Full text of Federal Reserve Bulletin : December 2001

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Volume 87 • Number 12 • December 2001

Federal Reserve

BULLETIN

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



Table of Contents
1995 (Testimony before the Joint Economic
Committee of the U.S. Congress, October 17,
2001).

757 TREASURY AND FEDERAL RESERVE
FOREIGN EXCHANGE OPERATIONS
During the third quarter of 2001, the dollar
depreciated 7.3 percent against the euro and
4.1 percent against the yen. On a trade-weighted
basis, the dollar ended the quarter 2.6 percent
lower. Economic data released even before the
terrorist attacks on September 11 suggested that
the U.S. economic slowdown would likely be
more protracted than previously expected, which
generally weighed on the dollar. The attacks
heightened pre-existing concerns about the
weakness of the U.S. economy and lent further
momentum to the general trends that prevailed
earlier in the quarter. The U.S. monetary authorities did not intervene in the foreign exchange
markets during the quarter.

763 INDUSTRIAL PRODUCTION AND CAPACITY
UTILIZATION FOR OCTOBER 2001
In October, industrial production fell 1.1 percent,
to 139.3 percent of its 1992 average, and was
6.3 percent below its level a year ago. The rate
of capacity utilization for total industry fell
0.9 percentage point, to 74.8 percent, a level
7.3 percentage points below its 1967-2000
average.

769 Dolores S. Smith, Director, Division of Consumer and Community Affairs, discusses the
Board's responsibilities in administering a number of consumer protection laws and states that
as part of the bank examination process, the
Federal Reserve enforces the federal banking
laws, including the Truth in Lending rules,
with respect to the approximately 980 statechartered banks that are members of the Federal
Reserve System. She testifies that in the Federal
Reserve's examination of state member banks
that are involved in credit card lending, it has
not found any widespread practices that violate
applicable laws or regulations; further, violations have been found in only a small number
of banks, and even in those cases, the violations
have generally been isolated in scope (Testimony before the Subcommittee on Financial
Institutions and Consumer Credit of the House
Committee on Financial Services, November 1,
2001).
773

ANNOUNCEMENTS
Federal Open Market Committee directive and
discount rate decrease.
Final rule on Regulation K.

767 TESTIMONY OF FEDERAL RESERVE
OFFICIALS
Alan Greenspan, Chairman, Board of Governors
of the Federal Reserve System, discusses recent
developments in the U.S. economy and states
that despite the tragic events of September 11,
the foundations of our free society remain
sound, and we will recover and prosper as we
have in the past. He states further that the level
of productivity will presumably undergo a onetime downward adjustment as our economy
responds to higher levels of perceived risk, but
once the adjustment is completed, productivity
growth should resume at rates in excess of those
that prevailed in the quarter-century preceding




Request for comment on subpart of Regulation K.
Annual adjustments for reserve requirements
and deposit reporting.
Approval of 2002 fee schedules for Reserve
Bank payment services.
Designation of agency representatives to Air
Transportation Stabilization Board.
Board discount rate meeting minutes.
Enforcement actions.
Discontinuation of statistical table in the Federal Reserve Bulletin.

November 2001 update of the Commercial
Examination Manual.

Bank

A64 INDEX TO STATISTICAL TABLES
A66 BOARD OF GOVERNORS AND STAFF

ILL LEGAL

DEVELOPMENTS

Various bank holding company, bank service
corporation, and bank merger orders; and pending cases.

A68 FEDERAL OPEN MARKET COMMITTEE AND
STAFF; ADVISORY COUNCILS
A70 FEDERAL RESERVE BOARD

A1 FINANCIAL AND BUSINESS

STATISTICS

These tables reflect data available as of
October 29, 2001.
A3 GUIDE TO TABLES
A4 Domestic Financial Statistics
A42 Domestic Nonfinancial Statistics
A50 International Statistics

A72 ANTICIPATED SCHEDULE OF RELEASE
DATES FOR PERIODIC RELEASES
A74 MAPS OF THE FEDERAL RESERVE
A76 FEDERAL RESERVE BANKS,
AND OFFICES
All

A63 GUIDE TO STATISTICAL RELEASES AND
SPECIAL TABLES




PUBLICATIONS

INDEX TO VOLUME 87

SYSTEM

BRANCHES,

PUBLICATIONS COMMITTEE
Lynn S. Fox, Chair • Jennifer J. Johnson • Karen H. Johnson • Stephen R. Malphrus • J. Virgil Mattingly, Jr.
• Vincent R. Reinhart • Dolores S. Smith • Richard Spillenkothen • Richard C. Stevens • David J. Stockton

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 Section headed by S. Ellen Dykes, the Graphics Center under the direction
of Christine S. Griffith, and Publications Services supervised by Linda C. Kyles.




Treasury and Federal Reserve
Foreign Exchange Operations
This report, presented by Dino Kos, Executive Vice
President, Federal Reserve Bank of New York, and
Manager, System Open Market Account,
describes
the foreign exchange operations of the U.S. Department of the Treasury and the Federal Reserve System
for the period from July 2001 through
September
2001. Evangeline Sophia Drossos was
primarily
responsible for preparing the report.
During the third quarter, the dollar depreciated
7.3 percent against the euro and 4.1 percent against
the yen. On a trade-weighted basis, the dollar ended
the quarter 2.6 percent lower. Shifting expectations
about the pace of the U.S. economic recovery influenced changes in the exchange value of the dollar.
Economic data released even before the terrorist
attacks on September 11 suggested that the U.S. economic slowdown would likely be more protracted
than previously expected, which generally weighed
on the dollar. The attacks heightened pre-existing
concerns about the weakness of the U.S. economy
and lent further momentum to the general trends that
prevailed earlier in the quarter. The U.S. monetary
authorities did not intervene in the foreign exchange
markets during this quarter. After the terrorist attacks,
the Federal Reserve established thirty-day reciprocal
swap arrangements with the European Central Bank
(ECB) and the Bank of England and temporarily
augmented its existing swap facility with the Bank of
Canada. The ECB drew on the swap facility on three
occasions.

growth differentials between the United States and
the euro area prompted investors to expand their long
euro positions. The euro's initial appreciation coincided with reports of shorter-term investors having
established long positions in the euro. According to
data from the Commodity Futures Trading Commission (CFTC), net noncommercial long euro positions
on the International Money Market futures exchange
rose steadily over the quarter and on August 28
reached their highest levels since the inception of the
euro. However, market participants suggested that
these net long euro positions may have limited the
euro's gains somewhat later in the quarter, as investors were reluctant to extend positions further.
The dollar also depreciated against the yen, which
strengthened against a wide range of currencies.
Investors bought yen to cover short positions amid
expectations that funds from Japanese accounts
would be repatriated from overseas investments
ahead of the Japanese fiscal-half-year-end. CFTC
data indicated that noncommercial accounts reported
net short yen positions against the dollar through the
end of July, but these positions were reversed in
August. In early September, the number of net long
yen positions reached its highest level in almost two
years.

1. Trade-weighted Group of Three currencies, 2001 :Q3
Index: July 2 = 100

DOLLAR DEPRECIATES THROUGH EARLY
SEPTEMBER AMID INCREASED UNCERTAINTY
OVER THE PROSPECTS FOR US. ECONOMIC
RECOVERY
After reaching new multiyear highs on a tradeweighted basis early in the quarter, the exchange
value of the dollar declined amid increased expectations for a more protracted economic slowdown
in the United States and a broad retrenchment from
risk positions. The euro appreciated against the dollar
early in the quarter, rising as high as $0.9182 on
August 21, as shifting expectations for relative



NOTE. In this chart and those that follow, the data are for business days
except as noted.
SOURCES. Board of Governors of the Federal Reserve System, the Federal
Reserve Bank of New York, and the Bank of England.

758

Federal Reserve Bulletin • December 2001

2. Dollar-euro swap differentials, 2001 :Q3

3. Group of Three government yield curves, 2001 :Q3
Basis points

Ten-year minus two-year
Japanese government bond yield
Ten-year minus two-year
U.S. Treasury yield

Ten-year minus two-year
German bund yield

9/11 9/17

SOURCE. Bloomberg L.P.

U.S. economic data reported early in the quarter
showed weakness in both the nonmanufacturing and
manufacturing sectors, as well as an increase in
the rate of unemployment, and suggested that the
U.S. economic slowdown could be more prolonged.
Among these data reports were the larger-thanexpected declines in the U.S. nonfarm payroll data for
June and August. Regional economic surveys, such
as the Chicago Purchasing Managers Index released
in July and the Philadelphia Business Outlook Survey
released in August, also pointed to ongoing contraction in manufacturing activity. The August 8 release
of the Federal Reserve's Beige Book was interpreted
by many as suggesting that weakness in the manufacturing sector had spilled over into the broader
economy. Indications of a nascent stabilization in the
U.S. manufacturing sector, represented by modest
increases reported in the National Association of
Purchasing Managers surveys for July and August,
were overshadowed by ongoing concerns about U.S.
corporate profitability as analysts continued to lower
their earnings forecasts.
Concerns about the U.S. economic outlook were
mirrored in other economies as euro-area and Japanese economic data indicated further deterioration.
In the euro-area countries, data showed continued
declines in the manufacturing sector, particularly in
Germany where factory orders fell sharply in July.
Data released in August indicated the slowing pace of
economic activity, as second-quarter data for German
GDP were flat and showed the lowest year-on-year
growth rate since 1998. In Japan, economic growth
was negative in the second quarter as consumer
spending and business investment remained stagnant.
In this environment, many central banks eased monetary policy; from the beginning of the quarter through
early September, the Federal Reserve, the ECB, and



SOURCE. Bloomberg L.P.

the Reserve Bank of Australia each lowered their
policy rates 25 basis points. The Bank of Canada
lowered its policy rate 50 basis points. Implied yields
on global interest rate futures contracts fell in
response to the policy rate cuts by central banks and
the heightened expectations of additional easing.
Over this period, interest rate differentials between
the United States and the euro area narrowed. The
sharpest declines in U.S.-euro area swap spreads
occurred in the short end of the curve, with the
two-year U.S. swap rate falling below the two-year
euro-area swap rate for the first time since the inception of the euro.
Increased expectations for slowing global growth
prompted investors to pull back from higher-risk
assets. Global equity indexes and prices on corporate
debt declined broadly amid increasing pessimism
about corporate profitability worldwide. These factors, as well as the rate cuts by central banks, contributed to declines in short-dated sovereign debt yields
and to the steepening of sovereign yield curves as
4.

Global benchmark equity indexes, 2001 :Q3

SOURCE. Bloomberg L.P.

Treasury and Federal Reserve Foreign Exchange Operations

5.

759

Volatility implied by one-month currency option prices, 1998-2001 :Q3
Percent

1998

1999

2000

July

2001

Aug.

Sept.

SOURCE. J.P. Morgan Chase & Co.

investors shifted from nongovernment, fixed-income
securities and equities into safer, more liquid assets.
Developments in Latin America may also have contributed to heightened risk aversion early in the quarter as investors expressed ongoing concern about the
ability of Argentina to meet its debt-servicing obligations. The Emerging Markets Bond Index Plus
(EMBI+) sovereign spread over comparable U.S.
Treasury securities, which had already widened considerably earlier in the year, spiked higher in July.

RISK AVERSION HEIGHTENS FURTHER
SEPTEMBER 11 TERRORIST ATTACKS

AFTER

The September 11 terrorist attacks heightened concern about the risks to the U.S. economy, prompting
further reductions in risk positions. Against this backdrop, foreign exchange trading volumes declined,
as investors were reluctant to establish new positions. Nevertheless, trading in the currency markets
appeared orderly but subdued, as many New York
dealers moved their activities to local contingency
sites and overseas offices in the days immediately
following the attacks. In addition, implied volatility
on Group of Three currency options spiked after the
attacks but within days quickly declined, reflecting



the relatively stable behavior of spot currency rates.
At the same time, market participants continued to
protect against the risk of dollar depreciation as onemonth risk reversals showed a preference for dollar
puts against the euro and the yen.
Expectations for near-term interest rate cuts
increased after September 11, as market participants
anticipated that the short-term economic effect of the
attacks on the U.S. economy would generate sizable

6. U.S. and euro-area policy rates and implied yields
on interest rate futures contracts, 2001 :Q3
Percent

ECB two-week minimum bid rate

July

Aug.
2001

SOURCE. Bloomberg L.P.

Sept.

760

Federal Reserve Bulletin • December 2001

7. The dollar against the euro and the yen, 2001 :Q3
Yen per dollar

Dollars per euro (inverted scale)

2001
SOURCE. B l o o m b e r g L.P.

disruptions in business activity and sharp declines
in consumer confidence. In response to the increased
uncertainty generated by the attacks, many central
banks lowered their policy rates. On the morning of
September 17, before U.S. equity markets resumed
trading after four days of closure, the Federal Open
Market Committee lowered the federal funds target
rate 50 basis points. Later that day, the Bank of
Canada, the ECB, and the Swiss National Bank also
cut rates 50 basis points. The next day, the Bank of
Japan lowered its discount rate 15 basis points and
announced an increase in its target for current account
bank reserves, and the Bank of England lowered its
repurchase agreement rate 25 basis points.
In contrast to the sharp price action in some other
asset markets, the dollar traded within a relatively
narrow range from September 11 to the end of the
quarter. The dollar was little changed on balance
against the euro after the attacks, despite the
increased uncertainty about the U.S. economic out8. U.S. Treasury coupon yields and federal funds target rate,
2001 :Q3

look. Increased demand among global investors for
the relative safety and liquidity of shorter-dated U.S.
Treasury securities helped the dollar partially retrace
earlier declines. The yen initially continued to appreciate against other major currencies, ahead of the
Japanese fiscal-half-year-end, reaching a high of
116.38 yen per dollar on September 20. The exchange
rate closed the quarter at 119.56 yen per dollar, however, after intervention activity by the Japanese monetary authorities late in the quarter aimed at weakening
the yen. Japanese monetary authorities publicly confirmed sales of yen against dollars on September 17
and additional sales of yen on six subsequent occasions through the end of the quarter.
After the September 11 attack, the shift out of
higher-yielding markets into perceived safe-haven
assets pressured the Australian and the New Zealand
dollars, which depreciated broadly, while the Swiss
franc strengthened against other major currencies. An
additional factor that boosted demand for Swiss
francs was position-covering, in anticipation of Swiss
franc appreciation, by investors who had borrowed
the currency to fund positions in higher-yielding
assets. Investors' broad-based reductions in risk positions also prompted sharp declines in emergingmarket and noninvestment-grade corporate debt. The
EMBI+ sovereign spread over comparable U.S. Treasury securities reached its widest level in almost two
years, and U.S. high-risk corporate yield spreads
reached their highest levels since 1991.

TEMPORARY SWAP LINES ESTABLISHED
OTHER CENTRAL BANKS

To facilitate the functioning of financial markets and
provide liquidity in U.S. dollars, the Federal Reserve

9. Foreign currency per U.S. dollar, 2001 :Q3

Percent

Index: July 2 = 100

|
July




)
Aug.
2001

2001
SOURCE. B l o o m b e r g L.P.

WITH

SOURCE. B l o o m b e r g L.P.

9/11 9/17
Sept.

Treasury and Federal Reserve Foreign Exchange Operations

10. Emerging-market and U.S. high-yield spreads
over U.S. Treasuries, 2001 :Q3
Basis points

1,000

900

800

—

Merrill Lynch high-yield spread
|

July

|

700

9/11 9/17

Aug.

Sept.

2001
SOURCES. J.P. Morgan Chase & Co., Merrill Lynch & Co.

approved the establishment of temporary reciprocal
swap arrangements with the ECB and the Bank of
England on September 12 and September 14 respectively. Additionally, on September 13, the Federal
Reserve and the Bank of Canada agreed to a temporary augmentation of the swap facility already in
place. Under the terms of these agreements, the ECB,
the Bank of England, and the Bank of Canada would
be able to draw up to $50 billion, $30 billion, and
$10 billion, respectively, in exchange for local currency. These arrangements allowed the central banks
to provide dollar proceeds of the swaps to be temporarily lent to local banks to facilitate the settlement
of their dollar transactions. The temporary swap
arrangements with the ECB and the Bank of England,
as well as the augmentation with the Bank of Canada,
expired after thirty days.
The ECB drew on its swap line on September 12,
13, and 14. The net amount drawn totaled $5.4 billion
on September 12, $14.1 billion on September 13, and
$3.9 billion on September 14. As of September 17,
the net amount outstanding fell to zero, and there was
no further swap activity through the end of the quarter. The Bank of England and the Bank of Canada did
not draw on their respective swap lines during the
quarter.
TREASURY AND FEDERAL RESERVE
EXCHANGE RESERVES

FOREIGN

The U.S. monetary authorities did not undertake any
intervention operations during the quarter. At the end
of the quarter, the current values of the euro and
yen reserve holdings totaled $15.4 billion for the
Federal Reserve's System Open Market Account and
$15.4 billion for the Treasury's Exchange Stabiliza


761

Discontinuation of "Treasury and Federal
Reserve Foreign Exchange Operations"
in the Federal Reserve Bulletin
The quarterly report "Treasury and Federal Reserve Foreign Exchange Operations," by the Federal Reserve Bank
of New York, will not be reprinted in the Federal Reserve
Bulletin after the December 2001 issue. Each quarter's
report is available soon after the end of the quarter on
the web site of the Federal Reserve Bank of New York
(www.newyorkfed.org/pihome/news/forex/), which also
has the reports back to 1996. The reports for years before
1996 are available in paper copies from the Public Information Department, Federal Reserve Bank of New York,
33 Liberty Street, New York, NY 10045 (tel. 212-7205424).
Other reprints will also be eliminated from the Bulletin
after December 2001: the monthly report on industrial
production and capacity utilization, congressional testimony, the FOMC minutes, and the Federal Reserve Bank
of New York's annual "Domestic Open Market Operations" report (the text portion of "Open Market Operations" will be reprinted in the Board's Annual Report
rather than in the Bulletin). The documents are widely
distributed when originally published, and several
sources for historical information are available.
-

tion Fund. The U.S. monetary authorities invest their
foreign currency balances in a variety of instruments
that yield market-related rates of return and have a
high degree of liquidity and credit quality. To the
greatest extent possible, these investments are
split evenly between the Federal Reserve and the
Treasury.
A significant portion of the U.S. monetary authorities' foreign exchange reserves is invested in European and Japanese government securities held
outright or under repurchase agreement. Under eurodenominated repurchase agreements, the U.S. monetary authorities accept sovereign debt backed by the
full faith and credit of the following governments:
Germany, Belgium, France, Italy, the Netherlands,
and Spain. Foreign currency reserves are also
invested in deposits at the Bank for International
Settlements and in facilities at other official institutions. As of September 28, direct holdings of foreign
government securities totaled $13.6 billion, split
evenly between the Federal Reserve and the Treasury. Foreign government securities held under repurchase agreement totaled $2.8 billion at the end of the
quarter and were also split evenly between the two
authorities.
•

762

Federal Reserve Bulletin • December 2001

1. Foreign currency holdings of U.S. monetary authorities based on current exchange rates, 2001 :Q3
Millions of dollars
Quarterly changes in balances, by source
Item

Balance,
June 29, 2001 Net purchases
and sales'

Interest
accrual
and other

Balance,
Sept. 28, 2001

Effect of
sales 2

Interest
collected 3

Revaluation 4

.0
.0
.0

.0
.0
.0

87.6
.6
88.2

501.0
349.2
850.2

.0
.0
.0

4.9

-6.6

65.4

14,4293

.0

.0

88.2

855.1

-6.6

15,366.0

6,787.0
7,570.3
14,357.3

.0
.0
.0

.0
.0
.0

86.3
.6
86.9

500.6
349.2
849.8
4.9

-5.9

65.4

.0

.0

86.9

854.7

-5.9

15,359.4

FEDERAL RESERVE SYSTEM
OPEN MARKET ACCOUNT

(SOMA)
Euro
Japanese yen
Total

6,792.0
7,570.2
14,362.2

Interest receivables

67.1

Total

7,380.6
7,920.0
15,300.6

U.S. TREASURY EXCHANGE
STABILIZATION FUND ( E S F )

Euro
Japanese yen
Total
Interest receivables4

66.4
14,423.7

Total

7,373.9
7,920.1
15,294.0

NOTE. Balances are now stated at amortized cost. Beginning balances have
been restated to conform with the new presentation. Figures may not sum to
totals because of rounding.
1. Purchases and sales for the purpose of this table include foreign currency sales and purchases related to official activity, swap drawings and repayments, and warehousing.
2. This figure is calculated using marked-to-market exchange rates; it
represents the difference between the sale exchange rate and the most recent
revaluation exchange rate.

3. Current value change in foreign currency from interest collected on
matured investments.
4. Foreign currency and interest receivables are marked to market daily at
prevailing rates.
. . . Not applicable.

2. Net profits or losses (-) on US. Treasury
and Federal Reserve foreign exchange operations,
based on historical cost-of-acquisition exchange rates,
2001 :Q3

3. Reciprocal currency arrangements, September 28, 2001
Millions of dollars
Amount of
facility

Institution

Outstanding,
Sept. 28, 2001

Millions of dollars
Federal
Reserve
System Open
Market Account

U.S. Treasury
Exchange
Stabilization
Fund

Valuation profits and losses on
outstanding assets and liabilities,
June 29, 2001
Euro
Japanese yen

-1,665.4
508.2

-1,881.8
720.4

Total

-1,157.2

-1,161.4

Period and item

Bank of Canada
Bank of Mexico
European Central Bank
Bank of England
Total

Realized profits and losses
from foreign currency sales,
June 29, 2001-Sept. 28, 2001
Euro
Japanese yen

10,0001
3,000
50,000 2
30,000 2

.0
.0
.0
.0

93,000

.0

Federal Reserve and U.S. Treasury
Exchange Stabilization Fund
currency arrangements
Bank of Mexico

3,000

.0

Total

3,000

.0

1. Includes temporary augmentation of existing $2 billion swap arrangement.
2. Temporary thirty-day swap arrangement.

Total
Valuation profits and losses on
outstanding assets and liabilities,
Sept. 28, 2001
Euro
Japanese yen

505.9
349.2

Total

855.1




Reciprocal currency
arrangements

4. Daily European Central Bank swap facility activity,
September 12-15, 2001
Millions of dollars

Sept.
Sept.
Sept.
Sept.

Date

Drawings

Repayments

Amount
outstanding

12
13
14
15

5.4
14.147
3.915
.0

.0
.0
14.147
9.315

5.4
19.547
9.315
.0

763

Industrial Production and Capacity Utilization
for October 2001
Released for publication

November

16

In October, industrial production fell 1.1 percent, to
139.3 percent of its 1992 average, and was 6.3 percent below its level a year ago. Manufacturing output

decreased 1.2 percent in October, mining output
decreased 1.3 percent, and utilities production rose
0.6 percent. The rate of capacity utilization for total
industry fell 0.9 percentage point, to 74.8 percent,
a level 7.3 percentage points below its 1967-2000
average.

Industrial production

Ratio scale, 1992 = 100
145
125

105

85

Capacity utilization

Percent of capacity

85
80
75
70

1977

1979

1981

1983

1985

1987

1989

12-month percent change

High-tech industries are defined as semiconductors and related electronic
components (SIC 3672-9), computers (SIC 357), and communications equipment (SIC 366).




1991

1993

1995

1997

1999

2001

Percent of capacity

Shaded areas are periods of business recession as defined by the NBER.

764

Federal Reserve Bulletin • December 2001

Industrial production and capacity utilization, October 2001
Industrial production, index, 1992=100
Percent change
2001

Category

2001'
July

r

Aug/

Sept.

r

Sept.'

Oct.p

Oct. 2000
to
Oct. 2001

-.4

-1.0

-1.1

-6.3

-.7

-1.0

Oct/

July'

Aug.

139.3

-.1
-.1

r

Total

142.7

142.2

140.8

Previous estimate

142.7

141.8

140.3

Major market groups
Products, total 2
Consumer goods
Business equipment
Construction supplies
Materials

132.5
122.1
186.5
139.1
161.1

131.4
121.1
184.2
138.3
161.6

130.0
120.4
179.3
138.0
160.3

128.8
120.0
176.2
135.3
158.2

.0
.4
-.3
.1
-.2

-.8
-.8
-1.2
-.5
.3

-1.1
-.6
-2.6
-.2
-.8

-.9
-.4
-1.7
-2.0
-1.3

-5.5
-2.2
-11.9
-4.9
-7.6

Major industry groups
Manufacturing
Durable
Nondurable
Mining
Utilities

147.7
187.5
111.6
102.4
117.4

146.8
185.9
111.2
102.8
120.3

145.3
182.6
110.9
102.7
119.1

143.6
179.2
110.6
101.3
119.9

.2
.3
.0
-.9
-2.1

-.6
-.9
-.3
.3
2.5

-1.1
-1.8
-.2
-.1
-1.0

-1.2
-1.9
-.4
-1.3
.6

-7.3
-9.3
-4.9
1.2
-.1
Capacity,
percent
change,
Oct. 2000
to
Oct. 2001

MEMO

Capacity utilization, percent

Average,
1967-00

Low,
1982

High,
1988-89

2000

2001

Oct.

July'

Aug.'

Sept.'

Oct.P

Total
Previous estimates ..

82.1

71.1

85.4

82.0

77.0
77.0

76.6
76.4

75.7
75.5

74.8

2.6

Manufacturing
Advanced processing
Primary processing .
Mining
Utilities

81.1
80.6
82.2
87.4
87.6

69.0
71.0
65.7
80.3
75.9

85.7
84.2
88.3
88.0
92.6

81.2
79.9
84.5
86.3
89.5

75.6
76.1
75.8
89.3
85.1

75.0
75.4
75.3
89.7
86.9

74.1
74.3
74.7
89.7
85.7

73.1
73.4
73.6
88.6
86.0

2.9
1.9
4.8
-1.4
4.0

NOTE. Data seasonally adjusted or calculated from seasonally adjusted
monthly data.
1. Change from preceding month.

MARKET

GROUPS

The output of consumer goods declined 0.4 percent
in October. A drop of 2.6 percent in durable consumer goods included sizable declines in the output
of automotive products, appliances, furniture and
carpeting goods, and miscellaneous goods. Despite
decreases in all major categories of non-energy nondurable consumer goods (the largest being a 1.1 percent drop in clothing output), a 2.1 percent increase
in consumer energy products pushed the index for
total consumer nondurables to a 0.2 percent gain for
the month.
The production of business equipment, which fell
1.7 percent in October, was nearly 12 percent lower
than in October 2000. The output of transit equipment declined more than 3 percent for a third consecutive month and has dropped 13.6 percent over
the past twelve months. Production indexes for information processing equipment and for industrial and



2. Contains components in addition to those shown,
r Revised,
p Preliminary.

other equipment declined more than 1 percent in
October. The output of defense and space equipment
fell 0.5 percent but remained 1.6 percent above its
level a year ago. The output of construction supplies,
which decreased 2.0 percent, showed significant
losses in many industries, including lumber and plywood. The production of business supplies slipped
0.3 percent and was 7.7 percent below its level a year
ago.
The output of industrial materials declined 1.3 percent, its largest drop since June 1998. The output of
steel and parts for motor vehicles declined substantially in October; overall, durable materials production decreased 1.8 percent, to 10 percent below its
level a year ago. The output of nondurable materials,
which had increased in the third quarter, fell 0.9 percent in October; most major components posted
declines. The 0.6 percent decline in the production of
energy materials was mostly attributable to reductions in coal and crude oil output.

Industrial Production and Capacity Utilization

INDUSTRY

765

GROUPS

After having fallen 1.1 percent in September, manufacturing output dropped 1.2 percent in October. The
combined two-month decrease was last exceeded in
the winter of 1981-82. Reductions were evident in
nearly all major industries. The production of durable
goods fell 1.9 percent in October and has declined
more than 9 percent over the past twelve months. The
October decline was marked by noticeable cutbacks
in the output of primary metals, motor vehicles and
parts, lumber and products, and furniture and fixtures. The production of nondurables fell 0.4 percent; decreases in apparel products, textile mill products, and paper and products more than offset a
2.9 percent increase in petroleum products. The overall factory operating rate declined about 1 percentage point, to 73.1 percent, and decreases appeared
both in advanced-processing and primary-processing
industries.
At mines, production fell 1.3 percent; the utilization rate decreased to 88.6 percent but remained
above its long-run average. The output of utilities
increased 0.6 percent; the operating rate rose 0.3 percentage point, to 86 percent, 1.6 percentage points
below its long-term average.

REVISION OF INDUSTRIAL PRODUCTION
CAPACITY UTILIZATION

Federal Reserve

Bulletin

"Industrial Production and Capacity Utilization" will not
be reprinted in the Federal Reserve Bulletin after the
December 2001 issue. The Federal Reserve's monthly
G.17 statistical release, "Industrial Production and
Capacity Utilization," which this section of the Bulletin
summarizes each month, is available on the Board's web
site (www.federalreserve.gov/releases/gl7/); historical
data back to 1919 are also available on the web site. The
data are also available in paper copies and on diskettes
from Publications Services, Mail Stop 127, Board of
Governors of the Federal Reserve System, Washington, DC 20551 (tel. 202-452-3244).

Other reprints will also be eliminated from the Bulletin
after December 2001: congressional testimony, the
FOMC minutes, the quarterly report "Treasury and Federal Reserve Foreign Exchange Operations," and the
annual report "Domestic Open Market Operations," both
by the Federal Reserve Bank of New York (the text portion of "Open Market Operations" will be reprinted in
the Board's Annual Report rather than in the Bulletin).
The documents are widely distributed when originally
published, and several sources for historical information
are available.

AND

On November 27 at 11 a.m. eastern time, the Federal
Reserve Board will publish revisions to the index of
industrial production (IP), to the related measures
of capacity and capacity utilization, and to the index
of industrial use of electric power. The updated measures will reflect the incorporation of newly available, more comprehensive source data typical of
annual revisions. The new source data are for recent
years, primarily 1999 and 2000, although data from
1992 onward will be subject to revision.
Industrial production and capacity utilization will
continue to be based on the 1987 Standard Industrial
Classification (SIC) until the 2002 annual revision,
after which they will be constructed from the North
American Industrial Classification System (NAICS).
The new NAICS-related production indexes will be
based on annual output measures that are constructed
by reclassifying the establishments in historical Censuses of Manufactures and Mineral Industries under
NAICS; annual output indexes constructed this way
will maximize the reliability and historical consistency of the IP industry detail.




Discontinuation of "Industrial Production
and Capacity Utilization" in the

The updating of source data for IP in the 2001
annual revision will include annual data from the
1999 Bureau of the Census Annual Survey of Manufactures and from selected editions of its 1999 and
2000 Current Industrial Reports. Annual data from
the U.S. Geological Survey regarding metallic and
nonmetallic minerals (except fuels) for 1999 and
2000 will also be introduced. The updating will
include revisions to the monthly indicator for each
industry (either physical product data, productionworker hours, or electric power usage) and to seasonal factors.
Capacity and capacity utilization will be revised to
incorporate preliminary data from the 2000 Survey of
Plant Capacity of the Bureau of the Census, which
covers manufacturing, along with other new data on
capacity from the U.S. Geological Survey, the Department of Energy, and other organizations. The statistics on the industrial use of electric power will incorporate additional information received from utilities
for the past few years and will include some data

766

Federal Reserve Bulletin • December 2001

from the 1997 Census of Manufactures and the 1998
and 1999 Annual Survey of Manufactures.
Once the revision is published, it will be
made available on the Board's web site
(www.federalreserve.gov/releases/gl7). The revised




data will also be available through the web site of the
Department of Commerce. Further information on
these revisions is available from the Board's Industrial Output Section (telephone 202-452-3197).
•

767

Testimony of Federal Reserve Officials
Testimony of Alan Greenspan, Chairman, Board of
Governors of the Federal Reserve System, before
the Joint Economic Committee, U.S. Congress, October 17, 2001
I appreciate this opportunity to appear before the
Committee to discuss recent developments in the U.S.
economy. Despite the tragic events of September 11,
the foundations of our free society remain sound, and
I am confident that we will recover and prosper as we
have in the past.
But before the recovery process gets under way,
stability will need to be restored to the American
economy and to others around the world. Arguably,
that stability was only barely becoming evident in the
United States in the period immediately preceding
the act of terrorism.
Aggregate measures of production, employment,
and business spending continued to be weak in
August. Consumer spending, however, moved higher
that month and appeared to be reasonably well
maintained in the first part of September. Industry
analysts suggest that motor vehicle sales were running close to August levels, and chain store sales
were only modestly lower. New orders for nondefense capital goods stabilized in August. Moreover,
the dramatic rate of decline in profits was slowing. To
be sure, these signs were tentative but, on the whole,
encouraging.
In the days following the attack, the level of activity declined significantly. The shock was most evident in consumer markets, as many potential purchasers stayed riveted to their televisions and away from
shopping malls. Both motor vehicle sales and sales at
major chain stores fell off noticeably. The airline and
travel industries also suffered severe cutbacks.
The unprecedented shutdown of American air
travel and tightened border restrictions induced dramatic curtailments of production at some establishments with tight just-in-time supply chain practices,
most notably in the motor vehicle industry.
As the initial shock began to wear off, economic
activity recovered somewhat from the depressed levels that immediately followed the attacks, though the
recovery has been uneven. Markedly increased incentives induced a sharp rebound in motor vehicle sales
by the end of the month that has carried apparently



undiminished into the first half of October. However,
many retailers of other consumer goods report that
sales have only partially retraced the steep drops that
occurred in mid-September. Fortunately, air freight is
largely back to normal. Overall airline passenger
traffic, while above its mid-September lows, was still
off considerably in early October from pre-attack
levels. Similarly, the hospitality and entertainment
industries have overcome some of their earlier difficulties but continue to struggle.
The effect on financial markets of the devastating
attack on the World Trade Center was pronounced,
as telecommunications and trading capacities were
severely impaired. But the markets are mostly functioning normally now, and as in the past, the infrastructure will be rapidly restored.
For a brief time, the terrorist attacks markedly
disrupted payment transfers, leaving those counting
on receiving payments caught short. Those needs
ultimately were met by the Federal Reserve, both
through record lending at the discount window and
through an extraordinary infusion of funds through
open market operations. To facilitate the channeling
of dollar liquidity to foreign financial institutions
operating in the United States, thirty-day currency
swap lines were arranged with major central banks,
again in record volumes. It was essential in such an
environment to meet all appropriate demands for
dollar liquidity. As repair of the financial markets and
payment infrastructure proceeded apace, loans were
repaid, open market operations could be scaled back,
the unusual swap lines were allowed to expire, and
the temporarily bloated balance sheet of the Federal
Reserve largely returned to normal.
But even as market functioning and liquidity flows
were restored, the potential for heightened uncertainty to damp household and business spending for
a time persisted. To cushion these effects, we have
eased the stance of monetary policy appreciably since
September 11.
We in the United States have assumed ourselves to
be fairly well-insulated from terrorism or, at most,
subject to limited and sporadic episodes similar to
those previously observed on a number of occasions
in Europe.
We have been aware of the possibility for losses on
a much greater scale. But I suspect that those possi-

768

Federal Reserve Bulletin • December 2001

bilities were deemed so remote that they were never
seriously incorporated into most conventional assessments of economic risk.
The shock of the tragedies at the World Trade
Center and the Pentagon has reshaped those assessments of risk and required an abrupt realignment of
prices in many markets to reflect the expected costs
of operating in what we now recognize as a more
hostile world. These circumstances pose a difficult
challenge for business decisionmaking, not so much
because the costs are inordinately large, but because
the events, which have potentially substantial consequences, are so uncertain. Insurance deals with this
problem by spreading the risk and converting potential large unknown costs into a steady stream of
known insurance premiums that facilitates the forward planning so essential to an effective business
operation.
Obviously, sharp increases in insurance premiums
for all forms of businesses are to be expected. Some
higher insurance costs, in effect, will be borne implicitly rather than explicitly, as firms choose to selfinsure, at least in part, rather than lay off all of this
risk in the marketplace.
These higher insurance costs, both explicit and
implicit, endeavor to anticipate future losses. But in
addition, they cover the physical capital and labor
resources that businesses will be required to devote
to enhanced security and to increased redundancies
as protection against interruption of supplies or production. For example, the degree of comfort businesses have in allowing inventories to shrink to minimal levels in a just-in-time supply chain is lessened.
In this regard, increased security threats, not pooled
through insurance, have exactly the opposite effect
on productivity than that which is gained by an
improvement in information technology. In addition
to the loss of human life and capital assets, these are
important collateral costs associated with the new
threats that we now face.
The pronounced rise in uncertainty also has
damped consumer spending and capital investment;
households and businesses, confronted with heightened uncertainty, have pulled back from the marketplace, though that withdrawal has been partial and
presumably temporary. The very great economic
uncertainties that have arisen in the current environment have also, at least temporarily, resulted in a
widening of bond spreads on high-yield instruments.
Markets across our economy will adjust to the
altered perceptions of risk that we now confront.
Critical to that adjustment process is the behavior of
consumers and business people. Behavior is difficult




to predict in circumstances such as those we have
experienced in the past five weeks. But judging from
history, human beings have demonstrated a remarkable capacity to adapt to extraordinarily adverse circumstances. And I expect the same adaptability to
become evident in the present situation.
Although it is difficult to determine with any precision, it seems quite likely that a significant repricing
of risk has already found its way into our markets, as
many economic decisions are responding to shifting
market signals. But these adjustments in prices and
in the associated allocation of resources, when complete, represent one-time level adjustments, without
necessary implications for our longer-term growth
prospects.
Indeed, the exploitation of available networking
and other information technologies was only partially
completed when the cyclical retrenchment of the past
year began. High-tech equipment investment at elevated rates of return will, most likely, resume once
very high uncertainty premiums recede to more normal levels.
The level of productivity will presumably undergo
a one-time downward adjustment as our economy
responds to higher levels of perceived risk. But once
the adjustment is completed, productivity growth
should resume at rates in excess of those that prevailed in the quarter-century preceding 1995.
It is worth noting that increased production to
enhance security will be counted in measured output
without contributing to our standards of living, as
was the case during our military buildup of the Cold
War. Our productivity measures have always endeavored to capture increased productive efficiency, not
increased well-being. We are, in effect, currently
using part of our increase in efficiency to supply
increased security. Of course, given the heightened
risks we face, these investments in security are,
doubtless, quite sound. In any event, such costs are
likely to fall short of the costs we incurred for security during the height of the Cold War.
Nobody has the capacity to fathom fully how the
effects of the tragedy of September 11 will play out
in our economy. But in the weeks ahead, as the initial
shock continues to wear off, we should be able to
better gauge how the ongoing dynamics of these
events are shaping the immediate economic outlook.
For the longer term, prospects for ongoing rapid
technological advance and associated faster productivity growth are scarcely diminished. Those prospects, born of the ingenuity of our people and the
strength of our system, fortify a promising future for
our free nation.

Testimony of Federal Reserve Officials

Testimony of Dolores S. Smith, Director, Division of
Consumer and Community Affairs, Board of Governors of the Federal Reserve System, before the Subcommittee on Financial Institutions and Consumer
Credit of the Committee on Financial Services, U.S.
House of Representatives, November 1, 2001
Thank you for inviting me to appear before this
subcommittee. I am the director of the Federal
Reserve Board's Division of Consumer and Community Affairs, which carries out the Board's responsibilities for administering a number of the consumer
protection laws that make up the Consumer Credit
Protection Act, including the Truth in Lending Act.
As the subcommittee focuses on how the credit card
industry is treating its customers, I would like first to
provide some background information that might be
useful to the subcommittee.
The Truth in Lending Act (TILA) is the primary
federal law that governs credit cards. It requires that
consumers be provided with disclosures about the
costs and terms of a credit card on or with a solicitation or application, at account opening before the first
transaction, and with each periodic billing statement.
TILA also requires creditors to credit accounts on the
date the consumer's payment is received; it limits
consumers' liability for unauthorized use of a credit
card; and it provides procedures for resolving billing
disputes. In addition to TILA, credit cards are also
subject to various state laws that may regulate the
terms of the accounts.
As part of the bank examination process, the
Federal Reserve enforces the federal banking laws,
including the Truth in Lending rules, with respect to
the approximately 980 state-chartered banks that are
members of the Federal Reserve System. Other regulators enforce these rules with respect to other institutions. The Board also investigates consumer complaints against state member banks and forwards
complaints involving other creditors to the appropriate enforcement agencies. In addition, the Federal
Reserve's Division of Research and Statistics monitors certain trends in the credit card industry. I will
share some observations with the subcommittee
based on the information that we have gathered in
carrying out these functions.

769

source of credit. Recent estimates suggest that in
2000, consumers used about 1.4 billion credit cards
(or roughly nine cards per holder) to purchase nearly
$1.5 trillion in goods and services in more than
20 billion individual transactions. It is estimated that
at year-end 2000, consumers in the United States
owed nearly $675 billion on general-purpose credit
cards.
In the Fair Credit and Charge Card Disclosure Act
of 1988, the Congress directed the Federal Reserve
Board to transmit annually to the Congress a report
about the profitability of credit card operations of
depository institutions, a copy of which is attached
to my testimony. 1 In 2000, credit card banks—those
banks established primarily to issue and service
credit card accounts—reported net earnings before
taxes of about 3.14 percent of outstanding balances
adjusted for credit-card-backed securitization. This
was slightly lower than in 1999. Recent earnings on
credit card operations compare favorably with returns
during the mid-1990s, but they remain below their
high point attained in 1993.
The Federal Reserve has for many years sponsored
surveys of consumers to gather information on their
financial circumstances, including their use of different forms of credit. The most recent Survey of
Consumer Finances shows that in 1998 almost
three-fourths of American families had one or more
general-purpose or retail store credit cards. Generalpurpose cards that have a revolving feature, often
referred to as "bank-type" cards, show the most
notable increase, rising from 16 percent of families in
1970 to 68 percent in 1998. Moreover, the survey
shows that the holding of bank-type credit cards has
become more widespread across all income groups
over this period. For example, among families in the
lower-income quintiles, holdings of bank credit cards
increased from 2 percent in 1970 to 28 percent in
1998.
Over the past several years, competition has led to
substantial shifts in market shares among the industry's largest issuers of credit cards. Most of the larger
issuers have grown by acquisition of credit card
portfolios or by mergers. But several of the more
rapidly growing firms have recently attracted market
share by offering comparatively low-rate cards and
attractive balance transfer programs. Others have
gained market share through co-branding and offer-

GROWTH IN THE CREDIT CARD INDUSTRY
Among the notable changes in consumer financial
services over the past few decades has been the
growth in the use of credit cards. Credit cards are
used both as a means of payment and as a ready



1. "The Profitability of Credit Card Operations of Depository Institutions," June 2001. www.federalreserve.gov/boarddocs/
RptCongress/. Paper copies of both attachments to this testimony are
available by mail from Publications Services, Mail Stop 127, Board of
Governors of the Federal Reserve System, Washington, DC 20551
(tel. 202-452-3244).

770

Federal Reserve Bulletin • December 2001

ing rebates or annual fee waivers. The large number
of direct mail solicitations of credit cards, some
3.5 billion in 2000, attests to the continuing desire of
card issuers to expand and retain their cardholder
base. The response rate on credit card solicitations in
2000 was estimated at 0.6 percent

RECENT TRENDS IN CREDIT CARD PRICING
Over the past several years, pricing practices in the
credit card market have changed significantly. Prior
to the early 1990s, card issuers competed primarily
by waiving annual fees and providing credit card
program enhancements. Since then, however, interest
rate competition has played a much more prominent
role. Many card issuers now offer a broad range of
plans with differing rates, depending on credit risk
and consumer usage patterns. Risk-based pricing
makes credit cards available to consumers with lessthan-perfect credit histories but also makes the credit
more expensive for some consumers. Many issuers
have also moved to variable-rate pricing, with rates
that automatically adjust with changes in the market.
A general decline in credit card interest rates from
mid-1991 is the result of many factors, including a
sharp drop in card issuers' cost of funds and greater
competition on this aspect of credit card pricing.
Today, credit card interest rates average about
14.6 percent. Apart from the information we have
about interest rates, we have little systematic information about other aspects of credit card pricing.

CONSUMERS' ATTITUDES
CARDS

TOWARD CREDIT

The Federal Reserve has sponsored or participated
in surveys of consumers' attitudes toward, and their
understanding of, credit cards. The results of some of
these surveys were published in an article in the
Federal Reserve Bulletin for September 2000, a copy
of which is attached. 2
Overall, consumers' opinions about the use of
credit cards are somewhat more negative in 2000
than they were a generation ago, but those who
actually hold bank-type cards are more favorable in
their views than the general population. A survey in
January 2000 reveals a divergence of views and

2. Thomas A. Durkin, "Credit Cards: Use and Consumer Attitudes, 1970-2000," Federal Reserve Bulletin, vol. 86 (September 2000), pp. 623-34. www.federalreserve.gov/pubs/bulletin/2000/
00index.htm




suggests that consumers who currently have negative
views may have developed these in part based on
their perceptions of other consumers' difficulties,
rather than from the individual's own experiences.
Ninety-one percent of the surveyed consumers with
bank-type cards agreed that they were generally satisfied in their dealings with their own credit card
companies. Ninety percent agreed that their credit
card company treated them fairly, and 86 percent
agreed that they could easily get a card from another
company if they were not treated well. And yet, about
40 percent of those surveyed said that credit card use
is " b a d " and that consumers would be better off if
there were no credit cards.
Consumers' views about their personal experiences with credit cards and their relations with their
current card issuers are more favorable than their
opinions of the relations of consumers in general. For
example, 88 percent of surveyed consumers agreed
with the statement that "credit card companies make
too much credit available to most people." In contrast, about 90 percent of the holders of bank-type
credit cards said that credit cards provide a useful
service to consumers, and about 70 percent said that
most people are satisfied in their dealings with card
companies. About 60 percent disagreed with the
statement that consumers would be better off without
cards.

CONSUMER

COMPLAINTS

As I noted earlier, the Board investigates consumer
complaints against state member banks and forwards
complaints received about other creditors to the
appropriate enforcement agency. The annual volume
of complaints received by the Board has been increasing since 1997. Complaints about credit cards have
similarly increased, rising by 58 percent over the
same period.
In the year 2000, the Board received approximately 2,400 complaints about state member banks;
a like number of complaints about other institutions
were referred to other enforcement agencies. About
1,000 of the 2,400 complaints processed by the
Board, or about 40 percent, were complaints about
credit cards. These complaints are divided into a
number of categories, but our review of the complaint data shows that about 60 percent of the credit
card complaints fall into three categories: disputes
about billing errors; concerns about penalty charges
and other fees (such as late fees, over-the-limit fees,
and annual fees); and disputes involving alleged
errors in reporting consumers' payment history and

Testimony of Federal Reserve Officials

the denial of requests for credit cards due to erroneous credit reports.

111

Discontinuation of "Testimony
of Federal Reserve Officials" in the
Federal Reserve

Bulletin

INFORMATION ABOUT CREDIT TERMS
The Board has also participated in surveys that
looked at consumers' knowledge of credit terms and
their views concerning the availability of information
about account terms. It appears that consumer awareness of annual percentage rates (APRs) on bank-type
credit cards has continued to rise and was measured
by the survey at 85 percent of bank-type card holders.
The survey also gathered information on consumers' perception about the ease of obtaining information about credit terms. About two-thirds of consumers in the 2000 survey who had bank-type credit
cards said that obtaining information on credit terms
is easy; only 7 percent of holders of bank-type cards
believed that obtaining information on credit terms
is "very difficult." The percentages of consumers
holding these views about credit cards are similar to
earlier surveys about credit generally. However, about
60 percent of the respondents did state that they
found solicitations offering a low introductory rate to
be confusing.

DISCLOSURES FOR CREDIT CARD
SOLICITATIONS AND APPLICATIONS
The Fair Credit and Charge Card Disclosure Act of
1988 amended the Truth in Lending Act to require
that the APR for credit card purchases and certain
other costs be disclosed in direct mail and other
solicitations and applications to open credit and
charge card accounts. Prior to that, consumers generally were not required to be provided with cost information until account opening. The purpose of the
1988 Act was to ensure that consumers receive key
cost information about credit and charge cards early
enough to have the opportunity to comparison shop.
The act requires that the disclosures be given in the
form of a table, with headings. The table is required
to be in a prominent location on or with the solicitation or application.
Over the years, as the pricing of credit card programs has become more complex, the cost disclosures accompanying credit card solicitations have
also become more complex. Multiple APRs may
apply to a single program. For example, there may be
a temporary introductory rate that applies to purchases and balance transfers, a fixed or variable rate
that applies after the temporary introductory period,



"Testimony of Federal Reserve Officials" will not be
reprinted in the Federal Reserve Bulletin after the
December 2001 issue. When testimony is released to
the public, it is simultaneously placed on the Board's
web site (www.federalreserve.gov/boarddocs/testimony/),
which also has testimony back to 1996. Paper copies of
testimony are also available by mail from Publications
Services, Mail Stop 127, Board of Governors of the
Federal Reserve System, Washington, DC 20551 (tel.
202-452-3244).

Other reprints will also be eliminated from the Bulletin
after December 2001: the monthly report on industrial
production and capacity utilization, the FOMC minutes,
the quarterly report "Treasury and Federal Reserve
Foreign Exchange Operations" and the annual report
"Open Market Operations," both by the Federal Reserve
Bank of New York (the text portion of "Open Market
Operations" will be reprinted in the Board's Annual
Report rather than in the Bulletin). The documents are
widely distributed when originally published, and several
sources for historical information are available.

a separate rate for cash advances, and one or more
"penalty rates" that apply if the consumer makes late
payments.
As interest rates and other account features became
more complex and the cost disclosures became
longer, some card issuers chose to use reduced type
sizes instead of allocating additional space for the
disclosures. In some cases it became difficult for
consumers to use the disclosure table to readily identify key costs and terms for comparison shopping. In
contrast, the promotional materials that accompany a
credit card application or solicitation may highlight a
low introductory APR in a large, easy to read type
size. The rate that will apply after the introductory
period may appear much less prominently in the
promotional material, or it may appear only in the
disclosure table. The disclosure table itself may be
in a location that is less likely to capture the consumer's attention—for example, on the reverse side
of an application or on the last page of a multi-page
solicitation.
Last year, the Board made changes in the regulatory scheme to help ensure that consumers receive
meaningful disclosures on a more consistent basis.
The Board revised its rules for credit card solicitations and applications to make the required disclosure

772

Federal Reserve Bulletin • December 2001

table more noticeable, simpler, and easier to use.
These changes became effective on a mandatory basis
on October 1, 2001, and consumers should now be
seeing improved disclosures with the credit card
offers they receive.
One of the key changes requires card issuers to
disclose the regular APR for purchases in at least
18-point type, under a separate heading in the disclosure table, so that it is more prominent than any
temporary introductory rate. The requirement that
the disclosures be "clear and conspicuous" was also
strengthened, to clarify that they must be readily
noticeable. Disclosures automatically meet this standard if they are in at least 12-point type. Cash
advance and balance transfer APRs must also be
included in the table under the revised rules.
Although the Truth in Lending rules require that a
cost disclosure table be included with credit card
solicitations, the rules generally do not regulate the
manner in which the account terms and features are
presented in a card issuer's promotional materials.
Often the promotional materials highlight a low introductory rate, while the higher rate that will apply
when the introductory rate expires is more difficult to
locate. Sometimes it appears only on the disclosure




table as a separate insert. We note that the bankruptcy
reform legislation currently pending in the Congress
contains a provision to address this concern and
would require card issuers to list the permanent rate
more prominently in promotional materials.

ENFORCEMENT
As I mentioned earlier, the Federal Reserve conducts
compliance examinations of about 980 state member
banks. In terms of size, 72 percent of the banks
examined have total assets of $250 million or less.
For the vast majority, credit card lending is not a
significant activity. In fact, of the banks supervised
by the Federal Reserve, only three banks are identified as having substantial credit card portfolios representing 50 percent or more of the banks' total loans.
In our examination of state member banks that are
involved in credit card lending, we have not found
any widespread practices that violate applicable laws
or regulations. Violations have been found in only a
small number of banks, and even in those cases, the
violations generally have been isolated in scope.
•

773

Announcements
FEDERAL OPEN MARKET COMMITTEE
DIRECTIVE AND DISCOUNT RATE DECREASE

FINAL RULE ON REGULATION K REGARDING
INTERNATIONAL BANKING

The Federal Open Market Committee decided on
November 6, 2001, to lower its target for the federal
funds rate by 50 basis points to 2 percent. In a related
action, the Board of Governors approved a 50 basis
point reduction in the discount rate to 1 Vi percent.
Heightened uncertainty and concerns about a deterioration in business conditions both here and abroad
are damping economic activity. For the foreseeable
future, then, the Committee continues to believe that,
against the background of its long-run goals of
price stability and sustainable economic growth and
of the information currently available, the risks are
weighted mainly toward conditions that may generate
economic weakness.
Although the necessary reallocation of resources to
enhance security may restrain advances in productivity for a time, the long-term prospects for productivity growth and the economy remain favorable
and should become evident once the unusual forces
restraining demand abate.
In taking the discount rate action, the Federal
Reserve Board approved the discount rate request
submitted by the board of directors of the Federal
Reserve Bank of Richmond.
The Federal Reserve Board also approved actions
by the boards of directors of the Federal Reserve
Banks of New York and San Francisco, decreasing
the discount rate at the banks from 2 percent to
1 '/2 percent, effective immediately. In addition, the
Board approved action by the board of directors of
the Federal Reserve Bank of St. Louis, decreasing the
discount rate at that bank from 2 percent to 1V2 percent, effective Wednesday, November 7, 2001.
The Federal Reserve Board approved on November 7, 2001, actions by the boards of directors of the
Federal Reserve Banks of Philadelphia, Chicago, and
Minneapolis, decreasing the discount rate at the banks
from 2 percent to 1 V2 percent, effective immediately.
On November 8, 2001, the Federal Reserve Board
approved actions by the boards of directors of the
Federal Reserve Banks of Boston, Cleveland, Atlanta,
Kansas City, and Dallas, decreasing the discount
rate at the banks from 2 percent to IV2 percent,
effective immediately.

The Federal Reserve Board approved on October 17,
2001, comprehensive revisions to Regulation K
(International Banking Operations) expanding permissible activities abroad for U.S. banking organizations and reducing associated regulatory burdens.
The final rule also reduces regulatory burden on
foreign banks operating in the United States by
streamlining the application and notice processes.
The final rule reflects public comments received,
enactment of the Gramm-Leach-Bliley Act, and
changes to the bank regulatory environment since the
Board issued proposed revisions to Regulation K in
December 1997.
The final rule does the following:




• Streamlines foreign branching procedures for
U.S. banking organizations
• Authorizes expanded activities in foreign
branches of U.S. banks
• Implements recent statutory changes authorizing
a bank to invest up to 20 percent of capital and
surplus in Edge corporations
• Expands permissible foreign activities of U.S.
banking organizations, including securities activities,
and investments by U.S. banking organizations under
the general consent procedures
• Streamlines the application procedures applicable to foreign banks seeking to expand operations in
the United States
• Liberalizes provisions regarding the qualification
of foreign banking organizations for exemptions from
the nonbanking prohibitions of section 4 of the Bank
Holding Company Act
• Implements provisions of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994
that affect foreign banks
• Includes other changes to eliminate unnecessary
regulatory burden and to streamline and modernize
Regulation K.
The final rule will become effective on or about
November 20, 2001, within thirty days of publication
in the Federal Register.

774

Federal Reserve Bulletin • December 2001

REQUEST FOR COMMENT ON SUBPART D OF
REGULATION K REGARDING INTERNATIONAL
BANKING
The Federal Reserve Board requested on October 17,
2001, comment on proposed revisions to Subpart D
of Regulation K governing international banking
operations.
The proposal is intended to reduce the regulatory
burden on banking institutions engaged in international lending by making the requirements concerning accounting for fees on international loans consistent with generally accepted accounting principles.
Comment is requested by December 1, 2001.

ANNUAL ADJUSTMENTS FOR RESERVE
REQUIREMENTS AND DEPOSIT REPORTING
The Federal Reserve Board announced on October 18, 2001, the annual adjustments in the amount
of net transaction accounts used in the calculation
of reserve requirements and the cutoff level used
to determine the detail and frequency of deposit
reporting.
All depository institutions must retain a percentage
of certain types of deposits in the form of vault
cash, or as a deposit in a Federal Reserve Bank, or as
a pass-through account at a correspondent institution.
Reserve requirements currently are assessed on the
depository institution's net transaction accounts
(mostly checking accounts).
For net transaction accounts in 2002, the first
$5.7 million, up from $5.5 million in 2001, will be
exempt from reserve requirements. A 3 percent
reserve ratio will be assessed on net transaction
accounts over $5.7 million to and including
$41.3 million, down from $42.8 million in 2001.
A 10 percent reserve ratio will be applied above
$41.3 million.
These annual adjustments—known as the low
reserve tranche adjustment and the reservable liabilities exemption adjustment—are based on growth
in net transaction accounts and total reservable liabilities, respectively, at all depository institutions
between June 30, 2000, and June 30, 2001.
Additionally, the Board increased the deposit
cutoff level that is used with the exemption level
to determine the frequency and detail of deposit
reporting.
Effective September 2002, depository institutions
with total reservable liabilities greater than the
exemption level ($5.7 million) are subject to detailed
deposit reporting and are called nonexempt institu


tions. Those nonexempt institutions with total deposits greater than or equal to $106.9 million, up from
the $101.0 million cutoff that became effective September 2001, must report their deposit levels weekly.
Those with total deposits less than $106.9 million
must report their deposit levels quarterly.
Depository institutions with total reservable liabilities equal to or less than the exemption level of
$5.7 million are not subject to detailed deposit reporting and are called exempt depository institutions.
Exempt depository institutions with total deposits of
$5.7 million or more file a less-detailed deposit report
once each year. Exempt depository institutions with
total deposits less than $5.7 million are not required
to file deposit reports.
U.S. branches and agencies of foreign banks and
Edge and agreement corporations must file deposit
reports weekly, regardless of size.
For depository institutions that report weekly, the
low reserve tranche adjustment and the reservable
liabilities exemption adjustment will apply to the
reserve computation period that begins November 27,
2001, and the corresponding reserve maintenance
period that begins December 27, 2001.
For institutions that report quarterly, the low
reserve tranche adjustment and the reservable liabilities exemption adjustment will apply to the reserve
computation period that begins December 18, 2001,
and the corresponding reserve maintenance period
that begins January 17, 2002.
APPROVAL OF 2002 FEE SCHEDULES FOR
RESERVE BANK PAYMENT SERVICES
The Federal Reserve Board approved on October 31,
2001, fee schedules for Federal Reserve Bank payment services, effective January 2, 2002.
Overall, the price level for Federal Reserve priced
services in 2002 is projected to increase 2.1 percent
from the 2001 level. Because of fee reductions in
recent years, the overall price level has risen only
3.5 percent since 1996.
Prices across all electronic payment services will
decline 5.0 percent in 2002, a reflection of lower
prices for Fedwire funds and book-entry securities
transactions. Automated clearinghouse prices, which
were lowered in October 2001, will remain at their
current levels. The price reductions reflect continued
efficiencies gained from consolidating the Federal
Reserve's electronic payment operations. Since 1996,
prices for all electronic payment services have
declined more than 53 percent.
Check service fees will increase, on average,
approximately 4 percent compared with current fees,

Announcements

a reflection in part of investments in check automation and electronic check technologies.
These investments should lead to greater operating
efficiencies at the Reserve Banks and result in longrun cost savings.
The 2002 priced services fee schedules are available at the Federal Reserve's financial services web
site: www.frbservices.org.
The Board also approved the 2002 private-sector
adjustment factor (PSAF) for Reserve Bank priced
services of $150.1 million and the 2002 net income
on clearing balances (NICB) of negative $18.1 million, which reflect the PSAF method changes recently
approved by the Board. These changes reduce the
PSAF and NICB by $56.8 million and $58.8 million,
respectively, from their 2001 levels.
The PSAF is an allowance for taxes and other
imputed expenses that would have to be paid and
return on capital that would have to be earned if the
Federal Reserve's priced services were provided by
a private business. The NICB is the imputed investment income from the balances held by depository
institutions to settle priced service transactions, less
the related cost of earnings credits granted to the
institutions. The Monetary Control Act of 1980
requires the Federal Reserve to recover the costs of
providing priced payment services, including the
PSAF, over the long run, to promote competition
between the Reserve Banks and private-sector service providers.
The Reserve Banks project that they will recover
96.2 percent of their priced services costs, including
operating costs and the imputed costs and target
return on equity (ROE), in 2002.
The Reserve Banks expect to earn $955.9 million
in revenue while incurring operating and imputed
costs of $900.9 million, for a net income of
$55.1 million compared to a target ROE of $92.5 million. The Reserve Banks estimate that they will
recover 94.0 percent of their costs in 2001. During
the 1991-2000 period, the Reserve Banks recovered
100.8 percent of the costs of priced services, including targeted ROE.

775

Undersecretary for Domestic Finance Peter Fisher to
serve in his place as a board member, and Department of Transportation (DOT) Secretary Norman
Mineta designated DOT General Counsel Kirk
Van Tine to serve in his place as a board member.
Chairman Greenspan, Secretary O'Neill, and
Secretary Mineta will continue to be available for
consultation.
The Air Transportation Stabilization Board was
authorized by the Air Transportation Safety and System Stabilization Act. The act, which was signed into
law on September 22, 2001, establishes a federal loan
guarantee program to assist air carriers that suffered
losses because of the attacks of September 11, 2001.

MINUTES OF BOARD DISCOUNT
MEETINGS

RATE

The Federal Reserve Board released on October 26,
2001, the minutes of its discount rate meetings from
May 21, 2001, to September 17, 2001.

ENFORCEMENT

ACTIONS

The Federal Reserve Board announced on October 25, 2001, the issuance of a consent order of
assessment of a civil money penalty against the
Mcllroy Bank and Trust, Fayetteville, Arkansas, a
state member bank.
The Mcllroy Bank and Trust, without admitting to
any allegations, consented to the issuance of the
order in connection with its alleged violations of the
Board's regulations implementing the National Flood
Insurance Act. The Mcllroy Bank and Trust is paying
a civil money penalty of $10,500.
The Federal Reserve Board announced on November 9, 2001, the execution of a written agreement by
and between the Bank of Ephraim, Ephraim, Utah,
and the Federal Reserve Bank of San Francisco.

DISCONTINUATION OF STATISTICAL TABLE IN
THE FEDERAL RESERVE BULLETIN
AGENCY DESIGNATIONS OF REPRESENTATIVES
TO AIR TRANSPORTATION STABILIZATION
BOARD
Federal Reserve Board Chairman Alan Greenspan
designated on November 9, 2001, Governor
Edward M. Gramlich to serve in his place as the
chairman of the Air Transportation Stabilization
Board. Treasury Secretary Paul O'Neill designated



Publication of table 1.32B, "Bankers Dollars Acceptances," in the Financial and Business Statistics section of the Federal Reserve Bulletin will be discontinued as of the December 2001 issue. The table is being
discontinued because the data are no longer being
collected. The data are not available elsewhere. Data
through September 2000 appear in this table on
page A22 of this issue.

776

Federal Reserve Bulletin • December 2001

PUBLICATION OF THE NOVEMBER 2 0 0 1 UPDATE
TO THE COMMERCIAL BANK EXAMINATION
MANUAL
The November 2001 update to the Commercial Bank
Examination Manual, Supplement No. 15, has been
published and is now available. The Manual comprises the Federal Reserve System's state member
bank supervisory and examination guidance. The new
supplement includes the following subjects:
1. Gramm-Leach-Bliley Act (GLB Act) Investment
Authorizations for Municipal Revenue Bonds. Effective
March 13, 2000, well-capitalized state member banks were
authorized by the GLB Act to deal in, underwrite, purchase, and sell municipal revenue bonds without any limitations relative to the bank's capital. Municipal revenue
bonds are therefore treated as the equivalent of type I
securities for well-capitalized member banks. (See Supervision and Regulation Letter [SR Letter] 01-13.)
2. FFIEC Interagency Policy Statement on the Allowance for Loan and Lease Losses Methodologies and Documentation for Banks and Savings Institutions. The policy
statement, issued on July 2, 2001, is briefly summarized. It
clarifies the agencies' expectations for the documentation
that supports the allowance for loan and lease losses
(ALLL) methodology. The statement supplements existing
guidance and emphasizes the need for appropriate ALLL
policies and procedures, including an effective loan-review
system. The statement provides examples of appropriate
supporting documentation as well as illustrations on how
to implement the guidance. (See SR Letter 01-17.)
3. Interagency Guidance on Leveraged Financing. This
federal bank supervisory guidance was issued on April 9,
2001, emphasizing the sound risk management of
leveraged-financing practices by depository institutions. It
focuses on risk rating of leveraged-finance loans and how
the imputed value of a business (enterprise value) should
be evaluated in the risk-rating process. Sound valuation
methodologies must be used in addition to ongoing stress
testing and monitoring of those values. (See SR Letter
01-9.)
4. Final Rule for Financial Subsidiaries. The Board
approved the final rule for financial subsidiaries of state
member banks on August 13, 2001. The final rule clarifies
that a financial subsidiary includes any of its direct or




indirect subsidiaries. State member banks may continue to
establish operations subsidiaries as previously permitted,
without complying with the requirements of the rule for
financial subsidiaries.
5. Final Rules, Exemptions, and Interpretations Involving Sections 23A and 23B of the Federal Reserve Act.
Several new interim and final rules, exemptions, and interpretations are discussed that pertain to the limitations of
sections 23A and 23B of the Federal Reserve Act. Certain
limited transactions with affiliates are discussed, such as
transactions involving derivatives, intraday extensions of
credit, and transactions involving depository institution
loans of which the proceeds are used to purchase securities
or assets through or from depository institution affiliates.
6. Standards for Safeguarding Customer Information.
The federal banking agencies jointly issued guidelines
establishing standards for safeguarding customer information, which became effective July 1, 2001. The guidelines
implemented sections 501 and 505 of the GLB Act. The
standards pertain to administrative, technical, and physical
safeguards for customer records and information. Institutions are required to establish a written information security program to assess and control the risks to customer
information that is appropriate for the institution's size,
complexity, nature, and the scope of its operations. (See
SR Letter 01-15.)
7. Electronic Banking Examination Guidance. New
examination guidance has been developed to aid in the
supervisory review of electronic banking activities. For
each safety-and-soundness examination, examiners should
determine the extent to which an on-site review of electronic banking activities is necessary based on the scope
and significance of the activities relative to the size of and
sophistication of the institution. In general, examiners
should review electronic banking activities when these
services are newly implemented or when an institution
is conducting novel activities that may pose a heightened
risk.
A more detailed summary of changes is included
with the update package. The Manual and updates,
including pricing information, are available from
Publications Services, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington,
DC 20551 (or charge by facsimile: 202-728-5886).
The Manual is also available on the Board's web site:
www.federalreserve.gov/boarddocs/supmanual/.
•

777

Legal Developments
FINAL RULE-AMENDMENT TO REGULATION A
The Board of Governors is amending 12 C.F.R. Part 201,
its Regulation A (Extensions of Credit by Federal Reserve
Banks; Change in Discount Rate), to reflect its approval of
a decrease in the basic discount rate at each Federal Reserve Bank. The Board acted on requests submitted by the
Boards of Directors of the twelve Federal Reserve Banks.
Effective October 2, 2001, 12 C.F.R. Part 201 is amended
as follows:
Part 201—Extensions of Credit by Federal Reserve
Banks (Regulation A)
1. The authority citation for 12 C.F.R. part 201 continues
to read as follows:
Authority: 12 U.S.C. 343 et seq., 347a, 347b, 347c, 347d,
348 et seq., 357, 374, 374a and 461.
2. Section 201.51 is revised to read as follows:
Section 201.51—Adjustment
institutions.

credit for

depository

The rates for adjustment credit provided to depository
institutions under section 201.3(a) are:

Federal Reserve Bank

Rate

Effective

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

2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0

October
October
October
October
October
October
October
October
October
October
October
October

2,
2,
4,
2,
2,
2,
2,
3,
3,
2,
2,
2,

Competitive Considerations
2001
2001
2001
2001
2001
2001
2001
2001
2001
2001
2001
2001

ORDERS ISSUED UNDER BANK HOLDING COMPANY
ACT
Orders Issued Under Section 3 of the Bank Holding
Company Act
International Bancshares
Laredo, Texas

Corporation

Order Approving the Acquisition of a Bank Holding
Company



International Bancshares Corporation ("IBC"), a bank
holding company within the meaning of the Bank Holding
Company Act ("BHC Act"), has requested the Board's
approval under section 3(a)(3) of the BHC Act
(12 U.S.C. § 1842(a)(3)) to acquire all the voting shares of
National Bancshares Corporation of Texas, San Antonio
("NBC"), a bank holding company, and thereby acquire
NBC's subsidiary bank, NBC Bank, N.A., Eagle Pass, both
in Texas ("Bank"). 1
Notice of the proposal, affording interested persons an
opportunity to submit comments, has been published
(66 Federal Register 44,637 (2001)). The time for filing
comments has expired, and the Board has considered the
proposal and all comments received in light of the factors
set forth in section 3 of the BHC Act.
IBC, with total consolidated assets of $5.8 billion, is the
seventh largest commercial banking organization in Texas,
controlling four subsidiary banks with total deposits of
$3.6 billion, representing 2 percent of total deposits of
insured depository institutions in the state ("state deposits"). 2 NBC, with total consolidated assets of $595 million,
is the 38th largest commercial banking organization in
Texas, controlling one subsidiary bank with total deposits
of $510 million, representing less than 1 percent of state
deposits. On consummation of the proposal, IBC would
remain the seventh largest banking organization in Texas,
controlling deposits of $4.1 billion, representing 2.3 percent of total state deposits.

Section 3 of the BHC Act prohibits the Board from approving a proposal that would result in a monopoly or would be
in furtherance of any attempt to monopolize the business of

1. IBC's subsidiary, N B T Acquisition Corp. ("NBTAC"), has initiated a cash tender offer for all the issued and outstanding shares of
N B C at $24.75 per share. On consummation of the proposal, NBTAC
would merge with and into NBC, with N B C as the surviving entity.
All the nontendering shareholders would be cashed out at the same
amount as offered in the tender offer and, subsequently, N B C would
merge with and into IBC. N B C ' s second-tier bank holding company,
N B T of Delaware, either would be merged with IBC or dissolved, and
Bank would be merged into IBC's lead bank, International Bank of
Commerce, Laredo, Texas ("IBOC-Laredo"). Some of Bank's assets
and liabilities would be transferred to another IBC subsidiary bank,
Commerce Bank, also in Laredo. The merger of Bank and IBOCLaredo is subject to approval by the Federal Deposit Insurance Corporation ("FDIC") under the Bank Merger Act, and IBC has applied to
the FDIC for this approval.
2. In this context, depository institutions include commercial banks,
savings banks, and savings associations. Asset data are as of June 30,
2001, and deposit data are as of June 30, 2000.

