Full text of Federal Reserve Bulletin : January 1983
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
VOLUME 6 9 •
NUMBER 1 •
JANUARY 1983
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 • Griffith L. Garwood • James L. Kichline • Edwin M. Truman
Naomi P. Salus,
Coordinator
The FEDERAL RESERVE BULLETIN is issued monthly under the direction of the staff publications committee. This committee is responsible for
opinions expressed except in official statements and signed articles. It is assisted by the Economic Editing Unit headed by Mendelle T. Berenson,
the Graphic Communications Section under the direction of Peter G. Thomas, and Publications Services supervised by Helen L. Hulen.
Table of Contents
L BUSINESS FIXED INVESTMENT.- RECENT
DEVELOPMENTS AND OUTLOOK
Even though the amount of business fixed
investment in the United States has declined recently, especially investments in
heavy industrial equipment and factories,
the share of resources devoted to it has
been reasonably well maintained.
1 1 INDUSTRIAL
AL RESERVE
BULLETIN.
Admission of five state banks to membership in the Federal Reserve System.
17 RECORD OF POLICY ACTIONS OF THE
FEDERAL OPEN MARKET COMMITTEE
PRODUCTION
Output declined about 0.1 percent in December.
13
Omission of two bank holding companies
from the Index to Volume 68 of the FEDER-
ANNOUNCEMENTS
Change in the discount rate.
Approval of program to speed up the collection of checks by the Federal Reserve System.
Amendment to Regulation D defining as
transaction accounts time deposits issued in
connection with an agreement permitting
the depositor to obtain credit by check or
similar devices for the purpose of making
payments or transfers to third parties.
Amendment to Regulation L clarifying the
circumstances under which certain interlocks may be continued until 1988.
Technical amendments to Regulations D
and Q to conform them to rules adopted by
the Depository Institutions Deregulation
Committee.
Publication of Supplement No. 8 to the
System's Compliance
Handbook.
Proposed fee schedule for the Federal Reserve's book entry securities services.
Changes in Board staff.
At its meeting on November 16, 1982, the
Committee agreed that, against the background of prevailing economic and financial
conditions and current liquidity demands, it
would seek to maintain expansion in bank
reserves needed for an orderly and sustained flow of money and credit, consistent
with the growth of M2 (and M3) from September to December at an annual rate of
around 9Vi percent. The Committee also
decided that somewhat slower growth in
M2 and M3, to the extent of reducing their
expansion for the year to nearer the upper
part of the ranges for 1982, would be acceptable and desirable if such growth were
associated with declining interest rates. On
the other hand, somewhat more rapid
growth would be tolerated if continuing
economic and financial uncertainties should
appear to be reflected in exceptional liquidity demands. The intermeeting range for the
federal funds rate, which provides a mechanism for initiating further consultation of
the Committee, was set at 6 to 10 percent.
23 LEGAL
DEVELOPMENTS
Amendments to Regulations A, D, Q, and
T; various bank holding company and bank
merger orders; and pending cases.
A i FINANCIAL AND BUSINESS
A3
A46
A54
A70
STATISTICS
Domestic Financial Statistics
Domestic Nonfinancial Statistics
International Statistics
Special Tables
A69 GUIDE TO TABULAR PRESENTATION,
STATISTICAL RELEASES, AND SPECIAL
TABLES
A80 BOARD OF GOVERNORS AND STAFF
A82 FEDERAL OPEN MARKET COMMITTEE
AND STAFF; ADVISORY
COUNCILS
A83 FEDERAL RESERVE BANKS,
AND OFFICES
A84 FEDERAL RESERVE
PUBLICATIONS
BRANCHES,
BOARD
A86 INDEX TO STATISTICAL
TABLES
A88 MAP OF FEDERAL RESERVE
SYSTEM
Business Fixed Investment:
Recent Developments and Outlook
This article was prepared by Garry J. Schinasi of
the Board's Division of Research and Statistics.
Fong-Ying Kiang provided research
assistance.
Business fixed investment in the United States
has contracted sharply over the past year.
Spending on many types of capital equipment
has fallen, with heavy industrial machinery and
transportation equipment sustaining especially
severe losses. Investment in new offices and
other types of nonresidential buildings, which
had held up fairly well, has begun to decline
recently and may contract further in 1983.
The current decline in capital spending is a
continuation of the weakness that began more
than three years ago. The period from 1979 to
1982 was one in which the combination of rapid
inflation and the application of restrictive government policies to foster price stability curtailed
the growth of output, increased borrowing costs,
and reduced profits; all three of these factors
inhibited investment spending.
Despite recent cyclical reductions, the share of
total national output devoted to business fixed
investment has been reasonably well maintained
and remains substantially above the postwar
average. However, the composition of capital
spending has changed dramatically. Outlays for
heavy machinery and new factories have grown
very little during the past decade, while expenditures on communications and high-technology
equipment and on office buildings have expanded
rapidly.
Although business fixed investment may not
recover quickly from the current recession and
will probably be relatively weak in the near term,
the longer-term outlook is more favorable. Increased capacity utilization, new tax incentives
provided by the Economic Recovery Tax Act of
1981, continued moderation in inflation, and further improvement in the financial climate should
all promote expansion in capital outlays. Howev
er, if certain structural problems persist, such a
favorable environment for investment might not
develop. In particular, a continuation of large
federal government deficits could forestall a rapid expansion in overall business capital formation. Moreover, high labor costs in the United
States and a weakening in competitive position in
world markets could restrain capital spending in
affected industries for a long time.
RECENT DEVELOPMENTS IN BUSINESS
FIXED INVESTMENT.- 1979-82
The level of business fixed investment fell twice
during the years 1979-82, a period of prolonged
economic stagnation and sustained financial
pressures. The first contraction in capital spending, during the 1980 recession, was relatively
shallow and relatively short; but reductions in
business fixed investment in the current recession have been deeper and may continue well
into 1983 (see chart 1 and table 1).
The major influences on capital spending—
final sales, capacity utilization, the cost of borrowing, and profitability—mirrored the overall
stagnation during 1979-82 and were not favorable to expansion in capital outlays (chart 2). By
the end of 1982, real final sales were no greater
than they had been in mid-1979; as a result, the
rate of capacity utilization in manufacturing
slumped to a postwar low. Average costs of
borrowing long-term funds were close to record
highs during the period. Corporations, concerned about the high rates prevailing in bond
markets, were reluctant to issue long-term debt
and instead greatly increased their reliance on
short-term financing. The combination of high
rates, the increased share of debt that quickly
reflected these rates, and a heavy debt burden
greatly boosted the toll of interest expenses on
corporate revenues. Reflecting this toll and the
2
Federal Reserve Bulletin • January 1983
1. Business fixed investment a n d its c o m p o n e n t s
Billions of 1972 dollars
Business fixed
investment
Producers' durable
equipment
Nonresidential
structures
y
Shaded areas indicate periods of cyclical contraction as defined by
the National Bureau of Economic Research; trough for current
contraction has not been defined.
U . S . Department of Commerce data. In this and succeeding charts,
Board staff estimates are used for all data for 1982:4.
cyclical weakness in sales and earnings, after-tax
profits fell precipitously in the nonfinancial corporate sector starting in 1979 and remained low
even in 1981 after business taxes were cut. The
number of business failures, meanwhile, reached
postdepression highs.
The contraction in capital spending in 1980
was relatively shallow because the recession of
that year lasted only six months, about half the
average duration of previous postwar recessions.
Because the margin of excess capacity that developed was narrower than had been typical
during postwar recessions, the slide in business
fixed investment halted as soon as aggregate
demand started to pick up during the second half
of the year.
But the cyclical recovery in final sales was
short-lived, and in the last half of 1981, economic
activity again began to decline, weakening incentives to invest. The impact of the recession on
investment spending was delayed until the end of
the year, perhaps because businesses expected a
repetition of the stop-go pattern of final sales in
1980. But once it became clear that output was
not likely to recover promptly, cutbacks in capital spending began in earnest. Over the four
quarters of 1982, real business fixed investment
fell approximately 9 percent; and judging from
1. Contractions in business fixed investment and in its determinants, 1947-821
Determinant
Business fixed
investment
Contraction
Reduction
Duration
Final sales
Reduction
Duration
Gross national
product
Reduction
Duration
Ratio of after-tax
profits to GDP 2
Ratio at
trough
(percent)
Duration
Manufacturing
capacity utilization
Rate at
trough
(percent)
Duration
1947-48
1953-54
1957-58
1960-61
1969—70
1974-75
1980
16.2
3.9
14.4
3.8
6.9
16.3
6.1
4
3
4
3
5
6
3
0
1.8
1.8
.1
.1
2.0
2.5
1
4
2
1
1
4
1
1.5
3.2
3.3
1.2
1.0
4.9
2.5
2
4
2
3
2
5
1
4.8
4.9
5.3
5.9
4.1
1.6
3.7
Average
Excluding 1 9 8 0 . . . .
Including 1980 . . . .
10.3
9.7
4.2
4.0
1.0
1.2
2.3
2.1
2.5
2.5
3.0
2.7
4.4
4.3
9.7
9.7
74.1
74.4
7.5
7.3
3
1.8
6
2.6
2
4.4
3
69.7
6
1981-82 3
72.4
79.1
72.4
73.8
76.6
70.3
75.9
7
5
5
4
18
6
6
silill®!!
6.2
1. The reduction is measured in percent from the peak to the trough
of the specific series; the duration is measured by the number of
quarters the specific series declined from its peak. All calculations are
made with data in constant dollars except for the profit ratio.
2. After-tax profits of the nonfinancial corporate sector, including
inventory valuation adjustment and capital consumption adjustment,
6
9
11
7
19
6
10
as a share of gross domestic product of the nonfinancial corporate
sector, both measured in current dollars. The decline in profits
typically begins well in advance of a business cycle peak; such timing
accounts for the unusually long average duration of nearly ten
quarters.
3. Calculations for 1982 use data for the third quarter.
Business Fixed Investment:
Recent Developments
and Outlook
3
2. Determinants of business fixed investment
Percent
Billions of 1972 dollars
1550
Profits after tax
as share of GDP
1500
1450
ttmm E
1400
Percent
9
all manufacturing
Shaded areas indicate periods of cyclical contraction as defined by
the National Bureau of Economic Research.
After-tax profits of the nonfinancial corporate sector include inventory valuation and capital consumption adjustments. The corporate
bond rate is the rate on Moody's seasoned Aaa bonds.
Data on gross national product, final sales, profits, and gross
domestic product of the nonfinancial sector are from the U.S.
Department of Commerce; profits and capacity utilization data end in
1982:3.
advance indicators such as contracts and orders
and surveys of capital spending plans, it can be
expected to contract through at least early 1983.
The overall decline last year was close to the
average total reduction during previous postwar
recessions.
already exceeded the drop in 1980 and is likely to
continue in the first half of 1983; moreover, it is
expected that, once the decline bottoms out, it
Producers'
Durable
Equipment
Outlays for producers' durable equipment fell 7
percent in the 1980 recession, compared with an
average decline of 14 percent for the earlier
contractions (table 2). The only component of
equipment that suffered a major setback during
that period was transportation equipment, as
business purchases of motor vehicles dropped
one-third (chart 3). Spending for other components held up fairly well, falling only about 3
percent in the aggregate.
In the current contraction, reductions in outlays for producers' durable equipment have been
widespread and quite sharp. The decline has
2. Contractions in the major components of real
business fixed investment, 1947-82 1
Contraction
Producers' durable
equipment
Nonresidential
structures
Reduction Duration Reduction Duration
1947-48
1953-54
1957-58
1960-61
1969-70
1974-75
1980
22.5
9.6
19.3
10.8
7.7
14.3
7.0
7
3
4
3
5
5
3
Average
Excluding 1 9 8 0 . . . .
Including 1980 . . . .
14.0
13.0
4.5
4.3
8.6
8.5
5.5
5.1
4
1.3
1
1981-82 2
9.1
10.5
.0
9.0
2.3
7.8
22.2
8.0
4
2
7
4
9
7
3
1. The reduction is measured in percent from the peak to the trough
of the specific series; the duration is measured by the number of
quarters the specific series declined from its peak. All calculations are
made with data in constant dollars.
2. Calculations for 1982 use data for the third quarter.
4
Federal Reserve Bulletin • January 1983
3. Producers' durable equipment
and selected components
/
/
//
z
v
V
^
\\
Nonresidential
Billions of 1972 dollars
l ^ p s p l M ®
/—.
120
\
115
/Producers'durable
equipment
'
i
110
m
i
1
\
Structures
Outlays for nonresidential structures fell 8 percent during the 1980 recession, about the same as
the average contraction during previous postwar
recessions. The decline reflected both cyclical
influences and longer-run investment trends
(chart 4). Cyclical weakness became evident in
spending on office buildings and institutional
structures early in 1980 after substantial growth
in the late 1970s. Outlays for construction of
such commercial buildings as shopping centers
and other stores, also dropped; although cyclical
factors played a role in the decline, the weakness
probably also stemmed from overbuilding in earlier years. Expenditures on public utility structures continued a downward trend that began
after the jump in oil prices during the mid-
4. Nonresidential structures and its components
Billions of 1972 dollars
1978
1980
1982
Shaded areas indicate periods of cyclical contraction as defined by
the National Bureau of Economic Research.
U.S. Department of Commerce data; data for components end
1982:3.
will have been greater than the average contraction experienced during previous postwar recessions. Outlays for heavy machinery, such as
engines, agricultural equipment, and construction machinery, have declined one-fourth since
the third quarter of 1981. Business purchases of
cars and trucks, which account for about 80
percent of investment in transportation equipment, have fallen about 8 percent in that period,
bringing the total decline in this component to
nearly 40 percent since 1978. Spending for other
transportation equipment—commercial aircraft,
railroad equipment, and ships—is down onethird. At the same time, expenditures for fabricated metals and for electrical machinery other
than communications equipment have been reduced substantially.
In contrast, expenditures on many types of
"lighter" equipment have slackened only a little.
Outlays for office and store machinery, communications equipment, and instruments, which together accounted for more than 40 percent of
producers' durable equipment in 1982, have decreased only 5 percent.
1978
1980
1982
Shaded areas indicate periods of cyclical contraction as defined by
the National Bureau of Economic Research.
U.S. Department of Commerce data; data for components end
1982:3.
Business Fixed Investment:
seventies. The same increases in energy prices,
however, helped to boost petroleum drilling and
mining activity, which maintained the upward
trend that had begun in the mid-1970s.
Except for drilling for oil and gas, the trends in
nonresidential structures evident in 1980 continued into 1982. Reductions in capital outlays
related to drilling and mining recently have accounted for most of the decline in outlays for
nonresidential structures. Since their peak in the
last quarter of 1981, expenditures for petroleum
drilling and mining have fallen 9Vi percent.
Outlays for nonresidential structures excluding petroleum drilling and mining have eased off
2 percent during the current contraction. Building activity often is not synchronized with the
business cycle because of the long-term nature of
building commitments. For example, construction of office buildings expanded throughout 1982
as previous commitments were fulfilled. In contrast, work on public utility structures, other
commercial buildings (mostly shopping centers),
and farm structures, which had been trending
downward before the recession, fell further during 1982. In addition, expenditures for industrial
buildings, which tend to be more cyclical, reversed their rise of 1981.
Recent Developments
and Outlook
5
sition of aggregate demand, and foreign competition have acted to alter the mix of investment
spending. Consequently, even though the share
of output used for total investment seems to be in
line with historical performance, capital formation associated with heavy industry appears to
have declined.
The Adequacy
of
Investment
The share of gross domestic product devoted to
business fixed investment has increased substantially since the 1950s (chart 5 and table 3). In the
mid-1970s, while the U.S. economy adjusted to a
5. Business investment as a share of output
Percent
A BROADER PERSPECTIVE
ON BUSINESS FIXED INVESTMENT
Although business fixed investment has declined
substantially over the past year, this weakness
appears to reflect the cyclical stagnation of overall economic activity rather than a fundamental
flaw in long-run capital formation. At the same
time, changes in technology, shifts in the compo-
U.S. Department of Commerce data. Board staff estimates of
business fixed investment for 1982:4 were used for the upper panel.
Data for net business fixed investment in 1982 are not available.
3. Measures of the performance of real business fixed investment, 1948-82 1
Annual average in percent
Measure
1 Gross business fixed investment as share of gross domestic product
2 Net business fixed investment as share of net domestic product
Growth in business capital stock
3
Straight-line depreciation
4
Discarded-capital depreciation 3
1. All calculations are made with data in constant dollars.
2. Line 1 is based on staff estimates for 1982:4; lines 2, 3, and 4 end
with 1981:4.
3. This measure assumes that capital retains all its usefulness until
it is discarded.
1948-55
1956-65
1966-73
1974-79
1980-82 2
9.3
3.3
9.3
3.0
10.6
4.2
10.6
3.2
11.5
3.4
4.8
3.7
3.7
3.2
4.9
4.5
3.4
3.8
3.5
3.9
SOURCE. Bureau of Economic Analysis. Lines 1 and 2 are from the
national income and product accounts. Lines 3 and 4 are from Fixed
Reproducible Tangible Wealth in the United States, 1925-79 (March
1982), with updating provided by BEA. Line 3 corresponds to the
concept of net stocks, line 4 with the concept of gross stocks used in
that publication; both assume constant-cost valuation.
6
Federal Reserve Bulletin • January 1983
quadrupling of energy prices and endured a severe recession, this share fell sharply. As the
economy recovered in the late seventies, however, the share of output devoted to business fixed
investment increased considerably—as much as
it did in the mid-sixties. In recent years, this
share has moved higher despite the cyclical
weakness of business spending and is now about
11'/2 percent.
The ratio of business fixed investment to gross
domestic product may, however, overstate the
adequacy of investment outlays in the United
States for two reasons: First, gross investment
includes capital expenditures on replacement
equipment and repairs, so that as the stock of
capital has risen, required replacement has increased. Second, the stock of equipment has
increased more rapidly than has the stock of
buildings and other long-lived capital; this shift
has raised the average rate of depreciation of the
capital stock as a whole. The influence of both
factors can be eliminated by calculating the ratio
of net business fixed investment (business fixed
investment minus straight-line depreciation) to
net domestic product (GDP less depreciation).
As chart 5 indicates, removing depreciation
eliminates the upward trend evident in the ratio
of gross investment to GDP. Nonetheless, over
the long run the fraction of net domestic product
devoted to net business fixed investment has
remained about constant. Additions to the business capital stock were, in fact, smaller in the
1970s than in the second half of the 1960s, but
investment performance during the late 1960s
was strengthened by an unusually prolonged
period of robust economic activity as well as by
the effects of the Vietnam War. Over the past
three years, the ratio of net business fixed investment to net national product has been above the
postwar average, despite the cyclical contraction
of output. Thus it appears that capital spending
in recent years has been adequate, in the sense
that the ratio of investment to output has been in
line with historical norms.
Another way to assess investment performance in the long run is to analyze the growth of
the capital stock. The two standard measures of
that growth (table 3, lines 3 and 4) yield the same
results as the investment-output ratios discussed
above. In general, growth in the capital stock has
exhibited cyclical variation over the postwar
period, but no discernible secular trend. Except
for the cyclical swings, growth in the capital
stock has been roughly constant.
The Composition
of Business
Fixed
Investment:
Emerging
Trends
Although growth of overall business fixed investment during the past decade has been in line with
longer-run trends, outlays for the various components have diverged widely. Outlays for producers' durable equipment grew much faster than
those for nonresidential structures during the
1960s and 1970s, reversing the trend from the
mid-1940s to the late 1950s (chart 6). This shift
may have been a response to rising relative
prices for construction or to tax policy that
favored equipment spending.
The composition of spending within the equipment category also has changed dramatically, as
shown in table 4 and chart 7. From 1960 to the
present, outlays for communications and hightechnology equipment have increased steadily,
from less than 14 percent to more than 45 percent
of total spending for producers' durable equipment (see table 4 for definitions of categories). At
the same time, the share of heavy industrial
equipment in total equipment spending has declined, from more than 35 percent to about 20
percent.
Even before the first oil-price shock, the share
of equipment outlays going to heavy industrial
machinery had been declining while the share of
6. Share of business fixed investment devoted
to producers' durable equipment
Percent
1950
1955
1960
1965
U.S. Department of Commerce data.
1970
1975
1982
Business Fixed Investment: Recent Developments
and Outlook
7
4. Components of real business fixed investment, 1958-82 1
Percent
1958-65
1966-73
1974-79
1980-82 2
100.0
100.0
100.0
100.0
Producers' durable equipment
Communications and high-technology equipment
Heavy industrial equipment
Transportation equipment
Construction and agricultural
Other
56.6
9.0
17.9
14.7
6.8
8.2
61.9
12.4
18.1
17.0
6.6
7.8
69.7
19.2
17.2
18.1
7.0
8.3
69.8
28.5
15.1
13.7
4.4
8.0
Nonresidential structures
Commercial
Offices
Other4
Public utilities
Petroleum drilling and mining
Industrial
Institutional
Farm
Other5
43.5
10.8
n.a.
n.a.
9.5
4.8
6.8
9.1
2.1
.3
38.1
10.0
n.a.
n.a.
9.9
2.7
6.7
6.4
1.6
.9
30.2
7.8
2.9
4.9
8.7
3.2
4.4
3.6
2.0
.6
30.2
9.1
4.7
4.4
7.0
4.5
4.3
3.5
1.4
.4
Component
Business fixed investment
3
1. All calculations are made with data in constant dollars.
2. Calculations for 1982 use data for the third quarter.
3. These categories are defined as follows: communications and
high-technology equipment includes office and store machinery
(which is about 80 percent computers, but also includes more traditional items such as typewriters, cash registers, and calculating
machines), communication equipment, scientific engineering equipment, and photographic equipment; heavy industrial equipment includes steam engines, internal combustion engines, metalworking
machinery, special industry machinery, general industry machinery,
transmission and distribution machinery, and fabricated metals; transportation equipment includes trucks, passenger cars, aircraft equip-
ment, ships and boats, and railroad equipment; construction and
agricultural equipment includes construction tractors, construction
machinery, farm tractors, and agricultural machinery; and other
equipment includes service industry machinery, mining and oil field
machinery, household appliances, miscellaneous electrical machinery, household furniture, other furniture, other miscellaneous, and
scrap.
4. Other commercial structures include other commercial buildings
and mobile homes.
5. Other structures include all other private structures, commissions, and net transfers.
n.a. Not available before 1972.
communications and high-technology equipment
had been increasing. But after the U.S. economy
began to conserve energy and the growth in
demand for heavy industrial machinery slowed,
these patterns became more pronounced.
Factors besides the oil-price shock contributed
to the shift away from investment in heavy
industrial machinery. During the 1970s, U.S.
manufacturers of steel and motor vehicles experienced intense competition from foreign producers. As labor costs rose and growth in productivity slowed in these industries, foreign competitors gained a substantial cost advantage. Responding to the loss of shares in world markets,
U.S. producers shut down less efficient factories
in those and related industries and canceled new
capital projects; consequently, despite intensive
efforts by some of these industries to modernize,
growth in the demand for domestically produced
heavy industrial machinery declined. Between
1980 and 1982, as the dollar appreciated against
foreign currencies, other durable goods industries in the United States became less competitive. The shift away from industrial equipment
also may have occurred because the manufacturing sector began to utilize more sophisticated
production techniques, such as computerized
inventory control, automation, and complex
communications networks, and because the
economy in general was devoting a larger share
of its output to services and information.
The composition of nonresidential construction also has displayed clear trends over the past
decade (chart 8). Energy prices have influenced
the demand for various types of business structures as well as equipment. On the one hand, as
the demand for electricity grew in response to
falling relative prices, expenditures for public
utility structures rose as a share of total nonresidential structures from the mid-1960s to the early
1970s. After oil prices quadrupled in 1973, the
growth in demand for electricity slowed dramatically and investment in new generation plants
declined.
On the other hand, petroleum drilling and
mining activity fell as a share of total expenditures on structures throughout the 1960s with the
fall in the relative price of oil. But when the price
8
Federal Reserve Bulletin • January 1983
7. Selected components of producers'durable equipment
Nonresidential building activity (that is, nonresidential structures excluding petroleum drilling and mining) has shifted over the past decade
toward commercial buildings. The share of outlays for offices has been expanding sharply,
while the share for other commercial buildings—
mostly shopping centers and other stores—has
been shrinking with the slowing in population
growth and in development of suburban areas.
Meanwhile, outlays devoted to industrial building have remained near 15 percent of the total on
nonresidential structures for the past decade; in
the mid-1960s they reached a peak of a quarter of
the total.
THE
Percent of total producers' durable equipment, in constant dollars.
U.S. Department of Commerce data; data for components end
1982:3.
of oil skyrocketed in 1973 and again in 1979, oil
exploration became more profitable and the
share of petroleum drilling and mining began to
rise; by early 1982, it was about 16 percent of
outlays for business structures, nearly two and a
half times the share in 1972.
8. Selected components of nonresidential structures
Percent of total nonresidential structures, in constant dollars.
U.S. Department of Commerce data; data for components end
1982:3.
OUTLOOK
The near-term outlook for business fixed investment depends critically on the response of product and financial markets to the ongoing efforts
to reduce inflation. The halving of inflation during 1982 did foster a significant drop in nominal
interest rates from the cyclical peaks reached in
late 1981; moreover, further progress in cutting
inflation appears to be in prospect and should
bring additional improvements in financial markets. The effects of the recent declines in interest
rates are already being felt in some sectors of the
economy, such as automobiles and housing, and
a more generalized recovery in aggregate demand appears imminent. Lower costs for longterm borrowing also have allowed firms to begin
needed restructuring of their balance sheets,
funding of short-term debt, and rebuilding of
liquid assets. The combination of an expected
recovery in final demand, the easing of financial
stresses, and continued improvement in credit
market conditions should help encourage a sustained expansion in capital spending.
The initial recovery of business fixed investment will probably be slower than is typical after
a cyclical contraction in capital spending. The
moderate growth of business outlays expected
during the expansion reflects the severity of the
preceding recession. The severe drop in production during 1981 and 1982 left many firms with
margins of unused capacity that are wider than is
usual in a recession (table 1). Consequently,
during the initial rebound of aggregate demand
Business Fixed Investment: Recent Developments
many firms will be more likely to intensify use of
existing capital than to invest in new plant and
equipment. But, as overall activity follows a path
of sustained recovery, the demand for new capital goods should increase more rapidly.
In the early stages of an investment recovery,
spending tends to be concentrated on items that
can be purchased off the shelf or that have a
short production time. A similar pattern seems
likely to unfold this year, with the initial expansion concentrated in business purchases of
automobiles and trucks and in outlays for communications equipment and other lighter, hightechnology equipment. Heavy industrial machinery will take longer to recover because of planning and production lags as well as the
underlying shift in demand away from these
goods. Similar lags are likely to delay the recovery of spending on nonresidential structures,
although the decline in petroleum drilling and
mining activity is already showing signs of easing.
Over the longer term, the outlook for capital
spending is generally favorable. Current fiscal
and monetary policies should encourage a recovery and expansion of output through the mid1980s, thereby stimulating greater utilization of
existing capacity and providing incentives to
create new capacity in most sectors of the economy. Inflation should continue to decline, so that
a more stable economic environment emerges
and uncertainty decreases. This decrease in uncertainty could revive interest in longer-term
investments, which lost their appeal in the turbulent seventies. And the continuing revolution in
electronics will probably promote investment
demand by providing new types of equipment
that can be used to cut costs.
Federal tax policy toward business also should
help create a favorable climate for investment
spending in the 1980s. The Economic Recovery
Tax Act of 1981 substantially increased allowable writeoffs for depreciation of business capital,
expanded the investment tax credit, and liberalized the rules for transferring those tax breaks
through leasing arrangements. Although some of
the provisions of the 1981 act were repealed or
modified in 1982, effective federal tax rates on
business are still much lower than they were in
1980.
and Outlook
9
Declining inflation will also lower business
taxes by reducing the bias that is created by
historical-cost depreciation. (For example, if inflation doubles the price level in six years, the
remaining tax value of depreciation on six-yearold equipment is cut in half because no allowance
is made in the tax law for the shrinkage in the
value of a dollar over the intervening period.)
For some kinds of investment, the reduction in
effective tax rates generated by a substantial
improvement in price performance could be larger than that legislated in 1981.
This generally favorable outlook for the formation of additional business capital is clouded by
two major problems. First, although lower inflation and lower taxes on income from capital
should strengthen business investment in the
1980s, these same two factors could contribute to
deeper federal deficits, thus offsetting much of
their beneficial effect. The large current deficits
probably can be funded by the flow of private
saving—given the depressed state of markets for
both personal and business investment goods;
but once a recovery is solidly under way, federal
financing needs can be expected to compete for
savings and to keep the real cost of funds substantially higher than it otherwise would be.
Unless federal deficits can be held below the
substantial sums now in prospect, through either
major reductions in federal expenditures or increases in federal tax rates, high borrowing costs
could severely limit long-term plans for investment spending.
Second, even if the problem of persistent
federal deficits is successfully handled, compositional imbalances in capital spending are likely to
remain. Many heavy industries—for example,
automobiles and steel—are beset by serious
structural problems. Problems with costs, productivity, and output design have reduced international competitiveness, and capacity utilization in a number of industries has fallen to such a
low level that investment has become unattractive. Unless these serious structural problems
are addressed in a meaningful way, investment in
the affected sectors may continue to decline.
Recent revisions in the federal tax law, combined with the likelihood of increased economic
stability, should provide an extraordinary opportunity for capital expansion and renovation in the
10
Federal Reserve Bulletin • January 1983
1980s. However, if federal deficits are not reduced and if the entrenched structural problems
of aging heavy industry are not successfully
addressed, business capital formation may not
achieve its potential for growth.
•
For a detailed empirical and theoretical discussion of capital formation in the United States,
see Board of Governors of the Federal Reserve
System, Public Policy and Capital Formation
(Board of Governors, 1981).
11
Industrial Production
Released for publication
goods, business equipment, construction supplies, and durable materials. For November the
decline in the production index is now estimated
at 0.7 percent and for October at 1.1 percent,
reflecting downward revisions from the previously published declines of 0.4 and 0.8 percent
respectively. At 134.7 percent of the 1967 average, the December index was 12.5 percent below
January 14
Industrial production edged down in December
an estimated 0.1 percent after large declines in
the preceding three months. Sizable increases
occurred in the output of automotive products
and defense and space equipment, but there was
continuing weakness in the production of home
1967 = 100
Materials output
Products output
Business equipment
Nondurable
MATERIALS
'
Durable \
'
Consumer goods
J
»
\
/
\
L
CONSUMER GOODS
Business supplies
170
Nondurable
•
•
v^
150
Durable \ '
130
v
Construction supplies
* \ S'
110
1969-70=100
180
140
1977
Annual rate, millions of units
18
14
1979
1981
1983
MANUFACTURING
1977
1979
Nondurable
1981
1983
All series are seasonally adjusted and are plotted on a ratio scale. Auto sales and stocks include imports. Latest figures: December.
12
Federal Reserve Bulletin • January 1983
1967 = 100
Percentage change from preceding month
1982
1982
Grouping
Nov.P
Dec. e
Aug.
Sept.
Oct.
Nov.
Dec.
Percentage
change,
Dec. 1981
to Dec.
1982
Major market groupings
Total industrial production
134.8
134.7
-.3
-.8
-1.1
-.7
-.1
-6.1
Products, total
Final products
Consumer goods
Durable
Nondurable
Business equipment
Defense and space
Intermediate products
Construction supplies
Materials
138.6
137.7
141.1
124.9
147.6
144.6
113.6
141.9
123.2
128.9
138.7
138.1
141.4
127.3
147.0
144.1
116.0
141.0
122.2
128.4
-.4
-.9
-1.2
-3.2
-.3
-.6
.0
1.3
2.4
-.2
-.8
-.9
-.5
-1.2
-.3
-2.2
.0
-.7
-1.3
-.6
-1.0
-1.0
-.8
-3.4
.1
-2.7
2.1
-.9
-1.5
-1.3
-.6
-.7
-.8
-1.6
-.5
-1.2
1.6
-.4
-.3
-1.1
.1
.3
.2
1.9
-.4
-.3
2.1
-.6
-.8
-.4
-5.1
-5.6
-.4
3.3
-1.7
-19.5
8.4
-3.4
-3.8
-7.6
Manufacturing
Durable
Nondurable
Mining
Utilities
134.0
119.3
155.2
115.9
167.1
133.9
119.3
155.1
118.0
165.5
-.1
-.8
.8
-2.7
.5
-.7
-1.0
-.5
-.4
-.4
-.1
.0
-.1
1.8
-1.0
-5.7
-9.1
-1.5
-17.3
-1.6
Major industry groupings
p Preliminary.
e Estimated.
-1.5
-2.4
-.4
1.5
.2
NOTE. Indexes are seasonally adjusted.
its latest high in July 1981. Annual industrial
output in 1982 was about 8 percent below 1981,
putting it at about the same level as in 1977.
In market groupings, output of consumer
goods increased 0.2 percent in December, reflecting a sharp increase in the production of
autos and light trucks. Automobiles were assembled at an annual rate of 5.1 million units—up
about 13 percent from November. The auto
industry has scheduled a further increase for
January in response to improved sales that have
diminished stocks. However, production of
home goods and nondurable consumer goods
contracted further in December. Output of business equipment declined 0.3 percent, a smaller
reduction than in most months of 1982. Continued contractions in the output of manufacturing
and power equipment were partially offset by an
increase in oil and gas well drilling. Output of
-.7
-1.1
-.1
-1.9
-.6
defense and space equipment, which had been
rising moderately during most of 1982, increased
significantly for the third consecutive month.
Production of intermediate goods—construction
and business supplies—fell further during December.
Output of materials declined 0.4 percent—a
somewhat smaller reduction than in recent
months. Production of durable materials decreased 0.6 percent, with continued declines in
metals. Output of nondurable materials was unchanged overall, and energy materials declined.
In industry groupings, manufacturing production edged down in December with little overall
change in either durable or nondurable manufacturing. Mining activity increased, but output of
electric and gas utilities was reduced, in part reflecting milder-than-usual weather in some areas
of the country.
13
Announcements
CHANGE IN DISCOUNT RATE
The Federal Reserve Board has announced a
further reduction in the discount rate from 9
percent to 8V2 percent, effective December 14,
1982. The discount rate is the interest rate that is
charged for borrowings from the District Federal
Reserve Banks.
The further half-point reduction in the discount rate was taken in the light of current
business conditions, strong competitive pressures on prices and further moderation of cost
increases, a slowing of private credit demands,
and present indications of some tapering off in
growth of the broader monetary aggregates.
In announcing the reduction, the Board voted
on requests submitted by the boards of directors
of the Federal Reserve Banks of Boston, Atlanta, Chicago, St. Louis, Minneapolis, Dallas, and
San Francisco. The Board subsequently approved similar requests from the Federal Reserve Banks of N e w York, Cleveland, Richmond, and Kansas City, effective December 15,
and from the Federal Reserve Bank of Philadelphia, effective December 17, 1982.
CHECK COLLECTION SERVICE
The Federal Reserve Board has approved a
program to accelerate the collection of checks by
the Federal Reserve System.
The Board also approved a revised schedule of
fees for the transportation of currency and coin
to depository institutions and adopted a private
sector adjustment factor (PSAF) of 16 percent as
an element in the pricing of its services in 1983
(unchanged from the 1982 PSAF).
As adopted, the program for speeding up
check collection includes a number of changes
made in response to comment received on a
proposal published in August. The main elements of the program are as follows:
1. Reserve Banks will have checks available for
presentment (or dispatch) to paying institutions no
later than 12:00 noon local time.1 The transition to
later presentment will be accomplished in two steps:
first, on February 24, 1983, presentment will be moved
to 11:00 a.m.; and on May 2, 1983, it will be moved to
12:00 noon.
2. The later presentment policy program will be
applied to regional check processing center (RCPC)
and country paying institutions that receive a substantial dollar value of checks. Further, deposit deadlines
for checks drawn on high dollar RCPC and country
institutions will be extended beyond the deadlines that
were originally published by the Reserve Banks. Generally, these deadlines will be comparable to the
deadlines for checks drawn on city institutions.
3. Each Reserve office's later deposit deadlines will
be made available to all depositors—intraterritory
institutions, institutions that "direct send" to other
Federal Reserve offices, and institutions using the
Federal Reserve's interdistrict transportation system
(ITS) network.
Under this program at least $3 billion of checks
handled by the Federal Reserve are estimated to
be cleared a day earlier.
The new collection program will be put into
effect in stages from February 24 through July 1,
1983. The Reserve Banks will notify depository
institutions, at a later time, of the details of the
program.
In adopting the program, the Board said:
Implementation of the Reserve Banks' proposal to
accelerate the collection of checks, with the modifications that have been made, should provide substantial
benefits to depository institutions and to the public.
The program will improve the availability of funds to
depository institutions and permit them to make funds
available more quickly to their customers. Additionally, this program should encourage the use of electronic
payment systems, since it should result in reduced
check collection float.
1. Presentment indicates the time that Reserve offices will
present checks at clearinghouses or make them available for
pickup at the Reserve office. When deliveries must be made
to city institutions outside a clearinghouse, delivery will be
made as close as possible to these hours.
14
Federal Reserve Bulletin • January 1983
The Federal Reserve conducted a comprehensive review of the 557 comments received. Most
of the comment supported the objectives of the
proposal to accelerate the collection of checks.
Support was received on the specifics of the
program from 255 commenters, and 35 others
approved the program in part.
The private sector adjustment factor of 16
percent adopted by the Board for inclusion in
Federal Reserve pricing in 1983 assumes an
average cost of capital during the year of 16.3
percent. Other factors in calculating the PSAF
are the book value of related Federal Reserve
assets and related financing expenses. Details of
the calculation of the PSAF are available from
the Reserve Banks or the Federal Reserve
Board.
The fees for Federal Reserve cash transportation in 1983 will be higher than in 1982, but will
not yet recover full costs, in order to provide
institutions with a transition period before the
Federal Reserve establishes a fee schedule that
recovers full costs.
Regulation L (Management Official Interlocks)
clarifying the circumstances under which certain
interlocks among depository institutions may be
continued until 1988.
The Board and the other federal supervisory
agencies of depository institutions proposed this
amendment to their regulations in October. The
revised rule is being adopted by the five agencies
as proposed.
The amendment to Regulation L will become
effective upon publication jointly by the five
agencies in the Federal Register about the middle of January.
REGULATIONS D AND Q: TECHNICAL
AMENDMENTS
The Federal Reserve Board on December 29,
1982, made public a number of technical revisions of its Regulation D (Reserve Requirements
of Depository Institutions) and Regulation Q
(Interest on Deposits) to conform the regulations
to rules adopted by the Depository Institutions
Deregulation Committee.
REGULATION D: AMENDMENT
The Federal Reserve Board on December 23,
1982, adopted in final form an amendment to
Regulation D (Reserve Requirements of Depository Institutions) defining as transaction accounts time deposits issued in connection with
an agreement permitting the depositor to obtain
credit by check or similar devices for the purpose
of making payments or transfers to third parties.
The final rule is substantially the same as the
rule issued in temporary form, effective October
5, 1982, and amended in November to exempt
such time deposits issued before October 5,
1982, that will be renewed automatically on or
before December 31, 1982. In issuing the final
rule, the Board clarified that it does not regard as
transaction accounts time deposits pledged to
secure incidental overdrafts in a checking account.
COMPLIANCE HANDBOOK
SUPPLEMENT
Supplement No. 8 to the Federal Reserve System
Compliance Handbook is now available. The
supplement replaces pages in Part I (Statutes and
Regulations) and Part II (Examination and Investigation Procedures) with regard to Truth in
Lending, Fair Debt Collection, and Home Mortgage Disclosure. The new material has been
approved by the Federal Financial Institutions
Examination Council and adopted for System
use by the Board's Division of Consumer and
Community Affairs.
The supplement is available without charge on
request to Publication Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.
PROPOSED ACTION
REGULATION L: AMENDMENT
The Federal Reserve Board has announced
adoption in final form of an amendment to its
The Federal Reserve Board has requested comment by February 13, 1983, on a revised fee
schedule for its book entry securities services
Announcements
(computer recording of government securities
and related wire transfers).
Ulm Financial Corporation
Union Planters Corporation
CHANGES IN BOARD STAFF
SYSTEM MEMBERSHIP.
ADMISSION OF STATE BANKS
John M. Denkler, Staff Director for Management, has been appointed Adviser in the Office
of Staff Director for Federal Reserve Bank Activities, effective February 1, 1983.
The Board has also announced the resignation
of Uyless D. Black, Associate Director, Division
of Data Processing, on December 31, 1982.
ERRATUM
The following bank holding companies were
omitted from the Index to Volume 68 in the
December 1982 issue of the B U L L E T I N , p. A88:
15
801
434
The following banks were admitted to membership in the Federal Reserve System during the
period December 11, 1982, through January 10,
1983:
California
Los Angeles
Hanni Bank
Colorado
Boulder . . . Boulder Tri-State Industrial Bank
Denver
Tri-State Industrial Bank
Florida
Sarasota
City Commercial Bank
Puerto Rico
San Juan
Banco de Ponce
17
Record of Policy Actions of the
Federal Open Market Committee
MEETING HELD ON NOVEMBER 16, 1982
1. Domestic
Policy
Directive
The information reviewed at this meeting suggested that real GNP would change little in the
fourth quarter, after increasing at an annual rate
of 3/4 percent in the third quarter according to
preliminary estimates of the Commerce Department. Average prices, as measured by the fixedweight price index for gross domestic business
product, were continuing to rise at a much less
rapid pace than in 1981.
The nominal value of retail sales rose 0.6
percent in October, but the level was little higher
than in the second and third quarters. Sales
increased at automotive outlets and furniture and
appliance stores, but edged down at nondurable
goods stores. Unit sales of new domestic automobiles fell back to an annual rate of 5.3 million
units, after having increased to an annual rate of
6.2 million units in September in response to
special promotions aimed at reducing excess
stocks of 1982 models.
The index of industrial production declined 0.8
percent in October, a little more than in both
August and September, and was about IIV2 percent below its recent peak in July 1981. Output of
business equipment fell substantially further in
October, and as in other recent months, defense
and space equipment was the only major category of final products showing strength. Capacity
utilization in manufacturing fell 0.8 percentage
point to 68.4 percent, the lowest level in the
postwar period.
Nonfarm payroll employment fell further in
October, declining slightly more than the average
over the previous four months. Cutbacks in
employment were widespread and were especially marked in durables manufacturing. The unemployment rate rose an additional 0.3 percentage
point to 10.4 percent, with the rise concentrated
among adult workers. In recent weeks, moreover, initial claims for unemployment insurance
remained exceptionally high.
Private housing starts rose in September and in
the third quarter as a whole were nearly 17
percent higher than in the second quarter. Most
of the third-quarter increase was in the multifamily sector and was attributable mainly to a surge
in federally subsidized rental units at the end of
the fiscal year. In September, newly issued permits for both single-family and multifamily dwellings rose substantially. Sales of new homes also
advanced appreciably, exceeding the 1981 average rate for the first time this year; sales of
existing homes, however, remained at the reduced August pace.
The producer price index for finished goods
rose 0.5 percent in October, following a decline
of 0.1 percent in September. Most of the October
increase was attributable to higher prices for
motor vehicles, which had been reduced in September by end-of-year liquidation allowances
and discounts on 1982 models. Prices of consumer foods and energy-related items edged down in
October. Over the first ten months of the year
the index rose at an annual rate of about VA
percent, less than half the pace in 1981. The
consumer price index rose 0.2 percent in September, as the homeownership component declined and most other categories registered relatively small increases. Over the first nine months
of the year the index rose at an annual rate of
about 43/4 percent, compared with an increase of
about 9 percent in 1981. In recent months the
advance in the index of average hourly earnings
had remained considerably less rapid than it was
during 1981.
In foreign exchange markets the trade-weighted value of the dollar against major foreign
currencies continued to appreciate from the end
18
Federal Reserve Bulletin • January 1983
of September to mid-November. The dollar
strengthened further despite somewhat greater
declines, on balance, in U.S. interest rates than
in foreign interest rates over the period. Moreover, release of data indicating that the U.S.
merchandise trade deficit in the third quarter was
more than double the rate in the first two quarters of the year apparently had little impact on
exchange rates.
At its meeting on October 5, the Committee
had agreed that it would seek to maintain expansion in bank reserves needed for an orderly and
sustained flow of money and credit, consistent
with growth of M2 (and M3) from September to
December at an annual rate in a range of around
8V2 to 9Vi percent, and taking account of the
desirability of somewhat reduced pressures in
private credit markets in the light of current
economic conditions. Somewhat slower growth,
bringing those aggregates around the upper part
of the ranges set for the year, would be acceptable and desirable in a context of declining
interest rates. Should economic and financial
uncertainties lead to exceptional liquidity demands, somewhat more rapid growth would be
tolerated. The Committee had also decided that
it would place much less than the usual weight on
the movements of Ml during the period from
September to December and would not set a
specific objective for its growth, because its
behavior would be substantially affected by special circumstances. The intermeeting range for
the federal funds rate, which provides a mechanism for initiating further consultation of the
Committee, was set at 7 to IOV2 percent.
Growth of M2 and M3, which had been sluggish in September, picked up to annual rates of
about 8 percent and 9 percent respectively in
October; still, growth remained below the brisk
pace of earlier in the year. Growth of Ml surged
to an annual rate of a little over 20 percent,
influenced by shifts of funds in connection with
the large volume of maturing all savers certificates.
Total credit outstanding at U.S. commercial
banks grew at an annual rate of about 7 percent
in October, up somewhat from the reduced September pace. Banks acquired a sizable volume of
U.S. Treasury securities, but growth in loans
generally remained relatively weak. Total short-
term borrowing by nonfinancial businesses
slowed further, as growth in business loans at
banks moderated and the volume of commercial
paper outstanding contracted substantially for
the second month in a row. However, the weakness in short-term borrowing was offset in part
by an increase in long-term financing in the bond
market.
The demand for reserves was relatively strong
in October, reflecting particularly the rapid
growth of Ml. Nonborrowed reserves grew rapidly, and adjustment borrowing (including seasonal borrowing) fell to an average of $337 million in October from an average of $815 million in
September.
Short-term market interest rates on private
instruments declined about 1V2 percentage points
on balance over the intermeeting interval, after a
temporary reversal in September. Yields on
short-term U.S. Treasury securities declined
less, by about 3A to 1 percentage point, and the
rate on three-month Treasury bills actually rose
somewhat. Quality spreads in the money markets, after widening in September, had narrowed
in recent weeks as concerns about private credit
risks apparently lessened. On October 8 the
Federal Reserve announced a reduction in the
discount rate from 10 percent to 9V2 percent.
Shortly thereafter, and over the balance of the
intermeeting interval, federal funds traded at
rates close to the new discount rate, compared
with a trading level somewhat above 10 percent
in September and early October. In the long-term
capital markets, bond yields continued to decline
over the period, falling about 1 to VA percentage
points; common stock prices advanced sharply,
with many indexes touching new highs in early
November. In home mortgage markets, average
rates on new commitments for fixed-rate conventional home mortgage loans declined about
VA percentage points further to around 137/s
percent.
The staff projections presented at this meeting,
like those of early October, suggested that real
GNP would grow moderately during 1983, but
that any recovery in economic activity in the
months just ahead was likely to be quite limited.
The projections for the year ahead also suggested
that unemployment would remain at a high level.
The rate of increase in prices, as measured by the
Record of Policy Actions of the FOMC
fixed-weight price index for gross domestic business product, was expected to drift down.
In the Committee's discussion of the economic
situation and outlook, several members commented that the staff projection of moderate
growth over the year ahead remained a reasonable expectation and the view was expressed that
the projected growth could be exceeded. However, many members continued to stress that there
were substantial risks of a shortfall from the
projection. Considerable emphasis was given to
the widespread signs of weakness in economic
activity and to the continuing absence of evidence that an economic recovery might be under
way. In the view of some members, a number of
indicators of economic activity were in fact consistent with a further decline, at least over the
near term. Reference was also made to the
unusually sharp impact of the drop in exports—
the consequence of worldwide recession and of
the very high foreign exchange value of the
dollar—and to expectations of a very slow recovery abroad. Moreover, the prospects for worldwide recovery were complicated by the financing
difficulties of many developing countries.
Although widely held expectations of a domestic recovery had been repeatedly disappointed,
the members noted that the large decline in
interest rates over recent months had eased
financial strains in the economy, fostered some
recovery in housing and related industries, and
appeared in recent weeks to have improved
confidence somewhat among businessmen and
consumers. One indicator of the less bearish
sentiment was the decline in risk premiums in
securities markets as rates on private credit
instruments had fallen in recent weeks relative to
those on U.S. government obligations. The improvement in attitudes was also reflected in the
sharp rise of prices in the stock market. Several
members commented, however, that the apparent easing of concerns was still quite tentative
and could easily be reversed, with highly adverse
consequences for the economy, if interest rates
were to rise significantly from current levels.
Some Committee members, while acknowledging the absence of evidence of an imminent
upturn in economic activity, nonetheless viewed
the prospects for recovery as relatively favorable. They emphasized that fiscal policy and
19
monetary policy tended to exert their impacts
with a lag and that the sharp turn toward fiscal
stimulus and the easing of conditions in financial
markets were relatively recent developments. In
this connection, concern was expressed that an
overly expansive combination of fiscal and monetary policies would stimulate inflationary expectations, foster a rise in long-term interest
rates, and limit or abort the economic recovery.
Turning to policy, the Committee reviewed the
short-run objectives for monetary growth that it
had established at its meeting on October 5
calling for expansion in M2 (and M3) at an annual
rate in a range of around 8V2 to 9Vz percent for the
period from September to December. No specific objective had been set for Ml growth in the
fourth quarter because of the anticipated difficulty of interpreting the behavior of that aggregate
during the quarter.
In their discussion the Committee members
agreed that the behavior of Ml would continue to
be distorted by institutional developments. The
first involved the large buildup of checkable
deposits associated with the maturing of a very
large volume of all savers certificates, especially
in early October. The resulting bulge in Ml
growth had persisted somewhat longer than
some members had anticipated; but, according to
a staff analysis, Ml growth could be expected to
decelerate over the balance of the quarter as the
transaction balances built up from maturing all
savers certificates were invested or drawn down.
Growth of Ml and also M2 could be positively
affected in the near term, however, by a possible
buildup of balances for eventual placement in the
short-term deposit account that had recently
been authorized by the Depository Institutions
Deregulation Committee, effective December 14,
1982. It was generally expected that the new
account, which would be free from interest rate
ceilings and could be used to a limited extent for
transaction purposes, would draw funds from
regular transaction accounts, thereby tending to
reduce Ml after its introduction. In view of these
institutional distortions, the Committee decided
that it would continue to give much less than the
usual weight to Ml and that it would not set a
specific objective for its growth over the fourth
quarter.
The behavior of M2 and M3, though not of
20
Federal Reserve Bulletin • January 1983
their components, appeared to have been affected only marginally by the maturing of all savers
certificates, and these broader aggregates were
also expected to be affected much less than Ml
when the new deposit account was introduced in
mid-December. In reviewing the growth objectives for M2 and M3 that had been set for the
fourth quarter, most of the Committee members
endorsed the view that monetary growth running
somewhat above the Committee's target ranges
set early in the year was appropriate given the
indications of continuing strong demands for
liquidity during a period of relatively weak economic activity. In that connection, emphasis was
placed by some members on the evidence that
velocity trends over the past year or so seemed
to suggest a distinct break from earlier postwar
experience. While questions could be raised
about the persistence of the slowdown in velocity, available evidence suggested that unusual
economic and financial uncertainties, as well as
lower interest rates, were inducing a greater
desire to hold liquid assets than had been assumed in setting the annual targets.
With regard to the choice of specific objectives
for the broader aggregates in the fourth quarter,
all of the members favored growth rates that
were within or slightly above the range adopted
at the October 5 meeting. It was suggested that
such growth rates would balance the desirability
of meeting current liquidity needs and fostering
economic recovery against the risk of creating
excess liquidity that might later complicate the
achievement of sustained progress toward price
stability, particularly in light of the prospect of
continuing large deficits as the economy recovered. Several members commented that further
declines in interest rates would be welcome for
both domestic and international reasons, but
concern was also expressed that any sizable
declines in association with unduly rapid monetary growth could prove to be unsustainable,
with unsettling effects on financial markets and
adverse consequences for inflationary expectations and the economy.
At the conclusion of its discussion the Committee agreed that, against the background of
prevailing economic and financial conditions and
current liquidity demands, it would seek to maintain expansion in bank reserves needed for an
orderly and sustained flow of money and credit,
consistent with growth of M2 (and M3) from
September to December at an annual rate of
around 9Vi percent. The Committee also decided
that somewhat slower growth in M2 and M3, to
the extent of reducing their expansion for the
year to nearer the upper part of the ranges for
1982, would be acceptable and desirable if such
growth were associated with declining interest
rates. On the other hand, somewhat more rapid
growth would be tolerated if continuing economic and financial uncertainties should appear to be
reflected in exceptional liquidity demands. The
intermeeting range for the federal funds rate,
which provides a mechanism for initiating further
consultation of the Committee, was set at 6 to 10
percent.
The following domestic policy directive was
issued to the Federal Reserve Bank of New
York:
The information reviewed at this meeting suggests
little change in real GNP in the fourth quarter and
continuation of the rise in prices at a much less rapid
pace than in 1981. In October the nominal value of
retail sales edged up, but was little higher than in the
second and third quarters; industrial production and
nonfarm payroll employment continued to decline;
and the unemployment rate rose another 0.3 percentage point to 10.4 percent. Initial claims for unemployment insurance have remained exceptionally high. In
September and the third quarter as a whole, housing
starts had strengthened. In recent months the advance
in the index of average hourly earnings has remained
considerably less rapid than during 1981.
The weighted average value of the dollar against
major foreign currencies continued to appreciate from
the end of September to mid-November. The U.S.
merchandise trade deficit in the third quarter was more
than double the rate in the first two quarters of the
year.
Growth of M l , already rapid in August and September, accelerated sharply in October in association with
the maturing of a large volume of all savers certificates. Growth of M2 and M3 picked up from sluggish
rates in September, but remained below the brisk pace
of earlier in the year. Most short-term market interest
rates have declined on balance since early October,
after a reversal in September, and bond yields and
mortgage rates have declined further. On October 8
the Federal Reserve announced a reduction in the
discount rate from 10 percent to 9Vi percent. Quality
spreads in the money markets, which had widened,
have narrowed in recent weeks as interest rates have
declined, and common stock prices have advanced
sharply.
Record
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. In
July, the Committee agreed that these objectives
would be furthered by reaffirming the monetary
growth ranges for the period from the fourth quarter of
1981 to the fourth quarter of 1982 that it had set at the
February meeting. These ranges were 2¥z to 514 percent for M l , 6 to 9 percent for M2, and 614 to 9'/2
percent for M3. The associated range for bank credit
was 6 to 9 percent. The Committee agreed that growth
in the monetary and credit aggregates around the top
of the indicated ranges would be acceptable in the light
of the relatively low base period for the Ml target and
other factors, and that it would tolerate for some
period of time growth somewhat above the target
range should unusual precautionary demands for money and liquidity be evident in the light of current
economic uncertainties. The Committee also indicated
that it was tentatively planning to continue the current
ranges for 1983 but that it would review that decision
carefully in the light of developments over the remainder of 1982.
Specification of the behavior of Ml over the balance
of the year remains subject to substantial uncertainty
because of special circumstances in connection with
the reinvestment of funds from maturing all savers
certificates and the public's response to the new
account directly competitive with money market funds
mandated by recent legislation. The difficulties in
interpretation of Ml continue to suggest that much less
than usual weight be placed on movements in that
aggregate during the current quarter.
In all the circumstances, the Committee seeks to
maintain expansion in bank reserves needed for an
orderly and sustained flow of money and credit, consistent with growth of M2 (and M3) of around 914
percent at an annual rate from September to December. Somewhat slower growth, bringing those aggregates around the upper part of the ranges set for the
year, would be acceptable and desirable in a context of
declining interest rates. Should economic and financial
uncertainties lead to exceptional liquidity demands,
somewhat more rapid growth in the broader aggregates would be tolerated. 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 6 to
10 percent.
of Policy
Actions
of the FOMC
21
Votes for this action: Messrs. Volcker, Solomon,
Balles, Black, Gramley, Mrs. Horn, Messrs. Martin, Partee, Rice, Mrs. Teeters, and Mr. Wallich.
Vote against this action: Mr. Ford.
Mr. Ford dissented from this action b e c a u s e
he believed that it ran the risk of complementing
very large budget deficits with substantial increases in the supply of m o n e y . In his v i e w the
result w o u l d be an overly stimulative combination of policies that could rekindle inflation and
drive up interest rates during 1983.
2. Authorization
for Domestic
Market
Operations
Open
At this meeting the C o m m i t t e e v o t e d to increase
from $3 billion to $4 billion the limit on c h a n g e s
b e t w e e n C o m m i t t e e m e e t i n g s in S y s t e m A c c o u n t
holdings of U . S . g o v e r n m e n t and federal agency
securities specified in paragraph 1(a) of the authorization for d o m e s t i c o p e n market operations,
effective immediately, for the period from October 6, 1982, through the c l o s e of b u s i n e s s on
N o v e m b e r 16, 1982.
Votes for this action: Messrs. Volcker, Solomon,
Balles, Black, Ford, Gramley, Mrs. Horn, Messrs.
Martin, Partee, Rice, Mrs. Teeters, and Mr. Wallich. Votes against this action: None.
This action w a s taken o n the r e c o m m e n d a t i o n
of the Manager for D o m e s t i c Operations. T h e
Manager had advised that substantial net purc h a s e s of securities in recent w e e k s had reduced
to about $500 million the l e e w a y for further
purchases during the intermeeting period ending
with the c l o s e of b u s i n e s s today. Purchases of
securities in e x c e s s of that l e e w a y s e e m e d desirable during the c o u r s e of t o d a y ' s operations to
provide reserves to m e e t increased seasonal
needs.
23
Legal Developments
AMENDMENTS
TO REGULATION
A
The Board of Governors has amended its Regulation
A, "Extensions of Credit by Federal Reserve Banks,"
for the purpose of adjusting discount rates. The further
half-point reduction in the discount rate was taken in
the light of current business conditions, strong competitive pressures on prices and further moderation of
cost increases, a slowing of private credit demands,
and present indications of some tapering off in growth
of the broader monetary aggregates.
Effective November 22, 1982, the Board acted to
amend Regulation A to reduce the discount rate to 9
per cent.
Effective December 14, 1982, sections 201.51 and
201.52 of Regulation A were amended as set forth
below:
Part 201—Extensions of Credit by Federal
Reserve Banks
Section 201.51—Short Term Adjustment Credit
for Depository Institutions
The rates for short term adjustment credit provided to
depository institutions under § 201.3(a) of Regulation
A are:
Federal Reserve Bank
Rate
Boston
N e w York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
m
m
m
8!/2
8 v2
8'/2
8 Vi
m
8!/2
8'/2
8'/2
8'/2
14,
15,
17,
15,
15,
14,
14,
14,
14,
15,
14,
14,
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
Section 201.52—Extended Credit to Depository
Institutions
(a) The rates for seasonal credit extended to depository institutions under § 201.3(b)(1) of Regulation A
are:
Rate
Boston
N e w York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
m
m
Effective
December
December
December
December
December
December
December
December
December
December
December
December
8'/2
8 !/2
8!/2
8!/2
8V2
81/2
8'/2
8'/2
8'/2
8'/2
14,
15,
17,
15,
15,
14,
14,
14,
14,
15,
14,
14,
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
(b) The rates for other extended credit provided to
depository institutions under sustained liquidity pressures or where there are exceptional circumstances or
practices involving a particular institution under
§ 201.3(b)(2) of Regulation A are:
Federal Reserve Bank
Rate
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
8!/>
8!/2
8'/2
8'/2
8'/2
81/2
81/2
8!/2
81/2
8'/2
8'/2
81/2
Effective
December
December
December
December
December
December
December
December
December
December
December
December
14,
15,
17,
15,
15,
14,
14,
14,
14,
15,
14,
14,
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
1982
Note. These rates apply for the first 60 days of borrowing. A 1 per
cent surcharge applies for borrowing during the next 90 days, and a 2
per cent surcharge applies for borrowing thereafter.
Effective
December
December
December
December
December
December
December
December
December
December
December
December
Federal Reserve Bank
AMENDMENTS
TO REGULATION
D
The Board has amended Regulation D—Reserve Requirements of Depository Institutions (12 CFR Part
204) to establish reserve requirements on the money
market deposit account ("MMDA"), which was established by the Depository Institutions Deregulation
Committee ("DIDC"), effective December 14, 1982.
The Board has determined that the same reserve
requirements that apply to savings deposits will apply
to an MMDA that does not permit more than six
internal or third party transfers or payments per month
(no more than three of which may be checks under
24
Federal Reserve Bulletin • January 1983
DIDC rules). This amendment is effective December 14, 1982.
The Board has also adopted an amendment to
implement section 411 of the Garn-St Germain Depository Institutions Act of 1982 (Pub. L. 97-320; 96 Stat.
1520) ("Garn-St Germain Act"). Under this provision,
the first $2 million of reservable liabilities of each
depository institution are subject to a reserve requirement of zero per cent. The amendment is effective
December 9, 1982.
The Board has also adopted an amendment to revise
the date for the end of the phase-in of reserve requirements for member banks to coincide with the beginning
of contemporaneous reserve requirements (CRR)—
February 2, 1984. The amendment is effective December 31, 1982.
Effective December 30, 1982, the Board has adopted
an amendment to adjust the dollar amount of transaction accounts subject to a reserve requirement ratio of
3 per cent for depository institutions, Edge and Agreement corporations and United States branches and
agencies of foreign banks, as required by the Monetary
Control Act of 1980 (Title I of Pub. L. 96-221).
Effective December 14, 1982, section 204.2 is
amended by revising paragraphs (b)(2), (d), and (e);
effective December 9, 1982, section 204.3 is amended
by adding a new paragraph (a)(3); effective December 31, 1982, section 204.4 is amended by revising
paragraph (b)(2)(ii); and effective December 30, 1982,
section 204.9 is amended by revising paragraph (a)(1)
as set forth below:
Part 204—Reserve Requirements
Institutions
of
Depository
Section 204.2—Definitions
(b)***
(2) A "demand deposit" does not include:
(i) Checks or drafts drawn by the depository
institution on the Federal Reserve or on another
depository institution;
(ii) A deposit or account issued pursuant to
(12 CFR 1204.121), including those with an original maturity or required notice period of seven to
13 days;
(iii) A deposit or account issued pursuant to
(12 CFR 1204.122) under which the depository
institution reserves the right to require at least
seven days' notice of an intended withdrawal
before withdrawal is made, including those with
an original maturity or required notice period of
one to 13 days; or
(iv) For depository institutions not subject to the
rules of the Depository Institutions Deregulation
Committee under (12 U.S.C. 3501 et seq.),
(A) A deposit or account issued with an original
maturity or required notice period of seven to
13 days if such deposit or account is nonnegotiable, subject to a minimum balance of $20,000,
and not otherwise a transaction account under
section 204.2(e) of this Part; or
(B) A deposit or account under which the
depository institution reserves the right to require at least seven days' notice of an intended
withdrawal before withdrawal is made, including those with an original maturity or required
notice period of one to 13 days, and not otherwise a transaction account under § 204.2(e) of
this Part.
(d)(1) "Savings deposit" means a deposit or account:
(i)(A) With respect to which the depositor is not
required by the deposit contract but may at any
time be required by the depository institution to
give written notice of an intended withdrawal
not less than 14 days before withdrawal is
made, and that is not payable on a specified
date or at the expiration of a specified time after
the date of deposit; and
(B) For depository institutions subject to
(12 CFR Part 217) or (12 CFR Part 329), funds
deposited to the credit of, or in which any
beneficial interest is held by, a corporation,
association, partnership or other organization
operated for profit do not exceed $150,000 per
depositor at the depository institution; or
(ii) Issued pursuant to (12 CFR 1204.122) under
which the depository institution reserves the right
to require at least seven days' notice of an intended withdrawal before withdrawal is made, or for
depository institutions not subject to the rules of
the Depository Institutions Deregulation Committee under (12 U.S.C. 3501 et seq.), a deposit or
account under which the depository institution
reserves the right to require at least seven days'
notice of an intended withdrawal before withdrawal is made.
(2) A deposit may continue to be classified as a
savings deposit even if the depository institution
exercises its right to require notice of withdrawal.
(3) A "savings deposit" includes a regular share
account at a credit union and a regular account at a
savings and loan association.
(4) "Savings deposit" does not include funds deposited to the credit of the depository institution's own
trust department where the funds involved are uti-
Legal Developments
lized to cover checks or drafts. Such funds are
"transaction accounts."
(e)(1) "Transaction account" means a deposit or account on which the depositor or account holder is
permitted to make withdrawals by negotiable or
transferable instrument, payment orders of withdrawal, telephone transfers, or other similar device
for the purpose of making payments or transfers to
third persons or others. "Transaction account"
includes:
(i) Demand deposits;
(ii) Deposits or accounts subject to check, draft,
negotiable order of withdrawal, share draft, or
other similar item;
(iii) Savings deposits or accounts in which withdrawals may be made automatically through payment to the depository institution itself or through
transfer of credit to a demand deposit or other
account in order to cover checks or drafts drawn
upon the institution or to maintain a specified,
balance in, or to make periodic transfers to, such
accounts (automatic transfer accounts);
(iv) Deposits or accounts in which payments may
be made to third parties by means of an automated
teller machine, remote service unit or other electronic device;
(v) Deposits or accounts in which payments may
be made to third parties by means of a debit card;
(vi) Except as provided in paragraph (e)(2) of this
section, deposits or accounts under the terms of
which, or which by practice of the depository
institution, the depositor is permitted or authorized to make more than three withdrawals per
month for purposes of transferring funds to another account or for making a payment to a third
party by means of preauthorized or telephone
agreement, order or instruction. An account that
permits or authorizes more than three such withdrawals in a calendar month, or statement cycle
(or similar period) of at least four weeks, is a
"transaction account" whether or not more than
three such withdrawals actually are made during
such period. A "preauthorized transfer" includes
any arrangement by the depository institution to
pay a third party from the account of a depositor
upon written or oral instruction (including an
order received through an automated clearing
house (ACH)), or any arrangement by a depository institution to pay a third party from the
account of the depositor at a predetermined time
or on a fixed schedule. An account is not a
"transaction account," under paragraph (e)(l)(vi)
of this section, by virtue of an arrangement that
permits withdrawals for the purpose of repaying
25
loans and associated expenses at the same depository institution (as originator or servicer);
(vii) Deposits or accounts maintained in connection with an arrangement that permits the depositor to obtain credit directly or indirectly through
the drawing of a negotiable or nonnegotiable
check, draft, order or instruction or other similar
device (including telephone or electronic order or
instruction) on the issuing institution that can be
used for the purpose of making payments or
transfers to third persons or others, or to a deposit
account of the depositor. Deposits that are subject
to arrangements established before October 5,
1982, will not be regarded as transaction accounts
(A) until the deposit issued in connection with the
line of credit is extended, or matures and is
renewed, or (B) if the deposit issued in connection
with the line of credit matures and is automatically renewed on or before December 31, 1982; and
(viii) A deposit or account issued pursuant to
(12 CFR 1204.122) (or, for a depository institution
that is not subject to the rules of the Depository
Institutions Deregulation Committee
under
(12 U.S.C. 3501 et seq.), a deposit or account
under which the depository institution reserves
the right to require seven days' notice of an
intended withdrawal prior to withdrawal) and
under the terms of which, or which by practice of
the depository institution, the depositor is permitted or authorized to make more than six transfers
per calendar month, or statement cycle (or similar
period) of at least four weeks to another account
of the same depositor at the same institution, to
the institution itself or to a third party by means of
preauthorized, automatic, or telephone agreement, order, or instruction or, within these transfers, to draw more than three checks or drafts per
calendar month or statement cycle (or similar
period) of at least four weeks. An account that
authorizes transfers in excess of these limits is a
transaction account whether or not the depositor
actually makes any transfers.
(2) Not withstanding paragraphs (e)(l)(ii), (l)(iii),
l(iv), and (l)(v) of this section, a "transaction
account" does not include a deposit or account
issued pursuant to (12 CFR 1204.122) (or, for a
depository institution that is not subject to the rules
of the Depository Institutions Deregulation Committee under (12 U.S.C. 3501 et seq.), a deposit or
account under which the depository institution reserves the right to require seven days' notice of an
intended withdrawal prior to withdrawal) under the
terms of which the depositor is not permitted or
authorized to make more than six transfers per
calendar month, or statement cycle (or similar peri-
26
Federal Reserve Bulletin • January 1983
od) of at least four weeks, to another account of the
depositor at the same institution, to the institution
itself, or to a third party by means of preauthorized,
automatic or telephone agreement, order, or instruction and no more than three of such six transfers
may be by checks or drafts drawn by the depositor.
Section 204.3—Computation and Maintenance
(a)***
(3) Allocation of exemption from reserve requirements.
(i) In determining the reserve requirements of a
depository institution, the exemption provided for
in § 204.9(a) shall apply in the following order of
priorities: (A) First, to net transaction accounts
that are first authorized by federal law in any state
after April 1, 1980, (B) Second, to other net
transaction accounts; and (C) Third, to nonpersonal time deposits or Eurocurrency liabilities
starting with those with the highest reserve ratio
under § 204.9(a) and then to succeeding lower
reserve ratios.
(ii) A depository institution, United States
branches and agencies of the same foreign bank,
or an Edge or Agreement corporation shall, if
possible, assign the reserve requirement exemption of § 204.9(a) to only one office or to a group
of offices filing a single aggregated report of
deposits. If the reserve requirement exemption
cannot be fully utilized by a single office or by a
group of offices filing a single report of deposits,
the unused portion of the exemption may be
assigned to other offices of the same institution
until the amount of the exemption or reservable
liabilities is exhausted. A depository institution,
foreign bank, or Edge or Agreement corporation
shall determine this assignment subject to the
restriction that if a portion of the exemption is
assigned to an office in a particular state, any
unused portion must first be assigned to other
offices located within the same state and within
the same Federal Reserve District, that is, to
other offices included on the same aggregated
report of deposits. The exemption may be reallocated at the beginning of a calendar year, or, if
necessary to avoid underutilization of exemption,
at the beginning of a calendar month. The amount
of the reserve requirement exemption allocated to
an office or group of offices may not exceed the
amount of the low reserve tranche allocated to
such office or offices under this paragraph.
Section 204.4—Transitional Adjustments
(b) Members and former
(2) ***
^ ***
members.
(ii) Shall increase the amount of its required
reserves on all other deposits computed under
§ 204.3 by an amount determined by multiplying
the amount by which required reserves computed
using the reserve ratios that were in effect on
August 31, 1980 (§ 204.9(b)), exceed the amount
of required reserves computed under § 204.3,
times the appropriate percentage specified below
in accordance with the following schedule:
Reserve maintenance periods
occurring between
Percentage 1
Nov. 13, 1980 and Sept. 2, 1981
Sept. 3, 1981 and Mar. 3, 1982
Mar. 4, 1982 and Sept. 1, 1982
Sept. 2, 1982 and Mar. 2, 1983
Mar. 3, 1983 and Aug. 31, 1983
Sept. 1, 1983 and Feb. 1, 1984
Feb. 2, 1984 and forward
75
62.5
50
37.5
25
12.5
0
•Applied to difference to compute amount to be added.
Section 204.9—Reserve Requirement Ratios
(a)(1) Reserve percentages.
The following reserve
ratios are prescribed for all depository institutions,
Edge and Agreement corporations and United
States branches and agencies of foreign banks:
Category
Net transaction
accounts:
S0-S26.3 million
Over $26.3 million
Reserve requirement
3% of amount
$789,000 plus 12 per cent of
amount over $26.3 million
Nonpersonal time deposits:
By original maturity (or
notice period):
Less than 3Vi years
(per cent)
3>/i years or more
(per cent)
Eurocurrency liabilities (per cent)
(2) Exemption from reserve requirements.
Each
depository institution, Edge or Agreement corporation, and U.S. branch or agency of a foreign bank is
subject to a zero per cent reserve requirement on an
amount of its transaction accounts subject to the low
reserve tranche in paragraph (a)(1), nonpersonal
Legal Developments
time deposits, or Eurocurrency liabilities or any
combination thereof not in excess of $2.1 million
determined in accordance with § 204.3(a)(3) of this
Part.
AMENDMENTS
TO REGULATION
Q
The Board of Governors has amended Regulation Q—
Interest on Deposits (12 CFR Part 217) to provide that
all governmental units are eligible to maintain NOW
(Negotiable Order of Withdrawal) accounts at member
banks. This action conforms Regulation Q with provisions of the Garn-St Germain Depository Institutions
Act of 1982 (Pub. L. 97-320, 96 Stat. 1469).
Effective October 15, 1982, sections 217.1 and
217.157 of Regulation Q were amended as set forth
below:
Part 217—Interest on
Deposits
Section 217.1—Definitions
(e) Savings
deposits.***
(3)(i) Deposits subject to negotiable orders of withdrawal may be maintained if such deposits consist
of funds in which the entire beneficial interest is
held by (A) one or more individuals; (B) a corporation, association, or other organization operated
primarily for religious, philanthropic, charitable,
educational, fraternal, or other similar purposes
and not operated for profit; or (C) the United
States, any State of the United States, county,
municipality, or political subdivision thereof, the
District of Columbia, the Commonwealth of Puerto Rico, American Samoa, Guam, any territory or
possession of the United States, or any political
subdivision thereof.
(ii) Deposits in which any beneficial interest is
held by a corporation, partnership, association or
other organization that is operated for profit or is
not operated primarily for religious, philanthropic, charitable, educational, fraternal, or other similar purposes, or that is not a governmental unit
described in subparagraph (i)(C) may not be classified as deposits subject to negotiable orders of
withdrawal.
27
Section 217.157—Eligibility for NOW Accounts
(a) Background.
(1) Effective December 31, 1980, the Consumer
Checking Account Equity Act of 1980 (Title III of
the Depository Institutions Deregulation and Monetary Control Act of 1980; Pub. L. 96-221; 94 Stat.
146) ("Act") authorizes depository institutions nationwide to offer interest-bearing checking (NOW)
accounts to depositors where the "entire beneficial
interest is held by one or more individuals or by an
organization which is operated primarily for religious, philanthropic, charitable, educational, or other similar purposes and which is not operated for
profit." (12 U.S.C. 1832(a)(2)). The purpose of the
Act is to extend the availability of NOW accounts
throughout the nation. Previously, as an experiment, NOW accounts were authorized to be offered
by depository institutions only in New England,
New York, and New Jersey.
(2)(i) The NOW account experiment established by
Congress in 1973 did not specify the types of
customers that could maintain NOW accounts. As
a result, the rules of the Federal Reserve and
Federal Deposit Insurance Corporation specified
the types of depositors eligible to maintain NOW
accounts at member and insured nonmember
banks. In enacting the NOW account provision in
1980, Congress adopted virtually the same language concerning NOW account eligibility that
previously had been adopted by the Board and the
Federal Deposit Insurance Corporation with regard to the types of customers permitted to maintain NOW accounts in institutions located in the
NOW account experiment region. (12 CFR
217.1(e)(3) and 12 CFR 329.1(e)(2)). This definition was based upon longstanding regulatory provisions concerning eligibility criteria for savings
deposits.
(ii) Effective October 15, 1982, section 706 of the
Garn-St Germain Depository Institutions Act of
1982 (Pub. L. 97-320; 96 Stat. 1540) specifically
extended NOW account eligibility to funds deposited by governmental units.
(3)***
*
*
*
*
*
(d) Governmental Units. Governmental units are generally eligible to maintain NOW accounts at member
banks. NOW accounts may consist of funds in which
the entire beneficial interest is held by the United
States, any State of the United States, county, municipality, or political subdivision thereof, the District of
Columbia, the Commonwealth of Puerto Rico, Ameri-
28
Federal Reserve Bulletin • January 1983
can Samoa, Guam, any territory or possession of the
United States, or any political subdivision thereof.
AMENDMENT
TO REGULATION
T
The Board of Governors has amended its Regulation
T—Credit by Brokers and Dealers (12 CFR Part 220),
to specify the characteristics of "private" mortgage
pass-through securities (i.e., not guaranteed by agencies of the United States government) that may be
used as collateral for margin credit at brokers and
dealers on a "good faith" basis.
Effective January 17, 1983, section 220.2 of Regulation T is amended as set forth below:
Part 220—Credit by Brokers and Dealers
Section 220.2—Definitions
(i) The term "OTC margin bond" means:
(1) A debt security not traded on a national securities exchange which meets all of the following
requirements:
(i) At the time of the extension of credit, a
principal amount of not less than $25,000,000 of
the issue is outstanding;
(ii) The issue was registered under section 5 of the
Securities Act of 1933 and the issuer either files
periodic reports pursuant to section 13(a) or 15(d)
of the Securities Exchange Act of 1934 or is an
insurance company which meets all of the conditions specified in section 12(g)(2)(G) of the act;
and
(iii) At the time of the extension of credit, the
creditor has a reasonable basis for believing that
the issuer is not in default on interest or principal
payments; or
(2) A private mortgage pass-through security (not
guaranteed by an agency of the U.S. government)
meeting all of the following requirements:
(i) An aggregate principal amount of not less than
$25,000,000 (which may be issued in series) was
issued pursuant to a registration statement filed
with the Securities and Exchange Commission
under section 5 of the Securities Act of 1933;
(ii) Current reports relating to the issue have been
filed with the Securities and Exchange Commission; and
(iii) At the time of the credit extension, the
creditor has a reasonable basis for believing that
mortgage interest, principal payments and other
distributions are being passed through as required
and that the servicing agent is meeting its material
obligations under the terms of the offering.
BANK HOLDING COMPANY AND BANK
MERGER
ORDERS ISSUED BY THE BOARD OF GOVERNORS
Orders Under Section 3 of Bank Holding
Company Act
Bank of Florida Corporation,
St. Petersburg, Florida
Order Approving Acquisition
of Bank
Bank of Florida Corporation, St. Petersburg, Florida,
a bank holding company within the meaning of the
Bank Holding Company Act, has applied for the
Board's approval under section 3(a)(3) of the act
(12 U.S.C. § 1842(a)(3)) to acquire 100 percent of the
voting shares of Bank of Florida, N.A., Chiefland,
Florida, a proposed de novo bank.
Notice of the application, affording an opportunity
for interested persons to submit comments and views,
has been given in accordance with section 3(b) of the
act. The time for filing comments and views has
expired and the Board has considered the application
and all comments received, including those submitted
on behalf of Levy County Bank, Chiefland, Florida,
the Comptroller of the Currency, and the Department
of Banking and Finance, Division of Securities, State
of Florida, in light of the factors set forth in section
3(c) of the act (12 U.S.C. § 1848(c)).
Applicant is the 49th largest banking organization in
Florida and controls one bank, Bank of Florida in St.
Petersburg, St. Petersburg, Florida. St. Petersburg
Bank has deposits of approximately $66.2 million,
representing .32 percent of the total deposits in commercial banks in the state. 1 Since Bank is a de novo
bank, its acquisition by Applicant would not immediately increase Applicant's share of deposits in commercial banks in Florida.
Bank is to be located in the Levy County banking
market. 2 Applicant's only subsidiary bank is located
approximately 125 miles away in a separate banking
market. Based upon these facts, consummation of the
proposal would not have any substantial adverse effects upon existing or potential competition.
The financial and managerial resources of Applicant, its subsidiary and Bank are regarded as satisfac-
1. Unless otherwise indicated, all deposit data are as of December 31, 1981.
2. The relevant banking market consists of Levy County, Florida.
Legal Developments
tory. Bank, as a proposed de novo bank, has no
financial or operating history; however, its prospects
as a subsidiary of Applicant appear favorable, particularly in light of the fact that Bank will be capitalized
with the proceeds of Applicant's recent securities
offering. Accordingly, considerations relating to banking factors are consistent with approval of this application. As a new institution in the Levy County banking
market, Bank would serve as an additional source of a
full range of banking services in the market. Accordingly, considerations relating to the convenience and
needs of the community to be served appear consistent
with approval of the application.
In its review of the application, the Board has given
careful consideration to the comments submitted on
behalf of Protestant, the only bank currently operating
in Chiefland, Florida, and the largest of three banks
located in the market.3 Protestant asserts that the
financial condition of Applicant's only subsidiary bank
is poor and is deteriorating and that therefore Applicant does not have the financial resources to support a
new bank. Protestant also claims that Applicant lacks
adequate managerial resources, noting that the Department of Banking and Finance, Division of Securities, State of Florida, issued Suspension and Cease
and Desist Orders against Applicant in connection
with its recent securities offering to fund its acquisition
of Bank.
