Full text of Federal Reserve Bulletin : July 1982

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

JULY 1 9 8 2

FEDERAL RESERVE

BULLETIN

Financial Innovation and Monetary Policy




The F E D E R A L R E S E R V E B U L L E T I N (USPS 351-150) may be obtained from PUBLICATIONS SERVICES, Board of Governors of the Federal Reserve System,
Washington, D.C. 20551, and remittance should be made payable to the order of
the Board of Governors of the Federal Reserve System in a form collectible at par
in U.S. currency. (Stamps and coupons are not accepted.) Controlled Circulation
Postage Paid at Richmond, Virginia. POSTMASTER: Send address changes to
PUBLICATIONS SERVICES, MP-510, Board of Governors of the Federal
Reserve System, Washington, D.C. 20551.

A copy of the FEDERAL RESERVE BULLETIN is sent to each member bank without charge; member banks desiring
additional copies may secure them at a special $10.00 annual rate. The regular subscription price in the United States
and its possessions, and in Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and
Venezuela is $20.00 per annum or $2.00 per copy; elsewhere, $24.00 per annum or $2.50 per copy. Group
subscriptions in the United States for 10 or more copies to one address. $1.75 per copy per month, or $18.00 for 12
months.




VOLUME 68 •

NUMBER 7 •

JULY 1982

FEDERAL RESERVE

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

PUBLICATIONS COMMITTEE

Joseph R. Coyne, Chairman • Stephen H. Axilrod • Michael Bradfield
John M. Denkler • Janet O. Hart • James L. Kichline • Edwin M. Truman
Naomi P. Salus,

Coordinator

The FEDERAL RESERVE BULLETIN is issued monthly under the direction of the staff publications committee. This committee is responsible for
opinions expressed except in official statements and signed articles. It is assisted by the Economic Editing Unit headed by Mendelle T. Berenson,
the Graphic Communications Section under the direction of Peter G. Thomas, and Publications Services supervised by Helen L. Hulen.




Table of Contents
393

FINANCIAL INNOVATION
MONETAR Y POLIC Y

AND

413

Receiver's certificates acceptable as collateral for advances at the discount window.

Innovations in financial markets have had
profound implications for monetary policy.
401

STAFF

Issuance of policy statement with respect to
investments by bank holding companies in
nonvoting shares of other bank holding
companies or banks.

STUDIES

"Interest Rates and Terms on Construction
Loans at Commercial Banks" examines
construction loan markets as links between
general credit conditions and construction
activity and discusses information on interest rates and other characteristics of construction loans.
403 INDUSTRIAL

ANNOUNCEMENTS

Meeting of Consumer Advisory Council.
Changes in Board staff.
Availability of magnetic tape for the call
and income subscription service.
Admission of six state banks to membership
in the Federal Reserve System.

PRODUCTION

Output declined about 0.7 percent in June.
417
405

STATEMENTS

TO

CONGRESS

Paul A. Volcker, Chairman, Board of Governors, discusses the conduct of monetary
policy, in particular the framework for targeting the monetary aggregates in light of
recent experience, and says that commitments to gain control of the federal budget
and to maintain appropriate monetary restraint are critical to pursuing an appropriate fiscal and monetary policy, before the
Joint Economic Committee of the U.S.
Congress, June 15, 1982.
409 Preston Martin, Vice Chairman, Board of
Governors, discusses H.R. 6222, which
would amend the Federal Reserve Act by
exempting from reserve requirements the
first $2 million of reservable liabilities at all
depository institutions, before the Subcommittee on Domestic Monetary Policy of the
House Committee on Banking, Finance,
and Urban Affairs, June 16, 1982.




RECORD OF POLICY ACTIONS OF THE
FEDERAL OPEN MARKET
COMMITTEE

At its meeting on May 18, 1982, the Committee agreed to reaffirm the objectives for
monetary growth established at the previous meeting and to seek behavior of reserve
aggregates associated with growth of Ml
and M2 from March to June at annual rates
of about 3 percent and 8 percent respectively. The Committee noted that deviations
from these objectives should be evaluated
in light of changes in the relative importance of NOW accounts as a savings vehicle. The intermeeting range for the federal
funds rate, which provides a mechanism for
initiating further consultation of the Committee, was set at 10 to 15 percent.
423

LEGAL

DEVELOPMENTS

Amendment to rules regarding delegation of
authority; bank holding company and bank
merger orders; and pending cases.

AL

FINANCIAL

AND BUSINESS

STA TISTICS

A3
A46
A54
A70

Domestic Financial Statistics
Domestic Nonfinancial Statistics
International Statistics
Special Tables

OF GOVERNORS




AND

COMMITTEE
COUNCILS

A 8 3 FEDERAL RESERVE
BANKS,
BRANCHES,
AND OFFICES

A 6 9 GUIDE TO TABULAR
PRESENTATION,
STATISTICAL RELEASES, AND
SPECIAL
TABLES
A 8 0 BOARD

A 8 2 FEDERAL OPEN MARKET
AND STAFF; ADVISORY

STAFF

A 8 4 FEDERAL RESERVE
PUBLICATIONS

BOARD

A 8 6 INDEX TO STATISTICAL
A88 MAP OF FEDERAL

TABLES

RESERVE

SYSTEM

Financial Innovation and Monetary Policy
This article was adapted from a presentation
made by Lyle E. Gramley, member, Board of
Governors of the Federal Reserve System, at the
XIX Meeting of Governors of Central Banks of
the American Continent, Quito, Ecuador, March
22, 1982.
Innovation in financial markets has proceeded at
an impressive pace for a quarter-century. Recently, the pace seems to be accelerating. While
the implications of these developments for central banking are of most concern to the United
States, they nevertheless are relevant for other
countries as well. First, these innovations affect
U.S. interest rates and credit conditions, which
in turn have profound effects on financial markets around the world. Second, innovations beginning in one market are likely to spread eventually to others.

INNOVATIONS

AND THEIR

SOURCES

The key forces giving rise to financial innovation
in the United States are found in the economic,
interest rate, and regulatory environment of the
past two decades. During most of the period
since World War II, the U.S. economy has
suffered from a rising rate of inflation. As borrowers and lenders came to expect inflation to
continue, or even to accelerate, market interest
rates moved progressively higher (chart 1).
Higher market rates of interest raised the
penalty associated with holding deposits whose
yields were limited by law or regulation. The
yields that depository institutions could pay were
limited by prohibitions or ceilings on the payment of explicit interest, and also by requirements to hold non-interest-bearing reserves,
which reduce the rate of return on the investment
of deposit proceeds. Moreover, the thrift institutions, which specialize in mortgage lending,
were, and still are, severely limited in their




capacity to pay prevailing market interest rates
for deposits because they hold a substantial
volume of longer-term assets acquired earlier,
when inflation and interest rates were lower.
As the public has become increasingly sensitive to the earnings lost by holding non-interestbearing or low-yielding deposits, they have become more adept at economizing on cash
balances and more receptive to new kinds of
financial investments. The increased financial
sophistication of households and businesses,
moreover, has been coupled with technological
advances in computers and telecommunications
that have reduced the cost of information and of
transferring funds.
The innovational process stemming from these
forces became evident during the 1950s. At that
time, depository institutions did not actively
seek deposits, but passively accepted the funds
placed with them by the public. For individual
institutions, deposit levels were determined exogenously, so that imbalances between deposit
flows and net loan extensions were met by
adjusting holdings of liquid assets, usually securities issued by the U.S. Treasury.
A heightened sensitivity to interest rate differentials developed during the course of the 1950s
1. Inflation and market interest rates
Percent

1970

:

A9I4

1978

394

Federal Reserve Bulletin • July 1982

among larger business firms, and commercial
banks found that they could no longer expect an
automatic flow of business funds into non-interest-bearing checking accounts. Banks responded
to their eroding liquidity position by issuing
large-denomination negotiable certificates of deposit and making secondary markets for them.
This was the first in a sequence of steps that
ultimately led to dependence on liability management as the principal source of bank liquidity.
The ability of banks to compete for these funds
was at times hampered by deposit rate ceilings,
but in the early 1970s the ceilings on large CDs
were eliminated.
In the mid-1970s, banks began more aggressively to market instruments of very short maturity—such as repurchase agreements on securities and dollar-denominated deposits at their
offshore branches. They also began to issue
commercial paper through their parent holding
companies. Rates paid on these instruments
were not limited by regulation, nor was it necessary to hold reserves against them.
During the past decade, the financial sophistication of business firms has increased profoundly. Management of cash positions has assumed
an important place in the duties of financial
managers, along with their traditional role of
ensuring the availability of capital for business
enterprise. Considerable effort and investment
have gone into the development of information
systems, cash-forecasting methods, and techniques for transferring funds that enable firms to
minimize their holdings of cash and, in the process, to maximize earnings on working capital.
Individuals as a group were slower than businesses to respond to the forces motivating
changes in financial practices, in part because
they lacked the necessary financial sophistication. In addition, the alternative financial investments available to individuals were, until recently, limited by minimum denominations on market
instruments and the relatively high cost of securities transactions in small amounts. Since the
mid-1970s, however, new institutions and instruments have emerged to compete for the savings
of individuals. The most widely publicized of
these are the money market mutual funds, which
have grown explosively in the past several years
(chart 2). These funds offer small savers the
opportunity to invest indirectly in diversified



2. Growth of money market mutual funds

pools of large-denomination money market instruments such as commercial paper and negotiable CDs. Most of them permit the immediate
withdrawal of funds by check or other convenient means. While money market funds are a
repository for savings, they also can serve as
transaction balances or as a very close substitute
for them.
Other high-yielding investments have attracted
considerable public interest as substitutes for
money. A number of brokerage firms now offer
"cash management" accounts, which combine
the features of money market funds and margin
accounts. Most of these allow for withdrawal of
funds by check in any denomination, and also by
debit card. The newest arrangements, "'sweep
accounts"—some of which are designed primarily for smaller businesses and others for individuals—permit funds to move automatically into or
out of conventional transaction balances to investment accounts paying market rates of return.
The increased competition for savings of individuals has forced the financial regulatory authorities to accelerate the liberalization of ceiling
rates on their small-denomination time deposits.
Also, individuals may now hold checking accounts that bear interest (chart 3). The Monetary
Control Act of 1980 authorized nationwide negotiable order of withdrawal accounts—checkable
deposits earning 5V4 percent interest at commercial banks and at thrift institutions—beginning in
1981. These interest-bearing checking deposits
now account for almost one-fifth of total transaction balances—that is, of the narrow measure of
money, Ml.
These innovations have particular relevance
for monetary policy. First, transaction balances,
as measured by Ml, are growing much more

Financial Innovation and Monetary Policy

3. Growth of NOW accounts
Billions of dollars

395

verge of a virtual revolution in electronic payment transfers, which will permit instantaneous
flows of funds between financial instruments at
very low cost.

IMPLICATIONS

FOR MONETARY

POLICY

40

ii w

—

1976

—

1978

i mmmam i o

1980

'82

slowly than are other financial assets; the income
velocity of Ml has approximately doubled in the
past 20 years. Second, the differences between
money and other financial assets have been
narrowing. The new instruments have both
transaction and investment characteristics. Ml,
the conventional measure of transaction balances, now includes interest-bearing checkable
deposits that also have a significant savings
component. At the same time, money market
funds and cash management accounts, which are
not included in Ml, are also used partly for
transaction purposes. Third, the distinctions
among classes of financial institutions, and between financial and nonfinancial firms, have
been blurred. To cite just one example, the retail
firm of Sears Roebuck has become a financial
conglomerate with a nationwide electronic funds
transfer system, a savings and loan association
subsidiary, a credit card company with more
than 20 million customers, the capability to clear
and settle third-party payments, a full-line insurance subsidiary, a nationwide network of more
than 1,000 offices, and ready access to the commercial paper market. Sears has announced its
intention to expand its provision of a wide variety of financial services to the public, including
payments services.
The current process of financial innovation is
far from complete. Technological advances have
spurred changes in the structure of the financial
services industry. Automated accounting systems, advanced telecommunications, computerbased cash management systems, and wire transfers of funds underpin some of the innovations
already mentioned. Automation of data production and transmission will continue to shape the
financial industry. We are, I believe, on the



Financial innovation in the United States has had
important and far-reaching ramifications. It has
raised questions about the appropriate definition
of money, the precision of the Federal Reserve's
control over the money stock, the meaning of
changes in money balances, and the mechanism
by which monetary policy affects economic activity. It has altered competitive relationships in
the market for financial services. It has encouraged individuals and businesses to hold an increasing portion of their financial assets in forms
not covered by federal deposit insurance, or at
institutions not supervised or regulated by federal authorities. It has added to the risk exposure
of many financial institutions. It has fostered the
integration of financial markets, and in the process has altered the mechanism of credit allocation among sectors of the economy.
To deal comprehensively with even one of
these issues is beyond the scope of a short paper.
But I will try to suggest how financial innovation
has affected the conduct of monetary policy in
the United States.

The Definition

of

Money

The difficulties associated with defining money
certainly are not new: the existence of money
substitutes and "near monies" has always made
it hard to decide which assets should be included
in a particular measure of money. Traditionally,
the issue has boiled down to drawing the line
somewhere along a spectrum of assets ranked
according to degrees of "moneyness," starting
with balances serving as a generally accepted
means of payment—having only a few investment characteristics—and moving successively
to less liquid assets offering higher returns.
Innovation has made the dividing line between
money and other financial assets conceptually
more arbitrary. Assets with both payment and
investment characteristics are more common;

396

Federal Reserve Bulletin • July 1982

moreover, the decline in the cost of shifting from
one financial asset to another has widened the
spectrum of assets held at any particular time to
make payments.
From a purely theoretical standpoint, conceptual arbitrariness in the definition of money need
not be a problem for monetary policy. After all, if
a central bank can identify and control a monetary variable that is related in a reasonably stable
way to economic activity and prices, it can
accomplish its broad economic objectives even if
the definition of that variable is arbitrary. If the
definition of money appears arbitrary, however,
it is more difficult for the central bank to maintain credibility with the public. Furthermore,
when financial innovation proceeds rapidly, the
appropriate concept of money on which to focus
attention will almost certainly change, requiring
periodic redefinitions of money that create still
more credibility problems.

Controlling

the Monetary

Aggregates

Even more serious problems will arise if the
process of innovation undermines the ability of
the monetary authority to control money growth.
Monetary policy in the United States is imple-

mented by setting targets for several monetary
aggregates. The principal target has been the
narrow money stock, Ml, which comprises currency and checking deposits (chart 4). Studies at
the Federal Reserve indicate that, despite its
inadequacies, Ml is more closely related to economic activity and prices than are the more
inclusive money aggregates.
Financial innovations have not, as yet, seriously compromised our ability to control Ml.
The Monetary Control Act of 1980 extended
reserve requirements to all depository institutions, a step that helped to strengthen the link
between reserves and Ml.
We may, however, be on the threshold of
serious problems of monetary control because of
innovation. The proportion of money market
funds used for transactions apparently is still
quite small, but it may be growing rapidly. Moreover, the spread of sweep accounts may accelerate. Because these sweep arrangements transfer
funds out of conventional transaction balances
into investment accounts at the end of each
business day, they effectively remove transaction balances from the reserve requirements of
the Federal Reserve. To deal with this development, the Federal Reserve needs legislation authorizing it to impose reserve requirements on all

4. Components of liquid asset holdings
Percent
Other liquid assets

Large time deposits and RPs

Savings and small time deposits

Ml is currency held by the public and demand deposits at commercial banks; other checkable deposits; and traveler's checks (included
here with OCDs). M2 is Ml plus general-purpose money market
mutual funds; savings and small time deposits; and overnight repur-




chase agreements and overnight Eurodollars (both included here with
savings and small time deposits). M3 is M2 plus large time deposits;
term RPs; and institution-only MMMFs (included here with large time
deposits). L is M3 plus other liquid assets.

Financial Innovation and Monetary Policy

financial instruments that serve as the functional
equivalent of transaction balances, regardless of
the issuer.
A second kind of problem for monetary control arises if the money variable the central bank
seeks to control, or at least a substantial part of
it, pays a market-related rate of interest. For
example, actions of the Federal Reserve to restrain the growth of bank reserves appear to have
less immediate effect on M2 growth than they
used to. The restraint on reserve growth increases market rates of interest, but rates on the
nontransaction components of M2 rise as well.
There is, consequently, little incentive to shift
out of these elements of M2 into nonmonetary
assets. Efforts to keep the growth of such a
money variable within narrow limits could foster
wider short-run fluctuations in interest rates.
Eventually, of course, increases in interest rates
may slow income growth and thereby moderate
the demand for M2. In effect, such a process
amounts to slowing the economy to slow money
growth, a sequence the reverse of that contemplated in the use of a financial variable for
monetary targeting.

Stability

of Money

Demand

In recent years, the principal problem that financial innovation has caused for monetary policy
has not concerned the ability of the Federal
Reserve to control the money stock. Rather, it
has concerned the relationship among the money
stock, economic activity, and interest rates.
Successful use of a monetary variable as an
intermediate target of central bank policy requires relative stability in the relationship between money and economic activity. Before
1974, one could predict reasonably well the
amount of Ml that the public would want to hold
given the size of the economy and the level of
interest rates. Since then, however, growth of
Ml has been considerably slower, relative to the
rise of nominal gross national product, than
historical relationships suggested. More important, the period since 1974 has been characterized by greater short-run instability of money
demand.
Estimates of shifts in the public's demand for
money are imprecise, but studies by Federal



397

Reserve Board staff suggest that they are too
large to be ignored in the conduct of monetary
policy. For example, over the four quarters of
1975, measured growth of Ml amounted to 5.1
percent. However, the demand for money—at
given levels of nominal GNP and interest rates—
may have declined about VA percent during
1975. According to this estimate, effective money
growth (the actual increase plus the downward
shift in money demand) was nearly 9 percent
over the four quarters. By contrast, the decline
in money demand in 1977 is estimated to have
added less than half a percentage point to effective money growth.
Shifts in money demand make it much more
difficult to conduct monetary policy by setting
targets for money growth. The Federal Reserve
can, and does, try to estimate these shifts and
take them into account in the formulation of
monetary policy. But the estimates are necessarily imprecise, even for historical periods (chart
5). Worse still, at the time of change in growth of
Ml deposits from a predetermined path an observer can never be sure whether it reflects a
shift of money demand or the effects of change in
economic activity on needs for transaction balances. The appropriate policy response is, of
course, very different in the two circumstances.
Financial innovation has also affected the relationship between the more inclusive monetary
aggregates and GNP. In past periods of rising
market interest rates, growth of M2 (which includes savings and time deposits of individuals)
tended to slow abruptly because funds were
diverted from depository institutions to market
securities. But the composition of M2 has
r' i
5. Error in money demand, based on FRB quarterly
econometric model forecasts
Annual rate, percent

398

Federal Reserve Bulletin • July 1982

6. Share of nontransaction M2 bearing market-related
interest rates
Percent

changed materially since 1978; now, more than
60 percent of its nontransaction component consists of assets bearing market-related yields
(chart 6). As noted above, such a composition
affects the ability of the Federal Reserve to
control the growth of M2 in the short run. Also, it
tends to alter the relationship of M2 to GNP.
Thus, even in the face of substantial variations in
interest rates, the velocity of M2 has changed
relatively little over each of the last three years,
in contrast to the rather wide swings that used to
occur.
The problems posed by the instability of money demand cannot be solved by making the
monetary base the target. Such a step is unlikely
to improve monetary policy. The monetary base
is an arbitrary combination of the various components of the monetary aggregates. Its largest
component is currency, whose magnitude has
always been—and, I believe, always should be—
determined by public demand. The remaining
portion of the base, bank reserves, is basically a
weighted sum of the reservable deposit components of the monetary aggregates, with the
weights determined by reserve ratios. When the
significance of movements in the aggregates is
uncertain, so also is the significance of changes
in the monetary base. Furthermore, there is little
reason to think that stability in the growth of the
monetary base will produce economic stability.
Over the 1970s, yearly growth rates of the monetary base never deviated more than 1 Vi percentage points from their decade average. Nevertheless, the 1970s was a period of considerable
economic instability.
Another suggestion is that we replace monetary aggregates by a broad credit aggregate as an



intermediate target of monetary policy. This suggestion has some intellectual appeal. Some broad
credit aggregates appear to be relatively closely
and stably related to nominal GNP. Unfortunately, the suggestion seems impractical. The data on
credit flows in the United States become available to the monetary authority with very long
lags, and they are subject to large revisions.
They could hardly serve, therefore, as a useful
target for monetary policy.
Still another suggestion is that the Federal
Reserve abandon its attempts to use quantitative
targets as intermediate objectives of monetary
policy, and instead seek directly to establish the
level of real interest rates. From the standpoint
of economic theory, this approach has some
merit. From the standpoint of the practice of
central banking, however, it has several deficiencies. First, the level of real interest rates is not
directly observable; we observe only nominal
interest rates and then infer what real interest
rates might be by guessing the price expectations
of borrowers. Second, it is extremely difficult to
ascertain the real interest rates needed to produce the desired performance of the economy.
The economic effects of a given level of real
interest rates will change with the sectoral mix of
GNP, tax rates, and the period over which
monetary restraint is in effect. Third, and perhaps most important, public acceptance of monetary restraint is more readily achieved when the
central bank focuses on reducing the growth of
money and credit than when it sets interest rates
openly and directly.
I believe, therefore, that the use of monetary
aggregates as intermediate targets of monetary
policy continues to be justified, despite the instability of money demand generated by financial
innovation. Inevitably, however, the pursuit of
monetary aggregate targets under present circumstances requires both judgment and flexibility. Short-run movements of the money stock
have even less meaning as indicators of monetary policy than they once did. Moreover, monetary targets are best expressed in rather wide
ranges; the Federal Reserve's present target
ranges for money growth of 3 percentage points
are certainly not too wide, given the kind of
uncertainty that surrounds movements in the
monetary aggregates. Also, we need to continue
to use multiple targets, rather than to focus on

Financial Innovation and Monetary Policy

any single measure of money. Indeed, greater
weight may need to be given to the broader
monetary aggregates in the future as a consequence of the relative instability of the demand
for Ml. Finally, we must stand ready to accept
growth of money outside our target ranges—or to
modify those ranges—when changes in the public's asset preferences warrant it.

Transmission
of Monetary

of the
Policy

Effects

The mechanism through which changes in monetary policy are transmitted to the nonfinancial
sectors of the economy has also been influenced
by innovation. Twenty-five years ago, monetary
restraint worked partly through reductions in the
availability of credit to potential borrowers. Financial markets at that time were less integrated,
so that when inflows of deposits to depository
institutions declined and liquid assets were
drawn down, banks and thrift institutions were
forced to reduce their lending to homebuyers,
small businesses, and other borrowers who depended heavily upon them. The rationing process did not rely exclusively upon higher interest
rates; on the contrary, nonprice rationing methods predominated in many sectors of the financial market. Usury laws and legislated ceiling
rates on government-insured loans also acted to
reduce the availability of mortgage credit and
consumer installment lending. And statutory limits on the rates of interest that could be paid by
states and municipalities blocked the flows of
credit to those political subdivisions.
Innovations and regulatory changes have led
to a gradual breakdown in the barriers to credit
flows that existed in particular markets. As a
result, monetary policy now transmits its effects
to the economy largely through changes in real
interest rates.
This shift in the channels of transmission of
monetary policy has both positive and negative
effects. It improves the efficiency with which
money and capital markets allocate resources
among competing uses. It also rewards savers
more fully, thus encouraging saving for investment purposes.
But when monetary restraint does not result in
curtailment of the availability of credit to poten


399

tial borrowers, real interest rates may have to
rise to much higher levels than they otherwise
would to moderate aggregate demand. Such a
development will be especially likely if monetary
restraint is accompanied by an expansive fiscal
policy. Moreover, the real interest rates confronted by different sectors of the economy are
not the same, because expected price increases
vary substantially from one sector to another.
For example, wholesale prices of farm products
generally are lower now than a year ago, in
contrast to substantial increases in the wholesale
prices of nonfarm products. The experience of
sharply rising real interest rates, moreover, is
one that farmers are unprepared to deal with.
Before 1978, agricultural borrowers obtained
funds principally from rural banks, whose lending rates were largely insulated from developments in the national money markets.
Higher interest rates in our money markets
affect borrowers abroad as well as in our own
country. The opening up of capital markets has
increased international access to the U.S. financial system, and has made the effects of domestic
monetary policy register more heavily and more
rapidly abroad. The huge amount of dollar indebtedness of developing countries means that
their debt service costs are powerfully affected
by changes in U.S. interest rates. For the industrialized countries, the primary concern is that
relative interest rates have a heavy impact on
exchange rates in the short run. A sharp rise in
U.S. interest rates, therefore, may confront them
with the dilemma of accepting a depreciation of
their currency relative to the dollar or taking
steps to raise their own interest rates.

The Stability

of the Financial

System

Another way in which financial innovation may
affect monetary policy is through its effects on
the risks of enterprise. I would conjecture that
innovation increases the risks of financial intermediation. Because it does so, it may limit the
ability to use monetary policy aggressively to
fight inflation.
In the United States, the risks of financial
intermediation have increased for a number of
reasons. First, some financial intermediaries,
such as the thrift institutions, have been less able

400

Federal Reserve Bulletin • July 1982

than others to adjust to rapid change. Second,
fluctuating interest rates have tempted financial
institutions with a high propensity to gamble to
speculate in an effort to increase net interest
margins. Moreover, it is difficult for supervisors
and examiners to monitor and assess the interestrate-risk exposure of a financial institution.
Third, innovation has sharpened the competition
among the suppliers of financial services, thus
narrowing profit margins. Fourth, new forms of
activity, such as foreign lending, have increased
the chances for mistaken judgments. Fifth, and
perhaps most important, reliance on liability
management as a principal source of liquidity has
increased the risk exposure of individual institutions. The problem of maintaining an image of
soundness has taken on critical importance, because sources of funding can evaporate at a mere
hint of difficulty. Reliance on purchased funds
has also intensified the interdependence among
institutions. For example, if one institution appears to be in trouble, depositors may decide,
out of an excess of caution, to remove funds
from others.
The risks stemming from financial innovation
have spread beyond financial institutions to the
nonfinancial sectors of the economy. Interest




rates in the U.S. economy have been more
volatile in recent years—partly, in my judgment,
because innovation has affected the way financial markets function. Interest rate movements
have also become less predictable. As a consequence, banks and other lenders are seeking to
avoid, or at least to minimize, interest rate risk—
risk that they once accepted willingly. In the
process, they have shifted the risks of fluctuating
interest rates to other sectors, which may be less
able to bear them. Futures markets for financial
assets may help eventually to shift the burden of
interest rate risk to those most willing and best
able to bear it, but those markets are not as yet
well developed.
Problems of this kind have not caused the
Federal Reserve to deviate from a monetary
policy designed to reduce inflation by gradually
slowing the growth of money and credit. The
process of financial innovation is not complete,
however, and we cannot be sure of what the
future will bring. At a minimum, concerns about
the way innovation increases the fragility of the
financial system will make it increasingly important to support policies of monetary restraint
with aggressive use of fiscal policy to fight inflation.
•

401

Staff Studies
The staffs of the Board of Governors of the
Federal Reserve System and of the Federal
Reserve Banks undertake studies that cover a
wide range of economic and financial subjects.
In some instances the Federal Reserve System
finances similar studies by members of the academic profession.
From time to time, papers that are of general
interest to the professions and to others are
selected for the Staff Studies series. These papers are summarized—or, occasionally, printed
in full—in the F E D E R A L R E S E R V E B U L L E T I N .

STUDY

In all cases the analyses and conclusions set
forth are those of the authors and do not necessarily indicate concurrence by the Board of Governors, by the Federal Reserve Banks, or by the
members of their staffs.
Single copies of the full text of each of the
studies or papers summarized in the B U L L E T I N
are available without charge. The list of Federal
Reserve Board publications at the back of each
B U L L E T I N includes a separate section
entitled
"Staff Studies" that lists the studies that are
currently available.

SUMMARY

INTEREST RATES AND TERMS ON CONSTRUCTION

David F. Seiders—Staff\

Board of

LOANS

AT COMMERCIAL

BANKS

Governors

Prepared as a staff paper in 1981

Private construction activity, particularly for
housing, has long been recognized as the component of aggregate economic activity that is most
sensitive to shifts in general credit conditions.
The linkages between credit conditions and construction activity typically have been analyzed in
terms of conditions in the markets for long-term
or "permanent" mortgage credit. The effects on
construction activity of shifting conditions in the
markets for short-term construction loans to
builders or developers have received little attention, even though most structures purchased
with long-term mortgage financing require a construction loan of roughly comparable size.
Two factors have limited research in construction loan markets. First, many market analysts
have believed that conditions in the markets for
construction loans have had little independent
effect on construction activity. Second, systematic information on the cost of construction credit has not been available. This paper has two



major objectives: (1) to reconsider construction
loan markets as links between general credit
conditions and construction activity in view of
institutional arrangements that have been evolving in both the long-term mortgage markets and
the construction loan markets in recent years;
and (2) to discuss the information now available
on interest rates and other characteristics of
construction loans. A unique body of Federal
Reserve data, collected since 1977 through the
quarterly Survey of Terms of Bank Lending
(STBL), is used for both time-series and crosssection analysis of the construction loan markets.
This paper concludes that disaggregation of
the published STBL rate averages, by type of
property under construction as well as by fixedand floating-rate contracts, is essential for reliable time-series analysis. When disaggregated in
this fashion, the rate series lend some support to
a markup-over-prime hypothesis that has pre-

402

Federal Reserve Bulletin • July 1982

vailed among analysts of construction loan markets for some time.
Cross-section analysis of the STBL data suggests that large banks tie rates on their floatingrate construction loans to their own primes, with
a short lag. The pricing policies at smaller banks,
on the other hand, seem more diverse because
consistent relationships between construction
loan rates and individual bank primes are not
apparent, even when various nonrate loan characteristics that affect expected net yields are held
constant in multivariate regression analysis.
Construction loan rates clearly vary with loan
size, type of property under construction, and
collateral status. After allowance for these fac-




tors, as well as for bank size, rate differentials
across geographic regions are evident: the highest rates appear in areas where construction
activity is relatively strong, and the lowest rates
appear in areas where demands for construction
credit are weakest. This result implies some
degree of inefficiency in the allocation of funds
across construction loan markets, due in part to
the absence of a secondary market for construction loans. Differences in construction loan rates
also are related to bank size, after allowance for
geographic area and for loan characteristics that
influence net yields. The highest rates appear at
the largest banks, but the pattern among smaller
banks is unclear.
•

403

Industrial Production
Released for publication July 15
Industrial production declined an estimated 0.7
percent in June, following revised decreases of
0.6 percent in May and 1.1 percent in April.
Again in June, gains in output of consumer
durable goods were offset by a sharp cutback in
production of business equipment and a reduction in output of materials. At 138.4 percent of

the 1967 average, the total index for June was
10.1 percent below its recent peak in July 1981.
In market groupings, output of consumer durable goods increased 1.7 percent in June, reflecting a sizable gain in automotive products and a
large advance in home goods. Autos were assembled at an annual rate of 5.9 million units—up
from the rate of 5.6 million units in May. Output
of nondurable consumer goods declined, howev-

1967=100

All series are seasonally adjusted and are plotted on a ratio scale. Auto sales and stocks include imports. Latest figures: June.




1967 = 100

404

Federal Reserve Bulletin • July 1982

1967 = 100
Grouping

Percentage change from preceding month

1982

May

June

Percentage
change,
June 1981
to June
1982

-1.1

-.6

-.7

-9.5

-.6
-.4
.5
2.0
.0
-2.4
-.1
-1.2
-2.2
-1.7

-.4
-.3
.8
2.2
.3
-2.5
.7
-.6
-.4
-1.0

-.8
-.7
.1
1.7
-.5
-2.7
.4
-.7
-.7
-.7

-7.2
-6.7
-4.6
-8.1
-3.2
-14.8
6.2
-8.6
-15.3
-13.1

-.4
-.2
-.6
-2.5
-.6

-.7
-.9
-.5
-2.7
-1.1

-9.9
-12.5
-6.8
-10.6
-2.7

1982

May"

June

6

Feb.

Total industrial production

139.4

138.4

1.6

-.8

Products, total
Final products
Consumer goods
Durable
Nondurable
Business equipment
Defense and space
Intermediate products
Construction supplies
Materials

142.4
142.3
143.3
133.6
147.2
160.8
107.6
142.6
122.4
134.8

141.3
141.3
143.4
135.9
146.4
156.4
108.0
141.6
121.5
133.9

1.2
.9
1.6
4.8
.5
-.3
1.2
2.0
2.7
2.3

-.6
-.6
-.2
1.7
-.9
-1.5
.5
-.8
-1.5
-1.4

Mar.

Apr.

Major market groupings

Major industry groupings
Manufacturing
Durable
Nondurable
Mining
Utilities
p Preliminary.

138.2
126.4
155.3
130.2
169.9
e Estimated.

137.3
125.3
154.6
126.7
168.0

-.6
-.9
-.3
-3.0
-.2

-1.0
-1.2
-.7
-3.3
.6

NOTE. Indexes are seasonally adjusted.

er, reflecting decreased output of most consumer
staples. Production of business equipment was
reduced 2.7 percent further in June, bringing the
total decline in this sector to 15.4 percent since
July 1981; this cutback compares with a total
reduction of 14.3 percent that occurred over
seven months in the 1974-75 recession. In June
reductions occurred in most major categories of
business equipment, but they were most pronounced in building and mining equipment and in
manufacturing equipment. Output of construction supplies declined 0.7 percent further.
Production of materials was reduced 0.7 percent in June—a somewhat smaller decline than




1.7
1.7
1.7
-1.5
-.8

has occurred in recent months. Output of basic
metals and equipment parts was weaker, while
parts for consumer durables advanced for the
fifth consecutive month. Another large cutback
occurred in production of nondurable materials
in June, particularly in the textiles, paper, and
chemical grouping. Energy materials also declined again.
In industry groupings, output of manufacturing
declined further in June, reflecting a reduction of
0.9 percent in output of durable goods and a 0.5
percent decline in nondurable goods. Output of
both mining and utilities was off sharply, by 2.7
and 1.1 percent respectively.

405

Statements to Congress
Statement by Paul A. Volcker, Chairman, Board
of Governors of the Federal Reserve System,
before the Joint Economic Committee of the
U.S. Congress, June 15, 1982.
I am pleased to appear before this committee to
discuss the conduct of monetary policy. In particular, I would like to focus on the framework of
targeting the monetary aggregates in light of
recent experience.
The Federal Reserve began reporting to the
Congress specific numerical "targets" for the
growth of the monetary aggregates in 1975. You
will recall that the Congress had urged such an
approach in House Concurrent Resolution 133.
Subsequently, the reporting of growth targets for
the aggregates was formalized into law with the
enactment of the Full Employment and Balanced
Growth Act of 1978, commonly referred to as the
Humphrey-Hawkins Act. That law requires the
Federal Reserve to present annual targets for
monetary and credit aggregates to the Congress
each February, and to review those targets and
formulate tentative objectives for the coming
calendar year each July. The choice of the appropriate measures to "target," as well as the
quantitative expression of those targets, are, of
course, a matter for the Federal Reserve to
decide.
The development of this formal reporting
framework, focusing on the growth of certain
monetary and credit variables, was a reflection in
part of changes in attitudes toward monetary
policy that occurred in the 1970s, and in part of a
desire to improve communications and reporting
about our intentions and policies. The worsening
inflation problem focused increased attention on
the critical linkage over the longer run between
money growth and prices. A growing sense
among some individuals was that earlier "conventional" views of a trade-off between inflation




and growth were no longer compatible with
actuality, at least over the medium and longer
run, and that inflation had emerged as a major
economic problem. A number, including some
members of the Congress, placed increased emphasis on restraining growth of the monetary
aggregates over time as a means of dealing with
inflation and urged establishing our intentions in
that respect over a longer period of time. More
generally, aggregate targeting was thought to
provide the Congress with a more clearly observable measure of performance against intentions,
which in turn implied that targets should not be
changed frequently or without clear justification.
The formulation of specific targets for the
monetary aggregates also has been consistent
with the goals and approach of the Federal
Reserve. A basic premise of monetary policy is
that inflation cannot persist without excessive
monetary growth, and our view is that appropriately restrained growth of money and credit over
the longer run is critical to achieving the ultimate
objectives of reasonably stable prices and sustainable economic growth. While other policies
must be brought to bear as well, the specific
annual targets announced periodically by the
Federal Reserve have reflected efforts to reconcile and support these goals.
To me it seems implicit in an aggregate targeting approach, as urged by the Congress, that
interest rates in themselves are not the dominant
immediate objective or focus in assessing the
posture of monetary policy, even though that
remains the instinct of many. Interest rates are,
of course, highly important economic variables,
and they are intimately involved in the process
by which the supply of money and other liquid
assets is reconciled in the market with the demands for liquidity derived from the growth of
the economy, inflation, and other factors. But
interest rates are also influenced importantly by

406

Federal Reserve Bulletin • July 1982

other forces, including expectations about inflation and about future interest rates, the budgetary posture, and other factors. The experience of
the seventies emphasized some of the pitfalls and
shortcomings of using interest rates as a guide for
policy, particularly in an environment of generally rapid and rising inflation and correspondingly
uncertain price expectations. In those circumstances, gauging the stimulative or restrictive
influence associated with a given level of nominal interest rates is especially difficult. Recognition of these difficulties was an important element in the decision by the Federal Reserve to
adopt procedures in October 1979 that placed
emphasis, even in the shorter run, on the supply
of reserves rather than primarily on short-term
interest rates as operational guides toward
achieving an appropriate degree of monetary
control.
While all these considerations have suggested
the use of the framework of targeting the monetary aggregates, we need also to be conscious of
the fact that the world, as it is, requires elements
of judgment, interpretation, and flexibility in
judging developments in money and credit and in
setting appropriate targets. One reason is the
impact of financial innovations on the growth of
particular measures of money and the relationships among them. In recent years, generally
high and variable interest rates, the continuing
process of technological change, and the deregulation of depository institutions have provided
powerful stimulus for far-reaching changes in the
financial system. The proliferation of new financial instruments and the development of increasingly sophisticated cash management techniques
have created a need to adjust the definitions of
the monetary aggregates from time to time and to
reassess the relationship of the various measures
to one another and to other economic variables.
A somewhat separable matter conceptually (but
in practice hard to distinguish) is that businesses
or families may shift their preferences among
various financial assets in a manner that may
alter the economic significance of particular
changes in any given measure of "money" or
"credit."
Use of monetary targeting procedures is justified on the presumption that velocity—the ratio
between a given measure of money and the



nominal gross national product—is reasonably
predictable over relevant periods. At the same
time, in the short run of a quarter or two,
velocity is highly variable. Those short-run deviations from trend need to be assessed cautiously,
for they commonly are reversed over a period of
time. However, we cannot always assume a rigid
relationship between money and the economy
that, in fact, may not exist over a cycle, or over
longer periods of time, especially when technology, interest rates, and expectations are changing.
Consequently, the Federal Open Market Committee should reconsider, on a continuing basis,
both the appropriateness of its annual targets and
the implications of shorter-run deviations of actual changes in the aggregates from the targeted
track.
The introduction of negotiable order of withdrawal (NOW) accounts nationwide last year
was illustrative of some of the difficulties arising
from a changing financial structure. To some
degree, the Federal Reserve was able to anticipate the impact. Obvious, for example, was that
the rapid spread of NOW accounts, by drawing
some money from savings accounts as well as
demand deposits, would have important effects
on the Ml aggregate, and last year's targets
allowed for such effects. However, after accounting for these shifts into NOW accounts, the
growth of the several aggregates was considerably more divergent than had been anticipated,
with Ml running relatively low while the increase
in some of the broader aggregates was a bit
above the annual objectives. Taking into account
all of the financial innovations affecting the aggregates—particularly the depressing effects on
Ml of extraordinarily rapid growth in money
market mutual funds—and the relatively rapid
growth of M2 and M3, we found the pattern of
slow growth in Ml acceptable. Indeed, last year's
experience seems to me a clear illustration of the
need to consider a variety of money measures,
rather than focusing exclusively on a single aggregate such as Ml.
Thus far this year, the monetary aggregates
have behaved more consistently, although Ml is
running a bit stronger than anticipated relative to
the other aggregates. With the major shift into
NOW accounts, in terms of new accounts
opened, mostly behind us, one source of distor-

Statements

tion has been removed from the data. But I
would also note that as a result of that "structural" shift, NOW accounts and other interestpaying checkable deposits have grown to be
almost 20 percent of Ml, and evidence exists that
the cyclical behavior of Ml has been affected to
some extent by this change in composition.
While Ml is meant to be a measure of transaction balances, NOW accounts also have some
characteristics of a savings account (including
similar "ceiling" interest rates). This year the
public's desire to hold a portion of its savings in
highly liquid forms has increased noticeably,
probably reflecting recession uncertainties. As a
result, NOW accounts have grown particularly
fast, which accounts for the great bulk of the
growth in Ml, and at the same time the rapid
decline in savings deposits has ceased. Overall,
Ml growth so far this year has been somewhat
more rapid than a "straight line" path toward the
annual target would imply. To the extent that the
relatively strong demand for Ml reflects transitory precautionary motives, allowing some additional growth of money over this period has been
consistent with our general policy intentions.
In arriving at such a judgment, the pattern of
growth in the broader aggregates should be considered. Also, important institutional changes in
recent years have affected the behavior of M2
and M3. For example, an increasingly large share
of the components of M2 that are not also
included in Ml pay market-determined interest
rates. This reflects the spectacular growth of
money market funds in recent years as well as
the increasing availability at banks and thrift
institutions of small-denomination time deposits
with interest rate ceilings tied to market yields.
An important consequence is that cyclical or
other changes in the general level of interest
rates do not have as strong an influence on the
growth of M2 as in the past.
The broader aggregates are presently at or just
above the upper end of the ranges of growth set
forth for the year as a whole. In February, we
reported to the Congress that M2 and M3 appropriately would be in the upper half of their
ranges, or at or even slightly above the upper
end, should regulatory changes and the possibility of stronger savings flows prove to be important. In that regard, I must point out we have yet



to Congress

407

to go through a full financial cycle with a large
money fund industry or with the regulatory and
legal changes recently introduced. In these circumstances, it is clear that interpreting the performance of the monetary and credit aggregates
must be assessed against the background of
economic and financial developments generally
—including the course of and prospects for business activity and prices, patterns of financing and
liquidity in various sectors, the international
scene, and interest rates. In that broader context
we do not believe that the growth of the various
monetary aggregates has been unduly large so far
this year.
The point I am making is that a large number of
factors have impinged—and in all likelihood will
continue to impinge—on the growth of the monetary aggregates, possibly in the process modifying the relationship of any particular measure of
"money" to economic performance. The relationships have been good enough over a period
of time to justify a presumption of stability—but
I do believe we must also take into account a
wide range of financial and nonfinancial information when assessing whether the growth of the
aggregates is consistent with the policy intentions of the Federal Reserve. The hard truth is
that there inevitably is a critical need for judgment in the conduct of monetary policy.
Looking back at the last few years, money
growth has certainly fluctuated rather sharply
from time to time in the United States (and, I
might note, in other countries as well). As I
noted earlier, relationships have also been affected by a variety of financial innovations. But the
trend over reasonable spans of time has generally
been consistent with the announced targets of
the Federal Reserve, and the restrained growth
has, in my judgment, contributed importantly to
the now-clear progress toward reducing inflation. This longer-run and broader perspective
should be kept in mind when considering growth
in the aggregates. The tentative decision (not yet
implemented) to publish the Ml data in the form
of four-week moving averages is designed to
divert undue attention from the statistical
"noise" in the weekly movements in Ml and to
encourage knowledgable observers to focus on
broader trends in the whole family of aggregates.
One obvious frustration in the current circum-

408

Federal Reserve Bulletin • July 1982

stances is that interest rates, particularly longerterm rates, still are painfully high despite the
protracted weakness in the real economy and a
marked deceleration in the measured rate of
inflation. With the unemployment rate currently
at a new postwar high, there is an understandable
inclination to want to get interest rates down
quickly to encourage a rebound in activity.
Nothing would please me more than for interest rates to decline, and the progress we are
making on inflation, as it is sustained, should
work powerfully in that direction. But, I also
know that the Federal Reserve would be shortsighted to abandon a strong sense of discipline in
monetary policy in an attempt to bring down
interest rates. Maybe the immediate effect of
encouraging faster growth in the aggregates
would be lower interest rates—particularly in
short-term markets. But over time, the more
important influence on interest rates—particularly longer-term interest rates—is the climate of
expectations about the economy and inflation,
and the balance of savings and investment. In
that context, an effort to drive interest rates
lower by the creation of money in excess of
longer-run needs and intentions would ultimately
fail and would threaten to perpetuate policy
difficulties and dilemmas of the past.
When long-term interest rates decline decisively, it will be an indication of an important
change in attitudes about the prospects for the
economy. One essential element in this process
must be a widespread conviction that inflation
will be contained over the long run. The decline
in inflation evident in all of the broadly based
price indexes over the past year is highly encouraging. For example, in the 12-month period ending in April, the consumer price index rose 6V2
percent compared with 10 percent over the previous 12 months. Over the past few months, the
CPI has been virtually stable.
But, also evident is that some particular elements accounting for the sharp reduction in
inflation are not sustainable; they have been
achieved in a period of recession and slack
markets and have reflected some sizable declines
in energy prices that now appear behind us.
Progress toward reducing the underlying trend in
costs, while real, has been slower. We have seen
some polls that suggest many Americans do not



in fact appreciate that inflation has slowed at all.
That impression is plainly contrary to fact. But it
is perhaps indicative of how deep seated impressions and expectations of inflation had become
by the late 1970s, and it is suggestive of the
concern of renewed higher inflation rates as
economic activity recovers. No doubt those concerns continue to affect investment judgments
and interest rates.
In this situation, one key policy objective must
be to "build in" what has so far been a partly
cyclical decline in inflation, to encourage further
reductions in the rate of increase in nominal
costs and wages, and then to establish clearly a
trend toward price stability. That approach
seems to me essential to encourage and sustain
lower long-term interest rates, which, in turn,
will be important in sustaining economic growth.
While monetary policy is only one of the
instruments that can be used in restoring price
stability, it is both necessary to that effort and
widely recognized to be such. These circumstances emphasize the need to avoid excessive
monetary growth, which brings the threat that
the heartening progress against inflation might
prove to be only temporary.
I think that it also is quite clear that the
prospect of huge and rising budget deficits as the
economy recovers has been another element in
the current situation that raises concerns about
long-term pressures on interest rates. I am encouraged by the efforts of the House and Senate
to begin to come to grips with this problem. At
the same time, we are all aware of how much
remains to be done, not only to reach agreement
on a budget resolution for fiscal 1983, but also to
take the action necessary to implement such a
resolution in legislation concerning appropriations and revenues. Moreover, as you well
know, further legislation will be needed beyond
that affecting fiscal 1983 to assure that elements
in the structural deficit are brought more firmly
under control.
Let me emphasize that a strong program of
credible budget restraint will work in the direction of lower interest rates. The perception that
future credit demands by the federal government
would be lower would reinforce the emerging
expectations of less inflation. The threat that
huge deficits would preempt the bulk of the net

Statements

to Congress

409

savings the economy seems likely to generate in
the years ahead—with the likely consequence of
exceptionally high real interest rates continuing
—would be dissipated. Confidence would be
enhanced that monetary policy will be able to
maintain a noninflationary course, without the
squeezing of homebuilding, business investment,
and other interest-sensitive sectors of the economy, and without excessive financial strains in the
economy generally. And by dealing with very
real concerns about the future financial environment, budgetary action would be an important
support to the recovery today.
In summary, casting monetary policy objectives in terms of the aggregates has been a useful
discipline and also has been helpful in communicating to the Congress, the markets, and the
general public the intent and results of the Federal Reserve actions. At the same time, we must
retain some element of caution in their interpretation; the monetary targets convey a sense of
simplicity that may not always be justified in a
complex economic and financial environment.
The fact that the economic significance of particular aggregates is constantly evolving in response to rapid changes in financial markets and
practices is not universally appreciated. Consequently, the Federal Reserve is continually faced
with difficult judgments about the implications
for the economy.
As you know, the Federal Open Market Committee soon will be meeting to review the annual
targets for the monetary aggregates for 1982 and
to formulate tentative targets for 1983. I would
not presume to anticipate the precise decisions
that will be made by the Committee. A wide
array of financial and nonfinancial information

will be reviewed in the process of considering the
specific objectives. And while I do not anticipate
any significant change in our operating procedures in the near term, we will also continue to
assess and reassess the means by which our
policies are implemented. However, I do believe
that you can assume that the decisions that do
emerge from this review will reflect our continued commitment to disciplined monetary policy
in the interest of sustaining progress toward price
stability—and, not incidentally, of encouraging a
financial climate conducive to achieving and
sustaining lower interest rates.
We cannot yet claim victory against inflation,
in fact or in public attitudes. But I do sense
substantial progress—and a clear opportunity to
reverse the debilitating pattern of growing inflation, slowing productivity, and rising unemployment of the 1970s. The challenge is to make this
recession not another wasted, painful episode,
but a transition to a sustained improvement in
the economic environment.
Central to that effort is an appropriate course
for fiscal and monetary policy—a course appropriate, and seen to be appropriate, for the years
ahead. Critical elements in that effort are the
commitments to gain control of the federal budget and to maintain appropriate monetary restraint. Those policies provide the best—indeed
the only real—assurance that financial market
conditions will be conducive to a sustained period of economic growth and rising employment
and productivity. In the long years to come, we
want to look back to our present circumstances
and know that the pain and uncertainty of today
have, in fact, been a turning point to something
much better.
•

Statement by Preston Martin, Vice Chairman,
Board of Governors of the Federal Reserve System, before the Subcommittee
on Domestic
Monetary Policy of the Committee on Banking,
Finance and Urban Affairs, U.S. House of Representatives, June 16, 1982.

serve Act would exempt from reserve requirements the first $2 million of reservable liabilities
at all depository institutions. On several occasions the Federal Reserve has expressed support
for legislation that would permanently reduce the
relatively heavy burden of reserve requirements
on the smallest institutions. This bill accomplishes that objective, thereby fostering competitive balance among depository institutions.
However, granting an exemption on reservable

I am pleased to appear before this committee on
behalf of the Federal Reserve Board to discuss
H.R. 6222. This amendment to the Federal Re


410

Federal Reserve Bulletin • July 1982

liabilities to all depository institutions would
impair the Federal Reserve's ability to control
the monetary aggregates if the level of the initial
exemption were higher than $2 million. Accordingly, the Board would find this legislation acceptable so long as the exemption level were not
higher than $2 million. Before discussing the
specifics of this bill, I will review both the
problems involved in the present reserve deferral
for smaller institutions and an alternative approach for dealing with this issue.
The Depository Institutions Deregulation and
Monetary Control Act of 1980 imposed uniform
reserve requirements on all depository institutions, which has aided the conduct of monetary
policy and moved in the direction of a more
similar regulatory environment for member and
nonmember institutions. However, in 1980 the
Federal Reserve was concerned that subjecting a
large number of institutions all at once to new
reporting and reserve maintenance requirements
would cause significant operational difficulties
and interfere with the orderly implementation of
the act. Therefore, the Board granted a sixmonth deferral of reporting and reserve requirements to certain depository institutions with total
deposits of less than $2 million as of December
31, 1979. This deferral could not apply to member banks, which were already subject to reserve
and reporting requirements. Also, the Board did
not apply the deferral of reserve and reporting
requirements to Edge Act and Agreement corporations or U.S. agencies and branches of foreign
banks that are part of relatively large organizations.
The Board later extended the deferral on three
occasions, initially to minimize operational difficulties and later in light of legislation pending
before the Congress that would permanently
exempt smaller institutions from reserve requirements. The current deferral expires on December 31 of this year. In view of the requirements of
the Monetary Control Act and the improving
capacity of the Federal Reserve to absorb the
operational requirements associated with deferred institutions, we believe it would be inappropriate for the Board to grant further extensions indefinitely without legislative action.
As shown in tables 1 and 2, an estimated
17,700 institutions are not now subject to reserve



requirements: 300 nonmember banks, 400 savings and loans, and 17,000 credit unions.1 Without the present deferral, a sizable proportion
would be forced to maintain required reserves.
Ending the deferral would substantially increase
the overall administrative and operational burden of reserve requirements for these institutions
and raise somewhat the operating costs of the
Federal Reserve System. But ending the deferral
would not perceptibly aid monetary policy. The
entire group of institutions not currently subject
to reserve requirements, while representing
about 44 percent of all depository institutions,
has less than 1 percent of total deposits.
Although the Board recognizes that reserve
requirements are necessary for effective monetary control, I would like to emphasize that we
are mindful of the reserve burden on all institutions. The Board supports the aim of the Monetary Control Act that all depository institutions
share the reserve burden equitably. The earnings
forgone by holding non-interest-bearing reserves
are proportional to required reserves and therefore would be distributed fairly across institutions of different sizes if no institutions were
exempt. Paying interest on required reserves
would equitably offset this burden. However,
with no exemption, the administrative and operational costs of compliance would not be distributed fairly because these burdens fall more heavily
on smaller institutions. In light of the relatively
heavy burden of smaller institutions, the Board
supports efforts to exempt them permanently
from reserve requirements.
The issue before us today is determining the
best approach for accomplishing this goal. The
Federal Reserve has in the past recommended
consideration of two alternative approaches.
One approach, exempting institutions below a
certain level of total deposits from reserve requirements, was contained in legislation previously introduced in the U.S. Senate. The other
approach, which exempts from reserve requirements a certain level of reservable liabilities at all
institutions, is embodied in the present bill, H.R.
6222.

1. The attachments to this statement are available on
request from Publications Services, Board of Governors of
the Federal Reserve System, Washington, D.C. 20551.

Statements

Section 211 of the comprehensive banking bill
introduced by Senator Garn, S. 1720, reflects the
first approach. It would exempt from reserve
requirements about 19,900 depository institutions that have less than $5 million in total
deposits (note the difference from reservable
liabilities). These institutions now account for
about VA percent of total deposits. The $5 million cutoff figure would increase annually by an
amount equal to 80 percent of the percentage
increase in total deposits at all institutions. In
testimony on S. 1720 on October 29, 1981, Chairman Volcker indicated that the Board could
support such an amendment, although he noted
that the amendment had certain drawbacks and
suggested consideration of the second approach
contained in the bill under discussion today.
One drawback of the total deposit approach is
that when an institution grows above $5 million,
it becomes subject to reserve requirements not
only on deposits above that level but also on its
total reservable deposits. To use the jargon of
economists, institutions just passing over the
threshold confront a very high marginal reserve
requirement. Also, this system contains an inequity because institutions just below the cutoff
would be completely exempt from reserve requirements, while slightly larger institutions just
above the cutoff would be fully subject to requirements on all their reservable deposits.
The approach in the present bill exempts from
reserve requirements the first $2 million in reservable liabilities of all institutions. The number
of fully exempt institutions is somewhat larger
under this approach than under the total deposit
method. Because almost all institutions with $5
million or less in total deposits have no more
than $2 million in reservable liabilities, the present bill would fully exempt from reserve requirements roughly 19,750 of the 19,900 institutions
with less than $5 million in total deposits. The
present bill would also exempt about 4,100 institutions with more than $5 million in total deposits
but less than $2 million in reservable liabilities.
Also, by granting an equal reduction in reserve
requirements to all institutions on their first $2
million in reservable liabilities, this method
avoids the penalty for deposit growth above the
cutoff and treats institutions in the neighborhood
of the threshold more equitably.




to Congress

411

The present bill would cost the Treasury somewhat more in lost revenue because the exemption applies to all institutions rather than just to
those below a certain level of total deposits. With
an exemption provided solely to depositories
with less than $5 million in total deposits, the
estimated annual revenue loss to the Treasury
would be less than $1 million initially. By contrast, the present bill would involve an estimated
loss to the Treasury of about $25 million per
year. Any exemption level above $2 million of
reservable liabilities would imply still greater
revenue loss.
Any higher exemption level immediately raises
questions about monetary control as well as
revenue loss. Because this exemption applies to
all depository institutions, it lowers required
reserves at all institutions. In consequence, a
higher exemption would increase the number of
institutions able to satisfy reserve requirements
with vault cash held in the course of everyday
business. With exemption levels above $2 million, the percent of transaction deposits at institutions with reserve balances at the Federal
Reserve approaches the fraction prevailing before the Monetary Control Act. During deliberations before passage of this act, the Federal
Reserve noted that this coverage ratio was already low enough to begin to impair monetary
control. The Board finds the proposed legislation
acceptable, but with no higher an exemption
level than the contemplated $2 million in reservable liabilities. Although the Board does not feel
that providing to all institutions an exemption of
only $2 million in reservable liabilities would
seriously erode control over the aggregates, an
exemption above this level would begin to be a
cause for concern. We note that the bill would
allow the $2 million exemption to be allocated
among reservable liabilities in accordance with
rules and regulations established by the Board.
Under this provision, the Board would allocate
the exemption among reservable liabilities in a
manner consistent with operational and monetary policy considerations.
The Board would not object to the provision
that would index the exemption level to a measure of deposits, although it is not clear to us that
such a provision is necessary to achieve the
intended results. However, because the exemp-

412

Federal Reserve Bulletin • July 1982

tion applies to reservable liabilities, indexing the
exemption to 80 percent of the growth in reservable liabilities rather than in total deposits would
be more appropriate. Such treatment would be
more comparable to the indexing in the Monetary Control Act of the original $25 million cutoff
of transaction deposits between the 3 percent
and 12 percent reserve ratios. This cutoff is
indexed to a measure of those deposits affected
by this provision; that is, to total transaction
deposits at all institutions.
In conclusion, the Board fully supports efforts




to avoid subjecting smaller depository institutions to undue burdens of reserve requirements.
While requirements are necessary for monetary
control, we must take care that their costs are
not so high as to swamp their intended benefits.
Because for the Board to continue indefinitely
the current deferral of reserve requirements under its own authority would be inappropriate, we
believe that a resolution of this issue by the
Congress is necessary to prevent a substantial
increase in the reserve burden on smaller depository institutions.
•

413

Announcements
COLLATERAL FOR ADVANCES
THE DISCOUNT
WINDOW

AT

In connection with the closing of the Penn
Square Bank in Oklahoma City, the Federal
Reserve Board has indicated that "Receiver's
Certificates" issued by the Deposit Insurance
National Bank of Oklahoma City will be acceptable as collateral from depository institutions for
advances at the Federal Reserve discount window at the regular discount rate.
STATEMENT OF POLICY ON
NONVOTING
EQUITY INVESTMENTS BY BANK
HOLDING
COMPANIES

The Federal Reserve Board on July 8, 1982,
issued a policy statement setting forth its concerns and providing guidance with respect to
investments by bank holding companies in nonvoting shares of other bank holding companies or
banks. The statement notes considerations the
Board will take into account in determining
whether such investments are consistent with the
Bank Holding Company Act, and describes the
general scope of arrangements to be avoided in
these agreements.
The Board's statement was occasioned by the
fact that in recent months a number of bank
holding companies have made substantial equity
investments in banks or bank holding companies
located across state lines, in expectation of statutory changes that might make interstate banking
permissible.
In issuing its statement, the Board said:
Because of the evident interest in these types of
investments and because they raise substantial questions under the Bank Holding Company Act, the
Board believes it is appropriate to provide guidance
regarding the consistency of such arrangements with
the act.
The Board recognizes that the complexity of legitimate business arrangements precludes rigid rules designed to cover all situations and that decisions regard


ing the existence or absence of control in any
particular case must take into account the effect of the
combination of provisions and covenants in the agreement as a whole and the particular facts and circumstances of each case. Nevertheless, the Board believes
that the factors outlined in this statement provide a
framework for guiding bank holding companies in
complying with the requirements of the act.

While investments in nonvoting shares can be
consistent with the act, the statement said, some
agreements reviewed by the Board raise substantial problems regarding control. The statement
provides examples of the problem features of
some agreements. As guidance for bank holding
companies contemplating such investments, the
Board statement points to a number of provisions that might avoid control questions, by
preserving the discretion of management over
the policies and decisions of a banking organization.
The Board has instructed its staff to monitor
agreements respecting investments by bank
holding companies in nonvoting shares of banking organizations and to bring to the Board's
attention those that raise problems of consistency with the act. The Board requests bank holding
companies to submit such proposals to the Board
for review before being made final.
The statement is as follows:
Introduction
In recent months, a number of bank holding companies have made substantial equity investments in a
bank or bank holding company (the "acquiree") located in states other than the home state of the investing
company through acquisition of preferred stock or
nonvoting common shares of the acquiree. Because of
the evident interest in these types of investments and
because such investments raise substantial questions
under the Bank Holding Company Act (the "act"), the
Board believes it is appropriate to provide guidance
regarding the consistency of such arrangements with
the act.
This statement sets out the Board's concerns with
these investments, the considerations the Board will

414

Federal Reserve Bulletin • July 1982

take into account in determining whether the investments are consistent with the act, and the general
scope of arrangements to be avoided by bank holding
companies. The Board recognizes that the complexity
of legitimate business arrangements precludes rigid
rules designed to cover all situations and that decisions
regarding the existence or absence of control in any
particular case must take into account the effect of the
combination of provisions and covenants in the agreement as a whole and the particular facts and circumstances of each case. Nevertheless, the Board believes
that the factors outlined in this statement provide a
framework for guiding bank holding companies in
complying with the requirements of the act.

Statutory and Regulatory

Provisions

Under section 3(a) of the act, a bank holding company
may not acquire direct or indirect ownership or control
of more than 5 percent of the voting shares of a bank
without the Board's prior approval. (12 U.S.C.
§ 1842(a)(3)). In addition, this section of the act provides that a bank holding company may not, without
the Board's prior approval, acquire control of a bank:
that is, in the words of the statute, "for any action to
be taken that causes a bank to become a subsidiary of
a bank holding company." (12 U.S.C. § 1842(a)(2)).
Under the act, a bank is a subsidiary of a bank holding
company if (1) the company directly or indirectly
owns, controls, or holds with power to vote 25 percent or more of the voting shares of the bank; (2) the
company controls in any manner the election of a
majority of the board of directors of the bank; or (3)
the Board determines, after notice and opportunity for
hearing, that the company has the power, directly or
indirectly, to exercise a controlling influence over the
management or policies of the bank. (12 U.S.C.
§ 1841(d)).
In intrastate situations, the Board may approve
bank holding company acquisitions of additional banking subsidiaries. However, when the acquiree is located outside the home state of the investing bank holding
company, section 3(d) of the act prevents the Board
from approving any application that will permit a bank
holding company to "acquire, directly or indirectly,
any voting shares of, interest in, or all or substantially
all of the assets of any additional bank." (12 U.S.C.
§ 1842(d)(1)).

Review of Agreements
In apparent expectation of statutory changes that
might make interstate banking permissible, bank holding companies have sought to make substantial equity
investments in other bank holding companies across
state lines, but without obtaining more than 5 percent
of the voting shares or control of the acquiree. These
investments involve a combination of the following
arrangements:



1. Options on, warrants for, or rights to convert
nonvoting shares into substantial blocks of voting
securities of the acquiree bank holding company or its
subsidiary bank(s).
2. Merger or asset acquisition agreements with the
out-of-state bank or bank holding company that are to
be consummated in the event interstate banking is
permitted.
3. Provisions that limit or restrict major policies,
operations, or decisions of the acquiree.
4. Provisions that make acquisition of the acquiree
or its subsidiary bank(s) by a third party either impossible or economically impracticable.
The various warrants, options, and rights are not
exercisable by the investing bank holding company
unless interstate banking is permitted, but may be
transferred by the investor either immediately or after
the passage of a period of time or upon the occurrence
of certain events.
After a careful review of a number of these agreements, the Board believes that investments in nonvoting stock, absent other arrangements, can be consistent with the act. Some of the agreements reviewed
appear consistent with the act because they are limited
to investments of relatively moderate size in nonvoting
equity that may become voting equity only if interstate
banking is authorized.
However, other agreements reviewed by the Board
raise substantial problems of consistency with the
control provisions of the act because the investors,
uncertain whether or when interstate banking may be
authorized, have evidently sought to assure the soundness of their investments, prevent takeovers by others, and allow for sale of their options, warrants, or
rights to a person of the investor's choice in the event
a third party obtains control of the acquiree or the
investor otherwise becomes dissatisfied with its investment. Since the act precludes the investors from
protecting their investments through ownership or use
of voting shares or other exercise of control, the
investors have substituted contractual agreements for
rights normally achieved through voting shares.
For example, various covenants in certain of the
agreements seek to assure the continuing soundness of
the investment by substantially limiting the discretion
of the acquiree's management over major policies and
decisions, including restrictions on entering into new
banking activities without the investor's approval and
requirements for extensive consultations with the investor on financial matters. By their terms, these
covenants suggest control by the investing company
over the management and policies of the acquiree.
Similarly, certain of the agreements deprive the
acquiree bank holding company, by covenant or because of an option, of the right to sell, transfer, or
encumber a majority or all of the voting shares of its
subsidiary bank(s) with the aim of maintaining the
integrity of the investment and preventing takeovers
by others. These long-term restrictions on voting
shares fall within the presumption in the Board's
Regulation Y that attributes control of shares to any

Announcements

company that enters into any agreement placing longterm restrictions on the rights of a holder of voting
securities. (12 C.F.R. § 225.2(b)(4)).
Finally, investors wish to reserve the right to sell
their options, warrants, or rights to a person of their
choice to prevent being locked into what may become
an unwanted investment. The Board has taken the
position that the ability to control the ultimate disposition of voting shares to a person of the investor's
choice and to secure the economic benefits therefrom
indicates control of the shares under the act. 1 Moreover, the ability to transfer rights to large blocks of
voting shares, even if nonvoting in the hands of the
investing company, may result in such a substantial
position of leverage over the management of the
acquiree as to involve a structure that inevitably
results in control prohibited by the act.

Provisions That Avoid

Control

In the context of any particular agreement, provisions
of the type described above may be acceptable if
combined with other provisions that serve to preclude
control. The Board believes that such agreements will
not be consistent with the act unless provisions are
included that will preserve management's discretion
over the policies and decisions of the acquiree and
avoid control of voting shares.
As a first step toward avoiding control, covenants in
any agreement should leave management free to conduct banking and permissible nonbanking activities.
Another step to avoid control is the right of the
acquiree to "call" the equity investment and options
or warrants to assure that covenants that may become
inhibiting can be avoided by the acquiree. This right
makes such investments or agreements more like a
loan in which the borrower has a right to escape
covenants and avoid the lender's influence by prepaying the loan.
A measure to avoid problems of control arising
through the investor's control over the ultimate disposition of rights to substantial amounts of voting shares
of the acquiree would be a provision granting the
acquiree a right of first refusal before warrants, options, or other rights may be sold and requiring a
public and dispersed distribution of these rights if the
right of first refusal is not exercised.
In this connection, the Board believes that agreements that involve rights to less than 25 percent of the
voting shares, with a requirement for a dispersed
public distribution in the event of sale, have a much
greater prospect of achieving consistency with the act
than agreements involving a greater percentage. This
guideline is drawn by analogy from the provision in the
act that ownership of 25 percent or more of the voting
securities of a bank constitutes control of the bank.

1. See Board letter dated March 18, 1982, to C.A. Cavendes, Sociedad Financiera.




415

The Board expects that one effect of this guideline
would be to hold down the size of the nonvoting equity
investment by the investing company relative to the
acquiree's total equity, thus avoiding the potential for
control because the investor holds a very large proportion of the acquiree's total equity. Observance of the
25 percent guideline will also make provisions in
agreements providing for a right of first refusal or a
public and widely dispersed offering of rights to the
acquiree's shares more practical and realistic.
Finally, certain arrangements should clearly be
avoided regardless of other provisions in the agreement that are designed to avoid control, as follows:
1. Agreements that enable the investing bank holding company (or its designee) to direct in any manner
the voting of more than 5 percent of the voting shares
of the acquiree.
2. Agreements whereby the investing company has
the right to direct the acquiree's use of the proceeds of
an equity investment by the investing company to
effect certain actions, such as the purchase and redemption of the acquiree's voting shares.
3. The acquisition of more than 5 percent of the
voting shares of the acquiree that "simultaneously"
with their acquisition by the investing company become nonvoting shares, remain nonvoting shares
while held by the investor, and revert to voting shares
when transferred to a third party.

Review by the Board
This statement does not constitute the exclusive scope
of the Board's concerns, nor are the considerations
with respect to control outlined in this statement an
exhaustive catalog of permissible or impermissible
arrangements. The Board has instructed its staff to
review agreements of the kind discussed in this statement and to bring to the Board's attention those that
raise problems of consistency with the act. In this
regard, companies are requested to notify the Board of
the terms of such proposed merger or asset acquisition
agreements or nonvoting equity investments prior to
their execution or consummation.

MEETING
COUNCIL

OF CONSUMER

ADVISORY

The Federal Reserve Board has announced that
its Consumer Advisory Council met on July 28
and 29, 1982.
The Council, with 30 members who represent
a broad range of consumer and creditor interests,
advises the Board on its responsibilities regarding consumer credit protection legislation and
regulation at quarterly meetings.

416

Federal Reserve Bulletin • July 1982

CHANGES

IN BOARD

STAFF

The Board of Governors has announced the
following appointment.
Michael P. Dooley as Assistant Director in the
Division of International Finance. Mr. Dooley,
who joined the Board in June 1971, received his
Ph.D. from Pennsylvania State University. He
has been on leave at the International Monetary
Fund since January 1981.
The Board has also announced the retirement
of John Kakalec, Controller, effective July 9,
1982, and Janet O. Hart, Director of the Division
of Consumer and Community Affairs, effective
July 31, 1982.

CALL AND INCOME

SUBSCRIPTION

SERVICE

The two magnetic tapes per quarter for the call
and income subscription service have been combined into one, beginning with the reports of
condition and income and related reports for
March 31, 1982. The single tape, with a density
of 6,250 bits per inch, will contain the following
data files: (1) consolidated report of condition—
domestic only, FFIEC 010 and FFIEC 012
(RCON); (2) consolidated foreign and domestic
report of condition, FFIEC 014 (RCFD); (3)
large-bank supplement to the report of condition,
FFIEC 015 (RCOS); (4) report of assets and
liabilities of U.S. branches and agencies of foreign banks, FFIEC 002 (RIBA); (5) quarterly
report of international banking facility accounts,
FR 2073-5 (IBFQ); (6) consolidated report of




income, FFIEC 011, FFIEC 013, FFIEC 013S
(RIAD); and (7) large-bank supplement to the
report of income, FFIEC 015 (RIAS).
The Board will make available the magnetic
tape, including complete documentation, at a
cost of $150.00 per reporting period. Orders with
remittance should be addressed to the Office of
the Controller, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.
Information about the content or format may
be obtained by telephoning (202) 452-2816, or by
writing the Data Request Coordinator in the Data
Services Section, Division of Data Processing,
Board of Governors of the Federal Reserve
System, Washington, D.C. 20551.

SYSTEM
MEMBERSHIP:
ADMISSION OF STATE
BANKS

The following banks were admitted to membership in the Federal Reserve System during the
period June 11 through July 10, 1982:
Colorado
Denver
First Charter Bank
Delaware
Wilmington
Philadelphia Bank
Illinois
Rockford . . . Northwest Bank of Winnebago
County
Michigan
Troy
Liberty Bank-Oakland
Oregon
Lake Oswego
Bank of Lake Oswego
Wyoming
Jackson
American State Bank

417

Record of Policy Actions of the
Federal Open Market Committee
Meeting Held
on May 18, 1982
The information reviewed at this
meeting suggested that real GNP
would change little in the current
quarter after declining at annual
rates of about 4 percent in the first
quarter, according to preliminary estimates of the Commerce Department, and 4Vz percent in the fourth
quarter of 1981. In the current quarter, business inventory liquidation
appeared to be moderating from the
first quarter's extraordinary rate.
The rise in average prices, as measured by the fixed-weight price index for gross domestic business
product, appeared to be slowing
somewhat further from the annual
rate of about 51/2 percent in the first
quarter indicated by the preliminary
estimates.
The nominal value of retail sales
increased appreciably in April, according to the advance report, following little change on average over
the first quarter. The advance report
indicated especially strong sales
gains in the automotive group, at
stores selling building materials and
related items, and at furniture and
appliance stores. Unit sales of new
domestic automobiles were at an annual rate of 5.5 million units compared with a rate of nearly 6 million
in March and in the first quarter as a
whole; unit sales picked up appreciably in early May, buoyed by new
purchase-incentive programs.
The index of industrial production
fell 0.6 percent in April, following a
decline of 0.8 percent in March. In
both months output of business
equipment, construction supplies,
and durable goods materials declined substantially, while produc


tion of consumer durable goods rose
markedly. In April, industrial output
was 8!/2 percent below its prerecession peak in July 1981.
Nonfarm payroll employment declined in March and April, reflecting
continued sizable job losses in manufacturing and construction and
smaller losses in other major sectors. The unemployment rate rose an
additional 0.4 percentage point in
April to 9.4 percent.
Private housing starts edged up in
March for the fifth consecutive
month, but at an annual rate still
below 1 million units, they remained
depressed. Sales of new homes declined further, while sales of existing
homes picked up slightly.
The producer price index for finished goods changed little in March
and April. Prices of energy-related
items declined substantially in
March and fell even more sharply in
April. Prices of other nonfood consumer goods and of capital equipment rose in both months, and prices
of foods and food materials rose
sharply in April following little
change in March. The consumer
price index declined 0.3 percent in
March, largely because of substantial reductions in costs of gasoline
and homeownership, but declines in
food prices also had a moderating
influence. Thus far in 1982, both the
producer price index for finished
goods and the consumer price index
have risen at annual rates of 1 percent or less on balance, and the
advance in the index of average
hourly earnings has remained at a
reduced pace.
In foreign exchange markets the
trade-weighted value of the dollar
against major foreign currencies rose
somewhat further in early April but

418

Federal Reserve Bulletin • July 1982

then fell about 3'/4 percent over the
following month, reflecting in part a
decline in U.S. interest rates relative
to foreign rates and market expectations of further declines. The U.S.
foreign trade deficit was about onethird less in the first quarter than in
the preceding quarter, as imports fell
more sharply than exports.
At its meeting on March 29-30,
the Committee had decided that
open market operations in the period
until this meeting should be directed
toward behavior of reserve aggregates consistent with growth of Ml
and M2 from March to June at annual rates of about 3 percent and 8
percent respectively. It was understood that most, if not all, of the
expansion in Ml over the period
might well occur in April, and within
limits, an April bulge in Ml alone
should not be strongly resisted. In
any event, it was agreed that deviations from those targets should be
evaluated in light of the probability
that over the period M2 would be
less affected than Ml by deposit
shifts related to the mid-April tax
date and by changes in the relative
importance of NOW accounts as a
savings vehicle. Some shortfall in
growth of Ml, consistent with progress toward the upper part of the
range for the year as a whole, would
be acceptable in the context of appreciably reduced pressures in the
money market and the relative
strength of other aggregates. The
intermeeting range for the federal
funds rate, which provides a mechanism for initiating further consultation of the Committee, was set at 12
to 16 percent.
Growth of Ml accelerated to an
annual rate of ll3/4 percent in April
from Vh percent in March. But the
expansion was concentrated in the
first half of the month and was largely retraced by month-end. As in other recent months, checkable deposits other than demand deposits
(OCDs) posted a sizable increase.
Growth of M2 moderated to an annual rate of about 9'/2 percent in
April from 11V* percent in March,



reflecting a slackening in the expansion of its nontransaction component.
Total credit outstanding at U.S.
commercial banks grew at an annual
rate of VA percent in April, about the
same as in March. Banks added substantially to their holdings of Treasury securities, but expansion in
their total loans, including business
loans, moderated somewhat further.
Business borrowing from other
sources also moderated, as issuance
of commercial paper by nonfinancial
businesses slowed substantially and
offerings of corporate securities declined.
Nonborrowed reserves, adjusted
to include special borrowing and
other extended credit from Federal
Reserve Banks, changed little in
April. Virtually all of the increase in
total reserves associated with the
expansion of Ml was provided
through the discount window. Borrowing from Federal Reserve Banks
for purposes of adjusting reserve positions (including seasonal borrowing) rose to an average of $1.5 billion
in the two statement weeks ending
April 28 from a weekly average of
about $1.2 billion in March and the
first half of April. Such borrowing
subsequently fell back to an average
of about $1.1 billion in the two
weeks ending May 12.
The federal funds rate, which had
been about 15 percent at the time of
the March meeting, generally fluctuated in a narrow range of about 143/4
to \5Vi percent during the subsequent intermeeting period. Most other short-term interest rates fell Vi to
1 percentage point on balance over
the intermeeting interval, and longterm yields registered similar declines. The prime rate charged by
commercial banks on short-term
business loans remained at the I6V2
percent rate that has prevailed since
early February. Average rates on
new commitments for fixed-rate
mortgage loans at savings and loan
associations declined slightly, to
about 163/4 percent.
During the meeting the Committee

Record of Policy Actions of the FOMC

was apprised of developments in the
market for U.S. government securities stemming from the failure of a
securities firm to make sizable interest payments that were due on borrowed Treasury obligations. System
officials were monitoring the situation closely and it was understood
that they would continue to do so.
Staff projections at this meeting
suggested that real GNP would expand moderately over the balance of
1982. Inflation, as measured by the
fixed-weight price index for gross
domestic business product, was projected to remain moderate while the
unemployment rate was expected to
remain near its April level.
Views of Committee members
concerning prospects for economic
activity and the behavior of prices
generally differed little from the staff
projections. However, several members commented that the risks of a
deviation from the projections were
on the downside; they noted reports
of gloomy sentiment prevailing
among businessmen and consumers
and of financial strains being experienced by many business firms, financial institutions, farmers, and
consumers. Reduced economic activity and high interest rates were
adversely affecting profits and eroding financial positions; the impact on
key sectors of the economy such as
capital investment, housing, and
spending on consumer durables
could impede the recovery.
A few members gave more emphasis to elements of strength in the
near-term outlook, which they believed reduced the risks of prolonged
recession and enhanced the prospects for a near-term recovery in
economic activity. The favorable
factors included the large tax cut at
midyear and the concurrent increase
in social security payments. In addition, liquidation of business inventories, which had been of unusual
proportions in recent months, was
likely to be reduced or reversed,
thereby contributing to economic recovery. It was also suggested that
spending in interest-sensitive sectors



of the economy was likely to revive,
perhaps more quickly than many anticipated, if inflation remained relatively moderate and interest rates
declined.
It was emphasized during the discussion that a key element in the
economic outlook would be developments affecting the federal budget
and the size of future deficits. Significant progress in reducing prospective deficits would serve to improve
business and consumer confidence
and help to achieve and maintain the
lower interest rates necessary to
support a sustained economic recovery.
It was noted during the discussion
that considerable progress had been
made in the fight against inflation.
Although the major price indexes
overstated the extent of the recent
improvement, the underlying rate of
inflation was down substantially and
cost pressures in general appeared to
be continuing to ease. Inflationary
expectations also appeared to have
moderated somewhat further, but
they remained sensitive to developments in the fiscal and monetary
policy areas.
At its meeting on February 1-2,
1982, the Committee had adopted
the following ranges for growth of
the monetary aggregates over the
period from the fourth quarter of
1981 to the fourth quarter of 1982:
Ml, 2Vi to 51/2 percent; M2, 6 to 9
percent; and M3, 6V2 to 9Vi percent.
The associated range for bank credit
was 6 to 9 percent.
At this meeting the Committee reviewed the short-run objectives for
monetary growth that it had established in late March calling for expansion at annual rates of about 3
percent for Ml and about 8 percent
for M2 over the three months from
March to June. The Committee took
note of a staff analysis suggesting
that, despite the bulge in April as a
whole, growth of Ml was generally
consistent with the objective for the
three-month period, reflecting weakness in late April and early May.
Thus the level of Ml, although still

419

420

Federal Reserve Bulletin • July 1982

above a path consistent with the
Committee's range for growth from
the fourth quarter of 1981 to the
fourth quarter of 1982, had moved
down toward that path somewhat
more rapidly than had been anticipated earlier. Growth of M2 also
appeared to be consistent with the
Committee's objective for the
March-to-June period, and the level
of that aggregate remained close to
the upper end of its range for 1982.
As at the previous meeting, staff
analysis suggested that the demand
for money, as defined by Ml, might
moderate significantly in the current
quarter. In the first quarter, growth
of Ml had been considerably greater
on average than would have been
expected on the basis of the actual
behavior of nominal GNP and interest rates; as a result, the income
velocity of Ml had shown an unusually large decline. The great bulk of
the growth in Ml in the first quarter,
and indeed in the period since October 1981, had occurred in its NOW
account component. A variety of
evidence suggested an increased
preference on the part of individuals
to accumulate highly liquid balances
in an environment of considerable
uncertainty about prospects for economic activity and interest rates. It
was thought that in the course of the
current quarter the strong savings or
precautionary demands for liquid
balances were likely to begin to
moderate, and perhaps to unwind, if
economic prospects appeared to be
improving as projected and if uncertainties about financial conditions
were reduced. While considerable
uncertainties remained, the behavior
of NOW accounts in late April and
early May was consistent with that
expectation.
The staff analysis also suggested
that continued pursuit of the secondquarter objectives for monetary
growth set at the preceding meeting
and the related provision of reserves
through open market operations
would be consistent with at least
modest easing in bank reserve positions. Such easing in turn could be



reflected in some decline in shortterm interest rates. Rates appeared
high, considering the recession in
activity, the slower rise in prices,
and more technically, the degree of
pressure on bank reserve positions.
During the Committee's review of
its second-quarter objectives, almost
all the members agreed that growth
rates consistent with those adopted
at the previous meeting remained
appropriate under current economic
and financial conditions. Some sentiment was expressed for moderately
faster monetary growth in the current quarter with the objective of
improving liquidity and easing financial pressures, but no member favored substantially faster monetary
expansion. Pursuit of the latter policy course, it was suggested, would
probably exacerbate inflationary expectations, especially in light of the
outlook for large deficits in the federal budget, and thereby exert upward pressure on interest rates.
Given the uncertainties relating to
the public's demand for liquid balances, notably NOW accounts, most
members continued to believe that
the behavior of Ml should be evaluated partly in light of the behavior of
M2 over the weeks ahead. Thus, for
example, somewhat more rapid
growth of Ml might be accepted if it
appeared to be associated with a
continuing desire by the public to
build up liquid balances and with
growth of M2 near its specified rate.
At the conclusion of the discussion the Committee agreed to reaffirm the objectives for monetary
growth established at the previous
meeting and to seek behavior of reserve aggregates associated with
growth of Ml and M2 from March to
June at annual rates of about 3 percent and 8 percent respectively. The
Committee noted that deviations
from these objectives should be
evaluated in light of changes in the
relative importance of NOW accounts as a savings vehicle. The
intermeeting range for the federal
funds rate, which provides a mechanism for initiating further consulta-

Record of Policy Actions of the FOMC

conditions that will help to reduce inflation, promote a resumption of growth in
output on a sustainable basis, and contribute to a sustainable pattern of international transactions. At its meeting in
early February, the Committee agreed
that its objectives would be furthered by
growth of Ml, M2, and M3 from the
fourth quarter of 1981 to the fourth quarter of 1982 within ranges of 2Vi to 5Vi
percent, 6 to 9 percent, and 6V2 to 9/2
percent respectively. The associated
range for bank credit was 6 to 9 percent.
In the short run, the Committee seeks
behavior of reserve aggregates consistent with growth of Ml and M2 from
March to June at annual rates of about 3
percent and 8 percent respectively. The
Committee also noted that deviations
from these targets should be evaluated in
light of changes in the relative importance of NOW accounts as a savings
vehicle. The Chairman may call for
Committee consultation if it appears to
the Manager for Domestic Operations
that pursuit of the monetary objectives
and related reserve paths during the period before the next meeting is likely to be
associated with a federal funds rate persistently outside a range of 10 to 15
percent.

tion of the Committee, was set at 10
to 15 percent.
The following domestic policy directive was issued to the Federal
Reserve Bank of New York:
The information reviewed at this meeting suggests that real GNP will change
little in the current quarter after the
appreciable further decline in the first
quarter, as business inventory liquidation moderates from last quarter's extraordinary rate. In April the nominal
value of retail sales expanded, while
industrial production and nonfarm payroll employment continued to decline.
The unemployment rate rose 0.4 percentage point to 9.4 percent. Although
housing starts edged up in March for the
fifth consecutive month, they remained
at a depressed level. The rate of increase
in prices on the average appears to be
slowing somewhat further in the current
quarter; so far this year both the consumer price index and the producer price
index for finished goods have risen little
on balance, and the advance in the index
of average hourly earnings has remained
at a reduced pace.
The weighted average value of the
dollar against major foreign currencies,
after rising somewhat further in early
April, has fallen sharply over the past
month, reflecting in part a decline in
U.S. interest rates relative to foreign
rates and market expectations of further
declines. The U.S. foreign trade deficit
in the first quarter was one-third less
than in the preceding quarter.
Ml increased sharply in April, but the
expansion was concentrated in the first
half of the month and was largely retraced later. Growth of M2 moderated
somewhat, owing to a slackening of the
expansion in the nontransaction component. Short-term market interest rates
and bond yields on balance have declined since the end of March, and mortgage interest rates have edged down further.
The Federal Open Market Committee
seeks to foster monetary and financial

*

*

Votes for this action: Messrs.
Volcker, Balles, Black, Ford, Gramley, Mrs. Horn, Messrs. Martin, Partee, Rice, Wallich, and Timlen. Vote
against this action: Mrs. Teeters. (Mr.
Timlen voted as alternate for Mr.
Solomon.)

