Full text of Federal Reserve Bulletin : January 1990
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VOLUME 7 6 •
NUMBER 1 •
JANUARY 1990
FEDERAL RESERVE
m BULLETIN
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D . C .
PUBLICATIONS COMMITTEE
Joseph R. Coyne, Chairman • S. David Frost • Griffith L. Garwood
• Donald L. Kohn • J. Virgil Mattingly, Jr. • Michael J. Prell • Edwin M. Truman
The Federal Reserve Bulletin is issued monthly under the direction of the staff publications committee. This committee is responsible for opinions
expressed except in official statements and signed articles. It is assisted by the Economic Editing Section headed by Mendelle T. Berenson, the
Graphic Communications Section under the direction of Peter G. Thomas, and Publications Services supervised by Linda C. Kyles.
Table of Contents
L POLICY TARGETS AND OPERATING
PROCEDURES IN THE 1990S
This article focuses on the issue of how to
keep monetary policy on a path that leads to
the achievement of the objectives the monetary authorities have set for themselves,
how the process of adjusting policy to this
end has evolved over the past decade or so,
and what that evolution may mean for the
success of policy in the 1990s.
8 TREASURY AND FEDERAL
RESERVE
FOREIGN EXCHANGE
OPERATIONS
The dollar ended the August-October reporting period Vi percent higher on a tradeweighted basis in terms of other Group of
Ten currencies as measured by the staff of
the Board of Governors. On balance, the
dollar declined 1 lA percent against the German mark and Vi percent against the Canadian dollar while rising 4lA percent against
the Japanese yen and 5V2 percent against
the British pound.
13 INDUSTRIAL
PRODUCTION
Industrial production decreased 0.7 percent
in October after having been unchanged in
September (revised).
15
ANNOUNCEMENTS
Schedule for 1990 fees for Federal Reserve
Bank services.
Issuance of final orders in enforcement proceedings.
Proposed revisions to staff commentaries
on Regulations E and Z.
Proposal for transition capital standards for
state member banks and bank holding companies through 1990.
Change in the database used for compiling
the statistical appendix to the Bulletin.
Erratum item for Bulletin chart.
Admission of five state banks to membership in the Federal Reserve System.
17 RECORD OF POLICY ACTIONS OF THE
FEDERAL OPEN MARKET
COMMITTEE
At its meeting on October 3, 1989, the
Committee adopted a directive that called
for maintaining the current degree of pressure on reserve positions and that provided
for giving particular weight to potential developments that might require some slight
easing during the intermeeting period. Accordingly, slightly greater reserve restraint
might be acceptable during the intermeeting
period, while some slight lessening of reserve restraint would be acceptable, depending on progress toward price stability,
the strength of the business expansion, the
behavior of the monetary aggregates, and
developments in foreign exchange and domestic financial markets. The reserve conditions contemplated by the Committee
were expected to be consistent with growth
of M2 and M3 at annual rates of around 6V2
percent and 4V2 percent respectively over
the three-month period from September to
December. The intermeeting range for the
federal funds rate, which provides one
mechanism for initiating consultation of the
Committee when its boundaries are persistently exceeded, was left unchanged at 7 to
11 percent.
23 LEGAL
DEVELOPMENTS
Various bank holding company, bank service corporation, and bank merger orders;
and pending cases.
AI FINANCIAL
AND BUSINESS
STATISTICS
These tables reflect data available as of
November 27, 1989.
A3 Domestic Financial Statistics
A46 Domestic Nonfinancial Statistics
A55 International Statistics
A71 GUIDE TO TABULAR
PRESENTATION,
STATISTICAL RELEASES, AND SPECIAL
TABLES
A78 BOARD OF GOVERNORS
AND
STAFF
A80 FEDERAL OPEN MARKET
COMMITTEE
AND STAFF; ADVISORY
COUNCILS
A82 FEDERAL RESERVE
PUBLICATIONS
BOARD
A84 INDEX TO STATISTICAL
TABLES
A86 FEDERAL RESERVE
BANKS,
BRANCHES, AND OFFICES
A87 MAP OF FEDERAL
RESERVE
SYSTEM
Policy Targets and Operating Procedures
in the 1990s
Donald L. Kohn, Director of the Board's Division of Monetary Affairs, prepared this article. It
was adapted from a paper he presented at the
Economic Policy Symposium sponsored by the
Federal Reserve Bank of Kansas City at Jackson
Hole, Wyoming, August 31, 1989.
treating the closely related issues of how the
central bank reacts to new information and how
it ensures consistency between its short-run policy actions and its long-run objectives.
WHY INTERMEDIATE
A presentation entitled "Policy Targets and Operating Procedures in the 1990s" could cover
many topics. What this paper will not deal with is
the ultimate targets of monetary policy. I take
that target to be price stability. Along with others
at the Federal Reserve, I believe that the price
level is the only variable that over the long run is
under the control of the central bank. Moreover,
for a variety of reasons having to do with economic inefficiencies and with the unsustainability
of other inflation goals, stability is the only
sensible objective for the price level. Nor do I
undertake the difficult task of laying out a path of
interim objectives to get from the current state of
moderate inflation to price stability.
Rather, I want to focus on the narrower issue
of how to keep policy on a path that leads to the
achievement of the objectives the monetary authorities have set for themselves, how the process of adjusting policy to this end has evolved
over the last decade or so, and what that evolution may mean for the success of policy in the
1990s.
An examination of policy targets and operating
procedures inevitably entails consideration of the
role of various intermediate targets and indicators. But I begin by examining the need for
explicit intermediate indicators between central
bank actions and their results for the price level.
Then I will discuss the reasons for the changing
status of money and credit measures in guiding
policy adjustments, and the implications of relying, instead, on various signals from financial
markets and the economy. I will conclude by
INDICATORS?
To some observers, debates about what central
banks should be looking at to guide policy decisions are superfluous. The ultimate objective is
stable prices, and these observers have advocated keying policy directly to new readings of
broad measures of inflation. In their view, either
the monetary base or the federal funds rate
should be adjusted in direct response to information that the price level is deviating from a preset
objective.
Suggestions of this sort have proliferated in
recent years. They are motivated in some cases
by frustration with alternative intermediate targets previously thought to be useful in accomplishing the same objective. In particular, this
camp has attracted some former monetarists,
who are now a little less certain of the relationship between money supply measures and spending or inflation. This greater uncertainty has
resulted from the changes in markets for deposits
and other financial assets wrought by innovation
and deregulation in the 1980s. (The implications
of these changes for the implementation of monetary policy in coming years is discussed below.)
Some academic advocates of adjusting the
monetary base or the funds rate in response to
the price level are reasoning from theories in
which monetary policy affects the path of output
only in trivial ways so that there is no reason not
to pursue price stability directly. For policy to
feed through reasonably directly into prices,
prices and wages must adapt quickly to changing
conditions in goods, labor, and financial markets.
2
Federal Reserve Bulletin • January 1990
In the United States, at least, such flexibility
very likely has increased in recent years. Deregulation of various industries, the shift away from
an industrial base characterized by relatively few
large firms and large unions toward a servicebased economy, and the greater international
integration of markets for goods and services
probably have heightened effective competition
and hence the responsiveness of wages and
prices to various influences.
But the perfectly flexible classical economy
still seems some way off. For whatever reasons—long contracts, slowly changing expectations—the adjustments the central bank makes to
the reserve base and to very short interest rates
still affect real interest and exchange rates and, in
turn, economic activity. We have seen this influence at work in recent years, when the more
rapid expansion of 1987 and 1988 and the slowdown in 1989 have seemed traceable at least
partly to the monetary policies that preceded
them.
The lags between policy actions and price
consequences appear to remain long and complex, with implications for the path of output. A
single-track policy response tied to inflation data
alone probably will produce sizable swings in the
economy. As a consequence, objectives for inflation are likely to have some side constraints
having to do with real output. These side constraints may dictate policy reactions to incoming
information on the course of the economy as well
as on prices, leading to adjustments to the desired path for inflation.
If the linkages among policy, the economy,
and prices were well enough understood, reasonably stable over time, and mostly free from
noise, they might be captured by a reliable empirical model or perhaps by judgmental forecasts.
Then the job of implementing policy might still be
straightforward: Policy adjustments, though perhaps not adhering to transparent rules of thumb,
could be calibrated from the model or judgmental
forecast, taking into account the inflation objectives and output constraints of the authorities.
Inherently, all policy depends, at least implicitly, on projections that permit policymakers to
assess the implications of a course of action. A
reliance on intermediate indicators arises out of
skepticism about forecasting exercises and out of
a desire to identify and minimize deviations from
objectives. Intermediate indicators are used
partly in an attempt to shortcut or cross-check
the projection process and possibly to discipline
policy, through prompting adjustments before
cumulative imbalances require more costly corrections. These indicators may even be elevated
to targets if they are considered sufficiently reliable. As long as forecasts are subject to substantial error and real output paths are important,
monetary policymakers are likely to rely on
indicators or targets intermediate between policy
actions and price-level effects.
It is in this area of intermediate indicators that
policy implementation has undergone its greatest
change in recent decades—an evolution that is
likely to continue into the 1990s. Some indicators, such as interest rates and exchange rates,
are elements in the transmission process, figuring
directly in spending and saving decisions. To the
extent the transmission of policy has changed, so
too have the appropriate settings and weights for
these types of indicators. Indicators in another
class—including the money and credit aggregates
—may have little independent standing as variables with direct influence on spending and production; they may, instead, be the surface manifestations of complex interactions among
savers, spenders, and intermediaries. Changes in
those interactions may call into question the
reliability of the relationships between the indicators and ultimate policy objectives.
MONEY
AND CREDIT
AGGREGATES
In the United States we have seen changes both
in the monetary aggregate that is the preferred
target or indicator and in the weight that is placed
on money and credit measures in the conduct of
policy. These shifts have reflected important
underlying developments in financial markets:
changes in the characteristics of existing financial
instruments, the creation of new instruments,
and the blurring of distinctions among financial
instruments generally. Among the factors behind
these developments have been the removal of
regulations that enforced the distinctions among
instruments and advances in technology that
have reduced the transaction costs of issuing and
Policy Targets and Operating Procedures in the 1990s
buying a variety of financial claims. These forces
not only have been at work on the financial
instruments issued in a given country, but also
have affected the relation of financial claims in
one country to those in another.
The effects of these forces on previously
distinct categories of assets are illustrated by a
variety of developments in the seventies and
eighties: Deregulation has blurred the distinction between deposits used for transactions and
those used as a store of wealth; securitization
has made loans much more like securities; in
the wake of deregulation and brokering, retail
deposits and managed liabilities at depositories
no longer are separate and distinct from one
another; the junk bond market has blurred debt
and equity; computers have permitted easy
substitution between deposits and mutual
funds; and the removal of controls on international capital movements has meant that investors can treat assets denominated in home currency and those denominated in foreign
currency more interchangeably.
Moreover, as government regulation has become less confining, the decisions of suppliers of
certain assets have become more important in
determining the outstanding quantity of those
assets. In the retail deposit markets, for example,
decisions of depository institutions about the
interest rates at which these instruments are
offered affect the willingness of the public to hold
them at given levels of income and market interest rates. Moreover, deposit-pricing strategies
appear to have changed as institutions have
adapted to deregulation, introducing substantial
uncertainty, in the short run at least, into the
relationship between the quantity of money and
movements in market rates and income. And
both supply and demand for individual financial
assets can be quite sensitive to small changes in
their own rates, relative to those on alternative
assets, given the multiplicity of close substitutes.
Internationally, the ability of capital to flow
freely across borders has broadened the choices
of borrowers and lenders. As a consequence
spending on the goods and services produced by
a particular country likely has become less dependent on the volume of claims originated or
held in that country.
In these circumstances, the boundaries around
3
specific collections of financial instruments have
become increasingly arbitrary, and monetary or
credit aggregates, however carefully delineated,
are less likely to be stably related to spending or
income. This certainly is the case for short-run
relationships; and it may also pertain, if to a
lesser extent, over the longer periods that are
relevant to the business cycle.
The experience of the United States illustrates
the erosion of the distinctions among various
types of claims, and points up the implications of
that erosion for the utility of traditional aggregations of these claims as policy indicators. In the
1960s, policymakers monitored bank credit
closely, but this aggregate was deemphasized
when open market paper became a closer substitute for bank loans as a source of funds for
businesses. In the 1980s, Ml was dropped as a
target when deregulation blurred the line between it and M2, producing greater interest sensitivity in its components and more variability in
its velocity. At the same time, the target range
for M2 was widened as the supply behavior of
banks and thrift institutions seemed to impart a
substantial short-run interest elasticity to that
aggregate as well. Moreover, substitution of debt
for equity is one of the factors disturbing the
established relation of the debt aggregate to
income.
Deregulation and the proliferation of new,
highly substitutable claims also have reduced the
effect of credit rationing as a channel for monetary policy. Deposit intermediaries now can
maintain access to funds for lending, and both
borrowers and lenders need depend less on particular types of claims or intermediaries.
At present, with the restructuring of the savings and loan industry, these hypotheses about
the diminishing value of certain financial variables and reduced credit-rationing effects are undergoing an intriguing empirical test. The solutions to the problems of savings and loans are
likely to entail fewer and smaller institutions, in
what has been the country's key mortgage intermediary. Other mortgage lenders will have to fill
the void left by this reduction in the industry's
size. On the deposit side, restructuring will almost certainly restrain the expansion of M3, and
perhaps M2 as well, depending on how successful the regulators are in beating down deposit
4
Federal Reserve Bulletin • January 1990
offering rates and thereby raising the opportunity
cost of holding M2.
Expectations about the effects of this restructuring offer an instructive contrast to the dislocations brought on by earlier episodes, when this
industry shrank through disintermediation induced by Regulation Q. Although specific real
estate markets may be affected in the current
situation, confidence in the capital markets to
rechannel funds appears to have allayed concerns about major overall effects on the housing
market and on the macro economy. Spreads
between mortgage interest rates and other rates
have widened only a bit, a development that
suggests that the demands of other investors for
mortgage instruments are elastic and that nonprice credit rationing is unlikely. Any damping of
M2 and M3 in this process would reflect a shift in
the level of velocity, and would not be a precursor of lower spending.
Although short-run variations in money and
credit may be of limited value in keying policy
adjustments in most circumstances, in certain
situations they may portend a serious disturbance in financial and goods markets, especially
when interpreted together with interest rate developments. For example, the Federal Reserve
kept especially careful track of the monetary
aggregates in the wake of the stock market
collapse in October 1987 to ascertain whether
there were unusual demands for money and, if
so, whether they might connote flight from other
financial assets or from spending. In light of the
current situation in the thrift industry, unexpected movements in credit flows or in deposits
will also be examined carefully.
Over longer periods, the net result of market
adaptations to supply and demand conditions for
financial assets may well be a stable ratio of
desired holdings of money to wealth or income.
Such stability is all the more likely now that
incentives to innovate around regulatory constraints have been removed, a removal that has
enhanced the value of persistent movements in
money supply as policy signals. In this regard,
the recently published study relating M2 and
prices—the so-called P* model—was encouraging. The study suggested that a reasonably robust
long-run relationship between money and prices
has persisted despite the changes in M2 in the
1980s. Since, as the cliche has it, the long run is
a collection of short runs, even short-run variations in an aggregate may yield some information
on the long-run thrust of policy, though one may
be skeptical of the short-run inflation forecasts
produced by a model as simplified as P*. Translating between the short and the long runs is
unlikely to be simple, however, in part because
of the short-run interest elasticity imparted by
the supply behavior of depositories. For example, 2Vi to 3 percent growth in M2 may be the
steady state associated with price stability, but,
in light of the complex interactions among
money, interest rates, and spending, gradual
reductions may be far from the best way to
achieve this objective. Overall, money and credit
aggregates probably will continue to play an
important role in policy in the 1990s; but that role
is more likely to be the supporting one of the late
1980s, keyed to sustained, appreciable deviations
from long-term objectives, than the romantic
lead of the late 1970s and early 1980s, when
relatively small month-to-month movements
were allowed to influence reserve markets.
INTEREST AND EXCHANGE RATES
ECONOMIC AND PRICE DATA
AND
As attention to the monetary aggregates has
lessened, policy implementation has had to rely
more on inferences from the price axis in the
financial markets and signals directly from the
economy and from prices. The difficulties with
attention to interest rate levels as intermediate
indicators of the effect of policy and the course of
the economy are well known. They include differentiating nominal from real rates and distinguishing the effects on rates of shifting demands
for money and credit in response to developments in the economy from those caused by bank
actions. Particular levels of nominal interest
rates can be consistent with either accelerating or
decelerating inflation, depending on the relationship of the real rate to its equilibrium level. In the
past, when short-term objectives for interest
rates as the proximate targets for policy were
combined with attention to the most recent economic data, which respond to policy actions only
with a delay, too often the results were a policy
Policy Targets and Operating Procedures in the 1990s
that tended to lag developments, moving initially
both too little and too late and ultimately overstaying.
That danger remains, though it is one policymakers are aware of. It may be reduced to an
extent by the recent emphasis on a variety of
financial market variables, such as yield curves
and exchange rates, that incorporate market expectations about future levels of real interest
rates and inflation. In particular, these variables
are likely to send clear signals if policy is perceived to be deflationary or inflationary because
it is seen as keeping real interest rates substantially above or below equilibrium levels. In this
regard they help to address one of the serious
deficiencies of emphasis on nominal rate levels.
Developments in financial markets may have
enhanced the usefulness of such indicators in
recent years. The internationalization of financial
flows and the increasing interdependence of national economies would of themselves naturally
lend the exchange rate greater prominence in
policy deliberations. But beyond this, the proliferation of financial instruments and the greater
use of futures and options markets for risk shifting probably have reduced the influence of sector-specific supply and demand conditions on
interest and exchange rates and have increased
the response of asset prices to underlying fundamentals, including price expectations. These
changes have taken place as economic analysis
has placed greater emphasis on the influence of
forward-looking expectations on economic decisions. As a consequence, policymakers have
become increasingly sensitized to the importance
of information that may be embedded in interest
and exchange rate relations.
Several caveats are in order. First, like nominal interest rates, yield curves and exchange
rates reflect many influences besides judgments
about the course of the economy and prices. For
example, a yield curve that is downward-sloping,
especially at the shorter maturities, may simply
embody an expectation that the Federal Reserve
is about to ease, not necessarily that such an
easing will be stabilizing to the economy. And
yield curves still may respond to changes in
relative supplies of various kinds of paper as well
as to shifting perceptions of liquidity risk. Likewise, the exchange rate is subject to develop-
5
ments abroad, as well as to short-run changes in
expectations or perceptions that may have little
to do with longer-run economic forces. More
generally, many asset markets appear to exhibit
more volatility than can be explained by changes
in fundamental determinants of asset prices. Under these circumstances, adjusting monetary policy in response to short-run variations in individual interest rates or in their relative levels or in
foreign exchange rates may in the end destabilize, rather than stabilize, the economy.
But the most serious deficiency of these indicators is that they provide little, if any, guidance
for achieving specific inflation objectives. At
best, the exchange rate would anchor the home
inflation rate over time to those of major trading
partners and competitors. Adjusting policy in
accord with the market's interest rate expectations—that is, operating to flatten the yield
curve—would tend only to lock in the expected
rate of inflation built into that curve.
In theory, policymakers could achieve their
inflation objectives by designing a course for the
economy that would bring about the desired
pressures on resources and on the rate of change
of prices. In practice, doing that would require an
accurate estimate of the economy's potential, a
thorough understanding of the transmission and
inflation processes, and reliable forecasts of the
response of the economy to monetary policy and
other forces. Such a policy would necessarily
involve tolerating movements in exchange rates
and changes in the slope of the yield curve in the
transition period as output was adjusted relative
to potential. In general, a central bank must take
account of the real economic effects of its actions; but it is in both economic and political
trouble when specific goals for the economy
become the enduring focus of its attention.
Among other things, the focus on the real economy in the context of an active discretionary
policy probably accentuates the well-known
temptation to cheat on the side of a little more
output.
In this sense, the monetarists are right: Policy
reaction and implementation need something to
keep these temptations at bay. Unfortunately,
the monetary aggregates no longer seem to fulfill
that requirement except in a long-term context,
in which they may indeed check the worst mis-
6
Federal Reserve Bulletin • January 1990
takes and excesses. Moreover, as I indicated at
the outset, simple reaction rules linked to broad
price measures also seem to fall short in the face
of uncertainties about lags and side constraints
on output.
Commodity prices have been offered to fill this
gap. Because they are unconstrained by longterm contracts, commodity prices are said to
react more quickly to fundamental developments, short-circuiting some of the lags, and
therefore the cyclical uncertainties, inherent in
broad price measures. While commodity prices,
too, contain valuable information for the policymaker, whether they belong at the center of
policy implementation remains to be proven.
There are the familiar issues of accounting for
supply shocks, choosing the market basket, and
assessing the reliability of such prices as forecasters of the aggregate price level. In addition,
establishing a target level for the commodity
basket is a problem. As the British discovered in
the 1920s, this is not a trivial exercise—and it is
the level that needs to be tied down. Movements
in commodity prices cannot be interpreted without reference to an equilibrium level. Rising
prices might suggest an easy policy if they were
occurring above equilibrium. But they might
suggest that policy was tight if commodity prices
had been driven below their equilibrium level by
that policy; in that case, increases in commodity
prices would be needed to equalize returns with
the high real rates on financial assets. Ultimately,
one suspects, commodity prices will take their
place in that eclectic mix of indicators that have
keyed policy recently and that are likely to
continue to do so in the 1990s.
POLICY REACTIONS
OBJECTIVES
AND
LONG-RUN
As the 1990s open, then, policymakers are reacting to information from a wide variety of sources,
making frequent adjustments of the stance of
policy in reserve markets when the evidence
suggests that the existing posture is inconsistent
with their longer-run objectives. No one indicator, nor any one small set of indicators, dominates this policy-adjustment process. Indeed, the
whole intermediate indicator/target paradigm
may not be very useful. Realistically, policy
cannot afford to lose any information about the
complex relationships in the economy. Signals
from financial and foreign exchange markets, and
from the domestic economy and foreign economies, all need to be filtered for clues about where
the economy and the price level are headed
relative to the objectives for policy. Casting the
net wide is especially important when the underlying relationships among financial and economic
variables seem to be evolving in ways that are
not easy to predict.
It seems likely that operations by the monetary
authority will continue to involve frequent policy
adjustments in response to new information.
Such adjustments need not connote unsteadiness
of purpose, or an excessively activist hand on the
wheel, or an attempt to "fine tune" the economy
in the sense of trying to achieve an outcome with
unrealistic precision. Instead, they may be rational responses to changing indications about
economic trends contained in the new data,
which prompt small but frequent adjustments in
instrument variables to keep the economy and
prices on a track consistent with ultimate objectives.
This type of operating system does involve
difficulties, among which is filtering signal from
noise. Given the difficulties of interpreting new
data and the possibility of later revisions, unnecessary policy adjustments likely will be made. As
long as policy remains flexible and mistakes are
quickly recognized and corrected, unnecessary
adjustments should remain a minor problem.
Deviations from the optimal policy path that are
kept small and short-lived will have little effect
on the ultimate outcome.
The greater danger of a policy that relies on
frequent adjustments of nominal interest rates to
incoming data is insufficient attention to long-run
policy objectives. I have already noted the tendency in the past for policy that involves this
type of procedure to react too little and too late.
But that tendency has not always been symmetrical. Emphasis on the level of nominal interest
rates in connection with information on the real
economy has at times tended to impart an inflationary bias to policy. Given the lag between
policy and the price level, such a focus in the
context of an active discretionary policy may
Policy Targets and Operating Procedures in the 1990s
lead to attempts to achieve higher output levels
than are consistent with stable prices.
In that regard, recent experience is mildly
encouraging. Though inflation remains well
above the long-term objective of price stability, it
has accelerated only a little even as the U.S.
economy has enjoyed an unprecedented peacetime expansion. Many factors account for this
performance, including good fortune and greater
flexibility in price and wage setting.
But monetary policy may also have played a
role. Leaning fairly hard against the wind and
being willing to shift policy promptly when the
wind shifts appear to have forestalled the buildup
of excesses and imbalances, so that the economy
has remained in the neighborhood of its potential
and inflation has stayed within a fairly narrow
range. And to the extent that this outcome has
reinforced the credibility of the Federal Reserve's
anti-inflation policy, it may, by restraining inflation expectations, by itself have contributed to
price performance that has been better than expected. The factors underlying this behavior by
the Federal Reserve include a number of the
elements previously discussed, no one of which
seems adequate to the task of exerting longerterm discipline within the current policy regime.
First is some attention to movements in price
indexes, despite the inherently backward-looking
nature of these indexes. The monetary authority
has clearly stated its intention to achieve price
stability and has emphasized the importance it
places on this objective. Although it has neither
set a timetable nor established an automatic
disciplining device, it has created for itself the
burden of explaining sustained deviations from
intentions. Such deviations would raise questions about its true intentions that would put an
authority concerned about its reputation on the
defensive.
7
The second factor underlying Federal Reserve
policy that imposes discipline is the heightened
sensitivity of expectations-driven variables, including yield curves, exchange rates, and commodity prices. At a minimum, these variables
help the policymaker judge when market participants consider that conditions are ripe for significant movements in inflation rates. Thus, from
these indicators policymakers may be able to
infer the credibility that the markets accord their
anti-inflation objectives.
The last such factor is the continued attention
to the monetary aggregates. Although they may
not be good guides to short-run policy, the aggregates appear to maintain their longer-run relationships to spending and inflation. Sustained
very rapid or very slow growth in the aggregates
has continued to play a role in keying policy
adjustments.
Taken together, these factors have tended to
limit the distance and the duration of deviations
of monetary policy from actions consistent with,
at the least, its not straying far from its long-run
objective. They have imposed some discipline on
the task of adjusting reserve conditions and nominal short-term interest rates.
As the 1990s begin, the challenge to policy is to
strengthen the elements that supply long-run
discipline, without sacrificing the flexibility to
adapt policy to changing conditions and to consider the consequences of policy actions for
output and employment. Sufficient attention to
reputation, to market expectations of inflation,
and to trend money growth should help to ensure
progress toward price stability in coming years.
We should make certain that in ten years, were
we to consider monetary policy in the new century, we would be able to report that the decade
of the 1990s, like the 1980s, ended with inflation
lower than when it began.
8
Treasury and Federal Reserve
Foreign Exchange Operations
This quarterly report, covering the period August
through October 1989, provides information on
Treasury and System foreign exchange operations. It was presented by Sam Y. Cross, Manager of Foreign Operations of the System Open
Market Account and Executive Vice President in
charge of the Foreign Group of the Federal
Reserve Bank of New York. George G. Bentley
was primarily responsible for preparation of the
report.1
During the first half of the August-October reporting period, the dollar came under renewed
upward pressure in the face of strong investment
inflows. In response, the U.S. monetary authorities intervened to sell dollars in keeping with
Group of Seven (G-7) policy commitments to
foster exchange rate stability. The dollar reached
its highs of the period in mid-September. It then
moved sharply lower after the G-7 statement of
September 23 expressed concern over the dollar's rise, and persistent coordinated intervention
operations followed. Toward the end of the period, the dollar traded in a relatively narrow
range. Demand for dollars moderated as a result
of a narrowing of interest rate differentials favoring dollar assets and of concerns over volatility in
U.S. equity markets. However, investment interest continued to provide some support at lower
levels.
The dollar ended the August-October reporting period Vi percent higher on a trade-weighted
basis in terms of other Group of Ten (G-10)
currencies as measured by the staff of the Board
of Governors. Against individual currencies,
however, the dollar's performance varied considerably. On balance, the dollar declined VA per1. The charts for the report are available on request from
Publications Services, Board of Governors of the Federal
Reserve System, Washington, D.C. 20551.
cent against the German mark and Vi percent
against the Canadian dollar while rising 4lA percent against the Japanese yen and 5Vi percent
against the British pound.
During the three-month period, the U.S. monetary authorities sold a total of $5,871 million
between August and early October, of which
$3,289 million was against Japanese yen and
$2,582 million was against German marks. These
operations were conducted in coordination with
foreign central banks, (table 1).
THE DOLLAR 'S RISE FROM EARLY
TO MID-SEPTEMBER
AUGUST
As the period opened, market participants were
still apprehensive that the U.S. economy might
be slipping into recession. In the final days of
July, evidence was widespread that the Federal
Reserve had responded to a slackening of eco1. Federal Reserve reciprocal currency arrangements
Millions of dollars
Institution
Amount of
facility,
October 31, 1989
Austrian National Bank
National Bank of Belgium
Bank of Canada
National Bank of Denmark
Bank of England
Bank of France
Deutsche Bundesbank
Bank of Italy
Bank of Japan
250
1,000
2,000
250
3,000
2,000
6,000
3,000
5,000
Bank of Mexico
Netherlands Bank
Bank of Norway
Bank of Sweden
Swiss National Bank
700
500
250
300
4,000
Bank for International Settlements
Dollars against Swiss Francs
Dollars against other authorized European
currencies
1,250
Total
600
30,100
9
nomic growth and price pressures by easing
monetary policy, and the dollar declined. On
August 1, Chairman Greenspan confirmed in
Senate testimony that the Federal Reserve had
modestly eased its stance the previous week. On
the same day, several leading banks cut their
prime lending rates. The perception thereby
strengthened in the market that U.S. interest
rates were steadily declining and that favorable
dollar interest rate differentials would continue to
narrow. The dollar then moved to its lows for the
month of August of DM1.8430 against the mark •
and ¥135.50 against the yen on August 2.
The dollar's softer tone was short-lived. Economic data released in early August alleviated
the market's earlier concerns regarding the severity of an economic slowdown. The prospects
of another imminent easing by the Federal Reserve appeared to fade after employment data
released on August 4 showed a sharp upward
revision in June nonfarm payrolls and continued
employment growth for July. The release of
figures on August 11 showing buoyant retail sales
in July made the possibility of an easing appear
even less likely. In addition, the monthly U.S.
trade reports released in both August and September suggested that the U.S. trade performance was continuing to improve.
In this environment, commercial and investment demand for dollars revived, and the dollar
was buoyant through mid-September. On September 15, after the announcement that the July U.S.
trade deficit had narrowed unexpectedly to $7.58
billion, the dollar surged briefly to its highs of the
three-month period of DM2.0032 and ¥148.98, up
roughly IVi percent and 83/4 percent respectively
from the closing rates of the previous reporting
period. At these levels, the dollar was trading near
the highs reached earlier in the year. Later that
same day, when it appeared that the dollar would
not move any higher, dealers began to take profits
on long-dollar positions, triggering stop-loss orders, and a sudden decline in the dollar ensued.
Although sentiment toward the dollar remained
positive for quite a while afterwards, the episode
revealed a vulnerability for the dollar at these
higher levels.
During much of September, the U.S. monetary authorities again intervened in coordination with those of several other countries to
resist upward pressure on the dollar. After
mid-September, moreover, with the approaching G-7 meeting in Washington on September
23, the market became increasingly wary that
more aggressive official action might be introduced to curb the dollar's strength, either
through intervention or through monetary policy adjustments. The dollar then drifted down
to close at DM1.9520 and ¥146.00 on September 22, the Friday before the weekend G-7
meeting.
Accordingly, between August 1 and September 22, the U.S. monetary authorities sold a total
of $1,452 million against marks and $1,699 million against yen. The operations became more
frequent as upward pressure on the dollar intensified. During the first ten days of August, the
U.S. authorities intervened only once, selling $70
million against yen. During the remainder of
August, the U.S. monetary authorities sold dollars on six days for a total of $425 million against
marks and $525 million against yen. The authorities entered the market more frequently after the
beginning of September, intervening on eleven of
the fifteen business days leading up to the G-7
meeting to sell a total of $1,027 million against
marks and $1,104 million against yen.
DOLLAR DEMAND
LATE SEPTEMBER
MODERATES AFTER THE
G-7 MEETING
After their meeting on Saturday, September 23,
the G-7 finance ministers and governors issued a
statement concluding, among other things, that
the dollar's rise in recent months was inconsistent with longer-run economic fundamentals and
that a further rise of the dollar above thencurrent levels or an excessive decline could
adversely affect prospects for the world economy. The ministers and governors also expressed their intention to cooperate closely in
exchange markets.
On the strength of the G-7 statement and
official intervention to reinforce that statement,
the dollar moved lower in Asian trading on
Monday, September 25. The fact that the U.S.
monetary authorities, along with others, were
selling dollars in the Tokyo market sent a signal
of the firmness of the G-7 resolve. In the days
10 Federal Reserve Bulletin • January 1990
immediately after the statement, the G-7 monetary authorities persisted with their intervention.
By October 2, the dollar had declined to
DM1.8650 and ¥138.60, about 5 percent lower
than its closing levels on September 22. For the
next eight business days, the dollar was again
well bid, showing a tendency to recover from its
October 2 levels. Subsequently, as the authorities continued to intervene to resist the dollar's
rise, market participants appeared more reconciled to the possibility that the dollar's uptrend
might finally have been broken. In total, from
September 25 through October 12, the U.S.
monetary authorities sold $1,130 million against
marks and $1,590 million against yen, operating
on most days in that period.
THE LATTER
HALF OF
OCTOBER
As mid-October approached, upward pressure
on the dollar lessened. For the balance of the
three-month period, the dollar remained below
the mid-September highs.
One factor contributing to the easing of upward pressure was that interest rate differentials
favoring the dollar narrowed further in October
as a result of interest rate increases abroad.
German market interest rates had begun edging
higher in late September as dealers anticipated
possible increases in the Bundesbank's official
rates. On October 5, the Bundesbank announced
an increase of a full 1 percentage point in both its
discount and Lombard rates, surprising the market with the magnitude of the increase. The
British, French, Swiss, Belgian, Dutch, Danish,
Irish, and Austrian monetary authorities followed by raising their official rates. The following
week, the Bank of Japan surprised the market by
raising its discount rate Vi percentage point on
October 11, and short-term market interest rates
in Japan increased approximately 75 basis points
within the span of a week.
Around this time, market participants also
began to expect favorable interest rate differentials to diminish further because of an easing of
monetary policy in the United States. Many
observers viewed economic reports, particularly
the September U.S. employment data released
on October 6, as a sign that U.S. economic
activity was sluggish enough to warrant a new
move to lower U.S. interest rates. During the
second week of October, the federal funds rate
moved lower, and by midmonth, market participants concluded that the Federal Reserve had
indeed eased.
Although interest rate differentials favoring the
dollar had been narrowing throughout most of
1989 without any apparent negative effect on
dollar exchange rates, the moves that occurred in
October were sufficient to induce a moderation in
capital inflows to the United States. By this time,
interest rates in Germany had risen to levels that
were almost as high as those in the United States.
At the same time, as asset prices both in the
United States and in foreign markets continued
to adjust to the changing interest rate and economic assessments, questions arose about the
continued strength of certain capital markets—
markets that had attracted investors because of
either high yields or the prospect of sharp capital
gains. Against this background, the sharp decline
in U.S. equity prices on October 13 revived
concerns that heavy foreign investment in the
United States might be discouraged and that the
Federal Reserve might ease even more quickly or
aggressively than previously supposed.
The October 17 release of data showing a sharp
deterioration in the U.S. trade position in August
also served to reduce upward pressure on the
dollar, as it highlighted the dangers of a further
rise in the U.S. currency and reminded the
market of the continuing need to correct the
current account imbalances.
Although the dollar's overall tone remained
considerably softer late in the period, the dollar
continued to receive some support from investment demand, particularly by Japanese entities,
through the end of the three-month period. The
dollar closed the quarterly period at DM1.8415
against the mark and ¥142.85 against the yen.
With the dollar generally trading more narrowly in the latter part of the reporting period,
markets tended to focus more on developments
abroad, and the dollar's performance against
individual currencies varied considerably. The
dollar's decline against the mark was particularly pronounced, as the German currency benefited not only from the rise in German interest
rates but more broadly from a growing sense of
Treasury and Federal Reserve Foreign Exchange Operations
11
2. Drawings and repayments by foreign central banks1
Millions of dollars; drawings or repayments (—)
Central bank
Amount of
facility
Outstanding as
of July 31,
1989
August
September
October
Outstanding as
of October 31,
1989
Under reciprocal currency arrangements with the Federal Reserve System
700.0
700.0
0
700.0
Under special swap arrangements with the Federal Reserve System
125.0
1. Data are on a value-date basis.
84.1
84.1
0
2. Drawn as part of the $2,000 million near-term credit facility established
on September 21,1989.
confidence in Germany's economic performance and prospects. Buoyant demand, high
levels of capacity utilization, and reports of
high wage demands from German labor unions
seemed to indicate that interest rates would
remain firm and economic growth strong. The
process of reform just beginning to unfold in
Eastern Europe and the inflow of East German
immigrants were seen to promise longer-term
benefits for the West German economy, although there was considerable uncertainty
about the short run.
Against the yen, conversely, the dollar showed
a somewhat greater tendency to rise as actual
and anticipated Japanese capital outflows kept
the yen under downward pressure against most
other major currencies. Japanese investor demand for dollars, which had helped support the
dollar throughout 1989, reflected a high Japanese
domestic saving rate, ample domestic liquidity,
and a perception that domestic assets were relatively expensive. The United States was seen as
having a good long-term investment environment
and as providing sufficient opportunities to absorb a large pool of Japanese savings.
Against sterling, the dollar traded relatively
firmly throughout most of the three-month period as market participants became increasingly
concerned about the outlook for the U.K. economy. Despite the fact that high British interest
rates were raising worries about a recession,
many analysts felt that the progress in curbing
inflation and redressing external imbalances
had been too slow. Market uncertainty regarding the future direction of U.K. economic policy was compounded by the perception that the
U.K. authorities were divided on basic issues.
For the three months as a whole, the U.S.
monetary authorities sold $5,871 million. The
U.S. Treasury's Exchange Stabilization Fund
(ESF) and the Federal Reserve System participated equally in these operations. To finance a
portion of its share, the ESF "warehoused"
$3,000 million equivalent of foreign currencies
with the Federal Reserve, bringing the total of
warehoused funds to $7,000 million equivalent.
In other operations, on September 21, the
Federal Reserve System and the ESF, together
with the Bank for International Settlements
(acting for certain central banks) and the Bank
3. Drawings and repayments by foreign central banks under special swap arrangements with the U.S. Treasury1
Millions of dollars; drawings or repayments ( - )
Central bank drawing
on the U.S. Treasury
Bank of Mexico 2
Bank of Bolivia 3
Amount of
facility
Outstanding as
of July 31,
1989
August
September
October
Outstanding as
of October 31,
1989
425.0
100.0
0
100.0
...
. . .
384.1
(-100.0
1 75.0
. . .
...
. . .
384.1
. . .1
75.0}
1. Data are on a value-date basis.
2. Represents the ESF portion of $2,000 million near-term credit facility.
3. The facility, which was established on July 11, 1989, was renewed on
September 15,1989.
12 Federal Reserve Bulletin • January 1990
4. Net profits or losses ( - ) on U. S. Treasury and
Federal Reserve current foreign exchange
operations1
Millions of dollars
Period and item
May 1,1989-July
31,1989
Realized
Valuation profits and losses
on outstanding assets
and liabilities as of
July 31, 1989
August 1,1989-October
31,1989
Realized
Valuation profits and losses
on outstanding assets
and liabilities as of
October 31,1989
Federal
Reserve
.0
1,045.5
U.S. Treasury
Exchange
Stabilization
Fund
77.3
724.2 2
.0
119.6
1,366.5
870.3
1. Data are on a value-date basis.
2. This figure takes into account warehoused funds as of July 31, 1989.
Data, which were originally reported in "Treasury and Federal Reserve Foreign Exchange Operations," Federal Reserve Bank of New York, Quarterly
Review, vol. 14 (Summer 1989), table 3, p. 72, excluded valuation profit on
warehoused funds. The amount of valuation profits including warehoused
funds as of July 31,1989, was $724.2 million.
of Spain, agreed to provide a short-term credit
facility totaling $2,000 million to the Bank of
Mexico. The Federal Reserve's share in the
facility was $825 million, of which the first $700
million was to be provided under the existing
reciprocal swap line with Mexico and the remaining $125 million under a separate swap
agreement (table 2). The ESF's share was $425
million, provided under a special swap arrangement. On September 25, Mexico drew $784.1
million from the Federal Reserve's portion and
$384.1 million from the ESF's portion of the
facility (table 3).
Also during the period, Bolivia repaid in full on
September 15 its $100 million outstanding commitment on the short-term financing facility established with the ESF. Subsequently, the Treasury agreed to provide a new $100 million
facility, and on September 22, Bolivia drew $75
million (table 3).
As of the end of October, cumulative bookkeeping or valuations gains on outstanding foreign currency balances were $1,366.5 million for
the Federal Reserve and $870.3 million (the second figure includes valuation gains on warehoused funds) for the ESF (table 4). These valuation gains represent the increase in the dollar
value of outstanding currency assets valued at
end-of-period exchange rates, compared with the
rates prevailing at the time the foreign currencies
were acquired.
The Federal Reserve and the ESF regularly
invest their foreign currency balances in a variety of instruments that yield market-related
rates of return and that have a high degree of
quality and liquidity. A portion of the balances
is invested in securities issued by foreign governments. As of the end of October, holdings of
such securities by the Federal Reserve
amounted to $6,746.5 million equivalent, and
holdings by the Treasury amounted to the
equivalent of $7,475.7 million.
13
Industrial Production
Released for publication November 14
Industrial production fell 0.7 percent in October
after having been unchanged in September (revised). The October decline largely reflected a
strike in the aircraft and parts industry and some
disruptions in production, particularly in computers and related parts, resulting from the recent earthquake in California. Excluding these
effects, the total index would have been nearly
unchanged in October, continuing its recent sluggish trend. At 141.4 percent of the 1977 average,
the total index in October was 1.4 percent higher
than it was a year earlier. Manufacturing output
declined 0.8 percent, and capacity utilization in
manufacturing, at 82.8 percent, was about 1
percentage point below the September level.
Detailed data for capacity utilization are shown
Ratio scale, 1977=100
All series are seasonally adjusted. Latest series: October.
14 Federal Reserve Bulletin • January 1990
1977 = 100
Percentage change from preceding month
1989
1989
Group
Sept.
Oct.
June
July
Aug.
Sept.
Oct.
Percentage
change,
Oct. 1988
to Oct
1989
Major market groups
Total industrial production
142.4
141.4
.3
-.1
.4
.0
-.7
1.4
Products, total
Final products
Consumer goods
Durable
Nondurable
Business equipment
Defense and space
Intermediate products
Construction supplies
Materials
152.3
150.8
138.9
128.0
143.0
169.4
182.0
157.7
141.6
128.9
151.0
148.9
138.5
124.9
143.6
165.9
176.2
158.2
142.4
128.2
.5
.5
.6
-.3
.9
.3
.2
.4
.7
-.1
-.4
-.7
-.9
-2.7
-.3
-.6
.5
.4
.7
.4
.3
.5
.3
1.2
.0
.7
.2
-.2
-.8
.5
.0
-.1
-.1
-.7
.1
-.2
-.2
.4
.4
.0
-.9
-1.2
-.3
-2.4
.4
-2.1
-3.2
.3
.5
-.5
2.0
1.7
1.6
-3.4
3.3
3.5
-4.2
2.7
1.7
.6
-.2
-.3
-.1
2.1
1.2
-.8
-1.5
.1
.0
.5
1.6
.4
3.2
1.7
1.2
Major industry groups
Manufacturing
Durable
Nondurable
Mining
Utilities
148.8
147.3
150.8
104.8
114.6
.4
.2
.7
-.6
-1.2
147.6
145.1
151.0
104.9
115.2
-.1
-.4
.2
.6
-.3
.4
.6
.1
.6
-.7
NOTE. Indexes are seasonally adjusted.
separately in "Capacity Utilization," Federal
Reserve monthly statistical release G.3.
In market groups, output of consumer goods
declined 0.3 percent in October as the production
of motor vehicles, particularly light trucks, was
again curtailed, and the output of appliances fell
sharply. Auto assemblies decreased to an annual
rate of 6.7 million units from the rate of 6.8 million
units in September. Most of the 0.4 percent gain in
nondurable consumer goods resulted from a rebound in the output of consumer chemical products that had fallen sharply in September. Business equipment fell more than 2 percent in
October, reflecting the aircraft strike and the
estimated effects of the earthquake. Excluding
these special factors, business equipment would
Total industrial production—Revisions
Estimates as shown last month and current estimates
Index (1977=100)
Month
Percentage change
from previous
months
Previous
Current
Previous
Current
142.0
142.4
142.3
141.9
142.4
142.4
141.4
.0
.3
-.1
-.1
.4
.0
-.7
July
Aug
Sept
Oct
have been about unchanged; manufacturing
equipment and business vehicles remained weak,
but most other sectors posted gains.
Production of construction supplies rose in October, but has changed little, on balance, since the
beginning of the year. Output of materials fell 0.5
percent in October. Production of parts for consumer durables declined sharply again, owing to
the weakness in motor vehicles; the strike also
directly curtailed the production of aircraft parts.
Output of chemical materials was reduced for the
third successive month; some of the October
decline resulted from the explosion of a major
plant in Texas. Energy materials were about unchanged as coal production rose again, but crude
oil extraction declined.
In industry groups within manufacturing, production of durables fell 1.5 percent in October,
owing mainly to the large drop in transportation
equipment. In addition, output of primary metals,
particularly nonferrous metals, and fabricated
metal products, fell further. Among nondurables,
output of both textiles and apparel remained
weak, but paper production, which has changed
little, on average, in recent months, rose in October. Output of mining was flat in October, while
production at utilities rose 0.5 percent.
15
Announcements
FEDERAL RESERVE
FOR 1990
BANK
FEE
SCHEDULES
The Federal Reserve Board announced on November 2, 1989, the 1990 fee schedules for services provided by the Reserve Banks. The majority of the 1990 fees are the same as those
currently imposed, and they generally become
effective January 1, 1990.
The fee schedules apply to check collection,
automated clearinghouse transactions, wire
transfer of funds and net settlement, definitive
safekeeping, noncash collection, book-entry securities, and electronic connections to the Federal Reserve. The 1990 fee schedules are available from the Reserve Banks.
In 1990, total costs for priced services, including the private sector adjustment factor (PSAF),
are projected to be $750.6 million. Total revenue
is estimated at $755.9 million, resulting in a 100.7
percent recovery rate. The fees for 1990 are
based on total costs, including the PSAF but
excluding special project costs.
At the same time, the Board approved the 1990
PSAF for Reserve Bank priced services of $79.4
million, an increase of $9.7 million, or 13.9
percent, from the $69.7 million targeted for 1989.
The PSAF is an allowance for the taxes that
would have been paid and the return on capital
that would have been provided had the Federal
Reserve's priced services been furnished by a
private business firm.
ENFORCEMENT
PROCEEDINGS:
ISSUANCE OF FINAL ORDERS
The Federal Reserve Board announced on September 25, 1989, the issuance of a Consent
Cease and Desist Order and Consent Assessment of Civil Money Penalty as to the National
Bank of Greece and the National Mortgage
Bank of Greece.
The Consent Order is in settlement of enforcement proceedings instituted by the Board because of alleged unsafe and unsound practices
and alleged violations of law and regulation that
generally arose out of the receipt of deposits by
representative offices of the National Mortgage
Bank in New York and in three other states.
The National Mortgage Bank of Greece, without admitting any of the allegations in the proceeding, agreed to pay a fine of $2 million. The
National Bank of Greece, without admitting any
of the allegations in the proceeding, agreed to
pay a fine of $125,000.
The Federal Reserve Board announced on
October 31, 1989, the issuance, on October 30,
1989, of an Order of Prohibition against Bruce F.
Dailey, the former chairman of the board of
directors of the First Security Bank of Missoula,
Missoula, Montana, in settlement of an enforcement action instituted against him.
In an enforcement proceeding, the Board contended that Mr. Dailey misappropriated at least
$100,000 from the bank, while he was the chairman of its board, through the use of false loan
documents. Without admitting any allegations
made by the Board, Mr. Dailey consented to the
issuance of the Order of Prohibition. Mr. Dailey
is henceforth prohibited from participating, including serving as an officer, director, or employee, in any manner in the conduct of the
affairs of any financial institution supervised by a
federal financial institutions supervisory agency
without the approval of the appropriate federal
banking agencies.
PROPOSED
REVISIONS
TO THE STAFF
COMMENTARIES
ON REGULATIONS E AND Z
The Federal Reserve Board issued for public
comment on November 16, 1989, proposed revisions to its staff commentaries to Regulation E
16
Federal Reserve Bulletin • January 1990
(Electronic Funds Transfer) and to Regulation Z
(Truth in Lending). Comment is requested by
January 19, 1990.
PROPOSED
ACTION
The Federal Reserve Board announced on November 22, 1989, that it will seek public comment
shortly on proposed transition capital standards
for state member banks and bank holding companies through the end of 1990.
ERRATUM:
CHART IN BULLETIN
ARTICLE
In the leading article for the December 1989
Bulletin, "The Formation of Private Business
Capital: Trends, Recent Developments, and
Measurement Issues," the source note for chart
3 on page 778 was inadvertently omitted. The
source for the data in the chart is the Bureau of
Labor Statistics.
SYSTEM
MEMBERSHIP:
ADMISSION OF STATE BANKS
CHANGE IN DATABASE USED FOR
COMPILING THE STATISTICAL
APPENDIX
TO THE BULLETIN
The following state banks were admitted to membership in the Federal Reserve System during the
period September 1 to October 31, 1989:
In the December 1989 issue of the Bulletin, some
of the series in the statistical appendix, "Financial and Business Statistics" beginning on page
A3, were converted to a new database that uses
a different software package. The new software
facilitates more precise computation of weekly,
monthly, quarterly, and yearly averages. Because of the changes in averaging techniques,
some small discontinuities will occur between
current data that are stored in the new system
and previously published data that were produced by the old system. The following tables
have recently been converted to the new system:
1.33, 1.44, 1.52-1.60, 2.10, 2.12, 2.13, 3.10, 3.11,
3.15-3.20, 3.22-3.25, 3.27, 3.28, and 4.30. Other
tables had already been converted and were
announced in the April 1989 Bulletin on pages
288-89.
Illinois
Green Rock
Michigan
Fraser
Hamtramck
Minnesota
Albert Lea
Oklahoma
Lawton
Henry County Bank
State Bank of Fraser
Bank of Commerce
Security Bank Minnesota
Citizens Bank
17
Record of Policy Actions
of the Federal Open Market Committee
MEETING
HELD ON OCTOBER 3,
Domestic
Policy
1989
Directive
The information reviewed at this meeting suggested that economic activity continued to expand at a moderate pace in the third quarter and
that rates of resource utilization remained at
relatively high levels. Aggregate final demand
appeared to be well sustained by a pickup in
consumption at a time of somewhat reduced
growth in business fixed investment. At the same
time, price inflation had slowed, in large part
because of a steep drop in energy costs and a
continuing decline in prices of non-oil imports;
wage data evidenced no deviation from recent
trends.
Growth in total nonfarm payroll employment
slowed noticeably in July and August from the
pace of the second quarter. Nevertheless,
adjusted for the depressing effects of strike activity, job gains remained appreciable on balance. Hiring was brisk in construction, trade,
and services; in manufacturing industries,
though, employment levels generally held steady
or fell a bit, apart from temporary fluctuations in
the auto industry. The civilian unemployment
rate remained around 5lA percent.
Industrial production rose in August, and revisions for earlier months suggested that the expansion of production had not been as weak as
previously estimated. Much of the August gain
reflected a rebound in automobile production
after three months of decline and a pickup in coal
mining as striking coal miners returned to work.
Output of consumer goods other than autos
edged down in August with small but widespread
declines in nondurable goods. Despite a sizable
jump in operating rates for coal mining, total
industrial capacity utilization was unchanged in
August at a relatively high level. In manufac-
turing, factory utilization edged further below its
January peak, partly as a result of additional
declines in primary processing industries, such
as paper and chemicals, where utilization had
been very high.
Consumer spending rose substantially in August, following a July increase that was somewhat larger than the sluggish gains of previous
months. Much of the August pickup reflected a
surge in outlays for cars and light trucks, but
gains in spending for goods and services other
than motor vehicles also appeared to be running
somewhat above the relatively sluggish pace for
the second quarter. Housing starts in July and
August were slightly higher than their secondquarter average, and sales of new homes picked
up noticeably in July. However, building permits had shown no discernible trend in recent
months.
Recent indicators of business capital spending
suggested somewhat slower growth in the third
quarter after a substantial increase in the first half
of the year. In July and August, shipments of
nondefense capital goods excluding aircraft were
only a little above the second-quarter level, and
orders data suggested a further slowing in growth
of spending in coming months. In July, office
building remained a notable area of weakness in
nonresidential construction and partially offset
another strong rise in outlays for industrial structures. Inventory investment in manufacturing
moderated in August after a sizable increase in
July, with much of the increase in both months
occurring at aircraft firms. In July, stocks also
rose markedly at manufacturers of primary metals and of many types of machinery; the buildup
at these industries, like that at aircraft firms, was
concentrated in work-in-process. Excluding motor vehicles and aircraft, manufacturing stocks
remained at relatively low levels compared with
shipments. At the retail level, increases in inven-
18 Federal Reserve Bulletin • January 1990
tories slowed in July and imbalances with sales
remained limited.
The nominal U.S. merchandise trade deficit
recorded a further decline in July relative to
June and to the average for the second quarter
as a whole. Exports in July fell below their
strong June level and were little changed from
the second-quarter average. While most categories of exports fell, deliveries of civilian aircraft
increased sharply. Imports registered a further
decline in July, as decreases in most categories
of non-oil goods outweighed a small rise in the
value of oil imports. Economic growth in the
major foreign industrial countries slowed
sharply in the second quarter from the very
rapid rate of the first quarter, but this pattern
appeared to be due largely to special factors
rather than to a slackening of the underlying
pace of activity.
Producer prices of finished goods declined in
August for the third consecutive month, reflecting a further large drop in consumer energy
prices; for the July-August period, price increases for nonfood, non-energy finished goods
moderated from the pace of earlier months of the
year. At earlier processing stages, prices of intermediate materials other than food and energy
edged down further in August and had registered
little net change over the previous six months,
while prices of crude nonfood materials other
than energy turned up after four months of
declines. Consumer prices were unchanged in
August following a small increase in July. Sharp
reductions in energy prices and smaller increases
for food items helped damp the rise in consumer
prices in July and August, but prices for other
consumer goods also rose more slowly. Average
hourly earnings slipped a little in August after a
sizable jump in the previous month, but on a
year-over-year basis this decline did not indicate
a change in trend.
At its meeting on August 22, the Committee
adopted a directive that called for maintaining
the current degree of pressure on reserve positions and that provided for giving special weight
to potential developments that might require
some slight easing during the intermeeting period. The Committee agreed that, in furtherance
of the ultimate achievement of price stability,
primary weight in considering the need for inter-
meeting changes in reserve conditions would
continue to be given to the inflation outlook.
Slightly greater reserve restraint might, or
slightly lesser reserve restraint would, be acceptable in the intermeeting period depending on
progress toward price stability, the strength of
the business expansion, the behavior of the monetary aggregates, and developments in foreign
exchange and domestic financial markets. The
contemplated reserve conditions were expected
to be consistent with growth of M2 and M3 over
the period from June through September at annual rates of about 9 and 7 percent respectively.
Reserve conditions remained essentially unchanged over the period since the August meeting. Adjustment plus seasonal borrowing averaged about $550 million for the two full reserve
maintenance periods since the meeting, and federal funds traded mostly in the narrow range
around 9 percent that had prevailed since late
July. With federal funds rates steady and economic data released over the intermeeting period
generally in line with market expectations, other
interest rates changed little on balance over the
intermeeting period. Some softening in interest
rates took place through mid-September, owing
at least partly to a market view that an easing of
monetary policy might be in the offing given the
strengthening dollar, but when the dollar subsequently declined against other G-10 currencies,
interest rates generally rebounded. Most stock
market indexes reached record highs in early
September but partially retraced their increases
as problems emerged in the "junk bond" market
for a few prominent issuers.
In foreign exchange markets, the tradeweighted value of the dollar in terms of the other
G-10 currencies rose substantially early in the
intermeeting period; better-than-expected U.S.
job growth in August and U.S. trade data for July
outweighed the effects of a slight decline in U.S.
interest rates and some increase in rates abroad.
The dollar fell sharply after the release on September 23 of the G-7 statement that the rise of the
dollar in recent months was inconsistent with
longer-run fundamentals, and the ensuing coordinated central-bank intervention in exchange
markets. Also contributing to the slippage of the
dollar were growing market expectations of some
tightening of monetary policies abroad. On bal-
Record of Policy Actions of the Federal Open Market Committee
ance, the dollar depreciated somewhat over the
intermeeting period.
Growth of the monetary aggregates slowed in
August from their advanced July rates, which
likely had been boosted by the replenishment of
balances used to pay taxes last spring; their
slower growth evidently carried over to September. Despite its deceleration, M2 still grew fairly
briskly in August and apparently also in September, bringing its expansion thus far this year to
somewhat above the lower end of the Committee's annual range. Continued rapid growth of
the retail components of M2 reflected in part the
lagged effects of earlier declines in market interest rates. M3 increased at a substantially reduced
pace over the August-September period, and it
had expanded for the year to date at a rate
around the lower bound of the Committee's
annual range. The sluggish growth of M3 apparently was related in part to the declining needs of
savings and loan associations for managed-liability funds; undercapitalized institutions were
shrinking their balance sheets as a means of
complying with new, more stringent capital standards, and insolvent institutions were receiving
funds from the Resolution Trust Corporation
(RTC).
The staff projection prepared for this meeting
suggested that the nonfarm economy was likely
to grow over the remainder of 1989 at about the
pace estimated for the first half of the year but
that the expansion would slow in 1990. The
projection assumed that fiscal policy would remain moderately restrictive and that the contribution of foreign trade to growth would be very
limited, owing in part to the earlier appreciation
of the dollar. Consumer demand was expected to
be bolstered in the near term by continued
growth in labor income and the positive effect on
real purchasing power of the recent slowing of
price increases, but over the rest of the projection period steadily mounting slack in labor markets would exert a restraining effect on real
income and consumer demand. Declines in interest rates earlier in the year were expected to
provide some temporary stimulus to residential
construction activity over the next quarter or so.
Expansion in business capital spending was projected to moderate substantially over the projection period from the pace in the first half of the
19
year as output growth slowed, capacity pressures
eased, and profits eroded. The recent weakening
in food and energy prices pointed to a slower rise
in consumer prices for the next few quarters;
however, with margins of unutilized labor and
other production resources still low, the underlying trend in inflation was not expected to show
much improvement.
In the Committee's discussion of the economic
situation and outlook, members commented that
current indicators of business activity, including
economic conditions in different parts of the
country, presented a somewhat mixed picture.
On the whole, however, members generally
viewed the evidence as pointing to sustained
expansion over the next several quarters, though
many expected economic growth to slow somewhat from its recent pace. In assessing the
chances of a different outcome, the members did
not rule out the possibility of a slightly stronger
economic performance, but they generally felt
that the risks were tilted toward marginally
greater slowing and a few expressed concern that
a more pronounced weakening could emerge.
With regard to the outlook for inflation, many
commented that, given moderate economic
growth and a sustained period of monetary restraint, underlying inflationary pressures were
likely to ease a little over the next several quarters, but some anticipated somewhat greater
progress in reducing inflation. Concern was expressed by some, however, that wage-cost pressures might intensify. The members agreed that
progress against inflation would depend importantly on the behavior of the dollar in foreign
exchange markets; a very substantial decline in
the value of the dollar would put upward pressure on prices and make achievement of the
Committee's price stability objective correspondingly more difficult.
With regard to developments in specific sectors of the economy, members commented that a
key uncertainty in the business outlook related to
the prospects for capital expenditures. Growth in
such spending had slowed from a very high rate
in the first half of the year, and it was not clear
from the recent data whether business investment was weakening further or whether its
growth had stabilized at a reduced pace. New
orders for capital equipment had softened, but
20
Federal Reserve Bulletin • January 1990
order backlogs remained substantial and suggested continued high levels of production for
many firms. On the other hand, indications of
declining business profits together with the financial difficulties of a number of firms pointed to
more restrained investment spending. The key to
actual capital spending, of course, would be the
evolving demand for goods and services and in
that regard consumer spending, while subject to
some volatility stemming especially from purchases of motor vehicles, was likely to continue
to provide support for sustained growth. Business inventories, with some notable exceptions
such as stocks of motor vehicles, were reported
to be at acceptable levels and were not likely to
contribute to wide swings in production unless
final demands differed greatly from current expectations. The members were more uncertain
about the outlook for housing and net exports. In
the housing sector, considerable weakness had
emerged in several parts of the country, and
some members questioned whether any improvement could be expected over the next several
quarters even though interest rates had fallen
since last spring. With regard to the prospects for
foreign trade, the dollar's appreciation this year
had retarded improvement in the trade balance
and, barring a substantial real depreciation, was
expected to continue to do so for some time. It
was presumed that fiscal policy would remain
moderately restrictive, but that there would be
no dramatic turn in the federal budget deficit of
the sort that would substantially reduce demand
pressures in the domestic economy while accommodating significant improvement in the trade
deficit.
In the Committee's discussion of the outlook
for inflation, members observed that the recent
improvement largely reflected a number of special factors—such as developments in the food
and energy sectors and the appreciation of the
dollar this year—that could not be projected to
recur. Several saw only limited prospects for
further improvement over the year ahead, given
their expectations with regard to the overall
performance of the economy and related pressures on resources. Others felt that the behavior
of prices and wages might continue to be better
than had been expected. They noted that reduced
monetary growth over an extended period was
continuing to restrain inflationary pressures and
that the economy also was benefiting from ongoing cost-reducing measures induced by strong
competition in domestic and international markets. A tendency for the prices of many commodities and intermediate materials to soften, if only
marginally, also supported a relatively optimistic
outlook for inflation. Moreover, there was a
continuing pattern of restraint in labor settlements despite tight labor markets in many areas.
Reflecting demographic factors, upward pressures on wages tended to be concentrated on
entry-level jobs, while pressures in many of the
more skilled job categories appeared to have
diminished in various parts of the country. However, some members expressed concern that
faster wage increases remained a threat, especially if the economy continued to operate at
levels close to its potential.
In the Committee's discussion of monetary
policy for the intermeeting period ahead, most of
the members endorsed a proposal to maintain
unchanged conditions of reserve availability and
preferred or found acceptable a suggestion to
retain the asymmetry toward ease that was incorporated in the latest directive. While noting
that developments in the near term might alter
the economic outlook, most members felt that
prevailing conditions in the domestic economy
did not warrant a policy change in either direction at this time. The focus of policy continued to
be that of gradually reducing inflation over time
and a steady policy course seemed consistent
with that objective, at least for now.
Members also were concerned that an easing
of policy so soon after the G-7 meeting would be
misinterpreted as an attempt to use monetary
policy to force the dollar lower. While the dollar
was an important factor influencing the course of
the U.S. economy and prices, monetary policy
should not be used, in the judgment of the
Committee, to attain particular levels for the
foreign exchange value of the dollar that could
conflict with domestic policy objectives. In current circumstances, an easing might well provoke
an undesirable sharp decline in the external value
of the dollar. The members also discussed the
recent substantial intervention by G-7 and other
nations against the dollar. Some members expressed concern that if this intervention resulted
Record of Policy Actions of the Federal Open Market Committee
in a sizable depreciation of the dollar, the inflationary consequences could be viewed as inconsistent with the Committee's long-run policy of
achieving price stability.
In further discussion of an appropriate course
for monetary policy, the Committee took account of a staff analysis that suggested that, on
the assumption of unchanged conditions of reserve availability and steady interest rates, M2
growth would moderate somewhat over the balance of the year from its rapid pace in recent
months; nonetheless, growth of this aggregate
would continue to be supported to some extent
by the lagged effects of earlier declines in market
interest rates on the opportunity costs of holding
M2 balances, and on a cumulative basis M2 was
projected to rise somewhat further within the
lower half of the Committee's range for the year.
The expansion of M3 was expected to continue
to be damped, though to a reduced extent, in the
fourth quarter by further reductions in the assets
and M3 liabilities of undercapitalized thrift institutions and by RTC outlays that substituted in
part for managed liabilities in M3; by year-end,
this aggregate was projected to be a little above
the lower bound of the Committee's range. The
pickup in the growth of money and reserve
aggregates since around midyear and the projected expansion of the broad money aggregates
within the Committee's ranges for the year were
cited as welcome developments that were consistent with the Committee's overall policy objectives.
In the Committee's consideration of possible
adjustments in the degree of reserve pressure
during the intermeeting period, a majority of the
members supported a proposal to adjust operations more readily toward some easing than
toward any firming. In the view of these members, the risks to the expansion were more
heavily weighted toward a shortfall from current
expectations than toward faster growth and
greater inflationary pressures. Members who
preferred a symmetrical instruction generally
saw the risks to the economy as more evenly
balanced, and some observed that the present
dollar situation warranted extra caution before
any easing was undertaken; however, a bias
toward ease would not involve any change from
the current directive and most of these members
21
indicated that they could accept such an instruction.
It was noted in further discussion that seasonal
borrowing was likely to drop in the weeks ahead,
so that a declining total of adjustment plus seasonal borrowing would be associated with a
given degree of reserve restraint and a given
federal funds rate. It was understood that, subject to the Chairman's review, the necessary
technical reductions in borrowing objectives
would be made during the intermeeting period.
At the conclusion of the Committee's discussion, all but two of the members indicated that
they preferred or could accept a directive that
called for maintaining the current degree of
pressure on reserve positions and that provided
for giving particular weight to potential developments that might require some slight easing
during the intermeeting period. Accordingly,
slightly greater reserve restraint might be acceptable during the intermeeting period, while
some slight lessening of reserve restraint would
be acceptable, depending on progress toward
price stability, the strength of the business
expansion, the behavior of the monetary aggregates, and developments in foreign exchange
and domestic financial markets. The reserve
conditions contemplated by the Committee
were expected to be consistent with growth of
M2 and M3 at annual rates of around 6V2
percent and AVi percent respectively over the
three-month period from September to December. The intermeeting range for the federal
funds rate, which provides one mechanism for
initiating consultation of the Committee when
its boundaries are persistently exceeded, was
left unchanged at 7 to 11 percent.
At the conclusion of the meeting, the following
domestic policy directive was issued to the Federal Reserve Bank of New York:
The information reviewed at this meeting suggests
that economic activity continued to expand at a moderate pace in the third quarter. In July and August,
total nonfarm payroll employment rose appreciably
despite the depressing effect of strike activity. The
civilian unemployment rate remained around 5'A percent. Industrial production picked up in August,
mainly because of a rebound in auto assemblies and
coal mining. Consumer spending has registered larger
gains in recent months, reflecting in part a surge in
auto sales. Housing starts in July and August were
22
Federal Reserve Bulletin • January 1990
slightly above their second-quarter average. Indicators
of business capital spending suggest somewhat slower
growth in the third quarter after the substantial increase in the first half of the year. The nominal U.S.
merchandise trade deficit recorded a further decline in
July relative to June and to the average for the second
quarter as a whole. Sharp reductions in energy prices
over the summer months damped increases in consumer prices and contributed to declines in producer
prices. The latest wage data suggest no change in
prevailing trends.
Interest rates generally show small mixed changes
on balance since the Committee meeting on August 22.
In foreign exchange markets, the trade-weighted value
of the dollar in terms of the other G-10 currencies fell
after the release of the G-7 statement on September 23;
on balance, the dollar depreciated somewhat over the
intermeeting period.
M2 grew fairly briskly in August and evidently also in
September, lifting its expansion thus far this year to
somewhat above the lower end of the Committee's
annual range. M3 grew at a substantially reduced pace
in this period, as assets of thrift institutions and their
associated funding needs apparently contracted further;
for the year to date, M3 has grown at a rate around the
lower bound of the Committee's annual range.
The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability, promote growth in output on a sustainable basis,
and contribute to an improved pattern of international
transactions. In furtherance of these objectives, the
Committee at its meeting in July reaffirmed the ranges it
had established in February for growth of M2 and M3 of
3 to 7 percent and 3V2 to IVz percent, respectively,
measured from the fourth quarter of 1988 to the fourth
quarter of 1989. The monitoring range for growth of
total domestic nonfinancial debt also was maintained at
6!/2 to IOV2 percent for the year. For 1990, on a tentative
basis, the Committee agreed in July to use the same
ranges as in 1989 for growth in each of the monetary
aggregates and debt, measured from the fourth quarter
of 1989 to the fourth quarter of 1990. The behavior of
the monetary aggregates will continue to be evaluated
in the light of movements in their velocities, developments in the economy and financial markets, and progress toward price level stability.
In the implementation of policy for the immediate
future, the Committee seeks to maintain the existing
degree of pressure on reserve positions. Taking
account of progress toward price stability, the
strength of the business expansion, the behavior of
the monetary aggregates, and developments in foreign exchange and domestic financial markets,
slightly greater reserve restraint might or slightly
lesser reserve restraint would be acceptable in the
intermeeting period. The contemplated reserve conditions are expected to be consistent with growth of
M2 and M3 over the period from September through
December at annual rates of about 6V2 and AVi
percent, respectively. The Chairman may call for
Committee consultation if it appears to the Manager
for Domestic Operations that reserve conditions during the period before the next meeting are likely to be
associated with a federal funds rate persistently
outside a range of 7 to 11 percent.
Votes for this action: Messrs. Greenspan, Corrigan, Angell, Johnson, Keehn, Kelley, LaWare,
Melzer, and Syron. Votes against this action: Mr.
Guffey and Ms. Seger.
Mr. Guffey favored an unchanged policy for
the period ahead, but he dissented because he
could not support a directive that was biased
toward easing during the intermeeting period. He
remained concerned that the rate of inflation
would continue to be undesirably high.
Ms. Seger dissented because she felt that some
easing of monetary policy was desirable at this
time. In her view developments in manufacturing, notably in the motor vehicles sector,
along with potential softness in capital expenditures, housing construction, and exports signaled
a weaker overall economy. In the circumstances,
she believed that an easier monetary policy was
needed to help sustain the expansion and that
such a policy would be consistent with continuing progress in reducing the rate of inflation.
23
Legal Developments
ORDERS ISSUED UNDER BANK
COMPANY ACT
HOLDING
Orders Issued Under Section 3 of the Bank
Holding Company Act
Center Financial Corporation
Waterbury, Connecticut
Order Denying Formation of a Bank Holding
Company
Center Financial Corporation, Waterbury, Connecticut ("Center Financial"), has applied pursuant to
section 3(a)(1) of the Bank Holding Company Act
(the "BHC Act"), 12 U.S.C. § 1842(a)(1), to become
a bank holding company by acquiring all of the voting
shares of Centerbank, Waterbury, Connecticut
("Centerbank"), as well as all of the voting shares of
Burritt InterFinancial Bancorporation, New Britain,
Connecticut ("Burritt"). Both Centerbank and Burritt are state-chartered FDIC-insured savings banks
and, by virtue of these acquisitions, Center Financial
would become a savings bank holding company
pursuant to sections 2(1) and 2(m) of the BHC Act,
12 U.S.C. § 1841(1) and (m).
Notice of the application, affording interested persons an opportunity to submit comments, has been
published (54 Federal Register 11,278 (1989)). The
time for filing comments has expired, and the Board
has considered the application and all comments received in light of the factors set forth in section 3(c) of
the BHC Act.