In its evaluation of Applicant's financial resources,
the Board has reviewed relevant data from Applicant's
inspection reports and the most recent three examination reports of its bank subsidiary, as well as official
reports and filings with the Board. Based upon this
review, the Board concludes that Applicant and its
subsidiary bank are in satisfactory condition and that
the proposed acquisition would not represent a significant additional burden on Applicant's financial resources, particularly in light of Applicant's recent
securities offering. Therefore, the Board concludes
that Applicant has the financial resources necessary to
acquire Bank and make it a viable competitor without
any significant adverse effects on Applicant.
With respect to Protestant's belief that the Suspension and Cease and Desist Orders issued by the State
of Florida reflect adversely upon Applicant's managerial resources, Applicant and the state of Florida, on
November 24, 1982, entered into a stipulation with
regard to the administrative proceeding initiated by the
state. The stipulation provides for the voiding of the
3. Protestant also opposed Applicant's application to the Comptroller of the Currency for a national bank charter for Bank, alleging that
Applicant had a poor record of compliance with the Community
Reinvestment Act. The Comptroller denied Protestant's request for a
hearing, found its protest to be without merit, and granted preliminary
approval for Bank's charter on May 20, 1981.
29
State's Suspension and Cease and Desist Orders of
July 29, 1982, upon the performance of certain actions
by Applicant, the most significant of which is an offer
by Applicant to all purchasers of its shares in the
recent offering to rescind their purchases of Applicant's shares. Applicant is currently performing these
actions, including the rescission offer, which it made
on November 29, 1982.4 Thus, it appears that the
Orders by the State of Florida will be voided. The
Board has considered the allegations in the state's
Orders and, based upon affidavits and other information furnished by Applicant and the state, as well as
the Board's reports of inspection and examination, the
Board concludes that the allegations do not reflect so
adversely upon Applicant's managerial resources as to
warrant denial of the application. Therefore, the
Board's judgment is that consummation of the proposal to acquire Bank would be in the public interest and
that the application should be approved.
On the basis of the record, the application is approved for the reasons summarized above. The acquisition of shares of Bank shall not be made before the
thirtieth calendar day following the effective date of
this Order, or later than three months after that date,
unless such period is extended for good cause by the
Board of Governors or by the Federal Reserve Bank of
Atlanta, pursuant to delegated authority.
By order of the Board of Governors, effective
December 23, 1982.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Partee, Teeters, Rice, and Gramley.
( S i g n e d ) JAMES MCAFEE,
[SEAL]
Associate
Secretary
of the Board.
East Peoria Community Bancorp, Inc.,
Peoria, Illinois
Order Approving Formation of a Bank Holding
Company
East Peoria Community Bancorp, Inc., Peoria, Illinois, 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)) to become a bank holding
company by acquiring at least 98 percent of the voting
shares of Community Bank of Greater Peoria, East
Peoria, Illinois.
4. The Board notes that as of October 10, 1982, shareholders of
only 6.3 percent of Applicant's securities offering have requested
rescission.
30
Federal Reserve Bulletin • January 1983
Notice of the application, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act.
The time for filing comments and views has expired,
and the Board has considered the application and all
comments received in light of the factors set forth in
section 3(c) of the act (12 U.S.C. § 1842(c)).
Applicant, a nonoperating Illinois corporation, was
organized for the purpose of becoming a bank holding
company by acquiring Bank, which holds deposits of
$31.5 million.1 Upon acquisition of Bank, Applicant
would control the 522nd largest bank in Illinois and
would hold 0.04 percent of the total commercial bank
deposits in the state.
Bank is 12th largest of 39 banking organizations in
the relevant banking market and holds 1.9 percent of
the total deposits in commercial banks in the market. 2
Applicant's president is a director3 and owns 9.2
percent of the voting shares of Northeast Bank of
Peoria, Peoria, Illinois, which has total deposits of
$19.6 million. Northeast Bank is the market's 18th
largest bank, controlling a 1.2 percent deposit share.
Given the small relative and absolute sizes of the
banks in question and the number of banking alternatives in the market, consummation of the proposal
would not result in any adverse effects upon competition or increase the concentration of resources in any
relevant market. Accordingly, the Board concludes
that competitive considerations are consistent with
approval of the application.
Order, unless such period is extended for good cause
by the Board or by the Federal Reserve Bank of
Chicago acting pursuant to delegated authority.
By order of the Board of Governors, effective
December 16, 1982.
Voting for this action: Vice Chairman Martin and Governors Wallich, Partee, Teeters, Rice, and Gramley. Absent
and not voting: Chairman Volcker.
( S i g n e d ) JAMES MCAFEE,
[SEAL]
Associate
Secretary
of the Board.
Hanil Bank,
Seoul, Korea
Order Approving
Company
Formation of a Bank Holding
The financial and managerial resources and future
prospects of Applicant and Bank are satisfactory.
Accordingly, considerations relating to banking factors are consistent with approval. Considerations relating to the convenience and needs of the community
to be served also are consistent with approval. Accordingly, the Board has determined that consummation of the transaction would be in the public interest
and that the application should be approved.
On the basis of the record, the application is approved for the reasons summarized above. The transaction shall not be made before the thirtieth calendar
day following the effective date of this Order, or later
than three months after the effective date of this
Hanil Bank, Seoul, Korea, has applied for the Board's
approval under section 3(a)(1) of the Bank Holding
Company Act (12 U.S.C. § 1841 et seq.) to become a
bank holding company through retention of 82.79
percent of the voting shares of the First State Bank of
Southern California, Lynwood, California.1
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
(12 U.S.C. § 1824(b)). The time for filing comments
and views has expired, and the Board has considered
the application and all comments received in light of
the factors set forth in section 3(c) of the act
(12 U.S.C. § 1842(c)).
Hanil, with consolidated assets of $8,558 billion and
domestic deposits of $2.9 billion, is the third largest
commercial bank in Korea and the 245th largest bank
in the world. 2 Its domestic banking is conducted
through 110 offices located throughout Korea. Hanil
also operates 11 branches, agencies, and representative offices worldwide, including agencies in Los
Angeles and New York.
In addition to its banking activities, Hanil presently
owns 9.1 percent of the shares of Korea Associates
1. Deposit data represent total deposits in domestic offices on
December 31, 1981.
2. The relevant banking market is the Peoria banking market. This
market is approximated by Peoria and Tazewell Counties, the area
west of Illinois Highway 117 in Woodford County, including, Partridge, Cazenovia, Metapora, Worth, Spring Bay, and Cruger townships, plus the city of Eureka and the village of Goodfield, all in
Illinois.
3. This interlocking relationship began prior to November 10, 1978,
and therefore is grandfathered until 1988 pursuant to (12 CFR § 212.5)
of the Board's Regulation L.
1. Hanil originally acquired the shares of Bank on February 17,
1982, through foreclosure in satisfaction of a debt previously contracted in good faith. Under sections 2(a)(5)(D) and 3(a)(ii)(A) of the BHC
Act (12 U.S.C. § 1841(a)(5)(D) and § 1842(a)(A)(ii)), Hanil is permitted to acquire and hold the shares of Bank for a period of two years
without being regarded as a bank holding company and without
obtaining the Board's prior approval of the acquisition. Hanil has filed
this application so that it may retain control of Bank beyond the twoyear grace period provided in those sections. Accordingly, Hanil will
become a bank holding company subject to the provisions of the act 30
days after the effective date of this Order.
2. Banking data for Hanil is as of December 18, 1981.
Legal Developments
Securities, Inc., New York, New York, a company
that engages in extending credit to Korean nationals
and underwriting and dealing in Korean bank securities in the United States. Inasmuch as the activities of
Associates are not permissible for bank holding companies under section 4 of the act (12 U.S.C. § 1843)
and section 225.4(a) of Regulation Y, Hanil has committed to reduce its share ownership of Associates to
less than 5 percent within two years of the date on
which it becomes a bank holding company as provided
in section 4(a)(2) of the act. Hanil has also committed
that it will not have any directors or officers in
common with Associates or their respective subsidiaries. In light of this committment, Hanil may retain an
ownership interest in Associates of less than 5 percent
under section 4(c)(6) of the act (12 U.S.C.
§ 1843(c)(6)).
Bank, with deposits of $46.3 million is the 126th
largest banking organization in California.3 It operates
three offices in the Los Angeles banking market and is
the 59th largest of 112 banking organizations in the Los
Angeles market, 4 with 0.1 percent of deposits in
commercial banks in that market. While Hanil has an
agency in the Los Angeles market, Agency does not
take deposits and its lending activities are primarily
limited to extending loans of $200,000 or more to
Korean corporations or Korean citizens. In view of
the limited scope of Agency's activities in the Los
Angeles banking market, the Board concludes that the
proposal will not eliminate any existing competition
between Hanil and Bank.
The Board has also examined the effect of the
proposal upon potential or probable future competition in the Los Angeles banking market in light of the
Board's proposed policy statement on market extension mergers. 5 The market is not considered to be
highly concentrated because the three firm deposit
concentration ratio is less than 75 percent. Bank is not
one of the leading firms in the market and is small
relative to the other institutions in the market. In
addition, there are numerous other potential entrants
into the market. Thus, the Board finds that intensive
examination of the proposal is not warranted under the
Board's proposed policy statement. Based on the
foregoing, it does not appear that approval of the
application by Hanil to retain Bank would have a
significantly adverse effect upon potential competition
in any relevant market.
3. Banking data for Bank is as of June 30, 1982.
4. The Los Angeles banking market is defined by the Los Angeles
RMA.
5. 45 Federal Register 9017 (March 3, 1982).
31
The Board has evaluated the financial and managerial resources of Hanil, including its capital adequacy, in
the context of the policy statement on supervision of
foreign bank holding companies. 6 In this context, the
Board notes that Hanil has an established record of
operating successfully in its local market, and that it
compares favorably in terms of capital strength,
growth, and earnings performance with its Korean
banking peers. Moreover, Hanil has recently raised
$27 million in additional equity capital through the sale
of its common stock. Inasmuch as the application
contemplates the retention of shares of Bank already
acquired by Hanil, no debt will be incurred in connection with the proposal. Thus, in view of Bank's
relatively small size, the retention of Bank would
impose no significant financial burdens on Hanil.
Considering these and other related factors, the Board
finds that Hanil would serve as a source of strength to
Bank, and concludes that the financial and managerial
resources of Hanil and Bank are generally satisfactory, and their future prospects appear favorable.
Accordingly, banking factors are considered consistent with approval of the application.
Hanil does not plan to make specific changes in
Bank's services, although it appears that continued
affiliation with Hanil will enhance Bank's ability to
provide banking services to the Korean community in
Los Angeles. In addition, affiliation with Hanil will
provide Bank with access to Hanil's international
banking expertise and contacts. Accordingly, factors
relating to the convenience and needs of the community to be served are consistent with approval of the
application. Based on the foregoing and other facts of
record, the Board has determined that the retention of
Bank by Hanil would be consistent with the public
interest and that the application should be and hereby
is approved.
By order of the Board of Governors, effective
December 14, 1982.
Voting for this action: Vice Chairman Martin and Governors Partee, Teeters, Rice, and Gramley. Absent and not
voting: Chairman Volcker and Governor Wallich.
( S i g n e d ) JAMES MCAFEE,
[SEAL]
Associate
Secretary
of the Board.
6. In that policy statement the Board indicated that, in reaching a
judgment on the strength of a foreign bank, the Board would consider
several factors: the bank's financial condition; the record and integrity
of management; its role and standing in its home country; and the
opinion of the home country regulators. (1 Federal Regulatory Service
HH 4-835 (1981)).
32
Federal Reserve Bulletin • January 1983
Hartford National Corporation,
Hartford, Connecticut
Order Approving Acquisition
of Bank
Hartford National Corporation, Hartford, Connecticut, a bank holding company within the meaning of the
Bank Holding Company Act, has applied for the
Board's approval under section 3(a)(3) of the act
(12 U.S.C. § 1842(a)(3)) to acquire 100 percent of the
voting shares of Mattatuck Bank and Trust Company,
Waterbury, Connecticut ("Bank").
Notice of the application, affording opportunity for
interested persons to submit comments, has been
given in accordance with section 3(b) of the act. The
time for filing comments had expired, and the Board
has considered the application and all comments received in light of the factors set forth in secton 3(c) of
the act (12 U.S.C. § 1842(c)).
Applicant, the second largest commercial banking
organization in Connecticut, controls one bank with
aggregate deposits of $2.5 billion, representing 23.2
percent of the total deposits held by commercial banks
in the state. 1 Bank, the eighteenth largest commercial
banking organization in the state, holds $68.2 million
in deposits. After consummation of the proposal,
Applicant's share of statewide deposits would increase
by 0.6 percent. Accordingly, consummation of this
proposal would not result in a significant increase in
the concentration of commercial banking resources in
the state.
The relevant banking market is the Waterbury market. 2 The Waterbury market is highly concentrated
with the four largest commercial banking organizations controlling 93.3 percent of the market. Applicant
has recently merged its lead bank, Hartford National
Bank, with The Connecticut National Bank, Bridgeport, Connecticut ("CNB"). As a result of the merger,
Applicant is the fourth largest of eight commercial
banking organizations in the market, with deposits of
$50.9 million, representing 6.7 percent of the market.
Bank is the third largest commercial banking organization in the market, and controls 9.0 percent of
commercial bank deposits. Acquisition of Bank would
increase Applicant's market share to 15.7 percent and
would increase the proportion of market deposits held
by the four largest banking organizations from 93.3
percent to 96.8 percent.
On March 22, 1982, the Board denied a similar
proposal by Applicant to acquire Bank (68 FEDERAL
1. Banking data are as of June 30, 1981.
2. The Waterbury banking market includes the towns of Woodbury, Bethlehem, Morris, Watertown, and Thomaston in Litchfield
County and the towns of Waterbury, Southbury, Naugatuck, Wolcott,
Middlebury, Prospect, and Beacon Falls in New Haven County.
RESERVE BULLETIN 242 (1982)). The Board concluded
that the proposal would eliminate a significant amount
of existing competition on the basis of the combined
market shares of Applicant and Bank and the highly
concentrated nature of the market. In addition, acquisition of Bank would have removed an attractive
means of entry for bank holding companies not already
in the city of Waterbury, a city that is protected by
Connecticut's home office protection laws, and would
have reduced the number of banking alternatives in
that city from four to three. The Board declined to find
the presence of thrift institutions in the market to be a
mitigating factor because the thrift institutions did not
compete actively with commercial banks over a sufficient range of services.
In the present proposal, Applicant has offered to
divest itself of CNB's main Waterbury office and a
branch office in order to alleviate the anticompetitive
effects. Applicant plans to sell these offices to North
American Bank and Trust Company, Stratford, Connecticut ("North American"). Although North American currently operates in the Waterbury market, it
holds only 3.5 percent of the deposits in the market. It
is expected that approximately $21.5 million of CNB's
deposits would transfer to North American. As a
result of the proposed divestiture, North American
would then hold 6.3 percent of the market's deposits.
North American does not have offices in the city of
Waterbury, and thus consummation of the proposal
will allow North American to compete more effectively in the market while leaving four competitors in the
city of Waterbury.
Applicant has committed to cause the divestiture of
the CNB offices at or before consummation of the
proposed acquisition of Bank. 3 After consummation of
the proposed divestiture, the combined market share
of Applicant and Bank would be 12.8 percent. In light
of the commitment to divest the CNB offices, the
Board concludes that the proposed acquisition will not
have a substantial adverse effect on existing competition in the Waterbury markets.
The financial and managerial resources and future
prospects of Applicant, its subsidiaries, and Bank are
regarded as generally satisfactory and future prospects
appear favorable. Bank's financial and managerial
resources will be strengthened, particularly in light of
Applicant's commitment to provide Bank with $1.5
million of additional capital. Thus, considerations relating to banking factors lend weight toward approval.
3. This commitment is in conformance with the Board's policy
requiring that divestitures designed to cure significantly adverse
effects on existing competition must take place prior to or concurrent
with the proposed acquisition. Barnett Banks of Florida, 68 FEDERAL
RESERVE B U L L E T I N 1 8 0 ( 1 9 8 2 ) .
Legal Developments
Applicant proposes to introduce automated teller
machines, specialized small business loans, and international banking services to Bank. Applicant would
also expand Bank's trust and advisory services. Although these improvements in Bank's services do not
appear significant because Applicant is a large bank
holding company that is already represented in the
market and can provide such services through its
existing subsidiary bank, the Board finds that considerations relating to the convenience and needs of the
community to be served are consistent with approval.
Based on the foregoing and the other facts of record,
the Board has determined that consummation of the
proposed transaction would be consistent with the
public interest.
Accordingly, on the basis of the record, the application is approved subject to the condition that the
proposed divestiture be completed on or before consummation of this proposal. This transaction shall not
be made before the thirtieth calendar day following the
effective date of this Order, or later than three months
after the effective date of this Order, unless such
period is extended for good cause by the Board, or by
the Federal Reserve Bank of Boston, under delegated
authority.
By order of the Board of Governors, effective
December 22, 1982.
Voting for this action: Vice Chairman Martin and Governors Wallich, Partee, Rice, and Gramley. Absent and not
voting: Chairman Volcker. Voting against this action: Governor Teeters.
(Signed) JAMES MCAFEE,
[SEAL]
Associate
Dissenting Statement
Secretary of the Board.
of Governor
Teeters
I would again deny the application of Hartford National Corporation to acquire Mattatuck Bank and Trust
Company. I continue to believe that this transaction
would have substantially adverse effects on competition within the Waterbury banking market that are not
outweighed by considerations relating to the convenience and needs of the community to be served.
The Waterbury market is highly concentrated with a
four-firm concentration ratio of 93.3 percent and a
Herfindahl-Hirschman Index ("HHI") of 4460. Consummation of this proposal will increase these figures
to 96.8 percent and 4526, respectively. Hartford is now
the fourth largest commercial banking organization in
the market and holds 6.7 percent of the market's
deposits, and Bank is the third largest commercial
banking organization in the market, with 9.0 percent of
commercial banks deposits. Although the proposed
divestiture will lower the combined market share of
33
Hartford and Bank from approximately 15.7 percent to
12.8 percent, the amount of existing competition eliminated still would be substantial in view of the highly
concentrated nature of the market. Moreover, this
combination of competitors in a market with this level
of concentration would exceed both the new and old
Justice Department guidelines regarding horizontal
mergers. For these reasons, I would deny this application.
December 22, 1982
Orders Under Section 4 of Bank Holding
Company Act
Area Bancshares Corporation,
Hopkinsville, Kentucky
Order Approving Application
Processing
Activities
to Engage in Data
Area Bancshares Corporation, Hopkinsville, Kentucky, a bank holding company within the meaning of
the Bank Holding Company Act of 1956, as amended
(12 U.S.C. §§ 1841 et seq.), has applied for the
Board's approval, under section 4(c)(8) of the act
(12 U.S.C. § 1843(c)(8)) and section 225.4(b)(2) of the
Board's Regulation Y (12 CFR § 225.4(b)(2)), to acquire jointly with North American Financial Services,
Ltd., Davenport, Iowa ("North American"), DATANET, Inc., Hopkinsville, Kentucky ("DATANET"). DATANET will engage de novo in the
activity of providing data processing services, such as
check and deposit sorting and posting; computation
and posting of interest and other credits and charges;
preparation of checks, statements, notices, and similar
items; and other clerical, bookkeeping, accounting, or
similar functions for financial institutions in Kentucky.
Such activities have been determined by the Board to
be closely related to banking and permissible for bank
holding companies. (12 CFR §§ 225.4(a)(8)(ii)).
Notice of the application, affording interested persons an opportunity to submit comments and views,
has been duly published (47 Federal Register 45963
(1982)). The time for filing comments and views has
expired, and the Board has considered the application
and all comments received in light of the public
interest factors set forth in section 4(c)(8) of the act.
Area controls one bank, First City Bank and Trust
Company, Hopkinsville, Kentucky ("Bank"), which
holds total deposits of $94.2 million, representing 0.5
percent of the total deposits in commercial banks in
the state. 1 Bank operates in the Hopkinsville, Ken-
1. Unless otherwise indicated, banking data are as of June 30, 1982.
34
Federal Reserve Bulletin • January 1983
tucky-Clarksville, Tennessee, banking market, where
it is the fourth largest of ten commercial banks. 2 North
American, which has consolidated assets of $3.8 million, provides data processing services to approximately 90 banks in the states of Iowa, Missouri,
Illinois, Arkansas, Virginia, Georgia, Louisiana, and
Florida. 3
This proposal involves a de novo acquisition and
normally consummation of the transaction would not
have any adverse effects upon either existing or potential competition. However, in view of the fact that the
proposal involves the use of a joint venture between a
bank holding company and a nonbanking company,
the board has analyzed the proposal with respect to its
effects on existing and potential competition between
Area and North American in the relevant data processing markets. 4
Area does not engage in the provision of data
processing services anywhere in the United States.
Although North American provides data processing
services for Bank, it does not provide such services for
any other customers in Kentucky. Accordingly, consummation of this proposal would have no adverse
effects upon existing competition in any relevant market.
With respect to potential competition, the Board
finds that, absent approval of the joint venture, Area is
not likely to independently enter the data processing
market in Kentucky or any other state, and North
American is not likely to independently enter the data
processing market in Kentucky. The facts of record
indicate that Area lacks the technical capability to
engage in data processing activities and North American lacks the financial resources necessary to expand
into the Kentucky data processing market. Thus, the
Board concludes that consummation of this proposal
would not have significantly adverse effects upon
competition in any market. In addition, in view of the
small size of the co-venturers and the limited nature of
the proposed activity, consummation of this proposal
would not result in an undue concentration of economic resources.
Consummation of Area's proposal may be expected
to result in public benefits because the joint venture
2. The Hopkinsville, Kentucky-Clarksville, Tennessee, banking
market consists of Todd and Christian Counties, Kentucky, and
Montgomery County, Tennessee.
3. All data applying to North American are as of October 31, 1982.
4. The Board has previously expressed concerns regarding the
potential for undue concentration of resources or other adverse effects
that result through the combination in a joint venture of banking and
nonbanking institutions. See Deutsche Bank AG, 67 FEDERAL RESERVE B U L L E T I N 4 4 9 ( 1 9 8 1 ) ; BankAmerica
RESERVE B U L L E T I N 5 1 7 ( 1 9 7 4 ) .
Corporation,
6 0 FEDERAL
will provide an additional source of data processing
services to Kentucky financial institutions. These
services would enable them to reduce the costs associated with processing loans, checks, deposits, and
other similar functions. Further, there is no evidence
in the record to indicate that consummation of this
proposal would result in any undue concentration of
resources, conflicts of interests, unsound banking
practices, or other adverse effects.
Based on the foregoing and certain commitments by
Area that are reflected in the record, the Board has
determined that the balance of the public interest
factors it is required to consider under section 4(c)(8)
is favorable. Accordingly, the application is hereby
approved. This determination is subject to the conditions set forth in section 225.4(c) of Regulation Y, and
to the Board's authority to require such modification
or termination of the activities of a holding company or
any of its subsidiaries as the Board finds necessary to
assure compliance with the provisions of and purposes
of the act, and the Board's regulations and orders
issued thereunder, or to prevent evasion thereof.
The proposed activity shall be commenced not later
than three months after the effective date of this
Order, unless such period is extended for good cause
by the Board or by the Federal Reserve Bank of St.
Louis, pursuant to delegated authority.
By order of the Board of Governors, effective
December 16, 1982.
Voting for this action: Vice Chairman Martin and Governors Wallich, Partee, Teeters, Rice, and Gramley. Absent
and not voting: Chairman Volcker.
( S i g n e d ) JAMES MCAFEE,
[SEAL]
Associate
Secretary of the Board.
BancOhio Corporation,
Columbus, Ohio
Order Approving Applications to Engage in Equity
Financing and Mortgage Banking Activities
BancOhio Corporation, Columbus, Ohio, a bank holding company within the meaning of the Bank Holding
Company Act, has applied for the Board's approval,
under section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8))
and section 225.4(b)(2) of the Board's Regulation Y
(12 CFR § 225.4(b)(2)), to acquire W. Lyman Case &
Company, Columbus, Ohio ("WLC"), by acquiring
the right to the name "W. Lyman Case & Company"
and by purchasing certain assets and assuming certain
liabilities of WLC consisting of its mortgage loan
production and mortgage loan servicing activities.
Legal Developments
WLC is comprised of two general partnerships that
engage in mortgage banking, commercial real estate
brokerage, and property management activities. 1
Mortgage banking and servicing activities have been
determined by the Board to be closely related to
banking. (12 CFR § 225.4(a)(1) and (3)).
In addition, Applicant has applied to engage de novo
in the activity of arranging equity financing. Although
this activity has not been specified by the Board in
Regulation Y as permissible for bank holding companies, the Board has determined by order that arranging
equity financing, subject to certain conditions, is
closely related to banking. 2
Notice of the applications, affording interested persons an opportunity to submit comments and views on
the balance of public interest factors regarding the
application, has been duly published (47 Federal Register 49088 (1982)). The time for filing comments and
views has expired and the Board has considered the
applications and all comments received in light of the
public interest factors set forth in section 4(c)(8) of the
act.
Applicant is the largest banking organization in Ohio
and controls two banking subsidiaries with aggregate
deposits of $4.1 billion, representing 9.29 percent of
total commercial bank deposits in the state. 3 Applicant
also engages in various nonbanking activities, including mortgage banking activities performed by its subsidiary, BancOhio Mortgage Company ("BMC"), for
which it received Board approval under section 4(c)(8)
of the act and sections 225.4(a)(1) and (3) of Regulation Y.
WLC is the 183rd largest mortgage company in the
United States, with loan servicing contracts totalling
$460 million, representing 0.12 percent of national loan
servicing volume, as of June 30, 1982. It operates
offices in Columbus and Cincinnati, Ohio, and Miami,
Florida. Its business is originating and servicing mortgages for commercial and income-producing properties on a nationwide basis.
Applicant's mortgage subsidiary engages in mortgage origination and servicing for 1- to 4-family
residences, including mortgages originated by Applicant's banking subsidiaries. In 1981, it originated $1.6
million and serviced $11 million in mortgage loans,
representing 0.004 percent of national loan servicing
volume. Because of its association with Applicant's
1. Following consummation of the proposal, the two general partnerships would continue their commercial real estate brokerage and
property management operations under a different name.
2 . BankAmerica
Corporation,
6 8 FEDERAL RESERVE B U L L E T I N 6 4 7
(1982).
3. Banking data are as of March 31, 1982.
35
subsidiary banks, BMC's business is local, and the
relevant geographic market for its services consists of
approximately 40 local banking markets in Ohio in
which Applicant's banking subsidiaries operate.
In view of the fact that WLC and BMC do not
compete in the same product or geographic markets,
consummation of the proposed acquisition would not
have any significant effects on competition. Moreover,
both the national and local geographic markets in
which WLC and BMC provide their respective services are not concentrated and have numerous competitors. Accordingly, the proposed transaction would
have no effect on potential competition in any relevant
area. Based on these and other facts of record, the
Board concludes that competitive considerations relating to the acquisition of WLC by Applicant are consistent with approval of the application.
Acquisition of WLC by Applicant will expand the
range of mortgage banking services offered by Applicant, and will enable Applicant to become a more
effective competitor in the mortgage banking industry.
There is no evidence to indicate that consummation of
the proposed transaction would result in any undue
concentration of resources, decreased or unfair competition, unsound banking practices, or other adverse
effects. Accordingly, the balance of public benefits
that the Board is required to consider under section
4(c)(8) of the act is favorable, and the application
should be approved.
Applicant has also applied to engage de novo
through WLC in arranging equity financing on behalf
of institutional investors for commercial and industrial
income-producing real property. Equity financing, as
proposed by Applicant, involves arranging for the
financing of commercial or industrial income-producing real estate through the transfer of the title, control,
and risk of the project from the owner/developer to
one or more investors. WLC would represent the
owner/developer and would be paid a fee by the
owner/developer for this service. The service would
be offered only as an alternative to traditional financing arrangements and WLC would not solicit for
properties to be sold, list or advertise properties for
sale, or hold itself out or advertise as a real estate
broker or syndicator. This activity would be provided
only with respect to commercial or industrial income
producing real property and only when the financing
arranged exceeds $1 million. Only institutional or
wealthy, professional individual investors would be
offered the service.
In approving an application by BankAmerica Corporation to engage in arranging equity financing, the
Board determined that this activity is closely related to
banking, subject to certain conditions that prevent a
bank holding company from engaging in real estate
36
Federal Reserve Bulletin • January 1983
brokerage, development and syndication. 4 Accordingly, in performing its equity financing activities, Applicant has committed to abide by all of the conditions
relied on by the Board previously in finding that the
activity is closely related to banking.
Specifically, Applicant has committed that WLC's
function will be limited to acting as intermediary
between developers and investors to arrange financing. Neither WLC nor any affiliate may acquire an
interest in the real estate project for which WLC
arranges equity financing nor have any role in the
development of the project. Neither WLC nor any of
its affiliates shall participate in managing, developing
or syndicating property for which WLC arranges equity financing, nor promote or sponsor the development
or syndication of such property. Neither WLC nor any
of its affiliates shall provide financing to investors in
connection with an equity financing arrangement. The
fee WLC receives for arranging equity financing for a
project shall not be based on profits derived, or to be
derived, from the property and should not be larger
than the fee that would be charged by an unaffiliated
intermediary. In view of these conditions, the Board
finds that Applicant's proposed equity financing activity will not constitute real estate brokerage, real estate
development, or real estate syndication, provided that
the above conditions and limitations are observed by
Applicant and WLC.
There is no evidence in the record to indicate that
Applicant's performance of the proposed activity
would result in any undue concentration of resources,
decreased or unfair competition, conflicts of interest,
unsound banking practices, or other adverse effects.
Based upon the foregoing and other considerations
reflected in the record, the Board has determined that
the balance of the public interest factors that the Board
is required to consider under section 4(c)(8) of the act
is favorable. This determination is conditioned upon
Applicant strictly limiting its activities to those described in information provided in connection with this
application and as provided in this Order.
Based on the foregoing, the Board has determined
that the applications should be approved, and the
applications are hereby approved. This determination
is subject to the limitations set forth in this Order, the
conditions set forth in section 225.4(c) of Regulation
Y, and the Board's authority to require such modification or termination of the activities of a holding
company or any of its subsidiaries as the Board finds
necessary to assure compliance with the provisions
and purposes of the act, and the Board's regulations
and orders issued thereunder, or to prevent evasion
thereof.
4. Supra at 649.
The proposed acquisition shall be consummated and
the proposed activity shall be commenced not later
than three months after the effective date of this
Order, unless such period is extended for good cause
by the Board or by the Federal Reserve Bank of
Cleveland.
By order of the Board of Governors, effective
December 23, 1982.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Partee, Teeters, Rice, and Gramley.
( S i g n e d ) JAMES MCAFEE,
[SEAL]
Associate
Secretary
of the Board.
Citicorp,
New York, New York
Order Approving Establishment of Foreign
of Citicorp Banking Corporation
Branches
Citicorp, New York, New York, a bank holding company within the meaning of the Bank Holding Company Act, has applied for the Board's approval under
section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8)) and
section 225.4(b)(2) of the Board's Regulation Y
(12 CFR § 225.4(b)(2)) to establish branches of its
subsidiary, Citicorp Banking Corporation ("CBC"),
Wilmington, Delaware, in Bahrain, the Channel Islands, and Hong Kong to engage in certain commercial
banking activities.
Notice of the application, affording an opportunity
for interested persons to submit comments and views
on the public interest factors, has been duly published
(47 Federal Register 47323 (1982)). The time for filing
comments and views has expired and the Board has
considered the application and all comments received
in light of the public interest factors set forth in section
4(c)(8) of the act.
CBC, a corporation chartered under the laws of
Delaware with total assets of approximately $10 billion, 1 holds the shares of a number of nonbanking
subsidiaries of Citicorp and engages in certain commercial banking activities through a branch in Nassau,
Bahamas. 2
The proposed branches in Bahrain, the Channel
Islands, and Hong Kong would engage in accepting
funds in dollars or foreign currency in wholesale
1. Financial data are as of June 30, 1982.
2. By Order dated March 4, 1982, the Board approved the application of Citicorp to engage through proposed branches of CBC in
Nassau and Luxembourg in commercial banking activities (68 FEDERAL RESERVE B U L L E T I N 2 5 1 ( 1 9 8 2 ) ) .
Legal Developments
money markets in amounts over $100,000; placing
funds with and making loans and advances to subsidiary and affiliated organizations; making commercial
loans in amounts over $100,000; foreign exchange
transactions; and other activities constituting commercial banking outside the United States.
Section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8))
authorizes a bank holding company to acquire a nonbank company where the activities of the nonbank
company are determined by the Board to be "so
closely related to banking or managing and controlling
banks as to be a proper incident thereto." The act
provides that the Board may make such determinations by order or regulation. The Board has previously
determined that the activities proposed to be engaged
in by the branches of CBC are closely related to
banking within the meaning of section 4(c)(8)3 and
reaffirms that determination in this Order.
In order to approve this application by Order under
section 4(c)(8), the Board is further required to determine that CBC's conduct of the proposed foreign
branch activities is a proper incident to banking or
managing or controlling banks. The Board must consider whether the offering of these foreign branch
services pursuant to this application "can reasonably
be expected to produce benefits to the public, such as
greater convenience, increased competition or gains in
efficiency, that outweigh possible adverse effects,
such as undue concentration of resources, decreased
or unfair competition, conflicts of interests, or unsound banking practices."
The purpose of the proposal by CBC is to provide
Citicorp with increased flexibility in funding its domestic operations by allowing CBC to participate in the
offshore wholesale money markets. Direct access by
CBC's branches to these markets will reduce the costs
of funding Citicorp's nonbanking subsidiaries including those previously approved by the Board under
section 4(c)(8). As noted by the Board in connection
with CBC's previous application, the operation of
such branches will enhance Citicorp's ability to raise
funds at lower rates than is possible through other
funding vehicles, thereby increasing internally generated capital, which is a major benefit of the proposal.
The Board expects that Citicorp will maintain capital
commensurate with its increased funding capabilities.
Citicorp has committed that the liabilities to CBC of
any person, other than an affiliate, will not exceed 10
percent of the capital and surplus of CBC, and that
CBC's branches will not engage in any activity outside
the United States that is impermissible for a foreign
3. Citicorp,
supra, n.2; European American Bancorp, 63 FEDERAL
RESERVE B U L L E T I N 5 9 5 ( 1 9 7 7 ) a n d 6 5 FEDERAL RESERVE B U L L E T I N
667 (1979).
37
banking subsidiary of Citicorp under the Board's Regulation K (12 CFR Part 211) or is otherwise prohibited
by U.S. law. 4 The Board is of the view that these
prudential conditions are adequate to meet any supervisory concerns to which the proposal may give rise.
In light of these and all the facts of record, including
the commitments made by Citicorp with respect to the
operations of CBC's branches, the Board has determined that the balance of public interest factors that
the Board must consider under section 4(c)(8) of the
act is favorable and that the application should be
approved. 5
The establishment of the proposed branches is subject to the necessary licensing requirements of the
jurisdictions involved. In this regard, the Board again
emphasizes that CBC is not considered a bank for
purposes of United States law, that it is not regulated
as such by the Federal Reserve System or by any
domestic authority regulating depository institutions,
and that, as a nondepository institution, CBC may not
borrow from the Federal Reserve discount window.
As a nonbank holding company subsidiary of Citicorp,
CBC is thus to be distinguished from Citicorp's U.S.
banking subsidiaries.
In light of the record, the application is approved for
the reasons summarized above. This determination is
subject to the conditions set forth in this Order and in
section 225.4(c) of Regulation Y, and to the Board's
authority to require reports by and make examinations
of bank holding companies and their subsidiaries, and
to require such modification or termination of the
activities of a bank holding company or any of its
subsidiaries as the Board finds necessary to assure
compliance with the provisions and purposes of the act
and the Board's Orders and regulations issued thereunder, or to prevent evasion thereof.
The proposed branch activities shall be commenced
not later than three months after the effective date of
4. Citicorp has also committed to accept no placement or deposit
from a United States resident, except that a placement or deposit
received from a foreign branch, office, subsidiary, affiliate or other
foreign establishment ("foreign affiliate") controlled by one or more
domestic corporations is not regarded as a placement or deposit
received from a United States resident if such funds are used in its
foreign business or that of other foreign affiliates of the controlling
domestic corporation(s); and extend no credit to a United States
resident (other than a subsidiary or affiliated organization) except that
credit extended to a foreign affiliate controlled by one or more
domestic corporations is not regarded as credit extended to a United
States resident if the proceeds will be used in its foreign business or
that of other foreign affiliates of the controlling domestic corporations).
5. In connection with this action, the Board hereby delegates
authority to the Federal Reserve Bank of N e w York to approve
applications by Citicorp for additional foreign branches of CBC, to
engage in the same activities approved and subject to the same
limitations and restrictions imposed herein, pursuant to the procedures specified in section 225.4(b)(1) of Regulation Y (12 CFR
§ 225.4(b)(1)).
38
Federal Reserve Bulletin • January 1983
this Order, unless such period is extended for good
cause by the Board or by the Federal Reserve Bank of
New York, pursuant to delegated authority.
By order of the Board of Governors, effective
December 2, 1982.
Voting for this action: Vice Chairman Martin, Governors
Partee, Teeters, Rice, and Gramley. Absent and not voting:
Chairman Volcker and Governor Wallich.
( S i g n e d ) WILLIAM W . WILES,
[SEAL]
Secretary
of the
Board.
First Security Corporation,
Salt Lake City, Utah
Order Approving Acquisition
Companies
of Industrial
Loan
First Security Corporation, Salt Lake City, Utah, a
bank holding company within the meaning of the Bank
Holding Company Act, has applied for the Board's
approval under section 4(c)(8) of the act (12 U.S.C.
§ 1843(c)(8)) and section 225.4(b)(2) of the Board's
Regulation Y (12 CFR § 225.4(b)(2)), to purchase the
assets and assume the liabilities of Murray First Thrift
and Loan Company, Salt Lake City, Utah ("Murray
Thrift"), and to acquire Capitol Thrift and Loan
Company, Salt Lake City, Utah ("Capitol Thrift").
Murray Thrift and Capitol Thrift are industrial loan
companies. Applicant proposes to establish de novo
an industrial loan company, First Security Financial,
Inc., Salt Lake City, Utah ("First Security Financial"), to acquire the two companies. First Security
Financial also would engage in leasing activities previously engaged in by Murray Thrift. The Board has
determined such activities to be closely related to
banking. (12 CFR §§ 225.4(a)(2) and (6)).
The Commissioner of Financial Institutions for the
State of Utah ("Commissioner") took possession of
the business and assets of Murray Thrift on July 22,
1982, under the supervision of the Third Judicial
District Court of Salt Lake County, Utah. Withdrawal
of deposits in the company has been suspended since
that time. On November 15, 1982, the Third Judicial
District Court approved the proposed transaction as a
means of disposing of Murray Thrift's assets, subject
to the Board's approval.
By letter dated November 9, 1982, the Commissioner requested that the Board act expeditiously upon this
application. In light of this request, the Board promptly published notice of the application in the Federal
Register (47 Federal Register 51,619) providing a 15day period for interested persons to comment on the
application. The time for filing comments and views
has expired, and the application and all comments
received have been considered in light of the factors
set forth in section 4(c)(8) of the act.
Applicant, with total consolidated assets of $4.1
billion, is the largest banking organization in Utah,
operating two subsidiary banks in that state with $1.59
billion in deposits. 1 Applicant also controls the second
largest banking organization in Idaho ($1.12 billion in
deposits) and a bank subsidiary in Wyoming ($43.8
million in deposits), and engages in a variety of permissible nonbanking activities.
Murray Thrift is a failed industrial loan company
with $64 million in assets. Capitol Thrift is an industrial loan company with $10 million in assets. Capitol
Thrift is in satisfactory financial condition. Applicant
proposes to acquire Capitol Thrift as a means of
obtaining the services of its officers to serve as management for First Security Financial, Inc. upon its
acquisition of Murray Thrift.
The Board has previously determined that the operation of an industrial loan company in the manner
authorized by state law is closely related to banking
"so long as the institution does not both accept
demand deposits and make commercial loans."
(12 CFR § 225.4(a)(2)). Both Murray Thrift and Capitol Thrift sell thrift certificates and thrift passbook
accounts as a means of funding their operations. The
Board in the past has not regarded such activities as
accepting demand deposits for purposes of the act.
The Board does regard NOW accounts and other types
of transaction accounts as demand deposits for purposes of Regulation Y. First Bancorporation
(Beehive
Thrift
& Loan),
68 FEDERAL RESERVE BULLETIN 253
(1982). In order to ensure compliance with Regulation
Y, Applicant has committed that First Security Financial will not offer NOW accounts, transaction accounts, or any type of sweep account with transactional capabilities.
Before a bank holding company may engage in an
activity that the Board has determined to be closely
related to banking, the Board must determine that
performance of the activity by the applicant or its
affiliates "can reasonably be expected to produce
benefits to the public, such as greater convenience,
increased competition, or gains in efficiency, that
outweigh possible adverse effects, such as undue
concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking
practices." (12 U.S.C. § 1843(c)(8)).
The Board has considered the financial and managerial resources of Applicant and Capitol Thrift and has
determined that the transaction would provide the
necessary financial and managerial support necessary
to revitalize Murray Thrift. In this regard, Applicant
has committed that First Security Financial will con1. Banking data are as of June 30, 1981.
Legal Developments
duct its operations in a manner generally consistent
with prudent business practices for an industrial loan
company. Accordingly, the proposed acquisition can
reasonably be expected to foster increased competition and greater convenience to the public by restoring
a failed institution as a viable competitor in the market. The Utah Commissioner also has advised the
Board that the proposal would be in the best interests
of Murray Thrift's depositors and would result in
substantial savings to the Industrial Loan Guaranty
Corporation of Utah. Accordingly, the Board has
determined that the public benefits that can reasonably
be expected to result from the proposal are substantial.
The Board has considered the effect of the proposal
on competition. Although the proposal would eliminate existing competition between Applicant, Murray
Thrift, and Capitol Thrift, the Board has determined,
in view of Murray Thrift's condition, that the effects of
the transaction on competition would not be so adverse as to warrant denial of the application. The
Board has further determined that the proposal would
not result in any undue concentration of resources,
conflicts of interests, unsound banking practices, or
other adverse effects. Based upon the foregoing and all
the facts of record, the Board has determined that the
balance of public interest factors it is required to
consider under section 4(c)(8) is favorable. This determination is subject to the conditions enumerated in
this Order that First Security Financial will not offer
any demahd, transaction, or sweep accounts with
transactional capability and will conduct its operations
in a manner generally consistent with prudent business
practices for an industrial loan company.
The application is hereby approved as conditioned
herein. This determination is also subject to the conditions set forth in § 225.4(c) of Regulation Y and to the
Board's authority to require such modification or
termination of the activities of a holding company or
any of its subsidiaries as the Board finds necessary to
assure compliance with the provisions and purposes of
the act and the Board's regulations and orders issued
thereunder, or to prevent evasion thereof.
The activities shall be commenced not later than
three months after the effective date of this Order,
unless such period is extended for good cause by the
Board or by the Federal Reserve Bank of San Francisco, pursuant to delegated authority.
By order of the Board of Governors, effective
December 6, 1982.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Partee, Teeters, Rice, and Gramley.
Guaranty Bancshares Corporation,
Kansas City, Kansas
Order Denying Acquisition
Services, Inc.
of Guaranty
Associate
Secretary of the Board.
Financial
Guaranty Bancshares Corporation, Kansas City, Kansas, a bank holding company within the meaning of the
Bank Holding Company Act, has applied pursuant to
section 4(c)(8) of the act (12 U.S.C. § 1843(c)(8)) and
section 225.4(b)(1)) of the Board's Regulation Y
(12 CFR § 225.4(b)(1)), for permission to engage de
novo, through its subsidiary, Guaranty Financial Services, Inc., Kansas City, Kansas, in the activities of
consumer and commercial lending and selling creditrelated insurance in connection with such loans. Such
nonbank activities have been determined by the Board
to be closely related to banking and therefore permissible for bank holding companies (12 CFR § 225.4(a)(1)
and (9)).
Notice of the application, affording opportunity for
interested persons to submit comments and views on
the public interest factors, has been duly published.
The time for filing comments has expired, and the
Board has considered the application and all comments received, including those from the Kansas Independent Bankers Association ("Protestant") in light of
the public interest factors set forth in section 4(c)(8) of
the act.
In order to approve an application under section
4(c)(8) of the act, the Board must determine that the
proposed activity is "so closely related to banking or
to managing or controlling banks as to be a proper
incident thereto." Even where, as here, the proposed
activities have been previously determined by regulation to be closely related to banking, the Board is also
required to determine whether the performance of the
proposed activities by a nonbank subsidiary of a bank
holding company "can reasonably be expected to
produce benefits to the public, such as a greater
convenience, increased competition, or gains in efficiency, that outweigh possible adverse effects, such as
undue concentration of resources, decreased or unfair
competition, conflicts of interests, or unsound banking
practices." This statutory test requires a positive
showing by an applicant that the public benefits of its
proposal outweigh the possible adverse effects.
Applicant controls one subsidiary bank, Guaranty
State Bank and Trust Company, Kansas City, Kansas
("Bank"), with aggregate domestic deposits of $37.8
million. 1 Bank is the 107th largest of 617 banks in
Kansas, controlling .25 percent of total commercial
(Signed) JAMES MCAFEE,
[SEAL]
39
1. Banking data are as of December 31, 1981.
40
Federal Reserve Bulletin • January 1983
bank deposits therein. Applicant owns no nonbank
subsidiaries.
Applicant proposes to engage through Company in
the making of consumer and commercial loans and
other extensions of credit to individuals and businesses, and the selling of credit-related life, accident
and health insurance in connection with such loans.
These activities would be conducted from an office
located in Bank's detached deposit taking facility, also
in Kansas City, Kansas, which would serve all of
Wyandotte County, Kansas.
Protestant asserts that the structural, managerial
and operational interrelationship of Bank and Company would constitute a unitary operation and would
amount to unlawful branch banking in violation of
Kansas statutes. Under Kansas law, branch banking is
specifically prohibited. However, state banks are permitted to have up to three detached facilities at which
deposits and withdrawals are permitted, but at which
the making of loans is expressly prohibited (Kan. Stat.
Ann. § 9-1111 (1981 Supp.)). Because of certain relationships between Bank and Company, and because
Company proposes to engage in lending activities at
Bank's detached facility (where Bank itself would not
be permitted to make loans), Protestant alleges that
Company is merely a "sham" corporation being used
by Applicant and Bank as an additional loan facility of
Bank to circumvent Kansas branch banking prohibitions.
In support of its argument, Protestant cites several
proposed relationships between Bank and Company.
As noted above, Company would lease space from
Bank in Bank's drive-in facility. Further, Company
would use Bank equipment in its operations and would
use Bank employees to counsel loan applicants and to
process and approve loans. Indeed, all the officers and
directors of Company would be officers and directors
of Bank and an assistant vice president of Bank would
make all of Company's credit decisions. Finally, Protestant asserts that Company would sell 100 percent of
its loans to Bank, and that such sales would be
effectuated at the close of each business day. The
Board notes that these relationships are supported by
the record and have not been denied by Applicant.
The Board may not approve a bank holding company proposal that would, if consummated, violate federal or state law. 2 Consequently, if the Board finds that
the proposal would violate the Kansas statutory prohibition against branch banking (Kan. Stat. Ann. § 91111 (Supp. 1981)), it must deny this application.
2. Whitney National Bank in Jefferson
Orleans, 379 U.S. 411, 419 (1965).
Parish v. Bank of New
The Kansas state courts have never interpreted this
statutory branch banking prohibition. However, the
Kansas Attorney General has issued a letter to the
Kansas Banking Department addressing the specific
issue raised by Protestant in this case. This letter
states that a finance company operating on the premises of a detached facility of an affiliate bank would be a
branch of the bank if it acted as an agent of the bank in
making loans. The Attorney General also stated that
resolution of this issue necessitates a consideration of
the entire course of dealing between the bank and the
finance company. Finally, the Attorney General offered examples of the factors that would be relevant to
making such an assessment, including the location of
the finance company, the regularity with which it sold
loans to its affiliated bank, and the existence of management interlocks between the finance company and
the bank. After examining the proposed relationship
between Company and Bank in light of the factors
cited by the Attorney General and all applicable law,
the Board finds that Applicant's operation of Company, as structured in this proposal, would violate the
Kansas prohibition on branch banking. In this regard,
the Board has considered that Company's activities
are substantially integrated with those of Bank, that a
Bank officer would make Company's credit decisions,
that all of Company's directors would be directors of
Bank, that Company would be located in a detached
deposit-taking facility of Bank, and that Bank would in
effect fund Company's operations through the purchase of all of Company's loans at the end of each day.
The combination of these factors distinguishes this
proposal from other applications that the Board has
approved. 3
As noted above, this proposal contemplates the
formation of a new finance company subsidiary that
would offer the communities it would serve an additional and convenient source of consumer and commercial credit and credit-related insurance, thereby
increasing overall competition in Wyandotte County,
Kansas. In the absence of evidence to the contrary,
the Board views such de novo entry as a positive
public benefit since it would provide an additional
competitive source in the market. Accordingly, the
Board notes that competitive considerations and convenience and needs factors lend weight toward approval of this application.
Despite the public benefits which would result from
the consummation of this proposal, the Board, as
3. In addition, it appears that Company's sale of loans to Bank
would be inconsistent with the provisions of section 23A of the
Federal Reserve Act, 12 U.S.C. § 371c, because it appears unlikely
that Bank's purchase of such loans would be made on the basis of its
independent analysis of the credit worthiness of the borrower.
Legal Developments
discussed above, may not approve an application
which would, if consummated, result in a violation of
federal or state law. Accordingly, based upon the
foregoing and other considerations reflected in the
record, the Board has determined that the application
must be denied for the reasons summarized above.
By order of the Board of Governors, effective
December 9, 1982.
Voting for this action: Vice Chairman Martin and Governors Partee, Teeters, Rice, and Gramley. Present and abstaining: Governor Wallich. Absent and not voting: Chairman
Volcker.
( S i g n e d ) William W . WILES,
[SEAL]
Secretary
of the
Board.
Schroders Public Limited Company,
London, England
Order Approving Acquisition of Shares of
Wainwright Econometrics,
Inc.
Schroders Public Limited Company, London, England, a bank holding company within the meaning of
the Bank Holding Company Act, has applied for the
Board's approval, pursuant to section 4(c)(8) of the act
(12 U.S.C. § 1843(c)(8)) and section 225.4(b) of the
Board's Regulation Y (12 CFR § 225.4(b)), to acquire
indirectly through Leadenhall Securities Corporation
Limited, London, England, its wholly owned venturefinance subsidiary, 35 percent of the voting shares of
Wainwright Econometrics, Inc., Boston, Massachusetts, a proposed de novo corporation. The remaining
shares of Company would be held by H. C. Wainwright & Co., Econometrics, Boston, Massachusetts.
Company would provide general economic information and statistical forecasting services via access to a
proprietary econometric model to be marketed
throughout the United States and Canada. The Board
has determined that this activity is closely related to
banking. (12 CFR § 225.4(a)(5)(iv)).
Notice of the application, affording opportunity for
interested persons to submit comments and views on
public interest factors, has been duly published (47
Federal Register 46573 (1982)). The time for filing
comments and views has expired and the Board has
considered the application and all comments received
in light of the public interest factors set forth in section
4(c)(8) of the act.
Applicant, with consolidated assets of approximately $5.2 billion, is engaged through subsidiaries in
banking and nonbanking activities throughout the
world. Applicant's principal subsidiary is J. Henry
41
Schroder Wagg & Co. Limited, London, England, a
merchant bank, with total assets of $2.5 billion. 1
Applicant's United States commercial banking operations are conducted through J. Henry Schroder Bank
and Trust Company, New York, New York, which has
approximately $2.0 billion in assets and $1.5 billion in
deposits. 2 Applicant operates several domestic nonbank companies engaged in leasing and certain real
estate and securities activities. 3 In addition, certain of
Applicant's subsidiaries furnish general economic information and forecasting services in the United States
as an incident to the provision of other financial
services. In this regard, Applicant provides economic
information and forecasting services through Bank,
and investment or financial advisory activities through
J. Henry Schroder Corporation, Schroder Capital
Management, Inc., and Schroder Energy Associates,
Inc.
Wainwright, with total assets of $190,000, is an
economic consulting and research firm which furnishes economic information and generic forecasting
services and specialized industry studies to subscribing corporations, institutions and agencies through a
generalized written subscription service. 4 The record
indicates that during 1981 Wainwright generated total
fee revenues of $434,000. Because services similar to
those proposed for company, including access to statistical techniques other than the proposed econometric model, are an integral part of its economic consulting and research activities, Wainwright does not
intend to cease offering these services directly.
The market for providing general economic information and statistical forecasting services is considered
to be at least national in scope. Neither Applicant or
Wainwright controls a significant share of this market.
Applicant, as mentioned above, provides these services solely as an incident to other financial activities of
its subsidiaries and Wainwright is a relatively small
company as measured by total assets and fee revenue.
Moreover, Applicant and its subsidiaries do not market a proprietary economic model of the kind proposed
to be offered and do not propose to shift any of the
existing informational and forecasting services to company. Accordingly, consummation of the proposal
would not have a significant effect on existing competition.
1. Data are as of December 31, 1981.
2. Data are as of June 30, 1982.
3. Applicant's authority to engage in certain real estate and securities activities, as well as certain leasing activities, is pursuant to the
permanent grandfather privileges of section 4(a)(2) of the Bank
Holding Company Act (12 U.S.C. § 1843(a)(2)). By order dated
February 25, 1980, the Board determined that Applicant was entitled
t o s u c h p r i v i l e g e s . 6 6 F E D E R A L RESERVE B U L L E T I N 2 5 2 ( 1 9 8 0 ) .
4. Data are as of December 31, 1981.
42
Federal Reserve Bulletin • January 1983
It also appears that consummation of this proposal
would not have a substantial adverse effect on potential competition. In this regard, the Board notes that
the market for providing the proposed services is
highly competitive and unconcentrated as virtually all
types of financial service organizations and consulting
firms engage in the activity to the same extent. Also,
as described earlier, Applicant and Wainwright have a
relatively minor presence in the market and the industry presents no significant barriers to entry. Accordingly, the Board concludes that consummation of this
proposed joint venture would not adversely affect
potential competition in any relevant market.
The Board finds that consummation of the proposal
can be expected to result in public benefits. Affiliation
with Applicant would provide Wainwright the financial resources necessary to market its proprietary
economic model. The econometric model is intended
to use market price data to forecast Gross National
Product, corporate profits, and other relevant economic factors. Wainwright's computerized econometric model would provide customized economic forecasting and analysis through which corporate planners
and business analysts would gain a greater understanding of relevant economic factors. In addition, the
lower cost and simplified use of the model may provide the public increased access to useful economic
information. On the basis of these and other facts of
record, the Board concludes that the benefits to the
public that would result from the joint venture between Applicant and Wainwright favor approval of the
application. Furthermore, in light of the de novo
nature of the proposal, the relatively small size of
Applicant and Wainwright, and the scope of the proposed activity, there is no evidence in the record to
indicate that consummation of the proposal would
result in undue concentration of resources, conflicts of
interest, unsound banking practices, or other adverse
effects on the public interest. 5
Based on the foregoing and other considerations
reflected in the record, the Board concludes that the
balance of public interest factors that it must consider
under section 4(c)(8) of the act favors approval. Accordingly, the application is approved. This determination is subject to the conditions set forth in section
225.4(c) of Regulation Y and to the Board's authority
to require such modification or termination of such
5. The Board has previously expressed its concern, where a large
banking and a large commercial organization propose to engage jointly
in the provision of a wide range of activities, that such relationships
could lead to an undue concentration of economic resources, and that
such possible adverse effects would not be consistent with the
purposes of the Bank Holding Company Act. Deutsche Bank AG, 67
FEDERAL RESERVE B U L L E T I N 4 4 9 ( 1 9 8 1 ) .
activities as the Board finds necessary to assure compliance with the provisions and purpose of the act, and
the Board's regulations and Orders issued thereunder,
or to prevent evasion thereof.
The proposed activity shall be commenced not later
than three months after the effective date of this
Order, unless such period is extended for good cause
by the Board or by the Federal Reserve Bank of New
York, pursuant to delegated authority.
By order of the Board of Governors, effective
December 17, 1982.
Voting for this action: Vice Chairman Martin and Governors Wallich, Partee, Teeters, Rice, and Gramley. Absent
and not voting: Chairman Volcker.
( S i g n e d ) JAMES MCAFEE,
[SEAL]
Associate
Secretary of the Board.
Skandinaviska Enskilda Banken,
Stockholm, Sweden
Order Approving
Company
Operation of New York
Investment
Skandinaviska Enskilda Banken, Stockholm, Sweden,
a foreign bank which is subject to section 4(c)(8) of the
Bank Holding Company Act (12 U.S.C. § 1843(c)(8))
pursuant to section 8(a) of the International Banking
Act of 1978 (12 U.S.C. § 3106(a)) by virtue of its
indirect control of an agency in the United States, has
applied for the Board's approval under section 4(c)(8)
of the act and section 225.4(b)(2) of the Board's
Regulation Y (12 CFR § 225.4(b)(2)), to engage
de novo through its subsidiary, Skandinaviska Enskilda Banken Corporation, New York, New York
("SEBC"), in certain nonbanking activities.
SEBC is an investment company organized under
Article XII of the New York State Banking Law (a
"New York Investment Company"), and proposes to
engage in the following activities: borrowing and lending money, with or without real or personal security;
as principal or agent, purchasing, discounting, acquiring, investing in, selling and disposing of bills of
exchange, drafts, notes, acceptances and other obligations for the payment of money; as principal or agent,
purchasing, acquiring, investing in, servicing, selling
and disposing of, and making loans upon the security
of, bonds and mortgages on real property; accepting
bills of exchange or drafts drawn upon it; issuing
letters of credit; buying and selling foreign exchange;
receiving money for transmission and transmitting the
same to and from the United States; receiving and
maintaining credit balances incidental to, or arising out
Legal Developments
of, the exercise of its lawful powers; buying and selling
coin and bullion; purchasing, acquiring, investing in
and holding stocks of any corporation and selling and
disposing of such stock, provided that (unless authorized by the Board) no such investment will exceed 5
percent of the voting securities of any corporation;
entering, directly or indirectly, into leasing transactions of a type permissible for bank holding company
affiliates under section 225.4 of Regulation Y; establishing branches outside the United States and engaging at those offices in transactions of the type that it
can engage in at its home office; receiving time deposits at branches located outside the United States;
issuing guarantees of its customers' obligations at
offices outside the United States; and issuing guarantees of its customers' obligations at offices outside the
United States if the guarantee or related agreement
specifies a maximum monetary liability.1
Notice of the application, affording an opportunity
for interested persons to submit comments and views
on the public interest factors, has been duly published
(47 Federal Register 38634 (1982)). The time for filing
comments and views has expired and the Board has
considered the application and all comments received
in light of the public interest factors set forth in section
4(c)(8) of the act.
In acting on this application, the Board must first
determine that these activities are closely related to
banking or managing or controlling banks. The Board
has not determined that the operation of a New York
Investment Company per se is permissible for bank
holding companies. However, the Board by Order has
authorized the retention under section 4(c)(8) of a New
York Investment Company by a bank holding company after considering whether each of the activities of
that company was closely related to banking and, if so,
whether performance of those activities would result
in sufficient public benefits to outweigh any possible
adverse effects. (European American Bancorp, 63
F E D E R A L RESERVE B U L L E T I N 5 9 5 ( 1 9 7 7 ) ) . I n a p p r o v -
ing that application, the Board considered the unique
statutory powers of New York Investment Companies, the role of such organizations in the unusual
1. The last 3 items represent a proposal to establish foreign
branches and to conduct certain activities at those offices. However,
Applicant has not proposed specific locations for these branches.
Approval of this portion of the application therefore appears inappropriate in view of the provisions of section 225.4(c) of Regulation Y,
(12 CFR § 225.4(c)), which state that activities authorized under
section 4(c)(8) of the Bank Holding Company Act shall not be
provided at new locations without prior approval. However, when
more specific information is available, Applicant may seek approval of
such branches by complying with the de novo procedures of section
225.4(b)(1) of Regulation Y, pursuant to authority hereby delegated to
the Federal Reserve Bank of New York to act on such proposals.
43
structural and competitive milieu of the New York
financial market, and the fact that the lending and
banking activities involved were generally offered by
commercial banks. 2 In this case, the activities proposed by Applicant either have been specified as
permissible in sections 4(c)(6) and (7) of the act, or
authorized by the Board under section 4(c)(8) of the
act for bank holding companies, subject to the Board's
approval of individual proposals in accordance with
the procedures of section 225.4(b), or they are substantially similar to those authorized by Order in the
European American decision. In light of the above and
other facts of record, the Board is of the view that the
proposed activities of SEBC are closely related to
banking.
Applicant, with consolidated assets of $22.4 billion
and deposits of $18.8 billion, ranks as the second
largest bank in Sweden and the 75th largest bank in the
world. 3 Applicant operates 365 branches in Sweden,
and conducts international banking activities through
direct subsidiaries in Luxembourg, Frankfurt, Singapore, Geneva, Amsterdam, and London, and indirectly through a subsidiary bank operates an agency in
California. In 1980, Applicant acquired the power to
vote more than 5 percent of the voting stock of Dillon
Reed & Co., New York, New York ("Dillon"), an
investment banking firm, as a result of the sale of its
former subsidiary, Scandinavian Securities Corporation, to Dillon. However, Applicant has made specific
commitments to conform its interest in Dillon to the
provisions of the act.
In order to approve this application, the Board is
required to determine that the performance of the
proposed activities of SEBC "can reasonably be expected to produce benefits to the public, such as
greater convenience, increased competition, or gains
in efficiency that outweigh possible adverse effects,
such as undue concentration of resources, decreased
or unfair competition, conflicts of interests, or unsound banking practices." (12 U.S.C. § 1843(c)(8)).
With respect to public benefits, Applicant's proposed activities would introduce an additional source
of banking services and would increase the level of
competition among banking organizations in New
York. There is no evidence in the record that indicates
that Applicant's proposal would result in any undue
concentration of resources, decreased or unfair competition, conflicts of interest or unsound banking practices. In this regard, the Board notes that Applicant's
2. National Courier Ass'n v. Board of Governors, 516 F.2d 1229
(D.C. Cir. 1975); Alabama Ass'n of Insurance Agents v. Board of
Governors, 533 F.2d 729 (1977), cert, denied 433 U.S. 904 (1978).
3. Financial data are as of December 31, 1981.
44
Federal Reserve Bulletin • January 1983
Edge Act subsidiary may not fund SEBC through
transactions that would be inconsistent with the purposes for which an Edge Corporation is established.
Accordingly, the Board has determined that the benefits to the public, subject to the conditions and commitments noted in this Order, would outweigh any
potential adverse effects.
Based upon the foregoing and other considerations
reflected in the record, the Board has determined that
the balance of the public interest factors that the Board
is required to consider under section 4(c)(8) is favorable. Accordingly, the application is hereby approved.
This determination is subject to the conditions set
forth in section 225.4(c) of Regulation Y and the
Board's authority to require such modification or
termination of the activities of a holding company or
any of its subsidiaries as the Board finds necessary to
assure compliance with the provisions and purposes of
the act and the Board's regulations and orders issued
thereunder, or to prevent evasion thereof. The proposed activities shall not commence later than three
months after the effective date of this Order, unless
such period is extended for good cause by the Board or
by the Federal Reserve Bank of New York.
By order of the Board of Governors, effective
December 7, 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
Martin, Wallich, Partee, T e e t e r s , R i c e , and G r a m l e y .
( S i g n e d ) WILLIAM W . WILES,
[SEAL]
Secretary
of the
Board.
Order Under Sections 3 and 4 of Bank Holding
Company Act
Barnett Banks of Florida,
Jacksonville, Florida
Order Approving the Acquisition
Bank Holding Company
and Merger of a
Barnett Banks of Florida, Jacksonville, Florida ("Applicant"), a bank holding company within the meaning
of the Bank Holding Company Act, has applied for the
Board's approval under section 3 of the act (12 U.S.C.
§ 1842) to acquire 100 percent of the voting shares of
Great American Banks, North Miami, Florida ("Great
American"), and to simultaneously merge with Great
American. As a result of the acquisition and merger,
Applicant will indirectly acquire Great American's
eight subsidiary banks: Great American Bank of Dade
County, North Miami, Florida; Great American Bank
of North Miami Beach, North Miami, Florida; Great
American Bank of Broward County, Fort Lauderdale,
Florida; Great American Bank of Davie, Davie, Florida; Great American Bank of Florida Keys, Tavernier,
Florida; Great American Bank of Tampa, Tampa,
Florida; Great American Bank of Pinellas, Clearwater,
Florida; and Great American Bank of Gainesville,
Gainesville, Florida. Applicant has also applied for the
Board's approval under section 4(c)(8) of the act
(12 U.S.C. § 1843(c)(8)) and section 225.4(b)(2) of the
Board's Regulation Y (12 CFR § 225.4 (b)(2)) to acquire Great American's nonbanking subsidiary, American Bancshares Insurance Agency, Inc., North Miami, Florida ("ABIA"). 1 ABIA engages in the sale of
credit-related insurance directly related to extensions
of credit by Great American's subsidiary banks. These
nonbanking activities have been determined by the
Board to be closely related to banking under subsection 225.4(a)(9) of Regulation Y (12 CFR § 225.4(a)(9)).
Notice of these applications, affording opportunity
for interested persons to submit comments and views,
has been given in accordance with sections 3 and 4 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))
and the considerations specified in section 4(c)(8) of
the act (12 U.S.C. § 1843(c)(8))2.
Applicant, with 23 banking subsidiaries, has consolidated assets of $6.1 billion and deposits of $4.9 billion. 3 It is the largest banking organization in Florida
and controls 11.2 percent of commercial bank deposits
in Florida. Great American is the 16th largest of 289
banking organizations in Florida, with consolidated
assets of $590 million and deposits of $477 million, and
controls 1.1 percent of the total deposits in commercial
banks in the state. Upon acquisition of Great American, Applicant's share of statewide commercial bank
deposits would increase to 12.3 percent. In the
Board's view, consummation of this proposal would
not have a significant effect upon the concentration of
commercial banking resources in Florida.
The subsidiary banks of Great American compete
directly with subsidiary banks of Applicant in the
Gainesville, Pinellas County, Tampa, and Miami—
Fort Lauderdale banking markets. Accordingly, the
1. Great American also has two inactive nonbanking subsidiaries
and a servicing subsidiary exempt under section 4(c)(1)(C) of the act
that will be acquired by Applicant (12 U.S.C. § 1843(c)(1)(C)).
2. The Board received a comment on the applications from an
individual who complained of inappropriate and unresponsive conduct
of one of Applicant's subsidiary banks in handling a fiduciary account
for which he served as executor. In light of the facts of record, the
Board does not believe that this reflects Applicant's overall management and operations, and therefore, regards the protest as nonsubstantive.
3. Deposit data as of June 30, 1982.
Legal Developments
Board has examined the effects of the proposed acquisition upon existing competition in these markets. 4
None of these markets is highly concentrated in terms
of the Herfindahl-Hirschmann Index ("HHI"), and
consummation of the proposed transaction would not
result in a significant increase of the HHI in any of
these markets.
Applicant is the sixth largest of thirteen banking
organizations in the Gainesville banking market5 and
controls deposits of $24.3 million, representing 6.6
percent of the total deposits in commercial banks in
the market. Great American ranks tenth in the market
and controls $13.7 million in deposits, representing 3.7
percent of total deposits in commercial banks in the
market. Applicant's acquisition of Great American
would increase its market share to 10.3 percent, and
Applicant would become the third largest banking
organization in the market.
In the Pinellas County banking market, 6 Applicant is
the ninth largest of 28 banking organizations and
controls $144.8 million in deposits, representing 4.2
percent of the total deposits in commercial banks in
the market. Great American is the 21st largest banking
organization in the market with deposits of $31.4
million, representing 0.9 percent of the total deposits
in commercial banks in the market. Applicant's market share would increase to 5.1 percent upon its
acquisition of Great American, and it would become
the eighth largest banking organization in the market.
In the Tampa market,7 Applicant is the fifth largest
of 23 banking organizations and controls $146.5 million
in deposits, representing 5.4 percent of the total deposits in commercial banks in the market. Great American
is the third largest banking organization in the market
and holds $232.1 million in deposits, representing 8.6
percent of the total deposits in commercial banks in
the market. Upon consummation of the proposed
acquisition, Applicant would become the third largest
commercial banking organization in the market and
would control 14.0 percent of total deposits in commercial banks in the market. The market is not highly
concentrated and consummation of the proposal
would increase the deposits held by the market's four
largest commercial banking organizations from 58 to
64 percent.
The Board also notes that Freedom Savings and
Loan Association, Tampa, Florida ("Freedom"), the
4. Individual market data as of June 30, 1981.
5. The Gainesville banking market consists of Alachua County,
Florida.
6. The Pinellas County banking market consists of Pinellas County,
Florida.
7. The Tampa banking market includes Hillsbourough County, plus
a small portion of Pasco County surrounding the town of Land
O'Lakes, Florida.
45
tenth largest savings and loan association in Florida,
operates in the Tampa market, and that it has established a commercial lending department and has aggressively made use of the expanded banking powers
granted to savings and loans under state law. Freedom
is the second largest depository institution in the
market and controls $548.6 million in market deposits,
or 16.9 percent of total deposits in commercial banks
and state chartered savings and loan associations in
the market. 8 In the Board's opinion, the presence of
this institution mitigates the adverse effects of the
proposed transaction on competition and concentration of resources in the Tampa market. 9
Applicant is the second largest of 68 banking organizations in the Miami-Fort Lauderdale banking market 10 and controls $1.1 billion in deposits, representing
8.8 percent of the total deposits in commercial banks
in the market. Great American is the 21st largest
banking organization in the market, with $201.8 million in deposits, representing 1.6 percent of the total
deposits in commercial banks in the market. Applicant's rank in the market will remain the same upon
consummation of the proposal and it will control 10.4
percent of the market deposits.
Based on the foregoing, the Board's judgment is that
consummation of the proposal would not have any
significant effects on competition between Applicant
and Great American in the Gainesville, Pinellas County, Tampa, and Miami-Fort Lauderdale markets.
The Board has examined the effect of the proposal
on potential or probable future competition in the Key
Largo banking market11 in light of the Board's proposed policy statement on market extension mergers. 12 In that market, Great American is the largest of
three banking organizations with $25.7 million in deposits, representing 76.7 percent of total deposits in
commercial banks in the market. There are numerous
potential entrants in the Key Largo market. With
respect to Great American's entry into any of the
markets in which Applicant currently operates, it does
not appear that Great American is a likely entrant into
those markets.
8. Savings and loan data are as of March 31, 1981.
9. First Bancorp of N.H. (The Bedford Bank), FEDERAL RESERVE
BULLETIN 769 (1982), Order dated November 29, 1982.
10. The Miami-Fort Lauderdale banking market includes Dade and
Broward Counties.
11. The Key Largo market consists of Key Largo, Florida. Applicant operates one automatic teller machine in the Key Largo market,
but the Board does not view its operation as providing any significant
direct competition to Great American because the ATM is limited to
furnishing prearranged checkcashing and deposit-taking services to
existing customers of Applicant. Even if Applicant's ATM is viewed
as a direct competitor of Great American, the amount of existing
competition between the two that would be eliminated by the proposed transaction is insignificant.
12. 47 Federal Register 9017 (March 3, 1982).
46
Federal Reserve Bulletin • January 1983
Based on the foregoing and other facts of record, the
Board concludes that consummation of this proposed
acquisition of Great American would not have any
significant adverse effect on existing or potential competition, and would not increase the concentration of
banking resources in any relevant area. Thus, competitive considerations are consistent with approval of the
application.
The financial and managerial resources of Applicant
and its subsidiaries are regarded as generally satisfactory, and their future prospects appear favorable. As a
result of this proposal, Great American's financial and
managerial resources and future prospects will be
strengthened, particularly in view of the capital and
managerial support that Applicant will be able to
provide Great American. Thus, considerations relating
to banking factors lend weight toward approval of the
application.
Applicant's acquisition of Great American will result in the expansion of services presently offered by
Great American's subsidiary banks. These services
will include access to Applicant's statewide system of
automatic teller machines, and access to Applicant's
international banking department and its corporate
cash management services. Thus, the Board concludes
that considerations relating to the convenience and
needs of the communities to be served are consistent
with approval of this application. Accordingly, the
Board's judgment is that under section 3 of the act the
proposed transaction would be in the public interest
and that the application should be approved.
With respect to the application to acquire Great
American's credit-related insurance agency subsidiary, there is no evidence in the record to indicate that
approval would result in undue concentration of resources, decreased or unfair competition, conflicts of
interest, unsound banking practices or other adverse
effects on the public interest. Accordingly, the Board
has determined that the balance of public interest
factors it must consider under section 4(c)(8) of the act
are consistent with approval of the application, and
that the application to acquire Great American's insurance subsidiary should be approved.
Based on the foregoing and the facts of the record,
the applications are approved for the reasons set forth
above. The acquisition and merger pursuant to section
3 of the act shall not be made before the thirtieth
calendar day following the effective date of this Order;
and neither the subject acquisition and merger nor the
acquisition of the nonbanking subsidiaries 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
Atlanta, pursuant to delegated authority. The approval
of Applicant's acquisition of Great American's non
banking subsidiaries and to engage in credit-related
insurance activities are subject to the conditions set
forth in section 225.4(c) of Regulation Y and to the
Board's authority to require such modification or
termination of the activities of a holding company or
any of its subsidiaries as the Board finds necessary to
assure compliance with the provisions and purposes of
the act and Board's regulations and orders issued
thereunder, or to prevent evasion thereof.
By order of the Board of Governors, effective
December 23, 1982.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Partee, Teeters, Rice, and Gramley. Governor Wallich abstained from consideration of those portions of
the application related to insurance activities.
( S i g n e d ) JAMES MCAFEE,
[SEAL]
Associate
Secretary of the Board.
Manufacturers Bancorp, Inc.,
St. Louis, Missouri
Order Denying Acquisition of Banks,
Formation of a Bank Holding Company
Acquisition of Nonbanking
Companies
and
Manufacturers Bancorp, Inc., St. Louis, Missouri, has
applied for the Board's approval, pursuant to section
3(a)(3) of the Bank Holding Company Act (12 U.S.C.
§ 1842(a)(3)), to acquire through merger with its wholly owned subsidiary, MB Sub, Inc., First Missouri
Banks, Inc., Manchester, Missouri ("FMB"), and
indirectly its twelve subsidiary banks. In connection
with this application, MB Sub, Inc., St. Louis, Missouri, has applied for the Board's approval, under
section 3(a)(1) of the act (12 U.S.C. § 1842(a)(1)), to
become a bank holding company through merger with
FMB. Applicant and MB Sub have also applied,
pursuant to section 4(c)(8) and section 225.4(b)(2), of
the Board's Regulation Y (12 CFR § 225.4(b)(2)), to
acquire First Missouri Insurance Group, Inc., Manchester, Missouri, and St. Louis Computer Center,
Inc., Creve Coeur, Missouri, both subsidiaries of
FMB, and thereby engage in data processing and
underwriting credit accident, health, and life insurance
directly related to extensions of credit by Applicant or
its subsidiaries.1 Such activities have been specified
by the Board in section 225.4(a)(8)(i) and (10) of
Regulation Y as permissible for bank holding compa-
1. FMB also engages through a subsidiary, First Properties, Inc.,
Manchester, Missouri, in holding bank subsidiary properties, pursuant to section 4(c)(1)(A) of the act.
Legal Developments
nies, subject to Board approval of individual proposals
in accordance with the procedures of section 225.4(b).
In connection with the proposal, Applicant has also
filed a notice with the Board under section 225.6 of the
Board's Regulation Y (12 CFR § 225.6) to redeem
approximately 20 percent of its voting shares simultaneously with consummation of the merger. The shares
proposed to be redeemed are those of Applicant's
current shareholders.
Notice of the applications, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with sections 3 and 4 of the
act (47 Federal Register 39247 (1982)). 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 and the considerations specified in section
4(c)(8) of the act (12 U.S.C. §§ 1842(c) and 1843(c)(8)).
Applicant, the twentieth largest banking organization in Missouri, controls two banks with aggregate
deposits of approximately $117.5 million, representing
0.4 percent of total commercial bank deposits in the
state. 2 FMB, the fifteenth largest banking organization
in Missouri, controls 12 banks with aggregate deposits
of $255.5 million, representing 0.9 percent of total
commercial bank deposits in the state. 3 Upon consummation of the proposal, Applicant's share of commercial bank deposits in Missouri would increase to 1.3
percent, and it would become the 13th largest banking
organization in the state. Accordingly, consummation
of this proposal would not result in a significant
increase in the concentration of commercial banking
resources in Missouri.
The competitive effects associated with this proposal must be considered within two separate banking
markets—the St. Louis market4 and the Union market. 5 The St. Louis market is considered an unconcentrated market with a Herfindahl-Hirshman Index
("HHI") level of 766 and a four-firm concentration
ratio of 47.3 percent. FMB operates five subsidiary
banks in the St. Louis market with total deposits of
$145.8 million, and is the 16th largest of 73 commercial
banking organizations, controlling 1.1 percent of total
market deposits. Applicant, with one subsidiary bank
2. Deposit data are as of December 31, 1981, and reflect holding
company acquisitions through June 9, 1982.
3. FMB's twelve subsidiary banks include two de novo banks not
yet opened: First Missouri Bank of Washington, Washington, Missouri (acquisition approved November 2, 1981), and First Missouri Bank,
N . A . , Valley Park, Missouri (acquisition approved August 9, 1982).
4. The St. Louis banking market is approximated by the St. Louis
Ranally Metro Area.
5. The Union banking market is approximated by Franklin County,
Missouri (except for the towns of Pacific and Berger), and the town of
Dutzow in Warren County, Missouri.
48
in the market, is the 23rd largest banking organization
and controls total deposits of $105.8 million, representing 0.8 percent of the total market deposits. Consummation of the proposal would not affect the fourfirm concentration ratio in the St. Louis market. Thus,
in view of these facts and the small market shares
controlled by FMB and Applicant, the proposed acquisition would have no adverse effects on competition in
the St. Louis market.
The Union banking market is moderately concentrated with a HHI level of 1667 and a four-firm
concentration ratio of 71.2 percent. FMB operates one
subsidiary bank in the Union banking market and a
facility of another with total deposits of $35.2 million
and is the fourth largest of nine banking organizations
in the market, representing 12.5 percent of the total
market deposits in commercial banks. Applicant, with
one subsidiary bank, is the eighth largest banking
organization in the market. Applicant has total deposits of $11.7 million, representing 4.2 percent of total
market deposits in commercial banks. Consummation
of the merger would increase the four-firm concentration ratio in the Union banking market to 75.4 percent,
raising the HHI level by 105 points, and would increase Applicant's market share to 16.6 percent, making it the third largest banking organization in the
market.
In light of these facts, the Board finds that acquisition of FMB would eliminate some existing competition, and would increase the concentration of banking
resources in the Union market. However, the Board
finds that consummation of the proposal would not
have significantly adverse competitive effects in the
Union market. In this regard, the Board has considered the absolute and relative size of these organizations, their market shares, and the number of remaining banking alternatives that could serve as entry
vehicles for banking organizations not currently represented in the market. Accordingly, in light of the
above and other facts of record, the Board concludes
that the effects of the proposed transaction on overall
competition are not so serious as to warrant denial of
the application.
The Board has indicated on previous occasions that
a holding company should serve as a source of financial and managerial strength to its subsidiary bank(s),
and that the Board would closely examine the condition of the applicant in each case with this consideration in mind. In this case, the Board concludes that
although the current financial and managerial resources of Applicant, FMB and their subsidiaries are
generally satisfactory, considerations relating to the
financial resources and future prospects of Applicant
in connection with its acquisition of FMB warrant
denial of the applications.
