Full text of Federal Reserve Bulletin : February 1982
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VOLUME 68 •
NUMBER 2 •
FEBRUARY 1982
FEDERAL RESERVE
BULLETIN
Board of Governors of the Federal Reserve System
Washington, D.C.
PUBLICATIONS COMMITTEE
Joseph R. Coyne, Chairman • Stephen H. Axilrod • Michael Bradfield
John M. Denkler • Janet O. Hart • James L. Kichline • Edwin M. Truman
Naomi P. Salus,
Coordinator
The FEDERAL RESERVE BULLETIN is issued monthly under the direction of the staff publications committee. This committee is responsible for
opinions expressed except in official statements and signed articles. The artwork is provided by the Graphic Communications Section under the
direction of Peter G. Thomas. Editorial support is furnished by the Economic Editing Unit headed by Mendelle T. Berenson.
Table of Contents
77
DEVELOPMENTS IN BANKING
STRUCTURE, 1970-81
103
Gross earnings of Federal Reserve Banks
amounted to $15.5 billion in 1981, more
than $14 billion of which was paid to the
U.S. Treasury.
During the last decade the structure of the
commercial banking industry continued to
adjust to changes in legislation and to the
evolution of the financial system.
86
INDUSTRIAL
Amendments to Regulations G, T, and U to
simplify and clarify margin requirement
rules. (See Legal Developments.)
PRODUCTION
Output declined about 3.0 percent in January.
88
STATEMENTS
TO
Meeting of Consumer Advisory Council.
Changes in Board staff.
Admission of six state banks to membership
in the Federal Reserve System.
CONGRESS
Paul A. Volcker, Chairman, Board of Governors, says that sustainable growth cannot
be built on inflationary policies and that the
progress that is beginning on the inflation
front will help lay the base for recovery and
a better economic performance over the
long run, before the Joint Economic Committee of the Congress, January 26, 1982.
91
Chairman Volcker underscores and amplifies some of the points contained in the
official report from the Board in accordance
with the Humphrey-Hawkins Act, before
the House Committee on Banking, Finance
and Urban Affairs, February 10, 1982, and
before the Senate Committee on Banking,
Housing, and Urban Affairs, February 11,
1982.
105 RECORD OF POLICY ACTIONS OF THE
FEDERAL OPEN MARKET
COMMITTEE
At its meeting on December 21-22, 1981,
the Committee decided to seek behavior of
reserve aggregates associated with growth
of Ml and M2 from November 1981 to
March 1982 at annual rates of around 4 to 5
percent and around 9 to 10 percent respectively. In setting the objective for M l , the
Committee took account of the relatively
rapid growth that had already taken place
through the first part of December. It also
recognized that interpretation of actual
money growth might need to take account
of the significance of fluctuations in NOW
accounts, which recently had been growing
relatively rapidly. The intermeeting range
for the federal funds rate that provides a
mechanism for initiating consultation of the
Committee was set at 10 to 14 percent.
J. Charles Partee, Member, Board of Governors, discusses proposals to expand bank
participation in securities markets by allowing banks to underwrite municipal revenue
bonds and to offer mutual funds, before the
Subcommittee on Securities of the Senate
Committee on Banking, Housing, and Urban Affairs, February 4, 1982.
96
ANNOUNCEMENTS
ill
LEGAL
DEVELOPMENTS
Amendments to Regulations C, M, Z, Q, G,
T, and U; various bank holding company
and bank merger orders; and pending cases.
Ai
FINANCIAL
AND BUSINESS
STATISTICS
A3 Domestic Financial Statistics
A46 Domestic Nonfinancial Statistics
A54 International Statistics
A69 GUIDE TO TABULAR
PRESENTATION,
STATISTICAL RELEASES, AND SPECIAL
TABLES
A70 BOARD OF GOVERNORS
AND
STAFF
All
FEDERAL OPEN MARKET
COMMITTEE
AND STAFF; ADVISORY
COUNCILS
A73 FEDERAL RESERVE
BANKS,
BRANCHES, AND OFFICES
A74 FEDERAL RESERVE
PUBLICATIONS
BOARD
A76 INDEX TO STATISTICAL
TABLES
A78 MAP OF FEDERAL RESERVE
A79 PUBLICATIONS
OF INTEREST
SYSTEM
Developments in
Banking Structure, 1970-81
Donald T. Savage of the Board's Division of
Research and Statistics prepared this article,
with research assistance provided by Patricia
Lapczynski and Loree Bernard.
1981. This article discusses only the portions of
those laws that affect current or future trends in
banking structure.
Since 1970, a number of economic and legislative
changes have had significant impacts on the
structure of the American banking system. Because of the accelerating evolution of the financial system, even greater changes in the structure
of the commercial banking system can be expected in the future.
Concern with the structure of commercial
banking derives mainly from the objective of
maintaining a financial system that will provide
high quality services at competitive prices. The
performance of the industry, in terms of services, prices, and profits, depends on its structure. Other things being equal, an industry structured toward monopoly would be expected to
provide fewer services, charge higher prices, and
earn a higher rate of profit than an industry with
many competitive firms each of which has a
small share of the market. Thus, structural
changes within the banking industry are important because of their implications for the future
performance of the industry.
The first section of this review describes the
major economic and legislative forces transforming the structure of the commercial banking
industry. The next section examines specific
components of banking structure—chartering,
bank holding companies, and branch banking.
Finally, statistics on the concentration of commercial banking are presented.
Federal
LEGISLATION
ON BANKING
STRUCTURE
The federal government and many of the states
enacted banking legislation between 1970 and
Legislation
The 1970 amendments to the Bank Holding Company Act of 1956 and the Depository Institutions
Deregulation and Monetary Control Act of 1980
were the major federal statutes affecting banking
structure. Other significant legislation is discussed after consideration of these laws.
The 1970 amendments to the Bank Holding
Company Act extended the coverage of the act
to the 1,352 one-bank holding companies operating at the time the amendments were passed.
Before that time, a one-bank holding company
could engage in any line of business. Although
insurance and real estate were the most common
nonbank activities, subsidiaries of one-bank
holding companies were involved in a variety of
businesses, ranging from agriculture to manufacturing and service industries.
The 1970 amendments provided the mechanism to determine the nonbanking activities permissible for bank holding companies. The Board
of Governors of the Federal Reserve System was
given the power to permit bank holding companies to engage in those nonbanking activities that
were "determined to be so closely related to
banking. . . as to be a proper incident thereto"
and that "can reasonably be expected to produce
benefits to the public, such as greater convenience, increased competition, or gains in efficiency, that outweigh possible adverse effects,
such as undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound banking practices." One-bank
holding companies were given until December 31, 1980, to divest either their subsidiary
78 Federal Reserve Bulletin • February 1982
bank or those impermissible activities that were
not conducted by the company's subsidiaries
before and continuously since June 30, 1968.
The issue of appropriate nonbanking activities
arose again in the late 1970s as nonbanking
financial firms began offering new financial services that could not be offered by banks. The
desire of some banks to establish money market
mutual funds reopened the nonbanking activities
debate. Because shares in money market mutual
funds are considered to be securities for regulatory purposes, the controversy extends to a
general reexamination of the separation of commercial banking and securities underwriting. The
legislative response to bank requests for powers
equal to those of their nonbank competitors
could change not only the process by which the
nonbanking activities of bank holding companies
are evaluated but also the traditional separation
of commercial and investment banking.
The Depository Institutions Deregulation and
Monetary Control Act, the second major federal
statute since 1970 affecting banking structure,
legalized the provision to consumers of thirdparty payment services by thrift institutions in all
states. The nationwide authorization of negotiable order of withdrawal (NOW) accounts, remote
service units, and share draft accounts ended the
exclusive role of commercial banks in the provision of payments services. Legislation proposed
in the Congress in 1981, but not enacted, would
have further reduced the uniqueness of commercial banks by expanding the banking powers of
thrift institutions to include commercial checking
accounts and commercial lending. Thus commercial banks now face increased competitive pressures from thrift institutions as well as from the
money market mutual funds and other less regulated providers of financial services.
The gradual elimination of the ceilings on
deposit interest rates (Regulation Q) mandated
by the 1980 legislation also raises questions
about the future structure of the banking industry, particularly whether small banks and thrift
institutions can compete effectively for deposits
against larger banks. Even if the larger banks
were not permitted to expand geographically,
they might be able to attract funds out of small
banking markets by paying very high interest
rates. Payment of such high interest rates would
result in small institutions either losing funds or
incurring substantially increased interest costs.
Studies that demonstrate that small banks can
compete with much larger banks have been conducted in an environment of effective ceilings on
explicit interest payments under Regulation Q.
The eventual removal of rate ceilings could
change those results, although the bulk of interest-sensitive deposits in smaller banking markets
may already have been transferred to money
market mutual funds and other investments
yielding market returns.
Whereas the major legislative changes of the
past decade have had some impact on the structure of the commercial banking system, future
changes could be even more important. The
expansion in the number of suppliers of commercial bank services and the phaseout of Regulation
Q could have a major restructuring effect.
In addition to these key legislative actions,
other statutes also have important implications
for banking structure. The International Banking
Act of 1978 (IBA) provided for federal, as well as
state, chartering of foreign bank offices and limited the future interstate expansion of domestic
deposit-taking activities of foreign banks in order
to make their powers more comparable to those
of domestic banks. The IB A subjected U.S.
agencies and branches of foreign banks with
worldwide assets in excess of $1 billion to federal
reserve requirements and interest rate limitations
and required U.S. branches of foreign banks that
accept retail deposits to obtain insurance from
the Federal Deposit Insurance Corporation. The
IB A also subjected foreign banks operating U.S.
agencies and branches to the nonbanking provisions of the Bank Holding Company Act. Under
the IBA, the powers of Edge corporations were
expanded to allow them to compete more effectively with U.S. agencies and branches of foreign
banks and foreign banks were, for the first time,
permitted to own Edge corporations. The IBA
also called for several reports to Congress, including a presidential study of the current relevance of existing restraints on interstate banking.
The latter study, sent to the Congress in early
1981, recommended a phased reduction of current restrictions on geographic expansion by
banking organizations, immediate provision for
the interstate acquisition of large failing banks,
and a liberalization of rules governing deployment of electronic fund transfer (EFT) facilities.
Developments
Other federal banking legislation has less extensive effects on the structure of the commercial
banking industry. The Community Reinvestment
Act of 1977 required the federal financial regulatory agencies to assess the extent to which
institutions were meeting the credit needs of
their entire community and to take these assessments into account in decisions on applications
for mergers, branches, bank holding company
acquisitions of banks, and other structural
changes. The Change in Bank Control Act (title
VI of the Financial Institutions Regulatory and
Interest Rate Control Act of 1978) gave the
federal banking agencies power to approve or
disapprove proposed changes of control of banks
and bank holding companies. Agency decisions
are to be based on competitive effects, the financial condition of those seeking to obtain control,
and the experience, competence, and integrity of
the bank's proposed new management.
State
Legislation
Several states liberalized their branching laws
during the period as the slow drift toward more
extensive branching continued. Three unit banking states authorized limited branching. In 1972,
Iowa permitted banks to establish branches in
the same county as their home office and in
adjacent counties. The statute included a home
office protection clause; a home office protection
clause prohibits branching into a town or city if
another bank has its home office in that town or
city. Arkansas liberalized its laws in 1973 to
allow countywide branching with home office
protection. In 1980, Minnesota allowed the upgrading of two previously permitted limited service offices to full service branches.
Statewide branching was permitted in New
Jersey (1973), New York (1977), and New Hampshire (1979). All three states included home office
protection features in their laws, although the
New Jersey and New Hampshire laws gradually
reduced the maximum size of cities subject to
protection. In 1978, Virginia, which had statewide branching by merger, liberalized its law
with respect to de novo branching and allowed
bank holding companies to merge their affiliates
and to continue branching from the former home
offices of the affiliates. Florida introduced
in Banking Structure, 1970-81
79
branching within the county of the bank's home
office in 1973 and allowed statewide branching
by merger in 1979. Statewide branching was
authorized in Ohio in 1979, but the law does not
become effective until 1989; in the interim, the
countywide branching limit was expanded to an
adjacent-county branching limit.
Other unit banking states, while continuing to
restrict branching in the full sense of the term,
have authorized various detached or drive-in
facilities. In most cases, the services these facilities can offer and/or their distance from the
bank's main office are restricted. For example,
Texas allows a drive-in facility located between
500 and 2,000 feet from the main office and
permits off-premises automated teller machines.
State legislation on bank holding companies is
less easily categorized than branching legislation
because many states have adopted unique holding company laws. Some states permit expansion, but restrict the share of total state deposits
that can be held by any one holding company.
Iowa, for example, has an 8 percent limit on the
percentage of total state deposits that can be held
by any one bank holding company. Illinois limits
the expansion of bank holding companies to
subdivisions of the state, rather than allowing
expansion throughout the state.
Banks owned by out-of-state bank holding
companies continue to operate in several states
under the grandfather provisions of the Bank
Holding Company Act of 1956, but only two
states have provisions for current acquisitions of
banks by out-of-state holding companies. Iowa
permits expansion by the one out-of-state holding company that owned subsidiaries in the state
at the time the law was enacted. Maine permits
the acquisition of banks in that state by holding
companies headquartered in states extending reciprocal acquisition rights to Maine bank holding
companies. Similar laws have been considered,
but not enacted, in other states. South Dakota in
1980 and Delaware in 1981 enacted laws allowing
out-of-state holding companies to form specialpurpose bank subsidiaries.
The net effect of changes in state branching
and bank holding company laws has been that
Kansas, Nebraska, Oklahoma, and West Virginia are now the only states with both unit banking
laws and no significant multibank holding company activity. Illinois, previously in this group,
80 Federal Reserve Bulletin • February 1982
enacted a multibank holding company law in
1981, and legislation that would allow multibank
holding companies in Nebraska is under judicial
review.
States have been slow to lower the barriers to
branching, but other developments have tended
to reduce the importance of those barriers. Free
from branching restraints, the nonbank subsidiaries of bank holding companies expanded on a
multistate basis. Although unable to accept deposits, offices of consumer finance companies
and mortgage banking companies owned by bank
holding companies have allowed the parent organization to enter many local markets, in some
cases on a nationwide basis. Loan production
offices were established by major banks in commercial centers outside the home state of the
bank in order to service customers with large
commercial loans. Edge Act subsidiaries of
banks were permitted to branch interstate to
meet the foreign trade financing needs of their
customers.
The development of EFT systems is also reducing the significance of barriers to branch
banking. Debit card systems give customers access to their bank balances at terminals located
off the premises of the bank. As groups of banks
permit customers of each participating bank to
use machines owned by the others in the group,
the consumer will be able to withdraw funds
from his checking account at more locations. An
eventual nationwide expansion of these shared
debit card systems would be another step toward
full interstate banking.
STRUCTURAL
CHANGES
IN COMMERCIAL
BANKING
In this examination of various aspects of structural change in commercial banking, major emphasis is given to entry and exit, the bank holding
company, and branch banking.
Entry and Exit
From 1969 to 1980, the number of commercial
banks, whether independent or units in a bank
holding company, grew from 13,679 to 14,836
(table 1). The number of new banks organized
per year averaged more than 240 with the highest
numbers in 1973 and 1974. Only in 1969 and 1979
did the number of exits from the industry by
merger and failure exceed the number of new
banks formed, although the level of net new
entry trended downward from its peak in 1974.
When each bank holding company group or
independent bank is counted as one organization, the number of banking organizations declined slightly over the period for which comparable data were available (table 1). Thus, even
though many bank mergers and bank holding
company acquisitions took place during the dec-
1. Changes in number of commercial banks in the United States, 1969-80
Item
Number of banks, beginning of
period
New banks organized
Reopenings
Mergers, consolidations, and
absorptions
Banks converted into
branches
Other
Suspensions
Voluntary liquidations
Other changes
Number of banks, end of
period
Net increase or decrease
Number of banking
organizations, end of year 1
Net increase or decrease
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
13,679
134
13,662
185
13,688
201
1
13,786
265
13,930
344
14,174
405
1
14,459
275
3
14,631
190
14,672
200
14,704
180
14,712
237
14,708
266
-128
-18
-4
-1
-127
-23
-1
-8
-83
-13
-4
-3
-1
-106
-10
-2
-2
-1
-87
-10
-3
-105
-13
-82
-13
-3
-128
-13
-159
-2
-154
-16
-217
-16
-117
-18
-3
-3
-8
-2
-6
-7
-2
-2
-6
13,662
-17
13,688
26
13,786
98
13,930
144
14,174
244
14,459
285
14,631
172
14,672
41
14,704
32
14,712
8
14,708
-4
14,836
128
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
12,606
n.a.
12,619
13
12,663
44
12,682
19
12,717
35
12,719
2
12,785
66
12,572
-213
1. Companies that are subsidiaries of other bank holding companies
are eliminated.
n.a. Not available on basis of holding company group.
SOURCE. Annual Statistical Digest, 1970-1979 and 1980 (Board of
Governors of the Federal Reserve System, 1981).
Developments
ade, new entries have been almost numerous
enough to maintain a constant number of banking
organizations.
Bank Holding
in Banking Structure, 1970-81
When duplications caused by multitiered bank
holding companies are eliminated, the number of
multibank holding companies increased from 86
in 1969 to 361 at the end of 1980. The total
number of banks controlled by multibank holding
companies increased from 723 in 1969 to 2,426 in
1980. This increase in the number of subsidiary
banks was concentrated in a relatively small
number of unit banking or limited branching
states. More than two-thirds of the increase was
accounted for by Texas, Florida, Missouri,
Michigan, Ohio, Colorado, Wisconsin, and Alabama.
During the 1970s, 363 de novo banks were
organized by bank holding companies. The remaining growth in the number of subsidiary
Companies
Over the period, the bank holding company
gradually became the dominant form of banking
organization. By the end of 1980, 74.1 percent of
domestic commercial banking assets were held
by subsidiary banks of bank holding companies.
Multibank holding companies held 35.7 percent
of these assets (an increase from 19.0 percent at
the end of 1969) and one-bank holding companies
held 38.4 percent.
Percent of commercial banking deposits held by multibank holding companies
f 15.0
Washington
54.9
Montana
36.3
North Dakota
59.0
Minnesota
44.3
South Dakota
50.5
Wisconsin
71.5
51.3
Wyoming
c n
Michigan
13.6
Nebraska
47.5
Nevada
'
f
1
0.9 1 1.3 I
Illinois I Indiana!
66.1
58.2
Ohio
44.4 N.J.
—0 Delaware
Colorado
67.0
Missouri
12.8
ilifornia
r 55.0
Virginia
•J 9.5
Kentucky
7
3.3
North Carolina
1.2
Oklahoma
27.3
Arizona
South
.Carolina
47.0
New Mexico
58.7 1
Alabama
0.4 I
Louisiana
,67.5\
Florid^
Statewide branching I
,
Limited branching I
Unit banking
I
7.8 Alaska
8.1 Hawaii
IRlSiS 11191
81
I
I
I
^ 9.5 District of
Columbia
33.5 Maryland
82 Federal Reserve Bulletin • February 1982
banks resulted from the acquisition of existing
banks.
The chart shows the percentage of total commercial bank domestic deposits held by banks in
multibank holding companies in each state as
well as state branching classifications. Each of
the branching categories includes states with
widely varying levels of multibank holding company activity.
In 1980, there were 2,544 one-bank holding
companies, an increase of 1,192 since the passage of the 1970 amendments to the Bank Holding Company Act. In many cases, the one-bank
holding company form of organization offers tax
benefits to bank stockholders because the two
organizations can file a consolidated income tax
return if 80 percent or more of the stock of the
bank is owned by the holding company. The
income of the bank is reduced for tax purposes
by the holding company's interest payments on
its debt. The one-bank holding company also
allows the organization to conduct permissible
nonbank activities within the holding company,
but outside the bank.
Since the passage of the 1970 amendments, the
Board has approved 22 nonbank activities and
rejected 13 others that were proposed. Nearly all
of the approved activities were permissible for
national banks. From 1971 to 1980, the Federal
Reserve System approved 1,447 applications to
engage in these activities. In spite of the large
number of approvals, the assets of nonbank
subsidiaries of bank holding companies are only
about 5 percent of the assets of the commercial
banking system.
Branch
Banking
As indicated, the trend has been toward more
liberal branching statutes. Despite the slow removal of branching restraints, the number of
banks operating branches, as well as the number
of branches, continued to increase. At the end of
1969, 3,794 commercial banks (27.7 percent of
the total) operated 19,985 branches, an average
of 5.26 branches per branching bank. At the end
of 1980, 6,859 commercial banks (46.2 percent of
the total) operated 38,353 branches, an average
of 5.59 branches per branching bank.
Even the unit banking states permitted some
expansion of banking offices, but most of these
offices were relatively near the bank's home
office, were limited as to functions performed, or
were EFT facilities classified as branches by
state law. Except in the statewide branching
states, nearly all branches were located in the
bank's home office county or in an adjacent
county.
The question of what constitutes a branch
created controversy and litigation. Legal issues
arose with respect to regulatory classifications of
loan production offices and customer-bank communication terminals. Litigation followed rulings
on interstate activities of nonbank subsidiaries of
bank holding companies; the most important
case centered on the interstate provision of investment advisory and trust services by bank
holding company subsidiaries.
CONCENTRATION IN
COMMERCIAL
BANKING
Overall, during the 1970s, the concentration of
banking resources appears to have declined.
Banking concentration data for the nation, the
states, and standard metropolitan statistical areas (SMSAs) are presented in this section.
National
Concentration
On the national level, the size distribution of
commercial banks changed substantially, in response primarily to the impact of inflation. The
size distributions of banking organizations at
year-end 1969 and 1980 are presented in table 2.
The data indicate some decline in the concentration of commercial banking on the national
level in terms of the proportion of domestic
deposits held by the 10 largest and 100 largest
banking organizations. As of December 31, 1969,
the 10 largest banking organizations held 20.2
percent, and the 100 largest organizations, 47.3
percent, of domestic deposits. By year-end 1980,
the share of the 10 largest had declined to 17.9
percent and that of the 100 largest had declined
to 45.4 percent.
A trend toward reduced concentration is also
Developments
in Banking Structure, 1970-81
83
2. Size distribution of commercial banking organizations, 1969 and 1980
Percent except as noted
1969
1980
0-5
5-10
10-25
25-100
100-250
250-500
500-1,000
1,000 and over
Totals
Median size banking organizations
(millions of dollars of assets)
Number of
organizations
Total U.S.
commercial banking
assets
Number of
organizations
Total U.S.
commercial banking
assets
4,306
3,317
3,192
1,539
317
104
66
72
2.37
4.51
9.18
13.01
9.19
7.03
8.57
46.16
821
1,833
4,210
4,471
758
249
157
240
.16
.86
4.33
12.83
6.96
5.47
6.65
62.75
12,913
Asset size class (millions of dollars)
100.00
12,739
100.00
7.848
22.517
SOURCE. Consolidated report of condition, December 31, 1969, and December 31, 1980.
found when an alternative measure of concentration, the Herfindahl index, is used. The Herfindahl index declined from 0.0061 at the end of
1969 to 0.0052 at the end of 1980.
State
Concentration
State concentration data for 1960-80 are presented in table 3. The three- and five-firm concentration ratios indicate the percentage of total commercial banking deposits in the state held by the
three and five largest banking organizations. The
unweighted average change of the state five-firm
concentration ratios for all states over the period
1970-1980 shows an increase of 0.9 percentage
point. The largest increases in concentration (in
percentage points) took place in Alabama (20.9),
Maine (14.4), Texas (14.0), and Vermont (12.7);
the largest decreases in concentration over the
decade occurred in Oregon (13.6), Louisiana
(8.3), and Nebraska (7.8). Overall, state concentration increased in 24 states and the District of
Columbia and decreased in 26 states. In a number of states, such as Oregon, the decrease in
concentration appeared to be attributable to the
growth of branches of foreign banks.
The significance of state concentration ratios
is limited because states are not banking markets. Some banking services, such as large commercial loans, are negotiated on a national basis,
and other services, such as small business loans
and consumer checking accounts, are produced
for local banking markets; no specific case can
be advanced that certain banking services are
distributed in a statewide market. Although not
supported by consistent empirical evidence,
some theories suggest that statewide structure
has an impact on competitive conditions in local
markets.
Local Banking
Markets
For most banking services, especially those produced for consumers and small business firms,
the relevant market is a local banking market.
For analytical purposes, local banking markets
are often approximated by SMS As.
Average concentration ratios for SMSAs in
1970 and 1980 according to state branching category are presented in table 4. As indicated,
average concentration has declined over the period in all branching categories, although average
concentration ratios tend to be higher in the
SMSAs with statewide branching. The lower
concentration ratios in the unit banking states are
explained, at least in part, by the fact that the
larger banks in the central cities of unit banking
SMSAs are not permitted to branch into suburban areas.
An analysis of the six states that liberalized
branching laws early in the 1970s indicates that,
in four of the six, state concentration had increased by 1980. At the SMSA level, however,
concentration increased in only three of forty-
84 Federal Reserve Bulletin • February 1982
five SMSAs (excluding fourteen multistate
SMSAs) in the states that liberalized branching
laws.
On net, except for some increase in concentration on the statewide level in the statewide
branching states, the concentration of commercial banking resources in the United States has
apparently decreased. This trend toward deconcentration was evident on the national, as well as
the local, level.
3. State commercial banking concentration, 1960-80
Percent except as noted
Change (percentage points)
1960
1970
1980
State
3 largest 5 largest 3 largest 5 largest 3 largest 5 largest
firms
firms
firms
firms
firms
firms
1980
branching
law1
Rhode Island
Nevada
Arizona
Delaware
Hawaii
District of Columbia
Idaho
Alaska
Washington
Maine
92.8
93.5
95.8
79.8
89.2
74.0
74.5
68.2
61.1
34.7
98.1
98.6
98.3
92.3
97.2
87.3
83.8
86.7
73.7
49.0
86.3
86.4
89.7
73.1
77.2
70.6
78.4
69.3
64.1
40.8
92.4
97.5
96.8
92.3
89.8
86.1
88.0
85.5
77.5
59.6
90.6
83.5
84.8
74.2
78.4
71.2
74.2
63.7
63.1
48.8
96.5
96.1
94.2
91.6
90.8
87.9
86.1
79.4
76.4
74.0
S
S
S
S
S
S
S
S
S
S
Utah
California
Oregon
North Carolina
Massachusetts
Vermont
Maryland
South Carolina
Connecticut
Minnesota
65.6
65.7
86.7
46.8
46.6
25.6
42.7
42.4
42.7
58.6
77.8
77.7
88.8
56.9
58.5
35.2
58.3
51.5
56.5
63.7
60.9
60.7
83.2
50.9
48.3
38.1
42.1
45.9
48.0
55.0
73.7
77.0
86.4
67.1
64.1
51.1
61.0
58.3
61.3
59.1
59.6
57.7
61.5
51.0
47.4
43.3
44.9
45.4
47.1
53.3
73.6
73.3
72.8
65.8
65.3
63.3
62.9
62.8
61.4
56.9
Colorado
N e w Mexico
Alabama
Montana
Virginia
Michigan
South Dakota
New York
Georgia
North Dakota
37.9
43.0
31.2
48.9
20.2
40.8
37.5
40.0
40.0
46.2
48.8
54.0
40.6
57.6
27.7
50.2
43.0
55.4
50.9
53.8
35.3
45.2
23.8
49.2
34.6
35.4
43.6
40.5
33.8
41.0
47.3
54.2
32.2
58.4
50.4
45.8
47.7
56.4
43.8
50.5
40.2
43.9
38.2
41.9
34.5
36.4
43.3
33.0
39.8
38.5
Wyoming
New Hampshire
Missouri
Tennessee
Illinois
Florida
Texas
Ohio
New Jersey
Mississippi
35.1
24.3
26.6
28.7
35.5
17.9
21.2
24.2
16.8
24.9
44.3
33.7
35.8
40.9
42.2
23.2
27.9
33.1
23.5
28.9
28.2
34.8
23.8
27.7
33.0
19.5
16.0
23.3
16.8
28.1
36.4
42.8
31.1
40.2
39.4
28.0
22.7
32.9
24.6
33.3
Wisconsin
Pennsylvania
Kentucky
Nebraska
Oklahoma
Iowa
Indiana
Louisiana
Arkansas
West Virginia
Kansas
29.8
27.9
27.6
31.6
32.6
14.2
23.8
29.3
17.2
17.3
14.3
33.0
38.8
34.1
41.4
42.2
19.8
29.4
38.7
23.4
22.7
18.7
30.2
25.6
24.9
25.0
23.1
12.7
22.8
22.0
15.6
12.9
10.9
Averages ( u n w e i g h t e d ) . . .
43.0
51.9
41.7
1970-80
3 largest 5 largest 3 largest 5 largest
firms
firms
firms
firms
-2.2
-10.0
-5.6
-10.8
-2.8
-.3
-4.5
2.0
14.1
-1.6
-2.5
-4.1
-.7
-6.4
.6
2.3
-7.3
2.7
25.0
4.3
-2.9
-4.9
1.1
1.2
.6
-4.2
-5.6
-1.0
8.0
4.1
-1.4
-2.6
-.7
1.0
1.8
-1.9
-6.1
-1.1
14.4
S
S
S
S
L
S
S
S
S
L
-6.0
-8.0
-25.2
4.2
.8
17.7
2.2
3.0
4.4
-5.3
-4.2
-4.4
-16.0
8.9
6.7
28.6
4.6
11.3
4.9
-6.8
-1.3
-3.0
-21.7
.1
-.9
5.2
2.8
-.5
-.9
-1.7
-.1
-3.7
-13.6
-1.2
1.2
12.7
1.9
4.5
.1
-2.2
56.0
54.8
53.1
51.7
51.7
50.2
49.7
49.2
47.1
47.0
U
L
L
U
S
L
S
S
L
U
2.3
.9
7.0
-7.0
14.3
-4.4
5.8
-7.0
-.2
-7.7
7.2
.8
12.5
-5.9
24.0
.0
6.7
-6.2
-3.8
-6.8
4.9
-1.3
14.4
-7.3
-.1
1.0
-.3
-7.5
6.0
-2.5
8.7
.6
20.9
-6.7
1.3
4.4
2.0
-7.2
3.3
-3.5
38.7
34.5
29.5
27.5
32.9
26.9
25.3
25.0
24.8
27.2
46.7
46.7
40.6
39.2
38.3
36.9
36.7
36.5
35.8
33.9
U
S
L
S
L
3.6
10.2
2.9
-1.2
-2.6
9.0
4.1
.8
8.0
2.3
2.4
13.0
4.8
-1.7
-3.9
13.7
8.8
3.4
12.3
5.0
10.5
-.3
5.7
-.2
-.1
7.4
9.3
1.7
8.0
-.9
10,3
3.9
9.5
-1.0
-1.1
8.9
14.0
3.6
11.2
6
33.9
36.7
32.4
34.3
32.6
17.6
27.5
28.9
21.3
17.6
15.4
28.7
23.2
22.8
19.4
18.9
18.6
17.4
14.6
13.0
8.6
9.1
33.2
31.2
28.8
26.5
26.1
25.8
21.3
20.5
18.1
12.1
12.0
L
L
L
U
U
L
L
L
L
U
U
-1.1
-4.7
-4.8
-12.2
-13.7
4.4
-6.4
-14.7
-4.2
-8.7
-5.2
.2
-7.6
-5.3
-14.9
-16.1
6.0
-8.1
-18.2
-5.3
-10.6
-6.7
-1.5
-2.4
-2.1
-5.6
-4.2
5.9
-5.4
-7.4
-2.6
-4.3
-1.8
-.7
-5.5
-3.6
-7.8
-6.5
8.2
-6.2
-8.4
-3.2
-5.5
-3.4
51.8
41.6
52.7
-1.4
.8
-.1
.9
1. S Statewide branching; L limited branching; U unit banking.
1960-80
u
L
U
S
u
-11.0
SOURCE. Consolidated report of condition, December 31, 1960,
1970, and 1980.
Developments
4. Average SMSA five-firm concentration ratio,
1970 and 1980
Percent
1970
Statewide
Limited
Unit
1980
88.1
85.9
81.8
Branching category
82.1
83.7
76.7
SOURCE. Summary of deposits in all commercial and mutual savings
banks, 1970 and 1980 (Federal Deposit Insurance Corporation).
*
•
*
During the period 1970-81, the bank holding
company form of organization increased in importance and legislation established limitations
on the nonbank activities of bank holding companies. Although many restrictions on branch
in Banking Structure, 1970-81
85
banking remain, some barriers were reduced and
new methods were found to lessen the impact of
the remaining barriers. The concentration of
commercial banking showed some evidence of a
gradual decline on the national and SMSA levels,
but did not show a similar trend on the state
level.
By the end of 1980, anticipated changes in the
financial system suggested an even more rapid
evolution of the structure of commercial banking
in the future. The removal of deposit rate ceilings, the possible extension of commercial banking powers to thrift institutions, and possible
changes in interstate banking prohibitions, plus
competition from nonbank providers of financial
services, could all be catalysts for extensive
changes in the structure of the commercial banking industry.
•
86
Industrial Production
Released for publication February 17
Industrial production declined an estimated 3.0
percent in January, reflecting continued economic weakness as well as sharply curtailed work
schedules resulting from the severe January
weather. Industrial output has fallen for six
successive months and is now 9.6 percent below
its high in July 1981. The total index for January,
at 139.1 percent of the 1967 average, was almost
1 percent below its previous cyclical low in July
1980. Declines in January were again widespread, with the largest drops occurring in the
production of autos, construction supplies, and
durable and nondurable goods materials.
In market groupings, output of consumer
goods fell 3.0 percent further in January. Auto
assemblies, at a seasonally adjusted annual rate
of 3.6 million units—the lowest rate in more than
two decades—were about 22 percent below the
December rate. Output of home goods declined
2.2 percent, as output of carpeting and furniture
continued to drop. Production of consumer nondurable goods—which through December had
declined less than 2 percent from its recent
peak—fell 2.1 percent in January, in part reflecting substantial disruptions in work schedules,
particularly in the apparel industry, because of
winter storms. The output of business equipment, which had declined by an average of 1
percent in each of the last four months of 1981,
dropped 2.3 percent in January; all of its major
components weakened further. Output of conSeasonally adjusted, ratio scale, 1967—100
170
MATERIALS OUTPUT
PRODUCTS O U P U T
J
1
MATERIALS
I
L
Nondurable
BUSINESS SUPPLIES
CONSTRUCTION v/
1967=
- MANUFACTURING
Nondurable
_
V"\
1
1
1
:
Durable
1
_
i
i
F e d e r a l R e s e r v e i n d e x e s , s e a s o n a l l y a d j u s t e d . L a t e s t figures: January. A u t o s a l e s a n d s t o c k s i n c l u d e i m p o r t s .
Major market groupings
1967 = 100
Grouping
1981
Sept.
Oct.
Nov.
Dec.
Jan.
Percentage
change,
Jan. 1981
to Jan.
1982
139.1
-1.3
-1.7
-1.8
-2.1
-3.0
-8.1
142.3
142.3
138.1
116.9
146.6
172.9
106.1
142.5
122.0
134.1
-1.0
-1.0
-1.2
-1.5
-1.1
-.9
.2
-1.4
-3.0
-1.7
-1.1
-.7
-.9
-2.9
-.2
-1.2
1.5
-2.1
-3.2
-2.6
-1.2
-1.2
-1.6
-4.8
-.3
-1.1
.6
-1.5
-3.4
-2.6
-1.1
-.9
-1.3
-4.6
-.1
-.9
.9
-1.5
-1.8
-3.7
-2.5
-2.4
-3.0
-5.5
-2.1
-2.3
.1
-3.0
-4.8
-3.7
-5.1
-3.7
-6.0
-16.6
-2.0
-2.7
5.2
-9.5
-17.8
-12.8
1982
Dec."
Jan.
Total industrial production
143.4
Products, total
Final products
Consumer goods
Durable
Nondurable
Business equipment
Defense and space
Intermediate products
Construction supplies
Materials
146.0
145.8
142.3
123.7
149.8
177.0
106.0
146.9
128.2
139.3
p Preliminary.
e Estimated.
Percentage change from preceding month
e
1981
NOTE. Indexes are seasonally adjusted.
1982
87
Major industry groupings
1967 = 100
Percentage change from preceding month
1981
p Preliminary.
e Estimated.
Jan. e
Sept.
Oct.
Nov.
Dec.
Jan.
Percentage
change,
Jan. 1981
to Jan.
1982
141.9
131.0
157.6
142.2
167.5
Manufacturing
Durable
Nondurable
Mining
Utilities
1982
Dec."
Grouping
137.1
126.0
153.2
141.7
167.9
-1.4
-1.7
-.8
-.7
-2.4
-2.1
-2.2
-1.9
.2
.2
-1.9
-2.4
-1.4
-1.1
.5
-2.3
-2.6
-1.9
-1.0
-.8
-3.4
-3.8
-2.8
-.4
.2
-9.3
-10.6
-7.5
.9
.2
1981
NOTE. Indexes are seasonally adjusted.
struction supplies dropped 4.8 percent—partly
because of weather disruptions—and was about
24 percent below its peak in January 1979. In
contrast to the widespread declines, production
of defense and space equipment in January was
about unchanged and 5.2 percent above that of a
year earlier.
Output of materials declined 3.7 percent again
in January; it has fallen almost 14 percent since
last July. Production of durable goods materials
dropped almost 5 percent last month, as particularly large declines occurred in the output of
basic metals and parts for consumer durables.
1982
Production of nondurable goods materials, such
as chemicals and textiles, also was curtailed
sharply. Output of energy materials edged up
slightly.
In industry groupings, manufacturing output
fell 3.4 percent in January and was 9.3 percent
below its level of a year earlier. Production by
durable goods industries dropped 3.8 percent and
that by nondurable goods producers declined 2.8
percent. Mining output was reduced slightly further. In contrast, utilities production edged up,
with residential use increasing while industrial
demand fell.
88
Statements to Congress
Statement by Paul A. Volcker, Chairman, Board
of Governors of the Federal Reserve
System,
before the Joint Economic Committee of the
U.S. Congress, January 26, 1982.
I appreciate the opportunity to appear before you
at the start of a new congressional session. We
will be facing critical decisions on economic
policy in the weeks and months ahead. Toward
the middle of next month I will be reporting to
the appropriate committees on monetary policy
in more detail, and this morning I will confine my
statement to more general considerations.
Over the past two years, we have faced up
squarely to the necessity of reining in the inflation that has come to grip the economy over a
long period of time. There are now clear signs of
tangible and potentially sustainable progress toward that objective. But the economy is also
caught up in recession, after several years of
unsatisfactory performance. In a real sense, the
nation is paying the costs of the distortions and
imbalances in our economy created in large part
by the years of inflationary experience.
In approaching these problems, and in considering monetary, fiscal, and other policies, it
seems crucially important that we keep firmly in
mind the lesson of the 1970s—sustainable
growth cannot be built on inflationary policies.
More positively stated, the progress we are
clearly beginning to see on the inflation front
when carried forward will help lay the base for
recovery and much better economic performance over a long period of time.
As you know, the economy, after a burst of
growth early in 1981, leveled off, and in recent
months strong recessionary forces have taken
hold. Real consumption expenditures have declined, in part reflecting an increased saving rate.
A sustained higher rate of saving would, of
course, be healthy in a longer-term perspective,
and a number of policy measures have been
adopted to strengthen incentives for saving. But
in the short run, declines in consumption have
led to unwanted inventories, sharp reductions in
production, and postponement of some capital
spending.
These are elements of a classic recession pattern, and at this point the decline in economic
activity has been of proportions comparable to
other downturns since World War II. What is
different and so distressing is that the recession
has been superimposed on a pattern of sluggishness extending over some years; unemployment
was high to begin with, and now, at 8.9 percent,
stands very close to its postwar peak. Moreover,
we have been left with a legacy of extraordinarily
high interest rates and financial pressures, conditions fundamentally associated with the years of
inflationary behavior and expectations.
The upward trend in unemployment in recent
years and the early onset of a new recession
reflect the difficulty both of living with inflation—and of bringing it to an end. Unsatisfactory
economic performance, well below our reasonable potential, has extended over a number of
years. The origins can be traced back at least as
far as the mid-1960s, when as a nation we failed
to accept the budgetary consequences of spending for a war and for vastly expanded social
programs at the same time. Once started, the
inflationary process assumed a momentum of its
own, with only short interruptions in earlier
recessions. At intervals, the massive oil shocks,
and to a lesser extent worldwide crop shortages,
ratcheted up the inflation rate, affected the real
income of most workers, and led to the need for
large adjustments in our industrial structure,
depressing some traditional industries while
spurring others.
Through this period, one aspect of our economic problem became increasingly obvious.
Inflation came to be viewed as a permanent part
of the economic landscape, and workers and
businessmen, savers and investors, and borrowers and lenders built expectations of continued
inflation into their daily economic decisions.
There have been profound effects on financial
Statements
markets and interest rates, inhibiting growth and
investment. Higher effective tax rates became a
drag on the economy, and the interaction of
inflation with the tax system tended to reduce
business profitability and to divert both business
and personal planning away from productive
effort and innovation into more speculative or
purely financial areas. It is worth recalling the
culmination of the process in late 1979 and early
1980 when concern about the inflation and budgetary outlook brought interest rates to sharply
higher levels and incited a speculative outbreak
in prices of commodities and precious metals,
even as prices of long-term securities fell sharply. Broadly recognized was that inflation was
eroding the foundations of our economy and that
strong action had to be taken to restore stability.
In the circumstances existing, that job fell
largely to the Federal Reserve and monetary
policy. As you know, we have been pursuing a
policy of reducing the pace of monetary expansion over a period of time to rates consistent with
price stability. But monetary restraint, however
necessary, can be a blunt instrument. That is
particularly true when prolonged experience
with inflation builds in expectations that it will
continue, when inflationary momentum is built
into cost and pricing behavior, and when improvements in productivity are low.
For all its difficulty, monetary restraint must
be an essential part of any successful effort to
damp inflation. Strong upward price pressures
may arise from a variety of sources not directly
related to monetary conditions—the oil price
shocks are a leading example. But those impulses will persist and spread only if they are
accommodated by growth in money. And, as we
have learned, we cannot really "accommodate"
inflation without damaging economic growth and
productivity.
Now, we can see highly encouraging signs that
the inflationary tide is turning—we see it in the
data, and less tangibly, in expectations. The
improvement, to be sure, has been associated
with highly unsatisfactory business conditions.
Prices of commodities, in particular, are sensitive to depressed demand, incentives to reduce
inventories are apparent, and the weakened financial position of many companies has led to
extraordinary efforts to restrain wages and costs
generally.
to Congress
89
No successful program to restore price stability can rest on persistently high unemployment
and depressed profitability, any more than we
can build prosperity on inflation. The obvious
challenge is to shape our policies in a way that
can permit and encourage recovery to proceed
while maintaining the progress we are seeing
toward greater price stability. Some of the
groundwork has already been laid, or is in process. Price expectations have calmed, and some
evidence exists that the underlying trend of costs
is slowing.
Our current inflation did not originate as a
"wage-push" phenomenon. But in an economy
like ours, with wages and salaries accounting for
two-thirds of all costs, sustaining that progress
will need to be reflected in moderation in the
growth in nominal wages. The general indexes of
worker compensation still show relatively little
improvement, and prices of many services with a
high labor content continue to show high rates of
increase. But we are all aware of recent negotiations completed or in progress that seem to point
toward significant moderation.
In many of these instances, to be sure, the
changes reflect the most intense competitive
pressures, and the potential benefits in terms of
retaining jobs is clear. Major tests of the changing climate still lie ahead; 1982 is a particularly
important year for wage bargaining. It seems to
me crucially important, not least for the workers
directly involved and for those now unemployed,
that this emerging pattern of greater moderation
be extended. The end result of moderating nominal wages should be higher real wages for workers generally, for such moderation can speed and
sustain the process of recovery.
The prospect for greater price stability, at least
in the near term, is reinforced by the outlook for
stability in petroleum prices and for ample crops.
And looking further ahead, partly as a result of
the more favorable tax climate, we should be
able to achieve renewed and sustained growth in
productivity as the economy grows.
Obviously, it is far too soon to claim victory in
the fight on inflation. To make that prospect a
reality, properly restrained and cautious monetary policy will continue to be required. And at
the same time, we need to combine that antiinflation effort with policies that will encourage
and sustain the recovery process. The linkage
90 Federal Reserve Bulletin • February 1982
lies in considerable part in encouraging favorable
developments in financial markets and interest
rates, and critical implications exist for the mix
of government policies. An inadequate balance
in policies can add to financial stress, with severe
consequences for vulnerable credit-dependent
sectors of the economy—consequences most
dramatically reflected in homebuilding and in the
problems of many small businessmen and farmers. Moreover, our need to improve and modernize our plant and equipment is evident. That need
lay behind many of the tax changes enacted last
year; but overburdening monetary policy in dealing with inflation, with consequences for financial pressures in the marketplace, can work
against that very objective.
This year we will have a very large federal
deficit. To the extent that deficit is a passive
reflection of recession—which in turn reduces
other credit demands—even that deficit may be
manageable without, in itself, standing in the
way of a more favorable financing climate. The
large federal contribution to the income stream—
including the second stage of the tax cut at
midyear—should help buoy economic activity.
But during a period of recovery, deficits approaching the current magnitude would have
quite another implication; in an environment of
limited monetary expansion and rising private
demands for credit, they would threaten prolonged strain and congestion in financial markets, with strongly adverse consequences for
other borrowers. And those consequences are
not merely a hypothetical possibility for the
future. That concern preoccupies the thinking of
many potential investors in the market today,
making them reluctant to commit funds for any
long period of time, fearful that interest rates
may not decline or could even rise.
You and I may think those concerns overdone,
particularly in the light of the extraordinarily
high level of rates today in relation to the prospects for inflation. But the lesson for policy
seems to me unambiguous. Fiscal action needs to
be directed toward the progressive and substantial reduction of the deficit as recovery proceeds.
We know there is a deep-seated public instinct
associating large deficits with inflation, and a
great deal of history points in that direction. We
could also engage in abstract debate about
whether budgetary deficits are inherently infla
tionary, and the point would be advanced that,
given sufficiently severe monetary policy, they
might not be. But that would imply far higher
interest rates, lower investment, and poorer economic performance generally. Paradoxical as it
may seem, action by the administration and the
Congress to bring spending and our revenue
potential into closer balance—and ultimately into
balance and surplus—as the economy expands
can be a major element, through its implications
for credit markets, in promoting recovery and
nurturing it. Credibility in the budget, through its
effects on expectations and behavior, could only
work toward lower interest rates and speeding
the disinflationary process.
In essence, the burden of my comments is that
the need for disciplined financial policies to carry
through the anti-inflation effort is not lessened by
the current recession. It is not just a matter of the
long run: to back away from the commitment to
deal with inflation would be a disturbing matter
for financial markets today, complicating the
prospects for early recovery.
Interest rates fell appreciably last fall, and
most have remained substantially below earlier
peaks. But in both real and nominal terms, they
remain extraordinarily high. The fact is that
markets remain sensitive, disturbed, and uncertain despite the encouraging trend toward less
inflation. We cannot wish these doubts and skepticism about the future away; we can dispel them
by our actions.
That, of course, has important implications for
monetary policy. As I indicated at the outset, I
will deal more specifically with our intentions
with respect to monetary growth after the Federal Open Market Committee, in the normal
course, meets next week to adopt guidelines for
the coming year. The basic thrust of policy will
remain one of encouraging continued progress on
the inflation front. With such progress, adequate
financial resources should be available to support renewed economic growth.
Present economic conditions are those of pain
and hardship for many. In working to relieve
them, let us not forget the basic circumstances
that brought on the difficulty. Let us take heart
from the signs of progress in turning the corner
toward more price stability. We can build on that
progress and in doing so restore the confidence
and financial condition so critical to recovery. •
Statements
Statement by J. Charles Partee, Member, Board
of Governors of the Federal Reserve
System,
before the Subcommittee
on Securities of the
Committee on Banking, Housing, and Urban
Affairs, U.S. Senate, February 4, 1982.
I am pleased to appear before you to discuss
proposals to expand bank participation in securities markets by allowing banks to underwrite
municipal revenue bonds and to offer mutual
funds. These measures involve the natural extension of activities already engaged in by banks,
but the significance of these activities should not
be underestimated. They could have major effects on bank customers and competitors, and
the structural and regulatory framework within
which these proposals are implemented may set
the pattern for other changes to be considered by
the Congress as part of its broad reexamination
of the laws governing our financial system. As
you know, the Treasury Department has put
forward a plan to mandate that the proposed new
powers be exercised in a separate affiliate of a
bank holding company. The Treasury's bill also
treats other features of bank holding company
organization and regulation, but I will confine my
remarks to those aspects dealing with securities
activities of banks.
The Board favors granting banks the authority
to underwrite and deal in most state and local
government revenue bonds. In addition, we
think that trust departments of depository institutions should be allowed to establish collective
investment funds—analogous to mutual funds—
that could be offered to the general public and
not limited to those customers who had entered
into trust agreements. For now, we would limit
the investments of these more broadly available
funds to stocks and bonds; sponsorship of money
market funds by banks or thrift institutions
seems to us to be in effect a "back door" method
of deregulating deposit rate ceilings. As such, it
would undermine the authority of the Depository
Institutions Deregulation Committee (DIDC),
the body established by the Congress to oversee
an orderly phaseout of these ceilings, and in the
process would tend to aggravate an already difficult situation caused by erosion of the traditional
deposit base of depository institutions in favor of
investments in money market instruments.
Because these proposed activities are the natu
to Congress
91
ral extension of services banks already undertake in various departments, we believe that the
easiest and most beneficial method of implementing the new activities would be to allow
them to be carried out in the appropriate section
of the bank. Bank participation in these areas
would be conducted under the same basic legal
and regulatory structure that applies to nonbank
participants, but responsibility for supervising
the new activities would logically fall to the
agencies that now perform this task for the
related existing activities of banks. Within this
framework, we can achieve equity in regulation
between bank and nonbank entities competing to
deliver the same services, and we can protect the
public interest in safeguarding the soundness of
our financial institutions.
The Board does not see the need for requiring
that the proposed activities be done in a separate
affiliate within the corporate structure. We believe that this approach would reduce some of
the public benefits that could derive from entry
by banks or thrift institutions into these areas,
would be unnecessarily expensive and burdensome, particularly for smaller institutions, and
would not by itself provide effective protection
from risks to the combined organization that
these activities could in some circumstances
entail.
MUNICIPAL REVENUE
UNDERWRITING
BOND
The Board has long supported legislation that
would allow banks to underwrite and deal in
municipal revenue bonds. We believe that this
would be a logical and reasonable extension of
current bank activity in the tax-exempt market.
Revenue bonds played a minor role in state and
local government finance in the early 1930s when
Glass-Steagall restrictions were imposed, but by
last year they had grown to around 70 percent of
tax-exempt bond sales. The entry of banks into
this area would allow them to utilize the expertise of their muncipal bond departments more
fully and efficiently, and the additional competition should reduce costs for many revenue bond
issuers.
We believe that the provisions of section 301
of S. 1720 introduced by Senator Garn in the last
92 Federal Reserve Bulletin • February 1982
session of Congress would be sufficient to protect against a bank assuming excessive risk when
underwriting revenue bonds and against conflicts
between the interests of the bank as underwriter
and as investor or fiduciary. Banks would be
permitted to underwrite or deal only in those
issues in which they could also invest, and their
holdings of the obligations of any one issuer
would be limited to 10 percent of the bank's
capital and surplus. Moreover, transactions between the bank's dealer department and its investment or trust accounts would be regulated.
Indeed, we would recommend that the Congress
extend those protections to bank transactions in
general obligation municipal securities as well.
Departments already established by the banks
to deal in tax-exempt securities are now subject
to the same regulations of the Municipal Securities Rulemaking Board (MSRB) as are nonbank
securities dealers, and those regulations would
also apply to revenue bond activities. Enforcement of the rules of the MSRB and the Securities
and Exchange Commission (SEC) and examination of tax-exempt bond underwriting and dealing would continue to be left to the primary bank
regulator. Personnel from the banking agencies
have been specially trained to examine for compliance with these rules, and they also are trained
to look closely for potential conflicts of interest
or unsound practices that may stem from the
combination of investment and commercial
banking functions.
OFFERING MUTUAL
FUNDS
Stock and bond funds. Bank trust departments
are in the business of managing investment funds
for their customers and have a long and welldeveloped expertise in this field. Although banks
are permitted to combine funds of some types of
accounts to realize the efficiencies of investing
them collectively, the banks are authorized to
offer this service to individual investors only if
they have established a trust relationship with
the bank.
The Board believes that the needs of smaller
investors would be better served if bank trust
departments were allowed to offer collective or
comingled funds for investing in stocks or
bonds—as do investment companies—for accounts handled on an advisory basis. Offering
this service would increase the potential outlets
for the savings of small investors through participation in diversified investment funds and would
seem an especially appropriate change in view of
the broadened availability of individual retirement and Keogh accounts that has just taken
place. Although thrift institutions generally do
not have trust departments, federally chartered
savings and loan associations were authorized by
the Congress in 1980 to offer trust services. The
Board believes that any institution having a trust
department should be eligible to offer the proposed service, and we recommend that any new
legislation reflect this approach.
Because collective investment funds offered to
the public on an agency basis would be functionally equivalent to a mutual fund, we suggest that
it would be appropriate for the banks to register
the funds under the Investment Company Act of
1940 and abide by its rules. However, to protect
against special difficulties that may be associated
with bank entry into this area, the Board believes
that additional restrictions should be imposed on
the bank trust department procedures, at least
until some experience is gained with the activity.
To avoid excessive promotion of the new services to depositors or other customers, banks
should be permitted to offer only funds that do
not involve payment of a front-end "load" or
sales charge at the time of purchase. The advertising by banks of their comingled funds should
also be constrained by regulation, to prevent
undue public identification of the bank with the
performance of its collective funds.
The primary bank regulators have responsibility for supervising collective funds now administered by bank trust departments, and this authority could be extended readily to the new
comingled accounts. These regulatory agencies
have special trust examiners who are sensitive to
the potential for conflicts of interest between the
trust and commercial areas of the banks. These
agencies have adopted specific guidelines to require a "Chinese Wall" between fiduciary and
other bank activities that would be used also in
connection with this new activity. Trust examin-
Statements
ers could be instructed to look for compliance
with the rules of the SEC under the Investment
Company Act, which provide added safeguards
against conflicts of interest. And the examiners,
of course, would be particularly sensitive to any
attempted use of bank resources in support of a
troubled investment fund.
Money market funds. Unlike funds investing in
stocks and bonds, collective or mutual funds
holding short-term money market instruments
have attributes closely resembling bank deposits.
Like deposits, money market funds (MMFs)
have a fixed asset value (except in extreme
circumstances) and generally are accessible by
check or phone transfer so that they can be used
for third-party transactions. The Board recognizes that shares of MMFs have already been
substituted in substantial amounts for deposits
by the public, and that many depository institutions view the power to issue money market
funds as an appropriate defensive response. But
this very troubling process could have undesirable effects on the financial system, and one that
would be greatly accelerated if MMFs were
offered by banks, given the convenience of these
institutions and the aura of safety that sponsorship by a highly regarded local banking organization would transfer to associated MMFs. Because of its concerns, the Board is opposed to
allowing banks or thrift institutions the right to
sponsor or sell money market funds or similar
facilities at the present time.
A major consequence of the growth of MMFs
has been an erosion of the deposit base of many
institutions, forcing them to cut back lending or
to replace lost deposits with funds acquired in
the open market at high interest rates. For those
institutions—like savings and loan associations—that hold longer-term fixed-rate assets,
this has resulted in a sharp erosion of earning
capacity. Concern for these institutions has constrained the pace at which the DIDC has been
able to proceed with the phasing out of deposit
rate ceilings. But allowing depositories to offer
money funds would in effect void the existing
rate ceilings, putting additional pressure on an
already deeply troubled thrift industry and conflicting with the intention of the Congress when it
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93
created the DIDC—namely, that the transition to
market-determined rates on deposits be managed
to minimize the possibility of severe dislocations
in the financial system.
The diversion of deposits to MMF shares also
is of concern because of the possible impact on
the distribution of credit. Funds are drained from
local institutions, where they are available to
make loans in the service area, and invested
instead in instruments issued mainly by the largest banks and corporations. Local lenders can
replace these funds in the credit markets or
through government agencies to some extent,
but the cost and availability of credit to small
local borrowers could well be affected by an
accelerated conversion of deposits to MMFs.
Moreover, this problem is not readily alleviated
by allowing banks to sponsor their own MMFs
because prudential rules of diversification and
arm's-length dealing may well restrict the ability
of bank sponsors to purchase their own liabilities.
The Board is also troubled by the implications
for public confidence in our financial system of
rechanneling funds from insured deposits to uninsured MMFs. Difficulties in one or more
MMFs, though a remote possibility, could lead
to a more general loss of confidence in all MMFs
and perhaps other institutions—especially the
banks or thrift institutions offering the MMFs.
Such a development could produce sudden readjustments and disruptions in credit flows; and it
could give rise to the need for potentially massive federal action to bolster affected institutions
and borrowers.
The similarities of MMF shares with deposits,
and the substitution of these shares for deposit
balances—including use in transactions—also
present problems for the conduct of monetary
policy. Interpretation of the behavior of the
monetary aggregates becomes more difficult, and
less confidence can be placed in any particular
monetary target in helping to achieve the nation's economic goals. Our ability to control the
monetary aggregates also may suffer. The Congress structured the Monetary Control Act so
that all transaction balances held in depository
institutions would be subject to reserve requirements at the Federal Reserve. MMFs obviously
94 Federal Reserve Bulletin • February 1982
are outside this provision, and we have therefore
requested authority from the Congress to place
reserves on MMF accounts that are accessible
for transactions—a need that would only be
intensified if banks were to offer MMFs.
The problems that may be associated with
banks or thrift institutions offering MMFs in the
present environment seem to me to argue forcefully against congressional authorization of this
activity. Deposit deregulation should remain the
responsibility of the DIDC and not be effected
haphazardly through means that may produce
undesirable shifts in deposits and credit flows,
unwind our system of federal insurance of the
public's liquid deposit accounts, and threaten to
undermine the conduct of monetary policy.
These difficulties are directly associated with the
diversion of deposits to MMF shares, and they
could be greatly alleviated by lifting the ceilings
on deposit offering rates. The financial system
would be far better served by this straightforward approach to deregulation, and the Board
urges the DIDC to proceed with this process as
quickly as circumstances permit.
SECURITIES
AFFILIATES
The Treasury's proposed bill joins the expansion
of powers of banks and thrift institutions with a
mandate that all securities activities be carried
out only in separate affiliates. This requirement
would apply not only to the new activities, but
also to existing dealer functions for any banks
wishing to take advantage of the expanded powers. As I understand it, the affiliate form of
organization is proposed in order to ensure that
the securities activities of banks are subject to
the same rules, regulations, and investor safeguards as those of nonbanks, and to insulate the
banks from any additional risks that these activities might entail. The use of securities affiliates is
also advanced as a means to prevent abuses that
are possible when the same organization engages
in commercial and investment banking.
The Board has no objections to a bank holding
company voluntarily establishing a securities affiliate subject to appropriate supervisory oversight; we have in the past approved bank holding
company applications for just this purpose.
However, the Board views the Treasury's proposed requirement that these new activities be
conducted in such an affiliate as both unnecessary and possibly counterproductive. The
changes in powers are evolutionary in nature,
building on the established business and expertise of the banks, and the benefits from bank
participation in the new areas can be realized
most fully if the new activities are lodged in those
departments of the bank already engaged in the
related activities. From a regulatory perspective,
we would want to apply the same basic set of
rules to a given activity whether performed by a
bank, its nonbank affiliate, or a nonbank firm,
and the Board sees advantages in utilizing the
supervisory apparatus already in place for banks
and thrift institutions. We believe our proposals
would adequately protect the public against abusive practices by banks or thrifts and would
better safeguard the public interest in maintaining a sound depository system. Moreover, the
benefits of entry by banks and thrift institutions
into these activities can be fully realized without
incurring the expenses and inefficiencies of the
affiliate form of organization.
The requirement to establish a securities affiliate would be especially burdensome for smaller
banks that undertake only a few underwritings of
municipal securities issues each year because it
would entail separate capitalization and all of the
expenses of incorporation and independent operation. If local and regional banks were to forgo
revenue bond underwriting because of this burden, a significant part of the benefits of allowing
banks into this activity would be lost. Enhanced
competition is likely to result in the most significant savings for smaller issuers with limited local
markets—precisely those units offering securities that small- or medium-sized banks would be
best positioned to underwrite.
Even for larger banks we do not see anything
to be gained from forcing them to shift their
activities in the U.S. government and federal
agencies markets to a separate affiliate, as the
Treasury proposal would mandate for banks desiring to underwrite revenue bonds. No evidence
has surfaced of problems or inequities in competition between banks and securities dealers in
this important financing area.
It is true that the securities affiliate form would
Statements
eliminate the advantage enjoyed by banks over
nonbank dealers that results from the tax treatment of bank interest expense. But this advantage has had little impact on the relative abilities
of banks and nonbanks to compete for underwriting business—positioning securities is not an
important aspect of this activity, and nonbank
dealers have done a substantial share of the
underwriting of general obligation bonds over the
years. The tax advantage may be of somewhat
greater significance for trading in the secondary
market, which requires dealers to hold securities. Redressing this inequity by increasing the
tax burden on banks, however, could well reduce
their willingness to participate in the municipal
securities markets. I question whether this is
desirable at a time when these markets are
already under great strain, and I would urge the
Treasury and the Congress to seek other methods of redressing the tax imbalance.
Although the Board considers the securities
affiliate requirement to be inferior to allowing
these new activities to be conducted in the banks
themselves, we could reluctantly accept the
mandated affiliate concept provided that it incorporates adequate safeguards for the banking system. With respect to defining this last point, we
appear to differ most markedly with Treasury.
Generally, the Board does not view the use of
the securities affiliate form by itself as providing
sufficient protection for the banking part of the
organizations. Exposure of the parent to excessive risk-taking in the affiliate, arising in part
from the strong prospect of public identification
of the securities affiliate with the banking name,
means that serious problems in the affiliate
would very likely have an adverse impact on the
bank. Restrictions such as those I have discussed
for municipal bond underwriting and the sale of
collective funds thus are necessary whether the
activity is carried out by the bank or in a separate
affiliate. It is true that putting these activities in a
separate corporation triggers statutory barriers
that limit transactions between a bank and its
affiliate—barriers that would need to be extended by amending section 23A of the Federal
Reserve Act to include advised or sponsored
entities to cover the collective funds. But while
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95
such restraints are helpful in limiting the use of
bank resources to support a troubled nonbank
affiliate, they have not been and are not likely to
be fully effective in convincing either the markets
or the public that a bank is immune to the
problems of its affiliates. The Board has seen on
several occasions situations in which difficulties
in nonbank affiliates were quickly reflected in the
cost and availability of funds to affiliated banks
because of the close links within the banking
organization.
An important premise of the Treasury proposal is that the fates of bank and nonbank affiliates
can be effectively separated, provided that safeguards are erected to forestall unsound transactions between the two. From this premise flow a
number of provisions of the Treasury bill, including one that the Board finds particularly troublesome. This proposal would deny us the authority
to examine nonbank affiliates, including the new
securities affiliate, except when the Board makes
a prior finding that the financial condition of the
affiliate is likely to have a materially adverse
effect on the safety and soundness of the bank.
As I have said, our experience is that the
public's confidence in a bank is generally linked
with the financial strength of any important nonbank affiliate. For this reason, the Board believes
that continuing regulatory oversight of the nonbank activities of a banking organization, including those that manage investment funds and
underwrite securities, is critical to the maintenance of the soundness of the entire organization.
Therefore, we would urge that, if the Congress
accepts the Treasury's concept of separate affiliates, such affiliates continue to be subjected to
oversight by the bank regulatory authorities as
provided for in existing statutes. These authorities would be expected to enforce rules of the
SEC as well as their own and should also have
prompt access to any information that the SEC
generates in examinations or any other actions it
undertakes. But we are strongly of the view that
the particular circumstances of banking and the
special status accorded banks in our financial
system require the continuing presence of banking supervisors to protect the public interest.
•
Additional statement
follows.
96
Federal Reserve Bulletin • February 1982
Statement by Paul A. Volcker, Chairman, Board
of Governors of the Federal Reserve
System,
before the Committee on Banking, Finance and
Urban Affairs, U.S. House of Representatives,
February 10, 1982.
I appreciate the opportunity to meet with members of this distinguished committee to discuss
the direction of monetary policy and the prospects for the national economy. I have submitted
for the record the official report from the Board
in accordance with the Humphrey-Hawkins Act.
I would like to take a few minutes to underscore
and amplify some of the points in that report, as
well as to offer some more personal views on the
problems—and equally important, the opportunities—that are before us.
As you know, the economy has been in recession for some months. The recession has some of
the characteristics of earlier downturns. But it
seems to me plainly wrong to think of the current
state of the economy as simply reflecting "another" recession.
Rather, we are seeing the culmination of a
much longer period of unsatisfactory economic
performance extending back into the 1970s—
performance marked by poor productivity, growing unemployment, much higher interest rates,
and pressures on the real earnings of the average
citizen and on the real profits of our businesses.
A number of factors have contributed to that
deterioration in our performance, not all of them
completely understood. But one pervasive element—an element particularly relevant to monetary policy—stands out: we found ourselves in
the midst of the most prolonged inflation in our
history, and that inflationary process had come
to feed on itself. Incentives were distorted. Too
much of the energy of our citizens was directed
toward seeking protection from future price increases and toward speculative activity, and too
little toward production. Increasingly depressed
and volatile capital markets reflected the uncertainties. Effective tax rates increased as inflation
carried taxpayers into higher brackets. But in a
sluggish economy those revenues did not keep
up with our spending plans and programs.
Against that background, the notion that we
might comfortably live with inflation—or that we
could accept inflation in the interest of strong
growth—was exposed as an illusion. I believe it
is fair to say a clear national consensus emerged
that turning back inflation had to be a top priority
of economic policy—that a stable dollar is a
necessary part of the foundation of a strong
economy.
Monetary policy has a key role to play in
restoring that stability, and our policies are directed to that end. But recent developments have
confirmed again that ending an inflation, once it
has become deeply seated in expectations and
behavior, is not a simple and painless process.
The problems can be aggravated if too much of
the burden rests on one instrument of policy.
And the effort to restore stability will be more
difficult to the extent that policies feed skepticism and uncertainty about whether the effort
will be sustained—a skepticism rooted in past
failures to "carry through." Monetary, fiscal,
and other public policies are constantly scrutinized—in financial markets and elsewhere—to
detect any signs of weakening in the sense of
commitment to deal with inflation. To speed the
transition to lower interest rates and healthier
capital markets, to reduce the costly elements of
anticipated inflation built into wage and price
contracts, to permit more confident planning for
the future—to, in fact, lay the base for sustained
recovery—credibility in dealing with inflation
has to be earned by performance and persistence.
That, essentially, is what public policy—and
monetary policy in particular—has been about
for some time, and now signs of real progress on
the inflation front have appeared. That progress
is reflected to a greater or lesser degree in all the
widely used inflation indexes. Consumer prices
rose 8.9 percent last year, 3!/2 percentage points
less than the 1980 peak, and the inflation rate
seemed to be trending still lower as the year
ended. Producer prices for finished goods have
had an average increase at an annual rate of only
about 4 percent for six months. Expectations
cannot be so easily measured, but earlier fears
that inflation might rapidly accelerate have plainly dissipated.
Those gains, to be sure, have elements that
may not be lasting. Some prices are depressed by
recession-weakened markets, and some by the
pressures of high interest rates on inventories
and speculative positions; exceptionally good
crops last year have held food prices down; and
Statements
surpluses have emerged in oil markets, following
the enormous price increases of earlier years.
But we also see evidence of potentially more
lasting changes in the trend of costs as management and labor in key industries come to grips
with competitively damaging productivity and
wage trends. I am aware that this process has
just begun, and it has been centered largely in
areas where competitive pressures are most intense. But as the emerging patterns spread, we
will have succeeded in establishing one of the
major elements for success in the fight against
inflation and for reconciling, as we must, a return
to greater price stability with growth, reduced
unemployment, and higher real wages. Quite
obviously, policies that encourage that process
of cost moderation will have a large "payoff" in
future economic performance.
I am acutely aware that progress on the inflation front has been accompanied by historically
high levels of interest rates and heavy strains on
financial markets. Those sectors of the economy
particularly dependent on borrowing—especially
long-term borrowing—have been hard hit.
The pattern of economic activity last year
shows the picture clearly. Over the course of
1981, the overall level of production of goods and
services—real gross national product—posted a
slight increase. But at the same time, home
building dropped to the lowest level in decades.
Sales of consumer durable goods—car sales in
particular—fell markedly. And now capital investment by businesses also appears to be adversely affected, running contrary to longer-term
needs.
It would be simplistic to cite high interest rates
as the sole cause of the difficulties in these
vulnerable sectors. Part of the problem arises
from other, and longer-term, factors, themselves
associated with the inflationary process. In housing, for example, we have had a decade of
increases in prices of homes almost double the
rate of inflation in the economy generally and
well in excess of the rise in average family
income. "Sticker shock" still seems to be the
major deterrent to new-car sales as the industry
comes to grips with long-developing competitive
and regulatory problems and the enormous challenge of adapting to the higher price of gasoline.
In the best of circumstances, coping with
deep-seated inflation would pose difficulties. At
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97
the same time, we have had to adjust to the huge
increases in the price of energy, to meet the need
for a stronger defense, and to deal with the drag
on incentives and investment resulting from rising marginal tax rates. All of these imply massive
economic adjustments, the threat of a growing
fiscal imbalance, and a difficult transition period.
The high level of unemployment generally, with
particularly distressing conditions in some of our
older industrial centers, are one symptom. Lasting progress toward price stability—and other
needed adjustments—cannot be built on prolonged stagnation, rising unemployment, and
slow growth. The relevant question is not whether current conditions are satisfactory or tolerable—obviously they are not. It is whether our
policies, and our policy mix, promise to achieve
the needed results over time.
MONETAE Y POLIC Y IN 1981
AND THE TARGETS FOR 1982
Against that background I would like to review
monetary policy last year and discuss our intentions for 1982.
As you know, the main responsibility for dealing with inflation has fallen on monetary policy. I
would emphasize that the process of restoring
stability will proceed more easily and effectively,
with less strain on financial markets and on
credit-sensitive sectors of the economy, to the
extent that the effort is complemented and supported by other policies. But in the end, history
and theory alike confirm that no effort to turn
back inflation can be successful without appropriate restraint on the expansion of money and
credit. I believe the record of the past few years
amply reflects the needed monetary discipline.
The Humphrey-Hawkins Act specifically requires that we translate our broad objectives into
quantitative monetary and credit targets. More
broadly, those targets have become one means of
communicating our intentions to the public in a
comprehensible way. The judgments involved in
setting appropriate targets are never simple, and
they have been increasingly complicated by the
rapid pace of innovation in financial markets.
Those innovations sometimes blur the precise
meaning of the various monetary and credit
aggregates, complicate their measurement, or
98 Federal Reserve Bulletin • February 1982
change the economic significance of a particular
target. In the circumstances, elements of judgment are necessary in interpreting behavior of
the aggregates, particularly when their movements diverge somewhat.