Mrs. Teeters dissented from this
action because she favored specification of somewhat higher rates of
monetary growth from March to
June with the objective of improving
liquidity and easing financial pressures. In her opinion, the time had
come to foster lower and less variable interest rates in order to enhance prospects for significant recovery in output and employment.

*

*

*

Records of policy actions taken by the Federal Open Market Committee at each meeting, in the
form in which they will appear in the Board's Annual Report, are made available a few days
after the next regularly scheduled meeting and are later published in the BULLETIN.




421

423

Legal Developments
AMENDMENT
DELEGATION

TO RULES
REGARDING
OF AUTHORITY

The Board of Governors of the Federal Reserve System has amended its Rules Regarding Delegation of
Authority (12 CFR Part 265) to effect a technical
amendment removing the "sunset" provision contained in the final sentence of 12 CFR 265.1a(c)
providing for the expiration on June 30, 1982, of the
delegation of authority contained in § 265.1a(c). This
action will continue the delegation of authority by the
Board of Governors to any three Board members
designated by the Chairman to act on certain matters
in the absence of a quorum of the Board when delay
would be inconsistent with the public interest. The
effective date of the amendment is June 4, 1982.

Part 265—Rules Regarding Delegation of
Authority
Section 265.1a—[Amended]
Pursuant to its authority under section ll(k) of the
Federal Reserve Act (12 U.S.C. 248(k)), the Board
hereby amends 12 CFR 265. la(c) by removing the final
sentence of that section which provides: "This delegation of authority shall terminate June 30, 1982."

BANK HOLDING COMPANY AND BANK
MERGER
ORDERS ISSUED BY THE BOARD OF
GOVERNORS

Orders Issued Under Section 3 of Bank Holding
Company Act
Banca Commerciale Italiana,
Milan, Italy
Order Approving
Company

Formation

of Bank

Holding

Banca Commerciale Italiana ("BCI"), Milan, Italy,
has applied for the Board's approval under section
3(a)(1) of the Bank Holding Company Act (12 U.S.C.
§ 1842(a)(1)) to become a bank holding company by
acquiring 100 percent of the voting shares of LITCO
Bancorporation of N e w York, Inc. ("LITCO"), Gar-




den City, N e w York. LITCO, a registered bank holding company, owns 100 percent of the voting shares of
Long Island Trust Company, N . A . ("Bank"), Garden
City, N e w York.
Notice of the application, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act.
The time for filing comments and views has expired,
and the Board has considered the application and all
comments received in light of the factors set forth in
section 3(c) of the act (12 U . S . C . § 1842(c)).
BCI, with consolidated assets of $34.5 billion, 1 is the
second largest commercial bank in Italy and the 36th
largest banking organization in the world. BCI operates primarily as a short-term credit institution and
generally makes loans and accepts deposits with a
maximum maturity of 18 months. Domestic banking is
conducted through a network of over 350 branches
throughout Italy. In addition, BCI operates worldwide
through branches, agencies, and subsidiary and affiliated organizations. BCI is majority-owned by Istituto
per la Ricostruzione Industriale ("IRI"), a holding
company that is controlled by the government of the
Republic of Italy. IRI also holds two other major
Italian banks and numerous commercial and industrial
companies.
BCI operates in the United States branches in N e w
York City and Chicago, and an agency in Los Angeles.
These offices are grandfathered under section 5 of the
International Banking Act of 1978 ("IBA") (12 U.S.C.
§ 3102) and BCI has selected N e w York as its home
state under the Board's Regulation K (12 CFR
§ 211.22).
LITCO, with consolidated assets of $1.1 billion, is
the 22nd largest commercial banking organization in
New York State. Bank, with consolidated deposits of
$870.0 million, has 46 branch offices in the Metropolitan N e w York banking market 2 and two branch offices
in the Eastern Long Island banking market. 3 Bank
1. Unless otherwise noted, all financial data are as of December 31,
1981.
2. The Metropolitan N e w York banking market is defined to include
southwestern Fairfield County in Connecticut; northeastern Bergen
County and eastern Hudson County in N e w Jersey; N e w York City;
and all of Nassau, Putnam, Westchester, and Rockland Counties, and
western Suffolk County, N e w York.
3. The Eastern Long Island banking market is approximated by the
eastern portion of Suffolk County.

424

Federal Reserve Bulletin • July 1982

ranks as the 17th largest commercial banking organization in the New York banking market, holding 0.5
percent of total commercial bank deposits in the
market. BCI's New York office is a wholesale, uninsured branch with total deposits and credit balances of
$328.5 million as of June 30, 1981. In light of the small
presence that BCI and LITCO have in the New York
banking market, the Board finds that consummation of
the proposal would have no significantly adverse effects on the concentration of banking resources or on
existing competition in any relevant area. Moreover,
consummation of the transaction would have no adverse effect on potential competition in the Eastern
Long Island market. LITCO is the eleventh largest of
28 commercial banking organizations operating in that
market and holds 3.7 percent of market deposits in
commercial banks. The market is not highly concentrated and there are numerous potential entrants into
the market. Thus, the Board concludes that consummation of the proposal would have no significantly
adverse effects with respect to potential competition.
Section 3(c) of the act requires in every case that the
Board consider the financial resources of the applicant
organization and the bank or bank holding company to
be acquired. The Board has considered this application in the context of the Board's guidelines for capital
adequacy 4 and its policy statement on the supervision
of foreign bank holding companies. 5 In that policy
statement the Board indicated that, in reaching a
judgment on the strength of a foreign bank, the Board
would consider several factors: the bank's financial
condition; the record and integrity of management; its
role and standing in its home country; and the opinion
of the home country regulators.
The Board evaluated the financial and managerial
resources of BCI and, applying the Board's capital
adequacy guidelines within a solely U.S. context, had
some concern that the stated capital of BCI may not
warrant an investment of the size of LITCO. At the
same time, evaluating BCI in the context of the policy
statement on supervision of foreign bank holding companies, the Board noted that BCI is primarily a shortterm credit institution with a relatively stable deposit
base characteristic of Italian banks. BCI has an established record of operating successfully both in its local
market and as an international bank and the Board
understands that the board of directors of BCI has
embarked on a program designed to improve its capital
position. Moreover, BCI has committed to inject capital of $20 million into LITCO within six months of

4 . 6 8 FEDERAL RESERVE B U L L E T I N 3 3 ( 1 9 8 2 ) ; 1 Federal

Regulatory Service 11 3-1506.1 (1982).
5. 1 Federal Reserve Regulatory Service H 4-835 (1981).




Reserve

consummation and the Board considered it particularly important that BCI has committed to maintain
LITCO as among the more strongly capitalized banking organizations of comparable size in the United
States. Having considered these and other related
factors, the Board finds that BCI would serve as a
source of strength to LITCO and Bank, and concluded
that the financial and managerial resources of BCI,
LITCO and Bank are generally satisfactory and the
future prospects for each appear favorable.
As noted, BCI, through common government ownership, is affiliated with a number of banking and
nonbanking organizations, some of which operate locally in Italy and others internationally. Upon acquisition of LITCO by BCI, Bank will become affiliated
with these organizations. Section 23A of the Federal
Reserve Act (12 U.S.C. § 371c) applies to extensions
of credit to and investments in affiliates by member
banks. Generally, section 23A sets limits on the
amounts that may be loaned by a member bank to
affiliates and sets strict collateral requirements for any
loans to an affiliate. Thus, Bank's extensions of credit
to any majority-owned subsidiaries of the Italian government, including IRI and its majority-owned subsidiaries, will be subject to the requirements of section
23A.
In light of all the facts of record, the Board concludes that banking factors and considerations relating
to the convenience and needs of the communities to be
served are consistent with approval of the application.
BCI currently has interests in two firms that engage
in certain activities in the United States, BSI Securities, and Lehman Brothers Kuhn Loeb Holding, Inc.,
both in New York, New York. BCI owns indirectly
100 percent of the shares of BSI Securities, which
engages solely in providing information to its direct
parent, Banca della Svizzera Italiana, a Swiss bank
subsidiary of BCI. Lehman Brothers engages in investment banking, securities trading, and brokerage
activities.
While both holdings appear to meet the requirements for the grandfather privileges under section 8(c)
of the International Banking Act of 1978 (12 U.S.C.
3106(c)), the Board has previously determined that an
otherwise grandfathered foreign banking organization
loses that status upon the acquisition of a U.S. subsidiary bank. {Midland Bank Limited, 67 FEDERAL RESERVE BULLETIN 729, 733 n. 9 (1981)). Under section
4(a)(2) of the act and section 8(e) of the IB A, a
company may not retain, two years after becoming a
bank holding company, more than 5 percent of the
shares of a company that engages in the business of
underwriting, selling or distributing securities in the
United States. Consistent with this requirement, BCI
will reduce its interest in Lehman Brothers to 5

Legal Developments

percent or less within two years of consummation of
the proposed transaction. BSI Securities does not
actively engage in the securities business in the United
States, and its New York office, which acts merely as
a representative office, does not appear to engage in
any prohibited activities. Accordingly, the Board finds
that BCI's proposed retention of certain interests in
these two organizations is consistent with the act and
the Board's regulations.
In acting on this application, the Board noted, as
discussed above, that BCI is owned, in major part, by
a government-owned holding company, IRI, which
owns two other commercial banks, Banco di Roma,
S.p.A., and Credito Italiano, each of which has a
banking presence in the United States, as well as over
100 subsidiaries engaged in nonbanking activities.
In several cases since the 1970 amendments to the
act, the Board has approved applications in which
foreign government ownership of the applicant was
noted but the Board did not apply the act to the
applicant's government owners. 6 The Board recognizes that the banking community understands, without dissent, that this is the Board's practice in handling
such applications. The Board has decided that it is
appropriate to continue this practice in the present
case and to confirm it with respect to currently conducted activities of foreign government-owned entities
with a banking presence in the United States.
However, as more foreign government-owned banking entities become established here, making additional acquisitions of existing banking institutions, the
Board believes that further attention should be given
to the policy issues involved in government ownership
of multiple banks and commercial-industrial enterprises. Several significant and complex problems were
considered by the Board. Where the applicant is
owned by a government agency, or by a government
directly, that is engaged in a wide range of banking and
commercial-industrial activities, there may be problems of compatibility of these cross-industry links with
one of the stated purposes of the act—maintaining a
separation between commerce and banking in the
United States. Similarly, common ownership by a
government or its agencies of multiple banking organizations, even though organized under separate corporate and management structures, but operating in this
country in different states, could raise issues of compatibility with the interstate banking limitations of the
act and the IBA.
6. Societe GeneralelSogelease
Corp., 67 FEDERAL RESERVE BULLETIN 453 (1981); Banco Exterior de Espana, S.A., 66 FEDERAL
RESERVE BULLETIN 504 (1980); Banco Exterior de Espana, S.A., 63
FEDERAL RESERVE BULLETIN 1079 (1977); Korea Exchange Bank, 39
Federal Register 20,423 (1974); Banque Nationale
de Paris, 58
FEDERAL RESERVE B U L L E T I N 3 1 1 ( 1 9 7 2 ) ; a n d Banco
FEDERAL RESERVE B U L L E T I N 9 3 0 ( 1 9 7 2 ) .




di Roma,

58

425

The act prohibits domestic companies under common ownership from engaging in these types of nonbanking and interstate banking activities, and Congress, in applying the concept of national treatment in
the IBA, placed similar limitations upon foreign privately-owned enterprises under common ownership.
Thus, consistency with national treatment does not
prevent application of the act to foreign governmentowned institutions in similar circumstances.
The Board examined the issues involved in interpreting the act. It considered whether a foreign government or agency meets the jurisdictional test for
application of the act—the entity must be a "company" for the purposes of the act. In focusing on whether
the act was intended to reach governments or governmental corporations, the Board discussed two key
issues: (a) whether a foreign government-owned bank
is in fact operated independently from other banks and
commercial enterprises that are subject to common
government ownership and, therefore, as an independently organized and operated entity, should not be
considered commonly owned, thus avoiding application of the act to its parent; and (b) the conditions
under which the act's focus on prohibiting the potential for conflicts of interests and concentration of
resources requires application of the act because of the
fact of common ownership. Moreover, the Board
noted the possibility that applying the act could have a
restrictive impact on the ability of foreign governmentowned banks to operate in this country if the nonbanking prohibitions of the act were to be rigidly applied,
and noted the international economic policy issues
that would be raised in this context.
The Board believes that more extensive analysis and
broader participation in the decisionmaking process
are necessary before these public policy issues are
resolved. The issues and policy considerations outlined in this Order should facilitate the necessary full
public discussion. Moreover, the Board believes that
the complex issues raised by applying the act are best
resolved in a congressional framework which allows
for the bringing to bear of broader international economic policy considerations , and the present Board
action would allow an opportunity for congressional
review.
Within the framework and under the authority of
existing law, however, the Board wishes to avoid a
situation of competitive inequality and to apply as a
general matter the policy that foreign governmental
entities should be entitled only to the benefits of
national treatment. The Board would be particularly
concerned should a circumstance arise where a government-owned entity is established for the principal
purpose of evading the interstate banking prohibitions
of section 3(d) of the act, or where the activities of

426

Federal Reserve Bulletin • July 1982

commonly owned banking and nonbanking entities
were conducted in a manner that clearly frustrates the
purposes of the act. Moreover, the Board believes that
the application of section 23A of the Federal Reserve
Act, as described above, will make a contribution
towards limiting the potential for actions inconsistent
with the policies of the act.
Based on the foregoing and other facts of record, the
Board has determined that consummation of the transaction would be consistent with the public interest and
that the application should be and hereby is approved.
The transaction shall not be made before the thirtieth
calendar day following the effective date of this Order,
or later than three months after the effective date of
this 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
June 9, 1982.
Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Partee, Teeters, Rice, and Gramley.
( S i g n e d ) JAMES MCAFEE,

[SEAL]

Associate

Secretary

of the Board.

Ellis Banking Corporation,
Bradenton, Florida
Order Approving Acquisition

of Bank

Ellis Banking Corporation, Bradenton, Florida, a bank
holding company within the meaning of the Bank
Holding Company Act, has applied for the Board's
approval under section 3(a)(3) of the act (12 U.S.C.
§ 1842(a)(3)) to acquire 100 percent of the voting
shares of Bank of Indian Rocks, Largo, Florida
("Bank").
Notice of the application, affording an opportunity
for interested persons to submit comments and views,
has been given in accordance with section 3(b) of the
act. The time for filing comments and views has
expired and the Board has considered the application
and all comments received in light of the factors set
forth in section 3(c) of the act (12 U.S.C. § 1842(c)).
Applicant, the eighth largest banking organization in
Florida, controls 21 banks with aggregate deposits of
$1.1 billion, representing 2.5 percent of total deposits
in commercial banks in the state. 1 Bank, with deposits
of $90 million, is the 115th largest commercial bank in
Florida, holding 0.2 percent of total deposits in com-

1. All banking data are as of June 30, 1981.




mercial banks in the state. Acquisition of Bank would
have no appreciable effect upon the concentration of
banking resources in Florida.
Bank is the 13th largest of 32 banking organizations
competing in the Pinellas County banking market, 2
controlling approximately 2.7 percent of the total
deposits in commercial banks in the market. Applicant
also operates in the Pinellas County banking market,
and is the seventh largest banking organization in the
relevant market, with about 5.6 percent of the total
deposits in commercial banks in the market. Upon
consummation, Applicant would become the third
largest banking organization in the market with 8.3
percent of the market's deposits. Although consummation of the proposal would eliminate some existing
competition between Applicant and Bank, in view of
all the facts of record, including the low level of
market concentration and the presence of numerous
competitors in the market, the Board does not regard
the amount of existing competition eliminated as so
significant as to warrant denial of the application.
Accordingly, the Board concludes that consummation
of the proposal would not have a significant adverse
effect upon existing or potential competition, and
would not increase the concentration of banking resources in any relevant area. Thus, competitive considerations are consistent with approval of the application.
The financial and managerial resources of Applicant, its subsidiaries and Bank are regarded as generally satisfactory and their future prospects appear favorable. The Board has indicated on previous occasions
that a holding company should serve as a source of
financial and managerial strength to its subsidiary
bank(s), and that the Board would closely examine the
condition of an applicant in each case with this consideration in mind. In this case, the Board concludes that
although the proposal would entail significant acquisition debt, the amount of debt involved in this proposal
would not preclude the Applicant from serving as a
source of strength to its subsidiary banks. Accordingly, considerations relating to banking factors are consistent with approval of the application. Following
consummation of the proposal, Applicant intends to
provide Bank with additional expertise in accounting,
operations, credit, trust, investments, and marketing
and auditing, thereby increasing Bank's ability to
serve its customers. Thus, the Board concludes that
considerations relating to the convenience and needs
of the community to be served lend slight weight
toward approval and outweigh any adverse competi-

2. The Pinellas County banking market consists of Pinellas County,
Florida.

Legal Developments

tive effects that may result from consummation of the
proposal. Accordingly, the Board's judgment is that
consummation of the proposal to acquire Bank would
be in the public interest and that the application should
be approved.
On the basis of the record, the application is approved for the reasons summarized above. The acquisition of shares of Bank shall not be made before the
thirtieth calendar day following the effective date of
this Order, or later than three months after that date,
unless such period is extended for good cause by the
Board of Governors or by the Federal Reserve Bank of
Atlanta, pursuant to delegated authority.
By order of the Board of Governors, effective
June 14, 1982.
Voting for this action: Chairman Volcker and Governors
Martin, Partee, and Teeters. Absent and not voting: Governors Wallich, Rice, and Gramley.
( S i g n e d ) JAMES MCAFEE,

[SEAL]

Associate

Secretary

of the Board.

National City Corporation,
Cleveland, Ohio
Order Approving Acquisition

of Bank

National
City
Corporation,
Cleveland,
Ohio
("NCC"), a bank holding company within the meaning of the Bank Holding Company Act, has applied for
the Board's approval under section 3(a)(3) of the act
(12 U.S.C. § 1842(a)(3)) to acquire 100 percent of the
voting shares of Goodyear Bank, Akron, Ohio
("Bank").
Notice of this application, affording interested persons an opportunity to submit comments and views,
has been given in accordance with section 3(b) of the
act and section 262.3 of the Board's Rules of Procedure (12 CFR § 262.3). The time for filing comments
and views has expired and comments have been
received from the Akron Coalition for Community
Reinvestment, Akron, Ohio ("ACCR"). ACCR's
comments on this application relate principally to the
records of Applicant's lead bank, National City Bank,
Cleveland, Ohio ("NCB"), and Bank under the Community Reinvestment Act of 1977 (12 U.S.C. §§ 2901-05,
"CRA"). The Board has considered the application
and all comments received in light of the factors set
forth in section 3(c) of the act, the CRA, and the
Board's Regulation BB, 12 CFR § 228.
NCC, the fourth largest banking organization in
Ohio, controls twelve banking subsidiaries with total
deposits of $3.3 billion, representing 7.3 percent of



39

total bank deposits in the state.' Upon consummation
of the proposed transaction, NCC's share of total
deposits in commercial banks in Ohio would increase
by only 0.5 percent, and its ranking in the state would
remain unchanged. Thus, the Board concludes that
consummation of the transaction would have no significant effect on the concentration of banking resources
in Ohio.
Bank, with total deposits of $239.1 million, is the
fourth largest of thirteen commercial banking organizations in the Akron banking market and controls 8.2
percent of that market's commercial bank deposits. 2
Because NCC does not currently operate in this market, consummation of the proposed transaction would
not increase the concentration of banking resources or
reduce the number of competitors in the market.
Accordingly, the Board concludes the proposed transaction would have no adverse effects on existing
competition in this market.
With respect to potential competition, the Board
regards the effects of a proposed acquisition on potential competition as most serious where the markets
involved are concentrated, and where one of the
participants is a dominant organization in the market
and the other is one of the few likely entrants into that
market. The Akron banking market is not highly
concentrated, and Bank, with 8.2 percent of market
deposits, cannot be regarded as a dominant organization in the market. Moreover, following consummation of the proposed acquisition, four bank holding
companies not currently represented in the market
would remain as potential entrants. Although NCC has
sufficient resources to enter the Akron market on a
de novo basis, it is not likely to do so in the near future
because the Akron market, relative to other Ohio
markets of similar size, is relatively unattractive for
such entry. Accordingly, the Board concludes that
consummation of the proposed acquisition of Bank by
NCC would not have any significantly adverse effects
on potential competition in the Akron market.
Bank operates one branch in the Cleveland banking
market where NCC is the second largest of 28 banking
organizations with deposits of $2.4 billion, representing 20.9 percent of total deposits in commercial banks
in the market.3 Consummation of the transaction

1. Deposit data are as of December 31, 1981.
2. The Akron banking market is approximated by the southern
two-thirds of Summit and Portage Counties; Sharon Township and
the southern perimeter of townships in Medina County; Milton and
Chippewa Townships in Wayne County, and Lawrence Township and
the western half of Lake Township in Stark County.
3. The Cleveland banking market comprises all of Cuyahoga, Lake,
Lorain, and Geauga Counties; the northern third of Summit County;
all but the southern tier of townships in Medina County ; and the City
of Vermilion.

428

Federal Reserve Bulletin • July 1982

would increase NCC's market share by only 0.1 percent and NCC's ranking within the market would not
change. Thus, acquisition of Bank by NCC would
have no significantly adverse effects on concentration
of banking resources or existing competition in the
Cleveland market.
Bank also operates one branch in the Canton banking market where it is the 12th largest of 14 commercial
banking organizations with 0.1 percent of total deposits in that market.4 Applicant is not currently represented in the Canton banking market. Therefore, consummation of the proposal would have no significantly
adverse effects on concentration of resources or existing competition in this market. With respect to potential competition, the Board notes that Bank is one of
the smallest organizations in the market and its acquisition by NCC can be considered a foothold entry.
Therefore, consummation of the acquisition would
have no significant effect on potential competition in
the Canton market.
The financial and managerial resources of NCC, its
subsidiaries and Bank are considered satisfactory and
the future prospects for each appear favorable. Therefore, the Board regards banking factors as consistent
with approval of this application.
As noted, ACCR, a coalition of community and
public interest groups, has objected to approval of this
application. In addition to interposing numerous objections to the proposed transaction based on the CRA
records of NCB and Bank, ACCR has requested that
the Board convene a hearing or a public meeting in
order to discuss various aspects of the CRA records of
NCB and Bank. Specifically, ACCR asserts such a
proceeding would allow experts to fully discuss the
ramifications of multiple regression studies provided
by ACCR. In addition, a full examination of the
negotiation process between ACCR and Bank would
be conducted; testimony by depositors about NCB's
and Bank's lending practices would be heard; representatives of any interested community organization
could supplement comments filed in this protest, and
clarification of any points at issue between NCC and
ACCR would be accomplished.
Section 3(b) of the act requires that the Board order
a formal hearing concerning an application filed pursuant to section 3(a) only when the appropriate supervisory authority makes a timely written recommendation of disapproval of the application, and no such
recommendation has been received with respect to
NCC's proposal. While no formal hearing is required

in this instance, the Board could in its discretion order
an informal proceeding if it were deemed appropriate.
Generally, the Board will hold a hearing if it determines there are material questions of fact in dispute
that can best be resolved by a trial-type proceeding.
Review of the record reveals that NCC has not disputed the statistical data submitted by ACCR, and there
are no material questions of fact at issue. To a great
extent, the matters ACCR seeks to air at a public
proceeding involve judgments concerning the interpretation or significance of certain facts in the record.
Inasmuch as the Board is charged by statute with
making these judgments and in light of the fact that
ACCR has had ample opportunity to submit written
comments into the record, the Board concludes that a
public proceeding on this application is not warranted.
Accordingly, ACCR's request for a public proceeding
is denied and the Board has considered this application
and the objections raised by ACCR on the merits.
In considering the effects of the proposed acquisition on the convenience and needs of the communities
to be served, the Board has examined the record of
NCC and its banking subsidiaries in meeting the credit
needs of their communities, including low- and moderate-income areas, consistent with safe and sound
banking practices, as provided in the CRA and the
Board's Regulation BB. Specifically, the Board has
reviewed the CRA records of NCC's banking subsidiaries other than NCB and has concluded that the
record of each is satisfactory.
With respect to the CRA record of NCB, the Board
has considered the comments of ACCR concerning
NCB's record of meeting the credit needs of its entire
community. 5 Specifically, ACCR alleges that NCB's
CRA record is inadequate based on the following: the
geographic distribution of its residential credit; its
participation in local community development efforts;
its liquidation of a portion of its municipal bond
portfolio; its failure to comply with previous commitments made to the Board; and its loan underwriting
criteria. ACCR has submitted information regarding
each of these allegations, including the results of its
own statistical analysis of the geographic distribution
of NCB's mortgage loan activity in the Cleveland area.
NCC has responded to ACCR's submissions. The
Board has considered both of these submissions, the
findings of a consumer compliance and CRA examination of NCB that was conducted by the Office of the
Comptroller of the Currency ("Comptroller"), as well
as information gathered by the Federal Reserve Bank

4. The Canton banking market consists of Stark County (except
Lawrence Township and the western half of Lake Township); Augusta, Brown, East, Rose and the northern half of Harrison Township in
Carroll County; Lawrence and Sandy Townships in Tuscarawas
County; and Smith Township in Mahoning County.

5. Although ACCR has challenged the adequacy of Bank's CRA
record, the Board notes that the CRA requires the Board to assess an
applicant's record of meeting its community's credit needs and that
Bank's record is not material in this regard because NCC does not
control Bank.




Legal Developments

of Cleveland with respect to its ongoing monitoring of
NCC's commitments to the Board.
With respect to NCB's residential lending record,
ACCR alleges that the geographic distribution of
NCB's residential loans reflects racially discriminatory practices. In support of this contention, ACCR
has conducted an extensive analysis of the Home
Mortgage Disclosure Act ("HMDA") data of lenders
in Cuyahoga County for the years 1977-1980. 6 Based
on this analysis, ACCR points out that NCB has
originated only a small share of mortgage loans extended by all Cuyahoga County lenders, and that, with
respect to integrated and predominantly non-white
neighborhoods, NCB serves primarily white homebuyers or avoids lending in such areas entirely. 7
In addition, the Board notes that in 1980 it considered NCB's residential lending record in connection
with a previous application and found it to be generally
satisfactory. While it is true that NCB has extended
fewer residential mortgage loans since 1979, the reduction appears to be consistent with the difficult residential mortgage market conditions encountered in recent
years and parallels the experiences of other major
banks in that area. The record also indicates that the
reduction has not been at the expense of low- and
moderate-income neighborhoods. In fact, NCB has
steadily increased the proportion of mortgage and
home-improvement loans to both low- and moderateincome neighborhoods during the 1980-1981 period.
Moreover, other factors such as the presence of nonbank providers of mortgage credit in the market and

6. In addition to the HMDA analysis, ACCR applied multi-variate
regression analysis to evaluate the geographic dispersion of NCB's
1979 mortgage loans. Utilizing HMDA data, deed title transfer information, and census data, the analysis examined the 1979 mortgage
lending activity of Cuyahoga County (Cleveland) banks and savings
and loan associations in the aggregate. It also examined the mortgage
lending activity of these institutions separately, and NCB individually.
The results of ACCR's analysis indicated that NCB, as well as other
Cuyahoga County lenders, extended fewer conventional mortgage
loans in non-white neighborhoods than they did in comparable white
neighborhoods.
7. The Board notes that while the reduced form equations in the
multiple regression analysis performed by ACCR are helpful in
determining the factors that affect lending patterns, they do not prove
that a particular lender has engaged in discriminatory credit practices
because they do not conclusively establish the significance of any
particular variable in the regression. In fact, the analyses undertaken
by ACCR do not indicate whether a particular variable affects the
supply or the demand, or both, for the good or service in question.
Moreover, the analysis does not take into account the potential
influence of omitted variables, which may result in the overstatement
of the importance of the variables under consideration. In addition,
correlation among the independent variables used in the analysis may
result in an incorrect interpretation of the significance of a particular
independent variable. Thus, the Board is unable to agree with ACCR
that this analysis proves NCB has engaged in racially discriminatory
practices or that performing additional analysis would be useful at this
time.




429

referrals by real estate agents may partially account
for the lending patterns cited by ACCR. ACCR has not
provided evidence that NCB has discriminated against
individuals in the provision of its credit services and
review of NCB's residential loan applications does not
support allegations of discrimination. NCB's residential lending pattern continues to reflect the fact that
apparently, it receives relatively few mortgage loan
applications from lower-income neighborhoods and
neighborhoods with a predominantly minority population. From all the facts of record, the Board is unable
to conclude that NCB discriminates in its provision of
residential credit to low- and moderate-income or
minority neighborhoods.
ACCR also alleges that NCC's participation in community development projects is suspect. Specifically,
ACCR claims that NCC applied to the Board to
establish a community development corporation
("CDC") in order to avoid complying with the standards established by the Comptroller. Review of the
record indicates that NCC's action was based on its
judgment that it would be more advantageous to
establish a CDC as a nonbank subsidiary of the holding
company than as a subsidiary of the bank. Moreover,
the Comptroller approved NCB's application for a
CDC subsidiary indicating that NCB did, in fact, meet
the Comptroller's standards.
ACCR alleges further that NCB's recent divestiture
of a portion of its municipal bond portfolio is inconsistent with a commitment to the development needs of
its local community. Although ACCR is correct that
NCB has reduced its holdings in municipal securities,
this decision appears to be reasonable in light of
prevailing economic conditions. In any event, state
and municipal securities continue to constitute a significant proportion of NCB's investment portfolio.
In addition, ACCR asserts that NCC has failed to
fulfill commitments it made to the Board to strengthen
NCB's CRA record in connection with a prior application, including the commitments to establish an advertising program designed to inform low- and moderateincome residents within its community of NCB's
credit services; to establish a CRA sensitivity program
for NCB personnel; to increase attendance at community group meetings; and to improve its officer call
program. With respect to NCC's advertising commitment, ACCR alleges that the only promotional efforts
NCB has made relate to its deposit services. ACCR
does not make any specific allegations concerning
NCC's other commitments.
The Board has reviewed NCC's record of compliance regarding all of the commitments it made in 1980.
Contrary to ACCR's assertion, the record indicates
that in November 1980, NCB instituted a special
"Neighborhood Campaign" consisting of a series of

430

Federal Reserve Bulletin • July 1982

advertisements promoting NCB's real estate mortgages, home improvement loans, education loans, and
small business loans in local neighborhood newspapers. These newspapers included the Plain Dealer, the
Cleveland Press, the Call and Post as well as a number
of foreign language newspapers. In addition, NCB has
placed announcements on three local radio stations
and has utilized outdoor billboards in low- and moderate-income neighborhoods to publicize its credit services. NCB also conducted a survey to assess the
effectiveness of these promotions and redesigned the
orientation of its next marketing effort to reflect the
results of that survey. Review of the record indicates
that NCB is making efforts to implement an advertising campaign designed to educate consumers in lowand moderate-income neighborhoods. In addition,
NCB has devised a "Community Bankers' CRA Sensitivity Program", aimed at increasing NCB personnel's awareness of the needs of its community, particularly in the low- and moderate-income neighborhoods.
Lastly, the record indicates that NCB has increased its
attendance at community meetings. Thus, the Board
concludes that NCC has complied with all of the
commitments it made to the Board in 1980.
ACCR also asserts that NCB's loan underwriting
criteria are suggestive of discriminatory credit practices. In support of this contention, ACCR points out
that NCB's "Residential Real Estate Underwriting
Guide" ("Guide") directs staff to closely scrutinize
applications for properties located in neighborhoods
undergoing transition from single family homes to
apartment, commercial, or industrial buildings and
asserts that this practice could discriminate against
credit-worthy applicants. However, the Guide goes on
to point out that " . . . full, unbiased consideration be
given to meeting the financing needs of low-income
residents regardless of the location, age or price of the
property to be offered as security for the loan." Thus,
it would appear that the Guide states expressly that
low-income individuals should not be discriminated
against. Moreover, review of the loan applications
denied by NCB does not reveal any discriminatory
actions. Based on the foregoing and all the facts of
record, the Board concludes that NCB's record of
meeting the credit needs of its community is satisfactory.
While not a part of NCC's record, the Board is
concerned with the weak record of Bank in meeting
the credit needs of its community, particularly its lowand moderate-income neighborhoods. In this regard,
the Board has considered the commitments offered by
NCC and Bank to improve Bank's CRA record. NCC
and Bank have commited to meet with ACCR to work
out an advertising program designed to reach low- and
moderate-income neighborhoods; to make Bank per


sonnel available to counsel community residents on
financial matters; to increase Bank's attendance at
community meetings; and to encourage input from
community groups on how to serve the financial needs
of its community, including continuing to consider the
feasibility of participation in a local community development corporation. Lastly, Bank has agreed to meet
periodically with ACCR to review Bank's efforts in
meeting its community's credit needs. In light of these
commitments, the Board believes the acquisition of
Bank by NCC will enable Bank to better serve its
community. Accordingly, the Board's judgment is that
the proposed transaction would be in the public interest and that the application should be approved.
On the basis of the record, this application is approved for the reasons summarized above. The transaction shall not be made before the thirtieth calendar
day following the effective date of this Order, or later
than three months after the effective date of this
Order, unless such period is extended for good cause
by the Board or by the Federal Reserve Bank of
Cleveland acting pursuant to delegated authority.
By order of the Board of Governors, effective
June 16, 1982.
Voting for this action: Chairman Volcker and Governors
Martin, Partee, and Teeters. Absent and not voting: Governors Wallich, Rice, and Gramley.
( S i g n e d ) JAMES MCAFEE,

[SEAL]

Associate

Secretary

of the Board.

State Bank of India,
Bombay, India
Order Approving Formation of a Bank Holding
Company
State Bank of India, Bombay, India, has applied for
the Board's approval under section 3(a)(1) of the Bank
Holding Company Act (12 U.S.C. § 1842(a)(1)) to
become a bank holding company by acquiring 100
percent of the voting shares of State Bank of India
(California), Los Angeles, California ("Bank"), a proposed new bank.
Notice of the application, affording opportunity for
interested persons to submit comments and views, has
been given in accordance with section 3(b) of the act.
The time for filing comments and views has expired,
and the application and all comments received have
been considered in light of the factors set forth in
section 3(c) of the act (12 U.S.C. § 1842(c)).
Applicant, with total deposits of $12.1 billion and
total assets of $18.8 billion, ranks 92nd in the world in

Legal Developments

deposits and is the largest full service commercial
bank in India with 22 subsidiary banks and over 5,200
branches in India.1 Applicant also operates more than
30 offices in 20 countries including two branches in
New York City (Applicant's "home state" for purposes of the International Banking Act of 1978
("IBA")), 2 one branch in Chicago, agencies in New
York City and Los Angeles, and a representative
office in Washington, D.C. The operations of Applicant are involved with all segments of economic
activity in India. Applicant finances approximately
half of India's foreign trade and 35.0 percent of India's
total banking business, and plays a leading role in all
Eurodollar loans raised by India. The Reserve Bank of
India, which is the central bank of India and is whollyowned by the Government of India, owns 93.0 percent
of Applicant.
Bank proposes to operate primarily as a wholesale
bank engaged principally in servicing international
trade between the United States and India. Although
Applicant does not intend to have Bank solicit retail
customers in the immediate future, Bank expects to
provide retail banking services to its customers' employees as an incident to wholesale activities.
Applicant has an agency in Los Angeles, but the
agency (assets of $25.5 million as of December 31,
1980) is of relatively small size and, moreover, is not
authorized to accept domestic deposits. Based upon
the facts of record, the Board concludes that the
proposed transaction would have no adverse effects on
existing or potential competition; nor would it have a
significant effect on the concentration of resources in
any relevant area. As a de novo institution, Bank will
serve as an additional source of banking services,
thereby enhancing competition.
The Board evaluated Applicant's financial and managerial resources, and applying the Board's recently
issued capital adequacy guidelines within a solely U.S.

1. All financial data are as of September 25, 1981, unless otherwise
indicated.
2. Section 5(a)(5) of the IBA generally prohibits a foreign bank from
directly or indirectly acquiring any voting shares of a bank "located
outside of its home state if such acquisition would be prohibited under
section 3(d) of the Bank Holding Company Act of 1956 if the foreign
bank were a bank holding company the operations of whose banking
subsidiaries were principally conducted in the foreign bank's home
state." Section 5(b) of the IBA excepts from this prohibition the
establishment and opertaion by a foreign bank, outside its home state,
of a bank "which commenced lawful operation or for which an
application to commence business had been lawfully filed with the
appropriate State or Federal authority, as the case may be, on or
before July 27, 1978." Although Applicant has selected New York as
its home state, Applicant may acquire Bank without changing its home
state to California because Bank is a grandfathered facility under
section 5(b) of the IBA because Applicant had, on April 18, 1978, a
date prior to the section 5(b) grandfather date of July 27, 1978, applied
to the California State Banking Department to organize and establish
Bank.




431

context, had some concern regarding Applicant's stated capital position. At the same time, evaluating
Applicant in the context of the policy statement on
supervision of foreign bank holding companies, and
based on all of the information available to the Board,
the Board concluded that financial and managerial
resources of Applicant and Bank are consistent with
approval and their future prospects appear to be
favorable. In making this determination, the Board
noted that Applicant is establishing Bank de novo and
has indicated that Bank is not expected to experience
rapid asset growth in the next three years. However,
as Bank's asset size increases, the Board expects that
Applicant will maintain Bank as among the more
strongly capitalized banking organizations of comparable size in the United States. Accordingly, the Board
has determined that considerations relating to banking
factors are consistent with approval.
Upon acquisition of Bank by Applicant, Bank will
become affiliated with organizations that are owned by
the Government of India. Section 23A of the Federal
Reserve Act (12 U.S.C. § 371c) applies to extensions
of credit to and investments in affiliates by member
banks. Generally, section 23A, which is made applicable to nonmember insured banks by the Federal Deposit Insurance Act, (12 U.S.C. § 1828(j)), sets limits
on the amounts that may be loaned by a member bank
to affiliates and sets strict collateral requirements for
any loans to an affiliate. Thus, Bank's extensions of
credit to any majority-owned subsidiaries of the Indian
government will be subject to the requirements of
section 23A.
Considerations relating to the convenience and
needs of the community to be served are consistent
with approval. Accordingly, the Board has determined
that consummation of the proposed transaction would
be in the public interest and that the application should
be approved.
In acting upon this application, the Board noted, as
discussed above, that Applicant is majority-owned by
the Reserve Bank of India, which is in turn whollyowned by the Government of India. As the Board has
discussed in another Order issued today, the Board
believes that foreign government control of banks that
engage in the banking business in the United States
raises a number of significant policy issues. Banca
Commerciale

Italiana,

68 FEDERAL RESERVE BULLE-

TIN 423 (1982). In that Order, the Board stated that
further attention needs to be given to the policy issues
involved in government ownership of multiple banks
and commercial-industrial enterprises. The Board also
stated that under the existing statutory and regulatory
framework, the Board will carefully scrutinize applications from such organizations in the future in order to
avoid a situation of competitive inequality and to apply

432

Federal Reserve Bulletin • July 1982

as a general matter the policy that foreign governmental entities should be entitled only to the benefits of
national treatment.
On the basis of the record, the application is approved for the reasons summarized above. The transactions shall not be made before the thirtieth calendar
day following the effective date of this Order or later
than three months after the effective date of this
Order, and Bank shall be opened for business not later
than six months after the effective date of this Order.
Each of the periods described above may be extended
for good cause by the Board or by the Federal Reserve
Bank of San Francisco acting pursuant to delegated
authority.
By order of the Board of Governors, effective
June 9, 1982.
V o t i n g for this action: C h a i r m a n V o l c k e r and G o v e r n o r s
Martin, Wallich, Partee, T e e t e r s , R i c e , and G r a m l e y .

( S i g n e d ) JAMES M C A F E E ,

[SEAL]

Associate

Orders Issued Under
Company
Act

Secretary

Section

of the Board.

4 of Bank

Holding

Credit Lyonnais,
Paris, France
Order Approving Retention of Indirect Control of
The Slavenburg
Corporation
Credit Lyonnais, Paris, France, which is subject to
section 4(c)(8) of the Bank Holding Company Act
(12 U.S.C. § 1843(c)(8)) pursuant to section 8(a) of the
International Banking Act of 1978 ("IBA") (12 U.S.C.
§ 3106(a)) by virtue of its maintenance of branches and
agencies in the United States, has applied for the
Board's approval under section 4(c)(8) of the act and
section 225.4(b)(2) of the Board's Regulation Y
(12 CFR § 225.4(b)(2)), to retain its indirect control of
The Slavenburg Corporation, New York, New York
("Slavenburg"), through N. V. Slavenburg's Bank,
Rotterdam, The Netherlands ("NVS Bank"). The
activities of Slavenburg include factoring services and
related financing activities, which have been determined by the Board to be closely related to banking
and, therefore, permissible for bank holding companies (12 CFR § 225.4(a)(1)).
Notice of the application, affording opportunity for
interested persons to submit comments and views on
the public interest factors, has been duly published.
The time for filing comments and views has expired,
and the Board has considered the application and all



comments received in light of the pubic interest factors
set forth in section 4(c)(8) of the Bank Holding
Company Act.
Applicant, with consolidated assets equivalent to
$98.7 billion and deposits equivalent to $85.8 billion,
ranks as the third largest bank in France and the fifth
largest bank worldwide. 1 Applicant, which is 91.3
percent owned by the French government as a result
of its nationalization on January 1, 1946, operates
2,283 branches (including 55 branches in 14 countries
outside of France), representative offices in 20 countries, and a number of subsidiary and affiliated banks
and financially-related companies, and participates in
a joint venture under which four joint subsidiaries
have been created in several countries. In the United
States, Applicant operates branches in New York City
and Chicago, agencies in Los Angeles, San Francisco,
and Atlanta, as well as nonbank subsidiaries engaged
in financing activities, certain securities for shareholder banks and subsidiaries, and issuance of commercial
paper.2
On March 9, 1981, Applicant acquired 50 percent of
the shares of NVS Bank (with the equivalent of $5.2
billion in assets and $4.9 billion in deposits), which
ranks as the seventh largest bank in The Netherlands.
In December 1981, Applicant increased its interest to
78 percent of NVS Bank. 3 N V S Bank's sole United
States presence is through Slavenburg (with the equivalent of $80.3 million in assets and $61.2 million in
liabilities as of September 30, 1981), a wholly-owned
subsidiary of N V S Bank with offices in New York,
New York, and Los Angeles, California.
This application is for the retention by Applicant of
its interest in Slavenburg, which was indirectly acquired when Applicant acquired 50 percent of N V S
Bank without the Board's prior approval, as required
by section 4(c)(8) of the Bank Holding Company Act
and section 225.4(b)(2) of the Board's Regulation Y.
Applicant also seeks to retain the Los Angeles office of
Slavenburg, which was expanded in September 1981
without prior notice to the Board.
To approve this application, the Board must find
that Applicant's performance of the activities through
Slavenburg "can reasonably be expected to produce
1. All financial data are as of December 31, 1980, unless otherwise
indicated.
2. The retention of the nonbank subsidiaries engaged in financing
and securities activities appears permissible under the grandfather
provisions of section 8(b) of the IBA (12 U.S.C. § 3106(b)); the
commercial paper activity appears to qualify for the exemption in
section 4(c)(1)(C) of the Bank Holding Company Act (12 U.S.C.
§ 1843(c)(1)(C)).
3. This additional investment in N V S Bank was made only after
consultation with the Federal Reserve Bank of New York and
assurances by the Reserve Bank that consummating the investment
would not aggravate Applicant's violation of the act, as discussed
below.

Legal Developments

benefits to the public, such as greater convenience,
increased competition, or gains in efficiency, that
outweigh possible adverse effects, such as undue
concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking
practices." In acting on an application, pursuant to
section 4(c)(8) of the act and section 225.4 of Regulation Y, to retain companies and offices engaged in
permissible bank holding company activities where
required prior Board approval was not obtained, the
Board applies the same standards that it applies to an
application to commence such activities. Furthermore, the Board analyzes the competitive effects of
such proposal both at the time of the acquisition and at
the time of the application to retain such companies
and offices.
It does not appear that any significant adverse
effects on existing or potential competition resulted
from Applicant's acquisition of Slavenburg nor does it
appear that Applicant's retention of Slavenburg would
result in any such anticompetitive effects in any market. Neither Applicant nor any of its other subsidiaries
is engaged in factoring and related financial activities
in the United States, and Slavenburg does not have a
significant share of any regional or national factoring
or commercial financing market. Moreover, Applicant's retention of Slavenburg would assist it in remaining a viable competitor in the factoring and related financing market; in continuing to serve its current
customers; and in serving as an alternative source of
such services in the states of New York, New Jersey,
Connecticut, and California. Accordingly, it is concluded that the proposed retention of its indirect
interest in Slavenburg by Applicant can reasonably be
expected to produce benefits to the public.
Applicant's indirect acquisition of Slavenburg had,
and its retention should continue to have, only a de
minimis effect upon the financial condition of Applicant and its other subsidiaries. Furthermore, there is
no evidence that the performance of the activities
through Slavenburg would result in any undue concentration of resources, decreased or unfair competition,
conflicts of interests, unsound banking practices, or
other adverse effects on the public interest.
As indicated above, this application is an after-thefact request for Board approval to retain Slavenburg,




433

which was acquired and expanded in apparent violation of the ntoice provisions of the Bank Holding
Company Act and the Board's Regulation Y. In acting
on this application, the Board has taken into consideration the fact that Applicant's violations appear to
have been inadvertent and that Applicant, upon becoming aware of the violations, took actions to conform its operations to the act by filing the retention
application and consulting with the appropriate regulatory authorities regarding the acquisition. In addition,
Applicant's management has taken steps to prevent
future violations, particularly by advising all its department heads involved in acquisitions of the necessity of obtaining required U.S. regulatory approvals on
any transaction involving direct or indirect U.S. operations. As a result, the Board expects that Applicant
will avoid similar violations in the future. In light of the
above facts surrounding the violations and other facts
of record supporting Applicant's contention that its
violations of the act were inadvertent, and evidencing
Applicant's intent to comply with the requirements of
the act, the Board has determined that the circumstances of the described violations do not warrant
denial of this application.
Based upon the foregoing and other considerations
reflected in the record, the Board has determined that
the balance of public interest factors it is required to
consider under section 4(c)(8) is favorable. Accordingly, the application is hereby approved. This determination is subject to the conditions set forth in section
225.4(c) of Regulation Y and to the Board's authority
to require such modification or termination of the
activities of a holding company or any of its subsidiaries as the Board finds necessary to assure compliance
with the provisions and purposes of the act and the
Board's regulations and orders issued thereunder, or
to prevent evasion thereof.
By order of the Board of Governors, effective
June 30, 1982.

Voting for this action: Chairman Volcker and Governors
Martin, Wallich, Partee, Teeters, Rice, and Gramley.
( S i g n e d ) JAMES MCAFEE,

[SEAL]

Associate

Legal Developments continued on next page.

Secretary

of the Board.

434

Federal Reserve Bulletin • July 1982

ORDERS APPROVING
AND BANK MERGER

APPLICATIONS
ACT

UNDER

THE BANK

HOLDING

COMPANY

ACT

By the Board of Governors
During June 1982, the Board of Governors approved the applications listed below. Copies are available upon
request to Publications Services, Division of Support Services, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551.

Section 3

Applicant

First City Bancorporation of Texas, Inc.,
Houston, Texas

First Lakefield BanCorporation, Inc.,
Lakefield, Minnesota
First Mabel BanCorporation, Inc.,
Mabel, Minnesota
Mercantile Texas Corporation,
Dallas, Texas
Texas Commerce Bancshares, Inc.,
Houston, Texas
Union Planters Corporation,
Memphis, Tennessee
U.S. Bancorp,
Portland, Oregon

By Federal Reserve

Board action
(effective
date)

Bank(s)

Bank of Pasadena,
Pasadena, Texas
McAllen State Bank,
McAllen, Texas
First Trust Bank of Lakefield,
Lakefield, Minnesota
The First National Bank of Mabel,
Mabel, Minnesota
The Merchants and Planters National
Bank of Sherman,
Sherman, Texas
Texas Commerce Bank-Champions
Park, N.A.,
Houston, Texas
Bank of Eagleville,
Eagleville, Tennessee
Bank of Milton-Freewater,
Milton-Freewater, Oregon

June 8, 1982
June 8, 1982
June 14, 1982
June 14, 1982
June 22, 1982

June 23, 1982

June 29, 1982
June 28, 1982

Banks

Recent applications have been approved by the Federal Reserve Banks as listed below. Copies of the orders are
available upon request to the Reserve Banks.

Section 3
Applicant
American Bancorp of Nevada,
Las Vegas, Nevada
American Interstate Bancshares,
Inc.,
Woodward, Oklahoma
Americana Bancorporation of
Danube, Inc.,
Edina, Minnesota
AmeriTrust Corporation,
Cleveland, Ohio



Bank(s)

Reserve
Bank

Effective
date

American Bank of Commerce,
Las Vegas, Nevada
American National Bank,
Woodward, Oklahoma

San Francisco

June 18, 1982

Kansas City

June 18, 1982

Americana State Bank of Danube,
Danube, Minnesota

Minnesota

June 22, 1982

AmeriTrust Company of Toledo,
Toledo, Ohio

Cleveland

June 23, 1982

Legal Developments

435

Section 3—Continued
Applicant
Amoret Bancshares, Inc.,
Amoret, Missouri
BSD Bancorp, Inc.,
San Diego, California
Boulevard Bancorp, Inc.,
Chicago, Illinois

C B & T, Inc.,
McMinnville, Tennessee
Caprock Bancshares, Inc.,
Shallowater, Texas

Century Bancorp, Inc.,
New Brighton, Minnesota
Ceylon Bancorporation, Inc.,
Ceylon, Minnesota
Chemical Financial Corporation,
Midland, Michigan
Citizens Bancorp,
Riverdale, Maryland
Citizens First Bancorp, Inc.,
Glen Rock, New Jersey
Colorado National Bankshares,
Inc.,
Denver, Colorado

Colorado River Bancorp,
Clifton, Colorado
Commerce Bancshares, Inc.,
Kansas City, Missouri
Community Bancorporation,
Pullman, Washington
Crown Bancshares, Inc.,
Kansas City, Missouri



Bank(s)
Bates County National Bank,
Amoret, Missouri
Borrego Springs Bank,
Borrego Springs, California
National Boulevard Bank of
Chicago,
Chicago, Illinois
First National Bank of Wilmette,
Wilmette, Illinois
The Hinsdale Capital Corporation,
Chicago, Illinois
Firstwin Corporation,
Winnetka, Illinois
The Glencoe Capital Corporation,
Glencoe, Illinois
Miami Corporation,
Chicago, Illinois
Boulevard Bancorp, Inc.,
Chicago, Illinois
City Bank and Trust Company,
McMinnville, Tennessee
Eagle Bancshares, Inc.,
Shallowater, Texas
First State Bank of Shallowater,
Shallowater, Texas
Centennial State Bank of
Lexington,
Lexington, Minnesota
State Bank of Ceylon,
Ceylon, Minnesota
The Pinney State Bank,
Cass City, Michigan
Kennedy Bank and Trust Company,
Bethesda, Maryland
Citizens First National Bank of
New Jersey,
Ridgewood, New Jersey
Republic Bancorporation, Inc.,
Englewood, Colorado
Republic National Bank of
Englewood,
Englewood, Colorado
Bank of Clifton,
Clifton, Colorado
Plaza Bancshares, Inc.,
Kansas City, Missouri
Bank of Pullman,
Pullman, Washington
Merchants Bancorporation,
Topeka, Kansas

Reserve
Bank

Effective
date

Kansas City

June 22, 1982

San Francisco

June 21, 1982

Chicago

June 23, 1982

Atlanta

June 18, 1982

Dallas

May 27, 1982

Minneapolis

May 24, 1982

Minneapolis

May 28, 1982

Chicago

June 24, 1982

Richmond

June 21, 1982

New York

June 28, 1982

Kansas City

June 8, 1982

Kansas City

June 8, 1982

Kansas City

June 2, 1982

San Francisco

June 21, 1982

Kansas City

May 28, 1982

436

Federal Reserve Bulletin • July 1982

Section 3—Continued
Applicant
Dacotah Bank Holding Co.,
Aberdeen, South Dakota
Dixie Bancshares, Corp.,
New Madrid, Missouri

Early Bankshares, Inc.,
Early, Iowa
East-Tex Bancorp, Inc.,
Trinity, Texas
Elgin State Bancorp, Inc.,
Elgin, Illinois
Elk City State Bancshares, Inc.,
Elk City, Oklahoma
FSB Bancorporation,
Decatur, Alabama
FSB, Covington, Tennessee,
Covington, Tennessee
Fidelity BancShares (N.C.), Inc.,
Fuquay-Varina, North Carolina
Financial Services of Winger, Inc.,
Winger, Minnesota
First Alamogordo Bancorp, Inc.,
Alamogordo, New Mexico
First Amarillo Bancorporation, Inc.,
Amarillo, Texas
First American Bank Group, Ltd.,
Fort Dodge, Iowa
First Bancgroup-Alabama, Inc.,
Mobile, Alabama
First Bancshares of Eastern Arkansas, Inc.,
West Memphis, Arkansas
First Bancshares of Texas, Inc.,
Longview, Texas
First Bankshares of Las Animas,
Inc.,
Las Animas, Colorado
First Bolivar Capital Corporation,
Cleveland, Mississippi
First Midwest Bancorp., Inc.,
St. Joseph, Missouri
First NorthWest Bancorporation,
Seattle, Washington
First of Austin Bancshares, Inc.,
Austin, Texas




Bank(s)
Faulk County State Bank,
Faulkton, South Dakota
Hunter Farms, Inc.,
New Madrid, Missouri
Peoples Bank of Lilbourn,
Lilbourn, Missouri
Early Savings Bank,
Early, Iowa
Mont Belvieu State Bank,
Mont Belvieu, Texas
The Elgin State Bank,
Elgin, Illinois
Elk City State Bank,
Elk City, Oklahoma
First State Bank of Decatur,
Decatur, Alabama
First State Bank,
Covington, Tennessee
The Fidelity Bank,
Faquay-Varina, North Carolina
Farmers State Bank of Winger,
Winger, Minnesota
First National Bank in Alamogordo,
Alamogordo, New Mexico
The First National Bank of
Amarillo,
Amarillo, Texas
The State Bank,
Fort Dodge, Iowa
First National Bank of Russellville,
Russellville, Alabama
First National Bank in West
Memphis,
West Memphis, Arkansas
Tyler National Bank,
Tyler, Texas
The First National Bank of
Las Animas,
Las Animas, Colorado
First National Bank of Bolivar
County,
Cleveland, Mississippi
Lake National Bank,
Lake Ozark, Missouri
NorthWest Bank,
Seattle, Washington
First National Bank of Cedar Park,
Cedar Park, Texas

Reserve
Bank

Effective
date

Minneapolis

June 22, 1982

St. Louis

June 9, 1982

Chicago

June 17, 1982

Dallas

June 17, 1982

Chicago

June 3, 1982

Kansas City

June 25, 1982

Atlanta

June 22, 1982

St. Louis

June 25, 1982

Richmond

June 9, 1982

Minneapolis

June 28, 1982

Dallas

June 7, 1982

Dallas

June 24, 1982

Chicago

June 15, 1982

Atlanta

June 11, 1982

St. Louis

May 28, 1982

Dallas

June 25, 1982

Kansas City

June 21, 1982

St. Louis

June 22, 1982

Kansas City

June 18, 1982

San Francisco

June 18, 1982

Dallas

June 4, 1982

Legal Developments

437

Section 3—Continued
Reserve
Bank

Effective
date

Applicant

Bank(s)

First Prestonsburg Bancshares,
Inc.,
Prestonsburg, Kentucky
First Securities Investment, Inc.,
Beaver, Oklahoma
First State Corporation,
Waynesboro, Mississippi
First Tennessee National Corporation,
Memphis, Tennessee
Fourth Financial Corporation,
Wichita, Kansas
Fresnos Bancshares, Inc.,
Los Fresnos, Texas
Gale Bank Holding Company, Inc.,
Galesville, Wisconsin
Georgia Peoples Bankshares, Inc.,
Baxley, Georgia
The Girard Company,
Bala-Cynwyd, Pennsylvania

First Commonwealth Bank of
Prestonsburg,
Prestonsburg, Kentucky
The First Security Bank,
Beaver, Oklahoma
First State Bank,
Waynesboro, Mississippi
Harpeth National Bank of Franklin,
Franklin, Tennessee

Cleveland

June 7, 1982

Kansas City

June 8, 1982

Atlanta

June 18, 1982

St. Louis

June 21, 1982

The Towanda State Bank,
Towanda, Kansas
Los Fresnos State Bank,
Los Fresnos, Texas
Bank of Galesville,
Galesville, Wisconsin
Peoples State Bank & Trust,
Baxley, Georgia
TGC Holdings, Inc.,
Bala-Cynwyd, Pennsylvania
Girard Bank Delaware,
Wilmington, Delaware
First National Bank of Glenwood,
Glenwood City, Wisconsin
Grand Bank Central At Fitzhugh,
N.A.,
Dallas, Texas
Grand Bank Woodall Rodgers, at
Pearl, N . A . ,
Dallas, Texas
American Bank of Arlington,
Arlington, Texas
The Hardin County Bank,
Savannah, Tennessee
Argo State Bank,
Summit, Illinois
Hiawatha National Bank,
Hager City, Wisconsin
Highlands State Bank,
Highlands, Texas
The Bank of Robstown,
Robstown, Texas
First State Bank and Trust
Company,
Port Lavaca, Texas
Union Commerce Corporation,
Cleveland, Ohio

Kansas City

May 28, 1982

Dallas

May 28, 1982

Minneapolis

June 15, 1982

Atlanta

June 25, 1982

Philadelphia

June 25, 1982

Minneapolis

June 1, 1982

Dallas

June 25, 1982

Dallas

June 21, 1982

St. Louis

June 2, 1982

Chicago

June 25, 1982

Minneapolis

May 28, 1982

Dallas

June 11, 1982

Dallas

June 7, 1982

Cleveland

May 20, 1982

Kansas City

June 4, 1982

Glenwood Bancshares, Inc.,
Glenwood City, Wisconsin
Grand Bancshares, Inc.,
Dallas, Texas

Great American Bancshares, Inc.,
Arlington, Texas
Hardin County Bancshares, Inc.,
Savannah, Tennessee
Harris Bankcorp, Inc.,
Chicago, Illinois
Hiawatha Bancshares, Inc.,
Hager City, Wisconsin
Highlands Bancshares, Inc.,
Highlands, Texas
Howland Bancshares, Inc.,
San Antonio, Texas

Huntington Bancshares
Incorporated,
Columbus, Ohio
Industrial Bancshares, Inc.,
Kansas City, Kansas



Commercial National Bank,
Kansas City, Kansas

438

Federal Reserve Bulletin • July 1982

Section 3—Continued
Applicant
International Bancshares of Oklahoma, Inc.,
Yukon, Oklahoma
Jefferson Bankshares, Inc.,
Charlottesville, Virginia
Jennings Bank Shares, Inc.,
Jennings, Kansas
First Insurance Agency, Inc.,
Goodland, Kansas
First of Herington, Inc.,
Herington, Kansas
American, Inc.,
Oswego, Kansas
Keystone Securities, Inc.,
Keystone Heights, Florida
Lancaster Bancshares, Inc.,
Lancaster, Wisconsin
Lansing Bancshares, Inc.,
Lansing, Kansas
Larue Bancshares, Inc.,
Hodgenville, Kentucky
Lometa Bancshares, Inc.,
Lometa, Texas
Louisiana Bancorp, Inc.,
Crowley, Louisiana
MPS Bancorp, Inc.,
Mt. Prospect, Illinois
McLeod Bancshares, Inc.,
Glencoe, Minnesota
McLean County Bancshares, Inc.,
Bloomington, Illinois

Mission Bancshares, Inc.,
Mission, Kansas
Montana Bancsystem, Inc.,
Billings, Montana
Montgomery County Bancshares,
Inc.,
Spring, Texas
Morehouse Bancshares, Inc.,
Bastrop, Louisiana
Munter Agency, Inc.,
Strawberry Point, Iowa
N.F.B. Corporation,
Madison, Florida
Napa Valley Bancorp,
Napa, California




Bank(s)

Reserve
Bank

Effective
date

Citizens Mortgage Corporation,
Oklahoma City, Oklahoma

Kansas City

June 21, 1982

The First National Bank of Luray,
Luray, Virginia
Peoples Insurance Agency, Inc.,
Sharon Springs, Kansas

Richmond

June 14, 1982

Kansas City

June 21, 1982

Keystone State Bank,
Keystone Heights, Florida
Lancaster State Bank,
Lancaster, Wisconsin
First State Bank of Lansing,
Lansing, Kansas
The Peoples State Bank,
Hodgenville, Kentucky
The Citizens State Bank of Lometa,
Lometa, Texas
Louisiana Bank & Trust Company,
Crowley, Louisiana
Tollway-Arlington National Bank of
Arlington Heights, Illinois
Arlington Heights, Illinois
First National Bank of Glencoe,
Glencoe, Minnesota
McLean County Bank,
Bloomington, Illinois
Stanford State Bank,
Stanford, Illinois
Commercial National Bank,
Kansas City, Kansas
Montana Bank of Billings,
Billings, Montana
Montgomery County Bank, N.A.,
Spring, Texas

Atlanta

June 28, 1982

Chicago

June 1, 1982

Kansas City

June 3, 1982

St. Louis

June 14, 1982

Dallas

June 21, 1982

Atlanta

June 21, 1982

Chicago

June 23, 1982

Minneapolis

June 28, 1982

Chicago

June 22, 1982

Kansas City

June 4, 1982

Minneapolis

June 9, 1982

Dallas

June 25, 1982

Bank of Morehouse,
Bostrop, Louisiana
Union Bank and Trust Company,
Strawberry Point, Iowa
Bank of Madison County,
Madison, Florida
Napa Valley Bank,
Napa, California

Dallas

June 18, 1982

Chicago

June 3, 1982

Atlanta

June 7, 1982

San Francisco

June 21, 1982

Legal Developments

439

Section 3—Continued
Applicant
North Texas Bancshares, Inc.,
North Richland Hills, Texas
Pioneer Bancorporation,
Denver, Colorado
Pioneer Bancshares, Inc.,
Canmer, Kentucky
Rifle Bank Agency, Inc.,
Rifle, Colorado
Republic of Texas Corporation,
Dallas, Texas
Royal Trustco Limited,
Toronto, Ontario, Canada
Royal Trust Bank Corp.,
Miami, Florida
Security Financial Services, Inc.
Sheboygan, Wisconsin
Security Holding Company,
Fredericksburg, Texas
Shively Bancshares Corporation,
Shively, Kentucky
Shoshone Financial Corporation,
Lovell, Wyoming
Southern Bancshares, Inc.,
Fairview Heights, Illinois
Southern Wisconsin Bancshares
Corporation,
Mineral Point, Wisconsin
Southtrust Corporation,
Birmingham, Alabama
Southwest Bancshares, Inc.,
Hermitage, Missouri
Stamford Bancshares, Inc.,
Stamford, Texas
Stark Bancshares, Inc.,
Stark, Kansas

State Bancshares, Inc.,
Littlefield, Texas

Summersville Bancshares, Inc.,
Summersville, Missouri
Trimont Bancorporation, Inc.,
Trimont, Minnesota
Troup Bancshares, Inc.,
Troup, Texas



Bank(s)
Arlington State Bank,
Arlington, Texas
City Center National Bank,
Aurora, Colorado
Pioneer Bank,
Canmer, Kentucky
The First National Bank in Parachute,
Parachute, Colorado
Tyler Bank and Trust Company,
Tyler, Texas
Century First National Bank of
Pinellas County,
St. Petersburg, Florida
Manitowoc County Bank,
Manitowoc, Wisconsin
Security Financial Corporation of
Fredericksburg,
Fredericksburg, Texas
Bank of St. Helens,
Shively, Kentucky
The First National Bank of Lovell,
Lovell, Wyoming
Southern Illinois Bank,
Fairview Heights, Illinois
Farmers Saving Bank,
Mineral Point, Wisconsin
The First National Bank of
Piedmont,
Piedmont, Alabama
The Bank of Hermitage,
Hermitage, Missouri
Stamford Financial Corporation,
Stamford, Texas
Lansing Bancshares, Inc.,
Lansing, Kansas
First State Bank of Lansing,
Lansing, Kansas
West Texas Bancshares, Inc.,
Muleshoe, Texas
Muleshoe State Bank,
Muleshoe, Texas
Summersville State Bank,
Summersville, Missouri
Triumph State Bank,
Trimont, Minnesota
Troup Bank & Trust Company,
Troup, Texas

Reserve
Bank

Effective
date

Dallas

June 11, 1982

Kansas City

June 24, 1982

St. Louis

June 18, 1982

Kansas City

June 21, 1982

Dallas

June 2, 1982

Atlanta

May 28, 1982

Chicago

June 22, 1982

Dallas

June 18, 1982

St. Louis

June 16, 1982

Kansas City

May 28, 1982

St. Louis

May 26, 1982

Chicago

June 11, 1982

Atlanta

June 8, 1982

Kansas City

May 25, 1982

Dallas

June 23, 1982

Kansas City

June 3, 1982

Dallas

June 9, 1982

St. Louis

June 18, 1982

Minneapolis

June 29, 1982

Dallas

June 11, 1982

440

Federal Reserve Bulletin • July 1982

Section 3—Continued
Bank(s)

Applicant
Turtle Bancshares, Inc.,
Turtle Lake, Wisconsin
United Texas Financial Corporation,
Wichita Falls, Texas
University State Bancshares, Inc.,
Lawrence, Kansas
Valley View Bancshares, Inc.,
Overland Park, Kansas
Victoria Bankshares, Inc.,
Victoria, Texas
The Walton Bancshares, Inc.,
Walton, Kansas

Bank of Turtle Lake,
Turtle Lake, Wisconsin
The Farmers National Bank of
Seymour,
Seymour, Texas
The University State Bank,
Lawrence, Kansas
Commercial National Bank,
Kansas City, Kansas
Hays County National Bank,
San Marcos, Texas
The Walton State Bank,
Walton, Kansas

Reserve
Bank

Effective
date

Minneapolis

May 28, 1982

Dallas

June 9, 1982

Kansas City

June 23, 1982

Kansas City

June 4, 1982

Dallas

May 28, 1982

Kansas City

May 28, 1982

Reserve
Bank

Effective
date

Sections 3 and 4

Applicant

Bank(s)

Knob Noster Bancshares, Inc.,
Knob Noster, Mis-

The Bank of Knob
Noster,
Knob Noster, Missouri

Mid-America BancSystem, Inc.,
Fairview Heights, Illinois

MidAmerica Bank and
Trust Company of
Alton,
Alton, Illinois
MidAmerica Bank and
Trust Company of
Edgemont,
East St. Louis,
Illinois
MidAmerica Bank and
Trust Company of
Fairview Heights,
Fairview Heights,
Illinois
Carbondale Bancshares, Inc.,
Carbondale, Illinois
Illinois Bancshares,
Inc.,
Mascoutah, Illinois
MidAmerica Bancshares, Inc.,
Lebanon, Illinois




Nonbanking
company
(or activity)
to engage in the sale of
general insurance in
a town with a population of less than
5,000

Lincoln Trail Insurance Agency, Inc.,
Lebanon, Illinois

Kansas City

June 24, 1982

St. Louis

June 3, 1982

Legal Developments

441

Sections 3 and 4—Continued

Suburban Bancorp,
Inc.,
Palatine, Illinois

Nonbanking
company
(or activity)

Bank(s)

Applicant

Suburban Bancorp,
Inc.,
Palatine, Illinois
Subpal Bancorp, Inc.,
Palatine, Illinois
Cary-Grove Bancorp,
Inc.,
Cary, Illinois
Hoffman Bancorp,
Inc.,
Hoffman Estates,
Illinois
Meadows Bankcorp,
Inc.,
Rolling Meadows,
Illinois
Elk Grove Bancorp,
Inc.,
Elk Grove Village,
Illinois
Woodfield Bancorp,
Inc.,
Schaumburg, Illinois

Reserve
Bank

Effective
date

Chicago

June 15, 1982

Brockway Insurance
Agency,
Palatine, Illinois
Suburban Mortgage
Corp.,
Palatine, Illinois

Section 4

Applicant

Nonbanking
company
(or activity)

First Interstate Bancorp,
Los Angeles, California
Zappco Inc.,
St. Cloud, Minnesota

Thomas L. Karsten Associates,
Los Angeles, California
Financomp Inc.,
St. Cloud, Minnesota

ORDERS APPROVED

By Federal Reserve

UNDER BANK

Effective
date

San Francisco

June 11, 1982

Minneapolis

June 15, 1982

ACT

Banks

Applicant
AmeriTrust Company,
Cleveland, Ohio
Bank One of Geauga County,
Chardon, Ohio
Central Bank of the South,
Birmingham, Alabama




MERGER

Reserve
Bank

Bank(s)
AmeriTrust Company of Toledo,
Toledo, Ohio
The Chardon Savings Bank Company,
Chardon, Ohio
Central Bank,
Mobile, Alabama

Reserve
Bank

Effective
date
June 23, 1982
June 11, 1982
May 27, 1982

442

Federal Reserve Bulletin • July 1982

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.
Richten v. Board of Governors, et al., filed May 1982,
U.S.D.C. for the Northern District of Illinois.
Montgomery v. Utah, et al., filed May 1982, U.S.D.C.
for the District of Utah.
Wyoming Bancorporation v. Board of Governors, filed
May 1982, U.S.C.A. for the Tenth Circuit.
Florida National Banks of Florida, Inc. v. Board of
Governors, filed April 1982, U.S.C.A. for the District of Columbia.
John A. Gabriel v. Board of Governors, filed April
1982, U.S.C.A. for the Ninth Circuit.
First Bancorporation
v. Board of Governors, filed
April 1982, U.S.C.A. for the Tenth Circuit.
Charles G. Vick v. Paul A. Volcker, et. al., filed
March 1982, U.S.D.C. for the District of Columbia.
Jolene Gustafson v. Board of Governors, filed March
1982, U.S.C.A. for the Fifth Circuit.
First Lakefield BanCorporation
v. Board of Governors, et al., filed January 1982, U.S.D.C. for the
District of Minnesota.
Christian Educational Association,
Inc. v. Federal
Reserve System, filed January 1982, U.S.D.C. for
the Middle District of Florida.
Option Advisory Service, Inc. v. Board of Governors,
filed December 1981, U.S.C.A. for the Second
Circuit.
Edwin F. Gordon v. Board of Governors, et al., filed
October 1981, U.S.C.A. for the Eleventh Circuit
(two consolidated cases).
Wendall Hall v. Board of Governors, et al., filed
September 1981, U.S.D.C. for the Northern District
of Georgia.




Allen Wolfs on v. Board of Governors, filed September
1981, U.S.D.C. for the Middle District of Florida.
Option Advisory Service, Inc. v. Board of Governors,
filed September 1981, U.S.C.A. for the Second
Circuit (two cases).
Bank Stationers Association, Inc., et al. v. Board of
Governors, filed July 1981, U.S.D.C. for the Northern District of Georgia.
Public Interest Bounty Hunters v. Board of Governors, et al., filed June 1981, U.S.D.C. for the
Northern District of Georgia.
Edwin F. Gordon v. John Heimann, et al., filed May
1981, U.S.C.A. for the Fifth Circuit.
First Bank & Trust Company v. Board of Governors,
filed February 1981, U.S.D.C. for the Eastern District of Kentucky.
9 to 5 Organization for Women Office Workers v.
Board
of Governors,
filed
December 1980,
U.S.D.C. for the District of Massachusetts.
Securities Industry Association v. Board of Governors, et al., filed October 1980, U.S.D.C. for the
District of Columbia.
Securities Industry Association v. Board of Governors, et al., filed October 1980, U.S.C.A. for the
District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
October 1980, U.S.D.C. for the District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
October 1980, U.S.C.A. for the District of Columbia.
A. G. Becker, Inc. v. Board of Governors, et al., filed
August 1980, U.S.D.C. for the District of Columbia.
Berkovitz, et al. v. Government of Iran, et al., filed
June 1980, U.S.D.C. for the Northern District of
California.

55

Financial and Business Statistics
CONTENTS

Domestic
A3
A4
A5
A6

WEEKLY REPORTING

Financial

Statistics

Monetary aggregates and interest rates
Reserves of depository institutions, reserve,
bank credit
Reserves and borrowings of depository
institutions
Federal funds and repurchase agreements of
large member banks

MARKETS

INSTRUMENTS

A7
A8
A9

Federal Reserve Bank interest rates
Depository institutions reserve requirements
Maximum interest rates payable on time and
savings deposits at federally insured institutions
A10 Federal Reserve open market transactions

FEDERAL RESERVE

BANKS

A l l Condition and Federal Reserve note statements
A12 Maturity distribution of loan and security
holdings

MONETAR

BANKS

Assets and liabilities
A18
All reporting banks
A19
Banks with assets of $1 billion or more
A20
Banks in N e w York City
A21
Balance sheet memoranda
All
Branches and agencies of foreign banks
A23 Commercial and industrial loans
A24 Gross demand deposits of individuals,
partnerships, and corporations

FINANCIAL

POLICY

COMMERCIAL

Y AND CREDIT

AGGREGATES

A12 Bank debits and deposit turnover
A13 Money stock measures and components
A14 Aggregate reserves of depository institutions
and monetary base
A15 Loans and securities of all commercial banks

COMMERCIAL

BANKS

A16 Major nondeposit funds
A17 Assets and liabilities, last Wednesday-of-month
series




A25 Commercial paper and bankers dollar
acceptances outstanding
A26 Prime rate charged by banks on short-term
business loans
A26 Terms of lending at commercial banks
All Interest rates in money and capital markets
A28 Stock market—Selected statistics
A29 Selected financial institutions—Selected assets
and liabilities

FEDERAL

A30
A31
A32
A32

FINANCE

Federal fiscal and financing operations
U.S. budget receipts and outlay
Federal debt subject to statutory limitation
Gross public debt of U.S. Treasury—Types and
ownership
A33 U.S. government marketable securities—
Ownership, by maturity
A34 U.S. government securities dealers—
Transactions, positions, and financing
A35 Federal and federally sponsored credit
agencies—Debt outstanding

56

Federal Reserve Bulletin • July 1982

SECURITIES MARKETS AND
CORPORATE FINANCE
A36 New security issues—State and local
governments and corporations
A37 Open-end investment companies—Net sales and
asset position
A37 Corporate profits and their distribution
A38 Nonfinancial corporations—Assets and
liabilities
A38 Total nonfarm business expenditures on new
plant and equipment
A39 Domestic finance companies—Assets and
liabilities; business credit

REAL ESTATE

A55 Foreign official assets held at Federal Reserve
Banks
A56 Foreign branches of U.S. banks—Balance sheet
data
A58 Selected U.S. liabilities to foreign official
institutions

REPORTED BY BANKS IN THE UNITED STATES
A58
A59
A61
A62

Liabilities to and claims on foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
A62 Banks' own claims on unaffiliated foreigners
A63 Claims on foreign countries—Combined
domestic offices and foreign branches

A40 Mortgage markets
A41 Mortgage debt outstanding
REPORTED BY NONBANKING BUSINESS
ENTERPRISES IN THE UNITED STATES
CONSUMER INSTALLMENT CREDIT
A42 Total outstanding and net change
A43 Extension and liquidations

A64 Liabilities to unaffiliated foreigners
A65 Claims on unaffiliated foreigners

SECURITIES HOLDINGS AND TRANSACTIONS
FLOW OF FUNDS
A44 Funds raised in U.S. credit markets
A45 Direct and indirect sources of funds to credit
markets

A66 Foreign transactions in securities
A67 Marketable U.S. Treasury bonds and notes—
Foreign holdings and transactions

INTEREST AND EXCHANGE RATES

Domestic

Nonfinancial

Statistics

A46 Nonfinancial business activity—Selected
measures
A46 Output, capacity, and capacity utilization
A47 Labor force, employment, and unemployment
A48 Industrial production—Indexes and gross value
A50 Housing and construction
A51 Consumer and producer prices
A52 Gross national product and income
A53 Personal income and saving

A67 Discount rates of foreign central banks
A68 Foreign short-term interest rates
A68 Foreign exchange rates

A69 Guide to Tabular
Statistical Releases,
Tables

Special
International

Statistics

A54 U.S. international transactions—Summary
A55 U.S. foreign trade
A55 U.S. reserve assets




Presentation,
and Special

Tables

A70 Commercial bank assets and liabilities, March
31, 1982
A76 Assets and Liabilities of U.S. branches and
agencies of foreign banks, March 31, 1982

Domestic Financial Statistics
1.10

A3

MONETARY A G G R E G A T E S A N D INTEREST RATES
1981

1982

1982

Item
Q2

Q4

Q3

Q1

Jan.