48
Federal Reserve Bulletin • January 1983
Applicant proposes to acquire FMB's shares
through a debt-free exchange of Applicant's shares
and to simultaneously redeem up to 20 percent of its
shares. The facts surrounding the proposed stock
redemption show that the acquisition and redemption
are two steps of a single integrated transaction. Thus,
the Board has analyzed the effects of this integrated
transaction upon the financial condition of Applicant
under the standards contained in section 3(c) of the
act. 6 With respect to Applicant's proposal, the Board
is concerned by the substantial decline in the consolidated capital of Applicant that would be caused by the
significant increase in parent debt used to finance
Applicant's redemption of up to 20 percent of its
shares. These shares represent 32 percent of Applicant's post-merger equity. In analyzing a proposal, the
Board considers the capital position of the banking
organization involved and the effect the overall proposal would have on the organization's capital position, 7 in light of the capital adequacy guidelines adopted on December 17, 1981, by the Board and the
Comptroller of the Currency. 8
In this regard, the Board notes that, following the
redemption, Applicant's consolidated primary capitalto-asset ratio will drop below the six percent minimum
6. Upon consummation of the acquisition of FMB by Applicant,
FMB's 43 shareholders would own 78.2 percent of Applicant, while
Applicant's 770 pre-acquisition shareholders would control the balance of 21.8 percent. Mr. James Dierberg, is chairman of the board
and president of FMB and members of his immediate family control
approximately 70 percent of FMB's outstanding voting shares.
Mr. Dierberg would become chairman of the board of directors of
Applicant and would control about 55 percent of Applicant's outstanding voting shares. The tender offer (or stock redemption) would occur
simultaneously with the proposed acquisition and would be limited to
the pre-acquisition shareholders of Applicant.
The proposal was presented to Applicant's shareholders in the
registration statement. The shareholders of Applicant may withdraw
approval for the acquisition of FMB if the Board disapproves the
tender offer. The tender offer would be for $70 per share, a price that is
approximately 2.0 times the current market value of Applicant's
shares, and would provide an incentive for Applicant's shareholders
to sell their shares, particularly in view of the limited market for the
shares following consummation of the acquisition and tender offer.
Based upon these and other facts relating to the proposal, the Board
concludes that the two transactions are the functional and substantive
equivalent of a traditional bank holding company acquisition of a
banking organization, whereby the shareholders of the acquired
banking organization are paid for their shares at the time of the
acquisition. Through the proposal, Applicant's pre-acquisition shareholders are to be paid for their shares concurrently with the acquisition and Applicant's pre-acquisition subsidiaries are brought under the
control of FMB's controlling shareholder. The result is no different in
substance from a traditional holding company acquisition. The fact
that the form of the transaction has been structured in two simultaneously occurring steps does not immunize the transaction from
compliance with the financial standards prescribed under the act for
expansion by a bank holding company.
7. Northwest
5 1 9 ( 1 9 8 2 ) ; United
Bancorporation,
Midwest
6 8 FEDERAL RESERVE
Bancshares,
Inc.,
8 . 6 8 F E D E R A L RESERVE B U L L E T I N 3 3 ( 1 9 8 2 ) .
BULLETIN
6 8 FEDERAL RESERVE
BULLETIN 7 1 3 ( 1 9 8 2 ) .
level established by the capital guidelines for community banking organizations such as Applicant. The
Board has previously expressed its view that banking
organizations operating with a primary capital-to-asset
ratio below six percent may be undercapitalized. Generally, the Board has found that when a large parent
debt causes the primary capital-to-asset ratio of a bank
holding company to fall below six percent, the bank
holding company will not have sufficient access to
debt or equity markets to aid its subsidiary banks
should the need arise. Accordingly, the ability of the
bank holding company to serve as a source of strength
is significantly diminished. Finally, if the decline in
primary capital-to-asset ratio is substantial and the
ratio falls below six percent, the bank holding company would, in the Board's opinion, be operating in an
unsafe and unsound manner.
As a result of the large debt associated with the
proposed redemption, Applicant's post-redemption
primary capital-to-asset ratio would be less than six
percent. This is substantially below Applicant's preredemption primary capital ratio of 7.5 percent, and
below the level the Board considers prudent for community banking organizations. In the Board's judgment, the decline of Applicant's primary capital-toasset ratio would be so substantial that Applicant's
proposed redemption would result in an unsafe or
unsound condition, in the short term, and would
prevent Applicant from being a source of strength over
the long term. Accordingly, based on the record in this
case, the Board concludes that considerations relating
to Applicant's financial resources and future prospects
weigh against approval of this application. 9
In an attempt to improve its post-redemption primary capital ratio, Applicant intends to issue, within
six months of the merger, $3 million of mandatory
convertible securities. Applicant relies on guidelines
recently issued by the Board and the Comptroller of
the Currency as authority to issue mandatory convertible securities to replace a reduction of its total equity
capital. 10 However, Applicant's proposal presents an
issue concerning mandatory convertible securities not
previously considered by the Board: that is, under
what circumstances may mandatory convertible securities be used to augment the primary capital of a
banking organization.
The Board does not believe that mandatory convertible securities should be used as a vehicle to replace
the existing equity capital of banking organizations.
The Board made the decision to allow certain manda-
9. The Board notes that Applicant may wish to resubmit a proposal
to the Board consisting only of the debt-free exchange of shares.
10. 6 8 FEDERAL RESERVE B U L L E T I N 3 6 1 ( 1 9 8 2 ) .
Legal Developments
tory convertible securities to be considered primary
capital in the context of the need of the nation's largest
banking organizations to improve their capital ratios at
a time when they could not raise equity capital in the
market. Unlike those organizations, Applicant proposes to reduce its existing equity capital and only
partially replace it with mandatory convertible securities. In this context, the Board does not find Applicant's commitment to increase its primary capital by
issuing mandatory convertible securities acceptable,
since to do so is at variance with the purpose of the
Board's capital guidelines and would encourage other
organizations to follow this practice, resulting in an
overall weakening of the capital structure of the nations banking organizations.
With respect to considerations relating to the convenience and needs of the community to be served,
Applicant intends to initiate trust, insurance and real
estate services not presently available through FMB's
subsidiary bank. Moreover, Applicant plans to develop trust services in Creve Coeur and expand its
ATM's in St. Louis and Charles Counties, Missouri.
Finally, Applicant intends to expand its retail lending
activities in all of its local communities. Considerations relating to the convenience and needs of the
community to be served are consistent with, but lend
no weight toward approval of this application.
With respect to the applications to acquire First
Missouri Insurance Group, Inc. and St. Louis Computer Center, Inc., the Board has determined that the
balance of public interest factors prescribed by section
4(c)(8) of the act warrant approval. There is no evidence that Applicant's acquisition of these nonbanking
companies would result in undue concentration of
resources, decreased or unfair competition, conflicts
of interest, unsound banking practices, or other adverse effects on the public interest. In the context of
this proposal, however, Applicant could not consummate this acquisition without acquiring control of
FMB. Accordingly, the Board concludes that these
applications must also be denied.
The Board's judgment is that consummation of the
proposal would not be in the public interest and should
be denied. On the basis of the record, the applications
are denied for the reasons summarized above.
By order of the Board of Governors, effective
December 20, 1982.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Partee, Teeters, Rice, and Gramley. Governor Wallich abstained from consideration of those portions of
the applications related to insurance activities.
(Signed)
[SEAL]
Associate
JAMES MCAFEE,
Secretary of the Board.
49
NCNB Corporation,
Charlotte, North Carolina
Order approving the Acquisition
Bancorporation,
Inc.
of Exchange
NCNB Corporation, Charlotte, North Carolina, a
bank holding company within the meaning of the Bank
Holding Company Act, has applied for the Board's
approval under section 3 of the act (12 U.S.C. § 1842)
to acquire 100 percent of the voting shares of Exchange Bancorporation, Inc., Tampa, Florida ("Exchange"). 1 As a result of the acquisition, NCNB will
indirectly acquire 100 percent of the voting shares of
Exchange's nine subsidiary banks: Exchange Bank
and Trust Company of Florida, Tampa, Florida; Exchange Bank of Charlotte County, N.A., Englewood,
Florida; Exchange Bank of Collier County, Naples,
Florida; The Exchange National Bank of Lake County, Clermont, Florida; Exchange Bank of Lee County,
Fort Myers, Florida; Exchange National Bank of
Manatee County, Bradenton, Florida; The Exchange
Bank of Osceola, Kissimmee, Florida; Exchange Bank
of Polk County, Winter Haven, Florida; and Exchange
Bank of Sarasota County, Sarasota, Florida. As part
of the same proposal, Applicant has also applied for
the Board's approval under section 4(c)(8) of the act
(12 U.S.C. § 1843(c)(8)) and section 225.4(b)(2) of the
Board's Regulation Y (12 CFR § 225.4(b)(2)) to acquire Exchange's nonbanking subsidiaries: Exchange
Financial Services, Inc., Tampa, Florida ("Exchange
Financial") and Exchange Leasing, Inc., Tampa, Florida ("Exchange Leasing"). 2 Exchange Financial acts
as agent for the sale of credit life and credit accident
and health insurance by Exchange's subsidiary banks
in conjunction with the lending activities of those
banks. Exchange Leasing solicits and services equipment leases that are funded by Exchange's subsidiary
banks. These nonbanking activities have been determined by the Board to be closely related to banking
under subsections 225.4(a)(9) and (6) (12 CFR
§ 225.4(a)(9) and (6)), respectively.
Notice of the applications, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with sections 3 and 4 of the
act. The time for filing comments and views has
expired, and the Board has considered the applications
and all comments received including those of the
Comptroller of the Currency, in light of the factors set
1. Applicant intends to merge with Exchange after acquisition of a
sufficient number of its shares.
2. Exchange also has two inactive subsidiaries that will be acquired
by Applicant.
50
Federal Reserve Bulletin • January 1983
forth in section 3(c) of the 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)).
Applicant, with consolidated assets of $8.4 billion
and deposits of $6.0 billion, has banking subsidiaries in
both North Carolina and Florida.3 Applicant is the
largest banking organization in North Carolina and
through its lead bank, North Carolina National Bank,
Charlotte, North Carolina, holds $4.0 billion in domestic deposits. 4 Applicant currently has three banking
subsidiaries operating in Florida, and controls 1.3
percent of commercial bank deposits in Florida. Exchange, with consolidated total assets of $1.3 billion
and deposits of $984.8 million, is the tenth largest of
298 banking organizations in Florida and controls 2.3
percent of the total deposits in commercial banks in
the state. Upon acquisition of Exchange, Applicant
would become the eighth largest banking organization
in Florida, and would hold 3.6 percent of deposits in
commercial banks in Florida. In the Board's view,
consummation of this proposal would not have a
significant effect upon the concentration of commercial banking resources in Florida.
Exchange operates nine subsidiary banks having a
total of 43 offices in the following 13 banking markets:
Tampa, Pinellas County, New Port Richey, east Pasco
County, east Polk County, west Polk County, south
Lake County, north Osceola County, Sarasota, Venice/Englewood, Bradenton, Naples, and Fort Meyers.
Applicant operates in the Miami-Fort Lauderdale,
eastern Palm Beach, and Columbia County banking
markets. Inasmuch as Applicant's Florida banking
subsidiaries do not operate in any of the markets in
which Exchange operates, the Board's judgment is
that consummation of the proposal would not eliminate any significant amount of existing competition
between Applicant and Exchange.
The Board has examined the effect of the proposed
acquisition upon potential or probable future competition in the relevant geographic markets in light of the
Board's proposed policy statement on market extension mergers. 5 With respect to all of Exchange's
markets, except east Pasco County, south Lake County, north Osceola County, and Naples, the three-firm
3. All banking data are as of June 30, 1982, and include acquisitions
as of September 4, 1982, unless otherwise indicated.
4. Under section 3(d) of the Act, a bank holding company may not
acquire an additional bank outside of the state where it conducts its
principal banking operations, unless the laws of the state in which the
bank to be acquired specifically permit an acquisition by an out-ofstate bank holding company. By order dated December 9, 1981, the
Board found that Florida law permits the acquisition by Applicant of
Florida banks.
5. 45 Federal Register 9017 (March 3, 1982).
deposit concentration ratio is less than 75 percent and
these markets are not therefore considered concentrated under the Board's guidelines. In the four Exchange
markets with a three-firm deposit concentration exceeding 75 percent, 6 there are numerous large Florida
banking organizations that are considered probable
future entrants. NCNB controls subsidiary banks in
three banking markets in Florida in which Exchange is
not represented. In two of these markets the three-firm
concentration ratio is less than 75 percent, and in the
remaining market there are a large number of banking
organizations that are probable future entrants. Thus,
the Board finds that intensive examination is not
required under the Board's proposed policy statement
in any of the 16 markets in which Applicant or
Exchange operate. Based upon the above and all the
facts of record, it does not appear that consummation
of this proposal would have a significantly adverse
effect upon potential competition in any relevant market.
The financial and managerial resources and future
prospects of Applicant, including its capital position,
Exchange and their respective subsidiaries are considered generally satisfactory and consistent with approval. However, the proposed transaction represents a
very large acquisition for Applicant, which coupled
with another recent large acquisition, will significantly
reduce the capital ratio and increase the debt level of
the combined organization. While these levels are
acceptable, the Board believes that Applicant should
devote its attention to improvement in these areas as
an essential part of any future acquisition program.
Upon consummation of this proposal, Applicant
intends to improve and expand Exchange's services
by including alternative rate packages on commercial
loans, asset based financing, access to a nationwide
ATM network and expanded international banking
services. Thus, the Board concludes that considerations relating to the convenience and needs of the
communities to be served lend weight towards approval of this application. Accordingly, the Board's judgment is that under section 3 of the act the proposed
transaction would be in the public interest and that the
application should be approved.
With respect to the applications to acquire Exchange's existing nonbank subsidiaries, the Board has
determined that the balance of public interest factors
prescribed by section 4(c)(8) of the BHC Act warrant
6. Exchange's subsidiary bank in the south Lake County market
controls 51.6 percent of the deposits in commercial banks in that
market. However, since this is a small isolated market with 10
probable future entrants, the acquisition of this bank by Applicant
would not have a significant impact on potential competition.
Legal Developments
approval. Through the two active subsidiaries, Exchange Financial and Exchange Leasing, Applicant
intends to continue to engage in credit-related insurance activities and leasing activities, respectively.
Although Applicant's consumer finance subsidiary,
TransSouth Financial Corporation of Florida,
("TransSouth"), operates a total of 13 offices in eight
of Exchange's banking markets, with one exception
the combined market share for consumer lending is
less than 5 percent in each market. In the east Polk
County market where Exchange has a 6.4 percent
market share and TransSouth has a 1.4 percent market
share, the Board does not view the elimination of
competition as significant. Finally, while it appears
that there is also a slight overlap in the provision of
fiduciary and leasing services by Applicant and Exchange where the relevant market is statewide or
regional, the Board notes that the overlap is minor and
there are numerous other competitors. Based upon
these facts and all the facts of record, the Board
concludes that consummation of this proposal would
not have significant adverse effects upon existing or
potential competition in any relevant market.
There is no evidence in the record to indicate that
Applicant's acquisition of Exchange's nonbank subsidiaries would result in any adverse effects, such as
undue concentration of resources, decreased or unfair
competition, conflicts of interests, or unsound banking
practices. Applicant has committed to reduce rates for
credit life insurance below levels established by legislatively mandated reductions, which became effective
in Florida on October 1, 1982. Accordingly, based on
the foregoing and other facts of record, the Board
concludes that the balance of public interest factors
under section 4(c)(8) of the act is favorable, and that
the application to acquire Exchange's nonbank subsidiaries should be approved.
On the basis of the record, the applications are
approved for the reasons summarized above. The
acquisition pursuant to section 3 of the act shall not be
consummated before the thirtieth calendar day following the effective date of the Order unless such period is
extended for good cause by the Board, or by the
Federal Reserve Bank of Richmond pursuant to delegated authority. The approval of the applications to
acquire the nonbanking subsidiaries of Exchange and
to engage in credit-related insurance and leasing activities are subject to the conditions set forth in section
225.4(c) of Regulation Y and to the Board's authority
to require such modification or termination of the
activities of a holding company or any of its subsidiaries as the Board finds necessary to assure compliance
with the provisions and purposes of the act and the
Board's Regulations thereunder, or to prevent evasion
thereof.
51
By order of the Board of Governors, effective
December 1, 1982.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Partee, Teeters, and Gramley. Absent and
not voting Governor Rice.
( S i g n e d ) WILLIAM W . WILES,
[SEAL]
Secretary
of the
Board.
PNC Financial Corp,
Pittsburgh, Pennsylvania
Order Approving Consolidation of Bank Holding
Companies and Acquisition of Companies
Engaged in Mortgage, Insurance,
Leasing,
Financing, and Commercial Lending Activities
PNC Financial Corp, Pittsburgh, Pennsylvania
("PNC"), has applied for the Board's approval under
section 3(a)(5) of the Bank Holding Company Act (12
U.S.C. § 1842(a)(5)) for the consolidation of Pittsburgh National Corporation, Pittsburgh, Pennsylvania
("Pittsburgh National") and Provident National Corporation, Philadelphia, Pennsylvania ("Provident National") both registered bank holding companies under
the act. PNC would be the successor corporation and
would thereby become a bank holding company.
PNC has also applied for the Board's approval
under section 4(c)(8) of the Act (12 U.S.C.
§ 1843(c)(8)) and section 225.4(b)(2) of the Board's
Regulation Y (12 CFR § 225.4(b)(2)), to acquire the
following nonbanking companies, which are existing
subsidiaries of Pittsburgh National: Kissell Company,
Springfield, Ohio, which engages in the activity of
originating, selling and serving mortgages; Pittsburgh
National Discount Corporation, Pittsburgh, Pennsylvania, which provides financing for Pittsburgh National; PINACO, Pittsburgh, Pennsylvania, which engages
in the activity of acting as an insurance agent or broker
with respect to credit life insurance, property damage
insurance and credit accident and health insurance, all
directly related to extensions of credit made or serviced by Pittsburgh National's subsidiary bank; Pittsburgh National Leasing Corporation, Pittsburgh,
Pennsylvania, which engages in the activity of leasing
personal property; Pittsburgh National Life Insurance
Company, Pittsburgh, Pennsylvania, which underwrites credit life and credit accident and health insurance in connection with extensions of credit by Pittsburgh National's subsidiary bank; and Pittsburgh
National Commercial Corporation, Pittsburgh, Pennsylvania, which engages in corporate lending. PNC
has also applied to acquire Provident National's exist-
52
Federal Reserve Bulletin • January 1983
ing nonbank subsidiaries: Provident National Investment Corporation, Wilmington, Delaware, which engages in investment and lending activities and
Provident National Financial Corporation, which provides funding for Provident National and its subsidiaries. These activities have been determined by the
Board to be closely related to banking (12 CFR
§§ 225.4(a)(1), (3), (6), (8), and (10).
PNC has also requested that the Board approve,
under section 25(a) of the Federal Reserve Act (the
"Edge Act") (12 U.S.C. § 611), acquisition of the
voting shares of three subsidiaries organized under
that section, Pittsburgh International Bank, New
York, New York and Los Angeles, California, and
Provident International Corporation, Philadelphia,
Pennsylvania, after consummation of the consolidation.
Notice of the applications, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with sections 3 and 4 of the
act (47 Federal Register 43187 (1982)). 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)), the considerations
specified in section 4(c)(8) of the act and the purposes
of the Edge Act.
Pittsburgh National, the second largest commercial
banking organization in Pennsylvania, controls one
bank with aggregate deposits of $4.1 billion, representing 6.0 percent of the total deposits in commercial
banks in the state. 1 Provident National, the tenth
largest commercial banking organization in Pennsylvania, controls one subsidiary bank in Pennsylvania with
aggregate deposits of $1.8 billion, representing 2.6
percent of the total deposits in commercial banks in
the state. 2 Upon consolidation, PNC's share of commercial bank deposits in Pennsylvania would be 8.6
percent and PNC would retain Pittsburgh National's
rank as the second largest commercial organization in
Pennsylvania.
The Board has carefully considered the effects of the
proposal on statewide banking structure and upon
competition in the relevant markets. The proposal
involves a combination of sizeable commercial banking organizations that are among the leading banking
1. Banking data are as of June 30, 1982.
2. Provident National also controls Provident of Delaware Bank,
N . A . , Wilmington, Delaware, which conducts wholesale banking
operations for Provident National and would also be acquired by
PNC.
organizations in the state. However, Pennsylvania is
one of the least concentrated states in the United
States, and would remain so upon consummation of
the proposal. In addition, a large number of banking
organizations of substantial size would continue to
operate in the state following consummation of this
proposal. On the basis of these considerations, the
Board concludes that the proposed merger would have
no substantial adverse effects on the concentration of
banking resources in Pennsylvania.
Provident National and Pittsburgh National do not
operate subsidiary banks in the same markets. As a
result, consummation of the proposal would not eliminate existing competition in any relevant market.
The Board has considered the effects of this proposal on probable future competition and also examined
the proposal in the light of its proposed guidelines for
assessing the competitive effects of market extension
mergers and acquisitions. 3 In evaluating the effects of
a proposed merger or consolidation upon probable
future competition, the Board considers market concentration, the number of probable future entrants into
the market, the attractiveness of the market for
de novo and/or foothold entry and the size and market
position of the firm to be acquired. The Board has also
considered the likelihood that the institutions would
enter the market on a de novo or foothold basis absent
approval of the acquisition. After consideration of
these factors in the context of the specific facts of this
case, the Board concludes that consummation of this
proposal would not have any adverse effects on probable future competition in any relevant market.
Provident National operates in one banking market,
the Philadelphia market,4 a market in which Pittsburgh
National is not represented. In view of its size and
substantial managerial and financial resources, Pittsburgh National appears to be a probable future entrant
into that market. Provident National is the fourth
largest banking organization in the Philadelphia market and controls 8.8 percent of the market's deposits.
The Philadelphia market has a three-firm concentration ratio of 36.1 percent and is not considered concentrated. In addition, there is no evidence in the record
3. "Policy Statement of the Board of Governors of the Federal
Reserve System for Assessing Competitive Factors Under the Bank
Merger Act and the Bank Holding Company Act," 47 Federal
Register 9017 (March 3, 1982). Although the proposed policy statement has not been approved by the Board, the Board is using the
policy guidelines as part of its analysis of the effect of a proposal on
probable future competition.
4. The Philadelphia banking market is defined as Bucks, Chester,
Delaware, Montgomery, and Philadelphia counties in Pennsylvania
and Burlington, Camden, and Gloucester counties in New Jersey.
Legal Developments
that indicates that the Philadelphia banking market is
not competitive. The Supreme Court has indicated
that "the potential competition doctrine has meaning
only as applied to concentrated markets" and has no
applicability if the target market is competitive. 5 On
the basis of the low concentration ratio in the Philadelphia market and the absence of any evidence that the
market is not competitive, the Board concludes that
the proposal would not have substantial adverse effects on probable future competition in the Philadelphia market.
Pittsburgh National operates in seven markets6 in
which Provident National does not operate. It appears
that Provident National has the financial and managerial resources to enter these markets. The largest of
the markets in which Pittsburgh National operates is
the Pittsburgh market, 7 the state's second largest
market. The Pittsburgh market is highly concentrated
with a three-firm concentration ratio of 87.1 percent.
Pittsburgh National is the second largest banking
organization in the market with 22.8 percent of the
market's deposits. On the basis of the Board's evaluation of the structure and attractiveness of the Pittsburgh market for de novo or foothold entry and in view
of the number of probable future entrants into that
market, the Board concludes that the elimination of
Provident as a probable future entrant will not have a
substantial anticompetitive effect in the Pittsburgh
market.
With regard to the other six markets in which
Pittsburgh National operates, the Board finds that
there are a large number of probable future entrants
into each of the markets, and moreover, that five of
these markets are relatively unconcentrated as measured by the Board's guidelines. On the basis of the
above and other facts of record, the Board concludes
that consummation of the proposed consolidation
would not have such adverse effects on probable
future competition in these six markets or in any
market in the state to warrant denial of the proposal.
The financial and managerial resources and future
prospects of PNC, Pittsburgh National, Provident
National and their respective subsidiaries are considered satisfactory and consistent with approval. Although there is no evidence in the record indicating
5. United States v. Marine Bancorporation,
418 U.S. 602, 630
(1974); Accord, Mercantile Texas Corp. v. Board of Governors, 638 F.
2d 1255 (5th Cir. 1980).
6. These banking markets are the Pittsburgh, Westmoreland, Butler, Washington, Indiana, Fayette, and Somerset markets.
7. The Pittsburgh banking market is defined as all of Allegheny
County and the adjoining portions of Armstrong, Beaver, Butler,
Washington, and Westmoreland counties, all in Pennsylvania.
53
that the banking needs of the communities to be served
are not being met, PNC has indicated that new or
expanded services are expected to result from approval of this acquisition, such as a wider range of international banking services, sweep accounts and automated credit and payment services. Thus, considerations
relating to the convenience and needs of the community to be served are consistent with approval.
PNC has also applied, pursuant to section 4(c)(8) of
the act, to acquire the nonbanking subsidiaries of
Pittsburgh National and Provident National. Provident
National's nonbanking subsidiaries do not derive any
of their business from the markets served by Pittsburgh National. Pittsburgh National's mortgage company, The Kissell Company and its leasing subsidiary,
Pittsburgh National Leasing Corporation derive less
than 10 percent of their business from the Philadelphia
market. Thus, the consolidation would eliminate only
a small amount of competition in the residential mortgage lending and equipment leasing markets. In addition, the presence of many other suppliers of these
services leads the Board to conclude that no significant existing competition in the Philadelphia market
would be eliminated by the proposal. There is no
evidence in the record to indicate that approval of this
proposal would result in undue concentration of resources, decreased or unfair competition, conflicts of
interest, unsound banking practices or other adverse
effects on the public interest. Accordingly, the Board
has determined that the balance of the public interest
factors it must consider under section 4(c)(8) of the act
is consistent with approval of the application.
Similarly, with respect to PNC's proposal to retain
three Edge Corporations, the public interest in the
uninterrupted continuation of their service to customers favors approval of their retention after the consolidation of Pittsburgh National and Provident National.
The financial and managerial resources of PNC are
regarded as consistent with approval of the acquisition
of the three corporations by PNC. Their acquisition by
PNC would enable the Edge Corporations to continue
the international services that are currently being
provided to customers, consistent with the purposes of
the Edge Act to afford at all times a means of financing
international trade, to stimulate competition for international banking and financing services, and to facilitate and stimulate United States exports. Accordingly,
the Board finds that the applications filed under the
Edge Act for the acquisition of Pittsburgh International Bank, New York, New York and Los Angeles,
California, and Provident International Corporation,
Philadelphia, Pennsylvania, should be approved.
Based on the foregoing and other facts of record, the
Board has determined that the applications under
sections 3(a)(5) and 4(c)(8) of the act and the applica-
54
Federal Reserve Bulletin • January 1983
tion under the Edge Act should be and are hereby
approved. The consolidation shall not be made before
the thirtieth calendar day following the effective date
of this Order, and neither the consolidation nor the
acquisition of the nonbanking subsidiaries 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
Cleveland, pursuant to delegated authority. The determination as to PNC's acquisition of the nonbank
subsidiaries is subject to the conditions set forth in
section 225.4(c) of Regulation Y (12 CFR § 225.4(c))
and to the Board's authority to require such modification or termination of the activities of a holding
company or any of its subsidiaries as the Board finds
necessary to assure compliance with the provisions
and purposes of the act and the Board's regulations
and Orders issued thereunder, or to prevent evasion
thereof.
By order of the Board of Governors, effective
December 10, 1982.
Voting for this action: Vice Chairman Martin and Governors Wallich, Partee, Rice, and Gramley. Voting against this
action: Governor Teeters. Absent and not voting: Chairman
Volcker. Governor Wallich abstained from consideration of
the application to acquire PINACO and Pittsburgh National
Life Insurance Company.
( S i g n e d ) WILLIAM W . WILES,
[SEAL]
Secretary
of the
Board.
Dissenting Statement
of Governor
Teeters
I would deny this application on the grounds that the
proposed consolidation of these bank holding companies would have a significant adverse effect on probable future competition in the Pittsburgh banking market. I believe Provident National Corporation has the
capacity to enter Pittsburgh and its surrounding banking markets on a de novo or foothold basis. In light of
the concentrated nature of the Pittsburgh market and
certain of these smaller markets, the elimination of
Provident as a probable future entrant is substantially
anticompetitive.
The Board has proposed guidelines regarding probable future competition as a method of addressing the
standards set out by the United States Court of
Appeals for the Fifth Circuit in Mercantile
Texas
Corporation v. Board of Governors, 638 F.2d 1255 (5th
Cir. 1981). As I have previously indicated, these
guidelines will be difficult to enforce and today's
action reaffirms my belief that the guidelines permit
the combination of bank holding companies that, in my
opinion are substantially anticompetitive.
I believe the Board should give more attention to
developing and applying standards that more realistically reflect the adverse effects of the elimination of
probable future competition.
Accordingly, I dissent from the Board's decision
regarding this application.
December 10, 1982
Legal Developments
ORDERS APPROVED
By the Board of
UNDER BANK HOLDING
COMPANY
55
ACT
Governors
During December 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 Bankers Corporation of Florida,
Pompano Beach, Florida
First City Bancorporation of Texas, Inc.
Houston, Texas
First City Bancshares, Inc.,
Gainesville, Florida
First National Bankshares, Inc.,
Logansport, Indiana
By Federal Reserve
Board action
(effective
date)
Bank(s)
American National Bank of Santa Fe,
Santa Fe, New Mexico
National Trust Bank of Florida,
St. Petersburg, Florida
First City Bank-Westheimer Plaza N.A.
Houston, Texas
First City Bank of Gainesville,
Gainesville, Florida
The First National Bank of Logansport,
Logansport, Indiana
December 21, 1982
December 27, 1982
December 21, 1982
December 23, 1982
December 21, 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
Alabanc Inc.,
Wadley, Alabama
AmSouth Bancorporation,
Birmingham, Alabama
Bancshares of Camden, Inc.,
Camden, Tennessee
Bancshares of Glasgow, Inc.,
Glasgow, Missouri
Bayard Bancorporation,
Bayard, Iowa
Capital Bancshares, Inc.,
Dallas, Texas
Century Bancorp, Inc.,
Sommerville, Massachusetts
Citizens Bancorporation, Inc.,
Plaquemine, Louisiana
Bank(s)
First Bank,
Wadley, Alabama
State Bank of the Gulf,
Gulf Shores, Alabama
Bank of Camden,
Camden, Tennessee
Tri-County Trust Company,
Glasgow, Missouri
The Farmers State Bank,
Bayard, Iowa
Capital Bank,
Dallas, Texas
The Bank of Massachusetts,
Chelsea, Massachusetts
Citizens Bank & Trust Co.,
Plaquemine, Louisiana
Reserve
Bank
Effective
date
Atlanta
December 7, 1982
Atlanta
December 21, 1982
St. Louis
December 9, 1982
Kansas City
December 22, 1982
Chicago
December 20, 1982
Dallas
December 6, 1982
Boston
December 22, 1982
Atlanta
December 15, 1982
56
Federal Reserve Bulletin • January 1983
Section 3—Continued
Applicant
Commercial National Corporation,
Peoria, Ilinois
C & M Bancshares, Inc.,
Cameron, Missouri
Donnelly Bancshares, Inc.,
Donnelly, Minnesota
First Bancshares of Northeast
Arkansas, Inc.,
Osceola, Arkansas
Firstbank of Illinois Co.,
Springfield, Illinois
First Chatsworth Bankshares, Inc.,
Chats worth, Georgia
First Citizens Bancorporation of
South Carolina, Inc.,
Columbia, South Carolina
First Pecos Bancshares, Inc.,
Midland, Texas
First Rockford BanCorporation,
Inc.,
Rockford, Iowa
Fosston Bancorporation, Inc.,
Fosston, Minnesota
Hazelton Bancshares, Inc.,
Hazelton, Kansas
Humboldt Investment Corp.,
Humboldt, Iowa
Ina Bancshares, Inc.,
Cahokia, Illinois
Interedec (Georgia) N.V.,
Curacao, Netherlands Antilles
Interedec (Georgia) Limited,
Nassau, Bahamas
Kermit State Bancshares, Inc.,
Kermit, Texas
LaBelle Bancshares, Inc.,
LaBelle, Missouri
La Pryor Bancshares, Inc.,
La Pryor, Texas
Bank(s)
The First National Bank in
Champaign,
Champaign, Illinois
The Illinois National Bank of
Springfield,
Springfield, Illinois
First Trust & Savings Bank of
Kankakee,
Kankakee, Illinois
Memphis Bancshares, Inc.,
Memphis, Missouri
Cameron Bancshares, Inc.,
Cameron, Missouri
Farmers and Merchants
State Bank of Donnelly,
Donnelly, Minnesota
First National Bank in Osceola,
Osceola, Arkansas
Reserve
Bank
Effective
date
Chicago
November 23, 1982
Kansas City
December 2, 1982
Minneapolis
December 17, 1982
St. Louis
December 17, 1982
First Trust and Savings Bank of
Taylorville,
Taylorville, Illinois
The First National Bank of
Chatsworth,
Chatsworth, Georgia
Citizens Bank and Trust Company
of South Carolina,
Columbia, South Carolina
The First National Bank of Pecos,
Pecos, Texas
The First State Bank,
Rockford, Iowa
Chicago
November 24, 1982
Atlanta
December 23, 1982
Richmond
December 10, 1982
Dallas
December 20, 1982
Chicago
December 14, 1982
Farmers State Bank of Fosston,
Fosston, Minnesota
Farmers State Bank,
Hazelton, Kansas
Humboldt Trust & Savings Bank,
Humboldt, Iowa
Ina State Bank,
Ina, Illinois
NBG Financial Corporation,
Atlanta, Georgia
Minneapolis
December 14, 1982
Kansas City
December 21, 1982
Chicago
December 14, 1982
St. Louis
December 2, 1982
Atlanta
December 3, 1982
Dallas
December 17, 1982
St. Louis
December 3, 1982
Dallas
December 16, 1982
Kermit State Bank,
Kermit, Texas
The Bank of LaBelle,
LaBelle, Missouri
The La Pryor State Bank,
La Pryor, Texas
Legal Developments
57
Section 3—Continued
Applicant
Lebanon Bancshares, Inc.,
Lebanon, Kentucky
Livermore Bancorporation,
Livermore, Iowa
Lohrville Bancshares, Ltd.,
Lohrville, Iowa
Merchants and Manufacturers Bancorporation, Inc.,
Milwaukee, Wisconsin
Monroe Bancshares, Ltd.,
Monroe, Iowa
Morgan Bancorp., Inc.,
Berkeley Springs, West Virginia
Mountain Bancshares, Inc.,
Tracy City, Tennessee
Mountain Home Bancshares, Inc.,
Mountain Home, Arkansas
New Germany Bancshares, Inc.,
New Germany, Minnesota
Northeast Bancorp, Inc.,
New Haven, Connecticut
Omnibancorp,
Denver, Colorado
Peoples Bank Corporation of Berea,
Berea, Kentucky
Powell County Bancorp, Inc.,
Stanton, Kentucky
Raldon, Inc.,
Billings, Montana
SBI Corporation,
Southgate, Michigan
SBT Corporation,
Savannah, Georgia
Scotland Holding Company,
Scotland, South Dakota
Second Security Bankshares, Inc.,
Miami, Oklahoma
Security Bancshares, Inc.,
Albany, Missouri
Sherman Banc Shares, Inc.,
Sherman, Illinois
SouthTrust Corporation,
Birmingham, Alabama
Southwest Bancshares, Inc.,
Houston, Texas
Stonington Banc Shares, Inc.,
Stonington, Illinois
Bank(s)
The Farmers National Bank of
Lebanon,
Lebanon, Kentucky
Livermore State Bank,
Livermore, Iowa
Lohrville Savings Bank,
Lohrville, Iowa
Lincoln State Bank,
Milwaukee, Wisconsin
Franklin State Bank,
Franklin, Wisconsin
Monroe State Bank,
Monroe, Iowa
Morgan County State Bank,
Berkeley Springs, West Virginia
First Bank and Trust,
Tracy City, Tennessee
First Bank & Trust Co. of Mountain
Home,
Mountain Home, Arkansas
First State Bank of New Germany,
New Germany, Minnesota
Security Bank & Trust,
Bloomfield, Connecticut
Omnibank, Arapahoe, N.A.,
Arapahoe County, Colorado
Peoples Bank and Trust Company,
Berea, Kentucky
Powell County Bank,
Stanton, Kentucky
Powder River County Bank,
Broadus, Montana
Security Bancorp, Inc.,
Southgate, Michigan
Central Bank of Georgia,
Macon, Georgia
Farmers & Merchants State Bank,
Scotland, South Dakota
Security Holding Company,
Miami, Oklahoma
Albany State Bank,
Albany, Missouri
Sherman Community Bank,
Sherman, Illinois
Midland State Bank,
Midland City, Alabama
The Marshall National Bank,
Marshall, Texas
Stonington Community Bank,
Stonington, Illinois
Reserve
Bank
Effective
date
St. Louis
December 13, 1982
Chicago
December 17, 1982
Chicago
December 2, 1982
Chicago
December 23, 1982
Chicago
December 10, 1982
Richmond
December 28, 1982
Atlanta
December 23, 1982
St. Louis
December 13, 1982
Minneapolis
December 10, 1982
New York
December 23, 1982
Kansas City
December 20, 1982
Cleveland
November 29, 1982
Cleveland
December 16, 1982
Minneapolis
December 23, 1982
Chicago
December 10, 1982
Atlanta
December 3, 1982
Minneapolis
December 17, 1982
Kansas City
December 21, 1982
Kansas City
November 29, 1982
Chicago
December 1, 1982
Atlanta
December 10, 1982
Dallas
December 16, 1982
Chicago
December 7, 1982
58
Federal Reserve Bulletin • January 1983
Section 3—Continued
Reserve
Bank
Bank(s)
Applicant
United Bancshares, Inc.,
Lake Charles, Louisiana
Vernon Center Bancshares, Inc.,
Vernon Center, Minnesota
Vista Banks, Inc.,
DeLeon Springs, Florida
Walnut Ridge Bankstock
Corporation,
Walnut Ridge, Arkansas
West Branch Bancorp, Inc.,
West Branch, Iowa
Effective
date
American Bank of Commerce,
Lake Charles, Louisiana
State Bank of Vernon Center,
Vernon Center, Minnesota
DeLeon Springs Bank,
DeLeon Springs, Florida
Citizens National Bank,
Walnut Ridge, Arkansas
Atlanta
December 15, 1982
Minneapolis
December 20, 1982
Atlanta
December 22, 1982
St. Louis
December 13, 1982
West Branch Bank,
West Branch, Iowa
Chicago
December 27, 1982
Section 4
.
Nonbanking
company
Reserve
Bank
Effective
date
NBD Bancorp, Inc.,
Detroit, Michigan
Corporate Funding, Inc.,
Grand Rapids, Michigan
Chicago
December 6, 1982
pp
Sections 3 and 4
Applicant
Alexandria State Company,
Aurora, Nebraska
Ameribank Corporation,
Shawnee, Oklahoma
Drake Holding Company, Inc.,
Radcliffe, Iowa
First State Agency of
Stewart, Inc.,
Stewart, Minnesota
First Stillwater Bancshares, Inc.,
Stillwater, Oklahoma
Bank(s)
State Bank of Alexandria,
Alexandria, Nebraska
AmeriCorp,
Shawnee, Oklahoma
Security State Bank,
Radcliffe, Iowa
The First Bank of
Minnesota,
Stewart, Minnesota
First Union Corporation,
Stillwater, Oklahoma
Nonbanking
company
(or activity)
Reserve
Bank
Effective
date
The Alexandria Insurance Agency,
Alexandria, Nebraska
Bankers Insurance
Agency, of Shawnee, Inc.,
Shawnee, Oklahoma
to engage in general
insurance activities
Kansas City
December 10, 1982
Kansas City
December 21, 1982
Chicago
December 28, 1982
to engage in general
insurance agency
activities
Minneapolis
December 16, 1982
First Union Insurance Agency, Inc.,
Stillwater, Oklahoma
Kansas City
December 17, 1982
Legal Developments
PENDING
CASES INVOLVING
THE BOARD
OF
GOVERNORS*
*This list of pending cases does not include suits
against the Federal Reserve Banks in which the Board
of Governors is not named a party.
Flagship Banks, Inc. v. Board of Governors, filed
October 1982, U.S.D.C. for the District of Columbia.
Association of Data Processing Service
Organizations, Inc., et al. v. Board of Governors, filed
August 1982, U.S.C. A. for the District of Columbia.
The Philadelphia Clearing House Association, et al. v.
Board of Governors, filed July 1982, U.S.D.C. for
the Eastern District of Pennsylvania.
Richter v. Board of Governors, et al., filed May 1982,
U.S.D.C. for the Northern District of Illinois.
Montgomery v. Utah, et al., filed May 1982, U.S.D.C.
for the District of Utah.
Wyoming Bancorporation v. Board of Governors, filed
May 1982, U.S.C.A. for the Tenth Circuit.
First Bancorporation
v. Board of Governors, filed
April 1982, U.S.C.A. for the Tenth Circuit.
Charles G. Vick v. Paul A. Volcker, et al., filed March
1982, U.S.D.C. for the District of Columbia.
Jolene Gustafson v. Board of Governors, filed March
1982, U.S.C.A. for the Fifth Circuit.
Option Advisory Service, Inc. v. Board of Governors,
filed December 1981, U.S.C.A. for the Second
Circuit.
Edwin F. Gordon v. Board of Governors, et al., filed
October 1981, U.S.C.A. for the Eleventh Circuit
(two consolidated cases).
Allen Wolfson v. Board of Governors, filed September
1981, U.S.D.C. for the Middle District of Florida.
59
Option Advisory Service, Inc. v. Board of Governors,
filed September 1981, U.S.C.A. for the Second
Circuit (two cases).
Bank Stationers Association, Inc., et al. v. Board of
Governors, filed July 1981, U.S.D.C. for the Northern District of Georgia.
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.
First Bank & Trust Company v. Board of Governors,
filed February 1981, U.S.D.C. for the Eastern District of Kentucky.
9 to 5 Organization for Women Office Workers v.
Board
of Governors,
filed
December 1980,
U.S.D.C. for the District of Massachusetts.
Securities Industry Association v. Board of Governors, et al., filed October 1980, U.S.D.C. for the
District of Columbia.
Securities Industry Association v. Board of Governors, et al., filed October 1980, U.S.C.A. for the
District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
October 1980, U.S.D.C. for the District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
October 1980, U.S.C.A. for the District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
August 1980, U.S.D.C. for the District of Columbia.
Berkovitz, et al. v. Government of Iran, et al., filed
June 1980, U.S.D.C. for the Northern District of
California.
A1
Financial and Business Statistics
CONTENTS
Domestic
A3
A4
A5
A6
WEEKLY REPORTING
Financial
Statistics
Monetary aggregates and interest rates
Reserves of depository institutions, Reserve
Bank credit
Reserves and borrowings of depository
institutions
Federal funds and repurchase agreements of
large member banks
BANKS
Assets and liabilities
A19
All reporting banks
A20
Banks with assets of $1 billion or more
A21
Banks in New York City
A22
Balance sheet memoranda
A23
Branches and agencies of foreign banks
A24 Commercial and industrial loans
A25 Gross demand deposits of individuals,
partnerships, and corporations
FINANCIAL
POLICY
COMMERCIAL
MARKETS
INSTRUMENTS
A7
A8
A9
Federal Reserve Bank interest rates
Reserve requirements of depository institutions
Maximum interest rates payable on time and
savings deposits at federally insured institutions
A l l Federal Reserve open market transactions
FEDERAL RESERVE
BANKS
A12 Condition and Federal Reserve note statements
A13 Maturity distribution of loan and security
holdings
MONETAR Y AND CREDIT
AGGREGATES
A13 Aggregate reserves of depository institutions
and monetary base
A14 Money stock measures and components
A15 Bank debits and deposit turnover
A16 Loans and securities of all commercial banks
COMMERCIAL
BANKS
A17 Major nondeposit funds
A18 Assets and liabilities, last Wednesday-of-month
series
A26 Commercial paper and bankers dollar
acceptances outstanding
A27 Prime rate charged by banks on short-term
business loans
All Terms of lending at commercial banks
A28 Interest rates in money and capital markets
A29 Stock market—Selected statistics
A30 Selected financial institutions—Selected assets
and liabilities
FEDERAL
A31
A32
A33
A33
FINANCE
Federal fiscal and financing operations
U.S. budget receipts and outlays
Federal debt subject to statutory limitation
Gross public debt of U.S. Treasury—Types and
ownership
A33 U.S. government marketable securities—
Ownership, by maturity
A34 U.S. government securities dealers—
Transactions, positions, and financing
A35 Federal and federally sponsored credit
agencies—Debt outstanding
62
Federal Reserve Bulletin • January 1983
SECURITIES MARKETS AND
CORPORATE FINANCE
A36 New security issues—State and local
governments and corporations
A37 Open-end investment companies—Net sales and
asset position
A37 Corporate profits and their distribution
A38 Nonfinancial corporations—Assets and
liabilities
A38 Total nonfarm business expenditures on new
plant and equipment
A39 Domestic finance companies—Assets and
liabilities; business credit
REAL ESTATE
A55 Foreign official assets held at Federal Reserve
Banks
A56 Foreign branches of U.S. banks—Balance sheet
data
A58 Selected U.S. liabilities to foreign official
institutions
REPORTED BY BANKS IN THE UNITED STATES
A58
A59
A61
A62
Liabilities to and claims on foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
A62 Banks' own claims on unaffiliated foreigners
A63 Claims on foreign countries—Combined
domestic offices and foreign branches
A40 Mortgage markets
A41 Mortgage debt outstanding
REPORTED BY NONBANKING BUSINESS
ENTERPRISES IN THE UNITED STATES
CONSUMER INSTALLMENT CREDIT
A42 Total outstanding and net change
A43 Extensions and liquidations
A64 Liabilities to unaffiliated foreigners
A65 Claims on unaffiliated foreigners
SECURITIES HOLDINGS AND TRANSACTIONS
FLOW OF FUNDS
A44 Funds raised in U.S. credit markets
A45 Direct and indirect sources of funds to credit
markets
A66 Foreign transactions in securities
A67 Marketable U.S. Treasury bonds and notes—
Foreign holdings and transactions
INTEREST AND EXCHANGE RATES
Domestic
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
A67 Discount rates of foreign central banks
A68 Foreign short-term interest rates
A68 Foreign exchange rates
A69 Guide to Tabular
Statistical Releases,
Tables
Special
International
Statistics
A54 U.S. international transactions—Summary
A55 U.S. foreign trade
A55 U.S. reserve assets
Presentation,
and Special
Tables
A70 Commercial bank assets and liabilities,
September 30, 1982
A76 Assets and liabilities of U.S. branches and
agencies of foreign banks, September 30, 1982
Domestic Financial Statistics
1.10
A3
MONETARY AGGREGATES A N D INTEREST RATES
1981
1982
1982
Item
Q4
Q2
QL
July
Q3
Aug.
Sept.
Oct.
Nov.
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
5
6
7
8
Concepts
Ml
M2
M3
L
institutions
of money and liquid
3.1
3.5
10.9
3.8
7.5
7.1
-.9
7.8
6
1.1
4.2
7.1
4.8
4.6
11.2
6.5
-1.6
-1.8
14.8
2.8
5.7
8.9
9.3
10.7
10.4
9.8
8.7
10.4'
3.3
9.5
10.7
12.0
3.5
9.8'
12.1
11.5'
-.3
9.7
12.6
13.9'
8.3
-11.9
20.8
5.4
2.7
7.5
8.7
9.7
4.6
3.1
17.1
2.0
23.8
17.0
6.6
17.8
-9.7
21.3
26.7
6.8
22.9
-21.8
29.1
36.4
10.4
16.5
-8.4
20.3
23.0
6.3
3.6
2.6
8.6
6.0
6.3
6.6
8.8
8.9
14.5
6.8
23.6
21.5
10.7
12.2
9.4
8.9
23.8
6.8
17.5
17.8
13.4
6.6
10.4
14.3
18.5
11. 1'
14.0
5. 1'
4.0'
n.a.
20.6'
8.0'
9.1'
n.a.
16.7
11.7
9.6
n.a.
4.1'
5.4
8.8
-1.6
-.3
.4
20.7
-9.6
2.6
5.8
-3.3
35.4
-.6
-22.5
10.9
6.8
1.5
assets3
deposits
Time and savings
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
1982
QL
Q2
4.4
1982
Q3
Q4
Aug.
Sept.
Oct.
Nov.
Dec.
Interest rates (levels, percent per annum)
15
16
17
18
Short-term
rates
Federal f u n d s 9
Discount window borrowing 1 0
Treasury bills (3-month market yield)
Commercial paper (3-month) 1 1 1 2 . . . .
Long-term
rates
Bonds
19
U.S. g o v e r n m e n t "
20
State and local government
21
Aaa utility (new issue)'
22 Conventional mortgages
14.23
12.00
12.81
13.81
14.52
12.00
12.42
13.81
11.01
10.83
9.32
11.15
9.28
9.25
7.90
8.80
10.12
10.68
8.68
10.15
10.31
10.00
7.92
10.36
9.71
9.68
7.71
9.20
9.20
9.35
8.07
8.69
8.95
8.73
7.94
8.51
14.27
13.02
15.71
17.10
13.74
12.33
15.73
16.63
12.94
11.39
14.25
15.65
10.72
9.90
12.10
13.79
12.91
11.23
13.95
15.40
12.16
10.66
13.52
15.05
10.97
9.69
12.20
13.95
10.57
10.06
11.76
13.80
10.62
9.96
11.84
13.62
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) demand deposits at all commercial banks other than those
due to domestic banks, the U.S. government, and foreign banks and official
institutions less cash items in the process of collection and Federal Reserve float;
and (4) negotiable order of withdrawal (NOW) and automatic transfer service
(ATS) accounts at b a n k s 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 balances of money market mutual funds (general purpose and
broker/dealer).
M3: M2 plus large-denomination time deposits at all depository institutions
and term RPs at commercial banks and savings and loan associations and balances
of institution-only money market mutual funds.
L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents
other than banks, bankers acceptances, commercial paper, Treasury bills and
other liquid Treasury securities, and U.S. savings bonds.
4. Savings deposits exclude 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—including retail RPs—are those issued
in amounts of less than $100,000.
6. Large-denomination time deposits are those issued in amounts of $100,000
or more.
7. Savings and loan associations, mutual savings banks, and credit unions.
8. Changes calculated from figures shown in table 1.23. Beginning December
1981, growth rates reflect shifts of foreign loans and securities f r o m 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 N e w Y o r k . 11. Quoted on a bank-discount basis.
12. Unweighted average of offering rates quoted by at least five dealers.
13. Market yields adjusted to a 20-year maturity by the U.S. Treasury.
14. Bond Buyer series for 20 issues of mixed quality.
15. Weighted averages of new publicly offered bonds rated Aaa, Aa, and A by
Moody's Investors Service and adjusted to an Aaa basis. Federal Reserve
compilations,
16. Average rates on new commitments for conventional first mortgages on
new homes in primary markets, unweighted and rounded to nearest 5 basis points,
from Dept. of Housing and Urban Development.
NOTE. Revisions in reserves of depository institutions reflect the transitional
phase-in of reserve requirements as specified in the Monetary Control Act of
1980.
A4
DomesticNonfinancialStatistics • January 1983
1.11
RESERVES OF DEPOSITORY INSTITUTIONS, RESERVE BANK CREDIT
Millions of dollars
Monthly averages of
daily figures
Weekly averages of daily figures for week ending
1982
1982
Factors
Oct.
Nov.
Dec.
153,666
156,151
159,968
156,764
156,865
157,638
157,352
158,689
160,490
161,450
132,374
132,093
281
9,069
8,945
124
112
455
1,952
9,704
11,148
4,218
13,786
134,461
134,207
254
8,981
8,943
38
47
579
2,730
9,353
11,148
4,371
13,786
137,248
136,139
1.109
9.110
8,939
171
281
699
3,136
9,494
11,148
4,431
13,786
134,879
134,626
253
9,001
8,943
58
74
742
2,707
9,361
11,148
4,418
13,786
136,095
135,261
834
9,049
8,943
106
129
467
2,331
8,794
11,148
4,418
13,786
135,689
135,689
0
8,943
8,943
0
0
622
3,357
9,027
11,148
4,418
13,786
135,508
135,508
0
8,943
8,943
0
0
437
3,228
9,235
11,148
4,418
13,786
137,166
136,700
466
9,089
8,938
151
75
703
2,347
9,308
11,148
4,418
13,786
138,177
136,751
1,426
9,097
8,937
160
204
547
2,920
9,544
11,148
4,418
13,786
137,766
135,808
1,958
9,156
8,937
219
599
691
3,431
9,806
11,148
4,418
13,786
149,174
436
151,288
449
154,269
436
151,535
452
151,512
451
152,340
444
152,814
440
153,853
438
154,610
434
155,707
438
2,932
262
540
3,097
273
569
3,227
277
571
3,108
259
596
2,871
277
593
3,255
276
708
3,034
234
755
3,341
272
524
2,959
279
538
3,328
331
340
Nov. 17
Nov. 24
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
SUPPLYING RESERVE F U N D S
1 Reserve Bank credit outstanding
2
3
4
5
6
7
8
9
10
11
12
13
14
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
Gold stock
Special drawing rights certificate account .
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
324
391
423
394
402
409
416
422
426
428
4,898
24,252
4,785
24,604
5,017
25,113
4,786
24,987
4,764
25,347
4,808
24,748
5,143
23,869
4,910
24,281
4,942
25,654
5,050
25,180
End-of-month figures
Wednesday figures
1982
1982
Oct.
Nov.
Dec.
152,760
159,079
163,659
155,157
156,292
160,217
156,735
163,802
159,227
164,141
132,080
132,080
0
8,943
8,943
0
0
438
1,168
10,131
137,676
137,676
0
8,943
8,943
0
0
374
2,401
9,685
139,312
135,607
3,705
9,525
8,937
588
1,480
717
2,735
9,890
133,861
133,861
0
8,943
8,943
0
0
425
3,324
8,604
134,630
134,630
0
8,943
8,943
0
0
804
3,031
8,884
135,941
135,941
0
8,943
8,943
0
0
2,004
3,654
9,675
133,687
133,687
0
8,943
8,943
0
0
1,433
3,310
9,362
138,230
137,653
577
9,238
8,937
301
105
3,368
3,277
9,584
135,757
135,757
0
8,937
8,937
0
0
762
3,909
9,862
138,148
134,801
3,347
9,448
8,937
511
731
1,813
4,048
9,953
11,148
4,218
13,786
11,148
4,418
13,786
11,148
4,618
13,786
11,148
4,418
13,786
11,148
4,418
13,786
11,148
4,418
13,786
11,148
4,418
13,786
11,148
4,418
13,786
11,148
4,418
13,786
11,148
4,418
13,786
148,922
444
152,895
444
154,908
429
151,708
450
152,218
449
152,914
441
153,676
437
154,604
436
155,666
433
156,181
435
2,309
327
450
356
2,247
387
717
408
5,033
328
1,033
436
3,836
214
548
392
3,394
261
595
405
3,321
217
1,105
408
3,850
188
704
415
2,918
385
516
422
2,226
280
269
426
3,620
261
259
428
4,783
24,321
5,209
26,124
4,990
26,053
4,629
22,733
4,575
23,747
4,956
26,207
5,154
21,663
4,828
29,045
4,736
24,542
4,777
27,532
Nov. 17
Nov. 24
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
SUPPLYING RESERVE 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 account .
36 Treasury currency outstanding
ABSORBING R E S E R V E F U N D S
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
1.12
RESERVES A N D BORROWINGS
Institutions
A5
Depository Institutions
Millions of dollars
M o n t h l y a v e r a g e s of daily
Dec.
1 R e s e r v e b a l a n c e s with R e s e r v e B a n k s 1
2 Total vault c a s h (estimated)
3
Vault c a s h at institutions with r e q u i r e d
reserve balances2
4
Vault c a s h equal to r e q u i r e d r e s e r v e s at
o t h e r institutions
s
S u r p l u s vault c a s h at o t h e r institutions 3
6 R e s e r v e b a l a n c e s + total vault c a s h 4
7 R e s e r v e b a l a n c e s + total vault c a s h used
to satisfy r e s e r v e r e q u i r e m e n t s 4 5
8 Required reserves (estimated)
9 E x c e s s r e s e r v e b a l a n c e s at R e s e r v e B a n k s 4
10
Total b o r r o w i n g s at R e s e r v e B a n k s
S e a s o n a l b o r r o w i n g s at R e s e r v e B a n k s
11
E x t e n d e d credit at R e s e r v e B a n k s
12
1982
1981
R e s e r v e classification
6
figures
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.P
26,163
19,538
24,565
18,577
24,207
19,048
24,031
19,318
24,273
19,448
24,471
19,500
23,385
19,921
24,252
19,578
24,604
19,807
25,113
20,392
13,577
12,709
12,972
13,048
13,105
13,188
13,651
13,658
13,836
14,358
2,178
3,783
45,701
2,284
3,584
43,142
2,373
3,703
43,255
2,488
3,782
43,349
2,486
3,857
43,721
2,518
3,794
43,971
2,927
3,343
43,306
2,677
3,243
43,830
2,759
3,212
44,411
2,701
3,333
45,505
41,918
41,606
312
642
53
149
39,558
39,284
274
1,581
167
245
39,552
39,192
360
1,105
237
177
39,567
39,257
310
1,205
239
103
39,864
39,573
291
669
225
46
40,177
39,866
311
510
119
94
39,963
39,579
384
976
102
118
40,587
40,183
404
455
86
141
41,199
40,797
402
579
47
188
42,172
41,354
818
699
33
187
W e e k l y a v e r a g e s of daily figures for w e e k e n d i n g
1982
Oct. 27
13 R e s e r v e b a l a n c e s with R e s e r v e B a n k s '
14 Total vault c a s h ( e s t i m a t e d )
15
Vault c a s h at institutions with r e q u i r e d
reserve balances2
Vault c a s h e q u a l to r e q u i r e d r e s e r v e s at
16
o t h e r institutions
17
Surplus vault c a s h at o t h e r institutions 3
18 R e s e r v e b a l a n c e s + total vault c a s h 4
19 R e s e r v e b a l a n c e s + total vault c a s h u s e d
t o satisfy r e s e r v e r e q u i r e m e n t s 4 - 5
20 R e q u i r e d r e s e r v e s ( e s t i m a t e d )
21 E x c e s s r e s e r v e b a l a n c e s at R e s e r v e Banks 4 - 6
22
Total b o r r o w i n g s at R e s e r v e B a n k s
S e a s o n a l b o r r o w i n g s at R e s e r v e B a n k s
23
E x t e n d e d credit at R e s e r v e B a n k s
24
Nov. 3
N o v . 17
N o v . 24
Dec. 1
Dec. 8
D e c . 15
D e c . 22p
D e c . 29p
24,929
19,280
24,366
20,166
23,457
20,175
24,987
19,905
25,347
18,688
24,748
20,387
23,869
20,267
24,281
21,382
25,654
19,509
25,180
20,495
13,683
14,070
13,904
13,662
13,474
14,262
14,218
14,484
14,183
14,432
2,476
3,121
44,209
2,807
3,289
44,532
2,948
3,323
43,632
2,884
3,359
44,892
2,355
2,859
44,035
2,841
3,284
45,135
2,839
3,210
44,136
3,295
3,603
45,663
2,426
2,900
45,163
2,461
3,602
45,675
41,088
40,769
319
452
90
179
41,243
40,701
542
458
73
196
40,309
39,967
342
722
50
190
41,533
41,135
398
742
48
188
41,176
40,852
324
467
46
186
41,851
41,355
496
622
35
185
40,926
40,612
314
437
26
186
42,060
41,506
554
703
24
189
42,263
42,047
216
547
38
189
42,073
41,234
839
691
44
191
1. A s of A u g . 13, 1981, e x c l u d e s r e q u i r e d clearing b a l a n c e s of all d e p o s i t o r y
institutions.
2. B e f o r e N o v . 13, 1980, t h e figures s h o w n reflect only the vault c a s h held by
member banks.
3. Total vault c a s h at institutions w i t h o u t required r e s e r v e b a l a n c e s less vault
c a s h equal to their r e q u i r e d r e s e r v e s .
4. A d j u s t e d t o include w a i v e r s of p e n a l t i e s f o r r e s e r v e deficiencies in a c c o r d a n c e with B o a r d policy, effective N o v . 19, 1975, of permitting transitional relief on
a g r a d u a t e d basis o v e r a 24-month period w h e n a n o n m e m b e r b a n k merged into a n
N o v . 10
existing m e m b e r b a n k , or w h e n a n o n m e m b e r b a n k j o i n s the F e d e r a l R e s e r v e
S y s t e m . F o r w e e k s for which figures are p r e l i m i n a r y , figures by class of b a n k d o
not add to total b e c a u s e a d j u s t e d d a t a by class a r e not available.
5. R e s e r v e b a l a n c e s with F e d e r a l R e s e r v e B a n k s , which e x c l u d e r e q u i r e d
clearing b a l a n c e s plus vault c a s h at institutions with r e q u i r e d r e s e r v e b a l a n c e s
plus vault cash equal to required r e s e r v e s at o t h e r institutions.
6. R e s e r v e b a l a n c e s with F e d e r a l R e s e r v e B a n k s , which e x c l u d e r e q u i r e d
clearing b a l a n c e s plus vault c a s h used to satisfy r e s e r v e r e q u i r e m e n t s less
required r e s e r v e s . (This m e a s u r e of e x c e s s r e s e r v e s is c o m p a r a b l e to the old
e x c e s s reserve c o n c e p t p u b l i s h e d historically.)
A6
DomesticNonfinancialStatistics • January 1983
1.13
FEDERAL F U N D S A N D REPURCHASE AGREEMENTS
Large Member Banks 1
Averages of daily figures, in millions of dollars
1982, week ending Wednesday
By maturity and source
Nov. 3
One day and continuing
contract
1 Commercial banks in United States
2 Other depository institutions, foreign banks and foreign
official institutions, and U.S. government agencies .
3 Nonbank securities dealers
4 All other
All other
maturities
5 Commercial banks in United States
6 Other depository institutions, foreign banks and foreign
official institutions, and U.S. government agencies .
7 Nonbank securities dealers
8 All other
MEMO: Federal funds and resale agreement loans in maturities of one day or continuing contract
9 Commercial banks in United States
10 Nonbank securities dealers
1. Banks with assets of $1 billion or more as of Dec. 31, 1977.
Nov. 10
Nov. 17
Nov. 24
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
55,305
61,256
59,858
55,093
54,783
59,807
60,297
60,403
57,603
25,141
5,619
23,766
25,822
5,144
24,429
25,118
5,589
24,060
24,360
5,155
23,799
23,675
4,565
21,195
22,407
5,689
24,365
24,624
5,503
23,767
23,945
5,028
23,536
22,007
4,501
20,715
4,515
3,900
3,837
4,192
4,338
3,828
4,100
4,466
6,134
8,516
5,287
9,683
8,821
4,614
8.779
8,917
4,821
8,724
9,072
4,560
9,426
8,585
5,227
12,224
8,671
4,318
8,799
9,296
4,207
9,461
9,516
3,696
8,855
11,067
3,875
13,650
25,903
5,166
25,394
5,453
25,998
5,431
21,792
5,8%
23,523
5,186
23,809
5,537
23,253
5,630
24,482
5,415
21,543
5,115
Policy
1.14
Instruments
All
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
Rate on
12/31/82
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City . . . .
Dallas
San F r a n c i s c o . . .
m
Sl/2
First 60 days
of borrowing
Effective
date
Previous
rate
12/14/82
12/15/82
12/17/82
12/15/82
12/15/82
12/14/82
9
12/14/82
12/14/82
12/14/82
12/15/82
12/14/82
12/14/82
9
Rate on
12/31/82
Next 90 days
of borrowing
In effect Dec. 31, 1973
1974— Apr. 25
30
Dec. 9
16
Range (or
level)—
All F.R.
Banks
F.R.
Bank
of
N.Y.
m
lVr-%
8
7 3 /4-8
73/4
IV2
8
8
73/4
73/4
71/4-73/4
71/4-73/4
71/4
63/4-71/4
63/4
6'/4-63/4
61/4
6-61/4
6
73/4
71/4
71/4
63/4
63/4
61/4
61/4
6
6
19
23
Nov. 22
26
5'/2-6
5Vi
5'/4-5W
5'/4
5Vi
5'/2
51/4
51/4
1977— Aug. 30
31
Sept. 2
Oct. 26
51/4-53/4
51/4—53/4
53/4
6
5'/4
53/4
53/4
6
1975— Jan.
6
10
24
Feb. 5
7
Mar. 10
14
May 16
23
1976— Jan.
1978— Jan.
9
20
May 11
12
6-61/2
61/2
6V1-I
1
6l/2
6'A
1
1
Rate on
12/31/82
Previous
rate
Rate on
12/31/82
Previous
rate
9
91/2
10
lOVi
11
m
8>/2
Effective date
3
10
Aug. 71
Sept. 7?
Oct. 16
70
Nov. 1
3
1978— July
9
10
9!/2
Range (or
level)—
All F.R.
Banks
I-1 Vt
7'/4
73/4
8
8-81/>
8V2
8'/2-9'/2
9 Vi
101/2
1979— July 20
Aug. 17
70
Sept. 19
71
Oct. 8
10
10
lO-lO'/i
10'/2
iot^-ii
11
F.R.
Bank
of
N.Y.
7'/4
7V4
73/4
8
Sl/2
9Vi
9Vi
10
IOV2
IOV2
11
11
12
12
12-13
13
12-13
12
11-12
11
13
13
13
12
11
11
10
10
10-11
Sept. 76
Nov. 17
Dec. 5
8
10
11
12
12-13
13
12/14/82
12/14/82
12/14/82
12/15/82
12/14/82
12/14/82
11
Effective date
1981— May
Nov.
Dec.
5
8
2
6
4
Range (or
level)—
All F.R.
Banks
13-14
14
13-14
13
12
F.R.
Bank
of
N.Y.
14
14
13
13
12
81/2
II-12
12
1980— Feb. 15
19
May 29
30
June 13
16
July 78
12/14/82
12/15/82
12/17/82
12/15/82
12/15/82
12/14/82
2
1982—July
20
23
2
3
16
27
30
Oct. 12
13
Nov. 22
26
Dec. 14
15
17
11V2-12
1 \Vi
\\-\W2
11
10'/2
lO-lO'/i
10
91/2-10
9V2
9-9 V2
9
81/2—9
81/2-9
81/2
In effect Dec. 31, 1982
81/2
Aug.
1. Applicable to advances when exceptional circumstances or practices involve
only a particular depository institution and to advances when an institution is
under sustained liquidity pressures. See section 201.3(b)(2) of Regulation A.
2. Rates for short-term adjustment credit. For description and earlier data see
the following publications of the Board of Governors: Banking and Monetary
Statistics, 1914-1941 and 1941-1970; Annual Statistical Digest, 1970-1979, and
1980.
Effective date
for current rates
Previous
rate
Range of rates in recent years
Effective date
After 150 days
11 '/2
111/2
11
11
10'/2
10
10
9V2
9'/2
9
9
9
m
m
11
12
13
13
8 Vi
In 1980 and 1981, the Federal Reserve applied a surcharge to short-term
adjustment credit borrowings by institutions with deposits of $500 million or more
that had borrowed in successive weeks or in more than 4 weeks in a calendar
quarter. A 3 percent surcharge was in effect from Mar. 17, 1980, through May 7,
1980. There was no surcharge until Nov. 17, 1980, when a 2 percent surcharge was
adopted; the surcharge was subsequently raised to 3 percent on Dec. 5, 1980, and
to 4 percent on May 5, 1981. The surcharge was reduced to 3 percent effective
Sept. 22, 1981, and to 2 percent effective Oct. 12. As of Oct. 1, the formula for
applying the surcharge was changed from a calendar quarter to a moving 13-week
period. The surcharge was eliminated on Nov. 17, 1981.
A8
DomesticNonfinancialStatistics • January 1983
1.15
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS 1
Percent of deposits
Type of deposit, and deposit interval
in millions of dollars
Member bank requirements
before implementation of the
Monetary Control Act
Type of deposit, and
deposit interval 5
Depository institution requirements
after implementation of the
Monetary Control Act 6
Effective date
Net
demand2
7
9'/2
113/4
123/4
16l/4
0-2
2-10
10-100
100-400
Over 400
Time and
Savings
12/30/76
12/30/76
12/30/76
12/30/76
12/30/76
savings2'3
Time 4
0 - 5 , by maturity
30-179 days
180 days to 4 years
4 years or more . . .
Over 5, by maturity
30-179 days
180 days to 4 years
4 years or more . . .
Nonpersonal time deposits9
By original maturity
Less than 3'/2 years
3'/2 years or more
Eurocurrency
All types
3
3/16/67
1/8/76
10/30/75
6
2'/2
12/12/74
1/8/76
10/30/75
21/2
1
1
1. For changes in reserve requirements beginning 1963, see Board's Annual
Statistical Digest, 1971-1975 and for prior changes, see B o a r d ' s Annual
Report
for 1976, table 13. Under provisions of the Monetary Control Act, depository
institutions include commercial banks, mutual savings banks, savings and loan
associations, credit unions, agencies and branches offoreign banks, and Edge Act
corporations.
2. Requirement schedules are graduated, and each deposit interval applies to
that part of the deposits of each bank. Demand deposits subject to reserve
requirements were gross demand deposits minus cash items in process of
collection and demand balances due f r o m domestic banks.
The Federal Reserve Act as amended through 1978 specified different ranges of
requirements for reserve city banks and for other banks. Reserve cities were
designated under a criterion adopted effective Nov. 9, 1972, by which a bank
having net demand deposits of more than $400 million was considered to have the
character of business of a reserve city bank. The presence of the head office of
such a bank constituted designation of that place as a reserve city. Cities in which
there were Federal Reserve Banks or branches were also reserve cities. Any
banks having net demand deposits of $400 million or less were considered to have
the character of business of banks outside of reserve cities and were permitted to
maintain reserves at ratios set for banks not in reserve cities.
Effective Aug. 24, 1978, the Regulation M reserve requirements on net balances
due from domestic banks to their foreign branches and on deposits that foreign
branches lend to U.S. residents were reduced to zero from 4 percent and 1 percent
respectively. The Regulation D reserve requirement of borrowings f r o m unrelated
banks abroad was also reduced to zero from 4 percent.
Effective with the reserve computation period beginning Nov. 16, 1978,
domestic deposits of Edge corporations were subject to the same reserve
requirements as deposits of member banks.
3. Negotiable order of withdrawal (NOW) accounts and time deposits such as
Christmas and vacation club accounts were subject to the same requirements as
savings deposits.
The average reserve requirement on savings and other time deposits before
implementation of the Monetary Control Act had to be at least 3 percent, the
minimum specified by law.
4. Effective Nov. 2, 1978, a supplementary reserve requirement of 2 percent
was imposed on large time deposits of $100,000 or more, obligations of affiliates,
and ineligible acceptances. This supplementary requirement was eliminated with
the maintenance period beginning July 24, 1980.
Effective with the reserve maintenance period beginning Oct. 25, 1979, a
marginal reserve requirement of 8 percent was added to managed liabilities in
excess of a base amount. This marginal requirement was increased to 10 percent
beginning Apr. 3, 1980, was decreased to 5 percent beginning June 12, 1980, and
was eliminated beginning Juiy 24, 1980. Managed liabilities are defined as large
time deposits, Eurodollar borrowings, repurchase agreements against U.S.
government and federal agency securities, federal funds borrowings from nonmember institutions, and certain other obligations. In general, the base for the
marginal reserve requirement was originally the greater of (a) $100 million or (b)
the average amount of the managed liabilities held by a member bank, Edge
corporation, or family of U.S. branches and agencies of a foreign bank for the two
reserve computation periods ending Sept. 26, 1979. F o r the computation period
beginning Mar. 20, 1980, the base was lowered by (a) 7 percent or (b) the decrease
in an institution's U.S. office gross loans to foreigners and gross balances due
from foreign offices of other institutions between the base period (Sept. 13-26,
1979) and the week ending Mar. 12, 1980, whichever was greater. For the
computation period beginning May 29, 1980, the base was increased by l x h
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.
Net transaction
accounts1-*
$0-$26.3 million
Over $26.3 million
liabilities
5. The Garn-St Germain Depository Institutions Act of 1982 (Public Law 9 7 320) provides that $2 million of reservable liabilities (transaction accounts,
nonpersonal time deposits, and Eurocurrency liabilities) of each depository
institution be subject to a zero percent reserve requirement. T h e Board is to adjust
the amount of reservable liabilities subject to this zero percent reserve requirement each year for the next succeeding calendar year by 80 percent of the
percentage increase in the total reservable liabilities of all depository institutions,
measured on an annual basis as of June 30. N o corresponding adjustment is to be
made in the event of a decrease. Effective Dec. 9, 1982, the amount of the
exemption was established at $2.1 million. In determining the reserve requirements of a depository institution, the exemption shall apply in the following order:
(1) net N O W accounts (NOW accounts less allowable deductions); (2) net other
transaction accounts; and (3) nonpersonal time deposits or Eurocurrency liabilities starting with those with the highest reserve ratio. With respect to N O W
accounts and other transaction accounts, the exemption applies only to such
accounts that would be subject to a 3 percent reserve requirement.
6. For nonmember banks and thrift institutions that were not members of the
Federal Reserve System on or after July 1, 1979, a phase-in period ends Sept. 3,
1987. For banks that were members on or after July 1, 1979, but withdrew on or
before Mar. 31, 1980, the phase-in period established by Public Law 97-320 ends
on Oct. 24, 1985. For existing member banks the phase-in period is about three
years, depending on whether their new reserve requirements are greater or less
than the old requirements. All new institutions will have a two-year phase-in
beginning with the date that they open for business, except for those institutions
that have total reservable liabilities of $50 million or more.
7. Transaction accounts include all deposits on which the account holder is
permitted to make withdrawals by negotiable or transferable instruments, payment orders of withdrawal, and telephone and preauthorized transfers (in excess
of three per month) for the purpose of making payments to third persons or others.
However, money market deposit accounts (MMDAs) authorized under 12 C F R
section 1204.122, and similar accounts offered by institutions not subject to the
rules of the Depository Institutions Deregulation Committee (DIDC) that permit
no more than six preauthorized, automatic, or other transfers per month of which
no more than three can be checks—are not transaction accounts (such accounts
are savings deposits subject to time deposit reserve requirements.)
8. The Monetary Control Act of 1980 requires that the amount of transaction
accounts against which the 3 percent reserve requirement applies be modified
annually by 80 percent of the percentage increase in transaction accounts held by
all depository institutions determined as of June 30 each year. Effective Dec. 31,
1981, the amount was increased accordingly from $25 million to $26 million; and
effective Dec. 30, 1982, to $26.3 million.
9. 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. F o r details, see
section 204.2 of Regulation D.
The category of time deposit authorized by the DIDC, effective Sept. 1, 1982
(original maturity or required notice period of 7 to 31 days, required minimum
deposit balance of $20,000, and ceiling rate tied to the 91-day Treasury bill rate), is
classified as a time deposit for reserve requirement purposes.
NOTE. Required reserves must be held in the form of deposits with Federal
Reserve Banks or vault cash. After implementation of the Monetary Control Act,
nonmembers may maintain reserves on a pass-through basis with certain approved institutions.
Policy Instruments
1.16
All
MAXIMUM INTEREST RATES PAYABLE on Time and Savings Deposits at Federally Insured Institutions
Percent per annum
Savings and loan associations and
mutual savings banks (thrift institutions)
Commercial banks
Type and maturity of deposit
In effect December 31, 1982
Percent
1 Savings
2 Negotiable order of withdrawal a c c o u n t s 2 . .
3
4
5
6
7
8
9
10
11
12
Time accounts 3
Fixed ceiling rates by maturity4
14-89 d a y s r
90 days to 1 year
1 to 2 years 7
2 to 2'/2 years 7
2Vi to 4 years 7
4 to 6 years 8
6 to 8 years 8
8 years or more 8
Issued to governmental units (all
maturities) 10
IRAs and Keogh (H.R. 10) plans (3 years
or more) 1 0 '"
Effective
date
51/4
7/1/79
12/31/80
51/
4
3
8/1/79
1/1/80
51/4
7 /4
Percent
5Vz
7/1/73
1/1/74
5
51/4
(6)
Effective
date
71/4
11/1/73
6/1/78
73/4
12/23/74
8
6/1/78
6/1/78
7%
7/6/77
8
6/1/78
BULLETIN f o r O c t o b e r 1962 ( p . 1279), A u g u s t 1965 ( p . 1084), a n d F e b r u a r y
(p. 1 6 7 ) .
1968
4. Effective Nov. 10, 1980, the minimum notice period for public unit accounts
at savings and loan associations was decreased to 14 days and the minimum
maturity period for time deposits at savings and loan associations in excess of
$100,000 was decreased to 14 days. Effective Oct. 30, 1980, the minimum maturity
or notice period for time deposits was decreased from 30 to 14 days at mutual
savings banks.
5. Effective Oct. 30, 1980, the minimum maturity or notice period for time
deposits was decreased from 30 to 14 days at commercial banks.
6. No separate account category.
7. No minimum denomination. Until July 1, 1979, a minimum of $1,000 was
required for savings and loan associations, except in areas where mutual savings
banks permitted lower minimum denominations. This restriction was removed for
deposits maturing in less than 1 year, effective Nov. 1, 1973.
8. No minimum denomination. Until July 1, 1979, the minimum denomination
was $1,000 except for deposits representing funds contributed to an individual
retirement account (IRA) or a Keogh (H.R. 10) plan established pursuant to the
Internal Revenue Code. The $1,000 minimum requirement was removed for such
accounts in December 1975 and November 1976 respectively.
For deposits subject to variable ceiling rates and deposits
5Vi
5Vi
3
Previous maximum
Percent
51/4
7/1/79
12/31/80
7/1/73
11/1/73
12/23/74
6/1/78
1. July 1, 1973, for mutual savings banks; July 6, 1973, for savings and loans.
2. 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 NOW accounts was extended to similar
institutions throughout New England on Feb. 27, 1976, in New York State on
Nov. 10, 1978, New Jersey on Dec. 28, 1979, and to similar institutions nationwide
effective Dec. 31, 1980.
3. For exceptions with respect to certain foreign time deposits see the
Effective
date
5 /4
53/4
7/1/73
6'/2
7'/4
Percent
In effect December 31, 1982
7/1/73
7/1/73
1/21/70
1/21/70
1/21/70
5 /4
71/
2
3
Previous maximum
6
6V2
1/1/80
63/4
7'/2
73/4
8
0)
11/1/73
12/23/74
6/1/78
5
(6)
53/4
53/4
6
6
')
0)
71/2
73/4
73/4
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 6'/2 percent ceiling on time
deposits maturing in 2'/2 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 IRA and Keogh accounts and accounts of governmental units when
such deposits are placed in 2'/2-year-or-more variable-ceiling certificates or in 26week money market certificates regardless of the level of the Treasury bill rate.
NOTE. Before Mar. 31, 1980, the maximum rates that could be paid by federally
insured commercial banks, mutual savings banks, and savings and loan associations were established by the Board of Governors of the Federal Reserve System,
the Board of Directors of the Federal Deposit Insurance Corporation, and the
Federal Home Loan Bank Board under the provisions of 12 CFR 217, 329, and 526
respectively. Title U 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; the maximum rates for such deposits maturing in 90 days or more
were suspended in May 1973. For information regarding previous interest rate
ceilings on all types of accounts, see earlier issues of the FEDERAL RESERVE
BULLETIN, the Federal Home Loan Bank Board Journal, and the Annual Report
of the Federal Deposit Insurance
Corporation.
not subject to interest rate ceilings see page
A10.
A10
1.16
DomesticNonfinancialStatistics • January 1983
Continued
TIME DEPOSITS S U B J E C T T O V A R I A B L E C E I L I N G RATES
7- to 31-day time deposits. Effective Sept. 1, 1982, depository institutions are
authorized to issue nonnegotiable time deposits of $20,000 or more with a maturity
or required notice period of 7 to 31 days. The maximum rate of interest payable by
thrift institutions is the rate established and announced (auction average on a
discount basis) for U.S. Treasury bills with maturities of 91 days at the auction
held immediately before the date of deposit or renewal ("bill rate"). Commercial
banks may pay the bill rate minus 25 basis points. The interest rate ceiling is
suspended when the bill rate is 9 percent or below for the four most recent
auctions held before the date of deposit or renewal. The interest rate ceiling was
suspended for the entire month of December 1982.
