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Volume 88 • Number 7 • July 2002

Federal Reserve

BULLETIN

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



PUBLICATIONS COMMITTEE

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

The Federal Reserve Bulletin is issued monthly under the direction of the staff publications committee. This committee is responsible for opinions expressed
except in official statements and signed articles. It is assisted by the Economic Editing Section headed by S. Ellen Dykes, the Graphics Center under the direction
of Christine S. Griffith, and Publications Services supervised by Linda C. Kyles.




Table of Contents
313 PROPOSED REVISION TO THE FEDERAL
RESERVE'S DISCOUNT WINDOW LENDING
PROGRAMS
The Board of Governors' Regulation A currently authorizes the Federal Reserve Banks to
operate three main discount window programs:
adjustment credit, extended credit, and seasonal
credit. On May 17, 2002, the Board published
for public comment a proposed amendment to
Regulation A that would establish two new discount window programs called primary credit
and secondary credit as replacements for adjustment and extended credit. Primary credit would
be available for very short terms, ordinarily
overnight, to depository institutions that are in
generally sound financial condition. Secondary
credit would be available, subject to Reserve
Bank approval and monitoring, for depository
institutions that did not qualify for primary
credit.
The interest rate on primary credit would
usually be above short-term market interest
rates, including the federal funds rate, as
opposed to the current situation in which the
discount rate (the interest rate for adjustment
credit) is typically below money market interest
rates. Because of the above-market rate, the
restrictions currently employed to limit access
to adjustment credit will be unnecessary for
primary credit. The primary credit program
would be broadly similar to mechanisms
adopted by many other major central banks to
provide credit at the margin at an above-market
rate.
320 ANNOUNCEMENTS
Federal Open Market Committee directive.
Letter from Chairman Greenspan on Federal
Trade Commission Act and unfair banking
practices.

White paper on settlement of government
securities.
Minutes of Board discount rate meetings.
Anthrax tests at the Board.
Publication of May 2002 update to the Commercial Bank Examination Manual.
Enforcement actions.
Board staff change.
325 LEGAL DEVELOPMENTS
Various bank holding company, bank service
corporation, and bank merger orders; and pending cases.
AI FINANCIAL AND BUSINESS STATISTICS
These tables reflect data available as of
May 29, 2002.
A3 GUIDE TO TABLES
A4 Domestic Financial Statistics
A42 Domestic Nonfinancial Statistics
A44 International Statistics
A57 GUIDE TO SPECIAL TABLES AND
STATISTICAL RELEASES
A58 INDEX TO STATISTICAL TABLES
A60 BOARD OF GOVERNORS AND STAFF
A62 FEDERAL OPEN MARKET COMMITTEE AND
STAFF; ADVISORY COUNCILS
A64 FEDERAL RESERVE BOARD PUBLICATIONS
A66 MAPS OF THE FEDERAL RESERVE SYSTEM

Proposal to revise the discount window program.
Advisory on fraud schemes involving financial
instruments.




A68 FEDERAL RESERVE BANKS, BRANCHES,
AND OFFICES

Proposed Revision to the Federal Reserve's
Discount Window Lending Programs
Brian F. Madigan and William R. Nelson, of the
Board's Division of Monetary Affairs, prepared this
article. The proposal discussed here incorporates
contributions from many other Board and Reserve
Bank staff members.
The Board of Governors' Regulation A currently
authorizes the Federal Reserve Banks to operate three
main discount window programs: adjustment credit,
extended credit, and seasonal credit. On May 17,
2002, the Board published for public comment a
proposed amendment to Regulation A that would
establish two new discount window programs called
primary credit and secondary credit as replacements
for adjustment and extended credit.1 The proposed
amendment is intended to improve the functioning of
the discount window and the money market more
generally. The Board also requested comment on the
continued need for the seasonal program but did not
propose any substantive changes to the program.
According to the proposal, primary credit would be
available for very short terms, ordinarily overnight,
to depository institutions that are in generally sound
financial condition. The interest rate on primary credit
would usually be above short-term market interest
rates, including the federal funds rate, as opposed to
the current situation in which the discount rate (the
interest rate for adjustment credit) is typically below
money market interest rates.
Eliminating the existing incentive for depository
institutions to borrow from the window to exploit the
typically positive spread should substantially reduce
the administration necessary for each discount window loan. In particular, borrowers of short-term primary credit would no longer be required to have
exhausted other sources of funds before turning to
the window nor be prohibited from borrowing to fund
sales of federal funds. The reduction in administrative burden should help encourage depository institutions to turn to the discount window when money
markets tighten significantly and should thereby
1. The proposed amendment to Regulation A and request for
comment can be found at www.federalreserve.gov/boarddocs/press/
bcreg/2002/20020517/default.htm. The Federal Register notice, 67
Fed. Reg. 36,544, was published on May 24, 2002.




improve the ability of the window to serve as a
marginal source of reserves for the overall banking system and a backup source of liquidity for
individual depository institutions. Secondary credit
would be available, subject to Reserve Bank approval
and monitoring, for depository institutions that did
not qualify for primary credit. As required by law, all
types of discount window loans would have to be
backed by adequate collateral.
The primary credit program would be broadly similar to mechanisms adopted by many other major
central banks to provide credit at the margin at an
above-market interest rate. Adoption of the proposal
would not entail a change in the stance of monetary
policy. It would not require a change in the Federal
Open Market Committee's (FOMC) target for the
federal funds rate and would not affect the level of
market interest rates more generally.

BACKGROUND

Functions

of the Discount

Window

In implementing monetary policy, the Federal
Reserve employs open market operations as the principal source of reserves to the banking system and
currency to the public and as the principal means of
effecting short-run adjustments in reserves. In this
context, discount window credit has two main roles.
First, it acts as a short-run safety valve for the overall
banking system by making additional reserves available when the aggregate supply of reserves provided
through open market operations falls short of
demand, thereby preventing an excessive tightening
of money market conditions. Second, it enables
depository institutions that are financially sound but
have experienced an unexpected shortage of reserves
or funding to make payments while avoiding overdrafts on their accounts at Federal Reserve Banks or
shortfalls in meeting their reserve requirements.
These discount window functions have been performed primarily by the adjustment credit program.
Adjustment credit is extended at the basic discount

314

Federal Reserve Bulletin • July 2002

Effective federal funds rate and discount rate, 1955-2002

NOTE. The data are monthly and extend through May 2002.

rate, which over the past decade has typically been 25
to 50 basis points below the usual level of overnight
market interest rates, as indexed by the federal funds
rate (chart).2 Despite the below-market discount rate,
the volume of adjustment credit has usually been
relatively small, in part because the Federal Reserve
has sought to prevent an uncontrolled expansion of
the supply of reserves and a misallocation of credit
by requiring that depository institutions borrow only
to meet short-term needs and first exhaust other reasonably available sources of funds.
Under the proposed revision, the functions currently performed by adjustment credit would be performed largely by primary credit. Primary credit
would be the principal backup source of reserves
for the system and of liquidity for individual depository institutions that are in generally sound financial
condition. Under the proposed arrangements, depository institutions would have the incentive to seek
out lower-priced alternatives on their own initiative before requesting higher-priced primary credit.
Because the interest rate on primary credit would be
above the target federal funds rate and because the
funds rate usually is close to its target, the aggregate
volume of primary credit would be expected to be
low. 3 But the volume would be low because of a

pricing differential not because administration by
Federal Reserve Banks would limit the amount of
borrowing.
Besides serving as a marginal source of aggregate
reserves to the market and a backup source of liquidity to sound depository institutions, the discount window can also, at times, serve as a useful tool for
promoting financial stability by providing temporary
funding to depository institutions that are experiencing significant financial difficulties. The provision of
central bank credit can help guard against the sudden
collapse of depository institutions by addressing
liquidity strains while an institution is making a transition to sounder footing. Discount window credit
can also be used to facilitate an orderly closure of
a failing institution when consistent with least-cost
resolution of the failure. An institution obtaining
credit in such situations must be monitored appropriately to ensure that it does not take excessive risks
in an attempt to return to profitability or use central
bank credit in a way that would increase costs to the
deposit insurance fund of resolving the institution if a
resolution ultimately became necessary.4 Historically,
the need for such loans to troubled banks has been
met by extended credit; under the proposed revision,
it would be met by secondary credit.

2. Over the Federal Reserve's first fifty years, the discount rate was
generally equal to or higher than short-term market interest rates. The
relationship changed in the mid-1960s, and the pattern established at
that time has continued over most of the nearly four decades since
then. The historical record indicates that the reversal at that time
reflected macroeconomic policy considerations rather than a judgment
that such a rate alignment was most suitable for operation of the
discount window.
3. The proposal for a primary credit program is unrelated to the
Federal Reserve System's consideration of alternative assets as substi-

tutes for Treasury securities in its portfolio that was discussed in the
FOMC minutes of January 30-31, 2001. The minutes of the meeting
are available at www.federalreserve.gov/fomc/minutes/20010131.htm.
Because the volume of primary credit outstanding ordinarily would be
small, primary credit could not be a substitute for Treasuries as a
major asset in the System portfolio.
4. Lending under such circumstances may be subject to the guidelines on lending to troubled institutions imposed by the Federal
Deposit Insurance Corporation Improvement Act (FDICIA) of 1991.




Proposed Revision to the Federal Reserve's Discount Window Lending Programs

Shortcomings of Current Lending
Addressed by Proposal

Programs

The below-market interest rate on adjustment credit
causes several significant problems. The incentive for
depository institutions to exploit the below-market
rate means that borrowing requests are subject to
considerable administration. Such administration may
involve a review of every prospective borrower's
funding situation to establish at least a presumption
that other reasonably available sources of funds have
been exhausted, that the purpose of the borrowing is
appropriate, and that the credit will not be used for

315

arbitrage. Because such evaluations necessarily are
subjective, achieving consistency in credit administration across the System's twelve Reserve Banks is
difficult. Also, the process of obtaining information
on depository institutions' funding situations can be
somewhat burdensome to the institutions, likely making them reluctant to turn to the window. In addition,
the rules for the use of discount window credit necessitated by the below-market rate have proved difficult
to formulate and explain, and depository institutions
have often cited uncertainty about their borrowing
privileges as a reason for their reluctance to borrow.
Depository institutions have been required first to

Primary Credit: An Improved Safety Valve for Releasing Significant Market Pressures
A key function of adjustment credit is to serve as a safety
valve for the bank reserves market. On any given day, the
aggregate volume of reserves provided through open market operations can fall short of the amount demanded as a
result of fluctuations in various factors that affect the supply
of or demand for reserves. Borrowing from the discount
window creates additional reserves, so the willingness of
depository institutions to turn to the discount window when
such shortfalls occur governs the extent of the effects of the
shortfalls on money market interest rates. If depository
institutions are very reluctant to use the window, they bid
vigorously for funds in the market, pushing money market
rates, especially the overnight federal funds rate, up sharply.
But if depository institutions are quite willing to use the
window, the increase in the funds rate may be much more
modest.

Average borrowing on days on which the
federal funds rate was high, 1989-2001
Millions of dollars

—

600

— 500

1989

1991

1993

1995

1997

1999

2001

NOTE. Average adjustment credit borrowing by large banks on days on
which the federal funds rate was 25 to 200 basis points above the targeted
federal funds rate at the close. The data are annual.




The willingness of institutions to use the window and the
associated effects of a shortfall in reserves on money market
interest rates have varied considerably over time. One gauge
of this willingness is the average level of adjustment credit
extended to large banks on days when the funds rate tightens moderately, exceeding the FOMC's target by 25 to
200 basis points at the close (chart).
During the early 1990s, that average was quite low. At its
low point, reached in 1993, adjustment borrowing on moderately tight days averaged just $45 million. In those years,
a number of banking institutions experienced significant
financial difficulties. As a result, many banks, even healthy
institutions, were concerned that their borrowing would be
viewed by other market participants as a sign of financial
weakness. Such perceptions could result in serious difficulties for the institution (or exacerbate existing problems).
Even though the Federal Reserve holds information about
borrowing by individual banks in the strictest confidence,
market participants have at times tried to infer which banks
might be borrowing through knowledge of which banks
were bidding for funds in the market late in the day and
from aggregate data published by the Federal Reserve.
In recent years, institutions have become somewhat more
willing to use the window, with adjustment borrowing on
moderately tight days exceeding $200 million on average in
2000 and 2001. The increased willingness has undoubtedly
been largely due to the improved condition of the industry.
Still, institutions have on occasion been willing to pay quite
high rates in the market rather than turn to the discount
window, suggesting that some institutions remain reluctant
to borrow. Even if the proposed change in discount window
structure does not completely eliminate that reluctance, it
should still help damp late-day spikes in the federal funds
rate. With no restrictions on the re-lending of funds obtained
through the program, institutions that are willing to borrow
at the window should have an incentive to borrow primary
credit and lend in the funds market to other institutions that
might have some residual reluctance to turn to the discount
window.

316

Federal Reserve Bulletin • July 2002

seek funds in the market before seeking discount
window credit. This requirement may make them
reluctant to borrow because turning to the window
after signaling their need for funds to the market
could be seen as a sign of weakness, particularly
during episodes of financial stress. The reluctance to
use discount window credit stemming from these
factors has limited the effectiveness of the discount
window in buffering shocks to money markets. (See
box "Primary Credit: an Improved Safety Valve for
Releasing Significant Market Pressures.")
The establishment of a lending program with an
above-market rate would sharply reduce the need for
the administration of the window. Reduced administration would encourage greater uniformity in the
administration of the discount window across Federal
Reserve Districts. It should also mitigate institutions'
reluctance to borrow when money markets tighten
sharply by minimizing Reserve Bank questioning,
by significantly increasing the comprehensibility of
the rules regarding credit extension, and by eliminating the requirement that institutions first attempt to
secure funds elsewhere. Furthermore, the proposed
changes should appreciably reduce depository institutions' concern that borrowing will be perceived as a
sign of weakness, as only financially sound institutions will have access to primary credit.
The proposal to adopt a primary credit program is
also related to the Federal Reserve's ongoing planning for contingencies. Having a means of preventing
an undue tightening of money markets during a financial market crisis, such as that following the terrorist
attacks on September 11, 2001, would be useful in
the event that depository institutions' demands for
excess reserves rise sharply; disruptions inhibit the
flow of funds through the banking system, particularly late in the day; or the Federal Reserve's ability
to carry out open market operations is impaired. If, as
is intended, the primary credit facility significantly
reduces the reluctance of depository institutions to
use the discount window, the Federal Reserve should
be able to cap the federal funds rate near its target
during a crisis by reducing the primary discount rate
to a level close to the target.

SPECIFICATIONS OF THE PROPOSED NEW
TYPES OF CREDIT

Primary

Credit

As the replacement for adjustment credit, primary
credit would be available only to generally sound
depository institutions, ordinarily with little or no



administrative burden on the borrower. It would typically be extended for very short terms (usually overnight) but could be extended for up to a few weeks if
the lending Reserve Bank determines that the institution is in generally sound condition and cannot obtain
such credit in the market on reasonable terms (those
qualifying for longer-term loans would in most cases
be relatively small institutions that lack access to
national money markets).
Interest Rate
Under the proposal, the primary discount rate would
be changed through the same discretionary procedure
currently followed for setting the basic discount rate:
The boards of directors of the Federal Reserve Banks
would establish a primary discount rate, as well as
other discount rates, every two weeks subject to
review and determination by the Board of Governors,
as required by the Federal Reserve Act. The primary
discount rate would not be set according to a formula
but would presumably move broadly in line with the
target federal funds rate, much as the basic discount
rate does currently.
The proposal suggests that when the program
begins, the boards of directors of the Federal Reserve
Banks would initially establish, subject to the statutorily required review and determination by the Board
of Governors, the primary discount rate at a level
100 basis points above the FOMC's then-prevailing
target for the federal funds rate. That level would
likely place the primary discount rate somewhat
above the cost of alternative short-term funds for
eligible depository institutions, except in circumstances of unusually tight money markets or funding
needs arising very late in the day. (Such a spread
would also be similar to the spreads employed by
other central banks. See box "Experience of Other
Central Banks.")
A substantial spread would encourage depository
institutions to borrow only to meet short-term,
unforeseen needs. Too wide a spread, however, would
mean that the federal funds rate could, at times, rise
to undesirably high levels above the FOMC's target.
Notably, if the primary discount rate were to fall
close to or below the target federal funds rate, the
Reserve Banks would again need to restrict the use
of discount window credit, eliminating the advantages of primary credit relative to adjustment credit.
Although the proposal tentatively recommends an
initial spread of 100 basis points, public comment
will help inform both the Federal Reserve's choice of
that initial spread and the subsequent establishment
of primary discount rates. An aspect of the proposal

Proposed Revision to the Federal Reserve's Discount Window Lending Programs

is that the primary discount rate could be lowered in
an emergency, thereby helping to ensure that the
federal funds rate is capped at a level that would
facilitate the continued functioning of financial markets during crises.

317

Eligibility
Only depository institutions judged by the lending
Reserve Bank to be generally sound would be eligible for primary credit. At the inception of the new

Experience of Other Central Banks
The central banks of nearly all industrialized countries
have standing lending facilities that make collateralized
loans at an above-market rate.1 Such facilities are sometimes called "Lombard" facilities after Lombardkredit,
the German term for a collateralized loan and for the
loans made at an above-market rate by the Swiss National
Bank and, before the formation of the European Central
Bank (ECB), by the Bundesbank (the central bank of
Germany).2 In 1999, the ECB was opened with a Lombard facility; in 1996, the Bank of Canada restructured its
facilities to include an overdraft facility that acts as a
Lombard facility; and in 2001, the Bank of Japan adopted
1. The major exceptions are the Federal Reserve and the Bank of
England. If liquidity is needed, the Bank of England instead conducts a
late-afternoon overnight repurchase agreement (repo) operation normally
at 100 basis points above the prevailing official repo rate. It also has the
option of opening a late lending facility for the clearing banks after the
markets have closed. The applicable repo rate for the late lending facility
ranges between the official repo rate and 150 basis points above the repo
rate, depending on market conditions.
2. The Lombardy region of Northern Italy was an important center of
finance in the Middle Ages. The word "Lombard" came to mean banker
or moneylender (also pawnbroker)—hence such terms as lombardkredit,
Lombard facility, and Lombard Street, the London address that in the
nineteenth century was the center of English banking. In his 1873 book,
Lombard Street: A Description of the English Money Market (New York:
E.P. Dutton, 1910), Walter Bagehot famously recommends that in
response to a financial panic, the central bank lend freely at a penalty rate
(chap. 7, p. 198 ff.). The application of the term "Lombard facility" to
that practice has to do, however, with the medieval origins of "Lombard"
rather than, as is sometimes thought, with the name of Bagehot's book or
Lombard Street itself.

a Lombard facility. Other central banks that have employed
Lombard facilities include those in Austria, Belgium,
France, Italy, and Sweden. These facilities typically have
extended short-term credit with few restrictions on the
borrowing institution's funding situation or use of the proceeds. Lombard rates have varied from 25 to 200 basis
points above the central bank's target policy rate or related
money market rates. The ECB has generally set the marginal lending rate (the rate on its Lombard facility) 100
basis points above the refinancing rate (its target policy
rate) (chart).
Discussions with staff members of these central banks
indicate that Lombard facilities that are a part of monetary
policy operations similar to those of the Federal Reserve
have been very effective in setting an upper limit on market
rates. For example, after the Bundesbank removed certain
limits on Lombard loans and began to actively target the
overnight interest rate, overnight market rates never rose
above the ceiling. Similarly, since the inception of the ECB
in 1999, the daily average interbank rate in the euro area has
not risen above the ECB's marginal lending rate, while
intraday data indicate that within-the-day highs of euro-area
interbank rates have only rarely exceeded the marginal
lending rate and by very little. The recent experience of the
Bank of Canada indicates that its lending arrangement has
also been an effective ceiling for rates. It is too soon to
determine whether the Bank of Japan's Lombard facility
wilt effectively cap overnight money market rates.

European Central Bank benchmark interest rates, 1999-2002

Marginal lending rate
-ft

I Refinancing rate
Refinan
Deposit rate

"^TTPp
1999
NOTE. The data are daily and extend through June 14, 2002.




2000

2001
1. Euro overnight index average.

2002

318

Federal Reserve Bulletin • July 2002

program, the Reserve Banks would classify each
depository institution with a borrowing agreement
already on file as either eligible or ineligible for
primary credit and would notify the institution of
its status. New applicants for Federal Reserve credit
would be notified of their eligibility once they filed
borrowing documents. Institutions would also be
notified promptly of any change in their eligibility.
The Federal Reserve would treat institutions' eligibility or ineligibility as confidential.
The Reserve Banks would adopt uniform guidelines for judging institutions' degree of financial
soundness and thus their eligibility for primary credit.
A general principle to be reflected in the guidelines
would be that primary credit should be viewed as an
attractive source of funds mainly when money markets tighten significantly, pushing overnight market
interest rates at least to the level of the primary
discount rate. That is, all eligible institutions should
usually face a cost of overnight funds in the marketplace somewhat below the primary discount rate.
Because only generally sound depository institutions
would be eligible to obtain primary credit, the establishment of eligibility guidelines could also help
reduce the concerns of depository institutions that
borrowing at the discount window would be viewed
as a sign of weakness; as noted previously, such
concerns have at times severely limited the willingness of depository institutions to borrow, even when
money markets were extremely tight.
The guidelines for determining eligibility would be
based primarily on supervisory ratings, though
supplementary information, including ratings issued
by major rating agencies, market spreads on subordinated debt, information from supervisory exams in
progress, and other news since the last exam, would
also be considered. The Reserve Banks would initially adopt guidelines along the following lines:
Domestically chartered depository institutions with
CAMELS ratings of 1 or 2 and branches and agencies
of foreign banking organizations with Strength of
Support Assessment (SOSA) of 1 would be eligible
for primary credit unless supplementary information
suggested that the institution's financial condition
had deteriorated since its last examination. 5 Institutions rated CAMELS 3 or SOSA 2 would be eligible
for primary credit if supplementary information suggested that they were generally sound, but the funding situation of such institutions seeking credit would
5. CAMELS (Capital, Assets, Management, Earnings, Liquidity,
and Sensitivity to market risk) ratings are set on a scale of 1 through 5,
with 5 representing the highest degree of supervisory concern. SOSA
rankings are set on a scale of 1 through 3, with 3 representing the
highest degree of supervisory concern.




be reviewed and monitored. Institutions rated
CAMELS 4 or SOSA 3 would not be eligible for
primary credit except in rare circumstances, such as
when an ongoing examination indicated a substantial
improvement in condition. Credit extensions to ineligible CAMELS 4 and SOSA 3 institutions as well as
to CAMELS 5 institutions would be made under the
proposed secondary credit program, described later.
Based on the proposed guidelines and the current
distribution of supervisory ratings, most depository
institutions would be judged eligible for the primary
credit program.
These criteria are consistent with the intent of the
guidelines for discount window lending contained in
the Federal Deposit Insurance Corporation Improvement Act in that lending to troubled institutions
would be closely monitored. The criteria are also
consistent with the guidelines used by Federal
Reserve Banks to determine institutions' access to
daylight credit as set forth in the Federal Reserve's
Payments System Risk Policy. In general, depository
institutions that qualify for access to daylight credit
would be eligible for primary credit, and those that
do not would be restricted to secondary credit.
No Requirement Regarding Exhaustion of Funds
The requirement in Regulation A that depository
institutions exhaust reasonably available alternative
sources of funds before obtaining adjustment credit
would be dropped. The removal of this requirement
is consistent with the overall reduction in discount
window administration that the Federal Reserve
would be seeking under this program. As an important consequence, depository institutions would be
free to sell federal funds to others while obtaining
primary credit as long as those activities were consistent with safe and sound banking practices. In addition, allowing depository institutions to resell the
proceeds of primary credit loans would enhance the
ability of the primary credit rate to serve as a cap on
the federal funds rate when money markets tighten.
For that reason, the Federal Reserve would welcome
financially sound institutions' engagement in such
transactions if the institutions judge that the transactions would be in their financial interest.
Collateral
Under the proposal, collateral policies would be
unchanged. As required by the Federal Reserve Act,
all borrowing would be collateralized to the satisfaction of the lending Reserve Bank. Federal Reserve

Proposed Revision to the Federal Reserve's Discount Window Lending Programs

Banks would continue to accept a broad range of
financial assets as collateral for discount window
loans.
Reserve Bank Discretion to Lend or Not Lend
The main purpose of the proposed primary credit
program is to make short-term credit available as a
backup source of liquidity to generally sound institutions. Reserve Banks would retain the discretion not
to lend in circumstances that they apprise are inconsistent with that purpose.
Secondary

Credit

Secondary credit, the proposed replacement for
extended credit, would be designed for depository
institutions that do not qualify for primary credit.
Because some institutions currently eligible for
adjustment credit would not qualify for primary
credit, secondary credit would potentially be used
more often than extended credit has been, particularly
in recent years, and the program would be designed
to recognize the somewhat broader class of borrowing situations that would be covered under it. Specifically, secondary credit might be extended to meet
temporary funding needs of an institution if, in the
judgment of the Reserve Bank, such a credit extension would be consistent with the institution's timely
return to reliance on private funding sources. Also, a
Reserve Bank may extend secondary credit if, in
cooperation with the Federal Deposit Insurance Corporation and consistent with a least-cost resolution,
the Reserve Bank determines that such credit would
facilitate the orderly resolution of serious financial
difficulties of the borrowing institution. The change
in the name of the program is intended in part to
eliminate the focus on longer-term credit extensions
implied by the term "extended credit."
The interest rate on secondary credit would be set
by formula at 50 basis points above the primary
discount rate. The setting of the interest rate at a level
above the rate on primary credit—and therefore even
further above the target federal funds rate—reflects
the less-sound condition of borrowers of secondary
credit.




Seasonal

319

Credit

The proposal recommends no substantive change to
the seasonal credit program. Seasonal credit would
remain available to small and medium-sized institutions that experience significant seasonal swings in
their loans and deposits. The rate on seasonal credit
would continue to be the average of the effective
federal funds rate and the secondary market interest
rate on large ninety-day certificates of deposit for the
previous reserve maintenance period. Because such a
rate would almost always be less than the primary
discount rate, it would be necessary to remove from
Regulation A the stipulation that the seasonal credit
rate be at least as high as the basic discount rate.
The seasonal credit program was originally
designed to address the difficulties that relatively
small banks experiencing substantial intra-yearly
swings in funding needs faced because of a lack
of access to the national money markets. However,
funding opportunities for smaller depository institutions have expanded considerably over the past few
decades as a result of deposit deregulation and the
general development of financial markets. These
changes call into question the continued need for the
seasonal program. The proposal seeks specific public
comment on whether small depository institutions
still lack reasonable access to funding markets, on the
continued need for the seasonal lending program, and
on the appropriate setting of the seasonal credit discount rate, particularly in view of the proposed establishment of a primary credit program with an abovemarket interest rate.

NEXT STEPS

The Board is seeking public comments on all aspects
of the proposal. The comment period, extending for
ninety days from date of publication, ends August 22,
2002. Following an analysis of the comments, the
staff will present a revised proposal to the Board. If
the Board votes to revise the Federal Reserve's lending programs, the changes will take place once internal procedures are modified, a process that could take
several months, and depository institutions are made
familiar with the new procedures.
•

320

Announcements
FEDERAL OPEN MARKET
DIRECTIVE

COMMITTEE

The Federal Open Market Committee decided on
May 7, 2002, to keep its target for the federal funds
rate unchanged at L3/4 percent.
The information that has become available since
the last meeting of the Committee confirms that
economic activity has been receiving considerable
upward impetus from a marked swing in inventory
investment. Nonetheless, the degree of the strengthening in final demand over coming quarters, an essential element in sustained economic expansion, is still
uncertain.
In these circumstances, although the stance of
monetary policy is currently accommodative, the
Committee believes that, for the foreseeable future,
against the background of its long run goals of
price stability and sustainable economic growth and
of the information currently available, the risks are
balanced with respect to the prospects for both
goals.
Voting for the FOMC monetary policy action were
Alan Greenspan, Chairman; William J. McDonough,
Vice Chairman; Susan S. Bies; Roger W. Ferguson,
Jr.; Edward M. Gramlich; Jerry L. Jordan; Robert D.
McTeer, Jr.; Mark W. Olson; Anthony M. Santomero;
and Gary H. Stern. Voting against the action: none.

LETTER FROM CHAIRMAN GREENSPAN ON
FEDERAL TRADE COMMISSION ACT AND
UNFAIR BANKING PRACTICES

The Federal Reserve Board released on May 30,
2002, a letter from Chairman Alan Greenspan to
Representative John J. LaFalce confirming the application to banks of the prohibition contained in section 5 of the Federal Trade Commission Act against
unfair or deceptive acts or practices.
The letter also confirms that the federal banking
agencies are legally authorized to use enforcement
powers under section 8 of the Federal Deposit Insurance Act against violations of this prohibition.




PROPOSAL TO REVISE DISCOUNT
PROGRAM

WINDOW

The Board of Governors requested on May 17, 2002,
public comment on a proposal to revise the Federal
Reserve's discount window programs, which provide
credit to help depository institutions meet temporary
liquidity needs.
Adoption of the proposal would not entail a change
in the stance of monetary policy. The Federal Open
Market Committee's target for the federal funds
rate would not change as a result of this proposal, and
the level of market rates more generally would be
unaffected.
The Board is proposing the establishment of a new
type of discount window credit, to be called primary
credit. It would replace adjustment credit, which currently is extended at a below-market rate.
Primary credit would be available for very short
terms as a backup source of liquidity to depository
institutions that are in generally sound financial condition. It would be extended at a rate that would be
above the usual level of short-term market interest
rates, including the federal funds rate.
The primary credit program would be broadly similar to mechanisms used by many other major central
banks.
The interest rate for primary credit would be set
through a procedure identical to that currently used
for the basic discount rate. Under the proposal, the
interest rate on primary credit would initially be set
at 100 basis points above the target federal funds
rate. Thereafter, Reserve Banks would set the rate,
subject to review and determination by the Board of
Governors.
By restricting eligibility to generally sound institutions and by eliminating the incentive for institutions
to borrow to exploit the positive spread of money
market rates over the discount rate, the primary credit
program should considerably reduce the need for the
Federal Reserve to review the funding situations of
borrowers.
The Federal Reserve expects that, as a result of this
reduced administration, institutions' willingness to
use the window when money markets tighten should

321

increase, limiting potential volatility in the federal
funds rate.
Another element of the proposal is the establishment of a secondary credit program to replace the
existing extended credit program. Secondary credit
would be available in appropriate circumstances to
depository institutions that do not qualify for primary
credit. Secondary credit would be extended at an
interest rate 50 basis points above the primary discount rate.
The proposal also contains certain minor technical changes to the Board's Regulation A that are
independent of the primary and secondary credit
proposals.
Comments are due ninety days after publication in
the Federal Register.
ADVISORY ON FRAUD SCHEMES
FINANCIAL INSTRUMENTS

INVOLVING

The Federal Reserve Board on May 20, 2002, alerted
financial institutions and the public to the continued
proliferation of fraudulent schemes involving financial instruments.
In 1993 and again in 1996, the Federal Reserve
issued advisories concerning illegal activities claiming to involve a financial instrument issued by a
"prime bank." These questionable transactions promise extremely high rates of return with little or no risk
and often insinuate the involvement of a well-known
government agency, such as the Federal Reserve, the
World Bank, or the International Monetary Fund.
The Federal Reserve knows of no legitimate use of
"prime bank" financial instruments and does not
license anyone to trade any type of financial instruments or to act as the Federal Reserve's agent to sell
or redeem them.
In an advisory letter to supervisory authorities at
the twelve regional Federal Reserve Banks and to
banking organizations supervised by the Federal
Reserve, the Board again stressed the dangers associated with investing or participating in these illicit
transactions and listed several hallmarks or "red
flags" that have been associated with many fraudulent scams.
The Federal Reserve also noted that, since the
issuance of the Board's 1993 and 1996 alerts concerning "prime bank" financial instruments, many
wrongdoers have stopped referring to "prime bank"
instruments and begun to use the names of legitimate financial instruments in their scams, such as
"medium term notes" (often referred to as
"MTNs").




Federal and state law enforcement agencies, as
well as the Securities and Exchange Commission
(SEC), have investigated and prosecuted numerous
individuals associated with "prime bank" or other
investment schemes involving financial instruments.
Individuals, banking organizations, and other entities that have been invited to participate in transactions with the characteristics described in the new
alert are encouraged to contact the local offices of
federal law enforcement authorities as well as the
SEC.
WHITE PAPER ON SETTLEMENT OF
GOVERNMENT SECURITIES

The Federal Reserve Board and Securities and
Exchange Commission announced on May 9, 2002,
the release of a "white paper" discussing possible
structural changes in the settlement of government securities and requested public comment on the
document.
The paper, published May 13 in the Federal Register, was developed with a goal of identifying issues
and questions that need to be further explored. In
releasing the paper, the staffs of the agencies emphasized they have not concluded that any of the
approaches discussed represent an improvement
over current arrangements or that structural change is
necessary.
Following the September 11, 2001, terrorist
attacks, the agencies held discussions with market
participants concerning vulnerabilities in the settlement of government securities. Market participants
were interested in exploring structural changes in the
provision of settlement services for government securities, including the concept of establishing a utility
to conduct settlement. The paper identifies possible
approaches for creating a utility and possible assessment criteria for evaluating the various approaches.
MINUTES OF BOARD DISCOUNT
MEETINGS

RATE

The Federal Reserve Board released on May 20,
2002, the minutes of its discount rate meetings from
February 4, 2002, to March 18, 2002.
ANTHRAX TESTS AT THE BOARD

On May 9, 2002, mail processed in a secure facility
outside the Federal Reserve Board buildings tested
positive for traces of anthrax DNA.

322

Federal Reserve Bulletin • July 2002

Routine preliminary tests, administered late Tuesday and Wednesday by Board and contract employees wearing protective environmental suits, detected
anthrax spores in small batches of mail totaling about
twenty pieces. The affected mail was routine commercial and business mail and did not have any of the
characteristics identified by the FBI as suspicious.
The swabs that produced the positive readings will
be sent to a laboratory for additional testing.
The source of the possible contamination is not
known. Subsequent tests of mailroom surfaces and
mail-distribution points within the Board's buildings
have all been negative.
Board officials have notified, and are working with,
the FBI and with U.S. Postal Service inspectors.
An anthrax trace found at the Board last December is believed to have been the result of crosscontamination. Extensive follow-up testing after that
incident yielded no further positive results.
PUBLICATION OF THE MAY 2 0 0 2 UPDATE
TO THE COMMERCIAL BANK
EXAMINATION
MANUAL

The May 2002 update to the Commercial Bank
Examination Manual, Supplement No. 16, has been
published and is now available. The Manual comprises the Federal Reserve System's regulatory,
supervisory, and examination guidance for state
member banks. The new supplement includes the
following:
1. Board's October 16, 2001, Approval of a Revision to
Regulation K. The Board authorized, effective November 26, 2001, limited portfolio investments in foreign companies without prior Board notice (sections 211.8 and
211.9) and limited investments in Edge and agreement
corporations (section 211.5) that may be permissible for
state member banks and other foreign banking or other
bank-related organizations. (See Supervision and Regulation [SR] Letter 02-3.)
2. Revisions to the Capital Adequacy Standard (RiskBased Measure).
a. The November 8, 2001, Regulation H change
(effective January 1, 2002) addressed the treatment of
recourse obligations, residual interests, and direct-credit
substitutes that expose banking organizations primarily to
credit risk. New standards are added for the treatment of
residual interests, including a concentration limit for creditenhancing interest-only strips. Credit ratings from rating
agencies and certain limited alternative credit-rating
approaches can be used by banks to match the risk-based
capital requirement more closely to their relative risk of
loss for certain positions in asset securitizations. (See SR
Letters 02-16, 02-15, 02-14, and 02-12.)
b. The January 8, 2002, Regulation H change (effective April 1, 2002) established special minimum capital



requirements for equity investments in nonfinancial companies. The new capital requirements apply symmetrically
to equity investments. The requirements impose a series of
marginal capital charges on such authorized covered equity
investments that increase with the level of a bank's overall
exposure to equity investments relative to its tier 1 capital.
(See SR Letter 02-4.)
c. The risk-based capital treatment for forward equity
transactions also is discussed. The Federal Reserve has
determined that any common stock that is covered by
forward equity transactions entered into after the issuance
of SR Letter 01-27 (November 9, 2001) will be excluded
from a state member bank's tier 1 capital, other than those
transactions specified for deferred compensation or other
employee benefit plans.
3. Management of Insurable Risks. Certain types of
insurance that are available to the banking industry are
discussed. Bank management responsibilities for managing
insurable risks are also discussed, including coordinating
the management of the bank's various types of risk exposures in conjunction with an insurance program or making
a decision to selectively self-insure (alternative risk transfer) when permissible and appropriate. The examiners'
responsibilities for reviewing a bank's risk management
and management of its insurance program are also discussed. The examination objectives, examination procedures, and internal control questionnaire are updated.
4. Payment Systems Risk and Electronic Funds Transfer. The update discusses the Board's December 11, 2001,
revision of the policy statement on payments system risk
(PSR policy). The PSR policy was revised to modify the
net debit cap calculation for U.S. branches and agencies of
foreign banks, as well as the time that electronic check
presentments are posted to depository institutions' Federal
Reserve accounts for purposes of measuring daylight overdrafts. The PSR policy incorporates, with minor modifications, the Board's interim policy that allows certain depository institutions to pledge collateral to the Federal Reserve
to access additional daylight-overdraft capacity above their
net debit caps. The examiners' responsibilities are discussed with regard to payment system risk and electronic
funds transfer. The examination objectives, examination
procedures, and internal control questionnaire also have
been updated.
5. Examiners' Review of Regulatory Reports. Changes
in Federal Reserve reporting requirements are discussed
for reports that are filed by banks and other banking
organizations. The changes include the new FR Y-10
report, the revised FR Y-6 report, and the internal recordkeeping requirements for FR 2064. (See SR Letter 02-2
and its discussion of examiners' responsibilities in this
regard.)
6. Various Other Regulation H Revisions.
a. The sections on the overall conclusions regarding
the condition of the bank and on other types of examinations have been revised to include the Federal Reserve's
notification requirements, whereby a state member bank is
to notify the Federal Reserve System regarding changes in
the general character of a bank's business or the scope of
its corporate powers. (See sections 208.3(d)(1) and (2) and

Announcements

SR Letter 02-9). Included is a discussion on individual or
multiple-branch applications, expedited processing criteria,
and a bank's investment in premises for branches. Branch
closing requirements are discussed in relationship to section 42 of the Federal Deposit Insurance Act, section 208.6
of Regulation H, and the June 29, 1999, joint policy
statement regarding branch closings. Customers and the
Federal Reserve must be notified of branch closings.
b. The bank premises and equipment section has been
revised to reflect previous changes to section 24 of the
Federal Reserve Act and section 208.21(a) of Regulation H. For example, a state member bank that is well rated
and well capitalized may invest in bank premises in an
amount of 150 percent or less of its perpetual preferred
stock and related surplus plus common stock plus surplus,
if the bank gives at least a fifteen-day prior notice to the
Reserve Bank.
c. The definition of "capital stock and surplus" is
discussed as it pertains to the Board's authority to approve
a state member bank's limited investment of up to 10 percent of its capital and surplus in a community development
corporation. (See Regulation H, section 208.2(d).) The
investment limitations also are discussed for section 9 of
the Federal Reserve Act for public welfare or other such
investments.

A more detailed summary of changes is included
with the update package. The Manual and updates,
including pricing information, are available from
Publications Services, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington,
DC 20551 (or charge by facsimile: 202-728-5886).
The Manual is also available on the Board's
public web site: www.federalreserve.gov/boarddocs/
supmanual/.

ENFORCEMENT ACTIONS
The Federal Reserve Board announced on May 16,
2002, the issuance of an order of prohibition against




323

Edward DeRosa, a former employee and institutionaffiliated party of Rabobank Nederland, New York,
New York.
Mr. DeRosa, without admitting to any allegations,
consented to the issuance of the order based on his
violations of law, unsafe and unsound practices, and
breaches of his fiduciary duty to Rabobank and its
customers in connection with his embezzlement of
approximately $170,000 for his personal use.
The Federal Reserve Board, the Maryland Commissioner of Financial Regulation, and the Central
Bank of Ireland jointly announced on May 16, 2002,
the execution of a written agreement by and among
Allied Irish Banks, p.l.c., Dublin, Ireland, Allfirst
Financial Inc., Baltimore, Maryland, and Allfirst
Bank, Baltimore, Maryland.
The Federal Reserve Board announced on May 10,
2002, the issuance of a cease and desist order against
Pedro Cabrera, a former employee of Banco Mercantil, C.A., S.A.C.A., New York Agency, New York,
New York.
The Federal Reserve Board announced on May 10,
2002, the issuance of a cease and desist order against
the Bank of the Orient, San Francisco, California.

BOARD STAFF

CHANGE

The Federal Reserve Board announced on June 4,
2002, that Richard (Dick) Stevens, Director of the
Division of Information Technology, will retire on
June 28 after more than twenty-nine years at the
Board.
•

325

Legal Developments
ORDERS ISSUED UNDER FEDERAL RESERVE ACT

JPMorgan Chase Bank
New York, New York
Order Approving Establishment of a Branch
J.P. Morgan Chase Bank, New York, New York ("Bank"),
a state member bank, has given notice under section 9 of
the Federal Reserve Act ("Act") (12 U.S.C. § 321 et seq.)
of its intention to establish a branch at the Newport Center,
575 Washington Boulevard, Jersey City, New Jersey.
Notice of the proposal, affording interested persons an
opportunity to submit comments, has been published in
accordance with the Board's Rules of Procedure (12 C.F.R.
262.3(b)). The time for filing comments has expired, and
the Board has considered the notice and all comments
received in light of the factors specified in the Act.
Bank is the 13th largest banking organization in
New Jersey, controlling deposits of approximately
$2.6 billion, representing approximately 1.5 percent of
commercial banking deposits in the state.1 Bank is a wholly
owned subsidiary of J.P. Morgan Chase & Co., New York,
New York.
Considerations Under the Federal Reserve Act
Section 9(4) of the Act (12 U.S.C. § 322) requires that
when acting on a branch application, the Board consider
the financial condition of the applying bank, the general
character of its management, and whether its corporate
powers are consistent with the purposes of Act.
The Board has carefully reviewed the factors it is
required to consider for the establishment of a branch
under section 9 of the Act in light of all facts of record. As
part of its consideration, the Board has reviewed reports of
examination and other supervisory information. Based on
all the facts of record, the Board has concluded that these
statutory factors are consistent with approval of the notice.
Community Reinvestment Act Considerations
In acting on an application to establish a branch, the Board
is required to take into account a bank's record under the
Community Reinvestment Act ("CRA"). 2 The CRA
requires the federal financial supervisory agencies to encourage financial institutions to help meet the credit needs

1. Deposit and state ranking data are as of June 30, 2001.
2. 12 U.S.C. § 2901 et seq.




of the local communities in which they operate, consistent
with their safe and sound operation, and requires the appropriate federal supervisory authority to assess the institution's record of meeting the credit needs of its entire
community, including low- and moderate-income ("LMI")
neighborhoods, in evaluating branch applications.

A. CRA Performance

Examination

As provided in the CRA, the Board evaluates the performance of an institution in light of examinations by the
appropriate federal supervisors of the CRA performance
record of the institution. An institution's most recent CRA
performance evaluation is a particularly important consideration in the applications process because it represents a
detailed, on-site evaluation of the institution's overall
record of performance under the CRA by its appropriate
federal supervisor.3 Bank received an overall "outstanding" rating at its most recent CRA examination by the
Federal Reserve Bank of New York, as of July 9, 2001.

B. CRA Performance Record
According to its most recent CRA examination, Bank's
lending activity in the New York Metropolitan Area4
showed excellent responsiveness to retail credit needs.5
During the examination period, Bank and its affiliates were
the leading lender in the New York Metropolitan Area in
originated and purchased home purchase, refinance, and
small business loans. According to examiners, the overall
geographic distribution of Bank's retail loans reflected
excellent loan penetration in LMI areas.

3. See Interagency

Questions

and Answers

Regarding

Community

Reinvestment, 66 Federal Register 36,620 and 36,639 (2001).
4. Examiners noted that performance in the New York Metropolitan
Area had the greatest weight on Bank's overall CRA rating because of
the high concentration of deposits, lending, and population in that
assessment area. The New York Metropolitan Area includes southern
New York, western Connecticut, and northeastern New Jersey. Jersey
City is part of the New York Metropolitan Area.
5. One commenter, a Jersey City community group, inquired about
Bank's past and future involvement in the Jersey City community and
the extent of Bank's involvement in addressing local credit needs.
Bank responded that even before its current decision to establish a
branch, it had provided support to organizations committed to increasing the quality of life in Jersey City, primarily in the areas of
aifordable housing, economic development, and the provision of social
services. Since 1996, Bank has provided grants totaling more than
$500,000 to Jersey City organizations engaged in community development activities. Bank stated that it intends to continue to support
community development activities in Jersey City in the future.

326

Federal Reserve Bulletin • July 2002

Bank's record of lending to businesses in the New York
Metropolitan Area was excellent. Approximately 93 percent of small loans to businesses originated in the assessment area during the examination period were for amounts
of $100,000 or less. The average size of such loans was
$33,000, an amount that examiners concluded would meet
the credit needs of smaller businesses. Examiners also
rated Bank's community development lending performance in the New York Metropolitan Area as excellent.6
Bank received an "outstanding" rating on the investment portion of its CRA examination in the New York
Metropolitan Area. Examiners characterized Bank's level
of qualified community development investments and
grants as exhibiting strong responsiveness to credit and
community development needs through organizations
involved in affordable housing, economic development,
community services, and revitalization and stabilization
activities.7
Examiners rated Bank's performance in the New York
Metropolitan Area under the service test as outstanding.
Examiners based this rating on what they characterized as
excellent delivery of retail services and Bank's leadership
role in providing community development services. Overall, examiners indicated that delivery systems were readily
accessible to all portions of Bank's assessment area, taking
into consideration the percentage of the population residing
in LMI areas. Examiners also characterized Bank as a
leader in providing community development services.

C. Conclusion on CRA Performance
The Board has considered carefully the entire record of
Bank's CRA performance, including Bank's most recent
CRA performance examination. Based on all the facts of
record, the Board concludes that CRA considerations are
consistent with approval of the proposal.
Conclusion
Based on the foregoing and all the facts of record, the
Board has determined that this notice should be, and hereby
is, approved. The Board's approval is specifically conditioned on Bank's compliance with all commitments made
in connection with the proposal. The commitments and
conditions relied on by the Board are deemed to be conditions imposed in writing in connection with its findings and
decision and, as such, may be enforced in proceedings
under applicable law.
Approval of this notice is subject to the establishment of
the proposed branch within one year of the date of this
order, unless such period is extended by the Board or the
Federal Reserve Bank of New York, acting pursuant to

6. During the examination period, community development loan
commitments benefiting this assessment area totaled $693 million.
7. Bank's level of community development investment in the assessment area totaled $750 million, with $433 million of additional
unfunded investment commitments.




delegated authority, and to approval of the proposal by the
appropriate state authorities.
By order of the Board of Governors, effective May 30,
2002.
Voting for this action: Chairman Greenspan, Vice Chairman Ferguson, and Governors Bies and Olson. Absent and not voting: Governor
Gramlich.

ROBERT DEV. FRIERSON
Deputy Secretary of the Board

ORDERS ISSUED UNDER INTERNATIONAL BANKING

ACT
Banca Comerciala Romana S.A.
Bucharest, Romania
Order Approving Establishment of a Representative
Office
Banca Comerciala Romana S.A. ("Bank"), Bucharest, Romania, a foreign bank within the meaning of the International Banking Act ("IBA"), has applied under section
10(a) of the IBA (12 U.S.C. § 3107(a)) to establish a representative office in New York, New York. The Foreign Bank
Supervision Enhancement Act of 1991, which amended the
IBA, provides that a foreign bank must obtain the approval
of the Board to establish a representative office in the
United States.
Notice of the application, affording interested persons an
opportunity to submit comments, has been published in a
newspaper of general circulation in New York (The New
York Post, August 1, 2001). The time for filing comments
has expired, and all comments have been considered.
Bank, with total consolidated assets of $3.6 billion,1 is
the largest commercial bank in Romania. Seventy percent
of Bank's shares are owned by the Authority for Privatization and State Ownership Administration, a public legal
entity subordinated to the Romanian government that carries out the government's privatization strategy. The remaining 30 percent of Bank's shares are owned by five
private, widely held, regionally based ownership funds
established under Romania's 1991 privatization law. Bank
provides wholesale and retail banking services to corporate, individual, and government customers. Bank has
branches throughout Romania, as well as in Cyprus and
Moldova. Bank has subsidiary banks in Germany, France,
and the United Kingdom.
The proposed representative office would enable Bank to
provide assistance to existing and potential customers in
identifying and facilitating business and trade opportunities
between Romania and the United States. Bank intends to
engage in general marketing and promotional activities,
development and enhancement of correspondent relation-

1. Data are as of December 31, 2001.

Legal Developments

ships, research and consulting services, and certain loan
solicitation activities.
In acting on an application to establish a representative
office, the IBA and Regulation K provide that the Board
shall take into account whether the foreign bank engages
directly in the business of banking outside the United
States and has furnished to the Board the information it
needs to assess the application adequately. The Board also
shall take into account whether the foreign bank and any
foreign bank parent is subject to comprehensive supervision or regulation on a consolidated basis by its home
country supervisor.2 With respect to establishment of representative offices, the Board will consider that the standard
regarding supervision has been met where it determines
that the applicant bank is subject to a supervisory framework that is consistent with the activities of the proposed
representative office, taking into account the nature of such
activities and the operating record of the applicant.3 The
Board may take into account additional standards set forth
in the IBA and Regulation K.4
In connection with this application, Bank has provided
certain commitments that limit the activities of the representative office. It has committed that the representative
office would engage only in certain specified activities and
would not make credit decisions on behalf of Bank, solicit
deposits on behalf of Bank, or engage in activities related
to securities trading, foreign exchange, or money transmission.
As noted above, Bank engages directly in the business of
banking outside the United States through its banking
operations in Romania. Bank also has provided the Board
with the information necessary to assess the application
through submissions that address the relevant issues. With
respect to supervision by home country authorities, the
National Bank of Romania ("NBR") is the principal supervisory authority of Bank. The NBR is the sole licensing,

2. See 12 U.S.C. § 3107(a)(2); 12C.F.R. 211.24(d)(2). In assessing
this standard, the Board considers, among other factors, the extent to
which the home country supervisors:
(i) Ensure that the bank has adequate procedures for monitoring
and controlling its activities worldwide;
(ii) Obtain information on the condition of the bank and its
subsidiaries and offices through regular examination reports,
audit reports, or otherwise;
(iii) Obtain information on the dealings with and relationship
between the bank and its affiliates, both foreign and domestic;
(iv) Receive from the bank financial reports that are consolidated
on a worldwide basis, or comparable information that permits
analysis of the bank's financial condition on a worldwide
consolidated basis;
(v) Evaluate prudential standards, such as capital adequacy and
risk asset exposure, on a worldwide basis.
These are indicia of comprehensive, consolidated supervision. No
single factor is essential and other elements may inform the Board's
determination.
3. See, e.g., RHEINHYP Rheinische Hypothekenbank AG, 87 Federal Reserve Bulletin 558 (2001); see also Promstroybank of Russia,
82 Federal Reserve Bulletin 599 (1996); Komercni Banka, a.s.,
82 Federal Reserve Bulletin 597 (1996); Commercial Bank "Ion
Tiriac", S.A., 82 Federal Reserve Bulletin 592 (1996).
4. See 12 U.S.C. § 3105(d)(3) and (4); 12 C.F.R. 211.24(c)(2).