Centerbank is the 11th largest institution among
commercial banks and savings banks in Connecticut
with deposits of $1.3 billion, representing 2.0 percent
of total deposits in such institutions in the state,
while Burritt is the 24th largest institution among
commercial banks and savings banks in the state with
deposits of $536.0 million, representing less than one
percent of total deposits in such institutions in the
state. 1 Upon consummation of this transaction, Cen-
1. Statewide deposit data are as of June 30, 1989.
ter Financial would become the ninth largest institution among commercial banks and savings banks in
Connecticut with deposits of $1.8 billion, representing 2.8 percent of total deposits in such institutions in
the state. Consummation of the proposed transaction
would not have a significantly adverse effect upon
existing or probable future competition in any other
relevant banking market. 2
In evaluating this application, the Board is required, under section 3 of the BHC Act, to consider
the financial and managerial resources of Center
Financial, Centerbank, and Burritt, and the effect of
the proposed acquisition on the future prospects of
each organization.
The Board previously has stated that a bank holding company should serve as a source of financial and
managerial strength to its subsidiary banks, and that
the Board would closely examine the condition of an
applicant and its subsidiaries in each case with this
consideration in mind. 3 The Board views with concern any proposal involving a major expenditure of
funds for expansion that could limit a bank holding
company's ability to serve as a source of strength to
its subsidiary banks. 4 Accordingly, the Board expects organizations contemplating significant expansion to be in satisfactory financial condition.
2. The only market in which Centerbank and Burritt both compete is the Hartford banking market. The Hartford banking market
is approximated by Hartford County and parts of Tolland, Middlesex, Litchfield, Windham, and N e w London Counties, all of Connecticut.
As of June 30, 1988, Centerbank is the 57th largest institution
among commercial banks and savings banks in the Hartford banking
market with deposits of $4.4 million, representing less than one
percent of total deposits held by such institutions in the market.
Burritt is the tenth largest institution among commercial banks and
savings banks in the market with deposits of $487.8 million, representing 5.6 percent of total deposits held by such institutions in the
market. Upon consummation of this transaction, Center Financial
would become the ninth largest institution among commercial banks
and savings banks in this market with deposits of $492.2 million,
representing 5.6 percent of total deposits held by such institutions in
this market. Upon consummation of this transaction, the Herfindahl-Hirschman Index for the Hartford banking market would increase by less than one point to 838.
3. See St. Croix Valley Bancshares,
Inc., 75 Federal
Reserve
Bulletin 575 (1989).
4. See Manufacturers Hanover Corporation, 71 Federal
Reserve
Bulletin 452, 453 (1984); see also First Bancorp of N.H., Inc., 66
Federal Reserve Bulletin 856 (1980).
24
Federal Reserve Bulletin • January 1990
Based upon a review of the available data concerning the financial condition of Center Financial and
Centerbank, the Board is unable to conclude that
Centerbank's current and pro forma financial condition supports approval. Center Financial proposes to
fund its acquisition of Burritt entirely with cash
obtained through a substantial dividend payment
from Centerbank. Center Financial has not projected
that any equity capital would be issued either as part
of this proposal or at any time through year-end 1990.
These demands upon the earnings of Centerbank and
upon Center Financial's resources could unduly
weaken Center Financial and limit its ability to
respond to present and prospective needs of its
proposed subsidiary banks. Recently, Centerbank's
rate of profitability has declined and is now below
those for comparably sized banks. In addition, the
performance of Centerbank's loan portfolio has been
adversely affected by the weakening of real estate
markets in its operating region and elsewhere.
Based upon the facts of record in this case, the
Board believes that the proposed acquisition would
substantially lessen the ability of Center Financial to
serve as a source of strength to Centerbank and
Burritt, and therefore is not in the public interest.
Additionally, this proposal raises concerns regarding
the future prospects of Center Financial and its subsidiaries. Accordingly, based upon all the facts of
record of this case, the Board finds that financial
considerations are not consistent with approval of this
application.
Managerial factors and convenience and needs considerations in this case do not lend sufficient weight to
warrant approval.
Based upon the foregoing and other facts of record,
the Board concludes that the banking considerations
involved in this proposal present adverse factors bearing upon the financial resources and future prospects
of Center Financial, Centerbank, and Burritt. Such
adverse factors are not outweighed by any pro-competitive effects, by significant benefits that would
better serve the convenience and needs of the community, or by other public benefits. Accordingly, it is the
Board's judgment that approval of the application
would not be in the public interest, and that the
application should be, and hereby is, denied.
By order of the Board of Governors, effective
November 27, 1989.
Voting for this action: Vice Chairman Johnson and Governors Seger, Angell, Kelley, and LaWare. Absent and not
voting: Chairman Greenspan.
JENNIFER J. JOHNSON
Associate Secretary of the Board
Deposit Guaranty Corporation
Jackson, Mississippi
Order Approving Acquisition of a Bank Holding
Company
Deposit Guaranty Corporation, Jackson, Mississippi
("DGC"), a bank holding company within the meaning of the Bank Holding Company Act (the "BHC
Act"), has applied for Board approval under section 3
of the BHC Act (12 U.S.C. § 1842) to acquire Commercial National Corporation, Shreveport, Louisiana
("CNC"), and thereby to acquire indirectly CNC's
subsidiary bank, Commercial National Bank in
Shreveport, Shreveport, Louisiana ("Bank"). 1
Notice of the application, affording interested persons an opportunity to submit comments, has been
published (54 Federal Register 35,246 (1989)). The
time for filing comments has expired, and the Board
has considered the application and all comments received in light of the factors set forth in section 3(c) of
the BHC Act.
Section 3(d) of the BHC Act, the Douglas Amendment, prohibits the Board from approving an application by a bank holding company to acquire control of
any bank located outside of the holding company's
home state,2 unless such acquisition is "specifically
authorized by the statute laws of the State in which
[the] bank is located, by language to that effect and not
merely by implication." Louisiana law permits the
acquisition of a Louisiana bank or bank holding company by a bank holding company located in any state
whose laws permit a Louisiana bank or bank holding
company to acquire a bank or bank holding company
in that state.3 The Board has determined previously
that a Mississippi bank holding company may acquire
a bank holding company in Louisiana.4 Based on the
foregoing, the Board has determined that the proposed
acquisition is specifically authorized by the statute
laws of Louisiana and that Board approval of the
proposal is not barred by the Douglas Amendment.
DGC is the largest commercial banking organization
in Mississippi, controlling approximately $2.8 billion
in deposits, representing 17.3 percent of the total
deposits in commercial banking organizations in the
1. In connection with this application, DGC proposes to form CNC
Acquisition, Inc., for the purpose of merging with CNC and thereby
indirectly acquiring Bank.
2. A bank holding company's home state is that state in which the
operations of the bank holding company's banking subsidiaries were
principally conducted on July 1, 1966, or the date on which the
company became a bank holding company, whichever is later. DGC's
home state is Mississippi.
3. La. R.S. 6:533 (A)(3).
4. Grenada Sunburst System Corporation, 74 Federal
Reserve
Bulletin 513 (1988).
Legal Developments
state.5 CNC is the fifth largest commercial banking
organization in Louisiana, controlling approximately
$885.7 million in deposits, representing 2.9 percent of
the total deposits in commercial banking organizations
in the state. Consummation of this proposal would not
have a significant adverse effect on concentration of
banking resources in either state.
DGC and CNC do not compete directly in any
banking market. Consummation of this proposal
would not have a significant adverse effect on actual or
potential competition in any relevant banking market.
In evaluating this application, the Board has considered the financial and managerial resources of DGC
and the effect on those resources of the proposed
acquisition. The Board has stated and continues to
believe that capital adequacy is an important factor in
the analysis of bank holding company expansion
proposals.6 In this regard, the Board has stated that it
expects banking organizations contemplating expansion proposals to maintain strong capital levels substantially above the minimum levels specified in the
Board's Capital Adequacy Guidelines7 without significant reliance on intangibles, in particular goodwill.
The Board carefully analyzes the effect of expansion
proposals on the preservation or achievement of
strong capital levels and has adopted a policy that
there should be no significant diminution of financial
strength below these levels for the purpose of effecting
major expansion proposals.8
DGC proposes to acquire all of the outstanding
common shares of CNC stock through an exchange of
shares and will not incur any debt as a result of this
acquisition. Although the proposal will result in a
decline in the capital ratios of DGC, DGC will remain
well capitalized, following consummation of the proposal, with capital ratios significantly above the minimum levels specified in the Board's Capital Adequacy
Guidelines. In light of DGC's financial and managerial
resources, CNC's future prospects should be materially enhanced. Accordingly, based on these and all of
the other facts of record, the Board concludes that
5. All data are as of December 31, 1988.
6. The Bank of New York Company, Inc., 74 Federal
Reserve
Bulletin 257 (1988); Chemical New York Corporation, 73 Federal
Reserve Bulletin 378 (1987); Citicorp, 72 Federal Reserve Bulletin 497
(1986); National City Corporation, 70 Federal Reserve Bulletin 743
(1984).
7. Capital Adequacy Guidelines, 50 Federal Register 16,057 (April
24, 1985).
8. Thus, for example, the Board has generally approved proposals
involving a decline in capital only where the applicants have promptly
restored their capital to preacquisition levels following consummation
of the proposals and have implemented programs of capital improvement to raise capital significantly above minimum levels. See, e.g.,
Citicorp, 72 Federal Reserve Bulletin 726 (1986); Security Pacific
Corporation, 72 Federal Reserve Bulletin 800 (1986).
25
financial and managerial considerations are consistent
with approval of this application.
In considering the convenience and needs of the
communities to be served, the Board has taken into
account the record of DGC and its bank subsidiary
under the Community Reinvestment Act ("CRA")
(12 U.S.C. § 2901 et seq.). The CRA requires that
federal financial supervisory agencies encourage financial institutions to help meet the credit needs of the
local communities in which they operate, consistent
with the safe and sound operation of such institutions.
To accomplish this end, the CRA requires the appropriate federal supervisory authority to assess the institution's record of meeting low- and moderate-income
neighborhoods, consistent with the safe and sound
operation of the institutions.9 The Board is required to
"take such record into account in its evaluation" of
applications under section 3 of the BHC Act. 10
The Board has carefully reviewed the CRA performance record of DGC's subsidiary bank in light of the
CRA and the Board's Agency CRA Statement.11 The
Agency CRA Statement provides guidance regarding
the types of policies and procedures that the supervisory agencies believe financial institutions should have
in place in order to fulfill their responsibilities under
the CRA on an ongoing basis and the procedures that
the supervisory agencies will use during the application process to review an institution's CRA compliance and performance.
Initially, the Board notes in this case that Deposit
Guaranty National Bank ("DGN Bank") received a
satisfactory CRA assessment from its primary supervisory agency in its most recent examination. In
addition, DGN Bank has in place the types of programs outlined in the Agency CRA Statement as
essential to an effective CRA program. The CRA
program implemented by DGN Bank has a community
outreach component that calls for ongoing community
contact regarding the needs of the community, including low- and moderate-income neighborhoods, and the
9. 12 U.S.C. § 2903.
10. In this regard, following the expiration of the public comment
period in this case, the Board received comments filed by the Jackson
CRA Coalition, Jackson, Mississippi ("Protestant"), alleging that
DGC has not provided an adequate analysis of the credit needs of its
community and that DGC has not provided adequate business or
mortgage loans to the low-income and minority areas of Jackson.
Under the Board's Rules of Procedure, the Board is not required to
consider comments received following the close of the public comment period. 12 C.F.R. 262.3(e). See also Statement of the Federal
Financial Supervisory Agencies Regarding the Community Reinvestment Act (March 21, 1989) ("Agency CRA Statement"). The Board,
in its discretion, may consider the substance of any comments
received regarding an application. The Board's consideration of the
CRA performance record in this case included review of the adequacy
of the banking organization's lending and outreach efforts, which were
the subject of Protestant's comments in this case.
11. 54 Federal Register
13,742 (1989).
26
Federal Reserve Bulletin • January 1990
products and services that the bank offers to meet
these needs. DGN Bank also uses specialized marketing efforts to ensure that all segments of the community are aware of its services. For example, DGN
Bank regularly uses minority-owned media to reach
minority segments of the community.
DGN Bank has established a CRA Compliance
Officer Network within its banking system. Each CRA
Officer has responsibility for a CRA Activity Report
that is made monthly and forwarded through the CRA
Regional Captain to the Community Affairs Officer in
Jackson, Mississippi. The Community Affairs Officer
briefs the DGN Bank's board of directors quarterly on
CRA matters.
DGN Bank is an active provider of home improvement loans in minority areas. DGN Bank also participates in small business lending in low- and moderateincome areas and has participated in federal programs
to increase the housing available to the elderly and
low- and moderate-income families. In addition, DGN
Bank also hired consultants to survey its communities
and to devise methods for increasing DGN Bank's
marketing and lending in low- and moderate-income
communities. DGN Bank has implemented several of
the recommendations from the survey, including increased advertising and product development to meet
the needs of minorities in DGN Bank's service area
and hosts seminars on small-business financing and
consumer finance issues. Several of the recently implemented programs are similar to the programs
sought by Protestant.
Based upon the overall CRA record of DGN Bank
and other facts of record, the Board concludes that
convenience and needs considerations, including the
record of performance under the CRA of DGC's
subsidiary bank, are consistent with approval of this
application.12
12. Protestant has requested a public meeting or hearing on the
applications to provide testimony on the issues presented by these
applications. Although section 3(b) of the BHC Act does not require a
public meeting or hearing in this instance, the Board may, in its
discretion, order a public meeting or hearing. See 12 C.F.R. 262.3(e).
In that regard, the Board's Rules of Procedure provide that a public
meeting may be held to clarify factual issues related to an application
or to provide an opportunity for interested persons to testify.
12 C.F.R. 262.25(d). In addition, under the provisions of the Board's
Regulation Y, 12 C.F.R. 225.23(g), the Board shall order a hearing
only if there are disputed issues of material fact that cannot be
resolved in some other manner.
The Board has carefully considered Protestant's requests for a
public meeting or hearing. In the Board's view, the parties have had
ample opportunity to present their arguments in writing. In light of
these facts, the Board has determined that a public meeting or hearing
is not necessary to clarify the factual record in these applications, or
otherwise warranted in this case. Accordingly, the Protestant's request for a public meeting or hearing on these applications is hereby
denied.
Based on the foregoing and other facts of record, the
Board has determined that the application should be,
and hereby is, approved.
The acquisition of CNC shall not be consummated
before the thirtieth calendar day following the effective
date of this Order, or later than three months after the
effect date of this Order, unless such period is extended for good cause by the Board or by the Federal
Reserve Bank of Atlanta, acting pursuant to delegated
authority.
By order of the Board of Governors, effective
November 27, 1989.
Voting for this action: Vice Chairman Johnson and Governors Seger, Angell, Kelley, and LaWare. Absent and not
voting: Chairman Greenspan.
J E N N I F E R J . JOHNSON
Associate Secretary of the Board
Orders Issued Under Section 4 of the Bank
Holding Company Act
J.P. Morgan & Company Incorporated
New York, New York
Order Approving Application to Act as Agent in the
Private Placement of All Types of Securities and Act
as Riskless Principal in Buying and Selling
Securities
J.P. Morgan & Company Incorporated, New York,
New York ("Morgan"), a bank holding company
within the meaning of the Bank Holding Company
Act ("BHC Act"), has applied for the Board's
approval under section 4(c)(8) of the BHC Act
(12 U.S.C. § 1843(c)(8)) and section 225.23 of the
Board's Regulation Y (12 C.F.R. 225.23), for its
subsidiary, J.P. Morgan Securities Inc., New York,
New York ("Company"), to act as agent in the
private placement of all types of securities, including
providing related advisory services, and to buy and
sell all types of securities on the order of investors as
a "riskless principal". Some of the proposed services are currently being offered by Morgan's lead
subsidiary bank.
Morgan, with consolidated assets of $99.9 billion,
is the third largest banking organization in the United
States. 1 It operates two subsidiary banks and engages directly and through subsidiaries in a broad
range of nonbanking activities, including engaging
through Company in underwriting and dealing in, to
1. Data are as of June 30, 1989.
Legal Developments
a limited extent, certain securities.2 Company is and
will continue to be a broker-dealer registered with
the Securities and Exchange Commission and subject
to the record-keeping, reporting, fiduciary standards,
and other requirements of the Securities Exchange
Act of 1934, the New York Stock Exchange and the
National Association of Securities Dealers.
Notice of the application, affording interested persons an opportunity to submit comments on the proposal, has been published (54 Federal Register 16,406
(1989)). The time for filing comments has expired, and
the Board has considered the application and all
comments received in light of the public interest
factors set forth in section 4(c)(8) of the BHC Act. The
Board received written comments opposing the application from the Securities Industry Association
("SIA"), a trade association of the investment banking industry, and the Investment Company Institute
("ICI"), a trade association of the mutual fund
industry.3
Because Company would be affiliated through common ownership with a member bank, Company may
not be "engaged principally" in underwriting or dealing in securities within the meaning of section 20 of the
Banking Act of 1933 (the "Glass-Steagall Act"). 4 In
earlier decisions, the Board has determined that Company is not "engaged principally" in section 20 activities if revenues from underwriting and dealing in
securities that banks are not authorized to underwrite
and deal in directly ("ineligible securities") do not
exceed 10 percent of Company's gross revenues.
In its recent Bankers Trust decision, the Board
determined that acting as agent in the private placement of securities and purchasing and selling securities
on the order of investors as a "riskless principal" do
2. See J.P. Morgan & Co. Incorporated,
The Chase
Manhattan
Corporation, Bankers Trust New York Corporation, Citicorp and
Security Pacific Corporation, 75 Federal Reserve Bulletin 192 (1989)
("J.P. Morgan et a/."); Citicorp, J.P. Morgan & Co.
Incorporated
and Bankers Trust New York Corporation, 11 Federal Reserve Bulletin 473 (1987), a f f d sub nom., Securities Industry Association
v.
Board of Governors of the Federal Reserve System, 839 F.2d 47 (2d
Cir. 1988), cert, denied, 108 S.Ct. 2830 (1988); and J.P. Morgan &
Co. Incorporated,
73 Federal Reserve Bulletin 875 (1987); as modified by Order Approving Modifications
to Section 20 Orders, 75
Federal Reserve Bulletin 751 (1989).
3. The comments of the ICI were received substantially after the
close of the comment period prescribed in the notice of this application and therefore are not required to be considered by the Board. In
any event, the ICI has objected to Morgan's proposal to the extent
that it could be construed to seek approval for Company to privately
place securities of investment companies that are sponsored or
advised by Company or Morgan. Morgan has not requested approval
to place such securities.
4. Section 20 of the Glass-Steagall Act (12 U . S . C . § 377) provides that " . . . no member bank shall be affiliated . . . with any . . .
organization engaged principally in the issue, flotation, underwriting, public sale, or distribution at wholesale or retail or through
syndicate participation of stocks, bonds, debentures, notes, or other
securities. . . . "
27
not constitute underwriting and dealing in securities
for purposes of section 20 of the Glass-Steagall Act,
and therefore revenue derived from these activities is
not subject to the 10 percent revenue limitation on
ineligible securities underwriting and dealing.5 Except
as described below, the methods and procedures Company will use in conducting its private placement and
riskless principal activities will be consistent with
those approved in the Bankers Trust decision.
Additionally, in that decision the Board found that,
subject to a number of prudential limitations that
address the potential for conflicts of interests, unsound
banking practices or other adverse effects, private
placement and riskless principal activities were so
closely related to banking as to be a proper incident
thereto within the meaning of section 4(c)(8) of the
BHC Act. Morgan has committed that Company will
conduct its private placement and riskless principal
activities subject to all of the prudential limitations
agreed to by Bankers Trust with the following
exceptions. 6
Specifically, Morgan has not agreed to conditions in
the prior decision that restrict 1) extensions of credit
by the bank holding company or any of its affiliates to
pay the principal amount of, or interest on, securities
placed by the section 20 subsidiary; and 2) purchases
for their own account by the parent holding company
and other nonbank affiliates of section 20 subsidiaries
of securities being placed by the section 20
subsidiary.7 These conditions were established by the
Board to ensure that the objectivity and sound judgment of banks and other affiliates of section 20 subsidiaries would not be impaired by the placement or
underwriting profit that the section 20 subsidiary
would receive for marketing the securities.
Morgan has proposed to have its affiliated banks
extend credit to an issuer whose debt securities have
5. Bankers Trust New York Corporation,
75 Federal
Reserve
Bulletin 829 (Order dated October 30, 1989) ("Bankers Trust").
6. The SIA argues that the fact that Morgan is proposing that
Company privately place all types of securities, as opposed to only
high grade commercial paper notes as had been previously approved
by the Board, is significant in assessing the applicability of the
Glass-Steagall Act prohibitions in this case. See Statement
Concerning Applicability of the Glass-Steagall
Act to the Commercial
Paper
Placement Activities of Bankers Trust Company (June 4, 1985); and
Securities Industry Association v. Board of Governors, 807 F.2d 1052
(D.C. Cir. 1986), cert, denied, 483 U.S. 1005 (1987) ("Bankers Trust
II"). The Board considered this argument in Bankers Trust and noted
that because the Board and the Bankers Trust II court clearly
recognized that commercial paper is a security for purposes of the
Glass-Steagall Act, the fact that Bankers Trust (or in this case,
Morgan) wishes to privately place all types of securities in a manner
similar to that used in the commercial paper case, would not, by itself,
change the activity into underwriting and dealing.
7. Morgan has agreed to consult with Federal Reserve staff before
transferring its private placement and riskless principal activities from
Company to any other nonbank subsidiary of Morgan to assure that
none of the firewall provisions committed to is evaded by the transfer.
28
Federal Reserve Bulletin • January 1990
been placed by the section 20 subsidiary where the
proceeds would be used to pay the principal amount of
the securities at maturity. Morgan has stated that such
transactions may be appropriate if, at the time the
securities mature, it were more advantageous to the
issuer to obtain financing from the bank rather than to
reissue the securities.
In situations where the decision to extend credit to
an issuer of securities placed by the section 20 subsidiary to repay the principal amount of the securities at
maturity is made at a different time than when the
securities are actually being placed, the likelihood that
the decision to extend credit would be influenced by
any promotional incentive associated with the placement activity would be minimized, especially in the
case of longer term securities. Since the decision
whether to extend credit in this situation would not be
made while the securities are being marketed, the
likelihood that the bank would not exercise independent judgment in assessing the creditworthiness of the
issuer in light of all relevant circumstances at the time
would be lessened. The bank's credit decisions, moreover, can be closely scrutinized through the examination process. In addition, many of these credit transactions could be subject to the requirements of section
23B of the Federal Reserve Act, which provides that
certain types of transactions between a bank and a
nonbank affiliate must be on an arms' length basis.8
While it is not entirely clear that section 23B will apply
to all of these credit transactions, the Board expects
that the standards set out in that section will nevertheless be complied with.
Accordingly, the Board believes that it is appropriate to allow banks affiliated with section 20 subsidiaries or other nonbank affiliates to extend credit to an
issuer to repay the principal amount of the securities,
provided there is some reasonable time difference
between the placement of the securities and the decision to extend credit,9 and provided the extensions of
credit meet prudent and objective standards. The
Board conditions its decision with regard to these
extensions of credit on the requirement that Morgan's
subsidiary banks or other affiliates maintain detailed
and clearly identified credit and collateral documentation so that examiners may determine that a thorough,
objective and independent analysis of the credit has
been undertaken. In addition, documentation must be
maintained to show that the participation by a bank or
thrift affiliate in the transaction has been undertaken
under circumstances and on terms and conditions
8. 12 U.S.C. § 371c-l.
9. In the Board's view, this requirement will be satisfied if at the
time the extension of credit is made, a period of at least three years has
elapsed from the time of the placement of the securities.
(including pricing, minimum borrower cash flow-todebt service or collateral requirements, or repayment
terms) that are not preferential and that fully reflect the
risks associated with the loan, as required under
section 23B of the Federal Reserve Act. The Federal
Reserve Bank of New York will closely review loan
documentation of bank affiliates to ensure that an
independent and thorough credit evaluation has been
undertaken with respect to the participation of the
bank in these credit extensions to issuers of securities
privately placed by an agent affiliated with the bank.
With respect to the affiliate purchase restriction,
Morgan has also proposed to have Company place
securities with its parent holding company or with a
nonbank subsidiary of the parent company. 10 In this
regard, the Board notes that banks that currently place
securities do place them with the parent company or
other nonbank affiliates. No particular supervisory
problem has to date arisen from such investments. In
addition, since purchases of securities will not be
made by the affiliated bank, the possibility that losses
as a result of these investments will adversely affect
the federal safety net protecting the bank is minimized.
Accordingly, the Board believes that it is appropriate to allow Company to place securities with its
parent holding company or a nonbank affiliate. The
Board recognizes that the potential for certain conflicts of interest may be increased if affiliates were to
purchase the entire issue of securities placed by the
section 20 subsidiary or a substantial portion of such
an issue. The Board therefore believes that it is
appropriate to require that affiliates of the section 20
subsidiary limit their investment, both individually and
in the aggregate, in any particular issue of securities
that are placed by the section 20 subsidiary. The Board
expects that Morgan will establish appropriate internal
policies, procedures, and limitations regarding the
amount of securities of any particular issue placed by
Company that may be purchased by Morgan and each
of its nonbanking subsidiaries, individually and in the
aggregate.11 These policies and procedures, as well as
the purchases themselves, will be reviewed by the
Federal Reserve Bank of New York.
10. Under current legal restrictions, member banks cannot generally
purchase securities privately placed by an affiliate. This is because
member banks are prohibited from acquiring any equity securities or
unmarketable debt securities, i.e., those that cannot be resold because
of SEC private placement restrictions. See 12 U.S.C. §§ 24(Seventh)
and 335.
11. This limit should be less than 50 percent of the issue being
placed. Additionally, in the development of these policies and procedures, Morgan should incorporate, with respect to placements of
securities, the limitations established by the Board in condition 12 of
its J.P. Morgan et al. Order regarding aggregate exposure of the
holding company on a consolidated basis to any single customer
whose securities are underwritten or dealt in by Company.
Legal Developments
In sum, the record shows that under the framework
established in this and prior decisions, consummation
of this proposal is not likely to result in any significant
undue concentration of resources, decreased or unfair
competition, conflicts of interest, unsound banking
practices, or other adverse effects.
Consummation of this proposal would provide
greater efficiencies and added convenience to Morgan's customers by allowing consolidation of a wider
range of services in a single entity. Accordingly, the
Board has determined that the performance of the
proposed activities by Morgan can reasonably be
expected to produce public benefits which would
outweigh adverse effects under the proper incident to
banking standard of section 4(c)(8) of the BHC Act.
Based on the above, the Board has determined to
approve Morgan's application subject to all of the
terms and conditions set forth above. The Board's
determination is subject to all of the conditions set
forth in the Board's Regulation Y, including those in
sections 225.4(d) and 225.23(b), and to the Board's
authority to require 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, and to prevent evasion of, the provisions of the BHC Act and the Board's regulations
and Orders issued thereunder.
This transaction shall not be consummated later
than three months after the effective date of this
Order, unless such period is extended for good cause
by the Board, or by the Federal Reserve Bank of New
York, pursuant to delegated authority.
By order of the Board of Governors, effective
November 22, 1989.
Voting for this action: Chairman Greenspan and Governors
Johnson, Seger, Angell, and La Ware. Absent and not voting:
Governor Kelley.
J E N N I F E R J . JOHNSON
Associate Secretary of the Board
Stichting Amro
Amsterdam, The Netherlands
Amsterdam-Rotterdam Bank N.V.
Amsterdam, The Netherlands
Order Approving Application to Engage in
Investment Advisory and Securities Brokerage
Activities and to Act as Riskless Principal in Buying
and Selling Securities
Stichting Amro and its subsidiary, Amsterdam-Rotterdam Bank N.V. ("Amro"), both of Amsterdam,
29
The Netherlands (collectively "Applicants"), foreign
banking organizations subject to the Bank Holding
Company Act ("BHC Act"), have applied for the
Board's approval under section 4(c)(8) of the BHC Act
(12 U.S.C. § 1843(c)(8)) and section 225.23 of the
Board's Regulation Y (12 C.F.R. 225.23), to acquire
42 percent of the voting shares of DBI Holdings, Inc.,
New York, New York ("DBI"), and thereby to engage in investment advisory and securities brokerage
services pursuant to sections 225.25(b)(4) and (15) of
the Board's Regulation Y (12 C.F.R. 225.25(b)(4) and
(15)); to provide investment advisory and securities
brokerage services on a combined basis ("full-service
brokerage activities");1 and to buy and sell securities
on the order of investors as "riskless principal".
Notice of the applications, affording interested persons an opportunity to submit comments, has been
duly published (54 Federal Register 40,521 and 47,271
(1989)). The time for filing comments has expired, and
the Board has considered the applications and all
comments received in light of the public interest
factors set forth in section 4(c)(8) of the BHC Act. 2
1. DBI owns Discount Brokers International, Inc., New York, New
York ("DBI-U.S."), and Discount Brokers International (U.K.) Ltd.,
London, England ("DBI-U.K."). DBI-U.K. would engage in securities brokerage services for customers outside the United States,
pursuant to section 4(c)(9) of the BHC Act and section 221.23(f)(3) of
the Board's Regulation K. Applicants have committed that DBI-U.K.
will limit its activities to those permitted for DBI's United States
subsidiaries pursuant to this Order or otherwise permitted to domestic
subsidiaries of bank holding companies under section 225.25(b) of the
Board's Regulation Y (12 C.F.R. 225.25(b)). DBI-U.S. currently
engages in securities brokerage activities. Applicant proposes to form
a new limited partnership, Henry Krieger/DBI, L.P., New York, New
York ("Krieger/DBI") that would succeed the businesses of DBIU.S. and of Henry Krieger & Co., New York, N e w York, a limited
partnership engaged in securities brokerage services. Krieger/DBI
would engage in investment advisory, securities brokerage, fullservice brokerage activities, and act as riskless principal.
2. The Board received a written comment opposing the riskless
principal portion of the application from the Securities Industry Association ("SIA"), a trade association of the investment banking industry.
The SIA argues that acting as a riskless principal is a form of dealing in
securities prohibited by section 20 of the Banking Act of 1933 (the
"Glass-Steagall Act") and that Applicants would be able to act as an
underwriter or dealer in the United States for securities underwritten or
traded by its foreign affiliates. The SIA further contends that acting as
riskless principal is not closely related to banking for purposes of the
BHC Act and that, in any event, the application should be denied under
the BHC Act because no public benefits would result from this activity.
For the reasons stated in Bankers Trust New York Corporation, 75
Federal Reserve Bulletin 829 (Order dated October 30,1989) ("Bankers
Trust") and J.P. Morgan & Company Incorporated, 76 Federal Reserve Bulletin 26 (Order dated November 22,1989), the Board finds that
the proposed riskless principal activity is not underwriting or dealing
securities within the meaning of section 20. Moreover, Applicants have
committed that DBI and its subsidiaries would not engage in riskless
principal transactions with, or on behalf of, Applicants or any of
Applicants' affiliates, including foreign affiliates that engage in securities dealing activities overseas. In addition, in these orders the Board
rejected the assertions of the SIA and determined that acting as a
riskless principal is closely related to banking under the BHC Act. As
indicated below, the Board has determined that the balance of public
interest factors that it must consider under section 4(c)(8) of the BHC
Act is favorable in this case.
30
Federal Reserve Bulletin • January 1990
Amro, with consolidated assets equivalent to approximately $83.5 billion, is the second largest banking
organization in The Netherlands.3 In the United
States, Applicants maintain a branch in New York and
representative offices in Chicago, Houston, and Los
Angeles. Accordingly, Applicants are subject to the
nonbanking restrictions of section 4 of the BHC Act as
a bank holding company pursuant to section 8 of the
International Banking Act of 1978. 12 U.S.C. § 3106.
The Board has previously determined by regulation
that the investment advisory services and securities
brokerage services that Applicants propose to conduct
through DBI are closely related to banking and permissible for bank holding companies.4 The Board has
also previously determined by Order that combined
investment advisory and securities brokerage services, and acting as riskless principal, are closely
related to banking and permissible for bank holding
companies, subject to certain limitations.5 For the
reasons stated in those Orders, the Board confirms
that engaging in full-service brokerage activities, and
acting as a riskless principal, within the limits described in the Board's Orders, are closely related to
banking for purposes of the BHC Act. Applicants
propose that DBI and its subsidiaries conduct these
activities subject to the requirements of the Board's
regulations and those previous Board Orders. In this
regard, DBI and its subsidiaries would not have an
inventory of securities. When acting as a riskless
principal, DBI and its subsidiaries would only engage
in transactions in the secondary market and not at the
order of a customer that is the issuer of the securities
to be sold, and would not hold themselves out as
making a market in the securities that they buy and sell
as riskless principal. Moreover, DBI and its subsidiaries would not engage in riskless principal transactions
with Applicants or any of Applicants' affiliates, including foreign affiliates that engage in securities dealing
activities overseas.
The Board must also find that the proposed acquisition "can reasonably be expected to produce benefits to the public . . . that outweigh the 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). Prior decisions of the Board indicate a
concern that joint ventures could potentially lead to
a matrix of relationships between co-venturers that
could break down the legally mandated separation of
3. Data are as of December 31, 1988.
4. 12 C.F.R. 225.25(b)(4) and (15).
5. See, Bank of New England Corporation, 74 Federal
Reserve
Bulletin 700 (1988) (full-service brokerage); Bankers Trust (private
placement).
banking and commerce, create the possibility of
conflicts of interest and other adverse effects that the
BHC Act was designed to prevent, or impair or give
the appearance of impairing the ability of the banking
organization to function effectively as an independent and impartial provider of credit. 6 Further, joint
ventures must be carefully analyzed for any possible
adverse effects on competition and on the financial
condition of the banking organization involved in the
proposal.
In prior cases involving joint ventures between bank
holding companies and firms generally engaged in
securities activities not authorized for bank holding
companies, the Board has relied upon a series of
commitments to address these potential adverse effects. These commitments are designed to separate the
activities of the joint venture from those of the nonbanking co-venturers. See
Amsterdam-Rotterdam
Bank, N.V., 70 Federal Reserve Bulletin 835 (1984). In
this case, Applicants have made a number of commitments to assure this separation. Under the circumstances of this case, the Board finds these commitments are sufficient to address its concerns with
potential adverse effects associated with the joint
ventures.
In applications under section 4(c)(8) of the BHC
Act, the Board considers the financial condition and
resources of the applicant and its subsidiaries, and the
effects of the proposed transaction on those resources.
In accordance with the principles of national treatment
and competitive equity, the Board has stated that it
expects a foreign bank to meet the same general
standards of financial strength as domestic bank holding companies and to be able to serve as a source of
strength to its United States banking operations.7 In
considering applications of foreign banking organizations, the Board has noted that foreign banks operate
outside the United States in accordance with different
regulatory and supervisory requirements, accounting
principles, asset quality standards, and banking practices and traditions, and that these differences have
made it difficult to compare the capital positions of
6. See, e.g., The Long-Term Credit Bank of Japan, Limited, 75
Federal Reserve Bulletin 719 (1989); and
Amsterdam-Rotterdam
Bank, N.V., 70 Federal Reserve Bulletin 835 (1984).
7. Bank of Seoul, 74 Federal Reserve Bulletin 684 (1988); The Bank
of Tokyo, Ltd., 74 Federal Reserve Bulletin 685 (1988); Toyo Trust and
Banking Co., Ltd., 74 Federal Reserve Bulletin 623 (1988); Taiyo
Kobe Bank, Ltd., 74 Federal Reserve Bulletin 621 (1988); Sumitomo
Trust & Banking Co., Ltd., 73 Federal Reserve Bulletin 749 (1987);
Ljubljanska Banka-Associated
Bank, 72 Federal Reserve Bulletin 489
(1986); The Mitsubishi Trust and Banking Corporation, 72 Federal
Reserve Bulletin 256 (1986); The Industrial Bank of Japan, Ltd., 72
Federal Reserve Bulletin 71 (1986); The Mitsubishi Bank, Limited, 70
Federal Reserve Bulletin 518 (1984). See also Policy Statement on
Supervision and Regulation of Foreign-Based Bank Holding Companies, Federal Reserve Regulatory Service H 4 - 8 3 5 (1979).
Legal Developments
domestic and foreign banks. In the past, the Board has
addressed the complex issues involved in balancing
these concerns in the context of individual applications on a case-by-case basis, making adjustments as
appropriate to an applicant's capital to reflect differences in accounting treatment and regulatory practices.
The Board recently has adopted a proposal to supplement its consideration of capital adequacy with a
risk-based system that is simultaneously being proposed by the member countries of the Basle Committee on Banking Regulations and Supervisory Practices
and the other domestic federal banking agencies.8 The
Board considers the Basle Committee proposal an
important step toward a more consistent and equitable
international norm for assessing capital adequacy.
Until that framework becomes effective, however, the
Board will continue to evaluate applications involving
foreign banking organizations on a case-by-case basis
consistent with its prior precedent.
In this case, the Board notes that the stated primary
capital ratio of Amro meets the minimum capital
guidelines for United States multinational bank holding companies. Further, Amro meets the 1990 interim
risk-based guidelines, and its core capital exceeds the
1992 minimum standard adopted by the Basle Committee. The Board also notes that the applications involve
permissible nonbanking activities that require a small
commitment of capital. In view of these and other
facts of record, the Board has determined that financial factors are consistent with approval of the applications.
Consummation of Applicants' proposal may be expected to provide increased services and convenience
to DBI's customers and gains in efficiency. Additionally, as a de novo investment adviser, Krieger/DBI
may be expected to increase competition in this activity. Accordingly, the Board has determined that performance of the proposed activities by DBI can reasonably be expected to produce benefits to the public.
For these reasons, and in reliance on the commitments offered in this case, the Board believes that the
proposal is not likely to result in decreased or unfair
competition, conflicts of interests, unsound banking
practices, undue concentration of resources, or other
adverse effects.
Based on the foregoing and other facts of record, the
Board has determined that the balance of public interest factors that it must consider under section 4(c)(8)
of the BHC Act is favorable. Accordingly, the Board
has determined that the applications should be, and
hereby are, approved. This determination is subject to
8. 54 Federal Register 4186 (1989).
31
all of the conditions set forth in the Board's Regulation
Y, including those in sections 225.4(d) and 225.23(b),
and to the Board's authority to require modification or
termination of the activities of a holding company to
assure compliance with the provisions and purposes of
the BHC Act and the Board's regulations and orders
issued thereunder, or to prevent evasion thereof.
This transaction shall not be consummated later
than three months after the effective date of this
Order, unless such period is extended for good cause
by the Board or by the Federal Reserve Bank of New
York, pursuant to delegated authority.
By order of the Board of Governors, effective
November 30, 1989.
Voting for this action: Chairman Greenspan and Governors
Johnson, Seger, Angell, Kelley, and LaWare.
WILLIAM W . WILES
Secretary of the Board
Orders Issued Under Sections 3 and 4 of the
Bank Holding Company Act
Lisco State Company
Lisco, Nebraska
Order Approving Acquisition of a Bank Holding
Company and Companies Engaged in Insurance and
Lending Activities
Lisco State Company, Lisco, Nebraska ("Lisco"), a
bank holding company within the meaning of the
Bank Holding Company Act ("BHC Act"), has
applied for the Board's approval under section
3(a)(3) of the BHC Act (12 U.S.C. § 1843(a)(3)) to
acquire 28.3 percent of the voting shares of O & F
Cattle Company, Oshkosh, Nebraska ("O & F"),
and indirectly acquire Nebraska State Bank, Oshkosh, Nebraska ("Nebraska Bank"). Lisco has also
applied for the Board's approval under section
4(c)(8) of the BHC Act (12 U.S.C. § 1843(c)(8)) to
engage, through the existing subsidiaries of O & F, in
making and servicing loans and other extensions of
credit, in the sale of credit-related insurance, and in
general insurance agency activities in communities
with a population of less than 5,000. These activities
are authorized for bank holding companies pursuant
to the Board's Regulation Y. 12 C.F.R. 225.25(b)(1),
(8)(i) and (8)(iii).
Notice of the applications, affording interested persons an opportunity to submit comments, has been
published (54 Federal Register 31,884 (1989)). The
time for filing comments has expired, and the Board
has considered the applications and all comments
32
Federal Reserve Bulletin • January 1990
received in light of the factors set forth in section 3(c)
of the BHC Act and the public interest factors set forth
in section 4(c)(8) of the BHC Act.
Lisco and O & F are among the smaller commercial
banking organizations in Nebraska, controlling together deposits of $27.5 million, representing less than
one percent of total deposits in commercial banking
organizations in the state.1 Consummation of this
proposal would not have a significantly adverse effect
on the concentration of banking resources in Nebraska.
Lisco operates one bank subsidiary, Lisco State
Bank, Lisco, Nebraska ("Lisco Bank"). Both Lisco
Bank and Nebraska Bank compete in the Garden
County banking market.2 Lisco Bank is the smallest of
three banks in the market, controlling 22.3 percent of
total deposits in commercial banking organizations in
the market. Nebraska Bank is the largest commercial
bank in the market, controlling 46.6 percent of total
deposits in commercial banking organizations in the
market. Upon consummation of this proposal, Lisco
would become the largest commercial banking organization in the market, controlling 68.9 percent of total
deposits in commercial banking organizations in the
market. The market would be considered highly concentrated, with the Herfindahl-Hirschman Index
("HHI") increasing by 2077 points to 5712.3
Although consummation of this proposal would result in the substantial reduction of existing competition
in the Garden County banking market, several factors
mitigate the potential anticompetitive effects of this
proposal. The Board has considered the fact that
Garden County is a sparsely populated area that has
experienced a steady decline in population.4 There are
three population centers in Garden County, Nebraska.
Lisco, Nebraska, which is the community in which
Lisco Bank operates its only office, is an unincorpo-
1. All banking data are as of December 31, 1988.
2. The Garden County banking market is approximated by Garden
County, Nebraska.
3. Under the revised Department of Justice Merger Guidelines
(49 Federal Register 26,823 (June 29, 1984)), any market in which the
post-merger HHI is over 1800 is considered highly concentrated, and
the Department of Justice is likely to challenge a merger that increases
the HHI by more than 50 points unless other factors indicate that the
merger will not substantially lessen competition. The Department of
Justice has informed the Board that a bank merger or acquisition is
likely to be challenged (in the absence of other factors indicating an
anticompetitive effect) if the post-merger HHI is at least 1800 and the
merger increases the HHI by at least 200 points.
The Department of Justice has informed Board staff that the
Department does not object to this acquisition on competitive
grounds.
4. Census data for 1980 indicates that Garden County has a
population of approximately 2800 and that the population declined by
3.4 percent between 1970 and 1980. U.S. Bureau of the Census,
Census of Population (1970 and 1980). The population has continued
to decline slowly since 1980. The 1989 Rand McNally
Commercial
Atlas and Marketing
Guide.
rated village with a population of less than 100. Oshkosh, Nebraska, which is the community in which
Nebraska Bank operates its only office, is 30 miles
from Lisco, Nebraska, and has a population of approximately 1100. Garden County as a whole has a population-per-bank ratio of 933, which is considerably
lower than the statewide average of 3475.5 Loans
originated in the Garden County market have declined
17 percent between 1983 and 1987, and during the
period between 1984 and 1988, deposits in the market
have grown at only a nominal rate, substantially below
the average rate of deposit growth in the state.6
In addition to the market conditions, the Board has
considered the fact that members of the same family
have owned Lisco Bank and Nebraska Bank since
1967. The father of the principal shareholders of the
two banks controlled Lisco Bank from 1924 to 1977,
when one of his sons, Thomas Olson, became the
principal shareholder of Lisco. William Olson, the
brother of Lisco's principal shareholder, also acquired
shares of Lisco Bank at that time and both brothers
have continued to own their shares of Lisco Bank
since 1977. William Olson acquired control of Nebraska Bank in 1967. The two brothers have served at
the same time on the boards of either Lisco Bank or
Nebraska Bank for 23 years, have served jointly on the
boards of several nonbanking organizations, and are
joint owners of another bank holding company outside
of the market. Moreover, Thomas Olson currently
owns 9.9 percent of O & F and has been providing
significant management assistance to Nebraska Bank.
The Board believes that the history of family ownership of Lisco Bank and Nebraska Bank, and the
business relationships between the Olson brothers
indicate that competition between Lisco Bank and
State Bank has been less than would be expected of
two completely independent organizations.
Consequently, the Board has determined that, in
view of all of the facts of record and in the particular
context of the market conditions in this case, consummation of this proposal would not have a significantly
adverse effect on competition or the concentration of
banking resources in the Garden County banking
market. Thus, competitive effects are consistent with
approval.
5. Of 64 counties in the United States with estimated populations of
2100 to 3000, two contain no banks or branches, 38 contain one bank
or branch, 16 contain two banks or branches, and only eight (including
Garden County) contain three or more banks or branches. Only 40 of
the 199 counties with a population of 4000 or less support three or
more banks or branches.
6. The rate of deposit growth in the market from year-end 1984
through year-end 1988 averaged only 2.8 percent, well below the state
average of 5.25 percent.
Legal Developments
The financial and managerial resources of Lisco,
0 & F and their respective bank subsidiaries and their
future prospects are consistent with approval. Considerations relating to convenience and needs of the
community to be served are also consistent with
approval.
Lisco has also applied, pursuant to section 4(c)(8),
to acquire indirectly the existing lending and insurance
subsidiaries of O & F. These activities are permissible
for bank holding companies under sections
225.25(b)(1),(8)(i) and (8)(iii) of the Board's Regulation
Y (12 C.F.R. 225.25(b)(1),(8)(i) and (8)(iii). Lisco does
not operate any nonbanking subsidiaries that compete
with these companies. Further, 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 interests,
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 BHC Act is
favorable and consistent with approval of this application.
and hereby are, approved. The acquisition of O & F
shall not be consummated before the thirtieth calendar
day following the effective date of this Order, or later
than three months after the effective date of this
Order, unless such period is extended for good cause
by the Board or by the Federal Reserve Bank of
Kansas City, pursuant to delegated authority. The
determinations as to O & F's nonbanking activities are
subject to all of the conditions contained in Regulation
Y, including those in sections 225.4(d) and 225.23(b)(3)
(12 C.F.R. 225.4(d) and 225.23(b)(3)), 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 BHC Act and the Board's regulations and orders
issued thereunder, or to prevent evasion thereof.
By order of the Board of Governors, effective
November 29, 1989.
Voting for this action: Chairman Greenspan and Governors
Johnson, Seger, Angell, Kelley, and LaWare.
Based on the foregoing and other facts of record, the
Board has determined that the applications should be,
APPLICATIONS
APPROVED
33
WILLIAM W . WILES
Secretary of the Board
UNDER BANK HOLDING COMPANY
ACT
By the Secretary of the Board
Recent applications have been approved by the Secretary of the Board as listed below. Copies are available upon
request to the Freedom of Information Office, Office of the Secretary, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551.
Applicant
Bank(s)
FirsTier Financial, Inc.,
Omaha, Nebraska
Huntington Bancshares Incorporated,
Columbus, Ohio
Huntington Bancshares of West
Virginia, Inc.,
Columbus, Ohio
Scottsbluff National Corporation,
Scottsbluff, Nebraska
First Banc Securities, Inc.,
Morgantown, West Virginia
Legal Developments
continued on next page.
Effective
date
November 21, 1989
November 22, 1989
34
Federal Reserve Bulletin • January 1990
By Federal Reserve Banks
Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon
request to the Reserve Banks.
Section 3
Applicant
Allegheny Bankshares
Corporation,
Lewisburg, West Virginia
American State Financial
Corporation of Delaware,
Wilmington, Delaware
Bancroft State Bancshares, Inc.,
Bancroft, Wisconsin
Bancshares of McLouth, Inc.,
McLouth, Kansas
BankersTrust of Alabama, Inc.,
Madison, Alabama
Barrow Bancshares, Inc.,
Winder, Georgia
Blue Valley Ban Corp.,
Leawood, Kansas
Buckley Bancorp, Inc.,
Buckley, Illinois
Capitol Bancorp, Ltd.,
Lansing, Michigan
Constitution Bancorp, Inc.,
Philadelphia, Pennsylvania
Constitution Bank,
Philadelphia, Pennsylvania
Crestar Financial Corporation,
Richmond, Virginia
Drummond Banking Company,
Chiefland, Florida
El Capitan Bancshares, Inc.,
Sonora, California
F & M Financial Services
Corporation,
Menomonee Falls, Wisconsin
Financial Institutions, Inc.,
Warsaw, New York
Bank(s)
Reserve
Bank
Effective
date
First National Bank in Marlinton,
Marlinton, West Virginia
Richmond
November 3, 1989
Brownfield State Bank,
Brownfield, Texas
American State Bank,
Lubbock, Texas
Liberty State Bank,
Lubbock, Texas
American State Bank of Snyder,
Snyder, Texas
Bancroft State Bank,
Bancroft, Wisconsin
The Bank of McLouth,
McLouth, Kansas
Bankers Trust of Madison,
Madison, Alabama
Barrow Bank & Trust Company,
Winder, Georgia
Bank of Blue Valley,
Overland Park, Kansas
Buckley State Bank,
Buckley, Illinois
Portage Commerce Bank,
Portage, Michigan
CB Interim State Bank,
Philadelphia, Pennsylvania
Dallas
November 13, 1989
Chicago
November 8, 1989
Kansas City
November 16, 1989
Atlanta
November 1, 1989
Atlanta
October 30, 1989
Kansas City
October 26, 1989
Chicago
November 1, 1989
Chicago
November 10, 1989
Philadelphia
November 3, 1989
The Northern Virginia Banking
Corporation,
Sterling, Virginia
Drummond Community Bank,
Chiefland, Florida
El Capitan National Bank,
Sonora, California
St. Francis State Bank,
St. Francis, Wisconsin
Richmond
November 15, 1989
Atlanta
November 16, 1989
San Francisco
November 20, 1989
Chicago
October 30, 1989
Salamanca Trust Company,
Salamanca, New York
New York
November 13, 1989
Legal Developments
35
Section 3—Continued
Applicant
Firstar Corporation,
Milwaukee, Wisconsin
Firstar Corporation of Illinois,
Milwaukee, Wisconsin
Ford Bank Group, Inc.,
Lubbock, Texas
Graymont Bancorp, Inc.,
Graymont, Illinois
The H. Pat Henson Company,
Maysville, Oklahoma
Hi-Bancorp, Inc.,
High wood, Illinois
Holly Grove Bancshares, Inc.,
Holly Grove, Arkansas
Hometown Bancshares, Inc.,
Middlebourae, West Virginia
Kansas Bank Corporation,
Liberal, Kansas
Liberty National Bancorp, Inc.,
Louisville, Kentucky
KBT Bancshares, Inc.,
Madisonville, Kentucky
Maryland Publick Banks, Inc.,
Annapolis, Maryland
North Bancorp, Inc.,
Gaylord, Michigan
Norwest Corporation,
Minneapolis, Minnesota
Peotone Bancorp, Inc.,
Peotone, Illinois
Prairie Bancorp, Inc.,
Manlius, Illinois
Bank(s)
Reserve
Bank
Effective
date
Park Forest Holdings, Inc.,
Omaha, Nebraska
Chicago
November 13, 1989
First Canyon Bancorporation,
Inc.,
Canyon, Texas
First Canyon Bancshares, Inc.,
Canyon, Texas
The First National Bank in
Canyon,
Canyon, Texas
First Borger Bancshares, Inc.,
Borger, Texas
First National Bank of Borger,
Borger, Texas
Permian Financial Corporation,
Crane, Texas
First State Bank,
Crane, Texas
State Bank of Graymont,
Graymont, Illinois
Peoples State Bank,
Blair, Oklahoma
GNP Bancorp, Inc.,
Mundelein, Illinois
Bank of Holly Grove,
Holly Grove, Arkansas
Universal Banc Corp.,
Paden City, West Virginia
Elkhart Financial Corporation,
Elkhart, Kansas
The Community Bank, Inc.,
Erlanger, Kentucky
Dallas
November 10, 1989
Chicago
October 26, 1989
Kansas City
November 6, 1989
Chicago
November 1, 1989
St. Louis
November 10, 1989
Cleveland
November 17, 1989
Kansas City
November 13, 1989
St. Louis
October 27, 1989
The Annapolis National Bank
(in organization),
Annapolis, Maryland
First National Bank of Gaylord,
Gaylord, Michigan
First Bellevue Bancshares, Co.,
Bellevue, Nebraska
Rock River Bancorporation,
Oregon, Illinois
The First National Bank of
Manlius,
Manlius, Illinois
Richmond
November 17, 1989
Chicago
November 14, 1989
Minneapolis
October 27, 1989
Chicago
November 8, 1989
Chicago
November 8, 1989
36 Federal Reserve Bulletin • January 1990
Section 3—Continued
Applicant
Primo Financial Services, Inc.,
Apple Valley, Minnesota
Southern Crescent Financial
Corp.,
Jonesboro, Georgia
Southside Bancshares Corp.,
St. Louis, Missouri
Synovus Financial Corp.,
Columbus, Georgia
TB&C Bancshares, Inc.,
Columbus, Georgia
The Union of Arkansas
Corporation,
Little Rock, Arkansas
United Bank Corporation of
New York,
Downsville, New York
Valley Capital Corporation,
Las Vegas, Nevada
Village Financial Services, Ltd.,
Port Chester, New York
Weld State Company,
Fort Lupton, Colorado
WRZ Bankshares, Inc.,
Plainview, Minnesota
Bank(s)
Reserve
Bank
Effective
date
State Bank of Hampton,
Hampton, Minnesota
Clayton National Bank,
Morrow, Georgia
Minneapolis
November 16, 1989
Atlanta
November 3, 1989
Farmers and Merchants Bank of
Berger,
Berger, Missouri
Bank of Pensacola,
Pensacola, Florida
St. Louis
November 6, 1989
Atlanta
November 9, 1989
Financial Properties, Inc.,
Jacksonville, Arkansas
St. Louis
November 2, 1989
The First National Bank of
Lisbon,
Lisbon, New York
First Business Bank of Arizona,
Phoenix, Arizona
Village Savings Bank,
Port Chester, New York
The First National Bank of
Windsor,
Windsor, Colorado
Peoples State Bank,
Plainview, Minnesota
New York
October 27, 1989
San Francisco
October 31, 1989
New York
November 3, 1989
Kansas City
November 9, 1989
Minneapolis
November 3, 1989
Section 4
Applicant
Ace Gas Inc.,
Deshler, Nebraska
Elmwood Bancshares, Inc.,
Elm wood, Illinois
First Busey Corporation,
Urbana, Illinois
First of America Bank
Corporation,
Kalamazoo, Michigan
First State Bancorp, Inc.,
Harwood Heights, Illinois
Nonbanking
Activity/Company
Reserve
Bank
Effective
date
Gibbon Exchange Company,
Gibbon, Nebraska
Warren E. Stenwall d/b/a
Stenwall Insurance Agency,
Elmwood, Illinois
MRCG, Inc. d/b/a The Marcom
Group,
Champaign, Illinois
The Security First Corporation,
Peoria, Illinois
Kansas City
October 25, 1989
Chicago
November 14, 1989
Chicago
November 22, 1989
Chicago
October 27, 1989
American Mortgage and Real
Estate Services, Inc.,
Chicago, Illinois
Chicago
November 20, 1989
Legal Developments
37
Section 4—Continued
Nonbanking
Activity/Company
Applicant
The Hongkong and Shanghai
Banking Corporation Limited,
Hong Kong, B.C.C.
Kellett N.V.,
Curacao, Netherlands Antilles
HSBC Holdings B.V.,
Amsterdam, the Netherlands
Liberty National Bancorp, Inc.,
Louisville, Kentucky
MNC Financial, Inc.,
Baltimore, Maryland
Oesterreichische Laenderbank
Aktiengesellschaft,
Vienna, Austria
Security Pacific Corporation,
Los Angeles, California
APPLICATIONS
APPROVED
Reserve
Bank
Effective
date
Marine Midland Banks, Inc.,
Buffalo, New York
New York
November 14, 1989
Banker's Investment Group,
Inc.,
Louisville, Kentucky
ABTS, Inc.,
Rock Hill, South Carolina
LB Credit Corporation,
San Francisco, California
St. Louis
November 9, 1989
Richmond
October 27, 1989
New York
November 8, 1989
San Francisco
November 14, 1989
Sumisei Secpac Investment
Advisors, Inc.,
Los Angeles, California
UNDER BANK MERGER
ACT
By Federal Reserve Banks
Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon
request to the Reserve Banks.
Applicant
American Bank of St. Louis,
St. Louis, Missouri
CivicBank of Commerce,
Oakland, California
First of America Bank-Northern
Michigan,
Cheboygan, Michigan
Liberty Bank-Oakland,
Troy, Michigan
Villa Grove State Bank,
Villa Grove, Illinois
Bank(s)
American Bank of St. Louis
County,
Chesterfield, Missouri
Meridian National Bank,
Concord, California
Antrim County State Bank,
Mancelona, Michigan
Liberty State Bank & Trust,
Hamtramck, Michigan
The First National Bank of Villa
Grove,
Villa Grove, Illinois
Reserve
Bank
Effective
date
St. Louis
October 31, 1989
San Francisco
November 9, 1989
Chicago
November 14, 1989
Chicago
November 8, 1989
Chicago
November 10, 1989
38
Federal Reserve Bulletin • January 1990
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.
Executive National Bank v. Board of Governors, Nos.
89-4831, 89-4852 (5th Cir., filed November 6,
1989). Petition for declaratory judgment that a
bank holding company application to the Board
was deemed approved by operation of law pursuant to the Board's 91-day rule. Dismissed on
November 16, 1989.
Consumers Union of U.S., Inc. v. Board of Governors, No. 89-3008 (D.D.C., filed November 1,
1989). Challenge to various aspects of Regulation Z
implementing the Home Equity Loan Consumer
Protection Act.
Board of Governors v. Consolidated Bancorp, No.
W-89-CA251 (W.D. Tex., filed September 8, 1989);
Consolidated Bancorp v. Board of Governors, No.
AP-89-6081 (Bankr. W.D. Tex., filed September 15,
1989). Actions to enforce, and to enjoin, administrative subpoena against bank holding company. Stipulations of dismissal filed November 27, 1989.
First Savings Bank v. Federal Reserve System, et al.,
No. 89-4117 (D.S.D., filed August 31, 1989). Complaint seeking injunction against Board order approving branch application. Dismissed November
21, 1989.
Synovus Financial Corp. v. Board of Governors, No.
89-1394 (D.C. Cir., filed June 21, 1989). Petition for
review of Board order permitting relocation of a
bank holding company's national bank subsidiary
from Alabama to Georgia.
MCorp v. Board of Governors, No. 89-2816 (5th Cir.,
filed May 2, 1989). Appeal of preliminary injunction
against the Board enjoining pending and future
enforcement actions against bank holding company
now in bankruptcy. Awaiting decision.
Independent Insurance Agents of America v. Board of
Governors, No. 89-4030 (2d Cir., filed March 9,
1989). Petition for review of Board order ruling that
the non-banking restrictions of section 4 of the Bank
Holding Company Act apply only to non-bank subsidiaries of bank holding companies. Petition for
review denied November 29, 1989.
Securities Industry Association v. Board of Governors, No. 89-1127 (D.C. Cir., filed February 16,
1989). Petition for review of Board order permitting
five bank holding companies to engage to a limited
extent in additional securities underwriting and dealing activities.
American Land Title Assoc. v. Board of Governors,
No. 88-1872 (D.C. Cir., filed December 16, 1988).
Petition for review of Board order ruling that exemption G from the section 4(c)(8) prohibition on
insurance activities, which grandfathers insurance
agency activities by bank holding companies that
conducted insurance agency activities before January 1, 1971, does not limit those grandfathered
activities to the specific ones undertaken at that
time. Awaiting decision.
MCorp v. Board of Governors, No. CA3-88-2693
(N.D. Tex., filed October 10, 1988). Application for
injunction to set aside temporary cease and desist
orders. Stayed pending outcome of MCorp v. Board
of Governors in Fifth Circuit.
White v. Board of Governors, No. CU-S-88-623-RDF
(D. Nev., filed July 29, 1988). Age discrimination
complaint.
Baugh v. Board of Governors, No. C88-3037 (N.D.
Iowa, filed April 8, 1988). Third party complaint
alleging breach of duty under Federal Reserve Act.
Dismissed July 3, 1989.
Bonilla v. Board of Governors, No. 88-1464 (7th Cir.,
filed March 11, 1988). Petition for review of Board
order of removal. Dismissed November 14, 1989.
Cohen v. Board of Governors, No. 88-1061 (D.N.J.,
filed March 7, 1988). Action seeking disclosure of
documents under the Freedom of Information Act.
Chase Manhattan Corp. v. Board of Governors, No.
87-1333 (D.C. Cir., filed July 20, 1987). Petition to
review order conditionally approving application for
bank holding company to underwrite and deal in
mortgage-related securities to a limited extent.
Stayed by stipulation pending expiration of moratorium or Board reconsideration.
Lewis v. Board of Governors, Nos. 87-3455, 87-3545
(11th Cir., filed June 25, August 3, 1987). Petition for
review of Board orders approving applications of
non-Florida bank holding companies to expand activities of Florida trust company subsidiaries. Matter
stayed pending Supreme Court review of Continental
Illinois Corp. v. Lewis, 827 F.2d 1517 (11th Cir.
1987).
A1
Financial and Business Statistics
NOTE. The following tables may have some
discontinuities in historical data for some series
beginning with the December 1989 issue: 1.12,
1.33, 1.44, 1.52, 1.57-1.60, 2.10, 2.12, 2.13, 3.10,
3.11, 3.15-3.20, 3.22-3.25, 3.27, 3.28, and 4.30.
For a more detailed explanation of the changes,
see the announcement on page 16 of the January
1990 Bulletin.
CONTENTS
COMMERCIAL BANKING INSTITUTIONS
Domestic
Financial
Statistics
MONEY STOCK AND BANK CREDIT
A3 Reserves, money stock, liquid assets, and debt
measures
A4 Reserves of depository institutions, Reserve
Bank credit
A5 Reserves and borrowings—Depository
institutions
A6 Selected borrowings in immediately available
funds—Large member banks
POLICY INSTRUMENTS
A7 Federal Reserve Bank interest rates
A8 Reserve requirements of depository institutions
A9 Federal Reserve open market transactions
A17 Major nondeposit funds
A18 Assets and liabilities, last-Wednesday-of-month
series
WEEKLY REPORTING COMMERCIAL BANKS
A19
A20
A21
A22
Assets and liabilities
All reporting banks
Banks in New York City
Branches and agencies of foreign banks
Gross demand deposits—individuals,
partnerships, and corporations
FINANCIAL MARKETS
A23 Commercial paper and bankers dollar
acceptances outstanding
A23 Prime rate charged by banks on short-term
business loans
A24 Interest rates—money and capital markets
A25 Stock market—Selected statistics
A26 Selected financial institutions—Selected assets
and liabilities
FEDERAL RESERVE BANKS
FEDERAL FINANCE
A10 Condition and Federal Reserve note statements
A l l Maturity distribution of loan and security
holdings
MONETARY AND CREDIT AGGREGATES
A12 Aggregate reserves of depository institutions
and monetary base
A13 Money stock, liquid assets, and debt measures
A15 Bank debits and deposit turnover
A16 Loans and securities—All commercial banks
A28
A29
A30
A30
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
A31 U.S. government securities
dealers—Transactions
A32 U.S. government securities dealers—Positions
and financing
A3 3 Federal and federally sponsored credit
agencies—Debt outstanding
43
Federal Reserve Bulletin • January 1990
A56 U.S. reserve assets
SECURITIES MARKETS AND
CORPORATE FINANCE
A34 New security issues—State and local
governments and corporations
A35 Open-end investment companies—Net sales
and asset position
A35 Corporate profits and their distribution
A35 Total nonfarm business expenditures on new
plant and equipment
A36 Domestic finance companies—Assets and
liabilities and business credit
A56 Foreign official assets held at Federal Reserve
Banks
A57 Foreign branches of U.S. banks—Balance
sheet data
A59 Selected U.S. liabilities to foreign official
institutions
REPORTED BY BANKS IN THE UNITED STATES
A59 Liabilities to and claims on foreigners
A60 Liabilities to foreigners
REAL ESTATE
A37 Mortgage markets
A38 Mortgage debt outstanding
CONSUMER INSTALLMENT CREDIT
A39 Total outstanding and net change
A40 Terms
A41 Funds raised in U.S. credit markets
A43 Direct and indirect sources of funds to credit
markets
A44 Summary of credit market debt outstanding
A45 Summary of credit market claims, by holder
Nonfinancial
Statistics
SELECTED MEASURES
A46 Nonfinancial business activity—Selected
measures
A47 Labor force, employment, and unemployment
A48 Output, capacity, and capacity utilization
A49 Industrial production—Indexes and gross value
A51 Housing and construction
A52 Consumer and producer prices
A53 Gross national product and income
A54 Personal income and saving
International
Statistics
SUMMARY STATISTICS
A55 U.S. international transactions—Summary
A56 U.S. foreign trade
A63 Banks' own and domestic customers' claims on
foreigners
A63 Banks' own claims on unaffiliated foreigners
A64 Claims on foreign countries—Combined
domestic offices and foreign branches
REPORTED BY NONBANKING BUSINESS
ENTERPRISES IN THE UNITED STATES
FLOW OF FUNDS
Domestic
A62 Banks' own claims on foreigners
A65 Liabilities to unaffiliated foreigners
A66 Claims on unaffiliated foreigners
SECURITIES HOLDINGS AND TRANSACTIONS
A67 Foreign transactions in securities
A68 Marketable U.S. Treasury bonds and
notes—Foreign transactions
INTEREST AND EXCHANGE RATES
A69 Discount rates of foreign central banks
A69 Foreign short-term interest rates
A70 Foreign exchange rates
A71 Guide to Tabular
Presentation,
Statistical Releases, and Special
Tables
SPECIAL TABLE
All
Assets and liabilities of commercial banks,
June 30, 1989
Money Stock and Bank Credit
A3
1.10 RESERVES, MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Annual rates of change, seasonally adjusted in percent 1
1988
1989
1989
Monetary and credit aggregates
July r
Aug/
Sept/
.3
.1
8.3
3.0
-8.0
-5.5
-3.4
3.1
7.2
6.0
24.2
4.0
1.1
2.8
1.5
1.3
9.6
8.6
9.3
7.4
8.1
6.5
11.0
2.8
-5.6
1.2
2.9
4.7
7.6
1.5
7.3
4.6
4.9
7.5
-4.7 r
6.2
5.7
3.3
6.5
10.7
11.4
8.7
8.7
6.5
.5
7.4
2.0
4.9
9.5
5.6
7.4
1.0
2.9
8.4
10.1
7.7
4.5
n.a.
n.a.
2.6
10.6
3.5
9.2
9.3
-4.9
9.8
4.0
11.7
-.6
9.7
-17.0
8.1
-22.2
7.0
-7.6
4.0
18.0
13.0
-3.7
22.5
18.1
-14.2
29.0
17.7
-.2
10.4
1.9
-6.6
12.0
1.8
3.3
7.2
3.9
7.3
7.5
-2.1
7.9
4.6
-3.5
5.6
13.1
6.4
-2.5
6.6
8.0
-7.7
4.3
1.2
-19.0
14.0'
5.9
-6.7
9.8
-9.6
-9.1 r
15.5
1.9
-5.4
9.2
-8.3
-1.8
5.2
-22.5
4.0
-2.9
-29.4
3.4
-11.9
-34.3
7.6
9.2
7.7
8.6
6.9
7.8
5.4
8.1
4.3
7.2
.1
8.4
11.0
9.0
12.8
7.0
Q1
Q2
-.8
-1.5
5.3
4.8
-4.2
-4.4
.0
4.6
-8.7
-7.6
-10.2
1.5
2.3
3.6
4.8
5.5
8.9
-.4
1.8
3.7
5.0
8.4
4.1
9.3
Q3r
Oct.
institutions2
1
2
3
4
Reserves of depository
Total
Required
Nonborrowed
Monetary base 3
5
6
7
8
9
Concepts of money, liquid assets, and debt4
Ml
M2
M3
L
Debt
Nontransaction
10 In M2
11 In M3 only6
June
Q4
components
Time and savings deposits
Commercial banks
Savings
Small-denomination time
Large-denomination time 9 ' 10
Thrift institutions
15 Savings
16 Small-denomination time
17 Large-denomination time9
12
13
14
Debt components4
18 Federal
19 Nonfederal
1. Unless otherwise noted, rates of change are calculated from average
amounts outstanding in preceding month or quarter.
2. Figures incorporate adjustments for discontinuities associated with the
implementation of the Monetary Control Act and other regulatory changes to
reserve requirements. To adjust for discontinuities due to changes in reserve
requirements on reservable nondeposit liabilities, the sum of such required
reserves is subtracted from the actual series. Similarly, in adjusting for discontinuities in the monetary base, required clearing balances and adjustments to
compensate for float also are subtracted from the actual series.
3. The monetary base not adjusted for discontinuities consists of total
reserves plus required clearing balances and adjustments to compensate for float
at Federal Reserve Banks plus the currency component of the money stock less
the amount of vault cash holdings of thrift institutions that is included in the
currency component of the money stock plus, for institutions not having required
reserve balances, the excess of current vault cash over the amount applied to
satisfy current reserve requirements. After the introduction of contemporaneous
reserve requirements (CRR), currency and vault cash figures are measured over
the weekly computation period ending Monday.
Before CRR, all components of the monetary base other than excess reserves
are seasonally adjusted as a whole, rather than by component, and excess
reserves are added on a not seasonally adjusted basis. After CRR, the seasonally
adjusted series consists of seasonally adjusted total reserves, which include
excess reserves on a not seasonally adjusted basis, plus the seasonally adjusted
currency component of the money stock plus the remaining items seasonally
adjusted as a whole.
4. Composition of the money stock measures and debt is as follows:
Ml: (1) currency outside the Treasury, Federal Reserve Banks, and the vaults
of depository institutions; (2) travelers checks of nonbank issuers; (3) demand
deposits at all commercial banks other than those due to depository institutions,
the U.S. government, and foreign banks and official institutions less cash items in
the process of collection and Federal Reserve float; and (4) other checkable
deposits (OCD) consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union
share draft accounts, and demand deposits at thrift institutions.
M2: Ml plus overnight (and continuing contract) repurchase agreements (RPs)
issued by all commercial banks and overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks worldwide, Money Market Deposit Accounts
(MMDAs), savings and small-denomination time deposits (time deposits—including retail RPs—in amounts of less than $100,000), and balances in both taxable and
tax-exempt general purpose and broker-dealer money market mutual funds.
Excludes individual retirement accounts (IRA) and Keogh balances at depository
n.a.
n.a.
institutions and money market funds. Also excludes all balances held by U.S.
commercial banks, money market funds (general purpose and broker-dealer),
foreign governments and commercial banks, and the U.S. government.
M3: M2 plus large-denomination time deposits and term RP liabilities (in
amounts of $100,000 or more) issued by commercial banks and thrift institutions,
term Eurodollars held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada, and
balances in both taxable and tax-exempt, institution-only money market mutual
funds. Excludes amounts held by depository institutions, the U.S. government,
money market funds, and foreign banks and official institutions. Also subtracted
is the estimated amount of overnight RPs and Eurodollars held by institution-only
money market mutual funds.
L: M3 plus the nonbank public holdings of U.S. savings bonds, short-term
Treasury securities, commercial paper and bankers acceptances, net of money
market mutual fund holdings of these assets.
Debt: Debt of domestic nonfinancial sectors consists of outstanding credit
market debt of the U.S. government, state and local governments, and private
nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit (including bank loans), other bank loans, commercial paper, bankers
acceptances, and other debt instruments. The source of data on domestic
nonfinancial debt is the Federal Reserve Board's flow of funds accounts. Debt
data are based on monthly averages. Growth rates for debt reflect adjustments for
discontinuities over time in the levels of debt presented in other tables.
5. Sum of overnight RPs and Eurodollars, money market fund balances
(general purpose and broker-dealer), MMDAs, and savings and small time
deposits less the estimated amount of demand deposits and vault cash held by
thrift institutions to service their time and savings deposit liabilities.