91-day time deposits. Effective May 1, 1982, depository institutions were
authorized to offer time deposits that have a minimum denomination of $7,500 and
a maturity of 91 days. The ceiling rate of interest on these deposits is indexed to
the discount rate (auction average) on most recently issued 91-day Treasury bills
for thrift institutions and the discount rate minimum 25 basis points for commercial banks. The rate differential ends 1 year from the effective date of these
instruments and is suspended at any time the Treasury bill discount rate is 9
percent or below for four consecutive auctions. The maximum allowable rates in
December 1982 (in percent) for commercial banks and thrifts were as follows:
Nov. 30, 8.280; Dec. 7, 7.956; Dec. 14, 7.995; Dec. 21, 7.857; Dec. 28, 7.975.
Six-month money market time deposits. Effective June 1, 1978, commercial
banks and thrift institutions were authorized to offer time deposits with a maturity
of exactly 26 weeks and a minimum denomination requirement of $10,000. 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 before the date of deposit (4-week average bill rate). Ceilings are
determined as follows:
Bill rate or 4-week
average bill rate
7.50 percent or below
Above 7.50 percent
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
Commercial
bank
ceiling
7.75 percent
'/4 of 1 percentage point plus the higher of
the bill rate or 4-week average bill rate
Thrift ceiling
7.75 percent
Vi of 1 percentage point plus the higher of
the bill rate or 4-week average bill rate
9 percent
The maximum rates in December 1982 for commercial banks based on the bill rate
were as follows: Nov. 30, 8.761; Dec. 7, 8.504; Dec. 14, 8.455; Dec. 21, 8.354;
Dec. 28, 8.301; and based on the 4-week average bill rate were as follows: Nov.
30, 8.639; Dec. 7, 8.603; Dec. 14, 8.520; Dec. 21, 8.518; Dec. 28, 8.403. The
maximum allowable rates in December 1982 for thrifts based on the bill rate were
as follows: Nov. 30, 9.000; Dec. 7, 8.754; Dec. 14, 8.705; Dec. 21, 8.604; Dec. 28,
8.551; and based on the 4-week average bill rate were as follows; N o v . 30, 8.889;
Dec. 7, 8.853; Dec. 14, 8.770; Dec. 21, 8.768; Dec. 28, 8.653.
12-month all savers certificates. 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 52week 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
yield for ASCs issued in December 1982 (in percent) was as follows: Dec. 26, 6.26.
2'/2-year to less than 3'/2-year time deposits. Effective Aug. 1, 1981, commercial
banks are authorized to pay interest on any variable ceiling nonnegotiable time
deposit with an original maturity of 2Vi years to less than 4 years at a rate not to
exceed lA of 1 percent below the average 2'/2-year yield for U.S. Treasury
securities as determined and announced by the Treasury Department immediately
before the date of deposit. Effective May 1, 1982, the maximum maturity for this
category of deposits was reduced to less than 3'/2 years. Thrift institutions may
pay interest on these certificates at a rate not to exceed the average 2'/2-year yield
for Treasury securities as determined and announced by the Treasury Department
immediately before the date of deposit. If the announced average 2'/2-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 December 1982 (in percent) for commercial banks
were as follows: Dec. 7, 9.65; Dec. 21, 9.45; and for thrift institutions: Dec. 7,
9.90; Dec. 21, 9.70.
Between Jan. 1, 1980, and Aug. I, 1981, commercial banks and thrift institutions were authorized to offer variable ceiling nonnegotiable time deposits with no
required minimum denomination and with maturities of 2'/2 years or more.
Effective Jan. 1, 1980, the maximum rate for commercial banks was 3/4 percentage
point below the average yield on 2>/2-year U.S. Treasury securities; the ceiling rate
for thrift institutions was [A percentage point higher than that for commercial
banks. Effective Mar. 1, 1980, a temporary ceiling of 113/4 percent was placed on
these accounts at commercial banks and 12 percent on these accounts at savings
and loans. Effective June 2, 1980, the ceiling rates for these deposits at
commercial banks and savings and loans were 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.
'/» of 1 percentage point plus the higher of
the bill rate or 4-week average bill rate
TIME DEPOSITS NOT S U B J E C T TO I N T E R E S T RATE C E I L I N G S
Money market deposit account. Effective Dec. 14, 1982, depository institutions
are authorized to offer a new account with a required initial balance of $2,500 and
an average maintenance balance of $2,500 not subject to interest rate restrictions.
No minimum maturity period is required for this account, but depository
institutions must reserve the right to require seven days' notice before withdrawals. When the average balance is less than $2,500, the account is subject to the
maximum ceiling rate of interest for N O W accounts; compliance with the average
balance requirement may be determined over a period of one month. Depository
institutions may not guarantee a rate of interest for this account for a period longer
than one month or condition the payment of a rate on a requirement that the funds
remain on deposit for longer than one month. No more than six preauthorized,
automatic, or other third-party transfers are permitted per month, of which no
more than three can be checks. Telephone transfers to third parties or to another
account of the same depositor are regarded as preauthorized transfers.
IRAs and Keogh (H.R. 10) plans (18 months or more). Effective Dec. 1, 1981,
depository institutions are 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.
Time deposits of 3'/2 years or more. Effective May 1, 1982, depository
institutions are authorized to offer negotiable or nonnegotiable time deposits with
a minimum original maturity of 3'/2 years or more that are not subject to interest
rate ceilings. Such time deposits have no minimum denomination, but must be
made available in a $500 denomination. Additional deposits may be made to the
account during the first year without extending its maturity.
Policy Instruments
1.17
All
FEDERAL RESERVE OPEN MARKET TRANSACTIONS
Millions of dollars
1982
Type of transaction
1979
1980
1981
May
June
Sept.
Aug.
July
Oct.
Nov.
U . S . GOVERNMENT SECURITIES
Outright transactions (excluding matched
transactions)
1
2
3
4
Treasury bills
Gross purchases
Gross sales
Exchange
Redemptions
5
6
7
8
9
15,998
6,855
0
2,900
7,668
7,331
0
3,389
13,899
6,746
0
1,816
595
519
0
400
1,559
0
200
0
1,905
1,175
-200
200
1,721
651
0
600
425
674
0
400
774
0
0
0
2,552
0
0
0
Others within 1 year1
Gross purchases
Gross sales
Maturity shift
Exchange
Redemptions
3,203
0
17,339
-11,308
2,600
912
0
12,427
-18,251
0
317
23
13,794
-12,869
0
0
0
1,498
-2,541
0
0
0
988
-1,249
0
71
0
382
0
0
0
0
4,938
-3,914
0
0
0
733
-650
0
0
0
623
0
0
88
0
2,819
-1,924
0
10
11
12
13
I 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
-1,000
1,600
0
0
-988
1,049
691
0
-382
200
0
0
-4,938
3,078
0
0
-733
650
0
0
-623
0
485
0
-2,204
1,515
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
-498
941
0
0
0
0
113
0
0
0
0
0
601
837
0
0
0
0
0
0
0
0
194
0
-616
250
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
0
0
0
0
123
0
0
0
0
0
-601
0
0
0
0
0
0
0
0
0
132
0
0
159
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
595
519
400
1,559
0
0
2,903
1,175
200
1,721
651
600
425
674
400
774
0
0
3,452
0
0
25
26
Matched transactions
Gross sales
Gross purchases
627,350
624,192
674,000
675,496
589,312
589,647
36,047
36,790
41,509
37,548
54,646
58,753
39,403
37,962
51,983
51,554
45,655
46,370
39,579
41,724
27
28
Repurchase agreements
Gross purchases
Gross sales
107,051
106,968
113,902
113,040
79,920
78,733
10,155
15,424
5,332
5,332
18,267
18,267
3,755
2,567
9,649
7,035
5,618
9,420
4,161
4,161
6,896
3,869
9,626
-4,850
-2,402
5,636
217
1,535
-2,313
5,596
853
399
134
668
0
145
494
0
108
0
0
1
0
0
6
0
0
1
0
0
46
0
0
5
0
0
6
0
0
37,321
36,960
28,895
28,863
13,320
13,576
1,305
2,301
831
831
4,389
4,389
1,095
866
1,997
1,225
1,776
2,778
739
739
681
555
130
-997
-6
-1
183
767
-1,008
*
116
73
-582
-768
0
0
565
248
-813
0
7,693
4,497
9,175
-6,615
-2,408
5,634
966
2,550
-4,134
5,596
29 Net change in U . S . government securities
FEDERAL AGENCY OBLIGATIONS
30
31
32
Outright transactions
Gross purchases
Gross sales
Redemptions
33
34
Repurchase agreements
Gross purchases
Gross sales
35 Net change in federal agency obligations
BANKERS ACCEPTANCES
36 Repurchase agreements, net
37 Total net change in System Open Market
Account
1. Both gross purchases and redemptions include special certificates created
when the Treasury borrows directly f r o m the Federal Reserve, as follows
(millions of dollars): March 1979, 2,600.
NOTE: Sales, redemptions, and negative figures reduce holdings of the System
Open Market Account; all other figures increase such holdings. Details may not
add to totals because of rounding.
A12
1.18
DomesticNonfinancialStatistics • January 1983
FEDERAL RESERVE B A N K S
Condition and Federal Reserve Note Statements
Millions of dollars
Account
Dec. 1
Dec. 8
Wednesday
End of month
1982
1982
Dec. 22
Dec. 15
Dec. 29
Oct.
Nov.
Dec.
Consolidated condition statement
ASSETS
11,148
4,418
434
11,148
4,418
433
11,148
4,418
439
11,148
4,418
457
11,148
4,418
433
11,148
4,218
468
11,148
4,418
436
11,148
4,618
438
2,004
0
1,433
0
3,368
0
762
0
1,813
0
438
0
374
0
717
0
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
0
0
105
0
731
0
0
1,480
8,943
0
8,943
0
8.937
301
8,937
0
8,937
511
8,943
0
8,943
0
8,937
588
54,759
62,626
18,556
135,941
0
135,941
52,505
62,626
18,556
133,687
0
133,687
56,471
62,626
18,556
137,653
577
138,230
54,575
62,626
18,556
135,757
0
135,757
53,619
62,626
18,556
134,801
3,347
138,148
51,798
62,018
18,264
132,080
0
132,080
56,494
62,626
18,556
137,676
0
137,676
54,425
62,626
18,556
135,607
3,705
139,312
15 Total loans and securities
146,888
144,063
150,941
145,456
150,140
141,461
146,993
151,034
11,481
544
9,945
546
10,927
548
12,243
548
11,567
550
8,352
544
11,893
546
9,807
549
5,653
3,478
5,655
3,161
5,586
3,450
5,640
3,674
5,548
3,855
5,325
4,262
5,649
3,490
5,764
3,577
184,044
179,369
187,457
183,584
187,659
175,778
184,573
186,935
140,003
140,760
141.693
142,771
143,263
136,048
139,989
141,990
26,619
3,321
217
1,101
22,079
3,850
188
703
29,469
2,918
385
514
24,970
2,226
280
267
27,961
3,620
261
258
24,678
2,309
327
449
26,533
2,247
387
716
26,489
5,033
328
1,033
31,258
26,820
33,286
27,743
32,100
27,763
29,883
32,883
7,827
1,793
6,635
2.153
7,650
1.849
8,334
1,737
7,519
1,784
7,184
1,669
9,492
1,799
7,072
2,272
180,881
176,368
184,478
180,585
184,666
172,664
181,163
184,217
1,354
1,278
531
1,354
1,278
369
1,355
1,278
346
1,356
1,278
365
1,356
1,278
359
1,350
1,278
486
1,354
1,278
778
1,359
1,359
0
184,044
179,369
187,457
183,584
187,659
175,778
184,573
186,935
103,318
105,115
105.501
107,442
106,142
101,831
101,703
106,762
16 Cash items in process of collection
17 Bank premises
Other assets
18
Denominated in foreign currencies 2
19
All other 3
20 Total assets
LIABILITIES
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 and accrued dividends 4
29 Total liabilities
CAPITAL ACCOUNTS
30 Capital paid in
31 Surplus
32 Other capital accounts
33 Total liabilities and capital accounts
34 MEMO: Marketable U.S. government securities held in
custody for foreign and international account
Federal Reserve note statement
35 Federal Reserve notes outstanding (issued to bank)
36
LESS: Held by bank 5
37
Federal Reserve notes, net
Collateral for Federal Reserve
notes
38
Gold certificate account
39
Special drawing rights certificate account
40
Other eligible assets
41
U.S. government and agency securities
159,588
19,585
140,003
160,379
19,619
140,760
161.122
19,429
141.693
160,753
17,982
142,771
160,245
16,982
143,263
157,348
21,300
136,048
159,408
19,419
139,989
159,979
17,989
141,990
11,148
4,418
89
124,348
11,148
4,418
221
124,973
11.148
4,418
10
126,117
11,148
4,418
174
127,031
11,148
4,418
262
127,435
11,148
4,218
14
120,668
11,148
4,418
0
124,423
11,148
4,618
107
126,117
42 Total collateral
140,003
140,760
141,693
142,771
143,263
136,048
139,989
141,990
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 the collateral requirement.
Reserve
1.19
FEDERAL RESERVE BANKS
Banks;
Banking
Aggregates
A13
Maturity Distribution of Loan and Security Holdings
Millions of dollars
Type and maturity groupings
Dec. 1
Dec. 8
Wednesday
End of month
1982
1982
Dec. 22
Dec. 15
Oct. 31
Dec. 29
Nov. 30
Dec. 31
Within 15 days
16 days to 90 days
91 days to 1 year
2,004
1,992
12
0
1,433
1,416
17
0
3,368
3,209
159
0
762
751
11
0
1,813
1,804
9
0
438
398
40
0
374
356
18
0
717
697
20
0
5 Acceptances—Total
Within 15 days
6
7
16 days to 90 days
91
days to 1 year
8
0
0
0
0
0
0
0
0
105
105
0
0
0
0
0
0
731
731
0
0
0
0
0
0
0
0
0
0
1,480
1,480
0
0
135,941
6,621
27,401
38,185
35,065
12,095
16,574
133,687
3,402
26,987
39,564
35,065
12,095
16,574
138,230
6,969
27,134
40,393
35,065
12,095
16,574
135,757
4,615
26,965
40,443
35,065
12,095
16,574
138,148
7,657
27,649
39,108
35,065
12,095
16,574
132,080
2,652
28,465
36,523
35,891
12,267
16,282
137,676
5,515
30,242
38,185
35,065
12,095
16,574
139,312
4,396
31,088
40,057
35,102
12,095
16,574
8,943
66
594
2,000
4,821
944
518
8,943
66
594
2,000
4,821
944
518
9,238
348
706
1,893
4,820
953
518
8,937
189
564
1,893
4,820
953
518
9,448
653
564
1,954
4,780
979
518
8,943
83
490
1,966
4,962
924
518
8,943
161
528
1,988
4,804
944
518
9,525
730
564
1,954
4,780
979
518
1
?
4
9 U.S. government securities—Total
Within 15 days 1
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
14
Over 5 years to 10 years
Over 10 years
15
in
ii
i?
n
16 Federal agency obligations—Total
Within 15 days 1
17
18
16 days to 90 days
19
91 days to 1 year
Over 1 year to 5 years
20
Over 5 years to 10 years
21
Over 10 years
22
1. Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.
1.20
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS A N D MONETARY BASE
Billions of dollars, averages of daily figures
1982
Item
1978
1979
1980
1981
Dec.
Dec.
Dec.
Dec.
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 '
1
Total reserves 2
? Nonborrowed reserves
3
4
Required reserves
Monetary base 3
32.82
34.26
36.46
37.99
38.50
38.58
38.52
38.80
39.57
39.88
40.46
40.89
31.95
32.59
132.2
32.79
33.93
142.5
34.77
35.95
155.0
37.35
37.67
162.7
37.39
38.15
167.7
37.37
38.27
168.8
37.83
38.21
169.2
38.29
38.49
170.1
38.63
39.18
171.9
39.40
39.47
172.9
39.84
40.06
173.8
40.26
40.37
175.1
Not seasonally adjusted
5
Total reserves 2
33.37
34.83
37.11
38.66
38.19
38.07
38.43
38.51
39.35
40.00
40.70
41.57
6
7
8
Nonborrowed reserves
Required reserves
Monetary base 3
32.50
33.13
134.8
33.35
34.50
145.4
35.42
36.59
158.0
38.03
38.34
165.8
37.07
37.83
167.1
36.86
37.76
168.2
37.74
38.12
170.0
38.00
38.20
170.4
38.42
38.97
171.4
39.52
39.59
173.0
40.06
40.28
175.2
40.94
41.05
178.5
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 4
9
10
11
12
Total reserves 2
41.68
43.91
40.66
41.92
39.55
39.57
39.97
40.18
39.96
40.59
41.20
41.88
Nonborrowed reserves
Required reserves
Monetary base 3
40.81
41.45
144.6
42.43
43.58
156.2
38.97
40.15
162.4
41.29
41.60
169.7
38.43
39.19
169.2
38.36
39.26
170.4
39.28
39.65
172.3
39.66
39.87
172.8
39.03
39.58
172.3
40.11
40.18
173.8
40.58
40.80
176.0
41.24
41.35
179.3
For notes see bottom of next page.
A14
1.21
DomesticNonfinancialStatistics • January 1983
M O N E Y STOCK M E A S U R E S A N D COMPONENTS
Billions of dollars, averages of daily figures
1982
Item
1978
1979
1980
1981
Dec.
Dec.
Dec.
Dec.
July
Aug.
Sept.
455.2
1,946.8'
2,356.4'
2,843.4'
460.5
1,955.1'
2,364.2'
468.4'
1,968.2'
2,382.1'
n.a.
n.a.
129.5
4.4
231.1
90.2
342.0'
930.6
339.6
130.5
4.4
232.6
93.0
342.4'
932.6
339.3'
131.2
4.4
236.2'
96.5
352.6
923.8'
342.5'
131.6
4.4
238.3
100.7
362.3
922.9
340.3
478.5
1,987.2
2,402.2
Oct.
Nov.
Seasonally a d j u s t e d
MEASURES'
1
7
3
4
Ml
M2
M3
L2
363.2
1,403.9
1,629.0
1,938.9
389.0
1,518.9
1,779.4
2,153.9
414.5
1,656.2
1,963.1
2,370.4
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
440.9
1,822.7
2,188.1
2,653.8'
451.3
1,923.8'
2,320.6R
2,820.5'
474.9
1,987.4
2,401.2
n.a.
SELECTED COMPONENTS
5
6
7
8
9
10
11
Currency
Traveler's checks3
D e m a n d deposits
O t h e r c h e c k a b l e deposits 4
Savings deposits 5
Small-denomination time d e p o s i t s 6
L a r g e - d e n o m i n a t i o n time d e p o s i t s 7
123.1
4.3
236.4
77.0
343.6
854.7
300.3
128.8
4.4
230.6
87.4
344.0
919.7
335.8
Not seasonally a d j u s t e d
MEASURES'
17
13
14
15
Ml
M2
M3
L2
372.5
1,408.5
1,637.5
1,946.6
398.8
1,524.7
1,789.2
2,162.8
424.6
1,662.5
1,973.9
2,380.2
451.2
1,829.4
2,199.9
2,653.8
454.0
1,925.2'
2,314.5'
2,820.5'
454.0
1,939.4'
2,343.1'
2,843.4'
460.5
1,951.3'
2,356.8'
470.2'
1,972.1'
2,383.4'
n.a.
n.a.
99.4
3.3
261.5
8.4
24.1
478.0
531.1
108.2
3.5
270.1
17.0
26.3
420.5
649.7
118.3
3.9
275.1
27.2
35.0
398.0
748.9
125.4
4.1
243.3
78.4
38.1
343.0
851.7
129.8
4.9
231.5
87.9'
43.4
348.3
914.1
130.0
4.9
229.3
89.8
44.5
346.1'
920.2
130.2
4.7
232.5'
93.2
43.3'
347.4
924.0'
131.2
4.5
237.1
97.3
46.0'
357.0
921.6'
132.7
4.2
240.1
101.5
47.4
363.7
917.8
7.1
3.1
198.6
34.4
9.3
226.0
61.9
13.9
262.3
151.2
33.7
305.4
171.7'
36.7
328.3
180.6'
43.1
333.7
182.5'
43.9
335.7'
184.1'
44.8
339.8'
186.6
45.3
341.5
n.a.
SELECTED COMPONENTS
Currency
Traveler's checks3
D e m a n d deposits
O t h e r c h e c k a b l e deposits 4
Overnight R P s and E u r o d o l l a r s 8
Savings deposits 5
Small-denomination time d e p o s i t s 6
M o n e y m a r k e t mutual f u n d s
23
General p u r p o s e and b r o k e r / d e a l e r
Institution only
24
7
2 5 Large-denomination time d e p o s i t s
16
17
18
19
20
21
22
1. Composition of the m o n e y stock m e a s u r e s is as follows:
M l : A v e r a g e s of daily figures for (1) c u r r e n c y outside the T r e a s u r y , Federal
R e s e r v e Banks, and the vaults of c o m m e r c i a l b a n k s ; (2) t r a v e l e r ' s c h e c k s of
n o n b a n k issuers; (3) d e m a n d deposits at all commercial b a n k s o t h e r than those
d u e to domestic b a n k s , the U . S . g o v e r n m e n t , and foreign b a n k s and official
institutions less cash items in the p r o c e s s of collection and F e d e r a l R e s e r v e float;
and (4) negotiable o r d e r of withdrawal ( N O W ) and a u t o m a t i c t r a n s f e r service
(ATS) a c c o u n t s at b a n k s and thrift institutions, credit union share d r a f t ( C U S D )
a c c o u n t s , and d e m a n d deposits at mutual savings b a n k s .
M2: M l plus savings and small-denomination time deposits at all d e p o s i t o r y
institutions, overnight r e p u r c h a s e a g r e e m e n t s at commercial b a n k s , overnight
Eurodollars held by U . S . residents o t h e r than banks at C a r i b b e a n b r a n c h e s of
m e m b e r b a n k s and b a l a n c e s of m o n e y m a r k e t mutual f u n d s (general p u r p o s e and
broker/dealer).
M3: M2 plus large-denomination time deposits at all depository institutions,
term R P s at commercial b a n k s and savings and loan associations, and b a l a n c e s of
institution-only m o n e y m a r k e t mutual f u n d s .
2. L : M3 plus o t h e r liquid a s s e t s such as term Eurodollars held by U.S.
residents o t h e r than b a n k s , b a n k e r s a c c e p t a n c e s , commercial p a p e r , T r e a s u r y
bills and o t h e r liquid T r e a s u r y securities, and U . S . savings b o n d s .
3. Outstanding a m o u n t of U . S . dollar-denominated t r a v e l e r ' s c h e c k s of nonbank issuers.
4. Includes A T S and N O W balances at all institutions, credit union share d r a f t
balances, and d e m a n d deposits at mutual savings b a n k s .
5. E x c l u d e s N O W and A T S a c c o u n t s at commercial b a n k s and thrift institutions and C U S D s at credit unions.
6. Issued in a m o u n t s of less than $100,000 and includes retail R P s .
7. Issued in a m o u n t s of $100,000 or m o r e and are net of the holdings of
domestic b a n k s , thrift institutions, the U . S . g o v e r n m e n t , m o n e y m a r k e t mutual
f u n d s , and foreign b a n k s and official institutions.
8. Overnight (and continuing contract) RPs are t h o s e issued by c o m m e r c i a l
banks to o t h e r than depository institutions and m o n e y m a r k e t mutual f u n d s
(general purpose and broker/dealer), and overnight E u r o d o l l a r s are t h o s e issued
by Caribbean b r a n c h e s of m e m b e r b a n k s t o U . S . residents o t h e r than d e p o s i t o r y
institutions and m o n e y market mutual f u n d s (general p u r p o s e and b r o k e r / d e a l e r ) .
NOTE: Latest monthly and weekly figures are available f r o m the B o a r d ' s H . 6
(508) release. Back data are available f r o m the Banking Section, Division of
R e s e a r c h and Statistics, Board of G o v e r n o r s of the F e d e r a l R e s e r v e S y s t e m ,
W a s h i n g t o n , D . C . 20551.
N O T E S T O T A B L E 1.20
1. R e s e r v e aggregates include required r e s e r v e s of m e m b e r b a n k s and E d g e
Act c o r p o r a t i o n s and other d e p o s i t o r y institutions. Discontinuities associated
with the implementation of the M o n e t a r y Control Act, the inclusion of E d g e Act
corporation r e s e r v e s , and o t h e r c h a n g e s in Regulation D h a v e been r e m o v e d .
Beginning with the week e n d e d D e c e m b e r 23, 1981, reserve aggregates h a v e b e e n
reduced by shifts of reservable liabilities t o international banking facilities (IBFs).
On the basis of r e p o r t s of liabilities t r a n s f e r r e d to I B F s by U . S . commercial b a n k s
and U . S . agencies and b r a n c h e s of foreign b a n k s , it is estimated that required
reserves w e r e lowered on a v e r a g e $10 millon t o $20 million in D e c e m b e r 1981 and
$40 million to $70 million in J a n u a r y 1982.
2. R e s e r v e balances with F e d e r a l R e s e r v e B a n k s (which exclude required
clearing balances) plus vault cash at institutions with required r e s e r v e balances
plus vault cash equal to required r e s e r v e s at o t h e r institutions.
3. Includes r e s e r v e balances and required clearing balances at Federal R e s e r v e
B a n k s in the current w e e k plus vault cash held t w o w e e k s earlier used to satisfy
reserve r e q u i r e m e n t s at all d e p o s i t o r y institutions plus c u r r e n c y outside the U . S .
T r e a s u r y , Federal R e s e r v e B a n k s , the vaults of depository institutions, and
surplus vault cash at d e p o s i t o r y institutions.
4. R e s e r v e s of d e p o s i t o r y institutions series reflect actual r e s e r v e r e q u i r e m e n t
p e r c e n t a g e s with no a d j u s t m e n t s t o eliminate the effect of c h a n g e s in Regulation D
including c h a n g e s a s s o c i a t e d with the implementation of the M o n e t a r y Control
Act. Includes required r e s e r v e s of m e m b e r b a n k s and E d g e Act c o r p o r a t i o n s and
beginning N o v e m b e r 13, 1980, o t h e r d e p o s i t o r y institutions. U n d e r the transition-
al phase -in program of the M o n e t a r y Control Act of 1980, the net c h a n g e s in
required reserves of depository institutions have been as follows: Effective N o v .
13, 1980, a reduction of $2.9 billion; F e b . 12, 1981, an increase of $245 million;
M a r . 12, 1981, an increase of $75 million; M a y 14, 1981, an increase of $245
million; Aug. 13, 1981, an increase of $230 million; Sept. 3, 1981, a r e d u c t i o n of
$1.1 billion; N o v . 12, 1981, an increase of $210 million; J a n . 14, 1982, a r e d u c t i o n
of $60 million; F e b . 11, 1982 an increase of $170 million; M a r . 4, 1982, an
estimated reduction of $2.0 billion; M a y 13, 1982, an estimated i n c r e a s e of $150
million; Aug. 12, 1982 an estimated increase of $140 million; and S e p t . 2, 1982, an
estimated reduction of $1.2 billion. Beginning with the week e n d e d D e c e m b e r 23,
1981, r e s e r v e aggregates have been r e d u c e d by shifts of r e s e r v a b l e liabilities t o
I B F s . On the basis of reports of liabilities t r a n s f e r r e d t o I B F s by U . S . c o m m e r c i a l
b a n k s and U . S . agencies and b r a n c h e s of foreign b a n k s , it is e s t i m a t e d that
required r e s e r v e s w e r e lowered on average by $60 million t o $90 million in
D e c e m b e r 1981 and $180 million to $230 million in J a n u a r y 1982, mostly reflecting
a reduction in reservable E u r o c u r r e n c y t r a n s a c t i o n s .
NOTE. Latest monthly and weekly figures are available f r o m the B o a r d ' s
H.3(502) statistical release. B a c k d a t a and e s t i m a t e s of the impact on r e q u i r e d
r e s e r v e s and changes in r e s e r v e r e q u i r e m e n t s are available f r o m the Banking
Section, Division of R e s e a r c h and Statistics, B o a r d of G o v e r n o r s of the F e d e r a l
R e s e r v e S y s t e m , W a s h i n g t o n , D . C . 20551.
Commercial Banks
1.22
A15
B A N K DEBITS A N D DEPOSIT TURNOVER
Debits are shown in billions of dollars, turnover as ratio of debits to deposits. Monthly data are at annual rates.
1982
Bank group, or type of customer
1979'
19801
19811
June
July
Aug.
Sept.
Oct.
Nov.
Seasonally adjusted
D E B I T S TO
1
2
3
4
5
Demand deposits 2
All insured banks
Major N e w York City banks
Other banks
A T S - N O W accounts 3
Savings deposits 4
6
7
8
9
10
Demand deposits 2
All insured banks
Major N e w York City banks
Other banks
A T S - N O W accounts 3
Savings deposits 4
49,903.0
18,481.7
31,421.3
84.4
547.9
62,757.8
25,156.1
37,601.7
159.3
670.0
80,858.7
33,891.9
46,966.9
743.4
672.7
87,602.3
35,729.5
51,872.8
977.6
698.9
90,280.7
36,880.8
53,399.8
1,049.9
773.8
95,177.9
39,525.3
55,652.6
1,146.2
770.7
94,480.0
37,986.3
56,493.7
1,165.4
707.8
97,097.0
42,077.9
55,019.1
1,109.4
637.0
95,475.9
38,971.6
56,504.4
1,224.6
697.1
162.8
634.2
113.3
7.8
2.7
198.7
803.7
132.2
9.7
3.6
285.8
1,105.1
186.2
14.0
4.1
318.7
1,295.9
209.8
14.2
4.4
325.0
1,265.7
214.8
15.3
5.0
341.6
1,424.2
221.8
16.2
5.0
341.0
1,282.5
228.3
15.9
4.6
343.0
1,298.7
219.5
14.7
4.0
333.8
1,263.7
221.4
15.6
4.3
DEPOSIT TURNOVER
Not seasonally adjusted
D E B I T S TO
11
12
13
14
15
Demand deposits 2
All insured banks
Major N e w York City banks
Other banks
A T S - N O W accounts 3
Savings deposits 4
16
17
18
19
20
Demand deposits 2
All insured banks
Major N e w York City banks
Other banks
A T S - N O W accounts 3
Savings deposits 4
49,777.3
18,487.8
31,289.4
83.3
548.1
63,124.4
25,243.1
37,881.3
158.0
669.8
81,197.9
34,032.0
47,165.9
737.6
672.9
92.867.2
38,286.7
54,580.6
1,046.0
694.4
91,318.9
37,502.5
53,816.4
1,021.0
778.2
94,968.5
39,126.7
55,841.8
1,020.5
763.7
95,557.1
39,634.0
55,923.1
1,097.3
695.2
93,543.3
39,657.6
53,885.7
1,098.0
672.7
91,838.3
36,893.5
54,944.8
1,115.0
663.3
163.3
644.1
113.4
7.8
2.7
202.3
814.8
134.8
9.7
3.6
286.1
1,114.2
186.2
14.0
4.1
339.6
1,361.3
222.5
15.2
4.4
328.2
1,305.8
215.7
14.8
4.9
346.9
1,472.8
225.9
14.4
4.9
345.3
1,362.5
225.8
15.0
4.4
327.8
1,220.8
213.1
14.5
4.2
319.3
1,198.6
213.9
14.1
4.1
DEPOSIT TURNOVER
1. Annual averages of monthly figures.
2. Represents accounts of individuals, partnerships, and corporations and of
states and political subdivisions.
3. Accounts authorized for negotiable orders of withdrawal (NOW) and accounts authorized for automatic transfer to demand deposits (ATS). ATS data
availability starts with December 1978.
4. Excludes ATS and N O W accounts as well as special club accounts, such as
Christmas and vacation clubs.
NOTE. Historical data for demand deposits are available back to 1970 estimated
in part from the debits series for 233 S M S A ' s that were available through June
1977. Historical data for A T S - N O W and savings deposits are available back to
July 1977. Back data are available on request f r o m the Banking Section, Division
of Research and Statistics, Board of Governors of the Federal Reserve System,
Washington, D.C. 20551.
A16
1.23
DomesticNonfinancialStatistics • January 1983
LOANS A N D SECURITIES
All Commercial Banks'
Billions of dollars; averages of Wednesday figures
1981
1982
1981
1982
Category
Dec.
2
July
Aug.
Sept.
3
Nov.
Oct.
Dec.
2
Seasonally adjusted
1
Total loans and securities 4
2
3
4
5
U.S. Treasury securities
Other securities
Total loans and leases 4
Commercial and industrial
loans
Real estate loans
Loans to individuals
Security loans
Loans to nonbank financial
institutions
Agricultural loans
Lease financing r e c e i v a b l e s . . . .
All other loans
6
7
8
9
10
11
12
July
Aug.
Sept. 3
Oct.
Nov.
Not seasonally adjusted
1,316.3
1,376.1
1,383.1
1,389.4
1,397.5
1,398.6
1,326.1
1,370.4
1,377.7
1,391.0
1,402.8
1,405.4
111.0
231.4
973.9
116.5
235.9
1,023.7
117.8
237.1
1,028.3
118.2
237.6
1,033.5
122.3
237.2
1.038.1
126.4
235.8
1,036.4
111.4
232.8
981.8
115.6
234.7
1,020.1
116.4
236.4
1,024.9
117.8
237.7
1,035.5
121.3
237.5
1,044.0
125.6
236.4
1,043.5
358.0
285.7
185.1
21.9
386.7
297.5
189.2
21.0
387.9
298.5
189.5
21.4
392.5
299.5
189.6
22.6
394.8
300.5
190.0
24.2
391.9
301.6
190.5
23.4
360.1
286.8
186.4
22.7
385.5
296.6
188.3
20.5
385.5
298.2
189.7
22.0
392.1
300.1
190.9
22.3
395.4
301.7
191.5
23.9
393.7
302.8
191.6
23.9
30.2
33.0
12.7
47.2
33.9
35.7
13.2
46.4
33.2
36.0
13.1
48.7
32.6
36.3
13.1
47.4
32.4
36.3
13.1
46.8
32.2
36.3
13.1
47.5
31.2
33.0
12.7
49.2
33.3
36.1
13.2
46.7
33.1
36.5
13.1
46.8
32.8
36.8
13.1
47.5
32.7
36.8
13.1
48.9
32.6
36.5
13.1
49.3
1,319.1
1,378.9
1,386.0
1,392.2
1,400.3
1,401.5
1,328.9
1,373.2
1,380.5
1,393.8
1,405.6
1,408.4
976.7
2.8
1,026.5
2.8
1,031.1
2.8
1,036.4
2.8
1,040.9
2.8
1,039.3
2.9
984.7
2.8
1,023.0
2.8
1,027.7
2.8
1,038.4
2.8
1,046.9
2.8
1,046.5
2.9
360.2
389.0
390.2
394.7
397.0
394.2
362.3
387.8
387.8
394.4
397.7
396.0
2.2
8.9
2.3
8.7
2.3
9.1
2.3
9.3
2.2
9.4
2.3
8.4
2.2
9.8
2.3
8.6
2.3
8.8
2.3
9.4
2.2
9.3
2.3
8.7
349.1
334.9
14.2
19.0
378.1
364.7
13.3
14.8
378.8
365.8
13.0
14.6
383.1
369.8
13.3
13.8
385.3
372.7
12.6
13.9
383.5
371.4
12.1
14.0
350.3
334.3
16.1
20.0
376.9
363.9
13.0
14.5
376.7
364.0
12.8
14.1
382.7
369.6
13.1
14.2
386.1
373.4
12.7
14.2
385.0
372.5
12.6
14.1
MEMO:
13
Total loans and securities plus
loans sold4-5
14
15
16
Total loans plus loans sold 4 5 . . . .
Total loans sold to a f f i l i a t e s 4 - 5 . . . .
Commercial and industrial loans
plus loans sold 5
Commercial and industrial
loans sold 5
Acceptances held
Other commercial and industrial loans
To U.S. addressees 6
To non-U.S. addressees
Loans to foreign banks
17
18
19
20
21
22
1. Includes domestically chartered banks; U.S. branches and agencies of
foreign banks, New York investment companies majority owned by foreign
banks, and Edge Act corporations owned by domestically chartered and foreign
banks.
2. Beginning December 1981, shifts of foreign loans and securities from U.S.
banking offices to international banking facilities (IBFs) reduced the levels of
several items. Seasonally adjusted data that include adjustments for the amounts
shifted from domestic offices to IBFs are available in the Board's G.7 (407)
statistical release (available from Publications Services, Board of Governors of
the Federal Reserve System, Washington, D . C . 20551).
3. Reclassification of loans beginning September 29, 1982, increased real estate
loans $0.3 billion and decreased nonbank financial loans $0.3 billion.
4. Excludes loans to commercial banks in the United States.
5. Loans sold are those sold outright to a b a n k ' s own foreign branches,
nonconsolidated nonbank affiliates of the bank, the b a n k ' s holding company (if
not a bank), and nonconsolidated nonbank subsidiaries of the holding company.
6. United States includes the 50 states and the District of Columbia.
NOTE. Data are prorated averages of Wednesday estimates for domestically
chartered banks, based on weekly reports of a sample of domestically chartered
banks and quarterly reports of all domestically chartered banks. For foreignrelated institutions, data are averages of month-end estimates based on weekly
reports from large agencies and branches and quarterly reports from all agencies,
branches, investment companies, and Edge Act corporations engaged in banking.
Commercial Banks
1.24
A17
MAJOR NONDEPOSIT F U N D S OF COMMERCIAL BANKS 1
Monthly averages, billions of dollars
1980
1981
Dec.
Dec.
1982
Source
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
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
122.0
122.6
98.5
98.9
88.0
88.5
83.8
84.8
83.5
84.3
82.0
85.5
84.2
86.3
79.8
81.8
78.1
82.6
71.8
77.5
76.4
78.7
79.4
84.7
111.1
111.6
114.2
114.6
113.8
114.3
113.6
114.6
113.1
113.9
113.2
116.6
113.8
115.9
114.3
116.3
116.7
121.2
114.8
120.5
122.0
124.4
121.9
127.2
8.2
-18.6
-28.6
-32.6
-32.5
-34.0
-32.5
-37.3
-41.4
-45.9
-48.4
-45.4
2.7
2.8
2.8
2.8
2.8
2.8
3.0
2.8
2.8
2.8
2.8
2.9
-14.7
37.5
22.8
-22.5
54.9
32.4
-25.9
55.0
29.1
-28.8
56.7
27.9
-29.8
57.4
27.6
-29.9
58.1
28.3
-29.2
57.7
28.5
-33.0
60.6
27.6
-34.4
65.0
30.6
-38.5
68.3
29.8
-40.4
69.8
29.4
-38.3
69.9
31.6
22.9
32.5
55.4
3.9
48.1
52.0
-2.7
50.5
47.9
-3.8
50.0
46.2
-2.7
49.1
46.4
-4.1
49.5
45.4
-3.3
50.2
46.9
-4.4
52.6
48.3
-7.0
53.4
46.4
-7.3
54.1
46.7
-8.0
53.9
45.8
-7.1
53.6
46.5
64.0
62.3
70.0
68.2
71.0
69.1
71.4
70.0
71.9
70.4
69.0
70.0
69.1
68.7
69.3
68.9
71.9
73.9
68.5
71.7
75.4
75.2
74.4
77.1
9.5
9.0
11.8
11.2
22.1
20.0
17.5
15.5
13.6
13.8
15.3
15.4
9.9
10.8
8.4
8.3
9.2
8.2
10.6
12.4
13.6
16.5
9.8
7.1
267.0
272.4
324.0
330.3
327.2
335.3
332.0
337.2
334.4
335.6
341.1
340.0
349.5
344.6
360.1
350.5
366.9
359.1
366.4
361.5
367.1
364.4
360.3
361.4
22.4
1.7
20.7
3.1
17.6
30.4
2.4
28.0
4.9
23.1
30.8
2.4
28.4
4.9
23.6
31.4
2.4
29.0
5.0
24.0
31.7
2.4
29.3
5.0
24.3
32 0
2.4
29.6
5.0
24.6
32 2
2.4
29.8
5.1
24.7
32 4
2.4
30.0
5.1
24.9
32 4
2.4
30.0
5.1
24.9
MEMO
7 Domestically chartered banks' net positions
with own foreign branches, not seasonally adjusted 5
Gross due from balances
8
9
Gross due to balances
10 Foreign-related institutions' net positions with
directly related institutions, not seasonally adjusted 6
11
Gross due from balances
Gross due to balances
12
Security RP borrowings
Seasonally adjusted'
13
Not seasonally adjusted
14
U.S. Treasury demand balances 8
Seasonally adjusted
15
16
Not seasonally adjusted
Time deposits, $100,000 or more 9
17
Seasonally adjusted
Not seasonally adjusted
18
I B F A D J U S T M E N T S FOR S E L E C T E D I T E M S 1 0
19
20
21 Item 5
22 Item 7
23 Item 10
1. Commercial banks are those in the 50 states and the District of Columbia
with national or state charters plus agencies and branches offoreign 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 m e m b e r
banks and averages of current and previous month-end data for foreign-related
institutions.
4. Loans initially booked by the bank and later sold to affiliates that are still
held by affiliates. Averages of Wednesday data.
5. Averages of daily figures for member and n o n m e m b e r banks.
6. Averages of daily data.
7. Based on daily average data reported by 122 large banks.
8. Includes U.S. Treasury demand deposits and Treasury tax-and-loan notes at
commercial banks. Averages of daily data.
9. Averages of Wednesday figures.
10. Estimated effects of shifts of foreign assets from U.S. banking offices to
international banking facilities (IBFs).
A18
1.25
DomesticNonfinancialStatistics • January 1983
ASSETS A N D LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS
Last-Wednesday-of-Month Series
Billions of dollars except for number of banks
1982
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
DOMESTICALLY CHARTERED
COMMERCIAL BANKS'
1
2
3
4
5
6
7
8
9
10
11
Loans and securities, excluding
interbank
Loans, excluding interbank
Commercial and industrial
Other
U.S. Treasury securities
Other securities
Cash assets, total
Currency and coin
Reserves with Federal Reserve Banks
Balances with depository institutions .
Cash items in process of collection . . .
1,271.2
929.1
325.6
603.5
112.3
229.8
1,285.8
939.9
332.4
607.5
114.5
231.4
1,292.6
947.2
336.7
610.5
113.0
232.4
1,300.7
954.3
341.9
612.4
111.5
234.9
1,315.4
969.1
348.7
620.4
113.4
232.9
1,313.2
966.6
346.4
620.3
113.4
233.2
1,318.8
970.6
346.2
624.4
113.7
234.5
1,337.1
985.9
354.4
631.5
115.0
236.2
1,343.0
988.5
355.2
633.3
119.4
235.1
1,347.0
990.4
354.8
635.6
122.2
234.4
1,370.9
1,001.4
357.2
644.2
129.0
240.6
151.6
19.7
24.8
51.0
56.1
164.5
18.9
25.7
55.9
64.0
153.6
19.9
25.5
52.4
55.8
153.0
20.0
21.7
54.9
56.3
165.4
20.1
18.2
59.6
67.4
154.5
20.5
25.1
55.4
53.6
160.8
20.3
26.1
58.8
55.5
157.4
20.4
17.0
60.4
59.6
162.1
20.5
23.5
61.3
56.8
169.7
19.0
22.0
64.6
64.1
184.2
23.0
25.4
67.3
68.4
12
Other assets 2
201.9
219.3
206.6
209.9
223.2
224.2
231.3
234.9
237.0
241.8
265.4
13
Total assets/total liabilities and capital . . .
1,624.7
1,669.5
1,652.9
1,663.6
1,704.0
1,692.0
1,710.9
1,729.3
1,742.1
1,758.6
1,820.5
14
15
16
17
Deposits
Demand
Savings
Time
1,213.7
316.7
222.5
674.4
1,250.8
338.3
229.9
682.6
1,231.0
315.5
226.6
688.9
1,244.0
315.4
227.6
701.0
1,284.8
345.2
228.9
710.7
1,266.4
314.4
227.1
724.8
1,279.1
315.5
229.5
734.1
1,290.7
323.0
230.9
736.8
1,300.2
326.5
238.2
735.4
1,316.9
338.1
244.9
733.9
1,362.4
364.0
296.6
701.8
18
19
20
Borrowings
Other liabilities
Residual (assets less liabilities)
191.0
92.5
127.5
196.4
94.4
128.0
201.1
92.4
128.4
195.1
93.9
130.6
189.7
96.6
133.0
195.4
99.1
131.1
196.0
103.9
131.9
202.8
103.4
132.5
203.7
106.2
132.0
198.1
109.3
134.3
215.2
109.3
133.7
17.1
14,702
10.9
14,709
16.6
14,710
7.1
14,722
7.5
14,736
8.0
14,752
5.9
14,770
17.0
14,785
11.7
14,797
2.4
14,782
10.7
14,787
1,331.5
984.4
364.6
619.7
115.5
231.6
1,345.8
995.1
372.4
622.7
117.6
233.1
1,350.7
1,000.6
374.7
625.8
116.1
234.1
1,358.5
1,007.6
379.3
628.3
114.3
236.6
1,374.3
1,023.7
386.7
637.0
116.2
234.4
1,371.3
1,020.8
384.4
636.4
115.7
234.8
1,376.6
1,024.7
384.5
640.2
115.8
236.1
1,397.3
1,042.4
395.0
647.4
117.2
237.7
1,401.7
1,042.3
393.1
649.2
122.7
236.7
1,413.7
1,052.1
398.3
653.8
125.7
235.9
1,430.4
1,055.5
395.7
659.7
132.7
242.2
165.8
19.7
26.1
63.0
57.1
178.8
18.9
26.9
68.0
65.0
168.1
19.9
26.8
64.6
56.8
167.7
20.0
23.0
67.3
57.3
180.3
20.2
19.6
72.2
68.4
169.3
20.5
26.5
67.8
54.6
176.2
20.4
27.5
71.8
56.5
173.7
20.4
18.4
74.2
60.6
178.7
20.5
25.0
75.3
57.8
181.2
19.0
23.4
74.4
64.3
200.4
23.0
26.8
81.1
69.4
MEMO:
21
22
U.S. Treasury note balances included in
borrowing
N u m b e r of banks
ALL COMMERCIAL BANKING
INSTITUTIONS3
24
25
26
27
28
Loans and securities, excluding
interbank
Loans, excluding interbank
Commercial and industrial
Other
U.S. Treasury securities
Other securities
29
30
31
32
33
Cash assets, total
Currency and coin
Reserves with Federal Reserve Banks
Balances with depository institutions .
Cash items in process of collection . . .
34
Other assets 2
278.1
295.2
280.3
285.9
300.0
299.4
306.8
310.3
313.9
323.3
341.8
35
Total assets/total liabilities and capital . . .
1,775.5
1,819.9
1,799.1
1,812.1
1,854.7
1,840.1
1,859.6
1,881.3
1,894.2
1,918.2
1,972.7
36
37
38
39
Deposits
Demand
Savings
Time
1,258.3
329.4
222.8
706.2
1,295.0
350.8
230.2
714.0
1,272.7
327.9
226.9
717.9
1,286.2
327.9
227.8
730.4
1,325.8
357.4
229.1
739.3
1,307.3
326.8
227.4
753.1
1,321.7
327.7
229.7
764.3
1,335.5
335.1
231.1
769.2
1,345.2
338.9
238.5
767.8
1,358.1
344.9
245.1
768.0
1,410.3
376.4
296.9
737.0
40
41
42
Borrowings
Other liabilities
Residual (assets less liabilities)
255.9
131.8
129.4
260.0
135.0
129.9
260.8
135.3
130.3
255.3
138.2
132.5
253.2
140.8
134.9
260.0
139.8
133.0
260.0
144.1
133.8
267.6
143.8
134.4
268.3
146.9
133.9
267.0
156.6
136.6
278.2
148.5
135.6
17.1
15,201
10.9
15,214
16.6
15,215
7.1
15,235
7.5
15,235
8.0
15,271
5.9
15,289
17.0
15,311
11.7
15,330
2.4
15,318
10.7
15,329
23
MEMO:
43
44
U.S. Treasury note balances included in
borrowing
N u m b e r of banks
1. Domestically chartered commercial banks include all commercial banks in
the United States except branches of foreign banks; included are member and
nonmember banks, stock savings banks, and nondeposit trust companies.
2. Other assets include loans to U . S . commercial banks.
3. Commercial banking institutions include domestically chartered commercial
banks, branches and agencies of foreign banks, Edge Act and Agreement
corporations, and N e w York State foreign investment corporations.
NOTE. Figures are partly estimated. They include all bank-premises subsidiaries and other significant majority-owned domestic subsidiaries. Data for domestically chartered commercial banks are for the last Wednesday of the month. Data
for other banking institutions are estimates made on the last Wednesday of the
month based on a weekly reporting sample of foreign-related institutions and
quarter-end condition report data.
Weekly Reporting Banks
1.26
A19
ALL LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $750 Million or More on
December 31, 1977, Assets and Liabilities, 1982
Millions of dollars, Wednesday figures
Nov. 3
Account
1 Cash items in process of collection
7 Demand deposits due f r o m banks in the United S t a t e s . .
3 All other cash and due f r o m depository institutions . . . .
4 Total loans and securities
s
6
7
8
9
in
n
17
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
70
T o commercial banks
To nonbank brokers and dealers in securities
71
To others
77
73 Other loans, gross
Commercial and industrial
74
7.5
Bankers acceptances and commercial paper
AH other
76
U.S. addressees
77
N o n - U . S . addressees
78
79
Real estate
To individuals for personal expenditures
30
To financial institutions
Commercial banks in the United States
31
Banks in foreign countries
37
Sales finance, personal finance companies, etc
33
Other financial institutions
34
35
To nonbank brokers and dealers in securities
To others for purchasing and carrying securities 2
36
37
To finance agricultural production
All other
38
39 LESS: Unearned income
L o a n loss reserve
40
41 Other loans, net
4? Lease financing receivables
43 All other assets
....
44 Total assets
45
46
47
48
49
50
51
57
53
54
55
56
57
58
59
60
61
67
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
4
71 Residual (total assets minus total liabilities)
Nov. 10
Nov. 24
Dec. 1 p
Dec. 8p
Dec. 15p
Dec. 22p
Dec. 29p
57,825
8,268
34,638
48,498
6,341
34,448
51,107
7,672
32,118
49,968
7,147
32,388
58,943
8,210
35,003
52,754
7,274
31,847
61,362
8,428
38,714
56,097
8,532
34,124
54,707
9,410
38,560
651,704
643,216
641,496
638,995
648,709
651,589
651,576
654,661
655,556
42,270
9,227
33,043
10,215
20,842
1,986
79,850
6,177
73,674
15,074
55,600
6,969
48,631
3,000
41,895
8,364
33,532
10,494
21,046
1,992
77,701
4,007
73,694
15,104
55,580
6,913
48,667
3,010
41,665
8,051
33,615
10,430
21,273
1,912
77,221
3,734
73,487
15,065
55,447
6,929
48,518
2,975
41,661
7,915
33,746
10,475
21,382
1,889
77,092
3,602
73,490
15,067
55,493
6,871
48,622
2,930
44,152
9,411
34,740
10,897
21,816
2,027
77,899
4,643
73,256
14,935
55,375
6,872
48,503
2,946
45,093
9,716
35,376
11,322
21,933
2,121
79,797
6,421
73,376
15,017
55,497
6,980
48,517
2,862
43,445
7,817
35,627
11,346
22,171
2,110
79,400
5,695
73,705
15,140
55,676
6,882
48,794
2,889
44,308
8,154
36,154
11,657
22,363
2,134
80,242
5,813
74,429
15,272
56,218
7,018
49,200
2,939
44,586
7,856
36,730
12,097
22,491
2,142
81,274
5,877
75.397
15,391
57,034
7,161
49,874
2,972
43,610
31,534
9,154
2,921
499,114
216,879
4,594
212,285
205,390
6,895
131,738
73,408
41,573
30,487
8,349
2,736
495,224
216,749
4,420
212,328
205,406
6,922
131,675
73,394
40,170
28,500
9,062
2,608
495,603
216,183
4,836
211,348
204,486
6,862
131,874
73,400
38,285
26,441
9,020
2,823
495,120
215,394
4,437
210,957
203,947
7,010
132,082
73,729
40,984
28,815
9,221
2,949
498,853
217,027
4,812
212,214
205,337
6,878
131,987
73,988
43,259
29,763
10,184
3,312
496,643
215,834
4,500
211,334
204,480
6,854
131,966
74,052
42,708
30,395
9,301
3,012
499,208
215,863
5,276
210,587
203,684
6,903
132,132
74,564
41,729
28,543
10,181
3,004
501,495
216,689
5,840
210,848
204,036
6,812
132,257
75,016
41,560
29,247
9,353
2,960
501,098
216,863
6,075
210,788
203,973
6,815
132,336
75,557
7,589
6,666
11,329
15,983
9,500
2,707
6,488
16,826
5,616
7,523
485,975
11,064
138,377
7,012
6,683
11,252
16,160
8,021
2,847
6,478
14,953
5,621
7,556
482,047
11,061
136,413
7,032
7,060
11,119
15,926
7,854
2,877
6,430
15,849
5,610
7,554
482,439
11,052
134,069
6,953
7,071
10,983
15,837
8,138
3,017
6,405
15,511
5,5%
7,567
481,956
11,030
133,022
7,460
7,359
11,179
15,838
8,594
3,033
6,362
16,026
5,523
7,657
485,673
11,038
136,150
7,275
7,291
10,872
16,018
8,632
3,015
6,330
15,357
5,508
7,695
483,440
11,057
135,652
7,456
7,370
10,834
15,968
9,763
3,108
6,327
15,822
5,505
7,679
486,024
11,035
137,504
8,112
7,264
10,540
15,926
9,613
2,931
6,222
16,925
5,498
7,615
488,382
11,052
138,532
7,804
7,530
10,693
16,231
8,321
2,902
6,278
16,581
5,451
7,510
488,136
11,136
141,048
901,878
879,978
877,514
872,550
898,052
890,173
908,619
902,999
910,418
187,996
766
139,931
5,391
3,014
22,492
5,854
1,224
9,324
403,346
85,188
81,776
2,822
568
23
318,158
278,800
20,953
629
12,721
168,264
623
128,045
4,495
1,790
17,799
5,784
856
8,871
403,018
85,319
81,826
2,846
626
21
317,699
278,170
21,108
645
12,806
173,171
608
131,601
4,878
1,065
20,335
5,891
850
7,942
400,656
85,225
81,749
2,838
617
21
315,431
275,687
21,414
641
12,712
171,809
558
128,549
5,119
2,300
20,173
6,539
834
7,737
402,503
84,409
80,996
2,858
533
22
318,094
278,306
21,461
638
12,818
190,848
716
143,159
5,238
1,064
23,374
6,562
1,084
9,653
400,640
85,764
82,287
2,901
556
20
314,876
276,065
20,892
570
12,534
181,304
678
134,561
4,565
1,907
20,173
6,304
1,069
12,046
401,109
86,406
82,930
2,928
530
18
314,703
275,937
20,883
580
12,469
195,131
881
144,028
5,586
6,138
22,045
6,164
943
9,346
401,665
95,316
90,795
3,793
710
18
306,349
268,256
20,497
570
12,240
188,725
660
140,181
5,570
2,016
22,818
6,584
1,077
9,820
405,428
104,603
98,311
5,597
673
22
300,824
262,698
20,582
567
12,342
189,553
627
139,294
5,487
1,767
23,613
6,620
1,310
10,833
406,888
110,641
103,175
6,674
763
28
296,247
257,977
20,636
644
12,332
5,056
4,969
4,976
4,871
4,815
4,834
4,786
4,635
4,658
395
3,820
160,351
88,519
2,869
1,355
159,288
87,702
136
3,373
154,995
87,747
502
1,368
149,504
89,610
1,642
5,704
150,946
90,546
1,188
892
158,314
89,456
2,986
536
159,295
91,360
377
7,078
154,254
89,985
1,123
7,883
158,046
89,614
844,426
822,496
820,080
815,296
840,326
832,262
850,973
845,847
853,106
57,451
57,482
57,434
57,254
57,726
57,911
57,646
57,152
57,312
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.
Nov. 17
4. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.
A20
1.27
DomesticNonfinancialStatistics • January 1983
LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $1 Billion or More on
December 31, 1977, Assets and Liabilities
Millions of dollars, Wednesday figures, 1982
Account
1 Cash items in process of collection
2 Demand deposits due f r o m banks in the United S t a t e s . .
3 All other cash and due f r o m 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
N o n - U . S . addressees
28
29
Real estate
30
To individuals for personal expenditures
To financial institutions
Commercial banks in the United States
31
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
Loan loss reserve
40
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
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 f r o m Federal Reserve Banks
Treasury tax-and-loan notes
All other liabilities for borrowed m o n e y 3
Other liabilities and subordinated notes and
debentures
70 Total liabilities
71 Residual (total assets minus total liabilities) 4
Nov. 3
N o v . 10
Nov. 24
Dec. 1"
Dec. 8P
Dec. 15P
Dec. IIP
Dec. 29p
54,668
7,463
32,249
46,041
5,719
31,874
48,335
6,921
29,579
47,136
6,336
29,738
55,815
7,452
32,152
50,189
6,630
29,362
58,121
7,697
35,783
52,851
7,682
31,318
51,794
8,563
35,695
609,652
601,230
599,669
597,586
606,457
608,763
608,691
611,702
611,927
38,671
9,066
29,605
9,160
18,724
1,722
73,364
5,981
67,382
13,856
50,731
6,291
44,440
2,794
38,144
8,190
29,954
9,372
18,858
1,724
71,243
3,857
67,386
13,858
50,721
6,237
44,484
2,807
37,903
7,902
30,001
9,318
19,036
1,646
70,805
3,557
67,248
13,845
50,627
6,264
44,363
2,776
37,907
7,785
30,122
9,369
19,128
1,624
70,678
3,436
67,243
13,825
50,687
6,217
44,470
2,731
40,388
9,285
31,102
9,734
19,605
1,763
71,480
4,461
67,019
13,703
50,571
6,237
44,334
2,745
41,253
9,588
31,664
10,013
19,797
1,855
73,389
6,247
67,143
13,780
50,703
6,349
44,354
2,660
39,637
7,734
31,903
10,017
20,042
1,844
72,852
5,486
67,366
13,854
50,829
6,227
44,602
2,683
40,499
8,073
32,426
10,300
20,257
1,868
73,609
5,583
68,026
14,017
51,287
6,373
44,914
2,723
40,746
7,782
32,964
10,701
20,399
1,863
74,535
5,649
68,886
14,148
51,996
6,451
45,545
2,742
38,676
27,176
8,685
2,814
471,054
205,835
4,246
201,590
194,823
6,766
124,363
65,863
36,900
26,359
7,887
2,654
467,103
205,681
4,055
201,626
194,832
6,794
124,303
65,756
35,617
24,460
8,635
2,523
467,487
205,165
4,504
200,661
193,925
6,736
124,452
65,746
34,138
22,840
8,572
2,727
467,018
204,433
4,098
200,335
193,452
6,883
124,665
66,036
36,287
24,704
8,731
2,852
470,484
205,989
4,488
201,501
194,748
6,754
124,583
66,073
38,024
25,222
9,683
3,119
468,301
204,813
4,179
200,634
193,904
6,730
124,585
66,139
37,781
26,141
8,759
2,882
470,606
204,782
4,952
199,830
193,057
6,774
124,714
66,587
36,881
24,410
9,576
2,894
472,835
205,573
5,502
200,071
193,382
6,689
124,841
66,976
36,367
24,883
8,656
2,828
472,254
205,679
5,728
199,950
193,259
6,692
124,943
67,460
7,420
6,585
11,144
15,542
9,447
2,472
6,316
16,067
4,985
7,127
458,942
10,723
134,496
6,847
6,603
11,073
15,717
7,989
2,618
6,306
14,210
4,995
7,164
454,943
10,720
132,539
6,867
6,994
10,941
15,477
7,825
2,650
6,261
15,109
4,979
7,165
455,343
10,711
130,186
6,805
6,989
10,808
15,409
8,096
2,791
6,241
14,744
4,970
7,186
454,863
10,663
129,215
7,322
7,285
10,997
15,388
8,560
2,807
6,197
15,283
4,906
7,275
458,303
10,669
132,198
7,117
7,224
10,690
15,556
8,598
2,785
6,167
14,629
4,892
7,312
456,097
10,682
131,685
7,299
7,283
10,658
15,496
9,727
2,884
6,164
15,011
4,888
7,296
458,422
10,643
133,486
7,935
7,196
10,357
15,466
9,581
2,706
6,056
16,148
4,882
7,240
460,713
10,660
134,450
7,621
7,464
10,503
15,763
8,268
2,681
6,112
15,760
4,836
7,138
460,280
10,743
136,877
849,252
828,124
825,401
820,675
844,744
837,311
854,421
848,664
855,599
175,287
736
130,265
4,830
2,761
20,757
5,798
1,217
8,922
378,307
78,573
75,432
2,594
524
23
299,734
262,613
19,020
564
12,481
156,632
604
119,004
4,002
1,642
16,377
5,738
831
8,434
377,727
78,689
75,475
2,610
583
21
299,038
261,801
19,122
572
12,574
161,012
589
122,176
4,341
917
18,834
5,824
847
7,485
375,473
78,623
75,417
2,606
580
21
296,850
259,343
19,473
568
12,489
159,644
538
119,113
4,546
2,123
18,627
6,489
833
7,374
377,334
77,848
74,700
2,626
499
22
299,486
261,961
19,492
566
12,596
177,957
696
133,169
4,704
960
21,610
6,514
1,082
9,220
375,664
79,108
75,899
2,666
523
20
296,556
259,951
18,962
512
12,316
169,150
659
125,008
4,048
1,758
18,671
6,262
1,068
11,677
375,878
79,696
76,492
2,691
495
17
296,183
259,656
18,914
512
12,268
181,906
860
134,022
4,970
5,653
20,409
6,091
936
8,965
376,030
87,954
83,914
3,474
548
18
288,076
252,195
18,577
502
12,016
175,654
638
130,101
4,867
1,827
21,170
6,541
1,074
9,437
379,450
96,649
90,850
5,142
634
22
282,800
246,850
18,725
498
12,092
176,673
610
129,250
4,870
1,619
22,003
6,574
1,309
10,439
380,729
102,322
95,430
6,141
722
28
278,407
242,414
18,729
576
12,030
5,056
4,969
4,976
4,871
4,815
4,834
4,786
4,635
4,658
395
3,546
151,465
2,839
1,258
150,192
136
3,101
146,099
492
1,255
140,683
1,642
5,410
141,491
1,188
818
148,591
2,922
483
149,719
377
6,656
145,037
1,025
7,360
148,641
86,349
85,530
85,647
87,514
88,380
87,303
89,217
87,816
87,346
795,349
774,178
771,469
766,922
790,544
782,928
800,278
794,990
801,774
53,903
53,946
53,932
53,753
54,199
54,382
54,142
53,673
53,824
1. Includes securities purchased under agreements to resell.
2. Other than financial institutions and brokers and dealers.
3. Includes federal funds purchased and securities sold under agreement to
repurchase; for information on these liabilities at banks with assets of $1 billion or
more on Dec. 31, 1977, see table 1.13.
Nov. 17
4. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.
Weekly Reporting Banks
1.28
A21
LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY Assets and Liabilities
Millions of dollars, Wednesday figures, 1982
Account
1 Cash items in process of collection
2 Demand deposits due f r o m banks in the United S t a t e s . .
3 All other cash and due f r o m depository institutions . . . .
4 Total loans and securities 1
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Dec. 1 p
Dec. 15 p
Dec. 8p
Dec. IIP
Dec. 29"
19,745
1,589
6,838
17,009
1,058
6,491
15,993
1,501
6,421
15,052
979
4,488
20,816
1,678
5,214
21,325
1,560
6,466
21,868
1,431
8,068
18,715
1,392
7,179
18,515
1,513
8,117
147,597
143,318
144,885
143,362
147,775
147,579
148,016
147,748
146,974
7,999
1,153
6,322
523
8,047
1,154
6,363
530
8,271
1,227
6,565
479
8,330
1,227
6,671
432
8,498
1,271
6,794
432
8,655
1,286
6,838
531
8,660
1,286
6,840
534
8,646
1,285
6,827
534
8,686
1,282
6,870
534
13,581
1,842
10,829
1,179
9,650
909
13,449
1,751
10,788
1,175
9,613
910
13,312
1,698
10,736
1,166
9,570
878
13,282
1,697
10,764
1,180
9,584
821
13,283
1,693
10,746
1,202
9,543
845
13,266
1,663
10,845
1,309
9,535
759
13,367
1,636
10,965
1,333
9,631
766
13,634
1,604
11,267
1,485
9,782
762
13,774
1,577
11,435
1,390
10,045
762
11,116
5,409
4,580
1,127
118,747
61,390
1,155
60,236
58,756
1,480
18,770
11,616
9,256
4,458
3,814
983
116,438
61,312
1,036
60,277
58,701
1,575
18,756
11,627
9,889
4,563
4,195
1,131
117,277
61,314
1,118
60,196
58,678
1,519
18,884
11,621
9,096
3,750
4,183
1,163
116,535
60,875
1,111
59,764
58,149
1,615
18,946
11,647
11,319
5,944
4,190
1,186
118,583
61,644
1,257
60,386
58,845
1,541
18,831
11,495
11,484
5,444
4,946
1,094
118,081
61,316
1,121
60,194
58,679
1,516
18,879
11,519
11,799
6,515
3,818
1,466
118,092
61,024
1,322
59,703
58,126
1,577
18,878
11,597
10,311
4,170
4,653
1,488
119,068
61,003
1,666
59,337
57,875
1,462
18,990
11,668
11,344
6,003
3,756
1,586
117,074
60,750
1,619
59,059
57,614
1,445
19,086
11,723
2,703
2,558
4,914
4,919
6,194
767
371
4,546
1,487
2,359
114,900
2,063
58,914
2,057
2,493
4,800
4,989
5,474
874
392
3,662
1,493
2,378
112,567
2,062
55,710
2,180
2,862
4,857
4,928
5,535
867
392
3,835
1,484
2,381
13,412
2,044
54,500
2,155
2,796
4,776
4,877
5,355
927
380
3,800
1,486
2,395
112,654
2,060
54,626
2,655
3,031
4,880
4,848
5,737
944
378
4,139
1,475
2,433
114,675
2,030
56,795
2,616
2,964
4,685
4,837
5,806
910
376
4,173
1,469
2,438
114,174
2,033
57,050
2,588
2,892
4,609
4,827
6,258
940
382
4,096
1,474
2,428
114,190
2,035
57,190
3,098
2,901
4,360
4,712
6,208
954
372
4,801
1,478
2,434
115,157
2,037
58,519
2,931
3,191
4,406
4,818
4,655
928
387
4,200
1,474
2,430
113,170
2,054
58,880
236,746
225,649
225,344
220,567
234,308
236,012
238,608
235,589
236,053
53,641
322
36,158
574
679
45,862
270
31,154
433
195
55,691
349
37,444
552
148
6,246
5,140
876
4,934
74,449
10,672
10,339
237
94
1
63,778
53,282
2,460
201
5,840
56,252
464
38,151
626
1,507
5,024
4,737
718
5,026
74,740
11,527
11,190
246
89
53,672
312
34,615
778
483
5,796
5,235
876
5,576
74,964
13,009
12,388
526
94
1
1
1
63,670
52,855
2,681
205
5,810
45,878
252
30,392
501
497
4,600
5,260
626
3,748
74,577
10,487
10,150
228
106
2
64,090
53,302
2,618
201
5,938
54,020
321
34,271
500
473
4,901
4,792
866
7,896
74,994
10,789
10,460
239
88
64,338
54,058
2,497
208
5,475
45,410
297
30,430
485
490
3,919
4,544
566
4,679
75,886
10,870
10,464
231
174
1
65,016
54,589
2,563
208
5,575
64,205
53,665
2,445
202
5,877
63,213
53,135
2,337
206
5,581
61,956
51,850
2,326
206
5,685
53,766
266
33,504
516
442
6,708
5,403
1,086
5,840
74,722
14,040
13,210
713
116
1
60,682
50,702
2,281
206
5,602
2,099
2,080
2,120
2,032
1,994
2,016
1,954
1,888
1,892
926
55,656
32,987
1,405
368
51,984
32,145
920
53,522
32,012
343
49,171
32,219
1 150
1,557
48,935
33,920
675
197
54,283
33,194
970
56
53,049
34,976
355
1,956
52,630
33,842
150
2,154
52,862
34,078
218,333
207,199
206,912
202,188
215,702
217,362
220,044
217,420
217,732
18,414
18,450
18,433
18,378
18,606
18,650
18,564
18,169
18,322
Securities
6
7
8
9
in
11
V
13
14
15
16
17
18
Investment
One year
Over one
Over five
account, by maturity
or less
through five years
years
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 3
20
To commercial banks
To nonbank brokers and dealers in securities
21
To others
22
23 Other loans, gross
Commercial and industrial
24
25
Bankers acceptances and commercial paper
26
All other
27
U.S. addressees
N o n - U . S . addressees
28
29
Real estate
30
To individuals for personal expenditures
To financial institutions
Commercial banks in the United States
31
32
Banks in foreign countries
Sales finance, personal finance companies, etc
33
Other financial institutions
34
35
To nonbank brokers and dealers in securities
To others for purchasing and carrying securities 4 . . . .
36
37
To finance agricultural production
38
All other
39 LESS: Unearned income
Loan loss reserve
40
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
57
58
59
60
61
62
63
64
65
Deposits
Demand deposits
Mutual savings banks
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Time and savings deposits
Savings
Individuals and nonprofit organizations
Partnerships and corporations operated for profit . .
Domestic governmental units
All Other
Time
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Foreign governments, official institutions, and
banks
Liabilities for borrowed money
66
Treasury tax-and-loan notes
67
All other liabilities for borrowed money 6
68
69 Other liabilities and subordinated notes and debentures .
70 Total liabilities
71 Residual (total assets minus total liabilities) 7
1.
2.
3.
4.
Excludes trading account securities.
Not available due to confidentiality.
Includes securities purchased under agreements to resell.
Other than financial institutions and brokers and dealers.
5,617
4,540
962
4,787
75,122
10,784
10,429
230
124
1
4,734
4,637
571
3,867
74,596
10,925
10,537
232
154
1
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.
A22
1.29
DomesticNonfinancialStatistics • January 1983
LARGE WEEKLY REPORTING COMMERCIAL BANKS
Balance Sheet Memoranda
Millions of dollars, Wednesday figures, 1982
Account
Nov. 3
Nov. 10
N o v . 17
Nov. 24
Dec. 1 p
Dec. 8p
Dec. 15p
Dec. 22p
Dec. 29p
B A N K S W I T H A S S E T S O F $ 7 5 0 M I L L I O N OR M O R E
1 Total loans (gross) and securities adjusted'
2 Total loans (gross) a d j u s t e d '
3 Demand deposits adjusted 2
625,720
503,600
104,666
618,894
499,298
100,176
619,128
500,241
100,664
618,765
500,011
99,369
625,613
503,562
107,467
627,754
502,864
106,470
626,909
504,065
105,587
631,119
506,569
107,795
631,466
505,606
109,465
4 Time deposits in accounts of $100,000 or more
5
Negotiable CDs
6
Other time deposits
203,563
144,812
58,750
203,240
144,031
59,209
201,052
141,808
59,244
203,032
143,332
59,700
200,000
140,933
59,067
199,481
139,843
59,637
194,249
136,407
57,843
191,147
134,636
56,511
187,929
132,340
55,589
2,874
2,238
636
2,886
2,252
634
2,933
2,308
624
2,956
2,345
611
2,982
2,375
607
2,952
2,329
623
2,937
2,319
618
2,952
2,254
697
2,890
2,235
655
10 Total loans (gross) and securities a d j u s t e d '
11 Total loans (gross) adjusted'
12 Demand deposits adjusted 2
587,168
475,134
97,100
580,185
470,797
92,572
580,486
471,778
92,927
580,098
471,512
91,757
586,613
474,745
99,572
588,629
473,986
98,532
587,435
474,947
97,724
591,478
477,370
99,807
591,397
476,117
101,258
13 Time deposits in accounts of $100,000 or more
14
Negotiable CDs
15
Other time deposits
194,217
139,344
54,873
193,674
138,413
55,262
191,571
136,220
55,351
193,540
137,809
55,730
190,762
135,510
55,252
190,130
134,403
55,726
185,038
131,062
53,977
181,943
129,319
52,624
178,849
127,051
51,798
2,800
2,176
624
2,815
2,193
622
2,862
2,249
613
2,884
2,285
599
2,915
2,318
597
2,884
2,270
614
2,876
2,268
608
2,882
2,195
687
2,823
2,179
644
143,331
121,751
27,600
140,675
119,179
23,991
142,008
120,424
24,939
141,338
119,726
25,729
143,084
121,303
28,480
143,427
121,505
27,321
142,816
120,788
27,854
144,391
122,111
28,678
141,945
119,485
28,101
49,736
38,016
11,720
50,679
38,695
11,984
49,381
37,535
11,847
49,440
37,657
11,783
49,080
37,249
11,831
49,395
37,328
12,067
48,715
37,097
11,618
47,838
36,576
11,262
46,772
35,612
11,159
7
8
9
Loans sold outright to affiliates 3
Commercial and industrial
Other
B A N K S W I T H A S S E T S O F $ 1 B I L L I O N OR M O R E
16 Loans sold outright to affiliates 3
Commercial and industrial
17
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 a d j u s t e d '
20 Total loans (gross) adjusted'
21 Demand deposits adjusted 2
4
22 Time deposits in accounts of $100,000 or more
23
Negotiable CDs
24
Other time deposits
1. Exclusive of loans and federal f u n d s 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 b r a n c h e s ,
nonconsolidated nonbank affiliates of the bank, the bank's holding company (if
not a bank), and nonconsolidated nonbank subsidiaries of the holding c o m p a n y ,
4. Excludes trading account securities.
Weekly Reporting Banks
1.291
LARGE WEEKLY REPORTING BRANCHES A N D AGENCIES OF FOREIGN B A N K S
A23
Assets and Liabilities
Millions of dollars, Wednesday figures, 1982
Account
1
2
3
4
5
6
7
8
9
10
11
12
n
14
15
16
17
18
19
20
21
22
Cash and due from depository institutions.
Total loans and securities
U.S. Treasury securities
Other securities
Federal funds sold 1
To commercial banks in United States . .
To others
Other loans, gross
Commercial and industrial
Bankers acceptances and commercial
paper
All other
U.S. addressees
N o n - U . S . addressees
To financial institutions
Commercial banks in United S t a t e s . . .
Banks in foreign countries
Nonbank financial institutions
For purchasing and carrying securities . .
All other
Other assets (claims on nonrelated
parties)
Net due from related institutions
Total assets
23 Deposits or credit balances 2
24
Credit balances
Demand deposits
25
Individuals, partnerships, and
26
corporations
Other
27
Total time and savings
28
Individuals, partnerships, and
29
corporations
30
Other
3
31 Borrowings
Federal funds purchased 4
32
33
From commercial banks in United
States
34
From others
35
Other liabilities for borrowed m o n e y . . . .
To commercial banks in United States
36
37
To others
38 Other liabilities to nonrelated parties
39 N e t due to related institutions
40 Total liabilities
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Dec. V
Dec. 8p
Dec. 15p
Dec. 22p
Dec. 29"
7,636
46,043
2,731
854
2,828
2,629
200
39,629
19,024
7,923
43,934
2,848
759
2,643
2,374
270
37,683
18,545
7,210
45,846
2,797
834
3,172
2,919
253
39,042
19,011
6,975
46,173
2,802
825
2,978
2,832
146
39,567
19,276
7,440
45,478
2,818
826
3,079
2,581
498
38,754
18,976
7,313
45,119
2,881
831
2,449
2,220
229
38,958
19,013
7,278
44,718
2,804
850
2,157
2,042
115
38,906
19,036
7,259
46,730
2,974
845
3,410
3,000
409
39,500
19,319
7,369
45,249
3,107
874
2,617
2,243
373
38,650
19,003
2,893
16,131
14,046
2,085
16,078
12,869
2,570
639
420
4,107
2,589
15,956
13,999
1,957
14,886
11,804
2,420
661
311
3,941
2,918
16,093
14,122
1,971
15,931
12,857
2,430
644
203
3,897
2,874
16,382
14,436
1,946
16,145
13,067
2,455
623
291
3,875
2,809
16,168
14,263
1,905
15,599
12,600
2,342
657
345
3,834
2,734
16,278
14,351
1,927
15,575
12,577
2,334
664
480
3,890
2,842
16,195
14,244
1,951
15,604
12,422
2,602
581
530
3,735
2,910
16,408
14,381
2,027
15,861
12,708
2,573
579
555
3,765
2,816
16,187
14,217
1,970
15,463
12,285
2,622
556
480
3,705
12,048
12,864
78,591
12,017
13,689
77,563
12,009
12,255
77,319
12,228
12,184
77,560
12,128
13,223
78,268
12,406
13,850
78,688
12,349
13,043
77,387
12,404
13,694
80,086
12,556
14,337
79,511
23,820
270
2,234
23,660
246
1,941
23,400
204
1,987
24,177
213
1,903
25,060
275
2,463
25,097
293
2,298
25,104
254
1,999
26,729
251
2,430
26,605
211
2,104
1,079
1,155
21,316
903
1,038
21,473
895
1,091
21,209
944
960
22,060
1,165
1,298
22,322
851
1.446
22,506
849
1,150
22,851
989
1,441
24,048
871
1,233
24,289
18,071
3,245
33,694
10,144
18,380
3,093
32,018
9,645
18,131
3.078
31,632
8,603
19,054
3,006
31,788
8,038
19,209
3,113
32,016
8,678
19,379
3,128
33,030
9,448
19,631
3,220
31,590
8,182
20,670
3,379
32,383
8,603
20,933
3,357
32,220
8,356
9,080
1,064
23,550
21,177
2,373
11,665
9,412
78,591
8,556
1,089
22,373
19,783
2,590
11,794
10,090
77,563
7,548
1,056
23,028
20,510
2,519
11,611
10,677
77,319
6,950
1,087
23,750
21,219
2,531
11,814
9,782
77,560
7,462
1,216
23,337
20,719
2,618
11,878
9,314
78,268
8,049
1,339
23,582
21,262
2,320
11,956
8,605
78,688
6,906
1,277
23,407
20,508
2,899
12,078
8,615
77,387
7,122
1,481
23,780
20,932
2,848
12,203
8,770
80,086
6,887
1,479
23,864
21,146
2,718
12,196
8.490
79,511
30,545
26,960
29,756
26,148
30,069
26,438
30,274
26,646
30,296
26,652
30,321
26,610
30,254
26,600
31,020
27,201
30,720
26,738
MEMO
41 Total loans (gross) and securities
adjusted 5
42 Total loans (gross) adjusted 5
1. Includes securities purchased under agreements to resell.
2. Balances due to other than directly related institutions.
3. Borrowings from other than directly related institutions.
4. Includes securities sold under agreements to repurchase.
5. Excludes loans and federal funds transactions with commercial banks in
United States.
A24
1.30
DomesticNonfinancialStatistics • January 1983
LARGE WEEKLY REPORTING COMMERCIAL BANKS
Domestic Classified Commercial and Industrial Loans
Millions of dollars
Industry classification
Aug. 25
Sept. 29
Outstanding
Net change during
1982
1982
Oct. 27
Nov. 24
Dec. 29p
Q3
Q4P
Oct.
Nov.
Dec.?