327

regulatory, and supervisory authority for all banking organizations in Romania. The Board has previously approved
the establishment of a limited representative office in the
United States by a Romanian bank.5 Bank is supervised by
the NBR on substantially the same terms and conditions as
that bank.
Although Romania is not a member of the Financial
Action Task Force ("FATF"), Romania has enacted laws
based on the general recommendations of the FATF. Antimoney laundering standards have been established and
programs to deter money laundering are being implemented. Under Romanian law, money laundering is a criminal offense and financial institutions are required to establish internal policies, procedures, and systems for the
detection and prevention of money laundering throughout
their worldwide operations. Romania has also established
the National Office for Money Laundering Prevention and
Fighting ("National Office"). Bank forwards suspicious
transaction reports to the National Office for further investigation. Bank has established specific policies and procedures designed to prevent, detect, and report any money
laundering activities. These policies include a "know your
customer" policy, parameters to identify suspicious transactions, reporting and record retention for all suspicious
transactions, and employee training.
Based on all the facts of record, including commitments
provided by Bank limiting the activities of the proposed
representative office, it has been determined that factors
relating to the supervision of Bank by its home country
supervisor are consistent with approval of the proposed
representative office.
The Board has taken into account the additional standards set forth in the IBA and in Regulation K. 6 The NBR
has no objection to the establishment of the proposed
office. With respect to the financial and managerial
resources of Bank, taking into consideration Bank's record
of operations in its home country, its overall financial
resources, and its standing with its home country supervisor, the Board has determined that financial and managerial
considerations are consistent with approval. In addition,
Bank appears to have the experience and capacity to support the proposed office and has established controls and
procedures for the proposed office to ensure compliance
with applicable U.S. law, as well as controls and procedures for its worldwide operations generally.
With respect to access to information, the Board has
reviewed the restrictions on disclosure in relevant jurisdictions in which Bank operates and has communicated with
relevant government authorities about access to information. Bank has committed to make available to the Board
such information on the operations of Bank and any affiliate of Bank that the Board deems necessary to determine
and enforce compliance with the IBA, the Bank Holding
Company Act, and other applicable federal law. To the

5. Commercial Bank "Ion Tiriac", S.A., 82 Federal Reserve Bulletin
592 (1996).
6. See 12 U.S.C. § 3105(d)(3) and (4); 12 C.F.R. 211.24(c)(2).

328

Federal Reserve Bulletin • July 2002

extent that the provision of such information may be prohibited or impeded by law or otherwise, Bank has committed to cooperate with the Board to obtain any necessary
consents or waivers that might be required from third
parties in connection with disclosure of certain information. In addition, subject to certain conditions, the NBR
may share information on Bank's operations with other
supervisors, including the Board. In light of these commitments and other facts of record, and subject to the condition described below, the Board has concluded that Bank
has provided adequate assurances of access to any necessary information the Board may request.
On the basis of all the facts of record, and subject to the
commitments made by Bank, as well as the terms and
conditions set forth in this order, Bank's application to
establish a representative office in New York is hereby
approved.7 If any restrictions on access to information on
the operations or activities of Bank or any of its affiliates
subsequently interfere with the Board's ability to deter7. Approved by the Director of the Division of Banking Supervision
and Regulation, with the concurrence of the General Counsel, pursuant to authority delegated by the Board.

mine and enforce compliance by Bank or its affiliates with
applicable federal statutes, the Board may require or recommend termination of any of Bank's direct or indirect
activities in the United States. Approval of this application
also is specifically conditioned on compliance by Bank
with the commitments made in connection with this application and with the conditions in this order.8 The commitments and conditions referred to above are conditions
imposed in writing by the Board in connection with its
decision and may be enforced in proceedings against Bank,
its offices, and its affiliates under applicable law.
By order, approved pursuant to authority delegated by
the Board, effective May 21, 2002.
ROBERT DEV. FRIERSON
Deputy Secretary of the Board
8. The Board's authority to approve the establishment of the proposed office parallels the continuing authority of the State of New
York to license offices of a foreign bank. The Board's approval of this
application does not supplant the authority of the State of New York
or its agent, the New York State Banking Department ("Department"), to license the proposed office of Bank in accordance with any
terms or conditions that the Department may impose.

INDEX OF ORDERS ISSUED OR ACTIONS TAKEN BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
(JANUARY 1, 2002 - MARCH 31, 2002)

Applicant

Merged or Acquired Bank of Activity

Date of Approval

Bulletin
Volume
and Page

Allgemeine HypothekenBank
Rheinboden AG,
Frankfurt, Germany
Artesia Banking Corporation, S.A.,
Brussels, Belgium
Banco Popular de Puerto Rico,
Hato Rey, Puerto Rico

To establish a representative office in
New York, New York

January 8, 2002

88, 196

To establish a branch in New York,
New York
Banco Bilbao Vizcaya Argentaria
Puerto Rico,
San Juan, Puerto Rico
United California Bank,
Los Angeles, California

March 29, 2002

88, 253

January 15, 2002

88, 194

February 20, 2002

88, 221

K.L. & D.M., Inc.,
Polk, Nebraska
Citizens State Bank,
Polk, Nebraska
To establish a representative office in
New York, New York
American Bancorporation,
Wheeling, West Virginia
Wheeling National Bank,
St. Clairsville, Ohio

March 11,2002

88,251

February 25, 2002

88, 227

January 7, 2002

88, 191

BNP Paribas,
Paris, France
BancWest Corporation,
Honolulu, Hawaii
First York Ban Corp.,
York, Nebraska

ICICI Bank Limited,
Mumbai, India
Wesbanco, Inc.,
Wheeling, West Virginia




Legal Developments

329

APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT

By Federal Reserve

Banks

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

Section 3
Applicant(s)

Bank(s)

Reserve Bank

Effective Date

Access National Corporation,
Chantilly, Virginia
Ames National Corporation,
Ames, Iowa
Carolina National Corporation,
Columbia, South Carolina

Access National Bank,
Chantilly, Virginia
United Bank & Trust N.A.,
Marshalltown, Iowa
Carolina National Bank and Trust
Company,
Columbia, South Carolina
Charter National Bancorp,
Taylor, Michigan

Richmond

May 31, 2002

Chicago

May 9, 2002

Richmond

May 31, 2002

Cleveland

May 1, 2002

Citizens Community Business Bank,
Pocatello, Idaho
Community First Bank,
Lynchburg, Virginia

San Francisco

May 23, 2002

Richmond

May 6, 2002

Butte Community Bank,
Chico, California
Community State Bank,
Teaneck, New Jersey
First Commercial Bank of Florida,
Orlando, Florida
1st Financial Bancshares, Inc.,
Overland Park, Kansas
Metropolitan Bancshares, Inc.,
Munford, Tennessee
The Munford Union Bank,
Munford, Tennessee

San Francisco

May 1, 2002

New York

May 3, 2002

Atlanta

April 26, 2002

Kansas City

May 30, 2002

St. Louis

May 1, 2002

NebraskaLand Financial Services, Inc.

Kansas City

May 8, 2002

Lincoln, Nebraska
The Fort Sill National Bank,
Fort Sill, Oklahoma

Kansas City

May 30, 2002

Norkitt Bancorp, Inc.,
Mineapolis, Minnesota
Northwestern State Bank of Hallock,
Hallock, Minnesota
FirstCom Bancorp,
Chicago, Illinois
First Commercial Bank,
Chicago, Illinois

Minneapolis

April 30, 2002

Chicago

May 7, 2002

MidCarolina Bank,
Burlington, North Carolina
Nebraska Bankers' Bank, National
Association,
Lincoln, Nebraska

Richmond

April 24, 2002

St. Louis

May 30, 2002

Charter One Financial Inc.,
Cleveland, Ohio
Charter-Michigan Bancorp,
Dearborn, Michigan
Citizens Bank Holding Company,
Pocatello, Idaho
Community First Financial
Corporation,
Lynchburg, Virginia
Community Valley Bancorp,
Chico, California
CSB Financial Corporation,
Teaneck, New Jersey
FCB Florida Bancorporation, Inc,
Orlando, Florida
First Capital Investments, L.L.C.,
Lee's Summit, Missouri
First Citizens Bancshares, Inc.,
Dyersburg, Tennessee

First York BanCorp,
York, Nebraska
J.R. Montgomery Bancorporation,
Inc.,
Lawton, Oklahoma
Marshall Bancorp, Inc.,
Mineapolis, Minnesota

Metropolitan Bank Group,
Chicago, Illinois
Metropolitan Bancorp, Inc.,
Chicago, Illinois
Plaza Bancorp, Inc.,
Norridge, Illinois
MidCarolina Financial Corporation,
Burlington, North Carolina
Midwest Bankers' Bancorporation,
Inc.,
Jefferson City, Missouri




330

Federal Reserve Bulletin • July 2002

Section 3—Continued
Applicant(s)

Bank(s)

Reserve Bank

Effective Date

Nicolet Bankshares, Inc.,
Green Bay, Wisconsin
NorCal Community Bancorp,
Alameda, California
North State Bancorp,
Raleigh, North Carolina
Pacific State Bancorp,
Stockton, California
Peoples State Bancorp, Inc.,
Munising, Michigan
South Coastal Holdings MHC, Inc.,
Rockland, Massachusetts
State Bancshares of Ulen, Inc.,
Dilworth, Minnesota

Nicolet National Bank,
Green Bay, Wisconsin
Bank of Alameda,
Alameda, California
North State Bank,
Raleigh, North Carolina
Pacific State Bank,
Stockton, California
Peoples State Bank of Munising,
Munising, Michigan
South Coastal Bank,
Rockland, Massachusetts
K. Roberts, Inc.,
Hendrum, Minnesota
Viking Bank,
Hendrum, Minnesota

Chicago

May 1, 2002

San Francisco

May 23, 2002

Richmond

May 23, 2002

San Francisco

May 7, 2002

Mineapolis

May 3, 2002

Boston

May 2, 2002

Mineapolis

May 3, 2002

Applicant(s)

Nonbanking Activity/Company

Reserve Bank

Effective Date

Allegiant Bancorp, Inc.,
St. Louis, Missouri
Black Diamond Financial Group,
Inc.,
Tampa, Florida
Heritage Group, Inc.,
Aurora, Nebraska
R&G Financial Corporation,
San Juan, Puerto Rico

Allegiant Capital Corporation,
St. Louis, Missouri
To engage de novo in investment
advisory activities

St. Louis

May 6, 2002

Atlanta

May 30, 2002

Kansas City

May 14, 2002

New York

May 28, 2002

San Francisco

May 23, 2002

Section 4

Heritage Reinsurance, Inc.,
Aurora, Nebraska
The Crown Group, Inc.,
Casselberry, Florida
Crown Bank,

Sunstate Bancshares, Inc.,
Casa Grande, Arizona

Casselberry, Florida
Sunstate Bancshares Mortgages, LLC
Casa Grande, Arizona
Axis Mortgages, Inc.,
Casa Grande, Arizona

Sections 3 and 4
Applicant(s)

Nonbanking Activity/Company

Reserve Bank

Effective Date

Peoples Bancorp.,
Rock Valley, Iowa

Peoples
Rock
Peoples
Rock

Chicago

May 8, 2002




Bank,
Valley, Iowa
Financial, Inc.,
Valley, Iowa

Legal Developments

331

APPLICATIONS APPROVED UNDER BANK MERGER ACT

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

Applicant(s)

Bank(s)

Reserve Bank

Effective Date

Arvest Bank,
Fayetteville, Arkansas
First American Bank,
Fort Dodge, Iowa
First American Bank,
Sioux City, Iowa
Union State Bank,
Arkansas City, Kansas
Virginia Heartland Bank,
Fredericksburg, Virginia

Arvest Bank,
Rogers, Arkansas
To merge into one state-charter
member bank

St. Louis

May 13, 2002

Chicago

May 23, 2002

Kansas City

May 30, 2002

Richmond

May 9, 2002

The State Bank,
Winfield, Kansas
Caroline Savings Bank,
Bowling Green, Virginia

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.
Caesar v. United States, No. 02-0612 (EGS) (D.D.C.), removed on April 1, 2002 from No. 02-1502 (D.C. Superior
Court, originally filed March 1, 2002). Action seeking damages for personal injury.
Community Bank & Trust v. United States, No. 01-571C (Ct.
Fed. CI., filed October 3, 2001). Action challenging on
constitutional grounds the failure to pay interest on reserve
accounts held at Federal Reserve Banks.
Laredo National Bancshares, Inc. v. Whalen v. Board of Governors, No. 01-CV-134 (S.D. Tex.), removed on September 5, 2001, from No. 99CVQ00940-D3 (District Court,
341st Judicial District, Webb County, Texas, originally filed
July 26, 2001). Third-party petition seeking indemnification
or contribution from the Board in connection with a claim
asserted against defendant Whalen alleging tortious interference with a contract.
Radfar v. United States, No. 1:01CV1292 (PLF) (D.D.C.,
complaint filed June 11, 2001). Action under the Federal
Tort Claims Act for injury on Board premises.
Artis v. Greenspan, No. 01-CV-0400(ESG) (D.D.C., complaint
filed February 22, 2001. Employment discrimination action.




On August 15, 2001, the district court consolidated the
action with Artis v. Greenspan, No. 99-CV-2073 (EGS)
(D.D.C., filed August 3, 1999), also an employment discrimination action.
Howe v. Bank for International Settlements, No. 00CV12485
RCL (D. Mass., filed December 7, 2000). Action seeking
damages in connection with gold market activities and the
repurchase by the Bank for International Settlements of its
privately-owned shares. On March 26, 2002, the district
court dismissed the action against all defendants.
Trans Union LLC v. Federal Trade Commission, et al., No.
01-5202 (D.C. Cir., filed June 4, 2001). Appeal of district
court order entered April 30, 2001, upholding challenged
provisions of an interagency rule regarding Privacy of Consumer Finance Information
Albrecht v. Board of Governors, No. 00-CV-317 (CKK)
(D.D.C., filed February 18, 2000). Action challenging the
method of funding of the retirement plan for certain Board
employees. On March 30, 2001, the district court granted in
part and denied in part the Board's motion to dismiss.
Fraternal Order of Police v. Board of Governors, No.
1:98CV03116 (WBB)(D.D.C„ filed December 22, 1998).
Declaratory judgment action challenging Board labor practices. On February 26, 1999, the Board filed a motion to
dismiss the action.

A1

Financial and Business Statistics
A3

Federal Finance

GUIDE TO TABLES
DOMESTIC

FINANCIAL

STATISTICS

Money Stock and Bank Credit
A4
A5
A6

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

A25 Federal debt subject to statutory limitation
A25 Gross public debt of U.S. Treasury—
Types and ownership
A26 U.S. government securities
dealers—Transactions
A27 U.S. government securities dealers—
Positions and financing
A28 Federal and federally sponsored credit
agencies—Debt outstanding

Securities Markets and Corporate Finance

Policy Instruments
A7
A8
A9

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

Federal Reserve Banks
A10 Condition and Federal Reserve note statements
A11 Maturity distribution of loan and security
holding

Monetary and Credit Aggregates
A12 Aggregate reserves of depository institutions
and monetary base
A13 Money stock measures

Commercial Banking Institutions—
Assets and Liabilities
A15
A16
A17
A19
A20

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

A29 New security issues—Tax-exempt state and local
governments and corporations
A30 Open-end investment companies—Net sales
and assets
A30 Domestic finance companies—Assets and liabilities
A31 Domestic finance companies—Owned and managed
receivables

Real Estate
A32 Mortgage markets—New homes
A3 3 Mortgage debt outstanding

Consumer Credit
A34 Total outstanding
A34 Terms

Flow of Funds
A35
A37
A3 8
A39

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

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




DOMESTIC

NONFINANCIAL

STATISTICS

Selected Measures
A40 Output, capacity, and capacity utilization
A42 Industrial production—Indexes and gross value

23

Federal Reserve Bulletin • July 2002

Reported by Nonbanking Business
Enterprises in the United States

INTERNATIONAL STATISTICS

Summary Statistics
A44 U.S. international transactions
A45 U.S. reserve assets
A45 Foreign official assets held at Federal Reserve
Banks
A46 Selected U.S. liabilities to foreign official
institutions

Reported by Banks in the United States

A52 Liabilities to unaffiliated foreigners
A53 Claims on unaffiliated foreigners

Securities Holdings and Transactions
A54 Foreign transactions in securities
A55 Marketable U.S. Treasury bonds and
notes—Foreign transactions

Interest and Exchange Rates

A46
A47
A49
A50

Liabilities to, and claims on, foreigners
Liabilities to foreigners
Banks' own claims on foreigners
Banks' own and domestic customers' claims on
foreigners
A50 Banks' own claims on unaffiliated foreigners
A51 Claims on foreign countries—Combined
domestic offices and foreign branches

A56 Foreign exchange rates
A57 GUIDE TO SPECIAL TABLES AND
STATISTICAL RELEASES

A58 INDEX TO STATISTICAL TABLES

Discontinuation of Certain Statistical Tables in the Federal Reserve Bulletin
The following ten tables have been discontinued in the Financial and Business Statistics section of the Federal Reserve
Bulletin. Information on the sources of data in these tables appears in the Announcements section of the June 2002 issue of
the Bulletin, page 290.
Discontinued tables:
1.38

1.39

1.48

2.10

2.11

2.14

2.15

2.16

2.17

3.11

Page numbers of the tables in the Financial and Business Statistics section have been revised.




A3

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

*

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

GENERAL

ABBREVIATIONS

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

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

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

INFORMATION

In many of the tables, components do not sum to totals because of
rounding.
Minus signs are used to indicate (1) a decrease, (2) a negative
figure, or (3) an outflow.
"U.S. government securities" may include guaranteed issues
of U.S. government agencies (the flow of funds figures also




include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury.
"State and local government" also includes municipalities,
special districts, and other political subdivisions.

A4
1.10

DomesticNonfinancialStatistics • July 2002
RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted 1
2001

2002

2001
Dec.r

2002

Monetary or credit aggregate
Feb.r

Mar.r

Apr.

15.3
23.8
15.9
12.2

-8.5
-8.2
-8.0
10.0

-12.7
-14.5
-14.1
6.4

-7.4
-1.4
-7.2
7.9

16.1
9.5
10.7

3.3
2.1
-1.6

1.9
6.8
5.5

2.9
-1.4
-1.0

-11.4
-4.1
-2.7

5.2
2.7

7.8
13.1

1.7
-9.3

8.1
2.7

-2.6
-.1

-2.1
.3

23.2
-12.1
-9.2

20.4
-15.3
4.9

22.9
-18.7
7.4

19.0
-16.2
14.9

22.1
-13.1
-2.5

5.2
-11.4
2.3

6.9
-7.6
16.6

25.2
-5.1
14.9

27.2
-11.2
2.5

25.6
-15.4
-.8

14.3
-13.5
-5.2

21.8
-20.8
13.7

38.8
-13.9
-7.3

27.9
-9.6
-7.3

17.3
-10.1
6.3

5.8'
49.7

7.5
27.5

9.4
49.2

-11.9
-.5

2.8
26.1

-20.6
-27.8

-14.0
-1.8

-27.6
-.2

-24.9
-2.0

19.CF
7.0

-9.0
-3.9

-1.4
-3.6

8.0
6.1

3.2
-15.7

-1.6
-6.3

11.9
35.5

-8.0
10.0

-22.2
-2.8

Q2

Q3r

Q4'

Qi r

4.0
6.4
2.9
6.2

76.3
14.8
65.0
14.8

-31.2
22.1
-21.4
6.4

-9.7
-9.3
-9.4
9.1

10.4
4.9
10.9
9.6

Concepts of money4
5 Ml
6 M2
7 M3

6.0
9.5
13.7

16.0
11.4
10.4

2.1
9.7
12.4

5.8
5.3
4.5

Nontransaction components
8 In M25
9 In M3 only6

10.5
23.1

10.2
8.1

11.8
18.2

20.1
-7.6
-1.2 r

19.7
-10.3
-7.4

22.0
4.1
11.5

Money market mutual funds
16 Retail
17 Institution-only
Repurchase agreements and eurodollars
18 Repurchase agreements10
19 Eurodollars10

Jan.r

2

1
2
3
4

Reserves of depository institutions
Total
Required
Nonborrowed
Monetary base3

Time and savings deposits
Commercial banks
Savings, including MMDAs
Small time7
Large time8,9
Thrift institutions
13
Savings, including MMDAs
14
Small time7
15
Large time8

10
11
12

1. Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter.
2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements (See also table 1.20.)
3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose
vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference
between current vault cash and the amount applied to satisfy current reserve requirements.
4. Composition of the money stock measures is as follows:
Ml: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of
depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all
commercial banks other than those owed to depository institutions, the U.S. government, and
foreign banks and official institutions, less cash items in the process of collection and Federal
Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of
withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions,
credit union share draft accounts, and demand deposits at thrift institutions. Seasonally
adjusted Ml is computed by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
M2: Ml plus (1) savings (including MMDAs), (2) small-denomination time deposits (time
deposits—including retail RPs—in amounts of less than $100,000), and (3) balances in retail
money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh
balances at depository institutions and money market funds.
Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination




time deposits, and retail money fund balances, each seasonally adjusted separately, and
adding this result to seasonally adjusted Ml.
M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2)
balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all
depository institutions, and (4) eurodollars (overnight and term) held by U.S. residents at
foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom
and Canada. Excludes amounts held by depository institutions, the U.S. government, money
market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated
by summing large time deposits, institutional money fund balances, RP liabilities, and
eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted
M2.
5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances, each seasonally adjusted separately.
6. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities
(overnight and term) issued by depository institutions, and (4) eurodollars (overnight and
term) of U.S. addressees, each seasonally adjusted separately.
7. Small time deposits—including retail RPs—are those issued in amounts of less than
$100,000. All IRA and Keogh account balances at commercial banks and thrift institutions
are subtracted from small time deposits.
8. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
9. Large time deposits at commercial banks less those held by money market funds,
depository institutions, the U.S. government, and foreign banks and official institutions.
10. Includes both overnight and term.

Money Stock and Bank Credit
1.11

A5

RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT1
Millions of dollars
Average of
daily figures

Average of daily figures for week ending on date indicated

2002

2002
Apr. 24

Feb.

Mar.

Apr.

Mar. 13

Mar. 20

Mar. 27

Apr. 3

Apr. 10

Apr. 17

631,364

636,572

642,176

634,241

637,270

635,201

642,133

638,805

644,014

640,393

564,721
0

573,087
0

578,737
0

571,914
0

574,098
0

575,740
0

575,760
0

576,793
0

578,332
0

580,266
0

10
0
29,562
0

10
0
26,689
0

10
0
25,430
0

10
0
25,043
0

10
0
26,614
0

10
0
22,214
0

10
0
28,786
0

10
0
24,393
0

10
0
28,200
0

10
0
21,964
0

13
17
0
0
74
36,967

6
19
0
0
-38
36,799

75
50
0
0
-397
38,271

3
20
0
0
727
36,524

6
20
0
0
-376
36,897

14
20
0
0
-171
37,374

300
26
0
0
-285
37,536

1
42
0
0
-159
37,725

4
48
0
0
-698
38,119

8
56
0
0
-533
38,621

11,044
2,200
33,503

11,044
2,200
33,575

11,044
2,200
33,635

11,044
2,200
33,563

11,044
2,200
33,577

11,044
2,200
33,591

11,044
2,200
33,605

11,044
2,200
33,619

11,044
2,200
33,633

11,044
2,200
33,647

636,140
0
410

640,031
0
421

643,813
0
400

639,608
0
421

640,009
0
429

640,588
0
422

642,905
0
410

644,010
0
400

643,798
0
403

643,464
0
399

4,906
189
9,226
229
17,748
9,262

5,551
126
9,549
218
18,244
9,250

6,127
98
10,049
255
18,813
9,500

4,801
124
9,479
229
18,596
7,789

6,511
95
9,234
207
18,276
9,330

5,198
86
10,181
205
18,096
7,258

5,395
187
9,869
249
18,312
11,655

5,008
102
10,072
278
18,732
7,066

5,957
116
10,053
242
18,736
11,586

6,994
82
10,130
232
18,858
7,124

Apr. 10

Apr. 17

Apr. 24

SUPPLYING RESERVE FUNDS

1 Reserve Bank credit outstanding
U.S. government securities2
2
Bought outright—System account3
3
Held under repurchase agreements
Federal agency obligations
4
Bought outright
5
Held under repurchase agreements
6
Repurchase agreeements—triparty4
7
Acceptances
Loans to depository institutions
8
Adjustment credit
9
Seasonal credit
10
Special Liquidity Facility credit
11
Extended credit
12
Float
13
Other Federal Reserve assets
14 Gold stock
15 Special drawing rights certificate account
16 Treasury currency outstanding
ABSORBING RESERVE FUNDS

17 Currency in circulation
18 Reverse repurchase agreements—triparty4 . . .
19 Treasury cash holdings
Deposits, other than reserve balances,
with Federal Reserve Banks
20
Treasury
21
Foreign
22
Service-related balances and adjustments . .
23
Other
24 Other Federal Reserve liabilities and capital . .
25 Reserve balances with Federal Reserve Banks5

Wednesday figures

End-of-month figures
Feb.

Mar.

Apr.

Mar. 13

Mar. 20

Mar. 27

Apr. 3

SUPPLYING RESERVE FUNDS

1 Reserve Bank credit outstanding
U.S. government securities2
2
Bought outright—System account3
3
Held under repurchase agreements
Federal agency obligations
4
Bought outright
5
Held under repurchase agreements
6
Repurchase agreeements—triparty4
7
Acceptances
Loans to depository institutions
8
Adjustment credit
9
Seasonal credit
10
Special Liquidity Facility credit
11
Extended credit
12
Float
13
Other Federal Reserve assets
14 Gold stock
15 Special drawing rights certificate account . . . .
16 Treasury currency outstanding

636,381

642,186

651,320

633,336

640,563

637,341

643,952

638,729

645,066

641,475

567,634
0

575,356
0

581,308
0

572,728
0

573,844
0

576,093
0

577,218
0

577,486
0

580,046
0

582,038
0

10
0
34,499
0

10
0
29,500
0

10
0
31,500
0

10
0
24,000
0

10
0
28,550
0

10
0
24,000
0

10
0
27,500
0

10
0
23,000
0

10
0
27,200
0

10
0
21,000
0

61
7
0
0
-1,232
35,402

0
19
0
0
-476
37,776

13
60
0
0
-402
38,832

0
22
0
0
-103
36,679

3
22
0
0
1,093
37,041

1
21
0
0
-343
37,559

2,083
37
0
0
-308
37,413

3
46
0
0
203
37,982

1
49
0
0
-560
38,320

11
55
0
0
-574
38,935

11,044
2,200
33,549

11,044
2,200
33,605

11,044
2,200
33,661

11,044
2,200
33,563

11,044
2,200
33,577

11,044
2,200
33,591

11,044
2,200
33,605

11,044
2,200
33,619

11,044
2,200
33,633

11,044
2,200
33,647

638,325
0
414

641,848
0
412

645,445
0
393

640,617
0
430

641,199
0
424

642,639
0
412

644,930
0
399

644,887
0
403

644,684
0
400

644,691
0
393

5,752
89
9,048
254
17,792
11,499

5,692
256
9,869'
181
18,163
12,614

5,387
111
10,012
287
19,202
17,388

4,997
316
9,479
205
18,114
5,985

5,600
74
9,234
219
17,949
12,684

5,009
71
10,181
203
17,913
7,747

5,971
123
9,869
297
18,447
10,764

4,783
269
10,072
267
18,595
6,316

7,740
76
10,053
231
18,558
10,200

6,255
76
10,130
231
18,688
7,901

ABSORBING RESERVE FUNDS

17 Currency in circulation
18 Reverse repurchase agreements—triparty4 . . .
19 Treasury cash holdings
Deposits, other than reserve balances, with
Federal Reserve Banks
20
Treasury
21
Foreign
22
Service-related balances and adjustments . .
23
Other
24 Other Federal Reserve liabilities and capital . .
25 Reserve balances with Federal Reserve Banks5

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




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

A6
1.12

DomesticNonfinancialStatistics • July 2002
RESERVES AND BORROWINGS

Depository Institutions1

Millions of dollars
Prorated monthly averages of biweekly averages
Reserve classification

Reserve balances with Reserve Banks2
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves6
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Adjustment
Seasonal
Special Liquidity Facility8
Extended credit'

2000

2001

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

1999

2001

2002

Dec.

Dec.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar/

Apr.

5,262
60,620
36,392
24,228
41,654
40,357
1,297
320
179
67
74
0

7,022
45,245
31,451
13,794
38,473
37,046
1,427
210
99
111
0
0

9,059
43,918
31,896
12,023
40,955
39,315
1,641
67
34
33

12,552
45,021
32,509
12,512
45,061
43,739
1,321
127
60
67

8,944
43,065
31,214
11,851
40,158
38,672
1,487
84
51
33

9,059
43,918
31,896
12,023
40,955
39,315
1,641
67
34
33

10,009
45,730
33,465
12,266
43,474
42,069
1,405
50
33
17

9,277
45,697
33,119
12,578
42,396
41,023
1,373
30
12
17

9,147
42,634
31,122
11,512
40,268
38,853
1,415
79
59
20

9,740
42,014
31,143
10,871
40,883
39,675
1,208
71
21
50

' 0

0

0

0

0

0

' 0

' 0

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

2002

Dec. 26
1
2
3
4
5
6
7
8
9
10
11
12

Reserve balances with Reserve Banks2
Total vault cash3
Applied vault cash4
Surplus vault cash5
Total reserves6
Required reserves
Excess reserve balances at Reserve Banks7
Total borrowing at Reserve Banks
Adjustment
Seasonal
Special Liquidity Facility8
Extended credit'

Jan. 9

Jan. 23

Feb. 6

Feb. 20

Mar. 6

Mar. 20

Apr. 3r

Apr. 17

May 1

9,219
45,197
32,659
12,539
41,878
40,018
1,860
60
24
36

9,747
44,748
32,566
12,182
42,313
40,651
1,662
105
83
22

10,646
43,723
32,569
11,154
43,215
41,971
1,243
28
15
14

9,191
50,350
36,044
14,306
45,235
43,837
1,398
26
8
18

8,984
45,420
32,614
12,806
41,598
40,184
1,414
37
17
20

9,854
42,694
31,809
10,885
41,663
40,382
1,281
22
9
13

8,571
42,270
30,562r
11,708'
39,133r
37,845r
l,288 r
24
4
20

9,494
43,065
31,459
11,606
40,953
39,304
1,649
180
157
23

9,326
41,728
30,280
11,449
39,606
38,481
1,124
47
2
45

10,243
42,080
32,001
10,079
42,243
41,047
1,196
71
10
62

0

0

' 0

' ' 0

0

0

0

' ' 0

' ' 0

' 0

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




5. Total vault cash (line 2) less applied vault cash (line 3).
6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3).
7. Total reserves (line 5) less required reserves (line 6).
8. Borrowing at the discount window under the terms and conditions established for the
Century Date Change Special Liquidity Facility in effect from October 1, 1999, through
April 7,2000.
9. Consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained
liquidity pressures. Because there is not the same need to repay such borrowing promptly as
with traditional short-term adjustment credit, the money market effect of extended credit is
similar to that of nonborrowed reserves.

Policy Instruments
1.14

A7

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

Federal Reserve
Bank

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta

On
6/14/02

Extended credit3

Seasonal credit2

Effective date

Previous rate

On
6/14/02

Effective date

Previous rate

On
6/14/02

Effective date

Previous rate

12/11/01
12/11/01
12/11/01
12/13/01
12/13/01
12/13/01

1.50

1.80

5/30/02

1.75

2.30

5/30/02

2.25

1.50

1.80

5/30/02

1.75

2.30

5/30/02

2.25

1.25

Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

1

12/11/01
12/12/01
12/13/01
12/13/01
12/13/01
12/11/01

1.25

Range of rates for adjustment credit in recent years
Range (or
level)—All
F.R. Banks
In effect Dec. 31, 1981

12

12

Range (or
level)—All
F.R. Banks

F.R. Bank
of
N.Y.

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

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

9
13
Nov. 21
26
Dec. 24

8.5-9
9
8.5-9
8.5
8

9
9
8.5
8.5
8

1985—May 20
24

7.5-8
7.5

7.5
7.5

1986—Mar.

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

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

7
7
6.5
6.5
6
5.5
5.5

1987—Sept. 4
11

5.5-6
6

6
6

1988—Aug. 9
11

6-6.5
6.5

6.5
6.5

1989—Feb. 24

6.5-7
7

7
7

1982—July 20
23
Aug. 2
3
16
27
30
Oct. 12
13
Nov. 22
26
Dec. 14
15
17

4

1991—Sept. 13
17
Nov. 6
7
Dec. 20
1992—July

F.R. Bank
of
N.Y.

5-5.5
5
4.5-5
4.5
3.5—4.5
3.5

5
5
4.5
4.5
3.5
3.5

3-3.5
3

1994—May 17
18
Aug. 16
18
Nov. 15
17

3
3

27
1990—Dec. 19
1991—Feb.

1
4
Apr. 30
May 2

6.5

6.5

6-6.5
6
5.5-6
5.5

6
6
5.5
5.5

3.5
3.5
4
4
4.75
4.75

4.75-5.25
5.25
5.00-5.25
5.00
4.75-5.00
4.75
4.50-4.75
4.50
4.50-4.75
4.75
4.75-5.00
5.00

5.75-6.00
5.50-5.75
5.50
5.00-5.50
5.00
4.50-5.00
4.50
4.00-4.50
4.00

1.25

5.75
5.50
5.50
5.00
5.00
4.50
4.50
4.00
4.00

1995—Feb.

1
9

1996—Jan. 31
Feb. 3 .

2
4
Mar. 21
23
May 16
19

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

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




1.25

5.25
5.25
5.50
5.50
5.50
6.00

2001—Jan.

3.50
3.50
3.25
3.25
3.00
3.00
2.50
2.50
2.00
2.00
1.50
1.50
1.25
1.25

4.75
4.75
4.75
5.00

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

3.50-4.00
3.50
3.25-3.50
3.25
3.00-3.25
3.00
2.50-3.00
2.50
2.00-2.50
2.00
1.50-2.00
1.50
1.25-1.50
1.25

4.75
4.75
4.50
4.50

1999—Aug. 24
26
Nov. 16
18

F.R. Bank
of
N.Y.

5.00
5.00

-Oct. 15
16
Nov. 17

2001—May 15
17
June 27
29
Aug. 21
23
Sept. 17
18
Oct. 2
4
Nov. 6
8
Dec. 11
13

Range (or
level)—All
F.R. Banks

5.25
5.25

2000—Feb.

1984—Apr.

3-3.5
3.5
3.5—4
4
4-4.75
4.75

Effective date

In effect June 14, 2002

practices involve only a particular institution, or to meet the needs of institutions experiencing
difficulties adjusting to changing market conditions over a longer period (particularly at times
of deposit disintermediation). The discount rate applicable to adjustment credit ordinarily is
charged on extended-credit loans outstanding less than thirty days; however, at the discretion
of the Federal Reserve Bank, this time period may be shortened. Beyond this initial period, a
flexible rate somewhat above rates charged on market sources of funds is charged. The rate
ordinarily is reestablished on the first business day of each two-week reserve maintenance
period, but it is never less than the discount rate applicable to adjustment credit plus 50 basis
points.
4. For earlier data, see the following publications of the Board of Governors: Banking and
Monetary Statistics, 1914-1941, and 1941-1970- and the Annual Statistical Digest, 19701979, and 1980-1989, and Statistical Digest, 1996-2000. See also the Board's Statistics:
Releases and Historical Data web pages (http://www.federalreserve.gov/releases/H15/
data.htm).

A8

DomesticNonfinancialStatistics • July 2002

1.15

RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS1
Requirement
Type of deposit
Percentage of
deposits




12/27/01
12/27/01

0

1. Required reserves must be held in the form of deposits with Federal Reserve Banks or
vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve
Bank indirectly, on a pass-through basis, with certain approved institutions. For previous
reserve requirements, see earlier editions of the Annual Report or the Federal Reserve
Bulletin. Under the Monetary Control Act of 1980, depository institutions include commercial
banks, savings banks, savings and loan associations, credit unions, agencies and branches of
foreign banks, and Edge Act corporations.
2. Transaction accounts include all deposits against which the account holder is permitted
to make withdrawals by negotiable or transferable instruments, payment orders of withdrawal, or telephone or preauthorized transfers for the purpose of making payments to third
persons or others. However, accounts subject to the rules that permit no more than six
preauthorized, automatic, or other transfers per month (of which no more than three may be
by check, draft, debit card, or similar order payable directly to third parties) are savings
deposits, not transaction accounts.
3. The Monetary Control Act of 1980 requires that the amount of transaction accounts
against which the 3 percent reserve requirement applies be modified annually by 80 percent of
the percentage change in transaction accounts held by all depository institutions, determined
as of June 30 of each year. Effective with the reserve maintenance period beginning
December 27, 2001, for depository institutions that report weekly, and with the period
beginning January 17, 2002, for institutions that report quarterly, the amount was decreased
from $42.8 million to $41.3 million.
Under the Garn-St Germain Depository Institutions Act of 1982, the Board adjusts the
amount of reservable liabilities subject to a zero percent reserve requirement each year for the

3
10

12/27/90

0

Net transaction accounts2
1 $0 million-$41.3 million 3
2 More than $41.3 million4

Effective date

12/27/90

succeeding calendar year by 80 percent of the percentage increase in the total reservable
liabilities of all depository institutions, measured on an annual basis as of June 30. No
corresponding adjustment is made in the event of a decrease. The exemption applies only to
accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve
maintenance period beginning December 27, 2001, for depository institutions that report
weekly, and with the period beginning January 17, 2002, for institutions that report quarterly,
the exemption was raised from $5.5 million to $5.7 million.
4. The reserve requirement was reduced from 12 percent to 10 percent on April 2, 1992,
for institutions that report weekly, and on April 16, 1992, for institutions that report quarterly.
5. For institutions that report weekly, the reserve requirement on nonpersonal time deposits
with an original maturity of less than 1.5 years was reduced from 3 percent to 1.5 percent for
the maintenance period that began December 13, 1990, and to zero for the maintenance
period that began December 27, 1990. For institutions that report quarterly, the reserve
requirement on nonpersonal time deposits with an original maturity of less than 1.5 years was
reduced from 3 percent to zero on January 17, 1991.
The reserve requirement on nonpersonal time deposits with an original maturity of 1.5
years or more has been zero since October 6, 1983.
6. The reserve requirement on eurocurrency liabilities was reduced from 3 percent to zero
in the same manner and on the same dates as the reserve requirement on nonpersonal time
deposits with an original maturity of less than 1.5 years (see note 5).

Policy Instruments
1.17

A9

FEDERAL RESERVE OPEN MARKET TRANSACTIONS1
Millions of dollars
2002

2001

Type of transaction
and maturity

1999

2000

2001

Sept.

Oct.

Nov.

Feb.

Jan.

Dec.

Mar.

U . S . TREASURY SECURITIES 2

23
24
25

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

26
27

Matched transactions
Gross purchases
Gross sales

28
29

Repurchase agreements
Gross purchases
Gross sales

30

Net change in U.S. Treasury securities

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

0
0
464,218
464,218
0

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

15,503
0
542,736
542,736
10,095

348
0
42,268
42,268
1,543

772
0
44,132
44,132
0

3,075
0
59,292
59,292
0

812
0
43,771
43,771
0

2,772
0
55,521
55,521
0

1,042
0
54,619
54,619
0

3,013
0
48,483
48,483
0

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

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

15,663
0
70,336
-72,004
16,802

0
0
0
0
0

1,411
0
6,535
-11,809
473

1,408
0
5,873
-9,559
0

2,942
0
5,235
-6,666
0

0
0
5,850
-5,766
0

2,894
0
7,537
-8,432
0

1,455
0
0
0
0

19,731
0
-44,032
42,604

14,482
0
-52,068
46,177

22,814
0
-45,211
64,519

851
0
0
0

22
0
-2,164
11,809

1,920
0
-3,073
7,967

634
0
-5,235
6,666

2,872
0
-5,850
5,766

1,101
0
-6,283
7,679

2,181
0
0
0

4,303
0
-5,841
7,583

5,871
0
-6,801
6,585

6,003
0
-21,063
6,063

0
0
0
0

422
0
-4,372
0

459
0
-1,824
1,592

101
0
0
0

0
0
0
0

334
0
-501
753

637
0
0
0

9,428
0
-717
3,139

5,833
0
-3,155
1,894

8,531
0
-4,062
1,423

0
0
0
0

1,184
0
0
0

0
0
-975
0

448
0
0
0

582
0
0
0

1,054
0
-753
0

291
0
0
0

45,357
0
1,429

43,670
0
28,301

68,513
0
26,897

1,199
0
1,543

3,811
0
473

6,862
0
0

4,937
0
0

6,226
0
0

6,425
0
0

7,577
0
0

4,413,430
4,431,685

4,415,905
4,397,835

4,722,667
4,724,743

508,129
515,429

431,887
425,110

377,247
378,129

387,033
390,617

407,791
404,296

367,906
368,060

393,273
393,151

281,599
301,273

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

5,999

33,439

39,540

-7,645

10,114

5,980

1,354

9,720

6,271

7,699

0
0
157

0
0
51

0
0
120

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

FEDERAL AGENCY OBLIGATIONS

31
32
33

Outright transactions
Gross purchases
Gross sales
Redemptions

34
35

Repurchase agreements
Gross purchases
Gross sales

360,069
370,772

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

36

Net change in federal agency obligations

-10,859

-51

-120

0

0

0

0

0

0

0

37
38

Reverse repurchase agreements
Gross purchases
Gross sales

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

39
40

Repurchase agreements
Gross purchases
Gross sales

304,989
164,349

890,236
987,501

1,497,713
1,490,838

406,930
388,805

110,885
113,715

121,530
130,080

117,650
103,900

118,550
131,300

101,749
104,750

70,850
75,849

41

Net change in triparty obligations

140,640

-97,265

6,875

18,125

-2,830

-8,550

13,750

-12,750

-3,001

-4,999

42

Total net change in System Open Market Account . .

135,780

-63,877

46,295

10,480

7,284

-2,570

15,104

-3,030

3,270

2,700

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




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

A10
1.18

DomesticNonfinancialStatistics • July 2002
FEDERAL RESERVE BANKS

Condition and Federal Reserve Note Statements1

Millions of dollars
Wednesday
2002

Account
Mar. 27

Apr. 3

End of month
2002

Apr. 10

Apr. 17

Apr. 24

Feb.

Mar.

Apr.

Consolidated condition statement
ASSETS

Gold certificate account
2 Special drawing rights certificate account
3 Coin

11,044
2,200
1,078

11,044
2,200
1,063

11,044
2,200
1,036

11,044
2,200
1,018

11,044
2,200
999

11,044
2,200
1,132

11,044
2,200
1,094

11,044
2,200
989

22
0
0

2,119
0
0

49
0
0

51
0
0

66
0
0

68
0
0

20
0
0

72
0
0

Triparty obligations
7 Repurchase agreements—triparty2

24,000

27,500

23,000

27,200

21,000

34,499

29,500

31,500

Federal agency obligations3
8 Bought outright
y Held under repurchase agreements

10
0

10
0

10
0

10
0

10
0

10
0

10
0

10
0

576,093

577,218

577,486

580,046

582,038

567,634

575,356

581,308

576,093
193,104
278,461
104,528
0

577,218
192,821
279,575
104,823
0

577,486
193,077
279,581
104,827
0

580,046
193,801
281,085
105,159
0

582,038
193,713
283,086
105,239
0

567,634
189,229
274,268
104,137
0

575,356
192,364
278,463
104,530
0

581,308
192,466
283,535
105,307
0

600,125

606,848

600,544

607,306

603,114

602,211

604,886

612,891

7,292
1,511

8,189
1,511

7,988
1,513

7,865
1,514

7,393
1,515

5,270
1,509

5,306
1,511

9,541
1,512

14,388
21,453

14,456
21,240

14,556
21,681

14,639
21,942

14,721
22,471

14,242
19,653

14,379
21,681

14,872
22,220

659,092

666,551

660,562

667,529

663,457

657,262

662,100

675,268

610,539
0

612,787
0

612,707
0

612,470
0

612,437
0

606,322
0

609,749
0

613,166
0

24 Total deposits

23382

27,154

21,388

28,038

24,668

26,965

28,544

33,279

25
26
27
28

18,099
5,009
71
203

20,763
5,971
123
297

16,069
4,783
269
267

19,991
7,740
76
231

18,106
6,255
76
231

20,869
5,752
89
254

22,415
5,692
256
181

27,495
5,387
111
287

7,259
2,440

8,162
2,436

7,872
2,463

8,463
2,393

7,664
2,423

6,183
2,420

5,645
2,436

9,621
2,388

643,619

650,540

644,430

651,364

647,191

641,890

646,373

658,455

7,650
7,270
552

8,003
7,272
736

8,007
7,274
850

8,005
7,282
878

8,056
7,290
920

7,636
7,266
469

7,648
7,270
809

8,056
7,290
1,468

659,092

666,551

660,562

667,529

663,457

657,262

662,100

675,268

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

1

Loans
4 To depository institutions
5 Other
6 Acceptances held under repurchase agreements

10 Total U.S. Treasury securities 3
11

12
13
14
15

Bought outright4
Bills
Notes
Bonds
Held under repurchase agreements

16 Total loans and securities
17 Items in process of collection
18 Bank premises
Other assets
19 Denominated in foreign currencies5
20 All other6
21 Total assets
LIABILITIES

22 Federal Reserve notes
23 Reverse repurchase agreements—triparty2

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

29 Deferred credit items
30 Other liabilities and accrued dividends7
31 Total liabilities
CAPITAL ACCOUNTS

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

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

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

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

44 Total collateral

748,344
137,806
610,539

747,105
134,318
612,787

747,641
134,934
612,707

747,085
134,615
612,470

747,847
135,411
612,437

750,608
144,285
606,322

747,765
138,016
609,749

749,056
135,890
613,166

11,044
2,200
0
597,294

11,044
2,200
0
599,543

11,044
2,200
0
599,463

11,044
2,200
0
599,226

11,044
2,200
0
599,193

11,044
2,200
0
593,078

11,044
2,200
0
596,505

11,044
2,200
0
599,923

610,539

612,787

612,707

612,470

612,437

606,322

609,749

613,166

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




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

Federal Reserve Banks
1.19

FEDERAL RESERVE BANKS

All

Maturity Distribution of L o a n and Security Holding

Millions of dollars
Wednesday
2002

Type of holding and maturity
Mar. 27

End of month
2002

Apr. 3

Apr. 10

Apr. 17

Apr. 24

Feb.

Mar.

Apr.

1 Total loans

22

2,119

49

51

66

68

20

72

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

22
0
0

2,087
32
0

10
39
0

43
7
0

66
0
0

64
4
0

18
1
0

66
6
0

576,093

577,218

577,486

580,046

582,038

567,634

575,355

581,308

23,545
126,066
133,777
159,198
52,249
81,259

13,110
135,840
135,458
159,238
52,310
81,262

14,857
135,462
134,347
159,240
52,314
81,267

25,010
128,461
131,919
159,850
53,377
81,428

27,661
126,543
132,466
160,385
53,551
81,433

4,223
121,710
152,122
157,174
51,446
80,958

9,609
139,985
133,054
159,198
52,250
81,259

16,152
129,556
138,748
161,353
53,998
81,501

12 Total federal agency obligations

10

10

10

10

10

10

10

10

13
14
15
16
17
18

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

0
0
0
10
0
0

5 Total U.S. Treasury securities 2
6
7
8
9
10
11

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

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

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




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

A12
1.20

DomesticNonfinancialStatistics • July 2002
AGGREGATE RESERVES O F DEPOSITORY INSTITUTIONS AND MONETARY BASE'
Billions of dollars, averages of daily

figures
2001

Item

1998
Dec.

1999
Dec.

2000
Dec.

2002

2001
Dec.
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.r

Apr.

41.10
41.03
41.03
39.46
634.39'

41.51
41.46
41.46
40.11
640.87'

41.36
41.33
41.33
39.99
646.22'

40.99
40.91
40.91
39.57
649.66

40.75
40.68
40.68
39.54
653.96

Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS 2

1
2
3
4
5

Total reserves3
Nonborrowed reserves4
Nonborrowed reserves plus extended credit5
Required reserves
Monetary base6

45.14
45.02
45.02
43.62
513.55

41.82
41.50
41.50
40.53
593.12

38.54
38.33
38.33
37.11
584.04

41.10
41.03
41.03
39.46
634.39'

58.21
54.83
54.83
39.20
639.69

45.66
45.53
45.53
44.33
630.44

40.90
40.82
40.82
39.42
629.47

Not seasonally adjusted
6
7
8
9
10

Total reserves7
Nonborrowed reserves
Nonborrowed reserves plus extended credit5
Required reserves8
Monetary base9

45.31
45.19
45.19
43.80
518.27

41.89
41.57
41.57
40.59
600.72

38.53
38.32
38.32
37.10
590.06

41.07
41.01
41.01
39.43
639.89

57.68
54.29
54.29
38.66
637.97

45.19
45.06
45.06
43.87
628.27

40.29
40.20
40.20
38.80
629.77

41.07
41.01
41.01
39.43
639.89

43.46
43.41
43.41
42.06
644.29'

42.38
42.35
42.35
41.00
645.71'

40.24
40.16
40.16
38.82
649.22

40.84
40.77
40.77
39.63
653.25

45.21
45.09
45.09
43.70
525.06
1.51
.12

41.65
41.33
41.33
40.36
608.02
1.30
.32

38.47
38.26
38.26
37.05
596.98
1.43
.21

40.96
40.89
40.89
39.32
648.73'
1.64
.07

57.57
54.18
54.18
38.55
645.73
19.02
3.39

45.06
44.93
44.93
43.74
636.37
1.32
.13

40.16
40.07
40.07
38.67
637.74
1.49
.08

40.96
40.89
40.89
39.32
648.73'
1.64
.07

43.47
43.42
43.42
42.07
653.30'
1.41
.05

42.40
42.37
42.37
41.02
654.93'
1.37
.03

40.27
40.19
40.19
38.85
658.77
1.42
.08

40.88
40.81
40.81
39.68
663.34
1.21
.07

NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS 1 0

11
12
13
14
15
16
17

Total reserves"
Nonborrowed reserves
Nonborrowed reserves plus extended credit5
Required reserves
Monetary base12
Excess reserves13
Borrowings from the Federal Reserve

1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly
statistical release. Historical data starting in 1959 and estimates of the effect on required
reserves of changes in reserve requirements are available from the Money and Reserves
Projections Section, Division of Monetary Affairs, Board of Governors of the Federal
Reserve System, Washington, DC 20551.
2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory
changes in reserve requirements. (See also table 1.10.)
3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, breakadjusted required reserves (line 4) plus excess reserves (line 16).
4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted,
break-adjusted total reserves (line 1) less total borrowings of depository institutions from the
Federal Reserve (line 17).
5. Extended credit consists of borrowing at the discount window under the terms and
conditions established for the extended credit program to help depository institutions deal
with sustained liquidity pressures. Because there is not the same need to repay such
borrowing promptly as with traditional short-term adjustment credit, the money market effect
of extended credit is similar to that of nonborrowed reserves.
6. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally
adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency
component of the money stock, plus (3) (for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters
whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted
difference between current vault cash and the amount applied to satisfy current reserve
requirements.
7. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess
reserves (line 16).