778

Federal Reserve Bulletin • December 2001

banking in any relevant banking market. Section 3 also
prohibits the Board from approving a proposed bank acquisition that would substantially lessen competition in any
relevant banking market, unless the Board finds that the
anticompetitive effects of the proposal are clearly outweighed in the public interest by the probable effect of the
proposal in meeting the convenience and needs of the
community to be served.3
IBC and NBC have depository institutions that compete
directly in three Texas banking markets, the San Antonio
banking market, the Maverick County banking market, and
the Laredo banking market.4 Consummation of the proposal would be consistent with the Department of Justice
Merger Guidelines ("DOJ Guidelines")5 and Board precedent in the San Antonio banking market. IBC would remain the eighth largest banking organization on consummation of the proposal, and would control $475 million in
deposits, representing approximately 3.4 percent of total
deposits in depository institutions in the market ("market
deposits"). The HHI would increase 1 point to 1357.6
In the Maverick County banking market, consummation
of the proposal also would be consistent with the DOJ
Guidelines and Board precedent, and result in little reduction in competition in Maverick County. NBC is the largest
of five banking organizations in the Maverick County
banking market, controlling 59.2 percent of market deposits. Deposit data provided by IBC as of July 31, 2001,
indicate that IBC ranks fifth of five organizations in the
banking market, controlling $714,000 in deposits, representing less than 1 percent of market deposits.7 IBC has
operated its office in this market for only four months, and
its market share is substantially smaller than the next

3. 12 U.S.C. § 1842(c)(1).
4. The San Antonio banking market is defined as the San Antonio
Metropolitan Statistical Area ("MSA") and Kendall County. The
Maverick County banking market is defined as Maverick County. The
Laredo banking market is defined as Webb County, which is also
designated as the Laredo MSA.
5. Under the revised Department of Justice Merger Guidelines,
49 Federal Register 26,823 (June 29, 1984), a market in which the
post-merger Herfindahl-Hirschman Index ("HHI") is above 1800
points is considered to be highly concentrated. The Department of
Justice has informed the Board that a bank merger or acquisition
generally will not be challenged (in the absence of other factors
indicating anticompetitive effects) unless the post-merger HHI is at
least 1800 and the merger increases the HHI by more than 200 points.
The Department of Justice has stated that the higher than normal HHI
thresholds for screening bank mergers for anticompetitive effects
implicitly recognize the competitive effects of limited-purpose lenders
and other nondepository financial institutions.
6. Market share data are as of June 30, 2000, and are based on
calculations in which the deposits of thrift institutions are included at
50 percent. The Board previously has indicated that thrift institutions
have become, or have the potential to become, significant competitors
of commercial banks. See BB&T Corporation, 87 Federal Reserve
Bulletin 545 (2001); WM Bancorp, 76 Federal Reserve Bulletin 788
(1990); National City Corporation, 70 Federal Reserve Bulletin 743
(1984). Thus, the Board has regularly included thrift deposits in the
calculation of market share on a 50-percent weighted basis. See, e.g.,
First Hawaiian, Inc., 77 Federal Reserve Bulletin 52 (1991).
7. IBC's only office in Maverick County opened in June 2001 and,
therefore, is not reflected in the June 30, 2000, market share data.




largest competitor, Del Rio National Bancshares, which
controls $15.5 million in deposits, representing 4.4 percent
of market deposits. On consummation of the proposal, IBC
would become the largest banking organization in the
Maverick County banking market, controlling $210 million in deposits, representing 59.4 percent of market deposits. The HHI would increase 23 points to 4352.
In the Laredo banking market, consummation of the
proposal would increase the level of market concentration,
as measured by the HHI, to levels that exceed the DOJ
Guidelines. IBC is the second largest of five banking
organizations in the Laredo banking market and controls
deposits of approximately $1.4 billion, representing
38.8 percent of market deposits. NBC is the fifth largest
banking organization in the market and controls deposits of
$99.2 million, representing approximately 2.8 percent of
market deposits. On consummation of the proposal IBC
would remain the second largest banking organization and
control deposits of $1.5 billion, representing 41.6 percent
of market deposits. The HHI would increase 218 points
to 4003.
As the Board has indicated in previous cases, in a market
in which the measures of the competitive effects of a
proposal exceed the DOJ Guidelines, it will consider
whether other factors tend to mitigate the competitive
effects of the proposal. The number and strength of factors
necessary to mitigate the competitive effects of a proposal
depend on the level of market concentration and size of the
increase in market concentration.
In this case, several factors appear to mitigate the potential for anticompetitive effects from the proposal in the
Laredo banking market. As compared with Texas and other
MSAs in the state, the Laredo banking market is attractive
for new entry based on its size, population growth rate,
deposits per banking office, and deposit growth rate. The
Laredo MSA is the ninth fastest growing MSA in the
United States, having experienced a growth rate of 45
percent since 1990, as compared with 23 percent for Texas
and 25 percent for all Texas MSAs. It has the highest ratio
of deposits per banking office of any MSA market in
Texas,8 and its rate of deposit growth since 1995 has
exceeded substantially the average deposit growth rate for
all Texas MSAs.9
The competitive effect of the proposal on the Laredo
banking market also is mitigated by the banking market's
proximity to Nuevo Laredo, Mexico, which is directly
across the Rio Grande, where numerous Mexican banking
firms have offices.10 Because 90 percent of Laredo's popu-

8. Deposits per banking office in Laredo, as of June 2000, totaled
$197 million, as compared with $49 million in Texas and an average
of $55 million for all Texas MSAs.
9. Since 1995, the deposit growth rate in the Laredo banking market
has increased 50 percent, as compared with 25 percent for Texas and
27 percent for other Texas MSAs.
10. In analyzing a proposal, the Board may consider the unique
characteristics of banking markets. CNB Bancshares, 80 Federal
Reserve Bulletin 538 (1994); Banco Popular de Puerto Rico, 79
Federal Reserve Bulletin 979 (1993); Hartford National
Corporation,
73 Federal Reserve Bulletin 720 (1987). In Laredo National Banc-

Legal Developments

lation is of Mexican or other Hispanic origin, and many
residents of Laredo commute daily to Nuevo Laredo to
work in "maquiladora" 11 plants, the presence of additional
banking alternatives in Nuevo Laredo indicates that the
competitive effects of the proposal on the Laredo banking
market are not as significant as suggested by the market's
HHI.12
The Department of Justice has advised the Board that
consummation of the proposal would not likely have a
significant adverse competitive effect in any relevant banking market. The Texas Department of Banking and the
Office of the Comptroller of the Currency were provided
the opportunity to comment and did not object to consummation of the proposal.
After carefully reviewing all the facts of record, and for
the reasons discussed in the order, the Board concludes that
consummation of the proposal is not likely to result in any
significantly adverse effects on competition or on the concentration of banking resources in the Laredo, Maverick
County, or San Antonio banking markets. On this basis, the
Board has determined that the competitive factors are
consistent with approval of the proposal.
Other Considerations
The BHC Act requires the Board, in acting on an application, to consider the financial and managerial resources and
future prospects of the companies and banks involved, the
convenience and needs of the communities to be served,
and certain supervisory factors.13 The Board has reviewed
these factors in light of the record, including supervisory
reports of examination assessing the financial and managerial resources of the organizations, and financial information provided by IBC. Based on all the facts of record, the
Board concludes that the financial and managerial re-

shares, Inc., 78 Federal Reserve Bulletin 139 (1992), the Board
considered various factors that make the Laredo banking market
unique.
11. "Maquiladoras" are assembly plants in Mexico. Parts or raw
materials are shipped from the United States duty-free to these plants,
which complete the production process. Finished products are then
shipped back to the United States and are charged a reduced duty.
12. The six largest Mexican banking institutions maintain numerous
branches in Nuevo Laredo, providing competition for Laredo financial
institutions that is not accounted for in the standard HHI analysis. As a
result of its recent acquisition of Grupo Financiero Banamex Accival,
S.A. de C.V., Mexico City, Mexico, Citigroup Inc., New York, New
York, has the most branches in Nuevo Laredo with a total of
11 branches. Citigroup Inc., 87 Federal Reserve Bulletin 613 (2001).
13. The Board received one comment on the application, which
concerned the valuation of NBC and alleged that the stock solicitation
materials distributed to NBC's shareholders were deficient. The Board
has no authority to regulate the offering price for bank stock acquired
under the BHC Act. Western Bancshares, Inc. v. Board of Governors
of the Federal Reserve System, 480 F.2d 749 (10th Cir. 1973). Because
the comment raised an issue about compliance with the securities
laws, however, it was forwarded to the appropriate regulatory agency,
the Securities and Exchange Commission. The commenter also alleged that a group of persons might have acquired control of NBC in
violation of the BHC Act or the Change in Bank Control Act
(12 U.S.C. § 1817(j)), but the commenter provided no evidence to
support the allegation, and it was not supported by the facts of record.




779

sources and the future prospects of IBC, Bank, and IBC's
subsidiary banks are consistent with approval, as are the
other supervisory factors the Board must consider under
the BHC Act. In addition, considerations related to the
convenience and needs of the communities to be served,
including the records of performance under the Community Reinvestment Act (12 U.S.C. § 2901 et seq.) of the
institutions involved, are consistent with approval of the
proposal.
Conclusion
Based on the foregoing, and in light of all the facts of
record, the Board has determined that the application
should be, and hereby is, approved. The Board's approval
is specifically conditioned on compliance by IBC with all
the commitments made in connection with the proposal.
For the purpose of this action, the commitments and conditions relied on by the Board in reaching its decision are
deemed to be conditions imposed in writing by the Board
in connection with its findings and decision and, as such,
may be enforced in proceedings under applicable law.
The acquisition of Bank shall not be consummated before the fifteenth calendar day after 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 Federal Reserve Bank of Dallas, acting pursuant to
delegated authority.
By order of the Board of Governors, effective October 26, 2001.
Voting for this action: Chairman Greenspan, Vice Chairman Ferguson, and Governors Kelley, Meyer, and Gramlich.
R O B E R T DEV. FRIERSON

Deputy Secretary of the Board
North Fork Bancorporation,
Melville, New York

Inc.

Order Approving the Acquisition of a Bank
North Fork Bancorporation, Inc. ("North Fork"), a bank
holding company within the meaning of the Bank Holding
Company Act ("BHC Act"), has requested the Board's
approval under section 3 of the BHC Act,
12 U.S.C. § 1842, to acquire all the voting shares of Commercial Bank of New York, New York, New York ("Commercial Bank"). 1

1. Immediately after North Fork's acquisition of Commercial Bank,
North Fork's lead subsidiary bank, North Fork Bank, Melville, New
York, a state-chartered nonmember bank, would acquire substantially
all Commercial Bank's assets and assume substantially all Commercial Bank's liabilities. Thereafter, Commercial Bank would be a
wholly owned subsidiary of North Fork, would not engage in the
business of banking or in any other business, and would engage only
in concluding up its business. On October 11, 2001, the Federal
Deposit Insurance Corporation ("FDIC") and the New York State

780

Federal Reserve Bulletin • December 2001

Notice of the proposal, affording interested persons an
opportunity to submit comments, has been published
(66 Federal Register 35,639, and 38,279 (2001)). The time
for filing comments has expired, and the Board has considered the proposal and all comments received in light of the
factors set forth in section 3 of the BHC Act.
North Fork, with total consolidated assets of approximately $15 billion, operates subsidiary banks in New York
and Connecticut. North Fork is the 13th largest depository
organization in New York, controlling deposits of approximately $8.8 billion, representing 2 percent of total deposits
in depository institutions in the state ("state deposits").2
North Fork also is the 45th largest depository organization
in Connecticut, controlling deposits of approximately
$147 million, representing less than 1 percent of state
deposits. Commercial Bank, with total assets of approximately $1.46 billion, is the 44th largest depository organization in New York, controlling total deposits of $975 million, representing less than 1 percent of state deposits. On
consummation of the proposal, North Fork would remain
the 13th largest depository organization in New York,
controlling deposits of approximately $9.8 billion, representing 2.2 percent of state deposits.
Competitive Considerations
Section 3 of the BHC Act prohibits the Board from approving a proposal that would result in a monopoly or would be
in furtherance of any attempt to monopolize the business of
banking in any relevant banking market. The BHC Act also
prohibits the Board from approving a proposed bank acquisition that would substantially lessen competition in any
relevant banking market, unless the Board finds that the
anticompetitive effects of the proposal clearly are outweighed in the public interest by the probable effect of the
proposal in meeting the convenience and needs of the
community to be served.3
North Fork and Commercial Bank compete directly in
the Metropolitan New York/New Jersey banking market
("New York banking market"). 4 On consummation of the
proposal, North Fork would become the eighth largest
depository organization in the New York banking market,
controlling deposits of $9.8 billion, representing approximately 5.4 percent of market deposits.5 The Herfindahl-

Banking Department ("NYSBD") approved applications by North
Fork Bank in connection with this transaction.
2. Asset data are as of March 31, 2001, and state deposit and
ranking data are as of June 30, 2000. In this context, depository
institutions include commercial banks, savings banks, and savings
associations.
3. 12 U.S.C. § 1842(c)(1).
4. The New York banking market is defined as Bronx, Dutchess,
Kings, Nassau, New York, Orange, Putnam, Queens, Richmond,
Rockland, Suffolk, Sullivan, Ulster, and Westchester Counties in New
York; Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth,
Morris, Ocean, Passaic, Somerset, Sussex, Union, Warren, and a
portion of Mercer Counties in New Jersey; Pike County in Pennsylvania; and portions of Fairfield and Litchfield Counties in Connecticut.
5. Market share data are as of June 30, 2000, updated for transactions through October 5, 2001, and are based on calculations in which




Hirschman Index ("HHI") would increase by 1 point to
7151, the market would remain unconcentrated, and numerous competitors would remain in the market.6 Based on
these and all other facts of record, the Board concludes that
consummation of the proposal would not result in any
significantly adverse effects on competition or on the concentration of banking resources in the New York banking
market or any other relevant banking market.
Convenience and Needs Considerations
In acting on proposals under section 3 of the BHC Act, the
Board is required to consider the elfects of the proposal on
the convenience and needs of the communities to be served
and take into account the records of the relevant depository
institutions under the Community Reinvestment Act
("CRA"). 7 The CRA requires the federal financial supervisory agencies to encourage financial institutions to help
meet the credit needs of local communities in which they
operate, consistent with safe and sound operation, and
requires the appropriate federal supervisory agency to take
into account an institution's record of meeting the credit
needs of its entire community, including low- and
moderate-income ("LMI") neighborhoods, in evaluating
bank expansion proposals. The Board has carefully considered the convenience and needs factor and the CRA performance records of North Fork's subsidiary depository institutions and of Commercial Bank in light of all the facts of
record, including a public comment received on the effect
the proposal would have on the communities to be served
by the combined organization.
A. CRA Performance Examinations
As provided in the CRA, the Board evaluates an institution's record of performance under the CRA in light of
examinations conducted by the appropriate federal supervisory agency. An institution's most recent CRA performance evaluation is a particularly important consideration
in the application process, because it represents a detailed
on-site evaluation of the institution's overall record of

the deposits of thrift institutions are included at 50 percent. The Board
previously has indicated that thrift institutions have become, or have
the potential to become, significant competitors of commercial banks.
See WM Bancorp, 76 Federal Reserve Bulletin 788 (1990); National
City Corporation, 70 Federal Reserve Bulletin 743 (1984).
6. Under the revised Department of Justice Merger Guidelines, 49
Federal Register 26,823 (June 29, 1984), a market in which the
post-merger HHI is less than 1000 points is considered to be unconcentrated. The Department of Justice has informed the Board that a
bank merger or acquisition generally will not be challenged (in the
absence of other factors indicating anticompetitive effects) unless the
post-merger HHI is at least 1800 and the merger increases the HHI by
more than 200 points. The DOJ has stated that the higher than normal
HHI thresholds for screening bank mergers for anticompetitive effects
implicitly recognize the competitive effects of limited-purpose lenders
and other nondepository financial institutions.
7. 12 U.S.C. § 2901 et seq.

Legal Developments

performance under the CRA by its appropriate federal
supervisor.8
North Fork's lead subsidiary bank, North Fork Bank,
received an overall rating of "outstanding" at its most
recent CRA performance evaluation by the FDIC, as of
September 1999 ("1999 Evaluation").9 Commercial Bank
received an overall rating of "satisfactory" at its most
recent CRA performance evaluation by the FDIC, as of
April 2000 ("2000 Evaluation").
B. North Fork Bank's CRA Performance Record
Lending. As part of the 1999 Evaluation, examiners rated
the lending activities of North Fork Bank "outstanding."
Examiners described North Fork Bank's record of lending
in its assessment area as very strong, noting that 85 percent
of the HMDA-related loans the bank originated during the
evaluation period were in the bank's assessment area.10
Examiners characterized North Fork Bank's record of
lending in LMI census tracts in its assessment area as
excellent, and described the bank's record of lending to
borrowers of different income levels as satisfactory. During
the evaluation period, 29.8 percent of North Fork Bank's
1-^4 family HMDA-related loans were made in LMI census
tracts. By comparison, lenders in the aggregate made
13.5 percent of their HMDA-related loans in LMI census
tracts in 1997 and 12.5 percent in 1998.11 Approximately
22.6 percent of North Fork Bank's 1-4 family HMDArelated loans during the evaluation period were made to
LMI borrowers, compared with 12.4 percent for lenders in
the aggregate in 1997 and 12.7 percent in 1998.
Examiners reported that North Fork Bank's level of
multifamily lending activity steadily increased during the
evaluation period, and totaled more than $759 million.
More than 97 percent of the 616 multifamily loans the
bank originated during the evaluation period were in the
bank's assessment area. Although 40.1 percent of all multifamily housing properties in North Fork Bank's assessment
area were in LMI census tracts, 52.8 percent of the multi-

8. Interagency Questions and Answers Regarding Community Reinvestment, 66 Federal Register 36,620 and 36,640 (2001).
9. North Fork also owns Superior Savings of New England National
Association, Branford, Connecticut ("Superior"). As of March 31,
2001, Superior reported assets of $280 million, accounting for approximately 1.9 percent of North Fork's total assets. Superior received a
"satisfactory" CRA performance rating from the FDIC, as of May
1996, when Superior was doing business as Branford Savings Bank
("1996 Evaluation"). North Fork acquired Superior in December
1997, and Superior converted to a national charter, as of July 2000.
The Office of the Comptroller of the Currency designated Superior as
a wholesale bank in June 2000. Superior has not been examined for
CRA performance since the 1996 Evaluation.
10. The 1999 Examination covered the evaluation period of June 1,
1997 to June 30, 1999. In this context, "HMDA-related loans" refers
to loans reportable under the Home Mortgage Disclosure Act,
12 U.S.C. § 2801 et seq., and includes home purchase mortgage loans,
home improvement loans, and refinancings of such loans.
11. In this context, loans made by lenders in the aggregate refers to
all HMDA-related loans, except multifamily loans, made in North
Fork Bank's assessment area by all lenders required to report under
HMDA.




781

family loans the bank originated in its assessment area
during the evaluation period were in LMI census tracts.12
Data show a substantial increase over the past two years
in the number and total dollar amount of the bank's small
business loans (loans in amount of $1 million or less) in the
Bronx.13 In 1999, the bank made 42 such loans, totaling
more than $6.3 million, and in 2000, the bank made
125 such loans, totaling more than $12.3 million. North
Fork Bank has represented that in the first six months of
2001, it made 160 such loans, totaling $9.1 million. The
Board also has considered that North Fork Bank provides
significant multifamily housing credit and other types of
credit throughout its assessment area.
Examiners stated that North Fork Bank had developed
credit products and practices to meet community credit
needs and had focused its efforts on increasing homeownership opportunities for LMI individuals. Examiners reported
that the bank's Affordable Housing Program II was limited
to applicants with incomes of 80 percent or less of the area
median family income and featured down payments as low
as 3 percent, below-market interest rates, and no points,
application or underwriting fees, or private mortgage insurance reserves.14 The bank also offered affordable mortgage
products to LMI borrowers through programs of the Federal National Mortgage Association ("Fannie Mae") and
the State of New York Mortgage Association.
The 1999 Evaluation found that North Fork Bank's
community development lending during the evaluation period totaled approximately $400 million, which constituted
7 percent of the bank's outstanding loans. This lending
included renewal of a $1.8 million line of credit to rehabilitate more than 70 housing units in an LMI section of
12. The commenter asserted that North Fork Bank failed to originate adequate numbers of 1 - 4 family mortgage loans in LMI areas of
Brooklyn, the Bronx, and Manhattan. Although the Board has recognized that banks help serve the banking needs of communities by
making a variety of products and services available, the CRA does not
require an institution to participate in any specific loan programs or
provide any specific types of products and services in its assessment
area. Data from the 2000 Census show that 72.9 percent of all
occupied housing units in Brooklyn are renter-occupied, as are
80.4 percent of such housing units in the Bronx, and 79.9 percent of
such housing units in Manhattan. In 2000, North Fork Bank made
23 HMDA-reportable multifamily loans in Brooklyn, totaling
$15.1 million, and 19 MECA loans, totaling $21 million. The bank
made 7 HMDA-reportable multifamily loans in the Bronx in 2000,
totaling $8.2 million, and 16 MECA loans, totaling $44.9 million. In
Manhattan in 2000, North Fork Bank made 26 HMDA-reportable
multifamily loans, totaling $33.5 million, and 26 MECA loans, totaling $42.9 million. In this context, a MECA loan is a Modification,
Extension, and Consolidation Agreement, under which a lender and a
borrower agree to modify the terms of an existing loan by, for
example, extending the final repayment date. A MECA loan does not
involve lending additional money and is not reported under HMDA,
but achieves the same results as a loan purchase or loan refinancing
and may be considered in evaluating an institution's CRA performance. See Interagency Questions and Answers Regarding Community Reinvestment, 66 Federal Register at 36,632 (2001).
13. The commenter asserted that North Fork Bank's level of small
business lending in the Bronx is inadequate and should correspond
more closely to the bank's level of deposits in that area.
14. The Affordable Housing Program II is restricted to properties in
New York City and Rockland and Westchester Counties.

782

Federal Reserve Bulletin • December 2001

Harlem, origination of an $800,000 mortgage to develop
12 housing units in an LMI area in Brooklyn, and a number
of other projects in Brooklyn and the Bronx.
Investment. Examiners rated North Fork Bank "high
satisfactory" under the investment test. Examiners reported that the bank's community development investments in its assessment area totaled more than $31 million
from March 1997 through September 1999. The bank's
community development activities included investments of
more than $17 million in two Fannie Mae mortgagebacked securities collateralized by a multifamily property
in Manhattan where more than 90 percent of the tenants
receive section 8 housing assistance.15 The bank also invested more than $12 million in a trust backed by pool of
second mortgages to low-income borrowers throughout
New York City. The bank provided more than $280,000 in
grants to community development organizations during the
evaluation period.
Service. Examiners rated North Fork Bank "high satisfactory" under the service test. Examiners characterized
the bank's branch distribution among LMI census tracts
as reasonable, reporting that 20 percent of the bank's
110 branches were in LMI areas. During the evaluation
period, the bank opened three branches, including one in a
low-income census tract, and closed nine branches, including two in moderate-income tracts. Examiners stated that
the bank actively provided financial literacy programs to
school children, senior citizens, and LMI adults. The bank
also developed and implemented a program to provide
financial literacy and job training to students at Bushwick
High School in Brooklyn and sponsored more than
35 homebuying fairs during the evaluation period.
C. Commercial Bank's CRA Performance Record
Lending. As part of the 2000 Evaluation, examiners rated
Commercial Bank's lending activities "low satisfactory".
Examiners reported that 99 percent by number and dollar
amount of the bank's small business loans were made to
entities in the bank's assessment area.16 During the evaluation period, Commercial Bank originated 45.9 percent of
its small business loans to firms in LMI census tracts,
compared with 14.7 percent for lenders in the aggregate
in both 1997 and 1998.17 However, the bank made
11.6 percent of its small business loans in its assessment
area to businesses with gross annual revenues of $1 million
or less, which examiners characterized as less than satisfactory.

15. The section 8 program provides rent subsidies directly to
landlords on behalf of very low-income families, the elderly, and the
disabled. The program is administered by local public housing agencies using funds from the United States Department of Housing and
Urban Development.
16. The 2000 Examination covered the evaluation period of June 10,
1998, through April 10, 2000, but considered Commercial Bank's
record of small business lending in 1997, 1998, and 1999.
17. In this context, loans made by lenders in the aggregate refers to
all small business loans made in Commercial Bank's assessment area
by lenders required to report small business loan data under the CRA.




Investment. Examiners rated Commercial Bank "high
satisfactory" under the investment test. The bank's qualified community development investments during the evaluation period totaled more than $3.5 million, which included an investment of more than $3 million in mortgagebacked securities collateralized by mortgages to LMI
borrowers. Commercial Bank also made $56,250 in grants
during the evaluation period to community development
organizations in its assessment area.
Service. Examiners rated Commercial Bank "low satisfactory" under the service test. As of the date of the
examination, 28.6 percent of the bank's branches were in
LMI census tracts, a distribution examiners characterized
as reasonable. Examiners stated that Commercial Bank's
products and services were reasonably available to all
segments of the bank's assessment area, including LMI
areas. Examiners characterized the bank's level of community development services as relatively low, considering
Commercial Bank's size and resources.
D. Conclusion on Convenience and Needs
Considerations
The Board has carefully considered all the facts of record,
including reports of examination of CRA performance of
the institutions involved, other information provided by
North Fork and Commercial Bank, and all comments received and responses to the comments. As part of the
proposal, North Fork Bank would acquire substantially all
the assets of Commercial Bank, and North Fork Bank
would apply its CRA program to the operations it would
acquire from Commercial Bank. North Fork also has represented that North Fork Bank offers a broader array of
products and services than Commercial Bank does, and
that the transaction would enable North Fork Bank to offer
these products and services to Commercial Bank's domestic customers. Based on a review of the entire record, and
for the reasons discussed above, the Board concludes that
the CRA performance records of the institutions involved
are consistent with approval of the proposal.
Financial, Managerial, and Other Supervisory Factors
Section 3 of the BHC Act requires the Board to consider
the financial and managerial resources and future prospects
of the companies and banks involved in the proposal and
certain other supervisory factors. The Board has considered these factors carefully in light of all the facts of
record, including reports of examination and other confidential supervisory information assessing the financial and
managerial resources of the organizations and other information provided by North Fork and Commercial Bank.
In evaluating financial factors in expansion proposals by
banking organizations, the Board consistently has considered capital adequacy to be especially important.18 The

18. See, e.g., Chemical Banking Corporation,
Bulletin 239 (1996).

82 Federal

Reserve

Legal Developments

Board notes that North Fork, its subsidiary depository
institutions, and Commercial Bank are, and on consummation of the proposal would remain, well capitalized under
the relevant regulations of the banking agencies. North
Fork would not incur any debt as a result of the transaction.
The Board also has considered the managerial resources
of North Fork and Commercial Bank and the examination
reports of the federal banking agencies that supervise these
organizations, including their subsidiary depository institutions. The Board notes that Commercial Bank recently
entered into cease and desist orders with the NYSBD and
the FDIC and agreed to pay the NYSBD a penalty of
$4.25 million because of the bank's failure to maintain
processes and procedures to ensure detection and reporting
of suspicious activities. Commercial Bank also entered into
a similar agreement with the Attorney General of the State
of New York and agreed to pay the Attorney General
$750,000 to cover costs of the investigation.
North Fork has represented that substantially all Commercial Bank's business attributable to the bank's International Private Banking Group would be discontinued before consummation of the proposal. North Fork has stated
that any of Commercial Bank's international deposit accounts that are not closed before consummation would be
terminated at consummation or shortly thereafter.
The Board also has reviewed North Fork's policies and
procedures for compliance with the requirements of the
Bank Secrecy Act ("BSA") 19 and has received extensive
information from North Fork about its plans for ensuring
its future compliance with BSA requirements with respect
to deposit accounts and other business acquired from Commercial Bank. North Fork has indicated that it will implement its BSA compliance policies and procedures at Commercial Bank's offices. The Board notes that the FDIC and
the NYBSD have evaluated North Fork Bank's policies
and procedures, and the Board has consulted with the
FDIC and the NYSBD about the adequacy of these policies
and procedures.
Based on the foregoing and all the facts of record,
including confidential reports of examination and other
supervisory information, the Board has concluded that
considerations relating to the financial and managerial resources of North Fork and Commercial Bank are consistent
with approval, as are the other supervisory factors the
Board must consider under section 3 of the BHC Act.
Conclusion
Based on the foregoing and all the facts of record, the
Board has determined that the proposal should be, and
hereby is, approved.20 In reaching its conclusion, the Board

19. 31 U.S.C. §5311 etseq.
20. The commenter requested that the Board extend the comment
period on the proposal. The Board has accumulated a significant
record in this case, including reports of examination, supervisory
information, public reports and information, and public comment. In
the Board's view, the public has had ample opportunity to submit
comments on the proposal and, in fact, the commenter has submitted




783

has considered all the facts of record in light of the factors
that it is required to consider under the BHC Act and other
applicable statutes.
The Board's approval is specifically conditioned on compliance by North Fork with all the commitments made in
connection with the application. These commitments and
conditions are deemed to be conditions imposed in writing
by the Board in connection with its findings and decision
and, as such, may be enforced in proceedings under applicable law.
This transaction shall not be consummated before the
fifteenth calendar day after 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 New York, acting
pursuant to delegated authority.
By order of the Board of Governors, effective October 24, 2001.
Voting for this action: Chairman Greenspan, Vice Chairman Ferguson, and Governors Kelley, Meyer, and Gramlich.
ROBERT DEV. FRIERSON

Deputy Secretary of the Board

ORDERS ISSUED UNDER BANK MERGER ACT
Mcllroy Bank & Trust
Fayetteville,
Arkansas
Order Approving the Merger of Banks
Mcllroy Bank & Trust ("Mcllroy"), a state member bank,
has requested the Board's approval under section 18(c) of
the Federal Deposit Insurance Act (12 U.S.C. § 1828(c))
(the "Bank Merger Act") to merge with Central Bank and
Trust, Little Rock ("Central"); The Farmers & Merchant
Bank, Prairie Grove ("F&M"); and Springdale Bank &
Trust, Springdale ("Springdale"), all in Arkansas.1 Mcllroy also has sought approval under section 9 of the Federal
Reserve Act (12 U.S.C. § 321) to establish branches at the
locations of the main offices and branches of Central,
F&M, and Springdale.2
Notice of the applications, affording interested persons
an opportunity to submit comments, has been given in
accordance with the Bank Merger Act and the Board's

extensive written comments that the Board has considered carefully in
acting on the proposal. Based on a review of all the facts of record, the
Board has concluded that the record in this case is sufficient to warrant
action at this time, and that an extension of the comment period is not
warranted.
1. Mcllroy, Central, Springdale, and F&M are wholly owned subsidiaries of Arvest Bank Group, Inc., Bentonville, Arkansas. On completion of the mergers, Mcllroy would change its name to Arvest Bank.
2. The branches to be acquired by Mcllroy are listed in the Appendix.

784

Federal Reserve Bulletin • December 2001

Rules of Procedure (12 C.F.R. 262.3(b)). As required by
the Bank Merger Act, reports on the competitive effects of
the acquisitions were requested from the United States
Attorney General and the other federal banking agencies.
The time for filing comments has expired, and the Board
has considered the applications and all facts of record in
light of the factors set forth in the Bank Merger Act.
Competitive Considerations
The Bank Merger Act prohibits the Board from approving
an application if the proposal would result in a monopoly
or would be in furtherance of an attempt to monopolize the
business of banking.3 The Bank Merger Act also prohibits
the Board from approving a proposal that would substantially lessen competition or tend to create a monopoly in
any relevant market, unless the Board finds that the anticompetitive effects of the proposed transaction are clearly
outweighed in the public interest by the probable effects of
the transaction in meeting the convenience and needs of
the community to be served.4 Mcllroy's proposal involves
consolidation of four banks that are affiliates in the same
banking organization and, therefore, would not lessen competition in any relevant market. The Board has received no
objections to the proposal from the Department of Justice
or from the other federal banking agencies. Based on the
record, the Board concludes that consummation of the
proposed transaction would not be likely to result in a
significantly adverse effect on competition or on the concentration of banking resources in any banking market, and
that competitive factors are consistent with approval.
Convenience and Needs Considerations
The Bank Merger Act requires the Board to consider the
convenience and needs of the communities to be served.
The Board has long held that consideration of the convenience and needs factor includes a review of the records of
performance of the relevant depository institutions under
the Community Reinvestment Act of 1977 (the "CRA"). 5
The Board notes that Central, F&M, Mcllroy, and Springdale received "satisfactory" ratings at their most recent
examinations for CRA performance. Based on all the facts
of record, the Board concludes that the convenience and
needs considerations are consistent with approval of the
proposal.

sory reports and reports of examination assessing the managerial resources and financial condition of the banks involved in the transaction. The Board notes that Mcllroy,
without admitting to any of the allegations against it,
consented to a civil money penalty of $10,500 in connection with alleged violations of the National Flood Insurance Act of 1968, 42 U.S.C. §§ 4001-4129 ("1968 Act").
In reviewing the applications, the Board has considered
the steps that Mcllroy has taken to address the matters
giving rise to the alleged violations and to monitor compliance with the 1968 Act. On the basis of all the facts of
record, including the foregoing, the Board concludes that
considerations relating to the financial and managerial resources and future prospects of the institutions involved
are consistent with approval.

Conclusion
Mcllroy has also applied under section 9 of the Federal
Reserve Act to establish branches at the current main
offices and branches of Central, F&M, and Springdale. The
Board has considered the factors it is required to consider,
and for the reasons discussed in this order, finds those
factors to be consistent with approval.
Based on the foregoing and all the facts of record, the
Board has determined that these applications should be,
and hereby are, approved. The Board's approval is specifically conditioned on compliance by Mcllroy with all the
commitments made in connection with these applications.
For purposes of this action, the commitments and conditions relied on in reaching this decision are conditions
imposed in writing by the Board and, as such, may be
enforced in proceedings under applicable law.
The transactions may not be consummated before the
fifteenth calendar day after 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 St. Louis, acting pursuant to
delegated authority.
By order of the Board of Governors, effective October 31, 2001.
Voting for this action: Chairman Greenspan, Vice Chairman Ferguson, and Governors Kelley and Meyer. Absent and not voting: Governor Gramlich.

Financial, Managerial, and Other Supervisory
Considerations
The Board also has considered the financial and managerial resources and future prospects of the institutions involved in this proposal. The Board has reviewed these
factors in light of all the facts of record, including supervi-

R O B E R T DEV. FRIERSON

Deputy Secretary of the Board

Appendix

Branches to Be Acquired by Mcllroy Bank & Trust in
Arkansas
3. 12 U.S.C. § 1828(c)(5)(A).
4. 12 U.S.C. § 1828(c)(5)(B).
5. 12 U.S.C. §§2901-2908.




1. Branches to Be Acquired from Central Bank & Trust

Legal Developments

3217 North Reynolds Road, Bryant1
10221 North Rodney Parham, Little Rock
1320 Rebsamen Park Road, Little Rock
1501 South Main, Little Rock
1123 South University, Suite 100, Little Rock
801 Technology Drive, Little Rock
3711 McCain Boulevard, North Little Rock
2. Branches to Be Acquired from The Farmers &
Merchant Bank
110 East Main, Farmington
317 East Pridemore Drive, Lincoln2
102 East Buchanan, Prairie Grove
164 North Centennial, West Fork
3. Branches to Be Acquired from Springdale Bank &
Trust
Highway 412 West, Hindsville
104 South Hughes, Huntsville
1301 East Robinson, Springdale
2004 South Pleasant Street, Springdale
2012 South Pleasant Street, Springdale
415 West Emma Avenue, Springdale
3950 West Sunset Avenue, Springdale

ORDERS ISSUED UNDER INTERNATIONAL BANKING
ACT

785

Bank, with consolidated assets of approximately $56 billion,1 is the second largest savings bank2 and parent of the
fourth largest banking group in Spain. Bank is a not-forprofit organization, offering retail and commercial banking
services throughout Spain.3 The control commission is
composed of 13 members elected by the general assembly.
Bank also engages in securities, insurance, asset management, real estate development, information management,
mining, and health care activities through a number of
domestic subsidiaries. Outside Spain, Bank operates
branches in Portugal and Ireland. It also has a representative office and an interest in a finance company in Cuba.
Bank currently does not have any operations in the United
States.
The proposed agency would offer deposits, loans, guarantees, personal banking, and investment management services to existing and potential customers, including Spanish and multinational corporations, financial institutions,
and governments. It also would seek to develop business in
Latin America.
In order to approve an application by a foreign bank to
establish an agency in the United States, the IBA and
Regulation K require the Board to determine that the
foreign bank applicant engages directly in the business of
banking outside of the United States, and has furnished to
the Board the information it needs to assess the application
adequately. The Board also shall take into account whether
the foreign bank and any foreign bank parent is subject to
comprehensive supervision or regulation on a consolidated
basis by its home country supervisor (12 U.S.C.
§ 3105(d)(2); 12 C.F.R. 211.24).4

Caja de Ahorros y Monte de Piedad de Madrid
Madrid, Spain
Order Approving Establishment of an Agency
Caja de Ahorros y Monte de Piedad de Madrid ("Bank"),
Madrid, Spain, a foreign bank within the meaning of the
International Banking Act ("IBA"), has applied under section 7(d) of the IBA (12 U.S.C. § 3105(d)) to establish an
agency in Miami, Florida. The Foreign Bank Supervision
Enhancement Act of 1991, which amended the IBA, provides that a foreign bank must obtain the approval of the
Board to establish an agency in the United States.
Notice of the application, affording interested persons an
opportunity to comment, has been published in a newspaper of general circulation in Miami, Florida (Miami Herald, June 18, 2001). The time for filing comments has
expired, and all comments have been considered.

1. This branch is operating from a temporary facility at 3018
Horizon Drive, also in Bryant. It will be relocated after construction
on the North Reynolds Road branch is completed.
2. This branch has received regulatory approval, but has not commenced operations.




1. Asset data are as of June 30, 2001.
2. As a savings bank, Bank is required to channel part of its annual
profits to social and cultural projects in the communities in which it
operates. There is no minimum legal requirement for such contributions.
3. Bank does not have shareholders. Its operations are controlled
and governed by three bodies: a general assembly, a board of directors, and a control commission. The 320-member general assembly
includes representatives of the municipalities in which Bank operates
(40 percent), Bank's depositors (35 percent), the parliament of the
Community of Madrid (15 percent), and Bank's employees (10 percent). Bank's board of directors is composed of 22 members, proportionally representing the groups comprising the general assembly.
4. In assessing this standard, the Board considers, among other
factors, the extent to which the home country supervisors:
(i) Ensure that the bank has adequate procedures for monitoring and
controlling its activities worldwide;
(ii) Obtain information on the condition of the bank and its subsidiaries and offices through regular examination reports, audit reports,
or otherwise;
(iii) Obtain information on the dealings with and relationship between the bank and its affiliates, both foreign and domestic;
(iv) Receive from the bank financial reports that are consolidated on a
worldwide basis or comparable information that permits analysis
of the bank's financial condition on a worldwide consolidated
basis;
(v) Evaluate prudential standards, such as capital adequacy and risk
asset exposure, on a worldwide basis.
These are indicia of comprehensive, consolidated supervision. No
single factor is essential, and other elements may inform the Board's
determination. The Board may also take into account additional stan-

786

Federal Reserve Bulletin • December 2001

As noted above, Bank engages directly in the business of
banking outside the United States. Bank also has provided
the Board with information necessary to assess the application through submissions that address the relevant issues.
With respect to supervision by home country authorities,
the Board previously has determined, in connection with
applications involving other banks in Spain, that those
banks were subject to home country supervision on a
consolidated basis.5 Bank is supervised by the Bank of
Spain on substantially the same terms and conditions as
those other banks.
Spain has enacted laws, and the Bank of Spain has
promulgated implementing regulations, aimed at preventing money laundering. The laws and regulations require
financial institutions, including savings banks, to establish
and implement policies, procedures, and controls for the
purpose of preventing and detecting money laundering,
and to report certain cash transactions, as well as suspicious transactions, to appropriate authorities. An institution's compliance with applicable laws and regulations is
monitored by the Bank of Spain and the institution's external auditors. Bank has policies and procedures to comply
with these laws and regulations.
Based on all the facts of record, including the above
information, it has been determined that Bank is subject to
comprehensive supervision on a consolidated basis by its
home country supervisor.
The additional standards set forth in section 7 of the IBA
and Regulation K (see 12 U.S.C. § 3105(d)(3)-(4);
12 C.F.R. 211.24(c)(2)-(3)) have also been taken into account. The Bank of Spain has no objection to the establishment of the proposed agency.
Spain's risk-based capital standards conform to the European Union capital standards, which are consistent with
those established by the Basel Capital Accord. Bank's
capital is in excess of the minimum levels that would be
required by the Basel Capital Accord and is considered
equivalent to capital that would be required of a U.S.
banking organization. Managerial and other financial resources of Bank also are considered consistent with approval, and Bank appears to have the experience and
capacity to support the proposed agency. In addition, Bank
has established controls and procedures for the proposed
agency to ensure compliance with U.S. law, as well as
controls and procedures for its worldwide operations generally.
With respect to access to information about Bank's
operations, the restrictions on disclosure in relevant jurisdictions in which Bank operates have been reviewed and
the relevant government authorities have been communidards as set forth in the IBA and Regulation K (12 U.S.C. § 3105(d)(3)(4); 12 C.F.R. 211.24(c)(2)-(3)).
5. See Banco Pastor, S.A., 87 Federal Reserve Bulletin 555 (2001);
Caja de Ahorros de Valencia, Castellon y Alicante, 84 Federal Reserve Bulletin 231 (1998); Banco Exterior de Espana S.A., 81 Federal
Reserve Bulletin 616 (1995); Corporacion Bancaria de Espana, 81
Federal Reserve Bulletin 598 (1995); Banco Santander S.A., 79 Federal Reserve Bulletin 622 (1993); Banco de Sabadell S.A., 79 Federal
Reserve Bulletin 366 (1993).




cated with regarding access to information. Bank has committed to make available to the Board such information on
the operations of Bank and any of its affiliates that the
Board deems necessary to determine and enforce compliance with the IBA, the Bank Holding Company Act, and
other applicable federal law. To the extent that the provision of such information to the Board may be prohibited by
law or otherwise, Bank has committed to cooperate with
the Board to obtain any necessary consents or waivers that
might be required from third parties for disclosure of such
information. In addition, subject to certain conditions, the
Bank of Spain may share information on Bank's operations
with other supervisors, including the Board. In light of
these commitments and other facts of record, and subject to
the condition described below, it has been determined that
Bank has provided adequate assurances of access to any
necessary information that the Board may request.
On the basis of all the facts of record, and subject to the
commitments made by Bank, as well as the terms and
conditions set forth in this order, Bank's application to
establish an agency is hereby approved.6 Should any restrictions on access to information on the operations or
activities of Bank and its affiliates subsequently interfere
with the Board's ability to obtain information to determine
and enforce compliance by Bank or its affiliates with
applicable federal statutes, the Board may require or recommend termination of any of Bank's direct or indirect
activities in the United States. Approval of this application
also is specifically conditioned on compliance by Bank
with the commitments made in connection with this application and with the conditions in this order.7 The commitments and conditions referred to above are conditions
imposed in writing by the Board in connection with this
decision and may be enforced in proceedings under
12 U.S.C. § 1818 against Bank and its affiliates.
By order, approved pursuant to authority delegated by
the Board, effective October 31, 2001.
ROBERT DEV. FRIERSON

Associate Secretary of the Board
Kookmin Bank
Seoul, Korea
Order Approving Establishment of Branches
Kookmin Bank ("New Bank"), a de novo Korean bank to
be established by Kookmin Bank ("Kookmin") and Housing & Commercial Bank ("H&CB"), both of Seoul, Ko-

6. Approved by the Director of the Division of Banking Supervision
and Regulation, with the concurrence of the General Counsel, pursuant to authority delegated by the Board.
7. The authority to approve the establishment of the proposed
agency parallels the continuing authority of the State of Florida to
license offices of a foreign bank. The approval of this application does
not supplant the authority of the State of Florida, or its agent, the
Florida Department of Banking and Finance ("Department"), to license the proposed office of Bank in accordance with any terms or
conditions that the Department may impose.

Legal Developments

rea, and both foreign banks within the meaning of the
International Banking Act ("IBA"), has applied under section 7(d) of the IBA (12 U.S.C. § 3105(d)) to establish
branches in New York, New York. The Foreign Bank
Supervision Enhancement Act of 1991, which amended the
IBA, provides that a foreign bank must obtain the approval
of the Board to establish branches in the United States.
Notice of the application, affording interested persons an
opportunity to comment, has been published in a newspaper of general circulation in New York, New York (The
New York Times, August 31, 2001). The time for filing
comments has expired, and all comments have been considered.
Kookmin, with total consolidated assets of approximately $76 billion, is the largest commercial bank in
Korea.1 Kookmin is primarily engaged in providing banking services to retail customers and small and mediumsized enterprises. Kookmin operates an extensive network
of branches and subsidiaries in Korea, as well as branches
in Argentina, Japan, New Zealand, and New York. Kookmin is a qualifying foreign banking organization within the
meaning of Regulation K (12 C.F.R. 211.23(b)).
H&CB, with consolidated assets of $53 billion, is the
third largest bank in Korea. H&CB is principally engaged
in mortgage lending and retail banking services. H&CB
operates an extensive domestic branch network in Korea as
well as branches in Japan and New York. H&CB is a
qualifying foreign banking organization within the meaning of Regulation K (12 C.F.R. 211.23(b)).
Kookmin and H&CB intend to merge into New Bank in
November 2001. On completion of the merger, it is expected that New Bank would be the largest bank in Korea.
New Bank would continue to conduct retail banking business in Korea as well as focus on selected areas, such as
corporate banking, international finance, and capital markets activities. Kookmin and H&CB, on behalf of New
Bank, have requested authority for New Bank to retain and
operate the Kookmin and H&CB branches in New York
through this application.
In acting on an application by a foreign bank to establish
branches in the United States, the IBA and Regulation K
require the Board to determine that the foreign bank applicant engages directly in the business of banking outside of
the United States, and has furnished to the Board the
information it needs to assess the application adequately.
The Board also shall take into account whether the foreign
bank and any foreign bank parent is subject to comprehensive supervision or regulation on a consolidated basis by its
home country
supervisor
(12 U.S.C. § 3105(d)(2);
12 C.F.R. 211.24).2 In addition, the Board may take into

1. All data are as of June 30, 2001.
2. In assessing this standard, the Board considers, among other
factors, the extent to which the home country supervisors:
(i) Ensure that the bank has adequate procedures for monitoring
and controlling its activities worldwide;
(ii) Obtain information on the condition of the bank and its subsidiaries and offices through regular examination reports, audit
reports, or otherwise;




787

account additional standards as set forth in the IBA and
Regulation K (12 U.S.C. § 3105(d)(3)-(4); 12 C.F.R.
211.24(c)(2)-(3)).
The IBA includes a limited exception to the general
requirement relating to comprehensive, consolidated supervision (12 U.S.C. § 3105(d)(6)). This exception provides
that, if the Board is unable to find that a foreign bank
seeking to establish a branch, agency, or commercial lending company is subject to comprehensive supervision or
regulation on a consolidated basis by the appropriate authorities in its home country, an application by such foreign
bank may nevertheless be approved if:
(i) The appropriate authorities in the home country of
the foreign bank are actively working to establish
arrangements for the consolidated supervision of
such bank; and
(ii) All other factors are consistent with approval
(12 U.S.C. § 3105(d)(6)(A)). In deciding whether to
approve an application under authority of this exception, the Board shall also consider whether
the foreign bank has adopted and implements procedures to combat money laundering (12 U.S.C.
§ 3105(d)(6)(B)). The Board also may take into account whether the home country of the foreign bank
is developing a legal regime to address money
laundering or is participating in multilateral efforts
to
combat
money
laundering
(12 U.S.C.
§ 3105(d)(6)(B)).
As noted above, New Bank will engage directly in the
business of banking outside the United States. Kookmin
and H&CB, on behalf of New Bank, have provided the
Board with information necessary to assess the application
through submissions that address the relevant issues.
With respect to supervision by New Bank's home country authorities, the Board previously has determined, in
connection with applications involving Kookmin and
H&CB, that the banks' home country authorities were
actively working to establish arrangements for the consolidated supervision of those banks.3 New Bank will be
supervised by the Financial Supervisory Service (the
"FSS") on substantially the same terms and conditions as
its predecessor banks. Based on all the facts of record, it
has been determined that New Bank's home country authorities are actively working to establish arrangements for
the consolidated supervision of New Bank, and that consid-

(iii) Obtain information on the dealings with and relationship between the bank and its affiliates, both foreign and domestic;
(iv) Receive from the bank financial reports that are consolidated on
a worldwide basis or comparable information that permits analysis of the bank's financial condition on a worldwide consolidated basis;
(v) Evaluate prudential standards, such as capital adequacy and risk
asset exposure, on a worldwide basis.
These are indicia of comprehensive, consolidated supervision. No
single factor is essential, and other elements may inform the Board's
determination.
3. See Kookmin Bank, 86 Federal Reserve Bulletin 291 (2000);
Housing & Commercial Bank, 83 Federal Reserve Bulletin 935
(1997).

788

Federal Reserve Bulletin • December 2001

erations relating to the steps taken by its home country, and
the steps Kookmin and H&CB have taken, and New Bank
will take, to combat money laundering are consistent with
approval under this standard.
The additional standards set forth in the IBA and Regulation K (12 U.S.C. § 3105(d)(3)-(4); 12 C.F.R. 211.24(c)(2))
have also been taken into account. The FSS has no objection to the establishment of the proposed branches.
Bank must comply with the minimum capital standards
of the Basel Capital Accord ("Accord"), as implemented
by Korea. New Bank's capital will be in excess of the
minimum levels that would be required by the Accord and
is considered equivalent to the capital that would be required of a U.S. banking organization. Managerial and
other financial resources of New Bank are also considered
consistent with approval, and New Bank appears to have
the experience and capacity to support the proposed
branches. New Bank has established controls and procedures for the proposed branches to ensure compliance with
U.S. law, as well as controls and procedures for its worldwide operations generally.
With respect to access to information about New Bank's
operations, the restrictions on disclosure in relevant jurisdictions in which New Bank will operate have been reviewed and relevant government authorities have been
communicated with regarding access to information. Kookmin and H&CB, on behalf of New Bank, have committed
to make available to the Board such information on the
operations of New Bank and any of its affiliates that the
Board deems necessary to determine and enforce compliance with the IBA, the Bank Holding Company Act of
1956, as amended, and other applicable federal law. To the
extent that the provision of such information to the Board
may be prohibited by law, Kookmin and H&CB, on behalf
of New Bank, have committed to cooperate with the Board
to obtain any necessary consents or waivers that might be
required from third parties for disclosure of such information. In addition, subject to certain conditions, the FSS may
share information on New Bank's operations with other

supervisors, including the Board. In light of these commitments and other facts of record, and subject to the condition described below, it has been determined that New
Bank has provided adequate assurances of access to any
necessary information that the Board may request.
On the basis of all the facts of record, and subject to the
commitments made by Kookmin and H&CB on behalf of
New Bank, as well as the terms and conditions set forth in
this order, New Bank's application to establish branches is
approved.4 Should any restrictions on access to information on the operations or activities of New Bank and its
affiliates subsequently interfere with the Board's ability to
obtain information to determine and enforce compliance by
New Bank or its affiliates with applicable federal statutes,
the Board may require termination of any of New Bank's
direct or indirect activities in the United States. Approval
of this application also is specifically conditioned on compliance by New Bank with the commitments made in
connection with this application and with the conditions in
this order.5 The commitments and conditions referred to
above are conditions imposed in writing by the Board in
connection with its decision and may be enforced in proceedings under 12 U.S.C. § 1818 against New Bank and
its affiliates.
By order, approved pursuant to authority delegated by
the Board, effective October 31, 2001.
ROBERT DEV. FRIERSON

Deputy Secretary of the Board
4. Approved by the Director of the Division of Banking Supervision
and Regulation, with the concurrence of the General Counsel, pursuant to authority delegated by the Board.
5. The Board's authority to approve the establishment of the proposed branches parallels the continuing authority of the State of
New York to license offices of a foreign bank. The Board's approval
of this application does not supplant the authority of the State of New
York and the New York State Banking Department ("Department") to
license the proposed offices of Bank in accordance with any terms or
conditions that the Department may impose.

APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT

By Federal Reserve Banks
Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to
the Reserve Banks.
Section 3
Applicant(s)

Bank(s)

Reserve Bank

Effective Date

Alamerica BancCorp, Inc.,
Birmingham, Alabama
BB&T Corporation,
Winston-Salem, North Carolina
Catawba Valley Bancshares, Inc.,
Hickory, North Carolina

Alamerica Bank,
Birmingham, Alabama
Community First Banking Company,
Carrollton, Georgia
First Gaston Bank of North Carolina,
Gastonia, North Carolina

Atlanta

October 4, 2001

Richmond

October 11, 2001

Richmond

October 24, 2001




Legal Developments

789

Section 3—Continued
Applicant(s)

Bank(s)

Reserve Bank

Effective Date

The Colonial BancGroup, Inc.,
Montgomery, Alabama
Manufacturers Bancshares, Inc.
Tampa, Florida
DNB Bancshares, Inc.,
Dallas, Texas
DNB Delaware Financial
Corporation,
Dover, Delaware
Eagle Bancshares, Inc.,
Cashton, Wisconsin

Manufacturers Bank of Florida,
Tampa, Florida

Atlanta

October 5, 2001

Dallas National Bank,
Dallas, Texas

Dallas

October 18, 2001

Cashton Bancshares,
Cashton, Wisconsin
Bank of Cashton,
Cashton, Wisconsin
BYL Bancorp,
Orange, California
BYL Bank Group,
Orange, California
First Peoples Bank,
Port St. Lucie, Florida
SJNB Financial Corp.,
San Jose, California
San Jose National Bank,
San Jose, California
First Kensington Bank,
Spring Hill, Florida
New Peoples Bank,
Honaker, Virginia
Seaway Community Bank,
St. Clair, Michigan
Longview Financial Corporation,
Longview, Texas

Chicago

September 28, 2001

St. Louis

October 1, 2001

Atlanta

October 10, 2001

San Francisco

October 3, 2001

Atlanta

October 19, 2001

Richmond

October 10, 2001

Chicago

October 19, 2001

Dallas

October 11, 2001

Richmond

October 11, 2001

Chicago

October 15, 2001

Chicago

October 5, 2001

Cleveland

October 4, 2001

Dallas

October 24, 2001

First Banks, Inc.,
St. Louis, Missouri
First Banks America, Inc.,
St. Louis, Missouri
FPB Bancorp, Inc.,
Port St. Lucie, Florida
Greater Bay Bancorp,
Palo Alto, California

Kensington Bankshares, Inc.,
Spring Hill, Florida
New Peoples Bankshares, Inc.,
Honaker, Virginia
Northstar Financial Group, Inc.,
Bad Axe, Michigan
Overton Financial Corporation,
Overton, Texas
Overton Delaware Corporation,
Dover, Delaware
Piedmont BankCorp,
Statesville, North Carolina
Prairieland Employee Stock
Ownership Plan,
Bushnell, Illinois
River Valley Bancorp, Inc.,
Eldridge, Iowa

Second Bancorp, Inc.,
Warren, Ohio
South Plains Financial, Inc.,
Lubbock, Texas
South Plains Delaware Financial
Corporation,
Dover, Delaware
Zia Financial Corporation,
Ruidoso, New Mexico




Piedmont Bank,
Statesville, North Carolina
Prairieland Bancorp, Inc.,
Bushnell, Illinois
State Bank of Latham,
Latham, Illinois
Valley State Bank,
Eldridge, Iowa
Commerce Exchange Corporation,
Beachwood, Ohio
City Bank New Mexico,
Ruidoso, New Mexico

790

Federal Reserve Bulletin • December 2001

Section 3—Continued
Applicant(s)

Bank(s)

Reserve Bank

Effective Date

Spector Holdings Management,
LLC,
San Antonio, Texas
Spector Holdings Limited
Partnership,
San Antonio, Texas
Luling Bancshares, Inc.,
Luling, Texas
Luling Delaware Financial
Corporation,
Dover, Delaware
Texas Heritage Bancshares, Inc.
Hondo, Texas
Texas Heritage Bancshares of
Delaware, Inc.,
Wilmington, Delaware
United Community Banks, Inc.,
Blairsville, Georgia

Citizens State Bank,
Luling, Texas

Dallas

October 3, 2001

Hondo National Bank,
Hondo, Texas

Dallas

October 7, 2001

Peoples Bancorp, Inc.,
Carrollton, Georgia
Peoples Bank of West Georgia,
Carrollton, Georgia
Venture Bank,
Bloomington, Minnesota
State Bank of Danvers,
Danvers, Minnesota

Atlanta

September 21, 2001

Minneapolis

October 22, 2001

Minneapolis

September 28, 2001

Venture Bancshares, Inc.,
Bloomington, Minnesota
West 12 Bancorporation, Inc.,
Danvers, Minnesota
Section 4
Applicant(s)

Nonbanking Activity/Company

Reserve Bank

Effective Date

Camden National Corporation,
Camden, Maine
Camden National Investment
Services, Inc.,
Camden, Maine

Trust Company of Maine, Inc.,
Bangor, Maine

Boston

October 17, 2001

Applicant(s)

Nonbanking Activity/Company

Reserve Bank

Effective Date

Georgia Banking Company, Inc.
Atlanta, Georgia

Georgia Banking Company,
Atlanta, Georgia
GBC Funding, Inc.,
Atlanta, Georgia
Virginia Commonweath Financial
Corporation,
Culpeper, Virginia

Atlanta

October 15, 2001

Richmond

October 18, 2001

Sections 3 and 4

Virginia Financial Corporation,
Staunton, Virginia




Legal Developments

791

APPLICATIONS APPROVED UNDER BANK MERGER ACT

By the Secretary of the Board
Recent applications have been approved by the Secretary of the Board as listed below. Copies are available upon request to
the Freedom of Information Office, Office of the Secretary, Board of Governors of the Federal Reserve System,
Washington, D.C. 20551.
Applicant(s)

Bank(s)

Effective Date

HSBC Bank USA,
Buffalo, New York

CIBC National Bank,
Maitland, Florida

October 31, 2001

By Federal Reserve Banks
Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to
the Reserve Banks.
Applicant(s)

Bank(s)

Reserve Bank

Effective Date

1st Source Bank,
South Bend, Indiana
Colonial Bank,
Montgomery, Alabama
First Interstate Bank,
Billings, Montana
First Virginia Bank-Hampton Roads,
Norfolk, Virginia

Standard Federal Bank,
Troy, Michigan
Manufacturers Bank of Florida,
Tampa, Florida
First Interstate Bank,
Sheridan, Wyoming
James River Bank,
Waverly, Virginia
James River Bank/Colonial,
Suffolk, Virginia
Citizens and Farmers Bank,
West Point, Virginia
Jefferson Heritage Bank,
Denton, Texas

Chicago

September 27, 2001

Atlanta

October 5, 2001

Minneapolis

October 2, 2001

Richmond

October 9, 2001

Richmond

October 18, 2001

Atlanta

October 3, 2001

Northern Neck State Bank,
Warsaw, Virginia
Regions Bank,
Birmingham, Alabama

PENDING CASES INVOLVING THE BOARD OF GOVERNORS

This list of pending cases does not include suits against the
Federal Reserve Banks in which the Board of Governors is not
named a party.
Emran v. Greenspan, No. 1:01CV1992 (PLF) (D.D.C., filed
September 20, 2001). Employment discrimination claim.
Bettersworth v. Board of Governors, No. 01-444 (United
States Supreme Court, docketed September 14, 2001). Petition for certiorari seeking review of denial of petitioner's
Privacy Act claims.
Laredo National Bancshares, Inc. v. Whalen v. Board of Governors, No. 01-CV-134 (S.D. Tex., removed on September 5, 2001, from No. 99CVQ00940-D3 (District Court,
341st Judicial District, Webb County, Texas, originally filed
July 26, 2001). Third-party petition seeking indemnification
or contribution from the Board in connection with a claim
asserted against defendant Whalen alleging tortious interference with a contract.




Radfar v. United States, No. 1:01CV1292 (PLF) (D.D.C.,
complaint filed June 11, 2001). Action under the Federal
Tort Claims Act for injury on Board premises.
Artis v. Greenspan, No. 01-CV-0400(ESG) (D.D.C., complaint
filed February 22, 2001. Employment discrimination action.
On August 15, 2001, the district court consolidated the
action with Artis v. Greenspan, No. 99-CV-2073 (EGS)
(D.D.C., filed August 3, 1999), also an employment discrimination action.
Howe v. Bank for International Settlements, No. 00CV12485
RCL (D. Mass., filed December 7, 2000). Action seeking
damages in connection with gold market activities and the
repurchase of privately-owned shares of the Bank for International Settlements.
Trans Union LLC v. Federal Trade Commission, et al.,
No. 01-5202 (D.C. Cir., filed June 4, 2001). Appeal of
district court order entered April 30, 2001, upholding an

792

Federal Reserve Bulletin • December 2001

interagency rule regarding Privacy of Consumer Finance
Information.
Albrecht v. Board of Governors, No. 00-CV-317 (CKK)
(D.D.C., filed February 18, 2000). Action challenging the
method of funding of the retirement plan for certain Board
employees. On March 30, 2001, the district court granted in
part and denied in part the Board's motion to dismiss.




Guerrero v. United States, No. CV-F-99-6771(OWW) (E.D.
Cal., filed November 29, 1999). Prisoner suit.
Fraternal Order of Police v. Board of Governors, No.
1:98CV03116 (WBB)(D.D.C., filed December 22, 1998).
Declaratory judgment action challenging Board labor practices. On February 26, 1999, the Board filed a motion to
dismiss the action.

A1

Financial and Business Statistics
A3

Federal

GUIDE TO TABLES
DOMESTIC

FINANCIAL

STATISTICS

Money Stock and Bank Credit
A4
A5
A6

Reserves, money stock, and debt measures
Reserves of depository institutions and Reserve Bank
credit
Reserves and borrowings—Depository
institutions
Policy

A7
A8
A9

All

Gross public debt of U.S. Treasury—
Types and ownership
A28 U.S. government securities
dealers—Transactions
A29 U.S. government securities dealers—
Positions and financing
A30 Federal and federally sponsored credit
agencies—Debt outstanding
Securities Markets and Corporate

Instruments

Federal Reserve Bank interest rates
Reserve requirements of depository institutions
Federal Reserve open market transactions
Federal Reserve

Finance—Continued

Banks

A10 Condition and Federal Reserve note statements
A l l Maturity distribution of loan and security
holding

Finance

A31 New security issues—Tax-exempt state and local
governments and corporations
A32 Open-end investment companies—Net sales
and assets
A32 Corporate profits and their distribution
A3 2 Domestic finance companies—Assets and liabilities
A3 3 Domestic finance companies—Owned and managed
receivables
Real Estate

Monetary and Credit

Aggregates

A12 Aggregate reserves of depository institutions
and monetary base
A13 Money stock and debt measures
Commercial Banking
Institutions—
Assets and Liabilities
A15
A16
A17
A19
A20

All commercial banks in the United States
Domestically chartered commercial banks
Large domestically chartered commercial banks
Small domestically chartered commercial banks
Foreign-related institutions
Financial

Consumer

Credit

A3 6 Total outstanding
A3 6 Terms
Flow of Funds
A37
A39
A40
A41

Funds raised in U.S. credit markets
Summary of financial transactions
Summary of credit market debt outstanding
Summary of financial assets and liabilities

Markets

A22 Commercial paper and bankers dollar
acceptances outstanding
A22 Prime rate charged by banks on short-term
business loans
A23 Interest rates—Money and capital markets
A24 Stock market—Selected statistics
Federal

A34 Mortgage markets—New homes
A35 Mortgage debt outstanding

Finance

A25 Federal fiscal and financing operations
A26 U.S. budget receipts and outlays
A27 Federal debt subject to statutory limitation



DOMESTIC

Selected
A42
A42
A43
A44
A46
A47
A48
A49

NONFINANCIAL

STATISTICS

Measures

Nonfinancial business activity
Labor force, employment, and unemployment
Output, capacity, and capacity utilization
Industrial production—Indexes and gross value
Housing and construction
Consumer and producer prices
Gross domestic product and income
Personal income and saving

A2

Federal Reserve Bulletin • December 2001

INTERNATIONAL

Summary

STATISTICS

Statistics

A50
A51
A51
A51

U.S. international transactions
U.S. foreign trade
U.S. reserve assets
Foreign official assets held at Federal Reserve
Banks
A52 Selected U.S. liabilities to foreign official
institutions
Reported by Banks in the United States
A52
A53
A55
A56

Liabilities to, and claims on, foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
A56 Banks' own claims on unaffiliated foreigners
A57 Claims on foreign countries—Combined
domestic offices and foreign branches




Reported by Nonbanking
Business
Enterprises in the United States
A58 Liabilities to unaffiliated foreigners
A59 Claims on unaffiliated foreigners
Securities Holdings and

Transactions

A60 Foreign transactions in securities
A61 Marketable U.S. Treasury bonds and
notes—Foreign transactions
Interest and Exchange

Rates

A62 Foreign exchange rates
A63 GUIDE TO STATISTICAL
SPECIAL

RELEASES

TABLES

A64 INDEX TO STATISTICAL

TABLES

AND

A3

Guide to Tables
SYMBOLS AND ABBREVIATIONS
c
e
n.a.
n.e.c.
P
r

*

0
ABS
ATS
BIF
CD
CMO
CRA
FAMC
FFB
FHA
FHLBB
FHLMC
FmHA
FNMA
FSA
FSLIC
G-7

Corrected
Estimated
Not available
Not elsewhere classified
Preliminary
Revised (Notation appears in column heading
when about half the figures in the column have
been revised from the most recently published
table.)
Amount insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is in millions)
Calculated to be zero
Cell not applicable
Asset-backed security
Automatic transfer service
Bank insurance fund
Certificate of deposit
Collateralized mortgage obligation
Community Reinvestment Act of 1977
Federal Agriculture Mortgage Corporation
Federal Financing Bank
Federal Housing Administration
Federal Home Loan Bank Board
Federal H o m e Loan Mortgage Corporation
Farmers Home Administration
Federal National Mortgage Association
Farm Service Agency
Federal Savings and Loan Insurance Corporation
Group of Seven

G-10
GDP
GNMA
GSE
HUD
IMF
IOs
IPCs
IRA
MMDA
MSA
NAICS
NOW
OCDs
OPEC
OTS
PMI
POs
REIT
REMICs
RHS
RP
RTC
SCO
SDR
SIC
TIIS
VA

Group of Ten
Gross domestic product
Government National Mortgage Association
Government-sponsored enterprise
Department of Housing and Urban
Development
International Monetary Fund
Interest only, stripped, mortgage-backed securities
Individuals, partnerships, and corporations
Individual retirement account
Money market deposit account
Metropolitan statistical area
North American Industry Classification System
Negotiable order of withdrawal
Other checkable deposits
Organization of Petroleum Exporting Countries
Office of Thrift Supervision
Private mortgage insurance
Principal only, stripped, mortgage-backed securities
Real estate investment trust
Real estate mortgage investment conduits
Rural Housing Service
Repurchase agreement
Resolution Trust Corporation
Securitized credit obligation
Special drawing right
Standard Industrial Classification
Treasury inflation-indexed securities
Department of Veterans Affairs

GENERAL INFORMATION
In many of the tables, components do not sum to totals because of
rounding.
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 obligations of the U.S. Treasury.
"State and local government" also includes municipalities,
special districts, and other political subdivisions.

A4
1.10

Domestic Financial Statistics • December 2001
RESERVES, MONEY STOCK, A N D DEBT MEASURES
Percent annual rate of change, seasonally adjusted1
2000

2001

2001

Monetary or credit aggregate
Q4

Qi

-8.7
-10.4
-6.4
2.8

-2.1
-3.5
.5
6.4

1.7
3.3
.6
5.4

71.7
10.1
60.4
14.7

-3.3
6.3
7.4r
4.5

5.0
10.7
13.6
4.7'

5.4
10.4
15.0
5.9r

9.1
9.9

12.3
20.2

12.0
5.6
4.0

June

July'

Aug.'

Sept.

3.1
11.5
-1.9
6.4

-3.5
-14.4
^t.O
5.6

25.6
25.0
24.0
11.6

8.9
14.6
12.0
15.4

539.7
4.3
445.5
47.3

13.8
10.5
9.1
n.a.

-.8
5.7
14.0r
6.7r

6.2'
10.1
13.0
6.1'

13.6
9.0
6.6
3.3

8.2
7.7
-.3
5.5

54.0
25.2
22.6
n.a.

11.9r
25.3

9.6
6.1

7.5'
32.4'

11.2
19.1'

7.8
1.3

7.5
-17.7

17.3
16.8

17.4
2.5
-1.3

20.4
-7.7
-1.1

19.7
-11.3
-6.0

18.2
-7.6
14.1'

19.0
-10.5
9.5

12.5
-15.0
-11.3

24.6
-9.1
-24.7

31.5
-10.4
-4.0

.4
9.5
14.0

6.5
6.2
12.3

22.2
3.0
12.1

26.1
-6.1
14.9

32.6
11.6'
21.0

25.3'
-2.7'
-8.7

23.8
-9.9
19.7

25.7
-12.3
29.0

24.3
-6.6
12.6

Money market mutual funds
17 Retail
18 Institution-only

11.6
18.8

16.9
50.0

11.2
54.9

5.6
21.0

-11.8
67.4

12.1
44.2

14.1
8.1

-10.5
-20.9

17.3
52.9

Repurchase agreements and eurodollars
19 Repurchase agreements'"
20 Eurodollars 10

2.1
10.3

-7.1
38.6

21.0
7.7'

-9.6
1.8

10.6
-12.5'

1.6
-16.5'

-12.1
25.1

-11.9
-14.8

17.7

Debt components4
21 Federal
22 Nonfederal

-8.0
7.5

-5.2
7.1

-6.4
8.6r

n.a.
n.a.

-15.5
11.6'

2.8
6.8'

5.1
2.9

7.6
5.1

1
2
3
4

Reserves of depository
Total
Required
Nonborrowed
Monetary base 3

5
6
7
8

Concepts of money and debt*
Ml
M2
M3
Debt

Nontransaction
9 In M2 5
10 In M3 only6

Q2

Q3

May

1

institutions

components

Time and savings deposits
Commercial banks
Savings, including MMDAs
Small time 7
Large time8-9
Thrift institutions
14
Savings, including MMDAs
15
Small time7
16
Large time 8

11
12
13

t. Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter.
2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.)
3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose
vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference
between current vault cash and the amount applied to satisfy current reserve requirements.
4. Composition of the money stock measures and debt is as follows:
M l : (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of
depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all
commercial banks other than those owed to depository institutions, 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 (OCDs), 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. Seasonally
adjusted Ml is computed by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
M2: Ml plus (1) savings (including MMDAs). (2) small-denomination time deposits (time
deposits—including retail RPs—in amounts of less than $100,000), and (3) balances in retail
money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh
balances at depository institutions and money market funds. Seasonally adjusted M2 is
calculated by summing savings deposits, small-denomination time deposits, and retail money
fund balances, each seasonally adjusted separately, and adding this result to seasonally
adjusted M l .
M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2)
balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all




n.a.
n.a.

depository institutions, and (4) eurodollars (overnight and term) held by U.S. residents at
foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom
and Canada. Excludes amounts held by depository institutions, the U.S. government, money
market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated
by summing large time deposits, institutional money fund balances, RP liabilities, and
eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted
M2.
Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors—the federal sector (U.S. government, not including government-sponsored
enterprises or federally related mortgage pools) and the nonfederal sectors (state and local
governments, households and nonprofit organizations, nonfinancial corporate and nonfarm
noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and
corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data,
which are derived from the Federal Reserve Board's flow of funds accounts, are breakadjusted (that is, discontinuities in the data have been smoothed into the series) and
month-averaged (that is, the data have been derived by averaging adjacent month-end levels).
5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances, each seasonally adjusted separately.
6. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities
(overnight and term) issued by depository institutions, and (4) eurodollars (overnight and
term) of U.S. addressees, each seasonally adjusted separately.
7. Small time deposits—including retail RPs—are those issued in amounts of less than
$100,000. All IRA and Keogh account balances at commercial banks and thrift institutions
are subtracted from small time deposits.
8. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
9. Large time deposits at commercial banks less those held by money market funds,
depository institutions, the U.S. government, and foreign banks and official institutions.
10. Includes both overnight and term.

Money Stock and Bank Credit
1.11

A5

RESERVES OF DEPOSITORY INSTITUTIONS A N D RESERVE BANK CREDIT 1
Millions of dollars
Average of
daily figures

Average of daily figures for week ending on date indicated

2001

2001
Sept. 19

Sept. 26

621,696

671,614

611,158

540,478
0

523,359
0

530,998
0

10
0
29,885
0

10
0
28,863
0

10
0
75,296
0

10
0
39,333
0

37
139
0
0
-99
36,110

21
114
0
0
532
36,311

11,742
95
0
0
3,194
37,315

1,502
95
0
0
27,252
44,101

1,065
67
0
0
1,906
37,778

11,044
2,200
32,865'

11,044
2,200
32,911'

11,044
2,200
32,957

11,044
2,200
32,971

11,043
2,200
32,985

11,043
2,200
32,999

606,769'
0
416

607,329'
0
412

608,577'
0
410

613,357
0
416

612,650
0
422

615,347
0
426

612,964
0
429

5,073
78
7,453
311
18,377
6,187

5,313
72
7,485'
305
18,463
7,898'

5,001
106
7,718'
291
18,117
6,5101

5,252
77
7,569
287
18,084
10,084

5,350
79
7,578
467
19,224
22,140

6,291
157
7,708
382
20,660
66,872

8,462
605
8,140
298
18,787
7,716

Sept. 12

Sept. 19

Sept. 26

Aug. 22

Aug. 29

Sept. 5

Sept. 12

598,602

601,169

600,575

608,925

539,546
0

540,821
0

541,874
0

542,052
0

10
0
44,704
0

10
0
20,669
0

10
0
24,553
0

10
0
22,505
0

23
165
0
0
35
36,989

3,344
89
0
0
7,551
38,914

7
185
0
0
3
38,183

10
164
0
0
-70
35,680

11,044
2,200
32,700

11,044
2,200
32,846r

11,044
2,200
32,984

11,044
2,200
32,819'

601,087
0
421

607,335 r
0
413

613,474
0
424

5,127
92
7,338
302
17,889
7,408

5,040
89
7,558
303
18,220
7,092

6,644
292
7,796
342
19,081
26,367

Sept.