Feb.

Mar.

Apr.

May

Monetary and credit aggregates
(annual rates of change, seasonally adjusted in percent)

1
2
3
4

Reserves of depository
Total
Required
Nonborrowed
Monetary base 2

institutions

5
6
7
8

Concepts of money and liquid
Ml
M2
M3
L

4.2
5.0
-2.4
5.8

4.0
3.1
7.9
4.3

3.2
3.5
10.5
3.9

8.3
7.9
.4
8.0

9.2
12.0
12.2
10.6

.3
8.3
11.2
11.9

5.7
8.9'
9.3 r
10.7'

10.4
9.8'
8.7'
n.a.

21.0
12.2
8.9
10.6 r

11.9
-8.9
16.2
19.9
3.2

18.4
-22.7
24.3
36.0
2.6

8.3
-11.9
20.8
5.4
2.7

7.5
8.7
9.7
4.6
3.1

8.5

8.7

3.6

22.2
19.4
-4.0
11.6

-10.2
-6.9
-18.8
3.4

4.8'
3.1
12. 2 '
4.1

2.7
5.3
2.4'
9.2

4.3
1.8
18.1
9.0

-3.5
4.4'
5.8
9.5

2.7'
11.2
11.3
n.a.

10.7'
10.0'
12.0'
n.a.

-2.1
10.7
10.9
n.a.

5.0
14.5
4.4
1.1
1.1

11.1
.8
16.1
10.7
5.2

19.9
13.6
25.1
17.6'
7.4'

15.7'
-.7'
28.8
8.7'
5.5'

18.0
-1.5
20.8
24.0
9.9

3.5

10.7

8.2'

8.8'

8.3

assets3

Time and savings deposits
Commercial banks
9
Total
10
Savings 4
11
Small-denomination time 5
12
Large-denomination time 6
13 Thrift institutions 7
14 Total loans and securities at commercial banks 8

1981
Q3

2.6'

1982
Q4

1982
Q2

Q1

Feb.

Mar.

Apr.

May

June

Interest rates (levels, percent per annum)

15
16
17
18

Short-term rates
Federal funds 9
Discount window borrowing 1 0
Treasury bills (3-month market vield) 11
Commercial paper (3-month) 1

Long-term rates
Bonds
19
U.S. government 1 3
20
State and local government 1 4
21
A a a utility (new issue) 1 5
22 Conventional mortgages' 6

17.58
14.00
15.05
16.78

13.59
13.04
11.75
13.04

14.23
12.00
12.81
13.81

14.52
12.00
12.42
13.81

14.78
12.00
13.48
14.53

14.68
12.00
12.68
13.80

14.94
12.00
12.70
14.06

14.45
12.00
12.09
13.42

14.15
12.00
12.47
13.96

14.51
12.11
16.82
17.50

14.14
12.54
15.67
17.33

14.27
13.02
15.71
17.10

13.74
12.33
15.73
16.63

14.48
12.97
15.93
17.20

13.75
12.82
15.43
16.80

13.57
12.59
15.83
16.65

13.46
11.95
15.22
16.50

14.18
12.45
15.92
16.75

1. Unless otherwise noted, rates of change are calculated from average amounts
outstanding in preceding month or quarter.
2. Includes reserve balances at Federal Reserve Banks in the current week plus
vault cash held two weeks earlier used to satisfy reserve requirements at all depository institutions plus currency outside the U . S . Treasury, Federal Reserve Banks,
the vaults of depository institutions, and surplus vault cash at depository institutions.
3. M l : Averages of daily figures for (1) currency outside the Treasury, Federal
Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due
to domestic banks, the U.S. government, and foreign banks and official institutions
less cash items in the process of collection and Federal Reserve float; and (4)
negotiable order of withdrawal ( N O W ) and automatic transfer service (ATS) accounts at banks and thrift institutions, credit union share draft (CUSD) accounts,
and demand deposits at mutual savings banks.
M2: M l plus savings and small-denomination time deposits at all depository
institutions, overnight repurchase agreements at commercial banks, overnight Eurodollars held by U.S. residents other than banks at Caribbean branches of member
banks, and balances of money market mutual funds (general purpose and broker/
dealer).
M3: M2 plus large-denomination time deposits at all depository institutions and
term RPs at commercial banks and savings and loan associations and balances of
institution-only money market mutual funds.
L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents
other than banks, bankers acceptances, commercial paper, Treasury bills and other
liquid Treasury securities, and U.S. savings bonds.
4. Savings deposits exclude N O W and A T S accounts at commercial banks and
thrifts and C U S D accounts at credit unions.




5. Small-denomination time deposits—including retail RPs—are those issued in
amounts of less than $100,000.
6. Large-denomination time deposits are those issued in amounts of $100,000 or
more.
7. Savings and loan associations, mutual savings banks, and credit unions.
8. Changes calculated from figures shown in table 1.23. Beginning D e c e m b e r
1981, growth rates reflect shifts of foreign loans and securities from U.S. banking
offices to international banking facilities.
9. Averages of daily effective rates (average of the rates on a given date weighted
by the volume of transactions at those rates).
10. Rate for the Federal Reserve Bank of New York.
11. Quoted on a bank-discount basis.
12. Unweighted average of offering rates quoted by at least five dealers.
13. Market yields adjusted to a 20-year maturity by the U.S. Treasury.
14. Bond Buyer series for 20 issues of mixed quality.
15. Weighted averages of new publicly offered bonds rated A a a , A a , and A by
Moody's Investors Service and adjusted to an A a a basis. Federal Reserve compilations.
16. Average rates on new commitments for conventional first mortgages on new
homes in primary markets, unweighted and rounded to nearest 5 basis points, from
Dept. of Housing and Urban Development.
NOTE. Revisions in M2, M3, and L reflect the inclusion of three general purpose
and broker/dealer money market funds that began reporting in May 1982 though
their operations began earlier.

A4
1.11

Domestic Financial Statistics • July 1982
RESERVES OF DEPOSITORY INSTITUTIONS, RESERVE BANK CREDIT
Millions of dollars
Monthly averages of
daily figures

Weekly averages of daily figures for week ending

1982

1982

Factors

Apr.

May

150,361

151,333

152,140

150,780

149,915

151,210

150,995

152,095

152,792

151,845

127,526
126,542
984
9,123
9,010
113
150
1,581
2,629
9,352

129,686
128,964
722
9,123
9,008
115
164
1,105
2,167
9,088

130,737
130,408
329
9,077
9,004
73
149
1,211
2,227
8,739

129,727
128,934
793
9,097
9,008
89
233
966
1,751
9,006

129,340
128,784
556
9,084
9,008
76
231
1,046
1,967
8,247

129,861
129,291
570
9,085
9,008
77
351
1,048
2,423
8,443

129,701
129,701
0
9,008
9,008
0
0
1,304
2,464
8,518

131,418
131,418
0
9,002
9,002
0
0
929
2,088
8,657

131,337
130,497
840
9,236
9.002
234
289
1,015
2,062
8,852

130,458
130,458
0
9,002
9,002
0
0
1,616
1,742
9,027

11,150
3,660
13,744

11,149
3,818
13,758

11,149
3,818
13,774

11,149
3,818
13,756

11,149
3,818
13,757

11,149
3,818
13,767

11,149
3,818
13,768

11,149
3,818
13,772

11,149
3,818
13,777

11,149
3,818
13,781

143,024
490

144,683
489

146,503
465

144,896
488

144,737
486

145,751
476

146,684
469

146,915
464

146,321
455

146,127
460

4,695
289
443

4,292
332
509

3,303
296
506

3,122
259
500

3,023
260
501

2,838
339
610

3,409
269
498

2,950
303
530

3,730
271
450

3,140
322
461

JuneP

May 19

May 26

June 2

June 9

June 16

June 23P

June 30p

SUPPLYING R E S E R V E F U N D S

1 Reserve Bank credit outstanding
2
3
4
5
6
7
8
9
10
11

U.S. government securities 1
Bought outright
Held under repurchase agreements
Federal agency securities
Bought outright
Held under repurchase agreements
Acceptances
Loans
Float
Other Federal Reserve assets

12 Gold stock
13 Special drawing rights certificate a c c o u n t . . .
14 Treasury currency outstanding
ABSORBING R E S E R V E F U N D S

15 Currency in circulation
16 Treasury cash holdings
Deposits, other than reserves, with Federal
Reserve Banks
17
Treasury
18
Foreign
19
Other
20
Required clearing balances
21 Other Federal Reserve liabilities and
capital
22 Reserve accounts 2

172

184

205

186

186

187

200

203

207

213

5,237
24,565

5,364
24,207

5,373
24,230

5,203
24.849

5,319
24,128

5,591
24,153

5,369
22,832

5,308
24,162

5,471
24,632

5,344
24,526

End-of-month figures

Wednesday figures

1982

1982

Apr.

May

June

May 19

May 26

June 2

June 9

June 16

June 23

June 30

SUPPLYING R E S E R V E F U N D S

23 Reserve Bank credit outstanding
24
25
26
27
28
29
30
31
32
33

U.S. government securities 1
Bought outright
Held under repurchase agreements
Federal agency securities
Bought outright
Held under repurchase agreements
Acceptances
Loans
Float
Other Federal Reserve assets

34 Gold stock
35 Special drawing rights certificate a c c o u n t . . .
36 Treasury currency outstanding

158,729

149,884

149,003

153,320

149,245

155,459

154,157

153,126

152,677

149,003

134,257
128,988
5,269
10,004
9,008
996
768
1,799
1,507
10,394

129,407
129,407
0
9,008
9,008
0
0
1,058
1,776
8,635

127,005
127,005
0
9,002
9.002
0
0
1,638
2,545
8,813

131,291
128,358
2,933
9,425
9,008
417
944
1,058
2,008
8,594

128,765
128,765
0
9,008
9,008
0
0
1,367
1,648
8,457

132,123
129,127
2,996
9,296
9,008
288
1,424
1,202
2,923
8.491

129,082
129,082
0
9,008
9,008
0
0
5,670
1,331
9,066

130,803
130,803
0
9,002
9,002
0
0
1,504
2,911
8,906

131,021
131,021
0
9,002
9,002
0
0
1,054
2,568
9,032

127,005
127,005
0
9,002
9,002
0
0
1,638
2,545
8,813

11,149
3,818
13,756

11,149
3,818
13,767

11,149
3,818
13,781

11,149
3.818
13,756

11,149
3,818
13,761

11.149
3.818
13,767

11,149
3,818
13,771

11,149
3,818
13,776

11,149
3,818
13,781

11,149
3,818
13,781

143,044
491

145,523
477

147,134
460

145,037
487

145,504
483

146,717
473

147,269
467

147,069
462

146,426
453

147,134
460

12,239
966
450
176

2,540
308
523
189

4,099
586
437
213

3,697
241
507
186

2,969
272
545
189

3,554
265
680
189

3,637
296
505
200

4,463
228
487
204

2,857
275
423
207

4,099
586
437
213

5,561
24,526

5,784
23,274

4,837
19,985

5,096
26,792

5,118
22,893

5,284
27,031

5,644
24,878

5,135
23,821

5,229
25,555

4,837
19,985

ABSORBING R E S E R V E FUNDS

37 Currency in circulation
38 Treasury cash holdings
Deposits, other than reserves, with Federal
Reserve Banks
39
Treasury
40
Foreign
41
Other
42 Required clearing balances
43 Other Federal Reserve liabilities and
capital
44 Reserve accounts 2

1. Includes securities loaned—fully guaranteed by U.S. government securities
pledged with Federal Reserve Banks—and excludes (if any) securities sold and
scheduled to be bought back under matched sale-purchase transactions.




2. Excludes required clearing balances,
NOTE. For amounts of currency and coin held as reserves, see table 1.12.

Depository Institutions
1.12

RESERVES A N D BORROWINGS

A5

Depository Institutions

Millions of dollars
M o n t h l y averages of daily figures
R e s e r v e classification

1980

Dec.
1 R e s e r v e b a l a n c e s with R e s e r v e B a n k s 1 . . . .
2 Total vault cash ( e s t i m a t e d )
3
V a u l t cash at institutions with r e q u i r e d
reserve b a l a n c e s 2
4
V a u l t cash e q u a l t o r e q u i r e d r e s e r v e s at
o t h e r institutions
5
Surplus vault cash at o t h e r institutions 3 .
6 R e s e r v e b a l a n c e s + total vault cash 4
7 R e s e r v e b a l a n c e s + total vault cash u s e d
to satisfy reserve r e q u i r e m e n t s 4 - 5
8 Required reserves (estimated)
9 Excess reserve balances at Reserve Banks 4 - 6
10
Total b o r r o w i n g s at R e s e r v e B a n k s
11
Seasonal b o r r o w i n g s at R e s e r v e B a n k s
E x t e n d e d credit at R e s e r v e B a n k s . . . .
12

1982

1981

Oct.

Nov.

Dec.

Feb.

Jan.

Mar.

Apr.

May

June''

26,664
18,149

25,690
18.810

25,892
18,844

26.163
19,538

26,721
20,284

25,963
19,251

24.254
18,749

24,565
18,577

24,207
19,048

24,230
19,321

12,602

12,924

12,986

13,577

14,199

13,082

12,663

12,709

12,972

13,129

704
4,843
44,940

2,097
3,789
44,500

2,073
3,785
44,736

2,178
3,783
45,701

2,290
3,795
47,005

2,235
3,934
45,214

2,313
3,773
43,003

2,284
3,584
43,142

2,373
3,703
43,255

2,416
3,776
43,553

40,097
40,067
30
1,617
116
n.a.

40,711
40,433
278
1,149
152
442

40,951
40,604
347
695
79
178

41,918
41,606
312
642
53
149

43,210
42,785
425
1,526
75
197

41,280
40,981
299
1.713
132
232

39,230
38,873
357
1,611
174
309

39,558
39,284
274
1,581
167
245

39,552
39,192
360
1,105
237
177

39,777
39,252
525
1,211
239
103

J u n e 23p

J u n e 30p

Weekly averages of daily figures f o r week e n d i n g

1982

A p r . 28
13 R e s e r v e b a l a n c e s with R e s e r v e B a n k s 1 . . . .
14 Total vault cash ( e s t i m a t e d )
15
Vault cash at institutions with r e q u i r e d
reserve b a l a n c e s 2
16
V a u l t cash e q u a l t o r e q u i r e d r e s e r v e s at
o t h e r institutions
17
Surplus vault cash at o t h e r institutions 3 .
18 R e s e r v e b a l a n c e s + total vault cash 4
19 R e s e r v e b a l a n c e s + total vault cash used
t o satisfy reserve r e q u i r e m e n t s 4 - 5
20 R e q u i r e d r e s e r v e s ( e s t i m a t e d )
21 Excess reserve balances at Reserve Banks 4 - 6
22
T o t a l b o r r o w i n g s at R e s e r v e B a n k s
23
Seasonal b o r r o w i n g s at R e s e r v e B a n k s
24
E x t e n d e d credit at R e s e r v e B a n k s . . . .

May 5

May 12

M a y 26

June 2

June 9

J u n e 16

25,205
18,702

24,671
19,611

23,351
19.639

24,849
18,552

24,128
18.460

24,153
19,175

22,832
19,559

24,162
19,401

24,632
18,684

24,526
19,687

12,939

13,485

13,324

12,557

12,667

12,977

13,131

12,878

12,898

13,440

2,252
3,511
43,907

2,403
3,723
44,282

2,483
3,832
42,990

2,309
3,686
43,401

2,241
3,552
42,588

2,464
3,734
43,328

2,587
3,841
42,391

2,551
3,972
43,563

2,271
3,515
43,317

2,429
3,818
44,214

40,396
40,111
285
1,823
177
227

40,559
40,115
444
1,499
205
214

39,158
38.894
264
1,117
218
192

39,715
39,275
440
966
232
179

39,036
38,937
99
1,046
258
162

39,594
38,922
672
1,048
260
132

38,550
38,401
149
1,304
217
115

39,591
39,352
239
929
221
104

39,802
39,554
248
1,015
253
96

40,396
39,799
597
1,616
268
93

1. A s of A u g . 13, 1981, excludes r e q u i r e d clearing balances of all d e p o s i t o r y
institutions.
2. B e f o r e N o v . 13, 1980, the figures s h o w n reflect only the vault cash held by
member banks.
3. T o t a l vault cash at institutions w i t h o u t r e q u i r e d reserve balances less vault
cash e q u a l to their r e q u i r e d reserves.
4. A d j u s t e d to include waivers of penalties f o r reserve deficiencies in a c c o r d a n c e
with B o a r d policy, effective N o v . 19, 1975, of permitting transitional relief on a
g r a d u a t e d basis o v e r a 2 4 - m o n t h p e r i o d w h e n a n o n m e m b e r b a n k m e r g e d into an




May 19

existing m e m b e r b a n k , or w h e n a n o n m e m b e r b a n k joins the F e d e r a l R e s e r v e
System. For w e e k s for which figures are p r e l i m i n a r y , figures by class of b a n k d o
not add to total because a d j u s t e d d a t a by class a r e not available.
5. R e s e r v e balances with F e d e r a l R e s e r v e B a n k s , which exclude r e q u i r e d clearing balances plus vault cash at institutions with r e q u i r e d reserve b a l a n c e s plus vault
cash equal to r e q u i r e d r e s e r v e s at o t h e r institutions.
6. R e s e r v e balances with F e d e r a l R e s e r v e B a n k s , which exclude r e q u i r e d clearing balances plus vault cash used t o satisfy reserve r e q u i r e m e n t s less r e q u i r e d
reserves. (This m e a s u r e of excess reserves is c o m p a r a b l e to the old excess reserve
concept published historically.)

A6
1.13

Domestic Financial Statistics • July 1982
FEDERAL FUNDS A N D REPURCHASE AGREEMENTS

Large Member Banks'

Averages of daily figures, in millions of dollars
1982, week ending Wednesday
By maturity and source
May 5

One day and continuing
contract
1 Commercial banks in United States
2 Other depository institutions, foreign banks and foreign
official institutions, and U.S. government agencies .
3 Nonbank securities dealers
4 All other
All other maturities
5 Commercial banks in United States
6 Other depository institutions, foreign banks and foreign
official institutions, and U . S . government agencies .
7 Nonbank securities dealers
8 All other
MEMO: Federal funds and resale agreement loans in maturities of one day or continuing contract
9 Commercial banks in United States
10 Nonbank securities dealers
1. Banks with assets of $1 billion or more as of Dec. 31, 1977.




May 12

May 19 r

May 2 6 '

June 2

June 9

June 16

June 23

June 30

56,418

58,947

55,246

54,268

56,689

61,308

59,136

54,217

48,836

19,663
3,900
22,152

20,582
3,982
22,111

22,498
3,856
22,940

23,649
3,684
21,524

23,314
4,483
21,118

22,468
3,484
22,044

23,503
3,870
22,011

22,938
4,322
22,178

21,816
4,223
22,114

4,789

4,593

4,340

4,286

4,114

4,364

4,736

4,538

4,679

9,569
4,433
8,798

9,308
4,212 r
9,115 r

9,372
4,022
9,222

9,640
3,706
10,150

9,533
3,873
10,180

9,256
3,315
9,414

9,277
3,308
9,019

9,759
3,563
9,259

9,765
3,451
9,048

18,401
3,970

18,460
4,169

20,680
3,923

19,879
4,072

19,418
3,737

18,304
4,779

17,558
4,387

20,204
4,312

19,332
3,709

Policy Instruments
1.14

A7

FEDERAL RESERVE BANK INTEREST RATES
Percent per annum
C u r r e n t a n d p r e v i o u s levels
E x t e n d e d credit 1
S h o r t - t e r m a d j u s t m e n t credit
a n d seasonal credit

Federal Reserve
Bank

N e x t 90 days
of b o r r o w i n g

First 60 days
of b o r r o w i n g

A f t e r 150 days
Effective date
f o r c u r r e n t rates

Rate on
6/30/82

Effective
date

Previous
rate

Rate on
6/30/82

Previous
rate

R a t e on
6/30/82

Previous
rate

R a t e on
6/30/82

Previous
rate

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta

12
12
12
12
12
12

12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81

13
13
13
13
13
13

12
12
12
12
12
12

13
13
13
13
13
13

13
13
13
13
13
13

14
14
14
14
14
14

14
14
14
14
14
14

15
15
15
15
15
15

12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81

Chicago
St. Louis
Minneapolis
K a n s a s City
Dallas
San F r a n c i s c o . . . .

12
12
12
12
12
12

12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81

13
13
13
13
13
13

12
12
12
12
12
12

13
13
13
13
13
13

13
13
13
13
13
13

14
14
14
14
14
14

14
14
14
14
14
14

15
15
15
15
15
15

12/4/81
12/4/81
12/4/81
12/4/81
12/4/81
12/4/81

R a n g e of rates in recent years 2

Effective date

In effect D e c . 31, 1972
1973— J a n . 15
F e b . 26
Mar. 2
A p r . 23
4
May
11
18
J u n e 11
15
July
2
A u g . 14
23
1974— A p r . 25
30
Dec. 9
16
1975— J a n .

6
10
24
Feb.
5
7
M a r . 10
14
M a y 16
23

Range (or
level)—
All F . R .
Banks

F.R.
Bank
of
N.Y.

4V4
5
5-5'/2
5'A
5VS-53/4
53/4
5 3 /4-6
6

4'/2
5
51/2
5 Vi
5>/2
5%
6
6
6V5
6V5
7

6-6V2
6V2
1

7-7'/>
IVI

M
M

7'/>-8
8
7%-8
73/4

8
8
7%
73/4

7V4-73/4
7V4-73/4
7V4
63/4-7V4
63/4
6V4-63/4

73/4
7'/4
7>/4
63/4
63/4
6'/4
61/4
6
6

6'A

6-6V4
6

Effective

Range (or
level)—
All F . R .
Banks

F.R.
Bank
of
N.Y.

19
73
N o v . 11
76

5'/2-6
5>/2
5<A-5>/2
5>/4

5 VI
51/4
51/4

51/4-53/4
5V4-53/4
53/4
6

51/4
53/4
53/4
6

6-6'/2
6>/2
6>/2-7
1

6 VI

1976— J a n .

1977— A u g . 30
31
Sept. 1
O c t . 16
9
20
11
17
3
July
10
A u g . 71
Sept. ??
O c t . 16

1978— J a n .

May

10

Nov.

1
3

1979— July 70
A u g . 17
70

1. A p p l i c a b l e to a d v a n c e s w h e n e x c e p t i o n a l circumstances or practices involve
only a particular d e p o s i t o r y institution a n d to advances w h e n an institution is u n d e r
sustained liquidity p r e s s u r e s . S e e section 201.3(b)(2) of R e g u l a t i o n A .
2. R a t e s tor s h o r t - t e r m a d j u s t m e n t credit. For description a n d earlier d a t a see
the following publications of t h e B o a r d of G o v e r n o r s : Banking and
Monetary
Statistics, 1914-1941 and 1941-1970; Annual Statistical Digest, 1970-1979, and 1980.




7-71/4
71/4
73/4
8-8'/>
8V2

51/2

6V2
7
1

71/4
71/4
73/4
8'/>

91/2

8 VI
9'/I
9VI

10
10-10 1 /!
10 VZ

10
10 VI
lO'/S

8>A-9>/2

Effective date

R a n g e (or
level)—
All F . R .
Banks

F.R.
Bank
of
N.Y.

1979— Sept. 19
21
8
Oct.
10

10Vi-ll
11
11-12
12

11
11
12
12

1980— F e b . 15
19
M a y 29
30
J u n e 13
16
July 28
29
Sept. 26
N o v . 17
Dec. 5
8

12-13
13
12-13
12
11-12
11
10-11
10
11
12
12-13
13

13
13
13
12
11
11
10
10
11
12
13
13

1981— M a y
May
Nov.
Nov.
Dec.

13-14
14
13-14
13
12

14
14
13
13
12

12

12

5
8
2
6
4

In effect J u n e 30, 1982

In 1980 a n d 1981, the F e d e r a l R e s e r v e applied a s u r c h a r g e to s h o r t - t e r m adj u s t m e n t credit b o r r o w i n g s by institutions with deposits of $500 million or m o r e
that h a d b o r r o w e d in successive w e e k s or in m o r e t h a n 4 w e e k s in a c a l e n d a r
q u a r t e r . A 3 p e r c e n t s u r c h a r g e was in effect f r o m M a r . 17, 1980, t h r o u g h M a y 7,
1980. T h e r e was n o s u r c h a r g e until Nov. 17, 1980, w h e n a 2 p e r c e n t s u r c h a r g e w a s
a d o p t e d ; t h e surcharge was s u b s e q u e n t l y raised t o 3 p e r c e n t on D e c . 5, 1980, a n d
to 4 p e r c e n t on M a y 5, 1981. T h e s u r c h a r g e was r e d u c e d t o 3 p e r c e n t effective
Sept. 22, 1981, a n d to 2 p e r c e n t effective O c t . 12. A s of O c t . 1, t h e f o r m u l a f o r
applying the surcharge was c h a n g e d f r o m a c a l e n d a r q u a r t e r to a m o v i n g 13-week
period. T h e surcharge was eliminated on N o v . 17, 1981.

A8
1.15

Domestic Financial Statistics • July 1982
DEPOSITORY INSTITUTIONS RESERVE REQUIREMENTS'
Percent of deposits

T y p e of d e p o s i t , a n d deposit interval
in millions of dollars

Net
demand1
0-2 ..
2-10
10-100
100-400
O v e r 400
Time and savings2
Savings

Member bank requirements
b e f o r e i m p l e m e n t a t i o n of the
M o n e t a r y C o n t r o l Act

Percent

Effective d a t e

7

12/30/76
12/30/76
12/30/76
12/30/76
12/30/76

ll3/4

123/4
161/4
3

Time4
0 - 5 , by m a t u r i t y
30-179 days
180 days t o 4 years
4 years or m o r e
O v e r 5, by m a t u r i t y
30-179 days
180 d a y s t o 4 years
4 years or m o r e

3

Net transaction
$0-$26 million

D e p o s i t o r y institution r e q u i r e m e n t s
a f t e r i m p l e m e n t a t i o n of t h e
Monetary Control Act5

Percent

Effective date

3
12

11/13/80
11/13/80

3
0

4/29/82
4/29/82

3

11/13/80

accounts6-7

Nonpersonal
By original
Less t h a n
y/2 years

time
deposits8
maturity
3Vi y e a r s
or m o r e

Eurocurrency

liabilities

3/16/67

3
2Vi
1

3/16/67
1/8/76
10/30/75

6
iVi
1

12/12/74
1/8/76
10/30/75

1. F o r c h a n g e s in reserve r e q u i r e m e n t s beginning 1963, see B o a r d ' s Annual
Statistical Digest, 1971-1975 a n d f o r p r i o r c h a n g e s , see B o a r d ' s Annual Report for
1976, table 13. U n d e r provisions of t h e M o n e t a r y Control A c t , depository institutions include c o m m e r c i a l b a n k s , m u t u a l savings b a n k s , savings and loan associations, credit unions, agencies a n d b r a n c h e s of foreign b a n k s , and E d g e Act
corporations.
2. (a) R e q u i r e m e n t schedules are g r a d u a t e d , a n d each deposit interval applies
t o that p a r t of the deposits of e a c h b a n k . D e m a n d deposits subject to reserve
r e q u i r e m e n t s w e r e gross d e m a n d deposits m i n u s cash items in process of collection
and d e m a n d balances due from domestic banks.
(b) T h e F e d e r a l R e s e r v e A c t as a m e n d e d t h r o u g h 1978 specified different r a n g e s
of r e q u i r e m e n t s f o r reserve city b a n k s a n d f o r o t h e r banks. R e s e r v e cities w e r e
d e s i g n a t e d u n d e r a criterion a d o p t e d effective N o v . 9 , 1 9 7 2 , by which a b a n k having
net d e m a n d deposits of m o r e t h a n $400 million was considered to have the c h a r a c t e r
of business of a reserve city b a n k . T h e p r e s e n c e of the h e a d office of such a bank
c o n s t i t u t e d designation of that place as a reserve city. Cities in which t h e r e were
F e d e r a l R e s e r v e B a n k s or b r a n c h e s w e r e also reserve cities. A n y b a n k s having net
d e m a n d deposits of $400 million or less w e r e c o n s i d e r e d to have the character of
business of b a n k s outside of reserve cities a n d w e r e permitted to maintain reserves
at ratios set f o r b a n k s not in reserve cities.
(c) E f f e c t i v e A u g . 24, 1978, the R e g u l a t i o n M reserve r e q u i r e m e n t s on net
b a l a n c e s d u e f r o m d o m e s t i c b a n k s to their foreign b r a n c h e s a n d on deposits that
f o r e i g n b r a n c h e s lend to U . S . r e s i d e n t s w e r e r e d u c e d t o z e r o f r o m 4 p e r c e n t and
1 p e r c e n t respectively. T h e R e g u l a t i o n D reserve r e q u i r e m e n t on borrowings f r o m
u n r e l a t e d b a n k s a b r o a d was also r e d u c e d to z e r o f r o m 4 p e r c e n t .
(d) Effective with the reserve computation period beginning Nov. 16, 1978,
domestic deposits of Edge corporations were subject to the same reserve requirements as deposits of member banks.
3. (a) N e g o t i a b l e o r d e r of withdrawal ( N O W ) accounts a n d time deposits such
as C h r i s t m a s a n d vacation club a c c o u n t s w e r e s u b j e c t to the s a m e r e q u i r e m e n t s as
savings deposits.
(b) T h e a v e r a g e reserve r e q u i r e m e n t o n savings and o t h e r time deposits b e f o r e
i m p l e m e n t a t i o n of the M o n e t a r y C o n t r o l A c t h a d to be at least 3 p e r c e n t , the
m i n i m u m specified by law.
4. (a) E f f e c t i v e N o v . 2, 1978, a s u p p l e m e n t a r y reserve r e q u i r e m e n t of 2 p e r c e n t
was i m p o s e d o n large time deposits of $100,000 or m o r e , obligations of affiliates,
a n d ineligible acceptances. This s u p p l e m e n t a r y r e q u i r e m e n t was eliminated with
the m a i n t e n a n c e p e r i o d beginning July 24, 1980.
(b) E f f e c t i v e with the reserve m a i n t e n a n c e p e r i o d beginning Oct. 25, 1979, a
m a r g i n a l reserve r e q u i r e m e n t of 8 p e r c e n t was a d d e d to m a n a g e d liabilities in
excess of a b a s e a m o u n t . This m a r g i n a l r e q u i r e m e n t was increased to 10 percent
beginning A p r . 3, 1980, was d e c r e a s e d to 5 p e r c e n t beginning J u n e 12, 1980, and

N O T E S T O T A B L E 1.16
18. E f f e c t i v e D e c . 1, 1981, d e p o s i t o r y institutions were authorized to o f f e r time
deposits n o t s u b j e c t to interest rate ceilings w h e n t h e f u n d s are deposited to the
credit o f , or in which the e n t i r e beneficial interest is held by, an individual p u r s u a n t
to an I R A a g r e e m e n t o r K e o g h ( H . R . 10) plan. Such time deposits must have a
m i n i m u m m a t u r i t y of 18 m o n t h s , a n d a d d i t i o n s m a y be m a d e to t h e time deposit
at any time b e f o r e its m a t u r i t y w i t h o u t e x t e n d i n g the maturity of all or a p o r t i o n
of the b a l a n c e of the a c c o u n t .
19. E f f e c t i v e M a y 1, 1982, d e p o s i t o r y institutions were authorized to o f f e r negotiable or n o n n e g o t i a b l e time d e p o s i t s with a m i n i m u m original maturity of 3'/i
years or m o r e that are not s u b j e c t t o interest rate ceilings. Such time deposits have
n o m i n i m u m d e n o m i n a t i o n , b u t m u s t be m a d e available in a $500 d e n o m i n a t i o n .
A d d i t i o n a l d e p o s i t s may b e m a d e t o the a c c o u n t during the first year w i t h o u t
e x t e n d i n g its m a t u r i t y .




T y p e of d e p o s i t , a n d
deposit interval

was r e d u c e d t o z e r o beginning July 24, 1980. M a n a g e d liabilities are d e f i n e d as
large time deposits. E u r o d o l l a r b o r r o w i n g s , r e p u r c h a s e a g r e e m e n t s against U . S .
g o v e r n m e n t a n d f e d e r a l agency securities, f e d e r a l f u n d s b o r r o w i n g s f r o m n o n m e m b e r institutions, and certain o t h e r obligations. In g e n e r a l , the base f o r t h e
marginal reserve r e q u i r e m e n t was originally the g r e a t e r of ( a ) $100 million or ( b )
the average a m o u n t of the m a n a g e d liabilities held by a m e m b e r b a n k , E d g e
c o r p o r a t i o n , or family of U . S . b r a n c h e s a n d agencies of a f o r e i g n b a n k f o r t h e t w o
s t a t e m e n t w e e k s e n d i n g Sept. 2 6 , 1 9 7 9 . F o r the c o m p u t a t i o n p e r i o d beginning M a r .
2 0 , 1 9 8 0 , the base was l o w e r e d by (a) 7 p e r c e n t or (b) t h e d e c r e a s e in a n institution's
U . S . office gross loans t o f o r e i g n e r s a n d gross b a l a n c e s d u e f r o m foreign offices
of o t h e r institutions b e t w e e n the base p e r i o d ( S e p t . 13-26, 1979) a n d t h e w e e k
ending M a r . 12,1980, whichever was g r e a t e r . F o r t h e c o m p u t a t i o n p e r i o d beginning
May 2 9 , 1 9 8 0 , the base w a s increased by 7[/2 p e r c e n t a b o v e the base used to calculate
the marginal reserve in t h e s t a t e m e n t w e e k of M a y 14-21, 1980. I n a d d i t i o n ,
beginning M a r . 19, 1980, the base was r e d u c e d t o t h e e x t e n t that foreign loans a n d
balances declined.
5. F o r existing n o n m e m b e r b a n k s a n d thrift institutions at the time of implem e n t a t i o n of the M o n e t a r y C o n t r o l A c t , t h e phase-in p e r i o d e n d s Sept. 3, 1987.
For existing m e m b e r b a n k s the phase-in p e r i o d is a b o u t t h r e e years, d e p e n d i n g o n
w h e t h e r their n e w reserve r e q u i r e m e n t s are g r e a t e r o r less t h a n t h e old r e q u i r e ments. F o r existing agencies a n d b r a n c h e s of f o r e i g n b a n k s , t h e phase-in e n d s A u g .
12, 1982. N e w institutions have a two-year phase-in beginning with the d a t e that
they o p e n f o r business, except f o r t h o s e institutions h a v i n g total reservable liabilities
of $50 million or m o r e .
6. Transaction a c c o u n t s include all deposits o n which t h e a c c o u n t h o l d e r is
permitted to m a k e withdrawals by n e g o t i a b l e or t r a n s f e r a b l e i n s t r u m e n t s , p a y m e n t
o r d e r s of w i t h d r a w a l , a n d t e l e p h o n e a n d p r e a u t h o r i z e d t r a n s f e r s (in excess of t h r e e
per m o n t h ) f o r the p u r p o s e of m a k i n g p a y m e n t s to third p e r s o n s or o t h e r s .
7. T h e M o n e t a r y C o n t r o l A c t of 1980 r e q u i r e s that the a m o u n t of t r a n s a c t i o n
accounts against which the 3 p e r c e n t reserve r e q u i r e m e n t will apply b e m o d i f i e d
annually to 80 p e r c e n t of the p e r c e n t a g e increase in transaction a c c o u n t s h e l d by
all depository institutions o n the p r e v i o u s J u n e 30. A t the b e g i n n i n g of 1982 t h e
a m o u n t was accordingly increased f r o m $25 million to $26 million.
8. In general, n o n p e r s o n a l time deposits are time deposits, including savings
deposits, that are not transaction a c c o u n t s a n d in which the beneficial interest is
held by a d e p o s i t o r t h a t is n o t a n a t u r a l p e r s o n . A l s o included are certain transferable time deposits held by n a t u r a l p e r s o n s , a n d certain obligations issued to
depository institution offices located outside the U n i t e d States. F o r details, see
section 204.2 of R e g u l a t i o n D .
NOTE. R e q u i r e d reserves m u s t b e held in t h e f o r m of deposits with F e d e r a l
R e s e r v e B a n k s or vault cash. A f t e r i m p l e m e n t a t i o n of t h e M o n e t a r y C o n t r o l A c t ,
n o n m e m b e r s may maintain reserves o n a p a s s - t h r o u g h basis with certain a p p r o v e d
institutions.

NOTE. B e f o r e M a r . 31, 1980, t h e m a x i m u m rates that could be paid by f e d e r a l l y
insured c o m m e r c i a l b a n k s , m u t u a l savings b a n k s , a n d savings a n d loan associations
w e r e established by the B o a r d of G o v e r n o r s of the F e d e r a l R e s e r v e S y s t e m , t h e
B o a r d of D i r e c t o r s of the F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a t i o n , a n d the F e d e r a l
H o m e L o a n B a n k B o a r d u n d e r the provisions of 12 C F R 217, 329, a n d 526 respectively. Title II of t h e D e p o s i t o r y I n s t i t u t i o n s D e r e g u l a t i o n a n d M o n e t a r y C o n trol A c t of 1980 ( P . L . 96-221) t r a n s f e r r e d the a u t h o r i t y of t h e agencies t o establish
m a x i m u m rates of interest payable o n deposits t o the D e p o s i t o r y Institutions D e regulation C o m m i t t e e . T h e m a x i m u m r a t e s o n time deposits in d e n o m i n a t i o n s of
$100,000 or m o r e with m a t u r i t i e s of 3 0 - 8 9 d a y s w e r e s u s p e n d e d in J u n e 1970; such
deposits m a t u r i n g in 90 days o r m o r e w e r e s u s p e n d e d in M a y 1973. F o r i n f o r m a t i o n
regarding previous interest rate ceilings o n all types of a c c o u n t s , see earlier issues
of the FEDERAL RESERVE BULLETIN, t h e Federal Home Loan Bank Board
Journal,
and the Annual Report of the Federal Deposit Insurance
Corporation.

Policy Instruments
1.16

A9

MAXIMUM INTEREST RATES P A Y A B L E on Time and Savings Deposits at Federally Insured Institutions
Percent per annum
Savings a n d loan associations a n d
m u t u a l savings b a n k s (thrift institutions)

Commercial banks

T y p e a n d m a t u r i t y of d e p o s i t

In effect J u n e 30, 1982

Percent

1 Savings
2 N e g o t i a b l e o r d e r of w i t h d r a w a l a c c o u n t s 2
Time accounts 3
Fixed ceiling rates by maturity 4
3
14-89 d a y s "
4
90 d a y s t o 1 v e a r
1 to 2 years \
5
6
2 to 2Vi y e a r s 7
7
2Vi to 4 y e a r s 7
4 to 6 y e a r s 8
8
9
6 t o 8 years 8
10
8 years or more 8
11
Issued t o g o v e r n m e n t a l units (all maturities') 1 0
12
Individual r e t i r e m e n t a c c o u n t s a n d K e o g h ( H . R . 10)
p l a n s (3 y e a r s o r m o r e ) 1 0 , 1 1

13
14
15
16
17
18

5'/4

5V4

7/1/79
12/31/80

8/1/79
1/1/80

6

7/1/73

6'/i
71/4

IVi
7 3 /4

7/1/73
1/1/74

5'/2
5V4

5%

7 3 /4

5 3 /4

11/1/73

V4

6/1/78

7 3 /4

6Vi
63 /4
IVI

Previous maximum

Effective
date

Percent

(6)
6

7'/4

1. July 1, 1973, f o r m u t u a l savings b a n k s ; July 6, 1973, f o r savings a n d loans.
2. F o r a u t h o r i z e d s t a t e s only. F e d e r a l l y insured c o m m e r c i a l b a n k s , savings a n d
loan associations, c o o p e r a t i v e b a n k s , a n d m u t u a l savings b a n k s in M a s s a c h u s e t t s
a n d N e w H a m p s h i r e w e r e first p e r m i t t e d t o o f f e r n e g o t i a b l e o r d e r of w i t h d r a w a l
( N O W ) a c c o u n t s o n J a n . 1, 1974. A u t h o r i z a t i o n t o issue N O W a c c o u n t s was ext e n d e d t o similar institutions t h r o u g h o u t N e w E n g l a n d o n F e b . 27, 1976, in N e w
Y o r k State o n N o v . 10, 1978, a n d in N e w Jersey o n D e c . 28, 1979. A u t h o r i z a t i o n
to issue N O W a c c o u n t s w a s e x t e n d e d to similar institutions n a t i o n w i d e effective
D e c . 31, 1980.
3. F o r e x c e p t i o n s with r e s p e c t t o c e r t a i n foreign time deposits see the BULLETIN
for O c t o b e r 1962 ( p . 1279), A u g u s t 1965 ( p . 1084), a n d F e b r u a r y 1968 (p. 167).
4. E f f e c t i v e N o v . 10, 1980, t h e m i n i m u m notice p e r i o d f o r public unit a c c o u n t s
at savings a n d loan associations w a s d e c r e a s e d t o 14 days a n d the m i n i m u m maturity
period f o r time d e p o s i t s a t savings a n d loan associations in excess of $100,000 w a s
d e c r e a s e d t o 14 days. E f f e c t i v e O c t . 30, 1980, t h e m i n i m u m m a t u r i t y or notice
period f o r time d e p o s i t s w a s d e c r e a s e d f r o m 30 to 14 days at m u t u a l savings b a n k s .
5. E f f e c t i v e O c t . 30, 1980, t h e m i n i m u m m a t u r i t y o r notice p e r i o d f o r time
deposits was d e c r e a s e d f r o m 30 t o 14 days at c o m m e r c i a l b a n k s .
6. N o s e p a r a t e a c c o u n t c a t e g o r y .
7. N o m i n i m u m d e n o m i n a t i o n . Until July 1, 1979, a m i n i m u m of $1,000 was
r e q u i r e d f o r savings a n d loan associations, except in a r e a s w h e r e m u t u a l savings
b a n k s p e r m i t t e d l o w e r m i n i m u m d e n o m i n a t i o n s . This restriction w a s r e m o v e d f o r
deposits m a t u r i n g in less t h a n 1 y e a r , e f f e c t i v e N o v . 1, 1973.
8. N o m i n i m u m d e n o m i n a t i o n . Until July 1, 1979, the m i n i m u m d e n o m i n a t i o n
was $1,000 e x c e p t f o r d e p o s i t s r e p r e s e n t i n g f u n d s c o n t r i b u t e d t o a n individual
r e t i r e m e n t a c c o u n t ( I R A ) o r a K e o g h ( H . R . 10) plan established p u r s u a n t t o t h e
Internal R e v e n u e C o d e . T h e $1,000 m i n i m u m r e q u i r e m e n t was r e m o v e d f o r such
accounts in D e c e m b e r 1975 a n d N o v e m b e r 1976 respectively.
9. B e t w e e n July 1, 1973, a n d O c t . 31, 1973, certificates m a t u r i n g in 4 years or
m o r e with m i n i m u m d e n o m i n a t i o n s of $1,000 h a d n o ceiling; h o w e v e r , t h e a m o u n t
of such certificates that a n institution c o u l d issue w a s limited t o 5 p e r c e n t of its
total time a n d savings deposits. Sales in excess of that a m o u n t , a s well a s certificates
of less t h a n $1,000, w e r e limited t o t h e 6Vi p e r c e n t ceiling o n time deposits m a t u r i n g
in 2 y e a r s or m o r e . E f f e c t i v e N o v . 1 , 1 9 7 3 , ceilings w e r e r e i m p o s e a on certificates
m a t u r i n g in 4 y e a r s o r m o r e with m i n i m u m d e n o m i n a t i o n of $1,000. T h e r e is n o
limitation o n t h e a m o u n t of t h e s e certificates that b a n k s can issue.
10. A c c o u n t s s u b j e c t t o f i x e d - r a t e ceilings. See f o o t n o t e 8 f o r m i n i m u m d e n o m ination r e q u i r e m e n t s .
11. E f f e c t i v e J a n . 1 , 1 9 8 0 , c o m m e r c i a l b a n k s are p e r m i t t e d t o pay the s a m e r a t e
as thrifts o n I R A a n d K e o g h a c c o u n t s a n d accounts of g o v e r n m e n t a l units w h e n
such deposits a r e placed in t h e n e w 2'/i-year or m o r e variable-ceiling certificates
or in 26-week m o n e y m a r k e t certificates regardless of t h e level of the T r e a s u r y bill
rate.
12. M u s t h a v e a m a t u r i t y of exactly 26 w e e k s a n d a m i n i m u m d e n o m i n a t i o n of
$10,000, a n d m u s t b e n o n n e g o t i a b l e .
13. E f f e c t i v e M a y 1, 1982, d e p o s i t o r y institutions w e r e a u t h o r i z e d t o o f f e r time
deposits that h a v e a m i n i m u m d e n o m i n a t i o n of $7,500 a n d a maturity of 91 days.
T h e ceiling r a t e of interest o n t h e s e d e p o s i t s is i n d e x e d t o the discount r a t e (auction
a v e r a g e ) on m o s t recently issued 91-day T r e a s u r y bills f o r thrift institutions a n d
t h e discount r a t e m i n u s 25 basis p o i n t s f o r c o m m e r c i a l b a n k s . T h e r a t e differential
e n d s 1 y e a r f r o m t h e e f f e c t i v e d a t e of t h e s e i n s t r u m e n t s a n d is s u s p e n d e d at any
time t h e T r e a s u r y bill discount r a t e is 9 % or b e l o w f o r f o u r consecutive auctions.
T h e m a x i m u m allowable r a t e s in J u n e (in p e r c e n t ) f o r c o m m e r c i a l b a n k s w e r e as
follows: J u n e 8 , 1 1 . 8 2 4 ; J u n e 1 5 , 1 1 . 9 9 8 ; J u n e 2 2 , 1 2 . 3 3 8 ; J u n e 2 9 , 1 3 . 0 1 9 ; a n d f o r
thrift institutions: J u n e 8 , 1 2 . 0 7 4 ; J u n e 1 5 , 1 2 . 2 4 8 ; J u n e 2 2 , 1 2 . 5 8 8 ; J u n e 2 9 , 1 3 . 2 6 9 .
14. C o m m e r c i a l b a n k s a n d thrift institutions w e r e a u t h o r i z e d t o o f f e r m o n e y
m a r k e t t i m e deposits e f f e c t i v e J u n e 1, 1978. T h e s e d e p o s i t s h a v e a m i n i m u m den o m i n a t i o n r e q u i r e m e n t of $10,000 a n d a maturity of 26 w e e k s . T h e ceiling r a t e
of interest o n t n e s e deposits is i n d e x e d to the discount r a t e (auction a v e r a g e ) on
m o s t recently issued 26-week U . S . T r e a s u r y bills. I n t e r e s t o n these certificates m a y
n o t b e c o m p o u n d e d . E f f e c t i v e f o r ail 6 - m o n t h m o n e y m a r k e t certificates issued

In effect J u n e 30, 1982

7/1/73
7/1/73
1/21/70
1/21/70
1/21/70

5
5 Vi
5 Vi

7/1/73
11/1/73
12/23/74
6/1/78
6/1/78

Special variable ceiling rates by maturity
91-day time d e p o s i t s 1 3
6 - m o n t h m o n e y m a r k e t time deposits 14
12-month all savers certificates "
2Vi years t o less t h a n 3Vi y e a r s 1 6
Accounts with no ceiling rates
Individual r e t i r e m e n t a c c o u n t s a n d K e o g h ( H . R . 10)
plans (18 m o n t h s o r m o r e ) 18
3Vi years o r m o r e t i m e d e p o s i t s 1 9




Effective
date

Effective
date

5 3 /4

5'/4

Previous m a x i m u m

7/1/79
12/31/80

1/1/80
(')

51/4
5
(6)

5 3 /4
5 3 /4

6
6

'12/23/74'

0)
11/1/73
12/23/74
6/1/78
6/1/78

V3/4

7/6/77

6/1/78

7 3 /4

7 Vi

ri3i

beginning N o v . 1, 1981, d e p o s i t o r y institutions m a y p a y r a t e s of interest o n these
deposits i n d e x e d t o t h e higher of (1) the r a t e f o r 26-week T r e a s u r y bills e s t a b l i s h e d
immediately b e f o r e the d a t e of deposit (bill r a t e ) or (2) the a v e r a g e of t h e f o u r
rates f o r 26-week T r e a s u r y bills established f o r the 4 w e e k s i m m e d i a t e l y b e f o r e
the d a t e of deposit (4-week a v e r a g e bill r a t e ) . Ceilings are d e t e r m i n e d as follows:
Bill rate or 4-week
average bill rate
7.50 p e r c e n t o r b e l o w
A b o v e 7.50 p e r c e n t

7.25 p e r c e n t or b e l o w
A b o v e 7.25 p e r c e n t , but b e l o w
8.50 p e r c e n t
8.50 p e r c e n t or a b o v e , but b e l o w
8.75 p e r c e n t
8.75 p e r c e n t or a b o v e

Commercial

bank

ceiling

7.75 p e r c e n t
1/4 of 1 p e r c e n t a g e point plus t h e h i g h e r of
t h e bill r a t e o r 4-week a v e r a g e bill r a t e
Thrift ceiling
7.75 p e r c e n t
>/S of 1 p e r c e n t a g e point plus t h e h i g h e r of
t h e bill r a t e or 4 - w e e k a v e r a g e bill r a t e
9 percent
'/4 of 1 p e r c e n t a g e point plus t h e h i g h e r of
t h e bill r a t e or 4 - w e e k a v e r a g e bill r a t e

T h e m a x i m u m allowable rates in J u n e f o r c o m m e r c i a l b a n k s a n d t h r i f t s b a s e d o n
the bill rate w e r e as follows: J u n e 8 , 1 2 . 3 6 7 ; J u n e 15, 12.753; J u n e 2 2 , 1 3 . 2 8 1 ; J u n e
29, 13.669. T h e m a x i m u m allowable r a t e s in J u n e f o r c o m m e r c i a l b a n k s a n d t h r i f t s
b a s e d o n the 4-week a v e r a g e bill rate w e r e as follows: J u n e 8, 12.142; J u n e 15,
12.222; J u n e 22, 12.56; J u n e 29, 13.018.
15. E f f e c t i v e O c t . 1, 1981, d e p o s i t o r y institutions a r e a u t h o r i z e d to issue all
savers certificates ( A S C s ) with a 1-year m a t u r i t y a n d an a n n u a l i n v e s t m e n t yield
equal to 70 p e r c e n t of t h e a v e r a g e investment yield f o r 52-week U . S . T r e a s u r y bills
as d e t e r m i n e d by t h e auction of 52-week T r e a s u r y bills held i m m e d i a t e l y b e f o r e
the c a l e n d a r w e e k in which the certificate is issued. A m a x i m u m less t h a n 9.50
p e r c e n t , c o m m e r c i a l b a n k s m a y p a y lifetime exclusion of $1,000 ($2,000 o n a joint
r e t u r n ) f r o m gross i n c o m e is generally a u t h o r i z e d f o r interest i n c o m e f r o m A S C s .
T h e a n n u a l investment yields f o r A S C s issued in J u n e (in p e r c e n t ) w e r e as follows:
J u n e 13, 9.85.
16. E f f e c t i v e A u g . 1, 1981, c o m m e r c i a l b a n k s m a y pay interest o n any variable
ceiling n o n n e g o t i a b l e time deposit with an original m a t u r i t y of 2'/5 y e a r s to less
than 4 y e a r s a t a r a t e n o t t o e x c e e d '/4 of 1 p e r c e n t b e l o w t h e a v e r a g e 2Vi-year
yield f o r U . S . T r e a s u r y securities as d e t e r m i n e d a n d a n n o u n c e d by t h e T r e a s u r y
D e p a r t m e n t i m m e d i a t e l y b e f o r e the d a t e of d e p o s i t . E f f e c t i v e M a y 1, 1982, t h e
m a x i m u m maturity f o r this c a t e g o r y of deposits was r e d u c e d to less t h a n 3Vi years.
T h r i f t institutions m a y p a y interest o n t h e s e certificates at a r a t e n o t t o e x c e e d the
average 2Vi -year yield f o r T r e a s u r y securities as d e t e r m i n e d a n d a n n o u n c e d by
the T r e a s u r y D e p a r t m e n t i m m e d i a t e l y b e f o r e the d a t e of d e p o s i t . If the a n n o u n c e d
average 2Vi-year yield f o r T r e a s u r y securities is 9.25 p e r c e n t a n d thrift institutions
9.50 p e r c e n t f o r these deposits. T h e s e d e p o s i t s h a v e n o r e q u i r e d m i n i m u m d e n o m ination, a n d interest m a y b e c o m p o u n d e d o n t h e m . T h e ceiling r a t e s of interest at
which they m a y be o f f e r e d vary biweekly. T h e m a x i m u m a l l o w a b l e r a t e s in J u n e
(in p e r c e n t ) f o r c o m m e r c i a l b a n k s w e r e as follows: J u n e 8, 13.75; J u n e 22, 14.45;
and f o r thrifts: J u n e 8, 14.00; J u n e 22, 14.70.
17. B e t w e e n J a n . 1 , 1 9 8 0 , a n d A u g . 1, 1981, c o m m e r c i a l b a n k s , a n d thrifts w e r e
a u t h o r i z e d t o o f f e r variable ceiling n o n n e g o t i a b l e time deposits with n o r e q u i r e d
m i n i m u m d e n o m i n a t i o n a n d with m a t u r i t i e s of 2Vi years or m o r e . E f f e c t i v e J a n .
1, 1980, the m a x i m u m r a t e f o r c o m m e r c i a l b a n k s w a s 3/4 p e r c e n t a g e point b e l o w
the average yield o n 2Vi-year U . S . T r e a s u r y securities; t h e ceiling r a t e f o r t h r i f t s
was VA p e r c e n t a g e point higher t h a n t h a t f o r c o m m e r c i a l b a n k s . E f f e c t i v e M a r . 1,
1980, a t e m p o r a r y ceiling of ll 3 /4 p e r c e n t was placed o n t h e s e a c c o u n t s at c o m mercial b a n k s a n d 12 p e r c e n t on these a c c o u n t s at savings a n d loans. E f f e c t i v e
J u n e 2, 1980, the ceiling rates f o r these deposits at c o m m e r c i a l b a n k s a n d savings
a n d loans was i n c r e a s e d Vi p e r c e n t a g e point. T h e t e m p o r a r y ceiling w a s r e t a i n e d ,
a n d a m i n i m u m ceiling of 9.25 p e r c e n t f o r c o m m e r c i a l b a n k s a n d 9.50 p e r c e n t f o r
thrifts was established.
NOTES a r e c o n t i n u e d on o p p o s i t e p a g e .

A10
1.17

DomesticNonfinancialStatistics • July 1982
FEDERAL RESERVE OPEN MARKET TRANSACTIONS
Millions of dollars
1981
Type of transaction

1979

1980

1982

1981
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

U . S . G O V E R N M E N T SECURITIES

Outright transactions (excluding matched
transactions)
1
2
3
4

Treasury bills
Gross purchases
Gross sales
Exchange
Redemptions

5
6
7
8
9

15,998
6,855
0
2,900

7,668
7.331
0
3.389

13,899
6,746
0
1,816

1.765
0
0
16

2,170
0
0
0

0
2,756
0
600

1.017
868
0
0

474
995
0
600

4,149
0
0
0

595
519
0
400

Others within I year1
Gross purchases
Gross sales
Maturity shift
Exchange
Redemptions

3.203
0
17,339
-11,308
2.600

912
0
12.427
-18.251
0

317
23
13,794
- 12,869
0

0
0
1,389
-3,047
0

80
0
887
-754
0

0
0
542
0
0

20
0
2,633
-940
0

0
0
900
-1.479
0

132
0
333
-525
0

0
0
1,498
-2,541
0

10
11
12
13

1 to 5 years
Gross purchases
Gross sales
Maturity shift
Exchange

2,148
0
- 12.693
7,508

2,138
0
-8.909
13,412

1,702
0
- 10,299
10.117

100
0
-1.057
2.325

526
0
-887
754

0
0
-542
0

50
0
-974
765

0
0
-900
1.479

570
0
-333
525

0
0
-1,000
1,600

14
IS
16
1/

5 to 10 years
Gross purchases
Gross sales
Maturity shift
Exchange

523
0
-4,646
2,181

703
0
-3.092
2.970

393
0
-3,495
1.500

0
0
-332
400

165
0
0
0

0
0
0
0

0
0
- 1,659
100

0
0
0
0

81
0
0
0

0
0
-498
941

18
19
20
21

Over 10 years
Gross purchases
Gross sales
Maturity shift
Exchange

454
0
0
1,619

811
0
-426
1,869

379
0
0
1.253

0
0
0
322

108
0
0
0

0
0
0
0

0
0
0
75

0
0
0
0

52
0
0
0

0
0
0
0

22
23
24

All maturities1
Gross purchases
Gross sales
Redemptions

22,325
6.855
5,500

12,232
7,331
3,389

16.690
6.769
1,816

1,865
0
16

3,049
0
0

0
2,756
600

1.087
868
0

474
995
600

4,984
0
0

595
519
400

25
26

Matched transactions
Gross sales
Gross purchases

627,350
624,192

674,000
675.496

589,312
589,647

42.012
41.900

54,098
54,044

51,132
51,717

28.033
28.258

38.946
38,650

44,748
44,759

36,047
36,790

2/
28

Repurchase agreements
Gross purchases
Gross sales

107,051
106,968

113.902
113,040

79.920
78.733

9.505
7.709

14,180
12,760

12,962
12,914

18.656
21,919

8,595
6,998

18,396
14,724

10,155
15,424

6,896

3,869

9,626

3,534

4,415

-2.724

-2,820

179

8,667

-4,850

853
399
134

668
0
145

494
0
108

494
0
10

0
0
4

0
0
68

0
0
32

0
0
13

0
0
5

0
0
1

37,321
36,960

28,895
28,863

13,320
13,576

1,607
1,288

1.647
1.697

800
935

872
1,006

554
471

2,033
1,119

1,305
2,301

681

555

130

802

-54

-203

- 166

70

909

-997

116

73

-582

744

-549

402

-597

488

280

-768

7,693

4,497

9,175

5,080

3,812

-2,524

-3,583

737

9,856

-6,615

29 Net change in U.S. government securities
F E D E R A L A G E N C Y OBLIGATIONS

30
31
32

Outright transactions
Gross purchases
Gross sales
Redemptions

33
34

Repurchase agreements
Gross purchases
Gross sales

35 Net change in federal agency obligations
BANKERS ACCEPTANCES

36 Repurchase agreements, net
37 Total net change in System Open Market
Account

1. Both gross purchases and redemptions include special certificates created
when the Treasury borrows directly from the Federal Reserve, as follows (millions
of dollars): March 1979, 2,600.




NOTE. Sales, redemptions, and negative figures reduce holdings of the System
Open Market Account; all other figures increase such holdings. Details may not
add to totals because of rounding.

Reserve Banks
1.18

FEDERAL RESERVE BANKS

All

Condition and Federal Reserve Note Statements

Millions of dollars

Account
June 2

June 9

Wednesday

End of month

1982

1982
June 23

June 16

Apr.

June 30

May

June

Consolidated condition statement

ASSETS

11.149
3,818
386

11,149
3,818
386

11,149
3,818
397

11.149
3,818
408

11,149
3,818
415

11,149
3,818
411

11,149
3,818
386

11,149
3,818
415

1,202

5,670
0

1,504

1,054

1,638

1,799

1,058

0

0

0

0

0

1,638
0

1 Gold certificate account
2 Special drawing rights certificate account
3 Coin
Loans
4
To depository institutions
5
Other
Acceptances
6
Held under repurchase agreements
Federal agency obligations
7
Bought outright
8
Held under repurchase agreements
U.S. government securities
Bought outright
9
Bills
10
Notes
11
Bonds
12
Total 1
13
Held under repurchase agreements
14 Total U.S. government securities

1,424

0

0

0

0

768

0

0

9.008
288

9,008

9,002

9,002

9,002

0

9,008
996

9,008

0

9,002
0

0

0

49,843
61,143
18,141
129,127
2,996
132,123

49,798
61,143
18,141
129,082

51,519
61,143
18,141
130,803

51,737
61.143
18,141
131.021

47,921
60,943
18,141
127,005

50,123
61,143
18,141
129,407

47,921
60,943
18,141
127,005

0

0

0

0

0

0

129,082

130.803

131,021

127,005

49.704
61,143
18,141
128.988
5,269
134,257

129,407

127,005

15 Total loans and securities

144,045

143,760

141,309

141,077

137,645

146,828

139,473

137,645

10,876
518

6,785
518

9,969
519

8,775
519

9,603
521

8,449
514

8,033
518

9,603
521

4,885
3,088

4,886
3,662

4,929
3,458

4.930
3,583

4,779
3,513

5.591
4,289

4,880
3,237

4,779
3,513

178,765

174,964

175,548

174,259

171,443

181,049

171,494

171,443

133,809

134,350

134,152

133,506

134,228

130,189

132,619

134,228

27,220
3,554
265
680

25,078
3,637
296
505

24,025
4,463
228
487

25.762
2,857
275
423

20,198
4,099
586
437

24,702
12,239
966
450

23,463
2,540
308
523

20,198
4,099
586
437

31,719

29,516

29,203

29,317

25,320

38,357

26,834

25,320

7,953
2,319

5,454
2,702

7,058
2,166

6,207
2,267

7,058
2,079

6,942
2,497

6,257
2,643

7,058
2,079

175,800

172,022

172,579

171,297

168,685

177,985

168,353

168,685

1,317
1,278
370

1,317
1,278
347

1,325
1,278
366

1,327
1,278
357

1,327
1,278
153

1,308
1,278
478

1,316
1,278
547

1,327
1,278
153

178,765

174,964

175,548

174,259

171,443

181,049

171,494

171,443

91,035

92,535

94.697

91,502

96,122

90,609

91,025

96,122

16 Cash items in process of collection
17 Bank premises
Other assets
18
Denominated in foreign currencies 2
19
All other 3
20 Total assets

0

0

LIABILITIES

21 Federal Reserve notes
Deposits
22
Depository institutions
23
U.S. Treasury—General account
24
Foreign—Official accounts
25
Other
26 Total deposits
27 Deferred availability cash items
28 Other liabilities and accrued dividends 4
29 Total liabilities
CAPITAL ACCOUNTS

30 Capital paid in
31 Surplus
32 Other capital accounts
33 Total liabilities and capital accounts
34 MEMO: Marketable U.S. government securities held in
custody for foreign and international account

Federal Reserve note statement
35 Federal Reserve notes outstanding (issued to bank) . . . .
36
LESS: Held by bank 5
37
Federal Reserve notes, net
Collateral for Federal Reserve notes
38
Gold certificate account
Special drawing rights certificate account
39
Other eligible assets
40
41
U.S. government and agency securities

153,330
19,521
133,809

153,584
19,234
134,350

153,715
19,563
134,152

153,920
20,414
133,506

154,036
19,808
134,228

152,734
22,545
130,189

152,932
20,313
132,619

154,036
19,808
134,228

11,149
3,818
0
118,842

11,149
3,818
0
119,383

11,149
3,818
0
119,185

11,149
3,818
0
118,539

11,149
3,818
39
119,222

11,149
3,818
0
115,222

11,149
3,818
0
117,652

11,149
3,818
39
119,222

42 Total collateral

133,809

134,350

134,152

133,506

134,228

130,189

132,619

134,228

1. Includes securities loaned—fully guaranteed by U.S. government securities
pledged with Federal Reserve Banks—and excludes (if any) securities sold and
scheduled to be bought back under matched sale-purchase transactions.
2. Includes U.S. government securities held under repurchase agreement against
receipt of foreign currencies and foreign currencies warehoused for the U.S. Treasury. Assets shown in this line are revalued monthly at market exchange rates.




3. Includes special investment account at Chicago of Treasury bills maturing
within 90 days.
4. Includes exchange-translation account reflecting the monthly revaluation at
market exchange rates of foreign-exchange commitments.
5. Beginning September 1980, Federal Reserve notes held by the Reserve Bank
are exempt from the collateral requirement.

A12
1.19

DomesticNonfinancialStatistics • July 1982
FEDERAL RESERVE BANKS

Maturity Distribution of Loan and Security Holdings

Millions of dollars
Wednesday

End of month

Type and maturity groupings

1982
June 2

June 9

June 16

June 23

Apr. 30

June 30

May 28

June 30

1 Loans—Total
2
Within 15 days
3
16 days to 90 days
4
91 days to 1 year

1,202
1,068
134
0

5,670
5,543
127
0

1,504
1,481
23
0

1,054
1,017
37
0

1,638
1,585
53
0

1,799
1,704
95
0

1,058
1,010
48
0

1,638
1,585
53
0

5 Acceptances—Total
6
Within 15 days
7
16 days to 90 days
8
91 days to 1 year

1.424
1,424
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

768
768
0
0

0
0
0
0

0
0
0
0

9 U.S. government securities—Total
10
Within 15 days 1
11
16 days to 90 days
12
91 days to 1 year
13
Over 1 year to 5 years
14
Over 5 years to 10 years
15
Over 10 years

132,123
8,962
25,915
32,093
37,676
10.717
16,760

129,082
6,254
25,586
32,089
37,676
10,717
16,760

130,803
7,273
26,443
32,021
37,589
10,717
16,760

131,021
5,435
27,227
33,293
37,589
10,717
16,760

127,005
2,316
25,432
34,454
37.326
10,717
16,760

134,257
9,832
26,284
34,442
36,665
10,274
16,760

129,407
3.090
28,912
32,138
37,790
10,717
16,760

127,005
2,316
25,432
34,454
37,326
10,717
16,760

16 Federal agency obligations—Total
17
Within 15 days 1
18
16 days t o 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

9,296
334
510
1,591
5,394
933
534

9,008
46
591
1,510
5,394
933
534

9,002
135
491
1,602
5,344
927
503

9,002
135
491
1,602
5,344
927
503

9,002
184
443
1,629
5,316
927
503

10,004
1,082
465
1,591
5,413
919
534

9,008
105
510
1,545
5,387
927
534

9,002
184
443
1,629
5,316
927
503

1. Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements.

1.20

BANK DEBITS A N D DEPOSIT TURNOVER
Debits are shown in billions of dollars, turnover as ratio of debits to deposit. Monthly data are at annual rates.
1982
Bank group, or type of customer

1979

1981

1980

Jan.

Feb.

Mar.

Apr.

May

83,404.1
35.238.0
48.166.1

87,488.1
37,379.7
50,108.4

1,072.5
103.0
609.6
1,785.1

929.0
90.2
570.4
1,589.6

301.3
1,255.3
193.7

315.8
1,292.8
202.0

15.4
13.2
4.0
7.8

14.0
11.4
3.8
7.1

Debits to demand deposits 1 (seasonally adjusted)

1 All commercial banks
2 M a j o i New York City banks
3 Other banks

49,775.0
18.512.7
31,262.3

63.013.4
25.192.5
37,820.9

80,059.7
33,642.7
46,417.0

83,804.4
35,117.6
48,686.8

85,274.3
35,983.8
49,290.5

83,617.4
34,218.3
49,399.1

Debits to savings deposits 2 (not seasonally adjusted)
4
5
6
7

ATS/NOW3
Business 4
Others 5
All accounts

83.3
77.3
515.2
675.8

158.4
93.4
605.3
857.2

741.3
112.1
582.2
1,435.6

934.7
104.4
636.8
1,675.8

836.7
95.2
534.8
1,466.7

935.4
115.4
586.9
1,637.6

Demand deposit turnover 1 (seasonally adjusted)

8 All commercial banks
9 M a j o r New York City banks
10 Other banks

163.5
646.2
113.3

201.6
813.7
134.3

281.4
1,100.5
182.8

293.4
1,129.0
191.2

307.1
1,252.1
198.0

304.7
1,211.7
200.7

Savings deposit turnover 2 (not seasonally adjusted)

11
12
13
14

ATS/NOW3
Business 4
Others 5
All accounts

7.8
7.2
2.7
3.1

1. Represents accounts of individuals, partnerships, and corporations, and of
states and political subdivisions.
2. Excludes special club accounts, such as Christmas and vacation clubs.
3. Accounts authorized for negotiable orders of withdrawal ( N O W ) and accounts
authorized for automatic transfer to demand deposits (ATS). ATS data availability
starts with December 1978.
4. Represents corporations and other profit-seeking organizations (excluding
commercial banks but including savings and loan associations, mutual savings banks,
credit unions, the Export-Import B a n k , and federally sponsored lending agencies).
5. Savings accounts other than N O W ; business; and, from December 1978, ATS.




9.7
9.3
3.4
4.2

14.2
12.3
3.7
6.6

14.3
12.5
4.2
7.5

13.0
12.1
3.6
6.6

14.2
14.6
3.9
7.3

NOTE. Historical data for the period 1970 through June 1977 have been estimated;
these estimates are based in part on the debits series for 233 SMSAs, which were
available through June 1977. Back data are available from Publications Services,
Board of Governors of the Federal Reserve System, Washington, D . C . 20551.
Debits and turnover data for savings deposits are not available before July 1977.

Monetary Aggregates
1.21

A13

MONEY STOCK MEASURES A N D COMPONENTS
Billions of dollars, averages of daily figures
1982
Item

1978
Dec.

1979
Dec.

1980
Dec.

1981
Dec.
Jan.'

Feb.'

Mar.'

Apr/

May

Seasonally adjusted
MEASURES1
1 Ml
2 M2
.3 M 3
4 L2

363.2
1,403.9
1,629.0
1,938.9

389.0
1,518.9
1,779.4'
2,153.9

414.5
1,656. V
1,963.1
2,370.4

106.1
3.7
262.2
16.9
421.7
652.6
221.8

116.2
4.2
267.2
26.9
398.9
751.7
257.9

440.9
L,822.7R
2,188. R
2,642.8'

448.6
1,841.3
2,204.3
2,666.1

447.3
1,848.0
2,215.0
2,687.2

448.3
1,865.2
2,235.8

123.1
4.3
236.4
77.0
343.6
854.7
300.3'

123.8
4.3
239.3
81.1
348.8
852.3
302.6

124.6
4.3
234.5
83.8
348.6
859.4
308.0

125.1
4.4
233.0
85.7
350.7
870.0
312.5

126.3
4.4
233.0
88.6
350.5
881.6
317.1

127.4
4.5
232.6
87.0
350.9
894.1
321.3

453.4
1,849.2
2,217.2
2,680.4

437.2
1,842.9
2,216.0
2,695.0

440.0
1,861.9
2,237.4
n.a.

455.5
1,887.9
2,266.1
n.a.

445.1
1,888.8
2,268.6
n.a.

n.a.

452.3
1,880.7
2,258.1

n.a.

451.5
1,897.5
2,278.6

n.a.

SELECTED COMPONENTS
5
6
7
8
9
10
11

Currency
Traveler's checks 3
D e m a n d deposits
Other checkable deposits 7
Savings deposits 4
Small-denomination time deposits 5
Large-denomination time deposits 6

97.4
3.5
253.9
8.4
479,9
533.9
194.6

Not seasonally adjusted
MEASURES1

12
13
14
15

372.5
1,408.5
1,637.5
1,946.6

Ml
M2
M3
L2

398.8
1,524.7'
1,789.2
2,162.8

424.6
1,662.5'
1,973.9'
2,380.2

451.2
1,829.4'
2,199.9'
2.653.8'

99.4
3.3
261.5
8.4
24.1
478.0
531.1

108.2
3.5
270.1
17.0
26.3
420.5
649.7

118.3
3.9
275.1
27.2
35.0
398.0
748.9

125.4
4.1
243.3
78.4
38.1
343.0
851.7

123.3
4.1
243.6
82.5
43.2
346.8
857.5

123.0
4.1
228.5
81.4
42.9
344.5
868.5

123.8
4.2
228.2
83.7
43.0
346.1
879.6

125.7
4.2
236.1
89.5
40.4
348.1
888.2

127.2
4.3
228.2
85.3
42.8
347.4
895.3

7.1
3.1
198.6

34.4'
9.3
226.0

61.9'
13.9
262.3

151.2'
33.7
305.4'

154.9
32.5
307.6

156.0
30.5
314.2

159.2
31.5
317.4

161.9
31.5
317.9

164.3
32.8
320.0

SELECTED COMPONENTS

16
17
18
19
20
21
22

Currency
Traveler's checks 3
D e m a n d deposits
Other checkable deposits 7
Overnight RPs and Eurodollars 8
Savings deposits 4
Small-denomination time deposits 5
Money market mutual funds
23
General purpose and broker/dealer
24
Institution only
25 Large-denomination time deposits 6

1. Composition of the money stock measures is as follows:
M l : Averages of daily figures for (1) currency outside the Treasury. Federal
Reserve Banks, and the vaults of commercial banks; (2) traveler's checks of nonbank issuers; (3) d e m a n d deposits at all commercial banks other than those due
to domestic banks, the U.S. government, and foreign banks and official institutions
less cash items in the process of collection and Federal Reserve float; and (4)
negotiable order of withdrawal ( N O W ) and automatic transfer service (ATS) accounts at banks and thrift institutions, credit union share draft ( C U S D ) accounts,
and demand deposits at mutual savings banks.
M2: M l plus savings and small-denomination time deposits at all depository
institutions, overnight repurchase agreements at commercial banks, overnight Eurodollars held by U.S. residents other than banks at Caribbean branches of member
banks, and balances of money market mutual funds (general purpose and broker/
dealer).
M3: M2 plus large-denomination time deposits at all depository institutions, term
RPs at commercial banks and savings and loan associations, and balances of institution-only money market mutual funds.
2. L: M3 plus other liquid assets such as term Eurodollars held by U.S. residents
other than banks, bankers acceptances, commercial paper, Treasury bills and other
liquid Treasury securities, and U . S . savings bonds.
3. Outstanding amount of U.S. dollar-denominated traveler's checks of nonbank
issuers.
4. Savings deposits exclude N O W and A T S accounts at commercial banks and
thrift institutions and C U S D s at credit unions.




5. Small-denomination time deposits—including retail RPs—are those issued in
amounts of less than $100,000.
6. Large-denomination time deposits are those issued in amounts of $100,000
or more and are net of the holdings of domestic banks, thrift institutions, the U.S.
government, money market mutual funds, and foreign banks and official institutions.
7. Includes ATS and N O W balances at all institutions, credit union share draft
balances, and demand deposits at mutual savings banks.
8. Overnight (and continuing contract) RPs are those issued by commercial
banks to other than depository institutions and money market mutual funds (general
purpose and broker/dealer), and overnight Eurodollars are those issued b y Caribbean branches of member banks to U.S. residents other than depository institutions and money market mutual funds (general purpose and broker/dealer).
NOTE. Latest monthly and weekly figures are available from the Board's H . 6
(508) release. Back data are available from the Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D . C . 20551.
Revisions in M2, M3, L, and money market mutual funds reflect the inclusion of
three general purpose and broker/dealer money market funds that began reporting
in May 1982 though their operations had begun earlier.

A14
1.22

DomesticNonfinancialStatistics • July 1982
A G G R E G A T E RESERVES OF DEPOSITORY INSTITUTIONS A N D MONETARY BASE 1
Billions of dollars, averages of daily figures
1981
Item

1978
Dec.

1979
Dec.

1982

1980
Dec.
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

Seasonally adjusted

ADJUSTED FOR
C H A N G E S IN R E S E R V E REQUIREMENTS 2

1 Total reserves3

35.08

36.37

39.01

40.31

40.12

40.15

40.53

41.28

40.93

41.09

41.18

41.33

41.48

2 Nonborrowed reserves
3 Required reserves
4 Monetary base 4

34.22
34.85
134.7

34.90
36.04
145.0

37.32
38.49
158.0

38.86
39.90
163.7

38.94
39.84
163.8

39.49
39.81
164.3

39.89
40.21
165.8

39.76
40.86
167.4

39.14
40.62
167.9

39.53
40.73
168.5

39.61
40.91
169.8

40.21
40.97
171.0

40.28
41.13
172.2

Not seasonally adjusted
5 Total reserves3

35.66

36.97

39.70

40.09

40.22

40.33

41.26

42.70

40.74

40.53

41.09

40.98

40.92

6 Nonborrowed reserves
7 Required reserves
8 Monetary base 4

34.80
35.43
137.4

35.50
36.65
147.9

38.01
39.19
161.0

38.63
39.67
163.3

39.04
39.94
163.8

39.67
39.99
165.6

40.63
40.94
168.9

41.18
42.28
168.5

38.95
40.44
166.1

38.98
40.18
166.5

39.52
40.81
168.9

39.87
40.63
170.4

39.72
40.57
171.5

41.68

43.91

40.66

40.59

40.71

40.95

41.92

43.20

41.29

39.23

39.56

39.55

39.60

40.81
41.45
144.6

42.43
43.58
156.2

38.97
40.15
162.4

39.13
40.18
163.9

39.53
40.43
164.3

40.29
40.60
166.3

41.29
41.60
169.7

41.69
42.78
169.1

39.50
40.98
166.8

37.68
38.88
165.4

37.99
39.28
167.6

38.43
39.19
169.2

38.40
39.25
170.5

N O T A D J U S T E D FOR
C H A N G E S IN RESERVE R E Q U I R E M E N T S 5

9 Total reserves3
10 Nonborrowed reserves
11 Required reserves
12 Monetary base 4

1. Reserve measures from November 1980 to date reflect a one-time increase—
estimated at $550 million to $600 million—in required reserves associated with the
reduction of week-end avoidance activities of a few large banks.
2. Reserve aggregates include required reserves of member banks and Edge Act
corporations ana other depository institutions. Discontinuities associated with the
implementation of the Monetary Control Act, the inclusion of Edge Act corporation
reserves, and other changes in Regulation D have been removed.
3. Reserve balances with Federal Reserve Banks (which exclude required clearing balances) plus vault cash at institutions with required reserve balances plus
vault cash equal to required reserves at other institutions.
4. Includes reserve balances and required clearing balances at Federal Reserve
Banks in the current week plus vault cash held two weeks earlier used to satisfy
reserve requirements at all depository institutions plus currency outside the U.S.
Treasury, Federal Reserve Banks, the vaults of depository institutions, and surplus
vault cash at depository institutions.




5. Reserves of depository institutions series reflect actual reserve requirement
percentages with no adjustments to eliminate the effect of changes in Regulation
D, including changes associated with the implementation of the Monetary Control
Act. Includes required reserves of member banks and Edge Act corporations and,
beginning Nov. 13, 1980, other depository institutions. Under the transitional phasein program of the Monetary Control Act of 1980, the net changes in required
reserves of depository institutions have been as follows: effective Nov. 13, 1980,
a reduction of $2.8 billion; Feb. 12, 1981, an increase of $245 million; Mar. 12,
1981, an increase of $75 million; May 14. 1981, an increase of $245 million; Aug.
13, 1981, an increase of $245 million; Sept. 3, 1981, a reduction of $1.3 billion;
and Nov. 19, 1981, an increase of $220 million.
NOTE. Latest monthly and weekly figures are available from the Board's H.3(502)
statistical release. Back data and estimates of the impact on required reserves and
changes in reserve requirements are available from the Banking Section, Division
of Research and Statistics. Board of Governors of the Federal Reserve System,
Washington. D.C. 20551.