6. Sum of large time deposits, term RPs, and Eurodollars of U.S. residents,
money market fund balances (institution-only), less a consolidation adjustment
that represents the estimated amount of overnight RPs and Eurodollars held by
institution-only money market mutual funds.
7. Excludes MMDAs.
8. Small-denomination time deposits—including retail RPs—are those issued
in amounts of less than $100,000. All IRA and Keogh accounts at commercial
banks and thrifts are subtracted from small time deposits.
9. Large-denomination tjme deposits are those issued in amounts of $100,000
or more, excluding those booked at international banking facilities.
10. Large-denomination time deposits at commercial banks less those held by
money market mutual funds, depository institutions, and foreign banks and
official institutions.
A10 Domestic Financial Statistics • January 1990
1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT
M i l l i o n s o f dollars
Monthly averages of
daily figures
Weekly averages of daily figures for week ending
1989
1989
Factors
Aug.
Sept.
Oct.
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
259,232
261,299
260,634
259,729
261,949
263,247
264,774
260,753
261,148
258,069
218,753
218,753
0
6,609
6,609
0
0
685
568
32,619
11,066
8,518
19,318
219,475
219,018
457
6,762
6,562
200
0
636
879
33,546
11,066
8,518
19,391
215,920
215,920
0
6,546
6,546
0
0
608
734
36,825
11,064
8,518
19,462
219,051
219,051
0
6,555
6,555
0
0
480
592
33,049
11,066
8,518
19,354
219,444
218,362
1,082
6,810
6,555
255
0
746
1,007
33,940
11,066
8,518
19,372
219,798
219,099
699
7,014
6,555
459
0
818
1,118
34,498
11,065
8,518
19,386
221,348
221,168
180
6,698
6,555
143
0
978
532
35,219
11,065
8,518
19,400
216,847
216,847
0
6,555
6,555
0
0
818
550
35,982
11,064
8,518
19,414
216,270
216,270
0
6,555
6,555
0
0
488
898
36,936
11,063
8,518
19,446
212,859
212,859
0
6,542
6,542
0
249,102
429
248,937
431
249,190
439
250,214
424
248,808
435
247,601
436
247,882
440
249,530
436
249,802
439
249,244
439
5,437
250
7,679
257
6,111
245
4,549
270
6,486
243
12,316
236
10,691
312
5,103
241
6,154
260
5,389
221
1,889
314
1,846
351
1,866
327
1,769
272
1,914
419
1,835
412
1,940
310
2,045
257
1,815
247
1,817
332
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
2
U.S. government securities 1
3
Bought outright
4
Held under repurchase agreements
5
Federal agency obligations
6
Bought outright
7
Held under repurchase agreements
8
Acceptances
9
Loans
10
Float
11
Other Federal Reserve assets
12 Gold stock 2
13 Special drawing rights certificate a c c o u n t . . .
14 Treasury currency outstanding
376
873
37,420
11,063
8,518
19,467
ABSORBING RESERVE FUNDS
15 Currency in circulation
16 Treasury cash holdings 2
Deposits, other than reserve balances, with
Federal Reserve Banks
17
Treasury
18
Foreign
19
Service-related balances and
adjustments
20
Other
21 Other Federal Reserve liabilities and
capital
22 Reserve balances with Federal
Reserve Banks 3
7,948
7,572
8,091
7,378
7,619
7,743
8,654
8,591
7,825
7,654
32,765
33,201
33,410
33,793
34,980
31,637
33,527
33,546
33,634
32,022
End-of-month figures
Wednesday figures
1989
1989
Aug.
Sept.
Oct.
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
23 Reserve Bank credit
256,914
264,137
264,717
260,727
272,423
263,276
266,279
262,185
265,872
257,290
24
U.S. government securities 1
25
Bought outright
26
Held under repurchase agreements
27
Federal agency obligations
28
Bought outright
29
Held under repurchase agreements
30
Acceptances
31
Loans
32
Float
33
Other Federal Reserve assets
34 Gold stock 2
35 Special drawing rights certificate a c c o u n t . . .
36 Treasury currency outstanding
217,409
217,409
0
6,609
6,609
0
0
541
634
31,722
11,066
8,518
19,344
221,051
221,051
0
6,555
6,555
0
0
598
501
35,433
11,065
8,518
19,425
218,176
218,176
0
6,525
6,525
0
0
270
1,471
38,275
11,062
8,518
19,494
219,188
219,188
0
6,555
6,555
0
0
483
723
33,778
11,066
8,518
19,354
226,447
218,876
7,571
8,340
6,555
1,785
0
962
1,807
34,866
11,065
8,518
19,372
220,565
219,058
1,507
7,613
6,555
1,058
0
585
804
33,708
11,065
8,518
19,386
220,283
220,283
0
6,555
6,555
0
0
3,485
234
35,722
11,065
8,518
19,400
215,035
215,035
0
6,555
6,555
0
0
476
2,102
38,018
11,064
8,518
19,414
218,961
218,961
0
6,555
6,555
0
0
402
2,218
37,736
11,063
8,518
19,446
211,871
211,871
0
6,525
6,525
0
0
397
622
37,876
11,063
8,518
19,467
249,245
420
247,581
440
249,025
444
249,832
424
248,239
435
247,644
440
248,597
435
250,053
439
249,600
438
248,954
442
6,652
265
13,452
326
13,124
252
5,458
187
11,476
192
9,768
335
4,728
322
4,558
305
6,138
217
5,827
214
1,611
273
1,630
318
1,623
292
1,602
265
1,602
299
1,630
376
1,630
278
1,625
217
1,625
277
1,623
810
7,063
8,776
8,303
7,488
7,636
7,659
8,537
7,695
7,612
7,450
30,313
30,623
30,728
34,409
41,499
34,392
40,735
36,289
38,993
31,019
SUPPLYING RESERVE FUNDS
ABSORBING RESERVE FUNDS
37 Currency in circulation
38 Treasury cash holdings
Deposits, other than reserve balances, with
Federal Reserve Banks
39
Treasury
40
Foreign
41
Service-related balances and
adjustments
42
Other
43 Other Federal Reserve liabilities and
capital
44 Reserve balances with Federal
Reserve Banks 3
1. Includes securities loaned—fully guaranteed by U.S. government securities
pledged with Federal Reserve Banks—and excludes any securities sold and
scheduled to be bought back under matched sale-purchase transactions.
2. Revised for periods between October 1986 and April 1987. At times during
this interval, outstanding gold certificates were inadvertently in excess of the gold
stock. Revised data not included in this table are available from the Division of
Research and Statistics, Banking Section.
3. Excludes required clearing balances and adjustments to compensate for
float.
NOTE. For amounts of currency and coin held as reserves, see table 1.12.
Components may not add to totals because of rounding.
Money Stock and Bank Credit
1.12 RESERVES AND BORROWINGS
A5
Depository Institutions1
Millions of dollars
Monthly averages 9
Reserve classification
1
2
3
4
5
6
7
8
9
10
Reserve balances with Reserve Banks 2
Total vault cash
Vault4
Surplus
Total reserves
Required reserves
i
Excess reserve balances at Reserve Banks
Total borrowings at Reserve Banks
Seasonal borrowings at Reserve Banks
Extended credit at Reserve Banks
1986
1987
1988
Dec.
Dec.
Dec.
Apr.
May
June
July
Aug.
Sept/
Oct.
37,360
24,077
22,199
1,878
59,560
58,191
1,369
827
38
303
37,673
26,185
24,449
1,736
62,123
61,094
1,029
777
93
483
37,830
27,197
25,909
1,288
63,739
62,699
1,040
1,716
130
1,244
35,832
26,746
25,456
1,290
61,288
60,511
776
2,289
213
1,707
33,199
27,166
25,712
1,454
58,911
57,881
1,031
1,720
345
1,197
33,852
27,151
25,735
1,416
59,587
58,681
905
1,490
431
917
33,902
27,851
26,351
1,500
60,254
59,288
966
694
497
106
32,823
28,358
26,735
1,622
59,559
58,674
885
675
490
41
33,556
28,085
26,570
1,515
60,126
59,188
938
693
452
22
33,123
28,900
27,274
1,626
60,397
59,377
1,020
555
330
21
1989
Biweekly averages of daily figures for weeks ending
1989
11
12
13
14
15
16
17
18
19
20
Reserve balances with Reserve Banks2 . . . .
Total vault cash 3
Vault4 . j
Surplus 5 ....
Total reserves
Required reserves
i
Excess reserve balances at Reserve Banks
Total borrowings at Reserve Banks
Seasonal borrowings at Reserve Banks ..
Extended credit at Reserve Banks
July 12
July 26
Aug. 9
Aug. 23
Sept. 6
Sept. 20
Oct. 4 r
Oct. 18r
Nov. 1
Nov. 15
34,866
27,607
26,191
1,416
61,057
60,067
990
717
483
146
33,410
27,948
26,432
1,517
59,842
58,807
1,035
681
509
90
32,969
28,166
26,513
1,654
59,481
58,766
715
676
497
55
32,599
28,852
27,212
1,640
59,810
58,859
951
753
489
44
33,053
27,710
26,153
1,557
59,206
58,247
959
538
485
22
34,424r
28,095
26,660
1,436
61,083r
60,195
888r
614
438
21
32,643
28,298
26,695
1,603
59,338
58,343
996
898
453
25
33,581
29,096
27,531
1,565
61,112
60,186
926
653
342
19
32,778
28,875
27,176
1,699
59,954
58,825
1,129
345
280
23
34,477
27,907
26,550
1,357
61,027
60,168
859
272
147
20
1. These data also appear in the Board's H.3 (502) release. For address, see inside front cover.
2. Excludes required clearing balances and adjustments to compensate for
float.
3. Dates refer to the maintenance periods in which the vault cash can be used
to satisfy reserve requirements. Under contemporaneous reserve requirements,
maintenance periods end 30 days after the lagged computation periods in which
the balances are held.
4. Equal to all vault cash held during the lagged computation period by
institutions having required reserve balances at Federal Reserve Banks plus the
amount of vault cash equal to required reserves during the maintenance period at
institutions having no required reserve balances.
5. Total vault cash at institutions having no required reserve balances less the
amount of vault cash equal to their required reserves during the maintenance
period.
6. Total reserves not adjusted for discontinuities consist of reserve balances
with Federal Reserve Banks, which exclude required clearing balances and
adjustments to compensate for float, plus vault cash used to satisfy reserve
requirements. Such vault cash consists of all vault cash held during the lagged
computation period by institutions having required reserve balances at Federal
Reserve Banks plus the amount of vault cash equal to required reserves during the
maintenance period at institutions having no required reserve balances.
7. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy
reserve requirements less required reserves.
8. Extended credit consists of borrowing at the discount window under the
terms and conditions established for the extended credit program to help
depository institutions deal with sustained liquidity pressures. Because there is
not the same need to repay such borrowing promptly as there is with traditional
short-term adjustment credit, the money market impact of extended credit is
similar to that of nonborrowed reserves.
9. Data are prorated monthly averages of biweekly averages.
A10 Domestic Financial Statistics • January 1990
1.13 SELECTED BORROWINGS IN IMMEDIATELY AVAILABLE FUNDS
Large Member Banks1
Averages of daily figures, in millions of dollars
1988 week ending Monday
Maturity and source
1
2
3
4
Federal funds purchased, repurchase agreements, and
other selected borrowing in immediately available
funds
From commercial banks in the United States
For one day or under continuing contract
For all other maturities
From other depository institutions, foreign banks and
foreign official institutions, and U.S. government
agencies
For one day or under continuing contract
For all other maturities
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
67,062
9,116
68,826
9,587
75,509
9,855
73,925
11,130
73,746
9,815
68,346
11,332
74,471
9,940
70,886
9,829
69,448
10,114
29,991
6,386
30,448
5,512
27,666
5,717
30,134
5,909
30,192
6,304
30,730
5,929
28,709
6,545
30,368
7,418
26,454
7,778
Repurchase agreements on U.S. government and federal
agency securities in immediately available funds
Brokers and nonbank dealers in securities
For one day or under continuing contract
For all other maturities
All other customers
For one day or under continuing contract
For all other maturities
13,871
12,740
13,982
12,743
13,782
12,756
12,595
13,485
15,950
11,758
13,810
12,474
14,929
10,352
15,392
10,890
14,634
10,659
27,945
10,022
29,260
10,847
27,481
10,572
27,613
10,962
30,296
10,845
25,402
15,064
30,312
9,790
30,307
9,651
29,321
9,790
MEMO: Federal funds loans and resale agreements in
immediately available funds in maturities of one day
or under continuing contract
9 To commercial banks in the United States
10 To all other specified customers 2
34,037
14,675
36,653
13,523
38,783
14,176
35,279
12,805
34,268
12,408
34,582
11,810
39,202
13,277
35,912
13,936
39,237
14,108
5
6
7
8
1. Banks with assets of $1 billion or more as of Dec. 31, 1977.
These data also appear in the Board's H.5 (507) release. For address, see inside
front cover.
2. Brokers and nonbank dealers in securities; other depository institutions;
foreign banks and official institutions; and United States government agencies,
Policy Instruments
A7
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Extended credit 2
Adjustment credit
and
Seasonal credit1
Federal Reserve
Bank
On
11/24/89
Effective
date
7
2/24/89
2/24/89
2/24/89
2/24/89
2/24/89
2/24/89
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco . . .
7
After 30 days of borrowing3
First 30 days of borrowing
Previous
rate
On
11/24/89
Effective
date
7
2/24/89
2/24/89
2/24/89
2/24/89
2/24/89
2/24/89
6Vl
2/24/89
2/24/89
2/24/89
2/24/89
2/27/89
2/24/89
6
Vl
7
2/24/89
2/24/89
2/24/89
2/24/89
2/27/89
2/24/89
Previous
rate
6
On
11/24/89
Effective
date
Previous
rate
Effective date
9.00
11/16/89
11/16/89
11/16/89
11/16/89
11/16/89
11/16/89
9.15
11/2/89
11/2/89
11/2/89
11/2/89
11/2/89
11/2/89
Vi
6Vl
9.00
11/16/89
11/16/89
11/16/89
11/16/89
11/16/89
11/16/89
11/2/89
11/2/89
11/2/89
11/2/89
11/2/89
11/2/89
9.15
Range of rates for adjustment credit in recent years 4
Effective date
In effect Dec. 31, 1977
1978—Jan. 9
20
May 11
12
July 3
10
Aug. 21
Sept. 22
Oct. 16
20
Nov. 1
3
Range (or
level)—
All F.R.
Banks
6
6-6
6
6VS-7
7
Vi
Vi
7-71/4
7'/4
7%
8
s-m
m
9>/2
1979—July 20
Aug. 17
20
Sept. 19
21
Oct. 8
10
10
10-10V5
W'A
1980—Feb. 15
19
May 29
30
June 13
16
12-13
13
12-13
12
11-12
11
lOVS-ll
11
11-12
12
F.R.
Bank
of
N.Y.
6
6>/2
6V2
7
7
7W
71/4
73/4
Vi
m
9 Vi
9 Vi
8
8
10
lO'/S
10'^
11
11
12
12
13
13
13
12
11
11
Efifectiv
F.R.
Bank
of
N.Y.
—July 7,8
1980-—July
79
Sept. ?6
Nov. 17
Dec. 5
10-11
12-13
13
S
8
Nov. ?
6
Dec. 4
13-14
14
13-14
13
12
14
14
13
13
1981-—May
—May
70
73
?
3
16
?7
30
Oct. 1?
13
Nov. ??
76
Dec. 14
15
17
-July
1982--July
Aug.
1. Adjustment credit is available on a short-term basis to help depository
institutions meet temporary needs for funds that cannot be met through reasonable alternative sources. After May 19, 1986, the highest rate established for loans
to depository institutions may be charged on adjustment credit loans of unusual
size that result from a major operating problem at the borrower's facility.
Seasonal credit is available to help smaller depository institutions meet regular,
seasonal needs for funds that cannot be met through special industry lenders and
that arise from a combination of expected patterns of movement in their deposits
and loans. A temporary simplified seasonal program was established on Mar. 8,
1985, and the interest rate was a fixed rate Yi percent above the rate on adjustment
credit. The program was reestablished for 1986 and 1987 but was not renewed for
1988.
2. Extended credit is available to depository institutions, when similar assistance is not reasonably available from other sources, when exceptional circumstances or practices involve only a particular institution or when an institution is
experiencing difficulties adjusting to changing market conditions over a longer
period of time.
3. For extended-credit loans outstanding more than 30 days, a flexible rate
somewhat above rates on market sources of funds ordinarily will be charged, but
Range (or
level)—
All F.R.
Banks
10
11
12
10
10
11
12
12
im-12 \\Vi
liVi I \Vi
11—11 Vi II
11
11
\m
lOVi
lO-lOVi 10
10
9Vi-\Q
9l/i
9-9Vi
9
m~9
m-9
8Vi
10
9Vi
9
9
9
9
1
Vi
%Vi
8 /!
Effective date
Range (or
level)—
All F.R.
Banks
1984—Apr.
m-9 9
9
9
SlA-9 m
m
m
1985—May 20
24
lVl-%
m
1-1 Yi
1
Wi-1
9
13
Nov. 21
26
Dec. 24
1986—Mar.
7
10
Apr. 21
July 11
Aug. 21
22
8
6
5^-6
5
Vi
1987—Sept. 4
11
51A-6
6
1988—Aug.
6-6
9
11
1989—Feb. 24
27
In effect Nov. 24, 1989
8
IVi.
IVl
1
1
6Y1
6
5W
5
Vl
6
6
Vl (M.
6V2 6 Vi
6V2-I 1
1
1
7
1
in no case will the rate charged be less than the basic discount rate plus 50 basis
points. The flexible rate is reestablished on the first business day of each
two-week reserve maintenance period. At the discretion of the Federal Reserve
Bank, the time period for which the basic discount rate is applied may be
shortened.
4. For 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.
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 four 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, 1981. As of Oct. 1, 1981 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.
A10 Domestic Financial Statistics • January 1990
1.15
RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS 1
Percent of deposits
Type of deposit, and
deposit interval
Depository institution requirements
after implementation of the
Monetary Control Act
Percent of
deposits
Effective date
3
12
12/19/89
12/19/89
Nonpersonal time deposits
By original maturity
Less than Wl years
\Vl years or more
3
0
10/6/83
10/6/83
Eurocurrency
All types
3
11/13/80
Net transaction accounts3,4
$0 million-$40.4 million
More than $40.4 million
5
liabilities
1. Reserve requirements in effect on Dec. 31, 1989. Required reserves must be
held in the form of deposits with Federal Reserve Banks or vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve Bank
indirectly on a pass-through basis with certain approved institutions. For previous
reserve requirements, see earlier editions of the Annual Report or the Federal
Reserve Bulletin. Under provisions of the Monetary Control Act, depository
institutions include commercial banks, mutual savings banks, savings and loan
associations, credit unions, agencies and branches of foreign banks, and Edge
corporations.
2. The Garn-St Germain Depository Institutions Act of 1982 (Public Law
97-320) requires that $2 million of reservable liabilities (transaction accounts,
nonpersonal time deposits, and Eurocurrency liabilities) of each depository
institution be subject to a zero percent reserve requirement. The Board is to adjust
the amount of reservable liabilities subject to this zero percent reserve requirement each year for the succeeding calendar year by 80 percent of the percentage
increase in the total reservable liabilities of all depository institutions, measured
on an annual basis as of June 30. No corresponding adjustment is to be made in
the event of a decrease. On Dec. 20, 1988, the exemption was raised from $3.2
million to $3.4 million. In determining the reserve requirements of depository
institutions, the exemption shall apply in the following order: (1) net NOW
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 NOW accounts and
other transaction accounts, the exemption applies only to such accounts that
would be subject to a 3 percent reserve requirement.
3. Transaction accounts include all deposits on which the account holder is
permitted to make withdrawals by negotiable or transferable instruments, payment orders of withdrawal, and telephone and preauthorized transfers in excess of
three per month for the purpose of making payments to third persons or others.
However, MMDAs and similar accounts subject to the rules 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).
4. The Monetary Control Act of 1980 requires that the amount of transaction
accounts against which the 3 percent reserve requirement applies be modified
annually by 80 percent of the percentage change in transaction accounts held by
all depository institutions, determined as of June 30 each year. Effective Dec. 19,
1989 for institutions reporting quarterly and Dec. 26, 1989 for institutions
reporting weekly, the amount was decreased from $41.5 million to $40.4 million.
5. In general, nonpersonal time deposits are time deposits, including savings
deposits, that are not transaction accounts and in which a beneficial interest is
held by a depositor that is not a natural person. Also included are certain
transferable time deposits held by natural persons and certain obligations issued
to depository institution offices located outside the United States. For details, see
section 204.2 of Regulation D.
Policy Instruments
A9
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1
M i l l i o n s o f dollars
1989
1986
Type of transaction
1987
1988
Mar.
Apr.
May
July
June
Aug.
Sept.
U . S . TREASURY SECURITIES
Outright transactions (excluding
transactions)
1
2
3
4
Treasury bills
Gross purchases
Gross sales
Exchange
Redemptions
5
6
7
8
9
matched
22,604
2,502
0
1,000
18,983
6,051
0
9,029
8,223
587
0
2,200
0
0
0
0
3,077
0
0
0
311
321
0
1,200
0
571
0
1,200
0
5,517
0
2,400
0
934
0
800
0
0
0
0
Others within 1 year
Gross purchases
Gross sales
Maturity shift
Exchange
Redemptions
190
0
18,674
-20,180
0
3,659
300
21,504
-20,388
70
2,176
0
23,854
-24,588
0
0
0
2,646
-2,322
0
172
0
1,657
-110
0
0
0
2,863
-3,628
0
0
0
1,828
-1,434
0
0
0
1,749
-1,073
0
0
0
4,200
-4,025
0
0
0
1,832
0
0
10
11
12
13
1 to 5 years
Gross purchases
Gross sales
Maturity shift
Exchange
893
0
-17,058
16,985
10,231
452
-17,975
18,938
5,485
800
-17,720
22,515
0
0
-2,646
2,322
1,436
0
-1,532
0
0
75
-2,036
3,328
0
0
-1,828
1,434
0
13
-1,584
787
0
150
-3,321
3,425
0
0
-1,832
0
14
15
16
17
5 to 10 years
Gross purchases
Gross sales
Maturity shift
Exchange
236
0
-1,620
2,050
2,441
0
-3,529
950
1,579
175
-5,946
1,797
0
0
0
0
287
0
-125
110
0
0
258
200
0
0
0
0
0
9
-165
286
0
0
-879
400
0
0
0
0
18
19
20
21
Over 10 years
Gross purchases
Gross sales
Maturity shift
Exchange
158
0
0
1,150
1,858
0
0
500
1,398
0
-188
275
0
0
0
0
284
0
0
0
0
0
-1,086
100
0
0
0
0
0
0
0
0
0
0
0
200
0
0
0
0
24,081
2,502
1,000
37,170
6,803
9,099
18,863
1,562
2,200
0
0
0
5,255
0
0
311
396
1,200
0
571
1,200
0
5,539
2,400
0
1,084
800
0
0
0
Matched
transactions
25 Gross sales
26 Gross purchases
927,999
927,247
950,923
950,935
1,168,484
1,168,142
83,677
82,821
77,349
78,259
123,029
113,041
128,139
138,141
123,373
118,221
146,611
147,228
116,502
120,144
Repurchase
agreements2
27 Gross purchases
28 Gross sales
170,431
160,268
314,621
324,666
152,613
151,497
0
0
22,244
12,547
31,419
41,117
6,203
6,203
4,961
4,961
0
0
9,396
9,396
29,988
11,234
15,872
-856
15,863
-20,971
8,232
-13,091
-1,267
3,642
0
0
398
0
0
276
0
0
587
0
0
0
0
0
125
0
0
0
0
0
0
0
0
45
0
0
0
0
0
54
31,142
30,521
80,353
81,350
57,259
56,471
0
0
7,207
3,366
12,732
16,573
1,666
1,666
1,137
1,137
0
0
4,011
4,011
35 Net change in federal agency obligations
222
-1,274
198
0
3,716
-3,841
0
-45
0
-54
36 Total net change in System Open Market
Account
30,212
9,961
16,070
-856
19,579
-24,812
8,232
-13,136
-1,267
3,588
All maturities
22 Gross purchases
23 Gross sales
24 Redemptions
29 Net change in U.S. government securities
FEDERAL AGENCY OBLIGATIONS
Outright
transactions
30 Gross purchases
31 Gross sales
32 Redemptions
Repurchase
agreements2
33 Gross purchases
34 Gross sales
1. 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.
2. In July 1984 the Open Market Trading Desk discontinued accepting bankers
acceptances in repurchase agreements,
A10
Domestic Financial Statistics • January 1990
1.18 FEDERAL RESERVE BANKS
Condition and Federal Reserve Note Statements1
M i l l i o n s o f dollars
Account
Sept. 27
Oct. 4
Wednesday
End of month
1989
1989
Oct. 11
Oct. 18
Oct. 25
Aug.
Sept.
Oct.
Consolidated condition statement
ASSETS
1 Gold certificate account
2 Special drawing rights certificate account
i
Loans
4
To depository institutions
5
Other
6 Acceptances held under repurchase agreements
Federal agency obligations
7
Bought outright
8
Held under repurchase agreements
U.S. Treasury securities
Bought outright
9
Bills
10
Notes
11
Bonds
12
Total bought outright 1
13
Held under repurchase agreements
14 Total U.S. Treasury securities
15 Total loans and securities
11,065
8,518
472
11,065
8,518
478
11,064
8,518
485
11,063
8,518
489
11,063
8,518
429
11,066
8,518
445
11,065
8,518
480
11,062
8,518
492
585
0
0
3,485
0
0
476
0
0
401
0
0
397
0
0
542
0
0
598
0
0
270
0
0
6,555
1,058
6,555
0
6,555
0
6,555
0
6,525
0
6,609
0
6,555
0
6,525
0
96,495
91,950
30,614
219,058
1,507
220,565
98,220
91,450
30,614
220,283
0
220,283
92,971
91,450
30,614
215,035
0
215,035
96,921
91,426
30,614
218,961
0
218,961
89,831
91,426
30,614
211,871
0
211,871
94,846
91,951
30,613
217,409
0
217,409
98,487
91,950
30,614
221,051
0
221,051
96,136
91,426
30,614
218,176
0
218,176
228,764
230,324
222,065
225,917
218,793
224,560
228,203
224,971
6,130
775
6,677
775
11,059
111
8,119
777
5,958
111
6,206
776
6,909
775
10,120
775
24,286
8,647
26,844
8,103
27,114
10,128
28,533
8,426
28,572
8,526
21,292
9,655
26,411
8,247
28,953
8,548
288,656
292,783
291,209
291,842
282,636
282,515
290,607
293,439
229,171
230,110
231,563
231,081
230,358
230,766
229,076
230,467
36,021
9,768
335
376
42,365
4,728
322
278
37,914
4,558
305
217
40,617
6,138
217
277
32,642
5,827
214
810
31,924
6,652
264
275
32,253
13,452
326
318
32,351
13,124
252
292
46,501
47,693
42,994
47,249
39,492
39,116
46,348
46,018
5,326
2,903
6,443
2,961
8,958
2,917
5,900
2,854
5,336
2,651
5,572
3,072
6,408
3,080
8,649
2,819
283,901
287,207
286,431
287,084
277,836
278,524
284,911
287,954
2,198
2,112
445
2,198
2,112
1,266
2,199
2,112
467
2,200
2,112
446
2,222
2,112
465
2,162
1,809
22
2,199
2,112
1,385
2,223
2,112
1,150
33 Total liabilities and capital accounts
288,656
292,783
291,209
291,842
282,636
282,515
290,607
293,439
34 MEMO: Marketable U.S. Treasury securities held in
custody for foreign and international accounts
239,416
236,311
234,560
233,490
234,056
242,857
237,904
235,318
16 Items in process of collection
17 Bank premises
Other assets
18
Denominated in foreign currencies 3
19
All other 4
20 Total assets
LIABILITIES
21 Federal Reserve notes
Deposits
22
To depository institutions
2i
U.S. Treasury—General account
24
Foreign—Official accounts
25
Other
26 Total deposits
27 Deferred credit items
28 Other liabilities and accrued dividends
29 Total liabilities
CAPITAL ACCOUNTS
30 Capital paid in
31 Surplus
32 Other capital accounts
Federal Reserve note statement
35 Federal Reserve notes outstanding issued to bank
36
LESS: Held by bank
37
Federal Reserve notes, net
Collateral held against notes net:
38
Gold certificate account
39
Special drawing rights certificate account
40
Other eligible assets
41
U.S. Treasury and agency securities
42 Total collateral
277,492
48,322
229,171
277,846
47,737
230,110
277,846
46,283
231,563
278,175
47,094
231,081
278,559
48,201
230,358
276,492
45,727
230,766
277,676
48,601
229,076
278,866
48,398
230,467
11,065
8,518
11,065
8,518
11,064
8,518
11,063
8,518
11,063
8,518
11,066
8,518
11,065
8,518
11,062
8,518
209,587
210,527
211,982
211,500
210,777
211,182
209,493
210,887
229,171
230,110
231,563
231,081
230,358
230,766
229,076
230,467
0
0
1. Some of these data also appear in the Board's H.4.1 (503) release. For
address, see inside front cover. Components may not add to totals because of
rounding.
2. Includes securities loaned—fully guaranteed by U.S. Treasury securities
pledged with Federal Reserve Banks—and excludes securities sold and scheduled
to be bought back under matched sale-purchase transactions.
0
0
0
0
0
0
3. Valued monthly at market exchange rates.
4. Includes special investment account at the Federal Reserve Bank of Chicago
in Treasury bills maturing within 90 days.
5. Includes exchange-translation account reflecting the monthly revaluation at
market exchange rates of foreign-exchange commitments.
Federal Reserve Banks
1.19 FEDERAL RESERVE BANKS
A11
Maturity Distribution of Loan and Security Holdings1
Millions of dollars
Type and maturity groupings
Sept. 27
Oct. 4
Wednesday
End of month
1989
1989
Oct. 11
Oct. 18
Oct. 25
Aug. 31
Sept. 29
Oct. 31
1 Loans—Total
Within 15 days
2
16 days to 90 days
3
4 91 days to 1 year
585
511
75
0
3,485
3,274
212
0
476
249
226
0
401
379
23
0
397
378
19
0
541
354
187
0
533
455
78
0
270
193
77
0
5 Acceptances—Total
6 Within 15 days
16 days to 90 days
7
8 91 days to 1 year
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
219,058
9,007
51,446
67,417
51,537
13,145
26,506
220,283
7,309
52,824
69,828
50,671
13,145
26,506
215,035
5,809
48,787
70,116
50,671
13,145
26,506
218,961
10,414
48,491
69,846
50,529
13,175
26,506
211,871
8,549
45,903
67,208
50,529
13,175
26,506
217,409
2,459
50,331
73,431
51,537
13,145
26,506
221,051
5,383
54,519
69,961
51,537
13,145
26,506
218,176
8,144
48,677
70,197
51,476
13,175
26,506
6,555
191
619
1,339
3,213
1,004
189
6,555
44
759
1,376
3,173
1,014
189
6,555
94
665
1,381
3,198
1,028
189
6,555
183
589
1,368
3,198
1,028
189
6,525
89
635
1,394
3,180
1,038
189
6,609
334
472
1,359
3,242
1,012
189
6,555
191
619
1,339
3,213
1,004
189
6,525
89
672
1,357
3,180
1,038
189
9 U.S. Treasury securities—Total
10 Within 15 days 2
11 16 days to 90 days
12 91 days to 1 yeai
13 Over 1 year to 5 years
14 Over 5 years to 10 years
15 Over 10 years
16 Federal agency obligations—Total
17 Within 15 days 2
18 16 days to 90 days
19 91 days to 1 year
20 Over 1 year to 5 years
21 Over 5 years to 10 years
22 Over 10 years
1. Holdings under repurchase agreements are classified as maturing within 15
days in accordance with maximum maturity of the agreements.
NOTE: Components may not add to totals due to rounding,
A10
Domestic Financial Statistics • January 1990
1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE 1
Billions of dollars, averages of daily figures
1989
Item
1985
Dec.
1986
Dec.
1987
Dec.
1988
Dec.
Mar.
2
3
4
5
Nonborrowed reserves
Nonborrowed reserves plus extended credit4
Required reserves
Monetary base
May
June
July
Aug.
Sept/
Oct.
Seasonally adjusted
ADJUSTED FOR
,
CHANGES IN RESERVE REQUIREMENTS 2
1 Total reserves3
Apr.
48.49
58.14
58.69
60.71
59.85
59.46
58.74
58.35
58.70
58.75
59.22
59.62
47.17
47.67
47.44
219.51
57.31
57.62
56.77
241.45
57.92
58.40
57.66
257.99
58.99
60.23
59.67
275.50
58.04
59.38
58.90
278.61
57.17
58.88
58.69
278.67
57.02
58.22
57.71
278.33
56.86
57.78
57.44
279.06
58.00
58.11
57.73
279.98
58.08
58.12
57.87
280.29
58.53
58.55
58.29
282.02
59.07
59.09
58.60
282.68
Not seasonally adjusted
6 Total reserves3
7
8
9
10
Nonborrowed reserves
Nonborrowed reserves plus extended credit4
Required reserves
Monetary base
49.59
59.46
60.06
62.21
58.94
60.01
57.72
58.41
58.95
58.30
58.91
59.14
48.27
48.77
48.53
222.73
58.64
58.94
58.09
245.25
59.28
59.76
59.03
262.08
60.50
61.74
61.17
279.71
57.13
58.46
57.98
275.62
57.72
59.43
59.23
278.11
56.00
57.20
56.69
277.49
56.92
57.84
57.51
280.18
58.26
58.37
57.99
282.07
57.62
57.66
57.41
281.09
58.21
58.24
57.97
280.69
58.58
58.61
58.12
281.35
48.14
59.56
62.12
63.74
60.21
61.29
58.91
59.59
60.25
59.56
60.13
60.40
46.82
47.32
47.08
223.53
58.73
59.04
58.19
247.71
61.35
61.83
61.09
266.16
62.02
63.27
62.70
283.18
58.40
59.73
59.25
278.94
59.00
60.71
60.51
281.52
57.19
58.39
57.88
280.54
58.10
59.01
58.68
283.27
59.56
59.67
59.29
285.36
58.88
58.93
58.67
284.23
59.43
59.45
59.19
283.76
59.84
59.86
59.38
284.47
NOT ADJUSTED FOR
,
CHANGES IN RESERVE REQUIREMENTS"
11 Total reserves3
12
13
14
15
Nonborrowed reserves
Nonborrowed reserves plus extended credit4
Required reserves
Monetary base
1. Latest monthly and biweekly figures are available from the Board's H.3(502)
statistical release. Historical data and estimates of the impact on required reserves
of changes in reserve requirements are available from the Monetary and Reserves
Projections Section. Division of Monetary Affairs. Board of Governors of the
Federal Reserve System, Washington, D.C. 20551.
2. Figures incorporate adjustments for discontinuities associated with the
implementation of the Monetary Control Act and other regulatory changes to
reserve requirements. To adjust for discontinuities due to changes in reserve
requirements on reservable nondeposit liabilities, the sum of such required
reserves is subtracted from the actual series. Similarly, in adjusting for discontinuities in the monetary base, required clearing balances and adjustments to
compensate for float also are subtracted from the actual series.
3. Total reserves not adjusted for discontinuities consist of reserve balances
with Federal Reserve Banks, which exclude required clearing balances and
adjustments to compensate for float, plus vault cash held during the lagged
computation period by institutions having required reserve balances at Federal
Reserve Banks plus the amount of vault cash equal to required reserves during the
maintenance period at institutions having no required reserve balances.
4. Extended credit consists of borrowing at the discount window under
the terms and conditions established for the extended credit program to helpdepository institutions deal with sustained liquidity pressures. Because there isnot
the same need to repay such borrowing promptly as there is with traditional
short-term adjustment credit, the money market impact of extended credit is
similar to that of nonborrowed reserves.
5. The monetary base not adjusted for discontinuities consists of total reserves
plus required clearing balances and adjustments to compensate for float at Federal
Reserve Banks and the currency component of the money stock plus, for institutions not having required reserve balances, the excess of current vault cash over
the amount applied to satisfy current reserve requirements. Currency and vault
cash figures are measured over the weekly computation period ending Monday.
The seasonally adjusted monetary base consists of seasonally adjusted total
reserves, which include excess reserves on a not seasonally adjusted basis, plus
the seasonally adjusted currency component of the money stock and the remaining items seasonally adjusted as a whole.
6. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with
implementation of the Monetary Control Act or other regulatory changes to
reserve requirements.
Monetary and Credit Aggregates
1.21
A13
MONEY STOCK, LIQUID ASSETS, A N D DEBT MEASURES 1
Billions of dollars, averages of daily figures
1989
2
1985
Dec.
1986
Dec.
1987
Dec.
1988
Dec.
July r
Aug/
Sept/
Oct.
Seasonally adjusted
1
2
3
4
5
Ml
M2
M3
L
Debt
6
7
8
9
Ml components
Currency 3
Travelers checks
Demand deposits
Other checkable deposits
620.5
2,567.4
3,201.7
3,828.5
6,741.5
725.9
2,811.2
3,494.9
4,135.1
7,597.0
752.3
2,909.9
3,677.6
4,336.7
8,316.1
790.3
3,069.6r
3,915.4
4,672.2
9,081.1
777.1
3,117.4
4,002.4
4,793.3
9,482.3
777.4
3,136.5
4,009.0
4,812.8
9,557.1
781.1
3,156.0
4,012.3
4,824.3
9,623.6
787.6
3,176.4
4,027.3
n.a.
n.a.
167.8
5.9
267.3
179.5
180.5
6.5
303.2
235.8
196.4
7.1
288.3
260.4
211.8
7.6
288.6
282.3
218.0
7.1
278.8
273.2
218.4
7.2
277.5
274.4
219.3
7.2
277.3
277.3
219.7
7.3
280.4
280.2
1,946.9
634.3
2,085.3
683.7
2,157.6
767.7
2,279.3
845.8'
2,340.3
885.0
2,359.1
872.4
2,374.9
856.3
2,388.7
850.9
10
11
Nontransactions components
In M2
.
In M3 only8
12
13
Savings deposits 9
Commercial Banks
Thrift institutions
125.0
176.6
155.8
215.2
178.5
237.8
192.5
238.8
181.9
219.6
183.0
219.3
184.2
220.0
185.1
220.6
14
15
Small-denomination time deposits 10
Commercial Banks
Thrift institutions
383.3
499.2
364.6
489.3
385.3
528.8
443.1
582.2
504.9
621.3
508.1
624.0
510.1
622.5
515.6
616.3
16
17
Money market mutual funds
General purpose and broker-dealer
Institution-only
176.5
64.5
208.0
84.4
221.1
89.6
239.4
87.6
274.6
98.2
285.5
100.6
294.8
99.1
301.5
98.7
18
19
Large-denomination time deposits 11
Commercial Banks 12
Thrift institutions
285.1
151.5
288.8
150.1
325.4
162.0
364.9
172.9
397.7
175.4
397.0
172.1
395.8
167.9
397.9
163.1
20
21
Debt components
Federal debt
Nonfederal debt
1,585.8
5,155.7
1,805.8
5,791.2
1,957.4
6,358.6
2,113.5
6,967.6
2,184.5
7,297.8
2,204.6
7,352.5
2,228.1
7,395.5
n.a.
n.a.
Not seasonally adjusted
633.5
2,576.2
3,213.3
3,841.5
6,730.9
740.4
2,821.1
3,507.4
4,150.0
7,580.7
766.4
2,918.7
3,688.6
4,350.9
8,297.6
804.4
3,077.3r
3,925.2
4,685.6
9,066.4
781.7
3,125.2
4,004.1
4,784.2
9,438.8
777.5
3,137.5
4,010.6
4,807.5
9,508.9
778.4
3,149.4
4,010.4
4,819.1
9,581.6
784.3
3,172.3
4,024.7
n.a.
n.a.
170.2
5.5
276.9
180.9
183.0
6.0
314.0
237.4
199.3
6.5
298.6
262.0
214.9
6.9
298.8
283.7
219.7
8.1
281.5
272.4
219.3
8.1
276.7
273.3
218.6
7.7
275.9
276.2
219.0
7.3
280.3
277.7
1,942.7
637.1
2,080.7
686.3
2,152.3
769.9
2,272.9
848.0
2,343.5
878.9
2,360.1
873.1
2,371.0
861.0
2,388.0
852.4
Money market deposit accounts
Commercial Banks
Thrift institutions
332.8
180.7
379.6
192.9
358.8
167.5
352.5
150.3
330.8
129.0
335.7
129.7
338.9
130.2
342.0
131.0
35
36
Savings deposits 9
Commercial Banks
Thrift institutions
123.7
174.8
154.2
212.7
176.6
234.8
190.3
235.6
184.3
223.3
184.0
221.1
184.0
220.8
185.5
221.8
37
38
Small-denomination time deposits 10
Commercial Banks
Thrift institutions
384.0
499.9
365.3
489.8
386.1
529.1
444.1
582.4
504.3
619.8
507.6
621.5
510.5
619.7
516.0
616.8
39
40
Money market mutual funds
General purpose and broker-dealer
Institution-only
176.5
64.5
208.0
84.4
221.1
89.6
239.4
87.6
274.6
98.2
285.5
100.6
294.8
99.1
301.5
98.7
41
42
Large-denomination time deposits"
Commercial Banks 12
Thrift institutions
285.4
151.8
289.1
150.7
325.8
163.0
365.6
174.1
394.9
173.3
397.7
171.3
397.9
168.3
399.6
164.9
43
44
Debt components
Federal debt
Nonfederal debt
1,583.7
5,147.1
1,803.9
5,776.8
1,955.6
6,342.0
2,111.8
6,954.6
2,164.2
7,274.6
2,183.6
7,325.3
2,208.3
7,373.3
22
23
24
25
26
Ml
M2
M3
L
Debt
27
28
29
30
Ml components
Currency 3
Travelers checks
Demand deposits
Other checkable deposits
31
32
Nontransactions components
M2 .
M3 only8
33
34
For notes see following page.
n.a.
n.a.
A10
Domestic Financial Statistics • January 1990
NOTES TO TABLE 1.21
1. Latest monthly and weekly figures are available from the Board's H.6 (508)
release. Historical data are available from the Monetary and Reserves Projection
section, Division of Monetary Affairs, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551.
2. Composition of the money stock measures and debt is as follows:
Ml: (1) currency outside the Treasury, Federal Reserve Banks, and the vaults
of depository institutions; (2) travelers checks of nonbank issuers; (3) demand
deposits at all commercial banks other than those due to depository institutions,
the U.S. government, and foreign banks and official institutions less cash items in
the process of collection and Federal Reserve float; and (4) other checkable
deposits (OCD) consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union
share draft accounts, and demand deposits at thrift institutions.
M2: Ml plus overnight (and continuing contract) repurchase agreements (RPs)
issued by all commercial banks and overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks worldwide, MMDAs, savings and smalldenomination time deposits (time deposits—including retail RPs—in amounts of
less than $100,000), and balances in both taxable and tax-exempt general purpose
and broker-dealer money market mutual funds. Excludes individual retirement
accounts (IRA) and Keogh balances at depository institutions and money market
funds. Also excludes all balances held by U.S. commercial banks, money market
funds (general purpose and broker-dealer), foreign governments and commercial
banks, and the U.S. government.
M3: M2 plus large-denomination time deposits and term RP liabilities (in
amounts of $100,000 or more) issued by commercial banks and thrift institutions,
term Eurodollars held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada, and
balances in both taxable and tax-exempt, institution-only money market mutual
funds. Excludes amounts held by depository institutions, the U.S. government,
money market funds, and foreign banks and official institutions. Also subtracted
is the estimated amount of overnight RPs and Eurodollars held by institution-only
money market mutual funds.
L: M3 plus the nonbank public holdings of U.S. savings bonds, short-term
Treasury securities, commercial paper and bankers acceptances, net of money
market mutual fund holdings of these assets.
Debt: Debt of domestic nonfinancial sectors consists of outstanding credit
market debt of the U.S. government, state and local governments, and private
nonfinancial sectors. Private debt consists of corporate bonds, mortgages, consumer credit (including bank loans), other bank loans, commercial paper, bankers
acceptances, and other debt instruments. The source of data on domestic
nonfinancial debt is the Federal Reserve Board's flow of funds accounts. Debt
data are based on monthly averages.
3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of
depository institutions.
4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in
demand deposits.
5. Demand deposits at commercial banks and foreign-related institutions other
than those due to depository institutions, the U.S. government, and foreign banks
and official institutions less cash items in the process of collection and Federal
Reserve float.
6. Consists of NOW and ATS balances at all depository institutions, credit
union share draft balances, and demand deposits at thrift institutions.
7. Sum of overnight RPs and overnight Eurodollars, money market fund
balances (general purpose and broker-dealer), MMDAs, and savings and small
time deposits.
8. Sum of large time deposits, term RPs, and term Eurodollars of U.S.
residents, money market fund balances (institution-only), less the estimated
amount of overnight RPs and Eurodollars held by institution-only money market
funds.
9. Savings deposits exclude MMDAs.
10. Small-denomination time deposits—including retail RPs—are those issued
in amounts of less than $100,000. All individual retirement accounts (IRA) and
Keogh accounts at commercial banks and thrifts are subtracted from small time
deposits.
11. Large-denomination time deposits are those issued in amounts of $100,000
or more, excluding those booked at international banking facilities.
12. Large-denomination time deposits at commercial banks less those held by
money market mutual funds, depository institutions, and foreign banks and
official institutions.
Monetary and Credit Aggregates
1.22
A15
B A N K DEBITS A N D DEPOSIT T U R N O V E R 1
Debits are shown in billions of dollars, turnover as ratio of debits to deposits. Monthly data are at annual rates.
1987
Bank group, or type of customer
1988
Apr.
3
Demand deposits
All insured banks
Major New York City banks
Other banks
4 ATS-NOW accounts
5 Savings deposits5
July
Aug.
Seasonally adjusted
DEBITS TO
1
2
May
188,346.0
91,397.3
96,948.8
2,182.5
403.5
217,116.2
104,496.3
112,619.8
2,402.7
526.5
226,888.4
107,547.3
119,341.2
2,757.7
583.0
249,088.3
111,387.4
137,700.9
3,264.9
675.2
245,230.1
107,808.9
137,421.3
2,986.4
585.5
266,468.1
120,984.1
145,483.9
3,406.5
647.2
284,129.2
129,166.6
154,962.7
3,696.5
640.0
276,453.7
114,991.8
161,461.9
3,596.3
580.4
292,446.5
121,378.1
171,068.3
3,943.1
650.0
556.5
2,498.2
321.2
15.6
3.0
612.1
2,670.6
357.0
13.8
3.1
641.2
2,903.5
376.8
14.7
3.1
721.0
3,393.0
440.4
17.1
3.6
697.5
3,092.2
433.9
15.7
3.2
767.1
3,342.1
467.5
18.2
3.6
824.0
3,588.5
501.8
19.8
3.6
788.4
3,222.3
512.6
19.1
3.2
841.8
3,402.4
548.8
20.6
3.6
DEPOSIT TURNOVER
Demand deposits3
6 All insured banks
7 Major New York City banks
8
Other banks
9 ATS-NOW accounts
10 Savings deposits5
Not seasonally adjusted
DEBITS TO
Demand deposits 3
11
All insured banks
12
Major New York City banks
13
Other banks
14 A T S - N O W accounts 4
15 M M D A
16 Savings deposits
188,506.7
91,500.1
97,006.7
2,184.6
1,609.4
404.1
217.125.1
104,518.8
264,581.6
2,404.8
1,954.2
526.8
227,010.7
107,565.0
119,445.7
2,754.7
2,430.1
578.0
556.7
2,499.1
321.2
15.6
4.5
3.0
612.3
2,674.9
356.9
13.8
5.3
3.1
641.7
2,901.4
377.1
14.7
6.9
3.1
782.3
3,603.3
473.6
16.9
7.8
3.5
112.606.2
120,202.2
144,379.4
3.228.6
2.636.7
649.6
238.265.6
105.461.7
132,803.9
3,205.2
2,700.2
649.6
274,861.8
121,507.2
153,354.6
3,325.2
2,910.5
637.9
295,522.8
134,020.7
161,502.1
3,770.8
3,136.0
641.4
268.243.0
117.276.1
150,966.9
3,549.0
2,686.7
610.4
304,407.5
132,158.8
172,248.7
3.762.6
3.068.7
656.7
676.6
3,017.6
418.7
16.3
805.9
3,482.5
500.9
8.1
9.0
3.5
855.6
3,795.0
520.9
20.3
9.7
3.6
761.3
3,247.5
477.4
18.9
8.2
3.4
891.5
3,911.6
559.9
20.0
9.2
3.6
DEPOSIT TURNOVER
17
18
19
20
21
22
Demand deposits 3
All insured banks
Major New York City banks
Other banks
A T S - N O W accounts 4
MMDA6
.
Savings deposits
1. Historical tables containing revised data for earlier periods may be obtained
from the Monetary and Reserves Projections Section, Division of Monetary
Affairs, Board of Governors of the Federal Reserve System, Washington, D.C.
20551.
These data also appear on the Board's G.6 (406) release. For address, see inside
front cover.
2. Annual averages of monthly figures.
3. Represents accounts of individuals, partnerships, and corporations and
3.5
18.0
of states and political subdivisions.
4. Accounts authorized for negotiable orders of withdrawal (NOW) and accounts authorized for automatic transfer to demand deposits (ATS). ATS data are
available beginning December 1978.
5. Excludes ATS and N O W accounts, MMDA and special club accounts, such
as Christmas and vacation clubs.
6. Money market deposit accounts.
A10
Domestic Financial Statistics • January 1990
1.23 LOANS AND SECURITIES
All Commercial Banks'
Billions of dollars; averages of Wednesday figures
1988
1989
Category
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Seasonally adjusted
1 Total loans and securities2
2 U.S. government securities
3 Other securities
4 Total loans and leases 2
5 Commercial and industrial . . . . .
6
Bankers acceptances held . . .
7
Other commercial and
industrial
8
U.S. addressees 4 .
9
Non-U.S. addressees
10 Real estate
11 Individual
12 Security
13 Nonbank financial
institutions
14 Agricultural
li
State and political
subdivisions
16 Foreign banks
17 Foreign official institutions
18 Lease financing receivables
19 Ail other loans
2,410.2
2,417.2
2,422.8
2,451.9
2,464.9
2,470.9
2,486.3
2,496.8
2,518.1
2,534.4
2,544.1
2,575.5
358.8
195.9
1,855.6
601.8
4.3
361.4
194.0
1,861.9
601.9
4.1
360.4
189.6
1,872.9
606.6
4.4
361.8
190.4
1,899.7
619.0
4.2
368.8
189.7
1,906.5
617.8
4.0
370.7
187.2
1,913.1
620.6
4.1
373.5
186.4
1,926.5
626.3
4.2
373.8
185.7
1,937.3
624.9
4.2
374.4
184.6
1,959.1
632.1
4.1
376.6
182.8
1,974.9
637.3
4.5
378.8
182.9
1,982.4
636.9
4.8
391.7
182.7
2,001.1
641.1
5.4
597.4
591.3
6.1
665.3
353.0
38.2
597.8
591.8
5.9
672.0
355.5
38.5
602.2
596.6
5.7
678.9
357.9
37.7
614.8
609.9
4.9
685.6
358.9
44.7
613.7
608.3
5.4
691.8
360.6
43.6
616.6
611.7
4.8
699.5
362.9
40.0
622.1
616.6
5.4
705.5
365.4
38.1
620.7
615.2
5.5
712.0
366.0
41.3
628.1
622.2
5.9
719.9
367.0
40.5
632.8'
627.1
5.7
729.0
369.3
39.9
632.1
626.6'
5.5
734.4
372.1
40.6
635.7
629.4
6.2
741.1
374.4
42.3
30.2
30.3
30.0
30.7
30.3
30.7
30.6
30.7
29.7
30.7
29.2
30.4
28.7'
30.3
30.3'
30.3
31.4'
30.4
31.8'
30.3
32.1
30.2
33.3
30.1
47.7
8.1
4.9
29.1
47.0
46.8
7.6
4.9
29.2
44.8
44.4
7.8
4.8
29.4
44.4
44.5
8.5
4.8
29.6
42.7
44.6
8.2
4.8
29.6
45.2
44.6
8.3
4.9
29.8
42.9
44.7
9.4
4.9
30.0
43.3'
44.5
9.3
4.7
29.9
44.1'
44.2
8.9
4.5
30.3
49.9"
43.9
9.3
4.3
30.3
49.5'
43.5
8.5
4.3
31.0
48.6r
42.9
9.8
4.0
31.6
50.5
Not seasonally adjusted
20 Total loans and securities2
2,409.2
2,429.6
2,430.7
2,453.6
2,462.8
2,473.9
2,487.4
2,500.9
2,511.8
2,526.9
2,541.2
2,565.5
21 U.S. government securities
22 Other securities
2 4 Total loans and leases 2
24 Commercial and industrial . . . . .
25
Bankers acceptances held . . .
26
Other commercial and
industrial
27
U.S. addressees'1
28
Non-U.S. addressees
29 Real estate
30 Individual
31 Security
32 Nonbank financial
institutions
33 Agricultural
34 State and political
subdivisions
35 Foreign banks
36 Foreign official institutions
3/
Lease financing receivables . . . .
38 All other loans
357.5
196.0
1,855.7
599.3
4.3
361.6
193.7
1,874.2
605.0
4.1
362.2
191.7
1,876.9
605.8
4.1
366.3
190.1
1,897.2
618.3
4.1
370.2
188.9
1,903.7
621.1
4.0
370.9
187.2
1,915.9
625.2
4.0
372.6
186.8
1,928.0
630.0
4.3
372.6
186.0
1,942.3
629.0
4.4
373.1
184.1
1,954.6
631.0
4.2
376.8
183.1
1,966.9
632.7
4.6
378.5
182.8
1,980.0
632.2
4.9'
388.3
181.6
1,995.6
636.0
5.5
595.0
588.9
6.1
667.2
354.1
37.6
600.9
594.8
6.1
673.3
359.4
38.9
601.7
596.4
5.3
678.9
360.7
38.2
614.2
608.9
5.3
683.6
358.2
43.8
617.1
611.8
5.3
689.2
357.7
44.1
621.3
616.0
5.3
697.4
360.3
42.0
625.8
620.2
5.5
704.1
363.2
38.9
624.6
619.0
5.6
712.1
364.5
42.9
626.8
621.1
5.6
720.6
365.9
40.2
628.0
622.6
5.5
730.4
369.3
38.6
627.3
621.8
5.5
736.5
374.0
39.1
630.5
625.0
5.5
741.9
375.6
40.5
30.3
30.5
31.1
30.5
30.7
30.1
30.0
29.8
29.1
29.6
29.0
29.6
28.9'
30.1
30.5'
30.7
31.4r
31.1
31.7r
31.2
32.0'
31.1
32.9
31.0
47.1
8.2
4.9
28.9
47.5
46.6
7.9
4.9
29.4
47.3
45.8
8.1
4.8
29.7
44.0
45.5
8.5
4.8
29.7
45.0
45.1
8.0
4.8
29.7
45.4
44.9
8.0
4.9
29.8
44.7
44.6
9.0
4.9
30.0
44.4'
44.1
9.1
4.7
30.0
44.8'
43.6
9.0
4.5
30.2
47.2'
43.4
9.1
4.3
30.2
46.1'
42.9
8.7
4.3
30.9
48.1
42.5
9.8
4.0
31.4
50.0
1. Data have been revised because of benchmarking beginning January 1984.
These data also appear in the Board's G.7 (407) release. For address, see inside
front cover.
2. Excludes loans to commercial banks in the United States.
3. Includes nonfinancial commercial paper held,
4. United States includes the 50 states and the District of Columbia.
Commercial Banking Institutions
A17
1.24 MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS 1
Monthly averages, billions of dollars
1989
1988
Source
Seasonally adjusted
1 Total nondeposit funds
2 Net balances due to related foreign offices . . . .
3 Borrowings from other
than commercial banks
in United States 4
4 Domestically chartered banks
5 Foreign-related banks
Not seasonally adjusted
Total nondeposit funds 2
7 Net balances due to related foreign offices —
8 Domestically chartered banks
9 Foreign-related banks
10 Borrowings from other than commercial banks
in United States 4
11 Domestically chartered banks
12
Federal funds and
security RP
borrowings5
N
Other
14 Foreign-related banks
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May'
June'
July'
Aug.
Sept.'
Oct.
217.8
9.3
215.2
6.8
208.2'
8.2'
211.3'
10.7'
212.1'
8.2'
205.9'
3.0'
209.9
-.1
227.1
7.9
228.3
11.1
229.8'
9.3
238.0
9.7
248.4
9.9
208.5'
169.1
39.3
208.4
169.4
39.0
200.0
163.0
37.0
200.6
161.3
39.3
203.9
165.8
38.1
202.9
164.2
38.7
210.0
169.2
40.7
219.2
179.1
40.1
217.2
175.4
41.8
220.5
178.2
42.3
228.3
184.9
43.4
238.5
192.0
46.4
214.5
10.4
-19.1
29.4'
209.6
9.2'
-20.6
29.9
207.4'
7.9'
-20.2
28.1'
216.1'
10.5'
-17.6
28.1'
217.7'
7.2'
-19.5
26.7'
208.6'
-22.8'
23.7'
217.5
2.5
-21.9
24.5
230.2
8.1
-18.3
26.4
224.0
8.1
-16.4
24.6
228.6'
8.9'
-15.5'
24.4
233.9
10.7
-14.2
24.9
241.5
9.7
-14.8
24.4
204.2'
167.8
200.3
163.3
199.5
161.3
205.7'
165.1
210.6'
170.9
207.7
168.1
215.0
173.8
222.2
180.5
215.9
173.5
219.7
177.7
223.3
180.7
231.9
187.2
163.2
4.6
36.4R
159.8
3.5
37.0
157.9
3.4
38.1'
161.9
3.2
40.6'
167.5'
3.5
39.6
163.8
4.3
39.6'
170.1
3.7
41.2
177.0
3.4
41.7
170.8
2.7
42.4
175.1
2.6
42.0
178.1
2.6
42.6
184.8
2.4
44.7
424.5
425.6
429.2
429.8
434.9
434.5
440.3
440.2
446.7
448.2
452.7
450.6
456.8
455.5
458.8
457.3
461.6
458.8
460.4'
461.2'
458.0
460.1
459.4
461.1
23.0
16.3
24.9
22.9
20.3
25.0
20.3
25.9
20.3
18.1
20.9
20.2
27.1
34.3
27.4
26.2
22.7
23.0
22.9
15.8
23.8
24.9
19.9
20.7
MEMO
Gross large time deposits
Seasonally adjusted
16 Not seasonally adjusted
U.S. Treasury demand balances at commercial
banks 8
17 Seasonally adjusted
18 Not seasonally adjusted
IS
1. Commercial banks are those in the 50 states and the District of Columbia
with national or state charters plus agencies and branches of foreign banks, New
York investment companies majority owned by foreign banks, and Edge Act
corporations owned by domestically chartered and foreign banks.
These data also appear in the Board's G.10 (411) release. For address, see
inside front cover.
2. Includes federal funds, RPs, and other borrowing from nonbanks and net
balances due to related foreign offices.
3. Reflects net positions of U.S. chartered banks, Edge Act corporations, and
U.S. branches and agencies of foreign banks with related foreign offices plus net
positions with own IBFs.
4. Other borrowings are borrowings through any instrument, such as a promissory note or due bill, given for the purpose of borrowing money for the banking
business. This includes borrowings from Federal Reserve Banks and from foreign
banks, term federal funds, loan RPs, and sales of participations in pooled loans.
5. Based on daily average data reported weekly by approximately 120 large
banks and quarterly or annual data reported by other banks.
6. Figures are partly daily averages and partly averages of Wednesday data.
7. Time deposits in denominations of $100,000 or more. Estimated averages of
daily data.
8. U.S. Treasury demand deposits and Treasury tax-and-loan notes at commercial banks. Averages of daily data.
A10
Domestic Financial Statistics • January 1990
1.25 ASSETS AND LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS
Last-Wednesday-of-Month Series1
B i l l i o n s o f dollars
1988
1989
Account
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
2,601.6
533.5
345.3
188.2
19.2
2,048.9
165.7
1,883.2
608.8
676.3
361.4
236.6
2,587.0
533.5
347.3
186.2
21.5
2,032.1
159.9
1,872.2
604.6
679.7
360.8
227.0
2,624.0
535.8
351.3
184.5
20.1
2,068.0
173.2
1,894.9
617.6
684.1
358.3
234.8
2,627.1
539.1
355.5
183.6
21.8
2,066.2
154.9
1,911.3
622.9
692.6
358.1
237.7
2,623.0
538.3
356.6
181.7
17.8
2,066.8
150.7
1,916.2
627.3
699.4
361.8
227.7
2,659.8
541.1
359.1
182.0
19.2
2,099.5
160.5
1,939.0
631.1
706.7
363.8
237.4
2,660.7
541.6
362.2
179.4
18.2
2,100.9
155.0
1,945.9
628.3
715.1
366.0
236.6
2,677.1
538.3
360.3
178.1
19.8
2,119.0
162.4
1,956.6
635.3
722.8
366.2
232.3
2,692.5
542.8
365.3
177.5
18.7
2,131.0
162.9
1,968.1
631.9
733.9
371.4
231.0
2,695.7
542.4
366.4
176.1
18.3
2,135.0
158.0
1,977.1
630.3
737.5
375.5
233.7
2,728.1
545.4
370.8
174.6
26.6
2,156.1
164.2
1,992.0
634.9
743.2
376.1
237.8
246.3
34.5
30.3
92.3
216.1
31.5
27.5
76.4
227.4
27.7
26.6
89.1
211.5
30.9
26.8
75.9
215.8
33.4
26.9
78.8
248.3
27.8
27.9
107.6
214.2
27.9
27.6
78.7
211.7
30.6
27.4
75.2
212.0
28.7
28.5
77.4
219.6
31.7
28.0
82.6
213.0
28.0
27.9
77.5
34.4
54.8
28.7
52.0
33.3
50.7
28.8
49.0
28.5
48.3
34.9
50.2
29.6
50.5
28.8
49.7
29.7
47.7
29.0
48.3
28.8
50.7
ALL COMMERCIAL BANKING
INSTITUTIONS*
1 Loans and securities
2
Investment securities
3
U.S. government securities
4
Other
5
Trading account assets
6
Total loans
7
Interbank loans
8
Loans excluding interbank
9
Commercial and industrial
10
Real estate
11
Individual
12
All other
13 Total cash assets
14
Reserves with Federal Reserve Banks.
15
Cash in vault
16
Cash items in process of collection . . .
17
Demand balances at U.S. depository
institutions
18
Other cash assets
19 Other assets
200.0
194.6
191.4
194.1
200.7
206.8
198.7
201.1
199.6
203.9
203.8
20 Total assets/total liabilities and c a p i t a l . . . .
3,047.9
2,997.8
3,042.8
3,032.7
3,039.5
3,114.9
3,073.6
3,090.0
3,104.0
3,119.3
3,144.9
21
22
23
24
25
26
27
2,145.7
642.7
535.6
967.5
473.1
233.7
195.3
2,097.1
586.6
528.8
981.7
493.6
209.1
198.0
2,125.2
602.6
527.3
995.3
502.9
216.5
198.2
2,123.7
583.2
523.2
1,017.3
483.6
223.9
201.4
2,134.2
594.5
512.0
1,027.6
486.7
217.4
201.2
2,182.6
628.5
509.7
1,044.3
510.6
218.6
203.2
2,138.2
580.5
507.4
1,050.2
512.7
218.4
204.4
2,152.0
579.4
514.0
1,058.6
510.2
223.1
204.7
2,166.6
583.4
518.9
1,064.4
504.6
226.3
206.5
2,175.3
588.5
520.7
1,066.1
516.5
221.4
206.1
2,194.2
588.0
527.6
1,078.6
526.5
222.4
201.9
359.4
364.4
366.2
372.1
369.5
372.3
374.4
373.5
377.5
378.5
390.4
193.4
190.5
189.7
188.8
186.6
188.0
185.4
184.6
184.0
182.3
181.6
2,391.9
507.2
333.2
174.0
19.2
1,865.4
133.1
1,732.3
500.6
654.3
361.1
216.3
2,385.1
507.0
334.5
172.6
21.5
1,856.6
131.4
1,725.2
498.9
657.7
360.5
208.1
2,405.9
509.0
338.1
171.0
20.1
1,876.8
138.9
1,737.8
503.4
661.7
358.0
214.7
2,407.8
513.1
342.7
170.4
21.8
1,872.8
122.3
1,750.5
506.1
669.8
357.7
216.9
2,407.8
513.8
344.1
169.7
17.8
1,876.2
120.2
1,756.0
511.3
676.0
361.4
207.3
2,446.0
516.1
345.9
170.2
19.2
1,910.6
131.5
1,779.2
515.5
683.2
363.5
217.0
2,439.9
517.3
349.5
167.8
18.2
1,904.5
119.3
1,785.1
511.6
691.6
365.6
216.3
2,452.1
514.2
347.8
166.5
19.8
1,918.1
126.4
1,791.7
515.6
698.2
365.8
212.0
2,467.6
519.4
353.5
165.9
18.7
1,929.4
127.0
1,802.5
512.8
708.7
371.1
209.9
2,473.6
519.0
354.5
164.5
18.3
1,936.3
125.1
1,811.2
510.4
712.2
375.2
213.5
2,506.5
521.6
358.7
162.9
26.6
1,958.3
134.9
1,823.5
514.2
717.1
375.8
216.4
223.1
33.1
30.3
91.4
193.5
30.1
27.4
75.6
206.4
26.6
26.6
88.1
191.4
29.5
26.8
75.1
195.3
30.7
26.8
77.9
227.0
26.7
27.9
106.6
192.3
26.6
27.6
77.7
190.1
29.6
27.4
74.4
191.7
27.0
28.5
76.5
197.6
29.5
28.0
81.3
191.5
26.3
27.9
76.3
32.4
35.9
26.8
33.6
31.2
33.9
26.6
33.4
26.8
33.1
32.9
33.0
27.5
32.9
27.0
31.7
28.0
31.7
27.3
31.6
26.9
34.2
Deposits
Transaction deposits
Savings deposits
Time deposits
Borrowings
Other liabilities
Residual (assets less liabilities)
MEMO
28 U.S. government securities (including
trading account)
29 Other securities (including trading
account)
DOMESTICALLY CHARTERED
COMMERCIAL BANKS 3
30 Loans and securities
31
Investment securities
32
U.S. government securities
33
Other
34
Trading account assets
35
Total loans
36
Interbank loans
37
Loans excluding interbank
38
Commercial and industrial
39
Real estate
40
Individual
41
All other
42 Total cash assets
43
Reserves with Federal Reserve Banks.
44
Cash in vault
45
Cash items in process of collection . . .
46
Demand balances at U.S. depository
institutions
47
Other cash assets
48 Other assets
135.6
128.1
129.6
130.6
134.6
133.6
131.6
128.4
127.5
131.5
126.3
49 Total assets/liabilities and capital
2,750.5
2,706.7
2,741.8
2,729.9
2,737.7
2,806.6
2,763.9
2,770.6
2,786.7
2,802.8
2,824.3
50
51
52
53
54
55
56
2,073.0
632.9
533.1
907.0
363.7
122.0
191.8
2,026.1
577.4
526.4
922.3
377.1
109.0
194.5
2,052.7
593.5
524.8
934.4
378.7
115.8
194.6
2,047.4
574.1
520.7
952.6
362.8
121.7
197.9
2,056.2
584.8
509.4
961.9
368.2
115.6
197.7
2,103.0
618.7
507.1
977.2
383.0
120.9
199.7
2,058.8
571.2
504.8
982.9
387.3
116.9
200.8
2,071.3
570.2
511.3
989.9
380.2
117.8
201.2
2,086.9
574.7
516.2
995.9
375.5
121.3
203.0
2,094.5
578.8
517.9
997.7
390.8
114.9
202.6
2,112.4
578.4
525.0
1,009.0
393.2
120.4
198.4
40.1
614.2
40.7
617.0
41.7
620.0
42.5
627.3
43.4
632.6
44.3
638.9
45.3
646.2
45.7
652.5
46.4
662.3
47.1
665.0
47.9
669.2
Deposits
Transaction deposits
Savings deposits
Time deposits
Borrowings
Other liabilities
Residual (assets less liabilities)
MEMO
57 Real estate loans, revolving
58 Real estate loans, other
1. Back data are available from the Banking and Monetary Statistics section,
Board of Governors of the Federal Reserve System, Washington, D.C., 20551.
These data also appear in the Board's weekly H.8 (510) release.
Figures are partly estimated. They include all bank-premises subsidiaries and
other significant majority-owned domestic subsidiaries. Loan and securities data
for domestically chartered commercial banks are estimates for the last Wednesday of the month based on a sample of weekly reporting banks and quarter-end
condition report data. Data for other banking institutions are estimates made for
the last Wednesday of the month based on a weekly reporting sample of
foreign-related institutions and quarter-end condition reports.
2. Commercial banking institutions include insured domestically chartered
commercial banks, branches and agencies of foreign banks, Edge Act and
Agreement corporations, and N e w York State foreign investment corporations.
3. Insured domestically chartered commercial banks include all member banks
and insured nonmember banks.
Weekly Reporting Commercial Banks
A19
1.26 ASSETS AND LIABILITIES OF LARGE WEEKLY REPORTING COMMERCIAL BANKS 1
Millions of dollars, Wednesday figures
1989
Account
Aug. 30
Sept. 6
Sept. 13'
Sept. 20'
Sept. 27'
Oct. 4
Oct. 11
Oct. 18
Oct. 25
1 Cash and balances due from depository institutions
104,331
118,718
110,729
2 Total loans, leases, and securities, net
l,221,208r 1,237,404' 1,222,533
3 U.S. Treasury and government agency
143,784
144,871
144,457
4 Trading account
12,200
13,474
13,260
5 Investment account
131,584
131,397
131,197
6 Mortgage-backed securities
63,919'
64,015'
64,850
All other maturing in
7
One year or less
20,453
20,299
19,944
8
Over one through five years
37,697'
37,293'
36,909
9,514'
9
Over five years
9,790'
9,494
10 Other securities
70,560
70,339
70,241
856
11 Trading account
792
836
12 Investment account
69,703
69,547
69,405
41,562
13
States and political subdivisions, by maturity
41,408
41,375
14
4,874
One year or less
4,873
4,876
15
Over one year
36,689
36,535
36,499
16
Other bonds, corporate stocks, and securities
28,140
28,139
28,030
17 Other trading account assets
5,676
6,065
6,022
63,375
71,050
18 Federal funds sold4
62,096
45,418
19 To commercial banks
51,473
41,175
12,447
20 To nonbank brokers and dealers in securities
12,517
14,234
21 To others
5,509
7,059
6,686
981,737'
22 Other loans and leases, gross
974,503'
975,544
956,355'
23 Other loans, gross
949,137'
950,131
24
316,521'
318,168'
314,894
Commercial and industrial
2,190'
2,111
25
Bankers acceptances and commercial paper
2,203'
315,978'
26
All other
314,318'
312,783
27
312,701'
314,348'
311,205
U.S. addressees
1,616'
1,630
28
Non-U.S. addressees
1,578
342,567'
29
Real estate loans
340,668'
340,847
25,527
25,608
30
Revolving, home equity
25,771
315,141'
316,959'
315,076
31
All other
171,425'
171,754'
172,587
32
To individuals for personal expenditures
47,540'
48,380'
33
To depository and financial institutions
47,683
34
Commercial banks in the United States
21,389'
21,540'
20,916
4,336
4,392
35
Banks in foreign countries
4,618
21,815
22,447'
Nonbank depository and other financial institutions ..