Aug. 15

599,962

628,193

539,769
0

533,581
0

10
0
21,095
0

10
0
22,971
0

113
177
0
0
521
37,287

July

Aug.

593,722
534,518
0

SUPPLYING RESERVE FUNDS

1 Reserve Bank credit outstanding
U.S. government securities 2
2
Bought outright—System account 3
3
Held under repurchase agreements
Federal agency obligations
4
Bought outright
5
Held under repurchase agreements
6
Repurchase agreeements—triparty 4
7
Acceptances
Loans to depository institutions
8
Adjustment credit
9
Seasonal credit
10
Special Liquidity Facility credit
11
Extended credit
12
Float
13
Other Federal Reserve assets
14 Gold stock
15 Special drawing rights certificate account
16 Treasury currency outstanding
ABSORBING RESERVE FUNDS

17 Currency in circulation
18 Reverse repurchase agreements—triparty 4 . . .
19 Treasury cash holdings
Deposits, other than reserve balances,
with Federal Reserve Banks
20
Treasury
21
Foreign
22
Service-related balances and adjustments . .
23
Other
24 Other Federal Reserve liabilities and capital . .
25 Reserve balances with Federal Reserve Banks 5

Wednesday figures

End-of-month figures
July

Aug.

Sept.

Aug. 15

Aug. 22

Aug. 29

Sept. 5

600,662

608,399

619,548

602,848

611,079

603,499

612,030

700,942

607,777

614,659

526,624
0

526,817
0

SUPPLYING RESERVE FUNDS

1 Reserve Bank credit outstanding
U.S. government securities2
2
Bought outright—System account 3
3
Held under repurchase agreements
Federal agency obligations
4
Bought outright
5
Held under repurchase agreements
6
Repurchase agreeements—triparty 4
7
Acceptances
Loans to depository institutions
8
Adjustment credit
9
Seasonal credit
10
Special Liquidity Facility credit
11
Extended credit
12
Float
13
Other Federal Reserve assets
14 Gold stock
15 Special drawing rights certificate account . . . .
16 Treasury currency outstanding

535,578
0

541,807
0

534,136
0

539,746
0

540,778
0

542,873
0

542,333
0

530,385
0

10
0
26,350
0

10
0
29,755
0

10
0
47,880
0

10
0
27,345
0

10
0
34,265
0

10
0
24,755
0

10
0
31,215
0

10
0
61,005
0

10
0
39,600
0

10
0
51,290
0

3
197
0
0
917
37,606

6
117
0
0
463
36,241

7
81
0
0
-549
37,983

1
191
0
0
152
35,403

23
147
0
0
-99
35,957

138
136
0
0
-293
35,881

99
96
0
0
2,010
36,267

45,528
94
0
0
21,842
42,079

2,587
87
0
0
1,258
37,613

20
75
0
0
-1,560
38,007

11,044
2,200
32,726

11,044
2,200
32,957'

11,045
2,200
33,013

11,044
2,200
32,819'

11,044
2,200
32,865'

11,044
2,200
32,911'

11,044
2,200
32,957

11,043
2,200
32,971

11,043
2,200
32,985

11,043
2,200
32,999

604,179
0
418

613,266'
0
416

612,069
0
422

608,022'
0
412

609,063'
0
409

611,239'
0
416

614,523
0
421

615,843
0
426

615,464
0
430

613,590
0
422

5,592
84
7,362
330
18,219
10,448

5,533
80
7,569'
276
18,139
9,321'

9,796
609
8,016
191
17,875
16,829

4,069
71
7,453
322
18,240
10,323

5,115
75
7,485'
285
17,924
16,833'

4,675
151
7,718'
282
17,848
7,324'

4,358
73
7,569
308
17,672
13,307

5,993
69
7,578
1,150
22,122
93,977

5,413
258
7,708
288
20,071
4,373

9,668
635
8,140
237
17,760
10,449

ABSORBING RESERVE FUNDS

17 Currency in circulation
18 Reverse repurchase agreements—triparty 4 . . .
19 Treasury cash holdings
Deposits, other than reserve balances, with
Federal Reserve Banks
20
Treasury
21
Foreign
22
Service-related balances and adjustments . .
23
Other
24 Other Federal Reserve liabilities and capital . .
25 Reserve balances with Federal Reserve Banks 5

1. Amounts of cash held as reserves are shown in table 1.12, line 2.
2. Includes securities loaned—fully guaranteed by U.S. government securities pledged
with Federal Reserve Banks—and excludes securities sold and scheduled to be bought back
under matched sale-purchase transactions.
3. Includes compensation that adjusts for the effects of inflation on the principal of
inflation-indexed securities.




4. Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities.
5. Excludes required clearing balances and adjustments to compensate for float,

A6
1.12

Domestic Financial Statistics • December 2001
RESERVES A N D BORROWINGS

Depository Institutions 1

Millions of dollars
Prorated monthly averages of biweekly averages
Reserve classification

1
2
3
4
5
6
7
8
9
10
11
12

2

Reserve balances with Reserve Banks
Total vault cash3
Applied vault cash 4
Surplus vault cash 5
Total reserves 6
Required reserves
Excess reserve balances at Reserve Banks 7
Total borrowing at Reserve Banks
Adjustment
Seasonal
Special Liquidity Facility8
Extended credit'

1998

1999

2000

Dec.

Dec.

Dec.

Mar.

Apr.

May

June

July

Aug.'

Sept.

9,026
44,294
36,183
8,111
45,209
43,695
1,514
117
101
15
0
0

5,262
60,619
36,392
24,227
41,654
40,357
1,297
320
179
67
74
0

7,159
45,228
31,381
13,847
38,540
37,216
1,325
210
99
111
0
0

6,737
44.105
30,978
13,128
37,715
36,329
1,385
58
38
20

6,863
43,657
31.728
11,929
38,591
37,314
1,277
51
15
35

7,610
43,263
31,772
11,491
39,382
38,363
1,019
213
134
79

7,058
43,133
31,175
11,958
38,233
36,873
1,360
229
110
120

7,674
43,909'
31,622
12,287'
39,296
37,889
1,407
283
109
174

7,564
44,010
32,056
11,953
39,621
38,386
1,234
183
19
164

25,578
43,464
31,938
11,526
57,516
38,478
19,038
3,385
3,292
93

0

0

0

' ' 0

0

' ' 0

0

2001

Biweekly averages of daily figures for two-week periods ending on dates indicated
2001

1
2
3
4
5
6
7
8
9
10
11
12

Reserve balances with Reserve Banks 2
Total vault cash3
Applied vault cash4
Surplus vault cash 5
Total reserves6
Required reserves
Excess reserve balances at Reserve Banks 7
Total borrowing at Reserve Banks
Adjustment
Seasonal
Special Liquidity Facility8
Extended credit

May 30

June 13

June 27

July 11

July 25

Aug. 8

Aug. 22

Sept. 5'

Sept. 19

Oct. 3

8,159
43,900
32,530
11,370
40,689
39,582
1,107
97
13
85

6,756
42,155
30,268
11,888
37,024
35,775
1,248
295
195
101

7,275
43,811
31,963
11,848
39,238
37,818
1,420
166
36
130

7,357
44,209
31,432
12,777
38,789
37,227
1,562
244
89
155

7,935
43.327 r
31.480
1 l,847 r
39,415
38,027
1,387
344
159
185

7,648
44,719'
32,300
12,419'
39,948
38,781
1,167
214
27
188

7,051'
44,328'
32,119'
12,210'
39,170
38,084'
1.086
184
9
175

8,288
42,885
31,744
11,141
40,032
38,507
1,524
156
29
127

44,481
43,032
30,974
12,059
75,455
37,280
38,174
6,717
6,622
95

9,378
44,277
33,255
11,022
42,633
39,991
2,643
613
538
75

0

0

0

' ' 0

' 0

0

' 0

' ' 0

0

1. Data in this table also appear in the Board's H.3 (502) weekly statistical release. For
ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted.
2. Excludes required clearing balances and adjustments to compensate for float and
includes other off-balance-sheet "as-of" adjustments.
3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by
those banks and thrift institutions that are not exempt from reserve requirements. Dates refer
to the maintenance periods in which the vault cash can be used to satisfy reserve requirements.
4. All vault cash held during the lagged computation period by "bound" institutions (that
is, those whose required reserves exceed their vault cash) plus the amount of vault cash
applied during the maintenance period by "nonbound" institutions (that is, those whose vault
cash exceeds their required reserves) to satisfy current reserve requirements.




0

5. Total vault cash (line 2) less applied vault cash (line 3).
6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3).
7. Total reserves (line 5) less required reserves (line 6).
8. Borrowing at the discount window under the terms and conditions established for the
Century Date Change Special Liquidity Facility in effect from October 1, 1999, through
April 7, 2000.
9. 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
with traditional short-term adjustment credit, the money market effect of extended credit is
similar to that of nonborrowed reserves.

Policy Instruments
1.14

A7

FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta

On
11/09/01

Effective date

Previous rate

On
11/09/01

Effective date

Previous rate

On
11/09/01

Effective date

Previous rate

11/8/01
11/6/01
11/7/01
11/8/01
11/6/01
11/8/01

2.00

2.35

11/01/01

2.40

2.85

11/01/01

2.90

2.00

2.35

11/01/01

2.40

2.85

11/01/01

2.90

1.50

Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Extended credit 3

Seasonal credit2

Adjustment credit1
Federal Reserve
Bank

11/7/01
11/7/01
11/7/01
11/8/01
11/8/01
11/6/01

1.50

Range of rates for adjustment credit in recent years4

In effect Dec. 31, 1981

Range (or
level)—All
F.R. Banks

F.R. Bank

12

12

of

N.Y.
-Sept. 13
1/
Nov. 6
7
Dec. 20
24

11.5-12
11.5
11-11.5
11
10.5
10-10.5
10
9.5-10
9.5
9-9.5
9
8.5-9
8.5-9
8.5

11.5
11.5
11
11
10.5
10
10
9.5
9.5
9
9
9
8.5
8.5

9
13
Nov. 21
26
Dec. 24

8.5-9
9
8.5-9
8.5
8

9
9
8.5
8.5
8

1995- -Feb.

1985—May 20
24

7.5-8
7.5

7.5
7.5

1986—Mar.

7
10
Apr. 21
23
July 11
Aug. 21
22

7-7.5
7
6.5-7
6.5
6
5.5-6
5.5

7
7
6.5
6.5
6
5.5
5.5

1987—Sept. 4

5.5-6
6

6
6

1988—Aug. 9

6-6.5
6.5

6.5
6.5

1989—Feb. 24

6.5-7
7

7
7

1982—July 20
23
Aug. 2
3
16

27
30
Oct. 12
13
Nov. 22
26
Dec. 14
15
17
1984—Apr.

11
11

27
1990—Dec. 19
1991—Feb.

1
4
Apr. 30
May 2

6.5

6.5

6-6.5
6
5.5-6
5.5

6
6
5.5
5.5

F.R. Bank
of
N.Y.

5-5.5
5
4.5-5
4.5
3.5-4.5
3.5

5
5
4.5
4.5
3.5
3.5

2
/

3-3.5
3

1994- -May 17

3-3.5
3.5
3.5-4
4
4-4.75
4.75

3.5
3.5
4
4
4.75
4.75

1
9

4.75-5.25
5.25

5.25
5.25

1996- -Jan. 31
Feb. 3

5.00-5.25
5.00

5.00
5.00

1998- -Oct. 15
16
Nov. 17
19

4.75-5.00
4.75
4.50-4.75
4.50

4.75
4.75
4.50
4.50

-Aug. 24
26
Nov. 16
18

4.50-4.75
4.75
4.75-5.00
5.00

4.75
4.75
4.75
5.00

-Feb.

2
4
Mar. 21
23
May 16
19

5.00-5.25
5.25
5.25-5.50
5.50
5.50-6.00
6.00

5.25
5.25
5.50
5.50
5.50
6.00

-Jan.

5.75-6.00
5.50-5.75
5.50
5.00-5.50
5.00
4.50-5.00
4.50
4.00^1.50
4.00

5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00

1992- -Julv

Aug. 16
18
Nov. 15
17

3
4
5
31
Feb. 1
Mar. 20
21
Apr. 18
20

1. Available on a short-term basis to help depository institutions meet temporary needs for
funds that cannot be met through reasonable alternative sources. The highest rate established
for loans to depository institutions may be charged on adjustment credit loans of unusual size
that result from a major operating problem at the borrower's facility.
2. Available to help relatively small depository institutions meet regular seasonal needs for
funds that arise from a clear pattern of intrayearly movements in their deposits and loans and
that cannot be met through special industry lenders. The discount rate on seasonal credit takes
into account rates charged by market sources of funds and ordinarily is reestablished on the
first business day of each two-week reserve maintenance period; however, it is never less than
the discount rate applicable to adjustment credit.
3. May be made available to depository institutions when similar assistance is not
reasonably available from other sources, including special industry lenders. Such credit may
be provided when exceptional circumstances (including sustained deposit drains, impaired
access to money market funds, or sudden deterioration in loan repayment performance) or




Range (or
level)—All
F.R. Banks

3
3

Effective date

2001—May 15
17
June 27
29
Aug. 21
23
Sept. 17
18
Oct. 2
4
Nov. 6
8
In effect Nov. 9, 2001

Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

3.50-4.00
3.50
3.25-3.50
3.25
3.00-3.25
3.00
2.50-3.00
2.50
2.00-2.50
2.00
1.50-2.00
1.50

3.50
3.50
3.25
3.25
3.00
3.00
2.50
2.50
2.00
2.00
1.50
1.50

1.50

1.50

practices involve only a particular institution, or to meet the needs of institutions experiencing
difficulties adjusting to changing market conditions over a longer period (particularly at times
of deposit disintermediation). The discount rate applicable to adjustment credit ordinarily is
charged on extended-credit loans outstanding less than thirty days; however, at the discretion
of the Federal Reserve Bank, this time period may be shortened. Beyond this initial period, a
flexible rate somewhat above rates charged on market sources of funds is charged. The rate
ordinarily is reestablished on the first business day of each two-week reserve maintenance
period, but it is never less than the discount rate applicable to adjustment credit plus 50 basis
points.
4. For earlier data, see the following publications of the Board of Governors: Banking and
Monetary: Statistics, 1914-1941, and 1941-1970; and the Annual Statistical Digest, 19701979, and 1980-1989. See also the Board's Statistics: Releases and Historical Data web
pages (http://www.federalreserve.gov/releases/H15/data.htm).

A8
1.15

Domestic Financial Statistics • December 2001
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS 1
Requirement
Type of deposit

Net transaction accounts2
1 $0 million-$42.8 million 3
2 More than $42.8 million4 .

12/30/99
12/30/99

3 Nonpersonal time deposits1

12/27/90

4 Eurocurrency liabilities6 .
1. Required reserves must be held in the form of deposits with Federal Reserve Banks or
vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve
Bank indirectly, on a pass-through basis, with certain approved institutions. For previous
reserve requirements, see earlier editions of the Annual Report or the Federal Reserve
Bulletin. Under the Monetary Control Act of 1980, depository institutions include commercial
banks, savings banks, savings and loan associations, credit unions, agencies and branches of
foreign banks, and Edge Act corporations.
2. Transaction accounts include all deposits against which the account holder is permitted
to make withdrawals by negotiable or transferable instruments, payment orders of withdrawal, or telephone or preauthorized transfers for the purpose of making payments to third
persons or others. However, accounts subject to the rules that permit no more than six
preauthorized, automatic, or other transfers per month (of which no more than three may be
by check, draft, debit card, or similar order payable directly to third parties) are savings
deposits, not transaction accounts.
3. 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 change in transaction accounts held by all depository institutions, determiend
as of June 30 of each year. Effective with the reserve maintenance period beginning
December 28, 2000, for depository institutions that report weekly, and with the period
beginning January 18, 2001, for institutions that report quarterly, the amount was decreased
from $44.3 million to $42.8 million.
Under the Garn-St. Germain Depository Institutions Act of 1982, the Board adjusts the
amount of reservable liabilities subject to a zero percent reserve requirement each year for the




12/27/90
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 made in the event of a decrease. The exemption applies only to
accounts that would be subject to a 3 percent reserve requirement. Effecitve with the reserve
maintenance period beginning December 28, 2000, for depository institutions that report
weekly, and with the period beginning January 18, 2001, for institutions that report quarterly,
the exemption was raised from $5.0 million to $5.5 million.
4. The reserve requriement was reduced from 12 percent to 10 percent on Apr. 2, 1992, for
institutions that report weekly, and on Apr. 16, 1992, for institutions that report quarterly.
5. For insitutions that report weekly, the reserve requirement on nonpersonal time deposits
with an original maturity of less than 1.5 years was reduced fom 3 percent to 1.5 percent for
the maintenance period that began Dec. 13, 1990, and to zero for the maintenance period that
began Dec. 27, 1990. For institutions that report quarterly, the reserve requirement on
nonpersonal time deposits with an original maturity of less than 1.5 years was reduced from 3
percent to zero on Jan. 17, 1991.
The reserve requirement on nonpersonal time deposits with an original maturity of 1.5
years or more has been zero since Oct. 6, 1983.
6. The reserve requirement on eurocurrency liabilities was reduced from 3 percent to zero
in the same manner and on the same dates as the reserve requirement on nonpersonal time
deposits with an original maturity of less than 1.5 years (see note 5).

Policy Instruments
1.17

A9

FEDERAL RESERVE OPEN MARKET TRANSACTIONS 1
Millions of dollars
2001
Type of transaction
and maturity

1998

1999

2000
Feb.

Mar.

Apr.

May

June

July

Aug.

U.S. TREASURY SECURITIES2

1
7
4
5
6
7
8
9
10
11
1?
N

14
15
16
17
18
19
?o
21
22
71
74
25

Outright transactions (excluding matched
transactions)
Treasury bills
Gross purchases
Gross sales
Exchanges
For new bills
Redemptions
Others within one year
Gross purchases
Gross sales
Maturity shifts
Exchanges
Redemptions
One to five years
Gross purchases
Gross sales
Maturity shifts
Exchanges
Five to ten years
Gross purchases
Gross sales
Maturity shifts
Exchanges
More than ten years
Gross purchases
Gross sales
Maturity shifts
Exchanges
All maturities
Gross purchases
Gross sales
Redemptions

Matched transactions
?6 Gross purchases
27 Gross sales
Repurchase agreements
28 Gross purchases
29 Gross sales
30 Net change in U.S. Treasury securities

3,550
0
450,835
450,835
2,000

0
0
464,218
464,218
0

8,676
0
477,904
477,904
24,522

2,683
0
42,767
42,767
638

579
0
46,712
46,712
211

38,317
38,317
3,537

624
0
47,112
47,112
3,939

2,165
0
40,363
40,363
0

718
0
42,001
42,001
0

2,899
0
55,231
55,231
0

6,297
0
46,062
-49,434
2,676

11,895
0
50,590
-53,315
1,429

8,809
0
62,025
-54,656
3,779

1,605
0
5,609
-6,799
1,529

67
0
0
0
0

3,027
0
12,204
-7,000
4,368

2,174
0
8,117
-8,965
2,287

1,410
0
0
0
0

235
0
7,088
-7,667
4,668

1,385
0
9,379
-6,873
1,055

12,901
0
-37,777
37,154

19,731
0
-44,032
42,604

14,482
0
-52,068
46,177

2,983
0
-2,784
4,945

1,883
0
0
0

4,480
0
-12,204
7,000

2,685
0
-1,913
6,508

1,428
0
0
0

4,193
0
1,838
7,667

810
0
-9,379
5,290

2,294
0
-5,908
7,439

4,303
0
-5,841
7,583

5,871
0
-6,801
6,585

0
0
-1,855
971

0
0
0
0

1,390
0
0
0

657
0
-5,130
2,457

0
0
0
0

756
0
-8,926
0

935
0
1,043
1,043

4,884
0
-2,377
4,842

9,428
0
-717
3,139

5.833
0
-3,155
1,894

495
0
-971
883

1,000
0
0
0

913
0
0
0

1,241
0
-1,074
0

1,419
0
0
0

815
0
0
0

720
0
-1,043
540

29,926
0
4,676

45,357
0
1,429

43,670
0
28,301

7,766
0
2,166

3,529
0
211

10,118
0
7,905

7,380
0
6,226

6,422
0
0

6,716
0
4,668

6,749
0
1,055

4,430,457
4,434,358

4,413,430
4,431,685

4,399,257
4,381,188

320,060
322,056

396,029
395,151

381,667
381,895

398,039
397,600

367,462
366,411

392,721
394,381

406,143
405,627

512,671
514,186

281,599
301,273

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

19,835

5,999

33,439

3,604

4,196

1,984

1,592

7,472

388

6,211

0
25
322

0
0
157

0
0
51

0
120

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

284,316
276,266

360,069
370,772

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

7,703

-10,859

-51

-120

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

304,989
164,349

890,236
987,501

67,655
62,910

86,472
88,142

85,166
82,154

120,135
114,832

65,005
72,065

106,355
103,255

103,255
99,850

0

140,640

-97,265

4,745

-1,670

3,012

5,303

-7,060

3,100

3,405

27,538

135,780

-63,877

8,229

2,526

4,996

6,895

412

3,488

9,616

308
0

FEDERAL AGENCY OBLIGATIONS

Outright transactions
31 Gross purchases
3? Gross sales
33 Redemptions
Repurchase agreements
34 Gross purchases
35 Gross sales
36 Net change in federal agency obligations
Reverse repurchase
37 Gross purchases
38 Gross sales

0

agreements

Repurchase agreements
39 Gross purchases
40 Gross sales
41 Net change in triparty obligations
42 Total net change in System Open Market Account ..

1. Sales, redemptions, and negative figures reduce holdings of the System Open Market
Account; all other figures increase such holdings.




2. Transactions exclude changes in compensation for the effects of inflation on the
principal of inflation-indexed securities.

A10
1.18

Domestic Financial Statistics • December 2001
FEDERAL RESERVE BANKS

Condition and Federal Note Statements 1

Millions of dollars

Account
Aug. 29

Sept. 5

Wednesday

End of month

2001

2001

Sept. 12

Sept. 19

Sept. 26

July

Aug.

Sept.

Consolidated condition statement

ASSETS

11,044
2,200
1,106

11,044
2,200
1,079

11,043
2,200
1,081

11,043
2,200
1,102

11,043
2,200
1,116

11,044
2,200
1,109

11,044
2,200
1,096

11,045
2,200
1,141

274
0
0

195
0
0

45,622
0
0

2,673
0
0

95
0
0

201
0
0

123
0
0

88
0
0

Triparty obligations
7 Repurchase agreements—triparty 2

24,755

31,215

61,005

39,600

51,290

26,350

29,755

47,880

Federal agency obligations5
8 Bought outright
9 Held under repurchase agreements

10
0

10
0

10
0

10
0

10
0

10
0

10
0

10
0

10 Total U.S. Treasury securities3

542,873

542,333

530,385

526,624

526,817

535,578

541,807

534,136

11 Bought outright4
12
Bills
13
Notes
14
Bonds
15 Held under repurchase agreements

542,873
184,710
257,099
101,064
0

542,333
184,129
256,194
102,010
0

530,385
171,336
257,040
102,008
0

526,624
167,582
257,036
102,005
0

526,817
167,782
257,032
102,003
0

535,578
180,184
254,627
100,767
0

541,807
183,600
256,196
102,012
0

534,136
175,104
257,030
102,002
0

16 Total loans and securities

567,911

573,753

637,022

568,907

578,212

562,139

571,694

582,114

6,619
1,512

13,213
1,510

30,928
1,510

12,433
1,510

7,893
1,510

10,421
1,505

5,821
1,510

5,089
1.508

15,300
19,469

15,079
19,508

20,539
25,689

15,660
20,335

15,561
20,784

14,665
21,251

15,365
19,203

15,366
20,947

625,160

637,387

730,013

633,190

638,318

624,333

627,932

639,410

579,849
0

583,065
0

584,378
0

584,010
0

582,129
0

572,980
0

581,820
0

580,619
0

24 Total deposits

20,634

25,676

115,894

21,101

31,067

23,733

22,808

35,532

25
26
27
28

15,526
4,675
151
282

20,937
4,358
73
308

108,682
5,993
69
1,150

15,141
5,413
258
288

20,527
9,668
635
237

17,727
5,592
84
330

16,918
5,533
80
276

24,937
9,796
609
191

6,829
3,055

10,974
3,049

7,619
7,189

8,008
4,575

7,363
2,944

9,401
3,076

5,166
3,137

5,384
2,971

610,367

622,764

715,080

617,694

623,502

609,191

612,931

624,506

7,190
6,747
855

7,192
6,735
696

7,197
6,743
992

7,202
6,764
1,530

7,208
6,760
848

7,164
6,723
1,256

7,191
6,747
1,063

7,266
6,741
896

625,160

637,387

730,013

633,190

638,318

624,333

627,932

639,410

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

1 Gold certificate account
2 Special drawing rights certificate account
3 Coin
Loans
4 To depository institutions
5 Other
6 Acceptances held under repurchase agreements

17 Items in process of collection
18 Bank premises
Other assets
19 Denominated in foreign currencies 5
20 Another 6
21 Total assets
LIABILITIES

22 Federal Reserve notes
23 Reverse repurchase agreements—triparty 2

Depository institutions
U.S. Treasury—General account
Foreign—Official accounts
Other

29 Deforced credit items
30 Other liabilities and accrued dividends 7
31 Total liabilities
CAPITAL ACCOUNTS

32 Capital paid in
33 Surplus
34 Other capital accounts
35 Total liabilities and capital accounts
MEMO

36 Marketable U.S. Treasury securities held in custody for
foreign and international accounts

Federal Reserve note statement

37 Federal Reserve notes outstanding (issued to Banks)
38
LESS: Held by Federal Reserve Banks
Federal Reserve notes, net
39
40
41
42
43

Collateral held against notes, net
Gold certificate account
Special drawing rights certificate account
Other eligible assets
U.S. Treasury and agency securities

44 Total collateral

739,484
159,635
579,849

739,818
156,753
583,065

740,653
156,275
584,378

740,984
156,974
584,010

741,775
159,646
582,129

738,388
165,409
572,980

739,560
157,740
581,820

742,539
161,920
580,619

11,044
2,200
0
566,605

11,044
2,200
0
569,822

11,043
2,200
0
571,135

11,043
2,200
4,533
566,234

11,043
2,200
0
568,885

11,044
2,200
0
559,736

11,044
2,200
0
568,576

11,045
2,200
0
567,374

579,849

583,065

584,378

584,010

582,129

572,980

581,820

580,619

1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical
release. For ordering address, see inside front cover.
2. Cash value of agreements arranged through third-party custodial banks.
3. Face value of the securities.
4. Includes securities loaned—fully guaranteed by U.S. Treasury securities pledged with
Federal Reserve Banks—and includes compensation that adjusts for the effects of inflation on
the principal of inflation-indexed securities. Excludes securities sold and scheduled to be
bought back under matched sale-purchase transactions.




5. Valued monthly at market exchange rates.
6. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury
bills maturing within ninety days.
7. Includes exchange-translation account reflecting the monthly revaluation at market
exchange rates of foreign exchange commitments.

Federal Reserve Banks
1.19

FEDERAL RESERVE BANKS

All

Maturity Distribution of Loan and Security Holding

Millions of dollars

Type of holding and maturity

Wednesday

End of month

2001

2001
Sept.

Sept. 5

Sept. 12

Sept. 19

Sept. 26

1 Total loans

274

195

45,622

2,673

95

201

123

88

2 Within fifteen days1
3 Sixteen days to ninety days
4 91 days to 1 year

266
8
0

117
78
0

45,545
77
0

2,662
12
0

92
3
0

160
41
0

106
17
0

69
19
0

5 Total U.S. Treasury securities 2

542,873

542,333

530,385

526,624

526,817

535,578

541,807

534,137

Within fifteen days1
Sixteen days to ninety days
Ninety-one days to one year
One year to five years
Five years to ten years
More than ten years

23,583
111,288
132,942
141,985
55,433
77,642

16,679
118,504
131,525
141,453
55,583
78,589

1,562
120,849
131,504
142,304
55,579
78,586

20,683
98,641
130,836
142,304
55,576
78,584

21,870
98,372
130,118
142,304
55,572
78,581

13,674
111,161
135,091
144,732
53,824
77,095

3,906
125,620
136,653
141,453
55,584
78,590

10,737
117,454
129,491
142,304
55,571
78,581

12 Total federal agency obligations

10

10

10

10

10

10

10

10

13
14
15
16
17
18

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

6
7
8
9
10
11

Within fifteen days'
Sixteen days to ninety days
Ninety-one days to one year
One year to five years
Five years to ten years
More than ten years

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




July

Aug.

Aug. 29

2. Includes compensation that adjusts for the effects of inflation on the principal of
inflation-indexed securities.

A12
1.20

Domestic Financial Statistics • December 2001
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS A N D MONETARY BASE 1
Billions of dollars, averages of daily figures
2001
Item

1997
Dec.

1998
Dec.

1999
Dec.

2000
Dec.
Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

38.89
38.68
38.68
37.87
599.09

38.77
38.55
38.55
37.41
601.88

39.60
39.32
39.32
38.19
607.69 r

39.89'
39.71
39.71
38.66
615.48'

57.84
54.45
54.45
38.80
639.73

Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS 2

1
2
3
4
5

Total reserves 3
Nonborrowed reserves 4
Nonborrowed reserves plus extended credit 5
Required reserves
Monetary base6

46.85
46.52
46.52
45.16
479.47

45.18
45.07
45.07
43.67
513.49

41.78
41.46
41.46
40.48
593.09

38.51
38.30
38.30
37.18
583.96

38.87
38.82
38.82
37.43
591.12

38.26
38.20
38.20
36.87
592.42

38.79
38.74
38.74
37.51
595.93

Not seasonally adjusted
6
7
8
9
10

Total reserves 7
Nonborrowed reserves
Nonborrowed reserves plus extended credit 5
Required reserves8
Monetary base 9

48.01
47.69
47.69
46.33
484.98

45.31
45.19
45.19
43.80
518.27

41.89
41.57
41.57
40.59
600.72

38.60
38.39
38.39
37.27
590.20

39.38
39.33
39.33
37.95
589.04

37.76
37.71
37.71
36.38
591.36

38.66
38.61
38.61
37.38
594.92

39.46
39.25
39.25
38.44
598.57

38.33
38.10
38.10
36.97
601.69

39.41
39.13
39.13
38.01
608.23'

39.75
39.57
39.57
38.52
614.51'

57.67
54.29
54.29
38.64
637.97

47.92
47.60
47.60
46.24
491.79
1.69
.32

45.21
45.09
45.09
43.70
525.06
1.51
.12

41.65
41.33
41.33
40.36
608.02
1.30
.32

38.54
38.33
38.33
37.22
597.12
1.33
.21

39.35
39.30
39.30
37.92
595.59
1.43
.05

37.72
37.66
37.66
36.33
598.20
1.39
.06

38.59
38.54
38.54
37.31
601.84
1.28
.05

39.38
39.17
39.17
38.36
605.48
1.02
.21

38.23
38.00
38.00
36.87
608.83
1.36
.23

39.30
39.01
39.01
37.89
615.56
1.41
.28

39.62
39.44
39.44
38.39
622.00'
1.23'
.18

57.52
54.13
54.13
38.48
645.71
19.04
3.39

NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS 10

11
12
13
14
15
16
17

Total reserves"
Nonborrowed reserves
Nonborrowed reserves plus extended credit5
Required reserves
Monetary base' 2
Excess reserves' 3
Borrowings from the Federal Reserve

1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly
statistical release. Historical data starting in 1959 and estimates of the effect on required
reserves of changes in reserve requirements are available from the Money and Reserves
Projections Section, Division of Monetary Affairs, Board of Governors of the Federal
Reserve System, Washington, DC 20551.
2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory
changes in reserve requirements. (See also table 1.10.)
3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 4) plus excess reserves (line 16).
4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted,
break-adjusted total reserves (line 1) less total borrowings of depository institutions from the
Federal Reserve (line 17).
5. 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 with traditional short-term adjustment credit, the money market effect
of extended credit is similar to that of nonborrowed reserves.
6. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters
whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
7. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess
reserves (line 16).




8. To adjust required reserves for discontinuities that are due to regulatory changes in
reserve requirements, a multiplicative procedure is used to estimate what required reserves
would have been in past periods had current reserve requirements been in effect. Breakadjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities).
9. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus
(2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly
reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all
those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
10. Reflects actual reserve requirements, including those on nondeposit liabilities, with no
adjustments to eliminate the effects of discontinuities associated with regulatory changes in
reserve requirements.
11. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve
requirements.
12. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total
reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float
at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for
all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault
Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the
difference between current vault cash and the amount applied to satisfy current reserve
requirements. Since February 1984, currency and vault cash figures have been measured over
the computation periods ending on Mondays.
13. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14).

Monetary and Credit Aggregates
1.21

A13

MONEY STOCK A N D DEBT MEASURES 1
Billions of dollars, averages of daily figures
2001
Item

1997
Dec.

1998
Dec.

1999
Dec.

2000
Dec.
June'

July'

Aug.'

Sept.

Seasonally adjusted

1
2
3
4

Measures2
Ml
M2
M3
Debt

5
6
7
8

Ml components
Currency 3
Travelers checks 4
Demand deposits 5
Other checkable deposits 6

1,073.4
4,031.9
5,430.8
15,226.1

1,097.0
4,385.9
6,027.8
16,261.3

1,124.8
4,653.3
6,527.9
17,335.2

1,088.2
4,945.1
7,108.5'
18,249.8'

1,122.7
5,214.3
7,637.6
18,751.7

1,135.4
5,253.5
7,679.4
18,803.2

1,143.2
5,287.1
7,677.2
18,889.7

1,194.6
5,398.1
7,821.6
n.a.

424.3
8.1
395.4
245.7

459.2
8.2
379.4
250.1

516.7
8.2
356.1
243.7

529.9
8.0
311.3
239.0

548.1
8.2
310.0
256.4

553.7
8.6
312.8
260.3

562.4
8.8
314.4
257.5

567.8
8.4
360.9
257.5

2,958.5
1,399.0

3,288.9
1,641.9

3,528.5
1,874.6

3,856.9
2,163.4'

4,091.6
2,423.3

4,118.1
2,425.9

4,143.9
2,390.1

4,203.5
2,423.6

Commercial banks
11 Savings deposits, including MMDAs
12 Small time deposits®
13 Large time deposits 10 "

1,021.1
625.5
517.4

1,185.8
626.4
575.2

1,287.0
635.2
648.3

1,421.7
699.5
726.5

1,564.6
680.6
712.1

1,580.9
672.1
705.4

1,613.3
667.0
690.9

1,655.6
661.2
688.6

Thrift institutions
14 Savings deposits, including MMDAs
15 Small time deposits 9
16 Large time deposits 10

376.8
342.9
85.5

414.1
325.8
88.7

449.3
320.9
91.3

451.9
346.6
103.2

498.6
353.1
109.9

508.5
350.2
111.7

519.4
346.6
114.4

529.9
344.7
115.6

Money market mutual funds
17 Retail
18 Institution-only

592.1
391.8

736.8
531.8

836.2
623.5

937.2
769.3

994.7
1,008.5

1,006.4
1,015.3

997.6
997.6

1,012.0
1,041.6

Repurchase agreements and eurodollars
19 Repurchase agreements 12
20 Eurodollars 12

254.3
150.0

294.5
151.8

338.2
173.3

367.3'
197.1

378.1
214.8

374.3
219.3

370.6
216.6

358.0
219.8

3,800.4
11,425.6

3,751.1
12,510.2

3,660.1
13,675.1

3,400.4
14,849.4'

3,313.7
15,438.0

3,327.9
15,475.3

3,349.0
15,540.7

n.a.
n.a.

Nontransaction
9 In M2 7
10 In M3 only 8

components

Debt components
21 Federal debt
22 Nonfederal debt

Not seasonally adjusted

23
24
25
26

Measures2
Ml
M2
M3
Debt

27
28
29
30

Ml components
Currency 3
Travelers checks 4
Demand deposits 5
Other checkable deposits 6

1,096.9
4,053.2
5,456.2
15,220.5

1,120.4
4,408.2
6,059.9
16,254.7r

1,148.3
4,677.3
6,565.4
17,328.0

1,112.4
4,973.7
7,153.5'
18,239.3'

1,122.1
5,197.0
7,607.6
18,667.1

1,135.3
5,227.1
7,621.0
18,714.9

1,140.4
5,266.5
7,635.2
18.805.8

1,189.4
5,382.5
7,774.0
n.a.

428.1
8.3
412.4
248.2

463.3
8.4
395.9
252.8

521.5
8.4
371.7
246.6

535.2
8.1
326.6
242.5

548.8
8.0
308.8
256.5

554.4
8.2
314.0
258.7

561.7
8.4
314.7
255.6

566.0
8.3
359.9
255.3

2,956.3
1,403.0

3,287.8
1,651.8

3,529.1
1,888.1

3,861.3
2,179.8'

4,074.9
2,410.6

4,091.8
2,393.9

4,126.1
2,368.7

4,193.1
2,391.5

Commercial banks
33 Savings deposits, including MMDAs
34 Small time deposits 9
35 Large time deposits 10 "

1,020.4
625.3
516.8

1,186.0
626.5
574.5

1,288.5
635.4
647.7

1,426.4
699.8
725.8

1,567.2
677.0
715.2

1,579.4
670.4
703.6

1,607.2
666.2
686.8

1,653.5
661.5
683.9

Thrift institutions
36 Savings deposits, including MMDAs
37 Small time deposits 9
38 Large time deposits 10

376.5
342.8
85.4

414.2
325.8
88.6

449.8
321.0
91.2

453.4
346.8
103.1

499.4
351.2
110.4

508.1
349.2
111.4

517.5
346.2
113.7

529.3
344.8
114.8

Money market mutual funds
39 Retail
40 Institution-only

591.3
398.9

735.2
543.7

834.3
638.4

935.0
787.2

980.2
986.9

984.7
988.0

989.0
983.7

1,004.0
1,020.1

Repurchase agreements and eurodollars
41 Repurchase agreements 12
42 Eurodollars 12

249.5
152.3

290.4
154.5

334.7
176.0

364.2'
199.5

382.9
215.3

374.2
216.7

370.2
214.3

355.3
217.3

3,805.8
11,414.8

3,754.9
12,499.7

3,663.2
13,664.9

3,403.5
14,835.8'

3,260.4
15,406.8

3,257.7
15,457.2

3,291.0
15,514.8

Nontransaction
31 In M2 7
32 In M3 only 8

components

Debt components
43 Federal debt
44 Nonfederal debt
Footnotes appear on following page.




n.a.
n.a.

A14

Domestic Financial Statistics • December 2001

NOTES TO TABLE 1.21
1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly
statistical release. Historical data starting in 1959 are available from the Money and Reserves
Projections Section, Division of Monetary Affairs, Board of Governors of the Federal
Reserve System, Washington, DC 20551.
2. Composition of the money stock measures and debt is as follows:
M l : (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of
depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all
commercial banks other than those owed to depository institutions, 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 (OCDs), 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. Seasonally
adjusted Ml is computed by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
M2: Ml plus (1) savings deposits (including MMDAs), (2) small-denomination time
deposits (time deposits—including retail RPs—in amounts of less than $100,000), and (3)
balances in retail money market mutual funds. Excludes individual retirement accounts
(IRAs) and Keogh balances at depository institutions and money market funds. Seasonally
adjusted M2 is calculated by summing savings deposits, small-denomination time deposits,
and retail money fund balances, each seasonally adjusted separately, and adding this result to
seasonally adjusted M l .
M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more)
issued by all depository institutions, (2) balances in institutional money funds, (3) RP
liabilities (overnight and term) issued by all depository institutions, and (4) eurodollars
(overnight and term) held by U.S. residents at foreign branches of U.S. banks wolrdwide and
at all banking offices in the United Kingdom and Canada. Excludes amounts held by
depository institutions, the U.S. government, money market funds, and foreign banks and
official institutions. Seasonally adjusted M3 is calculated by summing large time deposits,
institutional money fund balances, RP liabilities, and eurodollars, each seasonally adjusted
separately, and adding this result to seasonally adjusted M2.
Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial
sectors—the federal sector (U.S. government, not including government-sponsored enter-




prises or federally related mortgage pools) and the nonfederal sectors (state and local
governments, households and nonprofit organizations, nonfinancial corporate and nonfarm
noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and
corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data,
which are derived from the Federal Reserve Board's flow of funds accounts, are breakadjusted (that is, discontinuities in the data have been smoothed into the series) and
month-averaged (that is, the data have been derived by averaging adjacent month-end levels).
3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository
institutions.
4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers.
Travelers checks issued by depository institutions are included in demand deposits.
5. Demand deposits at commercial banks and foreign-related institutions other than those
owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
6. Consists of NOW and ATS account balances at all depository institutions, credit union
share draft account balances, and demand deposits at thrift institutions.
7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances.
8. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities
(overnight and term) issued by depository institutions, and (4) eurodollars (overnight and
term) of U.S. addressees.
9. Small time deposits—including retail RPs—are those issued in amounts of less than
$100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are
subtracted from small time deposits.
10. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
11. Large time deposits at commercial banks less those held by money market funds,
depository institutions, the U.S. government, and foreign banks and official institutions.
12. Includes both overnight and term.

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES

A15

Assets and Liabilities 1

A. All commercial banks
Billions of dollars
Wednesday figures

Monthly averages

Sept.'

2001

2001

2000

Account

Mar.r

Apr/

May1"

June'

July'

Aug.'

Sept.

Sept. 5

Sept. 12

Sept. 19

Sept. 26

Seasonally adjusted
Assets
1 Bank credit
2
Securities in bank credit
3
U.S. government securities
4
Other securities
5
Loans and leases in bank credit2 . . . .
Commercial and industrial
1
Real estate
8
Revolving home equity
9
Other
10
Consumer
11
Security 3
Other loans and leases
17
n Interbank loans
14 Cash assets 4
15 Other assets5

5,161.7
1,333.1
804.3
528.8
3,828.6
1,079.6
1,639.1
123.3
1,515.8
530.3
168.5
411.1
238.9
286.1
379.0

5,293.9
1,346.2
755.3
590.9
3,947.7
1,103.5
1,683.9
137.1
1,546.8
544.6
178.1
437.5
273.6
286.1
416.8

5,317.7
1,363.9
763.3
600.7
3,953.7
1,099.3
1,690.7
138.4
1,552.4
548.4
179.6
435.8
290.0
288.3
418.2

5,326.8
1,371.5
767.2
604.3
3,955.3
1,096.3
1,701.8
139.7
1,562.1
552.6
168.1
436.4
283.4
282.0
411.3

5,323.3
1,381.3
766.5
614.8
3,942.0
1,079.4
1,705.1
140.9
1,564.3
551.1
172.0
434.4
268.1
275.2
403.7

5,320.9
1,386.4
773.5
612.9
3,934.5
1,068.4
1,713.5
142.5
1,570.9
548.9
169.9
433.8
272.8
288.1
412.6

5,335.7
1,420.3
786.6
633.7
3,915.4
1,061.5
1,708.6
143.9
1,564.7
547.3
170.2
427.8
288.1
282.4
422.1

5,412.8
1,446.6
798.6
648.0
3,966.2
1,064.2
1,714.4
146.3
1,568.1
547.5
182.1
458.0
356.1
326.3
456.2

5,347.2
1,422.5
792.2
630.4
3,924.7
1,059.5
1,714.0
145.1
1,568.8
548.6
177.4
425.2
299.9
304.4
425.3

5,501.2
1,427.9
795.8
632.1
4,073.3
1,072.9
1,714.2
145.5
1,568.7
546.3
218.9
520.9
441.1
387.0
461.5

5,427.7
1,451.2
795.7
655.5
3,976.5
1,065.3
1,721.4
147.0
1,574.4
549.1
183.5
457.1
357.4
327.2
441.6

5,381.8
1,460.8
797.3
663.4
3,921.1
1,063.9
1,709.9
146.7
1,563.2
546.1
164.6
436.6
335.7
294.4
471.2

16 Total assets 6

6,003.4

6,205.2

6,248.5

6,237.7

6,204.5

6,228.1

6,261.6

6,484.5

6,310.4

6,724.1

6,487.2

6,416.4

3,773.3
607.6
3,165.7
917.5
2,248.1
1,212.1
379.6
832.5
262.9
337.4

3,929.2
605.7
3,323.6
937.9
2,385.6
1,244.7
395.2
849.5
233.5
353.9

3,992.6
609.0
3,383.7
951.3
2,432.3
1,280.6
404.8
875.8
190.0
349.9

4,007.3
612.7
3,394.6
966.1
2,428.5
1,248.7
383.7
865.0
207.4
339.9

4,041.3
600.7
3,440.6
979.1
2,461.5
1,214.8
381.5
833.2
184.5
351.3

4,065.2
605.7
3,459.5
972.8
2,486.7
1,225.3
389.3
836.0
190.9
330.5

4,073.3
610.6
3,462.8
960.0
2,502.7
1,233.6
396.9
836.7
194.0
340.2

4,201.4
687.9
3,513.4
957.4
2,556.1
1,284.3
439.9
844.4
169.8
389.5

4,129.0
611.3
3,517.7
961.0
2,556.8
1,229.7
415.6
814.1
173.8
345.6

4,353.0
790.6
3,562.4
971.2
2,591.2
1,374.8
504.5
870.3
164.2
392.3

4,182.5
697.7
3,484.8
940.9
2,543.9
1,283.3
426.2
857.1
182.2
399.0

4,145.8
668.8
3,477.0
951.9
2,525.1
1,250.7
419.2
831.4
168.2
405.4

5,585.6

5,761.4

5,813.2

5,803.4

5,791.8

5,811.8

5,841.0

6,045.1

5,878.1

6,284.3

6,046.9

5,970.1

417.7

443.9

435.4

434.3

412.6

416.3

420.6

439.5

432.2

439.8

440.3

446.4

17
18
19
20
21
22
23
24
25
26

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

27 Total liabilities
28 Residual (assets less liabilities)7

Not seasonally adjusted

29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans . .
Other
Security 3
Other loans and leases
Interbank loans
Cash assets 4
Other assets5

46 Total assets 6
47
48
49
50
51
52
53
54
55
56

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

57 Total liabilities
58 Residual (assets less liabilities)
Footnotes appear on p. A21.




7

5,156.6
1,328.9
800.8
528.1
3,827.6
1,076.3
1,642.0
124.5
1,517.5
532.8
207.8
325.1
163.6
412.9
231.4
282.2
378.9

5,280.9
1,350.3
761.2
589.1
3,930.6
1,105.1
1,676.5
135.5
1,541.0
540.8
208.6
332.2
173.9
434.3
280.9
275.4
416.1

5,310.0
1,365.5
768.1
597.4
3,944.5
1,103.9
1,686.4
137.4
1,549.0
545.3
213.9
331.4
175.2
433.7
296.1
283.5
418.0

5,316.0
1,370.8
768.1
602.7
3,945.3
1,098.6
1,702.2
139.7
1,562.5
550.4
218.8
331.7
162.1
432.0
276.8
279.8
411.6

5,316.1
1,380.6
766.8
613.8
3,935.5
1,081.6
1,704.5
141.1
1,563.5
548.4
216.9
331.5
167.4
433.5
266.0
271.3
404.5

5,300.3
1,377.3
769.4
607.9
3,923.0
1,067.6
1,712.5
143.0
1,569.6
546.4
216.3
330.0
162.2
434.2
265.1
279.0
411.1

5,318.4
1,413.4
782.0
631.5
3,904.9
1,055.3
1,711.8
144.7
1,567.0
548.3
217.0
331.4
161.8
427.7
276.7
270.7
419.3

5,407.0
1,442.8
795.5
647.2
3,964.2
1,060.9
1.718.1
147.7
1,570.4
549.7
215.7
334.0
175.7
459.7
344.2
321.6
456.2

5,336.4
1,422.2
791.7
630.4
3,914.2
1,053.0
1,716.5
146.2
1,570.3
550.6
217.0
333.7
164.6
429.5
301.3
319.3
427.2

5,489.0
1,425.2
794.0
631.1
4,063.8
1,066.0
1,719.0
146.9
1,572.1
548.6
214.8
333.8
207.3
522.9
428.8
384.2
462.4

5,428.2
1,446.4
792.1
654.3
3,981.8
1,064.2
1,725.1
148.5
1,576.6
552.7
218.6
334.1
182.2
457.6
343.0
314.8
440.0

5,374.5
1,454.1
792.6
661.5
3,920.4
1,061.7
1,713.4
148.3
1,565.1
548.6
214.2
334.5
160.6
436.1
312.7
283.0
468.2

5,986.6

6,188.1

6,242.2

6,218.3

6,191.9

6,189.4

6,218.2

6,461.9

6,317.4

6,697.3

6,458.9

6,371.7

3,751.1
602.7
3,148.4
907.0
2,241.4
1,209.0
372.5
836.4
264.1
337.6

3,939.6
599.7
3,339.9
941.1
2,398.8
1,243.1
398.9
844.2
232.4
352.7

4,011.9
615.2
3,396.7
952.6
2,444.1
1,281.3
408.0
873.3
183.0
345.0

3,995.3
603.0
3,392.3
964.8
2,427.5
1,253.8
386.8
867.0
206.6
340.6

4,022.3
600.3
3,422.0
969.5
2,452.5
1,215.6
382.3
833.3
180.7
349.2

4,033.6
599.4
3,434.2
959.0
2,475.2
1,215.9
386.0
829.9
184.6
326.1

4,032.8
596.7
3,436.1
946.6
2,489.5
1,211.7
388.6
823.1
193.2
340.0

4,175.9
681.8
3,494.1
946.1
2,548.0
1,279.1
430.1
849.0
171.7
390.0

4,133.9
627.2
3,506.7
948.1
2,558.6
1,218.0
407.1
810.9
177.3
347.1

4,339.9
790.9
3,549.0
958.8
2,590.2
1,355.2
489.6
865.6
166.1
392.6

4,141.4
680.9
3,460.6
929.4
2,531.2
1,289.0
419.5
869.5
182.7
398.1

4,091.0
646.7
3,444.3
941.9
2,502.4
1,252.1
409.7
842.4
171.8
408.4

5,561.7

5,767.9

5,821.2

5,796.3

5,767.8

5,760.1

5,777.6

6,016.6

5,876.3

6,253.8

6,011.3

5,923.3

422.0

424.1

429.3

440.6

445.3

441.0

443.5

447.7

448.4

424.8

420.2

421.0

A16
1.26

Domestic Financial Statistics • December 2001
COMMERCIAL BANKS IN THE UNITED STATES

Assets and Liabilities 1 —Continued

B. Domestically chartered commercial banks
Billions of dollars
Monthly averages
Account

2000
Sept.r

Wednesday figures

2001
Mar.r

Apr.r

May'

June'

2001
July'

Aug.'

Sept.

Sept. 5

Sept. 12

Sept. 19

Sept. 26

Seasonally adjusted

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security 3
Other loans and leases
Interbank loans
Cash assets 4
Other assets5

16 Total assets 6
17
18
19
20
21
22
23
24
25
26

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

27 Total liabilities
28 Residual (assets less liabilities)7

4,564.5
1,120.9
728.9
392.0
3,443.6
874.6
1,620.8
123.3
1,497.5
530.3
73.9
344.0
215.1
241.6
339.6

4,665.8
1,136.7
688.1
448.6
3,529.1
884.3
1,665.9
137.1
1,528.7
544.6
66.9
367.4
244.0
246.0
379.6

4,691.0
1,143.0
688.9
454.1
3,548.0
879.9
1,673.3
138.4
1,534.9
548.4
78.8
367.6
262.3
249.6
378.5

4,715.3
1,157.0
697.5
459.4
3,558.3
877.9
1,684.1
139.7
1,544.4
552.6
75.2
368.4
253.8
244.7
374.0

4,720.4
1,165.3
698.4
466.9
3,555.1
868.1
1,687.5
140.9
1,546.7
551.1
80.8
367.6
246.2
238.9
366.5

4,728.4
1,169.9
706.4
463.5
3,558.6
862.2
1,695.6
142.5
1,553.1
548.9
83.5
368.4
251.6
251.3
380.9

4,743.5
1,200.8
719.8
481.0
3,542.7
856.5
1,690.4
143.9
1,546.5
547.3
86.4
362.1
267.7
245.2
393.0

4,826.5
1,226.7
729.0
497.7
3,599.8
859.6
1,695.7
146.3
1,549.4
547.5
104.0
393.1
330.3
281.6
424.7

4,755.3
1,202.1
723.5
478.5
3,553.2
856.3
1,695.2
145.1
1,550.1
548.6
91.7
361.4
274.5
265.6
399.1

4,918.8
1,211.2
727.9
483.3
3,707.6
869.4
1,695.9
145.5
1,550.4
546.3
141.1
454.8
419.6
334.8
431.5

4,836.6
1,231.7
726.8
504.9
3,604.9
857.9
1,702.6
147.0
1,555.6
549.1
104.6
390.7
326.8
278.1
408.4

4,794.8
1,238.8
726.2
512.7
3,555.9
858.5
1,691.0
146.7
1,544.3
546.1
87.9
372.5
307.8
255.0
437.0

5,298.7

5,470.7

5,516.0

5,522.4

5,506.6

5,546.2

5,583.0

5,796.7

5,628.5

6,038.3

5,783.5

5,728.2

3,387.5
597.5
2,790.0
544.1
2,245.9
994.3
359.6
634.6
241.4
261.0

3,549.0
596.0
2,952.9
569.6
2,383.4
1,008.7
369.5
639.3
211.5
271.3

3,598.3
598.2
3,000.1
570.0
2,430.0
1,040.4
379.5
660.9
185.5
261.1

3,598.8
602.2
2,996.7
570.4
2,426.2
1,029.7
363.4
666.3
211.8
253.8

3,622.6
591.2
3,031.4
572.2
2,459.2
999.0
359.1
640.0
204.1
266.7

3,652.7
596.4
3,056.3
572.0
2,484.3
1,014.6
366.9
647.6
207.1
250.9

3,670.1
600.7
3,069.4
569.0
2,500.4
1,023.3
376.0
647.3
205.7
261.5

3,797.3
675.0
3,122.2
568.5
2,553.7
1,065.7
410.7
655.0
188.1
309.0

3,726.4
599.1
3,127.3
572.9
2,554.4
1,022.4
397.2
625.2
184.6
270.7

3,945.0
775.8
3,169.2
580.3
2,588.9
1,146.8
459.5
687.3
197.8
313.7

3,784.5
685.1
3,099.4
557.9
2,541.6
1,055.3
398.9
656.4
189.9
313.9

3,740.8
655.8
3,085.0
562.2
2,522.8
1,037.9
396.4
641.5
181.8
323.2

4,884.1

5,040.5

5,085.3

5,094.1

5,092.4

5,125.3

5,160.5

5,360.1

5,204.2

5,603.2

5,343.5

5,283.7

414.6

430.2

430.8

428.3

414.1

420.9

422.4

436.6

424.3

435.1

440.0

444.5

Not seasonally adjusted

29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans . .
Other
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5

46 Total assets 6
47
48
49
50
51
52
53
54
55
56

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

57 Total liabilities
58 Residual (assets less liabilities)
Footnotes appear on p. A21.




7

4,561.1
1,116.7
725.4
391.3
3,444.5
871.7
1,623.7
124.5
1,499.2
532.8
207.8
325.1
70.2
345.9
207.6
238.6
339.8

4,657.9
1,140.8
693.9
446.8
3,517.1
884.7
1,658.4
135.5
1,522.9
540.8
208.6
332.2
68.9
364.2
251.3
236.8
378.3

4,686.2
1,144.6
693.7
450.9
3,541.7
886.3
1,668.9
137.4
1,531.5
545.3
213.9
331.4
75.8
365.3
268.3
246.3
379.2

4,709.2
1,156.2
698.4
457.8
3,553.0
883.3
1,684.5
139.7
1,544.8
550.4
218.8
331.7
70.0
364.8
247.3
243.3
374.8

4,716.9
1,164.6
698.7
465.9
3,552.3
871.5
1,686.9
141.1
1,545.9
548.4
216.9
331.5
78.2
367.3
244.1
236.2
368.7

4,712.3
1,160.8
702.3
458.5
3,551.5
862.1
1,694.7
143.0
1,551.7
546.4
216.3
330.0
78.6
369.8
243.8
243.5
380.2

4,732.5
1,193.9
715.2
478.8
3,538.6
851.7
1,693.6
144.7
1,548.8
548.3
217.0
331.4
81.8
363.2
256.3
234.6
390.4

4,822.4
1,222.8
726.0
496.9
3,599.6
856.7
1,699.4
147.7
1,551.6
549.7
215.7
334.0
98.8
395.0
318.4
277.9
424.9

4,753.5
1,201.7
723.1
478.6
3,551.8
851.6
1,697.7
146.2
1,551.5
550.6
217.0
333.7
85.9
366.0
275.9
281.9
400.8

4,910.1
1,208.5
726.2
482.3
3,701.6
863.8
1,700.8
146.9
1,553.8
548.6
214.8
333.8
131.3
457.1
407.2
334.1
432.4

4,836.8
1,226.9
723.3
503.6
3,610.0
856.9
1,706.3
148.5
1,557.8
552.7
218.6
334.1
102.4
391.7
312.4
267.3
407.3

4,785.9
1,232.2
721.4
510.7
3,553.8
855.7
1,694.5
148.3
1,546.2
548.6
214.2
334.5
82.9
372.0
284.8
243.1
434.5

5,284.9

5,459.4

5,515.1

5,509.1

5,500.2

5,514.1

5,547.4

5,777.0

5,645.7

6,017.0

5,757.2

5,682.1

3,372.8
592.3
2,780.5
541.2
2,239.2
991.2
352.6
638.6
240.6
260.2

3,554.8
590.3
2,964.5
568.0
2,396.5
1,007.1
373.1
634.0
210.3
270.0

3,614.7
605.0
3,009.7
567.9
2,441.8
1,041.1
382.7
658.4
183.1
258.3

3,585.6
592.8
2,992.8
567.6
2,425.2
1.034.7
366.5
668.2
214.1
256.0

3,610.8
590.9
3,019.8
569.6
2,450.2
999.9
359.9
640.0
203.4
266.2

3,631.3
590.0
3,041.2
568.3
2,472.9
1,005.2
363.7
641.5
204.0
248.0

3,641.3
586.8
3,054.5
567.3
2,487.2
1,001.4
367.7
633.7
206.1
261.9

3,779.7
668.6
3,111.1
565.4
2,545.7
1,060.5
400.9
659.5
187.5
308.3

3,743.0
614.9
3,128.1
571.8
2,556.3
1,010.7
388.7
622.1
184.3
270.5

3,942.2
776.0
3,166.2
578.3
2,587.9
1,127.2
444.5
682.7
196.6
312.4

3,752.0
668.1
3,083.9
555.0
2,528.9
1,061.0
392.2
668.8
188.5
312.1

3,689.3
632.9
3,056.4
556.4
2,500.1
1,039.4
387.0
652.4
183.7
325.3

4,864.7

5,042.3

5,097.2

5,090.5

5,080.2

5,088.4

5,110.7

5,336.0

5,208.5

5,578.4

5,313.6

5,237.7

420.2

417.1

417.9

418.6

420.0

425.6

436.7

441.0

437.2

438.6

443.6

444.4

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES

A17

Assets and Liabilities 1 —Continued

C. Large domestically chartered commercial banks
Billions of dollars
Wednesday figures

Monthly averages

Sept.'

2001

2001

2000

Account

Mar.'

Apr.'

May'

June'

July1

Aug.'

Sept.

Sept. 5

Sept. 12

Sept. 19

Sept. 26

Seasonally adjusted
Assets
1 Bank credit
Securities in bank credit
?
U.S. government securities
Trading account
4
Investment account
Other securities
6
Trading account
7
Investment account
8
9
State and local government . .
in
Other
Loans and leases in bank credit2 . . . .
11
Commercial and industrial
17.
Bankers acceptances
n
Other
14
Real estate
15
16
Revolving home equity
Other
17
Consumer
18
Security 3
19
Federal funds sold to and
20
repurchase agreements
with broker-dealers
Other
?1
State and local government
77
Agricultural
23
Federal funds sold to and
24
repurchase agreements with
others
All other loans
75
76
Lease-financing receivables
77 Interbank loans
Federal funds sold to and
28
repurchase agreements with
commercial banks
79
Other
30 Cash assets4
31 Other assets5
32 Total assets 6
33
34
35
36
37
38
39
40
41
42

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

43 Total liabilities
44 Residual (assets less liabilities)
Footnotes appear on p. A21.




7

2,570.5
589.4
364.5
22.8
341.8
224.8
114.8
110.0
25.7
84.2
1,981.1
594.1
.9
593.2
831.2
79.2
752.0
235.6
67.1

2,600.1
592.0
343.2
35.4
307.7
248.8
132.5
116.3
28.1
88.2
2,008.1
589.4
.8
588.6
841.5
85.2
756.3
248.8
59.0

2,620.3
598.6
346.3
33.7
312.6
252.3
135.9
116.3
28.4
88.0
2,021.7
585.2
.8
584.4
848.3
86.2
762.1
249.8
70.4

2,631.6
608.7
354.4
35.3
319.2
254.2
137.0
117.2
28.1
89.1
2,022.9
582.8
.8
582.0
854.1
86.7
767.4
252.3
66.8

2,629.3
612.4
352.6
35.1
317.5
259.7
143.5
116.3
27.9
88.4
2,016.9
570.8
.7
570.1
852.9
86.9
766.0
254.2
72.5

2,622.5
609.7
353.3
38.3
315.0
256.4
140.8
115.6
27.8
87.8
2,012.8
561.7
n.a.
561.7
853.9
86.8
767.1
253.8
75.1

2,622.8
630.9
361.0
36.3
324.8
269.9
153.1
116.8
27.6
89.2
1,991.8
556.6
n.a.
556.6
844.5
87.3
757.2
250.9
78.0

2,686.0
641.9
364.2
37.9
326.3
277.7
160.9
116.8
27.5
89.3
2,044.1
560.7
n.a.
560.7
844.4
88.9
755.6
252.3
93.6

2,622.5
623.7
357.9
35.8
322.1
265.7
149.2
116.5
27.5
89.0
1,998.8
556.3
n.a.
556.3
845.2
88.1
757.1
252.2
83.3

2,788.0
634.1
362.6
41.4
321.3
271.5
154.8
116.7
27.7
89.0
2,153.9
571.7
n.a.
571.7
852.3
88.7
763.6
253.3
124.3

2,694.9
645.0
366.2
42.1
324.1
278.7
161.7
117.0
27.5
89.5
2,049.9
559.1
n.a.
559.1
850.7
89.3
761.4
252.9
96.1

2,652.1
653.3
365.2
34.0
331.2
288.1
171.1
117.0
27.5
89.5
1,998.7
559.3
n.a.
559.3
835.1
88.8
746.3
251.9
79.2

46.8
20.3
12.8
9.5

43.7
15.3
13.0
10.4

53.9
16.5
13.0
10.4

49.4
17.4
13.0
10.6

54.7
17.8
13.3
10.3

59.6
15.5
14.2
10.0

63.5
14.5
14.1
9.4

66.3
27.3
14.3
9.2

68.7
14.6
14.1
9.2

73.1
51.2
14.2
9.2

69.1
27.0
14.2
9.2

60.3
18.9
14.4
9.1

16.4
86.3
128.2
134.3

26.2
86.8
133.0
139.3

23.0
87.7
133.8
147.9

23.6
85.5
134.4
134.3

25.5
84.7
132.6
131.0

30.8
81.5
131.7
135.8

31.8
75.5
131.0
150.1

32.5
105.6
131.5
207.9

30.9
76.4
131.2
159.4

36.7
160.7
131.5
280.7

36.1
99.9
131.8
206.7

29.0
89.0
131.6
186.4

59.2
75.1
143.6
256.0

72.2
67.1
142.8
282.0

84.0
63.9
145.6
276.9

72.9
61.4
139.9
274.0

72.3
58.7
135.7
261.8

70.9
64.9
146.2
267.8

79.6
70.4
140.1
277.1

132.1
75.8
173.7
302.6

88.5
70.8
158.1
277.9

199.5
81.1
226.6
310.9

126.1
80.6
171.9
280.1

113.9
72.5
146.6
321.9

3,068.5

3,126.4

3,152.7

3,142.2

3,120.0

3,134.3

3,151.9

3,332.3

3,180.3

3,568.2

3,315.8

3,269.0

1,666.4
305.2
1,361.2
261.1
1,100.1
650.0
196.5
453.6
220.9
228.3

1,716.2
303.4
1,412.9
268.5
1,144.4
668.5
220.4
448.0
196.1
232.6

1,741.2
303.2
1,438.0
268.4
1,169.6
696.5
230.7
465.8
172.7
221.1

1,732.1
304.1
1,428.0
270.7
1,157.3
682.4
213.4
469.0
195.2
211.5

1,736.7
299.7
1,437.0
274.1
1,162.9
654.5
211.0
443.5
190.9
223.7

1,748.8
306.0
1,442.8
271.1
1,171.7
667.7
218.8
449.0
192.4
205.4

1,751.2
303.6
1,447.5
264.4
1,183.1
673.3
226.4
446.9
190.2
215.7

1,855.9
374.7
1,481.2
264.3
1,216.9
704.6
257.2
447.4
177.6
263.8

1,789.7
309.2
1,480.5
266.6
1,213.9
668.4
245.4
423.0
171.8
225.5

2,008.2
482.2
1,526.0
275.0
1,250.9
775.1
302.4
472.8
188.7
266.0

1,837.9
381.8
1,456.1
253.9
1,202.2
696.3
247.3
449.0
179.1
273.0

1,800.0
342.1
1,458.0
261.3
1,196.6
678.3
242.7
435.5
171.4
281.7

2,765.6

2,813.4

2,831.5

2,821.2

2,805.9

2,814.4

2,830.4

3,001.9

2,855.5

3,237.9

2,986.3

2,931.5

321.0

314.1

319.9

321.5

330.4

324.8

330.3

329.5

337.6

302.9

313.0

321.3

A18
1.26

Domestic Financial Statistics • December 2001
COMMERCIAL B A N K S IN THE UNITED STATES

Assets and Liabilities 1 —Continued

C. Large domestically chartered commercial banks—Continued
Billions of dollars
Monthly averages
Account

2000
Sept.'

Wednesday figures

2001
Mar.'

Apr.'

May'

June'

2001
July'

Aug.'

Sept.

Sept. 5

Sept. 12

Sept. 19

Sept. 26

Not seasonally adjusted
Assets
45 Bank credit
46
Securities in bank credit
4'/
U.S. government securities
48
Trading account
49
Investment account
50
Mortgage-backed securities .
Other
51
52
One year or less
One to five years
53
54
More than five years . . . .
55
Other securities
56
Trading account
57
Investment account
58
State and local government .
59
Other
Loans and leases in bank credit2 . . .
60
Commercial and industrial
61
62
Bankers acceptances
63
Other
64
Real estate
Revolving home equity
65
66
Other
67
Commercial
68
Consumer
69
Credit cards and related plans .
70
Other
71
Security 3
72
Federal funds sold to and
repurchase agreements
with broker-dealers
Other
73
74
State and local government
Agricultural
75
76
Federal funds sold to and
repurchase agreements
with others
All other loans
77
Lease-financing receivables
78
79 Interbank loans
80
Federal funds sold to and
repurchase agreements
with commercial banks
Other
81
82 Cash assets4
83 Other assets5
84 Total assets6
85
86
87
88
89
90
91
92
93
94

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From nonbanks in the U.S
Net due to related foreign offices
Other liabilities

95 Total liabilities
96 Residual (assets less liabilities)7
Footnotes appear on p. A21.




2,562.0
585.5
361.4
22.6
338.9
213.5
125.4
33.5
54.1
37.7
224.1
114.5
109.6
25.7
84.0
1,976.5
592.6
.9
591.8
832.6
80.2
461.7
290.6
234.7
75.5
159.2
63.6

2,596.6
593.8
346.8
35.8
311.0
219.7
91.3
31.6
34.3
25.4
247.0
131.5
115.5
27.9
87.6
2,002.8
590.2
.8
589.4
835.7
83.8
455.3
296.6
248.5
82.7
165.8
60.7

2,615.9
597.6
348.5
34.0
314.5
227.2
87.3
30.0
31.4
25.9
249.0
134.2
114.9
28.0
86.8
2,018.3
589.5
.8
588.7
844.3
85.3
462.1
297.0
250.4
84.7
165.8
67.4

2,625.1
606.4
353.8
35.2
318.6
233.9
84.6
26.9
31.1
26.6
252.6
136.1
116.5
28.0
88.5
2,018.7
585.5
.8
584.7
853.7
86.7
468.6
298.4
252.7
87.0
165.8
61.9

2,623.9
610.0
351.3
35.0
316.3
230.3
86.1
25.4
34.2
26.5
258.7
142.9
115.8
27.8
88.1
2,013.8
572.4
.7
571.6
851.5
87.1
465.0
299.4
253.6
88.0
165.7
70.1

2,606.3
600.8
349.4
37.9
311.5
230.7
80.9
21.0
34.2
25.8
251.4
138.1
113.4
27.3
86.1
2,005.4
561.7
n.a.
561.7
852.4
87.4
465.5
299.5
252.1
87.3
164.8
70.4

2,608.6
624.8
357.1
35.9
321.2
243.7
77.5
20.0
33.7
23.9
267.7
151.9
115.8
27.3
88.5
1,983.8
553.4
n.a.
553.4
845.9
88.4
458.5
299.0
249.7
85.1
164.6
73.5

2,676.5
638.3
361.3
37.6
323.7
249.2
74.4
20.0
34.4
20.0
277.0
160.5
116.5
27.4
89.1
2,038.2
559.3
n.a.
559.3
846.3
90.0
457.6
298.7
251.1
84.6
166.5
88.6

2,616.7
624.2
358.4
35.9
322.5
247.2
75.3
22.4
32.1
20.8
265.8
149.3
116.5
27.5
89.0
1,992.5
553.6
n.a.
553.6
847.1
89.4
459.5
298.2
251.3
85.3
166.0
77.2

2,774.0
631.4
360.8
41.2
319.7
245.3
74.3
20.2
33.8
20.3
270.5
154.3
116.3
27.6
88.7
2,142.6
568.4
n.a.
568.4
855.3
89.9
466.1
299.3
252.0
85.0
167.1
114.9

2,687.7
639.9
362.3
41.7
320.7
244.3
76.4
21.6
34.2
20.7
277.5
161.1
116.5
27.4
89.1
2,047.8
559.2
n.a.
559.2
852.4
90.4
462.6
299.3
251.8
85.4
166.5
94.1

2,636.3
645.9
359.7
33.5
326.1
253.1
73.1
17.9
36.2
18.9
286.3
170.0
116.3
27.3
88.9
1,990.3
557.5
n.a.
557.5
835.8
89.9
447.2
298.7
250.6
84.0
166.6
74.8

44.3
19.2
12.8
9.6

45.0
15.7
13.0
10.2

51.5
15.8
13.0
10.2

45.8
16.1
13.0
10.5

52.9
17.2
13.3
10.4

55.9
14.5
14.2
10.1

59.8
13.7
14.1
9.6

62.8
25.8
14.3
9.3

63.7
13.5
14.1
9.3

67.6
47.3
14.2
9.3

67.7
26.4
14.2
9.3

56.9
17.9
14.4
9.3

16.4
87.3
126.9
129.8

26.2
84.8
133.5
140.4

23.0
86.6
133.9
150.0

23.6
84.0
133.7
136.7

25.5
84.8
132.2
135.4

30.8
82.4
131.2
135.6

31.8
75.6
130.2
144.5

32.5
106.8
130.1
200.1

30.9
79.0
130.0
155.9

36.7
161.9
130.0
267.1

36.1
100.7
130.0
200.5

29.0
88.9
130.1
177.8

57.3
72.5
140.2
256.2

72.8
67.6
137.9
280.7

85.1
64.9
145.9
277.6

74.1
62.5
140.1
274.9

74.7
60.7
134.1
264.0

70.8
64.8
139.8
267.1

76.7
67.8
132.3
274.4

127.1
73.0
169.4
302.9

86.6
69.3
165.0
279.7

189.9
77.2
223.5
311.8

122.3
78.2
163.7
279.0

108.6
69.2
137.8
319.4

3,052.1

3,117.7

3,151.7

3,138.9

3,119.5

3,110.9

3,121.6

3,310.5

3,179.2

3,538.1

3,292.7

3,233.4

1,657.1
300.1
1,357.1
258.3
1,098.8
646.8
189.4
457.4
220.0
227.5

1,714.7
299.7
1,415.0
266.9
1,148.1
667.0
224.1
442.9
194.9
231.3

1,750.3
310.5
1,439.8
266.3
1,173.5
697.3
233.9
463.3
170.3
218.1

1,725.3
299.9
1,425.4
267.8
1,157.6
687.4
216.5
470.9
197.5
213.8

1,736.2
299.8
1,436.5
271.5
1,165.0
655.3
211.8
443.6
190.3
223.1

1,740.6
301.1
1,439.5
267.5
1,172.0
658.5
215.5
443.0
189.2
202.3

1,735.2
292.5
1,442.7
262.7
1,180.0
651.7
218.1
433.6
190.6
216.1

1,844.7
368.3
1,476.4
261.3
1,215.1
699.2
247.4
451.8
177.0
263.1

1,799.2
314.7
1,484.5
265.4
1,219.1
656.7
236.9
419.9
171.5
225.3

2,005.4
478.4
1,527.0
273.0
1,254.0
755.8
287.4
468.4
187.5
264.6

1,818.0
369.3
1,448.7
251.1
1,197.6
701.8
240.7
461.1
177.7
271.0

1,768.2
327.4
1,440.8
255.5
1,185.3
679.5
233.3
446.2
173.3
284.0

2,751.5

2,807.8

2,836.0

2,824.1

2,805.0

2,790.7

2,793.7

2,984.0

2,852.8

3,213.3

2,968.5

2,904.9

300.6

310.0

315.7

314.8

314.6

320.2

327.9

326.5

326.4

324.8

324.2

328.5

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES

A19

Assets and Liabilities'—Continued

D. Small domestically chartered commercial banks
Billions of dollars
Wednesday figures

Monthly averages
Account

Sept.r

2001

2001

2000
Mar.'

Apr.'