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

Monetary and Credit Aggregates
1.21

A13

MONEY STOCK MEASURES1
Billions of dollars, averages of daily figures
2002
Item

1998
Dec.

1999
Dec.

2000
Dec.

2001
Dec.'
Jan.'

Feb.'

Mar.'

Apr.

Seasonally adjusted
Measures2
1 Ml
7 M2
3 M3

1,096.5
4,381.4'
6,041.9r

1,124.4
4,651.4r
6,543.0r

1,088.9
4,940.0'
7,119.6'

1,179.3
5,465.4
8,039.8

1,182.5
5,474.8
8,029.2

1,184.4
5,505.8
8,066.0

1,187.3
5,499.3
8,059.3

1,176.0
5,480.6
8,041.2

459.3
8.2
378.4
250.5

516.9
8.3
354.5
244.7

530.1
8.0
309.9
240.9

579.9
7.8
330.4
261.1

586.1
7.8
327.2
261.3

591.4
7.8
324.7
260.4

595.1
7.7
324.0
260.5

599.5
7.7
309.4
259.4

3,285.0r
1,660.5'

3,527. l r
1,891.6'

3,851.1'
2,179.5'

4,286.2
2,574.4

4,292.3
2,554.4

4,321.4
2,560.2

4,312.0
2,560.0

4,304.6
2,560.6

Commercial banks
10 Savings deposits, including MMDAs
11 Small time deposits9
12 Large time deposits1011

1,187.5
626.1
582.9r

1,289.1
635.0
651.6'

1,423.7
699.1
717.2'

1,745.8
638.9
670.4

1,773.5
630.3
678.7

1,806.2
623.4
677.3

1,814.1
617.5
678.6

1,824.5
613.6
688.0

Thrift institutions
13 Savings deposits, including MMDAs
14 Small time deposits9
15 Large time deposits10

414.7
325.6
88.6

449.7
320.4
91.1

452.1
344.5
102.9

561.5
334.2
113.9

571.7
328.4
115.2

590.2
324.6
114.5

603.9
322.0
113.8

612.6
319.3
114.4

Money market mutual funds
16 Retail
17 Institution-only

731. Ir
543. l r

833.0'
639.0'

931.7'
799.1'

1,005.8
1,207.2

988.5
1,179.2

977.0
1,177.4

954.5
1,177.2

934.7
1,175.2

Repurchase agreements and eurodollars
18 Repurchase agreements12
19 Eurodollars12

293.4
152.5

336.0
174.0

364.0
196.4

372.1
210.7

371.6
209.6

375.3
215.8

372.8
217.6

365.9
217.1

Ml components
4 Currency1
Travelers checks4
6 Demand deposits5
7 Other checkable deposits6
Nontransaction components
X In M27
9 In M3 only8

Not seasonally adjusted
Measures2
?0 Ml
71 M2
22 M3

1,120.4
4,401.6r
6,070.8r

1,148.3
4,672.3'
6,574.7'

1,112.3
4,963.7'
7,154.8'

1,203.5
5,490.3
8,078.0

1,185.4
5,478.3
8,057.0

1,171.7
5,496.9
8,097.5

1,189.3
5,544.9
8,141.5

1,188.3
5,557.9
8,132.3

463.3
8.4
395.9
252.8

521.5
8.4
371.8
246.6

535.2
8.1
326.5
242.5

584.9
7.9
348.2
262.5

584.7
8.0
329.7
263.1

591.0
8.0
316.9
255.8

596.1
7.9
322.7
262.7

599.7
7.9
309.9
270.9

Nontransaction components
27 In M27
28 In M3 only8

3,281.1r
1,669.2r

3,524.0'
1,902.4'

3,851.4'
2,191.1'

4,286.9
2,587.7

4,292.9
2,578.7

4,325.2
2,600.6

4,355.6
2,596.6

4,369.6
2,574.4

Commercial banks
29 Savings deposits, including MMDAs
30 Small time deposits9
31 Large time deposits10 "

1,186.0
626.5
583.2r

1,288.8
635.7
652.(7

1,426.9
700.0
717.6'

1,750.2
639.6
670.5

1,766.4
632.3
671.4

1,796.1
625.2
675.7

1,824.8
617.9
681.0

1,851.1
613.1
689.3

Thrift institutions
32 Savings deposits, including MMDAs
33 Small time deposits9
34 Large time deposits10

414.2
325.8
88.6

449.6
320.8
91.2

453.1
345.0
103.0

562.9
334.5
114.0

569.4
329.5
114.0

586.9
325.6
114.2

607.4
322.3
114.2

621.5
319.0
114.6

Money market mutual funds
35 Retail
36 Institution-only

728.6'
552.6r

829.2'
648.6r

926.4'
808.1'

999.6
1,218.5

995.3
1,211.2

991.4
1,215.6

983.1
1,208.0

964.9
1,185.1

Repurchase agreements and eurodollars
37 Repurchase agreements12
38 Eurodollars12

290.4
154.5

334.7
176.0

364.2
198.2

372.9
211.9

371.6
210.6

376.9
218.2

373.7
219.8

365.7
219.7

23
24
25
26

Ml components
Currency3
Travelers checks4
Demand deposits5
Other checkable deposits6

Footnotes appear on following page.




A14

DomesticNonfinancialStatistics • July 2002

NOTES TO TABLE 1.21
1. Latest monthly and weekly figures are available from the Board's H.6 (508) weekly
statistical release. Historical data starting in 1959 are available from the Money and Reserves
Projections Section, Division of Monetary Affairs, Board of Governors of the Federal
Reserve System, Washington, DC 20551.
2. Composition of the money stock measures is as follows:
M l : (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of
depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all
commercial banks other than those owed to depository institutions, the U.S. government, and
foreign banks and official institutions, less cash items in the process of collection and Federal
Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of
withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions,
credit union share draft accounts, and demand deposits at thrift institutions. Seasonally
adjusted Ml is computed by summing currency, travelers checks, demand deposits, and
OCDs, each seasonally adjusted separately.
M2: Ml plus (1) savings deposits (including MMDAs), (2) small-denomination time
deposits (time deposits—including retail RPs—in amounts of less than $100,000), and (3)
balances in retail money market mutual funds. Excludes individual retirement accounts
(IRAs) and Keogh balances at depository institutions and money market funds. Seasonally
adjusted M2 is calculated by summing savings deposits, small-denomination time deposits,
and retail money fund balances, each seasonally adjusted separately, and adding this result to
seasonally adjusted M1.
M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more)
issued by all depository institutions, (2) balances in institutional money funds, (3) RP
liabilities (overnight and term) issued by all depository institutions, and (4) eurodollars
(overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and
at all banking offices in the United Kingdom and Canada. Excludes amounts held by deposit-




ory institutions, the U.S. government, money market funds, and foreign banks and official
institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2.
3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository
institutions.
4. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers.
Travelers checks issued by depository institutions are included in demand deposits.
5. Demand deposits at commercial banks and foreign-related institutions other than those
owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float.
6. Consists of NOW and ATS account balances at all depository institutions, credit union
share draft account balances, and demand deposits at thrift institutions.
7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail
money fund balances.
8. Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities
(overnight and term) issued by depository institutions, and (4) eurodollars (overnight and
term) of U.S. addressees.
9. Small time deposits—including retail RPs—are those issued in amounts of less than
$100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are
subtracted from small time deposits.
10. Large time deposits are those issued in amounts of $100,000 or more, excluding those
booked at international banking facilities.
11. Large time deposits at commercial banks less those held by money market funds,
depository institutions, the U.S. government, and foreign banks and official institutions.
12. Includes both overnight and term.

Commercial Banking Institutions—Assets and Liabilities
1.26

C O M M E R C I A L B A N K S IN T H E U N I T E D S T A T E S

A15

Assets and Liabilities'

A. All commercial banks
Billions of dollars
Wednesday figures

Monthly averages
Account

2001
Apr.

Oct/

Nov.'

2002

2002

2001
Dec/

Jan/

Feb.'

Mar.'

Apr.

Apr. 3

Apr. 10

Apr. 17

Apr. 24

Seasonally adjusted
Assets
1 Bank credit
7
Securities in bank credit
U.S. government securities
4
Other securities
Loans and leases in bank credit2 . . . .
6
Commercial and industrial
7
Real estate
8
Revolving home equity
9
Other
in
Consumer
11
Security3
Other loans and leases
17.
n Interbank loans
14 Cash assets4
15 Other assets5

5,311.5'
1,363.7'
764.1'
599.6
3,947.8'
1,097.9'
1,693.8
133.6
1,560.2'
549.0
174.7
432.5
285.1
283.5
429.7

5,428.8
1,472.7
808.5
664.2
3,956.2
1,053.6
1,753.3
149.2
1,604.0
552.1
154.2
443.0
301.9
302.5
488.4

5,459.1
1,488.3
816.3
672.0
3,970.8
1,042.5
1,773.6
151.1
1,622.5
559.6
154.1
441.1
286.1
296.7
485.9

5,451.2
1,491.4
832.8
658.6
3,959.8
1,033.4
1,786.3
154.1
1,632.3
558.4
145.6
436.1
292.6
297.5
480.5

5,433.7
1,490.7
820.0
670.7
3,942.9
1,025.0
1,781.8
157.3
1,624.5
561.2
150.1
424.8
292.5
299.1
483.0

5,434.8
1,483.4
811.8
671.6
3,951.4
1,033.2
1,787.4
160.6
1,626.7
563.8
149.7
417.3
276.4
295.4
484.0

5,424.7
1,480.0
828.0
651.9
3,944.7
1,031.1
1,785.9
166.0
1,619.9
561.6
155.7
410.5
268.3
295.8
463.0

5,442.3
1,496.3
848.9
647.4
3,946.0
1,019.7
1,788.2
170.7
1,617.5
565.5
162.3
410.3
268.5
293.7
475.0

5,429.9
1,479.7
840.1
639.6
3,950.2
1,025.7
1,786.0
168.7
1,617.4
561.6
165.6
411.2
264.7
294.0
475.8

5,449.0
1,492.5
843.7
648.9
3,956.4
1,023.2
1,793.9
169.6
1,624.3
562.2
167.6
409.6
261.6
290.0
476.9

5,426.9
1,490.8
844.4
646.4
3,936.1
1,018.6
1,785.8
170.5
1,615.3
569.2
153.5
409.1
268.3
289.3
469.9

5,455.5
1,502.1
854.3
647.8
3,953.4
1,019.4
1,788.6
171.2
1,617.5
569.1
165.8
410.6
265.7
289.2
471.9

16 Total assets 6

6,244.1r

6,451.6

6,456.9

6,449.4

6,434.0

6,416.2

6,377.2

6,405.5

6,390.7

6,403.8

6,380.4

6,408.4

4,005.6
607.1
3,398.5
956.9
2,441.6
1,278.8
408.6
870.2
173.3
365.9

4,181.6
641.0
3,540.6
982.1
2,558.5
1,269.8
425.1
844.6
178.1
371.2

4,200.2
635.5
3,564.7
984.7
2,579.9
1,255.8
413.6
842.3
160.0
401.7

4,242.6
640.7
3,601.9
983.6
2,618.4
1,250.7
415.7
835.0
146.5
354.7

4,254.0
635.9
3,618.1
996.4
2,621.7
1,236.9
412.2
824.8
125.7
338.6

4,266.8
625.4
3,641.4
1,008.2
2,633.2
1,232.1
405.7
826.4
106.5
333.4

4,301.8
621.8
3,680.0
1,020.2
2,659.8
1,202.2
392.9
809.3
108.8
305.8

4,319.2
603.8
3,715.4
1,031.1
2,684.4
1,217.7
392.8
824.8
102.4
318.9

4,325.0
587.9
3,737.1
1,039.4
2,697.7
1,207.3
397.0
810.3
98.1
312.9

4,315.5
586.6
3,728.9
1,036.2
2,692.7
1,224.5
400.6
823.9
104.3
310.8

4,325.8
605.6
3,720.1
1,029.2
2,691.0
1,199.8
393.5
806.4
102.3
326.4

4,294.3
633.0
3,661.3
1,020.8
2,640.4
1,214.8
382.9
832.0
118.1
323.8

5,823.5

6,000.6

6,017.8

5,994.5

5,955.3

5,938.8

5,918.6

5,958.3

5,943.4

5,955.0

5,954.3

5,951.0

420.5'

451.0

439.2

454.8

478.7

477.4

458.6

447.3

447.3

448.8

426.1

457.4

17
18
19
70
71
77.
73
74
75
26

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

27 Total liabilities
28 Residual (assets less liabilities)7

Not seasonally adjusted

79
30
31
37
3S
34
35
36
37
38
39
40
41
47
43
44
45

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

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

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

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




5,308.8'
1,362.9'
765.7'
597.3
3,945.9'
1,102.4'
1,690.8
133.1
1,557.7'
545.8'
214.0
331.8
174.0
432.9
295.8
283.2
430.0

5,431.5
1,472.3
805.2
667.1
3,959.2
1,055.0
1,755.1
149.7
1,605.4
552.6
216.8
335.7
156.3
440.2
297.0
304.4
487.1

5,474.6
1,492.0
817.0
674.9
3,982.6
1,044.1
1,778.0
151.6
1,626.4
562.0
225.8
336.1
157.3
441.2
289.7
306.0
487.1

5,484.0
1,498.8
837.6
661.1
3,985.3
1,033.1
1,790.7
154.2
1,636.5
567.9
232.2
335.7
152.0
441.6
299.0
317.3
483.5

5,451.0
1,498.8
825.1
673.6
3,952.2
1,020.5
1,781.0
157.1
1,623.9
569.0
229.0
340.0
154.0
427.7
290.7
312.0
484.6

5,439.8
1,490.9
818.8
672.1
3,948.9
1,032.1
1,782.3
160.6
1,621.7
566.1
225.1
341.0
151.3
417.2
275.2
296.6
483.0

5,419.0
1,485.6
834.3
651.3
3,933.3
1,032.6
1,778.3
164.5
1,613.9
558.8
221.9
336.9
153.5
410.1
273.2
286.0
462.4

5,439.0
1,495.7
850.7
645.0
3,943.4
1,023.9
1,784.9
170.0
1,614.9
562.0
225.7
336.2
161.4
411.2
278.3
293.1
475.5

5,419.8
1,483.9
846.5
637.4
3,935.9
1,029.5
1,779.2
166.8
1,612.5
556.5
221.0
335.5
156.2
414.4
281.7
293.3
480.2

5,435.2
1,495.2
849.8
645.4
3,940.0
1,023.4
1,789.5
167.9
1,621.6
556.8
220.7
336.1
159.9
410.4
279.0
281.7
478.3

5,434.0
1,491.7
847.3
644.4
3,942.3
1,024.2
1,782.4
169.7
1,612.7
565.1
228.9
336.3
159.3
411.2
285.1
296.0
470.6

5,451.2
1,497.6
852.8
644.8
3,953.6
1,024.1
1,785.7
171.3
1,614.4
567.2
230.4
336.7
166.8
409.8
264.5
282.9
469.0

6,252.3r

6,450.2

6,486.3

6,511.2

6,464.1

6,420.0

6,365.9

6,412.2

6,401.6

6,400.7

6,411.9

6,394.0

4,028.2
615.8
3,412.4
958.4
2,454.0
1,286.1
414.6
871.5
164.3
356.7

4,166.8
635.3
3,531.6
976.5
2,555.0
1,271.4
423.1
848.3
177.4
371.5

4,219.5
641.6
3,577.8
991.5
2,586.3
1,258.6
410.7
847.9
163.3
407.4

4,293.3
669.3
3,624.0
998.0
2,626.0
1,250.7
417.3
833.4
153.1
360.3

4,279.9
648.9
3,631.0
1,009.2
2,621.8
1,250.4
417.4
833.0
133.1
344.3

4,282.7
620.1
3,662.6
1,015.3
2,647.2
1,235.4
410.9
824.5
113.0
338.5

4,307.1
616.8
3,690.3
1,021.0
2,669.2
1,200.6
397.3
803.3
110.4
305.5

4,343.2
612.2
3,731.0
1,033.5
2,697.5
1,224.1
398.1
826.0
93.9
311.5

4,364.9
602.7
3,762.3
1,040.3
2,722.0
1,202.4
401.4
800.9
92.4
307.7

4,358.5
594.0
3,764.5
1,036.0
2,728.5
1,216.7
403.5
813.2
90.5
299.8

4,371.0
628.8
3,742.2
1,030.9
2,711.2
1,204.8
399.0
805.8
88.2
314.2

4.286.6
627.4
3,659.2
1,024.7
2,634.5
1,230.2
389.2
841.0
112.9
319.0

5,835.3

5,987.2

6,048.8

6,057.5

6,007.7

5,969.6

5,923.7

5,972.8

5,967.4

5,965.5

5,978.1

5,948.8

417.0'

463.1

437.6

453.7

456.4

450.5

442.3

439.4

434.2

435.2

433.9

445.2

A16
1.26

Domestic Financial Statistics • July 2002
COMMERCIAL BANKS IN THE UNITED STATES

Assets and Liabilities1—Continued

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

2001
Apr.

Wednesday figures

2001
Oct.'

Nov.'

2002
Dec.'

Jan.'

Feb.'

2002
Mar.'

Apr.

Apr. 3

Apr. 10

Apr. 17

Apr. 24

Seasonally adjusted

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

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

17
18
19
20
21
22
23
24
25
26

27 Total liabilities
28 Residual (assets less liabilities)7

4,861.2
1,252.8
756.1
496.8
3,608.3
846.4
1,754.6
151.1
1,603.6
559.6
77.1
370.6
261.1
258.6
451.8

4,856.9
1,254.3
774.7
479.6
3,602.6
838.7
1,767.3
154.1
1,613.2
558.4
71.4
366.8
272.2
258.5
450.0

4,845.3
1,256.4
767.0
489.3
3,588.9
831.7
1,762.8
157.3
1,605.5
561.2
76.3
356.8
267.3
259.7
451.7

4,846.3
1,252.0
763.5
488.5
3,594.3
835.0
1,768.8
160.6
1,608.1
563.8
78.4
348.3
256.5
255.9
454.0

4,833.8
1,252.8
778.3
474.5
3,581.0
828.8
1,767.1
166.0
1,601.1
561.6
82.2
341.3
247.2
255.8
436.2

4,850.0
1,273.9
800.4
473.5
3,576.1
817.3
1,769.1
170.7
1,598.4
565.5
83.9
340.3
246.2
252.4
448.5

4,840.6
1,256.1
790.1
466.0
3,584.5
823.4
1,766.8
168.7
1,598.1
561.6
91.6
341.1
243.1
253.8
448.3

4,846.7
1,269.2
795.0
474.2
3,577.6
819.8
1,774.7
169.6
1,605.1
562.2
82.7
338.2
240.6
248.2
450.6

4,843.9
1,269.9
796.4
473.6
3,573.9
816.7
1,766.7
170.5
1,596.2
569.2
81.6
339.8
246.6
246.3
444.1

4,861.1
1,279.7
805.7
474.0
3,581.4
816.1
1,769.6
171.2
1,598.4
569.1
85.6
341.1
245.8
248.1
444.7

5,765.2

5,762.2

5,765.5

5,750.0

5,738.6

5,698.8

5,723.5

5,712.5

5,712.8

5,707.3

5,726.3

3,606.2
596.3
3,009.9
570.6
2,439.3
1,035.2
382.9
652.3
190.3
277.1

3,758.2
630.1
3,128.1
572.5
2,555.6
1,061.5
401.2
660.3
193.4
295.4

3,766.7
624.7
3,142.0
565.1
2,576.9
1,042.7
389.1
653.6
189.1
323.9

3,797.9
629.5
3,168.4
553.5
2,614.9
1,047.8
390.9
656.9
193.6
279.2

3,788.1
624.7
3,163.4
544.7
2,618.7
1,049.4
389.9
659.5
183.2
262.9

3,795.7
614.8
3,181.0
552.5
2,628.5
1,042.5
382.7
659.8
173.0
259.0

3,820.3
611.3
3,208.9
551.7
2,657.3
1,017.0
371.3
645.7
175.6
240.6

3,822.6
592.8
3,229.8
548.0
2,681.8
1,029.1
369.9
659.2
180.2
251.9

3,829.6
577.7
3,251.9
556.8
2,695.1
1,023.7
374.8
648.9
175.5
247.6

3,817.9
575.8
3,242.1
551.9
2,690.1
1,038.5
377.1
661.4
170.5
244.0

3,828.0
594.0
3,234.1
545.7
2,688.4
1,015.7
373.3
642.4
177.3
258.7

3,802.5
621.8
3,180.8
542.9
2,637.9
1,025.3
362.1
663.2
193.8
255.7

5,108.7

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

4,837.2
1,242.6
751.3
491.3
3,594.7
857.0
1,734.5
149.2
1,585.3
552.1
78.8
372.2
278.2
263.5
455.9

5,523.8r

16 Total assets 6

4,694.9r
I,145.0r
694.5'
450.4'
3,549.9r
882.3'
1,676.1
133.6
1,542.5
549.0
77.1
365.5
257.9
245.2
391.2

5,308.5

5,322.4

5,318.6

5,283.6

5,270.2

5,253.5

5,283.8

5,276.4

5,270.9

5,279.7

5,277.4

415.0r

456.7

439.8

447.0

466.4

468.4

445.3

439.7

436.1

441.9

427.5

448.9

Not seasonally adjusted

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

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

47
48
49
50
51
52
53
54
55
56

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




7

4,874.0
1,256.5
756.8
499.7
3,617.5
846.4
1,759.1
151.6
1,607.5
562.0
225.8
336.1
79.3
370.7
264.7
265.5
453.2

4,882.2
1,261.7
779.6
482.1
3,620.5
836.7
1,771.7
154.2
1,617.4
567.9
232.2
335.7
73.8
370.4
278.5
275.9
452.2

4,857.0
1,264.4
772.2
492.2
3,592.6
826.5
1,762.1
157.1
1,605.0
569.0
229.0
340.0
76.2
358.9
265.4
270.5
452.4

4,847.4
1,259.5
770.5
489.0
3,587.9
832.3
1,763.7
160.6
1,603.1
566.1
225.1
341.0
77.7
348.1
255.2
256.2
452.5

4,828.0
1,258.5
784.5
473.9
3,569.5
828.9
1,759.5
164.5
1,595.1
558.8
221.9
336.9
82.2
340.1
252.1
247.1
434.8

4,846.8
1,273.3
802.2
471.1
3,573.5
822.7
1,765.8
170.0
1,595.8
562.0
225.7
336.2
82.4
340.6
256.0
253.4
449.2

4,834.1
1,260.3
796.5
463.8
3,573.9
826.4
1,760.0
166.8
1,593.3
556.5
221.0
335.5
87.5
343.4
260.1
254.5
452.5

4,839.3
1,271.8
801.0
470.8
3,567.5
821.7
1,770.3
167.9
1,602.4
556.8
220.7
336.1
80.2
338.7
257.9
242.0
452.1

4,846.1
1,270.8
799.3
471.5
3,575.3
823.0
1,763.3
169.7
1,593.6
565.1
228.9
336.3
83.0
340.9
263.5
254.7
445.0

4,854.3
1,275.1
804.2
470.9
3,579.2
822.5
1,766.7
171.3
1,595.4
567.2
230.4
336.7
83.3
339.5
244.6
243.6
442.2

5,763.4

5,786.8

5,816.6

5,771.6

5,737.1

5,687.8

5,732.1

5,728.2

5,718.3

5,735.9

5,711.5

3,625.9
605.5
3,020.4
568.8
2,451.7
1,042.5
388.9
653.6
183.1
268.8

3,750.1
624.3
3,125.8
573.6
2,552.2
1,063.1
399.1
664.0
194.2
296.3

3,782.4
630.6
3,151.8
568.5
2,583.3
1,045.5
386.3
659.2
193.8
330.2

3,836.2
657.3
3,178.9
556.5
2,622.4
1,047.8
392.5
655.2
197.6
283.7

3,803.3
637.5
3,165.8
547.1
2,618.7
1,062.9
395.2
667.7
187.5
267.3

3,806.2
609.4
3,196.8
554.4
2,642.4
1,045.8
388.0
657.8
176.7
262.9

3,823.4
606.6
3,216.9
550.2
2,666.7
1,015.5
375.7
639.7
174.1
239.2

3,843.0
601.8
3,241.2
546.3
2,694.9
1,035.5
375.1
660.3
173.5
245.2

3,866.4
592.6
3,273.8
554.4
2,719.4
1,018.7
379.2
639.5
170.2
242.5

3,860.9
583.8
3,277.0
551.2
2,725.9
1,030.7
380.1
650.7
160.9
234.5

3,870.8
617.8
3,253.1
544.5
2,708.6
1,020.6
378.8
641.8
166.9
247.8

3,789.5
616.9
3,172.6
540.7
2,631.9
1,040.7
368.4
672.2
189.1
251.2

5,120.3

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

4,839.9
1,242.2
748.1
494.1
3,597.7
857.8
1,736.3
149.7
1,586.7
552.6
216.8
335.7
80.8
370.2
273.2
264.5
455.2

5,534.0r

46 Total assets 6

4,692.3'
l,144.2r
696.1'
448.1'
3,548.1'
888.1'
1,673.0'
133.1
1,539.9'
545.8'
214.0
331.8
75.8
365.3
268.5
246.5
391.8

5,303.8

5,351.8

5,365.3

5321.0

5,291.7

5,252.3

5,297.1

5,297.9

5,287.1

5,306.2

5,270.4

413.6'

459.7

435.0

451.4

450.6

445.4

435.5

435.0

430.2

431.2

429.6

441.1

Commercial Banking Institutions—Assets and Liabilities
1.26

COMMERCIAL BANKS IN THE UNITED STATES

A17

Assets and Liabilities1—Continued

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

Monthly averages
Account

2001
Apr.'

Oct.'

Nov.'

2002

2002

2001
Dec.'

Jan.'

Feb.'

Mar.'

Apr.

Apr. 3

Apr. 10

Apr. 17

Apr. 24

Seasonally adjusted
Assets
1 Bank credit
7
Securities in bank credit
U.S. government securities
4
Trading account
5
Investment account
6
Other securities
7
Trading account
8
Investment account
9
State and local government . .
in
Other
ii
Loans and leases in bank credit2 . . . .
12
Commercial and industrial
Bankers acceptances
13
14
Other
1*
>
Real estate
16
Revolving home equity
17
Other
18
Consumer
19
Security3
20
Federal funds sold to and
repurchase agreements
with broker-dealers
7.1
Other
22
State and local government
23
Agricultural
24
Federal funds sold to and
repurchase agreements with
others
75
All other loans
26
Lease-financing receivables
27 Interbank loans
28
Federal funds sold to and
repurchase agreements with
commercial banks
79
Other
30 Cash assets4
31 Other assets5
32 Total assets 6
33
34
35
36
37
38
39
40
41
42

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

43 Total liabilities
44 Residual (assets less liabilities)7
Footnotes appear on p. A21.




2,623.3
601.7
349.9
33.9
316.0
251.8
135.5
116.3
28.3
88.0
2,021.6
587.1
.8
586.2
848.8
85.9
762.9
250.3
68.9

2,641.3
651.5
370.5
35.8
334.8
281.0
165.7
115.3
26.8
88.5
1,989.7
554.3
.0
554.3
846.7
93.6
753.1
244.8
70.8

2,642.2
654.5
371.0
40.5
330.4
283.6
165.4
118.2
27.1
91.1
1,987.6
545.3
.0
545.3
856.6
94.6
762.0
246.4
69.1

2,609.1
638.6
379.5
33.9
345.6
259.1
130.0
129.1
27.3
101.8
1,970.5
535.4
.0
535.4
858.7
96.2
762.5
246.3
63.3

2,576.6
636.0
366.8
32.6
334.2
269.2
128.4
140.8
27.3
113.5
1,940.6
528.6
.0
528.6
846.2
98.2
748.1
239.7
68.3

2,574.8
631.1
359.5
33.6
325.9
271.6
130.0
141.6
27.8
113.8
1,943.7
529.9
.0
529.9
847.2
99.9
747.3
247.3
70.3

2,555.7
629.1
367.3
32.7
334.6
261.8
122.5
139.3
27.7
111.7
1,926.6
524.8
.0
524.8
840.5
103.8
736.8
244.6
74.3

2,559.6
646.7
383.3
38.1
345.1
263.4
128.2
135.3
27.2
108.1
1,912.9
514.5
.0
514.5
837.6
107.3
730.3
242.1
76.3

2.562.9
634.1
378.2
36.9
341.3
256.0
120.8
135.2
27.4
107.8
1,928.7
519.9
n.a.
519.9
839.3
105.7
733.6
242.5
83.9

2,563.5
644.4
381.4
39.8
341.6
263.1
128.0
135.1
27.4
107.7
1,919.0
516.9
n.a.
516.9
844.2
106.7
737.5
242.4
75.3

2,551.4
642.8
380.4
37.6
342.9
262.3
126.8
135.5
27.2
108.3
1,908.6
514.3
n.a.
514.3
835.4
107.3
728.2
242.5
74.1

2,562.8
649.9
385.2
39.8
345.4
264.7
129.0
135.7
27.2
108.5
1,912.9
513.3
n.a.
513.3
835.6
107.5
728.1
242.6
78.0

52.7
16.2
13.0
10.4

57.2
13.6
15.3
9.6

54.5
14.6
15.7
9.6

48.4
14.9
15.0
9.5

54.9
13.4
14.6
9.6

57.4
12.9
14.6
9.7

61.2
13.1
14.6
9.6

63.3
13.0
14.6
9.6

70.8
13.1
14.6
9.6

62.6
12.6
14.5
9.5

61.7
12.4
14.6
9.5

63.7
14.3
14.7
9.6

23.7
86.8
132.6
147.7

29.9
82.2
136.3
173.1

30.3
78.7
135.9
152.5

28.4
79.9
134.1
166.7

26.2
75.3
132.1
168.5

22.6
70.3
131.9
153.0

20.9
65.9
131.4
145.9

21.9
65.3
131.0
154.1

21.7
66.4
131.0
148.8

21.0
64.2
131.0
151.7

23.2
64.1
130.8
157.2

21.2
66.8
131.1
153.7

84.4
63.3
143.9
285.0

93.0
80.1
153.7
323.0

90.0
62.4
149.5
321.2

96.9
69.8
147.3
314.7

92.1
76.4
146.2
312.9

79.7
73.3
143.2
307.9

75.0
70.8
143.1
288.3

81.5
72.6
140.6
296.3

77.6
71.2
143.0
291.2

78.8
72.9
136.9
294.4

85.9
71.2
136.4
294.7

79.1
74.6
137.3
297.8

3,161.9

3,251.5

3,225.6

3,196.4

3,161.0

3,135.3

3,089.1

3,107.8

3,102.9

3,103.5

3,096.8

3,109.1

1,748.4
304.4
1,444.0
269.0
1,175.0
702.3
233.8
468.4
177.5
223.6

1,791.1
322.9
1,468.2
261.2
1,207.0
688.2
233.5
454.7
184.0
230.4

1,792.4
320.4
1,472.1
253.5
1,218.6
663.8
219.7
444.1
178.8
258.5

1,801.4
323.1
1,478.3
248.4
1,229.9
659.7
218.8
440.9
183.6
213.9

1,791.1
316.1
1,475.0
242.1
1,232.9
654.3
212.9
441.4
174.3
194.0

1,789.2
308.2
1,481.0
249.8
1,231.2
654.2
207.9
446.2
162.1
188.4

1,800.4
303.6
1,496.8
248.9
1,247.9
635.6
201.7
433.8
166.6
170.1

1,804.7
286.9
1,517.8
245.3
1,272.5
645.1
203.0
442.2
170.6
181.0

1,809.1
282.0
1,527.1
253.2
1,274.0
644.7
210.1
434.7
167.3
177.7

1,807.2
279.0
1,528.2
249.6
1,278.6
656.9
212.5
444.5
162.3
173.3

1,808.4
289.9
1,518.4
241.8
1,276.7
636.1
207.4
428.7
167.5
188.3

1,790.5
301.3
1,489.3
240.4
1,248.8
634.9
190.0
444.9
182.4
184.4

2,851.7

2,893.6

2,893.6

2,858.6

2,813.7

2,793.8

2,772.6

2,801.4

2,798.8

2,799.8

2,800.3

2,792.3

310.2

357.9

332.0

337.8

347.2

341.5

316.4

306.4

304.1

303.7

296.5

316.8

A18
1.26

DomesticNonfinancialStatistics • July 2002
COMMERCIAL BANKS IN THE UNITED STATES

Assets and Liabilities1—Continued

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

2001
Apr.'

Wednesday figures

2001
Oct.'

Nov.'

2002
Dec.'

Jan.'

Feb.'

2002
Mar.'

Apr.

Apr. 3

Apr. 10

Apr. 17

Apr. 24

Not seasonally adjusted
Assets
45 Bank credit
Securities in bank credit
46
47
U.S. government securities
48
Trading account
49
Investment account
Mortgage-backed securities .
50
51
Other
52
One year or less
53
One to five years
54
More than five years . . . .
Other securities
55
56
Trading account
57
Investment account
58
State and local government .
59
Other
60
Loans and leases in bank credit2 . . .
61
Commercial and industrial
62
Bankers acceptances
Other
63
64
Real estate
65
Revolving home equity
66
Other
67
Commercial
68
Consumer
69
Credit cards and related plans .
70
Other
71
Security3
72
Federal funds sold to and
repurchase agreements
with broker-dealers
73
Other
74
State and local government
75
Agricultural
76
Federal funds sold to and
repurchase agreements
with others
77
All other loans
Lease-financing receivables
78
79 Interbank loans
80
Federal funds sold to and
repurchase agreements
with commercial banks
Other
81
82 Cash assets4
83 Other assets5
84 Total assets 6
85
86
87
88
89
90
91
92
93
94

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

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




2,623.2
599.8
350.4
34.0
316.4
227.6
88.8
30.3
31.6
26.9
249.4
134.2
115.2
28.0
87.2
2,023.3
591.0
.8
590.1
847.7
85.7
462.7
299.3
250.7
84.7
166.0
67.5

2,639.0
652.2
368.3
35.5
332.8
272.6
60.1
10.3
32.0
17.8
283.9
167.4
116.5
27.1
89.4
1.986.8
555.1
.0
555.1
845.6
93.6
440.6
311.5
241.9
74.3
167.7
72.9

2,649.8
658.4
371.8
40.6
331.2
270.8
60.4
15.2
30.4
14.8
286.6
167.1
119.4
27.4
92.0
1,991.5
546.2
.0
546.2
858.4
94.7
451.3
312.4
245.1
76.5
168.6
71.0

2,622.3
643.5
381.9
34.1
347.8
284.7
63.1
14.8
35.3
12.9
261.6
131.2
130.4
27.6
102.8
1,978.7
533.3
.0
533.3
860.5
96.0
453.6
311.0
249.3
80.1
169.2
65.5

2,586.4
643.0
370.9
32.9
337.9
273.9
64.0
13.9
36.8
13.4
272.1
129.8
142.3
27.6
114.7
1,943.4
524.4
.0
524.4
845.8
97.8
440.2
307.8
243.6
71.5
172.1
68.4

2,579.7
636.9
364.9
34.1
330.7
258.8
72.0
16.8
43.1
12.1
272.0
130.2
141.9
27.8
114.0
1,942.7
528.7
.0
528.7
844.0
100.1
436.3
307.6
249.7
76.6
173.1
69.6

2,554.7
632.5
371.3
33.1
338.2
263.3
74.9
19.7
42.9
12.2
261.2
122.2
139.0
27.6
111.4
1,922.1
525.2
.0
525.2
835.9
102.8
426.0
307.1
244.7
74.8
169.9
74.0

2,559.2
644.8
383.8
38.2
345.6
271.0
74.6
18.3
43.5
12.7
261.0
127.0
134.0
27.0
107.1
1,914.4
518.0
.0
518.0
836.4
106.9
421.6
307.9
242.4
72.8
169.6
74.6

2,560.7
636.1
382.4
37.3
345.1
268.9
76.2
19.2
44.3
12.8
253.7
119.7
134.0
27.2
106.8
1,924.6
522.7
n.a.
522.7
835.2
104.5
423.6
307.2
242.0
72.9
169.1
79.3

2,559.9
645.3
385.6
40.2
345.4
268.6
76.8
18.8
45.0
13.0
259.7
126.3
133.4
27.1
106.3
1,914.7
517.9
n.a.
517.9
842.3
105.5
429.0
307.8
242.0
72.7
169.4
72.0

2,555.6
642.2
381.9
37.7
344.2
269.9
74.3
18.5
43.2
12.6
260.3
125.8
134.4
27.0
107.4
1,913.4
518.4
n.a.
518.4
834.0
106.8
418.9
308.2
242.9
73.0
169.8
75.1

2,557.9
644.0
382.4
39.5
342.9
269.0
73.9
18.1
43.0
12.7
261.6
127.5
134.1
26.9
107.2
1,913.9
516.8
n.a.
516.8
834.5
107.6
418.9
308.0
243.4
73.5
170.0
76.0

51.6
15.9
13.0
10.3

58.9
14.0
15.3
9.5

56.0
15.1
15.7
9.6

50.0
15.4
15.0
9.5

55.0
13.4
14.6
9.6

56.8
12.8
14.6
9.5

60.9
13.1
14.6
9.5

61.8
12.8
14.6
9.5

66.9
12.4
14.6
9.5

59.9
12.1
14.5
9.5

62.5
12.6
14.6
9.5

62.1
13.9
14.7
9.6

23.1
86.9
133.2
151.2

28.8
82.0
135.6
169.0

30.6
79.2
135.6
154.1

29.2
81.9
134.6
170.5

27.8
75.0
134.2
167.9

24.0
69.3
133.4
151.3

20.9
65.1
132.3
146.0

21.9
65.4
131.6
157.9

21.5
68.1
131.9
153.4

20.9
63.7
131.7
152.8

23.2
64.4
131.4
163.6

21.2
66.1
131.4
155.2

86.3
64.9
146.6
285.6

90.8
78.2
154.2
322.2

91.0
63.1
152.7
322.6

99.1
71.4
158.3
316.9

91.8
76.1
154.5
313.7

78.8
72.5
144.0
306.4

75.1
70.9
138.1
286.9

83.6
74.3
143.3
297.0

80.0
73.4
143.8
295.3

79.4
73.4
133.4
295.9

89.5
74.2
144.5
295.7

79.9
75.3
137.7
295.4

3,168.8

3,245.2

3,239.2

3,226.6

3,179.4

3,137.3

3,081.8

3,114.7

3,110.7

3,099.3

3,116.7

3,103.8

1,756.2
312.0
1,444.1
267.2
1,177.0
709.6
239.8
469.7
170.3
215.2

1,787.4
318.4
1,469.0
262.3
1,206.6
689.8
231.5
458.3
184.8
231.3

1,801.4
323.9
1,477.5
256.9
1,220.6
666.6
216.9
449.7
183.5
264.8

1,819.1
341.1
1,478.0
251.3
1,226.7
659.7
220.4
439.2
187.6
218.3

1,796.0
324.8
1,471.3
244.5
1,226.8
667.8
218.2
449.6
178.5
198.5

1,795.7
304.9
1,490.9
251.7
1,239.1
657.4
213.2
444.3
165.8
192.3

1,799.0
300.6
1,498.4
247.4
1,251.0
634.0
206.2
427.8
165.1
168.7

1,812.2
294.2
1,518.0
243.6
1,274.4
651.5
208.2
443.3
163.9
174.2

1,824.4
291.5
1,532.9
250.8
1,282.1
639.8
214.5
425.3
162.0
172.6

1,822.9
282.6
1,540.4
248.8
1,291.5
649.1
215.4
433.7
152.7
163.9

1,830.1
306.6
1,523.5
240.6
1,282.9
641.0
212.9
428.1
157.1
177.5

1,779.1
301.4
1,477.8
238.2
1,239.5
650.3
196.3
454.0
177.8
179.9

2,851.3

2,893.3

2,916.3

2,884.7

2,840.8

2,811.2

2,766.8

2,801.8

2,798.8

2,788.7

2,805.7

2,787.1

317.5

351.9

322.9

341.9

338.6

326.1

315.0

312.9

311.9

310.6

311.0

316.8

Commercial Banking Institutions—Assets and Liabilities
1.26

C O M M E R C I A L B A N K S IN T H E UNITED STATES

A19

A s s e t s and L i a b i l i t i e s 1 — C o n t i n u e d

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

Monthly averages
Account

Apr.1"

Oct.'

Nov.r

2002

2002

2001

2001

Dec.'

Jan.'

Feb.'

Mar.'

Apr.

Apr. 3

Apr. 10

Apr. 17

Apr. 24

Seasonally adjusted

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

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

16 Total assets6
17
18
19
20
21
22
23
24
25
26

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

27 Total liabilities
28 Residual (assets less liabilities)7

2,071.6
543.3
344.6
198.7
1,528.3
295.2
827.2
47.6
779.6
298.7
8.2
99.0
110.1
101.3
106.1

2,196.0
591.0
380.8
210.2
1,604.9
302.7
887.9
55.7
832.2
307.3
8.0
99.0
105.0
109.8
132.9

2,219.0
598.3
385.1
213.2
1,620.7
301.2
898.0
56.4
841.6
313.2
7.9
100.4
108.6
109.1
130.6

2.247.8
615.7
395.2
220.4
1,632.2
303.3
908.6
57.8
850.8
312.1
8.1
99.9
105.5
111.3
135.3

2,268.7
620.4
400.3
220.1
1,648.3
303.1
916.6
59.1
857.5
321.6
8.0
99.1
98.8
113.5
138.8

2,271.5
620.8
403.9
216.9
1,650.6
305.2
921.6
60.7
860.9
316.5
8.2
99.2
103.5
112.6
146.1

2,278.1
623.7
411.0
212.7
1,654.4
304.1
926.6
62.2
864.3
317.0
7.9
98.9
101.4
112.7
147.9

2,290.4
627.2
417.1
210.1
1,663.2
302.8
931.5
63.4
868.1
323.4
7.6
97.9
92.1
111.7
152.2

2,277.7
622.0
411.9
210.0
1,655.8
303.5
927.6
63.0
864.6
319.1
7.6
98.0
94.3
110.8
157.1

2,283.3
624.7
413.6
211.1
1,658.6
302.8
930.4
62.9
867.6
319.9
7.4
98.0
88.9
111.3
156.2

2,292.5
627.2
415.9
211.2
1,665.3
302.3
931.3
63.3
868.0
326.7
7.5
97.6
89.4
110.0
149.4

2,298.3
629.8
420.5
209.3
1,668.5
302.8
934.0
63.7
870.3
326.5
7.6
97.7
92.1
110.8
146.8

2,361.8

2,513.7

2,536.6

2,569.1

2,589.1

2,603.3

2,609.8

2,615.7

2,609.6

2,609.3

2,610.5

2,617.2

1,857.7
291.9
1,565.9
301.6
1,264.3
332.9
149.1
183.8
12.8
53.6

1,967.1
307.2
1,659.9
311.3
1,348.6
373.3
167.6
205.7
9.5
65.0

1,974.2
304.3
1,669.9
311.6
1,358.3
378.9
169.4
209.5
10.2
65.4

1,996.5
306.3
1,690.2
305.2
1,385.0
388.1
172.1
216.0
10.0
65.3

1,997.0
308.6
1,688.4
302.6
1,385.8
395.1
177.0
218.0
9.0
68.8

2,006.5
306.6
1,700.0
302.7
1,397.3
388.4
174.8
213.6
10.9
70.6

2,019.9
307.7
1,712.1
302.8
1,409.3
381.5
169.6
211.9
9.0
70.5

2,017.9
305.9
1,712.0
302.7
1,409.3
383.9
166.9
217.0
9.6
70.9

2,020.5
295.8
1,724.7
303.6
1,421.1
379.0
164.7
214.3
8.2
69.9

2,010.7
296.8
1,713.8
302.3
1,411.5
381.6
164.7
216.9
8.2
70.6

2,019.7
304.0
1,715.6
303.9
1,411.7
379.6
165.9
213.7
9.9
70.4

2,012.0
320.5
1,691.5
302.5
1,389.0
390.4
172.2
218.2
11.4
71.3

2,257.0

2,414.9

2,428.7

2,459.9

2,469.9

2,476.4

2,480.9

2,482.4

2,477.6

2,471.1

2,479.5

2,485.1

104.8

98.8

107.8

109.2

119.1

126.9

128.9

133.3

132.0

138.1

131.0

132.1

Not seasonally adjusted

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

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

46 Total assets6
47
48
49
50
51
52
53
54
55
56

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

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




2,069.1
544.4
345.7
198.7
1,524.8
297.2
825.4
47.4
777.9
295.1
129.3
165.8
8.4
98.7
117.3
99.9
106.1

2,200.9
590.0
379.8
210.2
1,610.9
302.6
890.7
56.1
834.6
310.6
142.6
168.0
7.9
99.1
104.2
110.3
132.9

2,224.2
598.2
385.0
213.2
1,626.0
300.1
900.7
56.9
843.8
316.9
149.3
167.5
8.3
100.0
110.6
112.9
130.6

2,259.9
618.1
397.7
220.4
1,641.8
303.4
911.2
58.3
852.9
318.6
152.1
166.5
8.3
100.3
108.0
117.6
135.3

2,270.6
621.5
401.3
220.1
1,649.2
302.1
916.2
59.3
857.0
325.4
157.5
167.9
7.8
97.6
97.5
116.0
138.8

2,267.8
622.6
405.6
216.9
1,645.2
303.7
919.7
60.5
859.1
316.4
148.5
167.9
8.1
97.3
104.0
112.3
146.1

2,273.3
625.9
413.2
212.7
1,647.4
303.8
923.6
61.7
862.0
314.1
147.1
167.0
8.2
97.7
106.1
109.0
147.9

2,287.6
628.5
418.4
210.1
1,659.1
304.8
929.4
63.1
866.3
319.6
152.9
166.7
7.8
97.6
98.1
110.2
152.2

2,273.4
624.1
414.1
210.0
1,649.3
303.8
924.8
62.3
862.6
314.5
148.0
166.5
8.2
98.0
106.7
110.7
157.1

2,279.4
626.5
415.4
211.1
1,652.9
303.7
928.0
62.4
865.6
314.8
148.0
166.7
8.2
98.3
105.2
108.6
156.2

2,290.5
628.6
417.4
211.2
1,661.9
304.5
929.3
62.9
866.4
322.2
155.8
166.4
7.9
97.8
99.9
110.2
149.4

2,296.3
631.1
421.8
209.3
1,665.3
305.6
932.1
63.7
868.5
323.7
157.0
166.8
7.3
96.5
89.5
106.0
146.8

2,365.1

2,518.3

2,547.6

2,590.0

2,592.3

2,599.8

2,606.0

2,617.4

2,617.5

2,618.9

2,619.1

2,607.7

1,869.7
293.5
1,576.3
301.6
1,274.7
332.9
149.1
183.8
12.8
53.6

1,962.7
305.9
1,656.8
311.3
1,345.5
373.3
167.6
205.7
9.5
65.0

1,981.0
306.7
1,674.3
311.6
1,362.7
378.9
169.4
209.5
10.2
65.4

2,017.1
316.2
1,700.9
305.2
1,395.7
388.1
172.1
216.0
10.0
65.3

2,007.3
312.7
1,694.6
302.6
1,392.0
395.1
177.0
218.0
9.0
68.8

2,010.5
304.6
1,706.0
302.7
1,403.3
388.4
174.8
213.6
10.9
70.6

2,024.4
306.0
1,718.5
302.8
1,415.6
381.5
169.6
211.9
9.0
70.5

2,030.8
307.6
1,723.2
302.7
1,420.5
383.9
166.9
217.0
9.6
70.9

2,042.0
301.2
1,740.9
303.6
1,437.3
379.0
164.7
214.3
8.2
69.9

2,037.9
301.3
1,736.6
302.3
1,434.3
381.6
164.7
216.9
8.2
70.6

2,040.7
311.1
1,729.6
303.9
1,425.7
379.6
165.9
213.7
9.9
70.4

2,010.3
315.5
1,694.9
302.5
1,392.4
390.4
172.2
218.2
11.4
71.3

2,269.0

2,410.5

2,435.5

2,480.5

2,480.2

2,480.4

2,485.5

2,495.3

2,499.1

2,498.4

2,500.5

2,483.4

96.1

107.8

112.1

109.5

112.1

119.3

120.5

122.1

118.4

120.6

118.6

124.3

A20
1.26

DomesticNonfinancialStatistics • July 2002
C O M M E R C I A L B A N K S IN T H E UNITED STATES

Assets and Liabilities1—Continued

E. F o r e i g n - r e l a t e d i n s t i t u t i o n s
Billions of dollars
Monthly averages
Account

2001
Apr.

Wednesday figures

2001
Oct.

Nov.

2002
Dec.

Jan.'

Feb.'

2002
Mar.'

Apr.