Monetary Aggregates
1.23

LOANS A N D SECURITIES

A15

All Commercial Banks 1

Billions of dollars; averages of Wednesday figures
1982

1981
Dec.

2

Feb.

2

Mar.

Apr.

2

May

Dec.

2

2 U.S. Treasury securities
3 Other securities
4 Total loans and leases 3
Commercial and industrial loans
5
6
Real estate loans
7
Loans to individuals
8
Security loans
9
Loans to nonbank financial institutions...
10
Agricultural loans
11
Lease financing receivables
12
All other loans

Feb.

2

Mar.

1,316.3

1,332.4"

1,342.5 s

111.0
231.4
973.9
358.0
285.7
185.1
21.9
30.2
33.0
12.7
47.2

4

115.I
232.0 4
985.2 4
365.6
289.8 4
185.7
20.8
31.4
33.8
13.1
45.0

s

114.4
233.1 s
995.0 s
370.0
292.35
186.4
20.9
32.7
34.3
13.1
45.3

116.6
234.0
1,002.0
373.1
293.9
186.9
20.9
33.3
34.4
13.1
46.5

1,319.1

1,335.2 4

1,345.3 s

1,355.4

976.7
2.8

4

988.1
2.8

5

997.9
2.8

1,004.8
2.9

360.2
2.2
8.9
349.1
334.9
14.2
19.0

367.8
2.2
8.9
356.6
344.1
12.5
16.6

372.2
2.2
9,6
360.4
347.7
12.7
16.1

375.3
2.3
10.3
362.8
350.2
12.6
15.2

1,352.5

3,6

14 Total loans plus loans sold
15 Total loans sold to affiliates 6
16 Commercial and industrial loans plus loans
sold 6
17
Commercial and industrial loans s o l d 6 . . . .
18
Acceptances held
19
Other commercial and industrial loans . . .
20
To U.S. addressees 7
21
To non-U.S. addressees
22 Loans to foreign banks

1. Includes domestically chartered banks; U.S. branches and agencies of foreign
banks, New York investment companies majority owned by foreign banks, and
Edge Act corporations owned by domestically chartered and foreign banks.
2. Beginning December 1981, shifts of foreign loans and securities from U.S.
banking offices to international banking facilities (IBFs) reduced the levels of
several items. Seasonally adjusted data that include adjustments for the amounts
shifted from domestic offices to IBFs are available in the Board's G.7 (407) statistical release (available from Publications Services, Board of Governors of the
Federal Reserve System, Washington, D.C. 20551).
3. Excludes loans to commercial banks in the United States.
4. The merger of a commercial bank with a mutual savings bank beginning Feb.
24, 1982, increased total loans and securities $1.0 billion; U.S. Treasury securities,
$0.1 billion; other securities, $0.1 billion; total loans and leases, $0.8 billion; and
real estate loans, $0.7 billion.




Apr. 2

May

1,326.1

1,328.2"

1,337.3 s

1,351.3

1,356.0

116.3
234.9
1,010.8
378.9
295.5
187.4
20.6
33.5
34.5
13.1
47.4

111.4
232.8
981.8
360.1
286.8
186.4
22.7
31.2
33.0
12.7
49.2

4

115.6
231,5
981.1 4
364.2
289.6 4
185.1
20.1
31.5
33.3
13.1
44.1

116.15
232.6 s
988.6 5
369.0
291.5 s
184.7
20.3
32,2
33.6
13.1
44.2

118.7
234.0
998.7
375.2
293.0
185.6
20.9
33.0
33.8
13.1
44.1

115.8
235.1
1,005.1
378.9
294.4
186.2
19.8
33.0
34.3
13.1
45.3

1,364.8

1,328.9

1,331.0"

1,340.1 s

1,354.2

1,358.8

1,013.6
2.8

984.7
2.8

4

983.9
2.8

991.5 s
2.8

1,001.5
2.9

1,007.9
2.8

381.1
2.2
10.1
368.8
355.3
13.5
15.0

362.3
2.2
9.8
350.3
334.3
16.1
20.0

366.5
2.2
9.1
355.2
342.6
12.6
16.2

371.3
2.2
9.2
359.8
347.2
12.6
15.7

377.5
2.3
9.5
365.7
353.0
12.7
14.7

381.2
2.2
9.5
369.4
356.8
12.6
14.4

1,362.0

MEMO:

13 Total loans and securities plus loans sold 3 - 6 ..

2

Not seasonally adjusted

Seasonally adjusted
1 Total loans and securities3

1982

1981

2

5. The merger of a commercial bank with a mutual savings bank beginning Mar.
17, 1982, increased total loans and securities $0.6 billion; U.S. Treasury securities,
$0.1 billion; other securities $0.1 billion; total loans and leases, $0.4 billion; and
real estate loans, $0.4 billion.
6. 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.
7. United States includes the 50 states and the District of Columbia.
NOTE. Data are prorated averages of Wednesday estimates for domestically
chartered banks, based on weekly reports of a sample of domestically chartered
banks and quarterly reports of all domestically chartered banks. For foreign-related
institutions, data are averages of month-end estimates based on weekly reports
from large agencies and branches and quarterly reports from all agencies, branches,
investment companies, and Edge Act corporations engaged in banking.

A16
1.24

DomesticNonfinancialStatistics • July 1982
MAJOR NONDEPOSIT FUNDS OF COMMERCIAL BANKS'
Monthly averages, billions of dollars
1980

1981

1982

Source
Dec.

1
2
3
4
5
6

Total nondeposit funds
Seasonally adjusted 2
Not seasonally adjusted
Federal funds, RPs, and other borrowings from
nonbanks 3
Seasonally adjusted
Not seasonally adjusted
Net balances due to foreign-related institutions, not seasonally adjusted
Loans sold to affiliates, not seasonally
adjusted 4

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

121.9
122.5

122.7
124.6

123.3
127.4

119.8
125.0

116.3
118.3

116.2
120.8

98.7
99.1

89.5
87.9

87.8
88.1

83.5
84.3

83.3
84.0

81.4
84.7

111.0
111.6

113.8
115.7

110.5
114.6

108.2
113.3

109.1
111.1

110.1
114.7

114.4
114.8

116.2
114.6

113.7
114.0

113.5
114.3

113.0
113.7

113.0
116.3

8.2

6.2

10.1

8.9

4.5

3.4

-18.5

-29.6

-28.8

-32.9

-32.5

-34.4

2.7

2.7

2.6

2.7

2.7

2.7

2.8

2.9

2.8

2.8

2.8

2.8

-14.7
37.5
22.8

-14.6
45.0
30.4

-10.2
43.7
33.5

-12.3
44.5
32.2

-15.4
45.5
30.1

-14.9
47.9
32.9

-22.4
54.9
32.5

-27.1
57.1
30.0

-26.1
57.2
31.1

-29.0
59.2
30.1

-29.8
60.0
30.1

-30.3
59.1
28.8

22.9
32.5
55.4

20.8
37.4
58.2

20.4
38.0
58.4

21.2
40.1
61.3

19.9
38.3
58.2

18.4
39.1
57.4

3.9
48.1
52.0

-2.5
50.0
47.5

-2.7
50.5
47.8

-3.8
50.0
46.2

-2.7
49.1
46.4

-4.0
49.4
45.4

64.0
62.3

69.2
68.9

65.7
67.6

63.0
65.9

64.9
64.7

65.0
67.3

70.0
68.2

73.0
69.2

71.0
69.1

71.4
70.0

71.9
70.4

69.0
70.0

9.5
9.0

10.9
10.8

8.3
7.5

9.3
10.9

11.1
13.3

12.1
9.7

11.8
11.3

13.5
14.5

22.2
20.1

17.6
15.6

13.6
13.8

15.4
15.4

267.0
272.4

313.1
304.7

321.7
314.8

324.7
320.2

324.8
322.6

323.4
324.6

324.0
330.3

324.3
330.6

327.2
335.3

332.0
337.2

334.4
335.6

341.1
339.9

MEMO

7 Domestically chartered banks net positions
with own foreign branches, not seasonally adjusted 5
8
Gross due from balances
9
Gross due to balances
10 Foreign-related institutions net positions with
directly related institutions, not seasonally adjusted 6
11
Gross due from balances
12
Gross due to balances
Security RP borrowings
13
Seasonally adjusted
14
Not seasonally adjusted
U.S. Treasury demand balances 8
15
Seasonally adjusted
16
Not seasonally adjusted
Time deposits, $100,000 or more 9
17
Seasonally adjusted
18
Not seasonally adjusted

1. Commercial banks are those in the 50 states and the District of Columbia
with national or state charters plus agencies and branches of foreign banks, New
York investment companies majority owned by foreign banks, and Edge Act corporations owned by domestically chartered and foreign banks.
2. Includes seasonally adjusted federal funds, RPs, and other borrowings from
nonbanks and not seasonally adjusted net Eurodollars and loans to affiliates. Includes averages of Wednesday data for domestically chartered banks and averages
of current and previous month-end data for foreign-related institutions.
3. Other borrowings are borrowings on any instrument, such as a promissory
note or due bill, given for the purpose of borrowing money for the banking business.
This includes borrowings from Federal Reserve Banks and from foreign banks,
term federal funds, overdrawn due from bank balances, loan RPs, and participations in pooled loans. Includes averages of daily figures for member banks and
averages of current and previous month-end data for foreign-related institutions.
4. Loans initially booked by the bank and later sold to affiliates that are still
held by affiliates. Averages of Wednesday data.
5. Averages of daily figures for m e m b e r and nonmember banks.
6. Averages of daily data.
7. Based on daily average data reported by 122 large banks.




8. Includes U.S. Treasury demand deposits and Treasury tax-and-Ioan notes at
commercial banks. Averages of daily data.
9. Averages of Wednesday figures.
NOTE. Beginning December 1981, shifts of foreign assets and liabilities from U.S.
banking offices to international banking facilities (IBFs) reduced levels for several
items as follows: lines 1 and 2, $22.4 billion; lines 3 and 4, $1.7 billion; line 5,
$20.7 billion; line 7, $3.1 billion; and line 10, $17.6 billion. For January 1982, levels
were reduced as follows: lines 1 and 2, $29.6 billion; lines 3 and 4, $2.4 billion;
line 5, $27.2 billion; line 7, $4.7 billion; and line 10, $22.4 billion.
For January 1982, levels were reduced as follows: lines 1 and 2, $29.6 billion;
lines 3 and 4, $2.4 billion; line 5, $27.2 billion; line 7, $4.7 billion; and line 10,
$22.4 billion.
For February 1982 the levels were reduced as follows: lines 1 and 2, $30.3 billion;
lines 3 and 4, $2.4 billion; line 5. $27.9 billion; line 7, $4.8 billion; and line 10,
$23.1 billion. For March the levels were reduced as follows: lines 1 and 2, $30.8
billion; lines 3 and 4, $2.4 billion; line 5, $28.4 billion; line 7, $4.8 billion and line
10, $23.6 billion. For April the levels were reduced as follows: lines 1 and 2, $31.3
billion; lines 3 and 4, $2.4 billion; line 5, $28.9 billion; line 7, $4.9 billion; and line
10, $23.9 billion.

Commercial Banks
1.25

ASSETS A N D LIABILITIES OF COMMERCIAL BANKING INSTITUTIONS

All

Last-Wednesday-of-Month Series

Billions of dollars except for number of banks
1981

1982

Account
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

1.221.3
888.7
301.2
587.5
111.3
221.4

1,242.5
906.2
308.5
597.8
109.4
226.9

1,239.9
902.9
308.5
594.3
110.0
227.1

1,249.4
912.8
312.6
600.2
106.7
229.9

1,267.4
926.4
320.3
606.0
109.8
231.3

1,261.2
920.1
321.0
599.1
111.5
229.6

1,271.2
929.1
325.6
603.5
112.3
229.8

1,285.8
939.9
332.4
607.5
114.5
231.4

1,292.6
947.2
336.7
610.5
113.0
232.4

168.4
20.0
25.4
61.4
61.6

190.2
19.2
26.8
68.9
75.4

149.8
19.7
25.3
49.3
55.5

162.8
18.3
26.1
52.0
66.4

173.1
22.0
28.0
54.5
68.6

155.3
19.8
30.2
50.3
55.0

151.6
19.7
24.8
51.0
56.1

164.5
18.9
25.7
55.9
64.0

153.6
19.9
25.5
52.4
55.8

May

June

DOMESTICALLY C H A R T E R E D
COMMERCIAL B A N K S '
1
2
3
4
5
6
7
8
9
10
11

Loans and securities, excluding
interbank
Loans, excluding interbank
Commercial and industrial
Other
U.S. Treasury securities
Other securities
Cash assets, total
Currency and coin
Reserves with Federal Reserve Banks
Balances with depository institutions .
Cash items in process of collection . . .

1,300.7
954.3
341.9'
612.4'
111.5
234.9
153.0
20.0
21.7
54.9
56.3

1,315.2
969.0
348.5
620.6
113.3
232.9
165.4
20.1
18.3
59.6
67.5

12

Other assets 2

168.3

184.5

175.5

194.4

211.2

197.0

201.9

219.3

206.6

209.9'

223.1

13

Total assets/total liabilities and capital...

1,558.0

1,617.2

1,565.2

1,606.7

1,651.8

1,613.5

1,624.7

1,669.5

1,652.9

1,663.6 r

1,703.8

14
15
16
17

Deposits
Demand
Savings
Time

1,181.3
342.5
217.2
621.6

1,224.4
378.0
216.7
629.7

1.177.1
324.0
214.0
639.1

1,206.0
339.2
217.9
648.9

1,240.3
363.9
222.4
654.0

1,205.8
322.3
223.0
660.5

1,213.7
316.7
222.5
674.4

1,250.8
338.3
229.9
682.6

1,231.0
315.5
226.6
688.9

1,244.0
315.4
227.6
701.0

1,284.5
345.1
228.8
710.6

18
19
20

Borrowings
Other liabilities
Residual (assets less liabilities)

164.4
89.8
122.5

176.9
91.4
124.4

174.5
89.3
124.3

179.3
95.2
126.2

190.2
91.7
129.6

191.9
89.7
126.1

191.0
92.5
127.5

196.4
94.4
128.0

201.1
92.4
128.4

6.4
14,720

15.3
14,720

13.9
14,740

5.6
14,743

13.6
14,744

16.7
14,690

17.1
14,702

10.9
14.709

16.6
14,710

7.1
14,722

7.5
14,736

1,306.7
969.8
354.2
615.6
115.3
223.4

1,334.3
993.8
366.3
627.5
111.6
228.9

1,324.7
983.6
361.7
621.9
111.9
229.2

1,335.5
994.7
365.5
629.2
108.8
232.0

1,330.0
984.5
360.8
623.7
112.5
233.0

1,321.6
975.8
360.3
615.5
114.5
231.4

1,331.5
984.4
364.6
619.7
115.5
231.6

1,345.8
995.1
372.4
622.7
117.6
233.1

1,350.7
1,000.6
374.7
625.8
116.1
234.1

1,358.5
1,007.6'379.3
628.3
114.3
236.6

1,374.1
1,023.6
386.5
637.1
116.2
234.3

205.2
20.1
26.6
95.7
62.9

234.5
19.2
28.1
110.7
76.5

165.4
19.7
26.6
62.5
56.6

179.3
18.3
27.5
66.0
67.4

188.1
22.0
29.3
67.1
69.6

170.0
19.8
31.3
62.7
56.1

165.8
19.7
26.1
63.0
57.1

178.8
18.9
26.9
68.0
65.0

168.1
19.9
26.8
64.6
56.8

195.1R
93.9
130.6

189.7
96.7
132.9

MEMO:
21
22

U.S. Treasury note balances included in
borrowing
Number of banks
A L L COMMERCIAL BANKING
INSTITUTIONS 3

24
25
26
27
28

Loans and securities, excluding
interbank
Loans, excluding interbank
Commercial and industrial
Other
U.S. Treasury securities
Other securities

29
30
31
32
33

Cash assets, total
Currency and coin
Reserves with Federal Reserve Banks
Balances with depository institutions .
Cash items in process of collection . . .

34

Other assets 2

233.7

251.0

244.0

267.0

288.7

274.2

278.1

295.2

280.3

285.9'

300.0

35

Total assets/total liabilities and capital...

1,745.6

1,819.8

1,734.0

1,781.7

1,806.8

1,765.8

1,775.5

1,819.9

1,799.1

1,812.1 r

1,854.5

36
37
38
39

Deposits
Demand
Savings
Time

1,250.3
378.3
217.5
654.5

1.293.7
412.2
216.9
664.7

1,224.6
337.1
214.3
673.1

1,254.1
352.6
218.1
683.4

1,288.7
377.7
222.6
688.3

1,251.5
335.1
223.2
693.1

1,258.3
329.4
222.8
706.2

1,295.0
350.8
230.2
714.0

1,272.7
327.9
226.9
717.9

1,286.2'
327.9
227.8
730.4

1,325.6
357.4
229.1
739.2

40
41
42

Borrowings
Other liabilities
Residual (assets less liabilities)

223.5
147.4
124.4

242.7
157.0
126.3

236.8
146.4
126.3

246.2
153.3
128.1

250.8
135.6
131.5

253.5
132.8
128.1

255.9
131.8
129.4

260.0
135.0
129.9

260.8
135.3
130.3

255.3'
138.2'
132.5

253.2
140.9
134.8

6.4
15,189

15.3
15,189

13.9
15,209

5.6
15,212

13.6
15,213

16.7
15,185

17.1
15,201

10.9
15,214

16.6
15,215

23

167.7
20.0
23.0
67.3
57.3

180.4
20.2
19.7
72.2
68.5

MEMO:

U.S. Treasury note balances included in
borrowing
44 Number of banks

43

1. Domestically chartered commercial banks include all commercial banks in the
United States except branches of foreign banks; included are member and nonmember banks, stock savings banks, and nondeposit trust companies.
2. Other assets include loans to U.S. commercial banks.
3. Commercial banking institutions include domestically chartered commercial
banks, branches and agencies of foreign banks, Edge Act and Agreement corporations, and New York State foreign investment corporations.




7.1
15,235

7.5
15,254

NOTE. Figures are partly estimated. They include all bank-premises subsidiaries
and other significant majority-owned domestic subsidiaries. Data for domestically
chartered commercial banks are for the last Wednesday of the month. Data for
other banking institutions are for the last day of the quarter until June 1981;
beginning July 1981, these data are estimates made on the last Wednesday of the
month based on a weekly reporting sample of foreign-related institutions and quarterend condition report data.

A18
1.26

DomesticNonfinancialStatistics • July 1982
ALL LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $750 Million or More on
December 31, 1977, Assets and Liabilities, 1982
Millions of dollars, Wednesday figures
Account

1 Cash items in process of collection
2 Demand deposits due from banks in the United States..
3 All other cash and due from depository institutions

May

5

May

12

May

19

May

26

June 2 P

June 9P

June 16P

June 23P

June 30?

48,215
6,416
32,594

45,426
6,224
35,201

45,233
6,425
35,136

44,466
6,542
31,425

59,329
8,394
36,155

42,741
6,726
33,454

49,322
7,322
32,957

43,056
6,512
34,041

53,252
7,215
28,567

623,485

616,115

612,505

614,907

623,221

620,563

621,766

614,506

624,979

38,157
8,110
30,047
10,083
17,804
2,159
80,912
5,300
75,612
15,933
56,773
7,769
49,004
2,906

37,628
8,518
29,110
9,696
17,260
2,154
79,228
3,611
75,617
15,963
56,698
7,675
49,023
2,955

37,378
8,195
29,183
9,317
17,545
2,321
79,119
3,456
75.662
16.024
56,630
7,659
48.971
3,008

36,396
7,076
29,320
9,484
17,519
2,317
80,984
4,770
76,214
15,829
57,303
8,247
49,056
3,082

36,938
7,767
29,170
9,573
17,055
2,542
80,609
4,816
75,792
15,798
57,006
8,103
48,902
2,988

38,056
8,266
29,790
9.966
17,282
2,542
81,164
5,290
75,874
15,733
57,037
8,151
48,885
3,103

37,245
7,683
29,562
10,046
17,051
2,464
79,348
3,708
75,640
15,622
56,947
8,098
48,849
3,071

36,819
7,301
29,518
10,118
17,018
2,382
78,883
3,226
75,658
15,554
57,074
8,247
48,827
3,029

37,020
7,821
29,199
9,822
16,995
2,382
78,083
2,862
75,221
15,516
56,512
7,657
48,856
3,193

38,948
27,661
8,363
2,925
478,204
207,957
4,453
203,504
196,854
6,650
128,500
72,090

34,782
24,376
7,477
2,928
477,267
207,542
4,406
203,136
196,353
6,783
128,704
71,771

31,752
22,030
7,133
2,588
477,075
207,599
4.941
202.657
195.917
6,740
128,902
71,780

31.640
21,255
7,625
2,760
478,717
208,362
5,131
203.231
196,392
6,839
128,956
71,783

35,426
25,600
7,051
2,775
483,115
209,058
5,320
203,737
196,854
6,883
129,098
72,207

31,920
21,819
7,306
2,795
482,364
209,589
4,924
204,665
197,697
6,968
129,196
72,179

35,649
25,416
7,397
2,836
482,493
209,489
4,909
204,580
197,691
6,889
129,466
72,316

31,572
20,384
8,400
2,788
480,149
208,505
3,911
204,594
197,643
6,951
129,730
72,435

36,336
24,947
8,398
2,990
486,362
212,150
4,165
207,985
200,840
7,145
129,707
72,674

40
Loan loss reserve
41 O t h e r l o a n s . n e t
42 Lease financing receivables
43 All other assets

6,027
7,225
11,269
16,412
5,256
2,592
6,108
14,767
5,843
6,892
465,468
11,088
112,978

6,038
7,245
11.138
16,561
5,797
2,666
6,127
13,679
5,868
6,922
464,477
11,078
113,314

5,996
7,391
10,893
16,396
5,087
2.602
6.185
14,245
5,896
6,923
464,256
11,084
112,077

6,133
6,649
11,222
16,225
6,292
2,590
6,222
14,284
5,903
6,929
465,885
11,084
109.501

6,858
7,513
11,504
16,264
6,455
2,601
6,208
15,348
5,859
7,007
470,248
11,089
112,869

6,943
6,946
11,249
16,305
6,682
2,603
6,213
14,460
5,896
7,045
469,423
11,100
113,197

6,737
7,026
11,637
16,232
6,021
2,547
6,288
14,734
5,916
7,053
469,524
11,095
115,206

6,625
6,925
11,137
16,143
5,509
2,519
6,310
14,310
5,912
7,006
467,230
11,086
112,307

6,965
7,236
11,322
16,356
6,034
2,686
6,347
14,882
5,871
6,950
473,541
11,127
115,852

44 Total assets

834,777

827,358

822,461

817,926

851,057

827,781

837,668

821,507

840,992

166,522
583
124,032
5,386
3,577
18,514
6,768
1,085
6,577
374,624
80,043
76,654
2,807
564
16
294,582
257,534
21,285
560
10,821

160,003
553
122,148
4,189
2,056
17,102
6,590
1,013
6,352
375,802
79,562
76,066
2,812
669
15
296,239
258,670
21,446
528
11,063

162,126
536
121,654
4,324
2,980
17.971
6,755
933
6,972
376,728
79,590
76,182
2,776
608
24
297,139
259,904
21,349
512
10,789

158,222
515
119,961
4,980
1,848
17,729
6,357
1,043
5,788
379,592
79,290
75,776
2,797
695
22
300,302
262,526
21,654
538
10,947

179,471
651
133,774
4,521
1,148
23,721
7,508
826
7,321
381,227
80,795
77,363
2,823
587
21
300,432
263,021
21,546
541
10,686

158,284
501
122,844
3,837
1,264
16,667
6,111
926
6,133
382,513
80,709
77,294
2,828
561
25
301,804
264,591
21,388
541
10,717

168,528
528
126,610
4,577
3,476
18,916
6,817
1,100
6,506
381,658
80,384
77,016
2,769
579
20
301,273
264,764
20,761
534
10,677

155,401
433
117,706
4,430
2,424
16,848
6,495
848
6,215
380,454
78.880
75,537
2,770
552
20
301,574
264,902
21,023
574
10,636

178,334
623
133,158
5,662
2,337
20,386
6,650
1,699
7,819
385,112
79,628
76,146
2,770
691
21
305,483
269,334
20,069
576
10,867

4,382

4,531

4,585

4,636

4,638

4,565

4,537

4,440

4,637

356
12,125
151,922
73,446

858
11,214
150,689
72,806

175
5,150
148,351
74,219

452
4,713
145,040
74,059

550
4,569
154,230
74,606

5,088
1,160
150,687
73,710

838
7,029
149,624
73,760

145
8,470
143,644
77,362

502
4,950
139,041
76,698

778,996

771,373

766,749

762,078

794,654

771,441

781,436

765,475

784,636

55,781

55,985

55,711

55,848

56,403

56,340

56,232

56,032

56,355

4 Total loans and securities
5
6
7
8
9
10
11
12
13
14
15
16
17
18

Securities
U.S. Treasury securities
Trading account
Investment account, by maturity
One year or less
Over one through five years
Over five years
Other securities
Trading account
Investment account
U.S. government agencies
States and political subdivisions, by maturity
One year or less
Over one year
Other bonds, corporate stocks and securities

Loans
19 Federal funds sold 1
20
T o commercial banks
21
To nonbank brokers and dealers in securities
22
To others
23 Other loans, gross
24
Commercial and industrial
25
Bankers acceptances and commercial paper
26
All other
27
U.S. addressees
28
Non-U.S. addressees
29
Real estate
30
To individuals for personal expenditures
To financial institutions
31
Commercial banks in the United States
32
Banks in foreign countries
33
Sales finance, personal finance companies, etc
34
Other financial institutions
35
To nonbank brokers and dealers in securities
36
To others for purchasing and carrying securities 2
37
T o finance agricultural production
38
All other
39 LESS: U n e a r n e d i n c o m e

45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69

Deposits
Demand deposits
Mutual savings banks
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Time and savings deposits
Savings
Individuals and nonprofit organizations
Partnerships and corporations operated for profit . .
Domestic governmental units
All other
Time
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Foreign governments, official institutions, and
banks
Liabilities for borrowed money
Borrowings from Federal Reserve Banks
Treasury tax-and-loan notes
All other liabilities for borrowed money 3
Other liabilities and subordinated notes and debentures

70 Total liabilities
71 Residual (total assets minus total liabilities) 4

1. Includes securities purchased under agreements to resell.
2. Other than financial institutions and brokers and dealers.
3. Includes federal funds purchased and securities sold under agreements to
repurchase; for information on these liabilities at banks with assets of $1 billion or
more on Dec. 31, 1977, see table 1.13.
4. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.




NOTE. Beginning in the week ending Dec. 9, 1981, shifts of assets and liabilities
to international banking facilities (IBFs) reduced the amounts reported in some
items, especially in loans to foreigners and to a lesser extent in time deposits. Based
on preliminary reports, the large weekly reporting banks shifted $4.7 billion of
assets to their IBFs in the five weeks ending Jan. 13, 1982. Domestic offices net
positions with IBFs are now included in net due from or net due to related institutions. More detail will be available later.

Weekly Reporting Banks
1.27

A19

LARGE WEEKLY REPORTING COMMERCIAL BANKS with Domestic Assets of $1 Billion or More on
December 31, 1977, Assets and Liabilities
Millions of dollars. Wednesday figures, 1982
May 5

1 Cash items in process of collection
2 Demand deposits due from banks in the United S t a t e s . . . .
3 All other cash and due from depository institutions
4 Total loans and securities
5
6
7
8
9
10
11
12
13
14
15
16
17
18

Securities
U.S. Treasury securities
Trading account
Investment account, by maturity
One year or less
Over one through five years
Over five years
Other securities
Trading account
Investment account
U.S. government agencies
States and political subdivision, by maturity
One year or less
Over one year
Other bonds, corporate stocks and securities

Loans
19 Federal funds sold 1
20
To commercial banks
21
To nonbank brokers and dealers in securities
22
To others
23 Other loans, gross
24
Commercial and industrial
25
Bankers acceptances and commercial paper
26
All other
27
U.S. addressees
28
Non-U.S. addressees
29
Real estate
30
To individuals for personal expenditures
To financial institutions
31
Commercial banks in the United States
32
Banks in foreign countries
33
Sales finance, personal finance companies, etc
34
Other financial institutions
35
To nonbank brokers and dealers in securities
36
To others for purchasing and carrying securities 2
37
To finance agricultural production
38
All other
39 LESS: Unearned income
40
Loan loss reserve
41 O t h e r l o a n s . n e t
42 Lease financing receivables
43 All other assets
44 Total assets
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69

Deposits
Demand deposits
Mutual savings banks
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Banks in foreign countries
Foreign governments and official institutions
Certified and officers' checks
Time and savings deposits
Savings
Individuals and nonprofit organizations
Partnerships and corporations operated for profit
Domestic governmental units
All other
Time
Individuals, partnerships, and corporations
States and political subdivisions
U.S. government
Commercial banks in the United States
Foreign governments, official institutions, and banks .
Liabilities for borrowed money
Borrowings from Federal Reserve Banks
Treasury tax-and-loan notes
All other liabilities for borrowed money-1
Other liabilities and subordinated notes and debentures

70 Total liabilities
71 Residual (total assets minus total liabilities) 4

May 12

May 26

June 2''

June 9''

June 16?

June 23r

June 30p

45.342
5.763
30.141

42.782
5.616
32,793

42,621
5,807
32,490

41.809
5,850
28.801

55,704
7,511
33.621

40.333
6,145
31.020

46,157
6.623
30.425

40,335
5,901
31,082

50,178
6,594
26,062

583,854

576,792

573,641

576,240

583,875

581,187

582,341

575,626

585,269

35.205
7.995
27.210
9.072
16.252
1.886
74.558
5.166
69.393
14.751
51.923
6.983
44.940
2.719

34,637
8,362
26,276
8.684
15.711
1.880
72.890
3,504
69,386
14.779
51,836
6,884
44,953
2.770

34,438
8,094
26,344
8,340
15.956
2.048
72.736
3.333
69,403
14,824
51,758
6,863
44,895
2,821

33,471
6,991
26,480
8.532
15,907
2,042
74,593
4.653
69,940
14,637
52,408
7,436
44,972
2,895

33.992
7.649
26,343
8,604
15.468
2.270
74,258
4,719
69,539
14,584
52.155
7,320
44,835
2,800

35.071
8.194
26.877
8.923
15.684
2.270
74.781
5.178
69.603
14,516
52,178
7,373
44,805
2,909

34,191
7.591
26.600
8.965
15.442
2.193
72,988
3,609
69,378
14.428
52,080
7.309
44,771
2,870

33,703
7,208
26,494
8.989
15,396
2,109
72,513
3,127
69,386
14,341
52,216
7,412
44,804
2,828

33.860
7,710
26,150
8,821
15.222
2.107
71,756
2,777
68,979
14,309
51,674
6,904
44,770
2,996

34.511
23.869
7.812
2.830
451.293
197.539
4.316
193.223
186.669
6.554
121.378
64.706

30.601
20,987
6,780
2.834
450.430
197,196
4.267
192.929
186.243
6.686
121,557
64,398

28.064
19.075
6.495
2,494
450,196
197,233
4,800
192,433
185.795
6.638
121.743
64.416

28,220
18,547
7,015
2,658
451,763
197.927
5.002
192,925
186.196
6.729
121,796
64,383

31,375
22,344
6,395
2,636
456,096
198,611
5,178
193,433
186,667
6.766
121,928
64.853

27,840
18,536
6,639
2.665
455.411
199.172
4.775
194,397
187,546
6,851
122,030
64,774

31,638
22.162
6.773
2.703
455.468
199,091
4,779
194,312
187.537
6.774
122.287
64.888

28.118
17.849
7.625
2,644
453,179
198,149
3,781
194,368
187.535
6.833
122.545
64,998

32,335
21,814
7,644
2,877
459,113
201,582
4,033
197,549
190,527
7,022
122,497
65,232

5.835
7.141
11.081
16.015
5.205
2.374
5.956
14.063
5.189
6.524
439.579
10.748
109.186

5,846
7,169
10.955
16,161
5,739
2.452
5,969
12,988
5,213
6.554
438.664
10.739
109.517

5,834
7.307
10.713
15.992
5.038
2,390
6,025
13,504
5.238
6,554
438.403
10,740
108.424

5,968
6,573
11,041
15,817
6,240
2,373
6,061
13,583
5.246
6,560
439,956
10.741
105,757

6.715
7,438
11,315
15,864
6,398
2,378
6,046
14,550
5,210
6,636
444,250
10,745
108,975

6,785
6,869
11,069
15.898
6,619
2,377
6.049
13.768
5.246
6,670
443.496
10,757
109.381

6,600
6.926
11.452
15,808
5.966
2.327
6.124
13.999
5.263
6.680
443.524
10.751
111.293

6.468
6,844
10,956
15,729
5,460
2,296
6,144
13,590
5.256
6.630
441.293
10,756
108,525

6,785
7,153
11,136
15,938
5,981
2.471
6,179
14,158
5,222
6,574
447,317
10.795
111,914

785,034

778,240

773,725

769,198

800,432

778,823

787,590

772,226

790,811

154.614
558
114.990
4.732
3.248
17.023
6.693
1.083
6.288
351.538
73.857
70.732
2.587
521
16
277.681
242.665
19.625
508
10.500
4.382

148,817
534
113,283
3,729
1,892
15,755
6.516
1,008
6,099
352,509
73,420
70,185
2,588
632
15
279,089
243,609
19.726
477
10,746
4.531

150.902
521
112,996
3,802
2,701
16.573
6,677
926
6,706
353.523
73,463
70,306
2.559
574
24
280,060
244,890
19.637
461
10,487
4,585

146,990
500
111,084
4,480
1,693
16,357
6,300
1,034
5,543
356,168
73,201
69,940
2,577
662
22
282,967
247,286
19,918
483
10,643
4,636

166,832
629
124,087
4,001
1,007
21.827
7,442
822
7,017
357,680
74,581
71,397
2,608
554
21
283.099
247,771
19,833
487
10,370
4.638

147,175
484
113.975
3.412
1,109
15.356
6.050
920
5.869
358,741
74.493
71,330
2.608
529
25
284.248
249.103
19,683
483
10,412
4,565

156.300
507
117,387
3,925
2,976
17.456
6.720
1,099
6.229
357.958
74,179
71,060
2.553
546
20
283.779
249.296
19.100
477
10.368
4.537

144,217
417
109,296
3,778
2,091
15.524
6,426
833
5.851
356.798
72.821
69.727
2,552
522
20
283,977
249,344
19,349
516
10.327
4,440

166,137
599
123,812
5,021
2,126
18,883
6,543
1,698
7,454
361,360
73,495
70,291
2,554
628
21
287,865
253,681
18,478
514
10,555
4,637

331
11.251
143.735
71.328

808
10,411
142,500
70,761

130
4,738
140,124
72,136

421
4,372
136,900
72,061

550
4,272
145,768
72,507

5.061
1,085
142,325
71,679

803
6,534
141.553
71.772

105
7.878
135,405
75.277

356
4,494
131,056
74.550

732,797

725,806

721,552

716,912

747,610

726,065

734,921

719,679

737,954

52.237

52,434

52.173

52,287

52,822

52,757

52.669

52.547

52,857

1. Includes securities purchased under agreements to resell.
2. Other than financial institutions and brokers and dealers.
3. Includes federal funds purchased and securities sold under agreement to repurchase; for information on these liabilities at banks with assets of SI billion or
more on Dec. 31, 1977, see table 1.13.




May 19

4. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.

A20
1.28

DomesticNonfinancialStatistics • July 1982
LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY Assets and Liabilities
Millions of dollars, Wednesday figures, 1982
Account

May 5

1 Cash items in process of collection
2 Demand deposits due from banks in the United
States
3 All other cash and due from depository institutions..
4 Total loans and securities'

44 Total assets
Deposits
4.1 Demand deposits
4ft
Mutual savings banks
4/
Individuals, partnerships, and corporations
48
States and political subdivisions
49
U.S. government
50
Commercial banks in the United States
51
Banks in foreign countries
52
Foreign governments and official institutions
53
Certified and officers' checks
54 Time and savings deposits
5.1
Savings
5ft
Individuals and nonprofit organizations
5/
Partnerships and corporations operated for
profit
58
Domestic governmental units
59
All other
FTL) Time
HI
Individuals, partnerships, and corporations
tl
States and political subdivisions
ft3
U.S. government
64
Commercial banks in the United States
65
Foreign governments, official institutions, and
banks
Liabilities for borrowed money
66
Borrowings from Federal Reserve Banks
67
Treasury tax-and-loan notes
68
All other liabilities for borrowed money 6
69 Other liabilities and subordinated notes and
debentures
70 Total liabilities

June 2''

June 9i'

June 16^

June 23^

June 30 p

12,289

13.683

13,600

15.493

12.860

13.436

11,962

16,444

1,081
8.290

1.147
6.928

1.276
4,282

1.743
7.800

1.362
6,327

1.406
7,543

1,216
5,122

1,370
4,324

137,508

134,608

134,254

135,964

138,067

135,906

136,397

135,226

138,540

6.812
1.629
4,731
453

6.030
1,135
4,437
458

6.471
1.129
4.680
662

6.480
1,141
4,649
690

6.492
1.089
4.543
859

6.629
1,040
4.735
854

6.231
1.012
4.441
778

6,172
1.014
4.431
727

6,032
909
4,397
726

14.469
2.036
11,607
2,063
9.543
826

14,463
2.036
11,572
2,027
9.545
855

14,499
2.086
11,538
1.984
9.554
875

15,123
2,062
12.118
2,561
9.556
944

14.962
2.057
12,057
2,506
9.551
848

15.056
2.042
12.065
2.496
9.569
949

15.015
2.035
12.026
2,449
9,577
954

14,907
2.027
11,934
2,356
9,578
946

14,785
2,006
11,669
2,034
9,635
1,111

9,250
4,789
3,157
1.304
110,672
58.957
1.478
57.478
56.091
1,388
17.961
11.21(1

7.378
3.465
2.624
1.289
110.460
58.590
1.468
57.122
55.691
1.431
18.017
11,194

7.210
3.722
2.396
1.092
109.808
58.151
1,546
56.605
55.104
1.500
18.072
11,187

7,488
3,685
2.572
1,232
110,616
58,677
1,770
56.908
55,474
1.434
18,129
11,182

8.222
4.311
2.775
1.136
112.158
58,927
1.757
57.170
55.698
1.472
18,167
11.105

7,121
3.338
2,854
929
110.880
59.212
1.545
57.667
56.187
1.480
18.202
11.110

7.081
3,052
2.994
1.035
111.874
59.644
1.678
57.967
56.458
1.509
18.260
11.143

8,066
3.356
3.300
1.410
109.836
58,861
1,191
57,670
56,217
1.453
18,316
11.166

9,073
4,360
3,324
1,388
112,372
59.868
1,457
58,412
56.893
1,518
18,336
11,172

1.857
2,994
4,830
4.789
3,214
637
400
3.822
1.466
2.229
106.977
2,282
48.193

1.718
3.089
4,818
4,887
3.564
697
405
3.480
1.473
2.250
106.736
2.278
46.888

1.637
3.296
4,561
4.818
3.265
632
414
3.775
1.495
2.239
106.074
2.278
46.764

1.678
2,639
4.731
4,729
3.892
642
404
3,912
1,507
2,238
106,872
2,276
43.812

1.946
3.306
5.058
4.823
3,683
653
391
4.097
1.496
2.271
108.391
2.258
45.955

1.968
2.662
4.903
4.879
3.382
650
377
3.535
1.500
2.281
107.099
2.262
44.100

1.684
2.914
5,186
4,745
3,291
645
361
4.001
1.514
2.289
108.070
2.265
43.966

1,650
2,801
4,829
4,662
3.054
622
354
3,522
1.504
2.250
106,082
2.267
42.404

2.121
2,895
4.924
4.704
3.644
619
337
3,750
1,501
2,221
108,649
2.269
44,348

209,965

205,434

205,054

201,210

211,317

202,817

205,013

198,196

207,295

43,568
238
29,253
684
876
3.676
5.119
853
2.868
67,873
9,536
9,195

40.603
259
27,348
372
613
3,408
5.026
699
2.878
68.728
9.553
9.138

43.774
267
29.150
409
728
3.986
5.085
697
3.453
69.467
9,614
9,225

41.772
247
27.750
966
426
4.238
4,788
814
2.542
68.498
9.679
9.249

47.201
303
31.592
471
159
4.985
5.721
590
3.380
67.939
9.694
9.337

40.895
228
28.479
488
296
3.408
4.569
698
2.729
68,151
9.670
9.328

43.330
251
28.896
532
1.045
3.821
5.186
887
2.711
68.438
9.714
9.354

40.029
196
26,556
584
586
3,745
4,953
628
2.780
67.502
9.581
9,241

49,228
293
32,610
756
541
5,032
4,938
1,498
3,561
70.010
9,682
9,303

230
110
2
58.337
49,407
2.342
114
4,279

229
183
2
59.175
50.000
2.331
114
4.451

227
160
2
59,854
50.857
2.273
104
4.324

230
198
i
58.819
49,764
2,336
124
4.300

234
121
2
58.245
49,302
2.433
123
4.119

235
105
2
58.481
49.798
2.355
115
4.022

230
129
2
58.723
50.117
2.277
114
4.044

228
110
2
57,921
49,493
2,286
119
3.955

234
143
2
60,328
52,070
1,935
127
3,971

2,195

2.280

2.295

2.294

2,268

2.192

2.171

2.068

2,225

3,396
49,076

675
3,200
46,900

1,364
44.685

365
1,376
43.326

1,266
48.115

2.415
289
45.167

17
2.370
45.074

2,358
40.492

1.171
39,433

28,558

27.718

28,226

28,405

29.120

28.131

28.098

30.219

29,722

192,472

187,824

187,518

183,744

193,642

185,048

187,328

180,601

189,565

17.493

17.610

17,536

17,466

17.674

17.768

17.685

17.596

17,730

Excludes trading account securities.
Not available due to confidentiality.
Includes securities purchased under agreements to resell.
Other than financial institutions and brokers and dealers.




May 26

1.195
7,511

71 Residual (total assets minus total liabilities) 7
1.
2.
3.
4.

May 19

13.27ft

Securities
5 U.S. Treasury securities 2
6
Trading account 2
7
Investment account, by maturity
8
One year or less
9
Over one through five years
1(1
Over five years
1 1Other securities 2
1?
Trading account 2
13
Investment account
14
U.S. government agencies
l.i
States and political subdivision, by maturity . . . .
1ft
One year or less
1/
Over one year
18
Other bonds, corporate stocks and securities....
Loans
19 Federal funds sold 3
2(1 To commercial banks
21
To nonbank brokers and dealers in securities
22
To others
23 Other loans, gross
24
Commercial and industrial
2.S
Bankers acceptances and commercial paper
2ft
All other
11
U.S. addressees
28
Non-U.S. addressees
29
Real estate
3(1 To individuals for personal expenditures
31
To financial institutions
Commercial banks in the United States
32
Banks in foreign countries
33
Sales finance, personal finance companies, etc.. .
34
Other financial institutions
3.1 To nonbank brokers and dealers in securities
3ft
To others for purchasing and carrying securities 4 .
3/
To finance agricultural production
38
All other
39 LESS: Unearned income
40
Loan loss reserve
41 Other loans, net
42 Lease financing receivables
43 All other assets'

May 12

5. Includes trading account securities.
6. Includes federal funds purchased and securities sold under agreements to
repurchase.
7. Not a measure of equity capital for use in capital adequacy analysis or for
other analytic uses.

Weekly Reporting Banks
1.29

LARGE WEEKLY REPORTING COMMERCIAL BANKS

A21

Balance Sheet Memoranda

Millions of dollars, Wednesday figures, 1982
Account

May 5

May 12

May 19

May 26

June 2 P

June 9 P

June 16P

June 23 P

June 30P

B A N K S WITH A S S E T S OF $ 7 5 0 M I L L I O N OR M O R E

1 Total loans (gross) and securities adjusted 1
2 Total loans (gross) adjusted 1
3 D e m a n d deposits adjusted 2

602,533
483,464
96,216

598,491
481,635
95,419

597,298
480,801
95,942

600,350
482,970
94,179

603,629
486,083
95,273

604,742
485,522
97,612

602,582
485,989
96,815

600,414
484,712
93,073

605,888
490,785
102,358

4 Time deposits in accounts of $100,000 or more
5
Negotiable C D s
6
Other time deposits

186,137
132,496
53,641

187,475
133,617
53,857

187,982
133,886
54,096

190,896
136,061
54,836

190,597
135,919
54,678

191,561
136,613
54,948

190,545
135,814
54,730

190,676
135,451
55,225

193,847
138,929
54,918

2,801
2,252
549

2,793
2,236
557

2,798
2,265
533

2,693
2,148
545

2,805
2,266
539

2,850
2,302
548

2,924
2,400
525

3,060
2,395
665

3,098
2,408
689

10 Total loans (gross) and securities adjusted 1
11 Total loans (gross) adjusted 1
12 D e m a n d deposits adjusted 2

565,864
456,100
89,001

561,726
454,198
88,387

560,525
453,351
89,006

563,532
455,467
87,131

566,663
458,412
88,293

567,782
457,930
90,378

565,523
458,344
89,711

563,195
456,980
86,266

568,466
462,849
94,951

13 Time deposits in accounts of $100,000 or more
14
Negotiable C D s
15
O t h e r time deposits

177,826
127,500
50,327

178,958
128,548
50,410

179,565
128,874
50,690

182,248
130,909
51,339

181,968
130,745
51,223

182,753
131,294
51,460

181,853
130,568
51,285

181,910
130,166
51,745

185,095
133,610
51,485

2,709
2,176
533

2,695
2,154
541

2,701
2,185
516

2,598
2,073
525

2,716
2,193
523

2,757
2,226
532

2,828
2,321
508

2,852
2,321
530

3,012
2,345
667

134,558
113,277
25,740

133,147
112,654
24,293

132,629
111,659
25,378

134,345
112,742
23,508

135,577
114,123
26,565

134,382
112,696
24,331

135,465
114,219
25,028

133,975
112,896
23,736

135,780
114,962
27,211

44,502
33,494
11,008

45,400
34,466
10,933

46,028
35,162
10,866

45,029
34,093
10,936

44,313
33,359
10,954

44,545
33,495
11,050

44,671
33,765
10,906

43,935
33,127
10,809

46,209
35,396
10.813

7 Loans sold outright to affiliates 3
8
Commercial and industrial
9
Other
B A N K S WITH A S S E T S OF $ 1 B I L L I O N OR M O R E

16 Loans sold outright to affiliates 3
17
Commercial and industrial
18
Other
B A N K S IN N E W Y O R K C I T Y

19 Total loans (gross) and securities adjusted 1 - 4
20 Total loans (gross) adjusted 1
21 D e m a n d deposits adjusted 2
22 Time deposits in accounts of $100,000 or more
23
Negotiable C D s
24
Other time deposits

1. Exclusive of loans and federal funds transactions with domestic commercial
banks.
2. All demand deposits except U.S. government and domestic banks less cash
items in process of collection.




3. Loans sold are those sold outright to a bank's own foreign branches, nonconsolidated nonbank affiliates of the bank, the bank's holding company (if not a
bank), and nonconsolidated nonbank subsidiaries of the holding company,
4. Excludes trading account securities.

A22
1.291

DomesticNonfinancialStatistics • July 1982
LARGE WEEKLY REPORTING BRANCHES A N D AGENCIES OF FOREIGN BANKS

A s s e t s and Liabilities

Millions of dollars, Wednesday figures, 1982
Account
1
2
3
4
,S
6
/
8
9
1(1

May 5

May 12

May 19

May 26

June 2i'

June 9''

June 16''

June 23''

June 30 p

Cash and due from depository institutions
Total loans and securities
U.S. Treasury securities
Other securities
Federal funds sold 1
To commercial banks in United States ..
To others
Other loans, gross
Commercial and industrial
Bankers acceptances and commercial
paper
All other
U.S. addressees
Non-U.S. addressees
To financial institutions
Commercial banks in United States . .
Banks in foreign countries
Nonbank financial institutions
For purchasing and carrying securities . .
All other
Other assets (claims on nonrelated
parties)
Net due from related institutions
Total assets

5.560
44.669
2.484
766
3.177
2,881
296
38.242
18.806

5.902
43.871
2.497
769
2.317
2.120
197
38.288
18.498

5.865
43.710
2.453
757
2.777
2.596
180
37.723
18.701

6.101
45.818
2.264
786
4.678
4.328
351
38.090
18.460

6.423
45.174
2.260
844
3.986
3.737
248
38.084
18.870

5.775
46,079
2.276
849
4.346
3.970
377
38.608
18.904

5.911
44,830
2.183
768
3.337
2.982
356
38.542
19.031

5,951
45,873
2,129
770
4,816
4.592
224
38,158
18,754

6,400
47,034
2.327
775
4.962
4,627
335
38,970
18,890

3.419
15.387
13.221
2.166
15.152
12.021
2.593
537
432
3.852

3.311
15.187
12.991
2.196
15.286
12.166
2.610
510
523
3.980

3.298
15.404
13.304
2.099
14.895
11.839
2.512
543
214
3.913

3.187
15.273
13.154
2.119
14.968
11.917
2.521
530
586
4.076

3.168
15.702
13.564
2.137
14.607
11.605
2.448
554
452
4.155

3.393
15.511
13.413
2.098
14.890
11.888
2.445
557
767
4.046

3.371
15.660
13.478
2.183
14.824
11,840
2.396
588
575
4,113

3,355
15.399
13.223
2,176
15,055
11,983
2,409
663
304
4.045

3,362
15,528
13.270
2,258
15,320
11,889
2,700
731
389
4,371

12.367
12.449
75.046

12.807
11.871
74.451

12.500
12.093
74.168

12.517
11.731
76.168

12.403
11.974
75.973

12.508
12.277
76.639

12,663
11.836
75,240

12.495
11.520
75.839

12,569
12,551
78.554

23 Deposits or credit balances 2
24
Credit balances
25
Demand deposits
26
Individuals, partnerships, and
corporations
2/
Other
28
Total time and savings
29
Individuals, partnerships, and
corporations
Other
3(1
31 Borrowings 1
32
Federal funds purchased 4
From commercial banks in United
33
States
34
From others
13
Other liabilities for borrowed money . ..
35
36
T o commercial banks in United States
37
To others
38 Other liabilities to nonrelated parties
39 Net due to related institutions
4(1 Total liabilities

22.072
224
2.001

21.575
273
1.961

20.658
225
1.846

22.039
208
2.079

21.990
268
2.156

21.647
259
1.865

20.459
214
1.912

20.871
196
1.968

21.962
262
2.394

868
1.132
19.847

746
1.215
19.341

760
1.086
18.586

878
1.201
19.752

826
1.330
19.567

741
1.124
19.523

846
1.065
18.333

726
1.242
18.707

955
1,440
19,306

16.496
3.351
30.579
8.054

16.126
3.214
30.235
7.668

15.473
3.113
30.634
8.193

16.372
3.380
30.333
7.309

16.019
3.548
30.615
7.839

16.187
3.336
31,201
7.497

14,120
4.213
31.306
7.744

15,413
3,294
29,900
6,005

15,966
3,339
32,203
7.810

6.837
1.217
22.525
20.267
2.258
12.947
9.448
75.046

6.676
992
22.567
20.283
2.283
13.347
9.294
74.451

6.711
1.482
22.441
20.124
2.317
12.987
9.888
74.168

5.939
1.370
23.024
20.666
2.358
13.067
10.729
76.168

6.626
1.213
22.776
20.500
2.276
12.922
10.446
75.973

6.337
1.159
23.704
21.349
2.355
13.068
10.722
76.639

6.569
1,175
23,562
21.157
2.405
13.004
10,471
75,240

4,931
1.074
23.894
21,535
2.360
13.003
12,065
75.839

6,852
957
24,393
22,040
2,353
12,549
11.840
78.554

29.767
26.517

29.585
26.319

29.274
26.064

29.574
26.524

29.832
26.727

30.221
27.096

30.009
27,058

29.297
26,399

30.518
27.416

11
12
13
14
15
l(i
17
18
19
2(1
21
22

MEMO

41 Total loans (gross) and securities
adjusted 5
42 Total loans (gross) adjusted 5

1. Includes securities purchased under agreements to resell.
2. Balances due to other than directly related institutions.
3. Borrowings from other than directly related institutions.
4. Includes securities sold under agreements to repurchase.
5. Excludes loans and federal funds transactions with commercial banks in United
States




NOTL. Beginning in the week ending Dec. 9, 1981. shifts of assets and liabilities
to international banking facilities (IBFs) reduced the amounts reported in some
items, especially in loans to foreigners and to a lesser extent in time deposits. Based
on preliminary reports, the large weekly reporting branches and agencies shifted
$22.2 billion of assets to their IBFs in the six weeks ending Jan. 13, 1982. Domestic
offices net positions with IBFs are now included in net due from or net due to
related institutions. More detail will be available later.

Weekly Reporting Banks
1.30

LARGE WEEKLY REPORTING COMMERCIAL BANKS

A23

Domestic Classified Commercial and Industrial Loans

Millions of dollars

Industry classification
Feb. 24

Mar. 31

Outstanding

Net change during

1982

1982

Apr. 28

May 26

June 30p

Q1

Q2 p

Apr.

May

June?

1 Durable goods manufacturing

28,314

28,638

29,086

28,842

28,833

1,720

194

447

-244

-9

2 Nondurable goods manufacturing
Food, liquor, and tobacco
3

21,948
4,419

23,162
4,550

23,577
4,816

23,998
4,784

25,250
4,795

1,364
346

2,088
245

415
266

420
-31

1,252
11

4,427
4,142
4,746
4,214

4,535
4,449
5,138
4,490

4,654
4,409
5,187
4,512

4,722
4,677
5,232
4,581

4,832
5,102
5,558
4,962

353
-418
795
287

298
653
420
472

119
-40
49
22

68
269
45
70

110
425
326
380

25,804

25,851

26,792

28,171

28,254

1,486

2,403

941

1,379

83

28,704
1,873
13,489
13,342

29,193
1,873
13,836
13,484

794
30
606
158

325
-448
262
511

-226
-464
-15
253

62
14
-69
116

489
0
347
142

4
5
6
7

Textiles, apparel, and leather
Petroleum refining
Chemicals and rubber
Other nondurable goods

8 Mining (including crude petroleum and natural gas)
9 Trade
10
Commodity dealers
Other wholesale
11
12
Retail

27,793
1,802
13,172
12,819

28,868
2,322
13,573
12,972

28,642
1,858
13,558
13,225

13 Transportation, communication,
and other public utilities
14
Transportation
15
Communication
Other public utilities
16

23,381
8,890
4,076
10,415

23,642
9,154
4,242
10,247

23,686
9,101
4,471
10,114

23,703
9,070
4,559
10,074

25,076
9,285
4,771
11,020

462
540
287
-365

1,433
132
530

43
-52
229
-134

18
-31
88
-40

1,372
215
212
946

17 Construction
18 Services
19 All other 1

7,202
27,270
16,883

7,252
27,142
17,268

7,413
27,359
16,942

7,690
27,956
17,133

7,808
28,636
17,477

14
554
195

556
1,493
208

161
216
-326

277
597
191

118
680
344

178,596

181,825

183,496

186,196

190,527

6,589

8,702

1,672

2,699

4,331

87,829

87,203

88,277

89,282

90,111

1,917

2,908

1,074

1,004

830

20 Total domestic loans
21 MEMO: Term loans (original maturity more
than 1 year) included in domestic loans .

1. Includes commercial and industrial loans at a few banks with assets of $1
billion or more that do not classify their loans.




111

NOTE. New series. The 134 large weekly reporting commercial banks with domestic assets of $1 billion or more as of Dec. 31, 1977, are included in this series.
The series is on a last-Wednesday-of-the-month basis. Partly estimated historical
data are available from the Banking Section, Division of Research and Statistics,
Board of Governors of the Federal Reserve System, Washington, D.C. 20551.

A24
1.31

DomesticNonfinancialStatistics • July 1982
GROSS DEMAND

D E P O S I T S of Individuals, Partnerships, and

Corporations1

B i l l i o n s of dollars, e s t i m a t e d daily-average b a l a n c e s
Commercial banks
Type of holder
1977
Dec.

1978
Dec.

1980

19792
Dec.
June

Sept.

1981
Dec.

Mar. 3

June 4

Sept.

Dec.

1 All holders—Individuals, partnerships, and
corporations

274.4

294.6

302.2

288.6

302.0

315.5

280.8

277.5

288.9

2
3
4
5
6

25.0
142.9
91.0
2.5
12.9

27,8
152.7
97.4
2.7
14.1

27.1
157.7
99.2
3.1
15.1

27.7
145.3
97.9
3.3
14.4

29.6
151.9
101.8
3.2
15.5

29.8
162.3
102.4
3.3
17.2

30.8
144.3
86.7
3.4
15.6

28.2
148.6
82.1
3.1
15.5

28.0
154.8
86.6
2.9
16.7

Financial business
Nonfinancial business
Consumer
Foreign
Other

n a.

Weekly reporting banks

1977
Dec.

1978
Dec.

1980

19795
Dec.
June

7 All holders—Individuals, partnerships, and
corporations
8
9
10
11
12

Financial business
Nonfinancial business
Consumer
Foreign
Other

Dec.

Mar. 3

June 4

Sept.

Dec.

139.1

147.0

139.3

133.9

140.6

147.4

133.2

131.3

137.5

18.5
76.3
34.6
2.4
7.4

19.8
79.0
38.2
2.5
7.5

20.1
74.1
34.3
3.0
7.8

20.2
69.2
33.9
3.1
7.5

21.2
72.4
36.0
3.1
7.9

21.8
78.3
35.6
3.1
8.6

21.9
69.8
30.6
3.2
7.7

20.7
71.2
28.7
2.9
7.9

21.0
75.2
30.4
2.8
8.0

1. Figures include cash items in process of collection. Estimates of gross deposits
are based on reports supplied by a sample of commercial banks. Types of depositors
in each category are described in the June 1971 BULLETIN, p. 466.
2. Beginning with the March 1979 survey, the demand deposit ownership survey
sample was reduced to 232 banks from 349 banks, and the estimation procedure
was modified slightly. To aid in comparing estimates based on the old and new
reporting sample, the following estimates in billions of dollars for December 1978
have been constructed using the new smaller sample; financial business, 27.0;
nonfinancial business, 146.9; consumer, 98.3; foreign, 2.8; and other, 15.1.
3. Demand deposit ownership data for March 1981 are subject to greater than
normal errors reflecting unusual reporting difficulties associated with funds shifted
to negotiable order of withdrawal (NOW) accounts authorized at year-end 1980.
For tne household category, the $15.7 billion decline in demand deposits at all
commercial banks between December 1980 and March 1981 has an estimated
standard error of $4.8 billion.




Sept.

1981

n.a.

4. Demand deposit ownership survey estimates for June 1981 are not yet available
due to unresolved reporting errors.
5. After the end of 1978 the large weekly reporting bank panel was changed to
170 large commercial banks, each of which had total assets in domestic offices
exceeding $750 million as of Dec. 31, 1977. See "Announcements," p. 408 in the
May 1978 BULLETIN. Beginning in March 1979, demand deposit ownership estimates for these large banks are constructed quarterly on the basis of 97 sample
banks and are not comparable with earlier data. The following estimates in billions
of dollars for December 1978 have been constructed for the new large-bank panel;
financial business, 18.2; nonfinancial business, 67.2; consumer, 32.8; foreign, 2.5;
other, 6.8.

Deposits and Commercial Paper
1.32

A25

COMMERCIAL PAPER A N D BANKERS DOLLAR ACCEPTANCES OUTSTANDING
Millions of dollars, end of period

Instrument

1977
Dec.

1978
Dec.

1982

1981

19791
Dec.

1980
Dec.
Nov.

Dec.

Jan.

r

Feb.r

Mar. '

Apr. '

May

Commercial paper (seasonally adjusted)
1 All issuers

2
3
4
5
6

Financial companies 2
Dealer-placed paper3
Total
Bank-related
Directly placed paper4
Total
Bank-related
Nonfinancial companies 5

65,051

83,438

112,803

124,524

164,958

165,508

165,305

164,954

166,572

171,709

176,048

8,796
2,132

12,181
3,521

17,359
2,784

19,790
3,561

30,024
5,735

30,188
6,045

29,303
6,200

30,057
6,538

31,574
7,034

32,848
7,887

34,683
7,974

40,574
7,102
15,681

51,647
12,314
19,610

64,757
17,598
30,687

67,854
22,382
36,880

82,291
26,225
52,643

81,660
26,914
53,660

80,566
28,801
55,436

79,370
27,435
55,527

78,168
27,426
56,830

81,428
29,276
57,433

82,228
30,414
59,137

Bankers dollar acceptances (not seasonally adjusted)
7 Total
8
9
10
11
12
13

Holder
Accepting banks
Own bills
Bills bought
Federal Reserve Banks
Own account
Foreign correspondents
Others

Basis
14 Imports into United States
15 Exports from United States
16 All other

25,450

33,700

45,321

54,744

68,749

69,226

70,088

70,468

71,619 r

71,128

10,434
8,915
1,519

8,579
7,653
927

9,865
8,327
1,538

10,564
8,963
1,601

11,253
10,268
985

10,857
9,743
1,115

10,227
9,095
1,132

11,953
10,928
1,025

12,964
11,139
1,825

12,675
11,409
1,266

954
362
13,700

1
664
24,456

704
1,382
33,370

776
1,791
41,614

0
1,408
56,089

0
1,442
56,926

0
1,427
58,434

0
1,530
56,985

0
1,379
57,276

0
1,234
57.124

6,378
5,863
13,209

8,574
7,586
17,540

10,270
9,640
25,411

11,776
12,712
30,257

14,851
14,936
38,962

14,765
15,400
39,061

14,727
15,599
39,762

15,430
16,119
38,919

14,877
16,835
39,907

15,303
16,887
38,937

1. A change in reporting instructions results in offsetting shifts in the dealerplaced and directly placed financial company paper in October 1979.
2. Institutions engaged primarily in activities such as, but not limited to, commercial, savings, and mortgage banking; sales, personal, and mortgage financing;
factoring, finance leasing, and other business lending; insurance underwriting; and
other investment activities.




n a.

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

A26
1.33

DomesticNonfinancialStatistics • July 1982
PRIME RATE C H A R G E D BY BANKS on Short-Term Business Loans
Percent per annum

1981—June
July
Sept.
Oct.
Nov.

1.34

Average
rate

Effective D a t e

Effective date

20.00
20.50
20.00
19.50
19.00
18.00
17.50
17.00
16.5017.00

3
8
15
22
5
13
3
9
17

1981—Nov. 20
24
Dec. 1

16.50
16.00
15.75

2
18
23
1981—Jan. . . .
Feb. . . .

16.50
17.00
16.50
20.16
19.43

1982—Feb.

18.05
17.15
19.61
20.03
20.39
20.50
20.08
18.45
16.84

1981—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

Month

1981—Dec
1982—Jan
Feb
Mar
Apr
May
June

TERMS OF LENDING A T COMMERCIAL BANKS Survey of Loans Made, May 3-8, 1982
Size of loan (in t h o u s a n d s of dollars)
All
sizes
50-99

100-499

500-999

1,000
and o v e r

S H O R T - T E R M C O M M E R C I A L AND
INDUSTRIAL L O A N S

1
2
3
4
5

A m o u n t of loans ( t h o u s a n d s of dollars)
N u m b e r of loans
W e i g h t e d - a v e r a g e maturity ( m o n t h s )
W e i g h t e d - a v e r a g e interest rate ( p e r c e n t p e r a n n u m ) .
I n t e r q u a r t i l e range 1

17.11
16.58-17.51

885.940
115.667
3.4
18.51
17.42-19.51

501.046
14,935
3.8
18.56
17.55-19.25

707,807
11,137
3.4
18.06
17.62-18.50

2,349.121
13,022
3.6
17.77
17.00-18.67

1,198.641
1,848
2.4
17.98
17.00-18.97

30,957,703
4,588
.9
16.94
16.57-17.30

29.8
51.7
14.4

39.2
36.2
12.8

48.4
40.3
14.8

44.8
49.3
24.9

52.3
63.7
19.9

50.8
51.2
24.0

26.3
51.5
13.4

36.600,259
161.197
1.2

Percentage of amount of loans
6 With floating rate
7 Made under commitment
8 With n o stated maturity
L O N G - T E R M C O M M E R C I A L AND
INDUSTRIAL L O A N S

9
10
11
12
13

A m o u n t of loans ( t h o u s a n d s of dollars)
N u m b e r of loans
W e i g h t e d - a v e r a g e maturity ( m o n t h s )
W e i g h t e d - a v e r a g e interest r a t e ( p e r c e n t p e r a n n u m )
Interquartile range'

3.705.382
20,575
49.8
16.96
16.50-17.51

253,640
18,222
29.9
18.80
17.79-19.56

410,817
1.547
50.1
17.59
17.50-17.81

164.045
244
43.3
17.29
16.50-18.00

2,876,880
562
51.8
16.69
16.00-17.32

71.7
72.1

38.6
28.9

45.9
36.2

83.5
82.8

77.7
80.4

Percentage of amount of loans
14 With floating rate
15 M a d e u n d e r c o m m i t m e n t
CONSTRUCTION AND
LAND DEVELOPMENT LOANS

16
17
18
19
20

A m o u n t of loans ( t h o u s a n d s of dollars)
N u m b e r of loans
Weighted-average maturity (months)
W e i g h t e d - a v e r a g e interest rate ( p e r c e n t p e r a n n u m )
Interquartile range'

21
22
23
24

Percentage of amount of loans
W i t h floating rate
S e c u r e d by real estate
Made under commitment
With n o s t a t e d maturity

228,405
6,446
12.3

1.921.308
31,454
11.1
17.80
16.07-19.10

182.396
18.881
7.2
19.13
18.54-20.15

28.8
85.0
32.9
.9

37.7
74.1
55.5
1.9

22.5
82.1
65.6

30.0
4.8
65.2

40.0
3.2
56.8

54.0

Type of
construction
25 1- to 4-family
26 Multifamily
27 N o n r e s i d e n t i a l

18.81

17.00-19.82

1.1

1.1

44.9

All
sizes

166,690
2,273
8.3
17.97
16.72-19.25

427,520
3,050
14.1
18.45
18.13-19.59

916.297
805
10.6
16.96
16.07-17.88

47.1
80.6
19.3
2.7

20.7
97.9
18.4
1.4

29.0
82.8
29.6
.0

40.8
4.9
54.3

26.0
2.7
71.3

21.9
7.1
71.0

25-49

50-99

100-249

250
and over

L O A N S TO F A R M E R S

28
29
30
31
32

A m o u n t of loans ( t h o u s a n d s of dollars)
N u m b e r of loans
W e i g h t e d - a v e r a g e maturity ( m o n t h s )
W e i g h t e d - a v e r a g e interest rate ( p e r c e n t p e r a n n u m )
Interquartile range'

33
34
35
36
37

By purpose of loan
F e e d e r livestock
O t h e r livestock
Other current operating expenses
Farm machinery and equipment
Other

1,224,054
70.983
7.6
17.76
17.18-18.39

172.901
46,365
6.6
17.63
17.00-18.39

214,006
15.091
6.4
17.59
17.18-18.27

167.333
4.919
7.6
17.59
17.06-18.13

190,019
2,781
5.3
18.01
17.25-18.68

193,183
1,363
9.3
17.76
17.17-18.27

286,611
465
9.4
17.91
17.25-18.77

17.81
17.51
17.66
18.19
17.85

17.89
17.75
17.46
18.14

17.73
17.57
17.61
17.31
17.70

17.69
17.34
17.57
17.30
17.68

18.56
17.42
17.83

17.84
17.97
17.65

17.56

1. Interest rate r a n g e that covers t h e middle 50 percent of the total dollar a m o u n t
of loans m a d e .
2. F e w e r t h a n 10 s a m p l e loans.




18.21

NOTE. For m o r e detail, see the B o a r d ' s E . 2 (111) statistical release,

17.59
17.98

Securities Markets
1.35

A27

I N T E R E S T R A T E S M o n e y and Capital M a r k e t s
Averages, percent per annum; weekly and monthly figures are averages of business day data unless otherwise noted.
1982, week ending

1982
Instrument

1979

1980

1981
Mar.

Apr.

May

June

June 4

June 11

June 18

June 25

July 2

MONEY MARKET RATES
1

Federal funds 1 - 2
Commercial paper 3 - 4

7

3
4

3-month
6-month
Finance paper, directly placed 3 - 4
5
1-month
6
7
6-month
Bankers acceptances 4 - 5
8
3-month
9
6-month
Certificates of deposit, secondary market 6
10
1-month
11
3-month
1?
6-month
13 Eurodollar deposits, 3-month 2
U.S. Treasury bills 4
Secondary market 7
14
3-month
15
6-month
16
1-year
Auction average 8
17
3-month
18
6-month
19
1 year

11.19

13.36

16.38

14.68

14.94

14.45

14.15

13.43

13.60

14.24

14.17

14.81

10.86
10.97
10.91

12.76
12.66
12.29

15.69
15.32
14.76

13.99
13.80
13.47

14.38
14.06
13.64

13.79
13.42
13.02

13.95
13.96
13.79

13.37
13.23
13.00

13.47
13.43
13.20

14.06
14.02
13.86

14.35
14.52
14.49

14.68
14.71
14.46

10.78
10.47
10.25

12.44
11.49
11.28

15.30
14.08
13.73

13.73
12.91
12.89

14.17
13.21
13.09

13.49
12.75
12.61

13.79
13.09
12.69

13.28
12.56
12.17

13.46
12.82
12.33

13.86
13.12
12.75

14.16
13.50
13.07

14.46
13.52
13.26

11.04
n.a.

12.78
n.a.

15.32
14.66

13.73
13.33

13.95
13.49

13.29
12.90

14.00
13.76

13.24
13.01

13.42
13.14

14.12
13.89

14.60
14.42

14.68
14.37

11.03
11.22
11.44
11.96

12.91
13.07
12.99
14.00

15.91
15.91
15.77
16.79

14.12
14.21
14.25
14.90

14.44
14.44
14.42
15.18

13.95
13.80
13.77
14.53

14.18
14.46
14.66
15.45

13.59
13.72
13.76
14.42

13.69
13.83
14.03
14.75

14.26
14.56
14.81
15.05

14.63
15.13
15.43
16.09

14.86
15.21
15.36
16.28

10.07
10.06
9.75

11.43
11.37
10.89

14.03
13.80
13.14

12.68
12.77
12.47

12.70
12.80
12.50

12.09
12.16
11.98

12.47
12.70
12.57

12.09
12.12
12.09

12.06
12.19
12.20

12.46
12.83
12.68

12.88
13.25
13.00

12.81
13.08
12.86

10.041
10.017
9.817

11.506
11.374
10.748

14.077
13.811
13.159

12.493
12.621
12.509

12.821
12.861
12.731

12.148
12.220
12.194

12.108
12.310
12.173

11.520
11.589

12.074
12.117

12.248
12.503
12.173

12.588
13.031

13.269
13.419

10.67
10.12

12.05
11.77

14.78
14.56

13.95
14.19

13.98
14.20

13.34
13.78

14.07
14.47

13.59
14.06

11.55
11.48
11.43
11.46
11.39
11.30

14.44
14.24
14.06
13.91
13.72
13.44

14.13
13.98
13.93
13.86
13.75
13.53

14.18
14.00
13.94
13.87
13.57
13.37

13.77
13.75
13.74
13.62
13.46
13.24

14.48
14.43
14.47
14.30
14.18
13.92

14.08
14.04
14.11
13.97
13.93
13.68

14.22
14.60
14.70
14.57
14.48
14.51
14.36
14.26
13.99

14.62
14.94

9.71
9.52
9.48
9.44
9.33
9.29

13.46
13.95
14.00
13.99
13.98
14.07
13.92
13.92
13.67

14.95
14.90
14.90
14.70
14.48
14.21

14.41
14.75
14.80
14.81
14.73
14.73
14.54
14.28
14.03

8.74

10.81

12.87

12.98

12.84

12.67

13.32

13.08

13.09

13.40

13.59

13.42

5.92
6.73
6.52

7.85
9.01
8.59

10.43
11.76
11.33

11.95
13.70
12.82

11.66
13.29
12.59

11.05
12.54
11.95

11.55
12.83
12.45

11.00
12.75
12.13

11.70
12.75
12.40

11.90
12.80
12.63

11.60
13.00
12.62

11.60
13.20
12.58

10.12
9.63
9.94
10.20
10.69

12.75
11.94
12.50
12.89
13.67

15.06
14.17
14.75
15.29
16.04

15.68
14.58
15.21
16.12
16.82

15.53
14.46
14.90
15.95
16.78

15.34
14.26
14.77
15.70
16.64

15.77
14.81
15.26
16.07
16.92

15.52
14.50
14.98
15.80
16.80

15.62
14.62
15.09
15.92
16.85

15.76
14.79
15.22
16.08
16.92

15.99
15.10
15.52
16.31
17.03

15.96
15.07
15.50
16.29
16.95

10.03
10.02

12.74
12.70

15.56
15.56

15.26
15.19

15.83
15.45

15.22
15.24

15.92
15.84

15.39

15.92
15.59

16.11

16.19

16.02

9.07
5.46

10.57
5.25

12.36
5.41

12.97
6.28

12.90
5.99

12.58
5.97

12.43
6.15

12.91
6.33

12.97
6.35

13.30
6.26

CAPITAL M A R K E T R A T E S

24
25
26
27
28

U.S. Treasury notes and bonds 9
Constant maturities 1 0
1-year
2-year
2-V 2 -year n
3-year
5-year
7-year
10-year
20-year
30-year

29

Composite 1 2
Over 10 years (long-term)

70
71
T>
73

State and local notes and bonds
Moody's series 1 3
30
Aaa
31
Baa
32
Bond Buyer series 14

33

34
35
36
37
38
39

Corporate bonds
Seasoned issues 15
All industries
Aaa
Aa
A
Baa
Aaa utility bonds 1 6
Recently offered issues

MEMO: Dividend/price ratio 1 7
40
Preferred stocks
41
Common stocks

1. Weekly and monthly figures are averages of all calendar days, where the
rate for a weekend or holiday is taken to be the rate prevailing on the preceding
business day. The daily rate is the average of the rates on a given day weighted
by the volume of transactions at these rates.
2. Weekly figures are statement week averages—that is, averages for the week
ending Wednesday.
3. Unweighted average of offering rates quoted by at least five dealers (in the
case of commercial paper), or finance companies (in the case of finance paper).
Before 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 150179 days for finance paper.
4. Yields are q u o t e d on a bank-discount basis, rather than an investment yield
basis (which would give a higher figure).
5. Dealer closing o f f e r e d rates for top-rated banks. Most representative rate
(which may be, but need not be, the average of the rates quoted by the dealers).
6. Unweighted average of offered rates quoted by at least five dealers early in
the day.
7. Unweighted average of closing bid rates quoted by at least five dealers.
8. Rates are recorded in the week in which bills are issued.
9. Yields are based on closing bid prices quoted by at least five dealers.
10. Yields adjusted to constant maturities by the U.S. Treasury. That is, yields
are read from a yield curve at fixed maturities. Based on only recently issued,
actively traded securities.




12.96
5.97

13.20
6.29

11. Each weekly figure is calculated on a biweekly basis and is the average of
five business days ending on the Monday following the calendar week. The biweekly
rate is used to determine the maximum interest rate payable in the following twoweek period on small saver certificates. (See table 1.16.)
12. Unweighted averages of yields (to maturity or call) for all outstanding notes
and bonds neither due nor callable in less than 10 years, including several very low
yielding "flower" bonds.
13. General obligations only, based on figures for Thursday, from Moody's
Investors Service.
14. General obligations only, with 20 years to maturity, issued by 20 state and
local governmental units of mixed quality. Based on figures for Thursday.
15. Daily figures from Moody's Investors Service. Based on yields to maturity
on selected long-term bonds.
16. Compilation of the Federal Reserve. Issues included are long-term (20 years
or more). New-issue yields are based on quotations on date of offering; those on
recently offered issues (included only for first 4 weeks after termination of underwriter price restrictions), on Friday close-of-business quotations.
17. Standard and Poor's corporate series. Preferred stock ratio based on a sample
of ten issues: four public utilities, four industrials, one financial, and one transportation. Common stock ratios on the 500 stocks in the price index.

A28
1.36

DomesticNonfinancialStatistics • July 1982
STOCK MARKET

Selected Statistics
1981

t

A'

IT™

1980

1979

1982

1981
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

66.97
75.59
57.91
39.20
71.44

67.07
75.97
56.84
39.40
69.16

June

Prices and trading (averages of daily figures)
Common stock prices
1 New York Stock Exchange
(Dec. 31, 1965 = 50)
2
Industrial
3
Transportation
4
Utility
5
Finance
6 Standard & Poor's Corporation
(1941-43 = 10)1
7 American Stock Exchange
(Aug. 31, 1973 = 100)

55.67
61.82
45.20
36.46
58.65

Volume of trading
(thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange

68.06
78.64
60.52
37.35
64.28

74.02
85.44
72.61
38.90
73.52

69.40
78.94
65.65
38.87
72.58

71.49
80.86
67.68
40.73
76.47

71.81
81.70
68.27
40.22
74.74

67.91
76.85
62.04
39.30
70.99

66.16
74.78
59.09
38.32
70.50

63.86
71.51
55.19
38.57
69.08

60.29
71.59
53.07
37.34
63.19

107.94

118.71

128.05

119.84

122.92

123.79

117.41

114.50

110.84

116.31

116.35

109.70

186.56

300.94

343.58

308.81

321.0

322.65

296.49

275.10

255.08

271.15

272.88

254.72

32,233
4,182

44,867
6,377

46,967
5,346

45,287
4,233

50,791
5,257

43,598
4,992

48,419
4,497

51,169
4,400

55,227
4,329

54,119
3,937 r

51,323
4,292 r

50,479
3,720

Customer financing (end-of-period balances, in millions of dollars)
10 Regulated margin credit at
brokers-dealers 2

11,619

14,721

14,411

13,926

14,124

14,411

13,441

13,023

12,095

12,202

12,237

11 Margin stock 3
12 Convertible bonds
13 Subscription issues

11,450
167
2

14,500
219
2

14,150
259
2

13,660
263
3

13,860
261
3

14,150
259
2

13,190
249
2

12,770
251
2

11,840
249
6

11,950
251
1

11,990
246
1

1,105
4,060

2,105
6,070

3,515
7.150

2,990
6.100

3,290
6,865

3,515
7,150

3,455
6,575

3,755
6,595

3,895
6,510

4,145
6,270

4,175
6,355

Free credit balances at brokers4
14 Margin-account
15 Cash-account

4
n a.

Margin-account debt at brokers (percentage distribution, end of period)
16 Total
17
18
19
20
21
22

By equity class (in percent)s
Under 40
40-49
50-59
60-69
70-79
80 or more

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

16.0
29.0
27.0
14.0
8.0
7.0

14.0
30.0
25.0
14.0
9.0
8.0

37.0
21.0
22.0
10.0
6.0
6.0

32.0
28.0
18.0
10.0
6.0
6.0

30.0
25.0
21.0
11.0
6.0
7.0

37.0
24.0
17.0
10.0
6.0
6.0

37.0
24.0
16.0
10.0
7.0
6.0

44.0
22.0
15.0
8.0
6.0
5.0

39.0
24.0
16.0
10.0
6.0
5.0

34.0
25.0
18.0
10.0
7.0
6.0

40.0
24.0
15.0
9.0
6.0
5.0

28,030

28,252

28,521

n a.
1
T

Special miscellaneous-account balances at brokers (end of period)
23 Total balances (millions of dollars)
Distribution by equity status
(percent)
24 Net credit status
Debt status, equity of
25
60 percent or more
26
Less than 60 percent

6

25,870

26,080

26,850

21,690

25,870

24,962

25,409

44.2

47.8

58.0

55.0

57.0

58.0

58.0

58.0

59.0

57.0

58.0

n a.