May'

June'

July'

Aug.'

Sept.

Sept. 5

Sept. 12

Sept. 19

Sept. 26

Seasonally adjusted

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Security 3
Other loans and leases
Interbank loans
Cash assets 4
Other assets5

16 Total assets 6
17
18
19
20
21
22
23
24
25
26

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

27 Total liabilities
28 Residual (assets less liabilities)7

1,990.6
528.1
364.3
163.8
1,462.5
280.6
789.7
44.1
745.6
294.7
6.8
90.8
80.8
98.0
88.6

2,062.6
541.2
344.9
196.3
1,521.5
294.9
824.9
47.6
777.3
295.8
7.9
98.0
104.7
103.2
103.1

2,067.6
540.9
342.5
198.3
1,526.8
294.7
825.4
47.8
777.7
298.6
8.4
99.7
114.4
103.9
107.1

2,080.6
544.7
343.1
201.6
1,535.8
295.2
830.5
48.5
782.0
300.4
8.5
101.4
119.5
104.7
105.3

2,088.0
549.4
345.8
203.6
1,538.6
297.3
835.0
49.4
785.6
296.9
8.3
101.1
115.3
103.2
109.9

2,102.8
556.6
353.1
203.6
1,546.2
300.5
842.1
50.8
791.3
295.0
8.4
100.1
115.8
105.1
118.3

2,116.6
566.3
358.8
207.5
1,550.3
299.9
846.2
52.0
794.2
295.5
8.5
100.2
117.6
105.0
121.4

2,126.5
573.2
363.0
210.3
1,553.2
298.9
851.5
53.0
798.6
294.0
8.8
100.0
122.4
107.7
129.9

2,128.4
574.8
365.6
209.2
1,553.6
300.1
850.3
52.6
797.8
295.3
8.4
99.6
115.1
107.5
126.7

2,116.4
570.6
362.4
208.2
1,545.8
297.7
843.9
52.3
791.6
292.0
9.8
102.5
138.9
108.2
136.5

2,127.1
573.0
360.6
212.5
1,554.1
298.8
852.1
53.2
799.0
295.1
8.6
99.5
120.1
106.0
132.8

2,128.0
571.8
360.9
210.9
1,556.2
299.2
856.0
53.4
802.7
293.0
8.7
99.4
121.4
108.1
120.6

2,231.9

2,346.7

2,365.6

2,382.4

2,388.6

2,414.1

2,432.4

2,458.1

2,449.3

2,471.5

2,457.6

2,449.8

1,721.2
292.4
1,428.8
282.9
1,145.8
333.5
163.2
170.3
20.6
47.0

1,832.7
292.6
1,540.1
301.1
1,239.0
329.4
149.0
180.3
15.4
52.9

1,857.1
295.0
1,562.1
301.6
1,260.5
332.3
148.8
183.5
12.8
53.6

1,866.8
298.1
1,568.7
299.8
1,268.9
335.6
150.0
185.6
16.6
55.2

1,885.9
291.5
1,594.4
298.1
1,296.3
333.4
148.1
185.3
13.1
56.3

1,903.9
290.4
1,613.5
300.8
1,312.6
335.6
148.2
187.5
14.7
58.1

1,918.9
297.0
1,621.9
304.6
1,317.3
338.9
149.6
189.4
15.5
58.9

1,936.1
301.0
1,635.1
304.2
1,330.9
347.9
153.5
194.4
10.5
60.4

1,936.7
289.9
1,646.8
306.4
1,340.5
343.7
151.8
191.9
12.8
59.7

1,948.4
304.3
1,644.1
305.3
1,338.8
350.7
157.1
193.7
9.1
61.1

1,931.0
298.9
1,632.1
304.0
1,328.1
347.8
151.6
196.2
10.7
61.5

1,928.1
312.4
1,615.7
300.9
1,314.8
348.8
153.7
195.1
10.4
59.4

2,122.1

2,230.4

2,255.8

2,274.1

2,288.8

2,312.4

2,332.2

2,354.8

2,352.8

2,369.3

2,350.9

2,346.6

109.7

116.3

109.8

108.3

99.8

101.7

100.2

103.2

96.5

102.3

106.6

103.2

Not seasonally adjusted

29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45

Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Revolving home equity
Other
Consumer
Credit cards and related plans . .
Other
Security 3
Other loans and leases
Interbank loans
Cash assets 4
Other assets5

46 Total assets 6
47
48
49
50
51
52
53
54
55
56

Liabilities
Deposits
Transaction
Nontransaction
Large time
Other
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

57 Total liabilities
58 Residual (assets less liabilities)7
Footnotes appear on p. A21.




1,995.7
527.8
364.0
163.8
1,468.0
279.1
791.1
44.3
746.9
298.1
132.3
165.8
6.6
93.0
77.8
98.5
88.6

2,058.3
543.4
347.1
196.3
1,514.9
294.6
823.2
47.4
775.8
292.3
126.0
166.4
8.2
96.5
110.9
98.9
103.1

2,067.3
543.5
345.2
198.3
1,523.8
296.8
825.1
47.7
777.3
294.8
129.2
165.6
8.5
98.6
118.3
100.4
107.1

2,081.1
546.3
344.7
201.6
1,534.8
297.8
831.2
48.6
782.6
297.7
131.8
165.9
8.1
100.0
110.6
103.2
105.3

2,089.9
551.0
347.4
203.6
1,538.9
299.1
835.8
49.4
786.4
294.7
129.0
165.8
8.1
101.2
108.6
102.0
109.9

2,102.9
556.5
352.9
203.6
1,546.4
300.4
842.6
50.5
792.1
294.3
129.0
165.2
8.1
101.0
108.2
103.8
118.3

2,119.8
565.6
358.1
207.5
1,554.2
298.2
848.0
51.7
796.2
297.8
131.9
165.9
8.3
101.9
111.8
102.2
121.4

2,132.1
573.1
362.8
210.3
1,559.0
297.4
853.3
53.2
800.1
297.5
131.1
166.4
8.6
102.1
118.3
108.4
129.9

2,132.3
573.9
364.7
209.2
1,558.4
297.9
850.8
52.3
798.5
298.2
131.7
166.5
8.7
102.7
120.0
116.9
126.7

2,122.2
570.7
362.5
208.2
1,551.6
295.4
845.7
52.4
793.3
295.5
129.8
165.7
9.9
105.1
140.1
110.6
136.5

2,134.6
573.4
360.9
212.5
1,561.2
297.8
854.1
53.5
800.6
299.7
133.2
166.5
8.3
101.4
111.9
103.5
132.8

2,135.0
572.6
361.8
210.9
1,562.4
298.2
858.8
53.8
805.0
296.9
130.2
166.7
8.1
100.4
107.0
105.0
120.6

2,234.5

2,344.1

2,365.8

2,372.5

2,382.7

2,405.4

2,427.0

2,460.3

2,467.5

2,481.0

2,454.3

2,439.3

1,715.7
292.3
1,423.4
282.9
1,140.5
333.5
163.2
170.3
20.6
47.0

1,840.2
290.6
1,549.6
301.1
1,248.5
329.4
149.0
180.3
15.4
52.9

1,864.4
294.5
1,569.9
301.6
1,268.3
332.3
148.8
183.5
12.8
53.6

1,860.3
292.9
1,567.4
299.8
1,267.6
335.6
150.0
185.6
16.6
55.2

1,874.5
291.2
1,583.4
298.1
1,285.3
333.4
148.1
185.3
13.1
56.3

1,890.7
288.9
1,601.8
300.8
1,301.0
335.6
148.2
187.5
14.7
58.1

1,906.1
294.3
1,611.8
304.6
1,307.2
338.9
149.6
189.4
15.5
58.9

1,929.8
300.9
1,628.9
304.2
1,324.7
347.9
153.5
194.4
10.5
60.4

1,943.8
300.2
1,643.6
306.4
1,337.2
343.7
151.8
191.9
12.8
59.7

1,948.2
308.2
1,640.1
305.3
1,334.8
350.7
157.1
193.7
9.1
61.1

1,918.5
294.4
1,624.0
304.0
1,320.1
347.8
151.6
196.2
10.7
61.5

1,908.7
304.2
1,604.4
300.9
1,303.6
348.8
153.7
195.1
10.4
59.4

2,116.7

2,237.9

2,263.1

2,267.7

2,277.4

2,299.2

2,319.4

2,348.6

2,359.9

2,369.1

2,338.4

2,327.3

117.8

106.2

102.7

104.8

105.3

106.2

107.6

111.7

107.6

111.8

115.8

112.1

A20
1.26

Domestic Financial Statistics • December 2001
COMMERCIAL B A N K S IN THE UNITED STATES

Assets and Liabilities 1 —Continued

E. Foreign-related institutions
Billions of dollars
Monthly averages
Account

2000
Sept.'

Wednesday figures

2001
Mar.'

Apr.'

May'

June'

2001
July'

Aug.'

Sept.

Sept. 5

Sept. 12

Sept. 19

Sept. 26

Seasonally adjusted

1
2
3
4
5
6
7
8
9
10
11
12

Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Security 3
Other loans and leases
Interbank loans
Cash assets4
Other assets5

13 Total assets 6
14
15
16
17
18
19
20
21

Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

22 Total liabilities
23 Residual (assets less liabilities)7

597.3
212.3
75.4
136.9
385.0
204.9
18.3
94.6
67.2
23.8
44.5
39.4

628.1
209.5
67.2
142.3
418.6
219.2
18.0
111.2
70.1
29.6
40.0
37.2

626.7
221.0
74.4
146.5
405.7
219.3
17.5
100.8
68.2
27.7
38.7
39.7

611.5
214.6
69.7
144.9
397.0
218.4
17.7
92.9
67.9
29.5
37.3
37.3

602.9
216.0
68.1
148.0
386.9
211.2
17.6
91.2
66.8
21.9
36.3
37.1

592.5
216.5
67.1
149.4
376.0
206.3
17.9
86.5
65.4
21.3
36.8
31.7

592.2
219.5
66.8
152.7
372.7
205.0
18.2
83.8
65.7
20.4
37.3
29.2

586.3
219.9
69.6
150.4
366.4
204.6
18.7
78.1
65.0
25.8
44.7
31.4

591.9
220.5
68.7
151.8
371.4
203.2
18.7
85.7
63.8
25.4
38.7
26.1

582.4
216.7
67.9
148.8
365.7
203.5
18.3
77.8
66.1
21.6
52.2
29.9

591.1
219.5
68.9
150.6
371.6
207.5
18.8
78.9
66.4
30.6
49.1
33.2

587.0
221.9
71.2
150.8
365.1
205.5
18.9
76.7
64.1
27.9
39.5
34.2

704.6

734.6

732.5

715.3

697.9

681.9

678.7

687.8

681.8

685.8

703.6

688.2

385.8
10.1
375.7
217.8
20.0
197.8
21.5
76.5

380.3
9.7
370.6
236.0
25.8
210.2
22.0
82.6

394.3
10.7
383.6
240.2
25.3
214.9
4.6
88.8

408.5
10.6
397.9
219.1
20.3
198.7
^1.3
86.1

418.7
9.5
409.2
215.8
22.5
193.3
-19.6
84.6

412.5
9.3
403.2
210.7
22.3
188.4
-16.2
79.5

403.3
9.9
393.4
210.3
20.9
189.4
-11.7
78.6

404.1
12.9
391.2
218.7
29.2
189.5
-18.3
80.5

402.6
12.2
390.4
207.3
18.4
188.9
-10.8
74.9

408.0
14.8
393.2
228.0
45.1
182.9
-33.5
78.6

398.0
12.6
385.4
228.0
27.3
200.7
-7.7
85.1

405.1
13.0
392.1
212.7
22.8
190.0
-13.7
82.2

701.5

720.9

727.9

709.3

699.4

686.5

680.5

685.0

673.9

681.1

703.4

686.3

3.1

13.7

4.6

6.0

-1.5

-4.6

-1.8

2.9

7.9

4.7

.3

1.9

Not seasonally adjusted

24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39

Assets
Bank credit
Securities in bank credit
U.S. government securities
Trading account
Investment account
Other securities
Trading account
Investment account
Loans and leases in bank credit 2 . . . .
Commercial and industrial
Real estate
Security 3
Other loans and leases
Interbank loans
Cash assets4
Other assets5

40 Total assets 6
41
42
43
44
45
46
47
48

Liabilities
Deposits
Transaction
Nontransaction
Borrowings
From banks in the U.S
From others
Net due to related foreign offices
Other liabilities

49 Total liabilities
50 Residual (assets less liabilities)7
Footnotes appear on p. A21.




595.5
212.3
75.4
14.1
61.3
136.9
92.5
44.4
383.2
204.6
18.3
93.4
66.9
23.8
43.6
39.2

623.0
209.5
67.2
9.8
57.4
142.3
95.4
46.9
413.5
220.3
18.0
105.0
70.1
29.6
38.7
37.8

623.8
221.0
74.4
14.8
59.6
146.5
99.6
47.0
402.8
217.6
17.5
99.4
68.4
27.7
37.2
38.8

606.8
214.6
69.7
13.8
55.9
144.9
99.4
45.6
392.2
215.3
17.7
92.1
67.1
29.5
36.4
36.7

599.2
216.0
68.1
13.7
54.4
148.0
105.7
42.2
383.1
210.1
17.6
89.2
66.2
21.9
35.2
35.8

588.0
216.5
67.1
13.0
54.1
149.4
108.0
41.4
371.5
205.5
17.9
83.6
64.4
21.3
35.5
30.9

585.8
219.5
66.8
12.3
54.5
152.7
110.9
41.8
366.3
203.7
18.2
80.0
64.5
20.4
36.1
28.9

584.5
219.9
69.6
13.6
55.9
150.4
109.4
41.0
364.6
204.2
18.7
76.9
64.7
25.8
43.7
31.2

582.9
220.5
68.7
12.5
56.2
151.8
110.8
41.1
362.4
201.4
18.7
78.7
63.5
25.4
37.4
26.4

578.9
216.7
67.9
12.0
55.8
148.8
107.4
41.4
362.2
202.2
18.3
76.0
65.8
21.6
50.1
30.0

591.4
219.5
68.9
13.6
55.2
150.6
109.8
40.8
371.9
207.3
18.8
79.9
65.9
30.6
47.4
32.7

588.6
221.9
71.2
15.7
55.5
150.8
110.4
40.4
366.6
206.0
18.9
77.7
64.0
27.9
39.9
33.7

701.7

728.7

727.2

709.2

691.7

675.3

670.9

684.9

671.7

680.2

701.8

689.7

378.3
10.3
368.0
217.8
20.0
197.8
23.5
77.4

384.8
9.4
375.4
236.0
25.8
210.2
22.2
82.7

397.2
10.2
387.0
240.2
25.3
214.9
-.1
86.7

409.7
10.2
399.5
219.1
20.3
198.7
-7.5
84.6

411.6
9.3
402.2
215.8
22.5
193.3
-22.7
83.1

402.3
9.4
392.9
210.7
22.3
188.4
-19.4
78.1

391.6
9.9
381.6
210.3
20.9
189.4
-12.9
78.1

396.2
13.2
383.0
218.7
29.2
189.5
-15.9
81.7

390.9
12.3
378.6
207.3
18.4
188.9
-7.0
76.6

397.7
14.9
382.8
228.0
45.1
182.9
-30.5
80.2

389.5
12.8
376.7
228.0
27.3
200.7
-5.8
86.0

401.7
13.9
387.9
212.7
22.8
190.0
-11.9
83.1

697.0

725.6

724.0

705.8

687.6

671.7

667.0

680.7

667.8

675.3

697.7

685.7

4.6

3.1

3.2

3.4

4.1

3.6

3.9

4.2

3.9

4.9

4.1

4.0

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL B A N K S IN THE UNITED STATES

A21

Assets and Liabilities 1 —Continued

F. Memo items
Billions of dollars
Monthly averages
Account

2000
Sept.'

Wednesday figures
2001

2001
Mar.'

Apr.'

May'

June'

July'

Aug.'

Sept.

Sept. 5

Sept. 12

Sept. 19

Sept. 26

Not seasonally adjusted

MEMO

11

Large domestically chartered banks,
adjusted for mergers
Revaluation gains on off-balance-sheet
items 8
Revaluation losses on off-balancesheet items 8
Mortgage-backed securities'
Pass-through
CMO, REMIC, and other
Net unrealized gains (losses) on
available-for-sale securities 10
Off-shore credit to U.S. residents' 1 . . . .
Securitized consumer loans 12
Credit cards and related plans
Other
Securitized business loans 12

12
13
14
15

Small domestically
chartered
commercial banks, adjusted for
mergers
Mortgage-backed securities'
Securitized consumer loans 12
Credit cards and related plans
Other

1
2
3
4
5
6
7
8
9
10

Foreign-related
institutions
16 Revaluation gains on off-balancesheet items 8
17 Revaluation losses on off-balancesheet items 8
18 Securitized business loans 12

74.5

80.8

79.9

82.0

87.3

77.6

87.7

102.6

84.9

95.3

104.9

113.8

73.9
243.6
174.3
69.3

79.8
251.5
186.2
65.3

74.9
259.1
195.3
63.8

74.7
266.0
200.8
65.2

81.6
262.2
200.8
61.4

71.7
261.8
200.1
61.7

78.4
273.9
212.2
61.7

91.5
280.8
218.1
62.8

74.1
277.3
215.5
61.8

85.2
275.9
214.2
61.8

93.6
275.4
213.9
61.5

100.5
283.7
223.0
60.7

-5.0
22.1
81.6
71.8
9.8
7.5

6.3
22.6
78.8
69.1
9.8
9.4

6.0
21.7
81.3
71.8
9.5
9.3

4.8
21.0
79.6
70.4
9.2
9.2

3.6
20.6
81.1
72.2
8.9
10.8

3.1
20.2
95.5
86.1
9.4
19.9

5.3
19.6
95.4
85.6
9.8
20.1

6.8
20.1
96.2
86.6
9.6
20.1

6.2
19.4
96.4
86.7
9.6
20.1

6.0
20.6
96.3
86.7
9.6
20.0

7.1
20.5
96.2
86.6
9.5
20.1

7.7
20.0
95.7
86.2
9.5
20.4

206.4
222.3
214.0
8.3

225.2
236.4
227.8
8.7

233.4
234.7
226.1
8.6

238.3
234.5
226.1
8.4

242.0
237.7
229.1
8.5

248.7
226.2
217.9
8.3

253.2
229.0
220.7
8.3

258.3
232.5
224.2
8.3

259.2
231.6
223.3
8.3

259.8
232.0
223.7
8.2

256.5
229.3
221.1
8.2

256.8
232.8
224.7
8.1

49.4

52.8

56.5

56.4

57.3

54.9

57.3

56.3

56.7

54.7

57.4

56.6

49.9
33.0

52.2
31.3

51.9
29.5

52.1
28.3

49.8
27.1

52.1
26.6

51.4
26.6

51.5
26.4

49.9
26.6

52.5
26.6

51.9
26.6

46.8
34.6

NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8
statistical release, "Assets and Liabilities of Commercial Banks in the United States." Table
1.27, "Assets and Liabilities of Large Weekly Reporting Commercial Banks," and table 1.28,
"Large Weekly Reporting U.S. Branches and Agencies of Foreign Banks," are no longer
being published in the Bulletin. Instead, abbreviated balance sheets for both large and small
domestically chartered banks have been included in table 1.26, parts C and D. Data are both
merger-adjusted and break-adjusted. In addition, data from large weekly reporting U.S.
branches and agencies of foreign banks have been replaced by balance sheet estimates of all
foreign-related institutions and are included in table 1.26, part E. These data are breakadjusted.
The not-seasonally-adjusted data for all tables now contain additional balance sheet items,
which were available as of October 2, 1996.
1. Covers the following types of institutions in the fifty states and the District of Columbia:
domestically chartered commercial banks that submit a weekly report of condition (large
domestic); other domestically chartered commercial banks (small domestic); branches and
agencies of foreign banks, and Edge Act and agreement corporations (foreign-related institutions). Excludes International Banking Facilities. Data are Wednesday values or pro rata
averages of Wednesday values. Large domestic banks constitute a universe; data for small
domestic banks and foreign-related institutions are estimates based on weekly samples and on
quarter-end condition reports. Data are adjusted for breaks caused by reclassifications of
assets and liabilities.
The data for large and small domestic banks presented on pp. A17-19 are adjusted to
remove the estimated effects of mergers between these two groups. The adjustment for
mergers changes past levels to make them comparable with current levels. Estimated
quantities of balance sheet items acquired in mergers are removed from past data for the bank
group that contained the acquired bank and put into past data for the group containing the




acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a
ratio procedure is used to adjust past levels.
2. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks
in the United States, all of which are included in "Interbank loans."
3. Consists of reverse RPs with brokers and dealers and loans to purchase and carry
securities.
4. Includes vault cash, cash items in process of collection, balances due from depository
institutions, and balances due from Federal Reserve Banks.
5. Excludes the due-from position with related foreign offices, which is included in "Net
due to related foreign offices."
6. Excludes unearned income, reserves for losses on loans and leases, and reserves for
transfer risk. Loans are reported gross of these items.
7. This balancing item is not intended as a measure of equity capital for use in capital
adequacy analysis. On a seasonally adjusted basis, this item reflects any differences in the
seasonal patterns estimated for total assets and total liabilities.
8. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity
and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39.
9. Includes mortgage-backed securities issued by U.S. government agencies, U.S.
government-sponsored enterprises, and private entities.
10. Difference between fair value and historical cost for securities classified as availablefor-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown are
restated to include an estimate of these tax effects.
11. Mainly commercial and industrial loans but also includes an unknown amount of credit
extended to other than nonfinancial businesses.
12. Total amount outstanding.

A22
1.32

Domestic Financial Statistics • December 2001
COMMERCIAL PAPER A N D BANKERS DOLLAR ACCEPTANCES OUTSTANDING
A. Commercial Paper
Millions of dollars, seasonally adjusted, end of period
Year ending December

2001

Item

1 All issuers

2
3

Financial companies'
Dealer-placed paper, total2
Directly placed paper, total3

4 Nonfinancial companies 4

1996

1997

1998

1999

2000

Mar.

Apr.

May

June

July

Aug.

775,371

966,699

1,163,303

1,403,023

1,615,341

1,511,354

1,519,528

1,501,113

1,468,919

1,453,770

1,434,238

361,147
229,662

513,307
252,536

614,142
322,030

786,643
337,240

973,060
298,848

978,225
249,420

995,072
247,333

986,369
245,768

982,216
244,520

958,911
265,824

957,792
248,974

184,563

200,857

227,132

279,140

343,433

283,711

277,123

268,976

242,183

229,035

227,473

1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales,
personal and mortgage financing; factoring, finance leasing, and other business lending;
insurance underwriting; and other investment activities.
2. Includes all financial-company paper sold by dealers in the open market.

3. As reported by financial companies that place their paper directly with investors.
4. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and
services.

B. Bankers Dollar Acceptances 1
Millions of dollars, not seasonally adjusted, year ending September2
Item
1 Total amount of reporting banks' acceptances in existence
2 Amount of other banks' eligible acceptances held by reporting banks
3 Amount of own eligible acceptances held by reporting banks (included in item 1)
4 Amount of eligible acceptances representing goods stored in, or shipped between, foreign countries
(included in item 1)
1. Includes eligible, dollar-denominated bankers acceptances legally payable in the United
States. Eligible acceptances are those that are eligble for discount by Federal Reserve Banks;
that is, those acceptances that meet the criteria of Paragraph 7 of Section 13 of the Federal
Reserve Act (12 U.S.C. §372).

1.33

PRIME RATE CHARGED B Y BANKS

1997

1998

1999

2000

25,774

14,363

10,094

9,881

736
6,862

523
4,884

461
4,261

462
3,789

10,467

5,413

3,498

3,689

2. Data on bankers dollar acceptances are gathered from approximately 40 institutions;
includes U.S. chartered commercial banks (domestic and foreign offices), U.S. branches and
agencies of foreign banks, and Edge and agreement corporations. The reporting group is
revised every year.

Short-Term Business Loans 1

Percent per year
Average
rate

Date of change
1
30
16
18

8.50
8.25
8.00
7.75

1999—July 1
Aug. 25
Nov. 17

8.00
8.25
8.50

2000—Feb. 3
Mar. 22
May 17

8.75
9.00
9.50

2001—Jan.
Feb.
Mar.
Apr.
May
June
Aug.
Sept.
Oct.

9.00
8.50
8.00
7.50
7.00
6.75
6.50
6.00
5.50

1998—Jan.
Sept.
Oct.
Nov.

4
1
21
19
16
28
22
18
3

....

8.35
8.00
9.23

1998—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

8.50
8.50
8.50
8.50
8.50
8.50
8.50
8.50
8.49
8.12
7.89
7.75

1998
1999
2000

....

1. The prime rate is one of several base rates that banks use to price short-term business
loans. The table shows the date on which a new rate came to be the predominant one quoted
by a majority of the twenty-five largest banks by asset size, based on the most recent Call




Average
rate
1999—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

7.75
7.75
7.75
7.75
7.75
7.75
8.00
8.06
8.25
8.25
8.37
8.50

Average
rate
2000—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

8.50
8.73
8.83
9.00
9.24
9.50
9.50
9.50
9.50
9.50
9.50
9.50

2001—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

9.05
8.50
8.32
7.80
7.24
6.98
6.75
6.67
6.28
5.53

Report. Data in this table also appear in the Board's H.15 (519) weekly and G.13 (415)
monthly statistical releases. For ordering address, see inside front cover.

Financial Markets
1.35

INTEREST RATES

A23

Money and Capital Markets

Percent per year; figures are averages of business day data unless otherwise noted
2001, week ending

2001
Item

1998

1999

2000
June

July

Aug.

Sept.

Aug. 31

Sept. 7

Sept. 14

Sept. 21

Sept. 28

MONEY MARKET INSTRUMENTS

1 Federal funds'- 2 - 3
2 Discount window borrowing 2 , 4

5.35
4.92

4.97
4.62

6.24
5.73

3.97
3.47

3.77
3.25

3.65
3.16

3.07
2.77

3.52
3.00

3.63
3.00

3.49
3.00

2.47
2.79

2.99
2.50

3
4
5

Commercial paper3-5-6
Nonfinancial
1-month
2-month
3-month

5.40
5.38
5.34

5.09
5.14
5.18

6.27
6.29
6.31

3.82
3.73
3.67

3.71
3.63
3.59

3.54
3.47
3.42

2.96
2.87
2.81

3.48
3.41
3.35

3.48
3.40
3.35

3.43
3.25
3.17

2.68
2.67
2.62

2.62
2.49
2.42

6
7
8

Financial
1 -month
2-month
3 month

5.42
5.40
5.37

5.11
5.16
5.22

6.28
6.30
6.33

3.84
3.75
3.69

3.73
3.66
3.62

3.57
3.48
3.44

2.97
2.87
2.84

3.50
3.44
3.38

3.51
3.41
3.36

3.45
3.23
3.17

2.68
2.63
2.65

2.62
2.52
2.47

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

5.39
5.30

5.24
5.30

6.23
6.37

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

5.49
5.47
5.44

5.19
5.33
5.46

6.35
6.46
6.59

3.86
3.74
3.74

3.76
3.66
3.70

3.59
3.48
3.49

2.99
2.87
2.84

3.54
3.43
3.42

3.54
3.40
3.41

3.46
3.18
3.13

2.75
2.67
2.65

2.61
2.52
2.48

5.45

5.31

6.45

3.73

3.66

3.47

2.85

3.43

3.40

3.26

2.68

2.50

4.78
4.83
4.80

4.64
4.75
4.81

5.82
5.90
5.78

3.49
3.45
3.37

3.51
3.45
3.39

3.36
3.29
3.26

2.64
2.63
n.a.

3.33
3.23
n.a.

3.29
3.24
n.a.

2.82
2.80
n.a.

2.30
2.38
n.a.

2.34
2.29
n.a.

4.81
4.85
4.85

4.66
4.76
4.78

5.66
5.85
5.85

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

5.05
5.13
5.14
5.15
5.28
5.26
5.72
5.58

5.08
5.43
5.49
5.55
5.79
5.65
6.20
5.87

6.11
6.26
6.22
6.16
6.20
6.03
6.23
5.94

3.58
4.08
4.35
4.81
5.14
5.28
5.82
5.67

3.62
4.04
4.31
4.76
5.06
5.24
5.75
5.61

3.47
3.76
4.04
4.57
4.84
4.97
5.58
5.48

2.82
3.12
3.45
4.12
4.51
4.73
5.53
5.48

3.44
3.68
3.94
4.47
4.73
4.84
5.48
5.40

3.43
3.70
3.98
4.53
4.79
4.91
5.53
5.45

2.95
3.13
3.44
4.12
4.47
4.68
5.43
5.39

2.60
2.91
3.27
3.96
4.43
4.7 0
5.58
5.55

2.49
2.86
3.22
3.94
4.40
4.66
5.53
5.51

5.69

6.14

6.41

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

4.93
5.14
5.09

5.28
5.70
5.43

5.58
6.19
5.71

5.03
5.82
5.20

4.79
5.81
5.20

4.89
5.55
5.03

4.93
5.62
n.a.

4.82
5.44
4.96

4.87
5.49
5.02

n.a.
n.a.
n.a.

n.a.
n.a.
5.12

4.99
5.75
5.14

6.87

7.45

7.98

7.56

7.51

7.37

7.54

7.29

7.34

7.35

7.70

7.64

6.53
6.80
6.93
7.22

7.05
7.36
7.53
7.88

7.62
7.83
8.11
8.36

7.18
7.34
7.73
7.97

7.13
7.27
7.65
7.97

7.02
7.11
7.48
7.85

7.17
7.28
7.67
8.03

6.95
7.05
7.40
7.78

6.99
7.10
7.46
7.83

7.00
7.08
7.48
7.85

7.34
7.43
7.84
8.20

7.27
7.38
7.79
8.12

1.49

1.25

1.15

1.27

1.30

1.34

1.48

1.37

1.39

n.a.

n.a.

n.a.

(historical)3-5'7

9
10
11

Commercial paper
1 -month
3-month
6-month

12
13
14

Finance paper, directly placed
1-month
3-month
6-month

15
16

Bankers acceptances3-5-9
3-month
6-month

17
18
19

Certificates of deposit, secondary
1-month
3-month
6 month

(historical)3-5*

market310

311
20 Eurodollar deposits, 3-month

?\
23
24
25
26

U.S. Treasury bills
Secondary market 3 - 5
3-month
6-month
1-year
Auction high 3 - 5 ' 2
3-month
6-month
1-year
U.S. TREASURY NOTES AND BONDS

71
28
29
30
31
3?,

33
34

Constant
maturities13
1-year
2-year
3-year
5-year
7-year
10-year
20-year
30-year

Composite
35 More than 10 years (long-term)
STATE AND LOCAL NOTES AND BONDS

series'4
36
37 Baa
38 Bond Buver series 15
Moody's

CORPORATE BONDS

39 Seasoned issues, all industries 16

40
41
47
43

Rating
Aaa
Aa
A
Baa

group

MEMO

Dividend-price
ratio17
44 Common stocks

NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly and
G. 13 (415) monthly statistical releases. For ordering address, see inside front cover.
1. The daily effective federal funds rate is a weighted average of rates on trades through
New York brokers.
2. Weekly figures are averages of seven calendar days, ending on Wednesday of the
current week; monthly figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. Rate for the Federal Reserve Bank of New York.
5. Quoted on a discount basis.
6. Interest rates interpolated from data on certain commercial paper trades settled by the
Depository Trust Company. The trades represent sales of commercial paper by dealers or
direct issuers to investors (that is, the offer side). See the Board's Commercial Paper web
pages (http://www.federalreserve.gov/releases/cp) for more information.
7. An average of offering rates on commercial paper for firms whose bond rating is AA or
the equivalent. Series ended August 29, 1997.
8. An average of offering rates on paper directly placed by finance companies. Series
ended August 29, 1997.




9. Representative closing yields for acceptances of the highest-rated money center banks.
10. An average of dealer offering rates on nationally traded certificates of deposit.
11. Bid rates for eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for
indication purposes only.
12. Auction date for daily data; weekly and monthly averages computed on an issue-date
basis. On or after October 28, 1998, data are stop yields from uniform-price auctions. Before
that, they are weighted average yields from multiple-price auctions.
13. Yields on actively traded issues adjusted to constant maturities. SOURCE: U.S. Department of the Treasury.
14. General obligation bonds based on Thursday figures; Moody's Investors Service.
15. State and local government general obligation bonds maturing in twenty years are used
in compiling this index. The twenty-bond index has a rating roughly equivalent to Moodys'
A1 rating. Based on Thursday figures.
16. Daily figures from Moody's Investors Service. Based on yields to maturity on selected
long-term bonds.
17. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in
the price index.

A24
1.36

DomesticNonfinancialStatistics • December 2001
STOCK MARKET

Selected Statistics
2001

Indicator

1999

1998

2000
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Prices and trading volume (averages of daily figures)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50)
2
Industrial
3
Transportation
4
Utility
5
Finance

550.65
684.35
468.61
190.52
516.65

619.52
775.29
491.62
284.82
530.97

643.71
809.40
414.73
478.99
552.48

650.55
796.74
471.21
440.36
634.17

648.05
799.38
482.26
424.53
626.41

603.44
744.21
452.36
395.34
583.38

607.06
747.48
455.22
400.49
587.88

644.44
798.94
477.21
414.69
618.74

630.86
782.73
458.60
382.98
622.17

613.36
756.04
469.80
374.11
614.54

604.52
748.65
458.35
357.76
605.59

544.39
672.89
382.68
339.72
538.01

6 Standard & Poor's Corporation
( 1 9 4 1 ^ 3 = 10)'

1,085.50

1,327.33

1,427.22

1,335.63

1,305.75

1,185.85

1,189.84

1,270.37

1,238.71

1,204.45

1,178.51

1,044.64

682.69

770.90

922.22

898.18

923.99

891.22

891.18

940.73

923.06

892.74

883.01

823.78

666,534
28,870

799,554
32,629

1,026,867
51,437

1,299,986
72,312

1,117,977
70,648

1,251,569
81,666

1,247,382
77,612

1,091,366
66,103

1,152,193
62,395

1,120,074
56,735

1,012,907
48,304

1,666,980
72,319

7 American Stock Exchange
(Aug. 31,1973 = 50)2
Volume of trading (thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange

Customer financing (millions of dollars, end-of-period balances)
10 Margin credit at broker-dealers 3
Free credit balances at brokers4
11 Margin accounts 5
12 Cash accounts

140,980

228,530

198,790

197,110

186,810

165,350

166,940

174,180

170,000

165,250

161,130

144,670

40,250
62,450

55,130
79,070

100,680
84,400

90,380
81,380

99,390
78,660

106,300
77,520

97,470
77,460

91,990
76,260

98,430
75,270

97,950
73,490

103,990
73,710

115,450
74,220

Margin requirements (percent of market value and effective date) 6

13 Margin stocks
14 Convertible bonds
15 Short sales

Mar. 11, 1968

June 8, 1968

May 6, 1970

Dec. 6, 1971

Nov. 24, 1972

Jan. 3, 1974

70
50
70

80
60
80

65
50
65

55
50
55

65
50
65

50
50
50

1. In July 1976 a financial group, composed of banks and insurance companies, was added
to the group of stocks on which the index is based. The index is now based on 400 industrial
stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and
40 financial.
2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting
previous readings in half.
3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers has
included credit extended against stocks, convertible bonds, stocks acquired through the
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.
4. Free credit balances are amounts in accounts with no unfulfilled commitments to
brokers and are subject to withdrawal by customers on demand.
5. Series initiated in June 1984.




6. Margin requirements, stated in regulations adopted by the Board of Governors pursuant
to the Securities Exchange Act of 1934, limit the amount of credit that can be used to
purchase and carry "margin securities" (as defined in the regulations) when such credit is
collateralized by securities. Margin requirements on securities are the difference between the
market value (100 percent) and the maximum loan value of collateral as prescribed by the
Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1,
1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the
initial margin required for writing options on securities, setting it at 30 percent of the current
market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the
required initial margin, allowing it to be the same as the option maintenance margin required
by the appropriate exchange or self-regulatory organization; such maintenance margin rules
must be approved by the Securities and Exchange Commission.

Federal Finance
1.38

A25

FEDERAL FISCAL A N D FINANCING OPERATIONS
Millions of dollars
Calendar year

Fiscal year

2001

Type of account or operation
1999

2000

2001
Apr.

U.S. budget1
1 Receipts, total
2
On-budget
3
Off-budget
4 Outlays, total
On-budget
5
6
Off-budget
7 Surplus or deficit ( - ) , total
On-budget
8
9
Off-budget
Source of financing (total)
10 Borrowing from the public
11 Operating cash (decrease, or increase [ - ] )
12 Other 2

May

June

July

Aug.

Sept.

1,827,302
1,382,986
444,468
1,702,875
1,382,097
320,778
124,579
889
123,690

2,025,218
1,544,634
480,584
1,788,826
1,458,061
330,765
236,392
86,573
149,819

1,990,203
1,482,684
507,519
1,863,039
1,516,201
346,838
127,165
-33,517
160,682

331,796
278,611
53,185
141,999
109,938
32,062
189,796
168,673
21,123

125,590
84,759
40,831
153,508
118,517
34,992
-27,919
-33,758
5,839

202,887
151,482
51,405
171,025
167,796
3,229
31,862
-16,314
48,176

127,842
89,473
38,369
125,022
92,145
32,877
2,820
-2,672
5,492

122,559
84,011
38,548
202,549
138,167
64,382
-79,990
-54,156
-25,834

158,495
116,597
41,898
123,105
111,109
11,996
35,390
5,488
29,902

-88,674
-17,580
-18,325

-222,807'
3,799
-17,384'

-90,118
8,440
—45,487

-135,572
-36,846
-17,378

-20,608
58,856
-10,329

-1,212
-37,413
6,763

-7,460
20,589
-15,949

74,101
16,769
-10,880

1,996
-37,890
504

56,458
6,641
49,817

52,659
8,459
44,199

44,219
9,796
34,423

65,130
7,894
57,236

6,274
4,396
1,878

43,687
7,188
36,498

23,098
5,592
17,506

6,329
5,533
795

44,219
9,796
34,423

MEMO

13 Treasury operating balance (level, end of
period)
14
Federal Reserve Banks
15
Tax and loan accounts

1. Since 1990, off-budget items have been the social security trust funds (Federal Old-Age,
Survivors, and Disability Insurance) and the U.S. Postal Service.
2. Includes special drawing rights (SDRs); reserve position on the U.S. quota in the
International Monetary Fund (IMF); loans to the IMF; other cash and monetary assets;
accrued interest payable to the public; allocations of SDRs; deposit funds; miscellaneous
liability (including checks outstanding) and asset accounts; seigniorage; increment on gold;




net gain or loss for U.S. currency valuation adjustment; net gain or loss for IMF loanvaluation adjustment; and profit on sale of gold.
SOURCE. Monthly totals; U.S. Department of the Treasury, Monthly Treasury Statement of
Receipts and Outlays of the U.S. Government; and fiscal year totals: U.S. Office of Management and Budget, Budget of the U.S. Government when available.

A26
1.39

DomesticNonfinancialStatistics • December 2001
U.S. BUDGET RECEIPTS A N D OUTLAYS 1
Millions of dollars
Fiscal year

Calendar year

Source or type

1999
2000

2000

2001

2001

2001
H2

HI

H2

HI

July

Aug.

Sept.

RECEIPTS

1 All sources
2 Individual income taxes, net
3
Withheld
4
Nonwithheld
Refunds
5
Corporation income taxes
Gross receipts
6
7
Refunds
8 Social insurance taxes and contributions, net
9
Employment taxes and contributions 2
10
Unemployment insurance
Other net receipts 3
11
12
13
14
15

Excise taxes
Customs deposits
Estate and gift taxes
Miscellaneous receipts 4

....

2,025,218

1,990,203

892,266

1,089,763

952,942

1,120,040

127,842

122,559

158,495

1,004,462
780,397
358,049
134,046

994,339
793,386
383,146
182,251

425,451
372,012
68,302
14,841

550,208
388,526
281,103
119,477

458,679
395,572
77,732
14,628

580,632
402,417
308,418
130,256

60,466
65,601
5,029
10,165

52,020
66,415
6,435
20,831

81,277
49,679
45,676
14,078

235,655
28,367
652,852
620,451
27,640
4,761

186,732
35,657
693,967
661,442
27,812
4,712

110,111
13,996
292,551
280,059
10,173
2,319

119,166
13,781
353,514
333,584
17,562
2,368

123,962
15,776
310,122
297,665
10,097
2,360

102,947
20,262
379,878
359,648
17,842
2,387

5,036
2,328
52,154
49,672
2,128
355

4,618
1,475
53,692
49,974
3,294
424

9,533
2,057
56,147
55,433
349
365

68,865
19,914
29,010
42,826

66,232
19,616
28,400
36,576

34,262
10,287
14,001
19,569

33,532
9,218
15,073
22,831

35,501
10,676
13,216
16,556

32,490
9,370
15,471
19,517

5,733
1,755
2,099
2,926

5,438
1,926
2,196
4,142

6,443
1,563
1,761
3,828

OUTLAYS

16 All types

1,788,826

1,863,039

882,465

892,947

894,905

948,750

125,022

202,549

123,105

17
18
19
20
21
22

National defense
International affairs
General science, space, and technology
Energy
Natural resources and environment
Agriculture

294,494
17,216
18,637
-1,060
25,031
36,641

304,486
16,522
20,715
-677
23,738
28,339

149,573
8,530
10,089
-90
12,100
20,887

143,476
7,250
9,601
-893
10,814
11,164

147,651
11,902
10,389
-595
12,907
20,977

153,154
6,522
10,073
-244
11,059
10,832

22,153
413
1,642
-117
1,757
240

30,393
260
2,014
-68
2,087
6,226

23,987
1,350
1,668
697
2,521
-1,149

23
24
25
26

Commerce and housing credit
Transportation
Community and regional development
Education, training, employment, and
social services

3,211
46,854
10,629

5,801
53,882
12,827

7,353
23,199
6,806

-2,497
21,054
5,050

4,408
25,841
5,962

-1,539
23,810
5,265

-13,479
4,327
1,598

4,287
5,433
1,450

15,844
7,358
1,347

27 Health
28 Social security and Medicare
29 Income security
30
31
32
33
34

Veterans benefits and services
Administration of justice
General government
Net interest 5
Undistributed offsetting receipts 6

59,201

62,869

27,532

31,234

29,263

35,698

4,291

1,751

4,927

154,534
606,549
247,895

171,912
650,407
263,274

74,490
295,030
113,504

75,871
306,966
133,915

81,413
307,473
113,212

87,427
328,072
146,913

14,094
52,621
17,282

15,419
86,197
24,025

14,088
26,044
15,738

47,083
27,820
13,454
223,218
-42,581

45,029
29,754
15,084
206,088
-47,011

23,412
13,459
7,010
112,420
-22,850

23,174
13,981
6,198
115,545
-19,346

22,615
14,635
6,461
104,685
-24,070

23,171
14,694
8,887
107,824
-22,865

2,150
2,202
625
17,287
-3,765

6,199
2,647
261
17,426
-3,459

2,123
2,428
1,733
9,113
-6,711

1. Functional details do not sum to total outlays for calendar year data because revisions to
monthly totals have not been distributed among functions. Fiscal year total for receipts and
outlays do not correspond to calendar year data because revisions from the Budget have not
been fully distributed across months.
2. Old-age, disability, and hospital insurance, and railroad retirement accounts.
3. Federal employee retirement contributions and civil service retirement and disability
fund.




4. Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts.
5. Includes interest received by trust funds.
6. Rents and royalties for the outer continental shelf, U.S. government contributions for
employee retirement, and certain asset sales.
SOURCE. Fiscal year totals: U.S. Office of Management and Budget, Budget of the U.S.
Government, Fiscal year 2002; monthly and half-year totals: U.S. Department of the Treasury, Monthly Treasury Statement of Receipts and Outlays of the U.S. Government.

Federal Finance A25
1.40

FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
1999

2001

2000

Item
Sept. 30

Dec. 31

Mar. 31

June 30

Sept. 30

Dec. 31

Mar. 31

June 30

Sept. 30

1 Federal debt outstanding

5,685.2

5,805.0

5,801.5

5,714.2

5,701.9

5,689.6

5,800.6

5,753.9

5,834.5

2 Public debt securities
Held by public
3
4
Held by agencies

5,656.3
3,667.2
1,989.1

5,776.1
3,715.5
2,060.6

5,773.4
3,688.0
2,085.4

5,685.9
3,495.7
2,190.2

5,674.2
3,438.5
2,235.7

5,662.2
3,413.5
2,248.7

5,773.7
3,434.4
2,339.4

5,726.8
3,274.2
2,452.6

5,807.5
3,338.7
2,468.8

28.9
28.3
.6

28.9
28.3
.6

28.1
27.8
.4

28.3
28.2
.1

27.7
27.6
.1

27.4
27.3
.1

26.8
26.8
.1

27.1
27.1
.0

27.0
27.0
.0

5 Agency securities
6
Held by public
7
Held by agencies
8 Debt subject to statutory limit
9 Public debt securities
10 Other debt 1

5,567.7

5,686.9

5,686.5

5,600.6

5,591.6

5,580.5

5,692.5

5,645.0

5,732.6

5,567.6
.1

5,686.7
.1

5,686.3
.2

5,600.5
.2

5,591.4
.2

5,580.2
.2

5,692.3
.2

5,644.8
.2

5,807.5
.2

5,950.0

5,950.0

5,950.0

5,950.0

5,950.0

5,950.0

5,950.0

5,950.0

5,950.0 r

MEMO

11 Statutory debt limit

1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified
participation certificates, notes to international lending organizations, and District of Columbia stadium bonds.

1.41

GROSS PUBLIC DEBT OF U.S. TREASURY

SOURCE. U.S. Department of the Treasury, Monthly Statement
United States and Monthly Treasury Statement.

of the Public Debt of the

Types and Ownership

Billions of dollars, end of period
2001

2000
Type and holder

1 Total
2
3
4
5
6
7
8
9

10
11
12
13
14
15

gross public debt

By type
Interest-bearing
Marketable
Bills
Notes
Bonds
Inflation-indexed notes and bonds 1
Nonmarketable 2
State and local government series
Foreign issues 3
Government
Public
Savings bonds and notes
Government account series4
Non-interest-bearing

By holder5
16 U.S. Treasury and other federal agencies and trust funds
17 Federal Reserve Banks 6
18 Private investors
19
Depository institutions
20
Mutual funds
Insurance companies
21
22
State and local treasuries'
Individuals
23
Savings bonds
24
Pension funds
25
Private
26
State and Local
Foreign and international 8
27
Other miscellaneous investors 7 - 9
28

1997

1999

2000
Q4

Qi

Q2

Q3

5,502.4

5,614.2

5,776.1

5,662.2

5,662.2

5,773.7

5,726.8

5,807.5

5,494.9
3,456.8
715.4
2,106.1
587.3
33.0
2,038.1
124.1
36.2
36.2
.0
181.2
1,666.7
7.5

5,605.4
3,355.5
691.0
1,960.7
621.2
67.6
2,249.9
165.3
34.3
34.3
.0
180.3
1,840.0
8.8

5,766.1
3,281.0
737.1
1,784.5
643.7
100.7
2,485.1
165.7
31.3
31.3
.0
179.4
2,078.7
10.0

5,618.1
2,966.9
646.9
1,557.3
626.5
121.2
2,651.2
151.0
27.2
27.2
.0
176.9
2,266.1
44.2

5,618.1
2,966.9
646.9
1,557.3
626.5
121.2
2,651.2
151.0
27.2
27.2
.0
176.9
2,266.1
44.2

5,752.0
2,981.9
712.0
1,499.0
627.9
128.0
2,770.0
152.9
24.7
24.7
.0
177.4
2,360.3
46.5

5,682.8
2,822.3
620.1
1,441.0
616.9
129.3
2,860.5
153.3
24.0
24.0
.0
178.4
2,474,7
44.0

5,763.6
2,897.3
734.9
1,399.6
612.9
134.9
2,866.4
146.4
18.3
18.3
.0
179.6
2,492.1
43.8

1,657.1
430.7
3,414.6
300.3
321.5
176.6
239.3

1,828.1
452.1
3,334.0
237.3
343.2
144.5
269.3

2,064.2
478.0
3,233.9
246.5
348.6
125.3
266.8

2,270.2
511.7
2,880.4
197.8
339.0
116.6
246.2

2,270.2
511.7
2,880.4
197.8
339.0
116.6
246.2

2,357.0
523.9
2,892.9
187.3
348.8
101.9
224.0

2,469.1
535.1
2,722.6
192.1
352.3
92.9
216.5

n.a.
534.1
n.a.
n.a.
n.a.
n.a.
n.a.

186.5
360.5
143.5
216.9
1,241.6
589.5

186.6
375.3
157.6
217.7
1,278.7
499.0

186.4
378.9
167.7
211.2
1,268.7
410.8

184.8
387.7
181.6
206.1
1,201.4
218.3

184.8
387.7
181.6
206.1
1,201.4
218.3

184.8
326.5
131.2
195.3
1,196.1
250.9

186.0
320.2
129.2
191.0
1,167.1
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of
1997.
2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds.
3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners.
4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds.
5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual
holdings; data for other groups are Treasury estimates.
6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table
1.18.

7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable
federal securities was removed from "Other miscellaneous investors" and added to "State
and local treasuries." The data shown here have been revised accordingly.




1998

8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds.
Excludes Treasury securities held under repurchase agreements in custody accounts at the
Federal Reserve Bank of New York.
9. Includes individuals, government-sponsored enterprises, brokers and dealers, bank
personal trusts and estates, corporate and noncorporate businesses, and other investors.
SOURCES. Data by type of security, U.S. Treasury Department, Monthly Statement of the
Public Debt of the United States; data by holder, Federal Reserve Board of Governors, Flow
of Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin,
unless otherwise noted.

A28
1.42

DomesticNonfinancialStatistics • December 2001
U.S. GOVERNMENT SECURITIES DEALERS

Transactions'

Millions of dollars, daily averages
2001

By type of security
1 U.S. Treasury bills
Treasury coupon securities by maturity
2
Three years or less
3
More than three but less than or
equal to six years
4
More than six but less than or equal
to eleven years
5
More than eleven
6
Inflation-indexed 2

7
8
9
10
11
12

Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
More than six years but less than
or equal to eleven years . . . .
More than eleven years
Mortgage-backed

Corporate securities
13
One year or less
14
More than one year

15
16
17
18
19
20
21
22

By type of counterparty
With interdealer broker
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
With other
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate

2001, week ending
Aug.

Aug. 1

27,315

35,361

26,988

92,942

90,953

83,376

June

July

26,141
118,453

Aug. 15

Aug. 22

Aug. 29

30.840

35,563

35,368

37,919

43,936

26,364

25,630

32,052

77,381

94,245

87,669

98,442

109,931

86,245

68,074

121,901

Sept. 5

Sept. 12

Sept. 19

Sept. 26

83,923

65,463

69,717

68,448

63,452

77,693

71,434

58,773

89,143

72,391

59,108

89,673

58,180
17,804
1,384

53,709
16,682
2,433

65,251
16,847
1,491

62,093
19,726
1,966

61,834
14,668
1,286

73,293
18,649
1,532

68,205
16,301
1,511

55,096
16,474
1,335

73,266
18,649
2,004

60,446
14,560
882

49,789
14,955
1,690

65,146
23,304
2,305

53,216

55,388

57,141

53,819

53,032

58,298

58,171

56,277

65,764

61,515

91,437

63,187

12,880

11,194

11,514

10,196

9,568

12,738

11,509

12,685

11,068

10,034

10,471

14,126

8,360

7,594

8,769

6.889

6,685

10,188

8,329

9,356

11,004

6,850

6,256

12,010

7,640
736

6,802
966

6,502
1,332

7,078
976

5,398
920

6,980
1,726

8,110
1,798

4,893
1,038

7,784
1,120

10,802
851

5,618
511

16,876
1,486

96,113

95,997

106,708

73,406

137,390

144,267

72,122

84,064

95,827

127,544

146,954

127,386

85,207
17,686

75,223
16,050

79,388
17,259

69,835
21,063

72,625
18,062

75,453
21,347

84,613
17,662

82,019
13,607

91,264
11,256

103,540
17,494

100,158
6,834

89,783
20,774

130,715

120,946

133,598

118,222

123,378

145,693

133,240

126,293

155,757

126,807

86,088

146,105

14,142
30,517
2,036

10,018
28,194
1,012

11,532
32,160
813

9,918
22,692
1,168

10,250
39,533
891

11,988
41,535
1,119

13,356
24,581
747

10,031
25,495
524

13,601
30,632
568

11,812
38,252
792

7,763
22.682
369

14,836
39,335
1,399

129,696

137,597

146,023

144,374

126,083

155,282

147,248

141,747

181,172

134,081

133,157

188,275

70,510
65,596
100,856

71,926
67,804
90,261

73,725
74,548
95,833

69,041
50,714
89,731

65,352
97,858
89,796

77,942
102,732
95,681

74,562
47,541
101,527

74,217
58,569
95,102

83,140
65,195
101,952

78,239
89,292
120,242

106,530
124,272
106,623

92,850
88,051
109,158

1. The figures represent purchases and sales in the market by the primary U.S. government
securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions
include all U.S. government, federal agency, government-sponsored enterprise, mortgagebacked, and corporate securities scheduled for immediate and forward delivery, as well as all
U.S. government securities traded on a when-issued basis between the announcement and
issue date. Data do not include transactions under repurchase and reverse repurchase (resale)
agreements. Averages are based on the number of trading days in the week.




Aug. 8

2. Outright Treasury inflation-indexed securities (TIIS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par
amount (unadjusted for inflation) times the price times the index ratio.
NOTE. Major changes in the report form filed by primary dealers induced a break in the
dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the
Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics)
under the Primary Dealer heading.

Federal Finance
1.43

U.S. G O V E R N M E N T SECURITIES D E A L E R S

A25

Positions and Financing 1

Millions of dollars
2001. week ending

2001
Item
June

July

Aug.

Aug. 1

Aug. 8

Aug. 15

Aug. 22

Aug. 29

Sept. 5

Sept. 12

Sept. 19

NET OUTRIGHT POSITIONS-

Bx type of security
1 U.S. Treasury bills
Treasury coupon securities bv maturity
2
Three years or less
More than three years but less than
3
or equal to six years
4
More than six but less than
or equal to eleven years
More than eleven
6
Inflation-indexed

3,445

7,014

22,281

12.864

22,024

24,180

18.543

22.157

34,763

33.144

32,117

-16,969

-16,714

-17,171

-17.577

-20.199

-15.892

-15,962

-16,808

-16.343

-16.699

-11,810

-15,221

-15,174

-11,233

-12,125

-10,486

-11,933

-11,105

-10.926

-12.472

-10,728

-8.352

-16,118
10,239
3.491

-18,610
10,090
2,311

-14,383
8,486
3,202

-20,184
8.984
2,750

—17,077
8.063
2,806

-16.033
7,845
3,298

-13.623
9.466
3,412

-10.350
8,444
3.339

-13,047
8,674
3,270

-16,749
7,952
3.821

-12,237
11.599
3,719

55,075

56,172

56.726

60,799

56,493

58,231

53,986

56.724

59,834

62.102

57,904

23,625

23,494

18,353

20,347

18,422

19,154

17,160

19,174

15,617

14,377

12,274

-3,096

-1,445

-1,895

-1,648

-3,007

-1,822

-2,845

-196

-1,009

-2,803

-1.383

2,472
4,190

3,962
3,910

3,486
3,686

4,791
3,860

4,984
3,871

4,204
4,003

2,320
3,309

2,213
3.618

3,613
3,406

2,608
2.749

1,509
3,072

12 Mortgage-backed

17,928

12,840

12,198

15,239

9,521

15,715

11,180

12,504

10,235

6,258

9.386

Corporate securities
13
One year or less
14
More than one year

16,541
23,106

15,038
25.410

15.756
29,747

15.621
25,753

14,440
29,678

15,675
30.291

15,685
26,939

16.516
33,490

18.295
26,807

24.806
30.036

13.109
30,707

7
X
9
10
11

Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities, by maturity
Three years or less
More than three years but less than
or equal to six years
More than six but less than
or equal to eleven years
More than eleven

FINANCING 1

Securities in
U.S. Treasury
15 Overnight and continuing
16 Term
Federal agency and governmentsponsored enterprises
17 Overnight and continuing
18 Term
Mortgage-backed securities
19 Overnight and continuing
20 Term
Corporate securities
21 Overnight and continuing
22 Term
MEMO: Reverse repurchase agreements
23 Overnight and continuing
24 Term
Securities out
U.S. Treasury
25 Overnight and continuing
26 Term
Federal agency and governmentsponsored enterprises
27 Overnight and continuing
28 Term
Mortgage-backed securities
29 Overnight and continuing
30 Term
Corporate securities
31 Overnight and continuing
32 Term
MEMO: Repurchase agreements
33 Overnight and continuing
34 Term

510.993
711,949

532.092
751.848

555,619
688.830

550,444
783,387

529,020
813,503

565,181
617,222

576,481
646,639

553,987
673,914

550,527
655,695

462,217
681,161

562,569
658,858

110,263
159,641

113,178
163,334

116,534
177,889

121.687
165,677

113,903
176,572

119,237
175.140

120.188
180.507

112.134
181.091

116.321
177.852

94,158
175,643

117.976
166,442

20.813
197,977

23,186
199,969

24,844
220,176

24,706
205,577

22,829
219,673

20,670
224,292

26,448
225,582

29,473
215,891

24,755
210,910

17,632
208,702

22.523
208^175

34,229
14,179

34,288
13,672

33,956
13,216

33,968
13.935

33,269
13,880

33.602
12,921

33.655
13,149

34,284
12,720

37,503
13,534

31.939
12,320

34,091
12.086

365,246
1,031,773

347,687
1,004.418

366,386
976,454

369.543
1,032.948

338,425
1,094.219

370.479
906,175

385.361
948,932

371,606
960,508

363.656
934,150

255,462
951,686

352,771
930,595

482,344
665,178

521,688
688,710

565,431
620,092

539.549
719.926

532,719
744.378

574.611
543,388

584,733
584,863

573.355
603,689

565.442
584,351

497,109
628.116

558,008
583,539

192,185
137,932

215,274
123,248

213,057
144,850

224,325
125,972

207,367
142,663

219,508
145,730

206,544
150,516

214,198
146.309

223,566
133,931

146.391
146.525

217.450
118.311

222,096
117,555

254,481
101,794

277,441
110.410

262,710
100,950

265,913
107,508

282,028
107,100

299,660
116,106

272,283
112,729

249,380
108,835

216,023
116.875

281.213
102.984

77,335
15,523

81,804
11,043

82,922
11,698

81,415
11,586

78,459
11,990

85.228
11,978

82,574
11,913

84,601
11,465

86,574
9,817

63,717
10.255

81.965
6.470

890,043
934,264

940,177
890,275

1,006,856
865,731

971,493
937,019

955,579
985,221

1,024.332
786,273

1,036,472
841,701

1,018.865
852,527

997,155
820,287

812,032
884.532

1.008,659
796,376

1. Data for positions and financing are obtained from reports submitted to the Federal
Reserve Bank of New York by the U.S. government securities dealers on its published list of
primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar
days of the report week are assumed to be constant. Monthly averages are based on the
number of calendar days in the month.
2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and
forward delivery, as well as U.S. government securities traded on a when-issued basis
between the announcement and issue date.




3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise. mortgage-backed, and corporate securities. Financing transactions for Treasury
inflation-indexed securities (TIIS) are reported in actual funds paid or received, except for
pledged securities. TIIS that are issued as pledged securities are reported at par value, which
is the value of the security at original issuance (unadjusted for inflation).
NOTE. Major changes in the report form filed by primary dealers included a break in many
series as of the week ending July 4, 2001. Current weekly data may be found at the Federal
Reserve Bank of New York web site (http://www.newyorkfed.org/pihome/statistics) under the
Primary Dealer heading.

A30
1.44

DomesticNonfinancialStatistics • December 2001
FEDERAL A N D FEDERALLY SPONSORED CREDIT AGENCIES

Debt Outstanding

Millions of dollars, end of period
2001
Agency

1997

1 Federal and federally sponsored agencies
2
3
4
5
6
7
8
9

Federal agencies
Defense Department 1
Export-Import Bank 2 - 3
Federal Housing Administration 4
Government National Mortgage Association certificates of
participation 5
Postal Service 6
Tennessee Valley Authority
United States Railway Association 6

10 Federally sponsored agencies 7
11
Federal Home Loan Banks
12
Federal Home Loan Mortgage Corporation
Federal National Mortgage Association
1.3
14
Farm Credit Banks 8
Student Loan Marketing Association 9
15
Financing Corporation™
16
Farm Credit Financial Assistance Corporation"
17
Resolution Funding Corporation' 2
18

1998

1999

2000
Mar.

Apr.

May

June

July

1,022,609

1,296,477

1,616,492

1,851,632

1,919,761

l,946,961 r

l,967,515 r

1,986,146

2,009,746

27,792
6
552
102

26,502
6
n.a.
205

26,376
6
n.a.
126

25,666
6
n.a.
255

25,063
6
n.a.
307

25,024
6
n.a.
315

25,070
6
n.a.
201

25,495
6
n.a.
204

25,325
6
n.a.
210

n.a.
n.a.
27,786
n.a.

n.a.
n.a.
26,496
n.a.

n.a.
n.a.
26,370
n.a.

n.a.
n.a.
25,660
n.a.

n.a.
n.a.
25,057
n.a.

n.a.
n.a.
25,018
n.a.

n.a.
n.a.
25,064
n.a.

n.a.
n.a.
25,489
n.a.

n.a.
n.a.
25,319
n.a.

994,817
313,919
169,200
369,774
63,517
37,717
8,170
1,261
29,996

1,269,975
382,131
287,396
460,291
63,488
35,399
8,170
1,261
29,996

1,590,116
529,005
360,711
547,619
68,883
41,988
8,170
1,261
29,996

1,825,966
594,404
426,899
642,700
74,181
45,375
8,170
1,261
29,996

1,894,698
602,824
461,338
666,600
74,174
47,322
8,170
1,261
29,996

1,921,937
595,562
478,447
682,500
74,456
48,468
8,170
1,261
29,996

1.942,445
592,406
490,442
693,600
75,363
48,255
8,170
1,261
29,996

1,960,651
595,148
496,711
702,300
76,330
47,687
8,170
1,261
29,996

1,984,421
601,490
508,944
706,800
76,307
48,427
8,170
1,261
29,996

49,090

44,129

42,152

40,575

39,341

39,065

42,837

38,235

37,510

552
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

13,530
14,898
20,110

9,500
14,091
20,538

6,665
14,085
21,402

5,275
13,126
22,174

5,155
13,371
20,815

5,155
13,371
20,539

5,540
12,989
24,308

5,155
13,381
19,699

5,155
13,483
18,872

MEMO

19 Federal Financing Bank debt' 3

20
21
22
23
24

Lending to federal and federally sponsored
Export-Import Bank 3
Postal Service 6
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association 6

Other lending14
25 Farmers Home Administration
26 Rural Electrification Administration
27 Other

agencies

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. On-budget since Sept. 30, 1976.
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 year 1969 by the Government National
Mortgage Association acting as trustee for the Farmers Home Administration; the Department
of Health, Education, and Welfare; the Department of Housing and Urban Development; the
Small Business Administration; and the Veterans Administration.
6. Off-budget.
7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes
Federal Agriculture Mortgage Corporation; therefore, details do not sum to total. Some data
are estimated.
8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is
shown on line 17.
9. Before late 1982, the association obtained financing through the Federal Financing Bank
(FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22.




10. The Financing Corporation, established in August 1987 to recapitalize the Federal
Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987.
11. The Farm Credit Financial Assistance Corporation established in January 1988 to
provide assistance to the Farm Credit System, undertook its first borrowing in July 1988.
12. The Resolution Funding Corporation, established by the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October
1989.
13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations
issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the
purpose of lending to other agencies, its debt is not included in the main portion of the table to
avoid double counting.
14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans
guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally
being small. The Farmers Home Administration entry consists exclusively of agency assets,
whereas the Rural Electrification Administration entry consists of both agency assets and
guaranteed loans.

Securities Markets and Corporate Finance
1.45

NEW SECURITY ISSUES

A31

Tax-Exempt State and Local Governments

Millions of dollars
2001
Type of issue or issuer,
or use

1998

1

1999

2000
Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

262,342

215,427

180,403

19,829

24,495

16,985

26,248

29,298

19,232

21,152

13,159

By type of issue
2 General obligation
3 Revenue

87,015
175,327

73,308
142,120

64,475
115,928

9,389
10,441

7,668
16,827

6,890
10,094

8,385
17,863

9,691
19,606

5,836
13,396

8,796
12,356

3,926
9,233

By type of issuer
4 State
5 Special district or statutory authority 2
6 Municipality, county, or township

23,506
178,421
60,173

16,376
152,418
46,634

19,944
111,695
39,273

3,268
11,011
5,550

1,893
17,280
5,323

1,900
113,344
3,740

3,123
17,281
5,845

2,905
20,672
5,721

2,029
11,784
5,419

2,713
12,351
6,088

1,504
9,137
2,518

7 Issues for new capital

160,568

161,065

154,257

13,384

15,387

12,264

20,002

20,044

15,015

13,550

10,110

36,904
19,926
21,037
n.a.
8,594
42,450

36,563
17,394
15,098
n.a.
9,099
47,896

38,665
19,730
11,917
n.a.
7,122
47,309

3,102
2,411
1,335
n.a.
281
4,742

5,343
1,219
1,677
n.a.
396
4,368

3,731
1,381
1,447
n.a.
436
3,010

5,714
2,522
2,969
n.a.
422
4,736

6,460
1,258
3,191
n.a.
443
5,047

3,379
3,160
1,055
n.a.
508
3,803

2,950
1,669
1,228
n.a.
708
4,524

3,017
1,195
1,025
n.a.
663
1,732

1 All issues, new and refunding

8
9
10
11
12
13

By use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes

SOURCE. Securities Data Company beginning January 1990; Investment
before then.

1. Par amounts of long-term issues based on date of sale.
2. Includes school districts.

1.46

NEW SECURITY ISSUES

Dealer's

Digest

U.S. Corporations

Millions of dollars
2001
Type of issue, offering,
or issuer

1998

1999

2000
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

1 All issues'

1,128,491

1,072,866

942,198

125,894

96,206

139,267

92,778

164,563

122,773

93,451

97,881

2 Bonds 2

1,001,736

941,298

807,281

118,372

88,806

127,956

86,274

154,623

102,476

84,872

89,946

923,771
77,965

818,683
122,615

684,484
122,798

115,583
2,789

86,146
2,660

118,779
9,177

81,156
5,117

146,164
8,459

96,382
6,094

79,508
5,364

86,715
3,231

26

1,897

652

0

2,563

3,146

12

48

By type of offering
3 Sold in the United States
4 Sold abroad
MEMO

5 Private placements, domestic

n.a.

n.a.

n.a.

By industry group
6 Nonfinancial
7 Financial

307,711
694,025

293,963
647,335

242,452
564,829

44,443
73,928

34,604
54,201

44,385
83,571

33,549
52,725

67,142
87,481

34,996
67,480

18,904
65,968

28,546
61,400

8 Stocks 3

182,055

223,968

283,717

7,522

7,400

11,311

6,504

9,940

20,297

8,579

7,935

By type of offering
9 Public
10 Private placement 4

126,755
55,300

131,568
92,400

134,917
148,800

7,522
n.a.

7,400
n.a.

11,311
n.a.

6,504
n.a.

9,940
n.a.

20,297
n.a.

8,579
n.a.

7,935
n.a.

By industry group
11 Nonfinancial
12 Financial

74,113
52,642

110,284
21,284

118,369
16,548

4,356
3,166

4,463
2,937

7,718
3,593

4,822
1,682

6,809
3,131

16,630
3,667

4,237
4,342

5,468
2,467

1. Figures represent gross proceeds of issues maturing in more than one year; they are the
principal amount or number of units calculated by multiplying by the offering price. Figures
exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, and Yankee bonds. Stock data include ownership securities
issued by limited partnerships.




2. Monthly data include 144(a) offerings.
3. Monthly data cover only public offerings.
4. Data are not available.
SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve
System.

A32
1.47

DomesticNonfinancialStatistics • December 2001
Net Sales and Assets 1

O P E N - E N D I N V E S T M E N T COMPANIES
Millions of dollars

2001
Item

1999

2000
Feb.

Mar.

Apr.

May

June

July

Aug.'

Sept.

1 Sales of own shares 2

1,791,894

2,279,315

148,362

162,548

152,327

158,361

139,270

138,428

142,577

105,275

2 Redemptions of own shares
3 Net sales 3

1,621,987
169,906

2,057,277
222,038

141,663
6,699

175,633
-13,085

130,454
21,873

132,574
25,787

125,097
14,173

129,021
9,407

131,408
11,169

128,409
-23,134

4 Assets 4

5,233,191

5,123,747

4,879,229

4,594,182

4,910,568

4,956,982

4,888,874

4,825,144

4,635,477

4,253,877

5 Cash 5
6 Other

219,189
5,014,002

277,386
4,846,361

274,077
4,605,152

241,518
4,352,664

247,169
4,663,399

237,487
4,719,495

240,199
4,648,675

240.392
4,584,752

240,329
4,395,148

222,826
4,031,051

1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual
funds.
2. Excludes reinvestment of net income dividends and capital gains distributions and share
issue of conversions from one fund to another in the same group.
3. Excludes sales and redemptions resulting from transfers of shares into or out of money
market mutual funds within the same fund family.

1.48

4. Market value at end of period, less current liabilities.
5. Includes all U.S. Treasury securities and other short-term debt securities.
SOURCE. Investment Company Institute. Data based on reports of membership, which
comprises substantially all open-end investment companies registered with the Securities and
Exchange Commission. Data reflect underwritings of newly formed companies after their
initial offering of securities.