22,148
36
16,284
17,520
17,159
37
For purchasing and carrying securities
5,873
5,850
5,834
To finance agricultural production
38
26,374
26,506
26,209
39
To states and political subdivisions
1,541'
1,592'
1,595
40
To foreign governments and official institutions
22,727'
24,199'
41
All other
23,323
25,366
25,383'
42 Lease financing receivables
25,413
4,893
4,857'
43 LESS: Unearned income
4,888
44
31,795
31,802
30,939
Loan and lease reserve
45 Other loans and leases, net
937,814'
945,079'
939,717
121,946'
127,430'
46 All other assets
129,005
1,447,486 1,483,552' 1,462,267
47 Total assets
214,943
236,234
48 Demand deposits
221,536
172,079
185,681
49 Individuals, partnerships, and corporations
179,643
5,182
5,905
5,198
50 States and political subdivisions
3,083
4,595
51
U.S. government
2,202
19,472
23,643
19,108
52 Depository institutions in the United States
6,113
6,078
53 Banks in foreign countries
6,552
54 Foreign governments and official institutions
677
940
537
55 Certified and officers' checks
8,336
9,392
8,296
73,456
77,796
75,996
56 Transaction balances other than demand deposits
689,928
689,604
686,806
57 Nontransaction balances
650,952'
647,404'
650,706
58 Individuals, partnerships, and corporations
30,065
30,631
30,189
59 States and political subdivisions
659
888
858
60 U.S. government
7,463'
7,370'
7,210
61 Depository institutions in the United States
648
652
641
62 Foreign governments, official institutions, and banks . .
282,519
287,884
287,252
63 Liabilities for borrowed money
0
55
64 Borrowings from Federal Reserve Banks
0
15,812
4,027
8,167
65 Treasury tax-and-loan notes
266,707
283,802
279,086
66 All other liabilities for borrowed money6
87,621
88,405'
84,795
67 Other liabilities and subordinated notes and debentures ..
1,345,344 1,380,246' 1,359,184
68 Totol liabilities
102,141
103,306
103,083
69 Residual (total assets minus total liabilities)7
117,428
1,235,219
144,907
12,784
132,122
64,813
111,758
1,223,190
144,135
12,103
132,031
65,831
120,336
1,232,964
148,304
14,086
134,218
65,950
124,614
1,231,316
150,548
14,966
135,582
66,171
119,016
1,242,015
155,831
17,855
137,975
67,887
105,871
1,241,756
157,966
19,574
138,392
68,834
20,081
37,132
10,097
70,035
856
69,179
41,274
4,861
36,412
27,905
5,487
69,415
48,554
13,795
7,066
981,208
955,568
316,948
2,089
314,858
312,964
1,894
341,942
25,915
316,027
173,113
47,033
20,530
4,415
22,088
18,871
5,775
26,166
1,665
24,055
25,640
4,899
30,933
945,376
123,458
1,476,105
223,412
174,592
6,142
6,097
20,449
6,217
859
9,056
73,890
687,077
648,694
29,714
880
7,136
652
302,954
370
24,889
277,695
86,306
1,373,639
102,466
18,723
36,883
10,594
69,797
914
68,883
41,220
4,818
36,402
27,662
5,296
63,032
43,952
12,668
6,412
977,492
951,858
314,655
2,134
312,521
310,747
1,774
342,801
26,053
316,748
173,315
46,999
20,620
4,811
21,568
16,698
5,720
26,222
1,657
23,790
25,634
4,902
31,660
940,930
127,471
1,462,420
222,460
175,709
6,415
3,113
19,490
7,049
973
9,711
72,787
687,094
648,638
29,859
872
7,064
661
293,146
0
25,038
268,108
85,049
1,360,536
101,883
20,354
35,934
11,979
69,311
891
68,420
41,061
4,925
36,136
27,359
5,422
69,303
48,990
13,750
6,563
982,852
957,081
317,694
2,217
315,476
313,858
1,618
343,311
26,110
317,201
173,381
48,937
21,099
5,125
22,713
16,773
5,710
26,070
1,575
23,630
25,772
4,876
37,353
940,624
130,288
1,483,589
232,522
182,556
5,634
5,347
21,168
7,295
716
9,808
77,407
691,322
653,071
29,689
865
7,040
656
299,152
3,040
11,838
284,274
86,169
1,386,572
97,016
20,540
36,415
12,455
69,057
745
68,311
41,007
4,918
36,089
27,304
6,661
61,968
40,306
14,839
6,823
985,930
959,900
318,932
2,116
316,815
315,086
1,730
343,750
26,229
317,520
172,992
50,898
22,323
5,589
22,986
16,171
5,670
25,916
1,558
24,014
26,030
4,874
37,975
943,081
130,159
1,486,090
238,528
190,516
5,419
1,795
23,961
6,778
843
9,215
76,476
692,206
653,821
29,859
938
6,943
643
298,712
70
11,530
287,112
82,906
1,388,828
97,262
20,238
36,338
13,512
68,806
778
68,028
40,867
4,906
35,960
27,161
5,889
66,272
43,350
16,273
6,650
988,236
962,097
318,431
2,242
316,189
314,396
1,792
345,510
26,349
319,160
173,156
50,825
23,098
5,150
22,577
16,682
5,670
25,825
1,518
24,480
26,139
4,902
38,116
945,217
131,404
1,492,435
233,296
183,417
5,917
4,326
23,235
7,058
786
8,556
75,992
699,509
661,460
29,737
928
6,762
622
301,263
30
10,228
291,006
84,423
1,394,483
97,952
19,751
36,212
13,595
68,368
913
67,455
40,192
4,892
35,299
27,263
6,082
65,760
44,373
14,886
6,502
986,678
960,602
318,084
2,251
315,833
314,247
1,586
345,521
26,408
319,113
173,568
50,095
22,363
5,297
22,434
16,948
5,585
26,061
1,441
23,299
26,076
4,905
38,194
943,578
128,840
1,476,467
216,476
173,175
5,977
2,262
19,716
6,429
746
8,171
74,792
700,130
661,596
29,988
932
6,989
626
300,180
0
14,321
285,859
87,028
1,378,606
97,861
1,201,968
981,539
218,143
17,118
1,634
1,312
322
254,516
1,195,180
975,952
217,552
16,434
1,670
1,329
340
255,211
1,205,103
982,066
218,333
16,607
1,556
1,204
353
258,009
1,211,536
985,270
217,843
17,539
1,323
982
341
258,652
1,218,587
988,060
218,983
17,371
1,517
1,176
341
259,762
1,218,119
985,702
220,418
17,768
1,622
1,271
351
259,460
MEMO
70
71
72
73
74
75
76
77
Total loans and leases (gross) and investments adjusted .
Total loans and leases (gross) adjusted
Time deposits in amounts of $100,000 or more
U.S. Treasury securities maturing in one year or less
Loans sold outright to affiliates—total
Commercial and industrial
Other
Nontransaction savings deposits (including MMDAs)
1,191,085^
971,070'
219,564
16,697
1,702
1,374
328
253,369
1,201,049'
979,774'
219,066
16,305
1,674
1,346
328
257,098
1. Beginning Jan. 6, 1988, the "Large bank" reporting group was revised
somewhat, eliminating some former reporters with less than $2 billion of assets
and adding some new reporters with assets greater than $3 billion.
2. For adjustment bank data see this table in the March 1989 Bulletin. The
adjustment data for 1988 should be added to the reported data for 1988 to establish
comparability with data reported for 1989.
3. Includes U.S. government-issued or guaranteed certificates of participation
in pools of residential mortgages.
4. Includes securities purchased under agreements to resell.
5. Includes allocated transfer risk reserve.
1,196,268
975,547
218,837
16,991
1,598
1,270
327
256,700
6. Includes federal funds purchased and securities sold under agreements to
repurchase; for information on these liabilities at banks with assets of $1 billionor
more on Dec. 31, 1977, see table 1.13.
7. This is not a measure of equity capital for use in capital-adequacy analysis or
for other analytic uses.
8. Exclusive of loans and federal funds transactions with domestic commercial
banks.
9. Loans sold are those sold outright to a bank's own foreign branches,
nonconsolidated nonbank affiliates of the bank, the bank's holding company (if
not a bank), and nonconsolidated nonbank subsidiaries of the holding company.
A10
Domestic Financial Statistics • January 1990
1.28 ASSETS AND LIABILITIES OF LARGE WEEKLY REPORTING COMMERCIAL BANKS
IN NEW YORK CITY1
Millions of dollars, Wednesday figures
1989
Account
Aug. 30
1 Cash balances due from depository institutions
2 Total loans, leases, and securities, net2
Securities
3 U.S. Treasury and government agency3
4 Trading account 3
5 Investment account
6 Mortgage-backed securities4
All other maturing in
7
One year or less
8
Over one through five years
9
Over five years
10 Other securities 3
11 Trading account
12 Investment account
13
States and political subdivisions, by maturity
14
One year or less
15
Over one year
Other bonds, corporate stocks, and securities
16
17 Other trading account assets
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
Loans and leases
Federal funds sold5
To commercial banks
To nonbank brokers and dealers in securities
To others
Other loans and leases, gross
Other loans, gross
Commercial and industrial
Bankers acceptances and commercial paper
Mother
U.S. addressees
Non-U.S. addressees
Real estate loans
Revolving, home equity
All other
To individuals for personal expenditures
To depository and financial institutions
Commercial banks in the United States
Banks in foreign countries
Nonbank depository and other financial institutions
For purchasing and carrying securities
To finance agricultural production
To states and political subdivisions
To foreign governments and official institutions
Mother
Lease financing receivables
LESS: Unearned income
Loan and lease reserye
Other loans and leases, net
M other assets
47 Total assets
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
Deposits
Demand deposits
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Depository institutions in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Transaction balances other than demand deposits
(ATS, NOW, Super NOW, telephone transfers)
Nontransaction balances
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Depository institutions in the United States
Foreign governments, official institutions, and banks
Liabilities for borrowed money
Borrowings from Federal Reserve Banks
Treasury tax-and-loan notes
M other liabilities for borrowed money
Other liabilities and subordinated notes and debentures
68 Total liabUities
69 Residual (total assets minus total liabilities)9
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
20,658
24,680
21,990
28,005
26,341
30,552
26,926
27,270
24,144
213,405
219,579
212,867
221,294
211,911
213,517
211,371
213,066
210,064
0
0
15,670
8,208r
0
0
15,552
8,297r
0
0
15,584
8,324'
0
0
15,294
7,646'
0
0
14,753
7,639'
0
0
14,900
7,662
0
0
15,117
7,766
0
0
15,527
8,132
0
0
15,793
8,420
2,865
3,246
1,351'"
0
0
17,014
10,084
1,130
8,954
6,930
0
2,670
3,235
l,35(y
0
0
16,977
10,005
1,145
8,860
6,971
0
2,673
3,236
1,350''
0
0
16,909
9,952
1,156
8,795
6,957
0
3,025
3,272
1,351'
0
0
16,814
9,834
1,125
8,709
6,980
0
2,498
3,265
1,35c
0
0
16,796
9,782
1,075
8,707
7,014
0
2,628
3,260
1,350
0
0
16,771
9,761
1,090
8,671
7,010
0
2,722
3,244
1,384
0
0
16,791
9,809
1,092
8,717
6,982
0
2,685
3,299
1,411
0
0
16,592
9,729
1,081
8,648
6,863
0
2,712
3,252
1,409
0
0
16,080
9,101
1,067
8,034
6,978
0
18,644
11,004
4,573
3,067
175,931
170,304
58,351
555
57,7%
57,280
516
57,306
3,655
53,651
19,883
17,583
7,520
2,814
7,250
6,239
144
5,919
456
4,421
5,627
1,749
12,106
162,076
49,638
21,178
12,746
4,682
3,750
179,498
173,882
59,801
530
59,271
58,787
484
58,180
3,667
54,513
19,775
17,972
7,906
2,785
7,281
7,049
144
5,938
413
4,609
5,616
1,735
11,891
165,872
54,152r
15,972
7,403
4,945
3,624
178,111
172,468
58,619
525
58,094
57,615
480
58,766
3,682
55,084
19,848
17,828
7,463
3,126
7,239
6,409
134
5,928
427
4,509
5,643
1,759
11,949
164,403
52,153'
21,380
13,377
4,092
3,912
181,507
175,826
59,278
461
58,817
58,079
738
59,052
3,699
55,353
20,017
18,375
8,156
2,788
7,431
7,468
136
5,926
530
5,043
5,681
1,768
11,934
167,805
46,759'
15,675
8,544
3,988
3,142
179,244
173,575
58,343
544
57,799
57,161
638
59,130
3,717
55,413
20,086
18,333
7,958
3,248
7,127
6,186
134
5,938
523
4,903
5,669
1,770
12,786
164,688
49,354'
20,567
12,776
3,926
3,865
180,904
175,246
58,977
562
58,416
57,844
572
59,259
3,729
55,530
19,947
19,485
8,541
3,524
7,419
6,257
159
5,942
481
4,738
5,658
1,749
17,876
161,279
52,525
16,055
7,447
4,548
4,059
183,532
177,880
60,%3
499
60,464
59,776
688
59,363
3,765
55,598
19,955
20,132
8,628
4,002
7,501
5,874
153
5,7%
468
5,176
5,651
1,753
18,370
163,408
53,628
17,797
7,910
6,236
3,651
183,281
177,546
60,592
529
60,063
59,339
724
59,658
3,776
55,881
20,028
19,472
8,489
3,673
7,311
6,660
145
5,776
427
4,788
5,735
1,762
18,368
163,150
56,913
15,519
6,700
5,295
3,524
182,810
177,085
60,476
600
59,876
59,269
607
59,520
3,788
55,731
20,006
19,247
7,983
3,862
7,402
6,923
134
6,010
330
4,440
5,726
1,758
18,381
162,672
56,399
283,701
298,411r
287,010'
296,058'
287,606'
296,595
291,924
297,249
290,607
47,605
32,976
423
594
5,281
4,944
472
2,915
51,504
35,787
757
885
4,812
4,723
794
3,746
48,315
34,536
618
200
4,379
5,264
379
2,940
51,800
35,283
643
1,018
5,465
4,852
620
3,919
53,430
36,2%
836
572
4,764
5,735
801
4,427
53,632
36,592
747
1,085
4,594
6,000
571
4,044
55,395
39,689
728
255
4,844
5,520
682
3,675
54,149
37,565
587
776
5,928
5,588
609
3,0%
49,626
34,971
536
351
5,209
5,082
601
2,874
8,095
113,216
102,889
7,775
33
2,264
254
58,444
0
3,876
54,568
27,726
8,375
113,437
103,428
7,478
29
2,246
256
65,984
0
868
65,116
30,377'
8,399
113,350
103,386
7,400
28
2,268
266
62,276'
0
1,810
60,467'
25,492'
8,140
112,839
102,982
7,318
29
2,239
271
64,063
0
6,020
58,043
30,356'
7,998
112,107
102,187
7,389
29
2,223
279
59,378
0
5,932
53,445
27,000'
8,422
113,952
103,989
7,422
29
2,228
284
67,632
3,010
2,484
62,138
29,552
8,367
112,870
102,880
7,472
29
2,214
273
65,559
0
2,338
63,221
26,384
8,219
113,540
103,703
7,494
29
2,047
266
70,695
0
1,856
68,839
26,472
8,077
113,590
103,538
7,647
29
2,103
273
66,232
0
2,939
63,292
28,891
255,085
269,678'
257,833'
267,199'
259,913'
273,190
268,574
273,076
266,415
28,616
28,733
29,177
28,859
27,693
23,405
23,350
24,174
24,192
208,736
176,051
42,365
2,788
212,553
180,024
42,754
2,552
211,709
179,217
42,508
2,590
213,463
181,355
42,423
2,880
209,966
178,417
41,649
2,498
211,825
180,154
42,655
2,456
215,419
183,511
41,931
3,005
216,798
184,678
42,246
2,937
215,520
183,646
42,378
2,987
MEMO
70
71
72
73
Total loans and leases (gross) and investments adjusted 2,10
Total loans and leases (gross) adjusted
Time deposits in amounts of $100,000 or more
U.S. Treasury securities maturing in one year or less
1. These data also appear in the Board's H.4.2 (504) release. For address, see
inside front cover.
2. Excludes trading account securities.
3. Not available due to confidentiality.
4. Includes U.S. government-issued or guaranteed certificates of participation
in pools of residential mortgages.
5. Includes securities purchased under agreements to resell.
FRASER
6. Includes allocated transfer risk reserve.
Digitized for
7. Includes trading account securities.
8. Includes federal funds purchased and securities sold under agreements to
repurchase.
9. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.
10. Exclusive of loans and federal funds transactions with domestic commercial banks.
Weekly Reporting Commercial Banks
1.30 LARGE WEEKLY REPORTING U.S. BRANCHES AND AGENCIES OF FOREIGN BANKS 1
Liabilities
A21
Assets and
Millions of dollars, Wednesday figures
1989
Account
Aug.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
Cash and due from depository institutions . . .
Total loans and securities
U.S. Treasury and government agency
securities
Other securities.
Federal funds sold
To commercial banks in the United States.
To others
Other loans, gross
Commercial and industrial
Bankers acceptances and commercial
paper
All other
U.S. addressees
Non-U.S. addressees
Loans secured by real estate
To financial institutions
Commercial banks in the United States..
Banks in foreign countries
Nonbank financial institutions
To foreign governments and official
institutions
For purchasing and carrying securities
All other 3
Other assets (claims on nonrelated parties) . .
Net due from related institutions
Total assets
Deposits or credit balances due to other
than directly related institutions
Transaction accounts and credit balances .
Individuals, partnerships, and
corporations
Other
,
Nontransaction accounts
Individuals, partnerships, and
corporations
Other
Borrowings from other than directly
related institutions
Federal funds purchased 6
From commercial banks in the
United States
From others
Other liabilities for borrowed money
To commercial banks in the
United States
To others
Other liabilities to nonrelated parties
Net due to related institutions
Total liabilities
30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Oct.
11,345
138,376
12,271
138,202
11,342
138,782
13,100
136,509
12,184
136,163
12,441
135,944
11,639
134,974
12,739
138,708
11,626
135,632
7,911
5,899
7,769
6,630
1,139
116,797
73,193
8,194
5,882
7,377
6,149
1,228
116,749
74,065
7,896
5,859
8,155
6,696
1,459
116,872
73,838
7,967
5,908
6,269
5,112
1,157
116,365
73,302
8,000
5,985
5,923
4,820
1,103
116,255
73,563
7,829
5,931
6,479
5,062
1,417
115,705
73,851
7,482
5,941
5,908
4,484
1,424
115,643
73,164
8,162
5,930
7,348
5,730
1,618
117,268
74,324
8,146
6,090
4,459
2,966
1,493
116,937
73,804
1,781
71,412
69,590
1,822
16,552
22,889
17,090
1,657
4,142
2,065
72,000
70,160
1,840
16,408
21,666
16,297
1,380
3,989
1,887
71,951
70,088
1,863
16,282
22,431
17,040
1,249
4,142
1,852
71,450
69,616
1,834
16,422
22,134
16,980
1,035
4,119
2,119
71,444
69,659
1,785
16,452
22,295
16,998
1,064
4,233
2,277
71,574
69,791
1,783
16,231
21,271
16,159
1,195
3,917
2,492
70,672
68,897
1,775
16,309
21,912
16,490
1,370
4,052
2,393
71,931
70,027
1,904
16,289
22,229
16,480
1,635
4,114
2,387
71,417
69,563
1,854
16,981
22,198
16,530
1,482
4,186
629
1,775
1,759
35,828
13,046
198,597
636
2,292
1,682
35,258
15,760
201,492
628
1,996
1,697
35,999
13,855
199,979
647
2,216
1,644
35,242
14,783
199,633
630
1,626
1,689
35,721
13,700
197,768
633
1,810
1,909
35,996
16,102
200,482
530
1,909
1,819
36,857
16,954
200,426
485
2,111
1,830
36,552
14,062
202,062
483
1,629
1,842
36,633
17,133
201,023
49,768
3,223
50,133
3,300
50,212
3,513
49,661
3,567
50,483
3,915
50,305
3,8%
49,710
3,393
50,613
3,557
50,896
3,860
2,020
1,203
46,545
2,146
1,154
46,833
2,135
1,378
46,699
2,106
1,461
46,094
2,181
1,734
46,568
2,188
1,708
46,409
2,298
1,095
46,317
2,275
1,282
47,056
2,268
1,592
47,036
38,595
7,950
38,365
8,468
38,331
8,368
38,118
7,976
38,566
8,002
38,677
7,732
38,741
7,576
38,944
8,112
39,102
7,934
84,538
35,462
89,018
40,597
87,127
36,761
87,119
37,984
82,006
32,216
88,226
40,525
86,978
39,415
85,739
38,918
87,719
39,913
18,200
17,262
49,076
22,417
18,180
48,421
18,089
18,672
50,366
18,465
19,519
49,135
17,300
14,916
49,790
20,471
20,054
47,701
20,401
19,014
47,563
19,459
19,459
46,821
19,698
20,215
47,806
33,570
15,506
37,139
27,153
198,597
32,012
16,409
36,391
25,948
201,492
33,915
16,451
37,033
25,606
199,979
32,610
16,525
36,315
26,536
199,633
33,196
16,594
37,206
28,073
197,768
31,059
16,642
37,095
24,856
200,482
30,678
16,885
36,484
27,255
200,426
30,307
16,514
36,925
28,783
202,062
31,252
16,554
36,393
26,015
201,023
114,656
100,846
115,756
101,680
115,046
101,291
114,417
100,542
114,345
100,360
114,723
100,963
114,000
100,577
116,498
102,406
116,136
101,900
4
Oct.
11
Oct.
18
Oct.
25
MEMO
42
43
Total loans (gross) and securities adjusted . .
Total loans (gross) adjusted"
1. Effective Jan. 4,1989, the reporting panel includes a new group of large U.S.
branches and agencies of foreign banks. Earlier data included 65 U.S. branches
and agencies of foreign banks that included those branches and agencies with
assets of $750 million or more on June 30, 1980, plus those branches and agencies
that had reached the $750 million asset level on Dec. 31, 1984. These data also
appear in the Board's H.4.2 (504) release. For address, see inside front cover.
2. Includes securities purchased under agreements to resell.
3. Effective Jan. 4, 1989, loans secured by real estate are being reported as a
separate component of Other loans, gross. Formerly, these loans were included in
"All other", line 21.
4. Includes credit balances, demand deposits, and other checkable deposits.
5. Includes savings deposits, money market deposit accounts, and time
deposits.
6. Includes securities sold under agreements to repurchase.
7. Exclusive of loans to and federal funds sold to commercial banks in the
United States.
A10
DomesticNonfinancialStatistics • January 1990
1.31 GROSS DEMAND DEPOSITS Individuals, Partnerships, and Corporations1
Billions of dollars, estimated daily-average balances, not seasonally adjusted
Commercial banks
1988
Type of holder
1984
Dec.
1985
Dec.
1986
Dec.
1989
1987
Dec.
June
Sept.
Dec.
Mar.
June
Sept.
k1
1
n.a.
1
1
1 All holders—Individuals, partnerships, and
corporations
302.7
321.0
363.6
343.5
346.5
337.8
354.7
330.4
329.3
2
3
4
5
6
31.7
166.3
81.5
3.6
19.7
32.3
178.5
85.5
3.5
21.2
41.4
202.0
91.1
3.3
25.8
36.3
191.9
90.0
3.4
21.9
37.2
194.3
89.8
3.4
21.9
34.8
190.3
87.8
3.2
21.7
38.6
201.2
88.3
3.7
22.8
36.3
182.2
87.4
3.7
20.7
33.0
185.9
86.6
2.9
21.0
Financial business
Nonfinancial business
Consumer
Foreign
Other
?
Weekly reporting banks
1988
1984
Dec.
7 All holders—Individuals, partnerships, and
corporations
8
9
10
11
12
Financial business
Nonfinancial business
Consumer
Foreign
Other
1985
Dec.
1989
1987
Dec.
June
Sept.
Dec.
Mar.
June
Sept.
157.1
168.6
195.1
183.8
191.5
185.3
198.3
181.9
182.2
186.6
25.3
87.1
30.5
3.4
10.9
25.9
94.5
33.2
3.1
12.0
32.5
106.4
37.5
3.3
15.4
28.6
100.0
39.1
3.3
12.7
30.0
103.1
42.3
3.4
12.8
27.2
101.5
41.8
3.1
11.7
30.5
108.7
42.6
3.6
12.9
27.2
98.6
41.1
3.3
11.7
25.4
99.8
42.4
2.9
11.7
26.3
101.6
43.0
2.8
12.9
1. Figures include cash items in process of collection. Estimates of gross
deposits are based on reports supplied by a sample of commercial banks. Types
of depositors in each category are described in the June 1971 Bulletin, p. 466.
Figures may not add to totals because of rounding.
2. Beginning in March 1984, these data reflect a change in the panel of weekly
reporting banks, and are not comparable to earlier data. Estimates in billions of
dollars for December 1983 based on the new weekly reporting panel are: financial
business, 24.4; nonfinancial business, 80.9; consumer, 30.1; foreign, 3.1; other
9.5.
3. Beginning March 1985, financial business deposits and, by implication, total
gross demand deposits have been redefined to exclude demand deposits due to
thrift institutions. Historical data have not been revised. The estimated volume of
such deposits for December 1984 is $5.0 billion at all insured commercial banks
and $3.0 billion at weekly reporting banks.
1986
Dec.
4. Historical data back to March 1985 have been revised to account for
corrections of bank reporting errors. Historical data before March 1985 have not
been revised, and may contain reporting errors. Data for all commercial banks for
March 1985 were revised as follows (in billions of dollars): all holders, - . 3 ;
financial business, - . 8 ; nonfinancial business, - . 4 ; consumer, .9; foreign, .1;
other, - . 1 . Data for weekly reporting banks for March 1985 were revised as
follows (in billions of dollars): all holders, - .1; financial business, - . 7 ; nonfinancial business, - . 5 ; consumer, 1.1; foreign, .1; other, - . 2 .
5. Beginning March 1988, these data reflect a change in the panel of weekly
reporting banks, and are not comparable to earlier data. Estimates in billions of
dollars for December 1987 based on the new weekly reporting panel are: financial
business, 29.4; nonfinancial business, 105.1; consumer, 41.1; foreign, 3.4; other,
13.1.
Financial Markets
A23
1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING
Millions of dollars, end of period
1989
1984
Dec.
Instrument
1985
Dec.
1986
Dec.
1987
Dec.
1988
Dec.
Apr.
May
June
July
Aug.
Sept.
Commercial paper (seasonally adjusted unless noted otherwise)
1 All issuers
2
3
4
5
6
Financial companies1
Dealer-placed paper
Total
Bank-related (not seasonally
adjusted)
Directly placed paper
Total
Bank-related (not seasonally
adjusted)
Nonfinancial companies
237,586
298,779
329,991
357,129
455,017
494,292
497,369
503,445
506,095
516,476
506,779
56,485
78,443
101,072
101,958
159,947
170,549
167,795
167,681
179,354
180,822
178,358
2,035
1,602
2,265
1,428
1,248
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
110,543
135,320
151,820
173,939
192,442
207,231
206,497
211,020
205,847
208,915
206,521
42,105
70,558
44,778
85,016
40,860
77,099
43,173
81,232
43,155
102,628
n.a.
116,512
n.a.
123,077
n.a.
124,744
n.a.
121,217
n.a.
125,478
n.a.
123,300
Bankers dollar acceptances (not seasonally adjusted) 6
7 Total
Holder
Accepting banks
Own bills
Bills bought
Federal Reserve Banks
Own account
Foreign correspondents
Others
Basis
14 Imports into United States
15 Exports from United States
16 All other
8
9
10
11
12
13
78,364
68,413
64,974
70,565
66,631
64,357
62,396
64,115
65,588
65,764
64,042
9,811
8,621
1,191
11,197
9,471
1,726
13,423
11,707
1,716
10,943
9,464
1,479
9,086
8,022
1,064
9,616
8,107
1,509
8,908
8,115
794
9,417
8,371
1,046
9,355
8,279
1,076
9,844
8,783
1,061
9,656
8,922
735
0
671
67,881
0
937
56,279
0
1,317
50,234
0
965
58,658
0
1,493
56,052
0
1,400
53,340
0
1,374
52,113
0
1,177
53,521
0
1,026
55,207
0
1,014
54,906
0
1,016
53,370
17,845
16,305
44,214
15,147
13,204
40,062
14,670
12,960
37,344
16,483
15,227
38,855
14,984
14,410
37,237
15,234
14,371
34,752
14,900
14,452
33,044
15,093
15,063
33,959
15,338
15,270
34,980
16,140
14,895
34,729
16,265
14,322
33,455
1. 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.
2. Includes all financial company paper sold by dealers in the open market.
3. Beginning January 1989, bank-related series have been discontinued.
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.
6. Beginning January 1988, the number of respondents in the bankers acceptance survey were reduced from 155 to 111 institutions—those with $100 million
or more in total acceptances. The new reporting group accounts for over 90
percent of total acceptances activity.
1.33 PRIME RATE CHARGED BY BANKS on Short-Term Business Loans
Percent per year
Average
rate
Average
rate
7
21
11
26
9.00
8.50
8.00
7.50
1
1
15
Sept. 4
Oct. 7
22
Nov. 5
7.75
8.00
8.25
8.75
9.25
9.00
8.75
1986— Mar.
Apr.
July
Aug.
1987— Apr.
May
2
11
14
11
28
8.50
9.00
9.50
10.00
10.50
1989— Feb. 10
24
June 5
July 31
11.00
11.50
11.00
10.50
1988— Feb.
May
July
Aug.
Nov.
1986
1987
1988
8.33
8.21
9.32
1986— Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
9.50
9.50
9.10
8.83
8.50
8.50
8.16
7.90
7.50
7.50
7.50
7.50
NOTE. These data also appear in the Board's H.15 (519) and G.13 (415) releases.
For address, see inside front cover.
1987— Jan.
Feb.
Mar.
Apr.
...
..
..
..
Dec. ..
7.50
7.50
7.50
7.75
8.14
8.25
8.25
8.25
8.70
9.07
8.78
8.75
Feb. ..
8.75
8.51
June ..
July ...
Aug. ..
Sept. ..
Oct. ...
1988—
1988— Mar. ..
Apr. .
May ..
June .
July ..
Aug. .
Sept. .
Oct. ..
Nov. .
Dec. ..
1989— Jan. ...
Feb. ..
Mar. ..
Apr.
May ,
June ,
July
Aug. ..
Sept.
Oct.
Nov.
A24
DomesticNonfinancialStatistics • January 1990
1.35 INTEREST RATES Money and Capital Markets
Averages, percent per year; weekly, monthly and annual figures are averages of business day data unless otherwise noted.
1989
Instrument
1986
1987
1989, week ending
1988
July
Aug.
Sept.
Oct.
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
MONEY MARKET RATES
1 Federal funds 1 ' 2
2 Discount window borrowing1' ' 3
Commercial paper •
3
1-month
4 3-month
5 6-month
Finance paper, directly placed 4 '
1-month
6
7 3-month
8 6-month
Bankers acceptances ' 6
9 3-month
10 6-month
Certificates of deposit, secondary market
11 1-month
12 3-month
13 6-month
14 Eurodollar deposits^ 3-month8
U.S. Treasury bills5
Secondary market 9
13 3-month
16 6-month
•-year
17
Auction average
18 3-month
19 6-month
20
1-year
6.80
6.32
6.66
5.66
7.57
6.20
9.24
7.00
8.99
7.00
9.02
7.00
8.84
7.00
9.02
7.00
9.18
7.00
8.93
7.00
8.76
7.00
8.72
7.00
6.61
6.49
6.39
6.74
6.82
6.85
7.58
7.66
7.68
8.95
8.68
8.35
8.79
8.57
8.32
8.87
8.70
8.50
8.66
8.53
8.24
8.92
8.77
8.58
8.90
8.82
8.58
8.69
8.57
8.27
8.51
8.36
8.10
8.55
8.42
8.07
6.57
6.38
6.31
6.61
6.54
6.37
7.44
7.38
7.14
8.80
8.32
7.80
8.67
8.20
7.49
8.76
8.35
7.56
8.54
8.29
7.50
8.79
8.33
7.56
8.79
8.61
7.63
8.56
8.30
7.50
8.38
8.16
7.44
8.45
8.14
7.47
6.38
6.28
6.75
6.78
7.56
7.60
8.54
8.19
8.47
8.22
8.59
8.37
8.42
8.08
8.70
8.48
8.70
8.41
8.40
8.04
8.30
7.99
8.32
7.92
6.61
6.51
6.50
6.70
6.75
6.87
7.01
7.07
7.59
7.73
7.91
7.85
8.96
8.76
8.59
8.85
8.77
8.64
8.56
8.71
8.83
8.78
8.75
8.85
8.62
8.60
8.45
8.67
8.90
8.88
8.85
8.86
8.87
8.91
8.81
9.03
8.63
8.63
8.46
8.80
8.47
8.42
8.30
8.51
8.54
8.49
8.29
8.58
5.97
6.02
6.07
5.78
6.03
6.33
6.67
6.91
7.13
7.88
7.61
7.36
7.90
7.74
7.61
7.75
7.74
7.65
7.64
7.62
7.45
7.84
7.85
7.78
7.76
7.83
7.76
7.66
7.63
7.46
7.50
7.53
7.33
7.60
7.50
7.28
5.98
6.03
6.07
5.82
6.05
6.33
6.68
6.92
7.17
7.92
7.63
7.58
7.91
7.72
7.45
7.72
7.74
7.61
7.59
7.61
7.35
7.72
7.79
7.61
7.83
7.92
n.a.
7.63
7.60
n.a.
7.37
7.42
n.a.
7.52
7.50
7.35
6.45
6.86
7.06
7.30
7.54
7.67
7.84
7.78
6.77
7.42
7.68
7.94
8.23
8.39
n.a.
8.59
7.65
8.10
8.26
8.47
8.71
8.85
n.a.
8.96
7.89
7.82
7.83
7.83
7.94
8.02
n.a.
8.08
8.18
8.14
8.13
8.09
8.11
8.11
n.a.
8.12
8.22
8.28
8.26
8.17
8.23
8.19
n.a.
8.15
7.99
7.98
8.02
7.97
8.03
8.01
n.a.
8.00
8.38
8.41
8.42
8.32
8.37
8.31
n.a.
8.26
8.35
8.33
8.32
8.21
8.25
8.18
n.a.
8.13
8.00
7.96
8.00
7.95
8.02
8.00
n.a.
7.99
7.85
7.86
7.94
7.92
7.98
7.99
n.a.
7.99
7.81
7.81
7.86
7.83
7.90
7.89
n.a.
7.91
8.14
8.64
8.98
8.19
8.26
8.31
8.15
8.43
8.29
8.15
8.13
8.05
6.95
7.76
7.32
7.14
8.17
7.63
7.36
7.83
7.68
6.69
7.17
6.96
6.67
7.03
7.06
6.97
7.26
7.26
6.93
7.33
7.22
7.20
7.45
7.40
7.05
7.34
7.27
6.87
7.29
7.19
6.89
7.32
7.19
6.90
7.35
7.22
9.71
9.02
9.47
9.95
10.39
9.91
9.38
9.68
9.99
10.58
10.18
9.71
9.94
10.24
10.83
9.34
8.93
9.14
9.42
9.87
9.36
8.96
9.14
9.45
9.88
9.41
9.01
9.23
9.51
9.91
9.34
8.92
9.19
9.44
9.81
9.45
9.03
9.28
9.56
9.94
9.44
9.02
9.27
9.52
9.92
9.35
8.94
9.19
9.43
9.82
9.30
8.88
9.16
9.39
9.77
9.29
8.85
9.14
9.41
9.75
9.61
9.96r
10.20
9.54
9.55
9.55
9.39
9.60
9.40
9.33
9.37
9.39
8.76
3.48
8.37
3.08
9.23
3.64
8.81
3.38
8.75
3.28
8.82
3.29
8.85
3.29
8.82
3.30
8.84
3.21
8.91
3.21
8.86
3.36
8.79
3.36
CAPITAL MARKET RATES
21
22
23
24
23
26
27
28
29
30
31
32
33
34
33
36
37
38
U.S. Treasury notes and bonds 11
Constant maturities
1-year
2-year
3-year
5-year
7-year
10-year
20-year
30-year
Composite
Over 10 years (long-term)
State and local notes
and bonds
Moody's series14
Aaa
Baa
Bond Buyer series15
Corporate bonds
Seasoned issues
All industries
Aaa
Aa
A
Baa
A-rated, recently offered utility
bonds 17
MEMO: Dividend/price ratio
39 Preferred stocks
40 Common stocks
18
1. Weekly, monthly and annual figures are averages of all calendar days,
where the rate for a weekend or holiday is taken to be the rate prevailing on the
preceding business day. The daily rate is the average of the rates on a given day
weighted by the volume of transactions at these rates.
2. Weekly figures are averages for statement week ending Wednesday.
3. Rate for the Federal Reserve Bank of New York.
4. Unweighted average of offering rates quoted by at least five dealers (in the
case of commercial paper), or finance companies (in the case of finance paper).
Before November 1979, maturities for data shown are 30-59 days, 90-119 days,
and 120-179 days for commercial paper; and 30-59 days, 90-119 days, and
150-179 days for finance paper.
5. Yields are quoted on a bank-discount basis, rather than in an investment
yield basis (which would give a higher figure).
6. Dealer closing offered rates for top-rated banks. Most representative rate
(which may be, but need not be, the average of the rates quoted by the dealers).
7. Unweighted average of offered rates quoted by at least five dealers early in
the day.
8. Calendar week average. For indication purposes only.
9. Unweighted average of closing bid rates quoted by at least five dealers.
10. Rates are recorded in the week in which bills are issued. Beginning with the
Treasury bill auction held on Apr. 18, 1983, bidders were required to state the
percentage yield (on a bank discount basis) that they would accept to two decimal
places. Thus, average issuing rates in bill auctions will be reported using two
rather than three decimal places.
11. Yields are based on closing bid prices quoted by at least five dealers.
12. Yields adjusted to constant maturities by the U.S. Treasury. That is, yields
are read from a yield curve at fixed maturities. Based on only recently issued,
actively traded securities.
13. Averages (to maturity or call) for all outstanding bonds neither due nor
callable in less than 10 years, including one very low yielding "flower" bond.
14. General obligations based on Thursday figures; Moody's Investors Service.
15. General obligations only, with 20 years to maturity, issued by 20 state and
local governmental units of mixed quality. Based on figures for Thursday.
16. Daily figures from Moody's Investors Service. Based on yields to maturity
on selected long-term bonds.
17. Compilation of the Federal Reserve. This series is an estimate of the yield
on recently-offered, A-rated utility bonds with a 30-year maturity and 5 years of
call protection. Weekly data are based on Friday quotations.
18. 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.
NOTE. These data also appear in the Board's H. 15 (519) and G. 13 (415) releases.
For address, see inside front cover.
Financial Markets
1.36 STOCK MARKET
A25
Selected Statistics
1989
Indicator
1986
1987
1988
Feb.
Apr.
Mar.
May
June
July
Aug.
Sept.
Oct.
Prices and trading (averages of daily figures)
Common stock prices
1 New York Stock Exchange
(Dec. 31, 1965 = 50)
2
Industrial
3
Transportation
4
Utility
5
Finance
6 Standard & Poor's Corporation
(1941-43 = 10) r
136.03
155.85
119.87
71.36
147.19
161.78
195.31
140.52
74.29
146.48
149.97
180.83
134.09
72.22
127.41
165.08
200.00
162.66
77.84
137.19
164.56
197.58
153.85
87.16
146.14
169.38
204.81
164.32
79.69
143.26
175.30
211.81
169.05
84.21
146.82
180.76
216.75
173.47
87.95
154.08
185.15
221.74
179.32
90.40
157.78
192.93
231.32
197.53
92.90
164.86
193.02
230.86
202.02
93.44
165.51
192.49
229.40
190.36
94.67
166.55
236.39
287.00
265.88
294.01
292.71
302.25
313.93
323.73
331.92
346.61
347.33
347.40
7 American Stock Exchange
(Aug. 31, 1973 = 50?
264.91
316.78
295.08
323.97
327.47
336.82
349.50
362.73
368.52
379.28
382.75
383.63
141,020
11,846
188,922
13,832
161,386
9,955
169,223
11,780
159,024
11,395
161,863
11,529
171,495
11,699
180,680
13,519
162,501
11,702
171,683
14,538
151,752
12,631
182,394
n.a.
Volume of trading (thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange
Customer financing (end-of-period balances, in millions of dollars)
10 Margin credit at broker-dealers 3
36,840
31,990
32,740
31,480
32,130
32,610
33,140
34,730
34,360
33,940
35,020
35,110
Free credit balances at brokers4
11 Margin-account
12 Cash-account
4,880
19,000
4,750
15,640
5,660
16,595
5,605
16,195
5,345
16,045
5,450
16,125
5,250
15,965
6,900
19,080
5,420
16,345
5,580
16,015
5,680
15,310
6,000
16,340
Margin requirements (percent of market value and effective date) 6
13 Margin stocks
14 Convertible bonds
15 Short sales
Mar. 11, 1968
June 8, 1968
May 6, 1970
Dec. 6, 1971
Nov. 24, 1972
Jan. 3, 1974
70
50
70
80
60
80
65
50
65
55
50
55
65
50
65
50
50
50
1. Effective July 1976, includes a new financial group, banks and insurance
companies. With this change the index includes 400 industrial stocks (formerly
425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40
financial.
2. Beginning July 5, 1983, the American Stock Exchange rebased its index
effectively cutting previous readings in half.
3. Beginning July 1983, under the revised Regulation T, margin credit at
broker-dealers includes credit extended against stocks, convertible bonds, stocks
acquired through exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds,
and subscription issues was discontinued in April 1984.
4. Free credit balances are in accounts with no unfulfilled commitments to the
brokers and are subject to withdrawal by customers on demand.
5. New series beginning June 1984.
6. These regulations, adopted by the Board of Governors pursuant to the
Securities Exchange Act of 1934, limit the amount of credit to purchase and
carry"margin securities" (as defined in the regulations) when such credit is
collateralized by securities. Margin requirements on securities other than options
are the difference between the market value (100 percent) and the maximum loan
value of collateral as prescribed by the Board. Regulation T was adopted effective
Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar.
11, 1968; and Regulation X, effective Nov. 1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time established in
Regulation T the initial margin required for writing options on securities, setting
it at 30 percent of the current market-value of the stock underlying the option. On
Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the
same as the option maintenance margin required by the appropriate exchange or
self-regulatory organization; such maintenance margin rules must be approved by
the Securities and Exchange Commission. Effective Jan. 31, 1986, the SEC
approved new maintenance margin rules, permitting margins to be the price of the
option plus 15 percent of the market value of the stock underlying the option.
A26
DomesticNonfinancialStatistics • January 1990
1.37 SELECTED FINANCIAL INSTITUTIONS
Selected Assets and Liabilities
Millions of dollars, end of period
1988
Account
1986
1989
1987
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
SAIF-insured institutions
1 Assets
2 Mortgages
3 Mortgage-backed
securities
4 Contra-assets to
mortgage assets 1 .
5 Commercial loans
6 Consumer loans
7 Contra-assets to nonmortgage loans .
8 Cash and investment
securities
9 Other 3
1,350,500
721,593
763,001
764,513
767,260
767,603
769,398'
773,436'
774,406'
772,777'
771,726'
770,286
158,193
201,828
212,512
214,587
211,308
213,090
215,203
216,176
216,301
211,263'
204,268'
195,255
41,799
23,683
51,622
42,344
23,163
57,902
37,739
25,513
61,504
37,950
33,889
61,922
37,157
32,974
61,998
37,013
32,955
61,981
37,842'
32,866
61,402
37,582'
33,096'
60,744'
37,214'
33,184'
61,077'
36,831
32,944
61,003
697,451
3,041
3,467
2,959
3,056
2,840
2,923'
164,844
112,898
169,717
122,462
179,830
131,243
186,986
129,610
178,813
125,026
177,178
126,243
1,250,855 1,332,905
1,350,500
971,497
281,088
127,548
153,540
29,178
51,143
971,700
299,400
134,168
165,232
24,216
55,185
10 Liabilities and net worth . 1,163,851
11
12
13
14
15
16
Savings capital
Borrowed money
FHLBB
Other
Other
Net worth
1,337,382 1,339,115
1,340,502' l,345,403r 1,346,623' 1,338,619' 1,331,995' 1,318,249
1,250,855 1,332,905
1,163,851
890,664
196,929
100,025
96,904
23,975
52,282
932,616
249,917
116,363
133,554
21,941
46,382
1,337,382 1,339,115
963,820
299,415
135,712
163,703
29,751
58,882
957,358
305,675
140,089
165,586
31,749
58,962
3,074
177,094
125,455'
37,792'
32,809'
61,739
2,894'
175,895'
126,034'
37,497'
33,006'
61,879
2,912
174,293'
127,147'
3,145'
3,164'
3,130
175,203'
126,262'
175,187'
126,930'
171,621
127,101
l,340,502r 1,345,403' 1,346,623' 1,338,619' 1,331,995' 1,318,249
956,663
312,988
146,007
166,981
29,593'
57,113'
954,495
318,669'
148,000'
170,669
31,644'
56,122'
955,566
318,369'
146,520'
171,849
33,599'
54,633'
960,070
312,062'
144,217'
167,845'
29,864'
52,799'
963,140'
301,546'
141,875'
159,671'
31,888'
50,963'
960,341
289,631
138,331
151,300
33,920
50,004
SAIF-insured federal savings banks
17 Assets
210,562
284,270
374,930
425,983
423,846
432,675
443,185
455,152
469,950
495,806
507,026
18 Mortgages
19 Mortgage-backed
securities
20 Contra-assets to
mortgage assets 1 .
21 Commercial loans
22 Consumer loans
Contra-assets to non23
mortgage loans .
24 Finance leases plus
interest
25 Cash and investment . . .
26 Other
113,638
161,926
210,732
227,869
234,591
238,415
244,092
249,936
257,184
276,666
285,261
29,766
45,826
57,815
64,957
62,773
65,896
68,047
69,967
73,967
73,946
74,343
n.a.
n.a.
13,180
9,100
6,504
17,696
10,901
9,041
22,679
13,140
16,731
24,222
12,258
16,172
25,033
12,685
16,320
25,977
12,936
16,317
26,097
13,053
16,498
26,767
13,231
16,935
27,956
13,654
18,014
28,128
13,932
18,264
28,968
678
803
889
814
857
972
863
1,072
975
980
n.a.
n.a.
19,034
591
35,347
24,069
831
48,028
29,942
880
61,029
35,428
907
57,434
33,954
946
57,986
34,664
1,011
60,319
35,006
1,047
61,279
37,367
1,072
62,002
38,034
1,083
65,681
39,808
1,088
65,949
40,281
27 Liabilities and net worth .
210,562
284,270
374,930
425,983
423,846
432,675
443,185
455,152
469,950
495,806
507,026
157,872
37,329
19,897
17,432
4,263
11,098
203,196
60,716
29,617
31,099
5,324
15,034
263,984
83,628
39,630
43,998
8,319
18,882
298,197
99,286
46,265
53,021
8,075
20,235
298,515
98,304
46,470
51,834
8,270
21,625
301,770
102,902
48,951
53,951
8,884
22,700
307,581
107,180
51,532
55,648
8,651
23,103
315,726
109,998
53,513
56,485
9,310
23,411
324,369
114,848
55,457
59,391
10,179
23,924
342,146
121,890
58,500
63,390
9,836
25,726
352,530
121,151
59,737
61,414
10,687
26,306
28
29
30
31
32
33
Savings capital
Borrowed money
FHLBB
Other
Other
Net worth
n.a.
n.a.
Financial Markets
All
1.37—Continued
1988
Account
1986
1989
1987
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Credit unions 5
34 Total assets/liabilities
and capital
35
36
Federal
State
37 Loans outstanding
38
Federal
39
State
40 Savings
41
Federal
42
State
147,726
174,406
174,593
175,027
176,270
178,175
177,417
178,812
180,664
179,029
180,035
95,483
52,243
113,717
61,135
114,566
60,027
114,909
60,118
115,543
60,727
117,555
60,620
115,416
62,001
116,705
62,107
117,632
63,032
117,475
61,554
117,463
62,572
112,452
73,100
39,352
159,021
103,223
55,798
113,191
73,766
39,425
159,010
104,431
54,579
114,012
74,083
39,927
159,106
104,629
54,477
113,880
73,917
39,963
161,073
105,262
55,811
114,572
74,395
40,177
164,322
107,368
56,954
115,249
75,003
40,246
161,388
105,208
56,180
116,947
76,052
40,895
162,134
105,787
56,347
119,101
77,729
41,372
164,415
106,984
57,431
119,720
78,472
41,248
162,405
106,266
56,139
120,577
78,946
41,631
162,754
106,038
56,716
n.a.
n.a.
86,137
55,304
30,833
134,327
87,954
46,373
n.a.
Life insurance companies
43 Assets
44
45
46
47
48
49
50
51
52
53
54
Securities
Government
United States 6
State and local
Foreign 7
Business
Bonds
Stocks
Mortgages
Real estate
Policy loans
Other assets
937,551
1,044,459
1,144,854
84,640
59,033
11,659
13,948
n.a/
401,943
n.a/
193,842
31,615
54,055
80,592
84,426
57,078
10,681
16,667
n.a/
472,684
n.a/
203,545
34,172
53,626
89,586
89,510
61,108
11,189
17,213
n.a/
532,197
n.a/
229,234
36,673
53,148
94,116
1,157,140 1,176,042' 1,186,208' 1,199,125' 1,209,242' 1,221,332
88,167
60,685
11,126
16,356
n.a/
538,053
n.a/
232,639
37,972
53,020
95,518
84,042'
58,473'
8,918'
16,651'
667,026'
560,385'
106,641'
232,941'
37,453'
54,517'
98,063'
1. Contra-assets are credit-balance accounts that must be subtracted from the
corresponding gross asset categories to yield net asset levels. Contra-assets to
mortgage loans, contracts, and pass-through securities include loans in process,
unearned discounts and deferred loan fees, valuation allowances for mortgages
"held for sale," and specific reserves and other valuation allowances.
2. Contra-assets are credit-balance accounts that must be subtracted from the
corresponding gross asset categories to yield net asset levels. Contra-assets to
nonmortgage loans include loans in process, unearned discounts and deferred loan
fees, and specific reserves and valuation allowances.
3. Holding of stock in Federal Home Loan Bank and Finance leases plus
interest are included in "Other" (line 9).
4. Excludes checking, club, and school accounts.
5. Data include all federally insured credit unions, both federal and state
chartered, serving natural persons.
6. Direct and guaranteed obligations. Excludes federal agency issues not
guaranteed, which are shown in the table under "Business" securities.
7. Issues of foreign governments and their subdivisions and bonds of the
International Bank for Reconstruction and Development.
84,19C
58,509^
8,817'
16,864'
678,541'
571,365'
107,176'
233,556'
37,603'
54,738'
97,58c
84,485'
58,417'
8,86c
17,208'
687,777'
579,232'
108,545'
234,632'
37,842'
54,921'
99,468'
82,873'
57,127'
8,911'
16,835'
697,703'
587,889'
109,814'
235,312'
37,976'
55,201'
100,173'
83,847
57,790
8,953
17,104
706,960
595,500
111,460
236,651
38,598
55,525
99,751
1,232,195
84,564
57,817
9,036
17,711
714,398
601,786
112,612
237,444
38,190
55,746
101,853
NOTE. FSLIC-insured institutions: Estimates by the FHLBB for all institutions
insured by the FSLIC and based on the FHLBB thrift Financial Report.
FSLIC-insured federal savings banks: Estimates by the FHLBB for federal
savings banks insured by the FSLIC and based on the FHLBB thrift Financial
Report.
Savings banks: Estimates by the National Council of Savings Institutions for all
savings banks in the United States and for FDIC-insured savings banks that have
converted to federal savings banks.
Credit unions: Estimates by the National Credit Union Administration for
federally chartered and federally insured state-chartered credit unions serving
natural persons.
Life insurance companies: Estimates of the American Council of Life Insurance
for all life insurance companies in the United States. Annual figures are annualstatement asset values, with bonds carried on an amortized basis and stocks at
year-end market value. Adjustments for interest due and accrued and for
differences between market and book values are not made on each item separately
but are included, in total, in "other assets."
As of June 1989 Savings bank data are no longer available.
A28
1.38
DomesticNonfinancialStatistics • January 1990
FEDERAL FISCAL A N D FINANCING OPERATIONS
Millions of dollars
Calendar year
Type of account or operation
U.S. budget1
1 Receipts, total
2 On-budget
3 Off-budget
4 Outlays, total
5 On-budget
6 Off-budget
7 Surplus, or deficit ( - ) , total
8 On-budget
9 Off-budget
Source of financing (total)
Borrowing from the public
Operating cash (decrease, or increase
(-)L
12 Other i
10
11
Fiscal
year
1987
Fiscal
year
1988'
Fiscal
year
1989
1989
May
June
July
Aug.
Sept.
Oct.
71,025'
49,403'
21,622
96,491'
77,761'
18,730
-25,466
-28,358
2,891
108,249'
84,043'
24,206
100,46c
83,927'
16,534
7,789
116
7,673
66,191'
45,673'
20,518
84,43C
66,624'
17,806
-18,239
-20,951
2,712
76,161'
57,156'
19,004
98,31C
79,218'
19,092
-22,150
-22,062
-88
99,233
75,711
23,522
105,299'
86,548'
18,750
-6,066'
-10,837'
4,771
68,426
50,122
18,304
94,515
75,0%
19,419
-26,089
-24,974
-1,115
854,143
640,741
213,402
l,003,804rr
809,972
193,832
-149,661 r
-169,231'
19,570
908,166
666,675
241,491
1,063,318
860,626
202,691
-155,151
-193,951
38,800
990,789
727,123
263,666
1,142,777'
931,556'
211,221
-151,988'
-204,433'
52,445
151,717'
166,139
140,156'
10,214
1,098
—3,%2
35,854
6,618'
36,690
-5,052
2,996'
-7,963
-3,025
3,425
8,407'
21,3%
-6,144
-11,649
2,762
21,564
636
-3,235
-10,469
-15,589
14,977'
-2,513
-8,088
36,436
9,120
27,316
44,398
13,024
31,375
40,973
13,452
27,521
32,065
5,289
26,776
43,713
12,154
31,560
22,149
5,312
16,837
25,384
6,652
18,732
40,973
13,452
27,521
43,486
13,124
30,362
MEMO
13 Treasury operating balance (level, end of
period)
14 Federal Reserve Banks
15 Tax and loan accounts
1. In accordance with the Balanced Budget and Emergency Deficit Control Act
of 1985, all former off-budget entries are now presented on-budget. The Federal
Financing Bank (FFB) activities are now shown as separate accounts under the
agencies that use the FFB to finance their programs. The act has also moved two
social security trust funds (Federal old-age survivors insurance and Federal
disability insurance trust funds) off-budget.
2. Includes SDRs; reserve position on the U.S. quota in the IMF; loans to
international monetaiy fund; other cash and monetary assets; 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 IMF valuation adjustment; and profit on the sale of gold.
SOURCE. Monthly Treasury Statement of Receipts and Outlays of the U.S.
Government and the Budget of the U.S. Government.
Federal Finance
A29
1.39 U.S. BUDGET RECEIPTS AND OUTLAYS 1
Millions of dollars
Calendar year
Source or type
Fiscal
year
1988
Fiscal
year
1989
1987
1988
1989
1989
H2
HI
H2
HI
Aug.
Sept.
Oct.
RECEIPTS
1 All sources
2 Individual income taxes, net
3 Withheld
4 Presidential Election Campaign Fund
5 Nonwithheld
6 Refunds
Corporation income taxes
7 Gross receipts
8 Refunds
9 Social insurance taxes and contributions,
net
10 Employment taxes and
contributions
11
Self-employment taxes and
contributions
12 Unemployment insurance
13 Other net receipts
14
15
16
17
Excise taxes
Customs deposits
Estate and gift taxes
Miscellaneous receipts
908,166'
990,789
421,525'
475,724'
449,394'
527,574'
76,161'
99,233
68,426
401,181
341,435
33
132,199
72,487
445,690
361,386
32
154,839
70,567
192,575
170,203
4
31,223
8,853
207,659
169,300
28
101,614
63,283
200,30c
179,600
4
29,880
9,186'
233,572'
174,230
28
121,563
62,251'
36,932
34,200
1
4,076
1,345
45,026
28,120
1
18,943
2,038
35,493
32,751
0
3,684
943
109,683
15,487
117,015
13,723
52,821
7,119
58,002
8,706
56,409
7,250'
61,585
7,259'
2,872
909
20,085
655
3,279
2,549
334,335
359,416
143,755
181,058
157,603
200,127
28,470
29,259
24,308
305,093
332,859
130,388
164,412
144,983
184,569
24,127
29,632
23,100
17,691
24,584
4,659
18,405
22,011
4,547
1,889
10,977
2,390
14,839
14,363
2,284
3,032
10,359
2,262
16,371
13,279
2,277
-733
3,983
360
2,540
-7%
424
0
859
350
35,540
16,198
7,594
19,909
34,386
15,411'
8,745
22,927'
17,680
7,806'
3,610
10,399
16,440
7,522'
3,863
9,950
19,299'
8,107'
4,054
10,873
16,814'
7,918'
4,583
10,235
2,%5
1,677'
753
3,399
2,428
1,352
631
1,107
2,970
1,493
835
2,598
1,063,318'
1,142,777'
532,839
513,210
552,998'
565,524'
98,310'
105,299'
94,515
290,361
10,471
10,841
2,297
14,625'
17,210
303,551
9,5%
12,891
3,745
16,084
16,948
146,995
4,487
5,469
1,468
7,590
14,640
143,080
7,150
5,361
555
6,776
7,872
150,4%
2,636
5,852
1,966
9,144'
6,911'
148,098
6,605
6,238
2,221
7,022
9,619
26,018
848
1,202
287
1,264
-274
28,641
868
1,190
-182
1,423
-61
19,930
2,117
1,342
363
1,975
904
18,828'
27,272
5,294
27,718'
27,623
5,755
3,852
14,096
2,075
5,951
12,700
2,765
19,836'
14,922
2,690
4,129
13,035'
1,833
2,070
2,623
649
10,003
2,348
964
5,4%
2,618
790
OUTLAYS
18 All types
19
20
21
22
23
24
National defense
International affairs
General science, space, and technology
Energy
Natural resources and environment
Agriculture
25
26
27
28
Commerce and housing credit
Transportation
Community and regional development
Education, training, employment, and
social services
29 Health
30 Social security and medicare
31 Income security
32
33
34
35
36
37
Veterans benefits and services
Administration of justice
General government
General-purpose fiscal assistance
Net interest 8
Undistributed offsetting receipts
31,938
35,697
15,592
15,451
16,152
3,493
2,937
3,251
44,490
298,219'
129,332
48,391
317,506'
136,765
20,750
158,469
61,201
22,643
135,322
65,555
23,360
149,017'
64,978
24,078
162,195
70,937
4,520
27,625
11,176
3,613
26,909
12,126
4,511
27,143
9,711
29,406'
8,436'
9,518'
1,816
151,748
-36,967
30,066
9,396
8,940
n.a.
169,314
-37,212
14,956
4,105'
3,560
1,175
71,933
-17,684
13,241
4,379'
4,337
448
76,098
-17,766
15,797
4,351'
5,137
0
78,317
-18,771
14,891
4,801'
3,858
0
86,009
-18,131
2,246
763'
785
n.a.
16,011
-2,998
3,628
836
997
n.a.
13,684
-4,625
1,503
842
842
n.a.
14,124
-2,945
1. Functional details do not add to total outlays for calendar year data because
revisions to monthly totals have not been distributed among functions. Fiscal year
total for outlays does not correspond to calendar year data because revisions from
the Budget have not been fully distributed across months.
2. Old-age, disability, and hospital insurance, and railroad retirement accounts.
3. Old-age, disability, and hospital insurance.
4. Federal employee retirement contributions and civil service retirement and
disability fund.
18,083'
5. Deposits of earnings by Federal Reserve Banks and other miscellaneous
receipts.
6. Net interest function includes interest received by trust funds.
7. Consists of rents and royalties on the outer continental shelf and U.S.
government contributions for employee retirement.
SOURCES. U.S. Department of the Treasury, Monthly Treasury Statement of
Receipts and Outlays of the U.S. Government, and the U.S. Office of Management and Budget, Budget of the U.S. Government, Fiscal Year 1990.
A30
Domestic Financial Statistics • January 1990
1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars
1988
1987
1989
Item
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
1 Federal debt outstanding
2,354.3
2,435.2
2,493.2
2,555.1
2,614.6
2,707.3
2,763.6
2,824.0
2,881.1
2 Public debt securities
3 Held by public
4 Held by agencies
2,350.3
1,893.1
457.2
2,431.7
1,954.1
477.6
2,487.6
1,9%.7
490.8
2,547.7
2,013.4
534.2
2,602.2
2,051.7
550.4
2,684.4
2,095.2
589.2
2,740.9
2,133.4
607.5
2,799.9
2,142.1
657.8
2,857.4
n.a.
n.a.
4.0
3.0
1.0
3.5
2.7
.8
5.6
5.1
.6
7.4
7.0
.5
12.4
12.2
.2
22.9
22.6
.3
22.7
22.3
.4
24.0
23.6
.5
5 Agency securities
6 Held by public
7 Held by agencies
n.a.
n.a.
n.a.
2,336.0
2,417.4
2,472.6
2,532.2
2,586.9
2,669.1
2,725.6
2,784.6
2,829.8
9 Public debt securities
10 Other debt 1
2,334.7
1.3
2,416.3
1.1
2,472.1
.5
2,532.1
.1
2,586.7
.1
2,668.9
.2
2,725.5
.2
2,784.3
.2
2,829.5
.3
11 MEMO: Statutory debt limit
2,800.0
2,800.0
2,800.0
2,800.0
2,800.0
2,800.0
2,800.0
2,800.0
2,870.0
8 Debt subject to statutory limit
1. Includes guaranteed debt of Treasury and other federal agencies, specified
participation certificates, notes to international lending organizations, and District
of Columbia stadium bonds.
1.41 GROSS PUBLIC DEBT OF U.S. TREASURY
SOURCES. Treasury Bulletin and Monthly Statement of the Public Debt of the
United States.
Types and Ownership
Billions of dollars, end of period
1988
Type and holder
1 Total gross public debt
By type
2 Interest-bearing debt
3 Marketable
4 Bills
5
6 Bonds
7 Nonmarketable 1
8 State and local government series
9 Foreign issues
Government
10
Public
11
12 Savings bonds and notes
13 Government account series
14 Non-interest-bearing debt
15
16
17
18
19
20
21
22
23
24
25
26
By holder4
U.S. government agencies and trust funds
Federal Reserve Banks
Private investors
Commercial banks
Money market funds
Insurance companies
Other companies
State and local Treasurys
Individuals
Savings bonds
Other securities
Foreign and international5
Other miscellaneous investors
1985
1987
1989
1988
Q4
Ql
Q2
Q3
1,945.9
2,214.8
2,431.7
2,684.4
2,684.4
2,740.9
2,799.9
2,857.4
1,943.4
1,437.7
399.9
812.5
211.1
505.7
87.5
7.5
7.5
.0
78.1
332.2
2,212.0
1,619.0
426.7
927.5
249.8
593.1
110.5
4.7
4.7
.0
90.6
386.9
2,428.9
1,724.7
389.5
1,037.9
282.5
704.2
139.3
4.0
4.0
.0
99.2
461.3
2,663.1
1,821.3
414.0
1,083.6
308.9
841.8
151.5
6.6
6.6
.0
107.6
575.6
2,663.1
1,821.3
414.0
1,083.6
308.9
841.8
151.5
6.6
6.6
.0
107.6
575.6
2,738.3
1,871.7
417.0
1,121.4
318.4
866.6
154.4
6.7
6.7
.0
110.4
594.7
2,797.4
1,877.3
397.1
1,137.2
328.0
920.1
156.0
6.2
6.2
.0
112.3
645.2
2,836.3
1,892.8
406.6
1,133.2
338.0
943.5
158.6
6.8
6.8
.0
114.0
663.7
2.5
2.8
2.8
21.3
21.3
2.6
2.5
21.1
348.9
181.3
1,417.2
198.2
25.1
78.5
59.0
226.7
403.1
211.3
1,602.0
203.5
28.0
105.6
68.8
262.8
477.6
222.6
1,745.2
201.5
14.6
104.9
84.6
284.6
589.2
238.4
1,852.8
192.2
18.8
111.2
86.5
313.6
589.2
238.4
1,852.8
192.2
18.8
111.2
86.5
313.6
607.5
228.6
1,900.2
203.3
13.0
112.5
n.a.
326.3
657.8
231.8
1,905.4
n.a.
11.6
n.a.
n.a.
n.a.
79.8
75.0
212.5
462.4
92.3
70.5
251.6
518.9
101.1
72.3
287.3
594.3
109.6
77.8
349.5
600.6
109.6
77.8
349.5
600.6
112.2
n.a.
363.1
n.a.
114.0
n.a.
355.8
n.a.
1. Includes (not shown separately): Securities issued to the Rural Electrification Administration; depository bonds, retirement plan bonds, and individual
retirement bonds.
2. Nonmarketable dollar-denominated and foreign currency-denominated series held by foreigners.
3. Held almost entirely by U.S. Treasury agencies and trust funds.
4. Data for Federal Reserve Banks and U.S. Treasury agencies and trust funds
are actual holdings; data for other groups are Treasury estimates.
1986
n. a.
5. Consists of investments of foreign and international accounts. Excludes
non-interest-bearing notes issued to the International Monetary Fund.
6. Includes savings and loan associations, nonprofit institutions, credit unions,
mutual savings banks, corporate pension trust funds, dealers and brokers, certain
U.S. Treasury deposit accounts, and federally-sponsored agencies.
SOURCES. Data by type of security, U.S. Treasury Department, Monthly
Statement of the Public Debt of the United States; data by holder. Treasury
Bulletin.
Federal Finance
1.42 U.S. GOVERNMENT SECURITIES DEALERS
A31
Transactions1
Par value; averages of daily figures, in millions of dollars
1989
1989
Item
1
2
3
4
6
7
8
9
10
11
12
13
14
15
16
17
18
Immediate delivery2
U.S. Treasury securities
By maturity
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years
By type of customer
U.S. government securities
dealers
U.S. government securities
brokers
All others 3
Federal agency securities
Certificates of deposit
Bankers acceptances
Commercial paper
Futures contracts
Treasury bills
Treasury coupons
Federal agency securities
Forward transactions
U.S. Treasury securities
Federal agency securities
1986
1987
1988
Aug.
Sept.
Oct.
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
95,444
110,050
101,623
119,802
100,270
130,805
112,499
104,516
95,164
135,070
170,957
126,066
34,247
2,115
24,667
20,455
13,961
37,924
3,271
27,918
24,014
16,923
29,387
3,426
27,777
24,939
16,093
30,893
2,659
36,330
31,471
18,450
27,668'
2,620
31,526
24,719
13,737
35,891
3,313
39,957
34,361
17,283
34,218
2,528
31,558
28,831
15,364
26,911
3,165'
36,966
23,080
14,395
27,850
3,661
30,273
21,442
11,938
31,378
2,391
40,082
42,989
18,230
42,838
3,299
57,404
46,326
21,090
35,763
3,476
39,069
30,359
17,400
3,669
2,936
2,761
3,824
2,794
4,2%
2,641
2,697'
3,901
4,236
4,424
4,583
60,193
37,283
19,193
2,677
2,086
29,145
77,566
48,943
20,978
2,422
2,169
34,166
67,680
42,178
23,126
2,529
1,933
28,147
61,873
39,946
18,141
3,137
2,140
32,529
54,372
36,891
18,305
2,419
2,290
32,884
78,213
52,622
21,566
2,920
2,029
34,869
104,153
62,380
23,514
2,726
2,311
37,418
75,291
46,192
21,123
2,016
2,063
32,331
49,558
42,217
16,747
4,355
3,272
16,660
61,539
45,575
18,084
4,112
2,965
17,135
59,844
39,019
15,903
3,369
2,316
22,927
71,862
44,116
19,048
2,463
1,910
31,006
3,311
7,175
16
3,233
8,963
5
2,627
9,695
1
1,696
10,537
8
2,645
8,7%
38
2,797
10,326
20
3,000
10,365
43
2,326
9,328
31
2,561
7,927
30
1,521
11,521
4
4,201
12,482
42
3,363
10,419
6
1,876
7,830
2,029
9,290
2,095
8,008
2,926
12,067
2,116
8,614
2,168
10,561
2,473
10,117
2,854
7,294
1,232
7,420
2,262
12,805
3,321
12,894
2,593
9,105
1. Transactions are market purchases and sales of securities as reported to the
Federal Reserve Bank of New York by the U.S. government securities dealers on
its published list of primary dealers.
Averages for transactions are based on the number of trading days in the period.
The figures exclude allotments of, and exchanges for, new U.S. Treasury
securities, redemptions of called or matured securities, purchases or sales of
securities under repurchase agreement, reverse repurchase (resale), or similar
contracts.
2. Data for immediate transactions do not include forward transactions.
3. 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.
4. 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.
5. Forward transactions are agreements arranged in the over-the-counter
market in which securities are purchased (sold) for delivery after 5 business days
from the date of the transaction for Treasury securities (Treasury bills, notes, and
bonds) or after 30 days for mortgage-backed agency issues.
A73
DomesticNonfinancialStatistics • January 1990
1.43 U.S. GOVERNMENT SECURITIES DEALERS
Positions and Financing1
Averages of daily figures, in millions of dollars
1989
Item
1986
1987
1989
1988
Aug.
Sept.
Oct.
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Positions
1
Net immediate2
U.S. Treasury securities
12,912
-6,216
-22,765
3,771r
12,193'
10,680
8,809r
r
6,369
4,862
11,605
13,243
2
3
4
5
6
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years
12,761
3,705
9,146
-9,505
-3,197
4,317
1,557
649
-6,564
-6,174
2,238
-2,236
-3,020
-9,663
-10,084
10,317
-834
8,027
-8,764'
-4,976
20,418
197
5,302r
-8,630
-5,093
19,166
-1,650
9,677
-10,499
-6,014
20,207'
357
4,589'
-10,439
-5,904
16,983
-1,755
7,287
-11,067
-5,079
18,202
-2,067
6,850
-13,425
-4,698
18,633
-1,430
9,594
-8,997
-6,194
20,766
-1,323
10,248
-9,649
-6,799
7
8
9
10
Federal agency securities
Certificates of deposit
Bankers acceptances
Commercial paper
Futures positions
Treasury bills
Treasury coupons
Federal agency securities
Forward positions
U.S. Treasury securities
Federal agency securities
32,984
10,485
5,526
8,089
31,911
8,188
3,660
7,4%
28,230
7,300
2,486
6,152
35,268
6,729
1,875
7,490
36,097r
7,065
2,154
8,258
36,256
7,124
2,105
9,055
34,440'
6,777
2,105
7,822'
32,650
6,990
1,818
7,485
37,444
6,863
1,866
8,279
38,105
7,103
2,234
9,821
34,904
6,926
2,086
9,732
-18,059
3,473
-153
-3,373
5,988
-95
-2,210
6,224
0
-5,376
-2,664
7
-6,106
-4,797
-26
-7,462
-9,293
68
-6,872
-4,501'
-29
-6,831
-5,116
-55
-7,076
-7,952
7
-5,032
-9,870
92
-8,215
-10,265
103
-2,144
-11,840
-1,211
-18,817
346
-16,348
-1,463
-20,640
—607'
-17,478
1,385
-15,368
188'
-15,446
512
-14,924
1,093
-16,717
1,988
-15,312
1,258
-13,817
11
12
13
14
15
Financing3
Reverse repurchase agreements 4
Overnight and continuing
Term
Repurchase agreements
18 Overnight and continuing
19 Term
16
17
98,913
108,607
126,709
148,288
136,327
177,477
162,006
222,799
157,149'
212,378'"
134,243
189,932
148,221
213,871
161,202
215,752
160,663
229,964
168,242
232,477
165,045
243,807
141,823
102,397
170,763
121,270
172,695
137,056
226,043
189,187
228,923'
172,069'
196,854
155,577
215,280
178,567
231,938
172,804
234,582
181,784
248,470
193,551
243,940
205,520
1. Data for dealer positions and sources of financing are obtained from reports
submitted to the Federal Reserve Bank of New York by the U.S. Treasury
securities dealers on its published list of primary dealers.