47.0
8.8

44.4
7.7

31.0
11.0

35.0
10.0

33.0
10.0

31.0
11.0

31.0
11.0

30.0
12.0

28.0
13.0

29.0
13.0

29.0
13.0

t

16,150

1

Margin requirements (percent of market value and effective date) 7

27 Margin stocks
28 Convertible bonds
29 Short sales

Mar. 11, 1968

June 8, 1968

May 6, 1970

Dec. 6, 1971

Nov. 24, 1972

70
50
70

80
60
80

65
50
65

55
50
55

65
50
65

1. Effective July 1976, includes a new financial group, banks and insurance
companies. With this change the index includes 400 industrial stocks (formerly
425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40
financial.
2. Margin credit includes all credit extended to purchase or carry stocks or related
equity instruments and secured at least in part by stock. Credit extended is endof-month data for member firms of the New York Stock Exchange.
In addition to assigning a current loan value to margin stock generally. Regulations T and U permit special loan values for convertible bonds and stock acquired
through exercise of subscription rights.
3. A distribution of this total by equity class is shown on lines 17-22.
4. Free credit balances are in accounts with no unfulfilled commitments to the
brokers and are subject to withdrawal by customers on demand.




Jan. 3, 1974
50
50
50

5. Each customer's equity in his collateral (market value of collateral less net
debit balance) is expressed as a percentage of current collateral values.
6. Balances that may be used by customers as the margin deposit required for
additional purchases. Balances may arise as transfers based on loan values of other
collateral in the customer's margin account or deposits of cash (usually sales proceeds) occur.
7. Regulations G, T, and U of the Federal Reserve Board of Governors, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount
of credit to purchase and carry margin stocks that may be extended on securities
as collateral by prescribing a maximum loan value, which is a specified percentage
of the market value of the collateral at the time the credit is extended. Margin
requirements are the difference between the market value (100 percent) and the
maximum loan value. The term "margin stocks" is defined in the corresponding
regulation.

Financial Institutions
1.37

SELECTED FINANCIAL INSTITUTIONS

A29

Selected Assets and Liabilities

Millions of dollars, end of period
1982

1981
1979

1980
Aug.

Sept.

Nov.

Oct.

Jan.

Dec.

Feb.

Mar.

Apr.

May?

Savings and loan associations
1 Assets

578,962

630,712

653,022

655,658

659,073

660,326

663,844

667,600

671,895

678,039

681,368

686,281

7 Mortgages
3 Cash and investment securities'
4 Other

475,688
46,341
56,933

503,192
57,928
69,592

518,172
58,932
75,918

518,778
59,530
77,350

519,248
61,517
78,308

519,146
61,369
79,811

518,350
62,756
82,738

517,493
64,089
86,018

516,284
66,585
89,026

515,896
67,758
94,835

514,475
67,859
99,034

514,064
69,906
102,311

578,962

630,712

653,022

655,658

659,073

660,326

663,844

667,600

671,895

678,039

681,368

686,281

470,004
55,232
40,441
14,791
9,582
11,506

511,636
64,586
47,045
17,541
8,767
12,394

513,438
83,456
60,025
23,431
7,354
18,275

515,649
87,477
61,857
25,620
7,040
15,307

519,288
86,108
62,000
24,108
6,757
17,506

519,777
86,255
61,922
24,333
6,451
19,101

524,374
89,097
62,794
26,303
6,369
15,612

526,382
89,099
62,581
26,518
6,249
18,356

529,064
89,465
62,690
26,775
6,144
20,145

535,566
91,013
63,639
27,374
6,399
18,574

532,899
93,883
65,347
28,536
6,550
22,012

534,509
94,562
65,289
29,273
6,747
25,026

12 Net worth 2

32,638

33,329

30,499

30,185

29,414

28,742

28,392

27,514

27,077

26,487

26,024

25,437

13 MEMO: Mortgage loan commitments
outstanding 3

16,007

16,102

16,689

16,012

15,733

15,758

15,225

15,131

15,397

15,582

16,375

16,624

5 Liabilities and net worth
6
7
8
9
10
11

Savings capital
Borrowed money
FHLBB
Other
Loans in process
Other

Mutual savings banks 4
163,405

171,564

174,761

175,234

175,693

175,258

175,728

175,938

175,763

174,776

174,813

98,908
9,253

99,865
11,733

99,987
14,560

99,944
14,868

99,903
14,725

99,879
15,073

99,997
14,753

99,788
15,029

98.838
15,604

97,464
16,514

97,160
16,424

7,658
2,930
37,086
3,156
4,412

8,949
2,390
39,282
4,334
5,011

9,369
2,326
38,180
4,791
5,547

9,594
2,323
38,118
4,810
5,577

9,765
2,394
38,108
5,118
5,681

9,508
2,271
37,874
5,039
5,615

9,810
2,288
37,791
5,442
5,649

9,991
2,290
37,849
5,210
5,781

9,966
2,293
37,781
5,412
5,869

10,072
2,276
37,379
5,219
5,852

10,146
2,269
37,473
5,494
5,846

22 Liabilities

163,405

171,564

174,761

175,234

175,693

175,258

175,728

175,938

175,763

174,776

174,813

73
74
25
76
77
78
29
30

146,006
144,070
61,123
82,947
1,936
5,873
11,525

154,805
151,416
53,971
97,445
2,086
6,695
11,368

153,120
150,753
49,003
101,750
27,073
11,125
10,516

153,412
151,072
49,254
101,818
25,769
11,458
10,364

154,066
151,975
48,238
103,737
24,806
11,513
10,114

153,809
151,787
48,456
126,889
2,023
11,434
10,015

155,110
153,003
49,425
121,343
2,108
10,632
9,986

154,843
152,801
48,898
120,740
2,042
11,280
9,814

154,626
152,616
48,297
120,282
2,010
11,464
9,672

154,022
151,979
48,412
118,536
2,043
11,132
9,622

153,187
151,021
47,733
117,372
2,166
12,141
9,485

3,182

1,476

1,333

1,218

1,140

1,207

1,293

916

950

978

953

14 Assets
15
16

Loans
Mortgage
Other
Securities
U.S. government 5
State and local government
Corporate and other 6

17
18
19
70
21 Other assets

Deposits
Regular 7
Ordinary savings
Time and other
Other
Other liabilities
General reserve accounts
MEMO: Mortgage loan commitments
outstanding 8

n a.

Life insurance companies
31 Assets
37
33

34
35
36
37
38
39
40
41
42

,

Securities
Government
United States 9
State and local
Foreign"'
Business
Bonds
Stocks
Mortgages
Real estate
Policy loans
Other assets

432,282

479,210

506,585

509,478

515,079

519,281

521,354

525,331

526,573

530,014

533,810

338
4,888
6,428
9,022
222,332
178,371
39,757
118,421
13,007
34,825
27,563

21,378
5,345
6,701
9,332
238,113
190,747
47,366
131,080
15,033
41,411
31,702

23,949
7,544
6,904
9,501
250,371
204,501
45,870
136,516
17,626
46,252
31,971

24,280
7,670
7,033
9,577
250,315
205,908
44,407
136,982
17,801
47,042
33,058

24,621
7,846
7,129
9,646
253,976
208,004
45,972
137,736
18,382
47,731
32,633

25,200
8,321
7,148
9,731
255,632
209,194
46,438
138,433
18,629
48,275
33,112

25,310
8,578
6,968
9,764
254,978
208,587
46,391
139,046
19,157
48,741
34,122

26,157
9,204
7,063
9,890
257,614
211,686
45,928
139,596
19,276
49,092
33,288

26,847
9,887
7,043
9,917
257,318
212,685
44,633
139,777
18,999
49,535
34,097

27,322
10,236
7,069
10,017
257,452
213,217
44,235
140,259
19,472
50,083
35,426

27,691
10,465
7,139
10,087
260,034
214,984
45,050
140,688
19,947
50,640
34,810

n a.

Credit unions
43 Total assets/liabilities and capital

65,854

71,709

75,656

76,145

76,123

76,830

77,682

78,012

78,986

81,055

81,351

82,858

44
45
46
47
48
49
50
51

35,934
29,920
53,125
28,698
24,426
56,232
35,530
25,702

39,801
31,908
47,774
25,627
22,147
64,399
36,348
28,051

41,394
34,262
51,207
27,701
23,506
66,943
36,713
30,230

41,682
34,463
51,407
27,871
23,536
67,512
36,928
30,584

41,727
34,396
51,029
27,686
23,343
67,625
37,015
30,610

42,025
34,805
50,631
27,508
23,123
67,981
37,261
30,720

42,382
35,300
50,448
27,458
22,990
68,871
37,574
31,297

42,512
35,500
49,949
27,204
22,745
69,432
37,875
31,557

43,111
35,875
49,610
27,051
22,559
70,227
38,331
31,896

44,263
36,792
49,668
27,119
22.549
72,218
39,431
32,787

44,371
36,980
49,533
27,064
22,469
72,569
39,688
32,881

45,077
37,781
49,556
27,073
22,483
73,602
40,213
33,389

Federal
State
Loans outstanding
Federal
State
Savings
Federal (shares)
State (shares and deposits)
For notes see bottom of page A30.




A30
1.38

DomesticNonfinancialStatistics • July 1982
FEDERAL FISCAL A N D FINANCING OPERATIONS
Millions of dollars
Calendar year

Type of account or operation

Fiscal
year
1979

Fiscal
year
1980

Fiscal
year
1981

1980
H2

U.S. budget
1 Receipts'
2 Outlays 1 - 2
3 Surplus, or deficit ( - )
4
Trust funds
5
Federal f u n d s 3
Off-budget

1981
HI

1982
H2

Mar.

Apr.

May

463.302
490.997
-27,694
18,335
-46,030

517.112
576,675
-59,563
8,801
-68,364

599,272
657,204
-57,932
6,817
- 64,749

260,569
309,389
-48,821
-2,551
-46,270

317,304
333,115
-15,811
5,797
-21,608

301,777
358,558
-56,780
-8,085
-48,697

45,291
63,546
-18,255
966
- 19,221

75,777
66,073
9,704
626
9,077

36,753
55,683
-18,930
1,958
-20,888

-13,261
793

-14,549
303

-20,769
-236

-7,552
376

-11,046
-900

-8,728
-1,752

-601
83

-1,153
160

-2,459
-34

-40,162

-73,808

-78,936

-55,998

-27,757

-67,260

-18,773

8,711

-21,424

33,641

70,515

79,329

54,764

33,213

54,081

12,305

2,527

3,187

-408
6,929

-355
3,648

-1.878
1,485

-6.730
7,964

2,873
-8,328

-1,111
14,290

7,035
-567

-11,256
19

15,700
2,537

24.176
6,489
17,687

20,990
4.102
16,888

18.670
3,520
15,150

12,305
3,062
9,243

16,389
2,923
13,466

12,046
4,301
7,745

13,001
2,866
10,135

28,740
12,239
16,501

7,947
2,540
5,407

entities (surplus, or deficit

(-))

6 Federal Financing Bank outlays
7 Other4
U.S. budget plus off-budget,
including
Federal Financing Bank
8 Surplus, or deficit ( - )
Source or financing
9
Borrowing from the public
10
Cash and monetary assets (decrease, or
increase ( - ) )
11
Other6
MEMO:

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

1. The Budget of the U.S. Government,
Fiscal Year 1983, has reclassified supplemental medical insurance premiums and voluntary hospital insurance premiums,
previously included in other social insurance receipts, as offsetting receipts in the
health function.
2. Effective Oct. 1, 1980, the Pension Benefit Guaranty Corporation was reclassified from an off-budget agency to an on-budget agency in the Department of
Labor.
3. Half-year figures are calculated as a residual (total surplus/deficit less trust
fund surplus/deficit).
4. Other off-budget includes Postal Service Fund; Rural Electrification and Telephone Revolving Fund; and Rural Telephone Bank; it also includes petroleum
acquisition and transportation and strategic petroleum reserve effective November
1981.

5. Includes U.S. Treasury operating cash accounts; special drawing rights; gold
tranche drawing rights; loans to International Monetary Fund; and other cash and
monetary assets.
6. Includes accrued interest payable to the public; allocations of special drawing
rights; deposit funds; miscellaneous liability (including checks outstanding) and
asset accounts: seigniorage; increment on gold; net gain/loss for U.S. currency
valuation adjustment; net gain/loss for IMF valuation adjustment; and profit on
the sale of gold.
SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S.
Government," Treasury Bulletin, and the Budget of the United States
Government,
Fiscal Year 1983.

N O T E S T O T A B L E 1.37
1. Holdings of stock of the Federal H o m e Loan Banks are included in "other
assets."
2. Includes net undistributed income, which is accrued by most, but not all,
associations.
3. Excludes figures for loans in process, which are shown as a liability.
4. The N A M S B reports that, effective April 1979, balance sheet data are not
strictly comparable with previous months. Beginning April 1979, data are reported
on a net-of-valuation-reserves basis. Before that date, data were reported on a
gross-of-valuation-reserves basis.
5. Beginning April 1979, includes obligations of U.S. government agencies. Before that date, this item was included in "Corporate and o t h e r . "
6. Includes securities of foreign governments and international organizations
and, before April 1979, nonguaranteed issues of U.S. government agencies.
7. Excludes checking, club, and school accounts.
8. Commitments outstanding (including loans in process) of banks in New York
State as reported to the Savings Banks Association of the state of New York.
9. Direct and guaranteed obligations. Excludes federal agency issues not guaranteed, which are shown in the table under "Business" securities.




10. Issues of foreign governments and their subdivisions and bonds of the International Bank for Reconstruction and Development.
NOTE. Savings and loan associations: Estimates by the F H L B B for all associations
in the United States. Data are based on monthly reports of federally insured
associations and annual reports of other associations. Even when revised, data for
current and preceding year are subject to further revision.
Mutual savings banks-. Estimates of National Association of Mutual Savings
Banks for all savings banks in the United States.
Life insurance companies: Estimates of the American Council of Life Insurance
for all life insurance companies in the United States. Annual figures are annualstatement asset values, with bonds carried on an amortized basis and stocks at
year-end market value. Adjustments for interest due and accrued and for differences between market and book values are not made on each item separately but
are included, in total, in "other assets."
Credit unions: Estimates by the National Credit Union Administration for a
group of federal and state-chartered credit unions that account for about 30 percent
of credit union assets. Figures are preliminary and revised annually to incorporate
recent benchmark data.

Federal Finance
1.39

A31

U.S. B U D G E T RECEIPTS A N D OUTLAYS
Millions of dollars
Calendar year
Source or type

Fiscal
year
1979

Fiscal
year
1980

Fiscal
year
1981

1980

1981

1982

H2

HI

H2

Mar.

Apr.

May

RECEIPTS

1 All sources1
2 Individual income taxes, net
3
Withheld
4
Presidential Election Campaign F u n d . . .
5
Nonwithheld
6
Refunds
Corporation income taxes
7
Gross receipts
8
Refunds
9 Social insurance taxes and contributions.
net
10
Payroll employment taxes and
contributions 2
11
Self-employment taxes and
contributions 3
12
Unemployment insurance
13
Other net receipts 1 - 4

463,302

517,112

599,272

260,569

317,304

301,777

45,291

75,777

36,753

217,841
195,295
36
56,215
33,705

244,069
223,763
39
63,746
43,479

285,917
256,332
41
76,844
47,299

131,962
120,924
4
14,592
3,559

142,889
126,101
36
59,907
43,155

147,035
134,199
5
17,391
4,559

13,391
23,307
11
4,329
14,255

41,672
22,699
6
35,282
16,315

9,576
20,965
7
1,183
12,580

71,448
5,771

72,380
7,780

73,733
12,596

28,579
4,518

44,048
6,565

31,056
738

8,435
1,525

9,032
1,690

2,159
957

138,939

157,803

182,720

75,679

101,316

91,592

18,752

21,593

20,483

115,041

133,042

156,953

66,831

83,851

82,984

17,740

14,642

14,650

5,034
15,387
3,477

5,723
15,336
3,702

6,041
16,129
3,598

188
6,742
1,919

6,240
9.205
2,020

244
6,355
2.009

488
130
395

4,470
2,120
362

502
5,004
327

18,745
7,439
5,411
9,252

24,329
7,174
6,389
12,748

40,839
8,083
6,787
13,790

15,332
3,717
3,499
6,318

21,945
3,926
3,259
6,487

22,097
4,661
3,742
8,441

3,182
812
787
1,457

2,732
704
582
1,152

2,848
683
613
1,349

18 All types1'6

490,997

576,675

657,204

309,389

333,115

358,558

63,546

66,073

55,683

19
20
21
22
23
24

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

117,681
6,091
5,041
6,856
12,091
6,238

135,856
10,733
5,722
6,313
13.812
4,762

159,765
11,130
6,359
10,277
13,525
5,572

72,457
5,430
3,205
3,997
7,722
1,892

80,005
5,999
3.314
5,677
6.476
3,101

87,421
4,655
3,388
4,394
7,296
5,181

16,436
1,796
617
519
1,017
2,621

16,385
1,111
532
511
1,148
949

15,204
559
613
486
849
-400

Commerce and housing credit
Transportation
Community and regional d e v e l o p m e n t . . . .
Education, training, employment, social
services
29 Health 1
30 Income security 6

2,579
17,459
9,542

7,788
21,120
10,068

3,946
23,381
9,394

3,163
11,547
5,370

2,073
11,991
4,621

1,825
10,753
4,269

-235
1,241
488

1,178
1,867
523

-129
1,425
457

29,685
46,962
160,159

30,767
55,220
193,100

31,402
65,982
225,099

15,221
29,680
107,912

15,928
33,113
113,490

13,878
35,322
129,269

1,952
6,578
22,074

2,304
6,298
21,912

1,996
6,019
20,269

19,928
4,153
4,093
8,372
52,566
-18,488

21,183
4,570
4,505
8,584
64,504
-21,933

22,988
4,698
4,614
6.856
82,537
-30,320

11,731
2,299
2,432
4,191
35,909
-14,769

10,531
2,344
2,692
3,015
41.178
-12,432

12,880
2,290
2.311
3,043
47,667
-17,281

2,273
478
692
13
6,664
-1,679

3,239
419
123
1,176
7,633
-1,235

753
364
433
352
7,720
-1,286

14
15
16
17

Excise taxes
Customs deposits
Estate and gift taxes
Miscellaneous receipts 5
OUTLAYS

25
26
27
28

31
32
33
34
35
36

Veterans benefits and services
Administration of justice
General government
General-purpose fiscal assistance
Interest
Undistributed offsetting receipts 7

1. The Budget of the U.S. Government, Fiscal Year 1983 has reclassified supplemental medical insurance premiums and voluntary hospital insurance premiums,
previously included in other social insurance receipts, as offsetting receipts in the
health function.
2. Old-age, disability, and hospital insurance, and railroad retirement accounts.
3. Old-age, disability, and hospital insurance.
4. Federal employee retirement contributions and civil service retirement and
disability fund.




5. Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts.
6. Effective Oct. 1. 1980. the Pension Benefit Guaranty Corporation was reclassified from an off-budget agency to an on-budget agency in the Department of
Labor.
7. Consists of interest received by trust funds, rents and royalties on the outer
continental shelf, and U.S. government contributions for employee retirement.
SOURCE. "Monthly Treasury Statement of Receipts and Outlays of the U.S.
Government" and the Budget of the U.S. Government, Fiscal Year 1983.

A32
1.40

DomesticNonfinancialStatistics • July 1982
FEDERAL D E B T SUBJECT TO STATUTORY LIMITATION
Billions of dollars
1980

1981

1982

Item
Mar. 31

June 30

Sept. 30

Dec. 31

Mar. 31

June 30

Sept. 30

Dec. 31

Mar. 31

1 Federal debt outstanding

870.4

884.4

914.3

936.7

970.9

977.4

1,003.9

1,034.7

1,066.4

2 Public debt securities
3
Held by public
4
Held by agencies

863.5
677.1
186.3

877.6
682.7
194.9

907.7
710.0
197.7

930.2
737.7
192.5

964.5
773.7
190.9

971.2
771.3
199.9

997.9
789.8
208.1

1,028.7
825.5
203.2

1,061.3
858.9
202.4

7.0
5.5
1.5

6.8
5.3
1.5

6.6
5.1
1.5

6.5
5.0
1.5

6.4
4.9
1.5

6.2
4.7
1.5

6.1
4.6
1.5

6.0
4.6
1.4

5.1
3.9
1.2

5 Agency securities
6
Held by public
7
Held by agencies
8 Debt subject to statutory limit

864.S

878.7

908.7

931.2

965.5

972.2

998.8

1,029.7

1,062.2

9 Public debt securities
10 Other debt 1

862.8
1.7

877.0
1.7

907.1
1.6

929.6
1.6

963.9
1.6

970.6
1.6

997.2
1.6

1,028.1
1.6

1,062.7
1.5

11 MEMO: Statutory debt limit

879.0

925.0

925.0

935.1

985.0

985.0

999.8

1,079.8

1,079.8

1. Includes guaranteed debt of government agencies, specified participation certificates, notes to international lending organizations, and District of Columbia
stadium bonds.

1.41

GROSS PUBLIC D E B T OF U.S. TREASURY

NOTE. Data from Treasury Bulletin (U.S. Treasury Department),

Types and Ownership

Billions of dollars, end of period
1982
Type and holder

1978

1979

1980

1981
Feb.

1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
13
14

By type
Interest-bearing debt
Marketable
Bills
Notes
Bonds
Nonmarketable 1
State and local government series
Foreign issues 3
Government
Public
Savings bonds and notes
Government account series 4

15 Non-interest-bearing debt

Mar.

Apr.

May

June

789.2

845.1

930.2

1,028.7

1,048.2

1,061.3

1,065.7

1,071.7

1,079.6

782.4
487.5
161.7
265.8
60.0
294.8
2.2
24.3
29.6
28.0
1.6
80.9
157.5

844.0
530.7
172.6
283.4
74.7
313.2
2.2
24.6
28.8
23.6
5.3
79.9
177.5

928.9
623.2
216.1
321.6
85.4
305.7

1,027.3
720.3
245.0
375.3
99.9
307.0

1,042.2
737.5
254.0
382.1
101.4
304.7

1,059.8
752.6
256.2
395.0
101.4
307.2

1,064.5
755.8
254.9
399.7
101.3
308.7

1,066.4
755.7
256.1
398.4
101.2
310.7

1,078.4
764.0
256.0
406.9
101.1
314.4

23.8
24.0
17.6
6.4
72.5
185.1

23.0
19.0
14.9
4.1
68.1
196.7

22.7
18.4
14.3
4.1
67.6
195.7

23.2
19.6
15.6
4.1
67.4
196.7

23.2
19.4
15.4
4.1
67.3
198.5

23.4
18.4
4.8
3.6
67.3
201.3

23.4
17.5
3.8
3,6
67.4
206.0

6.0

1.5

1.1

5.3

1.2

6.8

1.2

1.3

1.4

16
17
18
19
20
21
22
23

By holder5
U.S. government agencies and trust funds
Federal Reserve Banks
Private investors
Commercial banks
Mutual savings banks
Insurance companies
Other companies
State and local governments

170.0
109.6
508.6
93.2
5.0
15.7
19.6
64.4

187.1
117.5
540.5
96.4
4.7
16.7
22.9
69.9

192.5
121.3
616.4
116.0
5.4
20.1
25.7
78.8

203.3
131.0
694.5
109.4
5.2
19.1
37.8
85.6

201.1
125.4
720.8
111.8
5.4
18.7
37.5
88.2 r

202.5
126.6
733.3
114.3
5.8
19.8
37.5
88.3

204.3
134.3
727.1
110.1
5.6
21.2
37.5
88.5

24
25
26
27

Individuals
Savings bonds
Other securities
Foreign and international 6
Other miscellaneous investors 7

80.7
30.3
137.8
58.9

79.9
36.2
124.4
90.1

72.5
56.7
127.7
106.9

68.0
75.6
141.4
152.3

67.7
77.0
140.0
174.5

67.5
79.0
140.8
180.3

67.3
78.4
139.5
180.0

1. Includes (not shown separately): Securities issued to the Rural Electrification
Administration, depository bonds, retirement plan bonds, and individual retirement bonds.
2. These nonmarketable bonds, also known as Investment Series B Bonds, may
be exchanged (or converted) at the owner's option for IV2 percent, 5-year marketable Treasury notes. Convertible bonds that have been so exchanged are removed from this category and recorded in the notes category (line 5).
3. Nonmarketable dollar-denominated and foreign currency-denominated series
held by foreigners.
4. Held almost entirely by U.S. government agencies and trust funds.




n a.

n.a.

5. Data for Federal Reserve Banks and U.S. government agencies and trust
funds are actual holdings; data for other groups are Treasury estimates.
6. Consists of investments of foreign balances and international accounts in the
United States.
7. Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers, certain government deposit accounts, and
government sponsored agencies.
NOTE. Gross public debt excludes guaranteed agency securities.
Data by type of security from Monthly Statement of the Public Debt of the United
States (U.S. Treasury Department); data by holder from Treasury Bulletin.

Federal Finance
1.42

U.S. GOVERNMENT MARKETABLE SECURITIES

A33

Ownership, by maturity

Par value; millions of dollars, end of period
1982

1982
Type of holder

1980

1980

1981
Mar.

1981
Mar.

Apr.

Apr.

1 to 5 years

All maturities
1 All holders

623,186

720,293

752,620

755,832

197,409

228,550

242,354

240,814

2 U.S. government agencies and trust funds
3 Federal Reserve Banks

9,564
121,328

8,669
130,954

8,001
125,589

8,001
134,257

1,990
835

1,906
38,223

1,906
37,193

1,906
39,629

492,294
77,868
3,917
11,930
7,758
4,225
21,058
365,539

580,671
74,618
3,971
12,090
4,214
4,122
18,991
462,663

619,030
79,398
4,533
13,088
4,318
4,849
21,740
491,104

613,576
76,488
4,352
13,848
3,893
4,721
21,593
488,680

159,585
44,482
1,925
4,504
2,203
2,289
4,595
99,577

188,422
39,021
1,870
5,596
1,146
2,260
4,278
134,251

203,254
41,420
2,253
5,945
1,073
2,460
4,707
145,396

199,279
39,823
2,031
6,512
956
2,459
4,544
142,955

4 Private investors
5
Commercial banks
6
Mutual savings banks
7
Insurance companies
8
Nonfinancial corporations
9
Savings and loan associations
10
State and local governments
11
All others

5 to 10 years

Total, within 1 year
12 All holders
13 U.S. government agencies and trust funds
14 Federal Reserve Banks
15 Private investors
16
Commercial banks
17
Mutual savings banks
18
Insurance companies
19
Nonfinancial corporations
20
Savings and loan associations
21
State and local governments
22
All others

297,385

340,082

357,073

355,754

56,037

63,483

60,785

66,920

830
56,858

647
64,113

20
61,579

20
66,735

1,404
13,548

779
11,854

779
10,102

779
10,813

239,697
25,197
1,246
1,940
4,281
1,646
7,750
197,636

275,322
29,480
1,569
2,201
2,421
1,731
7,536
230,383

295,473
31,579
1,774
2,350
2,329
2,140
6,974
248,328

288,998
30,381
1,829
2,025
1,911
2,003
6,868
243,981

41,175
5,793
455
3,037
357
216
2,030
29,287

50,851
4,496
238
2,507
344
98
2,365
40,804

49,904
3,120
196
2,578
292
163
2,419
41,136

55,329
3,048
186
2,926
258
178
2,463
46,270

Bills, within 1 year
23 All holders
24 U.S. government agencies and trust funds
25 Federal Reserve Banks
26 Private investors
27
Commercial banks
28
Mutual savings banks
29
Insurance companies
30
Nonfinancial corporations
31
Savings and loan associations
32
State and local governments
33
All others

10 to 20 years

245,015

256,212

254,880

36,854

44,744

46,399

46,335

1
43,971

49,679

2
45,692

2
50,509

3,686
5,919

3,996
6,692

3,952
6,624

3,952
6,817

172,132
9,856
394
672
2,363
818
5,413
152,616

195,335
9,667
423
760
1,173
363
5,126
177,824

210,518
11,575
559
784
1,544
822
4,327
190,905

204,369
10,711
596
591
1,228
743
4,163
186,335

27,250
1,071
181
1,718
431
52
3,597
20,200

34,055
873
151
1,119
131
16
2,824
28,940

35,822
1,328
170
1,361
267
21
4,872
27,804

35,565
1,231
170
1,539
329
20
4,988
27,289

216,104

Other, within 1 year

Over 20 years

34 All holders

81,281

95,068

100,861

100,874

35,500

43,434

46,010

46,010

35 U.S. government agencies and trust funds
36 Federal Reserve Banks

829
12,888

647
14,433

18
15,887

19
16,226

1,656
9,258

1,340
10,073

1,343
10,002

1,343
10,263

37 Private investors
38
Commercial banks
39
Mutual savings banks
40
Insurance companies
41
Nonfinancial corporations
42
Savings and loan associations
43
State and local governments
44
All others

67,565
15,341
852
1,268
1,918
828
2,337
45,020

79,987
19,814
1,146
1,442
1,248
1,368
2,410
52,560

84,956
20,003
1,215
1,565
785
1,318
2,647
57,423

84,630
19,670
1,233
1,433
683
1,260
2,704
57,646

24,587
1,325
110
730
476
21
3,086
18,838

32,020
749
144
666
172
17
1,988
28,285

34,576
1,952
140
853
358
65
2,767
28,440

34,404
2,006
137
847
439
61
2,731
28,184

NOTE. Direct public issues only. Based on Treasury Survey of Ownership from
Treasury Bulletin (U.S. Treasury Department).
Data complete for U .S. government agencies and trust funds and Federal Reserve
Banks, but data for other groups include only holdings of those institutions that
report. The following figures show, for each category, the number and proportion
reporting as of Apr. 30,1982: (1)5,292 commercialbanks, 443 mutual savings banks.




and 724 insurance companies, each about 80 percent; (2) 407 nonfinancial corporations and 467 savings and loan associations, each about 50 percent; and (3)
489 state and local governments, about 40 percent.
"All others," a residual, includes holdings of all those not reporting in the
Treasury Survey, including investor groups not listed separately.

A34
1.43

DomesticNonfinancialStatistics • July 1982
U.S. GOVERNMENT SECURITIES DEALERS

Transactions

Par value; averages of daily figures, in millions of dollars
1982
Item

1979

1980

1982, week ending Wednesday

1981
Mar.

Apr.

May

May 26

June 2

June 9

June 16

June 23

1

Immediate delivery 1
U.S. government securities

13,183

18,331

24,728

27,384

28,424

31,497

34,788

30,931

24,228

26,438

29,476

2
3
4
5
6

By maturity
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years

7,915
454
2,417
1,121
1,276

11,413
421
3,330
1,464
1,704

14,768
621
4,360
2,451
2,528

14,995
742
5,606
2,843
3,199

16.090
910
5,288
3,136
2,999

16,623
763
7,400
3,381
3,330

17,765
1.171
9,331
3,987
2.534

16,937
846
6,478
3,875
2,795

14,913
569
3,964
2,497
2,285

17,929
566
3,421
2,272
2,249

17,938
546
5,437
2,945
2,611

/
8
9
10
11
12
13
14
lb
16
17
18

By type of customer
U.S. government securities
dealers
U.S. government securities
brokers
All others 2
Federal agency securities
Certificates of deposit
Bankers acceptances
Commercial paper
Futures transactions 3
Treasury bills
Treasury coupons
Federal agency securities
Forward transactions 4
U.S. government securities
Federal agency securities

1,448

1,484

1,640

1,386

1,718

1,730

2,066

1,503

1,131

1,558

1,776

5,170
6,564
2,723
,764

7,610
9,237
3,258
2,472

11,750
11,337
3,306
4,477
1,807
6,128

13,701
12,296
3.315
4,355
2,115
7,217

13,669
13,037
3,620
4.495
2,434
7.537

15,517
14,250
3,916
5,437
2,454
7,975

17,183
15.540
4.980
6,931
2,947
8,049

13,901
15.527
2,930
5,479
2,620
9,000

11,954
11,142
2,835
4,892
2,362
7,267

12,272
12,608
3,278
4,694
2,193
8,120

14,374
13,326
3,183
5,439
2,212
7,795

3,523
1,330
234

5,095
1,179
204

4,447
959
216

5,564
1,972
278

6,293
2,306
425

5,664
2,363
342

4,763
1,146
213

4,336
1,115
325

4,790
1,311
242

365
1,370

493
1.358

371
951

807
571

1,181
450

624
546

739
410

628
554

1,036
576

n a.

n a.

1. Before 1981, data for immediate transactions include forward transactions.
2. Includes, among others, all other dealers and brokers in commodities and
securities, nondealer departments of commercial banks, foreign banking agencies,
and the Federal Reserve System.
3. Futures contracts are standardized agreements arranged on an organized exchange in which parties commit to purchase or sell securities for delivery at a future
date.
4. Forward transactions are agreements arranged in the over-the-counter market
in which securities are purchased (sold) for delivery after 5 business days from the

1.44

U.S. GOVERNMENT SECURITIES DEALERS

date of the transaction for government securities (Treasury bills, notes, and bonds)
or after 30 days for mortgage-backed agency issues.
NOTE. Averages for transactions are based on number of trading days in the
period.
Transactions are market purchases and sales of U.S. government securities dealers reporting to the Federal Reserve Bank of New York. The figures exclude
allotments of, and exchanges for, new U.S. government securities, redemptions of
called or matured securities, purchases or sales of securities under repurchase
agreement, reverse repurchase (resale), or similar contracts.

Positions and Financing

Averages of daily figures, in millions of dollars
1982
Item

1070

1982, week ending Wednesday

1981
Mar.

Apr.

May

May 5

May 12

May 19

May 26

June 2

Positions

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

Net immediate 1
U.S. government securities
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years
Federal agency securities
Certificates of deposit
Bankers acceptances
Commercial paper
Futures positions
Treasury bills
Treasury coupons
Federal agency securities
Forward positions
U.S. government securities
Federal agency securities

3,223
3,813
-325
-455
160
30
1,471
2,794

n a.

4,306
4,103
-1,062
434
166
665
797
3,115

n a.

9.033
6,485
-1,526
1.488
292
2.294
2,277
3,435
1,746
2,658

12,247
6,594
-118
3,333
-513
2.952
2,505
3,884
2,276
3,151

12,564
7,718
-99
2,902
-520
2,563
2,916
4,467
2,530
3,229

14,103
7,390
-295
4,083
-20
2,946
3,117
4,949
2,719
3,457

10,774
6.220
-368
3,212
-866
2,575
2,978
4,099
2,243
3.366

13,870
6,533
-311
4,653
18
2,977
3,091
4,507
2,659
3,409

14,101
8,258
-333
3,211
-45
3.011
2,940
4,784
2,792
3.408

16,392
8,457
-235
4,945
127
3,097
3,321
5,683
2,853
3,489

14,424
7,647
-319
3,610
646
2,838
3,192
5,610
3,047
3,717

-8,934
-2,733
522

-6,652
-2,528
-161

-5,463
-2,896
-403

-9,972
-3,867
-579

-8,427
-3,435
-506

- 10,253
-4,182
-514

- 10,755
4,033
-606

-9,869
-3,850
-728

-9,167
-3,091
-430

-603
-451

-518
-1,007

-590
-1,064

-715
-1,130

-557
-1,062

-696
- 1,030

-925
-1,100

-596
- 1,200

-811
-1,331

Financing 2
Reverse repurchase agreements 3
Overnight and continuing
Term agreements
Repurchase agreements 4
18
Overnight and continuing
19
Term agreements
16
1/

For notes see opposite page.




n a.

1

14.568
32,048

24,745
42,608

26,924
46,509

28,801
45,253

30,488
49,367

30,096
48,244

29,635
41,074

24,986
42,325

24,683
40,329

35,919
29,449

48,139
38,833

53,246
43,140

58,415
40,142

61,287
40,424

62,358
40,650

58,741
38,188

51,273
41,305

53,964
37,640

n a.

Federal Finance
1.45

A35

FEDERAL A N D FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding
Millions of dollars, end of period
1982

1981
1978

Agency

1 Federal and federally sponsored agencies'
2 Federal agencies
3 Defense Department 2
4 Export-Import Bank 3 - 4
5 Federal Housing Administration 5
6
Government National Mortgage Association
participation certificates 6
7 Postal Service 7
8 Tennessee Valley Authority
9 United States Railway Association 7
10 Federally sponsored agencies'
11 Federal Home Loan Banks
12 Federal Home Loan Mortgage Corporation
13 Federal National Mortgage Association
14 Federal Land Banks
15 Federal Intermediate Credit Banks
16 Banks for Cooperatives
17 Farm Credit Banks'
18 Student Loan Marketing Association 8
19 Other

1979

1980
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

137,063

163,290

193,229

223,393

226,010

226,269

227,210

226,418

226,539

228,749

232,274

23,488
968
8,711
588

24,715
738
9,191
537

28,606
610
11,250
477

30,870
516
12,855
432

31,069
514
12,845
427

31.156
490
12,829
419

31,806
484
13,339
413

31,053
470
13,135
406

30,806
460
12,861
397

31,408
454
13,421
382

31,613
447
13,475
376

3,141
2,364
7,460
356

2,979
1,837
8,997
436

2,817
1,770
11,190
492

2,715
1,538
12,599
215

2,715
1,538
12,830
200

2,715
1,538
12.965
200

2,715
1,538
13,115
202

2,191
1,538
13,115
198

2,165
1.538
13,187
198

2.165
1.538
13,250
198

2,165
1,538
13,410
202

113,575
27,563
2,262
41,080
20,360
11,469
4,843
5,081
915
2

138,575
33,330
2,771
48,486
16,006
2,676
584
33,216
1,505
1

164.623
41.258
2.536
55,185
12,365
1,821
584
48,153
2,720
1

192,523
58,276
2,308
56,688
10,317
1,388
220
59,024
4,300
2

194,941
57,990
2,308
57,805
9,717
1,388
220
60,911
4,600
2

195,113
57,854
2,608
58,533
9.717
1,388
220
60.191
4,600
2

195,404
58,090
2,604
58,749
9,717
1,388
220
60.034
4,600
2

195,365
57,387
2,604
58,860
8,717
1,388
220
61.187
5,000
2

195,733
57,743
2,604
59,018
8.717
1.388
220
61.041
5,000
2

197.341
58,839
2,500
59,270
8,717
1,388
220
61,405
5,000
2

200,661
59,937
2,500
60,478
8,217
926
220
63,381
5,000
2

51,298

67,383

87,460

107,309

108,171

109,495

110,698

111,965

112,367

113,567

114,961

6,898
2,114
915
5,635
356

8,353
1.587
1,505
7.272
436

10.654
1,520
2,720
9,465
492

12,409
1,288
4,300
10,874
215

12,409
1,288
4,600
11,105
200

12,409
1,288
4,600
11,240
200

12,741
1,288
4.600
11,390
202

12,741
1,288
5,000
11,435
198

12,741
1,288
5,000
11,462
198

13.305
1.288
5,000
11,525
198

13,305
1,288
5,000
11.685
202

23,825
4,604
6,951

32,050
6,484
9,696

39.431
9,196
13.982

48,821
12,343
17,059

48,571
12,674
17,324

49.029
12.924
17.805

48.821
13.516
18,140

49,026
13,836
18,441

49,081
13,989
18,608

48,681
14,452
19,118

49,356
14,716
19,409

MEMO:

20 Federal Financing Bank debt 1,9
Lending to federal and federally
21
22
23
24
25

sponsored

Export-Import Bank 4
Postal Service 7
Student Loan Marketing Association*
Tennessee Valley Authority
United States Railway Association 7

Other Lending10
26 Farmers Home Administration
27 Rural Electrification Administration
28 Other

1. In September 1977 the Farm Credit Banks issued their first consolidated bonds,
and in January 1979 they began issuing these bonds on a regular basis to replace
the financing activities of the Federal Land Banks, the Federal Intermediate Credit
Banks, and the Banks for Cooperatives. Line 17 represents those consolidated
bonds outstanding, as well as any discount notes that have been issued. Lines 1
and 10 reflect the addition of this item.
2. Consists of mortgages assumed by the Defense Department between 1957 and
1963 under family housing and homeowners assistance programs.
3. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
4. Off-budget Aug. 17, 1974, through Sept. 30, 1976; on-budget thereafter.
5. Consists of debentures issued in payment of Federal Housing Administration
insurance claims. Once issued, these securities may be sold privately on the securities market.
6. Certificates of participation issued prior to fiscal 1969 by the Government
National Mortgage Association acting as trustee for the Farmers Home Administration; Department of Health, Education, and Welfare; Department

of Housing and Urban Development; Small Business Administration; and the
Veterans Administration.
7. Off-budget.
8. Unlike other federally sponsored agencies, the Student Loan Marketing Association may borrow from the Federal Financing Bank (FFB) since its obligations
are guaranteed by the Department of Health, Education, and Welfare.
9. The FFB, which began operations in 1974, is authorized to purchase or sell
obligations issued, sold, or guaranteed by other federal agencies. Since FFB incurs
debt solely for the purpose of lending to other agencies, its debt is not included in
the main portion of the table in order to avoid double counting.
10. Includes FFB purchases of agency assets and guaranteed loans; the latter
contain loans guaranteed by numerous agencies with the guarantees of any particular agency being generally small. The Farmers Home Administration item consists
exclusively of agency assets, while the Rural Electrification Administration entry
contains both agency assets and guaranteed loans.

NOTES T O T A B L E 1.44
1. Immediate positions are net amounts (in terms of par values) of securities
owned by nonbank dealer firms and dealer departments of commercial banks on
a commitment, that is, trade-date basis, including any such securities that have
been sold under agreements to repurchase (RPs). The maturities of some repurchase agreements are sufficiently long, however, to suggest that the securities
involved are not available for trading purposes. Securities owned, and hence dealer
positions, do not include securities to resell (reverse RPs). Before 1981, data for
immediate positions include forward positions.
2. Figures cover financing involving U.S. government and federal agency securities, negotiable CDs, bankers acceptances, and commercial paper.




3. Includes all reverse repurchase agreements, including those that have been
arranged to make delivery on short sales and those for which the securities obtained
have been used as collateral on borrowings, i.e., matched agreements.
4. Includes both repurchase agreements undertaken to finance positions and
"matched book" repurchase agreements.
NOTE. Data for positions are averages of daily figures, in terms of par value,
based on the number of trading days in the period. Positions are shown net and
are on a commitment basis. Data for financing are based on Wednesday figures,
in terms of actual money borrowed or lent.

A36
1.46

DomesticNonfinancialStatistics • July 1982
NEW SECURITY ISSUES of State and Local Governments
Millions of dollars
Type of issue or issuer,
or use

1981
1979

1980

Sept.
1 All issues, new and refunding1

1982

1981
Nov.

Oct.

Dec.

Jan. T

Feb.r

Mar.r

Apr.

43,365

48,367

47,732

3,910

4,097

5,355

4,744

3,862

3,684

5,593

6,619

12,109
53
31,256
67

14,100
38
34,267
57

12,394
34
35,338
55

560
2
3,350
9

748
2
3,349
5

1,315
3
4,040
2

749
1
3,995
3

1,038
2
2,824
4

1,053
0
2,631
6

1,717
9
3,876
5

2,191
10
4,428
32

Type of issuer
6 State
7 Special district and statutory authority . .
8 Municipalities, counties, townships,
school districts

4,314
23,434
15,617

5,304
26,972
16,090

5,288
27,499
14,945

92
2,749
1,070

439
2,467
1,191

518
3,439
1,398

315
3,308
1,120

514
2,128
1,220

234
2,169
1,281

432
2,968
2,193

1,060
3,850
1,709

9 Issues for new capital, total

41,505

46,736

46,530

3,904

4,009

5,318

4,683

3,705

3,643

4,738

6,596

Use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes

5,130
2,441
8,594
15,968
3,836
5,536

4,572
2,621
8.149
19,958
3,974
7,462

4,547
3,447
10,037
12,729
7,651
8,119

153
222
1,626
515
874
514

203
499
700
953
1,015
639

576
286
757
1,873
676
1,150

561
355
955
1,813
523
476

236
144
1,188
892
440
805

261
207
1,276
823
479
597

398
360
742
1,747
628
863

454
278
1,324
2,305
621
1,614

2
3
4
5

10
11
12
13
14
15

Type of issue
General obligation
U.S. government loans 2
Revenue
U.S. government loans 2

1. Par amounts of long-term issues based on date of sale.
2. Consists of tax-exempt issues guaranteed by the Farmers Home Administration.

1.47

SOURCE. Public Securities Association.

NEW SECURITY ISSUES of Corporations
Millions of dollars
1982

1981

Type of issue or issuer,
or use

1981
Sept.

Oct.

Jan.

Mar.

Apr.

1 All issues'

51,533

73,694

69,283

4,696

4,368

8,518

5,908

2,954

3,294

6,436

4,384

2 Bonds

40,208

53,206

44,643

2,797

2,845

6,724

3,893

1,278

1,879

4,512

2,352

Type of offering
3 Public
4 Private placement

25,814
14,394

41,587
11,619

37.653
6,989

2,198
599

2,582
263

6,560
164

3,576
317

614
664

1,464
415

3,540
972

2,100
252

9,678
3,948
3,119
8,153
4,219
11,094

15,409
6,693
3,329
9,557
6,683
11,534

12,325
5,229
2,054
8,963
4,280
11,793

452
201
63
471
598

21
617
51
1,008
83
1,065

2,054
949
130
802
326
2,463

954
850
82
582
106
1,319

283
230
43
493
8
221

262
59
3
345
364
845

708
691
224
1,568
84
1,236

445
124
16
846
4
917

11,325

20,489

24,642

1,899

1,523

1,794

2,015

1,676

1,924

2,032

3,574
7,751

3,631
16,858

1,796
22,846

186
1,713

141
1,382

59
1,735

80
1,935

199
1,477

185
1,230

199
1,725

1,679
2,623
255
5,171
303
1,293

4,839
5,245
549
6,230
567
3,059

4,838
7,436
735
5,486
1,778
4,371

117
487
87
514
369
325

193
449
23
438
7
412

407
564
15
405
85
318

258
456
23
604
95
580

129
723
25
449
58
292

67
426
73
743
2
104

394
653
27
547
3
301

5
6
7
8
9
10

Industry group
Manufacturing
Commercial and miscellaneous.
Transportation
Public utility
Communication
Real estate and financial

11 Stocks
Type
12 Preferred
13 Common
14
15
16
17
18
19

Industry group
Manufacturing
Commercial and miscellaneous.
Transportation
Public utility
Communication
Real estate and financial

1. Figures, which represent gross proceeds of issues maturing in more than one
year, sold for cash in the United States, are principal amount or number of units
multiplied by offering price. Excludes offerings of less than $100,000, secondary
offerings, undefined or exempted issues as defined in the Securities Act of




1,012

102
787
15
731
3
394

1933, employee stock plans, investment companies other than closed-end, intracorporate transactions, and sales to foreigners.
SOURCE. Securities and Exchange Commission.

Corporate Finance
1.48

OPEN-END INVESTMENT COMPANIES

A37

Net Sales and Asset Position

Millions of dollars
1982

1981
Item

1980

1981
Nov.

Oct.

Jan.

Feb.

Dec.

Mar.

Apr.'

May

INVESTMENT C O M P A N I E S 1

1
2
3

Sales of own shares 2
Redemptions of own shares 3
Net sales

15,266
12,012
3,254

20,596
15,866
4,730

1,729
593
1,175

2,140
1,125
604

3,032
1,769
371

2,049
1,475
1,557

2,049
1,456
593

3,325
2,056
1,269

2,754
2,293
461

2,345
1,854
491

4
5
6

Assets 4
Cash position 5
Other

58,400
5,321
53,079

55,207
5,277
49,930

54,335
5,799
48,536

57,408
6,269
51,139

55,207
5,277
49,930

54,347
5,424
48,923

52,695
5,540
47,155

53,001
5,752
47,249

56,026
6,083
49,943

54,683
6,006
48,677

5. Also includes all U.S. government securities and other short-term debt securities.

1. Excluding money market funds.
2. Includes reinvestment of investment income dividends. Excludes reinvestment
of capital gains distributions and share issue of conversions from one fund to another
in the same group.
3. Excludes share redemption resulting from conversions from one fund to another in the same group.
4. Market value at end of period, less current liabilities.

1.49

NOTE. Investment Company Institute data based on reports of members, which
comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. D a t a reflect newly formed companies after
their initial offering of securities.

CORPORATE PROFITS A N D THEIR DISTRIBUTION
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1980
Account

1979

1980

Q3
1

1981

1982

1981
Q4

Q1

Q2

Q3

Q4

Q1

7
3
4
5
6

Corporate profits with inventory valuation and
capital consumption adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits

196.8
255.3
87.6
167.7
50.1
117.6

182.7
245.5
82.3
163.2
56.0
107.2

191.7
233.3
77.7
155.5
63.1
92.4

177.9
237.6
78.5
159.1
56.7
102.4

183.3
249.5
85.2
164.3
57.7
106.6

203.0
257.0
87.7
169.3
59.6
109.6

190.3
229.0
76.4
152.7
62.0
90.6

195.7
234.4
78.1
156.3
64.8
91.5

177.6
212.8
68.8
144.0
66.0
78.0

152.2
171.8
53.7
118.1
66.8
51.3

7
8

Inventory valuation
Capital consumption adjustment

-42.6
-15.9

-45.7
-17.2

-27.7
-13.9

-41.7
-17.9

-48.4
-17.8

-39.2
-14.7

-24.0
-14.7

-25.3
-13.4

-22.3
-12.8

-9.9
-9.7

SOURCE. Survey of Current Business (U.S. Department of Commerce).




A38
1.50

DomesticNonfinancialStatistics • July 1982
NONFINANCIAL CORPORATIONS

Current Assets and Liabilities

Billions of dollars, e x c e p t for ratio
1980
Account

1975

1976

1977

1978

1981

1979
Q4

Q1

Q2

Q3

Q4

1 Current assets

759.0

826.8

902.1

1,030.0

1,200.9

1,281.6

1,321.2

1,317.4

1,349.2

1,361.4

2
3
4
5
6

82.1
19.0
272.1
315.9
69.9

88.2
23.4
292.8
342.4
80.1

95.8
17.6
324.7
374.8
89.2

104.5
16.3
383.8
426.9
98.5

116.1
15.6
456.8
501.7
110.8

121.0
17.3
491.2
525.4
126.7

120.5
17.0
507.3
542.8
133.6

118.5
17.7
507.4
540.0
133.7

118.3
16.0
519.7
557.2
138.1

124.5
15.8
512.3

7 Current liabilities

451.6

494.7

549.4

665.5

809.1

877.2

910.9

908.1

951.1

962.3

8 Notes and accounts payable
9 Other

264.2
187.4

281.9
212.8

313.2
236.2

373.7
291.7

456.3
352.8

498.3
378.9

504.0
406.9

500.8
407.2

529.1
422.0

541.3
421.0

307.4

332.2

352.7

364.6

391.8

404.4

410.3

409.3

398.1

399.1

1.681

1.672

1.642

1.548

1.484

1.461

1.450

1.451

1.419

1,415

Cash
U.S. government securities
Notes and accounts receivable
Inventories
Other

10 Net working capital
11 MEMO: Current ratio

1

1. Ratio of total current assets to total current liabilities.

All data in this table reflect the most current benchmarks. Complete data are
available upon request from the Flow of Funds Section, Division of Research and
Statistics.

NOTE. For a description of this series, see "Working Capital of Nonfinancial
Corporations" in the July 1978 BULLETIN, pp. 533-37.

SOURCE. Federal Trade Commission.

1.51

TOTAL NONFARM BUSINESS EXPENDITURES on New Plant and Equipment
B i l l i o n s of dollars; quarterly data are at s e a s o n a l l y adjusted annual rates.
1981
Industry

1 Total nonfarm business
Manufacturing
2 Durable goods industries
3 Nondurable goods industries
Nonmanufacturing
4 Mining
Transportation
S Railroad
6
Air
Other
7
Public utilities
8
Electric
9
Gas and other
10 Trade and services
11 Communication and other 2

1980

1981

Q2 1

Q3

Q4

Q1

Q21

Q3 1

Q41

295.63

321.49

328.60

316.73

328.25

327.83

327.72

323.75

328.04

334.78

58.91
56.90

61.84
64.95

61.17
66.12

63.10
62.40

62.58
67.53

60.78
66.14

60.84
67.48

60.67
65.02

61.44
67.11

61.82
65.19

13.51

16.86

17.24

16.80

17.55

16.81

17.60

16.33

16.71

18.29

4.25
4.01
3.82

4.24
3.81
4.00

4.66
3.84
4.07

4.38
3.29
4.04

4.18
3.34
4.09

4.18
4.82
4.12

4.56
3.20
4.23

4.61
3.39
4.00

4.92
4.12
3.93

4.55
4.66
4.13

28.12
7.32
81.79
36.99

29.74
8.65
86.33
41.06

31.30
8.25
88.79
43.15

29.32
8.53
85.88
39.02

30.54
9.01
87.55
41.89

31.14
8.60
88.33
42.92

30.95
9.17
87.80
41.89

31.90
8.13
87.62
42.08

30.65
7.60
88.07
43.48

31.67
8.38
91.16
44.94

1. Anticipated by business.
2. " O t h e r " consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.




1982

1982

SOURCE. Survey of Current Business (U.S. Dept. of Commerce).

Corporate Finance
1.52

DOMESTIC FINANCE COMPANIES

A39

Assets and Liabilities

Billions of dollars, e n d of p e r i o d
1982

1981
Account

1977

1976

1978

1979

1980
Q2

Q1

Q4

Q3

Q1

ASSETS

1
2
3
4

5
6
7
8

Accounts receivable, gross
Consumer
Business
Total
LESS: Reserves for unearned income and losses . . . .
Accounts receivable, net
Cash and bank deposits
Securities
All other

9 Total assets

38.6
44.7
83.4
10.5
72.9
2.6
1.1
12.6

44.0
55.2
99.2
12.7
86.5
2.6
.9
14.3

52.6
63.3
116.0
15.6
100.4
3.5
1.3
17.3

65.7
70.3
136.0
20.0
116.0

73.6
72.3
145.9
23.3
122.6

76.1
72.7
148.7
24.3
124.5

79.0
78.2
157.2
25.7
131.4

84.5
76.9
161.3
27.7
133.6

85.5
80.6
166.1
28.9
137.2

85.1
80.9
166.0
29.1
136.9

24.9 1

27.5

30.8

31.6

34.5

34.2

35.0

89.2

104.3

122.4

140.9

150.1

155.3

163.0

168.1

171.4

171.9

6.3
23.7

5.9
29.6

6.5
34.5

8.5
43.3

13.2
43.4

13.1
44.2

14.4
49.0

14.7
51.2

15.4
51.2

15.4
46.2

5.4
32.3
8.1

6.2
36.0
11.5

8.1

43.6
12.6

8.2
46.7
14.2

7.5
52.4
14.3

8.2
51.6
17.3

8.5
52.6
17.0

11.9
50.7
17.1

9.6
54.8
17.8

9.0
59.0
19.0

LIABILITIES

10 Bank loans
11 Commercial paper
Debt
12
Short-term, n.e.c
13
Long-term, n.e.c
14
Other
15 Capital, surplus, and undivided profits

13.4

15.1

17.2

19.9

19.4

20.9

21.5

22.4

22.8

23.3

16 Total liabilities and capital

89.2

104.3

122.4

140.9

150.1

155.3

163.0

168.1

171.4

171.9

1. Beginning Q1 1979, asset items on lines 6, 7, and 8 are combined.
NOTE. Components may not add to totals due to rounding.

1.53

DOMESTIC FINANCE COMPANIES

Business Credit

Millions of dollars, s e a s o n a l l y a d j u s t e d e x c e p t as n o t e d

Type

Accounts
receivable
outstanding
Apr. 30,
19821

Changes in accounts
receivable

Extensions

Repayments

1982

1982

1982

Feb.

Mar.

Apr.

Feb.

Mar.

Apr.

Feb.

Mar.

Apr.

1 Total

80,912

652

-418

120

19,436

18,148

19,110

18,784

18,566

18,990

2
3
4
5

11,718
12,367
27,568

168
-351
804

34
-634
384

100
11
-231

1,076
5,420
1,919

962
3,916
1,538

935
5,759
1,181

908
5,771
1,115

928
4,550
1,154

835
5,748
1,412

9,269
19,990

-52
83

140
-342

260
-20

8,939
2,082

9,774
1,958

9,434
1.801

8,991
1,999

9,634
2,300

9,174
1,821

Retail automotive (commercial vehicles)
Wholesale automotive
Retail paper on business, industrial, and farm e q u i p m e n t . . . .
Loans on commercial accounts receivable and factored commercial accounts receivable
6 All other business credit
1. Not seasonally adjusted.




A40
1.54

DomesticNonfinancialStatistics • July 1982
MORTGAGE MARKETS
Millions of dollars; exceptions noted.
1981

Item

1979

1980

1982

1981

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Terms and yields in primary and secondary markets
PRIMARY MARKETS

1
2
3
4
5
6

Conventional mortgages on new homes
Terms1
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars)
Loan/price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount) 2
Contract rate (percent per annum)

Yield (percent per annum)
1 FHLBB series 5
8 H U D series 4

74.4
53.3
73.9
28.5
1.66
10.48

83.4
59,2
73.2
28.2
2.09
12.25

90.4
65.3
74.8
27.7
2.67
14.16

84.5
62.7
77.3
23.4
2.52
15.68

88.7
64.4
75.3
27.7
2,87
15.23

102.6
71.3
73.5
27.4
2.55
14.66

97.3
71.1
76.5
28.1
3.01
14.44

90.0
65.4
75.7
27.4
2.90
14.93

95.7'
70.4R
77.2R
28.6R
3.28'
15.13'

84.8
63.4
77.3
27.5
3.27
15.16

10.77
11.15

12.65
13.95

14.74
16.52

16.38
16.95

15.87
17.00

15.25
17.30

15.12
17.20

15.67
16.80

15.84'
16.65

15.%
16.50

10.87
10.22

13.42
12.55

16.29
15.29

15.98
15.10

16,43
15.51

17.38
16.19

17.10
16.21

16.41
15.54

16.31
15.40

16.19
15.30

11.17
11.77

14.11
14.43

16.70
16.64

16.64
17.20

16.92
16.95

17.80
17.33

18.00
17.91

17.29
17.09

0.0
16.66

16.27
16.33

SECONDARY M A R K E T S

9
10
11
12

Yield (percent per annum)
F H A mortgages ( H U D series) 5
GNMA securities 6
F N M A auctions 7
Government-underwritten loans
Conventional loans

Activity in secondary markets
F E D E R A L N A T I O N A L M O R T G A G E ASSOCIATION

Mortgage holdings (end of period)
13 Total
14
FHA/VA-insured
15
Conventional

48.050
33,673
14,377

55.104
37.364
17,724

58,675
39,342
19,334

60,949
40,056
20,885

61,412
39,997
21.435

61,721
39.937
21,784

62,112
39,926
22,185

62,544
39,893
22,654

63,132
39,834
23,298

63,957
41,023
24,143

Mortgage transactions (during
16 Purchases
17 Sales

10,812
0

8,099
0

6,112
2

594
0

655
0

430
0

519
0

604
0

755
0

1,006
0

10,179
6,409

8.083
3,278

9,331
3,717

560
3,354

1,272
3,717

813
3,536

l,202 r
3,857

1,881 r
4,990

2,482
6,586

1,568
7,034

8,860.4

8,605.4
4,002.0

2,487.2

3,920.9

1,478.0

79.0
34.4

59.2
27.0

41.5
30.8

41.7
23.4

45.7
29.6

7.0
0.0

35.7
7.4

4,495.3
2,343.6

3,639.2
1.748.5

2,524.7
1,392.3

147.7
63.1

84.4
48.0

31.7
11.5

28.6
13.6

65.0
32.3

29.5
22.0

37.8
23.0

Mortgage holdings (end of period)9
24 Total
25
FHA/VA
26
Conventional

3.543
1,995
1,549

4,362
2,116
2,246

5,245
2,236
3,010

5,283
2,232
3,051

5,255
2,227
3,028

5,240
2,209
3,032

5,342
2,218
3,124

5,320
2,227
3,094

5,274
2,226
3,048

5,279
2,232
3,047

Mortgage transactions (during
27 Purchases
28 Sales

5,717
4,544

3.723
2,527

3,789
3,531

416
596

1,140
1,158

1,628
1,629

1,228
1,115

1,479
1,564

2,143
2,177

1,214
1,194

5.542
797

3.859
447

6,974
3,518

2,011
4,451

203
3,518

328
5,033

565
4,336

2,523
5,461

2,824
6,041

2,692
7,420

period)

Mortgage
commitments8
18 Contracted (during period)
19 Outstanding (end of period)
Auction of 4-month commitments to buv
Government-underwritten loans
Offered
Accepted
Conventional loans
22
Offered
23
Accepted
20
21

FEDERAL H O M E LOAN MORTGAGE CORPORATION

Mortgage
commitments10
29 Contracted (during period)
30 Outstanding (end of period)

period)

1. Weighted averages based on sample surveys of mortgages originated by major
institutional lender groups. Compiled by the Federal Home Loan Bank Board in
cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower
or the seller) to obtain a loan.
3. Average effective interest rates on loans closed, assuming prepayment at the
end of 10 years.
4. Average contract rates on new commitments for conventional first mortgages,
rounded to the nearest 5 basis points; from Department of Housing and Urban
Development.
5. Average gross yields on 30-year, minimum-downpayment. Federal Housing
Administration-insured first mortgages for immediate delivery in the private secondary market. Any gaps in data are due to periods of adjustment to changes in
maximum permissible contract rates.
6. Average net yields to investors on Government National Mortgage Association guaranteed, mortgage-backed, fully modified pass-through securities.




assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying
the prevailing ceiling rate. Monthly figures are unweighted averages of Monday
quotations for the month.
7. Average gross yields (before deduction of 38 basis points for mortgage servicing) on accepted bids in Federal National Mortgage Association's auctions of
4-month commitments to purchase home mortgages, assuming prepayment in 12
years for 30-year mortgages. No adjustments are made for FNMA commitment
fees or stock related requirements. Monthly figures are unweighted averages for
auctions conducted within the month.
8. Includes some multifamily and nonprofit hospital loan commitments in addition to 1- to 4-family loan commitments accepted in FNMA's free market auction
system, and through the F N M A - G N M A tandem plans.
9. Includes participation as well as whole loans.
10. Includes conventional and government-underwritten loans.

Real Estate Debt
1.55

A41

MORTGAGE D E B T OUTSTANDING
Millions of dollars, end of period
1982

1981
Type of holder, and type of property

1979

1980

1981
Q1

Q2

Q3

Q4

Q1

1

1,326,785

1,445,966

1,544,784

1,468,053

1,499,066

1,525,599

1,544,784

1,559,620

3
4
5

880,369
128,167
235,572
82,677

961,340
136,953
255,655
92,018

1,021,140
141,271
280,566
101,807

974,411
137,946
261,242
94,454

993,793
139,199
268,562
97,512

1,010,838
140,010
274,719
100,032

1,021,140
141,271
280,566
101,807

1,029,059
142,686
284,099
103,776

997,168
263,030
160,326
12,924
81,081
8,699
99,865
67,489
16,058
16,278
40

1,044,037
286,626
172,549
14,905
90,717
8,455
100,015
68,200
15,962
15,813
40

1,007,240
266,734
161,758
13,282
83,133
8,561
99,719
67,619
15,955
16,105
40

1,023,793
273,225
164,873
13,800
86,091
8,461
99,993
68,035
15,909
15,999
50

1,036,880
281,126
169,378
14,478
88,836
8,434
99,994
68,116
15,939
15,909
30

1,044,037
286,626
172,549
14,905
90,717
8,455
100,015
68,200
15,962
15,813
40

1,045,187
291,426
175,326
15,126
92,499
8,475
98,500
67,086
15,611
15,763
40

?

10
11
17
13
14
H
16

Farm
Mutual savings banks
1- to 4-family
Multifamily
Commercial
Farm

938,567
245,187
149,460
11,180
75,957
8,590
98,908
66,140
16,557
16,162
49

17
18
19
20

Savings and loan associations
1- to 4-family
Multifamily
Commercial

475,688
394,345
37,579
43,764

503,192
419,763
38,142
45,287

518,350
432,978
37,684
47,688

507,556
423,606
38,219
45,731

515.256
430,702
38,077
46,477

518,778
433,750
37,975
47,053

518,350
432,978
37,684
47,688

515,125
430,084
37,450
47,591

71
77
73
74
25

Life insurance companies
1- to 4-family
Multifamily
Commercial
Farm

118,784
16,193
19,274
71,137
12,180

131,081
17,943
19,514
80,666
12,958

139,046
17,382
19,486
89,089
13,089

133,231
17,847
19,579
82,839
12,966

135,319
17,646
19,603
85,038
13,032

136,982
17,512
19,592
86,742
13,136

139,046
17,382
19,486
89,089
13,089

140,136
17,332
19,674
90,105
13,025

97,084
3,852
763
3,089

114,300
4,642
704
3,938

126,112
4,765
693
4,072

116,243
4,826
696
4,130

119,124
4,972
698
4,274

121,772
4,382
696
3,686

126,112
4,765
693
4,072

128,725
4,438
689
3,749

6
7
8

Commercial banks 1
Multifamily

76 Federal and related agencies
Government National Mortgage Association
77
78
1- to 4-family
29
Multifamily
30
31
37.
33
34

Farmers H o m e Administration
1- to 4-family
Multifamily
Commercial
Farm

1,274
417
71
174
612

3,492
916
610
411
1,555

2,235
914
473
506
342

2,837
1,321
528
479
509

2,662
1,151
464
357
690

1,562
500
242
325
495

2,235
914
473
506
342

2,469
715
615
499
640

35
36
37

Federal Housing and Veterans Administration
1- to 4-family
Multifamily

5,555
1,955
3,600

5,640
2,051
3,589

5,999
2,289
3,710

5,799
2,135
3,664

5,895
2,172
3,723

6,005
2,240
3,765

5,999
2,289
3,710

6,007
2,267
3,740

38
39
40

Federal National Mortgage Association
1- to 4-family
Multifamily

51,091
45,488
5,603

57,327
51,775
5,552

61,412
55,986
5,426

57,362
51,842
5,520

57,657
52,181
5,476

59,682
54,227
5,455

61,412
55,986
5,426

62,544
57,142
5,402

41
47
43

Federal Land Banks
1- to 4-family
Farm

31,277
1,552
29,725

38,131
2,099
36,032

46,446
2,788
43,658

40,258
2,228
38,030

42,681
2,401
40,280

44,708
2,605
42,103

46,446
2,788
43,658

47,947
2,874
45,073

44
45
46

Federal H o m e Loan Mortgage Corporation
1- to 4-family
Multifamily

4,035
3,059
976

5,068
3,873
1,195

5,255
4,018
1,237

5,161
3,953
1,208

5,257
4,025
1,232

5,433
4,166
1,267

5,255
4,018
1,237

5,320
4,075
1,245

119,278
76,401
74,546
1,855

142,258
93,874
91,602
2,272

162,273
105,790
103,007
2,783

147,246
97,184
94,810
2,374

152,308
100,558
98,057
2,501

158,140
103,750
101,068
2,682

162,273
105,790
103,007
2,783

169,559
108,645
105,769
2,876

47 Mortgage pools or trusts 2
48
Government National Mortgage Association
49
1- to 4-family
50
Multifamily
51
57
53

Federal H o m e Loan Mortgage Corporation
1- to 4-family
Multifamily

15,180
12,149
3,031

16,854
13,471
3,383

19,843
15,888
3,955

17,067
13,641
3,426

17,565
14,115
3,450

17,936
14,401
3,535

19,843
15,888
3,955

23,959
18,995
4,964

54
55
56
57
58

Farmers H o m e Administration
1- to 4-family
Multifamily
Commercial
Farm

27,697
14,884
2,163
4,328
6,322

31,530
16,683
2.612
5,271
6,964

36,640
18,378
3,426
6,161
8,675

32,995
16,640
2,853
5,382
8,120

34,185
17,165
3,097
5,750
8,173

36,454
18,407
3,488
6,040
8,519

36,640
18,378
3,426
6,161
8,675

36,955
18,740
3,447
6,351
8,417

171,856
99,418
23,189
24,050
25,199

192,240
112,645
27,164
26,661
25,770

212,362
126,070
28,152
30,592
27,548

197,324
116,315
27,208
27,573
26,228

203,841
120,572
27,593
28,850
26,826

208,807
123,772
27,906
29,814
27,315

212,362
126,070
28,152
30,592
27,548

216,149
127,965
28,787
31,291
28,106

59 Individual and others 3
60
1- to 4-family
61
Multifamily
Commercial
67
Farm
63

1. Includes loans held by nondeposit trust companies but not bank trust departments.
2. Outstanding principal balances of mortgages backing securities insured or
guaranteed by the agency indicated.
3. Other holders include mortgage companies, real estate investment trusts, state
and local credit agencies, state and local retirement funds, noninsured pension
funds, credit unions, and U . S . agencies for which amounts are small or for which
separate data are not readily available.




NOTE. Based on data from various institutional and governmental sources, with
some auarters estimated in part by the Federal Reserve in conjunction with the
Federal H o m e Loan Bank Board and the Department of Commerce. Separation
of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations when required, are estimated mainly by the Federal
Reserve. Multifamily debt refers to loans on structures of five or more units.

A42
1.56

DomesticNonfinancialStatistics • July 1982
CONSUMER INSTALLMENT CREDIT 1 Total Outstanding, and Net Change
Millions of dollars
1982
Holder, and type of credit

1979

1980

1981
Jan.

Feb.

Mar.

Apr.

May

Amounts outstanding (end of period)
1 Total

312,024

313,472

333,375

330,135

327,435

327,131

328,363

329,338

154,177
68,318
46,517
28,119
8,424
3,729
2,740

147,013
76,756
44,041
28,448
9,911
4,468
2,835

149,300
89,818
45,954
29,551
11,598
4,403
2,751

148.162
88.925
45,907
28,179
11.668
4,541
2,753

146,922
89,009
45,586
27.013
11,738
4,433
2,734

146,454
89,591
45,632
26,530
11,926
4,229
2,769

146,616
90,674
45,450
26,537
12,081
4,227
2,778

146,147
91,958
45,472
26,536
12,202
4,218
2,805

By major type of credit
9 Automobile
10
Commercial banks
11
Indirect paper
12
Direct loans
13
Credit unions
14
Finance companies

116,362
67,367
38,338
29,029
22,244
26,751

116,838
61,536
35,233
26.303
21,060
34,242

126,431
59,181
35,097
24,084
21,975
45,275

125,525
58,849
35,029
23,820
21,953
44.723

125,294
58,604
34,920
23,684
21,799
44,891

125,559
58,510
34,888
23,622
21,821
45,228

126,201
58,458
34,920
23,538
21,733
46,010

127,220
58,099
34,791
23,308
21,744
47,377

15 Revolving
16
Commercial banks
1/
Retailers
18
Gasoline companies

56,937
29,862
23,346
3,729

58,352
29,765
24,119
4,468

63,049
33,110
25,536
4,403

61.433
32.643
24,249
4,541

59.514
31,923
23,158
4,433

58,491
31,532
22,730
4,229

58,641
31,638
22,776
4,227

58,647
31,619
22,810
4,218

19 Mobile home
20
Commercial banks
21
Finance companies
22
Savings and loans
23
Credit unions

16,838
10,647
3,390
2,307
494

17,322
10,371
3,745
2,737
469

18,486
10,300
4,494
3,203
489

18,397
10,206
4,481
3,222
488

18,343
10,111
4,506
3,241
485

18.363
10,037
4,548
3,293
486

18,402
9,974
4,608
3,336
484

18,479
9,960
4,666
3,369
484

121,887
46,301
38,177
23,779
4,773
6,117
2,740

120,960
45,341
38,769
22,512
4,329
7,174
2,835

125.409
46,709
40,049
23,490
4,015
8,395
2,751

124,780
46,464
39,721
23,466
3,930
8,446
2,753

124.284
46,284
39,612
23,302
3,855
8,497
2,734

124,718
46,375
39,815
23,326
3,800
8,633
2,769

125,119
46,546
40,056
23,233
3,761
8,745
2,778

124,992
46,469
39,915
23,244
3,726
8,833
2,805

2
3
4
5
6
1
8

By major holder
Commercial banks
Finance companies
Credit unions
Retailers 2
Savings and loans
Gasoline companies
Mutual savings banks

24 Other
25
Commercial banks
26
Finance companies
11
Credit unions
28
Retailers
29
Savings and loans
30
Mutual savings banks

Net change (during period) 3
31 Total

38,381

1,448

19,894

443

75

990

1,175

1,399

18,161
14,020
2,185
2,132
1,327
509
47

-7,163
8,438
-2,475
329
1,485
739
95

2,284
13,062
1,913
1,103
1,682
-65
-85

10
-597
689
27
172
39
103

-171
307
-135
-124
173
36
-11

166
673
-122
171
251
-150
1

96
544
132
181
205
-6
23

-13
1,126
-39
68
221
-20
56

By major type of credit
39 Automobile
40
Commercial banks
41
Indirect paper
42
Direct loans
43
Credit unions
44
Finance companies

14,715
6,857
4,488
2,369
1,044
6,814

477
-5,830
-3,104
-2,726
-1,184
7,491

9,595
-2,355
-136
-2,219
914
11,033

-121
103
232
-129
345
-569

-56
-180
-141
-39
-59
183

-28
-248
-130
-118
-55
275

233
-159
2
-161
54
338

959
-305
-52
-253
-34
1,298

45 Revolving
46
Commercial banks
47
Retailers
48
Gasoline companies

8,628
5,521
2.598
509

1,415
-97
773
739

4,697
3,345
1,417
-65

-196
-276
41
39

-155
-65
-126
36

307
296
161
-150

499
285
220
-6

537
436
121
-20

49 Mobile home
50
Commercial banks
51
Finance companies
52
Savings and loans
53
Credit unions

1,603
1,102
238
240
23

483
-276
355
430
-25

1,161
-74
749
466
20

-26
-74
6
30
12

-44
-110
56
14
-4

15
-82
52
47
-2

51
-48
53
43
3

70
-41
44
67
0

13,435
4,681
6,968
1,118
-466
1.087
47

-927
-960
592
-1,266
-444
1,056
95

4,441
1,368
1,280
975
-314
1,217
-85

786
257
-34
332
-14
142
103

330
184
68
-72
2
159
-11

696
200
346
-65
10
204
1

392
18
153
75
-39
162
23

-167
- 103
-216
-5
-53
154
56

32
33
34
35
36
H
38

By major holder
Commercial banks
Finance companies
Credit unions
Retailers 2
Savings and loans
Gasoline companies
Mutual savings banks

54 Other
55
Commercial banks
56
Finance companies
5/
Credit unions
58
Retailers
59
Savings and loans
60
Mutual savings banks
1. The Board's series cover most short- and intermediate-term credit extended
to individuals through regular business channels, usually to finance the purchase
of consumer goods and services or to refinance debts incurred for such purposes,
and scheduled to be repaid (or with the option of repayment) in two or more
installments.
2. Includes auto dealers and excludes 30-day charge credit held by travel and
entertainment companies.




3. Net change equals extensions minus liquidations (repayments, charge-offs and
other credit); figures for all months are seasonally adjusted.
NOTE: Total consumer noninstallment credit outstanding—credit scheduled to
be repaid in a lump sum, including single-payment loans, charge accounts, and
service credit—amounted to, not seasonally adjusted $71.3 billion at the end of
1979. $74.8 billion at the end of 1980, and $80.2 billion at the end of 1981.

Consumer Debt
1.57

A43

CONSUMER INSTALLMENT CREDIT Extensions and Liquidations
Millions of dollars; monthly data are seasonally adjusted.
1982
t_T . .

,

r

rrprl'.

1979

1980

1981
Jan.

Feb.

Mar.

Apr.