The events of 1981 surely reflect those facts,
but they also seem to me to provide an unambiguous record of persistent monetary restraint. The
targets we set for the year pointed toward a
reduction in the growth of the monetary aggregates from the rates of expansion in 1980. In our
1981 report to the Congress setting forth those
targets, we also suggested that changing preferences of the public for different types of financial
assets—influenced by regulatory developments
and new "products" offered by financial institutions—might tend to push the broader aggregate,
M2, to the upper part of its specified range, and
that judgments about the course of the narrow
aggregates—Ml-A and Ml-B—would require
taking account of shifts into negotiable order of
withdrawal (NOW) accounts, particularly during
the early part of the year when they were introduced nationwide. These expectations were
borne out, but as the year progressed the divergences among some of the aggregates became
even wider than expected.
Measured by comparing fourth-quarter averages in 1980 and 1981, growth of Ml-B (adjusted
for the estimated shift of funds into NOW accounts 1 ) in 1981 was 2.3 percent, a little more
than 1 percent below the lower end of the target
range specified a year ago (table 1). You will
recall that I reported to you in July that an
outcome near the lower end of the range would
be desirable.
Measured in the same way, M2 slightly exceeded the upper end of its range, after rather
closely following the upper bound as the year
progressed. The subsidiary target range for M3
was exceeded by a greater margin, reflecting in
considerable part some changes in the composi1. The "adjustment" allowed for shifts of funds into NOW
accounts and similar instruments included in Ml-B from
sources outside of Ml-B. The shift adjustment was estimated
on the basis of various surveys of depository institutions and
individuals, as well as by statistical techniques. Ml-B without
adjustment rose 5 percent, also below its indicated range.
While the adjustment was necessarily estimated, we believe
the "adjusted" data are more appropriate for assessing the
trend in the money supply, particularly during the early part
of the year when shifts were large.
1. Monetary growth, 1981
Percent
Actual 1
Ranges
Item
6 to 8'/2
3'/2 to 6
6 to 9
6V2 to 9'/2
6 to 9
Ml-B
Ml-B (shift adjusted) . . .
M2
M3
Bank credit
5.0
2.3
9.4
11.3
8.82
1. Fourth quarter to fourth quarter.
2. December level used for calculating this 1981 growth rate
incorporates an adjustment to abstract from the shifting of assets from
domestic banking offices to international banking facilities.
tion of commercial bank financing patterns toward domestic sources that had not been anticipated, while bank credit fell within, but toward
the upper part of, its range.
In judging trends over a period of time, annual
averages may be more meaningful; growth of
Ml-B (adjusted) has declined an average of 1.1
percentage points since 1978, to a rate of 4.7
percent in 1981 (table 2). On the same basis, M2
growth was steady in 1979 and 1980 but actually
rose more than 1 percentage point in 1981. Over
those years, both aggregates have been affected
by institutional change. Relaxation of interest
rate ceilings applicable to time deposits of depository institutions and the enormous growth of
money market funds (both included in M2) tended to raise the trend of M2 over the period as
individuals had incentives to lodge a larger proportion of their assets in these instruments. Assets in money market mutual funds are not
included in Ml, but the enormous growth of
those funds, providing virtually immediate availability of funds and check-writing privileges,
diverted some money away from checking ac2. Growth of money and bank credit
Percentage changes
Item
Ml-B 1
M2
M3
Fourth quarter to
fourth quarter
1978
1979
1980
1981
8.3
7.5
6.6
2.3
8.3
8.4
9.1
9.4
11.3
9.8
9.9
11.3
13.3
12.6
8.0
8.8 2
Annual average to
annual average
1978
1979
1980
1981
8.2
7.7
5.9
4.7
8.8
8.5
8.3
9.8
11.8
10.3
9.3
11.6
12.4
13.5
8.5
9.4 2
Bank credit
1. Growth rates for 1980 and 1981 adjusted for shifts to other
checkable deposit accounts since the end of the preceding year.
2. The December level used for calculating these 1981 growth rates
incorporates an adjustment to abstract from the shifting of assets from
domestic banking offices to international banking facilities.
Statements
counts in depository institutions, which are included in M l . Given the technical and institutional changes bearing on Ml and its relative
volatility, its movements need to be assessed in
the light of developments with respect to the
other aggregates. Indeed, a number of analysts
attach greater weight to M2.
Experience during 1981 also illustrates the
variety of forces impinging on interest rates and
credit market conditions. Over long periods of
time, there should be a relationship between
interest rates and inflationary expectations—that
is, both lenders and borrowers might reasonably
anticipate a small positive return on loanable
funds in " r e a l " terms, after allowing for inflation. When economic conditions were relatively
stable in the postwar period and inflation low,
that relationship with respect to long-term interest rates was fairly steady. But history is replete
with deviations for a time in either direction, and
high levels of income taxation distort the comparison. Before taxes, " r e a l " interest rates
(measured on the base of actual inflation) were
negative during part of the 1970s, but recently
have been extraordinarily high. One factor, particularly in long-term markets, appears to be
concern about whether public policy will, in fact,
"carry through" the fight on inflation.
Even with inflation subsiding, the threat of
prolonged large federal deficits as the economy
recovers points to a more imminent concern—
direct government competition for a limited supply of savings and loanable funds. The clear
implication is greater pressure on interest rates
than otherwise, with those interest rates serving
to "crowd o u t " other borrowers. The most vulnerable, of course, are homebuyers and others
particularly dependent on credit. But the consequences for business investment generally are
adverse as well.
Monetary policy, of course, influences interest
rates, but the relationship has several dimensions. As monetary restraint reduces and eliminates the risk of inflation over time, it will work
powerfully toward a more favorable climate for
longer-term borrowing and in the credit markets
generally. In the short run, should inflation,
economic growth, or other factors increase the
need and desire to hold money, restraint on the
supply of money will ordinarily be reflected in
pressures on short-term rates. However, to ac
to Congress
99
cept inflationary increases in the money supply
in an attempt to lower interest rates would ultimately be self-defeating: even in the short run,
market sensitivities might well give the opposite
result.
Some of these interrelationships were evident
in 1981. Short-term interest rates fluctuated over
a wide range, but generally trended down from
peak levels in the spring or early summer, to fall
very sharply as the recessionary forces became
apparent in the fall. That was a period when
pressures on commercial bank reserve positions
were easing, consistent with our monetary and
credit targets. However, longer-term interest
rates continued to rise for months after the peak
in short-term rates, influenced in substantial part
by growing concern about prospective budgetary
deficits.
As growth in the money supply rose more
rapidly late last year, and a very sharp increase
developed early in January, the reserve positions
of banks came under some renewed pressure as
Federal Reserve open market operations constrained the supply of reserves. At the same
time, there were scattered signs that recessionary forces might be waning. Short-term interest
rates have risen from lows in early November,
although they remain well below levels prevailing during much of 1981. Some long-term interest
rates—notably those on government securities—
returned close to earlier peaks, suggesting the
impact of current and prospective Treasury financing.
This was the setting for the decision on the
monetary and credit targets taken by the Federal
Open Market Committee last week. The sharp
increase in the money supply in January carried
the level well above the average in the fourth
quarter of 1981, the conventional base for the
new target, and somewhat above the lower end
of the range specified for 1981. A large increase
in the money supply, accompanied by higher
interest rates, is unusual during a period of
declining production and economic activity.
Moreover, the composition of the increase in the
money supply in the past three months is heavily
concentrated in a rather small component of
Ml—NOW accounts, which are held by individuals. That increase in NOW accounts has been
accompanied by a reversal of earlier sharp declines in savings accounts—another highly liquid
100 Federal Reserve Bulletin • February 1982
asset—and by declines in small-denomination
time deposits, which provide a less liquid outlet
for personal funds. Taken together, the evidence
suggests some short-term—and potentially "selfreversing"—factors may be at work, inducing
individuals to build up highly liquid balances at a
time of economic and interest rate uncertainty.
Taking those circumstances and others into
account, the Federal Open Market Committee
decided to adopt the tentative targets discussed
last July:
• for Ml, 2V2 to 5V2 percent.
• for M2, 6 to 9 percent.
• for M3, 6V2 to 9V2 percent.
The associated range for bank credit is 6 to 9
percent. 2
The Ml target is lower than the range specified
a year ago for Ml-B (3Vi to 6 percent, shift
adjusted), but it is consistent with somewhat
larger actual growth than experienced last year
with the "adjusted" measure. The lower end of
the range would now appear appropriate only if
the pace of financial innovation again picks up—
for instance, a rapid spread of arrangements for
"sweeping" temporarily excess checking account balances into money market funds or other
liquid assets not included in Ml. Given the
present level of Ml and the relatively slow
growth last year, the FOMC at this time feels
that an outcome in the upper half of the range
would be acceptable, and that Ml could acceptably remain somewhat above the implied "growth
track" during the period immediately ahead.
In that connection, I would point out that an
outcome in the upper part of the range specified
for 1982 would be roughly the equivalent of a rate
of growth of 4 percent from the lower end of the
range targeted in 1981. Such a result would be
entirely consistent with the objective I stated to
your committee in July.
The FOMC anticipates somewhat slower
2. While all of the monetary ranges were set, as in previous
years, on a fourth-quarter-to-fourth-quarter basis, the range
for bank credit is measured from the average level in December 1981 and January 1982 to the fourth-quarter 1982 level.
This adjustment in the base for bank credit is necessitated by
the opening of international banking facilities on December 3,
1981, which led to a shifting of certain bank assets, formerly
included in the domestic bank credit data, from U.S. offices
to the IBFs.
3. Monetary growth targets, 1982
Percent
Item
Target
Ml'
M2
M3
Bank credit
2 !/2 to 5 Vi
6 to 9
6'/> to 9Vi
6 to 9 2
1. The objective for growth of narrowly defined money over 1981 is
set in terms of M l . Based on a variety of evidence suggesting that the
bulk of the shift to NOW accounts had occurred by late 1981, the
Federal Reserve is publishing only a single Ml figure in 1982 with the
same coverage as the former Ml-B.
2. The bank credit data after December 1981 are not comparable
with earlier data because of the introduction of international banking
facilities. Thus, the targets for 1982 are in terms of growth from an
average of December 1981 and January 1982 to the fourth-quarter
average of 1982.
growth in M2 than a year ago, when the target
was slightly exceeded. At present, an outcome in
the upper half of the range appears more likely
and desirable. Assets included in M2 account for
a significant part of individual savings. Should
total savings increase much more rapidly than
now anticipated in response to tax incentives or
other factors—or if legal or regulatory changes,
such as the wider availability of individual retirement accounts, result in a substantial volume of
funds shifting into depository institutions from
other sources—growth might logically reach (or
even slightly exceed) the upper limit.
Identifiable "structural" influences of that
sort on M2, or other aggregates, must appropriately be taken into account in formulating policy
steps and judging actual developments. For example, should developments in coming months
provide solid evidence that the recent exceptional growth of Ml is indicative of some more
fundamental and lasting change—such as a desire by individuals to continue to hold more
liquid "savings" in the form of NOW accounts—
the FOMC would, of course, reconsider that
growth target at or before the regular midyear
review.
These technicalities should not confuse a simple message: consolidating and extending the
heartening progress on inflation will require continuing restraint on monetary growth, and we
intend to maintain the necessary degree of restraint. The growth ranges specified are, we
believe, consistent with an economic recovery
later this year, although we do not anticipate, by
historical standards, a sharp "snapback." What
Statements
is more important is that the recovery have a firm
foundation—that it be sustained over a long
period. There will be more room for real
growth—and much better prospects for sustaining that growth over many years—the greater the
progress on inflation.
THE COURSE
AHEAD
In approaching the future, the lessons of the past
bear repeating. We cannot buy or inflate our way
out of recession—not without ratcheting up both
inflation and unemployment over time. We cannot turn the effort to deal with inflation " o n and
off—not without adversely influencing the decisions of those in the marketplace who commit
funds for investment, with consequences for the
recovery and productivity we want.
What we can do is set the stage for a much
more favorable outlook—a future in which progress toward price stability, lower interest rates,
greater productivity, slower growth in nominal
wages but higher real wages, all benignly interact
to support growth and reduce unemployment.
That is a process we have not seen sustained in
this country for many years.
Today, we are acutely aware of disturbed
capital markets, high interest rates, economic
slack, and a poor productivity record. But, when
the economy begins to expand, productivity
should rise; tax and other measures already in
place or under way should help reinforce a better
trend. Productivity growth, in turn, will permit
prices to rise more slowly than wages—more
modest wage and salary increases in dollars will
then be consistent with more growth in real
earnings, encouraging further moderation in
wage demands and sustaining the disinflationary
process. As confidence returns to securities markets, prices of bonds and stocks should rise, and
lower interest rates and more favorable capital
market conditions will in turn support the continuing growth in investment and productivity.
With appropriate budgetary and monetary discipline, the process could be sustained for years.
That is not an impossible vision. We saw
something of it in the early 1960s. As recently as
the mid-1970s, coming out of a deep recession,
we seemed to be moving in the right direction—
to Congress
101
but then lost our way. Some of the essential
elements of a brighter future—as well as some of
the hazards on the way—are reflected in the
longer-term projections of both the administration and the Congressional Budget Office that are
now available to you.
From the standpoint of public policy, much of
the groundwork has been laid. I have spoken of
the key role for monetary policy, and of our
record and intentions in that regard. The tax
program enacted last year can, in the right context, have favorable effects on incentives and on
investment. The excessive burden of regulation
is being addressed.
But, of course, for the process to get fairly
started we need to resolve some large outstanding questions as well—questions that hang heavily over financial markets and prospects for interest rates, inflation, and early recovery.
I have referred on many occasions to the key
importance of winding down the cost and wage
pressures that tend to keep the inflationary momentum going. The process appears to be starting, and the faster it takes hold the better the
outlook for growth and reduced unemployment.
But clearly prospects for early and sustained
expansion—an expansion that can be broadly
shared by industries now severely depressed—is
dependent on access to capital and credit on
more favorable terms. Pumping up the money
supply cannot be the answer to that problem—
excessive money and the inflation it breeds are
enemies of the real savings needed to finance
investment.
What we can do is relieve the concerns the
markets understandably have—concerns reflected so strongly in the budgetary documents before
you from both the administration and the Congressional Budget Office. Without action to cut
spending—or, if that fails, to raise new revenues—we would face the prospect of deficits
rising to unprecedented amounts, whether measured in dollars, in relation to the GNP, or as a
proportion of our limited savings and the supply
of loanable funds. We can debate among ourselves just what level of deficit is tolerable in
coming years and what is not. We can be tempted to sit back and let a year pass as we discuss
what programs should be cut or where revenues
can be raised. But I think we all know that,
102 Federal Reserve Bulletin • February 1982
without action, we would be on a collision course
between our need for new plant, equipment, and
housing and our capacity to save—and it would
be more difficult to reconcile the requirements
for a sound dollar with our desire to grow.
One could argue that we have a little time. A
large deficit in the midst of recession should be
manageable; it indeed provides some support for
the economy in a time of stress. Also, large
potential sources of demand exist in the private
economy. The latest economic indicators are not
so weak as they were. We can see we are making
some progress against inflation, perhaps as fast
as could reasonably have been anticipated. In all
these circumstances, a degree of patience is
needed—and justified.
But delay is another matter. In my judgment,
the more progress we can see in restraining
costs, and the more resolute your budgetary
action, the earlier we can be assured a prompt
and strong recovery.
The course of action we have set in the Federal
Reserve seems to me consistent with that sense
of direction and urgency. But no single instrument of policy can, alone, do the job. We look
forward to working with you and your colleagues
in the weeks and months ahead to meet these
challenges constructively.
•
Chairman Volcker gave similar testimony before
the Senate Committee on Banking, Housing, and
Urban Affairs on February 11, 1982.
103
Announcements
EARNINGS
OF FEDERAL RESERVE
BANKS
Preliminary figures indicate that gross income of
the Federal Reserve Banks amounted to $15,509
billion during 1981, a 21.1 percent increase from
a year earlier. Of this, more than $14 billion was
paid to the U.S. Treasury. Current expenses for
the 12 Reserve Banks and their branches totaled
$897 million, 13.4 percent above a year earlier.
Assessment for expenditures of the Board of
Governors amounted to $63 million. Other deductions from current net income amounted to
$372 million. The principal items were net losses
of $124 million on sales of U.S. government
obligations and $306 million on foreign exchange
operations. The foreign exchange loss was primarily due to revaluation of assets to market
exchange rates.
Net income before payments to the Treasury
totaled $14,177 billion. Payments to the Treasury
as interest on Federal Reserve notes amounted
to $14,025 billion; statutory dividends to member
banks, $75 million; and additions to Reserve
Bank surplus, $77 million.
Under the policy established by the Board of
Governors at the end of 1964, all net income after
the statutory dividend to member banks and
additions to surplus to bring it to the level of
paid-in capital was paid to the U.S. Treasury as
interest on Federal Reserve notes.
Compared with 1980, gross income was up
$2,707 billion, due mainly to increases of $2,072
billion on U.S. government securities and $454
million on foreign currencies. Income from
priced Federal Reserve services amounted to
$155 million, reflecting mainly the phasing in of a
program to charge for Federal Reserve services
during the latter part of the year.
Income of the Federal Reserve System is
derived primarily from interest accrued on U.S.
government securities that the Federal Reserve
has acquired through open market operations,
one of the tools of monetary policy.
REGULATIONS
G, T, AND U:
AMENDMENTS
The Federal Reserve Board has announced
adoption of several amendments to Regulations
G (Securities Credit by Persons Other than
Banks, Brokers, or Dealers), T (Credit by Brokers and Dealers), and U (Credit by Banks for
the Purpose of Purchasing or Carrying Margin
Stocks) to simplify and clarify its securities margin requirement rules.
The Board's action was part of a general
overhaul of its margin regulations aimed at bringing them up to date with current circumstances in
the securities markets, reducing the regulatory
burden, and simplifying and clarifying the language. As part of its Regulatory Improvement
Program, the Board is reviewing all of its regulations with similar objectives.
The Board adopted the amendments after considering comment received on proposed revisions of the margin regulations published in June
and July. The amendments are effective February 15, except for a provision in Regulation U
concerning collateral, which is effective as of
March 31, 1982.
The Board will not complete the rewriting of
its margin regulations for some time, but adopted
these amendments—in the interests of lightening
regulatory burdens and providing flexibility
along the lines proposed by the Board—when
comments disclosed no substantial disagreement.
Amendments to Regulation G permit lenders
subject to this regulation (chiefly insurance companies and credit unions) to extend the scope of
their lending, give them more flexibility with
respect to collateral, and clarify the definition of
indirect security for loans.
Amendments to Regulation T relax restrictions
on the arranging of credit by brokers and dealers
to permit investment banking services that may
otherwise be prohibited.
Amendments to Regulation U revise the appli-
104 Federal Reserve Bulletin • February 1982
cability of the regulation so as to exempt bank
credit not secured by margin equity securities,
and clarify the definition of indirect security
credit, as in Regulation G.
Amendments to Regulations G, T, and U remove some restrictions on transactions in highly
leveraged margin accounts, thereby giving these
account holders greater flexibility in reallocating
portfolios.
MEETING OF CONSUMER
COUNCIL
ADVISORY
The Federal Reserve Board has announced that
its Consumer Advisory Council met on January 27 and 28, 1982.
The Council, with 30 members who represent
a broad range of consumer and creditor interests,
advises the Board on the Board's responsibilities
regarding consumer financial protection legislation. It meets four times a year.
CHANGES IN BOARD
STAFF
The Board of Governors has announced the
following official staff actions, effective January 20, 1982.
Division of Research and Statistics.
Peter A. Tinsley appointed Assistant Director.
Mr. Tinsley, who joined the Board's staff in
October 1965, has a Ph.D. from Princeton University.
Donald L. Kohn, Deputy Associate Director,
promoted to Senior Deputy Associate Director.
Frederick M. Struble, Assistant Director,
transferred to Assistant Director in Program Direction.
Office of the Secretary.
Barbara R. Lowrey, Assistant Secretary, promoted to Associate Secretary.
James B. McAfee, Assistant Secretary, promoted to Associate Secretary.
The Board has also announced the resignations of Harry A. Guinter, Assistant Director for
Contingency Planning in the Office of Staff Director for Federal Reserve Bank Activities,
effective December 31, 1981, and of Robert A.
Eisenbeis, Senior Deputy Associate Director in
the Division of Research and Statistics, also
effective December 31, 1981.
SYSTEM MEMBERSHIP:
ADMISSION OF STATE BANKS
The following banks were admitted to membership in the Federal Reserve System during the
period December 11, 1981, through January 10,
1982:
Alabama
Birmingham . . . Central Bank of Birmingham
Colorado
Pueblo West . . . Bank of Southern Colorado
Delaware
Wilmington
Morgan Bank (Delaware)
Oregon
Corvallis
Bank of Corvallis
McMinnville
Valley Community Bank
Virginia
Danville
Virginia Bank and Trust
Company
105
Record of Policy Actions of the
Federal Open Market Committee
Meeting Held on
December 21-22, 1981
1. Domestic Policy Directive
The information reviewed at this
meeting suggested that real GNP declined appreciably in the fourth quarter, after having increased at an annual rate of 1.4 percent in the third
quarter, according to revised estimates of the Commerce Department.
Average prices, as measured by the
fixed-weight price index for gross domestic business product, appeared to
have risen less rapidly than over the
first three quarters of the year.
In November the index of industrial production fell 2.1 percent, the
largest of four consecutive monthly
declines. The decline was broadly
based, reflecting reductions in output for nearly all major product
groupings, and was particularly
sharp for durable consumer goods
and durable goods materials. Capacity utilization in manufacturing fell
2 percentage points further to 74.9
percent, equal to its recent trough in
July 1980.
Total nonfarm payroll employment declined by nearly VA million in
November, the same as in October.
Employment decreases in both
months were concentrated in manufacturing, and in November the
trade sector registered its first decline since June 1980. The unemployment rate rose an additional 0.4
percentage point to 8.4 percent.
The nominal value of retail sales,
which had declined 2.1 percent in
October, rose 0.8 percent in November; the level in November remained
well below the average for the third
quarter. Unit sales of new automo
biles, although up slightly in November, continued at a depressed rate.
Private housing starts in November, at an annual rate of about
870,000 units, changed little from the
depressed level of October. Sales of
new homes picked up in October,
while sales of existing homes
dropped further; total sales of new
and existing homes were about onethird below the pace in 1980.
The producer price index for finished goods rose 0.5 percent in November, about the same as in October. Food prices declined in
November while prices of energyrelated items, particularly gasoline
and natural gas, rose. During the
first eleven months of 1981, the finished goods index increased at an
annual rate of about l x h percent,
well below the increase of nearly 12
percent over 1980. The consumer
price index rose about 0.4 percent
and 0.5 percent in October and November respectively; through November of this year the index increased at an annual rate of about
9^4 percent, compared with a rise of
about 12V2 percent over 1980. The
rise in the index of average hourly
earnings was somewhat less rapid
thus far in 1981 than during 1980.
In foreign exchange markets the
trade-weighted value of the dollar
had changed little on balance since
mid-November, as a decline through
the end of November was more than
reversed in early December. Trading
conditions in the final week of the
intermeeting period were unsettled
by the declaration of martial law in
Poland. The U.S. trade deficit in
October widened substantially from
the unusually low rate in September.
106 Federal Reserve Bulletin • February 1982
The average for the two months was
about the same as that for July and
August, but larger than that recorded in the first and second quarters of
the year.
At its meeting on November 17,
the Committee had noted the moderate shortfall in growth of M-1B in
October from the 7 percent annual
rate from September to December
adopted at the preceding meeting
and had decided that open market
operations in the period until this
meeting should be directed toward
behavior of reserve aggregates consistent with growth of M-1B from
October to December at an annual
rate of about 7 percent (after allowance for shifts into NOW accounts)
and with growth of M-2 at an annual
rate of around 11 percent. It was
understood that somewhat more rapid growth of M-1B, consistent with
the objective adopted at the preceding meeting, would be accepted. If it
appeared to the Manager for Domestic Operations that pursuit of the
monetary objectives and related reserve paths during the period before
the next meeting was likely to be
associated with a federal funds rate
persistently outside a range of 11 to
15 percent, the Chairman might call
for a Committee consultation.
In the event, M-1B (adjusted for
shifts into NOW accounts) expanded
in November and early December at
rates somewhat above the Octoberto-December path, as checkable deposits other than demand deposits
rose markedly. Nevertheless, growth
of M-1B from the third to the fourth
quarter (partly estimated) was at an
annual rate of only about 4!/2 percent; and growth over the year from
the fourth quarter of 1980 to the
fourth quarter of 1981 was about 2
percent, well below the Committee's
range of 3V2 to 6 percent. Growth of
M-2 accelerated in November to the
highest rate so far in 1981, reflecting
a surge in its nontransaction component in addition to the strength in
M-1B. Growth over the year ending
in the fourth quarter of 1981 was
estimated at about 9Vi percent,
somewhat above the Committee's
range of 6 to 9 percent for the year.
Growth in nonborrowed reserves
picked up in November and thus far
in December from the October rate,
but on balance remained well below
the pace of last summer. Borrowings
from Federal Reserve Banks for purposes of adjusting reserve positions
remained relatively low on the average in the five weeks of the intermeeting period; they were little
changed from those in the week ending November 18 and were well below levels in the immediately preceding weeks. The federal funds rate
declined from about 13'/4 percent in
the days just before the November
meeting to around 12 percent in early December and then moved up into
a range of 12 to \2xh percent. On
December 3 the Board of Governors
announced a reduction in Federal
Reserve discount rates from 13 to 12
percent to bring them into better
alignment with the short-term rates
that had recently been prevailing in
the market.
Short-term market interest rates
declined about 3A to 1 percentage
point further in the latter part of
November, and bond yields moved
down about lA to V percentage
2
point. Subsequently, most market
rates rose to levels close to or somewhat higher than those prevailing at
the time of the mid-November
FOMC meeting, apparently in response to strength in the monetary
aggregates and reports of administration estimates of substantially enlarged budget deficits. However, the
prime rate charged by commercial
banks on short-term business loans
was reduced about 1 percentage
point further to 153/4 percent over the
intermeeting period, and the average
rate for primary conventional mortgages also declined about 1 percentage point.
Expansion in total credit outstanding at U.S. commercial banks slowed
to an annual rate of about VA percent
in November. The slowing reflected
Record of Policy Actions of the FOMC
primarily a sharp reduction in bank
holdings of Treasury securities and a
further moderation in the growth of
business loans. Short-term borrowing
by businesses through issuance of
commercial paper rose substantially,
however, as the spread between commercial bank prime rates and market
interest rates widened. In response to
the decline in long-term interest rates,
moreover, the volume of public offerings of corporate bonds rose in November to a record level; the pace of
offerings slowed in early December
but was still relatively large.
The staff projections presented at
this meeting suggested that real GNP
would continue to decline in the first
quarter of 1982, although at a pace
considerably slower than that estimated for the fourth quarter of 1981,
and that activity would begin to recover in the second quarter. The
unemployment rate was expected to
rise somewhat further to a peak in
the second quarter of the new year.
The rise in the fixed-weight price
index for gross domestic business
product was projected to slow further in the quarters ahead.
In the Committee's discussion of
the economic situation and outlook,
the consensus was that real GNP
was declining appreciably in the current quarter. It was suggested that
the overall reduction in output was
likely to be at least as deep as the
average decline in recessions since
the Second World War, but it was
also observed that uncertainty concerning the likely severity of a recession typically was great at this early
stage. Business capital spending was
one sector that seemed vulnerable to
a weaker performance than was generally being projected. The mood in
the business community, particularly the industrial sector, was described as gloomy, because of the
sluggish economic growth in recent
years, the currently low rates of capacity utilization, and the widespread expectation of huge federal
budget deficits and high real interest
rates.
It was also observed, however,
that the risk of significant further
contraction in the housing and auto
sectors appeared small. Those sectors were likely to benefit from the
declines in interest rates that had
already occurred. Moreover, the income tax reductions already legislated were generally expected to contribute to an upturn in economic
activity by the middle of 1982.
With respect to the outlook for
continued progress in reducing inflationary pressures, the view was expressed that the climate appeared to
be more favorable for moderation in
negotiation of new labor contracts
and in pricing decisions than it had
been for many years. In some industries and regions, measures to preserve jobs were coming to be viewed
as more important than improvements in wages and benefits. Competition from imports, moreover,
was exerting a restraining influence
on wages and prices.
At its meeting in M y 1981, the
Committee had reaffirmed the monetary growth ranges for the period
from the fourth quarter of 1980 to the
fourth quarter of 1981 that it had set
at its meeting in early February.
These ranges were 3 to 5V2 percent
for M-1A and V/2 to 6 percent for
M-1B, abstracting from the impact
of NOW accounts on a nationwide
basis; 6 to 9 percent for M-2; and 6V2
to 9!/2 percent for M-3. The associated range for bank credit was 6 to 9
percent. The Committee had recognized that a shortfall in M-1B growth
in the first half of the year partly
reflected a shift in public preferences
toward other highly liquid assets and
that growth in the broader aggregates had been running somewhat
above the upper end of the ranges.
In light of its desire to maintain
moderate growth in money over the
balance of the year, the Committee
expected that growth in M-1B for the
year would be near the lower end of
its range. At the same time, growth
in the broader monetary aggregates
might be at the higher end of their
107
108 Federal Reserve Bulletin • February 1982
ranges. For the period from the
fourth quarter of 1981 to the fourth
quarter of 1982, the Committee had
tentatively agreed that growth of
M-l, M-2, and M-3 within ranges of
V/i to 5Vi percent, 6 to 9 percent,
and 6!/2 to 9Vi percent respectively
would be appropriate. At this meeting, the Committee began a review
of the ranges for 1982 in the expectation that at the meeting scheduled
for early February it would complete
the review and establish ranges for
the year within the framework of the
Full Employment and Balanced
Growth Act of 1978 (the HumphreyHawkins Act).
In looking ahead to 1982, it had
been decided earlier to abandon as
of the beginning of the year the compilation of M-l A and the shift-adjusted M-l B (that is, M-1B adjusted to
exclude that portion of flows into
NOW accounts in 1981 estimated to
have come from other interest-bearing assets rather than from demand
deposits). That decision was based
on a judgment that, after a full year
of availability of NOW accounts on a
national basis, the magnitude of additional shifts might no longer be
significant, and that in any event, it
would not be possible to make reliable estimates of the sources of
funds flowing into such accounts.
The remaining aggregate for M-l in
1982 will be the one formerly labeled
M-1B, which includes the total
amount of NOW accounts.
In the near-term pursuit of the
fundamental objective of fostering
the financial conditions that would
help to reduce inflation and promote
recovery in economic activity on a
sustainable basis, the Committee
continued to face considerable Uncertainty about the interpretation of
the behavior of the monetary aggregates. Growth of other checkable
deposits (OCD) had picked up sharply in November and early December. (Such deposits include NOW
accounts and ATS accounts at banks
and thrift institutions and credit
union share draft accounts.) More
over, the surge in OCD was accompanied by a renewal of flows into
savings deposits at commercial
banks and continuation of substantial flows into money market mutual
funds, which raised growth of M-2 in
November to the highest rate so far
in 1981. Given the volatility of the
behavior of the monetary aggregates
in the short run, it seemed that the
recent spurt might have resulted
partly from an expansion of highly
liquid precautionary balances at a
time of considerable uncertainty
about near-term economic and financial conditions, as well as a response
to the lower level of market interest
rates in earlier weeks.
The Committee decided to specify
monetary growth rates for the fourmonth period from November 1981
to March 1982, because data for December were necessarily incomplete
at the time of the meeting. It was
generally recognized that a marked
slowing in monetary growth in the
early months of 1982 from the rapid
pace in November and early December was desirable. Some members
stressed the desirability of specifying growth rates for both M-l and
M-2 for the four-month period that
would be within the ranges that had
been tentatively adopted for 1982,
partly with a view to avoiding any
possible misunderstanding of the
Committee's objectives in the period
before completion of the review of
its growth ranges for 1982. Other
members stressed the importance of
avoiding an abrupt deceleration of
monetary growth in the first quarter
of 1982, particularly if accompanied
by upward interest rate pressures,
because such developments might
well hamper recovery in economic
activity. A number of members were
willing to accept relatively rapid
growth in the period ahead, to the
extent that it reflected a continuation
of the recent behavior of other
checkable deposits and thus might
reflect expansion in its sizable savings component.
At the conclusion of the discus-
Record of Policy Actions
sion, the Committee decided to seek
behavior of reserve aggregates associated with growth of M - l and M-2
from N o v e m b e r 1981 to March 1982
at annual rates of around 4 to 5
percent and around 9 to 10 percent
respectively. In setting the objective
for M - l , the Committee took account of the relatively rapid growth
that had already taken place through
the first part of December. It also
recognized that interpretation of actual money growth might need to
take account of the significance of
fluctuations
in N O W
accounts,
which recently had been growing
relatively rapidly. The intermeeting
range for the federal funds rate that
provides a mechanism for initiating
consultation of the Committee was
set at 10 to 14 percent.
The following domestic policy directive was issued to the Federal
Reserve Bank of N e w York:
The information reviewed at this meeting suggests that real GNP declined appreciably in the fourth quarter and that
prices on the average rose less rapidly
than over the first three quarters of the
year. In November industrial production
fell more than in preceding months; nonfarm payroll employment, especially in
manufacturing, declined sharply further;
and the unemployment rate rose an additional 0.4 percentage point to 8.4 percent. The nominal value of retail sales
increased, but the level was still well
below the average for the third quarter.
Housing starts remained at a depressed
level. The rise in the index of average
hourly earnings has been somewhat less
rapid this year than during 1980.
The weighted average value of the
dollar against major foreign currencies
has changed little on balance since midNovember. The U.S. foreign trade deficit in October widened substantially
from the unusually low rate in September, and the average for the two months
was about the same as that for July and
August.
M-1B (adjusted for estimated shifts
into NOW accounts) expanded substantially in November and early December,
but its level in November was still well
below the lower end of the Committee's
range for growth over the year from the
fourth quarter of 1980 to the fourth quarter of 1981. Growth of M-2 accelerated
sharply in November, raising its level
above the upper end of its range for the
of the FOMC
year. Short-term market interest rates
and bond yields continued to decline in
the latter part of November, but since
then they have risen to levels generally
higher than those of mid-November;
over the period since mid-November,
mortgage interest rates have declined
further. On December 3 the Board of
Governors announced a reduction in
Federal Reserve basic discount rates
from 13 to 12 percent.
The Federal Open Market Committee
seeks to foster monetary and financial
conditions that will help to reduce inflation, promote a resumption of growth in
output on a sustainable basis, and contribute to a sustainable pattern of international transactions. At its meeting in
early July, the Committee agreed that its
objectives would be furthered by reaffirming the monetary growth ranges for
the period from the fourth quarter of
1980 to the fourth quarter of 1981 that it
had set at the February meeting. These
ranges included growth of V/2 to 6 percent for M-1B, abstracting from the impact of flows into NOW accounts on a
nationwide basis, and growth of 6 to 9
percent and 6V2 to 9Vi percent for M-2
and M-3 respectively. The Committee
recognized that the shortfall in M-1B
growth in the first half of the year partly
reflected a shift in public preferences
toward other highly liquid assets and that
growth in the broader aggregates had
been running at about or somewhat
above the upper end of their ranges. In
light of its desire to maintain moderate
growth in money over the balance of the
year, the Committee expected that
growth in M-1B for the year would be
near the lower end of its range. At the
same time, growth in the broader aggregates might be high in their ranges. The
associated range for bank credit was 6 to
9 percent. The Committee also tentatively agreed that for the period from the
fourth quarter of 1981 to the fourth quarter of 1982 growth of M-l, M-2, and M-3
within ranges of 2Vz to 5¥i percent, 6 to 9
percent, and 6V2 to W2 percent respectively would be appropriate.
In the short run, the Committee seeks
behavior of reserve aggregates consistent with growth of M-l and M-2 from
November 1981 to March at annual rates
of around 4 to 5 percent and 9 to 10
percent respectively. The target for M-l
no longer reflects the "shift-adjustment"
for conversion of outstanding interestbearing assets into new NOW accounts,
formerly estimated in the "shift-adjusted" M-1B series. In setting the M-l
target the Committee took account of the
relatively rapid growth that had already
taken place through the first part of
December; it also recognized that inter-
109
110 Federal Reserve Bulletin • February 1982
pretation of actual money growth may
need to take account of the significance
of fluctuations in NOW accounts, which
have recently been growing relatively
rapidly. The Chairman may call for Committee consultation if it appears to the
Manager for Domestic Operations that
pursuit of the monetary objectives and
related reserve paths during the period
before the next meeting is likely to be
associated with a federal funds rate persistently outside a range of 10 to 14
percent.
Votes for this action: Messrs.
Volcker, Boehne, Corrigan, Gramley,
Keehn, Partee, Rice, Schultz, Mrs.
Teeters, and Mr. Wallich. Votes
against this action: Messrs. Solomon
and Boy kin.
Mr. Solomon dissented from this
action because he felt it was particularly important at the beginning of an
annual target period that the Committee not formulate its directive in
terms that conveyed an unrealistic
sense of precision. In his view, the
directive language referring to the
November-to-March growth rates in
M-l and M-2 did seem to convey
such a sense.
Mr. Boykin dissented from this
action because he favored specification of somewhat lower rates for
growth in the monetary aggregates
from November to March. For M-2
in particular, he stressed the desirability of specifying a rate no higher
than the range of 6 to 9 percent that
had earlier been tentatively adopted
for growth over 1982, with a view to
avoiding a possible interpretation
that the Committee had implicitly
raised its objective before completion of the current review of the
growth ranges for 1982.
2. Authorization for Domestic
Open Market Operations
At this meeting the Committee
voted to increase from $3 billion
to $4 billion the limit on changes
between Committee meetings in
System Account holdings of U.S.
government and federal agency securities specified in paragraph 1(a) of
the authorization for domestic open
market operations, effective immediately for the period ending with the
close of business on February 2,
1982.
Votes for this action: Messrs.
Volcker, Solomon, Boehne, Boykin,
Corrigan, Gramley, Keehn, Partee,
Rice, Schultz, Mrs. Teeters, and Mr.
Wallich. Votes against this action:
None.
This action was taken on recommendation of the Manager for Domestic Operations. The Manager
had advised that substantial net sales
of securities were likely to be required during January in order to
absorb reserves that had been provided over recent weeks to meet
seasonal needs for currency in circulation.
Records of policy actions taken by the Federal Open Market Committee at each meeting, in the
form in which they will appear in the Board's Annual Report, are made available a few days after
the next regularly scheduled meeting and are later published in the B U L L E T I N .
Ill
Legal Developments
AMENDMENT
TO REGULATION
C
The Board of Governors of the Federal Reserve System has published the final version of its HMDA-1
disclosure and reporting form, required under the
Home Mortgage Disclosure Act. This format is to be
used by all depository institutions covered by Regulation C for reporting their mortgage and home improvement loan data, beginning with data for the calendar
year 1981. The form constitutes Appendix C to Regulation C (12 CFR 203), and was effective December 31,
1981.
Copies of the form will be made available to all state
member banks of the Federal Reserve System through
the Federal Reserve Banks. The form will be made
available to all other depository institutions through
the nearest regional office of their federal supervisory
agency—the Federal Home Loan Bank Board, the
Comptroller of the Currency, the Federal Deposit
Insurance Corporation, or the National Credit Union
Administration.
AMENDMENTS
TO REGULATIONS
M AND
Z
The Board of Governors of the Federal Reserve System is deferring until October 1, 1982, the mandatory
effective date for compliance with Regulation M (Consumer Leasing) (12 CFR 213), and revised Regulation
Z (Truth in Lending) (12 CFR 226), which implement
the Truth in Lending Simplification and Reform Act.
Although the revised regulations became effective on
April 1, 1981, compliance originally was not required
until April 1, 1982. In the interim, creditors were given
a transition period during which they could comply
with either the revised regulations or the previous
Regulation Z. On December 26, 1981, the President
signed into law an amendment to the Truth in Lending
Simplification and Reform Act delaying the mandatory
effective date for six months until October 1, 1982.
Pursuant to this new statutory mandate, the Board is
deferring the mandatory effective date for compliance
with its revised regulations and continuing the transition period until October 1, 1982.
Effective December 31, 1981, the Board amends its
regulations as follows:
1. The Board delays from April 1, 1982, to Octo
ber 1, 1982, the mandatory effective date for compliance with simplified Regulations Z and M and the
expiration of pre-simplification Regulation Z (12 CFR
Part 226), appendices, supplements, Board and staff
interpretations, and state exemptions. The April 1,
1981, effective date for optional compliance with simplified Regulations Z and M as described in 46 FR
20848 (April 7, 1981) remains unchanged.
2. The Board amends simplified Regulation Z
(12 CFR Part 226) as described in 46 FR 20848 (April 7,
1981) by changing the date in footnote 31a to § 226.14
and footnote 45a to § 226.22 from "April 1, 1982," to
"October 1, 1982."
3. The Board delays from April 1, 1982, to October 1,
1982, rescission of § 226.5 (b) through (e), Board
Interpretations §§ 226.502, 226.503 and 226.505, and
Supplement I to pre-simplification Regulation Z
(12 CFR Part 226), as described in 44 FR 77139
(December 31, 1979) and 45 FR 56795 (August 26,
1980). The January 10, 1980, effective date for revisions to § 226.5 and Supplement I, and new § 226.8 (r)
and (s) remains unchanged.
AMENDMENTS
TO REGULATION
Q
The Board of Governors of the Federal Reserve System, acting through its Secretary, pursuant to delegated authority, has suspended temporarily the Regulation Q penalty for the withdrawal of time deposits
prior to maturity from member banks for depositors
affected by severe storms, mud slides, high tides, and
flooding in the California counties of Contra Costa,
Marin, San Mateo, Santa Cruz, and Sonoma.
This action will be retroactive to January 7, 1982 for
the designated counties and will remain in effect until
12 midnight July 7, 1982.
Part 217—Interest on Deposits
Section 217.4—[Amended]
The application of § 217.4(d) is temporarily suspended
for the withdrawal of time deposits prior to maturity
from member banks for depositors affected by severe
storms, mud slides, high tides, and flooding in the
112 Federal Reserve Bulletin • February 1982
California counties of Contra Costa, Marin, San Mateo, Santa Cruz, and Sonoma.
On January 25, 1982, the Board acted to expand the
original Order to include additional counties in California as follows:
Effective January 9, 1982 for Solano County; January 12, 1982 for Humbolt County; and January 15,
1982 for the counties of Alameda, San Joaquin, and
Santa Clara.
AMENDMENTS
TO REGULATIONS
G,
T, AND
U
The Board of Governors of the Federal Reserve System has decided to amend portions of Regulations G,
T, and U (12 CFR Parts 207, 220, and 221) at this time
to grant relief and flexibility in areas where the comments on the Board's proposed major revision of the
regulations disclosed no substantial disagreement with
the Board's proposals, and the amendments can be
adopted without substantial modification of the wording of the existing regulations.
Effective February 15, 1982, the Board amends
Regulation G (12 CFR 207) as follows:
Part 207
Securities Credit by Persons Other than Banks,
Brokers, or Dealers
A. Section 207.1 of Regulation G is amended by
revising paragraphs (h) and (i).
Existing paragraphs (h) and (i) are removed and the
following new paragraphs (h) and (i) are added:
Section 207.1—General rule
(h) Purpose and nonpurpose credit extended to the
same customer.
(1) The lender shall identify all the collateral used to
meet the requirements of § 207.1(c) (the entire credit
being considered a single credit and collateral being
similarly considered) and shall not cancel the identification of any portion thereof except in circumstances that would permit the withdrawal of that
portion. Such identification may be made by any
reasonable method.
(2) For any credit extended to the same customer
that is not subject to § 207.1(c) the lender shall in
good faith require as much collateral not so identified as would be required (if any) if the lender held
neither the indebtedness subject to § 207.1(c) nor
the identified collateral.
(i) Purpose credit secured by margin securities and
other collateral. A lender may extend credit for the
purpose of purchasing or carrying margin securities
secured by collateral other than margin securities,
and, in the case of such credit, the maximum loan
value of the collateral shall be as determined by the
lender in good faith.
B. Section 207.2 of Regulation G is amended by
revising § 207.2(i) to read as follows:
Section 207.2—Definitions
(i) Indirectly secured. The term "indirectly secured"
includes any arrangement with the customer under
which the customer's right or ability to sell, pledge, or
otherwise dispose of margin securities owned by the
customer is in any way restricted as long as the credit
remains outstanding or under which the exercise of
such right is or may be cause for acceleration of the
maturity of the credit.
The foregoing shall not apply:
(1) If, following application of the proceeds of the
credit, not more than 25 per cent of the value of the
assets subject to the arrangement, as determined by
any reasonable method, are margin securities;
(2) To a lending arrangement that permits acceleration of the maturity of the credit as a result of a
default under, or the renegotiation of the terms of,
another credit to the same customer by another
lender that is not an affiliate* of the G-lender; or
(3) If the margin securities are held by the lender
only in the capacity of custodian, depositary, or
trustee, or under similar circumstances, and the
lender in good faith has not relied upon such margin
securities as collateral in the extension or maintenance of the particular credit.
Section 207.5—[Amended]
C. Section 207.5—Supplement, is amended by changing the existing 70 per cent retention requirement to 50
per cent in § 207.5(c) and changing the existing 30 per
cent minimum equity ratio to zero per cent in
§ 207.5(f).
Effective February 15, 1982, the Board amends
Regulation T (12 CFR 220) as follows:
*For this purpose the term "affiliate" shall mean a person that
directly, or indirectly through one or more intermediaries, controls, or
is controlled by, or is under common control with the lender.
Legal Developments
Part 220
Credit by Brokers and Dealers
D. Section 220.7 of Regulation T is amended by
revising § 220.7(a) to read as follows:
113
F. Sections 221.1, 221.3, and 221.4 are amended by
adding the word "margin" before the word "stock" in
the following paragraphs:
Sections 221.1(a), (b), and (c); 221.3(a), (m), (p), (q),
(r)(2), (s), and (t)(4); 221.4(a) and (c) of Regulation U
are amended by adding the word "margin" before the
word "stock" in every place that it appears.
Section 220.7—Miscellaneous provisions
(a) Arranging for loans by others. A creditor may not
arrange for the extension or maintenance of credit to
or for any customer by any person upon terms and
conditions other than those upon which the creditor
may himself extend or maintain under the provisions
of this Part, except that this limitation shall not apply
to credit arranged for a customer which does not
violate Parts 207 and 221 of this chapter and results
solely from:
(1) Investment banking services, provided by the
creditor to the customer, including, but not limited
to underwritings, private placements, and advice
and other services in connection with exchange
offers, mergers and acquisitions, except for underwritings that involve the public distribution of an
equity security with installment or other deferred
payment provisions; or
(2) The sale of non-margin securities with installment or other deferred payment provisions if the
sale is exempted from the registration requirements
of the Securities Act of 1933 under section 4(2) or
section 4(6) of the Act (15 U.S.C. 77(d) (2) and (6)).
Section 220.8—[Amended]
E. Section 220.8—Supplement is amended by changing the existing 70 per cent retention requirement to 50
per cent in § 220.8(e) (1), (3), and (4) and by changing
the existing 70 per cent maximum loan value to 100 per
cent in § 220.8(g)(1) and the existing 30 per cent
margin to zero per cent margin in § 220.8(g)(2).
Effective February 15, 1982, the Board amends
Regulation U (12 CFR Part 221), except for the amendment to exempt from quantitative limitation bank
credit which is not secured by margin stock. The
effective date of that amendment is March 31, 1982.
G. Section 221.3 of Regulation U is amended by
revising § 221.3(c) to read as follows:
Section 221.3—Miscellaneous Provisions
(c) Indirectly secured. The term "indirectly secured"
includes any arrangement with the customer under
which the customer's right or ability to sell, pledge, or
otherwise dispose of margin stock owned by the
customer is in any way restricted as long as the credit
remains outstanding or under which the exercise of
such right is or may be cause for acceleration of the
maturity of the credit.
The foregoing shall not apply:
(1) If, following application of the proceeds of the
credit, not more than 25 per cent of the value of the
assets subject to the arrangement, as determined by
any reasonable method, are margin stock;
(2) To a lending arrangement that permits acceleration of the maturity of the credit as a result of a
default under, or the renegotiation of the terms of,
another credit to the same customer by another
lender that is not an affiliate1 of the bank; or
(3) If the margin stock is held by the bank only in
the capacity of custodian, depositary, or trustee, or
under similar circumstances, and the bank in good
faith has not relied upon such margin stock as
collateral in the extension or maintenance of the
particular credit.
Section 221.4—[Amended]
H. Section 221.4—Supplement is amended by changing the existing 70 per cent retention requirement to 50
per cent in § 221.4(c) and changing the existing 30 per
cent minimum equity ratio to zero per cent in
§ 221.4(f).
Part 221
Credit by Banks for the Purpose of
or Carrying Margin Stocks
Purchasing
Sections 221.1, 221.3 and 221.4—[Amended]
'For this purpose the term "affiliate" shall mean a bank holding
company of which the bank is a subsidiary within the meaning of the
Bank Holding Company Act of 1956, as amended, or any other
subsidiary of such bank holding company, or any other corporation,
business trust, association or other similar organization which is an
affiliate as defined in section 2(b) of the Banking Act of 1933
(12 U.S.C. 221a).
114 Federal Reserve Bulletin • February 1982
BANK
ORDERS
HOLDING
ISSUED
COMPANY
AND
BY THE BOARD
BANK
OF
MERGER
GOVERNORS
Orders Under Section 3 of Bank Holding
Company Act
Banco de Columbia, S.A.,
Bogota, Columbia
Banco de Columbia, S.A.,
Panama, Panama
Order Approving Formation of Bank Holding
Companies
Banco de Colombia, S.A., Bogota, Colombia ("Banco
(Colombia)") and Banco de Colombia, S.A., Panama,
Panama ("Banco (Panama)"), have applied for the
Board's approval under section 3(a)(1) of the Bank
Holding Company Act (12 U.S.C. § 1842(a)(1)) to
become bank holding companies by acquiring 100
percent of the voting shares of Sabrina Properties,
Netherlands Antilles ("Sabrina"). Sabrina owns 100
percent of the voting shares of Eagle National Holding
Company, Miami, Florida ("Eagle"), a registered
bank holding company by virtue of its ownership of 93
percent of the voting shares of Eagle National Bank
(formerly Central National Bank of Miami), Miami,
Florida ("Bank").
Notice of the applications, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act.
The time for filing comments and views has expired
and the Board has considered the applications and all
comments received in light of the factors set forth in
section 3(c) of the act (12 U.S.C. § 1842(c)).1
Banco (Colombia), with total deposits of $717 million and total assets of $1.3 billion, is the largest
commercial banking organization in Colombia and
provides a broad range of commercial banking services through 237 branches in Colombia.2 Banco (Colombia) owns 70 percent of the voting shares of Banco
1. The Comptroller of Florida, by letter dated April 28, 1981,
requested that the Florida Attorney General issue an opinion as to the
applicability of section 658.29 FSA to the acquisition of control of a
national bank located in Florida by a non-United States bank.
Although the Florida statute appears to prohibit the proposed acquisition, the Florida Attorney General stated, in a letter dated July 6,
1981, that he was "unable to conclude that [section 658.29 FSA] does
in fact effectively prohibit the acquisition of ownership or control of a
national bank located in Florida by a foreign (non-U.S.) bank." The
Board concurs with this position, and, accordingly, has determined
that section 658.29 FSA is not a bar to approval of the subject
application.
2. Unless otherwise noted, all banking data are as of December 31,
1980.
(Panama), which is the third largest commercial bank
in Panama with total deposits of $524 million and total
assets of $585 million. The sole asset of Sabrina is its
interest in Eagle which in turn holds only the voting
shares of Bank. Bank, with total deposits of $56.9
million,3 holds 0.5 percent of market deposits and
ranks as the 37th largest of 69 banking organizations in
the greater Miami banking market (the relevant market).4 Inasmuch as Applicants conduct no banking
operations or other business in the United States,
consummation of the proposed transactions would
have no adverse effects on existing or potential competition and would not increase the concentration of
resources in any relevant area. Therefore, competitive
considerations are consistent with approval of the
applications.
The financial and managerial resources of Applicants, Sabrina, Eagle, and Bank are considered generally satisfactory and their future prospects appear to
be favorable. Thus, considerations relating to banking
factors are consistent with approval. Although consummation of the proposal would not immediately
result in any change in the banking services offered by
Bank, considerations relating to the convenience and
needs of the community to be served are consistent
with approval. Accordingly, the Board has determined
that consummation of the transactions would be in the
public interest and that the applications should be
approved.
On the basis of the record, the applications are
approved for the reasons summarized above. The
transactions shall not be made before the thirtieth
calendar day following the effective date of this Order,
or later than three months after the effective date of
this Order, unless such period is extended for good
cause by the Board or by the Federal Reserve Bank of
Atlanta, pursuant to delegated authority.
By order of the Board of Governors, effective
January 20, 1982.
V o t i n g for this action: C h a i r m a n V o l c k e r and G o v e r n o r s
S c h u l t z , W a l l i c h , P a r t e e , T e e t e r s , and R i c e . A b s e n t and not
voting: G o v e r n o r G r a m l e y .
[SEAL]
(Signed) JAMES M C A F E E ,
Assistant Secretary of the Board.
3. As of June 30, 1980.
4. The greater Miami banking market is approximated by all of
Dade and Broward Counties, Florida.
Legal Developments
Bancomer, S.A.,
Mexico City, Mexico
Bancomer Holding Companies (Antilles) N.V.,
Netherland Antilles
Bancomer Holding Company
(Netherlands) B.V.,
The Netherlands
Bancomer Holding Company,
San Diego, California
Order Approving Formation of Bank Holding
Companies
Bancomer S A . , Mexico City, Mexico; Bancomer
Holding Company (Antilles) N.V. ("BHC Antilles"),
Netherlands Antilles; Bancomer Holding Company
(Netherlands) B.V. ("BHC Netherlands"), The Netherlands; and Bancomer Holding Company ("BHC
California), San Diego, California, have applied for the
Board's approval under section 3(a)(1)) of the Bank
Holding Company Act (12 U.S.C.§ 1842(a)(1)) to become bank holding companies through the acquisition
by BHC California of 100 percent of the voting shares
of Grossmont Bank ("Bank"), La Mesa, California.
Notice of the applications, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act.
The time for filing comments and views has expired
and the Board has considered the applications and all
comments received in light of the factors set forth in
section 3(c) of the act.
Bancomer, with total assets of $14.6 billion, is the
largest commercial banking organization in Mexico
and offers a broad range of banking services through
more than 650 branches in that country.1 Bancomer
operates banking agencies in New York and Los
Angeles, and conducts no direct or indirect nonbanking activities in the United States. BHC Antilles, BHC
Netherlands, and BHC California are nonoperating
wholly-owned subsidiary companies of Bancomer, organized for the purpose of becoming bank holding
companies. Upon acquisition of Bank, Applicants
would control the 72nd largest banking organization in
California with 0.07 percent of the total deposits in
commercial banks in the state.2
Bank, with deposits of about $93.1 million, is the
11th largest of 33 banking organizations in the San
Diego metropolitan banking market and holds 1.6
percent of total deposits in commercial banks in that
1. Data are as of December 31, 1980.
2. Bank data are as of June 30, 1981.
115
market.3 Bancomer's nearest agency office to Bank is
115 miles away in the Los Angeles metropolitan banking market and Applicants control no other bank that
operates in the United States. In light of these facts,
consummation of the proposed transaction apparently
would have no adverse effects on existing or potential
competition, and would not increase the concentration
of banking resources in any relevant area. Therefore,
competitive considerations are consistent with approval of the applications.
The financial and managerial resources of Applicants and Bank are considered satisfactory and the
future prospects for each appear favorable. Thus,
considerations relating to banking factors are consistent with approval of the applications. Although consummation of the proposal would not immediately
change the banking services offered by Bank, considerations relating to the convenience and needs of the
community to be served are consistent with approval
of the applications. Accordingly, the Board has determined that consummation of the transaction would be
in the public interest and that the applications should
be approved.
On the basis of the record, the applications are
approved for the reasons summarized above. The
transaction shall not be made before the thirtieth day
following the effective date of this Order, or later than
three months after the effective date of this Order,
unless such period is extended for good cause by the
Board or by the Federal Reserve Bank of San Francisco, pursuant to delegated authority.
By order of the Board of Governors, effective
January 18, 1982.
Voting for this action: Chairman Volcker and Governors
Schultz, Wallich, Partee, Rice, and Gramley. Absent and not
voting: Governor Teeters.
[SEAL]
(Signed) JAMES MCAFEE,
Assistant Secretary of the Board.
Dickey County Bancorporation,
Ellendale, North Dakota
Order Approving Formation of a Bank Holding
Company
Dickey County Bancorporation, Ellendale, North Dakota, has applied for the Board's approval under
section 3(a)(1) of the Bank Holding Company Act
(12 U.S.C. § 1842(a)(1)) of formation of a bank holding
3. The San Diego metropolitan banking market is approximated by
the San Deigo RMA.
116 Federal Reserve Bulletin • February 1982
company by acquiring 98.3 percent of the voting
shares of The First National Bank and Trust Company
of Ellendale, Ellendale, North Dakota ("Bank").
Notice of the application, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act.
The time for filing comments and views has expired,
and the Board has considered the application and all
comments received in light of the factors set forth in
section 3(c) of the act.
Applicant, a nonoperating corporation with no subsidiaries, was organized for the purpose of becoming a
bank holding company by acquiring Bank. Upon acquisition of Bank, Applicant would control the 29th
largest commercial bank in North Dakota, with 0.6
percent of the total deposits in commercial banks in
the state.1
Bank holds deposits of $22.1 million, representing
approximately 7.3 percent of the total deposits in
commercial banks in the Aberdeen banking market2
and is the fourth largest of seven banks in the relevant
market.3 This proposal involves a restructuring of
Bank's ownership from individuals to a corporation
owned by the same individuals. Applicant's principals
are also principals of another bank, The First National
Bank of Oakes, Oakes, North Dakota, located in a
separate banking market.4 Accordingly it appears from
the facts of record that consummation of the proposal
would not result in any adverse effects upon competition in any relevant area. Thus, competitive considerations are consistent with approval.
Where principals of an applicant are engaged in
operating a chain of banking organizations, the Board,
in addition to analyzing the bank holding company
proposal before it, also considers the total chain and
analyzes the financial and managerial resources and
future prospects of the chain within the context of the
Board's multi-bank holding company standards.
Based upon such analysis in this case, the financial
and managerial resources and future prospects of
Applicant, Bank, and the affiliated bank appear to be
satisfactory. Although Applicant will incur debt in
connection with the proposal, it appears that Applicant will be able to service the debt without adversely
affecting the financial condition of Bank. Accordingly,
the financial and managerial factors are consistent
with approval of the application.
Since acquiring control of Bank in 1970, Applicant's
principals have expanded Bank's lending to its community. Applicant intends to assist Bank in increasing
the availability of credit in its local community. Consequently, convenience and needs factors lend some
weight toward approval of this application. Based on
the foregoing and other considerations reflected in the
record, the Board's judgment is that the proposed
acquisition is in the public interest and that the application should be approved.
On the basis of the record, the application is approved for the reasons summarized above. The transaction shall not be consummated before the thirtieth
calendar day following the effective date of this Order,
or later than three months after the effective date of
this Order, unless such period is extended for good
cause by the Board, or by the Federal Reserve Bank of
Minneapolis, pursuant to delegated authority.
By order of the Board of Governors, effective
January 13, 1982.
1. Data are as of June 30, 1981.
2. The Aberdeen banking market is approximated by Brown County, South Dakota; and the town of Ellendale in Dickey County, North
Dakota.
3. The deposit data for Bank in the Aberdeen banking market are as
of June 30, 1980.
4. Applicant has proposed that the competitive consequences of
consummation of this proposal should be analyzed in two alternative
geographic markets. The first proposed market would place Bank and
First National Bank of Oakes in separate geographic markets that
would be approximated by the banks' respective service areas.
Although the respective service areas of the banks involved in the
proposed transaction are among the factors that the Board considers
in determining the relevant geographic market, the Board does not
consider such service areas to be dispositive. See, Welch Bancshares,
Orders Under Sections 3 and 4 of Bank
Holding Company Act
6 6 FEDERAL RESERVE B U L L E T I N 7 8 9 ( 1 9 8 0 ) . T h e s e c o n d
geographic
market proposed by Applicant would place Bank and First National
Bank of Oakes in the same geographic market, which would include a
fourteen county area (representing more than 9,000 square miles) of
North Dakota and South Dakota. However, the Board has not
accepted this market definition because it is not supported by the facts
of record.
Voting for this action: Chairman Volcker and Governors
Schultz, Partee, Teeters, Rice, and Gramley. Absent and not
voting: Governor Wallich.
[SEAL]
(Signed) JAMES M C A F E E ,
Assistant Secretary of the Board.
BankEast Corporation,
Manchester, New Hampshire
Order Approving Merger of Bank Holding
Companies and Acquisition of Rochester Savings
Bank and Trust Company
BankEast Corporation, Manchester, New Hampshire
("BankEast") (formerly First Financial Group of New
Hampshire, Inc.), a bank holding company within the
meaning of the Bank Holding Company Act, has
applied for the Board's approval under section 3(a)(3)
of the Bank Holding Company Act (12 U.S.C.
Legal Developments
§ 1842(a)(5)) to merge with Heritage Banks, Inc.,
Rochester, New Hampshire ("Heritage") (formerly
Profile Bancshares, Inc.), under the charter and name
of BankEast.
BankEast has also applied for the Board's approval,
under section 4(c)(8) of the Bank Holding Company
Act (12 U.S.C. § 1843(c)(8)) and section 225.4(b)(2) of
the Board's Regulation Y (12 C.F.R. § 225.4(b)(2)), to
acquire Heritage's guaranty savings bank subsidiary,
Rochester Savings Bank and Trust Company, Rochester, New Hampshire ("Rochester Savings Bank"),
and thereby engage in the activity of operating a New
Hampshire guaranty savings bank. The Board has
previously approved applications from New Hampshire bank holding companies to acquire New Hampshire guaranty savings banks, determing that the operation of such an institution was closely related to
banking in New Hampshire.1 However, the operation
of a New Hampshire guaranty savings bank has not
been added by the Board to the list of permissible
activities for bank holding companies in section
225.4(a) of Regulation Y (12 C.F.R. § 225.4(a)). The
Board has instead chosen to consider whether the
operation of a guaranty savings bank is an activity
closely related to banking on a case-by-case basis.
Notice of these applications, affording opportunity
for interested persons to submit comments and views
has been duly published. No comments have been
received and the time for filing comments has expired.
The Board has considered the applications in light of
the factors set forth in section 3(c) of the Bank Holding
Company Act (12 U.S.C. § 1842(c)) and the considerations specified in section 4(c)(8) of the act (12 U.S.C.
§ 1843(c)(8)).
BankEast, the third largest banking organization in
New Hampshire, controls three commercial banking
subsidiaries with aggregate deposits of approximately
$216.7 million, representing 8.0 percent of total commercial bank deposits in the state.2 BankEast also
controls a guaranty savings bank, BankEast Guaranty
Savings Bank, Salem, New Hampshire ("BankEast
Savings Bank"), and a mortgage company. Heritage,
the thirty-first largest banking organization in New
Hampshire, controls one commercial banking subsidiary with $19.2 million in deposits, representing 0.7
percent of the total commercial bank deposits in the
state. Consummation of the proposed merger would
increase BankEast's share of state-wide commercial
1. Profile
Bankshares,
( 1 9 7 5 ) ; Heritage
Banks,
Inc.,
Inc.,
6 1 F E D E R A L RESERVE B U L L E T I N 9 0 1
6 6 F E D E R A L RESERVE B U L L E T I N
(1980) ("Heritage I"); First Financial Group of New Hampshire,
6 6 FEDERAL RESERVE B U L L E T I N 5 9 4 ( 1 9 8 0 ) ; Heritage
Bank,
Inc.,
590
Inc.,
66
FEDERAL RESERVE B U L L E T I N 9 1 7 ( 1 9 8 0 ) ( " H e r i t a g e I I " ) .
2. Financial information as of June 30, 1981. Market share information as of June 30, 1980.
117
bank deposits by only 0.7 percent, and would not alter
its state-wide rank.
Heritage's subsidiary bank operates in the Portsmouth-Dover-Rochester banking market3 and is the
second largest depository organization in the market,
holding 11.1 percent of total deposits in the market.
BankEast does not currently operate in the Portsmouth-Dover-Rochester banking market through either its commercial banking subsidiaries or its guaranty savings bank. Thus, consummation of the proposal
would not eliminate any existing competition between
BankEast and Heritage. Moreover, consummation
would not have any significant effects on potential
competition because the Portsmouth-Dover-Rochester
banking market is not a concentrated market, because
numerous other potential entrants exist, and because
the market is not regarded as attractive for de novo
entry or branching.
The financial and managerial resources and future
prospects of BankEast and its subsidiaries, as well as
Heritage and its subsidiaries, are regarded as satisfactory. Therefore, the Board regards banking factors as
being consistent with approval.
The proposed acquisition by BankEast will enable
Heritage to offer additional retail banking services to
its customers, through access to BankEast's ATM
network. In addition, BankEast intends to cause Heritage to offer free NOW accounts to senior citizens, to
provide trust services to its customers, and to offer
advisory services to municipalities. Accordingly, the
Board's view is that the considerations relating to
convenience and needs lend weight toward approval of
the merger.
BankEast has also applied to acquire Rochester
Savings Bank, Heritage's guaranty savings bank subsidiary. As discussed above, the Board previously
approved by Order applications by both Heritage and
BankEast to engage in operating guaranty savings
banks in New Hampshire. In these prior applications
by BankEast and Heritage, the Board determined that
operation of a guaranty savings bank is closely related
to banking in New Hampshire, stating that guaranty
savings banks offer services that are similar to those
offered by commercial banks.4 In that Order, the
3. The Portsmouth-Dover-Rochester banking market is approximated by the Portsmouth-Dover-Rochester SMSA, plus the towns of
Nottingham, Strafford, N e w Durham, Brookfield, Middleton, Milton,
and Wakefield, all in N e w Hampshire, and Lebanon, Maine.
4. Guaranty savings banks are similar to mutual savings banks
except guaranty savings banks are stock corporations and mutual
savings banks are non-stock corporations. Guaranty savings banks
offer services essentially similar to those offered by mutual savings
bank. Moreover, each of the main customer services offered by
guaranty savings banks (accepting time and savings deposit, acting as
fiduciary, and dealing in real estate mortgage financing) are generally
offered by commercial banks.
118 Federal Reserve Bulletin • February 1982
Board also noted that guaranty savings banks are
unique to New Hampshire, and that three of the six
guaranty savings banks in New Hampshire have historically been affiliated with commercial banks. Inasmuch as there is no evidence that banking conditions
have substantially changed in New Hampshire since
the Board last considered this issue in 1980,5 and
inasmuch as BankEast proposes no substantial
changes in the operation of Rochester Savings Bank,
the Board confirms its finding that the operation of a
guaranty savings bank is closely related to banking in
New Hampshire.
BankEast's proposal to acquire Rochester Savings
Bank should have no significant adverse effects, either
existing or potential. Rochester Savings Bank operates
in the Portsmouth-Dover-Rochester market while
BankEast's guaranty savings bank subsidiary operates
in a separate market. No existing competition will be
eliminated and neither does it appear that potential
competition will be eliminated. Therefore, competitive
considerations are consistent with approval.
In the previous applications by BankEast and Heritage, the Board noted the potential for serious conflicts of interests and possible unfair competition in the
affiliation of commercial banks and thrift institutions,
which arises from the operation of the two types of
institutions at the same location ("tandem operations"). When it approved BankEast's application to
acquire its guaranty savings bank subsidiary in 1980,
the Board found that the establishment of a guaranty
savings bank, authorized by Federal law to pay a
higher rate of interest than commercial banks, at the
same location as a commonly controlled commercial
bank, would subvert the purpose of the interest rate
differential. So far as the public's perception is concerned, these ostensibly competing institutions would
have a range of powers that neither Congress nor the
New Hampshire legislature has conferred on any
single institution. In the Depository Institutions
Deregulation Act of 1980, Congress has, in effect,
prescribed that commercial banks wait for the elimination of the differential in 1986. The Board found that a
bank holding company must present compelling public
benefits under the act in order to justify indirectly
avoiding that waiting period for its commercial bank
subsidiaries through an artificial device that, in the
Board's judgment, will entail the clear potential for
serious conflicts of interests and unfair competition.
5. While a recently enacted state law authorizes guaranty savings
banks to offer demand deposits and make a limited amount of
commercial loans, BankEast and Heritage have assured the Board
that their guaranty savings bank subsidiaries do not presently conduct
such activities and have no intention of conducting such activities in
the near future. Accordingly, the Board has relied on these assurances
in acting on this application under Section 4 of the act.
The Board also found that the same problem arises
when the two institutions are not paired at the same
location but when they are located close to one
another or operate in close mutual support.
Because of the Board's concern over the adverse
effects of tandem operations, the Board imposed certain conditions with respect to tandem operations in
approving BankEast's and Heritage's acquisition of
guaranty savings banks. Under those conditions,
BankEast may not shift assets between, or establish
joint locations of its subsidiary bank and its subsidiary
guaranty savings bank. Heritage may not establish an
office of its subsidiary bank at the Wakefield branch of
its subsidiary, Rochester Savings Bank. In the Board's
view, approval of the proposed merger of BankEast
and Heritage would not affect the applicability of those
conditions.
In connection with the proposal, the Board is concerned that, although the present proposal would not
result in the opening of any additional offices, the
potential for expansion of tandem operations exists.
For example, BankEast's subsidiary bank could, consistent with the existing Board-imposed conditions and
without Board approval, establish a bank office at a
branch of Heritage's guaranty savings bank, or assets
and liabilities could be shifted from BankEast's commercial bank subsidiary to Heritage's subsidiary,
Rochester Savings Bank. The Board believes that the
circumstances that caused the Board concern over
tandem operations in New Hampshire have not been
altered, and that failure to restrict tandem operations
in connection with this application might permit evasion of the existing conditions restricting tandem operations.6 The Board's Regulation Q has not been rescinded and banks currently must wait until 1986 until
the interest rate differential is removed.
If, in fact, the question of tandem operation is
removed from consideration in this case, based on the
record, the Board believes the balance of public interest factors it is required to consider under section
6. The Board notes that BankEast has indicated its belief that
certain developments have altered the adverse effects the Board found
with respect to the circumvention of the interest rate differential. In
particular, BankEast points to a recent staff study concerning bank
holding company acquisition of thrift institutions as being inconsistent
with a policy that continues to restrict tandem operations after such
acquisition. The Board does not believe that this assumption is
warranted, and notes that although the staff's thrift study did not
specifically address the problems of evasion of Regulation Q, it did
take note that problems in this area might occur but could be dealt
with under existing authority. BankEast also argues that in light of
current economic conditions, maintenance of the interest rate differential may not be effective to carry out its intended purposes.
However, the Board notes that Regulation Q remains in effect and that
the conditions cited by BankEast, existed in 1980 when the Board
determined that it was necessary to limit tandem operations. Similarly, BankEast's argument that tandem operation furthers the purpose
of Regulation Q by channeling deposits into the thrift institution is not
persuasive.