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 net amounts and are shown
on a commitment basis. Data for financing are in terms of actual amounts
borrowed or lent and are based on Wednesday figures.
2. 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. Immediate positions include
reverses to maturity, which are securities that were sold after having been
obtained under reverse repurchase agreements that mature on the same day as the
securities. Data for immediate positions do not include forward positions.
3. Figures cover financing involving U.S. Treasury and federal agency securities, negotiable CDs, bankers acceptances, and commercial paper.
4. Includes all reverse repurchase agreements, including those that have been
arranged to make delivery on short sales and those for which the securities
obtained have been used as collateral on borrowings, that is, matched agreements.
5. Includes both repurchase agreements undertaken to finance positions and
"matched book" repurchase agreements.
NOTE. Data on positions for the period May 1 to Sept. 30, 1986, are partially
estimated.
Federal Finance
1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES
A33
Debt Outstanding
Millions of dollars, end of period
1989
Agency
1984
1985
1986
1987
May
June
July
Aug.
Sept.
271,564
293,905
307,361
341,386
407,324
406,837
411,874
411,979
408,591
35,145
142
15,882
133
36,390
71
15,678
115
36,958
33
14,211
138
37,981
13
11,978
183
36,275
7
11,007
196
36,404
7
11,014
218
36,453
7
11,014
245
36,453
7
11,014
255
36,584
7
10,990
295
2,165
1,337
15,435
51
2,165
1,940
16,347
74
2,165
3,104
17,222
85
1,615
6,103
18,089
0
0
6,445
18,620
0
0
6,445
18,720
0
0
6,445
18,742
0
0
6,445
18,732
0
0
6,445
18,847
e
10 Federally sponsored agencies7
11 Federal Home Loan Banks
12 Federal Home Loan Mortgage Corporation
n
Federal National Mortgage Association
14 Farm Credit Banks8
15 Student Loan Marketing Association9
16 Financing Corporation1"
17 Farm Credit Financial Assistance Corporation
237,012
65,085
10,270
83,720
72,192
5,745
0
0
257,515
74,447
11,926
93,896
68,851
8,395
0
0
270,553
88,752
13,589
93,563
62,478
12,171
0
0
303,405
115,725
17,645
97,057
55,275
16,503
1,200
0
371,049
156,354
21,620
105,404
53,375
26,469
6,980
847
370,433
153,892
25,243
106,308
52,387
24,256
7,500
847
375,421
151,487
25,690
109,926
53,158
26,813
7,500
847
375,526
149,269
27,165
110,155
53,511
27,079
7,500
847
372,007
143,578
26,738
111,507
54,041
27,126
8,170
847
MEMO
18 Federal Financing Bank debt"
145,217
153,373
157,510
152,417
140,220
139,568
138,814
137,690
136,092
15,852
1,087
5,000
13,710
51
15,670
1,690
5,000
14,622
74
14,205
2,854
4,970
15,797
85
11,972
5,853
4,940
16,709
0
11,001
6,195
4,910
17,240
0
11,008
6,195
4,910
17,340
0
11,008
6,195
4,910
17,362
0
11,008
6,195
4,910
17,352
0
10,984
6,195
4,910
17,467
0
58,971
20,693
29,853
64,234
20,654
31,429
65,374
21,680
32,545
59,674
21,191
32,078
56,311
19,236
25,327
55,586
19,236
25,293
54,911
19,257
25,171
54,611
19,270
24,344
53,311
19,275
23,950
1 Federal and federally sponsored agencies
2 Federal agencies
3 Defense Department 1
4
Export-Import Bank '
5 Federal Housing Administration
6 Government National Mortgage Association participation
certificates'
7 Postal Service
8 Tennessee Valley Authority
9
United States Railway Association6
19
7,0
21
22
23
Lending to federal and federally sponsored agencies
Export-Import Bank 3
Postal Service
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association
Other Lendingli
74 Fanners Home Administration
75 Rural Electrification Administration
26 Other
1. Consists of mortgages assumed by the Defense Department between 1957
and 1963 under family housing and homeowners assistance programs.
2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
3. Off-budget Aug. 17, 1974, through Sept. 30, 1976; on-budget thereafter.
4. Consists of debentures issued in payment of Federal Housing Administration
insurance claims. Once issued, these securities may be sold privately on the
securities market.
5. Certificates of participation issued before fiscal 1969 by the Government
National Mortgage Association acting as trustee for the Farmers Home Administration; Department of Health, Education, and Welfare; Department of Housing
and Urban Development; Small Business Administration; and the Veterans
Administration.
6. Off-budget.
7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Some data are estimated.
8. Excludes borrowing by the Farm Credit Financial Assistance Corporation,
shown in line 17.
9. Before late 1981, the Association obtained financing through the Federal
Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is
shown on line 21.
10. The Financing Corporation, established in August 1987 to recapitalize the
Federal Savings and Loan Insurance Corporation, undertook its first borrowing in
October 1987.
11. The Farm Credit Financial Assistance Corporation (established in January
1988 to provide assistance to the Farm Credit System) undertook its first
borrowing in July 1988.
12. The FFB, which began operations in 1974, is authorized to purchase or sell
obligations issued, sold, or guaranteed by other federal agencies. Since FFB
incurs debt solely for the purpose of lending to other agencies, its debt is not
included in the main portion of the table in order to avoid double counting.
13. Includes FFB purchases of agency assets and guaranteed loans; the latter
contain loans guaranteed by numerous agencies with the guarantees of any
particular agency being generally small. The Farmers Home Administration item
consists exclusively of agency assets, while the Rural Electrification Administration entry contains both agency assets and guaranteed loans.
A34
DomesticNonfinancialStatistics • January 1990
1.45 NEW SECURITY ISSUES
Millions of dollars
Tax-Exempt State and Local Governments
Type of issue or issuer,
or use
1986
1987
Mar.
Apr
May
June
July
Aug.
Sept/
Oct.
1 All issues, new and refunding1
147,011
102,407
114,522
8,626
7,464
7,435
13,775
8,735
9,824
10,818
8,229
Type of issue
2 General obligation
3 Revenue
46,346
100,664
30,589
71,818
30,312
84,210
2,185
6,441
2,301
5,163
2,342
5,093
4,960
8,815
3,789
4,946
2,199
7,625
3,500
7,318
3,032
5,197
Type of issuer
4 State
5 Special district and statutory authority
6 Municipalities, counties, and townships
14,474
89,997
42,541
10,102
65,460
26,845
8,830
74,409
31,193
256
5,962
2,408
1,407
4,238
1,819
392
4,979
2,064
1,989
8,033
3,753
970
4,868
2,897
694
7,027
2,103
764
7,567
2,487
1,388
4,254
2,587
7 Issues for new capital, total
83,492
56,789
79,665
6,486
6,061
5,938
10,078
6,816
6,612
7,470
6,518
Use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes
12,307
7,246
14,594
11,353
6,190
31,802
9,524
3,677
7,912
15,021
6,825
8,496
19,027
5,624
24,672
1,055
445
901
1,329
253
2,503
1,225
743
759
1,048
374
1,912
1,024
748
467
1,376
361
1,962
2,678
576
1,058
1,509
329
3,928
500
551
1,632
440
2,695
1,302
556
813
1,553
447
1,941
1,639
976
622
1,242
381
1,124
257
437
1,562
232
2,807
8
9
10
11
12
13
11,106
7,474
18,020
1. Par amounts of long-term issues based on date of sale.
2. Includes school districts beginning 1986.
1.46 NEW SECURITY ISSUES
2,610
SOURCES. Securities Data/Bond Buyer Municipal Data Base beginning 1986.
Public Securities Association for earlier data.
U.S. Corporations
Millions of dollars
Type of issue or issuer,
or use
1987
1988
Feb.
1 All issues
1
Apr.
May
June
July
Aug/
Sept.
424,737
392,156
408,843
14,846
26,191
14,405
21,471'
24,450'
17,658'
14,822
15,073
2 Bonds2
356,304
325,648
351,042
12,308
25,577
13,396
19,662'
21,622r
12,604'
12,787
12,800
Type of offering
3 Public, domestic
4 Private placement, domestic .
5. Sold abroad
232,742
80,760
42,801
209,279
92,070
24,299
200,164
127,700
23,178
10,114
n.a.
2,194
22,995
n.a.
2,582
11,471
n.a.
1,925
17,756'
n.a.
1,906
18,714'
n.a.
2,908
11,184'
n.a.
1,420
11,971
n.a.
816
10,800
n.a.
2,000
Industry group
Manufacturing
Commercial and miscellaneous
Transportation
Public utility
Communication
Real estate and financial
90,788
41,909
10,423
30,973
16,441
165,770
61,666
49,327
11,974
23,004
7,340
172,343
69,573
61,986
9,976
19,318
5,902
184,287
1,319
7,456
882
0
153
63
17,023
1,457
843
100
1,695
453
7,716
2,162
150
385
122
9,128'
3,273
102
670
230
8,869
2,701'
1,331'
0
1,173
300
7,099'
2,627
1,090
423
670
358
7,619
2,102
1,393
0
1,074
308
7,923
12 Stocks2
68,433
66,508
57,802
2,538 R
614'
1,009'
1,809'
5,054'
2,035
2,273
Type
13 Preferred
14 Common
15 Private placement3
11,514
50,316
6,603
10,123
43,225
13,157
6,544
35,911
15,346
975
1,563r
n.a.
0
614'
n.a.
495
514'
n.a.
306'
1,503'
n.a.
335'
2,493'
n.a.
920
4,134'
n.a.
1,013
1,023
n.a.
519
1,754
n.a.
15,027
10,617
2,427
4,020
1,825
34,517
13,880
7,608
8,449
1,535
1,898
515
37,798
833
273'
0
130'
26
53
108
0
297
155'
282'
169
0
93
310
299r
115
39
192
28C
63C
512'
0
125
25
1,536
593'
438
0
25
29
3,969'
393
343
0
137
20
1,020
193
155
0
709
0
1,195
6
7
8
9
10
11
16
17
18
19
20
21
Industry group
Manufacturing
Commercial and miscellaneous
Transportation
Public utility
Communication
Real estate and financial
12,888
2,439
4,322
1,458
31,521
1. Figures which represent gross proceeds of issues maturing in more than one
year, are principal amount or number of units multiplied by offering price.
Excludes secondary offerings, employee stock plans, investment companies other
than closed-end, intracorporate transactions, equities sold abroad, and Yankee
bonds. Stock data include ownership securities issued by limited partnerships.
2. Monthly data include only public offerings.
1,118
11
19
1,402
1,628
480
2,936
4
13,302'
2,828'
3. Data are not available on a monthly basis. Before 1987, annual totals include
underwritten issues only.
SOURCES. IDD Information Services, Inc., the Board of Governors of the
Federal Reserve System, and before 1989, the U.S. Securities and Exchange
Commission.
Securities Market and Corporate Finance
1.47 OPEN-END INVESTMENT COMPANIES
A35
Net Sales and Asset Position
Millions of dollars
1989
Item
1987
1988
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
INVESTMENT COMPANIES'
1 Sales of own shares2
381,260
271,237
22,741
23,149
25,496
24,661
25,817
25,330
26,800r
22,820
314,252
67,008
267,451
3,786
22,252
489
24,135
-986
26,183
-687
22,483
2,178
22,562
3,255
20,053
5,277
22,262
4,538r
21,499
1,321
4
4 Assets
453,842
472,297
482,697
483,067
497,329
509,781
515,814
535,910
539,553
538,722
5 Cash position5
6 Other
38,006
415,836
45,090
427,207
47,908
434,789
46,262
436,805
48,788
448,541
49,177
460,604
48,428
467,386
47,888
488,022
47,209
492,344
46,072
492,650
2 Redemptions of own shares
3 Net sales
3
1. Data on sales and redemptions exclude money market mutual funds but
include limited maturity municipal bond funds. Data on asset positions exclude
both money market mutual funds and limited maturity municipal bond funds.
2. Includes reinvestment of investment income dividends. Excludes reinvestment of capital gains distributions and share issue of conversions from one fund
to another in the same group.
3. Excludes share redemption resulting from conversions from one fund to
another in the same group.
4. Market value at end of period, less current liabilities.
5. Also includes all U.S. government securities and other short-term debt
securities.
NOTE. Investment Company Institute data based on reports of members, which
comprise substantially all open-end investment companies registered with the
Securities and Exchange Commission. Data reflect newly formed companies after
their initial offering of securities.
SOURCE. Survey of Current Business (Department of Commerce).
1.48 CORPORATE PROFITS AND THEIR DISTRIBUTION
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1987
Account
1986
1 Corporate profits with inventory valuation and
capital consumption adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
2
3
4
5
6
7 Inventory valuation
8 Capital consumption adjustment
1987
1989
1988
1988
Q4
Ql
Q2
Q3
Q4
Ql
Q2
Q3
282.1
221.6
106.3
115.3
91.3
24.0
298.7
266.7
124.7
142.0
98.7
43.3
328.6
306.8
137.9
168.9
110.4
58.5
308.2
276.2
127.3
148.9
102.8
46.1
318.1
288.8
129.0
159.9
105.7
54.2
325.3
305.3
138.4
166.9
108.6
58.3
330.9
314.4
141.2
173.2
112.2
61.1
340.2
318.8
143.2
175.6
115.2
60.4
316.3
318.0
144.4
173.6
118.5
55.1
307.8
296.0
134.9
161.1
120.9
40.2
292.3
272.0
122.4
149.5
123.3
26.3
6.7
53.8
-18.9
50.9
-25.0
46.8
-20.4
52.4
-20.7
49.9
-28.8
48.9
-30.4
46.9
-20.1
41.5
-38.3
36.6
-21.0
32.3
n.a.
26.3
•Trade and services are no longer being reported separately. They are included
in Commercial and other, line 10.
1.50 TOTAL NONFARM BUSINESS EXPENDITURES on New Plant and Equipment •
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1988
Industry
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 Commercial and o t h e r
1987
1988
Ql
Q2
Q3
Q4
Ql
Q2
Q31
Q41
389.67
430.76
473.65
413.34
427.54
435.61
442.11
459.47
470.86
481.24
483.04
71.01
74.88
78.30
88.01
82.23
99.67
75.28
82.69
77.38
85.24
79.15
89.62
80.56
92.76
81.26
93.%
82.97
98.57
82.51
102.90
82.17
103.27
11.39
12.66
12.22
12.61
13.15
12.53
12.38
12.15
12.70
12.34
11.70
5.92
6.53
6.40
7.06
7.28
7.00
24.75
7.85
9.53
6.96
6.33
7.06
6.99
6.91
7.05
6.84
8.09
7.08
7.45
7.69
6.89
8.02
7.04
8.07
7.37
9.49
7.40
7.24
11.30
7.22
8.75
10.31
6.79
31.63
13.25
168.65
32.03
14.64
183.76
34.65
16.11
204.02
30.80
14.25
177.37
31.31
14.49
185.21
32.07
14.61
185.61
33.69
15.04
185.65
33.69
17.12
198.15
35.34
16.67
200.36
34.%
15.58
207.18
34.61
15.08
210.36
1. Anticipated by business.
2. "Other" consists of construction; wholesale and retail trade; finance and
1989
19891
insurance; personal and business services; and communication.
SOURCE. Survey of Current Business (Department of Commerce).
A36
DomesticNonfinancialStatistics • January 1990
Assets and Liabilities1
1.51 DOMESTIC FINANCE COMPANIES
Billions of dollars, end of period
1988
Account
1985
1986
1989
1987
Ql
Q2
Q3
Q4
Ql
Q2
Q3
ASSETS
Accounts receivable, gross 2
Consumer
Business
Real estate
Total
111.9
157.5
28.0
297.4
134.7
173.4
32.6
340.6
141.1
207.4
39.5
388.1
141.5
219.7
41.4
402.6
144.4
224.0
42.5
410.9
146.3
223.3
43.1
412.7
146.2
236.5
43.5
426.2
140.2
243.1
45.4
428.7
144.9
250.5
47.4
442.8
147.2
248.8
48.9
444.9
Less:
5 Reserves for unearned income
6 Reserves for losses
39.2
4.9
41.5
5.8
45.3
6.8
46.8
6.8
46.3
6.8
48.4
7.1
50.0
7.3
50.9
7.4
52.1
7.5
53.7
7.8
7 Accounts receivable, net
8 All other
253.3
45.3
293.3
58.6
336.0
58.3
348.9
60.1
357.8
70.5
357.3
68.7
368.9
72.4
370.4
75.1
383.2
81.5
383.5
83.1
9 Total assets
298.6
351.9
394.2
409.1
428.3
426.0
441.3
445.5
464.6
466.6
1
2
3
4
LIABILITIES
10 Bank loans
11 Commercial paper
Debt
12 Other short-term
13 Long-term
14 Due to parent
15 Not elsewhere classified
16 All other liabilities
17 Capital, surplus, and undivided profits
18.0
99.2
18.6
117.8
16.4
128.4
14.9
125.2
13.3
131.6
11.9
129.4
15.4
142.0
11.6
147.9
12.2
149.2
12.3
147.4
12.7
94.4
n.a.
n.a.
41.5
32.8
17.5
117.5
n.a.
n.a.
44.1
36.4
28.0
137.1
n.a.
n.a.
52.8
31.5
n.a.
n.a.
49.0
132.4
56.1
31.5
n.a.
n.a.
51.4
139.8
58.7
33.5
n.a.
n.a.
51.5
139.3
58.9
34.9
n.a.
n.a.
50.6
137.9
59.8
35.6
n.a.
n.a.
56.8
134.5
58.1
36.6
n.a.
n.a.
59.7
141.3
63.5
38.7
n.a.
n.a.
60.4
146.1
60.4
40.0
18 Total liabilities and capital
298.6
351.9
394.2
409.1
428.3
426.0
441.3
445.5
464.6
466.6
1. Components may not add to totals because of rounding.
1.52 DOMESTIC FINANCE COMPANIES
2. Excludes pools of securitized assets.
Business Credit Outstanding and Net Change1
Millions of dollars, seasonally adjusted
1989
Type
1 Total
2
3
4
5
6
/
8
9
10
11
12
13
Retail financing of installment sales
Automotive
Equipment
Pools of securitized assets 2
Wholesale
Automotive
Equipment
All other
Pools of securitized assets 2
Leasing
Automotive
Equipment
Pools of securitized assets 2
Loans on commercial accounts receivable and factored
commercial accounts receivable
All other business credit
1986
1987
1988
Apr.
May
June
July
Aug.
Sept.
172,060
205,810
234,529
244,882
245,861
249,322
251,126
253,822
258,851
26,015
23,112
n.a.
35,782
25,170
n.a.
36,548
28,298
n.a.
38,415
28,790
817
38,816
27,638
846
39,042
27,773
807
39,183
28,128
769
39,355
29,039
793
39,258
29,639
755
23,010
5,348
7,033
n.a.
30,507
5,600
8,342
n.a.
33,300
5,983
9,341
n.a.
34,383
6,153
9,852
0
34,534
6,0%
9,929
0
34,021
6,165
9,862
0
33,233
6,244
10,001
0
33,566
6,497
9,990
0
37,243
6,602
9,957
0
19,827
38,179
n.a.
21,952
43,335
n.a.
24,673
57,455
n.a.
25,544
60,246
733
26,011
61,022
824
26,515
63,370
7%
26,701
64,086
887
26,739
64,186
990
26,865
65,170
948
15,978
13,557
18,078
17,043
17,796
21,134
18,677
21,272
18,772
21,371
19,302
21,669
19,989
21,904
20,098
22,571
19,611
22,804
Net change (during period)
14 Total
15
16
17
18
19
20
21
22
23
24
25
26
Retail financing of installment sales
Automotive
Equipment
Pools of securitized assets
Wholesale
Automotive
Equipment
All other
Pools of securitized assets 2
Leasing
Automotive
Equipment
Pools of securitized assets 2
Loans on commercial accounts receivable and factored
commercial accounts receivable
All other business credit
15,763
33,750
22,662
4,696
978
3,462
1,803
2,697
5,029
5,355
629
n.a.
9,767
2,058
n.a.
766
1,384
n.a.
720
583
-38
401
-1,152
29
226
135
-39
141
354
-38
172
911
24
-97
600
-38
-978
780
224
n.a.
7,497
252
1,309
n.a.
2,793
226
999
n.a.
856
65
170
0
151
-56
78
0
-513
69
-68
0
-788
79
139
0
332
253
-11
0
3,677
104
-32
0
3,552
3,411
n.a.
2,125
5,156
n.a.
2,721
9,962
n.a.
-40
762
-23
467
776
91
504
2,348
-28
187
716
91
38
99
103
126
984
-42
213
2,576
2,100
3,486
-282
4,091
883
760
95
100
530
298
687
235
109
667
-487
234
1. These data also appear in the Board's G.20 (422) release. For address, see
inside front cover.
2. Data on pools of securitized assets are not seasonally adjusted.
Real Estate
A37
1.53 MORTGAGE MARKETS
Millions of dollars; exceptions noted.
1989
Item
1986
1987
1988
Apr.
May
June
July
Aug.
Sept.
Oct.
Terms and yields in primary and secondary markets
PRIMARY M A R K E T S
1
2
3
4
5
6
Conventional mortgages on new homes
Terms
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars)
Loan/price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount)
Contract rate (percent per year)
Yield (percent per year)
7 FHLBB series3
8 HUD series4
118.1
86.2
75.2
26.6
2.48
9.82
137.0
100.5
75.2
27.8
2.26
8.94
150.0
110.5
75.5
28.0
2.19
8.81
169.2
124.5
75.0
28.4
1.70
9.88
151.8
112.3
75.3
28.3
2.12
9.82
150.5
111.0
75.2
27.8
1.91
10.09
174.5
125.3
73.8
28.6
2.42
10.06
160.8
119.4
75.6
28.3
2.31
9.83
160.6
118.6
75.3
28.5
2.13
9.86
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
10.26
10.07
9.31
10.17
9.18
10.30
10.17
10.84
10.18
10.43
10.42
10.04
10.48
9.70
10.22
10.05
10.23
10.04
n.a.
9.79
9.91
9.30
10.16
9.43
10.49
9.83
10.88
10.36
10.55
10.11
10.08
9.75
9.61
9.55
9.95
9.48
9.94
9.47
9.73
9.21
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (HUD series)5
10 GNMA securities6
Activity in secondary markets
F E D E R A L N A T I O N A L M O R T G A G E ASSOCIATION
Mortgage holdings (end of period)
11 Total
12 FHA/VA-insured
13 Conventional
98,048
29,683
68,365
95,030
21,660
73,370
101,329
19,762
81,567
102,191
19,607
82,584
102,564
19,612
82,952
103,309
19,586
83,723
104,421
19,630
84,791
105,896
19,589
86,307
107,052
19,608
87,444
108,180
19,843
88,337
Mortgage transactions (during period)
14 Purchases
30,826
20,531
23,110
1,163
1,419
1,862
2,091
2,724
2,223
2,267
32,987
3,386
25,415
4,886
23,435
2,148
1,118
4,661
1,626
4,673
2,573
5,236
2,513
5,648
2,842
5,755
2,328
5,865
2,963
6,548
13,517
746
12,771
12,802
686
12,116
15,105
620
14,485
18,918
599
18,320
19,443
586
18,857
20,121
585
19,535
20,533
585
19,948
21,024
589
20,435
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Mortgage transactions (during period)
20 Purchases
21 Sales
103,474
100,236
76,845
75,082
44,077
39,780
5,861
5,554
5,141
4,474
7,392
6,551
5,720
5,180
7,283
6,650'
n.a.
n.a.
n.a.
n.a.
Mortgage commitments9
22 Contracted (during period)
110,855
71,467
66,026
4,196
5,186
7,948
6,608
5,705
n.a.
n.a.
7
Mortgage commitments
15 Contracted (during period)
16 Outstanding (end of period)
F E D E R A L H O M E L O A N M O R T G A G E CORPORATION
Mortgage holdings (end of periodf
17 Total
18 FHA/VA
19 Conventional
1. Weighted averages based on sample surveys of mortgages originated by
major institutional lender groups; compiled by the Federal Home Loan Bank
Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the
borrower or the seller) to obtain a loan.
3. Average effective interest rates on loans closed, assuming prepayment at the
end of 10 years.
4. Average contract rates on new commitments for conventional first mortgages; 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. Based on transactions on first day of subsequent month. Large
monthly movements in average yields may reflect market adjustments to changes
in maximum permissable contract rates.
6. Average net yields to investors on Government National Mortgage Association guaranteed, mortgage-backed, fully modified pass-through securities, assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying
the prevailing ceiling rate. Monthly figures are averages of Friday figures from the
Wall Street Journal.
7. Includes some multifamily and nonprofit hospital loan commitments in
addition to 1- to 4-family loan commitments accepted in FNMA's free market
auction system, and through the FNMA-GNMA tandem plans.
8. Includes participation as well as whole loans.
9. Includes conventional and government-underwritten loans. FHLMC's mortgage commitments and mortgage transactions include activity under mortgage/
securities swap programs, while the corresponding data for FNMA exclude swap
activity.
A38
1.54
DomesticNonfinancialStatistics • January 1990
MORTGAGE DEBT
OUTSTANDING1
Millions of dollars, end of period
1988
Type of holder, and type of property
1986
1987
1989
1988
Q2
Q3
Q4
Q1
Q2P
1 All holders
2,618,324
2,977,293
3,268,285
3,120,536
3,189,132
3,268,285
3,328,824
3,391,259
2 1- to 4-family
3 Multifamily
4 Commercial
5
1,719,673
247,831
555,039
95,781
1,959,607
273,954
654,863
88,869
2,189,475
290,355
701,652
86,803
2,070,829
280,239
681,660
87,808
2,134,225
284,675
683,207
87,025
2,189,475
290,355
701,652
86,803
2,230,006
296,139
716,695
85,984
2,281,317
297,860
725,341
86,741
1,507,944
502,534
235,814
31,173
222,799
12,748
1,704,560
591,369
276,270
33,330
267,340
14,429
1,874,967
669,160
314,283
34,131
305,242
15,504
1,791,714
629,617
296,265
34,225
283,942
15,185
1,833,800
650,799
307,041
33,960
294,398
15,400
1,874,967
669,160
314,283
34,131
305,242
15,504
1,905,052
688,662
324,681
34,172
313,941
15,868
1,932,154
715,049
338,872
34,954
324,878
16,345
777,967
559,067
97,059
121,236
605
193,842
12,827
20,952
149,111
10,952
33,601
860,467
602,408
106,359
150,943
929,647
678,263
111,302
139,416
898,742
638,638
107,482
151,870
914,280
665,294
109,287
139,029
929,647
678,263
111,302
139,416
936,091
682,658
112,507
140,255
933,694
684,828
110,009
138,201
212,375
13,226
22,524
166,722
9,903
40,349
232,639
15,284
23,562
184,124
9,669
43,521
220,870
14,172
23,021
174,086
9,591
42,485
225,627
14,917
23,139
178,166
9,405
43,094
232,639
15,284
23,562
184,124
9,669
43,521
234,910
12,690
24,636
188,073
9,511
45,389
236,160
12,745
25,103
188,756
9,556
47,251
203,800
889
47
842
48,421
21,625
7,608
8,446
10,742
192,721
444
25
419
43,051
18,169
8,044
6,603
10,235
200,570
26
26
198,027
64
51
13
41,836
18,268
8,349
5,300
9,919
200,570
26
26
199,847
26
26
201,909
24
24
42,018
18,347
8,513
5,343
9,815
199,474
42
24
18
42,767
18,248
8,213
6,288
10,018
42,018
18,347
8,513
5,343
9,815
41,780
18,347
8,615
5,101
9,717
40,711
18,391
8,778
3,885
9,657
5,047
2,386
2,661
97,895
90,718
7,177
39,984
2,353
37,631
11,564
10,010
1,554
5,574
2,557
3,017
96,649
89,666
6,983
34,131
2,008
32,123
12,872
11,430
1,442
5,973
2,672
3,301
103,013
95,833
7,180
32,115
1,890
30,225
17,425
15,077
2,348
5,673
2,564
3,109
102,368
95,404
6,964
33,048
1,945
31,103
15,576
13,631
1,945
5,666
2,432
3,234
102,453
95,417
7,036
32,566
1,917
30,649
15,442
13,322
2,120
5,973
2,672
3,301
103,013
95,833
7,180
32,115
1,890
30,225
17,425
15,077
2,348
6,075
2,550
3,525
101,991
94,727
7,264
31,261
1,839
29,422
18,714
16,192
2,522
6,424
2,827
3,597
103,309
95,714
7,595
31,467
1,851
29,616
19,974
17,305
2,669
565,428
262,697
256,920
5,777
171,372
166,667
4,705
97,174
95,791
1,383
348
142
718,297
317,555
309,806
7,749
212,634
205,977
6,657
139,960
137,988
1,972
245
121
810,887
340,527
331,257
9,270
226,406
219,988
6,418
178,250
172,331
5,919
104
26
754,045
322,616
314,728
7,888
216,155
209,702
6,453
157,438
153,253
4,185
106
23
782,802
333,177
324,573
8,604
220,684
214,195
6,489
167,170
162,228
4,942
106
27
810,887
340,527
331,257
9,270
226,406
219,988
6,418
178,250
172,331
5,919
104
26
839,684
348,622
337,563
11,059
234,695
228,389
6,306
188,071
181,352
6,719
96
24
861,827
353,154
341,951
11,203
242,789
236,404
6,385
196,501
188,774
7,727
85
23
132
74
63
61
38
40
41
42
38
41
38
40
34
38
26
36
341,152
197,868
66,940
53,315
23,029
361,715
201,704
75,458
63,192
21,361
381,861
215,077
78,411
67,489
20,884
375,303
212,017
76,736
65,433
21,117
374,503
209,784
77,502
66,276
20,941
381,861
215,077
78,411
67,489
20,884
384,241
215,379
78,814
69,291
20,757
395,369
225,059
79,840
69,595
20,875
6 Selected financial institutions
7 Commercial banks 2
8
1- to 4-family
9
Multifamily
10
Commercial
11
Farm
12
13
14
IS
16
17
18
19
20
21
22
Savings institutions3
1- to 4-family
Multifamily
Commercial
Life insurance companies
1- to 4-family
Multifamily
Commercial
Farm
Finance companies4
23 Federal and related agencies
24 Government National Mortgage Association
1- to 4-family
25
76
Multifamily
27 Farmers Home Administration
28
1- to 4-family
29
Multifamily
30
Commercial
31
Farm
32
33
34
35
36
37
38
39
40
41
42
43
Federal Housing and Veterans Administration
1- to 4-family
Multifamily
Federal National Mortgage Association
1- to 4-family
Multifamily
Federal Land Banks
1- to 4-family
Farm
Federal Home Loan Mortgage Corporation
1- to 4-family
Multifamily
44 Mortgage pools or trusts 6
45 Government National Mortgage Association
46
1- to 4-family
47
Multifamily
48 Federal Home Loan Mortgage Corporation
49
1- to 4-family
50
Multifamily
51 Federal National Mortgage Association
52
1- to 4-family
53
Multifamily
54 Farmers Home Administration
55
1- to 4-family
S6
57
Commercial
Farm
58
59 Individuals and others
60
1- to 4-family
61 Multifamily
62 Commercial
63 Farm
7
1. Based on data from various institutional and governmental sources, with
some quarters estimated in part by the Federal Reserve. Multifamily debt refers
to loans on structures of five or more units.
2. Includes loans held by nondeposit trust companies but not bank trust
departments.
3. Includes savings banks and savings and loan associations. Beginning 1987:1,
data reported by FSLIC-insured institutions include loans in process and other
contra assets (credit balance accounts that must be subtracted from the corresponding gross asset categories to yield net asset levels).
4. Assumed to be entirely 1- to 4-family loans.
5. FmHA-guaranteed securities sold to the Federal Financing Bank were
reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:4,
because of accounting changes by the Farmers Home Administration.
6. Outstanding principal balances of mortgage pools backing securities insured
or guaranteed by the agency indicated. Includes private pools which are not
shown as a separate line item.
7. Other holders include mortgage companies, real estate investment trusts,
state and local credit agencies, state and local retirement funds, noninsured
pension funds, credit unions, and other U.S. agencies.
Consumer Installment Credit
A39
1.55 CONSUMER INSTALLMENT CREDIT1 Total Outstanding, and Net Change, seasonally adjusted
Millions of dollars
1989
Holder, and type of credit
1987
1988
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug/
Sept.
Amounts outstanding (end of period)
607,721
659,507
682,020
687,397
691,162
693,911
698,132
700,849
700,344
703,001
703,607
By major holder
Commercial banks ,
Finance companies
Credit unions
Retailers
Savings institutions
Gasoline companies
Pools of securitized assets 4
282,910
140,281
80,087
40,975
59,851
3,618
n.a.
318,925
145,180
86,118
43,498
62,099
3,687
n.a.
316,797
141,795
87,093
40,986
62,867
3,655
28,827
318,423
143,419
87,813
41,052
63,109
3,677
29,903
318,242
143,070
88,514
41,300
62,735
3,682
33,619
320,458
144,378
89,330
41,301
61,919
3,787
32,737
323,363
145,523
89,890
41,323
61,311
3,897
32,826
324,438
146,055
90,073
41,649
59,920
4,017
34,696
323,621
145,488
89,852
41,798
60,092
3,936
35,557
326,135
144,386
90,016
41,989
59,229
3,976
37,270
327,399
144,188
90,039
42,221
58,900
3,886
36,974
By major type of credit
9 Automobile
10 Commercial banks
11 Credit unions.... D
1? Finance companies
13 Savings institutions
14 Pools of securitized assets 4
265,976
109,201
40,351
98,195
18,228
n.a.
281,174
123,259
41,326
97,204
19,385
n.a.
286,382
122,160
41,707
87,968
19,506
15,042
288,767
122,983
41,964
88,789
19,464
15,568
288,850
123,062
42,211
89,567
19,231
14,779
289,654
123,878
42,510
90,268
18,866
14,132
290,741
125,118
42,687
90,976
18,566
13,395
290,192
125,592
42,684
91,184
18,032
12,700
288,526
124,881
42,624
90,213
17,972
12,835
288,533
126,597
42,747
89,439
17,603
12,147
287,691
126,921
42,803
88,317
17,695
11,955
15 Revolving
16 Commercial banks
17 Retailers
18 Gasoline companies
19 Savings institutions
70 Credit unions
21 Pools of securitized assets 4
153,884
99,119
36,389
3,618
10,367
4,391
n.a.
174,792
117,572
38,692
3,687
10,151
4,691
n.a.
176,716
111,133
36,176
3,655
10,479
4,785
10,489
178,570
111,706
36,257
3,677
10,722
4,866
11,342
182,831
112,553
36,489
3,682
10,860
4,947
14,299
184,500
114,130
36,497
3,787
10,918
5,035
14,134
186,502
115,407
36,504
3,897
11,008
5,109
14,578
189,622
115,561
36,814
4,017
10,951
5,187
17,117
191,028
115,967
36,963
3,936
11,176
n.a.
17,795
194,398
117,012
37,134
3,976
11,206
n.a.
19,827
195,153
117,894
37,355
3,886
11,000
n.a.
19,731
26,387
9,220
7,762
9,406
25,744
8,974
7,186
9,583
26,036
8,974
7,376
9,687
25,992
8,974
7,308
9,710
24,168
8,844
5,687
9,637
23,993
8,836
5,659
9,498
23,952
8,878
5,684
9,390
23,685
8,847
5,674
9,163
23,630
8,830
5,624
9,176
22,938
8,808
5,100
9,030
22,846
8,793
5,087
8,966
161,475
65,370
34,324
35,344
4,586
21,850
n.a.
177,798
69,120
40,790
40,102
4,807
22,981
n.a.
192,886
74,532
46,451
40,601
4,809
23,196
3,296
194,068
74,760
47,322
40,983
4,795
23,214
2,993
195,314
73,783
47,816
41,357
4,811
23,006
4,541
195,763
73,614
48,451
41,785
4,804
22,638
4,471
196,936
73,960
48,863
42,094
4,819
22,347
4,853
197,349
74,438
49,197
42,228
4,834
21,773
4,879
197,161
73,944
49,650
42,036
4,835
21,769
4,927
197,132
73,718
49,847
42,025
4,855
21,390
5,296
197,916
73,791
50,784
41,949
4,866
21,239
5,288
1 Total
?
3
4
5
6
7
8
?? Mobile home
73 Commercial banks
74 Finance companies
25 Savings institutions
76 Other
77 Commercial banks
78 Finance companies
79 Credit unions
30 Retailers
31 Savings institutions
32 Pools of securitized assets 4
Net change (during period)
35,674
51,786
22,513
5,376
3,765
2,749
4,221
2,717
-505
2,657
606
By major holder
Commercial banks
Finance companies
Credit unions
Retailers3
Savings institutions
Gasoline companies
Pools of securitized assets 4
19,884
6,349
3,853
1,568
3,689
332
n.a.
36,015
4,899
6,031
2,523
2,248
69
n.a.
-2,128
-3,385
975
-2,512
768
-32
n.a.
1,626
1,624
720
67
242
22
1,076
-181
-349
701
247
-375
6
3,716
2,216
1,309
815
2
-815
104
-882
2,904
1,145
560
21
-609
110
89
1,076
532
184
326
-1,390
120
1,870
-817
-567
-222
149
172
-81
861
2,514
-1,102
164
192
-863
39
1,713
1,264
-198
23
231
-329
-89
-296
By major type of credit
41 Automobile
42 Commercial banks
43 Credit unions
44 Finance companies
45 Savings institutions
46 Pools of securitized assets 4
18,663
7,919
1,916
5,639
3,188
n.a.
15,198
14,058
975
-991
1,157
n.a.
5,208
-1,099
381
-9,236
121
n.a.
2,385
823
257
821
-42
526
82
79
247
778
-233
-789
804
816
300
701
-366
-647
1,087
1,239
177
708
-300
-737
-549
474
-3
208
-533
-695
-1,667
-711
-60
-970
-61
135
7
1,716
123
-775
-369
-688
-842
324
56
-1,122
92
-192
47 Revolving
48 Commercial banks
49 Retailers
50 Gasoline companies
51 Savings institutions
52 Credit unions
4
53 Pools of securitized assets
16,871
12,188
1,866
332
1,771
715
n.a.
20,908
18,453
2,303
69
-216
300
n.a.
1,924
-6,439
-2,516
-32
328
94
n.a.
1,854
573
81
22
243
81
853
4,261
848
232
6
138
81
2,957
1,670
1,576
8
104
58
88
-165
2,002
1,277
7
110
90
74
444
3,120
154
310
120
-57
78
2,539
1,406
405
149
-81
225
n.a.
678
3,370
1,045
171
39
30
n.a.
2,032
756
882
221
-89
-206
n.a.
-96
54 Mobile home
55 Commercial banks
56 Finance companies
57 Savings institutions
-968
192
-1,052
-107
-643
-246
-576
177
292
0
190
104
-44
1
-68
23
-1,824
-131
-1,621
-72
-174
-7
-28
-140
-41
42
25
-108
-267
-31
-10
-227
-56
-18
-50
12
-692
-22
-524
-146
-91
-15
-13
-64
58 Other
59 Commercial banks
60 Finance companies
61 Credit unions
62 Retailers
63 Savings institutions
64 Pools of securitized assets 4
1,108
-415
1,761
1,221
-297
-1,162
n.a.
16,323
3,750
6,466
4,758
221
1,131
n.a.
15,088
5,412
5,661
499
2
215
n.a.
1,182
229
871
382
-14
18
-303
1,246
-977
494
374
16
-208
1,548
449
-169
635
428
-7
-368
-70
1,173
346
412
309
15
-291
382
413
478
334
133
16
-574
26
-189
-494
453
-191
0
-5
48
-29
-226
197
-11
21
-379
369
785
73
937
-77
11
-151
-8
33 Total
34
35
36
37
38
39
40
1. The Board's series cover most short- and intermediate-term credit extended
to individuals that is scheduled to be repaid (or has the option of repayment) in
two or more installments.
These data also appear in the Board's G.19 (421) release. For address, see
inside front cover.
2. More detail for finance companies is available in the G. 20 statistical release.
3. Excludes 30-day charge credit held by travel and entertainment companies.
4. Outstanding balances of pools upon which securities have been issued; these
balances are no longer carried on the balance sheets of the loan originator.
A40
DomesticNonfinancialStatistics • January 1990
1.56 TERMS OF CONSUMER INSTALLMENT CREDIT1
Percent unless noted otherwise
1989
Item
1986
1987
1988
Mar.
Apr.
May
June
July
Aug.
Sept.
INTEREST RATES
1
2
3
4
6
Commercial banks 2
48-month new c a r
24-month personal
120-month mobile home
Credit card
Auto finance companies
New car
Used car
11.33
14.82
13.99
18.26
10.45
14.22
13.38
17.92
10.85
14.68
13.54
17.78
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
12.44
15.65
14.35
18.11
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
12.13
15.45
14.13
18.07
n.a.
n.a.
n.a.
n.a.
9.44
15.95
10.73
14.60
12.60
15.11
13.07
16.12
12.10
16.39
11.80
16.45
11.96
16.45
11.94
16.37
12.22
16.31
12.42
16.22
50.0
42.6
53.5
45.2
56.2
46.7
55.4
47.1
53.4
47.8
52.7
46.6
53.0
46.5
52.9
46.4
52.9
46.2
53.1
45.8
91
97
93
98
94
98
92
97
91
97
91
97
91
97
91
97
90
96
88
96
10,665
6,555
11,203
7,420
11,663
7,824
11,867
7,958
11,886
7,855
11,973
7,908
12,065
7,921
12,108
7,988
11,949
7,874
11,841
7,856
O T H E R TERMS 4
7
8
9
10
11
12
Maturity (months)
New car
Used car
Loan-to-value ratio
New car
Used car
Amount financed (dollars)
New car
Used car
1. These data also appear in the Board's G.19 (421) release. For address, see
inside front cover.
2. Data for midmonth of quarter only.
3. Before 1983 the maturity for new car loans was 36 months, and for mobile
home loans was 84 months.
4. At auto finance companies.
Flow of Funds
A41
1.57 FUNDS RAISED IN U.S. CREDIT MARKETS
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1987
Transaction category, sector
1984
1985
1986
1989
1988
1987
Q4
Ql
Q2
Q3
Q4
Ql
Q2'
Nonfinancial sectors
1 Total net borrowing by domestic nonfinancial sectors
750.7r
846.3
831.1r
693.2'
767.0r
764.9
728.2'
827.2'
754.4r
758.3r
792.2'
658.9
By sector and instrument
2 U.S. government
Treasury securities
4 Agency issues and mortgages
198.8
199.0
-.2
223.6
223.7
-.1
215.0
214.7
.4
144.9
143.4
1.5
157.5
140.0
17.4
175.1
170.2
5.0
211.6
212.0
-.5
113.7
106.0
7.7
162.5
141.6
20.9
142.1
100.5
41.6
199.9
201.1
-1.2
70.9
65.8
5.1
5 Private domestic nonfinancial sectors
6 Debt capital instruments
Tax-exempt obligations
7
8
Corporate bonds
9
Mortgages
10
Home mortgages
Multifamily residential
11
17
Commercial
13
Farm
551.9
320.0
51^
46.1
222.8
136.7
25.2
62.2
-1.2
622.7
451.4
135.4'
73.8
242.2
156.8
29.8
62.2
-6.6
616.1
460.3
n.r
121.3
316.3
218.7
33.5
73.6
-9.5
548.3
458.5
34.1'
99.9
324.5
234.9
24.4
71.6
-6.4
609.6'
462.6
34.0'
120.9
307.7
229.1
18.9
61.7
-2.1
589.8
417.8
25.0
81.6
311.2
225.5
14.9
73.4
-2.6
516.6'
386.5
29.1
118.8
238.7
170.7
24.2
48.5
-4.7
713.4'
561.0
37.9
143.9
379.2
300.7
14.7
65.4
-1.6
592.V
463.9
34.8
115.9
313.2
231.0
19.5
65.4
-2.6
616.3'
438.9
34.3
104.9
299.7
214.0
17.3
67.7
.7
592.3'
427.8'
29.3'
111.6
286.9
205.2
27.2
58.8
-4.4
588.0
394.1
20.6
138.5
234.9
186.1
8.1
38.7
2.1
14
15
16
17
18
Other debt instruments
Consumer credit
Bank loans n.e.c
Open market paper
Other
231.9
81.6
66.3
21.7
62.2
171.3
82.5
38.6
14.6
35.6
155.8
58.0
66.7
-9.3
40.5
89.7
32.9
10.8
2.3
43.8
147.0'
51.1
38.4
11.6
45^
172.0
54.1
71.9
-10.8
56.7
130.1'
43.7
20.8
2.4
63.2'
152.4'
51.9
58.8
6.8
34.8'
128.1'
35.5
7.3
17.1
68.1'
177.3'
73.1
66.6
20.0
17.6'
164.5'
34.8
23.1'
44.1
62.5'
193.9
46.0
29.9
44.9
73.1
19
20
71
??
73
24
25
By borrowing sector
State and local governments
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
551.9
28.1
231.5
292.3
-.4
123.2
169.6
622.7
90.9
284.6
247.2
-14.5
129.3
132.4
616.1
36.2
289.2
290.7
-16.3
103.2
203.7
548.3
33.6
271.9
242.8
-10.6
107.9
145.5
609.6'
29.8
287.9'
291.8
-7.5
91.9
207.5
589.8
24.3
278.0
287.4
.4
115.7
171.4
516.6'
23.4
230.2'
263.0
-12.7
85.2
190.5
713.4'
37.0
346.7'
329.7
-3.3
83.6
249.4
592.0'
28.1
291.6'
272.3
-2.2
100.5
174.0
616.3'
30.6
283.3'
302.4
-11.8
98.2
216.0
592.3'
29.7
263.1'
299.4'
-2.2'
91.1
210.6'
588.0
27.7
227.1
333.3
.3
70.0
263.0
26 Foreign net borrowing in United States
77 Bonds
28 Bank loans n.e.c
29 Open market paper
30 U.S. government loans
8.4
3.8
-6.6
6.2
5.0
1.2
3.8
-2.8
6.2
-6.0
9.7r
3.1
-1.0
11.5
-3.9
4.9'
7.4
-3.6
2.1
-1.0
6.¥
6.9
-1.8
9.6
-7.8'
13.9
21.4
-4.3
-1.6
-1.6
4.8
14.2
1.7
.7
-11.8
5.4
2.6
-3.3
6.5
-.4
4.1
5.9
.0
10.3
-12.1
13.3'
5.1
-5.7
21.0
-7.1'
-1.1'
3.2
4.9
12.1'
-21.4'
-3.9
11.1
1.7
-8.1
-8.6
31 Total domestic plus foreign
759.1
847.5
840.9
698.1
773.9'
778.8
733.0r
832.6'
758.5'
771.7'
791.1'
655.0
Financial sectors
32 Total net borrowing by financial sectors
150.7
201.3
318.9
315.0
264.2
240.1
242.5
263.9
232.1
318.3
394.4'
123.4
By instrument
U.S. government related
Sponsored credit agency securities
Mortgage pool securities
Loans from U.S. government
74.9
30.4
44.4
.0
101.5
20.6
79.9
1.1
187.9
15.2
173.1
-.4
185.8
30.2
156.4
-.8
137.5
44.9
92.6
.0
161.5
62.8
98.8
.0
128.8
59.5
69.3
.0
104.3
11.1
93.1
.0
144.4
46.5
97.8
.0
172.5
62.3
110.1
.0
216.1
84.9
131.2
.0
105.8
12.5
93.3
.0
75.9r
34.3
.4
1.4
24.0
15.7
99.7r
50.9
.1
2.6
32.0
14.2
131.C
82.9
.1
4.0
24.2
19.8
129.2'
78.9
.4
-3.3
28.8
24.4
126.7'
51.7
.3
1.4
53.6
19.7
78.6
53.4
.8
-11.1
-4.2
39.8
113.7
60.0
-.1
5.9
38.5
9.4
159.6
71.1
.1
5.7
70.5
12.3
87.7
32.5
-.1
-5.6
35.1
25.8
145.8
43.0
1.2
-.3
70.4
31.4
178.3'
52.7'
.3
3.0
53.2'
69.1
17.6
31.4
.0
.3
2.8
-16.9
150.7
201.3
318.9
315.0
264.2
240.1
242.5
263.9
232.1
318.3
394.4'
123.4
30.4
44.4
75.9r
7.3
16.1
17.2
1.2
24.0
.8
9.3
21.7
79.9
99.7'
-4.9
16.6
17.3
1.5
57.2
.5
11.5
14.9
173.1
131.0'
-3.6
15.2
20.9
4.2
54.5
1.0
39.0
29.5
156.4
129.2'
7.1
14.3
19.6
8.1
40.3
.8
39.1
44.9
92.6
126.7'
-3.9
5.2
19.9
1.9
67.0
4.1
32.5
62.8
98.8
78.6
11.2
-9.9
28.3
12.6
28.3
2.2
6.0
59.5
69.3
113.7
-16.7
-8.8
10.0
2.3
78.4
5.4
43.0
11.1
93.1
159.6
-1.6
22.4
19.1
1.1
85.4
1.7
31.5
46.5
97.8
87.7
-.9
6.1
24.1
.5
40.7
-5.9
23.1
62.3
110.1
145.8
3.7
.8
26.3
3.8
63.6
15.0
32.5
84.9
131.2
178.3'
-13.4
6.4
71.3
-2.8
78.4'
-.9
39.3'
12.5
93.3
17.6
-.9
6.5
-16.2
-1.1
32.8
-2.2
-1.4
33
34
35
36
37 Private financial sectors
38 Corporate bonds
39 Mortgages
40 Bank loans n.e.c
41 Open market paper
42 Loans from Federal Home Loan Banks
By sector
43
44
45
46
47
48
49
50
51
5?
53
Sponsored credit agencies
Mortgage pools
Private financial sectors
Commercial banks
Bank affiliates
Savings and loan associations
Mutual savings banks
Finance companies
REITs
SCO Issuers
A42
DomesticNonfinancialStatistics • January 1990
1.57—Continued
1987
Transaction category, sector
1984
1985
1986
1987
1989
1988
1988
Q4
Q1
Q2
Q3
Q4
Q1
Q2
All sectors
54 Total net borrowing
909.8
55
56
57
58
59
60
61
62
273.8
si.o'
84.3
223.1
81.6
61.1
51.9
82.9
U.S. government securities
State and local obligations
Corporate and foreign bonds
Mortgages
Consumer credit
Bank loans n.e.c
Open market paper
Other loans
63 MEMO: U.S. government, cash balance
Totals net of changes in U.S. government cash balances
64
Net borrowing by domestic nonfinancial
65
Net borrowing by U.S. government
1,048.8
324.2
135.4'
128.4
242.2
82.5
38.3
52.8
45.0
1,159.8
403.4
1,019.0
331.5
34. V
186.3
324.9
32.9
3.8
33.2
66.5
294.9
34.0'
179.5
308.0
51.1
38.0
74.9
57.8'
336.7
25.0
156.3
312.0
54.1
56.6
-16.6
94.9
340.4
29.1
193.0
238.6
43.7
28.3
41.6
60.8'
1,013.2
22.1'
207.3
316.4
58.0
69.7
26.4
56.1
r
1,038.l
975.5 r 1,096.5'
6.3
14.4
.0
-7.9
10.4
-38.9
47.6
744.4
192.5
831.9
209.3
831.2
215.0
701.1
152.8
756.6'
147.1
803.8
214.0
680.6'
164.0
990.6' 1,089.9' 1,185.4'
778.4
314.6
34.3
153.0
300.8
73.1
60.7
111.5
42.0'
416.0
29.3'
167.5'
287.2
34.8
31.1'
109.4
110.2'
176.7
20.6
181.1
234.9
46.0
31.9
39.6
47.5
-17.9
-22.5
43.7
776.3'
160.0
814.7'
222.4
218.0
37.9
217.6
379.3
51.9
61.2
83.9
46.8'
306.8
34.8
154.3
313.1
35.5
1.7
62.5
81.8'
1.2
10.6
825.9'
112.5
743.8'
151.8
615.2
27.2
External corporate equity funds raised in United States
66 Total net share issues
-36.0
20.1
90.5r
14.3'
67
68
69
/0
71
29.3
-65.3
-74.5
8.2
.9
84.4
-64.3
-81.5
13.5
3.7
159.0r
-68.5 r
-80.8
11.1
1.2
71.6r
Mutual funds
All other
Nonfinancial corporations
Financial corporations
Foreign shares purchased in United States
-5i.y
-76.5
21.4
-2.1
-.7'
-117.2'
-130.5
12.4
.9
-90.4
-101.0 -133.7
-73.5
- 1 6 3 . 5 -163.5'
1.8
-92.2
-88.0
10.0
-14.1
-9.5
-6.6
- 9 1 . 5 -127.0
- 9 5 . 0 -140.0
2.4
19.0
1.1
-6.0
1.5
-75.0
-92.0
14.6
2.4
3.6
24.0
11.9
-175.4 -167.1' -72.7
-195.0 -180.0 -105.0
9.4'
17.1
13.5
6.1
3.6
15.2
-48.7
Flow of Funds
A43
1.58 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
Billions of dollars, except as noted; quarterly data are at seasonally adjusted annual rates.
1987
Transaction category, or sector
1 Total funds advanced in credit markets to domestic
nonfinancial sectors
1984
1985'
1987'
1986'
1988
1989
1988'
Q4
Ql
Q2
Q3
Q4
Ql'
Q2'
658.9
750.7r
846.3
831.1
693.2
767.0
764.9
728.2'
827.2'
754.4'
758.3'
792.2
157.6
38.9
56.5
15.7
46.6
202.0
45.9
94.6
14.2
47.3
314.0
69.4
170.1
19.8
54.7
262.8
70.1
153.2
24.4
15.1
237.6
85.0
104.0
19.7
28.8
278.0
123.3
105.9
39.8
9.0
278.6
153.2
88.9
9.4
27.1
185.5
43.3
107.9
12.3
22.1
196.9
24.1
98.1
25.8
49.0
289.3'
119.6
121.2
31.4
17.1'
26.7
348.7
97.6 -102.4
106.6
133.3
69.1 -16.9
39.4
48.7
17.1
74.3
8.4
57.9
17.8
103.5
18.4
62.3
9.7
187.2
19.4
97.8
-7.9
183.4
24.7
62.7
-4.9
129.6
10.5
102.3
6.4
160.0
22.8
88.8
-7.0
114.3
2.7
168.6
-7.6
105.7
5.0
82.5
4.3
130.1
15.5
47.0
-9.3'
168.5
18.9
111.2
2.8
221.4
5.2
119.3
3.1
15.6
-3.9
11.9
74.9
8.4
101.5
1.2
187.9
9.7
185.8
4.9
137.5
6.9
161.5
13.9
128.8
4.8
104.3
5.4
144.4
4.1
172.5
13.3'
216.1
-1.1
105.8
-3.9
Private domestic funds advanced
13 Total net advances
14 U.S. government securities
15 State and local obligations
16 Corporate and foreign bonds
17 Residential mortgages
18 Other mortgages and loans
19 LESS: Federal Home Loan Bank advances
676.3'
234.9
51.0'
35.1
105.3
265.6'
15.7
747.0
278.2
135.4
40.8
91.8
214.8
14.2
714.8
333.9
22.7
84.2
82.0
211.8
19.8
621.1
261.4
34.1
87.5
106.1
156.5
24.4
673.8
209.9
34.0
104.4
144.0
201.2
19.7
662.3
213.3
25.0
101.1
134.5
228.2
39.8
583.2'
187.2
29.1
126.5
106.0
143.8'
9.4
751.3'
174.7
37.9
126.2
207.5
217.2'
12.3
705.9'
282.8
34.8
91.7
152.3
170.1'
25.8
654.8'
195.0
34.3
73.0
110.1
273.7'
31.4
658.4
318.4
29.3
89.4
99.2
191.3
69.1
734.1
279.1
20.6
132.3
87.5
197.7
-16.9
Private financial intermediation
20 Credit market funds advanced by private financial
institutions
21 Commercial banking
22 Savings institutions
23 Insurance and pension funds
24 Other finance
585.8'
169.2r
154.7'
121.8
140.1
579.9
186.0
87.9
154.4
151.6
744.0
197.5
107.6
174.6
264.2
560.8
136.8
136.8
210.9
76.3
558.2
155.3
120.5
194.9
87.4
617.0
278.6
158.2
149.6
30.5
617.4'
87.9
96.0
257.4'
176.1
553.7'
194.5
134.9'
182.7'
41.6
427.5'
118.4
157.0'
150.5'
1.7
634.1'
220.5
94.2
189.1'
130.3
568.6
120.6
62.2
228.3
157.6
544.3
158.6
-73.1
182.5
276.2
25 Sources of funds
26 Private domestic deposits and RPs
27 Credit market borrowing
28 Other sources
29
Foreign funds
Treasury balances
30
31
Insurance and pension reserves
Other, net
32
585.8'
322.6'
15.V
187.3'
8.8
4.0
124.0
50.5'
579.9
214.3
99.7
265.9
19.7
10.3
131.9
104.1
744.0
262.6
131.0
350.4
12.9
1.7
149.3
186.5
560.8
144.1
129.2
287.5
43.7
-5.8
176.1
73.6
558.2
219.2
126.7
212.3
9.3
7.3
186.8
8.8
617.0
329.6
78.6
208.8
8.0
-27.8
171.1
57.4
617.4'
305.5'
113.7
198.2'
-60.6
44.2
190.1'
24.4'
553.7'
102.0'
159.6
292.1'
94.5
-16.3
184.0'
29.¥
427.5'
191.9'
87.7
147.9'
-42.1
5.6
109.8'
74.5'
634.1'
277.4'
145.8
210.9'
45.5
-4.1
263.3'
-93.8'
568.6
166.5
178.3
223.8
-28.4
-21.6
133.0
140.8
544.3
213.4
17.6
313.3
-16.0
26.6
151.5
151.2
Private domestic nonfinancial investors
33 Direct lending in credit markets
34 U.S. government securities
35 State and local obligations
36 Corporate and foreign bonds
37 Open market paper
38 Other
166.4'
111.4'
27.1'
-4.1'
7.8'
24.2
266.8
157.8
37.7
4.2
47.5
19.6
101.8
60.9
-21.7
39.3
5.4
17.9
189.6
100.0
45.6
24.1
6.6
13.3
242.3
149.3
33.9
2.6
37.2
19.3
124.0
85.4
19.7
50.4
-32.8
1.3
79.5'
119.6'
19.7'
-39.6'
-14.5'
-5.8'
357.2'
103.2'
37.2'
61.4'
98.6'
56.8'
366.2'
225.7'
56.4'
-5.8'
77.4'
12.5'
166.5'
148.7'
22.3'
-5.7'
-12.6'
13.9'
268.1
211.1
35.7
-15.4
67.1
-30.3
207.5
123.2
-11.4
32.8
19.5
43.4
39 Deposits and currency
40 Currency
41 Checkable deposits
42 Small time and savings accounts
43 Money market fund shares
44 Large time deposits
45 Security RPs
46 Deposits in foreign countries
326.1'
8.6
30.2'
150.7
49.0
82^
9.8'
-5.1
224.6
12.4
41.9
138.5
8.9
7.4
17.7
-2.1
283.0
14.4
95.0
120.6
38.3
-11.4
20.2
5.9
160.2
19.0
-3.0
76.0
27.2
26.7
17.2
-2.8
221.8
14.7
12.3
122.2
22.8
40.8
21.2
-12.1
364.0
31.9
62.3
141.2
53.6
85.4
-13.1
2.5
313.5'
10.7
3.6'
199.5
57.6
16.9'
27.9
-2.7
110.0'
13.8
-30.5'
130.5
-21.0
-3.5'
26.5
-5.9
215.7'
29.3
-21.4'
72.7
-3.5
137.0'
7.0
-5.5
248.2'
5.1
97.3'
86.0
58.1
12.7'
23.3
-34.4
211.2
19.3
-54.5
26.4
51.1
111.9
31.6
25.5
231.1
12.6
-83.0
117.4
111.8
39.8
27.5
5.1
47 Total of credit market instruments, deposits, and
currency
492.5'
491.4
384.8
349.8
464.2
488.0
393.0'
467.2'
ssi^
414.7'
479.4
438.6
2.1
8.7'
66.7
2.4
7.8
82.0
3.7
10.4
110.7
3.8
9.0
106.4
3.1
8.3
111.7
35.7
93.2
96.8
38.0'
105.9'
108.1
22.3
73.7'
177.0
26.0
60.6'
4.9
37.5
96.8'
156.7
44.1
86.4
90.9
4.1
74.1
-4.1
-73.5 -163.5
-163.5
-48.7
1.5
11.9
3.6
-75.0 -175.4 -167.1
25.5'
30.1'
-6.5
-99.1' -193.6' -157.0
24.0
-72.7
-6.5
-42.2
2
3
4
5
6
By public agencies and foreign
Total net advances
U.S. government securities
Residential mortgages
FHLB advances to thrifts
Other loans and securities
Total advanced, by sector
U.S. government
Sponsored credit agencies
Monetary authorities
Foreign
Agency and foreign borrowing not in line 1
11 Sponsored credit agencies and mortgage pools
12 Foreign
7
8
9
10
48
49
50
Public holdings as percent of total
Private financial intermediation (in percent)
Total foreign funds
MEMO: Corporate equities not included above
51 Total net issues
-36.0
20.1
90.5
57. Mutual fund shares
53 Other equities
54 Acquisitions by financial institutions
55 Other net purchases
29.3
-65.3
15.8
-51.8
84.4
-64.3
45.6
-25.5
159.0
-68.5
53.7
36.8
N O T E S BY LINE N U M B E R .
1. Line 1 of table 1.57.
2. Sum of lines 3 - 6 or 7-10.
6. Includes farm and commercial mortgages.
11. Credit market funds raised by federally sponsored credit agencies, and net
issues of federally related mortgage pool securities.
13. Line 1 less line 2 plus line 11 and 12. Also line 20 less line 27 plus line 33.
Also sum of lines 28 and 47 less lines 40 and 46.
18. Includes farm and commercial mortgages.
26. Line 39 less lines 40 and 46.
27. Excludes equity issues and investment company shares. Includes line 19.
29. Foreign deposits at commercial banks, bank borrowings from foreign
branches, and liabilities of foreign banking agencies to foreign affiliates, less
claims on foreign affiliates and deposits by banking in foreign banks.
30. Demand deposits and note balances at commercial banks.
14.3 -117.9
71.6
-57.3
21.4
-7.1
-.7
-117.2
5.4
-123.3
-90.4 -101.0 -133.7
1.8
-92.2
-19.5
-70.9
-9.5
-6.6
-91.5 -127.0
-34.4'
.2'
-66.5' -m.y
31. Excludes net investment of these reserves in corporate equities.
32. Mainly retained earnings and net miscellaneous liabilities.
33. Line 13 less line 20 plus line 27.
34-38. Lines 14-18 less amounts acquired by private finance plus amounts
borrowed by private finance. Line 38 includes mortgages.
40. Mainly an offset to line 9.
47. Lines 33 plus 39, or line 13 less line 28 plus 40 and 46.
48. Line 2/line 1.
49. Line 20Aine 13.
50. Sum of lines 10 and 29.
51. 53. Includes issues by financial institutions.
NOTE. Full statements for sectors and transaction types in flows and in amounts
outstanding may be obtained from Flow of Funds Section, Division of Research
and Statistics, Board of Governors of the Federal Reserve System, Washington,
D.C. 20551.
A44
1.59
DomesticNonfinancialStatistics • January 1990
SUMMARY OF CREDIT MARKET DEBT OUTSTANDING
Billions of dollars; period-end levels.
1987
Transaction category, sector
1983
1984
1988
1989
1985
Q4
Q2
Ql
Q3
Q4
Ql'
Q2'
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors
5,202.6
5,951.8
6,795.1
7,631.2
8,335.0
S ^ . O '
8,686.9'
8,875.4'
9,105.6'
9,258.7
9,428.4
By sector and instrument
2 U.S. government
3 Treasury securities
4 Agency issues and mortgages
1,177.9
1,174.4
3.6
1,376.8
1,373.4
3.4
1,600.4
1,597.1
3.3
1,815.4
1,811.7
3.6
1,960.3
1,955.2
5.2
2,003.2
1,998.1
5.0
2,022.3
2,015.3
7.0
2,063.9
2,051.7
12.2
2,117.8
2,095.2
22.6
2,155.7
2,133.4
22.3
2,165.7
2,142.1
23.6
5 Private domestic nonfinancial sectors
6 Debt capital instruments
/
Tax-exempt obligations
8
Corporate bonds
9
Mortgages
10
Home mortgages
11
Multifamily residential
12
Commercial
13
Farm
4,024.6
2,715.1
469.0
423.0
1,823.1
1,200.2
158.8
350.4
113.7
4,575.1
3,038.0
520.0
469.2
2,048.8
1,336.2
183.6
416.5
112.4
5,194.7
3,485.5
655.5
542.9
2,287.1
1,490.2
213.0
478.1
105.9
5,815.8
3,957.5
679.1
664.2
2,614.2
1,720.8
246.2
551.4
95.8
6,374.7
4,428.0
713.2
764.1
2,950.7
1,943.1
270.0
648.7
88.9
6,473.8r
4,511.0
718.1
793.8
2,999.1
1,978.0
273.0
660.2
88.0
6,664.7'
4,652.6
727.2
829.8
3,095.7
2,055.3
276.6
676.0
87.8
6,811.5'
4,782.0
746.1
858.8
3,177.2
2,118.0
281.0
691.1
87.0
6,987.8'
4,902.1
759.8
885.0
3,257.3
2,174.2
286.8
709.6
86.8
7,103.0
4,979.2
764.7
912.9
3,301.6
2,214.8
292.6
708.2
86.0
7,262.7
5,078.3
769.3
947.5
3,361.6
2,263.4
294.4
717.0
86.7
14
15
16
1/
18
Other debt instruments
Consumer credit
Bank loans n.e.c
Open market paper
Other
1,309.5
437.7
491.1
36.8
344.0
1,537.1
519.3
553.1
58.5
406.2
1,709.3
601.8
592.7
72.2
442.6
1,858.4
659.8
656.1
62.9
479.6
1,946.7
692.7
664.3
73.8
516.0
l,962.8r
688.9
668.3
73.5
532. r
2,012.0'
705.8
687.2
77.8
541.2'
2,029.4'
721.2
687.7
80.3
540.2'
2,085.7r
743.7
702.6
85.4
554.0'
2,123.8
745.0
717.6
96.1
565.1
2,184.3
761.0
729.8
110.1
583.5
19
20
21
22
23
24
23
By borrowing sector
State and local governments
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
4,024.6
355.0
1,791.6
1,878.0
188.4
645.8
1,043.8
4,575.1
383.0
2,018.2
2,173.9
187.9
769.0
1,216.9
5,194.7
473.9
2,295.5
2,425.4
173.4
898.3
1,353.6
5,815.8
510.1
2,591.8
2,714.0
156.6
1,001.6
1,555.8
6,374.7
543.7
2,864.5
2,966.5
145.5
1,109.4
1,711.6
6,473.8'
547.1
2,900.7'
3,026.0
141.3
1,131.7
1,753.0
6,664.7'
556.0
2,990.2'
3,118.5
143.9
1,151.9
1,822.7
6,811.5'
565.7
3,068.3'
3,177.5
143.6
1,172.6
1,861.3
6,987.8'
573.5
3,152.0'
3,262.4'
137.6
1,205.3
1,919.5'
7,103.0
578.5
3,205.6
3,319.0
135.9
1,229.1
1,954.0
7,262.7
584.8
3,265.5
3,412.3
139.5
1,245.9
2,027.0
225.9
64.2
37.4
21.5
102.8
233.6
68.0
30.8
27.7
107.1
234.7
71.8
27.9
33.9
101.1
236.4
74.9
26.9
37.4
97.1
242.9
82.3
23.3
41.2
96.1
244.6
86.1
22.8
42.5
93.1
245.9
86.0
22.4
44.0
93.5
246.1
87.4
22.7
46.3
89.8
249.6'
89.2
21.5
50.9
88.1'
249.9
90.5
21.6
54.9
83.0
249.0
92.2
22.7
52.7
81.4
5,428.5
6,185.4
7,029.9
7,867.6
8,578.0
8,721.6'
8,932.8'
9,121.5'
9,355.3'
9,508.7
9,677.4
26 Foreign credit market debt held in
United States
Bonds
Bank loans n.e.c
Open market paper
U.S. government loans
27
28
29
30
31 Total domestic plus foreign
Financial sectors
32 Total credit market debt owed by
financial sectors
859.9
1,010.2
1,213.2
1,563.6
1,885.5
1,926.0
2,000.5
2,058.2
2,149.7
2,258.7
2,298.9
456.7
206.8
244.9
5.0
403.2
118.6
2.1
28.1
195.5
59.0
531.2
237.2
289.0
5.0
479.0
153.0
2.5
29.5
219.5
74.6
632.7
257.8
368.9
6.1
580.5
204.5
2.7
32.1
252.4
88.8
844.2
273.0
565.4
5.7
719.5
287.4
2.7
36.1
284.6
108.6
1,026.5
303.2
718.3
5.0
859.0
366.3
3.1
32.8
323.8
133.1
1,050.6
313.5
732.1
5.0
875.4
380.5
3.1
31.7
330.6
129.5
1,076.9
317.9
754.0
5.0
923.6
397.9
3.1
34.3
353.4
134.8
1,116.3
328.5
782.8
5.0
941.9
406.4
3.1
32.9
358.0
141.6
1,164.0
348.1
810.9
5.0
985.7
418.0
3.4
34.2
377.4
152.8
1,209.0
364.3
839.7
5.0
1,049.7
458.2
3.5
32.2
392.0
163.8
1,235.8
369.0
861.8
5.0
1,063.1
465.8
3.5
33.8
398.3
161.9
43 Total, by sector
859.9
1,010.2
1,213.2
1,563.6
1,885.5
1,926.0
2,000.5
2,058.2
2,149.7
2,258.7
2,298.9
44
43
46
47
48
49
30
31
32
33
211.8
244.9
403.2
76.8
73.5
64.4
1.7
179.0
3.5
4.2
242.2
289.0
479.0
84.1
89.5
81.6
2.9
203.0
4.3
13.5
263.9
368.9
580.5
79.2
106.2
98.9
4.4
261.2
5.6
25.0
308.2
718.3
859.0
82.7
131.1
139.4
16.7
378.8
7.3
103.1
318.5
732.1
875.4
76.4
131.0
135.3
17.1
393.0
8.7
113.9
322.9
754.0
923.6
77.2
136.3
141.9
17.6
419.8
9.1
121.8
333.5
782.8
941.9
76.6
136.3
148.1
18.1
427.7
7.6
127.5
353.1
810.9
985.7
78.8
136.2
159.3
18.6
445.8
11.4
135.7
369.3
839.7
1,049.7
73.3
140.0
170.1
17.8
463.8
11.1
173.5
374.0
861.8
1,063.1
74.5
141.2
167.9
17.7
478.0
10.6
173.1
33
34
33
36
37
38
39
40
41
42
By instrument
U.S. government related
Sponsored credit agency securities
Mortgage pool securities
Loans from U.S. government
Private financial sectors
Corporate bonds
Mortgages
Bank loans n.e.c
Open market paper
Loans from Federal Home Loan Banks...
