large external deficits,
and U.S. trade and current account deficits, statements
210,
Walther, John H., elected Class A director, Philadelphia
Williams. Anthony W., appointed director, Denver
Branch
Williams, Patsy R.. appointed director, Nashville
Branch . . . . '
Wilson, C. Ivan, appointed director, San Antonio
Branch
Wire transfers of funds (See Transfers of funds)
Wolken, John D., article
843
257
294
254
263
259
265
819
YATES, Peyton, appointed director, El Paso Branch . 265
A97
Federal Reserve Banks, Branches, and Offices
FEDERAL RESERVE BANK,
branch, or facility
Zip
Chairman
Deputy Chairman
President
First Vice President
BOSTON*
02106
Robert P. Henderson
Thomas I. Atkins
Frank E. Morris
Robert W. Eisenmenger
NEW YORK*
10045
John Brademas
Gertrude G. Michelson
M. Jane Dickman
Anthony M. Solomon
Thomas M. Timlen
Buffalo
14240
Vice President
in charge of branch
John T. Keane
PHILADELPHIA
19105
Robert M. Landis
Nevius M. Curtis
Edward G. Boehne
Richard L. Smoot
CLEVELAND*
44101
William H. Knoell
E. Mandell de Windt
Robert E. Boni
Milton G. Hulme, Jr.
Karen N. Horn
William H. Hendricks
William S. Lee
Leroy T. Canoles, Jr.
Robert L. Tate
Henry Ponder
Robert P. Black
Jimmie R. Monhollon
John H. Weitnauer, Jr.
Bradley Currey, Jr.
Martha A. Mclnnis
Jerome P. Keuper
Sue McCourt Cobb
C. Warren Neel
Sharon A. Perlis
Robert P. Forrestal
Jack Guynn
Stanton R. Cook
Edward F. Brabec
Russell G. Mawby
Silas Keehn
Daniel M. Doyle
W.L. Hadley Griffin
Mary P. Holt
Sheffield Nelson
Sister Eileen M. Egan
Patricia W. Shaw
Theodore H. Roberts
Joseph P. Garbarini
William G. Phillips
John B. Davis, Jr.
Ernest B. Corrick
E. Gerald Corrigan
Thomas E. Gainor
Doris M. Drury
Irvine O. Hockaday, Jr.
James E. Nielson
Patience Latting
Robert G. Lueder
Roger Guffey
Henry R. Czerwinski
Robert D. Rogers
John V. James
Mary Carmen Saucedo
Paul N. Howell
Lawrence L. Crum
Robert H. Boy kin
William H. Wallace
Caroline L. Ahmanson
Alan C. Furth
Bruce M. Schwaegler
Paul E. Bragdon
Wendell J. Ashton
John W. Ellis
John J. Balles
Richard T. Griffith
Cincinnati
Pittsburgh
45201
15230
RICHMOND*
23219
Baltimore
21203
Charlotte
28230
Culpeper Communications
and Records Center 22701
ATLANTA
Birmingham
Jacksonville
Miami
Nashville
New Orleans
30301
35283
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
77252
78295
SAN FRANCISCO
94120
Los Angeles
Portland
Salt Lake City
Seattle
90051
97208
84125
98124
Charles A. Cerino
Harold J. Swart
Robert D. McTeer, Jr.
Albert D. Tinkelenberg
John G. Stoides
Fred R. Herr
James D. Hawkins
Patrick K. Barron
Jeffrey J. Wells
Henry H. Bourgaux
Roby L. Sloan
John F. Breen
James E. Conrad
Paul I. Black, Jr.
Robert F. McNellis
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.
A98
The Federal Reserve System
Boundaries of Federal Reserve Districts and Their Branch Territories
LEGEND
—— Boundaries of Federal Reserve Districts
Q
Board of Governors of the Federal Reserve
System
Federal Reserve Bank Cities
•
Federal Reserve Branch Cities
•
Boundaries of Federal Reserve Branch
Territories
®
Federal Reserve Bank Facility
Publications of Interest
FEDERAL RESERVE
PUBLICATIONS
CONSUMER
CREDIT
The Federal Reserve Board publishes a series of
pamphlets covering individual credit laws and topics,
as pictured below. The series includes such subjects as
how the Equal Credit Opportunity Act protects women against discrimination in their credit dealings, how
to use a credit card, and how to use Truth in Lending
information to compare credit costs.
The Board also publishes the Consumer
Handbook
to Credit Protection Laws, a complete guide to con-
sumer credit protections. This 44-page booklet explains how to use the credit laws to shop for credit,
apply for it, keep up credit ratings, and complain about
an unfair deal.
Protections offered by the Electronic Fund Transfer
Act are explained in Alice in Debitland. This booklet
offers tips for those using the new " p a p e r l e s s " systems for transferring money.
Copies of consumer publications are available free
of charge from Publications Services, Mail Stop 138,
Board of Governors of the Federal Reserve System,
Washington, D.C. 20551. Multiple copies for classroom use are also available free of charge.
LECMO
LE4SING
LE4SMG
LE4SMG
TRUTH IN LE4SING
The
Equal Credit
Opportunity
Act and
Credit Rights
In Housing
What
Thithln
Lending
Means
ToYou
The
Equal
Credit
Opportunity
Actl
...andl
Publications of Interest
FEDERAL RESERVE
REGULATORY
SERVICE
To promote public understanding of its regulatory
functions, the Board publishes the Federal
Reserve
Regulatory Service, a three-volume looseleaf service
containing all Board regulations and related statutes,
interpretations, policy statements, rulings, and staff
opinions. F o r those with a more specialized interest in
the Board's regulations, parts of this service are
published separately as handbooks pertaining to monetary policy, securities credit, and consumer affairs.
These publications are designed to help those w h o
must frequently refer to the B o a r d ' s regulatory materials. They are updated at least monthly, and each
contains conversion tables, citation indexes, and a
subject index.
The Monetary Policy and Reserve
Requirements
Handbook contains Regulations A, D, and Q plus
related materials. For convenient reference, it also
contains the rules of the Depository Institutions
Deregulation Committee.
The Securities Credit Transactions Handbook contains Regulations G, T, U, and X, dealing with extensions of credit for the purchase of securities, together
with all related statutes, Board interpretations, rulings, and staff opinions. Also included is the B o a r d ' s
list of OTC margin stocks.
The Consumer and Community Affairs
Handbook
contains Regulations B, C, E, M, Z, A A , and BB and
associated materials.
For domestic subscribers, the annual rate is $175 for
the Federal Reserve Regulatory Service and $60 for
each handbook. F o r subscribers outside the United
States, the price including additional air mail costs is
$225 for the Service and $75 for each Handbook. All
subscription requests must be accompanied by a check
or money order payable to Board of Governors of the
Federal Reserve System. Orders should be addressed
to Publications Services, Mail Stop 138, Federal Reserve Board, 20th Street and Constitution Avenue,
N . W . , Washington, D.C. 20551.
@FedFRASER