Apr. 3

Apr. 10

Apr. 17

Apr. 24

Seasonally adjusted

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

Assets
Bank credit
Securities in bank credit
U.S. government securities
Other securities
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5

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

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

22 Total liabilities
23 Residual (assets less liabilities)7

616.6
218.7r
69.6
149. l r
397.9r
215.6'
17.7
97.6
67.0
27.3
38.3
38.5

591.6'
230.1'
57.2'
173.0'
361.5
196.6
18.7
75.4
70.8
23.8
39.0
32.4

597.9
235.5
60.3'
175.2'
362.5
196.1
18.9
77.0
70.4
25.0
38.1
34.1

594.3
237.1
58.1'
179.0'
357.2
194.7
19.0
74.2
69.2'
20.5
39.0
30.5

588.4
234.4
52.9
181.4
354.0
193.3
18.9
73.8
68.0
25.2
39.4
31.3

588.5
231.4
48.3
183.1
357.1
198.2
18.6
71.3
69.0
20.0
39.5
30.0

590.9
227.2
49.8
177.4
363.7
202.3
18.8
73.5
69.2
21.1
40.0
26.8

592.3
222.3
48.5
173.9
369.9
202.4
19.1
78.4
70.0
22.3
41.3
26.5

589.3
223.6
50.0
173.6
365.7
202.4
19.2
74.0
70.1
21.6
40.2
27.5

602.2
223.4
48.7
174.7
378.9
203.4
19.2
84.9
71.4
21.1
41.8
26.3

583.1
220.9
48.0
172.9
362.2
201.9
19.1
71.9
69.3
21.7
43.0
25.8

594.4
222.5
48.6
173.9
371.9
203.3
19.0
80.2
69.4
19.8
41.1
27.2

720.3

686.4 r

694.8

683.8'

684.0

677.6

678.4

682.0

678.2

691.0

673.1

682.1

399.4
10.8
388.6
243.6
25.6
218.0
-17.0
88.8

423.4
10.9
412.5
208.3
24.0
184.3
-15.3
75.8

433.6
10.9
422.7
213.1
24.4
188.7
-29.1
77.8

444.7
11.2
433.5
202.9'
24.8
178.1'
-47.2
75.5

465.9
11.2
454.8
187.5
22.2
165.3
-57.5
75.7

471.0
10.6
460.5
189.6
22.9
166.6
-66.5
74.5

481.6
10.4
471.1
185.1
21.6
163.5
-66.7
65.2

496.6
11.0
485.6
188.6
22.9
165.7
-77.8
67.0

495.4
10.2
485.2
183.6
22.2
161.4
-77.4
65.3

497.6
10.7
486.8
186.0
23.5
162.5
-66.2
66.8

497.7
11.7
486.1
184.2
20.2
164.0
-75.1
67.8

491.8
11.3
480.5
189.5
20.7
168.8
-75.7
68.1

714.8

692.1

695.4

676.0

671.6

668.6

665.1

674.5

667.0

684.1

674.6

673.6

5.5

-5.7'

-.6

7.9

12.3

9.0

13.3

7.6

11.3

7.0

-1.5

8.5

Not seasonally adjusted

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

Assets
Bank credit
Securities in bank credit
U.S. government securities
Trading account
Investment account
Other securities
Trading account
Investment account
Loans and leases in bank credit2 . . . .
Commercial and industrial
Real estate
Security3
Other loans and leases
Interbank loans
Cash assets4
Other assets5

40 Total assets6
41
42
43
44
45
46
47
48

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

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




616.5
218.7'
69.6
14.6
54.9
149.1'
100.0'
49.1
397.7'
214.2'
17.7
98.2
67.6
27.3
36.7
38.3

591.6'
230.1'
57.2'
14.4
42.8'
173.0'
107.3'
65.7'
361.5
197.3
18.7
75.5
70.0
23.8
39.8
31.9

600.6
235.5
60.3'
13.5
46.8'
175.2'
107.5
67.7'
365.1
197.7
18.9
78.0
70.5
25.0
40.4
33.9

601.8'
237.1
58.1'
12.5
45.6'
179.0'
107.5
71.5'
364.7
196.4
19.0
78.2
71.1
20.5
41.4
31.3

594.0
234.4
52.9
11.4
41.6
181.4
104.0
77.4
359.6
194.0
18.9
77.9
68.8
25.2
41.5
32.1

592.4
231.4
48.3
10.7
37.6
183.1
101.6
81.5
361.0
199.7
18.6
73.6
69.1
20.0
40.4
30.6

591.0
227.2
49.8
10.1
39.7
177.4
95.6
81.8
363.8
203.6
18.8
71.4
70.0
21.1
38.9
27.6

592.2
222.3
48.5
8.2
40.2
173.9
93.0
80.9
369.9
201.1
19.1
79.0
70.6
22.3
39.6
26.3

585.6
223.6
50.0
8.6
41.4
173.6
93.5
80.1
362.0
203.1
19.2
68.8
70.9
21.6
38.9
27.7

595.9
223.4
48.7
8.4
40.3
174.7
93.1
81.6
372.5
201.8
19.2
79.8
71.7
21.1
39.7
26.2

587.9
220.9
48.0
8.1
40.0
172.9
92.3
80.6
367.0
201.3
19.1
76.3
70.3
21.7
41.3
25.6

596.9
222.5
48.6
8.3
40.2
173.9
93.4
80.5
374.4
201.6
19.0
83.5
70.3
19.8
39.3
26.8

718.3'

686.8'

699.5

694.6

692.5

682.9

678.2

680.1

673.4

682.5

676.1

682.5

402.3
10.3
392.0
243.6
25.6
218.0
-18.8
87.9

416.7
11.0
405.7
208.3
24.0
184.3
-16.8
75.2

437.1
11.1
426.1
213.1
24.4
188.7
-30.5
77.3

457.1
12.0
445.1
202.9'
24.8
178.1'
-44.5
76.7

476.6
11.4
465.2
187.5
22.2
165.3
-54.4
77.0

476.5
10.7
465.7
189.6
22.9
166.6
-63.8
75.6

483.7
10.3
473.4
185.1
21.6
163.5
-63.7
66.3

500.3
10.5
489.8
188.6
22.9
165.7
-79.6
66.4

498.5
10.0
488.5
183.6
22.2
161.4
-77.8
65.2

497.7
10.2
487.5
186.0
23.5
162.5
-70.4
65.3

500.1
11.1
489.1
184.2
20.2
164.0
-78.8
66.3

497.2
10.6
486.6
189.5
20.7
168.8
-76.2
67.9

715.0

683.4

697.0

692.2

686.7

677.9

671.4

675.7

669.5

678.5

671.8

678.3

3.4

3.4'

2.5

2.4

5.7

5.1

6.8

4.5

3.9

4.0

4.2

4.1

Commercial Banking Institutions—Assets and Liabilities
1.26

C O M M E R C I A L B A N K S IN T H E UNITED STATES

A21

Assets and L i a b i l i t i e s ' — C o n t i n u e d

F. M e m o items
Billions of dollars
Monthly averages
Account

2001
Apr.

Wednesday figures

2001
Oct.

Nov.

2002
Dec.

Jan.

Feb.

2002
Mar.

Apr.

Apr. 3

Apr. 10

Apr. 17

Apr. 24

Not seasonally adjusted
MEMO

7
8
9
10
11

Large domestically chartered banks.
adjusted for mergers
Revaluation gains on off-balance-sheet
items8
Revaluation losses on off-balancesheet items8
Mortgage-backed securities'
Pass-through
CMO, REMIC, and other
Net unrealized gains (losses) on
available-for-sale securities10
Off-shore credit to U.S. residents'1 . . . .
Securitized consumer loans' 2
Credit cards and related plans
Other
Securitized business loans12

12
13
14
15

Small domestically chartered
commercial banks, adjusted for
mergers
Mortgage-backed securities9
Securitized consumer loans12
Credit cards and related plans
Other

1
2
3
4
5
6

Foreign-related institutions
16 Revaluation gains on off-balancesheet items8
17 Revaluation losses on off-balancesheet items8
18 Securitized business loans12

81.8r

100.9r

104.0r

80.6

86.3

81.7

73.2

73.3

66.8

71.1

71.9

77.2

74.9
249.8r
186.0
63.8

86.0
299.T
231.0'
68.7

86.5
298.9r
213.7
85.2r

68.4
320.4r
218.0r
102.4

66.5
317.4'
219.1'
98.3'

59.4
300.8'
205.2'
95.6'

52.5
301.7'
205.1'
96.6

57.5
306.4
208.2
98.2

51.3
304.2
206.2
98.0

54.8
303.6
205.4
98.2

54.9
305.1
208.0
97.1

62.7
304.7
207.0
97.7

3.3
21.7
82.3
73.1
9.2
12.6

9.2
20.0
97.8
87.8
9.9
21.1

9.7
19.2
99.3
88.3
11.0
20.6

4.6
19.1
99.4
88.7
10.7
19.7

2.9
19.4
94.7
84.3
10.4
19.4

4.4
19.7
92.8
82.6
10.3
19.4

4.3
19.6
94.2
82.4
11.9
17.7

2.4
19.5
94.6
82.7
11.9
17.1

.8
19.4
94.6
82.9
11.7
16.8

1.6
19.3
94.5
82.5
12.0
17.0

1.5
19.2
94.3
82.4
11.9
17.2

1.9
20.1
94.2
82.4
11.8
17.2

224.0r
233.1
225.2r
7.9'

260.6r
243.7
235.8'
1.9'

268.1'
246.5
238.3r
8.2'

279.7r
251.9
243.8r
8.0r

280.3'
259.3
251.4'
7.8'

282.7'
253.8
246.2'
7.6'

285.2'
251.0
243.6'
7.4'

288.0
250.6
243.4
7.2

285.1
252.5
245.2
7.3

285.6
251.3
244.0
7.2

287.4
249.0
241.8
7.2

289.7
249.7
242.6
7.2

57.2

57. r

55.5

55.1

52.3

52.8

46.9'

46.2

45.3

45.4

45.6

46.9

53.4
32.7

49.1
27.1

48.7
26.4

49.3
25.2

49.3
25.5

49.2
25.1

41.7
24.1

40.8
23.8

40.2
23.9

39.9
24.0

40.9
23.9

41.7
23.7

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




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

A22
1.32

DomesticNonfinancialStatistics • July 2002
COMMERCIAL PAPER OUTSTANDING
Millions of dollars, seasonally adjusted, end of period
2002

2001

Year ending December
Item
1997

2
3

2001

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1,163,303

1,403,023

1,615,341

1,438,764

1,436,254

1,435,808

1,438,764

1,428,494

1,402,875

1,358,114

614,142
322,030

786,643
337,240

973,060
298,848

989,364
224,553

984,996
232,407

993,491
227,422

989,364
224,553

984,251
224,595

984,441
218,266

964,070
205,292

200,857

4 Nonfinancial companies 4

2000

513,307
252,536

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

1999

966,699

1 All issuers

1998

227,132

279,140

343,433

224,847

218,851

214,894

224,847

219,648

200,168

188,753

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

1.33

PRIME RATE CHARGED BY BANKS

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

Short-Term Business Loans1

Percent per year
Date of change
1999—Jan.
1
July 1
Aug. 25
Nov. 17

7.75
8.00
8.25
8.50

2000—Feb. 3
Mar. 22
May 17

8.75
9.00
9.50

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

9.00
8.50
8.00
7.50
7.00
6.75
6.50
6.00
5.50
5.00
4.75

4
1
21
19
16
28
22
18
3
7
12

Period

Rate
1999
2000
2001

Average
rate

....

8.00
9.23
6.91

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

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

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




Average
rate

Average
rate

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

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

9.05
8.50
8.32
7.80
7.24
6.98
6.75
6.67
6.28
5.53
5.10
4.84

2002—Jan.
Feb.
Mar.
Apr.
May

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

4.75
4.75
4.75
4.75
4.75

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

Financial Markets
1.35

INTEREST RATES

A23

Money and Capital Markets

Percent per year; figures are averages of business day data unless otherwise noted
2002
Item

1999

2000

2002, week ending

2001
Jan.

Feb.

Mar.

Apr.

Mar. 29

Apr. 5

Apr. 12

Apr. 19

Apr. 26

MONEY MARKET INSTRUMENTS

Federal funds '-2-3
2 Discount window borrowing2'4

4.97
4.62

6.24
5.73

3.88
3.40

1.73
1.25

1.74
1.25

1.73
1.25

1.75
1.25

1.70
1.25

1.77
1.25

1.71
1.25

1.78
1.25

1.70
1.25

Commercial paper3 5'6
Nonfinancial
1-month
3
2-month
4
3-month
5

5.09
5.14
5.18

6.27
6.29
6.31

3.78
3.68
3.65

1.70
1.69
1.70

1.76
1.76
1.79

1.78
1.82
1.86

1.76
1.77
1.81

1.79
1.84
1.91

1.78
1.80
1.88

1.77
1.78
1.82

1.74
1.77
1.81

1.74
1.75
1.76

Financial
1-month
2-month
3-month

5.11
5.16
5.22

6.28
6.30
6.33

3.80
3.71
3.65

1.72
1.71
1.72

1.77
1.78
1.80

1.80
1.82
1.87

1.76
1.79
1.83

1.79
1.82
1.90

1.79
1.82
1.89

1.77
1.79
1.84

1.76
1.79
1.83

1.75
1.76
1.79

Certificates of deposit, secondary market3-7
1-month
3-month
6-month

5.19
5.33
5.46

6.35
6.46
6.59

3.84
3.71
3.66

1.75
1.74
1.85

1.81
1.82
1.95

1.84
1.91
2.16

1.81
1.87
2.11

1.85
1.97
2.29

1.83
1.94
2.25

1.81
1.88
2.15

1.81
1.86
2.10

1.80
1.84
2.05

5.31

6.45

3.70

1.75

1.82

1.91

1.88

1.96

1.93

1.89

1.86

1.84

n.a.
4.64
4.75

n.a.
5.82
5.90

2.43
3.40
3.34

1.65
1.65
1.73

1.71
1.73
1.82

1.76
1.79
2.01

1.69
1.72
1.93

1.75
1.79
2.07

1.75
1.75
2.04

1.70
1.69
1.94

1.67
1.70
1.89

1.65
1.70
1.86

1

6
7
8
9
10
11

12 Eurodollar deposits, 3-month3-8

13
14
15

U.S. Treasury bills
Secondary market3-5
4-week
3-month
6-month

16
17
18
19
20
71
22

Constant maturities9
1-year
2-year
3-year
5-year
7-year
10-year
20-year

5.08
5.43
5.49
5.55
5.79
5.65
6.20

6.11
6.26
6.22
6.16
6.20
6.03
6.23

3.49
3.83
4.09
4.56
4.88
5.02
5.63

2.16
3.03
3.56
4.34
4.79
5.04
5.69

2.23
3.02
3.55
4.30
4.71
4.91
5.61

2.57
3.56
4.14
4.74
5.14
5.28
5.93

2.48
3.42
4.01
4.65
5.02
5.21
5.85

2.70
3.71
4.31
4.88
5.26
5.38
6.00

2.64
3.60
4.18
4.79
5.16
5.32
5.93

2.53
3.47
4.05
4.66
5.03
5.22
5.85

2.42
3.39
3.99
4.62
5.00
5.21
5.85

2.36
3.30
3.88
4.56
4.92
5.13
5.79

23

Treasury long-term average10-"
25 years and above

n.a.

n.a.

n.a.

n.a.

5.56

5.88

5.82

5.95

5.89

5.83

5.83

5.77

5.28
5.70
5.43

5.58
6.19
5.71

4.99
5.75
5.15

5.05
5.64
5.16

4.93
5.71
5.11

5.09
5.92
5.29

5.09
5.86
5.22

5.16
6.00
5.32

5.16
5.96
5.28

5.09
5.89
5.20

5.06
5.83
5.22

5.03
5.77
5.16

7.45

7.98

7.49

7.24

7.18

7.44

7.36

7.49

7.44

7.37

7.34

7.30

7.05
7.36
7.53
7.88

7.62
7.83
8.11
8.37

7.08
7.26
7.67
7.95

6.55
7.03
7.50
7.87

6.51
6.95
7.37
7.89

6.81
7.22
7.62
8.11

6.76
7.16
7.49
8.03

6.87
7.26
7.66'
8.16'

6.83
7.21
7.59'
8.14'

6.75
7.16
7.51'
8.07'

6.74
7.15
7.45
8.02'

6.74
7.11
7.40
7.94

1.25

1.15

1.32

1.38

1.43

1.37

1.42

1.38

1.41

1.40

1.41

1.45

U.S. TREASURY NOTES AND BONDS

STATE AND LOCAL NOTES AND BONDS

Moody's series12
74 Aaa
75 Baa
13
26 Bond Buyer series
CORPORATE BONDS

27 Seasoned issues, all industries14
78
79
30
31

Rating group
Aaa15
Aa
A
Baa
MEMO

Dividend-price ratio16
32 Common stocks

NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly
statistical release. For ordering address, see inside front cover.
1. The daily effective federal funds rate is a weighted average of rates on trades through
New York brokers.
2. Weekly figures are averages of seven calendar days, ending on Wednesday of the
current week; monthly figures include each calendar day in the month.
3. Annualized using a 360-day year or bank interest.
4. Rate for the Federal Reserve Bank of New York.
5. Quoted on a discount basis.
6. Interest rates interpolated from data on certain commercial paper trades settled by the
Depository Trust Company. The trades represent sales of commercial paper by dealers or
direct issuers to investors (that is, the offer side). See the Board's Commercial Paper web
pages (http://www.federalreserve.gov/releases/cp) for more information.
7. An average of dealer offering rates on nationally traded certificates of deposit.
8. Bid rates for eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for
indication purposes only.
9. Yields on actively traded issues adjusted to constant maturities.




SOURCE: U.S. Department of the Treasury.
10. Based on the unweighted average of the bid yields for all Treasury fixed-coupon
securities with remaining terms to maturity of 25 years and over.
11. A factor for adjusting the daily long-term average in order to estaimate a 30-year rate
can be found at http://www.treas.gov/offices/domestic-finance/debt-management/interest-rate/
ltcompositeindex.html.
12. General obligation bonds based on Thursday figures; Moody's Investors Service.
13. State and local government general obligation bonds maturing in twenty years are used
in compiling this index. The twenty-bond index has a rating roughly equivalent to Moodys'
A1 rating. Based on Thursday figures.
14. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's Investors
Service. Based on yields to maturity on selected long-term bonds.
15. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrial
firms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial.
16. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in
the price index.

A24
1.36

DomesticNonfinancialStatistics • July 2002
STOCK MARKET

Selected Statistics
2002

2001
Indicator

1999

2000

2001
Sept.

Aug.

Oct.

Nov.

Jan.

Dec.

Feb.

Mar.

Apr.

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

619.52
775.29
491.62
284.82
530.97

643.71
809.40
414.73
478.99
552.48

606.03
749.46
444.45
377.72
596.61

604.52
748.65
458.35
357.76
605.59

544.39
672.89
382.68
339.72
538.01

556.04
688.35
371.56
341.51
553.16

575.31
715.98
410.05
330.78
577.85

582.82
727.67
433.70
325.33
585.47

581.74
723.56
446.13
322.92
591.94

569.55
715.80
453.51
301.32
570.18

600.74
751.79
490.51
316.25
609.72

587.58
732.71
470.00
300.57
610.24

6 Standard & Poor's Corporation
(1941-43 - 10)'

1,327.33

1,427.22

1,194.18

1,178.51

1,044.64

1,076.59

1,129.68

1,144.93

1,140.21

1,100.67

1,153.79

1,112.03

770.90

922.22

879.08

883.01

823.78

825.91

814.78

828.19

835.02

845.81

891.08

915.09

799,554
32,629

1,026,867
51,437

1,216,529
68,074

1,012,907
48,304

1,666,980 1,293,019
72,319
66,765

1,242,965
88,694

1,240,245
53,337

1,401,913
55,151

1,362,830
55,657

1,321,351
56,375

1,280,714
n.a.

7 American Stock Exchange
(Aug. 31, 1973 = 50) 3
Volume of trading (thousands of shares)
8 New York Stock Exchange
9 American Stock Exchange

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

228,530

198,790

150,450

161,130

144,670

144,010

148,650

150,450

150,390

147,030

149,370

150,940

55,130
79,070

100,680
84,400

101,640
78,040

103,990
73,710

115,450
74,220

101,850
69,550

98,330
72,090

101,640
78,040

97,330
75,110

99,350
72,730

93,700
69,790

92,140
68,540

Margin requirements (percent of market value and effective date) 6
Mar. 11, 1968
13 Margin stocks
14 Convertible bonds
15 Short sales

June 8, 1968

May 6, 1970

Dec. 6, 1971

Nov. 24, 1972

Jan. 3, 1974

70
50
70

80
60
80

65
50
65

55
50
55

65
50
65

50
50
50

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




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

Federal Finance
1.40

A25

FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
2000

2001

2002

Item
Mar. 31

June 30

Sept. 30

Dec. 31

Mar. 31

June 30

Sept. 30

Dec. 31

1 Federal debt outstanding

5,801.5

5,714.2

5,701.9

5,689.6

5,800.6

5,753.9

5,834.5

5,970.3

n.a.

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

5,773.4
3,688.0
2,085.4

5,685.9
3,495.7
2,190.2

5,674.2
3,438.5
2,235.7

5,662.2
3,413.5
2,248.7

5,773.7
3,434.4
2,339.4

5,726.8
3,274.2
2,452.6

5,807.5
3,338.7
2,468.8

5,943.4
3,393.8
2,549.7

6,006.0
n.a.
n.a.

28.1
27.8
.4

28.3
28.2
.1

27.7
27.6
.1

27.4
27.3
.1

26.8
26.8
.1

27.1
27.1
.0

27.0
27.0
.0

26.8
26.8
.0

5,686.5

5,600.6

5,591.6

5,580.5

5,692.5

5,645.0

5,732.6

5,871.4

5,935.1

5,686.3
.2

5,600.5
.2

5,591.4
.2

5,580.2
.2

5,692.3
.2

5,644.8
.2

5,807.5
.2

5,943.4
.3

6,006.0
.2

5,950.0

5,950.0

5,950.0

5,950.0

5,950.0

5,950.0

5,950.0

5,950.0

5,950.0

5 Agency securities
Held by public
6
Held by agencies
7
8 Debt subject to statutory limit
9 Public debt securities
10 Other debt1

Mar. 31

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

MEMO

11 Statutory debt limit

1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified
participation certificates, notes to international lending organizations, and District of Columbia stadium bonds.

1.41

G R O S S P U B L I C D E B T O F U.S. T R E A S U R Y

SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the
United States and Monthly Treasury Statement.

Types and Ownership

Billions of dollars, end of period
2002

2001
Type and holder

1998

1999

2000

2001
Q2

1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
13
14
15

By type
Interest-bearing
Marketable
Bills
Notes
Bonds
Inflation-indexed notes and bonds'
Nonmarketable2
State and local government series
Foreign issues3
Government
Public
Savings bonds and notes
Government account series4
Non-interest-bearing

By holder3
16 U.S. Treasury and other federal agencies and trust funds
17 Federal Reserve Banks6
18 Private investors
Depository institutions
19
Mutual funds
20
21
Insurance companies
State and local treasuries7
22
Individuals
Savings bonds
23
Pension funds
24
25
Private
State and Local
26
Foreign and international8
27
Other miscellaneous investors7'9
28

Q4

Ql

5,614.2

5,776.1

5,662.2

5,943.4

5,726.8

5,807.5

5,943.4

6,006.0

5,605.4
3,355.5
691.0
1,960.7
621.2
67.6
2,249.9
165.3
34.3
34.3
.0
180.3
1,840.0
8.8

5,766.1
3,281.0
737.1
1,784.5
643.7
100.7
2,485.1
165.7
31.3
31.3
.0
179.4
2,078.7
10.0

5,618.1
2,966.9
646.9
1,557.3
626.5
121.2
2,651.2
151.0
27.2
27.2
.0
176.9
2,266.1
44.2

5,930.8
2,982.9
811.3
1,413.9
602.7
140.1
2,947.9
146.3
15.4
15.4
.0
181.5
2,574.8
12.7

5,682.8
2,822.3
620.1
1,441.0
616.9
129.3
2,860.5
153.3
24.0
24.0
.0
178.4
2,474.7
44.0

5,763.6
2,897.3
734.9
1,399.6
612.9
134.9
2,866.4
146.4
18.3
18.3
.0
179.6
2,492.1
43.8

5,930.8
2,982.9
811.3
1,413.9
602.7
140.1
2,947.9
146.3
15.4
15.4
.0
181.5
2,574.8
12.7

5,962.2
3,003.3
834.4
1,411.7
596.7
145.6
2,958.9
141.1
14.6
14.6
.0
183.6
2,589.7
43.8

1,828.1
452.1
3,334.0
237.3
343.3
141.7
269.3

2,064.2
478.0
3,233.9
246.5
335.4
123.4
266.8

2,249.0
511.7
2,880.4
199.2
312.6
110.2
236.2

2,572.2
551.7
2,819.5
182.2
258.5
85.7
205.4

2,469.1
535.1
2,722.6
190.1
219.2
94.8
224.0

2,493.7
534.1
2,779.7
189.5
231.6
88.5
208.9

2,572.2
551.7
2,819.5
182.2
258.5
85.7
205.4

n.a.
575.4
n.a.
n.a.
n.a.
n.a.
n.a.

186.6
356.9
139.1
217.7
1,278.7
517.5

186.4
349.7
138.5
211.2
1,268.7
444.1

184.8
333.4
137.7
195.7
1,201.3
276.9

190.3
288.4
102.4
186.0
1,218.1
n.a.

185.5
308.4
104.0
204.4
1,167.4
210.5

186.4
287.3
99.6
187.7
1,170.1
279.4

190.3
288.4
102.4
186.0
1,218.1
n.a.

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

1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of
1997.
2. Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds.
3. Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners.
4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds.
5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual
holdings; data for other groups are Treasury estimates.
6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table
1.18.

7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable
federal securities was removed from "Other miscellaneous investors" and added to "State
and local treasuries." The data shown here have been revised accordingly.




Q3

8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds.
Excludes Treasury securities held under repurchase agreements in custody accounts at the
Federal Reserve Bank of New York.
9. Includes individuals, government-sponsored enterprises, brokers and dealers, bank
personal trusts and estates, corporate and noncorporate businesses, and other investors.
SOURCES. Data by type of security, U.S. Treasury Department, Monthly Statement of the
Public Debt of the United States; data by holder, Federal Reserve Board of Governors, Flow
of Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin,
unless otherwise noted.

A26
1.42

DomesticNonfinancialStatistics • July 2002
U.S. G O V E R N M E N T S E C U R I T I E S D E A L E R S

Transactions 1

Millions of dollars, daily averages
2002

2002, week ending

item
Jan.
By type of security
1 U.S. Treasury bills
Treasury coupon securities by maturity
2
Three years or less
3
More than three but less than or
equal to six years
4
More than six but less than or equal
to eleven years
5
More than eleven
Inflation-indexed2
6

7
8
9
10
11
12

Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
More than six years but less than
or equal to eleven years . . . .
More than eleven years
Mortgage-backed

Corporate securities
13
One year or less
14
More than one year

15
16
17
18
19
20
21
22

By type of counterparty
With interdealer broker
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate
With other
U.S. Treasury
Federal agency and governmentsponsored enterprises
Mortgage-backed
Corporate

Feb.

Mar.

Feb. 27

Mar. 13

Mar. 20

Mar. 27

Apr. 3

Apr. 10

Apr. 17

Apr. 24

37,522

42,233

44,546

46,041

45,570

40,283

44,145

45,143

60,775

46,932

40,435

32,157

137,139

122,427

148,829

154,118

165,986

126,245

133,712

176,569

130,006

111,450

120,773

153,801

80,482

82,210

90,406

82,332

99,504

98,852

83,989

84,674

72,526

76,103

72,674

68,053

72,361
18,413
2,153

69,912
15,747
1,735

76,902
21,396
1,794

64,496
15,490
1,981

73.869
17,318
1,433

80,437
23,711
1,876

87,647
24,174
1,618

68,496
20,340
2,073

59,665
17,524
2,303

59,192
14,443
1,948

63,474
16,631
2,739

59,420
18,561
1,900

56,379

54,029

49,852

50,547

59,060

48,300

45,465

46,347

60,244

47,009

49,187

47,084

11,890

10,672

11,871

11,993

13,773

13,394

9,495

11,634

9,713

11,640

11,261

15,775

9,585

10,590

12,763

14,042

11,442

18,286

8,750

13,461

7,014

6,767

6,321

7,245

10,687
980

6,019
1,473

7,350
1,201

5,698
930

7,114
1,384

5,683
1,116

5,434
1,543

11,596
886

4,978
761

8,947
782

8,699
506

7,027
1,283

140,307

136,655

138,204

105,130

166,643

186,160

120,768

85,962

133,050

177,968

116,019

92,334

75,514
20,307

102,218
18,835

110,024
24,309

96,351
19,117

104,988
22,264

103,347
25,585

119,179
23,063

111,132
26,930

112,243
19,224

98,667
19,337

106,891
18,384

99,259
19,235

155,689

156,162

174,400r

170,629

185,646

164,355

166,522

188,401

149,028

148,214

148,245

159,863

12,346
37,059
568

10,972
34,770
536

12,303r
36,404r
620

11,518
28,067
592

12,834
43,109
608

13,624
50,720
638

10,166
30,510
635

13,383
21,395
634

8,864
42,528
436

12,274
48,421
628

10,228
36,459
559

13,062
29,504
527

192,381

178,102

209,47 V

193,829

218,032

207,049

208,763

208,894

193,771

161,855

168,480

174,029

77,175
103,248
95,252

71,811
101,885
120,517

70,734'
101,799r
133,713

71,692
77,063
114,876

79,940
123,534
126,644

73,154
135,439
128,294

60,521
90,258
141,607

70,540
64,567
137,429

73,847
90,521
131,032

62,871
129,547
117,376

65,745
79,560
124,715

65,353
62,830
117,968

1. The figures represent purchases and sales in the market by the primary U.S. government
securities dealers reporting to the Federal Reserve Bank of New York. Outright transactions
include all U.S. government, federal agency, government-sponsored enterprise, mortgagebacked, and corporate securities scheduled for immediate and forward delivery, as well as all
U.S. government securities traded on a when-issued basis between the announcement and
issue date. Data do not include transactions under repurchase and reverse repurchase (resale)
agreements. Averages are based on the number of trading days in the week.




Mar. 6

2. Outright Treasury inflation-indexed securities (TIIS) transactions are reported at principal value, excluding accrued interest, where principal value reflects the original issuance par
amount (unadjusted for inflation) times the price times the index ratio.
NOTE. Major changes in the report form filed by primary dealers induced a break in the
dealer data series as of the week ending July 4, 2001. Current weekly data may be found at the
Federal Reserve Bank of New York web site (http:www.newyorkfed.org/pihome/statistics)
under the Primary Dealer heading.

Federal Finance
1.43

U.S. G O V E R N M E N T S E C U R I T I E S D E A L E R S

A27

Positions and Financing 1

Millions of dollars
2002

2002, week ending

item, uy type ot security
Jan.

Feb.

Mar.

Feb. 27

Mar. 6

Mar. 13

Mar. 20

Mar. 27

Apr. 3

Apr. 10

Apr. 17

Net Outright Positions2
1 U.S. Treasury bills
Treasury coupon securities by maturity
Three years or less
More than three years but less than
or equal to six years
4
More than six but less than
or equal to eleven years
5
More than eleven
Inflation-indexed
6
2
3

28,500

28,170

27,972

35,459

29,365

28,240

24,139

18,274

49,095

50,904

35,473

-27,102

-28,348

-24,485

-26,162

-25,054

-25,831

-21,968

-25,092

-24,615

-25,689

-23,849

-23,434

-23,482

-32,811

-23,869

-26,630

-33,222

-34,689

-34,535

-35,061

-34,418

-32,028

-17,847
9,521
3,415

-13,477
12,230
3,450

-16,734
7,431
3,654

-13,353
11,791
3,358

-15,694
10,973
3,235

-19,007
9,360
3,980

-15,430
5,014
4,292

-16,278
5,348
3,560

-17,398
6,615
2,761

-16,414
7,531
2,516

-19,356
8,237
3,633

46,497

49,069

44,291

49,300

39,201

48,806

46,367

42,397

43,709

41,901

41,761

13,976

11,856

8,783

11,775

8,144

9,985

8,167

7,840

10,368

13,112

10,950

707

1,318

-41

2,817

-1,979

248

-555

1,524

524

3,817

3,770

472
3,443

1,111
3,479

2,503
2,421

1,248
3,571

869
3,155

1,601
3,006

1,637
2,123

4,756
1,930

4,107
1,679

2,879
2,028

4,170
1,895

12 Mortgage-backed

13,742

6,195

7,596

202

-3,110

7,207

9,355

13,369

11,154

9,598

9,101

Corporate securities
One year or less
13
14
More than one year

18,398
39,681

17,989
36,235

22,486
42,634

19,184
37,172

21,379
38,416

21,638
41,053

23,988
43,072

21,021
46,209

25,566
44,704

24,110
48,692

24,391
44,164

7
8
9
10
11

Federal agency and governmentsponsored enterprises
Discount notes
Coupon securities, by maturity
Three years or less
More than three years but less than
or equal to six years
More than six but less than
or equal to eleven years
More than eleven

Financing3
Securities in, U.S. Treasury
15 Overnight and continuing
16 Term
Federal agency and governmentsponsored enterprises
17 Overnight and continuing
18 Term
Mortgage-backed securities
19 Overnight and continuing
20 Term
Corporate securities
21 Overnight and continuing
22 Term

539,785
642,804

547,472
656,569

561,103
684,041

551,470
635,463

560,526
634,291

569,429
687,783

565,327
704,872

547,750
719,354

563,375
653,865

542,945
709,499

556,094
737,230

131,213
224,528

140,693
224,572

143,017
231,817

131,699
228,884

145,325
225,478

139,231
237,047

145,875
225,162

139,946
231,595

146,552
244,205

158,010
252,620

156,175
257,406

30,400
212,612

35,759
217,733

34,190
217,741

38,201
216,524

40,355
217,717

39,769
220,960

33,249
217,599

27,560
214,309

28,429
218,400

32,354
227,691

33,285
222,742

38,733
19,861

41,282
22,076r

44,546
22,000

42,354
21,483

43,808
21,768

44,549
21,594

44,718
22,106

44,613
22,181

45,226
22,553

45,693
22,643

46,193
22,288

356,539
967,513

381,084
997,678

396,888
1,022,616

395,633
970,575

401,710
972,051

404,460
1,033,257

399,789
1,037,880

390,382
1,045,210

382,713
1,013,590

372,588
1,085,830

383,924
1,111,235

537,222
572,591

551,187
580,525

541,747
617,458

578,501
551,633

556,471
559,003

552,577
612,452

541,628
639,945

525,884
656,622

528,676
606,014

532,861
653,758

529,215
682,354

234,669
167,974

248,413
167,477

236,666
177,049

242,416
168,268

238,684
170,434

230,978
182,742

235,112
172,942

236,720
171,138

246,218
194,537

259,862
207,408

266,751
213,399

288,665
122,101

286,742
127,225

285,270
131,364

290,597
126,382

266,431
131,224

294,422
133,294

292,810
134,162

288,682
127,550

278,345
129,977

270,840
146,433

314,099
139,321

97,931
14,398

100,801
17,993

109,269
17,912

103,742
18,234

100,217
17,913

105,171
19,233

116,078
17,016

109,750
17,563

117,261
17,780

115,882
17,528

119,754
18,975

1,010,207
854,628

1,044,255
872,476

1,024,379
922,916

1,071,774
843,039

1,017,584
857,963

1,041,599
926,003

1,033,480
944,365

1,009,422
951,094

1,014,688
928,093

1,023,015
1,004,041

1,071,491
1,031,826

MEMO

Reverse repurchase agreements
23 Overnight and continuing
24 Term
Securities out, U.S. Treasury
25 Overnight and continuing
26 Term
Federal agency and governmentsponsored enterprises
27 Overnight and continuing
28 Term
Mortgage-backed securities
29 Overnight and continuing
30 Term
Corporate securities
31 Overnight and continuing
32 Term
MEMO

Repurchase agreements
33 Overnight and continuing
34 Term

1. Data for positions and financing are obtained from reports submitted to the Federal
Reserve Bank of New York by the U.S. government securities dealers on its published list of
primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar
days of the report week are assumed to be constant. Monthly averages are based on the
number of calendar days in the month.
2. Net outright positions include all U.S. government, federal agency, governmentsponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate and
forward delivery, as well as U.S. government securities traded on a when-issued basis
between the announcement and issue date.




3. Figures cover financing U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities. Financing transactions for Treasury
inflation-indexed securities (TIIS) are reported in actual funds paid or received, except for
pledged securities. TIIS that are issued as pledged securities are reported at par value, which
is the value of the security at original issuance (unadjusted for inflation).
NOTE. Major changes in the report form filed by primary dealers included a break in many
series as of the week ending July 4, 2001. Current weekly data may be found at the Federal
Reserve Bank of New York web site (http://www.newyorkfed.org/pihome/statistics) under the
Primary Dealer heading.

A28
1.44

DomesticNonfinancialStatistics • July 2002
FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES

Debt Outstanding

Millions of dollars, end of period
2002

2001
Agency

1998

1999

2000

2001
Nov.

Oct.
1 Federal and federally sponsored agencies
2 Federal agencies
3
Defense Department1
4
Export-Import Bank2-3
5
Federal Housing Administration4
6
Government National Mortgage Association certificates of
participation5
7
Postal Service6
8
Tennessee Valley Authority
9
United States Railway Association6
10 Federally sponsored agencies7
11
Federal Home Loan Banks
12
Federal Home Loan Mortgage Corporation
13
Federal National Mortgage Association
14
Farm Credit Banks8
15
Student Loan Marketing Association9
Financing Corporation1"
16
17
Farm Credit Financial Assistance Corporation' 1
18
Resolution Funding Corporation12

n.a.

26,781

Dec.

Jan.

Feb.

n.a.

n.a.

n.a.

n.a.

276
6
n.a.
26,828

290
6
n.a.
26,741

169
6
n.a.
26,431

1,296,477

1,616,492

1,851,632

26,502
6
n.a.
205

26,376
6
n.a.
126

25,666
6
n.a.
255

276
6
n.a.
26,828

n.a.
252
n.a.

275
6
n.a.
26,655

n.a.
n.a.
26,496
n.a.

n.a.
n.a.
26,370
n.a.

n.a.
n.a.
25,660
n.a.

n.a.
n.a.
270
n.a.

n.a.
26,775
n.a.
n.a.

n.a.
n.a.
269
n.a.

n.a.
n.a.
270
n.a.

n.a.
n.a.
284
n.a.

n.a.
n.a.
163
n.a.

1,269,975
382,131
287,396
460,291
63,488
35,399
8,170
1,261
29,996

1,590,116
529,005
360,711
547,619
68,883
41,988
8,170
1,261
29,996

1,825,966
594,404
426,899
642,700
74,181
45,375
8,170
1,261
29,996

2,120,781
623,740
565,071
763,500
76,673
48,350
8,170
1,261
29,996

2,053,686
618,071
540,371
726,200
76,339
50,075
8,170
1,261
29,996

2,071,168
617,146
546,566
737,500
75,815
51,494
8,170
1,261
29,996

2,120,781
623,740
565,071
763,500
76,673
48,350
8,170
1,261
29,996

n.a.
623,990
571,867
760,500
76,494
49,400
8,170
1,261
29,996

n.a.
619,541
584,476
765,200
76,929
50,500
8,170
1,261
29,996

44,129

42,152

40,575

39,096

40,574

40,485

39,096

38,140

39,144

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

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

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

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

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

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

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

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

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

9,500
14,091
20,538

6,665
14,085
21,402

5,275
13,126
22,174

n.a.
13,876
25,220

n.a.
13,698
26,876

n.a.
13,822
26,663

n.a.
13,876
25,220

n.a.
13,982
24,158

n.a.
14,015
25,129

6

MEMO

19 Federal Financing Bank debt 13
20
21
22
23
24

Lending to federal and federally sponsored agencies
Export-Import Bank3
Postal Service6
Student Loan Marketing Association
Tennessee Valley Authority
United States Railway Association6

Other lending14
25 Farmers Home Administration
26 Rural Electrification Administration
27 Other

1. Consists of mortgages assumed by the Defense Department between 1957 and 1963
under family housing and homeowners assistance programs.
2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.
3. On-budget since Sept. 30, 1976.
4. Consists of debentures issued in payment of Federal Housing Administration insurance
claims. Once issued, these securities may be sold privately on the securities market.
5. Certificates of participation issued before fiscal year 1969 by the Government National
Mortgage Association acting as trustee for the Farmers Home Administration; the Department
of Health, Education, and Welfare; the Department of Housing and Urban Development; the
Small Business Administration; and the Veterans Administration.
6. Off-budget.
7. Includes outstanding noncontingent liabilities; notes, bonds, and debentures. Includes
Federal Agriculture Mortgage Corporation; therefore, details do not sum to total. Some data
are estimated.
8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is
shown on line 17.
9. Before late 1982, the association obtained financing through the Federal Financing Bank
(FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22.




10. The Financing Corporation, established in August 1987 to recapitalize the Federal
Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987.
11. The Farm Credit Financial Assistance Corporation, established in January 1988 to
provide assistance to the Farm Credit System, undertook its first borrowing in July 1988.
12. The Resolution Funding Corporation, established by the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October
1989.
13. The FFB, which began operations in 1974, is authorized to purchase or sell obligations
issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the
purpose of lending to other agencies, its debt is not included in the main portion of the table to
avoid double counting.
14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loans
guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally
being small. The Farmers Home Administration entry consists exclusively of agency assets,
whereas the Rural Electrification Administration entry consists of both agency assets and
guaranteed loans.

Securities Markets and Corporate Finance
1.45

N E W SECURITY ISSUES

A29

T a x - E x e m p t State and L o c a l G o v e r n m e n t s

Millions of dollars
2001
Type of issue or issuer,
or use

1999

2000

2002

2001
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

1 All issues, new and refunding 1

215,427

180,403

270,566

13,159

30,446

30,105

28,363

20,523

20,175

23,842

23,261

By type of issue
2 General obligation
3 Revenue

73,308
142,120

64,475
115,928

100,519
170,047

3,926
9,233

14,302
16,144

10,163
19,942

9,218
19,146

8,157
12,366

8,652
11,523

10,269
13,574

8,559
14,702

By type of issuer
4 State
5 Special district or statutory authority2
6 Municipality, county, or township

16,376
152,418
46,634

19,944
111,695
39,273

30,099
281,427
61,040

1,504
9,137
2,518

6,008
17,382
7,056

2,271
21,601
6,233

746
22,525
5,093

1,826
14,369
4,329

3,238
11,950
4,987

3,265
15,479
5,098

3,057
15,520
4,683

7 Issues for new capital

161,065

154,257

192,161

10,110

21,249

21,009

21,389

14,631

13,248

16,856

17,115

36,563
17,394
15,098
n.a.
9,099
47,896

38,665
19,730
11,917
n.a.
7,122
47,309

50,054
21,411
21,917
n.a.
6,607
55,733

3,017
1,195
1,025
n.a.
663
1,732

4,279
1,587
2,324
n.a.
688
9,158

4,475
2,882
2,429
n.a.
359
5,281

4,818
1,349
2,560
n.a.
1,642
6,319

4,138
1,079
1,711
n.a.
539
4,639

3,961
613
1,606
n.a.
125
4,897

5,484
1,633
1,290
n.a.
515
4,894

5,279
773
2,091
n.a.
344
6,784

8
9
10
11
12
13

By use of proceeds
Education
Transportation
Utilities and conservation
Social welfare
Industrial aid
Other purposes

1. Par amounts of long-term issues based on date of sale.
2. Includes school districts.

1.46

NEW SECURITY ISSUES

SOURCE. Securities Data Company beginning January 1990Investment Dealer's Digest
before then.

U.S. Corporations

Millions of dollars
2002

2001
Type of issue, offering,
or issuer

1999

2000

2001
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1,072,866

942,198

1,382,003

97,944

89,855

139,181

123,517

96,576

102,688

86,090

158,904

2 Bonds 2

941,298

807,281

1,253,449

89,990

84,509

123,346

110,888

81,339

88,241

79,515

145,984

By type of offering
3 Sold in the United States
4 Sold abroad

818.683
122,615

684,484
122,798

1,197.060
56,389

86,759
3,231

80,223
4,286

120,162
3,185

106,563
4,326

79,636
1,703

79,472
8,770

73,474
6,041

128,026
17,958

24,703

18,370

8,734

48

0

224

4,936

2,880

0

0

0

293,963
647,335

242,207
565,074

445,930
807,519

28.546
61,443

31,920
52,589

43,830
79,517

42,189
68,699

21,647
59,692

18,894
69,348

30,770
48,746

43,231
102,753

13,679r

24,168r

20,962r

23,570r

14,447

6,575

12,920

1 All issues'

MEMO

5 Private placements, domestic
By industry group
6 Nonfinancial
7 Financial
8 Stocks 3

r

244,308r

320,357r

228,554r

16,287

By type of offering
9 Public
10 Private placement4

131,568
112,740r

134,917
185,440'

128,554
100,000

7,954
8,333

5,346
8,333

15,835
8,333

12,629
8,333

15,237
8,333

14,447
n.a.

6,575
n.a.

12,920
n.a.

By industry group
11 Nonfinancial
12 Financial

110,284
21,284

118,369
16,548

77,577
50,977

5,487
2,467

81
5,265

7,611
8,224

7,592
5,037

7,771
7,466

9,579
4,868

4,024
2,551

4,893
8,027

1. Figures represent gross proceeds of issues maturing in more than one year; they are the
principal amount or number of units calculated by multiplying by the offering price. Figures
exclude secondary offerings, employee stock plans, investment companies other than closedend, intracorporate transactions, and Yankee bonds. Stock data include ownership securities
issued by limited partnerships.




2. Monthly data include 144(a) offerings.
3. Monthly data cover only public offerings.
4. Data are not available.
SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve
System.

A30
1.47

DomesticNonfinancialStatistics • July 2002
OPEN-END INVESTMENT COMPANIES

Net Sales and Assets1

Millions of dollars
2002

2001
Item

2000

2001
Nov.

Oct.

Sept.

Jan.

Dec.

Feb.

Mar.r

Apr.

1 Sales of own shares 2

2,279,315

1,806,474

105,038

153,827

147,192

151,779

171,499

141,463

170,326

163,387

2 Redemptions of own shares
3 Net sales3

2,057,277
222,038

1,677,266
129,208

127,995
-22,957

137,837
15,990

124,060
23,132

149,705
2,074

138,773
32,726

123.013
18,450

130,661
39,665

140,658
22,729

4 Assets4

5,123,747

4,689,624

4,253,850

4,376,923

4,625,601

4,689,624

4,667,688

4,623,041

4,814,961

4,703,614

5 Cash5
6 Other

277,386
4,846,361

219,620
4,470,004

223,077
4,030,773

229,576
4,147,347

239,671
4,385,930

219,620
4,470,004

240,141
4,427,547

234,510
4,388,531

241,078
4,573,883

248,173
4,455,441

4. Market value at end of period, less current liabilities.
5. Includes all U.S. Treasury securities and other short-term debt securities.
SOURCE. Investment Company Institute. Data based on reports of membership, which
comprises substantially all open-end investment companies registered with the Securities and
Exchange Commission. Data reflect underwritings of newly formed companies after their
initial offering of securities.

1. Data include stock, hybrid, and bond mutual funds and exclude money market mutual
funds.
2. Excludes reinvestment of net income dividends and capital gains distributions and share
issue of conversions from one fund to another in the same group.
3. Excludes sales and redemptions resulting from transfers of shares into or out of money
market mutual funds within the same fund family.

1.51

DOMESTIC FINANCE COMPANIES

Assets and Liabilities1

Billions of dollars, end of period; not seasonally adjusted
2000
Account

1999

2000

2002

2001

200r
Q3

Q4

Ql

Q2

Q3

Q4'

Ql

ASSETS

Accounts receivable, gross2
Consumer
2
3
Business
4
Real estate
5 LESS:
6

Reserves for unearned income
Reserves for losses

7 Accounts receivable, net
8 All other
9 Total assets

845.4
304.4
395.1
145.8

958.6
327.9
458.4
172.3

970.7
340.0
447.0
183.7

939.9
331.5
443.0
165.4

958.6
327.9
458.4
172.3

954.4
319.2
459.1
176.1

988.7
324.5
481.9
182.3

967.7
329.2
451.1
187.4

970.7
340.0
447.0
183.7

926.5
329.8
443.0
153.8

61.4
14.7

69.7
16.7

60.4
20.9

68.3
15.6

69.7
16.7

69.9
17.2

61.5
17.4

60.8
18.0

60.4
20.9

59.1
21.3

769.3
406.6

872.2
461.5

889.4
501.2

856.1
442.3

872.2
461.5

867.3
474.8

909.7
459.0

888.9
478.8

889.4
501.2

846.0
520.6

1,175.9

1

1,333.7

1,390.6

1,298.4

1,333.7

1,342.1

1,368.7

1,367.7

1,390.6

1,366.6

35.4
230.4

35.9
238.8

50.8
158.6

35.7
218.8

35.9
238.8

41.6
180.9

45.3
181.6

44.5
171.0

50.8
158.6

49.4
137.0

87.8
429.9
237.8
154.5

102.5
502.2
301.8

99.3
567.6
325.7

102.5
502.2
301.8

152.5

188.7

100.0
507.3
288.1
148.5

152.5

97.2
533.8
325.1
163.5

93.4
542.1
336.3
170.0

91.7
555.8
327.6
177.2

99.3
567.6
325.7
188.7

82.6
572.8
327.9
197.0

1,175.9

1,333.7

1,390.6

1,298.4

1,333.7

1,342.1

1,368.7

1,367.7

1,390.6

1,366.6

LIABILITIES AND CAPITAL

10 Bank loans
11 Commercial paper
17
13
14
15

Debt
Owed to parent
Not elsewhere classified
All other liabilities
Capital, surplus, and undivided profits

16 Total liabilities and capital

1. Includes finance company subsidiaries of bank holding companies but not of retailers
and banks. Data are amounts carried on the balance sheets of finance companies; securitized
pools are not shown, as they are not on the books.




2. Before deduction for unearned income and losses. Excludes pools of securitized assets,

Securities Markets and Corporate Finance
1.52

DOMESTIC FINANCE COMPANIES

A31

Owned and Managed Receivables1

Billions of dollars, amounts outstanding
2001
Oct.

Nov.

2002
Dec.

Jan.'

Feb.'

Mar.

Seasonally adjusted
1 Total
2
3
4

Consumer
Real estate
Business

1,031.2

1,186.9

l,252.3 r

l,256.2 r

l,263.9 r

l,252.3 r

1,237.2

1,243.9

1,235.5

410.2
174.0
446.9

465.2
198.9
522.8

514.6'
211.6
526.2

499.4
220.7'
536.1

511.0
215.0'
537.9

514.6'
211.6
526.2

512.1
203.1
522.0

519.3
200.4
524.1

517.8
195.0
522.7

Not seasonally adjusted
5 Total
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

Consumer
Motor vehicle loans
Motor vehicle leases
Revolving2
Other3
Securitized assets4
Motor vehicle loans
Motor vehicle leases
Revolving
Other
Real estate
One- to four-family
Other
Securitized real estate assets4
One- to four-family
Other
Business
Motor vehicles
Retail loans
Wholesale loans5
Leases
Equipment
Loans
Leases
Other business receivables6
Securitized assets4
Motor vehicles
Retail loans
Wholesale loans
Leases
Equipment
Loans
Leases
Other business receivables6

1,036.4

1,192.1

l,257.6 r

l,251.0 r

l,258.2 r

l,257.6 r

1,241.1

1,245.1

1,240.2

412.7
129.2
102.9
32.5
39.8

468.3
141.6
108.2
37.6
40.7

518.1'
173.9
103.5
31.5
31.1

501.1
164.6
107.3
28.5
31.2

514.2
177.2
105.5
30.2
31.4

518.1'
173.9
103.5
31.5
31.1

512.8
168.9
102.4
29.8
31.4

517.6
172.5
101.2
28.8
31.8

513.4
171.9
97.5
27.9
32.4

73.1
9.7
6.7
18.8
174.0
108.2
37.6

97.1
6.6
19.6
17.1
198.9
130.6
41.7

131.9
6.8
25.0r
14.3
211.6
142.5
41.2

124.3
6.9
23.5
14.8
220.7'
150.1
44.1

125.0
7.0
23.4
14.5
215.0'
142.9
44.9

131.9
6.8
25.0'
14.3
211.6
142.5
41.2

135.1
6.7
24.6
13.8
203.1
118.3
40.2

136.8
6.6
26.0
13.9
200.4
118.7
38.8

137.8
6.5
25.8
13.6
195.0
117.0
36.8

28.0
.2
449.6
69.4
21.1
34.8
13.6
238.7
64.5
174.2
87.0

24.7
1.9
525.0
75.5
18.3
39.7
17.6
283.5
70.2
213.3
99.4

22.2
5.7
527.9
54.0
16.1
20.3
17.6
289.4
77.8
211.6
103.5

22.7
3.8'
529.3
52.7
16.8
18.7
17.2
294.4
80.2
214.1
108.3

22.4
4.8'
529.0
52.9
16.2
19.5
17.2
291.8
76.7
215.1
110.8

22.2
5.7
527.9
54.0
16.1
20.3
17.6
289.4
77.8
211.6
103.5

40.3
4.3
525.2
51.9
16.3
18.0
17.6
287.3
78.0
209.3
103.7

40.1
2.8
527.0
54.3
16.7
20.1
17.5
285.5
78.7
206.7
100.8

39.8
1.4
531.9
58.0
17.1
22.8
18.0
284.2
81.5
202.7
100.8

31.5
2.9
26.4
2.1
14.6
7.9
6.7
8.4

37.8
3.2
32.5
2.2
23.1
15.5
7.6
5.6

50.1
5.1
42.5
2.5
23.2
16.4
6.8
7.7

45.3
2.4
40.3
2.7
22.5
14.5
8.0
6.1

43.9
3.0
38.3
2.7
23.4
15.5
7.9
6.2

50.1
5.1
42.5
2.5
23.2
16.4
6.8
7.7

48.4
4.0
41.9
2.6
22.3
15.5
6.8
11.6

45.4
3.1
39.6
2.7
25.5
18.6
6.8
15.6

44.0
2.3
39.0
2.7
25.4
18.5
6.9
19.5

NOTE. This table has been revised to incorporate several changes resulting from the
benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more detailed
breakdowns have been obtained for some components. In addition, previously unavailable
data on securitized real estate loans are now included in this table. The new information has
resulted in some reclassification of receivables among the three major categories (consumer,
real estate, and business) and in discontinuities in some component series between May and
June 1996.
Includes finance company subsidiaries of bank holding companies but not of retailers and
banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release. For
ordering address, see inside front cover.
1. Owned receivables are those carried on the balance sheet of the institution. Managed
receivables are outstanding balances of pools upon which securities have been issued; these
balances are no longer carried on the balance sheets of the loan originator. Data are shown




before deductions for unearned income and losses. Components may not sum to totals
because of rounding.
2. Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies.
3. Includes personal cash loans, mobile home loans, and loans to purchase other types of
consumer goods, such as appliances, apparel, boats, and recreation vehicles.
4. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
5. Credit arising from transactions between manufacturers and dealers, that is, floor plan
financing.
6. Includes loans on commercial accounts receivable, factored commercial accounts, and
receivable dealer capital; small loans used primarily for business or farm purposes; and
wholesale and lease paper for mobile homes, campers, and travel trailers.