Sponsored credit agencies
Mortgage pools
Private financial sectors
Commercial banks
Bank affiliates
Savings and loan associations
Mutual savings banks
Finance companies
REITs
SCO issuers
278.7
565.4
1
719.5
75.6
116.8
119.8
8.6
328.1
6.5
64.0
All sectors
54 Total credit market debt
6,288.3
7,195.7
8,243.1
9,431.2
10,463.4
10,647.5'
10,933.4'
11,179.7'
11,504.9'
11,767.4
11,976.3
55
56
57
38
39
60
61
62
1,629.4
469.0
605.8
1,825.4
437.7
556.6
253.8
510.7
1,902.8
520.0
690.1
2,051.4
519.3
613.4
305.7
592.9
2,227.0
655.5
819.2
2,289.8
601.8
652.7
358.5
638.6
2,653.8
679.1
1,026.4
2,617.0
659.8
719.1
384.9
691.1
2,981.8
713.2
1,212.7
2,953.8
692.7
720.3
438.8
750.2
3,048.8
718.1
1,260.4
3,002.2
688.9
722.7
446.7
759.7'
3,094.2
727.2
1,313.7
3,098.8
705.8
744.0
475.3
774.5'
3,175.2
746.1
1,352.5
3,180.3
721.2
743.3
484.6
776.6r
3,276.7
759.8
1,392.2
3,260.7
743.7
758.3
513.6
799.8'
3,359.7
764.7
1,461.6
3,305.1
745.0
771.4
543.1
816.8
3,396.5
769.3
1,505.5
3,365.0
761.0
786.2
561.1
831.7
U.S. government securities
State and local obligations
Corporate and foreign bonds
Mortgages
Consumer credit
Bank loans n.e.c
Open market paper
Other loans
Flow of Funds
A45
1.60 SUMMARY OF CREDIT MARKET CLAIMS, BY HOLDER
Billions of dollars, except as noted; period-end levels.
1987
Transaction category, or sector
1 Total funds advanced in credit markets to domestic
nonfinancial sectors
1983
1984
1985
1989
1988
1986
Q4
Q1
Q2
Q3
Q4'
Ql'
Q2'
5,202.6
5,951.8
6,795.1
7,631.2
8,335.0
8,477.0R
8,686.9'
8,875.4'
9,105.6
9,258.7
9,428.4
1,100.4
339.0
367.0
59.0
335.4
1,257.7
377.9
423.5
74.6
381.6
1,460.5
423.8
518.2
88.8
429.7
1,794.7
493.2
712.3
108.6
480.5
2,044.9
563.3
862.0
133.1
486.6
2,099.4
595.7
880.6
129.5
493.6
2,151.3
610.1
906.1
134.8
500.3
2,191.8
613.3
934.9
141.6
502.1
2,266.4
648.3
966.0
152.8
499.3
2,332.1
666.2
995.3
163.8
506.9
2,345.1
644.6
1,020.5
161.9
518.1
7 Total held, by type of lender
8 U.S. government
9 Sponsored credit agencies and mortgage pools . . .
10 Monetary authority
11 Foreign
1,100.4
211.4
482.0
159.2
247.7
1,257.7
228.2
556.3
167.6
305.6
1,460.5
246.7
659.8
186.0
367.9
1,794.7
253.3
869.8
205.5
466.1
2,044.9
238.0
1,048.9
230.1
527.9
2,099.4
237.1
1,068.0
224.9
569.5
2,151.3
235.8
1,095.6
229.7
590.2
2,191.8
226.3
1,132.9
230.8
601.9
2,266.4
216.9
1,178.6
240.6
630.3
2,332.1
213.9
1,223.5
235.4
659.3
2,345.1
215.2
1,228.9
238.4
662.6
Agency and foreign debt not in line 1
Sponsored credit agencies and mortgage pools . . .
Foreign
456.7
225.9
531.2
233.6
632.7
234.7
844.2
236.4
1,026.5
242.9
1,050.6
244.6
1,076.9
245.9
1,116.3
246.1
1,164.0
249.6
1,209.0
249.9
1,235.8
249.0
Private domestic holdings
14 Total private holdings
15 U.S. government securities
16 State and local obligations
17 Corporate and foreign bonds
18 Residential mortgages
19 Other mortgages and loans
20 LESS: Federal Home Loan Bank advances
4,784.8
1,290.4
469.0
441.7
992.2
1,650.5
59.0
5,458.9
1,524.9
520.0
476.8
1,096.5
1,915.3
74.6
6,202.1
1,803.2
655.5
517.6
1,185.1
2,129.7
88.8
6,917.1
2,160.6
679.1
601.3
1,254.7
2,330.0
108.6
7,559.5
2,418.5
713.2
689.6
1,351.1
2,520.1
133.1
7,672.7'
2,453.1
718.1
722.2
1,370.4
2,538.5'
129.5
7,858.4'
2,484.1
727.2
752.9
1,425.9
2,603.3'
134.8
8,045^
2,561.9
746.1
775.7
1,464.1
2,639.6'
141.6
8,252.8
2,628.4
759.8
794.0
1,494.9
2,728.4
152.8
8,385.5
2,693.5
764.7
817.6
1,512.2
2,761.3
163.8
8,568.1
2,751.9
769.3
849.3
1,537.3
2,822.2
161.9
Private financial intermediation
21 Credit market claims held by private financial
institutions
22 Commercial banking
23 Savings institutions
24 Insurance and pension funds
25 Other finance
4,115.0
1,622.5
947.4
1,093.5
451.6
4,699.6
1,791.9
1,100.7
1,215.3
591.7
5,283.1
1,978.9
1,191.2
1,369.7
743.4
6,025.7
2,176.3
1,297.9
1,544.3
1,007.1
6,604.6
2,313.1
1,445.5
1,755.2
1,090.7
6,732.0'
2,327.1
1,453.6
l,810.6 r
1,140.7
6,891.0'
2,382.6
1,495.9'
1,859.0'
1,153.5
7,003.5'
2,421.6
1,538.8'
1,899.1'
1,144.0
7,168.1
2,468.4
1,571.3
1,950.2
1,178.1
7,298.7
2,490.9
1,566.7
1,996.7
1,244.4
7,458.7
2,538.2
1,557.3
2,046.5
1,316.7
26 Sources of funds
27 Private domestic deposits and RPs
28 Credit market debt
4,115.0
2,393.2
403.2
4,699.6
2,715.6
479.0
5,283.1
2,930.0
580.5
6,025.7
3,188.4
719.5
6,604.6
3,324.8
859.0
6,732.0'
3,404.2r
875.4
6,891.0'
3,432.6'
923.6
7,003.5'
3,474.2'
941.9
7,168.1
3,554.2
985.7
7,298.7
3,587.8
1,049.7
7,458.7
3,644.5
1,063.1
29
30
31
32
33
1,318.6
-23.0
11.5
1,036.1
294.1
1,504.9
-14.1
15.5
1,160.8
342.6
1,772.7
5.6
25.8
1,289.4
451.8
2,117.9
18.6
27.5
1,427.9
643.9
2,420.8
62.2
21.6
1,597.2
739.6
2,452.4'
45.9
23.5
1,647.9"
735.2'
2,534.8'
62.3
32.6
1,693.8'
746.1'
2,587.4'
51.9
34.2
1,729.2'
772.1'
2,628.1
71.6
29.0
1,771.2
756.4
2,661.1
61.9
13.5
1,802.6
783.0
2,751.0
51.0
34.4
1,833.7
831.9
Private domestic nonfinancial investors
34 Credit market claims
35 U.S. government securities
36 Tax-exempt obligations
37 Corporate and foreign bonds
38 Open market paper
39 Other
1,073.0
548.5
167.3
37.2
75.7
244.3
1,238.4
659.5
194.2
33.1
83.5
268.0
1,499.5
814.7
231.9
38.0
131.0
283.8
1,610.8
899.1
211.2
77.8
136.4
286.2
1,813.9
992.0
256.8
102.2
160.7
302.3
1,816.1'
1,005.2'
257.6'
97.7'
151.9'
303.7'
1,891.0'
1,022.1'
270.1'
105.7'
179.9'
313.3'
1,984.4'
1,086.1'
289.0'
107.1'
188.7'
313.6'
2,070.5
1,143.5
303.7
100.8
201.0
321.5
2,136.6
1,175.0
307.2
137.0
213.0
304.3
2,172.6
1,196.3
308.2
136.4
221.7
309.9
40 Deposits and currency
41 Currency
42 Checkable deposits
43 Small time and savings accounts
44 Money market fund shares
45 Large time deposits
46 Security RPs
47 Deposits in foreign countries
2,569.8
150.9
350.5
1,542.9
169.5
249.5
80.8
25.7
2,895.8
159.6
380.6
1,693.4
218.5
332.5
90.6
20.6
3,120.4
171.9
422.5
1,831.9
227.3
339.9
108.3
18.5
3,399.2
186.3
517.4
1,948.3
265.6
328.5
128.5
24.5
3,553.9
205.4
514.0
2,017.1
292.8
355.2
145.7
23.7
3,628.0'
204.0
495.4'
2,084.9
318.4
353.7'
151.9
19.9
3,662.4'
209.9
510.3'
2,110.9
306.1
349.1'
156.2
19.9
3,704.4'
213.4
496.1'
2,131.1
303.6
384.7'
158.6
16.8
3,785.9
220.1
525.4
2,150.4
315.6
396.0
166.9
11.6
3,822.8
220.7
492.8
2,164.7
340.3
415.9
174.1
14.3
3,887.9
226.4
496.4
2,186.7
359.9
423.1
178.4
17.0
48 Total of credit market instruments, deposits, and
currency
3,642.8
4,134.2
4,619.9
5,010.0
5,367.8
5,444.2'
5,553.5'
5,688.8'
5,856.4
5,959.4
6,060.4
20.3
86.0
224.7
20.3
86.1
291.5
20.8
85.2
373.5
22.8
87.1
484.7
24.1'
87.7'
615.3
24.1'
87.7'
652.5
24.C
87.0'
653.8
24.2
86.9
701.9
24.5
87.0
721.2
24.2
87.1
713.6
MEMO: Corporate equities not included above
52 Total market value
2,133.7
2,157.9
2,823.9
3,360.6
3,325.0
3,504.0'
3,622.7'
3,577.6'
3,620.3
3,731.6
4,072.3
53
54
Mutual fund shares
Other equities
112.1
2,021.6
136.7
2,021.2
240.2
2,583.7
413.5
2,947.1
460.1
2,864.9
479.2
3,024.8'
486.8
S.M.C
478.1
3,099.5'
478.3
3,142.0
486.3
3,245.3
514.8
3,557.5
55
56
Holdings by financial institutions
Other holdings
612.0
1,521.7
615.6
1,542.3
800.0
2,023.9
972.1
2,388.4
1,013.8
2,311.2
1,112.6'
2,391.3'
1,170.0'
2,452.8'
1,167.1'
2,410.5'
1,200.4
2,419.9
1,277.7
2,453.9
1,395.7
2,676.6
2
3
4
5
6
12
13
49
50
51
By public agencies and foreign
Total held
U.S. government securities
Residential mortgages
FHLB advances to thrifts
Other loans and securities
Other sources
Foreign funds
Treasury balances
Insurance and pension reserves
Other, net
Public holdings as percent of total
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. Line 1 of table 1.59.
2. Sum of lines 3-6 or 7-10.
6. Includes farm and commercial mortgages.
12. Credit market debt of federally sponsored agencies, and net issues of
federally related mortgage pool securities.
14. Line 1 less line 2 plus line 12 and 13. Also line 21 less line 28 plus line 34.
Also sum of lines 29 and 48 less lines 41 and 47.
19. Includes farm and commercial mortgages.
27. Line 40 less lines 41 and 47.
28. Excludes equity issues and investment company shares. Includes line 20.
30. Foreign deposits at commercial banks plus bank borrowings from foreign
affiliates, less claims on foreign affiliates and deposits by banking in foreign banks.
31. Demand deposits and note balances at commercial banks.
23.8'
87.4'
590.2
32. Excludes net investment of these reserves in corporate equities.
33. Mainly retained earnings and net miscellaneous liabilities.
34. Line 14 less line 21 plus line 28.
35-39. Lines 15-19 less amounts acquired by private finance plus amounts
borrowed by private finance. Line 39 includes mortgages.
41. Mainly an offset to line 10.
48. Lines 34 plus 40, or line 14 less line 29 plus 41 and 47.
49. Line 2Aine 1 and 13.
50. Line 21/line 14.
51. Sum of lines 11 and 30.
52-54. Includes issues by financial institutions.
NOTE. Full statements for sectors and transaction types in flows and in amounts
outstanding may be obtained from Flow of Funds Section, Stop 95, Division of
Research and Statistics, Board of Governors of the Federal Reserve System,
Washington, D.C. 20551.
A46
Domestic Nonfinancial Statistics • January 1990
2.10 NONFINANCIAL BUSINESS ACTIVITY
Selected Measures1
1977 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted.
1989
Measure
1986
1987
1988
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.'
Oct.
1 Industrial production
125.1
129.8
137.2
140.5
140.7
141.7
141.6
142.0
141.9r
142.4
142.4
141.4
Market groupings
Products, total
Final, total
Consumer goods
Equipment
Intermediate
Materials
133.3
132.5
124.0
143.6
136.2
113.8
138.3
136.8
127.7
148.8
143.3
118.3
145.9
144.3
133.9
158.2
151.5
125.3
150.0
148.6
138.7
161.6
155.1
127.4
150.5
148.9
138.4
162.8
156.1
127.3
151.6
150.2
139.5
164.3
156.5
128.2
151.7
150.4
139.2
165.4
156.3
127.9
152.5
151.2
139.9
166.1
157.0
127.7
151.8'
150.2'
138.7'
165.5'
157.5'
128.3
152.3'
150^
139.1'
166.5
157.2'
m.y
152.3
150.8
138.9
166.5
157.7
128.9
151.0
148.9
138.5
162.7
158.2
128.2
129.1
134.6
142.8
146.8
147.0
148.0
148.1
148.7
148.5'
149.1
148.8
147.6
79.7
78.6
81.1
80.5
83.5
83.7
84.3
84.0
84.1
83.7
84.5
84.2
84.3
83.8
84.4
83.6
84.0'
83.7
84.1
84.0'
83.7
83.8
82.8
83.2
2
3
4
5
6
7
Industry groupings
8 Manufacturing
Capacity utilization (percent)2
9 Manufacturing
10 Industrial materials industries
11 Construction contracts (1982 = 100)3
158.3
163.8
160.8
148.0
150.0
163.0
159.0
157.0
163.0
160.0
175.0
165.0
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 income5
Retail sales
120.7
100.9
96.3
91.1
129.0
219.4
210.8
177.4
218.5
199.3
124.1
101.8
96.8
91.9
133.4
235.0
226.3
183.8
232.4
210.8
128.6
105.0
99.2
94.3
138.5
252.9
244.4
196.5
252.1
225.1
130.6
105.3
99.8
95.0
141.2
268.7
257.3
204.0
268.1
232.2
130.8
105.4
100.0
95.1
141.5
271.3
259.5
207.5
270.3
232.4
131.1
105.5
99.9
95.0
141.8
272.9
261.7
205.7
269.6
235.5
131.3
105.5
99.9
95.0
142.2
273.5
262.0
205.8
271.7
237.4
131.7
105.4
99.8
94.8
142.7
274.8
263.8
207.0
273.8
237.3
131.9
105.4
99.8
94.8
143.0
276.5'
266.1
207.5
275.4'
239.1
132.0
105.5'
99.8
94.8
143.1
277.4'
266.7
208.8
276.2
241.3'
132.3
105.2
99.3
94.2
143.6
278.1
268.5
208.9
276.7
243.0
132.6
105.2
99.3
94.1
144.0
280.6
271.8
211.5
279.0
240.6
22
23
Prices7
Consumer (1982-84 = 100)
Producer finished goods (1982 = 100) . . .
109.6
103.2
113.6
105.4
118.3
108.0
121.6
111.7
122.3
112.1
123.1
113.0
123.8
114.2
124.1
114.3r
124.4
114.0
124.6
113.3
125.0
113.5
125.6
114.8
1. A major revision of the industrial production index and the capacity
utilization rates was released in July 1985. See "A Revision of the Index of
Industrial Production" and accompanying tables that contain revised indexes
(1977= 100) through December 1984 in the Federal Reserve Bulletin, vol. 71 (July
1985), pp. 487-501. The revised indexes for January through June 1985 were
shown in the September Bulletin.
2. Ratios of indexes of production to indexes of capacity. Based on data from
Federal Reserve, McGraw-Hill Economics Department, Department of Commerce, and other sources.
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).
6. Based on Bureau of Census data published in Survey of Current Business.
7. Data without seasonal adjustment, as published in Monthly Labor Review.
Seasonally adjusted data for changes in the price indexes may be obtained from
the Bureau of Labor Statistics, U.S. Department of Labor.
NOTE. Basic data (not index numbers) for series mentioned in notes 4, 5,and 6,
and indexes for series mentioned in notes 3 and 7 may also be found in the Survey
of Current Business.
Figures for industrial production for the last two months are preliminary and
estimated, respectively.
Selected Measures
2.11
A47
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Thousands of persons; monthly data are seasonally adjusted. Exceptions noted.
1989
Category
1986
1987
1988
Mar.
Apr.
May
June
July
Aug/
Sept/
Oct.
HOUSEHOLD SURVEY DATA
1 Noninstitutional population1
182,822
185,010
186,837
188,102
188,228
188,377
188,518
188,672
188,808
188,948
189,096
2 Labor force (including Armed Forces) 1
3 Civilian labor force
Employment
4
Nonagricultural industries2
5
Agriculture
Unemployment
6
Number
7
Rate (percent of civilian labor force)
8 Not in labor force
120,078
117,834
122,122
119,865
123,893
121,669
125,469
123,264
125,863
123,659
125,806
123,610
126,291
124,102
126,145
123,956
126,228
124,018
126,262
124,040
126,330
124,105
106,434
3,163
109,232
3,208
111,800
3,169
113,930
3,206
114,009
3,104
114,102
3,112
114,445
3,096
114,240
3,219
114,290
3,307
114,199
3,257
114,327
3,217
8,237
7.0
62,744
7,425
6.2
62,888
6,701
5.5
62,944
6,128
5.0
62,633
6,546
5.3
62,365
6,395
5.2
62,571
6,561
5.3
62,227
6,497
5.2
62,527
6,421
5.2
62,580
6,584
5.3
62,686
6,561
5.3
62,766
99,525
102,310
106,039
107,888
108,101
108,310
108,607
108,767
108,887
109,088
109,321
18,965
777
4,816
5,255
23,683
6,283
23,053
16,693
19,065
721
4,998
5,385
24,381
6,549
24,196
17,015
19,536
733
5,294
5,584
25,362
6,679
25,464
17,387
19,680
714
5,252
5,666
25,685
6,774
26,520
17,597
19,672
720
5,279
5,682
25,695
6,776
26,651
17,626
19,667
722
5,283
5,700
25,750
6,790
26,711
17,687
19,650
715
5,283
5,716
25,781
6,808
26,931
17,723
19,649
706
5,314
5,736
25,823
6,815
26,973
17,751
19,644
729
5,321
5,618
25,877
6,836
27,058
17,804
19,556
730
5,321
5,711
25,893
6,851
27,123
17,903
19,543
732
5,329
5,738
25,923
6,852
27,207
17,997
ESTABLISHMENT SURVEY DATA
9 Nonagricultural payroll employment3
10
11
12
13
14
15
16
17
Manufacturing
Mining
Contract construction
Transportation and public utilities
Trade
Finance
Service
Government
1. Persons 16 years of age and over. Monthly figures, which are based on
sample data, relate to the calendar week that contains the 12th day; annual data
are averages of monthly figures. By definition, seasonality does not exist in
population figures. Based on data from Employment and Earnings (U.S. Department of Labor).
2. Includes self-employed, unpaid family, and domestic service workers.
3. Data include all full- and part-time employees who worked during, or
received pay for, the pay period that includes the 12th day of the month, and
exclude proprietors, self-employed persons, domestic servants, unpaid family
workers, and members of the Armed Forces. Data are adjusted to the March 1984
benchmark and only seasonally adjusted data are available at this time. Based on
data from Employment and Earnings (U.S. Department of Labor).
A48
Domestic Nonfinancial Statistics • January 1990
2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1
Seasonally adjusted
1989
1988
Q4
Ql
Q2
1988
Q3
r
Output (1977 = 100)
Q4
1989
Ql
Q2
1988
Q3
1989
Q4
Capacity (percent of 1977 output)
Ql
Q2
Q3r
Utilization rate (percent)
1 Total industry
139.9
140.7
141.8
142.2
166.3
167.5
168.7
169.9
84.1
84.0
84.1
83.7
2 Mining
3 Utilities
104.2
114.3
101.8
116.0
102.0
115.7
103.2
113.9
125.7
140.7
125.1
141.0
124.7
141.4
124.3
141.7
82.9
81.3
81.3
82.3
81.8
81.8
83.1
80.4
4 Manufacturing
145.8
147.0
148.3
148.8
172.8
174.3
175.7
177.2
84.4
84.4
84.4
83.9
5 Primary processing
6 Advanced processing
127.7
156.7
127.8
158.6
127.6
160.8
128.8
160.9
145.2
189.5
146.5
191.0
147.8
192.6
149.1
194.2
87.9
82.7
87.3
83.0
86.4
83.5
86.4
82.8
7 Materials
128.0
127.6
127.9
128.7
150.8
151.7
152.6
153.5
84.9
84.1
83.9
83.8
8 Durable goods
9 Metal materials
10 Nondurable goods
11 Textile, paper, and chemical
12
Paper
13
Chemical
139.2
100.8
135.4
138.1
148.6
144.1
138.6
98.4
136.3
139.2
148.4
145.4
139.0
96.0
137.1
139.8
146.1
145.7
140.3
97.7
137.9
141.2
149.5
146.8
169.0
114.5
151.2
151.8
152.3
159.3
170.1
115.1
152.7
153.5
154.0
161.4
171.3
115.6
154.2
155.3
155.8
163.7
172.5
116.1
155.8
157.0
157.6
165.9
82.4
88.0
89.5
91.0
97.6
90.5
81.5
85.5
89.3
90.7
96.4
90.1
81.1
83.0
88.9
90.0
93.8
89.0
81.3
84.1
88.5
89.9
94.8
88.5
14 Energy materials
102.0
100.7
100.7
100.4
118.7
118.4
118.3
118.1
86.0
85.0
85.1
84.9
June
July r
Aug/
Sept/
Oct.
Previous cycle
High
2
Low
Latest cycle
High
3
Low
1988
Oct.
1989
Feb.
Mar.
Apr.
May
Capacity utilization rate (percent)
15 Total industry
88.6
72.1
86.9
69.5
84.0
83.9
83.8
84.2
84.0
84.0
83.7
83.8
83.6
82.8
16 Mining..
17 Utilities.
92.8
95.6
87.8
82.9
95.2
88.5
76.9
78.0
81.9
81.0
80.6
82.6
81.2
83.3
82.0
82.9
81.8
81.8
81.5
80.8
82.1
80.5
82.7
79.9
84.5
80.8
84.6
18 Manufacturing.
87.7
69.9
86.5
68.0
84.3
84.3
84.1
84.5
84.3
84.4
84.0
84.1
83.7
82.8
19 Primary processing...
20 Advanced processing.
91.9
86.0
68.3
71.1
89.1
85.1
65.0
69.5
87.9
82.6
87.0
83.0
86.4
83.0
86.8
83.5
86.2
83.4
86.2
83.5
86.7
82.9
86.6
83.0
86.0
82.6
85.6
21 Materials.
92.0
70.5
89.1
68.5
84.7
84.0
83.7
84.2
83.8
83.6
83.7
84.0
83.8
83.2
22 Durable goods
23 Metal materials
24 Nondurable goods . . .
25 Textile, paper, and
chemical
26
Paper
27
Chemical
91.8
99.2
91.1
64.4
67.1
66.7
89.8
93.6
88.1
60.9
45.7
70.7
82.4
88.4
89.3
81.5
85.5
89.0
80.9
83.2
88.8
81.3
84.9
89.2
81.0
81.7
88.7
81.1
82.5
88.7
81.3
84.3
89.2
81.6
84.7
88.8
81.1
83.5
87.5
80.3
83.2
92.8
98.4
92.5
64.8
70.6
64.4
89.4
97.3
87.9
68.8
79.9
63.5
90.9
97.8
90.2
90.3
95.8
89.8
90.2
95.3
89.7
90.7
94.5
90.1
89.6
93.2
88.4
89.8
93.7
88.5
90.6
95.0
89.5
90.2
95.1
88.8
88.9
94.4
87.0
87.9
28 Energy materials.
94.6
86.9
94.0
82.3
85.3
84.9
85.4
86.0
85.5
83.8
83.9
84.5
86.4
86.6
1. These data also appear in the Board's G.3 (402) release. For address, see
inside front cover.
2. Monthly high 1973; monthly low 1975.
3. Monthly highs 1978 through 1980; monthly lows
81.2
81.6
86.8
Selected Measures
2.13 INDUSTRIAL PRODUCTION
A49
Indexes and Gross Value1
Monthly data are seasonally adjusted
Groups
1977
proportion
1989
1988
1988
avg.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July'
Aug.'
Sept." Oct.''
Index (1977 = 100)
MAJOR M A R K E T
100.00
137.2
139.4
139.9
140.4
140.8
140.5
140.7
141.7
141.6
142.0
141.9
142.4
142.4
141.4
57.72
44.77
25.52
19.25
12.94
42.28
145.9
144.3
133.9
158.2
151.5
125.3
148.1
146.4
136.4
159.7
154.0
127.5
148.4
146.8
136.8
159.9
154.2
128.3
149.4
147.7
138.2
160.4
155.0
128.3
150.1
148.2
138.5
161.1
156.6
128.1
150.0
148.6
138.7
161.6
155.1
127.4
150.5
148.9
138.4
162.8
156.1
127.3
151.6
150.2
139.5
164.3
156.5
128.2
151.7
150.4
139.2
165.4
156.3
127.9
152.5
151.2
139.9
166.1
157.0
127.7
151.8
150.2
138.7
165.5
157.5
128.3
152.3
150.9
139.1
166.5
157.2
128.9
152.3
150.8
138.9
166.5
157.7
128.9
151.0
148.9
138.5
162.7
158.2
128.2
6.89
2.98
1.79
1.16
.63
1.19
3.91
1.24
1.19
.96
1.71
125.4
125.1
123.0
93.7
177.4
128.3
125.6
144.1
143.5
136.2
106.3
129.3
128.9
128.3
101.3
178.4
129.8
129.7
154.4
151.9
138.8
106.7
129.2
129.5
129.5
101.0
182.4
129.5
128.9
150.4
148.9
139.8
107.3
131.9
134.5
138.0
105.1
199.1
129.3
130.0
151.0
150.0
140.5
108.9
131.5
132.5
135.6
99.6
202.3
127.9
130.7
151.0
149.5
141.1
110.1
131.6
131.6
133.1
96.0
201.9
129.4
131.6
153.9
153.0
141.3
110.1
130.1
128.9
128.3
95.0
190.0
129.8
131.1
151.6
152.3
140.7
110.9
132.2
131.7
131.7
98.8
192.8
131.7
132.6
151.7
152.5
142.8
113.0
131.2
128.6
127.4
96.0
185.5
130.4
133.3
151.3
151.4
144.3
114.1
130.8
125.6
123.3
91.4
182.5
129.1
134.8
155.6
155.0
143.1
115.0
127.3
120.2
114.6
81.2
176.7
128.7
132.7
148.1
147.0
141.3
116.8
128.9
122.2
119.4
86.4
180.5
126.6
133.9
153.8
151.7
140.1
116.0
128.0
120.9
117.1
92.7
162.4
126.5
133.4
154.6
150.7
139.1
115.0
124.9
117.3
111.6
91.5
149.0
125.7
130.7
148.1
19 Nondurable consumer goods
7.0 Consumer staples
Consumer foods and tobacco
Nonfood staples
72
73
Consumer chemical products
Consumer paper products
74
75
Consumer energy
76
Consumer fuel
Residential utilities
27
18.63
15.29
7.80
7.49
2.75
1.88
2.86
1.44
1.42
137.0
144.8
141.0
148.9
179.8
163.3
109.8
95.4
124.5
139.0
147.0
142.4
151.8
186.1
167.1
108.9
95.3
122.7
139.7
147.9
143.7
152.2
185.7
167.8
109.8
94.1
125.8
140.5
148.9
144.5
153.6
186.8
169.0
111.6
96.3
127.1
141.1
149.4
144.8
154.2
187.6
174.2
109.1
96.7
121.7
141.4
149.7
144.3
155.4
187.8
177.0
110.1
95.0
125.4
141.4
149.9
143.3
156.9
188.9
180.4
110.7
95.6
126.1
142.2
150.7
144.7
156.9
187.3
180.9
112.0
97.3
127.0
142.1
150.7
144.7
156.9
189.1
180.9
110.1
93.6
127.0
143.3
151.9
145.7
158.4
191.0
183.6
110.7
95.6
126.1
142.8
151.4
144.2
158.9
193.1
183.0
110.4
97.0
124.0
142.9
151.6
144.6
158.9
193.6
183.8
109.2
96.0
122.7
143.0
151.8
145.5
158.3
189.7
185.1
110.6
96.8
143.6
152.7
Equipment
78 Business and defense equipment
79 Business equipment
30
Construction, mining, and farm
31
Manufacturing
3?
Power
33
Commercial
Transit
34
35 Defense and space equipment
18.01
14.34
2.08
3.27
1.27
5.22
2.49
3.67
163.3
157.6
71.9
131.3
89.4
245.0
115.4
185.9
165.1
160.2
74.2
136.2
91.5
245.4
120.3
184.0
165.5
161.2
74.5
136.2
92.1
247.0
122.3
182.2
166.2
162.6
74.6
137.0
91.8
248.9
124.9
180.5
167.1
163.8
74.3
136.3
92.8
252.4
125.7
180.0
167.9
165.0
75.6
137.8
92.7
254.3
125.2
179.3
168.9
166.3
76.9
138.6
93.0
257.6
123.9
178.7
170.3
167.8
77.6
139.7
93.6
260.1
124.8
179.9
171.5
169.1
76.3
140.9
93.3
263.2
125.3
180.7
172.0
169.6
74.8
142.8
92.5
264.5
124.8
181.1
171.3
168.5
73.0
143.8
92.8
263.8
120.1
182.0
172.2
169.7
71.8
143.5
94.0
265.2
124.4
182.3
172.0
169.4
74.3
142.6
93.6
265.4
121.8
182.0
168.0
165.9
75.0
142.4
94.7
262.3
107.0
176.2
5.95
6.99
5.67
1.31
138.6
162.4
168.5
136.3
140.0
165.9
172.3
138.2
140.7
165.7
172.9
134.3
141.4
166.7
173.8
135.8
142.3
168.8
175.9
138.2
139.5
168.4
175.4
138.3
139.3
170.4
177.4
140.3
140.2
170.4
177.9
138.0
140.2
170.0
177.3
138.2
141.2
170.4
177.9
138.4
142.2
170.6
177.8
139.6
141.0
171.0
178.7
137.5
141.6
171.5
179.3
137.7
142.4
20.50
4.92
5.94
9.64
4.64
135.5
109.0
171.6
126.8
96.1
138.9
111.4
174.9
130.8
101.1
139.8
113.9
175.0
131.3
101.4
139.0
112.5
174.1
130.9
99.8
139.4
111.7
175.2
131.5
100.8
138.6
112.1
175.2
129.7
98.4
137.9
110.7
175.3
128.8
95.9
139.0
110.8
176.9
130.0
98.0
138.7
111.8
177.1
128.9
94.4
139.4
111.6
177.5
130.0
95.5
139.9
109.9
179.1
131.0
97.7
140.8
111.9
179.9
131.4
98.3
140.3
110.7
179.8
131.1
97.1
139.2
107.6
178.0
131.4
96.9
1 Total index
1 Products
3 Final products
4
Consumer goods
5
Equipment
6 Intermediate products
7 Materials
Consumer goods
8 Durable consumer goods
Automotive products
10
Autos and trucks
11
Autos, consumer
17,
Trucks, consumer
N
Auto parts and allied goods
14 Home goods
IS
Appliances, A/C and TV
16
Appliances and TV
17
Carpeting and furniture
Miscellaneous home goods
18
9
?1
Intermediate products
36 Construction supplies
37 Business supplies
38 General business supplies
39 Commercial energy products
Materials
40 Durable goods materials
41 Durable consumer parts
47, Equipment parts
43 Durable materials n.e.c
44
Basic metal materials
159.7
l'l'l. i
45 Nondurable goods materials
46 Textile, paper, and chemical
materials
47
Textile materials
48
Pulp and paper materials
49
Chemical materials
50 Miscellaneous nondurable materials . . .
10.09
132.0
134.7
135.1
136.3
137.1
135.9
136.0
137.1
136.8
137.3
138.5
138.3
136.9
136.2
7.53
1.52
1.55
4.46
2.57
134.4
110.0
147.3
138.2
125.0
137.4
109.5
148.4
143.1
126.6
137.9
110.1
147.2
144.2
127.0
139.1
110.0
150.3
145.1
128.0
139.9
112.1
150.4
145.7
129.1
138.6
110.7
147.5
145.0
128.0
139.0
111.8
147.3
145.4
127.2
140.3
114.6
146.7
146.8
127.8
139.1
116.4
145.2
144.7
129.9
140.0
117.2
146.5
145.5
129.4
141.8
116.4
149.1
147.9
129.0
141.7
116.4
149.9
147.4
128.6
140.2
116.5
149.4
145.1
139.1
51 Energy materials
57 Primary energy
53 Converted fuel materials
11.69
7.57
4.12
101.5
106.3
92.7
101.3
106.0
92.6
102.3
108.6
90.7
102.6
107.6
93.3
100.5
105.2
92.0
100.5
104.4
93.3
101.0
103.7
96.1
101.7
104.1
97.4
101.1
104.6
94.7
99.1
103.0
92.0
99.1
103.2
91.6
99.9
104.7
91.0
102.1
107.4
92.3
102.2
A50
Domestic Nonfinancial Statistics • January 1990
2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1—Continued
Groups
SIC
code
1977
propor-
1988
1988
avg.
Oct.
Nov.
Dec
Jan.
Feb.
Mar.
Apr.
May
June
July'
Aug/
Sept.''
Oct.
Index (1977 = 100)
MAJOR INDUSTRY
1 Mining and utilities .
2
Mining
3
Utilities
4 Manufacturing
5
Nondurable
6
Durable
108.8
15.79
9.83
5.96
84.21
35.11
49.10
107.5
103.5
114.0
142.8
143.9
142.0
107.2
103.1
113.9
145.3
146.3
144.6
108.1
104.7
113.7
145.8
146.7
145.2
108.9
104.9
115.4
146.3
147.1
145.7
107.2
103.0
114.0
147.2
148.5
146.2
106.8
100.9
116.5
146.8
148.1
145.9
107.5
101.5
117.5
147.0
148.6
145.8
107.9
102.4
117.1
148.0
149.6
146.9
107.2
102.0
115.6
148.1
149.5
147.1
106.3
101.5
114.3
148.7
150.5
147.4
106.6
102.1
114.0
148.5
150.8
146.8
106.7
102.7
113.2
149.1
150.9
147.7
108.5
104.8
114.6
148.8
150.8
147.3
.50
1.60
7.07
.66
93.6
138.2
93.0
140.0
101.6
138.5
91.5
142.8
104.6
149.7
90.8
144.0
111.9
155.1
88.9
149.4
106.9
144.7
88.9
150.8
98.6
134.7
89.5
142.5
98.1
137.7
89.6
143.5
96.8
145.5
89.1
144.5
94.0
137.1
90.5
146.6
101.2
129.2
90.6
150.2
106.2
130.2
90.8
152.1
103.4
135.4
90.8
150.8
144.2
92.0
148.1
7.96
142.7
105.4
116.4
109.1
150.2
144.0
105.4
117.0
109.5
151.8
145.7
102.4
117.2
110.1
150.7
145.8
107.0
117.9
146.6
105.0
120.2
110.2
153.8
146.6
109.2
122.5
111.3
150.7
147.2
105.9
123.6
111.5
150.1
147.9
104.2
123.8
111.9
150.2
147.3
97.1
123.5
111.4
152.4
148.5
151.7
145.4
101.5
119.7
109.9
151.7
147.6
108.8
146.3
104.7
119.4
110.2
151.7
123^2
111.1
152.8
123 J
110.7
151.4
188.1
156.7
96.3
176.9
61.0
188.5
157.5
95.0
177.5
61.5
188.0
.53
183.8
152.0
96.0
174.4
59.4
158.1
98.0
177.5
60.2
193.0
159.0
98.0
175.9
62.9
194.6
158.5
96.3
175.0
62.9
198.5
159.2
97.0
176.4
61.2
200.1
159.3
97.3
178.0
61.4
199.0
158.2
96.9
180.5
60.3
200.5
159.9
97.9
182.3
60.5
199.9
162.2
98.3
182.3
60.8
200.9
161.8
97.8
182.7
60.2
202.1
160.2
98.5
182.5
60.1
24
25
32
2.30
1.27
2.72
137.6
162.0
122.6
137.5
164.5
123.3
139.4
165.4
124.7
143.0
165.4
125.1
139.9
166.3
126.6
132.8
164.8
125.4
133.4
165.8
125.5
135.1
168.0
124.7
135.5
170.2
123.9
137.2
170.8
123.9
136.9
169.0
122.9
135.9
167.5
124.2
136.4
167.1
124.1
33
331.2
34
35
36
5.33
3.49
6.46
9.54
7.15
89.4
78.2
120.9
170.7
180.1
94.2
83.1
122.6
173.8
183.0
92.7
80.8
124.6
175.4
182.2
90.0
77.6
125.1
177.8
180.9
93.2
124.5
178.7
180.9
91.1
79.1
124.5
180.8
181.7
88.4
75.9
123.8
183.0
181.6
90.1
77.0
123.1
184.7
182.2
87.2
73.2
124.8
186.5
181.6
87.3
72.9
125.2
187.5
181.9
89.2
75.4
125.4
186.7
181.4
90.2
75.9
125.4
187.3
183.8
89.4
75.4
125.0
188.0
183.3
181.2
29 Transportation equipment
37
30
Motor vehicles and parts
371
31
Aerospace and miscellaneous
transportation equipment. 372-6.9
32 Instruments
38
33 Miscellaneous manufactures . . . .
39
9.13
5.25
132.2
117.4
134.8
121.7
135.2
122.9
136.8
125.5
136.7
124.9
136.4
123.4
134.8
120.4
136.4
122.0
135.5
119.7
134.2
116.4
131.3
110.4
133.2
114.2
131.6
112.7
122.9
109.0
3.87
152.4
154.4
107.1
152.7
159.9
106.5r
151.9
160.4
108.4'
152.2
159.1
111.0r
152.7
161.0
154.0
161.3
107.6'
154.4
161.8
110.0'
155.9
163.0
114.5r
157.1
164.3
114.7 r
158.4
165.7
117.1'
159.6
166.0
119.6
159.0
164.5
117.4
157.3
164.2
141.8
164.2
7
8
9
10
Mining
Metal
Coal
Oil and gas extraction
Stone and earth minerals .
11
12
13
14
15
Nondurable
manufactures
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
16
17
18
19
20
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastic products .
Leather and products
Durable
manufactures
21 Lumber and products
22 Furniture and fixtures
23 Clay, glass, and stone products
24
25
26
27
28
Primary metals
Iron and steel
Fabricated metal products.
Nonelectrical machinery . .
Electrical machinery
10
11.12
13
14
.62
2.29
2.79
3.15
4.54
8.05
2.40
2.80
2.66
1.46
82.2
111.8'
104.9
115.2
147.6
151.0
145.1
201.9
124.5
186.8
116.6
Utilities
34 Electric .
Gross value (billions of 1982 dollars, annual rates)
MAJOR MARKET
35 Products, total
517.5 1,824.5 1,853.4 1,855.5 1,875.3 1,885.1 1 , 8 7 9 . 2 1 , 8 7 8 . 0 1 , 8 9 3 . 9 1 , 8 8 5 . 5 1,884.4 1 , 8 7 0 . 9 1,874.4 1 , 8 7 8 . 9
36 Final
37
Consumer goods
38
Equipment
39 Intermediate
405.7 1,401.2 1,423.5 1,426.3 1,442.1 1,447.5 1,449.6 1,442.8 1,460.4 1,449.6 1,448.8 1,433.5 1,437.3 1,441.4
272.7
902.4 915.0 918.4 934.4 935.6 934.3 928.0 939.4 928.5 928.0 917.4 917.9 921.6
133.0
498.8 508.4 507.9 507.7 511.9 515.2 514.8 521.1 521.1
520.8 516.0 519.4 519.8
111.9
423.3 430.5 429.3 433.2 437.7 429.6 435.3 433.5 435.9 435.6 437.4 437.1 437.5
1. These data also appear in the Board's G.12.3 (414) release. For address, see
inside front cover.
A major revision of the industrial production index and the capacity
utilization rates was released in July 1985. See " A Revision of the Index of
Industrial Production" and accompanying tables that contain revised indexes
(1977= 100) through December 1984 in the Federal Reserve Bulletin, vol. 71 (July
1985), pp. 487-501. The revised indexes for January through June 1985 were
shown in the September Bulletin.
Selected Measures
2.14
HOUSING AND
A51
CONSTRUCTION
Monthly figures are at seasonally adjusted annual rates except as noted.
1988
Item
1986
1987
1989
1988
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July'
Aug/
Sept.
Private residential real estate activity (thousands of units)
NEW UNITS
1 Permits authorized
1-family
2
3 2-or-more-family
1,750
1,071
679
1,535
1,024
511
1,456
994
462
1,518
1,058
460
1,486
1,052
434
1,403
989
414
1,230
870
360
1,334
954
380
1,347
905
442
1,308
874
434
1,281
906
375
1,328
927
401
1,319
946
373
4 Started
5
1-family
6 2-or-more-family
1,805
1,180
626
1,621
1,146
474
1,488
1,081
407
1,577
1,141
436
1,678
1,199
479
1,465
1,029
436
1,409
981
428
1,343
1,029
314
1,308
977
331
1,406
972
434
1,420
1,026
394
1,329
990
339
1,268
961
307
7 Under construction, end of period1 .
8
1-family
9 2-or-more-family
1,074
583
490
987
591
397
919
570
350
956
603
353
957
602
355
951
594
357
942
586
356
924
579
345
911
572
339
914
572
342
918
576
342
903
568
335
900
569
331
1,756
1,120
636
1,669
1,123
546
1,530
1,085
445
1,539
1,108
431
1,537
1,141
396
1,610
1,189
421
1,459
1,050
409
1,552
1,115
437
1,442
1,041
401
l,355r
964rr
391
1,372
965
407
1,429
1,031
398
1,296
937
359
13 Mobile homes shipped
244
233
218
225
232
212
207
198
205
202
178
194
185
Merchant builder activity in
1-family units
14 Number sold
15 Number for sale, end of period1 . . . .
748
357
672
365
675
366
669
366
700
369
621
375
555
377
607
377
653
380
647r
377
742
370
719
367
618
367
10 Completed
11
1-family
12 2-or-more-family
Price (thousands of dollars)2
Median
16 Units sold
Average
17 Units sold
92.2
104.7
113.3
121.0
113.0
118.0
123.0
116.7
119.0
122.8''
117.0
122.2
122.5
112.2
127.9
139.0
147.7
138.6
145.3
149.0
144.7
145.1
153.6r
141.8
161.3
154.4
3,566
3,530
3,594
3,920
3,550
3,480
3,400
3,400
3,210
3,360
3,330
3,480
3,520
80.3
98.3
85.6
106.2
89.2
112.5
88.7
112.0
89.7
113.0
91.9
117.8
92.0
116.1
92.9
118.0
92.6
118.0
93.4
118.8
96.7
122.1
94.8
120.8
94.3
118.4
EXISTING U N I T S ( 1 - f a m i l y )
18 Number sold
Price of units sold
(thousands of dollars)
19 Median
20 Average
Value of new construction 3 (millions of dollars)
CONSTRUCTION
21 Total put in place
387,043 397,721 409,663 425,035 424,791 418,465
419,152
414,834
420,410
416,928
409,601
415,849
415,615
22 Private
23 Residential
24 Nonresidential, total
Buildings
25
Industrial
26
Commercial
27
Other
Public utilities and other
28
315,313
187,147
128,166
320,108
194,656
125,452
328,738
198,101
130,637
336,254
202,480
133,774
339,481
204,707
134,774
335,037
202,322
132,715
340,438
204,456
135,982
335,480
203,678
131,802
334,462
200,854
133,608
333,440
198,635
134,805
328,046
194,257
133,789
331,472
193,598
137,874
327,592
191,940
135,652
13,747
56,762
13,216
44,441
13,707
55,448
15,464
40,833
14,931
58,104
17,278
40,324
15,045
58,659
17,744
42,326
15,890
59,350
17,976
41,558
15,098
58,749
17,484
41,384
15,698
60,653
17,634
41,997
16,245
55,581
16,645
43,331
15,945
56,796
17,343
43,524
16,302
57,434
17,179
43,890
16,390
56,499
16,792
44,108
17,460
57,812
18,360
44,242
17,601
55,662
17,771
44,618
71,727
3,868
22,971
4,646
40,242
77,612
4,327
25,343
5,162
42,780
80,922
3,579
28,524
4,474
44,345
88,781
3,905
33,674
4,412
46,790
85,310
3,440
30,792
4,121
46,957
83,428
3,433
27,936
4,742
47,317
78,714
3,740
26,091
4,210
44,673
80,420
2,054
27,772
3,068
47,526
85,130
3,870
27,432
6,053
47,775
81,914
4,324
27,321
4,699
45,570
81,555
3,264
26,128
4,535
47,628
84,377
3,689
27,367
4,643
48,678
88,023
4,242
27,936
4,679
51,166
29 Public
30 Military
31 Highway
32 Conservation and development...
33 Other
1. Not at annual rates.
2. Not seasonally adjusted.
3. Value of new construction data in recent periods may not be strictly
comparable with data in previous periods because of changes by the Bureau of the
Census in its estimating techniques. For a description of these changes see
Construction Reports (C-30-76-5), issued by the Bureau in July 1976.
NOTE. Census Bureau estimates for all series except (1) mobile homes, which
are private, domestic shipments as reported by the Manufactured Housing
Institute and seasonally adjusted by the Census Bureau, and (2) sales and prices
of existing units, which are published by the National Association of Realtors. All
back and current figures are available from the originating agency. Permit
authorizations are those reported to the Census Bureau from 16,000 jurisdictions
beginning with 1978.
A52
Domestic Nonfinancial Statistics • January 1990
2.15 CONSUMER AND PRODUCER PRICES
Percentage changes based on seasonally adjusted data, except as noted
Change from 12
months earlier
Item
Change from 3 months earlier
(at annual rate)
1988
1988
1989
Oct.
Oct.
Change from 1 month earlier
1989
Index
level
Oct.
1989
1989'
Dec.
Mar.
June r
Sept/
June'
July'
Aug.
Sept.
Oct.
CONSUMER PRICES
(1982-84=100)
1
All items
4.2
4.5
4.1
6.1
5.7
1.6
.2
.2
.0
.2
.5
125.6
2
3
4
5
6
Food
Energy items
All items less food and energy
Commodities
Services
5.2
.1
4.5
3.8
4.8
5.2
5.2
4.3
2.7
5.1
3.0
-.4
4.9
4.2
5.4
8.2
10.2
5.2
4.1
5.9
5.6
24.8
3.8
2.0
4.3
2.9
-13.4
3.1
.7
4.5
.2
-1.0
.2
-.1
.4
.3
-.7
.4
.1
.6
.2
-2.0
.2
-.3
.3
.2
-.9
.2
.4
.2
.4
.6
.5
.6
.4
126.5
94.6
130.9
121.2
136.5
3.0
4.5
-5.9
4.2
3.1
4.9
4.3
11.9
4.6
3.7
3.0
2.1
1.4
4.4
1.7
10.2
13.1
41.0
5.4
4.6
5.8
-1.3
31.8
5.7
4.5
-.3
-1.3
-16.8
2.6
4.8
.1
-.6
-2.7
.8
.5
-.6
-.1
-3.2
-.4
-.1
-.4
.3
-7.3
.5
.3
.9
-.6
6.5
.6
1.0
.4
1.4
.2
.2
-.3
114.8
119.5
65.7
126.0
120.3
4.9
7.0
3.7
2.6
4.5
6.7
8.7
5.5
2.9
.3
-1.1
-.7
-.1
-.2
-.4
-.2
-.3
-.1
.4
.1
.1
.1
112.3
120.3
16.4
-16.0
5.5
-4.2
21.0
3.0
-7.9
12.3
12.5
16.9
48.3
10.3
-17.8
23.6
-9.3
-2.2
-6.5
-.6
-2.1
-1.0
-1.5
-1.4
1.8
-1.6
1.7
-6.7
1.2
-.8
3.5
.3
-.6
.5
.3
107.2
76.6
137.4
PRODUCER PRICES
(1982=100)
7
8
9
10
11
Finished goods
Consumer foods
Consumer energy
Other consumer goods
Capital equipment
12
13
Intermediate materials3
Excluding energy
14
15
16
Crude materials
Foods
Energy
Other
1. Not seasonally adjusted.
2. Figures for consumer prices are those for all urban consumers and reflect a
rental equivalence measure of homeownership after 1982.
3. Excludes intermediate materials for food manufacturing and manufactured
animal feeds.
SOURCE. Bureau of Labor Statistics.
Selected Measures
2.16
GROSS NATIONAL PRODUCT A N D
A53
INCOME
Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates.
1988
Account
1986
1987
1989
1988
Q3
Q4
Ql
Q2
Q3r
GROSS NATIONAL PRODUCT
1
Total
4,231.6
4,524.3
4,880.6
4,926.9
5,017.3
5,113.1
5,201.7
5,278.9
2
3
4
5
By source
Personal consumption expenditures
Durable goods
Nondurable goods
Services
2,797.4
406.0
942.0
1,449.5
3,010.8
421.0
998.1
1,591.7
3,235.1
455.2
1,052.3
1,727.6
3,263.4
452.5
1,066.2
1,744.7
3,324.0
467.4
1,078.4
1,778.2
3,381.4
466.4
1,098.3
1,816.7
3,444.1
471.0
1,121.5
1,851.7
3,513.2
488.5
1,133.7
1,891.0
659.4
652.5
435.2
139.0
296.2
217.3
699.9
670.6
444.3
133.8
310.5
226.4
750.3
719.6
487.2
140.3
346.8
232.4
771.1
726.5
493.2
142.0
351.3
233.2
752.8
734.1
495.8
142.5
353.3
238.4
769.6
742.0
503.1
144.7
358.5
238.8
775.0
747.6
512.5
142.4
370.1
235.1
779.0
752.1
519.3
145.5
373.8
232.8
6.9
8.6
29.3
30.5
30.6
34.2
44.6
41.5
18.7
40.8
27.7
19.1
27.4
23.6
26.9
19.0
6
7
8
9
10
11
12
13
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential structures
Change in business inventories
Nonfarm
14
15
16
Net exports of goods and services
Exports
Imports
-97.4
396.5
493.8
-112.6
448.6
561.2
-73.7
547.7
621.3
-66.2
556.8
623.0
-70.8
579.7
650.5
-54.0
605.6
659.6
-50.6
626.1
676.6
-53.5
623.3
676.8
17
18
19
Government purchases of goods and services
Federal
State and local
872.2
366.5
505.7
926.1
381.6
544.5
968.9
381.3
587.6
958.6
367.5
591.0
1,011.4
604.9
1,016.0
399.0
617.0
1,033.2
406.0
627.2
1,040.2
403.3
636.8
20
21
22
23
24
25
By major type of product
Final sales, total
Goods
Durable
Nondurable
Services
Structures
4,224.8
1,686.7
724.2
962.5
2,119.3
425.6
4,495.0
1,785.2
1,007.6
2,304.5
434.6
4,850.0
1,931.9
863.6
1,068.3
2,499.2
449.5
4,882.3
1,955.8
884.0
1,071.8
2,520.3
450.8
4,998.7
1,987.4
888.5
1,098.9
2,570.0
459.9
5,085.4
2,030.9
894.7
1,136.2
2,620.8
461.3
5,174.3
2,079.1
905.2
1,173.9
2,667.5
455.1
5,252.0
2,105.0
935.1
1,169.9
2,716.8
457.1
26
27
28
Change in business inventories
Durable goods
Nondurable goods
6.9
1.2
5.6
29.3
22.0
7.2
30.6
25.0
5.6
44.6
41.4
3.2
18.7
32.0
-13.3
27.7
22.0
5.7
27.4
6.0
21.4
26.9
3.8
23.1
29
Total GNP in 1982 dollars
3,717.9
3,853.7
4,024.4
4,042.7
4,069.4
4,106.8
4,132.5
4,160.2
3,412.6
3,665.4
3,972.6
4,005.7
4,097.4
4,185.2
4,249.6
4,284.0
2,511.4
2,094.8
393.7
1,701.1
416.6
217.3
199.3
2,690.0
2,249.4
419.2
1,830.1
440.7
227.8
212.8
2,907.6
2,429.0
446.5
1,982.5
478.6
249.7
228.9
2,935.1
2,452.2
449.6
2,002.6
482.9
251.8
231.1
2,997.2
2,505.1
456.3
2,048.9
492.0
255.6
236.5
3,061.7
2,560.7
466.9
2,093.8
501.0
259.7
241.3
3,118.2
2,608.8
473.5
2,135.3
509.4
263.4
246.0
3,171.9
2,654.7
480.2
2,174.5
517.2
266.6
250.7
282.0
247.2
34.7
311.6
270.0
41.6
327.8
288.0
39.8
327.0
289.3
37.7
328.3
296.3
32.0
359.3
300.3
59.0
355.5
304.2
51.3
343.6
307.3
36.3
777.6
406.4
MEMO
NATIONAL INCOME
30
31
32
33
34
35
36
37
Compensation of employees
Wages and salaries
Government and government enterprises
Other
Supplement to wages and salaries
Employer contributions for social insurance
Other labor income
38
39
40
Proprietors' income1
Business and professional
Farm 1
41
Rental income of persons 2
Corporate profits 1
Profits before tax 3
44 Inventory valuation adjustment
45
Capital consumption adjustment
42
43
46
Net interest
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
11.6
13.4
15.7
16.3
16.1
11.8
9.8
5.2
282.1
221.6
6.7
53.8
298.7
266.7
-18.9
50.9
328.6
306.8
-25.0
46.8
330.9
314.4
-30.4
46.9
340.2
318.8
-20.1
41.5
316.3
318.0
-38.3
36.6
307.8
296.0
-20.7
32.3
292.3
272.0
-6.0
26.3
325.5
351.7
392.9
396.4
415.7
436.1
458.4
471.0
3. For after-tax profits, dividends, and the like, see table 1.48.
SOURCE. Survey of Current Business (Department of Commerce).
A54
Domestic Nonfinancial Statistics • January 1990
2.17 PERSONAL INCOME AND SAVING
Billions of current dollars; quarterly data are at seasonally adjusted annual rates. Exceptions noted.
1988
Account
1986
1987
1989
1988
Q3
Q4
Ql
Q2
Q3'
PERSONAL INCOME AND SAVING
1 Total personal income
3,526.2
3,777.6
4,064.5
4,097.6
4,185.2
4,317.8
4,400.3
4,457.5
2 Wage and salary disbursements
3 Commodity-producing industries
4
Manufacturing
5 Distributive industries
Service industries
6
7 Government and government enterprises
2,094.8
625.6
473.2
498.8
576.7
393.7
2,249.4
649.9
490.3
531.9
648.3
419.2
2,429.0
696.3
524.0
571.9
714.4
446.5
2,452.2
701.6
527.2
578.0
723.0
449.6
2,505.1
714.7
538.1
587.5
746.7
456.3
2,560.7
726.6
546.3
598.8
768.4
466.9
2,608.8
733.7
549.9
610.8
790.8
473.5
2,654.7
742.8
555.8
619.5
812.2
480.2
199.3
282.0
247.2
34.7
11.6
85.8
493.2
521.5
269.2
212.8
311.6
270.0
41.6
13.4
92.0
523.2
548.2
282.9
228.9
327.8
288.0
39.8
15.7
102.2
571.1
584.7
300.5
231.1
327.0
289.3
37.7
16.3
103.6
576.3
587.4
301.4
236.5
328.3
296.3
32.0
16.1
106.4
598.6
593.8
304.0
241.3
359.3
300.3
59.0
11.8
109.4
629.0
616.4
316.9
246.0
355.5
304.2
51.3
9.8
111.4
655.1
626.8
322.9
250.7
343.6
307.3
36.3
5.2
113.2
669.2
636.4
328.0
8
9
10
11
12
13
14
15
16
17
Other labor income
Proprietors' income
Business and professional
Farm 1
Rental income of persons 2
Dividends
Personal interest income
Transfer payments
Old-age survivors, disability, and health insurance benefits . . .
LESS: Personal contributions for social insurance
18 EQUALS: Personal income
161.9
172.9
194.9
196.4
199.6
210.0
213.0
215.4
3,526.2
3,777.6
4,064.5
4,097.6
4,185.2
4,317.8
4,400.3
4,457.5
512.9
571.7
586.6
585.9
597.8
628.3
652.6
649.1
20 EQUALS: Disposable personal income
3,013.3
3,205.9
3,477.8
3,511.7
3,587.4
3,689.5
3,747.7
3,808.4
21
LESS: Personal outlays
2,888.5
3,104.1
3,333.1
3,362.1
3,424.0
3,483.8
3,547.0
3,617.3
22 EQUALS: Personal saving
124.9
101.8
144.7
149.6
163.4
205.7
200.7
191.1
15,385.5
10,123.7
10,905.0
4.1
15,793.9'
10,302.0
10,970.0
3.2
16,332.8
10,545.5
11,337.0
4.2
16,387.1
10,572.0
11,377.0
4.3
16,455.3
10,625.6
11,466.0
4.6
16,566.4
10,653.5
11,625.0
5.6
16,629.8
10,678.9
11,622.0
5.4
16,700.9
10,815.3
11,723.0
5.0
19
LESS: Personal tax and nontax payments
MEMO
Per capita (1982 dollars)
23 Gross national product
24 Personal consumption expenditures
25 Disposable personal income
26 Saving rate (percent)
GROSS SAVING
27 Gross saving
525.3
553.8
642.4
669.8
647.4
693.5
695.8
700.3
28
29
30
31
669.5
124.9
84.5
6.7
663.8
101.8
75.3
-18.9
738.6
144.7
80.3
-25.0
742.4
149.6
77.6
-30.4
769.3
163.4
81.7
-20.1
792.1
205.7
53.4
-38.3
793.7
200.7
52.0
-20.7
803.3
191.1
46.6
-6.0
285.9
174.2
303.1
183.6
321.7
191.9
323.1
192.1
329.7
194.4
335.2
197.8
339.7
201.3
350.2
215.4
-144.1
-206.9
62.8
-110.1
-161.4
51.3
-96.1
-145.8
49.7
-72.7
-122.5
49.8
-121.9
-167.6
45.7
-98.7
-147.5
48.8
-97.9
-145.4
47.5
-103.0
-147.4
44.3
Gross private saving
Personal saving
Undistributed corporate profits
Corporate inventory valuation adjustment
Capital consumption
allowances
33 Noncorporate
34
35
36
Government surplus, or deficit ( - ) , national income and
product accounts
Federal
State and local
37 Gross investment
38 Gross private domestic
39 Net foreign
40 Statistical discrepancy
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.
523.6
549.0
632.8
661.2
630.8
669.3
677.5
677.4
659.4
-135.8
699.9
-150.9
750.3
-117.5
771.1
-109.9
752.8
-122.0
769.6
-100.3
775.0
-97.5
779.0
-101.6
-1.8
-4.7
-9.6
-8.6
-16.6
-24.1
-18.3
-22.9
|
SOURCE. Survey of Current Business (Department of Commerce).
Summary Statistics
3.10 U.S. INTERNATIONAL TRANSACTIONS
A55
Summary
Millions of dollars; quarterly data are seasonally adjusted except as noted. 1
1988
Item credits or debits
Not seasonally adjusted
Merchandise trade balance
Merchandise exports
Merchandise imports
Military transactions, net
Investment income, net
Other service transactions, net
Remittances, pensions, and other transfers .
U.S. government grants (excluding military)
11 Change in U.S. government assets, other than official
reserve assets, net (increase, —)
1986
1987
1989
1988
Q2
Q3
Q4
Q1
Q2
-32,340
-36,926
-30,339
80,604
-110,943
-1,006
12,806
4,971
-1,088
-2,288
-28,677
-28,191
-32,019
83,729
-115,748
-1,604
21,329
5,475
-1,090
-3,928
-30,390
-25,994
-28,378
87,919
-116,297
-1,498
15,527
5,428
-1,186
-2,340
-30,988
-30,779
-27,718
90,866
-118,584
-1,630
14,422
6,469
-952
-2,142
-133,249
-143,700
-126,548
-145,058
223,367
-368,425
-4,577
60,629
10,517
-4,049
-11,730
-159,500
250,266
-409,766
-2,856
71,151
10,585
-4,063
-10,149
-127,215
319,251
-446,466
-4,606
61,974
17,702
-4,279
-10,377
-33,485
-33,875
-31,411
78,471
-109,882
-1,033
11,536
4,323
-971
-1,928
-2,024
997
2,999
-885
1,961
3,413
1,049
-372
12 Change in U.S. official reserve assets (increase, - ) .
13 Gold
14 Special drawing rights (SDRs)
15 Reserve position in International Monetary Fund.
16 Foreign currencies
312
0
-246
1,501
-942
9,149
0
-509
2,070
7,588
-3,566
0
474
1,025
-5,064
39
0
180
69
-210
-7,380
0
-35
202
-7,547
2,271
0
173
307
1,791
-4,000
0
-188
316
-4,128
-12,095
0
68
-159
-12,004
17 Change in U.S. private assets abroad (increase, - ) .
18 Bank-reported claims
19 Nonbank-reported claims
20 U.S. purchase of foreign securities, net
21 U.S. direct investments abroad, net
-97,953
-59,975
-7,396
-4,271
-26,311
-86,363
-42,119
5,201
-5,251
-44,194
-81,544
-54,481
-1,684
-7,846
-17,533
-15,273
-12,602
-6,443
1,333
2,439
-32,467
-26,229
255
-1,592
-4,901
-38,332
-30,916
4,569
-3,047
-8,938
-28,367
-22,132
1,835
-2,568
-5,502
19,943
28,527
-5,908
-2,676
23
24
25
26
27
22 Change in foreign official assets in United States (increase,
+)
U.S. Treasury securities
Other U.S. government obligations
Other U.S. government liabilities
Other U.S. liabilities reported by U.S. banks3
Other foreign official assets
35,594
34,364
-1,214
2,141
1,187
-884
45,193
43,238
1,564
-2,520
3,918
-1,007
38,882
41,683
1,309
-1,284
-331
-2,495
5,895
5,853
202
-517
774
-417
-2,234
-3,769
572
-232
1,703
-508
10,589
11,897
697
-232
-1,036
-737
7,477
4,634
721
-304
1,974
452
-4,948
-9,763
-92
396
3,924
587
28 Change in foreign private assets in United States (increase,
+)
<
29 U.S. bank-reported liabilities3
30 U.S. nonbank-reported liabilities
31 Foreign private purchases of U.S. Treasury securities, net
32 Foreign purchases of other U.S. securities, net
33 Foreign direct investments in United States, net
186,011
79,783
-2,641
3,809
70,969
34,091
172,847
89,026
2,450
-7,643
42,120
46,894
180,417
68,832
6,558
20,144
26,448
58,435
59,438
30,455
-59
5,458
9,699
13,885
48,413
23,291
2,350
3,422
7,454
11,896
70,170
32,223
2,702
5,336
6,871
23,038
52,529
13,261
2,852
8,590
8,665
19,161
1,831
-22,822
0
11,308
0
1,878
0
-10,641
0
-15,729
-3,714
0
24,047
-4,556
0
-19,434
4,431
0
1,702
4,127
0
26,629
-2,340
11,308
1,878
-10,641
-12,015
28,603
-23,865
-2,425
28,969
34 Allocation of SDRs
35 Discrepancy
36 Owing to seasonal adjustments
37 Statistical discrepancy in recorded data before seasonal
adjustment
2,722
9,600
12,331
MEMO
Changes in official assets
U.S. official reserve assets (increase, - )
Foreign official assets in United States (increase, +)
excluding line 25
40 Change in Organization of Petroleum Exporting Countries
official assets in United States (part of line 22
above)
41 Transfers under military grant programs (excluded from
lines 4, 6, and 10 above)
38
39
312
9,149
-3,566
39
-7,380
2,271
-4,000
-12,095
33,453
47,713
40,166
6,412
-2,002
10,821
7,781
-5,344
-9,327
-9,955
-3,109
-1,776
-459
672
7,143
281
96
53
92
4
7
40
12
14
1. Seasonal factors are not calculated for lines 6, 10, 12-16, 18-20, 22-34, and
38-41.
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. Reporting banks include all kinds of depository institutions besides commercial banks, as well as some brokers and dealers.
4. Primarily associated with military sales contracts and other transactions
arranged with or through foreign official agencies.
5. Consists of investments in U.S. corporate stocks and in debt securities of
private corporations and state and local governments.
NOTE. Data are from Bureau of Economic Analysis, Survey of Current
Business (Department of Commerce).
A56
International Statistics • January 1990
3.11 U.S. FOREIGN TRADE1
Millions of dollars; monthly data are seasonally adjusted.
1989
Item
1986
1987
1988
Mar.
Apr.
May
June
July
Aug/
Sept.''
1 EXPORTS of domestic and foreign
merchandise excluding grant-aid
shipments, f.a.s. value
227,158
254,073
322,426
30,065
30,759
30,455
31,286
30,468
30,562
31,136
GENERAL IMPORTS including
merchandise for immediate
consumption plus entries into
bonded warehouses
2
Customs value
365,438
406,241
440,952
39,549
39,045
40,534
39,293
38,709
40,662
39,079
-138,279
-152,169
-118,526
-9,485
-8,286
-10,079
-8,007
-8,241
-10,101
-7,943
Trade balance
3
Customs value
1. The Census basis data differ from merchandise trade data shown in table
3.10, U.S. International Transactions Summary, for reasons of coverage and
timing. On the export side, the largest adjustment is the exclusion of military sales
(which are combined with other military transactions and reported separately in
the "service account" in table 3.10, line 6). On the import side, additions are made
for gold, ship purchases, imports of electricity from Canada, and other transac-
tions; military payments are excluded and shown separately as indicated above.
As of Jan. 1, 1987 census data are released 45 days after the end of the month; the
previous month is revised to reflect late documents. Total exports and the trade
balance reflect adjustments for undocumented exports to Canada.
SOURCE. FT900 "Summary of U.S. Export and Import Merchandise Trade"
(Department of Commerce, Bureau of the Census).
3.12 U.S. RESERVE ASSETS
Millions of dollars, end of period
1989
Type
1986
1 Total
1987
Apr.
May
June
July
Aug.
Sept.
Oct.
43,186
48,511
45,798
50,303
54,941
60,502
63,462
62,364
68,418
70,809
11,090
11,064
11,078
11,061
11,060
11,063
11,066
11,066
11,065
11,062
7,293
8,395
10,283
9,379
9,134
9,034
9,340
9,240
9,487
9,473
11,947
11,730
11,349
9,132
8,513
9,055
8,644
8,786
8,722
12,856
17,322
13,088
20,731
26,234
31,517
34,001
33,413
39,080
41,552
2 Gold stock, including Exchange
Stabilization Fund
2,3
3
Special drawing rights
4
Reserve
position
in International
Monetary
Fund
5 Foreign currencies 4
1. Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table
3.13. Gold stock is valued at $42.22 per fine troy ounce.
2. Beginning July 1974, the IMF adopted a technique for valuing the SDR based
on a weighted average of exchange rates for the currencies of member countries.
From July 1974 through December 1980, 16 currencies were used; from January
1981, 5 currencies have been used. The U.S. SDR holdings and reserve position
in the IMF also are valued on this basis beginning July 1974.
3. Includes allocations by the International Monetary Fund of SDRs as follows:
$867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; $710 million on Jan. 1,
1972; $1,139 million on Jan. 1, 1979; $1,152 million on Jan. 1, 1980; and $1,093
million on Jan. 1, 1981; plus transactions in SDRs.
4. Valued at current market exchange rates.
3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS 1
Millions of dollars, end of period
1989
Assets
1986
1987
1988
Apr.
1 Deposits
Assets held in custody
2 U.S. Treasury securities2
3 Earmarked gold
June
July
Aug.
Sept.
Oct. P
287
244
347
352
428
275
371
265
325
252
155,835
14,048
195,126
13,919
232,547
13,636
235,145
13,576
232,004
13,612
229,914
13,545
233,170
13,530
238,007
13,516
235,597
13,506
230,804
13,460
1. Excludes deposits and U.S. Treasury securities held for international and
regional organizations.
2. Marketable U.S. Treasury bills, notes, and bonds; and nonmarketable U.S.
Treasury securities payable in dollars and in foreign currencies.
May
3. Earmarked gold and the gold stock are valued at $42.22 per fine troy ounce,
Earmarked gold is gold held for foreign and international accounts and is not
included in the gold stock of the United States.
Summary Statistics
3.14 FOREIGN BRANCHES OF U.S. BANKS
A57
Balance Sheet Data1
Millions of dollars, end of period
1989
Asset account
1987
1988
Mar.
Apr.
May
June
July
Aug.
Sept.