CORPORATE PROFITS A N D THEIR DISTRIBUTION
Billions of dollars; quarterly data at seasonally adjusted annual rates
1999
Account

1 Profits with inventory valuation and
capital consumption adjustment
2 Profits before taxes
3 Profits-tax liability
4 Profits after tax
Dividends
5
6
Undistributed profits
7 Inventory valuation
8 Capital consumption adjustment
SOURCE. U.S. Department of Commerce, Survey of Current

1.51

DOMESTIC FINANCE COMPANIES

1998

2000

2001

2000

1999

Q3

Q4

Q1

Q2

Q3

Q4

Qi

Q2

777.4
721.1
238.8
482.3
348.7
133.6

825.2
776.3
253.0
523.3
343.5
179.8

876.4
845.4
271.5
573.9
379.6
194.3

800.2
765.8
250.7
515.1
342.2
172.9

857.6
825.0
267.3
557.7
349.6
208.1

870.3
844.9
277.0
567.8
361.5
206.3

892.8
862.0
280.4
581.6
373.7
207.9

895.0
858.3
274.9
583.4
386.2
197.2

847.6
816.5
253.5
563.0
397.0
165.9

789.8
755.7
236.8
518.9
405.2
113.7

759.8
738.3
228.0
510.3
412.3
98.0

18.3
38.0

-2.9
51.7

-12.4
43.4

-17.7
52.1

-21.0
53.6

-23.8
49.2

-14.8
45.5

-3.6
40.4

-7.3
38.4

-1.9
36.0

-8.8
30.3

Business.

Assets and Liabilities 1

Billions of dollars, end of period; not seasonally adjusted
2000
Account

1998

1999

2001

2000
QI

Q2

Q3

Q4

QI

Q2

Q3

ASSETS

1 Accounts receivable, gross 2
Consumer
2
Business
3
Real estate
4

711.7
261.8
347.5
102.3

811.5
279.8
405.2
126.5

915.6
296.1
471.1
148.3

848.7
285.4
434.6
128.8

884.4
294.1
454.1
136.2

900.1
301.9
455.7
142.4

915.6
296.1
471.1
148.3

910.7
287.2
471.7
151.8

929.9
290.7
481.8
157.4

n.a.
n.a.
n.a.
n.a.

56.3
13.8

53.5
13.5

60.0
15.1

54.0
14.0

57.0
14.4

58.8
14.2

60.0
15.1

60.2
15.6

61.9
16.0

n.a.
n.a.

7 Accounts receivable, net
8 All other

641.6
337.9

744.6
406.3

840.5
461.8

780.7
412.7

813.1
419.4

827.1
441.4

840.5
461.8

834.9
475.5

852.0
486.2

n.a.
n.a.

9 Total assets

979.5

1,150.9

1,302.4

1,193.4

1,232.4

1,268.4

1,302.4

1,310.4

1,338.2

n.a.

26.3
231.5

35.1
227.9

35.6
235.2

28.5
230.2

33.3
234.2

35.4
215.6

35.6
235.2

41.4
178.2

45.2
177.3

n.a.
n.a.

61.8
339.7
203.2
117.0

123.8
397.0
222.7
144.5

146.5
463.8
279.7
141.6

145.1
412.0
247.6
130.1

136.8
445.1
249.6
135.3

144.3
465.5
269.2
138.3

146.5
463.8
279.7
141.6

138.4
501.8
299.7
150.8

145.9
504.6
309.8
155.5

n.a.
n.a.
n.a.
n.a.

979.5

1,150.9

1,302.4

1,193.4

1,234.4

1,268.4

1,302.4

1,310.4

1,338.2

n.a.

5 LESS:
6

Reserves for unearned income
Reserves for losses

LIABILITIES AND CAPITAL

10 Bank loans
11 Commercial paper

12
13
14
15

Debt
Owed to parent
Not elsewhere classified
All other liabilities
Capital, surplus, and undivided profits

16 Total liabilities and capital

1. Includes finance company subsidiaries of bank holding companies but not of
retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books.




2. Before deduction for unearned income and losses. Excludes pools of securitized
assets,

Securities Markets and Corporate Finance
1.52

DOMESTIC FINANCE COMPANIES

A33

Owned and Managed Receivables 1

Billions of dollars, amounts outstanding
2001
Type of credit
Mar.

Apr.

May

June

July

Aug.

Seasonally adjusted

1 Total

875.8

993.9

1,145.2

1,159.8

1,172.7

1,173.7

1,180.2

l,186.6 r

1,189.7

2
3
4

352.8
131.4
391.6

385.3
154.7
453.9

439.3
174.9
531.0

450.9
177.7
531.1

455.9
182.5
534.2

453.4
184.4
535.9

452.3
183.6
544.2

453.3
187.1
546.2 r

455.2
189.6
544.9

Consumer
Real estate
Business

Not seasonally adjusted

5 Total
6
7
S
9
10
11
12
13
14
15
16
17
IS
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

Consumer
Motor vehicle loans
Motor vehicle leases
Revolving 2
Other 3
Securitized assets 4
Motor vehicle loans
Motor vehicle leases
Revolving
Other
Real estate
One- to four-family
Other
Securitized real estate assets 4
One- to four-family
Other
Business
Motor vehicles
Retail loans
Wholesale loans 5
Leases
Equipment
Loans
Leases
Other business receivables 6
Securitized assets 4
Motor vehicles
Retail loans
Wholesale loans
Leases
Equipment
Loans
Leases
Other business receivables 6

884.0

1,003.2

1,156.0

1,164.2

1,175.0

1,176.9

1,186.2

i,i8i.r

1,183.6

356.1
103.1
93.3
32.3
33.1

388.8
114.7
98.3
33.8
33.1

443.4
122.5
102.9
38.3
32.4

446.9
118.9
101.3
35.6
31.3

450.6
126.9
101.4
36.0
28.1

450.9
127.6
100.6
37.5
26.4

453.1
127.5
99.7
37.4
26.1

455.1
128.8'
99.5
37.5
26.4

456.6
133.0
99.0
37.6
26.7

54.8
12.7
8.7
18.1
131.4
75.7
26.6

71.1
9.7
10.5
17.7
154.7
88.3
38.3

97.1
6.6
27.5
16.0
174.9
105.4
42.9

108.0
6.6
28.8
16.2
177.7
108.1
43.8

106.1
7.0
29.1
16.0
182.5
112.3
43.8

107.7
6.9
28.4
15.7
184.4
114.4
43.9

110.2
7.6
29.1
15.5
183.6
113.3
44.2

111.4'
7.4
29.1
15.2
187.1
117.1
44.0

108.9
7.2
28.9
15.2
189.6
118.9
44.8

29.0
.1
396.5
79.6
28.1
32.8
18.7
198.0
50.4
147.6
69.9

28.0
.2
459.6
87.8
33.2
34.7
19.9
221.9
52.2
169.7
95.5

24.7
1.9
537.7
95.2
31.0
39.6
24.6
267.3
56.2
211.1
108.6

23.9
1.9
539.7
91.9
30.5
35.8
25.6
264.6
57.1
207.5
115.2

23.8
2.6
541.9
91.0
29.9
35.3
25.8
269.2
57.7
211.5
113.5

23.6
2.6
541.6
90.8
29.8
35.2
25.8
271.4
58.4
213.0
112.1

23.4
2.8
549.5
91.9
29.4
36.6
25.8
276.0
60.7
215.3
113.9

23.2
2.8
539.0'
87.6
29.5
32.4
25.7
272.3'
59.0
213.3'
112.0

23.0
2.8
537.4
85.9
29.5
30.7
25.7
273.8
59.9
213.9
110.7

29.2
2.6
24.7
1.9
13.0
6.6
6.4
6.8

31.5
2.9
26.4
2.1
14.6
7.9
6.7
8.4

37.8
3.2
32.5
2.2
23.1
15.5
7.6
5.6

40.0
2.8
34.5
2.6
22.5
14.6
7.9
5.6

40.3
3.1
34.6
2.6
22.2
14.4
7.8
5.7

40.0
3.0
34.3
2.7
21.6
13.9
7.7
5.7

39.0
3.1
33.4
2.6
22.6
15.2
7.5
6.0

38.2
2.9
32.7
2.6
23.0
15.2
7.8
6.0

38.1
2.8
32.7
2.6
22.7
14.8
7.9
6.2

NOTE. This table has been revised to incorporate several changes resulting from the
benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more detailed
breakdowns have been obtained for some components. In addition, previously unavailable
data on securitized real estate loans are now included in this table. The new information has
resulted in some reclassificaton of receivables among the three major categories (consumer,
real estate, and business) and in discontinuities in some component series between May and
June 1996.
Includes finance company subsidiaries of bank holding companies but not of retailers and
banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release. For
ordering address, see inside front cover.
1. Owned receivables are those carried on the balance sheet of the institution. Managed
receivables are outstanding balances of pools upon which securities have been issued; these
balances are no longer carried on the balance sheets of the loan originator. Data are shown




before deductions for unearned income and losses. Components may not sum to totals
because of rounding.
2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies.
3. Includes personal cash loans, mobile home loans, and loans to purchase other types of
consumer goods, such as appliances, apparel, boats, and recreation vehicles.
4. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
5. Credit arising from transactions between manufacturers and dealers, that is, floor plan
financing.
6. Includes loans on commercial accounts receivable, factored commercial accounts, and
receivable dealer capital; small loans used primarily for business or farm purposes; and
wholesale and lease paper for mobile homes, campers, and travel trailers.

A34
1.53

DomesticNonfinancialStatistics • December 2001
MORTGAGE MARKETS

Mortgages on N e w Homes

Millions of dollars except as noted
2001
Mar.

Apr.

May

June

July

Aug.

Sept.

Terms and yields in primary and secondary markets

PRIMARY MARKETS

1
2
3
4
3

Terms'
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars)
Loan-to-price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount) 2

Yield (percent per year)
6 Contract rate 1
7 Effective rate 1,3
8 Contract rate (HUD series) 4

195.2
151.1
80.0
28.4
.89

210.7
161.7
78.7
28.8
.77

234.5
177.0
77.4
29.2
.70

244.5
182.9
77.2
28.8
.66

240.8
181.5
77.6
28.5
.71

241.4
181.4
77.6
28.6
.69

250.6
188.7
77.3
28.7
.66

242.9
182.7
77.3
28.8
.66

241.5
181.3
76.6
28.7
.61

246.6
184.3
77.1
29.0
.61

6.95
7.08
7.00

6.94
7.06
7.45

7.41
7.52
n.a.

6.94
7.04
n.a.

6.96
7.07
n.a.

7.02
7.12
n.a.

7.02
7.12
n.a.

7.01
7.11
n.a.

7.06
7.15
n.a.

6.80
6.89
n.a.

7.04
6.43

7.74
7.03

n.a.
7.57

n.a.
6.41

n.a.
6.53

n.a.
6.61

n.a.
6.55

n.a.
6.49

n.a.
6.29

n.a.
6.03

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

24,430

26,082

22,111

SECONDARY MARKETS

Yield (percent per year)
9 FHA mortgages (section 203) 5
10 G N M A securities 6

Activity in secondary markets

FEDERAL NATIONAL MORTGAGE ASSOCIATION

Mortgage holdings (end of period)
11 Total
12
FHA/VA insured
Conventional
13

414,515
33,770
380,745

523,941
55,318
468,623

610,122
61,539
548,583

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

14 Mortgage transactions purchased (during period)

188,448

195,210

154,231

20,899

24,015

Mortgage commitments
13 Issued 7
16 To sell 8

193,795
1,880

187,948
5,900

163,689
11,786

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

n.a.
n.a.

255,010
785
254,225

324,443
1,836
322,607

385,693
3,332
382,361

421,655
3,329
418,326

430,960
2,878
428,082

437,582
2,785
434,797

443,810
2,738
441,072

454,485
2,689
451,796

465,553
2,643
462,910

470,850
2,597
468,253

267,402
250,565

239,793
233,031

174,043
166,901

24,648
23,367

n.a.
31,219

n.a.
33,670

n.a.
38,133

n.a.
44,574

n.a.
33,933

n.a.
32,666

281,899

228,432

169,231

26,682

32,758

39,897

37,312

43,788

34,087

31,140

(during

n.a.
n.a.
n.a.
16,825

16,016

period)

FEDERAL HOME LOAN MORTGAGE CORPORATION

Mortgage holdings (end of
17 Total
FHA/VA insured
18
Conventional
19
Mortgage transactions
20 Purchases
21 Sales

periodf

(during

period)

22 Mortgage commitments contracted (during period) 9

1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing
Finance Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the
seller) to obtain a loan.
3. Average effective interest rate on loans closed for purchase of newly built homes,
assuming prepayment at the end of ten years.
4. Average contract rate on new commitments for conventional first mortgages; from U.S.
Department of Housing and Urban Development (HUD). Based on transactions on the first
day of the subsequent month.
5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by
the Federal Housing Administration (FHA) for immediate delivery in the private secondary
market. Based on transactions on first day of subsequent month.




6. Average net yields to investors on fully modified pass-through securities backed by
mortgages and guaranteed by the Government National Mortgage Association (GNMA),
assuming prepayment in twelve years on pools of thirty-year mortgages insured by the
Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
7. Does not include standby commitments issued, but includes standby commitments
converted.
8. Includes participation loans as well as whole loans.
9. Includes conventional and government-underwritten loans. The Federal Home Loan
Mortgage Corporation's mortgage commitments and mortgage transactions include activity
under mortgage securities swap programs, whereas the corresponding data for the Federal
National Mortgage Association exclude swap activity.

Real Estate
1.54

A3 5

MORTGAGE DEBT OUTSTANDING 1
Millions of dollars, end of period
2001

2000
Type of holder and property

1999

1998

1997

Q2

Q3

Q4

Ql

Q2

1 All holders

5,195,235 r

5,707,172 r

6,343,995'

6,615,662'

6,767,922 r

6,914,156 r

7,036,854 r

7,253,938

By type of property
7 One- to four-family residences
3 Multifamily residences
4 Nonfarm, nonresidential
5

3,966,639 r
301,817 r
836,479 r
90,300

4,351,496'
333,873'
925,297'
96,506

4,780,203'
378,811'
1,082,019'
102,962

4,970,215'
398,667'
1,140,329'
106,451'

5,095,720'
407,112'
1,157,134'
107,957

5,201,362'
417,555'
1,186,403'
108,836

5,293,734'
426,993'
1,206,253'
109.873'

5,452,224
442,399
1,246,425
112,889

2,084,000
1,245,334
745,777
50,705
421.865
26,987
631,826
520,782
59,540
51,150
354
206,840
7,187
30,402
158,779
10,472

2,195,869
1,338,273
798,009
54,174
457,054
29,035
643,957
533,895
56,847
52,798
417
213,640
6,590
31,522
164,004
11,524

2,396,265
1,496,844
880,208
67,666
517,130
31,839
668,634
549,046
59,168
59,945
475
230,787
5,934
32,818
179,048
12,987

2,550,401'
1,615,794
949,223
75,795
557,059
33,717
701,992
578,612
59,174
63,688
518
232,615'
5,242'
33,150'
180,856'
13,367'

2,606,592
1,650,294
968,831
77,031
570,513
33,919
721,563
595,518
60,077
65,437
531
234,735
4,907
33,478
182,646
13,704

2,620,886'
1,661,411'
966,502'
77,821
583,071'
34,016
723,534
595,053
61,094
66,852
535
235,941'
4,903'
33,681
183,757
13.600

2,664,837'
1,688,673'
978,144'
79,890
596,405'
34,234
741,114
608,289
62,666
69,589
569
235,050'
4,877'
33,557'
183,078'
13,538'

2,714,965
1,727,255
999,307
80,542
612,247
35,159
751,660
616,506
63,193
71,378
583
236,050
4,876
33,553
184,084
13,537

286,194
8
8
0
41,195
17,253
11,720
7,370
4,852
3,811
1,767
2,044
-278
0
0
0
0
724
117
140
467
0
161,308
149,831
11,477
30,657
1,804
0
48,454
42,629
5,825

293,602
7
7
0
40,851
16,895
11,739
7,705
4,513
3,674
1,849
1,825
24
0
0
0
0
361
58
70
233
0
157,675
147,594
10,081
32,983
1,941
0
57,085
49,106
7,979

322.132
7
7
0
73,871
16,506
11,741
41,355
4,268
3,712
1,851
1,861
-10
0
0
0
0
152
25
29
98
0
151,500
141,195
10,305
34,187
2,012
0
56,676
44,321
12,355

332,568'
7
7
0
72,896
16,435
11,729
40,554
4,179
3,845
1,832
2,013
0
0
0
0
0
72
12
14
46
0
153,507
142,478
11,029
34,830
2,049
0
56,972
42,892
14,080

336,575'
6
6
0
73,009
16,444
11.734
40,665
4,167
3,395
1,327
2,068
0
0
0
0
0
82
13
16
53
0
152,815
141,786
11,029
35,549
2,092
0
57,046
42,138
14,908

343,962
6
6
0
73,323
16,372
11,733
41,070
4,148
3,507
1,308
2,199
0
0
0
0
0
45
7
9
29
0
155,363
144,150
11,213
36,326
2,137
0
59,240
42,871
16,369

346,276
6
6
0
73,361
16,297
11,725
41,247
4,093
2,873
1,276
1,597
0
0
0
0
0
50
8
10
32
0
156,294
145,014
11,280
37,072
2,181
0
60,110
42,771
17,339

355,218
6
6
0
73,206
16,153
11,720
41,262
4,072
2,918
1,267
1,651
0
0
0
0
0
24
4
5
15
0
159,221
147,730
11,491
38,686
2,276
0
61,542
42,537
19,005

2,232,848
536,879
523,225
13,654
579,385
576,846
2,539
709,582
687,981
21,601
2
0
0
0
2
407,000
310,659
20,907
75,434
0

2,581,969
537,446
522,498
14,948
646,459
643,465
2,994
834,517
804,204
30,313
1
0
0
0
1
563,546
405,153
33,754
124,639
0

2,947,760
582,263
565,189
17,074
749,081
744,619
4,462
960,883
924,941
35.942
0
0
0
0
0
655,533
455,021
42,226
158,287
0

3,035,546'
590,708
572,661
18,047
768,641
763,890
4,751
995,815
957,584
38,231
0
0
0
0
0
680,382'
464,593
44,413'
171,376'
0

3,116,180'
602,628
584,152
18,476
790,891
786,007
4,884
1,020,828
981,206
39,622
0
0
0
0
0
701,833'
477,899
46,142'
177,792'
0

3,232,338'
611,553'
592,624'
18,929
822,310
816,602
5,708
1,057,750
1,016,398
41,352
0
0
0
0
0
740,725'
499,834
49,513'
191,378'
0

3.303,742'
601,534'
581,754'
19,780
833,616
827,769
5,847
1,099,049
1,055,412
43,637
0
0
0
0
0
769,543'
523,300
50,749'
195,494'
0

3,450.274
598,106
577,315
20,792
873,750
867,924
5,826
1,163,978
1.116,534
47,444
0
0
0
0
0
814,440
539,200
56,974
218,266
0

592,193 r
380,736 r
71,263'
121,415'
18,779

635,732'
419,278'
77,617'
118,863'
19,974

677,838'
447,532'
82,932 r
126,156'
21,217

697,147'
462,493'
86,015'
126,750'
21,889'

708,575'
478,944'
87,423'
120,028'
22,179

716,971'
486,664'
87,714'
120,245'
22,348

721,999'
490,345'
88,699'
120,408'
22,547'

733,482
501,192
89,989
119,172
23,129

By type of holder
6 Major financial institutions
7
Commercial banks 2
8
One- to four-family
9
Multifamily
Nonfarm, nonresidential
10
11
Farm
Savings institutions 3
12
13
One- to four-family
14
Multifamily
Nonfarm, nonresidential
15
16
Farm
17
Life insurance companies
18
One- to four-family
19
Multifamily
Nonfarm, nonresidential
20
21
Farm
22 Federal and related agencies
Government National Mortgage Association
23
24
One- to four-family
Multifamily
25
76
Farmers Home Administration 4
7.7
One- to four-family
78
Multifamily
79
Nonfarm, nonresidential
30
Farm
31
Federal Housing and Veterans' Administrations
32
One- to four-family
Multifamily
33
Resolution Trust Corporation
34
One- to four-family
35
Multifamily
36
37
Nonfarm, nonresidential
38
Farm
39
Federal Deposit Insurance Corporation
40
One- to four-family
Multifamily
41
42
Nonfarm, nonresidential
Farm
43
44
Federal National Mortgage Association
45
One- to four-family
46
Multifamily
47
Federal Land Banks
48
One- to four-family
49
Farm
50
Federal Home Loan Mortgage Corporation
51
One- to four-family
52
Multifamily
53 Mortgage pools or trusts 5
54
Government National Mortgage Association
55
One- to four-family
56
Multifamily
Federal Home Loan Mortgage Corporation
57
58
One- to four-family
59
Multifamily
60
Federal National Mortgage Association
61
One- to four-family
Multifamily
62
Farmers Home Administration 4
63
64
One- to four-family
Multifamily
65
66
Nonfarm, nonresidential
67
Farm
68
Private mortgage conduits
69
One- to four-family 6
70
Multifamily
Nonfarm, nonresidential
71
72
Farm
73 Individuals and others 7
74
One- to four-family
75
Multifamily
76
Nonfarm, nonresidential
77

1. Multifamily debt refers to loans on structures of five or more units.
2. Includes loans held by nondeposit trust companies but not loans held by bank trust
departments.
3. Includes savings banks and savings and loan associations.
4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from
FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting
changes by the Farmers Home Administration.
5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by
the agency indicated.




6. Includes securitized home equity loans.
7. Other holders include mortgage companies, real estate investment trusts, state and local
credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and
finance companies.
SOURCE. Based on data from various institutional and government sources. Separation of
nonfarm mortgage debt by type of property, if not reported directly, and interpolations and
extrapolations, when required for some quarters, are estimated in part by the Federal Reserve.
Line 69 from Inside Mortgage Securities and other sources.

A36

DomesticNonfinancialStatistics • December 2001
CONSUMER CREDIT 1

1.55

Millions of dollars, amounts outstanding, end of period
2001
1998

1999

2000
Mar.

Apr.

May

June

July'

Aug.

Seasonally adjusted
1 Total
2 Revolving
3 Nonrevolving 3

1,301,023

1,393,657

1,531,469

1,570,990

1,584,421

1,590,958

l,589,191 r

1,588,615

1,590,909

560,504
740,519

595,610
798,047

663,830
867,639

689,727
881,264

696,417
888,004

699,036
891,923

700,270 r
888,921r

701,359
887,256

702,595
888,314

Not seasonally adjusted
4 Total

1,331,742

1,426,151

1,566,457

1,558,582

1,570,273

1,576,257

1,581,064'

1,580,952

1,592,971

By major holder
Commercial banks
Finance companies
Credit unions
Savings institutions
Nonfinancial business
Pools of securitized assets3

508,932
168,491
155,406
51,611
74.877
372.425

499,758
181,573
167,921
61,527
80,311
435,061

541,470
193,189
184,434
64,557
82,662
500,145

533.680
185,862
182.918
65,509
71,403
519,210

540,740
191,028
184,280
65,453
71,490
517,283

543,048
191,539
185,971
65,396
69,963
520,340

540,211
190,969
187,000
65.340
68,016 r
529,528

537,678
192,597
185,512
65,999
65,360
533,806

541,900
197,398
187,138
66,658
63,550
536,326

Bv major rxpe of credit4
1 1 Revolving
12
Commercial banks
13
Finance companies
14
Credit unions
15
Savings institutions
lb
Nonfinancial business
W
Pools of securitized assets3

586,528
210,346
32,309
19,930
12,450
39,166
272,327

623,245
189,352
33,814
20,641
15,838
42,783
320,817

693,645
218,063
38,251
22,226
16.560
42,430
356,114

682,684
209,461
35.626
20,902
16,987
33,871
365,837

689,214
214,683
36,044
21,068
16,788
33,815
366,815

691,635
216,268
37,509
21,226
16,589
32,690
367,354

694,276 r
213,080
37,373
21,290
16,391
31,366'
374,776

693,943
212.162
37.485
21,822
16.714
29,314
376,447

698,936
212,291
37,623
22.124
17,036
27,603
382.259

18 Nonrevolving
19
Commercial banks
20
Finance companies
21
Credit unions
22
Savings institutions
23
Nonfinancial business
24
Pools of securitized assets3

745,214
298.586
136,182
135,476
39.161
35.711
100,098

802,906
310,406
147,759
147,280
45,689
37,528
114,244

872,812
323,407
154.938
162,208
47,997
40,232
144,031

875,898
324,219
150.236
162,016
48,523
37,532
153,372

881,060
326,057
154,985
163,212
48,665
37,674
150,468

884,622
326,780
154,030
164,745
48,807
37,274
152,986

886,788'
327,131
153,597
165,710
48,949
36,650'
154,752

887,009
325,516
155,112
163,690
49,286
36,046
157,360

894,036
329,610
159,775
165,014
49,622
35,948
154,068

6
/
8
9
IU

1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals, excluding loans secured by real estate. Data in this table also appear
in the Board's G.19 (421) monthly statistical release. For ordering address, see inside front
cover.
2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not
included in revolving credit, such as loans for education, boats, trailers, or vacations. These
loans may be secured or unsecured.

1.56

3. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
4. Totals include estimates for certain holders for which only consumer credit totals are
available.

TERMS OF CONSUMER CREDIT 1
Percent per year except as noted
2001
Item

1998

1999

2000
Feb.

Mar.

Apr.

May

June

July

Aug.

INTEREST RATES

Commercial hanks2
1 48-month new car
2 24-month personal

8.72
13.74

8.44
13.39

9.34
13.90

9.17
13.71

n.a.
n.a.

n.a.
n.a.

8.67
13.28

n.a.
n.a.

n.a.
n.a.

8.31
13.25

Credit card plan
3 All accounts
4 Accounts assessed interest

15.71
15.59

15.21
14.81

15.71
14.91

15.66
14.61

n.a.
n.a.

n.a.
n.a.

15.07
14.63

n.a.
n.a.

n.a.
n.a.

14.60
14.64

Auto finance companies
5 New car
6 Used car

6.30
12.64

6.66
12.60

6.61
13.55

7.19
13.34

6.80
13.19

6.80
12.82

6.56
12.57

6.15
12.05

6.20
11.79

6.41
12.06

52.1
53.5

52.7
55.9

54.9
57.0

55.5
58.0

55.6
58.0

56.3
57.9

57.0
57.8

57.2
57.6

57.3
57.6

57.7
57.6

92
99

92
99

92
99

91
99

91
100

91
100

92
100

91
100

91
100

91
100

19,083
12,691

19,880
13,642

20,923
14.058

21.993
14,095

22,131
14,214

21,914
14,347

21,871
14,350

22,124
14,586

22,687
14,571

22,591
14,321

3

OTHER TERMS

Maturity (months)
7 New car
8 Used car
Loan-to-value
9 New car
10 Used car

ratio

Amount financed (dollars)
11 New car
12 Used car

1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly
statistical release. For ordering address, see inside front cover.




2. Data are available for only the second month of each quarter,
3. At auto finance companies,

Flow of Funds
1.57

A3 9

FUNDS RAISED IN U.S. CREDIT MARKETS 1
Billions of dollars; quarterly data at seasonally adjusted annual rates
1999
Transaction category or sector

1995

1996

1997

2001

2000

1999
Q4

Ql

Q2

Q3

Q4

Ql

Q2

Nonfinancial sectors

1 Total net borrowing by domestic nonfinancial sectors . .

705.9

733.1

804.4

1,023.5

1,097.8

999.7

949.6

967.5

801.3

758.0

1,001.1

1,034.9

By sector and instrument
7 Federal government
Treasury securities
Budget agency securities and mortgages
4

144.4
142.9
1.5

145.0
146.6
-1.6

23.1
23.2
-.1

-52.6
-54.6
2.0

-71.2
-71.0
-.2

-30.0
-30.1
.0

-217.2
-215.2
-2.1

-408.7
-410.5
1.8

-226.2
-223.8
-2.4

-331.3
-330.2
-1.2

-4.3
-2.1
-2.2

-216.0
-217.1
1.1

5 Nonfederal

561.5

588.1

781.3

1,076.2

1,169.1

1,029.7

1,166.8

1,376.2

1,027.6

1,089.4

1,005.4

1,251.0

7
8
9
10
11
1?
n
14
15
16

By instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit

18.1
-48.2
91.1
103.7
67.2
190.6
179.1
4.5
5.7
1.4
138.9

-.9
2.6
116.3
70.5
33.5
277.5
242.9
9.5
22.5
2.7
88.8

13.7
71.4
150.5
106.5
69.1
317.6
252.6
7.6
54.3
3.1
52.5

24.4
96.8
218.7
108.2
74.3
486.1
384.2
23.8
71.5
6.5
67.6

37.4
68.2
229.9
82.7
60.6
595.9
429.5
42.7
117.9
5.8
94.4

44.0
44.8
155.2
84.8
23.7
567.7
377.2
53.9
133.9
2.7
109.5

29.8
20.0
186.2
139.5
147.1
498.8
356.2
30.9
104.3
7.4
145.3

110.4
30.1
153.8
163.3
126.0
654.6
484.6
49.0
110.9
10.1
137.9

56.1
31.0
184.4
50.2
18.4
565.0
435.9
29.5
93.1
6.5
122.5

-4.0
60.1
175.6
59.4
125.2
549.5
392.3
41.7
111.8
3.8
123.7

-207.2
106.9
403.7
-6.7
-12.5
563.1
431.5
40.4
86.7
4.5
158.1

-141.5
113.9
423.7
-144.1
102.8
823.3
613.9
56.2
144.2
9.1
72.8

17
18
19
70
?1
22

By borrowing sector
Household
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government

339.3
273.7
224.9
46.1
2.7
-51.5

338.5
256.4
183.7
67.8
4.9
-6.8

322.1
403.2
301.3
95.7
6.2
56.1

454.2
541.7
394.8
138.9
8.0
80.3

506.3
610.4
449.2
155.7
5.5
52.3

437.8
564.7
389.5
169.4
5.9
27.2

516.6
637.2
487.7
135.7
13.8
12.9

612.7
745.2
550.8
184.7
9.7
18.2

544.4
459.4
322.9
129.3
7.2
23.8

498.4
537.2
388.5
134.2
14.5
53.7

549.5
355.8
228.2
121.3
6.3
100.1

660.9
480.0
348.1
125.4
6.5
110.1

78.5
13.5
57.1
8.5
-.5

88.4
11.3
67.0
9.1
1.0

71.8
3.7
61.4
8.5
-1.8

43.4
7.8
34.9
6.7
-6.0

27.9
16.3
16.8
.5
-5.7

22.8
33.6
2.3
2.3
-15.4

117.4
57.8
44.7
15.4
-.5

50.6
12.0
31.2
5.7
1.7

108.7
7.0
91.5
11.9
-1.7

107.4
50.1
49.6
12.2
-4.6

9.3
-25.4
33.3
13.0
-11.6

4.2
-5.6
36.0
-26.9
.7

784.5

821.5

876.2

1,066.9

1,125.8

1,022.5

1,067.0

1,018.1

910.0

865.4

1,010.4

1,039.1

23 Foreign net borrowing in United States
Commercial paper
74
75
Bonds
76
Bank loans n.e.c
27
Other loans and advances
28 Total domestic plus foreign

Financial sectors

29 Total net borrowing by financial sectors

454.0

545.7

653.8

1,073.8

1,077.3

961.4

601.2

884.8

777.9

976.7

882.9

763.1

By instrument
30 Federal government-related
Government-sponsored enterprise securities
31
Mortgage pool securities
32
33
Loans from U.S. government

204.2
105.9
98.3
.0

231.4
90.4
141.0
.0

212.9
98.4
114.6
.0

470.9
278.3
192.6
.0

592.0
318.2
273.8
.0

552.4
367.9
184.5
.0

224.4
104.9
119.5
.0

381.1
248.9
132.2
.0

514.8
278.1
236.7
.0

613.6
304.5
309.1
.0

432.6
262.3
170.3
.0

671.2
264.7
406.5
.0

34 Private
35
Open market paper
36
Corporate bonds
Bank loans n.e.c
37
38
Other loans and advances
Mortgages
39

249.8
42.7
195.9
2.5
3.4
5.3

314.4
92.2
173.8
12.6
27.9
7.9

440.9
166.7
210.5
13.2
35.6
14.9

602.9
161.0
296.9
30.1
90.2
24.8

485.3
176.2
211.2
-14.3
107.1
5.1

409.0
404.4
-30.1
-54.4
85.9
3.2

376.7
114.6
165.0
3.1
87.0
7.0

503.7
136.7
227.7
10.2
119.2
10.0

263.1
106.5
192.1
-9.9
-31.6
6.0

363.1
153.2
217.4
-4.4
-4.8
1.8

450.3
-134.6
456.7
27.8
107.8
-7.5

91.8
-85.4
157.7
14.5
-11.0
16.0

22.5
2.6
-.1
-.1
105.9
98.3
142.4
50.2
-2.2
4.5
-5.0
34.9

13.0
25.5
.1
1.1
90.4
141.0
150.8
45.9
4.1
11.9
-2.0
64.1

46.1
19.7
.1
.2
98.4
114.6
202.2
48.7
-4.6
39.6
8.1
80.7

72.9
52.2
.6
.7
278.3
192.6
321.4
43.0
1.6
62.7
7.2
40.7

67.2
48.0
2.2
.7
318.2
273.8
223.4
62.4
.2
6.3
-17.2
92.2

44.8
-6.8
3.3
-4.4
367.9
184.5
105.9
92.1
6.2
11.3
-37.3
193.8

78.3
57.5
-2.9
-.7
104.9
119.5
175.0
53.5
-3.0
11.5
44.4
-36.8

99.3
69.0
.9
-1.1
248.9
132.2
146.0
177.7
2.7
9.8
-.7
-.1

43.4
-37.9
1.1
-.3
278.1
236.7
156.2
29.6
-.3
-2.4
25.4
48.2

18.8
20.4
1.0
-.7
304.5
309.1
307.9
37.8
1.0
-8.1
-6.6
-8.5

148.3
62.5
-.6
-2.4
262.3
170.3
289.8
-42.8
.7
-6.1
-23.7
24.6

-15.6
16.2
.8
.1
264.7
406.5
171.8
35.7
.6
2.2
35.6
-155.5

40
41
42
43
44
45
46
47
48
49
50
51

By borrowing sector
Commercial banking
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs)
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations




A78
1.57

DomesticNonfinancialStatistics • December 2001
FUNDS RAISED IN U S . CREDIT M A R K E T S C o n t i n u e d
Billions of dollars; quarterly data at seasonally adjusted annual rates
1999
Transaction category or sector

1995

1996

1997

1998

2000

2001

1999
Q4

Ql

Q2

Q3

Q4

Q1

Q2

All sectors
52 Total net borrowing, all sectors
53
54
55
56
57
58
59
60

Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit

1,238.5

1,367.2

1,530.0

2,140.7

2,203.1

1,983.8

1,668.1

1,902.9

1,687.9

1,842.1

1,893.2

1,802.2

74.3
348.6
—48.2
344.1
114.7
70.1
196.0
138.9

102.6
376.4
2.6
357.0
92.1
62.5
285.3
88.8

184.1
236.0
71.4
422.4
128.2
102.8
332.5
52.5

193.1
418.3
96.8
550.4
145.0
158.5
510.9
67.6

229.9
520.7
68.2
457.9
68.9
162.0
601.0
94.4

482.0
522.4
44.8
127.4
32.7
94.2
570.9
109.5

202.1
7.2
20.0
396.0
158.0
233.6
505.9
145.3

259.1
-27.6
30.1
412.7
179.2
246.9
664.6
137.9

169.7
288.6
31.0
468.0
52.2
-15.0
571.0
122.5

199.3
282.2
60.1
442.6
67.1
115.8
551.3
123.7

-367.2
428.3
106.9
893.7
34.1
83.7
555.6
158.1

-232.5
455.2
113.9
617.4
-156.5
92.5
839.4
72.8

Funds raised through mutual funds and corporate equities
61 Total net issues

146.8

231.8

181.8

102.8

146.3

168.2

387.7

163.4

211.3

-166.0

170.0

427.6

62 Corporate equities
Nonfinancial corporations
63
64
Foreign shares purchased by U.S. residents
Financial corporations
65
66 Mutual fund shares

-.6
-58.3
65.4
-7.7
147.4

-5.8
-69.5
82.8
-19.2
237.6

-83.3
-114.4
57.6
-26.5
265.1

-171.8
-267.0
101.3
-6.1
274.6

-42.1
-143.5
114.4
-13.0
188.3

8.0
-55.0
71.3
-8.3
160.2

80.4
61.2
62.6
-43.4
307.3

-68.7
-245.2
185.9
-9.3
232.0

-68.1
-87.7
61.1
-41.5
279.4

-322.7
-394.8
89.4
-17.4
156.7

73.6
-33.9
109.2
-1.8
96.4

143.8
-35.2
208.8
-29.9
283.8

1. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables
F.2 through F4. For ordering address, see inside front cover.




Flow of Funds
1.58

A3 9

SUMMARY OF FINANCIAL TRANSACTIONS 1
Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates

1995

1996

1997

1998

2001

2000

1999
Transaction category or sector

1999
Q4

QI

Q2

Q3

Q4

Ql

Q2

NET LENDING IN CREDIT MARKETS 2

1 Total net lending in credit markets
7 Domestic nonfederal nonfinancial sectors
Household
4
Nonfinancial corporate business
5
Nonfarm noncorporate business
6
State and local governments
7 Federal government
8 Rest of the world
9 Financial sectors
10
Monetary authority
Commercial banking
11
U.S.-chartered banks
17
Foreign banking offices in United States
13
14
Bank holding companies
15
Banks in U.S.-affiliated areas
16
Savings institutions
17
Credit unions
18
Bank personal trusts and estates
19
Life insurance companies
20
Other insurance companies
21
Private pension funds
22
State and local government retirement funds
23
Money market mutual funds
74
Mutual funds
75
Closed-end funds
26
Government-sponsored enterprises
27
Federally related mortgage pools
28
Asset-backed securities issuers (ABSs)
29
Finance companies
30
Mortgage companies
31
Real estate investment trusts (REITs)
37
Brokers and dealers
Funding corporations
33

1,238.5

1,367.2

1,530.0

2,140.7

2,203.1

1,983.8

1,668.1

1,902.9

1,687.9

1,842.1

1,893.2

1,802.2

-79.3
16.5
-8.8
4.4
-91.4
-.5
273.9
1,044.4
12.7
265.9
186.5
75.4
-.3
4.2
-7.6
16.2
-8.3
100.0
21.5
19.9
38.3
86.5
52.5
10.2
95.4
98.3
120.6
49.9
-3.4
1.4
90.1
-15.7

69.7
109.4
-10.2
4.2
-33.7
-7.2
414.4
890.3
12.3
187.5
119.6
63.3
3.9
.7
19.9
25.5
-7.7
69.6
22.5
-4.1
35.8
88.8
48.9
4.6
97.4
141.0
120.5
18.4
8.2
4.4
-15.7
12.6

-29.7
-20.2
-12.7
3.0
.1
5.1
311.3
1,243.3
38.3
324.3
274.9
40.2
5.4
3.7
-4.7
16.8
-25.0
104.8
25.2
47.6
67.1
87.5
80.9
-2.6
106.6
114.6
163.8
21.9
-9.1
20.2
14.9
50.4

86.3
-50.4
-16.0
18.1
134.5
13.5
254.2
1,786.7
21.1
305.2
312.0
-11.9
-.9
6.0
36.1
19.0
-12.8
76.9
5.8
56.4
72.1
244.0
124.8
5.5
314.6
192.6
281.7
51.9
3.2
-5.1
6.8
-12.9

189.2
141.5
-2.8
7.1
43.4
5.8
208.8
1,799.2
25.7
308.2
317.6
-20.1
6.2
4.4
68.6
27.5
27.8
53.5
-3.0
45.0
46.9
182.0
47.2
7.4
291.7
273.8
205.2
94.9
.3
-2.6
-34.7
133.8

-32.2
-.2
-41.1
6.9
2.3
-11.8
136.0
1,891.8
-49.1
500.4
417.4
34.1
42.6
6.3
23.1
21.1
27.8
27.4
-8.2
49.8
46.2
355.1
-23.2
7.4
253.7
184.5
76.1
96.3
12.3
-7.0
-42.2
340.1

-227.3
-283.0
56.5
-2.1
1.2
6.5
315.2
1,573.7
102.0
415.8
448.2
4.5
-42.2
5.4
55.6
35.7
18.9
65.0
-11.2
46.8
63.3
161.5
-66.9
-8.4
205.4
119.5
154.2
144.0
-6.0
-16.3
101.9
-7.2

133.4
31.2
61.9
.4
39.9
7.7
197.9
1,563.8
-5.4
497.4
510.9
-22.3
3.5
5.4
65.0
31.6
13.8
52.9
-18.1
24.7
31.5
-118.2
63.1
-8.4
250.9
132.2
111.4
138.9
5.5
-2.5
90.0
207.7

-231.3
-160.1
-50.8
-4.0
-16.4
4.5
216.2
1,698.6
39.1
363.2
324.8
32.8
-6.7
12.3
62.7
21.2
17.6
74.8
6.2
64.9
37.6
256.1
50.1
-8.4
188.6
236.7
120.9
91.6
-.5
-3.6
152.7
-72.9

-155.8
-136.4
-28.7
-2.7
12.1
10.6
387.8
1,599.5
-.9
157.0
75.3
81.1
-3.2
3.8
42.5
33.6
18.1
38.8
-11.7
28.7
66.1
296.0
60.8
-8.4
318.8
309.1
278.9
23.1
2.0
-2.8
-69.0
19.0

-222.5
-259.9
40.6
1.5
4.6
410.8
1,700.3
53.7
152.8
107.9
41.3
7.3
-3.6
52.5
3.9
10.7
95.3
2.1
26.1
13.3
303.4
69.4
-8.4
347.8
170.3
269.8
-3.9
1.4
4.0
311.4
-175.3

-63.2
13.3
-46.5
-5.2
-24.8
9.4
344.0
1,511.9
26.4
158.4
179.7
-22.7
-2.8
4.2
56.2
24.6
13.4
101.2
2.8
20.2
17.7
166.2
130.9
-8.4
302.4
406.5
159.4
85.5
1.1
1.1
13.8
-167.5

1,238.5

1,367.2

1,530.0

2,140.7

2,203.1

1,983.8

1,668.1

1,902.9

1,687.9

1,842.1

1,893.2

1,802.2

8.8
2.2
.7
35.3
10.0
-12.8
96.6
65.6
141.2
110.5
-.6
147.4
133.7
26.7
45.8
158.8
7.8
6.4
-.2
496.9

-6.3
-.5
.5
85.9
-51.6
15.7
97.2
114.0
145.4
41.4
-5.8
237.6
123.3
52.4
44.5
148.3
19.5
-5.3
-31.6
525.0

.7
-.5
.5
107.7
-19.7
41.2
97.1
122.5
155.9
120.9
-83.3
265.1
139.7
111.0
59.3
201.4
22.3
-49.9
-71.8
490.6

6.6
.0
.6
6.5
-32.3
47.4
152.4
92.1
287.2
91.3
-171.8
274.6
109.2
103.3
48.0
202.1
21.3
-41.8
-74.0
1,002.5

-8.7
-3.0
1.0
61.0
17.6
151.4
44.7
130.6
249.1
169.7
-42.1
188.3
222.3
104.3
50.8
184.5
22.3
-6.5
-49.1
738.1

-7.0
-4.0
.0
-35.4
-17.2
368.9
44.5
348.3
455.8
260.8
8.0
160.2
255.4
337.0
57.6
166.2
31.2
-7.6
-48.2
677.5

1.5
.0
2.2
313.3
-72.9
-206.8
104.6
154.1
239.7
275.0
80.4
307.3
193.5
485.0
54.9
210.8
30.9
-28.4
-48.6
999.5

-8.8
-8.0
3.2
3.4
151.9
-33.8
123.0
101.2
71.5
155.2
-68.7
232.0
193.9
-91.4
45.6
260.8
31.8
-33.1
-28.8
1,089.7

.7
-4.0
4.2
-40.8
-170.6
5.0
224.5
152.9
250.9
278.0
-68.1
279.4
132.8
94.7
53.0
227.1
-1.6
-29.2
-10.7
1,283.9

4.9
-4.0
.0
207.4
10.6
-50.2
310.8
65.2
371.1
-264.6
-322.7
156.7
105.4
75.6
47.3
169.0
25.9
-28.0
-34.9
595.9

-1.5
.0
-1.1
235.5
-202.4
90.3
288.3
130.6
621.4
11.2
73.6
96.4
-21.8
-64.6
52.7
255.6
.6
-26.1
-29.3
570.9

4.7
.0
1.1
-146.5
177.0
101.0
193.1
65.9
322.5
155.2
143.8
283.8
-10.1
-82.9
59.7
196.7
2.0
-22.7
-13.0
932.1

2,719.2

2,917.0

3,240.6

4,265.8

4,429.2

5,035.7

4,764.2

4,093.4

4350.2

3,283.4

3,973.5

4,165.8

-.3
25.1
-3.1
25.7
21.1
-197.1

-.4
59.6
-3.3
2.4
23.1
-124.5

-.2
106.2
-19.9
63.2
28.0
-126.4

-.1
-8.5
3.4
60.6
19.7
-137.7

-.7
45.8
3.5
30.0
6.5
-373.6

-2.2
26.2
-37.7
-250.9
3.6
-200.1

-1.8
262.7
25.3
566.4
9.4
-417.8

-.7
-81.9
5.4
52.0
10.0
-352.7

.9
-99.2
-12.1
127.4
-7.5
-275.6

-3.3
193.3
51.1
-302.3
44.5
-403.7

-3.6
178.2
16.7
-141.4
1.7
-7.4

-.3
-108.3
12.9
121.2
-26.9
-291.1

-6.0
-3.8
17.4

.5
^t.O
-25.4

-2.7
-3.9
-29.2

2.6
-3.1
-51.3

-7.4
-.8
42.9

-20.0
-.2
185.3

18.7
1.0
-72.1

16.3
1.4
-50.0

3.0
1.9
-49.4

-2.1
2.4
24.1

-29.8
3.8
26.7

13.8
3.9
-5.0

2,840.3

2,989.2

3,225.4

4,380.3

4,683.0

5,331.7

4372.4

4,493.7

4,660.7

3,679.4

3,928.6

4,445.6

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

34 Net flows through credit markets
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54

Other financial sources
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank transactions
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Corporate equities
Mutual fund shares
Trade payables
Security credit
Life insurance reserves
Pension fund reserves
Taxes payable
Investment in bank personal trusts
Noncorporate proprietors' equity
Miscellaneous

55 Total financial sources
56
57
58
59
60
61

Liabilities not identified as assets (—)
Treasury currency
Foreign deposits
Net interbank liabilities
Security repurchase agreements
Taxes payable
Miscellaneous

Floats not included in assets (—)
62 Federal government checkable deposits
63 Other checkable deposits
64 Trade credit
65 Total identified to sectors as assets

1. Data in this table also appear in the Board's Z.l (780) quarterly statistical release, tables
F. 1 and F.5. For ordering address, see inside front cover.




2. Excludes corporate equities and mutual fund shares.

A40

DomesticNonfinancialStatistics • December 2001

1.59

SUMMARY OF CREDIT MARKET DEBT OUTSTANDING 1
Billions of dollars, end of period
1999

2000

Q4

QL

2001

Q2

Q3

Q4

QL

Q2

Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages
5 Nonfederal

14,440.6

15,243.5

16,267.0

17,399.6

17,399.6

17,629.0

17,807.7

18,008.0

18,287.7

18,529.3

18,716.5

3,781.8
3,755.1
26.6

3,804.9
3,778.3
26.5

3,752.2
3,723.7
28.5

3,681.0
3,652.8
28.3

3,681.0
3,652.8
28.3

3,653.5
3,625.8
27.8

3,464.0
3,435.7
28.2

3,410.2
3,382.6
27.6

3,385.2
3,357.8
27.3

3,408.8
3,382.1
26.8

3,261.4
3,234.4
27.0

10,658.8

11,438.6

12,514.8

13,718.5

13,718.5

13,975.5

14,343.8

14,597.8

14,902.6

15,120.5

15,455.1

6
7
8
9
10
11
12
13
14
15
16

By instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit

156.4
1,296.0
1,460.4
934.1
770.4
4,830.0
3,717.1
278.2
747.8
86.9
1,211.6

168.6
1,367.5
1,610.9
1,040.5
839.5
5,147.6
3,969.7
285.8
802.0
90.0
1,264.1

193.0
1,464.3
1,829.6
1,148.8
913.8
5,633.7
4,353.9
309.7
873.5
96.6
1,331.7

230.3
1,532.5
2,059.5
1,231.5
974.6
6,264.0
4,783.5
352.6
1,025.6
102.3
1,426.2

230.3
1,532.5
2,059.5
1,231.5
974.6
6,264.0
4,783.5
352.6
1,025.6
102.3
1,426.2

260.8
1,539.2
2,106.0
1,259.1
1,020.1
6,374.3
4,858.0
360.3
1,051.7
104.2
1,416.0

296.8
1,551.6
2,144.5
1,306.4
1,049.5
6,541.0
4,982.3
372.6
1,079.4
106.8
1,454.0

307.0
1,550.3
2,190.6
1,311.6
1,052.2
6,690.9
5,100.0
379.9
1,102.7
108.3
1,495.3

278.4
1,567.8
2,234.5
1,334.6
1,089.9
6,831.0
5,200.7
390.3
1,130.6
109.3
1,566.5

253.2
1,596.6
2,335.4
1,324.0
1,096.0
6,956.7
5,293.5
400.4
1,152.3
110.4
1,558.6

223.3
1,629.3
2,441.3
1,295.3
1,119.5
7,165.3
5,449.7
414.5
1,188.3
112.7
1,581.1

17
18
19
20
21
22

By borrowing sector
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government

5,218.6
4,376.8
3,097.3
1,129.8
149.7
1,063.4

5,540.9
4,778.2
3,396.9
1,225.5
155.9
1,119.5

5,995.1
5,319.9
3,791.6
1,364.4
163.9
1,199.8

6,501.7
5,964.7
4,275.2
1,520.1
169.4
1,252.1

6,501.7
5,964.7
4,275.2
1,520.1
169.4
1,252.1

6,566.0
6,152.2
4,427.2
1,554.3
170.7
1,257.3

6,727.4
6,350.7
4,574.2
1,600.3
176.2
1,265.7

6,890.5
6,444.3
4,634.8
1,631.5
177.9
1,263.1

7,063.8
6,559.4
4,712.7
1,666.1
180.7
1,279.3

7,133.7
6,680.2
4,803.3
1,696.7
180.2
1,306.5

7,307.6
6,810.2
4,897.5
1,727.9
184.8
1,337.3

23 Foreign credit market debt held in
United States

542.2

608.0

651.5

679.6

679.6

707.1

716.4

749.9

775.8

776.5

776.3

24
25
26
27

67.5
366.3
43.7
64.7

65.1
427.7
52.1
63.0

72.9
462.6
58.9
57.2

89.2
479.4
59.4
51.7

89.2
479.4
59.4
51.7

101.6
490.6
63.3
51.7

101.2
498.4
64.7
52.1

109.8
521.3
67.7
51.2

120.9
533.7
70.7
50.5

112.8
542.0
73.9
47.7

110.1
551.0
67.2
47.9

14,982.7

15,851.5

16,918.5

18,079.2

18,079.2

18,336.1

18,524.2

18,757.9

19,063.5

19,305.8

19,492.8

Commercial paper
Bonds
Bank loans n.e.c
Other loans and advances

28 Total credit market debt owed by nonfinancial
sectors, domestic and foreign

Financial sectors
29 Total credit market debt owed by
financial sectors

4,824.5

5,445.2

6,519.1

7,596.3

7,596.3

7,734.2

7,955.4

8,148.7

8,418.4

8,626.0

8,816.7

30
31
32
33
34
35
36
37
38
39

By instrument
Federal government-related
Government-sponsored enterprise securities . . .
Mortgage pool securities
Loans from U.S. government
Private
Open market paper
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages

2,608.2
896.9
1,711.3
.0
2,216.3
579.1
1,378.4
64.0
162.9
31.9

2,821.1
995.3
1,825.8
.0
2,624.1
745.7
1,555.9
77.2
198.5
46.8

3,292.0
1,273.6
2,018.4
.0
3,227.0
906.7
1,852.8
107.2
288.7
71.6

3,884.0
1,591.7
2,292.2
.0
3,712.4
1,082.9
2,064.0
92.9
395.8
76.7

3,884.0
1,591.7
2,292.2
.0
3,712.4
1,082.9
2,064.0
92.9
395.8
76.7

3,940.1
1,618.0
2,322.1
.0
3,794.2
1,115.7
2,104.2
91.4
404.4
78.5

4,035.3
1,680.2
2,355.2
.0
3,920.1
1,135.2
2,173.5
93.6
436.9
81.0

4,164.0
1,749.7
2,414.3
.0
3,984.6
1,151.6
2,228.0
92.5
430.2
82.5

4,317.4
1,825.8
2,491.6
.0
4,101.0
1,210.7
2,276.5
92.6
438.3
82.9

4,425.6
1,891.4
2,534.2
.0
4,200.4
1,180.8
2,390.5
97.1
450.9
81.1

4,593.4
1,957.6
2,635.8
.0
4,223.3
1,144.5
2,442.7
100.3
450.7
85.1

40
41
42
43
44
45
46
47
48
49
50
51
52

By borrowing sector
Commercial banks
Bank holding companies
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs)
Brokers and dealers
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Funding corporations

113.6
150.0
140.5
.4
1.6
896.9
1,711.3
863.3
27.3
529.8
20.6
56.5
312.7

140.6
168.6
160.3
.6
1.8
995.3
1,825.8
1,076.6
35.3
554.5
16.0
96.1
373.7

188.6
193.5
212.4
1.1
2.5
1,273.6
2,018.4
1,398.0
42.5
597.5
17.7
158.8
414.4

230.0
219.3
260.4
3.4
3.2
1,591.7
2,292.2
1,621.4
25.3
659.9
17.8
165.1
506.6

230.0
219.3
260.4
3.4
3.2
1,591.7
2,292.2
1,621.4
25.3
659.9
17.8
165.1
506.6

242.2
221.4
266.9
2.6
3.0
1,618.0
2,322.1
1,655.8
36.4
670.7
17.1
167.9
510.1

265.4
229.3
280.7
2.9
2.7
1.680.2
2,355.2
1,697.0
36.2
712.7
17.8
170.4
505.1

265.2
236.9
276.0
3.1
2.7
1,749.7
2,414.3
1,742.3
42.6
716.5
17.7
169.8
511.9

266.7
242.5
287.7
3.4
2.5
1,825.8
2,491.6
1,829.6
40.9
734.6
17.9
167.8
507.3

273.8
266.5
295.1
3.2
1.9
1,891.4
2,534.2
1,892.2
35.0
721.4
18.1
166.2
526.9

274.7
269.1
294.5
3.5
1.9
1,957.6
2,635.8
1,940.8
43.9
727.1
18.2
166.8
482.9

All sectors
53 Total credit market debt, domestic and foreign .
54
55
56
57
58
59
60
61

Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit

19,807.2

21,296.7

23,437.6

25,675.5

25,675.5

26,070.3

26,479.6

26,906.6

27,481.9

27,931.7

28,309.5

803.0
6,389.9
1,296.0
3,205.1
1,041.7
998.0
4,861.9
1,211.6

979.4
6,626.0
1,367.5
3,594.5
1,169.8
1,101.0
5,194.4
1,264.1

1,172.6
7,044.3
1,464.3
4,144.9
1,314.9
1,259.6
5,705.3
1,331.7

1,402.4
7,565.0
1,532.5
4,602.8
1,383.8
1,422.1
6,340.7
1,426.2

1,402.4
7,565.0
1,532.5
4,602.8
1,383.8
1,422.1
6,340.7
1,426.2

1,478.1
7,593.6
1,539.2
4,700.8
1,413.7
1,476.2
6,452.7
1,416.0

1,533.3
7,499.3
1,551.6
4,816.3
1,464.6
1,538.5
6,622.0
1,454.0

1,568.3
7,574.2
1,550.3
4,939.8
1,471.7
1,533.6
6,773.4
1,495.3

1,610.0
7,702.6
1,567.8
5,044.6
1,497.9
1,578.6
6.913.9
1.566.5

1,546.8
7,834.4
1,596.6
5,267.9
1,495.1
1,594.6
7,037.8
1,558.6

1,477.9
7,854.8
1,629.3
5,435.1
1,462.9
1,618.1
7,250.4
1,581.1

1. Data in this table appear in the Board's Z.l (780) quarterly statistical release, tables L.2
through L.4. For ordering address, see inside front cover.




Flow of Funds A3 9
1.60

SUMMARY OF FINANCIAL ASSETS A N D LIABILITIES 1
Billions of dollars except as noted, end of period
2000

1999
Transaction category or sector

1996

1997

1998

2001

1999
Q4

Ql

Q2

Q3

Q4

Ql

Q2

Credit M a r k e t Debt O u t s t a n d i n g 2
19,807.2

21,296.7

23,437.6

25,675.5

25,675.5

26,070.3

26,479.6

26,906.6

27,481.9

27,931.7

28,309.5

3,007.3
2,082.5
270.2
49.7
604.8
200.2
1,926.6
14,673.2
393.1
3,707.7
3,175.8
475.8
22.0
34.1
933.2
288.5
232.0
1,657.0
491.2
627.0
565.4
634.3
820.2
100.8
832.8
1,711.3
773.9
544.5
41.2
30.4
167.7
121.0

2,933.8
2,018.6
257.5
52.7
605.0
205.4
2,257.3
15,900.1
431.4
4,031.9
3,450.7
516.1
27.4
37.8
928.5
305.3
207.0
1,751.1
515.3
674.6
632.5
721.9
901.1
98.3
939.4
1,825.8
937.7
566.4
32.1
50.6
182.6
166.7

2,991.8
1,941.8
241.5
69.1
739.4
219.1
2,539.8
17,686.8
452.5
4,335.7
3,761.2
504.2
26.5
43.8
964.6
324.2
194.1
1,828.0
521.1
731.0
704.6
965.9
1,025.9
103.7
1,253.9
2,018.4
1,219.4
618.4
35.3
45.5
189.4
155.3

3,251.2
2,151.6
238.7
78.0
782.8
258.0
2,676.2
19,490.2
478.1
4,643.9
4,078.9
484.1
32.7
48.3
1,033.2
351.7
222.0
1,886.0
518.2
775.9
751.4
1,147.8
1,073.1
111.1
1,545.6
2,292.2
1,424.6
713.3
35.6
42.9
154.7
288.8

3,251.2
2,151.6
238.7
78.0
782.8
258.0
2,676.2
19,490.2
478.1
4,643.9
4,078.9
484.1
32.7
48.3
1,033.2
351.7
222.0
1,886.0
518.2
775.9
751.4
1,147.8
1,073.1
111.1
1,545.6
2,292.2
1,424.6
713.3
35.6
42.9
154.7
288.8

3,170.5
2,079.2
230.8
77.5
782.9
259.6
2,760.7
19,879.5
501.9
4,725.0
4,171.3
482.0
22.1
49.6
1,045.8
359.0
226.7
1,902.2
515.4
787.6
767.2
1,217.1
1,053.7
109.0
1,584.0
2,322.1
1,453.8
747.0
34.1
38.8
194.6
294.5

3,184.6
2,065.0
246.2
77.6
795.8
261.6
2,809.9
20,223.5
505.1
4,847.4
4,295.4
478.1
23.0
51.0
1,062.5
370.1
230.2
1,914.1
510.8
793.8
775.1
1,159.4
1,073.9
106.9
1,649.2
2,355.2
1,486.3
780.6
35.5
38.2
187.9
341.3

3,125.5
2,021.3
238.9
76.6
788.7
262.7
2,861.7
20,656.7
511.5
4,931.0
4,368.2
487.5
21.3
54.0
1,082.2
376.0
234.6
1,935.1
512.4
810.0
784.5
1,212.5
1,088.5
104.8
1,704.3
2,414.3
1,522.9
795.5
35.4
37.3
243.3
320.7

3,093.8
1,977.3
248.5
75.9
792.0
265.4
3,004.6
21,118.1
511.8
5,002.3
4,418.7
508.1
20.5
55.0
1,089.7
382.2
239.1
1,943.9
509.4
817.2
801.0
1,296.7
1,099.9
102.7
1,793.7
2,491.6
1,602.9
812.6
35.9
36.6
223.6
325.4

3,009.6
1,907.4
235.1
74.7
792.4
266.6
3,112.9
21,542.6
523.9
5,015.7
4,424.4
515.0
22.3
54.1
1,101.6
381.7
241.8
1,967.2
510.0
823.7
804.3
1,403.8
1,113.8
100.6
1,866.5
2,534.2
1,660.5
809.4
36.2
37.6
317.7
292.3

2,975.0
1,887.4
225.1
73.4
789.1
268.9
3,198.9
21,866.6
535.1
5,050.6
4,463.2
510.7
21.6
55.1
1,116.1
391.2
245.1
1,991.0
510.7
828.8
808.8
1,414.6
1,151.5
98.5
1,944.5
2,635.8
1,706.0
829.6
36.5
37.9
288.4
246.0

19,807.2

21,296.7

23,437.6

25,675.5

25,675.5

26,070.3

26,479.6

26,906.6

27,481.9

27,931.7

28,309.5

53.7
9.7
18.9
521.7
240.8
1,244.8
2,377.0
590.9
886.7
701.5
2,342.4
358.1
610.6
6,325.1
1,827.6
128.8
871.3
6,386.0

48.9
9.2
19.3
618.5
219.4
1,286.1
2,474.1
713.4
1,042.5
822.4
2,989.4
469.1
665.0
7,323.4
1,967.3
151.1
942.5
6,727.4

60.1
9.2
19.9
642.3
189.0
1,333.4
2,626.5
805.5
1,329.7
913.7
3,610.5
572.3
718.3
8,193.7
2,076.5
172.4
1,001.0
7,475.3

50.1
6.2
20.9
703.6
204.5
1,484.8
2,671.2
936.1
1,578.8
1,083.4
4,553.4
676.6
783.9
9,041.7
2,298.8
194.7
1,130.4
8,040.5

50.1
6.2
20.9
703.6
204.5
1,484.8
2,671.2
936.1
1,578.8
1,083.4
4,553.4
676.6
783.9
9,041.7
2,298.8
194.7
1,130.4
8,040.5

49.4
6.2
21.4
781.9
169.7
1,392.9
2,728.0
966.5
1,666.0
1,149.2
4,863.3
795.4
801.0
9,237.9
2,321.7
210.1
1,158.0
8,258.1

46.5
4.2
22.1
782.8
210.6
1,409.7
2,738.8
987.4
1,627.1
1,185.0
4,759.6
775.5
806.5
9,166.7
2,366.9
212.7
1,114.4
8,539.8

44.9
3.2
23.2
772.6
173.2
1,385.7
2,790.9
1,025.9
1,697.8
1,238.7
4,814.4
800.4
818.7
9,307.9
2,412.0
214.8
1,106.7
8,998.1

46.0
2.2
23.2
824.5
188.0
1,413.3
2,861.9
1,054.5
1,812.1
1,194.3
4,457.2
817.6
819.1
9,054.8
2,455.2
216.4
1,019.4
8,845.1

43.3
2.2
22.9
883.4
116.0
1,385.2
2,965.3
1,078.0
1,994.7
1,206.0
3,999.8
799.4
823.0
8,603.5
2,425.2
224.2
929.1
9,253.4

41.7
2.2
23.2
846.8
163.4
1,416.8
2,992.0
1,090.6
2,014.8
1,241.1
4,269.9
781.8
844.6
8,885.5
2,418.3
219.8
964.4
9,506.9

53 Total liabilities

45,302.7

49,785.5

55,186.9

61,135.1

61,135.1

62,646.9

63,236.0

64,535.7

64,586.8

64,686.3

66,033.3

Financial assets not included in liabilities (+)
54 Gold and special drawing rights
55 Corporate equities
56 Household equity in noncorporate business

21.4
10,255.8
3,787.8

21.1
13,202.0
4,053.2

21.6
15,492.5
4,398.7

21.4
19,494.5
4,649.9

21.4
19,494.5
4,649.9

21.4
20,147.0
4,675.4

21.5
19,180.8
4,772.2

21.4
18,991.5
4,815.5

21.5
17,068.8
4,884.7

21.5
14,920.9
4,929.1

21.6
15,863.6
4,941.8

-6.1
437.0
-10.6
109.8
81.9
-1,241.1

-6.3
537.1
-32.2
172.9
104.2
-1,562.1

-6.4
544.9
-27.0
233.5
122.9
-2,307.3

-7.1
591.1
-25.5
263.6
122.7
-2,792.5

-7.1
591.1
-25.5
263.6
122.7
-2,792.5

-7.6
656.7
-13.9
410.3
118.6
-2,948.5

-7.9
636.3
-11.6
422.8
135.8
-3,009.7

-7.6
611.5
-17.6
446.0
124.4
-2,818.5

-8.5
659.9
-4.3
374.4
128.5
-3,371.8

-9.4
704.4
1.7
357.6
112.7
-3,314.7

-9.4
677.4
5.3
387.5
129.0
-3,222.6

-1.6
30.1
165.7

-8.1
26.2
126.8

-3.9
23.1
76.6

-9.9
22.3
120.9

-9.9
22.3
120.9

-6.5
18.7
50.1

-5.2
22.5
12.8

-7.8
15.5
2.5

-2.6
24.0
88.7

-21.9
21.1
42.1

-40.6
25.5
16.0

59,802.7

67,703.2

76,443.0

87,015.2

87,015.2

89,212.6

89,014.9

90,015.7

88,673.3

86,664.0

88,892.3

1 Total credit market assets
7 Domestic nonfederal nonfinancial sectors
Household
4
Nonfinancial corporate business
5
Nonfarm noncorporate business
6
State and local governments
7 Federal government
8 Rest of the world
9 Financial sectors
10
Monetary authority
11
Commercial banking
U.S.-chartered banks
12
H
Foreign banking offices in United States
Bank holding companies
14
Banks in U.S.-affiliated areas
15
Savings institutions
16
17
Credit unions
18
Bank personal trusts and estates
19
Life insurance companies
20
Other insurance companies
Private pension funds
21
77
State and local government retirement funds
Money market mutual funds
7.3
74
Mutual funds
75
Closed-end funds
26
Government-sponsored enterprises
Federally related mortgage pools
27
78
Asset-backed securities (ABSs) issuers
79
Finance companies
30
Mortgage companies
31
Real estate investment trusts (REITs)
37
Brokers and dealers
Funding corporations
33
R e l a t i o n of Liabilities
t o Financial Assets
34 Total credit market debt
35
36
37
38
39
40
41
47.
43
44
45
46
47
48
49
50
51
52

57
58
59
60
61
62

Other liabi/ities
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank liabilities
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Trade payables
Taxes payable
Investment in bank personal trusts
Miscellaneous

Liabilities not identified as assets (-)
Treasury currency
Foreign deposits
Net interbank transactions
Security repurchase agreements
Taxes payable
Miscellaneous

Floats not included in assets (-)
63 Federal government checkable deposits
64 Other checkable deposits
65 Trade credit
66 Totals identified to sectors as assets

1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
L.l and L.5. For ordering address, see inside front cover.




2. Excludes corporate equities and mutual fund shares.

A42
2.10

Domestic Nonfinancial Statistics • December 2001
NONFINANCIAL BUSINESS ACTIVITY

Selected Measures

Monthly data seasonally adjusted, and indexes 1992=100, except as noted
2001
Measure

1998

1999

2000
Jan.

1 Industrial production

1

Feb.

Mar.

Apr.

May

June

July
r

Aug.

Sept.P

r

141.8

140.3

134.0

139.6

147.5

146.0

145.4

145.0

144.6

144.2

142.8

127.2
129.3
118.4
147.1
121.0
145.7

131.2
133.3
120.8
153.8
125.1
154.5

136.2
138.8
123.0
166.1
128.7
167.8

135.0
137.8
121.8
168.0
126.7
165.9

134.6
137.7
122.3
166.2
125.5
165.0

134.5
137.9
122.4
166.8
124.4
163.9

133.8
137.2
122.1
165.3
123.7
164.1

133.7
136.9
122.2
164.1
124.0
163.3

132.4'
135.4'
121.6
160.6'
123.4'
161.4'

132.5
135.6'
121.9'
160.4'
123.1'
161.1'

131.3
134.3
120.9
158.6
122.4
160.5

129.9
132.8
120.1
155.5
121.0
159.2

138.2

144.8

153.6

151.3

150.7

150.0

149.6

149.2

147.5'

147.6'

146.3

144.7

81.3

80.5

81.3

78.4

77.9

77.3

76.9

76.6

75.6

75.5

74.8

73.8

10 Construction contracts 3

104.4 r

114.9 r

129.5 r

139 .a

143.0 r

139.0 r

131.0'

Bexy

133.0'

136.0'

132.0

142.0

11 Nonagricultural employment, total 4
Goods-producing, total
13
Manufacturing, total
14
Manufacturing, production workers
15
Service-producing
16 Personal income, total
17
Wages and salary disbursements
18
Manufacturing
19
Disposable personal income 5
20 Retail sales 5

115.9
109.4
103.9
105.4
117.7
137.8
140.6
129.7
133.7
142.8

118.6
109.7
102.4
103.7
121.0
144.3
149.9
134.0
139.2
155.1

121.0
110.5
101.8
102.9
123.9
154.3
162.2
142.3
147.9
167.0

122.0
110.3
100.8
100.9
125.1
159.6
168.4
146.1
152.8
170.1

122.1
110.3
100.5
100.3
125.3
160.3
169.4
146.3
153.4
170.4

122.2
110.2
100.1
99.7
125.4
161.0
170.1
146.3
154.1
169.6

122.0
109.4
99.5
99.0
125.4
161.3
170.8
146.8
154.5
172.2

122.0
109.0
98.7
98.2
125.6
161.6
170.7
145.4
154.8
172.4

122.0
108.4
98.1
97.3
125.6
162.1
171.5
144.9
155.2
172.3

122.0
108.1
97.7
96.8
125.7
162.9
172.1
145.4
158.0
172.6'

121.9
107.5
96.9
95.9
125.8
162.9
171.9
144,7
160.9
173.2

121.7
107.1
96.4
95.2
125.7
n.a.
n.a.
n.a.
n.a.
169.6

Prices6
21 Consumer (1982-84=100)
22 Producer finished goods (1982-100)

163.0
130.7

166.6
133.0

172.2
138.0

175.1
141.2

175.8
141.4

176.2
140.9

176.9
141.8

177.7
142.7'

178.0
142.1

177.5
140.7

177.5
141.1

178.3
141.7

2
i
4
5
6
7
8

Market groups
Products, total
Final, total
Consumer goods
Equipment
Intermediate
Materials
Industry groups
Manufacturing

9 Capacity utilization, manufacturing (percent) 2 . .

12

1. Data in this table appear in the Board's G.17 (419) monthly statistical release. The data
are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. The
latest historical revision of the industrial production index and the capacity utilization rates
was released in December 2000. The recent annual revision is described in an article in the
March 2001 issue of the Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and Capacity Utilization:
Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February
1997), pp. 67-92, and the references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production: 1989 Developments and
Historical Revision," Fedaral Reserve Bulletin, vol. 76 (April 1990), pp. 187-204.
2. Ratio of index of production to index of capacity. Based on data from the Federal
Reserve, U.S. Department of Commerce, and other sources.

2.11

142.7

3. Index of dollar value of total construction contracts, including residential, nonresidential, and heavy engineering, from McGraw-Hill Information Systems Company, F.W. Dodge
Division.
4. Based on data from the U.S. Department of Labor, Employment and Earnings. Series
covers employees only, excluding personnel in the armed forces.
5. Based on data from U.S. Department of Commerce, Survey of Current Business.
6. Based on data not seasonally adjusted. Seasonally adjusted data for changes in the price
indexes can be obtained from the U.S. Department of Labor, Bureau of Labor Statistics,
Monthly Labor Review.
NOTE. Basic data (not indexes) for series mentioned in notes 4 and 5, and indexes for
series mentioned in notes 3 and 6, can also be found in the Survey of Current Business.

LABOR FORCE, EMPLOYMENT, A N D UNEMPLOYMENT
Thousands of persons; monthly data seasonally adjusted
2001
Category

1998

1999

2000
Feb.

Mar.

Apr.

May

June

July'

Aug.