A32
1.53

DomesticNonfinancialStatistics • July 2002
MORTGAGE MARKETS

Mortgages on N e w H o m e s

Millions of dollars except as noted
2002

2001
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

Terms and yields in primary and secondary markets
PRIMARY MARKETS

1
2
3
4
5

Terms'
Purchase price (thousands of dollars)
Amount of loan (thousands of dollars)
Loan-to-price ratio (percent)
Maturity (years)
Fees and charges (percent of loan amount)2

210.7
161.7
78.7
28.8
.77

245.0
184.2
77.3
28.8
.67

242.9
181.2
76.9
28.5
.67

252.2
189.1
77.2
28.6
.63

253.0
190.0
77.2
28.9
.69

245.8
186.7
78.1
28.8
.66

250.6
190.1
78.2
28.8
.62

255.6
193.3
78.2
29.1
.62

262.9
198.9
77.7
28.8
.64

6.94
7.06
7.45

7.41
7.52
n.a.

6.90
7.00
n.a.

6.63
6.73
n.a.

6.54
6.63
n.a.

6.68
6.79
n.a.

6.77
6.87
n.a.

6.72
6.82
n.a.

6.66
6.76
n.a.

6.65
6.74
n.a.

7.74
7.03

Yield (percent per year)
6 Contract rate'
7 Effective rate1,3
8 Contract rate (HUD series)4

234.5
177.0
77.4
29.2
.70

n.a.
7.57

n.a.
6.36

n.a.
5.86

n.a.
5.96

n.a.
6.43

n.a.
6.32

n.a.
6.13

n.a.
6.50

n.a.
6.33

SECONDARY MARKETS

Yield (percent per year)
9 FHA mortgages (section 203)5
10 GNMA securities6

Activity in secondary markets
FEDERAL NATIONAL MORTGAGE ASSOCIATION

Mortgage holdings (end of period)
11 Total
FHA/VA insured
12
13
Conventional

523,941
55,318
468,623

610,122
61,539
548,583

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

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

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

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

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

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

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

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

14 Mortgage transactions purchased (during period)

195,210

154,231

270,384

20,020

25,389

36,769

36,392

33,249

21,305

23,175

Mortgage commitments (during period)
15 Issued7
16 To sell8

187,948
5,900

163.689
11,786

304,084
7,586

35,275
1,676

49,909
807

19,867
2,083

21,544
255

19,321
1,419

13,340
1,748

324,443
1.836
322.607

385,693
3,332
382,361

491,719
3,506
488,213

477,588
2,553
475,035

483,911
3,562
480,349

491,719
3,506
488,213

508,238
3,447
504,791

522,886
3,387
519,499

526,107
3,332
522,775

521,611
3,267
518,344

239,793
233,031

174,043
166,901

n.a.
389,611

n.a.
31,646

n.a.
38,958

n.a.
50,532

n.a.
49,031

n.a.
47,473

n.a.
42,545

n.a.
40,704

228,432

169,231

417,434

41,346

42,619

51,456

47,076

41,442

41,561

36,368

n.a.
n.a.

FEDERAL HOME LOAN MORTGAGE CORPORATION

Mortgage holdings (end of periodf
17 Total
18
FHA/VA insured
19
Conventional
Mortgage transactions (during period)
20
21 Sales
22 Mortgage commitments contracted (during period)

9

1. Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing
Finance Board in cooperation with the Federal Deposit Insurance Corporation.
2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or the
seller) to obtain a loan.
3. Average effective interest rate on loans closed for purchase of newly built homes,
assuming prepayment at the end of ten years.
4. Average contract rate on new commitments for conventional first mortgages; from U.S.
Department of Housing and Urban Development (HUD). Based on transactions on the first
day of the subsequent month.
5. Average gross yield on thirty-year, minimum-downpayment first mortgages insured by
the Federal Housing Administration (FHA) for immediate delivery in the private secondary
market. Based on transactions on first day of subsequent month.




6. Average net yields to investors on fully modified pass-through securities backed by
mortgages and guaranteed by the Government National Mortgage Association (GNMA),
assuming prepayment in twelve years on pools of thirty-year mortgages insured by the
Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
7. Does not include standby commitments issued, but includes standby commitments
converted.
8. Includes participation loans as well as whole loans.
9. Includes conventional and government-underwritten loans. The Federal Home Loan
Mortgage Corporation's mortgage commitments and mortgage transactions include activity
under mortgage securities swap programs, whereas the corresponding data for the Federal
National Mortgage Association exclude swap activity.

Real Estate
1.54

A3 3

MORTGAGE DEBT OUTSTANDING1
Millions of dollars, end of period
2001
Type of holder and property

1998

1999

2002

2000
Qi

1 All holders
2
3
4
5

By type of property
One- to four-family residences
Multifamily residences
Nonfarm, nonresidential
Farm

By type of holder
6 Major financial institutions
Commercial banks2
7
8
One- to four-family
9
Multifamily
10
Nonfarm, nonresidential
11
Farm
12
Savings institutions3
13
One- to four-family
14
Multifamily
15
Nonfarm, nonresidential
16
Farm
17
Life insurance companies
One- to four-family
18
19
Multifamily
20
Nonfarm, nonresidential
21
Farm
22 Federal and related agencies
Government National Mortgage Association
23
24
One- to four-family
Multifamily
25
26
Farmers Home Administration4
27
One- to four-family
28
Multifamily
29
Nonfarm, nonresidential
30
Farm
31
Federal Housing Admin, and Department of Veterans Affairs
32
One- to four-family
33
Multifamily
34
Resolution Trust Corporation
35
One- to four-family
36
Multifamily
37
Nonfarm, nonresidential
38
Farm
39
Federal Deposit Insurance Corporation
40
One- to four-family
41
Multifamily
42
Nonfarm, nonresidential
Farm
43
44
Federal National Mortgage Association
One- to four-family
45
46
Multifamily
47
Federal Land Banks
48
One- to four-family
49
Farm
50
Federal Home Loan Mortgage Corporation
51
One- to four-family
52
Multifamily
53 Mortgage pools or trusts5
54
Government National Mortgage Association
55
One- to four-family
56
Multifamily
57
Federal Home Loan Mortgage Corporation
58
One- to four-family
59
Multifamily
Federal National Mortgage Association
60
One- to four-family
61
62
Multifamily
63
Farmers Home Administration4
64
One- to four-family
65
Multifamily
66
Nonfarm, nonresidential
67
Farm
68
Private mortgage conduits
69
One- to four-family6
70
Multifamily
71
Nonfarm, nonresidential
72
Farm
73 Individuals and others7
74
One- to four-family
75
Multifamily
76
Nonfarm, nonresidential
77

Q3

Q4

Ql»

5,718,477r

6,325,012r

6,887,458'

7,011,255'

7,217,523'

7,410,814'

7,596,130'

7,752,769

4,367,356r
332,605r
922,009'
96,506

4,792,280'
371,242'
1,058,528'
102,962

5,205,588'
406,189'
1,166,846'
108,836

5,300,170'
415.235'
1,185,977'
109,873

5,460,014'
426,896'
1,217,562'
113,050

5,602,177'
440,658'
1,253.314'
114,665'

5,740,121'
453,424'
1,286,358'
116,227'

5,871,807
461.574
1,301,486
117,902

2,195,869
1,338,273
798,009
54,174
457,054
29,035
643,957
533,895
56,847
52,798
417
213,640
6,590
31,522
164,004
11,524

2,396,265
1,496,844
880,208
67.666
517,130
31,839
668,634
549,046
59,168
59,945
475
230,787
5,934
32,818
179,048
12,987

2,620,886
1,661,411
966,502
77.821
583,071
34,016
723,534
595,053
61,094
66,852
535
235.941
4,903
33.681
183,757
13,600

2.664,837
1,688,673
978,144
79,890
596,405
34,234
741,114
608,289
62,666
69,589
569
235,050
4,877
33,557
183,078
13,538

2,716,269
1,727,463
999,396
80,542
612,366
35,159
751,660
616,506
63,193
71,378
583
237,146
5,003
33,842
184,634
13,667

2,737,607
1,740.321
989,081
84,051
631.757
35.432
758,343
620,882
64.193
72,695
574
238,943
5,085
33,842
186,235
13,781

2,792,907'
1,793.061
1,024,842
84,981
647,669
35,569
758,109
620,975
64,323
72,275
536
241,737'
5,144'
34,488'
188,165'
13,940'

2,789,210
1,802,265
1,019,408
86,826
660,052
35,978
745,915
605,494
65,002
74,863
557
241,030
5,129
34,387
187,615
13,899

293,602
7
7
0
40,851
16,895
11,739
7,705
4,513
3,674
1,849
1,825
0
0
0
0
0
361
58
70
233
0
157,675
147,594
10,081
32,983
1,941
0
57,085
49,106
7,979

322,132
7
7
0
73,871
16,506
11,741
41,355
4,268
3,712
1,851
1,861
0
0
0
0
0
152
25
29
98
0
151,500
141,195
10,305
34,187
2,012
0
56,676
44,321
12,355

343,962
6
6
0
73,323
16,372
11,733
41.070
4,148
3,507
1,308
2,199
0
0
0
0
0
45
7
9
29
0
155,363
144,150
11,213
36,326
2,137
0
59,240
42,871
16,369

347.463'
6
6
0
73,361
16,297
11,725
41,247
4,093
2,873
1.276
1,597
0
0
0
0
0
50
8
10
32
0
157,481'
145,014
12,467'
37,072
2,181
0
60,110
42,771
17,339

356,817'
6
6
0
73,206
16,153
11,720
41,262
4,072
2,918
1,267
1,651
0
0
0
0
0
24
4
5
15
0
160,820'
147,730
13,090'
38,686
2,276
0
61,542
42,537
19,005

363,001'
9
9
0
72,118
15,916
11,710
40,470
4,023
3,155
1,251
1,904
0
0
0
0
0
26
4
5
17
0
165,687'
151,786
13.901'
39.722
2,337
0
59,638
39,217
20,421

376,969'
8
8
0
72,452
15,824
11,712
40.965
3,952
3,290
1,260
2,031
0
0
0
0
0
13
2
3
8
0
169,908'
155,060
14,848'
40,855'
2,404'
0
62,792'
40,309'
22,483

385,027
8
8
0
72,362
15,665
11,707
41,134
3,855
3.361
1,255
2,105
0
0
0
0
0
7
1
1

2,581,297'
537,446
522,498
14,948
646,459
643,465
2,994
834,517
804,204
30,313
1
0
0
0
1
562,874r
405,153
33,784
123,937r
0

2,948,245'
582.263
565,189
17,074
749,081
744,619
4,462
960,883
924,941
35,942
0
0
0
0
0
656,018'
455,021
42,293
158,704'
0

3,231,415'
611,553
592,624
18,929
822,310
816,602
5,708
1,057,750
1,016,398
41,352
0
0
0
0
0
739,802'
499,834
48,786
191,182'
0

3,300,561'
601,523
581,743
19,780
833,616
827,769
5,847
1,099,049
1,055,412
43,637
0
0
0
0
0
766,373'
523,300
49,007'
194,066'
0

3,432,654'
598,019'
577,228'
20,792
873,750
867,924
5,826
1,163,978
1,116.534
47,444
0
0
0
0
0
796.907'
539.200
50,836'
206,871'
0

3,583,079'
603,186'
581,796'
21,391
927,490
921,709
5,781
1,228,131
1,177,995
50,136
0
0
0
0
0
824,272'
550,039'
53,627'
220,606'
0

3,697,560'
591,368'
569,460'
21,908
948,409
940,933
7,476
1,290,351
1,238,125
52,226
0
0
0
0
0
867,432'
574,500
56,910'
236,022'
0

3,871,461
587,631
564,535
23,096
1,012,478
1,005,136
7,342
1,355,404
1,301,374
54,030
0
0
0
0
0
915,948
618,400
57.808
239,740
0

647,709r
435,138r
76,320r
116,277'
19,974

658,371'
459,609'
75,297'
102,248'
21,217

691,196'
490,890'
77,074'
100,884'
22,348

698,394'
496,778'
77,509'
101,559'
22,547

711,784'
508,826'
78,764'
101,035'
23,160

727,126'
522,597'
79,524'
101,534'
23,471

728,693'
523,781'
79,880'
101,254'
23,779'

707,071
505,183
79,709
98,078
24,102

1. Multifamily debt refers to loans on structures of five or more units.
2. Includes loans held by nondeposit trust companies but not loans held by bank trust
departments.
3. Includes savings banks and savings and loan associations.
4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from
FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting
changes by the Farmers Home Administration.
5. Outstanding principal balances of mortgage-backed securities insured or guaranteed by
the agency indicated.




Q2

0
176,051
160,300
15,751
41,981
2,470
0
59,624
35,955
23,669

6. Includes securitized home equity loans.
7. Other holders include mortgage companies, real estate investment trusts, state and local
credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and
finance companies.
SOURCE. Based on data from various institutional and government sources. Separation of
nonfarm mortgage debt by type of property, if not reported directly, and interpolations and
extrapolations, when required for some quarters, are estimated in part by the Federal Reserve.
Line 69 from Inside Mortgage Securities and other sources.

A34
1.55

DomesticNonfinancialStatistics • July 2002
CONSUMER CREDIT1
Millions of dollars, amounts outstanding, end of period
2001

2002

Nov.'

Oct.'

Dec/

Jan.'

Feb.'

Mar.

Seasonally adjusted
1,416,316

1,560,571

1,669,283

1,644,735

1,665,354

1,669,283

1,675,493

1,682,482

1,689,252

597,669
818,647

1 Total
2 Revolving
3 Nonrevolving 2

666,544
894,027

702,073
967,210

700,062
944,673

707,332
958,022

702,073
967,210

703,639
971,854

704,950
977,531

707,336
981,916

Not seasonally adjusted
4 Total

1,446,127

1,593,051

1,703,291

1,644,581

1,672,897

1,703,291

1,688,710

1,679,719

1,678,071

By major holder
Commercial banks
Finance companies
Credit unions
Savings institutions
Nonfinancial business
Pools of securitized assets3

499,758
201,549
167,921
61,527
80,311
435,061

541,470
219,783
184,434
64,557
82,662
500,145

558,023
236,511
189,570
69,070
67,939
582,178

540,503
224,260
187,671
68,715
58,763
564,669

550,083
238,850
188,730
68,890
60,384
565,961

558,023
236,511
189,570
69,070
67,939
582,178

557,190
230,055
188,126
68,906
63,183
581,250

552,066
233,166
186,509
68,758
59,073
580,147

550,809
232,264
186,476
68,595
58,102
581,825

By major type of credit4
11 Revolving
12
Commercial banks
Finance companies
13
14
Credit unions
15
Savings institutions
16
Nonfinancial business
17
Pools of securitized assets3

621,914
189,352
32,483
20,641
15,838
42,783
320,817

692,955
218,063
37,561
22,226
16,560
42,430
356,114

729,581
224,486
31.484
22,265
17,767
29,790
403,789

693,916
209,703
28,489
21,314
17,202
23,709
393,499

706,955
219,566
30,245
21,597
17,480
24,463
393,605

729,581
224,486
31,484
22,265
17,767
29,790
403,789

715,205
218,979
29,762
21,516
17,498
26,280
401,170

705,813
217,513
28,844
21,250
17,256
23,041
397,909

701,107
216,291
27,918
20,813
16,988
22,402
396,695

18 Nonrevolving
19
Commercial banks
Finance companies
20
21
Credit unions
22
Savings institutions
23
Nonfinancial business
24
Pools of securitized assets3

824,213
310.406
169.066
147.280
45.689
37,528
114,244

900,095
323,407
182,221
162,208
47,997
40,232
144,031

973,710
333,537
205,027
167,305
51,303
38,149
178,389

950,665
330,800
195,771
166,357
51,513
35,054
171,170

965,942
330,517
208,605
167,133
51,410
35,921
172,356

973,710
333,537
205,027
167,305
51,303
38,149
178,389

973,506
338,212
200,294
166,610
51,408
36,903
180,080

973,906
334,553
204,322
165,259
51,502
36,031
182,238

976,964
334,518
204,346
165,663
51,607
35,699
185,131

5
6
7
8
9
10

1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals, excluding loans secured by real estate. Data in this table also appear
in the Board's G.19 (421) monthly statistical release. For ordering address, see inside front
cover.
2. Comprises motor vehicle loans, mobile home loans, and all other loans that are not
included in revolving credit, such as loans for education, boats, trailers, or vacations. These
loans may be secured or unsecured.

1.56

3. Outstanding balances of pools upon which securities have been issued; these balances
are no longer carried on the balance sheets of the loan originator.
4. Totals include estimates for certain holders for which only consumer credit totals are
available.

TERMS OF C O N S U M E R CREDIT 1
Percent per year except as noted
2001
Item

1999

2000

2002

2001
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

INTEREST RATES

Commercial banks2
1 48-month new car
2 24-month personal

8.44
13.39

9.34
13.90

8.50
13.22

n.a.
n.a.

n.a.
n.a.

7.86
12.62

n.a.
n.a.

n.a.
n.a.

7.50
11.72

n.a.
n.a.

Credit card plan
3 All accounts
4 Accounts assessed interest

15.21
14.81

15.71
14.91

14.89
14.44

n.a.
n.a.

n.a.
n.a.

14.22
13.88

n.a.
n.a.

n.a.
n.a.

13.65
12.98

n.a.
n.a.

Auto finance companies
5 New car
6 Used car

6.66
12.60

6.61
13.55

5.65
12.18

5.42
12.01

2.71
11.41

2.89
10.96

3.31
10.89

4.02
10.84

n.a.
n.a.

n.a.
n.a.

52.7
55.9

54.9
57.0

55.1
57.5

57.2
57.6

53.7
57.2

51.0
56.7

48.6
56.5

48.8
57.3

56.4
57.8

56.4
57.7

92
99

92
99

91
100

92
101

94
100

92
100

91
100

90
100

89
100

90
100

19,880
13,642

20,923
14,058

22,822
14,416

23,049
14,408

24,443
14,627

24,934
14,669

24,812
14,653

24,137
14,355

22,741
14,049

23,065
14,149

OTHER TERMS 3

Maturity (months)
7 New car
8 Used car
Loan-to-value ratio
9 New car
10 Used car
Amount financed (dollars)
11 New car
12 Used car

1. The Board's series on amounts of credit covers most short- and intermediate-term credit
extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly
statistical release. For ordering address, see inside front cover.




2. Data are available for only the second month of each quarter,
3. At auto finance companies,

Flow of Funds
1.57

A3 7

FUNDS RAISED IN U.S. CREDIT MARKETS1
Billions of dollars; quarterly data at seasonally adjusted annual rates

1996

1997

1998

2002

2001

2000
Transaction category or sector

1999
Q3

Q4

Ql

Q2r

974. l r

Q3

Q4'

985.4

l,328.5 r

1,127.0

999.4

Ql

Nonfinancial sectors
810.8 r

1 Total net borrowing by domestic nonfinancial sectors . .

733.6 r

804.7

l,042.9 r

l,069.4 r

861.8r

By sector and instrument
7 Federal government
Treasury securities
3
4
Budget agency securities and mortgages

144.9'
146.6
-1.6

23.1
23.2
-.1

-52.6
-54.6
2.0

-71.2
-71.0
-.2

-295.9
-294.9
-1.0

-226.2
-223.8
-2.4

-331.3
-330.2
-1.2

-4.3
-2.1
-2.2

-256.0
-257.1
1.1

255.7
256.0
-.4

-17.6
-16.9
-.7

112.0
113.8
-1.8

5 Nonfederal

588.6

781.6

1,095.5'

1,140.6'

1,157.6'

1,037.0'

1,089.3'

978.4'

1,241.4

1,072.8'

1,144.6

887.4

-.9
2.6
116.3
7n.4
28.7
280.4
245.7
9.4
22.6
2.7
91.3

13.7
71.4
150.5
106.4
59.5
322.5
258.3
7.5
53.5
3.1
57.5

24.4
96.8
218.7
108.1
82.1
490.4'
387.2'
22.2'
74.5'
6.5
75.0

37.4
68.2
229.9
82.6
57.1
565.9'
424.8'
36.4'
98.9'
5.8
99.5

48.1
35.3
171.1
103.1
101.5
559.6'
416.5'
34.5'
102.1'
6.5
139.0

56.1
31.0
168.8
47.0
16.5
563.8'
438.0'
27.0'
92.3'
6.5
153.8

^t.O
60.1
175.6
59.3
125.2
542.4'
390.5'
39.8'
110.1'
2.0
130.7

-199.2
110.7
399.5
-16.0'
-12.6
551.5'
429.9'
34.3'
83.0'
4.3'
144.5'

-133.4
112.4
419.5
-144.1
118.2
792.8
623.1
45.3
112.0
12.3
76.0

-66.1
56.0
187.9
-5.4'
81.9
747.8'
538.9'
56.3r
146.0'
6.7'
70.6'

45.5
191.1
323.5
-183.8
-108.9
727.2
541.5
51.9
127.8
6.1
149.9

-155.7
78.7
233.8
-15.4
-25.6
691.7
593.6
30.3
61.2
6.6
79.9

343.8
251.6
179.4
67.3
4.9
-6.8

332.7
392.8
291.9
94.7
6.2
56.1

454.4'
560.8'
393.1'
159.7'
8.0
80.3

501.6'
586.6'
398.7'
182.4'
5.5
52.3

545.9'
584.6'
403.0r
170.7'
10.9
27.2

573.2'
440.0'
278.8'
154.1'
7.2
23.8

500.7'
534.9'
362.9'
159.2'
12.8
53.7

520.4'
354.2'
186.6'
161.6'
5.9'
103.9

667.6
465.2
284.4
170.9
9.9
108.7

648.6'
381.2'
223.9'
153.9'
3.4
43.0

622.0
365.2
214.2
140.8
10.2
157.5

695.8
127.4
12.6
109.6
5.2
64.2

88.4
11.3
67.0
9.1
1.0

71.8
3.7
61.4
8.5
-1.8

43.4
7.8
34.9
6.7
-6.0

27.9
16.3
16.8
.5
-5.7

67.0
31.7
25.2
11.3
-1.3

88.6
7.0
71.4
11.9
-1.7

66.8
50.1
9.0
12.2
-4.6

8.7'
-26.5
33.3'
13.6'
-11.6

-53.4
-6.7
-15.9
-31.6
.7

-102.8
-27.6
-78.8
4.4
-.8

12.1
3.9
27.4
-16.3
-2.9

49.4
66.6
-16.1
14.1
-15.2

822.0

876.5

l,086.3 r

l,097.3 r

928.7r

899.4 r

824.8r

982.8 r

932.0

l,225.7 r

1,139.1

1,048.8

7
8
9
in
11
l?
13
14
15
16

By instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Consumer credit
By borrowing sector

17
18
19
?n
71
22

Nonfinancial business
Corporate
Nonfarm noncorporate
State and local government

23 Foreign net borrowing in United States
74
Commercial paper
95
?6
Bank loans n.e.c
27
Other loans and advances
28 Total domestic plus foreign

758.0 r

Financial sectors
29 Total net borrowing by financial sectors
3n
31
32
33

By instrument
Federal government-related
Government-sponsored enterprise securities
Mortgage pool securities
Loans from U.S. government

34 Private
35
Open market paper
36
Corporate bonds
Bank loans n.e.c
37
38
Other loans and advances
39
Mortgages
4n
41
47
43
44
45
46
47
48
49
50
51

By borrowing sector
Commercial banking
Savings institutions
Credit unions
Life insurance companies
Government sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs)
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Brokers and dealers
Funding corporations




550.1

662.2

1,087.2

1,084.4

815.6

794.0

963.1

862.7r

796.9

l,108.5 r

949.4

933.3

231.4
90.4
141.0
.0

212.9
98.4
114.6
.0

470.9
278.3
192.6
.0

592.0
318.2
273.8
.0

433.5
234.1
199.4
.0

514.8
278.1
236.7
.0

613.6
304.5
309.1
.0

432.6
262.3
170.3
.0

674.6
268.3
406.2
.0

818.4'
326.2
492.2r
.0

591.8
306.5
285.3
.0

692.8
191.3
501.5
.0

318.7
92.2
178.1
12.6
27.9
7.9

449.3
166.7
218.9
13.3
35.6
14.9

616.3
161.0
310.1
30.1
90.2
24.8

492.5
176.2
218.2
-14.2
107.1
5.1

382.1
127.7
205.9
-.3
42.5
6.2

279.2
106.5
205.0
-6.7
-31.6
6.0

349.5
153.2
203.7
-4.8
1.8

430.1'
-134.6
437.4'
27.0'
107.8
-7.5

122.3
-85.4
188.3
14.2
-11.0
16.2

290.1'
-85.6
326.7'
-7.1'
58.0
-1.9

357.6
58.2
295.3
21.0
-15.3
-1.6

240.5
-244.4
457.9
3.1
17.3
6.6

13.0
25.5
.1
1.1
90.4
141.0
150.8
50.6
4.1
11.9
-2.0
63.8

46.1
19.7
.1
.2
98.4
114.6
202.2
57.8
-A.6
39.6
8.1
79.9

72.9
52.2
.6
.7
278.3
192.6
321.4
57.1
1.6
62.7
7.2
40.0

67.2
48.0
2.2
.7
318.2
273.8
223.4
70.3
.2
6.3
-17.2
91.5

60.0
27.3
.0
-.7
234.1
199.4
196.3
81.2
.1
2.7
15.6
-.4

43.4
-37.9
1.1
-.3
278.1
236.7
156.2
98.1
-.3
-2.4
25.4
-4.2

18.8
20.4
1.0
-.7
304.5
309.1
307.9
26.1
1.0
-8.1
-6.6
-10.4

148.3
62.4'
-.6
-2.4
262.3
170.3
295.8
-72.8
.7
-6.1
-23.7'
28.6'

-15.8
16.0
.8
.1
268.3
406.2
172.3
64.1
.6
10.5
35.6
-162.0

59.0
19.4'
1.5
3.5
326.2
492.2'
324.3'
21.5
.8
-2.4
12.6
-150.2

19.9
-68.1
4.4
1.4
306.5
285.3
360.1
-12.6
.6
7.8
-19.0
62.9

39.1
-25.7
2.4
2.4
191.3
501.5
370.0
-61.3
.8
7.4
-10.4
-84.1

A36
1.57

DomesticNonfinancialStatistics • July 2002
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 1 — C o n t i n u e d
Billions of dollars; quarterly data at seasonally adjusted annual rates
2001

2000
Transaction category or sector

1996

1997

1998

1999

2002

2000
Q3

Q4

Qlr

Q2'

Q3'

Q4'

Ql

All sectors
52 Total net borrowing, all sectors
53
54
55
56
57
58
59
60

Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit

l,372.0 r

1,538.7

2,173.4 r

2,181.7 r

l,744.3 r

1,693.4'

l,787.8 r

1,845.5

1,728.8

2,334.2

2,088.5

1,982.1

102.6
376.3'
2.6
361.3
92.1
57.7
288.2
91.3

184.1
236.0
71.4
430.8
128.2
93.2
337.4
57.5

193.1
418.3
96.8
563.7
145.0
166.3
515.2'
75.0

229.9
520.7
68.2
465.0
68.9
158.5
571.0'
99.5

207.5
137.6
35.3
402.2
114.1
142.7
565.8'
139.0

169.7
288.6
31.0
445.2
52.2
-16.8
569.8'
153.8

199.3
282.2
60.1
388.3
67.1
115.8
544.2'
130.7

-360.2
428.2
110.7
870.2
24.6
83.6
544.0
144.5

-225.5
418.5
112.4
591.9
-161.5
107.9
809.0
76.0

-179.3
1,074.1
56.0
435.8
-8.0
139.2
745.9
70.6

107.6
574.2
191.1
646.2
-179.0
-127.1
725.6
149.9

-333.5
804.8
78.7
675.6
1.7
-23.4
698.3
79.9

Funds raised through mutual funds and corporate equities
61 Total net issues

232.9

185.3'

113.7

156.6

193.3'

224.7 r

-35. R

240.0

411.7

94.6

395.2

389.8

62 Corporate equities
Nonfinancial corporations
63
64
Foreign shares purchased by U.S. residents
65
Financial corporations
66 Mutual fund shares

-4.7
-69.5
82.8
-18.1
237.6

-79.9
-114.4
57.6
-23.0'
265.1

-165.8
-267.0
101.3
-.1
279.5

-34.6
-143.5
114.4
-5.5'
191.2

-41.7'
-159.7
99.7
18.3'
235.0

-50.4'
-87.8
61.1
-23.7'
275.1

-184.6'
-367.5
89.4
93.4'
149.5

143.2
-25.2
109.2
59.1
96.8

128.7
-70.9
220.3
-20.7
283.0

-67.9
-126.4
36.6
22.0
162.5

131.7
-7.3
74.7
64.3
263.6

31.5
20.2
-26.6
37.9
358.3

1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
F.2 through F4. For ordering address, see inside front cover.




Flow of Funds
1.58

A3 7

SUMMARY OF FINANCIAL TRANSACTIONS1
Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates

1996

1997

1998

1999

2002

2001

2000
Transaction category or sector

2000
Q3

Q4

Ql'

Q2'

Q3'

Q4'

QL

N E T LENDING IN CREDIT MARKETS 2

1 Total net lending in credit markets
7 Domestic nonfederal nonfinancial sectors
3
Household
Nonfinancial corporate business
4
Nonfarm noncorporate business
State and local governments
6
7 Federal government
8 Rest of the world
9 Financial sectors
10
Monetary authority
Commercial banking
11
17
U.S.-chartered banks
Foreign banking offices in United States
N
Bank holding companies
14
IS
Banks in U.S.-affiliated areas
16
Savings institutions
Credit unions
17
18
Bank personal trusts and estates
19
Life insurance companies
Other insurance companies
70
71
Private pension funds
77
State and local government retirement funds
73
Money market mutual funds
74
Mutual funds
75
Closed end funds
7.6
Government sponsored enterprises
Federally related mortgage pools
77
78
Asset-backed securities issuers (ABSs)
79
Finance companies
30
Mortgage companies
31
Real estate investment trusts (REITs)
37
Brokers and dealers
Funding corporations
33

l,372.0 r

1,538.7

2,173.4r

2,181.7'

l,744.3 r

1,693.4'

1,787.8'

1,845.5

1,728.8

2,334.2

2,088.5

1,982.1

13.9'
113.9r
-10.2
4.0r
-33.7
-7.2
414.4
890.9
12.3
187.5
119.6
63.3
3.9
.7
19.9
25.5
-7.7
69.6
22.5
-4.1
35.8
88.8
48.9
4.6
97.4
141.0
120.5
18.9
8.2
4.4
-15.7
12.6

-22.2
-12.2'
-12.7
2.6'
.1
5.1
311.3
1,244.5
38.3
324.3
274.9
40.2
5.4
3.7
-4.7
16.8
-25.0
104.8
25.2
47.6
67.1
87.5
80.9
-2.5'
106.6
114.6
163.8
23.1
-9.1
20.2
14.9
50.4

173.2'
41.4'
-16.0
13.3'
134.5
13.5
254.2
1,732.5
21.1
305.2
312.0
-11.9
-.9
6.0
36.1
19.0
-12.8
76.9
5.8
-22.8
72.1
244.0
127.3
5.5
314.6
192.6
281.7
77.3
3.2
-5.1
6.8
-15.8

208.6'
198.8'
-15.6'
-3.0'
28.4'
5.8
208.8
1,758.5'
25.7
308.2
317.6
-20.1
6.2
4.4
68.6
27.5
27.8
53.5
-3.0
10.8'
46.9
182.0
48.4
7.4
291.7
273.8
205.2
97.0
.3
-2.6
-34.7
124.1'

-160.2'
-175.7'
17.5'
-1.2'
-.8'
7.3
279.3
1,617.8'
33.7
358.4
339.8
24.0
-12.2
6.7
56.5
30.5
17.1
57.9
-8.7
39.2'
54.6
143.0
21.0
-4.7'
250.9
199.4
166.4
108.0
.2
-6.3
68.9
31.8'

-240.8'
-211.2'
-5.4'
2.2'
-26.4'
4.5
216.2
1,713.5'
39.1
363.2
324.8
32.8
-6.7
12.3
62.7
21.2
17.6
74.8
6.2
56.1'
37.6
256.1
50.2
-4.7'
228.6
236.7
120.9
102.8
-.5
-3.6
152.1
-103.5'

-251.4'
-176.2'
-77.1'
-.2'
2.V
10.6
387.8
1,640.8'
-.9
157.0
75.3
81.1
-3.2
3.8
42.5
33.6
18.1
38.8
-11.7
26.0'
86.1
272.7
57.8
-4.7'
318.8
309.1
278.9
36.2
2.0
-2.8
-69.0
52.3'

-193.3
-269.6
31.6
3.2
41.5
4.6
410.6
1,623.6
53.7
138.4
93.5
41.3
7.3
-3.6
52.5
23.2
10.7
95.3
2.1
24.5
-70.7
328.2
78.1
-1.7
311.8
170.3
269.8
-.9
1.4
4.0
310.9
-178.1

-268.6
-261.5
17.4
.3
-24.8
9.4
349.2
1,638.9
26.4
148.8
194.5
-48.6
-2.8
5.6
57.3
7.6
13.4
124.9
.1
50.8
77.0
164.7
165.7
-1.7
321.3
406.2
150.0
126.7
1.1
1.1
14.0
-216.6

-85.7
-53.3
-25.3
3.3
-10.4
3.6
389.0
2,027.3
8.7
253.3
233.9
16.5
-1.4
4.2
-8.3
61.7
8.8
179.3
5.1
30.2
-74.2
379.1
103.7
-1.7
264.6
492.2
297.6
-42.0
1.7
7.8
236.0
-176.2

-255.0
-257.3
-50.7
2.0
51.0
6.9
563.2
1,773.4
70.5
282.8
246.2
3.4
13.6
19.6
66.3
61.8
8.6
107.1
32.8
18.7
7.3
112.2
156.6
-1.7
314.5
285.3
337.8
-17.0
1.2
14.0
-94.9
9.6

304.8
227.6
32.4
3.3
41.4
-7.5
271.4
1,413.5
98.7
182.9
163.4
1.2
12.0
6.3
17.6
54.7
6.1
152.4
36.3
-40.8
76.8
-294.3
262.2
-1.7
283.7
501.5
345.2
-143.2
1.6
16.5
-248.7
105.9

l,372.0 r

1,538.7

2,173.4r

2,181.7r

1,744.3'

l,693.4 r

1,787.8'

1,845.5

1,728.8

2,334.2

2,088.5

1,982.1

-6.3
-.5
.5
85.9
-51.6
15.7
97.2
114.0
145.4
41.4
-4.7
237.6
123.3
52.4
44.5
148.3
19.5
-5.3
5.5'
526.1

.7
-.5
.5
107.7
-19.7
41.2
97.1
122.5
155.9
120.9
-79.9
265.1
139.7
111.0
59.3
201.4
22.3
-49.9
-40.7'
493.6

6.6
.0
.6
6.5
-32.3
47.4
152.4
92.1
287.2
91.3
-165.8
279.5
107.8'
103.3
48.0
217.1'
19.6'

-.4
-4.0
2.4
120.8
13.6
-71.5
190.7
118.4
233.3
110.7
-41.7'
235.0
169.1'
146.1
50.2
215.6'
21.7
-29.7
-2.5'
1,139.1'

.7
-4.0
4.2
24.4
5.0
224.5
152.9
250.9
277.1
-50.4'
275.1
137,1'
97.5
53.0
219.9'
4.1
-29.2
26.6'
1,507.0'

4.9
-4.0
.0
207.4
18.0
-50.2
310.8
65.2
371.0
-265.4
-184.6'
149.5
116.5'
74.4
47.3
147.9'
25.4
-28.0
-6.7'
832.2'

-1.5
.0
-1.1
235.5
-162.9
184.2
280.2
128.1
621.6
-86.6
143.2
96.8
74.7
-85.4
52.7
244.8
.5
-26.1
-20.8
1,069.2

4.7
.0
1.1
-170.2
-4.9
82.8
202.6
53.9
322.3
168.7
128.7
283.0
-89.4
-83.3
53.2
169.0
16.2
-22.7
-3.5
1,048.9

13.7
.0
.0
140.1
56.6
244.9
231.4
29.4
367.7
240.7
-67.9
162.5
-16.9
546.9
80.2
235.2
106.4
-28.2
-26.3
908.8

.2
.0
.0
132.2
87.4
288.6
338.0
46.0
402.7
-156.8
131.7
263.6
-388.3
72.6
176.2
-66.1
-28.2
4.4
-102.4

-1.8
.0
.0
-25.0
-18.9
28.6
277.8
274.1
-260.8
-127.8
31.5
358.3
87.2
-234.8
57.4
169.6
26.1
-31.0

-57.8'
978.7'

-8.7
-3.0
1.0
61.0
18.4
151.4
44.7
130.6
249.1
169.7
-34.6
191.2
270.5'
104.3
50.8
181.4'
23.2'
-6.5
-38.1'
997.0'

2,961.1'

3,287.1r

4,313.7r

4,735.1r

4,361.1'

4,829.1'

3,619.5'

4,592.5

3,889.9

5,559.4

3,178.9

3,112.4

59.4
-3.3
2.4
23.1
-173.7'

-.2
106.2
-19.9
63.2
28.0
-244.7'

-.1
-8.5
3.4
57.7
19.7
-161.6'

-.7
42.6'
3.5
35.6'
6.5
-355.4'

-1.2
56.3'
17.4
117.1'
14.1
-332.5'

.9
-100.2'
-12.1
170.4'
-1.8
-65.4'

-3.3
194.6'
51.1
-295.7'
44.1
-427.4'

-3.6
169.5
25.9
-262.7
-2.4
-102.5

-.5
-154.3
4.5
171.6
-16.8
^16.4

-1.4
143.2
7.1
18.9
4.1
266.8

.0
70.5
33.3
-125.2
11.9
-315.2

-.7
18.2
24.1
-40.3
25.1
-138.0

.5
-4.0
-25.4

-2.7
-3.9
-29.2

2.6
-3.1
-40.9'

-7.4
-.8
7.2'

9.0
1.7
14.0'

3.0
1.9
-26.6'

-2.1
2.4
73.3'

63.1
3.8
-9.9

3.5
3.9
-38.0

5.7
5.1
-34.6

-56.6
5.5
-23.2

193.3
6.4
-39.2

3,082.7*

3,390.1T

4,444.6'

5,004.0'

4,465.2'

4,859.0'

3,982.6'

4,711.3

4,332.4

5,144.6

3,577.8

3,063.7

RELATION OF LIABILITIES
TO FINANCIAL ASSETS

34 Net flows through credit markets
35
36
37
38
39
40
41
47

43
44
45
46
47
48
49
50
51

52
53
54

Other financial sources
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
Net interbank transactions
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements
Corporate equities
Mutual fund shares
Trade payables
Security credit
Life insurance reserves
Pension fund reserves
Taxes payable
Investment in bank personal trusts
Noncorporate proprietors' equity
Miscellaneous

55 Total financial sources
56
57
58
59
60
61

Liabilities not identified as assets (—)
Treasury currency
Foreign deposits
Net interbank liabilities
Security repurchase agreements
Taxes payable
Miscellaneous

Floats not included in assets (—)
62 Federal government checkable deposits
63 Other checkable deposits
64 Trade credit
65 Total identified to sectors as assets

-.4

—41.8

1. Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables
F. 1 and F.5. For ordering address, see inside front cover.




-W.8

2. Excludes corporate equities and mutual fund shares.

-111.2

-.1

520.0

A38
1.59

DomesticNonfinancialStatistics • July 2002
SUMMARY OF CREDIT MARKET DEBT OUTSTANDING1
Billions of dollars, end of period
2000
Q3

2001
Q4

2002

Ql

Q2

Q3'

Q4'

Ql

Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors
By sector and instrument
2 Federal government
3
Treasury securities
4
Budget agency securities and mortgages
5 Nonfederal

16,287.1 r

17,391.1'

18,272.0'

17,991.7'

18,272.0'

18,509.5'

18,680.6'

18,995.3

19,376.3

19,606.1

3,804.8
3,778.3
26.5

3,752.2
3,723.7
28.5

3,681.0
3,652.7'
28.3

3,385.1'
3,357.8
27.3

3,410.1'
3,382.5'
27.6

3,385.1'
3,357.8
27.3

3,408.8
3,382.0'
26.8

3,251.4
3,224.3'
27.0

3,320.0
3,293.0
27.0

3,379.5
3,352.7
26.8

3,430.3
3,404.0
26.3

15,244.2'
r

11,439.4

12,534.9'

13,710.2'

14,886.9'

14,581.6'

14,886.9'

15,100.7'

15,429.3'

15,675.3

15,996.8

16,175.8

7
8
9
10
11
12
13
14
15
16

By instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit

168.6
1,367.5
1,610.9
1,040.4
825.1
5,155.4
3,978.3
285.7
801.4
90.0
1,271.6

193.0
1,464.3
1,829.6
1,148.5
907.2
5,645.8'
4,365.5'
307.9 r
875.9r
96.6
1,346.6

230.3
1,532.5
2,059.5
1,231.2
964.5
6,246.0'
4,790.2'
344.5'
1,009.0'
102.3
1,446.1

278.4
1,567.8
2,230.6
1,334.2
1,077.1
6,805.7'
5,206.8'
379.0'
1,111.1'
108.8
1,593.1

307.0
1,550.3
2,186.7
1,311.3
1,039.5
6,667.3'
5,106.4'
369.0'
1,083.6'
108.3
1,519.6

278.4
1,567.8
2,230.6
1,334.2
1,077.1
6,805.7'
5,206.8'
379.0'
1,111.1'
108.8
1,593.1

253.2
1,597.5
2,330.4
1,321.3'
1,083.2
6,929.7'
5,299.2'
388.7'
1,131.8'
110.0'
1,585.3

223.3
1,629.8
2,435.3
1,292.7'
1,110.6
7,129.4'
5,457.7'
398.9'
1,159.8'
113.1
1,608.1

201.3
1,635.3
2,482.3
1,283.8
1,116.8
7,325.3
5,601.4
412.9
1,196.3
114.7
1,630.5

190.1
1,685.4
2,563.2
1,247.5
1,096.8
7,510.5
5,740.1
425.9
1,228.3
116.2
1,703.3

167.5
1,707.5
2,621.6
1,233.6
1,099.9
7,667.6
5,872.7
433.5
1,243.6
117.9
1,678.1

17
18
19
20
21
22

By borrowing sector
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local government

5,556.9
4,763.0
3,383.1
1,224.0
155.9
1,119.5

6,011.4'
5,323.7r
3,776. l r
l,383.7 r
163.9
1,199.8

6,513.3'
5,944.7'
4,209.3'
1,566.1'
169.4
1,252.1

7,078.3'
6,529.3'
4,612.3'
1,736.8'
180.2
1,279.3

6,903.8'
6,414.7'
4,540.8'
1,696.0'
177.9
1,263.1

7,078.3'
6,529.3'
4,612.3'
1,736.8'
180.2
1,279.3

7,144.5'
6,648.8'
4,691.6'
1,777.5'
179.7
1,307.5

7,319.5'
6,771.9'
4,766.7'
1,820.1'
185.2
1,337.8

7,491.8
6,842.9
4,799.6
1,857.4
185.9
1,340.6

7,692.9
6,921.3
4,840.1
1,893.6
187.6
1,382.5

7,800.1
6,974.4
4,866.2
1,921.4
186.9
1,401.2

23 Foreign credit market debt held in
United States

608.0

651.5

679.6

746.7

731.0

746.7

747.5 r

733.2'

710.2

712.9

725.6

24
25
26
27

65.1
427.7
52.1
63.0

72.9
462.6
58.9
57.2

89.2
479.4
59.4
51.7

120.9
504.6
70.7
50.5

109.8
502.4
67.7
51.2

120.9
504.6
70.7
50.5

112.8
512.9'
74.1'
47.7

110.1
509.0'
66.2
47.9

106.3
489.3
67.3
47.3

106.7
496.1
63.2
46.8

123.6
492.1
66.8
43.2

19,257.0'

19,413.9'

19,705.4

20,089.1

20,331.7

6

Commercial paper
Bonds
Bank loans n.e.c
Other loans and advances

28 Total credit market debt owed by nonfinancial
sectors, domestic and foreign

15,852.2r

16,938.6 r

18,070.8'

19,018.7'

18,722.7 r

19,018.7'

Financial sectors
29 Total credit market debt owed by
financial sectors

5,458.0

6,545.2

7,629.6

8,457.1

8,190.8

8,457.1

8,657.0'

8,856.1'

9,126.5

9,383.8

9,603.3

30
31
32
JJ
34
35
36
37
38
39

By instrument
Federal government-related
Government-sponsored enterprise securities . . .
Mortgage pool securities
Loans from U.S. government
Private
Open market paper
Corporate bonds
Bank loans n.e.c
Other loans and advances
Mortgages

2,821.1
995.3
1,825.8
.0
2,636.9
745.7
1,568.6
77.3
198.5
46.8

3,292.0
1,273.6
2,018.4
.0
3,253.2
906.7
1,878.7
107.5
288.7
71.6

3,884.0
1,591.7
2,292.2
.0
3,745.6
1,082.9
2,096.9
93.2
395.8
76.7

4,317.4
1,825.8
2,491.6
.0
4,139.7
1,210.7
2,314.8
93.0
438.3
82.9

4,164.0
1,749.7
2,414.3
.0
4,026.7
1,151.6
2,269.7
92.8
430.2
82.5

4,317.4
1,825.8
2,491.6
.0
4,139,7
1,210.7
2,314.8
93.0
438.3
82.9

4,422.9
1,888.7
2,534.2
.0
4,234.1'
1,180.8
2,424.0'
97.3
450.9
81.1

4,591.6'
1,955.8
2,635.7'
.0
4,264.6
1,144.5
2,483.9
100.4
450.7
85.1

4,796.2
2,037.4
2,758.8
.0
4,330.3
1,110.2
2,568.1
100.2
467.2
84.6

4,944.1
2,114.0
2,830.1
.0
4,439.7
1,148.8
2,626.7
106.8
473.2
84.2

5,117.3
2,161.8
2,955.5
.0
4,485.9
1,090.9
2,741.8
105.0
462.4
85.9

40
41
42
43
44
45
46
47
48
49
50
51
52

By borrowing sector
Commercial banks
Bank holding companies
Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
Issuers of asset-backed securities (ABSs)
Brokers and dealers
Finance companies
Mortgage companies
Real estate investment trusts (REITs)
Funding corporations

140.6
168.6
160.3
.6
1.8
995.3
1,825.8
1,076.6
35.3
568.3
16.0
96.1
372.6

188.6
193.5
212.4
1.1
2.5
1,273.6
2,018.4
1,398.0
42.5
625.5
17.7
158.8
412.6

230.0
219.3
260.4
3.4
3.2
1,591.7
2,292.2
1,621.4
25.3
695.7
17.8
165.1
504.0

266.7
242.5
287.7
3.4
2.5
1,825.8
2,491.6
1,829.6
40.9
776.9
17.9
167.8
503.7

265.2
236.9
276.0
3.1
2.7
1,749.7
2,414.3
1,742.3
42.6
761.8
17.7
169.8
508.7

266.7
242.5
287.7
3.4
2.5
1,825.8
2,491.6
1,829.6
40.9
776.9
17.9
167.8
503.7

273.8
266.5
295.1
3.2
1.9
1,888.7
2,534.2
1,893.7
35.0
756.2
18.1
166.2
524.3'

274.7
269.0
294.4
3.5
1.9
1,955.8
2,635.7'
1,942.4
43.9
769.0
18.2
168.9
478.6

281.4
272.7
305.6
3.8
2.8
2,037.4
2,758.8
2,025.5
47.1
771.2
18.5
168.3
433.6

296.0
266.1
295.1
4.9
3.1
2,114.0
2,830.1
2,117.8
42.3
777.0
18.6
170.2
448.5

295.8
269.4
280.4
5.5
3.7
2,161.8
2,955.5
2,200.1
39.7
759.1
18.8
172.1
441.3

All sectors
53 Total credit market debt, domestic and foreign .
54
55
56
57
58
59
60
61

Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c
Other loans and advances
Mortgages
Consumer credit

21,310.2'

23,483.8 r

25,700.4'

27,475.8'

26,913.5'

27,475.8'

27,914.0'

28,270.0'

28,831.9

29,472.9

29,934.9

979.4
6,625.9r
1,367.5
3,607.2
1,169.8
1,086.6
5,202.2
1,271.6

1,172.6
7,044.2 r
1,464.3
4,170.8
1,314.9
1,253.0
5,717.4'
1,346.6

1,402.4
7,564.9'
1,532.5
4,635.8
1,383.8
1,412.0
6,322.8'
1,446.1

1,610.0
7,702.5'
1,567.8
5,050.0
1,497.9
1,565.9
6,888.6'
1.593.1

1,568.3
7,574.2
1,550.3
4,958.7
1,471.7
1,520.9
6,749.8'
1,519.6

1,610.0
7,702.5'
1,567.8
5,050.0
1,497.9
1,565.9
6,888.6'
1,593.1

1,546.8
7,831.7
1,597.5
5,267.4'
1,492.7'
1,581.8
7,010.8'
1,585.3

1,477.9
7,842.9'
1,629.8
5,428.2'
1,459.2'
1,609.2
7,214.5'
1,608.1

1,417.8
8,116.2
1,635.3
5,539.6
1,451.3
1,631.3
7.410.0
1,630.5

1,445.6
8,323.6
1,685.4
5,686.0
1,417.5
1,616.8
7,594.7
(,703.3

1,382.0
8,547.6
1,707.5
5,855.5
1,405.3
1,605.5
7,753.5
1,678.1

1. Data in this table appear in the Board's Z.l (780) quarterly statistical release, tables L.2
through L.4. For ordering address, see inside front cover.