1 Durable goods manufacturing
29,117
31,424
31,345
30,124
29,943
2,347
-1,481
-80
-1,220
-181
2 Nondurable goods manufacturing
3
Food, liquor, and tobacco
4
Textiles, apparel, and leather
5
Petroleum refining
6
Chemicals and rubber
7
Other nondurable goods
24,866
4,596
5,064
4,717
5,518
4,971
25,811
4,838
4,855
5,323
5,810
4,985
24,774
4,637
4,571
5,464
5,426
4,677
24,640
4,855
4,268
5,518
5,386
4,614
23,908
4,405
3,812
5,627
5,530
4,534
512
34
-7
228
259
1
-1,903
-433
-1,044
304
-280
-451
-1,037
-202
-284
141
-384
-308
-134
218
-303
54
-39
63
-732
-450
-456
110
143
-80
8 Mining (including crude petroleum
and natural gas)
27,313
28,406
29,266
29,633
29,583
154
1,177
860
368
-51
9 Trade
Commodity dealers
10
11
Other wholesale
12
Retail
28,320
1,788
13,488
13,044
29,048
1,977
13,975
13,096
28,960
2,036
13,692
13,231
28,732
2,102
13,652
12,978
28,003
2,297
13,658
12,047
-142
116
198
-456
-1,045
320
-316
-1,049
-88
60
-283
135
-227
65
-39
-253
-730
196
6
-932
14
15
16
13 Transportation, communication,
and other public utilities
Transportation
Communication
Other public utilities
24,751
8,964
4,905
10,882
24,913
8.976
5,153
10,785
24,840
8,913
5,254
10,672
25,152
9,025
5,297
10,830
24,953
9,103
5,258
10,591
-89
-251
374
-212
40
128
106
-194
-74
-62
101
-112
313
112
43
158
-199
78
-38
-239
17 Construction
18 Services
19 All other 1
7,825
28,938
17,536
7,815
29,196
17,916
7,757
29,587
17,966
7,759
29,472
17,937
7,863
30,504
18,502
55
466
680
48
1,308
586
-58
392
50
2
-115
-28
104
1,031
565
188,667
194,530
194,494
193,452
193,259
3,982
-1,271
-36
-1,042
-193
87,027
89,152
89,776
89,956
89,845
-655
692
623
181
-112
20 Total domestic loans
21 MEMO: Term loans (original maturity more
than 1 year) included in domestic loans . .
1. Includes commercial and industrial loans at a few banks with assets of $1
billion or more that do not classify their loans.
Commercial Paper
1.31
A25
GROSS D E M A N D DEPOSITS of Individuals, Partnerships, and Corporations'
Billions of dollars, estimated daily-average balances
Commercial banks
Type of holder
1978
Dec.
1981
19792
Dec.
Mar. 3
1 All holders—Individuals, partnerships, and
corporations
294.6
302.2
315.5
280.8
2
3
4
5
6
27.8
152.7
97.4
2.7
14.1
27.1
157.7
99.2
3.1
15.1
29.8
162.3
102.4
3.3
17.2
30.8
144.3
86.7
3.4
15.6
Financial business
Nonfinancial business
Consumer
Foreign
Other
1982
1980
Dec.
June 4
Sept.
f
1
n.a.
1
1
t
Dec.
Mar.
June
277.5
288.9
268.9
271.5
28.2
148.6
82.1
3.1
15.5
28.0
154.8
86.6
2.9
16.7
27.8
138.7
84.6
3.1
14.6
28.6
141.4
83.7
2.9
15.0
Weekly reporting banks
1978
Dec.
1981
19795
Dec.
Mar. 3
7 All holders—Individuals, partnerships, and
corporations
8
9
10
11
12
Financial business
Nonfinancial business
Consumer
Foreign
Other
June 4
Sept.
Dec.
Mar.
June
147.0
139.3
147.4
133.2
f
131.3
137.5
126.8
127.9
19.8
79.0
38.2
2.5
7.5
20.1
74.1
34.3
3.0
7.8
21.8
78.3
35.6
3.1
8.6
21.9
69.8
30.6
3.2
7.7
n.a.
20.7
71.2
28.7
2.9
7.9
21.0
75.2
30.4
2.8
8.0
20.2
67.1
29.2
2.9
7.3
20.2
67.7
29.7
2.8
7.5
1. Figures include cash items in process of collection. Estimates of gross
deposits are based on reports supplied by a sample of commercial banks. Types of
depositors in each category are described in the June 1971 BULLETIN, p. 466.
2. Beginning with the March 1979 survey, the demand deposit ownership
survey sample was reduced to 232 banks from 349 banks, and the estimation
procedure was modified slightly. T o aid in comparing estimates based on the old
and new reporting sample, the following estimates in billions of dollars for
December 1978 have been constructed using the new smaller sample; financial
business, 27.0; nonfinancial business, 146.9; consumer, 98.3; foreign, 2.8; and
other, 15.1.
3. Demand deposit ownership data for March 1981 are subject to greater than
normal errors reflecting unusual reporting difficulties associated with funds
shifted to negotiable order of withdrawal (NOW) accounts authorized at year-end
1980. For the household category, the $15.7 billion decline in demand deposits at
all commercial banks between D e c e m b e r 1980 and March 1981 has an estimated
standard error of $4.8 billion.
1982
1980
Dec.
1
|
T
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 " A n n o u n c e m e n t s , " 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.
A26
1.32
DomesticNonfinancialStatistics • January 1983
COMMERCIAL PAPER A N D BANKERS DOLLAR ACCEPTANCES OUTSTANDING
Millions of dollars, end of period
1982
Instrument
1977
Dec.
1978
Dec.
1979'
Dec.
1980
Dec.
1981
Dec.
June
July
Aug.
Sept.
Oct.
Nov.
Commercial paper (seasonally adjusted unless noted otherwise)
1 All issuers
2
3
4
5
6
Financial companies 2
Dealer-placed
paper3
Total
Bank-related (not seasonally
adjusted)
Directly placed paper4
Total
Bank-related (not seasonally
adjusted)
Nonfinancial companies 5
65,051
83,438
112,803
124,524
165,508
178,842
180,669
177,182
173,836
170,253
165,534
8,796
12,181
17,359
19,790
30,188
36,685
37,961
38,066
36,692
35,130
35,304
2,132
3,521
2,784
3,561
6,045
7,188
6,427
6,038
5,924
5,791
6,232
40,574
51,647
64,757
67,854
81,660
84,774
85,684
81,707
81,347
79,846
79,143
7,102
15,681
12,314
19,610
17,598
30,687
22,382
36,880
26,914
53,660
30,828
57,383
31,141
57,024
28,901
57,409
27,761
55,797
25,712
55,277
27,769
51,087
Bankers dollar acceptances (not seasonally adjusted)
7 Total
8
9
10
11
12
13
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
25,450
33,700
45,321
54,744
69,226
71,765
72,559
72,709
73,818
75,811
10,434
8,915
1,519
8,579
7,653
927
9,865
8,327
1,538
10,564
8,963
1,601
10,857
9,743
1,115
10,362
9,175
1,188
11,164
9,734
1,431
11,805
10,740
1,065
10,752
9,370
1,382
10,661
9,399
1,262
954
362
13,700
1
664
24,456
704
1,382
33,370
776
1,791
41,614
0
1,442
56,926
0
1,348
60,054
0
1,250
60,145
0
1,239
59,664
0
1,139
61,927
0
1,080
64,070
6,378
5,863
13,209
8,574
7,586
17,540
10,270
9,640
25,411
11,776
12,712
30,257
14,765
15,400
39,061
15,213
15,649
40,842
15,094
16,167
41,298
14,921
15,883
41,898
16,075
15,608
42,136
16,511
16,463
42,837
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.
Business Lending
1.33
All
PRIME RATE CHARGED BY BANKS on Short-Term Business Loans
Percent per annum
Effective Date
Effective date
1981—Nov.
3
9
17.50
16.5017.00
17.00
16.50
16.00
15.75
16.50
17.00
16.50
17
20
24
Dec. 1
1982—Feb. 2
18
23
1.34
16.00
15.50
15.00
14.50
14.00
13.50
13.00
12.00
11.50
July
20
29
2
16
18
23
Oct. 7
14
N o v . 22
Aug.
Month
Average
rate
Rate
20.03
20.39
20.50
20.08
18.45
16.84
15.75
15.75
16.56
16.50
1981—June
July
Aug
Sept
Oct
Nov
Dec
1982—Jan
Feb
Mar
Average
rate
1982—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
16.50
16.50
16.50
16.26
14.39
13.50
12.52
11.85
11.50
TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, November 1-6, 1982
Size of loan (in thousands of dollars)
All
sizes
1,000
and over
SHORT-TERM COMMERCIAL AND INDUSTRIAL LOANS
1
2
3
4
5
Amount 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
11.26
10.38-11.34
642,584
20,331
3.6
15.32
13.72-16.45
562,394
9,027
4.1
13.80
12.68-14.45
2,129,432
12,408
4.8
13.85
12.68-15.01
913,862
1,403
3.2
12.93
12.25-13.80
10.79
10.38-10.90
26.4
70.1
9.6
32.5
40.8
15.9
39.5
35.8
18.7
70.8
64.5
40.0
65.4
54.4
22.2
65.0
68.9
29.5
21.6
72.8
7.3
1.2
Percentage of amount of loans
6 With floating rate
7 Made under commitment
8 With no stated maturity
1-99
LONG-TERM COMMERCIAL AND INDUSTRIAL LOANS
9
10
11
12
13
Amount 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
4,007,972
25,270
46.2
12.24
0.68-13.55
380,177
22,129
43.9
15.17
13.80-16.65
459,970
2,265
26.4
13.98
13.50-14.94
204,266
311
45.3
13.02
12.55-13.88
2,963,558
565
49.6
11.54
10.62-12.68
77.8
76.1
49.0
44.1
67.9
32.4
81.6
69.6
82.7
87.5
Percentage of amount of loans
14 With floating rate
15 Made under commitment
1-24
CONSTRUCTION AND L A N D DEVELOPMENT LOANS
16
17
18
19
20
Amount 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
Percentage of amount of loans
With floating rate
Secured by real estate
Made under commitment
With no stated maturity
28
29
30
31
32
Amount of loans (thousands of dollars)
Number of loans
Weighted-average maturity (months)
Weighted-average interest rate (percent per annum)
Interquartile range 1
33
34
35
36
37
By purpose of loan
Feeder livestock
Other livestock
Other current operating expenses
Farm machinery and equipment
Other
157,866
11.1
15.14
12.73-16.09
14.4
16.74
15.02-18.10
179,347
4,750
16.0
17.44
14.75-18.97
85,282
1,278
6.4
18.52
14.23-20.57
531,567
2,806
8.3
15.01
12.69-15.58
56.6
71.6
39.6
2.9
27.8
75.0
44.4
3.7
27.2
85.6
43.1
.4
34.9
92.8
29.7
4.8
47.4
69.2
21.5
2.1
91.1
64.3
58.7
4.0
43.3
74.8
1.5
23.7
64.2
18.8
17.0
72.2
7.6
20.2
56.7
4.6
38.7
5.2
22.2
72.6
16,181
12.1
44.6
All
sizes
1-9
25-49
10-24
50-99
479,010
241
12.2
13.30
11.82-14.50
250
and over
100-249
1,457,533
67.611
5.8
14.84
13.96-15.71
158,122
40,418
5.4
15.60
15.00-16.21
234,089
15,969
7.1
15.38
14.65-16.11
169,062
5,177
6.4
15.34
14.57-16.02
282,570
4,206
5.7
15.57
15.03-16.08
15.01
14.00-15.57
13.90
15.49
15.33
15.68
14.53
15.48
15.46
15.65
15.53
15.62
15.19
15.42
15.40
15.16
15.66
15.22
15.34
15.42
15.76
14.84
15.01
15.58
15.50
14.35
12.66
14.56
15.20
14.65
13.74
1. Interest rate range that covers the middle 50 percent of the total dollar
amount of loans made.
2. Fewer than 10 sample loans.
NOTE. F o r more detail, see the B o a r d ' s E.2 (111) statistical release.
500
and over
50-99
25-49
1,433,072
25,255
Type of
construction
25 1- to 4-family
26 Multifamily
27 Nonresidential
L O A N S TO F A R M E R S
32,578,151
4,658
1,004,140
123,157
3.6
15.63
14.37-16.99
37,830,563
170,984
200,860
1,304
6.1
412,831
536
4.7
13.46
11.01-15.22
A28
1.35
DomesticNonfinancialStatistics • January 1983
I N T E R E S T R A T E S M o n e y a n d 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
Instrument
1980
1981
1982, week ending
1982
Sept.
Oct.
Nov.
Dec.
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
MONEY MARKET RATES
1 Federal funds 1 - 2
Commercial paper 3 - 4
1-month
2
3
3-month
6-month
4
Finance paper, directly placed 3 - 4
1-month
5
6
3-month
6-month
7
Bankers acceptances 4 - 5
8
3-month
9
6-month
Certificates of deposit, secondary market 6
1-month
10
3-month
11
17
6-month
13 Eurodollar deposits, 3-month 2
U.S. Treasury bills 4
Secondary market 7
3-month
14
15
6-month
1-year
16
Auction average 8
3-month
17
18
6-month
19
13.36
16.38
12.26
10.31
9.71
9.20
8.95
8.69
8.84
8.86
8.69
8.79
12.76
12.66
12.29
15.69
15.32
14.76
11.83
11.89
11.89
9.96
10.36
10.86
9.08
9.20
9.21
8.66
8.69
8.72
8.53
8.51
8.50
8.55
8.61
8.69
8.44
8.46
8.50
8.51
8.52
8.50
8.48
8.44
8.41
8.69
8.52
8.45
12.44
11.49
11.28
15.30
14.08
13.73
11.64
11.23
11.20
9.89
9.65
9.63
8.89
8.60
8.60
8.51
8.39
8.42
8.35
8.18
8.20
8.42
8.38
8.43
8.29
8.21
8.31
8.38
8.14
8.14
8.36
8.08
8.08
8.34
8.12
8.10
12.72'
12.25
15.32
14.66
11.89
11.83
10.40
10.82
9.24
9.21
8.76
8.77
8.54
8.50
8.64
8.78
8.53
8.54
8.54
8.50
8.50
8.41
8.54
8.40
12.91
13.07
12.99
14.00
15.91
15.91
15.77
16.79
12.04
12.27
12.57
13.12
10.23
10.66'
11.46
11.74
9.36
9.51
9.67
10.43
8.82
8.95
9.13
9.77
8.64
8.66
8.80
9.47
8.55
8.79
9.09
9.76
8.53
8.67
8.84
9.48
8.66
8.70
8.80
9.56
8.60
8.59
8.73
9.56
8.81
8.57
8.65
9.36
11.43
11.37
10.89
14.03
13.80
13.14
10.61
11.07
11.07
7.92
9.37
9.92
7.71
8.29
8.63
8.07
8.34
8.44
7.94
8.16
8.23
8.14
8.47
8.53
7.96
8.30
8.36
7.80
8.04
8.15
7.91
8.04
8.14
8.01
8.07
8.11
11.506
11.374
10.748
14.077
13.811
13.159
10.686
11.084
11.099
8.196
9.539
10.286
7.750
8.299
9.521
8.042
8.319
8.567
8.013
8.225
8.234
8.280
8.511
8.372
7.956
8.254
7.995
8.205
7.857
8.104
7.975
8.051
8.095
12.05
11.77
14.78
14.56
12.27
12.80
10.85
11.78
9.32
10.19
9.16
9.80
8.91
9.66
9.06
9.80
14.44
14.24
14.06
13.91
13.72
13.44
12.92
13.01
13.06
13.00
12.92
12.76
12.03
12.25
12.36
12.34
12.16
12.07
10.62
10.80
10.88
10.91
10.97
11.17
9.98
10.38
10.53
10.55
10.57
10.54
9.88
10.22
10.49
10.54
10.62
10.54
9.95
10.26
10.48
10.56
10.56
10.51
8.83
9.62
9 70
9.84
10.23
10.50
10.56
10.56
10.59
8.80
9.57
11.55
11.48
11.43
11.46
11.39
11.30
9.26
9.89
9.90
10.04
10.31
10.58
10.69
10.69
10.64
9.88
10.22
10.55
10.56
10.71
10.59
8.75
9.52
9 65
9.79
10.15
10.40
10.43
10.66
10.45
10.81
12.87
12.23
11.48
10.51
10.18
10.33
10.41
10.32
10.37
10.35
10.26
7.85
9.01
8.59
10.43
11.76
11.33
10.88
12.48
11.66
9.70
11.88
10.66
9.15
10.66
9.69
9.45
10.79
10.07
9.34
10.80
9.96
9.24
10.60
10.23
9.24
10.40
10.13
9.40
11.00
10.05
9.40
11.00
9.84
9.40
11.00
9.56
12.75
11.94
12.50
12.89
13.67
15.06
14.17
14.75
15.29
16.04
14.94
13.79
14.41
15.43
16.11
14.34
12.94
13.72
15.07
15.63
13.54
12.12
12.97
14.34
14.73
13.08
11.68
12.51
13.81
14.30
13.02
11.83
12.44
13.66
14.14
13.05
11.83
12.49
13.72
14.16
13.00
11.79
12.40
13.68
14.11
13.03
11.82
12.48
13.67
14.15
13.07
11.91
12.49
13.67
14.20
12.98
11.82
12.40
13.58
14.11
12.74
12.70
15.56
15.56
14.41
14.45
13.50
13.57
12.20
12.34
11.76
11.88
11.84
11.91
11.95
11.85
11.84
11.82
11.95
11.96
11.85
10.60
5.26
12.36
5.20
12.53
5.81
12.41
5.63
11.71
5.12
11.18
4.92
11.20
4.93
10.71
4.92
11.25
4.82
11.28
5.09
11.35
4.96
11.39
4.87
CAPITAL MARKET RATES
U.S. Treasury notes and bonds 9
Constant maturities 1 0
20
1-year
2-year
21
">i
23
3-year
5-year
24
25
7-year
26
10-year
20-year
27
30-year
28
29
Composite 1 2
Over 10 years (long-term)
State and local notes and bonds
M o o d y ' s series 1 3
30
Aaa
31
Baa
Bond Buyer series 1 4
32
33
34
35
36
37
38
39
Corporate bonds
Seasoned issues 1 5
All industries
Aaa
Aa
A
Baa
Aaa utility bonds 1 6
Recently offered issues
MEMO: Dividend/price ratio 1 7
Preferred stocks
40
Common stocks
41
1. Weekly and monthly figures are averages of all calendar days, where the
rate for a weekend or holiday is taken to be the rate prevailing on the preceding
business day. The daily rate is the average of the rates on a given day weighted by
the volume of transactions at these rates.
2. Weekly figures are statement week averages—that is, averages for the
week ending Wednesday.
3. Unweighted average of offering rates quoted by at least five dealers (in the
case of commercial paper), or finance companies (in the case of finance paper).
Before N o v e m b e r 1979, maturities for data shown are 30-59 days, 90-119 days,
and 120-179 days for commercial paper; and 30-59 days, 90—119 days, and 150179 days for finance paper.
4. Yields are quoted on a bank-discount basis, rather than an investment yield
basis (which would give a higher figure).
5. Dealer closing offered rates for top-rated banks. Most representative rate
(which may be, but need not be, the average of the rates quoted by the dealers).
6. Unweighted average of offered rates quoted by at least five dealers early in
the day.
7. Unweighted average of closing bid rates quoted by at least five dealers.
8. Rates are recorded in the week in which bills are issued.
9. Yields are based on closing bid prices quoted by at least five dealers.
10. Yields adjusted to constant maturities by the U.S. Treasury. That is, yields
are read from a yield curve at fixed maturities. Based on only recently issued,
actively traded securities.
11. Each weekly figure is calculated on a biweekly basis and is the average of
five business days ending on the Monday following the calendar week. The
biweekly rate is used to determine the maximum interest rate payable in the
following two-week period on small saver certificates. (See table 1.16.)
12. Unweighted averages of yields (to maturity or call) for all outstanding notes
and bonds neither due nor callable in less than 10 years, including several very low
yielding " f l o w e r " bonds.
13. General obligations only, based on figures for Thursday, f r o m M o o d y ' s
Investors Service.
14. General obligations only, with 20 years to maturity, issued by 20 state and
local governmental units of mixed quality. Based on figures for Thursday.
15. Daily figures from Moody's Investors Service. Based on yields to maturity
on selected long-term bonds.
16. Compilation of the Federal Reserve. Issues included are long-term (20
years or more). New-issue yields are based on quotations on date of offering;
those on recently offered issues (included only for first 4 weeks after termination
of underwriter price restrictions), on Friday close-of-business quotations.
17. Standard and Poor's corporate series. Preferred stock ratio based on a
sample of ten issues: four public utilities, four industrials, one financial, and one
transportation. Common stock ratios on the 500 stocks in the price index.
Securities Markets
1.36
STOCK MARKET
A29
Selected Statistics
1982
Indicator
1980
1981
1982
Apr.
May
June
July
Aug.
Oct.
Sept.
Nov.
Dec.
Prices and trading (averages of daily figures)
Common stock prices
1 N e w York Stock Exchange
(Dec. 31, 1965 = 50)
Industrial
2
Transportation
3
Utility
4
Finance
5
6 Standard & P o o r ' s Corporation (1941-43 = 10)' . . .
7 American Stock Exchange
(Aug. 31, 1973 = 100)
68.06
78.64
60.52
37.35
64.28
118.71
74.02
85.44
72.61
38.90
73.52
128.05
68.93
78.18
60.41
39.75
71.99
119.71
66.97
75.59
57.91
39.20
71.44
116.31
67.07
75.97
56.84
39.40
69.16
116.35
63.10
71.59
53.07
37.34
63.19
109.70
62.82
71.37
53.40
37.20
61.59
109.38
62.91
70.98
53.98
38.19
62.84
109.65
70.21
80.08
61.39
40.36
69.66
122.43
76.10
86.67
66.64
42.67
80.59
132.66
79.75
90.76
71.92
43.46
88.66
138.10
80.30
92.00
73.40
42.93
86.22
139.37
300.94
343.58
282.62
271.15
272.88
254.72
250.63
253.54
286.22
308.74
333.54
333.36
Volume of trading
(thousands of shares)
8 N e w York Stock Exchange
9 American Stock Exchange
44,867
6,377
46,967
5,346
64,617
5,283
54,116
3,937
51,328
4,292
50,481
3,720
54,530
3,611
76,031
5,567
73,710
5,064
98,508
7,828
88,431
8,672
76,463
7,475
Customer financing (end-of-period balances, in millions of dollars)
10 Regulated margin credit at
brokers-dealers 2
11,619
14,721
14,411
12,202
12,237
11,783
11,729
11,396
11,208
11,728
12,459
11 Margin stock 3
12 Convertible bonds
13 Subscription issues
11,450
167
2
14,500
219
2
14,150
259
2
11,950
251
1
11,990
246
1
11,540
242
1
11,470
258
1
11,150
245
1
10,950
257
1
11,450
277
1
12,170
288
1
1,105
4.060
2,105
6,070
3,515
7,150
4,145
6,270
4,175
6,355
4,215
6,345
4,410
6,730
4,470
7,550
4,990
7,475
5,520
8,120
5,600
8,395
Free credit balances
14 Margin-account
15 Cash-account
at
n a.
brokers4
Margin-account debt at brokers (percentage distribution, end of period)
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
100.0
100.0
100.0
16.0
29.0
27.0
14.0
8.0
7.0
14.0
30.0
25.0
14.0
9.0
8.0
37.0
21.0
22.0
10.0
6.0
6.0
34.0
25.0
18.0
10.0
7.0
6.0
40.0
24.0
15.0
9.0
6.0
5.0
43.0
21.0
16.0
9.0
6.0
5.0
44.0
23.0
13.0
9.0
6.0
5.0
30.0
26.0
18.0
12.0
8.0
6.0
27.0
26.0
20.0
12.0
8.0
7.0
21.0
24.0
22.0
16.0
9.0
8.0
20.0
21.0
25.0
15.0
10.0
9.0
percent)5
n a.
Special miscellaneous-account balances at brokers (end of period)
23 Total balances (millions of dollars)
Distribution by equity status
(percent)
24 Net credit status
Debt status, equity of
25
60 percent or more
26
Less than 60 percent
6
16,150
21,690
25,870
44.2
47.8
47.0
8.8
44.4
7.7
28,252
28,521
29,798
29,773
31,102
31,644
33,689
34,909
58.0
57.0
58.0
59.0
59.0
60.0
61.0
61.0
62.0
31.0
11.0
29.0
13.0
29.0
13.0
28.0
13.0
26.0
14.0
28.0
12.0
27.0
12.0
29.0
10.0
29.0
9.0
n.a.
Margin requirements (percent of market value and effective date) 7
27 Margin stocks
28 Convertible bonds
29 Short sales
Mar. 11, 1968
June 8, 1968
May 6, 1970
Dec. 6, 1971
Nov. 24, 1972
Jan. 3, 1974
70
50
70
80
60
80
65
50
65
55
50
55
65
50
65
50
50
50
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
end-of-month data for m e m b e r firms of the N e w York Stock Exhange.
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 t o withdrawal by customers on demand.
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 " m a r g i n s t o c k s " is defined in the
corresponding regulation.
A30
1.37
DomesticNonfinancialStatistics • January 1983
SELECTED FINANCIAL INSTITUTIONS
Selected Assets and Liabilities
Millions of dollars, end of period
1982
Account
1979
1980
1981
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.?
Savings and loan associations
1
2
3
4
Assets
Mortgages
Cash and investment securities 1
Other
578,962
475,688
46,341
56,933
630,712
503,192
57,928
69,592
664,167
518,547
63,123
82,497
678,365
516,111
68,125
94,129
681,696
514,702
68,227
98,767
687,273
514,046
70,302
102,925
692,759
512,997
70,824
108,938
697,690
510,678
72,854
114,158
703,399
509,776
74,141
119,482
691,077
493,899
74,692
122,486
692,549
489,923
75,638
126,988
697,475
48! ,623
77,991
130,861
578,962
630,712
664,167
678,365
681,696
687,273
692,759
697,690
703,399
691,077
692,549
697,475
470,004
55,232
40,441
14,791
9,582
11,506
511,636
64,586
47,045
17,541
8,767
12,394
525,061
88,782
62,794
25,988
6,385
15,544
536,265
90,689
63,636
27,053
6,418
18,505
533,595
93,560
65,347
28,213
6,568
21,948
535,215
94,117
65,216
28,901
6,766
25,756
538,667
96,850
66,925
29,925
7,116
24,671
539,830
98,433
67,019
31,414
7,250
27,375
542,648
98,803
66,374
32,429
7,491
29,965
547,628
99,771
65,567
34,204
8,084
19,202
547,112
100,881
65,015
35,866
,484
20,018
548,098
103,064
64,310
38,754
: ,997
21,659
12 Net worth 2
32,638
33,329
28,395
26,488
26,025
25,419
25,455
24,802
24,492
24,476
24,538
24,654
13 MEMO: Mortgage loan commitments
outstanding 3
16,007
16,102
15,225
15,582
16,375
16,622
16,828
15,924
16,943
17,256
18,407
19,668
5 Liabilities and net worth
6
7
8
9
10
11
Savings capital
Borrowed money
FHLBB
Other
Loans in process
Other
Mutual savings banks 4
163,405
171,564
175,728
174,776
174,813
174,952
175,091
175,563
175,563
173,487
172,908
98,908
9,253
99,865
11,733
99,997
14,753
97,464
16,514
97,160
16,424
96,334
17,409
96,346
16,546
96,231
17,104
94,448
16,919
94,382
17,458
94,261
17,035
7,658
2,930
37,086
3,156
4,412
8,949
2,390
39,282
4,334
5,011
9,810
2,288
37,791
5,442
5,649
10,072
2,276
37,379
5,219
5,852
10,146
2,269
37,473
5,494
5,846
9,968
2,259
37,486
5,469
6,027
10,112
2,253
36,958
6,040
6,836
10,036
2,247
36,670
6,167
7,109
9,653
2,214
35,956
6,405
7,185
9,404
2,191
35,845
6,695
7,514
9,219
2,505
35,599
6,749
7,540
22 Liabilities
163,405
171,564
175,728
174,776
174,813
174,952
175,091
175,563
172,780
173,487
172,908
23
24
25
26
27
28
29
30
146,006
144,070
61,123
82,947
1,936
5,873
11,525
154,805
151,416
53,971
97,445
2,086
6,695
11,368
155,110
153,003
49,425
103.578
2,108
10,632
9,986
154,022
151,979
48,412
103,567
2,043
11,132
9,622
153,187
151,021
47,733
103,288
2,166
12,141
9,485
153,354
151,253
47,895
103,358
2,101
12,246
9,352
154,273
152,030
47,942
104,088
2,243
11,230
9,588
154,204
151,845
47,534
104,310
2,359
11,940
9,419
151,897
149,613
46,856
102,756
2,285
11,691
21.145
153,089
150,795
47,496
103,299
2,294
11,166
9,232
152,210
149,928
4 <,520
101,408
2,283
11,556
9,141
3,182
1,476
1,293
978
953
998
1,010
992
1,056
1,217
1,281
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
Deposits
Regular 7
Ordinary savings
Time
Other
Other liabilities
General reserve accounts
MEMO: Mortgage loan commitments
outstanding 8
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 1 0
Business
Bonds
Stocks
Mortgages
Real estate
Policy loans
Other assets
432,282
479,210
525,803
535,402
539,801
543,470
547,075
551,124
557,094
563,321
571,902
338
4,888
6,428
9,022
222,332
178,171
48,757
119,421
13,007
44,825
27,563
21,378
5,345
6,701
9,332
238,113
190.747
47,366
131,030
15,063
41.411
31,702
25,209
8,167
7,151
9,891
255,769
208,098
47,670
137,747
18,278
48,706
40,094
26,958
9,576
7,369
10,013
259,770
213,683
46,087
138,762
19,167
50,052
40,696
27,346
9,832
7,467
10,045
262,599
215,586
47,013
139,206
19,516
50,573
40,561
27,835
10,187
7,543
10,105
264,107
217,594
46,513
139,455
19,713
50,992
41,368
28,243
10,403
7,643
10,197
265.080
219,006
46,074
139,539
19,959
51,438
42,816
28,694
10,774
7,705
10,215
267,627
221,503
46,124
140,044
20,198
51,867
42,694
30,263
12,214
7,799
10,250
270,029
221,642
48,387
140,244
20,176
52,238
44,144
30,759
12,606
7,834
10,319
273,539
223,783
49,756
140,404
20,268
52,525
45,826
31,791
13,538
7,871
10,382
279,918
226,879
53,039
140,678
20,293
52,751
46,471
n.a.
Credit unions
43 Total assets/liabilities and capital
44
Federal
45
State
65,854
35,934
29,920
71,709
39,801
31,908
77,682
42,382
35,300
81,055
44,263
39,792
81,351
44,371
36,980
82,858
45,077
37,781
84,107
45,705
38,402
84,423
45,931
38,492
85,102
46,310
38,792
86,554
47,076
39,478
46 Loans outstanding
47
Federal
48
State
49 Savings
50
Federal (shares)
51
State (shares and deposits)
53,125
28,698
24,426
56,232
35,530
25,702
47,774
25,627
22,147
64,399
36,348
28,051
50,448
27,458
22,990
68,871
37,574
31,297
49,668
27,119
22,549
72,218
39,431
32,787
49,533
27,064
22,469
72,569
39,688
32,881
49,556
27,073
22,483
73,602
40,213
33,389
49,919
27,295
22,624
74,834
40,710
34,124
50,133
27,351
22,782
75,088
40,969
34,119
50,733
27,659
23,074
75,331
41,178
34,153
51,047
27,862
23,185
76,874
41,961
34,913
For notes see bottom of opposite page.
n .a.
n.a.
Federal Finance
1.38
A31
FEDERAL FISCAL A N D FINANCING OPERATIONS
Millions of dollars
Calendar year
Type of account or operation
Fiscal
year
1980
Fiscal
year
1981
Fiscal
year
1982
1981
1982
HI
H2
HI
1982
Sept.
Oct.
Nov.
U.S. budget
1 Receipts 1
2 Outlays12
3 Surplus, or deficit ( - )
4
Trust funds
5
Federal f u n d s 3
517,112
576,675
-59,563
8,801
-68,364
599,272
657,204
-57,932
6,817
-64,749
617,776
728,424
-110,658
5,456
-116,115
317,304
333,115
-15,811
5,797
-21,608
301,777
358,558
-56,780
-8,085
-48,697
322,478
348,678
-26,200
-17,690
-43,889
59,694
61,403
-1,708
10,246
-11,954
40,539
66,708
-26,169
-6,269
-19,889
42,007
66,166
-24,159
-5,750
-18,409
Off-budget entities (surplus, or deficit
(-))
6 Federal Financing Bank outlays
7 Other 4
-14,549
303
-20,769
-236
-14,142
-3,190
-11,046
-900
-8,728
-1,752
-7,942
227
-1,371
-1,495
-521
226
-559
-127
-73,808
-78,936
-127,989
-27,757
-67,260
-33,914
-4,575
-26,462
-24,845
70,515
79,329
134,912
33,213
54,081
41,728
22,129
6,228
25,923
-355
3,648
-1,878
1,485
-11,936
5,013
2,873
-8,328
-1,111
14,290
-408
-7,405
-20,648
3,094
13,964
6,270
7,231
-8,309
20,990
4,102
16,888
18,670
3,520
15,150
29,164
10,975
18,189
16,389
2,923
13,466
12,046
4,301
7,745
10,999
4,099
6,900
29,164
10,975
18,189
14,078
2,309
11,769
5,210
2,247
2,963
U.S. budget plus off-budget,
including
Federal Financing
Bank
8 Surplus, or deficit ( - )
Source or financing
9
Borrowing from the public
10
Cash and monetary assets (decrease, or
increase ( - ) )
11
Other 6
MEMO;
12 Treasury operating balance (level, end of
period)
13
Federal Reserve Banks
14
Tax and loan accounts
1. The Budget of the U.S. Government,
Fiscal Year 1983, has reclassified
supplemental medical insurance premiums and voluntary hospital insurance
premiums, previously included in other social insurance receipts, as offsetting
receipts in the health function.
2. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was
reclassified from an off-budget agency to an on-budget agency in the Department
of Labor.
3. Half-year figures are calculated as a residual (total surplus/deficit less trust
fund surplus/deficit).
4. Other off-budget includes Postal Service Fund; Rural Electrification and
Telephone Revolving F u n d ; and Rural Telephone Bank; it also includes petroleum
acquisition and transportation and strategic petroleum reserve effective November 1981.
5. Includes U.S. Treasury operating cash accounts; special drawing rights; gold
tranche drawing rights; loans to International Monetary F u n d ; and other cash and
monetary assets.
6. 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 TO 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. The 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. Before that date, data were reported on a
gross-of-valuation-reserves basis.
5. Beginning April 1979, includes obligations of U.S. government agencies.
Before that date, this item was included in " 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 N e w 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. Data are based on monthly reports of federally
insured associations and annual reports of other associations. E v e n when revised,
data for current and preceding year are subject to f u r t h e r 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 " o t h e r a s s e t s . "
Credit unions: Estimates by the National Credit Union Administration for a
group of federal and 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.
A32
1.39
DomesticNonfinancialStatistics • January 1983
U.S. BUDGET RECEIPTS A N D OUTLAYS
Millions of dollars
Calendar year
Source or type
Fiscal
year
1980
Fiscal
year
1981
Fiscal
year
1982
1981
1982
HI
H2
HI
1982
Sept.
Nov.
Oct.
RECEIPTS
1 All sources'
2 Individual income taxes, net
Withheld
3
Presidential Election Campaign Fund . . .
4
Nonwithheld
5
6
Refunds
Corporation income taxes
7
Gross receipts
8
Refunds
9 Social insurance taxes and contributions,
net
10
Payroll employment taxes and
contributions 2
Self-employment taxes and
11
contributions 3
Unemployment insurance
12
Other net r e c e i p t s 1 4
13
517,112
599,272
617,766
317,304
301,777
322,478
59,694
40,539
42,007
244,069
223,763
39
63,746
43,479
285,917
256,332
41
76,844
47,299
298,111
267,474
39
85,096
54,498
142,889
126,101
36
59,907
43,155
147,035
134,199
5
17,391
4,559
150,565
133,575
34
66,174
49,217
32,592
21,814
0
11,429
651
20,832
19,541
0
1,791
500
22,452
22,079
0
1,153
779
72,380
7,780
73,733
12,596
65,991
16,784
44,048
6,565
31,056
738
37,836
8,028
8,118
1,972
2,371
2,832
1,630
2,310
157,803
182,720
201,131
101,316
91,592
108,079
15,608
15,157
14,902
133,042
156,953
172,744
83,851
82,984
88,795
14,283
14,036
12,924
5,723
15,336
3,702
6,041
16,129
3,598
7,941
16,234
4,212
6,240
9,205
2,020
244
6,355
2,009
7,357
9,809
2,119
790
167
368
36
762
324
0
1,629
349
24,329
7,174
6,389
12,748
40,839
8,083
6,787
13,790
36,311
8,854
7,991
16,161
21,945
3,926
3,259
6,487
22,097
4,661
3,742
8,441
17,525
4,310
4,208
7,984
2,732
688
595
1,333
2,623
675
500
1,212
2,925
692
472
1,243
18 A/I types 1 ' 6
576,675
657,204
728,424
333,115
358,558
346,286
61,403
66,708
66,166
19
20
21
22
23
24
National defense
International affairs
General science, space, and technology . . .
Energy
Natural resources and environment
Agriculture
135,856
10,733
5,722
6,313
13,812
4,762
159,765
11,130
6,359
10,277
13,525
5,572
187,397
9,983
7,096
4,844
13,086
14,808
80,005
5,999
3,314
5,677
6,467
3,101
87,421
4,655
3,388
4,394
7,296
5,181
93,154
5,183
3,370
2,814
5,636
7,087
16,983
1,435
519
71
1,311
1,044
16,283
1,027
603
694
1,137
2,029
16,937
45
771
504
1,100
3,322
Commerce and housing credit
Transportation
Community and regional development . . . .
Education, training, employment, social
services
29 Health 1
30 Income security 6
7,788
21,120
10,068
3,946
23,381
9,394
3,843
20,589
7,410
2,073
11,991
4,621
1,825
10,753
4,269
1,410
9,915
3,193
-402
2,054
708
1,119
1,745
946
-52
1,876
718
30,767
55,220
193,100
31,402
65,982
225,099
25,411
74,018
248,807
15,928
33,113
113,490
13,878
35,322
129,269
12,595
37,213
112,782
1,696
6,499
21,612
2,167
6,403
22,186
2,058
6,644
22,987
21,183
4,570
4,505
8,584
64,504
-21,933
22,988
4,698
4,614
6,856
82,537
-30,320
23,973
4,648
4,833
6,161
100,777
-29,261
10,531
2,344
2,692
3,015
41,178
-12,432
12,880
2,290
2,311
3,043
47,667
-17,281
10,865
2,334
2,410
3,325
50,070
-14,680
1,928
401
365
32
6,931
-1,785
1,945
368
146
1,558
7,672
-1,319
2,069
419
524
302
8,690
-2,750
14
15
16
17
Excise taxes
Customs deposits
Estate and gift taxes
Miscellaneous receipts 5
OUTLAYS
25
26
27
28
31
32
33
34
35
36
Veterans benefits and services
Administration of justice
General government
General-purpose fiscal assistance
Interest
Undistributed offsetting receipts 7
1. The Budget of the U.S. Government,
Fiscal Year 1983 has reclassified
supplemental medical insurance premiums and voluntary hospital insurance
premiums, previously included in other social insurance receipts, as offsetting
receipts in the health function.
2. Old-age, disability, and hospital insurance, and railroad retirement accounts.
3. Old-age, disability, and hospital insurance.
4. Federal employee retirement contributions and civil service retirement and
disability fund.
5. Deposits of earnings by Federal Reserve Banks and other miscellaneous
receipts.
6. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was
reclassified from an off-budget agency to an on-budget agency in the Department
of Labor.
7. Consists of interest received by trust funds, rents and royalties on the outer
continental shelf, and U.S. government contributions for employee retirement.
SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U . S .
G o v e r n m e n t " and the Budget of the U.S. Government, Fiscal Year 1983.
Federal Finance
1.40
A33
FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars
1981
1980
1982
Item
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
1 Federal debt outstanding
914.3
936.7
970.9
977.4
1,003.9
1,034.7
1,066.4
1,084.7
1,147.0
2 Public debt securities
3
Held by public
4
Held by agencies
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
1,028.7
825.5
203.2
1,061.3
858.9
202.4
1,079.6
867.9
211.7
1,142.0
925.6
216.4
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
6.0
4.6
1.4
5.1
3.9
1.2
5.0
3.9
1.1
5.0
3.7
1.3
908.7
931.2
965.5
972.2
998.8
1,029.7
1,062.2
1,080.5
1,142.9
9 Public debt securities
10 Other debt 1
907.1
1.6
929.6
1.6
963.9
1.6
970.6
1.6
997.2
1.6
1,028.1
1.6
1,060.7
1.5
1,079.0
1.5
1,141.4
1.5
11 MEMO: Statutory debt limit
925.0
935.1
985.0
985.0
999.8
1,079.8
1,079.8
1,143.1
1,143.1
5 Agency securities
6
Held by public
7
Held by agencies
8 Debt subject to statutory limit
1. Includes guaranteed debt of government agencies, specified participation
certificates, notes to international lending organizations, and District of Columbia
stadium bonds.
1.41
GROSS PUBLIC DEBT OF U.S. TREASURY
NOTE. Data from Treasury Bulletin (U.S. Treasury Department),
Types and Ownership
Billions of dollars, end of period
1982
Type and holder
1979
j>78
1980
1981
Aug.
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
Convertible bonds 2
State and local government series
Foreign issues 3
Government
Public
Savings bonds and notes
Government account series 4
Sept.
845.1
930.2
1,028.7
1,109.2
1,142.0
1,142.8
1,161.7
1,197.1
782.4
487.5
161.7
265.8
60.0
294.8
2.2
24.3
29.6
28.0
1.6
80.9
157.5
844.0
530.7
172.6
283.4
74.7
313.2
2.2
24.6
28.8
23.6
5.3
79.9
177.5
928.9
623.2
216.1
321.6
85.4
305.7
1,027.3
720.3
245.0
375.3
99.9
307.0
1,108.1
801.4
273.1
457.4
100.9
306.7
1,140.9
824.4
277.9
442.9
103.6
316.5
1,136.8
824.7
283.9
438.1
102.7
312.2
1,160.5
852.5
293.5
454.2
104.7
308.0
1,195.5
881.5
311.8
465.0
104.6
314.0
23.8
24.0
17.6
6.4
72.5
185.1
23.0
19.0
14.9
4.1
68.1
196.7
23.5
15.6
12.5
3.1
67.4
119.9
23.6
14.6
12.2
2.4
67.5
210.5
23.8
14.6
12.2
2.4
67.8
205.7
25.0
14.9
12.5
2.4
68.1
199.9
25.7
14.7
13.0
1.7
68.0
205.4
6.0
1.2
1.6
6.8
1.2
1.3
1.4
1.1
1.2
16
17
18
19
20
21
22
23
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
203.3
131.0
694.5
109.4
5.2
19.1
37.8
85.6
205.8
132.9
216.4
134.4
24
25
26
27
Individuals
Savings bonds
Other securities
Foreign and international 6
Other miscellaneous investors 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
68.0
75.6
141.4
152.3
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 o w n e r ' s option for l'/2 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.
1.42
11
n.a.
n.a.
n.a.
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 f r o m Monthly Statement of the Public Debt of the
United States (U.S. Treasury Department); data by holder from Treasury
Bulletin.
U.S. GOVERNMENT MARKETABLE SECURITIES Ownership, by maturity A
ASeries discontinued.
Dec.
789.2
By holder5
U.S. government agencies and trust funds
Federal Reserve Banks
Private investors
Commercial banks
Mutual savings banks
Insurance companies
Other companies
State and local governments
15 Non-interest-bearing debt
Nov.
Oct.
A34
1.43
DomesticNonfinancialStatistics • January 1983
U.S. GOVERNMENT SECURITIES DEALERS
Transactions
Par value; averages of daily figures, in millions of dollars
1982
Item
1979
1980
1982, week ending Wednesday
1981
Sept.
Oct.
Nov.
Nov. 24'
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
1
Immediate delivery
U.S. government securities
1
By maturity
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years
2
3
4
5
6
1
8
9
10
11
12
13
14
15
16
17
18
By type of customer
U.S. government securities
dealers
U.S. government securities
brokers
All others 2
Federal agency securities
Certificates of deposit
Bankers acceptances
Commercial paper
Futures transactions 3
Treasury bills
Treasury coupons
Federal agency securities
Forward transactions 4
U.S. government securities
Federal agency securities
13,183
18,331
24,728
38,001
35,137
35,933
37,070
32,868
33,700
30,401
34,781
27,167
7,915
454
2,417
1,121
1,276
11,413
421
3,330
1,464
1,704
14,768
621
4,360
2,451
2,528
21,037
1,180
7,278
4,863
3,643
18,466
816
7,629
4,250
3,976
19,275
748
6,875
4,162
4,873
20,264
701
7,713
4,701
3,690
20,852
592
4,092
4,157
3,176
21,136
594
4,903
4,202
2,865
18,374
678
5,192
3,331
2,825
17,868
612
7,507
5,024
3,771
15,937
659
4,102
2,862
3,607
1,448
1,484
1,640
1,849
1,614
2,151
2,235
2,338
2,162
2,093
2,102
1,893
5,170
6,564
2,723
1,764
7,610
9,237
3,258
2,472
i
t
A
t
11,750
11,337
3,306
4,477
1,807
6,128
17,937
18,215
4,644
4,542
2,376
7,669
17,298
16,225
5,827
5,273
3,065
7,342
16,819
16,962
4,951
4,848
2,895
7,392
17,706
17,128
5,020
5,878
3,278
7,692
15,022
15,508
4,038
4,651
2,577
6,562
16,864
14,674
4,639
5,404
3,012
6,502
13,862
14,446
5,179
4,317
2,631
7,125
15,626
17,053
4,257
4,935
2,597
7,382
11,316
13,958
3,984
3,406
2,022
6,309
3,523
1,330
234
5,600
1,678
262
4,499
1,922
332
387
794
195
4,946
1,912
152
4,649
2,025
231
5,301
1,663
223
4,571
1,533
341
4,645
2,208
273
2,969
1,017
243
365
1,370
1,752
985
760
1,132
6,747
969
1,604
557
572
408
486
890
845
1,513
2,345
965
992
1,033
1
1
n.a.
n.a.
1
1
1
t
t
I
from the date of the transaction for government securities (Treasury bills, notes,
and bonds) or after 30 days for mortgage-backed agency issues.
NOTE. Averages for transactions are based on number of trading days in the
period.
Transactions are market purchases and sales of U.S. government securities
dealers reporting to the Federal Reserve Bank of 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.
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
1.44
U.S. GOVERNMENT SECURITIES DEALERS
Averages of daily figures, in millions of dollars
Positions and Financing
1982
Item
1979
1980
1982, week ending Wednesday
1981
l
Sept.
Oct.
Nov.
Nov. 3
Nov. 10
Nov. 17
Nov. 24
Dec. 1
Positions
1
?
3
4
5
6
7
8
9
10
11
12
13
14
15
Net immediate 1
U.S. government securities
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years
Federal agency securities
Certificates of deposit
Bankers acceptances
Commercial paper
Futures positions
Treasury bills
Treasury coupons
Federal agency securities
Forward positions
U.S. government securities
Federal agency securities
9,033
6,485
-1,526
1,488
292
2,294
2,277
3,435
1,746
2,658
2,107
275
-534
1,423
-325
1,268
4,416
6,467
2,778
3,555
3,641
1,024
109
2,612
-691
587
5,241
6,109
3,283
3,965
8,417
3,654
593
2,850
-274
1,594
5,680
5,316
3,240
3,265
I
-8,934
-2,733
522
5,250
-1,282
-569
5,347
-1,141
-569
1,761
-2,700
-344
1
T
-603
-451
-2,117
-1,689
-565
-1,835
-828
-2,028
3,223
3,813
-325
-455
160
30
1,471
2,794
4,306
4,103
,062
434
166
665
797
3,115
A
t
1
n.a.
n.a.
4,342'
2,036'
341
2,484
-969'
450'
5,626'
5,276'
3,488
3,752
6,843
2,526
414
3,412
-604
1,096
5,547
4,999
3,080
3,630
8,078
3,842
772
2,138
-581
1,907
5,497
4,942
2,974
3,192
9,414
3,771
692
3,224
-325
2,052
5,690
5,222
3,226
2,987
12,190
6,618
610
2,559
848
1,555
6,095
6,509
3,673
2,880
5,694
-1,803
-260
2,196
-2,750
-355
2,388
-2,876
-451
557
-2,889
-358
738
-2,505
-212
-732
-2,000'
-661
-2,008
-918
-2,106
-793
-1,960
-1,242
-2,092
Financing 2
Reverse repurchase agreements 3
Overnight and continuing
Term agreements
Repurchase agreements 4
Overnight and continuing
18
19
Term agreements
16
17
For notes see opposite page.
{
T
1
4
T
1
n.a.
n.a.
I 1
1
I
14,568
32,048
30,477
49,870
29,581
50,483
22,186
55,024
30,105
53,539
26,066
56,176
30,714
53,415
25,399
60,348
30,548
50,088
35,919
29,449
45,342
50,617
51,250
43,963
43,112
54,999
53,251
42,551
34,519
63,051
51,668
46,636
31,195
66,947
51,988
47,648
Federal Finance
1.45
FEDERAL A N D FEDERALLY SPONSORED CREDIT AGENCIES
A35
Debt Outstanding
Millions of dollars, end of period
1982
Agency
1979
1978
1980
Mar.
1 Federal and federally sponsored agencies 1
2 Federal agencies
3
Defense Department 2
4
Export-Import Bank 3 - 4
Federal Housing Administration 5
5
6
Government National Mortgage Association
participation certificates 6
7
Postal Service 7
8
Tennessee Valley Authority
United States Railway Association 7
9
10 Federally sponsored agencies 1
11
Federal Home L o a n 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
Other
19
Apr.
May
June
July
Aug.
Sept.
137,063
163,290
193,229
228,749
232,274
234,593
238,787
242,565
n.a.
n.a.
23,488
968
8,711
588
24,715
738
9,191
537
28,606
610
11,250
477
31.408
454
13,421
382
31,613
447
13,475
376
31,551
434
13,416
363
32,274
419
13,939
358
32,302
408
13,938
353
32,280
399
13,918
345
32,606
388
14,042
335
3,141
2,364
7,460
356
2,979
1,837
8,997
436
2,817
1,770
11,190
492
2,165
1,538
13,250
198
2,165
1,538
13,410
202
2,165
1,471
13,500
202
2,165
1,471
13,715
207
2,165
1,471
13,760
207
2,165
1,471
13,775
207
2,165
1,471
14,010
195
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
197,341
58,839
2,500
59,270
8,717
1,388
220
61,405
5,000
2
200,661
59,937
2,500
60,478
8,217
926
220
63,381
5,000
2
203,042
60,772
2,500
61,996
8,217
926
220
63,409
5,000
2
206,513
61,883
3,099
62,660
8,217
926
220
64,506
5.000
2
210,263
62,058
3,099
65,563
7,652
926
220
65,743
5,000
2
n.a.
n.a.
n.a.
65,733
7,652
926
220
65,657
5,000
2
n.a.
n.a.
n.a.
68,130
7,652
926
220
65,553
5,000
2
51,298
67,383
87,460
113,567
114,961
117,475
120,241
121,261
122,623
124,357
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
13,305
1,288
5,000
11.525
198
13,305
1,288
5,000
11,685
202
13,305
1,221
5,000
11,775
202
13,829
1,221
5,000
11,990
207
13,829
1,221
5,000
12,035
207
13,823
1,221
5,000
12,050
207
13,954
1,221
5,000
12,285
195
23,825
4,604
6,951
32,050
6,484
9,696
39,431
9,196
13,982
48,681
14,452
19,118
49,356
14,716
19,409
51,056
15,046
19,870
52,346
15,454
20,194
52,711
15,688
20,570
53,311
15,916
21,095
53,736
16,282
21,684
MEMO;
20 Federal Financing Bank debt '
21
22
23
24
25
Lending to federal and federally
sponsored
agencies
Export-Import Bank 4
Postal Service 7
Student Loan Marketing Association 8
Tennessee Valley Authority
United States Railway Association 7
Other
Lending10
26 Farmers H o m e 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 h o m e o w n e r s 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 H o m e Administration; Department of Health, Education, and Welfare; Department of Housing
N O T E S 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.
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 F F B , which began operations in 1974, is authorized to purchase or sell
obligations issued, sold, or guaranteed by other federal agencies. Since F F B
incurs debt solely for the purpose of lending to other agencies, its debt is not
included in the main portion of the table in order to avoid double counting.
10. Includes F F B purchases of agency assets and guaranteed loans; the latter
contain loans guaranteed by numerous agencies with the guarantees of any
particular agency being generally small. The Farmers H o m e Administration item
consists exclusively of agency assets, while the Rural Electrification Administration entry contains both agency assets and guaranteed loans.
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 b o o k " repurchase agreements.
NOTE. Data for positions are averages of daily figures, in terms of par value,
based on the number of trading days in the period. Positions are shown net and are
on a commitment basis. Data for financing are based on Wednesday figures, in
terms of actual money borrowed or lent.
A36
1.46
DomesticNonfinancialStatistics • January 1983
NEW SECURITY ISSUES of State and Local Governments
Millions of dollars
1982
Type of issue or issuer,
or use
1979
1980
1981
Apr/
1 All issues, new and refunding 1
May r
June r
July r
Aug/
Sept.
Oct.
43,365
48,367
47,732
6,724
5,708
5,793
5,624
6,521
6,478
8,280
12,109
53
31,256
67
14,100
38
34,267
57
12,394
34
35,338
55
2,224
10
4,500
32
1,511
10
4,197
38
1,814
16
3,979
45
974
22
4,650
49
1,679
25
4,842
52
1,708
30
4,770
54
2,325
30
5,955
57
Type of issuer
6 State
7 Special district and statutory authority
8 Municipalities, counties, townships, school districts
4,314
23,434
15,617
5,304
26,972
16,090
5,288
27,499
14,945
1,061
3,884
1,779
601
3,048
2,059
1,074
2,867
1,852
257
3,735
1,632
835
3,667
2,019
1,077
3,424
1,977
1,010
5,045
2,225
9 Issues for new capital, total
41,505
46,736
46,530
6,697
5,577
5,703
5,438
6,093
6,275
7,116
Use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes
5,130
2,441
8,594
15,968
3,836
5,536
4,572
2,621
8,149
19,958
3,974
7,462
4,547
3,447
10,037
12,729
7,651
8,119
460
284
1,369
2,342
677
1,565
484
293
1,364
2,101
357
978
727
245
830
2,307
416
1,178
293
117
1,272
2,745
564
447
516
769
685
2,512
728
883
836
545
283
2,511
1,058
1,042
531
632
1,296
2,642
552
1,463
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
1982
Type of issue or issuer,
or use
1979
1980
1981
Apr.
May
June
July
Aug.
Sept.
Oct.
1 All issues 1
51,533
73,694
69,992
4,819
7,106
4,546
6,162
8,757
7,748
9,235
2 Bonds
40,208
53,206
44,643
2,575
4,420
2,836
3,919
6,509
5,486
6,706
Type of offering
3 Public
4 Private placement
25,814
14,394
41,587
11,619
37,653
6,989
2,100
475
3,973
447
2,398
438
2,868
1,051
5,546
963
5,308
178
6,425
281
9,678
3,948
3,119
8,153
4,219
11,094
15,409
6,693
3,329
9,557
6,683
11,534
12,325
5,229
2,054
8,963
4,280
11,793
497
139
26
888
16
1,010
608
490
74
1,186
315
1,748
211
329
79
699
174
1,344
1,638
493
43
717
84
944
1,602
1,202
402
902
205
2,196
1,615
465
64
900
301
2,141
1,871
387
272
1,539
163
2,474
11,325
20,489
25,349
2,244
2,686
1,710
2,243
2,248
2,262
2,529
3,574
7,751
3,631
16,858
1,797
23,522
172
2,072
888
1,798
67
1,643
645
1,598
622
1,627
447
1,815
611
1,918
1,679
2,623
255
5,171
303
1,293
4,839
5,245
549
6,230
567
3,059
5,073
7,557
779
5,577
1,778
4,585
259
770
15
766
3
431
458
578
35
477
44
1,094
444
397
52
277
8
532
203
615
17
267
96
1,045
727
374
62
697
31
357
254
733
84
928
4
259
479
612
80
620
33
705
5
6
7
8
9
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
Communication
Real estate and financial
1. Figures, which represent gross proceeds of issues maturing in more than one
year, sold for cash in the United States, are principal amount or number of units
multiplied by offering price. Excludes offerings of less than $100,000, secondary
offerings, undefined or exempted issues as defined in the Securities Act of 1933,
employee stock plans, investment companies other than closed-end, intracorporate transactions, and sales to foreigners.
2. Beginning in August 1981, gross stock offerings include new equity volume
from swaps of debt for equity. This revision first appeared in the N o v e m b e r 1982
issue of the BULLETIN.
SOURCE. Securities and Exchange Commission and the Board of Governors of
the Federal Reserve System.
Corporate Finance
1.48
OPEN-END INVESTMENT COMPANIES
A37
Net Sales and Asset Position
Millions of dollars
1982
Item
1980
1981
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
INVESTMENT COMPANIES'
1
2
3
Sales of own shares 2
Redemptions of own shares 3
Net sales
15,266
12,012
3,254
20,596
15,866
4,730
2,754
2,293
461
2,345
1,854
491
3,061
2,038
1,023
3,304
2,145
1,159
4,322
2,335
1,987
4,709
3,052
1,657
5,668
3,046
2,622
5,756
3,510
2,246
4
5
6
Assets 4
Cash position 5
Other
58,400
5,321
53,079
55,207
5,277
49,930
56,026
6,083
49,943
54,889
5,992
48,896
54,238
6,298
47,940
54,592
5,992
48,600
62,212
6,039
56,173
63,783
5,556
58,227
70,964 r
5,948
65,016 r
74,726
5,839
68,887
5. Also includes all U.S. government securities and other short-term debt
securities.
1. Excluding money market f u n d s .
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.
1981
Account
1979
1980
1982
1981
Ql
Q2
Q3
Q4
Ql
Q2
Q3'
1 Corporate profits with inventory valuation and
capital consumption adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
194.8
252.7
87.6
165.1
52.7
112.4
181.6
242.4
84.6
157.8
58.1
99.7
190.6
232.1
81.2
150.9
65.1
85.8
200.3
253.1
91.5
161.6
61.5
100.1
185.1
225.4
79.2
146.2
64.0
82.2
193.1
233.3
82.4
150.9
66.8
84.1
183.9
216.5
71.6
144.9
68.1
76.8
157.1
171.6
56.7
114.9
68.8
46.1
155.4
171.7
55.3
116.3
69.3
47.0
166.2
180.3
60.9
119.4
70.5
48.8
7
8
-43.1
-14.8
-43.0
-17.8
-24.6
-16.8
-35.5
-17.3
-22.8
-17.5
-23.0
-17.1
-17.1
-15.5
-4.4
-10.1
-9.4
-6.9
-10.3
-3.8
2
3
4
5
6
Inventory valuation
Capital consumption adjustment
SOURCE. Survey of Current Business
(U.S. Department of Commerce).
A38
1.50
DomesticNonfinancialStatistics • January 1983
NONFINANCIAL CORPORATIONS
Current Assets and Liabilities
Billions of dollars, except for ratio
1981
Account
1976
1977
1979
1978
1982
1980
Q2
Q3
Q4
Q2
Q1
1
Current assets
827.4
912.7
1,043.7
1,218.2
1,333.5
1,388.3
1,410.9
1,427.1
1,423.6
1,419.4
2
3
4
5
6
Cash
U.S. government securities
Notes and accounts receivable
Inventories
Other
88.2
23.5
292.9
342.5
80.3
97.2
18.2
330.3
376.9
90.1
105.5
17.3
388.0
431.6
101.3
118.0
17.0
461.1
505.5
116.7
127.1
19.3
510.6
543.7
132.7
126.2
19.9
533.1
565.3
143.8
125.1
18.0
542.4
577.0
148.3
131.7
17.9
536.7
587.1
153.6
121.3
17.1
537.8
593.8
153.6
123.4
17.4
534.4
589.2
155.0
7
Current liabilities
495.1
557.1
669.3
807.8
890.9
931.5
967.2
980.0
985.7
982.6
8
9
Notes and accounts payable
Other
282.1
213.0
317.6
239.6
382.9
286.4
461.2
346.6
515.2
375.7
525.9
405.5
549.5
417.7
562.9
417.1
555.0
430.8
554.9
427.8
Net working capital
332.4
355.5
374.4
410.5
442.6
456.8
443.7
447.1
437.9
436.8
1.671
1.638
1.559
1.508
1.497
1.490
1.459
1.456
1.444
1.445
10
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 NONFARM BUSINESS EXPENDITURES on New Plant and Equipment
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1981
Industry 1
1 Total nonfarm business
Manufacturing
2 Durable goods industries
3 Nondurable goods industries
Nonmanufacturing
4 Mining
Transportation
5
Railroad
6
Air
7
Other
Public utilities
8
Electric
9
Gas and other
10 Trade and services
11 Communication and other 2
1980
1981
Q2
Q3
Q4
QI
Q2
Q3
Q41
295.63
321.49
319.99
316.73
328.25
327.83
327.72
323.22
315.79
315.21
58.91
56.90
61.84
64.95
57.95
64.72
63.10
62.40
62.58
67.53
60.78
66.14
60.84
67.48
59.03
64.74
57.14
62.32
55.80
64.70
13.51
16.86
16.05
16.80
17.55
16.81
17.60
16.56
14.63
15.56
4.25
4.01
3.82
4.24
3.81
4.00
4.12
3.97
3.71
4.38
3.29
4.04
4.18
3.34
4.09
4.18
4.82
4.12
4.56
3.20
4.23
4.73
3.54
4.06
3.94
4.11
3.24
3.33
5.02
3.48
28.12
7.32
81.79
36.99
29.74
8.65
86.33
41.06
33.06
8.56
86.42
41.43
29.32
8.53
85.88
39.02
30.54
9.01
87.55
41.89
31.14
8.60
88.33
42.92
30.95
9.17
87.80
41.89
32.26
9.14
88.85
40.33
34.98
8.40
87.31
39.73
33.89
7.78
82.01
43.65
1. Anticipated by business.
2. " O t h e r " consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.
1982
1982'
SOURCE. Survey of Current Business
(U.S. Dept. of Commerce).
Corporate Finance
1.52
DOMESTIC FINANCE COMPANIES
A39
Assets and Liabilities
Billions of dollars, end of period
1982
1981
Account
1977
1978
1979
1980
Q2
Q4
Q3
Q2
QL
Q3
ASSETS
Accounts receivable, gross
1 Consumer
7 Business
Total
4 LESS: Reserves for unearned income and l o s s e s . . . .
Accounts receivable, net
6 Cash and bank deposits
7 Securities
8 All other
9
Total assets
65.7
70.3
136.0
20.0
116.0
73.6
72.3
145.9
23.3
122.6
79.0
78.2
157.2
25.7
131.4
84.5
76.9
161.3
27.7
133.6
85.5
80.6
166.1
28.9
137.2
85.1
80.9
166.0
29.1
136.9
88.0
82.6
170.6
30.2
140.4
88.3
82.2
170.5
30.4
140.1
24.9'
27.5
31.6
34.5
34.2
35.0
37.3
39.1
122.4
140.9
150.1
163.0
168.1
171.4
171.9
177.8
179.2
5.9
29.6
6.5
34.5
8.5
43.3
13.2
43.4
14.4
49.0
14.7
51.2
15.4
51.2
15.4
46.2
14.5
50.3
16.8
46.7
6.2
36.0
11.5
8.1
43.6
12.6
8.2
46.7
14.2
7.5
52.4
14.3
8.5
52.6
17.0
11.9
50.7
17.1
9.6
54.8
17.8
9.0
59.0
19.0
9.3
60.3
18.9
9.9
60.9
20.5
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
104.3
1
K
J
LIABILITIES
Bank loans
Commercial paper
Debt
12
Short-term, n.e.c
Long-term, n.e.c
n
Other
14
10
11
15
Capital, surplus, and undivided profits
16
Total liabilities and capital
15.1
17.2
19.9
19.4
21.5
22.4
22.8
23.3
24.5
24.5
104.3
122.4
140.9
150.1
163.0
168.1
171.4
171.9
177.8
179.2
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
Changes in accounts
receivable
Extensions
Repayments
1982
1982
1982
Accounts
receivable
outstanding
Oct. 31,
1982'
Aug.
Sept.
Oct.
Aug.
Sept.
Oct.
Aug.
Sept.
Oct.
1 Total
82,046
849
208
-1,215
21,549
19,991
18,041
20,700
19,783
19,256
2
3
4
5
12,018
13,471
28,270
24
1,101
-114
-59
52
362
-82
-596
-608
938
6,397
1,448
869
6,040
1,148
842
4,500
971
914
5,296
1,562
928
5,988
786
924
5,096
1,579
9,236
19,051
-9
-153
-78
-69
54
17
11,163
1,603
10,279
1,655
10,102
1,626
11,172
1,756
10,357
1,724
10,048
1,609
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 • January 1983
MORTGAGE MARKETS
Millions of dollars; exceptions noted.
1982
Item
1979
1980
1981
May
June
July
Aug.
Sept.
Oct.
Nov.
Terms and yields in primary and secondary markets
PRIMARY MARKETS
Conventional mortgages on new homes
1
2
3
4
5
6
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
7 F H L B B series'
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
65.3
74.8
27.7
2.67
14.16
86.4
64.8
77.4
25.9
3.16
15.11
89.4
66.2
77.0
27.4
3.00
14.74
98.4
73.1
77.3
28.4
3.15
15.01
91.4
66.5
74.1
26.4
2.87
15.05
95.0
71.6
78.7
28.1
3.04
14.34
99.1'
74.4'
11.9'
28.4'
2.74 r
13.86'
97.2
75.4
79.3
27.9
2.78
13.28
10.77
11.15
12.65
13.95
14.74
16.52
15.89
16.50
15.40
16.75
15.70
16.50
15.68
15.40
14.98
15.05
145.41'
13.95'
13.83
13.80
10.92
10.22
13.44
12.55
16.31
15.29
16.19
15.30
16.73
15.84
16.29
15.56
14.61
14.51
14.03
13.57
12.99'
12.83'
12.82
12.66
11.17
11.77
14.11
14.43
16.70
16.64
16.27
16.33
16.22
16.73
16.85
15.78
15.78
15.36
13.92'
13.75
annum)
SECONDARY MARKETS
Yield (percent per annum)
9 F H A mortgages ( H U D series) 5
10 G N M A securities 6
F N M A auctions 7
12
Conventional loans
Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Mortgage holdings (end of
13 Total
14
FHA/VA-insured
15
Conventional
Mortgage transactions
16 Purchases
17 Sales
period)
(during
55,104
37,365
17,725
58,675
39,341
19,334
63,951
39,808
24,143
65,008
39,829
25,179
66,158
39,853
26,305
67,810
39,922
27,888
68,841
39,871
28,970
69,152
39,523
27,629
70,126
39,174
30,952
10,812
0
8,099
0
6,112
2
1,006
0
1,223
0
1,354
0
1,931
0
1,670
0
1,449
0
1,681
0
10,179
6,409
8,083
3,278
9,331
3.717
1,550
7,016
1,583
7,206
2,016
7,674
1,820
6,900
1,482
6,587
1,425
6,268
2,795
7,286
8,860.4
3,920.9
8,605.4
4,002.0
2,487.2
1,478.0
35.7
7.4
33.1
7.4
8.9
0.0
43.3
5.7
16.4
0.0
2.5
0.0
30.6
0.0
4,495.3
2,343.6
3,639.2
1,748.5
2,524.7
1,392.3
37.8
23.0
59.0
33.1
37.2
23.6
70.1
42.9
27.5
0.0
13.6
8.9
22.1
11.4
3,543
1,995
1,549
4,362
2,116
2,246
5,245
2,236
3,010
5,279
2,232
3,047
5,295
2,225
3,069
5,309
2,232
3,017
5,201
2,216
2,985
5,207
2,225
2,982
4,931
2,174
2,756
n.a.
n.a.
n.a.
5,717
4,544
3,723
2,527
3,789
3,531
1,214
1,194
1,581
1,562
2,237
2,204
2,529
2,619
1,799
1,923
2,000
2,197
n.a.
n.a.
5,542
797
3,859
447
6,974
3,518
2,692
7,420
3,166
8,970
2,189
8,544
2,768
9,318
2,892
10,211
2,506
10,572
n.a.
n.a.
period)
Mortgage
commitments8
18 Contracted (during period)
19 Outstanding (end of period)
Auction of 4-month commitments
Government-underwritten loans
Offered
Accepted
Conventional loans
23
Offered
24
Accepted
48,050
33,673
14,377
to buy
20
21
FEDERAL H O M E L O A N MORTGAGE CORPORATION
Mortgage holdings
24 Total
25
FHA/VA
26
Conventional
(end of
Mortgage transactions
27 Purchases
28 Sales
period)9
(during
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 H o m e Loan Bank
Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and " p o i n t s " paid (by the
borrower or the seller) to obtain a loan.
3. Average effective interest rates on loans closed, assuming prepayment at the
end of 10 years.
4. Average contract rates on new commitments for conventional first mortgages, 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 t o 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, assum-
ing prepayment in 12 years on pools of 30-year F H A / V A mortgages carrying the
prevailing ceiling rate. Monthly figures are unweighted averages of Monday
quotations for the month.
7. 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. N o adjustments are made for FN MA 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 F N M A ' s free market
auction system, and through the F N M A - G N M A tandem plans.
9. Includes participation as well as whole loans.
10. Includes conventional and government-underwritten loans.
Real Estate Debt
1.55
A41
MORTGAGE DEBT OUTSTANDING
Millions of dollars, end of period
1981
T y p e of h o l d e r , a n d t y p e of p r o p e r t y
1979
1980
Q2
1 AU holders
7 1- to 4-family
3 Multifamily
4 Commercial
5
6 M a j o r financial institutions
Commercial banks1
7
1- to 4-family
8
Multifamily
9
10
Commercial
11
Farm
M u t u a l savings b a n k s
12
1- to 4-family
13
14
Multifamily
15
Commercial
16
Farm
1982
1981
Q3
Q4
Q1
Q2
Q3
1,337,748
891,066
128,433
235,572
82,677
1,471,786
986,979
137,134
255,655
92,018
1,583,535
1,060,469
141,427
279,912
101,727
1,533,196
1,028,297
139,280
268,095
97,524
1,561,606
1,047,626
140,228
273,746
100,006
1,583,535
1,060,469
141,427
279,912
101,727
1,603,121
1,071,889
142,904
284,411
103,917
1,624,169
1,085,182
143,806
289,690
105,491
1,635,830'
1,092,274'
144,654'
292,180'
106,722'
938,567
245,187
149,460
11,180
75,957
8,590
98,908
66,140
16,557
16,162
49
997,168
263,030
160,326
12,924
81,081
8,699
99,865
67,489
16,058
16,278
40
1,040,630
284,536
170,013
15,132
91,026
8,365
99,997
68,187
15,960
15,810
40
1,023,133
273,225
164,873
13,800
86,091
8,461
99,993
68,035
15,909
15,999
50
1,033,825
279,017
167,550
14,481
88,588
8,398
99,994
68,116
15,939
15,909
30
1,040,630
284,536
170,013
15,132
91,026
8,365
99,997
68,187
15,960
15,810
40
1,041,487
289,365
171,350
15,338
94,256
8,421
97,464
66,305
15,536
15,594
29
1,042,652
294,022
172,596
15,431
97,522
8,473
96,346
65,381
15,338
15,598
29
1,028,840
298,342
175,126
15,666
99,050
8,500
94,246
63,755
15,004
15,458'
29
17
18
19
20
Savings and loan a s s o c i a t i o n s
1- t o 4-family
Multifamily
Commercial
475.688
394,345
37,579
43,764
503,192
419,763
38,142
45,287
518,350
432,978
37,684
47,688
515,256
430,702
38,077
46,477
518,778
433,750
37,975
47,053
518,350
432,978
37,684
47,688
515,896
430,928
37,506
47,462
512,745
428,194
36,866
47,685
495,408
413,096'
35,422'
46,890'
21
22
23
24
25
Life i n s u r a n c e c o m p a n i e s
1- t o 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
137,747
17,201
19,283
88,163
13,100
134,659
17,549
19,495
84,571
13,044
136,036
17,376
19,441
86,070
13,149
137,747
17,201
19,283
88,163
13,100
138,762
17,086
19,199
89,529
12,948
139,539
16,451
18,982
91,113
12,993
140,844
16,579
19,130
92,125
13,010
97,084
3,852
763
3,089
114,300
4,642
704
3,938
126,112
4,765
693
4,072
119,124
4,972
698
4,274
121,772
4,382
696
3,686
126,112
4,765
693
4,072
128,721
4,438
689
3,749
132,188
4,669
688
3,981
136,836'
4,697
687
4,010
26 F e d e r a l a n d related a g e n c i e s
Government National Mortgage A s s o c i a t i o n . . .
27
1- to 4-family
28
Multifamily
29
30
31
32
33
34
Farmers H o m e Administration
1- t o 4-family
Multifamily
Commercial
Farm
1,274
417
71
174
612
3,492
916
610
411
1,555
2,235
914
473
506
342
2,662
1,151
464
357
690
1,562
500
242
325
495
2,235
914
473
506
342
2,469
715
615
499
640
2,038
792
198
444
604
2,188
842
223
469
654
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
5,999
2,289
3,710
5,895
2,172
3,723
6,005
2,240
3,765
5,999
2,289
3,710
6,003
2,266
3,737
5,908
2,218
3,690
5,921
2,171
3,750
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
57,657
52,181
5,476
59,682
54,227
5,455
61,412
55,986
5,426
62,544
57,142
5,402
65,008
59,631
5,377
68,841
63,495
5,346
41
42
43
Federal Land Banks
1- to 4-family
Farm
31,277
1,552
29,725
38,131
2,099
36,032
46,446
2,788
43,658
42,681
2,401
40,280
44,708
2,605
42,103
46,446
2,788
43,658
47,947
2,874
45,073
49,270
2,954
46,316
49,983'
3,029'
46,954'
44
45
46
Federal H o m e Loan Mortgage C o r p o r a t i o n . . . .
1- to 4-family
Multifamily
4,035
3,059
976
5,068
3,873
1,195
5,255
4,018
1,237
5,257
4,025
1,232
5,433
4,166
1,267
5,255
4,018
1,237
5,320
4,075
1,245
5,295
4,042
1,253
5,206
3,944
1,262
47 M o r t g a g e pools or t r u s t s 2
Government National Mortgage A s s o c i a t i o n . . .
48
49
1- to 4-family
Multifamily
50
118,664
75,787
73,853
1,934
142,258
93,874
91,602
2,272
162,990
105,790
103,007
2,783
152,308
100,558
98,057
2,501
158,140
103,750
101,068
2,682
162,990
105,790
103,007
2,783
172,292
108.592
105,701
2,891
182,945
111,459
108,487
2,972
196,337
114,396
111,348
3,048
51
52
53
Federal H o m e Loan Mortgage C o r p o r a t i o n . . . .
1- to 4-family
Multifamily
15,180
12,149
3,031
16,854
13,471
3,383
20,560
16,605
3,955
17,565
14,115
3,450
17,936
14,401
3,535
20.560
16,605
3,955
26,745
21,781
4,964
33,249
27,193
6,056
43,254'
35,686'
7,568
54
55
56
57
58
59
60
Farmers H o m e 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
717
717
36,640
18,378
3,426
6,161
8,675
34,185
17,165
3,097
5,750
8,173
36,454
18,407
3,488
6,040
8,519
717
717
36,640
18,378
3,426
6,161
8,675
2,786
2,786
36,955
18,740
3,447
6,351
8,417
4,556
4,556
38,237'
19,056
4,026
6,574
8,581
8 133
8 133
38,687
19,256
4,076
6,624
8,731
183,433
110,808
23,376
24,050
25,199
218,060
138,284
27,345
26,661
25,770
253,803
167,412
28,286
30,558
27,547
238,631
155,173
27,782
28,850
26,826
247,869
162,524
28,272
29,761
27,312
253,803
167,412
28,286
30,558
27,547
260,621
172,237
29,275
30,720
28,389
61 Individual a n d o t h e r s 4
62
1- to 4-family 5
63
Multifamily
Commercial
64
65
Farm
1. I n c l u d e s l o a n s held by n o n d e p o s i t t r u s t c o m p a n i e s b u t not b a n k t r u s t
departments.
2. O u t s t a n d i n g principal b a l a n c e s of m o r t g a g e s b a c k i n g securities i n s u r e d or
g u a r a n t e e d by the a g e n c y i n d i c a t e d .
3. O u t s t a n d i n g b a l a n c e s o n F N M A ' s i s s u e s of securities b a c k e d by pools of
c o n v e n t i o n a l m o r t g a g e s held in t r u s t . T h e p r o g r a m w a s i m p l e m e n t e d by F N M A in
O c t o b e r 1981.
4. O t h e r h o l d e r s include m o r t g a g e c o m p a n i e s , real e s t a t e i n v e s t m e n t t r u s t s ,
state and local credit a g e n c i e s , s t a t e a n d local r e t i r e m e n t f u n d s , n o n i n s u r e d
p e n s i o n f u n d s , credit u n i o n s , a n d U . S . a g e n c i e s f o r w h i c h a m o u n t s a r e small or
f o r which s e p a r a t e d a t a a r e n o t readily available.
5. I n c l u d e s a n e w e s t i m a t e of residential m o r t g a g e credit p r o v i d e d by individuals.
266,384
177,499
29,636
30,754
28,495
273,817
183,260
30,149
31,564
28,844
NOTE. B a s e d o n d a t a f r o m v a r i o u s institutional a n d g o v e r n m e n t a l s o u r c e s , with
s o m e q u a r t e r s e s t i m a t e d in part by the F e d e r a l R e s e r v e in c o n j u n c t i o n with t h e
F e d e r a l H o m e L o a n B a n k B o a r d and the D e p a r t m e n t of C o m m e r c e . S e p a r a t i o n of
n o n f a r m m o r t g a g e d e b t by t y p e of p r o p e r t y , if not r e p o r t e d directly, a n d
interpolations and e x t r a p o l a t i o n s w h e n r e q u i r e d , are e s t i m a t e d mainly by t h e
F e d e r a l R e s e r v e . Multifamily d e b t r e f e r s to l o a n s on s t r u c t u r e s of five or m o r e
units.
A42
1.56
DomesticNonfinancialStatistics • January 1983
CONSUMER INSTALLMENT CREDIT 1 Total Outstanding, and Net Change
Millions of dollars
1982
Holder, and type of credit
1979
1980
1981
May
June
July
Aug.
Sept.
Oct.
Nov.
Amounts outstanding (end of period)
1 Total
312,024
313,472
333,375
329,338
331,851
332,471
333,808
335,948
334,871
336,991
By major holder
Commercial banks . . . .
Finance c o m p a n i e s . . . .
Credit unions
Retailers 2
Savings and loans
Gasoline companies . . .
Mutual savings b a n k s . .
154,177
68,318
46,517
28,119
8,424
3,729
2,740
147,013
76,756
44,041
28,448
9,911
4,468
2,835
149,300
89,818
45,954
29,551
11,598
4,403
2,751
146,147
91,958
45,472
26,536
12,202
4,218
2,805
146,775
93,009
45,882
26,645
12,312
4,398
2,830
146,745
93,353
45,698
26,710
12,520
4,600
2,845
147,275
93,207
46,154
26,751
12,833
4,714
2,874
148,280
93,357
46,846
26,829
13,051
4,669
2,916
147,926
92,541
46,645
27,046
13,457
4,322
2,934
148,270
93,462
46,832
27,639
13,672
4,141
2,975
By major type of credit
9 Automobile
10
Commercial banks . .
11
Indirect paper . . . .
12
Direct loans
13
Credit unions
14
Finance companies . .
116,362
67,367
38,338
29,029
22,244
26,751
116,838
61,536
35,233
26,303
21,060
34,242
126,431
59,181
35,097
24,084
21,975
45,275
127,220
58,099
34,791
23,308
21,744
47,377
128,415
58,140
34,903
23,237
21,940
48,335
128,359
58,131
34,979
23,152
21,852
48,376
128,281
58,222
34,996
23,226
22,071
47,988
129,085
58,762
35,449
23,313
22,402
47,921
128,619
58,7%
35,490
23,306
22,306
47,518
129,594
58,9%
35,686
23,310
22,395
48,203
15 Revolving
16
Commercial banks . .
17
Retailers
18
Gasoline companies .
56,937
29,862
23,346
3,729
58,352
29,765
24,119
4,468
63,049
33,110
25,536
4,403
58,647
31,619
22,810
4,218
59,302
31,974
22,930
4,398
59,824
32,205
23,019
4,600
60,475
32,691
23,070
4,714
60,932
33,104
23,159
4,669
60,811
33,085
23,404
4,322
61,500
33,371
23,988
4,141
19 Mobile home
20
Commercial banks . .
21
Finance companies . .
22
Savings and loans . . .