May

Extensions
1 Total

324,777

306,076

336,341

26,888

27,150

27,462

28,648

29,197

154,733
61,518
34,926
47,676
5.901
18,005
2,018

134.960
60,801
29,594
49,942
6,621
22,253
1.905

146,186
66,344
35,444
53,430
8,142
24,902
1,893

11,775
4,433
3,326
4,385
716
2,000
253

12.431
4.857
2.695
4,254
754
2,007
152

12.519
5,002
2,631
4,536
788
1.835
151

12,790
5,343
3,010
4,618
823
1,915
185

12,765
6,135
2,902
4,449
841
1,880
225

Bv major type of credit
9 Automobile
10
Commercial banks
N
Indirect paper
12
Direct loans
13
Credit unions
14
Finance companies

93,901
53,554
29,623
23,931
17,397
22,950

83.454
41.109
22.558
18.551
15.294
27,051

94,404
42,792
24.941
17.851
18,084
33,527

7,474
3,696
2,293
1.403
1.702
2,076

7.283
3,415
1.875
1,540
1,363
2,505

7,183
3,393
1,875
1,518
1.420
2,370

7.871
3,499
2.079
1,420
1,542
2,830

8.429
3,317
1,954
1,363
1.483
3,629

15 Revolving
16
Commercial banks
17
Retailers
Gasoline companies
18

120,174
61,048
41,121
18.005

128,068
61.593
44,222
22.253

140,135
67,370
47,863
24.902

11,070
5.135
3,935
2,000

11.730
5.928
3.795
2.007

12,143
6,235
4,073
1,835

12,416
6,309
4,192
1,915

12.528
6,604
4,044
1,880

6,471
4,542
797
948
184

5.093
2.937
898
1.146
113

6,028
3.106
1,313
1,432
176

434
188
99
122
25

364
136
117
102
9

411
156
120
126
9

544
253
122
151
18

478
201
114
151
12

104,231
35,589
37,771
17.345
6.555
4.953
2,018

89.461
29,321
32.852
14.187
5.720
5.476
1,905

95,774
32,918
31.504
17,182
5,567
6.710
1,893

7,910
2,756
2,258
1,599
450
594
253

7,773
2.952
2,235
1,323
459
652
152

7,725
2.735
2.512
1,202
463
662
151

7,853
2,729
2,391
1,450
426
672
185

7,762
2,643
2,392
1,407
405
690
225

2
3
4
5
6
7
8

By major holder
Commercial banks
Finance companies
Credit unions
Retailers'
Savings and loans
Gasoline companies
Mutual savings banks

19 Mobile home
Commercial banks
20
21
Finance companies
22
Savings and loans
23
Credit unions
24 Other
Commercial banks
25
Finance companies
26
27
Credit unions
28
Retailers
29
Savings and loans
30
Mutual savings banks

Liquidations
31 Total

286,396

304,628

316,447

26,445

27,075

26,472

27,509

27,798

136,572
47.498
32.741
45.544
4.574
17.496
1,971

142.123
52,363
32.069
49.613
5,136
21,514
1,810

143,902
53,282
33,531
52,327
6,640
24,967
1.978

11,765
5,030
2,637
4,358
544
1,961
150

12.602
4,550
2.830
4.378
581
1.971
163

12,353
4,329
2,753
4,365
537
1,985
150

12,694
4,799
2.878
4,437
618
1.921
162

12,778
5,009
2,941
4,381
620
1,900
169

By major tvpe of credit
39 Automobile
40
Commercial banks
41
Indirect paper
42
Direct loans
43
Credit unions
44
Finance companies

79,186
46.697
25,135
21.562
16,353
16.136

82.977
46,939
25.662
21.277
16,478
19,560

84.809
45,147
25,077
20.070
17,169
22.494

7.595
3,593
2,061
1,532
1,357
2.645

7.339
3.595
2.016
1.579
1.422
2.322

7.211
3,641
2,005
1,636
1,475
2,095

7,638
3,658
2,077
1,581
1,488
2.492

7,470
3,622
2,006
1,616
1,517
2,331

45 Revolving
46
Commercial banks
47
Retailers
48
Gasoline companies

111,546
55,527
38,523
17,496

126.653
61.690
43,449
21.514

135,438
64.025
46.446
24.967

11,266
5,411
3.894
1.961

11.885
5,993
3.921
1.971

11,836
5,939
3,912
1,985

11,917
6,024
3,972
1.921

11,991
6,168
3,923
1,900

4,868
3,440
559
708
161

4,610
3,213
543
716
138

4,867
3,180
564
966
156

460
262
93
92
13

408
246
61
88
13

396
238
68
79
11

493
301
69
108
15

408
242
70
84
12

90,796
30,908
30,803
16,227
7,021
3,866
1,971

90,388
30,281
32,260
15,453
6.164
4.420
1.810

91.333
31.550
30,224
16,207
5,881
5,493
1,978

7,124
2,499
2,292
1,267
464
452
150

7.443
2.768
2.167
1.395
457
493
163

7,029
2,535
2,166
1.267
453
458
150

7.461
2.711
2,238
1,375
465
510
162

7,929
2,746
2,608
1,412
458
536
169

32
33
34
35
36
37
38

By major holder
Commercial banks
Finance companies
Credit unions
Retailers'
Savings and loans
Gasoline companies
Mutual savings banks

49 Mobile home
50
Commercial banks
51
Finance companies
52
Savings and loans
53
Credit unions
54 Other
55
Commercial banks
56
Finance companies
57
Credit unions
58
Retailers
59
Savings and loans
60
Mutual savings banks

1. Includes auto dealers and excludes 30-day charge credit held by travel and
entertainment companies.




A44
1.58

DomesticNonfinancialStatistics • July 1982
F U N D S R A I S E D IN U.S. C R E D I T M A R K E T S
Billions of dollars; half-yearly data are at seasonally adjusted annual rates.
1979
1976

1977

1978

1979

1980

1980

1981

1981
HI

H2

HI

H2

HI

H2

Nonfinancial sectors
1 Total funds raised
2 Excluding equities
By sector and instrument
3 U.S. government
4
Treasury securities
5
Agency issues and mortgages
6 All other nonfinancial sectors
7
Corporate equities
8
Debt instruments
y
Private domestic nonfinancial sectors
10
Corporate equities
u
Debt instruments
12
Debt capital instruments
13
State and local obligations
14
Corporate bonds

273.6
262.8

336.6
333.5

395.6
396.3

387.0
394.0

371.9
357.0

376.0
387.4

385.0
394.7

389.0
393.3

339.0
330.1

404.9
383.8

418.4
416.9

333.6
358.0

69.0
69.1
-.1
204.6
10.8
193.8
185.0
10.5
174.5
123.7
15.7
22.8

56.8
57.6
-.9
279.9
3.1
276.7
266.0
2.7
263.2
172.2
21.9
21.0

53.7
55.1
-1.4
342.0
-.6
342.6
308.7
-.1
308.8
193.7
26.1
20.1

37.4
38.8
-1.4
349.6
-7.1
356.7
328.6
-7.8
336.4
200.1
21.8
21.2

79.2
79.8
-.6
292.7
15.0
277.8
263.4
12.9
250.6
179.4
26.9
30.4

87.4
87.8
-.5
288.6
-11.5
300.1
264.1
-11.5
275.6
147.8
25.8
20.2

30.0
32.3
-2.3
355.0
-9.8
364.7
341.0
-9.6
350.6
203.0
20.9
21.7

44.7
45.2
-.5
344.3
-4.3
348.6
316.1
-6.1
322.2
197.2
22.7
20.7

66.5
67.2
-.6
272.5
8.9
263.6
241.3
6.9
234.4
177.0
21.6
35.3

91.9
92.4
-.6
313.0
21.0
292.0
285.6
18.8
266.2
181.9
32.1
25.6

86.1
86.7
-.5
332.3
1.5
330.7
297.1
.9
296.2
171.1
28.8
22.8

88.6
89.0
-.4
244.9
-24.5
269.4
231.2
-23.8
255.0
124.5
22.8
17.6

15
16
17
18
19
20
21
22
23

H o m e mortgages
Multifamily residential
Commercial
Farm
Other debt instruments
Consumer credit
Bank loans n.e.c
Open market paper
Other

64.0
3.9
11.6
5.7
50.7
25.4
4.4
4.0
16.9

96.3
7.4
18.5
7.1
91.0
40.2
26.7
2.9
21.3

108.5
9.4
22.1
7.5
115.1
47.6
37.1
5.2
25.1

113.7
7.8
24.4
11.3
136.3
46.3
49.2
11.1
29.7

81.7
8.5
22.4
9.5
71.1
2.3
37.3
6.6
24.9

62.2
4.6
25.3
9.8
127.8
25.3
50.1
19.2
33.2

117.6
8.0
23.4
11.6
147.6
50.9
55.5
8.0
33.1

109.8
7.6
25.4
11.0
125.0
41.6
42.8
14.2
26.4

76.5
8.2
24.8
10.6
57.4
-5.1
13.5
24.8
24.1

87.0
8.8
19.9
8.4
84.9
9.7
61.2
-11.6
25.6

77.3
5.0
28.4
8.9
125.1
29.5
42.0
16.0
37.6

47.2
4.2
22.1
10.7
130.4
21.1
58.3
22.3
28.7

24
25
26
27
28
29

By borrowing sector
State and local governments
Households
Farm
Nonfarm noncorporate
Corporate

185.0
15.2
89.6
10.2
5.7
64.3

266.0
17.3
139.1
12.3
12.7
84.6

308.7
20.9
164.3
15.0
15.3
93.2

328.6
18.4
170.6
20.8
14.0
104.8

263.4
25.3
101.7
14.5
15.8
106.1

264.1
23.1
103.6
16.4
13.8
107.3

341.0
17.9
179.1
21.2
13.5
109.3

316.1
18.9
162.1
20.4
14.5
100.2

241.3
19.7
94.2
17.9
11.0
98.4

285.6
30.9
109.1
11.1
20.6
113.8

297.1
26.2
124.3
22.7
16.1
107.8

231.2
20.0
82.8
10.0
11.6
106.7

19.6
.3
19.3
8.6
5.6
1.9
3.3

13.9
.4
13.5
5.1
3.1
2.4
3.0

33.2
-.5
33.8
4.2
19.1
6.6
3.9

21.0
.8
20.3
3.9
2.3
11.2
3.0

29.3
2.1
27.2
.8
11.5
10.1
4.7

24.4
24.5
5.6
.8
13.9
4.2

14.0
-.2
14.1
2.8
2.1
6.1
3.1

28.1
1.7
26.4
4.9
2.4
16.3
2.8

31.2
1.9
29.2
2.0
6.1
15.7
5.4

27.4
2.2
25.2
-.4
17.0
4.5
4.0

35.1
.6
34.5
3.3
5.7
20.6
4.9

13.8
-.7
14.4
7.8
-4.1
7.1
3.6

30
31
32
33
34
35
36

Foreign
Corporate equities
D e b t instruments
Bonds
Bank loans n.e.c
Open market paper
U.S. government loans

*

Financial sectors
37 Total funds raised
38
39
40
41
42
43
44
45
46
47
48
49

By instrument
U.S. government related
Sponsored credit agency securities
Mortgage pool securities
Loans from U.S. government
Private financial sectors
Corporate equities
Debt instruments
Corporate bonds
Mortgages
Bank loans n.e.c
Open market paper and RPs
Loans from Federal H o m e Loan Banks

By sector
50 Sponsored credit agencies
51 Mortgage pools
52 Private financial sectors
Commercial banks
53
54
Bank affiliates
55
Savings and loan associations
56
Other insurance companies
57
Finance companies
58
REITs
Open-end investment companies
59

23.4

51.4

76.8

84.3

66.7

88.6

87.8

80.8

59.8

73.5

92.6

84.6

15.1
3.3
12.2
-.4
8.2
-.2
8.4
9.8
2.1
-3.7
2.2
-2.0

21.9
7.0
16.1
-1.2
29.5
2.6
26.9
10.1
3.1
-.3
9.6
4.3

36.7
23.1
13.6
0
40.1
1.8
38.3
7.5
.9
2.8
14.6
12.5

48.2
24.3
24.0
0
36.0
2.5
33.6
7.8
-1.2
-.4
18.2
9.2

43.0
24.4
18.6
0
23.7
6.2
17.5
7.1
-.9
-.5
4.6
7.1

44.4
30.1
14.3
0
44.2
8.3
35.9
-.8
-2.9
2.5
20.9
16.2

43.7
21.2
22.5
0
44.1
3.6
40.6
8.2
.3
-1.4
25.4
8.2

52.8
27.3
25.5
0
28.0
1.4
26.6
7.5
-2.6
.6
10.9
10.1

44.7
25.1
19.6
0
15.2
7.1
8.1
10.1
-5.8
-.8
4.6

41.3
23.7
17.6
0
32.2
5.2
27.0
4.2
4.0
-.9
10.1
9.6

40.6
24.0
16.5
0
52.0
9.7
42.3
-2.0
-2.9
4.6
24.6
18.0

48.2
36.1
12.1
0
36.4
7.0
29.4
.3
-2.9
.3
17.3
14.5

2.9
12.2
8.2
2.3
5.4
.1
.9
4.3
-2.2
-2.4

5.8
16.1
29.5
1.1
2.0
9.9
1.4
16.9
-2.3
.4

23.1
13.6
40.1
1.3
7.2
14.3
.8
18.1
-1.1
-.5

24.3
24.0
36.0
1.6
6.5
11.4
.9
16.8
-.4
-.6

24.4
18.6
23.7
.5
6.9
6.9
.9
5.8
-1.7
4.4

30.1
14.3
44.2
.4
8.3
13.1
.9
14.4
-.7
7.8

21.2
22.5
44.1
1.3
8.0
11.1
.9
22.7
-.6
.7

27.3
25.5
28.0
1.8
4.9
11.7
.9
10.9
-.2
-1.9

25.1
19.6
15.2
.8
5.8
-1.4
.9
5.2
-1.4
5.3

23.7
17.6
32.2
.3
8.0
15.2
.9
6.3
-2.0
3.4

24.0
16.5
52.0
.2
6.9
17.2
.9
18.3
-.8
9.3

36.1
12.1
36.4
.5
9.7
8.9
.9
10.6
-.5
6.3

*

All sectors

60 Total funds raised, by instrument

297.0

388.0

472.5

471.3

438.6

464.6

472.8

469.7

398.8

478.4

511.0

418.2

61 Investment company shares
62 Other corporate equities
63 D e b t instruments
64
U.S. government securities
65
State and local obligations
66
Corporate and foreign bonds
67
Mortgages
68
Consumer credit
69
Bank loans n.e.c
70
Open market paper and RPs
71
Other loans

-2.4
13.1
286.4
84.6
15.7
41.2
87.2
25.4
6.2
8.1
17.8

.4
5.3
382.3
79.9
21.9
36.1
132.3
40.2
29.5
15.0
27.4

-.5
1.7
471.3
90.5
26.1
31.8
148.3
47.6
59.0
26.4
41.5

-.6
-4.0
475.8
85.7
21.8
32.8
155.9
46.3
51.0
40.5
41.9

4.4
16.8
417.5
122.3
26.9
38.4
121.1
2.3
48.4
21.4
36.7

7.8
-11.0
467.7
131.9
25.8
24.9
98.8
25.3
53.4
54.0
53.7

.7
-6.9
479.0
73.8
20.9
32.6
160.6
50.9
56.2
39.5
44.4

-1.9
-1.0
472.6
97.6
22.7
33.0
151.1
41.6
45.8
41.5
39.3

5.3
10.7
382.9
111.3
21.6
47.4
114.2
-5.1
19.6
39.7
34.1

3.4
22.8
452.1
133.2
32.1
29.5
128.0
9.7
77.2
3.1
39.3

9.3
1.9
499.8
126.8
28.8
24.1
116.6
29.5
52.3
61.3
60.5

6.3
-23.8
435.6
136.9
22.8
25.7
81.1
21.1
54.5
46.7
46.8




Flow of Funds
1.59

A45

DIRECT A N D INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
Billions of dollars, except as noted; half-yearly data are at seasonally adjusted annual rates
1980

1979
Transaction category, or sector

1 Total funds advanced in credit markets to nonfinancial sectors

1976

1977

1978

1979

1980

1981

1981
HI

H2

HI

H2

HI

H2

262.8

333.5

396.3

394.0

357.0

387.4

394.7

393.3

330.1

383.8

416.9

358.0

49.8
23.1
12.3
-2.0
16.4

79.2
34.9
20.0
4.3
20.1

101.9
36.1
25.7
12.5
27.6

74.0
-6.2
36.7
9.2
34.3

92.1
15.6
31.1
7.1
38.2

91.2
17.2
22.7
16.2
35.0

49.6
-27.1
35.7
8.2
32.8

98.5
14.7
37.8
10.1
35.8

102.9
23.2
33.3
4.6
41.7

81.3
8.0
28.9
9.6
34.8

103.6
24.3
20.8
18.0
40.5

78.8
10.1
24.6
14.5
29.6

7.9
16.8
9.8
15.2
15.1

10.0
22.4
7.1
39.6
21.9

17.1
39.9
7.0
38.0
36.7

19.0
53.4
7.7
-6.1
48.2

23.7
43.8
4.5
20.0
43.0

24.1
45.3
9.2
12.6
44.4

19.8
47.8
-.9
-17.2
43.7

18.3
58.9
16.2
5.1
52.8

25.4
42.4
12.1
23.0
44.7

22.1
45.2
-3.1
17.0
41.3

27.7
42.2
-7.3
40.9
40.6

20.5
48.3
25.6
-15.7
48.2

228.1
61.5
15.7
30.5
55.5
62.9
-2.0

276.2
45.1
21.9
22.2
83.7
107.7
4.3

331.0
54.3
26.1
22.4
92.1
148.6
12.5

368.2
91.9
21.8
24.0
84.6
155.1
9.2

307.9
106.7
26.9
26.2
59.1
96.2
7.1

340.6
114.7
25.8
21.0
44.0
151.4
16.2

388.9
101.0
20.9
24.0
89.8
161.4
8.2

347.6
82.9
22.7
24.0
79.5
148.7
10.1

271.9
88.1
21.6
32.5
51.2
83.1
4.6

343.8
125.3
32.1
19.9
66.9
109.3
9.6

353.8
102.6
28.8
19.6
61.4
159.5
18.0

327.5
126.8
22.8
22.5
26.6
143.2
14.5

191.4
59.6
70.5
49.7
11.6

260.9
87.6
82.0
67.8
23.4

302.4
128.7
73.5
75.0
25.2

292.5
121.1
55.9
66.4
49.0

270.3
99.7
58.4
79.8
32.4

302.5
99.8
24.1
81.9
96.7

316.9
130.3
59.6
72.3
54.8

268.0
112.0
52.2
60.5
43.3

246. t
58.5
35.5
89.2
62.8

294.4
140.9
81.3
70.3
1.9

318.9
101.6
38.4
79.3
99.5

286.2
98.0
9.8
84.5
93.9

191.4
124.4
8.4
58.5
-4.7
-.1
34.3
29.0

260.9
138.9
26.9
95.1
1.2
4.3
50.1
39.5

302.4
140.8
38.3
123.2
6.3
6.8
62.2
48.0

292.5
143.2
33.6
115.7
25.6
.4
47.8
41.9

270.3
171.1
17.5
81.6
-22.3
-2.6
64.1
42.4

302.5
204.8
35.9
61.8
-10.4
-1.1
71.4
2.0

316.9
135.1
40.6
141.2
45.6
5.0
52.3
38.4

268.0
151.2
26.6
90.3
5.6
-4.2
43.4
45.4

246.1
158.7
8.1
79.4
-22.8
-2.3
70.0
34.5

294.4
183.6
27.0
83.8
-21.9
-2.8
58.1
50.4

318.9
203.6
42.3
73.0
-6.5
10.8
62.7
6.0

286.2
206.1
29.4
50.7
-14.4
-13.0
80.1
-1.9

45.1
16.4
3.3
11.8
1.9
11.7

42.2
24.1
-.8
-3.8
9.6
13.2

67.0
35.6
1.4
-2.9
16.5
16.4

109.3
62.8
1.4
10.3
11.4
23.5

55.1
32.6
3.1
3.6
-3.8
19.7

74.0
44.8
15.5
-10.4
4.3
19.7

112.5
71.0
2.6
4.6
11.4
22.9

106.1
54.5
.2
16.0
11.4
24.0

33.9
19.3
-1.8
4.8
-4.5
16.0

76.4
45.8
7.9
2.3
-3.1
23.3

77.3
37.1
20.6
-10.2
4.9
24.8

70.7
52.4
10.5
-10.6
3.8
14.6

133.4
7.3
10.4
123.7

152.1
9.3
16.3
63.5
6.9
46.6
7.5
2.0

152.6
7.9
19.2
61.7
34.4
21.2
6.6
1.5

182.3
10.3
4.2
80.9
29.2
50.3
6.5
.9

213.7
9.5
16.9
40.7

-12.0
2.3
1.7

148.5
8.3
17.2
93.5
.2
25.8
2.2
1.3

36.8
3.0
-.6

149.3
9.0
16.6
66.5
30.2
3.3
18.5
5.2

155.9
6.9
21.9
56.9
38.6
39.1
-5.3
-2.3

167.6
8.5
-1.5
66.7
61.9
26.3
5.3
.4

197.1
12.1
9.9
95.2
-3.4
74.2
7.8
1.3

209.5
4.7
28.9
14.6
104.1
48.3
7.7
1.2

217.9
14.3
4.9
66.8
110.8
25.3
-1.7
-2.5

178.5

190.7

219.1

261.9

237.5

287.7

261.8

262.0

201.5

273.4

286.8

288.6

19.0
83.9
10.5

23.7
94.4
40.8

25.7
91.3
44.3

18.8
79.4
19.5

25.8
87.8
-2.3

23.5
88.8
2.2

12.6
81.5
28.4

25.0
77.1
10.7

31.2
90.5
.2

21.2
85.6
-4.8

24.9
90.1
34.5

22.0
87.4
-30.1

MEMO: Corporate equities not included above
5(1 Total net issues
51
Mutual fund shares
52
Other equities

10.6
-2.4
13.1

5.7
.4
5.3

1.2
-.5
1.7

-4.6
-.6
-4.0

21.1
4.4
16.8

-3.1
7.8
-11.0

-6.2
-6.9

-2.9
-1.9
-1.0

16.0
5.3
10.7

26.3
3.4
22.8

11.2
9.3
1.9

-17.5
6.3
-23.8

53 Acquisitions by financial institutions
54 Other net purchases

12.5
-1.9

7.4
-1.6

4.5
-3.4

10.6
-15.1

17.7
3.4

22.4
-25.5

7.1
-13.4

14.0
-16.9

10.5
5.5

24.9
1.4

26.4
-15.2

18.4
-35.9

2
3
4
5
6
7
8
9
10
11

By public agencies and foreign
Total net advances
U.S. government securities
Residential mortgages
FHLB advances to savings and loans
Other loans and securities
Total advanced, by sector
U.S. government
Sponsored credit agencies
Monetary authorities
Foreign
Agency borrowing not included in line 1

Private domestic funds advanced
1? Total net advances
13
U.S. government securities
14
State and local obligations
Corporate and foreign bonds
15
Residential mortgages
16
17
Other mortgages and loans
18
LESS: Federal Home Loan Bank advances
Private financial
intermediation
19 Credit market funds advanced by private financial institutions
20
Commercial banking
21
Savings institutions
27
Insurance and pension funds
23
Other finance
74 Sources of funds
25
Private domestic deposits
26
Credit market borrowing
77
Other sources
Foreign funds
28
Treasury balances
29
30
Insurance and pension reserves
31
Other, net
Private domestic nonfinancial investors
37. Direct lending in credit markets
33
U.S. government securities
34
State and local obligations
Corporate and foreign bonds
35
36
Commercial paper
37
Other
38 Deposits and currency
39
Currency
40
Checkable deposits
41
Small time and savings accounts
47
Money market fund shares
43
Large time deposits
44
Security RPs
45
Foreign deposits
46 Total of credit market instruments, deposits and
currency
47
48
49

Public support rate (in percent)
Private financial intermediation (in p e r c e n t ) . . .
Total foreign funds

*

N O T E S BY LINE N U M B E R .

1.
2.
6.
11.
12.
17.
25.
26.
28.
29.
30.

Line 2 of table 1.58.
Sum of lines 3-6 or 7-10.
Includes farm and commercial mortgages.
Credit market funds raised by federally sponsored credit agencies, and net
issues of federally related mortgage pool securities.
Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. Also sum
of lines 27, 32, and 38 less lines 40 and 46.
Includes farm and commercial mortgages.
Line 38 less lines 40 and 46.
Excludes equity issues and investment company shares. Includes line 18.
Foreign deposits at commercial banks, bank borrowings from foreign branches,
and liabilities of foreign banking agencies to foreign affiliates.
Demand deposits at commercial banks.
Excludes net investment of these reserves in corporate equities.




107.5

.7

31. Mainly retained earnings and net miscellaneous liabilities.
32. Line 12 less line 19 plus line 26.
33-37. Lines 13-17 less amounts acquired by private finance. Line 37 includes
mortgages.
39. Mainly an offset to line 9.
46. Lines 32 plus 38, or line 12 less line 27 plus 39 and 45.
47. Line 2/line 1.
48. Line 19/line 12.
49. Sum of lines 10 and 28.
50. 52. Includes issues by financial institutions.
NOTE. Full statements for sectors and transaction types quarterly, and annually
for flows and for amounts outstanding, may be obtained from Flow of Funds
Section, Division of Research and Statistics, Board of Governors of the Federal
Reserve System, Washington, D.C. 20551.

A46
2.10

Domestic Nonfinancial Statistics • July 1982
NONFINANCIAL BUSINESS ACTIVITY

Selected Measures

1967 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted.
1982

1981
Measure

1979

1980

1981
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Apr.'

Mar.

Junef

MayP

1 Industrial production 1

152.5

147.0

151.0

151.6

149.1

146.3

143.4

140.7

142.9

141.7

140.2

139.4

138.4

Market
groupings
Products, total
Final, total
Consumer goods
Equipment
Intermediate
Materials

150.0
147.2
150.8
142.2
160.5
156.4

146.7
145.3
145.4
145.2
151.9
147.6

150.6
149.5
147.9
151.8
154.4
151.6

151.0
150.0
147.8
152.9
154.6
152.5

149.4
148.9
146.5
152.1
151.4
148.5

147.5
147.2
144.0
151.5
148.7
144.6

146.2
146.3
142.0
152.1
145.9
139.0

142.9
142.8
139.6
147.2
143.4
137.2

144.6
144.1
141.8
147.3
146.3
140.4

143.7
143.3
141.5
145.9
145.2
138.5

142.9
142.7
142.2
143.3
143.5
136.1

142.4
142.3
143.3
140.9
142.6
134.8

141.3
141.3
143.4
138.3
141.6
133.9

153.6

146.7

150.4

151.1

148.2

145.0

142.0

138.5

140.9

140.1

138.7

138.2

137.3

85.7
87.4

79.1
80.0

78.5
79.9

78.3
80.0

76.6
77.7

74.8
75.5

73.1
72.4

71.1
71.4

72.2
72.9

71.6
71.8

70.7
70.4

70.4
69.6

69.8
69.0

121.0

?
3
4
6
7

Industry
groupings
8 Manufacturing
Capacity utilization (percent) 1 - 2
Manufacturing
9
10
Industrial materials industries . . . .
11 C o n s t r u c t i o n c o n t r a c t s (1977 =
100)'

106.0

107.0

100.0

101.0

92.0

112.0

115.0

97.0

105.0

88.0

94.0

12 Nonagricultural e m p l o y m e n t , total 4 .
13
G o o d s - p r o d u c i n g , total
14
M a n u f a c t u r i n g , total
Manufacturing, production15
worker
16
Service-producing
17 Personal i n c o m e , total
18
W a g e s a n d salary d i s b u r s e m e n t s . .
19
Manufacturing
20 D i s p o s a b l e personal i n c o m e 5

136.5
113.5
108.2

137.6
110.3
104.4

139.1
110.2
104.2

138.8
109.8
104.2

138.6
108.9
103.3

138.3
108.0
102.3

137.7
106.9
101.2

137.5
105.9
100.4

137.5
105.7
100.0

137.2
104.9
99.3

136.9
104.2
98.6

137.0
104.1
98.3

136.8
103.2
97.6

105.3
149.1
308.5
289.5
248.6
299.6

99.4
152.6
342.9
314.7
261.5
332.5

98.5
155.0
381.6
347.2
288.8
379.6

98.5
154.8
390.9
353.7
294.9
375.5

97.3
154.9
392.9
355.4
293.7
379.6

95.9
154.9
395.6
357.8
292.2
382.0

94.3
154.7
395.6
356.5
288.8
381.8

93.2
154.8
396.5
358.6
289.3
383.8

92.9
154.9
398.9
361.3
292.5
385.5

92.1
155.0
400.4
361.0
290.2
387.8

91.2
154.8
401.8
360.5
289.0
390.6

91.0
155.1
404.5
362.3
290.1
391.4

90.4
155.2
n.a.
n.a.
n.a.
n.a.

21 Retail sales 6

281.6

303.8

330.6

338.9

331.1

333.3

334.1

326.0

334.9

333.5

337.4

346.5

341.2

Prices 7
Consumer
??
P r o d u c e r finished g o o d s
23

217.4
217.7

246.8
247.0

272.4
269.8

279.3
271.5

279.9
274.3

280.7
274.7

281.5
275.4

282.5
277.4

283.4
277.4

283.1
276.9

284.3
276.9

287.1
277.7

n.a.
n.a.

Business.
6. Based on B u r e a u of C e n s u s d a t a published in Survey of Current
Review.
1. D a t a without seasonal a d j u s t m e n t , as p u b l i s h e d in Monthly Labor
Seasonally a d j u s t e d d a t a for c h a n g e s in t h e price indexes may b e o b t a i n e d f r o m
the B u r e a u of L a b o r Statistics, U . S . D e p a r t m e n t of L a b o r .

1. T h e industrial p r o d u c t i o n a n d capacity utilization series have been revised
back to J a n u a r y 1979.
2. R a t i o s of indexes of p r o d u c t i o n to indexes of capacity. Based on d a t a f r o m
F e d e r a l R e s e r v e , M c G r a w - H i l l E c o n o m i c s D e p a r t m e n t , a n d D e p a r t m e n t of C o m merce.
3. Index of dollar value of total construction contracts, including residential,
n o n r e s i d e n t i a l , a n d heavy engineering, f r o m M c G r a w - H i l l I n f o r m a t i o n Systems
C o m p a n y , F. W . D o d g e Division.
4. B a s e d o n d a t a in Employment
and Earnings ( U . S . D e p a r t m e n t of L a b o r ) .
Series covers e m p l o y e e s only, excluding p e r s o n n e l in the A r m e d Forces.
5. Based on data in Survey of Current Business ( U . S . Department of Commerce).

2.11

n.a.

NOTE. Basic d a t a (not index n u m b e r s ) f o r series m e n t i o n e d in n o t e s 4, 5, a n d
6, and indexes for series m e n t i o n e d in n o t e s 3 a n d 7 may also be f o u n d in t h e
Survey of Current
Business.
Figures for industrial p r o d u c t i o n f o r the last two m o n t h s are preliminary a n d
e s t i m a t e d , respectively.

OUTPUT, CAPACITY, A N D CAPACITY UTILIZATION
Seasonally adjusted
1982

1981

Q3

Q4

Q1

1981

Q2

O u t p u t (1967 = 100)

Q3

1982

Q4

Q1

1981

Q2

Capacity (percent of 1967 o u t p u t )

1982

Q4

Q3

Q1

Q2

Utilization rate ( p e r c e n t )

?

1 Manufacturing
Primary processing
3 A d v a n c e d processing

152.5
155.8
150.7

145.0
143.5
145.8

139.8
137.1
141.6

138.1
132.0
141.1

192.4
196.3
190.4

193.9
197.5
192.0

195.2
198.6
193.5

196.4
199.5
194.9

79.3
79.4
79.2

74.8
72.7
75.9

71.6
69.1
73.2

70.3
66.3
72.4

4 Materials

154.3

144.0

138.7

134.9

190.3

191.5

192.6

193.7

81.1

75.2

72.0

69.7

152.8
114.2
175.8
182.8
115.5
152.2
224.9
131.6

140.2
99.5
164.5
169.4
106.8
147.0
206.2
127.9

130.9
90.9
161.0
164.5
101.3
146.1
200.0
129.8

126.7
76.7
158.4
162.4
103.6
142.2
196.6
125.6

194.2
141.9
211.2
221.7
141.0
161.9
281.0
155.0

195.3
142.1
213.1
223.9
141.6
162.8
284.4
155.8

196.4
142.3
214.6
225.6
142.1
163.8
287.3
156.5

197.3
142.4
216.1
227.3
142.4
164.6
289.6
157.0

78.7
80.5
83.3
82.5
81.8
94.1
80.0
84.9

71.8
70.1
77.2
75.7
75.4
90.3
72.5
82.1

66.7
63.9
75.0
72.9
71.3
89.2
69.6
82.9

64.2
53.9
73.3
71.5
72.7
86.4
67.9
80.0

5 Durable goods
6
Metal materials
7 Nondurable goods
T e x t i l e , p a p e r , a n d chemical
8
9
Textile
10
Paper
Chemical
11
12 E n e r g y m a t e r i a l s




Labor Market
2.11

A47

Continued
Previous cycle 1

Latest cycle 2

1982

1981

c
High

Low

High

Low

June

Nov.

Oct.

Dec.

Jan.

Feb.

Mar.

Apr

May

June

Capacity utilization rate (percent)
13 Manufacturing

88.0

69.0

87.2

74.9

79.6

76.6

74.8

73.1

71.1

72.2

71.6

70.7

70.4

69.8

14
15

93.8
85.5

68.2
69.4

90.1
86.2

71.0
77.2

79.5
79.7

75.7
77.0

72.7
75.8

69.6
75.0

68.5
72.8

70.0
73.6

68.6
73.2

67.1
72.6

66.3
72.6

65.5
72.1

16 Materials
17
Durable goods
18
Metal materials

92.6
91.5
98.3

69.4
63.6
68.6

88.8
88.4
96.0

73.8
68.2
59.6

81.3
78.8
78.7

77.7
74.7
73.9

75.5
72.2
70.8

72.4
68.5
65.5

71.4
66.2
65.8

72.9
67.4
64.7

71.8
66.4
61.1

70.4
64.9
56.0

69.6
64.1
53.3

69.0
63.7
52.3

19
20

94.5

67.2

91.6

77.5

84.3

80.3

77.3

74.1

73.2

76.5

75.3

74.4

73.2

72.4

21
22
23

Nondurable goods
Textile, paper, and
chemical
Textile
Paper
Chemical

95.1
92.6
99.4
95.5

65.3
57.9
72.4
64.2

92.2
90.6
97.7
91.3

75.3
80.9
89.3
70.7

83.5
80.5
93.0
82.0

79.1
78.8
92.1
76.2

75.9
75.5
92.3
72.4

72.2
72.0
86.5
69.0

70.7
68.6
87.6
67.4

74.4
71.9
90.7
71.3

73.7
73.5
89.4
70.2

72.5
73.4
87.3
69.0

71.4
73.4
86.6
67.6

70.5
71.4
85.3
67.0

24

Energy materials

94.6

84.8

88.3

82.7

83.7

82.5

82.2

81.6

83.7

83.2

81.8

80.4

80.2

79.5

Primary processing
Advanced p r o c e s s i n g . . . .

1. Monthly high 1973; monthly low 1975.

2.12

2. Preliminary; monthly highs December 1978 through January 1980; monthly
lows July 1980 through October 1980.

LABOR FORCE, EMPLOYMENT, A N D UNEMPLOYMENT
Thousands of persons; monthly data are seasonally adjusted. Exceptions noted.
1982

1981
Category

1979

1980

1981
Dec.

Jan.

Feb.

Mar.

Apr.'

Mayr

June

HOUSEHOLD SURVEY D A T A

1 Noninstitutional population1

166,951

169,847

172,272

173,330

173,494

173,657

173,842

174,019

174,201

174,363

2 Labor force (including Armed Forces) 1 . . .
3
Civilian labor force

107,050
104,962

109,042
106,940

110,812
108,670

111,348
109,184

111.038
108,879

111,333
109,165

111,521
109,346

111,823
109,648

112,841
110,666

112,364
110.191

Nonagricultural industries 2
Agriculture
Unemployment
6
Number
7
Rate (percent of civilian labor force) .
8 Not in labor force

95,477
3,347

95,938
3,364

97,030
3,368

96,404
3,209

96,170
3,411

96,217
3,373

96,144
3.349

96,032
3,309

96,629
3,488

96,406
3,357

6,137
5.8
59,901

7,637
7.1
60,805

8,273
7.6
61,460

9,571
8.8
61,982

9,298
8.5
62,456

9,575
8.8
62,324

9,854
9.0
62,321

10,307
9.4
62,196

10,549
9.5
61,360

10,427
9.5
61,999

89,823

90,564

91,548

90,642

90,460

90,459

90,304

90,083

90,151

90,010

21,040
958
4,463
5,136
20,192
4,975
17,112
15,947

20.300
1,020
4,399
5,143
20,386
5,168
17,901
16,249

20,264
1,104
4,307
5,152
20,736
5,330
18,598
16,056

19,676
1,206
4,026
5,128
20,524
5,331
18.834
15,917

19,517
1,201
3,966
5,125
20,630
5,326
18,831
15,864

19,454
1,203
3,974
5,115
20,670
5,326
18,867
15,850

19,319
1,197
3,934
5,100
20,655
5,336
18,904
15,859

19,169
1,182
3,938
5,094
20,584
5,335
18,929
15,852

19,114
1,154
3,994
5,101
20,658
5,340
18,948
15,842

18,971
1,130
3,952
5,076
20,643
5,349
18,972
15,917

4
5

ESTABLISHMENT S U R V E Y D A T A

9 Nonagricultural payroll employment-'
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 1979
benchmark and only seasonally adjusted d^ ;a are available at this time. Based on
data from Employment and Earnings (U.S. Department of Labor).

A48
2.13

Domestic Nonfinancial Statistics • July 1982
INDUSTRIAL PRODUCTION

Indexes and Gross Value

Monthly data are seasonally adjusted.

Grouping

1967
proportion

1981

1981
age

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.r

Apr.

Index (1967 = 100)
MAJOR MARKET

1 Total index

100.00

151.0

152.7

152.9

153.9

153.6

151.6

149.1

146.3

143.4

140.7

142.9

141.7

140.2

60.71
47.82
27.68
20.14
12.89
39.29

150.6
149.5
147.9
151.8
154.4
151.6

152.3
151.3
150.7
152.1
156.1
153.4

152.2
151.4
150.3
153.0
154.9
154.0

153.0
152.1
150.7
154.1
156.2
155.3

152.6
151.5
149.6
154.0
156.8
155.2

151.0
150.0
147.8
152.9
154.6
152.5

149.4
148.9
146.5
152.1
151.4
148.5

147.5
147.2
144.0
151.5
148.7
144.6

146.2
146.3
142.0
152.1
145.9
139.0

142.9
142.8
139.6
147.2
143.4
137.2

144.6
144.1
141.8
147.3
146.3
140.4

143.7
143.3
141.5
145.9
145.2
138.5

142.9
142.7
142.2
143.3
143.5
136.1

7.89
2.83
2.03
1.90

140.5
137.9
111.2
103.4

147.3
151.8
129.1
120.0

147.9
153.1
131.4
122.2

146.5
147.6
123.0
118.1

142.5
137.6
107.8
104.0

140.4
139.1
110.0
103.3

136.3
132.8
101.7
92.5

129.7
121.7
88.9
81.1

123.2
119.2
87.5
78.1

120.1
109.2
71.6
61.3

125.9
117.5
82.0
70.5

128.1
125.0
93.6
79.8

130.7
130.0
100.6
87.2

80
5.06
1.40
1.33
1.07
2.59

205.6
142.0
119.6
121.2
158.0
147.4

209.5
144.8
121.4
122.6
163.1
149.9

208.0
145.0
120.0
121.4
166.3
149.8

210.0
145.8
123.6
124.8
163.2
150.7

213.1
145.3
126.8
128.9
160.1
149.2

212.9
141.1
119.0
121.4
158.6
145.8

211.8
138.2
116.7
118.7
152.6
143.9

205.0
134.1
107.7
108.7
146.9
143.2

199.7
125.4
85.7
86.6
144.4
139.1

204.4
126.3
100.6
101.6
137.9
135.4

207.8
130.6
103.5
104.1
147.8
138.1

204.5
129.9
97.0
97.4
151.3
138.9

204.6
131.1
102.6
103.1
151.8
138.0

19.79
4.29
15.50

150.9
119.8
159.5

152.1
122.1
160.3

151.2
120.9
159.6

152.3
122.8
160.5

152.5
121.9
161.0

150.8
119.3
159.5

150.5
117 8
159.6

149.7
116 1
159.0

149.5
113 8
159'4

147.4
106 0
158.9

148.1
159.2

146.8
158.1
149.6

146.8
158.3
148.4

8.33
7.17

150.3
170.0

151.3
170.8

149.6
171.3

150.5
172.2

150.6
173.0

149.5
171.1

150.7
169.9

150.4
169.1

150.9
169.3

150.0
169.1

151.1
168.7

168.0
217.8

169.7
218.3

2.63

223.1

225.1

224.4

226.8

227.7

227.5

223.0

220.3

220.1

220.1

218.2

127.8

128.7

1.92

127.9

127.7

129.2

127.6

128.9

127.7

126.9

125.7

127.2

127.0

130.2

147.6

151.1

2.62
1.45

147.7
166.3

147.9
168.9

148.9
170.4

150.0
172.6

150.4
169.7

146.4
162.8

148.2
166.2

149.4
167.4

149.1
167.5

148.9
172.3

147.2
171.6

170.4
169.0

174.5
164.9

12.63
6.77
1.44
3.85
1.47

181.1
166.4
286.2
127.9
149.7

182.0
167.0
286.4
128.4
150.8

183.6
169.0
289.7
130.6
151.2

184.8
169.4
290.3
130.8
151.6

184.8
170.2
293.0
130.8
152.7

182.7
168.9
293.6
129.3
150.4

180.5
166.9
295.6
125.7
148.4

179.0
165.1
293.8
123.6
147.1

179.0
164.0
294.6
122.0
145.5

172.2
158.1
289.0
116.9
137.4

171.6
155.9
274.9
116.8
141.1

151.2
256.9
116.3
139.0
189.5

145.9
242.2
114.0
134.8
186.9

5.86
3.26
1.93
67

198.0
258.7
125.4
112.0

199.4
258.0
130.0
113.9

200.4
259.9
129.7
114.9

202.5
263.7
128.4
118.0

200.9
264.3
124.6
111.8

198.5
264.2
121.0
102.1

196.2
259.8
120.6
104.6

195.0
260.6
116.6
101.7

196.3
262.9
117.5
98.9

188.5
256.1
109.0
88.4

189.9

256.4
110.4
95.1

257.8
110.5
84.9
107.0

253.1
110.9
83.5
106.9

36 Defense and space

7.51

102.7

102.0

101.7

102.6

102.8

103.0

104.5

105.3

107.0

105.2

106.5

125.6

122.9

Intermediate products
37 Construction supplies
38 Business supplies
39
Commercial energy products

6.42
6.47
1.14

141.9
166.7
176.4

146.5
165.6
179.0

143.4
166.2
177.7

144.3
168.0
180.0

144.0
169.5
176.6

139.7
169.4
174.2

135.2
167.5
174.3

130.1
167.1
177.0

127.0
164.6
177.3

124.2
162.4
181.7

127.5
165.1
184.1

164.6
184.5
130.7

164.0
185.0
127.8

Materials
Durable goods materials
Durable consumer parts
Equipment parts
Durable materials n.e.c
Basic metal materials .

20.35
4.58
5.44
10.34
5.57

149.1
114.5
191.2
142.3
112.0

152.8
121.1
194.0
145.1
114.3

152.4
123.1
193.2
143.9
112.8

153.6
123,2
193.8
145.9
114.5

154.3
121.8
194.7
147.4
117.4

150.4
114.5
192.7
144.1
113.1

145.6
107.6
190.3
138.9
106.5

141.0
102.8
188.7
132.9
101.6

134.0
92.9
183.3
126.1
94.8

129.7
86.9
177.2
123.6
94.5

132.4
92.2
180.1
125.1
94.3

130.7
94.1
177.5
122.2
88.6

127.8
94.7
174.0
118.2

45 Nondurable goods materials . . .
46
Textile, paper, and chemical
materials
47
Textile materials
48
Paper materials
49
Chemical materials
50
Containers, nondurable
51
Nondurable materials n.e.c. .

10.47

174.6

179.0

176.9

176.5

175.4

175.5

170.6

164.7

158.3

156.8

164.2

162.0

160.3

7.62
1.85
1.62
4.15
1.70
1.14

181.4
113.0
150.6
224.0
169.3
137.4

187.3
114.9
150.9
233.9
167.8
140.5

183.7
113.4
149.8
228.4
171.4
139.6

183.5
115.5
150.0
227.1
171.7
136.6

182.4
116.0
151.5
224.1
169.4
137.8

182.5
114.9
155.1
223.4
170.9
136.2

176.4
111.6
149.6
215.9
166.7
137.1

169.9
106.9
150.2
205.8
163.5
131.9

161.9
102.0
141.2
196.8

159.1
97.3
143.2
193.0
162.4
132.4

52 Energy materials
53
Primary energy
54
Converted fuel m a t e r i a l s . . . .

8.48
4.65
3.82

129.0
115.0
145.9

123.0
104.4
145.5

129.3
113.7
148.2

133.3
120.3
149.2

132.6
120.9
146.9

128.9
117.4
142.9

128.3
116.4
142.8

128.1
115.6
143.4

127.4
115.9
141.4

130.9
119.2

130.3
119.5
143.4

128.2
119.2

145.1

139.1

117.6
136.4

9.35
12.23
3.76
8.48

131.8
137.4
156.4
129.0

134.4
133.5
157.3
123.0

133.9
138.(1
157.6
129.3

135.2
141.2
159.1
133.3

134.5
140.5
158.4
132.6

131.1
136.8
154.8
128.9

128.8
136.9
156.1
128.3

125.9
137.2
157.8
128.1

120.1
136.7
157.7
127.4

117.0
139.5
158.8
130.9

120.1
138.9
158.4
130.3

118.9
137.6
158.8
128.2

119.4
136.9
161.3
126.1

2 Products
5
Final products
4
Consumer goods
5
Equipment
6
Intermediate products
7 Materials
Consumer goods
8 Durable consumer goods
9
Automotive products
10
Autos and utility vehicles .
11
Autos
12
Auto parts and allied
goods
13
Home goods
14
Appliances. A/C. and TV .
15
Appliances and TV
16
Carpeting and furniture . . .
17
Miscellaneous home goods
18 Nondurable consumer goods.. .
19
Clothing
20
Consumer staples
21
Consumer foods and
tobacco
22
Nonfood staples
23
Consumer chemical
products
24
Consumer paper
products
25
Consumer energy
products
26
Residential utilities...
Equipment
27 Business
28
Industrial
29
Building and mining
30
Manufacturing
31
Power
32
33
34
35

40

41
42
43
44

Commercial transit, f a r m . . . .
Commercial
Transit
Farm

Supplementary groups
55 Home goods and clothing
56 Energy, total
57
Products
58
Materials




161.9

128.6

82.0

167.9
102.2

166.6
104.5

164.3
104.5

148.5

146.7
202.2

143.5
199.3
159.8
134.1

204.9
166.7
136.0

161.3
132.4

126.1

Output
2.13

A49

Continued

Grouping

SIC
code

1967
proportion

1981
avg.'
May

June

July

Aug.

Sept.

Oct.

Nov.

Dec-

Jan.

Feb.

Mar.'

Apr.

May''

June

Index (1967 = 10(1)

M A J O R INDUSTRY

1 Mining a n d utilities.
2
Mining
3
Utilities
Electric
4
5 Manufacturing
6
Nondurable
7
Durable

12.05
6.36
5.69
3.88
87.95
35.97
51.98

155.0
142.2
169.1
190.9
150.4
164.8
140.5

152.1
135.4
170.7
192.9
152.8
166.4
143.5

156.3
141.7
172.7
195.6
152.4
165.8
143,2

159.1
146.5
173.1
196.2
153.2
167.1
143.6

158.2
146.0
171.9
194.2
153.2
167.3
143.4

155.8
145.(1
167.8
188.3
151.1
165.9
140.9

156.1
145.3
168.1
189.4
148.(1
162.8
137.8

155.4
143.3
168.9
190.9
145.0
160.3
134.4

154.7
142.6
168.2
190.2
142.0
157.4
131.3

157.4 155.6
144.5 142.4
171.8 170.4
195.2 192.5
138.5 140.9
155.1 157.8
127.1 129.3

153.1
138.1
170.0
191.7
140.1
157.3
128.2

151.3
133.6
171.0
193.1
138.7
156.2
126.6

148.9
130.2
169.9
191.6
138.2
155.3
126.4

146.2
126.7
168.0
189.1
137.3
154.6
125.3

96.8
150.7
133.1
116.9

147.7
129.2

8
9
10
11

Mining
Metal
Coal
Oil a n d gas extraction . . .
Stone a n d e a r t h m i n e r a l s .

10
11.12
13
14

.51
.69
4.40
.75

123.1
141.3
146.8
129.4

125.0
77.0
146.2
132.2

123.5
122.9
148.2
132.7

123.6
170.0
147.7
133.3

124.1
167.4
148.2
128.2

121.5
161.9
148.8
123.4

119.8
166.9
148.9
122.0

115.4
160.8
148.4
116.7

110.9
145.5
150.5
115.7

121.3 120.8
147.9 156.0
151.5 146.6
115.8 120.5

109.9
155.6
141.4
121.6

104.0
146.2
137.4
119.6

12
13
14
15
16

Nondurable
manufactures
Foods
Tobacco products
Textile mill p r o d u c t s
Apparel products
Paper a n d p r o d u c t s

20
21
22
23
26

8.75
.67
2.68
3.31
3.21

152.1
122.2
135.7
120.4
155.0

152.2
122.3
138.8
122.6
155.9

151.3
120.9
138.3
121.1
153.4

151.6
121.3
139.4
122.6
154.9

151.9
123.8
140.7
122.6
156.7

150.7 151.4
122.4 124.3
136.3 132.5
12~> 5 117.8
158.6 153.3

153.0
119.6
126.1
113.8
152.6

152.8
112.6
122.8
114.1
146.6

151.1
112.7
120.0
105.7
148.3

151.7
126.7
125.8

150.8
126.7
126.0

149.4
116.1
126.3

125.1

151.5

150.6

149.7

146.8

144.8

17
18
19
20
21

Printing a n d publishing
Chemicals a n d p r o d u c t s
Petroleum products
R u b b e r and plastic p r o d u c t s .
L e a t h e r and p r o d u c t s

27
28
29
30
31

4.72
7.74
1.79
2.24
.86

144.2
215.6
129.7
274.0
69.3

141.3
220.6
129.8
280.3
69.8

143.1
218.4
129.3
285.1
68.4

144.4
221.5
128.7
285.3
70.1

146.1
219.2
130.4
286.7
69.6

145.9
216.3
129.1
282.2
69.7

145.6
208.8
128.3
276.0
71.2

143.4
204.6
128.0
264.1
70.8

145.3
199.8
128.3
247.3
65.6

145.6 146.4
196.7 201.3
123.3 119.5
244.7 251.8
63.1 64.0

145.9
200.3
121.3
253.4
61.2

144.2
198.5
121.6
255.1
59.6

143.4
195.0
123.7
253.9
62.0

142.5

Durable
manufactures
22 O r d n a n c e , private and
government
23 L u m b e r and p r o d u c t s
24 F u r n i t u r e a n d fixtures
25 Clay, glass, s t o n e p r o d u c t s

19.91
24
25
32

3.64
1.64
1.37
2.74

81.1
119.1
157.2
147.9

80.9
126.2
158.9
151.7

80.9
122.5
162.4
148.1

80.6
122.9
164.9
148.7

81.8
119.1
163.3
148.2

82.3
113.2
159.9
147.3

82.5
109.6
157.2
143.4

84.3
104.7
153.7
135.9

85.5
104.8
149.4
131.5

84.1 83.8
99.2 104.9
144.3 148.4
128.5 135.0

83.8
103.5
150.2
131.5

84.8
103.6
151.8
127.0

86.0
108.3
150.9
126.8

86.3

26
27
28
29
30

33
331.2
34
35
36

6.57
4.21
5.93
9.15
8.05

107.9
99.8
136.4
171.2
178.4

111.9
105.6
138.4
172.1
179.9

107.4
98.5
139.3
174.1
180.1

109.4
99.7
140.1
176.7
180.9

113.1
105.1
140.0
176.4
182.6

108.6
99.2
136.8
173.9
180.0

102.3
92.2
133.8
169.7
179.6

96.6
87.2
130.2
167.9
175.7

89.6
79.2
126.1
167.4
170.7

89.7
79.6
120.7
160.9
168.2

88.5
78.5
121.4
160.0
172.9

83.0
73.0
121.1
157.3
172.6

76.5
65.1
119.1
153.7
172.0

74.0
62.6
117.3
151.4
170.9

115.0
148.4
170.1

37
371

9.27
4.50

116.1
122.3

123.7
136.4

123.4
137.5

119.8
130.5

115.4
123.1

114.2
120.4

110.6
113.8

106.1
105.5

103.7
100.4

96.6
90.4

102.0
98.6

104.4
105.6

105.9
110.8

110.0
119.8

111.4
124.0

372-9
38
39

4.77
2.11
1.51

110.2
170.3
154.7

111.8
170.6
157.0

110.2
171.3
1.58.8

109.7
172.1
159.4

108.2
172.3
158.6

108.5
169.7
154.2

107.5
168.6
151.5

106.8
167.1
151.7

106.8
166.8
147.9

102.4 105.3
162.2 164.5
144.9 144.5

103.2
163.0
145.3

101.3
162.8
144.6

100.7
164.0
143.6

99.5
164.9
142.4

Primary m e t a l s
Iron a n d steel
F a b r i c a t e d metal p r o d u c t s .
Nonelectrical m a c h i n e r y . . .
Electrical m a c h i n e r y

31 T r a n s p o r t a t i o n e q u i p m e n t
32
M o t o r vehicles a n d p a r t s
33
A e r o s p a c e a n d miscellaneous
transportation equipment
34 I n s t r u m e n t s
35 Miscellaneous m a n u f a c t u r e s . . . .

124.7

70.9

Gross value (billions of 1972 dollars, a n n u a l rates)

MAJOR MARKET

36 P r o d u c t s , total

507.4'

612.3

622.2

619.2

621.4

616.5

611.5

605.0

597.6

592.8

577.4

588.1

586.8

583.5

585.9

582.7

37 Final
38
Consumer goods
39
Equipment
40 I n t e r m e d i a t e

390.9'
277.5'
113.4'
116.6'

474.1
318.0
156.1
138.2

482.4
324.3
158.1
139.8

480.5
322.1
158.5
138.7

481.9
324.0
157.9
139.5

476.4
319.3
157.1
140.1

473.0
317.7
155.3
138.4

470.1
314.3
155.8
134.9

465.2
310.5
154.7
132.4

462.3
307.2
155.1
130.5

448.8 457.1
298.9 306.3
149.9 150.8
128.7 131.1

456.6
306.9
149.7
130.2

455.0
308.4
146.7
128.5

458.0
311.6
146.3
127.9

455.6
312.0
143.5
127.1

1. 1972 dollar value.
NOTE. Published g r o u p i n g s include s o m e series and subtotals not shown separately. For description a n d historical d a t a , see Industrial Production—1976
Revision
( B o a r d of G o v e r n o r s of the F e d e r a l R e s e r v e System: W a s h i n g t o n , D . C . ) . D e c e m ber 1977.




A50
2.14

Domestic Nonfinancial Statistics • July 1982
HOUSING AND

CONSTRUCTION

Monthly figures are at seasonally adjusted annual rates except as noted.
1981
Item

1979

1980

1982

1981
Oct.

Nov.

Dec.

Jan

Feb.r

Mar.r

Apr.'

May

Private residential real estate activity (thousands of units)
N E W UNITS

1 Permits authorized
2
1-family
3
2-or-more-family

1,552
981
571

1.191
710
481

986
564
421

738
400
338

743
413
330

797
454
343

803
450
353

436

356

851
460
391

879
450
429

969
492
477

4 Started
5
1-family
6
2-or-more-family

1.745
1,194
551

1.292
852
440

1.084
705
379

854
507
347

860
554
306

882
550
332

885
592
293

945
568
377

931
621
310

888
572
316

1.086
622
464

7 Under construction, end of period 1 .
8
1-family
9
2-or-more-family

1,140
639
501

896
515
382

682
382
301

731
410
321

705
397
309

689
391
298

684
394
291

688
400
288

682
399
283

676
395
281

1,855
1,286
569

1.502
957
545

1,266
818
447

1.265
725
540

1.067
673
394

1,114
676
438

1.063
640
423

920
545
375

929
587
342

965
587
378

111

222

241

208

207

206

211

251

252

255

709
402

545
342

436
278

359
291

388
282

456
272

399
275

376
274

385
269

345
264

62.8

64.7

68.8

69.6

71.2

68.4

66.2

65.7

67.3

70.3

70.0

71.9

76.4

83.1

82.5

85.3

82.8

78.0

80.7

83.3

85.6

88.1

3,701

2,881

2.350

1.930

1.900

1.940

1.860

1.950

1,990

1,910

1.910

55.5
64.0

62.1
72.7

66.1
78.0

66.0
76.6

65.9
77.5

66.6
78.6

66.4
79.8

66.9
78.8

67.0
79.1

67.1
79.4

67.9
80.9

10 Completed
11
1-family
12
2-or-more-family
13 Mobile homes shipped
Merchant builder activity in 1-family
units
14 Number sold
15 Number for sale, end of period 1 . . .

792

391
258

2

Price (thousands of dollars)
Median
Units sold
Average
17
Units sold
16

EXISTING UNITS ( 1 - f a m i l y )

18 Number sold
Price of units sold f thousands of
dollars)2
19 Median
20 Average

Value of new construction 3 (millions of dollars)'
CONSTRUCTION

21 Total put in place

230,412

230,748

238,198

230,820

230,010

228,755

225,086

222,615

224,583

226,237

229,151

22 Private
23
Residential
24
Nonresidential, total
Buildings
25
Industrial
26
Commercial
2/
Other
28
Public utilities and other

181,620
99,028
82,592

175.697
87.261
88.436

185.222
86.566
98,656

180.003
78.222
101.781

178.128
76.167
101.961

176.562
75.829
100.733

175.493
73.737
101.756

173.026
69.161
103.865

173.605
70.040
103.565

175,382
72.470
102.912

179.990
75.004
104,986

14,953
24,919
7.427
35.293

13,839
29.940
8.654
36.003

17.031
34,243
9.543
37.839

18.548
34.606
9.713
4.914

18,356
35.667
9.419
38.519

16.622
36.382
9.223
38.506

17.113
36.161
9.558
38.924

17.211
36.841
10.002
39.811

16.641
38,362
9.880
38.682

15,882
38.437
9,897
38.696

17,756
37.130
10.587
39.513

48,792
1.647
11.997
4.587
30.561

55.050
1.880
13,807
5.090
34.273

52.979
1.964
13,304
5.225
32.486

50.817
1,913
11.863
5.239
31,802

51.882
1.935
12.798
4.906
32.243

52.193
1.955
12.732
4.884
32.622

49.593
2.092
11.479
5.232
30.790

49.589
1.459
12.422
5.301
30.407

50.977
2.317
13,307
5,056
30,297

50,855
1.895
12,113
5.180
31,667

49,161
2.101
11.791
4.893
30.376

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 prior periods because of changes by the Bureau of the Census in its
estimating techniques. For a description of these changes see Construction Reports
(C-30-76-5), issued by the Bureau in July 1976.




NOTE. Census Bureau estimates for all series except (a) mobile homes, which
are private, domestic shipments as reported by the Manufactured Housing Institute
and seasonally adjusted by the Census Bureau, and (b) sales and prices of existing
units, which are published by the National Association of Realtors. All back and
current figures are available from originating agency. Permit authorizations are
those reported to the Census Bureau from 16.000 jurisdictions beginning with 1978.

Prices
2.15

CONSUMER AND PRODUCER

A51

PRICES

Percentage changes based on seasonally adjusted data, except as noted
12 months to

1982

1982

1981

Item
1981
May

1 month to

3 months (at annual rate) to

1982
May
June

Sept.

Dec.

Mar.

Jan.

Feb.

Mar.

Apr.

May

Index
level
May
1982
(1967
= 100)'

CONSUMER PRICES2
1

All items

i Commodities
Food
3
4
Commodities less food
5
Durable
6
Nondurable
7 Services
8
Rent
9
Services less rent
Other groupings
11) All items less food
11 All items less food and energy
12 Homeownership

9.8

6.7

8.1

12.8

5.4

1.0

.3

8.9
8.8
8.8
8.1
9.6
11.3
9.0
11.6

3.8
4.8
3.4
7.1
-.8
10.7
7.7
11.2

3.2
2.2
3.8
9.7
- 1.4
14.8
7.7
15.8

8.5
7.7
9.0
10.8
4.6
19.2
10.2
20.4

3.6
1.7
4.3
1.2
3.8
7.8
9.0
7.6

-.8
3.9
-2.6
3.5
-4.9
3.5
5.9
3.3

.1
.7
-.1
i
i
.5
.6
.5

10.1
9.5
10.3

7.1
8.7
9.4

9.3
11.6
16.9

13.9
15.0
21.5

6.2
5.6
.3

.9
3.0
-2.4

.3
-.1

10.8
10.7
9.0
11.2
10.9
11.1

3.0
2.2
3.8
1.7
6.0
1.3

7.1
6.4
3.5
7.6
10.0
8.0

3.4
2.8
1.6
3.2
5.7
5.2

5.5 r
4.5 r
-3.9r
7.8'
9.7
2.1'

.3
-.1
6.0
-2.2
2.1
-1.4

27.1
7.2

-4.5
.7

16.1
6.4

1.1
-18.2

-6.0'"
-25.5

- 18.1
23.3

.2

1.0

287.1

.6
.0
.4
-.8
.4
.4
.4

-.5
-.4
-.5
i
-.7
.0
.5
.0

-.3
.3
-.5
.6
-2.2
.9
.2
1.0

.9
.8
.9
1.4
.7
.9
.8
1.0

261.5
285.5
247.8
239.8
256.2
331.8
221.8
352.8

.2
.4
.4

-.2
.0
-.9

.2
.8
1.3

1.0
.9
1.8

286.0
274.9
377.4

- .3 r

- .5''
-.3

-.1
-.3
-.2
-.4
.5
-.3

.1
.0
1.6
-.7
.4
-.8

.0
-.1
.7
-.4
.4
.0

277.7
277.6
262.3
281.6
278.3
314.6

- 2.0 r
.7

-2.0
.2

-.2
3.5

1.7
2.7

470.4
262.3

.2

-.3

PRODUCER PRICES

13 Finished goods
14
Consumer
15
Foods
16
Excluding foods
17
Capital equipment
18 Intermediate materials 1
Crude materials
19
Nonfood
20
Food

1. Not seasonally adjusted.
2. Figures for consumer prices are those for all urban consumers.




.6'
1.1
,4 r

-.9'
4.4

.5

3. Excludes intermediate materials for food manufacturing and manufactured
animal feeds.
SOURCE. Bureau of Labor Statistics.

A52
2.16

Domestic Nonfinancial Statistics • July 1982
GROSS NATIONAL PRODUCT A N D INCOME
Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates.
1981
Account

1979

1980

1982

1981
Q2

Q1

Q3

Q4

Q1r

GROSS NATIONAL PRODUCT

1 Total

2,413.9

2,626.1

2,925.5

2,853.0

2,885.8

2,965.0

2,998.3

2,998.4

1,510.9
212.3
602.2
696.3

1.672.8
211.9
675.7
785.2

1,857.8
232.0
743.2
882.6

1.810.1
238.3
726.0
845.8

1,829.1
227.3
735.3
866.5

1,883.9
236.2
751.3
896.4

1,908.3
226.4
760.3
921.5

1,946.7
237.4
762.4
946.9

415.8
398.3
279.7
96.3
183.4
118.6
113.9

395.3
401.2
296.0
108.8
187.1
105.3
100.3

450.5
434.4
328.9
125.7
203.1
105.5
100.0

437.1
432.7
315.9
117.2
198.7
116.7
111.4

458.6
435.3
324.6
123.1
201.5
110.7
105.4

463.0
435.6
335.1
128.3
206.8
100.5
94.9

443.3
434.0
339.8
134.3
205.5
94.2
88.4

393.8
430.6
338.4
135.3
203.1
92.2
86.6

17.5
13.4

-5.9
-4.7

16.2
13.8

4.5
6.8

23.3
21.5

27.5
23.1

9.4
3.7

-36.8
-35.7

15 Net exports of goods and services
16
Exports
17
Imports

13.4
281.3
267.9

23.3
339.8
316.5

26.0
367.3
341.3

29.2
367.4
338.2

20.8
368.2
347.5

29.3
368.0
338.7

24.7
365.6
341.0

31.5
356.9
325.4

18 Government purchases of goods and services
19
Federal
20
State and local

473.8
167.9
305.9

534.7
198.9
335.8

591.2
230.2
361.0

576.5
221.6
354.9

577.4
219.5
357.9

588.9
226.4
362.5

622.0
253.3
368.7

626.4
. 253.6
372.8

2,396.4
1,055.9
451.2
604.7
1,097.2
260.8

2,632.0
1,130.4
458.6
671.9
1,229.6
266.0

2,909.4
1,272.3
506.9
765.4
1,371.7
281.6

2,848.5
1,247.5
501.4
746.1
1,317.1
288.4

2,862.5
1,257.0
516.9
740.1
1,344.7
284.1

2,937.6
1,298.3
525.2
773.0
1,390.5
276.3

2,989.0
1,286.4
484.2
802.2
1,434.4
277.5

3,035.3
1,263.2
459.8
803.4
1,460.1
275.1

17.5
11.5
6.0

-5.9
-4.0
-1.8

16.2
7.4
8.8

4.5
-4.2
8.6

23.3
18.5
4.8

27.5
18.6
8.9

9.4
-3.3
12.7

-36.8
-35.9
-0.9

1,483.0

1,480.7

1,510.3

1,516.4

1,510.4

1,515.8

1,498.4

1,484.5

31 Total

1,963.3

2,121.4

2,347.2

2,291.1

2,320.9

2,377.6

2,399.1

2,398.0

32 Compensation of employees
Wages and salaries
33
34
Government and government enterprises
35
Other
36
Supplement to wages and salaries
37
Employer contributions for social insurance
38
Other labor income

1,460.9
1,235.9
235.9
1,000.0
225.0
106.4
118.6

1,596.5
1,343.6
253.6
1,090.0
252.9
115.8
137.1

1,771.6
1,482.8
273.9
1,208.8
288.8
134.7
154.1

1.722.4
1,442.9
267.1
1,175.7
279.5
131.5
148.0

1,752.0
1,467.0
270.5
1,196.4
285.1
133.2
151.8

1,790.7
1,498.7
274.7
1,224.0
292.0
135.6
156.3

1,821.3
1,522.5
283.2
1,239.2
298.8
138.4
160.4

1,844.7
1,538.5
287.1
1,251.3
306.2
142.4
163.8

131.6
100.7
30.8

130.6
107.2
23.4

134.8
112.4
22.4

132.1
113.2
18.9

134.1
112.5
21.7

137.1
112.4
24.7

135.9
111.5
24.4

127.6
110.7
16.9

2
3
4
5

By source
Personal consumption expenditures
Durable goods
Nondurable goods
Services

6 Gross private domestic investment
7
Fixed investment
8
Nonresidential
9
Structures
1U
Producers' durable equipment
11
Residential structures
12
Nonfarm
13
14

Change in business inventories
Nonfarm

By major type of product
21 Final sales, total
22
Goods
23
Durable
24
Nondurable
25
Services
26
Structures
27 Change in business inventories
28
Durable goods
29
Nondurable goods
30 MEMO: Total GNP in 1972 dollars
NATIONAL INCOME

39 Proprietors' income 1
40
Business and professional 1
41
Farm 1
42 Rental income of persons 2
43 Corporate profits 1
44
Profits before tax 3
45
Inventorv valuation adjustment
46
Capital consumption adjustment
47 Net interest
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.




30.5

31.8

33.6

32.7

33.3

33.9

34.5

34.8

196.8
255.4
-42.6
-15.9

182.7
245.5
-45.7
-17.2

191.7
233.3
-27.7
-13.9

203.0
257.0
-39.2
-14.7

190.3
229.0
-24.0
-14.7

195.7
234.4
-25.3
-13.4

177.6
212.8
-22.3
-12.8

152.2
171.8
-9.9
-9.7

143.4

179.8

215.4

200.8

211.0

220.2

229.7

238.6

3. For after-tax profits, dividends, and the like, see table 1.49.
SOURCE. Survey of Current Business (Department of Commerce).

National Income Accounts
2.17

A53

PERSONAL INCOME A N D SAVING
Billions of current dollars; quarterly data are at seasonally adjusted annual rates. Exceptions noted.
1982

1981

Account

1979

1981

1980

Ql'

Q4

Q3

Q2

Q1

PERSONAL INCOME AND SAVING

1 Total personal income
2 Wage and salary disbursements
3
Commodity-producing industries
4
Manufacturing
5
Distributive industries
6
Service industries
7
Government and government enterprises
8
9
10
11
12
13
14
15
16
17

Other labor income
Proprietors' income 1
Business and professional 1
Farm 1
Rental income of persons 2
Dividends
Personal interest income
Transfer payments
Old-age survivors, disability, and health insurance benefits
LESS: Personal contributions for social insurance

18 EQUALS: Personal income

1,943.8

2,160.2

2,404.1

2,319.8

2,368.5

2,441.7

2,486.5

2,511.4

1,236.1
437.9
333.4
303.0
259.2
236.1

1,343.7
465.4
350.7
328.9
295.7
253.6

1,482.7
512.7
387.3
361.1
335.0
273.9

1,442.9
501.3
377.4
351.9
322.5
267.1

1.467.0
508.1
386.7
357.8
330.5
270.5

1,498.5
520.2
393.9
365.3
338.5
274.5

1,522.5
521.0
391.0
369.5
348.7
283.3

1,538.6
520.7
389.8
373.8
356.9
287.3

118.6
131.6
100.8
30.8
30.5
48.6
209.6
249.4
131.8

137.1
130.6
107.2
23,4
31.8
54.4
256.3
294.2
153.8

154.1
134.8
112.4
22.4
33.6
61.3
308.5
333.2
180.4

148.0
132.1
113.2
18.9
32.7
58.0
288.7
319.6
169.8

151.8
134.1
112.5
21.7
33.3
60.2
300.9
324.2
172.0

156.3
137.1
112.4
24.7
33.9
63.0
315.7
342.2
188.5

160.4
135.9
111.5
24.4
34.5
64.1
328.7
347.0
191.2

163.8
127.6
110.7
16.9
34.8
64.7
338.7
354.3
194.4

80.6

87.9

104.2

102.3

103.1

105.0

106.5

111.2

1,943.8

2,160.2

2,404.1

2,319.8

2,368.5

2,441.7

2,486.5

2,511.4

302.0

338.5

388.2

372.0

382.9

399.8

398.0

398.1

20 EQUALS: Disposable personal income

1,641.7

1,821.7

2,016.0

1,947.8

1,985,6

2,042.0

2,088.5

2,113.3

21

LESS: Personal outlays

1,555.5

1,720.4

1,908.4

1,858.9

1,879.0

1,935.1

1,960.5

1,999.5

22 EQUALS: Personal saving

86.2

101.3

107.6

88.9

106.6

106.9

128.0

113.8

6,588
4,135
4,493
5.2

6,503
4,108
4,473
5.6

6,570
4,171
4,526
5.3

6,619
4,191
4,511
4.6

6,581
4,162
4,517
5.4

6,585
4,184
4,535
5.2

6,494
4,150
4,541
6.1

6,421
4,176
4,532
5.4

412.0

401.9

455.5

442.6

465.3

469.4

444.7

401.5

398.9
86.2
59.1
-42.6

432.9
101.3
44.3
-45.7

480.1
107.6
50.8
-27.7

451.1
88.9
55,7
-39.2

475.3
106.6
52,0
-24.0

486.2
106.9
52.8
-25.3

507.7
128.0
42.9
-22.3

488.6
113.8
31.7
-9.9

155.4
98.2
.0

175.4
111.8
.0

197.7
123.9
.0

187.5
119.0
.0

194.6
122.0
.0

201.1
125.4
.0

207.7
129.1
.0

211.7
131.3
.0

11.9
-14.8
26.7

-32.1
-61.2
29.1

-25.7
-62,4
36.7

-9.7
-46.6
36.9

-11.2
-47.2
36.1

-17.9
-55.7
37.8

-64.1
-100.0
35.9

-87.2
-123.5
36.3

19

LESS: Personal tax and nontax payments

MEMO:

Per capita (1972 dollars)
23
Gross national product
24
Personal consumption expenditures
25
Disposable personal income
26 Saving rate (percent)
G R O S S SAVING

27 Gross saving
28
29
30
31

Gross private saving
Personal saving
Undistributed corporate profits 1
Corporate inventory valuation adjustment

Capital consumption
allowances
32 Corporate
33 Noncorporate
34 Wage accruals less disbursements
35 Government surplus, or deficit ( - ) , national income and product
36
37

Federal
State and local

38 Capital grants received by the United States, net
39 Gross investment

42 Statistical discrepancy
1. With inventory valuation and capital consumption adjustments.
2. With capital consumption adjustment.




1.1

1.1

1.1

1.1

1.1

1.1

1.1

.0

414.1

401.2

454.7

446.0

458.3

469.6

444.8

400.7

415.8
-1.7

395.3
5,9

450,5
4.2

437.1
8.8

458.6
-.2

463,0
6.5

443.3
1.5

393.8
7.0

2.2

-.7

-.8

3.4

-6.9

.2

.2

-.7

SOURCE. Survey of Current Business (Department of Commerce).

A54
3.10

International Statistics • July 1982
U.S. I N T E R N A T I O N A L TRANSACTIONS

Summary

Millions of dollars; quarterly data are seasonally adjusted except as noted. 1
1981 r
Item credits or debits

1980

1979

1982

1981'
Q2

Q1

03

Ql^

04

-466

1,520

4,471

3.245
3.037

1,399
1,975

751
-1,834

-927
1.293

1,180
844

-27.346
184.473
-211.819
-2.035
31.215
3.262

-25.338
224.237
-249.575
-2.472
29,910
6.203

-27,889
236,254
-264,143
-1,541
33,037
7,472

-4.312
60.683
-64.995
-487
8,123
1,343

-6.547
60.284
-66.831
-587
8,201
1,842

- 7,845
57.694
-65.539
61
8,183
2,160

-9,185
57,593
-66,778
-528
8.529
2.127

-6,059
55,610
-61,669
213
6,980
2,036

-2.011
-3.549

-2.101
-4.681

-2,104
-4,504

-462
-960

-524
-986

-558
-1,250

-562
-1.308

-525
-1,465

11 Change in U.S. government assets, other than official reserve assets, net (increase, - )

-3.743

-5.126

-5,137

-1,375

-1.518

-1,257

-987

-909

12 Change in U.S. official reserve assets (increase, - )
13
Gold
14
Special drawing rights (SDRs)
15
Reserve position in Internationa! Monetary Fund
16
Foreign currencies

- 1.133
-65
-1.136
-189
257

-8.155
0
-16
-1,667
-6.472

-5.175
0
-1.823
-2,491
-861

-4,529
0
1.441
-707
-2.381

-905
0
-23
-780
-102

-4
0
-225
-647
868

262
0
-134
-358
754

-1,089
0
-400
-547
-142

17 Change in U.S. private assets abroad (increase, - ) 3
18
Bank-reported claims
19
Nonbank-reported claims
20
U.S. purchase of foreign securities, net
21
U.S. direct investments abroad, net 3

-59.469
-26.213
-3.307
-4.726
-25.222

-72.746
-46.838
-3.146
-3.524
- 19.238

-98.982
-84.531
- 331
-5,429
-8,691

-16.892
-11.634
-3.148
-458
- 1.652

- 19.143
- 14.998
2,470
-1.511
-5,104

- 15,996
- 15,254
855
-618
-979

-46,952
-42,645
-508
-2.843
-956

-36,225
-34,685
n.a.
-408
-1,132

22 Change in foreign official assets in the United States
(increase, + )
23
U.S. Treasury securities
24
Other U.S. government obligations
25
Other U.S. government liabilities 4
26
Other U.S. liabilities reported by U.S. banks
27
Other foreign official assets 5

- 13.697
-22.435
463
-73
7.213
1.135

15.442
9.708
2.187
561
- 159
3.145

4.785
4,983
1,289
-69
-4,083
2,665

5.361
7.242
454
-55
-3,109
829

-2,860
-2.063
536
48
-2.028
647

-5,835
-4,635
545
-337
-2,382
974

8.119
4.439
-246
275
3.436
215

-3,173
-1,347
-296
-305
-1,441
216

28 Change in foreign private assets in the United States
(increase, + ) "
29
U.S. bank-reported liabilities
30
U.S. nonbank-reported liabilities
31
Foreign private purchases of U.S. Treasury securities, net
32
Foreign purchases of other U.S. securities, net
33
Foreign direct investments in the United States, net 3 . . . .

52.157
32.607
1.362
4.960
1.351
11.877

39.042
10.743
6.530
2.645
5.457
13.666

73.136
41.262
532
2.932
7.109
21.301

3,109
-3,793
147
1.390
2.419
2.946

16.324
7.663
-162
750
3.533
4,540

22.715
16,916
1,006
-446
761
4.478

30.988
20,476
-457
1.238
396
93.316

29,001
25,477
n.a.
1,124
1,363
10,317

34 Allocation of SDRs
35 Discrepancy

1.139
25.212

1.152
28.870

1.093
25.809

1,093
9.988
-829

0
6.703
503

0
-374
-2.144

0
9.497
2,474

0
11,214
-875

25.212

28.870

25,809

10.817

6.200

1.770

7.023

12.089

1 Balance on c u n e n t account
3
4
5
6
7
8
9
10

37

Merchandise trade balance 2
Merchandise exports
Merchandise imports
Military transactions, net
Investment income, net 3
Other service transactions, net
Remittances, pensions, and other transfers
U.S. government grants (excluding military)

Statistical discrepancy in recorded data before seasonal
adjustment
MEMO:

Changes in official assets
U.S. official reserve assets (increase.
Foreign official assets in the United States
(increase. + )
40 Change in Organization of Petroleum Exporting Countries
official assets in the United States (part of line 22
above)
41 Transfers under military grant programs (excluded from
lines 4. 6. and 10 above)
38
39

-1.133

-8.155

-5.175

-4.529

-905

-4

262

-1,089

-13.624

14.881

4.854

5.416

-2,908

-5,498

7.844

-2,868

5.543

12.769

13.314

5.364

2.786

2,935

2.230

4,940

465

631

602

192

214

132

64

93

1. Seasonal factors are no longer calculated for lines 12 through 41.
2. D a t a are on an international accounts ( I A ) basis. Differs from the Census
basis data, shown in table 3.11, for reasons of coverage and timing; military exports
are excluded from merchandise data and are included in line 6.
3. Includes reinvested earnings of incorporated affiliates.




4. Primarily associated with military sales contracts and other transactions arranged with or through foreign official agencies.
5. Consists of investments in U.S. corporate stocks and in debt securities of
private corporations and state and local governments.
NOI L.. Data are from Bureau of Economic Analysis, Survey of Current
(U.S. Department of Commerce).

Business

Trade and Reserve and Official Assets
3.11

A55

U.S. FOREIGN T R A D E
Millions of dollars; monthly data are seasonally adjusted.
1982

1981
1979

Item

1980

1981
Nov.

1

EXPORTS of domestic and foreign
merchandise excluding grant-aid
shipments

2

G E N E R A L IMPORTS including merchandise for immediate consumption plus entries into bonded
warehouses

3

Trade balance

181,860

220,626

233,677

Jan.

19,153

18,885

Feb.

Mar.

18,737

18,704

May

Apr.

18,602

17,843

18,218

209,458

244,871

261,305

22,508

19,746

22,829

19,090

20,349

17,387

20,558

-27,598

-24,245

-27,628

-3,355

-861

-4,092

-387

-1,747

456

-2,340

not covered in Census statistics, and (2) 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 transactions; military
payments are excluded and shown separately as indicated above.

NOTE. The data through 1981 in this table are reported by the Bureau of Census
data on a free-alongside-ship (f.a.s.) value basis—that is, value at the port of export.
Beginning in 1981, foreign trade of the U.S. Virgin Islands is included in the Census
basis trade data; this adjustment has been made for all data shown in the table.
Beginning with 1982 data, the value of imports are on a customs valuation basis.
The Census basis data differ from merchandise trade data shown in table 3.10,
U.S. International Transactions Summary, for reasons of coverage and timing. On
the export side, the largest adjustments are: (1) the addition of exports to Canada

3.12

Dec.

SOURCE. FT900 "Summary of U.S. Export and Import Merchandise Trade"
(U.S. Department of Commerce, Bureau of the Census).

U.S. RESERVE ASSETS
Millions of dollars, end of period
1982

1981
1978

Type

1979

1980
Dec.

Feb.

Jan.

Mar.

Apr.'

May

June

1

Total1

18,650

18,956

26,756

30,075

30,098

30,060

29,944

31,552

30,915

30,671

2

Gold stock, including Exchange Stabilization Fund 1

11,671

11.172

11,160

11,151

11,151

11.150

11,150

11.149

11,149

11,149

3

Special drawing rights 2 - 3

1,558

2,724

2,610

4,095

4,176

4,359

4,306

4,294

4,521

4,461

4

Reserve position in International Monetary Fund 2

1,047

1,253

2,852

5.055

5.237

5,275

5,367

6,022

6,099

6,062

5

Foreign currencies 4 - 5

4,374

3,807

10,134

9.774

9,534

9,276

9,121

10,097

9,146

8,999

3. Includes allocations by the International Monetary Fund of SDRs as follows:
$867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; $710 million on Jan. 1,
1972; $1,139 million on Jan. 1, 1979; $1,152 million on Jan. 1, 1980; and $1,093
million on Jan. 1, 1981; plus net transactions in SDRs.
4. Beginning November 1978, valued at current market exchange rates.
5. Includes U.S. government securities held under repurchase agreement against
receipt of foreign currencies, if any.

1. Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table
3.13.
2. Beginning July 1974, the IMF adopted a technique for valuing the SDR based
on a weightecfaverage 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.

3.13

FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS
Millions of dollars, end of period
1981
Assets

1978

1979

Dec.
1 Deposits
Assets held in custody
2 U.S. Treasury securities'
3 Earmarked gold 2

Jan.

Feb.

Mar.

Apr.

May

June

367

429

411

505

333

416

421

966

308

585

117,126
15,463

95,075
15,169

102,417
14,965

104,680
14,804

104,631
14,802

103,557
14,791

103.964
14,798

102,346
14,788

102,112
14,778

103,292
14,777

1. Marketable U.S. Treasury bills, notes, and bonds; and nonmarketable U.S.
Treasury securities payable in dollars and in foreign currencies.
2. The value of earmarked gold increased because of the changes in par value
of the U.S. dollar in May 1972 and in October 1973.




1982

1980

NOTE. Excludes deposits and U.S. Treasury securities held for international and
regional organizations. Earmarked gold is gold held for foreign and international
accounts and is not included in the gold stock of the United States,

A56
3.14

International Statistics • July 1982
FOREIGN BRANCHES OF U.S. BANKS

Balance Sheet Data

Millions of dollars, end of period
1982

1981
1979

1980
Oct.

Nov.

Dec.'

Jan. '

Feb.

r

Mar.