Sept.P

HOUSEHOLD SURVEY DATA 1

1 Civilian labor force 2
Employment
2
Nonagricultural industries 3
3
Agriculture
Unemployment
4
Number
5
Rate (percent of civilian labor force)

137,673

139,368

140,863

141,751

141,868

141,757

141,272

141,354

141,774

141,350

142,190

128,085
3,378

130,207
3,281

131,903
3,305

132,680
3,135

132,618
3,161

132,162
3,192

131,910
3,193

131,937
2,995

132,334
3,045

131,276
3,117

131,961
3,220

6,210
4.5

5,880
4.2

5,655
4.0

5,936
4.2

6,088
4.3

6,402
4.5

6,169
4.4

6,422
4.5

6,395
4.5

6,957
4.9

7,009
4.9

125,865

128,786

131,417

132,595

132,654

132,489

132,530

132,431

132,449

132,365

132,166

18,805
590
6,020
6,611
29,095
7,389
37,533
19,823

18,543
535
6,404
6,826
29,712
7,569
39,027
20,170

18,437
538
6,687
6,993
30,191
7,618
40,384
20,570

18,192
555
6,880
7,123
30,536
7,609
41,020
20,680

18,116
557
6,929
7,127
30,523
7,618
41,073
20,711

18,009
560
6,852
7,119
30,583
7,626
40,993
20,747

17,879
564
6,881
7,130
30,584
7,644
41,078
20,770

17,757
565
6,864
7,118
30,583
7,631
41,085
20,828

17,688
567
6,867
7,108
30,623
7,618
41,046
20,932

17,542
569
6,863
7,076
30,585
7,621
41,117
20,992

17,449
569
6,859
7,069
30,520
7,635
41,076
20,989

ESTABLISHMENT SURVEY DATA

6 Nonagricultural payroll employment 4
7
8
9
10
11
12
13
14

Manufacturing
Mining
Contract construction
Transportation and public utilities
Trade
Finance
Service
Government

1. Beginning January 1994, reflects redesign of current population survey and population
controls from the 1990 census.
2. Persons sixteen years of age and older, including Resident Armed Forces. Monthly
figures are based on sample data collected during the calendar week that contains the twelfth
day; annual data are averages of monthly figures. By definition, seasonality does not exist in
population figures.
3. Includes self-employed, unpaid family, and domestic service workers.




4. Includes all full- and part-time employees who worked during, or received pay for, the
pay period that includes the twelfth day of the month; excludes proprietors, self-employed
persons, household and unpaid family workers, and members of the armed forces. Data are
adjusted to the March 1992 benchmark, and only seasonally adjusted data are available at this
time.
SOURCE. Based on data from U.S. Department of Labor, Employment and Earnings.

Selected Measures
2.12

A43

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION 1
Seasonally adjusted
2000

2001

2000

2001

2001

2000

Series
Q4

Qi

Q3

Q2'

Q4

Ql

Q2

Q3

Capacity (percent of 1992 output)

Output (1992=100)

Q4

Ql

Q2'

Q3

Capacity utilization rate (percent)2
76.3

1 Total industry

148.1

145.5

143.9

141.6

182.1

183.7

184.9

185.7

81.3

79.2

77.8

2 Manufacturing

153.8

150.7

148.7

146.2

191.5

193.5

194.8

195.7

80.3

77.9

76.4

74.7

Primary processing3
Advanced processing4

178.7
140.2

172.6
138.5

170.3
136.8

167.5
134.4

216.0
176.2

220.0
177.2

222.4
178.0

223.8
178.7

82.7
79.5

78.4
78.2

76.6
76.9

74.8
75.2

6
7
8
9
10
11
12
13

Durable goods
Lumber and products
Primary metals
Iron and steel
Nonferrous
Industrial machinery and equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment . .

196.5
113.2
127.5
121.5
134.7
261.9
604.0
159.7

191.6
109.6
121.1
114.9
128.3
256.3
593.0
147.5

189.1
112.9
122.2
120.9
124.0
245.7
562.6
159.7

185.3
115.1
120.1
119.8
120.7
235.6
535.8
163.0

243.6
148.4
153.5
153.6
153.4
317.3
694.1
210.1

248.1
148.7
153.5
153.6
153.5
322.5
741.7
210.9

251.2
149.0
153.5
153.2
153.8
326.5
773.0
211.7

253.4
149.1
153.3
152.6
154.2
330.0
793.0
212.4

80.7
76.3
83.1
79.1
87.8
82.5
87.1
76.0

77.2
73.7
78.8
74.8
83.6
79.5
80.0
69.9

75.3
75.8
79.6
78.9
80.7
75.3
72.8
75.4

73.1
77.2
78.3
78.5
78.3
71.4
67.6
76.8

94.8

94.1

93.2

91.6

130.2

130.0

130.1

130.3

72.8

72.3

71.7

70.3

14
15
16
17
18
19

Nondurable goods
Textile mill products
Paper and products
Chemicals and products
Plastics materials
Petroleum products

115.3
94.7
114.9
124.5
131.0
116.0

113.6
92.7
110.8
121.9
130.9
115.5

112.2
88.6
111.1
119.9
132.4
116.5

110.6
85.3
109.0
119.2
139.9
114.0

144.6
122.8
137.9
164.8
152.3
123.1

144.7
122.0
138.3
165.0
152.7
123.1

144.6
120.9
138.6
165.0
153.2
123.3

144.6
119.7
138.9
164.9
153.7
123.5

79.7
77.1
83.3
75.5
86.0
94.3

78.5
76.0
80.1
73.8
85.7
93.8

77.6
73.3
80.2
72.7
86.5
94.5

76.5
71.3
78.5
72.3
91.0
92.3

100.3
123.7
127.5

101.7
122.6
125.4

103.6
120.1
125.5

102.2
119.8
124.2

115.8
134.5
133.8

115.3
135.7
135.3

114.9
137.0
136.8

114.6
138.5
138.3

86.6
92.0
95.3

88.2
90.4
92.7

90.1
87.7
91.8

89.2
86.5
89.8

1973

1975

Previous cycle5

High

Low

High

Sept.P

3
4

20 Mining
21 Utilities
Electric
22

Low

Latest cycle6
High

Low

2000
Sept.

2001
Apr.

May

June'

July'

Aug.'

Capacity utilization rate (percent)2
1 Total industry

89.2

72.6

87.3

71.1

85.4

78.1

82.4

78.4

78.0

77.1

77.0

76.4

75.5

2 Manufacturing

88.5

70.5

86.9

69.0

85.7

76.6

81.7

76.9

76.6

75.6

75.5

74.8

73.8

91.2
87.2

68.2
71.8

88.1
86.7

66.2
70.4

88.9
84.2

77.7
76.1

85.2
80.2

77.2
77.4

76.7
77.2

75.8
76.1

75.6
76.0

74.8
75.3

74.0
74.3

Durable goods
Lumber and products
Primary metals
Iron and steel
Nonferrous
Industrial machinery and
equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment . . .

89.2
88.7
100.2
105.8
90.8

68.9
61.2
65.9
66.6
59.8

87.7
87.9
94.2
95.8
91.1

63.9
60.8
45.1
37.0
60.1

84.6
93.6
92.7
95.2
89.3

73.1
75.5
73.7
71.8
74.2

82.7
78.9
87.3
86.0
89.0

76.0
74.5
79.7
77.2
82.8

75.7
76.5
79.8
79.6
80.3

74.2
76.4
79.4
79.9
78.9

74.2
76.9
79.8
80.5
79.1

73.3
77.0
78.7
78.9
78.6

71.8
77.6
76.5
76.1
77.1

96.0
89.2
93.4

74.3
64.7
51.3

93.2
89.4
95.0

64.0
71.6
45.5

85.4
84.0
89.1

72.3
75.0
55.9

83.1
90.2
83.8

77.2
74.5
73.5

75.4
73.1
77.0

73.2
70.7
75.8

72.5
68.6
79.4

72.0
67.9
76.9

69.7
66.2
74.0

78.4

67.6

81.9

66.6

87.3

79.2

70.7

72.3

71.7

71.0

71.0

70.2

69.7

Nondurable goods
Textile mill products
Paper and products
Chemicals and products
Plastics materials
Petroleum products

87.8
91.4
97.1
87.6
102.0
96.7

71.7
60.0
69.2
69.7
50.6
81.1

87.5
91.2
96.1
84.6
90.9
90.0

76.4
72.3
80.6
69.9
63.4
66.8

87.3
90.4
93.5
86.2
97.0
88.5

80.7
77.7
85.0
79.3
74.8
85.1

80.3
79.9
82.6
76.3
89.8
95.4

78.0
74.8
82.1
72.8
82.7
94.7

77.6
72.3
80.0
72.8
84.2
94.3

77.1
72.8
78.4
72.4
92.5
94.6

77.0
70.2
79.1
72.5
93.5
93.7

76.4
72.0
78.1
72.2
89.4
92.0

76.2
71.6
78.3
72.2
90.2
91.2

94.3
96.2
99.0

88.2
82.9
82.7

96.0
89.1
88.2

80.3
75.9
78.9

88.0
92.6
95.0

87.0
83.4
87.1

86.4
91.0
93.9

90.0
88.5
93.4

90.3
87.2
91.4

90.0
87.2
90.6

89.2
86.3
89.4

89.0
87.6
91.4

89.3
85.7
88.6

3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

Primary processing3
Advanced processing4

20 Mining
21 Utilities
22
Electric

1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The
data are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7.
The latest historical revision of the industrial production index and the capacity utilization
rates was released in December 2000. The recent annual revision is described in an article in
the March 2001 issue of the Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and Capacity Utilization:
Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February
1997), pp. 67-92, and the references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production: 1989 Developments and
Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204.
2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally
adjusted index of industrial production to the corresponding index of capacity.




3. Primary processing includes textiles; lumber; paper; industrial chemicals; synthetic
materials; fertilizer materials; petroleum products; rubber and plastics; stone, clay, and glass;
primary metals; and fabricated metals.
4. Advanced processing includes foods, tobacco, apparel, furniture and fixtures, printing
and publishing, chemical products such as drugs and toiletries, agricultural chemicals, leather
and products, machinery, transportation equipment, instruments, and miscellaneous manufacturing.
5. Monthly highs, 1978-80; monthly lows, 1982.
6. Monthly highs, 1988-89; monthly lows, 1990-91.

A44
2.13

Domestic Nonfinancial Statistics • December 2001
INDUSTRIAL PRODUCTION

Indexes and Gross Value1

Monthly data seasonally adjusted

„

oup

1992
proportion

2000

2001

2000
avg.
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Juner

July'

Aug.'

Sept."

Index(1992= 100)
MAJOR MARKETS

1 Total index

100.0

147.5

149.0

148.7

148.2

147.3

146.0

145.4

145.0

144.6

144.2

142.8

142.7

141.8

140.3

2 Products
3
Final products
4
Consumer goods, total
S
Durable consumer goods
6
Automotive products
7
Autos and trucks
8
Autos, consumer
9
Trucks, consumer
10
Auto parts and allied goods
11
Other
12
Appliances, televisions, and air
conditioners
13
Carpeting and furniture
14
Miscellaneous home goods
15
Nondurable consumer goods
16
Foods and tobacco
17
Clothing
18
Chemical products
19
Paper products
20
Energy
21
Fuels
22
Residential utilities

60.5
46.3
29.1
6.1
2.6
1.7
.9
.7
.9
3.5

136.2
138.8
123.0
160.8
153.2
166.9
114.0
221.6
131.7
167.1

136.7
139.3
123.8
162.8
156.7
172.7
120.5
227.1
132.1
167.7

136.3
138.8
122.7
157.3
148.0
159.1
107.8
212.0
130.2
165.4

136.3
138.8
122.4
154.3
143.6
153.0
103.0
204.3
128.2
163.7

136.0
139.0
123.1
153.4
140.7
144.1
94.3
194.7
133.8
164.7

135.0
137.8
121.8
148.9
133.8
136.2
99.4
175.5
128.4
162.7

134.6
137.7
122.3
150.8
138.2
143.5
100.3
188.6
128.7
162.2

134.5
137.9
122.4
153.6
145.4
154.9
104.0
207.1
130.1
160.5

133.8
137.2
122.1
152.9
145.1
154.9
102.7
208.2
129.2
159.5

133.7
136.9
122.2
155.6
148.7
162.2
105.2
219.9
127.7
161.3

132.4
135.4
121.6
154.1
148.0
158.9
104.0
214.6
130.7
159.0

132.5
135.6
121.9
157.5
156.9
175.1
102.6
246.0
129.3
156.8

131.3
134.3
120.9
154.3
151.7
165.6
94.4
234.8
130.1
155.7

129.9
132.8
120.1
151.2
147.5
159.2
96.6
221.1
128.9
153.7

1.0
.8

332.6
129.7
120.4
114.2
110.7
85.0
137.0
111.1
116.3
113.0
117.9

340.5
131.9
118.1
114.7
110.5
83.1
138.4
112.4
118.4
115.8
119.1

332.5
129.8
117.5
114.5
110.4
82.7
139.0
113.8
115.5
113.0
116.2

332.7
125.4
117.1
114.6
110.7
83.2
138.5
112.5
117.3
115.5
117.6

341.7
127.4
115.5
115.7
110.1
82.4
139.0
112.2
126.1
112.3
134.5

332.0
123.9
116.5
114.9
110.3
82.6
139.1
113.7
119.0
112.0
122.8

322.5
128.2
115.4
115.3
110.7
82.8
141.5
111.1
119.2
114.7
121.3

317.1
127.1
114.7
114.8
110.1
82.2
141.5
110.9
118.6
113.7
121.0

316.0
124.0
115.0
114.6
110.2
81.2
140.9
111.5
117.5
114.7
118.5

328.0
123.7
115.3
114.2
109.7
79.8
143.0
110.7
115.2
115.6
113.9

314.5
124.6
114.1
113.8
109.8
76.9
141.4
110.5
115.8
115.2
115.3

301.8
122.3
115.0
113.5
109.4
77.1
141.3
110.4
115.1
114.7
114.5

316.9
120.3
110.9
112.9
108.4
74.9
141.4
109.6
116.1
111.9
118.0

315.7
118.6
108.7
112.5
108.2
73.5
140.8
110.1
115.3
111.6
116.9

23
24
25
26
27
28
29
30
31
32
33

Equipment
Business equipment
Information processing
Computer and office equipment
Industrial
Transit
Autos and trucks
Other
Defense and space equipment
Oil and gas well drilling
Manufactured homes

17.2
13.2
5.4
1.1
4.0
2.5
1.2
1.3
3.3
.6
.2

34
35
36

Intermediate products, total
Construction supplies
Business supplies

14.2
5.3
8.9

128.7
143.2
120.1

128.6
143.1
120.0

128.7
142.3
120.7

128.5
141.6
120.7

126.8
140.6
118.5

126.7
140.7
118.4

125.5
139.9
117.0

124.4
140.5
114.9

123.7
139.6
114.3

124.0
139.3
114.9

123.4
139.0
114.3

123.1
139.0
113.7

122.4
138.5
113.0

121.0
137.6
111.3

37 Materials
38
Durable goods materials
39
Durable consumer parts
40
Equipment parts
41
Other
42
Basic metal materials
43
Nondurable goods materials
44
Textile materials
45
Paper materials
46
Chemical materials
47
Other
48
Energy materials
49
Primary energy
50
Converted fuel materials

39.5
20.8
4.0
7.6
9.2
3.1
8.9
1.1
1.8
3.9
2.1
9.7
6.3
3.3

167.8
227.6
165.3
478.3
134.6
128.7
113.8
97.9
115.8
117.0
113.0
103.4
98.1
114.3

171.3
235.7
169.0
512.1
135.5
129.2
112.7
95.9
113.8
116.3
112.0
104.3
98.5
116.6

171.1
235.0
168.5
515.9
133.7
125.9
113.4
94.0
117.2
115.9
114.0
103.9
97.8
117.2

169.9
232.9
161.8
521.4
131.8
124.4
110.7
89.5
113.4
113.7
111.9
105.4
99.3
118.7

167.8
230.3
157.6
522.3
129.6
123.6
108.6
90.3
109.4
109.8
113.9
104.5
98.6
117.3

165.9
226.6
146.1
517.5
130.1
121.2
107.5
91.0
110.3
108.5
111.0
104.4
100.3
111.8

165.0
225.2
149.9
514.9
127.2
118.3
107.2
87.7
112.4
108.2
110.2
103.9
99.3
113.1

163.9
223.6
153.1
508.2
125.5
114.5
104.6
87.4
105.9
105.9
109.1
104.9
100.4
113.7

164.1
223.0
153.6
498.3
126.9
118.2
105.2
86.3
111.3
104.1
112.2
105.8
101.2
114.7

163.3
223.6
158.2
493.7
127.0
117.9
103.1
83.7
108.5
102.2
110.2
104.8
100.5
112.6

161.4
220.3
155.9
483.1
126.0
117.7
102.5
83.4
104.8
103.0
108.8
103.8
100.8
108.1

161.1
220.2
158.0
479.4
125.8
118.0
102.5
79.7
107.2
102.2
110.2
103.2
100.0
107.6

160.5
218.7
157.3
475.1
125.1
116.4
102.2
82.5
108.4
101.1
109.4
103.5
100.3
108.0

159.2
215.3
152.4
468.6
123.9
113.6
102.1
81.9
108.5
101.2
109.0
103.6
100.6
107.9

97.1
95.1

147.2
146.3

148.7
147.7

148.8
147.8

148.4
147.7

147.8
147.2

146.6
146.5

145.9
145.4

145.1
144.5

144.7
144.1

144.2
143.4

142.7
141.9

142.3
141.4

141.6
140.7

140.3
139.5

98.2
27.4
26.2

140.4
120.6
123.9

141.6
121.2
124.4

141.2
120.7
123.6

140.8
120.6
122.9

139.9
121.9
122.5

138.6
120.8
122.0

138.1
121.1
122.6

137.7
120.6
122.8

137.3
120.3
122.6

137.0
120.0
123.0

135.7
119.5
122.2

135.6
119.1
122.7

134.7
118.5
121.4

133.4
117.9
120.6

12.0

200.1

206.3

208.5

209.4

208.9

207.7

204.6

203.8

201.6

199.3

194.1

192.9

191.8

187.6

12.1
29.8

158.4
188.5

161.2
193.0

161.2
192.8

161.5
190.4

159.9
187.8

158.4
185.1

156.5
184.1

156.8
182.0

154.9
181.9

154.1
181.3

150.0
179.1

149.8
179.0

148.2
178.0

144.8
175.9

1.6

23.0
10.3
2.4
4.5
2.9
2.9
.8
2.1

166.1
168.3
169.1
169.9
168.9
168.0
166.2
166.8
160.4
165.3
164.1
160.6
158.6
155.5
194.2
199.5
200.6
199.2
197.4
200.0
195.3
195.6
191.9
187.1
186.7
193.3
184.8
180.5
327.2
312.2
332.3
336.7
335.9
337.4
330.6
327.7
326.7
324.3
310.9
315.8
310.8
306.3
1,157.6 1,264.1 1,286.4 1,305.0 1,318.3 1,310.6 1,307.0 1,304.4 1,295.9 1,269.7 1,248.6 1,238.4 1,232.5 1,201.7
147.4
144.6
146.5
146.9
145.8
145.7
141.4
142.3
139.7
138.0
132.7
131.9
130.5
127.8
127.7
127.7
121.8
117.4
111.7
121.6
114.4
117.8
117.5
116.4
118.8
116.3
115.5
112.6
144.2
131.4
130.4
145.6
122.0
115.6
120.9
131.7
129.0
126.6
129.9
135.5
128.3
123.2
145.7
149.3
154.2
148.6
153.5
149.3
153.9
151.2
144.6
146.5
144.1
147.6
143.3
135.8
76.2
73.7
75.3
77.0
78.5
76.7
77.5
77.7
76.8
76.4
77.4
76.2
78.0
76.3
146.7
131.8
132.8
136.5
138.9
139.1
147.9
150.7
151.2
152.2
150.4
147.7
143.0
139.3
116.2
109.3
98.8
90.9
83.5
73.5
81.9
83.2
85.2
89.3
94.1
92.6
93.3
95.0

SPECIAL AGGREGATES

51 Total excluding autos and trucks
52 Total excluding motor vehicles and parts
53 Total excluding computer and office
equipment
54 Consumer goods excluding autos and trucks . .
55 Consumer goods excluding energy
56 Business equipment excluding autos and
trucks
57 Business equipment excluding computer and
office equipment
58 Materials excluding energy




Selected Measures
2.13

INDUSTRIAL PRODUCTION

A45

Indexes and Gross Value 1 —Continued

Monthly data seasonally adjusted

Group

SIC
code2

1992
proportion

2001

2000
2000
avg.
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June1

July'

Aug.'

Sept.?

Index (1992= 100)
MAJOR INDUSTRIES

100.0

147.5

149.0

148.7

148.2

147.3

146.0

145.4

145.0

144.6

144.2

142.8

142.7

141.8

140.3

85.4
26.5
58.9

153.6
178.0
139.3

155.1
181.2
140.8

154.9
181.1
140.5

154.1
178.8
140.5

152.6
176.1
139.6

151.3
173.5
139.0

150.7
173.1
138.4

150.0
171.1
138.3

149.6
171.3
137.5

149.2
170.6
137.3

147.5
169.0
135.6

147.6
169.0
135.7

146.3
167.5
134.6

144.7
165.9
133.0

' 24
25

45.0
2.0
1.4

193.4
118.3
142.9

198.4
116.8
146.6

197.6
114.8
147.2

196.7
113.2
145.0

195.1
111.5
145.3

192.3
108.3
144.1

191.1
109.1
143.8

191.3
111.4
143.2

190.1
110.9
142.5

190.1
114.0
143.5

186.9
113.8
140.0

187.6
114.6
140.1

185.7
114.9
138.1

182.5
115.8
135.6

32
33
331,2
331PT
333-6,9
34

2.1
3.1
1.7
.1
1.4
5.0

134.7
133.7
131.1
120.9
136.8
135.6

136.5
133.9
131.9
117.7
136.5
136.0

137.3
129.0
123.7
115.6
135.3
136.0

134.6
127.3
122.0
106.3
133.6
134.7

132.4
126.3
118.7
104.6
135.2
132.9

135.2
124.0
116.0
108.3
133.4
133.5

134.3
121.3
115.5
109.1
128.2
130.3

134.3
117.8
113.3
109.2
123.3
129.8

133.3
122.4
118.4
101.3
127.2
129.3

134.3
122.5
121.9
109.0
123.4
128.8

132.0
121.8
122.3
111.8
121.5
127.1

132.1
122.3
123.0
112.8
121.8
128.0

131.5
120.6
120.4
111.1
121.2
127.1

131.7
117.3
116.0
106.3
119.0
124.8

252.8

260.0

261.5

261.9

262.3

258.4

255.0

255.7

251.0

246.1

240.0

238.6

237.5

230.8

59 Total index
60 Manufacturing
Primary processing
61
Advanced processing
62

79
80

Durable goods
Lumber and products
Furniture and fixtures
Stone, clay, and glass
products
Primary metals
Iron and steel
Raw steel
Nonferrous
Fabricated metal products . .
Industrial machinery and
equipment
Computer and office
equipment
Electrical machinery
Transportation equipment . .
Motor vehicles and parts .
Autos and light trucks .
Aerospace and
miscellaneous
transportation
equipment
Instruments
Miscellaneous

81
82
83
84
85
86
87
88
89
90
91

Nondurable goods
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing . . . .
Chemicals and products . . . .
Petroleum products
Rubber and plastics
Leather and products

63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78

92 Mining
Metal
93
94
Coal
95
Oil and gas extraction
Stone and earth minerals
96
97 Utilities
98
Electric
Gas
99

35

8.0

357
36
37
371
371PT

1.8
7.3
9.5
4.9
2.6

372-6,9
38
39

4.6
5.4
1.3

93.8
122.2
130.8

92.1
123.7
130.9

93.6
123.5
131.1

95.4
124.6
130.2

95.3
123.1
129.4

94.3
125.0
130.4

93.5
123.3
127.6

94.3
122.6
127.6

94.1
123.1
128.4

93.2
122.4
126.6

92.4
120.0
127.9

92.4
121.1
128.8

91.5
120.7
124.2

90.9
120.8
123.6

20
21
22
23
26
27
28
29
30
31

40.4
9.4
1.6
1.8
2.2
3.6
6.7
9.9
1.4
3.5
.3

116.9
114.7
95.3
100.1
91.7
116.1
109.9
128.3
117.1
142.3
69.8

116.0
114.6
94.5
98.4
89.5
113.7
110.9
125.4
117.4
141.9
69.8

116.3
114.8
93.7
96.7
89.2
117.1
111.6
125.8
116.5
141.3
68.6

115.5
115.0
93.1
92.8
89.2
114.7
111.2
124.8
116.9
139.1
68.9

114.1
114.2
94.2
94.5
88.2
112.7
109.2
122.9
114.7
137.3
66.9

114.0
114.1
95.2
93.0
88.9
111.8
109.6
121.8
115.1
138.5
67.1

114.0
115.0
93.7
92.7
88.7
112.8
107.7
122.6
116.5
137.3
69.3

112.7
114.6
92.2
92.4
88.4
107.7
106.2
121.2
115.0
136.5
67.7

112.8
114.2
93.8
90.7
88.2
113.7
105.6
120.1
116.7
136.0
65.7

112.2
114.1
92.1
87.4
87.9
110.9
105.3
120.2
116.2
135.0
64.0

111.5
113.9
93.1
87.7
85.2
108.8
104.0
119.5
116.7
135.5
62.4

111.3
113.2
94.2
84.3
85.9
109.8
103.4
119.6
115.6
135.4
62.2

110.5
112.8
91.7
86.2
82.7
108.5
102.9
119.0
113.6
134.9
61.8

110.1
112.9
90.0
85.4
81.1
108.8
102.2
119.0
112.7
134.7
60.1

10
12
13
14

6.9
.5
1.0
4.8
.6

100.0
97.4
108.9
95.0
126.4

100.4
99.3
107.0
95.7
123.7

100.1
96.3
110.2
95.1
124.6

101.1
93.7
108.6
96.6
123.2

99.6
99.5
106.1
95.2
119.3

101.0
94.6
115.2
96.1
121.7

101.4
91.7
110.7
96.7
126.4

102.7
85.4
116.6
97.7
129.6

103.5
90.4
116.8
98.5
129.1

103.8
91.2
116.5
98.9
128.2

103.4
92.9
115.2
98.5
126.5

102.3
90.7
111.5
97.9
123.6

102.0
89.4
111.3
97.4
125.2

102.3
89.4
110.2
97.8
125.9

491.3PT
491.2PT

7.7
6.2
1.6

120.4
123.9
109.3

121.7
124.7
110.5

120.0
124.2
105.8

121.9
127.3
104.5

129.1
131.2
120.2

124.0
126.7
113.7

121.8
123.9
112.9

122.0
125.5
109.7

120.9
127.2
101.2

119.5
125.0
102.1

119.9
124.4
105.1

119.0
123.2
104.9

121.3
126.4
104.8

119.1
123.0
105.7

80.5

152.6

153.9

154.3

153.8

152.7

152.2

151.1

149.8

149.3

148.5

146.8

146.4

145.4

144.1

83.6

145.4

146.5

146.2

145.4

143.9

142.7

142.2

141.5

141.1

140.8

139.2

139.4

138.2

136.7

5.9

1,195.2

1,310.3

1,334.8

1,358.1

1,368.9 1,351.7 1,334.1

1,312.2

1,283.1

1,260.2

1,228.4

1,202.8

81.1

128.3

128.4

128.0

127.1

125.6

124.7

124.3

123.8

123.7

123.5

122.3

122.5

121.4

120.2

79.5

125.1

125.0

124.6

123.6

122.1

121.1

120.8

120.4

120.3

120.2

119.0

119.3

118.3

117.1

1,343.6 1,464.2 1,487.4 1,502.8 1,508.3 1,497.4 1,484.2 1,477.5 1,464.4
597.4
549.7
592.2
604.4
593.7
581.0
569.9
610.2
604.3
131.0
132.4
122.8
123.9
129.2
126.8
116.0
119.8
124.5
170.5
175.5
167.2
160.1
151.8
138.6
147.4
156.5
155.4
153.0
158.8
145.8
131.5
131.9
140.1
125.9
141.8
141.6

1,434.6 1,410.1 1,398.3 1,391.5 1,356.7
528.8
565.8
552.3
540.1
538.5
127.0
129.2
123.2
125.5
126.3
168.4
157.4
162.9
160.7
163.3
147.9
157.9
144.2
145.0
149.0

SPECIAL AGGREGATES

100 Manufacturing excluding motor
vehicles and parts
101 Manufacturing excluding
computers and office
equipment
102 Computers, communications
equipment, and
semiconductors
103 Manufacturing excluding
computers and
semiconductors
104 Manufacturing excluding
computers, communications
equipment, and
semiconductors

1,190.9 1,162.5

Gross value (billions of 1992 dollars, annual rates)
MAJOR MARKETS

105 Products, total

2,001.9 2,860.5 2,889.1 2,867.4 2,863.2 2,850.2 2,818.1 2,819.8 2,826.9 2,812.9 2,818.9 2,796.5 2,804.9 2,776.4 2,742.6

106 Final
107
Consumer goods
Equipment
108

1,552.1 2,203.4 2,228.1 2,205.4 2,203.7 2,198.2 2,167.1 2,174.5 2,186.0 2,174.7 2,178.7 2,157.1 2,167.3 2,142.4 2,116.2
1.049.6 1,340.0 1,353.7 1,334.7 1,331.2 1,332.8 1,312.2 1,322.8 1,328.2 1,325.5 1,331.9 1,325.7 1,333.5 1,320.3 1,310.5
883.3
502.5
865.7
880.9
883.3
874.9
864.8
859.8
866.4
856.5
852.8
835.1
837.1
806.1
824.6

109 Intermediate

449.9

656.7

660.2

661.0

658.6

1. Data in this table appear in the Board's G.17 (419) monthly statistical release. The data
are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. The
latest historical revision of the industrial production index and the capacity utilization rates
was released in December 2000. The recent annual revision is described in an article in the
March 200I issue of the Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and Capacity Utilization:




651.2

649.9

644.5

640.4

637.7

639.6

638.6

637.0

633.2

625.7

Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February
1997), pp. 67-92, and the references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production: 1989 Developments and
Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204.
2. Standard Industrial Classification.

A46
2.14

Domestic Nonfinancial Statistics • December 2001
HOUSING AND CONSTRUCTION
Monthly figures at seasonally adjusted annual rates except as noted
2000
Item

1998

1999

2001

2000
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Private residential real estate activity (thousands of units except as noted)

NEW UNITS

1 Permits authorized
2
One-family
3
Two-family or more
4 Started
5
One-family
Two-family or more
6
7 Under construction at end of period1 . . . .
8
One-family
9
Two-family or more
10 Completed
11
One-family
12
Two-family or more
13 Mobile homes shipped

1,612
1,188
425
1,617
1,271
346
971
659
312
1,474
1,160
315
374

1,664
1,247
417
1,641
1,302
339
953
648
305
1,605
1,270
335
348

1,592
1,198
394
1,569
1,231
338
934
623
310
1,574
1,242
332
250

1,614
1,203
411
1,559
1,209
350
969
655
314
1,548
1,236
312
196

1,553
1,187
366
1,532
1,236
296
965
652
313
1,527
1,228
299
176

1,724
1,283
441
1,666
1,336
330
985
669
316
1,424
1,090
334
171

1,663
1,228
435
1,623
1,288
335
989
675
314
1,531
1,201
330
180

1,627
1,209
418
1,592
1,208
384
1,002
676
326
1,478
1,207
271
179

1,587
1,218
369
1,626
1,295
331
1,006
682
324
1,569
1,232
337
184

1,621
1,205
416
1,610
1,285
325
1,016
688
328
1,499
1,225
274
186

1,587
1,225
362
1,634
1,292
342
1,012
688
324
1,643
1,275
368
198

1,571
1,211
360

l,290
370'
1,019'
693'
326'
1,583'
1,269'
314'
193

1,571
1,210
361
1,548
1,260
288
1,004
687
317
1,609
1,265
344
199

886
300

880
315

877
301

882
304

1,001
297

938
295

959
295

953
289

899
293

882
296

886
301

893
305

898
307

Price of units sold (thousands
of dollars)1
16 Median
17 Average

152.5
181.9

161.0
195.6

169.0
207.0

174.7
210.7

162.0
208.1

171.3
209.0

169.1
211.0

166.3
210.2

175.2
205.5

175.3
211.4

174.3
209.0

172.3
207.9

167.6
201.5

EXISTING UNITS (one-family)
18 Number sold

4,970

5,205

5,113

5,300

4,940

5,200

5,190

5,430

5,220

5,360

5,330

5,200

5,540

Price of units sold (thousands
of dollars)2
19 Median
20 Average

128.4
159.1

133.3
168.3

139.0
176.2

139.5
176.5

139.7
178.5

137.1
175.8

138.6
174.6

143.4
179.5

143.1
179.9

145.0
183.6

152.2
191.1

151.7
190.6

153.7
193.5

Merchant builder activity in
one-family units
14 Number sold
15 Number for sale at end of period1

1,66cr

Value of new construction (millions of dollars)3

CONSTRUCTION

21 Total put in place
22 Private
Residential
23
24
Nonresidential
Industrial buildings
25
26
Commercial buildings
27
Other buildings
28
Public utilities and other
29 Public
Military
30
Highway
31
32
Conservation and development
Other
33

826,746

838,731

859,815

869,334

869,140

870,826

869,574

861,571

854,640

845,521

550,754 595,667 641,269 651,066
314,514 349,560 375,268 374,281
-314,383' -349,427' -375,130' 276,785
40,547
32,794
31,984
33,265
95,760
104,531
116,988 120,587
39,609
40,906
45,628
44,505
60,324
67,876
72,523
77,305

660,849
379,593
281,256
31,398
125,234
45,707
78,917

673,715
386,088
287,627
35,878
125,402
46,567
79,780

681,826
398,863
282,963
33,386
124,568
46,264
78,745

681,176
395,080
286,096
34,823
128,792
47,117
75,364

677,429
392,160
285,269
34,662
124,935
46,080
79,592

670,838
394,330
276,508
31,943
118,601
46,643
79,321

665,322
391,508
273,814
32,966
116,842
46,020
77,986

653,315
388,874
264,441
33,269
111,388
44,765
75,019

644,300
387,327
256,973
30,842
107,116
44,556
74,459

177,883
2,107
50,189
6,339
119,248

186,100
2,270
55,368
7,381
121,081

187,508
2,342
56,204
7,838
121,124

187,964
2,131
57,443
7,573
120,817

193,397
2,530
57,717
6,332
126,818

198,736
2,274
60,437
7,216
128,809

196,249
2,477
61,534
6,592
125,646

201,326
2,371
61,758
5,955
131,242

201,221
2,550
55,791
6,908
135,972

703,533

152,779
2,539
45,251
5,415
99,575

763,914

168,247
2,142
52,024
5,995
108,086

817,130

175,861
2,334
52,851
6,043
114,634

175,680
2,629
48,858
5,789
118,404

1. Not at annual rates.
2. Not seasonally adjusted.
3. Recent data on value of new construction may not be strictly comparable with data for
previous 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
Census Bureau in July 1976.




SOURCE. Bureau of the Census estimates for all series except (1) mobile homes, which are
private, domestic shipments as reported by the Manufactured Housing Institute and seasonally adjusted by the Census Bureau, and (2) sales and prices of existing units, which are
published by the National Association of Realtors. All back and current figures are available
from the originating agency. Permit authorizations are those reported to the Census Bureau
from 19,000 jurisdictions beginning in 1994.

Selected Measures
2.15

A47

CONSUMER AND PRODUCER PRICES
Percentage changes based on seasonally adjusted data except as noted
Change from 12
months earlier
Item

Change from 3 months earlier
(annual rate)
2001

2000
2000
Sept.

Change from 1 month earlier

2001
Sept.
Dec.

Mar.

June

Index
level,
Sept.
2001'

2001
Sept.

May

June

July

Aug.

Sept.

CONSUMER PRICES2

(1982-84=100)
1 All items
7 Food
3 Energy items
4 All items less food and energy
Commodities
Services
6

3.5

2.6

2.3

4.0

3.7

.7

.4

.2

-.3

.1

.4

178.3

2.6
15.4
2.6
.3
3.5

3.1
1.5
2.6
.1
3.8

2.1
3.8
2.0
.0
3.2

4.1
6.0
3.5
1.4
4.2

3.3
16.8
2.6
-1.6
4.5

2.8
-18.2
2.4
.3
3.1

.3
3.1
.1
-.4
.3

.4
-.9
.3
.0
.5

.3
-5.6
.2
.1
.2

.2
-1.9
.2
-.4
.5

.2
2.6
.2
.3
.1

174.1
132.5
187.1
145.2
211.2

3.5
.5
17.2
1.5
1.4

1.6
4.0
-.5
1.8
.6

2.9
2.7
12.0
1.0
.3

4.7
10.5
9.5
2.3
.0

.3
.9
-6.1
2.3
1.2

-.8
2.0
-14.6
1.8
1.1

,l r
-2r
A'
.4'
-.2'

-,5 r
-.2'
-3.0'
-,lr
.3'

-.9
-.6
-5.8
.1
.2

.4
.9
1.1
-.1
-.1

.4
.2
.9
.4
.1

141.7
142.9
100.1
156.8
139.4

4.9
2.3

-1.1
-.9

1.2
-.3

1.5
1,5

-1.2
-.9

-5.6
-3.7

.1
,0r

-.2

-1.1
-.4

-.5
-.4

.1
-.1

130.7
135.8

-2.5
43.3
2.7

11.2
-31.9
-10.1

36.5
102.6
-9.2

15,6
-42.4
-10.8

-7.1
-A3.1
-13.7

4.5
-67.3
-6.0

-1.3
-3.2 r
-.6'

-.1
-12.4 r
-.T

.6
-11.5
-.9

-.6
-4.4
-.8

1.1
-10.7
.2

108.5
93.1
128.5

PRODUCER PRICES

(1982=100)
7 Finished goods
8
Consumer foods
Consumer energy
9
Other consumer goods
10
Capital equipment
11
Intermediate materials
12 Excluding foods and feeds
13 Excluding energy
Crude materials
14 Foods
15 Energy
16 Other

1. Not seasonally adjusted.
2. Figures for consumer prices are for all urban consumers and reflect a rental-equivalence
measure of homeownership.




SOURCE. U.S. Department of Labor. Bureau of Labor Statistics.

A48
2.16

Domestic Nonfinancial Statistics • December 2001
GROSS DOMESTIC PRODUCT AND INCOME
Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates
2000
Account

1998

1999

2001

2000
Q2

Q3

Q4

Ql

Q2

GROSS DOMESTIC PRODUCT

1 Total

8,781.5

9,268.6

9,872.9

9,857.6

9,937.5

10,027.9

10,141.7

10,202.6

By source
2 Personal consumption expenditures
3
Durable goods
4
Nondurable goods
Services

5,856.0
693.2
1,708.5
3,454.3

6,250.2
760.9
1,831.3
3,658.0

6,728.4
819.6
1,989.6
3,919.2

6,674.9
813.8
1,978.3
3,882.8

6,785.5
825.4
2,012.4
3,947.7

6,871.4
818.7
2,025.1
4,027.5

6,977.6
838.1
2,047.1
4,092.4

7,044.6
844.7
2,062.3
4,137.6

6 Gross private domestic investment
/
Fixed investment
8
Nonresidential
9
Structures
10
Producers' durable equipment
11
Residential structures

1,538.7
1,465.6
1,101.2
282.4
818.9
364.4

1,636.7
1,578.2
1,174.6
283.5
891.1
403.5

1,767.5
1,718.1
1,293.1
313.6
979.5
425.1

1,792.4
1,717.0
1,288.3
306.4
981.8
428.7

1,788.4
1,735.9
1,314.9
321.1
993.8
421.0

1,780.3
1,741.6
1,318.2
330.9
987.3
423.4

1,722.8
1,748.3
1,311.2
345.8
965.4
437.0

1,669.9
1,706.5
1,260.2
338.6
921.7
446.2

Change in business inventories
Nonfarm

73.1
72.3

58.6
60.1

49.4
51.1

75.4
74.0

52.5
55.3

38.7
37.8

-25.5
-26.2

-36.6
-35.3

14 Net exports of goods and services
15
Exports
16
Imports

-151.7
964.9
1,116.7

-250.9
989.8
1,240.6

-364.0
1,102.9
1,466.9

-350.8
1,099.7
1,450.4

-380.6
1,131.1
1,511.8

-390.6
1,121.0
1,511.6

-363.8
1,117.4
1,481.2

-347.4
1,079.6
1,427.0

17 Government consumption expenditures and gross investment
18
Federal
19
State and local

1,538.5
539.2
999.3

1,632.5
564.0
1,068.5

1,741.0
590.2
1,150.8

1,741.1
601.0
1,140.1

1,744.2
587.0
1,157.2

1,766.8
594.2
1,172.6

1,805.2
605.3
1,199.8

1,835.4
609.9
1,225.5

By major type of product
20 Final sales, total
21
Goods
22
Durable
23
Nondurable
24
Services
25
Structures

8,708.4
3,232.3
1,524.4
1,707.9
4,678.6
797.5

9,210.0
3,418.6
1.618.8
1,799.8
4,939.1
852.4

9,823.6
3,644.8
1,735.2
1,909.7
5,268.5
910.3

9,782.2
3,636.0
1,735.2
1,900.8
5,243.1
903.1

9,884.9
3,677.2
1,753.8
1,923.5
5,296.1
911.6

9,989.2
3,670.6
1,740.7
1,929.9
5,393.0
925.6

10,167.2
3,718.8
1,755.8
1,963.1
5,482.8
965.6

10,239.1
3,715.0
1,737.2
1,977.8
5,545.7
978.4

73.1
44.7
28.5

58.6
35.3
23.3

49.4
34.7
14.7

75.4
51.0
24.4

52.5
33.0
19.5

38.7
31.5
7.2

-25.5
-31.0
5.5

-36.6
-42.3
5.8

8,508.9

8,856.5

9,224.0

9,229.4

9,260.1

9,303.9

9,334.5

9,341.7

30 Total

7,041.4

7,462.1

7,980.9

7,956.1

8,047.2

8,124.0

8,169.7

8,207.9

31 Compensation of employees
32
Wages and salaries
Government and government enterprises
33
34
Other
Supplement to wages and salaries
35
Employer contributions for social insurance
36
37
Other labor income

4,989.6
4,192.1
692.7
3,499.4
797.5
306.9
490.6

5,310.7
4,477.4
724.3
3,753.1
833.4
323.6
509.7

5,715.2
4,837.2
768.4
4,068.8
878.0
343.8
534.2

5,669.9
4,798.0
768.3
4,029.7
872.0
341.8
530.1

5,759.3
4,875.8
772.6
4,103.2
883.5
345.6
537.9

5,868.9
4,973.2
776.6
4,196.6
895.7
350.8
544.9

5,955.7
5,049.4
788.8
4,260.6
906.3
357.1
549.3

6,010.8
5,099.8
799.6
4.300.2
911.0
358.8
552.2

623.8
598.2
25.6

672.0
645.4
26.6

715.0
684.4
30.6

717.9
685.4
32.5

719.3
687.6
31.6

725.2
693.5
31.7

735.2
705.4
29.8

745.3
716.6
28.7

12
13

26 Change in business inventories
27
Durable goods
Nondurable goods
28
MEMO

29 Total GDP in chained 1996 dollars
NATIONAL INCOME

38 Proprietors' income1
39
Business and professional1
Farm'
40
41 Rental income of persons2

138.6

147.7

141.6

141.4

138.3

141.7

139.6

139.0

42 Corporate profits1
Profits before tax3
43
Inventory valuation adjustment
44
Capital consumption adjustment
45

777.4
721.1
18.3
38.0

825.2
776.3
-2.9
51.7

876.4
845.4
-12.4
43.4

892.8
862.0
-14.8
45.5

895.0
858.3
-3.6
40.4

847.6
816.5
-7.3
38.4

789.8
755.7
-1.9
36.0

759.8
738.3
-8.8
30.3

46 Net interest

511.9

506.5

532.7

534.1

535.3

540.6

549.4

553.0

1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.




3. For after-tax profits, dividends, and the like, see table 1.48.
SOURCE. U.S. Department of Commerce, Survey of Current Business.

Selected Measures
2.17

A49

PERSONAL INCOME AND SAVING
Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates
2001

2000
Account

1998

1999

2000
Q2

Q3

Q4

Q2

Ql

PERSONAL INCOME AND SAVING

1 Total personal income

7,426.0

7,777.3

8,319.2

8,271.0

8,381.5

8,519.6

8,640.2

8,714.6

7 Wage and salary disbursements
3
Commodity-producing industries
Manufacturing
4
Distributive industries
6
Service industries
7
Government and government enterprises

4,192.8
1,038.5
756.6
948.9
1,512.7
692.7

4,472.2
1,088.7
782.0
1,021.0
1,638.2
724.3

4,837.2
1,163.7
830.1
1,095.6
1,809.5
768.4

4,798.0
1,151.8
822.0
1,086.1
1,791.7
768.3

4,875.8
1,173.2
838.0
1,102.4
1,827.6
772.6

4,973.2
1,195.5
852.2
1,125.9
1,875.2
776.6

5,049.4
1,206.3
853.3
1,140.3
1,914.0
788.8

5,099.8
1,204.4
850.2
1,148.2
1,947.6
799.6

490.6
623.8
598.2
25.6
138.6
348.3
964.4
983.7
578.1

509.7
672.0
645.4
26.6
147.7
343.1
950.0
1,019.6
588.0

534.2
715.0
684.4
30.6
141.6
379.2
1,000.6
1,069.1
617.3

530.1
717.9
685.4
32.5
141.4
373.3
999.9
1,066.3
618.6

537.9
719.3
687.6
31.6
138.3
385.8
1,009.2
1,074.6
620.9

544.9
725.2
693.5
31.7
141.7
396.6
1,013.1
1,089.0
626.5

549.3
735.2
705.4
29.8
139.6
404.8
1,010.9
1,123.1
651.4

552.2
745.3
716.6
28.7
139.0
411.9
1,001.0
1,139.4
660.1

8
9
10
11
1?
n
14
15
16
17

Other labor income
Proprietors' income1
Business and professional1
Rental income of persons2
Dividends
Personal interest income
Transfer payments
Old-age survivors, disability, and health insurance benefits
LESS: Personal contributions for social insurance

18 EQUALS: Personal income

316.3

337.1

357.7

355.8

359.4

364.1

372.1

374.0

7,426.0

7,777.3

8,319.2

8,271.0

8,381.5

8,519.6

8,640.2

8,714.6

1,070.4

1,159.2

1,288.2

1,277.3

1,300.2

1,329.8

1,345.2

1,351.4

20 EQUALS: Disposable personal income

6,355.6

6,618.0

7,031.0

6,993.7

7,081.3

7,189.8

7,295.0

7,363.2

21

LESS: Personal outlays

6,054.1

6,457.2

6,963.3

6,905.6

7,026.9

7,115.1

7,216.2

7,281.7

22 EQUALS: Personal saving

301.5

160.9

67.7

88.1

54.5

74.7

78.8

81.5

31,449.2
21,007.2
22,800.0

32,441.9
21,862.6
23,150.0

33,490.3
22,720.7
23,742.0

33,549.2
22,632.8
23,717.0

33,587.6
22,822.4
23,814.0

33,661.1
22,941.7
24,006.0

33,698.5
23,063.1
24,111.0

33,639.7
23,148.7
24,200.0

4.7

2.4

1.0

1.3

.8

1.0

1.1

I.I

27 Gross saving

1,647.2

1,707.4

1,785.7

1,799.4

1,807.4

1,799.7

1,754.0

1,750.5

28 Gross private saving

1,375.0

1,348.0

1,323.0

1,345.8

1,329.6

1,332.7

1,307.9

1,321.2

?9 Personal saving
30 Undistributed corporate profits'
31 Corporate inventory valuation adjustment

301.5
189.9
18.3

160.9
228.7
-2.9

67.7
225.3
-12.4

88.1
238.6
-14.8

54.5
233.9
-3.6

74.7
197.0
-7.3

78.8
147.8
-1.9

81.5
119.5
-8.8

Capital consumption allowances
3? Corporate
33 Noncorporate

620.2
264.2

669.2
284.1

727.1
302.8

719.1
299.9

736.0
305.2

749.7
311.3

763.8
317.5

785.6
334.6

34 Gross government saving
35
Consumption of fixed capital
36
Current surplus or deficit (-), national accounts
37
38
State and local
Consumption of fixed capital
39
40
Current surplus or deficit (-), national accounts

272.2
132.0
88.2
43.8
140.2
99.5
40.7

359.4
210.9
91.7
119.2
148.5
106.4
42.1

462.8
315.0
96.4
218.6
147.8
114.9
32.8

453.7
305.0
95.9
209.1
148.7
114.0
34.7

477.8
326.9
97.0
229.9
150.9
116.1
34.8

467.1
320.5
97.9
222.5
146.6
118.0
28.6

446.1
303.7
98.4
205.3
142.5
120.2
22.3

429.3
286.2
99.4
186.7
143.2
121.9
21.3

41 Gross investment

1,616.2

1,634.7

1,655.3

1,690.0

1,651.1

1,649.7

1,633.5

1,607.3

4? Gross private domestic investment
43 Gross government investment
44 Net foreign investment

1,538.7
277.1
-199.7

1,636.7
304.6
-306.6

1,767.5
318.3
^30.5

1,792.4
315.0
-417.4

1,788.4
314.0
-451.3

1,780.3
322.8
-453.4

1,722.8
330.9
-420.2

1,669.9
344.0
^106.6

-31.0

-72.7

-130.4

-109.5

-156.3

-150.0

-120.5

-143.2

19

LESS: Personal tax and nontax payments

MEMO

Per capita (chained 1996 dollars)
?3 Gross domestic product
24 Personal consumption expenditures
25 Disposable personal income
26 Saving rate (percent)
GROSS SAVING

45 Statistical discrepancy
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.




SOURCE. U.S. Department of Commerce, Survey of Current Business.

A50
3.10

International Statistics • December 2001
U.S. INTERNATIONAL TRANSACTIONS

Summary

Millions of dollars; quarterly data seasonally adjusted except as noted 1
2001

2000
Item credits or debits

1 Balance on current account
Balance on goods and services
2
3
Exports
4
Imports
5
Income, net
6
Investment, net
Direct
7
8
Portfolio
9
Compensation of employees
Unilateral current transfers, net
10
11 Change in U.S. government assets other than official
reserve assets, net (increase, - )

1998

1999

2000

-217,457
-166,828
932,694
-1,099,522
-6,202
-1,211
66,253
-67,464
-4,991
-44,427

-324,364
-261,838
957,353
-1,219,191
-13,613
-8,511
67,044
-75,555
-5,102
-48,913

-444,667
-375,739
1,065,702
-1,441,441
-14,792
-9,621
81,231
-90,852
-5,171
-54,136

Q2

Q3

Q4

QL

Q2

-108,134
-90,784
265,822
-356,606
-4,889
-3,589
18,117
-21,706
-1,300
-12,461

-115,305
-97,340
272,497
-369,837
-4,885
-3,620
21,049
-24,669
-1,265
-13,080

-116.324
-100,293
270,131
-370,424
642
1,971
25,703
-23,732
-1,329
-16,673

-111,778
-95,023
269,092
-364,115
-5,021
-3,661
22,673
-26,334
-1,360
-11,734

-106,498
-88,938
260,507
-349,445
-5,493
-4,156
23,086
-27,242
-1,337
-12,067

-422

2,751

-944

-572

114

-359

21

-761

-6,783
0
-147
-5,119
-1,517

8,747
0
10
5,484
3,253

-290
0
-722
2.308
-1.876

2,020
0
-180
2,328
-128

-346
0
-182
1,300
-1,464

-1,410
0
-180
-1,083
-147

190
0
-189
574
-195

-1,343
0
-156
-1,015
-172

-352,427
-35,572
-38,204
-136,135
-142.516

—448,565
-76,263
-85,700
-131,217
-155,385

-579.718
-138,500
-163.846
-124,935
-152,437

-95,021
7,455
-29,491
-39,639
-33,346

-107,495
-18,147
-14,585
-33,129
^41,634

-179,779
-71,574
-44,514
-24,621
-39,070

-243,331
-109,789
-61,011
-31,591
-40,940

-61,218
9,191
13,433
^18,240
-35,602

22 Change in foreign official assets in United States (increase, +)
73
U.S. Treasury securities
24
Other U.S. government obligations
Other U.S. government liabilities2
25
Other U.S. liabilities reported by U.S. banks2
26
Other foreign official assets3
27

-19,948
-9,921
6,332
-3,371
-9,501
-3,487

43,551
12,177
20,350
-2,855
12,964
915

37,619
-10,233
40,909
-1,987
5,803
3,127

6,447
-4,000
10,334
-1,000
209
904

12,247
-9,001
14,272
-220
6,884
312

-3,573
-13,436
8,196
-293
980
980

4,898
-1,027
3,574
-1,246
2,594
1,003

-22,430
-20,781
9,932
-1,138
-11,471
1,028

28 Change in foreign private assets in United States (increase, +)
79
U.S. bank-reported liabilities4
30
U.S. nonbank-reported liabilities
Foreign private purchases of U.S. Treasury securities, net
31
U.S. currency flows
32
33
Foreign purchases of other U.S. securities, net
34
Foreign direct investments in United States, net

524,412
39,769
23,140
48,581
16,622
218,091
178,209

770,193
54,232
69,075
-20,490
22,407
343,963
301,006

986,599
87,953
177,010
-52,792
1,129
485,644
287,655

243,560
53,923
24,400
-20,546
989
94,400
90,394

209,861
-1,910
19,078
-12,503
757
128,393
76,046

298,894
43,365
48,344
-10,395
6,230
126,643
84,707

341,762
6.890
130,624
656
2,311
148,809
52,472

210,432
50,123
-34,022
-8,275
2,772
132,671
67,163

678
71,947

-3,491
-48,822

705
696

71,947

^48,822

696

173
-48,473
-2,380
-46,093

175
749
-9,977
10,726

184
2,367
3,856
-1,489

173
8,065
8,821
-756

177
-18,359
-1,868
-16,491

12 Change in U.S. official reserve assets (increase, - )
Gold
13
14
Special drawing rights (SDRs)
Reserve position in International Monetary Fund
15
16
Foreign currencies
17 Change in U.S. private assets abroad (increase, - )
18
Bank-reported claims2
19
Nonbank-reported claims
20
U.S. purchase of foreign securities, net
U.S. direct investments abroad, net
21

35 Capital account transactions, net5
36 Discrepancy
Due to seasonal adjustment
37
Before seasonal adjustment
38
MEMO

Changes in official assets
39 U.S. official reserve assets (increase, - )
40 Foreign official assets in United States, excluding line 25
(increase, +)

-6,783

8,747

-290

2,020

-346

-1,410

190

-1,343

-16,577

46,406

39,606

7,447

12,467

-3,280

6,144

-21,292

41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)

-11,531

1,621

11,582

1,639

3,636

164

589

-1,878

1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38—41.
2. Associated primarily with military sales contracts and other transactions arranged with
or through foreign official agencies.
3. Consists of investments in U.S. corporate stocks and in debt securities of private
corporations and state and local governments.
4. Reporting banks included all types of depository institutions as well as some brokers
and dealers.




5. Consists of capital transfers (such as those of accompanying migrants entering or
leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced
nonfinancial assets.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current
Business.

Summary Statistics
3.11

A51

U.S. FOREIGN TRADE 1
Millions of dollars; monthly data seasonally adjusted
2001
Item

1998

1999

2000
Feb.

Mar.

Apr.

May

June

July'

Aug.?

1 Goods and services, balance
2
Merchandise
Services
3

-166,686
-246,855
79,868

-261,838
-345,434
83,596

-375,739
-452,207
76,468

-28,675
-34,614
5,939

-32,957
-38,781
5,824

-31,518
-37,656
6,138

-28,210
-34,449
6,239

-29,068
-35,553
6,485

-29,168
-35,838
6,670

-27,106
-34,073
6,967

4 Goods and services, exports
5
Merchandise
Services
6

933,053
670,324
262,729

957,353
684,553
272,800

1,065,702
772,210
293,492

90,395
65,748
24,647

88,636
63,884
24,752

87,064
62,170
24,894

87,571
62,846
24,725

85,898
60,848
25,050

83,595
58,688
24,907

84,513
59,533
24,980

7 Goods and services, imports
8
Merchandise
9
Services

-1,099,739
-917,179
-182,560

-1,219,191
-1,029,987
-189,204

-1,441,441
-1,224,417
-217,024

-119,070
-100,362
-18,708

-121,593
-102,665
-18,928

-118,582
-99,826
-18,756

-115,781
-97,295
-18,486

-114,966
-96,401
-18,565

-112,763
-94,526
-18,237

-111,619
-93,606
-18,013

1. Data show monthly values consistent with quarterly figures in the U.S. balance of
payments accounts.

3.12

SOURCE. FT900, U.S. Department of Commerce, Bureau of the Census and Bureau of
Economic Analysis.

U.S. RESERVE ASSETS
Millions of dollars, end of period
2001
Asset

1998

1999

2000
Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.P
r

69,707

1 Total

81,761

71,516

67,647

64,222

64,731

65,254

64,847

65,736

67,852

70,963

2 Gold stock1
3 Special drawing rights2-3
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4

11,046
10,603

11,048
10,336

11,046
10,539

11,046
10,379

11,046
10,420

11,044
10,481

11,044
10,409

11,044
10,518

11,044
10,913

11,045'
10,919

11,045
10,827

24,111
36,001

17,950
32,182

14,824
31,238

13,777
29,020

13,816
29,449

14,283
29,446

14,619
28,775

14,965
29,209

15,297
30,598

18,404
30,595

17,787
30,048

SDR holdings and reserve positions in the IMF also have been valued on this basis since July
1974.
3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year
indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—
$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.
4. Valued at current market exchange rates.

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, line 3. Gold
stock is valued at $42.22 per fine troy ounce.
2. Special drawing rights (SDRs) are valued according to a technique adopted by the
International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of
exchange rates for the currencies of member countries. From July 1974 through December
1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.

3.13

FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS 1
Millions of dollars, end of period

2001
Asset

1998

1999

2000
Mar.

1 Deposits
Held in custody
2 U.S. Treasury securities2
3 Earmarked gold3

May

June

July

Aug.

Sept.

Oct.p

167

71

215

70

101

86

102

84

80

608

75

607,574
10,343

632,482
9,933

594,094
9,451

609,440
9,289

585,710
9,215

583,655
9,154

586,607
9,100

578,573
9,100

590,820
9,100

587,566
9,100

599,043
9,099

1. Excludes deposits and U.S. Treasury securities held for international and regional
organizations
2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury
securities, in each case measured at face (not market) value.




Apr.

3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not
included in the gold stock of the United States.

A52
3.15

International Statistics • December 2001
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
2001
Item

1999

2000
Feb.

1

1 Total
2
3
4
5
6
7
8
9
10
11
12

By type
Liabilities reported by banks in the United States2
U.S. Treasury bills and certificates3
U.S. Treasury bonds and notes
Marketable
Nonmarketable4
U.S. securities other than U.S. Treasury securities5
By area
Europe1
Canada
Latin America and Caribbean
Asia
Africa
Other countries

Mar.
r

May
r

July
r

Aug.?
r

837,390

138.847
156,177

144,593r
153,010

155,098r
155,667

154,60 l r
155,204

158,387r
144,158

143,92Ir
137,933

144,471r
139,195

151,858'
143,288

135,554
151,850

422,266
6,111
82,917

415,964
5,348
126,954

418,857
4,953
129,953

419,106
4,984
131,531

410,066
5,017
137,470

410,979
5,049
139,385

407,736
5,081
138,991

406,995
4,846
138,168

407,338
4,805
137,843

244,805
12,503
73,518
463,703
7,523
4,266

253,592
12,394
76,753r
488,170
9,165
5,795

256,180
10,794
80,324r
501,486
9,586
6,158

250,420
10,396
79,143r
51 l,025 r
9,102
5,340

247,128
10,474
79,410r
501,085r
9,341
7,660

251,505
10,967
76,135r
482,990'
9,272
6,398

252.39 I'll,573
79,094r
478,284r
9,054
5.078

262,830
11,727
79,359'
475,475'
10,574
5,190

260,288
11,933
74,580
474.659
9,864
6,066

LIABILITIES TO, AND CLAIMS ON, FOREIGNERS

855,098

837,267

June
r

845,869

864,528

865,426

Apr.
r

806,318

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 and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of
zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning
March 1988, 20-year maturity issue, and beginning March 1990, 30-year maturity issue;

3.16

r

835,474

845,155

Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April
1993, 30-year maturity issue.
5. Debt securities of U.S. government corportions and federally sponsored agencies, and
U.S. corporate stocks and bonds.
SOURCE. Based on U.S. Department of the Treasury data and on data reported to the
department by banks (including Federal Reserve Banks) and securities dealers in the United
States, and on the 1994 benchmark survey of foreign portfolio investment in the United
States.

Reported by Banks in the United States1

Payable in Foreign Currencies
Millions of dollars, end of period
2000
Item

1 Banks' liabilities
2 Banks' claims
3
Deposits
4
Other claims
5 Claims of banks' domestic customers2

1997

117,524
83,038
28,661
54,377
8,191

1. Data on claims exclude foreign currencies held by U.S. monetary authorities.




1998

101,125
78,162
45,985
32,177
20,718

2001

1999

88,537
67,365
34,426
32,939
20,826

Sept.

Dec.

Mar.

June

78,852
60,355
26,306
34,049
19,123

76,345
56,647
23,292
33,355
24,411

89,394
73,179
29,902
43,277
21,105

107,593
77.423
32,765
44,658
21,144

2. Assets owned by customers of the reporting bank located in the United States that
represent claims on foreigners held by reporting banks for the accounts of the domestic
customers.

Nonbank-Reported
3.17

LIABILITIES TO FOREIGNERS

Data

A53

Reported by Banks in the United States1

Payable in U.S. dollars
Millions of dollars, end of period
2001
Item

1998

1999

2000
Feb.'

Mar.'

Apr.

June

May

July

Aug.f

BY HOLDER AND TYPE OF LIABILITY

1 Total, all foreigners
7 Banks' own liabilities
3
Demand deposits
4
Time deposits2
Other3
Own foreign offices4
6
7 Banks' custodial liabilities5
8
U.S. Treasury bills and certificates6
9
Short-term agency securities7
10
Other negotiable and readily transferable
instruments8
11
Other
12 Nonmonetary international and regional organizations®
13
Banks' own liabilities
14
Demand deposits
15
Time deposits2
Other3
16
17
18
19
20
21

Banks' custodial liabilities5
U.S. Treasury bills and certificates6
Short-term agency securities7
Other negotiable and readily transferable
instruments8
Other

7? Official institutions10
73
Banks' own liabilities
Demand deposits
74
75
Time deposits2
Other3
26
77
78
29
30
31

Banks' custodial liabilities5
U.S. Treasury bills and certificates6
Short-term agency securities7
Other negotiable and readily transferable
instruments8
Other

3? Banks"
33
Banks' own liabilities
Unaffiliated foreign banks
34
Demand deposits
35
36
Time deposits2
Other3
37
Own foreign offices4
38
39
40
41
42
43

Banks' custodial liabilities5
U.S. Treasury bills and certificates6
Short-term agency securities7
Other negotiable and readily transferable
instruments8
Other

44 Other foreigners
45
Banks' own liabilities
46
Demand deposits
Time deposits2
47
Other3
48
49 Banks' custodial liabilities5
50
U.S. Treasury bills and certificates6
51
Short-term agency securities7
Other negotiable and readily transferable
52
instruments8
Other
53

1,347,837

1,408,740

1,511,379' 1,531,555
r

l,077,605 1,084,602
35,777
33,365
187,883r
189,859
198,604
171,400'
684,957'
660,362

1,505,606

l,529,883 r l,532,548 r l,518,912 r l,517,750 r 1,502,121

1,076,302
33,918
182,257
200,280
659,847

1,093,322' 1,115,113' 1,096,181' 1,098,240' 1,072,098
32,887'
29,950'
33,673
30,2 lC
29,123'
175,964'
173,263
180,645'
189,539'
181,613'
212,874
225,276'
205,345
202,213'
207,146
667,050'
659,817
669,775'
671,360'
697,231'

884,939
29,558
151,761
140,752
562,868

971,536
42,884
163,620
155,853
609,179

462,898
183,494
n.a.

437,204
185,676
n.a.

433,774'
177,846
n.a.

446,953
179,277
74,281

429,304
171,823
71,454

436,561'
160,628
69,543

417,435
155,924
62,425

422,731
156,440
60,081

419,510
160,822
61,471

430,023
170,580
62,801

141,699
137,705

132,617
118,911

145,840
110,088'

73,847
119,548

65,154
120,873

77,595
128,795'

80,260
118,826

78,052
128,158

75,726
121,491

75,946
120,696

11,883
10,850
172
5,793
4,885

15,276
14,357
98
10,349
3,910

12,542
12,140
41
6,246
5,853

11,578
11,202
19
4,966
6,217

12,290
11,746
23
5,302
6,421

12,833
12,344
14
5,301
7,029

14,668
14,342
15
3,532
10,795

13,818
13,479
28
4,228
9,223

11,255
11,020
50
2,896
8,074

13,214
12,983
21
2,738
10,224

1,033
636
n.a.

919
680
n.a.

402
252
n.a.

376
248
108

544
229
137

489
170
144

326
105
132

339
68
134

235
78
132

231
92
117

397
0

233
6

149
1

15
5

177
1

175
0

87
2

137
0

25
0

21
1

260,060
80,256
3,003
29,506
47,747

295,024
97,615
3,341
28,942
65,332

297,603'
96,989'
3,952
35,573'
57,464

310,765
99,537
4,444
29,892
65,201

309,805
97,028
3,511
27,959
65,558

302,545'
103,454'
2,552
31,985'
68,917'

281,854'
96,696'
2,522
26,625'
67,549

283,666'
100,053'
2,465
32,752'
64,836'

295,146'
108,991'
2,169
28,121'
78,701

287,404
92,083
2,934
25,379
63,770

179,804
134,177
n.a.

197,409
156,177
n.a.

200,614
153,010
n.a.

211,228
155,667
49,594

212,777
155,204
53,295

199,091
144,158
51,107

185,158
137,933
43,193

183,613
139,195
40,301

186,155
143,288
39,971

195,321
151,850
40,727

44,953
674

41,182
50

47,366
238

5,325
642

4,064
214

3,325
501

3,509
523

3,647
470

2,686
210

2,558
186

885,336
676,057
113,189
14,071
45,904
53,214
562,868

900,379
728,492
119,313
17,583
48,140
53,590
609,179

972,902'
821,276'
136,319'
15,522
66,904'
53,893'
684,957'

974,166
814,628
154,266
12,601
77,396
64,269
660,362

959,982
812,712
152,865
16,433
72,926
63,506
659,847

965,770'
816,632'
145,272'
13,030'
72,535'
59,707'
671,360'

989,736'
845,646'
148,415'
12,143
70,700'
65,572
697,231'

969,297'
816,676'
146,901'
15,211
64,249'
67,441'
669,775'

956,314'
810,342'
143,292'
12,548
64,094'
66,650
667,050'

950,836
805,638
145,821
14,588
64,421
66,812
659,817

209,279
35,359
n.a.

171,887
16,796
n.a.

151,626'
16,023
n.a.

159,538
13,909
8,007

147,270
7,922
2,324

149,138'
7,233
2,824

144,090
8,535
3,772

152,621
8,455
3,169

145,972
9,093
2,535

145,198
9,582
2,421

45,332
128,588

45,695
109,396

36,036
99,567'

30,260
107,362

27,817
109,207

25,271
113,810'

27,856
103,927

27,314
113,683

26,546
107,798

26,525
106,670

190,558
117,776
12,312
70,558
34,906

198,061
131,072
21,862
76,189
33,021

228,332'
147,200'
13,850
79,160'
54,190'

235,046
159,235
18,713
77,605
62,917

223,529
154,816
13,951
76,070
64,795

248,735'
160,892'
14,614'
79,718'
66,560'

246,290'
158,429'
14,443'
80,756'
63,230

252,131'
165,973'
15,183'
79,416'
71,374

255,035'
167,887'
15,183'
80,853'
71,851'

250,667
161,394
16,130
80,725
64,539

72,782
13,322
n.a.

66,989
12,023
n.a.

81,132
8,561
n.a.

75,811
9,453
16,572

68,713
8,468
15,698

87,843
9,067
15,468

87,861
9,351
15,328

86,158
8,722
16,477

87,148
8,363
18,833

89,273
9,056
19,536

51,017
8,443

45,507
9,459

62,289
10,282

38,247
11,539

33,096
11,451

48,824
14,484

48,808
14,374

46,954
14,005

46,469
13,483

46,842
13,839

27,026
n.a.

30,345
n.a.

34,217
n.a.

30,277
120,500

24,518
129,671

26,238
119,577

25,912
119,901

24,884
126,508

22,640
138,328'

24,442
133,335

MEMO

54 Negotiable time certificates of deposits in custody for
foreigners
55 Repurchase agreements7

1. Reporting banks include all types of depository institutions as well as some brokers and
dealers. Excludes bonds and notes of maturities longer than one year.
2. Excludes negotiable time certificates deposit, which are included in "Other negotiable
and readily transferable instruments."
3. Includes borrowing under repurchase agreements.
4. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists
principally of amounts owed to the head office or parent foreign bank, and to foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
5. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks fore foreign customers.




6. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
7. Data available beginning January 2001.
8. Principally bankers acceptances, commercial paper, and negotiable time certificates of
deposit.
9. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund.
10. Foreign central banks, foreign central governments, and the Bank for International
Settlements.
11. Excludes central banks, which are included in "Official institutions."

A54
3.17

International Statistics • December 2001
LIABILITIES TO FOREIGNERS

Reported by Banks in the United States 1 —Continued

Payable in U.S. dollars
Millions of dollars, end of period
2001
Item

1998

1999

2000
Feb.'

Aug.p

Mar.'

Apr.'

May'

1,505,606

1,529,883

1,532,548

l,518,912 r l,517,750 r 1,502,121
l,505,093 r 1,506,494r 1,488,907

June

July

Area
56 Total, all foreigners
57 Foreign countries
58 Europe
59
Austria
60
Belgium12
61
Denmark
62
Finland
63
France
64
Germany
65
Greece
66
My
Luxembourg 2
67
68
Netherlands
69
Norway
Portugal
70
71
Russia
72
Spain
Sweden
73
74
Switzerland
75
Turkey
76
United Kingdom
77
Channel Islands & Isle of Man13
78
Yugoslavia14
Other Europe and other former U.S.S.R.15
79
80 Canada

1,347,837

1,408,740

1,335,954

1393,464

l,498,836

r

1,519,976

1,493,315

1,517,049

1,517,879

427,375
3,178
42,818
1,437
1,862
44,616
21,357
2,066
7,103
n.a.
10,793
710
3,236
2,439
15,781
3,027
50,654
4,286
181,554
n.a.
233
30,225

441,810
2,789
44,692
2,196
1,658
49,790
24,753
3,748
6,775
n.a.
8,143
1,327
2,228
5,475
10,426
4,652
63,485
7,842
172,687
n.a.
286
28,858

446,788'
2,692
33,399
3,000
1,411
37,833
35,519
2,011
5,072
n.a.
7,047'
2,305
2,403
19,018
7,787
6,497
74,635
7,548
167,757'
n.a.
276
30,578

447,296
2,094
5,709
4,182
1,667
45,435
30,382
1,965
5,073
24,234
8,143
6,332
2,625
19,029
8,244
5,959
64,447
5,394
134,267
43,087
292
28,736

429,577
2,178
5,432
2,919
1,286
42,758
30,863
1,496
5,853
12,585
7,079
8,362
1,731
18,625
9,503
6,738
54,038
5,646
147,123
36,040
292
29,030

431,269
2,771
5,309
3,412
1,769
39,125
29,589
1,336
5,270
14,505
10,140
4,806
1,949
19,917
7,750
6,025
65,998
4,549
137,957
36,013
303
32,776

464,636
2,593
5,895
2,910
1,144
40,209
30,338
1,525
5,531
15,046
10,772
2,572
2,041
21,357
7,886
5,284
93,198
7,169
139,507
34,742
301
34,616

1,511,379'' 1,531,555

458,130'
2,026
6,270
3,063
2,395
40,077
32,355'
1,653
6,767'
14,961
9,621
4,583
2,287
22,839
7,413'
5,507
73,106
5,485
146,208'
34,994
297
36,223

449,610'
2,040
7,058
2,596
1,574
42,710
32,333
2,288
5,877'
14,568
11,372'
3,539
2,662
23,966
6,974'
4,111
65,929
6,192
137,206'
35,018
395
41,202

431,292
2,370
6,779
3,294
1,011
40,268
27,540
2,607
4,761
14,341
11,595
3,993
2,490
22,692
7,286
3,233
52,889
7,033
138,086
35,748
297
42,979

30,212

34,214

30,982'

23,940

24,273

27,962

25,983

25,975'

26,377'

27,146

121,327
19,014
15,815
5,015
4,624
1,572
1,336
37,157
3,864
840
2,486
19,894
9,710

117,495
18,633
12,865
7,008
5,669
1,956
1,626
30,717
4,415
1,142
2,386
20,192
10,886

120,040'
19,451'
10,852
5,892
4,542
2,111
1,601'
32,166'
4,240'
1,427
3,003
24,730'
10,025'

121,144
18,070
11,414
5,926
4,463
2,280
1,541
34,971
3,883
1,469
2,846
27,177
7,104

114,697
12,932
10,576
5,176
4,362
2,202
1,515
34,105
4,034
1,792
3,366
27,462
7,175

117,498
14,599
10,853
5,449
4,619
2,185
1,562
34,272
3,475
1,770
3,410
27,891
7,413

113,460
12,573
11,258
5,701
4,745
2,137
1,592
33,178
3,638
1,535
3,332
26,920
6,851

117,508'
16,413'
12,585'
5,491'
4,634'
1,979'
1,514'
33,338'
3,510
1,616'
3,026
26,968'
6,434'

118,604'
13,294'
14,367'
5,440
4,396'
2,142'
1,527'
34,687'
3,684'
1,599'
2,980
27,602'
6,886'

118,574
11,150
16,033
5,263
4,582
2,167
1,463
37,443
3,638
1,525
2,993
25,647
6,670

94 Caribbean
95
Bahamas
96
Bermuda
97
British West Indies17
98
Cayman Islands17
Cuba
99
100
Jamaica
101
Netherlands Antilles
102
Trinidad and Tobago
Other Caribbean16
103

433,539
118,085
6,846
302,486
n.a.
62
577
5,010
473
n.a.