Legal Developments
4(c)(8) is favorable. These public benefits, however,
are not sufficient to outweigh the adverse effects the
Board believes could result from the establishment of
tandem relationships between BankEast's subsidiary
commercial banks and BankEast's subsidiary guaranty savings banks.
Accordingly, the Board's approval of this application is conditional on the following: that after approval, BankEast will not establish any additional commercial bank facilities within the service area of any office
of BankEast's guaranty savings bank subsidiaries
without the Board's consent; that BankEast will not
shift assets and liabilities from either of its guaranty
savings bank subsidiaries to any other subsidiary; and
advertising at the Wakefield branch of Rochester
Savings Bank and the Salem Office of BankEast
Savings Bank will mention only the services available
at these offices.7
On the basis of all facts of record, the applications to
merge Heritage with and into BankEast and to acquire
Rochester Savings Bank are approved for the reasons
119
discussed above. The subject merger shall not be made
before the thirtieth calendar day following the effective
date of this Order; and neither the subject merger, nor
the acquisition of Rochester Savings Bank shall be
made 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
Boston, pursuant to delegated authority. The determination as to BankEast's acquisition of Rochester Savings Bank is subject to the conditions set forth above
and to the conditions set forth in 225.4(c) of Regulation
Y (12 C.F.R. § 225.4(c)) and to the Board's authority
to require such modifications or termination of the
activities of a holding company or any of its subsidiaries as the Board finds necessary to assure compliance
with the provisions and purposes of the act and the
Board's regulations and Order issued thereunder, or to
prevent evasion thereof.
By Order of the Board of Governors, effective
January 28, 1982.
V o t i n g for this action: Chairman V o l c k e r and G o v e r n o r s
Schultz, Wallich, P a r t e e , T e e t e r s , R i c e , and G r a m l e y .
7. BankEast may apply to the Board for relief from these conditions
and any other condition imposed in the Board's 1980 Orders when the
interest rate differential is eliminated, or if the Board alters its general
policy concerning tandem operations.
ORDERS
AND
APPROVING
BANK
APPLICATIONS
MERGER
UNDER
THE BANK
[SEAL]
HOLDING
(Signed) JAMES M C A F E E ,
Assistant Secretary of the Board.
COMPANY
ACT
ACT
By the Board of Governors
During January 1982, the Board of Governors approved the applications listed below. Copies are available upon
request to Publications Services, Division of Support Services, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551.
Section 3
Applicant
Bank Securities, Inc.,
Albuquerque, New Mexico
First Lafayette Bancorporation,
Lafayette, Louisiana
Mercantile Texas Corporation,
Dallas, Texas
Pee Dee Bancshares, Inc.,
Timmonsville, South Carolina
Bank(s)
First National Bank of Socorro,
Socorro, New Mexico
First National Bank of Lafayette,
Lafayette, Louisiana
Greenway Bank & Trust of
Houston,
Houston, Texas
Pee Dee State Bank,
Timmonsville, South Carolina
Board action
(effective
date)
January 25, 1982
January 5, 1982
January 12, 1982
December 31, 1981
120 Federal Reserve Bulletin • February 1982
Section 3—Continued
Applicant
Southwest Bancshares, Inc.,
Houston, Texas
Texas American Bancshares, Inc.,
Fort Worth, Texas
By Federal Reserve
Effective
date
Bank(s)
The Mercantile National Bank of
Corpus Christi,
Corpus Christi, Texas
Preston State Bank,
Dallas, Texas
Republic State Bank,
Houston, Texas
North Austin State Bank,
Austin, Texas
January 8, 1982
January 18, 1982
January 13, 1982
January 25, 1982
Banks
Recent applications have been approved by the Federal Reserve Banks as listed below. Copies of the orders are
available upon request to the Reserve Banks.
Section 3
Applicant
Banks County Financial Corporation,
Homer, Georgia
Brighton Bancshares, Inc.,
Branson, Missouri
Camp Grove Bancorp, Inc.,
Camp Grove, Illinois
Cedar Bancorp,
Hartington, Nebraska
The Chase Manhattan Corp.,
New York, New York
DeKalb Bancshares, Inc.,
Crossville, Alabama
Ellettsville Bancshares, Inc.,
Ellettsville, Indiana
F. T. Bancshares, Inc.,
Shelbyville, Kentucky
F&M Shares Corp.,
Eagle Grove, Iowa
Financial Dominion of Kentucky
Corporation,
Radcliff, Kentucky
First Coweta Corporation,
Coweta, Oklahoma
Bank(s)
Reserve
Bank
Effective
date
Bank of Banks County,
Homer, Georgia
Atlanta
January 15, 1982
The First National Bank of Brighton,
Brighton, Illinois
Camp Grove State Bank,
Camp Grove, Illinois
Bank of Hartington,
Hartington, Nebraska
The Chase Manhattan Bank
(USA), N.A.,
Wilmington, Delaware
The DeKalb Bank,
Crossville, Alabama
The Peoples State Bank,
Ellettsville, Indiana
Farmers and Traders Bank of
Shelbyville,
Shelbyville, Kentucky
Farmers & Merchants Savings
Bank,
Manchester, Iowa
The Bank of North Hardin,
Radcliff, Kentucky
St. Louis
January 4, 1982
Chicago
December 31, 1981
Kansas City
January 15, 1982
New York
January 12, 1982
Atlanta
December 31, 1981
Chicago
January 13, 1982
St. Louis
January 15, 1982
Chicago
January 14, 1982
St. Louis
December 31, 1981
The First National Bank of
Coweta,
Coweta, Oklahoma
Kansas City
January 15, 1982
Legal Developments
121
Section 3—Continued
Applicant
Bank(s)
First National Cincinnati Corporation,
Cincinnati, Ohio
First Olathe Bancshares, Inc.,
Olathe, Kansas
First Seneca Corporation,
Oil City, Pennsylvania
Second National Bank of Hamilton,
Hamilton, Ohio
First National Bank of Olathe,
Olathe, Kansas
First Seneca Bank and Trust Company,
Butler, Pennsylvania
Ephrata National Bank,
Ephrata, Pennsylvania
Nazerath National Bank,
Nazerath, Pennsylvania
Producers Bank and Trust Company,
Bradford, Pennsylvania
Union Bank and Trust Company
of Pennsylvania,
Bethlehem, Pennsylvania
Greenview Community Bank,
Greenview, Illinois
Heights Bank,
Harker Heights, Texas
Winter Park National Bank,
Winter Park, Florida
Bank of the Islands, Sanibel-Captiva,
Sanibel, Florida
Kilgore First National Bank,
Kilgore, Texas
The Citizens Bank of Leeds,
Leeds, Alabama
Madison National Bank of Niles,
Niles, Illinois
First National Bank of Wheeling,
Wheeling, Illinois
The Montrose County Bank,
Naturita, Colorado
Greenview Banc Shares, Inc.,
Greenview, Illinois
Heights Bancshares, Inc.,
Harker Heights, Texas
Independent Community Banks,
Inc.,
Sanibel, Florida
Kilgore First Bancorp., Inc.,
Kilgore, Texas
Leeds Bancgroup, Inc.,
Leeds, Alabama
Madison Financial Corporation,
Chicago, Illinois
Montrose County Bank Shares
Inc.,
Crawford, Colorado
Multi-Line, Inc.,
Tampa, Florida
St. James Bancorp., Inc.,
St. James, Minnesota
Spiro Bancshares, Inc.,
Spiro, Oklahoma
TB&T Bancshares, Inc.,
Brownsville, Texas
Telluride Bank Shares, Inc.,
Crawford, Colorado
Tonica Bancorp, Inc.,
Tonica, Illinois
First Florida Banks, Inc.,
Tampa, Florida
Citizens State Bank of St. James,
St. James, Minnesota
Spiro State Bank,
Spiro, Oklahoma
Texas Bank and Trust of Brownsville,
Brownsville, Texas
The Bank of Telluride,
Telluride, Colorado
Tonica State Bank,
Tonica, Illinois
Reserve
Bank
Effective
date
Cleveland
January 21, 1982
Kansas City
January 14, 1982
Cleveland
January 13, 1982
Chicago
January 13, 1982
Dallas
January 14, 1982
Atlanta
January 4, 1982
Dallas
January 19, 1982
Atlanta
January 18, 1982
Chicago
January 14, 1982
Kansas City
January 15, 1982
Atlanta
January 18, 1982
Minneapolis
January 15, 1982
Kansas City
January 20, 1982
Dallas
January 7, 1982
Kansas City
January 15, 1982
Chicago
January 18, 1982
122 Federal Reserve Bulletin • February 1982
Section 3—Continued
Applicant
Bank(s)
United Missouri Bancshares, Inc.,
Kansas City, Missouri
City Bancshares, Inc.,
Kansas City, Missouri
City Bank and Trust Company of
Kansas City,
Kansas City, Missouri
The Valley National Bank,
Mc Allen, Texas
State Savings Bank of Scottville,
Scottville, Michigan
Bank of Western Oklahoma,
Elk City, Oklahoma
Valley Bancshares, Inc.,
McAllen, Texas
West Shore Bank Corporation,
Scottville, Michigan
Western Oklahoma Bancshares,
Inc.,
Elk City, Oklahoma
Reserve
Bank
Effective
date
Kansas City
January 13, 1982
Dallas
January 26, 1982
Chicago
December 31, 1981
Kansas City
January 7, 1982
Sections 3 and 4
Nonbanking
company
(or activity)
Applicant
Bank(s)
Climbing Hill Bancshares,
Inc.,
Climbing Hill, Iowa
Climbing Hill Savings
Bank,
Climbing Hill, Iowa
Emmons Agency, Inc.,
Emmons, Minnesota
First State Bank of
Emmons,
Emmons, Minnesota
Solomon Bancshares,
Inc.
Solomon, Kansas
The Solomon State
Bank,
Solomon, Kansas
general insurance
activities in a
town of less
than 5,000 persons,
to continue to engage in operating general insurance activities in a town of
less than 5,000
persons,
to continue to engage in the sale
of general insurance in a
community of
less than 5,000
population
Reserve
Bank
Effective
date
Chicago
January 12, 1982
Minneapolis
January 15, 1982
Kansas City
December 23, 1981
Section 4
Applicant
Deutsche Bank, AG,
Frankfurt, West Germany
Nonbanking
company
(or activity)
Credit Acquisition Corp., Portland, Oregon
Freightliner Credit Corp.,
Portland, Oregon
Reserve
Bank
Effective
date
New York
January 20, 1982
Legal Developments
123
Section 4—Continued
Applicant
First Moore Bancshares, Inc.,
Moore, Oklahoma
Old Stone Corporation,
Providence, Rhode Island
Peoples Ban Corporation,
Seattle, Washington
ORDERS APPROVED
By Federal Reserve
PENDING
First Moore Insurance Agency,
Inc.,
Moore, Oklahoma
Pacific-Southern Mortgage
Trust,
San Diego, California
Tellus Financial Services, Inc.,
Seattle, Washington
UNDER BANK MERGER
Kansas City
January 7, 1982
Boston
January 26, 1982
San Francisco
January 22, 1982
ACT
„ w .
Bank(s)
Reserve
Bank
The Dollar Savings and Trust Company,
Youngstown, Ohio
CASES INVOLVING
THE BOARD OF
Cleveland
Effective
date
January 7, 1982
GOVERNORS*
*This list of pending cases does not include suits
against the Federal Reserve Banks in which the Board
of Governors is not named a party.
Darnell Hilliard v. Wilbert G. Cooper, filed January
1982, Superior Court of the District of Columbia.
First Lakefield BanCorporation, et al. v. Board of
Governors, filed January 1982, U.S.D.C. for the
District of Minnesota.
C. A. Cavendes, Sociedad Financiers v. Board of
Governors, filed December 1981, U.S.C.A. for the
District of Columbia.
Option Advisory Service, Inc. v. Board of Governors,
filed December 1981, U.S.C.A. for the Second
Circuit.
Option Advisory Service, Inc. v. Board of Governors,
filed September 1981, U.S.C.A. for the Second
Circuit.
American Bankers Association v. Federal Home Loan
Bank Board, et al., filed August 1981, U.S.D.C. for
the District of Columbia.
The National Bank of Davis, et al. v. Charles E. Lord,
et al., filed July 1981, U.S.C.A. for the Fourth
Circuit.
Effective
date
Banks
. ..
Applicant
DB Banking Co.,
Youngtown, Ohio
Reserve
Bank
Bank(s)
Bank Stationers Association, Inc., et al. v. Board of
Governors, filed July 1981, U.S.D.C. for the Northern District of Georgia.
Public Interest Bounty Hunters v. Board of Governors, et al., filed June 1981, U.S.D.C. for the
Northern District of Georgia.
Edwin F. Gordon v. John Heimann, et al., filed May
1981, U.S.C.A. for the Fifth Circuit.
Louis J. Roussell v. Board of Governors, filed May
1981, U.S.C.A. for the District of Columbia.
Wilshire Oil Company of Texas v. Board of Governors, et al, filed April 1981, U.S.C.A. for the Third
Circuit.
People of the State of Arkansas v. Board of Governors, et al, filed March 1981, U.S.C.A. for the
Western District of Arkansas.
First Bank & Trust Company v. Board of Governors,
filed February 1981, U.S.D.C. for the Eastern District of Kentucky.
Ellis E. St. Rose & James H. Sibbet v. Board of
Governors, filed February 1981, U.S.D.C. for the
District of Columbia.
Option Advisory Service, Inc. v. Board of Governors,
et al, filed February 1981, U.S.C.A. for the Second
Circuit.
124 Federal Reserve Bulletin • February 1982
9 to 5 Organization for Women Office Workers v.
Board of Governors, filed December 1980,
U.S.D.C. for the District of Massachusetts.
Securities Industry Association v. Board of Governors, et al., filed October 1980, U.S.D.C. for the
District of Columbia.
Securities Industry Association v. Board of Governors, et al, filed October 1980, U.S.C.A. for the
District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
October 1980, U.S.D.C. for the District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
October 1980, U.S.C.A. for the District of Columbia.
Independent Insurance Agents of America and Independent Insurance Agents of Missouri v. Board of
Governors, filed September 1980, U.S.C.A. for the
Eighth Circuit.
Nebraska Bankers Association, et al. v. Board of
Governors, et al., filed September 1980, U.S.D.C.
for the District of Nebraska.
Republic of Texas Corporation v. Board of Governors,
filed September 1980, U.S.C.A. for the Fifth Circuit.
A. G. Becker, Inc. v. Board of Governors, et al., filed
August 1980, U.S.D.C. for the District of Columbia.
Otero Savings and Loan Association v. Board of
Governors, filed August 1980, U.S.D.C. for the
District of Colorado.
Edwin F. Gordon v. Board of Governors, et al., filed
August 1980, U.S.C.A. for the Fifth Circuit.
U.S. League of Savings Associations v. Depository
Institutions Deregulation Committee, et al., filed
June 1980, U.S.D.C. for the District of Columbia.
Berkovitz, et al. v. Government of Iran, et al., filed
June 1980, U.S.D.C. for the Northern District of
California.
Mercantile Texas Corporation v. Board of Governors,
filed May 1980, U.S.C.A. for the Fifth Circuit.
Corbin, Trustee v. United States, filed May 1980,
United States Court of Claims.
Louis J. Roussel v. Comptroller of the Currency and
Federal Reserve Board, filed April 1980, U.S.D.C.
for the District of Columbia.
County National Bancorporation and TGB Co. v.
Board of Governors, filed September 1979,
U.S.C.A. for the Eighth Circuit.
Donald W. Riegle, Jr. v. Federal Open Market Committee, filed July 1979, U.S.D.C. for the District of
Columbia.
Security Bancorp and Security National Bank v.
Board of Governors, filed March 1978, U.S.C.A. for
the Ninth Circuit.
Darnell Hilliard v. G. William Miller, et al., filed
September 1976, U.S.C.A. for the District of Columbia.
Roberts Farms, Inc. v. Comptroller of the Currency,
et al., filed November 1975, U.S.D.C. for the Southern District of California.
David Merrill, et al. v. Federal Open Market Committee, filed May 1975, U.S.D.C. for the District of
Columbia.
A1
Financial and Business Statistics
CONTENTS
Domestic
WEEKLY REPORTING
Financial
Statistics
A3 Monetary aggregates and interest rates
A4 Reserves of depository institutions, reserve,
bank credit
A5 Reserves and borrowings of depository
institutions
A6 Federal funds and repurchase agreements of
large member banks
FEDERAL RESERVE
BANKS
A l l Condition and Federal Reserve note statements
A12 Maturity distribution of loan and security
holdings
AND CREDIT
AGGREGATES
A12 Bank debits and deposit turnover
A13 Money stock measures and components
A14 Aggregate reserves of depository institutions
and monetary base
A15 Loans and securities of all commercial banks
COMMERCIAL
MARKETS
UMENTS
A7 Federal Reserve Bank interest rates
A8 Depository institutions reserve requirements
A9 Maximum interest rates payable on time and
savings deposits at federally insured institutions
A10 Federal Reserve open market transactions
MONETARY
BANKS
Assets and liabilities
A18 All reporting banks
A19 Banks with assets of $1 billion or more
A20 Banks in New York City
A21
Balance sheet memoranda
A22 Branches and agencies of foreign banks
A23 Commercial and industrial loans
A24 Gross demand deposits of individuals,
partnerships, and corporations
FINANCIAL
POLIC YINSTR
COMMERCIAL
BANKS
A16 Major nondeposit funds
A17 Assets and liabilities, last Wednesday-of-month
series
A25 Commercial paper and bankers dollar
acceptances outstanding
A26 Prime rate charged by banks on short-term
business loans
A26 Terms of lending at commercial banks
A27 Interest rates in money and capital markets
A28 Stock market—Selected statistics
A29 Selected financial institutions—Selected assets
and liabilities
FEDERAL
A30
A31
A32
A32
FINANCE
Federal fiscal and financing operations
U.S. budget receipts and outlay
Federal debt subject to statutory limitation
Gross public debt of U.S. Treasury—Types and
ownership
A33 U.S. government marketable securities—
Ownership, by maturity
A34 U.S. government securities dealers—
Transactions, positions, and financing
A35 Federal and federally sponsored credit
agencies—Debt outstanding
53
Federal Reserve Bulletin • February 1982
International
SECURITIES MARKETS
AND
CORPORATE
FINANCE
A36 New security issues—State and local
governments and corporations
A37 Open-end investment companies—Net sales and
asset position
A37 Corporate profits and their distribution
A38 Nonfinancial corporations—Assets and
liabilities
A38 Total nonfarm business expenditures on new
plant and equipment
A39 Domestic finance companies—Assets and
liabilities; business credit
REAL
ESTATE
A40 Mortgage markets
A41 Mortgage debt outstanding
CONSUMER
INSTALLMENT
A54
A55
A55
A56
U.S. international transactions—Summary
U.S. foreign trade
U.S. reserve assets
Foreign branches of U.S. banks—Balance sheet
data
A58 Selected U.S. liabilities to foreign official
institutions
REPORTED
FUNDS
A44 Funds raised in U.S. credit markets
A45 Direct and indirect sources of funds to credit
markets
Nonfinancial
Statistics
A46 Nonfinancial business activity—Selected
measures
A46 Output, capacity, and capacity utilization
A47 Labor force, employment, and unemployment
A48 Industrial production—Indexes and gross value
A50 Housing and construction
A51 Consumer and producer prices
A52 Gross national product and income
A53 Personal income and saving
IN THE UNITED
STATES
A58
A59
A61
A62
Liabilities to and claims on foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
A62 Banks' own claims on unaffiliated foreigners
A63 Claims on foreign countries—Combined
domestic offices and foreign branches
SECURITIES
Domestic
BY BANKS
CREDIT
A42 Total outstanding and net change
A43 Extension and liquidations
FLOW OF
Statistics
HOLDINGS
AND
TRANSACTIONS
A64 Marketable U.S. Treasury bonds and notes—
Foreign holdings and transactions
A64 Foreign official assets held at Federal Reserve
Banks
A65 Foreign transactions in securities
REPORTED BY NONBANKING
ENTERPRISES IN THE UNITED
BUSINESS
STATES
A66 Liabilities to unaffiliated foreigners
A67 Claims on unaffiliated foreigners
INTEREST AND EXCHANGE
RATES
A68 Discount rates of foreign central banks
A68 Foreign short-term interest rates
A68 Foreign exchange rates
A69 Guide to Tabular
Presentation,
Statistical Releases, and Special
Tables
Domestic Financial Statistics
1.10
A3
MONETARY AGGREGATES A N D INTEREST RATES
1981
1981
Item
Qlr
Q4r
Q3r
Q2'
Aug.'
Sept.r
Oct.r
Nov.'
Dec.
Monetary and credit aggregates
(annual rates of change, seasonally adjusted in percent) 1
1
2
3
4
Reserves of depository
Total
Required
Nonborrowed
Monetary base 2
institutions
5
6
7
8
Concepts of money and liquid
Ml
M2
M3
L
5.5
6.4
10.7
5.2
4.2
5.0
-2.4
5.8
4.0
3.1
7.9
4.3
3.2
3.5
10.5
3.9
2.5
9.8
10.8
2.9
15.1
18.6
14.5
6.0
-5.8
-1.7
2.5
0.7
1.0
-1.1
17.0
3.3
11.4
12.1
12.3
11.3
4.5
7.5
11.2
11.6
9.2
12.0
12.2
10.6
.3
8.3
11.2
11.9
5.7
8.8
9.2
n.a.
4.8
12.7
13.4
13.9
.3
4.0
6.9
8.3
4.7
7.6
7.3
9.7
9.7
13.6
13.1
n.a.
12.1
8.4
7.2
n.a.
16.0
-28.3
28.5
34.3
4.0
11.9
-8.9
16.2
19.9
3.2
18.4
-22.7
24.3
36.0
2.6
8.3
-11.9
20.7
5.3
2.7
20.8
-32.7
36.1
33.0
4.4
9.8
-22.4
23.7
11.2
-2.5
6.2
-16.8
22.2
.4
5.1
6.8
8.5
17.0
-5.2
4.2
1.4
4.6
-0.3
1.9
1.3
11.3
8.4
8.7
3.7
8.5
5.0
5.6
3.4
8.9
assets3
Time and savings deposits
Commercial banks
9
Total
10
Savings 4
11
Small-denomination time 5
12
Large-denomination time 6
13 Thrift institutions 7
14 Total loans and securities at commercial banks 8
1981
Q1
Q2
1981
Q4
Q3
Sept.
Oct.
1982
Nov.
Dec.
Jan.
Interest rates (levels, percent per annum)
15
16
17
18
Short-term rates
Federal funds 9
Discount window borrowing 1 0
Treasury bills (3-month market vield)
Commercial paper (3-month) 1 1
Long-term rates
Bonds
19
U.S. government 1 3
20
State and local government 1 4
21
A a a utility (new issue) 1 5
22 Conventional mortgages 1 6
16.57
13.00
14.39
15.34
17.78
13.62
14.91
16.15
17.58
14.00
15.05
16.78
13.59
13.04'
11.75
13.04
15.87
14.00
14.70
16.09
15.08
14.00
13.54
14.85
13.31
13.03 r
10.86
12.16
12.37
12.10
10.85
12.12
13.22
12.00
12.28
13.09
12.74
9.97
14.45
15.10
13.49
10.69
15.41
16.15
14.51
12.11
16.82
17.50
14.14
12.54
15.67
17.33
15.07
12.92
17.21
18.30
15.13
12.83
16.94
18.05
13.56
11.89
15.56
16.95
13.73
12.91 r
15.20
17.00
14.57
13.28
15.68
17.30
1. Unless otherwise noted, rates of change are calculated from average amounts
outstanding in preceding month or quarter.
2. Includes reserve balances at Federal Reserve Banks in the current week plus
vault cash held two weeks earlier used to satisfy reserve requirements at all depository institutions plus currency outside the U.S. Treasury, Federal Reserve Banks,
the vaults of depository institutions, and surplus vault cash at depository institutions.
3. M l : Averages of daily figures for (1) currency outside the Treasury, Federal
Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of nonbank issuers; (3) d e m a n d deposits at all commercial banks other than those due
to domestic banks, the U.S. government, and foreign banks and official institutions
less cash items in the process of collection and Federal Reserve float; and (4)
negotiable order of withdrawal ( N O W ) and automatic transfer service (ATS) accounts at banks and thrift institutions, credit union share draft (CUSD) accounts,
and demand deposits at mutual savings banks.
M2: M l plus savings and small-denomination time deposits at all depository
institutions, overnight repurchase agreements at commercial banks, overnight Eurodollars held by U.S. residents other than banks at Caribbean branches of member
banks, and money market mutual fund shares.
M3: M2 plus large-denomination time deposits at all depository institutions and
term RPs at commercial banks and savings and loan associations.
L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents
other than banks, bankers acceptances, commercial paper. Treasury bills and other
liquid Treasury securities, and U.S. savings bonds.
4. Savings deposits exclude N O W and ATS accounts at commercial banks and
thrifts and C U S D accounts at credit unions.
5. Small-denomination time deposits are those issued in amounts of less than
$100,000.
6. Large-denomination time deposits are those issued in amounts of $100,000 or
more.
7. Savings and loan associations, mutual savings banks, and credit
8. Changes calculated from figures shown in table 1.23. December 1981 and 1981
Q4 rates reflect shifts of foreign loans and securities from U.S. banking offices to
international banking facilities.
9. Averages of daily effective rates (average of the rates on a given date weighted
by the volume of transactions at those rates).
10. Rate for the Federal Reserve Bank of New York.
11. Quoted on a bank-discount basis.
12. Unweighted average of offering rates quoted by at least five dealers.
13. Market yields adjusted to a 20-year maturity by the U.S. Treasury.
14. Bond Buyer series for 20 issues of mixed quality.
15. Weighted averages of new publicly offered bonds rated A a a , A a , and A by
Moody's Investors Service and adjusted to an Aaa basis. Federal Reserve compilations.
16. Average rates on new commitments for conventional first mortgages on new
homes in primary markets, unweighted and rounded to nearest 5 basis points, from
Dept. of Housing and Urban Development.
NOTE. Reserve series have been revised to adjust for discontinuties associated
with changes in Regulation D and with the transitional phase-in of reserve requirements under the Monetary Control Act of 1980. Reserve measures f r o m
November 1980 to date reflect a one-time increase—estimated at $550 million to
$600 million—in required reserves associated with the reduction of week-end avoidance activities of a few large banks.
Measures of the money stock have been revised to incorporate annual seasonal
adjustment and benchmark changes, as well as minor compositional changes. See
the H.6 statistical release for Feb. 5, 1982 for more details. Reserve aggregates
data also incorporate benchmark and seasonal adjustment factor revisions.
A4
1.11
Domestic Financial Statistics • February 1982
RESERVES OF DEPOSITORY INSTITUTIONS, RESERVE BANK CREDIT
Millions of dollars
Monthly averages of
daily figures
Weekly averages of daily figures for week
nding
Factors
1982
1981
1982
1981
Dec. 16
Dec.
148,339
152,072
152,019
151,386
153,394
153,342
154,954
150,909
152,171
151,063
125,247
124,559
688
8,888
8,776
112
261
695
3,320
9,928
128,505
127,483
1,022
9,291
9,126
165
315
642
3,608
9,711
127,473
126,112
1,361
9,184
9,084
100
156
1,526
4,207
9,473
128,459
128,459
0
9,125
9,125
0
0
398
3,569
9,835
129,574
128,455
1,119
9,257
9,125
132
254
621
4,016
9,672
129.223
127,172
2,051
9,555
9,125
430
798
883
3,640
9.244
130,905
127,586
3,319
9,473
9,118
355
217
1,454
3,632
9,274
127,323
127,323
0
9,100
9,100
0
0
1,000
4,135
9,351
125,853
125,437
416
9,105
9,082
23
60
950
6,694
9,508
126,143
124,791
V,352
9,103
9,058
45
186
2,471
3,544
9,615
11,152
3,318
13,712
11,152
3,318
13,707
11,151
3,318
13,698
11,152
3,318
13,679
11,152
3,318
13.681
11,152
3,318
13,687
11,151
3,318
14,141
11,151
3,318
13,693
11,151
3,318
13,700
11,151
3,318
13,705
140,553
450
143,700
443
142,129
447
143,265
445
144,046
442
145,197
437
145,111
443
143,263
447
141,878
448
140,447
447
3,061
325
688
2,965
343
605
4,713
389
538
2,772
304
578
3,215
361
592
2,912
373
574
3,747
451
873
3,069
530
480
3,712
334
470
6,147
292
448
Jan.
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Nov.
Jan. 20
Jan. 27
SUPPLYING R E S E R V E FUNDS
1 Reserve Bank credit outstanding
2
3
4
5
6
7
8
9
10
11
U.S. government securities 1
Bought outright
Held under repurchase agreements
Federal agency securities
Bought outright
Held under repurchase agreements
Acceptances
Loans
Float
Other Federal Reserve assets
12 Gold stock
13 Special drawing rights certificate a c c o u n t . . .
14 Treasury currency outstanding
ABSORBING R E S E R V E F U N D S
15 Currency in circulation
16 Treasury cash holdings
Deposits, other than reserves, with Federal
Reserve Banks
17
Treasury
18
Foreign
19
Other
20
Required clearing balances
21 Other Federal Reserve liabilities and
capital
22 Reserve accounts 2
91
110
127
110
110
115
117
125
128
131
5,438
25,915
5,768
26,315
5,401
26,443
5,963
26,098
5,814
26,965
5,370
26,521
5,525
27,297
5,379
25,777
5,391
27,980
5,269
26,055
Wednesday figures
End-of-month figures
Nov.
Dec.
Jan.
1982
1981
1982
1981
Dec. 16
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
Jan. 27
SUPPLYING R E S E R V E F U N D S
23 Reserve Bank credit outstanding
24
25
26
27
28
29
30
31
32
33
U.S. government securities 1
Bought outright
Held under repurchase agreements
Federal agency securities
Bought outright
Held under repurchase agreements
Acceptances
Loans
Float
Other Federal Reserve assets
34 Gold stock
35 Special drawing rights certificate a c c o u n t . . .
36 Treasury currency outstanding
149,264
153,136
151,560
153,115
158,352
156,552
152,421
152,714
157,766
155,060
126,539
124,743
1,796
9,448
9,129
319
744
232
2,177
10,124
130,954
127,738
3,216
9,394
9,125
269
195
1,601
1,762
9,230
128,230
124,967
3,263
9,192
9,058
134
597
2,217
1,635
9,689
128,570
128,570
0
9,125
9,125
0
0
505
5,682
9,233
131,260
127,247
4,013
9,604
9,125
479
787
1,290
6,183
9,228
131,493
127,990
3,503
9,562
9,125
437
624
1,237
4,168
9,468
127,695
125,496
2,199
9,473
9,109
364
136
2,042
3,649
9,426
125,446
125,446
0
9,089
9,089
0
0
2,906
5,346
9,927
127,787
124,872
2,915
9,217
9,057
160
417
3,682
6,579
10,084
129,047
126,541
2,506
9,159
9,057
102
368
5,109
1,732
9,645
11,152
3,318
14,441
11,151
3,318
14,480
11,151
3,318
13,705
11,152
3,318
13,679
11,152
3,318
13,687
11,151
3,318
13,687
11,151
3,318
13,690
11,151
3,318
13,698
11,151
3,318
13,705
11.151
3,318
13,705
142,683
445
145,566
444
139,667
452
143,886
442
145,032
442
145,517
442
144,353
442
142,921
449
141,450
446
140,354
450
3,475
535
715
99
4,301
505
781
117
8,285
333
393
135
3,352
264
579
110
2,282
333
614
110
3,402
319
600
115
2,486
217
684
117
3,235
275
448
125
3,661
264
543
128
7,169
346
437
131
6,011
24,213
5,261
25,111
5,539
24,931
5,814
26,818
5,292
32,404
5,345
28,968
5,353
26,929
5,306
28,122
5,272
34,176
5,044
29,303
ABSORBING R E S E R V E FUNDS
37 Currency in circulation
38 Treasury cash holdings
Deposits, other than reserves, with Federal
Reserve Banks
39
Treasury
40
Foreign
41
Other
42 Required clearing balances
43 Other Federal Reserve liabilities and
capital
44 Reserve accounts 2
1. Includes securities loaned—fully guaranteed by U.S. government securities
pledged with Federal Reserve Banks—and excludes (if any) securities sold and
scheduled to be bought back under matched sale-purchase transactions.
2. Excludes required clearing balances,
NOTE. For amounts of currency and coin held as reserves, see table 1.12.
Depository Institutions
1.12
RESERVES A N D BORROWINGS
A5
Depository Institutions
Millions of dollars
Monthly averages of daily figures
Reserve classification
1980
Dec.
1 Reserve balances with Reserve Banks 1
?
3
4
5
6
7
8
9
10
11
12
Vault cash at institutions with required
reserve balances 2
Vault cash equal to required reserves at
other institutions
Surplus vault cash at other i n s t i t u t i o n s 3 . .
Reserve balances + total vault cash 4
Reserve balances + total vault cash used
to satisfy reserve requirements 4 ' 5
Required reserves (estimated)
Excess reserve balances at Reserve Banks 4 - 6 .
Total borrowings at Reserve Banks
Seasonal borrowings at Reserve Banks
Extended credit at Reserve Banks
1982
1981
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
26,664
18,149
26,822
17,773
26,819
18,198
27,172
18,273
27,023
18,438
25,527
18,927
25,592
18,810
25,915
18,839
26,316
19,546
26,443
20,506
12,602
12,124
12,396
12,504
12,585
12,966
12,881
12,956
13,550
14,197
704
4,843
44,940
1,310
4,339
45,100
1,350
4,452
45,507
1,319
4,450
45,513
1,364
4,489
44,499
2,041
3,920
44,430
2,054
3,875
44,778
2,011
3,872
45,883
2,126
3,870
45,883
2,229
4,080
46,965
40,097
40,067
30
1,617
116
n.a.
40,344
40,213
131
2,154
259
n.a.
40,648
40,098
550
2,038
291
n.a.
41,057
40,675
382
1,751
248
n.a.
41,024
40,753
271
1,408
220
79
40,579
40,179
400
1,473
222
301
40,555
40,438
117
1,149
152
442
40,906
40,591
315
695
79
178
42,013
41,614
399
642
53
149
42,885
42,784
101
1,526
75
197
Weekly averages of daily figures for week ending:
Nov. 25
13 Reserve balances with Reserve Banks 1
14 Total vault cash (estimated)
15
Vault cash at institutions with required
reserve balances 2
Vault cash equal to required reserves at
16
other institutions
17
Surplus vault cash at other institutions 3 . .
18 Reserve balances + total vault cash 4
19 Reserve balances + total vault cash used
to satisfy reserve requirements 4 - 5
20 Required reserves (estimated)
21 Excess reserve balances at Reserve Banks 4 - 6 .
22
Total borrowings at Reserve Banks
23
Seasonal borrowings at Reserve Banks
24
Extended credit at Reserve Banks
Dec. 2
Dec. 9
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
Jan. 27
26,556
17,934
26,242
19,360
25,163
19,587
26,098
20,322
26,965
18,632
26,521
19,748
27,297
19,196
25,777
20.698
27,980
20,970
26,055
21,007
12,410
13,359
13,450
13,861
13,087
13,862
13.515
14,336
14,447
14,483
1,916
3,608
44,513
2,053
3,948
45,624
2,158
3,979
44,772
2,251
4,210
46,444
2,023
3,522
45,618
2,104
3,782
46,285
2,061
3,620
46,509
2,326
4,036
46,489
2,235
4,288
48,966
2,265
4,259
47,078
40,905
40,753
152
337
69
123
41,676
41,230
446
317
41
125
40,793
40,608
185
618
30
125
42,234
42,131
103
398
51
130
42,096
41,721
375
621
70
161
42,503
42,031
472
883
75
173
42,889
42,145
744
1,454
59
193
42,453
42,175
278
1,000
53
194
44,678
44,282
396
950
70
195
42.819
42,703
116
2,471
96
199
1. As of Aug. 13, 1981 excludes required clearing balances of all depository
institutions.
2. Prior to Nov. 13, 1980, the figures shown reflect only the vault cash held by
member banks.
3. Total vault cash at institutions without required reserve balances less vault
cash equal to their required reserves.
4. A d j u s t e d to include waivers of penalties for reserve deficiencies in accordance
with Board policy, effective Nov. 19, 1975, of permitting transitional relief on a
graduated basis over a 24-month period when a n o n m e m b e r bank merged into an
Dec. 16
existing member bank, or when a nonmember bank joins the Federal Reserve
System. For weeks for which figures are preliminary, figures by class of bank do
not add to total because adjusted data by class are not available.
5. Reserve balances with Federal Reserve Banks which exclude required clearing
balances plus vault cash at institutions with required reserve balances plus vault
cash equal to required reserves at other institutions.
6. Reserve balances with Federal Reserve Banks which exclude required clearing
balances plus vault cash used to satisfy reserve requirements less required reserves.
(This measure of excess reserves is comparable to the old excess reserve concept
published historically.)
A6
1.13
Domestic Financial Statistics • February 1982
FEDERAL F U N D S A N D REPURCHASE AGREEMENTS
Large Member Banks 1
Averages of daily figures, in millions of dollars
1981 and 1982, week ending Wednesday
By maturity and source
Dec. 2
One day and continuing
contract
1 Commercial banks in United States
2 Other depository institutions, foreign banks and foreign
official institutions, and U.S. government agencies .
3 Nonbank securities dealers
4 All other
Dec. 9
Dec. 16
Dec. 23
Dec. 30 r
51,901
57,328
55,055
51,653
52,496
57,560
58,089
55,172
50,762
18,296
3,566
16,630
19,289
4,018
19,834
19,235
4,242
20,479
18,500
3,882
19,910
18,126
3,293
17,905
18,375
3,739
20,502
18,181
3,638
21,715
17,889
4,019
21,558
17,455
4,478
21,889
Jan. 6
Jan. 13
Jan. 20
Jan. 27
All other maturities
5 Commercial banks in United States
6 Other depository institutions, foreign banks and foreign
official institutions, and U.S. government agencies .
7 Nonbank securities dealers
8 All other
3,839 r
3,311
3,416
3,717
3,945
3,614
3,388
3,891
3,824
7,786
4,350
13,289 r
7,528
4,385
10,943
7,691
4,052
10,000
8,197
3,968 r
10,327 r
8,129
4,189
12,334
7,935
3,421
10,845
7,140
3,603
9,778
7,339
3,718
9,310
7,437
4,151
9,173
MEMO: Federal funds and resale agreement loans in maturities of one day or continuing contract
9 Commercial banks in United States
10 Nonbank securities dealers
19,404 r
3,474
18,575 r
4,239
17,364 r
3,963
17,460 r
3,845
18,049
4,037
22,231
4,349
18,534
4,227
18,896
4,177
17,819
3,462
1. Banks with assets of $1 billion or more as of Dec. 31, 1977.
Policy Instruments
A7
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per annum
Current and previous levels
Extended credit 1
Short-term adjustment credit
and seasonal credit
Federal Reserve
Bank
First 60 days
of borrowing
Next 90 days
of borrowing
After 150 days
Effective date
for current rates
Rate on
1/31/82
Effective
date
Previous
rate
Rate on
1/31/82
Previous
rate
Rate on
1/31/82
Previous
rate
Rate on
1/31/82
Previous
rate
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
12
12
12
12
12
12
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
13
13
13
13
13
13
12
12
12
12
12
12
13
13
13
13
13
13
13
13
13
13
13
13
14
14
14
14
14
14
14
14
14
14
14
14
15
15
15
15
15
15
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San F r a n c i s c o . . . .
12
12
12
12
12
12
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
13
13
13
13
13
13
12
12
12
12
12
12
13
13
13
13
13
13
13
13
13
13
13
13
14
14
14
14
14
14
14
14
14
14
14
14
15
15
15
15
15
15
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
Range of rates in recent years 2
Effective date
In effect Dec. 31,1972.
1973— Jan. 15
Feb. 26
Mar. 2
Apr. 23
May 4
11
18
June 11
15
July
2
Aug. 14
23
1974— Apr. 25
30
Dec.
9
16
1975— Jan.
6
10
24
Feb. 5
7
Mar. 10
14
May 16
23
Range (or
level)—
All F.R.
Banks
F.R.
Bank
of
N.Y.
4Vi
5
5-5 Vi
5 Vi
5VS-53/4
5^4
3
4Vi
5
5Vi
5Vi
5Vi
5%
6
6
6Vi
6Vi
7
7Vi
7Vi
5 /4-6
6
6-6 Vi
6Vi
7
7-7Vi
7V2
7Vi-8
8
73/4-8
m
8
83
7 /4
m
7V4-73/4
7V4-73/4
7V4
63/4-7V4
3
m
m
7V4
m
61/4-63/4
6V4
m
6
6
6 /4
6V4
6-6V4
6
6
%
Effective
Range (or
level)—
All F.R.
Banks
F.R.
Bank
of
N.Y.
19
73
Nov. 77
76
5Vi-6
5Vi
5V*-5Vi
5V4
5Vi
5 Vi
1977— Aug. 30
31
Sept. 7
Oct. 76
5V4-53/4
3
5V4
5V4
3
1976— Jan.
5^4
6
5^4
5 /4
6
9
70
May 11
17
3
July
July 10
Aug. 71
Sept. 77
Oct. 16
70
Nov. 1
3
6-6 Vi
6Vi
6Vi-7
7
7-7 V4
IV*
6Vi
6Vi
1
7
73/4
73/4
8-8 Vi
8 Vi
8Vi-9W
9Vi
8 Vi
8Vi
9 Vi
9 Vi
1979— July 70
Aug. 1
7
70
10
lO-lOVi
10W
Range (or
level)—
All F.R.
Banks
F.R.
Bank
of
N.Y.
1979— Sept. 19
21
Oct. 8
10
10Vi-ll
11
11-12
12
11
11
12
12
1980— Feb. 15
19
May 29
30
June 13
16
July 28
29
Sept. 26
Nov. 17
Dec. 5
8
12-13
13
12-13
12
11-12
11
10-11
10
11
12
12-13
13
13
13
13
12
11
11
10
10
11
12
13
13
1981— May
May
Nov.
Nov
Dec.
13-14
14
13-14
13
12
14
14
13
13
12
10
lOVi
10 Vi
1978— Jan.
1. Applicable to advances when exceptional circumstances or practices involve
only a particular depository institution and to advances when an institution is under
sustained liquidity pressures. See section 201.3(b)(2) of Regulation A .
2. Rates tor short-term adjustment credit. For description and earlier data see
the following publications of the Board of Governors: Banking and Monetary
Statistics, 1914-1941 and 1941-1970; Annual Statistical Digest, 1971-1975, 19721976, 1973-1977, and 1974-1978.
5V4~5 /4
5V4
Effective date
7V4
IV*
5
8
2
6
4
In effect Jan. 31, 1982
12
12
In 1980 and 1981, the Federal Reserve applied a surcharge to short-term adjustment credit borrowings by institutions with deposits of $500 million or more
that had borrowed in successive weeks or in more than 4 weeks in a calendar
quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7,
1980. On Nov. 17, 1980, a 2 percent surcharge was adopted; the surcharge was
subsequently raised to 3 percent on Dec. 5,1980 and to 4 percent on May 5,1981.
The surcharge was reduced to 3 percent effective Sept. 22, 1981 and to 2 percent
effective Oct. 12. As of Oct. 1, the formula for applying the surcharge was changed
from a calendar quarter to a moving 13-week period. Tne surcharge was eliminated
on Nov. 17, 1981.
A8
1.15
Domestic Financial Statistics • February 1982
DEPOSITORY INSTITUTIONS RESERVE REQUIREMENTS 1
Percent of deposits
Type of deposit, and deposit interval
in millions of dollars
Member bank requirements
before implementation of the
Monetary Control Act
Percent
Net demand2
0-2
2-10
10-100
100-400
Over 400
Time and
Savings
Effective date
Effective date
3
12
11/13/80
11/13/80
Nonpersonal time deposits8
By original maturity
Less than 4 years
4 years or more
3
0
11/13/80
11/13/80
Eurocurrency
All types
113/4
12%
161/4
12/30/76
12/30/76
12/30/76
12/30/76
12/30/76
3
3
11/13/80
accounts6-7
3/16/67
3
2Vi
1
6
21/2
1
liabilities
3/16/67
1/8/76
10/30/75
12/12/74
1/8/76
10/30/75
1. For changes in reserve requirements beginning 1963, see Board's Annual
Statistical Digest, 1971-1975 and for prior changes, see Board's Annual Report for
1976, table 13. U n d e r provisions of the Monetary Control Act, depository institutions include commercial banks, mutual savings banks, savings and loan associations, credit unions, agencies and branches of foreign banks, and Edge Act
corporations.
2. (a) Requirement schedules are graduated, and each deposit interval applies
to that part of the deposits of each bank. D e m a n d deposits subject to reserve
requirements were gross demand deposits minus cash items in process of collection
and demand balances due from domestic banks.
(b) The Federal Reserve Act as amended through 1978 specified different ranges
of requirements for reserve city banks and for other banks. Reserve cities were
designated under a criterion adopted effective Nov. 9,1972, by which a bank having
net demand deposits of more than $400 million was considered to have the character
of business of a reserve city bank. The presence of the head office of such a bank
constituted designation of that place as a reserve city. Cities in which there were
Federal Reserve Banks or branches were also reserve cities. Any banks having net
demand deposits of $400 million or less were considered to have the character of
business of banks outside of reserve cities and were permitted to maintain reserves
at ratios set for banks not in reserve cities.
(c) Effective Aug. 24, 1978, the Regulation M reserve requirements on net
balances due f r o m domestic banks to their foreign branches and on deposits that
foreign branches lend to U.S. residents were reduced to zero from 4 percent and
1 percent respectively. The Regulation D reserve requirement on borrowings from
unrelated banks abroad was also reduced to zero from 4 percent.
(d) Effective with the reserve computation period beginning Nov. 16, 1978,
domestic deposits of Edge corporations were subject to the same reserve requirements as deposits of member banks.
3. (a) Negotiable order of withdrawal ( N O W ) accounts and time deposits such
as Christmas and vacation club accounts were subject to the same requirements as
savings deposits.
(b) The average reserve requirement on savings and other time deposits before
implementation of the Monetary Control Act had to be at least 3 percent, the
minimum specified by law.
4. (a) Effective Nov. 2,1978, a supplementary reserve requirement of 2 percent
was imposed on large time deposits of $100,000 or more, obligations of affiliates,
and ineligible acceptances. This supplementary requirement was eliminated with
the maintenance period beginning July 24, 1980.
(b) Effective with the reserve maintenance period beginning Oct. 25, 1979, a
marginal reserve requirement of 8 percent was added to managed liabilities in
excess of a base amount. This marginal requirement was increased to 10 percent
beginning A p r . 3, 1980, was decreased to 5 percent beginning June 12, 1980, and
N O T E T O T A B L E 1.16
NOTE. Before Mar. 31, 1980, the maximum rates that could be paid by federally
insured commercial banks, mutual savings banks, and savings and loan associations
were established by the Board of Governors of the Federal Reserve System, the
Board of Directors of the Federal Deposit Insurance Corporation, and the Federal
H o m e Loan Bank Board under the provisions of 12 C F R 217, 329, and 526 respectively. Title II of the Depository Institutions Deregulation and Monetary Control Act of 1980 (P.L. 96-221) transferred the authority of the agencies to establish
maximum rates of interest payable on deposits to the Depository Institutions Deregulation Committee. The maximum rates on time deposits in denominations of
$100,000 or more with maturities of 30-89 days were suspended in June 1970; such
deposits maturing in 90 days or more were suspended in May 1973. For information
regarding previous interest rate ceilings on all types of accounts, see earlier issues
of the FEDERAL RESERVE BULLETIN , tne Federal Home Loan Bank Board Journal,
and the Annual Report of the Federal Deposit Insurance
Corporation.
Depository institution requirements
after implementation of the
Monetary Control Act 5
Percent
Net transaction
7
91/2
savings2,3
Time 4
0-5, by maturity
30-179 days
180 days t o 4 years
4 years or more
Over 5, by maturity
30-179 days
180 days to 4 years
4 years or more
Type of deposit, and
deposit interval
was reduced to zero beginning July 24, 1980. Managed liabilities are defined as
large time deposits. Eurodollar borrowings, repurchase agreements against U.S.
government and federal agency securities, federal funds borrowings from nonmember institutions, and certain other obligations. In general, the base for the
marginal reserve requirement was originally the greater of (a) $100 million or (b)
the average amount of the managed liabilities held by a member bank, Edge
corporation, or family of U.S. branches and agencies of a foreign bank for the two
statement weeks ending Sept. 26,1979. For the computation period beginning Mar.
20,1980, the base was lowered by (a) 7 percent or (b) the decrease in an institution's
U.S. office gross loans to foreigners and gross balances due f r o m foreign offices
of other institutions between the base period (Sept. 13-26, 1979) and the week
ending Mar. 12,1980, whichever was greater. For the computation period beginning
May 29,1980, the base was increased by 7Vi percent above the base used to calculate
the marginal reserve in the statement week of May 14-21, 1980. In addition,
beginning Mar. 19, 1980, the base was reduced to the extent that foreign loans and
balances declined.
5. For existing nonmember banks and thrift institutions at the time of implementation of the Monetary Control Act. the phase-in period ends Sept. 3, 1987.
For existing member banks the phase-in period is about three years, depending on
whether their new reserve requirements are greater or less than the old requirements. For existing agencies and branches of foreign banks, the phase-in ends Aug.
12,1982. All new institutions will have a two-year phase-in beginning with the date
that they open for business.
6. Transaction accounts include all deposits on which the account holder is
permitted to make withdrawals by negotiable or transferable instruments, payment
orders of withdrawal, and telephone and preauthorized transfers (in excess of three
per month) for the purpose of making payments to third persons or others.
7. The Monetary Control Act of 1980 requires that the amount of transaction
accounts against which the 3 percent reserve requirement will apply be modified
annually to 80 percent of the percentage increase in transaction accounts held by
all depository institutions on the previous June 30. A t the beginning of 1982 the
amount was accordingly increased from $25 million to $26 million.
8. In general, nonpersonal time deposits are time deposits, including savings
deposits, that are not transaction accounts and in which the beneficial interest is
held by a depositor that is not a natural person. Also included are certain transferable time deposits held by natural persons, and certain obligations issued to
depository institution offices located outside the United States. For details, see
section 204.2 of Regulation D .
NOTE. Required reserves must be held in the form of deposits with Federal
Reserve Banks or vault cash. After implementation of the Monetary Control A c t ,
nonmembers may maintain reserves on a pass-through basis with certain approved
institutions.
Policy Instruments
1.16
A9
M A X I M U M I N T E R E S T R A T E S P A Y A B L E on Time and Savings Deposits at Federally Insured Institutions
Percent per annum
Savings and loan associations and
mutual savings banks (thrift institutions)
Commercial banks
Type and maturity of deposit
In effect Jan. 31, 1982
Effective
date
1 Savings
2 Negotiable order of withdrawal accounts 2
Time accounts 3
Fixed ceiling rates by maturity 4
3
14-89 d a y s "
4
90 days to 1 vear
5
1 to 2 years '
6
2 to 2 Vl years 7
7
2Vl to 4 years 7
8
4 to 6 years 8
9
6 to 8 years 8
10
8 years or more 8
11
Issued to governmental units (all maturities) 10
12
Individual retirement accounts and Keogh (H.R. 10)
plans (3 years or more) 10,11
13
14
15
16
Special variable ceiling rates by maturity
6-month money market time deposits 12
12-month all savers certificates
21/! years to 4 years
Accounts with no ceiling rates
Individual retirement accounts and Keogh (H.R. 10)
plans (18 months or more)
5LA
5VA
51/4
5 3 /4
IVA
IVi
7 3 /4
8/1/79
1/1/80
7/1/73
11/1/73
12/23/74
6/1/78
6/1/78
6/1/78
Effective
date
In effect Jan. 31, 1982
Percent
Previous maximum
Effective
date
7/1/73
1/1/74
5i
V
5!/4
7/1/79
12/31/80
(6)
6
1/1/80
5 3 /4
5 3 /4
7/1/73
7/1/73
1/21/70
1/21/70
1/21/70
m
11/1/73
7 3 /4
7 3 /4
'i2/23/74'
11/1/73
12/23/74
6/1/78
6/1/78
7 3 /4
7/6/77
6/1/78
7 3 /4
07)
07)
5
SVi
5'/5
6 VL
6 3 /4
m
(')
0)
5'/4
5
(6)
5 3 /4
5 3 /4
6
V/2
\vA
Cl3\
07)
1. July 1, 1973, for mutual savings banks; July 6, 1973, for savings and loan
associations.
2. For authorized states only, federally insured commercial banks, savings and
loan associations, cooperative banks, and mutual savings banks in Massachusetts
and New Hampshire were first permitted to offer negotiable order of withdrawal
(NOW) accounts on Jan. 1, 1974. Authorization to issue N O W accounts was extended to similar institutions throughout New England on Feb. 27, 1976, and in
New York State on Nov. 10, 1978, and in New Jersey on Dec. 28, 1979. Authorization to issue N O W accounts was extended to similar institutions nationwide
effective Dec. 31, 1980.
3. For exceptions with respect to certain foreign time deposits see the BULLETIN
for October 1962 (p. 1279), August 1965 (p. 1084), and February 1968 (p. 167).
4. Effective Nov. 10, 1980, the minimum notice period for public unit accounts
at savings and loan associations was decreased to 14 days and the minimum maturity
period for time deposits at savings and loans in excess of $100,000 was decreased
to 14 days. Effective Oct. 30, 1980, the minimum maturity or notice period for
time deposits was decreased from 30 to 14 days for mutual savings banks.
5. Effective Oct. 30, 1980, the minimum maturity or notice period for time
deposits was decreased from 30 to 14 days for commercial banks.
6. No separate account category.
7. No minimum denomination. Until July 1, 1979, a minimum of $1,000 was
required for savings and loan associations, except in areas where mutual savings
banks permitted lower minimum denominations. This restriction was removed for
deposits maturing in less than 1 year, effective Nov. 1, 1973.
8. No minimum denomination. Until July 1, 1979, minimum denomination was
$1,000 except for deposits representing funds contributed to an individual retirement account (IRA) or a Keogh (H.R. 10) plan established pursuant to the Internal
Revenue Code. The $1,000 minimum requirement was removed for such accounts
in December 1975 and November 1976 respectively.
9. Between July 1, 1973, and Oct. 31, 1973, certificates maturing in 4 years or
more with minimum denominations of $1,000 had no ceiling; however, the amount
of such certificates that an institution could issue was limited to 5 percent of its
total time and savings deposits. Sales in excess of that amount, as well as certificates
of less than $1,000, were limited to the 6Vl percent ceiling on time deposits maturing
in 2V2 years or more.
Effective Nov. 1, 1973, ceilings were reimposed on certificates maturing in 4 years or more with minimum denomination of $1,000. There
is no limitation on the amount of these certificates that banks can issue.
10. Accounts subject to fixed-rate ceilings. See footnote 8 for minimum denomination requirements.
11. Effective Jan. 1, 1980, commercial banks are permitted to pay the same rate
as thrifts on I R A and Keogh accounts and accounts of governmental units when
such deposits are placed in the new 2!^-year or more variable-ceiling certificates
or in 26-week money market certificates regardless of the level of the Treasury bill
rate.
12. Must have a maturity of exactly 26 weeks and a minimum denomination of
$10,000, and must be nonnegotiable.
13. Commercial banks and thrift institutions were authorized to offer money
market time deposits effective June 1, 1978. These deposits have a minimum denomination requirement of $10,000 and a maturity of 26 weeks. The ceiling rate
of interest on these deposits is indexed to the discount rate (auction average) on
most recently issued 26-week U.S. Treasury bills. Interest on these certificates may
not be compounded. Effective for all 6-month money market certificates issued
beginning Nov. 1, 1981, depository institutions may pay rates of interest on these
deposits indexed to the higher of (1) the rate for 26-week Treasury bills established
immediately before the date of deposit (bill rate) or (2) the average of the four
rates for 26-week Treasury bills established for the 4 weeks immediately prior to
the date of deposit (4-week average bill rate). Rate ceilings are determined as
follows:
Bill rate or 4-week
Commercial bank ceiling
average bill rate
7.50 percent or below
7.75 percent
Above 7.50 percent
VA of 1 percentage point plus the higher of
the bill rate or 4-week average bill rate
Percent
7/1/79
12/31/80
7/1/73
6 Vl
Previous maximum
(17)
07)
07)
(1?)
Bill rate or 4-week
average bill rate
Thrift ceiling
7.25 percent or below
Above 7.25 percent, but below
8.50 percent
8.50 percent or above, but below
8.75 percent
8.75 percent or above
1.75 percent
'/£ of 1 percentage point plus the higher of
the bill rate or 4-week average bill rate
9 percent
Va of 1 percentage point plus the higher of
the bill rate or 4-week average bill rate
The maximum allowable rates in January for commercial banks and thrifts based
on the bill rate were as follows: Jan. 5, 12.698; Jan. 12, 12.532; Jan. 19, 13.056;
Jan. 26, 13.352. The maximum allowable rates in January for commercial banks
and thrifts based on the 4-week average bill rate were as follows: Jan. 5, 11.913;
Jan. 12, 12.291; Jan. 19, 12.594; Jan. 26, 12.910.
14. Effective Oct. 1, 1981, depository institutions are authorized to issue all
savers certificates (ASCs) with a 1-year maturity and an annual investment yield
equal to 70 percent of the average investment yield for 52-week U.S. Treasury bills
as determined by the auction of 52-week Treasury bills held immediately before
the calendar week in which the certificate is issued. A maximum lifetime exclusion
of $1,000 ($2,000 on a joint return) from gross income is generally authorized for
interest income from ASCs. The annual investment yields for ASCs issued in
January (in percent) were as follows: Jan. 24, 10.76.
15. Effective Aug. 1, 1981, commercial banks may pay interest on any variable
ceiling nonnegotiable time deposit with an original maturity of 2'/5 years to less
than 4 years at a rate not to exceed VA of 1 percent below the average 2'/5-year
yield for U.S. Treasury securities as determined and announced by the Treasury
Department immediately before the date of deposit. Thrift institutions may pay
interest on these certificates at a rate not to exceed the average 2VS -year yield for
Treasury securities as determined and announced by the Treasury Department
immediately before the date of deposit. If the announced average 2V5-year yield
for Treasury securities is less than 9.50 percent, commercial banks may pay 9.25
percent and thrift institutions 9.50 percent for these deposits. These deposits have
no required minimum denomination, and interest may be compounded on them.
The ceiling rates of interest at which they may be offered vary biweekly. The
maximum allowable rates in January (in percent) for commercial banks were as
follows: Jan. 5, 13.75; Jan. 19, 14.50; and for thrift institutions: Jan. 5, 14.00; Jan.
19, 14.75.
16. Between Jan. 1, 1980, and Aug. 1, 1981, commercial banks, and thrift institutions were authorized to offer variable ceiling nonnegotiable time deposits with
no required minimum denomination and with maturities of 2VS years or more.
Effective Jan. 1, 1980, the maximum rate for commercial banks was 3/4 percentage
point below the average yield on 21/2-year U.S. Treasury securities; the ceiling rate
for thrift institutions was VA percentage point higher than that for commercial banks.
Effective Mar. 1, 1980, a temporary ceiling of ll 3 /4 percent was placed on these
accounts at commercial banks and 12 percent on these accounts at savings and loan
associations. Effective June 2, 1980, the ceiling rates for these deposits at commercial banks and savings and loans was increased Vi percentage point. The temporary ceiling was retained, and a minimum ceiling of 9.25 percent for commercial
banks and 9.50 percent for thrift institutions was established.
17. Effective Dec. 1, 1981, depository institutions were authorized to offer time
deposits not subject to interest rate ceilings when the funds are deposited to the
credit of. or in which the entire beneficial interest is held by, an individual pursuant
to an IRA agreement or Keogh (H.R. 10) plan. Such time deposits must have a
minimum maturity of 18 months, and additions may be made to the time deposit
at any time before its maturity without extending the maturity of all or a portion
of the balance of the account.
For NOTE see opposite page.
A10
Domestic Financial Statistics • February 1982
1.17
F E D E R A L RESERVE OPEN MARKET TRANSACTIONS
Millions of dollars
1981
Type of transaction
1979
1980
1981
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
U . S . G O V E R N M E N T SECURITIES
Outright transactions (excluding matched salepurchase transactions)
1
2
3
4
Treasury bills
Gross purchases
Gross sales
Exchange
Redemptions
5
6
7
8
9
15,998
6,855
0
2,900
7,668
7,331
0
3,389
13,899
6,746
0
1,816
295
90
0
0
1,325
0
0
100
1,713
333
0
0
1,753
945
0
500
241
1,157
0
200
1,765
0
0
16
2,170
0
0
0
Others within 1 yearx
Gross purchases
Gross sales
Maturity shift
Exchange
Redemptions
3,203
0
17,339
-11,308
2,600
912
0
12,427
-18,251
0
317
23
13,794
-12,869
0
0
0
833
-823
0
122
0
1,073
-351
0
0
0
2,807
-2,430
0
0
0
628
-599
0
0
0
425
0
0
0
0
1,389
-3,047
0
80
0
887
-754
0
10
11
12
13
1 to 5 years
Gross purchases
Gross sales
Maturity shift
Exchange
2,148
0
-12,693
7,508
2,138
0
-8,909
13,412
1,702
0
-10,299
10,117
0
0
-833
823
607
0
-1,073
351
0
0
-820
1,724
0
0
-628
599
0
0
-425
0
100
0
-1,057
2,325
526
0
-887
754
14
15
16
17
5 to 10 years
Gross purchases
Gross sales
Maturity shift
Exchange
523
0
-4,646
2,181
703
0
-3,092
2,970
393
0
-3,495
1,500
0
0
0
0
64
0
0
0
0
0
-1,987
400
0
0
0
0
0
0
0
0
0
0
-332
400
165
0
0
0
18
19
20
21
Over 10 years
Gross purchases
Gross sales
Maturity shift
Exchange
454
0
0
1,619
811
0
-426
1,869
379
0
0
1,253
0
0
0
0
182
0
0
0
0
0
0
305
0
0
0
0
0
0
0
0
0
0
0
322
108
0
0
0
22
23
24
All maturities1
Gross purchases
Gross sales
Redemptions
22,325
6,855
5,500
12,232
7,331
3,389
16,690
6,769
1,816
295
90
0
2,301
0
100
1,713
333
0
1,753
945
500
241
1,157
200
1,865
0
16
3,049
0
0
25
26
Matched transactions
Gross sales
Gross purchases
627,350
624,192
674,000
675,496
589,312
589,647
51,106
52,607
69,972
69,309
54,329
55,917
52,055
51,555
58,581
58,372
42,012
41,900
54,098
54,044
27
28
Repurchase agreements
Gross purchases
Gross sales
107,051
106,968
113,902
113,040
79,920
78,733
3,509
3,509
23,217
21,599
7,199
8,817
0
0
3,902
3,902
9,505
7,709
14,180
12,760
6,896
3,869
9.626
1,706
3,155
1,350
-192
-1,325
3,534
4,415
853
399
134
668
0
145
494
0
108
0
0
26
0
0
0
0
*
*
0
0
33
0
0
15
494
0
10
0
0
4
37,321
36,960
28,895
28,863
13,320
13,576
691
691
5,182
4,822
864
1,225
0
0
787
787
1,607
1,288
1,647
1,697
681
555
130
-26
360
-360
-33
-15
802
-54
36 Outright transactions, net
37 Repurchase agreements, net
0
116
0
73
0
-582
0
0
0
453
0
-453
0
0
0
0
0
744
0
-549
38 Net change in bankers acceptances
116
73
-582
0
453
-453
0
0
744
-549
7,693
4,497
9,175
1,680
3,968
536
-225
-1,340
5,080
3,812
29 Net change in U.S. government securities
F E D E R A L A G E N C Y OBLIGATIONS
30
31
32
Outright transactions
Gross purchases
Gross sales
Redemptions
33
34
Repurchase agreements
Gross purchases
Gross sales
35 Net change in federal agency obligations
B A N K E R S ACCEPTANCES
39 Total net change in System Open Market
Account
1. Both gross purchases and redemptions include special certificates created
when the Treasury borrows directly from the Federal Reserve, as follows (millions
of dollars): March 1979, 2,600.
NOTE. Sales, redemptions, and negative figures reduce holdings of the System
Open Market Account; all other figures increase such holdings. Details may not
aad to totals because of rounding.
Reserve Banks
1.18
FEDERAL RESERVE BANKS
All
Condition and Federal Reserve Note Statements
Millions of dollars
End of month
Wednesday
Account
1982
1981
Dec. 30
Jan. 6
Jan. 13
1982
1981
Jan. 20
Jan. 27
Nov.
Jan.
Dec.
Consolidated condition statement
ASSETS
11,151
3,318
367
11,151
3,318
392
11,151
3,318
410
11,152
3,318
400
11,151
3,318
377
2,906
3,682
5,109
232
1,601
9,109
364
9,089
9,057
160
9,057
102
9,129
319
9,125
269
47,117
59,978
18,401
125,496
2,199
127,695
47,067
59,978
18,401
125,446
125,446
46,493
59,978
18,401
124,872
2,915
127,787
48,162
59,978
18,401
126,541
2,506
129,047
47,243
59,207
18,293
124,743
1,796
126,539
49,359
59,978
18,401
127,738
3,216
130,954
139,346
137,441
141,103
143,683
136,963
142,144
11,023
503
11,794
499
14,428
500
6,983
502
7,485
497
8,557
503
5,194
3,729
5,194
4,234
5,196
4,388
5,200
3,943
5,998
3,629
5,129
3,598
174,631
174,009
180,476
175,190
169,442
174,777
131,471
130,050
128,583
127,509
129,086
131,906
27,046
2,486
217
684
28,247
3,235
275
448
34,304
3,661
264
543
29,434
7,169
346
437
24,312
3,475
535
715
25,228
4,301
505
781
30,433
32,205
38,772
37,386
29,037
30,815
7,374
2,532
6.448
2.449
7,849
2,425
5,251
2,196
5,308
2,846
6,795
2,705
171,810
171,152
177,629
172,342
166,277
172,221
1,278
1,278
265
1,281
1,278
298
1,284
1,278
285
1,286
1,278
284
1,270
1,203
692
1,278
1,278
174,631
174,009
180,476
175,190
169,442
174,777
96,079
15 Total loans and securities
11,151
3,318
378
2,042
1 Gold certificate account
2 Special drawing rights certificate account
3 Coin
Loans
4
To depository institutions
5
Other
Acceptances
6
Held under repurchase agreements
Federal agency obligations
7
Bought outright
8
Held under repurchase agreements
U.S. government securities
Bought outright
9
Bills
10
Notes
11
Bonds
12
Total 1
13
Held under repurchase agreements
14 Total U.S. government securities
96,806
95,430
95,533
91,787
95,220
0
16 Cash items in process of collection
17 Bank premises
O t h e r assets
18
Denominated in foreign currencies 2
19
All other 3
20 Total assets
0
0
0
0
0
0
0
LIABILITIES
21 Federal Reserve notes
Deposits
22
Depository institutions
23
U.S. Treasury—General account
24
Foreign—Official accounts
25
Other
26 Total deposits
27 Deferred availability cash items
28 Other liabilities a n a accrued dividends 4
29 Total liabilities
CAPITAL ACCOUNTS
30 Capital paid in
31 Surplus
0
32 Other capital accounts
33 Total liabilities and capital accounts
34 MEMO: Marketable U.S.and international account
custody for foreign government securities held in
Federal Reserve note statement
35 Federal Reserve notes outstanding (issued to bank) . . . .
36
LESS: Held by bank 5
37
Federal Reserve notes, net
Collateral for Federal Reserve notes
38
Gold certificate account
39
Special drawing rights certificate account
40
Other eligible assets
41
U.S. government and agency securities
151,126
18,479
132,647
151,014
19,543
131,471
150,831
20,701
130,130
150,755
22,172
128,583
150,632
23,123
127,509
150,955
21,869
129,086
151,033
19,127
131,906
150,605
23,770
126,835
11,151
3,318
22
118,156
11,151
3,318
88
116,914
11,151
3,318
31
115,630
11,151
3,318
0
114,114
11,151
3,318
0
113,040
11,152
3,318
57
114,559
11,151
3,318
0
117,437
11,151
3,318
0
112,366
42 Total collateral
132,647
131,471
130,130
128,583
127,509
129,086
131,906
126,835
1. Includes securities loaned—fully guaranteed by U.S. government securities
pledged with Federal Reserve Banks—and excludes (if any) securities sold and
scheduled to be bought back under matched sale-purchase transactions.
2. Includes U.S. government securities held under repurchase agreement against
receipt of foreign currencies and foreign currencies warehoused for the U.S. Treasury. Assets shown in this line are revalued monthly at market exchange rates.
3. Includes special investment account at Chicago of Treasury bills maturing
within 90 days.
4. Includes exchange-translation account reflecting the monthly revaluation at
market exchange rates of foreign-exchange commitments.
5. Beginning September 1980, Federal Reserve notes held by the Reserve Bank
are exempt from tne collateral requirement.
A12
1.19
DomesticNonfinancialStatistics • February 1982
FEDERAL RESERVE BANKS
Maturity Distribution of Loan and Security Holdings
Millions of dollars
Wednesday
End of month
Type and maturity groupings
1981
1982
Dec. 30
Jan. 6
Jan. 13
1982
1981
Jan. 20
Jan. 27
Nov. 30
Dec. 31
Jan. 29
1 Loans—Total
2
Within 15 days
3
16 days to 90 days
4
91 days to 1 year
1,237
1,218
19
0
2,042
2,018
24
0
2,906
2,877
29
0
3,682
3,666
16
0
5,109
5,079
30
0
232
214
18
0
1,601
1,576
25
0
2,217
2,180
37
0
5 Acceptances—Total
6
Within 15 days
7
16 days to 90 days
91 days to 1 year
8
624
624
0
0
136
136
0
0
0
0
0
0
417
417
0
0
368
368
0
0
744
744
0
0
195
195
0
0
597
597
0
0
131.493
8,514
24,302
34,132
36,159
11,752
16,634
127,695
5,235
22,603
35,446
36,025
11,752
16,634
125,446
2,186
23,461
35,388
36,025
11,752
16,634
127,787
7,030
21,265
35,081
36,025
11,752
16,634
129,047
7,801
23,428
33,407
36,025
11,752
16,634
126,539
5,190
25,503
32,101
35,632
11,587
16,526
130,954
3,936
25,190
37,417
36,025
11,752
16,634
128,230
4,618
24,980
34,221
36,025
11,752
16,634
9,562
697
631
1,443
5,256
962
573
9,473
646
623
1,388
5,286
957
573
9,089
181
693
1,319
5,366
957
573
9,217
224
643
1,413
5,404
960
573
9,159
243
622
1,357
5,404
960
573
9,448
518
719
1,394
5,237
1,007
573
9.394
529
631
1,443
5,256
962
573
9,192
276
622
1,357
5,404
960
573
9 U.S. government securities—Total
10
Within 15 days 1
11
16 days to 90 days
12
91 days to 1 year
13
Over 1 year to 5 years
14
Over 5 years to 10 years
15
Over 10 years
16 Federal agency obligations—Total
17
Within 15 days 1
16 days to 90 days
18
19
91 days to 1 year
20
Over 1 year to 5 years
21
Over 5 years to 10 years
22
Over 10 years
1. Holdings under repurchase agreements are classified as maturing within 15
days in accordance with maximum maturity of the agreements.