Apr.P

All foreign countries
1 Total, all currencies
2 Claims on United States
3
Parent bank
4
Other
5 Claims on foreigners
6
Other branches of parent bank
8
9

Public borrowers 2
Nonbank foreigners

10 Other assets
11 Total payable in U.S. dollars
12 Claims on United States
13
Parent bank
14
Other
15 Claims on foreigners
16
Other branches of parent bank
17
Banks
18
Public borrowers 2
19
Nonbank foreigners
20 Other assets

306,795

364,409

401,135

444,654

462,810

462,635

459,788

461,115

463,600

460,312

17,340
12,811
4,529

32,302
25,929
6,373

28,460
20,202
8,258

41,554
26,833
14,721

44,562
26,540
18,022

63,532
42,940
20,592

66,864
46,712
20,152

67,266
45,128
22,138

72,993
48,749
24,244

77,940
53,841
24,099

278,135
70,338
103,111
23,737
80,949

317,330
79,662
123,420
26,097
88,151

354,960
77,019
146,448
28,033
103,460

383,463
83,597
156,833
30,211
112,822

397,825
89,269
161,510
30,181
116,865

379,096
87,840
150,889
28,193
112,174

372,985
91,917
145,488
26,564
109,016

374,070
91,063
146,321
26,847
109,839

371,403
89,598
146,939
26,307
108,559

362,830
86,226
142,311
25,599
108,694

11,320

14,777

17,715

19,637

20,423

20,007

19,939

19,779

19,204

19,542

224,940

267,713

291,798

336,839

348,953 r

350,564

351,057

353,001

355,511

351,313

16,382
12,625
3,757

31,171
25,632
5,539

27,191
19,896
7,295

40,370
26,639
13,731

43,279 r
26,355 '
16,924

61,935
42,397
19,538

65,337
46,155
19,182

65,711
44,535
21,176

71,474
48,160
23,314

76,409
53,358
23,051

203,498
55,408
78,686
19,567
49,837

229,120
61,525
96,261
21,629
49,705

255,391
58,541
117,342
23,491
56,017

284,590
65,859
127,944
25,199
65,588

293,690
69,938
131,576
25,121
67,055

276,962
69,382
122,257
22,859
62,464

273,532
74,880
117,109
21,176
60,367

275,328
74,519
118,231
21,479
61,099

272,273
73,122
117,351
20,624
61,176

263,012
69,409
113,638
20,170
59,795

5,060

7,422

9,216

11,879

11,984

11,667

12,188

11,962

11,764

11,892

United Kingdom
21 Total, all currencies
22 Claims on United States
23
Parent bank
24
Other
25 Claims on foreigners
26
Other branches of parent bank
27
Banks
28
Public borrowers 2
29
Nonbank foreigners
30 Other assets
31 Total payable in U.S. dollars
32 Claims on United States
33
Parent bank
34
Other
35 Claims on foreigners
36
Other branches of parent bank
37
Banks
38
Public borrowers 2
39
Nonbank foreigners
40 Other assets

106,593

130,873

144,717

153,615

161,531

157,229

157,892

162,351

161,471

159,481

5,370
4,448
922

11,117
9,338
1,779

7,509
5,275
2,234

9,668
6,351
3,317

9,315
5,162
4,153

11,823
7,885
3,938

12,045
8,374
3,671

13,458
9,618
3,840

13,604
9,599
4,005

17,676
13,254
4,422

98,137
27,830
45,013
4,522
20,772

115,123
34,291
51,343
4,919
24,570

131,142
34,760
58,741
6,688
30,953

137,879
38,799
59,307
7,305
32,468

145,889
41,476
63,044
7,463
33,906

138,888
41,367
56,315
7,490
33,716

139,843
43,358
56,164
7,249
33,072

142,623
43,361
57,975
7,370
33,917

142,031
43,925
56,940
7,541
33,625

135,634
39,811
55,545
6,822
33,456

3,086

4,633

6,066

6,068

6,327

6,518

6,004

6,270

5,836

6,171

75,860

94,287

99,699

112,064

117,454

115,188

116,870

121,432

120,432

117,914

5,113
4,386
727

10,746
9,297
1,449

7,116
5,229
1,887

9,201
6,299
2,902

8,811
5,110
3,701

11,249
7,724
3,525

11,574
8,234
3,340

12,966
9,456
3,510

13,103
9,446
3,657

17,182
13,127
4,055

69,416
22,838
31,482
3,317
11,779

81,294
28,928
36,760
3,319
12,287

89,723
28,268
42,073
4,911
14,471

98,934
32,698
43,345
5,485
17,406

104,741
34,905
46,463
5,500
17,873

99,847
35,436
40,703
5,595
18,113

101,337
37,739
40,610
5,423
17,565

104,286
38,122
42,453
5,467
18,244

103,239
38,794
40,732
5,630
18,353

96,595
34,240
40,070
4,717
17,568

1,331

2,247

2,860

3,929

3,902

4,092

3,959

4,180

4,090

4,137

Bahamas and Caymans
41 Total, all currencies
42 Claims on United States
44

Other

45 Claims on foreigners
46
Other branches of parent bank
47
Banks
48
Public borrowers 2
49
Nonbank foreigners
50 Other assets
51 Total payable in U.S. dollars

91,735

108,977

123,837

142,687

148,557

149,051

146,516

142,853

143,764

142,916

9,635
6,429
3,206

19,124
15,196
3,928

17,751
12,631
5,120

26,741
16,717
10,024

29,909
17,665
12,244

46,343
31,323
15,020

49,607
34,849
14,758

49,060
32,262
16,798

54,012
34,935
19,077

55,544
36,772
18,772

79,774
12,904
33,677
11,514
21,679

86,718
9,689
43,189
12,905
20,935

101,926
13,342
54,861
12,577
21,146

110,781
13,066
60,220
12,637
24,858

113,486
13,972
61,337
12,741
25,436

98,205
12,951
55,303
10,006
19,945

92,509
15,101
50,714
8,709
17,985

89,405
14,384
48,955
8,580
17,486

85,441
12,035
47,845
7,980
17,581

83,088
12,640
45,732
7,847
16,869

2,326

3,135

4,160

5,165

5,162

4,503

4,400

4,388

4,311

4,284

85,417

102,368

117,654

136,854

142,632

143,686

141,379

137,842

138,718

137,804

1. In May 1978 the exemption level for branches required to report was increased,
which reduced the number of reporting branches.




2. In May 1978 a broader category of claims on foreign public borrowers, ineluding corporations that are majority owned by foreign governments, replaced
the previous, more narrowly defined claims on foreign official institutions.

Overseas Branches
3.14

A57

Continued

1982

1981
T ' U-L".

1Q7R1
Oct.

Nov.

Dec.

Jan. r

Feb. r

Mar.

Apr .P

All foreign countries
52 Total, all currencies
53 To United States
54
Parent bank
55
Other banks in United States
Nonbanks
56
57 To foreigners
58
Other branches of parent bank
59
Banks
60
Official institutions
61
Nonbank foreigners
62 Other liabilities
63 Total payable in U.S. dollars
64 To United States
65
Parent bank
66
Other banks in United States
67
Nonbanks
68 To foreigners
69
Other branches of parent bank
70
Banks
71
Official institutions
Nonbank foreigners
72
73 Other liabilities

306,795

364,409

401,135

444,654

462,810

462,635

459,788

461,115

463,600

460,312

58.012
28,654
12,169
17,189

66,689
24,533
13,968
28,188

91,079
39,286
14,473
37,275

120,039
45,909
16,464
57,666

128,084
49,385
16,663
62.036

137,686
56,144
19,319
62,223

143,999
55,960
19,839
68,200

145,198
55,179
22,593
67,426

150,387
58,439
24,404
67,544

152,833
56,745
26,064
70,024

238,912
67,496
97,711
31,936
41,769

283.510
77,640
122,922
35,668
47,280

295,411
75,773
132,116
32,473
55,049

305,040
82,038
128.576 r
27,685
66.741 '

316,232
87.831
132,111
24,696
71,594

305,643
86,423
124,889
25,997
68,334

296,244
85,708
118,478
25,124
66.934

296,426
84,524
118,970
24.625
68,307

293,737
85,864
117,064
23,039
67,770

287,381
84,186
111,710
22,389
69,096

9,871

14,210

14,690

19.575

18,494

19,306

19,545

19.491

19.476

20,098

230,810

273,857

303,281

349,602

360,971

364,228

363,940

366,885

369,483

366,631

55,811
27,519
11,915
16,377

64,530
23,403
13,771
27,356

88,157
37.528
14,203
36,426

117,362
44,170
16,313
56,879

125,121
47,456
16,564
61,101

134,582
54,252
19,005
61,325

141,035
53.929
19,712
67.394

142,293
53,217
22,382
66,694

147.393
56,427
24,163
66,803

149,717
54,684
25,'727
69,306

169,927
53,396
63,000
26,404
27,127

201,514
60,551
80,691
29,048
31,224

206,883
58,172
87,497
24,697
36,517

219,818
65,160
84,592 '
21,948
48,118 r

224.610
69.561
84,789
18,911
51,349

217,487
69,189
79,590
20,288
48,420

210.924
69,213
74,259
19,937
47,515

213,143
68,350
76,132
19,322
49,339

210,643
69,780
73,176
18,120
49,567

205,204
68,081
69,326
17,491
50,306

5,072

7,813

8,241

12,422

11,240

12,159

11,981

11,449

11,447

11,710

United Kingdom
74 Total, all currencies
75 To United States
76
Parent bank
77
Other banks in United States
Nonbanks
78
79 To foreigners
80
Other branches of parent bank
81
Banks
87
Official institutions
Nonbank foreigners
83
84 Other liabilities
85 Total payable in U.S. dollars
86 To United States
Parent bank
87
88
Other banks in United States
89
Nonbanks
90 To foreigners
91
Other branches of parent bank
9?
Banks
93
Official institutions
94
Nonbank foreigners
95 Other liabilities

106,593

130,873

144,717

153,615

161,531

157,229

157,892

162,351

161,471

159,481

9,730
1,887
4,189
3,654

20,986
3,104
7,693
10,189

21,785
4,225
5,716
11,844

32,960
3.542
6,054
23,364

36,316
4,045
6,652
25.619

38,022
5.444
7.502
25,076

40,740
6.385
7,313
27,042

43,185
6,592
8,973
27,620

42,246
6.078
8.607
27,561

41,886
7,902
8,449
25,535

93,202
12,786
39,917
20,963
19,536

104,032
12,567
47,620
24,202
19,643

117,438
15,384
56,262
21,412
24,380

114,415
15,544
53.634
17.442
27.795

118,401
16,090
56,239
15,089
30,983

112,255
16,545
51,336
16,517
27,857

110,064
16,298
49,622
16,110
28,034

111,590
16,719
49,937
15,965
28,969

111,497
17,480
49,616
14,608
29,793

109,629
18,358
47,549
13,908
29,814

3,661

5,855

5,494

6,240

6,814

6.952

7,088

7,576

7,728

7,966

77,030

95,449

103,440

117,346

122,362

120,277

121,407

127,029

126,359

124,248

9,328
1,836
4,101
3,391

20,552
3,054
7,651
9,847

21,080
4,078
5,626
11,376

32.408
3.484
5,976
22,948

35.706
3.956
6.611
25,139

37,325
5.343
7.249
24,733

40,248
6,268
7,289
26,691

42,646
6,497
8,884
27,265

41,650
5,976
8,489
27,185

41,198
7,803
8,271
25,124

66,216
9,635
25,287
17,091
14,203

72,397
8,446
29,424
20,192
14,335

79.636
10.474
35,388
17,024
16,750

81.260
11,121
34,312
14.415
21.412

82,766
11,457
35.141
12.133
24,035

79,041
12,055
32,298
13,612
21,076

77,491
11,928
30,995
13,497
21,071

80,744
12,417
32,249
13,418
22,660

81,060
13,365
32,090
12,196
23,409

79,444
14,102
30,415
11,568
23,359

1,486

2.500

2,724

3.678

3,890

3.911

3,668

3,639

3,649

3,606

Bahamas and Caymans
91,735

108,977

123,837

142,687

148,557

149,051

146,516

142,853

143,764

142,916

97 To United States
98
Parent bank
99
Other banks in United States
Nonbanks
100

39,431
20,482
6,073
12,876

37,719
15,267
5,204
17,248

59,666
28,181
7,379
24,106

75,991
33,387
9.349
33,255

80,161
36.066
8,971
35.124

85,704
39,250
10,620
35,834

88,967
37,777
11,185
40,005

87,364
36,683
12,176
38,505

91,694
39,146
14,267
38,281

94,024
35,799
15,855
42,370

101 To foreigners
Other branches of parent bank
102
103
Banks
104
Official institutions
Nonbank foreigners
105

50,447
16,094
23,104
4,208
7,041

68,598
20.875
33,631
4.866
9,226

61,218
17,040
29,895
4,361
9,922

62,795
20,521
25,396
4.078
12.800

64.462
23,307
24,712
3,381
13,062

60,012
20,641
23,202
3,498
12,671

54,491
20,721
18,590
3,149
12,031

52,398
19,814
18,252
2,505
11,827

49,089
18,614
16,428
2,607
11,440

45,891
17,365
14,768
2,512
11,246

96 Total, all currencies

106 Other liabilities
107 Total payable in U.S. dollars




1,857

2,660

2,953

3,901

3,934

3,335

3,058

3,091

2,981

3,001

87,014

103,460

119,657

138,094

144,034

145,227

142,728

139,247

140,092

139,437

A58
3.15

International Statistics • July 1982
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1981
Item

1 Total1
2
3
4
5
6
7
8
9
in
ii
12

By type
Liabilities reported by banks in the United States 2
U.S. Treasury bills and certificates 3
U.S. Treasury bonds and notes
Marketable
Nonmarketable 4
U.S. securities other than U.S. Treasury securities 5
By area
Western Europe 1
Canada
Latin America and Caribbean
Other countries 6

1979

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.P

May/>

149,697

164,578

164,545

169,436

167,959

166,168

166,757

165,366

167,084

30.540
47,666

30,381
56.243

23.436
49.644

26,306
52,389

24,099
52,306

24.672
48.174

25,051
47.048

26,157
43.850

27,788
42.741

37,590
17.387
16,514

41,455
14.654
21,845

53,937
11.791
25.737

53.150
11.791
25.800

53.992
11,791
25,771

56.333
11.291
25.698

57,647
11,291
25,720

58,459
11,050
25,850

59,951
10,750
25,854

85,633
1,898
6,291
52.978
2.412
485

81.592
1,562
5,688
70,784
4.123
829

63.107
2.248
5.051
91.161
1,792
1.186

65,218
2,403
6.934
91.790
1.849
1,242

63,048
2.369
5.923
94.137
1,649
833

62.034
1.669
6.283
93.559
1.474
1.149

60,364
1,647
6.562
95,247
1,337
1,600

57,387
1,721
6.961
94,875
1,823
2,599

57,463
1,329
7,248
95,919
1,381
3,744

5. Debt securities of U.S. government corporations and federally sponsored
agencies, and U.S. corporate stocks and bonds.
6. Includes countries in Oceania and Eastern Europe.

1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial
paper, negotiable time certificates of deposit, and borrowings under repurchase
agreements.
3. Includes nonmarketable certificates of indebtedness (including those payable
in foreign currencies through 1974) and Treasury bills issued to official institutions
of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes bonds
and notes payable in foreign currencies.

3.16

1982

1980

NOTE. Based on Treasury Department data and on data reported to the Treasury
Department by banks (including Federal Reserve Banks) and securities dealers in
the United States.

LIABILITIES TO A N D CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in Foreign Currencies
Millions of dollars, end of period
1981
Item

1978

1979

June
1 Banks' own liabilities
2 Banks' own claims 1
Deposits
T
4
Other claims
5 Claims of banks' domestic customers 2
1. Includes claims of banks' domestic customers through March 1978.
2. Assets owned by customers of the reporting bank located in the United States
that represent claims on foreigners held by reporting banks for the accounts of
their domestic customers.




2,406
3.671
1.795
1,876
358

1.918
2.419
994
1.425
580

1982

1980

3.748
4,206
2.507
1.699
962

3,031
3.699
2,050
1,649
347

Sept.
2,878
4,078
2.409
1.669
248

Dec.
3.740
5,173
3.403
1,770
971

Mar.
4,391
5,788
3,979
1,810
944

NOTE. Data on claims exclude foreign currencies held by U.S. monetary authorities.

Nonbank-Reported
3.17

LIABILITIES TO FOREIGNERS
Payable in U.S. dollars

Data

A59

Reported by Banks in the United States

Millions of dollars, end of period
1982

1981
Holder and type of liability

1978

1979

1980
Nov.

Dec.

Jan.

Feb.

Mar.r

Apr.

May?

166,842

187,521

205,297

209,024

242,533

250,432

253,583

261,219

265,995

274,159

78,661
19,218
12,427
9,705
37,311

117,196
23,303
13,623
16,453
63,817

124,791
23,462
15,076
17,583
68,670

133,308
21,127
18,101
14,129
79,951

162,433
19,677
29,381
17,371
96,003

170,972
18,334
31,161
16,451
105,026

178,882
17,808
36,273
16,963
107,838

187,559
16,498
43,597
18,989
108,475

194,637
18,159
48,175
18,655
109,648

203,001
17,614
53,391
20,126
111,870

88.181
68,202

70,325
48,573

80,506
57,595

75,717
52,005

80,100
55,312

79,460
55,131

74,701
51,142

73,660
50,152

71,358
47,353

71,158
46,476

17,472
2,507

19,396
2.356

20,079
2,832

18,269
5,442

18,819
5,970

18,842
5,487

18,718
4,842

18,901
4,607

19,326
4,679

20,672
4,010

2,607

2,356

2,344

2,317

2,721

2,148

2,091

2,045

2,033

3,034

906
330
84
492

714
260
151
303

444
146
85
212

555
388
74
93

638
262
58
318

373
130
86
156

298
135
76
87

445
209
141
96

593
149
276
168

1,267
185
466
616

1,701
201

1,643
102

1,900
254

1,762
142

2,083
541

1,775
217

1,792
277

1,599
109

1,439
142

1,767
253

1.499
1

1,538
2

1,646
0

1,621
0

1,542
0

1,558
0

1,515
0

1,490
0

1,297
0

1,514
0

20 Official institutions8

90,742

78,206

86,624

73,080

78,696

76,405

72,846

72,099

70,007

70,529

21 Banks' own liabilities
Demand deposits
22
23
Time deposits'
24
Other 2

12,165
3,390
2,560
6,215

18,292
4,671
3,050
10,571

17,826
3,771
3,612
10,443

14,214
2,459
1,910
9,846

16,672
2,612
4,192
9,868

14,626
2,404
3,684
8.538

14,919
2,385
4,236
8,297

15,326
2,277
4,866
8,183

16,943
3,240
5,555
8,148

17,711
2,879
5,754
9,078

25 Banks' custody liabilities 4
26
U.S. Treasury bills and certificates 5
Other negotiable and readily transferable
27
instruments 6
Other
28

78,577
67,415

59,914
47,666

68,798
56,243

58,866
49,644

62,024
52,389

61,778
52,306

57,927
48,174

56,773
47,048

53,064
43,850

52,818
42,741

10,992
170

12,196
52

12,501
54

9,171
51

9,587
47

9,445
27

9,717
37

9,685
40

9,029
185

10,037
40

29 Banks 9

57,423

88,316

96,415

109,204

135,167

145,577

150,537

157,787

161,084

165,437

30 Banks' own liabilities
Unaffiliated foreign banks
31
Demand deposits
32
Time deposits 1
33
Other 2
.34
35
Own foreign offices 3

52,626
15,315
11,257
1,429
2,629
37,311

83,299
19,482
13,285
1,667
4,530
63,817

90,456
21,786
14,188
1,703
5,895
68,670

98,369
18,418
12,908
1,837
3,673
79,951

123,452
27,449
11,614
9,169
6,666
96,003

133,691
28,664
10,893
10,472
7,299
105,026

139,787
31,948
10,444
13,400
8,104
107,838

146,591
38,116
9,267
18,653
10,195
108,475

148,364
38,716
9,914
18,952
9,849
109,648

152,891
41.021
10,001
21,261
9,760
111,870

4,797
300

5,017
422

5,959
623

10,835
1,584

11,715
1,683

11,886
1,853

10,751
1,876

11,197
2,213

12,720
2,592

12,546
2,698

2,425
2,072

2,415
2,179

2,748
2,588

4,169
5,082

4,421
5,611

4,858
5,176

4,405
4,470

4,729
4,255

5,968
4,160

6,097
3,751

1 All foreigners
7 Banks' own liabilities
Demand deposits
3
4
Time deposits 1
Other 2
5
6
Own foreign offices 3
7 Banks' custody liabilities 4
8
U.S. Treasury bills and certificates 5
9
Other negotiable and readily transferable
instruments 6
10
Other
11 Nonmonetary international and regional
organizations7
12 Banks' own liabilities
Demand deposits
13
14
Time deposits 1
15
Other 2
16 Banks' custody liabilities 4
17
U.S. Treasury bills and certificates
18
Other negotiable and readily transferable
instruments 6
19
Other

36 Banks' custody liabilities 4
37
U.S. Treasury bills and certificates
Other negotiable and readily transferable
38
instruments 6
39
Other
40 Other foreigners

16,070

18,642

19,914

24,424

25,949

26,303

28,109

29,288

32,871

35,158

41 Banks' own liabilities
Demand deposits
42
43
Time deposits
44
Other 2

12,964
4.242
8,353
368

14,891
5,087
8,755
1,048

16,065
5,356
9,676
1,033

20,170
5,373
14,280
517

21,671
5,189
15,963
520

22,282
4,906
16,918
458

23,878
4,843
18,561
474

25,196
4,745
19,936
515

28,737
4,855
23,393
489

31,131
4,549
25,910
672

3,106
285

3,751
382

3,849
474

4,253
635

4,278
698

4,021
755

4,231
815

4,092
782

4,134
769

4,027
784

2,557
264

3,247
123

3,185
190

3,309
309

3,268
312

2,981
284

3,081
335

2,997
313

3,032
334

3,024
219

11,007

10,984

10,745

9,985

10,547

10,470

10,916

11,169

11,548

12,603

45 Banks' custody liabilities 4
46
U.S. Treasury bills and certificates
Other negotiable and readily transferable
47
instruments 6
48
Other
49 MEMO: Negotiable time certificates of
deposit in custody for foreigners

1. Excludes negotiable time certificates of deposit, which are included in "Other
negotiable and readily transferable instruments." Data for time deposits before
April 1978 represent short-term only.
2. Includes borrowing under repurchase agreements.
3. U.S. banks: includes amounts due to own foreign branches and foreign subsidiaries consolidated in "Consolidated Report of Condition" filed with bank regulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign
banks: principally amounts due to head office or parent foreign bank, and foreign
branches, agencies or wholly owned subsidiaries of head office or parent foreign
bank.
4. Financial claims on residents of the United States, other than long-term securities, held by or through reporting banks.




5. Includes nonmarketable certificates of indebtedness and Treasury bills issued
to official institutions of foreign countries.
6. Principally bankers acceptances, commercial paper, and negotiable time certificates of deposit.
7. Principally the International Bank for Reconstruction and Development, and
the Inter-American and Asian Development Banks.
8. Foreign central banks and foreign central governments and the Bank for
International Settlements.
9. Excludes central banks, which are included in "Official institutions."

A60
3.17

International Statistics • July 1982
Continued
1981
Area and country

1978

1979

1980
Nov.

Feb.

Dec.A

Apr.

May?

1 Total

166,842

187,521

205,297

209,024

242,533

250,432

253,583

261,219

265,995

274,159

2 Foreign countries

164,235

185,164

202,953

206,708

239,812

248,284

251,492

259,174

263,962

271,124

85,172
513
2,550
1,946
346
9,214
17,283
826
7,739
2,402
1,271
330
870
3,121
18,225
157
14,272
254
3,440
82
330

90,952
413
2,375
1,092
398
10,433
12,935
635
7,782
2,337
1,267
557
1,259
2,005
17,954
120
24,700
266
4,070
52
302

90,897
523
4,019
497
455
12,125
9,973
670
7,572
2,441
1,344
374
1,500
1,737
16,689
242
22,680
681
6,939
68
370

82,302
595
3,989
306
196
7,385
7,211
428
5,656
2,351
1,642
358
954
1,508
18,937
197
24,258
380
5,394
72
486

90,622
587
4,117
333
296
8,486
7,665
463
7,290
2,773
1,457
354
916
1,545
18,878
518
28,230
375
5,798
49
493

89,708
719
3,954
512
157
8,078
6,953
469
7,104
2,808
1,245
301
1,024
1,274
18,927
336
30,581
215
4,710
69
271

91,549
647
3.252
524
292
8,042
6,668
535
6,495
2,926
1,129
275
946
1,480
18,590
216
33,773
219
5,204
52
284

93,541
545
3,002
514
273
7,792
7,698
472
4,300
3,111
1,518
272
1,136
1,358
19,199
283
35,146
223
6,256
44
400

91,962
484
2,892
613
229
6,737
6,589
457
3,693
2,963
1,666
272
1,057
1,373
20,354
364
35,474
259
6,101
37
350

97,471
454
3,075
608
212
6,312
6,949
549
3.420
2,691
1,981
276
1,114
1,425
21,706
204
39,892
237
5,960
30
376

3 Europe
4
Austria
5
Belgium-Luxembourg
6
Denmark
7
Finland
8
France
9
Germany
10
Greece
11
Italy
12
Netherlands
13
Norway
14
Portugal
15
Spain
16
Sweden
17
Switzerland
18
Turkey
19
United Kingdom
20
Yugoslavia
21
Other Western Europe 1
22
U.S.S.R
23
Other Eastern Europe 2
24 Canada

6,969

7,379

10,031

10,091

10,256

11,572

10,999

10,780

12,321

10,619

25 Latin America and Caribbean
26
Argentina
27
Bahamas
Bermuda
28
29
Brazil
30
British West Indies
31
Chile
32
Colombia
33
Cuba
34
Ecuador
35
Guatemala 3
36
Jamaica 3
37
Mexico
38
Netherlands Antilles
39
Panama
40
Peru
41
Uruguay
42
Venezuela
43
Other Latin America and Caribbean

31,638
1.484
6,752
428
1,125
5,974
398
1,756
13
322
416
52
3,467
308
2,967
363
231
3,821
1,760

49,686
1,582
15,255
430
1,005
11,138
468
2,617
13
425
414
76
4,185
499
4,483
383
202
4,192
2,318

53,170
2,132
16,381
670
1,216
12,766
460
3,077
6
371
367
97
4,547
413
4,718
403
254
3,170
2,123

62,011
2,012
23,625
624
1,285
9,524
505
2,776
7
516
444
96
6.047
2,896
4,904
473
266
3,971
2,041

84,504
2,445
34,380
765
1,548
17,692
664
2,993
9
434
479
87
7,163
3,073
4,852
694
367
4,245
2,612

92,203
2,879
43,522
680
1,608
17,868
771
2,861
7
355
485
120
6,668
3,042
3,478
594
481
4,557
2,227

94,411
2,897
43,589
855
1,803
18,783
815
2,924
10
370
519
100
7,246
3,135
3,338
531
478
4,575
2,443

98,073
3,037
44,689
1,113
1,352
18,844
951
2,654
7
513
590
129
7,646
3,434
4,190
532
323
5,120
2,948

103,481
2,736
45,455
1,165
1,462
19,472
992
2,639
6
491
569
133
8,532
3,474
4,208
620
410
8,062
3,056

105,317
2,203
44,749
1,350
1,632
19,480
1,224
2,514
25
446
583
104
8,992
3,449
4,346
753
561
9.421
3,485

44

36,492

33,005

42,420

48,632

49,810

50,658

50,290

52,607

50,343

51,091

67
502
1,256
790
449
688
21,927
795
644
427
7,534
1.414

49
1,393
1,672
527
504
707
8,907
993
795
277
15,300
1,879

49
1,662
2,548
416
730
883
16,281
1,528
919
464
14,453
2,487

200
2,147
4,090
514
985
475
19,988
1,322
736
409
13,603
4,163

158
2,082
3,950
385
640
589
20,559
2,013
876
534
13,172
4,852

183
2,227
3,946
512
1,230
546
20,051
2,146
757
369
13,623
5,068

215
2.253
4,302
414
1,241
507
20,664
2,162
739
494
13,564
3,735

257
2,213
4,195
435
1,127
449
21,955
2,138
671
340
14,799
4,028

331
2,291
4,587
544
837
539
19,294
2,355
691
517
14,346
4,011

284
2,372
4,737
623
784
562
19,008
2,191
758
474
14,405
4,893

2.886
404
32
168
43
1,525
715

3,239
475
33
184
110
1,635
804

5,187
485
33
288
57
3,540
783

2,381
328
37
202
56
830
929

3,201
360
32
420
134
1,395
860

3,065
571
36
252
33
1,207
966

2,814
339
35
368
40
1,112
920

2,398
297
36
330
69
627
1,039

3,111
411
52
308
41
1,144
1,156

2,629
382
37
305
27
846
1,031

64 Other countries
Australia
65
66
All other

1.076
838
239

904
684
220

1,247
950
297

1,291
1,065
226

1,419
1,223
196

1,078
853
225

1,430
1,204
226

1,775
1,550
225

2,744
2,543
201

3,997
3,752
245

67 Nonmonetary international and regional
organizations
International
Latin American regional
Other regional 6

2,607
1,485
808
314

2,356
1,238
806
313

2,344
1,157
890
296

2,317
1,128
797
391

2,721
1,661
710
350

2,148
1,072
17
1,059

2,091
1,082
706
303

2,045
1,081
630
334

2,033
1,259
450
323

3,034
2,064

45
46
47
48
49
50
51
52
53
54
55
56

China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle-East oil-exporting countries 4
Other Asia

57
58
59
60
61
62
63

Egypt
Morocco
South Africa
Zaire
Oil-exporting countries 5
Other Africa

68
69
70

1. Includes the Bank for International Settlements. Beginning April 1978, also
includes Eastern European countries not listed in line 23.
2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German Democratic Republic, Hungary, Poland, and Romania.
3. Included in "Other Latin America and Caribbean" through March 1978.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.




661
309

6. Asian, African, Middle Eastern, and European regional organizations, except
the Bank for International Settlements, which is included in "Other Western
Europe."
A Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift from foreign branches to international banking
facilities in the United States of liabilities to, and claims on, foreign residents.

Bank-Reported. Data
3.18

A61

BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
1982

1981
Area and country

1980

1979

1978

Nov.

Dec.A

Feb.

Jan.

Mar.'

Apr.

MayP

1 Total

115,545

133,943

172,592

208,754

250,136

255,456

264,239

276,924

287,018

300,253

2 Foreign countries

115,488

133,906

172,514

208,713

250,080

255,405

264,192

276,868

286,975

300,210

24,201
140
1,200
254
305
3,735
845
164
1,523
677
299
171
1,120
537
1,283
300
10,147
363
122
360
657

28,388
284
1,339
147
202
3,322
1,179
154
1,631
514
276
330
1,051
542
1,165
149
13,795
611
175
268
1,254

32,108
236
1,621
127
460
2,958
948
256
3,364
575
227
331
993
783
1,446
145
14,917
853
179
281
1,410

39,637
179
2,025
208
528
3,261
979
255
4,559
570
281
390
1,693
1,339
1,963
144
18,204
1,016
197
248
1,596

48,711
127
2,832
186
549
4,069
936
333
5,186
685
384
529
2,100
1,206
2,211
421
23,431
1,224
209
367
1,725

51,584
198
2,788
226
555
4,682
1,084
378
5,461
729
384
584
2,171
1,329
1,845
464
24,986
1,213
235
455
1,816

53,089
172
3,259
253
573
4,928
874
321
5,604
808
437
666
2,505
1,504
2,001
522
25,152
1,243
192
262
1,813

56,937
130
3,778
285
574
5,579
1,123
325
5,333
956
447
724
2,619
1,550
1,709
496
27,784
1,200
317
218
1,790

59,319
220
3,848
266
525
5,042
1,483
279
5,099
750
452
813
2,499
1,441
1,564
487
30,857
1,238
282
419
1,755

62,272
201
3,769
284
638
5,508
1,512
262
5,853
927
416
797
2,624
1,691
1,559
573
32,108
1,202
387
251
1,711

3 Europe
4
5
Belgium-Luxembourg
6
Denmark
7
8
France
9
Germany
10
Greece
11
Italy
12
Netherlands
13
Norway
14
Portugal
15
Spain
16
Sweden
17
Switzerland
18
Turkey
19
United Kingdom
20
Yugoslavia
21
Other Western Europe 1
22
U.S.S.R
23
Other Eastern Europe 2

5,152

4,143

4,810

7,079

9,041

9,478

9,830

10,970

11,805

11,323

?.S Latin America and Caribbean
76
Argentina
27
Bahamas
28
Bermuda
29
Brazil
30
British West Indies
31
Chile
37
Colombia
33
Cuba
34
35
36
37
Mexico
38
Netherlands Antilles
39
40
Peru
41
Uruguay
42
Venezuela
43
Other Latin America and Caribbean

57,565
2,281
21,555
184
6,251
9,694
970
1,012
0
705
94
40
5,479
273
3,098
918
52
3,474
1,485

67,993
4,389
18,918
496
7,713
9,818
1,441
1,614
4
1,025
134
47
9,099
248
6,041
652
105
4,657
1,593

92,992
5,689
29,419
218
10,496
15,663
1,951
1,752
3
1,190
137
36
12,595
821
4,974
890
137
5,438
1,583

113,073
6,044
39,438
255
10,823
17,890
2,643
1,598
3
1,328
123
45
18,505
951
5,655
705
148
5,129
1,790

137,718
7,506
43,351
326
16,874
21,579
3,682
2,018
3
1,531
124
62
22,358
1,068
6,719
1,213
157
7,046
2,102

143,098
8,704
44,739
481
17,379
21,021
4,169
2,112
7
1,723
119
177
23,098
950
6,918
1,432
267
7,307
2,494

147,505
8,826
45,636
449
17,846
21,949
4,370
2,067
9
1,752
119
115
24,238
1,131
7,272
1,432
240
7,704
2,349

152,875
8,928
47,586
401
18,723
22,975
4,513
2,018
3
1,837
106
151
25,174
873
7,509
1,518
232
8,085
2,245

157,550
10,896
47,606
575
19,380
22,455
4,588
2,146
137
1,879
116
130
26,087
886
7,986
1,589
316
8,560
2,220

166,753
10,818
49,208
396
20,309
25,097
4,884
2,265
37
1,852
112
781
28,319
880
8,318
1,690
346
9,170
2,271

44

25,362

30,730

39,078

45,008

49,690

45,960

48,165

50,107

52,115

53,132

4
1,499
1,479
54
143
888
12,646
2,282
680
758
3,125
1,804

35
1,821
1,804
92
131
990
16,911
3,793
737
933
1,548
1,934

195
2,469
2,247
142
245
1,172
21,361
5,697
989
876
1,432
2,252

199
2,262
3,923
179
329
1,325
23,785
6,733
1,621
546
1,569
2,537

107
2,461
4,115
134
346
1,561
26,682
7,311
1,817
564
1,597
2,996

85
2,643
4,091
148
325
1,318
24,109
6,567
1,766
527
1,613
2,767

65
2,215
4,287
188
330
1,467
26,081
6,272
1,989
559
1,981
2,730

84
2,300
5,434
212
356
1,241
25,972
6,564
2,270
513
2,021
3,139

113
2,260
5,344
195
308
1,160
27,379
6,953
2,266
565
2,390
3,182

71
2,114
5,977
185
315
1,391
26,750
7,101
2,459
502
2,610
3,656

2,221
107
82
860
164
452
556

1,797
114
103
445
144
391
600

2,377
151
223
370
94
805
734

2,803
137
243
904
100
531
888

3,546
238
284
1,011
112
657
1,244

3,822
259
273
948
98
786
1,458

4,019
293
273
1,249
93
593
1,518

4,203
327
294
1,426
89
637
1,429

4,383
345
312
1,344
100
725
1,557

4,768
400
278
1,387
81
839
1,783

988
877
111

855
673
182

1,150
859
290

1,114
989
125

1,374
1,197
177

1,463
1,280
183

1,583
1,385
198

1,777
1,501
276

1,803
1,560
243

1,961
1,655
306

56

36

78

40

56

51

47

57

43

43

24 Canada

45
46
47
48
49
50
51
57
53
54
55
56
57
58
59
60
61
62
63

China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle East oil-exporting countries 4
Other Asia

South Africa
Zaire
Oil-exporting countries 5
Other

64 Other countries
65
Australia
66
All other
67 Nonmonetary international and regional
organizations 6

1. Includes the Bank for International Settlements. Beginning April 1978, also
includes Eastern European countries not listed in line 23.
2. Beginning April 1978 comprises Bulgaria, Czechoslovakia, the German Democratic Republic, Hungary, Poland, and Romania.
3. Included in "Other Latin America and Caribbean" through March 1978.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).




5. Comprises Algeria, Gabon, Libya, and Nigeria.
6. Excludes the Bank for International Settlements, which is included in "Other
Western Europe."
NOTE. Data for period prior to April 1978 include claims of banks' domestic
customers on foreigners.
A Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift from foreign branches to international banking
facilities in the United States of liabilities to, and claims on, foreign residents.

A62
3.19

International Statistics • July 1982
BANKS' OWN A N D DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the
United States
Payable in U.S. Dollars
Millions of dollars, end of period
1982

1981
Type of claim

1978

1979

1980
Nov.

Jan.

Feb.

255,456
33,325
96,268
75,951
23,485
52,466
49,912

264,239
33.311
96,821
82,403
25,683
56,720
51,704

Dec.A

Mar.'

1 Total

126,787

154,030

198,698

2
3
4
5
6
7
8

115,545
10,346
41,605
40,483
5,428
35,054
23,111

133,943
15,937
47,428
40,927
6,274
34,654
29,650

172,592
20,882
65,084
50,168
8,254
41,914
36,459

11,243
480

20,088
955

26,106
885

37,253
1,378

43,143
1,512

5,396

13,100

15,574

25,752

32,328

5,366

6,032

9,648

10,123

9,303

15,030

18,021

22,714

29,565

30,273

13,668

22,265

24,381

Banks' own claims on foreigners
Foreign public borrowers
Own foreign offices'
Unaffiliated foreign banks
Deposits
Other
All other foreigners

9 Claims of banks' domestic customers 2 . .

287,389
208.754
26.397
84.651
58.477
13.637
44.840
39.228

250,136
30,930
96,607
73,462
21,992
51,470
49,137

Apr.

May?

320,068
276,924
33,705
101,710
87,288
28,709
58,579
54,222

287,018
34,797
105,568
90,857
29,128
61,730
55,796

300,253
36,821
107,865
97,224
33,351
63,873
58,344

11 Negotiable and readily transferable
12 Outstanding collections and other
13 MEMO: Customer liability on

Dollar deposits in banks abroad, reported by nonbanking business enterprises in the United States 5

41.828 r

43,648 r

40,800 r

41,223

n.a.

4. Data for March 1978 and for period before that are outstanding collections
only.
5. Includes demand and time deposits and negotiable and nonnegotiable certificates of deposit denominated in U.S. dollars issued by banks abroad. For description of changes in data reported by nonbanks, see July 1979 BULLETIN, p. 550.
A Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift from foreign branches to international banking
facilities in the United States of liabilities to, and claims on. foreign residents.
NOTE. Beginning April 1978, data for banks' own claims are given on a monthly
basis, but the data for claims of banks' own domestic customers are available on
a quarterly basis only.

1. U.S. banks: includes amounts due from own foreign branches and foreign
subsidiaries consolidated in "Consolidated Report of Condition" filed with bank
regulatory agencies. Agencies, branches, and majority-owned subsidiaries of foreign
banks: principally amounts due from head office or parent foreign bank, and foreign
branches, agencies, or wholly owned subsidiaries of head office or parent foreign
bank.
2. Assets owned by customers of the reporting bank located in the United States
that represent claims on foreigners held by reporting banks for the account of their
domestic customers.
3. Principally negotiable time certificates of deposit and bankers acceptances.

3.20

42,117 r

39.556 r

BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
1978

1979

1980

Dec.

Dec.

Dec.

1981

1982

Maturity; by borrower and area

1 Total
By borrower
Maturity of 1 year or less'
Foreign public borrowers
All other foreigners
Maturity of over 1 year'
Foreign public borrowers
All other foreigners

2
3
4
5
6
7

8
9
10
11
1?
13

By area
Maturity of 1 year or less'
Europe
Canada
Latin America and Caribbean

Africa
All other 2
Maturity of over 1 year 1
14
Europe
15
Canada
16
Latin America and Caribbean
17
Africa
18
All other 2
19
1. Remaining time to maturity.
2. Includes nonmonetary international and regional organizations.




June

Sept

Dec.A

Mar.

73,635

86,181

106,748

117,445

122,257

153,355

174,697

58,345
4,633
53,712
15,289
5,395
9,894

65,152
7,233
57,919
21,030
8,371
12,659

82.555
9.974
72,581
24,193
10.152
14,041

91,982
11,733
80,248
25,463
11.022
14,441

94,722
12,955
81,767
27,535
12,410
15,125

115,433
15,073
100,359
37,922
15.573
22,349

132,886
16,579
116,307
41,811
17,054
24,757

15,169
2,670
20,895
17,545
1,496
569

15,235
1,777
24,928
21,641
1,077
493

18.715
2,723
32,034
26,686
1,757
640

21,095
3,319
33,514
31,489
1,768
797

22,898
3,906
35,524
29,296
2,324
774

27.702
4,557
48.286
31.463
2.501
923

34,061
5,628
58,493
30,595
2,886
1,224

3,142
1,426
8,464
1,407
637
214

4,160
1,317
12,814
1.911
655
173

5.118
1,448
15.075
1,865
507
179

6,307
1,317
15.448
1,680
551
159

6,424
1,347
17,478
1,565
548
172

8,093
1.754
25,031
1.886
897
261

8,478
1,863
27,849
2,214
1,093
315

A Liabilities and claims of banks in the United States were increased, beginning
in December 1981, by the shift from foreign branches to international banking
facilities in the United States of liabilities to, and claims on, foreign residents.

Nonbank-Reported
3.21

Data

A63

CLAIMS ON FOREIGN COUNTRIES Held by U.S. Offices and Foreign Branches of U.S.-Chartered Banks 1
Billions of dollars, end of period
1981

1980
Area or country

197g2

1982

1979
Mar.

June

Sept.

Dec.

Mar.

June

Sept.

r

Dec/

Mar.P

266.2

303.9

308.5

328.8

339.3

352.0

370.6

382.5

399.4

411.3

408.5

124.7
9.0
12.2
11.3
6.7
4.4
2.1
5.3
47.3
6.0
20.6

138.4
11.1
11.7
12.2
6.4
4.8
2.4
4.7
56.4
6.3
22.4

141.3
10.8
12.0
11.4
6.2
4.3
2.4
4.3
57.6
6.9
25.4

154.2
13.1
14.1
12.7
6.9
4.5
2.7
3.3
64.4
7.2
25.5

158.8
13.6
13.9
12.9
7.2
4.4
2.8
3.4
66.7
7.7
26.1

162.1
13.0
14.1
12.1
8.2
4.4
2.9
5.0
67.4
8.4
26.5

167.9
13.5
14.5
13.2
7.7
4.6
3.2
5.1
68.2
8.8
29.1

168.2
13.8
14.7
12.1
8.4
4.1
3.1
5.2
67.0
10.8
28.9

172.0
14.1
16.0
12.7
8.6
3.7
3.4
5.1
68.7
11.7
28.0

173.2
13.2
15.2
12.8
9.7
4.0
3.7
5.4
69.0
10.8
29.3

170.3
13.0
15.5
12.4
8.8
4.0
4.1
5.3
68.5
11.1
27.6

13 Other developed countries
14
Austria
15
Denmark
16
Finland
17
Greece
18
Norway
19
Portugal
20
Spain
21
Turkey
22
Other Western Europe
23
South Africa
24
Australia

19.4
1.7
2.0
1.2
2.3
2.1
.6
3.5
1.5
1.3
2.0
1.4

19.9
2.0
2.2
1.2
2.4
2.3
.7
3.5
1.4
1.4
1.3
1.3

18.8
1.7
2.1
1.1
2.4
2.4
.6
3.5
1.4
1.4
1.1
1.2

20.3
1.8
2.2
1.3
2.5
2.4
.6
3.9
1.4
1.6
1.5
1.2

20.6
1.8
2.2
1.2
2.6
2.4
.7
4.2
1.3
1.7
1.2
1.2

21.6
1.9
2.3
1.4
2.8
2.6
.6
4.4
1.5
1.7
1.1
1.3

23.5
1.8
2.4
1.4
2.7
2.8
.6
5.5
1.5
1.8
1.5
1.4

24.8
2.1
2.3
1.3
3.0
2.8
.8
5.7
1.4
1.8
1.9
1.7

26.4
2.2
2.5
1.4
2.9
3.0
1.0
5.8
1.5
1.9
2.5
1.9

28.4
2.0
2.4
1.7
2.7
3.1
1.1
6.6
1.4
2.1
2.8
2.5

30.4
2.1
2.5
1.6
2.8
3.2
1.2
7.1
1.5
2.2
3.2
3.1

25 O P E C countries 3
26
Ecuador
27
Venezuela
28
Indonesia
29
Middle East countries
30
African countries

22.7
1.6
7.2
2.0
9.5
2.5

22.9
1.7
8.7
1.9
8.0
2.6

21.8
1.8
7.9
1.9
7.8
2.5

20.9
1.8
7.9
1.9
6.9
2.5

21.4
1.9
8.5
1.9
6.7
2.4

22.7
2.1
9.1
1.8
6.9
2.8

21.7
2.0
8.3
2.1
6.7
2.6

22.2
2.0
8.7
2.1
6.8
2.6

23.5
2.1
9.2
2.5
7.1
2.6

24.4
2.2
9.6
2.5
7.6
2.5

24.5
2.3
9.3
2.7
8.1
2.1

31 Non-OPEC developing countries

52.6

63.0

63.7

67.7

73.0

77.4

81.9

84.7

90.0

95.9

94.2

3.0
14.9
1.6
1.4
10.8
1.7
3.6

5.0
15.2
2.5
2.2
12.0
1.5
3.7

5.5
15.0
2.5
2.1
12.1
1.3
3.6

5.6
15.3
2.7
2.2
13.6
1.4
3.6

7.6
15.8
3.2
2.4
14.4
1.5
3.9

7.9
16.2
3.7
2.6
15.9
1.8
3.9

9.4
16.8
4.0
2.4
17.0
1.8
4.7

8.5
17.3
4.8
2.5
18.2
1.7
3.8

9.2
17.6
5.5
2.5
20.0
1.8
4.2

9.3
19.0
5.8
2.6
21.5
2.0
4.4

9.3
18.9
5.6
2.2
21.8
1.8
4.4

1 Total
2 G-10 countries and Switzerland
3
Belgium-Luxembourg
4
France
5
Germany
6
Italy
7
Netherlands
8
Sweden
9
Switzerland
10
United Kingdom
11
Canada
12
Japan

32
33
34
35
36
37
38

Latin America
Argentina
Brazil
Chile
Colombia
Mexico
Peru
Other Latin America

39
40
41
42
43
44
45
46
47

Asia
China
Mainland
Taiwan
India
Israel
Korea (South)
Malaysia
Philippines
Thailand
Other Asia

.0
2.9
.2
1.0
3.9
.6
2.8
1.2
.2

.1
3.4
.2
1.3
5.4
1.0
4.2
1.5
.5

.1
3.6
.2
.9
6.4
.8
4.4
1.4
.5

.1
3.8
.2
1.2
7.1
1.1
4.6
1.5
.5

.1
4.1
.2
1.1
7.3
1.1
4.8
1.5
.5

.2
4.2
.3
1.5
7.1
1.1
5.1
1.6
.6

.2
4.4
.3
1.3
7.7
1.2
4.8
1.6
.5

.2
4.6
.3
1.8
8.8
1.4
5.1
1.5
.7

.2
5.1
.3
1.5
8.6
1.4
5.6
1.4
.8

.2
5.1
.3
2.0
9.4
1.7
6.0
1.5
1.0

.2
5.1
.5
1.6
8.5
1.7
5.8
1.3
1.0

48
49
50
51

Africa
Egypt
Morocco
Zaire
Other Africa 4

.4
.6
.2
1.4

.6
.6
.2
1.7

.7
.6
.2
1.8

.8
.5
.2
1.9

.6
.6
.2
2.1

.8
.7
.2
2.1

.8
.6
.2
2.2

.7
.5
.2
2.1

1.0
.7
.2
2.2

1.1
.7
.2
2.3

1.3
.7
.2
2.3

52 Eastern Europe
53
U.S.S.R
54
Yugoslavia
55
Other

6.9
1.3
1.5
4.1

7.3
.7
1.8
4.8

7.3
.6
1.9
4.9

7.2
.5
2.1
4.5

7.3
.5
2.1
4.7

7.4
.4
2.3
4.6

7.7
.4
2.4
4.8

7.7
.5
2.5
4.8

7.7
.4
2.5
4.7

7.7
.6
2.5
4.7

7.1
.4
2.3
4.4

31.0
10.4
.7
7.4
.8
3.0
.1
4.2
3.9
.5

40.4
13.7
.8
9.4
1.2
4.3
.2
6.0
4.5
.4

42.6
13.9
.6
11.3
.9
4.9
.2
5.7
4.7
.4

44.3
13.7
.6
9.8
1.2
5.6
.2
6.9
5.9
.4

44.6
13.2
.6
10.1
1.3
5.6
.2
7.5
5.6
.4

47.0
13.7
.6
10.6
2.1
5.4
.2
8.1
5.9
.3

53.1
15.2
.7
11.7
2.3
6.5
.2
8.4
7.3
.9

59.2
17.9
.7
12.6
2.4
6.9
.2
10.3
8.1
.3

61.7
21.3
.8
12.0
2.2
6.7
.2
10.3
8.0
.1

62.9
18.7
.7
12.3
3.1
7.5
.2
11.7
8.6
.1

64.1
19.5
.6
11.5
3.2
6.8
.2
13.0
9.3
.1

9.1

11.7

13.2

14.3

13.7

14.0

14.9

15.7

18.2

18.9

17.9

56 Offshore banking centers
57
Bahamas
58
Bermuda
59
Cayman Islands and other British West Indies
60
Netherlands Antilles
61
Panama 5
62
Lebanon
63
Hong Kong
64
Singapore
65
Others 6
66 Miscellaneous and unallocated 7

1. The banking offices covered by these data are the U.S. offices and foreign
branches of U.S.-owned banks and of U.S. subsidiaries of foreign-owned banks.
Offices not covered include (1) U.S. agencies and branches of foreign banks, and
(2) foreign subsidiaries of U.S. banks. To minimize duplication, the data are adjusted to exclude the claims on foreign branches held by a U.S. office or another
foreign branch of the same banking institution. The data in this table combine
foreign branch claims in table 3.14 (the sum of lines 7 through 10) with the claims
of U.S. offices in table 3.18 (excluding those held by agencies and branches of
foreign banks and those constituting claims on own foreign branches). However,
see also footnote 2.
2. Beginning with data for June 1978, the claims of the U.S. offices




in this table include only banks' own claims payable in dollars. For earlier dates
the claims of the U.S. offices also include customer claims and foreign currency
claims (amounting in June 1978 to $10 billion).
3. In addition to the Organization of Petroleum Exporting Countries shown
individually, this group includes other members of O P E C (Algeria, Gabon, Iran,
Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates) as
well as Bahrain and Oman (not formally members of OPEC).
4. Excludes Liberia.
5. Includes Canal Zone beginning December 1979.
6. Foreign branch claims only.
7. Includes New Zealand, Liberia, and international and regional organizations.

A64

International Statistics • July 1982

3.22

LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the
United States'
Millions of dollars, end of period
1981
Type, and area or country

1978

1979'

1980'
Mar.'

June'

Sept.'

Dec.P

1 Total

14,952

17,385

21,990

21,931

21,404

22,948

21,495

2 Payable in dollars
3 Payable in foreign currencies 2

11,523
3,429

14,310
3,075

18,281
3,709

18,403
3,529

18,123
3,281

19,853
3,095

18,046
3,449

By type
4 Financial liabilities
5
Payable in dollars
6
Payable in foreign currencies

6,368
3,853
2,515

7,485
5,215
2,270

11,153
8,381
2,772

11,525
8,892
2,633

11,465
9,099
2,366

12,512
10,227
2,285

11,073
8,649
2,424

7 Commercial liabilities
8
Trade payables
9
Advance receipts and other liabilities

8,584
4,001
4,583

9,900
4,585
5,315

10,837
4,934
5,903

10,406
4,921
5,485

9,939
4,460
5,479

10,436
4,351
6,085

10,422
4,598
5,823

7,670
914

9,095
805

9,900
936

9,510
896

9,024
915

9,626
810

9,397
1,025

3,971
293
173
366
391
248
2,167

4,658
345
175
497
829
170
2,463

6,338
487
327
582
681
354
3,772

6,038
558
324
498
563
315
3,668

5,997
532
367
451
763
345
3,422

7,494
492
825
430
651
465
4,478

6,071
404
560
468
751
691
3,082

10
11

12
13
14
15
16
17
18

Payable in dollars
Payable in foreign currencies
By area or country
Financial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

19

Canada

20
21
22
23
24
25
26

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

27
28
29

Japan
Middle East oil-exporting countries 3

30
31

Oil-exporting countries 4

32
33
34
35
36
37
38
39

AH other

5

Commercial liabilities
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

247

532

964

1,096

978

977

935

1,357
478
4
10
194
102
49

1,483
375
81
18
514
121
72

3,103
964
1
23
1,452
99
81

3,483
1,217
1
19
1,458
97
85

3,592
1,272
1
20
1,534
98
91

3,195
1,019
0
20
1,363
107
90

3,258
1,279
7
22
1,200
109
98

784
717
32

804
726
31

723
644
38

880
766
51

869
750
29

814
696
30

764
664
24

5
2

4
1

11
1

6
1

5
0

3
1

3
0

5

4

15

23

24

29

43

3,047
97
321
523
246
302
824

3,701
137
467
545
227
310
1,077

4,396
90
582
679
219
493
1,209

3,931
83
558
640
246
385
994

3,959
72
558
617
225
375
1,011

3,955
78
575
590
238
563
925

3,752
71
573
551
221
415
863

40

Canada

667

924

876

813

731

823

853

41
42
43
44
45
46
47

Latin America
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

997
25
97
74
53
106
303

1,323
69
32
203
21
257
301

1,259
8
75
111
35
326
319

1,297
1
121
84
16
421
253

1,149
4
72
54
34
319
290

1,087
3
113
61
11
345
273

985
2
67
67
2
293
276

2,927
448
1,518

2,991
583
1,014

3,034
802
890

3,095
810
955

2,803
867
837

3,221
775
881

3,466
943
909

743
312

728
384

817
517

830
523

676
392

757
355

702
344

203

233

456

440

622

593

664

48
49
50
51
52
53

Japan
Middle East oil-exporting countries 3
Africa
Oil-exporting countries 4
All other

5

1. For a description of the changes in the International Statistics tables, see July
1979 BULLETIN, p. 550.
2. Before December 1978, foreign currency data include only liabilities denominated in foreign currencies with an original maturity of less than one year.




3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia
United Arab Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.
5. Includes nonmonetary international and regional organizations.

and

Nonbank-Reported
3.23

CLAIMS ON UNAFFILIATED FOREIGNERS
United States1

Data

A65

Reported by Nonbanking Business Enterprises in the

Millions of dollars, end of period
1981
Type, and area or country

1979 r

1978

1980'
Mar.r

June r

Sept.'

Dec.?

1 Total

28,001

31,341

34,597

37,734

35,341

34,348

34,810

2 Payable in dollars
3 Payable in foreign currencies 2

24,998
3,003

28,148
3,193

31,663
2,933

34,718
3,016

32,424
2,917

31,380
2,968

31,744
3,066

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

16,644
11,201
10,133
1,068
5,443
3,874
1,569

18,449
12,813
11,897
916
5,637
3,810
1,826

19,924
14,087
13,312
775
5,837
4,154
1,683

22,232
16,501
15,706
795
5,731
4,085
1,646

20,156
14,530
13,805
725
5,625
3,988
1,638

19,415
13,628
12,902
726
5,787
4,102
1,686

20,018
14,307
13,653
654
5,711
3,785
1,926

11 Commercial claims
12
Trade receivables
13
Advance payments and other claims..

11,357
10,798
559

12,892
12,188
704

14,673
13,947
726

15,502
14,693
809

15,185
14,338
847

14,933
14,047
886

14,791
13,880
912

14
15

10,991
366

12,441
450

14,197
476

14,927
574

14,631
554

14,376
556

14,305
486

5,225
48
178
510
103
98
4,031

6,167
32
177
409
53
73
5,111

6,116
195
337
230
51
59
4,968

6,093
170
411
213
61
110
4,856

5,156
174
377
139
52
116
3,952

4,822
26
348
320
68
86
3,649

4,558
43
325
244
47
118
3,488

16
17
18
19
20
21
22

Payable in dollars
Payable in foreign currencies
By area or country
Financial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

23

Canada

4,549

4,987

5,060

6,614

6,162

6,013

6,060

24
25
26
27
28
29
30

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

5,714
3,001
80
151
1,291
162
157

6,293
2,765
30
163
2,011
157
143

7,768
3,448
135
96
2,731
208
137

8,585
3,959
13
22
3,410
168
131

7,987
3,330
33
20
3,397
162
143

7,621
3,253
15
66
3,195
271
143

8,259
3,812
18
30
3,253
298
146

31
32
33

Asia
Japan
Middle East oil-exporting countries ;

920
305
18

706
199
16

710
177
20

691
191
17

599
99
19

621
109
29

923
363
37

34

Africa

181
10

253
49

238
26

214
27

216
39

222
41

168
46

55

44

32

36

37

116

51

3,983
144
609
399
267
198
824

4,909
202
727
589
298
272
901

5,512
233
1.129
591
318
353
928

5,818
277
905
601
347
461
1,190

5,470
235
784
572
308
474
1,067

5,347
220
767
580
308
404
1,032

5,310
233
771
554
303
427
964

35
36
37
38
39
40
41
42
43

Oil-exporting countries 4
All other 5
Commercial claims
Europe
Belgium-Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

44

Canada

1,094

859

914

1.054

1,016

1,017

965

45
46
47
48
49
50
51

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

2,546
109
215
628
9
505
291

2,879
21
197
645
16
708
343

3,765
21
108
861
34
1,101
410

3,852
15
170
800
15
1.063
443

3,804
29
192
824
34
1,121
420

3,726
18
241
726
13
983
454

3,446
12
223
668
12
1,015
422

52
53
54

Asia
Japan
Middle East oil-exporting countries-

3,108
1,006
713

3.451
1,177
765

3,512
1,045
822

3,772
1,294
927

3,785
1,218
934

3,674
1,104
828

3,868
1,215
888

55
56

Africa
Oil-exporting countries 4

447
136

554
133

653
153

679
143

705
137

717
154

744
151

57

All other 5

178

240

318

327

404

451

458

1. For a description of the changes in the International Statistics tables, see July
1 9 7 9 BULLETIN, p . 5 5 0 .

2. Prior to December 1978, foreign currency data include only liabilities denominated in foreign currencies with an original maturity of less than one year.




3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.
5. Includes nonmonetary international and regional organizations.

A66
3.24

International Statistics • July 1982
F O R E I G N T R A N S A C T I O N S IN

SECURITIES

Millions of dollars
1982
Transactions, and area or country

1980

1981

1982

1981
Jan.May

Nov.

Dec.

Jan.

Feb.

Mar.'

Apr.

May p

U.S. corporate securities
STOCKS

1 Foreign purchases
2 Foreign sales
3 Net purchases, or sales ( - ) . . .
4 Foreign countries
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
Africa
Other countries
Nonmonetary international and
regional organizations....
BONDS

40,293
34,870

40,582
34,821

12,155
10,548

5,423

5,761

5,405

5,737

3,112
490
172
-328
308
2,523
887
148
1,206
16
-1
38

2,689
2,494

2.940
2,740

2,016
1,748

2,524
1.988

1,608

195

200

268

1,583

207

199

263

3,599
889
-28
37
276
2,210
783
-30
1,140
284
7
-46

1,198
-74
142
69
- 113
1,151
-154
74
437
-23
-1
51

109
-7
-4
28
0
96
7
54
46
-7
1
-3

176
5
-6
-73
75
171
8
-36
-24
74
0
1

231
-2
11
3
40
169
-45
-13
51
40
0
- 1

18

24

24

-12

0

5

15,425
9,964

17,192
12,152

7,644
5,868

1,099
1,303

1.192
1.038

2,635
2,506

2,359
2,101

2,621
2,205

536

129

258

416

537

120

252

410

347
-6
17
38
-33
317
20
31
137
-6
1
6

166
-51
42
1
-60
223
-118
-19
84
4
-3
6

167
33
29
-9
-66
176
0
53
61
-40
0
12

286
-48
43
36
6
267
-10
22
104
-21
1
27

-1

9

6

6

946
778

929
930

1.619
1,481

2,222
1,481

1,929
1,199

-1

2

18 Foreign purchases
19 Foreign sales

5,461

5,039

1,776

-204

153

168

138

741

730

20 Net purchases, or sales ( - ) . . .

5,526

4,973

1,681

-212

157

154

10

144

682

690

21 Foreign countries

1.576
129
213
-65
54
1,257
135
185
3.499
117
5
10

1,353
11
848
70
108
178
-12
132
3,465
44
-1
-7

1,574
106
1,313
45
136
-51
141
37
-171
119
-19
1

-112
4
67
9
10
-174
-29
4
-72
-1
-1
-2

139
7
52
3
-3
55
-2
22
-62
60
0
-2

144
15
88
2
19
3
29
17
-89
53
0
0

16
14
104
0
8
-102
15
-11
-63
52
0
2

169
12
225
17
15
-102
29
26
-41
-29
-6
-3

540
20
396
14
46
59
46
-8
135
-18
-13
1

704
46
500
11
48
91
23
15
-112
61
0
0

-65

66

95

9

-4

14

-11

-6

59

40

22
23
24
25
26
27
28
29
30
31
32
33
34

Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Canada
Latin America and Caribbean
Middle East 1
Other Asia
Africa
Other countries
Nonmonetary
international and
regional organizations....

Foreign securities
35 Stocks, net purchases, or sales ( - )
Foreign purchases
36
3/
Foreign sales

-2,141
7,888
10.029

5
9,199
9,195

55
2,589
2,534

-70
625
695

82
699
617

159
521
362

44
507
463

31
692
661

-65
382
447

-115
486
601

38 Bonds, net purchases, or sales ( - )
39
Foreign purchases
40
Foreign sales

-1,001
17,084
18,086

-5.177
17,796
22,973

-234
10,292
10,526

-1,945
2,297
4,242

-772
1,980
2,751

-22
1.222
1.243

-99
1,514
1,612

-540
2,549
3,089

-31
2,256
2,287

458
2,752
2,294

41 Net purchases, or sales ( - ) , of stocks and bonds .

-3,143

-5,172

-179

-2,015

-689

138

-55

-509

-96

343

42
43
44
45
46
4/
48
49

-4,019
-1,108
-1,948
81
-1,147
24
79

-4,416
-642
-3,698
170
-287
-53
94

-438
11
-615
593
-399
-38
9

-1,426
-453
-878
-6
-148
1
57

31
136
-166
-2
49
6
8

109
143
-80
67
-2
-15
-4

-115
-56
-102
67
-20
- 1
-3

-525
109
-628
96
-115
-5
17

-32
-127
120
202
-209
-17
0

124
-59
76
161
-53
-1
1

876

-756

260

-588

-720

28

60

16

-64

219

Foreign countries
Europe
Canada
Latin America and Caribbean
Africa
Other countries
Nonmonetary international and
regional organizations

1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait,
Oman, Qatar, SaudiArabia, and United Arab Emirates (Trucial States).




2. Includes state and local government securities, and securities of U S government agencies and corporations. Also includes issues of new debt securities sold
abroad by U.S. corporations organized to finance direct investments abroad.

Investment Transactions and Discount Rates
3.25

MARKETABLE U.S. TREASURY BONDS A N D NOTES

A67

Foreign Holdings and Transactions

Millions of dollars
1982
Country or area

1980

1982

1981

1981
Jan.May

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May?

Holdings (end of period) 1
1 Estimated total2

57,549

70,201

70,370

70,201

71,487

73,800

75,794R

77,268

77,864

52,961

64,530

65,893

64,530

65,850

68,273

70,251

71,925

72,978

3 Europe 2
4
Belgium-Luxembourg
5
Germany 2
6
Netherlands
7
Sweden
8
Switzerland 2
9
United Kingdom
10
Other Western Europe
11
Eastern Europe
12 Canada

24,468
77
12,327
1,884
595
1,485
7,323
777
0
449

23,976
543
11,861
1,955
643
846
6,709
1,419
0
514

24,952
329
13,226
1,889
645
833
6,693
1,337
0
501

23,976
543
11,861
1,955
643
846
6,709
1,419
0
514

24,373
614
11,898
1,998
644
904
6.800
1.514
0
533

25,332
363
12,845
2,038
635
984
6,931
1,535
0
499

26,085
539
13,055
2,052
697
1,025
7,037
1,680
0
458

26,393
709
13,231
2,139
662
1,157
6,737
1,757
0
473

26,031
340
12,974
2,157
671
1,134
6,801
1,954
0
506

13
14
15
16
17
18
19
20

999
292
285
421
26,112
9,479
919
14

736
286
319
131
38,671
10,780
631
2

761
306
289
165
38,638
10,732
1,037
3

736
286
319
131
38,671
10,780
631
2

721
286
321
113
39,700
10,844
519
3

728
286
337
104
41,310
11,022
400
5

760
286
370
103
42,531
11,203
401
17

886
306
383
196
43,750
11,381
403
22

957
326
427
204
45,057
11,396
405
21

2 Foreign countries

2

Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles
Asia
Japan
Africa
All other

21 Nonmonetary international and regional organizations

4,588

5,671

4,477

5,671

5,637

5,527

5,543'

5,343

4,886

22
23

4,548
36

5,637
1

4,462
1

5,637
1

5,603
1

5,493
-4

5,529
-4

5,278
-4

4,822
-4

International
Latin American regional

Transactions (net purchases, or sales ( - ) during period)
24 Total2

6,066

12,652

7,652

1,888

-169

1,286

2,313

1,994

1,474

596

25 Foreign countries 2
26
Official institutions
27
Other foreign 2
28 Nonmonetary international and regional organizations..

6,906
3,865
3,040
-843

11,568
11,694
-127
1,085

8,448
6,801
1,645
-784

1,832
1,997
-165
57

-1,363
-787
-576
1,194

1,320
841
478
-33

2,423
2,343
80
-110

1,978
l,314 r
664 r
16

1,674
812
862
-200

1,052
1,492
-439
-457

MEMO: Oil-exporting countries
29 Middle East 3
30 Africa 4

7,672
327

11,156
-289

4,673
-227

1,250
-102

17
-407

1,019
-112

1,373
-119

470
0

906
2

904
2

1. Estimated official and private holdings of marketable U.S. Treasury securities
with an original maturity of more than 1 year. Data are based on a benchmark
survey of holdings as of Jan. 31, 1971, and monthly transactions reports. Excludes
nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.

3.26

2. Beginning December 1978, includes U.S. Treasury notes publicly issued to
private foreign residents denominated in foreign currencies.
3. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and
United Arab Emirates (Trucial States).
4. Comprises Algeria, Gabon, Libya, and Nigeria.

DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Percent per annum
Rate on Apr. 30, 1982

Rate on Apr. 30, 1982
Country

Country
Percent
Argentina
Austria . .
Belgium..
Brazil
Canada . .
Denmark.

147.95
6.75
14.0
49.0
16.58
11.00

Percent

Month
effective
May
Mar.
Apr.
Mar.
June
Oct.

1982
1980
1982
1981
1982
1980

France 1
Germany, Fed. Rep. of
Italy
Japan
Netherlands
Norway

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




Rate on Apr. 30, 1982
Country

15.25
7.5
19.0
5.5
8.0
9.0

Month
effective
June
May
Mar.
Dec.
Mar.
Nov.

1982
1980
1981
1981
1982
1979

Sweden
Switzerland
United Kingdom ;
Venezuela

Percent

Month
effective

10.0
5.5

Mar. 1982
Mar. 1982
Aug. 1981

discounts or makes advances against eligible commercial paper and/or
government
commercial
banks
or
brokers.
For
countries
with
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts the
largest proportion of its credit operations.

A68
3.27

International Statistics • July 1982
FOREIGN SHORT-TERM INTEREST RATES
Percent per annum, averages of daily figures
1981
Country, or type

1979

1980

1982

1981
Dec.

1
2
3
4
5
6
7
8
9
10

Jan.

Feb.

Mar.

Apr.

May

June

Eurodollars
United Kingdom
Canada
Germany
Switzerland

11.96
13.60
11.91
6.64
2.04

14.00
16.59
13.12
9.45
5.79

16.79
13.86
18.84
12.05
9.15

13.24
15.31
15.97
10.72
9.76

14.29
15.14
15.01
10.43
8.53

15.75
14.47
15.25
10.22
8.29

14.90
13.53
15.67
9.84
6.37

15.20
13.69
15.74
9.30
4.96

14.53
13.31
15.46
9.12
3.80

15.45
12.96
16.84
9.22
5.39

Netherlands
France
Italy
Belgium
Japan

9.33
9.44
11.85
10.48
6.10

10.60
12.18
17.50
14.06
11.45

11.52
15.28
19.98
15.28
7.58

11.03
15.30
21.24
15.48
6.75

10.49
15.07
21.38
15.09
6.41

10.06
14.58
21.34
14.89
6.38

8.90
15.21
20.63
14.02
6.43

8.20
16.36
20.62
14.95
6.57

8.62
16.17
20.59
15.00
6.80

8.75
15.67
20.51
15.38
7.28

NOTE. Rates are for 3-month interbank loans except for Canada, finance company paper; Belgium, 3-month Treasury bills; and J a p a n , Gensaki rate.

3.28

FOREIGN E X C H A N G E RATES
Currency units per dollar
1982
Country/currency

1979

1980

1981
Jan.

Feb.

Mar.

Apr.

May

June

1
2
3
4
5
6
7
8
9
10

Argentina/peso
Australia/dollar 1
Austria/schilling
Belgium/franc
Brazil/cruzeiro
Canada/dollar
Chile/peso
China, P.R./yuan
Colombia/peso
Denmark/krone

n.a.
111.77
13.387
29.342
n.a.
1.1603
n.a.
n.a.
n.a.
5.2622

n.a.
111.57
12.945
29.237
n.a.
1.1693
n.a.
n.a.
n.a.
5.6345

n.a.
114.57
15.948
37.194
92.374
1.1990
n.a.
1.7031
n.a.
7.1350

9910.00
111.41
16.066
39.027
130.14
1.1926
39.100
1.7713
59.409
7.4977

10256.00
108.50
16.587
41.144
137.97
1.2140
39.100
1.8200
60.129
7.7950

10795.65
106.03
16.711
44.379
144.07
1.2205
39.100
1.8429
60.956
8.0396

11761.36
105.15
16.853
45.292
151.03
1.2252
39.407
1.8565
61.057
8.1591

13942.50
105.94
16.274
43.666
159.08
1.2336
39.537
1.8123
62.365
7.8444

15025.00
103.23
17.114
46.183
167.70
1.2756
43.373
1.9014
63.318
8.3481

11
12
13
14
15
16
17
IK
19
20

Finland/markka
France/franc
Germany/deutsche mark
Greece/drachma
Hong Kong/dollar
India/rupee
Indonesia/rupiah
Iran/rial
Ireland/pound 1
Israel/shekel

3.8886
4.2566
1.8342
n.a.
n.a.
8.1555
n.a.
n.a.
204.65
n.a.

3.7206
4.2250
1.8175
n.a.
n.a.
7.8866
n.a.
n.a.
213.53
n.a.

4.3128
5.4396
2.2631
n.a.
5.5678
8.6807
n.a.
79.324
161.32
n.a.

4.4033
5.8298
2.2938
58.811
5.7959
9.1525
645.7
n.a.
153.97
16.163

4.5058
6.0176
2.3660
60.973
5.8857
9.2144
645.89
n.a.
148.86
17.488

4.5663
6.1428
2.3800
61.769
5.8298
9.2935
649.00
n.a.
147.25
18.766

4.6097
6.2457
2.3970
63.541
5.8270
9.3923
651.14
n.a.
144.22
20.014

4.5045
6.0237
2.3127
62.892
5.7549
9.2965
653.67
n.a.
149.60
21.184

4.6763
6.5785
2.4292
67.795
5.8669
9.4668
654.98
n.a.
141.92
23.179

21
22
23
24
25
76
27
7,8
29
30

Italy/lira
Japan/yen
Malaysia/ringgit
Mexico/peso
Netherlands/guilder
New Zealand/dollar 1
Norway/krone
Peru/sol
Philippines/peso
Portugal/escudo

831.10
219.02
2.1721
22.816
2.0072
102.23
5.0650
n.a.
n.a.
48.953

856.20
226.63
2.1767
22.968
1.9875
98.65
4.9381
n.a.
n.a.
50.082

1138.60
220.63
2.3048
24.547
2.4998
86.848
5.7430
n.a.
7.8113
61.739

1228.20
224.80
2.2575
26.469
2.5145
81.399
5.8623
515.21
8.2132
66.492

1263.20
235.31
2.3662
31.736
2.5947
79.325
5.9697
534.47
8.2530
69.067

1293.29
241.23
2.3265
45.366
2.6186
77.698
6.0255
561.08
8.3291
70.488

1321.60
244.11
2.3395
46.152
2.6594
76.562
6.0820
591.29
8.3565
72.493

1283.37
236.96
2.2907
46.903
2.5709
77.025
5.9675
622.87
8.4016
70.610

1358.43
251.20
2.3392
47.716
2.6848
74.951
6.1869
656.11
8.4511
78.477

31
37
33
34
35
36
37
38
39
40

Singapore/dollar
South Africa/rand/ 1
South Korea/won
Spain/peseta
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Thailand/baht
United Kingdom/pound 1
Venezuela/bolivar

n.a.
118.72
n.a.
67.158
15.570
4.2892
1.6643
n.a.
212.24
n.a.

n.a.
122.72
n.a.
71.758
16.167
4.2309
1.6772
n.a.
227.74
n.a.

2.1053
114.77
n.a.
92.396
18.967
5.0659
1.9674
21.731
202.43
4.2781

2.0607
103.46
705.17
98.357
20.228
5.6206
1.8152
23.050
188.60
4.2960

2.1095
101.95
710.05
100.70
20.611
5.7579
1.8909
23.050
184.70
4.2960

2.1213
97.930
714.67
104.53
20.700
5.8361
1.8886
23.050
180.53
4.3012

2.1329
94.880
721.03
106.15
20.575
5.9144
1.9624
23.025
177.20
4.3023

2.0886
94.010
724.35
102.987
20.365
5.7888
1.9500
23.000
181.03
4.2991

2.1379
89.57
738.30
109.215
20.750
6.0244
2.0789
23.000
175.63
4.2953

88.09

87.39

102.94

106.96

110.36

112.45

114.07

111.03

116.97

MEMO:

United States/dollar 2

1. Value in U.S. cents.
2. Index of weighted-average exchange value of U.S. dollar against currencies of other G - 1 0 countries plus Switzerland. March 1973 = 100.
Weights are 1972-76 global trade of each of the 10 countries. Series




revised as of August 1978. For description and back data, see "Index of
the Weighted-Average Exchange Value of the U . S . Dollar: Revision" on page
700 of the August 1978 BULLETIN.
NOTE. Averages of certified noon buying rates in New York for cable transfers.

A69

Guide to Tabular Presentation,
Statistical Releases, and Special Tables
GUIDE

TO TABULAR

PRESENTATION

Symbols and Abbreviations
c
e
p
r
*

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

STATISTICAL

obligations of the Treasury. "State and local government"
also includes municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals because of
rounding.