461,200
135,811
7,874
312,278
n.a.
75
520
4,047
595
n.a.

573,337'
189,298'
9,636'
367,197'
n.a.
90
794'
5,428
894'
n.a.

588,612
185,354
8,070
0
375,454
84
916
5,489
875
12,370

582,825
174,156
8,402
n.a.
381,129
85
1,207
4,510
1,038
12,298

605,855
177,506
8,316
n.a.
401,809
83
867
4,523
1,114
11,637

600,378
190,142
7,019
n.a.
385,784
84
1,101
3,402
1,237
11,609

598,231'
187,472'
7,815
n.a.
384,436'
85
963'
3,892'
1,272
12,296'

607,618'
183,003'
8,229
n.a.
400,624'
88
975'
3,207'
1,253
10,239'

612,601
184,585
7,985
n.a.
404,164
45
967
3,793
1,428
9,634

104 Asia
China
Mainland
105
106
Taiwan
107
Hong Kong
108
India
109
Indonesia
Israel
110
Japan
111
112
Korea (South)
113
Philippines
114
Thailand
115
Middle Eastern oil-exporting countries18
Other
116

307,960

319,489

305,524'

317,002

320,705

311,175

291,308

283,537'

283,100'

276,902

13,441
12,708
20,900
5,250
8,282
7,749
168,563
12,524
3,324
7,359
15,609
32,251

12,325
13,603
27,701
7,367
6,567
7,488
159,075
12,988
3,268
6,050
21,314
41,743

16,531'
17,352
26,462
4,530
8,514
8,053
150,415
7,955'
2,316
3,117
23,733
36,546'

31,171
18,192
27,677
4,060
9,027
7,263
150,805
6,673
1,430
3,456
21,615
35,633

39,924
17,891
29,103
4,547
8,605
8,803
146,446
6,541
1,461
3,253
21,651
32,480

34,689
19,963
26,581
4,113
10,728
7,095
144,859
5,370
1,643
2,935
20,518
32,681

23,156
18,119
27,348
4,281
10,600
8,282
141,247
5,380
1,658
3,295
19,644
28,298

15,390'
19,862
29,180
4,043
10,566'
8,696
137,069'
6,239
1,449'
3,310
20,521
27,212'

15,586'
23,081
26,843
4,413
11,630'
8,710
134,246
6,829
1,624'
3,375
19,190
27,573'

15,980
22,857
23,496
4,078
11,986
7,717
130,981
6,549
1,781
3,771
20,666
27,040

8,905
1,339
97
1,522
5
3,088
2,854

9,468
2,022
179
1,495
14
2,914
2,844

10,824
2,621
139
1,010
4
4,052
2,998

10,983
2,336
139
915
10
4,750
2,833

10,566
2,282
133
652
8
4,593
2,898

10,659
2,213
139
791
5
4,752
2,759

10,601
2,200
116
706
2
4,740
2,837

10,508'
2,227
102
657
14
4,645'
2,863

12,101
3,486
118
802
5
4,349'
3,341'

12,116
3,607
165
1,286
5
3,839
3,214

124 Other countries
125
Australia
126
New Zealand20
127
All other

6,636
5,495
n.a.
1,141

9,788
8,377
n.a.
1,411

11,341'
10,070
n.a.
1,271'

10,999
9,528
328
1,143

10,672
9,472
427
773

12,631
11,382
503
746

11,513
10,406
437
670

11,204'
9,839
862
503'

9,084'
8,041
501
542'

10,276
9,280
517
479

128 Nonmonetary international and regional organizations
129
International21
Latin American regional22
130
131
Other regional23

11,883
10,221
594
1,068

15,276
12,876
1,150
1,250

12,543
11,270
740
533

11,579
10,793
223
534

12,291
11,379
272
640

12,834
11,335
327
620

14,669
12,965
886
518

13,819
12,836
418
523

11,256
10,241
441
502

13,214
12,090
509
558

81 Latin America
82
Argentina
Brazil
83
84
Chile
85
Colombia
Ecuador
86
87
Guatemala
88
Mexico
89
Panama
90
Peru
91
Uruguay
92
Venezuela
93
Other Latin America16

117 Africa
118
Egypt
119
Morocco
120
South Africa
121
Congo (formerly Zaire)
122
Oil-exporting countries19
Other
123

12. Before January 2001, data for Belgium-Luxembourg were combined.
13. Before January 2001, these data were included in data reported for the United
Kingdom.
14. Since December 1992, has excluded Bosnia, Croatia, and Slovenia.
15. Includes the Bank for International Settlements and the European Central Bank. Since
December 1992, has included all parts of the former U.S.S.R. (except Russia), and Bosnia,
Croatia, and Slovenia.
16. Before January 2001, data for "Other Latin America" and "Other Caribbean" were
combined in "Other Latin America and Caribbean."
17. Beginning January 2001, data for the Cayman Islands replaced data for the British
West Indies.




18. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
19. Comprises Algeria, Gabon, Libya, and Nigeria.
20. Before January 2001, these data were included in "All other."
21. Principally the International Bank for Reconstruction and Development. Excludes
"holdings of dollars" of the International Monetary Fund.
22. Principally the Inter-American Development Bank.
23. Asian, African, Middle Eastern, and European regional organizations, except the Bank
for International Settlements, which is included in "Other Europe."

Nonbank-Reported
3.18

BANKS' OWN CLAIMS ON FOREIGNERS

Data

Reported by Banks in the United States1

Payable in U.S. dollars
Millions of dollars, end of period
2001
Area or country

1998

1999

2000
Feb.

Mar.'

Apr.'

May'

June'

July'

Aug.P

1 Total, all foreigners

734,995

793,139

904,777r

912,737r

980,742

990,151

996,701

990,583

975,323

945,302

2 Foreign countries

731,378

788,576

900,091r

909,420'

977,966

987,396

992,791

985,885

970,469

940,751

233,321
1,043
7,187
2,383
1,070
15,251
15,923
575
7,284
n.a.
5,697
827
669
789
5,735
4,223
46,874
1,982
106,349
n.a.
53
9,407

311,686
2,643
10,193
1,669
2,020
29,142
29,205
806
8,496
n.a.
11,810
1,000
1,571
713
3,796
3,264
79,158
2,617
115,971
n.a.
50
7,562

378,116'
2,926
5,399
3,272
7,382
40,035
36,834
646
7,629
n.a.
17,043'
5,012
1,382
517
2,604
9,226
82,085
3,059
144,938'
n.a.
50
8,077

404,494'
2,927
5,300
3,499
7,102
44,038
39,234'
454
6,314'
2,659
21,515'
5,339
1,312
561
3,959
10,131
97,003
2,989
139,706'
3,069
49
7,334'

439,499
3,101
4,852
3,242
7,185
45,555
45,729
278
6,975
2,549
22,623
8,228
1,426
1,008
4,722
10,286
96,489
2,697
162,563
3,250
49
6,692

443,051
3,728
4,375
2,954
8,901
46,378
49,062
265
7,274
2,012
22,692
5,296
1,535
813
3,445
11,934
104,816
2,770
156,161
3,151
49
5,440

461,025
3,364
5,627
2,505
8,800
42,189
55,063
285
6,867
1,876
16,488
2,915
1,173
715
4,275
10,986
137,273
2,596
149,064
3,838
59
5,067

452,017
2,870
4,254
2,268
8,460
48,835
51,242
313
8,111
1,285
16,993
6,502
1,304
911
3,594
11,049
111,492
2,530
161,720
3,275
49
4,960

441,780
2,714
9,184
1,345
8,666
56,997
47,378
369
5,466
914
16,875
4,379
1,050
589
3,955
11,507
96,036
2,499
161,232
3,417
4
7,204

414,382
3,130
4,451
1,570
8,350
56,325
47,994
278
6,227
1,005
16,297
3,823
1,232
878
3,431
11,651
79,942
2,408
157,915
3,162
4
4,309

3 Europe
Austria
4
Belgium2
6
Denmark
Finland
7
8
France
9
Germany
10
Greece
11
Italy
Luxembourg2
1?
Netherlands
13
Norway
14
Portugal
15
16
Russia
17
Spain
Sweden
18
19
Switzerland
70
Turkey
United Kingdom
71
Channel Islands and Isle of Man3
??
23
Yugoslavia4
24
Other Europe and other former U.S.S.R.5
25 Canada

47,037

37,206

39,858'

42,378'

43,838

45,094

44,583

50,153

43,308

42.239

76 Latin America
77
Argentina
78
Brazil
79
Chile
30
Colombia
31
Ecuador
37
Guatemala
33
Mexico
Panama
34
35
Peru
36
Uruguay
Venezuela
37
38
Other Latin America6

79,976
9,552
16,184
8,250
6,507
1,400
1,127
21,212
3,584
3,275
1,126
3,089
4,670

74,040
10,894
16,987
6,607
4,524
760
1,135
17,899
3,387
2,529
801
3,494
5,023

76,588'
11,546
20,567
5,815'
4,370
635
1,244'
17,415'
2,933'
2,807'
673'
3,518'
5,065'

74,184'
11,613'
20,009'
5,960'
3,941
584
1,174'
17,904'
2,906'
2,672'
453'
3,262'
3,706'

73,717
11,242
20,232
5,822
4,022
534
1,175
17,747
3,006
2,809
364
3,237
3,527

73,829
11,541
20,287
5,628
3,720
526
1,171
18,013
3,158
2,771
367
3,154
3,493

73,823
11,731
20,719
5,443
3,740
482
1,226
17,960
2,872
2,534
366
3,109
3,641

73,733
11,913
21,532
5,449
3,641
523
1,192
17,384
3,086
2,565
398
2,982
3,068

73,401
12,334
20,935
5,215
3,625
515
1,140
17,475
3,190
2,515
410
2,913
3,134

76,358
13,108
22,153
5,377
3,719
505
1,266
17,578
3,196
2,421
453
3,417
3,165

39 Caribbean
40
Bahamas
Bermuda
41
British West Indies7
47
43
Cayman Islands7
44
Cuba
45
Jamaica
Netherlands Antilles
46
Trinidad and Tobago
47
Other Caribbean6
48

262,678
96,455
5,011
153,749
n.a.
0
239
6,779
445
n.a.

281,128
99,066
8,007
167,189
n.a.
0
295
5,982
589
n.a.

319,431'
114,090
9,281'
189,296'
n.a.
0
355
5,801
608
n.a.

299,096'
101,284
7,050'
n.a.
177,319'
0
331
7,155'
663
5,294'

325,060
105,064
8,122
n.a.
199,351
n.a.
348
6,921
710
4,544

333,130
112,424
6,781
n.a.
200,022
1
336
9,384
783
3,399

324,710
112,802
5,507
n.a.
195,790
n.a.
396
5,738
804
3,673

322,474
105,772
5,802
n.a.
200,073
n.a.
301
5,749
946
3,831

317,626
100,133
7,236
n.a.
198,918
n.a.
326
5,617
989
4,407

323,163
99,223
6,163
n.a.
202,297
n.a.
367
9,655
1,086
4,372

98,607

75,143

77,887

81,478'

87,673

83,546

81,217

80,927

86,714

77,387

1,261
1,041
9,080
1,440
1,942
1,166
46,713
8,289
1,465
1,807
16,130
8,273

2,110
1,390
5,903
1,738
1,776
1,875
28,641
9,426
1,410
1,515
14,267
5,092

1,606
2,247
6,669
2,178
1,914
2,729
35,032
7,776
1,784
1,381
9,346
5,225

1,530
1,371'
8,507'
1,700
1,987
3,249
34,724'
14,180'
1,172
1,244
8,341
3,473'

1,357
1,851
11,069
1,827
2,001
2,339
39,250
12,264
1,195
1,258
9,120
4,142

3,171
2,258
10,462
1,675
2,033
2,526
32,908
13,971
1,835
1,062
7,936
3,709

2,252
1,985
9,127
1,648
2,015
2,715
34,442
11,673
1,788
1,380
9,926
2,266

4,387
2,524
9,249
1,634
1,932
2,417
32,338
11,258
1,831
1,541
8,621
3,195

3,785
2,906
7,488
1,576
2,011
4,483
36,953
12,803
2,333
1,119
8,531
2,726

2,191
2,782
5,743
1,621
1,979
3,621
34,857
10,703
1,740
1,433
8,269
2,448

3,122
257
372
643
0
936
914

2,268
258
352
622
24
276
736

2,094
201
204
309
0
471
909

1,899
271
185
544
0
153
746

2,111
343
189
586
n.a.
217
776

2,035
308
185
444
n.a.
267
831

1,904
466
185
289
n.a.
197
767

2,132
530
175
528
n.a.
142
757

2,038
391
173
608
n.a.
130
736

2,042
379
151
661
2
128
721

69 Other countries
70
Australia
71
New Zealand10
72
All other

6,637
6,173
n.a.
464

7,105
6,824
n.a.
281

6,117'
5,868'
n.a.
249

5,891'
5,592'
165
134'

6,068
5,773
166
129

6,711
6,261
269
181

5,529
5,215
136
178

4,449
4,121
279
49

5,602
5,143
360
99

5,180
4,812
264
104

73 Nonmonetary international and regional organizations" . .

3,617

4,563

4,686

3,317

2,776

2,755

4,535

4,848

4,854

4,551

49
50
51
57
53
54
55
56
57
58
59
60
61

China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea (South)
Philippines
Thailand
Middle Eastern oil-exporting countries8
Other

67
63
64
65
66
67
68

Egypt
Morocco
South Africa
Congo (formerly Zaire)
Oil-exporting countries9
Other

1. Reporting banks include all types of depository institutions as well as some brokers and
dealers.
2. Before January 2001, combined data reported for Belgium-Luxembourg.
3. Before January 2001, data included in United Kingdom.
4. Since December 1992, has excluded Bosnia, Croatia, and Slovenia.
5. Includes the Bank for International Settlements and European Central Bank. Since
December 1992, has included all parts of the former U.S.S.R. (except Russia) and Bosnia,
Croatia, and Slovenia.




6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as
combined "Other Latin America and Caribbean."
7. Beginning 2001, Cayman Islands replaced British West Indies in the data series.
8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
9. Comprises Algeria, Gabon, Libya, and Nigeria.
10. Before January 2001, included in "All other."
11. Excludes the Bank for International Settlements, which is included in "Other Europe."

A55

A56

International Statistics • December 2001

3.19

BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS

Reported by Banks in the United States1

Payable in U.S. dollars
Millions of dollars, end of period
2001
Feb.

Mar.'

r

Apr.'

May'

990,151
52,357
683,098
95,262
21,533
73,729
159,434

996,701
49,533
709,119
79,947
19,717
60,230
158,102

July1"

Aug.P

975,323
55,762
660,534
94,603
24,399
70,204
164,424

945,302
47,156
649,338
84,993
15,812
69,181
163,815

June'

1 Total

875,891

944,937

2 Banks' claims
3
Foreign public borrowers
4
Own foreign offices2
5
Unaffiliated foreign banks
6
Deposits
7
Other
8
All other foreigners

734,995
23,542
484,535
106,206
27,230
78,976
120,712

793,139
35,090
529,682
97,186
34,538
62,648
131,181

904,777r
37,907
630,137
95,277r
23,886
71,391r
14 l,456 r

140,896
79,363

151,798
88,006

191,202
100,327

221,748
116,370

195,060
97,778

47,914

51,161

78,147

92,013

81,034

13,619

12,631

12,728

13,365

16,248

4,520
n.a.

4,553
n.a.

4,258
n.a.

118,705

2,993
134,083

126,871

116,938

3,054
129,693

131,731

116,607

39,978

31,125

53,153

70,964

67,204

60,796

58,137

66,155

60,152

60,299

9 Claims of banks' domestic customers3
10
Deposits
11
Negotiable and readily transferable
instruments4
12
Outstanding collections and other
claims

l,095,979

1,202,490
912,737r
54,220
610,299r
95,593'
22,848
72,745r
152,625r

980,742
49,123
670,952
101,718
19,948
81,770
158,949

1,185,643
990,583
52,193
685,986
91,384
22,106
69,278
161,020

MEMO

13 Customer liability on acceptances
14 Banks' loans under resale agreements5
15 Dollar deposits in banks abroad, reported by
nonbanking business enterprises in the
United States6

1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are
for quarter ending with month indicated.
Reporting banks include all types of depository institution as well as some brokers and
dealers.
2. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists

3.20

BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS

principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
3. Assets held by reporting banks in the accounts of their domestic customers.
4. Principally negotiable time certificates of deposit and bankers acceptances, and commercial paper.
5. Data available beginning January 2001.
6. Includes demand and time deposits and negotiable and nonnegotiable certificates of
deposit denominated in U.S. dollars issued by banks abroad.

Reported by Banks in the United States1

Payable in U.S. dollars
Millions of dollars, end of period
2000
Maturity, by borrower and area2

1 Total
2
3
4
5
6
7

8
9
10
11
12
13
14
15
16
17
18
19

By borrower
Maturity of one year or less
Foreign public borrowers
All other foreigners
Maturity of more than one year
Foreign public borrowers
All other foreigners
By area
Maturity of one year or less
Europe
Canada
Latin America and Caribbean
Asia
Africa
All other3
Maturity of more than one year
Europe
Canada
Latin America and Caribbean
Asia
Africa
All other3

1997

1998

Sept.

Dec.

Mar.

June

276,550

250,418

267,082

262,590

274,089

307,616

301,972

205,781
12,081
193,700
70,769
8,499
62,270

186,526
13,671
172,855
63,892
9,839
54,053

187,894
22,811
165,083
79,188
12,013
67,175

174,083
23,646
150,437
88,507
15,818
72,689

186,183
21,399
164,784
87,906
15,838
72,068

195,051
23,741
171,310
112,565
24,951
87,614

191,706
26,656
165,050
110,266
24,978
85,288

58,294
9,917
97,207
33,964
2,211
4,188

68,679
10,968
81,766
18,007
1,835
5,271

80,842
7,859
69,498
21,802
1,122
6,771

69,291
8,219
65,824
23,448
1,594
5,707

142,465
8,323
151,861
43,429
2,263
11,717

89,553
7,065
12,212'
20,797
970
4,394

80,608
8,639
72,880
24,124
971
4,484

13,240
2,525
42,049
10,235
1,236
1,484

14,923
3,140
33,442
10,018
1,232
1,137

22,951
3,192
39,051
11,257
1,065
1,672

27,432
3,094
41,158
13,228
902
2,693

57,770
3,174
82,684
19,536
1,567
5,954

38,257
3,249
50,110
17,180
763
3,006

39,942
3,992
47,027
15,232
774
3,299

1. Reporting banks include all types of depository institutions as well as some brokers and
dealers.




2001

1999

2. Maturity is time remaining until maturity,
3. Includes nonmonetary international and regional organizations.

Nonbank-Reported
3.21

CLAIMS ON FOREIGN COUNTRIES

Data

A57

Held by U.S. and Foreign Offices of U.S. Banks 1

Billions of dollars, end of period

1997

2001

2000

1999
Area or country

1998
June

Sept.

Dec.

June

Mar.
r

991.l

Sept.
r

954.4

Dec.
r

1027,3

June

Mar.
r

1140.9

r

1136.1

721.8

1051.6

941.2

941.6

945.5

955.2

242.8
11.0
15.4
28.6
15.5
6.2
3.3
7.2
113.4
13.7
28.6

217.7
10.7
18.4
30.9
11.5
7.8
2.3
8.5
85.4
16.8
25.4

234.7
16.2
20.7
32.1
16.4
13.3
2.6
8.3
85.5
17.1
22.6

219.4
15.7
20.0
37.4
15.0
11.7
3.6
8.8
63.5
17.9
25.7

243.4
14.3
29.0
38.7
18.1
12.3
3.0
10.3
79.3
16.3
22.1

272.6'
14.2
27.3
37.3
19.9'
17.0'
3.9
10.1
101.9
17.3'
23.5

313.6'
13.9
32.6
31.5
20.5
16.0'
3.5
13.8
138.2
18.2'
25.4

280.3'
13.0
29.0'
37.6'
18.6
17.5'
4.3
10.9
112.8'
18.5'
18.1

300.7'
14.2
29.6
45.1
21.3
18.4
3.6
13.2
115.6'
16.7
23.0

333.0'
15.3
30.0
45.2
20.4
18.8
4.7
13.9
141.3'
15.4
28.0

335.0
13.0
35.9
51.6
23.7
15.3
4.7
13.5
127.5
21.4
28.3

13 Other industrialized 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

65.5
1.5
2.4
1.3
5.1
3.6
.9
12.6
4.5
8.3
2.2
23.1

69.0
1.4
2.2
1.4
5.9
3.2
1.4
13.7
4.8
10.4
4.4
20.3

79.7
2.8
2.9
.9
5.9
3.0
1.2
16.6
4.9
10.3
4.7
26.6

71.7
3.0
2.1
.9
6.6
3.8
1.2
15.1
4.7
9.2
4.0
21.1

68.4
3.5
2.6
.9
6.0
3.3
1.0
12.1
4.8
6.8
3.8
23.5

62.8
2.6
1.5
.8
5.7
3.0
1.0
11.3
5.1
8.4
4.9
18.6

75.3'
2.8
1.2
1.2
6.7'
4.6
2.0
12.2
5.6
7.9'
4.6
26.3

73.7'
3.5
1.8
2.8
6.4
8.5
1.5
10.5
5.6
8.3'
4.2
20.5

74.5
4.1
1.9
1.5
8.3
8.3
2.0
10.3
5.9
6.5
3.6
22.1

75.7
3.8
3.1
1.4
4.1
10.2
1.9
12.6
5.1'
7.3
4.1
21.9

70.1
3.6
2.7
1.2
3.6
7.9
1.4
12.4
4.5
6.9
3.8
22.1

25 OPEC2
26
Ecuador
27
Venezuela
28
Indonesia
29
Middle East countries
30
African countries

26.0
1.3
2.5
6.7
14.4
1.2

27.1
1.3
3.2
4.7
17.0
1.0

26.2
1.1
3.2
5.0
16.5
.5

30.1
.9
3.0
4.4
21.4
.5

31.4
.8
2.8
4.2
23.1
.5

28.9
.7
3.0
3.9
21.1
.2

32.1'
.7
2.9
4.1
23.8'
.7

31.4'
.6
2.9
4.4
22.4'
1.2

28.9
.6
2.5
4.6
20.3
.8

28.2
.6
2.7
4.4
20.1
.5

27.0
.6
2.6
4.1
19.3
.4

1 Total
2 G-10 countries and Switzerland
3
Belgium and Luxembourg
4
France
5
Germany
6
Italy
7
Netherlands
8
Sweden
9
Switzerland
10
United Kingdom
11
Canada
12
Japan

139.2

143.4

148.6

144.6

149.4

154.6'

158.1'

149.5'

145.5'

144.4'

152.5

32
33
34
35
36
37
38

Latin America
Argentina
Brazil
Chile
Colombia
Mexico
Peru
Other

18.4
28.6
8.7
3.4
17.4
2.0
4.1

23.1
24.7
8.3
3.2
18.9
2.2
5.4

22.8
25.2
8.2
3.1
18.5
2.1
5.5

22.8
23.5
7.7
2.7
19.4
1.8
5.5

23.2
27.7
7.4
2.5
18.7
1.7
5.9

22.4
28.1
8.2
2.5
18.3
1.9
6.5'

21.6
28.3
8.1
2.4
20.4
2.1
6.7'

21.4
28.5'
7.3
2.4
17.5
2.1
6.2'

21.4
28.8
7.6
2.4
15.7
2.0
6.3'

20.8
29.3'
7.3
2.4
16.7
2.0
8.5'

19.7
30.8
7.0
2.4
16.3
2.0
8.2

39
40
41
42
43
44
45
46
47

Asia
China
Mainland
Taiwan
India
Israel
Korea (South)
Malaysia
Philippines
Thailand
Other Asia

3.2
9.5
4.9
.7
15.6
5.1
5.7
5.4
4.3

3.0
13.3
5.5
1.1
13.7
5.6
5.1
4.7
2.9

5.3
12.6
6.7
2.0
15.3
6.0
5.7
4.2
2.8

3.3
12.3
7.0
1.0
16.0
6.1
5.8
4.0
2.9

3.6
12.0
7.7
1.8
15.2
6.1
6.2
4.1
2.9

4.6
12.6
7.9
3.3
17.2'
6.5
5.3
4.3
2.6

3.8
12.6
8.2
1.5
21.1
6.8
5.3
4.0
2.5

3.4
12.8
5.8
1.1
20.8
6.9
4.7
3.9
2.3

2.9
10.8
9.1
2.7
15.0
7.1
5.1
4.0
2.4

3.4
11.1
6.5
2.2
19.3
6.5
5.2
4.2
2.2

6.8
10.7
11.8
2.0
18.8
6.7
5.4
4.2
2.2

48
49
50
51

Africa
Egypt
Morocco
Zaire
Other Africa3

.9
.6
.0
.8

1.3
.5
.0
1.0

1.4
.5
.0
1.0

1.3
.5
.0
1.0

1.4
.4
.0
1.0

1.4
.3
.0
.9

1.3
.3
.0
.9

1.1
.4
.0
.8

1.1
.3
.0
.7

1.2
.3
.0
.7

1.2
.3
.0
.7

9.1
5.1
4.0

5.5
2.2
3.3

5.7
2.1
3.7

5.4
2.0
3.4

5.2
1.6
3.6

6.3
1.7
4.7

9.4
1.5
7.9

9.0
1.4
7.6

10.1
1.0
9.1

9.5
1.5
8.0

9.5
1.5
8.0

155.1
24.2
9.8
43.4
14.6
3.1

134.4
35.4
4.6
12.8
2.6
3.9

107.5
10.4
5.7
7.2
1.3
3.9

122.5
18.2
8.2
6.3
9.1
3.9

114.5
13.7
8.0
1.3
1.7
3.9

53.9
14.4
7.3
.0
2.5
3.4

55.5
8.8
6.3
5.1
2.6
3.3

53.5'
9.3
6.3
5.9
1.9
2.5

61.7'
13.5
9.0
14.6
1.9
3.2

57.9
7.0
7.9
14.3
2.9
3.8

46.2
.0
5.7
12.6
1.7
3.4

32.2
12.7
.1
99.1

23.3
11.1
.2
495.1

22^0
15.2
.1
380.2

22.4
10.6
.2
391.2

21.0
10.1
.1
387.9

22^2
4.1
.1
376.1

20'7
13.7'
.1
342.1

20.6
12.6
.1
351.1

18.7
15.2
.2
391.2

21.7
14.5
.1
472.4'

22.4
12.9
.1
478.4

31 Non-OPEC developing countries

52 Eastern Europe
53
Russia4
54
Other
55 Offshore banking centers
56
Bahamas
57
Bermuda
58
Cayman Islands and other British West Indies
59
Netherlands Antilles
60
Panama5
61
Lebanon
62
Hong Kong, China
63
Singapore
64
Other
65 Miscellaneous and unallocated7

1. The banking offices covered by these data include U.S. offices and foreign branches of
U.S. banks, including U.S. banks that are subsidiaries of foreign banks. Offices not covered
include U.S. agencies and branches of foreign banks. Beginning March 1994, the data include
large foreign subsidiaries of U.S. banks. The data also include other types of U.S. depository
institutions as well as some types of brokers and dealers. To eliminate 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.
These data are on a gross claims basis and do not necessarily reflect the ultimate country
risk or exposure of U.S. banks. More complete data on the country risk exposure of U.S. banks
are available in the quarterly Country Exposure Lending Survey published by the Federal
Financial Institutions Examination Council.




2. Organization of Petroleum Exporting Countries, shown individually; other members of
OPEC (Algeria, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United
Arab Emirates), and Bahrain and Oman (not formally members of OPEC).
3. Excludes Liberia. Beginning March 1994 includes Namibia.
4. As of December 1992, excludes other republics of the former Soviet Union.
5. Includes Canal Zone.
6. Foreign branch claims only.
7. Includes New Zealand, Liberia, and international and regional organizations.

A58
3.22

International Statistics • December 2001
LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period
2000
Type of liability, and area or country

1997

1998

2001

1999
Mar.

June

Sept.

Dec.

Mar.

Junep

1 Total

57,382

46,570

53,044

53,489

70,534

76,644

73,904

74,484

68,519

2 Payable in dollars
3 Payable in foreign currencies

41,543
15,839

36,668
9,902

37,605
15,415

35,614
17,875

47,864
22,670

51,451
25,193

48,931
24,973

46,870
27,614

42,225
26,294

By type
4 Financial liabilities
5
Payable in dollars
6
Payable in foreign currencies

26,877
12,630
14,247

19,255
10,371
8,884

27,980
13,883
14,097

29,180
12,858
16,322

44,068
22,803
21,265

49,895
26,159
23,736

47,419
25,246
22,173

48,461
23,369
25,092

42,314
18,061
24,253

7 Commercial liabilities
8
Trade payables
y
Advance receipts and other liabilities

30,505
10,904
19,601

27,315
10,978
16,337

25,064
12,857
12,207

24,309
12,401
11,908

26,466
13,764
12,702

26,749
13,918
12,831

26,485
14,293
12,192

26,023
12,657
13,366

26,205
13,213
12,992

10
n

Payable in dollars
Payable in foreign currencies

28,913
1,592

26,297
1,018

23,722
1,318

22,756
1,553

25,061
1,405

25,292
1,457

23,685
2,800

23,501
2,522

24,164
2,041

12
13
14
15
lb
17
18

By area or country
Financial liabilities
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

18,027
186
1,425
1,958
494
561
11,667

12,589
79
1,097
2,063
1,406
155
5,980

23,241
31
1,659
1,974
1,996
147
16,521

24,050
4
1,849
1,880
1,970
97
16,579

30,332
163
1,702
1,671
2,035
137
21,463

36,175
169
1.299
2,132
2,040
178
28,601

34,172
147
1,480
2,168
2,016
104
26,362

37,990
112
1,557
2,745
2,169
116
29,241

33,173
98
1,222
2,463
1,763
93
25,751

19

Canada

2,374

693

284

313

714

249

411

719

628

20
21
22
23
24
25
26

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

1,386
141
229
143
604
26
1

1,495
7
101
152
957
59
2

892
1
5
126
492
25
0

846
1
1
128
489
22
0

2,874
78
1,016
146
463
26
0

3,447
105
1,182
132
501
35
0

4,125
6
1,739
148
406
26
2

3,651
18
1,837
26
410
32
1

2,118
40
461
21
408
20
1

27
28
29

Asia
Japan
Middle Eastern oil-exporting countries1

4,387
4,102
27

3,785
3,612
0

3,437
3,142
4

3,275
2,985
4

9,453
6,024
5

9,320
4,782
7

7,965
6,216
11

5,389
4,779
15

5,639
3,297
8

30
31

Africa
Oil-exporting countries2

60
0

28
0

28
0

28
0

33
0

48
0

52
0

38
0

61
0

643

665

98

668

662

656

694

674

695

10,228
666
764
1,274
439
375
4,086

10,030
278
920
1,392
429
499
3,697

9,262
140
672
1,131
507
626
3,071

8,646
78
539
914
648
536
2,661

9,293
178
711
948
562
565
2,982

9,411
201
716
1,023
424
647
2,951

9,629
293
979
1,047
300
502
2,847

8,950
251
689
982
373
656
2,619

8,723
297
665
1,017
343
697
2,706

32
33
34
35
36
37
38
39

All other

3

Commercial liabilities
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

40

Canada

1,175

1,390

1,775

2,024

2,053

1,889

1,933

1,627

2,043

41
42
43
44
45
46
47

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

2,176
16
203
220
12
565
261

1,618
14
198
152
10
347
202

2,310
22
152
145
48
887
305

2,286
9
287
115
23
805
193

2,607
10
300
119
22
1.073
239

2,443
15
377
167
19
1,079
124

2.381
31
281
114
76
841
284

2.166
5
280
239
64
792
243

2,292
31
367
279
21
762
218

48
49
50

Asia
Japan
Middle Eastern oil-exporting countries'

14,966
4,500
3,111

12,342
3,827
2,852

9,886
2,609
2,551

9,681
2,274
2,308

10,965
2,200
3,489

11,133
1.998
3,706

10,983
2,757
2,832

11,558
2,432
3,359

11,384
2,377
3,087

51
52

Africa
Oil-exporting countries2

874
408

794
393

950
499

943
536

950
575

1,220
663

948
483

1,072
566

1,115
539

53

Other3

1,086

1,141

881

729

598

653

614

650

648

1. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).




2. Comprises Algeria, Gabon, Libya, and Nigeria.
3. Includes nonmonetary international and regional organizations.

Nonbank-Reported Data
3.23

CLAIMS ON UNAFFILIATED FOREIGNERS
the United States

A59

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period
2001

2000
Type of claim, and area or country

1997

1998

1999
Mar.

June

Sept.

Dec.

Mar.

Junep

1 Total

68,128

77,462

76,669

84,266

80,731

94,803

90,157

109,443

98,038

2 Payable in dollars
3 Payable in foreign currencies

62,173
5,955

72,171
5,291

69,170
7,472

74,331
9,935

72,300
8,431

82,872
11,931

79,558
10,599

96,230
13,213

88,258
9,780

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

36,959
22,909
21,060
1,849
14,050
11,806
2,244

46,260
30,199
28,549
1,650
16,061
14,049
2,012

40,231
18,566
16,373
2,193
21,665
18,593
3,072

47,798
23,316
21,442
1,874
24,482
19,659
4,823

44,303
17,462
15,361
2,101
26,841
22,384
4,457

58,303
30,928
27,974
2,954
27,375
20,541
6,834

53,031
23,374
21,015
2,359
29,657
25,142
4,515

74,458
29,119
26,944
2,175
45,339
37,480
7,859

61,921
29,587
27,380
2,207
32,334
27,862
4,472

11 Commercial claims
12
Trade receivables
13
Advance payments and other claims . . . .

31,169
27,536
3,633

31,202
27,202
4,000

36,438
32,629
3,809

36,468
31,443
5,025

36,428
31,283
5,145

36,500
31,530
4,970

37,126
33,104
4,022

34,985
30,493
4,492

36,117
31,169
4,948

14
15

Payable in dollars
Payable in foreign currencies

29,307
1,862

29,573
1,629

34,204
2,207

33,230
3,238

34,555
1,873

34,357
2,143

33,401
3,725

31,806
3,179

33,016
3,101

16
17
18
19
20
21
22

By area or country
Financial claims
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

14,999
406
1,015
427
677
434
10,337

12,294
661
864
304
875
414
7,766

13,023
529
967
504
1,229
643
7,561

16,789
540
1,835
669
1,981
612
9,044

18,254
317
1,292
576
1,984
624
11,668

23,706
304
1,477
696
2,486
626
16,191

23,136
296
1,206
848
1,396
699
15,900

31,946
430
3,149
1,405
2,313
605
21,070

23,975
262
1,376
1,163
1,072
653
15,913

23

Canada

24
25
26
27
28
29
30

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

31
32
33

Asia
Japan
Middle Eastern oil-exporting countries1

34

Africa

35
36
37
38
39
40
41
42
43
44

Oil-exporting countries2
Allother 3
Commercial claims
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
Canada

3,313

2,503

2,553

3,175

5,799

7,517

4,576

4,854

4,787

15,543
2,308
108
1,313
10,462
537
36

27,714
403
39
835
24,388
1,245
55

18,206
1,593
11
1,476
12,099
1,798
48

21,945
1,299
11
1,646
15,814
1,979
65

14,874
655
34
1,666
7,751
2,048
78

21,691
1,358
22
1,568
15,722
2,280
101

19,317
1,353
19
1,827
12,596
2,448
87

28,674
561
1,729
1,564
16,366
2,459
31

24,433
818
426
1,877
12,539
2,633
66

2,133
823
11

3,027
1,194
9

5,457
3,262
23

4,430
2,021
29

3,923
1,410
42

4,002
1,726
85

4,697
1,631
80

7,444
4,065
70

6,829
1,698
76

319
15

159
16

286
15

232
15

320
39

284
3

411
57

423
42

476
35

652

563

706

1,227

1,133

1,103

894

1,117

1,421

12,120
328
1,796
1,614
597
554
3,660

13,246
238
2,171
1,822
467
483
4,769

16,389
316
2,236
1,960
1,429
610
5,827

16,118
271
2,520
2,034
1,337
611
5,354

15,935
425
2,693
1,905
1,242
562
4,937

16,486
393
2.921
2,159
1,310
684
5,193

15,938
452
3,095
1,982
1,729
763
4,502

14,534
395
3,480
1,763
757
666
4,031

14,586
417
3,173
2,002
854
472
3,840

2,660

2,617

2,757

3,088

3,250

2,953

3,502

3,393

3,500

6,296
24
536
1,024
104
1,545
401

5,959
20
390
905
181
1,678
439

5,899
15
404
849
95
1,529
435

5,792
48
381
894
51
1,565
466

5,788
75
387
981
55
1,612
379

5,851
37
376
957
137
1,507
328

5,306
20
418
1,057
131
1,418
292

6,119
39
650
1,376
135
1,420
321

45
46
47
48
49
50
51

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

5,750
27
244
1,162
109
1,392
576

52
53
54

Asia
Japan
Middle Eastern oil-exporting countries1

8,713
1,976
1,107

7,192
1,681
1,135

9,165
2,074
1,625

9,101
2,082
1,533

9,172
1,881
1,241

8,986
2,074
1,199

9,630
2,796
1,024

9,544
2,575
966

9,727
3,152
1,054

55
56

Africa
Oil-exporting countries2

680
119

711
165

631
171

716
82

766
160

895
392

672
180

773
165

674
154

57

Other3

1,246

1,140

1,537

1,546

1,513

1,392

1,572

1,435

1,511

1. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).




2. Comprises Algeria, Gabon, Libya, and Nigeria.
3. Includes nonmonetary international and regional organizations.

A60
3.24

International Statistics • December 2001
FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
2001
Transaction, and area or country

1999

2001

2000
JanAug.

Mar.r

Feb.

Apr/

May r

June r

Julyr

Aug/

U.S. corporate securities

Stocks
1 Foreign purchases
2 Foreign sales

2,340,659
2,233,137

3,605,196
3,430,306

2,108,071
2,012,760

258,233 r
248,789 r

284,292
276,864

249,747
243,122

276,934
259,604

259,635
249,196

244,897
233,422

233,704
224,912
8,792

3 Net purchases, or sales (-)

107,522

174,890

95,311

9,444 r

7,428

6,625

17,330

10,439

11,475

4 Foreign countries

107,578

174,903

95,148

9,473'

7,302

6,647

17,315

10,418

11,460

8,793

Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man 1
Canada
Latin America and Caribbean
Middle East2
Other Asia
Japan
Africa
Other countries

98,060
3,813
13,410
8,083
5,650
42,902
n.a.
-335
5,187
-1,066
4,445
5,723
372
915

164,656
5,727
31,752
4,915
11,960
58,736
n.a.
5,956
-17,812
9,189
12,494
2,070
415
5

72,574
7,101
6,628
7,642
2,637
30,683
-419
8,618
-4,740
1,495
17,860
6,123
-290
-369

13,713
1,869
1,217
1,379
775
5,120
-32
468
-4,927
262r
123r
-904 r
52
-218

7,983
1,041
174
790
1,237
3,280
-110
2,464
-3,516
442
57
-115
93
-221

3,694
105
199
1,112
139
598
-144
1,567
-1,168
-56
2,966
2,048
-44
-312

9,805
338
1,025
573
448
4,501
59
628
3,436
-173
3,532
1,088
9
78

9.307
3,044
133
334
298
4,006
-168
130
-1,038
234
1,724
1,000
-82
143

6,704
35
1,048
654
-228
3,750
-42
948
65
513
3,220
1,956
-20
30

9,039
426
452
594
-102
6,364
31
923
-3,037
827
839
214
64
138

19 Nonmonetary international and
regional organizations

-56

-11

163

126

-22

15

21

15

-1

854,692
602,100

1,208.386
871,416

1,229,175
954,314

147,629'
108,601'

169,850
123,603

148,930
111,505

169,528
129,146

158,157
125,693

138,841
111,998

157,998
132,509

r

5
6
/
8
9
10
11
12
13
14
is
lb
1/
18

-29

Bonds 3
20 Foreign purchases
21 Foreign sales
22 Net purchases, or sales ( - )

252,592

336,970

274,861

39,028

46,247

37,425

40,382

32,464

26,843

25,489

23 Foreign countries

252,994

337,074

274,553

38,987'

46,029

37,399

40,370

32,445

26,951

25,291

24
25
26
2/
28
29
30
31
32
33
34
33
36
37

140,674
1,870
7,723
2,446
4,553
106,344
n.a.
6,043
58,783
1,979
42,817
17,541
1,411
1,287

180,917
2,216
4,067
1,130
3,973
141,223
n.a.
13,287
59,444
2,076
78,794
39,356
938
1,618

147,214
4,400
8,253
1,790
4,989
115,063
1,079
2.987
58,787
1,136
64,313
17.640
465
-349

22,064
660
1,352
496
782
17,893
118
1,031
8,009
443
7,130'
882'
46
264

26,457
1,262
911
92
1,564
20,347
115
309
6,564
624
11,795
5,596
38
242

18,169
519
1,639
-41
709
12,477
318
1,158
7.546
129
10,329
344
-33
101

26,116
817
1,500
509
399
21,489
-218
240
9,167
-395
5,412
-480
14
-184

14,740
618
114
576
294
12,575
330
822
7,387
-24
9,646
5,187
160
-286

11,904
1,154
-185
-210
291
9,507
203
485
6,222
-345
8,815
3,452
79
-209

10,315
-1,035
472
-296
629
9,524
106
-1,434
8,923
-22
7,708
1,785
132
-331

-402

-70

309

41

218

26

12

19

-108

198

Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man 1
Canada
Latin America and Caribbean
Middle East1
Other Asia
Japan
Africa
Other countries

38 Nonmonetary international and
regional organizations

Foreign securities
39 Stocks, net purchases, or sales (-)
40
Foreign purchases
41
Foreign sales
42 Bonds, net purchases, or sales ( - )
43
Foreign purchases
44
Foreign sales

15,640
1,177,303
1,161,663
-5,676
798,267
803,943

-13,088
1,802,185
1,815,273
-4,054
958,932
962,986

-48,055
1,002.102
1,050,157
21,854
811,181
789,327

-3,155'
130,124'
133,279'
1,235'
102,395'
101,160'

-15,264
133,205
148,469
-1,290
115,676
116,966

-4,675
121,345
126,020
5,487
93,828
88,341

-8,098
136,046
144,144
2,267
101,383
99,116

-5,292
122,243
127,535
1,048
101,950
100,902

-5,031
115,956
120,987
5,629
91,585
85,956

-2,402
95,872
98,274
9,400
87,581
78,181

45 Net purchases, or sales (-), of stocks and bonds

9,964

-17,142

-26,201

-1,920'

-16,554

812

-5,831

-4,244

598

6,998

46 Foreign countries

9,679

-17,278

-25,883

-1,959'

-16,249

824

-5,976

-4,241

630

6,858

59,247
-999
-4,726
-42,961
—43,637
710
-1,592

-25,386
-3,888
-15.688
24,488
20,970
943
2,253

-11,629
1,333
-378
-12,907
-14,390
-282
-2,020

-1,737
1,588
808
-2,223'
-2,990'
-15
-380

-13,687
844
17
-3,511
-4,067
24
64

3,616
-1,535
1,295
-1,928
-3,494
93
-717

^1,803
931
3,047
-4,379
-3,670
-132
-640

3,392
405
-6,662
-485
-844

1,026
299
^144
69
118
-111
-209

6,037
-1,965
786
1,630
596
-24
394

285

150

-317

39

-305

-12

145

-3

-32

140

47
48
49
50
51
52
53

Europe
Canada
Latin America and Caribbean
Asia
Japan
Africa
Other countries

54 Nonmonetary international and
regional organizations

1. Before January 2001, data included in United Kingdom.
2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).




-44
-41

3. 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.

Securities Holdings and Transactions
3.25

MARKETABLE U.S. TREASURY BONDS AND NOTES

A61

Foreign Transactions'

Millions of dollars; net purchases, or sales ( - ) during period
2001

2001
Area or country

1 Total estimated
2 Foreign countries
3
4
5
6
7
8
9
10
11
12
13

Europe
Belgium2
Germany
Luxembourg2
Netherlands
Sweden
Switzerland
United Kingdom
Channel Islands & Isle of Man3
Other Europe and former U.S.S.R
Canada

14
15
16
17
18
19
20
21

Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
Other

22 Nonmonetary international and regional organizations
23
International
24
Latin American Caribbean regional

1999

2000
Jan.Aug.

-9,953

-54,032

-17,713

Feb.

Mar.

7,214r

4,897'

Apr.
-13,711

May

June

July

Aug.P

3,076

-3,445

-11,494

4,408

-11,668

4,588

-10,518

-53,571

-17,054

7,175'

4,899'

-13,517

2,831

-3,237

-38,228
-81
2,285
n.a.
2,122
1,699
-1,761
-20,232
n.a.
-22,260
7,348

-50,704
73
-7,304
n.a.
2,140
1,082
-10,326
-33,669
n.a.
-2,700
-550

-16,516
-819
-2,292
564
-1,090
-2,189
223
-11,164
-15
266
-2,645

-337
-529'
-3,180
9
2,808
-1,039
161
937
-68
564
-554

5,363
-152
1,236
^401
-3,704
-993
-120
9,838
222
-563
-169

-5,599
240
1,769
204
-2,488
195
116
^1,736
-31
-868
1,248

-498
-216
1,176
92
-1,730
-386
-912
1,120
-9
367
745

-2,522
-25
-1,517
145
1,117
-663
-3
-3,180
22
1,582
161

-8,223
-343
-970
168
1,263
-114
270
-7,844
-64
-589
-1,653

300
42
67
-64
2,437
593
-44
-4,604
11
1,862
-356

-7,523
362
1,661
-9,546
29,359
20,102
-3,021
1,547

1,288
-11,581
5,379
1,639
10.580
-414
1,372

1,709
274
7,568
-6,133
111
-1,653
-289
576

3,620
292
4,279
-951
4,590'
1,671'
36
-180

827
-142
3,009
-2,040
-119'
-1,504'
-60
-943

-7,095
-148
-3,228
-3,719
-2,928
3,099
27
830

140
51
1,587
-1,498
2,704
4,658
-6
-254

-3,812
-126
-545
-3,141
3,464
-3,920
-12
-516

1,893
248
-880
2,525
-3,940
-2,126
-65
320

3,729
-128
85
3,772
575
324
-118
458

565
190
666

-461
-483
76

-659
-339
22

39
-194
-4

-2
-11
10

-194
-213
25

245
393
-A

-208
-52
-2

174
-90
-1

-180
103
-3

-10,518
-9,861
-657

-53,571
-6,302
-47,269

-17,054
-8,626
-8,428

7,175'
667
6,508'

4,899'
249
4,650'

-13,517
-9,040
-AMI

2,831
913
1,918

-3,237
-3,243
6

-11,668
-741
-10,927

4,588
343
4,245

2,207
0

3,483
0

-3,220
0

-719
0

-1,240
2

-383
0

-120
1

316
3

-590
2

-308
-2

MEMO

25 Foreign countries
26
Official institutions
27
Other foreign
Oil-exporting countries
28 Middle East
29 Africa 5

1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
2. Before January 2001, combined data reported for Belgium and Luxembourg.




3. Before January 2001, these data were included in the data reported for the United
Kingdom.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.

A62
3.28

FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR 1
Currency units per U.S. dollar except as noted
2001
Item
May

June

July

Aug.

Sept.

Oct.

Exchange rates
COUNTRY/CURRENCY UNIT

1
2
3
4
5
6
7
8
9
10
11
12

Australia/dollar2
Austria/schilling
Belgium/franc
Brazil/real
Canada/dollar
China, P.R./yuan
Denmark/krone
European Monetary Union/euro3
Finland/markka
France/franc
Germany/deutsche mark
Greece/drachma

13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34

62.91
12.379
36.31
1.1605
1.4836
8.3008
6.7030
n.a.
5.3473
5.8995
1.7597
295.70

64.54
n.a.
n.a.
1.8207
1.4858
8.2783
6.9900
1.0653
n.a.
n.a.
n.a.
306.30

58.15
n.a.
n.a.
1.8301
1.4855
8.2784
8.0953
0.9232
n.a.
n.a.
n.a.
365.92

51.99
n.a.
n.a.
2.2926
1.5411
8.2770
8.5256
0.8753
n.a.
n.a.
n.a.
n.a.

51.80
n.a.
n.a.
2.3788
1.5245
8.2770
8.7397
0.8530
n.a.
n.a.
n.a.
n.a.

50.89
n.a.
n.a.
2.4731
1.5308
8.2769
8.6442
0.8615
n.a.
n.a.
n.a.
n.a.

52.46
n.a.
n.a.
2.5122
1.5399
8.2770
8.2632
0.9014
n.a.
n.a.
n.a.
n.a.

50.36
n.a.
n.a.
2.6767
1.5679
8.2768
8.1654
0.9114
n.a.
n.a.
n.a.
n.a.

50.42
n.a.
n.a.
2.7408
1.5717
8.2768
8.2186
0.9050
n.a.
n.a.
n.a.
n.a.

Hong Kong/dollar
India/rupee
Ireland/pound2
Italy/lira
Japan/yen
Malaysia/ringgit
Mexico/peso
Netherlands/guilder
New Zealand/dollar2
Norway/krone
Portugal/escudo

7.7467
41.36
142.48
1,736.85
130.99
3.9254
9.152
1.9837
53.61
7.5521
180.25

7.7594
43.13
n.a.
n.a.
113.73
3.8000
9.553
n.a.
52.94
7.8071
n.a.

7.7924
45.00
n.a.
n.a.
107.80
3.8000
9.459
n.a.
45.68
8.8131
n.a.

7.7999
46.95
n.a.
n.a.
121.77
3.8000
9.148
n.a.
42.18
9.1380
n.a.

7.7997
47.04
n.a.
n.a.
122.35
3.8000
9.088
n.a.
41.41
9.3014
n.a.

7.7999
47.18
n.a.
n.a.
124.50
3.8000
9.168
n.a.
40.81
9.2566
n.a.

7.7997
47.17
n.a.
n.a.
121.37
3.8000
9.133
n.a.
43.14
8.9427
n.a.

7.7997
47.75
n.a.
n.a.
118.61
3.8000
9.425
n.a.
41.73
8.7691
n.a.

7.7999
48.05
n.a.
n.a.
121.45
3.8001
9.339
n.a.
41.39
8.8329
n.a.

Singapore/dollar
South Africa/rand
South Korea/won
Spain/peseta
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/baht
United Kingdom/pound2
Venezuela/bolivar

1.6722
5.5417
1,400.40
149.41
65.006
7.9522
1.4506
33.547
41.262
165.73
548.39

1.6951
6.1191
1,189.84
n.a.
70.868
8.2740
1.5045
32.322
37.887
161.72
606.82

1.7250
6.9468
1,130.90
n.a.
76.964
9.1735
1.6904
31.260
40.210
151.56
680.52

1.8141
7.9789
1,298.90
n.a.
90.848
10.3513
1.7528
33.203
45.525
142.65
714.86

1.8170
8.0595
1,295.05
n.a.
90.371
10.7930
1.7856
34.328
45.263
140.20
717.27

1.8233
8.2094
1,305.24
n.a.
90.314
10.7603
1.7570
34.821
45.641
141.48
722.72

1.7613
8.3115
1,285.65
n.a.
89.994
10.3329
1.6808
34.639
44.907
143.72
731.97

1.7494
8.6756
1,293.83
n.a.
90.157
10.6353
1.6338
34.575
44.331
146.38
743.46

1.8113
9.2804
1,302.36
n.a.
90.954
10.5661
1.6357
34.583
44.750
145.01
743.22

Indexes4
NOMINAL

35 Broad (January 1997=100)5
36 Major currencies (March 1973=100)6
37 Other important trading partners (January
1997=100)'

116.48
95.79

116.87
94.07

119.93
98.34

126.77
105.03

127.58
105.91

128.07
106.07

125.97
103.77

126.28
103.32

127.20
104.27

126.03

129.94

130.26

135.92

136.43

137.37

136.03

137.53

138.21

99.23r
97.21'

98.55r
96.64r

102.21r
102.83r

108.76r
110.90r

109.64'
112.03'

109.87'
112.17'

109.61'

108.33'
109.46'

109.28
110.96

108.21r

107.33r

107.79'

112.74r

113.35r

113.71'

112.38'

113.60'

113.88

REAL

38 Broad (March 1973=100)5
39 Major currencies (March 1973=1 OO)6
40 Other important trading partners (March
1973-100)7

1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Baord's G.5 (405) monthly statistical release. For ordering address,
see inside front cover.
2. U.S. cents per currency unit.
3. The euro is reported in place of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the
euro rate by using the fixed conversion rates (in currencies per euro) as shown below:
Euro equals
13.7603
40.3399
5.94573
6.55957
1.95583
.787564

Austrian schillings
Belgian francs
Finnish markkas
French francs
German marks
Irish pounds




1936.27
40.3399
2.20371
200.482
166.386
340.750

Italian lire
Luxembourg francs
Netherlands guilders
Portuguese escudos
Spanish pesetas
Greek drachmas

4. Starting with the February 2001 Bulletin, revised index values resulting from the annual
revision of data that underlie the calculated trade weights are reported. For more information
on the indexes of the foreign exchange value of the dollar, see Federal Reserve Bulletin, vol.
84 (October 1998), pp. 811-818.
5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies
of a broad group of U.S. trading partners. The weight for each currency is computed as an
average of U.S. bilateral import shares from and export shares to the issuing country and of a
measure of the importance to U.S. exporters of that country's trade in third country markets.
6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that circulate widely outside the country of issue. The weight for each
currency is its broad index weight scaled so that the weights of the subset of currencies in the
index sum to one.
7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that do not circulate widely outside the country of issue. The weight
for each currency is its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one.

A63

Guide to Statistical Releases and Special Tables
STATISTICAL RELEASES—List Published Semiannually,

with Latest Bulletin Reference

Anticipated schedule of release dates for periodic releases

Issue
December 2001

Page
A72

Issue

Page

February
May
August
November

2001
2001
2001
2001

A64
A64
A64
A64

February
May
August
November

2001
2001
2001
2001

A66
A66
A66
A66

November
February
May
August

2000
2001
2001
2001

A72
A72
A72
A72

February 2001
August 2001
October 2001

A76
A76
A64

September 2000
September 2001

A64
A64

September 2000
September 2001

A73
A73

September 2 0 0 0
September 2001

A76
A76

September 2000
September 2001

A79
A79

SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin Reference
Title and Date
Assets and liabilities of commercial
September 30, 2000
December 31, 2000
March 3 1 , 2 0 0 1
June 30, 2001
Terms of lending at commercial
November 2000
February 2001
May 2001
August 2001

banks

banks

Assets and liabilities of U.S. branches
June 30, 2000
September 30, 2000
December 31, 2000
March 3 1 , 2 0 0 1

and agencies

of foreign

banks

Pro forma balance sheet and income statements for priced service
September 30, 2000
March 3 1 , 2 0 0 1
June 3 0 , 2 0 0 1

operations

Residential
1999
2000

lending reported

Act

Disposition
1999
2000

of applications

Small loans to businesses
1999
2000
Community
1999
2000

development




under the Home Mortgage

for private

mortgage

Disclosure

insurance

and farms

lending reported under the Community

Reinvestment

Act

A64

Federal Reserve Bulletin • December 2001

Index to Statistical Tables
References are to pages A3-A62, although the prefix "A" is omitted in this index.
ACCEPTANCES, bankers (See Bankers acceptances)
Assets and liabilities (See also Foreigners)
Commercial banks, 15-21
Domestic finance companies, 32, 33
Federal Reserve Banks, 10
Foreign-related institutions, 20
Automobiles
Consumer credit, 36
Production, 44, 45
BANKERS acceptances, 5, 10, 22, 23
Bankers balances, 15-21 (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 31
Rates, 23
Business activity, nonfinancial, 42
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 43
Capital accounts
Commercial banks, 15-21
Federal Reserve Banks, 10
Certificates of deposit, 23
Commercial and industrial loans
Commercial banks, 15-21
Weekly reporting banks, 17, 18
Commercial banks
Assets and liabilities, 15-21
Commercial and industrial loans, 15-21
Consumer loans held, by type and terms, 36
Real estate mortgages held, by holder and property, 35
Time and savings deposits, 4
Commercial paper, 22, 23, 32
Condition statements (See Assets and liabilities)
Construction, 42, 46
Consumer credit, 36
Consumer prices, 42
Consumption expenditures, 48, 49
Corporations
Profits and their distribution, 32
Security issues, 31, 61
Cost of living (See Consumer prices)
Credit unions, 36
Currency in circulation, 5, 13
Customer credit, stock market, 24
DEBT (See specific types of debt or securities)
Demand deposits, 15—21
Depository institutions
Reserve requirements, 8
Reserves and related items, 4 - 6 , 12
Deposits (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 5, 10
Discount rates at Reserve Banks and at foreign central banks and
foreign countries (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
Dividends, corporate, 32
EMPLOYMENT, 42
Euro, 62
FARM mortgage loans, 35
Federal agency obligations, 5, 9-11, 28, 29
Federal credit agencies, 30




Federal finance
Debt subject to statutory limitation, and types and ownership
of gross debt, 27
Receipts and outlays, 25, 26
Treasury financing of surplus, or deficit, 25
Treasury operating balance, 25
Federal Financing Bank, 30
Federal funds, 23, 25
Federal Home Loan Banks, 30
Federal Home Loan Mortgage Corporation, 30, 34, 35
Federal Housing Administration, 30, 34, 35
Federal Land Banks, 35
Federal National Mortgage Association, 30, 34, 35
Federal Reserve Banks
Condition statement, 10
Discount rates (See Interest rates)
U.S. government securities held, 5, 10, 11, 27
Federal Reserve credit, 5, 6, 10, 12
Federal Reserve notes, 10
Federally sponsored credit agencies, 30
Finance companies
Assets and liabilities, 32
Business credit, 33
Loans, 36
Paper, 22, 23
Float, 5
Flow of funds, 37-41
Foreign currency operations, 10
Foreign deposits in U.S. banks, 5
Foreign exchange rates, 62
Foreign-related institutions, 20
Foreign trade, 51
Foreigners
Claims on, 52, 55-7, 59
Liabilities to, 51-4, 58, 60, 61
GOLD
Certificate account, 10
Stock, 5, 51
Government National Mortgage Association, 30, 34, 35
Gross domestic product, 48, 49
HOUSING, new and existing units, 46
INCOME, personal and national, 42, 48, 49
Industrial production, 42, 44
Insurance companies, 27, 35
Interest rates
Bonds, 23
Consumer credit, 36
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 34
Prime rate, 22
International capital transactions of United States, 50-61
International organizations, 52, 53, 55, 58, 59
Inventories, 48
Investment companies, issues and assets, 32
Investments (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 10, 11
Financial institutions, 35
LABOR force, 42
Life insurance companies (See Insurance companies)

A65

Loans (See also specific types)
Commercial banks, 15-21
Federal Reserve Banks, 5-7, 10, 11
Financial institutions, 35
Insured or guaranteed by United States, 34, 35
MANUFACTURING
Capacity utilization, 43
Production, 43, 45
Margin requirements, 24
Member banks, reserve requirements, 8
Mining production, 45
Mobile homes shipped, 46
Monetary and credit aggregates, 4, 12
Money and capital market rates, 23
Money stock measures and components, 4, 13
Mortgages (See Real estate loans)
Mutual funds, 13, 32
Mutual savings banks (See Thrift institutions)
NATIONAL defense outlays, 26
National income, 48
OPEN market transactions, 9
PERSONAL income, 49
Prices
Consumer and producer, 42, 47
Stock market, 24
Prime rate, 22
Producer prices, 42, 47
Production, 42, 44
Profits, corporate, 32
REAL estate loans
Banks, 15-21, 35
Terms, yields, and activity, 34
Type and holder and property mortgaged, 35
Reserve requirements, 8
Reserves
Commercial banks, 15-21
Depository institutions, 4 - 6 , 12
Federal Reserve Banks, 10
U.S. reserve assets, 51
Residential mortgage loans, 34, 35
Retail credit and retail sales, 36, 42
SAVING
Flow of funds, 3 7 ^ 1
National income accounts, 48




Savings deposits (See Time and savings deposits)
Savings institutions, 35, 36, 37-41
Securities (See also specific types)
Federal and federally sponsored credit agencies, 30
Foreign transactions, 60
New issues, 31
Prices, 24
Special drawing rights, 5, 10, 50, 51
State and local governments
Holdings of U.S. government securities, 27
New security issues, 31
Rates on securities, 23
Stock market, selected statistics, 24
Stocks (See also Securities)
New issues, 31
Prices, 24
Student Loan Marketing Association, 30
TAX receipts, federal, 26
Thrift institutions, 4 (See also Credit unions and Savings
institutions)
Time and savings deposits, 4, 13, 15-21
Trade, foreign, 51
Treasury cash, Treasury currency, 5
Treasury deposits, 5, 10, 25
Treasury operating balance, 25
UNEMPLOYMENT, 42
U.S. government balances
Commercial bank holdings, 15-21
Treasury deposits at Reserve Banks, 5, 10, 25
U.S. government securities
Bank holdings, 15-21, 27
Dealer transactions, positions, and financing, 29
Federal Reserve Bank holdings, 5, 10, 11, 27
Foreign and international holdings and transactions, 10, 27, 61
Open market transactions, 9
Outstanding, by type and holder, 27, 28
Rates, 23
U.S. international transactions, 50-62
Utilities, production, 45
VETERANS Affairs, Department of, 34, 35
WEEKLY reporting banks, 17, 18
Wholesale (producer) prices, 42, 47
YIELDS {See Interest rates)

A66

Federal Reserve Bulletin • December 2001

Federal Reserve Board of Governors
and Official Staff
ALAN GREENSPAN, Chairman
ROGER W. FERGUSON, JR., Vice Chairman

OFFICE OF BOARD

MEMBERS

DIVISION

LYNN S. FOX, Assistant to the Board
MICHELLE A . SMITH, Assistant to the Board
DONALD J. WINN, Assistant to the Board
DONALD L . KOHN, Adviser to the Board
WINTHROP P. HAMBLEY, Deputy Congressional
Liaison
NORMAND R.V. BERNARD, Special Assistant to the Board
JOHN LOPEZ, Special Assistant to the Board
BOB STAHLY MOORE, Special Assistant to the Board
ROSANNA PIANALTO-CAMERON, Special Assistant to the I
DAVID W. SKIDMORE, Special Assistant to the Board

LEGAL

DIVISION

J. VIRGIL MATTINGLY, JR., General
Counsel
SCOTT G . ALVAREZ, Associate
General
Counsel
RICHARD M . ASHTON, Associate
General
Counsel
KATHLEEN M . O'DAY, Associate
General
Counsel
STEPHANIE MARTIN, Assistant General
Counsel
ANN E . MISBACK, Assistant General
Counsel
STEPHEN L . SICILIANO, Assistant
General
Counsel
KATHERINE H . WHEATLEY, Assistant
General
Counsel
CARY K . WILLIAMS, Assistant General
Counsel

OFFICE OF THE

Secretary

ROBERT DEV. FRIERSON, Deputy
MARGARET M . SHANKS, Assistant

Secretary
Secretary

DIVISION OF BANKING
AND REGULATION

SUPERVISION

RICHARD SPILLENKOTHEN,

Director

STEPHEN C . SCHEMERING, Deputy
Director
HERBERT A . BIERN, Senior Associate
Director
ROGER T. COLE, Senior Associate
Director
WILLIAM A . RYBACK, Senior Associate
Director
GERALD A . EDWARDS, JR., Associate
Director
STEPHEN M . HOFFMAN, JR., Associate
Director
JAMES V. HOUPT, Associate
Director
Director
JACK P. JENNINGS, Associate
MICHAEL G . MARTINSON, Associate
Director
MOLLY S. WASSOM, Associate
Director
HOWARD A . AMER, Deputy Associate
Director
NORAH M . BARGER, Deputy Associate
Director
BETSY CROSS, Deputy Associate
Director
DEBORAH P. BAILEY, Assistant
Director
BARBARA J. BOUCHARD, Assistant
Director
ANGELA DESMOND, Assistant
Director
JAMES A . EMBERSIT, Assistant
Director
CHARLES H . HOLM, Assistant
Director
H E I D I W I L L M A N N RICHARDS, Assistant

WILLIAM G . SPANIEL, Assistant




AND

OF BANKING

Director

Director

SUPERVISION

REGULATION—Continued

DAVID M . WRIGHT, Assistant
SIDNEY M . SUSSAN,

Director

Adviser

WILLIAM C . SCHNEIDER, JR., Project

National Information
DIVISION

Director,

Center

OF INTERNATIONAL

K A R E N H . JOHNSON,

FINANCE

Director

DAVID H . HOWARD, Deputy
Director
THOMAS A . CONNORS, Associate
Director
DALE W . HENDERSON, Associate
Director
RICHARD T. FREEMAN, Deputy Associate
Director
WILLIAM L . HELKIE, Deputy Associate
Director
STEVEN B . KAMIN, Deputy Associate
Director
JON W . FAUST, Assistant
Director
JOSEPH E . GAGNON, Assistant
Director
MICHAEL P. LEAHY, Assistant
Director
NATHAN D . SHEETS, Assistant
Director
RALPH W . TRYON, Assistant
Director

DIVISION

OF RESEARCH

DAVID J . STOCKTON,

SECRETARY

JENNIFER J . JOHNSON,

EDWARD W. KELLEY, JR.
LAURENCE H. MEYER

AND

STATISTICS

Director

EDWARD C . ETTIN, Deputy
Director
DAVID W . WILCOX, Deputy
Director
WILLIAM R . JONES, Associate
Director
MYRON L . KWAST, Associate
Director
STEPHEN D . OLINER, Associate
Director
PATRICK M . PARKINSON, Associate
Director
LAWRENCE SLIFMAN, Associate
Director
CHARLES S. STRUCKMEYER, Associate
Director
MARTHA S. SCANLON, Deputy Associate
Director
JOYCE K . ZICKLER, Deputy Associate
Director
J. NELLIE LIANG, Assistant
Director
S. WAYNE PASSMORE, Assistant
Director
DAVID L . REIFSCHNEIDER, Assistant
Director
JANICE SHACK-MARQUEZ, Assistant
Director
WILLIAM L . WASCHER, Assistant
Director
A L I C E PATRICIA W H I T E , Assistant

Director

GLENN B . CANNER, Senior
Adviser
DAVID S. JONES, Senior
Adviser
THOMAS D . SIMPSON, Senior
Adviser

DIVISION

OF MONETARY

VINCENT R . REINHART,

AFFAIRS

Director

DAVID E . LINDSEY, Deputy
BRIAN F. MADIGAN, Deputy
RICHARD D . PORTER, Deputy

Director
Director
Associate

WILLIAM C . WHITESELL, Assistant

Director
Director

A67

EDWARD M . GRAMLICH

DIVISION OF CONSUMER
AND COMMUNITY AFFAIRS

DIVISION OF RESERVE BANK OPERATIONS
AND PAYMENT SYSTEMS

DOLORES S . SMITH,

LOUISE L . ROSEMAN,

Director

IRENE SHAWN M C N U L T Y , Assistant

Director

OFFICE OF
STAFF DIRECTOR

FOR

MANAGEMENT

STEPHEN R . MALPHRUS, Staff

Director

OFFICE OF THE INSPECTOR GENERAL

MANAGEMENT DIVISION
STEPHEN J. CLARK, Associate
Director, Finance
DARRELL R . PAULEY, Associate
Director, Human

Function
Resources

Function
CHRISTINE M . FIELDS, Assistant

Director,

Human

Resources

Function
SHEILA CLARK, EEO Programs

DIVISION

OF SUPPORT

ROBERT E . FRAZIER,

Director

SERVICES

Director

DAVID L . WILLIAMS, Associate

Director

DIVISION OF INFORMATION TECHNOLOGY
RICHARD C . STEVENS,

Director

MARIANNE M . EMERSON, Deputy
Director
MAUREEN T. HANNAN, Associate
Director
RAYMOND H . MASSEY, Associate
Director
GEARY L . CUNNINGHAM, Assistant
Director
WAYNE A . EDMONDSON, Assistant
Director
P o KYUNG KIM, Assistant
Director
SUSAN F. MARYCZ, Assistant
Director
SHARON L . MOWRY, Assistant
Director
DAY W . RADEBAUGH, JR., Assistant
Director




Director

PAUL W. BETTGE, Associate
Director
JEFFREY C . MARQUARDT, Associate
Director
KENNETH D . BUCKLEY, Assistant
Director
TILLENA G . CLARK, Assistant
Director
JOSEPH H . HAYES, JR., Assistant
Director
EDGAR A . MARTINDALE III, Assistant
Director
MARSHA W . REIDHILL, Assistant
Director
JEFF J. STEHM, Assistant
Director

GLENN E . LONEY, Deputy
Director
SANDRA F. BRAUNSTEIN, Assistant
Director
MAUREEN P. ENGLISH, Assistant
Director
ADRIENNE D . HURT, Assistant
Director

BARRY R . SNYDER, Inspector
DONALD L . ROBINSON, Deputy

General
Inspector

General

A68

Federal Reserve Bulletin • December 2001

Federal Open Market Committee
and Advisory Councils
FEDERAL OPEN MARKET

COMMITTEE
MEMBERS

A L A N GREENSPAN,

Chairman

WILLIAM J . M C D O N O U G H , Vice

Chairman

ROGER W . FERGUSON, JR.

EDWARD W . KELLEY, JR.

MICHAEL H . MOSKOW

EDWARD M . GRAMLICH

LAURENCE H . MEYER

WILLIAM POOLE

THOMAS M . HOENIG

CATHY E . M I N E H A N

ALTERNATE

MEMBERS

JERRY L . JORDAN

ANTHONY M . SANTOMERO

ROBERT D . M C T E E R , JR.

GARY H . STERN

JAMIE B . STEWART, JR.