23
Credit unions
16,838
10,647
3,390
2,307
494
17,322
10,371
3,745
2,737
469
18,486
10,300
4,494
3,203
489
18,479
9,960
4,666
3,369
484
18,543
9,924
4,731
3,400
488
18,601
9,857
4,801
3,458
486
18,741
9,790
4,916
3,544
491
18,778
9,723
4,953
3,604
498
18,814
9,631
4,971
3,716
496
18,821
9,578
4,970
3,775
498
24 Other
25
Commercial banks . .
26
Finance companies . .
27
Credit unions
28
Retailers
29
Savings and loans . . .
30
Mutual savings banks
121,887
46,301
38,177
23,779
4,773
6,117
2,740
120,960
45,341
38,769
22,512
4,329
7,174
2,835
125,409
46,709
40,049
23,490
4,015
8,395
2,751
124,992
46,469
39,915
23,244
3,726
8,833
2,805
125,591
46,737
39,943
23,454
3,715
8,912
2,830
125,687
46,552
40,176
23,360
3,691
9,063
2,845
126,311
46,572
40,303
23,592
3,681
9,289
2,874
127,153
46,691
40,483
23,946
3,670
9,447
2,916
126,627
46,414
40,052
23,844
3,642
9,741
2,934
127,076
46,325
40,289
23,939
3,651
9,897
2,975
2
3
4
5
6
7
8
Net change (during period) 3
31 Total
38,381
1,448
19,894
1,399
1,349
570
66
1,092
-324
2,523
By major holder
Commercial banks
Finance companies . . . .
Credit unions
Retailers 2
Savings and loans
Gasoline companies . . .
Mutual savings b a n k s . .
18,161
14,020
2,185
2,132
1,327
509
47
-7,163
8,438
-2,475
329
1,485
739
95
2,284
13,062
1,913
1,103
1,682
-65
-85
-13
1,126
-39
68
221
-20
56
-100
874
38
304
187
38
8
-66
195
-69
297
196
3
14
-252
-142
179
-109
268
65
57
481
115
346
60
181
-115
24
-49
-393
-32
-88
328
-115
25
904
1,133
418
-98
194
-39
11
By major type of credit
39 Automobile
40
Commercial banks . .
41
Indirect paper . . . .
42
Direct loans
43
Credit unions
44
Finance companies . .
14,715
6,857
4,488
2,369
1,044
6,814
477
-5,830
-3,104
-2,726
-1,184
7,491
9,595
-2,355
-136
-2,219
914
11,033
959
-305
-52
-253
-34
1,298
655
-240
-52
-188
28
867
61
101
225
-124
-26
-14
-402
-146
-129
-17
65
-321
505
435
332
103
159
-89
-78
52
72
-20
-12
-118
1,816
600
496
104
232
984
45 Revolving
46
Commercial banks . .
47
Retailers
48
Gasoline companies .
8,628
5,521
2,598
509
1,415
-97
773
739
4,697
3,345
1,417
-65
537
436
121
-20
507
219
250
38
612
266
343
3
143
162
-84
65
210
243
82
-115
108
246
-23
-115
107
202
-56
-39
49 Mobile home
50
Commercial banks . .
51
Finance companies . .
52
Savings and loans . . .
53
Credit unions
1,603
1,102
238
240
23
483
-276
355
430
-25
1,161
-74
749
466
20
70
-41
44
67
0
67
-58
64
60
1
63
-57
73
47
0
141
-62
108
94
1
10
-67
20
54
3
-4
-97
-7
100
0
40
-19
3
53
3
54 Other
55
Commercial banks . .
56
Finance companies . .
57
Credit unions
58
Retailers
59
Savings and loans . . .
60
Mutual savings banks
13,435
4,681
6,986
1,118
-466
1,087
47
-927
-960
592
-1,266
-444
1,056
95
4,441
1,368
1,280
975
-314
1,217
-85
-167
-103
-216
-5
-53
154
56
120
-21
-57
9
54
127
8
-166
-376
136
-43
-46
149
14
184
-206
71
113
-25
174
57
367
-130
184
184
-22
127
24
-350
-250
-268
-20
-65
228
25
560
121
146
183
-42
141
11
32
33
34
35
36
37
38
1. The Board's series cover most short- and intermediate-term credit extended
to individuals through regular business channels, usually to finance the purchase
of consumer goods and services or to refinance debts incurred for such purposes,
and scheduled to be repaid (or with the option of repayment) in two or more
installments.
2. Includes auto dealers and excludes 30-day charge credit held by travel and
entertainment companies.
3. Net change equals extensions minus liquidations (repayments, charge-offs
and other credit); figures for all months are seasonally adjusted.
NOTE: Total consumer noninstallment credit outstanding—credit scheduled to
be repaid in a lump sum, including single-payment loans, charge accounts, and
service credit—amounted to, not seasonally adjusted, $71.3 billion at the end of
1979, $74.8 billion at the end of 1980, and $80.2 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.
1982
Holder, and type of credit
1979
1980
1981
May
June
July
Aug.
Sept.
Oct.
Nov.
Extensions
1
?
3
4
6
7
8
10
11
1?
n
14
By major holder
Commercial banks
Finance companies
Credit unions
Retailers'
Savings and loans
Gasoline companies
Mutual savings banks
By major type of credit
Automobile
Commercial banks
Indirect paper
Direct loans
Credit unions
Finance companies
IS Revolving
Commercial banks
16
17
Retailers
Gasoline companies
18
19 Mobile home
70
Commercial banks
21
Finance companies
Savings and loans
22
Credit unions
23
24 Other
75
Commercial banks
26
Finance companies
Credit unions
27
Retailers
28
29
Savings and loans
Mutual savings banks
30
324,777
306,076
336,341
29,197
29,737
27,514
27,579
28,268
28,062
31,610
154,733
61,518
34,926
47,676
5,901
18,005
2,018
134,960
60,801
29,594
49,942
6,621
22,253
1,905
146,186
66,344
35,444
53,430
8,142
24,902
1,893
12,765
6,135
2,902
4,449
841
1,880
225
13,460
5,700
2,887
4,762
785
1,969
174
12,485
4,607
2,711
4,785
803
1,944
179
12,499
4,685
2,904
4,396
863
2,021
211
12,750
4,894
3,092
4,684
786
1,876
186
13,322
4,427
2,897
4,431
961
1,835
189
14,616
6,231
3,438
4,383
884
1,867
191
93,901
53,554
29,623
23,931
17,397
22,950
83,454
41,109
22,558
18,551
15,294
27,051
94,404
42,792
24,941
17,851
18,084
33,527
8,429
3,317
1,954
1,363
1,483
3,629
8,182
3,404
2,036
1,368
1,497
3,281
7,332
3,687
2,324
1,363
1,389
2,256
7,112
3,454
1,957
1,497
1,499
2,159
7,546
3,702
2,077
1,625
1,579
2,265
7,970
4,296
2,785
1,511
1,514
2,160
10,329
4,796
3,016
1,780
1,786
3,747
120,174
61,048
41,121
18,055
128,068
61,593
44,222
22,253
140,135
67,370
47,863
24,902
12,528
6,604
4,044
1,880
13,361
7,141
4,251
1,969
12,551
6,237
4,370
1,944
12,497
6,512
3,964
2,021
12,464
6,336
4,252
1,876
12,340
6,455
4,050
1,835
12,489
6,638
3,984
1,867
6,471
4,542
797
948
184
5,093
2,937
898
1,146
113
6,028
3,106
1,313
1,432
176
478
201
114
151
12
459
180
129
137
13
441
173
133
123
12
581
194
193
181
13
452
191
105
140
16
476
174
81
207
14
484
237
84
147
16
104,231
35,589
37,771
17,345
6,555
4,953
2,018
89,461
29,321
32,852
14,187
5,720
5,476
1,905
95,774
32,918
31,504
17,182
5,567
6,710
1,893
7,762
2,643
2,392
1,407
405
690
225
7,735
2,735
2,290
1,377
511
648
174
7,190
2,388
2,218
1,310
415
680
179
7,389
2,339
2,333
1,392
432
682
211
7,806
2,521
2,524
1,497
432
646
186
7,276
2,397
2,186
1,369
381
754
189
8,308
2,945
2,400
1,636
399
737
191
Liquidations
31 Total
3?
33
34
35
36
37
38
By major holder
Commercial banks
Finance companies
Credit unions
Retailers'
Savings and loans
Gasoline companies
Mutual savings banks
By major type of credit
39 Automobile
Commercial banks
40
41
Indirect paper
4?
Direct loans
43
Credit unions
Finance companies
44
45 Revolving
Commercial banks
46
Retailers
47
Gasoline companies
48
49 Mobile home
Commercial banks
50
51
Finance companies
Savings and loans
52
Credit unions
53
54 Other
55
Commercial banks
Finance companies
56
Credit unions
57
58
Retailers
Savings and loans
59
Mutual savings banks
60
286,396
304,628
316,447
27,798
28,388
26,944
27,513
27,176
28,386
29,087
136,572
47,498
32,741
45,544
4,574
17,496
1,971
142,123
52,363
32,069
49,613
5,136
21,514
1,810
143,902
53,282
33,531
52,327
6,640
24,967
1,978
12,778
5,009
2,941
4,381
620
1,900
169
13,560
4,826
2,849
4,458
598
1,931
166
12,551
4,412
2,780
4,488
607
1,941
165
12,751
4,827
2,725
4,505
595
1,956
154
12,269
4,779
2,746
4,624
605
1,991
162
13,371
4,820
2,929
4,519
633
1,950
164
13,712
5,098
3,020
4,481
690
1,906
180
79,186
46,697
25,135
21,562
16,353
16,136
82,977
46,939
25,662
21,277
16,478
19,560
84,809
45,147
25,077
20,070
17,169
22,494
7,470
3,622
2,006
1,616
1,517
2,331
7,527
3,644
2,088
1,556
1,469
2,414
7,271
3,586
2,099
1,487
1,415
2,270
7,514
3,600
2,086
1,514
1,434
2,480
7,041
3,267
1,745
1,522
1,420
2,354
8,048
4,244
2,713
1,531
1,526
2,278
8,513
4,196
2,520
1,676
1,554
2,763
111,546
55,527
38,523
17,496
126,653
61,690
43,449
21,514
135,438
64,025
46,446
24,967
11,991
6,168
3,923
1,900
12,854
6,922
4,001
1,931
11,939
5,971
4,027
1,941
12,354
6,350
4,048
1,956
12,254
6,093
4,170
1,991
12,232
6,209
4,073
1,950
12,382
6,436
4,040
1,906
4,868
3,440
559
708
161
4,610
3,213
543
716
138
4,867
3,180
564
966
156
408
242
70
84
12
392
238
65
77
12
378
230
60
76
12
440
256
85
87
12
442
258
85
86
13
480
271
88
107
14
444
256
81
94
13
90,796
30,908
30,803
16,227
7,021
3,866
1,971
90,388
30,281
32,260
15,453
6,164
4,420
1,810
91,333
31,550
30,224
16,207
5,881
5,493
1,978
7,929
2,746
2,608
1,412
458
536
169
7,615
2,756
2,347
1,368
457
521
166
7,356
2,764
2,082
1,353
461
531
165
7,205
2,545
2,262
1,279
457
508
154
7,439
2,651
2,340
1,313
454
519
162
7,626
2,647
2,454
1,389
446
526
164
7,748
2,824
2,254
1,453
441
596
180
1. Includes auto dealers and excludes 30-day charge credit held by travel and
entertainment companies.
A44
1.58
DomesticNonfinancialStatistics • January 1983
F U N D S RAISED IN U.S. CREDIT MARKETS
Billions of dollars; half-yearly data are at seasonally adjusted annual rates.
1979
1 yl!
1979
1980
1980
1981
1982
1981
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
9
Private domestic nonfinancial sectors
10
Corporate equities
11
Debt instruments
12
Debt capital instruments
13
State and local obligations
14
Corporate bonds
Mortgages
b
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
27
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
273.5
262.7
334.3
331.2
401.7
402.3
402.0
409.1
397.1
382.2
406.9
418.4
406.6
411.0
363.0
354.2
431.2
410.2
438.2
436.7
375.7
400.2
380.6
381.0
69.0
69.1
-.1
204.5
10.8
193.6
184.9
10.5
174.3
123.6
15.7
22.8
56.8
57.6
-.9
277.5
3.1
274.4
263.6
2.7
260.9
169.8
21.9
21.0
53.7
55.1
-1.4
348.0
-.6
348.7
314.8
-.1
314.9
198.7
28.4
20.1
37.4
38.8
-1.4
364.7
-7.1
371.7
343.6
-7.8
351.5
216.0
29.8
22.5
79.2
79.8
-.6
317.9
15.0
303.0
288.7
12.9
275.8
204.1
35.9
33.2
87.4
87.8
-.5
319.6
-11.5
331.0
292.3
-11.5
303.7
175.0
32.9
23.9
46.1
46.6
-.5
360.5
-4.3
364.9
332.2
-6.1
338.3
213.1
32.8
22.6
63.3
63.9
-.6
299.8
8.9
290.9
268.8
6.9
261.9
203.8
30.7
37.3
95.1
95.7
-.6
336.1
21.0
315.0
308.5
18.8
289.7
204.4
41.0
29.0
81.9
82.4
-.5
356.3
1.6
354.8
321.7
.9
320.8
196.5
35.1
24.7
92.9
93.2
-.4
282.8
-24.5
307.3
262.9
-23.8
286.7
153.5
30.6
23.0
98.1
98.6
-.5
282.6
-.4
282.9
266.5
-.1
266.7
156.7
47.9
18.5
63.9
3.9
11.6
5.7
50.7
25.4
4.4
4.0
16.9
94.3
7.1
18.4
7.1
91.1
40.2
26.7
2.9
21.3
112.1
9.2
21.7
7.2
116.2
48.8
37.1
5.2
25.1
120.1
7.8
23.9
11.8
135.5
45.4
49.2
11.1
29.7
96.7
8.8
20.2
9.3
71.7
4.9
35.4
6.6
24.9
78.6
4.6
25.3
9.8
128.8
25.3
51.1
19.2
33.1
113.9
6.9
25.4
11.5
125.2
41.0
39.6
17.4
27.2
96.5
8.1
20.3
10.9
58.1
-3.3
18.0
20.3
23.0
96.9
9.5
20.1
7.8
85.4
13.0
52.7
-7.1
26.7
95.2
5.1
27.4
9.0
124.3
29.4
47.7
10.7
36.5
62.0
4.1
23.2
10.5
133.2
21.2
54.6
27.6
29.8
59.5
5.1
20.3
5.4
110.0
16.0
78.2
3.4
12.4
184.9
15.2
89.5
10.2
15.4
54.5
263.6
15.4
137.3
12.3
28.3
70.4
314.8
19.1
169.3
14.6
32.4
79.3
343.6
20.2
176.5
21.4
34.4
91.2
288.7
27.3
117.5
14.4
33.8
95.7
292.3
22.3
120.4
16.4
40.5
92.6
332.2
22.5
165.8
22.7
37.0
84.2
268.8
21.8
115.2
15.7
27.5
88.6
308.5
32.8
119.8
13.0
40.2
102.7
321.7
25.1
141.0
19.9
41.8
93.9
262.9
19.5
99.9
12.8
39.3
91.4
266.5
36.3
89.7
8.4
30.4
101.8
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
20.2
3.9
2.3
11.2
2.9
29.3
2.1
27.2
.8
11.5
10.1
4.7
27.3
27.3
5.5
3.7
13.9
4.3
28.3
1.7
26.6
4.9
2.6
16.3
2.8
31.0
1.9
29.0
2.0
5.9
15.7
5.4
27.5
2.2
25.3
-.4
17.2
4.5
4.0
34.6
.7
34.0
3.3
5.0
20.6
5.0
19.9
-.7
20.6
7.6
2.3
7.1
3.6
16.0
-.2
16.2
2.2
-.6
11.3
3.3
*
Financial sectors
37 Total funds raised
38
39
40
41
42
43
44
45
46
47
48
49
By instrument
U.S. government related
Sponsored credit agency securities
Mortgage pool securities
Loans from U.S. government
Private financial sectors
Corporate equities
Debt instruments
Corporate bonds
Mortgages
Bank loans n.e.c
Open market paper and RPs
Loans from Federal H o m e 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
Other insurance companies
56
57
Finance companies
58
REITs
59
Open-end investment companies
22.5
52.2
77.5
83.9
68.5
89.3
78.7
65.1
71.9
95.5
83.0
107.9
14.3
2.5
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
30.3
3.4
26.9
10.1
3.1
-.3
9.6
4.3
36.7
23.1
13.6
47.3
24.3
23.1
43.6
24.4
19.2
45.1
30.1
15.0
50.8
25.8
25.0
47.3
27.1
20.2
39.8
21.7
18.1
42.5
26.9
15.6
47.8
33.3
14.5
57.9
21.4
36.5
40.8
2.5
38.3
7.5
.9
2.8
14.6
12.5
36.6
3.2
33.4
7.8
-1.2
-.4
18.0
9.2
24.9
7.2
17.7
7.1
-.9
-.4
4.8
7.1
44.1
8.6
35.6
-.8
-2.9
2.2
20.9
16.2
27.9
2.6
25.3
7.7
-2.9
.5
10.8
9.2
17.7
7.5
10.3
9.9
-5.3
.1
-.1
5.8
32.0
6.9
25.2
4.4
3.5
-.9
9.7
8.5
53.0
9.7
43.4
-2.1
-2.3
3.7
24.8
19.3
35.3
7.5
27.8
.4
-3.5
.7
17.0
13.2
50.0
16.0
34.0
-3.6
1.9
5.9
16.1
13.8
2.1
12.2
8.2
2.3
5.4
.1
.9
4.3
-2.2
-2.4
5.8
16.1
30.3
1.1
2.0
9.9
1.4
16.9
-1.9
.9
23.1
13.6
40.8
1.3
7.2
14.3
.8
18.1
-.9
-.1
24.3
23.1
36.6
1.6
6.5
11.4
.9
16.6
-.3
.1
24.4
19.2
24.9
.5
6.9
6.6
1.1
6.3
-1.5
5.0
30.1
15.0
44.1
.4
8.3
13.1
1.1
14.1
-.5
7.7
25.8
25.0
27.9
1.8
4.9
10.2
.9
11.0
-.1
-.8
27.1
20.2
17.7
.8
5.8
.1
1.0
6.0
-1.4
5.5
21.7
18.1
32.0
.3
8.0
13.2
1.1
6.5
-1.7
4.5
26.9
15.6
53.0
.2
6.9
19.2
1.1
17.3
-.6
8.9
33.3
14.5
35.3
.5
9.7
6.9
1.1
11.0
-.3
6.5
21.4
36.5
50.0
.6
9.7
16.8
1.0
7.7
-.2
14.5
All sectors
60 Total funds raised, by instrument
296.0
386.5
479.2
485.9
465.6
496.2
485.3
428.1
503.1
533.7
458.7
488.6
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
Open market paper and RPs
70
n
Other loans
-2.4
13.1
285.4
83.8
15.7
41.2
87.1
25.4
6.2
8.1
17.8
.9
5.6
379.9
79.9
21.9
36.1
129.9
40.2
29.5
15.0
27.4
-.1
1.9
477.4
90.5
28.4
31.8
151.0
48.8
59.0
26.4
41.5
.1
-3.9
489.7
84.8
29.8
34.2
162.4
45.4
51.0
40.3
41.8
5.0
17.1
443.5
122.9
35.9
41.1
134.0
4.9
46.5
21.6
36.6
7.7
-10.6
499.1
132.6
32.9
28.5
115.2
25.3
57.0
54.0
53.7
-.8
-.9
487.1
97.0
32.8
35.2
154.7
41.0
42.7
44.5
39.2
5.5
10.8
411.8
110.7
30.7
49.3
130.4
-3.3
24.0
35.9
34.1
4.5
23.4
475.2
135.1
41.0
33.0
137.7
13.0
69.0
7.2
39.2
8.9
2.3
522.5
124.5
35.1
26.0
134.3
29.4
56.4
56.2
60.7
6.5
-23.5
475.7
140.7
30.6
30.9
96.2
21.2
57.6
51.8
46.6
14.5
1.2
472.9
156.1
47.9
17.0
92.1
16.0
83.6
30.9
29.4
Flow of Funds
1.59
A45
DIRECT A N D INDIRECT S O U R C E S OF F U N D S TO CREDIT M A R K E T S
Billions of dollars, except as noted; half-yearly data are at seasonally adjusted annual rates
1979
Transaction category, or sector
1 Total funds advanced in credit markets to nonfinancial sectors
1976
1977
1978
1979
1980
1981
1980
1982
1981
H2
HI
H2
HI
H2
HI'
262.7
331.2
402.3
409.1
382.2
418.4
411.0
354.2
410.2
436.7
400.2
381.0
2
3
4
5
6
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
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
74.6
-6.3
35.8
9.2
35.9
95.8
15.7
31.7
7.1
41.3
95.9
17.2
23.4
16.2
39.1
101.0
16.6
36.7
9.2
38.6
104.6
20.5
34.9
5.8
43.4
87.0
10.9
28.5
8.5
39.1
98.7
15.9
21.4
19.3
42.1
93.2
18.5
25.5
13.2
36.0
91.9
-.8
47.4
13.8
31.5
7
8
9
10
11
Total advanced, by sector
U.S. government
Sponsored credit agencies
Monetary authorities
Foreign
Agency borrowing not included in line 1
7.9
16.8
9.8
15.2
14.3
10.0
22.4
7.1
39.6
21.9
17.1
39.9
7.0
38.0
36.7
19.0
52.4
7.7
-4.6
47.3
23.7
44.4
4.5
23.2
43.6
24.2
46.0
9.2
16.6
45.1
18.7
56.9
14.0
11.3
50.8
24.6
45.2
14.9
19.9
47.3
22.8
43.7
-5.9
26.5
39.8
27.1
44.3
-3.7
30.9
42.5
21.2
47.7
22.1
2.2
47.8
15.4
59.0
-6.5
23.9
57.9
227.1
60.7
15.7
30.5
55.4
62.9
-2.0
273.9
45.1
21.9
22.2
81.4
107.6
4.3
337.1
54.3
28.4
22.4
95.5
149.1
12.5
381.8
91.1
29.8
23.7
92.0
154.3
9.2
329.9
107.2
35.9
25.8
73.7
94.4
7.1
367.6
115.4
32.9
20.6
59.7
155.3
16.2
360.8
80.5
32.8
24.1
84.0
148.7
9.2
296.9
90.2
30.7
31.6
69.6
80.6
5.8
362.9
124.2
41.0
20.1
77.8
108.3
8.5
380.5
108.5
35.1
18.6
78.8
158.7
19.3
354.7
122.3
30.6
22.7
40.5
151.8
13.2
347.0
156.9
47.9
4.5
17.0
134.5
13.8
190.9
59.6
70.2
49.7
11.4
261.7
87.6
81.6
69.0
23.5
302.9
128.7
73.6
75.0
25.6
292.2
121.1
55.5
66.4
49.2
257.9
99.7
54.1
74.4
29.8
301.3
103.5
24.6
75.8
97.4
260.7
108.1
48.9
60.1
43.6
245.4
64.7
34.9
84.3
61.5
270.4
134.8
73.2
64.4
-1.9
326.3
107.8
43.9
75.8
98.8
276.3
99.2
5.3
75.8
95.9
281.3
122.3
30.2
89.0
39.7
190.9
124.4
8.4
58.0
-4.7
-.1
34.3
28.5
261.7
138.9
26.9
96.0
1.2
4.3
51.4
39.1
302.9
141.1
38.3
123.5
6.3
6.8
62.2
48.3
292.2
142.5
33.4
116.4
25.6
.4
49.1
41.3
257.9
167.8
17.7
72.4
-23.0
-2.6
65.4
32.6
301.3
211.2
35.6
54.6
-8.8
-1.1
70.8
-6.4
260.7
145.9
25.3
89.5
3.4
-.7
43.8
43.0
245.4
162.5
10.3
72.7
-20.0
-6.1
70.3
28.6
270.4
173.1
25.2
72.1
-26.0
1.0
60.5
36.6
326.3
212.0
43.4
70.9
-.7
6.0
66.0
-.4
276.3
210.3
27.8
38.2
-16.8
-8.2
75.6
-12.3
281.3
177.5
34.0
69.8
-31.1
-4.1
77.4
27.6
44.7
15.9
3.3
11.8
1.9
11.8
39.0
24.6
-.8
-5.1
9.6
10.7
72.5
36.3
3.6
-2.9
15.6
19.9
122.9
61.4
9.4
10.2
12.1
29.8
89.7
38.3
12.6
9.3
-3.4
32.9
101.9
50.4
20.3
-7.9
3.5
35.6
125.4
54.9
11.5
16.9
14.6
27.6
61.7
23.3
6.2
7.8
-8.1
32.5
117.7
53.3
18.9
10.8
1.4
33.3
97.5
43.0
22.8
-9.2
-1.4
42.3
106.2
57.7
17.8
-6.6
8.4
29.0
99.8
54.8
35.7
-22.9
7.9
24.2
133.4
7.3
10.4
123.7
152.3
9.3
16.3
63.7
6.9
46.6
7.5
2.0
151.9
7.9
19.2
61.0
34.4
21.2
6.6
1.5
179.2
10.3
4.2
79.5
29.2
48.3
6.5
1.1
221.0
9.5
18.3
46.6
107.5
36.3
2.5
.3
149.9
6.3
22.5
50.7
38.6
39.4
-5.3
-2.3
172.4
9.3
-2.5
73.4
61.9
24.4
5.3
.6
186.1
11.3
11.0
85.7
-3.4
72.1
7.8
1.7
218.6
5.8
26.5
26.9
104.1
46.8
7.7
.8
223.4
13.2
10.1
66.3
110.8
25.7
-2.6
-.2
177.5
2.0
6.9
78.8
39.4
51.4
1.0
-2.0
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
Other mortgages and loans
17
18
LESS: Federal H o m e Loan Bank advances
Private
financial
intermediation
19 Credit market funds advanced by private financial institutions
20
Commercial banking
21
Savings institutions
Insurance and pension funds
22
Other finance
23
24 Sources of funds
25
Private domestic deposits
26
Credit market borrowing
Other sources
27
28
Foreign funds
Treasury balances
29
30
Insurance and pension reserves
Other, net
31
Private domestic nonfinancial
investors
32 Direct lending in credit markets
33
U.S. government securities
34
State and local obligations
35
Corporate and foreign bonds
36
Commercial paper
Other
37
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
45
Foreign deposits
-12.0
2.3
1.7
148.5
8.3
17.2
93.5
.2
25.8
2.2
1.3
46 Total of credit market instruments, deposits and
currency
178.1
187.5
224.9
274.8
269.0
322.8
275.3
234.1
303.8
316.1
329.6
277.2
19.0
84.0
10.5
23.9
95.6
40.8
25.3
89.9
44.3
18.2
76.5
21.0
25.1
78.2
.2
22.9
82.0
7.8
24.6
72.3
14.8
29.5
82.7
*
21.2
74.5
.5
22.6
85.8
30.3
23.3
77.9
-14.6
24.1
81.0
-7.2
MEMO: Corporate equities not included above
50 Total net issues
51
Mutual fund shares
52
Other equities
10.6
-2.4
13.1
6.5
.9
5.6
1.9
-.1
1.9
-3.8
.1
-3.9
22.1
5.0
17.1
-2.9
7.7
-10.6
-1.7
-.8
-.9
16.3
5.5
10.8
27.9
4.5
23.4
11.2
8.9
2.3
-17.0
6.5
-23.5
15.7
14.5
1.2
53 Acquisitions by financial institutions
54 Other net purchases
12.5
-1.9
7.4
-.8
4.6
-2.7
10.4
-14.2
14.6
7.5
22.9
-25.8
14.2
-15.9
8.6
7.7
20.7
7.2
25.3
-14.1
20.5
-37.5
20.7
-5.1
47
48
49
Public support rate (in percent)
Private financial intermediation (in percent)
Total foreign funds
*
N O T E S BY L I N E N U M B E R .
1.
2.
6.
11.
12.
17.
25.
26.
28.
29.
30.
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 39 and 45.
Includes farm and commercial mortgages.
Line 38 less lines 39 and 45.
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.
Exlcudes 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 • January 1983
NONFINANCIAL BUSINESS ACTIVITY
Selected Measures
1967 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted.
1982
1979
Measure
1981
1980
Apr.
May
July
June
Aug.
Sept/
Oct/
NOV.p
Dec.
1 Industrial production'
152.5
147.0
151.0
140.2
139.2
138.7
138.8
138.4
137.3
135.8
134.8
134.7
Market
groupings
Products, total
Final, total
Consumer goods
Equipment
Intermediate
Materials
150.0
147.2
150.8
142.2
160.5
156.4
146.7
145.3
145.4
145.2
151.9
147.6
150.6
149.5
147.9
151.5
154.4
151.6
142.9
142.6
142.1
143.4
143.7
136.2
142.3
142.2
143.6
140.4
142.6
134.3
142.1
142.1
144.8
138.4
141.9
133.5
142.6
142.5
145.8
138.0
142.8
133.0
142.0
141.2
144.1
137.3
144.7
132.8
140.8
140.0
143.4
135.2
143.7
132.0
139.4
138.6
142.2
133.5
142.4
130.3
138.6
137.7
141.1
133.0
141.9
128.9
138.7
138.1
141.4
133.6
141.0
128.4
153.6
146.7
150.4
138.7
137.9
137.7
138.1
138.0
137.1
135.0
134.0
133.9
85.7
87.4
79.1
80.0
78.5
79.9
70.8
70.5
70.2
69.4
70.0
68.8
70.0
68.5
69.8
68.2
69.2
67.7
68.0
66.7
67.4
65.9
67.3
65.5
2
3
4
5
6
7
Industry
groupings
8 Manufacturing
Capacity utilization ( p e r c e n t ) 1 2
9
Manufacturing
10
Industrial materials industries
11 Construction contracts (1977 = 100)
3
12
13
14
15
16
17
18
19
20
21
Nonagricultural employment, total 4
Goods-producing, total
Manufacturing, total
Manufacturing, production-worker
Service-producing
Personal income, total
Wages and salary disbursements
Manufacturing
Disposable personal income 5
Retail sales"
22
23
Prices 7
Consumer
Producer finished goods
...
121.0
106.0
107.0
88.0
94.0
111.0
98.0
112.0
117.0
105.0
122.0
n.a.
136.5
113.5
108.2
105.3
149.1
309.7
289.8
249.0
301.2
281.6
137.4
110.3
104.3
99.4
152.6
342.9
317.6
264.3
332.9
303.8
138.5
109.3
103.7
98.0
154.4
383.5
349.9
288.1
370.3
330.6
136.9
104.2
98.6
91.2
154.8
402.5
362.2
286.3
391.7
337.4
137.0
104.1
98.3
90.9
155.1
405.7
365.4
288.1
392.9
347.1
136.5
102.9
97.3
89.8
154.9
407.3
366.0
288.4
393.4
336.4
136.1
102.3
96.7
89.2
154.6
410.8
367.6
287.7
400.6
341.8
135.7
101.5
96.0
88.4
154.5
411.4
367.8
286.4
400.9
338.2
135.7
101.0
95.5
87.8
154.7
412.3
367.7
284.5
402.0
341.3
135.0
99.7
94.2
86.2
154.4
414.5
367.9
281.3
404.0
345.0
134.8
99.0
93.5
85.3
154.4
416.0
367.7
279.8
405.5
353.0
134.5
98.6
93.2
85.1
154.2
n.a.
n.a.
n.a.
n.a.
352.5
217.4
217.7
246.8
247.0
272.4
269.8
284.3
277.3
287.1
277.8
290.6
279.9
292.2
281.7
292.8
282.4
293.3
281.4
294.1
284.1
293.6
284.9
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 f r o m
the Bureau of Labor Statistics, U.S. Department of Labor.
1. The industrial production and capacity utilization series have been revised
back to January 1979.
2. Ratios of indexes of production to indexes of capacity. Based on data from
Federal Reserve, McGraw-Hill Economics Department, and Department of
Commerce.
3. Index of dollar value of total construction contracts, including residential,
nonresidential and heavy engineering, from McGraw-Hill Information Systems
Company, F . W. Dodge Division.
4. Based on data in Employment
and Earnings (U.S. Department of Labor).
Series covers employees only, excluding personnel in the Armed Forces.
5. Based on data in Survey of Current Business (U.S. Department of Commerce).
2.11
NOTE. Basic data (not index numbers) for series mentioned in notes 4, 5, and 6,
and indexes for series mentioned in notes 3 and 7 may also be found in the Survey
of Current
Business.
Figures for industrial production for the last two months are preliminary and
estimated, respectively.
OUTPUT, CAPACITY, A N D CAPACITY UTILIZATION
Seasonally adjusted
1982
1982
1982
Series
Q1
Q2
Q3
Q4
Output (1967 = 100)
Q1
Q2
Q3
Q4
Capacity (percent of 1967 output)
1 Manufacturing
2 Primary processing
3 Advanced processing
139.8
137.1
141.6
138.1
132.3
141.2
137.7
132.4
140.5
134.3
129.5
136.8
195.2
198.6
193.5
196.4
199.5
194.9
197.7
200.4
196.2
198.9
201.3
197.6
4 Materials
138.7
134.7
132.6
129.2
192.6
193.7
194.6
130.9
90.9
161.0
164.5
101.3
146.1
200.0
129.8
127.1
77.0
156.8
160.5
101.8
142.0
194.0
125.5
124.7
73.0
155.1
158.4
102.0
145.9
188.5
123.8
118.2
68.4
156.2
159.9
n.a.
n.a.
n.a.
122.0
196.4
142.3
214.6
225.6
142.1
163.8
287.3
156.5
197.3
142.4
216.1
227.3
142.4
164.6
289.6
157.0
198.3
142.3
217.4
228.8
142.8
165.4
291.9
157.6
5 Durable goods
6
Metal materials
7 Nondurable goods
8
Textile, paper, and chemical
9
Textile
10
Paper
Chemical
11
12 Energy materials
Q2
Q1
Q3
Q4
Utilization rate (percent)
71.6
69.1
73.2
70.3
66.3
72.5
69.7
66.1
71.6
67.6
64.3
69.2
195.5
72.0
69.6
68.1
66.1
199.2
142.4
218.9
230.5
n.a.
n.a.
n.a.
158.2
66.7
63.9
75.0
72.9
71.3
89.2
69.6
82.9
64.4
54.1
72.6
70.6
71.5
86.3
67.0
79.9
62.9
51.3
71.3
69.2
71.5
88.2
64.6
78.5
59.4
48.3
71.4
69.4
n.a.
n.a.
n.a.
77.1
Labor Market
2.11
A47
Continued
Previous cycle 1
Latest cycle 2
1982
1981
Series
High
Low
High
Low
Dec.
Apr.
May
June
July
Aug.
Sept/
Nov/
Oct.'
Dec.
Capacity utilization rate (percent)
13 Manufacturing
88.0
69.0
87.2
74.9
67.3
70.8
70.2
70.0
70.0
69.8
69.2
68.0
67.4
67.3
14
15
93.8
85.5
68.2
69.4
90.1
86.2
71.0
77.2
69.6
75.0
67.2
72.6
66.1
72.5
65.7
72.3
65.7
72.3
66.1
71.7
66.4
70.7
65.1
69.5
64.1
69.1
63.8
69.1
16 Materials
17
Durable goods
18
Metal materials
92.6
91.5
98.3
69.4
63.6
68.6
88.8
88.4
96.0
73.8
68.2
59.6
72.4
68.5
65.5
70.5
65.0
56.2
69.4
64.2
53.9
68.8
64.0
52.2
68.5
63.7
50.7
68.2
63.1
51.2
67.7
61.9
51.9
66.7
60.0
49.3
65.9
59.3
47.8
65.5
58.8
n.a.
19
20
94.5
67.2
91.6
77.5
74.1
74.4
72.5
70.9
70.2
71.0
72.8
72.2
71.1
70.9
21
22
23
Nondurable goods
Textile, paper, and
chemical
Textile
Paper
Chemical
95.1
92.6
99.4
95.5
65.3
57.9
72.4
64.2
92.2
90.6
97.7
91.3
75.3
80.9
89.3
70.7
72.2
72.0
86.5
69.0
72.5
73.4
87.4
69.0
70.6
71.5
86.1
66.9
68.8
69.6
85.3
65.0
68.0
69.8
86.0
63.7
68.9
72.3
88.6
63.9'
70.7
72.3
89.8
66.2
70.0
73.4
89.8
64.9
69.1
72.3
89.1
64.1
69.1
n.a.
n.a.
n.a.
24
Energy materials
94.6
84.8
88.3
82.7
81.6
80.2
79.9
79.8
80.0
79.0
76.6
77.7
77.1
76.7
Primary processing
Advanced processing . . . .
1. Monthly high 1973; monthly low 1975.
2.12
2. Preliminary; monthly highs December 1978 through January 1980; monthly
lows July 1980 through October 1980.
LABOR FORCE, EMPLOYMENT, A N D
UNEMPLOYMENT
Thousands of persons; monthly data are seasonally adjusted. Exceptions noted.
1982
Category
1980
1981
1982
June'
July'
Aug.'
Sept.'
Oct.'
Nov/
Dec.
HOUSEHOLD SURVEY DATA
1 Noninstitutional population 1
169,847
172,272
174,451
174,363
174,544
174,707
174,888
175,069
175,238
175,381
2 Labor force (including Armed Forces) 1
3
Civilian labor force
Employment
4
Nonagricultural industries 2
5
Agriculture
Unemployment
6
Number
7
Rate (percent of civilian labor f o r c e ) . . .
8 Not in labor force
109,042
106,940
110,812
108,670
112,383
110,204
112,320
110,147
112,596
110,416
112,810
110,614
113,056
110,858
112,940
110,752
113,222
111,042
113,311
111,129
95,938
3,364
97,030
3,368
96,125
3,401
96,310
3,371
96,143
3,445
96,254
3,429
96,180
3,363
95,763
3,413
95,670
3,466
95,682
3,411
7,637
7.1
60,805
8,273
7.6
61,460
10,678
9.7
62,061
10,466
9.5
62,043
10,828
9.8
61,948
10,931
9.9
61,897
11,315
10.2
61,832
11,576
10.5
62,129
11,906
10.7
62,016
12,036
10.8
62,070
9 Nonagricultural payroll employment 3
90,406
91,105
89,619
89,839
89,535
89,312
89,267
88,860
88,684
88,518
Manufacturing
Mining
Contract construction
Transportation and public utilities
Trade
Finance
Service
Government
20,285
1,020
4,399
5,143
20,386
5,168
17,901
16,249
20,173
1,104
4,307
5,152
20,736
5,330
18,598
16,056
18,849
1,122
3,917
5,057
20,547
5,350
19,000
15,784
18,930
1,124
3,940
5,078
20,595
5,352
18,988
15,832
18,813
1,100
3,927
5,044
20,615
5,359
19,042
15,635
18,672
1,086
3,899
5,025
20,550
5,360
19,048
15,672
18,572
1,075
3,883
5,031
20,492
5,367
19,084
15,763
18,325
1,058
3,856
5,007
20,441
5,357
19,074
15,742
18,183
1,051
3,848
4,994
20,390
5,362
19,125
15,731
18,134
1,036
3,818
4,979
20,297
5,376
19,143
15,735
ESTABLISHMENT SURVEY DATA
10
11
12
13
14
15
16
17
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 F o r c e s . 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 • January 1983
INDUSTRIAL PRODUCTION Indexes and Gross Value
Monthly data are seasonally adjusted
Grouping
1967
proportion
1981
average
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept/
Oct.
Nov.?
Dec
Index (1967 = 100)
MAJOR MARKET
1 Total index
100.00
151.0
143.4
140.7
142.9
141.7
140.2
139.2
138.7
138.8
138.4
137.3
135.8
134.8
134.7
60.71
47.82
27.68
20.14
12.89
39.29
150.6
149.5
147.9
151.8
154.4
151.6
146.2
146.3
142.0
152.1
145.9
139.0
142.9
142.8
139.6
147.2
143.4
137.2
144.6
144.1
141.8
147.3
146.3
140.4
143.7
143.3
141.5
145.9
145.2
138.5
142.9
142.6
142.1
143.4
143.7
136.2
142.3
142.2
143.6
140.4
142.6
134.3
142.1
142.1
144.8
138.4
141.9
133.5
142.6
142.5
145.8
138.0
142.8
133.0
142.0
141.2
144.1
137.3
144.7
132.8
140.8
140.0
143.4
135.2
143.7
132.0
139.4
138.6
142.2
133.5
142.4
130.3
138.6
137.7
141.1
133.0
141.9
128.9
138.7
138.1
141.4
133.6
141.0
128.4
Consumer
goods
8 Durable consumer goods
9
Automotive products
10
Autos and utility vehicles
11
Autos
12
Auto parts and allied g o o d s . . . .
13
Home goods
14
Appliances, A/C, and TV
15
Appliances and TV
16
Carpeting and furniture
17
Miscellaneous home goods
7.89
2.83
2.03
1.90
.80
5.06
1.40
1.33
1.07
2.59
140.5
137.9
111.2
103.4
205.6
142.0
119.6
121.2
158.0
147.4
123.2
119.2
87.5
78.1
199.7
125.4
85.7
86.6
144.4
139.1
120.1
109.2
71.6
61.3
204.4
126.3
100.6
101.6
137.9
135.4
125.9
117.5
82.0
70.5
207.8
130.6
103.5
104.1
147.8
138.1
128.1
125.0
93.6
79.8
204.5
129.9
97.0
97.4
151.3
138.9
130.7
129.9
100.5
87.2
204.6
131.1
102.7
103.1
151.8
138.0
132.6
138.9
111.8
96.1
207.6
129.1
100.5
101.5
145.9
137.7
134.6
143.0
117.1
101.9
208.6
129.9
106.4
108.8
149.0
134.9
137.3
149.7
127.7
114.6
205.4
130.4
102.7
106.1
151.4
136.7
132.9
135.5
107.1
93.3
207.6
131.4
104.5
108.6
152.5
137.2
131.3
135.5
105.8
94.3
210.7
128.9
99.4
104.1
153.3
134.9
126.9
124.0
89.6
79.5
211.1
128.6
106.1
110.5
151.9
131.1
124.9
121.4
86.9
77.7
209.0
126.9
104.5
108.1
150.0
129.5
127.3
129.8
99.4
87.9
207.0
125.9
100.1
18 Nondurable consumer goods
19
Clothing
20
Consumer staples
21
Consumer foods and tobacco ..
22
Nonfood staples
23
Consumer chemical products
24
Consumer paper products . .
25
Consumer energy products ..
26
Residential utilities
19.79
4.29
15.50
8.33
7.17
2.63
1.92
2.62
1.45
150.9
119.8
159.5
150.3
170.0
223.1
127.9
147.7
166.3
149.5
113.8
159.4
150.9
169.3
220.1
127.2
149.1
167.5
147.4
148.1
146.8
146.6
147.9
148.8
149.1
148.6
148.2
148.3
147.6
147.0
158.9
150.0
169.1
220.1
127.0
148.9
172.3
159.2
151.1
168.7
218.2
130.2
147.2
171.6
158.1
149.6
168.0
217.8
127.8
147.6
170.4
158.3
148.1
170.0
218.3
128.7
151.9
174.5
159.0
149.9
169.5
216.6
126.7
153.6
173.7
159.9
150.9
170.4
219.8
126.7
152.8
171.1
159.7
149.9
171.2
222.3
128.1
151.4
167.7
159.4
149.6
170.8
222.4
129.4
149.3
169.7
158.8
148.6
170.7
221.7
128.2
150.6
169.5
158.9
149.5
169.8
220.5
125.9
151.1
169.1
Equipment
27 Business
28
Industrial
29
Building and mining
30
Manufacturing
31
Power
12.63
6.77
1.44
3.85
1.47
181.1
166.4
286.2
127.9
149.7
179.0
164.0
294.6
122.0
145.5
172.2
158.1
289.0
116.9
137.4
171.6
155.9
274.9
116.8
141.1
169.0
151.2
256.9
116.3
139.0
164.9
145.9
242.2
114.0
134.8
159.9
138.9
224.4
109.7
131.5
156.7
134.0
209.0
107.5
129.9
154.9
131.3
200.4
106.0
129.6
153.9
128.4
190.8
104.4
130.1
150.5
123.8
182.1
101.6
124.7
5.86
3.26
1.93
.67
198.0
258.7
125.4
112.0
196.3
262.9
117.5
98.9
188.5
256.1
109.0
88.4
189.9
256.4
110.4
95.1
189.5
257.8
110.5
84.9
186.9
253.1
110.9
83.5
184.1
247.7
110.9
85.8
183.0
247.5
108.3
84.1
182.2
248.8
106.3
76.9
183.3
253.5
102.0
75.8
36 Defense and space
7.51
102.7
107.0
105.2
106.5
107.0
107.2
107.7
107.6
109.5
Intermediate
products
37 Construction supplies
38 Business supplies
39
Commercial energy products.
6.42
6.47
1.14
141.9
166.7
176.4
127.0
164.6
177.3
124.2
162.4
181.7
127.5
165.1
184.1
125.6
164.6
184.5
123.6
163.7
183.5
122.2
162.8
180.3
123.1
160.6
178.3
20.35
4.58
5.44
10.34
5.57
149.1
114.5
191.2
142.3
112.0
134.0
92.9
183.3
126.1
94.8
129.7
86.9
177.2
123.6
94.5
132.4
92.2
180.1
125.1
94.3
130.7
94.1
177.5
122.2
88.6
128.1
94.7
173.9
118.8
82.3
126.6
98.9
170.0
116.1
79.4
2 Products
3
Final products
4
Consumer goods
5
Equipment
6
Intermediate products
7 Materials
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
130.8
157.9
157.2
169.1
220.9
126.6
148.2
168.4
146.4
117.7
166.8
98.0
121.0
144.6
115.8
163.8
96.4
119.7
144.1
115.5
170.3
94.0
118.1
181.4
254.0
95.5
76.1
179.5
251.7
93.2
76.8
177.9
250.8
91.8
70.9
177.0
249.1
93.1
109.5
109.5
111.8
113.6
116.0
124.1
161.4
179.8
127.1
162.1
178.1
125.5
161.8
179.2
123.6
161.0
180.4
123.2
160.3
180.7
122.2
126.6
103.1
168.3
115.1
77.4
126.0
103.8
166.1
114.8
75.7
125.1
101.0
164.1
115.4
76.1
123.0
97.1
158.3
115.8
77.7
119.3
91.4
155.5
112.6
74.1
118.0
90.6
155.6
110.4
71.9
117.3
92.5
154.4
108.8
10.47
174.6
158.3
156.8
164.2
162.0
160.3
156.6
153.5
152.3
154.5
158.5
157.7
155.5
155.5
7.62
1.85
1.62
4.15
1.70
1.14
181.4
113.0
150.6
224.0
169.3
137.4
161.9
102.0
141.2
196.8
161.9
128.6
159.1
97.3
143.2
193.0
162.4
132.4
167.9
102.2
148.5
204.9
166.7
136.0
166.6
104.5
146.7
202.2
161.3
132.4
164.4
104.5
143.5
199.3
159.8
134.2
160.4
101.8
141.8
193.9
157.2
130.6
156.7
99.1
140.7
188.7
158.5
124.8
155.3
99.6
142.1
185.4
158.1
123.4
157.7
103.2
146.6
186.5
162.8
120.1
162.2
103.3
148.9
193.7
167.3
121.1
160.9
104.9
149.1
190.6
164.9
125.4
159.3
103.5
148.1
188.7
159.9
123.6
159.6
52 Energy materials
53
Primary energy
54
Converted fuel materials
8.48
4.65
3.82
129.0
115.0
145.9
127.4
115.9
141.4
130.9
119.2
145.1
130.3
119.5
143.4
128.2
119.2
139.1
125.8
117.3
136.1
125.4
116.9
135.7
125.4
116.6
136.0
126.0
117.2
136.7
124.5
113.8
137.4
121.0
111.1
133.0
122.7
114.4
132.8
122.0
112.5
133.4
121.4
Supplementary
groups
55 H o m e goods and clothing
56 Energy, total
57
Products
58
Materials
9.35
12.23
3.76
8.48
131.8
137.4
156.4
129.0
120.1
136.7
157.7
127.4
117.0
139.5
158.8
130.9
120.1
138.9
158.4
130.3
118.9
137.6
158.8
128.2
118.9
136.7
161.5
125.8
119.5
136.5
161.7
125.4
120.2
136.2
160.5
125.4
121.4
136.4
160.0
126.0
121.3
134.8
158.0
124.5
120.1
132.7
159.3
121.0
120.1
134.2
160.0
122.7
119.3
133.0
158.1
122.0
118.8
132.0
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
121.4
2.13
Output
A49
Oct.
Dec
Continued
Grouping
SIC
code
1967
proportion
1981
avg.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept/
Nov.?
Index (1967 = 100)
MAJOR INDUSTRY
12.05
6.36
5.69
3.88
87.95
35.97
51.98
155.0
142.2
169.1
190.9
150.4
164.8
140.5
154.7
142.6
168.2
190.2
142.0
157.4
131.3
157.4
144.5
171.8
195.2
138.5
155.1
127.1
155.6
142.4
170.4
192.5
140.9
157.8
129.3
153.1
138.1
170.0
191.7
140.1
157.3
128.2
151.6
134.1
171.0
193.1
138.7
156.1
126.7
148.8
128.9
170.9
193.4
137.9
155.0
126.1
145.2
123.5
169.4
191.6
137.7
155.3
125.5
142.6
120.1
167.7
189.2
138.1
155.7
125.9
141.3
116.9
168.5
189.9
138.0
156.9
124.9
139.7
114.7
167.5
188.2
137.1
156.7
123.5
140.7
116.4
167.8
188.9
135.0
156.0
120.5
140.1
115.9
167.1
188.1
134.0
155.2
119.3
140.4
118.0
165.5
186.2
133.9
155.1
119.3
10
11.12
13
14
.51
.69
4.40
.75
123.1
141.3
146.8
129.4
110.9
145.5
150.5
115.7
121.3
147.9
151.5
115.8
120.8
156.0
146.6
120.5
109.9
155.6
141.4
121.6
108.8
146.2
137.7
119.6
90.0
149.2
132.7
114.6
71.8
144.4
129.1
106.6
58.1
140.3
127.0
103.8
53.4
135.8
123.3
105.7
55.4
127.9
121.0
106.3
65.1
143.2
119.6
108.5
68.4
134.1
119.6
109.5
129.7
123.0
123.8
1 Mining and utilities
2
Mining
3
Utilities
4
Electric
5 Manufacturing
6
Nondurable
7
Durable
8
9
10
11
Mining
Metal
Coal
Oil and gas extraction
Stone and earth minerals
12
13
14
15
16
Nondurable
manufactures
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
20
21
22
23
26
8.75
.67
2.68
3 31
3.21
152.1
122.2
135.7
120.4
155.0
152.8
112.6
122.8
114.1
146.6
151.1
112.7
120.0
151.7
126.7
125.8
150.8
126.7
126.0
149.7
116 1
126.3
150.5
118.6
123.5
151.0
123.6
123.7
151.0
121.4
124.3
150.7
120.6
125.9
149.0
113.3
126.1
150.6
108.6
126.4
148.3
151.5
150.6
149.8
146.5
146.8
147.0
152.5
154.3
155.0
153.9
152.9
17
18
19
20
21
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastic products
Leather and products
27
28
29
30
31
4.72
7.74
1.79
2.24
.86
144.2
215.6
129.7
274.0
69.3
145.3
199.8
128.3
247.3
65.6
145.6
196.7
123.3
244.7
63.1
146.4
201.3
119.5
251.8
64.0
145.9
200.3
121.3
253.4
61.2
144.2
198.6
120.8
255.1
60.6
143.8
193.6
122.2
257.0
61.1
142.6
193.2
124.3
258.9
62.3
143.9
194.1
124.7
256.8
62.9
145.3
195.6
121.4
261.1
60.8
144.3
196.4
122.6
262.0
60.9
142.6
193.7
123.9
256.4
59.5
142.6
192.8
119.9
253.7
58.8
118.2
22
23
24
25
Durable
manufactures
Ordnance, private and government
Lumber and products
Furniture and fixtures
Clay, glass, stone products
19.91
24
25
32
3.64
1.64
1.37
2.74
81.1
119.1
157.2
147.9
85.5
104.8
149.4
131.5
84.1
99.2
144.3
128.5
83.8
104.9
148.4
135.0
83.8
103.5
150.2
131.5
85.2
106.2
151.8
127.0
86.3
110.6
151.1
125.0
86.5
112.2
152.5
126.1
87.1
116.9
154.5
126.9
86.5
120.3
156.7
128.8
86.9
119.9
155.7
130.4
89.5
117.2
154.3
128.1
92.6
119.4
150.7
126.5
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
99.8
136.4
171.2
178.4
89.6
79.2
126.1
167.4
170.7
89.7
79.6
120.7
160.9
168.2
88.5
78.5
121.4
160.0
172.9
83.0
73.0
121.1
157.3
172.6
76.4
65.1
119.1
153.7
172.2
75.2
62.4
115.8
150.0
170.9
72.8
58.0
115.0
147.4
170.8
72.9
58.1
115.5
147.1
170.3
72.9
57.4
114.3
147.2
169.7
73.2
56.4
112.3
144.9
167.0
70.0
54.1
108.5
140.5
165.7
67.1
51.4
107.4
138.0
164.9
106.5
135.8
164.5
37
371
9.27
4.50
116.1
122.3
103.7
100.4
96.6
90.4
102.0
98.6
104.4
105.6
105.9
110.7
110.0
119.8
111.6
124.0
112.7
127.2
107.0
116.7
105.3
113.5
100.8
103.0
100.0
101.7
103.7
108.8
372-9
38
39
4.77
2.11
1.51
110.2
170.3
154.7
106.8
166.8
147.9
102.4
162.2
144.9
105.3
164.5
144.5
103.2
163.0
145.3
101.3
162.8
144.6
100.8
163.8
141.7
99.9
164.8
136.8
99.0
165.2
134.7
97.8
165.5
133.9
97.6
161.9
132.9
98.6
156.9
130.5
98.4
153.9
129.6
98.9
155.5
130.0
31 Transportation equipment
32
Motor vehicles and parts
33
Aerospace and miscellaneous
transportation e q u i p m e n t . . .
34 Instruments
35 Miscellaneous manufactures
144.0
93.8
65.9
Gross value (billions of 1972 dollars, annual rates)
MAJOR MARKET
36 Products, total.
507.4
612.3
592.8
577.4
588.1
586.8
582.1
586.1
584.1
585.8
578.5
575.3
568.6
566.4
567.8
37 Final
38
Consumer goods .
39
Equipment
40 Intermediate
390.9
277.5
113.4
116.6
474.1
318.0
156.1
138.2
462.3
307.2
155.1
130.5
448.8
298.9
149.9
128.7
457.1
306.3
150.8
131.1
456.6
306.9
149.7
130.2
453.5
306.7
146.8
458.3
312.3
146.0
127.8
456.7
313.1
143.5
127.4
457.2
314.9
142.3
128.7
449.2
309.1
140.1
129.3
446.3
309.3
137.0
129.0
441.0
305.6
135.4
127.6
438.9
304.0
134.9
127.5
441.0
305.2
135.9
126.8
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.
128.6
A50
2.14
Domestic Nonfinancial Statistics • January 1983
HOUSING AND
CONSTRUCTION
Monthly figures are at seasonally adjusted annual rates except as noted.
1982
Item
1979
1980
1981
Apr.
May
June
July
Aug/
Sept/
Oct/
Nov.
Private residential real estate activity (thousands of units)
NEW
UNITS
1
2
3
Permits authorized
1-family
2-or-more-family
1,552
981
570
1,191
710
480
986
564
421
879
450
429
944
488
456
929
516
413
1,062
500
562
888
497
391
1,003
561
442
1,172
651
521
1,243
746
497
4
5
6
Started
1-family
2-or-more-family
1,745
1,194
551
1,292
852
440
1,084
705
379
882
566
316
1,066
631
435
908
621
287
1,193
628
565
1,033
645
388
1,129
677
452
1,129
705
424
1,428
872
556
7
8
9
U n d e r construction, end of period 1
1-family
2-or-more-family
1,140
639
501
896
515
382
682
382
301
673
393
280
664
382
282
660
384
276
670
373
296
688
379
308
691
384
308
n.a.
n.a.
n.a.
10
11
12
Completed
1-family
2-or-more-family
1,855
1,286
569
1,502
957
545
1,266
818
447
962
596
366
1,138
684
454
939
582
357
1,007
693
314
1,002
638
364
925
584
341
1,117
680
437
n.a.
n.a.
n.a.
13
Mobile homes shipped
277
222
241
255
246
257
246
234
222
218
n.a.
709
402
545
342
436
278
335
264
395
259
369
254
352'
250
379
248
479
248
508
245
62.8
64.7
68.8
70.2
69.3
69.3
70.9
70.1
67.8
69.3
74.2
71.9
76.4
83.1
85.0
86.5
84.9
86.5'
86.5
80.0
79.8
88.6
3,701
2,881
2,350
1,910
1,900
1,980
1,890
1,820
1,840
1,930
2,100
55.5
64.0
62.1
72.7
66.1
67.1
79.4
67.8
80.6
69.4
82.3
69.2
82.0
68.9
82.0
67.3
80.0
66.9
79.3
68.2
80.9
Merchant builder activity in 1-family
14 N u m b e r sold
1
15 N u m b e r for sale, end of period
Price (thousands
Median
16
Units sold
Average
Units sold
17
of
673'
377'
296'
units
569
243
dollars)1
EXISTING UNITS ( 1 - f a m i l y )
18
N u m b e r sold
Price of units sold (thousands
19 Median
2 0 Average
of
2
dollars)
78.0
Value of new construction 3 (millions of dollars)
CONSTRUCTION
21 Total put in place
230,412
230,748
238,198
226,095
228,745
231,589
227,638'
228,053
228,136
229,052
237,216
22 Private
23
Residential
Nonresidential, total
24
Buildings
25
Industrial
26
Commercial
27
Other
28
Public utilities and other
181,622
99,028
82,594
175,701
87,261
88,440
185,221
86,566
98,655
175,142
72,300
102,842
179,941
75,453
104,488
182,651
75,251
107,400
178,734'
73,436'
105,298'
176,644
72.139
104,505
177,002
71,451
105,551
177,704
74,064
103,640
184,407
78,388
106,019
14,953
24,919
7,427
35,295
13,839
29,940
8,654
36,007
17,031
34,243
9,543
37,838
15,882
38,437
9,897
38,626
17,118
36,818
10,427
40,125
18,424
38,048
10,579
40,349
16,404
37,512
10,130
41,252'
16,691
36,091
10,499
41,224
16,587
37,129
10,506
41,329
17,072
35,677
10,778
40,113
17,156
37,132
11,272
40,459
48,790
1,648
11,997
4,586
30,559
55,047
1,880
13,808
5,089
34,270
52,977
1,966
13,304
5,225
32,482
50,953
1,706
12,113
5,493
31,641
48,804
2,140
11,655
5,223
29,786
48,938
1,901
13,073
5,051
28,913
48,904'
2,261'
14,119
5,055'
27,469'
51,409
2,481
13,327
5,036
30,565
51,134
2,674
13,464
4,719
30,277
51,348
2,347
14,314
4,546
30,141
52,809
2,468
13,987
4,714
31,640
29 Public
30
Military
31
Highway
Conservation and d e v e l o p m e n t
32
Other
33
1. Not at annual rates.
2. N o t seasonally adjusted.
3. Value of new construction data in recent periods may not be strictly
comparable with data in prior periods b e c a u s e of changes by the Bureau of the
Census in its estimating techniques. F o r a description of these changes see
Construction Reports ( C - 3 0 - 7 6 - 5 ) , issued by the Bureau in July 1976.
NOTE. C e n s u s Bureau estimates for all series except (a) mobile h o m e s , which
are private, domestic shipments as reported by the M a n u f a c t u r e d Housing
Institute and seasonally adjusted by the Census Bureau, and (b) sales and prices of
existing units, which are published by the National Association of Realtors. All
back and current figures are available f r o m originating agency. Permit authorizations are those reported to the C e n s u s Bureau from 16,000 jurisdictions beginning
with 1978.
Prices
2.15
A51
C O N S U M E R A N D PRODUCER PRICES
Percentage changes based on seasonally adjusted data, except as noted
12 months to
1 month to
3 months (at annual rate) to
Item
1982
Nov.
Dec.
1982
1982
1981
1981
Nov.
Mar.
June
Index
level
Nov.
Sept.
Aug.
July
Sept.
=
Nov.
Oct.
1982
(1967
100)1
CONSUMER PRICES2
1
All items
7
3
4
S
6
7
8
9
Commodities
Food
Commodities less food
Durable
Nondurable
10
11
12
Rent
Services less rent
Other
groupings
All items less food
All items less food and energy
Homeownership
9.6
4.6
5.4
1.0
9.3
4.2
.6
.3
.2
.5
.1
293.6
6.4
4.8
7.0
5.7
8.6
14.1
8.4
15.0
3.8
39.4
4.0
5.7
6.7
5.6
7.1
5.4
3.6
1.7
4.3
1.2
3.8
7.8
9.0
7.6
.8
3.9
-2.6
3.5
-4.9
3.5
5.9
3.3
7.8
7.3
7.9
14.1
1.9
11.3
5.6
11.9
3.4
.6
4.7
1.5
6.1
5.4
8.0
5.0
.6
-.1
.8
.3
1.1
.6
1.0
.5
.0
.3
.2
.3
.2
.6
.5
.6
.2
.5
.2
-.2
.2
.1
.4
.1
.6
.2
.8
.5
1.1
.2
.9
.2
.3
.1
.3
.4
.3
-.1
.6
-.2
267.8
386.4
256.0
246.6
278.6
338.6
230.2
359.3
10.6
10.2
11.5
4.8
5.2
3.4
6.2
5.6
.3
.9
3.0
-2.4
9.7
10.6
19.8
4.9
4.6
.4
.7
.6
.4
.4
.5
.4
.1
.0
-.7
.5
.4
-.1
.1
-.2
-.8
293.6
281.2
379.5
7.2
6.7
1.5
8.8
9.1
8.7
3.7
3.6
1.9
4.3
4.0
.4
5.5
4.5
-3.9
7.8
9.7
2.7
.9
.6
6.1
-1.4
2.4
-1.8
4.1
3.7
11.5
.7
5.6
-1.5
4.2
4.2
-7.4
9.5
3.8
2.4
.6
.6
-.1
-.1
-.5
.1
-.4
.1
.5
.5
-.2
.8
.2
-.1
.6
.8
-.2
1.1
.3
.5
284.9
285.2
257.6
294.6
284.0
315.7
12.1
-14.1
.6
-.8
-6.0
-25.5
-18.0
23.3
8.3
24.3
8.1
-26.4
1.0
-3.8
.6
-1.9
.7
1.0
479.0
236.3
PRODUCER PRICES
Finished goods
Consumer
Foods
Excluding foods
Capital equipment
Intermediate materials 3
Crude materials
19
Nonfood
20
Food
13
14
IS
16
17
18
1. Not seasonally adjusted.
2. Figures for consumer prices are those for all urban consumers.
.5'
,6 R
-1.6R
1.4
.4R
.2'
.7'
.9 R
A'
1.0
-2.7
sy
-1.0
3. Excludes intermediate materials for food manufacturing and manufactured
animal feeds.
SOURCE. Bureau of L a b o r Statistics.
A52
2.16
Domestic Nonfinancial Statistics • January 1983
GROSS NATIONAL PRODUCT A N D INCOME
Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates.
1981
Account
1979
1980
1982
1981
Q3
Q4
QL
Q2
Q3'
GROSS N A T I O N A L P R O D U C T
1
Total
By source
2 Personal consumption expenditures
Durable goods
3
4
Nondurable goods
Services
6
7
8
9
10
11
12
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential structures
Nonfarm
2,417.8
2,633.1
2,937.7
2,980.9
3,003.2
2,995.5
3,045.2
3,088.2
1,507.2
213.4
600.0
693.7
1,667.2
214.3
670.4
782.5
1,843.2
234.6
734.5
874.1
1,868.8
241.2
741.3
886.3
1,884.5
229.6
746.5
908.3
1,919.4
237.9
749.1
932.4
1,947.8
240.7
755.0
952.1
1,986.3
240.3
768.4
977.6
423.0
408.8
290.2
98.3
191.9
118.6
114.0
402.4
412.4
309.2
110.5
198.6
103.2
98.3
471.5
451.1
346.1
129.7
216.4
105.0
99.7
486.0
454.2
353.0
132.7
220.2
101.2
95.6
468.9
455.7
360.2
139.6
220.6
95.5
89.4
414.8
450.4
357.0
141.4
215.6
93.4
87.9
431.5
447.7
352.2
143.6
208.6
95.5
89.6
443.3
438.6
344.2
141.3
203.0
94.3
88.7
14.3
8.6
-10.0
-5.7
20.5
15.0
31.8
24.6
13.2
6.0
-35.6
-36.0
-16.2
-15.0
4.7
3.7
13
14
Change in business inventories
Nonfarm
15
16
17
Net exports of goods and services
Exports
Imports
13.2
281.4
268.1
25.2
339.2
314.0
26.1
367.3
341.3
25.9
367.2
341.3
23.5
367.9
344.4
31.3
359.9
328.6
34.9
365.8
330.9
6.9
349.5
342.5
18
19
20
Government purchases of goods and services
Federal
State and local
474.4
168.3
306.0
538.4
197.2
341.2
596.9
229.0
368.0
600.2
230.0
370.1
626.3
250.5
375.7
630.1
249.7
380.4
630.9
244.3
386.6
651.7
259.0
392.7
21
22
23
24
25
26
By major type of
Final sales, total
Goods
Durable
Nondurable
Services
Structures
2,403.5
1,065.6
464.8
600.8
1,089.7
262,5
2,643.1
1,141.9
477.3
664.6
1,225.6
265.7
2,917.3
1,289.2
528.1
761.1
1,364.3
284.2
2,949.1
1,317.0
547.3
769.7
1,382.1
281.9
2,989.9
1,298.5
504.9
793.6
1,421.5
283.3
3,031.1
1,269.4
482.4
787.0
1,444.4
281.7
3,061.4
1,283.1
505.9
777.2
1,476.7
285.3
3,083.5
1,295.5
516.9
778.6
1,509.5
283.2
27
28
29
Change in business inventories
Durable goods
Nondurable goods
14.3
10.5
3.8
-10.0
-5.2
-4.8
20.5
8.7
11.8
31.8
19.8
12.0
13.2
-5.6
18.9
-35.6
-30.9
-4.8
-16.2
-6.6
-9.6
4.7
10.1
-5.4
1,479.4
1,474.0
1,502.6
1,510.4
1,490.1
1,470.7
1,478.4
1,481.1
product
3 0 MEMO: T o t a l G N P in 1972 d o l l a r s
NATIONAL INCOME
31
Total
1,966.7
2,117.1
2,352.5
2,387.3
2,404.5
2,396.9
2,425.2
2,455.6
32
33
34
35
36
37
38
Compensation of employees
Wages and salaries
Government and government enterprises
Other
Supplement to wages and salaries
Employer contributions for social insurance
Other labor income
1,458.1
1,237.4
236.2
1,001.4
220.7
105.8
114.9
1,598.6
1,356.1
260.2
1,095.9
242.5
115.3
127.3
1,767.6
1,494.0
283.1
1,210.9
273.6
133.2
140.4
1,789.1
1,512.6
284.0
1.228.6
276.5
134.3
142.2
1,813.4
1,531.1
292.3
1,238.8
282.3
136.5
145.8
1,830.8
1,541.5
296.3
1,245.2
289.3
140.2
149.1
1,850.7
1,556.6
300.0
1,256.6
294.1
141.7
152.5
1,868.3
1,570.0
303.5
1,266.4
298.3
142.8
155.5
39
40
41
Proprietors' income 1
Business and professional 1
Farm 1
132.1
100.2
31.9
116.3
96.9
19.4
124.7
100.7
24.0
127.5
100.4
27.1
124.1
99.5
24.6
116.4
98.6
17.8
117.3
99.9
17.4
118.4
101.7
16.6
42
Rental income of persons 2
43
44
45
46
Corporate profits'
Profits before tax 3
Inventory valuation adjustment
Capital consumption adjustment
47
Net interest
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
27.9
32.9
33.9
33.6
33.6
33.9
34.2
34.6
194.8
252.7
-43.1
-14.8
181.6
242.5
-43.0
-17.8
190.6
232.1
-24.6
-16.8
193.1
233.3
-23.0
-17.1
183.9
216.5
-17.1
-15.5
157.1
171.6
-4.4
-10.1
155.4
171.7
-9.4
-6.9
166.2
180.3
-10.3
-3.8
153.8
187.7
235.7
244.0
249.5
258.7
267.5
268.1
3. For after-tax profits, dividends, and the like, see table 1.49.
SOURCE. Survey of Current Business
(Department of Commerce).
National Income Accounts
2.17
A53
PERSONAL INCOME A N D SAVING
Billions of current dollars; quarterly data are at seasonally adjusted annual rates. Exceptions noted.
1982
1981
Account
1979
1981
1980
Q3
Q4
Ql
Q2
Q3'
P E R S O N A L I N C O M E A N D SAVING
1
Total personal income
7 Wage and salary disbursements
4
6
7
8
9
10
11
12
N
14
15
16
17
Commodity-producing industries
Manufacturing
Distributive industries
Service industries
Government and government enterprises
Other labor income
Proprietors' income 1
Business and professional 1
Farm 1
Rental income of persons 2
Dividends
Personal interest income
Transfer payments
Old-age survivors, disability, and health insurance b e n e f i t s . . . .
LESS: Personal contributions for social insurance
18 EQUALS: P e r s o n a l i n c o m e
1,943.8
2,160.2
2,404.1
2,458.2
2,494.6
2,510.5
2,552.7
2,592.5
1,237.6
438.4
333.9
303.4
259.7
236.2
1,356.1
468.0
354.4
330.5
297.5
260.2
1,493.9
510.8
386.4
361.4
338.6
283.1
1,512.3
519.3
392.9
366.5
342.8
283.8
1,531.2
517.7
388.7
368.3
352.8
292.4
1,541.6
514.3
385.1
371.4
359.5
296.5
1,556.6
513.6
385.6
375.4
367.6
300.0
1,570.0
510.2
383.8
378.4
377.8
303.5
114.9
132.1
100.2
31.9
27.9
50.8
209.6
250.3
131.8
127.3
116.3
96.9
19.4
32.9
55.9
256.3
297.2
154.2
140.4
124.7
100.7
24.0
33.9
62.5
308.5
336.3
182.0
142.2
127.5
100.4
27.1
33.6
64.1
339.6
344.8
190.6
145.8
124.1
99.5
24.6
33.6
65.2
351.0
350.7
192.8
149.1
116.4
98.6
17.8
33.9
65.8
359.7
354.6
194.7
152.5
117.3
99.9
17.4
34.2
66.1
372.0
365.2
197.5
155.5
118.4
101.7
16.6
34.6
67.2
378.2
381.0
209.2
81.1
88.7
104.9
106.1
107.0
110.6
111.4
112.4
1,943.8
2,160.2
2,404.1
2,458.2
2,494.6
2,510.5
2,552.7
2,592.5
301.0
336.2
386.7
398.1
393.2
393.4
401.2
394.4
1,650.2
1,824.1
2,029.2
2,060.0
2,101.4
2,117.1
2,151.5
2,198.1
LESS: P e r s o n a l o u t l a y s
1,553.5
1,717.9
1,898.9
1,925.7
1,942.7
1,977.9
2,007.2
2,046.1
2 2 EQUALS: P e r s o n a l s a v i n g
96.7
106.2
130.2
134.4
158.6
139.1
144.3
152.0
6,572
4,120
4,512
5.9
6,474
4,087
4,472
5.8
6,536
4,122
4,538
6.4
6,563
4,134
4,557
6.5
6,458
4,088
4,559
7.5
6,360
4,104
4,527
6.6
6,380
4,121
4,552
6.7
6,376
4,117
4,555
6.9
19
20
21
LESS: Personal tax and nontax payments
EQUALS: Disposable personal income
MEMO:
23
24
25
26
Per capita (1972 dollars)
Gross national product
Personal consumption expenditures
Disposable personal income
Saving rate (percent)
27
Gross saving
422.8
406.3
477.5
490.0
476.3
428.8
441.5
422.4
28
29
30
31
Gross private saving
Personal saving
Undistributed corporate profits 1
Corporate inventory valuation adjustment
407.3
96.7
54.5
-43.1
438.3
106.2
38.9
-43.0
504.7
130.2
44.4
-24.6
513.4
134.4
43.9
-23.0
547.7
158.6
44.3
-17.1
520.3
139.1
32.5
-4.4
529.0
144.3
30.7
-9.4
546.1
152.0
34.8
-10.3
3?
33
34
Capital consumption
allowances
Corporate
Noncorporate
Wage accruals less disbursements
157.5
98.6
.0
181.2
112.0
.0
206.2
123.9
.0
209.7
125.5
.0
216.0
128.7
.0
218.9
129.8
.0
223.4
130.5
.0
227.5
131.9
.0
14.3
-16.1
30.4
-33.2
-61.4
28.2
-28.2
-60.0
31.7
-24.5
-58.0
33.5
-72.5
-101.7
29.1
-90.7
-118.4
27.7
-87.5
-119.6
32.1
-123.7
-156.0
32.3
GROSS SAVING
35
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
1.2
1.1
1.1
1.1
.0
.0
.0
39
Gross investment
421.2
410.1
475.6
489.1
469.0
421.3
442.3
426.0
40
41
Gross private domestic
Net foreign
423.0
-1.8
402.4
7.8
471.5
4.1
486.0
3.1
468.9
0.1
414.8
6.5
431.5
10.8
443.3
-17.3
42
Statistical discrepancy
-1.5
3.9
-1.9
-0.8
-7.2
-7.5
.8
3.6
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
SOURCE. Survey of Current Business
(Department of Commerce).
A54
3.10
International Statistics • January 1983
U.S. INTERNATIONAL TRANSACTIONS
Summary
Millions of dollars; quarterly data are seasonally adjusted except as noted. 1
1981
Item credits or debits
1979
1980
Q3
1 Balance on current account
1982
1981
Q4
Q3p
Q2
Ql
-466
1,520
4,471
751
-1,834
-927
1,293
1,088
742
2,231
2 841
-4,227
- 6 471
-27,346
184,473
-211,819
-2,035
31,215
3,262
-25,338
224,237
-249,575
-2,472
29,910
6,203
-27,889
236,254
-264,143
-1,541
33,037
7,472
-7,845
57,694
-65,539
61
8,183
2,160
-9,185
57,593
-66,778
-528
8,529
2,127
-5,873
55,780
-61,653
167
6,861
1,981
-5,695
55,174
-60,869
247
7,688
1,731
-12,458
52,480
-64,938
527
7,418
1,939
-2,011
-3,549
-2,101
-4,681
-2,104
-4,504
-558
-1,250
-562
-1,308
-575
-1,473
-671
-1,069
-602
-1,051
11 Change in U.S. government assets, other than official reserve assets, net (increase, - )
-3,743
-5,126
-5,137
-1,257
-987
-904
-1,547
-2,418
12 Change in U.S. official reserve assets (increase, —)
13
Gold
14
Special drawing rights (SDRs)
15
Reserve position in International Monetary Fund
Foreign currencies
16
-1,133
-65
-1,136
-189
257
-8,155
0
-16
-1,667
-6,472
-5,175
0
-1,823
-2,491
-861
-4
0
-225
-647
868
262
0
-134
-358
754
-1,089
0
-400
-547
-142
-1,132
0
-241
-814
-77
-794
0
-434
-459
99
17 Change in U.S. private assets abroad (increase, - ) 3
Bank-reported claims
18
Nonbank-reported claims
19
20
U.S. purchase of foreign securities, net
21
U.S. direct investments abroad, net 3
-59,469
-26,213
-3,307
-4,726
-25,222
-72,746
-46,838
-3,146
-3,524
-19,238
-98,982
-84,531
-331
-5,429
-8,691
-15,996
-15,254
855
-618
-979
-46,952
-42,645
-508
-2,843
-956
-29,208
-32,708
4,112
-531
-81
-35,111
-36,923
-304
-441
2,557
-23,152
-21,032
n.a.
-3,103
983
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
76
Other U.S. liabilities reported by U.S. banks
27
Other foreign official assets 5
-13,697
-22,435
463
-73
7,213
1.135
15,442
9,708
2,187
561
-159
3,145
4,785
4,983
1,289
-69
-4,083
2,665
-5,835
-4,635
545
-337
-2,382
974
8,119
4,439
-246
275
3,436
215
-3,122
-1,344
-296
-182
-1,516
216
1,998
-2,076
258
387
3,393
36
2,102
4,880
-101
-509
-2,160
-8
52,157
32,607
1,362
4,960
1,351
11,877
39,042
10,743
6,530
2,645
5,457
13,666
73,136
41,262
532
2,932
7,109
21,301
22,715
16,916
1,006
-446
761
4,478
30,988
20,476
-457
1,238
396
9,335
28,202
25,423
-982
1,277
1,319
1,165
27,621
22,552
-2,304
2,095
2,497
2,781
13,952
10,224
n.a.
1,308
134
2,286
1,139
25,212
1,152
28,870
1,093
25,809
0
-374
-2,144
0
9,497
2,474
0
5,032
-899
0
5,940
574
0
14,537
-1,973
25,212
28,870
25,809
1,770
7,023
5,931
5,366
16,510
i
3
4
5
6
7
8
9
10
Merchandise trade balance 2
Merchandise exports
Merchandise imports
Military transactions, net
Investment income, net 3
Other service transactions, net
Remittances, pensions, and other transfers
U.S. government grants (excluding military)
28 Change in foreign private assets in the United States
(increase, +) 3
79
U.S. bank-reported liabilities
30
U.S. nonbank-reported liabilities
31
Foreign private purchases of U.S. Treasury securities, net
Foreign purchases of other U.S. securities, net
32
33
Foreign direct investments in the United States, net 3
34 Allocation of SDRs
35 Discrepancy
36
37
Statistical discrepancy in recorded data before seasonal
adjustment
MEMO:
Changes in official assets
U.S. official reserve assets (increase, —)
Foreign official assets in the United States
(increase, +)
40 Change in Organization of Petroleum Exporting Countries
official assets in the United States (part of line 22
above)
41 Transfers under military grant programs (excluded from
lines 4, 6, and 10 above)
38
39
-1,133
-8,155
-5,175
-4
262
-1,089
-1,132
-794
-13,624
14,881
4,854
-5,498
7,844
-2,940
1,611
2,611
5,543
12,769
13,314
2,935
2,230
4,988
3,073
164
465
631
602
132
64
93
125
137
1. Seasonal factors are no longer calculated for lines 12 through 41.
2. Data are on an international accounts (IA) basis. Differs from the Census
basis data, shown in table 3.11, for reasons of coverage and timing; military
exports are excluded from merchandise data and are included in line 6.
3. Includes reinvested earnings of incorporated affiliates.
4. Primarily associated with military sales contracts and other transactions
arranged with or through foreign official agencies.
5. Consists of investments in U.S. corporate stocks and in debt securities of
private corporations and state and local governments.
NOTE. Data are from Bureau of Economic Analysis, Survey of Current
(U.S. Department of Commerce).
Business
Trade
3.11
and
Reserve
and
Official
Assets
Sept.
Oct.
A55
U.S. FOREIGN TRADE
Millions of dollars; monthly data are seasonally adjusted
1982
1979
Item
1980
1981
May
June
Aug.
July
Nov.
1
E X P O R T S of domestic and foreign
merchandise excluding grant-aid
shipments
2
G E N E R A L I M P O R T S including merchandise for immediate consumption plus entries into bonded
warehouses
209,458
244,871
261,305
20,558
21,310
19,559
23,494
20,644
21,096
18,936
3
Trade balance
-27,598
-24,245
-27,628
-2,340
-2,488
-1,532
-5,996
-3,257
-4,398
-3,244
181,860
220,626
233,677
NOTE. The data through 1981 in this table are reported by the Bureau of Census
data of a free-alongside-ship (f.a.s.) value basis—that is, value at the port of
export. Beginning in 1981, foreign trade of the U.S. Virgin Islands is included in
the Census basis trade data; this adjustment has been made for all data shown in
the table. Beginning with 1982 data, the value of imports are on a customs
valuation basis.
The Census basis data differ f r o m merchandise trade data shown in table 3.10,
U.S. International Transactions Summary, for reasons of coverage and timing. On
the export side, the largest adjustments are: (1) the addition of exports to Canada
3.12
18,822
18,218
18,026
17,498
17,387
16,698
15,693
not covered in Census statistics, and (2) the exclusion of military sales (which are
combined with other military transactions and reported separately in the " s e r v i c e
a c c o u n t " in table 3.10, line 6). On the import side, additions are made for gold,
ship purchases, imports of electricity from Canada and other transactions;
military payments are excluded and shown separately as indicated above.