1.20
BANK DEBITS A N D DEPOSIT TURNOVER
Debits are shown in billions of dollars, turnover as ratio of debits to deposit. Monthly data are at annual rates.
1981
Bank group, or type of customer
1978
1979
1980
Aug.
Sept.
Nov.
Oct.
Dec.
76,946.6
29,184.0
47,762.6
96,654.8
45,162.1
51,492.7
753.3
96.3
539.7
1,389.2
903.5
117.9
597.0
1,618.4
274.0
961.7
190.7
345.5
1,495.4
206.6
12.8
11.7
3.6
6.4
14.6
13.9
4.0
7.4
Debits to demand deposits 1 (seasonally adjusted)
1 All commercial banks
2 M a j o r New York City banks
3 Other banks
40,297.8
15.008.7
25,289.1
49,775.0
18,512.7
31,262.3
63.013.4
25.192.5
37,820.9
89,723.4
41.877.2
47.846.3
85,571.0
37,477.2
48,093.8
85,705.8
37,144.3
48,561.5
Debits to savings deposits 2 (not seasonally adjusted)
4
5
6
7
ATS/NOW3
Business 4
Others 5
All accounts
17.1
56.7
359.7
432.9
83.3
77.3
515.2
675.8
158.4
93.4
605.3
857.2
745.0
118.1
595.5
1,458.6
820.2
122.0
577.0
1,519.2
833.4
117.2
581.6
1,532.2
Demand deposit turnover 1 (seasonally adjusted)
8 All commercial banks
9 M a j o r New York City banks
10 O t h e r b a n k s
139.4
541.9
96.8
163.5
646.2
113.3
201.6
813.7
134.3
316.8
1,338.1
189.9
303.3
1,204.4
191.6
303.4
1,174.1
193.6
Savings deposit turnover 2 (not seasonally adjusted)
11
12
13
14
ATS/NOW3
Business 4
Others 5
All accounts
7.0
5.1
1.7
1.9
1. Represents accounts of individuals, partnerships, and corporations, and of
states and political subdivisions.
2. Excludes special club accounts, such as Christmas and vacation clubs.
3. Accounts authorized for negotiable orders of withdrawal ( N O W ) and accounts
authorized for automatic transfer to demand deposits (ATS). ATS data availability
starts with December 1978.
4. Represents corporations and other profit-seeking organizations (excluding
commercial banks but including savings and loan associations, mutual savings banks,
credit unions, the Export-Import Bank, and federally sponsored lending agencies).
5. Savings accounts other than N O W ; business; and, from December 1978, ATS.
7.8
7.2
2.7
3.1
9.7
9.3
3.4
4.2
13.5
13.5
3.9
6.7
14.5
14.3
3.9
7.1
14.6
14.1
3.9
7.2
NOTE. Historical data for the period 1970 through June 1977 have been estimated;
these estimates are based in part on the debits series for 233 SMS As, which were
available through June 1977. Back data are available from Publications Services,
Division of Administrative Services, Board of Governors of the Federal Reserve
System, Washington, D . C . 20551. Debits and turnover data for savings deposits
are not available before July 1977.
Monetary Aggregates
1.21
A13
MONEY STOCK MEASURES A N D COMPONENTS
Billions of dollars, averages of daily figures
Item
1978
Dec/
1979
Dec/
1980
Dec/
1981
1981
Dec.
Aug/
Sept/
Oct/
Nov/
Dec.
Seasonally adjusted
MEASURES1
1
2
3
4
363.2
1,403.9
1,629.0
1,938.9
Ml
M2
M3
I. 2
389.0
1,518.9
1,779.3
2,153.9
414.5
1,656.1
1,963.1
2,370.4
440.8
1,822.2
2,187.5
n.a.
431.1
1,772.2
2,125.8
2,559.7
431.2
1,778.1
2,138.0
2,577.3
432.9
1,789.3
2,151.0
2,598.2
436.4
1,809.6
2,174.4
n.a.
440.8
1,822.2
2,187.5
n.a.
97.4
3.5
253.9
8.4
479.9
533.9
194.6
106.1
3.7
262.2
16.9
421.7
652.6
221.8
116.2
4.2
267.2
26.9
398.9
751.7
257.9
123.1
4.3
236.4
77.0
343.5
854.6
300.4
120.7
4.3
236.6
69.5
350.9
830.8
299.9
121.1
4.3
234.7
71.2
343.1
839.7
302.3
121.3
4.3
235.7
71.6
339.6
849.8
302.2
121.8
4.3
235.7
74.7
340.9
856.7
300.6
123.1
4.3
236.4
77.0
343.5
854.6
300.4
COMPONENTS
5
6
7
8
9
10
11
Currency
Traveler's checks 3
D e m a n d deposits
Other checkable deposits 7
Savings deposits 4
Small-denomination time deposits 5
Large-denomination time deposits 6
Not seasonally adjusted
MEASURES1
372.5
1,408.5
1,637.5
1,946.6
12
13
14
15
Ml
M2
M3
L2
16
17
18
19
20
21
22
23
24
Currency
Traveler's checks 3
D e m a n d deposits
Other checkable deposits 7
Overnight RPs and Eurodollars 8
Money market mutual funds
Savings deposits 4
Small-denomination time deposits 5
Large-denomination time deposits 6
398.8
1,524.6
1,789.2
2,162.8
424.6
1,662.4
1,973.8
2,380.2
451.1
1,828.9
2,199.3
n.a.
430.4
1,766.7
2,115.3
2,544.1
431.5
1,775.6
2,132.2
2,568.4
434.5
1,793.1
2,152.4
2,596.7
439.7
1,809.3
2,175.3
n.a.
451.1
1,828.9
2,199.3
n.a.
99.4
3.3
261.5
8.4
24.1
10.3
478.0
531.1
198.6
108.2
3.5
270.1
17.0
26.3
43.6
420.5
649.7
226.0
118.3
3.9
275.1
27.2
35.0
75.8
398.0
748.9
262.3
125.4
4.1
243.3
78.4
38.1
184.5
342.9
851.6
305.4
121.3
4.7
234.7
69.7
43.1
145.4
355.0
822.0
294.8
120.8
4.5
234.6
71.7
39.6
157.0
347.9
832.1
299.1
121.2
4.3
236.6
72.4
36.2
166.4
343.9
847.6
299.8
122.9
4.1
237.5
75.2
36.9
176.6
342.2
851.9
301.8
125.4
4.1
243.3
78.4
38.1
184.5
342.9
851.6
305.4
COMPONENTS
1. Composition of the money stock measures is as follows:
M l : Averages of daily figures for (1) currency outside the Treasury, Federal
Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due
to domestic banks, the U.S. government, and foreign banks and official institutions
less cash items in the process of collection and Federal Reserve float; and (4)
negotiable order of withdrawal ( N O W ) and automatic transfer service (ATS) accounts at banks and thrift institutions, credit union share draft accounts ( C U S D ) ,
and demand deposits at mutual savings banks.
M2: M l plus savings and small-denomination time deposits at all depository
institutions, overnight repurchase agreements at commercial banks, overnight Eurodollars held by U.S. residents other than banks at Caribbean branches of member
banks, and money market mutual fund shares.
M3: M2 plus large-denomination time deposits at all depository institutions and
term RPs at commercial banks and savings and loan associations.
2. L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents
other than banks, bankers acceptances, commercial paper, Treasury bills and other
liquid Treasury securities, and U.S. savings bonds.
3. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank
issuers.
4. Savings deposits exclude N O W and ATS accounts at commercial banks and
thrift institutions and C U S D s at credit unions.
5. Small-denomination time deposits are those issued in amounts of less than
$100,000.
6. Large-denomination time deposits are those issued in amounts of $100,000
or more and are net of the holdings of domestic banks, thrift institutions, the U.S.
government, money market mutual funds, and foreign banks and official institutions.
7. Includes ATS and N O W balances at all institutions, credit union share draft
balances, and demand deposits at mutual savings banks.
8. Overnight (and continuing contract) RPs are those issued by commercial
banks to the nonbank public, and overnight Eurodollars are those issued by Caribbean branches of member banks to U.S. nonbank customers.
NOTE. Latest monthly and weekly figures are available from the Board's H.6(508)
release. Back data are available from the Banking Section. Division of Research
and Statistics, Board of Governors of the Federal Reserve System, Washington,
D.C. 20551.
Measures of the money stock have been revised to incorporate annual seasonal
adjustment and benchmark changes, as well as minor compositional changes. See
the H.6 statistical release for Feb. 5, 1982 for more details.
A14
1.22
DomesticNonfinancialStatistics • February 1982
A G G R E G A T E RESERVES OF DEPOSITORY INSTITUTIONS A N D MONETARY BASE 1
Billions of dollars, averages of daily figures
1981
Item
1978
Dec.
1979
Dec.
1980
Dec.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Seasonally adjusted
A D J U S T E D FOR
C H A N G E S IN R E S E R V E R E Q U I R E M E N T S 2
1 Total reserves 3
35.21
36. 58
39.19
39.27
39.54
39.35
39.61
39.88
40.62
40.27
40.26
40.80
2 Nonborrowed reserves
3 Required reserves
4 Monetary base 4
34.34
34.98
134.9
35.11
36.25
145.3
37.50
38.72
158.2
37.93
39.14
160.5
37.31
39.37
161.7
37.31
39.10
161.6
37.93
39.36
162.7
38.46
39.68
163.4
39.16
40.29
164.0
39.09
40.08
163.9
39.60
40.01
164.7
40.16
40.49
166.1
Not seasonally adjusted
5 Total reserves 3
35.66
36.97
39.66
39.23
39.23
38.96
39.55
39.39
40.00
40.13
40.25
41.24
6 Nonborrowed reserves
7 Required reserves
8 Monetary base 4
34.80
35.43
137.4
35.50
36.65
147.9
37.97
39.19
161.0
37.89
39.10
159.9
37.00
39.05
160.8
36.93
38.72
161.2
37.87
39.30
163.3
37.97
39.19
163.2
38.54
39.67
163.3
38.94
39.94
163.8
39.58
39.99
165.6
40.61
40.94
169.0
41.68
43.91
40.61
40.29
40.43
40.35
40.92
40.93
40.50
40.62
40.86
41.91
40.81
41.45
144.6
42.43
43.58
156.2
38.92
40.15
162.4
38.95
40.16
161.6
38.21
40.26
162.6
38.32
40.10
163.3
39.24
40.67
165.4
39.51
40.73
165.4
39.05
40.18
163.9
39.44
40.43
164.3
40.20
40.60
166.3
41.27
41.60
169.8
N O T A D J U S T E D FOR
C H A N G E S IN R E S E R V E R E Q U I R E M E N T S 5
9 Total reserves 3
10 Nonborrowed reserves
11 Required reserves
12 Monetary base 4
1. Reserves measures from November 1980 to date reflect a one-time increase—
estimated at $550 million to $600 million—in required reserves associated with the
reduction of week-end avoidance activities of a few large banks.
2. Reserve aggregates include required reserves of member banks and Edge Act
corporations ana other depository institutions. Discontinuities associated with the
implementation of the Monetary Control Act, the inclusion of Edge Act corporation
reserves, and other changes in Regulation D have been removed.
3. Reserve balances with Federal Reserve Banks (which exclude required clearing balances) plus vault cash at institutions with required reserve balances plus
vault cash equal to required reserves at other institutions.
4. Includes reserve balances and required clearing balances at Federal Reserve
Banks in the current week plus vault cash held two weeks earlier used to satisfy
reserve requirements at all depository institutions plus currency outside the U.S.
Treasury, Federal Reserve Banks, the vaults of depository institutions, and surplus
vault cash at depository institutions.
5. Reserves of depository institutions series reflect actual reserve requirement
percentages with no adjustments to eliminate the effect of changes in Regulation
D, including changes associated with the implementation of the Monetary Control
Act. Includes required reserves of member banks and Edge Act corporations and,
beginning Nov. 13, 1980, other depository institutions. Under the transitional phasein program of the Monetary Control Act of 1980, the net changes in required
reserves of depository institutions have been as follows: effective Nov. 13, 1980,
a reduction of $2.8 billion; Feb. 12, 1981, an increase of $245 million; Mar. 12,
1981, an increase of $75 million; May 14, 1981, an increase of $245 million; Aug.
13, 1981, an increase of $245 million; Sept. 3, 1981, a reduction of $1.3 billion;
and Nov. 19, 1981, an increase of $220 million.
NOTE. Latest monthly and weekly figures are available from the Board's H.3(502)
statistical release. Back data and estimates of the impact on required reserves and
changes in reserve requirements are available from the Banking Section, Division
of Research and Statistics, Board of Governors of the Federal Reserve System,
Washington, D.C. 20551.
Monetary Aggregates
1.23
LOANS A N D SECURITIES
A15
All Commercial Banks 1
Billions of dollars; averages of Wednesday figures
1981
„
1978
Dec.
1980
Dec.
1979
Dec.
Nov.
1981
Dec. 2
1978
Dec.
1,135.9 s
1,239.6
1,327.5
93.8
172.8 4
747.0 4
245.9 7
210.4
164.6
19.9
26.9 9
28.1
7.5
43.6 4
94.5
191.5
849.9 5
291.2 5
242.I 5
184.7
19.1
28.7 5
31.0
9.3
43.9
110.0
214.4
915.1
326.8
262.6
179.6
18.5
29.0
31.5
10.9
56.2
110.3
231.2
986.0
363.5
283.1
183.7
21.0
30.4
32.9
12.6
58.8
1,017.2*
1,138.9 s
1,242.3
1,330.3
MEMO:
13 Total loans and securities plus loans sold 3 -' 0
3,10
14 Total loans plus loans sold
10
15 Total loans sold to affiliates
16 Commercial and industrial loans plus loans
sold 10
Commercial and industrial loans sold 10 . .
Acceptances held
19
Other commercial and industrial l o a n s . . .
20
To U.S. addressees 13
21
To non-U.S. addressees
2 2 Loans to foreign banks
17
18
750.7
3.7
4
247.8 7 , 1 2
1.9 12
6.6
239.3
226.1
13.2
20.9
11
1,145.0 s
1,249.5
1,333.4
94.5
173.9 4
754.2"
247.7 7
211.0
165.8
20.6
27.7 9
28.1
7.5
45.8 4
95.0
192.6
857.4 s
293.0 5
242.6 5
185.9
19.7
29.5 s
30.9
9.3
46.4
110.5
215.7
923.3
328.8
263.3
180.9
19.1
29.9
31.4
10.9
59.0
109.5
231.9
992.0
364.9
284.4
184.9
21.3
30.9
33.2
12.6
59.8
1,320.5 6
1,026.2 4
1,148.0 s
4
110.9
231.8
974.9 6
358.5 6,8
285.5 6
185.2
21.9
30.3 6
33.0
12.7
47.8
852.9
3.0 9 ' 1 1
917.8
2.7
988.8
2.7
293.2 5,11
2.0 11
8.2
283.0
264.6
18.4
18.3
328.6
1.8
7.8
319.0
297.6
21.4
23.4
365.6
2.1
8.9
354.6
328.3
26.4
23.3
360.7 6,8
2.2
8.9
349.0
335.0
14.0
18.9
1. Includes domestically chartered banks; U.S. branches and agencies of foreign
banks, New York investment companies majority owned by foreign banks, and
Edge Act corporations owned by domestically chartered and foreign banks.
2. Shifts of foreign loans and securities from U.S. banking offices to international
banking facilities reduced the December levels for several items as follows: total
loans and investments, $23.4 billion; total loans, $23.1 billion; commercial and
industrial loans (non-U.S. addressees), $11.0 billion; loans to foreign banks, $5.9
billion; all other loans, $6.2 billion; and other securities, $0.3 billion.
3. Excludes loans to commercial banks in the United States.
4. As of Dec. 31, 1978, total loans and securities were reduced by $0.1 billion.
"Other securities" were increased by $1.5 billion and total loans were reduced by
$1.6 billion largely as the result of reclassifications of certain tax-exempt obligations.
Most of the loan reduction was in "all other loans."
5. As of Jan. 3,1979, as the result of reclassifications, total loans and securities
and total loans were increased by $0.6 billion. Business loans were increased by
$0.4 billion and real estate loans by $0,5 billion. Nonbank financial loans were
reduced by $0.3 billion.
6. Absorption of a nonbank affiliate by a large commercial bank added the
following to February figures: total loans and securities, $1.0 billion; total loans
and leases, $1.0 billion; commercial and industrial loans, $.5 billion; real estate
loans, $.1 billion; nonbank financial, $.1 billion.
7. As of Dec. 31,1978, commercial and industrial loans were reduced $0.1 billion
as a result of reclassifications.
8. An accounting procedure change by one bank reduced commercial and industrial loans by $0.1 billion as of Apr. 1, 1981.
1,022.5 4
1,317.7®
9 7 7 76
5,11
Dec. 2
Not seasonally adjusted
1.013.5 4
2 U.S. Treasury securities
3 Other securities
4 Total loans and leases 3
5
Commercial and industrial loans
6
Real estate loans
7
Loans to individuals
8
Security loans
9
Loans to nonbank financial institutions . .
10
Agricultural loans
11
Lease financing receivables
12
All other loans
1980
Dec.
Nov.
Seasonally adjusted
1 Total loans and securities3
1979
Dec.
2.8
757.9
3.7
249.6 7,12
1.9 12
7.3
240.4
225.9
14.5
22.6
1,327.6 6
111.4
233.3
982.9 6
360.6 6 8
286.4 6
186.5
22.7
31.2
33.0
12.7
49.9
11
1,252.2
1,336.2
1,330.4'
5 11
860.4 '
3.0 9 ' 1 1
926.0
2.7
994.7
2.7
985.7 6
2.8
295.0 5 ' 11
2.0 11
9.1
283.9
264.1
19.8
19.6
330.6
1.8
8.5
320.3
297.1
23.2
25.1
367.0
2.1
9.2
355.7
329.2
26.6
23.2
362.8 6 ' 8
2.2
9.8
350.2
334.4
15.8
20.0
9. As of Dec. 31, 1978, nonbank financial loans were reduced $0.1 billion as
the result of reclassification.
10. Loans sold are those sold outright to a bank's own foreign branches, nonconsolidated nonbank affiliates of the bank, the bank's holding company (if not a
bank), and nonconsolidated nonbank subsidiaries of the holding company.
11. As of Dec. 1, 1979, loans sold to affiliates were reduced $800 million and
commercial and industrial loans sold were reduced $700 million due to corrections
of two banks in New York City.
12. As of Dec. 31, 1978, commercial and industrial loans sold outright were
increased $0.7 billion as the result of reclassifications, but $0.1 billion of this amount
was offset by a balance sheet reduction of $0.1 billion as noted above.
13. United States includes the 50 states and the District of Columbia.
NOTE. Data are prorated averages of Wednesday estimates for domestically
chartered banks, based on weekly reports of a sample of domestically chartered
banks and quarterly reports of all domestically chartered banks. For foreign-related
institutions, data are averages of month-end estimates based on weekly reports
from large agencies and branches and quarterly reports from all agencies, branches,
investment companies, and Edge Act corporations engaged in banking.
G.7 data have been revised to reflect new benchmark corrections for domestically
chartered banks and recomputation of seasonal factors for both the domestically
chartered and foreign-related institutions. In addition, estimates of real estate loans
and loans to individuals have been revised to include amounts of such loans at
foreign-related institutions (previously included in "all other loans"). Revised data
from December 1972 to date are available on request from Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551.
A16
1.24
DomesticNonfinancialStatistics • February 1982
MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS 1
Monthly averages, billions of dollars
Outstanding in 1981
December outstanding
Source
1978
1
2
3
4
5
6
Total nondeposit funds
Seasonally adjusted 2
Not seasonally adjusted
Federal funds, RPs, and other borrowings from
nonbanks 3
Seasonally adjusted
Not seasonally adjusted
Net balances due to foreign-related institutions, not seasonally adjusted
Loans sold to affiliates, not seasonally
adjusted 4 ' 5
1979
1980
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
91.2
90.2
121.1
119.8
121.7
121.1
119.2
118.9
112.5
112.0
120.1
124.4
123.8
124.6
122.8
123.5
124.7
127.7
122.5
126.6
119.0
119.9
119.3
122.9
80.7
79.7
90.0
88.7
110.8
110.2
112.9
112.7
110.5
110.1
108.8
113.1
115.5
116.2
114.6
115.3
112.2
115.2
111.0
115.2
112.1
112.9
113.6
117.2
6.8
28.1
8.2
3.5
-0.7
8.5
5.5
5.5
9.9
8.7
4.3
2.9
3.7
3.0
2.7
2.8
2.7
2.8
2.9
2.7
2.6
2.7
2.7
2.7
-10.2
24.9
14.7
6.5
22.8
29.3
-14.7
37.5
22.8
-17.0
38.8
21.8
-21.3
43.0
21.7
-13.6
43.4
29.8
-14.6
42.5
27.8
-14.6
45.0
30.4
-10.2
43.7
33.5
-12.3
44.5
32.2
-15.4
45.5
30.1
-15.1
47.9
32.8
17.0
14.3
31.3
21.6
28.9
50.5
22.9
32.5
55.4
20.5
31.9
52.4
20.5
33.8
54.3
22.1
34.9
57.0
20.1
35.6
55.7
20.2
33.8
53.9
20.1
33.9
54.0
21.0
35.0
56.0
19.7
33.8
53.4
18.0
34.1
52.1
45.0
43.8
49.7
48.4
65.0
63.3
68.2
66.8
68.3
66.8
65.7
69.0
72.4
72.0
71.4
71.0
68.8
70.7
67.2
70.2
69.3
69.1
69.2
71.7
8.7
10.3
8.9
9.7
8.4
9.0
11.7
10.3
12.3
12.1
14.2
12.3
10.9
12.4
11.8
10.7
9.1
7.4
8.8
11.1
12.2
13.4
11.9
9.7
213.0
217.9
227.1
232.8
265.8
272.4
281.1
285.9
284.3
283.7
294.8
293.6
303.6
298.4
312.4
304.6
321.9
314.5
324.7
319.8
323.5
322.2
320.2
324.0
MEMO
7 Domestically chartered banks net positions
with own foreign branches, not seasonally adjusted 6
8
Gross due from balances
9
Gross due to balances
10 Foreign-related institutions net positions with
directly related institutions, not seasonally adjusted 7
11
Gross due f r o m balances
12
Gross due to balances
13
14
15
16
17
18
Security R P borrowings
Seasonally adjusted®
Not seasonally adjusted
U.S. Treasury demand balances 9
Seasonally adjusted
Not seasonally adjusted
Time deposits, $100,000 or m o r e 1 0
Seasonally adjusted
Not seasonally adjusted
1. Commercial banks are those in the 50 states and the District of Columbia
with national or state charters plus agencies and branches of foreign banks, New
York investment companies majority owned by foreign banks, and Edge Act corporations owned by domestically chartered and foreign banks.
2. Includes seasonally adjusted federal funds, RPs, and other borrowings from
nonbanks and not seasonally adjusted net Eurodollars and loans to affiliates. Includes averages of Wednesday data for domestically chartered banks and averages
of current and previous month-end data for foreign-related institutions.
3. Other borrowings are borrowings on any instrument, such as a promissory
note or due bill, given for the purpose of borrowing money for the banking business.
This includes borrowings f r o m Federal Reserve Banks and from foreign banks,
term federal funds, overdrawn due from bank balances, loan RPs, and participations in pooled loans. Includes averages of daily figures for member banks and
averages of current and previous month-end data for foreign-related institutions.
After October 1980, movement in federal funds, RPs, and other borrowings from
foreign sources and Federal Reserve Banks and federal funds purchased f r o m
federal agencies.
4. Loans initially booked by the bank and later sold to affiliates that are still
held by affiliates. Averages of Wednesday data.
5. As of Dec. 1, 1979, loans sold to affiliates were reduced $800 million due to
corrections of two New York City banks.
6. Averages of daily figures for m e m b e r and n o n m e m b e r banks. Before October
1980 nonmember banks were interpolated from quarterly call report data.
7. Includes averages of current and previous month-end data until August 1979;
beginning September 1979 averages of daily data.
8. Based on daily average data reported by 122 large banks beginning February
1980 and 46 banks before February 1980.
9. Includes U.S. Treasury demand deposits and Treasury tax-and-loan notes at
commercial banks. Averages of daily data.
10. Averages of Wednesday figures.
Commercial Banks
1.25
ASSETS A N D LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS
All
Last-Wednesday-of-Month Series
Billions of dollars except for number of banks
Apr.
May
June
July
Aug.
Sept.
Oct.
1,214.1
881.2
298.3
582.9
113.1
219.8
1,221.3
888.7
301.2
587.5
111.3
221.4
1,242.5
906.2
308.5
597.8
109.4
226.9
1,239.9
902.9
308.5
594.3
110.0
227.1
1,249.4
912.8
312.6
600.2
106.7
229.9
156.8
19.5
27.0
52.7
57.6
168.4
20.0
25.4
61.4
61.6
190.2
19.2
26.8
68.9
75.4
149.8
19.7
25.3
49.3
55.5
162.8
18.3
26.1
52.0
66.4
DOMESTICALLY C H A R T E R E D
COMMERCIAL BANKS1
1 L o a n s a n d securities, excluding
interbank
2 L o a n s , excluding i n t e r b a n k
3
C o m m e r c i a l a n d industrial
4
Other
5 U . S . T r e a s u r y securities
6 O t h e r securities
7 C a s h assets, total
8
C u r r e n c y a n d coin
9
R e s e r v e s with F e d e r a l R e s e r v e B a n k s
10
B a l a n c e s w i t h d e p o s i t o r y institutions .
11
C a s h items in process of collection . . .
12 O t h e r assets 2
1,168.0
840.9
278.2
562.7
111.4
215.7
1.170.4
842.6
279.8
562.8
110.3
217.5
1.188.7
857.5
287.8
569.7
113.1
218.1
1,195.5
864.5
290.3
574.3
112.1
218.8
1,206.1
874.2
295.4
578.8
113.4
218.4
162.8
18.5
30.4
51.8
62.1
163.9
17.7
31.8
51.3
63.1
178.1
18.7
38.3
53.7
67.4
175.9
19.3
25.2
57.7
73.5
165.7
19.0
25.4
56.8
64.5
162.9
167.2
171.1
163.1
172.2
162.8
168.3
184.5
175.5
194.4
13 Total assets/total liabilities a n d c a p i t a l . . .
1,493.8
1.501.5
1.537.8
1,534.4
1,544.0
1,533.7
1,558.0
1,617.2
1,565.2
1,606.7
14 D e p o s i t s
15
Demand
16
Savings
17
Time
1,131.2
345.4
213.9
571.9
1,135.7
345.3
220.1
570.3
1,151.2
356.8
222.4
572.0
1,169.3
360.7
220.4
588.3
1,164.6
350.8
220.0
593.8
1,160.0
333.7
219.2
607.2
1,181.3
342.5
217.2
621.6
1,224.4
378.0
216.7
629.7
1,177.1
324.0
214.0
639.1
1,206.0
339.2
217.9
648.9
164.1
80.6
117.9
164.8
80.6
120.4
180.4
81.8
124.4
156.8
82.5
125.8
170.3
127.3
160.4
86.3
127.0
164.4
89.8
122.5
176.9
91.4
124.4
174.5
89.3
124.3
179.3
95.2
126.2
5.9
14,696
7.7
14,701
16.8
14,713
5.5
14,719
17.4
14,719
7.2
14,719
6.4
14,720
15.3
14,720
13.9
14,740
5.6
14,743
219.3
1,291.2
955.1
345.5
609.8
115.8
220.4
1,297.9
960.8
350.5
610.3
115.3
221.8
1,306.7
969.8
354.3
615.5
113.5
223.4
1,334.4
993.9
365.8
628.1
111.6
228.9
1,324.7
983.6
361.8
621.8
111.9
229.2
1,335.5
994.7
365.6
629.1
108.8
232.0
193.2
17.7
32.7
77.8
65.1
207.5
19.0
26.5
94.4
67.5
187.8
19.5
28.0
81.4
58.9
205.2
20.1
26.6
95.6
62.9
234.4
19.2
165.3
19.7
26.5
62.4
56.6
179.3
18.3
27.5
66.0
67.4
18 B o r r o w i n g s
19 O t h e r liabilities
20 R e s i d u a l (assets less liabilities)
81.8
MEMO:
21 U . S . T r e a s u r y n o t e b a l a n c e s included in
borrowing
22 N u m b e r of b a n k s
A L L COMMERCIAL BANKING
INSTITUTIONS 3
23 L o a n s a n d securities, excluding
interbank
24 L o a n s , excluding i n t e r b a n k
25
C o m m e r c i a l a n d industrial . .
26
Other
27 U . S . T r e a s u r y securities.
28 O t h e r securities
29 Cash assets, total
30
C u r r e n c y a n d coin
31
R e s e r v e s with F e d e r a l R e s e r v e B a n k s
32
B a l a n c e s with d e p o s i t o r y institutions .
33
Cash items in process of collection . . .
2
1,254.6
922.8
331.6
591.3
112.6
28.6
109.8
76.7
229.0
238.0
228.4
233.7
250.9
244.0
267.0
35 Total assets/total liabilities a n d capital.
1,677.0
1,736.9
1,714.1
1,745.6
1,819.8
1,734.0
1,781.7
36 D e p o s i t s . .
37
Demand
38
Savings .
39
Time . . .
1,193.3
371.0
220.4
602.0
1,235.5
389.3
220.3
625.9
1,221.1
362.0
219.5
639.7
1,250.3
378.3
217.5
654.5
1,299.3
417.3
216.9
665.0
1,224.6
337.1
214.3
673.1
1,254.1
352.6
218.1
683.4
224.4
137.1
122.4
231.6
140.6
129.4
218.9
145.2
128.9
223.5
147.4
124.4
240.4
153.7
126.3
236.8
146.4
126.3
246.2
153.3
128.1
7.2
15,188
6.4
15,189
15.3
15,189
13.9
15,209
5.6
15,212
34 O t h e r assets
40 B o r r o w i n g s
41 O t h e r liabilities
42 R e s i d u a l (assets less liabilities).
MEMO:
43 U . S . T r e a s u r y n o t e b a l a n c e s included in
borrowing
44 N u m b e r of b a n k s
7.7
15,147
1. D o m e s t i c a l l y c h a r t e r e d c o m m e r c i a l b a n k s include all c o m m e r c i a l b a n k s in the
U n i t e d States e x c e p t b r a n c h e s of f o r e i g n b a n k s ; included are m e m b e r a n d nonm e m b e r b a n k s , stock savings b a n k s , a n d n o n d e p o s i t trust c o m p a n i e s .
2. O t h e r assets include loans t o U . S . c o m m e r c i a l b a n k s .
3. C o m m e r c i a l b a n k i n g institutions include domestically c h a r t e r e d commercial
b a n k s , b r a n c h e s a n d a g e n c i e s of f o r e i g n b a n k s , E d g e A c t a n d A g r e e m e n t corporations, and N e w York State foreign investment corporations.
NOTE. Figures are partly e s t i m a t e d . T h e y include all b a n k - p r e m i s e s subsidiaries
and other significant m a j o r i t y - o w n e d domestic subsidiaries. D a t a f o r domestically
chartered commercial b a n k s are f o r the last W e d n e s d a y of t h e m o n t h . D a t a f o r
other banking institutions are f o r the last day of the q u a r t e r until J u n e 1981;
beginning July 1981, these d a t a are e s t i m a t e s m a d e o n t h e last W e d n e s d a y of t h e
month based on a weekly reporting sample of foreign-related institutions and quarterend condition r e p o r t d a t a .
Revised data result f r o m b e n c h m a r k i n g to the D e c e m b e r 1980 a n d M a r c h 1981
quarterly call reports. R e v i s e d d a t a for 1980 a n d 1981 are available f r o m the
Banking Section of the F e d e r a l R e s e r v e B o a r d .
A18
1.26
DomesticNonfinancialStatistics • February 1982
ALL L A R G E WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $750 Million or More on
December 31, 1977, Assets and Liabilities
Millions of dollars, Wednesday figures
1981
1982
Jan. 13p
Jan. 2 0 '
Jan. 27P
Adjustment
bank,
1981
Account
Dec. 2
1 Cash items in process of collection
2 Demand deposits due from banks in the United
States
3 AH other cash and due from depository institutions . .
4 Total loans and securities
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Securities
U.S. Treasury securities
Trading account
Investment account, by maturity
One year or less
Over one through five years
Over five years
Other securities
Trading account
Investment account
U.S. government agencies
States and political subdivisions, by maturity
One year or less
Over one year
Other bonds, corporate stocks and securities
Loans
19 Federal funds sold 1
20
To commercial banks
21
To nonbank brokers and dealers in securities
22
To others
23 Other loans, gross
24
Commercial and industrial
25
Bankers acceptances and commercial paper
26
All other
27
U.S. addressees
28
Non-U.S. addressees
29
Real estate
30
To individuals for personal expenditures
To financial institutions
31
Commercial banks in the United States
32
Banks in foreign countries
33
Sales finance, personal finance companies, e t c . . .
34
Other financial institutions
35
To nonbank brokers and dealers in securities
36
To others for purchasing and carrying securities 2 ...
37
To finance agricultural production
38
All other
39 LESS: Unearned income
40
Loan loss reserve
41 Other loans, net
42 Lease financing receivables
43 All other assets
44 Total assets
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
Deposits
Demand deposits
Mutual savings banks
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Time and savings deposits
Savings
Individuals and nonprofit organizations
Partnerships and corporations operated for profit
Domestic governmental units
Allother
Time
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Foreign governments, official institutions, and
banks
Liabilities for borrowed money
Borrowings from Federal Reserve Banks
Treasury tax-and-loan notes
All other liabilities for borrowed money 3
Other liabilities and subordinated notes and
debentures
70 Total liabilities
71 Residual (total assets minus total liabilities) 4
Dec. 9
Dec. 23
Dec. 3OP
Jan. 6 p
56,090
45,930
54,960
57,533
54,879
53,634
48,082
49,251
44,114
118
8,001
35,259
6,674
36,694
7,610
35,576
8,017
39,135
8,226
36,154
7,230
35,604
6,853
35,130
7,065
40,636
6,773
37,002
190
354
605,865
598,937
606,042
602,292
608,325
612,163
606,700
604,315
600,360
1,711
37,510
6,819
30,690
9,168
18,368
3,154
81,571
5,345
76,226
16,397
56,903
8,314
48,589
2,926
38,002
7,431
30,570
9,368
18,096
3,106
79,845
3,625
76,220
16,431
56,866
8,228
48,638
2,923
37,739
6,852
30,886
9,563
18,220
3,104
80,093
3,892
76,202
16,365
56,912
8,230
48,682
2,924
36.621
5,925
30,696
9,499
18,102
3,095
80,067
3.731
76,337
16,297
57,130
8,236
48.894
2.910
36,819
5,947
30,872
9,861
17,904
3,107
80,086
3,868
76,218
16,300
57,021
8,122
48,899
2,896
37,325
6,604
30,721
9,702
17,991
3,028
81,293
4,677
76,616
16,515
57,194
8,172
49,022
2,907
37,376
6,664
30,712
9,655
18,043
3,014
79,968
3,589
76,378
16,539
56,966
7,891
49,075
2,873
37,577
6,599
30,978
9,970
17,994
3,014
79,267
3,090
76,177
16,383
56,942
7,915
49,027
2,852
37,977
6,854
31,122
10,145
17,966
3,011
79,290
3,098
76,192
16,292
57,081
7,952
49,128
2,818
353
110
219
24
688
6
682
237
432
108
324
13
33,654
23,458
8,241
1,955
465,613
191,818
4,757
187,061
179,679
7,382
123,512
73,758
33,102
22,637
8,134
2,330
460,518
191,558
4,758
186,800
179,922
6,878
123,553
73,850
35,517
24,581
8,299
2,637
465,204
193,235
4,989
188,246
181,421
6,825
124,160
74,159
32,781
22,544
7,727
2,510
465,313
192.456
4.537
187.920
181,034
6.886
124.151
74,722
35,527
25,740
7,504
2,283
468,270
195,462
4,295
191,167
184,395
6,772
124,444
75,164
38,127
26,959
8,274
2,894
467,865
195,940
3,989
191,951
185,142
6,809
125,644
73,781
37,153
25,740
8,503
2,910
464,724
194,621
4,130
190,491
184,003
6,488
125,744
73,640
36,719
26,247
7,705
2,766
463,231
194,851
3,628
191,223
184,868
6,355
125,920
73,412
32,601
22,285
7,434
2,882
463,040
195,679
3,985
191,694
185,3%
6,298
126,038
73,294
7.721
9,743
10,506
15,879
8,047
2,625
5,748
16,256
5,869
6,615
453,130
10,683
105,444
6,991
8,527
10,370
15,745
7,246
2,670
5,718
14,288
5,877
6,653
447,988
10,683
104,910
7,302
9.062
10,303
15.922
7,649
2,696
5,685
15,031
5,884
6,627
452,694
10,692
107,477
7.248
8,668
10.114
16,066
8,328
2.666
5.856
15,038
5,902
6.590
452.822
10.705
108,121
7,069
8,277
10,689
16,040
7,946
2,810
5.702
14,666
5,827
6,551
455,893
10,781
108,144
7,420
8,166
10,433
15,944
7,195
2,741
5,728
14,874
5,874
6,574
455,417
10,943
108,440
7,218
7,648
10,200
16,070
6,905
2,700
5,870
14,107
5,904
6,616
452,203
10,993
108,261
7,280
7,531
10,297
15,859
5,655
2,551
5,817
13,958
5,865
6,614
450,752
10,955
104,916
7,124
7,536
10,455
15,518
5,241
2,658
5,716
13,782
5,936
6,611
450,492
11,014
103,714
6
2
2
4
28
47
49
-10
490
2
342
821,343
803,828
822,358
825,803
826,510
828,013
816,019
817,138
802,977
2,717
186,099
647
137,774
4,985
1.114
22,158
9,349
933
9,138
356,985
76,758
73,100
3,048
581
29
280,227
245,714
19,807
263
9,520
168,316
559
127,311
4,260
1,318
18,324
8.271
1,597
6,677
358,823
76,841
73,243
3,062
509
27
281,981
247,466
19,778
249
9,638
183,108
572
135,279
5,174
2,706
21,586
8,666
1,272
7,852
360,216
76,937
73,350
3,019
542
26
283,278
248,548
19,783
233
9,737
186,038
505
138,620
5.202
2,191
21.295
8.535
1.125
8.565
362.092
76,739
73,219
2.968
526
26
285.352
250,175
19.901
240
9,984
187,518
556
140,376
5,235
2,148
21,896
8,206
1,211
7,889
362.502
76,971
73,446
2,977
524
24
285,531
250,511
19.849
239
9.852
188,380
762
142,159
5,120
2,974
21,224
7,676
1,154
7,309
363,114
80,813
77,162
3,041
582
28
282,301
247,821
19,671
235
9,693
173,827
619
134,586
4,924
1,199
18,068
7,255
1,128
6,048
364,230
80,299
76,663
3,000
614
21
283,931
249,319
19,957
246
9,578
171,859
579
1-29,635
4,523
3,585
18,278
7,701
1,334
6,223
363,890
79,706
76,125
2,939
610
31
284,184
249,676
19,950
266
9,602
162,035
570
123,292
4,740
2,203
17,084
7,236
1,052
5,856
365,597
78,178
74,634
2,923
593
28
287,420
252,405
20,364
281
9,757
1,145
4,923
4,849
4,977
5.052
5,079
4,880
4,831
4,690
4,612
200
5,118
141,439
2,960
1,294
142,248
98
6,351
141,125
660
9.0%
138.683
436
10,013
139,215
1,671
3,913
146,354
2,553
7,085
142,208
3,112
10,757
141,836
4,017
11,962
133,123
77,436
76,088
77,557
75,486
73,384
69,792
71,352
71,147
71,403
58
773,069
773,224
761,254
762,601
748,136
2,398
53,441
54,789
54,765
54,538
54,841
320
767,278
749,729
768,455
772,055
54,066
54,099
53,903
53,748
1. Includes securities purchased under agreements to resell.
2. Other than financial institutions and brokers and dealers.
3. Includes federal funds purchased and securities sold under agreements to
repurchase: for information on these liabilities at banks with assets of $1 billion or
more on Dec. 31, 1977, see table 1.13.
4. Not
FRASERa measure of equity capital for use in capital adequacy analysis or for
other analytic uses.
Digitized for
Dec. 16
353
179
179
529
515
4
510
506
4
1,059
-1,175
40
973
60
6
50
10
3
44
1,632
1,137
1,090
35
11
495
259
229
7
-2
-435
NOTE. Beginning in the week ending Dec. 9, 1981, shifts of assets and liabilities
to international banking facilities (IBFs) reduced the amounts reported in some
items, especially in loans to foreigners and to a lesser extent in time deposits. Based
on preliminary reports, the large weekly reporting banks shifted $4.7 billion of
assets to their IBFs in the five weeks ending Jan. 13, 1982. Domestic offices net
positions with IBFs are now included in net due from or net due to related institutions. More detail will be available later.
Weekly Reporting Banks
1.27
A19
LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $1 Billion or More on
December 31, 1977, Assets and Liabilities
Millions of dollars, Wednesday figures
1981
1982
Jan. 13P
Jan. 20P
Jan. 27P
Adjustment
bank,
1981
Account
Dec. 2
1 Cash items in process of collection
2 Demand deposits due from banks in the United States
3 All other cash and due from depository institutions...
4 Total loans and securities
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Securities
U.S. Treasury securities
Trading account
Investment account, by maturity
One year or less
Over one through five years
Over five years
Other securities
Trading account
Investment account
U.S. government agencies
States and political subdivision, by maturity
One year or less
Over one year
Other bonds, corporate stocks and securities
Dec. 9
Dec. 16
Dec. 23
Dec. 30p
Jan. 6P
52,922
7,352
33,091
43,344
6,096
34,580
51,852
6,945
33,323
54,252
7,337
36,569
51,553
7,587
33,646
50,210
6,551
33,424
45,225
6,206
32,623
45,972
6,412
37,899
41,439
6,150
34,495
115
159
340
565,512
558,742
565,563
561,976
567,776
572,259
567,143
565,051
561,695
3,347
34,208
6,701
27,507
8,208
16,433
2,865
75,103
5,216
69,886
15,174
51,964
7,495
44,469
2,748
34,717
7,319
27,398
8,379
16,207
2,812
73,414
3,531
69,883
15,204
51,934
7,371
44,563
2,745
34,437
6,741
27,696
8,567
16,319
2,810
73,666
3,790
69,876
15,160
51,972
7,366
44,606
2,744
33,331
5,828
27,503
8,494
16,209
2,800
73,648
3,632
70,016
15,094
52,193
7,392
44,800
2,730
33,535
5,887
27,648
8,816
16,040
2,792
73,650
3,751
69,899
15,092
52,090
7,284
44,806
2,717
33,974
6,522
27,452
8,605
16,137
2,710
74,812
4,562
70,250
15,295
52,230
7,325
44,905
2,724
33,999
6,580
27,419
8,535
16,181
2,703
73,493
3,496
69,997
15,320
51,987
7,040
44,947
2,690
34,165
6,513
27,652
8,813
16,136
2,703
72,825
3,024
69,801
15,164
51,968
7,063
44,904
2,669
34,681
6,796
27,885
9,039
16,145
2,701
72,834
3,015
69,819
15,070
52,114
7,101
45,013
2,634
335
148
148
335
107
204
24
625
6
619
223
384
100
284
12
Loans
19 Federal funds sold 1
20
To commercial banks
21
To nonbank brokers and dealers in securities
22
To others
23 Other loans, gross
24
Commercial and industrial
25
Bankers acceptances and commercial paper
26
All other
27
U.S. addressees
28
Non-U. S. addressees
29
Real estate
30
To individuals for personal expenditures
To financial institutions
31
Commercial banks in the United States
32
Banks in foreign countries
33
Sales finance, personal finance companies, etc . . .
34
Other financial institutions
35
To nonbank brokers and dealers in securities
36
To others for purchasing and carrying securities 2 . . .
37
To finance agricultural production
38
All other
39 LESS: Unearned income
40
Loan loss reserve
41 Other loans, net
42 Lease financing receivables
43 All other assets
29,339
19,643
7,791
1,905
438,317
182,480
4,637
177,842
170,541
7,301
116,705
64,560
28,875
19,011
7,567
2,296
433,233
182,211
4,639
177,572
170,772
6,800
116,744
64,628
31,265
20,902
7,765
2,598
437,671
183,774
4,866
178,908
172,165
6,743
117,306
64,891
28,902
19,235
7,230
2,436
437,558
182,878
4,393
178,485
171,685
6,801
117,329
65,393
31,671
22,403
7,028
2,239
440,274
185,715
4,144
181,571
174,876
6,694
117,629
65,765
33,301
22,806
7,656
2,839
441,628
186,107
3,846
182,260
175,539
6,721
118,670
66,417
32,587
21,876
7,866
2,845
438,589
184,857
3,998
180,859
174,453
6,406
118,736
66,294
32,444
22,717
7,034
2,693
437,106
185,035
3,487
181,548
175,274
6,274
118,893
66,060
28,878
19,196
6,892
2,790
436,855
185,824
3,844
181,979
175,764
6,215
118,9%
65,953
7,564
9,652
10,367
15,479
7,995
2,378
5,610
15,529
5,232
6,222
426,862
10,372
102,533
6,834
8,459
10,232
15,342
7,196
2,419
5,582
13,586
5,237
6,260
421,736
10,373
101,961
7,142
8,996
10,154
15,502
7,597
2,446
5,552
14,312
5,243
6,233
426,195
10,376
104,415
7,060
8,585
9,962
15,653
8,276
2,415
5,722
14,285
5,261
6,202
426,095
10,382
104,940
6,861
8,198
10,549
15,658
7,886
2,559
5,569
13,885
5,189
6,166
428,920
10,442
104,903
7,227
8,076
10.292
15,518
7,112
2,497
5,591
14,121
5,234
6,221
430,173
10,602
105,350
7,038
7,581
10,060
15,643
6,852
2,453
5,732
13,342
5,266
6,260
427,064
10,657
105,140
7,120
7,462
10,154
15,431
5,606
2,408
5,679
13,258
5,227
6,262
425,617
10,620
101,820
6,967
7,464
10,303
15,115
5,196
2,413
5,572
13,052
5,293
6,261
425,302
10,680
100,593
6
1
2
4
26
41
46
28
2,238
3
361
44 Total assets
771,782
755,095
772,474
775,457
775,908
778,397
766,995
767,775
755,052
4,325
173,502
627
127,852
4,430
983
20,576
9,271
931
8,832
333,893
70,940
67,548
2,819
544
29
262,953
230,618
18,008
253
9,151
156,748
539
118,076
3,797
1,215
16,908
8,201
1,596
6,415
335,592
70,995
67,663
2,831
474
27
264,597
232,245
17,992
240
9,272
170,396
550
125,492
4,509
2,426
20,050
8,592
1,265
7,512
337,004
71,088
67,765
2,789
508
26
265,916
233,318
18,024
223
9,374
173,297
486
128,822
4,483
1,973
19,720
8,446
1,113
8,253
338,862
70,922
67,657
2,744
496
26
267,940
234,922
18,164
230
9,571
174,411
543
130,196
4,594
1,946
20,308
8,074
1,209
7,541
339,283
71,105
67,844
2,752
484
24
268,178
235,290
18,136
229
9,443
174,966
734
131,828
4,578
2,691
19,494
7,602
1,153
6,886
341,049
74,586
71,197
2,813
548
28
266,463
234,070
18,005
225
9,284
161,432
598
124,741
4,350
978
16,718
7,188
1,126
5,732
342,206
74,126
70,749
2,772
585
21
268,079
235,527
18,288
235
9,198
159,249
560
119,999
3,942
3,008
16,875
7,622
1,331
5,912
341,908
73,578
70,249
2,719
580
31
268,329
235,814
18,310
256
9,261
150,286
555
114,247
4,128
1,891
15,730
7,160
1,034
5,541
343,620
72,190
68,897
2,702
564
28
271,429
238,416
18,697
271
9,433
1,106
4,923
4,849
4,977
5,052
5,079
4,880
4,831
4,690
4,612
200
4,744
133,337
2,960
1,182
133,820
98
5,893
132,928
645
8,376
130,450
436
9,207
131,178
1,584
3,608
137,927
2,520
6,607
133,593
3,061
9,918
133,295
3,853
10,998
125,328
18
75,536
74,174
75,720
73,549
71,475
67,958
69,413
69,256
69,578
52
721,212
704,476
722,040
725,180
725,990
727,092
715,770
716,687
703,663
4,001
50,569
50,619
50,434
50,276
49,917
51,305
51,225
51,088
51,389
324
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
Deposits
Demand deposits
Mutual savings banks
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Time and savings deposits
Savings
Individuals and nonprofit organizations
Partnerships and corporations operated for profit
Domestic governmental units
All other
Time
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Foreign governments, official institutions, and
banks
Liabilities for borrowed money
Borrowings from Federal Reserve Banks
Treasury tax-and-loan notes
All other liabilities for borrowed money 3
Other liabilities and subordinated notes and
debentures
70 Total liabilities
71 Residual (total assets minus total liabilities) 4
1. Includes securities purchased under agreements to resell.
2. Other than financial institutions and brokers and dealers.
3. Includes federal funds purchased and securities sold under agreement to repurchase; for information on these liabilities at banks with assets of SI billion or
more on Dec. 31, 1977, see table 1.13.
2,312
486
5
480
476
4
929
775
41
950
47
6
50
10
3
40
2,826
1,021
975
35
11
1,805
1,576
222
7
4. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.
A20
1.28
DomesticNonfinancialStatistics • February 1982
LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY Assets and Liabilities
Millions of dollars, Wednesday figures
1981
1982
Account
Dec. 2
1 Cash items in process of collection
2 Demand deposits due from banks in the United
States
3 All other cash and due from depository institutions..
4 Total loans and securities'
Dec. 9
Dec. 16
Dec. 23
Dec. 30P
Jan.6p
Jan. 13P
Jan. 20?
Jan. IIP
17,378
14.053
16,463
17.836
17,269
13.663
14,337
13,816
12,932
1,641
8,566
1.337
9.364
1.356
9.660
1,279
10.444
1,361
9,812
1,237
10,882
977
8,137
1,310
9,008
1,038
7,507
137,739
133,801
136,911
134,866
135,997
133,843
133,127
133,572
132,793
7,321
1,240
5,402
679
7.001
1.225
5.145
631
7,054
1.218
5,236
601
7,013
1,218
5,194
601
6,907
1,213
5,093
601
6,864
1,198
5,055
611
6,850
1,198
5.046
607
6,831
1,231
4,997
603
6,815
1,215
4,998
602
14,816
2.360
11,646
1,983
9,663
810
14,739
2,360
11,573
1,907
9,666
806
14,786
2,354
11.598
1,933
9,665
835
14,862
2.352
11.675
2.020
9,654
834
14,750
2,353
11.552
1,964
9,589
844
14,752
2,348
11,563
1.998
9,565
841
14,637
2,352
11,445
1,956
9,488
840
14,618
2,303
11,480
1,990
9,490
834
14,710
2,274
11,598
2,066
9,532
838
8.461
3,452
4.011
998
110,592
55,670
1,453
54,217
51,936
2,280
17,411
10,884
7,796
2.943
3.565
1,288
107,741
55,126
1,408
53.718
51,862
1.856
17,362
10.950
9,944
4,861
3,591
1,492
108,609
55,086
1.411
53,675
51.964
1,711
17.561
11,012
8,038
3,252
3,456
1.329
108,417
54,994
1,292
53,701
52,090
1,611
17,512
11,096
8,215
3,825
3,289
1,101
109,585
56,225
1,265
54,960
53,446
1,514
17,648
11,150
6,887
2,252
3,306
1,330
108,829
55,777
1,194
54,582
53,115
1,467
17,667
11,160
7,670
2,777
3.457
1,435
107,474
55,254
1,284
53,969
52,550
1,419
17,620
11,122
9,441
4,845
2,967
1,628
106,187
55,468
1,042
54,426
53,024
1,402
17,662
11,084
8,528
4,047
2,844
1,638
106,311
55,358
1,163
54,195
52,773
1,422
17,697
11,030
2,258
4,754
4,352
4.495
4.904
595
317
4,953
1,340
2,112
107,140
2,254
2.113
3.735
4,249
4,602
4.329
597
322
4,355
1.348
2.127
104,266
2,251
2,157
4,256
4,179
4.562
4,640
616
325
4,213
1.364
2.118
105,126
2,252
1,995
3,632
3,948
4,612
5,240
612
481
4,295
1.370
2,092
104,954
2.250
2,001
3,467
4,323
4,595
5,090
724
277
4,087
1,374
2,086
106,126
2,258
2,362
3,845
4,253
4,365
4.271
685
276
4,168
1,366
2,124
105,340
2.302
2,033
3,365
4,249
4,485
4,272
683
464
3,927
1,367
2,137
103,970
2,308
1,964
3,216
4,349
4,436
3,138
670
459
3,741
1,367
2,137
102,683
2,314
Securities
5
6
7
8
9
iU
11
1?
13
14
15
16
17
18
Investment account, by maturity
One year or less
Over one through five years
Over five years
Investment account
U.S. government agencies
States and political subdivision, by maturity . . . .
One year or less
Over one year
Other bonds, corporate stocks and securities....
Loans
19 Federal funds sold 3
20
To commercial banks
21
To nonbank brokers and dealers in securities
22
To others
23 Other loans, gross
24
Commercial and industrial
Bankers acceptances and commercial paper
25
26
All other
27
U.S. addressees
28
Non-U.S. addressees
29
Real estate
30
To individuals for personal expenditures
To financial institutions
31
Commercial banks in the United States
32
Banks in foreign countries
33
Sales finance, personal finance companies, etc...
34
Other financial institutions
35
To nonbank brokers and dealers in securities
36
To others for purchasing and carrying securities 4 . .
3/
To finance agricultural production
38
All other
39 LESS: Unearned income
40
Loan loss reserve
41 Other loans, net
42 Lease financing receivables
43 All other assets 5
44 Total assets
45
46
47
48
49
50
51
52
53
54
55
56
5/
58
59
60
61
62
63
64
65
Deposits
Demand deposits
Mutual savings banks
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Time and savings deposits
Savings
Individuals and nonprofit organizations
Partnerships and corporations operated for
profit
Domestic governmental units
All other
Time
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Foreign governments, official institutions, and
banks
Liabilities for borrowed money
66
67
Treasury tax-and-loan notes
68
All other liabilities for borrowed money 6
69 Other liabilities and subordinated notes and
debentures
70 Total liabilities
71 Residual (total assets minus total liabilities) 7
1.
2.
3.
4.
45,660
42,457
42,852
43,354
43,264
44,179
43,052
41,073
2,147
3,272
4,509
4,340
3,113
666
401
3,778
1,428
2,143
102,740
2,318
41,070
213,238
203,263
209,495
210,029
209,961
206,106
201,980
201,094
197,658
53,959
318
34,980
598
152
5,391
7.549
714
4,257
66,995
9,278
8,905
45,717
277
29.751
424
379
4.044
6,626
1,334
2,883
67.033
9.263
8.896
51.352
265
32.972
587
680
5,309
6,840
1.011
3,688
67,278
9,346
8,984
53.401
215
35,143
494
507
4,824
6,790
848
4,581
67.310
9,260
8,910
52,326
268
34,733
500
5,434
6,387
919
3,661
66,460
9,318
8,966
49,434
368
34,184
610
808
4,122
5,934
823
2,584
65,224
9,707
9,341
45,931
313
32,191
552
365
3.883
5,602
861
2.164
65.927
9,648
9,277
45,491
282
30,306
522
942
3,883
6,046
1,103
2,406
65,693
9,540
9,185
43,191
284
29,724
437
532
3,800
5,412
795
2,207
66,930
9,357
9,005
256
114
255
104
249
99
256
94
255
109
252
116
3
3
2
2
3
57,717
49,862
2,141
18
3,303
259
105
3
57,771
49,753
2.135
18
3,460
57,932
49,810
2,139
21
3,487
58,050
49.848
2,098
25
3,573
57.142
49,056
2.073
25
3,504
55,517
47,727
1,916
25
3,462
56,279
48,506
1.923
40
3,420
237
114
4
56,153
48,458
1,961
54
3,408
237
112
3
57,573
49,596
2,121
56
3,508
2,393
2.404
2.476
2,506
2.484
2,387
2,390
2,272
2,291
200
1,338
41,705
2.145
229
41.551
2,856
42,003
1 280
954
45.330
2 317
1,832
41,905
600
2,902
42,685
1 512
3,021
39,284
3
2,654
39,469
32,097
29,473
31.088
30,241
29,678
26.827
26,956
26,648
26,741
196,295
186,148
192,509
193,076
193,323
189,049
184,869
184,018
180,680
16,943
17,115
16,986
16,953
16,638
17,057
17,111
17.077
16,978
Excludes trading account securities.
Not available due to confidentiality.
Includes securities purchased under agreements to resell.
Other than financial institutions and brokers and dealers.
1.810
40,981
424
5. Includes trading account securities.
6. Includes federal funds purchased and securities sold under agreements to
repurchase.
7. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.
Weekly Reporting Banks
1.29
LARGE WEEKLY REPORTING COMMERCIAL BANKS
A21
Balance Sheet Memoranda
Millions of dollars, Wednesday figures
1981
Dec. 2
Dec. 9
Dec. 16
1982
Dec. 23
Dec. 30p
Jan. 6 ?
Jan. 13?
Jan. 2 0
p
Jan. 21 p
Adjustment
bank,
1981
B A N K S WITH A S S E T S OF $ 7 5 0 M I L L I O N OR
MORE
1 Total loans (gross) and securities adjusted 1
2 Total loans (gross) adjusted 1
3 D e m a n d deposits adjusted 2
587,170
468,089
106,737
581,838
463,992
102,745
586,670
468,838
103,856
584,991
468,302
105,019
587,893
470,988
108,595
590,232
471,613
110,548
586,262
468,918
106,478
583,266
466,422
100,745
583,499
466,233
98,633
1,529
488
972
4 Time deposits in accounts of $100,000 or
more
5
Negotiable C D s
6
Other time deposits
182,692
131,737
50,954
184,316
133,340
50,976
185,638
134,933
50,705
187,836
137,021
50,816
187,938
137,490
50,448
182,990
132,238
50,752
184,113
133,022
51,090
183,947
132,654
51,293
186,945
135,492
51,454
-965
-1,382
417
2,786
2,145
641
2,742
2,095
647
2,848
2,196
652
2,824
2,175
649
2,848
2,210
638
2,888
2,245
643
2,906
2,265
641
2,893
2,251
642
2,863
2,246
616
10 Total loans (gross) and securities adjusted 1
11 Total loans (gross) adjusted 1
12 D e m a n d deposits adjusted 2
549,761
440,450
99,021
544,394
436,263
95,280
548,994
440,891
96,068
547,144
440,165
97,352
549,866
442,681
100,605
553,681
444,896
102,572
549,754
442,262
98,511
546,703
439,714
93,393
547,086
439,570
91,226
3,231
2,271
935
13 Time deposits in accounts of $100,000 or
more
Negotiable C D s
Other time deposits
173,074
125,285
47,790
174,618
126,820
47,797
175,953
128,436
47,517
178,099
130,473
47,626
178,259
130,940
47,319
174,953
127,240
47,713
176,103
128,045
48,059
175,965
127,733
48,232
178,873
130,512
48,361
432
25
407
2,704
2,080
623
2,661
2,031
630
2,775
2,140
635
2,747
2,114
633
2,771
2,150
621
2,816
2,189
627
2,834
2,207
627
2,819
2,191
628
2,789
2,185
604
135,481
113,343
31,038
132,220
110,481
27,242
133,376
111,535
28,899
133,082
111,207
30,234
133,630
111,973
29,122
132,719
111,102
30,841
131,821
110,334
27,307
130,267
108,818
26,849
130,170
108,645
25,928
45,341
34,226
11,115
45,324
34,249
11,075
45,504
34,577
10,927
45,636
34,835
10,801
44,768
34,028
10,740
43,005
32,050
10,955
43,708
32,765
10,943
43,527
32,670
10,857
45,028
34,246
10,782
7 Loans sold outright to affiliates 3
8
Commercial and industrial
9
Other
B A N K S WITH A S S E T S OF $ 1 B I L L I O N OR
MORE
14
15
16 Loans sold outright to affiliates 3
17
Commercial and industrial
18
Other
B A N K S IN N E W Y O R K C I T Y
19 Total loans (gross) and securities adjusted 1 , 4
20 Total loans (gross) adjusted 1
21 D e m a n d deposits adjusted 2
22 Time deposits in accounts of $100,000 or
more
Negotiable C D s
Other time deposits
23
24
1. Exclusive of loans and federal funds transactions with domestic commercial
banks.
2. All demand deposits except U.S. government and domestic banks less cash
items in process of collection.
3. Loans sold are those sold outright to a bank's own foreign branches, nonconsolidated nonbank affiliates of the bank, the bank's holding company (if not a
bank), and nonconsolidated nonbank subsidiaries of the holding company.
4. Excludes trading account securities.
A22
1.291
DomesticNonfinancialStatistics • February 1982
LARGE WEEKLY REPORTING BRANCHES A N D AGENCIES OF FOREIGN BANKS
Assets and Liabilities
Millions of dollars, Wednesday figures
1981
1982
Account
Dec. 2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
Cash and due f r o m depository institutions
Total loans and securities
U.S. Treasury securities
Other securities
Federal funds sold 1
T o commercial banks in U . S
T o others
Other loans, gross
Commercial and industrial
Bankers acceptances and commercial
paper
All other
U . S . addressees
Non-U.S. addressees
T o financial institutions
Commercial banks in U . S
Banks in foreign countries
N o n b a n k financial institutions
For purchasing and carrying securities ..
All other
O t h e r assets (claims on nonrelated
parties)
Net due from related institutions
Total assets
23 Deposits or credit balances 2
24
Credit balances
25
D e m a n d deposits
26
Individuals, partnerships, and
corporations
27
Other
28
Total time and savings
29
Individuals, partnerships, and
corporations
30
Other
31 Borrowings 3
32
Federal funds purchased 4
33
From commercial banks in U . S
34
From others
35
Other liabilities for borrowed money . . .
36
T o commercial banks in U . S
37
To others
38 Other liabilities to nonrelated parties
39 Net due to related institutions
40 Total liabilities
Dec. 9
Dec. 16
Dec. 23
Dec. 30?
Jan.
6p
Jan. 13 p
Jan.
20p
Jan.
21P
8,046
65,226
1,856
1,045
4,857
4,364
494
57,468
27,906
6,587
52,756
1,965
871
4,082
3,631
450
45,837
21,632
7,285
51,311
1,833
863
4,032
3,615
418
44,583
21,454
6,772
50,757
2,223
828
4,844
4,474
370
42,861
20,369
6,545
51,178
2,196
801
5,070
4,442
628
43,111
20,463
6,421
50,150
2,209
800
5,282
4,926
355
41,860
20,291
6,591
50,055
2,445
826
4,791
4,554
236
41,993
20,108
6,402
48,682
2,435
811
4,205
4,014
191
41,231
19,488
6,327
49,443
2,387
816
5,044
4,758
286
41,196
19,716
3,593
24,313
14,205
10,108
20,992
13,358
7,296
339
683
7,886
3,586
18,047
13,848
4,199
18,121
13,610
4,171
340
631
5,452
3,798
17,656
14,075
3,581
17,469
13,334
3,796
339
637
5,023
3,606
16,763
13,683
3,080
17,462
13,613
3,506
343
629
4,400
3,791
16,672
13,971
2,701
17,504
13,683
3,452
370
687
4,456
3,835
16,456
13,902
2,554
16,740
12,991
3,356
394
456
4,372
3,644
16,464
13,886
2,578
16,949
13,230
3,314
404
492
4,444
3,591
15,898
13,395
2,503
16,939
13,089
3,443
406
371
4,432
3,453
16,263
13,645
2,617
16,832
13,114
3,322
396
332
4,316
12,091
9,770
95,133
12,128
11,914
83,385
12,134
11,872
82,603
12,268
12,124
81,920
12,202
12,639
82,564
11,858
12,903
81,332
12,266
12,660
81,572
12,064
13,183
80,331
12,074
12,917
80,760
25,297
348
2,501
24,358
305
2,490
24,486
372
2,415
25,085
337
2,628
25,292
320
2,379
24,061
356
2,459
23,554
317
2,098
22,940
326
1,943
23,135
292
1,972
873
1,628
22,447
860
1,630
21,562
886
1,530
21,698
883
1,745
22,120
895
1,484
22,593
938
1,521
21,246
774
1,324
21,139
767
1,176
20,671
804
1,168
20,871
18,312
4,135
34,900
7,856
6,872
984
27,044
22,741
4,303
12,395
22,541
95,133
18,003
3,559
32,623
6,534
5,729
805
26,089
23,138
2,951
12,172
14,231
83,385
18,082
3,616
31,864
6,603
5,746
857
25,260
22,743
2,517
12,090
14,163
82,603
18,450
3,670
31,351
5,923
4,922
1,001
25,428
22,756
2,672
12,331
13,153
81,920
18,866
3,727
31,573
5,666
4,568
1,097
25,907
23,242
2,665
12,306
13,393
82,564
17,936
3,310
33,068
8,169
7,410
759
24,899
22,428
2,470
11,921
12,282
81,332
17,926
3,213
32,779
7,659
6,777
882
25,119
22,596
2,524
12,472
12,767
81,572
17,452
3,218
33,041
8,176
7,250
926
24,865
22,395
2,470
12,216
12,134
80,331
17,744
3,127
32,231
7,167
6,265
902
25,064
22,553
2,511
12,237
13,158
80,760
47,505
44,604
35,514
32,678
34,363
31,666
32,669
29,618
33,054
30,056
32,233
29,224
32,270
28,999
31,579
28,333
31,570
28,368
MEMO
41 Total loans (gross) and securities
adjusted'
42 Total loans (gross) adjusted 5
1.
2.
3.
4.
5.
Includes securities purchased under agreements to resell.
Balances due to other than directly related institutions.
Borrowings f r o m other than directly related institutions.
Includes securities sold under agreements to repurchase.
Excludes loans and federal funds transactions with commercial banks in U.S.
NOTE. Beginning in the week ending Dec. 9, 1981, shifts of assets and liabilities
to international banking facilities (IBFs) reduced the amounts reported in some
items, especially in loans to foreigners and to a lesser extent in time deposits. Based
on preliminary reports, the large weekly reporting branches and agencies shifted
S22.2 billion of assets to their IBFs in the six weeks ending Jan. 13,1982. Domestic
offices net positions with IBFs are now included in net due from or net due to
related institutions. More detail will be available later.
Weekly Reporting Banks
1.30
LARGE WEEKLY REPORTING COMMERCIAL BANKS
A23
Domestic Classified Commercial and Industrial Loans
Millions of dollars
Net change during
Outstanding
1981
Industry classification
Sept. 30
Oct. 28
1981
1982
Nov. 25
Dec. 30
Jan. TIP
Q3
1981
Q4
Nov.
1982
Dec.
Adjustment
bank 1
Jan.P
1 Durable goods m a n u f a c t u r i n g . . . .
26,111
25,910
25,570
26,864
27,113
837
754
-339
1,294
232
17
2 Nondurable goods manufacturing
3
Food, liquor, and tobacco
23,400
4,431
22,060
4,310
22,190
4,282
21,713
4,190
21,589
4,148
2,782
26
-1,688
-241
130
-29
-477
-92
-134
-44
11
2
5,076
3,955
5,749
4,189
4,859
3,722
5,056
4,113
4,652
4,769
4,624
3,863
4,166
4,821
4,341
4,195
4,162
4,574
4,487
4,217
156
543
1,700
356
-910
866
-1,408
6
-208
1,048
-431
-250
-485
52
-283
332
-5
-247
144
18
2
4
5
6
7
Textiles, apparel, and leather..
Petroleum refining
Chemicals and rubber
Other nondurable goods
8 Mining (including crude petroleum and natural gas)
2
4
21,283
21,729
22,940
24,364
24,551
3,088
3,082
1,211
1,424
186
9 Trade
10
Commodity dealers
i 1 Other wholesale
12
Retail
27,004
1,657
12,634
12,713
27,486
1,666
12,636
13,184
28,180
1,901
12,791
13,488
28,005
2,292
12,919
12,795
28,106
2,297
13,230
12,579
897
158
546
193
1,001
634
285
82
694
235
155
304
-175
390
128
-693
35
5
291
-261
13 Transportation, communication,
and other public utilities
14
Transportation
15
Communication
16
Other public utilities
21,866
8,465
3,534
9,866
21,723
8,416
3,573
9,734
22,025
8,288
3,701
10,037
23,184
8,619
3,954
10,611
23,416
8,738
4,029
10,648
1,042
269
-7
780
1,318
154
419
745
302
-128
128
303
1,158
331
253
574
208
98
75
36
24
22
17 Construction
18 Services
19 All other 2
7,248
25,340
15,818
7,164
25,426
15,962
7,138
25,593
16,098
7,193
26,482
17,070
7,065
26,649
17,274
264
794
641
-54
1,143
1,252
-26
167
136
55
890
972
-173
63
-5
45
104
209
168,069
167,460
169,735
174,876
175,764
10,345
6,807
2,275
5,142
411
476
86,137
84,630
83,834
85,086
85,148
2,734
-1,050
-796
1,253
-108
169
20 Total domestic loans
21 MEMO: Term loans (original maturity more than 1 year) included in domestic loans
1. Adjustment bank amounts represent accumulated adjustments originally made
to offset the cumulative effects of mergers. These adjustment amounts should be
added to outstanding data for any date in the year to establish comparability with
any date in the subsequent year. Changes shown have been adjusted for these
amounts.
2. Includes commercial and industrial loans at a few banks with assets of $1
billion or more that do not classify their loans.
65
20
45
1
NOTE. New series. The 134 large weekly reporting commercial banks with domestic assets of $1 billion or more as of Dec. 31, 1977, are included in this series.
The revised series is on a last-Wednesday-of-the-month basis. Partly estimated
historical data are available from the Banking Section, Division of Research and
Statistics, Board of Governors of the Federal Reserve System, Washington, D.C.
20551.
A24
1.31
DomesticNonfinancialStatistics • February 1982
GROSS D E M A N D DEPOSITS of Individuals, Partnerships, and Corporations1
B i l l i o n s of dollars, e s t i m a t e d d a i l y - a v e r a g e b a l a n c e s
Commercial banks
Type of holder
1977
Dec.
1978
Dec.
1980
19792
Dec.
Mar.
June
1981
Sept.
Dec.
Mar. 3
1 All holders—Individuals, partnerships, and
corporations
274.4
294.6
302.2
288.4
288.6
302.0
315.5
280.8
2
3
4
5
6
25.0
142.9
91.0
2.5
12.9
27.8
152.7
97.4
2.7
14.1
27.1
157.7
99.2
3.1
15.1
28.4
144.9
97.6
3.1
14.4
27.7
145.3
97.9
3.3
14.4
29.6
151.9
101.8
3.2
15.5
29.8
162.3
102.4
3.3
17.2
30.8
144.3
86.7
3.4
15.6
June 4
Financial business
Nonfinancial business
Consumer
Foreign
Other
Sept.
277.5
n. a.
1
28.2
148.6
82.1
3.1
15.5
Weekly reporting banks
1977
Dec.
1978
Dec.
1980
19795
Dec.
Mar.