Flow of Funds
1.60

A3 7

SUMMARY OF FINANCIAL ASSETS AND LIABILITIES'
Billions of dollars except as noted, e n d of p e r i o d

1997

1998

1999

2002

2001

2000
Transaction category or sector

2000
Q3

Q4

Ql'

Q2'

Q3'

Q4'

Ql

CREDIT MARKET DEBT OUTSTANDING 2

1

21,310.2r

25,700.4r

27,475.8r

26,913.5'

27,475.8'

27,914.0

28,270.0

28,831.9

29,472.9

29,934.9

2,945.6'
2,028.9'
257.5
54.2'
605.0
205.4
2,257.3
15,901.9'
431.4
4,031.9
3,450.7
516.1
27.4
37.8
928.5
305.3
207.0
1,751.1
515.3
674.6
632.5
721.9
901.1
98.3
939.4
1,825.8
937.7
568.2
32.1
50.6
182.6
166.7

3,090.5'
2,042.0'
241.5
67.5'
739.4
219.1
2,539.8
17,634.4
452.5
4,335.7
3,761.2
504.2
26.5
43.8
964.6
324.2
194.1
1,828.0
521.1
651.8
704.6
965.9
1,028.4
103.8'
1,253.9
2,018.4
1,219.4
645.5
35.3
45.5
189.4
152.3

3,369.1'
2,310.9'
226.0'
64.4'
767.8'
258.0
2,676.2
19,397.0'
478.1
4,643.9
4,078.9
484.1
32.7
48.3
1,033.2
351.7
222.0
1,886.0
518.2
662.5'
751.4
1,147.8
1,076.8
111.2'
1,545.6
2,292.2
1,424.6
742.5
35.6
42.9
154.7
276.1'

3,171.9'
2,098.1'
243.5'
63.2'
767.0'
265.4
3,004.6
21,033.9'
511.8
5,002.3
4,418.7
508.1
20.5
55.0
1,089.7
382.2
239.1
1,943.9
509.4
701.7'
806.0
1,290.9
1,097.8
106.4'
1,803.7
2,491.6
1,602.9
850.5
35.9
36.6
223.6
307.9'

3,227.0'
2,152.1'
245.4'
63.3'
766.2'
262.7
2,861.7
20,562.1'
511.5
4,931.0
4,368.2
487.5
21.3
54.0
1,082.2
376.0
234.6
1,935.1
512.4
695.2'
784.5
1,212.5
1,087.1
107.6'
1,714.3
2,414.3
1,522.9
830.0
35.4
37.3
243.3
294.9'

3,171.9'
2,098.1'
243.5'
63.2'
767.0'
265.4
3,004.6
21,033.9'
511.8
5,002.3
4,418.7
508.1
20.5
55.0
1,089.7
382.2
239.1
1,943.9
509.4
701.7'
806.0
1,290.9
1,097.8
106.4'
1,803.7
2,491.6
1,602.9
850.5
35.9
36.6
223.6
307.9'

3,097.7
2,024.9
231.4
64.0
777.4
266.6
3,112.9
21,436.8
523.9
5,012.1
4,420.8
515.0
22.3
54.1
1,101.6
386.5
241.8
1,967.2
510.0
707.9
788.3
1,404.2
1,113.9
106.0
1,866.9
2,534.2
1,660.5
848.0
36.2
37.6
317.7
272.4

3,011.3
1,936.2
236.9
64.1
774.1
268.9
3,200.1
21,789.7
535.1
5,044.6
4,463.3
504.2
21.6
55.5
1,116.4
391.8
245.1
1,996.9
510.0
720.6
807.6
1,414.6
1,160.3
105.6
1,948.4
2,635.7
1,703.7
878.5
36.5
37.9
288.4
212.1

2,979.6
1,915.6
230.8
64.9
768.3
269.8
3,294.7
22,287.8
534.1
5,101.2
4,513.5
509.9
21.3
56.5
1,118.4
407.8
247.3
2,044.2
511.3
728.1
789.0
1,498.0
1,188.2
105.2
2,016.0
2,758.8
1,780.0
859.4
36.9
39.8
366.4
157.6

2,970.3
1,886.8
236.7
65.4
781.4
271.6
3,432.6
22,798.5
551.7
5,207.1
4,609.8
511.3
24.7
61.4
1,131.7
420.8
249.5
2,070.5
519.5
732.8
790.9
1,536.9
1,223.8
104.7
2,104.9
2,830.1
1,866.7
867.2
37.2
43.3
340.1
169.1

3,016.6
1,935.2
223.3
66.2
791.9
269.7
3,506.1
23,142.6
575.4
5,227.8
4,629.3
507.8
27.7
63.0
1,134.9
433.1
251.0
2,107.6
528.6
722.6
810.1
1,496.4
1,285.4
104.3
2,161.0
2,955.5
1,942.8
829.0
37.6
47.5
296.4
195.7

23,483.8r

25,700.4'

27,475.8'

26,913.5'

27,475.8'

27,914.0

28,270.0

28,831.9

29,472.9

29,934.9

48.9
9.2
19.3
618.5
219.4
1,286.1
2,474.1
713.4
1,042.5
822.4
2,989.4
469.1
665.0
7,323.4
1,967.3
151.1
942.5
6,731.6

7 Domestic nonfederal nonfinancial sectors
Household
Nonfinancial corporate business
4
Nonfarm noncorporate business
6
State and local g o v e r n m e n t s
7 Federal government
8 R e s t of t h e w o r l d
9 Financial sectors
Monetary authority
10
11 C o m m e r c i a l b a n k i n g
U.S.-chartered banks
V
F o r e i g n b a n k i n g offices in U n i t e d States
N
Bank holding companies
14
S
B a n k s in U.S.-affiliated a r e a s
I ;
Savings institutions
16
Credit unions
17
B a n k personal trusts and estates
18
19
Life insurance companies
?0
Other insurance companies
Private pension funds
71
??
State and local g o v e r n m e n t retirement f u n d s
?3
Money market mutual funds
Mutual funds
74
75
Government-sponsored enterprises
76
77
Federally related mortgage pools
Asset-backed securities (ABSs) issuers
78
79
30
Mortgage companies
31
Real estate i n v e s t m e n t trusts ( R E I T s )
3?
Brokers and dealers
Funding corporations
33

23,483.8r

21,310.2r

Total credit m a r k e t assets

60.1
9.2
19.9
642.3
189.0
1,333.4
2,626.5
805.5
1,329.7
913.7
3,613.1
572.3
718.3
8,209.0
2,075.1'
170.7'
1,001.0
7,643.8'

50.1
6.2
20.9
703.6
205.3
1,484.8
2,671.2
936. L
1,578.8
1,083.4
4,538.5
676.6
783.9
9,065.6'
2,345.6'
193.9'
1,130.4
8,457.3'

46.1
2.2
23.2
824.5
222.6
1,413.3
2,861.9
1,054.5
1,812.1
1,194.1
4,434.6
822.7
819.1
9,075.1'
2,514.6'
215.6'
1,019.4
9,413.2'

44.9
3.2
23.2
772.6
206.0
1,385.7
2,790.9
1,025.9
1,697.8
1,238.6
4,781.6
805.8
818.7
9,340.2'
2,468.7'
214.1'
1,106.7
9,504.7'

46.1
2.2
23.2
824.5
222.6
1,413.3
2,861.9
1,054.5
1,812.1
1,194.1
4,434.6
822.7
819.1
9,075.1'
2,514.6'
215.6'
1,019.4
9,413.2'

42.8
2.2
22.9
883.4
160.5
1,405.0
2,963.3
1,077.4
1,994.7
1,185.0
3,990.4
799.3
823.0
8,596.9
2,508.8
223.3
929.1
9,911.2

43.4
2.2
23.2
840.8
162.5
1,449.4
2,992.4
1,086.9
2,014.8
1,206.1
4,259.5
781.6
840.3
8,861.9
2,482.0
222.5
964.4
10,213.0

49.0
2.2
23.2
875.9
185.4
1,485.5
3,047.7
1,093.9
2,116.1
1,253.6
3,753.1
920.1
847.0
8,298.5
2,491.4
251.4
859.6
10,611.1

46.8
2.2
23.2
908.9
214.9
1,599.2
3,125.0
1,118.9
2,240.7
1,248.3
4,135.5
820.2
871.7
8,682.3
2,478.9
229.8
912.0
10,579.8

45.7
2.2
23.2
902.7
188.8
1,565.6
3,226.0
1,177.6
2,202.6
1,215.9
4,245.8
759.6
886.6
8,763.9
2,477.2
243.9
907.8
10,647.5

RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit m a r k e t d e b t
Other
liabilities
Official foreign exchange
Special drawing rights certificates
Treasury currency
Foreign deposits
N e t interbank liabilities
Checkable deposits and currency
Small time and savings deposits
Large time deposits
M o n e y market fund shares
Security repurchase agreements
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Trade payables

35
36
37
38
39
40
41
4?
43
44
45
46
47
48
49
50
51 I n v e s t m e n t in b a n k p e r s o n a l t r u s t s
52 Miscellaneous
53 Total liabilities

49,803.2r

55,416.3r

61,632.7'

65,244.7r

65,142.8'

65,244.7'

65,433.3

66,716.8

66,996.5

68,711.2

69,417.4

Financial
assets not included
in liabilities
(+)
5 4 G o l d a n d s p e c i a l d r a w i n g rights
55 Corporate equities
5 6 H o u s e h o l d e q u i t y in n o n c o r p o r a t e b u s i n e s s

21.1
13,301.7
4,052.7'

21.6
15,577.3
4,286.9'

21.4
19,581.2
4,537.6'

21.6
17,566.4
4,814.9'

21.4
19,244.2
4,736.3'

21.6
17,566.4
4,814.9'

21.4
15,311.0
4,853.5

21.5
16,240.7
4,876.4

22.0
13,628.2
4,918.6

21.8
15,200.7
4,866.6

21.9
15,222.6
4,885.8

-6.3
535.0
-32.2
172.9
104.2
-1,548.1'

-6.4
542.8
-27.0
230.6
121.2'
-2,248.0'

-7.1
585.7'
-25.5
266.2'
121.9'
-2,837.8'

-8.5
642.1'
-4.3
383.3'
127.7'
-3,299.8'

-7.6
593.4'
-17.6
453.2'
123.8'
-2,788.8'

-8.5
642.1'
-4.3
383.3'
127.7'
-3,299.8'

-9.4
684.5
3.9
340.8
111.9
-3,260.2

-9.5
645.9
5.5
365.9
131.7
-3,208.4

-9.8
681.7
6.0
364.9
148.6
-3,046.6

-9.8
699.4
11.5
347.5
99.9
-3,233.3

-10.0
703.9
20.3
348.2
94.9
-3,208.4

-3.9
23.1
87.0'

-9.9
22.3
95.5'

-2.3
24.0
114.3'

-7.8
15.5
15.2'

-2.3
24.0
114.3'

-2.8
21.1
62.0

-4.8
25.5
27.2

-5.9
19.2
16.4

-14.1
28.6
87.8

32.4
26.3
27.2

76,582.6r

87,561.4'

89,671.1'

90,765.4'

89,671.1'

87,667.3

89,876.3

87,390.9

90,782.7

91,512.8

57
58
SQ
60
61
62

Liabilities
not identified
as assets
Treasury currency
Foreign deposits
Net interbank transactions
Security repurchase agreements
Taxes payable
Miscellaneous

(—)

Floats not included
in assets ( - )
63 Federal government checkable deposits
64 Other checkable deposits
65 Trade credit
66 Totals identified to sectors as assets

-8.1
26.2
126.8
67,808.2r

1. D a t a in t h i s t a b l e a l s o a p p e a r in t h e B o a r d ' s Z . 1 ( 7 8 0 ) q u a r t e r l y s t a t i s t i c a l r e l e a s e , t a b l e s
L . l and L.5. For ordering address, see inside front cover.




2. E x c l u d e s c o r p o r a t e e q u i t i e s a n d m u t u a l f u n d s h a r e s .

A40
2.12

Selected Measures • July 2002
O U T P U T , CAPACITY, A N D C A P A C I T Y U T I L I Z A T I O N 1
Seasonally adjusted
2001
Q2

Q3

2002
Q4

Ql r

2001
Q2

Q3

2002
Q4

Ql

Capacity (percent of 1992 output)

Output (1992=100)

2001
Q2

Q3

2002
Q4

Ql'

Capacity utilization rate (percent) 2

1 Total industry

141.3

139.6

137.2

138.1

182.6

183.2

183.6

184.1

77.4

76.2

74.7

75.0

2 Manufacturing

146.0

144.2

141.9

142.9

193.2

193.6

194.0

194.4

75.6

74.5

73.1

73.5

Primary processing 3
Advanced processing4

168.9
133.3

167.1
131.5

164.5
129.3

167.7
129.3

223.0
176.6

223.8
176.9

224.5
177.2

225.3
177.4

75.8
75.5

74.7
74.3

73.3
73.0

74.4
72.9

5
6
7
8
9
10
11
12
13

Durable goods
Lumber and products
Primary metals
Iron and steel
Nonferrous
Industrial machinery and equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment

181.9
113.2
120.5
117.3
124.6
217.0
509.2
166.8

178.3
115.5
117.8
115.7
120.6
208.8
485.3
169.5

174.1
112.7
109.1
104.0
115.3
202.2
485.7
165.1

176.1
113.1
112.1
108.8
116.3
205.3
500.2
172.3

246.3
148.5
150.8
147.4
155.3
297.3
735.6
220.1

247.5
148.8
150.6
146.8
155.6
298.8
745.4
221.5

248.5
149.1
150.4
146.2
155.8
299.8
752.5
222.9

249.4
149.2
149.4
144.4
155.9
300.3
763.3
224.1

73.8
76.2
79.9
79.6
80.2
73.0
69.2
75.8

72.0
77.6
78.2
78.8
77.5
69.9
65.1
76.5

70.1
75.6
72.6
71.2
74.0
67.5
64.6
74.1

70.6
75.8
75.0
75.4
74.6
68.4
65.5
76.9

99.0

95.9

91.2

86.2

135.3

135.2

135.1

135.1

73.2

71.0

67.5

63.8

14
15
16
17
18
19

Nondurable goods
Textile mill products
Paper and products
Chemicals and products
Plastics materials
Petroleum products

111.5
88.0
108.9
119.6
116.4
115.5

111.0
85.3
108.5
121.1
117.4
113.2

110.2
82.4
105.8
122.4
115.6
113.7

110.5
84.9
104.8
122.6
116.6
115.8

143.0
117.4
138.7
158.3
152.5
122.2

142.9
116.4
138.8
158.5
153.0
122.4

142.9
115.4
139.0
158.6
153.4
122.7

142.9
114.3
139.0
158.8
153.8
122.9

77.9
74.9
78.5
75.6
76.3
94.5

77.7
73.3
78.1
76.4
76.7
92.5

77.1
71.5
76.1
77.2
75.4
92.7

77.3
74.3
75.4
77.2
75.8
94.2

102.9
120.0
123.6

101.8
119.1
122.2

98.6
116.9
121.1

96.1
119.3
122.1

112.0
136.2
135.1

112.2
138.1
137.4

112.6
139.9
139.8

112.9
141.6
141.9

91.8
88.1
91.5

90.7
86.3
88.9

87.6
83.6
86.7

85.1
84.3
86.0

3
4

20 Mining
21 Utilities
22
Electric
Footnotes appear on page A41.




Selected Measures
2.12

A41

OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—Continued
Seasonally adjusted
1973
High

1975
Low

Latest cycle 6

Previous cycle 5
High

Low

High

Low

2001
Apr.

2002

2001
Nov.

Dec.

Jan.

r

Feb.

r

Mar.r

Apr.P

75.5

Capacity utilization rate (percent)2
1 Total industry

89.2

72.6

87.3

71.1

85.4

78.1

77.8

74.7

74.4

74.8

75.0

75.3

2 Manufacturing

88.5

70.5

86.9

69.0

85.7

76.6

76.0

73.2

72.9

73.4

73.4

73.7

73.9

91.8
86.5

67.3
72.5

88.6
86.3

65.7
71.0

88.3
84.2

76.7
76.6

76.4
75.8

73.2
73.1

72.7
73.0

74.0
72.9

74.4
72.8

74.8
73.0

75.0
73.1

Durable goods
Lumber and products
Primary metals
Iron and steel
Nonferrous
Industrial machinery and
equipment
Electrical machinery
Motor vehicles and parts
Aerospace and miscellaneous
transportation equipment. . .

89.2
88.7
100.2
105.8
90.8

68.9
61.2
65.9
66.6
59.8

87.7
87.9
94.2
95.8
91.1

63.9
60.8
45.1
37.0
60.1

84.6
93.6
92.7
95.2
89.3

73.1
75.5
73.7
71.8
74.2

74.4
75.3
80.3
78.5
82.3

70.1
75.4
73.3
73.3
73.3

70.0
75.7
68.9
64.8
73.3

70.5
75.6
74.2
73.7
74.7

70.5
75.4
75.1
76.2
74.0

70.8
76.4
75.8
76.2
75.2

71.0
75.7
76.0
75.9
76.0

96.0
89.2
93.4

74.3
64.7
51.3

93.2
89.4
95.0

64.0
71.6
45.5

85.4
84.0
89.1

72.3
75.0
55.9

74.2
71.0
74.3

67.9
64.5
74.4

66.8
64.5
77.0

68.1
65.1
76.8

68.2
65.5
77.3

68.8
65.9
76.6

68.9
65.7
78.9

78.4

67.6

81.9

66.6

87.3

79.2

73.8

67.3

65.8

64.7

64.0

62.7

61.7

Nondurable goods
Textile mill products
Paper and products
Chemicals and products
Plastics materials
Petroleum products

87.8
91.4
97.1
87.6
102.0
96.7

71.7
60.0
69.2
69.7
50.6
81.1

87.5
91.2
96.1
84.6
90.9
90.0

76.4
72.3
80.6
69.9
63.4
66.8

87.3
90.4
93.5
86.2
97.0
88.5

80.7
77.7
85.0
79.3
74.8
85.1

78.2
76.7
79.8
75.5
76.1
94.4

77.1
71.0
76.4
77.2
75.6
93.0

76.8
71.7
74.1
76.6
72.9
91.4

77.2
72.0
75.6
77.5
75.3
93.5

77.3
74.4
75.0
77.1
75.7
95.3

77.6
76.6
75.5
77.0
76.6
93.9

77.6
76.9
75.3
76.8
75.4
94.2

94.3
96.2
99.0

88.2
82.9
82.7

96.0
89.1
88.2

80.3
75.9
78.9

88.0
92.6
95.0

87.0
83.4
87.1

92.1
89.4
93.2

87.9
83.0
87.1

86.4
82.0
84.8

85.9
82.1
84.8

85.3
84.9
85.9

84.1
85.8
87.4

85.1
86.3
88.4

3
4
6
7
8
9
10
11
12
13
14
15
16
17
18
19

Primary processing 3
Advanced processing 4

20 Mining
21 Utilities
22
Electric

1. Data in this table also appear in the Board's G.17 (419) monthly statistical release. The
data are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7.
The latest historical revision of the industrial production index and the capacity utilization
rates was released in November 2001. The recent annual revision is described in the March
2002 issue of the Bulletin. For a description of the methods of estimating industrial
production and capacity utilization, see "Industrial Production and Capacity Utilization:
Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February
1997), pp. 67-92, and the references cited therein. For details about the construction of
individual industrial production series, see "Industrial Production: 1989 Developments and
Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204.
2. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally
adjusted index of industrial production to the corresponding index of capacity.




3. Primary processing includes textiles; lumber; paper; industrial chemicals; synthetic
materials; fertilizer materials; petroleum products; rubber and plastics; stone, clay, and glass;
primary metals; fabricated metals; semiconductors and related electronic components; and
motor vehicle parts.
4. Advanced processing includes foods, tobacco, apparel, furniture and fixtures, printing
and publishing, chemical products such as drugs and toiletries, agricultural chemicals, leather
and products, machinery except semiconductors and related electronic components, transportation equipment except motor vehicle parts, instruments, and miscellaneous manufacturing.
5. Monthly highs, 1978-80; monthly lows, 1982.
6. Monthly highs, 1988-89; monthly lows, 1990-91.

A42
2.13

Domestic Nonfinancial Statistics • July 2002
INDUSTRIAL PRODUCTION

Indexes and Gross Value1

Monthly data seasonally adjusted

_

Uroup

1992
proportion

2002

2001
2001
avg.
Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.r

Feb.r

Mar.r

Apr."

Index(1992= 100)
MAJOR MARKETS

1 Total index

100.0

140.1

142.0

141.6

140.3

140.4

140.0

138.5

137.7

137.2

136.7

137.6

138.0

138.6

139.2

2 Products
3
Final products
4
Consumer goods, total
5
Durable consumer goods
6
Automotive products
7
Autos and trucks
8
Autos, consumer
9
Trucks, consumer
10
Auto parts and allied goods
11
Other
12
Appliances, televisions, and air
conditioners
13
Carpeting and furniture
14
Miscellaneous home goods
15
Nondurable consumer goods
16
Foods and tobacco
17
Clothing
18
Chemical products
19
Paper products
Energy
20
21
Fuels
22
Residential utilities

60.8
46.3
29.0
5.8
2.5
1.6
0.9
0.7
0.9
3.3

129.4
132.0
120.7
151.3
149.9
160.5
94.0
231.4
133.5
151.5

131.0
134.0
121.3
152.2
149.6
160.1
96.0
228.4
133.5
153.9

130.9
133.9
121.4
154.2
152.8
165.7
97.9
237.9
132.5
154.5

130.0
132.9
121.1
153.2
152.3
163.4
97.2
234.0
135.1
152.9

130.3
133.2
122.2
157.0
161.1
178.3
97.5
264.3
133.9
151.0

129.4
132.0
121.4
154.1
155.6
169.1
90.6
252.6
134.5
151.0

127.7
130.0
119.9
151.8
152.5
163.9
92.7
239.8
134.8
149.8

126.8
129.2
119.6
146.2
145.4
154.5
86.9
226.5
131.3
145.9

126.7
129.4
120.0
152.1
155,4
170.7
94.8
251.5
131.3
146.9

126.5
129.1
120.6
156.2
160.7
177.8
101.1
259.5
133.6
149.7

126.7
129.3
120.6
154.5
158.3
175.0
101.2
253.6
132.0
148.7

127.0
129.4
121.1
155.5
158.2
173.4
110.5
240.6
134.2
151.1

127.7
129.8
121.8
157.1
158.9
173.0
102.3
248.4
136.8
153.8

127.9
130.1
122.1
159.2
163.3
180.5
104.5
261.5
136.0
153.2

0.9
0.8
1.6
23.2
10.4
2.4
4.6
2.9
3.0
0.8
2.1

283.2
119.1
114.2
113.3
108.8
78.3
145.0
105.5
117.4
114.2
119.2

284.0
119.9
117.4
113.9
108.9
82.0
143.4
107.4
118.7
114.6
120.7

292.1
117.7
117.7
113.6
108.6
80.6
145.2
106.7
116.9
115.6
117.2

285.0
118.6
116.2
113.4
108.9
78.2
145.7
106.6
115.8
115.2
115.8

271.7
116.2
117.7
113.9
109.3
79.0
147.5
106.0
116.0
114.3
116.5

289.5
117.6
112.7
113.6
108.7
76.4
146.7
105.7
117.8
112.2
120.5

288.2
118.5
110.5
112.3
107.7
74.8
145.9
105.1
114.8
113.9
115.0

271.9
116.4
109.2
113.1
108.2
74.4
148.5
103.9
116.9
116.1
117.0

280.1
119.2
107.5
112.3
108.6
73.2
148.0
102.1
113.4
115.2
112.0

297.9
118.8
108.0
112.2
109.0
74.7
148.5
100.2
111.6
112.6
110.7

295.1
117.2
108.0
112.6
109.2
75.4
149.4
98.8
113.5
117.4
111.1

303.5
118.9
109.0
112.9
109.8
75.2
147.0
97.5
118.3
116.5
118.9

307.7
120.0
111.8
113.4
110.5
76.4
147.1
97.4
118.5
115.0
120.0

302.5
121.6
111.1
113.4
110.9
76.2
145.9
96.7
119.3
116.6
120.4

23
24
25
26
27
28
29
30
31
32
33

Equipment
Business equipment
Information processing
Computer and office equipment
Industrial
Transit
Autos and trucks
Other
Defense and space equipment
Oil and gas well drilling
Manufactured homes

17.3
13.2
5.4
1.1
4.0
2.5
1.2
1.3
3.4
0.6
0.2

152.3
175.9
279.5
948.2
125.1
127.6
145.8
139.1
74.0
140.2
93.7

157.3
182.1
288.4
970.9
129.1
133.8
148.0
143.1
74.4
152.2
88.6

156.5
181.3
286.8
950.6
129.0
134.5
152.5
139.1
73.5
151.9
91.7

154.1
177.8
279.6
948.7
125.2
133.1
150.5
140.7
73.4
150.4
96.0

152.7
176.1
275.2
934.2
123.1
133.8
157.1
140.8
73.6
147.1
95.4

150.5
173.3
271.9
925.5
122.2
128.7
149.6
139.8
73.5
143.1
97.9

147.1
168.4
266.0
903.0
119.6
124.6
143.6
131.7
73.8
140.4
102.9

145.4
166.9
267.9
913.2
119.4
119.2
136.2
129.2
74.2
127.2
100.2

145.0
167.2
269.1
927.8
118.3
118.6
143.6
134.2
74.3
114.4
99.5

142.7
164.3
265.5
941.2
114.5
118.7
151.4
130.2
74.7
107.8
97.7

143.3
165.3
268.2
969.2
116.1
116.4
150.5
133.1
74.9
107.3
93.1

142.5
164.3
269.0
996.8
113.5
117.0
155.7
130.6
75.0
105.3
89.1

34
35
36

Intermediate products, total
Construction supplies
Business supplies

14.5
5.4
9.1

121.4
137.6
111.9

122.2
139.0
112.2

122.2
138.7
112.4

121.4
138.0
111.6

121.4
137.3
112.0

121.6
138.8
111.3

120.7
138.1
110.4

119.6
134.6
110.7

118.9
134.0
109.8

118.6
135.6
108.6

118.9
136.3
108.5

119.8
137.3
109.4

121.2
139.3
110.5

121.4
138.8
111.1

37 Materials
38
Durable goods materials
39
Durable consumer parts
40
Equipment parts
41
Other
42
Basic metal materials
43
Nondurable goods materials
44
Textile materials
45
Paper materials
46
Chemical materials
47
Other
48
Energy materials
49
Primary energy
50
Converted fuel materials

39.2
20.7
4.0
7.5
9.2
3.1
8.9
1.1
1.8
4.0
2.1
9.6
6.2
3.4

158.0
212.7
155.8
441.8
125.2
113.7
104.2
90.8
108.6
102.8
109.8
103.3
98.8
111.7

160.3
216.4
155.1
452.9
127.9
117.6
104.7
95.0
110.2
101.8
110.6
104.9
99.5
115.7

159.4
216.2
159.6
446.5
127.5
116.7
103.0
90.9
108.3
100.5
109.4
103.8
99.0
113.1

157.4
212.9
157.7
436.1
126.2
115.5
102.2
90.8
104.8
100.3
109.3
103.1
99.5
109.1

157.2
212.6
160.2
429.9
126.4
115.7
102.7
87.6
107.7
100.9
109.7
102.3
98.5
109.0

157.6
212.0
160.8
429.6
125.4
113.6
104.0
90.1
109.5
102.2
109.8
103.0
98.4
111.4

156.5
209.4
155.3
430.4
123.8
113.3
104.2
89.0
110.5
102.1
110.2
103.1
99.4
109.3

155.9
207.9
152.3
431.7
122.5
111.0
104.7
87.2
112.4
103.5
108.8
102.6
98.2
110.9

154.8
206.5
155.0
427.9
120.5
106.7
103.1
84.7
106.9
102.2
110.4
102.6
98.8
109.1

153.6
206.0
157.5
426.7
119.0
101.9
101.1
84.5
103.1
99.3
101.6
97.9
107.9

155.8
209.4
161.4
434.0
120.5
106.9
103.3
84.9
106.9
102.8
110.4
101.6
97.6
108.6

156.6
210.5
161.3
437.9
121.1
107.8
103.5
87.3
105.5
103.3
110.0
102.3
97.4
111.5

157.0
211.4
161.3
441.0
121.7
108.4
103.9
90.2
104.5
104.0
109.9
101.9
96.7
111.8

158.1
212.6
163.7
443.2
121.8
108.4
104.2
90.3
104.6
104.4
110.1
103.5
98.6
112.6

97.3
95.3

139.8
139.0

141.7
141.0

141.1
140.2

139.9
139.0

139.5
138.7

139.4
138.5

138.0
137.2

137.5
136.8

136.6
135.8

135.8
134.9

136.7
135.8

137.2
136.2

137.9
137.0

138.2
137.2

98.4
27.5
26.1

134.2
118.5
121.1

136.0
119.3
121.6

135.7
119.0
122.0

134.4
118.8
121.8

134.6
119.1
122.9

134.1
118.8
121.8

132.8
117.6
120.6

132.0
117.8
119.9

131.5
117.2
120.8

130.9
117.4
121.7

131.7
117.6
121.5

132.1
118.2
121.4

132.6
118.9
122.2

133.1
118.9
122.4

12.0

179.7

186.4

184.9

181.3

178.4

176.2

171.5

170.8

170.1

165.7

167.0

165.1

165.2

164.5

12.0
29.6

146.8
175.7

152.1
178.2

151.7
177.4

148.5
175.0

147.2
175.0

144.7
175.2

140.6
173.7

139.0
173.0

139.1
171.5

136.3
170.3

136.8
173.4

135.5
174.1

134.8
174.8

134.7
175.7

111.2

142.2
142.3
163.9
164.0
270.9
270.5
1,018.9 1,035.8
114.1
113.7
112.5
112.8
151.7
157.8
132.7
134.9
75.8
76.5
104.5
100.7
81.5
81.2

SPECIAL AGGREGATES

Total excluding autos and trucks
52 Total excluding motor vehicles and parts
53 Total excluding computer and office
equipment
54 Consumer goods excluding autos and trucks . .
55 Consumer goods excluding energy
56 Business equipment excluding autos and
trucks
57 Business equipment excluding computer and
office equipment
58 Materials excluding energy
51




Selected Measures
2.13

INDUSTRIAL PRODUCTION

A43

Indexes and Gross V a l u e 1 — C o n t i n u e d

Monthly data seasonally adjusted
1992

Group

SIC

code2

proportion

2002

2001
2001

avg.
Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.'

Feb.'

Mar.'

Apr.f

I n d e x ( 1 9 9 2 = 100)

MAJOR INDUSTRIES
59
60
61
62

100.0

140.1

142.0

141.6

140.3

140.4

140.0

138.5

137.7

137.2

136.7

137.6

138.0

138.6

139.2

85.4
31.0
54.4

144.8
167.9
132.0

146.7
170.1
133.7

146.4
169.4
133.6

145.0
167.3
132.5

145.2
167.4
132.9

144.5
167.3
131.7

142.9
166.6
129.8

142.1
165.6
129.1

142.0
164.4
129.5

141.6
163.5
129.3

142.6
166.6
129.3

142.8
167.7
129.1

143.4
168.8
129.5

143.9
169.5
129.8

44.8
2.1
1.4

179.3
113.0
138.7

182.9
111.8
141.8

182.7
113.7
140.4

180.1
114.2
138.3

180.0
114.0
138.4

178.9
116.2
138.7

176.1
116.4
135.1

173.9
112.8
133.5

174.3
112.4
134.8

174.1
113.0
135.4

175.7
112.9
133.6

175.9
112.6
135.0

176.9
114.0
137.1

177.8
112.9
138.3

333-6,9
34

2.1
3.1
1.8
0.1
1.4
5.0

130.8
116.9
112.6
102.8
122.3
130.4

133.1
121.2
115.8
99.2
127.8
131.0

133.0
120.8
118.4
106.2
124.0
131.0

130.0
119.5
117.7
107.8
122.0
129.5

130.0
119.5
118.8
108.3
120.8
131.1

130.8
117.5
115.7
106.2
119.9
131.0

129.9
116.4
112.7
105.8
121.2
128.7

130.3
113.6
110.4
99.5
117.6
127.5

128.8
110.2
107.1
95.1
114.1
127.2

126.3
103.6
94.6
85.5
114.2
129.1

127.7
111.3
107.1
100.0
116.5
128.7

127.4
112.3
110.0
101.3
115.3
128.1

128.3
112.8
109.4
101.2
117.1
129.4

128.3
112.7
108.2
100.6
118.4
130.5

35

7.8

213.3

220.2

217.0

213.8

210.2

211.0

205.1

202.8

203.4

200.4

204.5

204.8

206.6

207.2

357
36

1.6

1,088.0
504.2

1,112.9
518.8

1,095.1
511.4

1,095.4
497.6

1,074.6
485.9

1,064.8
485.5

1,035.7

1,049.1

1,067.2

1,087.0

1,118.5

1,149.4

1,174.3

1,192.9

130.5
163.2
154.4

133.2
169.7
159.5

131.9
167.7
157.2

134.6
174.6
170.2

131.6
169.9
160.9

484.6
128.5
164.2
156.6

484.8
124.6
157.3
147.4

485.1
127.2
165.9
162.7

487.3
129.1
169.6

494.0
128.2
171.8
167.1

500.0
128.3
173.1
166.9

506.5
126.8
171.9
165.6

508.1
128.7
177.3
172.5

Total index
Manufacturing
Primary processing
Advanced processing

37
371
371PT

4.7

2.5

128.5
162.9
154.1

79
80

Durable goods
Lumber and products
Furniture and fixtures
Stone, clay, and glass
products
Primary metals
Iron and steel
Raw steel
Nonferrous
Fabricated metal products . .
Industrial machinery and
equipment
Computer and office
equipment
Electrical machinery
Transportation equipment . .
Motor vehicles and parts .
Autos and light trucks .
Aerospace and
miscellaneous
transportation
equipment
Instruments
Miscellaneous

372-6,9
38
39

4.7
5.4
1.3

96.3
115.3
117.5

99.9
117.2
120.4

98.9
116.8
119.0

98.3
114.5
119.8

97.1
115.0
120.7

95.7
113.9
116.7

95.0
112.8
114.5

93.8
113.6
113.6

91.0
113.7
110.7

88.9
112.8
114.1

87.4
113.8
114.6

86.5
112.6
115.0

84.8
113.3
118.2

83.4
112.7
119.5

81
82
83
84
85
86
87
88
89
90
91

Nondurable goods
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing . . . .
Chemicals and products . . . .
Petroleum products
Rubber and plastics
Leather and products

40.6
9.6
1.6
1.8
2.2
3.5
6.8
10.0
1.4
3.5
0.3

111.4

20
21
22
23
26
27
28
29
30
31

101.6
121.1
114.3
136.8
63.1

111.8
112.6
94.8
90.4
97.0
110.6
102.5
119.5
115.4
137.9
65.7

111.5
112.8
92.9
86.7
96.5
108.8
102.3
119.9
115.6
137.1
63.6

111.1
112.9
93.8
86.8
94.0
107.1
101.3
119.5
115.5
137.7
62.2

111.5
113.1
95.0
84.3
95.1
108.1
101.1
121.2
114.6
138.0
62.1

111.1
113.0
93.2
85.8
91.2
107.7
100.7
121.2
112.9
137.3
62.8

110.5
111.7
92.7
85.9
89.4
109.7
99.7
121.0
112.1
136.5
61.4

110.8
112.2
92.8
83.0
87.8
108.1
99.8
123.2
114.9
134.4
60.0

110.2
113.0
92.7
81.9
87.3
106.2
98.9
122.4
114.0
133.4
59.2

109.7
114.0
90.8
82.5
88.8
103.1
97.3
121.4
112.2
134.8
58.4

110.3
113.5
93.1
82.5
89.4
105.1
96.6
123.0
114.8
134.7
60.3

110.4
113.7
95.0
85.0
88.7
104.3
96.1
122.4
117.1
135.6
59.5

110.8
114.5
95.3
87.3
90.8
104.9
96.2
122.5
115.5
136.4
59.1

110.9
115.2
94.4
87.3
90.3
104.5
96.2
122.3
115.9
136.6
58.9

6.8
0.4
1.0
4.8

103.1
92.1
114.9
97.6
134.3

103.0
91.3
113.9
97.4
137.1

102.5
88.6
115.9
97.0
133.7

101.9
88.8
111.9
97.0
130.6

101.4
87.9
111.7
96.3
132.2

102.1

0.6

101.3
88.4
111.7
96.1
132.6

91.2
111.7
97.0
131.2

99.5
85.6
106.5
94.8
129.6

99.0
80.0
106.6
94.5
129.5

97.4
80.1
105.8
92.6
129.8

97.0
75.2
104.5
92.0
133.7

96.3
76.3
107.0
90.9
132.7

95.0
76.8
99.0
90.4
131.4

96.0
78.4
101.8
91.2
131.5

7.8
6.2
1.6

119.8
123.1
109.1

121.3
125.2
107.1

119.7
122.8
107.8

119.1
122.9
105.2

118.2
121.0
107.4

121.1
124.5
108.1

118.1
121.0
106.9

119.4
122.3
108.0

116.2
121.8
96.2

115.2
119.3
100.5

115.7
119.8
101.0

120.2
121.9
113.6

121.9
124.6
111.5

123.0
126.6
109.5

80.7

143.9

145.8

145.1

143.7

143.5

143.0

141.7

141.3

140.6

139.7

140.8

140.9

141.7

141.8

83.8

138.0

139.8

139.5

138.1

138.4

137.7

136.2

135.4

135.3

134.8

135.8

135.8

136.5

136.8

5.6

1,048.5

1,089.4

1,065.4

1,036.7

1,006.7

999.5

994.8

1,002.4

1,002.5

1,006.0

1,032.2

1,059.8

1,077.2

1,087.6

81.3

121.2

122.6

122.6

121.5

122.0

121.3

119.9

119.1

118.9

118.4

119.1

119.0

119.4

119.7

79.8

118.2

119.4

119.4

118.5

119.0

118.4

117.0

116.3

116.1

115.7

116.4

116.3

116.8

117.0

63
64
65
66
67
68
69
70
71
72
73
74

75
76
77
78

92 Mining
Metal
93
94
Coal
Oil and gas extraction
95
Stone and earth minerals
96
97 Utilities
98
Electric
Gas
99

'

24
25

32
33
331,2

331PT

10
12
13
14
491.3PT
492,3PT

7.1

9.4

112.9
93.8
86.7
93.1
108.1

172.1

SPECIAL AGGREGATES

100 Manufacturing excluding motor
vehicles and parts
101 Manufacturing excluding
computers and office
equipment
102 Computers, communications
equipment, and
semiconductors
103 Manufacturing excluding
computers and
semiconductors
104 Manufacturing excluding
computers, communications
equipment, and
semiconductors

Gross value (billions of 1996 dollars, annual rates)
MAJOR MARKETS

100.0

2,720.1 2,754.8 2,759.1 2,741.6 2,753.0 2,732.0 2,694.5 2,669.6 2,679.2 2,683.2 2,686.4 2,696.8 2,709.1 2,722.4

106 Final
107
Consumer goods
108
Equipment

77.2
51.9
25.3

2,101.5 2,129.3 2,133.0 2,118.1 2,129.7 2,107.0 2,075.1 2,056.7 2,070.6 2,075.1 2,076.9 2,080.5 2,084.7 2,097.8
1,303.7 1,307.1 1,312.4 1,307.9 1,322.5 1,312.1 1,298.5 1,291.1 1,301.9 1,313.7 1,312.6 1,317.9 1,324.1 1,333.6
823.3
797.4
825.8
811.6
806.5
793.3
753.5
754.4
751.2
773.1
761.0
763.5
757.1
754.5

109 Intermediate

22.8

105 Products, total

618.9

625.7

626.3

623.7

1. Data in this table appear in the Board's G. 17 (419) monthly statistical release. The data
are also available on the Board's web site, http://www.federaireserve.gov/releases/gl7. The
latest historical revision of the industrial production index and the capacity utilization rates
was released in November 2001. The recent annual revision is described in the March 2002
issue of the Bulletin. For a description of the methods of estimating industrial production and
capacity utilization, see "Industrial Production and Capacity Utilization: Historical




623.5

625.0

619.4

612.9

608.8

608.3

609.7

616.5

624.4

624.6

Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February 1997), pp.
67-92, and the references cited therein. For details about the construction of individual
industrial production series, see "Industrial Production: 1989 Developments and Historical
Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204.
2. Standard Industrial Classification.

A44
3.10

International Statistics • July 2002
U.S. INTERNATIONAL T R A N S A C T I O N S

Summary

Millions of dollars; quarterly data seasonally adjusted except as noted1
2000
Item credits or debits

1999

2000

2001

2001
Q4

Ql

Q2

Q3

Q4

-116,324
-100,293
270,131
-370,424
642
1,971
25,703
-23,732
-1,329
-16,673

-112,129
-95,312
268,614
-363,926
^1,991
-3,639
22,698
-26,337
-1,352
-11,826

-107,932
-90,835
258,833
-349,668
-4,967
-3,637
23,451
-27,088
-1,330
-12,130

-98,531
-78,450
243,143
-321,593
-7,412
-6,095
21,974
-28,069
-1,317
-12,669

-98,835
-83,215
234,000
-317,215
-1,744
-378
27,102
-27,480
-1,366
-13,876

-324,364
-261,838
957,353
-1,219,191
-13,613
-8,511
67,044
-75,555
-5,102
-48,913

-444,667
-375,739
1,065,702
-1,441,441
-14,792
-9,621
81.231
-90,852
-5,171
-54,136

11 Change in U.S. government assets other than official
reserve assets, net (increase, - )

2,751

-944

-573

-359

21

-786

21

171

12 Change in U.S. official reserve assets (increase, - )
13
Gold
14
Special drawing rights (SDRs)
15
Reserve position in International Monetary Fund
16
Foreign currencies

8,747
0
10
5,484
3,253

-290
0
-722
2,308
-1,876

-4,911
0
-630
-3,600
-681

-1,410
0
-180
-1,083
-147

190
0
-189
574
-195

-1,343
0
-156
-1,015
-172

-3,559
0
-145
-3,242
-172

-199
0
-140
83
-142

-448,565
-76,263
-85,700
-131,217
-155,385

-579,718
-138,500
-163,846
-124,935
-152,437

-434,079
-104,332
-76,067
-97,661
-156,019

-179,779
-71,574
—44,514
-24,621
-39,070

-243,513
-109,789
-61,011
-31,591
-41,122

-70,228
-105
22,232
-51,109
-41,246

-13,905
59,116
^10,361
10,564
-43,224

-106,432
-53,554
3,073
-25,525
-30,426

22 Change in foreign official assets in United States (increase, +)
23
U.S. Treasury securities
24
Other U.S. government obligations
25
Other U.S. government liabilities 2
26
Other U.S. liabilities reported by U.S. banks 2
27
Other foreign official assets3

43,551
12,177
20,350
-2,855
12,964
915

37,619
-10,233
40,909
-1,987
5,803
3,127

6,092
10,760
20,920
-2,482
-28,825
5,719

-3,573
-13,436
8,196
-293
980
980

4,898
-1,027
3,574
-1,246
2,594
1,003

-20,879
-20,783
9,932
-926
-10,130
1,028

16,877
15,810
-216
119
-817
1,981

5,196
16,760
7,630
-429
-20,472
1,707

28 Change in foreign private assets in United States (increase, +)
29
U.S. bank-reported liabilities4
30
U.S. nonbank-reported liabilities
Foreign private purchases of U.S. Treasury securities, net
31
32
US. currency flows
33
Foreign purchases of other U.S. securities, net
34
Foreign direct investments in United States, net

770,193
54,232
69,075
-20,490
22,407
343,963
301,006

986,599
87,953
177,010
-52,792
1,129
485,644
287,655

889,367
95,214
98,222
15,779
23,783
498,433
157,936

298,894
43,365
48,344
-10,395
6,230
126,643
84,707

342,108
6,890
130,624
656
2,311
148,809
52,818

247,806
44,271
3,375
-8,678
2,772
140,512
65,554

40,841
-59,350
-3,941
-9,459
8,203
82,777
22,611

258,610
103,403
-31,836
33,260
10,497
126,335
16,951

35 Capital account transactions, net 5
36 Discrepancy
37
Due to seasonal adjustment
38
Before seasonal adjustment

-3,491
-48,822

705
696

726
-39,193

-48,822

696

-39,193

184
2,367
3,856
-1,489

173
8,252
9,008
-756

177
-46,815
-1,643
—45,172

182
58,074
-8,580
66,654

194
-58,705
1,214
-59,919

1 Balance on current account
2
Balance on goods and services
3
Exports
4
Imports
5
Income, net
6
Investment, net
Direct
7
8
Portfolio
Compensation of employees
9
10
Unilateral current transfers, net

17 Change in U.S. private assets abroad (increase, - )
18
Bank-reported claims2
19
Nonbank-reported claims
20
U.S. purchase of foreign securities, net
21
U.S. direct investments abroad, net

-417,429
-347,810
1,004,589
-1,352,399
-19,118
-13,754
95,221
-108,975
-5,364
-50,501

MEMO

Changes in official assets
39 U.S. official reserve assets (increase, - )
40 Foreign official assets in United States, excluding line 25
(increase, +)
41 Change in Organization of Petroleum Exporting Countries official
assets in United States (part of line 22)

8,747

-290

-4,911

-1,410

190

-1,343

-3,559

-199

46,406

39,606

8,574

-3,280

6,144

-19,953

16,758

5,625

1,621

11,582

-1,851

164

589

-1,743

-4,045

3,348

1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41.
2. Associated primarily with military sales contracts and other transactions arranged with
or through foreign official agencies.
3. Consists of investments in U.S. corporate stocks and in debt securities of private
corporations and state and local governments.
4. Reporting banks included all types of depository institutions as well as some brokers
and dealers.




5. Consists of capital transfers (such as those of accompanying migrants entering or
leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced
nonfinancial assets.
SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current
Business.

Summary Statistics
3.12

A45

U.S. RESERVE ASSETS
Millions of dollars, end of period
2002

2001
Asset

1998

1999

2000
Oct.

Nov.

Dec.

Ian.

Feb.

Mar.

Apr.

Mayp

1 Total

81,761

71,516

67,647

69,707

69,158

68,654

67,532

67,357

67,574

67,844

69,579

2 Gold stock1
3 Special drawing rights2-3
4 Reserve position in International Monetary
Fund2
5 Foreign currencies4

11,046
10,603

11,048
10,336

11,046
10,539

11,045
10,827

11,045
10,864

11,045
10,774

11,044
10,657

11,044
10,763

11,044
10,809

11,044
10,988

11,044
11,297

24,111
36,001

17,950
32,182

14,824
31,238

17,787
30,048

17,293
29,956

17,854
28,981

17,602
28,229

17,169
28,381

17,078
28,643

16,184
29,628

16,498
30,740

SDR holdings and reserve positions in the IMF also have been valued on this basis since July
1974.
3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year
indicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—
$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.
4. Valued at current market exchange rates.

1. Gold held "under earmark" at Federal Reserve Banks for foreign and international
accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold
stock is valued at $42.22 per fine troy ounce.
2. Special drawing rights (SDRs) are valued according to a technique adopted by the
International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of
exchange rates for the currencies of member countries. From July 1974 through December
1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.

3.13

FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS1
Millions of dollars, end of period

2002

2001
Asset

1998

1999

2000
Oct.

1 Deposits
Held in custody
2 U.S. Treasury securities2
3 Earmarked gold3

Dec.

Jan.

Feb.

Mar.

Apr.

Mayp

167

71

215

75

528

61

162

89

256

Ill

127

607,574
10,343

632,482
9,933

594,094
9,451

599,043
9,099

600,129
9,099

592,630
9,099

592,031
9,098

591,202
9,098

593,865
9,098

589,531
9,091

605,501
9,084

1. Excludes deposits and U.S. Treasury securities held for international and regional
organizations
2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury
securities, in each case measured at face (not market) value.




Nov.

3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not
included in the gold stock of the United States.

A46
3.15

International Statistics • July 2002
SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
2002

2001
Item

1999

2000
Sept.

1 Total
2
3
4
6

1

Nov.

Dec.

Jan.

Feb.'

Mar.P

806,318

By type
Liabilities reported by banks in the United States2
U.S. Treasury bills and certificates3
U.S. Treasury bonds and notes
Marketable
Nonmarketable 4
U.S. securities other than U.S. Treasury securities5
By area
Europe1
Canada
Latin America and Caribbean

7
8
9
10
11
12 Other countries

845,869

852,195

860,445

867,512

857,786

861,508

868,753

867,618

138,847
156,177

144,593
153,010

143,632
153,899

140,003
161,081

130,661
167,562

123,125
161,719

122,181
166,640

133,554
164,076

125,517
161,312

422,266
6,111
82,917

415,964
5,348
126,954

409,872
4,036
140,756

412,111
3,520
143,730

418,377
3,398
147,514

419,438
3,411
150,093

416,438
3,433
152,816

414,261
3,138
153,724

419,515
3,159
158,115

244,805
12,503
73,518
463,703
7,523
4,266

253,592
12,394
76,753
488,170
9,165
5,795

262,503
11,299
75,712
488,485
10,246
3,950

263,750
11,780
77,555
490,897
10,337
6,126

262,119
12,589
77,244
498,815
9,560
7,185

256,404
12,107
77,374
497,333
9,646
4,922

262,573
12,421
74,931
495,025
10,901
5,657

256,438
13,126
74,017
509,774
10,049
5,349

255,772
12,975
72,737
509,721
9,510
6,903

1. Includes the Bank for International Settlements.
2. Principally demand deposits, time deposits, bankers acceptances, commercial paper,
negotiable time certificates of deposit, and borrowings under repurchase agreements.
3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of
zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning
March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity
issue; Argentina, beginning April 1993, 30-year maturity issue.

3.16

Oct.

LIABILITIES TO, AND CLAIMS ON, FOREIGNERS

5. Debt securities of U.S. government corporations and federally sponsored agencies, and
U.S. corporate stocks and bonds.
SOURCE. Based on U.S. Department of the Treasury data and on data reported to the
department by banks (including Federal Reserve Banks) and securities dealers in the United
States, and on the 1994 benchmark survey of foreign portfolio investment in the United
States.

Reported by Banks in the United States1

Payable in Foreign Currencies
Millions of dollars, end of period
2001
Item

1998

1999

2000
Mar.

1 Banks' liabilities
?. Banks' claims
3
Deposits
4
Other claims
5 Claims of banks' domestic customers 2

101,125
78,162
45,985
32,177
20,718

1. Data on claims exclude foreign currencies held by U.S. monetary authorities.




88,537
67,365
34,426
32,939
20,826

77,779
56,912
23,315
33,597
24,411

June

Sept.

Dec.

89,394
73,179
29,902
43,277
21,105

108,418
77,400
32,765
44,635
21,144

93,513
69,068
36,574
32,494
20,885

90,532
75,846
45,382
30,464
17,631

2. Assets owned by customers of the reporting bank located in the United States that
represent claims on foreigners held by reporting banks for the accounts of the domestic
customers.

Nonbank-Reported
3.17

LIABILITIES TO FOREIGNERS

Data

A47

Reported by Banks in the United States1

Payable in U.S. dollars
Millions of dollars, end of period
2002

2001
Item

1999

2000

2001
Nov.

Oct.

Sept.

Jan.

Dec.

Mar.P

Feb.