STAFF
and

Economist

NORMAND R . V . BERNARD, Deputy

DONALD L . KOHN, Secretary

Secretary

GARY P. GILLUM, Assistant

THOMAS C . BAXTER, JR., Deputy

General

Counsel

DAVID E . LINDSEY, Associate

Economist

LAWRENCE SLIFMAN, Associate

Economist

DAVID WILCOX, Associate

DINO KOS, Manager,

System

Open Market

Economist
Economist

ROBERT H . RASCHE, Associate

Economist

FEDERAL ADVISORY

Economist

WILLIAM C . H U N T E R , Associate

Economist

VINCENT R . REINHART,

Economist

DAVID H . HOWARD, Associate

Counsel

Economist
Economist

CRAIG S . HAKKIO, Associate

Secretary

J . VIRGIL MATTINGLY, JR., General

DAVID J. STOCKTON,

JEFFREY C . FUHRER, Associate

Secretary

MICHELLE A . SMITH, Assistant

KAREN H . JOHNSON,

CHRISTINE M . CUMMING, Associate

Economist
Economist

Account

COUNCIL

DOUGLAS A . WARNER, III,
LAWRENCE K . FISH, Vice

President
President

LAWRENCE K . FISH, First D i s t r i c t

ALAN G . MCNALLY, S e v e n t h D i s t r i c t

DOUGLAS A . WARNER III, S e c o n d D i s t r i c t

KATIE S. WINCHESTER, E i g h t h D i s t r i c t

RONALD L . HANKEY, Third D i s t r i c t

R . SCOTT JONES, N i n t h D i s t r i c t

DAVID A . DABERKO, F o u r t h D i s t r i c t

CAMDEN R . FINE, T e n t h D i s t r i c t

L . M . BAKER, JR., F i f t h D i s t r i c t

RICHARD W . EVANS, JR., E l e v e n t h D i s t r i c t

L . PHILLIP HUMANN, S i x t h D i s t r i c t

STEVEN L . SCHEID, T w e l f t h D i s t r i c t




JAMES ANNABLE,
WILLIAM J. KORSVIK,

Co-Secretary
Co-Secretary

A69

CONSUMER ADVISORY

COUNCIL
LAUREN ANDERSON, N e w Orleans, Louisiana, Chairman
DOROTHY BROADMAN, San Francisco, California, Vice
Chairman

ANTHONY S. ABBATE, Saddlebrook, N e w Jersey
TERESA A . BRYCE, St. Louis, Missouri
MALCOLM BUSH, Chicago, Illinois
MANUEL CASANOVA, JR., Brownsville, Texas
CONSTANCE K. CHAMBERLIN, Richmond, Virginia
ROBERT M. CHEADLE, Oklahoma City, Oklahoma
MARY ELLEN DOMEIER, N e w U l m , Minnesota
LESTER W. FIRSTENBERGER, Hopkinton, Massachusetts
JOHN C. GAMBOA, San Francisco, California
EARL JAROLIMEK, Fargo, North Dakota
WILLIE M. JONES, Boston, Massachusetts
ANNE S. LI, Washington, District of Columbia

THRIFT INSTITUTIONS ADVISORY

J. PATRICK LIDDY, Cincinnati, Ohio
OSCAR MARQUIS, Park Ridge, Illinois
JEREMY NOWAK, Philadelphia, Pennsylvania
NANCY PIERCE, Kansas City, Missouri
MARTA RAMOS, San Juan, Puerto R i c o
RONALD A. REITER, San Francisco, California
ELIZABETH RENUART, Boston, Massachusetts
RUSSELL W. SCHRADER, San Francisco, California
FRANK TORRES, JR., Washington, District of Columbia
GARY S. WASHINGTON, Chicago, Illinois
ROBERT L. WYNN II, Madison, W i s c o n s i n

COUNCIL

THOMAS S. JOHNSON, N e w York, N e w York,
MARK H. WRIGHT, San Antonio, Texas, Vice

TOM R . DORETY, Tampa, Florida
RONALD S. ELIASON, Provo, Utah
D . R. GRIMES, Alpharetta, Georgia
CORNELIUS D. MAHONEY, Westlield, Massachusetts
KAREN L. MCCORMICK, Port Angeles, Washington




President
President

JAMES F. MCKENNA, Brookfield, W i s c o n s i n
CHARLES C. PEARSON, JR., Harrisburg, Pennsylvania
HERBERT M. SANDLER, Oakland, California
EVERETT STILES, Franklin, North Carolina
CLARENCE ZUGELTER, Kansas City, Missouri

A70

Federal Reserve Bulletin • December 2001

Federal Reserve Board Publications
For ordering
assistance,
write P U B L I C A T I O N S S E R V I C E S ,
M S - 1 2 7 , Board of Governors of the Federal Reserve System,
Washington, D C 2 0 5 5 1 , or telephone (202) 4 5 2 - 3 2 4 4 , or F A X
( 2 0 2 ) 7 2 8 - 5 8 8 6 . You may also use the publications
order
form
available
on the
Board's
World
Wide
Web
site
(http://www.federalreserve.gov). When a charge is indicated,
payment should accompany
request and be made payable
to the
Board of Governors
of the Federal Reserve System or may be
ordered via Mastercard,
Visa, or American Express. Payment
from
foreign residents should be drawn on a U.S. bank.

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Short pamphlets
suitable for classroom
available without
charge.

use. Multiple

copies

are

Consumer Handbook o n Adjustable Rate Mortgages
Consumer Handbook to Credit Protection Laws
A Guide to Business Credit for W o m e n , Minorities, and Small
Businesses
Series on the Structure of the Federal Reserve
System
The Board of Governors of the Federal Reserve S y s t e m
The Federal O p e n Market C o m m i t t e e
Federal Reserve Bank Board of Directors
Federal Reserve Banks
A Consumer's Guide to Mortgage Lock-Ins
A Consumer's Guide to Mortgage Settlement Costs
A Consumer's Guide to Mortgage Refinancings
H o m e Mortgages: Understanding the Process and Your Right
to Fair Lending
H o w to File a Consumer Complaint about a Bank (also available
in Spanish)
Making S e n s e of Savings
W e l c o m e to the Federal Reserve
W h e n Your H o m e is on the Line: What You Should K n o w
About H o m e Equity Lines of Credit
K e y s to Vehicle Leasing (also available in Spanish)
Looking for the B e s t Mortgage (also available in Spanish)

A71

STAFF STUDIES: Only Summaries Printed in the
BULLETIN
Studies and papers on economic and financial subjects that are of
general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and
169 are out of print, but photocopies of them are available. Staff
Studies 165-174 are available on line at
www.federalreserve.gov/
pubs/staff studies. Requests to obtain single copies of any paper or
to be added to the mailing list for the series may be sent to
Publications
Services.

1 6 7 . A SUMMARY OF MERGER PERFORMANCE STUDIES IN B A N K ING, 1 9 8 0 - 9 3 , AND AN ASSESSMENT OF THE " O P E R A T I N G
PERFORMANCE" AND " E V E N T S T U D Y " METHODOLOGIES,

by Stephen A. Rhoades. July 1994. 37 pp.
1 7 0 . T H E COST OF IMPLEMENTING CONSUMER FINANCIAL R E G U LATIONS: A N ANALYSIS OF EXPERIENCE WITH THE T R U T H
IN SAVINGS ACT, b y G r e g o r y E l l i e h a u s e n and Barbara R .

Lowrey. December 1997. 17 pp.
1 7 1 . T H E COST OF B A N K REGULATION: A R E V I E W OF THE E V I -

DENCE, by Gregory Elliehausen. April 1998. 35 pp.
1 7 2 . USING SUBORDINATED D E B T AS AN INSTRUMENT OF M A R -

1 5 9 . N E W DATA ON THE PERFORMANCE OF NONBANK SUBSIDIARIES OF BANK HOLDING COMPANIES, b y N e l l i e L i a n g a n d

Donald Savage. February 1990. 12 pp.
1 6 0 . BANKING MARKETS AND THE USE OF FINANCIAL SERVICES BY SMALL AND M E D I U M - S I Z E D BUSINESSES, b y

Gregory E. Elliehausen and John D. Wolken. September
1 9 9 0 . 3 5 pp.
1 6 2 . EVIDENCE ON THE S I Z E OF BANKING MARKETS FROM M O R T GAGE LOAN RATES IN T W E N T Y CITIES, b y S t e p h e n A .

Rhoades. February 1992. 11 pp.
164. THE

1989-92

CREDIT

CRUNCH

FOR

REAL

ESTATE,

by

James T. Fergus and John L. Goodman, Jr. July 1993.
20 pp.




KET DISCIPLINE, by Study Group on Subordinated Notes
and Debentures, Federal Reserve System. December 1999.
6 9 pp.
1 7 3 . IMPROVING PUBLIC DISCLOSURE

IN BANKING,

by

Study

Group on Disclosure, Federal Reserve System. March 2000.
3 5 pp.
1 7 4 . B A N K MERGERS AND BANKING STRUCTURE IN THE U N I T E D
STATES, 1 9 8 0 - 9 8 , by S t e p h e n R h o a d e s . A u g u s t 2 0 0 0 . 3 3 pp.

A72

Federal Reserve Bulletin • December 2001

ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC RELEASES OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM (PAYMENT MUST ACCOMPANY REQUESTS)

Release number and title

Annual
mail
rate

Annual
fax
rate

Approximate
release
days 1

Period or date to
which data refer

Corresponding
Bulletin
table numbers 2

Weekly Releases
H.2.

Actions of the Board:
Applications and Reports
Received

$55.00

Friday

Week ended
previous
Saturday

H.3.

Aggregate Reserves of
Depository Institutions and
the Monetary Base 3

$20.00

Thursday

Week ended
previous
Wednesday

1.20

H.4.1. Factors Affecting Reserve Balances
of Depository Institutions and
Condition Statement of
Federal Reserve Banks 3

$20.00

Thursday

Week ended
previous
Wednesday

1.11, 1.18

H.6.

Money Stock and Debt
Measures 3

$35.00

Thursday

Week ended
Monday of
previous week

1.21

H.8.

Assets and Liabilities of
Commercial Banks in the
United States 3

$30.00

Friday

Week ended
previous
Wednesday

1.26A-F

H.10.

Foreign Exchange Rates 3

$20.00

$20.00

Monday

Week ended
previous
Friday

3.28

H.15.

Selected Interest Rates 3

$20.00

$20.00

Monday

Week ended
previous
Friday

1.35

$ 5.00

First of month

Previous month

3.28

$ 5.00

First Tuesday of
month

Previous month

1.35

Midmonth

Previous month

2.12, 2.13

Fifth working day
of month

Second month
previous

1.55, 1.56

End of month

Second month
previous

1.51, 1.52

Monthly Releases
G.5.

Foreign Exchange Rates 3

$ 5.00

G.13.

Selected Interest Rates 4

$ 5.00

G.17.

Industrial Production and
Capacity Utilization 3

$15.00

G.19.

Consumer Credit3

$ 5.00

G.20.

Finance Companies

$ 5.00




$ 5.00

A73

Release number and title

Annual
mail
rate

Annual
fax
rate

Approximate
release
days 1

Period or date to
w h i c h data refer

Corresponding
Bulletin
table numbers 2

Quarterly Releases
E.2.

Survey of Terms of Business Lending

$ 5.00

n.a.

Midmonth of
March, June,
September, and
December

February, May,
August, and
November

E.7.

List of Foreign Margin Stocks

N o charge

n.a.

March and
September

March and
September

E. 11.

Geographical Distribution of
Assets and Liabilities of
Major Foreign Branches of
U.S. Banks

$ 5.00

n.a.

15th of March,
June,
September, and
December

Previous quarter

E. 15.

Agricultural Finance Databook

$ 5.00

n.a.

End of March,
June,
September, and
December

January, April,
July, and
October

E.16.

Country Exposure Lending
Survey

$ 5.00

n.a.

January, April,
July, and
October

Previous quarter

Z. 1.

F l o w of Funds Accounts
of the United States:
F l o w s and Outstandings 3

$25.00

n.a.

Second w e e k of
March, June,
September, and
December

Previous quarter

1. Please note that for some releases, there is normally a certain variability in the release date 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.
2. The data in some releases are also reported in the Bulletin statistical
appendix.
3. These releases are also available on the Board's web site,
www.federalreserve.gov/releases.
4. The Federal Reserve will cease publication of the monthly
G.13 statistical release, "Selected Interest Rates," effective with the




4.23

1.57, 1.58,
1.59, 1.60

issuance dated January 8, 2002 (continuing data for December 2001).
The data reported on the G.13 are available elsewhere: (1) in a weekly
release, the H.15, which is available in print and on the Board's web site
(www.federalreserve.gov/releases/H15); on the web only, in a daily
update of the H.15 (www.federalreserve.gov/releases/H15/update); and in
the historical H.15 data (www.federalreserve.gov/releases/H15/data.htm).
n.a. Not available.

A74

Federal Reserve Bulletin • December 2001

Maps of the Federal Reserve System

^

Bos I ON

z •
•

N E W YORK
ADEI.IMIIA

LEGEND

Both pages
•

Federal Reserve Bank city

•

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

Facing page
• Federal Reserve Branch city
— Branch boundary

NOTE

The Federal Reserve officially identifies Districts by number and Reserve Bank city (shown on both pages) and by
letter (shown on the facing page).
In the 12th District, the Seattle Branch serves Alaska,
and the San Francisco Bank serves Hawaii.
The System serves commonwealths and territories as
follows: the New York Bank serves the Commonwealth



of Puerto Rico and the U.S. Virgin Islands; the San Francisco Bank serves American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Board of
Governors revised the branch boundaries of the System
most recently in February 1996.

A75

2-B

1-A

4-D

3-C

5-E
Pittsburgh

(

VT
NH

CT

^

K-WV

cinnati

Bji
F

NY

sc

R1

8-H

7-G

6-F

RICHMOND

CLEVELAND

PHILADELPHIA

N E W YORK

BOSTON

MD

PA

/

Bullaln

MA ®

Baltimore

• N a s h v i lie
n —

KY

Birmingham.
Detroit •

A

"

^ Louisville
- TN

AR

>

Jacksonv llle
N e w Orleans

MO

• Memphis

M
loci

MS

Miami
CHICAGO

ATLANTA

S T . LOUIS

)-I

MINNEAPOLIS
12-L

10-J

MO

11-K




Az

DALLAS

S A N FRANCISCO

A76

Federal Reserve Bulletin • December 2001

Federal Reserve Banks, Branches, and Offices
FEDERAL RESERVE B A N K
branch, or facility
Zip

Chairman
Deputy Chairman

President
First Vice President

BOSTON*

02106

William C. Brainard
William O. Taylor

Cathy E. Minehan
Paul M. Connolly

NEW YORK*

10045

Peter G. Peterson
Gerald M. Levin
Bal Dixit

William J. McDonough
Jamie B. Stewart, Jr.

Buffalo

14240

Barbara L. Walter 1

PHILADELPHIA

19105

Charisse R. Lillie
Glenn A. Schaeffer

Anthony M. Santomero
William H. Stone, Jr.

CLEVELAND*

44101

Jerry L. Jordan
Sandra Pianalto

Cincinnati
Pittsburgh

45201
15230

David H. Hoag
Robert W. Mahoney
George C. Juilfs
Charles E. Bunch

RICHMOND*

23219

J. Alfred Broaddus, Jr.
Walter A. Varvel

Baltimore
Charlotte

21203
28230

Jeremiah J. Sheehan
Wesley S. Williams, Jr.
George L. Russell, Jr.
James F. Goodmon
John F. Wieland
Paula Lovell
Catherine Sloss Crenshaw
Julie K. Hilton
Mark T. Sodders
Whitney Johns Martin
Ben Tom Roberts

Jack Guynn
Patrick K. Barron

Arthur C. Martinez
Robert J. Darnall
Timothy D. Leuliette

Michael H. Moskow
Gordon R. G. Werkema

Charles W. Mueller
Walter L. Metcalfe, Jr.
Vick M. Crawley
Roger Reynolds
Gregory M. Duckett

William Poole
W. LeGrande Rives

James J. Howard
Ronald N. Zwieg
Thomas O. Markle

Gary H. Stern
James M. Lyon

Terrence P. Dunn
Jo Marie Dancik
Kathryn A. Paul
Patricia B. Fennell
Gladys Styles Johnston

Thomas M. Hoenig
Richard K. Rasdall

H. B. Zachry, Jr.
Patricia M. Patterson
Beauregard Brite White
Edward O. Gaylord
Patty P. Mueller

Robert D. McTeer, Jr.
Helen E. Holcomb

Nelson C. Rising
George M. Scalise
William D. Jones
Nancy Wilgenbusch
H. Roger Boyer
Richard R. Sonstelie

Robert T. Parry
John F. Moore

ATLANTA
Birmingham
Jacksonville
Miami
Nashville
N e w Orleans

30303
35283
32231
33152
37203
70161

CHICAGO*

60690

Detroit

48231

ST. LOUIS

63166

Little Rock
Louisville
Memphis

72203
40232
38101

MINNEAPOLIS

55480

Helena
K A N S A S CITY
Denver
Oklahoma City
Omaha
DALLAS
El Paso
Houston
San Antonio
S A N FRANCISCO . . . .
Los Angeles
Portland
Salt Lake City
Seattle

59601
64198
80217
73125
68102
75201
79999
77252
78295
94120
90051
97208
84125
98124

Vice President
in charge of branch

Barbara B. Henshaw
Robert B. Schaub

William J. Tignanelli 1
Dan M. Bechter 1
James M. McKee 1
Andre T. Anderson
Robert J. Slack 1
James T. Curry III
Melvyn K. Purcell 1
Robert J. Musso 1

David R. Allardice 1

Robert A. Hopkins
Thomas A. Boone
Martha Perine Beard

Samuel H. Gane

Maryann Hunter 1
Dwayne E. Boggs
Steven D. Evans

Sammie C. Clay
Robert Smith III 1
James L. Stull 1

Mark L. Mullinix 2
Raymond H. Laurence 1
Andrea P. Wolcott
David K. Webb 1

* Additional offices of these Banks are located at Windsor Locks, Connecticut 06096; East Rutherford, New Jersey 07016; Utica at Oriskany, New York 13424;
Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; Milwaukee,
Wisconsin 53202; and Peoria, Illinois 61607.
1. Senior Vice President.
2. Executive Vice President




A77

Index to Volume 87
GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES
Issue

January
February
March
April
May
June

Text

1 - 46
47-102
103-182
183-282
283-366
367-430

"A" Pages

1-78
1-92
1-76
1-80
1-88
1-76

Index to
tables
64
78
64
64
76
64

The "A" pages consist of statistical tables and reference information.

Pages
AIR TRANSPORTATION STABILIZATION BOARD,
designations
775
Amer, Howard A., promoted to Deputy Associate Director,
67
Division of Banking Supervision and Regulation
Annual Report, 87th, 2000
536
Annual Report: Budget Review, 2001
536
Anti-money-laundering programs, guidance
164
Articles
Economic performance of small banks, 1985-2000
719-28
Financial services used by small businesses:
Evidence from the 1998 Survey of Small
Business Finances
183-205
Industrial production and capacity utilization:
2000 annual revision
132-48
Monetary policy reports to the Congress
103-31, 501-27
Opportunities and challenges of the U.S. dollar
as an increasingly global currency:
A Federal Reserve perspective
567-75
Profits and balance sheet developments at U.S.
commercial banks in 2000
367-93
Retail fees of depository institutions, 1994-99
1-11
Supervision of large complex banking organizations
47-57
Treasury and Federal Reserve foreign exchange
operations
149-53, 394-99, 576-81, 757-62
U S . flow of funds accounts and their uses
431-41
U.S. international transactions in 2000
283-94
U.S. system for measuring cross-border investment
in securities: A primer with a discussion
of recent developments
633-50
ATM annual service fees
6, 217
BAILEY, Deborah P., appointed to Assistant Director,
Division of Banking Supervision and Regulation
67
Bank affiliates, final rule
412
Bank holding companies (See also Financial holding
companies)
Bank Holding Companies and Change in Bank Control
(Reg. Y)
64, 75, 169-77, 417-19
Bank Holding Company Act of 1956
Applications approved under
02-e Limited, Melbourne, Australia
279
1st Choice Bancorp of Delaware, Inc
355
1st Choice Bancorp, Inc
355
1st Financial Bancshares, Inc
93
2000 Williams Investment Company, LLC
714
ABC Bancorp
355, 629
ABN AMRO Bank N.V., Amsterdam, The Netherlands ... 180




Issue

July
August
September
October
November
December

'A"

Text

431-500
501-566
567-632
633-718
719-756
757-792

pages

1-78
1-90
1-90
1-78
1-86
1-88

Index to
tables
64
78
80
66
72
64

Statistical tables are indexed separately (see p. A64 of this issue).

Pages
Bank Holding Company Act of 1956—Continued
Applications approved under—Continued
ABN AMRO Holding N.V., Amsterdam,
The Netherlands
ABN AMRO North America Holding Company
ABN AMRO North America, Inc
ACME Holding Company, Inc
Admiral Family Banks, Inc
Advantage Bancorp
Alabama National BanCorporation
Alamerica BanCorp, Inc
Allegiant Bancorp, Inc
Alliance Bancorp
Alliance Bank Shares Corporation
Alpha Financial Group, Inc. Employee Stock
Ownership Plan
Amana Bancshares, Inc
Ambanc Holding Company, Inc
Ameriana Bancorp
AmeriBank Holding Company
American Bancorporation
American Bancorporation of Minnesota, Inc
American Community Financial, Inc
American National Bank of Beaver Dam Employee
Stock Ownership Trust
American National Corporation
American State Bancshares, Inc
AmericaUnited Bancorp, Inc
Ames National Corporation
Anchor BanCorp Wisconsin Inc
AnchorBank
Arison Holdings (1998) Ltd., Tel Aviv, Israel
Arkansas State Bancshares, Inc
Astra Financial Corporation
Banco Bradesco S.A., Osasco, Brazil
Banco Espirito Santo, S.A., Lisbon, Portugal
BancStar, Inc
Bank Hapoalim B.M., Tel Aviv, Israel
Bank of America Corporation
Bank of De Soto, N.A., Employee Stock
Ownership Trust
Bank of Montreal, Toronto, Ontario, Canada
Bank of Mulberry Employee Stock Ownership Trust
Bank of Tokyo-Mitsubishi, Ltd., Tokyo, Japan
Bank One Corporation
Bankmont Financial Corp
Banknorth Group, Inc

180
180
180
560
356
560
38
788
713
751
426
280
93
478
478
751
278
751
713
478
278
356
357, 478
428
752
752
96
178
356
561
562
714
96
93
560
96, 629
560
357
357
629
754

A78

Federal Reserve Bulletin • December 2001

Pages
Bank Holding Company Act of 1956—Continued
Applications approved under—Continued
Bayerische Hypo-und Vereinsbank AG,
Munich, Germany
96
BB&T Corporation
39, 40, 426, 428, 788
Bedwell Investments, Inc
178
Bespar Sociedade Gestora de Participacoes Sociais, S.A.,
Lisbon, Portugal
562
BNCCorp, Inc
478
Boiling Springs Bancorp
426
Boiling Springs, MHC
426
Border Capital Group of Delaware, Inc
426
Border Capital Group, Inc
426
Boston Private Financial Holdings, Inc
279, 752
BOTH of Delaware, Inc
752
BOTH, Inc
752
Bryan Family Management Trust
178
Bryan-Heritage Limited Partnership
178
BSB Community Bancorporation, Inc
356
BW Holdings, Inc
752
C.C. Bancorp, Inc
479
Caisse National de Credit Agricole, Paris, France
562
Camden National Corporation
630, 790
Camden National Investment Services, Inc
790
Capital Bancorp, Ltd
93
Capital Bancorp, Inc
479
Capital Bank Corporation
357
Capital City Bank Group, Inc
93
Carlson Bancshares, Inc
178
Carolina Bank Holdings, Inc
38
Carolina Financial Corporation
560
Cascade Financial Corporation
629
Castle Creek Capital Partners Fund I, LP
94
Castle Creek Capital Partners Fund Ha
94
Castle Creek Capital Partners Fund lib
94
Castle Creek Capital, LLC
94
Catawba Valley Bancshares, Inc
788
356
CCB Corporation
Centennial Bank Holdings, Inc
479
Centennial First Financial Services
714
Centra Financial Holdings, Inc
356
Central Alabama Bancshares, Inc
713
Central Financial Corporation
93
Central National Bank
714
Central Ohio Bancorp
479
Century Bancshares, Inc
278
Charter Bancshares, Inc
178
Charter Financial Corporation
38
Charter IBHC, Inc
178
Charter One Financial, Inc
427
Chase Manhattan Corporation
92
Chemical Financial Corporation
93
Chesapeake Financial Shares, Inc
96
Chester Valley Bancorp, Inc
713
Chinatrust Commercial Bank Ltd., Taipei, Taiwan,
Republic of China
426
Chittenden Corporation
356
CIB Marine Bancshares, Inc
560
Cisco Bancshares of Nevada, Inc
752
Cisco Bancshares, Inc
752
Citco Community Bancshares, Inc
39
Citigroup, Inc
96
Citizens Bancorp of Oviedo
93
Citizens State Bancorporation
714
City National Corporation
92
Clark County Bancorporation
629
CNB Financial Corporation
754
CNB Holdings, Inc
93
Coast Bancorp
426
Colonial BancGroup, Inc
789
Colorado Business Bancshares, Inc
277
Colorado Business Bankshares, Inc
278
Columbia Trust Bancorp
714
Comanche National Corporation
278
Comanche National Corporation of Delaware
278
Comerica, Incorporated
178
Commerce Financial Corporation, ESOP
560
Commercial Bancgroup, Inc
754
Commonwealth Bancshares, Inc
357




Pages
Bank Holding Company Act of 1956—Continued
Applications approved under—Continued
Community Bancshares Company
38
Community Bank Holdings of Texas, Inc
426
Community Financial Services, Inc
480
Community First Bancshares, Inc
179
Compass Bancshares, Inc
92
Cooper Lake Financial Corporation
93
Cornerstone Financial Services Group, Inc
179
Corsicana Holdings, Inc
426
County Bancshares, Inc
752
Covenant Bancgroup, Inc
96
Cowboy State Bancorp, Inc
426
CreditAmerica Holding Company
278
Crescent Financial Corporation
560
CyberBills, Inc
630
Dacotah Banks, Inc
752
Dai-Ichi Kangyo Bank, Limited, Tokyo, Japan
97
Danvers Bancorp, Inc
715
Delaware Financial, Inc
357
Dexia S.A., Brussels, Belgium
630
Dickinson Holdings, Inc
178
178
Dickinson Holdings of Delaware
Discount Bancorp, Inc
630
DNB Bancshares, Inc
789
DNB Delaware Financial Corporation
789
Douglas County Bancshares, Inc
714
Dresdner Bank Aktiengesellschaft, Frankfurt, Germany ... 96
E.S. Control Holding, S.A., Luxembourg
562
E.S. International Holding, S.A., Luxembourg
562
Eagle Bancshares, Inc
789
East Side Bancorporation
427
East Texas Financial Corporation
427
Eggemeyer Advisory Corp
94
ENB Bankshares, Inc
38
ENB Delaware Bankshares, Inc
38
Equity One, Inc
754
Espirito Financial (Portugal) Sociedade Gestora de
Participacoes Sociais, S.A., Lisbon, Portugal
562
Espirito Santo Financial Group, S.A., Luxembourg
562
Eureka Springs Bancshares, Inc
38
Evergreen Bancorp
426
eZ Bancorp, Inc
426
F&M National Corporation
94, 180
F.N.B. Corporation
94, 358, 753
Farmers Financial Corporation
479
Farmers State Corporation
629
FBOP Corporation
427
Fifth Third Bancorp
39, 97, 178
Financial Investors of the South, Inc
629
First Ainsworth Company
357
First Bancorp
278
First Bancorp of Taylorville, Inc
94
First BanCorp, San Juan, Puerto Rico
560
First BancTrust Corporation
278
First Banks America, Inc
94, 714, 789
First Banks, Inc
94, 714, 752, 789
First Capital Bankshares, Inc
278
First Commerce Corporation
426
First Community Bancorp
94
First Community Capital Corporation
38
First Community Capital Corporation of Delaware, Inc. ... 38
First Deposit Bancshares, Inc
178
First Financial Bankshares, Inc
478
First Independent Capital of Nevada
752
First Indiana Corporation
629
First Lakewood, Inc
428
First Liberty Capital Corporation Employee
Stock Ownership Plan
560
First Merchants Corporation
560
First Muskogee Financial Corporation
479
First National Bancshares of Huntsville, Inc
629
First National Bank Group, Inc
560
First National Bank Holding Company
479
First National Bank of Moose Lake Profit Sharing
and ESOP
358
First National Bankers Bankshares, Inc
94
First National Johnson Bancshares, Inc
39, 94
First Okmulgee Corporation
426

Index to Volume 87

Pages
Bank Holding Company Act of 1956—Continued
Applications approved under—Continued
First Olathe Bancshares, Inc
38, 356
First Pulaski National Corporation
752
First Virginia Banks, Inc
560
First Western Bank Shares, Inc
752
Firstrust Corporation
278
FNB Bancorp
753
FNB Corporation
38, 40, 753
Foresight Financial Group, Inc
479
Foster Bankshares, Inc
356
FPB Bancorp, Inc
789
Frandsen Financial Corporation
278
Franklin Financial Services Corporation
629
Frontier Financial Corporation
178
Fulton Financial Corporation
478
Gateway Bancoip
180
Gateway Financial Corporation
280
GB&T Bancshares, Inc
563
Geneva State Company
629
Georgia Bancshares, Inc
479
Georgia Banking Company, Inc
790
Giant Holdings, Inc
426
Gideon Bancshares Company
715
Gideon Management, L.L.C
479
Glacier Bancorp, Inc
179, 279
GNB Bancshares, Inc
561
Goering Financial Holding Company Partnership, L.P. . . . . 94
Goering Management Company, LLC
94
Grant County State Bancshares, Inc., Employee
Stock Ownership Plan
356, 753
Greater Bay Bancorp
427, 789
Greer Bancshares, Incorporated
561
Guaranty Corporation
40
Guaranty National Bancshares, Inc
561
Gulfstream Bancshares, Inc
426
Hampton Roads Bankshares, Inc
426
Hancock Holding Company
563
Hapoalim U.S.A. Holding Company, Inc
96
754
Harleysville National Corporation
Harris Joliet Bankcorp, Inc
629
Harvard Bancorp, Inc
629
Hasten Bancshares
715
Hawarden Banshares, Inc
357
Heartland Bancorp, Inc
356, 479
Henderson Citizens Bancshares, Inc
479
Henderson Citizens Delaware Bancshares, Inc
479
Henry State Bancorp, Inc
629
Heritage Bancshares, Inc
38
Heritage Group, Inc
94
High Street Corporation
753
Highlands Bankshares, Inc
279
Holland Bancorp, Inc
178
HomeSide Lending, Inc
97
Howard County Land & Cattle Company
753
Humboldt Bancorp
280
Huntsville Delaware Holdings, Inc
629
Hutisford Community Bancorp, Inc
561
IBFC Nevada Corporation
427
Ida Grove Bancshares, Inc
427
Independent Bankers Financial Corporation
427
Indiana United Bancorp
178
Industry Bancshares, Inc
479
Industry Holdings, Inc
479
Innes Street Financial Corporation
94
Innovative Bancorp
356
Inter-Mountain Bancorp, Inc
38
Irwin Financial Corporation
97
Israel Discount Bank Limited, Tel Aviv, Israel
630
Israel Salt Industries, Ltd., Atlit, Israel
96
J.P. Morgan Chase & Co
714
JBS, Inc
479
JDOB, Inc
38
Jones Bancorp, Inc
715
Katy Bancshares, Inc
356
Kensington Bankshares, Inc
789
Kerndt Bank Services, Inc
753
Lake Bank Shares, Inc. Employee Stock Ownership
Plan
94




A79

Pages
Bank Holding Company Act of 1956—Continued
Applications approved under—Continued
Lakeland Bancorp, Inc
178
Lenawee Bancorp, Inc
95
Litchfield Mutual Holding Company
95
Live Oak Delaware Financial Corp
714
Live Oak Financial Corp
714
Lone Tree Service Company
427
LSB Corporation
479
Luling Bancshares, Inc
790
Luling Delaware Financial Corporation
790
Madison Bancshares, Inc
714
Mahaska Investment Company, ESOP
479
Manning Financial Services, Inc
97
Manufacturers Bancshares, Inc
789
Manufacturers National Corporation
428
Marathon Financial Corporation
39
Marquette Bancshares, Inc
95
Marshall & Ilsley Corporation
40, 428, 479, 562, 630-31
Maryland Bancshares, Inc
714
Mason National Bancshares of Nevada, Inc
95
Mason National Bancshares, Inc
95
Mason National Bank Employee Stock Ownership Plan ... 629
Mauch Chunk Trust Financial Corporation
753
MB Financial, Inc
428
MB-MidCity, Inc
715
Mcintosh County Bank Holding Company, Inc
428
Meader Insurance Agency, Inc
95
Medley Group, Inc
753
Merchants and Manufacturers Bancorporation, Inc
95
Merchants Merger Corp
95
Metro North Bancshares, Inc
561
Michigan National Corporation
179
Mid-Iowa Bancshares Co
95
Midwest Community Bancshares, Inc
278
714
Millennium Bancorp, Inc
Milstar Financial, Inc
479
Mississippi Valley Bancshares, Inc
95
Missouri Bancorp, Inc
427
Mitsubishi Tokyo Financial Group, Inc., Tokyo, Japan . . . . 357
Mizuho Holdings, Inc., Tokyo, Japan
97
Mountain West Financial Corporation
95, 177
MountainBank Financial Corporation
278
MSB Bankshares, Inc
178
NB Holdings Corporation
93
Nara Bancorp, Inc
95
National Australia Bank Limited,
Melbourne, Australia
97, 279
National Bancshares, Inc
480
National Penn Bancshares, Inc
39
NBOG Bancorporation, Inc
714
NBT Bancorp, Inc
714
Nebraska Bankshares, Inc
178
New Peoples Bankshares, Inc
789
Newnan Coweta Bancshares, Inc
714
North Cascades Bancshares, Inc
480
North Texas Bancshares of Delaware, Inc
95
North Texas Bancshares, Inc
95
Northern Trust Corporation
279, 478, 560
Northfield Bancorp, Inc. (Stock Holding Company)
39
Northfield MHC (Mutual Holding Co.)
39
Northrim BanCorp, Inc
561
Northstar Financial Group, Inc
178, 789
Northview Financial Corporation
562
Northwest Mutual Holding Company
95
Northwest Suburban Bancorp, Inc
95, 279
Norway Bancorp, Inc
630
Norway Bancorp, MHC
630
Old Florida Bankshares, Inc
561
Olney Bancshares of Texas, Inc
753
One American Corporation
427
OSB Delaware Financial Services, Inc
95
OSB Financial Services, Inc
95
Oswego Bancshares, Inc
753
Oswego Community Bank Employee Stock
Ownership Plan
753
Ottawa Bancshares, Inc
561
Overton Delaware Corporation
789
Overton Financial Corporation
789

A80

Federal Reserve Bulletin • December 2001

Pages
Bank Holding Company Act of 1956—Continued
Applications approved under—Continued
PAB Bankshares, Inc
95
Pacifica Bancorp, Inc
95
Palm Beach National Holding Company
278
Paragon Commercial Corporation
561
Peoples Home Holding, Inc
714
Peotone Bancorp, Inc
427
Persons Banking Company
480
Peterstown Bancorp, Inc
39
Piedmont BankCorp
789
Pine Island Bancshares, Inc
428
Piper Holdings, Inc
753
Plymouth Financial Corporation
356
PNC Financial Services Group, Inc
39
Popular International Bank, Inc., San Juan, Puerto Rico ... 754
Popular North America, Inc
754
Popular, Inc., San Juan, Puerto Rico
754
Porter Bancorp, Inc
630
Prairieland Employee Stock Ownership Plan
789
561
Promistar Financial Corporation
PSB Bancorp, Inc
179, 279, 630
Puget Sound Financial Services, Inc
561
Quad City Holdings, Inc
714
Quinlan Bancshares, Inc
480
Raton Capital Corporation
630
RBT Holdings, Inc
561
Red Level Financial Corporation
39
Regents Bancshares, Inc
714
Regional Bankshares, Inc
39
Regions Financial Corporation
279, 753
Remada Financial Holdings, Inc
178
Republic Bancorp, Inc., Owosso, Michigan
562
Republic Bancorp, Inc., Louisville, Kentucky
278
Republic Bancshares of Texas, Inc
561
River Valley Bancorp, Inc
789
Rivoli Bancorp, Inc
753
RNB Corporation
715
Rockhold Bancorp
480
Routt County Bancorporation, Inc
39
Royal Bank of Canada, Toronto, Ontario, Canada
40
Savings Bancorp, Inc
279
Seacoast Financial Services Corporation
95
Second Bancorp, Inc
789
Security Bancshares, Inc
279
Shamrock Bancshares Employee Stock Ownership Plan ... 427
Shelby Bancshares, Inc
356
Shelby Savings of Nevada, Inc
356
Shore Bancshares, Inc
39
Sierra Bancorp
279
Somerset Hills Bancorp
39
Sooner Southwest Bankshares, Inc
96
South Plains Delaware Financial Corporation
789
South Plains Financial, Inc
789
Southern Community Bancorp, Inc
96, 357, 427
Southern Connecticut Bancorp, Inc
753
Southern Development Bancorporation, Inc
559
Southwest Bancorporation of Texas, Inc
96
Southwest Holding Delaware, Inc
96
SouthwestUSA Corporation
427
Spector Holdings, Limited Partnership
790
Spector Holdings Management, LLC
790
Spectrum Bancorporation, Inc
96
Speer Bancshares, Inc
714
SSB Management, L.L.C
97
State Bank of Slater Employee Stock Ownership Plan . . . . 630
State Bank-Winfield Employee Stock and Ownership
Plan & Trust
754
State National Bancshares, Inc
179
Sterling Bancorporation, Inc
357, 561
Sterling Bancshares, Inc
357, 561
Stichting Administratiekantoor ABN AMRO Holding,
Amsterdam, The Netherlands
180
Stichting Prioriteit ABN AMRO Holding, Amsterdam,
The Netherlands
180
Stockman Financial Corporation
39
Sturm Financial Group, Inc
40, 97
Summit Bank Corporation
279
Sun Bancshares, Inc
39




Pages
Bank Holding Company Act of 1956—Continued
Applications approved under—Continued
Sun Community Bancorp, Limited
93
Sunrise Capital Corporation
93
Sweetwater Financial Group, Inc
714
Synovus Financial Corp
753
Team Financial Employees Stock Ownership Plan
753
Team Financial, Inc
753
Texas Community Bancshares, Inc
428
Texas Financial Bancorporation, Inc
357
Texas Heritage Bancshares of Delaware, Inc
790
Texas Heritage Bancshares, Inc
790
TFC Holding Company
480
Thumb National Bank & Trust Company Employee
Stock Ownership Plan and Trust
279
Timberland Bancshares, Inc
630
Trafalgar Holdings, LLC
715
TransCommunity Bankshares, Incorporated
715
TRB Bancorp, Inc
630
Triple J Financial, Inc
179
Trust B Created Under Item V of the Last Will and
Testament of John Rufus Williams
715
Trustmark Corporation
355
TTAC Corp
96
Union Planters Corporation
179
Union Planters Holding Corporation
179
United Bancorp, Inc
357
United Community Banks, Inc
790
United Financial Holdings, Inc
357
United Nebraska Financial Company
179
United Security Bancshares
480
Urban Financial Group, Inc
279
Valley Bancorp
427
Venture Bancshares, Inc
790
Viking Corporation
279
Virginia Capital Bancshares, Inc
179
Virginia Financial Corporation
790
Waccamaw Bankshares, Inc
428
Wachovia Corporation
179
Washington First Financial Group, Inc
561
Waukomis Bancshares, Inc
279
Wausa Banshares, Inc
40
WB Bancshares, Inc
753
WB&T Bankshares, Inc
357
Wells Fargo & Company
92
Wells Fargo Financial Services, Inc
92
Wells Fargo Financial, Inc
92
Wesbanco, Inc
355, 425
West 12 Bancorporation, Inc
790
West End Financial Corp
715
Westdeutsche Landesbank Gironzentrale,
Duesseldorf, Germany
97, 279
Western Bancorporation, Inc
754
Wewahitchka State Bank Employee Stock
Ownership Plan
561
WFC, Inc
630
Whitney Holding Corporation
40, 96, 754
Wilber Company
39, 97
WJR Corp
94
Woodford Bancshares, Inc
179
Yankee Ridge, Inc
96
YNB Financial Services Corp
715
Zia Financial Corporation
789
38
Zions Bancorporation
Zohar Hashemesh Le'Hashkaot, Ltd., Tel Aviv, Israel
96
Zumbrota Agency, Inc
428
Orders issued under
Amicus Holdings, Inc
678-81
Amplicon, Inc
421-23
Arison Holdings (1998), Ltd., Tel Aviv, Israel
327-30
Bank Hapoalim, B.M., Tel Aviv, Israel
327-30
BB&T Corporation
545-51
Canadian Imperial Bank of Commerce, Toronto,
Canada
678-81
CB&T Bancshares, Inc
465
Charles Schwab Corporation
233-36
Chase Manhattan Corporation
76-90
CIBC Delaware Holdings, Inc
678-81
CIBC World Markets, Inc., Toronto, Canada
678-81

Index to Volume 87

Pages
Bank Holding Company Act of 1956—Continued
Orders issued under—Continued
Citicorp
600-24
Citigroup Holdings Company
600-24
Citigroup, Inc
600-24
Citizens Union Bancorp of Shelbyville, Inc
262-63
Countrywide Credit Industries, Inc
419-21
Countrywide Financial Holding Company, Inc
419-21
Effinity Financial Corporation
419-21
FBR Bancorp, Inc
346-49
Fifth Third Bancorp
330-43
First Union Corporation
683-708
First Western Bancorp, Inc
681-83
Firstar Corporation
236-52
FleetBoston Financial Corporation
252-62
Franklin Resources, Inc
343-46
Friedman, Billings, Ramsey Group, Inc
346-49
Great Southern Bancorp, Inc
266-68
Hapoalim U.S.A. Holding Company, Inc
327-30
Harrodsburg First Financial Bancorp, Inc
624-26
International Bancshares Corporation
777-79
Israel Salt Industries Ltd., Atlit, Israel
327-30
J.P. Morgan & Co., Incorporated
76-90
466-67
Juniper Financial Corporation
Lea M. McMullan Trust
262-63
MetLife Inc
268-70
Mitsubishi Tokyo Financial Group, Inc.,
Tokyo, Japan
349-53
Money Management Associates (LP), Inc
346-49
Money Management Associates, Inc
346-49
Money Management Associates, L.P.
346-49
Native American Bancorporation Co
747-50
North Fork Bancorporation, Inc
779-83
Prosperity Bancshares, Inc
264-66
Queens County Bancorp, Inc
30-36
Rock Merger Subsidiary, Inc
467-71
Royal Bank of Canada, Montreal, Canada
467-71
U.S. Bancorp
236-52
U.S. Trust Corporation
233-36
UFJ Holdings, Inc. (In Formation), Osaka, Japan
270-74
Wachovia Corporation
683-708
Zohar Hashemesh Le'Hashkaot, Ltd.,
Tel Aviv, Israel
327-30
Bank Holding Company Act, financial activities
62, 163
Bank Holding Company Supervision Manual
65, 455
Bank Merger Act
Applications approved under
1st Financial Bank
716
1st Source Bank
480, 716, 791
Adams Bank & Trust
98
Bank Independent
631
Bank of Blue Valley
631
Bank of Chelsea
41
Bank of Colorado
98
Bank of Louisville
631
Bank of Pontiac
98
Bank of Tazewell County
98
Bank of Washtenaw
98
Big Sky Western Bank
631
Capital City Bank
98
Centennial Bank of the West
98
Central Savings Bank
563
Central Trust and Savings Bank
631
Central Virginia Bank
563
Centura Bank
631
Chase Manhattan Bank
97
Chemical Bank and Trust Company
41
Citizens First State Bank of Walnut
480
Colonial Bank
41, 755, 791
Commercial Bank
755
Commercial Bank - California
631
Commercial Trust & Savings Bank
632
Compass Bank
97
Dacotah Bank
358
English State Bank
631
F&M Bank-Maryland, Inc
98
Falcon International Bank
631
Farmers & Merchants Bank
41
Farmers Bank of Mt. Pulaski
428




A81

Pages
Bank Merger Act—Continued
Applications approved under—Continued
Fifth Third Bank, Indiana
Fifth Third Bank, Western, Ohio
First Farmers Bank and Trust Company
First Interstate Bank
First Penn Bank
First Security Bank of Missoula
First Virginia Bank
First Virginia Bank-Colonial
First Virginia Bank-Hampton Roads
Friendship Community Bank
Glacier Bank
Glacier Bank of Whitefish
Gold Bank
Greenwood Bank & Trust
Harris Trust Bank of Arizona
Horizon Bank
HSBC Bank USA
Iron and Glass Bank
M&I Marshall & Ilsley Bank

41
41
755
791
631
631
716
755
791
98
631
631
563
41
98
632
791
358
41, 180-81, 358,
480, 563, 755
480
791
755
480
358
98
358
563
41
791
41
428
280
480
755
41, 181, 280, 632
755
98, 359
632
480
480
358
755
755

North Valley Bank
Northern Neck State Bank
Peoples Bank and Trust Company
Pioneer Bank
Placer Sierra Bank
PNB Financial Bank
Pointe Bank
Promistar Bank
Provident Bank
Regions Bank
Rockingham Heritage Bank
Rolling Hills Bank & Trust
Security State Bank
Security State Bank of Edgeley
Sky Bank-Mid Am Region
SouthTrust Bank
State Savings Bank of Manistique
Sylvan State Bank
Titonka Savings Bank
Valley Bank of Helena
Valley Independent Bank
WesbancoBank, Inc
Western Security Bank
Zions Bancorporation
Orders issued under
Allfirst Bank
275-76
Central State Bank
551-52
Chase Manhattan Bank
626-28
Mcllroy Bank & Trust
783-85
Old Kent Bank
471-77
Old Kent Bank, National Association
471-77
Bank of Canada, swap facility augmentation
662
Bank of England, swap arrangement
662
Bank securities, testimony
654-60
Bankers dollar acceptances table, discontinuance
in Federal Reserve Bulletin
775
Banking organizations
Broker and dealer exemptions
535
Loan-to-deposit ratios
535
Reform, recommendations
594
Supervision of, article
47-57
Banking, on-line, regulation
454
Banks, small, economic performance, article
719-28
Barger, Norah M., promoted to Deputy Associate
Director, Division of Banking Supervision
and Regulation
67
Basel Committee on Banking Supervision
167
Bassett, William F„ article
367-93, 719-28
Biern, Herbert A., promoted to Senior Associate
Director, Division of Banking Supervision
and Regulation
67
Bitler, Marianne P., article
183-205
Board of Governors (See also Federal Reserve System)
Bank Supervision and Regulation Division, restructure
67
Building purchase
663

A82

Federal Reserve Bulletin • December 2001

Pages
Board of Governors—Continued
Consumer Advisory Council
Meetings
306, 453, 736
New members
162, 453
Economic projections
106
Index of orders and actions taken
37, 277, 4 2 3 - 2 5 , 712
Information Technology Division, restructure
219
Members
Ferguson, Vice Chairman Roger W., oath of office
598
Kelley, Governor Edward W. Jr., intended resignation
452
Membership list, 1913-2001
565
Staff changes
Amer, Howard A
67
Bailey, Deborah P.
67
Barger, Norah M
67
Biern, Herbert A
67
Bouchard, Barbara J
67
Clark, Tillena G
219
Cole, Roger T.
67
Desmond, Angela
67
Edmondson, Wayne A
219
Edwards, Gerald A
67
Embersit, James A
67
Frierson, Robert deVere
536
Hoffman, Stephen M
67
Holm, Charles H
67
Houpt, James V.
67
Jacowski, Mary Cross
67
Jennings, Jack P.
67
Kohn, Donald
536
Lopez, John
219
Madigan, Brian
536
Martinson, Michael G
67
Marycz, Susan F.
219
Massey, Raymond H
219
Reinhart, Vincent
536
Richards, Heidi W.
67
Ryback, William A
67
Shanks, Margaret McCloskey
536
Small, Richard A
67
Smith, Michelle A
219
Spaniel, William G
67
Sussan, Sidney M
67
Wassom, Molly S
67
Wright, David M
67
Swap arrangements
662
Terrorist attacks, statements
661, 662
Bouchard, Barbara J., promoted to Deputy Associate Director,
Division of Banking Supervision and Regulation
67
Brady, Thomas F., article
719-28
Broker and dealer exemptions, banking organizations
535
Business loans
370
Business sector, economic developments
110-13
Businesses, small
Characteristics
185, 2 0 2 - 0 5
Computer use
187
Credit availability
448-51
Financial services, use of, article
183-205
CAPACITY UTILIZATION
Capital accounts, U.S
Capital adequacy framework, proposal to amend
Capital flows, U.S
Capital, commercial banks
Central Bank Research conference
Century Date Change Special Liquidity Facility
Chairmen and deputy chairmen, 2002,
Federal Reserve Banks
Checkers Bank, The
Checking account fees
Checking and savings accounts, use of by small businesses . . . .
Clark, Tillena G., assigned Assistant Director, Division
of Reserve Bank Operations and Payment Systems
Cole, Roger T., promoted to Senior Associate Director,
Division of Banking Supervision and Regulation
Commercial and industrial loans
Commercial Bank Examination Manual
18, 455,




140
293
167
293
374
306
483
735
17
3
188
219
67
379
776

Pages
Commercial banks
Balance sheet developments
369-82
Capital
374
Deposits
374
Developments
367-93
Income and expenses, tables
383-93
Interest income and expense
376
International operations
382
Liabilities
374
Loans
370-74
Noninterest income and expense
378
Profitability
375
Securities holdings
374
Community Reinvestment Act (CRA)
62, 307, 598
Como puede un consumidor presentar una queja acerca
de un banco, brochure
598
Consumer Advisory Council
Meetings
306, 453, 736
N e w members
162, 453
Consumer protections for depository institution sales
of insurance, amendment to
2 7 - 3 0 , 309
Consumer regulations, web site
17
Consumer Rental Purchase Agreement Act, H.R. 1701,
testimony
586-88
Consumers
Disclosures to
102, 308
Protection rules, effective date extended
309
Regulations for, web site
17
Resources, in Spanish
217, 598
Spending
505
Corporate
finances
438
Corrado, Carol, article
132-48
Counterfeiting activity
571, 573
Credit card industry, testimony
769-72
Credit to small businesses
188, 190-94, 197-99, 4 4 8 - 5 1
Cross-border investment in securities, article
633-50
Currency, U.S
486, 5 6 7 - 7 5
Customer information security
166, 412
DEBT
125, 166, 522
DeFerrari, Lisa M., article
47-57
Deposit account fees
2, 6
Deposit insurance
593
Depository institutions
1-11, 63, 194
Deposits, brokered and rate-sensitive, risks
413
Derivatives transactions
414
Desmond, Angela, appointed Assistant Director, Division of
Banking Supervision and Regulation
67
Directives, Federal Open Market Committee
15, 61, 713
Disclosure, market risk, guidance
307
Disclosures, electronic delivery
102, 308, 598
Discount rate, meeting minutes
775
Discount rate, reductions
161, 306, 412, 452, 661, 733, 735
Dollar, U.S., as global currency, article
567-75
Domestic open market operations during 2000
482-99
Domestic policy directives, FOMC
15, 482, 535, 544,
661, 670, 713, 744
Drossos, Sophia, article
757-62
ECONOMIC DEVELOPMENTS, by sector
Business
110-13, 5 0 8 - 1 2
Financial markets
104-06, 120-25, 5 1 9 - 2 2
Foreign
115-17, 514
Government
113-15, 5 1 2 - 1 4
Household
107-10, 5 0 5 - 0 8
Labor markets
117-19,515-18
Prices
117-19, 518
Economic performance of small banks, 1985-2000,
article
719-28
Economy, U.S.
Performance
Foreign transactions
284
Monetary policy reports
103-31, 2 0 9 - 1 3 , 2 1 3 - 1 6 , 5 0 1 - 2 7
Projections
106, 503, 541
Testimony
767
Edmondson, Wayne A., appointed Assistant Director,
Division of Information Technology
219
Edwards, Gerald A., promoted to Associate Director,
Division of Banking Supervision and Regulation
67

Index to Volume 87

Pages
Electronic Fund Transfers (Reg. E)
217, 231-33, 306, 323-27
Embersit, James A., appointed Assistant Director,
Division of Banking Supervision and Regulation
67
Emerging-market economies
129-31
Enforcement actions (See Litigation, Final enforcement
orders issued by Board of Governors)
Equity prices
123, 521
Euro
575
European Central Bank, swap arrangement
662
Export prices
287
Extensions of Credit by Federal Reserve
Banks (Reg. A)
169, 231, 417, 465, 747, 777
FAULKNER, Ryan, article
149-53
Feasibility and Desirability of Mandatory
Subordinated Debt, report
166
Federal budget and fiscal policy, testimonies
157-60, 298-301
Federal funds rate
306, 412, 452, 482, 494,
535, 661, 735, 773
Federal Open Market Committee
Disclosure of procedures, modifications
217
Discount rate, reduction
161, 306, 412, 452,
535, 661, 735, 773
Domestic open market operations, authorization
313, 497
Domestic policy directives
15, 482, 535, 544,
661, 670, 713, 744
Foreign currency directives
316
Foreign currency operations, authorization
314, 316
Meetings
Discontinuance of minutes in
Federal Reserve Bulletin
671, 745
Minutes
Oct. 3, 2000
20-25
Nov. 15, 2000
68-73
Dec. 19, 2000
224-30
January 30-31, 2001
311-22
Mar. 20, 2001
458-64
May 15, 2001
538-44
June 26-27, 2001
665-71
Aug. 21, 2001
739-45
Schedule, 2002
536
Telephone conferences
229, 463, 745
Notation vote, Vincent R. Reinhart election
671
Reciprocal currency arrangements
744
Federal Reserve Act
412, 414
Federal Reserve Banks
Chairmen and deputy chairmen, 2002
735
Fee schedules
15
Operating income
164
Federal Reserve System
Balances
484
Fees for Federal Reserve services to depository
institutions, priced services
15, 64, 736, 774
Member banks, requirements for controlling subsidiaries — 165
Fees of depository institutions
1-11
Fees, ATM, disclosure requirements
217
Ferguson, Vice Chairman Roger W., Jr.
Credit to small businesses, testimony
448-51
Nomination, testimony
531
Oath of office
598
Renomination statement
217
Financial activities permissible under Bank Holding
Company Act
62, 163
Financial flows, U.S
116, 514
Financial holding companies
Finder role activities
62
Merchant banking activities
164, 405-11
Procedures and permissible activities
63, 163
Real estate services
65
Financial information, public disclosure
166
Financial institutions
Anti-money-laundering programs, guidance
164
Subprime lending programs, guidance
165
Financial management services, small business use
189
Financial markets, economic developments
104-06, 120-25,
502, 504—26, 519-22
Financial services used by small businesses: Evidence
from the 1998 Survey of Small Business Finances,
article
183-205




Financial subsidiaries, criteria needed to control
Finder role, permissible activities for financial holding
companies
Fisher, Peter R., Executive Vice President, Federal
Reserve Bank of New York, articles
149-53,
Flow of funds accounts, U.S., article
Foreign currency operations, FOMC authorization
Foreign exchange operations
Articles
149-53, 394-99, 576-81,
Articles, discontinuance in Federal Reserve Bulletin
Foreign official institution
Foreign sector, economic developments
115-17, 284,
Foreign transactions in 2000, article
Frierson, Robert deVere, promoted to Deputy Secretary
of the Board, Office of the Secretary

A83

Pages
165
62
482-99
431-41
314
757-62
580
641
524-27
283-94
536

GAGNON, Joseph E„ article
283-94
Gonzalez, Henry B., Former Chairman, U.S. Banking
Committee, statement
15
Goods and services, trade developments
287-90
Government sector, economic developments
113-15
Gramlich, Edward M., designated as chairman, Air
775
Transportation Stabilization Board
Gramm-Leach-Bliley (GLB) Act
406, 655, 737
Greenspan, Chairman Alan
Statements
Arthur Levitt resignation
61
Ferguson, Vice Chairman Roger W., Jr., renomination — 217
Henry B. Gonzalez
15
Kelley, Governor Edward W., Jr., resignation
452
Paul, O'Neill, Secretary of the Treasury, nomination
61
Testimony
Economy, U.S
767
Federal budget and fiscal policy
157-60, 298-391
International trade and world economy
403-05
Monetary policy
209-12, 213-16, 588-97
Technological change and financial services
215
Terrorist attacks, effect on economy
733
U.S. banking system
532-34
Griever, William L., article
633-50
H.R. 1701, Consumer Rental Purchase Agreement
Act, testimony
586-88
Hannan, Timothy H., article
1-11
Hilton, Spence, article
482-99
Hoffman, Stephen M., promoted to Associate Director,
Division of Banking Supervision and Regulation
67
Holm, Charles H., appointed Assistant Director,
Division of Banking Supervision and Regulation
67
Home equity lines of credit
309, 373
Home Mortgage Disclosure Act (Reg. C)
17, 63, 75
Houpt, James V., promoted to Associate Director,
Division of Banking Supervision and Regulation
67
Household assets, debt, and loans
372, 381, 436, 507
Household sector, economic developments
107-10
Housing investment
506
Humphrey-Hawkins Report {See Monetary Policy
Reports to the Congress)
IDENTITY THEFT, protection
412, 454
Identity Theft: Protect Yourself, video
454
Import prices
289
Income and expenses, commercial banks
376, 383-93
164
Income, Federal Reserve Banks
Industrial economies
128
Industrial production and capacity utilization
Article
132-48
Discontinuance in Federal Reserve Bulletin .. 584, 653, 731, 765
Index weights
137
Releases
12-14, 58-60, 154-56,
206-08, 295-97, 400-02, 442-44,
528-30, 582-85, 651-53, 729-32, 763-66
Revision
133
Tables
141-48
Information, protection of consumer
166
Insurance products, consumer protection rules
27-30, 309
Interest income and expenses, commercial banks
376, 378
Interest on demand deposits and balances at Federal
Reserve Banks, testimony
301-05

A84

Federal Reserve Bulletin • December 2001

Pages
Interest rates
Commercial banks, tables
384-93
Financial markets
121, 519-21
International Banking Act of 1978
Orders issued under
Abbey National Treasury Service pic,
London, England
750-51
Banco de Bogota, S.A., Santafe de Bogota, D.E.,
Colombia
552-54
Banco de Credfto del Peru, Lima, Peru
708-10
Banco Pastor S.A., A Coruna, Spain
555
556-58
Bank Austria Aktiengesellschaft, Vienna, Austria
Caja de Ahorros y Monte de Piedad de Madrid,
Madrid, Spain
785
DePfa Bank AG, Wiesbaden, Germany
710-12
Euroclear Bank, Brussels, Belgium
90
Kookmin Bank, Seoul, Korea
786-88
RHEINHYP Rheinische Hypothekenbank AG,
Frankfurt am Main, Germany
558
Societe Generale, Paris, France
353-55
International Banking Operations (Reg. K)
773
International
Developments, monetary policy
127-31, 524-27
Operations, commercial banks
382
Trade and world economy, testimony
403-05
Transactions, article
283-94
Investment income
290-92
Investments
Equity, in nonfinancial companies
167
Fixed and inventory
508, 509
Securities across borders, article
633-50
JACOWSKI, Mary Cross, promoted to Deputy Associate
Director, Division of Banking Supervision
and Regulation
Jennings, Jack P., promoted to Associate Director,
Division of Banking Supervision and Regulation
Joint Central Bank Research Conference on Risk
Measurement

67
67
306

KELLEY, Governor Edward W., Jr., intended resignation
452
Kohn, Donald, appointed Adviser to the Board,
Office of Board Members
536
Kos, Dino, Executive Vice President, Federal Reserve
Bank of New York, articles
394-99, 576-81, 757-62
LABOR MARKETS, economic developments
117-19, 515-18
Lambert, Michael J., article
567-75
LAN equipment
138
LCBO Program
47-57
Lee, Gary A., article
633-50
Leveraged financing,
risks
413
Levitt, Arthur, Securities and Exchange Commission,
resignation
61
Liabilities, commercial banks
374
Litigation
Final enforcement decisions and orders issued by Board of
Governors
738
AmericasBANK Corp
Asahi Bank, Ltd
19
Banca Serfin, S.A., Lomas de Sante Fe, Mexico
66
Banco Internacional, S.A., Mexico City, Mexico
66
Banco Nacional de Mexico, Mexico City, Mexico
66
Banco Santander, Madrid, Spain
66
Bancomer, S.A., Mexico City, Mexico
66, 101
Bank of Ephraim
775
Bank of Greenville
168
Bank of Rogers
536
Bankers Trust Company
359-65
Barnett Bank, N.A
99-100
Benton, Oren L
309
Caisse Nationale de Credit Agricole, Paris, France . . . . 19, 101
Commercial and Savings Bank of Millersburg
19
Credit Agricole Indosuez, New York, New York
19
Credit Agricole Indosuez, Paris, France
19
CSB Bancorp, Inc
19
309
First Community Bank
Fonkenell, Guillaume Henri Andre
310, 359-65
Goglia, Kenneth
599




Pages
Litigation—Continued
Final enforcement decisions and orders—Continued
Golden, Sammie R
19, 42
Guaranty Bank
19
Guaranty Financial Corporation
19
Hill, Kaye G
66, 99
Incus Co., Ltd
457
Kann de Gouverneur, Nelly
536
Kingdon, Bruce Jeffrey
66, 101
Maryland Permanent Capital Corporation
168
Mcllroy Bank and Trust
775
New Century Bank
168, 738
Operation Casablanca
65
People's Bancshares, Inc
66
Peterson, George J
42
Plante, Harvey
536
Rhon, Carlos Hank
457
Scott, Edward D
309
U.S. Trust Corporation
536
Union Planters National Bank
42
United Central Bank
19, 42
USABancShares.com, Inc
310
Valley Independent Bank
168
Index of orders and actions taken
37, 277, 712
Pending cases involving the Board of Governors,
lists of
42, 98, 181, 280,
359, 429, 481, 564,
632, 716, 755, 791
Termination of enforcement actions issued by Board of
Governors
Asahi Bank, Ltd
44
Written agreements approved by Federal Reserve Banks
CSB Bancorp, Inc
45
Guaranty Financial Corporation
45
People's Bancshares, Inc
101
USABancShares.com, Inc
365
Loan-to-deposit ratios, banking organizations, report
535
Loans
Accounting and reporting guidance
308
Business
370
Commercial and industrial
379
Home equity
373
Household
372
Performance, commercial banks
379
Syndicated
736
Lopez, John, appointed Special Assistant to the Board,
Office of Board Members
219
MADIGAN, Brian, appointed Deputy Director,
Division of Monetary Affairs
536
Martinson, Michael G., promoted to Associate Director,
Division of Banking Supervision and Regulation
67
Marycz, Susan F., appointed Assistant Director, Division of
Information Technology
219
Massey, Raymond H., promoted to Associate Director,
Division of Information Technology
219
Member banks
165, 663
Membership list, Board of Governors
1913-2001
565
Membership of State Banking Institutions in the
Federal Reserve System (Reg. H)
169-70, 414, 673-678
Merchant banking activities
164, 405-11
Meyer, Governor Laurence H., testimonies
Bank securities
654-60
Interest on demand deposits and balances at
Federal Reserve Banks
301-05
Merchant banking activities
405-11
Real estate brokerage and management
445-48
Monetary aggregates
126, 523
Monetary policy reports to the Congress
103-31, 209-12,
213-16, 501-27, 588-97
Money stock data, revision
219-23
Mortgage loans, diclosure requirement

6

NOW account fees

4

O'NEILL,
Oil
importsPaul, Secretary of the Treasury, nomination
Oil prices in 2000

61
290
285

Index to Volume 87

Pages
On-line banking, regulation
454
Open market operations
482-99, 522, 533
Opportunities and challenges of the U.S. dollar as an
increasingly global currency: A Federal Reserve
perspective, article
567-75
PALMER, David E„ article
47-57
Payments system risk policy
453, 736
Personal information, access to
419
Priced services for depository institutions,
proposed calculation
64, 736, 775
Prices, economic developments
117-19, 518
Privacy Act
419
Privacy, consumer information
166, 308, 737
Profitability, commercial banks
375
Public disclosure guidance
307
Publications
Annual Report, 2000
536
Annual Report: Budget Review, 2001
536
Bank Holding Company Supervision Manual
65, 455
Commercial Bank Examination Manual
18, 455, 776
When Your Home is on the Line: What You Should Know
about Home Equity Lines of Credit, brochure
309
REAL ESTATE
Brokerage and management, testimony
445-48
Financial holding companies, services
65
Loans
372, 380
Reciprocal currency arrangements, Federal Open
Market Committee
744
Regulations, Board of Governors (See also Rules)
A, Extensions of Credit by Federal Reserve Banks
169, 231,
417, 465, 747, 111
C, Home Mortgage Disclosure
17, 63, 75
E, Electronic Fund Transfers
217, 231-33, 276,
306, 323-27
H, Membership of State Banking Institutions
in the Federal Reserve System
169-70, 414, 673-78
K, International Banking Operations
773
W, Federal Reserve Act, Sections 23A and 23B
414
Y, Bank Holding Companies and Change
in Bank Control
64, 75, 170-77, 417-19
Z, Truth in Lending
16, 63
Reinhart, Vincent R.
Appointed Director, Division of Monetary Affairs
536
671
Election vote to Federal Open Market Committee
Reserves, required
16, 494, 774
Residency, concept regarding investment
641
Residential mortgage originations, correction, table 4.411
663
Richards, Heidi W., appointed Assistant Director,
Division of Banking Supervision and Regulation
67
Risk measurement, conference
306
Robb, Alicia M„ article
183-205
Rules, final
Bank Holding Companies and Change in Bank Control
(Reg. Y), amendment to
170-77
Consumer protections for depository
institution sales of insurance
27-30
Privacy Act
419
Ryback, William A., promoted to Senior Associate Director,
Division of Banking Supervision and Regulation
67
SAVINGS account fees
Schwarz, Krista, articles
394-99,
Securities
Bank holdings
Bank, interim rules
Investment accounts
Investment, cross-border
Shanks, Margaret McCloskey, appointed Assistant
Secretary of the Board, Office of the Secretary
Small banks, economic performance, article
Small businesses (See Businesses, small)
Small, Richard A., promoted to Deputy Associate Director,
Division of Banking Supervision and Regulation
Smith, Dolores, Director, Division of Consumer and
Community Affairs, testimony
Smith, Michelle A., appointed Assistant to the Board,
Office of Board Members




5
576-81
374
654-60
374
633-50
536
719-28

67
769-72
219

A85

Pages
Spaniel, William G., appointed Assistant Director,
Division of Banking Supervision and Regulation
Spanish-language consumer resources
Stanton, Kristin D., article
State and local government spending
State member banks, financial subsidiaries rule
Statements to the Congress (See Testimony of Federal
Reserve officials)
Stop-payment order fees
Subordinated debt, report
Subprime lending programs, guidance
Supervision, large banking organizations
Survey of Consumer Finances
Survey of Small Business Finances
Sussan, Sidney M., promoted to Adviser, Division of
Banking Supervision and Regulation
Swap arrangements
Syndicated loans

67
217, 598
567-75
513
663

6
166
165
47-57
453
448-51
67
662, 760
736

TEPLIN, Albert M., article
431-41
Terrorist attacks, effect on economy
661, 733, 745
Testimony of Federal Reserve officials
Bank securities (Governor Meyer)
654-60
Consumer Rental Purchase Agreement Act, H.R. 1701
(Dolores S. Smith, Director, Division of
Consumer and Community Affairs)
586-88, 646-8
Credit card industry (Dolores S. Smith, Director,
Division of Consumer and Community Affairs)
769-72
Credit to small businesses (Vice Chairman Ferguson) . . . . 448-51
Discontinuance in Federal Reserve Bulletin
597, 660
Economy, U.S. (Chairman Greenspan)
767
Federal budget and fiscal policy
(Chairman Greenspan)
157-60, 298-301
Ferguson, Vice Chairman Roger W., nomination
(Vice Chairman Ferguson)
531
Financial holding companies and merchant banking
(Governor Meyer)
405-11
Interest on demand deposits and balances at Federal
Reserve Banks (Governor Meyer)
301-05
International trade and world economy
(Chairman Greenspan)
403-05
Monetary policy (Chairman Greenspan)
209-12, 213-16,
588-97
Real estate brokerage and management
(Governor Meyer)
445-48
Terrorist attacks, effect on economy
(Chairman Greenspan)
733
U.S. banking system (Chairman Greenspan)
532-34
Thrift Institutions Advisory Council
61
Trade deficit, U.S
287-90, 514
Trade, goods and services
115, 287-90
Treasury and Federal Reserve foreign exchange operations
Articles
149-53, 394-99, 576-81, 757-62
Discontinuation in Federal Reserve Bulletin
580, 761
Truth in Lending (Reg. Z)
16, 63
U.S. BANKING system, testimony
U.S. flow of funds accounts and their uses, article
U.S. system for measuring cross-border investment
in securities: A primer with a discussion of recent
developments, article
Unilateral transfers
VIDEO
Identity Theft: Protect

Yourself

WARNOCK, Francis E., article
Wassom, Molly S., promoted to Associate Director,
Division of Banking Supervision and Regulation
Web sites
Consumer regulations
Students, educators, and general public
When Your Home is on The Line: What You Should
Know about Home Equity Lines of Credit, brochure
Wolken, John D., article
Wright, David M., appointed Assistant Director,
Division of Banking Supervision and Regulation
ZAKRAJSEK, Egon, article

532-34
431-41

633-50
293
454
633-50
67
17
738
309
183-205
67
367-93

A86

Federal Reserve Bulletin • December 2001

Publications of Interest
FEDERAL RESERVE REGULATORY

SERVICE

To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes,
interpretations, policy statements, rulings, and staff
opinions. For 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, consumer affairs, and the payment system.
These publications are designed to help those who
must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index.
The Monetary Policy and Reserve Requirements
Handbook contains Regulations A, D, and Q, plus
related materials.
The Securities Credit Transactions Handbook contains Regulations T, U, and X, dealing with extensions of credit for the purchase of securities, together
with related statutes, Board interpretations, rulings,
and staff opinions. Also included is the Board's list of
foreign margin stocks.
The Consumer and Community Affairs Handbook
contains Regulations B, C, E, G, M, P, Z, AA, BB, and
DD, and associated materials.

The Payment System Handbook deals with expedited
funds availability, check collection, wire transfers, and
risk-reduction policy. It includes Regulations CC, J, and
EE, related statutes and commentaries, and policy
statements on risk reduction in the payment system.
For domestic subscribers, the annual rate is $200 for
the Federal Reserve Regulatory Service and $75 for
each handbook. For subscribers outside the United
States, the price including additional air mail costs is
$250 for the service and $90 for each handbook.
The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a
standalone PC, the annual subscription fee is $300. For
network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent
users, $2,000 for a maximum of 50 concurrent users,
and $3,000 for a maximum of 100 concurrent users.
Subscribers outside the United States should add $50
to cover additional airmail costs. For further information, call (202) 452-3244.
All subscription requests must be accompanied by a
check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be
addressed to Publications Services, mail stop 127, Board
of Governors of the Federal Reserve System, Washington, DC 20551.

GUIDE TO THE FLOW OF FUNDS ACCOUNTS
A new edition of Guide to the Flow of Funds Accounts
is now available from the Board of Governors. The new
edition incorporates changes to the accounts since the
initial edition was published in 1993. Like the earlier
publication, it explains the principles underlying the
flow of funds accounts and describes how the accounts
are constructed. It lists each flow series in the Board's
flow of funds publication, "Flow of Funds Accounts of
the United States" (the Z.l quarterly statistical release),




and describes how the series is derived from source
data. The Guide also explains the relationship between
the flow of funds accounts and the national income and
product accounts and discusses the analytical uses of
flow of funds data. The publication can be purchased,
for $20.00, from Publications Services, Mail Stop 127,
Board of Governors of the Federal Reserve System,
Washington, DC 20551.

A87

Federal Reserve Statistical Releases
Available on the Commerce Department's
Economic Bulletin Board
The Board of Governors of the Federal Reserve System makes some of its statistical releases available to
the public through the U.S. Department of Commerce's economic bulletin board. Computer access
to the releases can be obtained by subscription.

For further information regarding a subscription to
the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following:

Reference
Number

Statistical release

Frequency of release

H.3

Aggregate Reserves

Weekly/Thursday

H.4.1

Factors Affecting Reserve Balances

Weekly/Thursday

H.6

Money Stock

Weekly/Thursday

H.8

Assets and Liabilities of Insured Domestically Chartered
and Foreign Related Banking Institutions

Weekly/Monday

H.10

Foreign Exchange Rates

Weekly/Monday

H.15

Selected Interest Rates

Weekly/Monday

G.5

Foreign Exchange Rates

Monthly/end of month

G.17

Industrial Production and Capacity Utilization

Monthly/midmonth

G.19

Consumer Installment Credit

Monthly/fifth business day

Z.l

Flow of Funds

Quarterly