All foreign countries
1 Total, all currencies
2 Claims on United States
3 Parent bank
4 Other banks in United States
5 Nonbanks
6 Claims on foreigners
7 Other branches of parent bank
8 Banks
9 Public borrowers
10 Nonbank foreigners
11 Other assets
456,628
518,618
506,062
519,740
517,276
521,436
523,674
534,200
522,550r
521,291
114,563
83,492
13,685
17,386
312,955
96,281
105,237
23,706
87,731
138,034
105,845
16,416
15,773
342,520
122,155
108,859
21,832
89,674
169,111
129,856
14,918
24,337
299,728
107,179
96,932
17,163
78,454
177,902
134,002
14,697
29,203
303,906
110,434
97,723
17,020
78,729
171,136
128,567
13,459
29,110
305,483
113,824
%,830
16,101
78,728
177,987
134,026
13,040
30,921
302,808
116,506
94,042
16,095
76,165
177,445
132,380
14,218
30,847
303,720
115,913
94,902
16,709
76,1%
179,615
133,135
15,744
30,736
310,426
117,438
95,621
16,948
80,419
177,298'
134,478r
15,225
27,595
299,094r
108,91c
92,267
16,660
81,257
182,405
142,304
14,164
25,937
290,002
104,657
90,393
16,376
78,576
29,110
38,064
37,223
37,932
40,657
40,641
42,509
44,159
46,158
48,884
12 Total payable in U.S. dollars
317,487
350,107
358,040
366,403
359,841
366,315
367,562
371,851
369,689r
360,535
13 Claims on United States
14 Parent bank
15 Other banks in United States
16 Nonbanks
17 Claims on foreigners
18 Other branches of parent bank
19 Banks
20 Public borrowers
21 Nonbank foreigners
110,620
82,082
12,830
15,708
195,063
72,197
66,421
16,708
39,737
132,023
103,251
14,657
14,115
202,428
88,284
63,707
14,730
35,707
163,456
126,929
14,167
22,360
177,685
80,736
54,884
12,131
29,934
170,091
129,431
13,259
27,401
178,134
82,797
53,893
11,831
29,613
163,964
124,268
12,539
27,157
178,298
86,767
50,815
11,467
29,249
169,7%
128,771
11,909
29,116
177,308
86,625
49,793
11,282
29,608
169,520
127,352
13,207
28, %1
180,013
88,874
50,627
11,815
28,697
171,041
128,063
14,734
28,244
181,441
90,077
49,913
11,616
29,835
170,497r
130,168r
14,688
25,641
177,717r
83,039'
50,685
11,776
32,217
174,593
137,446
13,217
23,930
164,448
77,852
46,779
11,646
28,171
11,804
15,656
16,899
18,178
17,579
19,211
18,029
19,369
21,475
21,494
22 Other assets
United Kingdom
23 Total, all currencies
140,917
158,695
156,835
154,856
153,146
155,532
153,968
161,882
158,869
158,328
24 Claims on United States
25 Parent bank
26 Other banks in United States
27 Nonbanks
28 Claims on foreigners
29 Other branches of parent bank
30 Banks
31 Public borrowers
32 Nonbank foreigners
24,599
19,085
1,612
3,902
109,508
33,422
39,468
4,990
31,628
32,518
27,350
1,259
3,909
115,700
39,903
36,735
4,752
34,310
40,089
34,243
1,123
4,723
106,388
35,625
36,765
4,019
29,979
40,715
35,315
1,380
4,020
103,443
35,305
35,382
3,757
28,999
39,475
34,741
1,227
3,507
102,438
32,954
37,079
3,471
28,934
39,599
35,642
1,243
2,714
104,504
35,537
37,412
3,627
27,928
38,014
33,763
1,125
3,126
103,773
34,948
37,357
3,599
27,869
42,147
37,713
1,121
3,313
106,586
35,440
36,519
3,788
30,839
41,914
38,031
1,112
2,771
102,015
32,392
35,857
3,586
30,180
40,085
36,046
1,265
2,774
102,093
32,607
37,146
3,265
29,075
6,810
10,477
10,358
10,698
11,233
11,429
12,181
13,149
14,940
16,150
34 Total payable in U.S. dollars
95,028
100,574
103,503
103,211
98,463
101,612
99,028
103,512
104,416
99,893
35 Claims on United States
36 Parent bank
37 Other banks in United States
38 Nonbanks
39 Claims on foreigners
40 Other branches of parent bank
41
Banks
42 Public borrowers
43 Nonbank foreigners
23,193
18,526
1,475
3,192
68,138
26,361
23,251
3,677
14,849
30,439
26,304
1,044
3,091
64,560
28,635
19,188
3,313
13,424
38,012
33,252
964
3,7%
60,472
28,474
18,494
2,840
10,664
38,265
34,320
937
3,008
59,201
28,145
17,715
2,786
10,555
36,772
33,499
872
2,401
56,227
25,389
17,680
2,6%
10,462
36,675
34,119
862
1,694
58,395
26,036
18,458
2,737
11,164
34,990
32,059
844
2,087
58,746
26,541
18,745
2,606
10,854
38,506
36,041
821
1,644
59,137
27,955
17,080
2,702
11,400
39,135
36,375
1,007
1,753
57,490
25,368
18,082
2,679
11,361
37,108
34,537
1,017
1,554
55,336
25,538
17,612
2,521
9,665
3,697
5,575
5,019
5,745
5,464
6,542
5,292
5,869
7,791
7,449
33 Other assets
44 Other assets
Bahamas and Caymans
45 Total, all currencies
46 Claims on United States
47 Parent bank
48 Other banks in United States
49 Nonbanks
50 Claims on foreigners
51 Other branches of parent bank
52 Banks
53 Public borrowers
54 Nonbank foreigners
55 Other assets
56 Total payable in U.S. dollars
142,592
160,321
170,639
179,185
172,324
173,137
171,780
172,789
165,401
164,684
78,048
54,575
11,156
12,317
60,005
17,296
27,476
7,051
8,182
85,318
60,048
14,277
10,993
70,162
21,277
33,751
7,428
7,706
105,320
73,409
13,145
18,766
58,393
17,954
28,268
5,830
6,341
111,951
75,234
12,275
24,442
59,615
20,048
27,727
5,480
6,360
105,273
68,%9
11,563
24,741
60,103
26,261
22,641
5,374
5,827
111,823
73,627
10,807
27,389
53,984
21,%2
21,184
5,280
5,558
109,800
70,735
12,116
26,949
54,537
22,324
21,202
5,540
5,471
107,831
67,417
13,712
26,702
57,135
24,462
21,591
5,405
5,677
106,693
69,404
13,294
23,995
50,808
16,802
20,688
5,407
7,911
111,043
76,426
12,141
22,476
45,%2
14,688
20,162
5,435
5,677
4,539
4,841
6,926
7,619
6,948
7,330
7,443
7,823
7,900
7,679
136,813
151,434
163,518
172,148
166,389
166,869
165,676
167,259
160,821
160,274
1. Beginning with June 1984 data, reported claims held by foreign branches
have been reduced by an increase in the reporting threshold for "shell" branches
from $50 million to $150 million equivalent in total assets, the threshold now
applicable to all reporting branches.
A58
International Statistics • January 1990
3.14—Continued
1989
Liability account
1986
1987
1988
Apr.
May
July
Aug.
All foreign countries
57 Total, all currencies
456,628
518,618
506,062
519,740
517,276
521,436
523,674
534,200
522,550'
521,291
58 Negotiable CDs
59 To United States
60
Parent bank
61
Other banks in United States
62
Nonbanks
31,629
152,465
83,394
15,646
53,425
30,929
161,390
87,606
20,355
53,429
28,511
185,577
114,720
14,737
56,120
30,768
185,831
113,779
14,499
57,553
30,278
179,292
109,164
14,307
55,821
29,425
178,821
110,579
13,564
54,678
28,116
179,858
113,250
12,951
53,657
28,882
177,706
110,121
13,323
54,262
29,524
177,487
110,638
13,269
53,580
26,679
182,532
120,406
13,015
49,111
63 To foreigners
64
Other branches of parent bank
65
Banks
66
Official institutions
67
Nonbank foreigners
68 Other liabilities
253,775
95,146
77,809
17,835
62,985
18,759
304,803
124,601
87,274
19,564
73,364
21,496
270,923
111,267
72,842
15,183
71,631
21,051
280,859
116,148
71,447
17,911
75,353
22,282
282,920
115,380
72,155
17,933
77,452
24,786
288,291
121,135
72,903
17,795
76,458
24,899
289,603
118,950
74,213
17,559
78,881
26,097
301,422
119,571
80,070
18,846
82,935
26,190
288,665'
113,348'
76,024
17,589
81,704
26,874
283,325
104,256
78,050
17,349
83,670
28,755
69 Total payable in U.S. dollars
336,406
361,438
367,483
379,610
372,788
376,474
378,331
381,879
379,795'
371,877
70 Negotiable CDs
71 To United States
72
Parent bank
73
Other banks in United States
74
Nonbanks
28,466
144,483
79,305
14,609
50,569
26,768
148,442
81,783
18,951
47,708
24,045
173,190
107,150
13,468
52,572
26,287
173,471
105,534
13,195
54,742
25,970
166,666
100,897
12,781
52,988
25,411
166,134
102,643
11,944
51,547
24,129
167,217
104,929
11,537
50,751
24,914
163,771
100,521
11,845
51,405
25,483
165,985
103,117
11,964
50,904
22,927
169,841
111,658
11,837
46,346
75 To foreigners
76
Other branches of parent bank
77
Banks
78
Official institutions
79
Nonbank foreigners
80 Other liabilities
156,806
71,181
33,850
12,371
39,404
6,651
177,711
90,469
35,065
12,409
39,768
8,517
160,766
84,021
28,493
8,224
40,028
9,482
169,407
88,298
28,949
9,953
42,207
10,445
169,758
87,716
28,445
9,591
44,006
10,394
173,228
90,123
29,567
9,255
44,283
11,701
175,393
90,850
29,686
9,852
45,005
11,592
181,005
91,713
31,216
11,176
46,900
12,189
175,343'
86,719'
32,354
10,680
45,590
12,984
165,339
77,463
30,703
10,195
46,978
13,770
United Kingdom
81 Total, all currencies
140,917
158,695
156,835
154,856
153,146
155,532
153,968
161,882
158,869
158,328
82 Negotiable CDs
83 To United States
84
Parent bank
85
Other banks in United States .
86
Nonbanks
27,781
24,657
14,469
2,649
7,539
26,988
23,470
13,223
1,536
8,711
24,528
36,784
27,849
2,037
6,898
26,625
32,757
25,098
1,824
5,835
26,157
29,715
20,455
1,551
7,709
25,539
30,867
20,329
1,720
8,818
24,396
30,013
21,892
1,648
6,473
25,342
29,954
19,680
1,852
8,422
25,905
31,551
21,561
1,767
8,223
23,122
31,076
24,013
1,687
5,376
87 To foreigners
88
Other branches of parent bank
89
Banks
90
Official institutions
91
Nonbank foreigners
92 Other liabilities
79,498
25,036
30,877
6,836
16,749
8,981
98,689
33,078
34,290
11,015
20,306
9,548
86,026
26,812
30,609
7,873
20,732
9,497
85,863
25,781
29,094
9,429
21,559
9,611
87,478
25,800
30,714
8,637
22,327
9,796
88,985
26,867
30,925
8,946
22,247
10,141
88,381
24,974
31,066
8,650
23,691
11,178
94,335
26,556
33,047
9,586
25,146
12,251
88,661
24,326
30,790
8,868
24,677
12,752
91,101
24,769
31,330
8,878
26,124
13,029
93 Total payable in U.S. dollars
99,707
102,550
105,907
107,092
102,065
104,356
101,742
105,700
106,915
103,016
94 Negotiable CDs
95 To United States
96
Parent bank
97
Other banks in United States .
98
Nonbanks
26,169
22,075
14,021
2,325
5,729
24,926
17,752
12,026
1,308
4,418
22,063
32,588
26,404
1,752
4,432
24,302
29,578
24,013
1,559
4,006
24,073
25,493
18,524
1,227
5,742
23,568
26,554
18,545
1,368
6,641
22,324
25,401
19,411
1,393
4,597
23,132
24,618
16,704
1,477
6,437
23,679
27,232
19,300
1,502
6,430
21,156
26,592
21,588
1,511
3,493
48,138
17,951
15,203
4,934
10,050
3,325
55,919
22,334
15,580
7,530
10,475
3,953
47,083
18,561
13,407
4,348
10,767
4,173
48,221
18,335
12,907
5,467
11,512
4,991
47,781
17,755
13,439
4,365
12,222
4,718
49,006
18,030
13,930
4,7%
12,250
5,228
48,491
16,467
13,545
5,579
12,900
5,526
52,179
18,388
14,173
6,131
13,487
5,771
49,913
17,060
13,578
5,825
13,450
6,091
48,557
16,673
12,331
5,532
14,021
6,711
99 To foreigners
100 Other branches of parent bank
101 Banks
102 Official institutions
103 Nonbank foreigners
104 Other liabilities
Bahamas and Caymans
105 Total, all currencies
142,592
160,321
170,639
179,185
172,324
173,137
171,780
172,789
165,401
164,684
106 Negotiable CDs
107 To United States
108 Parent bank
109 Other banks in United States
110
Nonbanks
847
106,081
49,481
11,715
44,885
885
113,950
53,239
17,224
43,487
953
122,332
62,894
11,494
47,944
1,073
124,736
62,689
11,464
50,583
1,025
118,164
59,762
11,346
47,056
872
120,175
64,908
10,398
44,869
696
117,737
61,642
10,034
46,061
717
116,261
61,263
10,197
44,801
691
113,122
58,765
10,076
44,281
669
116,963
64,285
10,026
42,652
34,400
12,631
8,617
2,719
10,433
1,264
43,815
19,185
10,769
1,504
12,357
1,671
45,161
23,686
8,336
1,074
12,065
2,193
50,855
28,010
8,495
1,234
13,116
2,521
50,606
27,655
8,203
1,722
13,026
2,529
48,989
26,478
8,233
1,164
13,114
3,101
50,477
27,763
8,322
1,102
13,290
2,870
52,881
29,085
8,309
1,223
14,264
2,930
48,769
25,370
9,016
1,081
13,302
2,819
43,892
20,207
9,273
928
13,484
3,160
138,774
152,927
162,950
172,213
166,489
166,954
165,593
166,988
160,800
160,133
111 To foreigners
112
Other branches of parent bank
113
Banks
114
Official institutions
115 Nonbank foreigners
116 Other liabilities
117 Total payable in U.S. dollars
Summary Statistics
3.15
A59
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1989'
Item
1 Total1
2
3
4
5
6
7
8
9
10
11
12
By type
Liabilities reported by banks in the United States
U.S. Treasury bills and certificates
U.S. Treasury bonds and notes
Marketable
Nonmarketable
U.S. securities other than U.S. Treasury securities
By area
Western Europe 1
Canada
Latin America and Caribbean
Asia
Africa
Other countries 6
1987
1988
Mar.
Apr.
May
June
July
Aug.'
Sept. p
259,556
299,677
307,667
313,637
306,420
302,048
307,369"
317,403
313,843
31,838
88,829
31,414
103,722
33,594
95,478
39,116
96,109
38,036
91,798
37,214
87,190
39,044'
87,734
37,958
88,325
36,098
85,775
122,432
300
16,157
149,056
523
14,962
161,923
534
16,138
161,081
538
16,793
160,013
542
16,031
160,462
545
16,637
163,281
549
16,761
173,238
553
17,329
173,934
557
17,479
124,620
4,961
8,328
116,098
1,402
4,147
125,097
9,584
10,099
145,504
1,369
7,501
125,584
10,156
7,524
156,264
1,119
6,485
129,254
9,994
7,168
158,564
1,065
7,053
126,222
9,938
6,091
156,073
1,182
6,371
122,502
9,604
5,925
155,372
1,271
6,830
126,361
9,424
7,166
155,811'
949
7,113
134,140
9,560
7,986
157,100
810
7,257
133,174
8,989
8,924
154,308
867
7,024
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.
5. Debt securities of U.S. government corporations and federally sponsored
agencies, and U.S. corporate stocks and bonds.
6. Includes countries in Oceania and Eastern Europe.
NOTE. Based on Treasury Department data and on data reported to the
Treasury Department by banks (including Federal Reserve Banks) and securities
dealers in the United States.
3.16 LIABILITIES TO AND CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in Foreign Currencies'
Millions of dollars, end of period
1988
Item
1 Banks' own liabilities
2 Banks' own claims
3 Deposits
4 Other claims
5 Claims of banks' domestic customers
1985
15,368
16,294
8,437
7,857
580
1. Data on claims exclude foreign currencies held by U.S. monetary authorities.
1986
29,702
26,180
14,129
12,052
2,507
1989
1987
55,438
51,271
18,861
32,410
551
Sept.
Dec.
Mar.
June'
65,379
63,448
22,594
40,854
335
74,836
68,983
25,100
43,884
364
76,262
72,812
25,846
46,966
376
68,483
62,808
23,825
38,983
723
2. Assets owned by customers of the reporting bank located in the United
States that represent claims on foreigners held by reporting banks for the accounts
of the domestic customers.
A60
International Statistics • January 1990
3.17 LIABILITIES TO FOREIGNERS
Payable in U.S. dollars
Reported by Banks in the United States1
Millions of dollars, end of period
1989
Holder and type of liability
1986
1987
1988
Mar.
Apr.
May
June
July
Aug.'
Sept."
1 All foreigners
540,996
618,874
684,444
691,295
682,850
678,059
672,049
663,725'
679,101
692,329
2 Banks' own liabilities
3 Demand deposits
4 Time deposits
5 Other.
6 Own foreign offices4
406,485
23,789
130,891
42,705
209,100
470,070
22,383
148,374
51,677
247,635
513,840
21,863
152,020
51,525
288,432
523,798
22,473
157,734
54,552
289,039
516,025
22,325
156,982
56,413
280,304
512,334
21,920
154,768
58,822
276,824
510,524
21,224
152,801
61,317
275,183
501,541r
21,351
149,355r
64,636'
266,200'
515,994
19,718
155,136
63,718
277,422
529,112
21,547
157,023
56,062
294,479
134,511
90,398
148,804
101,743
170,604
115,056
167,497
108,117
166,825
106,916
165,725
102,734
161,525
98,893
162,184
99,365
163,106
99,683
163,217
98,679
15,417
28,696
16,776
30,285
16,426
39,121
16,991
42,389
17,278
42,631
18,541
44,451
17,078
45,555
16,893
45,925
17,255
46,168
17,051
47,487
11 Nonmonetary international and regional
organizations
5,807
4,464
3,224
3,773
4,002
3,415
3,617
4,240
4,418
4,920
12 Banks' own liabilities
13 Demand deposits
14 Time deposits
15 Other
3,958
199
2,065
1,693
2,702
124
1,538
1,040
2,527
71
1,183
1,272
2,965
88
1,394
1,482
3,216
163
1,502
1,551
2,980
76
1,202
1,702
2,695
32
1,254
1,409
2,716
41
918
1,756
3,402
66
1,079
2,257
3,322
90
1,677
1,554
16 Banks' custody liabilities5
17 U.S. Treasury bills and certificates6
18 Other negotiable and readily transferable
instruments
19 Other
1,849
259
1,761
265
698
57
808
74
786
77
435
95
922
181
1,524
345
1,016
107
1,598
84
1,590
0
1,497
0
641
0
734
0
693
16
305
35
731
10
1,179
0
909
1
1,479
35
7 Banks' custody liabilities5
8 U.S. Treasury bills and certificates 6
9 Other negotiable and readily transferable
instruments
10 Other
20 Official institutions
9
103,569
120,667
135,136
129,072
135,225
129,835
124,404
126,778'
126,283
121,873
21 Banks' own liabilities
22 Demand deposits
23 Time deposits
24 Other
25,427
2,267
10,497
12,663
28,703
1,757
12,843
14,103
27,004
1,915
9,657
15,432
27,977
1,605
10,852
15,521
33,036
1,782
12,439
18,815
31,738
1,761
11,144
18,833
31,891
1,801
9,924
20,166
33,96c
1,947
9,937'
22,077
33,025
1,625
8,706
22,694
31,320
2,026
9,084
20,210
25 Banks' custody liabilities5
26 U.S. Treasury bills and certii. .-es 6
27 Other negotiable and readily . ..nsferable
instruments
28 Other
78,142
75,650
91,965
88,829
108,132
103,722
101,095
95,478
102,189
%,109
98,097
91,798
92,513
87,190
92,818
87,734
93,258
88,325
90,552
85,775
2,347
145
2,990
146
4,130
280
5,466
152
5,875
205
6,114
185
5,080
244
4,821
263
4,735
198
4,588
189
29 Banks10
351,745
414,280
458,672
469,687
453,554
454,442
451,337
441,639^
457,122
474,236
30 Banks' own liabilities
31 Unaffiliated foreign banks
32
Demand deposits
33
Time deposits
34
Other
35 Own foreign offices4
310,166
101,066
10,303
64,232
26,531
209,100
371,665
124,030
10,898
79,717
33,415
247,635
408,854
120,422
9,950
80,155
30,318
288,432
417,323
128,283
11,012
84,005
33,265
289,039
401,646
121,342
10,560
80,796
29,987
280,304
399,823
122,999
11,162
78,901
32,936
276,824
395,603
120,421
9,677
77,231
33,513
275,183
385,773'
119,574'
10,145
74,929'
34,499^
266,200'
400,639
123,217
9,101
80,429
33,687
277,422
414,870
120,391
10,695
80,896
28,800
294,479
41,579
9,984
42,615
9,134
49,818
7,602
52,365
7,310
51,908
6,921
54,619
7,114
55,734
7,759
55,865
7,674
56,483
7,838
59,365
9,077
5,165
26,431
5,392
28,089
5,725
36,491
5,288
39,767
5,051
39,936
5,686
41,819
5,314
42,662
5,326
42,866
5,280
43,365
5,037
45,251
36 Banks' custody liabilities5
37 U.S. Treasury bills and certificates
38 Other negotiable and readily transferable
instruments
39 Other
40 Other foreigners
79,875
79,463
87,411
88,763
90,068
90,366
92,691
91,068'
91,277
91,302
41 Banks' own liabilities
42 Demand deposits
43 Time deposits
44 O t h e r .
66,934
11,019
54,097
1,818
67,000
9,604
54,277
3,119
75,456
9,928
61,025
4,503
75,533
9,767
61,483
4,283
78,126
9,820
62,245
6,060
77,792
8,921
63,521
5,351
80,335
9,714
64,392
6,229
79,092'
9,218
63,571'
6,303'
78,929
8,926
64,923
5,080
79,600
8,736
65,366
5,498
45 Banks' custody liabilities5
46 U.S. Treasury bills and certificates6
47 Other negotiable and readily transferable
instruments
48 Other
12,941
4,506
12,463
3,515
11,956
3,675
13,230
5,256
11,942
3,809
12,574
3,725
12,356
3,763
11,976
3,612
12,349
3,413
11,701
3,743
6,315
2,120
6,898
2,050
5,929
2,351
5,503
2,471
5,658
2,474
6,436
2,412
5,953
2,639
5,566
2,797
6,332
2,604
5,947
2,012
7,4%
7,314
6,425
5,645
5,554
5,625
5,337
5,261
5,195
5,238
49 MEMO: Negotiable time certificates of deposit in
custody for foreigners
1. Reporting banks include all kinds of depository institutions besides commercial banks, as well as some brokers and dealers.
2. Excludes negotiable time certificates of deposit, which are included in
"Other negotiable and readily transferable instruments."
3. Includes borrowing under repurchase agreements.
4. U.S. banks: includes amounts due to own foreign branches and foreign
subsidiaries consolidated in "Consolidated Report of Condition" filed with bank
regulatory agencies. Agencies, branches, and majority-owned subsidiaries of
foreign banks: principally amounts due to head office or parent foreign bank, and
foreign branches, agencies, or wholly owned subsidiaries of head office or parent
foreign bank.
5. Financial claims on residents of the United States, other than long-term
securities, held by or through reporting banks.
6. Includes nonmarketable certificates of indebtedness and Treasury bills
issued to official institutions of foreign countries.
7. Principally bankers acceptances, commercial paper, and negotiable time
certificates of deposit.
8. Principally the International Bank for Reconstruction and Development, and
the Inter-American and Asian Development Banks. Data exclude "holdings of
dollars" of the International Monetary Fund.
9. Foreign central banks, foreign central governments, and the Bank for
International Settlements.
10. Excludes central banks, which are included in "Official institutions."
Nonbank-Reported
Data
3.17—Continued
1989
Area and country
1986
1987
1988
Mar.
Apr.
May
June
July
Aug.'
Sept.''
1 Total
540,996
618,874
684,444
691,295
682,850
678,059
672,049
663,725r
679,101
692,329
2 Foreign countries
535,189
614,411
681,219
687,522
678,848
674,644
668,432
659,485'
674,682
687,410
180,556
1,181
6,729
482
580
22,862
5,762
700
10,875
5,600
735
699
2,407
884
30,534
454
85,334
630
3,326
80
702
234,641
920
9,347
760
377
29,835
7,022
689
12,073
5,014
1,362
801
2,621
1,379
33,766
703
116,852
710
9,798
32
582
235,989
1,155
10,022
2,180
284
24,762
6,772
672
14,599
5,316
1,559
903
5,494
1,274
34,179
1,012
115,954
529
8,598
138
591
232,141
1,436
9,316
1,639
527
26,824
5,517
760
13,475
5,600
1,547
831
4,902
1,416
30,005
1,024
115,338
440
10,771
102
670
230,769
1,608
10,115
1,615
397
25,629
6,967
927
12,959
5,610
1,783
824
5,795
1,730
29,239
1,051
111,492
465
11,519
91
953
228,141
1,405
8,819
1,642
432
24,199
7,791
1,172
12,527
5,870
1,479
985
5,419
1,552
28,448
785
112,622
478
11,887
193
435
226,058
1,505
8,624
1,179
450
23,864
9,198
889
13,951
4,875
1,485
1,089
5,085
1,478
28,806
737
107,300
558
14,322
164
499
226,264'
1,417'"
8,949'
1,348
435
22.29C
8,715'
862
12,892'
5,029
1,522
1,419'
5,910'
1,248
28,581'
1,053
109,601'
604
13,655'
175
559'
232,119
1,404
9,286
1,959
456
24,864
7,531
828
14,597
5,106
1,453
1,945
5,390
2,002
28,927
1,023
109,927
691
13,824
201
704
221,787
1,344
10,112
1,265
525
22,964
8,017
797
14,491
4,944
1,698
2,206
5,277
1,706
28,972
1,086
102,316
774
12,162
376
755
3 Europe
Austria
4
5
Belgium-Luxembourg
Denmark
6
7 Finland
8
France
Germany
9
10 Greece
11 Italy
12 Netherlands
13 Norway
14 Portugal
15 Spain
16 Sweden
17 Switzerland
18 Turkey
19 United Kingdom
Yugoslavia
20
Other Western Europe
21
U.S.S.R
22
Other Eastern Europe
23
24 Canada
26,345
30,095
21,040
25,694
23,024
18,353
17,514
17,472
16,958
17,923
25 Latin America and Caribbean
Argentina
26
Bahamas
27
28
Bermuda
29
Brazil
British West Indies
30
Chile
31
Colombia
32
Cuba
33
Ecuador
34
35
Guatemala
36 Jamaica
Mexico
37
38
Netherlands Antilles
39
Panama
40
Peru
Uruguay
41
Venezuela
42
Other
43
210,318
4,757
73,619
2,922
4,325
72,263
2,054
4,285
7
1,236
1,123
136
13,745
4,970
6,886
1,163
1,537
10,171
5,119
220,372
5,006
74,767
2,344
4,005
81,494
2,210
4,204
12
1,082
1,082
160
14,480
4,975
7,414
1,275
1,582
9,048
5,234
266,803
7,804
86,863
2,621
5,304
109,507
2,936
4,374
10
1,379
1,195
269
15,185
6,420
4,353
1,671
1,898
9,147
5,868
264,879
6,416
85,673
2,518
4,926
110,962
3,063
4,157
10
1,422
1,271
223
14,694
5,666
4,391
1,705
2,243
9,489
6,048
266,446
6,280
86,057
2,373
5,554
111,969
2,933
4,173
10
1,376
1,272
222
14,367
5,769
4,355
1,763
2,263
9,565
6,145
270,431
6,459
90,979
2,451
5,302
111,270
2,988
4,033
15
1,285
1,232
188
14,060
6,072
4,454
1,724
2,344
9,435
6,140
266,509
6,320
82,104
2,356
5,026
116,607
2,733
4,127
10
1,351
1,251
294
14,211
6,316
4,278
1,761
2,429
9,431
5,903
260,712'
7,397
84,526
2,269
5,396'
107,579'
2,683
4,235
9
1,411
1,297
227
13,679
6,434
4,357
1,770
2,152
9,500'
5,790
269,383
8,047
90,317
2,208
5,539
109,712
2,739
4,365
10
1,376
1,279
231
13,754
6,071
4,400
1,778
2,121
9,367
6,069
283,742
8,436
90,600
2,126
5,880
121,940
2,763
4,199
14
1,363
1,293
233
14,470
6,073
4,420
1,826
2,327
9,506
6,274
44
108,831
121,288
147,230
154,770
148,676
147,353
148,339
144,073'
145,445
153,160
1,476
18,902
9,393
674
1,547
1,892
47,410
1,141
1,866
1,119
12,352
11,058
1,162
21,503
10,180
582
1,404
1,292
54,322
1,637
1,085
1,345
13,988
12,788
1,892
26,058
11,738
699
1,180
1,461
73,957
2,541
1,163
1,236
12,083
13,223
1,588
26,143
10,772
900
1,588
1,156
83,013
2,827
977
1,151
12,029
12,625
1,809
28,284
11,403
1,787
1,154
967
72,689
3,023
973
1,165
12,098
13,324
1,652
26,928
12,215
1,009
1,306
1,103
70,468
3,166
991
1,162
13,505
13,851
1,432
27,025
12,132
812
1,232
1,088
71,130
3,047
984
1,274
13,612
14,571
1,522
27,125
11,346'
871
1,096
1,058
68,670'
3,556
936
1,254
12,368
14,271
1,700
25,430
12,265
940
1,042
953
70,556
2,907
1,083
1,776
12,524
14,270
1,793
24,115
12,292
875
1,042
1,035
78,482
3,037
1,055
1,430
13,025
14,979
57 Africa
58
Egypt
59
Morocco
South Africa
60
61
Zaire
Oil-exporting countries
62
Other
63
4,021
706
92
270
74
1,519
1,360
3,945
1,151
194
202
67
1,014
1,316
3,991
911
68
437
85
1,017
1,474
3,717
756
60
226
77
1,062
1,536
3,665
721
82
256
73
1,017
1,516
3,802
702
68
324
92
879
1,737
3,904
748
67
188
98
1,100
1,702
3,618
738
66'
231
92
942'
1,548
3,265
549
72
201
87
897
1,459
3,536
574
96
246
81
1,036
1,502
64 Other countries
65
Australia
66
All other
5,118
4,196
922
4,070
3,327
744
6,165
5,293
872
6,322
5,490
832
6,267
5,471
7%
6,563
5,700
863
6,108
5,192
916
7,346
6,620
726
7,513
6,721
792
7,261
6,517
744
67 Nonmonetary international and regional
organizations
International
68
69
Latin American regional
Other regional 6
70
5,807
4,620
1,033
154
4,464
2,830
1,272
362
3,224
2,503
589
133
3,773
2,546
1,004
223
4,002
2,548
981
472
3,415
2,456
564
395
3,617
2,830
613
175
4,240
2,881
961
397'
4,418
3,084
690
644
4,920
3,409
1,183
328
45
46
47
48
49
50
51
57
53
54
55
56
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
i
Middle-East oil-exporting countries
Other
1. Includes the Bank for International Settlements and Eastern European
countries that are not listed in line 23.
2. 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. Excludes "holdings of dollars" of the International Monetary Fund.
6. Asian, African, Middle Eastern, and European regional organizations,
except the Bank for International Settlements, which is included in "Other
Western Europe."
A61
A62
International Statistics • January 1990
3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States1
Payable in U.S. Dollars
Millions of dollars, end of period
1989
Area and country
1986
1987
1988
Mar.
Apr.
May
June
July
Aug.
Sept.'
1 Total
444,745
459,877
491,275
504,329
495,060
490,811
490,395
480,634r
488,449
498,737
2 Foreign countries
441,724
456,472
489,205
502,290
493,225
487,029
486,918
476,846'
485,325
495,860
107,823
728
7,498
688
987
11,356
1,816
648
9,043
3,296
672
739
1,492
1,964
3,352
1,543
58,335
1,835
102,348
793
9,397
717
1,010
13,548
2,039
462
7,460
2,619
934
477
1,853
2,254
2,718
1,680
50,823
1,700
619
389
852
117,048
485
8,518
480
1,065
13,243
2,326
433
7,936
2,547
455
374
1,823
1,977
3,895
1,233
65,708
1,390
1,152
1,255
754
116,640
809
7,834
548
909
15,744
3,110
586
5,866
2,808
432
367
2,449
2,613
3,822
1,039
62,908
1,455
1,262
1,298
780
111,170
805
8,102
770
1,214
16,524
3,529
561
4,803
2,735
551
281
2,624
2,164
4,540
1,005
56,057
1,369
1,415
1,346
775
112,975
764
8,435
470
1,280
16,092
3,959
595
5,627
3,183
567
371
2,209
2,158
3,975
910
58,076
1,366
966
1,155
820
112,240
809
7,780
774
1,175
15,574
3,695
632
6,813
2,025
667
328
2,190
1,946
5,485
886
56,891
1,359
1,161
1,212
838
106,451'
854
7,558
562
1,433
15,970'
3,460
602
5,994
1,950'
796
283
2,092
2,003
4,123
891
53,463
1,406
974
1,227
sio'
107,349
549
7,510
768
1,401
16,415
3,320
624
5,494
1,447
665
264
1,738
2,046
4,479
960
54,801
1,346
1,247
1,456
819
111,390
426
7,404
557
1,233
16,248
3,463
634
5,920
1,992
644
252
1,678
2,286
5,032
1,025
57,605
1,338
1,249
1,574
829
3 Europe
4 Austria
5 Belgium-Luxembourg
6 Denmark
7 Finland
8 France
9 Germany
10 Greece
11 Italy
12 Netherlands
13 Norway
14 Portugal
15 Spain
16 Sweden
17 Switzerland
18 Turkey
19 United Kingdom
20 Yugoslavia
21 Other Western Europe
22
U.S.S.R
23 Other Eastern Europe
24 Canada
345
948
21,006
25,368
18,889
19,048
19,150
16,072
16,089
14,493
15,073
14,752
25 Latin America and Caribbean
26 Argentina
27 Bahamas
28 Bermuda
29 Brazil
30 British West Indies
31 Chile
32 Colombia
33 Cuba
34 Ecuador
35 Guatemala4
36 Jamaica4
37 Mexico
38 Netherlands Antilles
39 Panama
40 Peru
41 Uruguay
42 Venezuela
43 Other Latin America and Caribbean
208,825
12,091
59,342
418
25,716
46,284
6,558
2,821
0
2,439
140
198
30,698
1,041
5,436
1,661
940
11,108
1,936
214,789
11,996
64,587
471
25,897
50,042
6,308
2,740
1
2,286
144
188
29,532
980
4,744
1,329
963
10,843
1,738
214,233
11,826
67,006
483
25,735
55,790
5,217
2,944
1
2,075
198
212
24,637
1,321
2,536
1,013
910
10,733
1,597
220,812
11,616
72,804
707
25,618
57,602
5,335
2,746
1
2,032
199
251
24,188
1,013
2,460
947
875
10,761
1,659
219,970
11,516
75,665
361
25,947
54,424
5,224
2,661
2
2,025
210
266
24,077
1,009
2,433
947
876
10,659
1,668
217,962
11,381
70,552
449
25,785
57,960
5,266
2,600
1
1,944
207
265
24,038
999
2,475
938
832
10,600
1,670
219,267
10,840
66,611
391
25,675
64,870
4,841
2,581
1
1,894
200
286
23,653
1,183
2,438
874
8%
10,551
1,482
217,0%'
10,724
70,468'
463
25,824'
59,437'
4,770
2,523
9
1,932
188
270
23,356
1,162'
2,320
867
854
10,269'
1,659'
215,731
10,729
68,113
522
25,597
61,202
4,780
2,501
1
1,917
202
272
23,155
1,026
2,030
870
866
10,024
1,922
219,234
10,459
70,639
1,104
24,915
63,215
4,685
2,472
1
1,904
1%
282
22,802
1,059
1,833
823
899
10,064
1,882
44 Asia
China
Mainland
46
Taiwan
47 Hong Kong
48 India
49 Indonesia
50 Israel
51 Japan
52 Korea
53 Philippines
54 Thailand
55 Middle East oil-exporting countries
56 Other Asia
96,126
106,0%
130,906
137,097
134,439
131,578
130,578
130,235'
137,624
140,594
787
2,681
8,307
321
723
1,634
59,674
7,182
2,217
578
4,122
7,901
%8
4,592
8,218
510
580
1,363
68,658
5,148
2,071
496
4,858
8,635
762
4,184
10,148
560
674
1,136
90,162
5,219
1,876
849
6,213
9,122
988
4,179
7,900
563
649
1,050
101,501
5,183
1,913
986
5,409
6,776
816
3,952
8,293
425
726
1,052
97,666
5,198
1,839
1,018
5,237
8,217
952
3,715
8,855
411
690
1,045
93,447
5,338
1,810
975
5,522
8,818
920
4,058
8,557
537
671
1,019
91,086
5,615
1,763
1,058
6,550
8,745
644
3,946
8,153
477
645
%1
91,764
5,774
1,607
1,061
5,550
9,654'
575
3,356
8,789
547
614
902
96,079
6,007
1,543
1,117
8,879
9,216
590
3,355
10,338
638
606
857
97,618
5,691
1,618
1,203
8,627
9,454
57 Africa
58 Egypt
59 Morocco
60 South Africa
61 Zaire
62 Oil-exporting countries
63 Other
4,650
567
598
1,550
28
694
1,213
4,742
521
542
1,507
15
1,003
1,153
5,718
507
511
1,681
17
1,523
1,479
5,974
543
541
1,702
17
1,481
1,690
6,087
541
532
1,742
19
1,474
1,778
6,084
541
538
1,753
19
1,504
1,729
6,075
534
531
1,746
17
1,503
1,744
6,066
577
518
1,702
17
1,587
1,664
6,037
494
535
1,713
16
1,608
1,670
6,024
501
524
1,705
20
1,629
1,645
64 Other countries
65
Australia
66 All other
3,294
1,949
1,345
3,129
2,100
1,029
2,410
1,517
894
2,720
1,686
1,034
2,409
1,505
905
2,359
1,167
1,192
2,670
1,307
1,363
2,505
1,518
987
3,512
2,499
1,013
3,867
2,952
915
67 Nonmonetary international and regional
organizations7
3,021
3,404
2,071
2,039
1,835
3,782
3,477
3,787
3,124
2,877
1. Reporting banks include all kinds of depository institutions besides commercial banks, as well as some brokers and dealers.
2. Includes the Bank for International Settlements. Beginning April 1978, also
includes Eastern European countries not listed in line 23.
3. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German
Democratic Republic, Hungary, Poland, and Romania.
4. Included in "Other Latin America and Caribbean" through March 1978.
5. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
6. Comprises Algeria, Gabon, Libya, and Nigeria.
7. Excludes the Bank for International Settlements, which is included in
"Other Western Europe."
Nonbank-Reported
Data
3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the
United States1
Payable in U.S. Dollars
Millions of dollars, end of period
1989
Type of claim
1986
1987
1988
Mar.
Apr.
May
June
490,811
63,789
257,271
130,488
67,407
63,081
39,263
490,395
62,636
258,020
128,391
68,306
60,085
41,349
1 Total
478,650
497,635
538,799
557,507
2 Banks' own claims on foreigners
3 Foreign public borrowers
4 Own foreign offices
5
Unaffiliated foreign banks
Deposits
6
Other
7
8 All other foreigners
444,745
64,095
211,533
122,946
57,484
65,462
46,171
459,877
64,605
224,727
127,609
60,687
66,922
42,936
491,275
62,700
257,405
129,487
65,898
63,588
41,684
504,329
62,973
271,968
130,111
66,567
63,544
39,278
33,905
4,413
37,758
3,692
47,524
8,289
53,178
12,084
49,531
11,153
24,044
26,696
25,700
24,960
22,017
5,448
7,370
13,535
16,134
16,362
25,706
23,107
19,568
17,173
16,825
43,984
40,857
45,391
47,225
9 Claims of banks' domestic customers 3 ...
11
July'
Aug/
Sept."
480,634
62,694
248,716
128,924
68,888
60,036
40,300
488,449
62,654
251,922
132,429
72,413
60,016
41,444
498,737
61,924
265,568
131,031
72,827
58,204
40,214
48,514
49,494
n.a.
539,927
495,060
63,248
259,693
131,104
69,283
61,821
41,016
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 . . . .
1. 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.
Reporting banks include all kinds of depository institutions besides commercial
banks, as well as some brokers and dealers.
2. U.S. banks: includes amounts due from own foreign branches and foreign
subsidiaries consolidated in "Consolidated Report of Condition" filed with bank
regulatory agencies. Agencies, branches, and majority-owned subsidiaries of
foreign banks: principally amounts due from head office or parent foreign bank,
and foreign branches, agencies, or wholly owned subsidiaries of head office or
47,897
49,491
46,687 R
parent foreign bank.
3. 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.
4. Principally negotiable time certificates of deposit and bankers acceptances.
5. Includes demand and time deposits and negotiable and nonnegotiable
certificates of deposit denominated in U.S. dollars issued by banks abroad. For
description of changes in data reported by nonbanks, see July 1979 Bulletin,
p. 550.
3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States1
Payable in U.S. Dollars
Millions of dollars, end of period
1988
Maturity; by borrower and area
1 Total
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
By borrower
Maturity of 1 year or less2
Foreign public borrowers
All other foreigners
Maturity over 1 y e a r
Foreign public borrowers
All other foreigners
By area
Maturity of 1 year or less
Europe
Canada
Latin America and Caribbean
Asia
Africa
All other 3
Maturity of over 1 year 2
Europe
Canada
Latin America and Caribbean
Asia
Africa
All other 3
1985
1989
1987
Sept.
Dec.
Mar.
June
227,903
232,295
235,130
230,608
233,280
231,454
231,468
160,824
26,302
134,522
67,078
34,512
32,567
160,555
24,842
135,714
71,740
39,103
32,637
163,997
25,889
138,108
71,133
38,625
32,507
168,121
29,390
138,731
62,488
35,481
27,007
172,730
26,602
146,128
60,550
35,315
25,235
168,377
24,135
144,242
63,077
37,922
25,155
167,441
23,688
143,753
64,028
38,050
25,978
56,585
6,401
63,328
27,966
3,753
2,791
61,784
5,895
56,271
29,457
2,882
4,267
59,027
5,680
56,535
35,919
2,833
4,003
54,277
6,410
55,730
42,368
3,120
6,216
56,031
6,282
58,004
46,188
3,337
2,888
57,878
5,115
53,268
45,675
3,610
2,831
58,355
5,693
50,717
45,309
3,601
3,765
7,634
1,805
50,674
4,502
1,538
926
6,737
1,925
56,719
4,043
1,539
111
6,696
2,661
53,817
3,830
1,747
2,381
5,307
2,031
48,325
3,943
2,257
625
4,664
1,922
47,548
3,613
2,301
501
4,507
2,309
49,790
3,699
2,292
480
4,608
2,592
50,133
3,815
2,408
472
1. Reporting banks include all kinds of depository institutions besides commercial banks, as well as some brokers and dealers.
1986
2. Remaining time to maturity,
3. Includes nonmonetary international and regional organizations.
A63
A64
3.21
International Statistics • January 1990
CLAIMS ON FOREIGN COUNTRIES Held by U.S. Offices and Foreign Branches of U.S.-Chartered Banks1-2
Billions of dollars, end of period
1987
Area or country
1 Total
1985
1988
1989
1986
June
Sept.
Dec.
Mar.
June
Sept.
Dec.'
Mar.'
June"
389. V
386.5'
385.C
387.r
382.4'
371.4'
352.2'
354.3'
346.8
345.8
339.5
147.0'
9.4r
12. y
10.5
9.7'
3.8'
2.8'
4.4
63.3'
6.8
24. r
156.6
8.4'
13.6'
11.6
9.0
4.6
2.4
5.8
10.9
5.2'
25.1'
157.7'
8.4'
12.5
11.2
7.7'
7.3
2.3'
5.7
71.7'
4.5'
26.4'
154.8'
8.1'
13.6'
10.5
6.8'
4.8
2.6
5.4
72.0'
4.6'
26.4'
159.7'
10.0'
13.7'
12.6
7.5'
4.1
2.1
5.6
68.8'
5.5
29.8
156.8'
9.1'
11.8
11.8
7.4
3.3
2.1'
5.1
71.7'
4.7'
29.7'
151.0'
9.2
10.9r
10.6
6.3'
3.2'
1.9
5.6
70.4'
5.3'
27.6'
148.9'
9.5'
10.3'
9.2'
5.6'
2.9
1.9
5.2
67.6'
4.9'
31.8'
153.1
9.0
10.5
10.3
6.8
2.7
1.8
5.4
66.2
5.0
35.3
145.7
8.6
11.2
10.2
5.2
2.8
2.3
5.1
65.4
4.0
30.9
144.8
7.8
10.8
10.6
6.1
2.8
1.8
5.3
64.5
5.1
30.1
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
30.3r
1.6r
2.4'
1.6
2.6
2.9
1.3'
5.8
2 .or
2.0
3.2
5.0
26.1'
1.7
1.7
1.4
2.3
2.4
.9
5.8
2.0'
1.5'
3.0
3.4'
25.5'
1.8
1.6'
1.4
2.0
2.1
.8
6.1
2.1'
1.6'
3.1'
3.0'
26.3'
1.8'
1.6
1.4
1.9
2.0
.9
7.4
1.9'
1.6
2.9
2.9
26.4'
1.9
1.7
1.2'
2.0
2.2'
.6'
8.0
2.0'
1.6
2.9
2.4
26.4'
1.6
1.4
l.C
2.3
1.9
.5'
8.9r
2.0'
1.9'
2.8
2.0'
24.0T
1.6
1.1'
1.2
2.1'
1.9'
.4
7.2
1.8'
1.7
2.8
2.2
23. or
1.6
1.2'
1.3
21.0
1.5
1.1
1.1
1.8
1.8
.4
6.2
1.5
1.3
2.4
1.8
21.0
1.4
1.1
1.0
1.6
.4
6.6
1.3
1.1
2.2
2.4
21.2
1.7
1.4
1.0
2.3
1.8
.6
6.2
1.2
1.1
2.1
1.9
25 OPEC countries3
26 Ecuador
27 Venezuela
28 Indonesia
29 Middle East countries
30 African countries
21.5'
2.1
9.0'
3.0
5.4'
2.0
19.4'
2.2
8.7'
2.5
4.3
1.8'
19.1'
2.1
8.5'
2.2
4.5'
1.8'
19.2'
2.1
8.3
2.0
5.0
1.8'
17.4'
1.9
8.1
1.9
3.6
l^
17.6'
1.9
8.1'
1.8'
3.9'
1.9
n Sf
1.8
8.0
1.8'
3.5'
1.9'
11.9
1.8
7.9
1.8'
4.6'
16.6
1.7
7.9
1.7
3.4
1.9
16.2
1.6
7.9
1.7
3.3
1.7
16.0
1.5
7.5
1.9
3.4
1.6
IOS.O'
99.6'
100.8'
98. <r
97.8'
94.4
91.8'
87.2'
85.3
85.4
83.1
9.9
25.5'
7.C
2.6
24.3'
1.8
3.5'
9.5
25.3'
7.1
2.1
24.0'
1.4
3.1
9.6'
25.0'
7.2
2.0'
25.3
1.3
3.(y
9.4'
25.1
7.1'
2.0'
24.7'
1.2
2.8
9.5'
24.7
6.9
2.0
23.5'
1.1
2.8'
9.6'
23.8'
6.6
2.0'
22.4'
1.1
2.8
9.5'
23.7
6.4
2.2'
21.1
.9
2.6
9.3'
22.4
6.3'
2.1
20.4'
.8
2.5
9.0
22.4
5.6
2.1
18.8
.8
2.6
8.4
22.7
5.7
1.9
18.0
.7
2.7
7.9
22.0
5.1
1.7
17.5
.6
2.5
2 G-10 countries and Switzerland
3 Belgium-Luxembourg
4 France
5 Germany
6 Italy
7 Netherlands
8
Sweden
Switzerland
9
10 United Kingdom
11 Canada
12 Japan
31 Non-OPEC developing countries
2.1
2.0
.4
6.3
1.6'
1.9
2.7
1.8
2.1
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
.5
4.5
1.2
1.6
9.3'
2.4
5.7
1.4
1.0
.4
4.9
1.2
1.5
6.7'
2.1
5.4
.9
.7
.6
6.6
1.7
1.3
5.7'
1.7
5.4
.8
.7
.3
6.0
1.9
1.3
5.0'
1.6
5.4
.7
.7
.3
8.2
1.9
1.0
5.0'
1.5
5.2'
.7
.7
.4
6.1
2.1
1.0
5.7'
1.5
5.1
1.0
.7
.4'
4.9
2.3
1.0
5.9
1.5
4.9
1.1
.8
.2
3.2
2.0
1.0
6.0
1.7'
4.7
1.2
.8
.3
3.7
2.1
1.2
6.1
1.6
4.5
1.1
.9
.5
4.9
2.6
.9
6.1
1.7
4.4
1.0
.8
.3
5.2
2.4
.8
6.6
1.6
4.4
1.0
.8
48
49
50
51
Africa
Egypt
Morocco
Zaire
Other Africa 4
1.0
.9
.1
1.9
.7
.9
1
1.6
.6
.9
.1
1.3
.6
.9
.1
1.3
.6'
.9
.0
1.3
.5
.9
.1
1.2
.6
.9
.1
1.2
.5
.8
.0
1.2
.4
.9
.0
1.1
.5
.9
.0
1.1
.6
.9
.0
1.1
52 Eastern Europe
53 U.S.S.R
54 Yugoslavia
55 Other
4.4'
.1
2.4'
l^
3.5'
.1
2.0'
1.4
3.6'
.3
2.0'
1.3
3.6'
.4'
1.9'
1.2
3.2'
.3'
1.8'
1.1'
3.1'
.3
1.0'
3.3'
.4
1.9'
1.0
3.1'
.4
1.8'
1.0
3.6
.7
1.8
1.1
3.5
.7
1.7
1.1
3.4
.6
1.6
1.1
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
64.0'
21.5'
.7
12.2'
2.2
6.0
.1
11.5'
9.8
.0
61.5r
22.4'
.6'
12.3'
1.8
4.0
.1
11.1
9.2
.0
60.1'
20.1'
.6
13.1'
1.3
3.9
.1
12.5
8.4'
.0
63.7'
25.'7'
.6
ll^
1.2
3.7
.1
12.3
8.1
.0
54.5'
17.3'
.6
13.5'
1.2
3.7
.1
11.2
7.0
.0
51.5'
15.9
.8
11.6'
1.3
3.2'
.1
11.3
7.4
.0
43.0
&.9
1.0
10.3'
1.2
3.0
.1
11.6'
6.9'
.0
47.3'
12.9
.9
ll^
1.2
2.7
.1
10.5'
7.0
.0
44.3
11.1
.9
12.9
1.0
2.6
.1
9.6
6.1
.0
48.4
15.8
1.1
11.9
.9
2.3
.1
9.6
6.8
.0
43.2
11.0
.7
10.8
.9
1.9
.1
10.4
7.3
.0
66 Miscellaneous and unallocated7
16.9
19.8
18.1
22.3
23.2
21.5
22.2'
26.7
22.6
25.1
27.4
1. The banking offices covered by these data are the U.S. offices and foreign
branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks.
Offices not covered include (1) U.S. agencies and branches of foreign banks, and
(2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are
adjusted to exclude the claims on foreign branches held by a U.S. office or another
foreign branch of the same banking institution. The data in this table combine
foreign branch claims in table 3.14 (the sum of lines 7 through 10) with the claims
of U.S. offices in table 3.18 (excluding those held by agencies and branches of
foreign banks and those constituting claims on own foreign branches).
2. Beginning with June 1984 data, reported claims held by foreign branches
have been reduced by an increase in the reporting threshold for "shell" branches
from $50 million to $150 million equivalent in total assets, the threshold now
applicable to all reporting branches.
3. This group comprises the Organization of Petroleum Exporting Countries
shown individually, other members of OPEC (Algeria, Gabon, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates), and Bahrain and
Oman (not formally members of OPEC).
4. Excludes Liberia.
5. Includes Canal Zone beginning December 1979.
6. Foreign branch claims only.
7. Includes New Zealand, Liberia, and international and regional organizations.
Nonbank-Reported
Data
A65
3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the
United States1
Millions of dollars, end of period
1988
Type, and area or country
1985
1986
1989
1987
Mar.
June
Sept.
Dec.
Mar.
June
1 Total
27,825
25,587
28,302
29,792
30,107
32,196
33,417
36,986
36,579
2 Payable in dollars
3 Payable in foreign currencies
24,296
3,529
21,749
3,838
22,785
5,517
24,012
5,780
24,805
5,302
26,967
5,229
27,831
5,586
31,195
5,790
31,604
4,975
By type
4 Financial liabilities
5 Payable in dollars
6 Payable in foreign currencies
13,600
11,257
2,343
12,133
9,609
2,524
12,424
8,643
3,781
14,139
10,145
3,994
13,894
10,234
3,660
14,877
11,283
3,594
14,917
11,049
3,868
17,164
13,084
4,080
16,644
12,882
3,762
14,225
6,685
7,540
13,039
1,186
13,454
6,450
7,004
12,140
1,314
15,878
7,305
8,573
14,142
1,737
15,653
6,454
9,200
13,867
1,786
16,213
6,768
9,446
14,571
1,642
17,319
6,480
10,839
15,684
1,635
18,500
6,454
12,045
16,782
1,718
19,822
6,921
12,901
18,111
1,711
19,935
6,227
13,708
18,722
1,213
7,700
349
857
376
861
610
4,305
7,917
270
661
368
542
646
5,140
8,320
213
382
551
866
558
5,557
9,377
251
408
553
990
691
6,301
9,030
282
371
503
862
638
6,201
10,295
339
372
488
996
687
7,243
9,712
289
267
548
879
1,163
6,418
12,143
320
249
372
933
954
9,121
10,849
357
274
470
834
936
7,799
7 Commercial liabilities
8 Trade payables
9 Advance receipts and other liabilities
10 Payable in dollars
11 Payable in foreign currencies
12
13
14
15
16
17
18
By area or country
Financial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
19
Canada
839
399
360
394
412
431
650
616
544
20
7.1
77
23
24
25
26
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
3,184
1,123
4
29
1,843
15
3
1,944
614
4
32
1,146
22
0
1,189
318
0
25
778
13
0
1,452
289
0
0
1,099
15
2
1,448
250
0
0
1,154
26
0
1,057
238
0
0
812
2
0
1,239
184
0
0
645
1
0
677
189
0
0
471
15
0
1,406
165
0
0
621
17
0
27
28
29
Asia
Japan
Middle East oil-exporting countries
1,815
1,198
82
1,805
1,398
8
2,451
2,042
8
2,836
2,375
11
2,928
2,331
11
3,088
2,435
4
3,312
2,563
3
3,722
2,950
1
3,841
3,082
11
30
31
Africa
Oil-exporting countries
12
0
1
1
4
1
5
3
2
1
3
1
1
0
5
3
3
2
32
All other 4
50
67
100
75
74
3
2
2
0
4,074
62
453
607
364
379
976
4,446
101
352
715
424
385
1,341
5,505
132
426
908
423
559
1,588
5,619
154
414
810
457
527
1,722
5,722
147
408
791
508
482
1,771
6,688
206
438
1,185
647
486
2,110
7,347
170
459
1,699
591
417
2,063
7,772
134
574
1,361
668
457
2,444
7,782
116
521
1,140
687
456
2,688
33
34
35
36
37
38
39
Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
40
Canada
1,449
1,405
1,301
1,392
1,167
1,109
1,218
1,152
1,119
41
47
43
44
45
46
47
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
1,088
12
77
58
44
430
212
924
32
156
61
49
217
216
864
18
168
46
19
189
162
980
19
325
59
14
164
122
1,035
61
272
54
28
233
140
997
19
222
58
30
177
204
1,118
49
286
95
34
179
177
1,262
35
426
102
31
197
179
1,660
34
388
538
42
181
184
6,046
1,799
2,829
5,080
2,042
1,679
6,565
2,578
1,964
5,883
2,508
1,062
6,279
2,659
1,320
6,632
2,763
1,298
6,910
3,091
1,386
7,435
3,048
1,526
6,937
2,697
1,430
48
49
50
Japan
.
Middle East oil-exporting countries •
51
52
Africa
Oil-exporting countries
587
238
619
197
574
135
575
139
626
115
477
106
578
202
706
272
768
253
53
All other 4
982
980
1,068
1,204
1,383
1,415
1,328
1,4%
1,670
1. For a description of the changes in the International Statistics tables, see
July 1979 Bulletin, p. 550.
2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
3. Comprises Algeria, Gabon, Libya, and Nigeria.
4. Includes nonmonetary international and regional organizations.
5. Revisions include a reclassification of transactions, which also affects the
totals for Asia and the grand totals.
A66
International Statistics • January 1990
3.23 CLAIMS ON UNAFFILIATED FOREIGNERS
United States1
Reported by Nonbanking Business Enterprises in the
Millions of dollars, end of period
1988
Type, and area or country
1985
1986
1989
1987
Mar.
June
Sept.
Dec.
Mar.
June
1 Total
28,876
36,265
30,964
31,089
37,641
38,114
33,412
31,482
34,272'
2 Payable in dollars
3 Payable in foreign currencies
26,574
2,302
33,867
2,399
28,502
2,462
29,026
2,063
35,613
2,028
35,695
2,419
31,164
2,249
29,254
2,227
32,097r
2,175'
18,891
15,526
14,911
615
3,364
2,330
1,035
26,273
19,916
19,331
585
6,357
5,005
1,352
20,363
14,903
13,775
1,128
5,460
4,646
814
20,326
12,697
12,121
576
7,629
6,509
1,120
26,274
19,492
18,775
718
6,781
5,886
895
27,011
19,079
18,145
934
7,932
6,990
942
21,482
15,763
14,744
1,019
5,719
4,995
724
19,613
14,733
13,886
847
4,881
4,007
874
22,247'
17,217'"
16,337'
879'
5,031'
4,213'
818
11 Commercial claims
12 Trade receivables
13 Advance payments and other claims
9,986
8,696
1,290
9,992
8,783
1,209
10,600
9,535
1,065
10,763
9,650
1,113
11,367
10,332
1,036
11,103
10,109
993
11,930
10,845
1,085
11,868
10,604
1,264
12,025'
10,827'
1,197'
14
15
9,333
652
9,530
462
10,081
519
10,397
366
10,952
415
10,560
542
11,425
505
11,361
507
11,546'
478
6,929
10
184
223
161
74
6,007
10,744
41
138
116
151
185
9,855
9,531
7
332
102
350
65
8,467
9,805
15
308
92
333
54
8,789
11,512
16
181
168
335
105
10,430
10,537
49
278
123
356
84
9,321
9,942
10
224
138
344
215
8,659
9,119
11
230
180
383
203
7,801
8,920'
155
191
233
290
70
7,644'
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
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
3,260
4,808
2,844
2,669
2,913
3,612
2,338
2,210
2,611'
24
25
26
27
28
29
30
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
7,846
2,698
6
78
4,571
180
48
9,291
2,628
6
86
6,078
174
21
7,012
1,994
7
63
4,433
172
19
6,483
2,329
43
86
3,503
154
34
10,854
4,176
87
46
6,045
146
27
11,814
4,064
188
44
7,055
133
27
8,128
1,847
19
47
5,729
151
21
7,216
2,173
25
49
4,549
117
25
8,981'
1,875'
125
78
6,494'
114
31
31
32
33
Asia
Japan
Middle East oil-exporting countries
731
475
4
1,317
999
7
879
605
8
1,294
1,133
5
876
646
5
927
737
5
799
603
4
928
685
8
1,372'
975'
7
34
35
Africa
Oil-exporting countries 3
103
29
85
28
65
7
53
7
60
9
95
9
106
10
89
8
80
8
21
28
33
24
58
26
169
51
284
3,533
175
426
346
284
284
898
3,725
133
431
444
164
217
999
4,180
178
650
562
133
185
1,073
4,170
193
552
637
150
173
1,059
4,694
158
684
773
172
262
1,095
4,295
171
542
613
145
183
1,179
5,010
176
671
611
208
322
1,306
4,901
201
752
643
156
246
1,282
36
37
38
39
40
41
42
43
All other
4
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom
4,893'
200'
767'
639'
191
218
1,333'
44
Canada
1,023
934
936
1,166
937
977
974
1,100
1,168'
45
46
47
48
49
50
51
Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela
1,753
13
93
206
6
510
157
1,857
28
193
234
39
412
237
1,930
19
170
226
26
368
283
1,930
14
171
209
24
374
274
2,067
13
174
232
25
411
304
2,104
12
161
234
22
463
266
2,229
36
229
298
21
457
226
2,100
34
234
277
23
476
211
2,083
14
236
314
29
428
229
52
53
54
Asia
Japan
Middle East oil-exporting countries
2,982
1,016
638
2,755
881
563
2,915
1,158
450
2,853
1,107
408
2,994
1,168
446
3,029
963
437
2,955
934
441
3,090
1,032
421
3,129'
982
437
55
56
Africa
Oil-exporting countries3
437
130
500
139
401
144
419
126
425
136
425
137
435
122
386
95
397
111'
257
222
238
225
250
273
328
290
354
57
All other
4
1. For a description of the changes in the International Statistics tables, see
July 1979 Bulletin, p. 550.
2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
3. Comprises Algeria, Gabon, Libya, and Nigeria.
4. Includes nonmonetary international and regional organizations.
Securities Holdings and Transactions
A67
3.24 FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
1989
Transactions, and area or country
1987
1989
1988
Jan.Sept.
Mar.
Apr.
May
June
July
Aug.
Sept."
24,311
20,640
17,115
15,084
22,097'
20,939'
19,333
16,834
U.S. corporate securities
STOCKS
1 Foreign purchases
2 Foreign sales
249,122
232,849
181,185
183,185
161,005
150,326
15,819
15,447
14,101
14,241
17,904
16,846
3 Net purchases, or sales ( - )
16,272
-2,000
10,679
372
-141
1,058
3,671
2,031r
1,158
2,498
4 Foreign countries
16,321
-1,825
10,956
509
-134
1,060
3,689
2,047
1,141
2,550
1,932
905
-70
892
-1,123
631
1,048
1,318
-1,360
12,896
11,365
123
365
-3,350
-281
218
-535
-2,243
-954
1,087
1,238
-2,474
1,365
1,922
188
121
2,231
96
-591
-15
-2,289
4,067
-131
3,433
3,055
2,069
2,115
110
190
73
70
59
5
91
-106
130
635
220
-536
-458
5
-19
181
168
17
-125
-141
287
-66
120
-345
-28
-16
10
-7
-293
-123
-215
-76
-293
494
-75
391
206
784
763
-1
50
418
-15
-155
131
-114
329
168
168
1,679
1,201
1,215
16
40
778
75
-79
12
-23
545
8
108
456
729
626
2
-34
-110
-251
-238
-64'
-344
772
14
250
553
423
424
22
-11
1,409
-25
-69
37
61
871
-269
578
120
643
611
24
45
-48
-176
-278
-137
. -6
-2
-18
-17
17
-52
5
6
7
8
9
10
11
12
13
14
15
16
17
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America and Caribbean
Middle East 1
Other Asia
Japan
Africa
Other countries
18 Nonmonetary international and
regional organizations
BONDS2
105,856
86,363
84,973
10,423
9,736
8,329
10,856
10,044
10,943
8,895
20 Foreign sales
19 Foreign purchases
78,312
58,395
62,979
7,025
5,270
8,776
9,043
7,526
9,046
6,801
21 Net purchases, or sales (—)
27,544
27,968
21,994
3,398
4,466
-447
1,813
2,518
1,897
2,095
22 Foreign countries
26,804
28,510
21,477
3,358
4,465
-570
1,690
2,550
1,920
1,795
21,989
194
33
269
1,587
19,770
1,296
2,857
-1,314
2,021
1,622
16
-61
17,243
143
1,344
1,514
505
13,088
711
1,931
-178
8,900
7,686
-8
-89
14,154
420
-202
636
198
12,580
819
2,402
-498
4,371
2,447
20
208
2,794
-16
148
69
4
2,578
213
301
87
-50
-285
5
8
3,102
27
135
51
90
2,252
115
219
3
990
608
4
33
-55
93
-170
9
-114
665
59
136
-100
-615
-722
0
5
2,132
6
-162
395
-110
1,881
-188
271
-613
83
-67
1
4
1,976
121
-53
-22
81
1,937
79
300
36
53
-25
3
103
192
-35
-121
96
13
-9
76
62
27
1,574
1,167
5
-17
1,459
77
-33
28
-27
1,376
156
233
30
-108
-189
-3
30
740
-542
517
41
1
122
123
-32
-23
299
23
24
25
26
27
28
29
30
31
32
33
34
35
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America
and Caribbean
Middle East 1
Other Asia
Japan
Africa
Other countries
36 Nonmonetary international and
regional organizations
Foreign securities
37 Stocks, net purchases, or sales ( - )
1,081
-1,918
-8,929
-153
-947
-1,322
-2,077
-748
-1,489'
-657
95,458
94,377
75,211
77,128
73,478
82,407
9,477
9,630
6,686
7,633
7,748
9,070
9,111
11,188
7,595'
8,343'
9,487'
10,976'
8,449
9,106
40 Bonds, net purchases, or sales ( - )
41 Foreign purchases
42 Foreign sales
-7,946
199,089
207,035
-7,221
217,932
225,153
-5,431
173,387
178,818
-653
23,395
24,047
-196
15,525
15,721
-107
17,242
17,350
-1,524
21,016
22,540
-1,414
20,206'
21,621'
993'
24,077'
23,084'
-1,836
18,300
20,136
43 Net purchases, or sales (—), of stocks and bonds . . . .
-6,865
-9,138
-14,360
-805
-1,143
-1,430
-3,601
-2,163'
-4%'
-2,493
44 Foreign countries
-6,757
-9,619
-14,587
-998
-1,350
-1,633
-3,401
—2,315r
-682'
-1,926
-12,101
-4,072
828
9,299
89
-800
-7,632
-3,735
1,384
985
-54
-567
-14,510
-3,699
617
3,452
13
-460
-1,402
-585
161
883
-16
-40
-1,757
194
197
70
10
-64
-1,520
-555
-90
700
13
-180
-3,876
-699
27
1,191
3
-47
-2,37c
-692
-76
805'
12
7
-620'
-258
313
301
-4
-414
-2,116
-194
-61
411
-3
39
-108
480
228
192
207
203
-200
152
186
-568
38
39
45
46
47
48
49
50
Foreign purchases
Foreign sales
Europe
Canada
Latin America and Caribbean
Asia
Africa
Other countries
51 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 securi-
ties sold abroad by U.S. corporations organized to finance direct investments
abroad.
A68
International Statistics • January 1990
3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES
Foreign Transactions
Millions of dollars
1989
Country or area
1987
1989
1988
Jan.Sept.
Mar.
Apr.
May
June
July
Aug.
Sept."
Transactions, net purchases or sales ( - ) during period 1
1 Estimated total2
25,587
48,868
47,568
8,639
29
7,043
-5,202
-1,317
21,979r
4,787
30,889
48,206
48,012
8,296
291
5,520
-5,319
-773
22,406r
5,646
3 Europe 2
4 Belgium-Luxembourg
5 Germany
6 Netherlands
7 Sweden
8 Switzerland
9 United Kingdom
10 Other Western Europe
11 Eastern Europe
12 Canada
23,716
653
13,330
-913
210
1,917
3,975
4,563
-19
4,526
14,353
923
-5,268
-356
-323
-1,074
9,674
10,786
-10
3,761
31,478
838
4,383
3%
951
2,419
16,060
6,453
-21
-69
2,142
-23
-181
242
-508
1,767
1,207
-363
0
-55
-1,814
-87
-693
-643
398
440
-1,298
74
-5
114
4,498
88
-179
-638
-69
-83
3,873
1,511
-5
157
-1,305
13
-1,106
-674
647
378
-133
-423
-6
-478
4,357
82
2,622
100
110
-361
1,024
786
-5
-533
15,191
413
2,503
1,304
241
-748
9,863
1,614
0
1,028
2,494
216
510
302
-50
374
339
802
0
-373
13 Latin America and Caribbean
14 Venezuela
15 Other Latin America and Caribbean
16 Netherlands Antilles
17
18 Japan
19 Africa
20 All other
-2,192
150
-1,142
-1,200
4,488
868
-56
407
713
-109
1,130
-308
27,606
21,752
-13
1,786
1,434
112
-305
1,626
15,118
958
54
-4
113
-53
132
34
5,659
1,855
-2
439
-133
-18
-231
117
1,743
2,624
32
350
-179
0
-78
-101
1,734
1,646
-3
-687
643
1
-14
656
-5,577
-7,780
66
1,332
839
71
104
665
-4,954
-5,360
-5
-477
-280
120
217
-617
7,118'
3,009
-48
-603
10
29
-519
500
2,816
2,346
0
698
21 Nonmonetary international and regional organizations
22 International
23 Latin America regional
-5,302
-4,387
3
661
1,106
-31
-444
-670
72
344
424
-8
-262
-252
-21
1,523
1,340
70
117
-253
191
-544
-546
3
-42T
-576
75
-858
-512
-228
Memo
24 Foreign countries
25 Official institutions
26 Other foreign2
30,889
31,064
-176
48,206
26,624
21,582
48,012
24,878
23,135
8,296
6,549
1,747
291
-842
1,133
5,520
-1,068
6,588
-5,319
449
-5,768
-773
2,819
-3,592
22,406'
9,957r
12,44?
5,646
695
4,950
-3,142
16
1,963
1
10,950
0
2,607
0
-471
0
-299
0
670
0
422
0
3,677
0
654
0
2 Foreign countries
27
28
2
Oil-exporting countries
Middle East 3
Africa
1. Estimated official and private transactions in marketable U.S. Treasury
securities with an original maturity of more than 1 year. Data are based on
monthly transactions reports. Excludes nonmarketable U.S. Treasury bonds and
notes held by official institutions of foreign countries.
2. Includes U.S. Treasury notes publicly issued to private foreign residents
denominated in foreign currencies.
3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.
Interest and Exchange Rates
A69
3.26 DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Percent per year
Rate on Oct. 31, 1989
Rate on Oct. 31, 1989
Country
Austria..
Belgium .
Brazil . . .
Canada..
Denmark
Rate on Oct. 31, 1989
Country
Percent
Month
effective
6.0
10.25
49.0
12.42
10.5
June 1989
Oct. 1989
Mar. 1981
Oct. 1989
Oct. 1989
Country
France
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
Percent
Month
effective
10.25
6.0
13.5
3.75
7.0
Oct. 1989
Oct. 1989
Mar. 1989
Oct. 1989
Oct. 1989
Norway
Switzerland
.
United Kingdom''
Venezuela
Percent
Month
effective
8.0
6.0
June 1983
Oct. 1989
8.0
Oct. 1985
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.
3.27 FOREIGN SHORT-TERM INTEREST RATES
Percent per year, averages of daily figures
1989
Country, or type
1
2
3
4
5
6
7
8
9
10
1986
1987
1988
May
June
July
Aug.
Sept.
Oct.
Nov.
Eurodollars
United Kingdom
Canada
Germany
Switzerland
6.70
10.87
9.18
4.58
4.19
7.07
9.65
8.38
3.97
3.67
7.85
10.28
9.63
4.28
2.94
9.66
13.08
12.44
6.96
7.26
9.28
14.17
12.35
6.92
7.09
8.85
13.91
12.24
7.00
6.92
8.71
13.86
12.30
6.99
7.01
8.85
13.99
12.32
7.37
7.42
8.67
15.03
12.29
8.08
7.63
8.42
15.07
12.35
8.22
7.68
Netherlands
France
Italy
Belgium
Japan
5.56
7.68
12.60
8.04
4.96
5.24
8.14
11.15
7.01
3.87
4.72
7.80
11.04
6.69
3.96
7.30
8.81
12.27
8.45
4.25
7.11
8.89
12.35
8.51
4.46
7.07
9.05
12.46
8.46
4.71
7.15
8.95
12.52
8.44
4.80
7.53
9.20
12.40
8.66
4.88
8.08
9.89
12.63
9.51
5.25
8.40
10.41
12.67
9.81
5.71
NOTE. Rates are for 3-month interbank loans except for Canada, finance company paper; Belgium, 3-month Treasury bills; and Japan, Gensaki rate.
A70
International Statistics • January 1990
3.28 FOREIGN EXCHANGE RATES1
C u r r e n c y units p e r dollar
1989
1988
Country/currency
1
2
3
4
5
6
Australia/dollar 2
Austria/schilling
Belgium/franc
Canada/dollar
China, P.R./yuan
Denmark/krone
June
July
Aug.
Sept.
Oct.