7 All holders—Individuals, partnerships, and
corporations
8
9
10
11
12
Financial business
Nonfinancial business
Consumer
Foreign
Other
Sept.
Dec.
Mar. 3
139.1
147.0
139.3
133.6
133.9
140.6
147.4
19.8
79.0
38.2
2.5
7.5
20.1
74.1
34.3
3.0
7.8
20.1
69.1
34.2
3.0
7.2
20.2
69.2
33.9
3.1
7.5
21.2
72.4
36.0
3.1
7.9
21.8
78.3
35.6
3.1
8.6
21.9
69.8
30.6
3.2
7.7
June 4
133.2
18.5
76.3
34.6
2.4
7.4
1. Figures include cash items in process of collection. Estimates of gross deposits
are based on reports supplied by a sample of commercial banks. Types of depositors
in each category are described in the June 1971 BULLETIN, p. 466.
2. Beginning with the March 1979 survey, the demand deposit ownership survey
sample was reduced to 232 banks from 349 banks, and the estimation procedure
was modified slightly. To aid in comparing estimates based on the old and new
reporting sample, the following estimates in billions of dollars for December 1978
have been constructed using the new smaller sample; financial business, 27.0;
nonfinancial business, 146.9; consumer, 98.3; foreign, 2.8; and other, 15.1.
3. Demand deposit ownership data for March 1981 are subject to greater than
normal errors reflecting unusual reporting difficulties associated with funds shifted
to N O W accounts authorized at year-end 1980. For the household category, the
$15.7 billion decline in demand deposits at all commercial banks between December
1980 and March 1981 has an estimated standard error of $4.8 billion.
June
1981
Sept.
131.3
n. a.
20.7
71.2
28.7
2.9
7.9
4. Demand deposit ownership survey estimates for June 1981 are not yet available
due to unresolved reporting errors.
5. After the end of 1978 the large weekly reporting bank panel was changed to
170 large commercial banks, each of which had total assets in domestic offices
exceeding $750 million as of Dec. 31, 1977. See "Announcements," p. 408 in the
May 1978 BULLETIN. Beginning in March 1979, demand deposit ownership estimates for these large banks are constructed quarterly on the basis of 97 sample
banks and are not comparable with earlier data. The following estimates in billions
of dollars for December 1978 have been constructed for the new large-bank panel;
financial business, 18.2; nonfinancial business, 67.2; consumer, 32.8; foreign, 2.5;
other, 6.8.
Deposits and Commercial Paper
1.32
A25
COMMERCIAL PAPER A N D BANKERS DOLLAR ACCEPTANCES OUTSTANDING
Millions of dollars, end of period
Instrument
1977
Dec.
1978
Dec.
1981
1979 1
Dec.
1980
Dec.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Commercial paper (seasonally adjusted)
1 All issuers
2
3
4
5
6
Financial companies 2
Dealer-placed paper3
Total
Bank-related
Directly placed paper4
Total
Bank-related
Nonfinancial companies 5
65,051
83,438
112,087
123,597
145,737
151,013
157,121
165,379
164,026
164,349
164,036
8,796
2,132
12,181
3,521
17,161
2,874
19,236
3,561
25,933
4,750
26,006
5,267
27,813
6,037
30,213
6,161
28,909
5,626
28,745
5,725
28,613
6,036
40,574
7,102
15,681
51,647
12,314
19,610
64,748
17,598
30,178
67,888
22,382
36,473
74,952
24,107
44,852
79,571
26,104
45,436
80,769
25,153
48,539
83,311
26,426
51,855
83,053
25,397
52,064
82,290
26,224
53,314
81,702
26,901
53,721
Bankers dollar acceptances (not seasonally adjusted)
7 Total
Holder
Accepting banks
Own bills
Bills bought
Federal Reserve Banks
Own account
Foreign correspondents
Others
Basis
14 Imports into United States
15 Exports from United States
16 All other
8
9
10
11
12
13
25,450
33,700
45,321
54,744
63,427
63,721
64,577
65,048
66,072
68,749
10,434
8,915
1,519
8,579
7,653
927
9,865
8,327
1,538
10,564
8,963
1,601
11,595
10,207
1,389
10,505
9,437
1,068
9,959
9,214
745
10,022
9,040
982
10,511
9,522
989
11,253
10,268
985
954
362
13,700
1
664
24,456
704
1,382
33,370
776
1,791
41,614
0
1,272
50,560
453
1,459
51,303
0
1,451
53,167
0
1,243
53,783
0
1,428
54,133
0
1,408
56,089
6,378
5,863
13,209
8,574
7,586
17,540
10,270
9,640
25,411
11,776
12,712
30,257
12,996
13,388
37,043
13,059
13,296
37,365
13,313
13,774
37,490
13,992 r
13,514
37,542
14,699 '
13,981
37,391
14,851
14,936
38,962
1. A change in reporting instructions results in offsetting shifts in the dealerplaced and directly placed financial company paper in October 1979.
2. Institutions engaged primarily in activities such as, but not limited to, commercial, savings, and mortgage banking; sales, personal, and mortgage financing;
factoring, finance leasing, and other business lending; insurance underwriting; and
other investment activities.
n.a.
3. Includes all financial company paper sold by dealers in the open market.
4. As reported by financial companies that place their paper directly with investors.
5. Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade,
transportation, and services.
A26
1.33
DomesticNonfinancialStatistics • February 1982
PRIME RATE C H A R G E D BY BANKS on Short-Term Business Loans
Percent per annum
Effective date
Rate
20.00
20.50
20.00
20.50
20.00
19.50
19.00
18.00
1981—May 19.
22.
June
3
July
8
Sept. 15
22
Oct. 5 .
13.
1981—Nov.
1980—Oct
Nov
Dec
16.50
2.
13.79
16.06
20.35
1981—Jan
Feb
Mar
Apr
May
June
17.50
17.00
16.5017.00
16.50
16.00
15.75
17
20
24
Dec. 1
1982—Feb.
1.34
3
9
Average
rate
Month
Rate
Effective D a t e
20.16
19.43
18.05
17.15
19.61
20.03
1981—July
Aug.
Sept.
Oct.
Nov.
Dec.
1982—Jan.
TERMS OF LENDING A T COMMERCIAL BANKS Survey of Loans Made, November 2-7, 1981
Size of loan (in thousands of dollars)
Item
All
sizes
1-24
50-99
25-49
500-999
100-499
1,000
and over
S H O R T - T E R M C O M M E R C I A L AND
INDUSTRIAL L O A N S
1
2
3
4
5
A m o u n t of loans (thousands of dollars)
N u m b e r of loans
Weighted-average maturity (months)
Weighted-average interest rate (percent per annum) .
Interquartile range 1
$25,466,901
161,627
1.6
17.23
16.14-18.06
$853,739
115,558
3.0
19.95
18.25-21.55
$639,132
20,039
2.8
19.19
18.25-20.85
$579,473
8,992
3.9
19.65
18.27-21.15
$2,158,438
12,122
3.4
19.13
18.25-20.22
$814,291
1,275
3.0
18.64
17.50-19.65
$20,421,829
3,641
1.2
16.73
15.99-17.30
35.5
48.1
15.9
27.9
31.3
10.1
48.2
35.9
15.3
56.5
35.8
17.1
57.0
45.9
19.9
72.1
71.9
35.2
31.1
48.8
15.0
Percentage of amount of loans
6 With floating rate
7 M a d e u n d e r commitment
8 With n o stated maturity
L O N G - T E R M C O M M E R C I A L AND
INDUSTRIAL L O A N S
9
10
11
12
13
A m o u n t of loans (thousands of dollars)
N u m b e r of loans
Weighted-average maturity (months)
Weighted-average interest rate (percent per annum) .
Interquartile range 1
$2,438,209
27,160
37.6
18.94
17.50-19.56
$317,491
23,639
29.4
19.60
18.00-20.50
$688,950
2,811
34.0
21.22
18.00-20.50
$205,534
319
37.1
18.52
17.50-19.75
$1,226,234
391
41.8
17.55
16.72-18.90
56.3
54.1
48.0
36.3
33.1
27.2
85.6
69.5
66.6
71.2
Percentage of amount of loans
14 With floating rate
15 M a d e under commitment
CONSTRUCTION AND
LAND DEVELOPMENT LOANS
16
17
18
19
20
A m o u n t of loans (thousands of dollars)
N u m b e r of loans
Weighted-average maturity (months)
Weighted-average interest rate (percent per annum) .
Interquartile range 1
21
22
23
24
$1,420,394
23,437
9.9
19.46
18.54-20.75
$155,847
12,668
7.6
19.86
19.00-21.00
$192,683
5,497
9.9
19.60
18.77-19.90
$187,702
2,616
5.7
20.43
18.50-21.74
$425,106
2,406
11.5
20.03
19.56-20.82
$459,056
250
11.1
18.34
17.12-19.90
55.3
82.4
38.5
10.2
17.6
95.9
16.4
3.6
21.2
98.5
11.6
2.3
45.2
98.9
16.8
4.3
48.5
78.9
28.2
4.3
92.8
67.5
75.6
23.7
45.8
5.0
49.2
79.6
1.2
19.1
55.2
1.6
43.2
63.4
2.8
33.8
57.3
3.7
39.0
12.6
9.8
77.7
Percentage of amount of loans
With floating rate
Secured by real estate
M a d e undeT commitment
With no stated maturity
Type of construction
25 1- to 4-family
26 Multifamily
27 Nonresidential
All
sizes
28
79
30
31
32
A m o u n t of loans (thousands of dollars)
N u m b e r of loans
Weighted-average maturity (months)
Weighted-average interest rate (percent per annum) .
Interquartile range 1
34
35
36
37
By purpose of loan
F e e d e r livestock
O t h e r livestock
O t h e r current operating expenses
Farm machinery and e q u i p m e n t
Other
1-9
25-49
50-99
250
and over
100-249
$1,260,648
64,345
5.8
18.76
17.72-19.56
$156,504
41,247
5.8
18.52
17.72-19.44
$179,965
12,442
7.3
18.79
17.72-19.54
$197,569
5,909
5.5
18.59
17.72-19.36
$162,025
2,448
5.7
18.40
17.72-19.06
$301,038
1,919
5.6
19.04
18.10-20.12
18.50
18.66
18.88
18.11
18.87
18.56
18.23
18.67
18.00
18.68
18.19
19.50
19.04
17.94
19.13
18.35
18.77
18.74
17.98
19.31
18.41
18.05
18.47
18.14
19.20
19.11
*
*
*
18.28
19.03
18.63
1. Interest rate range that covers the middle 50 percent of the total dollar amount
of loans m a d e .
2. Fewer than 10 sample loans.
10-24
$263,546
380
4.9
18.93
18.00-20.15
*
NOTE. For more detail, see the B o a r d ' s E.2(111) statistical release,
19.10
*
Securities Markets
1.35
All
I N T E R E S T R A T E S M o n e y and Capital M a r k e t s
Averages, percent per annum; weekly and monthly figures are averages of business day data unless otherwise noted.
1982
1981
Instrument
1979
1980
1982, w e e k e n d i n g
1981
Oct.
Nov.
Dec.
Jan.
Jan. 1
Jan. 8
J a n . 15
J a n . 22
15.08
13.31
12.37
13.22
12.54
12.98
12.42
12.96
13.98
12.59
12.66
12.78
12.47
12.55
12.81
12.53
12.75
13.18
12.98
13.24
13.56
13.64
13.83
13.87
J a n . 29
MONEY MARKET RATES
1 2
11.19
2
3
4
5
6
7
8
9
1(1
11
12
13
14
15
16
17
18
19
16.38
10.86
10.97
10.91
12.76
12.66
12.29
15.69
15.32
14.76
14.80
14.85
14.72
12.35
12.16
11.96
12.16
12.12
12.14
12.90
13.09
13.35
10.78
10.47
10.25
12.44
11.49
11.28
15.30
14.08
13.73
14.63
14.04
13.96
12.13
11.80
11.72
11.89
11.31
11.24
12.67
12.56
12.56
12.22
12.00
11.82
12.20
12.17
12.07
12.27
12.33
12.42
12.76
12.64
12.66
13.43
13.11
13.11
11.04
n.a.
12.78
n.a.
15.32
14.66
14.78
14.62
12.00
11.84
12.13
12.27
13.06
13.31
12.63
12.90
12.43
12.85
12.85
13.29
13.29
13.52
13.68
13.57
11.03
11.22
11.44
11.96
12.91
13.07
12.99
14.00
15.91
15.91
15.77
16.79
14.97
15.39
15.71
16.34
12.45
12.48
12.65
13.33
12.27
12.49
13.07
13.24
13.03
13.51
14.25
14.29
12.64
13.03
13.80
13.14
12.57
12.91
13.72
13.55
12.67
13.22
14.21
13.85
13.08
13.66
14.48
14.23
13.80
14.24
14.58
15.10
10.07
10.06
9.75
11.43
11.37
10.89
14.03
13.80
13.14
13.54
13.82
13.62
10.86
11.30
11.20
10.85
11.52
11.57
12.28
12.83
12.77
11.35
12.25
12.23
11.59
12.37
12.34
12.07
12.85
12.84
12.66
13.13
13.11
12.79
12.96
12.78
10.041
10.017
9.817
11.506
11.374
10.748
14.077
13.811
13.159
13.873
14.013
14.580
11,269
11.530
14.077
10.926
11.471
11.504
12.412
12.930
13.143
11.690
12.448
12.501
11.658
12.282
12.121
12.806
12.505
13.102
13.364
13.530
13.143
10.67
10.12
12.05
11.77
14.78
14.56
15.38
15.54
12.41
12.88
12.85
13.29
14.32
14.57
13.80
14.12
11.55
11.48
11.43
11.46
11.39
11.30
14.44
14.24
14.06
13.91
13.72
13.44
15.50
15.41
15.33
15.15
15.13
14.68
13.11
13.38
13.42
13.39
13.56
13.35
13.66
13.60
13.62
13.72
13.73
13.45
14.64
14.65
14.67
14.59
14.57
14.22
14.32
14.46
14.54
14.47
14.53
14.15
14.39
14.67
14.75
14.73
14.79
14.84
14.76
14.74
14.38
14.72
14.93
9.71
9.52
9.48
9.44
9.33
9.29
13.68
13.88
14.00
14.09
14.04
14.04
14.07
14.11
13.78
14.92
14.81
14.80
14.73
14.62
14.28
14.37
14.55
14.55
14.57
14.52
14.48
14.42
14.37
14.09
8.74
10.81
12.87
14.13
12.68
12.88
13.73
13.26
13.65
13.89
13.81
13.57
5.92
6.73
6.52
7.85
9.01
8.59
10.43
11.76
11.33
12.05
13.34
12.83
10.98
12.69
11.89
11.70
13.30
12.91 r
12.30
13.95
13.28
11.95
14.00
13.30
12.00
14.00
13.36
12.50
14.00
13.44
12.50
14.00
13.16
12.20
13.80
13.15
12.75
11.94
12.50
12.89
13.67
15.06
14.17
14.75
15.29
16.04
16.20
15.40
15.82
16.47
17.11
15.35
14.22
14.97
15.82
16.39
15.38
14.23
15.00
15.75
16.55
16.05
15.18
15.75
16.19
17.10
15.69
14.50
15.38
16.00
16.86
15.86
14.81
15.59
16.07
16.95
16.07
15.29
15.70
16.16
17.12
16.16
15.36
15.87
16.25
17.14
16.14
15.27
15.84
16.27
17.17
10.03
10.02
Commercial paper3 4
1-month
3-month
6-month
Finance p a p e r , directly p l a c e d 3 ' 4
1-month
3-month
6-month
B a n k e r s acceptances 4 - 5
3-month
6-month
Certificates of d e p o s i t , s e c o n d a r y m a r k e t 6
1-month
3-month
6-month
Eurodollar deposits, 3-month2
U . S . T r e a s u r y bills 4
Secondary market7
3-month
6-month
1-year
Auction average8
3-month
6-month
13.36
10.12
9.63
9.94
10.20
10.69
1 F e d e r a l funds -
12.74
12.70
15.56
15.56
16.94
17.24
15.56
15.49
15.20
15.18
15.68
15.88
15.65
16.04
16.12
16.00
15.68
15.59
9.07
5.46
10.57
5.25
n.a.
n.a.
13.09
5.65
12.76
5.54
12.83
5.57
13.19
5.95
13.30
5.65
13.22
5.80
13.16
6.02
13.26
5.99
13.13
5.98
CAPITAL MARKET RATES
23
24
25
26
27
28
U.S. Treasury notes and bonds9
Constant maturities10
1-year
2-year
2-'/2-year 1 1
3-year
5-year
7-year
10-year
20-year
30-year
29
Composite12
O v e r 10 years ( l o n g - t e r m )
20
21
•)•>
State a n d local n o t e s a n d b o n d s
M o o d y ' s series 1 3
3(1
Aaa
Baa
31
Bond Buyer series 1 4
32
33
34
35
36
37
38
39
4(1
41
Corporate bonds
S e a s o n e d issues 1 5
All industries
Aaa
Aa
A
Baa
A a a utility b o n d s 1 6
R e c e n t l y o f f e r e d issues
MEMO: D i v i d e n d / p r i c e r a t i o
P r e f e r r e d stocks
C o m m o n stocks
17
1. W e e k l y a n d m o n t h l y figures are a v e r a g e s of all c a l e n d a r days, w h e r e the rate
for a w e e k e n d or holiday is t a k e n to be t h e r a t e prevailing o n the preceding business
day. T h e daily r a t e is t h e a v e r a g e of the rates on a given day weighted by the
v o l u m e of transactions at these rates.
2. W e e k l y figures a r e s t a t e m e n t w e e k a v e r a g e s — t h a t is, averages for the w e e k
ending Wednesday.
3. u n w e i g h t e d a v e r a g e of o f f e r i n g rates q u o t e d by at least five dealers (in the
case of c o m m e r c i a l p a p e r ) , or f i n a n c e c o m p a n i e s (in the case of finance p a p e r ) .
B e f o r e N o v e m b e r 1979, m a t u r i t i e s f o r d a t a shown are 3 0 - 5 9 days, 90-119 days,
a n d 120-179 days f o r c o m m e r c i a l p a p e r ; a n d 3 0 - 5 9 days, 90-119 days, a n d 150179 days f o r f i n a n c e p a p e r .
4. Yields are q u o t e d o n a b a n k - d i s c o u n t basis, r a t h e r t h a n an investment yield
basis (which w o u l d give a higher figure).
5. D e a l e r closing o f f e r e d r a t e s f o r t o p - r a t e d b a n k s . Most representative rate
(which may b e , b u t n e e d n o t b e , t h e a v e r a g e of t h e rates q u o t e d by the dealers).
6. U n w e i g h t e d a v e r a g e of o f f e r e d r a t e s q u o t e d by at least five dealers early in
the day.
7. U n w e i g h t e d a v e r a g e of closing bid r a t e s q u o t e d by at least five dealers.
8. R a t e s are r e c o r d e d in t h e w e e k in which bills are issued.
9. Yields are b a s e d o n closing bid prices q u o t e d by at least five dealers.
10. Yields a d j u s t e d t o c o n s t a n t m a t u r i t i e s by the U . S . T r e a s u r y . T h a t is, yields
are r e a d f r o m a yield curve at fixed maturities. B a s e d on only recently issued,
actively t r a d e d securities.
11. E a c h weekly figure is calculated on a biweekly basis a n d is the a v e r a g e of
five business days e n d i n g on the M o n d a y following the c a l e n d a r w e e k . T h e biweekly
rate is used to d e t e r m i n e the m a x i m u m interest r a t e p a y a b l e in the following twoweek period on small saver certificates. (See table 1.16.)
12. U n w e i g h t e d averages of yields (to maturity or call) f o r all o u t s t a n d i n g n o t e s
and b o n d s neither d u e n o r callable in less than 10 years, including several very low
yielding " f l o w e r " b o n d s .
13. G e n e r a l obligations only, based on figures f o r T h u r s d a y , f r o m M o o d y ' s
Investors Service.
14. G e n e r a l obligations only, with 20 years to m a t u r i t y , issued by 20 state a n d
local g o v e r n m e n t a l units of m i x e d quality. Based on figures f o r T h u r s d a y .
15. Daily figures f r o m M o o d y ' s Investors Service. B a s e d on yields t o m a t u r i t y
on selected long-term b o n d s .
16. Compilation of the F e d e r a l R e s e r v e . Issues included are long-term (20 y e a r s
or m o r e ) . New-issue yields are b a s e d on q u o t a t i o n s on d a t e of o f f e r i n g ; t h o s e o n
recently o f f e r e d issues (included only f o r first 4 w e e k s a f t e r t e r m i n a t i o n of u n d e r writer price restrictions), o n Friday close-of-business q u o t a t i o n s .
17. S t a n d a r d and P o o r ' s c o r p o r a t e series. P r e f e r r e d stock ratio b a s e d o n a s a m p l e
of ten issues: four public utilities, f o u r industrials, o n e financial, a n d o n e transp o r t a t i o n . C o m m o n stock ratios o n the 500 stocks in the price index.
A28
1.36
DomesticNonfinancialStatistics • February 1982
STOCK MARKET
Selected Statistics
1982
1981
y
J-
.
1979
June
July
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
Prices and trading (averages of daily figures)
Common stock prices
1 New York Stock Exchange
(Dec. 31, 1965 = 50)
2
Industrial
3
Transportation
4
Utility
5
Finance
6 Standard & Poor's Corporation (1941-43 = 10) 1
7 American Stock Exchange
(Aug. 31, 1973 = 100)
55.67
61.82
45.20
36.46
58.65
107.94
68.06
78.64
60.52
37.35
64.28
118.71
74.02
85.44
72.61
38.90
73.52
128.05
76.80
88.63
76.71
39.23
79.79
132.28
74.98
86.64
74.42
38.90
74.97
129.13
75.24
86.72
73.27
40.22
73.76
129.63
68.37
78.07
63.67
38.17
69.38
118.27
69.40
78.94
65.65
38.87
72.58
119.84
71.49
80.86
67.68
40.73
76.47
122.92
71.81
81.70
68.27
40.22
74.74
123.79
67.91
76.85
62.04
39.30
70.99
117.41
186.56
300.94
343.50
369.64
364.33
364.60
313.60
308.81
321.01
321.84
296.49
Volume of trading
(thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange
32,233
4,182
44,867
6,377
47,237
5,346
50,517
6,096
43,930
4,374
44,489
5,137
46,042
5,556
46,233
4,233
50,791
5,257
43,596
4,992
48,723
4,497
Customer financing (end-of-period balances, in millions of dollars)
10 Regulated margin credit at
brokers-dealers 2
Free credit balances at brokers4
14 Margin-account
15 Cash-account
11,619
14,721
14,321
15,126
15,134
14,545
13,973
13,866
14,044
14,321
11,450
167
2
11 Margin stock 3
12 Convertible bonds
14,500
219
2
14,060
259
2
14,870
254
2
14,870
263
1
14,270
274
1
13,710
263
13,600
263
3
13,780
261
3
14,060
259
2
1,105
4,060
2,105
6,070
3,515
7,150
2,350
6,650
2,670
6,470
2,645
6,640
2,940
6,555
2,990
6,100
3,290
6,865
3,515
7,150
f
1
Margin-account debt at brokers (percentage distribution, end of period)
100.0
16 Total
17
18
19
20
21
22
By equity class (in
Under 40
40-49
50-59
60-69
70-79
80 or more
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
16.0
29.0
27.0
14.0
8.0
7.0
14.0
30.0
25.0
14.0
9.0
8.0
37.0
21.0
20.0
10.0
6.0
6.0
25.0
29.0
21.0
25.0
29.0
22.0
7.0
6.0
47.0
22.0
13.0
8.0
5.0
5.0
32.0
28.0
18.0
10.0
6.0
6.0
30.0
25.0
21.0
7.0
7.0
38.5
24.0
15.0
10.0
6.0
6.0
[
100.0
37.0
21.0
20.0
10.0
6.0
6.0
f
percentp
11.0
11.0
11.0
6.0
7.0
1
n.a.
1
1
t
Special miscellaneous-account balances at brokers (end of period)
23 Total balances (millions of dollars)6
Distribution by equity status
(percent)
24 Net credit status
Debt status, equity of
25
60 percent or more
26
Less than 60 percent
16,150
44.2
47.0
44.4
7.7
25,870
23,700
58.0
21,690
24,460
24,760
25,234
24,962
25,409
25,870
31.0
11.0
53.2
53.8
53.5
55.0
55.0
57.0
58.0
n.a.
38.4
8.4
37.9
8.3
37.0
9.5
33.0
12.0
35.0
10.0
33.0
10.0
31.0
11.0
t
I
Margin requirements (percent of market value and effective date) 7
Mar. 11. 1968
27 Margin stocks
28 Convertible bonds
29 Short sales
June 8, 1968
May 6, 1970
Dec. 6, 1971
Nov. 24, 1972
70
50
70
80
60
80
65
50
65
55
50
55
65
50
65
1. Effective July 1976, includes a new financial group, banks and insurance
companies. With this change the index includes 400 industrial stocks (formerly
425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40
financial.
2. Margin credit includes all credit extended to purchase or carry stocks or related
equity instruments and secured at least in part by stock. Credit extended is endof-month data for member firms of the New York Stock Exchange.
In addition to assigning a current loan value to margin stock generally, Regulations T and U permit special loan values for convertible bonds and stock acquired
through exercise of subscription rights.
3. A distribution of this total by equity class is shown on lines 17-22.
4. Free credit balances are in accounts with no unfulfilled commitments to the
brokers and are subject to withdrawal by customers on demand.
Jan. 3, 1974
50
50
50
5. Each customer's equity in his collateral (market value of collateral less net
debit balance) is expressed as a percentage of current collateral values.
6. Balances that may be used by customers as the margin deposit required for
additional purchases. Balances may arise as transfers based on loan values of other
collateral in the customer's margin account or deposits of cash (usually sales proceeds) occur.
7. Regulations G, T, and U of the Federal Reserve Board of Governors, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount
of credit to purchase and carry margin stocks that may be extended on securities
as collateral by prescribing a maximum loan value, which is a specified percentage
of the market value of the collateral at the time the credit is extended. Margin
requirements are the difference between the market value (100 percent) and the
maximum loan value. The term "margin stocks" is defined in the corresponding
regulation.
Financial Institutions
1.37
SELECTED FINANCIAL INSTITUTIONS
A29
Selected Assets and Liabilities
Millions of dollars, end of period
1981
A
1979
1980
Mar.
Apr.
May
June
Aug.
July
Sept.
Oct.
Nov.
Dec.''
Savings and loan associations
1 Assets
578,962
629,829
636,859
639,827
644,603
646,704
648,793
651,986
654,605
657,997
659,246
662,288
2 Mortgages
3 Cash and investment securities 1
4 Other
475,688
46,341
56,933
502,812
57,572
69,445
507,152
58,461
71,246
509,525
56,886
72.416
511,754
59,045
73,804
514,803
57,616
74,285
516,527
57,453
74,813
517,701
58,558
75,727
518,379
59,161
77,065
518,780
61,125
78,092
518,683
60,978
79,585
517,637
62,411
82,240
5 Liabilities and net worth
578,962
629,829
636,859
639,827
644,603
646,704
648,793
651,986
654,605
657,997
659,246
662,288
470,004
55,232
40,441
14,791
9,582
11,506
510,959
64,491
47,045
16,309
8,120
12,227
518,990
64,197
47,310
8,097
7,840
13,271
516,071
67,704
49,607
18,097
7,840
14,946
517,628
70,025
51,064
18,961
7,997
17,089
517,632
74,756
53,836
20,920
8,008
14,756
514,103
79,554
57,188
22,366
7,766
16,365
512.745
83,287
60,025
23,262
7,382
18,067
514,941
87,296
61,857
25,439
7,073
15,097
518,556
85,926
62,000
23,926
6,790
17,298
519,043
86,073
61,922
24,151
6,493
18,878
523,546
88,954
62,835
26,119
6,407
15,020
12 Net worth 2
32,638
33,319
32,645
32,266
31,864
31,552
31,005
30,505
30,198
29,427
28,759
28,361
13 MEMO: Mortgage loan commitments outstanding 3
16,007
16,102
17,374
18,552
18,740
18,020
17,224
16,681
16,015
15,731
15,756
14,879
6
7
8
9
10
11
Savings capital
Borrowed money
FHLBB
Other
Loans in process
Other
Mutual savings banks 4
14 Assets
15
16
17
18
19
20
21
Loans
Mortgage
Other
Securities
U.S. government 5
State and local government
Corporate and other 6
Cash
Other assets
22 Liabilities
25
Ordinary savings
26
Time and other
27
Other
28 Other liabilities
29 General reserve accounts
30 MEMO: Mortgage loan commitments outstanding 8
163,405
171,564
173,232
172,837
173,776
174,387
174,578
174,761
175,234
175,693
175,258
98,908
9,253
99,865
11,733
99,719
13,248
99,798
12,756
99,790
13,375
99,993
14,403
100,095
14,359
99,987
14,560
99,944
14,868
99,903
14,725
99,879
15,073
7,658
2,930
37,086
3,156
4,412
8.949
2,390
39.282
4,334
5.011
9,203
2,359
39,236
4,238
5,231
9,262
2,314
39,247
4,172
5,288
9,296
2,328
39,111
4,513
5,364
9,230
2,337
38,418
4,473
5,534
9,361
2,291
38,374
4,629
5,469
9,369
2,326
38,180
4,791
5,547
9,594
2,323
38,118
4,810
5.577
9,765
2,394
38,108
5,118
5,681
9,508
2,271
37,874
5,039
5,615
163,405
171,564
173,232
172,837
173,776
174,387
174,578
174,761
175,234
175,693
175,258
146,006
144,070
61,123
82,947
1,936
5,873
11,525
153,501
151,416
53,971
97,445
2,086
6,695
11,368
154,805
152,630
53,049
99,581
2,174
7,265
11,163
153,692
151,429
52,331
99,098
2,264
8,103
11,042
153,891
151.658
51,212
100,447
2,232
8,922
10,923
154,926
152,603
51,594
101,009
2,323
8,634
10,827
153,757
151,394
50,593
100,800
28,494
10,156
10,665
153,120
150,753
49,003
101,750
27,073
11,125
10,516
153,412
151,072
49,254
101,818
25,769
11,458
10,364
154,066
151,975
48,238
103,737
24,806
11,513
10,114
153,809
151,787
48,456
126,889
2,023
11,434
10,015
3,182
1,476
1,379
1,614
1,709
1,577
1,401
1,333
1,218
1,140
1,207
n. a.
Life insurance companies
31 Assets
32
33
34
35
36
37
38
39
40
41
42
Securities
Government
United States 9
State and local
Foreign 10
Business
Bonds
Stocks
Mortgages
Real estate
Policy loans
Other assets
432,282
479,210
490,149
493,185
497,276
500,316
503,994
506,585
509,478
515,079
519,281
0,338
4,888
6,428
9,022
222.332
178,371
39,757
118,421
13,007
34,825
27,563
21,378
5.345
6,701
9,332
238,113
190,747
47.366
131.080
15,033
41,411
31,702
22,775
6,807
6,199
9,269
243,996
196,514
47,482
133,230
16,244
43,231
30,673
22,603
6,502
6,809
9,292
245,841
198,397
47,444
133,896
16,464
43,772
30,609
22,948
6,787
6,815
9,346
247,437
199,818
47,619
134,492
16,738
44,292
31,369
23,415
7,119
6,876
9,420
248,737
201,402
47,335
135,318
16,966
44,970
30,910
23,691
7,359
6,865
9,467
250,186
203,016
41,170
135,928
17,429
45,591
31,169
23,949
7,544
6,904
9,501
250,371
204,501
45,870
136,516
17,626
46,252
31,971
24,280
7,670
7,033
9,577
250,315
205,908
44,407
136,982
17,801
47,042
33,058
24,621
7,846
7,129
9,646
253,976
208,004
45,972
137,736
18,382
47,731
32,633
25,200
8,321
7,148
9,731
255,632
209,194
46,438
138,433
18,629
48,275
33,112
n a.
Credit unions
43 Total assets/liabilities and
capital
65,854
71,709
73,214
72,783
73,565
74,041
73,616
73,240
73,719
73,715
74,402
75,238
44
45
46
47
48
49
50
51
35,934
29,920
53,125
28,698
24,426
56,232
35,530
25,702
39,801
31,908
47,774
25,627
22,147
64,399
36,348
28,051
40,624
32,590
47,815
25,618
22,197
65,744
36,898
28,846
40,207
32,576
47,994
25,707
22,287
65,495
36,684
28,811
40,648
32,917
48,499
26,038
22,461
65,988
36,967
29.021
40,948
33,093
49,064
26,422
22,642
66,472
37,260
29,212
40,510
33,106
49,507
26,661
22,846
65,854
36,819
29,035
40,233
33,007
49,976
26,974
23.002
65,138
36,373
28,765
40,513
33,206
50,169
27,137
23,032
65,686
36,584
29,102
40,555
23,160
49,799
26,956
22,843
65,797
36,671
29,126
40,843
33,559
49,410
26,783
22,627
66,141
36,910
29,231
41,200
34,038
49,230
26,733
22,497
67,009
37,229
29,780
Federal
State
Loans outstanding
Federal
State
Savings
Federal (shares)
State (shares and deposits)
For notes see bottom of page A30.
A30
1.38
DomesticNonfinancialStatistics • February 1982
FEDERAL FISCAL A N D FINANCING OPERATIONS
Millions of dollars
Calendar year
Type of account or operation
Fiscal
year
1979
Fiscal
year
1980
Fiscal
year
1981
1980
H2
U.S. budget
1 Receipts'
2 Outlays 1 ' 2
3 Surplus, or deficit ( - )
4
Trust funds
Federal f u n d s 3
5
Off-budget
463,302 r
490,997 r
-27,694
18,335
-46,069
517,112 r
576,675 r
- 59,563'
8,791
-67,752
599,272'
657,204 r
-57,932
7,168
-65,099
-13,261
793
-14,549
303
-20,769
-236
-40,162
- 73,808 r
-78,936''
70,515
79,329
1981
HI
1981
H2
Oct.
Nov.
Dec.
262,152
310,972
-48,821
-2,551
-46,306
318,899
334,710
-15,811
5,797
-21,608
303,903
360,684
-56,780
-8,085
-48,697
45,467
63,573
-18,106
-4,269
-13,837
44,317
54,959
-10,642
-2,352
-8,290
57,407
76,875
-19,468
-7,675
-11,793
-7,552
376
-11,046
-900
-8,728
-1,752
-638
-5
-1,189
-691
-727
-320
-55,998
-27,757
-67,260
-18,749
-12,522
-20,516
54,764
33,213
54,081
10,374
10,972
14,274
-1,878
1,485
-6,730
7,964
2,873
- 8,328
-1,111
14,290
1,483
6,892
8,129
-6,579
-3,889
10,131
18,670
3,520
15,150
12,305
3,062
9,243
16,389
2,923
13,466
12,046
4,301
7,745
16,335
3,550
12,785
7,796
3,475
4,321
12,046
4,301
7,745
entities (surplus, or deficit
6 Federal Financing Bank outlays
7 Other 4 - 5
U.S. budget plus off-budget,
including
Federal Financing Bank
8 Surplus, or deficit ( - )
Source or financing
9
Borrowing f r o m the public
10
Cash and monetary assets (decrease, or
increase ( - ) ) °
11
Other7
33,641
-408
6,929
-355
3,648'
MEMO:
12 Treasury operating balance (level, end of
period)
13
Federal Reserve Banks
14
Tax and loan accounts
24,176
6,489
17,687
20,990
4,102
16,888
1. The Budget of the U.S. Government,
Fiscal Year 1983, has reclassified supplemental medical insurance premiums and voluntary hospital insurance premiums,
previously included in other social insurance receipts, as offsetting receipts in the
health function.
2. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was reclassified from an off-budget agency to an on-budget agency in the Department of
Labor.
3. Half-year figures are calculated as a residual (total surplus/deficit less trust
fund surplus/deficit).
4. Includes Postal Service F u n d ; Rural Electrification and Telephone Revolving
Fund; and Rural Telephone Bank.
5. Other off-budget includes petroleum acquisition and transportation, strategic
petroleum reserve effective N o v e m b e r 1981.
6. Includes U.S. Treasury operating cash accounts; special drawing rights; gold
tranche drawing rights; loans to International Monetary Fund; and other cash and
monetary assets.
7. Includes accrued interest payable to the public; allocations of special drawing
rights; deposit funds; miscellaneous liability (including checks outstanding) and
asset accounts; seigniorage; increment on gold; net gain/loss for U.S. currency
valuation adjustment; net gain/loss for I M F valuation adjustment; and profit on
the sale of gold.
SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S.
G o v e r n m e n t , " Treasury Bulletin, and the Budget of the United States
Government,
Fiscal Year 1983.
N O T E S T O T A B L E 1.37
1. Holdings of stock of the Federal H o m e Loan Banks are included in " o t h e r
assets."
2. Includes net undistributed income, which is accrued by most, but not all,
associations.
3. Excludes figures for loans in process, which are shown as a liability.
4. T h e N A M S B reports that, effective April 1979, balance sheet data are not
strictly comparable with previous months. Beginning April 1979, data are reported
on a net-of-valuation-reserves basis. B e f o r e that date, data were reported on a
gross-of-valuation-reserves basis.
5. Beginning April 1979, includes obligations of U.S. government agencies. Before that date, this item was included in " C o r p o r a t e and o t h e r . "
6. Includes securities of foreign governments and international organizations
and, before April 1979, nonguaranteed issues of U.S. government agencies.
7. Excludes checking, club, and school accounts.
8. Commitments outstanding (including loans in process) of banks in New York
State as reported to the Savings Banks Association of the state of New York.
9. Direct and guaranteed obligations. Excludes federal agency issues not guaranteed, which are shown in the table under "Business" securities.
10. Issues of foreign governments and their subdivisions and bonds of the International Bank for Reconstruction and Development.
NOTE. Savings and loan associations: Estimates by the F H L B B for all associations
in the United States. D a t a are based on monthly reports of federally insured
associations and annual reports of other associations. Even when revised, data for
current and preceding year are subject to further revision.
Mutual savings banks: Estimates of National Association of Mutual Savings
Banks for all savings banks in the United States.
Life insurance companies: Estimates of the American Council of Life Insurance
for all life insurance companies in the United States. Annual figures are annualstatement asset values, with bonds carried on an amortized basis and stocks at
year-end market value. Adjustments for interest due and accrued and for differences between market and book values are not made on each item separately but
are included, in total, in "other assets."
Credit unions: Estimates by the National Credit Union Administration for a
group of federal and state-chartered credit unions that account for about 30 percent
of credit union assets. Figures are preliminary and revised annually to incorporate
recent benchmark data.
Federal Finance
1.39
A31
U.S. B U D G E T RECEIPTS A N D OUTLAYS
Millions of dollars
Calendar year
Source or type
Fiscal
year
1979
Fiscal
year
1980 r
Fiscal
year
1981 r
1981
1980
1981
H2
HI
H2
Oct.
Nov.
Dec.
RECEIPTS
1 All sources
1
14
15
16
17
Excise taxes
Customs deposits
Estate and gift taxes
Miscellaneous receipts 5
R
517,112
599,272
262,152
318,899
303,903
45,467
44,317
57,407
217,841
195,295
36
56,215
33,705
244,069
223,763
39
63,746
43,479
285,917
256,332
41
76,844
47,299
131,962
120,924
4
14,592
3,559
142,889
126,101
36
59,907
43,155
147,035
134,199
5
17,391
4,559
22,555
21,817
0
1,283
545
21,775
21,387
0
846
458
25,770
24,590
0
1,602
423
71,448
5,771
72,380
7,780
73,733
12,596
28,579
4,518
44,048
6,565
31,056
6,847
2,934
1,669
1,877
1,133
11,087
867
463,302
2 Individual income taxes, net
3
Withheld
4
Presidential Election Campaign F u n d . . .
5
Nonwithheld
6
Refunds
Corporation income taxes
7
Gross receipts
8
Refunds
9 Social insurance taxes and contributions,
net
10
Payroll employment taxes and
contributions 2
11
Self-employment taxes and
contributions 3
12
Unemployment insurance
13
Other net receipts 1 4
138,939 r
157,803
182,720
77,262
102,911
93,718
15,369
15,795
14,641
115,041
133,042
156,953
66,831
83,851
82,984
13,872
13,610
13,504
5,034
15,387
3,477 r
5,723
15,336
3,702
6,041
16,129
3,598
188
6,742
3,502
6,240
9,205
3,615
244
6,355
4,135
443
439
616
0
1,563
622
0
221
917
18,745
7,439
5,411
9,252
24,329
7,174
6,389
12,748
40,839
8,083
6,787
13,790
15,332
3,717
3,499
6,318
21,945
3,926
3,259
6,487
22,097
4,661
3,742
8,441
3,486
784
643
1,365
3,334
729
598
1,341
3,633
823
642
1,679
576,675
657,204
310,972
334,710
360,684
64,216
54,959
76,875
135,856
10,733
5,722
6,313
13,812
4,762
159,765
11,130
6,359
10,277
13,525
5,572
72,457
5,430
3,205
3,997
7,722
1,892
80,005
5,999
3,314
5,677
6,476
3,101
87,421
4,655
3,388
4,394
7,296
5,181
14,722
1,019
830
1,276
1,562
820
14,205
745
592
173
955
1,637
16,258
830
613
399
1,289
2,681
2,579 r
17,459
9,542'
7,788
21,120
10,068
3,946
23,381
9,394
3,163
11,547
5,370
1,940
11,991
4,621
1,825
10,753
4,269
1,154
1,727
990
-243
1,559
707
1,051
1,871
688
29,685
46,962 r
160,159
30,767
55,220
193,100
31,402
65,982
225,099
15,221
31,263
107,912
15,928
34,708
113,490
13,878
37,448
129,269
2,655
6,276
20,847
2,274
6,173
18,462
2,245
6,421
33,175
19,928
4,153
4,093 r
8,372
52,566'
-18,488r
21,183
4,570
4,505
8,584
64,504
-21,933
22,988
4,698
4,614
6,856
82,537
-30,320
11,731
2,299
2,432
4,191
35,909
-14,769
10,531
2,344
2,692
3,015
41,178
-12,432
12,880
2,290
2,311
3,043
47,667
-17,281
3,013
387
508
1,314
6,157
-1,039
854
371
339
259
7,869
-1,973
3,217
352
384
28
13,081
-7,710
OUTLAYS
18 All types 1 - 6
490,997
19
20
21
22
23
24
117,681
6,091
5,041
6,856
12,091
6,238
National defense
International affairs
General science, space, and technology . . .
Energy
Natural resources and environment
Agriculture
25
26
27
28
Commerce and housing credit
Transportation
Community and regional d e v e l o p m e n t . . . .
Education, training, employment, social
services
29 Health 1
30 Income security 6
31
32
33
34
35
36
Veterans benefits and services
Administration of justice
General government
General-purpose fiscal assistance
Interest
Undistributed offsetting receipts 7
R
1. T h e Budget of the U.S. Government, Fiscal Year 1983 has reclassified supplemental medical insurance premiums and voluntary hospital insurance premiums,
previously included in other social insurance receipts, as offsetting receipts in the
health function.
2. Old-age, disability, and hospital insurance, and railroad retirement accounts.
3. Old-age, disability, and hospital insurance.
4. Supplementary medical insurance premiums, federal employee retirement
contributions, and Civil Service retirement and disability f u n d .
5. Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts.
o. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was re-
classified from an off-budget agency to an on-budget agency in the D e p a r t m e n t of
Labor.
7. Consists of interest received by trust funds, rents and royalties on the Outer
Continental Shelf, and U.S. government contributions for employee retirement.
SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S.
G o v e r n m e n t " and the Budget of the U.S. Government, Fiscal Year 1983.
A32
1.41
Domestic Financial Statistics • February 1982
F E D E R A L D E B T SUBJECT TO STATUTORY LIMITATION
Billions of dollars
1979
1980
1981
Item
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
1 Federal debt outstanding
833.8
852.2
870.4
884.4
914.3
936.7
970.9
977.4
1,003.9
2 Public debt securities
3
Held by public
4
Held by agencies
826.5
638.8
187.7
845.1
658.0
187.1
863.5
677.1
186.3
877.6
682.7
194.9
907.7
710.0
197.7
930.2
737.7
192.5
964.5
773.7
190.9
971.2
771.3
199.9
997.9
789.8
208.1
7.2
5.8
1.5
7.1
5.6
1.5
7.0
5.5
1.5
6.8
5.3
1.5
6.6
5.1
1.5
6.5
5.0
1.5
6.4
4.9
1.5
6.2
4.7
1.5
6.1
4.6
1.5
5 Agency securities
6
Held by public
7
Held by agencies
8 Debt subject to statutory limit
827.6
846.2
864.5
878.7
908.7
931.2
965.5
972.2
998.8
9 Public debt securities
10 Other debt 1
825.9
1.7
844.5
1.7
862.8
1.7
877.0
1.7
907.1
1.6
929.6
1.6
963.9
1.6
970.6
1.6
997.2
1.6
11 MEMO: Statutory debt limit
830.0
879.0
879.0
925.0
925.0
935.1
985.0
985.0
999.8
1. Includes guaranteed debt of government agencies, specified participation certificates, notes to international lending organizations, and District of Columbia
stadium bonds.
1.41
GROSS PUBLIC D E B T OF U.S. TREASURY
NOTE. Data from Treasury Bulletin (U.S. Treasury Department),
Types and Ownership
Billions of dollars, end of period
1981
Type and holder
1977
1978
1979
Sept.
1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
13
14
By type
Interest-bearing debt
Marketable
Bills
Notes
Bonds
Nonmarketable 1
State and local government series
Foreign issues 3
Government
Public
Savings bonds and notes
Government account series 4
1982
1980
Oct.
Nov.
Dec.
Jan.
718.9
789.2
845.1
930.2
997.9
1,005.0
1,013.3
1,028.7
1,038.4
715.2
459.9
161.1
251.8
47.0
255.3
2.2
13.9
22.2
21.0
1.2
77.0
139.8
782.4
487.5
161.7
265.8
60.0
294.8
2.2
24.3
29.6
28.0
1.6
80.9
157.5
844.0
530.7
172.6
283.4
74.7
313.2
2.2
24.6
28.8
23.6
5.3
79.9
177.5
928.9
623.2
216.1
321.6
85.4
305.7
996.5
683.2
223.4
363.6
96.2
313.3
999.5
689.6
229.1
362.6
97.9
309.9
1,011.9
704.8
233.9
370.8
100.1
307.1
1,027.3
720.3
245.0
375.3
99.9
307.0
1,032.7
726.5
250.6
374.4
101.6
306.1
23.8
24.0
17.6
6.4
72.5
185.1
23.2
20.5
15.5
5.0
68.3
201.1
23.1
20.5
15.5
5.0
68.0
198.1
23.0
20.3
15.3
5.0
68.0
195.5
23.0
19.0
14.9
4 1
68.1
196.7
22.7
18.9
14.8
41
67.8
196.4
1.4
5.7
3.7
6.8
1.2
1.3
1.4
5.6
1.4
16
17
18
19
20
21
22
23
By holder5
U.S. government agencies and trust funds
Federal Reserve Banks
Private investors
Commercial banks
Mutual savings banks
Insurance companies
Other companies
State and local governments
154.8
102.8
461.3
101.4
5.9
15.1
20.5
55.2
170.0
109.6
508.6
93.2
5.0
15.7
19.6
64.4
187.1
117.5
540.5
96.4
4.7
16.7
22.9
69.9
192.5
121.3
616.4
116.0
5.4
20.1
25.7
78.8
208.1
124.3
665.4
112.2
5.5
20.7
37.8
86.2
204.9
122.4
677.2
111.3
5.5
19.2
38.6
88.3
202.1
126.5
684.6
110.0
5.2
19.4
38.3
87.5
24
15
26
27
Individuals
Savings bonds
Other securities
Foreign and international 6
Other miscellaneous investors 7
76.7
28.6
109.6
49.7
80.7
30.3
137.8
58.9
79.9
36.2
124.4
90.1
72.5
56.7
127.7
106.9
68.3
72.0
135.5
127.2
68.0
73.0
135.3'
138.0 r
68.1
73.5
138.3
144.3
15 Non-interest-bearing debt
1. Includes (not shown separately): Securities issued to the Rural Electrification
Administration, depository bonds, retirement plan bonds, and individual retirement bonds.
2. These nonmarketable bonds, also known as Investment Series B Bonds, may
be exchanged (or converted) at the owner's option for IV2 percent, 5-year marketable Treasury notes. Convertible bonds that have been so exchanged are removed from this category and recorded in the notes category (line 5).
3. Nonmarketable dollar-denominated and foreign currency-denominated series
held by foreigners.
4. Held almost entirely by U.S. government agencies and trust funds.
n a.
n. a.
5. Data for Federal Reserve Banks and U.S. government agencies and trust
funds are actual holdings; data for other groups are Treasury estimates.
6. Consists of investments of foreign balances and international accounts in the
United States.
7. Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers, certain government deposit accounts, and
government sponsored agencies.
NOTE. Gross public debt excludes guaranteed agency securities.
Data by type of security from Monthly Statement of the Public Debt of the United
States (U.S. Treasury Department); data by holder from Treasury Bulletin.
Federal Finance
1.42
U.S. GOVERNMENT MARKETABLE SECURITIES
A33
Ownership, by maturity
Par value; millions of dollars, end of period
1981
1981
1979
1980
Type of holder
Oct.
1980
Nov.
Oct.
Nov.
1 to 5 years
All maturities
1 All holders
530,731
623,186
689,578
704,819
89,578
197,409
213,462
227,886
2 U.S. government agencies and trust funds.
3 Federal Reserve Banks
11,047
117,458
9,564
121,328
9,009
122,399
8,745
126,539
2,555
8,469
1,990
35,835
1,352
34,264
1,906
36,410
402,226
69,076
3,204
11,496
8,433
3,209
15,735
291,072
492,294
77,868
3,917
11,930
7,758
4,225
21,058
365,539
558,169
75,476
4,101
12,462
5,610
4,030
24,513
431,104
569,534
76,348
3,847
12,538
5,497
3,913
24,263
444,001
133,173
38,346
1,668
4,518
2,844
1,763
3,487
80,546
159,585
44,482
1,925
4,504
2,203
2,289
4,595
99,577
177,846
39,676
1,897
5,302
1,128
2,251
4,567
123,024
189,570
39,741
1,814
5,527
1,212
2,302
4,518
134,455
4 Private investors
5
Commercial banks
6
Mutual savings banks
7
Insurance companies
8
Nonfinancial corporations
9
Savings and loan associations
10
State and local governments
11
All others
5 to 10 years
Total, within 1 year
12 AH holders
13 U.S. government agencies and trust funds
14 Federal Reserve Banks
15 Private investors
16
Commercial banks
17
Mutual savings banks
18
Insurance companies
19
Nonfinancial corporations
20
Savings and loan associations
21
State and local governments
22
All others
255,252
297,385
325,037
328,572
50,440
56,037
65,118
60,112
1,629
63,219
830
56,858
919
60.413
648
61,761
871
12,977
1,404
13,458
1,398
11,519
824
11,673
190,403
20,171
836
2,016
4,933
1,301
5,607
155,539
239,697
25,197
1,246
1,940
4,281
1,646
7,750
197,636
263,705
28,531
1,577
2,010
2,775
1,628
9,083
218,100
266,163
27,708
1,439
2,132
2,436
1,509
8,789
222,150
36,592
8,086
459
2,815
308
69
1,540
24,314
41,175
5,793
455
3,037
357
216
2,030
29,287
52,201
4,823
253
2,724
316
77
2,805
41,203
47,615
4,505
229
2,464
298
32
2,724
37,365
Bills, within 1 year
23 All holders
24 U.S. government agencies and trust funds.
25 Federal Reserve Banks
26 Private investors
27
Commercial banks
28
Mutual savings banks
29
Insurance companies
30
Nonfinancial corporations
31
Savings and loan associations
32
State and local governments
33
All others
10 to 20 years
172,644
216,104
233,905
27,588
36,854
43,098
43,062
0
45,337
1
43,971
1
45,605
1
47,661
4,520
3,272
3,686
5,919
4,027
6,535
4,027
6,580
127,306
5,938
262
473
2,793
219
3,100
114,522
172,132
9,856
394
672
2,363
818
5,413
152,616
183,454
8,057
398
669
1,206
265
6,455
166,404
186,243
8,083
340
673
1,059
203
6,124
169,760
19,796
993
127
1,305
218
58
1,762
15,332
27,250
1,071
181
1,718
431
52
3,597
20,200
32,536
1,278
202
1,564
856
39
4,666
23,931
32,455
1,324
197
1,548
801
37
4,724
23,824
229,061
Over 20 years
Other, within 1 year
34 All holders
82,608
81,281
95,976
94,667
33,254
35,500
42,863
45,187
35 U.S. government agencies and trust funds
36 Federal Reserve Banks
1,629
17,882
829
12,888
917
14,847
647
14,101
1,472
9,520
1,656
9,258
1,313
9,669
1,340
10,115
37 Private investors
38
Commercial banks
39
Mutual savings banks
40
Insurance companies
41
Nonfinancial corporations
42
Savings and loan associations
43
State and local governments
44
All others
63,097
14,233
574
1,543
2,140
1,081
2,508
41,017
67,565
15,341
852
1,268
1,918
828
2,337
45,020
80,251
20,474
1,179
1,341
1,569
1,363
2,828
51,696
79,920
19,624
1,099
1,459
1,377
1,306
2,665
52,389
22,262
.1,470
113
842
130
19
3,339
16,340
24,587
1,325
110
730
476
21
3,086
18,838
31,881
2,041
171
862
533
35
3,392
24,847
33,731
2,198
168
866
750
34
3,509
26,208
NOTE. Direct public issues only. Based on Treasury Survey of Ownership from
Treasury Bulletin (U.S. Treasury Department).
Data complete for U.S. government agencies and trust funds and Federal Reserve
Banks, but data for other groups include only holdings of those institutions that
report. The following figures show, for each category, the number and proportion
reporting as of Nov. 30,1981: (1) 5,323 commercialbanks, 455 mutual savings banks,
and 724 insurance companies, each about 80 percent; (2) 410 nonfinancial corporations and 469 savings and loan associations, each about 50 percent; and (3)
489 state and local governments, about 40 percent.
"All others," a residual, includes holdings of all those not reporting in the
Treasury Survey, including investor groups not listed separately.
A34
1.43
DomesticNonfinancialStatistics • February 1982
U.S. GOVERNMENT SECURITIES DEALERS
Transactions
Par value; averages of daily figures, in millions of dollars
1981
Item
1978
1979
1981 and 1982, week ending Wednesday
1980
Oct.
Nov.
Dec.
Dec. 16
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Jan. 20
1
1
Immediate delivery
U.S. government s e c u r i t i e s . .
By maturity
Bills
O t h e r within 1 year
1 - 5 years
5 - 1 0 years
Over 10 years
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
By type of customer
U.S. government securities
dealers
U.S. government securities
brokers
All others 2
Federal agency s e c u r i t i e s . . . .
Certificates of deposit
Bankers acceptances
Commercial paper
Futures transactions 3
Treasury bills
Treasury coupons
Federal agency s e c u r i t i e s . . . .
Forward transactions 4
U.S. government s e c u r i t i e s . .
Federal agency s e c u r i t i e s . . . .
10,285
13,183
18,331
27,905
35,034
27,425
27,660
23,941
26,129
29,888
29,817
24,662
6,173
392
1,889
965
867
7,915
454
2,417
1,121
1,276
11,413
421
3,330
1,464
1,704
17,241
768
4,408
2,903
2,587
18,862
1,137
7,713
3,534
3,789
16.599
986
5,354
2,265
2,222
16,080
1,439
4,883
2,611
2,647
13,420
396
6,804
1,658
1.663
18,236
1,181
4,010
1,041
1,661
19,260
1,062
3,913
2,005
3,649
18,028
722
4,177
4,373
2,517
15,806
505
4,099
2,208
2,045
1,135
1,448
1,484
2,138
2,040
1,908
2,439
1,597
1,488
1,541
1,619
1,545
3,838
5,312
1,894
1,292
5,170
6,564
2,723
1,764
7,610
9,237
3,258
2,472
1
T
i
T
i
13,499
12,269
3,559
5,370
2,087
6,989
16,519
16,475
4,383
6,380
2,643
7,512
12,316
13,201
2,803
4,781
2,042
6,782
13,422
11,799
3,320
5,281
2,153
7,190
10,981
11,363
1,947
4,326
1.708
7,311
9,631
15,010
2,647
3,690
1,589
5,640
13,298
15,049
2,694
4,081
1,872
8,021
15,417
12,781
2,602
4,759
2,210
6,834
11,534
11,583
2,500
3,609
1,697
7,852
i
n.a.
1
n.a.
1
n.a.
3,825
1,499
195
4,905
2,629
260
5,024
1,525
218
6,917
1,818
310
5,340
1,384
192
2,990
860
94
4,074
1,559
169
5,107
1,115
163
5,255
1,037
172
I
I
1
303
1,437
569
1,921
602
1,269
343
1,608
750
1,015
914
865
389
994
205
1,354
503
1,368
\
\
\
t
1. Before 1981, data for immediate transactions include forward transactions.
2. Includes, among others, all other dealers and brokers in commodities and
securities, nondealer departments of commercial banks, foreign banking agencies,
and the Federal Reserve System.
3. Futures contracts are standardized agreements arranged on an organized exchange in which parties commit to purchase or sell securities for delivery at a future
date.
4. Forward transactions are agreements arranged in the over-the-counter market
in which securities are purchased (sold) for delivery after 5 business days from the
1.44
U.S. GOVERNMENT SECURITIES DEALERS
date of the transaction for government securities (Treasury bills, notes, and bonds)
or after 30 days for mortgage-backed agency issues.
NOTES. Averages for transactions are based on number of trading days in the
period.
Transactions are market purchases and sales of U.S. government securities dealers reporting to the Federal Reserve Bank of New York. The figures exclude
allotments of, and exchanges for, new U.S. government securities, redemptions of
called or matured securities, purchases or sales of securities under repurchase
agreement, reverse repurchase (resale), or similar contracts.
Positions and Financing
Averages of daily figures, in millions of dollars
1981
Item
1978
1979
1981, week ending Wednesday
1980
Oct.
Nov.
Dec.
p
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30
Positions
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Net immediate 1
U.S. government securities
Bills
Other within 1 year
1 - 5 years
5 - 1 0 years
Over 10 years
Federal agency securities
Certificates of deposit
Bankers acceptances
Commercial paper
Future positions
Treasury bills
Treasury coupons
Federal agency securities
Forwards positions
U.S. government securities
Federal agency securities
2,656
2.452
260
-92
40
-4
606
2,775
3,223
3.813
-325
-455
160
30
1,471
2,794
I
i
f
1
n.a.
1
n.a.
1
1
t
1
t
4,306
4,103
-1,062
434
166
665
797
3,115
6,384
4,781
3,235
1,901
-12
2,947
2,059
4,209
2,133
2,635
8.592
4.920
-3.611
3.779
241
3,264
2,809
4,396
2,211
3,273
4.111
2.308
-3.915
3,148
-80
2,650
3,721
5,086
2.587
3,254
8,175
4,489
-4,107
3,851
911
3,032
3,001
4,353
2,516
3,430
5,976
3,200
-4,142
3,449
342
3,127
3,516
4,444
2,712
3,309
1.873
1.333
-4,350
2,441
-200
2,650
3,934
5,055
2.861
3.077
2,010
540
-4,065
3,398
-367
2,505
3,877
5,217
2,428
3,285
5,423
3,536
-3,048
3,105
-380
2,210
3,762
5,837
2,368
3,293
n.a.
|
-8,568
-3,146
-363
-7,318
-3,872
-197
-5,209
-3,626
-379
-6,483
-4,157
-278
-6,051
-4,200
-305
-4,347
-3,615
-336
-4,569
-3,404
-435
-5,506
-3,134
-469
t1
-560
-362
-443
-1,045
-642
-1,241
-435
-1,231
-807
-1,135
-926
-1.386
-383
-1,315
-513
-1,131
1
1
Financing 2
Reverse repurchase agreements 3
Overnight and continuing
Term agreements
Repurchase agreements 4
18
Overnight and continuing
19
Term agreements
16
17
For notes see opposite page.
A
4
A
I
n.a.
i
1
I
n.a.
I
1
|
n.a.
,
1
19,848
37,492
20,711
44,981
25,185
51,003
23,456
47,876
24,598
49,820
26,733
50,963
24,662
52,731
26,474
53,624
41,347
32,892
43,324
41,525
50,681
43,358
50,471
38,498
52,461
39,065
53,945
41,089
44,786
48,533
51,740
49,607
Federal Finance
1.45
A35
FEDERAL A N D FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding
Millions of dollars, end of period
1981
Agency
1978
1979
1980
June
1 Federal and federally sponsored agencies1
July
Aug.
Sept.
Oct.
Nov.
137,063
163,290
193,229
208,961
213,690
218,362
223,393
226,010
226,269
2 Federal agencies
3 Defense Department 2
4 Export-Import Bank 3 , 4
5 Federal Housing Administration 5
6 Government National Mortgage Association
participation certificates 6
7 Postal Service 7
8 Tennessee Valley Authority
30 United States Railway Association 7
23,488
968
8,711
588
24,715
738
9,191
537
28,606
610
11,250
477
29,945
546
12,423
448
29,978
536
12,401
443
30,088
526
12,385
449
30,870
516
12.855
432
31,069
514
12,845
427
31,156
490
12,829
419
3,141
2,364
7,460
356
2,979
1,837
8,997
436
2,817
1,770
11,190
492
2,715
1,538
12,060
215
2,715
1,538
12,130
215
2,715
1,538
12,260
215
2,715
1,538
12,599
215
2,715
1,538
12,830
200
2,715
1,538
12,965
200
10 Federally sponsored agencies 1
11 Federal Home Loan Banks
12 Federal Home Loan Mortgage Corporation
13 Federal National Mortgage Association
14 Federal Land Banks
15 Federal Intermediate Credit Banks
16 Banks for Cooperatives
17 Farm Credit Banks 1
18 Student Loan Marketing Association 8
19 Other
113,575
27,563
2,262
41,080
20,360
11,469
4,843
5,081
915
2
138,575
33,330
2,771
48,486
16,006
2,676
584
33,216
1,505
1
164,623
41,258
2,536
55,185
12,365
1,821
584
48,153
2,720
1
179,016
49,425
2,409
54,657
10,583
1,388
220
56,932
3,400
2
183,712
52,431
2,408
55,362
10,317
1,388
220
57,784
3,800
2
188,274
55,161
2,408
56,372
10,317
1,388
220
58,306
4,100
2
192,523
58,276
2,308
56,688
10,317
1,388
220
59,024
4,300
2
194,941
57,990
2,308
57,805
9,717
1,388
220
60,911
4,600
2
195,113
57,854
2,608
58,533
9,717
1,388
220
60,191
4,600
2
51,298
67,383
87,460
100,333
102,853
103,597
107,309
108,171
109,495
6,898
2,114
915
5,635
356
8,353
1,587
1,505
7,272
436
10,654
1,520
2,720
9,465
492
11,933
1,288
3,400
10,335
215
11,933
1,288
3,800
10,405
215
11,933
1,288
4,100
10,535
215
12,409
1,288
4,300
10,874
215
12,409
1,288
4,600
11,105
200
12,409
1,288
4,600
11,240
200
23,825
4,604
6,951
32,050
6,484
9,696
39,431
9,196
13,982
45,691
11,346
16,125
47,396
11,604
16,212
47,171
11,861
16,494
48,821
12,343
17,059
48,571
12,674
17,324
49,029
12,924
17,805
MEMO:
20 Federal Financing Bank debt 1 ' 9
Lending to federal and federally
21
22
23
24
25
sponsored
Export-Import Bank 4
Postal Service 7
Student Loan Marketing Association 8
Tennessee Valley Authority
United States Railway Association 7
Other Lending10
26 Farmers Home Administration
27 Rural Electrification Administration
28 Other
1. In September 1977 the Farm Credit Banks issued their first consolidated bonds,
and in January 1979 they began issuing these bonds on a regular basis to replace
the financing activities of the Federal Land Banks, the Federal Intermediate Credit
Banks, and the Banks for Cooperatives. Line 17 represents those consolidated
bonds outstanding, as well as any discount notes that have been issued. Lines 1
and 10 reflect the addition of this item.
2. Consists of mortgages assumed by the Defense Department between 1957 and
1963 under family housing and homeowners assistance programs.
3. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
4. Off-budget Aug. 17, 1974, through Sept. 30, 1976; on-budget thereafter.
5. Consists of debentures issued in payment of Federal Housing Administration
insurance claims. Once issued, these securities may be sold privately on the securities market.
6. Certificates of participation issued prior to fiscal 1969 by the Government
National Mortgage Association acting as trustee for the Farmers Home Administration; Department of Health, Education, and Welfare; Department
NOTES T O T A B L E 1.44
1. Immediate positions are net amounts (in terms of par values) of securities
owned by nonbank dealer firms and dealer departments of commercial banks on
a commitment, that is, trade-date basis, including any such securities that have
been sold under agreements to repurchase (RPs). The maturities of some repurchase agreements are sufficiently long, however, to suggest that the securities
involved are not available for trading purposes. Securities owned, and hence dealer
positions, do not include securities to resell (reverse RPs). Before 1981, data for
immediate positions include forward positions.
2. Figures cover financing involving U.S. government and federal agency securities, negotiable CDs, bankers acceptances, and commercial paper.
of Housing and Urban Development; Small Business Administration; and the
Veterans Administration.
7. Off-budget.
8. Unlike other federally sponsored agencies, the Student Loan Marketing Association may borrow from the Federal Financing Bank (FFB) since its obligations
are guaranteed by the Department of Health, Education, and Welfare.
9. The FFB, which began operations in 1974, is authorized to purchase or sell
obligations issued, sold, or guaranteed by other federal agencies. Since FFB incurs
debt solely for the purpose of lending to other agencies, its debt is not included in
the main portion of the table in order to avoid double counting.
10. Includes FFB purchases of agency assets and guaranteed loans; the latter
contain loans guaranteed by numerous agencies with the guarantees of any particular agency being generally small. The Farmers Home Administration item consists
exclusively of agency assets, while the Rural Electrification Administration entry
contains both agency assets and guaranteed loans.
3. Includes all reverse repurchase agreements, including those that have been
arranged to make delivery on short sales and those for which the securities obtained
have been used as collateral on borrowings, i.e., matched agreements.
4. Includes both repurchase agreements undertaken to finance positions and
"matched book" repurchase agreements.
NOTE. Data for positions are averages of daily figures, in terms of par value,
based on the number of trading days in the period. Positions are shown net and
are on a commitment basis. Data for financing are based on Wednesday figures,
in terms of actual money borrowed or lent.
A36
DomesticNonfinancialStatistics • February 1982
1.46
NEW SECURITY ISSUES of State and Local Governments
Millions of dollars
1981
Type of issue or issuer,
or use
1978
1979
1980
June
1
July
Aug.
Sept.
Oct.
Nov.
48,512'
43,365 r
48,367 r
4,886 r
3,184 r
3,078 r
3,874'
3,977 r
5,137
17,854
n.a.
30,658
n.a.
12,109
53
31,256
67
14,100
38
34,267
57
1,389
1
3,497
4
1,066
5
2,118
1
961
8
2,117
4
567
2
3,307
10
730
2
3,247
5
1,273
3
3,864
2
Type of issuer
6 State
7 Special district and statutory authority
8 Municipalities, counties, townships, school districts
6,632
24,156
17,718
4,314
23,434
15,617
5,304
26,972
16,090
585
2,711
1,591
353
1,728
1,103
446
1,688
943
92
2,722
1,060
439
2,404
1,133
518
3,326
1,291
9 Issues for new capital, total
37,629
41,505
46,736
4,812
3,174
2,426
3,868
3,890
5,109
Use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes
5,003
3,460
9,026
10,494
3,526
6,120
5,130
2,441
8,594
15,968
3,836
6,120
4,572
2,621
8,149
19,958
3,974
5,536
641
161
767
1,380
757
1,106
255
537
881
712
364
425
272
113
543
807
292
399
162
214
1,626
498
849
519
195
496
695
951
921
632
568
284
742
1,850
539
1,126
1 All issues, new and refunding
2
3
4
5
10
11
12
13
14
15
Type of issue
General obligation
U.S. government loans 2
Revenue
U.S. government loans 2
1. Par amounts of long-term issues based on date of sale.
2. Consists of tax-exempt issues guaranteed by the Farmers Home Administration.
1.47
SOURCE. Public Securities Association.
NEW SECURITY ISSUES of Corporations
Millions of dollars
Type of issue or issuer,
or use
1981
1978
1979
1980
May
1 All issues
1
June
July
Aug.
Sept.
Oct.
Nov.
47,230
51,533
73,688
5,457
9,536
4,133
3,062
4,637
4,345
8,518
2
36,872
40,208
53,199
3,080
5,601
2,376
1,616
2,797
2,848
6,724
Type of offering
3 Public
4 Private placement
19,815
17,057
25,814
14,394
41,587
11,612
2,520
560
4,603
998
1,925
451
905
711
2,198
599
2,582
266
6,560
164
9,572
5,246
2,007
7,092
3,373
9,586
9,678
3,948
3,119
8,153
4,219
11,094
15,409
6,688
3,329
9,556
6,683
11,534
1,269
138
49
1,063
56
506
1,313
566
584
996
470
1,672
600
206
133
383
767
287
308
390
95
360
115
348
452
201
64
1,012
471
598
21
617
54
1,008
83
1,065
2,054
949
130
802
326
2,463
10,358
11,325
20,490
2,377
3,935
1,757
1,446
1,840
1,497
1,794
2,832
7,526
3,574
7,751
3,632
16,858
164
2,213
188
3,747
67
1,690
14
1,432
156
1,684
141
1,356
59
1,735
1,241
1,816
263
5,140
264
1,631
1,679
2,623
255
5,171
303
12,931
4,839
5,245
549
6,230
567
3,059
903
958
47
173
382
1,024
18
843
1 036
632
335
437
29
308
73
574
160
626
91
248
12
310
117
457
87
484
369
325
193
433
14
438
7
412
407
564
15
405
5
6
7
8
y
10
Industry group
Manufacturing
Commercial and miscellaneous
Transportation
Public utility
Communication
Real estate and financial
11 Stocks
Type
12 Preferred
13 Common
14
15
16
17
18
19
Industry group
Manufacturing
Commercial and miscellaneous
Transportation
Public utility
Real estate and financial
1. Figures, which represent gross proceeds of issues maturing in more than one
year, sold for cash in the United States, are principal amount or number of units
multiplied by offering price. Excludes offerings of less than $100,000, secondary
offerings, undefined or exempted issues as defined in the Securities Act of
296
318
1933, employee stock plans, investment companies other than closed-end, intracorporate transactions, and sales to foreigners.
SOURCE. Securities and Exchange Commission.