BY HOLDER AND TYPE OF LIABILITY
1

Total, all foreigners

7 Banks' own liabilities
Demand deposits
3
Time deposits2
4
.1 Other3
Own foreign offices4
6
7 Banks' custodial liabilities5
8
U.S. Treasury bills and certificates6
9
Short-term agency securities1
Other negotiable and readily transferable
10
instruments8
Other
11
9
12 Nonmonetary international and regional organizations
13
Banks' own liabilities
Demand deposits
14
Time deposits2
15
Other3
16

17
18
19
20
21

Banks' custodial liabilities5
U.S. Treasury bills and certificates6
Short-term agency securities7
Other negotiable and readily transferable
instruments8
Other

7.7 Official institutions10
73
Banks' own liabilities
Demand deposits
24
Time deposits2
75
Other3
26
77
78
29
30
31

Banks' custodial liabilities5
U.S. Treasury bills and certificates6
Short-term agency securities7
Other negotiable and readily transferable
instruments8
Other

37 Banks"
33
Banks' own liabilities
Unaffiliated foreign banks
34
35
Demand deposits
Time deposits2
36
Other3
37
38
Own foreign offices4
39
40
41
42
43

Banks' custodial liabilities5
U.S. Treasury bills and certificates6
Short-term agency securities7
Other negotiable and readily transferable
instruments8
Other

44 Other foreigners
45
Banks' own liabilities
Demand deposits
46
47
Time deposits2
Other3
48
49 Banks' custodial liabilities5
50
U.S. Treasury bills and certificates6
Short-term agency securities7
51
Other negotiable and readily transferable
52
instruments8
Other
53

1,408,740

1,511,410

l,618,798 r 1,503,862

1,584,534* 1,655,018* 1,618,798' 1,565,699* 1,599,345* 1,612,956

971,536
42,884
163,620
155,853
609,179

1,077,636
33,365
187,883
171,401
684,987

1,172,303' 1,071,272
33,600'
35,785
154,160'
178,029
199,149'
197,782
785,394'
659,676

1,132,115' 1,194,815' 1,172,303' 1,107,502' 1,131,045' 1,148,277
38,272
34,725'
31,704'
29,735'
33,600'
32,736'
143,946
167,943'
155,530'
151,856'
154,160'
146,489
206,752'
219,037'
208,627'
210,183
199,149'
215,684'
755,876
727,685'
785,523'
785,394'
715,315'
736,136'

437,204
185,676
n.a.

433,774
177,846
n.a.

446,495'
185,925
59,781

432,590
173,237
62,117

452,419
182,927
65,652

460,203'
191,048
59,723

446,495'
185,925
59,781

458,197'
190,033
52,515

468,300'
187,733
66,056

464,679
189,137
63,694

132,617
118,911

145,840
110,088

80,026
120,763'

75,332
121,904

77,465
126,375

79,074
130,358'

80,026
120,763'

80,270
135,379'

81,730'
132,781'

81,903
129,945

15,276
14,357
98
10,349
3,910

12,542
12,140
41
6,246
5,853

10,804
10,166
34
3,755
6,377

13,309
13,075
36
2,299
10,740

10,336
9,773
40
2,827
6,906

11,168
10,332
21
3,133
7,178

10,804
10,166
34
3,755
6,377

17,155
16,227
35
7,581
8,611

15,453
14,553
31
5,482
9,040

12,106
10,914
22
7,023
3,869

919
680
n.a.

402
252
n.a.

638
577
40

234
118
102

563
521
18

836
779
36

638
577
40

928
883
24

900
859
24

1,192
1,105
21

233
6

149

21
0

13

1

1

13
11

17
4

21
0

21
0

17
0

21
45

295,024
97,615
3,341
28,942
65,332

297,603
96,989
3,952
35,573
57,464

284,844
83,524
2,988
19,471
61,065

297,531
101,420
3,038
31,997
66,385

301,084
96,143
2,496
24,275
69,372

298,223
92,346
3,336
18,348
70,662

284,844
83,524
2,988
19,471
61,065

288,821
87,346
2,877
15,141
69,328

297,630'
85,142'
2,150'
16,265
66,727

286,821
80,685
3,285
13,882
63,518

197,409
156,177
n.a.

200,614
153,010
n.a.

201,320
161,719
36,351

196,111
153,899
39,961

204,941
161,081
41,078

205,877
167,562
35,037

201,320
161,719
36,351

201,475
166,640
31,445

212,488
164,076
45,085

206,136
161,312
40,826

41,182
50

47,366
238

2,180
1,070

2,230
21

1,946
836

1,715
1,563

2,180
1,070

2,191
1,199

2,307
1,020

2,785
1,213

900,379
728,492
119,313
17,583
48,140
53,590
609,179

972,932
821,306
136,319
15,522
66,904
53,893
684,987

1,047,154'
907,868'
122,474
13,089
52,910
56,475
785,394'

942,612
800,631
140,955
15,675
64,335
60,945
659,676

1,011,190' 1,070,753' 1,047,154'
921,781'
863,889'
907,868'
136,204
136,258
122,474
13,149
11,166
13,089
61,244
56,132
52,910
63,794
66,977
56,475
727,685'
785,523'
785,394'

989,277'
836,092'
120,777
10,376
51,849
58,552
715,315'

171,887
16,796
n.a.

151,626
16,023
n.a.

139,286'
11,499
2,078

141,981
8,784
2,629

147,301
10,288
2,868

148,972'
10,907
2,470

139,286'
11,499
2,078

153,185'
10,181
2,525

149,871'
10,289
1,916

157,532
10,959
2,423

45,695
109,396

36,036
99,567

21,981
103,728'

24,176
106,392

23,900
110,245

23,384
112,211'

21,981
103,728'

22,959
117,520'

23,694'
113,972'

24,964
119,186

198,061
131,072
21,862
76,189
33,021

228,333
147,201
13,850
79,160
54,191

275,996'
170,745'
17,489'
78,024'
75,232'

250,410
156,146
17,036
79,398
59,712

261,924'
162,310'
16,033'
79,597'
66,680'

274,874'
170,356'
18,219'
77,917'
74,220'

275,996'
170,745'
17,489'
78,024'
75,232'

270,446'
167,837'
18,416'
77,285'
72,136'

272,464'
167,423'
17,769'
76,958
72,696'

270,867
171,048
18,625
75,896
76,527

66,989
12,023
n.a.

81,132
8,561
n.a.

105,251
12,130
21,312

94,264
10,436
19,425

99,614
11,037
21,688

104,518
11,800
22,180

105,251
12,130
21,312

102,609
12,329
18,521

105,041
12,509
19,031

99,819
15,761
20,424

45,507
9,459

62,289
10,282

55,844
15,965

48,913
15,490

51,606
15,283

53,958
16,580

55,844
15,965

55,099
16,660

55,712
17,789

54,133
9,501

30,345
n.a.

34,217
n.a.

20,440
150,737'

23,228
111,109

22,646
127,386'

22,778
134,672'

20,440
150,737'

22,095
127,852'

22,831
131,331'

21,498
127,160

1,013,798' 1,043,162
885,630
863,927'
129,754
127,791'
16,340
12,786'
47,145
47,784
66,269
67,221
755,876
736,136'

MEMO

54 Negotiable time certificates of deposits in custody for
foreigners
7
55 Repurchase agreements

1. Reporting banks include all types of depository institutions as well as some brokers and
dealers. Excludes bonds and notes of maturities longer than one year.
2. Excludes negotiable time certificates deposit, which are included in "Other negotiable
and readily transferable instruments."
3. Includes borrowing under repurchase agreements.
4. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists
principally of amounts owed to the head office or parent foreign bank, and to foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
5. Financial claims on residents of the United States, other than long-term securities, held
by or through reporting banks for foreign customers.




6. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official
institutions of foreign countries.
7. Data available beginning January 2001.
8. Principally bankers acceptances, commercial paper, and negotiable time certificates of
deposit.
9. Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. Excludes "holdings of
dollars" of the International Monetary Fund.
10. Foreign central banks, foreign central governments, and the Bank for International
Settlements.
11. Excludes central banks, which are included in "Official institutions."

A48
3.17

International Statistics • July 2002
LIABILITIES TO FOREIGNERS

Reported by Banks in the United States1—Continued

Payable in U.S. dollars
Millions of dollars, end of period
2001

Item

1999

2000

2002

2001

Sept.

Oct.

Dec.

Nov.

Jan.'

Feb.'

Mar/

AREA OR COUNTRY
5 6 Total, all foreigners
5 7 Foreign countries
5 8 Europe
59
Austria
60
Belgium 12
61
Denmark
62
Finland
63
France
64
Germany
65
Greece
66
Italy
67
Luxembourg' 2
68
Netherlands
69
Norway

70
71
72

73
74

75
76

77
78
79

Portugal
Russia
Spain
Sweden
Switzerland
Turkey
United Kingdom
Channel Islands and Isle of Man 13
Yugoslavia 14
Other Europe and other former U.S.S.R. 15

80 Canada

1,408,740

1,511,410

1,393,464

1,498,867

441,810
2,789
44,692
2,196
1,658
49,790
24,753
3,748
6,775

446.788
2,692
33,399
3,000
1,411
37,833
35,519
2,011
5,072

n.a.
8,143
1,327
2,228
5,475
10,426
4,652
63,485
7,842
172,687

n.a.

n.a.
7,047
2,305
2,403
19,018
7,787
6,497
74,635
7,548
167,757

n.a.

286

276

28,858

30,578

l,618,798 r 1,503,862

1,584,534' 1,655,018' l,618,798 r 1,565,699

1,599,345

1,612,956

1,574,197' 1,643,850' 1,607,994' 1,548,544

1,583,892

1,600,850

503,119
2,999
6,573
3,149
1,372
45,102
23,794
2,706
5,597
15,100
13,354
4,976
4,369
19,776
12,618
3,104
80,813
8,088
169,333
36,474
298

516,860
3,050
6,567
2,970
1,159
41,172
23,740
2,856
5,109
14,727
13,879
4,871
4,799
20,841
10,233
3,700
94,679
10,541
170,171
37,226
317

519,149
3,146
7,930
2,878
1,682
35,113
26,106
2,560
5,548
14,278
13,819
7,703
5,416
21,423
9,406
3,412
107,650
10,573
161,436
38,012

43,524

44,253

r

1,490,553

520,874 R
2,919
6,548
3,625
1,445
49,034
22,342
2,303
6,342
16,875
12,404
3,725
4,029
20,782
8,791
3,371
66,380
7,472
204,162 R
36,057
309

416,536
2,491
7,119
3,213
1,276
38,447
20,426
2,414
5,794
15,123
11,164
3,606
2,746
22,942
8,994
3,726
39,735
6,204
139,769
36,072
313

455,810'
2,117
6,960
3,752
1,223
49,059
23,707
2,409
5,445
14,612
12,286
3,145
3,787
23,431
9,785
3,461
39,706
6,749
163,658'
36,392
313

520,372'
2,944
6,640
4,248
1,135
49,692
23,111
2,081
5,913
16,536
13,079
3,056
3,924
21,243
10,595
3,705
81,128
6,822
184,066'
36,161
310

520,874'
2,919
6,548
3,625
1,445
49,034
22,342
2,303
6,342
16,875
12,404
3,725
4,029
20,782
8,791
3,371
66,380
7,472
204,162'
36,057
309

41,959

44,962

43,813

43,983

41,959

l,607,994

296
40,762

34,214

30,982

27,099

26,251

25,522

27,920

27,099

28,003

27,359

27,228

117,495
18,633
12,865
7,008
5,669
1,956
1,626
30,717
4,415
1,142
2,386
20,192
10,886

120,041
19,451
10,852
5,892
4,542
2,112
1,601
32,166
4,240
1,427
3,003
24,730
10,025

117,528 r
10,655'
14,135'
4,929
4,668'
2,377'
1,876
39,630'
3,588
1,350
3.160
24,920'
6,240'

119,664
15,128
17,279
5,746
4,454
2,110
1,451
37,343
3,761
1,450
2,726
21,818
6,398

122,541'
13,407'
16,401'
5,417'
4,589
2,105'
1,851
40,368'
3,741
1,509
3,133
23,590'
6,430'

120,293'
10,783'
14,290'
5,298'
4,643
2,010'
1,934
40,245'
3,524'
1,585
3,300'
26,105'
6,576'

117,528'
10,655'
14,135'
4,929
4,668'
2,377'
1,876
39,630'
3,588
1,350
3,160
24,920'
6,240'

115,702
9,904
13,132
5,275
4,506
2,231
1,861
40,355
3,514
1,341
2,646
24,258
6,679

114,999
10,360
12,874
5,143
4,587
2,363
1,821
40,797

112,538

1,347
2,536
22,952
6,615

1,548
2,876
22,829

94 Caribbean
95
Bahamas
96
Bermuda
97
British West Indies' 7
98
Cayman Islands' 7
99
Cuba
100
Jamaica
Netherlands Antilles
101
102
Trinidad and Tobago
103
Other Caribbean 16

461,200
135,811
7,874
312,278
n.a.
75
520
4,047
595
n.a.

573,337
189,298
9,636
367,197
n.a.
90
794
5,428
894
n.a.

630,940'
179,187
10,423
n.a.
423,644'
88
1,179
3,172'
1,266
11,981r

607,577
178,270
7,887
n.a.
403,425
154
971
4,584
1,415
10,871

649,655'
212,415
9,641
n.a.
406,404'
86
880
6,097'
1,509
12,623'

656,522'
201,674
9,209
n.a.
425,945'
85
930
4,075'
1,768
12,836'

630,940'
179,187
10,423
n.a.
423,644'
88
1,179
3,172'
1,266
11,981'

600,706
156,241
9,573
n.a.
418,101
88
1,106
3,471
1,979
10,147

606,369
147,819
11,183
n.a.
431,520
89

613,421

104 Asia
China
105
Mainland
106
Taiwan
107
Hong Kong
108
India
Indonesia
109
110
Israel
111
Japan
112
Korea (South)
Philippines
113
114
Thailand
115
Middle Eastern oil-exporting countries' 8
Other
116

319,489

305,554

293,969

301,197

301,042

299,103

293,969

12,325
13,603
27,701
7,367
6,567
7,488
159,075
12,988
3,268
6,050
21,314
41,743

16,531
17,352
26,462
4,530
8,514
8,053
150,415
7,955
2,316
3,117
23,763
36,546

10,472
17,562
26,494
3,703
12,381
7,826
155,260
9,014
1,764
4,742
20,022
24,729

16,902
22,276
24,591
4,017
11,903
8,995
149,724
7,733
1,774
3,379
20,936
28,967

17.891
19,194
23,158
3,891
12,351
7,343
160,015
7,725
1,756
3,666
18,443
25,609

12,378
21,116
26,305
3,916
11,758
7,742
157,763
8,098
2,109
4,792
18,620
24,506

10,472
17,562
26,494
3,703
12,381
7,826
155,260
9,014
1,764
4,742
20,022
24,729

9,468
2,022
179
1,495
14
2,914
2,844

10,824
2,621
139
1,010

11,585
3,026
233
751
2
4,456
3,117

12,088
2,910
331
886
4
4,980
2,977

11,222
3,110
344
1,018

4.052
2,998

11,343
2,774
273
833
4
4,372
3,087

9,788
8,377
n.a.
1,411

11,341
10,070
n.a.
1,271

6,241
5,590
239
412

7,743
6,815
437
491

15,276
12,876
1,150
1,250

12,543
11,270
740
533

10,804
9,305
480
935

13,309
12,224
569
476

81 Latin America
82
Argentina
83
Brazil
84
Chile
85
Colombia
86
Ecuador
87
Guatemala
88
Mexico
89
Panama
90
Peru
91
Uruguay
92
Venezuela
93
Other Latin America 16

117
118
119
120
121
122
123

Egypt
Morocco
South Africa
Congo (formerly Zaire)
Oil-exporting countries' 9
Other

124 Other countries

125
126
127

Australia
New Zealand 20
All other

128 Nonmonetary international and regional organizations
International 2 '
129
130
Latin American regional 22
131
Other regional 23

4

12. Before January 2001, data for Belgium-Luxembourg were combined.
13. Before January 2001, these data were included in data reported for the United
Kingdom.
14. Since December 1992, has excluded Bosnia, Croatia, and Slovenia.
15. Includes the Bank for International Settlements and the European Central Bank. Since
December 1992, has included all parts of the former U.S.S.R. (except Russia), and Bosnia,
Croatia, and Slovenia.
16. Before January 2001, data for "Other Latin America" and "Other Caribbean" were
combined in "Other Latin America and Caribbean."
17. Beginning January 2001, data for the Cayman Islands replaced data for the British
West Indies.




3,604

1,103

3,115

11,622
14,578

5,099
4,159
2,269
1,812
35,700
3,350

6,696

156,001
10,248
n.a.
430,288
89
1,115

1,547

3,757
1,406

9,993

10,517

280,481

299,124

307,285

8,501
16,997
25,221
3,766
11,893
10,727
146,927
6,716
1,910
4,651
17,850
25,322

21,167
21,533
23,698
4,167
11,441
9,433
151,698
6,525
1,429
5,035
16,931
26,067

16,724
20,462
22,830
4,512
11,220
9,600
166,655
5,593
1,530
5,432
18,684
24,043

12,988
4,271
243
1,137
6
4,165
3,166

11,983
3,961
197
928
2
3,763
3,132

12,023
3,857
127
1,060

3,967
2,782

11,343
2,774
273
833
4
4,372
3,087

7,539
6,584
506
449

8,418
7,799
218
401

6,241
5,590
239
412

7,545
6,759
371
415

7,198
6,373
419
406

9,206
8,195
456
555

10,337
8,784
680
822

11,168
9,410
462
1,234

10,804
9,305
480
935

17,155
15,521
443
1,113

15,453
13,714
520
1,140

12,106
9,853
731
1,441

1

1

3,911
3,067

18. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
19. Comprises Algeria, Gabon, Libya, and Nigeria.
20. Before January 2001, these data were included in "All other."
21. Principally the International Bank for Reconstruction and Development. Excludes
"holdings of dollars" of the International Monetary Fund.
22. Principally the Inter-American Development Bank.
23. Asian, African, Middle Eastern, and European regional organizations, except the Bank
for International Settlements, which is included in "Other Europe."

Nonbank-Reported
3.18

BANKS' OWN CLAIMS ON FOREIGNERS

Data

Reported by Banks in the United States'

Payable in U.S. dollars
Millions of dollars, end of period
2002

2001
Area or country

1999

2001

2000

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.P

1 Total, all foreigners

793,139

904,642

l,051,613 r

963,630

1,016,715

1,051,715"

1,051,613"

1,003,222'

1,005,194'

1,050,333

2 Foreign countries

788,576

899,956

l,046,667 r

959,154

1,011,820

1,046,457'

1,046,667'

999,353"

1,001,367"

1,044,820

311,686
2,643
10,193
1,669
2,020
29,142
29,205
806
8,496
n.a.
11,810
1,000
1,571
713
3,796
3,264
79,158
2,617
115,971
n.a.
50
7,562

378,1 15
2,926
5,399
3,272
7,382
40,035
36,834
646
7,629
n.a.
17,043
5,012
1,382
517
2,603
9,226
82,085
3,059
144,938
n.a.
50
8,077

460,970'
5,006
6,339
1,105
10,350
60,670
29,902
330
4,205
1,267
15,927
6,249
1,603
594
3,231
12,544
87,363
2,124
200,921'
4,478
n.a.
6,762

405,920
3,116
4,549
1,804
10,917
51,670
37,770
302
6,598
911
18,412
4,870
1,286
942
4,470
12,067
72,578
2,323
162,534
3,900
4
4,897

433,898
3,848
6,424
933
12,065
60,732
39,605
333
7,750
1,088
17,256
3,617
1,164
863
3,713
11,800
71,968
2,324
178,428
3,783
4
6,200

497,651'
3,412
7,994
2,507
11,010
58,769
36,295
327
6,321
1,392
17,173
4,603
1,709
680
5,398
12,897
121,798
2,243
193,737'
3,819
n.a.
5,567

460,970'
5,006
6,339
1,105
10,350
60,670
29,902
330
4,205
1,267
15,927
6,249
1,603
594
3,231
12,544
87,363
2,124
200,921'
4,478
n.a.
6,762

463,472'
4,063
6,426
1,649
14,431
56,285
31,189
327
4,453
1,601
13,880
4,779
1,969
687
5,363
11,924
95,331
2,147
195,629'
3,747
n.a.
7,592

466,073
3,604
5,603
1,024
14,410
54,467
29,134
348
4,329
2,884
15,151
4,435
1,998
612
4,987
13,260
114,379
2,183
181,818
3,986
n.a.
7,461

486,255
3,895
4,750
1,544
14,469
54,933
33,254
320
5,101
3,366
15,349
7,026
1,795
1,659
4,847
11,903
115,370
2,150
193,825
3,848
n.a.
6,851

25 Canada

37,206

39,837

54,421'

50,327

48,773

50,792'

54,421'

49,967'

52,755

56,736

76 Latin America
27
Argentina
78
Brazil
79
Chile
30
Colombia
31
Ecuador
37
Guatemala
33
Mexico
34
Panama
35
Peru
36
Uruguay
37
Venezuela
38
Other Latin America 6

74.040
10,894
16,987
6,607
4,524
760
1,135
17,899
3,387
2,529
801
3,494
5,023

76,561
11,519
20,567
5,815
4,370
635
1,244
17,415
2,933
2,807
673
3,518
5,065

69,762
10,763
19,434
5,317
3,602
495
1,495
16,522
3,066
2,185
447
3,077
3,359

74,649
12,071
22,449
5,283
3,609
508
1,265
16,896
3,223
2,437
461
3,222
3,225

74,177
11,603
21,427
5,423
3,564
507
1,568
17,272
3,426
2,435
492
3,221
3,239

72,924
11,350
20,453
5,522
3,598
504
1,522
16,996
3,415
2,369
540
3,306
3,349

69,762
10,763
19,434
5,317
3,602
495
1,495
16,522
3,066
2,185
447
3,077
3,359

69,427'
10,444'
19,700
5,200
3,563
465
1,417
17,035
2,765
2,125
437
3,181
3,095

68,791'
10,334'
19,353
5,166
3,547
491
1,651
16,561
2,788
2,090
444'
3,315'
3,051

69,530
9,896
19,834
5,399
3,700
489
1,422
17,088
2,804
2,026
525
3,463
2,884

281,128
99,066
8,007
167,189
n.a.
0
295
5,982
589
n.a.

319,403
114,090
9,260
189,289
n.a.
0
355
5,801
608
n.a.

367,655
101,034
7,900
n.a.
247,086
n.a.
418
6,729
931
3,557

340,772
114,744
7,005
n.a.
204,541
n.a.
369
9,818
940
3,355

360,024
124,546
11,440
n.a.
211,484
n.a.
380
7,647
858
3,669

326,271
97,916
6,015
n.a.
208,198
n.a.
406
9,583
880
3,273

367,655
101,034
7,900
n.a.
247,086
n.a.
418
6,729
931
3,557

327,814
91,440
7,018
n.a.
217,311
n.a.
383
7,599
940
3,123

326,948
90,050
5,633'
n.a.
220,829'
n.a.
384
6,046
955
3,051

342,102
101,809
7,773
n.a.
220,845
n.a.
418
7,137
932
3,188

75,143

77,829

85,882

80,636

87,331

91,337

85,882

80,650

78,905

82,606

2,110
1,390
5,903
1,738
1,776
1,875
28,641
9,426
1,410
1,515
14,267
5,092

1,606
2,247
6,669
2,178
1,914
2,729
34,974
7,776
1,784
1,381
9,346
5,225

2,073
4,407
9,995
1,348
1,752
4,396
34,125
10,622
2,587
2,499
7,882
4,196

3,478
3,195
6,400
1,600
1,944
3,621
32,301
11,852
2,092
1,204
7,943
5,006

4,118
4,244
5,161
1,561
1,965
3,980
39,940
11,137
1,505
1,470
8,290
3,960

4,427
3,897
7,984
1,609
1,935
4,592
34,665
14,742
2,021
1,283
10,088
4,094

2,073
4,407
9,995
1,348
1,752
4,396
34,125
10,622
2,587
2,499
7,882
4,196

3,526
3,422
7,670
1,167
1,768
4,211
30,973
12,689
1,951
1,743
7,559
3,971

2,418
4,101
7,319
1,217
1,644
4,195
30,722
12,745
1,681
745
7,341
4,777

4,161
4,504
6,459
1,224
1,701
2,875
31,288
13,822
2,065
1,467
9,224
3,816

2,268
258
352
622
24
276
736

2,094
201
204
309
0
471
909

2,135
416
106
710
n.a.
167
736

1,877
412
152
492
n.a.
151
670

1,878
381
148
443
n.a.
169
737

2,108
477
116
571
1
179
764

2,135
416
106
710
n.a.
167
736

2,043
324
100
700
n.a.
195
724

1,937
331
97
640
n.a.
201
668

2,073
358
81
735
n.a.
211
688

69 Other countries
70
Australia
New Zealand 10
71
72
All other

7,105
6,824
n.a.
281

6,117
5,868
n.a.
249

5,842
5,455
349
38

4,973
3,980
329
664

5,739
5,402
275
62

5,374
4,964
330
80

5,842
5,455
349
38

5,980
5,336
603
41

5,958
5,207
732
19

5,518
4,746
762
10

11
..
73 Nonmonetary international and regional organizations

4,563

4,686

4,946'

4,476

4,904

5,258

4,946'

3,869'

3,827'

5,513

3 Europe
4
Austria
Belgium 2
6
Denmark
7
Finland
8
France
9
Germany
10
Greece
11
Italy
12
Luxembourg 2
13
Netherlands
14
Norway
Portugal
15
16
Russia
17
Spain
18
Sweden
19
Switzerland
20
Turkey
21
United Kingdom
Channel Islands and Isle of Man 3
22
23
Yugoslavia 4
24
Other Europe and other former U.S.S.R. 5

39 Caribbean
40
Bahamas
Bermuda
41
47
British West Indies 1
43
Cayman Islands 7
44
Cuba
45
Jamaica
46
Netherlands Antilles
47
Trinidad and Tobago
48
Other Caribbean 6
49
50
51
57.
53
54
55
56
57
58
59
60
61

China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea (South)
Philippines
Thailand
Middle Eastern oil-exporting countries 8
Other

67
63
64
65
66
67
68

Egypt
Morocco
South Africa
Congo (formerly Zaire)
Oil-exporting countries 9
Other

1. Reporting banks include all types of depository institutions as well as some brokers and
dealers.
2. Before January 2001, combined data reported for Belgium-Luxembourg.
3. Before January 2001, data included in United Kingdom.
4. Since December 1992, has excluded Bosnia, Croatia, and Slovenia.
5. Includes the Bank for International Settlements and European Central Bank. Since
December 1992, has included all parts of the former U.S.S.R. (except Russia) and Bosnia,
Croatia, and Slovenia.




6. Before January 2001, "Other Latin America" and "Other Caribbean" were reported as
combined "Other Latin America and Caribbean."
7. Beginning 2001, Cayman Islands replaced British West Indies in the data series.
8. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
9. Comprises Algeria, Gabon, Libya, and Nigeria.
10. Before January 2001, included in "All other."
11. Excludes the Bank for International Settlements, which is included in "Other Europe."

A49

A50
3.19

International Statistics • July 2002
Reported by Banks in the United States1

BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS
Payable in U.S. dollars
Millions of dollars, end of period

2001
Sept.

2002

Oct.

Nov.

1,016,715
49,592
699,281
95,647
25,663
69,984
172,195

1,051,715'
56,820
721,650
100,608
29,998
70,610
172,637'

Dec.'

Jan.'

Feb.'

Mar.P

1,003,222
52,943
697,236
98,381
26,926
71,455
154,662

1,005,194
48,557
716,045
91,992
25,841
66,151
148,600

1,050,333
54,050
747,225
94,877
26,129
68,748
154,181

1 Total

944,937

1,095,869

l,253,992 r

1,136,410

2 Banks' claims
Foreign public borrowers
3
4
Own foreign offices2
Unaffiliated foreign banks
6
Deposits
7
Other
All other foreigners
8

793,139
35,090
529,682
97,186
34,538
62,648
131,181

904,642
37,907
630,137
95,243
23,886
71,357
141,355

1,051,613'
49,018'
745,834
100,575
26,189
74,386
156,186'

963,630
45,780
663,840
92,533
20,022
72,511
161,477

151,798
88,006

191,227
100,352

202,379
92,546

172,780
71,537

202,379
92,546

51,161

78,147

94,016

91,408

94,016

12,631

12,728

15,817

9,835

15,817

4,553
n.a.

4,257
n.a.

2,588
137,349'

2,468
111,844

144,250

144,266'

2,588
137,349

118,878

123,049

114,917

31,125

53,153

60,711

54,932

57,698

66,930

60,711

54,563

55,177

61,417

9 Claims of banks' domestic customers 3
10
Deposits
11
Negotiable and readily transferable
instruments4
12
Outstanding collections and other
claims

1,253,992
1,051,613
49,018
745,834
100,575
26,189
74,386
156,186

MEMO

13 Customer liability on acceptances
14 Banks' loans under resale agreements 5
15 Dollar deposits in banks abroad, reported by
nonbanking business enterprises in the
United States6

1. For banks' claims, data are monthly; for claims of banks' domestic customers, data are
for quarter ending with month indicated.
Reporting banks include all types of depository institution as well as some brokers and
dealers.
2. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory
agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists

3.20

BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS

principally of amounts due from the head office or parent foreign bank, and from foreign
branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.
3. Assets held by reporting banks in the accounts of their domestic customers.
4. Principally negotiable time certificates of deposit and bankers acceptances, and commercial paper.
5. Data available beginning January 2001.
6. Includes demand and time deposits and negotiable and nonnegotiable certificates of
deposit denominated in U.S. dollars issued by banks abroad.

Reported by Banks in the United States1

Payable in U.S. dollars
Millions of dollars, end of period
2001
Maturity, by borrower and area 2

1998

1999

2000
Mar.

1 Total
2
3
4
5
6
/

8
9
10
11
12
13
14
15
16
17
18
19

By borrower
Maturity of one year or less
Foreign public borrowers
All other foreigners
Maturity of more than one year
Foreign public borrowers
All other foreigners
By area
Maturity of one year or less
Europe
Canada
Latin America and Caribbean
Asia
Africa
All other 3
Maturity of more than one year
Europe
Canada
Latin America and Caribbean
Asia
Africa
All other 3

Sept.

Dec.

250,418

267,082

274,009

307,564

302,060

298,514

304,595

186,526
13,671
172,855
63,892
9,839
54,053

187,894
22,811
165,083
79,188
12,013
67,175

186,103
21,399
164,704
87,906
15,838
72,068

194,943
23,701
171,242
112,621
24,991
87,630

191,738
26,621
165,117
110,322
25,018
85,304

178,185
19,994
158,191
120,329
24,903
95,426

199,825
27,274
172,551
104,770
21,064
83,706

68,679
10,968
81,766
18,007
1,835
5,271

80,842
7,859
69,498
21,802
1,122
6,771

142,464
8,323
151,840
43,371
2,263
11,717

89,553
7,050
72,242
20,730
970
4,398

80,682
8,624
72,848
24,124
971
4,489

70,700
7,897
75,289
19,381
707
4,211

83,087
10,062
70,419
29,642
1,144
5,471

14,923
3,140
33,442
10,018
1,232
1,137

22,951
3,192
39,051
11,257
1,065
1,672

57,770
3,174
82,684
19,536
1,567
5,954

38,259
3,252
50,151
17,187
763
3,009

39,944
3,995
47,068
15,240
774
3,301

41,594
4,292
52,517
17,491
798
3,637

34,064
3,633
47,237
15,185
769
3,882

1. Reporting banks include all types of depository institutions as well as some brokers and
dealers.




June

2. Maturity is time remaining until maturity,
3. Includes nonmonetary international and regional organizations.

Nonbank-Reported
3.21

CLAIMS ON FOREIGN COUNTRIES

Data

A51

Held by U.S. and Foreign Offices of U.S. Banks1

Billions of dollars, end of period

1997

2001

2000

1999
Area or country

1998
Dec.

Mar.

June

Sept.

Dec.

Mar.

Sept.

June
r

Dec.

721.8

1,051.6

945.5

955.0

991.0

954.4

1,027.3

1,149.3

l,155.1

1,303.3

989.4

242.8
11.0
15.4
28.6
15.5
6.2
3.3
7.2
113.4
13.7
28.6

217.7
10.7
18.4
30.9
11.5
7.8
2.3
8.5
85.4
16.8
25.4

243.4
14.3
29.0
38.7
18.1
12.3
3.0
10.3
79.3
16.3
22.1

272.4
14.2
27.1
37.3
19.9
17.0
3.9
10.1
101.9
17.3
23.5

313.6
13.9
32.6
31.5
20.5
16.0
3.5
13.8
138.2
18.2
25.4

280.3
13.0
29.0
37.6
18.6
17.5
4.3
10.9
112.8
18.5
18.1

300.7
14.2
29.6
45.1
21.3
18.4
3.6
13.2
115.6
16.7
23.0

340.7
15.3
30.1
48.7
20.4
22.3
4.7
13.9
142.0
15.4
28.0

349.8
13.3
36.3
54.5
23.7
18.7
4.7
13.5
129.5
22.0
33.6

306.8
14.6
34.9
43.9
22.8
20.9
5.2
13.0
98.7
21.1
31.8

479.0
19.4
40.0
45.2
21.0
19.5
5.4
12.6
257.3
19.9
38.7

13 Other industrialized countries
Austria
14
Denmark
15
16
Finland
17
Greece
18
Norway
19
Portugal
20
Spain
Turkey
21
Other Western Europe
22
7,3
South Africa
Australia
24

65.5
1.5
2.4
1.3
5.1
3.6
.9
12.6
4.5
8.3
2.2
23.1

69.0
1.4
2.2
1.4
5.9
3.2
1.4
13.7
4.8
10.4
4.4
20.3

68.4
3.5
2.6
.9
6.0
3.3
1.0
12.1
4.8
6.8
3.8
23.5

62.7
2.6
1.5
.8
5.7
3.0
1.0
11.3
5.1
8.4
4.8
18.6

75.3
2.8
1.2
1.2
6.7
4.6
2.0
12.2
5.6
7.9
4.6
26.3

73.7
3.5
1.8
2.8
6.4
8.5
1.5
10.5
5.6
8.3
4.2
20.5

74.5
4.1
1.9
1.5
8.3
8.3
2.0
10.3
5.9
6.5
3.6
22.1

75.8
3.9
3.1
1.4
4.1
10.2
1.9
12.7
5.1
7.3
4.1
21.9

70.4
3.6
2.7
1.2
3.6
7.9
1.4
12.5
4.5
6.9
3.8
22.1

70.9
4.5
2.7
1.3
3.6
6.2
1.4
13.8
4.1
7.3
4.4
21.7

70.7
4.8
2.6
1.1
3.2
8.1
1.6
12.2
3.9
8.4
4.1
20.6

75 OPEC2
Ecuador
26
7,7
Venezuela
Indonesia
78
79
Middle East countries
30
African countries

26.0
1.3
2.5
6.7
14.4
1.2

27.1
1.3
3.2
4.7
17.0
1.0

31.4
.8
2.8
4.2
23.1
.5

28.9
.7
3.0
3.9
21.1
.2

32.1
.7
2.9
4.1
23.8
.7

31.4
.6
2.9
4.4
22.4
1.2

28.9
.6
2.5
4.6
20.3
.8

28.3
.6
2.7
4.4
20.1
.5

27.2
.6
2.7
4.2
19.3
.4

27.7
.6
2.7
4.0
20.1
.4

27.5
.6
2.5
3.8
20.3
.3

139.2

143.4

149.4

154.6

158.1

149.5

145.5

150.5

160.0

204.0

193.7

18.4
28.6
8.7
3.4
17.4
2.0
4.1

23.1
24.7
8.3
3.2
18.9
2.2
5.4

23.2
27.7
7.4
2.5
18.7
1.7
5.9

22.4
28.1
8.2
2.5
18.3
1.9
6.5

21.6
28.3
8.1
2.4
20.4
2.1
6.7

21.4
28.5
7.3
2.4
17.5
2.1
6.2

21.4
28.8
7.6
2.4
15.7
2.0
6.3

20.9
29.4
7.3
2.4
16.7
2.0
8.7

20.1
31.2
7.4
2.6
16.8
2.0
8.3

19.6
31.3
6.7
2.6
60.0
1.9
8.2

19.6
28.5
7.3
2.6
56.0
1.9
9.0

Israel
Korea (South)
Malaysia
Philippines
Thailand
Other Asia

3.2
9.5
4.9
.7
15.6
5.1
5.7
5.4
4.3

3.0
13.3
5.5
1.1
13.7
5.6
5.1
4.7
2.9

3.6
12.0
7.7
1.8
15.2
6.1
6.2
4.1
2.9

4.6
12.6
7.9
3.3
17.7
6-5
5.3
4.3
2.0

3.8
12.6
8.2
1.5
21.7
6.8
5.3
4.0
1.9

3.4
12.8
5.8
1.1
21.4
6.9
4.7
3.9
1.7

2.9
10.8
9.1
2.7
15.5
7.1
5.1
4.0
1.9

3.2
11.2
6.5
2.5
19.9
6.5
5.2
4.2
1.7

6.7
10.7
11.8
2.6
19.3
6.8
5.4
4.2
1.8

5.9
10.9
14.1
3.9
19.5
6.1
5.2
3.9
1.6

5.0
12.3
6.9
4.7
18.7
6.7
5.6
5.1
1.9

Africa
Egypt
Morocco
Zaire
Other Africa3

.9
.6
.0
.8

1.3
.5
.0
1.0

1.4
.4
.0
1.0

1.4
.3
.0
.9

1.3
.3
.0
.9

1.1
.4
.0
.8

1.1
.3
.0
.7

1.2
.3
.0
.7

1.2
.3
.0
.7

1.4
.3
.0
.8

1.2
.1
.0
.7

9.1
5.1
4.0

5.5
2.2
3.3

5.2
1.6
3.6

6.3
1.7
4.7

9.4
1.5
7.9

9.0
1.4
7.6

10.1
1.0
9.1

9.5
1.5
8.0

9.5
1.5
8.0

10.2
1.6
8.5

10.1
1.6
8.5

140.2
24.2
9.8
43.4
14.6
3.1
.1
32.2
12.7
.1
99.1

93.9
35.4
4.6
12.8
2.6
3.9
.1
23.3
11.1
.2
495.1

59.9
13.7
8.0
1.3
1.7
3.9
.1
21.0
10.1
.1
387.9

53.9
14.4
7.3
.0
2.5
3.4
.1
22.2
4.1
.1
376.1

60.6
8.8
6.3
5.1
2.6
3.3
.1
20.7
13.6
.1
342.1

59.4
9.3
6.3
5.9
1.9
2.5
.1
20.6
12.6
.1
351.1

76.3
13.5
9.0
14.6
1.9
3.2
.1
18.7
15.2
.2
391.2

72.0
7.0
7.9
14.3
2.9
3.8
.1
21.5
14.6
.1
472.4

59.7
.0
5.8
12.6
1.7
4.2
.1
22.4
12.9
.1
478.6r

75.7
1.1
7.6
23.4
5.8
4.4
.1
17.9
15.3
.0
608.1

73.7
7.5
7.7
16.9
3.0
4.1
.1
18.9
15.5
.1
134.6

1 Total
2 G-10 countries and Switzerland
Belgium and Luxembourg
3
4
France
Germany
Italy
6
Netherlands
7
Sweden
8
9
Switzerland
10
United Kingdom
Canada
11
12
Japan

31 Non-OPEC developing countries
37
33
34
35
36
37
38

39
40
41
47
43
44
45
46
47
48
49
50
51

Latin America
Argentina
Brazil
Chile
Colombia
Mexico
Other
Asia
China
Mainland
Taiwan

57. Eastern Europe
53
Russia4
Other
54
55 Offshore banking centers
Bahamas
56
57
Bermuda
Cayman Islands and other British West Indies
58
59
Netherlands Antilles
60
Panama5
Lebanon
61
Hong Kong, China
67
63
Singapore
Other1
64
Miscellaneous and unallocated7
65

1. The banking offices covered by these data include U.S. offices and foreign branches of
U.S. banks, including U.S. banks that are subsidiaries of foreign banks. Offices not covered
include U.S. agencies and branches of foreign banks. Beginning March 1994, the data include
large foreign subsidiaries of U.S. banks. The data also include other types of U.S. depository
institutions as well as some types of brokers and dealers. To eliminate duplication, the data
are adjusted to exclude the claims on foreign branches held by a U.S. office or another foreign
branch of the same banking institution.
These data are on a gross claims basis and do not necessarily reflect the ultimate country
risk or exposure of U.S. banks. More complete data on the country risk exposure of U.S. banks
are available in the quarterly Country Exposure Lending Survey published by the Federal
Financial Institutions Examination Council.




2. Organization of Petroleum Exporting Countries, shown individually; other members of
OPEC (Algeria, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United
Arab Emirates), and Bahrain and Oman (not formally members of OPEC).
3. Excludes Liberia. Beginning March 1994 includes Namibia.
4. As of December 1992, excludes other republics of the former Soviet Union.
5. Includes Canal Zone.
6. Foreign branch claims only.
7. Includes New Zealand, Liberia, and international and regional organizations.

A52
3.22

International Statistics • July 2002
LIABILITIES TO UNAFFILIATED FOREIGNERS
the United States

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period
2000
Type of liability, and area or country

1998

1999

2001

2000
Sept.

Dec.

Mar.

June

Sept.

Dec.

1 Total

46,570

53,044

73,904

76,644

73,904

73,655

68,113

53,526

66,718

2 Payable in dollars
3 Payable in foreign currencies

36,668
9,902

37,605
15,415

48,931
24,973

51,451
25,193

48,931
24,973

46,526
27,129

41,819
26,294

35,347
18,179

42,957
23,761

By type
4 Financial liabilities
5
Payable in dollars
6
Payable in foreign currencies

19,255
10,371
8,884

27,980
13,883
14,097

47,419
25,246
22,173

49,895
26,159
23,736

47,419
25,246
22,173

47,808
23,201
24,607

41,908
17,655
24,253

27,502
11,415
16,087

41,034
18,763
22,271

7 Commercial liabilities
8
Trade payables
y
Advance receipts and other liabilities

27,315
10,978
16,337

25,064
12,857
12,207

26,485
14,293
12,192

26,749
13,918
12,831

26,485
14,293
12,192

25,847
12,481
13,366

26,205
13,213
12,992

26,024
11,740
14,284

25,684
11,820
13,864

10
li

Payable in dollars
Payable in foreign currencies

26,297
1,018

23,722
1,318

23,685
2,800

25,292
1,457

23,685
2,800

23,325
2,522

24,164
2,041

23,932
2,092

24,194
1,490

12
13
14
15
lb
17
18

By area or country
Financial liabilities
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

12,589
79
1,097
2,063
1,406
155
5,980

23,241
31
1,659
1,974
1,996
147
16,521

34,172
147
1,480
2,168
2,016
104
26,362

36,175
169
1,299
2,132
2,040
178
28,601

34,172
147
1,480
2,168
2,016
104
26,362

37,422
112
1,553
2,624
2,169
103
28,812

32,785
98
1,222
2,463
1,763
93
25,363

22,083
76
1,538
1,994
1,998
92
14,819

31,806
154
2,841
2,344
1,954
94
22,852

19

Canada

693

284

411

249

411

718

628

436

955

20
21
22
23
24
25
26

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

1,495
7
101
152
957
59
2

892
1
5
126
492
25
0

4,125
6
1,739
148
406
26
2

3,447
105
1,182
132
501
35
0

4,125
6
1,739
148
406
26
2

3,632
18
1,837
26
1,657
31
1

2,100
40
461
21
1,508
20
1

414
5
47
22
243
24
3

2,858
157
960
35
1,627
36
2

27
28
29

Asia
Japan
Middle Eastern oil-exporting countries'

3,785
3,612
0

3,437
3,142
4

7,965
6,216
11

9,320
4,782
7

7,965
6,216
11

5,324
4,757
15

5,639
3,297
8

3,869
3,442
9

5,042
3,269
10

30
31

Africa
Oil-exporting countries2

28
0

28
0

52
0

48
0

52
0

38
0

61
0

59
5

53
5

665

98

694

656

694

674

695

672

320

10,030
278
920
1,392
429
499
3,697

9,262
140
672
1,131
507
626
3.071

9,629
293
979
1,047
300
502
2,847

9,411
201
716
1,023
424
647
2,951

9,629
293
979
1,047
300
502
2,847

8,792
251
689
982
349
623
2,542

8,723
297
665
1,017
343
697
2,706

8,855
160
892
966
343
683
2,296

9,230
99
735
908
1,163
790
2,280

32
33
34
35
36
37
38
39

All other3
Commercial liabilities
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

40

Canada

1,390

1,775

1,933

1,889

1,933

1,625

2,043

1,569

1,633

41
42
43
44
45
46
47

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

1,618
14
198
152
10
347
202

2,310
22
152
145
48
887
305

2,381
31
281
114
76
841
284

2,443
15
377
167
19
1,079
124

2,381
31
281
114
76
841
284

2,166
5
280
239
64
792
243

2,292
31
367
279
21
762
218

2,879
44
570
312
28
884
242

2,729
52
591
290
45
901
166

48
49
50

Asia
Japan
Middle Eastern oil-exporting countries'

12,342
3,827
2,852

9,886
2,609
2,551

10,983
2,757
2,832

11,133
1,998
3,706

10,983
2,757
2,832

11,542
2,431
3,359

11,384
2,377
3,087

11,114
2,421
3,053

10,532
2,592
2,642

51
52

Africa
Oil-exporting countries 2

794
393

950
499

948
483

1,220
663

948
483

1,072
566

1,115
539

938
471

836
436

53

Other 3

1,141

881

614

653

614

650

648

669

724

1. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).




2. Comprises Algeria, Gabon, Libya, and Nigeria.
3. Includes nonmonetary international and regional organizations.

Nonbank-Reported Data
3.23

CLAIMS ON UNAFFILIATED FOREIGNERS
the United States

A53

Reported by Nonbanking Business Enterprises in

Millions of dollars, end of period
2001

2000
Type of claim, and area or country

1998

1999

2000
Sept.

Dec.

Mar.

June

Sept.

Dec.

1 Total

77,462

76,669

90,157

94,803

90,157

107,705

97,946

94,076

113,155

2 Payable in dollars
3 Payable in foreign currencies

72,171
5,291

69,170
7,472

79,558
10,599

82,872
11,931

79,558
10,599

94,932
12,773

88,166
9.780

83,292
10,784

103,937
9,218

By type
4 Financial claims
5
Deposits
6
Payable in dollars
7
Payable in foreign currencies
8
Other financial claims
9
Payable in dollars
Payable in foreign currencies
10

46,260
30,199
28,549
1,650
16,061
14,049
2,012

40,231
18,566
16,373
2,193
21,665
18,593
3,072

53,031
23,374
21,015
2,359
29,657
25,142
4,515

58,303
30,928
27,974
2,954
27,375
20,541
6,834

53,031
23,374
21,015
2,359
29,657
25,142
4,515

74,255
25,419
23,244
2,175
48,836
41,417
7,419

61,891
25,381
23,174
2,207
36,510
32,038
4,472

60,015
22,391
19,888
2,503
37,624
32,076
5,548

81,287
29,801
27,850
1,951
51,486
46,621
4,865

11 Commercial claims
Trade receivables
12
13
Advance payments and other claims

31,202
27,202
4,000

36,438
32,629
3,809

37,126
33,104
4,022

36,500
31,530
4,970

37,126
33,104
4,022

33,450
28,958
4,492

36,055
31,107
4,948

34,061
29,328
4,733

31,868
27,586
4,282

14
15

Payable in dollars
Payable in foreign currencies

29,573
1,629

34,204
2,207

33,401
3,725

34,357
2,143

33,401
3,725

30,271
3,179

32,954
3,101

31,328
2,733

29,466
2,402

16
17
18
19
20
71
22

By area or country
Financial claims
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

12,294
661
864
304
875
414
7,766

13,023
529
967
504
1,229
643
7,561

23,136
296
1,206
848
1,396
699
15,900

23,706
304
1,477
696
2,486
626
16,191

23,136
296
1,206
848
1,396
699
15,900

31,855
430
3,142
1,401
2,313
613
20,938

23,975
262
1,376
1,163
1,072
653
15,913

23,069
372
1,682
1,112
954
665
15,670

26,118
625
1,450
1,068
2,138
589
16,510

2,503

2,553

4,576

7,517

4,576

4,847

4,787

4,254

6,193

27,714
403
39
835
24,388
1,245
55

18,206
1,593
11
1,476
12,099
1,798
48

19,317
1,353
19
1,827
12,596
2,448
87

21,691
1,358
22
1,568
15,722
2,280
101

19,317
1,353
19
1,827
12,596
2,448
87

28,791
561
1,729
1,648
21,227
2,461
38

24,403
818
426
1,877
17,505
2,633
66

26,099
649
80
2,065
19,234
2,910
80

41,201
976
918
2,127
32,965
3,075
83

3,027
1,194
9

5,457
3,262
23

4,697
1,631
80

4,002
1,726
85

4,697
1,631
80

7,215
3,867
86

6,829
1,698
76

5,274
1,761
100

6,430
1,604
135

Africa
Oil-exporting countries 2

159
16

286
15

411
57

284
3

411
57

430
42

476
35

456
83

414
49

All other3

563

706

894

1,103

894

1,117

1,421

891

931

13,246
238
2,171
1,822
467
483
4,769

16,389
316
2,236
1,960
1,429
610
5,827

15,938
452
3,095
1,982
1,729
763
4,502

16,486
393
2,921
2,159
1,310
684
5,193

15,938
452
3,095
1,982
1,729
763
4,502

13,775
395
3,479
1,586
757
634
3,562

14,582
404
3,192
1,993
863
472
3,819

14,381
354
3,062
1,977
844
514
3,571

14,036
268
2,922
1,662
529
611
3,839

23

Canada

24
75
76
77
78
79
30

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

31
32
33

Asia
Japan
Middle Eastern oil-exporting countries1

34
35
36
37
38
39
40
41
47
43

Commercial claims
Europe
Belgium and Luxembourg
France
Germany
Netherlands
Switzerland
United Kingdom

44

Canada

2,617

2,757

3,502

2,953

3,502

3,392

3,496

3,116

2,855

45
46
47
48
49
50
51

Latin America and Caribbean
Bahamas
Bermuda
Brazil
British West Indies
Mexico
Venezuela

6,296
24
536
1,024
104
1,545
401

5,959
20
390
905
181
1,678
439

5,851
37
376
957
137
1,507
328

5,788
75
387
981
55
1,612
379

5,851
37
376
957
137
1,507
328

5,144
20
407
975
130
1,350
292

6,107
39
650
1,364
135
1,416
321

5,590
35
526
1,183
124
1,442
301

4,874
42
369
958
95
1,401
288

57
53
54

Asia
Japan
Middle Eastern oil-exporting countries'

7,192
1,681
1,135

9,165
2,074
1,625

9,630
2,796
1,024

8,986
2,074
1,199

9,630
2,796
1,024

8,985
2,560
966

9,692
3,154
1,051

8,704
2,438
919

7,855
2,007
851

55
56

Africa
Oil-exporting countries 2

711
165

631
171

672
180

895
392

672
180

773
165

669
154

838
170

645
88

57

Other 3

1,140

1,537

1,572

1,392

1,572

1,381

1,509

1,432

1,603

1. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).




2. Comprises Algeria, Gabon, Libya, and Nigeria.
3. Includes nonmonetary international and regional organizations.

A54
3.24

International Statistics • July 2002
FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
2002
Transaction, and area or country

2000

2001

2002

2001
Jan.Mar.

Sept.

Oct.

Dec.

Nov.

Jan.