SOURCE. FT900 " S u m m a r y of U.S. Export and Import Merchandise T r a d e "
(U.S. Department of Commerce, Bureau of the Census).
U.S. RESERVE ASSETS
Millions of dollars, end of period
1982
1979
Type
1980
1981
June
1
Sept.
Oct.
Nov.
Dec.
26,756
30,075
30,671
31,227
31,233
31,864
31,711
34,006
33,920
11,172
11,160
11,151
11,149
11,149
11,148
11,148
11,148
11,148
11,148
2,724
2,610
4,095
4,461
4,591
4,601
4,809
4,801
4,929
5,250
2,852
5,055
6,062
6,386
6,433
6,406
6,367
7,185
7,318
10,134
9,774
8,999
9,101
9,051
8,630
9,395
10,744
10,204
Total
Gold stock, including Exchange Stabilization Fund 1
3
Special drawing rights 2
4
Reserve position in International Monetary Fund 2
1,253
5
Foreign currencies 4 - 5
3,807
3. Includes allocations by the International Monetary Fund of SDRs as follows:
$867 million on Jan. 1, 1970: $717 million on Jan. 1, 1971; $710 million on Jan. 1,
1972; $1,139 million on Jan. 1, 1979; $1,152 million on Jan. 1, 1980; and $1,093
million on Jan. 1, 1981; plus transactions in SDRs.
4. 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.
1. Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table
3.13.
2. Beginning July 1974, the I M F adopted a technique for valuing the SDR based
on a weighted average of exchange rates for the currencies of member countries.
From July 1974 through December 1980, 16 currencies were used; from January
1981, 5 currencies have been used. The U.S. SDR holdings and reserve position in
the I M F also are valued on this basis beginning July 1974.
3.13
Aug.
18,956
1
2
3
July
FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS
Millions of dollars, end of period
1982
Assets
1979
1980
1981
June
1 Deposits
Assets held in custody
2 U.S. Treasury securities'
3 Earmarked gold
Aug.
Sept.
Oct.
Nov.
Dec.
429
411
505
585
982
347
396
326
386
328
95,075
15,169
102,417
14,965
104,680
14,804
103,292
14,777
106,696
14,762
104,136
14,761
106,117
14,726
107,636
14,706
107,467
15,279
112,544
15,284
1. Marketable U.S. Treasury bills, notes, and bonds; and nonmarketable U.S.
Treasury securities payable in dollars and in foreign currencies.
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.
A56
3.14
International Statistics • January 1983
FOREIGN BRANCHES OF U.S. B A N K S
Balance Sheet Data
Millions of dollars, end of period
1982
Asset account
1979
1980
198K
Apr/
May r
June r
July'
Aug/
Sept.
Oct.''
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
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
19
Nonbank foreigners
20 Other assets
364,409
401,135
462,790
460,437
461,800
458,841
465,658
471,469
470,750
463,619
32,302
25,929
6,373
28,460
20,202
8,258
63,743
43,267
20,476
78,139
55,920
22,219
79,701
57,172
22,529
83,573
58,583
24,990
82,250
55,585
26,665
88,875
60,213
28,662
90,175
60,780
29,395
88,932
61,252
27,680
317,330
79,662
123,420
26,097
88,151
354,960
77,019
146,448
28,033
103,460
378,899
87,821
150,708
28,197
112,173
362,670
86,101
142,394
25,603
108,572
362,377
88,380
139,535
25,002
109,460
356,389
87,163
137,614
25,239
106,373
364,160
89,446
143,081
24,654
106,979
362,263
91,593
138,521
24,492
107,657
360,222
93,283
135,374
24,321
107,244
354,281
90,040
133,453
23,851
106,937
14,777
17,715
20,148
19,628
19,722
18,879
19,248
20,331
20,353
20,406
267,713
291,798
350,678
351,561
351,966
353,816
360,004
366,176
369,675
361,779
31,171
25,632
5,539
27,191
19,896
7,295
62,142
42,721
19,421
76,635
55,464
21,171
78,095
56,687
21,408
82,006
58,086
23,920
80,607
54,906
25,701
87,267
59,532
27,735
88,521
60,115
28,406
87,212
60,507
26,705
229,120
61,525
96,261
21,629
49,705
255,391
58,541
117,342
23,491
56,017
276,882
69,398
122,055
22,877
62,552
263,027
69,337
113,667
20,183
59,840
261,928
70,725
110,900
19,592
60,711
260,530
70,386
110,274
19,957
59,913
267,586
72,488
115,391
19,306
60,401
266,503
74,252
111,797
19,043
61,411
268,250
77,470
110,588
18,984
61,208
261,969
74,032
107,525
18,659
61,753
7,422
9,216
11,654
11,899
11,943
11,280
11,811
12,406
12,904
12,598
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
29
Nonbank foreigners
130,873
144,717
157,229
159,481
161,036
158,466
164,106
164,523
167,189
164,582
11,117
9,338
1,779
7,509
5,275
2,234
11,823
7,885
3,938
17,676
13,750
3,926
20,155
15,854
4,301
20,744
16,768
3,976
23,962
19,680
4,282
27,031
22,730
4,301
27,534
22,970
4,564
27,756
23,717
4,039
115,123
34,291
51,343
4,919
24,570
131,142
34,760
58,741
6,688
30,953
138,888
41,367
56,315
7,490
33,716
135,634
39,811
55,545
6,822
33,456
134,845
39,621
54,674
6,663
33,887
131,860
37,696
54,727
6,595
32,842
133,964
37,250
56,428
6,456
33,830
130,814
36,937
53,582
6,286
34,009
132,746
40,385
52,203
6,086
34,072
129,986
37,023
52,641
6,157
34,165
4,633
6,066
6,518
6,171
6,063
5,862
6,180
6,678
6,909
6,840
31 Total payable in U.S. dollars
94,287
99,699
115,188
117,914
119,586
120,002
125,247
126,344
131,129
127,517
32 Claims on United States
33
Parent bank
34
Other
10,746
9,297
1,449
7,116
5,229
1,887
11,246
7,721
3,525
17,182
13,623
3,559
19,608
15,663
3,945
20,256
16,599
3,657
23,421
19,451
3,970
26,514
22,496
4,018
26,919
22,758
4,161
27,182
23,478
3,704
35 Claims on foreigners
36
Other branches of parent b a n k
37
Banks
38
Public borrowers
39
Nonbank foreigners
81,294
28,928
36,760
3,319
12,287
89,723
28,268
42,073
4,911
14,471
99,850
35,439
40,703
5,595
18,113
96,595
34,240
40,070
4,717
17,568
95,926
33,922
39,593
4,507
17,904
95,857
32,567
40,479
4,655
18,156
97,699
32,007
42,515
4,513
18,664
95,293
31,414
40,321
4,336
19,222
99,008
35,703
39,786
4,214
19,305
95,342
32,243
39,150
4,251
19,698
2,247
2,860
4,092
4,137
4,052
3,889
4,127
4,537
5,202
4,993
30 Other assets
40 Other assets
Bahamas and Caymans
108,977
123,837
149,051
143,153
140,045
141,878
141,124
144,230
140,528
139,414
42 Claims on United States
43
Parent bank
44
Other
19,124
15,196
3,928
17,751
12,631
5,120
46,546
31,643
14,903
55,758
38,370
17,388
54,411
37,119
17,292
56,704
36,608
20,096
52,341
30,865
21,467
56,034
32,728
23,306
55,380
32,068
23,312
55,690
32,904
22,786
45 Claims on foreigners
46
Other branches of parent bank
47
Banks
48
Public borrowers
49
Nonbank foreigners
86,718
9,689
43,189
12,905
20,935
101,926
13,342
54,861
12,577
21,146
98,002
12,951
55,096
10,010
19,945
83,104
12,574
45,756
7,860
16,914
81,297
14,186
43,274
7,361
16,476
81,170
15,407
42,747
7,327
15,689
84,734
17,538
44,547
7,031
15,618
83,918
17,806
43,701
7,036
15,375
81,051
17,772
41,330
6,999
14,950
79,536
17,955
40,436
6,743
14,402
41 Total, all currencies
50 Other assets
51 Total payable in U.S. dollars
3,135
4,160
4,503
4,291
4,337
4,004
4,049
4,278
4,097
4,188
102,368
117,654
143,686
138,052
135,134
136,910
135,645
138,807
135,991
134,583
Overseas Branches
3.14
A57
Continued
1982
Liability account
1979
1980
1981
Apr/
May r
June
July'
Aug/
Sept.
Oct."
All foreign countries
52 Total, all currencies
53 To United States
54
Parent bank
55
Other banks in United States
56
Nonbanks
57 To foreigners
Other branches of parent bank
58
59
Banks
60
Official institutions
61
Nonbank foreigners
62 Other liabilities
63 Total payable in U.S. dollars
64 To United States
65
Parent bank
66
Other banks in United States
67
Nonbanks
68 To foreigners
69
Other branches of parent bank
70
Banks
71
Official institutions
72
Nonbank foreigners
73 Other liabilities
364,409
401,135
462,790
460,437
461,800
458,841
465,658
471,469
470,750
463,619
66,689
24,533
13,968
28,188
91,079
39,286
14,473
37,275
137,712
56,289
19,197
62,226
153,262
57,073
26,022
70,167
156,352
56,470
27,685
72,197
160,914
59,202
29,534
72,178
164,520
60,949
31,560
72,011
167,643
64,390
32,436
70,817
170,310
66,908
33,763
69,639
169,323
64,117
32,283
72,923
283,510
77,640
122,922
35,668
47,280
295,411
75,773
132,116
32,473
55,049
305,630
86,396
124,906
25,997
68,331
286,982
84,148
111,675
22,340
68,819
284,355
85,629
107,321
22,703
68,702
278,451
84,516'
105,148'
19,914
68,873
281,600
86,776
105,963
20,239
68,622
283,739
92,191
103,433
20,004
68,111
280,225
93,753
99,920
20,277
66,275
274,269
91,666
98,289
19,440
64,874
14,210
14,690
19,448
20,193
21,093
19,476
19,538
20,087
20,215
20,027
273,857
303,281
364,390
366,867
368,544
369,380
376,153
381,934
385,394
377,091
64,530
23,403
13,771
27,356
88,157
37,528
14,203
36,426
134,645
54,437
18,883
61,325
150,158
55,012
25,685
69,461
153,222
54,508
27,270
71,444
157,717
57,174
29,198
71,345
161,265
58,968
31,228
71,069
164,419
62,374
32,173
69,872
167,467
65,047
33,508
68,912
166,385
62,200
32,041
72,144
201,514
60,551
80,691
29,048
31,224
206,883
58,172
87,497
24,697
36,517
217,602
69,299
79,594
20,288
48,421
204,997
68,045
69,291
17,491
50,170
202,529
68,538
66,611
17,900
49,480
200,262
68,516'
65,821'
15,373
50,552
203,775
70,429
66,524
15,737
51,085
205,728
75,344
63,975
15,672
50,737
206,553
78,499
62,535
16,357
49,162
199,303
76,244
59,782
15,253
48,024
7,813
8,241
12,143
11,712
12,793
11,113
11,787
11,374
11,403
11,401
United Kingdom
74 Total, all currencies
75 To United States
76
Parent bank
77
Other banks in United States
78
Nonbanks
79 To foreigners
80
Other branches of parent bank
81
Banks
82
Official institutions
83
Nonbank foreigners
130,873
144,717
157,229
159,481
161,036
158,466
164,106
164,523
167,189
164,582
20,986
3,104
7,693
10,189
21,785
4,225
5,716
11,844
38,022
5,444
7,502
25,076
41,886
8,006
8,345
25,535
43,882
6,694
8,972
28,216
44,086
6,323
9,985
27,778
46,965
6,679
11,215
29,071
49,001
8,022
11,616
29,363
53,919
11,336
13,280
29,303
53,774
10,568
12,564
30,642
104,032
12,567
47,620
24,202
19,643
117,438
15,384
56,262
21,412
24,380
112,255
16,545
51,336
16,517
27,857
109,629
18,358
47,549
13,908
29,814
109,199
19,412
46,204
14,119
29,464
106,665
17,771
46,628
11,746
30,520
109,105
18,010
48,541
12,076
30,478
107,268
18,666
47,502
12,006
29,094
104,967
19,123
45,526
12,098
28,220
102,611
18,399
45,601
11,379
27,232
5,855
5,494
6,952
7,966
7,955
7,715
8,036
8,254
8,303
8,197
85 Total payable in U.S. dollars
95,449
103,440
120,277
124,248
126,901
125,859
131,199
132,536
137,268
133,591
86 To United States
87
Parent bank
88
Other banks in United States
89
Nonbanks
20,552
3,054
7,651
9,847
21,080
4,078
5,626
11,376
37,332
5,350
7,249
24,733
41,198
7,907
8,167
25,124
43,143
6,624
8,755
27,764
43,323
6,212
9,806
27,305
46,129
6,603
11,048
28,478
48,266
7,928
11,510
28,828
53,262
11,223
13,142
28,897
53,146
10,442
12,472
30,232
90 To foreigners
91
Other branches of parent bank
92
Banks
93
Official institutions
94
Nonbank foreigners
72,397
8,446
29,424
20,192
14,335
79,636
10,474
35,388
17,024
16,750
79,034
12,048
32,298
13,612
21,076
79,444
14,102
30,415
11,568
23,359
79,914
14,958
29,965
11,829
23,162
78,794
13,903
30,557
9,843
24,491
81,207
14,202
32,364
10,200
24,441
79,954
14,514
31,898
10,322
23,220
80,025
15,548
31,187
10,762
22,528
76,519
14,614
30,404
9,806
21,695
2,500
2,724
3,911
3,606
3,844
3,742
3,863
4,316
3,981
3,926
84 Other liabilities
95 Other liabilities
Bahamas and Caymans
108,977
123,837
149,051
143,153
140,045
141,878
141,124
144,230
140,528
139,414
97 To United States
98
Parent bank
99
Other banks in United States
100
Nonbanks
37,719
15,267
5,204
17,248
59,666
28,181
7,379
24,106
85,704
39,396
10,474
35,834
94,364
35,998
15,903
42,463
94,635
36,608
16,827
41,200
97,916
39,416
17,410
41,090
98,625
41,132
17,836
39,657
99,286
42,976
17,922
38,388
96,850
41,720
17,927
37,203
96,785
40,200
17,161
39,424
101 To foreigners
102
Other branches of parent bank
103
Banks
104
Official institutions
105
Nonbank foreigners
68,598
20,875
33,631
4,866
9,226
61,218
17,040
29,895
4,361
9,922
60,012
20,641
23,202
3,498
12,671
45,786
17,364
14,737
2,512
11,173
42,026
15,887
13,452
2,448
10,239
41,204
15,855
12,702
2,471
10,176
39,748
15,018
11,770
2,407
10,553
42,058
17,348
11,615
2,288
10,807
40,964
17,690
10,910
2,091
10,273
39,793
17,421
10,297
2,137
9,938
96 Total, all currencies
106 Other liabilities
107 Total payable in U.S. dollars
2,660
2,953
3,335
3,003
3,384
2,758
2,751
2,886
2,714
2,836
103,460
119,657
145,227
139,673
136,713
138,640
137,934
140,786
137,632
136,550
A58
3.15
International Statistics • January 1983
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1982
Item
1 Total 1
2
3
4
5
6
1
8
9
10
11
12
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
By area
Western Europe 1
Canada
Latin America and Caribbean
Asia
Africa
Other countries 6
1980
1981
June
July
Aug.
Sept.
Oct.
NOV.P
164,578
169,702
166,972
168,355
169,835
169,231
171,226
171,264
168,808
30,381
56,243
26,572
52,389
27,730
42,741
28,459
43,509
25,469
45,824
26,533
44,182
26,440
44,450
26,824
43,964
25,954
42,906
41,455
14,654
21,845
53,150
11,791
25,800
59,933
10,750
25,818
60,251
10,150
25,986
63,043
9,750
25,749
63,410
9,350
25,756
64,935
9,350
26,051
65,540
9,350
25,586
65,793
8,750
25,405
81,592
1,562
5,688
70,784
4,123
829
65,484
2,403
6,954
91,790
1,829
1,242
57,382
1,329
7,248
95,887
1,381
3,745
58,079
1,568
7,692
95,466
1,437
4,113
58,787
1,519
7,124
97,120
1,485
3,799
61,121
1,771
6,734
94,891
1,326
3,388
61,346
2,057
6,385
95,960
1,303
4,175
60,667
2,204
7,080
95,299
1,452
4,563
59,166
2,044
5,884
95,041
1,371
5,303
5. Debt securities of U.S. government corporations and federally sponsored
agencies, and U.S. corporate stocks and bonds.
6. Includes countries in Oceania and Eastern Europe.
1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness (including those payable in foreign currencies through 1974) and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes
bonds and notes payable in foreign currencies.
3.16
May
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
1981
Item
1979
1980
Dec.
1 B a n k s ' o w n liabilities
2 Banks' own claims
3
Deposits
4
Other claims
5 Claims of banks' domestic c u s t o m e r s '
1. Assets owned by customers of the reporting bank located in the United
States that represent claims on foreigners held by reporting banks for the accounts
of their domestic customers.
1,918
2,419
994
1,425
580
3,748
4,206
2,507
1,699
962
1982
1981
3,763
5,224
3,398
1,826
971
3,763
5,224
3,398
1,826
971
Mar.
4,285
5,574
3,532
2,042
944
June
4,648
6,260
3,457
2,803
921
Sept.
4,841
6,604
3,537
3,067
506
NOTE. Data on claims exclude foreign currencies held by U.S. monetary
authorities,
Nonbank-Reported
3.17
LIABILITIES TO FOREIGNERS
Payable in U.S. dollars
Data
Reported by Banks in the United States
Millions of dollars, end of period
1982
Holder and type of liability
1979
1980
1981A
May
June
July
Aug.
Sept/
Oct.
NOV.P
1 All foreigners
187,521
205,297
243,010
274,638
285,911
284,226
293,050
298,515
296,201
302,370
2 Banks' own liabilities
Demand deposits
3
4
Time deposits 1
Other 2
5
Own foreign offices 3
6
117,196
23,303
13,623
16,453
63,817
124,791
23,462
15,076
17,583
68,670
162,780
19,646
28,816
17,474
96,844
203,259
16,566
53,667
21,187
111,839
212,634
17,285
56,007
22,146
117,196
208,290
17,101
59,517
20,308
111,363
217,492
15,852
62,103
24,232
115,305
220,427
15,418
62,332
23,520
119,158
217,325
17,091
62,087
22,803
115,344
224,999
17,417
63,028
24,042
120,511
70,325
48,573
80,506
57,595
80,230
55,316
71,379
46,487
73,277
48,817
75,936
51,211
75,558
49,646
78,089
51,572
78,876
53,373
77,371
52,138
19,396
2,356
20,079
2,832
18,944
5,970
20,751
4,141
20,448
4,011
20,717
4,009
22,134
3,778
22,437
4,080
21,788
3,715
21,594
3,639
2,356
2,344
2,721
3,039
4,001
4,082
5,073
5,050
6,036
6,465
714
260
151
303
444
146
85
212
638
262
58
318
1,272
185
471
616
1,233
300
586
347
2,246
343
633
1,271
3,093
265
453
2,376
2,752
194
734
1,825
2,337
263
429
1,645
3,387
257
969
2,161
1,643
102
1,900
254
2,083
541
1,767
253
2,768
1,425
1,835
487
1,980
328
2,298
676
3,699
2,160
3,078
1,774
1,538
2
1,646
0
1,542
0
1,514
0
1,343
0
1,349
0
1,652
0
1,621
0
1,539
0
1,304
0
20 Official institutions 8
78,206
86,624
78,962
70,471
71,968
71,293
70,715
70,891
70,788
68,861
21 Banks' own liabilities
22
Demand deposits
Time deposits'
23
24
Other 2
18,292
4,671
3,050
10,571
17,826
3,771
3,612
10,443
16,813
2,581
4,146
10,086
17,633
2,162
5,769
9,702
18,964
3,167
5,500
10,297
15,887
2,800
6,061
7,026
16,262
2.006
5,749
8,507
16,646
2,526
5,312
8,809
16,757
2,164
6,005
8,588
16,541
2,137
5,504
8,900
25 Banks' custody liabilities 4
26
U.S. Treasury bills and certificates 5
27
Other negotiable and readily transferable
instruments 6
Other
28
59,914
47,666
68,798
56,243
62,149
52,389
52,838
42,741
53,004
43,509
55,406
45,824
54,453
44,182
54,245
44,450
54,031
43,964
52,320
42,906
12,196
52
12,501
54
9,712
47
10,057
40
9,461
33
9,547
36
10,234
37
9,755
39
10,033
34
9,385
28
29 Banks 9
88,316
96,415
135,359
165,465
173,299
170,998
177,575
181,452
178,346
184,632
30 Banks' own liabilities
Unaffiliated foreign banks
.31
32
Demand deposits
33
Time deposits'
34
Other 2
35
Own foreign offices 3
83,299
19,482
13,285
1,667
4,530
63,817
90,456
21,786
14,188
1,703
5,895
68,670
123,640
26,796
11,614
8,654
6,528
96,844
152,893
41,054
9,700
21,189
10,165
111,839
160,594
43,398
9,274
23,403
10,721
117,196
157,327
45,964
9,384
25,390
11,190
111,363
163,365
48,060
8,765
26,731
12,564
115,305
165,627
46,469
8,138
26,503
11,828
119,158
162,840
47,496
9,887
26,139
11,470
115,344
168,360
47,849
9,829
26,321
11,698
120,511
5,017
422
5,959
623
11,718
1,687
12,573
2,707
12,706
2,926
13,671
3,872
14,209
3,970
15,825
4,897
15,506
5,634
16,272
5,792
2,415
2,179
2,748
2,588
4,421
5,611
6,100
3,766
6,520
3,260
6,661
3,138
7,102
3,138
7,916
3,012
7,069
2,803
7,788
2,693
40 Other foreigners
18,642
19,914
25,968
35,663
36,642
37,853
39,688
41,123
41,032
42,412
41 Banks' own liabilities
Demand deposits
42
43
Time deposits
44
Other 2
14,891
5,087
8,755
1,048
16,065
5,356
9,676
1,033
21,689
5,189
15,958
543
31,462
4,518
26,239
705
31,842
4,544
26,518
781
32,829
4,575
27,433
822
34,772
4,816
29,171
785
35,401
4,560
29,783
1,059
35,392
4,778
29,514
1,100
36,711
5,194
30,235
1,282
3,751
382
3,849
474
4,279
699
4,201
786
4,800
957
5,023
1,028
4,916
1,167
5,721
1,548
5,640
1,615
5,701
1,666
3,247
123
3,185
190
3,268
312
3,080
335
3,125
718
3,160
835
3,147
603
3,146
1,028
3,147
878
3,118
918
10,984
10,745
10,672
12,652
12,878
13,029
13,921
13,533
14,000
13,390
7 Banks' custody liabilities 4
8
U.S. Treasury bills and certificates 5
9
Other negotiable and readily transferable
instruments 6
Other
10
11 Nonmonetary international and regional
organizations 7
12 Banks' own liabilities
Demand deposits
13
14
Time deposits'
15
Other 2
16 Banks' custody liabilities 4
17
U.S. Treasury bills and certificates
Other negotiable and readily transferable
18
instruments 6
Other
19
36 Banks' custody liabilities 4
37
U.S. Treasury bills and certificates
Other negotiable and readily transferable
38
instruments 6
39
Other
45 Banks' custody liabilities 4
46
U.S. Treasury bills and certificates
47
Other negotiable and readily transferable
instruments 6
Other
48
49 MEMO: Negotiable time certificates of
deposit in custody for foreigners
1. Excludes negotiable time certificates of deposit, which are included in
" O t h e r negotiable and readily transferable instruments."
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 C o n d i t i o n " filed with bank
regulatory agencies. Agencies, branches, and majority-owned subsidiaries of
foreign banks: principally amounts due to head office or parent foreign bank, and
foreign branches, agencies or wholly owned subsidiaries of head office or parent
foreign bank.
4. Financial claims on residents of the United States, other than long-term
securities, held by or through reporting banks.
5. Includes nonmarketable certificates of indebtedness and Treasury bills
issued to official institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, and negotiable time
certificates of deposit.
7. Principally the International Bank for Reconstruction and Development, and
the Inter-American and Asian Development Banks.
8. Foreign central banks and foreign central governments, and the Bank for
International Settlements.
9. Excludes central banks, which are included in "Official institutions."
• Liabilities and claims of banks in the United States were increased,
beginning in December 1981, by the shift from foreign branches to international
banking facilities in the United States of liabilities to, and claims on, foreign
residents.
A59
A60
3.17
International Statistics • January 1983
Continued
1982
Area and country
1979
1980
1981A
May
June
July
Aug.
Sept/
Oct.
Nov.?
1 Total
187,521
205,297
243,010
274,638
285,911
284,226
293,050
298,515
296,201
302,370
2 Foreign countries
185,164
202,953
240,289
271,599
281,910
280,144
287,977
293,466
290,166
295,905
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
90,951
587
4,117
333
296
8,486
7,665
463
7,290
2,823
1,457
354
916
1,545
18,726
518
28,288
375
6,170
49
493
97,469
454
3,075
608
212
6,312
6,954
549
3,420
2,719
1,981
276
1,114
1,425
21,567
204
39,872
237
6,090
30
371
102,699
434
2,869
510
181
9,234
6,221
512
4,720
2,836
1,370
365
1,191
1,416
22,473
167
41,159
314
6,163
44
521
106,284
501
2,957
452
162
8,635
5,624
506
5,760
2,789
1,333
365
1,133
1,385
23,851
222
44,115
320
5,734
41
397
112,022
531
3,218
446
224
8,145
5,397
559
6,703
2,838
1,634
453
1,223
1,278
25,019
287
46,881
317
6,381
47
440
114,263
537
3,259
149
328
7,720
5,331
471
6,714
2,899
1,773
386
1,106
1,324
26,519
301
48,478
307
6,294
47
322
114,895
508
2,782
166
478
7,364
5,360
516
5,541
3,102
2,026
356
1,315
2,000
26,770
317
48,809
390
6,444
111
541
116,881
441
2,498
221
572
6,999
6,099
496
4,779
3,100
2,197
453
1,312
1,615
28,059
255
50,113
470
6,673
45
486
3 Europe
4
Austria
5
Belgium-Luxembourg
6
Denmark
7
Finland
8
France
9
Germany
10
Greece
11
Italy
12
Netherlands
13
Norway
14
Portugal
15
Spain
16
Sweden
17
Switzerland
18
Turkey
19
United Kingdom
20
Yugoslavia
Other Western Europe 1
21
U.S.S.R
22
23
Other Eastern Europe 2
24 Canada
7,379
10,031
10,250
10,621
11,541
11,168
12,194
11,623
12,163
11,725
25 Latin America and Caribbean
26
Argentina
Bahamas
28
Bermuda
29
Brazil
30
British West Indies
Chile
31
32
Colombia
Cuba
33
34
Ecuador
35
Guatemala
36
Jamaica
37
Mexico
38
Netherlands Antilles
39
Panama
40
Peru
41
Uruguay
42
Venezuela
Other Latin America and Caribbean
43
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
84,685
2,445
34,400
765
1,568
17.794
664
2,993
9
434
479
87
7,163
3,182
4,847
694
367
4,245
2,548
105,891
2,207
44,756
1,350
1,615
19,749
1,224
2,515
6
465
583
104
9,438
3,449
4,338
753
561
9,421
3,357
109,452
2,030
44,615
1,300
1,822
22,631
l,124 r
2,700
6
559
580
100
8,957
3,727
5,357
1,069
542
9,310
3,022
103,874
2,088
39,482
1,302
1,823
22,069
1,442
2,699
7
527
613
139
9,643
3,602
4,884
931
609
9,139
2,874
106,805
2,636
41,502
1,289
1,865
22,871
1,170
2,636
9
478
616
136
9,259
3,759
4,656
984
665
9,219
3,056
109,110
3,359
42,164
1,519
1,752
23,294
1,293
2,516
7
524
639
121
8,468
3,713
6,172
974
721
8,625
3,249
105,205
3,381
39,800
1,507
2,106
22,975
1,438
2,407
7
556
636
118
8,023
3,670
4,702
1,031
844
8,796
3,207
109,323
3,432
43,537
1,596
1,865
24,161
1,434
2,426
8
519
639
108
8,135
3,523
4,689
965
641
8,315
3,331
44 Asia
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle-East oil-exporting countries 3
Other Asia
33,005
42,420
49,805
50,991
51,143
52,041
50,854
51,115
49,796
49,331
49
1,393
1,672
527
504
707
8,907
993
795
277
15,300
1,879
49
1,662
2,548
416
730
883
16,281
1,528
919
464
14,453
2,487
158
2,082
3,950
385
640
592
20,551
2,013
874
534
13,174
4,852
284
2,378
4,737
603
789
562
18,896
2,192
785
474
14,400
4,891
244
2,334
4,880
540
583
610
18,994
1,863
839
485
14,267
5,503
261
2,371
4,918
551
722
476
19,827
1,934
660
450
14,243
5,629
245
2,323
4,551
655
593
486
19,291
1,712
728
369
14,106
5,795
254
2,490
4,945
407
436
583
18,895
1,905
712
310
14,026
6,152
216
2,564
4,957
449
748
888
16,595
1,886
736
365
14,053
6,341
214
2,786
4,847
507
534
705
15,680
1,791
768
349
15,131
6,020
3,239
475
33
184
110
1,635
804
5,187
485
33
288
57
3,540
783
3,180
360
32
420
26
1,395
946
2,629
382
37
305
27
846
1,031
2,675
447
59
335
37
901
896
2,692
430
52
339
25
1,025
821
2,586
405
47
341
25
908
860
2,783
385
63
344
20
1,074
897
3,369
242
54
279
23
1,669
1,103
3,192
373
66
564
22
1,250
918
904
684
220
1,247
950
297
1,419
1,223
196
3,997
3,752
245
4,400
4,172
228
4,085
3,831
254
3,516
3,317
199
4,572
4,355
216
4,738
4,530
207
5,452
5,224
228
2,356
1,238
806
313
2,344
1,157
890
296
2,721
1,661
710
350
3,039
2,064
661
314
4,001
2,860
694
446
4,082
3,064
606
412
5,073
3,937
776
361
5,050
3,934
719
397
6,036
5,141
573
322
6,465
5,522
533
410
21
45
46
47
48
49
50
51
52
53
54
55
56
57 Africa
58
Egypt
59
Morocco
South Africa
60
Zaire
61
62
Oil-exporting countries 4
63
Other Africa
64 Other countries
65
Australia
66
All other
67 Nonmonetary international and regional
organizations
International
Latin American regional
Other regional 5
68
69
70
1. Includes the Bank for International Settlements. Beginning April 1978, also
includes Eastern European countries not listed in line 23.
2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German
Democratic Republic, Hungary, Poland, and Romania.
3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.
5. Asian, African, Middle Eastern, and European regional organizations,
except the Bank for International Settlements, which is included in " O t h e r
Western E u r o p e . "
• Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift from foreign branches to international banking
facilities in the United States of liabilities to. and claims on, foreign residents.
Nonbank-Reported
3.18
Data
A61
BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
1982
Area and country
1980
1979
1981A
May
June
July
Aug.
Sept/
Oct.
Nov.''
1 Total
133,943
172,592
251,035
301,247
314,381
322,831
328,555
339,367
334,145
334,192
2 Foreign countries
133,906
172,514
250,979
301,203
314,338
322,785
328,448
339,323
334,089
334,135
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
49,054
121
2,843
188
547
4,126
936
333
5,240
682
384
529
2,100
1,206
2,213
424
23,645
1,224
209
377
1,725
62,051
201
3,669
276
638
5,528
1,512
262
5,861
917
416
797
2,628
1,692
1,557
573
31,974
1,202
386
251
1,711
64,115
140
3,760
287
736
6,405
1,758
297
6,024
1,005
429
938
3,086
1,638
1,596
584
31,834
1,294
247
296
1,761
67,237
189
4,102
303
699
5,917
1,734
294
6,282
1,118
538
990
3,308
1,513
1,601
646
34,392
1,266
280
274
1,791
70,788
186
4,421
323
776
5,960
1,565
270
6,569
1,085
482
970
3,520
1,693
1,589
600
37,162
1,220
286
296
1,814
76,481
146
4,804
358
806
5,815
1,609
283
6,733
1,099
575
998
3,469
2,398
1,859
605
41,370
1,196
325
246
1,787
78,322
178
4,947
396
813
6,218
1,522
335
7,346
1,285
544
1,018
3,558
2,799
1,636
603
41,638
1,248
266
242
1,728
78,029
197
5,403
406
904
6,636
1,766
373
7,720
1,102
650
924
3,633
2,804
1,514
598
39,701
1,261
380
227
1,832
3 Europe
Austria
4
Belgium-Luxembourg
5
Denmark
6
Finland
7
8
France
9
Germany
Greece
10
Italy
11
Netherlands
1?
13
Norway
Portugal
14
Spain
15
Sweden
16
Switzerland
17
Turkey
18
United Kingdom
19
Yugoslavia
20
Other Western Europe 1
21
2.7 U.S.S.R
Other Eastern Europe 2
23
4,143
4,810
9,164
11,349
12,693
13,070
12,083
11,852
12,978
12,514
25 Latin America and Caribbean
Argentina
26
Bahamas
27
Bermuda
28
29
Brazil
British West Indies
30
31
Chile
Colombia
32
33
Cuba
34
Ecuador
35
Guatemala 3
36
Jamaica 3
Mexico
37
38
Netherlands Antilles
39
Panama
Peru
40
Uruguay
41
Venezuela
4?
Other Latin America and Caribbean
43
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
138,114
7,522
43,437
346
16,918
21,913
3,690
2,018
3
1,531
124
62
22,408
1,076
6,779
1,218
157
7,069
1,844
167,187
10,816
49,079
396
20,420
25,469
4,899
2,270
37
1,852
112
781
28,357
880
8,321
1,672
347
9,184
2,295
173,201
11,012
51,849
414
21,147
25,825
5,268
2,554
3
2,022
124
124
29,547
1,028
8,660
2,047
381
9,138
2,057
178,018
10,971
52,403
398
21,557
27,914
5,228
2,612
8
2,027
121
578
29,749
1,032
9,146
2,064
413
9,691
2,105
181,600
10,936
54,613
385
22,146
28,504
5,367
2,650
3
2,048
116
508
29,347
778
9,842
2,062
457
9,800
2,039
186,355
10,964
55,340
429
23,081
29,982
5,394
2,826
3
2,127
119
387
29,596
825
10,583
2,252
550
9,867
2,032
180,010
11,019
51,717
610
22,969
28,225
5,276
2,838
3
2,057
111
151
29,371
688
9,978
2,244
572
9,925
2,257
180,019
10,815
51,859
957
22,940
27,237
5,091
2,895
3
2,101
140
218
29,422
787
10,266
2,259
606
10,211
2,211
44 Asia
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle East oil-exporting countries 4
Other Asia
30,730
39,078
49,770
53,963
57,368
57,404
57,235
57,335
55,680
56,341
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
107
2,461
4,126
123
346
1,562
26,757
7,324
1,817
564
1,575
3,009
68
2,114
6,002
185
315
1,391
27,549
7,104
2,464
502
2,613
3,656
124
2,048
6,390
252
288
1,835
29,258
7,119
2,605
459
2,564
4,426
139
1,977
6,124
266
294
1,637
30,082
7,046
2,605
406
2,493
4,335
127
1,891
6,447
235
297
1,534
29,495
6,967
2,611
388
2,633
4,609
126
1,949
6,723
275
292
1,623
28,496
7,365
2,508
409
2,591
4,978
139
2,020
5,976
254
315
1,748
26,730
7,786
2,560
442
2,848
4,862
194
2,348
6,185
258
314
1,895
25,740
8,536
2,462
502
3,176
4,732
1,797
114
103
445
144
391
600
2,377
151
223
370
94
805
734
3,503
238
284
1,011
112
657
1,201
4,775
400
278
1,389
81
844
1,783
4,851
416
334
1,467
84
799
1,751
5,029
378
314
1,620
81
849
1,787
4,865
399
368
1,574
58
761
1,705
5,176
386
376
1,775
59
842
1,738
5,017
365
367
1,744
61
762
1,718
5,274
349
384
1,832
58
906
1,744
855
673
182
1,150
859
290
1,376
1,203
172
1,878
1,655
223
2,111
1,806
305
2,028
1,700
328
1,878
1,534
344
2,125
1,792
332
2,083
1,713
370
1,958
1,528
430
36
78
56
43
43
45
106
44
56
57
24 Canada
45
46
47
48
49
50
51
52
53
54
55
56
57 Africa
58
Egypt
59
Morocco
South Africa
60
61
Zaire
Oil-exporting countries 5
62
Other
63
64 Other countries
65
Australia
All other
66
67 Nonmonetary international and regional
organizations 6
1. Includes the Bank for International Settlements. Beginning April 1978, also
includes Eastern European countries not listed in line 23.
2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German
Democratic Republic, Hungary, Poland, and Romania.
3. Included in " O t h e r Latin America and C a r i b b e a n " through March 1978.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.
6. Excludes the Bank for International Settlements, which is included in
" O t h e r Western E u r o p e . "
NOTE. Data for period prior to April 1978 include claims of banks' domestic
customers on foreigners.
• Liabilities and claims of banks in the United States were increased,
beginning in December 1981, by the shift from foreign branches to international
banking facilities in the United States of liabilities to, and claims on, foreign
residents.
A62
3.19
International Statistics • January 1983
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
1982
Type of claim
1979
1980
1981A
May
June
July
Aug.
Sept/
1 Total
154,030
198,698
286,404
2
3
4
5
6
7
8
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
251,035
31,294
96,639
74,104
22,704
51,400
48,998
20,088
955
26,106
885
35,368
1,378
40,712
1,426
37,076
1,390
13,100
15,574
25,752
31,966
28,577
6,032
9,648
8,238
7,320
7,110
18,021
22,714
29,565
33,180
35,103
22,333
24,511
39,831
Banks' own claims on foreigners
Foreign public borrowers
Own foreign offices 1
Unaffiliated foreign banks
Deposits
Other
All other foreigners
9 Claims of banks' domestic customers 2
355,093
301,247
37,630
108,699
97,175
33,725
63,450
57,743
314,381
40,001
113,722
101,756
35,667
66,090
58,901
Oct.
Nov.?
376,443
322,831
40,684
114,098
108,313
40,028
68,285
59,736
328,555
41,678
118,563
109,133
40,945
68,189
59,181
339,367
42,682
125,761
111,499
40,705
70,794
59,424
334,145
42,587
116,915
114,280
42,058
72,222
60,363
334,192
42,224
115,701
115,520
41,312
74,209
60,747
11 Negotiable and readily transferable
12 Outstanding collections and other
13 MEMO: C u s t o m e r liability o n
Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States 4 . . .
1. U.S. banks: includes amounts due from own foreign branches and foreign
subsidiaries consolidated in "Consolidated Report of C o n d i t i o n " filed with bank
regulatory agencies. Agencies,
branches,
and majority-owned
subsidiaries
of
foreign banks: principally amounts due f r o m head office or parent foreign bank,
and foreign branches, agencies, or wholly owned subsidiaries of head office or
parent foreign bank.
2. Assets owned by customers of the reporting bank located in the United
States that represent claims on foreigners held by reporting banks for the account
of their domestic customers.
3. Principally negotiable time certificates of deposit and bankers acceptances.
3.20
44,566
44,084
45,239
43,730
43,575
45,388
n.a.
4. Includes demand and time deposits and negotiable and nonnegotiable
certificates of deposit denominated in U.S. dollars issued by banks abroad. For
description of changes in data reported by nonbanks, see July 1979 BULLETIN, p.
550.
• Liabilities and claims of banks in the United States were increased,
beginning in December 1981, by the shift from foreign branches to international
banking facilities in the United States of liabilities to, and claims on, foreign
residents.
NOTE. Beginning April 1978, data for banks' own claims are given on a monthly
basis, but the data for claims of banks' own domestic customers are available on a
quarterly basis only.
BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
1981
Maturity; by borrower and area
1979
Sept.
1
By borrower
Maturity of 1 year or less 1
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
12
13
By area
Maturity of 1 year or less 1
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.
1982
1980
Dec.A
Mar.
June
Sept.
86,181
106,748
122,477
153,932
174,618
200,515
213,061
65,152
7,233
57,919
21,030
8,371
12,659
82,555
9,974
72,581
24,193
10,152
14,041
94,957
12,978
81,979
27,520
12,564
14,956
115,908
15,192
100,715
38,025
15,645
22,380
133,019
16,603
116,416
41,598
16,843
24,755
151,592
19,439
132,153
48,923
19,995
28,928
160,949
20,138
140,811
52,112
21,928
30,184
15,235
1,777
24,928
21,641
1,077
493
18,715
2,723
32,034
26,686
1,757
640
23,015
3,959
35,590
29,295
2,324
774
27,893
4,634
48,473
31,508
2,457
943
34,246
5,807
58,243
30,585
2,890
1,249
38,904
6,593
67,967
33,603
3,308
1,218
44,555
6,975
71,536
33,079
3,624
1,180
4,160
1,317
12,814
1,911
655
173
5,118
1,448
15,075
1,865
507
179
6,424
1,347
17,478
1,550
548
172
8,095
1,774
25,088
1,902
899
267
8,435
1,863
27,684
2,245
1,056
315
9,356
2,345
32,857
2,465
1,276
625
10,576
1,867
34,258
3,370
1,351
690
A Liabilities and claims of banks in the United States were increased,
beginning in December 1981, by the shift from foreign branches to international
banking facilities in the United States of liabilities to, and claims on, foreign
residents.
Nonbank-Reported
3.21
Data
A63
CLAIMS ON FOREIGN COUNTRIES Held by U.S. Offices and Foreign Branches of U.S.-Chartered Banks'
Billions of dollars, end of period
1980
Area or country
1978 2 '
1981
1982
1979'
Sept.
Dec.
Mar.
June
Sept.
Dec.'
Mar.'
June'
Sept.P'
266.2
303.9
339.3
352.0
372.1
382.8
399.8
414.3
417.5
430.7
431.4
124.7
9.0
12.2
11.3
6.7
4.4
2.1
5.3
47.3
6.0
20.6
138.4
II.1
11.7
12.2
6.4
4.8
2.4
4.7
56.4
6.3
22.4
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
168.5
13.6
14.5
13.3
7.7
4.6
3.2
5.1
68.5
8.9
29.1
168.3
13.8
14.7
12.1
8.4
4.2
3.1
5.2
67.0
10.8
28.9
172.2
14.1
16.0
12.7
8.6
3.7
3.4
5.1
68.8
11.8
28.0
175.2
13.3
15.3
12.9
9.6
4.0
3.7
5.5
69.8
10.9
30.1
173.7
13.2
15.9
12.5
9.0
4.0
4.1
5.3
69.7
11.6
28.4
173.8
14.1
16.5
12.7
9.0
4.1
4.0
5.1
68.3
11.3
28.7
172.0
13.5
15.7
12.2
9.6
3.8
4.7
5.0
68.7
10.7
28.0
13 Other developed countries
14
Austria
15
Denmark
16
Finland
17
Greece
18
Norway
19
Portugal
20
Spain
21
Turkey
22
Other Western Europe
23
South Africa
24
Australia
19.4
1.7
2.0
1.2
2.3
2.1
.6
3.5
1.5
1.3
2.0
1.4
19.9
2.0
2.2
1.2
2.4
2.3
.7
3.5
1.4
1.4
1.3
1.3
20.6
1.8
2.2
1.2
2.6
2.4
.7
4.2
1.3
1.7
1.2
1.2
21.6
1.9
2.3
1.4
2.8
2.6
.6
4.4
1.5
1.7
1.1
1.3
23.5
1.8
2.4
1.4
2.7
2.8
.6
5.5
1.5
1.8
1.5
1.5
24.8
2.1
2.3
1.3
3.0
2.8
.8
5.7
1.4
1.8
1.9
1.7
26.4
2.2
2.5
1.4
2.9
3.0
1.0
5.8
1.5
1.9
2.5
1.9
28.4
1.9
2.3
1.7
2.8
3.1
1.1
6.7
1.4
2.1
2.8
2.5
30.6
2.1
2.5
1.6
2.8
3.2
1.2
7.2
1.6
2.2
3.3
3.0
32.1
2.1
2.6
1.6
2.6
3.2
1.5
7.3
1.5
2.2
3.5
4.0
32.6
2.0
2.5
1.8
2.5
3.4
1.6
7.7
1.5
2.1
3.6
4.0
25 O P E C countries 3
26
Ecuador
27
Venezuela
28
Indonesia
29
Middle East countries
30
African countries
22.7
1.6
7.2
2.0
9.5
2.5
22.9
1.7
8.7
1.9
8.0
2.6
21.4
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
8.8
2.1
6.8
2.6
23.5
2.1
9.2
2.5
7.1
2.6
24.5
2.2
9.7
2.5
7.5
2.5
25.2
2.3
9.7
2.7
8.2
2.2
26.2
2.4
9.9
2.7
8.7
2.5
27.0
2.3
10.1
2.9
9.1
2.7
31 Non-OPEC developing countries
52.6
63.0
73.0
77.4
82.2
84.8
90.2
96.2
97.5
103.6
103.9
3.0
14.9
1.6
1.4
10.8
1.7
3.6
5.0
15.2
2.5
2.2
12.0
1.5
3.7
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
9.5
17.0
4.0
2.4
17.0
1.8
4.7
8.5
17.5
4.8
2.5
18.2
1.7
3.8
9.3
17.7
5.5
2.5
20.0
1.8
4.2
9.4
19.1
5.8
2.6
21.6
2.0
4.1
9.9
19.7
6.0
2.3
22.9
1.9
4.1
9.7
21.3
6.4
2.6
25.1
2.4
4.0
9.1
22.3
6.2
2.8
24.8
2.6
4.5
1 Total
2 G - 1 0 countries and Switzerland
3
Belgium-Luxembourg
4
France
5
Germany
6
Italy
7
Netherlands
8
Sweden
9
Switzerland
10
United Kingdom
11
Canada
12
Japan
32
33
34
35
36
37
38
Latin America
Argentina
Brazil
Chile
Colombia
Mexico
Peru
Other Latin America
39
40
41
42
43
44
45
46
47
Asia
China
Mainland
Taiwan
India
Israel
Korea (South)
Malaysia
Philippines
Thailand
Other Asia
.0
2.9
.2
1.0
3.9
.6
2.8
1.2
.2
.1
3.4
.2
1.3
5.4
1.0
4.2
1.5
.5
.1
4.1
.2
1.1
7.3
1.1
4.8
1.5
.5
.2
4.2
.3
1.5
7.1
1.1
5.1
1.6
.6
.2
4.4
.3
1.3
7.7
1.2
4.8
1.6
.5
.2
4.6
.3
1.8
8.8
1.4
5.1
1.5
.7
.2
5.1
.3
1.5
8.6
1.4
5.6
1.4
.8
.2
5.1
.3
2.1
9.4
1.7
6.0
1.5
1.0
.2
5.1
.5
1.7
8.6
1.7
5.9
1.4
1.2
.3
5.0
.5
2.2
8.9
1.9
6.3
1.3
1.2
.2
4.9
.5
1.9
9.3
1.8
6.0
1.3
1.3
48
49
50
51
Africa
Egypt
Morocco
Zaire
Other Africa 4
.4
.6
.2
1.4
.6
.6
.2
1.7
.6
.6
.2
2.1
.8
.7
.2
2.1
.8
.6
.2
2.2
.7
.5
.2
2.1
1.0
.7
.2
2.2
1.1
.7
.2
2.3
1.3
.7
.2
2.3
1.3
.7
.2
2.3
1.3
.8
.1
2.3
52 Eastern Europe
53
U.S.S.R
54
Yugoslavia
55
Other
6.9
1.3
1.5
4.1
7.3
.7
1.8
4.8
7.3
.5
2.1
4.7
7.4
.4
2.3
4.6
7.7
.4
2.4
4.8
7.7
.5
2.5
4.8
7.7
.4
2.5
4.7
7.8
.6
2.5
4.7
7.2
.4
2.5
4.3
6.7
.4
2.4
3.9
6.4
.3
2.2
3.8
31.0
10.4
.7
7.4
.8
3.0
.1
4.2
3.9
.5
40.4
13.7
.8
9.4
1.2
4.3
.2
6.0
4.5
.4
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
53.7
15.5
.7
11.9
2.3
6.5
.2
8.4
7.3
.9
59.3
17.9
.7
12.6
2.4
6.9
.2
10.3
8.1
.3
61.7
21.3
.8
12.1
2.2
6.7
.2
10.3
8.0
.1
63.5
18.9
.7
12.4
3.2
7.6
.2
11.8
8.7
.1
65.0
19.8
.7
11.8
3.2
7.1
.2
12.9
9.3
.1
70.3
23.1
.7
12.0
3.0
7.3
.2
14.3
9.7
.1
69.6
20.2
.8
13.0
3.3
7.7
.1
14.9
9.6
.0
9.1
11.7
13.7
14.0
14.9
15.7
18.2
18.8
18.3
18.3
19.9
56 Offshore banking centers
57
Bahamas
58
Bermuda
59
Cayman Islands and other British West Indies
60
Netherlands Antilles
61
Panama 5
62
Lebanon
63
Hong Kong
64
Singapore
65
Others 6
66 Miscellaneous and unallocated 7
1. The banking offices covered by these data are the U.S. offices and foreign
branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks.
Offices not covered include (1) U.S. agencies and branches of foreign banks, and
(2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are
adjusted to exclude the claims on foreign branches held by a U.S. office or another
foreign branch of the same banking institution. The data in this table combine
foreign branch claims in table 3.14 (the sum of lines 7 through 10) with the claims
of U.S. offices in table 3.18 (excluding those held by agencies and branches of
foreign banks and those constituting claims on own foreign branches). H o w e v e r ,
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 Arab Emirates) as
well as Bahrain and Oman (not formally members of OPEC).
4. Excludes Liberia.
5. Includes Canal Zone beginning December 1979.
6. Foreign branch claims only.
7. Includes New Zealand, Liberia, and international regional organizations.
A64
International Statistics • January 1983
3.22
LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the
United States 1
Millions of dollars, end of period
1981
Type, and area or country
1979
1980
1982
1981
Sept.'
Dec.'
Mar.'
June'
1 Total
17,418'
22,212'
22,460'
23,593
22,460
22,366
20,843
2 Payable in dollars
3 Payable in foreign currencies
14,323'
3,095
18,481'
3,731
18,749'
3,711'
20,374
3,219
18,749
3,711
19,605
2,761
18,102
2,740
By type
4 Financial liabilities
5
Payable in dollars
6
Payable in foreign currencies
7,507'
5,223'
2,284
11,316'
8,528'
2,788
12,103'
9,444'
2,660'
13,072
10,688
2,384
12,103
9,444
2,660
12,585
10,622
1,963
10,017
8,056
1,961
7 Commercial liabilities
8
Trade payables
9
Advance receipts and other liabilities
9,910'
4,591
5,320'
10,896'
4,993'
5,903
10,357'
4,720'
5,637'
10,520
4,430
6,091
10,357
4,720
5,637
9,782
4,022
5,760
10,826
4,967
5,859
9,100'
811
9,953'
943
9,305'
1,052'
9,686
835
9.305
1,052
8,983
798
10,047
779
4,649
322
175
497
829
170
2,477
6,467
465
327
582
681
354
3,923
6,808'
460'
709'
491
748'
715
3,559'
7,957
495
929
430
664
465
4,800
6,808
460
709
491
748
715
3,559
7,874
596
924
503
755
707
4,282
5,947
518
581
439
517
661
3,084
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
Japan
Middle East oil-exporting countries 2
532
964
958
977
958
914
758
1,514'
404 r
81
18
516'
121
72
3,136'
964
1
23
1,452
99
81
3,353'
1,279
7
22
1,241'
102
98
3,293
1,019
6
20
1,398
107
90
3,353
1,279
7
22
1,241
102
98
3,327
1,095
6
27
1,469
67
97
2,794
1,003
7
24
1,044
83
100
804
726
31
723
644
38
957
792
75'
814
696
51
957
792
75
455
293
63
502
340
66
30
31
Africa
Oil-exporting countries 3
4
1
11
1
3
0
3
1
3
0
2
0
3
0
32
All other 4
4
15
24
29
24
12
11
3,709'
137
467
545
227
316
1,080'
4,402
90
582
679
219
499
1,209
3,963
79
575
590
239
569
925
3,771
71
573
545
221
424
880
3,422
50
504
473
232
400
824
3,661
47
657
457
247
412
849
33
34
35
36
37
38
39
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
40
Canada
41
42
43
44
45
46
47
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
48
49
50
Japan
Middle East oil-exporting countries 2
924
3,771
71'
573
545
221
424
880'
888'
897'
853
897
884
1,116
1,325'
69
32
203
21
257
301
1,300'
8
75
111
35
367'
319
1,037'
2
67
67
2
340'
276
1,134
3
113
61
11
392
273
1,037
2
67
67
2
340
276
804
22
71
83
27
210
194
1,399
20
102
62
1
727
219
2,991
583
1,014
3,034
802
890
3,285
1,094
910
3,221
775
881
3,285
1,094
910
3,404
1,090
998
3,286
1,060
954
51
52
Africa
Oil-exporting countries 3
728
384
817
517
703
344
757
355
703
344
664
247
733
340
53
All other 4
233
456
664
593
664
604
630
1. F o r a description of the changes in the International Statistics tables, see
July 1979 BULLETIN, p. 550.
2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
3. Comprises Algeria, Gabon, Libya, and Nigeria.
4. Includes nonmonetary international and regional organizations.
Nonbank-Reported
3.23
CLAIMS ON UNAFFILIATED FOREIGNERS
United States 1
Data
A65
Reported by Nonbanking Business Enterprises in the
Millions of dollars, end of period
1981
T y p e , and area or country
1979'
1980'
1982
1981'
Sept.'
Dec.'
Mar.'
June'
1 Total
31,305
34,535
35,674
34,392
35,674
30,189
30,234
2 Payable in dollars
3 Payable in foreign currencies
28,108
3,197
31,591
2,944
32,091
3,584
31,389
3,003
32,091
3,584
27,554
2,635
27,735
2,500
By type
4 Financial claims
5
Deposits
6
Payable in dollars
7
Payable in foreign currencies
8
Other financial claims
9
Payable in dollars
10
Payable in foreign currencies
18,404
12,852
11,936
916
5,552
3,726
1,826
19,816
14,180
13,405
775
5,636
3,953
1,683
20,756
14,657
14,043
614
6,098
3,644
2,454
19,399
13,771
13,045
727
5,627
3,932
1,695
20,756
14,657
14,043
614
6,098
3,644
2,454
17,752
12,656
12,199
457
5,096
3,439
1,657
18,215
13,428
13,054
374
4,787
3,219
1,568
11 Commercial claims
Trade receivables
12
13
Advance payments and other claims
12,901
12,185
716
14,720
13,960
759
14,919
13,954
965
14,994
14,057
937
14,919
13,954
965
12,437
11,477
960
12,019
10,960
1,058
14
15
12,447
454
14,233
487
14,403
516
14,412
582
14,403
516
11,917
520
11,461
557
6,191
32
177
409
53
73
5,111
6,094
145
312
230
51
59
4,982
4,533
43
315
224
50
67
3,505
4,819
26
348
314
68
80
3,659
4,533
43
315
224
50
67
3,505
4,511
16
422
197
79
53
3,502
4,486
13
313
148
56
63
3,620
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
4,997
5,064
6,624
6,033
6,624
4,931
4,395
24
25
26
27
28
29
30
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
6,312
2,773
30
163
2,011
157
143
7,811
3,477
135
96
2,755
208
137
8,615
3,925
18
30
3,503
313
148
7,762
3,284
15
66
3,315
283
143
8,615
3,925
18
30
3,503
313
148
7,432
3,537
27
49
2,797
281
130
8,312
3,845
42
76
3,504
274
134
31
32
33
Japan
Middle East oil-exporting countries 2
601
199
16
607
189
20
759
363
37
500
111
29
759
363
37
680
267
36
800
327
33
34
35
Oil-exporting countries 3
258
49
208
26
173
46
169
41
173
46
164
43
156
41
44
32
51
116
51
34
66
4,922
202
727
593
298
272
901
5,544
233
1,129
599
318
354
929
5,359
234
776
557
303
427
969
5,378
220
767
582
308
404
1,034
5,359
234
776
557
303
427
969
4,381
246
698
452
227
354
1,062
4,241
209
634
391
296
383
893
36
37
38
39
40
41
42
43
All other 4
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
44
Canada
45
46
47
48
49
50
51
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
52
53
54
Japan
Middle East oil-exporting countries 2
859
914
967
1,017
967
943
707
2,879
21
197
645
16
708
343
3,766
21
108
861
34
1,102
410
3,468
12
223
668
12
1,022
424
3,729
18
241
726
13
985
456
3,468
12
223
668
12
1,022
424
2,907
80
212
417
23
762
396
2,763
30
226
419
14
748
381
3,451
1,177
765
3,522
1,052
825
3,914
1,244
901
3,700
1,129
829
3,914
1,244
901
3,155
1,160
757
3,297
1,211
793
55
56
Africa
Oil-exporting countries 3
551
130
653
153
750
152
717
154
750
152
587
143
597
132
57
All other 4
240
321
461
453
461
463
413
1. For a description of the changes in the International Statistics tables, see
July 1979 BULLETIN, p. 550.
2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
3. Comprises Algeria, Gabon, Libya, and Nigeria.
4. Includes nonmonetary international and regional organizations.
A66
3.24
International Statistics • January 1983
F O R E I G N T R A N S A C T I O N S IN S E C U R I T I E S
Millions of dollars
1982
Transactions, and area or country
1980
1982
1981
Jan.Nov.
May
June
July
Aug.
Sept/
Oct.
Nov.?
U.S. corporate securities
STOCKS
1 Foreign purchases
2 Foreign sales
40,298
34,870
40,672
34,844
36,044
33,060
2,622
2,186
2,166
1,863
2,707
2,695
3,183
2,650
4,292
4,399
5,967
5,675
5,571
5,245
3 Net purchases, or sales (—)
5,427
5,827
2,984
436
303
12
532
-107
292
326
4 Foreign countries
5,409
5,803
2,923
429
299
6
530
-110
282
315
5 Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America and Caribbean
Middle East 1
Other Asia
Africa
Other countries
3,116
492
169
-328
310
2,528
887
148
1,206
16
-1
38
3,662
900
-22
42
288
2,235
783
-30
1,140
287
7
-46
1,925
-185
195
-85
-756
2,884
78
256
520
34
-1
110
306
-48
43
36
6
279
-10
22
104
-21
1
27
158
-25
II
23
-85
225
2
25
73
39
-3
6
303
0
21
0
-34
309
-36
-69
-137
-57
1
0
272
-7
-12
12
-53
366
73
121
101
-43
1
5
-268
-43
-43
-62
-144
73
115
-82
134
-16
0
6
175
-30
47
-102
-118
435
5
142
-98
22
0
35
69
-8
26
-24
-209
314
72
44
9
112
2
7
18
24
61
6
4
6
2
3
10
11
15,425
9,964
17,290
12,247
19,316
17,806
1,929
1,199
1,483
1,153
1,738
1,630
1,513
1,760
2,088
2,230
2,778
2,939
2,088
2,206
6
V
8
9
10
11
12
13
14
15
16
17 Nonmonetary international and
regional organizations
BONDS2
18 Foreign purchases
19 Foreign sales
20 Net purchases, or sales ( - )
5,461
5,043
1,510
730
330
107
-247
-142
-162
-118
21 Foreign countries
5,526
4,976
1,527
690
356
72
-111
-106
-202
-127
22
23
24
25
26
27
28
29
30
31
32
33
1,576
129
212
-65
54
1,257
135
185
3,499
117
5
10
1,356
11
848
70
108
181
-12
132
3,465
44
-1
-7
1,900
150
2,081
30
117
-619
27
174
-539
-23
-19
8
704
46
500
11
48
91
23
15
-112
61
0
0
244
23
115
5
12
67
21
61
22
9
0
-1
187
5
256
-3
-22
-63
1
18
-68
-66
0
0
-27
-18
106
0
32
-109
4
18
-78
-31
0
2
-279
25
86
-10
-24
-380
2
19
193
-47
0
5
429
-16
190
-2
-4
240
-152
-15
-435
-30
0
0
-228
24
14
-4
-13
-322
10
36
32
22
0
0
-65
66
-18
40
-26
35
-136
-36
41
10
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
-2,136
7,893
10,029
-140
9,262
9,402
-1,045
6,214
7,260
-115
486
601
79
619
540
44
452
409
11
532
520
-160
545
705
-308
704
1,012
-743
765
1,508
38 Bonds, net purchases, or sales ( - )
39
Foreign purchases
40
Foreign sales
-1,000
17,084
18,084
-5,446
17,549
22,995
-6,021
26,974
32,995
461
2,755
2,294
-762
2,033
2,795
-614
2,293
2,907
-1,353
3,279
4,632
-1,157
3,064
4,222
-1,332
3,056
4,388
-448
2,934
3,383
41 Net purchases, or sales (—), of stocks and bonds . . . .
-3,136
-5,586
-7,066
346
-684
-571
-1,342
-1,317
-1,640
-1,191
42
43
44
45
46
47
48
49
-4,013
-1,108
-1,948
87
-1,147
24
79
-4,574
-687
-3,698
69
-295
-53
90
-5,826
-1,907
-2,216
332
-1,647
-13
-374
126
-40
76
144
-53
-1
-1
-305
-425
-81
76
127
0
-2
-578
-21
-265
3
-303
3
6
-1,144
-128
-678
49
-433
17
29
-810
-271
-299
-65
241
1
-416
-1,248
-520
-181
-268
-281
0
3
-1,161
-581
-12
-37
-540
4
5
876
-1,012
-1,241
219
-379
7
-198
-507
-392
-31
Foreign countries
Europe
Canada
Latin America and Caribbean
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).
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.
Investment
3.25
MARKETABLE U.S. TREASURY BONDS A N D NOTES
Transactions
and
Discount
Rates
A67
Foreign Holdings and Transactions
Millions of dollars
1982
1980
Country or area
1982
1981
Jan.Nov.
May
June
July
Aug.
Sept/
Oct.
NOV.P
Holdings (end of period) 1
1 Estimated total 2
57,549
70,201
77,836
78,199
79,615
80,436'
82,047
83,715
84,583
2 Foreign countries 2
52,961
64,530
72,950
73,005
75,343
76,717
78,334
79,092
79,422
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
24,468
77
12,327
1,884
595
1,485
7,323
777
0
449
23,976
543
11,861
1,955
643
846
6,709
1,419
0
514
26,021
340
12,974
2,152
655
1,134
6,811
1,954
0
506
25,738
152
13,022
2,176
652
1,039
6,674
2,023
0
410
26,442
155
13,535
2,137
650
1,016
6,922
2,028
0
446
27,717
576
13,959
2,302
644
1,100
7,124
2,012
0
353
28,800
551
14,520
2,333
635
1,233
7,357
2,171
0
428
28,993
834
14,493
2,315
644
1,266
7,222
2,218
0
482
29,397
448
14,706
2,421
677
1,532
7,095
2,519
0
551
13
14
15
16
17
18
19
20
999
292
285
421
26,112
9,479
919
14
736
286
319
131
38,671
10,780
631
2
938
296
437
204
45,060
11,396
405
21
910
253
432
224
45,516
11,137
405
26
848
229
402
217
47,179
11,289
405
23
1,166
222
611
333
47,165
11,247
305
12
1,204
221
771
211
47,682
11,395
180
41
1,086
204
657
225
48,292
11,381
180
60
1,234
172
762
299
48,101
11,295
78
61
4,588
4,548
36
5,671
5,637
1
4,886
4,822
-4
5,194
5,123
-4
4,272
4,167
-4
3,719'
3,629
-4
3,713
3,519
-4
4,623
4,378
-4
5,161
4,900
-4
Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
All other
21 Nonmonetary international and regional organizations
22
International
23
Latin American regional
Transactions (net purchases, or sales ( - ) during period)
24 Total 2
6,066
12,652
14,382
568
362
1,416
822
1,611
1,668
868
25 Foreign countries 2
26
Official institutions
27
Other foreign 2
28 Nonmonetary international and regional organizations
6,906
3,865
3,040
-843
11,568
11,694
-127
1,085
14,892
12,644
2,248
-509
1,025
1,474
-448
-457
54
318
-264
309
2,338
2,792
-454
-922
1,374
367
1,007
-553
1,618
1,525
93
-7
757
605
152
910
330
253
78
538
MEMO: Oil-exporting countries
29 Middle East 3
30 Africa 4
7,672
327
11,156
-289
7,224
-552
907
2
924
0
1,313
0
257
-100
176
-125
199
0
-320
-100
1. Estimated official and private holdings of marketable U.S. Treasury securities with an original maturity of more than 1 year. Data are based on a benchmark
survey of holdings as of Jan. 31, 1971, and monthly transactions reports. Excludes
nonmarketable U.S. Treasury bonds and notes held by official institutions of
foreign countries.
3.26
2. Beginning December 1978, includes U.S. Treasury notes publicly issued to
private foreign residents denominated in foreign currencies.
3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Percent per annum
Rate on Dec. 31, 1982
Rate on Dec. 31, 1982
Country
Country
Percent
Austria..
Belgium .
Brazil...
Canada..
Denmark
4.75
11.5
49.0
10.05
10.0
Month
effective
Dec.
Nov.
Mar.
Dec.
Nov.
1982
1982
1981
1982
1980
Percent
France 1
Germany, Fed. Rep. of
Italy
Japan
Netherlands
1. As of the end of February 1981, the rate is that at which the Bank of France
discounts Treasury bills for 7 to 10 days.
2. Minimum lending rate suspended as of Aug. 20, 1981.
NOTE. Rates shown are mainly those at which the central bank either discounts
Rate on Dec. 31, 1982
Country
12.5
5.0
18.0
5.5
5.0
Month
effective
Dec.
Dec.
Aug.
Dec.
Dec.
1982
1982
1981
1981
1982
Norway
Switzerland
United Kingdom 2 .
Venezuela
Percent
Month
effective
9.0
4.5
Nov. 1979
Dec. 1982
Sept. 1982
or makes advances against eligible commercial paper and/or government commercial banks or brokers. For countries with more than one rate applicable to such
discounts or advances, the rate shown is the one at which it is understood the
central bank transacts the largest proportion of its credit operations.
A68
3.27
International Statistics •
J a n u a r y 1983
FOREIGN SHORT-TERM INTEREST RATES
Percent per annum, averages of daily figures
1982
Country, or type
1980
1981
1982
July
June
1
2
3
4
5
6
7
8
9
10
Aug.
Sept.
Oct.
Nov.
Dec.
Eurodollars
United Kingdom
Canada
Germany
Switzerland
14.00
16.59
13.12
9.45
5.79
16.79
13.86
18.84
12.05
9.15
12.24
12.21
14.38
8.81
5.04
15.45
12.96
16.84
9.22
5.39
14.37
12.35
16.23
9.41
4.32
11.57
11.08
14.76
8.94
4.07
11.74
10.84
13.57
8.13
3.97
10.43
9.74
12.14
7.55
3.66
9.77
9.30
11.08
7.24
3.76
9.47
10.55
10.56
6.54
3.71
Netherlands
France
Italy
Belgium
Japan
10.60
12.18
17.50
14.06
11.45
11.52
15.28
19.98
15.28
7.58
8.26
14.61
19.99
14.10
6.84
8.75
15.67
20.51
15.38
7.14
8.95
14.64
20.18
15.22
7.15
8.66
14.43
19.52
14.00
7.14
7.85
14.09
18.56
13.06
7.19
7.09
13.51
18.57
12.75
6.97
6.36
12.98
19.05
12.50
6.98
5.66
12.70
19.20
12.25
6.96
NOTE. Rates are for 3-month interbank loans except for Canada, finance company paper; Belgium, 3-month Treasury bills; and Japan, Gensaki rate.
3.28
FOREIGN EXCHANGE RATES
Currency units per dollar
1982
Country/currency
1980
1981
1982
July
Aug.
Sept.
Oct.
Nov.
Dec.
1
7
3
4
5
6
7
8
9
10
Argentina/peso
Australia/dollar 1
Austria/schilling
Belgium/franc
Brazil/cruzeiro
Canada/dollar
Chile/peso
China, P.R./yuan
Colombia/peso
Denmark/krone
n.a.
114.00
12.945
29.237
n.a.
1.1693
n.a.
n.a.
n.a.
5.6345
n.a.
114.95
15.948
37.194
92.374
1.1990
n.a.
1.7031
n.a.
7.1350
20985.00
101.65
17.060
45.780
179.22
1.2344
51.118
1.8978
64.071
8.3443
19671.43
101.09
17.342
47.029
177.97
1.2699
47.228
1.9300
65.539
8.5402
21172.73
97.83
17.431
47.483
188.25
1.2452
54.941
1.9432
65.179
8.6482
25961.90
95.820
17.597
48.300
201.73
1.2348
62.643
1.9567
65.921
8.8038
29487.50
94.35
17.797
49.103
215.34
1.2301
66.770
1.9887
66.856
8.9192
11
17
13
14
15
16
17
18
19
20
Finland/markka
France/franc
Germany/deutsche mark
Greece/drachma
Hong Kong/dollar
India/rupee
Indonesia/rupiah
Iran/rial
Ireland/pound 1
Israel/shekel
3.7206
4.2250
1.8175
n.a.
n.a.
7.8866
n.a.
n.a.
205.77
n.a.
4.3128
5.4396
2.2631
n.a.
5.5678
8.6807
n.a.
79.324
161.32
n.a.
4.8086
6.5793
2.428
66.872
6.0697
9.4846
660.43
n.a.
142.05
24.407
4.7278
6.8560
2.4662
69.434
5.9025
9.5633
659.18
n.a.
139.48
25.320
4.7515
6.9285
2.4813
70.165
6.0598
9.5741
662.11
n.a.
138.54
26.940
4.8014
7.0649
2.5055
70.946
6.1253
9.6495
662.75
n.a.
136.53
28.922
5.3480
7.1557
2.5320
71.948
6.6038
9.7005
670.31
n.a.
134.35
29.860
5.5263
7.2152
2.5543
72.889
6.6724
9.7968
680.92
n.a.
132.91
31.344
5.3425
6.8548
2.4193
70.788
6.5417
9.6926
687.95
n.a.
137.69
32.966
71
77
73
74
75
76
77
78
79
30
Italy/lira
Japan/yen
Malaysia/ringgit
Mexico/peso
Netherlands/guilder
New Zealand/dollar 1
Norway/krone
Peru/sol
Philippines/peso
Portugal/escudo
856.20
226.63
2.1767
22.968
1.9875
97.34
4.9381
n.a.
n.a.
50.082
1138.60
220.63
2.3048
24.547
2.4998
86.848
5.7430
n.a.
7.8113
61.739
1354.00
249.06
2.3395
72.990
2.6719
75.101
6.4567
694.59
8.5324
80.101
1382.26
255.03
2.3554
48.594
2.7239
73.990
6.3557
693.56
8.4802
84.514
1392.60
259.04
2.3528
90.187
2.7295
73.217
6.6785
730.97
8.5142
85.914
1411.19
263.29
2.3610
101.86
2.7444
72.419
6.8999
772.08
8.6521
87.702
1439.94
271.61
2.3688
108.83
2.7608
71.431
7.1735
819.14
8.7760
89.652
1468.84
264.09
2.3647
130.61
2.7861
71.092
7.2397
878.66
8.8733
91.911
1398.74
241.94
2.3529
147.35
2.6698
72.569
7.0346
942.47
9.0546
92.685
31
37
33
34
35
36
37
38
39
40
Singapore/dollar
South Africa/rand 1
South Korea/won
Spain/peseta
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Thailand/baht
United Kingdom/pound 1
Venezuela/bolivar
n.a.
128.54
n.a.
71.758
16.167
4.2309
1.6772
n.a.
232.58
n.a.
2.1053
114.77
n.a.
92.396
18.967
5.0659
1.9674
21.731
202.43
4.2781
2.1406
92.297
731.93
110.09
20.756
6.2838
2.0327
23.014
174.80
4.2981
2.1464
87.20
743.06
111.57
20.895
6.1159
2.0960
23.000
173.54
4.2951
2.1594
86.77
744.45
112.079
20.895
6.1441
2.1119
23.000
172.50
4.2981
2.1671
86.830
743.61
113.049
20.918
6.2313
2.1418
23.000
171.20
4.3006
2.1984
86.20
743.65
115.20
20.898
7.1543
2.1736
23.000
169.62
4.2976
2.2123
87.77
745.60
119.09
21.009
7.5095
2.1931
23.000
163.21
4.2996
2.1522
92.03
746.36
126.125
21.166
7.3555
2.0588
23.000
161.60
4.2971
102.94
116.57
118.91
119.63
120.93
123.16
124.27
119.22
39200.00
43883.91
94.27
96.82
17.947
16.994
49.600
47.493
228.51 .
244.63
1.2262
1.2385
69.050
72.630
1.9445
2.0002
68.168
69.526
8.9595
8.5275
MEMO:
United States/dollar 2
87.39
1. Vaue in U.S. cents.
2. Index of weighted-average exchange value of U.S. dollar against currencies
of other G - 1 0 countries plus Switzerland. March 1973 = 100. Weights are 1972-76
global trade of each of the 10 countries. Series revised as of August 1978. For
description and back data, see " I n d e x of the Weighted-Average Exchange Value
of the U.S. Dollar: Revision" on page 700 of the August 1978 BULLETIN.
NOTE. Averages of certified noon buying rates in New York for cable tranfers.
A69
Guide to Tabular Presentation,
Statistical Releases, and Special Tables
GUIDE
TO TABULAR
Symbols and
c
e
p
r
*
PRESENTATION
Abbreviations
Corrected
Estimated
Preliminary
Revised (Notation appears on column heading when
about half of the figures in that column are changed.)
Amounts insignificant in terms of the last decimal place
shown in the table (for example, less than 500,000 when
the smallest unit given is millions)
General
0
n.a.
n.e.c.
IPCs
REITs
RPs
SMSAs
Calculated to be zero
Not available
Not elsewhere classified
Individuals, partnerships, and corporations
Real estate investment trusts
Repurchase agreements
Standard metropolitan statistical areas
Cell not applicable
Information
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed
issues of U.S. government agencies (the flow of funds figures
also include not fully guaranteed issues) as well as direct
S TA TIS TICAL
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
Issue
June 1982
Anticipated schedule of release dates for periodic releases
SPECIAL
Page
A76
TABLES
Published Irregularly,
Commercial bank assets and
Commercial bank assets and
Commercial bank assets and
Commercial bank assets and
Assets and liabilities of U.S.
Assets and liabilities of U.S.
Assets and liabilities of U.S.
Assets and liabilities of U.S.
with Latest Bulletin
liabilities, December 31, 1981
liabilities, March 31, 1982
liabilities, June 30, 1982
liabilities, September 30, 1982
branches and agencies of foreign
branches and agencies of foreign
branches and agencies of foreign
branches and agencies of foreign
Special tables begin on next page.
Reference
banks,
banks,
banks,
banks,
December 31, 1981
March 31, 1982
June 30, 1982
September 30, 1982
April
July
October
January
April
July
October
January
1982
1982
1982
1983
1982
1982
1982
1983
All
A70
A70
A70
A78
A76
A76
A76
A70
4.20
Special Tables • January 1983
DOMESTIC AND FOREIGN OFFICES, Commercial Banks with Assets of $100 Million or over1"
Consolidated Report of Condition; Sept. 30, 1982
Millions of dollars
Banks with foreign offices 2
Item
Insured
Foreign
offices 3
Total
1
1,696,396
1,251,046
387,776
917,287
445,349
282,308
14,111
19,443
3,463
18,605
228,200
8,261
14,436
3,463
7,801
126,133
245
372
3,285
354
102,066
8,016
14,063
178
7,447
54,108
5,850
5,007
162,690
19,349
759
142,582
120,247
6,599
439
113,208
16,436
96,773
1,630
21,266
3,674
121
17,471
3,919
13,552
51,095
21,176
9,075
199
1 1 , 940 3
63,996
141,513
10,274
561
130,679
20,354
110,325
52,725
1,279,303
908,829
210,229
698,600
370,475
238,896
66,499
39,416
105,324
27,657
12,022
1,936
13,700
128,745
31,460
16,028
57,206
24,051
9,519
1,440
13,092
10,477
191
33
624
9,630
7,657
186
1,786
118,268
31,269
15,995
56,582
14,421
1,862
1,253
11,306
110,150
35,038
23,388
48,118
3,606
2,502
496
608
68,112
981,649
14,396
10,531
956,722
43,768
737,798
7,427
7,729
722,642
833
198,345
1,795
321
196,230
42,935
539,452
5,632
7,409
526,411
24,344
243,851
6,969
2,802
234,081
(44)
()
(44)
140,596
FHA-insured or VA-guaranteed
Conventional
<4)
(44)
(44)
()
(44)
()
(44)
(4)
(4)
()
(44)
()
8,630
Construction and land development
Secured by farmland
Secured by residential properties
()
(44)
(4)
(4)
(4)
(4)
()
(44)
()
131,966
33,958
907
70,958
67,232
4,049
63,182
3,726
224
3,503
26,143
87,219
11,445
1,432
48,398
46,117
1,969
44,148
2,280
77
2,203
25,944
89,889
4,156
8,985
4,425
4,560
45,858
571
45,287
11,347
19,544
33,144
107
757
372
385
25,110
270
24,840
293
6,876
56,745
4,049
8,228
4,053
4,175
20,748
300
20,447
11,054
12,667
6,739
540
4 , 24
48
11,758
8,481
3,277
7,129
362,680
231,477
131,203
1,758
1,298
461
658
122,854
16,575
106,279
10,000
7,184
2,816
6,471
239,826
214,902
24,924
1,840
349
1,492
5,405
76,475
77,938
(44)
(4)
()
(44)
(4)
(4)
(4)
(4)
()
(44)
()
6,432
<44)
47,807
33,304
14,503
(44)
(4)
()
(44)
(4)
(4)
(4)
<4)
()
(4)
(4)
24,869
22,813
2,056
71,506
58,782
16,692
22,322
18,282
4,040
3,183
16,585
4,204
3,662
8,719
12,725
22,938
10,491
12.447
62,196
50,833
21,323
9,959
8,509
1,450
3,532
16,019
3,247
4,084
8,688
11,363
3,976
15,574
24,523
2,739
107,522
1,559
60,186
13,674
15,221
1,706
97,091
1,482
59,720
18,381
41,339
2,688
1,501
90
49,822
1,135
16,443
10,985
13,719
1,616
101,285
347
43,277
1,900
9,302
1,033
10,431
77
466
<4)
()
Total assets
8
9
10
11
12
13
Cash and due from depository institutions
Currency and coin (U.S. and foreign)
Balances with Federal Reserve Banks
Balances with other central banks
Demand balances with commercial banks in United States
All other balances with depository institutions in United States and with banks in foreign
countries
Time and savings balances with commercial banks in United States
Balances with other depository institutions in United States
Balances with banks in foreign countries
Foreign branches of other U.S. banks
Other banks in foreign countries
Cash items in process of collection
14
15
16
17
18
19
20
21
22
Total securities, loans, and lease financing receivables
Total securities, book value
U.S. Treasury
Obligations of other U.S. government agencies and corporations
Obligations of states and political subdivisions in United States
All other securities
Other bonds, notes, and debentures
Federal Reserve and corporate stock
Trading account securities
73
74
75
76
27
Federal funds sold and securities purchased under agreements to resell
Total loans, gross
LESS: Unearned income on loans
Allowance for possible loan loss
EQUALS: Loans, net
2
4
7
Total loans, gross, by
28
29
30
31
37
33
34
35
36
37
38
Domestic
offices
Banks
without
foreign
offices
(4)
(4)
(4)
10,804
(4)
()
11,271
category
227,815
FHA-insured
Conventional
Secured by nonfarm nonresidential properties
39
40
41
42
43
44
45
46
47
48
Loans to financial institutions
REITs and mortgage companies in United States
Commercial banks in United States
U.S. branches and agencies of foreign banks
Other commercial banks
Banks in foreign countries
Foreign branches of other U.S. banks
Other
Finance companies in United States
Other financial institutions
49
50
51
52
53
54
55
Loans for purchasing or carrying securities
Brokers and dealers in securities
56
57
58
59
60
61
67
63
64
65
66
67
68
69
70
Loans to individuals for household, family, and other personal expenditures
71
72
73
74
75
76
77
78
79
80
Lease financing receivables
Bank premises, furniture and fixtures, and other assets representing bank premises
Real estate owned other than bank premises
All other assets
Investment in unconsolidated subsidiaries and associated companies
Customers' liability on acceptances outstanding
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Net due from foreign branches, foreign subsidiaries, Edge and agreement subsidiaries . . . .