Corporate Finance
1.48
OPEN-END INVESTMENT COMPANIES
A37
Net Sales and Asset Position
Millions of dollars
1981
1980
Item
1981
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
INVESTMENT C O M P A N I E S 1
1
2
3
Sales of own shares 2
Redemptions of own shares 3
Net sales
15,266
12,012
3,254
20,596
15,864
4,732
1,785
1,250
535
1,910
1,512
398
1,639
1,297
342
1,457
1,422
35
1,449
1,457
-8
1,768
593
1,175
1,729
1,125
604
2,140
1,767
373
4
5
6
Assets 4
Cash position 5
Other
58,400
5,321
53,079
54,966
5,285
49,681
60,081
5,448
54,633
58,887
5,199
53,688
57,494
5,109
52,385
54,221
5,058
49,163
51,659
5,409
46,250
54,335
5,799
48,536
57,408
6,269
51,139
54,966
5,285
49,681
5. Also includes all U.S. government securities and other short-term debt securities.
1. Excluding money market funds.
2. Includes reinvestment of investment income dividends. Excludes reinvestment
of capital gains distributions and share issue of conversions from one fund to another
in the same group.
3. Excludes share redemption resulting from conversions from one fund to another in the same group.
4. Market value at end of period, less current liabilities.
1.49
NOTE. Investment Company Institute data based on reports of members, which
comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after
their initial offering of securities.
CORPORATE PROFITS A N D THEIR DISTRIBUTION
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1980
1978
Account
1979
Q1
7
3
4
5
6
Corporate profits with inventory valuation and
capital consumption adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
7
8
Inventory valuation
Capital consumption adjustment
1
SOURCE. Survey of Current Business
1981
1980
Q2
Q3
Q4
185.5
223.3
82.9
140.3
44.6
95.7
196.8
255.3
87.6
167.7
50.1
117.6
182.7
245.5
82.3
163.2
56.0
107.2
200.2
277.1
94.2
182.9
53.9
129.0
169.3
217.9
71.5
146.4
55.7
90.7
177.9
237.6
78.5
159.1
56.7
102.4
183.3
249.5
85.2
164.3
57.7
106.6
-24.3
-13.5
-42.6
-15.9
-45.6
-17.2
-61.4
-15.4
-31.1
-17.6
-41.7
-17.9
-48.4
-17.8
(U.S. Department of Commerce).
Q1
Q2
203.0
257.0
87.7
169.3 r
59.6
109.7 r
190.3
229.0
76.4
152.6''
62.0
90.6
-39.2
-14.7
-24.0
-14.7
Q3
195.7
234.4
78.1
156.3
64.8
91.5
-25.3
-13.4
A38
1.50
DomesticNonfinancialStatistics • February 1982
NONFINANCIAL CORPORATIONS
Current Assets and Liabilities
B i l l i o n s of dollars, e x c e p t for ratio
1980
Account
1975
1976
1977
1978
1981
1979
03
Q4
Q1
02
Q3
1 Current assets
759.0
826.8
902.1
1,030.0
1,200.9
1,254.9
1,281.6
1,321.2
1,317.4^
1,349.2
2
3
4
5
6
82.1
19.0
272.1
315.9
69.9
88.2
23.4
292.8
342.4
80.1
95.8
17.6
324.7
374.8
89.2
104.5
16.3
383.8
426.9
98.5
116.1
15.6
456.8
501.7
110.8
113.4
16.4
478.7
524.5
121.9
121.0
17.3
491.2
525.4
126.7
120.5
17.0
507.3
542.8
133.6
118.5
17.7 r
507.4 r
540.0
133.7
118.3
16.0
519.7
557.2
138.1
7 Current liabilities
451.6
494.7
549.4
665.5
809.1
850.5
877.2
910.9
908.1
951.1
8 Notes and accounts payable
9 Other
264.2
187.4
281.9
212.8
313.2
236.2
373.7
291.7
456.3
352.8
477.2 r
373.4'
498.3
378.9
504.0
406.9
500.8
407.2
529.1
422.0
307.4
332.2
352.7
364.6
391.8
404.3
404.4
410.3
409.3 r
398.1
1.681
1.672
1.642
1.548
1.484
1.475
1.461
1.450
1.451
1.419
Cash
U.S. government securities
Notes and accounts receivable
Inventories
Other
10 Net working capital
11 MEMO: Current ratio
1
1. Ratio of total current assets to total current liabilities.
All data in this table reflect the most current benchmarks. Complete data are
available upon request from the Flow of Funds Section, Division of Research and
Statistics.
NOTE. For a description of this series, see "Working Capital of Nonfinancial
Corporations" in the July 1978 BULLETIN, pp. 533-37.
SOURCE. Federal Trade Commission.
1.51
TOTAL N O N F A R M BUSINESS EXPENDITURES on New Plant and Equipment
B i l l i o n s of dollars; quarterly data are at s e a s o n a l l y a d j u s t e d annual rates.
1980
Industry
1979
1980
1981
1982
19811
04
1 Total nonfarm business
2
3
4
5
6
7
8
9
10
11
Manufacturing
Durable goods industries
Nondurable goods industries
Nonmanufacturing
Mining
Transportation
Railroad
Air
Other
Public utilities
Electric
Gas and other
Trade and services
Communication and other 2
Q2>
Q3
Q4
Ql1
Q2>
270.46
295.63
322.61
299.58
312.24
316.73
328.25
332.06
345.46
354.83
51.07
47.61
58.91
56.90
62.94
65.32
59.77
58.86
61.24
63.27
63.10
62.40
62.58
67.53
64.73
67.50
66.26
70.21
68.34
72.24
11.38
13.51
16.80
15.28
16.20
16.80
17.55
16.59
17.23
17.81
4.03
4.01
4.31
4.25
4.01
3.82
4.28
3.83
3.95
4.54
3.77
3.39
4.23
3.85
3.66
4.38
3.29
4.04
4.18
3.34
4.09
4.32
4.93
3.96
4.20
3.06
4.53
5.18
3.63
5.08
27.65
6.31
79.26
34.83
28.12
7.32
81.79
36.99
29.38
8.56
86.27
41.27
27.54
7.41
82.91
36.11
27.69
8.36
83.43
40.32
29.32
8.53
85.88
39.02
30.54
9.01
87.55
41.89
29.82
8.27
88.27
43.69
30.59
9.55
95.12
44.17
31.57
8.71
96.29
45.97
1. Anticipated by business.
2. " O t h e r " consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.
Q1
1
SOURCE. Survey of Current Business (U.S. Dept. of Commerce).
Corporate Finance
1.52
DOMESTIC FINANCE COMPANIES
A39
Assets and Liabilities
Billions of dollars, end of period
1980
Account
1976
1975
1977
1978
1981
1979
Q3
Q4
Q2
Q1
Q3
ASSETS
Accounts receivable, gross
Consumer
Business
Total
LESS: Reserves for unearned income and l o s s e s . . . .
Accounts receivable, net
Cash and bank deposits
Securities
All other
36.0
39.3
75.3
9.4
65.9
2.9
1.0
11.8
38.6
44.7
83.4
10.5
72.9
2.6
1.1
12.6
44.0
55.2
99.2
12.7
86.5
2.6
.9
14.3
52.6
63.3
116.0
15.6
100.4
3.5
1.3
17.3
65.7
70.3
136.0
20.0
116.0
81.6
89.2
104.3
122.4
10 Bank loans
11 Commercial paper
8.0
22.2
6.3
23.7
5.9
29.6
12
13
14
4.5
27.6
6.8
5.4
32.3
8.1
6.2
36.0
11.5
1
2
3
4
5
6
7
8
9 Total assets
71.7
66.9
138.6
22.3
116.3
73.6
72.3
145.9
23.3
122.6
76.1
72.7
148.7
24.3
124.5
79.0
78.2
157.2
25.7
131.4
84.5
76.9
161.3
27.7
133.6
28.3
27.5
30.8
31.6
34.5
140.9
144.7
150.1
155.3
163.0
168.1
6.5
34.5
8.5
43.3
10.1
40.5
13.2
43.4
13.1
44.2
14.4
49.0
14.7
51.2
8.1
43.6
12.6
8.2
46.7
14.2
7.7
52.0
14.6
7.5
52.4
14.3
8.2
51.6
17.3
8.5
52.6
17.0
11.9
50.7
17.1
24.9 1
LIABILITIES
Short-term, n.e.c
Long-term, n.e.c
Other
15 Capital, surplus, and undivided profits
12.5
13.4
15.1
17.2
19.9
19.8
19.4
20.9
21.5
22.4
16 Total liabilities and capital
81.6
89.2
104.3
122.4
140.9
144.7
150.1
155.3
163.0
168.1
1. Beginning Q1 1979, asset items on lines 6, 7, and 8 are combined.
NOTE. Components may not add to totals due to rounding.
1.53
DOMESTIC FINANCE COMPANIES
Business Credit
Millions of dollars, seasonally adjusted except as noted
Type
Accounts
receivable
outstanding
Nov. 30,
19811
Changes in accounts
receivable
Extensions
Repayments
1981
1981
1981
Sept.
Oct.
Nov.
Sept.
Oct.
Nov.
Sept.
Oct.
Nov.
1 Total
80,283
-619
418
1,395
18,852
17,393
20,029
19,471
16,975
18,634
2
3
4
5
11,275
12,776
27,738
99
-1,216
307
-41
184
76
188
534
510
1,022
5,203
1,446
877
4,804
1,352
1,081
5,275
2,091
923
6,419
1,139
918
4,620
1,276
893
4,741
1,581
8,627
19,867
-352
543
-21
220
83
80
8,721
2,460
8,061
2,299
9,120
2,462
9,073
1,917
8,082
2,079
9,037
2,382
Retail automotive (commercial vehicles)
Wholesale automotive
Retail paper on business, industrial and farm equipment
Loans on commercial accounts receivable and factored commercial accounts receivable
6 All other business credit
1. Not seasonally adjusted.
A40
1.54
DomesticNonfinancialStatistics • February 1982
MORTGAGE MARKETS
Millions of dollars; exceptions noted.
1981
Item
1979
1980
1981
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Terms and yields in primary and secondary markets
PRIMARY MARKETS
1
2
3
4
5
6
Conventional mortgages on new homes
Terms1
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars)
Loan/price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount) 2
Contract rate (percent per annum)
Yield (percent per
1 F H L B B series 5
8 H U D series 4
74.4
53.3
73.9
28.5
1.66
10.48
83.4
59.2
73.2
28.2
2.09
12.25
90.4
65.2
74.8
27.7
2.67
14.16
94.1
66.8
72.6
27.5
2.50
14.12
95.2
67.7
73.9
28.3
2.73
14.13
98.1
70.3
74.7
27.2
2.98
14.60
89.1
64.8
74.1
26.6
2.75
14.69
89.2
63.5
73.0
27.4
2.86
15.04
84.5
62.7
77.3
23.4
2.52
15.68
88.7
64.4
75.3
27.7
2.87
15.23
10.77
11.15
12.65
13.95
14.74
16.52
14.67
16.40
14.72
16.70
15.27
17.50
15.29
18.30
15.65
18.05
16.38
16.95
15.87
17.00
10.87
10.22
13.42
12.55
16.29
15.29
16.31
15.02
16.76
15.76
17.96
16.67
18.55
17.06
17.43
16.54
15.98
15.10
16.43
15.51
11.17
11.77
14.11
14.43
16.70
16.64
16.17
16.30
16.65
16.44
17.63
17.59
18.99
19.14
18.13
18.61
16.64
17.20
16.92
16.95
annum)
SECONDARY MARKETS
9
10
11
12
Yield (percent per annum)
F H A mortgages ( H U D series) 5
G N M A securities 6
F N M A auctions 7
Government-underwritten loans
Conventional loans
Activity in secondary markets
F E D E R A L N A T I O N A L M O R T G A G E ASSOCIATION
Mortgage holdings (end of period)
13 Total
14
FH A/V A-insured
15
Conventional
46,050
33,673
14,377
55,104
37,364
17,724
58,675
39,342
19,334
57,657
38,988
18,669
57,979
39,108
18,870
58,722
39,368
19,354
59,682
39,792
19,890
60,489
40,043
20,445
60,949
40,056
20,885
61,412
39,997
21,435
Mortgage transactions (during
16 Purchases
17 Sales
10,812
0
8,099
0
6,112
2
247
0
627
0
944
0
1,125
0
1,000
0
594
0
655
0
10,179
6,409
8,083
3,278
9,331
3,577
1,110
3,103
1,662
4,039
1,394
4,399
811
3,997
533
3,447
560
3,354
1,272
3,577
8,860.4
3,920.9
8,605.4
2,487.2
4,002.0
1,478.0
237.6
127.1
331.9
290.4
689.5
336.6
145.9
64.1
66.3
37.3
79.0
34.4
59.2
27.0
4,495.3
2,343.6
3,639.2
1,748.5
2,524.7
1,392.3
307.1
224.0
306.6
238.2
862.2
304.3
120.7
67.9
43.2
27.5
147.7
63.1
84.4
48.0
3,543
1,995
1,549
4,362
2,116
2,246
5,245
2,236
3,010
5,257
2,241
3,016
5,250
2,233
3,017
5,294
2,238
3,056
5,431
2,264
3,167
5,469
2,267
3,202
5,283
2,232
3,051
5,255
2,227
3,028
5,717
4,544
3,723
2,527
3,789
3,531
139
94
242
238
101
44
337
249
290
244
416
596
1,140
1,158
5,542
797
3,859
447
6,974
3,518
293
1,018
866
824
386
1,028
365
982
1,834
2,863
2,011
4,451
203
3,518
period)
Mortgage
commitments8
18 Contracted (during period)
19 Outstanding (end of period)
Auction of 4-month commitments to buy
Government-underwritten loans
Offered
Accepted
Conventional loans
22
Offered
23
Accepted
20
21
FEDERAL H O M E LOAN MORTGAGE CORPORATION
Mortgage holdings (end of
24 Total
25
FHA/VA
26
period)9
Conventional
Mortgage transactions (during
27 Purchases
28 Sales
Mortgage
commitments10
29 Contracted (during period)
30 Outstanding (end of period)
period)
1. Weighted averages based on sample surveys of mortgages originated by major
institutional lender groups. Compiled by the Federal Home Loan Bank Board in
cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower
or the seller) in order to obtain a loan.
3. Average effective interest rates on loans closed, assuming prepayment at the
end of 10 years.
4. Average contract rates on new commitments for conventional first mortgages,
rounded to the nearest 5 basis points; from Department of Housing and Urban
Development.
5. Average gross yields on 30-year, minimum-downpayment, Federal Housing
Administration-insured first mortgages for immediate delivery in the private secondary market. Any gaps in data are due to periods of adjustment to changes in
maximum permissible contract rates.
6. Average net yields to investors on Government National Mortgage Association guaranteed, mortgage-backed, fully modified pass-through securities.
assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying
the prevailing ceiling rate. Monthly figures are unweighted averages of Monday
quotations for the month.
7. Average gross yields (before deduction of 38 basis points for mortgage servicing) on accepted bids in Federal National Mortgage Association's auctions of
4-month commitments to purchase home mortgages, assuming prepayment in 12
years for 30-year mortgages. No adjustments are made for FNMA commitment
fees or stock related requirements. Monthly figures are unweighted averages for
auctions conducted within the month.
8. Includes some multifamily and nonprofit hospital loan commitments in addition to 1- to 4-family loan commitments accepted in FNMA's free market auction
system, and through the FNMA-GNMA tandem plans.
9. Includes participation as well as whole loans.
10. Includes conventional and government-underwritten loans.
Real Estate Debt
1.55
A41
MORTGAGE D E B T OUTSTANDING
Millions of dollars, end of period
1980
Type of holder, and type of property
1979
1980
1981
1981
Q4
1 All holders
2 1- to 4-family
3 Multifamily
4 Commercial
5
7
8
9
in
ii
12
1.3
14
15
16
Major financial institutions
Commercial banks 1
1- to 4-family
Multifamily
Commercial
Farm
Mutual savings banks
1- to 4-family
Multifamily
Commercial
Farm
Q1
Q2
Q3'
Q4
l,326,916 r
1,445,888'
1,541,449
1,445,888'
1,467,240'
1,496,845'
1,523,504
1,541,449
878,938'
128,850'
236,451
82,677'
960,322'
137,164'
256,549'
91,853'
1.018.040
143,483
277,924
102,002
960,322'
137,164'
256,549'
91,853'
972,530'
138,548'
261,807'
94,355'
990,825'
140,098'
268,587'
97,335'
1,007,595
141,676
274,216
100,017
1,018,040
143,483
277,924
102,002
938,567
245,187
149,460
11,180
75,957
8,590
98,908
64,706
17,180
16,963
59
996,789'
263,030 r
160,326'
12,924'
81,081'
8,699'
99,866'
65,332'
17,347'
17,127'
60
1.043,396
286,626
172,549
14,905
90,717
8.455
100,000
65,420
17,370
17,150
60
996,789'
263,030'
160,326 r
12,924'
81,081'
8,699'
99,866'
65,332'
17,347'
17,127'
60
1,006,836'
266,734'
161,758'
13.282'
83.133'
8,561'
99,719
65.236
17,321
17.102
60
1,023,340'
273,225'
164,873'
13,800'
86,091'
8,461'
99,993
65,415
17,369
17,149
60
1,036,687
281.126
169,378
14,478
88,836
8,434
100,200
65,551
17,405
17,184
60
1,043,396
286,626
172,549
14,905
90,717
8,455
100,000
65,420
17,370
17,150
60
17
18
19
20
Savings and loan associations
1- to 4-family
Multifamily
Commercial
475,688
394.345
37,579
43,764
502,812
419,446
38,113
45,253
517,637
432.693
38,253
46.691
502,812
419,446
38,113
45,253
507,152
423,269
38,189
45.694
514,803
430,324
38,044
46,435
518,379
433.313
38,308
46,758
517,637
432,693
38,253
46,691
21
77
73
74
25
Life insurance companies
1- to 4-family
Multifamily
Commercial
Farm
118,784
16,193
19,274
71,137
12,180
131,081'
17,943'
19,514'
80,666'
12,958'
139,133
17,812
19,929
88,232
13,160
131,081'
17.943'
19,514'
80.666'
12,958'
133,231
17.847
19,579
82,839
12,966
135,319
17,646
19,603
85,038
13,032
136,982
17,512
19.592
86,742
13,136
139,133
17,812
19,929
88,232
13,160
97,084
3,852
763
3,089
114,300
4,642
704
3,938
126,189
4,650
705
3,945
114,300
4,642
704
3,938
116,243
4,826
696
4,130
120,057
4,972
698
4,274
122,668
4,382
696
3,686
126,189
4,650
705
3,945
26 Federal and related agencies
27
Government National Mortgage Association
1- to 4-family
2fi
29
Multifamily
30
31
37
33
34
Farmers Home Administration
1- to 4-family
Multifamily
Commercial
Farm
1,274
417
71
174
612
3,492
916
610
411
1,555
2,108
809
183
458
658
3,492
916
610
411
1,555
2,837
1,321
528
479
509
3,595
1,565
489
576
965
2,458
893
266
541
758
2,108
809
183
458
658
35
36
37
Federal Housing and Veterans Administration
1- to 4-family
Multifamily
5,555
1,955
3,600
5,640
2,051
3,589
6,073
2,293
3,780
5,640
2,051
3,589
5,799
2,135
3,664
5,895
2,172
3,723
6,005
2,240
3,765
6,073
2,293
3,780
38
39
40
Federal National Mortgage Association
1- to 4-family
Multifamily
51,091
45,488
5,603
57,327
51,775
5,552
61,412
55,986
5,426
57.327
51,775
5,552
57,362
51,842
5,520
57,657
52,181
5,476
59,682
54,227
5,455
61,412
55,986
5,426
41
47
43
Federal Land Banks
1- to 4-family
Farm
31,277
1,552
29,725
38,131
2,099
36,032
46,446
2,788
43,658
38.131
2,099
36,032
40,258
2,228
38,030
42,681
2,401
40,280
44,708
2,605
42,103
46,446
2,788
43,658
44
45
46
Federal Home Loan Mortgage Corporation
1- to 4-family
Multifamily
4,035
3,059
976
5,068
3,873
1,195
5,500
4,200
1,300
5,068
3,873
1,195
5,161
3,953
1.208
5,257
4,025
1,232
5,433
4,166
1,267
5,500
4,200
1,300
119,278
76,401
74,546
1,855
142,258
93,874
91,602
2,272
160,450
105,790
102,750
3,040
142,258
93,874
91,602
2,272
147.246
97,184
94,810
2,374
151,374
100,558
98,057
2,501
157,246
103,750
101,068
2,682
160,450
105,790
102,750
3,040
47 Mortgage pools or trusts 2
Government National Mortgage Association
48
49
1- to 4-family
Multifamily
50
51
57
53
Federal Home Loan Mortgage Corporation
1- to 4-family
Multifamily
15,180
12,149
3,031
16.854
13,471
3,383
19,100
15,500
3,600
16,854
13,471
3,383
17,067
13,641
3,426
17,565
14,115
3,450
17,936
14,401
3,535
19,100
15,500
3,600
54
55
56
57
58
Farmers Home Administration
1- to 4-family
Multifamily
Commercial
Farm
27,697
14,884
2,163
4,328
6,322
31,530
16,683
2.612
5,271
6.964
35,560
18,014
3,464
5,826
8,256
31,530
16,683
2,612
5,271
6,964
32.995
16,640
2,853
5,382
8,120
33,251
16,750
3,072
5,531
7,898
35,560
18,014
3,464
5,826
8,256
35,560
18,014
3,464
5,826
8,256
171,987'
99,421'
23,249'
24,128
25,189 r
192,541'
114,101'
26,115'
26,740'
25,585'
211,414
126,521
28,288
28,850
27,755
192,541'
114.101'
26,115'
26,740'
25,585'
196,915'
117,154'
26,474'
27,178'
26,109'
202,074'
120,603'
27,065'
27,767'
26,639'
206,903
123,531
27,773
28,329
27,270
211,414
126,521
28,288
28,850
27,755
59 Individual and others 3
60
1- to 4-family
61
Multifamily
67
Commercial
63
Farm
1. Includes loans held by nondeposit trust companies but not bank trust departments.
2. Outstanding principal balances of mortgages backing securities insured or
guaranteed by the agency indicated.
3. Other holders include mortgage companies, real estate investment trusts, state
and local credit agencies, state and local retirement funds, noninsured pension
funds, credit unions, and U.S. agencies for which amounts are small or separate
data are not readily available.
NOTE. Based on data from various institutional and governmental sources, with
some quarters estimated in part by the Federal Reserve in conjunction with the
Federal Home Loan Bank Board and the Department of Commerce. Separation
of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations when required, are estimated mainly by the Federal
Reserve. Multifamily debt refers to loans on structures of five or more units.
A42
1.56
DomesticNonfinancialStatistics • February 1982
CONSUMER INSTALLMENT CREDIT 1 Total Outstanding, and Net ChangeA
Millions of dollars
1981
Holder, and type of credit
1978
1979
1980
July
June
Aug.
Sept.
Oct.
Nov.
Dec.
Amounts outstanding (end of period)
1 Total
273,645
312,024
313,435
318,459
320,886
324,653
328,296
328,826
328,944
333,063
By major holder
2 Commercial banks
3 Finance companies
4 Credit unions
5 Retailers 2
6 Savings and loans
V Gasoline companies
8 Mutual savings banks
136,016
54,298
44,334
25,987
7,097
3,220
2,693
154,177
68,318
46,517
28,119
8,424
3,729
2,740
145,765
76,756
44,041
29,410
9,911
4,717
2,835
143,310
82,723
45,686
27,412
11,115
5,364
2,849
144,020
83,924
46,096
27,469
10.959
5,597
2,821
144,769
86,152
46,605
27,494
11,125
5,716
2,792
145,287
88,698
46,791
27,712
11,236
5,771
2,801
145,090
89,583
46,416
28,046
11,348
5,562
2,781
144,560
89,956
46,092
28,563
11,529
5,452
2,792
146,792
89,818
45,954
30,717
11,598
5,433
2,751
By major type of credit
9 Automobile
10
Commercial banks
11
Indirect paper
12
Direct loans
13
Credit unions
14
Finance companies
101,647
60,510
33,850
26,660
21,200
19,937
116,362
67,367
38,338
29,029
22,244
26,751
116,327
61,025
34,857
26,168
21,060
34,242
119,685
59,192
33,996
25,196
21,847
38,646
121,002
59,434
34,270
25,164
22,044
39,525
123,219
59,485
34,501
24,984
22,286
41,448
125,646
59,394
34,656
24,738
22,375
43,877
126,235
59,133
34,638
24,495
22,196
44,906
125,929
58,669
34,421
24,248
22,041
45,219
125,754
58,504
34,569
23,935
21,975
45,275
15 Revolving
Commercial banks
16
17
Retailers
Gasoline companies
18
48,309
24,341
20,748
3,220
56,937
29,862
23,346
3,729
59,862
30,001
25,144
4,717
58,470
29,722
23,384
5,364
58,976
29,923
23,456
5,597
59,745
30,530
23,499
5,716
60,415
30,921
23,723
5,771
60,651
31,012
24,077
5,562
61,166
31,125
24,589
5,452
65,354
33,246
26,675
5,433
19 Mobile home
20
Commercial banks
21
Finance companies
Savings and loans
22
23
Credit unions
15,235
9,545
3,152
2,067
471
16.838
10,647
3,390
2,307
494
17,327
10,376
3,745
2,737
469
17,724
10,179
3,990
3,069
486
17.784
10,192
4,076
3,026
490
17,988
10,242
4,178
3,072
496
18,157
10,274
4,282
3,103
498
18,329
10,317
4,384
3,134
494
18,385
10,272
4,439
3,184
490
18,487
10,301
4,494
3,203
489
108,454
41,620
31,209
22,663
5,239
5,030
2,693
121,887
46,301
38,177
23,779
4,773
6,117
2,740
119,919
44,363
38,769
22,512
4,266
7,174
2,835
122,580
44,217
40,087
23,353
4,028
8,046
2,849
123,124
44,471
40,323
23,563
4,013
7,933
2,821
123,701
44,512
40,526
23,823
3,995
8,053
2,792
124,078
44,698
40,539
23,918
3,989
8,133
2,801
123,611
44,628
40,293
23,726
3,969
8,214
2,781
123,464
44,494
40,298
23,561
3,974
8,345
2,792
123,468
44,741
40,049
23,490
4,042
8,395
2,751
24 Other
Commercial banks
25
Finance companies
26
27
Credit unions
Retailers
28
Savings and loans
29
Mutual savings banks
30
Net change (during period) 3
43,079
38,381
1,410
1,930
1,954
2,859
2,819
1,014
342
-173
23,641
9,430
6,729
2,497
7
257
518
18,161
14,020
2,185
2,132
1,327
509
47
-8,412
8,438
-2,475
1,291
1,485
988
95
614
570
219
416
45
78
-12
432
948
532
265
-175
4
-52
185
2,383
245
-13
42
33
-16
123
2,682
-134
117
71
-20
-20
-175
1,204
-209
101
32
72
-11
121
462
-224
-214
121
61
15
881
-414
-369
-306
57
9
-31
By major type of credit
39 Automobile
40
Commercial banks
41
Indirect paper
Direct loans
42
Credit unions
43
44
Finance companies
18,736
10,933
6,471
4,462
3,101
4,702
14,715
6,857
4,488
2,369
1,044
6,814
-35
-6,342
-3,481
-2,861
-1,184
7,491
57
-214
-44
-170
106
165
1,208
199
274
-75
263
746
2,115
-91
159
-250
106
2,100
2,282
-201
63
-264
-82
2,565
962
-288
-44
-244
-98
1,348
274
-70
60
-130
-77
421
-91
77
332
-255
-200
32
45 Revolving
46
Commercial banks
47
Retailers
48
Gasoline companies
9,035
5,967
2,811
257
8,628
5,521
2,598
509
2,925
139
1,798
988
1,018
580
360
78
477
156
317
4
491
440
18
33
293
171
142
-20
390
138
180
72
53
178
-186
61
128
413
-294
9
49 Mobile home
Commercial banks
50
Finance companies
51
52
Savings and loans
Credit unions
53
286
419
74
-276
69
1,603
1,102
238
240
23
488
-271
355
430
-25
89
-12
85
14
2
67
20
81
-44
10
176
44
93
37
2
175
48
102
26
-1
135
41
74
23
-3
58
-26
42
45
-3
136
74
49
15
-2
15,022
6,322
4,654
3,559
-314
283
518
13,435
4,681
6,968
1,118
-466
1,087
47
-1,968
-1,938
592
-1,266
-507
1,056
95
766
260
320
111
56
31
-12
202
57
121
259
-52
-131
-52
77
-208
190
137
-31
5
-16
69
105
15
-51
-25
45
-20
-473
-66
-218
-108
-79
9
-11
-43
39
-1
-144
-28
76
15
-346
317
-495
-167
-12
42
-31
31 Total
32
33
34
35
36
37
38
By major holder
Commercial banks
Finance companies
Credit unions
Retailers 2
Savings and loans
Gasoline companies
Mutual savings banks
54 Other
Commercial banks
55
56
Finance companies
57
Credit unions
Retailers
58
59
Savings and loans
60
Mutual savings banks
1. The Board's series cover most short- and intermediate-term credit extended
to individuals through regular business channels, usually to finance the purchase
of consumer goods and services or to refinance debts incurred for such purposes,
and scheduled to be repaid (or with the option of repayment) in two or more
installments.
2. Includes auto dealers and excludes 30-day charge credit held by travel and
entertainment companies.
3. Net change equals extensions minus liquidations (repayments, charge-offs and
other credit); figures for all months are seasonally adjusted.
^ T o t a l consumer noninstallment credit outstanding—credit scheduled to be repaid in a lump sum, including single-payment loans, charge accounts, and service
credit—amounted to $71.3 billion at the end of 1979, $72.2 billion at the end of
1980, and $78.4 billion at the end of 1981.
Consumer Debt
1.57
A43
CONSUMER INSTALLMENT CREDIT Extensions and Liquidations
Millions of dollars; monthly data are seasonally adjusted.
1981
Hnlrler anil tvne nf rrpHit
1978
1979
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Extensions
1 Total
297,668
324,777
305,887
29,005
28,750
28,899
29,428
26,952
27,499
26,871
By major holder
Commercial banks
Finance companies
Credit unions
Retailers 1
Savings and loans
Gasoline companies
Mutual savings banks
142,433
50,505
38,111
44,571
3,724
16,017
2,307
154,733
61,518
34,926
47,676
5,901
18,005
2,018
133,605
60,801
29,594
50,959
6,621
22,402
1,905
12,483
5,251
3,137
5,018
649
2,296
171
12,433
5,439
3,299
4,826
383
2,252
118
12,034
6,385
2,913
4,616
537
2,284
130
12,036
7,158
2,558
4.727
573
2,246
130
11,244
5.327
2,621
4,729
553
2,333
145
12,043
5,287
2,571
4,405
668
2,353
172
13,008
4,089
2,517
4,221
588
2,323
125
By major type of credit
9 Automobile
10
Commercial banks
Indirect paper
11
12
Direct loans
Credit unions
13
14
Finance companies
87,981
52,969
29,342
23,627
18,539
16,473
93,901
53,554
29,623
23,931
17,397
22,950
83,002
40,657
22,269
18,388
15,294
27,051
7,442
3,652
2,126
1,526
1,553
2,237
8,178
3,874
2,349
1,525
1,663
2,641
8,573
3,457
2,084
1,373
1,537
3,579
9,176
3,394
2,075
1,319
1,337
4,445
7,139
2,912
1,627
1,285
1,308
2,919
7,748
3,654
2,189
1,465
1,342
2,752
7,156
3,782
2,344
1,438
1,345
2,029
15 Revolving
16
Commercial banks
17
Retailers
18
Gasoline companies
105,125
51,333
37,775
16,017
120,174
61,048
41,121
18,005
129,580
61,847
45,331
22,402
12,668
5,905
4,467
2,296
12,190
5,557
4,381
2,252
11,964
5,528
4,152
2,284
12,335
5,831
4,258
2,246
12,208
5,555
4,320
2,333
11,861
5,555
3,953
2,353
12,099
6,028
3,748
2,323
5,412
3,697
886
609
220
6,471
4,542
797
948
184
5,098
2,942
898
1,146
113
488
259
122
93
14
451
282
116
30
23
536
297
120
105
14
543
302
134
95
12
487
266
123
89
9
498
254
108
127
9
500
300
106
86
8
99,150
34,434
33,146
19,352
6,796
3,115
2,307
104,231
35,589
37,771
17,345
6,555
4,953
2,018
88,207
28,159
32,852
14,187
5,628
5,476
1,905
8,407
2,667
2,892
1,570
551
556
171
7,931
2,720
2,682
1,613
445
353
118
7,826
2,752
2,686
1,362
464
432
130
7,374
2,509
2,579
1.209
469
478
130
7,118
2,511
2,285
1,304
409
464
145
7,392
2,580
2,427
1,220
452
541
172
7,116
2,898
1,954
1,164
473
502
125
2
3
4
5
6
7
8
19 Mobile home
Commercial banks
20
21
Finance companies
22
Savings and loans
23
Credit unions
24 Other
25
Commercial banks
Finance companies
26
27
Credit unions
28
Retailers
29
Savings and loans
30
Mutual savings banks
Liquidations
254,589
286,396
304,477
27,075
26,796
26,040
26,609
25,938
27,157
27,044
118,792
41,075
31,382
42,074
3,717
15,760
1,789
136,572
47,498
32,741
45,544
4,574
17,496
1,971
142,017
52,363
32,069
49,668
5,136
21,414
1,810
11,869
4,681
2,918
4,602
604
2,218
183
12,001
4,491
2767
4561
558
2,248
170
11,849
4,002
2,668
4,629
495
2,251
146
11,913
4,476
2,692
4,610
502
2,266
150
11,419
4,123
2,830
4,628
521
2,261
156
11,922
4,825
2,795
4,619
547
2,292
157
12,127
4,503
2,886
4,527
531
2,314
156
By major type of credit
39 Automobile
40
Commercial banks
41
Indirect paper
42
Direct loans
43
Credit unions
44
Finance companies
69,245
42,036
22,871
19,165
15,438
11,771
79,186
46,697
25,135
21,562
16,353
16,136
83,037
46,999
25,750
21,249
16,478
19,560
7,385
3,866
2,170
1,696
1,447
2,072
6,970
3,675
2,075
1,600
1,400
1,895
6,458
3,548
1,925
1,623
1,431
1,479
6,894
3,595
2,012
1,583
1,419
1,880
6,177
3,200
1,671
1,529
1,406
1,571
7,474
3,724
2,129
1,595
1,419
2,331
7,247
3,705
2,012
1,693
1,545
1,997
45 Revolving
46
Commercial banks
Retailers
47
Gasoline companies
48
96,090
45,366
34,964
15,760
111,546
55,527
38,523
17,496
126,655
61,708
43,533
21,414
11,650
5,325
4,107
2,218
11,713
5,401
4,064
2,248
11,473
5,088
4,134
2,251
12,042
5,660
4,116
2.266
11,818
5,417
4,140
2,261
11,808
5,377
4,139
2,292
11,971
5,615
4,042
2,314
5,126
3,278
812
885
151
4,868
3,440
559
708
161
4,610
3,213
543
716
138
399
271
37
79
12
384
262
35
74
13
360
253
27
68
12
368
254
32
69
13
352
225
49
66
12
440
280
66
82
12
364
226
57
71
10
84,128
28,112
28,492
15,793
7,110
2,832
1,789
90,796
30,908
30,803
16,227
7,021
3,866
1,971
90,175
30,097
32,260
15,453
6,135
4,420
1,810
7,641
2,407
2,572
1,459
495
525
183
7,729
2,663
2,561
1,354
497
484
170
7,749
2,960
2,496
1,225
495
427
146
7,305
2,404
2,564
1,260
494
433
150
7,591
2,577
2,503
1,412
488
455
156
7,435
2,541
2,428
1,364
480
465
157
7,462
2,581
2,449
1,331
485
460
156
31 Total
32
33
34
35
36
37
38
By major holder
Commercial banks
Finance companies
Credit unions
Retailers 1
Savings and loans
Gasoline companies
Mutual savings banks
49 Mobile home
50
Commercial banks
51
Finance companies
52
Savings and loans
Credit unions
53
54 Other
55
Commercial banks
56
Finance companies
57
Credit unions
58
Retailers
59
Savings and loans
Mutual savings banks
60
1. Includes auto dealers and excludes 30-day charge credit held by travel and
entertainment companies.
A44
1.58
Domestic Financial Statistics • February 1982
FUNDS RAISED IN U.S. CREDIT MARKETS
Billions of dollars; half-yearly data are at seasonally adjusted annual rates.
1978
1975
1976
1977
1978
1979
1979
1980
1981
1980
H2
HI
H2
HI
H2
HI
Nonfinancial sectors
1 Total funds raised
2 Excluding equities
By sector and instrument
3 U.S. government
4
Treasury securities
Agency issues and mortgages
6 All other nonfinancial sectors
7
Corporate equities
8
Debt instruments
y
Private domestic nonfinancial sectors
1U
Corporate equities
n
Debt instruments
12
Debt capital instruments
13
State and local obligations
14
Corporate bonds
Mortgages
15
Home mortgages
16
Multifamily residential
17
Commercial
18
Farm
19
Other debt instruments
20
Consumer credit
21
Bank loans n.e.c
22
Open market paper
23
Other
24
25
26
21
28
29
30
31
32
33
34
35
36
By borrowing sector
State and local governments
Households
Farm
Nonfarm noncorporate
Corporate
Foreign
Corporate equities
Debt instruments
Bonds
Bank loans n.e.c
Open market paper
U.S. government loans
211.8
201.7
273.6
262.8
336.6
333.5
395.6
396.3
387.0
394.0
371.9
357.0
404.9
403.5
385.0
394.7
389.0
393.3
339.0
330.1
404.9
383.8
416.8
415.3
85.4
85.8
-.4
126.4
10.1
116.3
114.9
9.9
105.0
98.4
16.1
27.2
69.0
69.1
-.1
204.6
10.8
193.8
185.0
10.5
174.5
123.7
15.7
22.8
56.8
57.6
-.9
279.9
3.1
276.7
266.0
2.7
263.2
172.2
21.9
21.0
53.7
55.1
-1.4
342.0
-.6
342.6
308.7
-.1
308.8
193.7
26.1
20.1
37.4
38.8
-1.4
349.6
-7.1
356.7
328.6
-7.8
336.4
200.1
21.8
21.2
79.2
79.8
-.6
292.7
15.0
277.8
263.4
12.9
250.6
179.4
26.9
30.4
43.4
45.3
-1.9
361.5
1.4
360.1
318.2
1.6
316.6
202.1
26.8
21.0
30.0
32.3
-2.3
355.0
-9.8
364.7
341.0
-9.6
350.6
203.0
20.9
21.7
44.7
45.2
-.5
344.3
-4.3
348.6
316.1
-6.1
322.2
197.2
22.7
20.7
66.5
67.2
-.6
272.5
8.9
263.6
241.3
6.9
234.4
177.0
21.6
35.3
91.9
92.4
-.6
313.0
21.0
292.0
285.6
18.8
266.8
181.9
32.1
25.6
89.0
89.5
-.5
327.9
1.6
326.3
292.6
.9
291.7
162.2
27.8
20.5
39.5
11.0
4.6
6.6
9.6
-10.5
-2.6
10.1
64.0
3.9
11.6
5.7
50.7
25.4
4.4
4.0
16.9
96.3
7.4
18.5
7.1
91.0
40.2
26.7
2.9
21.3
108.5
9.4
22.1
7.5
115.1
47.6
37.1
5.2
25.1
113.7
7.8
24.4
11.3
136.3
46.3
49.2
11.1
29.7
81.7
8.5
22.4
9.5
71.1
2.3
37.3
6.6
24.9
116.7
8.5
20.5
8.4
114.5
47.0
30.5
7.1
30.0
117.6
8.0
23.4
11.6
147.6
50.9
55.5
8.0
33.1
109.8
7.6
25.4
11.0
125.0
41.6
42.8
14.2
26.4
76.5
8.2
24.8
10.6
57.4
-5.1
13.5
24.8
24.1
87.0
8.8
19.9
8.4
84.9
9.7
61.2
-11.6
25.6
76.1
5.4
22.6
9.7
129.5
29.2
46.3
16.9
37.1
114.9
13.7
49.6
8.5
1.4
1.7
185.0
15.2
89.6
10.2
5.7
64.3
266.0
17.3
139.1
12.3
12.7
84.6
308.7
20.9
164.3
15.0
15.3
93.2
328.6
18.4
170.6
20.8
14.0
104.8
263.4
25.3
101.7
14.5
15.8
106.1
318.2
23.3
173.5
17.1
13.0
91.3
341.0
17.9
179.1
21.2
13.5
109.3
316.1
18.9
162.1
20.4
14.5
100.2
241.3
19.7
94.2
17.9
11.0
98.4
285.6
30.9
109.1
11.1
20.6
113.8
292.6
25.3
126.8
23.0
16.8
100.8
11.5
.2
11.3
6.2
2.0
.3
2.8
19.6
.3
19.3
8.6
5.6
1.9
3.3
13.9
.4
13.5
5.1
3.1
2.4
3.0
33.2
-.5
33.8
4.2
19.1
6.6
3.9
21.0
.8
20.3
3.9
2.3
11.2
3.0
29.3
2.1
27.2
.8
11.5
10.1
4.7
43.2
-.3
43.5
3.1
26.5
9.6
4.2
14.0
-.2
14.1
2.8
2.1
6.1
3.1
28.1
1.7
26.4
4.9
2.4
16.3
2.8
31.2
1.9
29.2
2.0
6.1
15.7
5.4
27.4
2.2
25.2
-.4
17.0
4.5
4.0
35.2
.6
34.6
3.3
5.5
20.6
5.2
*
Financial sectors
37 Total funds raised
38
39
40
41
42
43
44
4b
46
47
48
49
By instrument
U.S. government related
Sponsored credit agency securities
Mortgage pool securities
Loans from U.S. government
Private financial sectors
Corporate equities
Debt instruments
Corporate bonds
Mortgages
Bank loans n.e.c
Open market paper and RPs
Loans from Federal Home Loan Banks
By sector
50 Sponsored credit agencies
51 Mortgage pools
52 Private financial sectors
53
Commercial banks
54
Bank affiliates
55
Savings and loan associations
56
Other insurance companies
57
Finance companies
58
REITs
59
Open-end investment companies
9.7
23.4
51.4
76.8
84.3
66.7
75.2
87.8
80.8
59.8
73.5
90.9
10.3
2.3
7.1
.9
-.6
.5
-1.1
3.2
2.3
-3.7
1.1
-4.0
15.1
3.3
12.2
-.4
8.2
-.2
8.4
9.8
2.1
-3.7
2.2
-2.0
21.9
7.0
16.1
-1.2
29.5
2.6
26.9
10.1
3.1
-.3
9.6
4.3
36.7
23.1
13.6
0
40.1
1.8
38.3
7.5
.9
2.8
14.6
12.5
48.2
24.3
24.0
0
36.0
2.5
33.6
7.8
-1.2
-.4
18.2
9.2
43.0
24.4
18.6
0
23.7
6.2
17.5
7.1
-.9
-.5
4.6
7.1
39.0
24.9
14.1
0
36.2
.5
35.8
7.1
-.7
3.0
15.0
11.5
43.7
21.2
22.5
0
44.1
3.6
40.6
8.2
.3
-1.4
25.4
8.2
52.8
27.3
25.5
0
28.0
1.4
26.6
7.5
-2.6
.6
10.9
10.1
44.7
25.1
19.6
0
15.2
7.1
8.1
10.1
-5.8
-.8
4.6
41.3
23.7
17.6
0
32.2
5.2
27.0
4.2
4.0
-.9
10.1
9.6
38.7
24.0
14.7
0
52.2
10.4
41.9
-1.7
-2.9
4.6
23.8
18.0
3.2
7.1
-.6
1.2
.6
-2.3
1.0
.5
-1.3
-.3
2.9
12.2
8.2
2.3
5.4
.1
.9
4.3
-2.2
-2.4
5.8
16.1
29.5
1.1
2.0
9.9
1.4
16.9
-2.3
.4
23.1
13.6
40.1
1.3
7.2
14.3
.8
18.1
-1.1
-.5
24.3
24.0
36.0
1.6
6.5
11.4
.9
16.8
-.4
-.6
24.4
18.6
23.7
.5
6.9
6.9
.9
5.8
-1.7
4.4
24.9
14.1
36.2
1.1
8.2
11.4
.8
17.5
-1.1
-1.7
21.2
22.5
44.1
1.3
8.0
11.1
.9
22.7
-.6
.7
27.3
25.5
28.0
1.8
4.9
11.7
.9
10.9
-.2
-1.9
25.1
19.6
15.2
.8
5.8
-1.4
.9
5.2
-1.4
5.3
23.7
17.6
32.2
.3
8.0
15.2
.9
6.3
-2.0
3.4
24.0
14.7
52.2
.2
6.9
17.0
.9
18.7
-.8
9.3
*
All sectors
60 Total funds raised, by instrument
61 Investment company shares
62 Other corporate equities
63 Debt instruments
64
U.S. government securities
65
State and local obligations
66
Corporate and foreign bonds
67
Mortgages
68
Consumer credit
69
Bank loans n.e.c
70
Open market paper and RPs
n
Other loans
221.5
297.0
388.0
472.5
471.3
438.6
480.1
472.8
469.7
398.8
478.4
507.8
-.3
10.9
210.9
94.9
16.1
36.7
57.2
9.6
-12.2
-1.2
9.8
-2.4
13.1
286.4
84.6
15.7
41.2
87.2
25.4
6.2
8.1
17.8
.4
5.3
382.3
79.9
21.9
36.1
132.3
40.2
29.5
15.0
27.4
-.5
1.7
471.3
90.5
26.1
31.8
148.3
47.6
59.0
26.4
41.5
-.6
-4.0
475.8
85.7
21.8
32.8
155.9
46.3
51.0
40.5
41.9
4.4
16.8
417.5
122.3
26.9
38.4
121.1
2.3
48.4
21.4
36.7
-1.7
3.6
478.3
82.5
26.8
31.2
153.4
47.0
60.0
31.6
45.7
.7
-6.9
479.0
73.8
20.9
32.6
160.6
50.9
56.2
39.5
44.4
-1.9
-1.0
472.6
97.6
22.7
33.0
151.1
41.6
45.8
41.5
39.3
5.3
10.7
382.9
111.3
21.6
47.4
114.2
-5.1
19.6
39.7
34.1
3.4
22.8
452.1
133.2
32.1
29.5
128.0
9.7
77.2
3.1
39.3
9.3
2.6
495.8
127.8
27.8
22.1
110.9
29.2
56.4
61.3
60.3
Flow of Funds
1.59
A45
DIRECT A N D INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
Billions of dollars, except as noted; half-yearly data are at seasonally adjusted annual rates
1978
Transaction category, or sector
1975
1976
1977
1978
1979
1980
1979
1981
1980
H2
1 Total funds advanced in credit markets to nonfinancial
sectors
2
3
4
5
6
7
8
9
10
11
By public agencies and foreign
Total net advances
U.S. government securities
Residential mortgages
F H L B advances to savings and loans
Other loans and securities
Total advanced, by sector
U.S. government
Sponsored credit agencies
Monetary authorities
Foreign
Agency borrowing not included in line 1
HI
H2
HI
H2
HI
201.7
262.8
333.5
396.3
394.0
357.0
403.5
394.7
393.3
330.1
383.8
415.3
39.6
18.0
15.8
-4.0
9.8
49.8
23.1
12.3
-2.0
16.4
79.2
34.9
20.0
4.3
20.1
101.9
36.1
25.7
12.5
27.6
74.0
-6.2
36.7
9.2
34.3
92.1
15.6
31.1
7.1
38.2
102.7
29.5
30.1
11.5
31.6
49.6
-27.1
35.7
8.2
32.8
98.5
14.7
37.8
10.1
35.8
102.9
23.2
33.3
4.6
41.7
81.3
8.0
28.9
9.6
34.8
103.0
24.0
20.8
18.0
40.3
13.4
11.6
8.5
6.1
10.3
7.9
16.8
9.8
15.2
15.1
10.0
22.4
7.1
39.6
21.9
17.1
39.9
7.0
38.0
36.7
19.0
53.4
7.7
-6.1
48.2
23.7
43.8
4.5
20.0
43.0
20.8
44.8
.5
36.7
39.0
19.8
47.8
-.9
-17.2
43.7
18.3
58.9
16.2
5.1
52.8
25.4
42.4
12.1
23.0
44.7
22.1
45.2
-3.1
17.0
41.3
29.3
40.4
-7.4
40.8
38.7
Private domestic funds advanced
12 Total net advances
13
U.S. government securities
14
State and local obligations
15
Corporate and foreign bonds
16
Residential mortgages
17
Other mortgages and loans
LESS: Federal Home Loan Bank advances
18
Private financial
intermediation
19 Credit market funds advanced by private financial
institutions
20
Commercial banking
Savings institutions
21
22
Insurance and pension funds
23
Other finance
172.4
76.9
16.1
32.8
23.6
18.9
-4.0
228.1
61.5
15.7
30.5
55.5
62.9
-2.0
276.2
45.1
21.9
22.2
83.7
107.7
4.3
331.0
54.3
26.1
22.4
92.1
148.6
12.5
368.2
91.9
21.8
24.0
84.6
155.1
9.2
307.9
106.7
26.9
26.2
59.1
96.2
7.1
339.8
53.0
26.8
22.3
95.0
154.2
11.5
388.9
101.0
20.9
24.0
89.8
161.4
8.2
347.6
82.9
22.7
24.0
79.5
148.7
10.1
271.9
88.1
21.6
32.5
51.2
83.1
4.6
351.0
125.3
32.1
19.9
66.9
109.3
9.6
351.0
103.8
27.8
17.3
60.7
159.4
18.0
123.4
29.4
53.2
40.6
.3
191.4
59.6
70.5
49.7
11.6
260.9
87.6
82.0
67.8
23.4
302.4
128.7
73.5
75.0
25.2
292.5
121.1
55.9
66.4
49.0
270.3
99.7
58.4
79.8
32.4
294.8
124.6
69.4
73.9
27.0
316.9
130.3
59.6
72.3
54.8
268.0
112.0
52.2
60.5
43.3
246.1
58.5
35.5
89.2
62.8
294.4
140.9
81.3
70.3
1.9
322.5
101.4
43.8
79.3
97.9
24 Sources of funds
25
Private domestic deposits
Credit market borrowing
26
Other sources
27
28
Foreign funds
29
Treasury balances
30
Insurance and pension reserves
Other, net
31
123.4
94.2
-1.1
30.3
-8.7
-1.7
29.7
11.0
191.4
124.4
8.4
58.5
-4.7
-.1
34.3
29.0
260.9
138.9
26.9
95.1
1.2
4.3
50.1
39.5
302.4
140.8
38.3
123.2
6.3
6.8
62.2
48.0
292.5
143.2
33.6
115.7
25.6
.4
47.8
41.9
270.3
171.1
17.5
81.6
-22.3
-2.6
64.1
42.4
294.8
132.9
35.8
126.1
11.8
12.4
60.8
41.1
316.9
135.1
40.6
141.2
45.6
5.0
52.3
38.4
268.0
151.2
26.6
90.3
5.6
-4.2
43.4
45.4
246.1
158.7
8.1
79.4
-22.8
-2.3
70.0
34.5
294.4
183.6
27.0
83.8
-21.9
-2.8
58.1
50.4
322.5
196.9
41.9
83.7
-5.1
10.6
61.6
16.7
Private domestic nonfinancial investors
32 Direct lending in credit markets
33
U.S. government securities
34
State and local obligations
35
Corporate and foreign bonds
36
Commercial paper
37
Other
47.9
25.4
8.4
8.9
-1.3
6.6
45.1
16.4
3.3
11.8
1.9
11.7
42.2
24.1
-.8
-3.8
9.6
13.2
67.0
35.6
1.4
-2.9
16.5
16.4
109.3
62.8
1.4
10.3
11.4
23.5
55.1
32.6
3.1
3.6
-3.8
19.7
80.7
37.8
.8
23.1
19.1
112.5
71.0
2.6
4.6
11.4
22.9
106.1
54.5
.2
16.0
11.4
24.0
33.9
19.3
-1.8
4.8
-4.5
16.0
76.4
45.8
7.9
2.3
-3.1
23.3
70.4
34.6
19.7
-12.5
7.2
21.4
101.2
6.2
9.4
97.3
1.3
-14.0
.2
.8
133.4
7.3
10.4
123.7
-12.0
2.3
1.7
148.5
8.3
17.2
93.5
.2
25.8
2.2
1.3
152.1
9.3
16.3
63.5
6.9
46.6
7.5
2.0
152.6
7.9
19.2
61.7
34.4
21.2
6.6
1.5
182.3
10.3
4.2
80.9
29.2
50.3
6.5
.9
143.0
8.7
13.8
65.8
7.7
40.6
5.1
1.4
149.3
9.0
16.6
66.5
30.2
3.3
18.5
5.2
155.9
6.9
21.9
56.9
38.6
39.1
-5.3
-2.3
167.6
8.5
-1.5
66.7
61.9
26.3
5.3
.4
197.1
12.1
9.9
95.2
-3.4
74.2
7.8
1.3
202.6
4.7
29.9
11.3
104.1
43.9
7.7
1.0
46 Total of credit market instruments, deposits and
currency
149.1
178.5
190.7
219.1
261.9
237.5
223.7
261.8
262.0
201.5
273.4
273.0
47
48
49
Public support rate (in percent)
Private financial intermediation (in percent)
Total foreign funds
19.6
71.6
-2.6
19.0
83.9
10.5
23.7
94.4
40.8
25.7
91.3
44.3
18.8
79.4
19.5
25.8
87.8
-2.3
25.5
86.8
48.5
12.6
81.5
28.4
25.0
77.1
10.7
31.2
90.5
.2
21.2
85.6
-4.8
24.8
91.9
35.6
MEMO: Corporate equities not included above
Ml Total net issues
51
Mutual fund shares
Other equities
52
10.6
-.3
10.9
10.6
-2.4
13.1
5.7
.4
5.3
1.2
-.5
1.7
-4.6
-.6
-4.0
21.1
4.4
16.8
1.8
-1.7
3.6
-6,2
.7
-6.9
-2.9
-1.9
-1.0
16.0
5.3
10.7
26.3
3.4
22.8
11.9
9.3
2.6
9.8
.8
12.5
-1.9
7.4
-1.6
4.5
-3.4
10.6
-15.1
17.7
3.4
6.9
-5.0
7.1
-13.4
14.0
-16.9
10.5
5.5
24.9
1.4
28.8
-16.9
38 Deposits and currency
39
Currency
40
Checkable deposits
41
Small time and savings accounts
42
Money market fund shares
43
Large time deposits
44
Security RPs
Foreign deposits
45
53 Acquisitions by financial institutions
54 Other net purchases
*
N O T E S BY LINE NUMBER.
1.
2.
6.
11.
12.
17.
25.
26.
28.
29.
Line 2 of table 1.58.
Sum of lines 3-6 or 7-10.
Includes farm and commercial mortgages.
Credit market funds raised by federally sponsored credit agencies, and net
issues of federally related mortgage pool securities.
Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. Also sum
of lines 27, 32, and 38 less lines 40 and 46.
Includes farm and commercial mortgages.
Line 38 less lines 40 and 46.
Excludes equity issues and investment company shares. Includes line 18.
Foreign deposits at commercial banks, bank borrowings from foreign branches,
and liabilities of foreign banking agencies to foreign affiliates.
Demand deposits at commercial banks.
*
30. Excludes net investment of these reserves in corporate equities.
31. Mainly retained earnings and net miscellaneous liabilities.
32. Line 12 less line 19 plus line 26.
33-37. Lines 13-17 less amounts acquired by private finance. Line 37 includes
mortgages.
39. Mainly an offset to line 9.
46. Lines 32 plus 38, or line 12 less line 27 plus 39 and 45.
47. Line 2/line 1.
48. Line 19/line 12.
49. Sum of lines 10 and 28.
50. 52. Includes issues by financial institutions.
NOTE. Full statements for sectors and transaction types quarterly, and annually
for flows and for amounts outstanding, may be obtained from Flow of Funds
Section, Division of Research and Statistics, Board of Governors of the Federal
Reserve System, Washington, D.C. 20551.
A46
2.10
Domestic Nonfinancial Statistics • February 1982
NONFINANCIAL BUSINESS ACTIVITY
Selected Measures
1967 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted.
1981
Measure
1979
1980
Apr.
1 Industrial production 1
2
3
4
5
6
7
1982
1981
May
June
July
Aug.
Sept.
Nov.'
Oct.
Dec.'
Jan.
Capacity utilization (percent) 1 2
9
Manufacturing
10
Industrial materials industries . . . .
11 Construction contracts (1972 =
100) 3
147.0
151.0
151.9
152.7
152.9
153.9
153.6
151.6
149.1'
146.4
143.4
139.1
146.7
145.3
145.4
145.2
151.9
147.6
150.6
149.5
147.9
151.7
154.6
151.6
151.3
149.9
148.9
151.4
156.3
152.9
152.3
151.3
150.7
152.1
156.1
153.4
152.7
151.4
150.3
153.0
154.9
154.0
153.0
152.1
150.7
154.1
156.2
155.3
152.6
151.5
149.6
154.0
156.8
155.2
151.0
150.0
147.8
152.9
154.6
152.5
149.4 r
148.9'
146.5'
152.1 r
151.4
148.5 r
147.6
147.1
144.2
151.2
149.2
144.6
146.0
145.8
142.3
150.5
146.9
139.3
142.3
142.3
138.1
148.0
142.5
134.1
153.6
Industry groupings
8 Manufacturing
152.5
150.0
147.2
150.8
142.2
160.5
156.4
Market groupings
Products, total
Final, total
Consumer goods
Equipment
Intermediate
Materials
146.7
150.4
152.0
152.8
152.4
153.2
153.2
151.1
148.2
145.2
141.9
137.1
85.7
87.4
79.1
80.0
74.8
80.0
79.8
81.1
80.0
81.2
79.6
81.3
79.8
81.9
79.6
81.7
78.3
80.0
74.9
75.5
73.0
72.6
70.4
69.8
76.6
77.7 r
185.6
161.8
172.0
160.0
170.0
153.0
156.0
159.0
157.0
142.0
172.0
12 Nonagricultural employment, total 4 .
13
Goods-producing, total
14
Manufacturing, total
15
Manufacturing, productionworker
16
Service-producing
17 Personal income, total
18
Wages and salary disbursements . .
19
Manufacturing
20 Disposable personal income 5
136.5
113.5
108.2
137.6
110.3
104.4
139.1
110.2
104.2
139.0
110.3
104.6
139.1
110.3
105.0
139.2
110.8
105.0
139.6
111.3
105.6
139.7
111.3
105.4
139.9
111.2
105.4
139.6
110.1
104.1
139.1
109.1
102.9
138.4'
107.8 r
101.6 r
138.1
106.2
100.5
105.3
149.1
308.5
289.5
248.6
299.6
99.4
152.6
342.9
314.7
261.5
332.5
98.5
155.0
381.5
347.3
288.9
n.a.
99.2
154.7
373.6
341.8
286.1
360.6 r
99.6
155.0
375.8
343.6
289.2
362.3
99.6
154.8
378.5
345.2
289.9
364.4
100.1
155.2
384.0
347.8
292.1
369.7
99.9
155.2
387.8
351.4
294.3
372.9
99.8
155.6
390.9
353.2
294.9
375.5 r
98.1
155.7
392.6 r
355.4 r
293.7 r
379.4 r
96.4
155.6
394.9
357.4
292.0
381.2
94.6'
155.3 r
395.6
357.2
289.9
381.8
93.4
155.5
n.a.
n.a.
n.a.
n.a.
21 Retail sales 6
281.6
303.8
332.5
328.1
326.7
333.9
333.8
338.5
338.9
331.1
333.3
332.7
329.1
Prices 7
22
Consumer
23
Producer finished goods
217.4
216.1
246.8
246.9
272.4
269.8
266.8
268.5
269.0
269.6
271.3
270.5
274.4
271.8
276.5
271.2
279.3
271.1
279.9
274.0
280.7
274.5
281.5
275.3
n.a.
1. The industrial production and capacity utilization series have been revised
back to January 1979.
2. Ratios of indexes of production to indexes of capacity. Based on data from
Federal Reserve, McGraw-Hill Economics Department, and Department of Commerce.
3. Index of dollar value of total construction contracts, including residential,
nonresidential, and heavy engineering, from McGraw-Hill Information Systems
Company, F. W. Dodge Division.
4. Based on data in Employment and Earnings (U.S. Department of Labor).
Series covers employees only, excluding personnel in the Armed Forces.
5. Based on data in Survey of Current Business (U.S. Department of Commerce).
2.11
n.a.
n.a.
n.a.
6. Based on Bureau of Census data published in Survey of Current Business.
7. Data without seasonal adjustment, as published in Monthly Labor Review.
Seasonally adjusted data for changes in the price indexes may be obtained from
the Bureau of Labor Statistics, U.S. Department of Labor.
NOTE. Basic data (not index numbers) for series mentioned in notes 4, 5, and
6, and indexes for series mentioned in notes 3 and 7 may also be found in the
Survey of Current Business.
Figures for industrial production for the last two months are preliminary and
estimated, respectively.
OUTPUT, CAPACITY, A N D CAPACITY UTILIZATION
Seasonally adjusted
1981
1981
1981
Series
Q1
Q2
Q3
Q4r
Output (1967 = 100)
Q1
Q2
Q3
Q4
Capacity (percent of 1967 output)
1 Manufacturing
2 Primary processing
3 Advanced processing
151.3
157.5
148.1
152.4
156.5
150.2
152.5
155.8
150.7
74.8
72.6
145.8
189.4
193.8
187.1
190.9
195.0
188.7
192.4
196.3
190.4
154.2
153.4
154.3
144.1
187.6
189.0 r
190.3 r
191.5
5 Durable goods
6
Metal materials
7 Nondurable goods
8
Textile, paper, and chemical
9
Textile
10
Paper
11
Chemical
12 Energy materials
150.9
117.5
179.2
186.7
114.8
151.4
232.7
130.9
152.3
112.8
178.4
185.9
114.5
151.0
231.6
125.1
152.8
114.2
175.8
182.8
115.5
152.2
224.9
131.6
140.4
99.5
164.4
169.1
106.9
147.5
205.4
128.0
191.8
141.5
207.3
217.1
140.1
159.7
274.1
153.5
192.9
141.7
209.2
219.4
140.6
160.7
277.5
154.3 r
194.2'
141.9
211.2
221.7
141.0
161.9
281.0
155.0
Q3
Q4
Utilization rate (percent)
193.9
197.5
192.0
4 Materials
Q2
Q1
79.9
81.3
79.1
82.2
r
195.3
142.1
213.1
223.9
141.6
162.8
284.4
155.8 r
79.8
80.3
79.6
81.2
78.7
83.0
86.5
86.0
81.9
94.8
84.9
85.3
78.9
79.6
85.3
84.8
81.4
93.9
83.5
81.1
79.3
79.4
79.2
74.8
72.6
76.C
81. l r
r
75.3
78.7
80.5
83.3
82.5
81.8
94.1
80.0
84.9
71.9
70.0 r
77.2
75.6
75.5 r
90.6 r
12.V
82.1'
Labor Market
2.11
A47
Continued
Previous cycle 1
Latest cycle 2
1980
Low
Dec.
1981
Series
Low
High
High
May
June
July
Aug.
Sept.
Nov.'
Oct.'
Dec.
Capacity utilization rate (percent)
13 Manufacturing
88.0
69.0
87.2
74.9
n.a.
80.0
79.6
79.8
79.6
78.4
76.6
74.9
n.a.
14
15
93.8
85.5
68.2
69.4
90.1
86.2
71.0
77.2
n.a.
n.a.
80.6
79.8
79.5
79.7
80.1
79.8
79.9
79.4
78.2'
78.3'
75.7
77.0
72.8
76.0
n.a.
n.a.
16 Materials
17
Durable goods
Metal materials
18
92.6
91.5
98.3
69.4
63.6
68.6
88.8
88.4
96.0
73.8
68.2
59.6
81.4
77.1
80.3
81.2
79.2
80.3
81.3
78.9
78.7
81.9
79.3
79.5
81.7
79.5
83.0
80.0
77.3'
79.1
77.7
74.7
73.9
75.5
72.1
70.8
72.6
69.0
65.3
19
20
21
22
23
Nondurable goods
Textile, paper, and c h e m i c a l . . . .
Textile
Paper
Chemical
94.5
95.1
92.6
99.4
95.5
67.2
65.3
57.9
72.4
64.2
91.6
92.2
90.6
97.7
91.3
77.5
75.3
80.9
89.3
70.7
87.2
87.1
80.2
95.0
86.8
85.6
85.4
81.7
93.9
84.3
84.3
83.5
80.5
93.0
82.0
83.9
83.2
82.0
92.9
81.2
83.0
82.3
82.3
93.6
79.7
82.9
82.1
81.3
95.7
79.2
80.3
79.1
78.8
92.1
76.2
77.5
76.1
75.7
91.9
72.7
73.8
71.6
71.9
87.8
67.9
24
Energy materials
94.6
84.8
88.3
82.7
84.6
79.8
83.7
86.2
85.6
83.0
82.5
82.5
81.5
Primary processing
Advanced processing
1. Monthly high 1973; monthly low 1975.
2. Preliminary; monthly highs December 1978 through January 1980; monthly
lows July 1980 through October 1980.
2.12
LABOR FORCE, EMPLOYMENT, A N D UNEMPLOYMENT
Thousands of persons; monthly data are seasonally adjusted. Exceptions noted.
1981
1979
Category
1980
1982
1981
July
Aug.
Sept.
Oct.
Nov.'
Dec.'
Jan.
HOUSEHOLD SURVEY D A T A
1 Noninstitutional population 1
166,952'
2 Labor force (including Armed Forces)
3
Civilian labor force
4
5
Nonagricultural industries
Agriculture
1
...
2
6
Number
7
Rate (percent of civilian labor force) .
8 Not in labor force
169,848R
172,272
172,385'
172,559'
172,758'
172,967'
173,154
173,330
173,494
111,430
109,272
111,348
109,184
111,038
108,879
107,050'
104,962'
109,042'
106,940'
111,812
108,670
110,827'
108,688'
110,978'
108,818'
110,659
108,494'
111,170'
109,012'
95,477'
3,347'
95,938'
3,364'
97,030
3,368
97,522'
3,342'
97,436'
3,404'
96,900'
3,358'
96,965
3,378'
96,800
3,372
94,404
3,209
94,170
3,411
6,137'
5.8
59,902'
7,637'
7.1
60,806'
8,273
7.6
60,460
7,824'
7.2'
61,558'
7,978'
7.3'
61,581'
8,236'
7.6'
62,099'
8,669
8.0
61,797'
9,100
8.3
61,724
9,571
8.8
61,982
9,298
8.5
62,456
89,823
90,564
91,548
91,880
91,901
92,033
91,832
91,522
91,096
90,859
21,040
958
4,463
5,136
20,192
4,975
17,112
15,947
20,300
1,020
4,399
5,143
20,386
5,168
17,901
16,249
20,264
1,104
4,307
5,152
20,736
5,330
18,598
16,056
20,535
1,132
4,272
5,167
20,796
5,344
18,642
15,992
20,505
1,151
4,275
5,170
20,862
5,354
18,667
15,917
20,496
1,162
4,272
5,186
20,872
5,366
18,774
15,905
20,241
1,162
4,259
5,168
20,916
5,360
18,788
15,938
20,017
1,172
4,229
5,147
20,838
5,355
18,838
15,926
19,750
1,176
4,191
5,109
20,725
5,367
18,848
15,930
19,537
1,172
4,052
5,108
20,893
5,359
18,842
15,896
ESTABLISHMENT S U R V E Y D A T A
9
Nonagricultural payroll employment 3
10
11
12
13
Manufacturing
Mining
Contract construction
Transportation and public utilities
1 4 Trade
1 5 Finance
16 Service
17 Government
1. Persons 16 years of age and over. Monthly figures, which are based on sample
data, relate to the calendar week that contains the 12th day; annual data are
averages of monthly figures. By definition, seasonality does not exist in population
figures. Based on data from Employment and Earnings (U.S. Department of Labor).
2. Includes self-employed, unpaid family, and domestic service workers.
3. Data include all full- and part-time employees who worked during, or
received pay for, the pay period that includes the 12th day of the month, and
exclude proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the Armed Forces. Data are adjusted to the March 1979
benchmark and only seasonally adjusted data are available at this time. Based on
data from Employment and Earnings (U.S. Department of Labor).
A48
2.13
Domestic Nonfinancial Statistics • February 1982
INDUSTRIAL PRODUCTION
Indexes and Gross Value
Monthly data are seasonally adjusted.
Grouping
1967
proportion
1981
average
1981
Jan.
Feb.
Mar.
Apr.
May
June
1982
July
Aug.
Sept.
Oct.r
Nov.
Dec.''
Index (1967 = 100)
MAJOR MARKET
1 Total index
100.00
151.0
151.4
151.8
152.1
151.9
152.7
152.9
153.9
153.6
151.6
149.1
146.4
143.4
60.71
47.82
27.68
20.14
12.89
39.29
150.6
149.5
147.9
151.7
154.6
151.6
149.9
147.8
146.9
149.1
157.5
153.8
150.2
148.2
147.8
148.7
157.7
154.3
150.7
149.0
148.3
150.0
157.1
154.4
151.3
149.9
148.9
151.4
156.3
152.9
152.3
151.3
150.7
152.1
156.1
153.4
152.2
151.4
150.3
153.0
154.9
154.0
153.0
152.1
150.7
154.1
156.2
155.3
152.6
151.5
149.6
154.0
156.8
155.2
151.0
150.0
147.8
152.9
154.6
152.5
149.4
148.9
146.5
152.1
151.4
148.5
147.6
147.1
144.2
151.2
149.2
144.6
146.0
145.8
142.3
150.5
146.9
139.3
7.89
2.83
2.03
1.90
80
5.06
1.40
1.33
1.07
2.59
140.5
138.0
111.2
103.4
205.9
142.0
119.7
121.2
158.0
147.5
140.1
130.4
102.7
93.3
200.8
145.6
132.2
134.1
156.2
148.4
141.2
133.9
108.5
101.1
198.4
145.2
125.8
128.2
160.4
149.5
143.6
139.2
116.1
107.8
197.5
146.1
129.1
131.2
160.2
149.4
144.3
142.9
120.2
113.2
200.8
145.0
121.2
122.6
165.2
149.7
147.3
151.8
129.1
120.0
209.5
144.8
121.4
122.3
163.1
149.9
147.9
153.1
131.4
122.2
208.0
145.0
120.0
121.4
166.3
149.8
146.5
147.6
123.0
118.1
210.0
145.8
123.6
124.8
163.2
150.7
142.5
137.6
107.8
104.0
213.1
145.3
126.8
128.9
160.1
149.2
140.4
139.1
110.0
103.3
212.9
141.1
119.0
121.4
158.6
145.8
136.3
132.8
101.7
92.5
211.8
138.2
116.7
118.7
152.6
143.9
129.7
121.7
88.9
81.1
205.0
134.3
107.7
108.7
148.0
143.0
123.7
120.1
87.5
78.1
203.1
125.6
86.1
87.1
142.5
140.1
19.79
4.29
15.50
8.33
7.17
150.9
149.6
121.2
157.5
149.3
167.0
150.5
120.9
158.6
150.5
168.1
150.1
118.9
158.8
150.5
168.4
150.7
120.6
159.0
150.2
169.3
152.1
122.1
160.3
151.3
170.8
151.2
120.9
159.6
149.6
171.3
152.3
122.8
160.5
150.5
172.2
152.5
121.9
161.0
150.6
173.0
150.8
119.3
159.5
149.5
171.1
150.5
117.8
159.6
150.7
169.9
150.0
116.4
159.3
150.7
169.3
149.8
2.63
1.92
2.62
1.45
223.2
127.8
147.8
213.0
127.9
149.4
167.5
219.3
129.0
145.4
161.3
220.0
128.7
143.7
161.1
224.1
127.4
144.9
162.9
225.1
127.7
147.9
168.9
224.4
129.2
148.9
170.4
226.8
127.6
150.0
172.6
227,7
128.9
150.4
169.7
227.5
127.7
146.4
162.8
223.0
126.9
148.2
166.2
220.9
125.7
149.4
167.4
220.5
125.3
149.3
12.63
6.77
1.44
3.85
1.47
180.9
166.4
285.9
127.9
149.8
177.7
161.5
264.0
127.7
149.1
177.5
163.4
270.4
128.4
149.9
179.3
164.6
276.6
128.6
149.3
181.0
165.9
281.7
128.5
149.9
182.0
167.0
286.4
128.4
150.8
183.6
169.0
289.7
130.6
151.2
184.8
169.4
290.3
130.8
151.6
184.8
170.2
293.0
130.8
152.7
182.7
168.9
293.6
129.3
150.4
180.5
166.9
295.6
125.7
148.4
178.6
165.2
292.8
123.9
148.0
177.0
163.5
292.6
121.9
145.9
5.86
3.26
1.93
67
197.7
258.1
125.3
112.0
196.6
249.3
133.1
122.9
193.7
250.4
124.8
116.4
196.2
252.7
127.8
118.5
198.6
254.5
131.5
119.7
199.4
258.0
130.0
113.9
200.4
259.9
129.7
114.9
202.5
263.7
128.4
118.0
200.9
264.3
124.6
111.8
198.5
264.2
121.0
102.1
196.2
259.8
120.6
104.6
194.1
259.0
116.6
101.7
192.5
256.9
116.3
99.1
36 Defense and space
7.51
102.6
100.9
100.5
100.7
101.5
102.0
101.7
102.6
102.8
103.0
104.5
105.1
106.0
Intermediate products
37 Construction supplies
38 Business supplies
39
Commercial energy products . . .