Feb, r

Mar.p

286,550
279,633

U.S. corporate securities

STOCKS

1 Foreign purchases
2 Foreign sales

3.605,196
3,430,306

3,051,355
2,934,969

802,226
784,592

3 Net purchases, or sales (-)

174,890

116,386

17,634

4 Foreign countries

174,903

116,183

17,773

164,656
5,727
31,752
4,915
11,960
58,736
n.a.
5,956
-17,812
9,189
12,494
2,070
415
5

88,098
5,914
8,415
10,919
3,456
38,492
-698
10,984
-5,157
1,789
20,727
6,788
-366
108

19,982
2,011
1,240
698
1,605
8,405
-297
1,646
-5,640
-970
2,453
987
11
291

-11

203

1,208,386
871,416

1,943,158
1,556,217

5
6
7
8
9
10
11
12
13
14
15
16
17
18

Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man 1
Canada
Latin America and Caribbean
Middle East2
Other Asia
Japan
Other countries

19 Nonmonetary international and
regional organizations

193,492
205,024

255,682
248.425

241,318
228,147

239,289
226,004

255,725
247,109

259,951
257,850

-11,532

7,257

13,171

13,285

8,616

2,101

6,917

-11,521

7,234

13,162

13,266

8,737

2,104

6,932

-7,327
-2,609
-435
358
-688
-564
-73
1,137
^1.780
664
-879
-806
-37
-299

7,478
1,969
825
552
352
3,313
-23
197
-1,508
-514
1,551
1,148
-31
61

8,492
-845
698
1,096
326
3,248
-198
938
1,833
-105
1,811
414
-9
202

6,740
101
688
1,271
854
2,033
20
1,250
3,931
249
600
65
-7
503

8,730
1,302
479
406
470
3,972
-81
591
-1,447
96
572
-209
32
163

4,442
304
429
100
566
1,323
-103
457
-4,495
-165
1,636
194
5
224

6,810
405
332
192
569
3,110
-113
598
302
-901
245
1,002
-26
-96

-138

-11

23

9

19

-121

-2

-15

569,471
490,752

156,458
137,848

192,442
151,612

187,115
156,019

177,721
155,238

181,519
161,985

168,724
155,237

219,228
173,530

BONDS'

20 Foreign purchases
21 Foreign sales
22 Net purchases, or sales (-)

336,970

386,941

78,719

18,610

40,830

31,096

22,483

19,534

13,487

45,698

23 Foreign countries

337,074

386,376

78,718

18,455

41,002

30,853

22,452

19,624

13,217

45,877

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

180,917
2,216
4,067
1,130
3,973
141,223
n.a.
13,287
59,444
2,076
78,794
39,356
938
1,618

195,798
5,028
12,362
1,538
5,721
153,158
2,000
4,595
77,217
2,338
106,812
34,099
760
-1,144

32,838
660
1,385
-1,118
867
24,999
453
964
24,263
1,139
19,217
-2,140
26
271

9,659
-573
454
457
-51
9,672
93
-644
2,519
8
7,281
1,066
-6
-362

15,513
601
1,666
83
292
10,422
355
1,335
2.270
307
21,044
15,243
272
261

16,172
270
2,001
-154
417
12,928
69
25
7,838
432
6,593
1,104
71
-278

8,077
330
-12
-637
75
5,985
404
892
5,765
455
7,721
-810
-413

7,890
68
93
-1,495
143
7,619
130
338
4,655
420
6,802
-717
-30
-451

4,619
14
-253
550
826
1,740
14
-243
6,077
342
2,094
-957
22
306

20,329
578
1,545
-173
-102
15,640
309
869
13,531
377
10,321
-466
34
416

-70

566

1

155

-172

243

31

-90

270

-179

3,822r
103,389'
99,567'
-5,558'
93,550'
99,108'

-2,723
95,364
98,087
2,245
89,172
86,927

5,553
116,460
110,907
7,333
109,465
102,132

Europe
France
Germany
Netherlands
Switzerland
United Kingdom
Channel Islands and Isle of Man1
Canada
Latin America and Caribbean
Middle East1
Other Asia
Japan
Other countries

38 Nonmonetary international and
regional organizations

Foreign securities
39 Stocks, net purchases, or sales (-)
40
Foreign purchases
41
Foreign sales
42 Bonds, net purchases, or sales ( - )
43
Foreign purchases
44
Foreign sales

-13,088
1,802,185
1,815,273
-4,054
958,932
962,986

-50,113
1,397,664
1,447,777
30,393
1,159,155
1,128,762

6,652
315,213
308,561
4,020
292,187
288,167

2,331
99,588
97,257
10,326
87,083
76,757

-3,097
105,799
108,896
-754
94,591
95,345

2,795
108,043
105,248
-1,214
95,672
96,886

-8,955
88,033
96,988
-945
69,504
70,449

45 Net purchases, or sales (-), of stocks and bonds

-17,142

-19,720

10,672

12,657

-3,851

1,581

-9,900

-1,736'

-478

12,886

46 Foreign countries

-17,278

-19,132

10,794

12,659

-3,657

1,587

-9,832

-1,720"

-467

12,981

47
48
49
50
51
52
53

-25,386
-3,888
-15,688
24,488
20,970
943
2,253

-12,117
2,943
4,245
-11,869
-20,116
-557
-1,777

11.841
328
2,528
-3,813
-3,049
62
-150

5,993
1,297
2,663
2,534
-391
-34
206

-4,904
-676
-571
3,070
1,441
-565
-11

2,206
-470
1,973
-2,138
-3,575
191
-175

-9,831
1,010
118
-1,494
-1,924
134
231

-2,417'
1,381
2,644'
-3,478'
400
72
78

588
-289
-1,469
614
-660
62
29

13,670
-764
1,353
-949
-2,789
-72
-257

150

-587

-124

-2

-194

-6

-68

-13

-95

Europe
Canada
Latin America and Caribbean
Asia
Japan
Africa
Other countries

54 Nonmonetary international and
regional organizations

1. Before January 2001, data included in United Kingdom.
2. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,
Saudi Arabia, and United Arab Emirates (Trucial States).




-16

3. Includes state and local government securities and securities of U.S. government
agencies and corporations. Also includes issues of new debt securities sold abroad by U.S.
corporations organized to finance direct investments abroad.

Securities Holdings and Transactions
3.25

MARKETABLE U.S. TREASURY BONDS AND NOTES

A55

Foreign Transactions1

Millions of dollars; net purchases, or sales ( - ) during period
2002
Area or country

2000

2002

2001

2001
JanMar.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.p

1 Total estimated

-54,032

18,472

-3,015

-1,990

14,969

12,676

10,497

-16,762

-169

13,916

2 Foreign countries

-53,571

19,158

-3,753

-2,138

14,884

12,902

10,531

-17,027

-493

13,767

-20,510
-598
-1,668
462
-6,728
-1,190
1,412
-7,185
-179
-4,836
-4,136

301
39
-1,984
-561
-5,177
-298
1,171
8,962
-207
-1,644
-574

-782
174
-113
-348
-2,653
1,037
979
1,992
-1
-1,849
-947

2,339
-146
-392
285
-1,336
-109
-339
7,359
-34
-2,949
-3,091

-5,850
-9
54
-5
-701
268
215
-7,374
7
1,695
-430

278
202
1,075
-34
-948
-197
335
2,007
-136
-2,026
2,978

-6,688
-108
-3,466
-514
-2,098
-337
313
-86
-3
-389
-3,473

-79
-263
-277
-126
812
-230
-115
1,938
47
-1,865
1,204

7,068
410
1,759
79
-3,891
269
973
7,110
-251
610
1,695

3
4
5
6
7
8
9
10
11
12
13

Europe
Belgium2
Germany
Luxembourg2
Netherlands
Sweden
Switzerland
United Kingdom
Channel Islands and Isle of Man3
Other Europe and former U.S.S.R
Canada

-50,704
73
-7,304
n.a.
2,140
1,082
-10,326
-33,669
n.a.
-2,700
-550

14
15
16
17
18
19
70
21

Latin America and Caribbean
Venezuela
Other Latin America and Caribbean
Netherlands Antilles

-4,914
1,288
-11,581
5,379
1,639
10,580
-414
1,372

5,046
290
15,500
-10,744
37,992
17,774
-880
1,646

-4,015
14
7,401
-11,430
294
-6,502
139
102

-541
39
-524
-56
-150
-3,329
47
235

3,998
-129
4,065
62
11,755
16,640
-396
279

6,266
103
8,393
-2,230
11,820
1,737
53
1,043

-6,368
3
-3,984
-2,387
14,423
4,379
-293
-481

2,603
33
1,635
935
-9,221
-6,649
-65
-183

-6,194
-12
-3,072
-3,110
3,862
2,456
134
580

-424
-7
8,838
-9,255
5,653
-2,309
70
-295

-461

-686
-290
41

738
389
9

148
-65
0

85
8

76

1

-226
63
43

-34
43
-25

265
138
-1

324
52
15

149
199
-5

-53,571
-6,302
-47,269

19,158
3,474
15,684

-3,753
77
-3,830

-2,138
2,549
-4,687

14,884
2,239
12,645

12,902
6,266
6,636

10,531
1,061
9,470

-17,027
-3,000
-14,027

^93
-2,177
1,684

13,767
5,254
8,513

3,483
0

865
-2

971
1

-586
-2

12
0

2,442
0

2,217
0

784
0

50
-1

137
2

Japan
Africa
Other

22 Nonmonetary international and regional organizations
23
International
24
Latin American Caribbean regional
MEMO

25 Foreign countries
76
Official institutions
27
Other foreign
Oil-exporting countries
78 Middle East4
29

1. Official and private transactions in marketable U.S. Treasury securities having an
original maturity of more than one year. Data are based on monthly transactions reports.
Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign
countries.
2. Before January 2001, combined data reported for Belgium and Luxembourg.




3. Before January 2001, these data were included in the data reported for the United
Kingdom.
4. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates (Trucial States).
5. Comprises Algeria, Gabon, Libya, and Nigeria.

A56
3.28

International Statistics • July 2002
FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1
Currency units per U.S. dollar except as noted
2002

2001
Dec.

Jan.

Feb.

Mar.

Apr.

May

Exchange rates
COUNTRY/CURRENCY UNIT

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

Australia/dollar2
Brazil/real
Canada/dollar
China, P.R./yuan
Denmark/krone
European Monetary Union/euro 3
Greece/drachma
Hong Kong/dollar
India/rupee
Japan/yen
Malaysia/ringgit
Mexico/peso

13
14
15
16
17
18
19
20
21
21
23
24

New Zealand/dollar2
Norway/krone
Singapore/dollar
South Africa/rand
South Korea/won
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
Taiwan/dollar
Thailand/baht
United Kingdom/pound 2
Venezuela/bolivar

64.54
1.8207
1.4858
8.2783
6.9900
1.0653
306.30
7.7594
43.13
113.73
3.8000
9.553

58.15
1.8301
1.4855
8.2784
8.0953
0.9232
365.92
7.7924
45.00
107.80
3.8000
9.459

51.69
2.3527
1.5487
8.2770
8.3323
0.8952
n.a.
7.7997
47.22
121.57
3.8000
9.337

51.38
2.3635
1.5788
8.2761
8.3526
0.8912
n.a.
7.7989
47.93
127.59
3.8000
9.157

51.70
2.3799
1.5997
8.2771
8.4183
0.8832
n.a.
7.7989
48.35
132.68
3.8000
9.164

51.28
2.4242
1.5964
8.2767
8.5343
0.8707
n.a.
7.7996
48.72
133.64
3.8002
9.105

52.56
2.3450
1.5877
8.2773
8.4795
0.8766
n.a.
7.7997
48.77
131.06
3.8000
9.064

53.52
2.3227
1.5815
8.2772
8.3942r
0.8860
n.a.
7.8000
48.94
130.77
3.8000
9.165

54.98
2.4753
1.5502
8.2770
8.1098
0.9170
n.a.
7.7994
49.02
126.38
3.8000
9.510

52.94
7.8071
1.6951
6.1191
1,189.84
70.868
8.2740
1.5045
32.322
37.887
161.72
606.82

45.68
8.8131
1.7250
6.9468
1,130.90
76.964
9.1735
1.6904
31.260
40.210
151.56
680.52

42.02
8.9964
1.7930
8.6093
1,292.01
89.602
10.3425
1.6891
33.824
44.532
143.96
724.10

41.57
8.9713
1.8382
11.6761
1,292.29
93.194
10.5753
1.6566
34.682
43.952
144.13
753.64

42.45
8.9684
1.8394
11.6258
1,316.34
93.473
10.4561
1.6709
35.027
44.036
143.22
762.40

41.87
8.9492
1.8312
11.4923
1,320.55
93.650
10.5501
1.6970
35.073
43.854
142.27
898.51

43.33
8.8072
1.8295
11.4863
1,322.90
94.903
10.3324
1.6743
35.020
43.415
142.30
922.66

44.28
8.6102
1.8285
11.0832
1,318.09
96.030
10.3070
1.6542
34.917
43.442
144.29
871.38

46.10
8.2050
1.8004
10.1615
1,262.20
96.318
10.0642
1.5889
34.454
42.817
145.98
985.80

Indexes 4
NOMINAL

25 Broad (January 1997-100) 5
26 Major currencies (March 1973=100)6
27 Other important trading partners (January
1997=100)7

116.87
94.07

119.67
98.32

126.09
104.32

127.52
106.30

129.26
108.10

130.03
108.82

129.27
107.76

128.95
107.03

127.35
104.09

129.94

130.33

136.34

136.62

137.95

138.64

138.49

138.86

139.71

100.78
97.06

104.32
103.17

110.42'
110.73'

111.05'
112.67'

112.52'
114.67'

113.10'
115.66'

112.79'
114.60'

112.71'
113.95'

111.83
111.35

114.25

114.53

119.20'

118.21'

119.13'

119.25'

119.85'

120.49'

121.76

REAL

28 Broad (March 1973-100) 5
29 Major currencies (March 1973—100)6
30 Other important trading partners (March
1973=100)7

1. Averages of certified noon buying rates in New York for cable transfers. Data in this
table also appear in the Board's G.5 (405) monthly statistical release. For ordering address,
see inside front cover.
2. U.S. cents per currency unit.
3. The euro is reported in place of the individual euro area currencies. By convention, the
rate is reported in U.S. dollars per euro. The bilateral currency rates can be derived from the
euro rate by using the fixed conversion rates (in currencies per euro) as shown below:
Euro equals
13.7603
40.3399
5.94573
6.55957
1.95583
.787564

Austrian schillings
Belgian francs
Finnish markkas
French francs
German marks
Irish pounds




1,936.27
40.3399
2.20371
200.482
166.386
340.750

Italian lire
Luxembourg francs
Netherlands guilders
Portuguese escudos
Spanish pesetas
Greek drachmas

4. Starting with the February 2002 Bulletin, revised index values resulting from the
periodic revision of data that underlie the calculated trade weights are reported. For more
information on the indexes of the foreign exchange value of the dollar, see Federal Reserve
Bulletin, vol. 84 (October 1998), pp. 811-818.
5. Weighted average of the foreign exchange value of the U.S. dollar against the currencies
of a broad group of U.S. trading partners. The weight for each currency is computed as an
average of U.S. bilateral import shares from and export shares to the issuing country and of a
measure of the importance to U.S. exporters of that country's trade in third country markets.
6. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that circulate widely outside the country of issue. The weight for each
currency is its broad index weight scaled so that the weights of the subset of currencies in the
index sum to one.
7. Weighted average of the foreign exchange value of the U.S. dollar against a subset of
broad index currencies that do not circulate widely outside the country of issue. The weight
for each currency is its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one.

A57

Guide to Special Tables and Statistical Releases
SPECIAL TABLES—Data

Published Irregularly, with Latest Bulletin Reference

Title and Date

Issue

Page

Assets and liabilities of commercial banks
March 31,2001
June 30, 2001
September 30, 2001
December 31,2001

August
November
February
May

2001
2001
2002
2002

A64
A64
A64
A64

Terms of lending at commercial banks
May 2001
August 2001
November 2001
February 2002

August
November
February
May

2001
2001
2002
2002

A66
A66
A66
A66

August
February
March
May

2001
2002
2002
2002

A72
A72
A65
A72

August 2001
October 2001
January 2002

A76
A64
A64

Residential lending reported under the Home Mortgage Disclosure Act
1999
2000

September 2000
September 2001

A64
A64

Disposition of applications for private mortgage insurance
1999
2000

September 2000
September 2001

A73
A73

Small loans to businesses and farms
1999
2000

September 2000
September 2001

A76
A76

Community development lending reported under the Community Reinvestment Act
1999
2000

September 2000
September 2001

A79
A79

Issue
June 2002

Page
A72

Assets and liabilities of U.S. branches and agencies of foreign banks
March 31,2001
June 30, 2001
September 30,2001
December 31,2001
Pro forma financial statements for Federal Reserve priced
March 31,2001
June 30,2001
September 30, 2001

services*

List of Statistical Releases Published by the Federal Reserve
is Printed Semiannually in the Bulletin

STATISTICAL RELEASES—A

Schedule of anticipated release dates for periodic releases

NOTE. The pro forma financial statements for Federal Reserve priced services were discontinued in the Bulletin
after the January 2002 issue. Year-end figures for 2001 are available in the Board's 88th Annual Report,
2001
(http://www.federalreserve.gov/boarddocs/rptcongress).




79

Federal Reserve Bulletin • July 2002

Index to Statistical Tables
References are to pages A3-A56, although the prefix 'A" is omitted in this index.
ACCEPTANCES, bankers (See Bankers acceptances)
Assets and liabilities (See also Foreigners)
Commercial banks, 15-21
Domestic finance companies, 30, 31
Federal Reserve Banks, 10
Foreign-related institutions, 20
Automobiles
Consumer credit, 34
Production, 42, 43
BANKERS acceptances, 5, 10
Bankers balances, 15-21 (See also Foreigners)
Bonds (See also U.S. government securities)
New issues, 29
Rates, 23
Business loans (See Commercial and industrial loans)
CAPACITY utilization, 40, 41
Capital accounts
Commercial banks, 15-21
Federal Reserve Banks, 10
Certificates of deposit, 23
Commercial and industrial loans
Commercial banks, 15-21
Weekly reporting banks, 17, 18
Commercial banks
Assets and liabilities, 15-21
Commercial and industrial loans, 15-21
Consumer loans held, by type and terms, 34
Real estate mortgages held, by holder and property, 33
Time and savings deposits, 4
Commercial paper, 22, 23, 30
Condition statements (See Assets and liabilities)
Consumer credit, 34
Corporations
Security issues, 29, 55
Credit unions, 34
Currency in circulation, 5, 13
Customer credit, stock market, 24
DEBT (See specific types of debt or securities)
Demand deposits, 15—21
Depository institutions
Reserve requirements, 8
Reserves and related items, 4-6, 12
Deposits (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 5, 10
Discount rates at Reserve Banks and at foreign central banks and
foreign countries {See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
EURO, 56
FARM mortgage loans, 33
Federal agency obligations, 5, 9-11, 26, 27
Federal credit agencies, 28
Federal finance
Debt subject to statutory limitation, and types and ownership of
gross debt, 25
Federal Financing Bank, 28
Federal funds, 23
Federal Home Loan Banks, 28
Federal Home Loan Mortgage Corporation, 28, 32, 33
Federal Housing Administration, 28, 32, 33
Federal Land Banks, 33
Federal National Mortgage Association, 28, 32, 33




Federal Reserve Banks
Condition statement, 10
Discount rates (See Interest rates)
U.S. government securities held, 5, 10, 11, 25
Federal Reserve credit, 5, 6, 10, 12
Federal Reserve notes, 10
Federally sponsored credit agencies, 28
Finance companies
Assets and liabilities, 30
Business credit, 31
Loans, 34
Paper, 22, 23
Float, 5
Flow of funds, 35-39
Foreign currency operations, 10
Foreign deposits in U.S. banks, 5
Foreign exchange rates, 56
Foreign-related institutions, 20
Foreigners
Claims on, 46, 49-51, 53
Liabilities to, 45-48, 52, 54, 55
GOLD
Certificate account, 10
Stock, 5, 45
Government National Mortgage Association, 28, 32, 33
INDUSTRIAL production, 42, 43
Insurance companies, 25, 33
Interest rates
Bonds, 23
Consumer credit, 34
Federal Reserve Banks, 7
Money and capital markets, 23
Mortgages, 32
Prime rate, 22
International capital transactions of United States, 44-55
International organizations, 46, 47, 49, 52, 53
Investment companies, issues and assets, 30
Investments (See also specific types)
Commercial banks, 4, 15-21
Federal Reserve Banks, 10, 11
Financial institutions, 33
LIFE insurance companies (See Insurance companies)
Loans (See also specific types)
Commercial banks, 15-21
Federal Reserve Banks, 5-7, 10, 11
Financial institutions, 33
Insured or guaranteed by United States, 32, 33
MANUFACTURING
Capacity utilization, 40, 41
Production, 42, 43
Margin requirements, 24
Member banks, reserve requirements, 8
Mining production, 43
Monetary and credit aggregates, 4, 12
Money and capital market rates, 23
Money stock measures and components, 4, 13
Mortgages (See Real estate loans)
Mutual funds, 13, 30
Mutual savings banks (See Thrift institutions)
OPEN market transactions, 9

A59

PRICES
Stock market, 24
Prime rate, 22
Production, 42, 43
REAL estate loans
Banks, 15-21, 33
Terms, yields, and activity, 32
Type and holder and property mortgaged, 33
Reserve requirements, 8
Reserves
Commercial banks, 15-21
Depository institutions, 4-6
Federal Reserve Banks, 10
U.S. reserve assets, 45
Residential mortgage loans, 32, 33
Retail credit and retail sales, 34
SAVING
Flow of funds, 33, 34, 35-39
Saving deposits (See Time and savings deposits)
Savings institutions, 33, 34, 35-39
Securities (See also specific types)
Federal and federally sponsored credit agencies, 28
Foreign transactions, 54
New issues, 29
Prices, 24
Special drawing rights, 5, 10, 44, 45
State and local governments
Holdings of U.S. government securities, 25
New security issues, 29
Rates on securities, 23




Stock market, selected statistics, 24
Stocks (See also Securities)
New issues, 29
Prices, 24
Student Loan Marketing Association, 28
THRIFT institutions, 4 (See also Credit unions and Savings
institutions)
Time and savings deposits, 4, 13, 15-21
Treasury cash, Treasury currency, 5
Treasury deposits, 5, 10
U.S. GOVERNMENT balances
Commercial bank holdings, 15-21
Treasury deposits at Reserve Banks, 5, 10
U.S. government securities
Bank holdings, 15-21, 25
Dealer transactions, positions, and financing, 27
Federal Reserve Bank holdings, 5, 10, 11, 25
Foreign and international holdings and transactions, 10, 25, 55
Open market transactions, 9
Outstanding, by type and holder, 25, 26
Rates, 23
U.S. international transactions, 44-55
Utilities, production, 43
VETERANS Affairs, Department of, 32, 33
WEEKLY reporting banks, 17, 18
YIELDS (See Interest rates)

81

Federal Reserve Bulletin • July 2002

Federal Reserve Board of Governors
and Official Staff
ALAN GREENSPAN, Chairman
ROGER W. FERGUSON, JR., Vice

OFFICE OF BOARD

Chairman

DIVISION OF BANKING

MEMBERS

DONALD J. WINN, Assistant

to the Board and

EDWARD M . GRAMLICH
SUSAN SCHMIDT BIES

Director

AND

SUPERVISION

REGULATION—Continued

LYNN S. Fox, Assistant to the Board

DAVID M . WRIGHT, Assistant

MICHELLE A. SMITH, Assistant to the Board
DONALD L. KOHN, Adviser to the Board
WINTHROP P. HAMBLEY, Deputy Congressional
Liaison
NORMAND R.V. BERNARD, Special Assistant to the Board
JOHN LOPEZ, Special Assistant to the Board
BOB STAHLY MOORE, Special Assistant to the Board
ROSANNA PIANALTO-CAMERON, Special Assistant to the Board
DAVID W. SKIDMORE, Special Assistant to the Board

WILLIAM C. SCHNEIDER, JR., Project

LEGAL

DIVISION

J. VIRGIL MATTINGLY, JR., General
Counsel
SCOTT G. ALVAREZ, Associate General
Counsel
RICHARD M. ASHTON, Associate General
Counsel
KATHLEEN M. O'DAY, Associate General
Counsel
STEPHANIE MARTIN, Assistant General
Counsel

ANN E. MISBACK, Assistant General Counsel
Counsel
STEPHEN L. SICILIANO, Assistant General
KATHERINE H. WHEATLEY, Assistant General
Counsel
CARY K. WILLIAMS, Assistant General
Counsel

J E N N I F E R J. J O H N S O N ,

Secretary

ROBERT DEV. FRIERSON, Deputy
Secretary
MARGARET M . SHANKS, Assistant
Secretary
SHARON L. MOWRY, Visiting Assistant
Secretary

DIVISION OF BANKING
AND REGULATION
RICHARD SPILLENKOTHEN,

SUPERVISION
Director

STEPHEN C. SCHEMERING, Deputy
Director
HERBERT A. BIERN, Senior Associate
Director
ROGER T. COLE, Senior Associate
Director
WILLIAM A. RYBACK, Senior Associate
Director
GERALD A. EDWARDS, JR., Associate
Director
STEPHEN M. HOFFMAN, JR., Associate
Director
JAMES V. HOUPT, Associate
Director
JACK P. JENNINGS, Associate
Director
MICHAEL G. MARTINSON, Associate
Director
MOLLY S. WASSOM, Associate
Director
HOWARD A. AMER, Deputy Associate
Director
NORAH M. BARGER, Deputy Associate
Director
BETSY CROSS, Deputy Associate
Director
DEBORAH P. BAILEY, Assistant
Director
BARBARA J. BOUCHARD, Assistant
Director
ANGELA DESMOND, Assistant
Director
JAMES A. EMBERSIT, Assistant
Director
CHARLES H. HOLM, Assistant
Director
WILLIAM G. SPANIEL, Assistant
Director




Director,

National Information Center
DIVISION OF INTERNATIONAL
KAREN H . JOHNSON,

FINANCE

Director

DAVID H. HOWARD, Deputy
Director
THOMAS A. CONNORS, Associate
Director
DALE W. HENDERSON, Associate
Director
RICHARD T. FREEMAN, Deputy Associate
Director
WILLIAM L. HELKIE, Deputy Associate
Director
STEVEN B. KAMIN, Deputy Associate
Director

JON W. FAUST, Assistant

Director

JOSEPH E. GAGNON, Assistant
MICHAEL P. LEAHY, Assistant
D . NATHAN SHEETS, Assistant
RALPH W. TRYON, Assistant

Director
Director
Director
Director

DIVISION OF RESEARCH AND
D A V I D J. S T O C K T O N ,

OFFICE OF THE SECRETARY

Director

STATISTICS

Director

EDWARD C. ETTIN, Deputy

Director

D A V I D W . W I L C O X , Deputy

Director

MYRON L. KWAST, Associate
Director
STEPHEN D. OLINER, Associate
Director
PATRICK M . PARKINSON, Associate
Director
LAWRENCE SLIFMAN, Associate
Director
CHARLES S. STRUCKMEYER, Associate
Director
JOYCE K. ZICKLER, Deputy Associate
Director
J. NELLIE LIANG, Assistant
Director
S. WAYNE PASSMORE, Assistant
Director
DAVID L. REIFSCHNEIDER, Assistant
Director
JANICE SHACK-MARQUEZ, Assistant
Director
WILLIAM L. WASCHER, Assistant
Director
ALICE PATRICIA WHITE, Assistant
Director
GLENN B. CANNER, Senior
Adviser
DAVID S. JONES, Senior
Adviser
THOMAS D. SIMPSON, Senior
Adviser

DIVISION OF MONETARY
VINCENT R. REINHART,

DAVID E.
BRIAN F.
WILLIAM
JAMES A.
WILLIAM
RICHARD

AFFAIRS

Director

LINDSEY, Deputy
Director
MADIGAN, Deputy
Director
C. WHITESELL, Deputy Associate
CLOUSE, Assistant
Director
B. ENGLISH, Assistant
Director
D. PORTER, Senior
Adviser

Director

A61

MARK W . OLSON

DIVISION OF CONSUMER
AND COMMUNITY AFFAIRS

DIVISION OF RESERVE BANK
AND PAYMENT SYSTEMS

DOLORES S . S M I T H ,

LOUISE L . R O S E M A N ,

Director

GLENN E. LONEY, Deputy
Director
SANDRA F. BRAUNSTEIN, Assistant
Director
MAUREEN P. ENGLISH, Assistant
Director
ADRIENNE D. HURT, Assistant
Director
IRENE SHAWN MCNULTY, Assistant
Director

OFFICE OF
STAFF DIRECTOR

FOR

MANAGEMENT

STEPHEN R. MALPHRUS, Staff
SHEILA CLARK, EEO Programs

MANAGEMENT

Director
Director

W I L L I A M R . JONES,

Director

STEPHEN J. CLARK, Associate
DARRELL R. PAULEY, Associate
DAVID L. WILLIAMS, Associate
CHRISTINE M . FIELDS, Assistant

Director
Director
Director
Director

DIVISION OF INFORMATION

TECHNOLOGY

MARIANNE M. EMERSON, Deputy
Director
MAUREEN T. HANNAN, Associate
Director
TILLENA G. CLARK, Assistant
Director
GEARY L. CUNNINGHAM, Assistant
Director
WAYNE A . EDMONDSON, Assistant
Director

Po KYUNG KIM, Assistant Director
SUSAN F. MARYCZ, Assistant
RAYMOND ROMERO, Assistant
ROBERT F. TAYLOR, Assistant




Director

PAUL W. BETTGE, Associate
Director
JEFFREY C. MARQUARDT, Associate
Director
KENNETH D . BUCKLEY, Assistant
Director
JOSEPH H. HAYES, JR., Assistant
Director
EDGAR A . MARTINDALE III, Assistant
Director
MARSHA W. REIDHILL, Assistant
Director
JEFF J. STEHM, Assistant
Director
JACK K. WALTON, Assistant
Director

OFFICE OF THE INSPECTOR
BARRY R. SNYDER, Inspector
DONALD L. ROBINSON, Deputy

DIVISION

Director
Director
Director

OPERATIONS

GENERAL

General
Inspector

General

83

Federal Reserve Bulletin • July 2002

Federal Open Market Committee
and Advisory Councils
FEDERAL OPEN MARKET

COMMITTEE
MEMBERS

A L A N GREENSPAN,

WILLIAM J. MCDONOUGH, Vice

Chairman

Chairman

S U S A N SCHMIDT BIES

JERRY L . JORDAN

ANTHONY M.SANTOMERO

ROGER W . FERGUSON, JR.

ROBERT D . MCTEER, JR.

GARY H . STERN

E D W A R D M . GRAMLICH

MARK W . OLSON

ALTERNATE

J. ALFRED BROADDUS, JR.

MICHAEL H . MOSKOW

JACK G U Y N N

MEMBERS

ROBERT T. PARRY

JAMIE B . STEWART, JR.

STAFF
CHRISTINE M . CUMMING, Associate
Economist
DAVID H. HOWARD, Associate
Economist
DAVID E. LINDSEY, Associate
Economist
LORETTA J. MESTER, Associate
Economist
STEPHEN D . OLINER, Associate
Economist
ARTHUR J. ROLNICK, Associate
Economist
HARVEY ROSENBLUM, Associate
Economist
MARK S. SNIDERMAN, Associate
Economist
DAVID W. WILCOX, Associate
Economist

DONALD L. KOHN, Secretary and
Economist
NORMAND R.V. BERNARD, Deputy
Secretary
GARY P. GILLUM, Assistant
Secretary
MICHELLE A. SMITH, Assistant
Secretary
J. VIRGIL MATTINGLY, JR., General
Counsel
THOMAS C. BAXTER, JR., Deputy General
Counsel
K A R E N H . JOHNSON,

Economist

VINCENT R . REINHART,
DAVID J. STOCKTON,

Economist
Economist

THOMAS A. CONNORS, Associate

Economist

DINO KOS, Manager, System Open Market Account

FEDERAL ADVISORY

COUNCIL

DAVID A . DABERKO,

President

L. M. BAKER, JR., Vice President
DAVID A .
DAVID A .
RUFUS A.
DAVID A.

ALAN G. MCNALLY, Seventh District
DAVID W. KEMPER, Eighth District
R. SCOTT JONES, Ninth District
CAMDEN R. FINE, Tenth District
RICHARD W. EVANS, JR., E l e v e n t h District
MICHAEL E. O'NEILL, T w e l f t h District

SPINA, First District
COULTER, S e c o n d District
FULTON, JR., Third District
DABERKO, Fourth District

L. M. BAKER, JR., Fifth District
L. PHILLIP HUMANN, Sixth District




JAMES A N N A B L E ,
WILLIAM J. KORSVIK,

Co-Secretary
Co-Secretary

A63

CONSUMER ADVISORY

COUNCIL
DOROTHY BROADMAN, Falls Church, Virginia, Chairman
RONALD A. REITER, San Francisco, California, Vice Chairman

ANTHONY S. ABBATE, Saddlebrook, N e w Jersey
JANIE BARRERA, San Antonio, Texas

KENNETH BORDELON, Baton Rouge, Louisiana
TERESA A. BRYCE, St. Louis, Missouri
M A N U E L CASANOVA, JR., B r o w n s v i l l e , T e x a s

CONSTANCE K. CHAMBERLIN, Richmond, Virginia
ROBERT M . CHEADLE, A d a , O k l a h o m a

ROBIN COFFEY, Chicago, Illinois
LESTER WM. FIRSTENBERGER, Pittsfield, N e w Hampshire
THOMAS FITZGIBBON, Chicago, Illinois
LARRY HAWKINS, Houston, Texas

EARL JAROLIMEK, Fargo, North Dakota

THRIFT INSTITUTIONS ADVISORY

PATRICK LIDDY, Cincinnati, Ohio

R u m MAKER, Rochester, New York
OSCAR MARQUIS, Park Ridge, Illinois
PATRICIA MCCOY, Cleveland, Ohio
JEREMY NOWAK, Philadelphia, Pennsylvania
ELIZABETH RENUART, Boston, Massachusetts
DEBRA REYES, Tampa, Florida

BENSON ROBERTS, Washington, District of Columbia
AGNES B U N D Y SCANLAN, B o s t o n , M a s s a c h u s e t t s

RUSSELL W. SCHRADER, San Francisco, California

FRANK TORRES, III, Washington, District of Columbia
HUBERT VAN TOL, Sparta, Wisconsin

COUNCIL

MARK H. WRIGHT, San Antonio, Texas, President
KAREN L. MCCORMICK, Port Angeles, Washington, Vice President

JOHN B. DICUS, Topeka, Kansas
RONALD S. ELIASON, Provo, Utah

D. R. GRIMES, Alpharetta, Georgia

KEVIN E. PIETRINI, Virginia, M i n n e s o t a
HERBERT M. SANDLER, Oakland, California
WILLIAM J. SMALL, Defiance, O h i o

JAMES F. MCKENNA, Brookfield, W i s c o n s i n

EVERETT STILES, Franklin, North Carolina

CHARLES C . PEARSON, JR., H a r r i s b u r g , P e n n s y l v a n i a

DAVID L. VIGREN, Rochester, N e w York




85

Federal Reserve Bulletin • July 2002

Federal Reserve Board Publications
For ordering assistance, write PUBLICATIONS SERVICES,
MS-127, Board of Governors of the Federal Reserve System,
Washington, D C 2 0 5 5 1 , or telephone ( 2 0 2 ) 4 5 2 - 3 2 4 4 , or F A X

(202) 728-5886. You may also use the publications
order
form available
on the Board's
World Wide Web site
(http://www.federalreserve.gov). When a charge is indicated, payment should accompany request and be made payable to the
Board of Governors of the Federal Reserve System or may be
ordered via Mastercard, Visa, or American Express. Payment from
foreign residents should be drawn on a U.S. bank.

BOOKS

AND MISCELLANEOUS

T H E FEDERAL RESERVE
1994. 157

PUBLICATIONS

SYSTEM—PURPOSES

AND

FUNCTIONS.

pp.

Rates for subscribers outside the United States are as follows
and include additional air mail costs:
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Each Handbook, $90.00 per year.
FEDERAL RESERVE REGULATORY SERVICE FOR PERSONAL

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March 2002
1996--2000

$ 6.50
$ 7.50
$11.50
$12.50
$15.00
$15.00
$15.00
$25.00
$25.00
$25.00
$25.00
$25.00
$25.00
$25.00
$25.00
$25.00

239 pp.
266 pp.
264 pp.
254 pp.
231 pp.
288 pp.
272 pp.
256 pp.
712 pp.
185 pp.
215 pp.
215 pp.
281 pp.
190 pp.
404 pp.
352 pp.

SELECTED INTEREST AND EXCHANGE RATES—WEEKLY SERIES OF

CHARTS. Weekly. $30.00 per year or $.70 each in the United
States, its possessions, Canada, and Mexico. Elsewhere,
$35.00 per year or $.80 each.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM.
ANNUAL

PERCENTAGE

RATE

TABLES

(Truth

in

Lending—

Regulation Z) Vol. I (Regular Transactions). 1969. 100 pp.
Vol. II (Irregular Transactions). 1969. 116 pp. Each volume
$5.00.
GUIDE TO THE FLOW OF FUNDS ACCOUNTS. January

2000.

1,186 pp. $20.00 each.
FEDERAL RESERVE REGULATORY SERVICE. L o o s e - l e a f ; u p d a t e d

monthly. (Requests must be prepaid.)
Consumer and Community Affairs Handbook. $75.00 per year.
Monetary Policy and Reserve Requirements Handbook. $75.00
per year.
Securities Credit Transactions Handbook. $75.00 per year.
The Payment System Handbook. $75.00 per year.
Federal Reserve Regulatory Service. Four vols. (Contains all
four Handbooks plus substantial additional material.) $200.00
per year.




1986.

440 pp. $9.00 each.
FINANCIAL

FUTURES

AND

OPTIONS

IN

THE

U.S.

ECONOMY.

December 1986. 264 pp. $10.00 each.
FINANCIAL SECTORS IN O P E N ECONOMIES: EMPIRICAL

ANALY-

SIS AND POLICY ISSUES. August 1990. 608 pp. $25.00 each.
RISK MEASUREMENT AND SYSTEMIC RISK: PROCEEDINGS OF A
JOINT CENTRAL B A N K RESEARCH CONFERENCE. 1 9 9 6 .

578 pp. $25.00 each.

EDUCATION
PAMPHLETS
Short pamphlets suitable for classroom use. Multiple copies are
available without charge.
Consumer Handbook on Adjustable Rate Mortgages
Consumer Handbook to Credit Protection Laws
A Guide to Business Credit for Women, Minorities, and Small
Businesses
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
A Consumer's Guide to Mortgage Lock-Ins
A Consumer's Guide to Mortgage Settlement Costs
A Consumer's Guide to Mortgage Refinancings
Home Mortgages: Understanding the Process and Your Right
to Fair Lending
How to File a Consumer Complaint about a Bank (also available
in Spanish)
In Plain English: Making Sense of the Federal Reserve
Making Sense of Savings
Welcome to the Federal Reserve
When Your Home is on the Line: What You Should Know
About Home Equity Lines of Credit
Keys to Vehicle Leasing (also available in Spanish)
Looking for the Best Mortgage (also available in Spanish)
Privacy Choices for Your Personal Financial Information
When Is Your Check Not a Check?

A65

STAFF STUDIES: Only Summaries
BULLETIN

Printed

in the

167.

Studies and papers on economic and financial subjects that are of
general interest. Staff Studies 1-158, 161, 163, 165, 166, 168, and
169 are out of print, but photocopies of them are available. Staff
Studies 165-174 are available on line at
wwwfederalreserve.gov/
pubs/staffstudies. Requests to obtain single copies of any paper or
to be added to the mailing list for the series may be sent to
Publications Services.

PERFORMANCE"

BY

MARKETS
SMALL

AND

AND

THE

USE

171.

SER-

BUSINESSES,

by

"OPERATING

METHODOLOGIES,

T H E COST OF IMPLEMENTING CONSUMER FINANCIAL R E G U -

T H E COST OF B A N K REGULATION: A R E V I E W OF THE E V I -

DENCE, by Gregory Elliehausen. April 1998. 35 pp.

SUBSIDI-

OF FINANCIAL

MEDIUM-SIZED

STUDY"

IN SAVINGS ACT, by Gregory Elliehausen and Barbara R.
Lowrey. December 1997. 17 pp.

U S I N G SUBORDINATED D E B T AS AN INSTRUMENT OF M A R -

KET DISCIPLINE, by Study Group on Subordinated Notes
and Debentures, Federal Reserve System. December 1999.
6 9 pp.

Donald Savage. February 1990. 12 pp.
BANKING

"EVENT

LATIONS: A N A N A L Y S I S OF EXPERIENCE WITH THE T R U T H

ARIES OF BANK HOLDING COMPANIES, b y N e l l i e L i a n g a n d

VICES

AND

by Stephen A. Rhoades. July 1994. 37 pp.
170.

172.
1 5 9 . N E W DATA ON THE PERFORMANCE OF N O N B A N K

160.

A SUMMARY OF MERGER PERFORMANCE STUDIES IN B A N K ING, 1 9 8 0 - 9 3 , A N D AN ASSESSMENT OF THE

173.

IMPROVING

PUBLIC

DISCLOSURE

IN B A N K I N G ,

by

Study

Group on Disclosure, Federal Reserve System. March 2000.
3 5 pp.

Gregory E. Elliehausen and John D. Wolken. September
1 9 9 0 . 35 pp.

1 7 4 . B A N K MERGERS A N D B A N K I N G STRUCTURE IN THE U N I T E D

1 6 2 . EVIDENCE ON THE S I Z E OF B A N K I N G MARKETS FROM M O R T -

STATES, 1 9 8 0 - 9 8 , by Stephen Rhoades. A u g u s t 2 0 0 0 . 3 3 pp.

GAGE L O A N

RATES

IN T W E N T Y

CITIES,

by

Stephen

A.

REAL

ESTATE,

by

• Rhoades. February 1992. 11 pp.
164. THE

1989-92

CREDIT

CRUNCH

FOR

James T. Fergus and John L. Goodman, Jr. July 1993.
20 pp.




87

Federal Reserve Bulletin • July 2002

Maps of the Federal Reserve System

LEGEND

Both pages
•

Federal Reserve Bank city

•

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

Facing page
• Federal Reserve Branch city
— Branch boundary

NOTE
The Federal Reserve officially identifies Districts by number and Reserve Bank city (shown on both pages) and by
letter (shown on the facing page).
In the 12th District, the Seattle Branch serves Alaska,
and the San Francisco Bank serves Hawaii.
The System serves commonwealths and territories as
follows: the New York Bank serves the Commonwealth



of Puerto Rico and the U.S. Virgin Islands; the San Francisco Bank serves American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Board of
Governors revised the branch boundaries of the System
most recently in February 1996.

A67

1-A

2-B

3-C

5-E

4-D
Pittsburgh

1

Buflalo

C T

v<<
V*

CI

I :/

NH

Baltimore M
D

wv
mati

/

•

KY

N E W YORK

PHILADELPHIA

6-F

RICHMOND

CLEVELAND

7-G

Charloik-

sc

^ K i

BOSTON

•
NC.

8-H

/

Birmingha)

isville

MO

I N

• M e m p h i s
Little /
Roclc (

ATLANTA

CHICAGO

_
MS

S T . LOUIS

9-1
MN
•

Helena

•

w

MINNEAPOLIS
10-J

wv

Ijjij

flHlHMl

Omaha®

1(5

Denver
NM

.

I

.

m

\l \SK \

WA

Seattle

- 1

()k [ a h o m a C i t \
•
PcSiaqd
OK

KANSAS CITY
11-K




-SaftLabfrCity

• L o s

An.L'^es

Scin A n t c f l p r

AZ

DALLAS

S A N FRANCISCO

89

Federal Reserve Bulletin • July 2002

Federal Reserve Banks, Branches, and Offices
FEDERAL RESERVE BANK
branch, or facility
Zip

Chairman
Deputy Chairman

President
First Vice President

BOSTON*

02106

William 0. Taylor
James J. Norton

Cathy E. Minehan
Paul M. Connolly

NEW YORK*

10045

Peter G. Peterson
Gerald M. Levin
Patrick P. Lee

William J. McDonough
Jamie B. Stewart, Jr.

Buffalo

14240

PHILADELPHIA

19105

Charisse R. Lillie
Glenn A. Schaeffer

44101

Jerry L. Jordan
Sandra Pianalto

Cincinnati
Pittsburgh

45201
15230

David H. Hoag
Robert W. Mahoney
George C. Juilfs
Charles E. Bunch

RICHMOND*

23219

J. Alfred Broaddus, Jr.
Walter A. Varvel

Baltimore
Charlotte

21203
28230

Jeremiah J. Sheehan
Wesley S. Williams, Jr.
George L. Russell, Jr.
James F. Goodmon
John F. Wieland
Paula Lovell
V. Larkin Martin
Marsha G. Rydberg
Rosa Sugranes
Beth Dortch Franklin
R. Glenn Pumpelly

Jack Guynn
Patrick K. Barron

Robert J. Darnall
W. James Farrell
Timothy D. Leuliette

Michael H. Moskow
Gordon R. G. Werkema

Charles W. Mueller
Walter L. Metcalfe, Jr.
A. Rogers Yarnell, II
J. Stephen Barger
Russell Gwatney

William Poole
W. LeGrande Rives

Ronald N. Zwieg
Linda Hall Whitman
Thomas O. Markle

Gary H. Stern
James M. Lyon

Terrence P. Dunn
Richard H. Bard
Robert M. Murphy
Patricia B. Fennell
Bob L. Gottsch

Thomas M. Hoenig
Richard K. Rasdall

H. B. Zachry, Jr.
Patricia M. Patterson
Gail Darling
Edward O. Gaylord
Ron Harris

Robert D. McTeer, Jr.
Helen E. Holcomb

Nelson C. Rising
George M. Scalise
William D. Jones
Nancy Wilgenbusch
H. Roger Boyer
BoydE. Givan

Robert T. Parry
John F. Moore

Barbara L. Walter1

Anthony M. Santomero
William H. Stone, Jr.

CLEVELAND*

Vice President
in charge of branch

ATLANTA
Birmingham
Jacksonville
Miami
Nashville
New Orleans

30303
35242
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
75201
79999
77252
78295

SAN FRANCISCO

94120

Los Angeles
Portland
Salt Lake City
Seattle

90051
97208
84125
98124

Barbara B. Henshaw
Robert B. Schaub

William J. Tignanelli1
Dan M. Bechter1
James M. McKee1
Lee C. Jones
Christopher L. Oakley
James T. Curry III
Melvyn K. Purcell1
Robert J. Musso1

Glenn Hansen1

Robert A. Hopkins
Thomas A. Boone
Martha Perine Beard

Samuel H. Gane

Maryann Hunter1
Dwayne E. Boggs
Steven D. Evans

Sammie C. Clay
Robert Smith III1
James L. Stull1

Mark L. Mullinix2
Richard B. Hornsby
Andrea P. Wolcott
D.Kerry Webb1

*Additional offices of these Banks are located at Windsor Locks, Connecticut 06096; East Rutherford, New Jersey 07016; Utica at Oriskany, New York 13424;
Columbus, Ohio 43216; Columbia, South Carolina 29210; Charleston, West Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; Milwaukee,
Wisconsin 53202; and Peoria, Illinois 61607.
1. Senior Vice President.
2. Executive Vice President




A69

Publications of Interest
FEDERAL RESERVE REGULATORY

SERVICE

To promote public understanding of its regulatory functions, the Board publishes the Federal Reserve Regulatory Service, a four-volume loose-leaf service containing all Board regulations as well as related statutes,
interpretations, policy statements, rulings, and staff
opinions. For those with a more specialized interest in
the Board's regulations, parts of this service are published separately as handbooks pertaining to monetary
policy, securities credit, consumer affairs, and the payment system.
These publications are designed to help those who
must frequently refer to the Board's regulatory materials. They are updated monthly, and each contains citation indexes and a subject index.
The Monetary Policy and Reserve
Requirements
Handbook contains Regulations A, D, and Q, plus
related materials.
The Securities Credit Transactions Handbook contains Regulations T, U, and X, dealing with extensions of credit for the purchase of securities, together
with related statutes, Board interpretations, rulings,
and staff opinions. Also included is the Board's list of
foreign margin stocks.
The Consumer and Community Affairs
Handbook
contains Regulations B, C, E, G, M, P, Z, AA, BB, and
DD, and associated materials.

GUIDE TO THE FLOW OF FUNDS

ACCOUNTS

A new edition of Guide to the Flow of Funds Accounts
is now available from the Board of Governors. The new
edition incorporates changes to the accounts since the
initial edition was published in 1993. Like the earlier
publication, it explains the principles underlying the
flow of funds accounts and describes how the accounts
are constructed. It lists each flow series in the Board's
flow of funds publication, "Flow of Funds Accounts of
the United States" (the Z.l quarterly statistical release),




The Payment System Handbook deals with expedited
funds availability, check collection, wire transfers, and
risk-reduction policy. It includes Regulations CC, J, and
EE, related statutes and commentaries, and policy
statements on risk reduction in the payment system.
For domestic subscribers, the annual rate is $200 for
the Federal Reserve Regulatory Service and $75 for
each handbook. For subscribers outside the United
States, the price including additional air mail costs is
$250 for the service and $90 for each handbook.
The Federal Reserve Regulatory Service is also available on CD-ROM for use on personal computers. For a
standalone PC, the annual subscription fee is $300. For
network subscriptions, the annual fee is $300 for 1 concurrent user, $750 for a maximum of 10 concurrent
users, $2,000 for a maximum of 50 concurrent users,
and $3,000 for a maximum of 100 concurrent users.
Subscribers outside the United States should add $50
to cover additional airmail costs. For further information, call (202) 452-3244.
All subscription requests must be accompanied by a
check or money order payable to the Board of Governors of the Federal Reserve System. Orders should be
addressed to Publications Services, mail stop 127, Board
of Governors of the Federal Reserve System, Washington, DC 20551.

and describes how the series is derived from source
data. The Guide also explains the relationship between
the flow of funds accounts and the national income and
product accounts and discusses the analytical uses of
flow of funds data. The publication can be purchased,
for $20.00, from Publications Services, Mail Stop 127,
Board of Governors of the Federal Reserve System,
Washington, DC 20551.

91

Federal Reserve Bulletin • July 2002

Federal Reserve Statistical Releases
Available on the Commerce Department's
Economic Bulletin Board
The Board of Governors of the Federal Reserve System makes some of its statistical releases available to
the public through the U.S. Department of Commerce's economic bulletin board. Computer access
to the releases can be obtained by subscription.

For further information regarding a subscription to
the economic bulletin board, please call (202) 4821986. The releases transmitted to the economic bulletin board, on a regular basis, are the following:

Reference
Number

Statistical release

Frequency of release

H.3

Aggregate Reserves

Weekly/Thursday

H.4.1

Factors Affecting Reserve Balances

Weekly/Thursday

H.6

Money Stock

Weekly/Thursday

H.8

Assets and Liabilities of Insured Domestically Chartered
and Foreign Related Banking Institutions

Weekly/Monday

H.10

Foreign Exchange Rates

Weekly/Monday

H.15

Selected Interest Rates

Weekly/Monday

G.5

Foreign Exchange Rates

Monthly/end of month

G.17

Industrial Production and Capacity Utilization

Monthly/midmonth

G.19

Consumer Installment Credit

Monthly/fifth business day

Z.l

Flow of Funds

Quarterly





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102