Loans to finance agricultural production and other loans to farmers
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Passenger automobiles
Credit cards and related plans
Retail (charge account) credit card
Check and revolving credit
Other installment loans
Residential property repair and modernization
Other installment loans for household, family, and other personal expenditures
<)
(4)
()
(44)
()
96,628
4,696
13,232
<44)
()
46,407
(44)
()
11,738
20,554
13,599
8,830
4,769
12,534
439,156
(44)
()
(44)
(4)
()
(44)
(4)
(4)
(4)
(4)
140,134
()
(44)
()
51,783
Loans to foreign government and official institutions
()
(4)
(44)
()
45,777
4
()
35,889
(44)
(4)
20,374
11,870
(44)
33,643
24,019
(4)
()
549
<4)
(4)
391
1,011
(4)
(4)
(44)
()
(44)
()
(4)
9,888
Commercial Banks
4.20
A71
Continued
Banks with foreign offices 2
Item
Insured
Total
Foreign
offices 3
Domestic
offices
Banks
without
foreign
offices
81 Total liabilities and equity capital'
1,696,396
1,251,046
(4)
(4)
445,349
82 Total liabilities excluding subordinated debt
1,599,900
1,188,231
387,519
854,728
411,669
83 Total deposits
Individuals, partnerships, and corporations
84
U.S. government
85
States and political subdivisions in United States
86
All other
87
Foreign governments and official institutions
88
89
Commercial banks in United States
90
U.S. branches and agencies of foreign banks
91
Other commercial banks in United States
Banks in foreign countries
92
93
Foreign branches of other U.S. banks
Other banks in foreign countries
94
Certified and officers' checks, travelers checks, and letters of credit sold for cash
95
1,279,114
985,949
2,730
56,728
221,321
27,751
78,023
4
313,540
160,732
212
637
151,425
20,137
32,441
4,669
27,772
98,847
15,388
83,459
533
601,777
503,579
1,620
27,253
61,040
7,418
37,255
1,547
35,708
16,367
1,614
14,753
8,284
363,798
321,638
898
28,838
8,856
196
8,327
4
12,386
915,316
664,312
1,832
27,890
212,465
27,555
69,696
6,216
63,480
115,213
17,002
98,212
8,818
161,135
127,627
419
127,207
33,508
52,207
17,828
34,378
2,309
105,135
60,375
4
46,916
14,328
32,587
1,550
96,822
59,909
4
15,127
4
5,291
3,500
1,791
759
8,312
466
4
44,760
36,913
15,127
62
58,371
14,166
33,643
10,562
31,789
14,328
17,461
1,487
92,468
45,743
20,374
26,351
96 Federal funds purchased and securities sold under agreements to repurchase in domestic
offices and Edge and agreement subsidiaries
97 Interest-bearing demand notes issued to U.S. Treasury and other liabilities for borrowed
money
Interest-bearing demand notes (note balances) issued to U.S. Treasury
98
99
Other liabilities for borrowed money
100 Mortgage indebtedness and liability for capitalized leases
101 All other liabilities
Acceptances executed and outstanding
102
103
Net due to foreign branches, foreign subsidiaries, Edge and agreement subsidiaries
104
Other
105 Subordinated notes and debentures
106 Total equity capital 5
Preferred stock
107
Common stock
108
109
Undivided profits and reserve for contingencies and other capital reserves
110
Undivided profits
111
Reserve for contingencies and other capital reserves
112
(4)
()
(4)
()
115,547
4
()
()
()
()
(4)
334
(44)
()
3,568
()
7,847
6,102
4,473
257
4,216
1,628
90,395
215
17,300
29,809
43,070
42,201
869
58,342
131
11,329
18,041
28,842
28,436
406
(4)
(44)
(4)
(4)
(4)
(4)
()
(4)
(44)
()
(44)
(4)
(4)
()
32,052
84
5,971
11,769
14,228
13,765
463
265,478
156,495
543,601
302,767
264,835
37,932
47,565
176,124
80,466
345,187
229,431
195,933
33,497
24,420
0
0
0
0
0
0
0
176,124
80,466
345,187
229,431
195,933
33,497
24,420
89,355
76,029
198,414
73,336
88,901
4,435
23,145
141,964
16,414
10,881
175,235
67,957
8,605
5,358
103,954
0
0
0
0
67,957
8,605
5,358
103,954
74,007
7,809
5,523
71,281
89,638
4
()
(4)
84,269
62,784
21,485
15,775
4
()
(4)
68,494
4
(4)
()
5,369
4
7,883
4
()
7,584
4
()
(4)
781
6,803
348
299
851
1,688,386
283,306
67,411
961,340
1,261,662
265,672
165,990
35,487
1,245,193
231,434
42,136
725,337
900,479
4
342,363
127,167
823
197,817
305,007
4
130,942
33,682
369
15,115
902,830
104,267
41,313
527,520
595,472
197,355
130,573
18,567
443,193
51,872
25,275
236,003
361,183
68,317
35,048
1,805
1,705
197
197
197
1,508
MEMO
Deposits in domestic
offices
Total demand
Total savings
Total time
Time deposits of $100,000 or more
Certificates of deposit (CDs) in denominations of $100,000 or more
Other
Savings deposits authorized for automatic transfer and N O W accounts
Money market time deposits (A) in minimum denomination of $10,000 but less than $100,000
with original maturities of 26 weeks, and (B) in minimum denomination of $7,500 but
less than $100,000 with original maturities of 91 days
121 All savers certificates
122 Total Individual Retirement Accounts (IRA) and Keogh Plan accounts
123 Demand deposits adjusted 6
113
114
115
116
117
118
119
170
124 Standby letters of credit, total
U.S. addressees (domicile)
125
126
Non-U.S. addressees (domicile)
127 Standby letters of credit conveyed to others through participations (included in total standby
letters of credit)
128 Holdings of commercial paper included in total gross loans
179
130
131
13?
133
134
135
136
Average for 30 calendar days (or calendar month) ending with report date
Total assets
Cash and due f r o m depository institutions
Federal funds sold and securities purchased under agreements to resell
Total loans
Total deposits
Time CDs in denominations of $100,000 or more in domestic offices
Federal funds purchased and securities sold under agreements to repurchase
Other liabilities for borrowed money
137 N u m b e r of banks
F o r notes see end of table.
()
()
(4)
()
A70
4.21
Special Tables • January 1983
DOMESTIC OFFICES, Insured Commercial Banks with Assets of $100 Million or over
Consolidated Report of Condition; Sept. 30, 1982
Millions of dollars
Member banks
Nonmember
insured
Item
Total
1 Total assets
2 Cash and due from depository institutions
3
Currency and coin (U.S. and foreign)
4
Balances with Federal Reserve Banks
5
Balances with other central banks
6
Demand balances with commercial banks in United States
7
All other balances with depository institutions in United States and with banks in foreign
countries
8
Time and savings balances with commercial banks in United States
9
Balances with other depository institutions in United States
10
Balances with banks in foreign countries
11
Cash items in process of collection
12 Total securities, loans, and lease financing receivables
13 Total securities, book value
14
U.S. Treasury
15
Obligations of other U.S. government agencies and corporations
16
Obligations of states and political subdivisions in United States
17
All other securities
18
Other bonds, notes, and debentures
19
Federal Reserve and corporate stock
20
Trading account securities
National
State
1,362,636
1,157,340
873,424
283,917
205,296
156,175
13,866
19,070
178
18,251
135,171
11,778
18,074
178
12,555
99,341
9,288
14,480
143
10,035
35,830
2,490
3,594
35
2,519
21,003
2,088
996
42,442
12,749
320
29,373
62,367
33,021
8,796
189
24,036
59,565
24,330
7,058
143
17,129
41,065
8,691
1,738
45
6,908
18,500
9,421
3,953
131
5,337
2,802
1,069,075
896,885
679,902
216,982
172,190
228,418
66,308
39,383
104,700
18,027
4,364
1,749
11,914
179,425
50,523
28,757
84,132
16,012
2,675
1,565
11,773
135,818
37,273
23,727
63,978
10,840
2,004
1,180
7,656
43,606
13,250
5,030
20,154
5,172
670
385
4,117
48,994
15,784
10,626
20,568
2,015
1,689
185
141
*
5,696
67,279
58,470
43,334
15,137
8,809
783,304
12,601
10,210
760,492
665,842
9,691
8,944
647,208
506,059
7,333
6,723
492,003
159,783
2,358
2,220
155,205
117,462
2,910
1,267
113,284
219,185
45,404
2,340
119,355
113,349
6,019
107,330
6,007
301
5,706
52,087
176,132
38,455
1,733
96,073
91,266
5,378
85,888
4,808
221
4,587
39,870
144,501
29,876
1,554
80,271
76,364
4,395
71,968
3.908
119
3,789
32,800
31,631
8,579
179
15,802
14,902
983
13,920
900
102
798
7,070
43,053
6,948
606
23,282
22,083
641
21,442
1,199
80
1,119
12,217
63,484
4,589
12,475
21,296
11,445
13,678
58,916
4,358
9,331
20,768
11,206
13,253
36,904
3,122
6,317
11,990
6,988
8,487
22,012
1,236
3,014
8,778
4,218
4,766
4,569
232
3,144
528
239
425
43 Loans for purchasing or carrying securities
'44
Brokers and dealers in securities
45
Other
46 Loans to finance agricultural production and other loans to farmers
47 Commercial and industrial loans
11,840
7,532
4,308
11,876
316,301
11,270
7,330
3,940
10,421
276,675
6,478
3,490
2,989
9,429
204,740
4,792
3,840
952
992
71,935
570
203
368
1,456
39,626
48 Loans to individuals for household, family, and other personal expenditures
49
Installment loans
50
Passenger automobiles
51
Credit cards and related plans
52
Retail (charge account) credit card
53
Check and revolving credit
54
Mobile homes
55
Other installment loans
56
Other retail consumer goods
57
Residential property repair and modernization
58
Other installment loans for household, family, and other personal expenditures
59
Single-payment loans
133,702
109,615
38,015
32,281
26,791
5,491
6,714
32,604
7,451
7,746
17,407
24,087
26,914
107,520
88,024
28,836
29,164
24,438
4,727
5,369
24,655
5,946
5,550
13,159
19,496
24,909
87,802
72,497
23,561
24,018
20,303
3,716
4,910
20,008
4,886
4,501
10,621
15,305
16,205
19,718
15,527
5,275
5,146
4,135
1,011
459
4,647
1,060
1,049
2,538
4,191
8,703
26,183
21,591
9,179
3,117
2,353
764
1,345
7,949
1,505
2,196
4,248
4,592
2,005
61
62
63
64
65
66
67
68
12,885
23,021
2,649
111,716
424
43,743
33,643
33,907
11,782
18,761
2,135
104,389
382
42,981
31,784
29,243
8,748
15,122
1,746
77,312
350
30,498
25,777
20,688
3,034
3,639
389
27,077
32
12,483
6,007
8,555
1,103
4,261
515
7,327
42
762
1,859
4,664
21 Federal funds sold and securities purchased under agreements to resell
22 Total loans, gross
23 LESS: Unearned income on loans
24
Allowance for possible loan loss
25 EQUALS: Loans, net
Total loans, gross, by category
26 Real estate loans
27
Construction and land development
28
Secured by farmland
29
Secured by residential properties
30
1- to 4-family
31
FHA-insured or VA-guaranteed
32
Conventional
34
35
36
FHA-insured
Conventional
Secured by nonfarm nonresidential properties
'.
37 Loans to financial institutions
38
REITs and mortgage companies in United States
39
Commercial banks in United States
41
42
Finance companies in United States
Other financial institutions
Lease financing receivables
Bank premises, furniture and fixtures, and other assets representing bank premises
Real estate owned other than bank premises
All other assets
Investment in unconsolidated subsidiaries and associated companies
Customers' liability on acceptances outstanding
Net due f r o m foreign branches, foreign subsidiaries, Edge and agreement subsidiaries . . . .
Other
Commercial
4.21
Banks
A73
Continued
Member bank:
Item
Nonmember
insured
Insured
National
Total
State
69 Total liabilities and equity capital 8
1,362,636
1,157,340
873,424
283,917
205,296
70 Total liabilities excluding subordinated debt
1,266,397
1,076,462
812,460
264,002
189,935
Total deposits
Individuals, partnerships, and corporations
U.S. government
States and political subdivisions in United States
All other
Foreign governments and official institutions
Commercial banks in United States
Banks in foreign countries
Certified and officers' checks, travelers checks, and letters of credit sold for cash
965,575
825,217
2,518
56,091
69,896
7,614
45,582
16,700
11,853
795,818
674,476
2,178
42,521
66,498
7,368
42.970
16,160
10,145
616,420
530,418
1,747
34,728
43,207
4,401
30,017
8,788
6,321
179,398
144,059
431
7,793
23,291
2,967
12,952
7,372
3,823
169,757
150,741
340
13,570
3,398
245
2,612
540
1,708
80 Demand deposits
Mutual savings banks
81
Other individuals, partnerships, and corporations
82
U.S. government
83
States and political subdivisions in United States
84
85
All other
Foreign governments and official institutions
86
87
Commercial banks in United States
Banks in foreign countries
88
Certified and officers' checks, travelers checks, and letters of credit sold for cash
89
265,478
883
207,079
1,715
9,815
34,134
1,917
26,162
6,055
11,853
226,864
771
173,593
1,458
8,104
32,794
1,864
25,047
5,882
10,145
167,972
441
131,172
1,135
6,473
22,430
1,439
18,140
2,852
6,321
58,892
330
42,421
322
1,631
10,364
426
6,908
3,031
3,823
38,614
112
33,486
257
1,711
1,340
53
1,115
173
1,708
90 Time deposits
91
Mutual savings banks
Other individuals, partnerships, and corporations
92
U.S. government
93
States and political subdivisions in United States
94
95
All other
Foreign governments and official institutions
%
Commercial banks in United States
97
Banks in foreign countries
98
543,601
240
462,188
747
44,683
35,742
5,678
19,419
10,645
445,821
214
378,080
669
33,173
33,685
5,486
17,921
10,278
348,972
116
300,237
561
27,298
20,759
2,945
11,877
5,937
96,849
98
77,843
108
5,874
12,926
2,541
6,044
4,341
97,780
27
84,108
78
11,511
2,057
192
1,497
368
99 Savings deposits
Mutual savings banks
100
Other individuals, partnerships, and corporations
101
Individuals and nonprofit organizations
102
Corporations and other profit organizations
103
104
U.S. government
105
States and political subdivisions in United States
106
All other
Foreign governments and official institutions
107
Commercial banks in United States
108
Banks in foreign countries
109
99,476
23,657
*
*
*
*
*
154,826
149,087
5,740
56
1,593
20
19
1
121,819
117,739
4,080
51
1,245
19
18
1
98,452
95,189
3,263
50
956
18
17
23,367
22,550
817
1
288
1
33,008
31,348
1,660
5
348
1
1
*
*
*
*
*
*
*
110 Federal funds purchased and securities sold under agreements to repurchase
111 Interest-bearing demand notes issued to U.S. Treasury and other liabilities for borrowed
money
Interest-bearing demand notes (note balances) issued to U.S. Treasury
112
Other liabilities for borrowed money
113
114 Mortgage indebtedness and liability for capitalized leases
160,716
148,623
105,832
42,791
12,093
37,080
17,828
19,252
2,246
34,630
16,525
18,105
1,883
21,765
12,966
8,799
1,587
12,865
3,560
9,305
295
2,450
1,303
1,147
364
115 All other liabilities
116 Acceptances executed and outstanding
117 Net due to foreign branches, foreign subsidiaries, Edge and agreement subsidiaries
118
100,780
46,209
20,374
34,198
95,508
45.446
19,609
30,453
66,856
32,914
11,919
22,022
28,653
12,532
7,690
8,431
5,272
763
765
3,744
71
72
71
74
75
76
77
78
79
119 Subordinated notes and debentures
120 Total equity capital 8
156,495
123,133
*
1
33,362
5,845
4,746
3,090
1,656
1,099
90,395
76,133
57,875
18,258
14,262
302,767
264,835
37,932
47,565
259,081
223,522
35,559
37,488
194,553
170,945
23,608
30,892
64,528
52,577
11,951
6,595
43,686
41,313
2,374
10,077
141,964
16,414
10,881
175,235
110,165
12,797
8,475
140,794
91,766
10,494
7,014
107,633
18,399
2,304
1,461
33,162
31,799
3,617
2,406
34,441
73,863
7,101
1,198
70,976
7,007
786
45,383
5,289
615
25,592
1,717
171
2,887
95
412
1,346,023
156,139
66,588
763,523
956,655
265,672
165,620
20,372
1,142,580
136,266
57,567
649,262
787,822
224,582
153,100
19,267
863,550
98,987
43,704
492,201
610,283
171,754
112,090
10,083
279,030
37,279
13,863
157,061
177,539
52,828
41,010
9,185
203,443
19,873
9,021
114,261
168,833
41,090
12,520
1,105
1,705
1,062
886
176
643
MEMO
121 Time deposits of $100,000 or more
Certificates of deposit (CDs) in denominations of $100,000 or more
172
P3
Other . . . .
174 Savings deposits authorized for automatic transfer and N O W accounts
175 Money market time deposits (A) in minimum denomination of $10,000 but less than $100,000
with original maturities of 26 weeks, and (B) in minimum denomination of $7,500 but
less than $100,000 with original maturities of 91 days
126 All savers certificates
177 Total Individual Retirement Accounts (IRA) and Keogh Plan accounts
128 Demand deposits adjusted 6
129 Standby letters of credit
Conveyed to others through participation (included in standby letters of credit)
130
131 Holdings of commercial paper included in total gross loans
137
133
134
135
136
137
138
139
Average for 30 calendar days (or calendar month) ending with report date
Total assets
Cash and due f r o m depository institutions
Federal funds sold and securities purchased under agreements to resell
Total loans
Total deposits
Time CDs in denominations of $100,000 or more in domestic offices
Federal funds purchased and securities sold under agreements to repurchase
Other liabilities for borrowed money
140 N u m b e r of banks
For notes see end of table.
A70
4.22
Special Tables • January 1983
DOMESTIC OFFICES, Insured Commercial Bank Assets and Liabilities'"
Consolidated Report of Condition; Sept. 30, 1982
Millions of dollars
Member banks
Item
Total
1
Total assets
Cash and due from depository institutions
Currency and coin (U.S. and foreign)
Balances with Federal Reserve Banks
Balances with other central banks
6
Demand balances with commercial banks in United States
7
All other balances with depository institutions in United States and with banks in foreign
countries
Cash items in process of collection
8
2
3
4
9
Total securities, loans, and lease financing receivables
10
11
12
13
14
Total securities, book value
U.S. Treasury
Obligations of other U.S. government agencies and corporations
Obligations of states and political subdivisions in United States
All other securities
15
Federal funds sold and securities purchased under agreements to resell
16 Total loans, gross
17 LESS: Unearned income on loans
Allowance for possible loan
18
19 EQUALS: L o a n s , n e t
loss
Nonmember
insured
Insured
National
State
1,772,860
1,328,179
1,017,002
311,177
444,681
191,947
19,193
21,233
178
31,589
151,778
14,157
19,990
178
17,189
113,394
11,286
16,086
143
14,043
38,384
2,871
3,904
35
3,146
40,169
5,037
1,243
*
54,905
64,849
39,174
61,090
29,517
42,319
9,657
18,771
15,731
3,759
1,425,037
1,043,514
803,029
240,486
381,523
349,439
106,037
74,139
149,422
19,841
229,323
66,761
42,679
103,023
16,859
177,783
50,681
35,379
80,182
11,540
51,539
16,080
7,300
22,840
5,319
120,116
39,276
31,460
46,399
2,982
14,399
90,130
68,648
51,829
16,820
21,482
1,003,806
19,248
12,350
972,208
755,960
12,523
9,865
733,572
581,710
9,710
7,509
564,492
174,250
2,813
2,356
169,080
247,845
6,725
2,485
238,636
70
21
2?
23
74
25
26
Total loans, gross, by category
Real estate loans
Construction and land development
Secured by farmland
Secured by residential properties
1- to 4-family
Multifamily
Secured by nonfarm nonresidential properties
295,313
50,811
8,525
165,191
157,874
7,317
70,786
206,913
40,326
3,787
115,549
110,246
5,303
47,251
169,964
31,540
3,181
96,236
91,915
4,321
39,007
36,949
8,785
606
19,312
18,331
982
8,245
88,400
10,485
4,738
49,642
47,629
2,014
23,535
27
28
29
30
Loans to financial institutions
Loans for purchasing or carrying securities
Loans to finance agricultural production and other loans to farmers
Commercial and industrial loans
68,243
12,450
37,003
372,132
61,037
11,499
19,829
299,559
38,800
6,669
17,165
224,374
22,237
4,829
2,664
75,184
7,206
951
17,174
72,574
31
3?
33
34
35
36
37
38
Loans to individuals for household, family, and other personal expenditures
Installment loans
Passenger automobiles
Credit cards and related plans
Mobile homes
All other installment loans for household, family, and other personal expenditures
Single-payment loans
All other loans
188,152
149,881
58,582
34,030
9,955
47,315
38,271
30,512
130,682
105,437
37,562
30,286
6,815
30,774
25,245
26,442
107,277
87,161
30,926
24,936
6,135
25,164
20,116
17,461
23,405
18,276
6,636
5,350
680
5,610
5,129
8,982
57,470
44,444
21,020
3,744
3,140
16,541
13,026
4,070
39
40
41
42
Lease financing receivables
Bank premises, furniture and fixtures, and other assets representing bank premises
Real estate owned other than bank premises
13,260
31,345
3,732
120,799
11,971
22,198
2,543
108,145
8,925
18,015
2,076
80,489
3,046
4,183
467
27,657
1,289
9,147
1,189
12,653
Commercial
4.22
Banks
A75
Continued
Member banks
Nonmember
insured
Insured
Item
Total
8
National
State
1,772,860
1,328,179
1,017,002
311,177
444,681
44 Total liabilities excluding subordinated debt
1,640,054
1,232,133
943,298
288,835
407,921
45 Total deposits
46
Individuals, partnerships, and corporations
47
U.S. government
48
States and political subdivisions in United States
49
All other
Certified and officers' checks, travelers checks, and letters of credit sold for cash
50
1,321,647
1,147,598
3,247
84,925
71,146
14,731
942,980
808,307
2,497
53,663
67,164
11,350
740,229
643,002
2,026
44,143
43,710
7,346
202,751
165,304
471
9,519
23,453
4,004
378,667
339,291
750
31,262
3,983
3,380
51 Demand deposits
52
Individuals, partnerships, and corporations
53
U.S. government
54
States and political subdivisions in United States
55
All other
56
Certified and officers' checks, travelers checks, and letters of credit sold for cash
338,016
271,616
2,261
14,650
34,758
14,731
257,583
201,186
1,700
10,164
33,184
11,350
194,137
154,481
1,346
8,231
22,732
7,346
63,446
46,705
353
1,933
10,451
4,004
80,433
70,431
562
4,485
1,574
3,380
57 Time deposits
58
Other individuals, partnerships, and corporations
59
U.S. government
60
States and political subdivisions in United States
61
All other
752,504
648,463
918
66,794
36,329
530,325
454,151
742
41,488
33,944
419,901
364,029
625
34,301
20,945
110,425
90,122
116
7,187
12,999
222,179
194,312
176
25.306
2,385
62 Savings deposits
63
Corporations and other profit organizations
64
Other individuals, partnerships, and corporations
65
U.S. government
66
States and political subdivisions in United States
67
All other
231,127
8.109
219.410
68
3,481
59
155,072
5,042
147,928
56
2,011
35
126,191
4,074
120,418
55
1,611
33
28,881
967
27,510
1
399
3
76,055
3,067
71,481
13
1,471
24
68 Federal funds purchased and securities sold under agreements to repurchase
69 Interest-bearing demand notes (note balances) issued to U.S. Treasury and other liabilities for
borrowed money
70 Mortgage indebtedness and liability for capitalized leases
71 All other liabilities
169,707
153,358
109,761
43,597
16,349
38,687
2,643
107,369
35,509
2,028
98,258
22,408
1,702
69,198
13,101
326
29,060
3,178
615
9,112
43 Total liabilities and equity capital
72 Subordinated notes and debentures
73 Total equity capital 8
6,414
4,986
3,304
1,682
1,427
126,392
91,059
70,400
20,659
35,333
350,337
309,041
41,297
72,657
277,733
240,822
36,911
48,187
210,568
185,784
24,784
40,025
67,165
55,038
12,126
8,163
72,604
68,218
4,386
24,469
237,665
23,594
15,678
244,123
149,266
15,789
10,403
169,357
124,545
12,997
8,647
132,030
24,722
2,793
1,756
37.327
88,398
7,804
5,275
74,765
75,613
71,662
45,975
25,687
3,951
1,313,033
934,989
734,075
200,914
378,045
14,445
5,584
4,555
1,029
8,861
M E M O ITEMS
74 Time deposits of $100,000 or more
75
Certificates of deposit (CDs) in denominations of $100,000 or more
76
Other
77 Savings deposits authorized for automatic transfer and NOW accounts
78 Money market time deposits (A) in minimum denomination of $10,000 but less than $100,000
with original maturities of 26 weeks, and (B) in minimum denomination of $7,500 but
less than $100,000 with original maturities of 91 days
79 All savers certificates
80 Total Individual Retirement Accounts (IRA) and Keogh plan accounts
81 Demand deposits adjusted 6
82 Total standby letters of credit
Average for 30 calendar
83 Total deposits
days (or c alendar month) ending with report
date
84 Number of banks
1. Effective Dec. 31, 1978, the report of condition was substantially revised for
commercial banks. Commercial banks with assets less than $100 million and with
domestic offices only were given the option to complete either the abbreviated or
the standard set of reports. Banks with foreign offices began reporting in greater
detail on a consolidated domestic and foreign basis. These tables reflect the
varying levels of reporting detail.
Beginning Dec. 3, 1981, depository institutions may establish international
banking facilities (IBFs). Activity of IBFs established by U.S. commercial banks
is reflected in the appropriate asset and liability line items in the domestic office
portion of the tables. Activity of I B F s established by Edge Act and Agreement
subsidiaries of U.S. commercial banks is reflected in the appropriate asset and
liability line items in the foreign office portion of the tables. When there is a
column for fully consolidated foreign and domestic data, activity of IBFs is
reflected in the appropriate asset and liability line items in that portion of the
tables.
2. All transactions between domestic and foreign offices of a bank are reported
in " N e t due f r o m " and " N e t due t o " (lines 79 and 103). All other lines represent
transactions with parties other than the domestic and foreign offices of each bank.
Since these intraoffice transactions are erased by consolidation, total assets and
liabilities are the sum of all except intraoffice balances.
3. Foreign offices include branches in foreign countries and in U.S. territories
and possessions, subsidiaries in foreign countries, and all offices of Edge Act and
agreement corporations wherever located.
4. This item is unavailable for all or some of the banks because of the lesser
detail available from banks without foreign offices, the inapplicability of certain
items to banks that have only domestic offices, and the absence of detail on a fully
consolidated basis for banks with foreign offices.
5. Equity capital is not allocated between the domestic and foreign offices of
banks with foreign offices.
6. Demand deposits adjusted equal demand deposits other than domestic
commercial interbank and U.S. government less cash items in process of
collection.
7. Domestic offices exclude branches in foreign countries and in U.S. territories and possessions, subsidiaries in foreign countries, and all offices of Edge
Act and agreement corporations wherever located.
8. This item contains the capital accounts of U.S. banks that have no Edge or
foreign operations and reflects the difference between domestic office assets and
liabilities of U.S. banks with Edge or foreign operations excluding the capital
accounts of their Edge or foreign subsidiaries.
A70
4.30
Special Tables • January 1983
ASSETS A N D LIABILITIES of U.S. Branches and Agencies of Foreign Banks, September 30, 1982'
Millions of dollars
All states 2
New York
Branches 4
Total
1 Total assets 5
Branches 4
Agencies
Other states 2
California,
total 3
Item
Agencies
Illinois,
branches
Branches
Agencies
204,102
150,547
53,556
132,508
7,283
42,385
9,625
7,600
4,701
2 Cash and due f r o m depository institutions
Currency and coin (U.S. and foreign)
3
4
Balances with Federal Reserve Banks
5
Balances with other central banks
6
Demand balances with commercial banks in United
States
7
All other balances with depository institutions in
United States and with banks in foreign
countries
8
Time and savings balances with commercial
banks in United States
Balances with other depository institutions in
9
United States
Balances with banks in foreign countries
10
Foreign branches of U.S. banks
11
Other banks in foreign countries
12
Cash items in process of collection
13
29,800
22
1,116
3
27,600
19
1.003
0
2.201
2
113
3
25,575
16
857
0
425
1
68
0
1,505
1
40
3
1,773
2
31
0
203
1
108
0
320
1
13
0
1,070
929
141
869
48
70
24
33
26
27,501
25,566
1.935
23,758
307
1,387
1,713
58
279
13,136
11.897
1,240
10,793
262
801
1,027
56
197
139
14,226
1,630
12,596
88
138
13,532
1.620
11.912
82
1
694
10
684
6
138
12,827
1,554
11,273
75
0
45
3
42
1
1
584
13
571
4
0
686
58
627
4
0
2
0
2
3
0
82
1
81
1
14 Total securities, loans, and lease financing receivables .
130,215
98,608
31,607
86,379
4,947
23,485
7,270
4,261
3,874
15 Total securities, book value
16
U.S. Treasury
Obligations of other U.S. government agencies and
17
corporations
Obligations of states and political subdivisions in
18
United States
Other bonds, notes, debentures and corporate stock . .
19
4,907
2,656
4,506
2,546
401
110
4,294
2.479
155
71
251
42
176
43
28
21
2
0
502
482
20
473
4
20
0
5
1
71
1,678
67
1,411
4
267
50
1,292
1
80
1
188
16
118
1
0
2
0
5,060
3.881
1,179
3,661
642
468
127
86
77
4,372
687
3,272
608
1,100
79
3,085
576
604
38
468
0
94
33
86
0
36
41
4,943
194
4,749
3,765
191
3,573
1,179
3
1,176
3,547
116
3,431
641
2
639
468
125
0
125
86
75
11
77
0
77
20 Federal funds sold and securities purchased under
agreements to resell
21
22
23
24
75
26
By holder
Commercial banks in United States
Others
By type
One-day maturity or continuing contract
Securities purchased under agreements to resell .
Other
Other securities purchased under agreements to
resell
0
468
117
116
1
114
1
0
2
0
0
125,511
204
125,308
94,240
139
94,101
31.271
65
31,206
82,209
125
82,084
4,803
12
4.792
23,283
49
23,234
7,105
11
7,094
4,235
2
4,233
3,877
5
3,872
4,907
48,027
27,834
25,949
1,885
18,878
988
17,890
1,315
2,151
38,457
21,547
20,188
1,359
15,826
846
14,980
1,084
2,756
9,571
6,288
5.761
527
3,052
142
2,910
231
1,412
35,388
19,523
18,291
1,232
15,039
791
14,248
826
12
1,094
336
243
94
631
66
565
128
1,919
8,194
5,965
5,531
434
2,144
81
2,063
85
59
2,822
1,799
1,720
79
766
45
721
257
568
193
184
158
26
8
8
1
936
335
26
6
20
290
5
285
18
39 Loans for purchasing or carrying securities
40 Commercial and industrial loans
41
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
42
4 3 Loans to individuals for household, family, and other
personal expenditures
4 4 All other loans
45
Loans to foreign governments and official
institutions
Other
46
829
57,255
33,803
23,452
721
40,682
23,218
17,465
108
16,573
10,585
5,987
649
33,094
17,160
15,934
108
2,977
957
2,020
72
11,681
8,265
3,416
0
3,810
3,254
557
1
3,342
2,422
920
0
2,351
1,745
606
208
14,284
141
12,088
67
2,197
108
11,559
13
599
50
1,366
8
405
20
110
9
246
12,022
2,262
9,937
2,151
2.086
111
9.478
2,080
543
55
1,331
35
375
30
72
38
223
23
47 Lease financing receivables
48 All other assets
49
Customers' liability on acceptances outstanding . . . .
50
U.S. addressees (domicile)
51
N o n - U . S . addressees (domicile)
Net due from related banking institutions 6
52
Other
53
1
39,027
11,361
5,412
5,949
20,923
6,743
1
0
1
0
0
20,458
8,136
3,159
4,977
6,847
5,475
18,568
3,225
2,253
972
14,076
1,268
16,893
7.762
2,981
4,781
4.097
5,033
1,270
601
58
542
431
238
16,928
2,568
2,178
390
13,406
955
0
455
162
131
31
0
3,051
187
32
155
2,749
114
0
430
81
31
50
239
110
?7 Total loans, gross
78
LESS: Unearned income on loans
29 EQUALS: Loans, net
Total loans, gross, by category
30 Real estate loans
31 Loans to financial institutions
3?
Commercial banks in United States
33
U.S. branches and agencies of other foreign banks .
Other commercial banks
34
35
Banks in foreign countries
36
Foreign branches of U.S. banks
37
Other
Other financial institutions
38
0
293
0
U.S. Branches and Agencies
4.30
All
Continued
All states 2
New York
Branches 4
Total
54 Total liabilities
5
55 Total deposits and credit balances
56
Individuals, partnerships, and corporations
U.S. addressees (domicile)
57
58
Non-U.S. addressees (domicile)
59
U.S. government, states, and political subdivisions
in United States
60
All other
Foreign governments and official institutions . . . .
61
62
Commercial banks in United States
U.S. branches and agencies of other foreign
63
banks
64
Other commercial banks in United States
65
Banks in foreign countries
66
Foreign branches of U.S. banks
67
Other banks in foreign countries
68
Certified and officers' checks, traveler's checks,
and letters of credit sold for cash
Branches 4
Agencies
Other states 2
California,
total 3
Item
Agencies
Illinois,
branches
Branches
Agencies
204,102
150,547
53,556
132,508
7,283
42,385
9,625
7,600
4,701
86,026
34,818
26,088
8,730
77,653
32,782
26,016
6,766
8,373
2,036
71
1,964
70,235
26,750
20,402
6,347
2,064
476
40
436
5,450
881
86
795
2,389
1,163
938
225
4.867
4,732
4,611
121
1,023
816
11
805
100
51,109
5,652
16,731
100
44,771
4,889
14,388
0
6,338
763
2,343
37
43,448
4,833
13,743
0
1,587
496
409
1
4,567
264
1,866
1
1,225
33
601
61
74
23
32
0
207
3
80
11,662
5,069
28,053
3,906
24,147
10,052
4,336
24,918
3,393
21,525
1,610
733
3,135
513
2,621
9,600
4,143
24,324
3,281
21,044
211
198
620
186
434
1,367
499
2,412
309
2,102
433
167
576
112
464
19
13
8
0
8
32
48
113
18
95
673
575
97
547
62
26
15
12
11
69 Demand deposits
Individuals, partnerships, and corporations
70
71
U.S. addressees (domicile)
72
Non-U.S. addressees (domicile)
73
U.S. government, states, and political subdivisions
in the United States
74
All other
75
Foreign governments and official institutions . . . .
76
Commercial banks in United States
77
U.S. branches and agencies of other foreign
banks
78
Other commercial banks in United States
79
Banks in foreign countries
80
Certified and officers' checks, traveler's checks,
and letters of credit sold for cash
3,373
1,625
1,013
612
3,181
1,554
1,013
541
192
71
0
71
2,935
1,373
846
526
62
0
0
0
70
30
6
24
100
79
76
3
137
95
84
11
69
48
0
48
13
1,734
302
115
13
1,614
293
115
0
121
9
0
7
1,556
269
114
0
62
0
0
0
39
8
0
0
20
1
0
6
36
23
1
0
21
1
0
43
72
644
43
72
630
0
0
14
43
71
626
0
0
0
0
0
5
0
0
3
0
1
1
0
0
9
673
575
97
547
62
26
15
12
11
81 Time deposits
82
Individuals, partnerships, and corporations
83
U.S. addressees (domicile)
84
Non-U.S. addressees (domicile)
85
U.S. government, states, and political subdivisions
in the United States
86
All other
Foreign governments and official institutions . . . .
87
88
Commercial banks in United States
89
U.S. branches and agencies of other foreign
banks
Other commercial banks in United States
90
91
Banks in foreign countries
81,984
32,730
24,775
7,955
74,070
30,929
24,775
6,154
7,914
1,801
1
1,801
66,963
25,143
19,386
5,757
1,804
379
0
379
5,329
803
56
746
2,258
1,053
833
220
4,700
4,608
4,500
108
929
744
0
744
87
49,167
5,330
16,560
87
43,054
4,592
14,265
0
6,113
739
2,295
30
41,790
4,560
13,621
0
1,424
483
363
1
4,526
254
1,865
0
1,204
32
600
55
38
0
31
0
185
2
80
11,619
4,942
27,277
10,009
4,256
24,198
1,609
686
3,079
9,557
4,064
23,608
211
153
578
1,367
498
2,407
433
167
573
19
12
7
32
48
104
92 Savings deposits
93
Individuals, partnerships, and corporations
94
U.S. addressees (domicile)
95
Non-U.S. addressees (domicile)
96
U.S. government, states, and political subdivisions
in the United States
97
All other
287
287
201
86
256
256
201
55
31
31
0
31
193
193
145
48
0
0
0
0
25
25
3
22
31
31
29
2
26
26
24
2
12
12
0
12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
98 Credit balances
Individuals, partnerships, and corporations
99
1(H)
U.S. addressees (domicile)
101
Non-U.S. addressees (domicile)
102
U.S. government, states, and political subdivisions
in United States
103
All other
104
Foreign governments and official institutions . . . .
Commercial banks in United States
105
U.S. branches and agencies of other foreign
106
banks
107
Other commercial banks in United States
108
Banks in foreign countries
383
176
99
77
146
43
28
16
237
132
71
61
144
41
25
16
198
97
40
57
25
23
20
3
0
0
0
0
3
3
3
0
14
13
11
2
0
207
20
55
0
103
5
8
0
104
15
47
0
103
5
8
0
101
14
46
0
2
1
1
0
0
0
0
0
0
0
0
0
1
0
1
0
55
132
0
8
90
0
47
42
0
8
90
0
46
42
0
1
0
0
0
0
0
0
0
0
1
0
For notes see end of table.
A70
4.30
Special Tables • January 1983
Continued
All states 2
New York
Branches 4
Total
109
110
111
112
113
114
115
Federal funds purchased and securities sold under
agreement to repurchase
By holder
Commercial banks in United States
Others
By type
One-day maturity or continuing contract
Securities sold under agreements to repurchase . .
Other
Other securities sold under agreements to
repurchase
Branches 4
Agencies
Other states 2
California,
total 3
Item
Agencies
Illinois,
branches
Branches
Agencies
21,076
13,365
7,711
11,839
1,689
5,210
1,145
356
836
19,122
1,954
12,406
959
6,716
996
10,950
889
1,305
384
5,131
79
1,076
69
357
0
303
533
20,278
1,691
18,587
12,757
1,500
11,258
7,520
191
7,329
11,250
1,289
9,961
1,594
42
1,552
5,114
146
4,967
1,126
97
1,029
358
113
244
836
3
833
798
608
191
588
95
96
19
0
0
116
117
118
119
120
121
122
Other liabilities for borrowed money
Owed to banks
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Owed to others
U.S. addressees (domicile)
Nono-U.S. addressees (domicile)
50,662
48,318
46,548
1,770
2,345
1,878
466
22,388
20,533
19,137
1,397
1,854
1,462
392
28,275
27,785
27,412
373
490
416
74
20,439
18,597
17,380
1,217
1,842
1,451
390
1,512
1,500
1,313
186
12
2
10
26,332
25,858
25,789
69
473
415
59
979
977
938
41
2
0
2
898
887
775
112
11
11
0
503
498
354
143
5
0
5
123
124
125
126
All other liabilities
Acceptances executed and outstanding
Net due to related banking institutions 6
Other
46,337
12,661
29,334
4,342
37,141
9,299
24,305
3,536
9,196
3,362
5,029
805
29,995
8,924
17,979
3,093
2,019
642
1,229
148
5,394
2,662
2,135
597
5,112
164
4,770
178
1,477
187
1,042
249
2,339
82
2,180
77
127
128
Time deposits of $100,000 or more
Certificates of deposit (CDs) in denominations of
$100,000 or more
Other
Savings deposits authorized for automatic transfer and
NOW accounts
Money market time certificates of $10,000 and less
than $100,000 with original maturities of 26 weeks
Time certificates of deposit in denominations of
$100,000 or more with remaining maturity of
more than 12 months
63,680
59,311
4,369
52,510
21
3,651
2,002
4,660
837
32,336
31,345
31,015
28,296
1,320
3,049
25,297
27,213
12
9
814
2,837
1,038
965
4,590
71
585
251
33
19
14
5
0
6
6
7
9
39
32
7
0
0
8
0
31
0
2,510
2,458
52
2,177
10
7
52
226
39
Acceptances refinanced with a U.S.-chartered bank . .
Statutory or regulatory asset pledge requirement
Statutory or regulatory asset maintenance requirement
Commercial letters of credit
Standby letters of credit, total
U.S. addressees (domicile)
Non-U.S. addresses (domicile)
Standby letters of credit conveyed to others through
participation (included in total standby letters of
credit)
3,880
84,190
10,526
7,773
13,898
11,606
2,292
3,002
82,013
10,282
5,368
11,661
9,779
1,882
878
2,177
244
2,405
2,238
1,827
411
2,698
75,411
6,975
4,939
10,554
9,004
1,550
40
2,124
34
359
557
409
148
835
64
5
1,985
1,270
1,028
242
19
6,549
297
253
449
322
126
286
37
3,008
168
420
264
156
2
5
208
68
648
578
70
2,958
2,778
180
2,754
91
76
18
5
12
MEMO
129
130
131
132
133
134
135
136
137
138
139
140
Holdings of commercial paper included in total gross
loans
142 Holdings of acceptances included in total commercial
and industrial loans
143 Immediately available funds with a maturity greater
than one day (included in other liabilities for borrowed money)
141
6
854
757
98
724
30
68
33
0
0
5,187
3,811
1,377
3,680
81
1,263
66
64
33
36,691
13,591
23.100
12,050
1,310
21,562
923
567
278
55,862
9,228
8,111
380
7,731
1,117
46,634
44,185
2,449
26,274
13,376
13,131
480
12.650
245
12,898
12,579
319
49,429
5,324
4.221
340
3,881
1,103
44,104
41,734
2,370
5,223
1,336
1,272
14
1,258
64
3,887
3,710
176
20.360
11,903
11,723
456
11,267
181
8,457
8,354
103
2,393
161
148
0
148
14
2,231
2,186
45
3,975
3,706
3,705
40
3,665
0
269
236
33
756
173
172
10
162
1
583
544
39
73,320
15,349
13,078
126
12,952
2,271
57,971
56,912
1,059
17,227
5,597
5,502
447
5,055
96
11,630
11,553
77
63,310
9,922
7.696
88
7,609
2,226
53,388
52,366
1,021
6,020
1,248
1,248
46
1,202
0
4,772
4,752
20
9,090
3,253
3,165
393
2,772
88
5,837
5,799
38
7,162
3,424
3,413
0
3,413
11
3,739
3,733
5
2,267
1,694
1,692
39
1,654
2
573
547
26
2,697
1,405
1,365
8
1,357
39
1,293
1,267
26
144
145
146
147
148
149
150
151
152
Gross due from related banking institutions
U.S. addressees (domicile)
Branches and agencies in the United States
In the same state as reporter
In other states
U.S. banking subsidiaries 7
Non-U.S. addressees (domicile)
Head office and non-U.S. branches and agencies.
Non-U.S. banking companies and offices
82,135
22,604
21,241
860
20,381
1,362
59,532
56,764
2,767
153
154
155
156
157
158
159
160
161
Gross due to related banking institutions 6
U.S. addressees (domicile)
Branches and agencies in the United States
In the same state as reporter
In other states
U.S. banking subsidiaries 7
N o n - U . S . addressees (domicile)
Head office and non-U.S. branches and agencies.
N o n - U . S . banking companies and offices
90,547
20,946
18,580
573
18,007
2,366
69,601
68,465
1,136
U.S. Branches and Agencies
4.30
A79
Continued
All states 2
New York
Item
Branches 4
Total
Average for 30 calendar days (or calendar
month)
ending with report date
162 Total assets
163 Cash and due f r o m depository institutions
164 Federal funds sold and securities purchased under
agreements to resell
165 Total loans
166 Loans to banks in foreign countries
167 Total deposits and credit balances
168 Time CDs in denominations of $100,000 or more
169 Federal funds purchased and securities sold under
agreements to repurchase
170 Other liabilities for borrowed money
171 N u m b e r of reports filed8
Branches 4
Agencies
Other states 2
Illinois,
branches
Branches
Agencies
428,594
28,020
375,850
25,934
52,744
2,086
357,902
23,940
6,887
366
42,053
1,417
9,527
1,748
7,619
197
4,607
351
6,110
116,628
18,209
81,565
31,530
4,803
86,649
15,288
74,155
30,241
1,307
29,979
2,921
7,411
1,289
4,576
74,940
14,518
67,064
24,784
798
4,718
615
1,764
12
434
22,267
2,036
4,865
829
134
6,822
752
2,277
962
84
4,220
5
4,656
4,408
85
3,660
282
939
535
18,885
50,584
12,030
22,283
6,855
28,301
10,662
20,367
1,313
1,266
4,465
26,584
1,040
1,012
304
823
1,100
532
396
213
183
133
44
106
39
31
43
1. Data are aggregates of categories reported on the quarterly form FF1EC 002,
" R e p o r t of Assets and Liabilities of U.S. Branches and Agencies of Foreign
B a n k s . " This form was first used for reporting data as of June 30, 1980. From
November 1972 through May 1980, U.S. branches and agencies of foreign banks
had filed a monthly F R 886a report. Aggregate data from that report were
available through the Federal Reserve statistical release G . l l , last issued on July
10, 1980. Data in this table and in the G . l l tables are not strictly comparable
because of differences in reporting panels and in definitions of balance sheet
items.
2. Includes the District of Columbia.
3. Agencies account for virtually all of the assets and liabilities reported in
California.
4. Includes all offices that have the power to accept deposits from U.S.
residents, including any such offices that are considered agencies under state law.
5. Total assets and total liabilities include net balances, if any, due f r o m or due
to related banking institutions in the United States and in foreign countries (see
Agencies
California,
total 3
footnote 6). On the former monthly branch and agency report, available through
the G . l 1 statistical release, gross balances were included in total assets and total
liabilities. Therefore, total asset and total liability figures in this table are not
comparable to those in the G . l 1 tables.
6. "Related banking institutions" includes the foreign head office and other
U.S. and foreign branches and agencies of the bank, the b a n k ' s parent holding
company, and majority-owned banking subsidiaries of the bank and of its parent
holding company (including subsidiaries owned both directly and indirectly).
Gross amounts due from and due to related banking institutions are shown as
memo items.
7. " U . S . banking subsidiaries" refers to U.S. banking subsidiaries majorityowned by the foreign bank and by related foreign banks and includes U.S. offices
of U.S.-chartered commercial banks, of Edge Act and Agreement corporations,
and of New York State (Article XII) investment companies.
8. In some cases two or more offices of a foreign bank within the same
metropolitan area file a consolidated report.
A80
Federal Reserve Board of Governors
P A U L A . VOLCKER, Chairman
H E N R Y C . WALLICH
PRESTON MARTIN, Vice Chairman
J. CHARLES PARTEE
OFFICE OF BOARD
MEMBERS
JOSEPH R. COYNE, Assistant
to the Board
DONALD J. WINN, Assistant
to the
Board
FRANK O'BRIEN, JR., Deputy Assistant
to the Board
ANTHONY F. COLE, Special Assistant
to the Board
WILLIAM R. JONES, Special Assistant
to the Board
WILLIAM R. MALONI, Special Assistant
to the Board
NAOMI P. SALUS, Special Assistant
to the Board
OFFICE OF STAFF DIRECTOR
FOR
MONETARY
POLICY
STEPHEN H . AXILROD, Staff
Director
EDWARD C. ETTIN, Deputy Staff
Director
MURRAY ALTMANN, Assistant
to the
Board
STANLEY J. SIGEL, Assistant
to the
Board
NORMAND R . V . BERNARD, Special Assistant
DIVISION
LEGAL
AND FINANCIAL
OF RESEARCH
AND
to the
Board
STATISTICS
DIVISION
JAMES L . K I C H L I N E ,
MICHAEL BRADFIELD, General
Counsel
ROBERT E . MANNION, Deputy General
Counsel
J. VIRGIL MATTINGLY, JR., Associate
General
Counsel
GILBERT T. SCHWARTZ, Associate
General
Counsel
RICHARD M. ASHTON, Assistant
General
Counsel
NANCY P. JACKLIN, Assistant
General
Counsel
MARYELLEN A . BROWN, Assistant
to the General
Counsel
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
HELMUT F. WENDEL, Deputy
MARTHA BETHEA, Assistant
JOE M. CLEAVER, Assistant
OFFICE OF THE
SECRETARY
WILLIAM W . WILES,
Secretary
BARBARA R . LOWREY, Associate
Secretary
JAMES MCAFEE, Associate
Secretary
DIVISION OF
CONSUMER
AND COMMUNITY
AFFAIRS
DIVISION
Director
JERAULD C. KLUCKMAN, Associate
Director
GLENN E . LONEY, Assistant
Director
DOLORES S. SMITH, Assistant
Director
DIVISION OF
BANKING
SUPERVISION
AND
REGULATION
JOHN E . R Y A N ,
Director
FREDERICK R. DAHL, Associate
DON E. KLINE, Associate
Director
Director
WILLIAM TAYLOR, Associate
Director
JACK M . EGERTSON, Assistant
Director
ROBERT A . JACOBSEN, Assistant
Director
ROBERT S. PLOTKIN, Assistant
Director
THOMAS A . SIDMAN, Assistant
Director
SIDNEY M . SUSSAN, Assistant
Director
SAMUEL H . TALLEY, Assistant
Director
LAURA M. HOMER, Securities
Credit
Officer
Director
Director
ROBERT M . FISHER, Assistant
Director
DAVID E . LINDSEY, Assistant
Director
LAWRENCE SLIFMAN, Assistant
Director
FREDERICK M . STRUBLE, Assistant
Director
STEPHEN P. TAYLOR, Assistant
Director
PETER A . TINSLEY, Assistant
Director
LEVON H. GARABEDIAN, Assistant Director
(Administration)
OF INTERNATIONAL
EDWIN M. TRUMAN,
GRIFFITH L . GARWOOD,
Associate
Director
FINANCE
Director
ROBERT F. GEMMILL, Associate
CHARLES J. SIEGMAN, Associate
Director
Director
LARRY J. PROMISEL, Senior Deputy Associate
DALE W. HENDERSON, Deputy Associate
SAMUEL PIZER, Staff
Adviser
MICHAEL P. DOOLEY, Assistant
Director
RALPH W . SMITH, JR., Assistant
Director
Director
Director
A81
and Official Staff
N A N C Y H . TEETERS
L Y L E E . GRAMLEY
E M M E T T J. RICE
OFFICE
OF
STAFF DIRECTOR
FOR
MANAGEMENT
JOHN M. DENKLER, Staff Director
EDWARD T. MULRENIN, Assistant Staff Director
JOSEPH W. DANIELS, SR., Director of Equal Employment
Opportunity
DIVISION
OF DATA
PROCESSING
CHARLES L . H A M P T O N ,
Director
BRUCE M. BEARDSLEY, Deputy Director
GLENN L. CUMMINS, Assistant
Director
NEAL H. HILLERMAN, Assistant
Director
ELIZABETH A. JOHNSON, Assistant
Director
WILLIAM C. SCHNEIDER, JR., Assistant
Director
ROBERT J. ZEMEL, Assistant
Director
DIVISION
OF
PERSONNEL
DAVID L. SHANNON,
Director
JOHN R. WEIS, Assistant
Director
CHARLES W. WOOD, Assistant
Director
OFFICE OF THE
CONTROLLER
GEORGE E . LIVINGSTON,
Controller
DIVISION
SERVICES
OF SUPPORT
DONALD E. ANDERSON,
Director
ROBERT E. FRAZIER, Associate
Director
WALTER W. KREIMANN, Associate
Director
OFFICE OF STAFF DIRECTOR
FOR
FEDERAL RESERVE BANK
ACTIVITIES
THEODORE E. ALLISON, Staff
DIVISION OF FEDERAL
BANK
OPERATIONS
CLYDE H . FARNSWORTH, JR.,
Director
RESERVE
Director
LORIN S. MEEDER, Associate
Director
DAVID L. ROBINSON, Associate
Director
C. WILLIAM SCHLEICHER, JR., Associate
Director
WALTER ALTHAUSEN, Assistant
Director
CHARLES W. BENNETT, Assistant
Director
ANNE M. DEBEER, Assistant
Director
JACK DENNIS, JR., Assistant
Director
RICHARD B. GREEN, Assistant
Director
EARL G. HAMILTON, Assistant
Director
ELLIOTT C. MCENTEE, Assistant
Director
A82
Federal Reserve Bulletin • January 1983
FOMC and Advisory Councils
FEDERAL
OPEN
MARKET
COMMITTEE
P A U L A . VOLCKER, Chairman
A N T H O N Y M . S O L O M O N , Vice
JOHN J. B A L L E S
LYLE E . GRAMLEY
J. CHARLES PARTEE
ROBERT P . BLACK
KAREN N . HORN
E M M E T T J. RICE
WILLIAM F . FORD
PRESTON M A R T I N
N A N C Y H . TEETERS
HENRY C . WALLICH
STEPHEN H . AXILROD, Staff
MURRAY ALTMANN,
Director
Secretary
NORMAND R. V . BERNARD, Assistant
Secretary
NANCY M. STEELE, Deputy Assistant
Secretary
MICHAEL BRADFIELD, General
Counsel
JAMES H . OLTMAN, Deputy General
Counsel
ROBERT E. MANNION, Assistant
General
Counsel
JAMES L . K I C H L I N E ,
Economist
JOHN M. DAVIS, Associate
Economist
RICHARD G. DAVIS, Associate
EDWARD C. ETTIN, Associate
MICHAEL W. KERAN, Associate
DONALD L. KOCH, Associate
JAMES PARTHEMOS, Associate
MICHAEL J. PRELL, Associate
CHARLES J. SIEGMAN, Associate
EDWIN M. TRUMAN, Associate
JOSEPH S. ZEISEL, Associate
Economist
Economist
Economist
Economist
Economist
Economist
Economist
Economist
Economist
PETER D. STERNLIGHT, Manager for Domestic Operations, System Open Market Account
SAM Y. CROSS, Manager for Foreign Operations, System Open Market Account
FEDERAL
ADVISORY
COUNCIL
ROGER E. ANDERSON, S e v e n t h District
RONALD TERRY, Eighth District
E . PETER GILLETTE, JR., N i n t h District
N . BERNE HART, T e n t h District
WILLIAM S. EDGERLY, First District
LEWIS T. PRESTON, S e c o n d District
JOHN H . WALTHER, Third District
JOHN G. MCCOY, Fourth District
VINCENT C. BURKE, JR., Fifth District
PHILIP F. SEARLE, Sixth District
T. C. FROST, JR., Eleventh District
JOSEPH J. PINOLA, T w e l f t h District
HERBERT V . PROCHNOW,
WILLIAM J. KORSVIK, Associate
CONSUMER
ADVISORY
Secretary
Secretary
COUNCIL
SUSAN PIERSON DE WITT, Springfield, Illinois,
WILLIAM J. O'CONNOR, Buffalo, New York, Vice
Chairman
Chairman
JOSEPH N. CUGINI, Westerly, Rhode Island
KENNETH V . LARKIN, San F r a n c i s c o , California
TIMOTHY D . MARRINAN, M i n n e a p o l i s , M i n n e s o t a
STANLEY L. MULARZ, C h i c a g o , Illinois
WILLARD P. OGBURN, B o s t o n , M a s s a c h u s e t t s
ELVA QUIJANO, San A n t o n i o , T e x a s
JANET J. RATHE, Portland, O r e g o n
MEREDITH FERNSTROM, N e w Y o r k , N e w Y o r k
JANET M. SCACCIOTTI, Providence, Rhode Island
ARTHUR F. BOUTON, Little Rock, Arkansas
JAMES G. BOYLE, A u s t i n , T e x a s
GERALD R. CHRISTENSEN, Salt Lake City, Utah
THOMAS L . CLARK, N e w Y o r k , N e w York
JEAN A . CROCKETT, Philadelphia, P e n n s y l v a n i a
A L L E N J. F I S H B E I N , W a s h i n g t o n ,
D.C.
E. C. A. FORSBERG, SR., Atlanta, Georgia
LUTHER R. GATLING, N e w Y o r k , N e w Y o r k
RICHARD F. HALLIBURTON, Kansas City, Missouri
CHARLES C. HOLT, A u s t i n , T e x a s
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
GLENDA G . SLOANE, W a s h i n g t o n ,
D.C.
HENRY J. SOMMER, Philadelphia, P e n n s y l v a n i a
NANCY Z. SPILLMAN, L o s A n g e l e s , California
WINNIE F. TAYLOR, G a i n e s v i l l e , Florida
MICHAEL M. VAN BUSKIRK, C o l u m b u s , O h i o
CLINTON WARNE, C l e v e l a n d , O h i o
FREDERICK T. WEIMER, C h i c a g o , Illinois
Chairman
A83
Federal Reserve Banks, Branches, and Offices
FEDERAL RESERVE B A N K ,
branch, or facility
Zip
Chairman
Deputy Chairman
President
First Vice President
BOSTON*
02106
Robert P. Henderson
Thomas I. Atkins
Frank E. Morris
James A. Mcintosh
NEW YORK*
10045
Robert H. Knight, Esq.
Boris Yavitz
Frederick D. Berkeley III
Anthony M. Solomon
Thomas M. Timlen
Buffalo
14240
John T. Keane
PHILADELPHIA
19105
Jean A. Crockett
Robert M. Landis, Esq.
Edward G. Boehne
Richard L. Smoot
CLEVELAND*
44101
J.L. Jackson
William H. Knoell
Clifford R. Meyer
Milton G. Hulme, Jr.
Karen N. Horn
William H. Hendricks
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
N e w Orleans
30301
35202
32231
33152
37203
70161
CHICAGO*
60690
Detroit
48231
ST. LOUIS
63166
Little Rock
Louisville
Memphis
72203
40232
38101
MINNEAPOLIS
55480
Helena
KANSAS CITY
Denver
Oklahoma City
Omaha
DALLAS
El Paso
Houston
San Antonio
59601
64198
80217
73125
68102
75222
79999
77001
78295
SAN FRANCISCO
94120
Los Angeles
Portland
Salt Lake City
Seattle
90051
97208
84130
98124
Vice President
in charge of branch
Robert E. Showaiter
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
Eugene E. Cohen
Cecelia Adkins
Leslie B. Lampton
William F. Ford
Robert P. Forrestal
John Sagan
Stanton R. Cook
Russell G. Mawby
Silas Keehn
Daniel M. Doyle
Armand C. Stalnaker
W.L. Hadley Griffin
Richard V. Warner
James F. Thompson
Donald B. Weis
Lawrence K. Roos
Donald W. Moriarty, Jr.
William G. Phillips
John B. Davis, Jr.
Ernest B. Corrick
E. Gerald Corrigan
Thomas E. Gainor
Paul H. Henson
Doris M. Drury
James E. Nielson
Christine H. Anthony
Robert G. Lueder
Roger Guffey
Henry R. Czerwinski
Gerald D. Hines
John V. James
A.J. Losee
Jerome L. Howard
Lawrence L. Crum
Robert H. Boy kin
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
Patrick K. Barron
Jeffrey J. Wells
James D. Hawkins
William C. Conrad
John F. Breen
Donald L. Henry
Randall C. Sumner
Robert F. McNellis
Wayne W. Martin
William G. Evans
Robert D. Hamilton
Joel L. Koonce, Jr.
J.Z. Rowe
Thomas H. Robertson
Richard C. Dunn
Angelo S. Carella
A. Grant Holman
Gerald R. Kelly
•Additional offices of these Banks are located at Lewiston, Maine 04240; Windsor Locks, Connecticut 06096; Cranford, 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.
A84
Federal Reserve Board Publications
Copies are available from PUBLICATIONS SERVICES,
Room MP-510, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551. When a charge is indicated, remittance should accompany
request and be made
THE
FEDERAL
RESERVE
SYSTEM—PURPOSES
AND
payable to the order of the Board of Governors of the Federal
Reserve System. Remittance from foreign residents should
be drawn on a U.S. bank. Stamps and coupons are not
accepted.
e a c h . P A R T 2 , 1 9 7 1 . 1 5 3 p p . a n d P A R T 3 , 1 9 7 3 . 131 p p .
FUNC-
Each volume $1.00; 10 or more to one address, $.85
each.
TIONS. 1 9 7 4 . 1 2 5 p p .
A N N U A L REPORT.
FEDERAL RESERVE BULLETIN. M o n t h l y . $ 2 0 . 0 0 p e r y e a r o r
OPEN
M A R K E T POLICIES A N D
OPERATING
PROCEDURES—
$2.00 each in the United States, its possessions, Canada,
and Mexico; 10 or more of same issue to one address,
STAFF STUDIES. 1971. 218 pp. $2.00 each; 10 or more to
one address, $1.75 each.
$18.00 per year or $1.75 e a c h . E l s e w h e r e , $24.00 per
REAPPRAISAL OF THE F E D E R A L RESERVE D I S C O U N T M E C H A -
year or $2.50 each.
NISM. Vol.
B A N K I N G A N D M O N E T A R Y STATISTICS. 1 9 1 4 - 1 9 4 1 .
of Part I only) 1976. 682 pp. $5.00.
BANKING
AND
MONETARY
STATISTICS,
1941-1970.
1976.
THE
1,168 pp. $15.00.
1976.
1977.
1978.
1980.
1981.
1981.
1982.
339
377
361
305
587
241
239
pp.
pp.
pp.
pp.
pp.
pp.
pp.
2.
1 9 7 1 . 1 7 3 p p . Vol.
3.
ECONOMETRICS
OF PRICE D E T E R M I N A T I O N
CONFER-
ENCE, October 30-31, 1970, Washington, D.C. 1972. 397
pp. Cloth ed. $5.00 each; 10 or more to one address,
$4.50 each. Paper ed. $4.00 each; 10 or more to one
address, $3.60 each.
A N N U A L STATISTICAL D I G E S T
1971-75.
1972-76.
1973-77.
1974-78.
1970-79.
1980.
1981.
I . 1 9 7 1 . 2 7 6 p p . Vol.
1972. 220 pp. Each volume $3.00; 10 or more to one
address, $2.50 each.
(Reprint
$5.00 per copy.
$10.00 per copy.
$12.00 per copy.
$10.00 per copy.
$20.00 per copy.
$10.00 per copy.
$6.50 per copy.
FEDERAL
RESERVE
STAFF
STUDY;
WAYS
TO
MODERATE
F L U C T U A T I O N S IN H O U S I N G C O N S T R U C T I O N .
1972. 487
pp. $4.00 each; 10 or more to one address, $3.60 each.
LENDING
F U N C T I O N S OF THE F E D E R A L RESERVE
BANKS.
1973. 271 pp. $3.50 each; 10 or more to one address,
$3.00 each.
FEDERAL RESERVE CHART BOOK. I s s u e d four t i m e s a year in
February, May, August, and November. Subscription
includes one issue of Historical Chart Book. $7.00 per
year or $2.00 each in the United States, its possessions,
Canada, and Mexico. Elsewhere, $10.00 per year or
$3.00 each.
IMPROVING THE M O N E T A R Y AGGREGATES: REPORT OF THE
HISTORICAL CHART BOOK. I s s u e d annually in Sept. Subscrip-
Regulation Z) Vol. I (Regular Transactions). 1969. 100
pp. Vol. II (Irregular Transactions). 1969. 116 pp. Each
volume $1.00; 10 or more of same volume to one
address, $.85 each.
tion to Federal Reserve Chart Book includes one issue.
$1.25 each in the United States, its possessions, Canada,
and Mexico; 10 or more to one address, $1.00 each.
Elsewhere, $1.50 each.
S E L E C T E D INTEREST A N D E X C H A N G E R A T E S — W E E K L Y
THE FEDERAL RESERVE ACT, as a m e n d e d through D e c e m b e r
1976, with an appendix containing provisions of certain
other statutes affecting the Federal Reserve System. 307
pp. $2.50.
R E G U L A T I O N S OF THE B O A R D OF GOVERNORS OF THE F E D -
COMMITTEE
ON
MONETARY
STATISTICS.
1976. 43 pp. $1.00 each; 10 or more to one address, $.85
each.
A N N U A L PERCENTAGE R A T E T A B L E S ( T r u t h i n
Lending—
F E D E R A L R E S E R V E M E A S U R E S OF CAPACITY A N D C A P A C I T Y
UTILIZATION. 1978. 40 pp. $1.75 each; 10 or more to one
address, $1.50 each.
SE-
RIES OF CHARTS. Weekly. $15.00 per year or $.40 each in
the United States, its possessions, Canada, and Mexico;
10 or more of same issue to one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50
each.
THE
BANK
HOLDING
COMPANY
MOVEMENT
TO
1978:
A
COMPENDIUM. 1978. 289 pp. $2.50 each; 10 or more to
one address, $2.25 each.
IMPROVING THE M O N E T A R Y AGGREGATES: S T A F F
PAPERS.
1978. 170 pp. $4.00 each; 10 or more to one address,
$3.75 each.
1977 CONSUMER CREDIT SURVEY. 1978. 119 pp. $ 2 . 0 0 e a c h .
F L O W OF F U N D S A C C O U N T S . 1 9 4 9 - 1 9 7 8 . 1 9 7 9 . 171 p p . $ 1 . 7 5
each; 10 or more to one address, $1.50 each.
INTRODUCTION TO F L O W OF F U N D S . 1 9 8 0 . 6 8 p p . $ 1 . 5 0 e a c h ;
ERAL RESERVE S Y S T E M .
BANK CREDIT-CARD AND CHECK-CREDIT PLANS. 1968.
REPORT OF THE J O I N T T R E A S U R Y - F E D E R A L RESERVE S T U D Y
OF THE U . S . G O V E R N M E N T SECURITIES M A R K E T .
10 or more to one address, $1.25 each.
102
pp. $1.00 each; 10 or more to one address, $.85 each.
1969.
48 pp. $.25 each; 10 or more to one address, $.20 each.
JOINT T R E A S U R Y - F E D E R A L
ADVISORY
RESERVE S T U D Y OF THE G O V -
P U B L I C POLICY A N D CAPITAL F O R M A T I O N .
1981.
326
pp.
$13.50 each.
NEW
MONETARY
CONTROL
SERVE S T A F F S T U D Y ,
PROCEDURES:
FEDERAL
RE-
1981.
S E A S O N A L A D J U S T M E N T OF THE M O N E T A R Y
AGGREGATES:
E R N M E N T SECURITIES M A R K E T ; S T A F F S T U D I E S — P A R T
REPORT OF THE C O M M I T T E E OF EXPERTS ON S E A S O N A L
1. 1970. 86 pp. $.50 each; 10 or more to one address, $.40
ADJUSTMENT TECHNIQUES. 1981. 55 pp. $2.75 e a c h .
A85
FEDERAL RESERVE REGULATORY SERVICE. L o o s e l e a f ; u p d a t -
ed at least monthly. (Requests must be prepaid.)
Consumer and Community Affairs Handbook. $60.00 per
year.
Monetary Policy and Reserve Requirements Handbook.
$ 6 0 . 0 0 per year.
Securities Credit Transactions Handbook. $60.00 per year.
Federal Reserve Regulatory Service. 3 vols. (Contains all
three Handbooks plus substantial additional material.)
$ 1 7 5 . 0 0 per y e a r .
Rates for subscribers outside the United States are as
follows and include additional air mail costs:
Federal Reserve Regulatory Service, $225.00 per year.
Each Handbook, $75.00 per year.
W E L C O M E TO THE F E D E R A L R E S E R V E , D e c e m b e r
1982.
PROCESSING B A N K H O L D I N G C O M P A N Y A N D M E R G E R A P P L I CATIONS
STAFF
STUDIES•
Summaries
Only
Printed
in
the
Bulletin
Studies and papers on economic and financial subjects
that are of general interest. Requests to obtain single copies
of the full text or to be added to the mailing list for the series
may be sent to Publications
Services.
B E L O W THE B O T T O M L I N E : T H E U S E OF
CONTINGENCIES
A N D C O M M I T M E N T S BY C O M M E R C I A L B A N K S , b y B e n j a -
min Wolkowitz and others. Jan. 1982. 186 pp.
M U L T I B A N K H O L D I N G C O M P A N I E S : R E C E N T E V I D E N C E ON
COMPETITION
A N D P E R F O R M A N C E IN B A N K I N G
MAR-
KETS, by Timothy J. Curry and John T. Rose. Jan. 1982.
9 pp.
COSTS,
SCALE E C O N O M I E S ,
COMPETITION,
AND
PRODUCT
MIX IN THE U . S . PAYMENTS MECHANISM, b y D a v i d B .
Humphrey. Apr. 1982. 18 pp.
DIVISIA
MONETARY
AGGREGATES:
COMPILATION,
DATA,
AND HISTORICAL BEHAVIOR, b y William A . Barnett and
CONSUMER
EDUCATION
PAMPHLETS
Short pamphlets
suitable for classroom
use.
copies available without
charge.
Paul A. Spindt. May 1982. 82 pp.
Multiple
Alice in Debitland
Consumer Handbook to Credit Protection Laws
The Equal Credit Opportunity Act and . . . Age
The Equal Credit Opportunity Act and . . . Credit Rights in
Housing
The Equal Credit Opportunity Act and . . . Doctors, Lawyers, Small Retailers, and Others Who May Provide
Incidental Credit
The Equal Credit Opportunity Act and . . . Women
Fair Credit Billing
Federal Reserve Glossary
Guide to Federal Reserve Regulations
How to File A Consumer Credit Complaint
If You Borrow To Buy Stock
If You Use A Credit Card
Series on the Structure of the Federal Reserve
System
The Board of Governors of the Federal Reserve System
The Federal Open Market Committee
Federal Reserve Bank Board of Directors
Federal Reserve Banks
Monetary Control Act of 1980
Organization and Advisory Committees
Truth in Leasing
U.S. Currency
What Truth in Lending Means to You
THE COMMUNITY REINVESTMENT ACT AND CREDIT ALLO-
CATION, by Glenn Canner. June 1982. 8 pp.
INTEREST R A T E S A N D T E R M S ON C O N S T R U C T I O N L O A N S AT
COMMERCIAL BANKS, by David F. Seiders. July 1982.
14 pp.
S T R U C T U R E - P E R F O R M A N C E S T U D I E S IN B A N K I N G : A N
DATED
SUMMARY
AND
EVALUATION,
by
Stephen
UPA.
Rhoades. Aug. 1982. 15 pp.
FOREIGN S U B S I D I A R I E S OF U . S . B A N K I N G O R G A N I Z A T I O N S ,
by James V. Houpt and Michael G. Martinson. Oct.
1982. 18 pp.
REDLINING:
RESEARCH
AND
FEDERAL
LEGISLATIVE
RE-
SPONSE, by Glenn B. Canner. Oct. 1982. 20 pp.
REPRINTS
Most of the articles reprinted
do not exceed 12
pages.
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.
Survey of Finance Companies, 1980. 5/81.
Bank Lending in Developing Countries. 9/81.
U.S. International Transactions in 1981. 4/82.
The Commercial Paper Market since the Mid-Seventies. 6/82.
Applying the Theory of Probable Future Competition. 9/82.
International Banking Facilities. 10/82.
A86
Index to Statistical Tables
References
are to pages A3 through A79 although the prefix "A" is omitted in this index
ACCEPTANCES, bankers, 11, 26, 28
Agricultural loans, commercial banks, 19, 20, 21, 27
Assets and liabilities (See also Foreigners)
Banks, by classes, 18, 19-22, 70-75
Domestic finance companies, 39
Federal Reserve Banks, 12
Foreign banks, U.S. branches and agencies, 23, 76
Nonfinancial corporations, 38
Savings institutions, 30
Automobiles
Consumer installment credit, 42, 43
Production, 48, 49
BANKERS balances, 18, 19-21, 70, 72, 74
(See also Foreigners)
Banks for Cooperatives, 35
Bonds (See also U.S. government securities)
N e w issues, 36
Rates, 3
Branch banks, 16, 22-23, 56, 76
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, 18, 71, 73, 75
Federal Reserve Banks, 12
Central banks, 67
Certificates of deposit, 22, 28
Commercial and industrial loans
Commercial banks, 16, 18, 23, 27
Weekly reporting banks, 19-23, 24
Commercial banks
Assets and liabilities, 18, 19-22, 70-75
Business loans, 27
Commercial and industrial loans, 16, 18, 23, 24, 27
Consumer loans held, by type, 42, 43
Loans sold outright, 22
Nondeposit funds, 17
Number, by classes, 18, 71, 73, 75
Real estate mortgages held, by holder and property, 41
Time and savings deposits, 3
Commercial paper, 3, 26, 28, 39
Condition statements (See Assets and liabilities)
Construction, 46, 50
Consumer installment credit, 42, 43
Consumer prices, 46, 51
Consumption expenditures, 52, 53
Corporations
Profits and their distribution, 37
Security issues, 36, 66
Cost of living (See Consumer prices)
Credit unions, 30, 42, 43
(See also Thrift institutions)
Currency and coin, 5, 18, 70, 72, 74
Currency in circulation, 4, 14
Customer credit, stock market, 29
DEBITS to deposit accounts, 15
Debt (See specific types of debt or securities)
Demand deposits
Adjusted, commercial banks, 15
Banks, by classes, 18, 19-22, 71, 73, 75
Demand deposits—Continued
Ownership by individuals, partnerships, and
corporations, 25
Turnover, 15
Depository institutions
Reserve requirements, 8
Reserves and related items, 3, 4, 5, 13
Deposits (See also specific types)
Banks, by classes, 3, 18, 19-22, 30, 71, 73, 75
Federal Reserve Banks, 4, 12
Turnover, 15
Discount rates at Reserve Banks and at foreign central
banks (See Interest rates)
Discounts and advances by Reserve Banks (See
Loans)
Dividends, corporate, 37
EMPLOYMENT, 46, 47
Eurodollars, 28
FARM mortgage loans, 41
Federal agency obligations, 4, 11, 12, 13, 34
Federal credit agencies, 35
Federal finance
Debt subject to statutory limitation and types and
ownership of gross debt, 33
Receipts and outlays, 31, 32
Treasury financing of surplus, or deficit, 31
Treasury operating balance, 31
Federal Financing Bank, 31, 35
Federal funds, 3, 6, 19, 20, 21, 28, 31
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, 12
Discount rates (See Interest rates)
U.S. government securities held, 4, 12, 13, 33
Federal Reserve credit, 4, 5, 12, 13
Federal Reserve notes, 12
Federally sponsored credit agencies, 35
Finance companies
Assets and liabilities, 39
Business credit, 39
Loans, 19, 20, 21, 42, 43
Paper, 26, 28
Financial institutions
Loans to, 19, 20, 21
Selected assets and liabilities, 30
Float, 4
Flow of funds, 44, 45
Foreign banks, assets and liabilities of U.S. branches and
agencies, 23, 76
Foreign currency operations, 12
Foreign deposits in U.S. banks, 4, 12, 19, 20, 21
Foreign exchange rates, 68
Foreign trade, 55
Foreigners
Claims on, 56, 58, 61, 62, 63, 65
Liabilities to, 22, 55, 56-60, 64, 66, 67
A87
GOLD
Certificate account, 12
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, 30, 33, 41
Insured commercial banks, 70-75
Interbank loans and deposits, 18
Interest rates
Bonds, 3
Business loans of banks, 27
Federal Reserve Banks, 3, 7
Foreign central banks and foreign countries, 67
Money and capital markets, 3, 28
Mortgages, 3, 40
Prime rate, commercial banks, 27
Time and savings deposits, 9
International banking facilities, 17
International capital transactions of United States, 54-67
International organizations, 58, 59-61, 64-67
Inventories, 52
Investment companies, issues and assets, 37
Investments (See also specific types)
Banks, by classes, 18, 30
Commercial banks, 3, 16, 18, 19-21, 70, 72, 74
Federal Reserve Banks, 12, 13
Savings institutions, 30, 41
LABOR force, 47
Life insurance companies (See Insurance companies)
Loans (See also specific types)
Banks, by classes, 18, 19-22
Commercial banks, 3, 16, 18, 19-22, 23, 27, 70, 72, 74
Federal Reserve Banks, 3, 4, 5, 7, 12, 13
Insured or guaranteed by United States, 40, 41
Savings institutions, 30, 41
MANUFACTURING
Capacity utilization, 46
Production, 46, 49
Margin requirements, 29
Member banks (See also Depository institutions)
Federal funds and repurchase agreements, 6
Reserve requirements, 8
Mining production, 49
Mobile home shipments, 50
Monetary and credit aggregates, 3 , 1 3
Money and capital market rates (See Interest
rates)
Money stock measures and components, 3, 14
Mortgages (See Real estate loans)
Mutual funds (See Investment companies)
Mutual savings banks, 9, 19-21, 30, 33, 41, 42, 43
(See also Thrift institutions)
NATIONAL defense outlays, 32
National income, 52
OPEN market transactions, 11
PERSONAL income, 53
Prices
Consumer and producer, 46, 51
Stock market, 29
Prime rate, commercial banks, 27
Producer prices, 46, 51
Production, 46, 48
Profits, corporate, 37
REAL estate loans
Banks, by classes, 19-21, 41
Rates, terms, yields, and activity, 3, 40
Savings institutions, 28
Type of holder and property mortgaged, 41
Repurchase agreements and federal funds, 6, 19, 20, 21
Reserve requirements, 8
Reserves
Commercial banks, 18, 71
Depository institutions, 3, 4, 5, 13
Federal Reserve Banks, 12
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 associations, 9, 30, 41, 42, 43, 44
(See also Thrift institutions)
Savings deposits (See Time and savings deposits)
Securities (See specific types)
Federal and federally sponsored credit agencies, 35
Foreign transactions, 66
New issues, 36
Prices, 29
Special drawing rights, 4, 12, 54, 55
State and local governments
Deposits, 19, 20, 21
Holdings of U.S. government securities, 33
New security issues, 36
Ownership of securities issued by, 19, 20, 21, 30
Rates on securities, 3
Stock market, 29
Stocks (See also Securities)
New issues, 36
Prices, 29
TAX receipts, federal, 32
Thrift institutions, 3 (See also Credit unions,
Mutual savings banks, and Savings and loan
associations)
Time and savings deposits, 3, 9, 15, 18, 19-22, 71, 73, 75
Trade, foreign, 55
Treasury currency, Treasury cash, 4
Treasury deposits, 4, 12, 31
Treasury operating balance, 31
UNEMPLOYMENT, 47
U.S. government balances
Commercial bank holdings, 19, 20, 21
Treasury deposits at Reserve Banks, 4, 12, 31
U.S. government securities
Bank holdings, 18, 19-21, 33, 70, 72, 74
Dealer transactions, positions, and financing, 34
Federal Reserve Bank holdings, 4, 12, 13, 33
Foreign and international holdings and transactions, 12,
33, 67
Open market transactions, 11
Outstanding, by type and ownership, 33
Ownership of securities issued by, 30
Rates, 3, 28
U.S. international transactions, 54-67
Utilities, production, 49
VETERANS Administration, 40, 41
WEEKLY reporting banks, 19-24
Wholesale (producer) prices, 46, 51
YIELDS (See Interest rates)
A88
The Federal Reserve System
Boundaries of Federal Reserve Districts and Their Branch Territories
LEGEND
Boundaries of Federal Reserve Districts
®
Federal R e s e r v e Bank Cities
Boundaries of Federal Reserve Branch
Territories
•
Federal R e s e r v e Branch Cities
Federal R e s e r v e Bank Facility
Q
Board of G o v e r n o r s of the Federal R e s e r v e
System
@FedFRASER