6.42
6.47
1.14
142.1
167.0
176.3
148.4
166.6
175.5
148.9
166.4
174.0
149.0
165.1
174.7
147.9
164.7
175.2
146.5
165.6
179.0
143.4
166.2
177.7
144.3
168.0
180.0
144.0
169.5
176.6
139.7
169.4
174.2
135.2
167.5
174.3
130.6
167.5
176.0
128.2
165.6
176.8
20.35
4.58
5.44
10.34
5.57
149.2
114.5
191.2
142.4
112.0
150.0
114.7
189.7
144.7
116.6
150.6
114.3
188.9
146.6
118.6
152.2
118.4
191.1
146.7
118.3
151.8
119.7
192.8
144.3
113.8
152.8
121.1
194.0
145.1
114.3
152.4
123.1
193.2
143.9
112.8
153.6
123.2
193.8
145.9
114.5
154.3
121.8
194.7
147.4
117.4
150.4
114.5
192.7
144.1
113.1
145.6
107.6
190.3
138.9
106.5
140.8
102.5
188.0
132.9
101.6
134.9
93.6
183.9
127.5
94.7
10.47
174.6
180.2
179.9
177.5
179.3
179.0
176.9
176.5
175.4
175.5
170.6
165.1
157.6
7.62
1.85
1.62
4.15
1.70
1.14
181.3
113.0
150.7
223.8
169.4
137.6
187.6
114.8
150.5
234.7
173.0
141.0
187.3
115.1
151.0
233.8
172.3
141.8
185.1
114.4
152.6
229.5
168.7
139.6
186.8
115.1
152.2
232.4
172.0
139.7
187.3
114.9
150.9
233.9
167.8
140.5
183.7
113.4
149.8
228.4
171.4
139.6
183.5
115.5
150.0
227.1
171.7
136.6
182.4
116.0
151.5
224.1
169.4
137.8
182.5
114.9
155.1
223.4
170.9
136.2
176.4
111.6
149.6
215.9
166.7
137.1
170.4
107.2
149.6
206.8
163.5
131.9
160.6
101.9
143.2
193.6
162.2
130.6
8.48
4.65
3.82
129.0
114.9
146.1
130.2
115.8
147.8
131.6
118.2
148.0
130.9
116.9
148.1
123.1
104.2
146.1
123.0
104.4
145.5
129.3
113.7
148.2
133.3
120.3
149.2
132.6
120.9
146.9
128.9
117.4
142.9
128.3
116.4
142.8
128.5
116.2
143.4
127.2
114.8
142.4
9.35
12.23
3.76
8.48
131.8
137.4
156.4
129.0
134.4
138.5
157.3
130.2
134.1
138.5
154.0
131.6
133.6
137.7
153.1
130.9
133.8
132.6
154.1
123.1
134.4
133.5
157.3
123.0
133.9
138.0
157.6
129.3
135.2
141.2
159.1
133.3
134.5
140.5
158.4
132.6
131.1
136.8
154.8
128.9
128.8
136.9
156.1
128.3
126.1
137.4
157.5
128.5
120.6
136.6
157.6
127.2
2 Products
3
Final products
4
Consumer goods
5
Equipment
6
Intermediate products
7 Materials
Consumer goods
8 Durable consumer goods
9
Automotive products
10
Autos and utility vehicles . . . .
11
Autos
12
Auto parts and allied goods . .
13
Home goods
14
Appliances, A/C, and TV . . . .
15
Appliances and TV
16
Carpeting and furniture
17
Miscellaneous home goods . . .
18 Nondurable consumer goods
19
20
Consumer staples
21
Consumer foods and tobacco .
22
Nonfood staples
23
Consumer chemical
products
24
Consumer paper products . .
25
Consumer energy products .
26
Equipment
21 Business
28
Industrial
29
Building and mining
30
Manufacturing
31
Power
32
33
34
35
Commercial transit, farm
Commercial
Transit
Farm
Materials
40 Durable goods materials
41
Durable consumer parts
42
Equipment parts
43
Durable materials n.e.c
44
Basic metal materials
45 Nondurable goods materials
46
Textile, paper, and chemical
materials
47
Textile materials
48
Paper materials
49
Chemical materials
50
Containers, nondurable
51
Nondurable materials n.e.c
52 Energy materials
53
Primary energy
54
Converted fuel materials
Supplementary groups
55 Home goods and clothing
56 Energy, total
57
Products
58
Materials
159.5
150.4
170.1
159.5
151.3
169.0
Jan
Output
2.13
A49
Continued
Grouping
SIC
code
1967
proportion
1981
1982
1981
avg.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct. T
Nov.
Dec.''
Janf
Index (1967 = 100)
M A J O R INDUSTRY
1 Mining and utilities
2
Mining
3
Utilities
4
Electric
5 Manufacturing
6
Nondurable
7
Durable
12.05
6.36
5.69
3.88
87.95
35.97
51.98
155.0
142.2
169.1
191.0
150.4
164.8
140.5
153.3
140.4
167.6
189.3
151.1
165.6
141.0
154.1
143.1
166.4
187.1
151.2
166.2
140.8
154.8
143.2
167.8
188.9
151.6
165.3
142.1
150.5
135.2
167.6
188.6
152.0
165.9
142.5
152.1
135.4
170.7
192.9
152.8
166.4
143.5
156.3
141.7
172.7
195.6
152.4
165.8
143.2
159.1
146.5
173.1
196.2
153.2
167.1
143.6
158.2
146.0
171.9
194.2
153.2
167.3
143.4
155.8
145.0
167.8
188.3
151.1
165.9
140.9
156.1
145.3
168.1
189.4
148.0
162.8
137.8
155.6
143.7
168.9
190.9
145.2
160.6
134.5
154.2
142.2
167.5
189.3
141.9
157.6
131.0
154.1
141.7
167.9
189.7
137.1
153.2
126.0
.51
.69
4.40
.75
123.0
141.3
146.8
129.2
125.5
147.5
141.4
138.4
134.1
159.0
142.2
140.0
131.1
151.2
144.1
138.8
123.1
75.9
146.1
133.7
125.0
77.0
146.2
132.2
123.5
122.9
148.2
132.7
123.6
170.0
147.7
133.3
124.1
167.4
148.2
128.2
121.5
161.9
148.8
123.4
119.8
166.9
148.9
122.0
114.8
160.8
149.1
116.7
109.4
145.5
150.3
114.2
144.7
150.9
152.5
125.4
139.3
121.6
156.0
152.4
125.7
136.2
120.2
157.6
151.9
122.2
138.9
121.6
157.0
152.2
122.3
138.8
122.6
155.9
151.3
120.9
138.3
121.1
153.4
151.6
121.3
139.4
122.6
154.9
151.9
123.8
140.7
122.6
156.7
150.7
122.4
136.3
122.5
158.6
151.4
124.3
132.5
117.8
153.3
152.7 152.0
124.4
126.3 123.2
114.4
152.3 146.i' 142.9
8
9
10
11
Mining
Metal
Coal
Oil and gas extraction
Stone and earth minerals .
12
13
14
15
16
Nondurable
manufactures
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
8.75
.67
2.68
3.31
3.21
152.0
155.0
151.9
123.5
138.4
123.8
156.5
17
18
19
20
21
Printing and publishing
Chemicals and products
Petroleum proaucts
Rubber and plastic products.
Leather and products
4.72
7.74
1.79
2.24
.86
144.4
215.6
129.8
274.3
69.3
143.9
218.9
133.1
264.0
68.9
144.8
219.8
131.5
270.2
68.3
142.7
218.5
130.3
269.5
141.6
219.8
130.0
275.2
68.9
141.3
220.6
129.8
280.3
69.8
143.1
218.4
129.3
285.1
68.4
144.4
221.5
128.7
285.3
70.1
146.1
219.2
130.4
286.7
69.6
145.9 145.6
216.3 208.8
129.1 128.3
282.2 276.0
69.7
71.2
144.7 146.3 143.7
205.2 198.8
128.2 128.9
263.5 252.0
70.8 66.5
22
23
24
25
Durable manufactures
Ordnance, private and government
Lumber ana products
Furniture ana fixtures
Clay, glass, stone products
19.91
24
25
32
3.64
1.64
1.37
2.74
81.1
118.8
157.4
148.0
78.6
127.4
150.0
156.8
78.4
126.2
154.3
156.4
78.5
125.6
155.6
154.6
79.8
126.3
158.7
154.3
80.9
126.2
158.9
151.7
80.9
122.5
162.4
148.1
80.6
122.9
164.9
148.7
81.8
119.1
163.3
148.2
82.3
113.2
159.9
147.3
82.5
109.6
157.2
143.4
83.8 85.3
104.8 101.8
154.5 150.8
135.8 133.4
26
27
28
29
30
Primary metals
Iron and steel
Fabricated metal products
Nonelectrical machinery . . ,
Electrical machinery
33
331.2
34
35
36
6.57
4.21
5.93
9.15
8.05
107.9
99.7
136.5
171.0
178.6
114.1
108.7
135.8
167.3
177.6
114.5
108.4
137.6
168.3
174.9
114.9
108.0
139.2
169.2
177.4
110.6
103.4
139.5
169.7
178.8
111.9
105.6
138.4
172.1
179.9
107.4
98.5
139.3
174.1
180.1
109.4
99.7
140.1
176.7
180.9
113.1
105.1
140.0
176.4
182.6
108.6
99.2
136.8
173.9
180.0
102.3
92.2
133.8
169.7
179.6
96.7
87.2 77.8
130.5 126.6
167.9 164.8
176.3 172.2
121.2
160.0
168.3
37
371
9.27
4.50
116.1
122.3
117.4
120.0
116.1
119.9
119.5
127.1
121.3
130.7
123.7
136.4
123.4
137.5
119.8
130.5
115.4
123.1
114.2
120.4
110.6
113.8
106.1 103.6
105.5 100.7
97.3
90.2
372-9
38
39
4.77
2.11
1.51
110.2
170.1
154.9
114.9
173.9
152.9
112.6
171.1
154.9
112.3
170.0
155.4
112.4
170.0
157.3
111.8
170.6
157.0
110.2
171.3
158.8
109.7
172.1
159.4
108.2
172.3
158.6
108.5
169.7
154.2
107.5
168.6
151.5
106.8 106.4
167.2 164.0
151.7 149.0
103.9
159.0
142.3
31 Transportation equipment
32
Motor vehicles and parts
33
Aerospace and miscellaneous transportation equipment
34 Instruments
35 Miscellaneous manufactures
10
11.12
13
14
135.8
85.9
83.0
Gross value (billions of 1972 dollars, annual rates)
MAJOR MARKET
36 Products, total
507.41
612.4
612.9
614.5
618.0
616.2
622.2
619.2
621.4
616.5
611.5
605.0
598.1
593.0
578.0
37 Final
38
Consumer goods.
39
Equipment
40 Intermediate
390.9 1
277.5 1
113.4 1
116.6 1
474.0
318.1
155.9
138.4
471.6
316.8
154.8
141.2
472.8
318.8
154.0
141.7
476.4
320.5
155.9
141.7
476.3
320.0
156.3
139.9
482.4
324.3
158.1
139.8
480.5
322.1
158.5
138.7
481.9
324.0
157.9
139.5
476.4
319.3
157.1
140.1
473.0
317.7
155.3
138.4
470.1
314.3
155.8
134.9
465.3
311.3
154.0
132.8
461.3
308.1
153.3
131.7
449.9
298.3
151.5
128.2
1. 1972 dollar value.
NOTE. Published groupings include some series and subtotals not shown separately. For description and historical data, see Industrial Production—1976 Revision
(Board of Governors of the Federal Reserve System: Washington, D.C.), December 1977.
A50
2.14
Domestic Nonfinancial Statistics • February 1982
HOUSING A N D CONSTRUCTION
Monthly figures are at seasonally adjusted annual rates except as noted.
1981
1979
Item
1980
1981
May
June
July
Aug.
Sept.
Oct.'
Nov.'
Dec.
Private residential real estate activity (thousands of units)
N E W UNITS
1,552
981
571
1,191
710
481
970
558
413
1,167
654
513
963
567
396
913
528
385
865
494
371
850
453
397
722
398
324
723
401
322
807
458
349
1,745
1,194
551
1,292
852
440
1,087
706
381
1,158
764
394
1,039
688
351
1,047
704
343
941
606
335
916
645
271
867
510
357
863
569
294
978
579
399
1,140
639
501
896
515
382
n.a.
n.a.
n.a.
894
506
388
853
482
371
822
462
361
788
438
349
762 r
423'
340
729
408
321
717
401
316
n.a.
n.a.
n.a.
1,855
1,286
569
1,502
957
545
n.a.
n.a.
n.a.
1,273
875
398
1,377
877
500
1,324
864
460
1,226
804
422
1,197'
776'
421'
1,255
714
541
989
652
337
n.a.
n.a.
n.a.
277
222
n.a.
255
246
268
230
235
207
208
n.a.
15 Number for sale, end of period 1
709
402
530
340
425
271
478
322
402
310
408
303
349
300
322'
295
359
282
395
274
438
267
Price (thousands of dollars)2
Median
Units sold
62.7
64.9
69.0
71.2
68.7
69.6
72.8
65.8'
69.4
71.5
69.9
71.9
76.6
82.9
83.7
84.7
82.7
87.3
81.4'
81.7
85.7
83.5
3,701
2,881
2,346
2,500
2,660
2,520
2,260
1,970
1,920
1,950
55.5
64.0
62.1
72.7
66.2
78.0
66.3
78.6
67.7
79.9
67.5
79.6
68.1
80.5
66.0
76.6
65.9
77.5
66.9
78.6
1 Permits authorized
2
1-family
3
2-or-more-family
4 Started
6
2-or-more-family
7 Under construction, end of period 1
8
1-family
9
2-or-more-family
10 Completed
11
1-family
12
2-or-more-family
13 Mobile homes shipped
.
Merchant builder activity in 1-family
units
16
17
Units sold
EXISTING U N I T S ( 1 - f a m i l y )
18 Number sold
Price of units sold (thous. of dollars)2
19 Median
20 Average
2,050
67.1
79.1'
Value of new construction 3 (millions of dollars)
CONSTRUCTION
21 Total put in place
230,781
230,273
236,312
235,907
233,998
233,862
229,844
230,892
229,857
231,631
229,261
77
73
74
181,690
99,032
82,658
174,896
87,260
87,636
182,816
85,720
97,096
184,077
89,719
94,358
181,811
85,971
95,840
182,288
82,916
99,372
180,576
80,535
100,041
178,649
78,503
100,146
178,245
78,202
100,043
179,222
78,100
101,122
177,250
78,876
98,374
14,953
24,919
7,427
35,359
13,839
29,940
8,654
35,203
16,839
33,308
9,358
37,591
15,503
32,391
8,903
37,561
16,243
32,442
9,735
37,420
17,182
34,028
9,241
38,921
18,295
33,721
9,367
38,658
18,344
33,412
9,402
38,988
18,558
33,046
9,553
38,886
18,373
34,506
9,193
39,050
17,210
33,781
8,784
38,599
49,088
1,648
11,998
4,586
30,856
55,371
1,880
13,784
5,089
34,618
53,496
1,956
13,143
5,268
33,129
51,830
2,065
12,419
4,894
32,452
52,186
2,254
13,338
4,912
31,682
51,574
2,091
13,203
5,233'
31,047'
49,268
2,105
12,227
4,717
30,219'
52,243
2,065
12,537
4,910'
32,731'
51,611
2,116
11,515
6,978
31,002
52,407
1,960
12,478
4,868
33,101
52,011
1,877
11,348
4,912
33,874
75
76
77
28
Nonresidential, total
Buildings
Industrial
Commercial
Other
Public utilities and other
79 Public
30
31
Highway
Conservation and development
37
Other
33
1. Not at annual rates.
2. Not seasonally adjusted.
3. Value of new construction data in recent periods may not be strictly comparable
with data in prior periods due to changes by the Bureau of the Census in its
estimating tecnniques. For a description of these changes see Construction Reports
(C-30-76-5), issued by the Bureau in July 1976.
NOTE. Census Bureau estimates for all series except (a) mobile homes, which
are private, domestic shipments as reported by the Manufactured Housing Institute
and seasonally adjusted by the Census Bureau, and (b) sales and prices of existing
units, which are published by the National Association of Realtors. All back ana
current figures are available from originating agency. Permit authorizations are
those reported to the Census Bureau from 16,000 jurisdictions beginning with 1978.
Prices
2.15
A51
CONSUMER A N D PRODUCER PRICES
P e r c e n t a g e c h a n g e s b a s e d o n s e a s o n a l l y a d j u s t e d d a t a , e x c e p t as n o t e d
3 months (at annual rate) to
1 month to
1981
12 months to
1981
Item
1980
1981
(1967
= 100)1
1981
Dec.
Index
level
Dec.
Dec.
Mar.
June
Sept.
Dec.
Aug.
Sept.
Oct.
Nov.
Dec.
CONSUMER P R I C E S 2
1
12.4
8.9
9.6
7.4
13.5
5.3
.8
1.2
.4
.5
.4
281.5
•>
3
4
11.1
10.2
11.5
10.7
12.5
14.2
9.1
14.9
6.0
4.3
6.7
5.7
7.9
13.0
8.5
13.7
8.9
2.1
12.3
-.7
29.8
10.3
7.0
10.9
2.1
-.1
3.1
9.0
-2.0
15.1
7.7
16.1
9.2
10.9
8.6
12.4
3.6
19.5
10.2
20.9
3.8
3.8
3.6
2.6
2.8
7.3
9.0
7.1
.6
.8
.5
1.0
.3
1.2
1.2
1.2
.9
1.0
.8
.7
.5
1.5
.8
1.6
.4
.3
.4
.0
.3
.4
.8
.4
.2
.2
.2
.3
.2
.8
.7
.9
.3
.4
.3
.4
.1
.5
.7
.4
258.4
277.8
246.5
233.7
261.1
321.8
216.5
342.8
12.9
12.1
16.5
9.9
9.6
10.1
11.7
5.8
3.1
9.0
11.8
16.9
14.1
15.2
21.3
5.4
5.7
.4
.8
.9
1.1
1.2
1.2
1.6
.4
.4
-.3
.5
.5
.2
.4
.5
.2
280.8
267.9
367.8
11.8
11.9
7.5
14.2
11.4
12.4
7.0
6.5
1.5
8.4
9.2
7.4
13.3
13.6
1.6
18.6
12.0
14.3
6.8
6.1
1.8
7.9
9.8
7.7
2.8
2.1
5.6
.7
5.7
4.3
5.4
4.5
-2.5
7.4
9.4
3,5
.2
.1
.3
.0
.6
.5
.1
.1
-.3
.2
.1
.2
.6
.4
-.2
.7
.9
.0
.5
.5
-.5
.8
.8
.4
.3
.2
.1
.2
.6
.4
275.3
275.6
253.0
282.8
274.1
315.1
19.1
8.6
10.4
-14.0
39.7
-23.1
9.5
8.6
2.1
-12.1
-4.9
-25.2
-.9
-1.0
.7
-2.5
.8
-2.5
-.6
-2.1
.1
-2.5
479.1
233.7
6
7
8
Rent
9
Other
groupings
in
11
12
P R O D U C E R PRICES
13
14
IS
16
17
18
Crude materials
19
20
1. Not seasonally adjusted.
2. Figures for consumer prices are those for all urban consumers.
3. Excludes intermediate materials for food manufacturing and manufactured
animal feeds.
SOURCE. Bureau of Labor Statistics.
A52
2.16
Domestic Nonfinancial Statistics • February 1982
GROSS NATIONAL PRODUCT A N D INCOME
Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates.
1980
Account
1979
1980
1981
198F
Q4
Q1
Q2
Q3
GROSS NATIONAL PRODUCT
1 Total
2,413.9
2,626.1
2,922.2
2,730.6
2,853.0
2,885.8
2,965.0
1,510.9
212.3
602.2
696.3
1,672.8
211.9
675.7
785.2
1,858.1
232.0
743.4
882.7
1,751.0
223.3
703.5
824.2
1,810.1
238.3
726.0
845.8
1,829.1
227.3
735.3
866.5
1,883.9
236.2
751.3
896.4
415.8
398.3
279.7
96.3
183.4
118.6
113.9
395.3
401.2
296.0
108.8
187.1
105.3
100.3
450.6
432.4
327.1
125.0
202.0
105.3
99.8
397.7
415.1
302.1
111.5
190.7
113.0
107.6
437.1
432.7
315.9
117.2
198.7
116.7
111.4
458.6
435.3
324.6
123.1
201.5
110.7
105.4
463.0
435.6
335.1
128.3
206.8
100.5
94.9
17.5
13.4
-5.9
-4.7
18.2
15.9
-17.4
-14.0
4.5
23.3
21.5
27.5
23.1
15 Net exports of goods and services
16
Exports
17
Imports
13.4
281.3
267.9
23.3
339.8
316.5
23.8
366.7
342.9
23.3
346.1
322.7
29.2
367.4
338.2
20.8
368.2
347.5
29.3
368.0
338.7
18 Government purchases of goods and services . . .
19
Federal
20
State and local
473.8
167.9
305.9
534.7
198.9
335.8
589.6
228.6
361.1
558.6
212.0
346.6
576.5
221.6
354.9
577.4
219.5
357.9
588.9
226.4
362.5
2,396.4
1,055.9
451.2
604.7
1,097.2
260.8
2,632.0
1,130.4
458.6
671.9
1.229.6
266.0
2,904.0
1.271.2
507.0
764.2
1.370.3
280.7
2,748.0
1,169.0
476.7
692.2
1,285.3
276.4
2,848.5
1,247.5
501.4
746.1
1,317.1
288.4
2,862.5
1,257.0
516.9
740.1
1,344.7
284.1
2,937.6
1,298.3
525.2
773.0
1,390.5
276.3
17.5
11.5
6.0
-5.9
-4.0
-1.8
18.2
9.0
9.2
-17.4
.7
-18.1
4.5
-4.2
8.6
23.3
18.5
4.8
27.5
18.6
8.9
1,483.0
1.480.7
1,509.6
1,485.6
1,516.4
1,510.4
1,515.8
31 Total
1,963.3
2.121.4
2,343.7
2,204.8
2,291.1
2,320.9
2.377.6
32 Compensation of employees
33
Wages and salaries
34
Government and government enterprises...
35
Other
36
Supplement to wages and salaries
37
Employer contributions for social insurance
38
Other labor income
1,460.9
1,235.9
235.9
1,000.0
225.0
106.4
118.6
1.596.5
1.343.6
253.6
1,090.0
252.9
115.8
137.1
1,771.7
1,482.9
273.9
1,208.9
288.8
134.7
154.2
1,661.8
1,397.3
263.3
1,134.0
264.5
121.0
143.5
1,722.4
1,442.9
267.1
1,175.7
279.5
131.5
148.0
1,752.0
1,467.0
270.5
1,196.4
285.1
133.2
151.8
1.790.7
1,498.7
274.7
1,224.0
292.0
135.6
156.3
131.6
100.7
30.8
130.6
107.2
23.4
134.4
112.4
22.0
134.0
111.6
22.5
132.1
113.2
18.9
134.1
112.5
21.7
137.1
112.4
24.7
2
3
4
5
By source
Personal consumption expenditures
Durable goods
Nondura
Services
6 Gross private domestic investment
7
Fixed investment
8
Nonresidential
9
Structures
10
Producers' durable equipment
11
Residential structures
12
Nonfarm
13
14
Change in business inventories
Nonfarm
By major type of product
21 Final sales, total
22
Goods
23
Durable
24
Nondurable
25
Services
26
Structures
27 Change in business inventories
28
Durable goods
29
Nondurable goods
30 MEMO: Total GNP in 1972 dollars
NATIONAL INCOME
39 Proprietors'income 1
40
Business and professional 1
41
Farm 1
42 Rental income of persons 2
43 Corporate profits 1
44
Profits before tax 3
45
Inventory valuation adjustment
46
Capital consumption adjustment
47 Net interest
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustments.
30.5
31.8
33.6
32.4
32.7
33.3
33.9
196.8
255.4
-42.6
-15.9
182.7
245.5
-45.7
-17.2
189.0
230.2
-29.3
-13.9
183.3
249.5
-48.4
-17.8
203.0
257.0
-39.2
-14.7
190.3
229.0
-24.0
-14.7
195.7
234.4
-25.3
-13.4
143.4
179.8
215.0
193.3
200.8
211.0
220.2
3. For after-tax profits, dividends, and the like, see table 1.49.
SOURCE. Survey of Current Business (Department of Commerce).
National Income Accounts
2.17
A53
PERSONAL INCOME A N D SAVING
Billions of current dollars; quarterly data are at s e a s o n a l l y adjusted annual rates. E x c e p t i o n s n o t e d .
1981
1980
Account
1980
1979
1981''
Q4
Q4P
Q3
Q2
Q1
PERSONAL INCOME AND SAVING
1
1,943.8
Total personal income
? Wage and salary disbursements
Commoditv-producing industries
4
Manufacturing
S
Distributive industries
6
Service industries
7
Government and government enterprises
8
9
10
11
1?
N
14
IS
16
17
Proprietors' income 1
Business and professional 1
Rental income of persons 2
Dividends
Personal interest income
Transfer payments
Old-age survivors, disability, and health insurance benefits
2,160.2
2,403.6
2,256.2
2,319.8
2,368.5
2,441.7
2,484.4
1,236.1
437.9
333.4
303.0
259.2
236.1
1,343.7
465.4
350.7
328.9
295.7
253.6
1,482.8
512.7
387.4
361.1
335.1
273.9
1,397.8
484.0
364.0
340.6
310.0
263.3
1,442.9
501.3
377.4
351.9
322.5
267.1
1,467.0
508.1
386.7
357.8
330.5
270.5
1,498.5
520.2
393.9
365.3
338.5
274.5
1,522.9
521.2
391.4
369.5
348.8
283.4
118.6
131.6
100.8
30.8
30.5
48.6
209.6
249.4
131.8
137.1
130.6
107.2
23.4
31.8
54.4
256.3
294.2
153.8
154.2
134.4
112.4
22.0
33.6
61.3
308.6
332.9
180.3
143.5
134.0
111.6
22.5
32.4
56.1
269.7
313.9
165.3
148.0
132.1
113.2
18.9
32.7
58.0
288.7
319.6
169.8
151.8
134.1
112.5
21.7
33.3
60.2
300.9
324.2
172.0
156.3
137.1
112.4
24.7
33.9
63.0
315.7
342.2
188.5
160.5
134.1
111.5
22.7
34.5
64.1
329.0
345.7
191.1
80.6
87.9
104.2
91.2
102.3
103.1
105.0
106.5
1,943.8
LESS: Personal contributions for social insurance
1 8 EQUALS: P e r s o n a l i n c o m e
2,160.2
2,403.6
2,256.2
2,319.8
2,368.5
2,441.7
2,484.4
302.0
338.5
388.2
359.2
372.0
382.9
399.8
398.0
1,641.7
1,821.7
2,015.4
1,897.0
1,947.8
1,985.6
2,042.0
2,086.4
LESS: P e r s o n a l o u t l a y s
1,555.5
1,720.4
1,908.8
1,799.4
1,858.9
1,879.0
1,935.1
1,962.3
2 2 EQUALS: P e r s o n a l s a v i n g
86.2
101.3
106.6
97.6
88.9
106.6
106.9
124.1
6,588
4,135
4,493
5.2
6,503
4,108
4,473
5.6
6,567
4,172
4,525
5.3
6,499
4,142
4,488
5.1
6,619
4,191
4,511
4.6
6,581
4,162
4,517
5.4
6,585
4,184
4,535
5.2
6,482
4,153
4,538
6.0
412.0
401.9
453.6
406.7
442.6
465.3
469.4
n.a.
398.9
86.2
59.1
-42.6
432.9
101.3
44.3
-45.7
477.6
106.6
49.5
-29.3
436.4
97.6
40.4
-48.4
451.1
88.9
55.7
-39.2
475.3
106.6
52.0
-24.0
486.2
106.9
52.8
-25.3
-20.9
155.4
98.2
.0
175.4
111.8
.0
197.7
123.7
.0
183.2
115.8
.5
187.5
119.0
.0
194.6
122.1
0
201.1
125.4
.0
207.7
128.4
.0
11.9
-14.8
26.7
-32.1
-61.2
29.1
-25.1
-61.6
36.5
-30.8
-67.9
37.1
-9.7
-46.6
36.9
- U . 2
-47.2
36.1
-17.9
-55.7
37.8
n.a.
n.a.
n.a.
19
20
21
LESS: Personal tax and nontax payments
EQUALS: Disposable personal income
MEMO:
24
25
26
Per capita (1972 dollars)
Gross national product
Personal consumption expenditures
Disposable personal income
Saving rate (percent)
27
Gross saving
28
29
30
31
Gross private saving
Personal saving
Undistributed corporate profits 1
Corporate inventory valuation adjustment
3?
33
34
Capital consumption
allowances
Corporate
Noncorporate
Wage accruals less disbursements
7^
G R O S S SAVING
n.a.
124.1
n.a.
36
37
Government surplus, or deficit ( - ) , national income and product
accounts
Federal
State and local
38
Capital grants received by the United States, net
1.1
1.1
1.1
1.1
1.1
1.1
1.1
1.1
39
Gross investment
414.1
401.2
452.9
400.1
446.0
458.3
469.6
437.6
40
41
Gross private domestic
Net foreign
415.8
-1.7
395.3
5.9
450.6
2.3
397.7
2.3
437.1
8.8
458.6
-.2
463.0
6.5
443.6
-6.1
42
Statistical discrepancy
2.2
-.7
-0.8
-6.6
3.4
-6.9
.2
n.a.
35
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
SOURCE. Survey of Current Business (Department of Commerce).
A54
3.10
International Statistics • February 1982
U.S. I N T E R N A T I O N A L T R A N S A C T I O N S Summary
Millions of dollars; quarterly data are seasonally adjusted except as noted. 1
1981
1980
Item credits or debits
1980
1979
1978
Q4
Q3
Q3 p
Q2
Q1
-14,075
1,414
3,723
4,975
1,149
1,390
3,244
3,263
3,546
1,142
2,438
2,100
-886
-33,759
142,054
-175,813
738
21,400
2,613
-27,346
184,473
-211,819
-1,947
33,462
2,839
-25,342
223,966
-249,308
-2,515
32,762
5,874
-2,902
56.252
-59,154
-455
8,154
1,681
-5,570
57,149
-62,719
-715
8,257
1,762
-4,677
61,098
-65,775
-568
9,053
982
-6,910
60,477
-67,387
-698
8,733
1,535
-7,042
58,037
-65,079
-72
9,490
1,618
-1,884
-3,183
-2,057
-3,536
-2,397
-4,659
-591
-912
-720
-1,624
-550
-977
-553
-965
-602
-1,292
11 Change in U . S . government assets, other than official reserve assets, net (increase, - )
-4,644
-3,767
-5,165
-1,427
-1,094
-1,395
-1,485
-1,242
12 Change in U . S . official reserve assets (increase, - )
13
Gold
14
Special drawing rights ( S D R s )
15
Reserve position in International Monetary Fund
16
Foreign currencies
732
-65
1,249
4,231
-4,683
-1,132
-65
-1,136
-189
257
-8,155
0
-16
-1,667
-6,472
-1,109
0
-261
-294
-554
-4,279
0
1,285
-1,240
-4,324
-4,529
0
-1,441
-707
-2,381
-905
0
-23
-780
-102
-4
0
-225
-647
868
17 Change in U . S . private assets abroad (increase, - ) 3
18
Bank-reported claims
19
Nonbank-reported claims
20
U.S. purchase of foreign securities, net
21
U.S. direct investments abroad, net 3
-57,158
-33,667
-3,853
-3,582
-16,056
-57,739
-26,213
-3,026
-4,552
-23,948
-71,456
-46,947
-2,653
-3,310
-18,546
-16,766
-12,440
343
-818
-3,851
-22,622
-13,139
-2,005
-356
-7,122
-16,473
-11,241
-3,192
-488
-1,552
-19,581
-15,627
2,470
1,479
-4,945
-16,758
-14,808
n.a.
-517
-1,433
22 Change in foreign official assets in the United States
(increase, + )
23
U.S. Treasury securities
24
Other U.S. government obligations
25
Other U.S. government liabilities 4
26
Other U.S. liabilities reported by U.S. banks
27
Other foreign official assets 5
33,561
23,555
666
2,359
5,551
1,4530
-13,757
-22,435
463
-133
7,213
1,135
15,492
9,683
2,187
636
-159
3,145
7,686
3,769
549
80
1,823
1,465
7,712
6,911
587
205
-460
469
5,503
7,242
454
-112
-2,910
829
-2,779
-2,069
536
177
-2,070
647
-5,847
-4,632
545
-162
-2,572
974
28 Change in foreign private assets in the United States
(increase, + )3f
29
U.S. bank-reported liabilities
30
U.S. nonbank-reported liabilities
31
Foreign private purchases of U . S . Treasury securities, net
32
Foreign purchases of other U.S. securities, net
33
Foreign direct investments in the United States, net 3 . . . .
30,187
16,141
1,717
2,178
2,254
7,896
52,703
32,607
2,065
4,820
1,334
11,877
34,769
10,743
5,109
2,679
5,384
10,853
3,965
916
373
-254
241
2,689
16,157
7,737
3,228
893
2,240
2,059
1,637
-3,889
-820
1,405
2,454
2,487
15,667
7,916
-293
733
3,472
3,839
20,903
16,720
n.a.
-523
758
3,948
34 Allocation of S D R s
35 Discrepancy
0
11,398
1,139
21,140
1,152
29,640
11,398
21,140
1 Balance on current account
3
4
5
6
7
8
9
10
37
Merchandise trade balance 2
Merchandise exports
Merchandise imports
Military transactions, net
Investment income, n e t 3
Other service transactions, net
Remittances, pensions, and other transfers
U.S. government grants (excluding military)
Statistical discrepancy in recorded data before seasonal
adjustment
0
0
2,676
-3,291
2,736
2,139
1,093
10,901
-340
0
7,941
1,222
0
848
-2,592
29,640
5,967
597
11,241
6,719
3,440
MEMO:
Changes in official assets
U . S . official reserve assets (increase, ~)
Foreign official assets in the United States
(increase, + )
40 Change in Organization of Petroleum Exporting Countries
official assets in the United States (part of line 22
above)
41 Transfers under military grant programs (excluded from
lines 4, 6, and 10 above)
38
39
732
-1,132
-8,155
-1,109
-4,279
-4,529
-905
- 4
31,202
-13,624
14,856
7,606
7,507
5,615
-2,956
-5,685
-1,137
5,543
12,744
4,115
1,024
5,446
2,676
3,028
236
305
635
125
211
192
214
120
1. Seasonal factors are no longer calculated for lines 12 through 41.
2. D a t a are on an international accounts (IA) basis. Differs from the Census
basis data, shown in table 3.11, for reasons of coverage and timing; military exports
are excluded f r o m merchandise data and are included in line 6.
3. Includes reinvested earnings of incorporated affiliates.
4. Primarily associated with military sales contracts and other transactions arranged with or through foreign official agencies.
5. Consists of investments in U.S. corporate stocks and in debt securities of
private corporations and state and local governments.
NOTE. Data are from Bureau of Economic Analysis, Survey of Current
(U.S. Department of Commerce).
Business
Trade and Reserve Assets
3.11
A55
U.S. FOREIGN T R A D E
Millions of dollars; monthly data are seasonally adjusted.
1981
Item
1979
1980
1981
June
1
EXPORTS of domestic and foreign
merchandise excluding grant-aid
shipments
2
G E N E R A L I M P O R T S including merchandise for immediate consumption plus entries into bonded
warehouses
3
Trade balance
181,860
220,626
233,677
19,870
19,264
Aug.
19,050
Sept.
19,655
Oct.
19,044
Nov.
Dec.
19,118
18,821
209,458
244,871
261,305
21,975
19,807
23,528
21,229
23,234
22,522
19,516
-27,598
-24,245
-27,628
-2,105
-542
-4,478
-1,574
-4,190
-3,404
-695
NOTE. The data in this table are reported by the Bureau of Census data on a
free-alongside-ship (f.a.s.) value basis—that is, value at the port of export. Beginning in 1981, foreign trade of the U.S. Virgin Islands is included in the Census
basis trade data; this adjustment has been made for all data shown in the table.
The Census basis data differ from merchandise trade data shown in table 3.10,
U.S. International Transactions Summary, for reasons of coverage and timing. On
the export side, the largest adjustments are: (a) the addition of exports to Canada
not covered in Census statistics, and (b) the exclusion of military sales (which are
combined with other military transactions and reported separately in the "service
3.12
July
account" in table 3.10, line 6). On the import side, additions are made for gold,
ship purchases, imports of electricity from Canada and other transactions; military
payments are excluded and shown separately as indicated above.
SOURCE. FT900 "Summary of U.S. Export and Import Merchandise T r a d e "
(U.S. Department of Commerce, Bureau of the Census).
U.S. RESERVE ASSETS
Millions of dollars, end of period
1981
Type
1978
1979
1980
July
Aug.
Sept.
Oct.
Nov.
Dec/
Jan.
1
Total'
18,650
18,956
26,756
28,870
29,265
29,716
30,248
31,002
30,075
30,098
2
Gold stock, including Exchange Stabilization Fund 1
11,671
11,172
11,160
11,154
11,154
11,152
11,152
11,152
11,151
11,151
3
Special drawing rights 2,3
1,558
2,724
2,610
3,717
3,739
3,896
3,949
4,109
4,095
4,176
4
Reserve position in International Monetary Fund 2
1,047
1,253
2,852
4,157
4,341
4,618
4,736
5,009
5,055
5,237
5
Foreign currencies 4 , 5
4,374
3,807
10,134
9,842
10,031
10,050
10,411
10,732
9,774
9,534
1. Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table
3.22.
2. Beginning July 1974, the IMF adopted a technique for valuing the SDR based
on a weighted average of exchange rates for the currencies of member countries.
From July 1974 through December 1980, 16 currencies were used; from January
1981, 5 currencies have been used. The U.S. SDR holdings and reserve position
in the IMF also are valued on this basis beginning July 1974.
3. Includes allocations by the International Monetary Fund of SDRs as follows:
$867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; $710 million on Jan. 1,
1972; $1,139 million on Jan. 1, 1979; $1,152 million on Jan. 1, 1980; and $1,093
million on Jan. 1, 1981; plus net transactions in SDRs.
4. Beginning November 1978, valued at current market exchange rates.
5. Includes U.S. government securities held under repurchase agreement against
receipt of foreign currencies, if any.
A56
3.13
International Statistics • February 1982
FOREIGN BRANCHES OF U.S. BANKS
Balance Sheet Data
Millions of dollars, end of period
1981
A
1980
1978'
May
June
July
Aug.
Sept.
Oct.
Nov.?
All foreign countries
1 Total, all currencies
2 Claims on United States
3
Parent bank
4
Other
5 Claims on foreigners
6
Other branches of parent bank
7
Banks
8
Public borrowers 2
9
Nonbank foreigners
10 Other assets
11 Total payable in U.S. dollars
12 Claims on United States
13
Parent bank
14
Other
15 Claims on foreigners
16
Other branches of parent bank
17
Banks
18
Public borrowers 2
19
Nonbank foreigners
20 Other assets
306,795
364,409
401,135
417,187
422,946
433,238
433,242
444,654
462,559
17,340
12,811
4,529
32,302
25,929
6,373
28,460
20,202
8,258
38,645
28,012
10,633
35,217
24,311
10,906
43,074
30,994
12,080
41,533
29,782
11,751
450,234
46,369'
32,249'
14,120'
41,554
26,833
14,721
44,612
26,592
18,020
278,135
70,338
103,111
23,737
80,949
317,330
79,662
123,420
26,097
88,151
354,960
77,019
146,448
28,033
103,460
359,531
76,224
148,988
27,806
106,513
368,644
79,814
154,682
27,872
106,276
370,938
82,128
154,760
28,728
105,322
372,378
83,171
152,286
29,270
107,651
384,407'
84,627'
159,637'
29,927'
110,216'
383,463
83,597
156,833
30,211
112,822
397,421
89,244
161,411
30,088
116,678
11,320
14,777
17,715
19,011
19,085
19,226
19,331
19,458
19,637
20,526
224,940
267,713
291,798
312,683
320,308
330,758
328,784
343,067
336,817
348,991
16,382
12,625
3,757
31,171
25,632
5,539
27,191
19,896
7,295
37,403
27,709
9,694
33,963
24,041
9,922
41,873
30,742
11,131
40,250
29,490
10,760
45,116'
31,991
13,125'
40,370
26,639
13,731
43,322
26,399
16,923
203,498
55,408
78,686
19,567
49,837
229,120
61,525
96,261
21,629
49,705
255,391
58,541
117,342
23,491
56,017
264,263
58,711
121,858
23,273
60,421
275,185
62,696
128,048
23,554
60,887
277,354
64,725
127,469
24,333
60,827
276,935
65,477
124,504
24,410
62,544
286,367'
66,279'
131,524'
24,709
63,855
284,590
65,859
127,944
25,199
65,588
293,591
69,917
131,478
25,182
67,014
5,060
7,422
9,216
11,017
11,160
11,531
11,599
11,584
11,857
12,078
United Kingdom
21 Total, all currencies
22 Claims on United States
23
Parent bank
24
Other
25 Claims on foreigners
26
Other branches of parent bank
27
Banks
28
Public borrowers 2
29
Nonbank foreigners
30 Other assets
31 Total payable in U.S. dollars
32 Claims on United States
33
Parent bank
34
Other
35 Claims on foreigners
36
Other branches of parent bank
37
Banks
38
Public borrowers 2
39
Nonbank foreigners
40 Other assets
106,593
130,873
144,717
146,640
149,704
148,774
150,161
154,096
153,615
161,494
5,370
4,448
922
11,117
9,338
1,779
7,509
5,275
2,234
10,382
7,666
2,716
9,650
7,098
2,552
9,130
6.167
2.963
9,995
7,189
2,806
11,167
7,842
3,325
9,668
6,351
3,317
9,315
5,163
4,152
98,137
27,830
45,013
4,522
20,772
115,123
34,291
51.343
4,919
24.570
131,142
34,760
58,741
6,688
30,953
130,200
34,834
57,611
6,720
31,035
134,092
35,914
60,261
6,811
31,106
133,626
37,035
59,639
6,822
30,130
134,034
38,035
58,362
6,665
30,972
137,879
38,799
59,307
7,305
32,468
145,847
41,467
63,044
7,463
33,873
137,056
39,117'
58,986'
7,112
31,841
3,086
4,633
6,066
6,058
5,962
6,018
6,132
5,873
6,068
6,332
75,860
94,287
99,699
104,959
108,854
107,961
109,008
113,014
112,064
117,454
5,113
4,386
727
10,746
9.297
1,449
7,116
5,229
1,887
9,932
7,611
2,321
9,160
7,059
2,101
8,628
6,110
2,518
9,552
7.128
2.424
10,703
7,779
2,924
9,201
6,299
2,902
8,811
5,111
3,700
69,416
22,838
31,482
3,317
11,779
81,294
28,928
36,760
3,319
12,287
89,723
28,268
42,073
4,911
14,471
91,632
28,527
42,786
4,967
15,352
96,230
29,725
45.631
5,123
15,751
95,832
30,789
44,488
5,176
15,379
95.887
31.710
42,957
5,006
16,214
98,611
32,845'
43,605'
5,281
16,880
98,934
32,698
43,345
5,485
17,406
104,734
34,898
46,463
5,500
17,873
1,331
2,247
2.860
3,395
3.464
3,501
3,569
3,700
3,929
3,909
147,904
Bahamas and Caymans
41 Total, all currencies
42 Claims on United States
43
Parent bank
44
Other
45 Claims on foreigners
46
Other branches of parent bank
47
Banks
48
Public borrowers 2
49
Nonbank foreigners
50 Other assets
51 Total payable in U.S. dollars
91,735
108,977
123,837
133,594
135,081
145,290
142,087
142,687
148,557
9,635
6,429
3,206
19,124
15,196
3,928
17,751
12,631
5,120
24,531
17.511
7.020
21,812
14,477
7,335
29,808
21,654
8,154
27,131
19,303
7,828
29,896'
20,372
9,524'
26,741
16,717
10,024
29,908
17,665
12,243
79,774
12,904
33,677
11,514
21,679
86,718
9,689
43,189
12,905
20,935
101,926
13,342
54,861
12,577
21,146
104,197
12,235
57,073
12,169
22,720
108,477
13.569
59,705
12,038
23,165
110,584
13,788
60,748
12,471
23,577
109,888
13,909
59,316
12,610
24,053
113,048'
13,174
62,946'
12,431
24,497
110.781
13,066
60,220
12.637
24,858
113,487
13,983
61,337
12,730
25,437
2,326
3,135
4,160
4,866
4,792
4,898
5,068
4,960
5,165
5,162
85,417
102,368
117,654
127,969
129,438
139,514
136,054
142,053
136,854
142,632
1. In May 1978 the exemption level for branches required to report was increased,
which reduced the number of reporting branches.
2. in May 1978 a broader category of claims on foreign public borrowers, in-
eluding corporations that are majority owned by foreign governments, replaced
the previous, more narrowly defined claims on foreign official institutions.
Overseas Branches
3.13
A57
Continued
1981
T ' h'l't
rt
nt
1978'
1979
1980
May
June
July
Aug.
Sept.
Oct.
NOV.P
All foreign countries
5 2 T o t a l , all c u r r e n c i e s
53 T o United States
54
Parent bank
55
O t h e r b a n k s in U n i t e d S t a t e s
56
Nonbanks
57 T o foreigners
58
O t h e r b r a n c h e s of p a r e n t b a n k
59
Banks
60
Official institutions
61
N o n b a n k foreigners
62 O t h e r liabilities
63 Total payable in U.S. dollars
64 T o United States
65
Parent bank
66
O t h e r b a n k s in U n i t e d S t a t e s
67
Nonbanks
68 T o foreigners
69
O t h e r b r a n c h e s of p a r e n t b a n k
70
Banks
71
Official institutions
72
Nonbank foreigners
73 O t h e r liabilities
306,795
364,409
401,135
417,187
422,946
433,238
433,242
450,234
444,654
462,559
58,012
28,654
12,169
17,189
66,689
24,533
13,968
28,188
91,079
39,286
14,473
37,275
105,343
41,039
16,301
48,003
109,322
44,327
16,136
48,859
118,093
43,069
17,578
57,446
116,190
44,010
15,686
56,494
124,096R
48,592'
17,657R
57,847R
120,039
45,909
16,436
57,694
128,124
49,428
17,110
61,586
238,912
67,496
97,711
31,936
41,769
283,510
77,640
122,922
35,668
47,280
295,411
75,773
132,116
32,473
55,049
296,462
75,815
133,707
27,479
59,461
298,169
79,033
131,854
26,316
60,966
299,240
81,387
129,290
25,682
62,881
300,081
80,991
125,563
28,209
65,318
306,785'
83,336R
127,794'
28,715R
66,940
305,040
82,038
128,536
27,685
66,781
315,349
87,543
132,012
24,541
71,253
9,871
14,210
14,690
15,382
15,455
15,905
16,971
19,575
19,086
230,810
273,857
303,281
324,479
332,284
343,947
341,596
355,030r
349,602
360,928
55,811
27,519
11,915
16,377
64,530
23,403
13,771
27,356
88,157
37,528
14,203
36,426
102,971
39,604
16,175
47,192
106,740
42,822
15,945
47,973
115,481
41,620
17,391
56,470
113,526
42,481
15,529
55,516
121,13C
46,766
17,479R
56,885'
117,362
44,170
16,285
56,907
125,144
47,482
17,011
60,651
169,927
53,396
63,000
26,404
27,127
201,514
60,551
80,691
29,048
31,224
206,883
58,172
87,497
24,697
36,517
211,915
59,108
89,875
21,355
41,577
215,931
62,292
89,909
20,853
42,877
218,178
64,884
88,554
20,108
44,632
217,239
64,338
83,842
22,056
47,003
221,090'
66,256R
84,670'
22,836R
47,328
219,818
65,160
84,552
21,948
48,158
224,278
69,542
84,691
18,911
51,134
5,072
7,813
8,241
9,593
9,613
10,288
10,831
12,810
12,422
11,506
154,096
19,353
United Kingdom
7 4 T o t a l , all c u r r e n c i e s
75 T o U n i t e d States
76
Parent bank
77
O t h e r b a n k s in U n i t e d S t a t e s
Nonbanks
78
79 T o foreigners
80
O t h e r b r a n c h e s of p a r e n t b a n k
81
Banks
82
Official institutions
Nonbank foreigners
83
84 O t h e r liabilities
85 Total p a y a b l e in U . S . dollars
86 T o United States
87
Parent bank
88
O t h e r b a n k s in U n i t e d S t a t e s
89
Nonbanks
90 T o foreigners
91
O t h e r b r a n c h e s of p a r e n t b a n k
92
Banks
93
Official institutions
94
Nonbank foreigners
95 O t h e r liabilities
106,593
130,873
144,717
146,640
149,704
148,774
150,161
153,615
161,494
9,730
1,887
4,189
3,654
20,986
3,104
7,693
10,189
21,785
4,225
5,716
11,844
26,688
4,376
5,973
16,339
29,598
4,371
6,172
19,055
30,383
4,138
5,864
20,381
31,408
4,189
5,646
21,573
34,143R
5,370
6,396R
22,377R
32,960
3,542
6,054
23,364
36,315
4,044
7,102
25,169
93,202
12,786
39,917
20,963
19,536
104,032
12,567
47,620
24,202
19,643
117,438
15,384
56,262
21,412
24,380
114,655
14,169
56,209
18,508
25,769
115,099
14,996
55,923
17,197
26,983
113,560
15,103
54,351
16,352
27,754
113,191
15,255
51,532
17,866
28,538
113,862R
15,121R
51,830
18,687
28,224
114,415
15,544
53,634
17,442
27,795
118,361
16,050
56,239
15,089
30,983
3,661
5,855
5,494
5,297
5,007
4,831
5,562
6,091
6,240
6,818
77,030
95,449
103,440
109,209
113,427
113,247
114,191
117,920
117,346
122,362
9,328
1.836
4,101
3,391
20,552
3,054
7,651
9,847
21,080
4,078
5,626
11,376
26,221
4,306
5,919
15,996
28,858
4,277
6,094
18,487
29,606
4,054
5,768
19,784
30,661
4,132
5,594
20,935
33,464R
5,309
6,317R
21,838'
32,408
3,484
5,976
22,948
35,705
3,955
7,061
24,689
66,216
9.635
25,287
17,091
14,203
72,397
8,446
29,424
20,192
14,335
79,636
10,474
35,388
17,024
16,750
79,713
9,327
35,870
14,851
19,665
81,544
10,289
36,701
14,000
20,554
80,400
10,566
35,789
13,133
20,912
79,988
10,943
32,914
14,244
21,887
80,638R
10,747R
33,010
15,514
21,367
81,260
11,121
34,312
14,415
21,412
82,757
11,448
35,141
12,133
24,035
1,486
2,500
2,724
3,275
3,025
3,241
3,542
3,818
3,678
3,900
147,904
142,687
148,557
75,991
33,387
9,321
33,283
80,161
36,066
8,971
35,124
672,795
20,521
25,396
4,078
12,800
64,462
23,307
24,712
3,381
13,062
Bahamas and
Caymans
91,735
108,977
123,837
133,594
135,081
145,290
142,087
97 T o U n i t e d States
98
Parent bank
99
O t h e r b a n k s in U n i t e d S t a t e s
Nonbanks
100
39,431
20,482
6,073
12,876
37,719
15,267
5,204
17,248
59,666
28,181
7,379
24,106
69,048
29,583
9,279
30,168
69,407
32,160
8,822
28,425
77,197
31,034
10,517
35,646
73,924
31,265
8,938
33,721
77,533
33,282
9,964R
34,287R
101 T o f o r e i g n e r s
O t h e r t r a n c h e s of p a r e n t b a n k
102
103
Banks
104
Official institutions
Nonbank foreigners
105
50,447
16,094
23,104
4,208
7,041
68,598
20,875
33,631
4,866
9,226
61,218
17,040
29,895
4,361
9,922
61,170
17,950
28,846
3,666
10,708
62,470
19,484
28,326
3,685
10,975
64,491
20,989
28,056
3,934
11,512
64,565
20,315
27,538
4,605
12,107
66,627
22,393
27,983
4,028
12,223
9 6 T o t a l , all c u r r e n c i e s
106 O t h e r liabilities
107 Total payable in U . S . dollars
1,857
2,660
2,953
3,376
3,204
3,602
3,598
3,744
3,901
3,934
87,014
103,460
119,657
129,811
131,120
141,241
137,754
143,507
138,094
144,034
A58
3.14
International Statistics • February 1982
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1981
Item
1978
1979
1980
May
1 Total1
2
3
4
5
6
7
8
9
10
11
12
July
Aug.
Sept.
Oct.?
Nov.?
162,775
By area
Western Europe 1
Canada
Latin America and Caribbean
Africa
Other countries 6
149,697
164,576
165,414
167,069
166,986
162,391
161,586
159,796
164,418
23,326
67,671
30,540
47,666
30,381
56,243
23,575
57,858
25,234
57,719
25,937
55,659
22,934
52,924
22,865
50,179
20,928
48,867
23,189
49,644
35,894
20,970
14,914
37,590
17,387
16,514
41,455
14,654
21,843
45,625
13,202
24,062
46,605
12,802
24,309
47,402
12,402
25,186
48,934
12,402
25,197
50,311
12,402
25,829
51,943
12,191
25,867
54,066
11,791
25,728
93,089
2,486
5,046
59,004
2,408
742
By type
Liabilities reported by banks in the United States 2 .
U.S. Treasury bills and certificates 3
U.S. Treasury bonds and notes
Marketable
Nonmarketable 4
U.S. securities other than U.S. Treasury securities 5
85,633
1,898
6,291
52,978
2,412
485
81,592
1,562
5,688
70,782
4,123
829
71,467
1,365
5,526
81,014
3,927
2,116
71,130
1,248
6,103
83,124
3,190
2,275
70,557
664
5,584
85,845
2,645
1,691
65,960
1,603
5,968
84,641
2,840
1,379
64,409
1,366
5,429
87,331
2,090
961
61,086
1,073
5,088
89,188
2,149
1,212
62,971
2,248
5,008
91,314
1,792
1,085
1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial
paper, negotiable time certificates of deposit, and borrowings under repurchase
agreements.
3. Includes nonmarketable certificates of indebtedness (including those payable
in foreign currencies through 1974) and Treasury bills issued to official institutions
of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes bonds
and notes payable in foreign currencies.
3.15
June
5. Debt securities of U.S. government corporations and federally sponsored
agencies, and U.S. corporate stocks and bonds.
6. Includes countries in Oceania and Eastern Europe.
NOTE. Based on Treasury Department data and on data reported to the Treasury
Department by banks (including Federal Reserve Banks) and securities dealers in
the United States.
LIABILITIES TO A N D CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in Foreign Currencies
Millions of dollars, end of period
1980
Item
1977
1978
Dec.
1 Banks' own liabilities
2 Banks' own claims 1
3
Deposits
4
Other claims
5
925
2,356
941
1,415
1. Includes claims of banks' domestic customers through March 1978.
2. Assets owned by customers of the reporting bank located in the United States
that represent claims on foreigners held by reporting banks for the accounts of
their domestic customers.
2,406
3,671
1,795
1,876
358
1981
1979
1,918
2,419
994
1,425
580
3,748
4,206
2,507
1,699
962
Mar.
3,298
4,257
1,779
2,478
444
June
3,031
3,673
2,052
1,621
347
Sept.
2,870
4,132
2,423
1,709
247
NOTE. Data on claims exclude foreign currencies held by U.S. monetary authorities.
Nonbank-Reported
3.16
LIABILITIES TO FOREIGNERS
Payable in U.S. dollars
Data
A59
Reported by Banks in the United States
Millions of dollars, end of period
1981
Holder and type of liability
1978
1979
1980
May
187,521
205,295
213,487
208,799
Aug.
Sept.
213,677
208,044
216,113
197,963
206,908
142,213
23,592
17,313
13,608
87,699
123,507
19,061
17,465
11,225
75,757
131,206
21,118
18,135
14,051
77,901
July
Oct.
Nov.''
1
All foreigners
2
3
4
5
6
Banks' own liabilities
Demand deposits
Time deposits 1
Other 2
Own foreign offices 3
78,661
19,218
12,427
9,705
37,311
117,196
23,303
13,623
16,453
63,817
124,789
23,462
15,076
17,581
68,670
132,167
22,193
16,059
12,359
81,556
127,947
23,174
16,641
14,090
74,042
131,903
21,401
16,457
13,327
80,717
130,980
22,072
17,250
11,242
80,416
7
8
9
Banks' custody liabilities 4
U.S. Treasury bills and certificates 5
Other negotiable and readily transferable instruments 6
Other
88,181
68,202
70,325
48,573
80,506
57,595
81,320
59,597
80,852
59,745
81,774
57,550
77,065
54,846
73,900
52,368
74,456
51,281
75,703
52,004
17,472
2,507
19,396
2,356
20,079
2,832
17,392
4,331
17,023
4,084
17,865
6,359
17,999
4,220
17,295
4,238
18,257
4,919
18,256
5,442
2,607
2,356
2,342
1,813
1,777
1,798
1,650
1,826
1,981
2,317
906
330
84
492
714
260
151
303
442
146
85
211
509
147
80
281
357
224
75
58
363
222
75
65
436
233
59
145
398
249
60
89
303
185
58
60
555
388
74
93
1,701
201
1,643
102
1,900
254
1,304
213
1,420
289
1,435
247
1,214
84
1,428
96
1,678
184
1,762
142
1,499
1
1,538
2
1,646
0
1,091
0
1,132
0
1,188
0
1,130
0
1,332
0
1,494
0
1,621
0
10
166,842
June
11
Nonmonetary international and regional
organizations7
12
13
14
15
Banks' own liabilities
Demand deposits
Time deposits 1
Other 2
16
17
18
19
Banks' custody liabilities 4
U.S. Treasury bills and certificates
Other negotiable and readily transferable Instruments 6
Other
20
Official institutions8
90,742
78,206
86,624
81,434
82,953
81,596
75,858
73,044
69,796
72,833
21
22
23
24
Banks' own liabilities
Demand deposits
Time deposits 1
Other 2
12,165
3,390
2,560
6,215
18,292
4,671
3,050
10,571
17,826
3,771
3,612
10,443
13,478
3,444
2,654
7,381
15,815
3,975
2,563
9,277
14,460
3,134
2,090
9,236
13,482
3,714
2,021
7,747
13,951
2,697
1,981
9,273
11,869
2,668
1,692
7,509
13,978
2,459
1,854
9,665
25
26
27
78,577
67,415
59,914
47,666
68,798
56,243
67,955
57,858
67,138
57,719
67,136
55,659
62,376
52,921
59,093
50,179
57,927
48,867
58,856
49,644
28
Banks' custody liabilities 4
U.S. Treasury bills and certificates 5
Other negotiable and readily transferable
instruments 6
Other
10,992
170
12,196
52
12,501
54
10,014
83
9,346
73
9,396
2,081
9,400
55
8,659
255
9,013
46
9,161
51
29
Banks 9
57,423
88,316
96,415
108,542
101,464
107,806
107,448
117,630
102,232
107,273
30
31
32
33
34
Banks' own liabilities
Unaffiliated foreign banks
Demand deposits
Time deposits 1
Other 2
52,626
15,315
11,257
1,429
2,629
83,299
19,482
13,285
1,667
4,530
90,456
21,786
14,188
1,703
5,895
100,442
18,886
13,394
1,685
3,808
93,250
19,208
13,628
1,728
3,852
98,886
18,168
12,929
1,573
3,666
98,350
17,933
13,255
1,686
2,993
108,618
20,919
15,199
1,880
3,840
92,032
16,275
11,346
1,631
3,298
96,442
18,541
12,910
1,955
3,676
37,311
63,817
68,670
81,556
74,042
80,717
80,416
87,699
75,757
77,901
4,797
300
5,017
422
5,959
623
8,100
945
8,214
1,170
8,921
1,069
9,099
1,217
9,01230
1,439
10,200
1,574
10,831
1,584
2,425
2,072
2,415
2,179
2,748
2,588
3,053
4,102
3,178
3,866
3,732
4,119
4,019
3,862
3,889
3,684
4,091
4,535
4,169
5,078
35
Own foreign offices 3
39
Banks' custody liabilities 4
U.S. Treasury bills and certificates
Other negotiable and readily transferable
instruments 6
Other
36
37
38
40
Other foreigners
16,070
18,642
19,914
21,698
22,605
22,477
23,088
23,613
23,955
24,485
41
42
43
44
Banks' own liabilities
Demand deposits
Time deposits
Other 2
12,964
4,242
8,353
368
14,891
5,087
8,755
1,048
16,065
5,356
9,676
1,033
17,737
5,209
10,995
889
18,525
5,346
12,275
903
18,195
5,116
12,719
360
18,712
4,871
13,483
358
19,246
5,447
13,393
406
19,303
4,862
14,084
358
20,231
5,361
14,252
618
45
46
47
Banks' custody liabilities 4
U.S. Treasury bills and certificates
Other negotiable and readily transferable instruments 6
Other
3,106
285
3,751
382
3,849
474
3,961
581
4,080
568
4,283
575
4,376
624
4,367
654
4,652
656
4,253
634
2,557
264
3,247
123
3,185
190
3,235
145
3,367
144
3,548
159
3,450
302
3,414
300
3,659
337
3,306
313
11,007
10,984
10,745
9,653
10,176
10,091
9,961
9,459
9,424
9,975
48
49
MEMO: Negotiable time certificates of
deposit in custody for foreigners
1. Excludes negotiable time certificates of deposit, which are included in "Other
negotiable and readily transferable instruments." Data for time deposits before
April 1978 represent short-term only.
2. Includes borrowing under repurchase agreements.
3. U.S. banks: includes amounts due to own foreign branches and foreign subsidiaries consolidated in "Consolidated Report of Condition" filed with bank regulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign
banks: principally amounts due to head office or parent foreign bank, and foreign
branches, agencies or wholly owned subsidiaries of head office or parent foreign
bank.
4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks.
5. Includes nonmarketable certificates of indebtedness and Treasury bills issued
to official institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, and negotiable time certificates of deposit.
7. Principally the International Bank for Reconstruction and Development, and
the Inter-American and Asian Development Banks.
8. Foreign central banks and foreign central governments and the Bank for
International Settlements.
9. Excludes central banks, which are included in "Official institutions."
A60
3.16
International Statistics • February 1982
Continued
1981
Area and country
1978
1979
1980
May
June
July
Aug.
Sept.
Oct.
Nov. p
1 Total
166,842
187,521
205,295
213,487
208,799
213,677
208,044
216,113
197,963
206,908
2 Foreign countries
164,235
185,164
202,953
211,674
207,022
211,880
206,394
214,287
195,983
204,591
85,172
513
2,550
1,946
346
9,214
17,283
826
7,739
2,402
1,271
330
870
3,121
18,225
157
14,272
254
3,440
82
330
90,952
413
2,375
1,092
398
10,433
12,935
635
7,782
2,337
1,267
557
1,259
2,005
17,954
120
24,700
266
4,070
52
302
90,897
523
4,019
497
455
12,125
9,973
670
7,572
2,441
1,344
374
1,500
1,737
16,689
242
22,680
681
6,939
68
370
87,209
493
5,469
526
280
11,367
9,472
513
3,014
2,176
1,648
336
1,678
2,501
15,810
182
25,485
270
5,616
85
288
86,789
540
5,056
415
305
11,515
9,631
507
4,620
2,133
1,743
454
1,199
2,180
15,844
194
24,428
312
5,323
41
351
85,418
610
4,759
430
294
11,058
9,072
533
6,134
1,792
1,289
448
1,329
1,864
16,320
356
23.220
408
5,177
46
280
81,547
612
4,240
239
220
9,235
7,301
492
6,374
1,751
1,228
460
1,409
1,667
16,426
208
24,194
343
4,804
34
310
85,087
590
4,852
163
198
7,637
8,410
578
6,264
2,240
1,008
486
1,189
2,102
16,983
234
26,335
366
5,010
28
414
77,665
583
3,644
232
187
7,125
6,555
496
5,687
2,173
1,449
424
975
1,609
17,116
252
23,985
265
4,472
42
396
82,275
596
3,989
306
196
7,385
7,211
428
5,656
2,351
1,642
358
954
1,508
18,949
197
24,258
380
5,354
72
486
3 Europe
4
Austria
Belgium-Luxembourg
6
Denmark
7
Finland
France
8
9
Germany
1U Greece
11
Italy
12
Netherlands
Norway
13
14
Portugal
15
Spain
16
Sweden
17
Switzerland
Turkey
18
United Kingdom
iy
2U
Yugoslavia
21
Other Western Europe 1
22
U.S.S.R
23
Other Eastern Europe 2
24 Canada
6,969
7,379
10,031
11,222
10,208
9,249
9,871
10,119
8,934
10,091
25 Latin America and Caribbean
2b
Argentina
27
Bahamas
28
Bermuda
2y
Brazil
30
British West Indies
Chile
31
32
Colombia
33
Cuba
34
Ecuador
Guatemala 3
35
36
Jamaica 3
37
Mexico
38
Netherlands Antilles
3y
Panama
40
Peru
41
Uruguay
42
Venezuela
Other Latin America and Caribbean
43
31,638
1,484
6,752
428
1,125
5,974
398
1,756
13
322
416
52
3.467
308
2,967
363
231
3,821
1,760
49,686
1,582
15,255
430
1,005
11,138
468
2,617
13
425
414
76
4,185
499
4,483
383
202
4,192
2,318
53,170
2,132
16,381
670
1,216
12,766
460
3,077
6
371
367
97
4,547
413
4,718
403
254
3,170
2,123
60,096
1,800
20,154
802
1,347
14,892
526
2,828
7
391
413
132
4,948
438
4,847
334
334
3,924
1,979
56,156
1,991
17,760
698
1,412
12,834
508
2,827
7
463
399
80
5,351
495
4,615
450
322
3,548
2,398
63,979
1,980
24,476
646
1,145
14,024
566
2,784
7
392
412
122
5,532
487
5,004
363
243
3,671
2,125
63,791
2,043
24,209
700
1,282
13,239
538
2.708
7
355
399
290
6,352
692
4.619
398
266
3,621
2,073
66,363
1,979
25,168
806
1,301
14,456
491
2,527
8
394
476
92
6,021
697
4,964
380
259
3,982
2,362
58,582
1,929
20,206
721
1,265
10,472
538
2,759
6
403
419
147
5,717
2,771
4,599
369
249
4,044
1,969
59,923
2,012
21,584
624
1,282
9,489
504
2,775
7
516
444
96
6,031
2,896
4,904
473
266
3,971
2,049
44 Asia
36,492
33,005
42.420
46,156
47,279
48,073
46,192
48,722
46,844
48,631
45
4b
47
48
4y
50
51
52
53
54
55
56
67
502
1,256
790
449
688
21,927
795
644
427
7,534
1,414
49
1,393
1,672
527
504
707
8,907
993
795
277
15,300
1,879
49
1,662
2,548
4)6
730
883
16,281
1,528
919
464
14,453
2,487
54
1,781
3,001
458
707
404
19,803
1,397
802
338
14,728
2,684
102
1,936
3,151
408
582
478
19,563
1,330
1,049
422
15,129
3,129
84
2,005
3,446
394
1,309
387
19,475
1,252
992
436
14,909
3,385
74
2,177
3,956
455
732
482
19,757
1,319
868
371
12,396
3,607
76
2,188
4,062
491
809
412
20,747
1,434
832
392
13,293
3,985
85
2,182
4,158
433
1,269
418
20,204
1,291
691
274
12,196
3,643
200
2,140
4,090
511
985
475
19,987
1,322
736
409
13,603
4,172
57 Africa
58
Egypt
Morocco
5y
South Africa
60
61
Zaire
62
Oil-exporting countries 5
63
Other Africa
2,886
404
32
168
43
1,525
715
3,239
475
33
184
110
1,635
804
5,187
485
33
288
57
3,540
783
4,513
308
54
360
24
3,004
764
3,907
289
41
253
181
2,388
755
3,173
293
77
257
84
1,715
747
3.201
355
59
296
41
1,703
746
2,561
433
43
244
76
1,040
725
2,535
343
28
282
44
1,165
672
2,381
328
37
202
56
830
929
64 Other countries
65
Australia
All other
66
1,076
838
904
684
211
1,247
950
226
2,477
2,276
2,683
2,398
1,987
1.770
1,792
1,568
1,434
1,174
1,423
1,212
1,291
1,065
2.607
1,485
808
314
2,356
1,238
806
313
2,342
1,156
890
296
1,813
781
729
303
1.777
747
722
307
1,798
699
765
333
1,650
524
747
379
1,826
631
750
445
1,981
945
724
312
2,317
1,128
797
391
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle-East oil-exporting countries 4
Other Asia
67 Nonmonetary international and reeional
organizations
International
Latin American regional
Other regional 6
68
by
/0
1. Includes the Bank for International Settlements. Beginning April 1978, also
includes Eastern European countries not listed in line 23.
2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German Democratic Republic, Hungary, Poland, and Romania.