67.095
15.260
44.664
1.3896
3.4616
8.0955
70.137
12.649
37.358
1.3259
3.7314
6.8478
78.409
12.357
36.785
1.2306
3.7314
6.7412
75.606
13.913
41.414
1.1986
3.7314
7.7087
75.658
13.308
39.560
1.1891
3.7314
7.3527
76.345
13.570
40.310
1.1758
3.7314
7.4938
77.271
13.733
40.841
1.1828
3.7314
7.5872
77.421
13.140
39.197
1.1749
3.7314
7.2781
78.295
12.860
38.403
1.1697
3.7314
7.1138
7
8
9
10
11
12
13
Finland/markka
France/franc
Germany/deutsche mark
Greece/drachma
Hong Kong/dollar
India/rupee
Ireland/punt
5.0722
6.9257
2.1705
139.93
7.8038
12.597
134.14
4.4037
6.0122
1.7981
135.47
7.7986
12.943
148.79
4.1933
5.9595
1.7570
142.00
7.8072
13.900
152.49
4.4302
6.7135
1.9789
170.42
7.7934
16.420
134.92
4.2699
6.4105
1.8901
163.84
7.8040
16.416
141.26
4.3504
6.5085
1.9268
166.26
7.8078
16.609
138.43
4.4219
6.5855
1.9502
169.03
7.8078
16.745
136.71
4.2817
6.3339
1.8662
165.88
7.8081
16.819
142.50
4.2619
6.2225
1.8300
164.97
7.8140
16.925
144.73
14
15
16
17
18
19
20
Italy/lira
Japan/yen
Malaysia/ringgit
Netherlands/guilder....
New Zealand/dollar 2 . . .
Norway /krone
Portugal/escudo
1,491.16
168.35
2.5831
2.4485
52.457
7.3985
149.80
1,297.03
144.60
2.5186
2.0264
59.328
6.7409
141.20
1,302.39
128.17
2.6190
1.9778
65.560
6.5243
144.27
1,434.40
143.98
2.7086
2.2292
57.376
7.1852
164.92
1,367.39
140.42
2.6809
2.1318
57.537
6.9478
158.31
1,384.24
141.49
2.6825
2.1726
59.217
7.0480
161.15
1,404.18
145.07
2.6980
2.1992
59.144
7.1264
163.36
1,369.24
142.21
2.6945
2.1072
55.937
6.9502
159.08
1,343.83
143.53
2.7028
2.0652
56.301
6.9010
157.65
21
22
23
24
25
26
27
28
29
30
Singapore/dollar
South Africa/rand
South Korea/won
Spain/peseta
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/baht
United Kingdom/pound 2
2.1783
2.2919
884.63
140.04
27.934
7.1273
1.7979
37.839
26.315
146.77
2.1059
2.0385
825.94
123.54
29.472
6.3469
1.4918
31.753
25.775
163.98
2.0133
2.2773
734.52
116.53
31.820
6.1370
1.4643
28.636
25.312
178.13
1.9572
2.7828
669.43
126.55
33.475
6.6872
1.7089
26.023
25.909
155.30
1.9589
2.6909
669.84
118.73
34.764
6.4653
1.6281
25.816
25.771
1.9604
2.7247
671.13
120.64
36.276
6.5481
1.6605
25.685
25.912
159.47
1.9769
2.7882
672.73
122.14
39.572
6.6103
1.6865
25.737
26.012
157.15
162.68
1.9622'
2.6403
673.86
118.77
40.018
6.4580
1.6302
25.739
25.868
158.74
1.9588
2.6295
674.94
116.58
40.017
6.4306
1.6189
26.029
25.877
157.26
MEMO
31 United States/dollar 3 . . .
1. Averages of certified noon buying rates in New York for cable transfers.
Data in this table also appear in the Board's G.5 (405) release. For address, see
inside front cover.
2. Value in U.S. cents.
3. Index of weighted-average exchange value of U.S. dollar against the
99.12
98.92
97.99
currencies of 10 industrial countries. The weight for each of the 10 countries is the
1972-76 average world trade of that country divided by the average world trade of
all 10 countries combined. Series revised as of August 1978 (see Federal Reserve
Bulletin, vol. 64, August 1978, p. 700).
A71
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)
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
General 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
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.
STATISTICAL RELEASES—List Published Semiannually,
with Latest Bulletin
Anticipated schedule of release dates for periodic releases
SPECIAL TABLES—Published Irregularly, with Latest Bulletin
Reference
Issue
December 1989
Page
A84
Issue
Page
Reference
Title and Date
Assets and liabilities of commercial banks
September 30, 1988
December 31, 1988
March 31, 1989
June 30, 1989
August
August
December
January
1989
1989
1989
1990
All
A78
All
All
Terms of lending at commercial banks
August 1988
November 1988
February 1989
May 1989
January
April
June
November
1989
1989
1989
1989
All
All
A84
A73
Assets and liabilities of U.S. branches and agencies of foreign banks
September 30, 1988
December 31, 1988
March 31, 1989
June 30, 1989
May
June
August
November
1989
1989
1989
1989
All
A90
A84
A78
Pro forma balance sheet and income statements for priced service operations
June 30, 1987
September 30, 1987
March 31, 1988
March 31, 1989
November
February
August
September
1987
1988
1988
1989
A74
A80
A70
All
http://fraser.stlouisfed.org/
Special
table
Federal Reserve
Bank
of St.begins
Louis
on page A72.
All
Special Tables • January 1990
4.20 DOMESTIC AND FOREIGN OFFICES, Insured Commercial Bank Assets and Liabilities1'2
Consolidated Report of Condition, June 30, 1989
Millions of dollars
Banks with foreign offices3'4
Item
1 Total assets6
2 Cash and balances due from depository institutions
3 Cash items in process of collection, unposted debits, and currency and coin
4
Cash items in process of collection and unposted debits
5
6 Balances due from depository institutions in the United States
7 Balances due from banks in foreign countries and foreign central banks
8 Balances due from Federal Reserve Banks
Banks with domestic
offices only
Total
Total
Foreign
Domestic
Over 100
Under 100
3,205,745
1,847,518
431,965
1,472,256
957,335
383,825
335,149
A
237,775
86,496
n.a.
n.a.
33,428
96,419
21,433
116,181
1,917
n.a.
n.a.
21,123
92,994
147
121,594
84,579
72,799
11,780
12,305
3,424
21,286
67,053
31,027
22,936
8,091
20,823
3,828
11,376
28,803
A
n.a.
n.a.
MEMO
9
Noninterest-bearing balances due from commercial banks in the United States
(included in balances due from depository institutions in the United States)....
10 Total securities, loans and lease financing receivables, net
11 Total securities, book value
12 U.S. Treasury securities and U.S. government agency and corporation
obligations
13
U.S. Treasury securities
14
U.S. government agency and corporation obligations
15
All holdings of U.S. government-issued or guaranteed certificates of
participation in pools of residential mortgages
16
All other
17 Securities issued by states and political subdivisions in the United States
18
19
Tax-exempt
20 Other securities
21
Other domestic securities
22
All holdings of private certificates of participation in pools of
residential mortgages
23
All other
24 Foreign securities
25 Federal funds sold and securities purchased under agreements to resell
26 Federal funds sold
27 Securities purchased under agreements to resell
28 Total loans and lease financing receivables, gross
29 LESS: Unearned income on loans
30 Total loans and leases (net of unearned income)
31 LESS: Allowance for loan and lease losses
32 LESS: Allocated transfer risk reserves
33 EQUALS: Total loans and leases, net
Total loans, gross, by category
34 Loans secured by real estate
35 Construction and land development
36 Farmland
37
1-4 family residential properties
38
Revolving, open-end loans, extended under lines of credit
39
All other loans
40 Multifamily (5 or more) residential properties
41 Nonfarm nonresidential properties
42 Loans to depository institutions
43 To commercial banks in the United States
44 To other depository institutions in the United States
45 To banks in foreign countries
46 Loans to finance agricultural production and other loans to farmers
47 Commercial and industrial loans
48 To U.S. addressees (domicile)
49 To non-U.S. addressees (domicile)
50 Acceptances of other banks
51
U.S. banks
52
53 Loans to individuals for household, family, and other personal expenditures (includes
purchased paper)
54
55 Other (includes single payment and installment)
56 Obligations (other than securities) of states and political subdivisions in the U.S.
(includes nonrated industrial development obligations)
57 Taxable
58
59
60 Loans to foreign governments and official institutions
61
62
Loans for purchasing and carrying securities
63
All other loans
64
65
66
67
68
69
70
71
72
Lease financing receivables
Assets held in trading accounts
Premises and fixed assets (including capitalized leases)
Other real estate owned
Investments in unconsolidated subsidiaries and associated companies
Customers' liability on acceptances outstanding
Net due from own foreign offices, Edge and agreement subsidiaries, and IBFs
Intangible assets
Other assets
13,618
9,669
849,708
338,429
201,439
199,203
114,003
127,973
55,461
72,512
134,521
66,383
68,138
86,134
n a.
n a.
1,137
152
513
52
461
27,016
2,239
56,939
15,573
42,463
743
41,721
27,797
26,658
29,825
38,313
38,060
801
37,260
22,599
22,005
15,506
n.a.
18,567
1,040
17,526
7,867
n.a.
0
n.a.
n.a.
1,886
n.a.
n.a.
1,799
n.a.
n.a.
495
n.a.
n. a.
79,758
59,697
20,060
1,157,301
7,005
1,150,296
31,412
137
1,118,747
1,175
n.a.
n.a.
215,022
2,022
213,000
n.a.
n.a.
n.a.
78,582
n.a.
n.a.
942,279
4,983
937,296
n.a.
n.a.
n.a.
38,855
34,942
3,913
628,166
6,442
621,724
10,073
0
611,651
20,916
20,581
336
209,021
2,166
206,855
3,346
0
203,509
351,964
A
23,395
A
264,895
38,145
4,736
129,596
18,316
111,279
6,919
85,499
5,257
4,486
688
83
99,913
7,577
9,442
54,981
2,623
52,358
1,869
26,044
608
n a.
n a.
n a.
n.a.
n.a.
2,632,585
1,430,780
n.a.
7,369
548,690
232,275
30,837
351,194
n a.
n a.
130,539
56,738
73,800
2,566
1,277
1,289
104,440
n a.
99,603
2,646
97,164
85,279
n a.
58,076
15,724
42,976
795
42,182
54,814
28,897
4,180
n.a.
n.a.
1,886
n.a.
n.a.
139,529
115,364
24,725
1,994,488
15,618
1,989,469
44,966
137
1,944,366
721,266
1
n.a.
1
n.a.
1
1
1
n.a.
1
1
54,339
n a.
n a.
n a.
48,473
19,545
2,685
26,244
23,926
1,386
469
22,071
328,570
86,069
2,126
138,115
24,206
113,909
10,666
91,593
24,547
18,159
2,216
4,173
31,000
609,486
n a.
n.a.
4,138
n.a.
n.a.
5,641
424,653
346,620
78,033
899
296
603
241
99,975
24,487
75,489
516
32
484
5,400
324,677
322,133
2,544
384
264
120
7,087
142,220
141,919
301
1,685
n.a.
n.a.
18,220
42,613
n.a.
n.a.
1,554
n.a.
n.a.
376,227
115,680
261,453
158,232
46,117
112,115
12,523
n.a.
n.a.
145,709
n.a.
n.a.
176,329
66,733
109,596
41,666
2,406
39,260
42,808
1,337
41,904
125,315
n.a.
n.a.
n.a.
n.a.
25,946
826
25,120
112,901
33,127
79,774
n.a.
n.a.
348
116
232
50,506
31,609
18,897
n.a.
n.a.
25,598
711
24,887
62,395
1,518
60,877
16,991
43,886
15,054
441
14,613
10,350
221
10,129
1,521
8,608
1,808
69
1,739
2,065
n a.
n.a.
n.a.
n.a.
34,454
41,180
46,450
12,290
2,865
29,931
n.a.
5,315
99,417
28,591
39,845
24,424
5,805
2,108
29,297
n.a.
3,113
74,372
3,592
20,627
k
24,999
19,218
n.a.
n.a.
696
n.a.
40,997
n.a.
n.a.
5,289
812
15,119
3,929
41
411
n.a.
1,963
17,643
574
208
6,686
2,550
1
n.a.
1
\
|
•
|
•
|
1
n.a.
1
T
n.a.
20
n.a.
212
6,876
Commercial Banks
A73
4.20—Continued
Banks with foreign offices 3 ' 4
Item
Banks with domestic
offices only
Total
Total
Foreign
Domestic
Over 100
Under 100
73 Total liabilities, limited-life preferred stock, and equity capital
3,205,745
1,847,518
n. a.
n.a.
957,335
383,825
74 Total liabilities7
75
Limited-life preferred stock
2,999,310
86
1,746,083
0
431,964
n.a.
1,370,823
n.a.
887,950
82
349,153
4
76 Total deposits
77
Individuals, partnerships, and corporations
78
U.S. government
79
States and political subdivisions in the United States
80
Commercial banks in the United States
81
Other depository institutions in the United States
82
Banks in foreign countries
83
Foreign governments and official institutions
84
Certified and official checks
All other
85
2,437,752
1
1,324,247
A
323,311
186,959
A
n. a.
n. a.
n.a.
19,379
n.a.
25,394
11,010
n.a.
1,000,936
907,697
2,451
40,777
25,599
4,954
8,032
1,393
10,032
n.a.
774,001
710,939
1,536
43,316
9,363
2,261
380
242
5,964
n.a.
339,504
309,908
599
23,949
1,616
959
n.a.
n.a.
2,405
69
n.a.
319,259
268,011
1,600
9,492
18,304
3,519
7,413
887
10,032
n.a.
210,610
184,655
1,206
10,937
6,339
1,323
178
8
5,964
n.a.
88,696
78,279
494
6,421
776
285
n.a.
n.a.
2,405
37
n.a.
246,740
197,891
1,578
7,117
18,304
3,519
7,413
886
10,032
n.a.
681,677
639,686
850
31,285
7,295
612
6,683
1,435
619
4
615
506
n.a.
134,259
114,225
1,189
5,049
6,335
1,311
178
8
5,964
n.a.
563,391
526,284
329
32,379
3,024
177
2,847
938
202
179
23
234
n.a.
47,971
41,916
478
2,082
775
278
n.a.
n.a.
2,405
36
250,808
231,629
105
17,528
839
n.a.
n.a.
674
n.a.
n.a.
n.a.
n.a.
32
86 Total transaction accounts
87
Individuals, partnerships, and corporations
88
U.S. government
89
States and political subdivisions in the United States
Commercial banks in the United States
90
91
Other depository institutions in the United States
92
Banks in foreign countries
93
Foreign governments and official institutions
94
Certified and official checks
95
All other
96 Demand deposits (included in total transaction accounts)
97
Individuals, partnerships, and corporations
98
U.S. government
99
States and political subdivisions in the United States
100 Commercial banks in the United States
101
Other depository institutions in the United States
102
Banks in foreign countries
103 Foreign governments and official institutions
104 Certified and official checks
105
All other
106 Total nontransaction accounts
107 Individuals, partnerships, and corporations
108
U.S. government
109 States and political subdivisions in the United States
110 Commercial banks in the United States
111
U.S. branches and agencies of foreign banks
Other commercial banks in the United States
11?
113 Other depository institutions in the United States
114
Banks in foreign countries
115
Foreign branches of other U.S. banks
116
Other banks in foreign countries
117 Foreign governments and official institutions
118 All other
119
120
121
17?
17.3
124
125
126
177
128
Federal funds purchased and securities sold under agreements to repurchase
Federal funds purchased
Securities sold under agreements to repurchase
Demand notes issued to the U.S. Treasury
Other borrowed money
Banks liability on acceptances executed and outstanding
Notes and debentures subordinated to deposits
Net due to own foreign offices, Edge and agreement subsidiaries, and IBFs
All other liabilities
Total equity capital
129
130
131
132
133
134
Holdings of commercial paper included in total loans, gross
Total individual retirement accounts (IRA) and Keogh plan accounts
Total brokered deposits
Total brokered retail deposits
Issued in denominations of $100,000 or less
Issued in denominations greater than $100,000 and participated out by the
broker in shares of $100,000 or less
Savings deposits
Money market deposit accounts (MMDAs)
Other savings deposits (excluding MMDAs)
Total time deposits of less than $100,000
Time certificates of deposit of $100,000 or more
Open-account time deposits of $100,000 or more
All NOW accounts (including Super NOW)
Total time and savings deposits
n. a.
n.a.
262,361
162,466
103,739
n a.
122,760
30,052
17,837
n a.
82,611
206,349
MEMO
135
136
137
138
139
140
141
n a.
n.a.
n. a.
24,001
978
111,373
198,299
127,619
70,680
n.a.
90,481
29,418
15,208
n.a.
63,316
101,435
444
n.a.
n. a.
n.a.
38,210
5,110
n. a.
n. a.
n. a.
n.a.
197,855
n.a.
n.a.
25,114
52,271
24,308
n.a.
15,706
n.a.
n.a.
60,768
30,490
30,278
5,278
30,588
411
2,408
n.a.
14,496
69,302
3,294
1,583
1,712
698
1,186
20
156
n.a.
4,293
34,669
1,048
843
204
45,531
43,715
12,697
3,943
1,182
42,075
17,054
11,444
6,269
n.a.
17,139
1,157
1,014
903
n.a.
n a.
Quarterly averages
147,
143 Obligations (other than securities) of states and political subdivisions
in the United States
144 Transaction accounts in domestic offices (NOW accounts, ATS accounts, and
telephone and preauthorized transfer accounts)
Nontransaction accounts in domestic offices
145 Money market deposit accounts (MMDAs)
146 Other savings deposits
147 Time certificates of deposit of $100,000 or more
148 All other time deposits
149 Number of banks
Footnotes appear at the end of table 4.22
12,912
245
n a.
8,753
5,174
111
169,820
78,342
207,076
195,367
31,071
70,832
754,196
117,321
73,874
250
117,725
4,523
73,830
639,742
39,236
30,207
138,628
41,122
1,614
39,231
291,533
902,312
612,135
202,223
26,582
15,070
n.a.
75,105
76,430
40,997
169,135
78,090
194,425
231,492
118,280
74,350
116,711
249,900
40,063
30,159
40,425
137,985
2,521
10,146
n.a.
All
Special Tables • January 1990
4.21
DOMESTIC OFFICES, Insured Commercial Banks with Assets of $100 Million or more or with foreign offices1-2-6
Consolidated Report of Condition, March 31, 1989
Millions of dollars
Members
Item
Nonmembers
Total
Total
1 Total assets6
2 Cash and balances due from depository institutions
3 Cash items in process of collection and unposted debits
4
Currency and coin
5 Balances due from depository institutions in the United States
6
Balances due from banks in foreign countries and foreign central banks
7
Balances due from Federal Reserve Banks
8 Total securities, loans and lease financing receivables, (net of unearned income)
9 Total securities, book value
10 U.S. Treasury securities
11 U.S. government agency and corporation obligations
12
All holdings of U.S. government-issued or guaranteed certificates of
participation in pools of residential mortgages
All other
N
14 Securities issued by states and political subdivisions in the United States
Taxable
15
Tax-exempt
16
17 Other domestic securities
18
All holdings of private certificates of participation in pools of residential mortgages
All other
19
20
21 Federal funds sold and securities purchased under agreements to resell
22
Federal funds sold
Securities purchased under agreements to resell
23
24 Total loans and lease financing receivables, gross
LESS: Unearned income on loans
25
26 Total loans and leases (net of unearned income)
27
28
29
30
31
32
33
34
35
36
37
38
Total loans, gross, by category
Loans secured by real estate
Construction and land development
Farmland
1-4 family residential properties
Revolving, open-end and extended under lines of credit
All other loans
Multifamily (5 or more) residential properties
Nonfarm nonresidential properties
Loans to commercial banks in the United States
Loans to other depository institutions in the United States
Loans to banks in foreign countries
Loans to finance agricultural production and other loans to farmers
39 Commercial and industrial loans
40 To U.S. addressees (domicile)
41
To non-U.S. addressees (domicile)
42 Acceptances of other banks 11
43
Of U.S. banks
44 Of foreign banks
45 Loans to individuals for household, family, and other personal expenditures
(includes purchased paper)
46 Loans to foreign governments and official institutions
47 Obligations (other than securities) of states and political subdivisions in the United States
48
49
SO
51
52
53
54
55
56
Loans for purchasing and carrying securities
Lease financing receivables
Customers' liability on acceptances outstanding
Net due from own foreign offices, Edge and agreement subsidiaries, and IBFs
Remaining assets
National
State
2,429,591
1,932,683
1,547,500
385,183
496,908
188,648
95,734
19,872
33,127
7,252
32,662
156,072
85,481
16,360
21,943
5,550
26,738
124,658
68,585
13,734
17,664
4,408
20,266
31,414
16,896
2,626
4,279
1,142
6,472
32,576
10,253
3,512
11,184
1,703
5,924
2,077,099
1,635,738
1,318,349
317,389
441,361
400,641
121,845
140,649
298,988
87,080
109,230
232,243
68,435
87,610
66,746
18,646
21,619
101,653
34,764
31,420
86,764
53,885
80,524
1,543
78,981
48,663
3,685
n.a.
n.a.
73,462
35,768
63,720
1,204
62,515
34,411
2,843
n.a.
n.a.
59,742
27,868
46,897
984
45,913
26,133
1,852
n.a.
n.a.
13,719
7,900
16,822
220
16,602
8,278
991
n.a.
n.a.
13,302
18,117
16,804
339
16,465
14,252
843
n.a.
n.a.
117,438
34,942
3,913
1,570,445
11,424
1,559,020
99,746
22,396
2,749
1,245,765
8,761
1,237,004
69,617
19,650
2,226
1,023,685
7,195
1,016,490
30,129
2,747
523
222,080
1,567
220,514
17,692
12,546
1,164
324,679
2,663
322,016
593,465
124,214
6,862
267,711
42,523
225,188
17,586
177,092
22,645
2,904
4,256
12,487
448,290
99,254
4,581
196,718
32,983
163,735
13,883
133,854
19,419
2,749
4,050
9,696
385,133
83,193
4,016
169,043
28,170
140,873
12,133
116,748
14,814
2,402
2,166
8,691
63,157
16,061
565
27,675
4,812
22,863
1,750
17,106
4,605
347
1,884
1,005
145,175
24,960
2,281
70,993
9,540
61,453
3,703
43,239
3,226
155
206
2,791
466,897
464,052
2,845
382,684
380,106
2,579
304,254
302,422
1,832
78,431
77,684
747
84,213
83,946
266
2,069
723
235
1,208
517
198
1,001
429
152
207
89
46
861
206
36
322,038
1,739
40,652
1,152
39,500
71,006
18,511
52,494
251,280
1,672
34,100
907
33,193
64,433
17,041
47,392
212,824
1,087
25,237
724
24,514
44,352
10,567
33,785
38,456
585
8,863
183
8,679
20,081
6,474
13,607
70,758
67
6,552
244
6,307
6,572
1,470
5,102
30,288
24,094
41,019
139,751
26,183
22,934
36,295
117,939
21,722
17,394
25,070
87,100
4,461
5,540
11,225
30,840
4,104
1,160
4,723
21,811
Commercial Banks A73
4.21—Continued
Members
Item
57 Total liabilities and equity capital
4
Nonmembers
Total
State
Total
National
2,429,591
1,932,683
1,547,500
385,183
496,908
458,926
2,258,773
1,799,847
1,444,223
355,625
59 Total deposits
60
Individuals, partnerships, and corporations
61
U.S. government
62
States and political subdivisions in the United States
63
Commercial banks in the United States
64
Other depository institutions in the United States
65
Banks in foreign countries
66
Foreign governments and official institutions
67
Certified and official checks
1,774,937
1,618,636
3,987
84,094
34,962
7,215
8,412
1,635
15,996
1,385,399
1,259,443
3,319
64,183
30,893
5,855
7,498
1,482
12,728
1,126,882
1,027,845
2,936
53,745
23,637
4,918
4,009
1,045
8,746
258,517
231,597
383
10,438
7,256
936
3,489
436
3,981
389,538
359,194
667
19,911
4,069
1,361
915
153
3,269
68 Total transaction accounts
69 Individuals, partnerships, and corporations
70
U.S. government
71
States and political subdivisions in the United States
Commercial banks in the United States
77
73
Other depository institutions in the United States
74
Banks in foreign countries
Foreign governments and official institutions
75
76
Certified and official checks
529,869
452,666
2,807
20,429
24,642
4,842
7,591
896
15,996
427,546
361,381
2,272
16,337
22,787
4,036
7,152
854
12,728
339,262
290,058
1,924
13,521
17,498
3,190
3,792
534
8,746
88,284
71,323
348
2,817
5,289
846
3,359
320
3,981
102,323
91,285
535
4,092
1,855
806
440
42
3,269
77 Demand deposits (included in total transaction accounts)
78
Individuals, partnerships, and corporations
79
U.S. government
80
States and political subdivisions in the United States
81
Commercial banks in the United States
82
Other depository institutions in the United States
83
Banks in foreign countries
84
Foreign governments and official institutions
Certified and official checks
85
380,999
312,116
2,767
12,166
24,638
4,830
7,591
894
15,996
312,906
253,050
2,236
10,074
22,784
4,029
7,151
853
12,728
242,557
198,588
1,890
8,329
17,495
3,183
3,792
533
8,746
70,349
54,462
346
1,745
5,289
846
3,359
320
3,981
68,093
59,066
531
2,092
1,854
801
440
41
3,269
1,245,068
1,165,970
1,180
63,664
10,319
789
9,530
2,373
821
182
639
739
957,854
898,061
1,048
47,846
8,106
494
7,612
1,819
346
42
304
628
787,620
737,787
1,012
40,224
6,139
333
5,806
1,728
217
42
175
512
170,233
160,274
35
7,621
1,967
161
1,806
90
129
0
129
116
287,214
267,909
132
15,819
2,213
295
1,918
555
475
140
334
112
258,623
30,490
30,278
30,392
82,858
24,719
2,408
15,706
84,835
221,941
22,322
14,980
27,945
66,116
23,559
1,603
12,701
73,285
169,047
18,996
12,162
20,921
54,904
17,969
1,486
10,559
53,014
52,894
3,327
2,818
7,023
11,212
5,591
117
2,141
20,270
36,682
8,168
15,298
2,447
16,742
1,160
806
3,006
11,551
170,818
132,836
103,278
29,558
37,982
1,387
87,606
60,769
24,140
10,213
785
68,218
46,517
15,558
5,135
667
56,690
38,597
12,340
4,607
118
11,528
7,920
3,218
527
601
19,388
14,251
8,582
5,078
13,928
10,424
7,733
2,691
3,504
287,141
152,216
457,024
313,092
35,594
144,662
1,393,938
228,534
116,908
341,427
240,154
30,830
111,821
1,072,493
187,006
89,024
289,727
201,787
20,076
94,216
884,325
41,528
27,883
51,701
38,367
10,754
17,604
188,168
58,607
35,309
115,597
72,938
4,764
32,842
321,445
1,514,447
41,653
1,199,155
35,094
984,772
25,898
214,383
9,196
315,291
6,558
151,535
117,125
97,744
19,382
34,410
287,414
152,441
311,136
481,392
227,388
116,753
239,095
362,708
186,626
89,191
200,337
302,116
40,762
27,562
38,758
60,592
60,026
35,688
72,041
118,684
2,766
1,563
1,318
245
1,203
58 Total liabUities
86 Total nontransaction accounts
87
Individuals, partnerships, and corporations
88
U.S. government
89
States and political subdivisions in the United States
90
Commercial banks in the United States
91
U.S. branches and agencies of foreign banks
97
Other commercial banks in the United States
93
Other depository institutions in the United States
94
Banks in foreign countries
95
Foreign branches of other U.S. banks
%
Other banks in foreign countries
97
Foreign governments and official institutions
98
99
100
101
102
103
104
105
106
Federal funds purchased and securities sold under agreements to repurchase 12
Federal funds purchased
Securities sold under agreements to repurchase
Demand notes issued to the U.S. Treasury
Other borrowed money
Banks liability on acceptances executed and outstanding
Notes and debentures subordinated to deposits
Net due to own foreign offices, Edge and agreement subsidiaries, and IBFs
Remaining liabilities
107 Total equity capital 9
MEMO
108 Holdings of commercial paper included in total loans, gross
109 Total individual retirement accounts (IRA) and Keogh plan accounts
110 Total brokered deposits
111 Total brokered retail deposits
117 Issued in denominations of $100,000 or less
113 Issued in denominations greater than $100,000 and participated out by the broker in shares
of $100,000 or less
114
115
116
117
118
119
120
Savings deposits
Money market deposit accounts (MMDAs)
Other savings accounts
Total time deposits of less than $100,000
Time certificates of deposit of $100,000 or more
Open-account time deposits of $100,000 or more
All NOW accounts (including Super NOW accounts)
Total time and savings deposits
Quarterly averages
171
122 Obligations (other than securities) of states and political subdivisions in the United States
173 Transaction accounts (NOW accounts, ATS accounts, and telephone preauthorized
transfer accounts)
124
125
12.6
127
Nontransaction accounts
Money market deposit accounts (MMDAs)
Other savings deposits
Time certificates of deposits of $100,000 or more
All other time deposits
128
Footnotes appear at the end of table 4.22
All
Special Tables • January 1990
4.22 DOMESTIC OFFICES, Insured Commercial Bank Assets and Liabilities1-2'6
Consolidated Report of Condition, March 31, 1989
Millions of dollars
Members
Nonmembers
Item
1 Total assets6
2 Cash and balances due from depository institutions
4
5
Noninterest-bearing balances due from commercial banks
Other
6 Total securities, loans, and lease financing receivables (net of unearned income)
7 Total securities, book value
8
U.S. Treasury securities and U.S. government agency and corporation obligations
9 Securities issued by states and political subdivisions in the United States
10
Taxable
11
Tax-exempt
13
All holdings of private certificates of participation in pools of residential mortgages
14
All other
15 Federal funds sold and securities purchased under agreements to resell
17 Securities purchased under agreements to resell
18 Total loans and lease financing receivables, gross
19 LESS: Unearned income on loans
20 Total loans and leases (net of unearned income)
Total loans, gross, by category
21 Loans secured by real estate
22 Construction and land development
24
25
1-4 family residential properties
Revolving, open-end loans, and extended under lines of credit
27
28
Multifamily (5 or more) residential properties
Nonfarm nonresidential properties
29
30
31
32
33
Loans to depository institutions
Loans to finance agricultural production and other loans to farmers
Commercial and industrial loans
Acceptances of other banks
Loans to individuals for household, family, and other personal expenditures
(includes purchased paper)
34 Obligations (other than securities) of states and political subdivisions in the United States
35 Nonrated industrial development obligations
36 Other obligations (excluding securities)
38 Lease financing receivables
39 Customers' liability on acceptances outstanding
40 Net due from own foreign offices, Edge and agreement subsidiaries, and IBFs
Total
National
State
2,813,416
2,087,797
1,672,249
415,548
725,620
217,450
23,303
30,657
163,491
168,182
17,760
17,576
132,846
134,562
14,866
14,515
105,180
33,621
2,894
3,061
27,665
49,268
5,542
13,080
30,645
2,418,874
1,773,383
1,428,806
344,577
645,491
514,644
348,628
99,090
2,584
96,507
58,263
4,181
n.a.
138,354
55,523
4,248
1,779,466
13,591
1,765,875
343,569
230,011
70,705
1,588
69,117
38,918
3,080
n.a.
109,426
31,927
2,898
1,330,083
9,695
1,320,388
268,752
183,640
52,556
1,281
51,275
29,381
2,005
n.a.
77,436
27,378
2,317
1,090,520
7,901
1,082,619
74,818
46,371
18,149
307
17,842
9,537
1,074
n.a.
31,990
4,549
582
239,563
1,794
237,769
171,075
118,617
28,385
9%
27,390
19,345
1,101
n.a.
28,928
23,5%
1,350
449,383
3,895
445,488
693,378
131,791
16,304
322,692
45,145
277,547
19,454
203,136
488,083
102,367
7,715
218,857
34,140
184,717
14,584
144,559
416,664
85,637
6,547
186,390
29,059
157,331
12,695
125,395
71,418
16,729
1,168
32,467
5,081
27,386
1,889
19,164
205,295
29,424
8,589
103,835
11,005
92,830
4,870
58,577
30,413
30,707
509,510
3,622
26,512
16,079
400,943
1,856
19,611
13,785
318,502
1,581
6,900
2,294
82,441
275
3,901
14,628
108,567
1,766
363,704
42,460
1,221
41,239
74,810
30,862
24,114
41,019
152,978
268,514
34,771
934
33,836
66,964
26,362
22,950
36,295
123,282
226,640
25,796
748
25,048
46,079
21,861
17,407
25,070
91,474
41,874
8,975
186
8,788
20,885
4,501
5,543
11,225
31,808
95,190
7,690
286
7,403
7,846
4,500
1,164
4,723
29,696
2,813,416
2,087,797
1,672,249
415,548
725,620
2,607,925
1,941,304
1,558,154
383,150
666,621
2,114,442
1,928,544
4,586
108,043
36,577
8,174
18,401
10,116
1,522,796
1,385,120
3,561
73,139
31,876
6,253
13,841
9,007
1,237,643
1,129,080
3,137
61,113
24,340
5,240
9,652
5,080
285,154
256,040
423
12,025
7,536
1,012
4,189
3,927
591,645
543,424
1,025
34,904
4,701
1,922
4,560
1,109
618,565
530,945
3,300
26,850
25,419
5,127
18,401
8,524
464,503
393,963
2,475
18,660
23,380
4,174
13,841
8,010
369,331
316,637
2,094
15,431
17,882
3,308
9,652
4,328
95,172
77,327
381
3,229
5,498
866
4,189
3,682
154,062
136,981
826
8,190
2,038
953
4,560
514
States and political subdivisions in the United States
Commercial banks in the United States
Other depository institutions in the United States
Certified and official checks
All other
428,970
354,032
3,245
14,248
25,414
5,108
18,401
8,522
333,637
270,972
2,437
10,836
23,378
4,164
13,841
8,009
259,316
213,135
2,057
8,%5
17,880
3,299
9,652
4,328
74,321
57,837
380
1,872
5,498
865
4,189
3,681
95,333
83,060
808
3,411
2,036
944
4,560
513
68 Total nontransaction accounts
69 Individuals, partnerships, and corporations
70 U.S. government
71 States and political subdivisions in the United States
72 Commercial banks in the United States
73 Other depository institutions in the United States
74 All other
1,495,876
1,397,600
1,285
81,193
11,158
3,047
1,593
1,058,293
991,157
1,086
54,479
8,4%
2,079
997
868,312
812,443
1,044
45,683
6,458
1,932
752
189,982
178,714
42
8,7%
2,038
146
245
437,583
406,443
200
26,713
2,663
%9
5%
43 Total liabilities
4
45
Individuals, partnerships, and corporations
47
48
49
States and political subdivisions in the United States
Commercial banks in the United States
Other depository institutions in the United States
51
Allother
53
Individuals, partnerships, and corporations
55
56
57
States and political subdivisions in the United States
Commercial banks in the United States
Other depository institutions in the United States
59
All other
60 Demand deposits (included in total transaction accounts)
61 Individuals, partnerships, and corporations
63
64
65
66
67
Commercial Banks
All
4.22—Continued
Members
Item
75
76
77
78
79
80
81
82
83
Nonmembers
Total
Federal funds purchased and securities sold under agreements to repurchase 12
Federal funds purchased
Securities sold under agreements to repurchase
Demand notes issued to the U.S. Treasury
Other borrowed money
Banks liability on acceptances executed and outstanding
Notes and debentures subordinated to deposits
Net due to own foreign offices, Edge and agreement subsidiaries, and IBFs
Remaining liabilities
84 Total equity capital 9
Total
National
State
261,917
32,072
31,990
31,090
84,045
24,740
2,564
15,706
89,128
223,654
23,240
15,776
28,252
66,436
23,575
1,650
12,701
74,940
170,302
19,629
12,784
21,168
55,178
17,982
1,527
10,559
54,356
53,353
3,611
2,993
7,085
11,258
5,593
124
2,141
20,584
38,263
8,833
16,213
2,838
17,609
1,164
914
3,006
14,188
205,491
146,492
114,095
32,398
58,999
20,239
10,298
2,481
1,095
36
999
49
1,888
3,066
19,581
9,947
2,452
1,058
16
995
49
1,824
2,977
12,986
5,548
1,985
870
13
949
49
1,137
2,176
6,595
4,399
467
188
3
46
0
687
801
658
350
29
37
20
4
0
64
89
104,744
61,926
25,154
11,116
74,867
46,894
15,871
5,429
62,083
38,918
12,601
4,852
12,784
7,976
3,271
577
29,877
15,032
9,283
5,686
14,039
10,442
7,748
2,694
3,597
326,377
182,423
595,653
354,215
37,208
183,894
1,685,471
245,503
129,114
394,319
258,009
31,349
127,546
1,189,159
200,736
98,715
332,136
216,223
20,501
107,142
978,327
44,767
30,399
62,183
41,786
10,847
20,404
210,832
80,874
53,309
201,334
96,206
5,860
56,347
496,312
1,716,669
1,280,886
1,049,719
231,167
435,783
192,532
133,467
111,136
22,332
59,065
327,477
182,600
351,912
619,377
244,705
128,970
256,666
415,155
200,628
98,903
214,615
344,223
44,077
30,068
42,051
70,932
82,772
53,629
94,895
204,221
12,912
5,312
4,276
1,036
7,600
MEMO
85 Assets held in trading accounts
86
U.S. Treasury securities
87
U.S. government agency corporation obligations
88
Securities issued by states and political subdivisions in the United States
89 Other bonds, notes, and debentures
90
Certificates of deposit
91
Commercial paper
92
Bankers acceptances
93
Other
94 Total individual retirement accounts (IRA) and Keogh plan accounts
95 Total brokered deposits
96 Total brokered retail deposits
97
Issued in denominations of $100,000 or less
98
Issued in denominations greater than $100,000 and participated out by the broker
in shares of $100,000 or less
99
100
101
102
103
104
105
Savings deposits
Money market deposit accounts (MMDAs)
Other savings deposits
Total time deposits of less than $100,000
Time certificates of deposit of $100,000 or more
Open-account time deposits of $100,000 or more
All NOW accounts (including Super NOW)
Total time and savings deposits
Quarterly averages
106 Total loans
107 Transaction accounts (NOW accounts, ATS accounts, and telephone and preauthorized
transfer accounts)
108
109
110
Ill
Nontransaction accounts
Money market deposit accounts (MMDAs)
Other savings deposits
Time certificates of deposit of $100,000 or more
All other time deposits
112 Number of banks
1. Effective Mar. 31, 1984, the report of condition was substantially revised for
commercial banks. Some of the changes are as follows: (1) Previously, banks with
international banking facilities (IBFs) that had no other foreign offices were
considered domestic reporters. Beginning with the Mar. 31, 1984 call report these
banks are considered foreign and domestic reporters and must file the foreign and
domestic report of condition; (2) banks with assets greater than $1 billion have
additional items reported; (3) the domestic office detail for banks with foreign
offices has been reduced considerably; and (4) banks with assets under $25 million
have been excused from reporting certain detail items.
2. The " n . a . " for some of the items is used to indicate the lesser detail available
from banks without foreign offices, the inapplicability of certain items to banks
that have only domestic offices and/or the absence of detail on a fully consolidated
basis for banks with foreign offices.
3. All transactions between domestic and foreign offices of a bank are reported
in "net due from" and "net due to." All other lines represent transactions with
parties other than the domestic and foreign offices of each bank. Since these
intraoffice transactions are nullified by consolidation, total assets and total
liabilities for the entire bank may not equal the sum of assets and liabilities
respectively, of the domestic and foreign offices.
4. Foreign offices include branches in foreign countries, Puerto Rico, and in
U.S. territories and possessions; subsidiaries in foreign countries; all offices of
Edge act and agreement corporations wherever located and IBFs.
5. The 'over 100' column refers to those respondents whose assets, as of June
30 of the previous calendar year, were equal to or exceeded $100 million. (These
respondents file the FFIEC 032 or FFIEC 033 call report.) The 'under 100' column
refers to those respondents whose assets, as of June 30 of the previous calendar
year, were less than $100 million. (These respondents filed the FFIEC 034 call
report.)
6. Since the domestic portion of allowances for loan and lease losses and
allocated transfer risk reserve are not reported for banks with foreign offices, the
components of total assets (domestic) will not add to the actual total (domestic).
7. Since the foreign portion of demand notes issued to the U.S. Treasury is not
reported for banks with foreign offices, the components of total liabilities (foreign)
will not add to the actual total (foreign).
8. The definition of 'all other' varies by report form and therefore by column in
this table. See the instructions for more detail.
9. Equity capital is not allocated between the domestic and foreign offices of
banks with foreign offices.
10. Only the domestic portion of federal funds sold and securities purchased
under agreements to resell are reported here, therefore, the components will not
add to totals for this item.
11. "Acceptances of other banks" is not reported by domestic respondents less
than $300 million in total assets, therefore the components will not add to totals for
this item.
12. Only the domestic portion of federal funds purchased and securities sold
are reported here, therefore the components will not add to totals for this item.
13. Components of assets held in trading accounts are only reported for banks
with total assets of $1 billion or more; therefore the components will not add to the
totals for this item.
A78
Federal Reserve Board of Governors
A L A N GREENSPAN, Chairman
MANUEL H . JOHNSON, Vice Chairman
MARTHA R . SEGER
OFFICE OF BOARD
DIVISION OF INTERNATIONAL
MEMBERS
JOSEPH R. COYNE, Assistant
DONALD J. WINN, Assistant
to the Board
to the Board
BOB STAHLY MOORE, Special Assistant to the Board
LEGAL
DIVISION
J. VIRGIL MATTINGLY, JR., General
Counsel
RICHARD M. ASHTON, Associate General Counsel
OLIVER IRELAND, Associate General Counsel
RLCKI R. TLGERT, Associate General Counsel
SCOTT G. ALVAREZ, Assistant General Counsel
MARYELLEN A. BROWN, Assistant to the General Counsel
WAYNE D . ANGELL
EDWIN M. TRUMAN, Staff
ROBERT F. GEMMILL, Staff Adviser
DONALD B. ADAMS, Assistant
Director
PETER HOOPER III, Assistant
Director
KAREN H. JOHNSON, Assistant
Director
RALPH W. SMITH, JR., Assistant
Director
DIVISION OF RESEARCH
WILLIAM W . WILES,
AND
STATISTICS
Director
EDWARD C. ETTIN, Deputy
Director
THOMAS D. SIMPSON, Associate
Director
LAWRENCE SLIFMAN, Associate
Director
DAVID J. STOCKTON, Associate
Director
SECRETARY
Secretary
JENNIFER J. JOHNSON, Associate
BARBARA R. LOWREY, Associate
Director
LARRY J. PROMISEL, Senior Associate Director
CHARLES J. SIEGMAN, Senior Associate Director
DAVID H. HOWARD, Deputy Associate Director
MICHAEL J. PRELL,
OFFICE OF THE
FINANCE
Secretary
Secretary
DIVISION OF CONSUMER
AND COMMUNITY
AFFAIRS
MARTHA BETHEA, Deputy Associate Director
PETER A. TINSLEY, Deputy Associate Director
MYRON L. KWAST, Assistant
Director
PATRICK M. PARKINSON, Assistant
Director
MARTHA S. SCANLON, Assistant
Director
JOYCE K. ZLCKLER, Assistant
Director
LEVON H. GARABEDIAN, Assistant
Director
(Administration)
GRIFFITH L . GARWOOD,
Director
GLENN E. LONEY, Assistant
Director
ELLEN MALAND, Assistant
Director
DOLORES S. SMITH, Assistant
Director
DIVISION
OF MONETARY
DONALD L . KOHN,
DIVISION OF BANKING
SUPERVISION AND REGULATION
WILLIAM TAYLOR, Staff
Director
DAVID E. LLNDSEY, Deputy
Director
BRIAN F. MADIGAN, Assistant
Director
RICHARD D. PORTER, Assistant
Director
NORMAND R.V. BERNARD, Special Assistant to the Board
Director
DON E. KLINE, Associate
OFFICE OF THE INSPECTOR
Director
FREDERICK M. STRUBLE, Associate
HERBERT A. BIERN, Assistant
JOE M. CLEAVER, Assistant
GENERAL
Director
WILLIAM A. RYBACK, Deputy Associate Director
STEPHEN C. SCHEMERING, Deputy Associate Director
RICHARD SPILLENKOTHEN, Deputy Associate Director
Director
Director
ROGER T. COLE, Assistant
Director
JAMES I. GARNER, Assistant
Director
JAMES D. GOETZINGER, Assistant
Director
MICHAEL G. MARTINSON, Assistant
Director
ROBERT S. PLOTKIN, Assistant
Director
SIDNEY M. SUSSAN, Assistant
Director
LAURA M. HOMER, Securities Credit Officer
AFFAIRS
BRENT L. BOWEN, Inspector
General
BARRY R. SNYDER, Assistant Inspector General
A79
and Official Staff
EDWARD W . KELLEY, JR.
JOHN P. L A WARE
OFFICE OF
STAFF DIRECTOR FOR
S. DAVID FROST, Staff
OFFICE OF STAFF DIRECTOR FOR
FEDERAL RESERVE BANK
ACTIVITIES
MANAGEMENT
THEODORE E. ALLISON, Staff
Director
EDWARD T. MULRENIN, Assistant Staff Director
PORTIA W. THOMPSON, Equal Employment Opportunity
Programs Officer
DIVISION OF HUMAN
MANAGEMENT
DAVID L . SHANNON,
RESOURCES
CLYDE H . FARNSWORTH, JR.,
Director
CONTROLLER
GEORGE E . LIVINGSTON,
Controller
STEPHEN J. CLARK, Assistant Controller (Programs and
Budgets)
DARRELL R. PAULEY, Assistant Controller (Finance)
DIVISION
OF SUPPORT
ROBERT E . FRAZIER,
SERVICES
Director
GEORGE M. LOPEZ, Assistant
DAVID L. WILLIAMS, Assistant
Director
Director
OFFICE OF THE EXECUTIVE
INFORMATION RESOURCES
ALLEN E. BEUTEL, Executive
DIRECTOR FOR
MANAGEMENT
Director
STEPHEN R. MALPHRUS, Deputy Executive Director
DIVISION OF HARDWARE
SYSTEMS
BRUCE M . BEARDSLEY,
AND
ELIZABETH B. RLGGS, Assistant
DIVISION OF APPLICATIONS
STATISTICAL
SERVICES
WILLIAM R . JONES,
SOFTWARE
Director
DAY W. RADEBAUGH, JR., Assistant
Director
Director
DEVELOPMENT
Director
RICHARD C. STEVENS, Assistant
Director
ROBERT J. ZEMEL, Assistant
Director
RESERVE
Director
DAVID L. ROBINSON, Associate
Director
C. WILLIAM SCHLEICHER, JR., Associate
Director
BRUCE J. SUMMERS, Associate
Director
CHARLES W. BENNETT, Assistant
Director
JACK DENNIS, JR., Assistant
Director
EARL G. HAMILTON, Assistant
Director
JOHN H. PARRISH, Assistant
Director
LOUISE L. ROSEMAN, Assistant
Director
FLORENCE M. YOUNG, Assistant
Director
JOHN R. WEIS, Associate
Director
ANTHONY V. DIGIOIA, Assistant
Director
JOSEPH H. HAYES, JR., Assistant
Director
FRED HOROWITZ, Assistant
Director
OFFICE OF THE
DIVISION OF FEDERAL
BANK
OPERATIONS
Director
AND
A80
Federal Reserve Bulletin • January 1990
Federal Open Market Committee
FEDERAL
OPEN MARKET
COMMITTEE
MEMBERS
ALAN GREENSPAN, Chairman
WAYNE D . ANGELL
EDWARD G . BOEHNE
ROBERT H . BOYKIN
E. GERALD CORRIGAN, Vice
W . LEE HOSKINS
MANUEL H . JOHNSON
EDWARD W . KELLEY, JR.
ALTERNATE
ROBERT P. BLACK
ROBERT P. FORRESTAL
Chairman
JOHN P. L A WARE
MARTHA R . SEGER
GARY H . STERN
MEMBERS
SILAS KEEHN
JAMES H . OLTMAN
ROBERT T . PARRY
STAFF
DONALD L. KOHN, Secretary and Economist
NORMAND R.V. BERNARD, Assistant
Secretary
GARY P. GILLUM, Deputy Assistant
Secretary
J. VIRGIL MATTINGLY, JR., General
Counsel
ERNEST T. PATRIKIS, Deputy General Counsel
MICHAEL J. PRELL,
EDWIN M . TRUMAN,
Economist
Economist
ANATOL B. BALBACH, Associate
Economist
RICHARD G. DAVIS, Associate
Economist
THOMAS E. DAVIS, Associate
Economist
DAVID E. LINDSEY, Associate
Economist
ALICIA H. MUNNELL, Associate
Economist
LARRY J. PROMISEL, Associate
Economist
KARL A. SCHELD, Associate
Economist
CHARLES J. SIEGMAN, Associate
Economist
THOMAS D. SIMPSON, Associate
Economist
LAWRENCE SLIFMAN, Associate
Economist
PETER D. STERNLIGHT, Manager for Domestic Operations, System Open Market Account
SAM Y. CROSS, Manager for Foreign Operations, System Open Market Account
FEDERAL ADVISORY
COUNCIL
DONALD N . BRANDIN,
President
SAMUEL A. MCCULLOUGH, Vice
J. TERRENCE MURRAY, First District
WILLARD C. BUTCHER, Second District
SAMUEL A. MCCULLOUGH, Third District
THOMAS H. O'BRIEN, Fourth District
FREDERICK DEANE, JR., Fifth District
KENNETH L. ROBERTS, Sixth District
President
B. KENNETH WEST, Seventh District
DONALD N. BRANDIN, Eighth District
LLOYD P. JOHNSON, Ninth District
JORDAN L. HAINES, Tenth District
JAMES E. BURT III, Eleventh District
PAUL HAZEN, Twelfth District
HERBERT V . PROCHNOW,
WILLIAM J. KORSVIK, Associate
Secretary
Secretary
A81
and Advisory Councils
CONSUMER ADVISORY
COUNCIL
JUDITH N. BROWN, Edina, Minnesota, Chairman
WILLIAM E. ODOM, Dearborn, Michigan, Vice Chairman
NAOMI G. ALBANESE, Greensboro, North Carolina
GEORGE H. BRAASCH, Chicago, Illinois
BETTY TOM CHU, Arcadia, California
CLIFF E . COOK, T a c o m a , W a s h i n g t o n
ROBERT A . HESS, W a s h i n g t o n , D . C .
RAMON E. JOHNSON, Salt Lake City, Utah
BARBARA KAUFMAN, San Francisco, California
A. J. (JACK) KING, Kalispell, Montana
JERRY D. CRAFT, Atlanta, Georgia
DONALD C. DAY, Boston, Massachusetts
R.B. (JOE) DEAN, JR., Columbia, South Carolina
RICHARD B. DOBY, Denver, Colorado
RICHARD L. D. MORSE, Manhattan, Kansas
LINDA K. PAGE, Columbus, Ohio
WILLIAM C . DUNKELBERG, Philadelphia, P e n n s y l v a n i a
RICHARD H . FINK, W a s h i n g t o n , D . C .
JAMES FLETCHER, C h i c a g o , Illinois
STEPHEN GARDNER, D a l l a s , T e x a s
CLIFFORD N . ROSENTHAL, N e w Y o r k , N e w Y o r k
ALAN M . SILBERSTEIN, N e w Y o r k , N e w Y o r k
ELENA G. HANGGI, Little Rock, Arkansas
JAMES HEAD, Berkeley, California
THRIFT INSTITUTIONS
ADVISORY
MICHELLE S . MEIER, W a s h i n g t o n , D . C .
SANDRA PHILLIPS, P i t t s b u r g h , P e n n s y l v a n i a
VINCENT P. QUAYLE, Baltimore, Maryland
RALPH E. SPURGIN, Columbus, Ohio
DAVID P. WARD, Peapack, New Jersey
LAWRENCE WINTHROP, P o r t l a n d , O r e g o n
COUNCIL
GERALD M. CZARNECKI, Honolulu, Hawaii, President
DONALD B. SHACKELFORD, Columbus, Ohio, Vice President
CHARLOTTE CHAMBERLAIN, G l e n d a l e , California
JOE C. MORRIS, Overland Park, Kansas
ROBERT S. DUNCAN, Hattiesburg, Mississippi
ADAM A. JAHNS, Chicago, Illinois
H. C. KLEIN, Jacksonville, Arkansas
PHILIP E. LAMB, Springfield, Massachusetts
JOSEPH W . MOSMILLER, B a l t i m o r e , M a r y l a n d
LOUIS H. PEPPER, Seattle, Washington
MARION O. SANDLER, Oakland, California
CHARLES B. STUZIN, Miami, Florida
A82
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A83
The Right to Financial Privacy Act
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155. THE FUNDING OF PRIVATE PENSION PLANS, b y Mark J.
Warshawsky. November 1987. 25 pp.
156. INTERNATIONAL TRENDS FOR U . S . BANKS AND BANK-
ING MARKETS, by James V. Houpt. May 1988. 47 pp.
157. M 2 PER UNIT OF POTENTIAL G N P AS AN ANCHOR FOR
THE PRICE LEVEL, by Jeffrey J. Hallman, Richard D.
Porter, and David H. Small. April 1989. 28 pp.
158. THE ADEQUACY AND CONSISTENCY OF MARGIN REQUIREMENTS IN THE MARKETS FOR STOCKS AND DE-
STAFF STUDIES:
Summaries Only Printed in the
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146. THE ROLE OF THE PRIME RATE IN THE PRICING OF
BUSINESS LOANS BY COMMERCIAL BANKS, 1 9 7 7 - 8 4 ,
by Thomas F. Brady. November 1985. 25 pp.
147. REVISIONS IN THE MONETARY SERVICES (DIVISIA)
INDEXES OF THE MONETARY AGGREGATES, b y H e l e n
T. Farr and Deborah Johnson. December 1985. 42 pp.
148. THE MACROECONOMIC AND SECTORAL EFFECTS OF
THE ECONOMIC RECOVERY TAX ACT: SOME SIMULA-
TION RESULTS, by Flint Bray ton and Peter B. Clark.
December 1985. 17 pp.
149. THE OPERATING PERFORMANCE OF ACQUIRED FIRMS
IN BANKING BEFORE AND AFTER ACQUISITION, b y
Stephen A. Rhoades. April 1986. 32 pp.
150. STATISTICAL COST ACCOUNTING MODELS IN BANKING: A REEXAMINATION AND AN APPLICATION, b y
John T. Rose and John D. Wolken. May 1986. 13 pp.
151. RESPONSES TO DEREGULATION: RETAIL DEPOSIT
PRICING FROM 1983 THROUGH 1985, b y Patrick I. M a -
honey, Alice P. White, Paul F. O'Brien, and Mary M.
McLaughlin. January 1987. 30 pp.
152. DETERMINANTS OF CORPORATE MERGER ACTIVITY: A
REVIEW OF THE LITERATURE, by Mark J. Warshawsky.
April 1987. 18 pp.
153. STOCK MARKET VOLATILITY, by Carolyn D. Davis and
Alice P. White. September 1987. 14 pp.
154. THE EFFECTS ON CONSUMERS AND CREDITORS OF
PROPOSED CEILINGS ON CREDIT CARD INTEREST
RATES, by Glenn B. Canner and James T. Fergus.
October 1987. 26 pp.
Foreign Experience with Targets for Money Growth. 10/83.
Intervention in Foreign Exchange Markets: A Summary of
Ten Staff Studies. 11/83.
A Financial Perspective on Agriculture. 1/84.
Survey of Consumer Finances, 1983. 9/84.
Bank Lending to Developing Countries. 10/84.
Survey of Consumer Finances, 1983: A Second Report.
12/84.
Union Settlements and Aggregate Wage Behavior in the
1980s. 12/84.
The Thrift Industry in Transition. 3/85.
A Revision of the Index of Industrial Production. 7/85.
Financial Innovation and Deregulation in Foreign Industrial
Countries. 10/85.
Recent Developments in the Bankers Acceptance Market.
1/86.
The Use of Cash and Transaction Accounts by American
Families. 2/86.
Financial Characteristics of High-Income Families. 3/86.
Prices, Profit Margins, and Exchange Rates. 6/86.
Agricultural Banks under Stress. 7/86.
Foreign Lending by Banks: A Guide to International and
U.S. Statistics. 10/86.
Recent Developments in Corporate Finance. 11/86.
Measuring the Foreign-Exchange Value of the Dollar. 6/87.
Changes in Consumer Installment Debt: Evidence from the
1983 and 1986 Surveys of Consumer Finances. 10/87.
Home Equity Lines of Credit. 6/88.
U.S. International Transactions in 1988. 5/89.
Mutual Recognition: Integration of the Financial Sector in the
European Community. 9/89
A84
Index to Statistical Tables
References are to pages A3-A77 although the prefix "A" is omitted in this index
ACCEPTANCES, bankers (See Bankers acceptances)
Agricultural loans, commercial banks, 19, 20
Assets and liabilities (See also Foreigners)
Banks, by classes, 18-20, 72-77
Domestic finance companies, 36
Federal Reserve Banks, 10
Financial institutions, 26
Foreign banks, U.S. branches and agencies, 21
Automobiles
Consumer installment credit, 39, 40
Production, 49, 50
BANKERS acceptances, 9, 23, 24
Bankers balances, 18-20, 72, 74, 76. (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 34
Rates, 24
Branch banks, 21, 57
Business activity, nonfinancial, 46
Business expenditures on new plant and equipment, 35
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 48
Capital accounts
Banks, by classes, 18, 73, 75, 77
Federal Reserve Banks, 10
Central banks, discount rates, 69
Certificates of deposit, 24
Commercial and industrial loans
Commercial banks, 16, 19, 72, 74, 76
Weekly reporting banks, 19-21
Commercial banks
Assets and liabilities, 18-20
Commercial and industrial loans, 16, 18, 19, 20, 21, 72,
74, 76
Consumer loans held, by type and terms, 39, 40
Loans sold outright, 19
Nondeposit funds, 17
Number by classes, 73, 75, 77
Real estate mortgages held, by holder and property, 38
Time and savings deposits, 3
Commercial paper, 23, 24, 36
Condition statements (See Assets and liabilities)
Construction, 46, 51
Consumer installment credit, 39, 40
Consumer prices, 46, 48
Consumption expenditures, 53, 54
Corporations
Nonfinancial, assets and liabilities, 35
Profits and their distribution, 35
Security issues, 34, 67
Cost of living (See Consumer prices)
Credit unions, 26, 39. (See also Thrift institutions)
Currency and coin, 18, 72, 74, 76
Currency in circulation, 4, 13
Customer credit, stock market, 25
DEBITS to deposit accounts, 15
Debt (See specific types of debt or securities)
Demand deposits
Banks, by classes, 18-21, 73, 75, 77
Ownership by individuals, partnerships, and
corporations, 22
Demand deposits—Continued
Turnover, 15
Depository institutions
Reserve requirements, 8
Reserves and related items, 3, 4, 5, 12
Deposits (See also specific types)
Banks, by classes, 3, 18-20, 21, 73, 75, 77
Federal Reserve Banks, 4, 10
Turnover, 15
Discount rates at Reserve Banks and at foreign central
banks and foreign countries (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
Dividends, corporate, 35
EMPLOYMENT, 47
Eurodollars, 24
FARM mortgage loans, 38
Federal agency obligations, 4, 9, 10, 11, 31, 32
Federal credit agencies, 33
Federal finance
Debt subject to statutory limitation, and types and
ownership of gross debt, 30
Receipts and outlays, 28, 29
Treasury financing of surplus, or deficit, 28
Treasury operating balance, 28
Federal Financing Bank, 28, 33
Federal funds, 6, 17, 19, 20, 21, 24, 28
Federal Home Loan Banks, 33
Federal Home Loan Mortgage Corporation, 33, 37, 38
Federal Housing Administration, 33, 37, 38
Federal Land Banks, 38
Federal National Mortgage Association, 33, 37, 38
Federal Reserve Banks
Condition statement, 10
Discount rates (See Interest rates)
U.S. government securities held, 4, 10, 11, 30
Federal Reserve credit, 4, 5, 10, l i
Federal Reserve notes, 10
Federal Savings and Loan Insurance Corporation insured
institutions, 26
Federally sponsored credit agencies, 33
Finance companies
Assets and liabilities, 36
Business credit, 36
Loans, 39, 40
Paper, 23, 24
Financial institutions
Loans to, 19, 20, 21
Selected assets and liabilities, 26
Float, 4
Flow of funds, 41, 43, 44, 45
Foreign banks, assets and liabilities of U.S. branches and
agencies, 21
Foreign currency operations, 10
Foreign deposits in U.S. banks, 4, 10, 19, 20
Foreign exchange rates, 70
Foreign trade, 56
Foreigners
Claims on, 57, 59, 62, 63, 64, 66
Liabilities to, 20, 56, 57, 59, 60, 65, 67, 68
A85
GOLD
Certificate account, 10
Stock, 4, 56
Government National Mortgage Association, 33, 37, 38
Gross national product, 53
HOUSING, new and existing units, 51
INCOME, personal and national, 46, 53, 54
Industrial production, 46, 49
Installment loans, 39, 40
Insurance companies, 26, 30, 38
Interest rates
Bonds, 24
Consumer installment credit, 40
Federal Reserve Banks, 7
Foreign central banks and foreign countries, 69
Money and capital markets, 24
Mortgages, 37
Prime rate, 23
International capital transactions of United States, 55-69
International organizations, 59, 60, 62, 65, 66
Inventories, 53
Investment companies, issues and assets, 35
Investments (See also specific types)
Banks, by classes, 18, 19, 20, 21, 26
Commercial banks, 3, 16, 18-20, 38, 72
Federal Reserve Banks, 10, 11
Financial institutions, 26, 38
LABOR force, 47
Life insurance companies (See Insurance companies)
Loans (See also specific types)
Banks, by classes, 18-20
Commercial banks, 3, 16, 18-20, 72, 74, 76
Federal Reserve Banks, 4, 5, 7, 10, 11
Financial institutions, 26, 38
Insured or guaranteed by United States, 37, 38
MANUFACTURING
Capacity utilization, 48
Production, 48, 50
Margin requirements, 25
Member banks (See also Depository institutions)
Federal funds and repurchase agreements, 6
Reserve requirements, 8
Mining production, 50
Mobile homes shipped, 51
Monetary and credit aggregates, 3, 12
Money and capital market rates, 24
Money stock measures and components, 3, 13
Mortgages (See Real estate loans)
Mutual funds, 35
Mutual savings banks (See Thrift institutions)
NATIONAL defense outlays, 29
National income, 53
OPEN market transactions, 9
PERSONAL income, 54
Prices
Consumer and producer, 46, 52
Stock market, 25
Prime rate, 23
Producer prices, 46, 52
Production, 46, 49
Profits, corporate, 35
REAL estate loans
Banks, by classes, 16, 19, 20, 38, 74
Real estate loans—Continued
Financial institutions, 26
Terms, yields, and activity, 37
Type of holder and property mortgaged, 38
Repurchase agreements, 6, 17, 19, 20, 21
Reserve requirements, 8
Reserves
Commercial banks, 18, 73
Depository institutions, 3, 4, 5, 12
Federal Reserve Banks, 10
U.S. reserve assets, 56
Residential mortgage loans, 37
Retail credit and retail sales, 39, 40, 46
SAVING
Flow of funds, 41, 43, 44, 45
National income accounts, 53
Savings and loan associations, 26, 38, 39, 41. (See also
Thrift institutions)
Savings banks, 26, 38, 39
Savings deposits (See Time and savings deposits)
Securities (See also specific types)
Federal and federally sponsored credit agencies, 33
Foreign transactions, 67
New issues, 34
Prices, 25
Special drawing rights, 4, 10, 55, 56
State and local governments
Deposits, 19, 20
Holdings of U.S. government securities, 30
New security issues, 34
Ownership of securities issued by, 19, 20, 26
Rates on securities, 24
Stock market, selected statistics, 25
Stocks (See also Securities)
New issues, 34
Prices, 25
Student Loan Marketing Association, 33
TAX receipts, federal, 29
Thrift institutions, 3. (See also Credit unions and Savings
and loan associations)
Time and savings deposits, 3, 13, 17, 18, 19, 20, 21, 73, 75,
77
Trade, foreign, 56
Treasury cash, Treasury currency, 4
Treasury deposits, 4, 10, 28
Treasury operating balance, 28
UNEMPLOYMENT, 47
U.S. government balances
Commercial bank holdings, 18, 19, 20
Treasury deposits at Reserve Banks, 4, 10, 28
U.S. government securities
Bank holdings, 18-20, 21, 30, 72, 74, 76
Dealer transactions, positions, and financing, 32
Federal Reserve Bank holdings, 4, 10, 11, 30
Foreign and international holdings and transactions, 10,
30, 68
Open market transactions, 9
Outstanding, by type and holder, 26, 30
Rates, 24
U.S. international transactions, 55-69
Utilities, production, 50
VETERANS Administration, 37, 38
WEEKLY reporting banks, 19-21
Wholesale (producer) prices, 46, 52
YIELDS (See Interest rates)
A86
Federal Reserve Banks, Branches, and Offices
FEDERAL RESERVE BANK
branch, or facility
Zip
Chairman
Deputy Chairman
President
First Vice President
BOSTON*
02106
Richard N. Cooper
Richard L. Taylor
Richard F. Syron
Robert W. Eisenmenger
NEW YORK*
10045
Cyrus R. Vance
Ellen V. Futter
Mary Ann Lambertsen
E. Gerald Corrigan
James H. Oltman
Buffalo
14240
John T. Keane
PHILADELPHIA
19105
Peter A. Benoliel
Gunnar E. Sarsten
Edward G. Boehne
William H. Stone, Jr.
CLEVELAND*
44101
Charles W. Parry
John R. Miller
To be announced
Robert P. Bozzone
W. Lee Hoskins
William H. Hendricks
Hanne M. Merriman
Anne Marie Whittemore
John R. Hardesty, Jr.
William E. Masters
Robert P. Black
Jimmie R. Monhollon
Larry L. Prince
Edwin A. Huston
A. G. Trammell
Lana Jane Lewis-Brent
Victoria B. Jackson
Caroline G. Theus
Robert D. Apelgren
Robert P. Forrestal
Jack Guynn
Marcus Alexis
Charles S. McNeer
Phyllis E. Peters
Silas Keehn
Daniel M. Doyle
H. Edwin Trusheim
Robert H. Quenon
To be announced
To be announced
To be announced
Thomas C. Melzer
James R. Bowen
Michael W. Wright
Delbert W. Johnson
J. Frank Gardner
Gary H. Stern
Thomas E. Gainor
Fred W. Lyons, Jr.
Burton A. Dole, Jr.
Barbara B. Grogan
John F. Snodgrass
Herman Cain
Roger Guffey
Henry R. Czerwinski
Bobby R. Inman
Hugh G. Robinson
To be announced
To be announced
To be announced
Robert H. Boykin
William H.Wallace
Robert F. Erburu
Carolyn S. Chambers
Yvonne B. Burke
William A. Hilliard
Don M. Wheeler
Bruce R. Kennedy
Robert T. Parry
Carl E. Powell
Cincinnati
Pittsburgh
45201
15230
RICHMOND*
23219
Baltimore
21203
Charlotte
28230
Culpeper Communications
and Records Center 22701
ATLANTA
Birmingham
Jacksonville
Miami
Nashville
New Orleans
30303
35283
32231
33152
37203
70161
CHICAGO*
60690
Detroit
48231
ST. LOUIS
63166
Little Rock
Louisville
Memphis
72203
40232
38101
MINNEAPOLIS
55480
Helena
KANSAS CITY
Denver
Oklahoma City
Omaha
DALLAS
El Paso
Houston
San Antonio
59601
64198
80217
73125
68102
75222
79999
77252
78295
SAN FRANCISCO
94120
Los Angeles
Portland
Salt Lake City
Seattle
90051
97208
84125
98124
Vice President
in charge of branch
Charles A. Cerino1
Harold J. Swart1
Robert D. McTeer, Jr.1
Albert D. Tinkelenberg1
John G. Stoides1
Donald E. Nelson
Fred R. Herr1
James D. Hawkins1
James T. Curry III
Melvin K. Purcell
Robert J. Musso
Roby L. Sloan1
John F. Breen1
Howard Wells
Ray Laurence
John D. Johnson1
Kent M. Scott
David J. France
Harold L. Shewmaker
Tony J. Salvaggio1
Sammie C. Clay
Robert Smith, III1
Thomas H. Robertson
Thomas C. Warren2
Angelo S. Carella1
E. Ronald Liggett1
Gerald R. Kelly1
*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.
1. Senior Vice President.
2. Executive Vice President.
A87
The Federal Reserve System
Boundaries of Federal Reserve Districts and Their Branch Territories
Helen*
Minneapolis
Detroit
Chicago
Omaha'
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Kansas City
't. Louis
Cleffi'jt
Lonisville
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Oklahoma City.
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Atlanta
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Dallas®
Houston!
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LEGEND
Boundaries of Federal Reserve Districts
®
Federal Reserve Bank Cities
Boundaries of Federal Reserve Branch
Territories
*
Federal Reserve Branch Cities
Federal Reserve Bank Facility
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Board of Governors of the Federal Reserve
System
Publications of Interest
FEDERAL RESERVE
PUBLICATIONS
CONSUMER
CREDIT
The Federal Reserve Board publishes a series of
pamphlets covering individual credit laws and topics,
as pictured below. The series includes such subjects as
how the Equal Credit Opportunity Act protects women against discrimination in their credit dealings, how
to use a credit card, and how to resolve a billing error.
The Board also publishes the Consumer Handbook
to Credit Protection Laws, a complete guide to consumer credit protections. This 44-page booklet explains how to use the credit laws to shop for credit,
apply for it, keep up credit ratings, and complain about
an unfair credit.
Three booklets on the mortgage process are also
available: A Consumer's Guide to Mortgage Refinancings, A Consumer's Guide to Mortgage Lock-Ins, and
A Consumer's Guide to Mortgage Settlement Costs.
These booklets were prepared in conjunction with the
Federal Home Loan Bank Board and in consultation
with other federal agencies and trade and consumer
groups.
Copies of consumer publications are available free
of charge from Publications Services, Mail Stop 138,
Board of Governors of the Federal Reserve System,
Washington, D.C. 20551. Multiple copies for classroom use are also available free of charge.
Publications of Interest
NEW HANDBOOK AVAILABLE
REGULATORY
SERVICE
FROM THE
The Federal Reserve Board has announced publication of The Payment System Handbook. The new
handbook, which is part of the Federal Reserve Regulatory Service, deals with expedited funds availability, check collection, wire transfers, and risk-reduction policy. It includes Regulation CC (Availability of
Funds and Collection of Checks), Regulation J (Collection of Checks and Other Items and Wire Transfers
of Funds by Federal Reserve Banks), the Expedited
Funds Availability Act and related statutes, official
Board commentary on Regulation CC, and policy
statements on risk reduction in the payment system. In
addition, it contains detailed subject and citation indexes. It is published in loose-leaf binder form and is
updated monthly.
To promote public understanding of its regulatory
functions, the Board publishes the Federal Reserve
Regulatory Service, a three-volume loose-leaf service
containing all Board regulations and related statutes,
interpretations, policy statements, rulings, and staff
opinions. For those with a more specialized interest in
the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary
policy, securities credit, consumer affairs, and, available for the first time in September 1988, The Payment
System Handbook.
For domestic subscribers, the annual rate for The
Payment System Handbook is $75. For subscribers
outside the United States, the price, including additional air mail costs, is $90. For the Federal Reserve
Regulatory Service, not including handbooks, the annual rate is $200 for domestic subscribers and $250 for
subscribers outside the United States. All subscription
requests must be accompanied by a check payable to
"Board of Governors of the Federal Reserve
System." Orders should be addressed to Publications
Services, Mail Stop 138, Board of Governors of the
Federal Reserve System, Washington, D.C. 20551.
@FedFRASER