RELEASES

List Published Semiannually, with Latest Bulletin Reference
Anticipated schedule of release dates for periodic releases

SPECIAL

Issue
June 1981

Page
A78

TABLES

Published Irregularly, with Latest Bulletin Reference
Assets and liabilities of U.S.
Commercial bank assets and
Commercial bank assets and
Commercial bank assets and
Commercial bank assets and




branches and agencies of foreign banks, March 31, 1982
liabilities, June 30, 1981
liabilities, September 30, 1981
liabilities, December 31, 1981
liabilities, March 31, 1982

July
October
January
April
July

1982
1981
1982
1982
1982

A76
A74
A70
A72
A70

A70
4.20

Special Tables • July 1982
DOMESTIC A N D FOREIGN OFFICES, Commercial Banks with Assets of $100 Million or over"'
Consolidated Report of Condition; Mar. 31, 1982
Millions of dollars
Banks with foreign offices 2
Insured
Foreign
offices 3

Total

1,192,747

388,071

847,860

227,775
8,121
18,976
3,571
7,621

128.637
289
301
3,312
630

99,138
7,832
18,675
259
6,991

61,866

138,591
6,439
384
131,768
22,857
108,911
50,895

122,358
4,119
260
117,978
19,590
98,388
1,746

16,233
2,319
124
13,789
3,266
10,523
49,148

1,227,191

858,649

212,827

645,822

237,776
65,198
38,559
106,979
27,040
10,946
1,903
14,191

128,328
30,214
16,521
57,850
23,742
8,623
1,420
13,699

9,848
377
26
695
8,750
7,079
220
1,451

118,480
29,838
16,495
57,156
14,992
1,545
1,199
12,247

61,162
936,874
14,363
9,702
912,809

33,863
697,397
7,403
7,048
682,947

851
201,502
1,762
291
199,450

33,012
495,895
5,641
6,757
483,497

134,086

8,558

125,528
30,449
809
69,660
65,996
3,855
62,140
3,664
231
3,433
24,610

1 Total assets
2 Cash and due from depository institutions
3
Currency and coin (U.S. and foreign)
4
Balances with Federal Reserve Banks
5
Balances with other central banks
6
Demand balances with commercial banks in United States
7
All other balances with depository institutions in United States and with banks in foreign
countries
8
Time and savings balances with commercial banks in United States
9
Balances with other depository institutions in United States
10
Balances with banks in foreign countries
11
Foreign branches of other U.S. banks
12
Other banks in foreign countries
13
Cash items in process of collection
14 Total securities, loans, and lease financing receivables
15 Total securities, book value
16
U.S. Treasury
17
Obligations of other U.S. government agencies and corporations
18
Obligations of states and political subdivisions in United States
19
All other securities
20
Other bonds, notes, and debentures
21
Federal Reserve and corporate stock
22
Trading account securities
23
24
25
26
27

Federal funds sold and securities purchased under agreements to resell
Total loans, gross
LESS: Unearned income on loans
Allowance for possible loan loss
EQUALS: Loans, net

156,232
14,622
609
141,001

8

Total loans, gross, by category
28 Real estate loans
29
Construction and land development
30
Secured by farmland
31
Secured by residential properties
32
1- to 4-family
33
FHA-insured or VA-guaranteed
34
Conventional
35
Multifamily
36
FHA-insured
37
Conventional
38
Secured by nonfarm nonresidential properties

8

Lease financing receivables
Bank premises, furniture and fixtures, and other assets representing bank premises
Real estate owned other than bank premises
All other assets
Investment in unconsolidated subsidiaries and associated companies
Customers' liability on acceptances outstanding
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Net due from foreign branches, foreign subsidiaries, Edge and agreement subsidiaries.
Other




b
b

o

49 Loans for purchasing or carrying securities
50
Brokers and dealers in securities
51
Other
52 Loans to finance agricultural production and other loans to farmers
53 Commercial and industrial loans
54
U.S. addressees (domicile)
55
Non-U.S. addressees (domicile)

71
72
73
74
75
76
77
78
79
80

0
0

30 8
8
8 88

39 Loans to financial institutions
40
REITs and mortgage companies in United States.
41
Commercial banks in United States
42
U.S. branches and agencies of foreign b a n k s . . .
43
Other commercial banks
44
Banks in foreign countries
45
Foreign branches of other U.S. banks
46
Other
47
Finance companies in United States
48
Other financial institutions

56 Loans to individuals for household, family, and other personal expenditures
57
Installment loans
58
Passenger automobiles
59
Credit cards and related plans
60
Retail (charge account) credit card
61
Check and revolving credit
62
Mobile homes
63
Other installment loans
64
Other retail consumer goods
65
Residential property repair and modernization
66
Other installment loans for household, family, and other personal expenditures.
67
Single-payment loans
68 All other loans
69
Loans to foreign governments and official institutions
70
Other

Domestic
offices

136,-

87,737
4,409
8,043
4,294
3,749
43,958
1,020
42,937
11,660
19,667

35,806
184
751
475
276
27,454
170
27,284
312
7,106

51,931
4,226
7,291
3,819
3,472
16,504
851
15,653
11,349
12,561

9,601
6,522
3,079
6,518
339,172
210,873
128,299
74,794

1,689
1,263
426
714
122,554
15
107,467

7,912
5,259
2,653
5,803
216,618
195,786
20,831

6,471

68,323
56,293
16,549
20,416
16,423
3,993
3,175
16,154
4,170
3,557
8,427
12,031
19,780
7,679
12,100

0
0

0

0

0
0
0

(4)
45,490
31,236
14,254

(4)
25,710
23,556
2,154

13,511
14,224
1,269
90,829
1,385
55,407
17,654
37,753
(4)
34,038

2,678
1,426
96
45,085
1,083
15,304

8

(4)
15,925
12,773

10,833
12,799
1,172
88,929
302
40,102
/4\

1,932
9,086
789
9,820
53
448
/4\

27,260
21,265

9,319

8 H
4

Commercial Banks
4.20

All

Continued
Banks with foreign offices 2

Banks
without
foreign
offices

Insured
Foreign
offices 3

Total

Domestic
offices
4

81 Total liabilities and equity capital5

1,631,695

1,192,747

(4)

82 Total liabilities excluding subordinated debt

1,538,895

1,133,238

387,788

788,636

405,657

83 Total deposits
84
Individuals, partnerships, and corporations
85
U.S. government
86
States and political subdivisions in United States
87
All other
88
Foreign governments and official institutions
89
Commercial banks in United States
90
U.S. branches and agencies of foreign banks
91
Other commercial banks in United States
92
Banks in foreign countries
93
Foreign branches of other U.S. banks
94
Other banks in foreign countries
95
Certified and officers' checks, travelers checks, and letters of credit sold for cash

1,231,097
939,504
2,684
55,768
222,112
29,717
64,134

319,635
157,711
252
598
160,387
23,812
23,471
2,953
20,518
113,103
19,268
93,834
687

553,600
465,685
1,508
26,348
52,979
5,772
32,434
2,010
30,424
14,773
1,491
13,282
7,080

357,862
316,109
924
28,822
8,746
133
8,228

0(4)
(44)
()
11,029

873,235
623,396
1,760
26,946
213,366
29,584
55,905
4,963
50,942
127,876
20,760
107,117
7,767

159,295

124,282

323

123,959

35,013

47,089
10,135
36,953
2,201
99,214
56,109

42,853
7,824
35,029
1,460
91,408
55,662

16,645

4,236
2,311
1,924
741
7,805
448

43,104

35,747

16,645
38
51,148
12,638
27,260
11.249

26,208
7,824
18,384
1,422
83,446
43,023
15,925
24,497

284

3,694

96 Federal funds purchased and securities sold under agreements to repurchase in domestic offices
and Edge and agreement subsidiaries
97 Interest-bearing demand notes issued to U.S. Treasury and other liabilities for borrowed
money
98
Interest-bearing demand notes (note balances) issued to U.S. Treasury
99
Other liabilities for borrowed money
100 Mortgage indebtedness and liability for capitalized leases
101 All other liabilities
102
Acceptances executed and outstanding
103
Net due to foreign branches, foreign subsidiaries, Edge and agreement subsidiaries
104
Other
105 Subordinated notes and debentures
106 Total equity capital 5
107
Preferred stock
108
Common stock
109
Surplus
110
Undivided profits and reserve for contingencies and other capital reserves
111
Undivided profits
112
Reserve for contingencies and other capital reserves

128,262

(4)

(4)

4

()

5,799

3,978

87,000
192
17,096
29,139
40,573
39,721
852

55,531
106
10,995
17,393
27,036
26,648
389

C)
4

261,611
154,302
495,550
272,146
243,788
28,357
45,152

170,629
78,175
304,796
199,817
175,755
24,062
23,073

0
0
0
0
0
0

136,474
14,616
174,107

63,848
7,437
100,988

75,935

(44)
()

4

(44)
(4)
(4)
()

()

(4)
N4

04

(4)

b

438,948

(4)
(44)
()
3,262
385

(4)

7,357

1,821
31,470
86
6,101
11,746
13,537
13,073
464

MEMO

113
114
115
116
117
118
119
120
121
122

Deposits in domestic offices
Total demand
Total savings
Total time
Time deposits of $100,000 or more
Certificates of deposit (CDs) in denominations of $100,000 or more
Other
Savings deposits authorized for automatic transfer and NOW accounts
Money market time certificates of $10,000 and less than $100,000 with original maturities of 26
weeks
All savers certificates
Demand deposits adjusted 6

123 Standby letters of credit, total
123
U.S. addressees (domicile)
125
Non-U.S. addressees (domicile)
126 Standby letters of credit conveyed to others through participations (included in total standby
letters of credit)
127 Holdings of commercial paper included in total gross loans
128
129
130
131
132
133
134
135

Average for 30 calendar days (or calendar month) ending with report date
Total assets
Cash and due from d e p o s i t o r institutions
Federal funds sold and securities purchased under agreements to resell
Total loans
Total deposits
Time CDs in denominations of $100,000 or more in domestic offices
Federal funds purchased and securities sold under agreements to repurchase
Other liabilities for borrowed money

136 Number of banks
For notes see page A77.




0

170,629
78,175
304,796
199,817
175,755
24,062
23,073

90,982
76,126
190,754
72,329
68,033
4,295
22,079

0
0
0

63,848
7,437
100,988

72,625
7,179
73,119

70,915
51,489
19,426

15,002

55,913

5,020

(4)

(4)

6,163

(4)

5,752

(4)

718

(4)

5,034
286

411
825

1,614,691
269,308
64,625
916,205
1,213,008
243,368
159,179
35,804

1,178,569
221,212
36,120
684,944
858,702

342,702
127,045
749
200,799
288,647

124,486
33,981

508
15,198

835,867
94,167
35,371
484,146
570,055
175,650
123,979
18,783

436,122
48,096
28,505
231,260
354,306
67,718
34,692
1,823

1,716

191

191

191

1,525

(4)

(4)

H

A70
4.21

Special Tables • July 1982
DOMESTIC OFFICES, Insured Commercial Banks with Assets of $100 Million or over 1 jP
Consolidated Report of Condition; Mar. 31, 1982
Millions of dollars
Member banks
Item

Insured
Total

1 Total assets.
2 Cash and due from depository institutions
3
Currency and coin (U.S. and foreign)
4
Balances with Federal Reserve Banks
5
Balances with other central banks
6
Demand balances with commercial banks in United States
7
All other balances with depository institutions in United States and with banks in foreign
countries
8
Time and savings balances with commercial banks in United States
9
Balances with other depository institutions in United States
0
Balances with banks in foreign countries
1
Cash items in process of collection
12 Total securities, loans, and lease financing receivables
13 Total securities, book value
14
U.S. Treasury
15
Obligations of other U.S. government agencies and corporations.
16
Obligations of states and political subdivisions in United States . .
17
All other securities
18
Other bonds, notes, and debentures
19
Federal Reserve and corporate stock
20
Trading account securities

National

State

Nonmember
insured

1,268,809

1,087,069

824,247

262,822

199,740

149,850
13,800
24,426
259
17,370

131,059
11,731
23,688
259
11,846

95,717
9,244
17,657
221
9,319

35,342
2,488
6,031
38
2,527

18,791
2,069
739
0
5,524

33,874
10,502
349
23,023
60,120

25,959
6,989
182
18,788
57,576

19,658
5,867
78
13,712
39,618

6,302
1,122
104
5,076
17,957

7,915
3,513
167
4,235
2,544

1,014,363

844,534

644,853

199,681

169,829

227,928
64,822
38,533
106,284
18,289
3,868
1,682
12,739

179,068
48,632
28,417
85,504
16,515
2,441
1,513
12,560

135,375
36,491
23,052
64,864
10,967
1,785
1,139
8,043

43,693
12,141
5,365
20,640
5,547
656
374
4,517

48,861
16,190
10,116
20,780
1,775
1,426
169
180

60,311

50,529

38,482

12,048

9,782

22 Total loans, gross
23 LESS: Unearned income on loans
24
Allowance for possible loan loss
25 EQUALS: Loans, net

735,371
12,601
9,411
713,359

621,003
9,576
8,183
603,244

475,716
7,221
6,096
462,399

145,287
2,355
2,088
140,845

114,368
3,025
1,228
110,115

Total loans, gross, by category
26 Real estate loans
27
Construction and land development
Secured by farmland
Secured by residential properties
1- to 4-family
FHA-insured or VA-guaranteed
Conventional
Multifamily
FHA-insured
Conventional
Secured by nonfarm nonresidential properties.

212,366
41,328
2,221
118,292
112,359
5,920
106,439
5,933
315
5,618
50,525

169,737
34,771
1,603
94,935
90,181
5,287
84,894
4,754
224
4,530
38,428

139,435
27,074
1,436
79,426
75,627
4,365
71,262
3,799
127
3,672
31,499

30,302
7,697
167
15,509
14,554
921
13,633
955
97
858
6,929

42,629
6,556
619
23,356
22,178
633
21,544
1,179
91
1,088
12,097

57,578
4,838
10,337
16,933
11,816
13,654

53,371
4,566
7,683
16,417
11,602
13,103

33,459
3,298
5,000
9,276
7,052
8,833

19,912
1,268
2,683
7,140
4,550
4,271

4,207
271
2,654
516
215
551

43 Loans for purchasing or carrying securities
44
Brokers and dealers in securities
45
Other
46 Loans to finance agricultural production and other loans to farmers
47 Commercial and industrial loans

9,722
5,649
4,073
10,680
291,364

9,122
5,363
3,759
9,396
254,045

5,223
2,376
2,847
8,552
190,503

3,899
2,987
912
844
63,542

600
286
314
1,284
37,320

Loans to individuals for household, family, and other personal expenditures
Installment loans
Passenger automobiles
Credit cards and related plans
Retail (charge account) credit card
Check and revolving credit
Mobile homes
Other installment loans
Other retail consumer goods
Residential property repair and modernization
Other installment loans for household, family, and other personal expenditures.
Single-payment loans
60 All other loans

129,971
106,915
37,687
30,429
25,057
5,372
6,738
32,062
7,475
7,645
16,943
23,056
23,690

103,549
85,041
28,355
27,278
22,684
4,594
5,371
24,038
5,873
5,474
12,691
18,508
21,784

84,312
69,800
23,170
22,313
18,724
3,589
4,891
19,426
4,852
4,461
10,113
14,512
14,232

19,236
15,241
5,185
4,964
3,960
1,005
480
4,612
1,021
1,013
2,578
3,996
7,552

26,423
21,875
9,332
3,151
2,373
778
1,367
8,024
1,602
2,171
4,251
4,548
1,905

12,765
21,884
1,962
98,750
355
40,550
27,260
30,584

11,693
17,692
1,601
92,183
324
39,715
25,913
26,230

8,598
14,347
1,301
68,027
295
28,502
20,045
19,185

3,095
3,345
300
24,154
29
11,213
5,869
7,045

1,072
4,192
360
6,568
32
835
1,347
4,354

21 Federal funds sold and securities purchased under agreements to resell

37 Loans to financial institutions
38
REITs and mortgage companies in United States.
39
Commercial banks in United States
40
Banks in foreign countries
41
Finance companies in United States
42
Other financial institutions

61
62
63
64
65
66
67
68

Lease financing receivables
Bank premises, furniture and fixtures, and other assets representing bank premises
Real estate owned other than bank premises
All other assets
Investment in unconsolidated subsidiaries and associated companies
Customers' liability on acceptances outstanding
Net due from foreign branches, foreign subsidiaries, Edge and agreement subsidiaries.
Other




Commercial Banks
4.21

A73

Continued
Member banks
Item

Nonmember
insured

Insured
Total

National

State

69 Total liabilities and equity capital 8

1,286,809

1,087,069

824,247

262,822

199,740

70 Total liabilities excluding subordinated debt

1,194,293

1,009,462

765,389

244,073

184,831

71 Total deposits
72
Individuals, partnerships, and corporations
73
U.S. government
74
States and political subdivisions in United States
75
All other
76
Foreign governments and official institutions
77
Commercial banks in United States
78
Banks in foreign countries
79
Certified and officers' checks, travelers checks, and letters of credit sold for cash

911,463
781,794
2,432
55,170
61,725
5,905
40,662
15,159
10,342

745,954
634,638
2,056
41,599
58,920
5,721
38,653
14,546
8,742

579,210
499,286
1,662
33,938
38,874
3,369
27,323
8,183
5,450

166,744
135,353
394
7,661
20,045
2,352
11,330
6,363
3,292

165,508
147,156
376
13,571
2,806
183
2,009
613
1.600

80 Demand deposits
81
Mutual savings banks
82
Other individuals, partnerships, and corporations
83
U.S. government
84
States and political subdivisions in United States
85
AUother
86
Foreign governments and official institutions
87
Commercial banks in United States
88
Banks in foreign countries
89
Certified and officers' checks, travelers checks, and letters of credit sold for cash

261,611
942
205,681
1,824
9,772
30,050
1,003
25,560
6,486
10,342

222,256
819
171,332
1,546
8,032
31,785
984
24,508
6,293
8,742

163,897
459
128,517
1,218
6,423
21,830
528
18,400
2,901
5,450

58,359
360
42,815
328
1,609
9,956
455
6,108
3,392
3,292

39,355
123
34,350
278
1,740
1,265
20
1,052
193
1,600

90 Time deposits
91
Mutual savings banks
92
Other individuals, partnerships, and corporations
93
U.S. government
94
States and political subdivisions in United States
95
AUother
96
Foreign governments and official institutions
97
Commercial banks in United States
98
Banks in foreign countries

495,550
285
422,199
554
43,856
28,657
4,883
15,101
8,672

402,873
266
342,645
460
32,385
27,116
4,720
14,144
8,252

317,520
150
273,301
395
26,646
17,028
2,823
8,923
5,281

85,353
117
69,344
65
5,739
10,089
1,897
5,221
2,971

92,677
19
79,553
94
11,470
1,540
163
957
420

99 Savings deposits
100
Mutual savings banks
101
Other individuals, partnerships, and corporations
102
Individuals and nonprofit organizations
103
Corporations and other profit organizations
104
U.S. government
105
States and political subdivisions in United States
106
All other
107
Foreign governments and official institutions
108
Commercial banks in United States
109
Banks in foreign countries

154,302

120,825

97,793

23,032

152,686
146,864
5,822
55
1,542
19
18
1

119,576
115,444
4,132
50
1,181
18
17
1

96,858
93,510
3,348
49
868
17
17

22,717
21,934
784
1
313
1

33,477
0
33,111
31,420
1,691
5
361
1

158,972

146,761

109,450

37,312

12.211

30,444
10,135
20,309
2,163

28,599
9,293
19,306
1,784

16,709
6,640
10,068
1,505

11,891
2,653
9,238
279

1,845
842
1,003
379

91,251
43,471
15,925
31,855

86,363
42,636
15,262
28,465

58,515
31,114
7,259
20,143

27,848
11,522
8,003
8,322

4,888
835
663
3,390

110 Federal funds purchased and securities sold under agreements to repurchase
111 Interest-bearing demand notes issued to U.S. Treasury and other liabilities for borrowed
money
112
Interest-bearing demand notes (note balances) issued to U.S. Treasury
113
Other liabilities for borrowed money
114 Mortgage indebtedness and liability for capitalized leases
115 All other liabilities
116
Acceptances executed and outstanding
117
Net due to foreign branches, foreign subsidiaries. Edge and agreement subsidiaries
118
Other
119 Subordinated notes and debentures
120 Total equity capital8

1

5,516

4,320

3,040

1,280

1,196

87,000

73,287

55,818

17,469

13,713

272,146
243,788
28,357
45,152

230,373
204,149
26,224
35,566

175,167
157,154
18,014
29,305

55,206
46,995
8,210
6,262

41,772
39,639
2,134
9,585

136,474
14,616
174,107

105,289
11,328
138,626

87,901
9,071
104,660

17,389
2,257
33,966

31,184
3,288
35,481

60,933
5,445
1,111

58,258
5,314
717

37,997
4,010
513

20,260
1,304
203

2,676
131
394

1,271,989
142,263
63,876
715,406
924,362
243,368
158,671
20,606

1,074,547
124,641
54,067
604,513
760,461
203,577
147,183
19,663

817,217
92,027
42,425
464,082
569,743
155,964
109,989
9,429

257,330
32,614
11,642
140,431
190,718
47,613
37,194
10,234

197,442
17,622
9,809
110,893
163,901
39,791
11,488
943

1,716

1,067

889

178

649

MEMO

121 Time deposits of $100,000 or more
122
Certificates of deposit (CDs) in denominations of $100,000 or more
123
Other
124 Savings deposits authorized for automatic transfer and N O W accounts
125 Money market time certificates of $10,000 and less than $100,000 with original maturities of 26
weeks
126 All savers certificates
127 Demand deposits adjusted 6
128 Total standby letters of credit
129
Conveyed to others through participation (included in standby letters of credit)
130 Holdings of commercial paper included in total gross loans
131
132
133
134
135
136
137
138

Average for 30 calendar days (or calendar month) ending with report date
Total assets
Cash and due from depository institutions
Federal funds sold ana securities purchased under agreements to resell
Total loans
Total deposits
Time CDs in denominations of $100,000 or more in domestic offices
Federal funds purchased and securities sold under agreements to repurchase
Other liabilities for borrowed money

139 Number of banks
For notes see page A77.




A70
4.22

Special Tables • July 1982
DOMESTIC OFFICES, Insured Commercial Bank Assets and Liabilities"'
Consolidated Report of Condition; Mar. 31, 1982
Millions of dollars
Member banks
Insured
Total

1 Total assets
2 Cash and due from depository institutions
3
Currency and coin (U.S. and foreign)
4
Balances with Federal Reserve Banks
5
Balances with other central banks
6
Demand balances with commercial banks in United States
7
All other balances with depository institutions in United States and banks in foreign countries
8
Cash items in process of collection
9 Total securities, loans, and lease financing receivables
10 Total securities, book value
11
U.S. Treasury
12
Obligations of other U.S. government agencies and corporations
13
Obligations of states and political subdivisions in United States
14
All other securities

National

State

Nonmember
insured

1,680,093

1,249,222

960,364

288,859

430,870

181.698
18,805
26,802
259
30,033
43,430
62,369

145,915
14,008
25,913
259
16,187
30,565
58.982

108.267
11.163
19.516
221
13.065
23.541
40,761

37,648
2,846
6,397
38
3,122
7,023
18,221

35,783
4,796
890
0
13,846
12,865
3,386

1,359,013

984,992

762,662

222,330

374,021

344,757
103,809
70,407
150,449
20,093

226,723
64.270
41,082
104.072
17.299

175,433
49,406
33,664
80,767
11,596

51,290
14,863
7,419
23,305
5,703

118.034
39,539
29,324
46,377
2,794

87,758

62.307

48,276

14,031

25,451

16 Total loans, gross
17 LESS: Unearned income on loans
18
Allowance for possible loan loss
19 EQUALS: Loans, net

944,007
19,162
11,452
913,393

705.455
12,328
9,039
684,088

546,536
9,528
6,822
530.186

158,919
2,799
2,217
153,902

238,552
6,834
2,413
229,305

Total loans, gross, by category
20 Real estate loans
21
Construction and land development
22
Secured by farmland
23
Secured by residential properties
24
1- to 4-family
25
Multifamily
26
Secured by nonfarm nonresidential properties

286,713
46,316
8,327
163,362
156,169
7,192
68,709

199,719
36,466
3,634
114,002
108,782
5.220
45,618

164.173
28,561
3.039
95.029
90.845
4,184
37,543

35,546
7,904
595
18,972
17,937
1,035
8,075

86,994
9,851
4,693
49,360
47,387
1,973
23,091

27
28
29
30

61.130
10.299
33,282
343,541

55,000
9,326
17.879
275,228

34,921
5,402
15,532
208,639

20,079
3,924
2,347
66,589

6,130
974
15,403
68,313

31 Loans to individuals for household, family, and other personal expenditures
32
Installment loans
33
Passenger automobiles
34
Credit cards and related plans
35
Mobile homes
36
All other installment loans for household, family, and other personal expenditures
37
Single-payment loans
38 All other loans

181,807
145,597
57,867
31,685
9,933
46,111
36,210
27,170

125,041
101,301
36.788
27,937
6,781
29,796
23,740
23,261

102,435
83,558
30,299
22,910
6,089
24,259
18,878
15,434

22,606
17,744
6,489
5,026
691
5,537
4,862
7,827

56,765
44,296
21,079
3,749
3,152
16,315
12,470
3.910

39
40
41
42

13,105
29,821
2,792
106.768

11,874
20,931
1.895
95.489

8,767
17,066
1.540
70.828

3,107
3,864
355
24,661

1,231
8,890
897
11,279

15 Federal funds sold and securities purchased under agreements to resell

Loans to financial institutions
Loans for purchasing or carrying securities
Loans to finance agricultural production and other loans to farmers
Commercial and industrial loans

Lease financing receivables
Bank premises, furniture and fixtures, and other assets representing bank premises
Real estate owned other than bank premises
All other assets




Commercial Banks
4.22

A75

Continued
Member banks
Insured
Total

National

State

member
insured

43 Total liabilities and equity capital 8

1,680,093

1,249,222

960,364

288,859

430,870

44 Total liabilities excluding subordinated debt

1,553,120

1,157,473

889,657

267,815

395,647

45 Total deposits
46
Individuals, partnerships, and corporations
47
U.S. government
48
States and political subdivisions in United States
49
All other
50
Certified and officers' checks, travelers checks, and letters of credit sold for cash

1.255,114
1,092,017
3,165
84,140
62,752
13,040

886,743
762,489
2,373
52,587
59,431
9,862

697,453
606,629
1,937
43,219
39,270
6,400

189,290
155,861
436
9,368
20,162
3,463

368,371
329,527
791
31,553
3,321
3,178

51 Demand deposits
52
Individuals, partnerships, and corporations
53
U.S. government
54
States and political subdivisions in United States
55
All other
56
Certified and officers' checks, travelers checks, and letters of credit sold for cash

334,991
271,277
2,381
14,648
33,644
13,040

252,870
199,030
1,792
10,052
32,134
9,862

189.924
151,844
1,433
8,136
22,111
6,400

62,946
47,186
359
1,916
10,023
3,463

82,120
72,247
589
4,597
1,510
3,178

57 Time deposits
58
Other individuals, partnerships, and corporations
59
U.S. government
60
States and political subdivisions in United States
61
All other

692,691
596,793
718
66,128
29,053

481,989
413,558
526
40,639
27,266

383,782
332,589
451
33,612
17,130

98,207
80,968
75
7,027
10,137

210,702
183,235
191
25,489
1,787

62 Savings deposits
63
Corporations and other profit organizations
64
Other individuals, partnerships, and corporations
65
U.S. government
66
States and political subdivisions in United States
67
All other

227,432
8,152
215,796
66
3,364
55

151,884
5,063
144,839
55
1,896
31

123,747
4,130
118,066
52
1,471
29

28,137
933
26,773
3
426
2

75,548
3,089
70,957
11
1,468
24

68 Federal funds purchased and securities sold under agreements to repurchase
69 Interest-bearing demand notes (note balances) issued to U.S. Treasury and other liabilities for
borrowed money
70 Mortgage indebtedness and liability for capitalized leases
71 All other liabilities

166,920

150,954

112,901

38,053

15,966

31,377
2,554
97,155

29,043
1,928
88,806

17,090
1,619
60,594

11,953
309
28,211

2,334
626
8,350

72 Subordinated notes and debentures
73 Total equity capital8

6,115

4,567

3,259

1,308

1,548

120,858

87,183

67,448

19,735

33,675

317,594
286,002
31,593
68,470

247,846
220,285
27,560
45,421

190,082
170,940
19,141
37,706

57,764
49,345
8,419
7,715

69,749
65,716
4,032
23,049

228,901
20,985
244,089

142,875
13,989
167,240

119,332
11,283
129,050

23,543
2,706
38,190

86,026
6,996
76,849

62.457

58,838

38,499

20,339

3,619

1,265,300

900,089

686,966

213,124

365,211

14,403

5,493

4,468

1,025

8,910

MEMO

74 Time deposits of $100,000 or more
75
Certificates of deposit (CDs) in denominations of $100,000 or more
76
Other
77 Savings deposits authorized for automatic transfer and NOW accounts
78 Money market time certificates of $10,000 and less than $100,000 with original maturities of 26
weeks
79 All savers certificates
80 Demand deposits adjusted 6
81 Total standby letters of credit
Average for 30 calendar days (or calendar month) ending with report date
82 Total deposits
83 Number of banks
1. Effective Dec. 31, 1978, the report of condition was substantially revised for
commercial banks. Commercial banks with assets less than $100 million and with
domestic offices only were given the option to complete either the abbreviated or
the standard set of reports. Banks with foreign offices began reporting in greater
detail on a consolidated domestic and foreign basis. These tables reflect the varying
levels of reporting detail.
Beginning Dec. 3, 1981, depository institutions may establish international banking facilities (IBFs). Activity of IBFs established by U.S. commercial banks is
reflected in the appropriate asset and liability line items in the domestic office
portion of the tables. Activity of IBFs established by Edge Act and Agreement
subsidiaries of U.S. commercial banks is reflected in the appropriate asset and
liability line items in the foreign office portion of the tables. When there is a column
for fully consolidated foreign and domestic data, activity of IBFs is reflected in the
appropriate asset and liability line items in that portion of the tables.
2. All transactions between domestic and foreign offices of a bank are reported
in "Net due from" and "Net due to" (lines 79 and 103). All other lines represent
transactions with parties other than the domestic and foreign offices of each bank.
Since these intra-office transactions are erased by consolidation, total assets and
liabilities are the sum of all except intra-office balances.




3. Foreign offices include branches in foreign countries and in U.S. territories
and possessions, subsidiaries in foreign countries, and all offices of Edge Act and
agreement corporations wherever located.
4. This item is unavailable for all or some of the banks because of the lesser
detail available from banks without foreign offices, the inapplicability of certain
items to banks that have only domestic offices, and the absence of detail on a fully
consolidated basis for banks with foreign offices.
5. Equity capital is not allocated between the domestic and foreign offices of
banks with foreign offices.
6. Demand deposits adjusted equal demand deposits other than domestic commercial interbank and U.S. government less cash items in process of collection.
7. Domestic offices exclude branches in foreign countries and in U.S. territories
and possessions, subsidiaries in foreign countries, and all offices of Edge Act and
agreement corporations wherever located.
8. This item contains the capital accounts of U.S. banks that have no Edge or
foreign operations and reflects the difference between domestic office assets and
liabilities of U.S. banks with Edge or foreign operations excluding the capital
accounts of their Edge or foreign subsidiaries.

A70
4.30

Special Tables • July 1982
ASSETS A N D LIABILITIES of U.S. Branches and Agencies of Foreign Banks, Mar. 31, 19821
Millions of dollars
All states 2

New York

Item
Total
1 Total assets4

Branches

Agencies

Branches

Agencies

Other states 2

California,
total 3

Illinois,
branches
Branches

Agencies

177,283

128,392

48,891

111,257

8,603

37,270

7,964

8,874

3,314

2 Cash and due from depository institutions
3
Currency and coin (U.S. and foreign)
4
Balances with Federal Reserve Banks
5
Balances with other central banks
6
Demand balances with commercial banks in United
States
7
All other balances with depository institutions in
United States and with banks in foreign
countries
8
Time and savings balances with commercial banks
in United States
9
Balances with other depository institutions in
United States
10
Balances with banks in foreign countries
11
Foreign branches of U.S. banks
12
Other banks in foreign countries
13
Cash items in process of collection

18,951
20
982
10

17,862
18
891
1

1,089
2
91
9

16,171
13
743
1

526
1
51
0

475
2
33
9

1,459
2
31
0

205
1
114
0

115
1
11
0

912

605

308

533

219

70

37

29

23

16,947

16,273

675

14,810

254

359

1,385

60

79

7,264

6,885

378

6,100

200

158

709

59

38

133
9,551
1,832
7.719
79

125
9,262
1,735
7,527
74

8
289
97
192
4

102
8,608
1,685
6,923
71

0
53
48
6
1

8
194
44
150
2

23
654
50
603
3

0
0
0
0
1

0
42
5
37
1

14 Total securities, loans, and lease financing receivables..

116,400

86,800

29,600

76,109

6,085

20,729

5,899

4,551

3,028

15 Total securities, book value
16
U.S. Treasury
17
Obligations of other U.S. government agencies and
corporations
18
Obligations of states and political subdivisions in
United States
19
Other bonds, notes, debentures, and corporate stock

4,734
2,936

4,284
2,722

449
215

4,076
2,651

284
171

167
46

177
45

28
23

2
0

477

440

38

429

22

17

5

5

0

97
1,224

93
1,030

4
193

74
923

1
90

1
104

19
107

0
0

2
0

6,886

5,183

1,703

4,876

952

741

163

133

21

6,386
500

4,762
421

1,624
79

4,504
373

876
76

738
3

116
47

131
1

21
0

6,859
218
6,641

5,157
200
4,957

1,702
18
1,684

4,872
78
4,795

952
6
946

741
7
734

140
2
139

133
121
12

21
5
15

20 Federal funds sold and securities purchased under
agreements to resell
21
22
23
24
25
26

By holder
Commercial banks in United States
Others
By type
One-day maturity or continuing contract
Securities purchased under agreements to resell...
Other
Other securities purchased under agreements to
resell

27

26

1

4

0

1

22

0

0

111,857
191
111,665

82,640
125
82,515

29,217
66
29,150

72,142
110
72,031

5,815
14
5,801

20,613
51
20,562

5,734
12
5,722

4,525
2
4,523

3,028
2
3,026

4,305
40,911
23,983
21,965
2,017
15,617
667
14,951
1,311

1,358
33,365
18,758
16,989
1,769
13,455
605
12,850
1,152

2,947
7,546
5,224
4,976
248
2,163
62
2,101
159

808
31,117
17,211
15,518
1,694
13,028
580
12,448
878

532
1,091
405
392
13
623
13
610
63

1,709
6,236
4,804
4,570
234
1,356
49
1,307
76

58
2,018
1,345
1,312
33
403
25
378
270

428
225
199
156
43
24
24
2

770
223
18
17
1
183
0
183
22

39 Loans for purchasing or carrying securities
40 Commercial and industrial loans
41
U.S. addressees (domicile)
42
Non-U.S. addressees (domicile)
43 Loans to individuals for household, family, and other
personal expenditures
44 All other loans
45
Loans to foreign governments and official
institutions
46
Other

532
54,983
32,205
22,778

424
38,241
21,376
16,865

108
16,742
10,830
5,912

393
31,027
15,834
15,193

108
3,682
1,517
2,165

29
11,281
7,861
3,420

0

3,325
2,852
473

2
3,773
2,590
1,184

0
1,894
1,551
343

188
10,939

117
9,135

70
1,804

83
8,713

18
384

56
1,301

9
325

16
80

6
135

9,285
1,654

7,599
1,536

1,685
118

7,236
1,477

319
65

1,254
48

300
25

63
16

113
22

47 Lease financing receivables
48 All other assets
49
Customers' liability on acceptances outstanding
50
U.S. addressees (domicile)
51
Non-U.S. addressees (domicile)
52
Net due from related banking institutions 5
53
Other

1
35,046
11,246
5,892
5,354
17,050
6,751

1
18,546
8,122
3,805
4,317
4,879
5,545

0

1

14,102
7,758
3,608
4,149
1,227
5,117

0
1,040
745
74
671
47
248

0
15,325
2,356
2,005
351
12,091
878

0
443
199
167
32
0
244

0

16,500
3,124
2,087
1,037
12,170
1,206

3,985
165
29
136
3,652
169

0
151
24
8
16
33
94

27 Total loans, gross
28 LESS: Unearned income on loans
29 EQUALS: Loans, net
Total loans, gross, by category
30 Real estate loans
31 Loans to financial institutions
32
Commercial banks in United States
33
U.S. branches and agencies of other foreign banks
34
Other commercial banks
35
Banks in foreign countries
36
Foreign branches of U.S. banks
37
Other
38
Other financial institutions




0

U. S. Branches and Agencies
4.30

A77

Continued
All states 2
Total

54 Total liabilities 4

177,283

New York

Other states 2

Cali-

Branches

Agencies

Branches

Agencies

128,392

48,891

111,257

8,603

Illinois,
branches

total 3

Branches

Agencies

37,270

7,964

8,874

3,314

5.793
5,637
5,543
94

448
401
12
389

55 Total deposits and credit balances
56
Individuals, partnerships, and corporations
57
U.S. addressees (domicile)
58
Non-U.S. addressees (domicile)
59
U.S. government, states, and political subdivisions
in United States
60
All other
61
Foreign governments and official institutions . . .
62
Commercial banks in United States
63
U.S. branches and agencies of other foreign
banks
64
Other commercial banks in United States . . . .
65
Banks in foreign countries
66
Foreign branches of U.S. banks
67
Other banks in foreign countries
68
Certified and officers' checks, travelers checks,
and letters of credit sold for cash

61,165
28,696
24.067
4,630

57,323
27,347
23,984
3,363

3,842
1,350
83
1,266

49,821
20,648
17,602
3,045

813
182
51
132

2,695
869
78
791

1,596
959
780
179

74
32,394
4,477
7,413

74
29,902
4,128
6.701

0
2,492
349
712

19
29,153
4,052
6,347

0
631
90
87

2
1,824
240
627

2
635
50
335

52
104
25
12

0
47
20
5

5,005
2,409
19,725
2,672
17,052

4,602
2,099
18,552
2,397
16,155

402
310
1,173
276
897

4,377
1,970
18,268
2,331
15,938

51
36
225
80
144

347
280
937
197
740

225
110
229
64
165

0
12
53
0
53

4
1
13
1
12

779

522

258

486

229

21

21

14

8

69 Demand deposits
70
Individuals, partnerships, and corporations
71
U.S. addressees (domicile)
72
Non-U.S. addressees (domicile)
73
U.S. government, states, and political subdivisions
in United States
74
All other
75
Foreign governments and official institutions . . .
76
Commercial banks in United States
77
U.S. branches and agencies of other foreign
banks
78
Other commercial banks in United States . . . .
79
Banks in foreign countries
80
Certified and officers' checks, travelers checks,
and letters of credit sold for cash

3,064
1,335
788
548

2,705
1,274
788
486

359
62
0
62

2,456
1,085
629
456

229
0
0
0

75
33
6
27

128
101
78
23

113
81
74
7

63
35
0
35

6
1,722
308
65

6
1,425
282
65

0
297
27
0

5
1,366
266
62

0
229
0
0

0
41
15
0

0
27
1
0

0
32
15
2

0
28
12
0

17
48
570

17
48
557

0
0
13

17
45
552

0
0
0

0
0
5

0
0
4

0
2
1

0
0
8

779

522

258

486

229

21

21

14

8

1,438
828
674
154

5,651
5,528
5,444
85

365
346
0
346

81 Time deposits
82
Individuals, partnerships, and corporations
83
U.S. addressees (domicile)
84
Non-U.S. addressees (domicile)
85
U.S. government, states, and political subdivisions
in United States
86
All other
87
Foreign governments and official institutions . . .
88
Commercial banks in United States
89
U.S. branches and agencies of other foreign
banks
90
Other commercial banks in United States . . . .
91
Banks in foreign countries

57,369
26,886
22,970
3,916

54,190
25,778
22,968
2,810

3,179
1,108
2
1,106

47,001
19,330
16,803
2,527

347
62
2
61

2,567
791
48
743

68
30.414
4,139
7.269

68
28,344
3.841
6,597

0
2,071
298
672

14
27,656
3,782
6,248

0
284
66
53

1
1.775
224
619

1
608
49
334

51
72
10
10

0
19
8
5

4,959
2,310
19,006

4,558
2,039
17,905

401
271
1,101

4,333
1,915
17,626

50
3
166

347
272
932

225
109
225

0
10
52

4
1
5

92 Savings deposits
93
Individuals, partnerships, and corporations
94
U.S. addressees (domicile)
95
Non-U.S. addressees (domicile)
96
U.S. government, states, and political subdivisions
in United States
97
All other

284
284
203
82

258
258
203
56

26
26
0
26

197
197
146
51

0
0
0
0

23
23
3
20

30
30
28
2

27
27
25
2

7
7
0
7

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

98 Credit balances
99
Individuals, partnerships, and corporations
100
U.S. addressees (domicile)
101
Non-U.S. addressees (domicile)
102
U.S. government, states, and political subdivisions
in United States
103
All other
104
Foreign governments and official institutions . . .
105
Commercial banks in United States
106
U.S. branches and agencies of other foreign
banks
107
Other commercial banks in United States . . . .
108
Banks in foreign countries

449
191
107
84

170
36
25
11

278
154
82
73

167
36
24
11

237
120
49
71

30
21
21
1

0
0
0
0

1
1
1
0

13
13
12
1

0
258
30
79

0
134
5
39

0
124
25
40

0
131
5
37

0
117
24
35

0
9
1
8

0
0
0
0

0
0
0
0

0
0
0
0

29
50
149

28
11
90

1
39
59

28
9
90

1
33
59

0
8
0

0
0
0

0
0
0

0
0
0

For notes see page A81.




A70
4.30

Special Tables • July 1982
Continued
All states 2
Total

109 Federal funds purchased and sold under agreement to
repurchase
110
111
112
113
114
115

By holder
Commercial banks in United States
Others
By type
One-day maturity or continuing contract
Securities sold under agreements to repurchase . . .
Other
Other securities sold under agreements to
repurchase

New York

Other states 2

California,
total 3

Illinois,
branches

Branches

Agencies

Branches

Agencies

18.175

11,420

6,755

10,248

1,805

4,178

883

271

791

15,545
2,630

9,918
1.502

5.628
1,128

8,790
1,458

1,476
329

4,036
142

839
44

271
0

134
657

17,021
1.480
15,541

10.417
1,376
9,041

6,604
104
6,500

9,256
1,190
8,066

1,698
12
1,687

4,133
93
4,041

872
63
809

271
122
149

791
0
791

Branches

Agencies

1.154

1,002

151

992

107

44

10

0

0

116 Other liabilities for borrowed money
117
Owed to banks
118
U.S. addressees (domicile)
119
Non-U.S. addressees (domicile)
120
Owed to others
121
U.S. addressees (domicile)
122
Non-U.S. addressees (domicile)

48,758
46,134
43,593
2,540
2,624
2.376
248

21,034
18,934
16,793
2,141
2,100
1,909
191

27,723
27,200
26,800
400
524
467
57

19,372
17,346
15,288
2,058
2,027
1,837
189

2,607
2,595
2,305
290
12
8
4

24,868
24,361
24.314
47
507
459
48

1,045
974
916
58
71
70
2

581
579
569
10
2
2
0

284
279
202
77
5
0
5

123 All other liabilities
124
Acceptances executed and outstanding
125
Net due to related banking institutions 5
126
Other

49,185
12,423
32,428
4,335

38,615
9,176
25,895
3,543

10,571
3,246
6,533
792

31,817
8,821
19,781
3,214

3,377
771
2,457
148

5.529
2,436
2,510
584

4,441
190
4,093
158

2,229
165
1,899
165

1,792
40
1,688
65

127 Time deposits of $100,000 or more
128
Certificates of deposit (CDs) in denominations of
$100,000 or more
129
Other
130 Savings deposits authorized for automatic transfer and
NOW accounts
131 Money market time certificates of $10,000 and less
than $100,000 with original maturities of 26 weeks
132 Time certificates of deposit in denominations of
$100,000 or more with remaining maturity of
more than 12 months

43,080

41,627

1,453

34,577

7

1,189

1,351

5,617

338

28,386
14,693

27,302
14,325

1,084
368

20,895
13,682

0

841
349

816
535

5,528
89

307
31

26

17

10

5

0

5

5

6

6

296

282

14

222

0

9

28

30

8

1,681

1.581

100

1,322

0

109

22

204

25

133
134
135
136
137
138
139
140

4.646
70,770
8,806
7,219
10,162
7,900
2,262

3,213
66,652
8.585
4,188
8,024
6,216
1,809

1,432
4,118
221
3,031
2,138
1,685
453

2,945
61,321
5.214
3,593
7,171
5,736
1,435

25
4,068
38
499
375
214
161

1.405
64
3
2,470
1,169
953
216

11
4,877
237
356
457
245
212

257
439
3,132
233
380
219
161

3
2
181
67
611
533
77

2,283

2,174

109

2,128

43

63

47

0

2

MEMO

Acceptances refinanced with a U.S.-chartered bank . . .
Statutory or regulatory asset pledge requirement
Statutory or regulatory asset maintenance requirement
Commercial letters of credit
Standby letters of credit, total
U.S. addressees (domicile)
Non-U.S. addressees (domicile)
Standby letters of credit conveyed to others through
participations (included in total standby letters of
credit)

141 Holdings of commercial paper included in total gross
loans
142 Holdings of acceptances included in total commercial
and industrial loans
143 Immediately available funds with a maturity greater
than one day (included in other liabilities for borrowed money)
144 Gross due from related banking institutions 5
145
U.S. addressees (domicile)
146
Branches and agencies in United States
147
In the same state as reporter
148
In other states
149
U.S. banking subsidiaries 6
150
Non-U.S. addressees (domicile)
151
Head office and non-U.S. branches and agencies..
152
Non-U.S. banking companies and offices
153 Gross due to related banking institutions 5
154
U.S. addressees (domicile)
155
Branches and agencies in United States
156
In the same state as reporter
157
In other states
158
U.S. banking subsidiaries 6
159
Non-U.S. addressees (domicile)
160
H e a d office and non-U.S. branches and agencies..
161
Non-U.S. banking companies and offices




7

725

672

53

630

17

36

42

0

0

5,256

3.788

1,467

3,648

136

1,316

73

68

15

35.221

13.737

21,484

12,382

2,434

18,867

986

349

203

70.414
22.303
21.986
406
21.580
317
48,111
45,850
2,261

44,812
8,428
8.278
177
8,101
151
36,383
34,259
2,124

25,602
13,874
13,708
229
13.479
166
11,728
11,591
137

38,171
4,002
3,880
137
3,743
122
34,169
32,057
2,113

7,352
2,020
1.966
10
1,956
54
5,332
5,259
73

17,879
11,812
11,698
216
11,483
114
6,068
6,014
54

2.087
124
98

4,504
4,253
4,253
40
4,213
0
250
250
0

420
91
91
3
88
0
329
319
10

85,792
20,804
20,547
329
20.218
257
64,988
63,632
1,356

65,827
13.988
13,779
189
13,590
208
51,839
50,533
1,306

19,964
6,816
6,767
140
6,628
48
13,149
13,099
50

56,725
9,215
9,061
151
8,910
155
47,510
46,242
1,268

9,763
2,580
2,579

8,299
3,216
3,199
139
3,059
17
5,082
5,061
21

6,180
2,792
2,751

2,750
1,947
1,935
38
1,897
12
803
803
0

2,075
1,053
1,022
0
1,022
31
1,022
1,022

0

2,579
1

7,183
7,149
33

0

98
26
1,963
1,952
11

0

2,751
41
3,387
3,355
33

1

U.S. Branches and Agencies
4.30

A79

Continued
All states 2

New York

Item
Total
Average for 30 calendar days (or calendar month) ending
with report date
162 Total assets
163 Cash and due f r o m depository institutions
164 Federal funds sold a n a securities purchased under
agreements to resell
165 Total loans
166 Loans to banks in foreign countries
167 Total deposits and credit balances
168 Time C D s in denominations of $100,000 or more
169 Federal funds purchased and securities sold under
agreements to repurchase
170 O t h e r liabilities for borrowed money
171 Number of reports filed 7

Branches

Agencies

Branches

Agencies

175,556
17,994

127,789
17,029

47,767
965

110,798
15,381

8,348
413

36,406
472

5,986
108,596
16,485
57,025
27,854

4,337
79,827
14,259
53,436
26,755

1,649
28,769
2,227
3,589
1,099

4,041
69,345
13,056
45,945
20,292

1,082
5,728
652
769
4

18,740
48,719

12,515
21,353

6,225
27,365

10,913
19,720

380

199

181

124

1. D a t a are aggregates of categories reported on the quarterly form F F I E C 002,
"Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks."
This form was first used for reporting data as of June 30, 1980. From November
1972 through May 1980, U . S . t r a n c h e s and agencies of foreign banks had filed a
monthly F R 886a report. Aggregate data f r o m that report were available through
the Federal Reserve statistical release G . l l , last issued on July 10, 1980. Data in
this table and in the G . l l tables are not strictly comparable because of differences
in reporting panels and in definitions of balance sheet items.
2. Includes the District of Columbia.
3. Agencies account for virtually all of the assets and liabilities reported in
California.
4. Total assets and total liabilities include net balances, if any, due from or due
to related banking institutions in the United States and in foreign countries (see
footnote 5). O n the former monthly branch and agency report, avail-




California,
total 3

Other states 3
Illinois,
branches
Branches

Agencies

8,011
1,422

8,682
203

3,311
102

561
20,232
1,391
2,506
850

126
5,843
1,189
1,597
884

157
4,403
13
5,785
5,515

18
3,045
184
423
309

1,574
2,508

3,729
24,649

891
1,057

691
544

940
240

46

103

38

31

38

able through the G . l l statistical release, gross balances were included in total assets
and total liabilities. Therefore, total asset and total liability figures in this table are
not comparable to those in the G . l l tables.
5. "Related banking institutions" includes the foreign head office and other U.S.
and foreign branches and agencies of the bank, the bank's parent holding company,
and majority-owned banking subsidiaries of the bank and of its parent holding
company (including subsidiaries owned both directly and indirectly). Gross amounts
due from and due to related banking institutions are shown as m e m o items.
6. "U.S. banking subsidiaries" refers to U.S. banking subsidiaries majorityowned by the foreign bank and by related foreign banks and includes U.S. offices
of U.S.-chartered commercial banks, of Edge Act and Agreement corporations,
and of New York State (Article XII) investment companies.
7. In some cases two or more offices of a foreign bank within the same metropolitan area file a consolidated report.

A80

Federal Reserve Board of Governors
P A U L A . VOLCKER,
PRESTON M A R T I N ,

Chairman
Vice Chairman

OFFICE OF BOARD

MEMBERS

JOSEPH R . C O Y N E , Assistant
to the
Board
D O N A L D J. W I N N , Assistant
to the
Board
FRANK O ' B R I E N , J R . , Deputy
Assistant
to the
Board
A N T H O N Y F . COLE, Special
Assistant
to the
Board
WILLIAM R . M A L O N I , Special
Assistant
to the
Board
NAOMI P. S A L U S , Special
Assistant
to the
Board

WILLIAM R. JONES, Manager, Operations Review
Program
JAMES L. STULL, Manager, Operations Review
Program

HENRY C . WALLICH
J . CHARLES PARTEE

OFFICE OF STAFF DIRECTOR

FOR

MONETARY

POLICY

STEPHEN H . AXILROD, Staff
Director
E D W A R D C . E T T I N , Deputy
Staff
Director
MURRAY A L T M A N N , Assistant
to the
Board
STANLEY J. SIGEL, Assistant
to the
Board
N O R M A N D R . V . B E R N A R D , Special
Assistant

DIVISION
LEGAL

DIVISION

MICHAEL B R A D F I E L D , General
Counsel
ROBERT E . M A N N I O N , Deputy
General
Counsel
J. VIRGIL MATTINGLY, J R . , Associate
General
Counsel
GILBERT T . SCHWARTZ, Associate
General
Counsel
RICHARD M . A S H T O N , Assistant
General
Counsel
N A N C Y P . JACKLIN, Assistant
General
Counsel
MARYELLEN A . B R O W N , Assistant
to the General
Counsel

AND FINANCIAL

OF RESEARCH

AND

WILLIAM W . W I L E S ,
Secretary
BARBARA R . L O W R E Y , Associate
Secretary
JAMES M C A F E E , Associate
Secretary
*DOLORES S . SMITH, Assistant
Secretary

DIVISION OF
CONSUMER
AND COMMUNITY
AFFAIRS

J. CORTLAND G . PERET, Deputy
Associate
H E L M U T F . W E N D E L , Deputy
Associate
MARTHA B E T H E A , Assistant
Director

DIVISION

OF

SUPERVISION

AND

REGULATION

JOHN E . R Y A N ,
Director
FREDERICK R . D A H L , Associate

DON E. KLINE, Associate

Director

Director

WILLIAM TAYLOR, Associate
Director
JACK M . EGERTSON, Assistant
Director
ROBERT A . JACOBSEN, Assistant
Director
ROBERT S . PLOTKIN, Assistant
Director
THOMAS A . S I D M A N , Assistant
Director
SIDNEY M . S U S S A N , Assistant
Director
SAMUEL H . T A L L E Y , Assistant
Director
L A U R A M . H O M E R , Securities
Credit
Officer




Director
Director
Director

OF INTERNATIONAL

EDWIN M . TRUMAN,
Director
ROBERT F . GEMMILL, Associate
CHARLES J. SIEGMAN, Associate

(Administration)

FINANCE

Director
Director

LARRY J. PROMISEL, Senior Deputy Associate
D A L E W . H E N D E R S O N , Deputy
SAMUEL PIZER, Staff
Adviser
MICHAEL P . DOOLEY, Assistant
RALPH W . SMITH, J R . , Assistant

BANKING

Director
Director

LAWRENCE S L I F M A N , Assistant
Director
FREDERICK M . STRUBLE, Assistant
Director
STEPHEN P . TAYLOR, Assistant
Director
PETER A . TINSLEY, Assistant
Director
LEVON H . GARABEDIAN, Assistant
Director

DIVISION

JANET O . H A R T ,
Director
GRIFFITH L . GARWOOD, Deputy
Director
JERAULD C . K L U C K M A N , Associate
Director
G L E N N E . L O N E Y , Assistant
Director

STATISTICS

JARED J. ENZLER, Senior Deputy Associate
Director
DONALD L. KOHN, Senior Deputy Associate
Director
ELEANOR J. STOCKWELL, Senior Deputy Associate
Director

ROBERT M . FISHER, Assistant
D A V I D E . L I N D S E Y , Assistant

SECRETARY

Board

JAMES L . KICHLINE,
Director
JOSEPH S . ZEISEL, Deputy
Director
MICHAEL J. PRELL, Associate
Director

JOE M. CLEAVER, Assistant
OFFICE OF THE

to the

Associate
Director
Director

Director
Director

A81

and Official Staff
LYLE E . GRAMLEY

N A N C Y H . TEETERS
EMMETT J. RICE

OFFICE

OF

OFFICE OF STAFF DIRECTOR

STAFF DIRECTOR

FOR

MANAGEMENT

JOHN M . DENKLER, Staff
Director
EDWARD T . MULRENIN, Assistant
Staff
Director
JOSEPH W . DANIELS, S R . , Director
of Equal
Employment

Opportunity

FEDERAL

DIVISION

OF DATA

PROCESSING

CHARLES L . HAMPTON,
Director
BRUCE M . BEARDSLEY, Deputy
Director
ULYESS D . BLACK, Associate
Director
GLENN L . CUMMINS, Assistant
Director
NEAL H . HILLERMAN, Assistant
Director
C . WILLIAM SCHLEICHER, JR., Assistant
ROBERT J. ZEMEL, Assistant
Director

DIVISION

OF

Director

PERSONNEL

DAVID L . S H A N N O N ,
Director
JOHN R . WEIS, Assistant
Director
CHARLES W . W O O D , Assistant
Director

OFFICE OF THE

CONTROLLER

GEORGE E . LIVINGSTON, Assistant

DIVISION

OF SUPPORT

Controller

SERVICES

DONALD E . ANDERSON,
Director
ROBERT E . FRAZIER, Associate
Director
WALTER W . KREIMANN, Associate
Director

*On loan from the Division of Consumer and Community Affairs.
t O n loan from the Federal Reserve Bank of N e w York.




BANK

THEODORE E . ALLISON, Staff

BANK
DIVISION

RESERVE

OF FEDERAL

FOR
ACTIVITIES
Director

RESERVE

OPERATIONS

CLYDE H . FARNSWORTH, JR.,
Director
LORIN S . MEEDER, Associate
Director
WALTER ALTHAUSEN, Assistant
Director
CHARLES W . BENNETT, Assistant
Director
RICHARD B . GREEN, Assistant
Director
EARL G . HAMILTON, Assistant
Director
ELLIOTT C . M C E N T E E , Assistant
Director
DAVID L . ROBINSON, Assistant
Director
t H o w A R D F . CRUMB, Acting
Adviser

A82

Federal Reserve Bulletin • July 1982

FOMC and Advisory Councils
FEDERAL

OPEN

MARKET

COMMITTEE

PAUL A . VOLCKER,

Chairman

JOHN J. BALLES
ROBERT P . BLACK
WILLIAM F . FORD

A N T H O N Y M . SOLOMON, Vice
L Y L E E . GRAMLEY
KAREN N . HORN
PRESTON MARTIN

STEPHEN H . A X I L R O D , Staff
Director
MURRAY A L T M A N N ,
Secretary
N O R M A N D R . V . B E R N A R D , Assistant

NANCY M. STEELE, Deputy

Assistant

MICHAEL B R A D F I E L D , General

Secretary

Secretary

Counsel

JAMES H. OLTMAN, Deputy General Counsel
ROBERT E. MANNION, Assistant General Counsel
JAMES L . K I C H L I N E ,
Economist
JOHN M . DAVIS, Associate
Economist

Chairman

J. CHARLES PARTEE
E M M E T T J. RICE
N A N C Y H . TEETERS
H E N R Y C . WALLICH
RICHARD G . DAVIS, Associate
E D W A R D C . E T T I N , Associate
MICHAEL W . K E R A N , Associate
D O N A L D L . KOCH, Associate
JAMES PARTHEMOS, Associate
MICHAEL J. PRELL, Associate
CHARLES J. SIEGMAN, Associate
E D W I N M . T R U M A N , Associate
JOSEPH S . ZEISEL, Associate

Economist
Economist
Economist
Economist
Economist
Economist
Economist
Economist
Economist

PETER D. STERNLIGHT, Manager for Domestic Operations, System Open Market
Account
SAM Y. CROSS, Manager for Foreign Operations, System Open Market
Account

FEDERAL

ADVISORY

COUNCIL
DONALD C. PLATTEN, Second District, President
ROBERT M. SURDAM, Seventh District, Vice President
R O N A L D TERRY, E i g h t h D i s t r i c t
CLARENCE G . FRAME, N i n t h D i s t r i c t
GORDON E . WELLS, T e n t h D i s t r i c t

WILLIAM S . EDGERLY, F i r s t D i s t r i c t
JOHN H . W A L T H E R , T h i r d D i s t r i c t
JOHN G . M C C O Y , F o u r t h D i s t r i c t
VINCENT C . BURKE, JR., F i f t h D i s t r i c t
ROBERT STRICKLAND, S i x t h D i s t r i c t

T. C. FROST, JR., Eleventh District
JOSEPH J. PINOLA, T w e l f t h D i s t r i c t
HERBERT V . PROCHNOW,
W I L L I A M J. KORSVIK, Associate

CONSUMER

ADVISORY

Secretary
Secretary

COUNCIL

CHARLOTTE H. SCOTT, Charlottesville, Virginia, Chairman
MARGARET REILLY-PETRONE, Upper Montclair, New Jersey, Vice Chairman
ARTHUR F. BOUTON, Little Rock, Arkansas
JULIA H . B O Y D , A l e x a n d r i a , V i r g i n i a
ELLEN B R O A D M A N , W a s h i n g t o n , D . C .

GERALD R. CHRISTENSEN, Salt Lake City, Utah
JOSEPH N . CUGINI, Westerly, Rhode Island
RICHARD S . D ' A G O S T I N O , W i l m i n g t o n , D e l a w a r e
S U S A N PIERSON D E W I T T , S p r i n g f i e l d , I l l i n o i s
JOANNE S . FAULKNER, N e w H a v e n , C o n n e c t i c u t
MEREDITH FERNSTROM, N e w Y o r k , N e w Y o r k
A L L E N J. FISHBEIN, W a s h i n g t o n , D . C .

E. C. A. FORSBERG, SR., Atlanta, Georgia
LUTHER R . G A T L I N G , N e w Y o r k , N e w Y o r k
VERNARD W . H E N L E Y , R i c h m o n d , V i r g i n i a
JUAN J. HINOJOSA, M c A l l e n , T e x a s




SHIRLEY T . HOSOI, L o s A n g e l e s , C a l i f o r n i a
GEORGE S . IRVIN, D e n v e r , C o l o r a d o
HARRY N . JACKSON, M i n n e a p o l i s ,
F . THOMAS JUSTER, A n n A r b o r ,

Minnesota

Michigan

ROBERT J. MCEWEN, S. J., Chestnut Hill, Massachusetts
STAN L . MULARZ, C h i c a g o , Illinois
WILLIAM J. O ' C O N N O R , B u f f a l o , N e w

York

WILLARD P . O G B U R N , B o s t o n , M a s s a c h u s e t t s
JANET J. R A T H E , P o r t l a n d , O r e g o n
R E N E REIXACH, R o c h e s t e r , N e w

York

PETER D . SCHELLIE, W a s h i n g t o n , D . C .
N A N C Y Z . SPILLMAN, L o s A n g e l e s , C a l i f o r n i a
CLINTON W A R N E , C l e v e l a n d , O h i o
FREDERICK T . WEIMER, C h i c a g o , I l l i n o i s

A83

Federal Reserve Banks, Branches, and Offices
FEDERAL RESERVE BANK,
branch, or facility
Zip

Chairman
Deputy Chairman

President
First Vice President

BOSTON*

02106

Robert P. Henderson
Thomas I. Atkins

Frank E. Morris
James A. Mcintosh

NEW YORK*

10045

Robert H. Knight, Esq.
Boris Yavitz
Frederick D. Berkeley, III

Anthony M. Solomon
Thomas M. Timlen

Buffalo

14240

John T. Keane

PHILADELPHIA

19105

Jean A. Crockett
Robert M. Landis, Esq.

Edward G. Boehne
Richard L. Smoot

CLEVELAND*

44101

J. L. Jackson
William H. Knoell
Clifford R. Meyer
Milton G. Hulme, Jr.

Karen N. Horn
Walter H. MacDonald

Steven Muller
Paul E. Reichardt
Edward H. Covell
Naomi G. Albanese

Robert P. Black
Jimmie R. Monhollon

Cincinnati
Pittsburgh

45201
15230

RICHMOND*

23219

Baltimore
21203
Charlotte
28230
Culpeper
Communications
and Records Center
22701
ATLANTA
Birmingham
Jacksonville
Miami
Nashville
New Orleans

30301
35202
32231
33152
37203
70161

CHICAGO*

60690

Detroit

48231

ST. LOUIS

63166

Little Rock
Louisville
Memphis

72203
40232
38101

MINNEAPOLIS

55480

Helena
KANSAS CITY
Denver
Oklahoma City
Omaha
DALLAS
El Paso
Houston
San Antonio

59601
64198
80217
73125
68102
75222
79999
77001
78295

SAN FRANCISCO

94120

Los Angeles
Portland
Salt Lake City
Seattle

90051
97208
84130
98124

Vice President
in charge of branch

Robert E. Showalter
Harold J. Swart

Robert D. McTeer, Jr.
Stuart P. Fishburne
Albert D. Tinkelenberg

William A. Fickling, Jr.
John H. Weitnauer, Jr.
William H. Martin, III
Copeland D. Newbern
Vacancy
Cecelia Adkins
Leslie B. Lampton

William F. Ford
Robert P. Forrestal

John Sagan
Stanton R. Cook
Russell G. Mawby

Silas Keehn
Daniel M. Doyle

Armand C. Stalnaker
W. L. Hadley Griffin
Richard V. Warner
James F. Thompson
Donald B. Weis

Lawrence K. Roos
Donald W. Moriarty, Jr.

William G. Phillips
John B. Davis, Jr.
Ernest B. Corrick

E. Gerald Corrigan
Thomas E. Gainor

Paul H. Henson
Doris M. Drury
Vacancy
Christine H. Anthony
Robert G. Lueder

Roger Guffey
Henry R. Czerwinski

Gerald D. Hines
John V. James
A. J. Losee
Jerome L. Howard
Lawrence L. Crum

Robert H. Boy kin
William H. Wallace

Caroline L. Ahmanson
Alan C. Furth
Bruce M. Schwaegler
John C. Hampton
Wendell J. Ashton
John W. Ellis

John J. Balles
John B. Williams

Hiram J. Honea
Charles D. East
Patrick K. Barron
Jeffrey J. Wells
James D. Hawkins

William C. Conrad

John F. Breen
Donald L. Henry
Randall C. Sumner

Betty J. Lindstrom

Wayne W. Martin
William G. Evans
Robert D. Hamilton

Joel L. Koonce, Jr.
J. Z. Rowe
Thomas H. Robertson

Richard C. Dunn
Angelo S. Carella
A. Grant Holman
Gerald R. Kelly

*Additional offices of these Banks are located at Lewiston, Maine 04240; Windsor Locks, Connecticut 06096; Cranford, N e w Jersey 07016;
Jericho, N e w York 11753; Utica at Oriskany, N e w York 13424; Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West
Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; and Milwaukee, Wisconsin 53202.




A84

Federal Reserve Board Publications
Copies are available from PUBLICATIONS SERVICES,
Room MP-510, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551. When a charge is indicated, remittance should accompany
request and he made
THE

FEDERAL RESERVE
TIONS. 1 9 7 4 . 125 p p .
A N N U A L REPORT.

SYSTEM—PURPOSES

AND

FUNC-

$2.00 each in the United States, its possessions, Canada,
and Mexico; 10 or more of same issue to one address,
$18.00 per year or $1.75 each. Elsewhere, $24.00 per
year or $2.50 each.
BANKING AND MONETARY STATISTICS. 1 9 1 4 - 1 9 4 1 .

(Reprint

of Part I only) 1976. 682 pp. $5.00.
AND

MONETARY

STATISTICS,

PROCEDURES—

STAFF STUDIES. 1971. 218 pp. $2.00 each; 10 or more to
one address, $1.75 each.
REAPPRAISAL OF THE FEDERAL RESERVE DISCOUNT MECHANISM. Vol. I. 1 9 7 1 . 2 7 6 p p . Vol. 2. 1 9 7 1 . 173 p p . Vol. 3.

1972. 220 pp. Each volume $3.00; 10 or more to one
address, $2.50 each.
THE ECONOMETRICS OF PRICE DETERMINATION

1941-1970.

1976.

1,168 pp. $15.00.
A N N U A L STATISTICAL DIGEST

1971-75. 1976. 339 pp. $5.00 per copy.
1972-76. 1977. 377 pp. $10.00 per copy.
1973-77. 1978. 361 pp. $12.00 per copy.
1974-78. 1980. 305 pp. $10.00 per copy.
1970-79. 1981. 587 pp. $20.00 per copy.
1980.
1981. 241 pp. $10.00 per copy.
FEDERAL RESERVE CHART BOOK. Issued four times a year in
February, May, August, and November. Subscription
includes one issue of Historical Chart Book. $7.00 per
year or $2.00 each in the United States, its possessions,
Canada, and Mexico. Elsewhere, $10.00 per year or
$3.00 each.
HISTORICAL CHART BOOK. Issued annually in Sept. Subscription to Federal Reserve Chart Book includes one issue.
$1.25 each in the United States, its possessions, Canada,
and Mexico; 10 or more to one address, $1.00 each.
Elsewhere, $1.50 each.
SELECTED INTEREST A N D EXCHANGE R A T E S — W E E K L Y SE-

RIES OF CHARTS. Weekly. $15.00 per year or $.40 each in
the United States, its possessions, Canada, and Mexico;
10 or more of same issue to one address, $13.50 per year
or $.35 each. Elsewhere, $20.00 per year or $.50 each.
THE FEDERAL RESERVE ACT, as amended through December
1976, with an appendix containing provisions of certain
other statutes affecting the Federal Reserve System. 307
pp. $2.50.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE F E D ERAL RESERVE SYSTEM.
BANK CREDIT-CARD AND CHECK-CREDIT PLANS. 1 9 6 8 . 102

pp. $1.00 each; 10 or more to one address, $.85 each.
REPORT OF THE JOINT TREASURY-FEDERAL RESERVE S T U D Y
OF THE U . S . GOVERNMENT SECURITIES MARKET. 1 9 6 9 .

48 pp. $.25 each; 10 or more to one address, $.20 each.
JOINT TREASURY-FEDERAL RESERVE S T U D Y OF THE GOVERNMENT SECURITIES MARKET; STAFF S T U D I E S — P A R T

1. 1970. 86 pp. $.50 each; 10 or more to one address, $.40
e a c h . PART 2 , 1 9 7 1 . 153 p p . a n d PART 3, 1 9 7 3 . 131 p p .




Each volume $1.00; 10 or more to one address, $.85
each.
OPEN MARKET POLICIES A N D OPERATING

FEDERAL RESERVE B U L L E T I N . M o n t h l y . $ 2 0 . 0 0 p e r y e a r o r

BANKING

payable to the order of the Board of Governors of the Federal
Reserve System. Remittance from foreign residents should
be drawn on a U.S. bank. Stamps and coupons are not
accepted.

CONFER-

ENCE, October 30-31, 1970, Washington, D.C. 1972. 397
pp. Cloth ed. $5.00 each; 10 or more to one address,
$4.50 each. Paper ed. $4.00 each; 10 or more to one
address, $3.60 each.
FEDERAL RESERVE S T A F F S T U D Y : WAYS TO MODERATE
FLUCTUATIONS IN HOUSING CONSTRUCTION. 1 9 7 2 . 4 8 7

pp. $4.00 each; 10 or more to one address, $3.60 each.
LENDING FUNCTIONS OF THE FEDERAL RESERVE

BANKS.

1973. 271 pp. $3.50 each; 10 or more to one address,
$3.00 each.
IMPROVING THE MONETARY AGGREGATES: REPORT OF THE
ADVISORY COMMITTEE ON MONETARY STATISTICS.

1976. 43 pp. $1.00 each; 10 or more to one address, $.85
each.
A N N U A L PERCENTAGE RATE TABLES ( T r u t h in

Lending—

Regulation Z) Vol. I (Regular Transactions). 1969. 100
pp. Vol. II (Irregular Transactions). 1969. 116 pp. Each
volume $1.00; 10 or more of same volume to one
address, $.85 each.
FEDERAL RESERVE MEASURES OF CAPACITY AND CAPACITY

UTILIZATION. 1978. 40 pp. $1.75 each; 10 or more to one
address, $1.50 each.
THE BANK

HOLDING

COMPANY

MOVEMENT TO

1978:

A

COMPENDIUM. 1978. 289 pp. $2.50 each; 10 or more to
one address, $2.25 each.
IMPROVING THE MONETARY AGGREGATES: S T A F F PAPERS.

1978. 170 pp. $4.00 each; 10 or more to one address,
$3.75 each.
1977 CONSUMER CREDIT SURVEY. 1 9 7 8 . 1 1 9 p p . $ 2 . 0 0 e a c h .
FLOW OF F U N D S ACCOUNTS. 1 9 4 9 - 1 9 7 8 . 1 9 7 9 . 171 p p . $ 1 . 7 5

each; 10 or more to one address, $1.50 each.
INTRODUCTION TO F L O W OF F U N D S . 1 9 8 0 . 6 8 p p . $ 1 . 5 0 e a c h ;

10 or more to one address, $1.25 each.
PUBLIC POLICY A N D CAPITAL FORMATION.

1981. 326

pp.

$13.50 each.
N E W MONETARY CONTROL PROCEDURES: FEDERAL R E SERVE STAFF S T U D Y , 1 9 8 1 .
SEASONAL ADJUSTMENT OF THE MONETARY AGGREGATES:
REPORT OF THE COMMITTEE OF EXPERTS ON SEASONAL

ADJUSTMENT TECHNIQUES. 1981. 55 pp. $2.75 each.

A85

FEDERAL RESERVE REGULATORY SERVICE. L o o s e l e a f ; u p d a t -

ed at least monthly. (Requests must be prepaid.)
Consumer and Community Affairs Handbook. $60.00 per
year.
Monetary Policy and Reserve Requirements Handbook.
$60.00 per year.

Securities Credit Transactions Handbook. $60.00 per year.
Federal Reserve Regulatory Service. 3 vols. (Contains all
three Handbooks plus substantial additional material.)
$175.00 per year.

Rates for subscribers outside the United States are as
follows and include additional air mail costs:
Federal Reserve Regulatory Service, $225.00 per year.
Each Handbook, $75.00 per year.
WELCOME TO THE FEDERAL RESERVE, D e c e m b e r 1 9 8 0 .

STAFF STUDIES:

Summaries Only Printed in the

Bulletin
Studies and papers on economic and financial subjects
that are of general interest. Requests to obtain single copies
of the full text or to be added to the mailing list for the series
may be sent to Publications
Services.
PERFORMANCE A N D CHARACTERISTICS OF E D G E CORPORA-

TIONS, by James V. Houpt. Feb. 1981. 56 pp.
BANKING STRUCTURE A N D PERFORMANCE AT THE STATE

LEVEL DURING THE 1970S, by Stephen A. Rhoades. Mar.
1981. 26 pp.
FEDERAL RESERVE DECISIONS ON B A N K MERGERS A N D A C -

QUISITIONS DURING THE 1970S, by Stephen A. Rhoades.
Aug. 1981. 16 pp.
BELOW THE BOTTOM L I N E : T H E U S E OF CONTINGENCIES
AND COMMITMENTS BY COMMERCIAL B A N K S , b y B e n j a -

CONSUMER EDUCATION
PAMPHLETS
Short pamphlets
suitable for classroom use.
copies available without charge.

min Wolkowitz and others. Jan. 1982. 186 pp.
Multiple

Alice in Debitland
Consumer Handbook to Credit Protection Laws
Dealing with Inflation: Obstacles and Opportunities
The Equal Credit Opportunity Act and . . . Age
The Equal Credit Opportunity Act and . . . Credit Rights in
Housing
The Equal Credit Opportunity Act and . . . Doctors, Lawyers, Small Retailers, and Others Who May Provide
Incidental Credit
The Equal Credit Opportunity Act and . . . Women
Fair Credit Billing
Federal Reserve Glossary
Guide to Federal Reserve Regulations
How to File A Consumer Credit Complaint
If You Borrow To Buy Stock
If You Use A Credit Card
Series on the Structure of the Federal Reserve
System
The Board of Governors of the Federal Reserve System
The Federal Open Market Committee
Federal Reserve Bank Board of Directors
Federal Reserve Banks
Monetary Control Act of 1980
Truth in Leasing
U.S. Currency
What Truth in Lending Means to You




MULTIBANK HOLDING COMPANIES: RECENT EVIDENCE ON
COMPETITION A N D PERFORMANCE IN BANKING MAR-

KETS, by Timothy J. Curry and John T. Rose. Jan. 1982.
9 pp.
COSTS, SCALE ECONOMIES, COMPETITION, A N D PRODUCT
M I X IN THE U . S . PAYMENTS MECHANISM, b y D a v i d B .

Humphrey. Apr. 1982. 18 pp.
DIVISIA

MONETARY

AGGREGATES:

COMPILATION,

DATA,

AND HISTORICAL BEHAVIOR, by William A. Barnett and
Paul A. Spindt. May 1982. 82 pp.
THE COMMUNITY REINVESTMENT A C T A N D CREDIT ALLO-

CATION, by Glenn Canner. June 1982. 8 pp.
INTEREST RATES A N D TERMS ON CONSTRUCTION LOANS AT

COMMERCIAL BANKS, by David F. Seiders. July 1982.
14 pp.

REPRINTS
Most of the articles reprinted

do not exceed 12

pages.

Revision of Bank Credit Series. 12/71.
Rates on Consumer Installment Loans. 9/73.
Industrial Electric Power Use. 1/76.
Revised Series for Member Bank Deposits and Aggregate
Reserves. 4/76.
Federal Reserve Operations in Payment Mechanisms: A
Summary. 6/76.
Perspectives on Personal Saving. 8/80.
The Impact of Rising Oil Prices on the Major Foreign
Industrial Countries. 10/80.
Federal Reserve and the Payments System: Upgrading Electronic Capabilities for the 1980s. 2/81.
Survey of Finance Companies, 1980. 5/81.
Bank Lending in Developing Countries. 9/81.
U.S. International Transactions in 1981. 4/82.
The Commercial Paper Market since the Mid-Seventies. 6/82.

A86

Index to Statistical Tables
References are to pages A3 through A79 although the prefix 'A" is omitted in this index
ACCEPTANCES, bankers, 10, 25, 27
Agricultural loans, commercial banks, 18, 19, 20, 26
Assets and liabilities (See also Foreigners)
Banks, by classes, 17, 18-21, 70-75
Domestic finance companies, 39
Federal Reserve Banks, 11
Foreign banks, U.S. branches and agencies, 22, 76
Nonfinancial corporations, 38
Savings institutions, 29
Automobiles
Consumer installment credit, 42, 43
Production, 48, 49
BANKERS balances, 17, 18-20, 70, 72, 74
(See also Foreigners)
Banks for Cooperatives, 35
Bonds (See also U.S. government securities)
New issues, 36
Yields, 3
Branch banks, 15, 21, 22, 56, 76
Business activity, nonfinancial, 46
Business expenditures on new plant and equipment, 38
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 46
Capital accounts
Banks, by classes, 17, 71, 73, 75
Federal Reserve Banks, 11
Central banks, 67
Certificates of deposit, 21, 27
Commercial and industrial loans
Commercial banks, 15, 17, 22, 26
Weekly reporting banks, 18-22, 23
Commercial banks
Assets and liabilities, 17, 18-21, 70-75
Business loans, 26
Commercial and industrial loans, 15, 17, 22, 23, 26
Consumer loans held, by type, 42, 43
Loans sold outright, 21
Nondeposit funds, 16
Number by classes, 17, 71, 73, 75
Real estate mortgages held, by holder and property, 41
Time and savings deposits, 3
Commercial paper, 3, 25, 27, 39
Condition statements (See Assets and liabilities)
Construction, 46, 50
Consumer installment credit, 42, 43
Consumer prices, 46, 51
Consumption expenditures, 52, 53
Corporations
Profits and their distribution, 37
Security issues, 36, 66
Cost of living (See Consumer prices)
Credit unions, 29, 42, 43
Currency and coin, 5, 17, 70, 72, 74
Currency in circulation, 4, 13
Customer credit, stock market, 28
DEBITS to deposit accounts, 12
Debt (See specific types of debt or securities)
Demand deposits
Adjusted, commercial banks, 12
Banks, by classes, 17, 18-21, 71, 73,- 75




Demand deposits—Continued
Ownership by individuals, partnerships, and
corporations, 24
Subject to reserve requirements, 14
Turnover, 12
Depository institutions
Reserve requirements, 8
Reserves, 3, 4, 5, 14
Deposits (See also specific types)
Banks, by classes, 3, 17, 18-21, 29, 71, 73, 75
Federal Reserve Banks, 4, 11
Subject to reserve requirements, 14
Turnover, 12
Discount rates at Reserve Banks and at foreign central
banks (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
Dividends, corporate, 37
EMPLOYMENT, 46, 47
Eurodollars, 27
FARM mortgage loans, 41
Federal agency obligations, 4, 10, 11, 12, 34
Federal credit agencies, 35
Federal finance
Debt subject to statutory limitation and types and
ownership of gross debt, 32
Receipts and outlays, 30, 31
Treasury financing of surplus, or deficit, 30
Treasury operating balance, 30
Federal Financing Bank, 30, 35
Federal funds, 3, 6, 18, 19, 20, 27, 30
Federal Home Loan Banks, 35
Federal Home Loan Mortgage Corporation, 35, 40, 41
Federal Housing Administration, 35, 40, 41
Federal Intermediate Credit Banks, 35
Federal Land Banks, 35, 41
Federal National Mortgage Association, 35, 40, 41
Federal Reserve Banks
Condition statement, 11
Discount rates (See Interest rates)
U.S. government securities held, 4, 11, 12, 32, 33
Federal Reserve credit, 4, 5, 11, 12
Federal Reserve notes, 11
Federally sponsored credit agencies, 35
Finance companies
Assets and liabilities, 39
Business credit, 39
Loans, 18, 19, 20, 42, 43
Paper, 25, 27
Financial institutions
Loans to, 18, 19, 20
Selected assets and liabilities, 29
Float, 4
Flow of funds, 44, 45
Foreign banks, assets and liabilities of U.S. branches and
agencies, 22, 76
Foreign currency operations, 11
Foreign deposits in U.S. banks, 4, 11, 18, 19, 20
Foreign exchange rates, 68
Foreign trade, 55
Foreigners
Claims on, 56, 58, 61, 62, 63, 65
Liabilities to, 21, 55, 56-60, 64, 66, 67

A87

GOLD
Certificate account, 11
Stock, 4, 55
Government National Mortgage Association, 35, 40, 41
Gross national product, 52, 53
HOUSING, new and existing units, 50
INCOME, personal and national, 46, 52, 53
Industrial production, 46, 48
Installment loans, 42, 43
Insurance companies, 29, 32, 33, 41
Insured commercial banks, 70-75
Interbank loans and deposits, 17
Interest rates
Bonds, 3
Business loans of banks, 26
Federal Reserve Banks, 3, 7
Foreign central banks and foreign countries, 67
Money and capital markets, 3, 27
Mortgages, 3, 40
Prime rate, commercial banks, 26
Time and savings deposits, 9
International capital transactions of United States, 56-67
International organizations, 58, 59-62, 64-67
Inventories, 52
Investment companies, issues and assets, 37
Investments (See also specific types)
Banks, by classes, 17, 29
Commercial banks, 3, 15, 17, 18-20, 70, 72, 74
Federal Reserve Banks, 11, 12
Savings institutions, 29, 41
LABOR force, 47
Life insurance companies (See Insurance companies)
Loans (See also specific types)
Banks, by classes, 17, 18—21
Commercial banks, 3, 15, 17, 18-21, 22, 26, 70, 72, 74
Federal Reserve Banks, 3, 4, 5, 7, 11, 12
Insured or guaranteed by United States, 40, 41
Savings institutions, 29, 41
MANUFACTURING
Capacity utilization, 46
Production, 46, 49
Margin requirements, 28
Member banks
Borrowing at Federal Reserve Banks, 5, 11
Federal funds and repurchase agreements, 6
Reserve requirements, 8
Reserves and related items, 14
Mining production, 49
Mobile home shipments, 50
Monetary aggregates, 3, 14
Money and capital market rates (See Interest
rates)
Money stock measures and components, 3, 13
Mortgages (See Real estate loans)
Mutual funds (See Investment companies)
Mutual savings banks, 3, 9, 18-20, 29, 32, 33, 41
NATIONAL defense outlays, 31
National income, 52
OPEN market transactions, 10
PERSONAL income, 53
Prices
Consumer and producer, 46, 51
Stock market, 28
Prime rate, commercial banks, 26
Producer prices, 46, 51




Production, 46, 48
Profits, corporate, 37
REAL estate loans
Banks, by classes, 18-20, 41
Rates, terms, yields, and activity, 3, 40
Savings institutions, 27
Type of holder and property mortgaged, 41
Repurchase agreements and federal funds, 6, 18, 19, 20
Reserve requirements, 8
Reserves
Commercial banks, 17, 70, 72, 74
Depository institutions, 3, 4, 5, 14
Federal Reserve Banks, 11
Member banks, 14
U.S. reserve assets, 55
Residential mortgage loans, 40
Retail credit and retail sales, 42, 43, 46
SAVING
Flow of funds, 44, 45
National income accounts, 53
Savings and loan assns., 3, 9, 29, 33, 41, 44
Savings deposits (See Time deposits)
Securities (See also U.S. government securities)
Federal and federally sponsored credit agencies, 35
Foreign transactions, 66
New issues, 36
Prices, 28
Special drawing rights, 4, 11, 54, 55
State and local governments
Deposits, 18, 19, 20
Holdings of U.S. government securities, 32, 33
New security issues, 36
Ownership of securities issued by, 18, 19, 20, 29
Yields of securities, 3
Stock market, 28
Stocks (See also Securities)
New issues, 36
Prices, 28
TAX receipts, federal, 31
Time deposits, 3, 9, 12, 14, 17, 18-21, 71, 73, 75
Trade, foreign, 55
Treasury currency, Treasury cash, 4
Treasury deposits, 4, 11, 30
Treasury operating balance, 30
UNEMPLOYMENT, 47
U.S. balance of payments, 54
U.S. government balances
Commercial bank holdings, 18, 19, 20
Member bank holdings, 14
Treasury deposits at Reserve Banks, 4, 11, 30
U.S. government securities
Bank holdings, 17, 18-20, 32, 33, 70, 72, 74
Dealer transactions, positions, and financing, 34
Federal Reserve Bank holdings, 4, 11, 12, 32, 33
Foreign and international holdings and transactions, 11,
32, 67
Open market transactions, 10
Outstanding, by type and ownership, 32, 33
Ownership of securities issued by, 29
Rates, 3, 27
Utilities, production, 49
VETERANS Administration, 40, 41
WEEKLY reporting banks, 18-23
Wholesale (producer) prices, 46, 51
YIELDS (See Interest rates)

A88

The Federal Reserve System
Boundaries of Federal Reserve Districts and Their Branch Territories

"Helena
Minneapolis
Detroit]

I

[Clej?la?tJ

Chicagc

t V 4 )

Omaha*\

pltMjJ

• Cu
Denver
J r

\ S/

(?)

I

I

^

7

—

\

•

Oklahoma City,
eRock

1

Dallas®

San

Birmingham

J

' ©

j Houston)
•
(
Antonio

181M^rnSmM

0

LEGEND

Boundaries of Federal Reserve Districts

®

Federal Reserve Bank Cities

Boundaries of Federal Reserve Branch
Territories

*

Federal Reserve Branch Cities
Federal Reserve Bank Facility

Q

Board of Governors of the Federal Reserve
System




<