3. Included in "Other Latin America and Caribbean" through March 1978.
4. Comprises Bahrain, Iran. Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.
6. Asian, African. Middle Eastern, and European regional organizations, except
the Bank for International Settlements, which is included in "Other Western
Europe."
Nonbank-Reported
3.17
Data
A61
BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
1981
Area and country
1978
1980
1979
May
June
Aug.
July
Sept.
Nov.P
Oct.
1 Total
115,545
133,943
172,592
187,139
197,312
196,860
198,878
210,086
196,428
207,909
2 Foreign countries
115,488
133,906
172,514
187,092
197,264
196,800
198,827
210,031
196,385
207,869
24,201
140
1,200
254
305
3,735
845
164
1,523
677
299
171
1,120
537
1,283
300
10,147
363
122
360
657
28,388
284
1,339
147
202
3,322
1,179
154
1,631
514
276
330
1,051
542
1,165
149
13,795
611
175
268
1,254
32,108
236
1,621
127
460
2,958
948
256
3,364
575
227
331
993
783
1,446
145
14,917
853
179
281
1,410
34,463
149
2,012
162
299
3,164
1,140
242
2,981
604
173
263
1,720
996
1,708
172
15,835
904
147
254
1,539
37,338
166
2,796
125
365
3,209
1,099
249
3,879
627
172
353
1,769
794
1,690
147
16,675
988
182
302
1,752
35,198
157
2,087
132
343
2,861
1,259
292
3,923
497
167
389
1,726
730
1,871
137
15,454
992
160
245
1,776
35,065
185
2,373
166
352
3,074
1,144
214
3,997
581
249
350
1,801
672
1,708
159
14,832
948
200
252
1,809
40.876
436
2,625
158
346
3,351
1,267
287
4,016
569
300
328
1,711
930
1,948
144
19,380
932
185
232
1,733
34,256
138
1,755
186
397
2,563
841
235
4,322
564
230
353
1,627
871
1.471
153
15,638
954
148
203
1,608
39,253
179
2,023
207
516
3,252
969
255
4,559
567
281
390
1,693
1,333
1,961
144
17,855
1,016
197
248
1.606
3 Europe
4
Austria
5
Belgium-Luxembourg
6
Denmark
Finland
1
8
France
9
Germany
10
Greece
11
Italy
12
Netherlands
13
Norway
14
Portugal
15
Spain
16
Sweden
17
Switzerland
18
Turkey
19
United Kingdom
20
Yugoslavia
21
Other Western Europe 1
22
U.S.S.R
23
Other Eastern Europe 2
24 Canada
5,152
4,143
4,810
6,068
7,024
7,661
6,353
7,962
7,342
6,922
25 Latin America and Caribbean
26
Argentina
27
Bahamas
28
Bermuda
29
Brazil
30
British West Indies
31
Chile
32
Colombia
33
Cuba
34
Ecuador
35
Guatemala 3
.36 Jamaica 3
Mexico
37
38
Netherlands Antilles
39
Panama
40
Peru
41
Uruguay
42
Venezuela
43
Other Latin America and Caribbean
57,565
2,281
21,555
184
6,251
9,694
970
1,012
0
705
94
40
5,479
273
3,098
918
52
3,474
1,485
67,993
4,389
18,918
496
7,713
9,818
1,441
1,614
4
1,025
134
47
9,099
248
6,041
652
105
4,657
1.593
92,992
5,689
29,419
218
10,496
15,663
1,951
1.752
3
1,190
137
36
12,595
821
4,974
890
137
5,438
1,583
99,964
5,659
33,285
481
9,927
17,312
2,019
1,580
3
1,239
104
35
13,351
756
6,054
871
100
5,438
1,751
103,375
5,822
34,753
404
10,014
18,313
2,074
1,533
3
1,285
104
38
14,066
874
6,210
818
94
5,295
1,675
105,302
5,742
35,552
411
9,781
18,001
2,203
1,480
7
1,307
95
39
15,560
933
6,029
803
102
5.436
1,821
108,706
5,702
36,684
340
10,214
17,846
2,321
1,429
14
1,318
115
40
17,391
894
6.167
796
107
5,529
1,800
111,561
5,771
38,023
490
9.861
19,006
2,514
1,487
3
1,298
119
68
17,245
869
6,667
788
142
5,325
1,885
107,799
5,885
36,626
335
10,374
17,086
2,567
1,529
4
1,282
126
39
17,148
928
5,791
795
166
5.272
1,846
112,865
6,044
39,386
255
10,823
17,745
2,643
1,601
6
1,328
123
45
18,498
946
5,645
705
148
5,129
1,794
44 Asia
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle East oil-exporting countries 4
Other Asia
25,362
30,730
39,078
43,020
46,027
44,999
44,934
45,564
43,134
44,912
4
1,499
1,479
54
143
888
12,646
2,282
680
758
3,125
1,804
35
1,821
1,804
92
131
990
16,911
3,793
737
933
1,548
1,934
195
2,469
2.247
142
245
1,172
21.361
5,697
989
876
1,432
2,252
204
2,414
2,898
170
268
1,186
24,195
6,023
1,024
698
1,474
2,465
205
2,471
3,328
132
257
1,309
25,995
6,678
1,192
661
1,617
2,181
188
2.380
3,208
106
271
1,178
25,954
6,426
1,194
546
1,288
2,261
186
2,543
3,347
135
254
1,108
25,352
6,479
1,402
527
1.473
2,129
153
2,476
3,716
144
363
1,086
25,300
6,486
1,530
549
1,394
2,367
148
2,359
3,775
176
267
1,200
22,746
6,555
1,448
559
1.381
2,520
210
2,262
3,921
179
329
1,325
23,785
6,671
1,621
546
1,569
2,495
2,221
107
82
860
164
452
556
1,797
114
103
445
144
391
600
2,377
151
223
370
94
805
734
2,536
126
87
668
98
805
752
2,422
155
71
658
98
672
769
2,518
128
88
688
100
726
789
2,715
148
204
787
87
713
777
2,957
145
273
917
102
689
831
2,795
147
269
852
98
534
896
2,803
137
243
904
100
531
888
988
877
111
855
673
182
1,150
859
290
1,040
898
142
1,078
939
139
1,121
988
133
1,054
952
102
1,110
959
152
1,059
962
97
1,114
989
125
56
36
78
47
48
60
51
55
43
40
45
46
47
48
49
50
51
52
53
54
55
56
57 Africa
58
Egypt
59
Morocco
60
South Africa
61
Zaire
62
Oil-exporting countries 5
63
Other
64 Other countries
65
Australia
66
All other
67 Nonmonetary international and regional
organizations 6
1. Includes the Bank for International Settlements. Beginning April 1978, also
includes Eastern European countries not listed in line 23.
2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German Democratic Republic, Hungary, Poland, and Romania.
3. Included in "Other Latin America and Caribbean" through March 1978.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.
6. Excludes the Bank for International Settlements, which is included in "Other
Western Europe."
NOTE. Data for period prior to April 1978 include claims of banks' domestic
customers on foreigners.
A62
3.18
International Statistics • February 1982
BANKS' OWN A N D DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the
United States
Payable in U.S. Dollars
Millions of dollars, end of period
1981
Type of claim
1978
1979
1980
May
June
July
Aug.
Sept.
1 Total
126,787
154,030
198,698
2
3
4
5
6
7
8
115,545
10,346
41,605
40,483
5,428
35,054
23,111
133,943
15,937
47,428
40,927
6,274
34,654
29,650
172,592
20,882
65,084
50,168
8,254
41,914
36,459
11,243
480
5,396
5,366
20,088
955
13,100
6,032
26,106
885
15,574
9,648
33,764
743
23,514
9,507
18,021
22,714
27,457
22,042
24,100
196,428
25,435
78,855
54,749
12,273
42,477
37,390
207,909
26,313
84,835
57,605
12,783
44,822
39,157
27,628
13,558
Nov.P
35,556
992
25,191
9,373
15,030
Oct.
Banks' own claims on foreigners
Foreign public borrowers
Own foreign offices 1
Unaffiliated foreign banks
Deposits
Other
All other foreigners
11 Negotiable and readily transferable instruments 3 . . .
Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United
States 5
34,883
245,642
197,312
22,825
80,228
55,212
11,342
43,870
39,047
196.860
24,020
80,673
54,204
11,278
42,926
37,963
33,102
210,086
25,021
88,214
58,469
12,685
45,784
38,382
198,878
24,414
80,373
55,364
11,678
43,686
38,727
37,354
34,175
36,038
39,519
n.a.
4. Data for March 1978 and for period before that are outstanding collections
only.
5. Includes demand and time deposits and negotiable and nonnegotiable certificates of deposit denominated in U.S. dollars issued by banks abroad. For description of changes in data reported by nonbanks, see July 1979 BULLETIN, p. 550.
1. U.S. banks: includes amounts due from own foreign branches and foreign
subsidiaries consolidated in "Consolidated Report of Condition" filed with bank
regulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign
banks: principally amounts due from head office or parent foreign bank, and foreign
branches, agencies, or wholly owned subsidiaries of head office or parent foreign
bank.
2. Assets owned by customers of the reporting bank located in the United States
that represent claims on foreigners held by reporting banks for the account of their
domestic customers.
3. Principally negotiable time certificates of deposit and bankers acceptances.
3.19
231,076
187,139
21,541
75,441
52,236
10,743
41,493
37,921
NOTE. Beginning April 1978, data for banks' own claims are given on a monthly
basis, but the data for claims of banks' own domestic customers are available on
a quarterly basis only.
BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
1978
1979
Dec.
Dec.
1980
1981
Maturity; by borrower and area
1 Total
By borrower
Maturity of 1 year or less1
Foreign public borrowers
All other foreigners
Maturity of over 1 year 1
Foreign public borrowers
All other foreigners
2
3
4
5
6
7
8
9
10
11
1?.
13
By area
Maturity of 1 year or less1
Europe
Canada
Latin America and Caribbean
Africa
All other 2
Maturity of over 1 year 1
14
Europe
15
Canada
16
Latin America and Caribbean
17
18
Africa
19
All other 2
1. Remaining time to maturity.
2. Includes nonmonetary international and regional organizations.
Sept.
Dec.
Mar.
June
Sept
73,635
86,181
99,022
106,857
107,276
116,251
122,050
58,345
4,633
53,712
15,289
5,395
9,894
65,152
7,233
57,919
21,030
8,371
12,659
76,231
8,935
67,296
22,791
9,722
13,069
82,665
10,036
72,628
24,193
10,152
14,041
83,471
10,734
72,737
23,805
10,250
13,555
90,819
11,619
79,200
25,431
11,012
14,419
94,603
12,970
81,633
27,447
12,296
15,151
15,169
2,670
20,895
17,545
1,496
569
15,235
1,777
24,928
21,641
1,077
493
16,940
2,166
28,097
26,876
1,401
751
18,762
2,723
32,034
26,748
1,757
640
18,681
2,743
31,329
28,363
1,624
730
20,718
3,196
32,911
31,448
1,770
776
22,749
3,799
35,509
29,448
2,324
774
3,142
1,426
8,464
1,407
637
214
4,160
1,317
12,814
1,911
655
173
4,705
1,188
14,187
2,014
567
130
5,118
1,448
15,075
1,865
507
179
5,585
1,180
14,841
1,530
531
138
6,277
1,316
15,448
1,680
551
159
6,403
1,347
17,423
1,571
548
155
Bank-Reported Data
A63
CLAIMS ON FOREIGN COUNTRIES Held by U.S. Offices and Foreign Branches of U.S.-Chartered Banks 1
3.20
Billions of dollars, end of period
1979
Area or country
1977
Sept.
1 Total
1981
1980
19782
Dec.
Mar.
June
Sept.
Dec.
Mar.
June
Sept. P
240.0
266.2
294.0
303.8
308.5
328.7
339.1
351.9
370.9
382.2
398.2
116.4
8.4
11.0
9.6
6.5
3.5
1.9
3.6
46.5
6.4
18.8
124.7
9.0
12.2
11.3
6.7
4.4
2.1
5.3
47,3
6.0
20.6
135.7
10.7
12.0
12.8
6.1
4.7
2.3
5.0
53.7
6.0
22.3
138.4
11.1
11.7
12.2
6.4
4.8
2.4
4.7
56.4
6.3
22.4
141.2
10.8
12.0
11.4
6.2
4.3
2.4
4.3
57.6
6.9
25.4
154.2
13.1
14.1
12.7
6.9
4.5
2.7
3.3
64.4
7.2
25.5
158.8
13.6
13.9
12.9
7.2
4.4
2.8
3.4
66.7
7.7
26.1
162.1
13.0
14.1
12.1
8.2
4.4
2.9
5.0
67.4
8.4
26.5
168.4
13.5
14.5
13.2
7.7
4.6
3.2
5.1
68.2
8.8
29.6
168.3
14.2
14.7
12.1
8.4
4.1
3.1
5.2
66.7
10.8
28.9
171.8
14.0
16.0
12.7
8.6
3.7
3.4
5.1
68.6
11.5
28.2
13 Other developed countries
14
Austria
15
Denmark
16
Finland
17
Greece
18
Norway
19
Portugal
Spain
20
21
Turkey
22
Other Western Europe
South Africa
23
24
Australia
18.6
1.3
1.6
1.2
2.2
1.9
.6
3.6
1.5
.9
2.4
1.4
19.4
1.7
2.0
1.2
2.3
2.1
.6
3.5
1.5
1.3
2.0
1.4
19.7
2.0
2.0
1.2
2.3
2.3
.7
3.3
1.4
1.5
1.7
1.3
19.9
2.0
2.2
1.2
2.4
2.3
.7
3.5
1.4
1.4
1.3
1.3
18.8
1.7
2.1
1.1
2.4
2.4
.6
3.5
1.4
1.4
1.1
1.2
20.3
1.8
2.2
1.3
2.5
2.4
.6
3.9
1.4
1.6
1.5
1.2
20.6
1.8
2.2
1.2
2.6
2.4
.7
4.2
1.3
1.7
1.2
1.2
21.7
1.9
2.3
1.4
2.8
2.6
.6
4.4
1.5
1.7
1.1
1.3
23.5
1.8
2.4
1.4
2.7
2.8
.6
5.6
1.5
1.8
1.5
1.4
24.8
2.1
2.3
1.3
3.0
2.8
.8
5.7
1.4
1.8
1.9
1.7
26.3
2.1
2.5
1.4
2.9
3.0
1.0
5.8
1.5
1.9
2.5
1.9
25 O P E C countries 3
26
Ecuador
27
Venezuela
28
Indonesia
29
Middle East countries
30
African countries
17.6
1.1
5.5
2.2
6.9
1.9
22.7
1.6
7.2
2.0
9.5
2.5
23.4
1.6
7.9
1.9
9.2
2.8
22.9
1.7
8.7
1.9
8.0
2.6
21.8
1.8
7.9
1.9
7.8
2.5
20.9
1.8
7.9
1.9
6.9
2.5
21.4
1.9
8.5
1.9
6.7
2.4
22.7
2.1
9.1
1.8
6.9
2.8
21.7
2.0
8.3
2.1
6.7
2.6
22.2
2.0
8.7
2.1
6.8
2.6
23.4
2.1
9.2
2.5
7.1
2.6
31 Non-OPEC developing countries
48.7
52.6
58.9
62.9
63.7
67.6
72.8
77.2
81.8
84.6
89.8
2.9
12.7
.9
1.3
11.9
1.9
2.6
3.0
14.9
1.6
1.4
10.8
1.7
3.6
4.1
15.1
2.2
1.7
11.4
1.4
3.6
5.0
15.2
2.5
2.2
12.0
1.5
3.7
5.5
15.0
2.5
2.1
12.1
1.3
3.6
5.6
15.3
2.7
2.2
13.6
1.4
3.6
7.6
15.8
3.2
2.4
14.4
1.5
3.9
7.9
16.2
3.7
2.6
15.9
1.8
3.9
9.4
16.8
4.0
2.4
17.0
1.8
4.7
8.5
17.3
4.7
2.5
18.2
1.7
3.8
9.2
17.6
5.5
2.5
20.0
1.8
4.2
2 G - 1 0 countries and Switzerland
3
Belgium-Luxembourg
4
France
5
Germany
6
Italy
7
Netherlands
8
Sweden
9
Switzerland
10
United Kingdom
11
Canada
Japan
12
32
33
34
35
36
37
38
Latin America
Argentina
Brazil
Chile
Colombia
Mexico
Peru
Other Latin America
39
40
41
42
43
44
45
46
47
Asia
China
Mainland
Taiwan
India
Israel
Korea (South)
Malaysia
Philippines
Thailand
Other Asia
.0
3.1
.3
.9
3.9
.7
2.5
1.1
.4
.0
2.9
.2
1.0
3.9
.6
2.8
1.2
.2
.1
3.5
.2
1.0
5.3
.7
3.7
1.6
.4
.1
3.4
.2
1.3
5.4
.9
4.2
1.5
.5
.1
3.6
.2
.9
6.4
.8
4.4
1.4
.5
.1
3.8
.2
1.2
7.1
.9
4.6
1.5
.5
.1
4.1
.2
1.1
7.3
.9
4.8
1.5
.5
.2
• 4.2
.3
1.5
7.1
1.0
5.1
1.6
.6
.2
4.4
.3
1.3
7.7
1.0
4.8
1.6
.5
.2
4.6
.3
1.8
8.7
1.4
5.1
1.5
.7
.2
5.1
.3
1.5
8.5
1.4
5.6
1.4
.8
48
49
50
51
Africa
Egypt
Morocco
Zaire
Other Africa 4
.3
.5
.3
.7
.4
.6
.2
1.4
.6
.5
.2
1.6
.6
.6
.2
1.7
.7
.5
.2
1.7
.8
.5
.2
1.9
.6
.6
.2
2.1
.8
.7
.2
2.1
.8
.6
.2
2.2
.7
.5
.2
2.1
1.0
.7
.2
2.2
52 Eastern Europe
53
U.S.S.R
54
Yugoslavia
55
Other
6.3
1.6
1.1
3.7
6.9
1.3
1.5
4.1
7.2
.9
1.8
4.6
7.3
.7
1.8
4.8
7.3
.6
1.9
4.9
7.2
.5
2.1
4.5
7.3
.5
2.1
4.7
7.4
.4
2.3
4.6
7.7
.4
2.4
4.8
7.7
.5
2.5
4.8
7.7
.4
2.5
4.8
26.1
9.9
.6
3.7
.7
3.1
.2
3.7
3.7
.5
31.0
10.4
.7
7.4
.8
3.0
.1
4.2
3.9
.5
38.6
13.0
.7
9.5
1.1
3.4
.2
5.5
4.9
.4
40.4
13.7
.8
9.4
1.2
4.3
.2
6.0
4.5
.4
42.6
13.9
.6
11.3
.9
4.9
.2
5.7
4.7
.4
44.3
13.7
.6
9.8
1.2
5.6
.2
6.9
5.9
.4
44.6
13.2
.6
10.1
1.3
5.6
.2
7.5
5.6
.4
47.0
13.7
.6
10.6
2.1
5.4
.2
8.1
5.9
.3
53.1
15.2
.7
11.7
2.3
6.5
.2
8.4
7.3
.9
59.0
17.7
.7
12.4
2.4
6.9
.2
10.3
8.1
.3
60.9
20.8
.9
11.7
2.2
6.7
.2
10.3
8.0
.1
5.3
9.1
10.6
11.7
13.1
14.3
13.7
14.0
14.9
15.7
18.2
56 Offshore banking centers
57
Bahamas
58
Bermuda
59
Cayman Islands and other British West Indies
60
Netherlands Antilles
61
Panama 5
62
Lebanon
Hong Kong
63
64
Singapore
65
Others 6
66 Miscellaneous and unallocated 7
1. The banking offices covered by these data are the U.S. offices and foreign
branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks.
Offices not covered include (1) U.S. agencies and branches of foreign banks, and
(2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are adjusted to exclude the claims on foreign branches held by a U.S. office or another
foreign branch of the same banking institution. The data in this table combine
foreign branch claims in table 3.13 (the sum of lines 7 through 10) with the claims
of U.S. offices in table 3.17 (excluding those held by agencies and branches of
foreign banks and those constituting claims on own foreign branches). However,
see also footnote 2.
2. Beginning with data for June 1978, the claims of the U.S. offices
in this table include only banks' own claims payable in dollars. For earlier dates
the claims of the U.S. offices also include customer claims and foreign currency
claims (amounting in June 1978 to $10 billion).
3. In addition to the Organization of Petroleum Exporting Countries shown
individually, this group includes other members of O P E C (Algeria, Gabon, Iran,
Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United A r a b Emirates) as
well as Bahrain and Oman (not formally members of OPEC).
4. Excludes Liberia.
5. Includes Canal Zone beginning December 1979.
6. Foreign branch claims only.
7. Includes New Zealand, Liberia, and international and regional organizations.
A64
3.21
International Statistics • February 1982
MARKETABLE U.S. TREASURY BONDS A N D NOTES
Foreign Holdings and Transactions
Millions of dollars
1981
Country or area
1979
1981
1980
Jan.NovP
June
May
July
Aug.
Sept.
Oct.
Nov./1
Holdings (end of period)'
1 Estimated total2
51,484
57,549
62,967
64,263
64,668
66,468
67,039
68,519
70,543
46,055
52,961
58,168
59,289
59,658
61,579
62,369
64,067
66,035
3 Europe 2
4
Belgium-Luxembourg
5
Germany 2
6
Netherlands
7
Sweden
8
Switzerland 2
9
United Kingdom
10
Other Western Europe
11
Eastern Europe
12 Canada
24,964
60
14,056
1,466
647
1,868
6,376
491
0
232
24,468
77
12,327
1,884
595
1,485
7,323
777
0
449
24,641
131
11,940
1,813
572
1,535
7,414
1,236
0
486
25,000
173
12,585
1,781
582
1,600
6,976
1,304
0
484
24,573
163
13,226
1.756
606
763
6,709
1.350
0
501
25,090
370
13,524
1,760
623
848
6,630
1,334
0
514
24,334
372
12,830
1,756
646
876
6,469
1,385
0
528
24,531
384
13,029
1,784
661
861
6,446
1,367
0
547
24,952
329
13,226
1,889
645
833
6,693
1,337
0
508
13
14
15
16
17
18
19
20
466
103
200
163
19,805
11,175
591
-3
999
292
285
421
26,112
9,479
919
14
849
287
430
132
31,047
9,606
1,140
6
666
287
217
162
31,997
9,778
1,139
3
724
287
260
177
32,716
9,786
1,139
6
818
313
321
184
34,008
9,890
1,140
8
854
294
313
246
35,506
10,102
1,140
8
788
289
317
182
37,052
10,094
1,141
8
761
306
289
165
38,774
10,732
1,037
3
2 Foreign countries
2
Latin America and Caribbean
Venezuela
Other Latin America and Caribbean .
Netherlands Antilles
Asia
Japan
Africa
All other
21 Nonmonetary international and regional
organizations
5,429
4,588
4,799
4,974
5,010
4,889
4,670
4,452
4,508
22
23
5,388
37
4,548
36
4,791
1
4,966
1
5,008
1
4,887
1
4,667
1
4,450
1
4,493
International
Latin American regional
1
Transactions (net purchases, or sales ( - ) during period)
24 Total*
6,537
2
25 Foreign countries
26
Official institutions
27
Other foreign 2
28 Nonmonetary international and regional
organizations
MEMO: Oil-exporting countries
29 Middle East 3
30 Africa 4
6,066
12,994
721
1,297
405
1,799
571
1,480
2,024
6,238
1,697
4,543
6,906
3,865
3,040
13,073
12,611
462
694
321
373
1,121
980
141
369
798
-429
1,920
1,532
388
791
1,376
-585
1,698
1,633
65
1,968
2123
-155
300
-843
-78
26
176
36
-120
-220
-217
56
1,014
-100
7,672
327
11,139
117
841
0
565
0
659
0
1,204
0
1,354
0
1,442
0
2. Beginning December 1978, includes U.S. Treasury notes publicly issued to
private foreign residents denominated in foreign currencies.
3. Comprises Bahrain, Iran. Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.
1. Estimated official and private holdings of marketable U.S. Treasury securities
with an original maturity of more than 1 year. Data are based on a benchmark
survey of holdings as of Jan. 31, 1971, and monthly transactions reports. Excludes
nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
3.22
1,250
-102
FOREIGN OFFICIAL ASSETS HELD A T FEDERAL RESERVE BANKS
Millions of dollars, end of period
1981
Assets
1978
1979
1980
June
1 Deposits
Assets held in custody
2 U.S. Treasury securities 1
3 Earmarked gold 2
Aug.
Sept.
Oct.
Nov.
Dec.P
367
429
411
338
285
255
419
547
534
505
117,126
15,463
95,075
15,169
102,417
14,965
107,884
14,871
105,064
14,854
102,197
14,833
101,068
14,813
101,068
14,811
103,894
14,802
104,680
14,804
1. Marketable U.S. Treasury bills, notes, and bonds; and nonmarketable U.S.
Treasury securities payable in dollars and in foreign currencies.
2. The value of earmarked gold increased because of the changes in par value
of the U.S. dollar in May 1972 and in October 1973.
July
NOTE. Excludes deposits and U.S. Treasury securities held for international and
regional organizations. Earmarked gold is gold held for foreign and international
accounts and is not included in the gold stock of the United States,
Investment Transactions
3.23
A65
FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
1981
1981
Transactions, and area or country
1979
1980
Jan.Nov.
May
June
Aug.
July
Sept.
Nov.''
Oct.
U.S. corporate securities
STOCKS
22,783
21,104
40,273
34,852
37,565
32,084
4,076
2,860
4,384
3,417
3,455
3,257
3,152
3,206
3 Net purchases, or sales ( - )
1,679
4 Foreign countries
1,662
5,421
5,481
1,217
967
198
5,403
5,457
1,207
962
190
237
137
-215
-71
-519
964
552
-19
688
211
-14
7
3,110
490
172
-328
308
2,523
887
148
1,206
16
-1
38
3,381
880
-22
84
194
2,035
742
4
1,164
206
7
-47
764
393
-20
31
84
215
143
9
223
71
1
-4
508
45
13
29
0
371
104
126
33
187
4
-1
119
48
-28
-41
-19
147
77
-126
105
37
-1
-21
17
18
24
10
5
18 Foreign purchases
19 Foreign sales
8,871
7,592
15,425
9,964
15,857
11,012
897
669
20 Net purchases, or sales (—)
1,279
5,461
4,846
21 Foreign countries
1,376
5,526
4,791
22
23
24
25
26
27
28
29
30
31
32
33
671
56
59
-202
-118
814
80
109
424
88
1
1
1,576
129
213
-65
54
1,257
135
185
3,499
117
5
10
1,182
4
798
57
90
120
-4
109
3,527
-17
-1
-6
-96
-65
55
1 Foreign purchases
2 Foreign sales
5
6
7
8
9
10
11
12
13
14
15
16
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America and Caribbean
Middle East 1
Other Asia
Africa
Other countries
17 Nonmonetary international and regional
organizations
2,847
2,322
2,839
2,792
-54
525
47
195
-49
531
53
206
74
29
-28
-28
1
85
-39
-51
-36
20
0
-17
38
10
-48
-3
-68
132
44
-81
497
29
0
4
46
21
6
13
-97
86
-47
7
164
-117
0
-2
109
-7
-4
28
0
96
7
54
45
-7
1
-3
8
-5
-5
-6
-12
1,793
1,319
1,894
820
1,171
894
1,306
1,051
1,166
1,203
1,099
1,303
228
474
1,074
277
255
-36
-204
246
473
1,067
278
243
-27
-212
-3
17
28
4
34
-87
18
9
192
29
0
0
179
10
151
0
20
4
-6
12
359
-71
0
1
122
-5
68
0
22
11
23
21
853
49
0
0
176
-9
105
-2
22
45
2
-5
81
24
0
0
5
4
64
-2
-23
-53
-12
7
252
-9
0
-1
-106
5
43
3
7
-164
-35
-12
84
43
0
0
-112
4
67
9
10
-174
-29
4
-72
-1
-1
-2
-18
1
7
-1
12
-10
9
2,688
2,493
BONDS2
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America and Caribbean
Middle East 1
Other Asia
Africa
Other countries
34 Nonmonetary international and regional
organizations
Foreign securities
35 Stocks, net purchases, or sales ( - )
36
Foreign purchases
37
Foreign sales
-817
4,617
5,434
-2,139
7,887
10,026
-63
8,499
8,561
32
853
821
-114
891
1,005
108
891
783
51
835
784
191
794
603
-30
588
617
-70
625
695
38 Bonds, net purchases, or sales ( - )
39
Foreign purchases
40
Foreign sales
-3,912
12,662
16,573
-1,013
17,073
18,086
-4,500
15,839
20,339
-194
1,292
1,487
-479
1,509
1,988
-417
1,768
2,185
-32
1,078
1,110
-258
1,023
1,281
-154
1,553
1,706
-2,024
2,293
4,316
41 Net purchases, or sales ( —), of stocks and bonds .. .
-4,729
-3,152
-4,563
-162
-592
-309
19
-67
-183
-2,093
42
43
44
45
46
47
48
49
-3,979
-1,698
-2,601
343
15
-63
25
-4,029
-1,105
-1,959
80
-1,147
24
78
-4,527
-809
-3,606
175
-312
-60
84
-162
75
-385
-51
174
-3
29
-592
-41
-507
-10
-104
-6
75
-619
147
-858
-24
141
-2
-23
62
-55
-74
62
131
-3
1
-81
76
-326
1
177
-6
-3
-356
-45
-250
50
-113
1
0
-1,505
-504
-906
-6
-148
1
57
-750
876
-36
0
0
311
14
173
-588
Foreign countries
Europe
Canada
Latin America and Caribbean
Asia
Africa
Other countries
Nonmonetary international and regional
organizations
1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait.
Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States).
-43
2. Includes state and local government securities, and securities of U.S. government agencies and corporations. Also includes issues of new debt securities sold
abroad by U.S. corporations organized to finance direct investments abroad.
A66
International Statistics • February 1982
3.24
LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the
United States1
Millions of dollars, end of period
1980
Type, and area or country
1978
1979
1981
1980
June
Sept.
Dec.
Mar.
June
1 Total
14,956
17,170
21,644
18,760
18,778
21,644
21,681
21,182
2 Payable in dollars
3 Payable in foreign currencies 2
11,527
3,429
14,095
3,075
17,935
3,709
15,320
3,439
15,441
3,337
17,935
3,709
18,156
3,525
17,997
3,185
By type
4 Financial liabilities
5
Payable in dollars
6
Payable in foreign currencies
6,368
3,853
2,515
7,477
5,207
2,270
11,122
8,350
2,772
8,528
5,907
2,621
8,441
5,954
2,487
11,122
8,350
2,772
11,492
8,860
2,633
11,386
9,053
2,333
7 Commercial liabilities
8
Trade payables
9
Advance receipts and other liabilities
8,588
4,001
4,587
9,693
4,421
5,272
10,521
4,708
5,814
10,232
4,296
5,936
10,337
4,377
5,960
10,521
4,708
5,814
10,188
4,781
5,407
9,796
4,400
5,396
7,674
914
8,888
805
9,585
936
9,413
819
9,487
850
9,585
936
9,296
892
8,944
852
3,971
293
173
366
391
248
2,167
4,655
345
175
497
829
170
2,460
6,314
484
327
582
663
354
3,769
5,464
437
347
657
799
233
2,824
5,321
432
360
557
781
224
2,836
6,314
484
327
582
663
354
3,769
6,011
553
324
498
544
315
3,665
5,926
527
362
477
700
321
3,419
10
11
12
13
14
15
16
17
18
Payable in dollars
Payable in foreign currencies
By area or country
Financial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
19
Canada
20
21
22
23
24
25
26
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
27
28
29
30
31
32
33
34
35
36
37
38
39
247
532
958
641
642
958
1,090
978
1,357
478
4
10
194
102
49
1,483
375
81
18
514
121
72
3,103
964
1
23
1,452
99
81
1,641
429
2
25
714
101
72
1,734
407
1
20
708
108
74
3,103
964
1
23
1,452
99
81
3,483
1,217
1
19
1,458
97
85
3,592
1,272
1
20
1,534
98
91
784
717
32
799
726
31
723
644
38
757
683
31
712
618
37
723
644
38
880
766
51
861
741
29
Africa
Oil-exporting countries 4
5
2
4
1
11
1
10
1
11
1
11
1
6
1
5
0
All other 5
5
4
15
15
21
15
23
24
3,047
97
321
523
246
302
824
3,636
137
467
545
227
310
1,077
4,197
90
582
679
219
493
1,017
4,036
133
485
724
245
462
1,133
4,074
109
501
686
276
452
1,047
4,197
90
582
679
219
493
1,017
3,814
83
563
639
246
385
880
3,894
72
564
615
225
375
949
Japan
Middle East oil-exporting countries 3
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
40
Canada
667
868
806
591
591
806
749
661
41
42
43
44
45
46
47
Latin America
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
997
25
97
74
53
106
303
1,323
69
32
203
21
257
301
1,244
8
73
111
35
326
307
1,271
26
107
151
37
272
210
1,361
8
114
156
12
324
293
1,244
8
73
111
35
326
307
1,287
1
111
84
16
421
253
1,156
4
72
54
34
327
290
2,931
448
1,523
2,905
494
1,017
3,005
802
894
3,091
418
1,030
2,909
502
944
3,005
802
894
3,071
810
955
2,788
867
852
48
49
50
Japan
Middle East oil-exporting countries 3
51
52
Africa
Oil-exporting countries 4
743
312
728
384
814
514
875
498
1,006
633
814
514
828
519
675
392
53
All other 5
203
233
456
367
396
456
440
622
1. For a description of the changes in the International Statistics tables, see July
1979 BULLETIN, p. 550.
2. Before December 1978, foreign currency data include only liabilities denominated in foreign currencies with an original maturity of less than one year.
3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.
5. Includes nonmonetary international and regional organizations.
Nonbank-Reported
3.25
CLAIMS ON UNAFFILIATED FOREIGNERS
United States1
Data
A67
Reported by Nonbanking Business Enterprises in the
Millions of dollars, end of period
1980
Type, and area or country
1979
1978
1981
1980
Sept.
June
Dec.
Mar.
June
1 Total
28,004
31,286
34,489
32,449
32,048
34,489
37,661
35,186
2 Payable in dollars
3 Payable in foreign currencies 2
25,001
3,003
28,094
3,193
31,563
2,926
29,329
3,119
28,712
3,336
31,563
2,926
34,663
2,999
32,307
2,879
By type
4 Financial claims
5
Deposits
Payable in dollars
7
Payable in foreign currencies
8
Other financial claims
9
Payable in dollars
10
Payable in foreign currencies
16,644
11,201
10,133
1,068
5,443
3,874
1,569
18,431
12,797
11,881
916
5,634
3,808
1,826
19,812
13,978
13,203
775
5,834
4,152
1,683
18,932
13,096
12,192
904
5,836
4,108
1,728
18,633
12,574
11,361
1,213
6,059
4,404
1,655
19,812
13,978
13,203
775
5,834
4,152
1,683
22,203
16,474
15,679
795
5,729
4,082
1,646
20,133
14,487
13,761
725
5,646
3,992
1,655
11 Commercial claims
12
Trade receivables
Advance payments and other claims
13
11,360
10,802
559
12,855
12,161
694
14,677
13,957
720
13,517
12,795
722
13,415
12,714
702
14,677
13,957
720
15,458
14,657
801
15,053
14,222
830
10,994
366
12,405
450
14,208
468
13,209
488
12,947
469
14,208
468
14,901
557
14,554
499
5,225
48
178
510
103
98
4,031
6,163
32
177
409
53
73
5,107
6,094
195
334
230
32
59
46,098
5,899
23
307
195
377
96
5,212
5,692
17
409
168
30
41
6,094
195
334
230
32
59
6,098
170
411
213
42
90
5,212
174
377
139
34
96
14
15
16
17
18
19
20
21
22
Payable in dollars
Payable in foreign currencies
By area or country
Financial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
23
Canada
4,549
4,984
5,057
4,968
4,948
5,057
6,611
6,168
74
75
76
7,7
78
79
30
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
5,714
3,001
80
151
1,291
162
157
6,282
2,757
30
163
2,007
157
143
7,682
3,424
135
96
2,681
208
137
6,962
3,098
25
120
2,414
177
139
6,812
2,845
65
116
2,342
192
128
7,682
3,424
135
96
2,681
208
137
8,552
3,947
13
22
3,398
168
131
7,882
3,231
33
20
3,396
162
143
920
305
18
706
199
16
710
177
20
781
276
16
853
331
20
710
177
20
691
191
17
618
107
19
181
10
253
49
238
26
256
35
260
29
238
26
214
27
216
39
55
44
32
65
68
32
36
37
3,983
144
609
399
267
198
824
4,909
202
727
589
298
272
901
5,511
233
1,129
591
318
351
932
4,880
259
666
514
297
434
909
4,709
230
710
571
289
339
994
5,511
233
1,129
591
318
351
932
5,822
277
918
597
347
461
1,187
5,449
235
782
570
308
474
1,067
31
32
33
Japan
Middle East oil-exporting countries 3
34
35
Africa
Oil-exporting countries 4
36
All other 5
37
38
39
40
41
47
43
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
44
Canada
1,094
849
899
904
934
899
1,037
987
45
46
47
48
49
50
51
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
2,546
109
215
628
9
505
291
2,853
21
197
645
16
698
343
3,791
21
148
861
34
1,090
407
3,291
19
133
696
9
931
395
3,389
53
81
712
17
992
388
3,791
21
148
861
34
1,090
407
3,832
15
170
799
15
1,051
436
3,786
29
192
823
34
1,110
417
3,112
1,006
716
3,450
1,175
766
3,507
1.045
821
3,627
1,191
830
3,443
1,135
837
3,507
1,045
821
3,763
1,294
925
3,721
1,171
956
57
53
54
Japan
Middle East oil-exporting countries 3
55
56
Africa
Oil-exporting countries 4
447
136
554
133
651
151
566
115
669
135
651
151
678
143
701
137
57
All other 5
178
240
318
249
272
318
327
409
1. For a description of the changes in the International Statistics tables, see July
1979 BULLETIN, p. 550.
2. Prior to December 1978, foreign currency data include only liabilities denominated in foreign currencies with an original maturity of less than one year.
3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.
5. Includes nonmonetary international and regional organizations.
A68
3.26
International Statistics • February 1982
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Percent per annum
Rate on Jan. 31, 1982
Country
Country
Percent
Argentina
Austria . .
Belgium..
Brazil....
Canada . .
Denmark.
187.55
6.75
14.0
49.0
14.59
11.00
Month
effective
Jan.
Mar.
Jan.
Mar.
Jan.
Oct.
Percent
France'
Germany, Fed. Rep. of
Italy
Japan
Netherlands
Norway
1982
1980
1982
1981
1982
1980
17.5
7.5
19.0
5.5
8.5
9.0
1. As from February 1981, the rate at which the Bank of France discounts
Treasury bills for 7 t o 10 days.
2. Minimum lending rate suspended as of Aug. 20, 1981.
NOTE. Rates shown are mainly those at which the central bank
3.27
Rate on Jan. 31, 1982
Rate on Jan. 31, 1982
Country
Percent
Oct.
May
Mar.
Dec.
Jan.
Nov.
1981
1980
1981
1981
1982
1979
Sweden
Switzerland
United KingdomVenezuela
Month
effective
11.0
Month
effective
Oct. 1981
Sept. 1981
6.0
Aug. 1981
discounts or makes advances against eligible commercial paper and/or
government
commercial
banks
or
brokers.
For
countries
with
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts the
largest proportion of its credit operations.
either
FOREIGN SHORT-TERM INTEREST RATES
Percent per annum, averages of daily figures
1981
Country, or type
1979
1980
1982
1981
July
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
Eurodollars
United Kingdom
Canada
Germany
Switzerland
6
7
8
9
10
11.96
13.60
11.91
6.64
2.04
14.00
16.59
13.12
9.45
5.79
16.79
13.86
18.34
12.05
9.15
18.50
13.63
19.67
12.92
9.76
18.79
14.02
21.84
12.87
9.05
17.80
14.60
20.42
12.48
10.56
16.34
16.27
18.84
11.72
10.85
13.33
15.03
16.53
11.05
9.88
13.24
15.31
15.97
10.72
9.76
14.29
15.14
15.01
10.43
8.53
Netherlands
France
Italy
Belgium
Japan
1
2
3
4
5
9.33
9.44
11.85
10.48
6.10
10.60
12.18
17.50
14.06
11.45
11.52
15.28
19.98
15.28
7.58
12.38
17.34
20.78
16.16
7.16
13.54
17.40
20.94
16.00
7 2°
12.96
17.65
21.07
16.00
7.26
12.57
16.47
21.00
15.83
7.13
11.70
15.35
21.12
15.28
7.15
11.03
15.30
21.24
15.48
6.75
10.49
15.07
21.38
15.09
6.41
NOTE. Rates are for 3-month interbank loans except for Canada, finance company paper; Belgium, 3-month Treasury bills; and Japan, Gensaki rate.
3.28
FOREIGN E X C H A N G E RATES
Cents per unit of foreign currency
19M
Country/currency
1979
1980
1982
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Australia/dollar
Austria/schilling
Belgium/franc
Canada/dollar
Denmark/krone
111.77
7.4799
3.4098
85.386
19.010
114.00
7.7349
3.4247
85.530
17.766
114.95
6.2936
2.7007
83.408
14.080
114.27
5.8225
2.5027
82.601
13.074
113.99
5.6968
2.4466
81.766
12.732
114.86
6.0554
2.5978
83.275
13.552
114.32
6.3356
2.6557
83.136
13.825
114.55
6.4022
2.6724
84.235
13.944
113.39
6.3088
2.6115
84.382
13.661
111.41
6.2243
2.5623
83.850
13.337
6
7
8
9
10
Finland/markka
France/franc
Germany/deutsche mark
India/rupee
Ireland/pound
27.732
23.504
54.561
12.265
204.65
26.892
23.694
55.089
12.686
205.77
23.159
18.489
44.362
11.548
161.32
22.045
17.253
40.977
11.229
149.40
21.607
16.720
39.988
11.038
146.04
22.225
17.769
42.545
10.971
155.04
22.601
17.762
44.370
10.948
157.50
23.020
17.782
44.862
10.947
158.95
22.902
17.502
44.293
10.952
157.30
22.710
17.153
43.596
10.926
153.97
11
12
13
14
15
Italy/lira
Japan/yen
Malaysia/ringgit
Mexico/peso
Netherlands/guilder
16
17
18
19
20
New Zealand/dollar
Norway/krone
Portugal/escudo
South Africa/rand
Spain/peseta
102.23
19.747
2.0437
118.72
1.4896
97.337
20.261
1.9980
128.54
1.3958
86.848
17.459
1.6275
114.77
1.0869
83.771
16.387
1.5429
108.46
1.0248
82.331
16.177
1.4999
105.27
.99864
82.644
16.779
1.5268
105.56
1.0407
82.355
16.897
1.5458
104.61
1.0416
83.104
17.194
1.5534
103.82
1.0483
82.784
17.302
1.5304
103.10
1.0313
81.399
17.058
1.5039
103.46
1.0167
21
22
23
24
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
United Kingdom/pound
6.4226
23.323
60.121
212.24
6.1947
23.647
59.697
232.58
5.2928
19.860
51.025
202.43
5.3491
19.293
47.667
187.37
5.1932
18.870
46.091
182.03
5.0056
18.435
49.511
181.46
4.8372
18.023
53.080
184.07
4.8020
18.217
56.000
190.25
4.9362
18.049
55.098
190.33
4.9436
17.792
54.224
188.60
88.09
87.39
102.94
109.87
112.29
107.98
106.34
104.53
105.21
106.96
1
2
3
4
5
.12035
.45834
45.720
4.3826
49.843
.11694
.44311
45.967
4.3535
50.369
.08842
.45432
43.406
4.0785
40.191
.08233
.43055
42.519
4.0650
36.833
.08038
.42881
42.119
4.0301
36.009
.08424
.43582
42.527
3.9859
38.329
.08374
.43198
43.500
3.9371
40.151
.08392
.44843
44.323
3.8878
40.915
.08290
.45675
44.489
3.8358
40.435
.08142
.44483
44.297
3.7780
39.769
MEMO:
25 United States/dollar 1
1. Index of weighted-average exchange value of U.S. dollar against currencies of other G - 1 0 countries plus Switzerland. March 1973 = 100.
Weights are 1972-76 global trade of each of the 10 countries. Series
revised as of August 1978. For description and back data, see "Index of
the Weighted-Average Exchange Value of the U.S. Dollar; Revision" on page
700 of the August 1978 BULLETIN.
NOTE. Averages of certified noon buying rates in New York for cable transfers.
A69
Guide to Tabular Presentation,
Statistical Releases, and Special Tables
GUIDE TO TABULAR
Symbols and
c
e
p
r
*
PRESENTATION
Abbreviations
Corrected
Estimated
Preliminary
Revised (Notation appears on column heading when more
than half of figures in that column are changed.)
Amounts insignificant in terms of the last decimal place
shown in the table (for example, less than 500,000 when
the smallest unit given is millions)
General
0
n.a.
n.e.c.
IPCs
REITs
RPs
SMSAs
Calculated to be zero
Not available
Not elsewhere classified
Individuals, partnerships, and corporations
Real estate investment trusts
Repurchase agreements
Standard metropolitan statistical areas
Cell not applicable
Information
Minus signs are used to indicate ( D a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed
issues of U.S. government agencies (the flow of funds figures
also include not fully guaranteed issues) as well as direct
STATISTICAL
obligations of the Treasury. "State and local government"
also includes municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals because of
rounding.
RELEASES
List Published Semiannually,
with Latest Bulletin
Reference
Anticipated schedule of release dates for periodic releases
SPECIAL
Issue
June 1981
Page
A78
TABLES
Published Irregularly, with Latest Bulletin
Commercial bank assets and
Commercial bank assets and
Assets and liabilities of U.S.
Commercial bank assets and
Commercial bank assets and
Commercial bank assets and
Reference
liabilities, September 30, 1980
liabilities, December 31, 1980
branches and agencies of foreign banks, September 30, 1981
liabilities, March 31, 1981
liabilities, June 30, 1981
liabilities, September 30, 1981
February
April
January
July
October
January
1981
1981
1982
1981
1981
1982
A68
All
A76
A72
A74
A70
A70
Federal Reserve Board of Governors
Chairman
PAUL A . VOLCKER,
HENRY C. WALLICH
J. CHARLES PARTEE
OFFICE
OF BOARD
OFFICE OF STAFF DIRECTOR
MONETARY
AND FINANCIAL
MEMBERS
JOSEPH R. COYNE, Assistant
DONALD J. WINN, Assistant
to the
to the
Board
Board
STEPHEN H . AXILROD, Staff
FOR
POLICY
Director
ANTHONY F. COLE, Special Assistant to the Board
WILLIAM R. MALONI, Special Assistant to the Board
FRANK O'BRIEN, JR., Special Assistant to the Board
JAMES L. STULL, Manager, Operations Review Program
EDWARD C. ETTIN, Deputy Staff
LEGAL
DIVISION
DIVISION
MICHAEL BRADFIELD, General
Counsel
OFFICE
OF THE
NORMAND R.V. BERNARD, Special Assistant
OF RESEARCH
JAMES L . KICHLINE,
ROBERT E. MANNION, Deputy General Counsel
J. VIRGIL MATTINGLY, JR., Associate General Counsel
GILBERT T. SCHWARTZ, Associate General Counsel
MICHAEL E. BLEIER, Assistant General Counsel
MARYELLEN A. BROWN, Assistant to the General Counsel
SECRETARY
Director
MURRAY ALTMANN, Assistant
to the Board
STANLEY J. SIGEL, Assistant
to the Board
AND
STATISTICS
Director
JOSEPH S. ZEISEL, Deputy
Director
MICHAEL J. PRELL, Associate
Director
JARED J. ENZLER, Senior Deputy Associate
Director
DONALD L. KOHN, Senior Deputy Associate
Director
ELEANOR J. STOCKWELL, Senior Deputy Associate
Director
J. CORTLAND G. PERET, Deputy Associate
Director
HELMUT F. WENDEL, Deputy Associate
Director
MARTHA BETHEA, Assistant
Secretary
Director
JOE M. CLEAVER, Assistant
WILLIAM W . W I L E S ,
Director
ROBERT M. FISHER, Assistant
BARBARA R. LOWREY, Associate
Secretary
JAMES MCAFEE, Associate
Secretary
THEODORE E. DOWNING, JR., Assistant
Secretary
JANET O . H A R T ,
Director
PETER A. TINSLEY, Assistant
Director
LEVON H. GARABEDIAN, Assistant Director
DIVISION
Director
GRIFFITH L. GARWOOD, Deputy
Director
DAVID E. LINDSEY, Assistant
Director
LAWRENCE SLIFMAN, Assistant
Director
FREDERICK M. STRUBLE, Assistant
Director
STEPHEN P. TAYLOR, Assistant
DIVISION
OF
CONSUMER
AND COMMUNITY
AFFAIRS
to the Board
OF INTERNATIONAL
(Administration)
FINANCE
Director
JERAULD C. KLUCKMAN, Associate
Director
GLENN E . LONEY, Assistant
Director
DOLORES S. SMITH, Assistant
Director
EDWIN M . TRUMAN,
Director
ROBERT F. GEMMILL, Associate
CHARLES J. SIEGMAN, Associate
Director
Director
LARRY J. PROMISEL, Senior Deputy Associate
Director
DALE W. HENDERSON, Deputy Associate
Director
DIVISION
OF
SUPERVISION
JOHN E . R Y A N ,
BANKING
AND
REGULATION
Director
FREDERICK R. DAHL, Associate
Director
DON E. KLINE, Associate
Director
WILLIAM TAYLOR, Associate
Director
JACK M. EGERTSON, Assistant
Director
ROBERT A . JACOBSEN, Assistant
ROBERT S. PLOTKIN, Assistant
THOMAS A . SIDMAN, Assistant
SAMUEL H . TALLEY, Assistant
LAURA M. HOMER, Securities
Director
Director
Director
Director
Credit Officer
SAMUEL PIZER, Staff
Adviser
RALPH W. SMITH, JR., Assistant
Director
A71
and Official Staff
NANCY H . TEETERS
LYLE E . GRAMLEY
EMMETT J. RICE
OFFICE
STAFF
OF
OFFICE
DIRECTOR
FOR
MANAGEMENT
JOHN M . DENKLER, Staff
Director
E D W A R D T . MULRENIN, Assistant
Staff
Director
JOSEPH W . DANIELS, S R . , Director
of Equal
Employment
Opportunity
FEDERAL
DIVISION
OF DATA
PROCESSING
CHARLES L . HAMPTON,
Director
BRUCE M . BEARDSLEY, Deputy
Director
ULYESS D . BLACK, Associate
Director
GLENN L . CUMMINS, Assistant
Director
N E A L H . HILLERMAN, Assistant
Director
C. WILLIAM SCHLEICHER, JR., Assistant
ROBERT J. ZEMEL, Assistant
Director
Director
DIRECTOR
RESERVE
BANK
OF FEDERAL
OF
PERSONNEL
DAVID L . S H A N N O N ,
Director
JOHN R . WEIS, Assistant
Director
CHARLES W . W O O D , Assistant
Director
OFFICE
OF THE
CONTROLLER
JOHN KAKALEC,
Controller
GEORGE E . LIVINGSTON, Assistant
DIVISION
OF SUPPORT
Controller
SERVICES
DONALD E . ANDERSON,
Director
ROBERT E . FRAZIER, Associate
Director
WALTER W . KREIMANN, Associate
Director
*On loan from the Federal Reserve Bank of Chicago.
t O n loan from the Federal Reserve Bank of N e w York.
Director
RESERVE
OPERATIONS
CLYDE H . FARNSWORTH, JR.,
LORIN S . MEEDER, Associate
WALTER ALTHAUSEN, Assistant
CHARLES W . BENNETT, Assistant
RICHARD B . GREEN, Assistant
EARL G . HAMILTON, Assistant
ELLIOTT C . M C E N T E E , Assistant
DAVID L . ROBINSON, Assistant
P . D . RING,
Adviser
tHowARD F. CRUMB, Acting
DIVISION
FOR
ACTIVITIES
THEODORE E . ALLISON, Staff
BANK
DIVISION
OF STAFF
Director
Director
Director
Director
Director
Director
Director
Director
Adviser
A72
Federal Reserve Bulletin • February 1982
FOMC and Advisory Councils
FEDERAL OPEN MARKET
COMMITTEE
P A U L A . VOLCKER,
A N T H O N Y M . SOLOMON, Vice
Chairman
L Y L E E . GRAMLEY
SILAS K E E H N
J. CHARLES PARTEE
EMMETT J. RICE
E D W A R D G . BOEHNE
ROBERT H . BOYKIN
E . GERALD CORRIGAN
STEPHEN H . AXILROD, Staff
Director
MURRAY A L T M A N N ,
Secretary
NORMAND R . V . BERNARD, Assistant
NANCY M. STEELE, Deputy Assistant
MICHAEL B R A D F I E L D , General
Secretary
Secretary
Counsel
JAMES H. OLTMAN, Deputy General Counsel
ROBERT E. MANNION, Assistant General Counsel
JAMES L . KICHLINE,
Chairman
FREDERICK H . SCHULTZ
N A N C Y H . TEETERS
HENRY C . WALLICH
JOSEPH E . B U R N S , Associate
Economist
RICHARD G . DAVIS, Associate
Economist
E D W A R D C . E T T I N , Associate
Economist
D O N A L D J. M U L L I N E A U X , Associate
Economist
MICHAEL J. PRELL, Associate
Economist
KARL L . SCHELD, Associate
Economist
E D W I N M . T R U M A N , Associate
Economist
JOSEPH S . ZEISEL, Associate
Economist
Economist
PETER D. STERNLIGHT, Manager for Domestic Operations, System Open Market Account
SAM Y. CROSS, Manager for Foreign Operations, System Open Market Account
FEDERAL ADVISORY
COUNCIL
DONALD C. PLATTEN, Second District, President
ROBERT M. SURDAM, Seventh District, Vice President
RONALD TERRY, E i g h t h D i s t r i c t
CLARENCE G . FRAME, N i n t h D i s t r i c t
GORDON E . WELLS, T e n t h D i s t r i c t
WILLIAM S . EDGERLY, F i r s t D i s t r i c t
JOHN H . WALTHER, T h i r d D i s t r i c t
JOHN G . M C C O Y , F o u r t h D i s t r i c t
VINCENT C . BURKE, JR., F i f t h D i s t r i c t
ROBERT STRICKLAND, S i x t h D i s t r i c t
T. C. FROST, JR., Eleventh District
JOSEPH J. PINOLA, T w e l f t h D i s t r i c t
HERBERT V . PROCHNOW,
WILLIAM J. KORSVIK, Associate
CONSUMER ADVISORY
Secretary
Secretary
COUNCIL
CHARLOTTE H. SCOTT, Charlottesville, Virginia, Chairman
MARGARET REILLY-PETRONE, Upper Montclair, New Jersey, Vice Chairman
ARTHUR F. BOUTON, Little Rock, Arkansas
SHIRLEY T . HOSOI, LOS A n g e l e s , C a l i f o r n i a
JULIA H . B O Y D , A l e x a n d r i a , V i r g i n i a
ELLEN BROADMAN, W a s h i n g t o n , D . C .
GEORGE S . IRVIN, D e n v e r , C o l o r a d o
HARRY N . JACKSON, M i n n e a p o l i s , M i n n e s o t a
F . THOMAS JUSTER, A n n A r b o r , M i c h i g a n
GERALD R. CHRISTENSEN, Salt Lake City, Utah
JOSEPH N. CUGINI, Westerly, Rhode Island
ROBERT J. MCEWEN, S. J., Chestnut Hill, Massachusetts
RICHARD S . D ' A G O S T I N O , P h i l a d e l p h i a , P e n n s y l v a n i a
SUSAN PIERSON D E W I T T , S p r i n g f i e l d , I l l i n o i s
JOANNE S . FAULKNER, N e w H a v e n , C o n n e c t i c u t
MEREDITH FERNSTROM, N e w Y o r k , N e w Y o r k
ALLEN J. FISHBEIN, W a s h i n g t o n , D . C .
JANET J. RATHE, P o r t l a n d , O r e g o n
R E N E REIXACH, R o c h e s t e r , N e w Y o r k
E. C. A. FORSBERG, SR., Atlanta, Georgia
PETER D . SCHELLIE, W a s h i n g t o n ,
LUTHER R . GATLING, N e w Y o r k , N e w Y o r k
VERNARD W . H E N L E Y , R i c h m o n d , V i r g i n i a
JUAN J. HINOJOSA, M c A l l e n , T e x a s
NANCY Z . SPILLMAN, L o s A n g e l e s , C a l i f o r n i a
CLINTON W A R N E , C l e v e l a n d , O h i o
STAN L . MULARZ, C h i c a g o , I l l i n o i s
WILLIAM J. O ' C O N N O R , B u f f a l o , N e w Y o r k
WILLARD P . OGBURN, B o s t o n ,
Massachusetts
D.C.
FREDERICK T . WEIMER, C h i c a g o , I l l i n o i s
A73
Federal Reserve Banks, Branches, and Offices
FEDERAL RESERVE BANK,
branch, or facility
Zip
Chairman
Deputy Chairman
President
First Vice President
BOSTON*
02106
Robert P. Henderson
Thomas I. Atkins
Frank E. Morris
James A. Mcintosh
NEW YORK*
10045
Robert H. Knight, Esq.
Boris Yavitz
Frederick D. Berkeley, III
Anthony M. Solomon
Thomas M. Timlen
Buffalo
14240
Vice President
in charge of branch
John T. Keane
PHILADELPHIA
19105
Jean A. Crockett
Robert M. Landis, Esq.
Edward G. Boehne
Richard L. Smoot
CLEVELAND*
44101
J.L.Jackson
William H. Knoell
Clifford R. Meyer
Milton G. Hulme, Jr.
Willis J. Winn
Walter H. MacDonald
Steven Muller
Paul E. Reichardt
Edward H. Covell
Naomi G. Albanese
Robert P. Black
Jimmie R. Monhollon
Cincinnati
Pittsburgh
45201
15230
RICHMOND*
23219
Baltimore
21203
Charlotte
28230
Culpeper
Communications
and Records Center 22701
ATLANTA
Birmingham
Jacksonville
Miami
Nashville
New Orleans
30301
35202
32231
33152
37203
70161
CHICAGO*
60690
Detroit
48231
ST. LOUIS
63166
Little Rock
Louisville
Memphis
72203
40232
38101
MINNEAPOLIS
55480
Helena
KANSAS CITY
Denver
Oklahoma City
Omaha
DALLAS
El Paso
Houston
San Antonio
59601
64198
80217
73125
68102
75222
79999
77001
78295
SAN FRANCISCO
94120
Los Angeles
Portland
Salt Lake City
Seattle
90051
97208
84130
98124
Robert E. Showalter
Harold J. Swart
Robert D. McTeer, Jr.
Stuart P. Fishburne
Albert D. Tinkelenberg
William A. Fickling, Jr.
John H. Weitnauer, Jr.
William H. Martin, III
Copeland D. Newbern
David A. Rush
Cecelia Adkins
Leslie B. Lampton
William F. Ford
Robert P. Forrestal
John Sagan
Stanton R. Cook
Russell G. Mawby
Silas Keehn
Daniel M. Doyle
Armand C. Stalnaker
Hadley Griffin
Richard V. Warner
James F. Thompson
Donald B. Weis
Lawrence K. Roos
Donald W. Moriarty, Jr.
William G. Phillips
John B. Davis, Jr.
Ernest B. Corrick
E. Gerald Corrigan
Thomas E. Gainor
Paul H. Henson
Doris M. Drury
Caleb B. Hurtt
Christine H. Anthony
Robert G. Lueder
Roger Guffey
Henry R. Czerwinski
Gerald D. Hines
John V. James
A. J. Losee
Jerome L. Howard
Pat Legan
Robert H. Boykin
William H. Wallace
Caroline L. Ahmanson
Alan C. Furth
Bruce M. Schwaegler
John C. Hampton
Wendell J. Ashton
John W. Ellis
John J. Balles
John B. Williams
Hiram J. Honea
Charles D. East
F. J. Craven, Jr.
Jeffrey J. Wells
James D. Hawkins
William C. Conrad
John F. Breen
Donald L. Henry
Robert E. Matthews
Betty J. Lindstrom
Wayne W. Martin
William G. Evans
Robert D. Hamilton
Joel L. Koonce, Jr.
J. Z. Rowe
Thomas H. Robertson
Richard C. Dunn
Angelo S. Carella
A. Grant Holman
Gerald R. Kelly
*Additional offices of these Banks are located at Lewiston, Maine 04240; Windsor Locks, Connecticut 06096; Cranford, N e w Jersey 07016;
Jericho, N e w York 11753; Utica at Oriskany, N e w York 13424; Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West
Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; and Milwaukee, Wisconsin 53202.
A74
Federal Reserve Board Publications
Copies are available from PUBLICATIONS SERVICES,
Room MP-510, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551. When a charge is indicated, remittance should accompany
request and be made
THE
FEDERAL RESERVE
TIONS. 1 9 7 4 . 125 p p .
A N N U A L REPORT.
SYSTEM—PURPOSES
AND
FUNC-
BANKING AND MONETARY STATISTICS. 1 9 1 4 - 1 9 4 1 . ( R e p r i n t
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A75
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Alice in Debitland
Consumer Handbook to Credit Protection Laws
Dealing with Inflation: Obstacles and Opportunities
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Series on the Structure of the Federal Reserve System
The Board of Governors of the Federal Reserve System
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Federal Reserve Banks
Monetary Control Act of 1980
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Revision of Bank Credit Series. 12/71.
Rates on Consumer Installment Loans. 9/73.
Industrial Electric Power Use. 1/76.
Revised Series for Member Bank Deposits and Aggregate
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Federal Reserve Operations in Payment Mechanisms: A
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Perspectives on Personal Saving. 8/80.
The Impact of Rising Oil Prices on the Major Foreign
Industrial Countries. 10/80.
Federal Reserve and the Payments System: Upgrading Electronic Capabilities for the 1980s. 2/81.
U.S. International Transactions in 1980. 4/81.
Survey of Finance Companies, 1980. 5/81.
Bank Lending in Developing Countries. 9/81.
A76
Index to Statistical Tables
References are to pages A3 through A68 although the prefix 'A"
ACCEPTANCES, bankers, 10, 25, 27
Agricultural loans, commercial banks, 18, 19, 20, 26
Assets and liabilities (See also Foreigners)
Banks, by classes, 17, 18-21
Domestic finance companies, 39
Federal Reserve Banks, 11
Foreign banks, U.S. branches and agencies, 22
Nonfinancial corporations, 38
Savings institutions, 29
Automobiles
Consumer installment credit, 42, 43
Production, 48, 49
BANKERS balances, 17, 18-20
(See also Foreigners)
Banks for Cooperatives, 35
Bonds (See also U.S. government securities)
New issues, 36
Yields, 3
Branch banks, 15, 21, 22, 56
Business activity, nonfinancial, 46
Business expenditures on new plant and equipment, 38
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 46
Capital accounts
Banks, by classes, 17
Federal Reserve Banks, 11
Central banks, 68
Certificates of deposit, 21, 27
Commercial and industrial loans
Commercial banks, 15, 17, 22, 26
Weekly reporting banks, 18-22, 23
Commercial banks
Assets and liabilities, 3, 15, 17, 18-21
Business loans, 26
Commercial and industrial loans, 15, 17, 22, 23, 26
Consumer loans held, by type, 42, 43
Loans sold outright, 21
Nondeposit funds, 16
Number, 17
Real estate mortgages held, by holder and property, 41
Commercial paper, 3, 25, 27, 39
Condition statements (See Assets and liabilities)
Construction, 46, 50
Consumer installment credit, 42, 43
Consumer prices, 46, 51
Consumption expenditures, 52, 53
Corporations
Profits and their distribution, 37
Security issues, 36, 65
Cost of living (See Consumer prices)
Credit unions, 29, 42, 43
Currency and coin, 5, 17
Currency in circulation, 4, 13
Customer credit, stock market, 28
DEBITS to deposit accounts, 12
Debt (See specific types of debt or securities)
Demand deposits
Adjusted, commercial banks, 12, 14
Banks, by classes, 17, 18-21
is omitted in this index
Demand deposits—Continued
Ownership by individuals, partnerships, and
corporations, 24
Subject to reserve requirements, 14
Turnover, 12
Depository institutions
Reserve requirements, 8
Reserves, 3, 4, 5, 14
Deposits (See also specific types)
Banks, by classes, 3, 17, 18-21, 29
Federal Reserve Banks, 4, 11
Subject to reserve requirements, 14
Turnover, 12
Discount rates at Reserve Banks and at foreign central
banks (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
Dividends, corporate, 37
EMPLOYMENT, 46, 47
Eurodollars, 27
FARM mortgage loans, 41
Federal agency obligations, 4, 10, 11, 12, 34
Federal credit agencies, 35
Federal finance
Debt subject to statutory limitation and types and
ownership of gross debt, 32
Receipts and outlays, 31
Treasury operating balance, 30
Federal Financing Bank, 30, 35
Federal funds, 3, 6, 18, 19, 20, 27, 30
Federal Home Loan Banks, 35
Federal Home Loan Mortgage Corporation, 35, 40, 41
Federal Housing Administration, 35, 40, 41
Federal Intermediate Credit Banks, 35
Federal Land Banks, 35, 41
Federal National Mortgage Association, 35, 40, 41
Federal Reserve Banks
Condition statement, 11
Discount rates (See Interest rates)
U.S. government securities held, 4, 11, 12, 32, 33
Federal Reserve credit, 4, 5, 11, 12
Federal Reserve notes, 11
Federally sponsored credit agencies, 35
Finance companies
Assets and liabilities, 39
Business credit, 39
Loans, 18, 19, 20, 42, 43
Paper, 25, 27
Financial institutions
Loans to, 18, 19, 20
Selected assets and liabilities, 29
Float, 4
Flow of funds, 44, 45
Foreign banks, assets and liabilities of U.S. branches and
agencies, 22
Foreign currency operations, 11
Foreign deposits in U.S. banks, 4, 11, 18, 19, 20
Foreign exchange rates, 68
Foreign trade, 55
Foreigners
Claims on, 56, 58, 61, 62, 63, 67
Liabilities to, 21, 56-60, 64-66
All
GOLD
Certificates, 11
Stock, 4, 55
Government National Mortgage Association, 35, 40, 41
Gross national product, 52, 53
HOUSING, new and existing units, 50
INCOME, personal and national, 46, 52, 53
Industrial production, 46, 48
Installment loans, 42, 43
Insurance companies, 29, 32, 33, 41
Interbank loans and deposits, 17
Interest rates
Bonds, 3
Business loans of banks, 26
Federal Reserve Banks, 3, 7
Foreign central banks and foreign countries, 68
Money and capital markets, 3, 27
Mortgages, 3, 40
Prime rate, commercial banks, 26
Time and savings deposits, 9
International capital transactions of United States, 56-67
International organizations, 56-61, 64-67
Inventories, 52
Investment companies, issues and assets, 37
Investments (See also specific types)
Banks, by classes, 17, 29
Commercial banks, 3, 15, 17, 18-20
Federal Reserve Banks, 11, 12
Savings institutions, 29, 41
LABOR force, 47
Life insurance companies (See Insurance companies)
Loans (See also specific types)
Banks, by classes, 17, 18-21
Commercial banks, 3, 15, 17, 18-21, 22, 26
Federal Reserve Banks, 3, 4, 5, 7, 11, 12
Insured or guaranteed by United States, 40, 41
Savings institutions, 29, 41
MANUFACTURING
Capacity utilization, 46
Production, 46, 49
Margin requirements, 28
Member banks
Borrowing at Federal Reserve Banks, 5, 11
Federal funds and repurchase agreements, 6
Reserve requirements, 8
Reserves and related items, 14
Mining production, 49
Mobile home shipments, 50
Monetary aggregates, 3, 14
Money and capital market rates (See Interest
rates)
Money stock measures and components, 3, 13
Mortgages (See Real estate loans)
Mutual funds (See Investment companies)
Mutual savings banks, 3, 9, 18-20, 29, 32, 33, 41
NATIONAL defense outlays, 31
National income, 52
OPEN market transactions, 10
PERSONAL income, 53
Prices
Consumer and producer, 46, 51
Stock market, 28
Prime rate, commercial banks, 26
Production, 46, 48
Profits, corporate, 37
REAL estate loans
Banks, by classes, 18-20, 41
Rates, terms, yields, and activity, 3, 40
Savings institutions, 27
Type of holder and property mortgaged, 41
Repurchase agreements and federal funds, 6, 18, 19, 20
Reserve requirements, 8
Reserves
Commercial banks, 17
Depository institutions, 3, 4, 5, 14
Federal Reserve Banks, 11
Member banks, 14
U.S. reserve assets, 55
Residential mortgage loans, 40
Retail credit and retail sales, 42, 43, 46
SAVING
Flow of funds, 44, 45
National income accounts, 53
Savings and loan assns., 3, 9, 29, 33, 41, 44
Savings deposits (See Time deposits)
Securities (See also U.S. government securities)
Federal and federally sponsored credit agencies, 35
Foreign transactions, 65
New issues, 36
Prices, 28
Special drawing rights, 4, 11, 54, 55
State and local governments
Deposits, 18, 19, 20
Holdings of U.S. government securities, 32, 33
New security issues, 36
Ownership of securities issued by, 18, 19, 20, 29
Yields of securities, 3
Stock market, 28
Stocks (See also Securities)
New issues, 36
Prices, 28
TAX receipts, federal, 31
Time deposits, 3, 9, 12, 14, 17, 18-21
Trade, foreign, 55
Treasury currency, Treasury cash, 4
Treasury deposits, 4, 11, 30
Treasury operating balance, 30
UNEMPLOYMENT, 47
U.S. balance of payments, 54
U.S. government balances
Commercial bank holdings, 18, 19, 20
Member bank holdings, 14
Treasury deposits at Reserve Banks, 4, 11, 30
U.S. government securities
Bank holdings, 17, 18-20, 32, 33
Dealer transactions, positions, and financing, 34
Federal Reserve Bank holdings, 4, 11, 12, 32, 33
Foreign and international holdings and transactions, 11,
32, 64
Open market transactions, 10
Outstanding, by type and ownership, 32, 33
Rates, 3, 27
Savings institutions, 29
Utilities, production, 49
VETERANS Administration, 40, 41
WEEKLY reporting banks, 18-23
Wholesale (producer) prices, 46, 51
YIELDS (See Interest rates)
A78
The Federal Reserve System
Boundaries of Federal Reserve Districts and Their Branch Territories
Minneapolis
Detroit
Chicago
Omaha'
Kansas
\g>
City
't. Louis
Louisville
karlotte.
Oklahoma
City,
^mphisNashyil^
ILittle Rock
gjrminghai \ ®
Atlanta
>
Dallas®
Ml Paso'
Houston*
,San
Antonio
January 1978
ALASKA
HAWAII
LEGEND
Boundaries of Federal Reserve Districts
Federal Reserve Bank Cities
Boundaries of Federal Reserve Branch
Territories
Federal Reserve Branch Cities
Federal Reserve Bank Facility
Q
Board of Governors of the Federal Reserve
System
A79
Publications of Interest
FEDERAL RESERVE
Federal Reserve
Regulatory Service
Volume I
Federal Reserve
Regulatory Service
Volume II
V
^
REGULATORY
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